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Cambium Networks
10-Q 2019-06-30 Quarter: 2019-06-30
S-1 2019-05-29 Public Filing
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-28 Enter Agreement, Off-BS Arrangement, Exhibits
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OLBG OLB Group 81
CDXI Cardax 14
MFST Medifirst Solutions 0
RXR Northstar/RXR New York Metro Real Estate 0
TBMM China Vtv 0
EKKH Eason Education Kingdom Holdings 0
ANVI Anvi Global Holdings 0
CMBM 2019-06-30
Part I-Financial Information
Item 1. Financial Statements
Note 1. Business and Significant Accounting Policies
Note 2. Fair Value
Note 3. Balance Sheet Components
Note 4. Property and Equipment
Note 5. Software
Note 6. Goodwill and Intangible Assets
Note 7. Debt
Note 8. Loan From Sponsor and Capital Contribution
Note 9. Employee Benefit Plans
Note 10. Other Expense
Note 11. Share-Based Compensation
Note 12. Share Capital - Shares
Note 13. Earnings per Share
Note 14. Income Taxes
Note 15. Commitments and Contingencies
Note 16. Segment Information and Revenues By Geography
Note 17. Revenue From Contracts with Customers
Note 18. Leases
Note 19. Related Party Transactions
Note 20. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 cmbm-ex311_9.htm
EX-31.2 cmbm-ex312_8.htm
EX-32.1 cmbm-ex321_7.htm
EX-32.2 cmbm-ex322_6.htm

Cambium Networks Earnings 2019-06-30

CMBM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 cmbm-10q_20190630.htm 10-Q cmbm-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number: 001-38952

 

CAMBIUM NETWORKS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Cayman Islands

 

Not Applicable

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3800 Golf Road, Suite 360

Rolling Meadows, Illinois 60008

 

(345) 943-3100

(Address of principal executive offices, including zip code)

 

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Ordinary shares, $0.0001 par value

 

CMBM

 

Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 8, 2019 the registrant had 25,632,246 shares of ordinary shares, $0.0001 par value per share, outstanding.

 

 

 

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

1

 

Consolidated Balance Sheets

1

 

Consolidated Statements of Operations

2

 

Consolidated Statements of Comprehensive Income (Loss)

3

 

Consolidated Statements of Shareholders’ (Deficit) Equity

4

 

Consolidated Statements of Cash Flows

5

 

Notes to Unaudited Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

PART II.

OTHER INFORMATION

44

Item 1.

Legal Proceedings

44

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

65

Item 3.

Defaults Upon Senior Securities

65

Item 4.

Mine Safety Disclosures

65

Item 5.

Other Information

65

Item 6.

Exhibits

66

Signatures

67

 

 

 

 

 

 

 

 


i


 

Note regarding forward-looking statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

 

In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of risks, uncertainties and assumptions described in the “Risk factors” section and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include:

 

 

the unpredictability of our operating results;

 

our inability to predict and respond to emerging technological trends and network operators’ changing needs;

 

our reliance on third-party manufacturers, which subjects us to risks of product delivery delays and reduced control over product costs and quality;

 

our reliance on distributors and value-added resellers for the substantial majority of our sales;

 

the inability of our third-party logistics and warehousing providers to deliver products to our channel partners and network operators in a timely manner;

 

the quality of our support and services offerings;

 

our expectations regarding outstanding litigation;

 

our or our distributors’ and channel partners’ inability to attract new network operators or sell additional products to network operators that currently use our products;

 

the difficulty of comparing or forecasting our financial results on a quarter-by-quarter basis due to the seasonality of our business;

 

our limited or sole source suppliers’ inability to produce third-party components to build our products;

 

the technological complexity of our products, which may contain undetected hardware defects or software bugs;

 

our channel partners’ inability to effectively manage inventory of our products, timely resell our products or estimate expected future demand;

 

credit risk of our channel partners, which could adversely affect their ability to purchase or pay for our products;

 

our inability to manage our growth and expand our operations;

 

unpredictability of sales and revenues due to lengthy sales cycles;

 

our inability to maintain an effective system of internal controls, remediate our material weakness, produce timely and accurate financial statements or comply with applicable regulations;

 

our reliance on the availability of third-party licenses;

 

risks associated with international sales and operations;

 

current or future unfavorable economic conditions, both domestically and in foreign markets;

 

our inability to obtain intellectual property protections for our products; and

 

our use of proceeds from this offering.

