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Demand Media, Inc.
Supplemental Financial Data
(In thousands, except per share data) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 2010 2011
Revenue
Content & Media $ 30,198 $ 36,093 $ 39,818 $ 46,802 $ 51,852 $ 49,822 $ 50,744 $ 53,032 $ 53,963 $ 152,911 $ 205,450
Registrar 23,449 24,262 25,537 26,777 27,671 29,633 30,729 31,384 32,271 100,026 119,417
Total Revenue $ 53,647 $ 60,355 $ 65,355 $ 73,579 $ 79,523 $ 79,455 $ 81,473 $ 84,415 $ 86,234 $ 252,937 $ 324,866
(1)
TAC (Traffic Acquisition Cost) $ 2,694 $ 3,063 $ 3,155 $ 3,302 $ 3,190 $ 2,813 $ 3,381 $ 3,111 $ 3,379 $ 12,213 $ 12,494
Content & Media ex TAC $ 27,504 $ 33,030 $ 36,663 $ 43,500 $ 48,662 $ 47,009 $ 47,363 $ 49,921 $ 50,584 $ 140,698 $ 192,955
Registrar 23,449 24,262 25,537 26,777 27,671 29,633 30,729 31,384 32,271 100,026 119,417
Total Revenue ex TAC $ 50,953 $ 57,292 $ 62,200 $ 70,277 $ 76,333 $ 76,642 $ 78,092 $ 81,304 $ 82,854 $ 240,724 $ 312,372
YoY Growth
Content & Media 37% 45% 39% 46% 72% 38% 27% 13% 4% 42% 34%
Registrar 7% 9% 11% 14% 18% 22% 20% 17% 17% 10% 19%
Total Revenue 22% 28% 26% 33% 48% 32% 25% 15% 8% 27% 28%
Content & Media ex TAC 34% 46% 44% 53% 77% 42% 29% 15% 4% 45% 37%
Registrar 7% 9% 11% 14% 18% 22% 20% 17% 17% 10% 19%
Total Revenue ex TAC 20% 27% 28% 35% 50% 34% 26% 16% 9% 28% 30%
Revenue Mix
Content & Media 56% 60% 61% 64% 65% 63% 62% 63% 63% 60% 63%
Registrar 44% 40% 39% 36% 35% 37% 38% 37% 37% 40% 37%
Total Revenue 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Content & Media ex TAC 54% 58% 59% 62% 64% 61% 61% 61% 61% 58% 62%
Registrar 46% 42% 41% 38% 36% 39% 39% 39% 39% 42% 38%
Total Revenue ex TAC 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Key Operational Metrics
Adjusted EBITDA (2) $ 11,310 $ 14,291 $ 16,293 $ 20,112 $ 20,080 $ 20,507 $ 21,653 $ 23,718 $ 21,905 $ 62,006 $ 85,958
Adjusted EBITDA margin (ex TAC) 22.2% 24.9% 26.2% 28.6% 26.3% 26.8% 27.7% 29.2% 26.4% 25.8% 27.5%
(3)
Adjusted Net Income $ 2,308 $ 3,528 $ 4,460 $ 5,587 $ 5,099 $ 5,031 $ 4,979 $ 6,763 $ 5,946 $ 15,883 $ 21,872
Adjusted Net Income per share diluted $ 0.03 $ 0.04 $ 0.05 $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.08 $ 0.07 $ 0.18 $ 0.25
Investment in Intangibles $ 10,168 $ 10,973 $ 13,260 $ 12,791 $ 14,204 $ 15,859 $ 13,927 $ 5,294 $ 2,703 $ 47,192 $ 49,284
Discretionary Free Cash Flow (4) $ 10,431 $ 4,489 $ 9,232 $ 16,068 $ 14,136 $ 11,102 $ 19,931 $ 23,605 $ 14,471 $ 40,220 $ 68,773
Free Cash Flow (5) $ 263 $ (6,484) $ (4,028) $ 3,277 $ (68) $ (4,757) $ 6,004 $ 18,310 $ 11,767 $ (6,972) $ 19,489
Notes:
Some figures in this presentation may not foot due to rounding.
(1) Traffic acquisition costs comprise the portion of Content & Media GAAP revenue shared with the Company's network customers.
