Exhibit 99.1
PowerFleet Reports Fourth Quarter and Full Year 2021 Financial Results
Q4 2021 Revenue Up 17% Year-over-Year to $34.4 million, Driving Record Full Year Revenue of $126.2 Million
Woodcliff Lake, NJ — March 9, 2022 — PowerFleet, Inc. (Nasdaq: PWFL), a global leader of subscription-based wireless solutions that manage enterprise assets for seamless business operations, reported results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights
| ● | Total revenue was $34.4 million, up 17% year-over-year. | |
| ● | High margin, recurring and services revenue increased 10.5% year-over-year to $19.1 million, or 56% of total revenue. | |
| ● | Strong balance sheet with $26.8 million in cash and cash equivalents and working capital of $43.6 million at quarter-end. |
Full Year 2021 Financial Highlights
| ● | Total revenue was $126.2 million, up 11% year-over-year. | |
| ● | High margin, recurring and services revenue increased 8% to $73.2 million, or 58% of total revenue. |
Fourth Quarter 2021 and Recent Operational Highlights
| ● | Appointed experienced software industry leader Steve Towe as the Company’s new Chief Executive Officer (CEO). Towe replaces Chris Wolfe, who retired from the Company after serving as CEO since December 2016. | |
| ● | Expanded adoption of PowerFleet Telematics Solution with Kautex, a top global automotive supplier. | |
| ● | Selected by Atlas Van Lines, one of the largest household goods movers in the U.S., to upgrade its trailer tracking solution. |
Management Commentary
“The fourth quarter marked a strong finish to 2021, highlighted by 17% year-over-year topline growth and a 11% increase in high margin, recurring and services revenue in the quarter,” said PowerFleet CFO Ned Mavrommatis. “Our robust growth in the quarter was driven by broad-based sales in our domestic market along with continued demand from our international customer base. We ended the year with a solid balance sheet with $26.8 million in cash and cash equivalents and $43.6 million in working capital, providing us with sufficient resources to execute our transformational growth strategy in 2022.”
PowerFleet CEO Steve Towe commented: “It has been a busy and productive period since I joined as CEO in January. Over the last two months, we began implementing the initial phase of our long-term strategic roadmap, which is designed to establish PowerFleet as a fully mission critical software provider for the $58 billion global IoT market. The pandemic accelerated our customers’ digital transformations and the need for fully integrated data solutions that unify their business operations and provide full visibility across their supply chains. Our focus in 2022 is to establish a world-class SaaS and AI platform to maximize the impact we make for our customers and increase the wallet share we can derive in the future. Longer term, we expect successful execution against our strategy to translate to international revenue growth and a highly scalable, repeatable, and profitable global organization.”
Fourth Quarter 2021 Financial Results
Total revenue increased 17% to $34.4 million from $29.4 million in the same year-ago period.
Services revenue was $19.1 million, or 56% of total revenue, an improvement compared to $17.3 million, or 59% of total revenue, in the same year-ago period. Product revenue, which drives future services revenue, was $15.3 million, or 44% of total revenue, compared to $12.1 million, or 41% of total revenue, in the same year-ago period.
Gross profit was $15.4 million, or 45% of total revenue, compared to $15.2 million, or 52% of total revenue, in the same year-ago period. Service gross profit was $12.4 million, or 65% of total service revenue, compared to $11.2 million, or 65% of total service revenue, in the same year-ago period. Product gross profit was $3.1 million, or 20% of total product revenue, compared to $3.9 million, or 32% of total product revenue, in the same year-ago period. Product gross profit was impacted in Q4 2021 by product mix, higher costs associated with supply chain issues and electronic component shortages and inflation.
Selling, general and administrative expenses were $16.1 million, compared to $14.0 million in the prior quarter and $12.9 million in the same year-ago period. The increase in selling, general and administrative expenses was primarily due to $1 million of recruiting fees and severance costs related to the prior CEO’s departure. Research and development expenses were $2.8 million, compared to $2.3 million in the same year-ago period.
Net loss attributable to common stockholders totaled $7.9 million, or $(0.23) per basic and diluted share (based on 35.0 million weighted average shares outstanding), compared to net loss attributable to common stockholders of $3.5 million, or $(0.12) per basic and diluted share, in the same year-ago period (based on 30.2 million weighted average shares outstanding).