 

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

 

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

ii


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Cambium Networks Corporation

Consolidated Balance Sheets

(in thousands, except for share and per share data)

 

 

 

December 31,

 

 

June 30,

 

 

 

2018

 

 

2019

 

ASSETS

 

 

 

 

 

(unaudited)

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

4,441

 

 

$

71,246

 

Receivables, net of allowances

 

 

60,389

 

 

 

62,603

 

Inventories, net

 

 

30,710

 

 

 

36,978

 

Recoverable income taxes

 

 

679

 

 

 

 

Prepaid expenses

 

 

3,465

 

 

 

4,064

 

Other current assets

 

 

5,889

 

 

 

4,138

 

Total current assets

 

 

105,573

 

 

 

179,029

 

Noncurrent assets

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

7,965

 

 

 

8,097

 

Software, net

 

 

3,944

 

 

 

4,110

 

Operating lease assets

 

 

 

 

 

7,326

 

Intangible assets, net

 

 

8,493

 

 

 

7,905

 

Goodwill

 

 

8,060

 

 

 

8,060

 

Deferred tax assets, net

 

 

8,022

 

 

 

519

 

TOTAL ASSETS

 

$

142,057

 

 

$

215,046

 

LIABILITIES AND (DEFICIT) EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

23,710

 

 

$

28,310

 

Accrued liabilities

 

 

18,263

 

 

 

21,736

 

Employee compensation

 

 

4,377

 

 

 

6,950

 

Current portion of long-term external debt

 

 

8,836

 

 

 

9,032

 

Payable to Sponsor

 

 

5,582

 

 

 

5,750

 

Deferred revenues

 

 

2,770

 

 

 

2,203

 

Other current liabilities

 

 

2,761

 

 

 

5,787

 

Total current liabilities

 

 

66,299

 

 

 

79,768

 

Noncurrent liabilities

 

 

 

 

 

 

 

 

Long-term external debt

 

 

94,183

 

 

 

89,371

 

Deferred revenues

 

 

1,541

 

 

 

1,916

 

Noncurrent operating lease liabilities

 

 

 

 

 

6,058

 

Other noncurrent liabilities

 

 

605

 

 

 

 

Total liabilities

 

 

162,628

 

 

 

177,113

 

Shareholders' (deficit) equity

 

 

 

 

 

 

 

 

Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2018 and

   June 30, 2019; 77,179 shares issued and outstanding at December 31, 2018 and 25,726,629

   issued and 25,632,246 outstanding at June 30, 2019

 

 

 

 

 

3

 

Additional paid in capital

 

 

772

 

 

 

103,543

 

Capital contribution

 

 

24,651

 

 

 

 

Treasury shares, at cost, 0 shares at December 31, 2018 and 94,383 shares at June 30, 2019

 

 

 

 

 

(1,133

)

Accumulated deficit

 

 

(45,773

)

 

 

(64,285

)

Accumulated other comprehensive income (loss)

 

 

(221

)

 

 

(195

)

Total shareholders’ (deficit) equity

 

 

(20,571

)

 

 

37,933

 

TOTAL LIABILITIES AND (DEFICIT) EQUITY

 

$

142,057

 

 

$

215,046

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1


Cambium Networks Corporation

Consolidated Statements of Operations

(in thousands, except for share and per share data)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Revenues

 

$

61,019

 

 

$

69,151

 

 

$

119,472

 

 

$

137,263

 