(2) Net income (loss) before income tax expense, other income (expense), interest expense (income), depreciation, amortization, stock based compensation, as well as the financial impact
of acquisitions and realignment costs, the formation expenses directly related to the generic Top Level Domain initiative, and any gains or losses on certain asset sales or dispositions.
Effective Q1 2012, the Company is reporting Adjusted EBITDA instead of Adjusted OIBDA.
(3) Net income (loss) before the effect of stock based compensation, amortization of intangible assets acquired via business combinations, acquisition and realignment costs, formation expenses directly
related to the generic Top Level Domain initiative, and any gains or losses on certain asset sales or dispositions and is calculated using the application of a normalized effective tax rate.
(4) Net cash provided by operating activities excluding cash outflows from acquisition and realignment activities, and formation expenses directly related to the generic Top Level Domain initiative,
less capital expenditures to acquire property and equipment.
(5) Net cash provided by operating activities excluding cash outflows from acquisition and realignment activities, and formation expenses directly related to the generic Top Level Domain initiative,
less capital expenditures to acquire property and equipment and less investments in intangible assets.
Demand Media, Inc.
Supplemental Non Financial Metrics
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 2010 2011
Content & Media Metrics
Owned & Operated
Page views (in mm) (1) 1,954 1,994 2,085 2,201 2,582 2,573 2,527 2,696 3,142 8,233 10,378
YoY Growth 25% 21% 17% 19% 32% 29% 21% 22% 22% 20% 26%
RPM (2) $10.71 $12.89 $14.08 $15.81 $15.69 $15.20 $15.16 $14.53 $12.52 $13.45 $15.14
YoY Growth 9% 26% 29% 36% 46% 18% 8% (8%) (20%) 26% 13%
Network
Page views (in mm) (1) 2,646 3,153 3,490 3,866 3,766 3,688 5,046 4,935 4,722 13,155 17,435
YoY Growth 21% 28% 29% 47% 42% 17% 45% 28% 25% 31% 33%
(2)
RPM $3.50 $3.30 $3.00 $3.11 $3.01 $2.91 $2.47 $2.81 $3.10 $3.20 $2.77
YoY Growth 14% 0% (11%) (22%) (14%) (12%) (18%) (10%) 3% (7%) (14%)
RPM (ex TAC) (3) $2.48 $2.32 $2.10 $2.25 $2.16 $2.14 $1.80 $2.18 $2.38 $2.28 $2.05
YoY Growth 7% (2%) (6%) (14%) (13%) (8%) (14%) (3%) 10% (5%) (10%)
Registrar Metrics
End of Period # of Domains (in mm) (4) 9.4 10.1 10.6 11.0 11.4 11.9 12.2 12.7 13.3 11.0 12.7
YoY Growth 5% 13% 17% 21% 22% 18% 15% 16% 16% 21% 16%
(5)
Average Revenue per Domain $ 10.16 $ 10.00 $ 9.90 $ 9.94 $ 9.88 $ 10.17 $ 10.21 $ 10.09 $ 9.94 $ 9.96 $ 10.09
YoY Growth 3% (0%) (4%) (4%) (3%) 2% 3% 1% 1% (1%) 1%
Notes:
Some figures in this presentation may not foot due to rounding.
Refer to the Company's press releases and associated SEC filings for the relevant period for further information on the definition of terms used and the basis of presentation adopted.
(1) Page views represent the total number of web pages viewed across: (1) our owned and operated websites and/or (2) our network of customer websites, to the extent that the viewed
customer web pages host the Company's monetization, social media and/or content services.
(2) Content & Media revenue per one thousand page views.
(3) Content & Media revenue ex TAC per one thousand page views.
(4) Individual domain name paid for by a third party customer where the domain name is managed through our Registrar service offering. Beginning July 1, 2011, the number of new domains has been
adjusted to include only new registered domains added to our platform for which the Company has recognized revenue.
(5) Annualized Registrar revenue for a period divided by the average number of domains registered during that period.
Demand Media, Inc.