Non-GAAP net loss, a non-GAAP metric, totaled $(245,000), or $(0.01) per basic and diluted share (based on 35.1 million weighted average basic and diluted shares outstanding), compared to non-GAAP net income of $2.0 million, or $0.07 per basic and $0.05 diluted share (based on 30.2 million weighted average basic shares outstanding and 38.1 million weight average diluted shares outstanding), in the same year-ago period (See the section below titled “Non-GAAP Financial Measures” for more information about non-GAAP net income and its reconciliation to GAAP net income/loss).
Adjusted EBITDA, a non-GAAP metric, totaled $1.0 million, compared to adjusted EBITDA of $3.2 million in the same year-ago period (See the section below titled “Non-GAAP Financial Measures” for more information about adjusted EBITDA and its reconciliation to GAAP net income/loss).
At quarter-end, the company had $26.8 million in cash and cash equivalents. The company’s working capital position at quarter-end was $43.6 million.
Full Year 2021 Financial Results
Total revenue increased 11% to $126.2 million from $113.6 million in the same year-ago period.
Services revenue was $73.2 million, or 58% of total revenue, an improvement compared to $67.9 million, or 60% of total revenue, in the same year-ago period. Product revenue, which drives future services revenue, was $53.0 million, or 42% of total revenue, an improvement compared to $45.7 million, or 40% of total revenue, in the same year-ago period.
Gross profit was $60.2 million, or 48% of total revenue, compared to $59.0 million, or 52% of total revenue, in the same year-ago period. Service gross profit was $46.6 million, or 64% of total service revenue, compared to $43.6 million, or 64% of total service revenue, in the same year-ago period. Product gross profit was $13.5 million, or 26% of total product revenue, compared to $15.4 million, or 34% of total product revenue, in the same year-ago period.
Selling, general and administrative expenses were $57.1 million, compared to $51.9 million in the same year-ago period. Research and development expenses were $11.1 million, compared to $10.6 million in the same year-ago period.
Net loss attributable to common stockholders totaled $18.2 million, or $(0.52) per basic and diluted share (based on 34.6 million weighted average shares outstanding), compared to net loss attributable to common stockholders of $13.6 million, or $(0.46) per basic and diluted share, in the same year-ago period (based on 29.7 million weighted average shares outstanding).
Non-GAAP net income, a non-GAAP metric, totaled $820,000, or $0.02 per basic and $0.02 per diluted share (based on 34.6 million weighted average basic shares outstanding and 42.7 million weighted average diluted shares outstanding), compared to non-GAAP net income of $3.7 million, or $0.12 per basic and $0.10 diluted share (based on 29.7 million weighted average basic shares outstanding and 37.1 million weight average diluted shares outstanding), in the same year-ago period (See the section below titled “Non-GAAP Financial Measures” for more information about non-GAAP net income and its reconciliation to GAAP net income/loss).
Adjusted EBITDA, a non-GAAP metric, totaled $6.2 million, a decrease from adjusted EBITDA of $9.1 million in the same year-ago period (See the section below titled “Non-GAAP Financial Measures” for more information about adjusted EBITDA and its reconciliation to GAAP net income/loss).
Investor Conference Call
PowerFleet management will discuss these results and business outlook on a conference call today (Wednesday, March 9, 2022) at 8:30 a.m. Eastern time (5:30 a.m. Pacific time).
PowerFleet management will host the presentation, followed by a question-and-answer session.
Toll Free: 888-506-0062
International: 973-528-0011
Entry code: 237418
The conference call will be broadcast simultaneously and available for replay here and in via the investor section of the company’s website at ir.powerfleet.com.
If you have any difficulty connecting with the conference call, please contact PowerFleet’s investor relations team at 949-574-3860.
Non-GAAP Financial Measures
To supplement its financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP), PowerFleet provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income (loss), non-GAAP net income (loss) per basic and diluted share and adjusted EBITDA. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors’ overall understanding of PowerFleet’s current financial performance. Specifically, PowerFleet believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. These non-GAAP measures are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternate to net income or cash flow from operating activities as an indicator of operating performance or liquidity. Because PowerFleet’s method for calculating the non-GAAP measures may differ from other companies’ methods, the non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliation of all non-GAAP measures included in this press release to the nearest GAAP measures can be found in the financial tables included in this press release.
