Quarterly report pursuant to Section 13 or 15(d)

Guarantor and Non-Guarantor Financial Statements

v3.8.0.1
Guarantor and Non-Guarantor Financial Statements
6 Months Ended
Sep. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Guarantor and Non-Guarantor Financial Statements
Guarantor and Non-Guarantor Financial Statements
On September 28, 2016, the Company sold to the Initial Purchaser, $16,000 principal amount of 8.75% convertible notes maturing on September 23, 2020, unless converted, repurchased or redeemed in accordance with their terms prior to such date. The Notes were issued under the Indenture, between Digital Turbine, Inc., US Bank National Association, as trustee, and certain wholly-owned subsidiaries of the Company, specifically Digital Turbine, Inc. as the parent Company, DT USA, DT Media, and DT APAC. Given the Notes are unconditionally guaranteed as to the payment of principal, premium, if any, and interest on a senior unsecured basis by four of the wholly-owned subsidiaries of the Company, the Company is required by SEC Reg S-X 210.3-10 to include, in a footnote, condensed consolidating financial information for the same periods with a separate column for:
The parent company;
The subsidiary guarantors on a combined basis;
Any other subsidiaries of the parent company on a combined basis;
Consolidating adjustments; and
The total consolidated amounts.
The following consolidated financial information and condensed consolidated financial information include:
(1) Condensed consolidated balance sheets as of September 30, 2017 and March 31, 2017; consolidated statements of operations for the three and six months ended September 30, 2017 and 2016; and condensed consolidated statements of cash flows for the six months ended September 30, 2017 and 2016 of (a) Digital Turbine, Inc. as the parent, (b) the guarantor subsidiaries, (c) the non-guarantor subsidiaries, and (d) Digital Turbine, Inc. on a consolidated basis; and
(2) Elimination entries necessary to consolidate Digital Turbine, Inc., as the parent, with its guarantor and non-guarantor subsidiaries.
Digital Turbine, Inc. owns 100% of all of the guarantor subsidiaries, and as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three and six months ended September 30, 2017 or 2016.
Condensed Consolidated Balance Sheet
as of September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash
 
$
533

 
$
4,878

 
$
456

 
$
5,867

Restricted cash
 
156

 
175

 

 
331

Accounts receivable, net of allowance of $832
 

 
23,110

 
677

 
23,787

Deposits
 

 
117

 

 
117

Prepaid expenses and other current assets
 
217

 
213

 
14

 
444

Total current assets
 
906

 
28,493

 
1,147

 
30,546

Property and equipment, net
 
55

 
2,493

 
17

 
2,565

Deferred tax assets
 
688

 


 


 
688

Intangible assets, net
 
1

 
1,900

 
1,492

 
3,393

Goodwill
 

 
70,377

 
6,244

 
76,621

TOTAL ASSETS
 
$
1,650

 
$
103,263

 
$
8,900

 
$
113,813

INTERCOMPANY
 
 
 
 
 
 
 
 
Intercompany payable/receivable, net
 
121,681

 
(106,267
)
 
(15,414
)
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
$
751

 
$
22,326

 
$
200

 
$
23,277

Accrued license fees and revenue share
 

 
10,051

 
391

 
10,442

Accrued compensation
 
534

 
1,342

 

 
1,876

Short-term debt, net of debt issuance costs and discounts of $290
 
2,210

 

 

 
2,210

Other current liabilities
 
714

 
544

 
(64
)
 
1,194

Total current liabilities
 
4,209

 
34,263

 
527

 
38,999

Convertible notes, net of debt issuance costs and discounts of $3,491
 
6,509

 

 

 
6,509

Convertible note embedded derivative liability
 
5,116

 

 

 
5,116

Warrant liability
 
2,704

 

 

 
2,704

Other non-current liabilities
 
168

 
73

 

 
241

Total liabilities
 
18,706

 
34,336

 
527

 
53,569

Stockholders' equity
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000)
 
100

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized; 72,396,491 issued and 71,662,035 outstanding at September 30, 2017.
 