Metric Reconciliation
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 2010 2011
Adjusted EBITDA (In thousands)
Net income (loss) $ (4,122) $ (1,927) $ (306) $ 1,029 $ (5,582) $ (2,371) $ (4,145) $ (6,427) $ (1,842) $ (5,325) $ (18,525)
Tax Provision 717 610 1,056 1,515 1,013 1,333 394 1,438 (1,195) 3,897 4,178
Interest & Other Expenses 193 273 196 287 377 160 460 222 141 948 1,219
Depreciation 4,130 4,358 4,475 5,303 5,009 5,579 5,303 5,066 4,964 18,266 20,958
Amortization of intangible assets (1) 7,935 8,238 8,309 9,268 10,203 9,750 10,828 16,393 11,956 33,751 47,174
Stock based compensation (2) 2,242 2,529 2,372 2,546 8,927 5,419 7,755 6,754 7,391 9,689 28,855
gTLD expense (3) 429
Acquisition and realignment costs (4) 216 209 191 164 133 637 1,059 271 61 779 2,100
Adjusted EBITDA $ 11,310 $ 14,291 $ 16,293 $ 20,112 $ 20,080 $ 20,507 $ 21,653 $ 23,718 $ 21,905 $ 62,005 $ 85,958
Adjusted OIBDA (In thousands)
Income (loss) from operations $ (3,213) $ (1,043) $ 946 $ 2,831 $ (4,192) $ (878) $ (3,292) $ (4,766) $ (2,896) $ (479) $ (13,128)
Depreciation 4,130 4,358 4,475 5,303 5,009 5,579 5,303 5,066 4,964 18,266 20,958
Amortization of intangible assets (1) 7,935 8,238 8,309 9,268 10,203 9,750 10,828 16,393 11,956 33,751 47,174
Stock based compensation (2) 2,242 2,529 2,372 2,546 8,927 5,419 7,755 6,754 7,391 9,689 28,855
gTLD expense (3) 429
Acquisition and realignment costs (4) 216 209 191 164 133 637 1,059 271 61 779 2,100
Adjusted OIBDA $ 11,310 $ 14,291 $ 16,293 $ 20,112 $ 20,080 $ 20,507 $ 21,653 $ 23,718 $ 21,905 $ 62,005 $ 85,958
Adjusted Net Income (In thousands except per share amounts)
GAAP net income (loss) $ (4,122) $ (1,927) $ (305) $ 1,029 $ (5,582) $ (2,371) $ (4,145) $ (6,427) $ (1,842) $ (5,324) $ (18,525)
(a) Stock based compensation (2) 2,242 2,529 2,372 2,546 8,927 5,419 7,755 6,754 7,391 9,689 28,855
(b) Amortization of intangible assets M&A 4,669 4,269 3,880 3,758 3,733 3,097 2,969 2,974 2,929 16,576 12,773
(c) Content intangible assets removed from service 5,898 1,818 5,898
(d) gTLD expense (3) 429
(e) Acquisition and realignment costs (4) 216 209 191 164 133 637 1,059 271 61 779 2,100
Income tax effect of items (a) (e) and application of 38%
statutory tax rate to pre tax income (697) (1,552) (1,678) (1,910) (2,112) (1,751) (2,658) (2,707) (4,840) (5,837) (9,228)
Adjusted Net Income $ 2,308 $ 3,528 $ 4,460 $ 5,587 $ 5,099 $ 5,031 $ 4,979 $ 6,763 $ 5,946 $ 15,883 $ 21,872
Shares used to calculate non GAAP Adjusted Net Income
per share – diluted(5) 84,723 85,676 87,224 87,885 89,861 88,691 87,973 86,758 85,540 86,422 88,541
Adjusted Net Income per share diluted $ 0.03 $ 0.04 $ 0.05 $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.08 $ 0.07 $ 0.18 $ 0.25
Discretionary and Total Free Cash Flow (In thousands)
Net cash provided by operating activities $ 14,867 $ 9,555 $ 16,270 $ 20,932 $ 19,220 $ 16,848 $ 22,057 $ 27,224 $ 18,478 $ 61,624 $ 85,349
Purchase of property and equipment (4,436) (5,066) (7,038) (4,864) (5,084) (5,746) (3,194) (4,222) (4,320) (21,404) (18,246)
gTLD cash flows (3) 313
Acqusitions and realignment cash flows (4) 1,068 602 1,670
Discretionary Free Cash Flow 10,431 4,489 9,232 16,068 14,136 11,102 19,931 23,604 14,471 40,220 68,773
Purchases of intangible assets (10,168) (10,973) (13,260) (12,791) (14,204) (15,859) (13,927) (5,294) (2,704) (47,192) (49,284)
Free Cash Flow 263 (6,484) (4,028) 3,277 (68) (4,757) 6,004 18,310 11,767 (6,972) 19,489
Notes:
Some figures in this presentation may not foot due to rounding.
