| [May 01, 2012] |
 |
Silicon Image Announces First Quarter 2012 Earnings
SUNNYVALE, Calif. --(Business Wire)--
Silicon
Image, Inc. (NASDAQ: SIMG), a leading provider of wireless and wired
HD connectivity solutions, today reported financial results for its
first quarter ended March 31, 2012.
Revenue for the first quarter of 2012 was $55.0 million, compared to
$58.7 million for the fourth quarter of 2011 and $49.0 million for the
first quarter of 2011.
"Our strong results were driven by continued growth in our mobile
business, and we are pleased to see our MHL-enabled products achieve
design wins in mobile, CE products and PC monitors," said Camillo
Martino, chief executive officer of Silicon Image (News - Alert), Inc. "We also
continued to make progress with our 60GHz low-latency, gigabit wireless
video solutions as our third generation of products have been sampled to
our key customers for CE applications, and we are currently on track to
sample our mobile-oriented wireless product towards the end of this
year."
GAAP net loss for the first quarter of 2012 was $9.6 million, or $0.12
per share, compared to a net loss of $10.2 million, or $0.12 per share,
for the fourth quarter of 2011 and a net loss of $0.8 million, or $0.01
per share, for the first quarter of 2011.
Non-GAAP net loss for the first quarter of 2012 was $0.8 million, or
$0.01 per share, compared to a net income of $4.8 million, or $0.06 per
diluted share, for the fourth quarter of 2011 and a net income of $2.4
million, or $0.03 per diluted share, for the first quarter of 2011.
Non-GAAP net income for these periods excludes stock-based compensation
expense, impairment of intangible assets, amortization of intangible
assets, restructuring charges, business acquisition related expenses and
reversal of a subsidiary's foreign currency translation adjustment.
A reconciliation of GAAP and non-GAAP items is provided in a table
following the Condensed Consolidated Statements of Operations.
Silicon Image announced that its Board has authorized the repurchase of
its common stock to an aggregate purchase of $50 million. The
repurchases may occur from time to time in the open market or in
privately negotiated transactions; provided that the repurchases are
made in accordance with the terms of Rule 10b-18 under the Securities
Exchange Act of 1934, as amended. The timing and amount of any
repurchase of shares will be determined by the company, based on its
evaluation of market conditions, cash on hand and other factors, and may
be made under a plan that complies with Rule 10b5-1 of the Securities
and Exchange Act of 1934, as amended.
"We believe it is the right time to initiate a share repurchase plan and
opportunistically repurchase shares to partially offset dilution.
Further, it demonstrates our commitment to our shareholders and our
confidence in our business going forward," said Mr. Martino.
The authorization will stay in effect until the authorized aggregate
amount is expended or the authorization is modified by the Board of
Directors. The program does not obligate the company to acquire any
particular amount of stock and purchases under the program may be
commenced or suspended at any time, or from time to time, without prior
notice. Further the stock repurchase program may be modified, extended
or terminated by the Board at any time.
The following are Silicon Image's financial performance estimates for
the second quarter of 2012:
|
Revenue: $60 million - $62 million
|
|
Gross Margin: 57% - 58%
|
|
GAAP operating expenses: $36 million - $37 million
|
|
Non-GAAP operating expenses: approximately $32.5 million
|
|
Diluted shares outstanding: approximately 85 million
|
|
Non-GAAP tax rate: approximately 30% of non-GAAP pre-tax income
|
Use of Non-GAAP Financial Information
Silicon Image presents and discusses gross margin, operating expenses,
net income (loss) and basic and diluted net income (loss) per share in
accordance with Generally Accepted Accounting Principles (GAAP), and on
a non-GAAP basis for informational purposes only. Silicon Image believes
that non-GAAP reporting, giving effect to the adjustments shown in the
attached reconciliation, provides meaningful information and therefore
uses non-GAAP reporting to supplement its GAAP reporting and internally
in evaluating operations, managing and monitoring performance, and
determining bonus compensation. Further, Silicon Image uses non-GAAP
information as certain non-cash charges such as amortization of
intangibles, stock based compensation, restructuring charges, impairment
of intangible assets, business acquisition related expenses and reversal
of a subsidiary's foreign currency translation adjustment do not reflect
the cash operating results of the business. Silicon Image has chosen to
provide this supplemental information to investors, analysts and other
interested parties to enable them to perform additional analyses of its
operating results and to illustrate the results of operations giving
effect to such non-GAAP adjustments. The non-GAAP financial information
presented herein should be considered supplemental to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP.