10

 

 

 
10

Additional paid-in capital
 
308,415

 

 

 
308,415

Treasury stock (754,599 shares at September 30, 2017)
 
(71
)
 

 

 
(71
)
Accumulated other comprehensive loss
 
(18
)
 
(1,443
)
 
1,135

 
(326
)
Accumulated deficit
 
(203,811
)
 
(35,897
)
 
(8,176
)
 
(247,884
)
Total stockholders' equity
 
104,625

 
(37,340
)
 
(7,041
)
 
60,244

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
123,331

 
$
(3,004
)
 
$
(6,514
)
 
$
113,813

Condensed Consolidated Balance Sheet
as of March 31, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash
 
$
258

 
$
5,333

 
$
558

 
$
6,149

Restricted cash
 
156

 
175

 

 
331

Accounts receivable, net of allowance of $597
 

 
15,740

 
814

 
16,554

Deposits
 

 
121

 

 
121

Prepaid expenses and other current assets
 
282

 
226

 
2

 
510

Total current assets
 
696

 
21,595

 
1,374

 
23,665

Property and equipment, net
 
64

 
2,296

 
17

 
2,377

Deferred tax assets
 
352

 

 

 
352

Intangible assets, net
 

 
2,647

 
1,918

 
4,565

Goodwill
 

 
70,377

 
6,244

 
76,621

TOTAL ASSETS
 
$
1,112

 
$
96,915

 
$
9,553

 
$
107,580

INTERCOMPANY
 
 
 
 
 
 
 
 
Intercompany payable/receivable, net
 
123,800

 
(107,348
)
 
(16,452
)
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,023

 
$
18,697

 
$
148

 
$
19,868

Accrued license fees and revenue share
 

 
8,312

 
217

 
8,529

Accrued compensation
 
32

 
1,041

 

 
1,073

Other current liabilities
 
794

 
510

 

 
1,304

Total current liabilities
 
1,849

 
28,560

 
365

 
30,774

Convertible notes, net of debt issuance costs and discounts of $6,315
 
9,685

 

 

 
9,685

Convertible note embedded derivative liability
 
3,218

 

 

 
3,218

Warrant liability
 
1,076

 

 

 
1,076

Other non-current liabilities
 
695

 
87

 

 
782

Total liabilities
 
16,523

 
28,647

 
365

 
45,535

Stockholders' equity
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000)
 
100

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized; 67,329,262 issued and 66,594,806 outstanding at March 31, 2017
 
8

 

 

 
8

Additional paid-in capital
 
299,580

 

 

 
299,580

Treasury stock (754,599 shares at March 31, 2017)
 
(71
)
 

 

 
(71
)
Accumulated other comprehensive loss
 

 
(1,704
)
 
1,383

 
(321
)
Accumulated deficit
 
(191,228
)
 
(37,376
)
 
(8,647
)
 
(237,251
)
Total stockholders' equity
 
108,389

 
(39,080
)
 
(7,264
)
 
62,045

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
124,912

 
$
(10,433
)
 
$
(6,899
)
 
$
107,580


Consolidated Statement of Operations and Comprehensive Loss
for the three months ended September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
40,775

 
$
504

 
$
(13,388
)
 
$
27,891

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
32,991

 
282

 
(13,388
)
 
19,885

Other direct cost of revenues
 

 
430

 
213

 

 
643

Total cost of revenues
 

 
33,421

 
495

 
(13,388
)
 
20,528

Gross profit
 

 
7,354

 
9

 

 
7,363

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
7

 
2,812

 
18

 

 
2,837

Sales and marketing
 
72

 
1,547

 
69

 

 
1,688

General and administrative
 
2,393

 
1,575

 
120

 

 
4,088

Total operating expenses
 
2,472

 
5,934

 
207

 

 
8,613

Income / (loss) from operations
 
(2,472
)
 
1,420

 
(198
)
 

 
(1,250
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(662
)
 

 

 

 
(662
)
Foreign exchange transaction loss
 

 
(73
)
 

 

 
(73
)
Change in fair value of convertible note embedded derivative liability
 
(3,344
)
 