PowerFleet, Inc. and Subsidiaries
Reconciliation of GAAP to Adjusted EBITDA Financial Measures
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| Net loss attributable to common stockholders | $ | (3,542,000 | ) | $ | (7,915,000 | ) | $ | (13,606,000 | ) | $ | (18,072,000 | ) | ||||
| Non-controlling interest | 7,000 | - | (3,000 | ) | (5,000 | ) | ||||||||||
| Preferred stock dividend and accretion | 1,177,000 | 1,196,000 | 4,599,000 | 4,784,000 | ||||||||||||
| Interest (income) expense, net | 291,000 | 348,000 | 2,276,000 | 1,910,000 | ||||||||||||
| Other (income) expense, net | 109,000 | (2,000 | ) | 102,000 | (7,000 | ) | ||||||||||
| Income tax (benefit) expense | (144,000 | ) | 1,906,000 | 1,038,000 | 2,607,000 | |||||||||||
| Depreciation and amortization | 2,266,000 | 2,177,000 | 8,425,000 | 8,553,000 | ||||||||||||
| Stock-based compensation | 1,064,000 | 1,296,000 | 4,142,000 | 4,416,000 | ||||||||||||
| Foreign currency translation | 2,014,000 | 1,054,000 | 1,989,000 | 1,043,000 | ||||||||||||
| Severance related expenses | - | 954,000 | - | 954,000 | ||||||||||||
| Impact of the fair value mark-up of acquired inventory | - | - | 124,000 | - | ||||||||||||
| Adjusted EBITDA | $ | 3,242,000 | $ | 1,014,000 | $ | 9,086,000 | $ | 6,183,000 | ||||||||
PowerFleet, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Net Income (Loss) Financial Measures
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| Net loss attributable to common stockholders | $ | (3,542,000 | ) | $ | (7,915,000 | ) | $ | (13,606,000 | ) | $ | (18,072,000 | ) | ||||
| Preferred stock dividend and accretion | 1,177,000 | 1,196,000 | 4,599,000 | 4,784,000 | ||||||||||||
| Other (income) expense, net | 109,000 | (2,000 | ) | 102,000 | (7,000 | ) | ||||||||||
| Intangible assets amortization expense | 1,333,000 | 1,274,000 | 5,329,000 | 5,153,000 | ||||||||||||
| Stock-based compensation | 1,064,000 | 1,296,000 | 4,142,000 | 4,416,000 | ||||||||||||
| Foreign currency translation | 2,014,000 | 1,054,000 | 1,989,000 | 1,043,000 | ||||||||||||
| Non-cash portion of income tax expense | (149,000 | ) | 1,898,000 | 991,000 | 2,549,000 | |||||||||||
| Severance related expenses | - | 954,000 | - | 954,000 | ||||||||||||
| Impact of the fair value mark-up of acquired inventory | - | - | 124,000 | - | ||||||||||||
| Non-GAAP net income (loss) attributable to common stockholders | $ | 2,006,000 | $ | (245,000 | ) | $ | 3,670,000 | $ | 820,000 | |||||||
| Non-GAAP net income (loss) attributable to common stockholders - basic | $ | 0.07 | $ | (0.01 | ) | $ | 0.12 | $ | 0.02 | |||||||
| Non-GAAP net income (loss) attributable to common stockholders - diluted | $ | 0.05 | $ | (0.01 | ) | $ | 0.10 | $ | 0.02 | |||||||
| Weighted average common shares outstanding - basic | 30,227,000 | 35,083,000 | 29,703,000 | 34,571,000 | ||||||||||||
| Weighted average common shares outstanding - diluted | 38,130,000 | 35,083,000 | 37,057,000 | 42,720,000 | ||||||||||||
About PowerFleet
PowerFleet® Inc. (NASDAQ: PWFL; TASE: PWFL) is a global leader of subscription-based wireless solutions that manage enterprise assets for seamless business operations. PowerFleet’s patented technologies are the proven solution for organizations that must monitor and analyze their assets to improve safety, increase efficiency, reduce costs, and drive profitability. Our offerings are sold under the global brands PowerFleet, Pointer, and Cellocator. PowerFleet’s global headquarters are in Woodcliff Lake, New Jersey, with additional offices around the globe. For more information, please visit www.powerfleet.com, the content of which does not form a part of this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to PowerFleet’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond PowerFleet’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include statements regarding prospects for additional customers; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion, or other financial information; emerging new products; and plans, strategies, and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the ability to recognize the anticipated benefits of the acquisition of Pointer, which may be affected by, among other things, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for PowerFleet’s products to continue to develop, the possibility that PowerFleet may not be able to integrate successfully the business, operations and employees of I.D. Systems and Pointer, the inability to protect PowerFleet’s intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in PowerFleet’s filings with the Securities and Exchange Commission, including PowerFleet’s annual report on Form 10-K for the year ended December 31, 2020. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, PowerFleet. Unless otherwise required by applicable law, PowerFleet assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether a result of new information, future events, or otherwise.