Conference Call
Silicon Image will host an investor conference call today to discuss its
first quarter of 2012 results at 2:00 p.m. Pacific Time and will webcast
the event. To access the conference call, dial 800-706-9302 or
303-223-4381 and enter pass code 21588530. The webcast will be
accessible on Silicon Image's investor relations website at http://ir.SiliconImage.com.
A replay of the conference call will be available within two hours of
the conclusion of the conference call through May 6, 2012. To access the
replay, please dial 800-633-8284 or 402-977-9140 and enter pass code
21588530.
About Silicon Image, Inc.
Silicon Image is a leading provider of wireless and wired connectivity
solutions that enable the reliable distribution and presentation of
high-definition content for consumer electronics, mobile, and PC
markets. The company delivers its technology via semiconductor and
intellectual property products that are compliant with global industry
standards and feature market leading Silicon Image innovations such as
InstaPort™ and InstaPrevue™. Silicon Image's products are deployed by
the world's leading electronics manufacturers in devices such as desktop
and notebook PCs, DTVs, Blu-ray Disc™ players, audio-video receivers, as
well as mobile phones, tablets and digital cameras. Silicon Image has
driven the creation of the highly successful HDMI® and DVI™ industry
standards, the latest standards for mobile devices - SPMT™ and MHL™, and
the leading 60GHz wireless HD video standard - WirelessHD®. Via its
wholly-owned subsidiary, Simplay Labs, Silicon Image offers
manufacturers comprehensive standards interoperability and compliance
testing services. For more information, visit us at http://www.siliconimage.com/.
Silicon Image and the Silicon Image logo are trademarks, registered
trademarks or service marks of Silicon Image, Inc. in the United States
and/or other countries. All other trademarks and registered trademarks
are the property of their respective owners in the United States and/or
other countries.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of federal securities laws and regulations. These
forward-looking statements include, but are not limited to, statements
related to Silicon Image's future operating results, company growth,
progress with 60GHz wireless solutions, expectations for customer
sampling of mobile-oriented wireless products and stock repurchases.
These forward-looking statements involve risks and uncertainties,
including the risks of uncertain economic conditions, competition in our
markets, Silicon Image's ability to deliver financial performance
in-line with its stated goals and other risks and uncertainties
described from time to time in Silicon Image's filings with the U.S.
Securities and Exchange Commission (SEC (News - Alert)). These risks and uncertainties
could cause the actual results to differ materially from those
anticipated by these forward-looking statements. In addition, see the
Risk Factors section of the most recent Form 10-K and 10-Q filed by
Silicon Image with the SEC. These forward-looking statements are made on
the date of this press release, and Silicon Image assumes no obligation
to update any such forward-looking information.
|
SILICON IMAGE, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
March 31, 2011
|
|
Revenue:
|
|
|
|
|
|
|
|
Product
|
|
$
|
43,024
|
|
|
$
|
45,029
|
|
|
$
|
38,057
|
|
|
Licensing
|
|
|
11,979
|
|
|
|
13,704
|
|
|
|
10,942
|
|
|
Total revenue
|
|
|
55,003
|
|
|
|
58,733
|
|
|
|
48,999
|
|
|
Cost of revenue and operating expenses:
|
|
|
|
|
|
|
|
Cost of product revenue (1)
|
|
|
23,099
|
|
|
|
22,824
|
|
|
|
19,872
|
|
|
Cost of licensing revenue
|
|
|
125
|
|
|
|
150
|
|
|
|
400
|
|
|
Research and development (2)
|
|
|
21,707
|
|
|
|
17,646
|
|
|
|
15,243
|
|
|
Selling, general and administrative (3)
|
|
|
16,137
|
|
|
|
13,865
|
|
|
|
13,051
|
|
|
Amortization of intangible assets
|
|
|
496
|
|
|
|
496
|
|
|
|
197
|
|
|
Restructuring expense
|
|
|
5
|
|
|
|
812
|
|
|
|
365
|
|
|
Impairment of intangible assets
|
|
|
-
|
|
|
|
8,500
|
|
|
|
-
|
|
|
Total cost of revenue and operating expenses
|
|
|
61,569
|
|
|
|
64,293
|
|
|
|
49,128
|
|
|
Loss from operations
|
|
|
(6,566
|
)
|
|
|
(5,560
|
)
|
|
|
(129
|
)
|
|
Interest income and others, net
|
|
|
538
|
|
|
|
384
|
|
|
|
377
|
|
|
Income (loss) before provision for income taxes and equity in net
loss of unconsolidated affiliate
|
|
|
(6,028
|
)
|
|
|
(5,176
|
)
|
|
|
248
|
|
|
Income tax expense
|
|
|
2,948
|
|
|
|
4,047
|
|
|
|
1,068
|
|
|
Equity in net loss of unconsolidated affiliate
|
|
|
(600
|
)
|
|
|
(994
|
)
|
|
|
-
|
|
|
Net loss
|
|
$
|
(9,576
|
)
|
|
$
|
(10,217
|
)
|
|
$
|
(820
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted
|
|
$
|
(0.12
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.01
|
)
|
|
Weighted average shares - basic and diluted
|
|
|
82,722
|
|
|
|
82,050
|
|
|
|
78,724
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense
|
|
$
|
218
|
|
|
$
|
84
|
|
|
$
|
180
|
|
|
(2) Includes stock-based compensation expense
|
|
$
|
1,160
|
|
|
$
|
777
|
|
|
$
|
573
|
|
|
(3) Includes stock-based compensation expense
|
|
$
|
1,910
|
|
|
$
|
1,135
|
|
|
$
|
1,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILICON IMAGE, INC.