(1) Represents the amortization expense of our finite lived intangible assets, including that related to our investment in media content assets, included in our GAAP results of operations.
(2) Represents the fair value of stock based awards and certain warrants to purchase our stock included in our GAAP results of operations.
(3) Comprises formation expenses directly related to the Company's gTLDs initiative that is not expected to generate associated revenue in 2012.
(4) Acquisition and realignment costs include such items, when applicable, as (1) non cash GAAP purchase accounting adjustments for certain deferred revenues and costs, (2) legal,
accounting and other professional fees directly attributable to acquisition activity, and (3) employee severance payments attributable to acquisition or corporate realignment activities.
Management does not consider these expenses as indicative of the Company's ongoing operating results or future outlook.
(5) Shares used to calculate Non GAAP Adjusted Net Income per share diluted include the weighted average common stock and restricted stock for the periods presented and all
dilutive common stock equivalents at each period. Amounts have been adjusted in all periods to reflect the revised capital structure following the Company's initial public offering which
was completed on January 31, 2011, whereby the Company issued 5,175 shares of common stock and converted certain warrants and all of the convertible preferred stock into 62,155 shares
of common stock as if those transactions were consummated on January 1, 2009.
Demand Media, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Three Months Three Months Three Months Three Months Three Months Three Months Three Months Three Months
Ended Ended Ended Ended Ended Ended Ended Ended Ended Year Ended Year Ended
March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, December 31, December 31,
2010 2010 2010 2010 2011 2011 2011 2011 2012 2010 2011
Revenue $ 53,647 $ 60,355 $ 65,355 $ 73,579 $ 79,523 $ 79,455 $ 81,473 $ 84,415 $ 86,234 $ 252,936 $ 324,866
Operating Expenses
Service costs (exclusive of amortization of
intangible assets shown separately below) (1), (2) 30,164 31,571 33,474 36,123 37,654 37,869 40,109 40,198 41,262 131,332 155,830
Sales and marketing (1), (2) 4,751 5,645 6,409 7,619 9,583 9,286 9,200 9,325 10,393 24,424 37,394
(1), (2)
Product development 6,032 6,482 6,622 7,402 9,251 9,642 9,791 9,462 10,124 26,538 38,146
General and administrative (1), (2) 7,978 9,462 9,595 10,336 17,024 13,787 14,837 13,803 15,395 37,371 59,451
Amortization of intangible assets 7,935 8,238 8,309 9,268 10,203 9,750 10,828 16,393 11,956 33,750 47,174
Total operating expenses 56,860 61,398 64,409 70,748 83,715 80,334 84,765 89,181 89,130 253,415 337,995
Income (loss) from operations (3,213) (1,043) 946 2,831 (4,192) (879) (3,292) (4,766) (2,896) (479) (13,129)
Other income (expense)
Interest income 8 3 8 6 42 5 5 4 15 25 56
Interest expense (181) (168) (168) (171) (162) (163) (385) (151) (137) (688) (861)
Other income (expense), net (19) (109) (36) (122) (257) (2) (79) (75) (19) (286) (413)
Total other expense (192) (274) (196) (287) (377) (160) (459) (222) (141) (949) (1,218)
Income (loss) before income taxes (3,405) (1,317) 750 2,544 (4,569) (1,039) (3,751) (4,988) (3,037) (1,428) (14,347)
Income tax provision 717 610 1,055 1,515 1,013 1,332 394 1,438 (1,195) 3,897 4,177