PowerFleet Company Contact
Ned Mavrommatis, CFO
NMavrommatis@powerfleet.com
(201) 996-9000
PowerFleet Investor Contact
Matt Glover
Gateway Investor Relations
PWFL@gatewayir.com
(949) 574-3860
PowerFleet Media Contact
Maggie Hayes
powerfleet@n6a.com
908-433-3334
PowerFleet, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Data
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| Products | $ | 12,135,000 | $ | 15,310,000 | $ | 45,651,000 | $ | 52,981,000 | ||||||||
| Services | 17,292,000 | 19,113,000 | 67,942,000 | 73,227,000 | ||||||||||||
| 29,427,000 | 34,423,000 | 113,593,000 | 126,208,000 | |||||||||||||
| Cost of revenue: | ||||||||||||||||
| Cost of products | 8,194,000 | 12,259,000 | 30,219,000 | 39,445,000 | ||||||||||||
| Cost of services | 6,048,000 | 6,761,000 | 24,357,000 | 26,580,000 | ||||||||||||
| 14,242,000 | 19,020,000 | 54,576,000 | 66,025,000 | |||||||||||||
| Gross Profit | 15,185,000 | 15,403,000 | 59,017,000 | 60,183,000 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | 12,973,000 | 16,112,000 | 51,878,000 | 57,100,000 | ||||||||||||
| Research and development expenses | 2,308,000 | 2,799,000 | 10,597,000 | 11,058,000 | ||||||||||||
| 15,281,000 | 18,911,000 | 62,475,000 | 68,158,000 | |||||||||||||
| Loss from operations | (96,000 | ) | (3,508,000 | ) | (3,458,000 | ) | (7,975,000 | ) | ||||||||
| Interest income | 14,000 | 10,000 | 55,000 | 45,000 | ||||||||||||
| Interest expense | (304,000 | ) | (357,000 | ) | (2,330,000 | ) | (1,954,000 | ) | ||||||||
| Foreign currency translation of debt | (2,007,000 | ) | (961,000 | ) | (2,137,000 | ) | (810,000 | ) | ||||||||
| Other (expense) income, net | (109,000 | ) | 3,000 | (102,000 | ) | 8,000 | ||||||||||
| Net loss before income taxes | (2,502,000 | ) | (4,813,000 | ) | (7,972,000 | ) | (10,686,000 | ) | ||||||||
| Income tax benefit (expense) | 144,000 | (1,906,000 | ) | (1,038,000 | ) | (2,607,000 | ) | |||||||||
| Net loss before non-controlling interest | (2,358,000 | ) | (6,719,000 | ) | (9,010,000 | ) | (13,293,000 | ) | ||||||||
| Non-controlling interest | (7,000 | ) | - | 3,000 | 5,000 | |||||||||||
| Net loss | (2,365,000 | ) | (6,719,000 | ) | (9,007,000 | ) | (13,288,000 | ) | ||||||||
| Accretion of preferred stock | (168,000 | ) | (168,000 | ) | (672,000 | ) | (672,000 | ) | ||||||||
| Preferred stock dividends | (1,009,000 | ) | (1,028,000 | ) | (3,927,000 | ) | (4,112,000 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (3,542,000 | ) | $ | (7,915,000 | ) | $ | (13,606,000 | ) | $ | (18,072,000 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.12 | ) | $ | (0.23 | ) | $ | (0.46 | ) | $ | (0.52 | ) | ||||
| Weighted average common shares outstanding - basic and diluted | 30,227,000 | 35,083,000 | 29,703,000 | 34,571,000 | ||||||||||||
PowerFleet, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet Data
| As of December 31, | ||||||||
| 2020 | 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 18,127,000 | $ | 26,452,000 | ||||
| Restricted cash | 308,000 | 308,000 | ||||||
| Accounts receivable, net | 24,147,000 | 32,094,000 | ||||||
| Inventory, net | 12,873,000 | 18,243,000 | ||||||
| Deferred costs - current | 3,128,000 | 1,762,000 | ||||||
| Prepaid expenses and other current assets | 6,184,000 | 9,051,000 | ||||||
| Total current assets | 64,767,000 | 87,910,000 | ||||||
| Deferred costs - less current portion | 2,233,000 | 249,000 | ||||||
| Fixed assets, net | 8,804,000 | 8,988,000 | ||||||
| Goodwill | 83,344,000 | 83,487,000 | ||||||
| Intangible assets, net | 31,276,000 | 26,122,000 | ||||||
| Right of use asset | 9,700,000 | 9,787,000 | ||||||
| Severance payable fund | 4,056,000 | 4,359,000 | ||||||
| Deferred tax asset | 12,269,000 | 4,262,000 | ||||||
| Other assets | 3,115,000 | 4,703,000 | ||||||