|
|
GAAP NET (News - Alert) LOSS TO NON-GAAP NET INCOME (LOSS) RECONCILIATION
|
|
(In thousands, except per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
March 31, 2011
|
|
GAAP net loss
|
|
$
|
(9,576
|
)
|
|
$
|
(10,217
|
)
|
|
$
|
(820
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Stock-based compensation expense (1)
|
|
|
3,288
|
|
|
|
1,996
|
|
|
|
1,885
|
|
|
Business strategic initiative and acquisition related expenses (2)
|
|
|
1,528
|
|
|
|
-
|
|
|
|
138
|
|
|
Amortization of intangible assets (2)
|
|
|
496
|
|
|
|
496
|
|
|
|
197
|
|
|
Amortization of intangible assets of unconsolidated affiliate (2)
|
|
|
134
|
|
|
|
232
|
|
|
|
-
|
|
|
Restructuring expense (3)
|
|
|
5
|
|
|
|
812
|
|
|
|
365
|
|
|
Impairment of intangible assets (3)
|
|
|
-
|
|
|
|
8,500
|
|
|
|
-
|
|
|
Reversal of a subsidiary's foreign currency translation adjustment
(3)
|
|
|
-
|
|
|
|
-
|
|
|
|
132
|
|
|
Non-GAAP net income (loss) before tax adjustments
|
|
|
(4,125
|
)
|
|
|
1,819
|
|
|
|
1,897
|
|
|
Tax adjustments (4)
|
|
|
3,301
|
|
|
|
2,992
|
|
|
|
534
|
|
|
Non-GAAP net income (loss)
|
|
$
|
(824
|
)
|
|
$
|
4,811
|
|
|
$
|
2,431
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per share - basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.06
|
|
|
$
|
0.03
|
|
|
Non-GAAP net income (loss) per share - diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.06
|
|
|
$
|
0.03
|
|
|
Weighted average shares - basic
|
|
|
82,722
|
|
|
|
82,050
|
|
|
|
78,724
|
|
|
Weighted average shares - diluted
|
|
|
82,722
|
|
|
|
83,406
|
|
|
|
82,351
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense is composed of the following:
|
|
|
|
|
|
|
|
Cost of Revenue
|
|
$
|
218
|
|
|
$
|
84
|
|
|
$
|
180
|
|
|
Research and Development
|
|
|
1,160
|
|
|
|
777
|
|
|
|
573
|
|
|
Selling, General and Administrative
|
|
|
1,910
|
|
|
|
1,135
|
|
|
|
1,132
|
|
|
Total
|
|
$
|
3,288
|
|
|
$
|
1,996
|
|
|
$
|
1,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discussion of Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
(1)
|
|
Stock-Based Compensation Related Items: Stock-based
compensation expense relates primarily to equity awards, such as
stock options and restricted stock units. Stock-based compensation
is a non-cash expense that varies in amount from period to period
and is dependent on market forces that are often beyond our
control. As such, management excludes this item from our internal
operating forecasts and models. Management believes that non-GAAP
measures adjusted for stock-based compensation provide investors
with a basis to measure our core performance against the
performance of other companies without the variability created by
stock-based compensation as a result of the variety of equity
awards used by companies and the varying methodologies and
subjective assumptions used in determining such non-cash expense.
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Business Strategic Initiative and Acquisition Related Items:
We exclude certain expense items resulting from our business
strategic initiative and acquisitions including the following,
when applicable: (i) amortization of purchased intangible
assets associated with our acquisitions; or relating to our
unconsolidated affiliates and (ii) business strategic
initiative and acquisition-related charges. The amortization of
purchased intangible assets associated with our acquisitions
results in our recording expenses in our GAAP financial statements
that were already expensed by the acquired company before the
acquisition and for which we have not expended cash. Moreover, had
we internally developed the products acquired, the amortization of
intangible assets, and the expenses of uncompleted research and
development would have been expensed in prior periods.