Net loss (4,122) (1,927) (305) 1,029 (5,582) (2,371) (4,145) (6,426) (1,842) (5,325) (18,524)
Cumulative preferred stock dividends (7,963) (8,243) (8,443) (8,602) (2,477) - - - - (33,251) (2,477)
Net loss attributable to common stockholders $ (12,085) $ (10,170) $ (8,748) $ (7,573) $ (8,059) $ (2,371) $ (4,145) $ (6,426) $ (1,842) $ (38,576) $ (21,001)
Net loss per common share
Basic and diluted $ (0.94) $ (0.75) $ (0.64) $ (0.54) $ (0.13) $ (0.03) $ (0.05) $ (0.08) $ (0.02) $ (2.86) $ (0.27)
Weighted average number of shares 12,875 13,482 13,698 13,966 63,759 83,088 83,934 83,592 83,099 13,508 78,646
(1) Stock-Based Compensation included in the line items above:
Service costs $ 207 $ 221 $ 235 $ 205 $ 237 $ 347 $ 757 $ 711 $ 708 $ 868 $ 2,052
Sales and marketing 464 504 653 758 900 1,136 1,405 1,416 1,536 2,379 4,857
Product development 338 437 441 476 1,116 1,130 1,403 1,364 1,688 1,692 5,013
General and administrative 1,233 1,367 1,043 1,107 6,674 2,807 4,190 3,263 3,459 4,750 16,934
Total stock-based compensation expense $ 2,242 $ 2,529 $ 2,372 $ 2,546 $ 8,927 $ 5,420 $ 7,755 $ 6,754 $ 7,391 $ 9,689 $ 28,856
(2) Depreciation included in the line items above:
Service costs $ 3,343 $ 3,483 $ 3,598 $ 4,359 $ 4,044 $ 4,149 $ 4,112 $ 3,770 $ 3,650 $ 14,783 $ 16,075
Sales and marketing 41 41 46 59 72 115 109 127 134 187 423
Product development 341 318 337 350 321 438 399 308 282 1,346 1,466
General and administrative 405 516 494 535 572 878 683 861 898 1,950 2,994
Total depreciation expense $ 4,130 $ 4,358 $ 4,475 $ 5,303 $ 5,009 $ 5,580 $ 5,303 $ 5,066 $ 4,964 $ 18,266 $ 20,958
Demand Media, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31,
Assets 2010 2010 2010 2010 2011 2011 2011 2011 2012
Current assets
(1)
Cash and cash equivalents $ 40,509 $ 33,561 $ 29,230 $ 32,338 # $ 108,056 $ 103,602 $ 79,154 $ 86,035 $ 95,568
Accounts receivable 17,840 21,495 24,395 26,843 # 31,412 30,456 32,972 32,665 32,323
Prepaid expenses and other current assets 6,256 7,232 7,417 7,360 7,918 7,008 9,548 8,656 7,995
Deferred registration costs 38,949 40,683 43,366 44,213 # 47,104 47,504 48,816 50,636 56,540
#
Total current assets 103,554 102,971 104,408 110,754 # 194,490 188,570 170,490 177,992 192,426
#
Property and equipment, net 31,379 33,317 35,107 34,975 # 35,923 35,134 34,044 32,626 34,481
Intangible assets, net 91,111 94,170 99,043 102,114 # 108,143 114,848 122,920 111,304 101,864
Goodwill 224,920 224,920 224,920 224,920 # 227,849 227,849 256,151 256,060 256,060
Deferred registration costs and other long-term assets 12,037 13,750 15,569 15,704 12,581 12,647 12,616 12,121 15,488
#
Total assets $ 463,001 $ 469,128 $ 479,047 $ 488,467 # $ 578,986 $ 579,048 $ 596,221 $ 590,103 $ 600,319
#
#
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit #
Current liabilities #
Accounts payable, accrued expenses and other $ 43,695 $ 43,889 $ 48,014 $ 53,148 # $ 58,180 $ 52,702 $ 61,481 $ 62,266 $ 60,240
Deferred revenue 55,200 58,402 61,415 61,832 # 65,420 67,125 67,723 71,109 76,844
Notes payable - - - - # - - - - -
#
Total current liabilities 98,895 102,291 109,429 114,980 # 123,600 119,827 129,204 133,375 137,084
#
Revolving line of credit - - - - # - - - - -
Deferred revenue and other long-term liabilities 14,861 14,920 15,360 15,149 # 15,198 15,282 16,205 16,462 19,700
Total liabilities 113,756 117,211 124,789 130,129 # 138,798 135,109 145,409 149,837 156,784
#
Commitments and contingencies #
#
Convertible preferred stock #