 

 

 
(3,344
)
Change in fair value of warrant liability
 
(1,164
)
 

 

 

 
(1,164
)
Loss on extinguishment of debt
 
(882
)
 

 

 

 
(882
)
Other income
 
28

 
4

 
1

 

 
33

Total interest and other expense, net
 
(6,024
)
 
(69
)
 
1

 

 
(6,092
)
Income / (loss) from operations before income taxes
 
(8,496
)
 
1,351

 
(197
)
 

 
(7,342
)
Income tax benefit
 
(884
)
 

 

 

 
(884
)
Net income / (loss)
 
$
(7,612
)
 
$
1,351

 
$
(197
)
 
$

 
$
(6,458
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 

 
219

 
(216
)
 

 
3

Comprehensive income / (loss)
 
$
(7,612
)
 
$
1,570

 
$
(413
)
 
$

 
$
(6,455
)
Consolidated Statement of Operations and Comprehensive Loss
for the six months ended September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
78,712

 
$
851

 
$
(25,552
)
 
$
54,011

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
63,860

 
458

 
(25,552
)
 
38,766

Other direct cost of revenues
 

 
839

 
427

 

 
1,266

Total cost of revenues
 

 
64,699

 
885

 
(25,552
)
 
40,032

Gross profit
 

 
14,013

 
(34
)
 

 
13,979

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
12

 
5,553

 
30

 

 
5,595

Sales and marketing
 
174

 
2,950

 
122

 

 
3,246

General and administrative
 
4,718

 
3,000

 
194

 

 
7,912

Total operating expenses
 
4,904

 
11,503

 
346

 

 
16,753

Income / (loss) from operations
 
(4,904
)
 
2,510

 
(380
)
 

 
(2,774
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(1,369
)
 

 

 

 
(1,369
)
Foreign exchange transaction loss
 

 
(217
)
 

 

 
(217
)
Change in fair value of convertible note embedded derivative liability
 
(4,652
)
 

 

 

 
(4,652
)
Change in fair value of warrant liability
 
(1,628
)
 

 

 

 
(1,628
)
Loss on extinguishment of debt
 
(882
)
 

 

 

 
(882
)
Other income
 
(21
)
 
57

 

 

 
36

Total interest and other expense, net
 
(8,552
)
 
(160
)
 

 

 
(8,712
)
Income / (loss) from operations before income taxes
 
(13,456
)
 
2,350

 
(380
)
 

 
(11,486
)
Income tax benefit
 
(853
)
 

 

 

 
(853
)
Net income / (loss)
 
$
(12,603
)
 
$
2,350

 
$
(380
)
 
$

 
$
(10,633
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 

 
(5
)
 

 

 
(5
)
Comprehensive income / (loss)
 
$
(12,603
)
 
$
2,345

 
$
(380
)
 
$

 
$
(10,638
)

Consolidated Statement of Operations and Comprehensive Loss
for the three months ended September 30, 2016 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
30,338

 
$
462

 
$
(7,968
)
 
$
22,832

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
25,547

 
218

 
(7,968
)
 
17,797

Other direct cost of revenues
 

 
1,594

 
288

 

 
1,882

Total cost of revenues
 

 
27,141

 
506

 
(7,968
)
 
19,679

Gross profit
 

 
3,197

 
(44
)
 

 
3,153

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
9

 
3,079

 
29

 

 
3,117

Sales and marketing
 
42

 
1,480

 
6

 

 
1,528

General and administrative
 
3,083

 
1,704

 
28

 

 
4,815

Total operating expenses
 
3,134

 
6,263

 
63

 

 
9,460

Loss from operations
 
(3,134
)
 
(3,066
)
 
(107
)
 

 
(6,307
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(6
)
 
(616
)
 

 

 
(622
)
Foreign exchange transaction loss
 

 
(1
)
 

 

 
(1
)
Change in fair value of convertible note embedded derivative liability
 
(430
)
 

 

 

 
(430
)
Change in fair value of warrant liability
 
(140
)
 

 

 

 
(140
)
Loss on extinguishment of debt
 
(293
)
 