Accordingly, we analyze the performance of our operations in each
period without regard to such expenses. In addition, our business
strategic initiatives and acquisitions result in non-continuing
operating expenses, which would not otherwise have been incurred
by us in the normal course of our business operations. During
January 2012, we established a research and development center in
Hyderabad, India, whereby we hired 75 employees from our
subcontractor and had to incur a onetime fee of approximately
$3.056 million towards acquiring these employees. We will amortize
this fee over the first two quarters of 2012 amounting to $1,528
million per quarter. We do not expect a fee of similar nature to
be paid in our normal course of business and consider it
infrequent and non-recurring. We believe that providing non-GAAP
information for business strategic initiative and
acquisition-related expense items in addition to the corresponding
GAAP information allows the users of our financial statements to
better review and understand the historic and current results of
our continuing operations, and also facilitates comparisons to
less acquisitive peer companies.
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Other Items: We exclude certain other items that are the
result of either unique or unplanned events including the
following, when applicable: (i) restructuring and related
costs, (ii) impairment charges and (iii) reversal of
a subsidiary's foreign currency translation adjustment. It is
difficult to estimate the amount or timing of these items in
advance. Restructuring and impairment charges result from events
which arise from unforeseen circumstances, which often occur
outside of the ordinary course of continuing operations. Although
these events are reflected in our GAAP financials, these unique
transactions may limit the comparability of our on-going
operations with prior and future periods. As such, we believe that
these expenses do not accurately reflect the underlying
performance of our continuing operations for the period in which
they are incurred. Reversal of a subsidiary's foreign currency
translation adjustment relates to the reversal from accumulated
Other Comprehensive Income (OCI) to income of the accumulated
foreign currency translation adjustment of our wholly owned
subsidiary in Germany whose facilities and offices had been
substantially liquidated during 2010. Our decision to take the
accumulated foreign currency translation adjustment to income was
based on the provisions of FASB ASC (News - Alert). No. 830-30-40, which states
that currency translation adjustment should not be released from
accumulated OCI into income until complete or substantially
complete liquidation of an investment in a foreign entity. As this
was a one-time income and that this unique transaction limits the
comparability of our on-going operations with prior and future
periods, we believe that this income does not accurately reflect
the underlying performance of our continuing operations in the
period in which this income was incurred. We assess our operating
performance both with these amounts included and excluded, and by
providing this information, we believe the users of our financial
statements are better able to understand the financial results of
what we consider our continuing operations.
|
|
|
|
|
|
|
|
|
|
(4)
|
|
Tax adjustments: For the three months ended March 31, 2012,
our non-GAAP tax rate was approximately 30% of non-GAAP pre-tax
loss. For the three months ended December 31, 2011 and March 31,
2011, our non-GAAP tax rate was approximately 18% of non-GAAP
pre-tax income. Non-GAAP tax rate is primarily based on net
expected cash flow for income taxes. At the beginning of year
2012, the full fiscal year 2012 non-GAAP effective tax rate
expected from our non-GAAP pre-tax income was estimated to be 30%.