Cost of revenues

 

 

31,710

 

 

 

34,839

 

 

 

61,960

 

 

 

71,161

 

Gross profit

 

 

29,309

 

 

 

34,312

 

 

 

57,512

 

 

 

66,102

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

9,688

 

 

 

15,189

 

 

 

19,073

 

 

 

25,671

 

Sales and marketing

 

 

10,066

 

 

 

14,227

 

 

 

20,485

 

 

 

24,445

 

General and administrative

 

 

4,323

 

 

 

13,063

 

 

 

8,644

 

 

 

18,193

 

Depreciation and amortization

 

 

2,338

 

 

 

1,227

 

 

 

4,708

 

 

 

2,508

 

Total operating expenses

 

 

26,415

 

 

 

43,706

 

 

 

52,910

 

 

 

70,817

 

Operating income (loss)

 

 

2,894

 

 

 

(9,394

)

 

 

4,602

 

 

 

(4,715

)

Interest expense

 

 

2,088

 

 

 

2,301

 

 

 

3,846

 

 

 

4,569

 

Other expense

 

 

110

 

 

 

56

 

 

 

341

 

 

 

190

 

Income (loss) before income taxes

 

 

696

 

 

 

(11,751

)

 

 

415

 

 

 

(9,474

)

Provision for income taxes

 

 

171

 

 

 

8,623

 

 

 

117

 

 

 

9,038

 

Net income (loss)

 

$

525

 

 

$

(20,374

)

 

$

298

 

 

$

(18,512

)

Earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.04

 

 

$

(1.47

)

 

$

0.02

 

 

$

(1.35

)

Weighted-average number of shares outstanding to compute

   net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

13,600,411

 

 

 

13,865,111

 

 

 

13,600,411

 

 

 

13,732,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation included in costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

$

 

 

$

182

 

 

$

 

 

$

182

 

Research and development

 

 

 

 

 

4,863

 

 

 

 

 

 

4,863

 

Sales and marketing

 

 

 

 

 

3,607

 

 

 

 

 

 

3,607

 

General and administrative

 

 

 

 

 

7,426

 

 

 

 

 

 

7,426

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2


Cambium Networks Corporation

Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Net income (loss)

 

$

525

 

 

$

(20,374

)

 

$

298

 

 

$

(18,512

)

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(277

)

 

 

28

 

 

 

(308

)

 

 

26

 

Comprehensive income (loss)

 

$

248

 

 

$

(20,346

)

 

$

(10

)

 

$

(18,486

)

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3


Cambium Networks Corporation

Consolidated Statements of Shareholders’ (Deficit) Equity

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 30, 2019

 

 

 

Share Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

paid in

capital

 

 

Capital

contribution

 

 

Treasury

shares

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Total

shareholders'

(deficit)

equity

 

Balance at March 31, 2019

 

 

77

 

 

$

 

 

$

772

 

 

$

24,651

 

 

$

 

 

$

(43,911

)

 

$

(223

)

 

$

(18,711

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,374

)

 

 

 

 

 

(20,374

)

Share-based compensation

 

 

 

 

 

 

 

 

16,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,078

 

Issuance of shares in Recapitalization and related reclassification

 

 

19,849

 

 

 

2

 

 

 

24,651

 

 

 

(24,651

)

 

 

 

 

 

 

 

 

 

 

 

2

 

Issuance of shares in initial public

   offering, net of issuance costs of $7,866

 

 

5,800

 

 

 

1

 

 

 

61,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,735

 

Treasury shares withheld for net settlement

   in Recapitalization

 

 

(94

)

 

 

 

 

 

308

 

 

 

 

 

 

(1,133

)

 

 

 

 

 

 

 

 

(825

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

 

 

 

28

 

Balance at June 30, 2019

 

 

25,632

 

 

$

3

 

 

$

103,543

 

 

$

 

 

$

(1,133

)

 

$

(64,285

)

 

$

(195

)

 