 

 

 
(293
)
Loss on settlement of debt
 

 

 

 

 

Gain / (loss) on disposal of fixed assets
 

 

 

 

 

Gain on change in valuation of long-term contingent liability
 

 

 

 

 

Other income
 
14

 
1

 

 

 
15

Total interest and other expense, net
 
(855
)
 
(616
)
 

 

 
(1,471
)
Loss from operations before income taxes
 
(3,989
)
 
(3,682
)
 
(107
)
 

 
(7,778
)
Income tax benefit
 
(437
)
 

 

 

 
(437
)
Net loss
 
$
(3,552
)
 
$
(3,682
)
 
$
(107
)
 
$

 
$
(7,341
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(80
)
 

 

 

 
(80
)
Comprehensive loss
 
$
(3,632
)
 
$
(3,682
)
 
$
(107
)
 
$

 
$
(7,421
)
Consolidated Statement of Operations and Comprehensive Loss
for the six months ended September 30, 2016 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
59,942

 
$
580

 
$
(13,651
)
 
$
46,871

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
50,424

 
248

 
(13,651
)
 
37,021

Other direct cost of revenues
 

 
3,185

 
577

 

 
3,762

Total cost of revenues
 

 
53,609

 
825

 
(13,651
)
 
40,783

Gross profit
 

 
6,333

 
(245
)
 

 
6,088

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
9

 
5,885

 
163

 

 
5,952

Sales and marketing
 
82

 
2,910

 
(20
)
 

 
2,972

General and administrative
 
7,094

 
3,072

 
(246
)
 

 
9,920

Total operating expenses
 
7,185

 
11,867

 
(208
)
 

 
18,844

Loss from operations
 
(7,185
)
 
(5,534
)
 
(37
)
 

 
(12,756
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(6
)
 
(1,298
)
 

 

 
(1,304
)
Foreign exchange transaction loss
 

 
(2
)
 
(2
)
 

 
(4
)
Change in fair value of convertible note embedded derivative liability
 
(430
)
 

 

 

 
(430
)
Change in fair value of warrant liability
 
(140
)
 

 

 

 
(140
)
Loss on extinguishment of debt
 
(293
)
 

 

 

 
(293
)
Other income
 
31

 
2

 

 

 
33

Total interest and other income / (expense), net
 
(838
)
 
(1,298
)
 
(2
)
 

 
(2,138
)
Income / (loss) from operations before income taxes
 
(8,023
)
 
(6,832
)
 
(39
)
 

 
(14,894
)
Income tax benefit
 
(141
)
 

 

 

 
(141
)
Net income / (loss)
 
$
(7,882
)
 
$
(6,832
)
 
$
(39
)
 
$

 
$
(14,753
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(53
)
 

 

 

 
(53
)
Comprehensive income / (loss)
 
$
(7,935
)
 
$
(6,832
)
 
$
(39
)
 
$

 
$
(14,806
)


Condensed Consolidated Statement of Cash Flows
for the six months ended September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net loss
 
$
(12,603
)
 
$
2,350

 
$
(380
)
 
$
(10,633
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
9

 
1,391

 
408

 
1,808

Change in allowance for doubtful accounts
 

 
243

 
(8
)
 
235

Amortization of debt discount and debt issuance costs
 
680

 

 

 
680

Accrued interest
 
(24
)
 

 

 
(24
)
Stock-based compensation
 
1,479

 

 

 
1,479

Stock based compensation for services rendered
 
150

 

 

 
150

Change in fair value of convertible note embedded derivative liability
 
4,652

 

 

 
4,652

Change in fair value of warrant liability
 
1,628

 

 

 
1,628

Loss on extinguishment of debt
 
882

 

 

 
882

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Accounts receivable
 

 
(7,614
)
 
146

 
(7,468
)
Deposits
 

 
4

 

 
4

Deferred tax assets
 
(336
)
 

 

 
(336
)
Prepaid expenses and other current assets
 
33

 
45

 
(12
)
 
66

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
(272
)
 