|
|
|
|
|
|
|
|
SILICON IMAGE, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
ASSETS
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
34,471
|
|
$
|
37,125
|
|
Short-term investments
|
|
|
116,842
|
|
|
124,301
|
|
Accounts receivable, net
|
|
|
37,288
|
|
|
27,368
|
|
Inventories
|
|
|
12,223
|
|
|
10,062
|
|
Prepaid expenses and other current assets
|
|
|
7,900
|
|
|
9,101
|
|
Deferred income taxes
|
|
|
739
|
|
|
708
|
|
Total current assets
|
|
|
209,463
|
|
|
208,665
|
|
Property and equipment, net
|
|
|
13,074
|
|
|
12,772
|
|
Deferred income taxes, non-current
|
|
|
4,066
|
|
|
4,706
|
|
Intangible assets, net
|
|
|
11,419
|
|
|
11,915
|
|
Goodwill
|
|
|
18,646
|
|
|
18,646
|
|
Other assets
|
|
|
13,349
|
|
|
9,369
|
|
Total assets
|
|
$
|
270,017
|
|
$
|
266,073
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
17,322
|
|
$
|
10,133
|
|
Accrued and other current liabilities
|
|
|
22,204
|
|
|
26,116
|
|
Deferred margin on sales to distributors
|
|
|
11,251
|
|
|
7,809
|
|
Deferred license revenue
|
|
|
3,599
|
|
|
2,684
|
|
Total current liabilities
|
|
|
54,376
|
|
|
46,742
|
|
Other long-term liabilities
|
|
|
15,844
|
|
|
14,815
|
|
Total liabilities
|
|
|
70,220
|
|
|
61,557
|
|
Stockholders' equity
|
|
|
199,797
|
|
|
204,516
|
|
Total liabilities and stockholders' equity
|
|
$
|
270,017
|
|
$
|
266,073
|
|
|
|
|
|
|
|
SILICON IMAGE, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2012
|
|
2011
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(9,576
|
)
|
|
$
|
(820
|
)
|
|
Adjustments to reconcile net loss to cash used in operating
activities:
|
|
|
|
|
|
Depreciation
|
|
|
1,591
|
|
|
|
1,659
|
|
|
Stock-based compensation expense
|
|
|
3,288
|
|
|
|
1,885
|
|
|
Amortization of investment premium
|
|
|
509
|
|
|
|
806
|
|
|
Tax benefits from employee stock-based transactions
|
|
|
310
|
|
|
|
923
|
|
|
Amortization of intangible assets
|
|
|
496
|
|
|
|
197
|
|
|
Excess tax benefits from employee stock-based transactions
|
|
|
(310
|
)
|
|
|
(923
|
)
|
|
Realized gain on sale of short-term investments
|
|
|
(45
|
)
|
|
|
(39
|
)
|
|
Equity in net loss of unconsolidated affiliate
|
|
|
600
|
|
|
|
-
|
|
|
Others
|
|
|
358
|
|
|
|
162
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(9,967
|
)
|
|
|
(4,261
|
)
|
|
Inventories
|
|
|
(2,161
|
)
|
|
|
(758
|
)
|
|
Prepaid expenses and other assets
|
|
|
969
|
|
|
|
(827
|
)
|
|
Accounts payable
|
|
|
6,483
|
|
|
|
(1,548
|
)
|
|
Accrued and other liabilities
|
|
|
(1,847
|
)
|
|
|
(4,322
|
)
|
|
Deferred margin on sales to distributors
|
|
|
3,442
|
|
|
|
5,224
|
|
|
Deferred license revenue
|
|
|
858
|
|
|
|
(725
|
)
|
|
Cash used in operating activities
|
|
|
(5,002
|
)
|
|
|
(3,367
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Proceeds from maturities and sales of short-term investments
|
|
|
23,031
|
|
|
|
35,457
|
|
|
Purchases of short-term investments
|
|
|
(15,797
|
)
|
|
|
(30,076
|
)
|
|
Cash used in business acquisitions
|
|
|
-
|
|
|
|
(1,915
|
)
|
|
Purchases of property and equipment
|
|
|
(2,191
|
)
|
|
|
(1,924
|
)
|
|
Investment in a privately held company
|
|
|
(3,500
|
)
|
|
|
-
|
|
|
Advances for intellectual properties
|
|
|
-
|
|
|
|
(4,750
|
)
|
|
Other investing activities
|
|
|
(500
|
)
|
|
|
-
|
|
|
Cash provided by (used in) investing activities
|
|
|
1,043
|
|
|
|
(3,208
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from issuances of common stock
|
|
|
2,486
|
|
|
|
4,047
|
|
|
Excess tax benefits from employee stock-based transactions
|
|
|
310
|
|
|
|
923
|
|
|
Repurchases of restricted stock units for income tax withholding
|
|
|
(1,465
|
)
|
|
|
(1,069
|
)
|
|
Cash provided by financing activities
|
|
|
1,331
|
|
|
|
3,901
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(26
|
)
|
|
|
(4
|
)
|
|
Net decrease in cash and cash equivalents
|
|
|
(2,654
|
)
|
|
|
(2,678
|
)
|
|
Cash and cash equivalents - beginning of period
|
|
|
37,125
|
|
|
|
29,942
|
|
|
Cash and cash equivalents - end of period
|
|
$
|
34,471
|
|
|
$
|
27,264
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
Cash payment for income taxes
|
|
$
|
(209
|
)
|
|
$
|
(1,625
|
)
|
|
Restricted stock units vested
|
|
$
|
3,929
|
|
|
$
|
2,735
|
|
|
Property and equipment and other assets purchased but not paid for
|
|
$
|
1,150
|
|
|
$
|
626
|
|
|
Unrealized gain (loss) on short term investments
|
|
$
|
174
|
|
|
$
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
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