| Total assets | $ | 219,564,000 | $ | 229,867,000 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Short-term bank debt and current maturities of long-term debt | $ | 5,579,000 | $ | 6,114,000 | ||||
| Accounts payable and accrued expenses | 20,225,000 | 29,015,000 | ||||||
| Deferred revenue - current | 7,339,000 | 6,519,000 | ||||||
| Lease liability - current | 2,755,000 | 2,640,000 | ||||||
| Total current liabilities | 35,898,000 | 44,288,000 | ||||||
| Long-term debt, less current maturities | 23,179,000 | 18,110,000 | ||||||
| Deferred revenue - less current portion | 6,006,000 | 4,428,000 | ||||||
| Lease liability - less current portion | 7,050,000 | 7,368,000 | ||||||
| Accrued severance payable | 4,714,000 | 4,887,000 | ||||||
| Deferred tax liability | 10,763,000 | 5,220,000 | ||||||
| Other long-term liabilities | 674,000 | 706,000 | ||||||
| Total liabilities | 88,284,000 | 85,007,000 | ||||||
| MEZZANINE EQUITY | ||||||||
| Convertible redeemable Preferred stock: Series A | 51,992,000 | 52,663,000 | ||||||
| STOCKHOLDERS’ EQUITY | - | - | ||||||
| Total Powerfleet, Inc. stockholders’ equity | 79,213,000 | 92,111,000 | ||||||
| Non-controlling interest | 75,000 | 86,000 | ||||||
| Total equity | 79,288,000 | 92,197,000 | ||||||
| Total liabilities and stockholders’ equity | $ | 219,564,000 | $ | 229,867,000 | ||||
PowerFleet, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flow Data
| Year Ended December 31, | ||||||||
| 2020 | 2021 | |||||||
| (Unaudited) | ||||||||
| Cash flows from operating activities (net of net assets acquired): | ||||||||
| Net loss | $ | (9,007,000 | ) | $ | (13,288,000 | ) | ||
| Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||||||||
| Non-controlling interest | (3,000 | ) | (5,000 | ) | ||||
| Inventory reserve | 260,000 | (22,000 | ) | |||||
| Stock based compensation expense | 4,259,000 | 4,676,000 | ||||||
| Depreciation and amortization | 8,425,000 | 8,553,000 | ||||||
| Right-of-use assets, non-cash lease expense | 2,832,000 | 2,859,000 | ||||||
| Bad debt expense | 1,035,000 | 1,442,000 | ||||||
| Change in contingent consideration | - | - | ||||||
| Other non-cash items | 23,000 | 305,000 | ||||||
| Deferred taxes | 359,000 | 2,607,000 | ||||||
| Changes in: | ||||||||
| Operating assets and liabilities | 665,000 | (12,146,000 | ) | |||||
| Net cash (used in) provided by operating activities | 8,848,000 | (5,019,000 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of property and equipment | 75,000 | - | ||||||
| Capital expenditures | (3,373,000 | ) | (3,398,000 | ) | ||||
| Purchases of investments | - | - | ||||||
| Proceeds from the sale and maturities of investments | - | - | ||||||
| Net cash used in investing activities | (3,298,000 | ) | (3,398,000 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from stock offering | 4,041,000 | 26,867,000 | ||||||
| Payment of preferred stock dividend | - | (4,112,000 | ) | |||||
| Repayment of convertible note | (5,000,000 | ) | - | |||||
| Repayment of long-term debt | (2,858,000 | ) | (5,709,000 | ) | ||||
| Short-term bank debt, net | (262,000 | ) | (270,000 | ) | ||||
| Proceeds from exercise of stock options | 556,000 | 229,000 | ||||||
| Purchase of treasury stock upon vesting of restricted stock | (423,000 | ) | (794,000 | ) | ||||
| Net cash (used in) provided by financing activities | (3,946,000 | ) | 16,211,000 | |||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 128,000 | 531,000 | ||||||
| Net increase in cash, cash equivalents and restricted cash | 1,732,000 | 8,325,000 | ||||||
| Cash, cash equivalents and restricted cash - beginning of period | 16,703,000 | 18,435,000 | ||||||
| Cash, cash equivalents and restricted cash - end of period | $ | 18,435,000 | $ | 26,760,000 | ||||