Total convertible preferred stock 373,754 373,754 373,754 373,754 # - - - - -
#
Stockholders’ equity (deficit) #
Common Stock and additional paid-in capital 26,410 31,024 33,673 36,723 497,901 504,039 515,079 510,978 516,095
Accumulated other comprehensive income 125 110 107 108 # 116 100 78 59 53
Accumulated deficit (51,044) (52,971) (53,276) (52,247) 0 (57,829) (60,200) (64,345) (70,771) (72,613)
#
Total stockholders’ equity (deficit) (24,509) (21,837) (19,496) (15,416) 0 440,188 443,939 450,812 440,266 443,535
0
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $ 463,001 $ 469,128 $ 479,047 $ 488,467 # $ 578,986 $ 579,048 $ 596,221 $ 590,103 $ 600,319
Note: (1) Includes $1.475MM of marketable securities
Demand Media, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Three Months Three Months Three Months Three Months Three Months Three Months Three Months Three Months
Ended Ended Ended Ended Ended Ended Ended Ended Ended Year Ended Year Ended
March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, December 31, December 31,
2010 2010 2010 2010 2011 2011 2011 2011 2012 2010 2011
Cash flows from operating activities
Net income (loss) $ $ (4,122) $ (1,927) $ (305) $ 1,029 $ (5,582) $ (2,371) $ (4,145) $ (6,426) $ (1,842) $ (5,325) $ (18,524)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and amortization 12,065 12,596 12,784 14,571 15,212 15,330 16,131 21,459 16,920 52,016 68,132
Stock-based compensation 380 2,144 2,434 2,281 2,470 8,836 5,426 7,727 6,741 7,391 9,329 28,730
Other 562 719 978 3,230 855 1,214 294 1,128 (1,420) 5,489 3,491
Net change in operating assets and liabilities, net of effect of acquisitions 4,218 (4,267) 532 (368) (101) (2,751) 2,050 4,322 (2,571) 115 3,520
Net cash provided by operating activities 14,867 9,555 16,270 20,932 19,220 16,848 22,057 27,224 18,478 61,624 85,349
Cash flows from investing activities
Purchases of property and equipment (4,436) (5,066) (7,038) (4,864) (5,084) (5,746) (3,194) (4,222) (4,321) (21,404) (18,246)
Purchases of intangible assets (10,168) (10,973) (13,260) (12,791) (14,204) (15,859) (13,927) (5,294) (2,703) (47,192) (49,284)
Proceeds form maturities and sales of marketable securities, net 825 1,475 - - - - - - - 2,300 -
Cash paid for acquisitions and other - - - - (3,839) - (27,133) (38) (243) - (31,010)
Net cash provided by (used in) investing activities (13,779) (14,564) (20,298) (17,655) (23,127) (21,604) (44,254) (9,554) (7,267) (66,296) (98,539)
Cash flows from financing activities
Proceeds (payment) of debt, net (10,000) - - - - - - - - (10,000) -
Repurchases of common stock (3,728) (13,336) (2,990) - (17,064)
Proceeds from issuance of stock and exercise of stock options 525 189 314 524 79,725 425 2,832 3,097 2,115 1,552 86,079
Other (143) (638) (614) (694) (108) (107) (1,332) (532) (796) (2,089) (2,079)
Net cash (used in) provided by financing activities (9,618) (449) (300) (170) 79,617 318 (2,228) (10,771) (1,671) (10,537) 66,936
Effect of foreign currency on cash and cash equivalents (44) (15) (3) 1 8 (16) (23) (18) (7) (61) (49)
Change in cash and cash equivalents (8,574) (5,473) (4,331) 3,108 75,718 (4,454) (24,448) 6,881 9,533 (15,270) 53,697
Cash and cash equivalents, beginning of period 47,608 39,034 33,561 29,230 32,338 108,056 103,602 79,154 86,035 47,608 32,338
Cash and cash equivalents, end of period $ $ 39,034 $ 33,561 $ 29,230 $ 32,338 $ 108,056 $ 103,602 $ 79,154 $ 86,035 $ 95,568 $ 32,338 $ 86,035