$

37,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 

Share Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

paid in

capital

 

 

Capital

contribution

 

 

Treasury

shares

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Total

shareholders'

(deficit)

equity

 

Balance at December 31, 2018

 

 

77

 

 

$

 

 

$

772

 

 

$

24,651

 

 

$

 

 

$

(45,773

)

 

$

(221

)

 

$

(20,571

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,512

)

 

 

 

 

 

(18,512

)

Share-based compensation

 

 

 

 

 

 

 

 

16,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,078

 

Issuance of shares in Recapitalization and related reclassification

 

 

19,849

 

 

 

2

 

 

 

24,651

 

 

 

(24,651

)

 

 

 

 

 

 

 

 

 

 

 

2

 

Issuance of shares in initial public offering,

   net of issuance costs of $7,866

 

 

5,800

 

 

 

1

 

 

 

61,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,735

 

Treasury shares withheld for net settlement

   in Recapitalization

 

 

(94

)

 

 

 

 

 

308

 

 

 

 

 

 

(1,133

)

 

 

 

 

 

 

 

 

(825

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Balance at June 30, 2019

 

 

25,632

 

 

$

3

 

 

$

103,543

 

 

$

 

 

$

(1,133

)

 

$

(64,285

)

 

$

(195

)

 

$

37,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

 

Share Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

paid in

capital

 

 

Capital

contribution

 

 

Treasury

shares

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Total

shareholders'

(deficit)

equity

 

Balance at March 31, 2018

 

 

77

 

 

$

 

 

$

772

 

 

$

24,651

 

 

$

 

 

$

(44,487

)

 

$

120

 

 

$

(18,944

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

525

 

 

 

 

 

 

525

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(277

)

 

 

(277

)

Balance at June 30, 2018

 

 

77

 

 

$

 

 

$

772

 

 

$

24,651

 

 

$

 

 

$

(43,962

)

 

$

(157

)

 

$

(18,696

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

Share Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

paid in

capital

 

 

Capital

contribution

 

 

Treasury

shares

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Total

shareholders'

(deficit)

equity

 

Balance at December 31, 2017

 

 

77

 

 

$

 

 

$

772

 

 

$

24,651

 

 

$

 

 

$

(43,400

)

 

$

151

 

 

$

(17,826

)

Adjustment for adoption of ASC 606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(860

)

 

 

 

 

 

(860

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298

 

 

 

 

 

 

298

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(308

)

 

 

(308

)

Balance at June 30, 2018

 

 

77

 

 

$

 

 

$

772

 

 

$

24,651

 

 

$

 

 

$

(43,962

)

 

$

(157

)

 

$

(18,696

)

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4


Cambium Networks Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Six months ended June 30,

 

 

 

2018

 

 

2019

 

Cash flows from operating activities:

 

 

Net income (loss)

 

$

298

 

 

$

(18,512

)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

1,185

 

 

 

1,713

 

Amortization of software and intangible assets

 

 

3,616

 

 

 

1,040

 

Amortization of debt issuance costs

 

 

283

 

 

 

342

 

Share-based compensation

 

 

 

 

 

16,078

 

Deferred income taxes

 

 

42

 

 

 

7,508

 

Other

 

 

625

 

 

 

437

 

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(2,549

)

 

 

(1,770

)

Inventories

 

 

(5,457

)

 

 

(6,685

)

Accounts payable

 

 

1,290

 

 

 

4,566

 

Accrued employee compensation

 

 

(4,849

)

 

 

1,737

 

Accrued liabilities

 

 

535

 

 

 

(118

)

Accrued Sponsor interest and payables

 

 

232

 

 

 

168

 

Other assets and liabilities

 

 

(3,150

)

 

 

2,705

 

Net cash (used in) provided by operating activities

 

 

(7,899

)

 

 

9,209

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(2,467

)

 

 

(1,707

)

Purchase of software

 

 

(775

)

 

 

(715

)

Net cash used in investing activities