3,630

 
51

 
3,409

Accrued license fees and revenue share
 

 
1,736

 
176

 
1,912

Accrued compensation
 
501

 
302

 

 
803

Other current liabilities
 
2,096

 
(1,679
)
 
(503
)
 
(86
)
Other non-current liabilities
 
(529
)
 
(12
)
 

 
(541
)
Intercompany movement of cash
 
3

 
(28
)
 
25

 

Net cash used in operating activities
 
(1,651
)
 
368

 
(97
)
 
(1,380
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(818
)
 
(5
)
 
(823
)
Net cash used in investing activities
 

 
(818
)
 
(5
)
 
(823
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Proceeds from short-term borrowings
 
2,500

 

 

 
2,500

Payment of debt issuance costs
 
(346
)
 

 

 
(346
)
Options exercised
 
19

 

 

 
19

Stock issued for cash in stock offering, net
 
(247
)
 

 

 
(247
)
Net cash provided by financing activities
 
1,926

 

 

 
1,926

 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
 

 
(5
)
 

 
(5
)
 
 
 
 
 
 
 
 
 
Net change in cash
 
275

 
(455
)
 
(102
)
 
(282
)
 
 
 
 
 
 
 
 
 
Cash, beginning of period
 
258

 
5,333

 
558

 
6,149

 
 
 
 
 
 
 
 
 
Cash, end of period
 
$
533

 
$
4,878

 
$
456

 
$
5,867

Condensed Consolidated Statement of Cash Flows
for the six months ended September 30, 2016 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net loss
 
$
(7,882
)
 
$
(6,832
)
 
$
(39
)
 
$
(14,753
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
5

 
3,616

 
578

 
4,199

Change in allowance for doubtful accounts
 

 
7

 

 
7

Amortization of debt discount and debt issuance costs
 

 
681

 

 
681

Accrued interest
 

 
(91
)
 

 
(91
)
Stock-based compensation
 
2,310

 

 

 
2,310

Stock based compensation for services rendered
 
166

 

 

 
166

Change in fair value of convertible note embedded derivative liability
 
430

 

 

 
430

Change in fair value of warrant liability
 
140

 

 

 
140

Loss on extinguishment of debt
 
293

 

 

 
293

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Restricted cash transferred from operating cash
 

 
(321
)
 

 
(321
)
Accounts receivable
 
17

 
325

 
(307
)
 
35

Deposits
 

 
17

 
44

 
61

Deferred tax assets
 
99

 

 

 
99

Prepaid expenses and other current assets
 
(49
)
 
108

 
9

 
68

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
233

 
4,562

 
(24
)
 
4,771

Accrued license fees and revenue share
 

 
(1,219
)
 
210

 
(1,009
)
Accrued compensation
 
582

 
(765
)
 
(97
)
 
(280
)
Other current liabilities
 
1,539

 
61

 
(1,993
)
 
(393
)
Other non-current liabilities
 
(1,004
)
 
(617
)
 
1,641

 
20

Net cash used in operating activities
 
(3,121
)
 
(468
)
 
22

 
(3,567
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 
(3
)
 
(1,092
)
 
(20
)
 
(1,115
)
Net cash used in investing activities
 
(3
)
 
(1,092
)
 
(20
)
 
(1,115
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Cash received from issuance of convertible notes
 

 
16,000

 

 
16,000

Proceeds from short-term borrowings
 

 
(11,000
)
 

 
(11,000
)
Payment of debt issuance costs
 

 
(2,091
)
 

 
(2,091
)
Options exercised
 
11

 

 

 
11

Net cash provided by financing activities
 
11

 
2,909

 

 
2,920

 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
 
(53
)
 

 

 
(53
)
 
 
 
 
 
 
 
 
 
Net change in cash
 
(3,166
)
 
1,349

 
2

 
(1,815
)
 
 
 
 
 
 
 
 
 
Cash, beginning of period
 
6,712

 
4,466

 
53

 
11,231

 
 
 
 
 
 
 
 
 
Cash, end of period
 
$
3,546

 
$
5,815

 
$
55

 
$
9,416