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AppFolio, Inc. (APPF)

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Previous Close143.01
Open141.89
Bid115.00 x 900
Ask150.00 x 800
Day's Range138.09 - 144.22
52 Week Range91.36 - 186.59
Volume144,772
Avg. Volume190,458
Market Cap4.909B
Beta (5Y Monthly)1.11
PE Ratio (TTM)32.09
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results
    GlobeNewswire

    AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results

    SANTA BARBARA, Calif., March 01, 2021 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020. The Company urges investors to read its Annual Report on Form 10-K for the year ended December 31, 2020, which will also be filed with the Securities and Exchange Commission (the "SEC") today, March 1, 2021, and will be available on AppFolio's website, http://ir.appfolioinc.com. The limited information that follows in this press release is not adequate for making an informed investment judgment. Financial Outlook The Company is not providing revenue guidance for fiscal year 2021 due to limited visibility into future business trends and financial performance in the current operating environment. Diluted weighted average shares are expected to be approximately 36 million for fiscal year 2021. Conference Call Information As previously announced, the Company will host a conference call today, March 1, 2021, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time, to discuss its financial results. Participants who wish to dial into the conference call please register in advance at http://www.directeventreg.com/registration/event/8438087. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Registration will be open through the start of the live call. Following the conference call, a replay will be available at (800) 585-8367 (domestic) or (416) 621-4642 (international). The replay passcode is 8438087. An archived webcast of this conference call will also be available on AppFolio’s Investor Relations website at http://ir.appfolioinc.com. About AppFolio, Inc. AppFolio provides innovative software, services and data analytics to the real estate industry. Our industry-specific, cloud-based business management solutions are designed to enable our customers to digitally transform their businesses, address critical business operations and enable exceptional customer service. Today our core solutions include AppFolio Property Manager, AppFolio Property Manager PLUS, and AppFolio Investment Management. In addition, the Company offers a variety of Value+ services that are designed to enhance, automate and streamline essential processes and workflows for our customers. AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA. Learn more at www.appfolioinc.com. Investor Relations Contact: ir@appfolio.com Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts, “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to the Company's business opportunities, the impact of the Company's strategic actions and initiatives, the impact of the COVID-19 pandemic on the Company's business, and the timing of providing updated financial guidance. Forward-looking statements represent AppFolio's current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Company's actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in AppFolio's Annual Report on Form 10-K for the year ended December 31, 2020, which will be filed with the SEC today, as well as in the Company's other filings with the SEC. You should read this press release with the understanding that the Company's actual future results may be materially different from the results expressed or implied by these forward looking statements. Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)(in thousands, except par values) December 31,2020 December 31,2019Assets Current assets Cash and cash equivalents $140,263 $15,813 Investment securities—current 28,256 22,876 Accounts receivable, net 10,057 7,562 Prepaid expenses and other current assets 20,777 15,540 Total current assets 199,353 61,791 Investment securities—noncurrent 6,770 12,089 Property and equipment, net 26,439 14,744 Operating lease right-of-use assets 30,561 27,803 Capitalized software development costs, net 35,459 30,023 Goodwill 56,147 58,425 Intangible assets, net 16,357 21,377 Deferred taxes 12,181 27,574 Other long-term assets 6,213 6,276 Total assets $389,480 $260,102 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $1,040 $1,927 Accrued employee expenses 18,888 17,758 Accrued expenses 14,069 10,833 Deferred revenue 2,262 4,600 Income tax payable 9,095 — Other current liabilities 4,451 11,139 Term loan, net—current portion — 1,208 Total current liabilities 49,805 47,465 Operating lease liabilities 40,146 33,312 Term loan, net — 47,375 Deferred taxes 13,609 — Total liabilities 103,560 128,152 Stockholders’ equity: Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2020 and December 31, 2019 — — Class A common stock, $0.0001 par value, 250,000 shares authorized as of December 31, 2020 and December 31, 2019; 19,148 and 16,923 shares issued as of December 31, 2020 and December 31, 2019, respectively; 18,729 and 16,552 shares outstanding as of December 31, 2020 and December 31, 2019, respectively 2 2 Class B common stock, $0.0001 par value, 50,000 shares authorized as of December 31, 2020 and December 31, 2019; 15,659 and 17,594 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively 2 2 Additional paid-in capital 161,247 161,509 Accumulated other comprehensive income 56 33 Treasury stock, at cost, 419 and 371 shares of Class A common stock as of December 31, 2020 and December 31, 2019, respectively (25,756) (21,562)Retained earnings (accumulated deficit) 150,369 (8,034)Total stockholders’ equity 285,920 131,950 Total liabilities and stockholders’ equity $389,480 $260,102 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except per share amounts) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020(1) 2019 2020(1) 2019Revenue $72,432 $67,362 $310,056 $256,012 Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) 29,905 26,403 119,029 101,642 Sales and marketing 15,328 14,441 58,445 51,528 Research and product development 11,735 11,086 48,529 39,508 General and administrative 11,177 9,117 47,480 34,478 Depreciation and amortization 7,039 6,226 26,790 22,395 Total costs and operating expenses 75,184 67,273 300,273 249,551 (Loss) income from operations (2,752) 89 9,783 6,461 Other income, net 1,138 84 188,897 16 Interest income (expense), net 60 (330) (1,849) (1,654)(Loss) income before (benefit from) provision for income taxes (1,554) (157) 196,831 4,823 (Benefit from) provision for income taxes (1,041) (4,585) 38,428 (31,459)Net (loss) income $(513) $4,428 $158,403 $36,282 Net (loss) income per common share: Basic $(0.01) $0.13 $4.62 $1.07 Diluted $(0.01) $0.12 $4.44 $1.02 Weighted average common shares outstanding: Basic 34,332 34,091 34,264 34,016 Diluted 34,332 35,597 35,713 35,567 (1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture. Stock-Based Compensation Expense (in thousands) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020(1) 2019 2020(1) 2019Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) $408 $393 $1,506 $1,466 Sales and marketing 346 367 1,415 1,271 Research and product development 470 387 1,818 1,411 General and administrative 993 731 4,286 3,161 Total stock-based compensation expense $2,217 $1,878 $9,025 $7,309 (1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(in thousands) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020(1) 2019 2020(1) 2019Cash from operating activities Net income $(513) $4,428 $158,403 $36,282 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,039 6,226 26,790 22,395 Amortization of operating lease right-of-use assets 728 1,114 3,701 4,130 Deferred income taxes 6,124 (4,423) 29,002 (31,455)Stock-based compensation 2,217 1,878 9,025 7,309 Gain on sale of business (22) — (187,658) — Other (45) (104) 125 32 Changes in operating assets and liabilities: Accounts receivable (553) 747 (2,782) (2,031)Prepaid expenses and other current assets (5,035) 372 (5,894) (4,031)Other assets (199) 247 (519) 1,376 Accounts payable (1,598) 241 (903) 511 Accrued employee expenses 880 4,056 2,799 4,542 Accrued expenses 947 69 6,878 55 Deferred revenue (285) 154 530 1,193 Operating lease liabilities 571 224 (564) (2,662)Other liabilities (7,173) 245 9,366 1,241 Net cash provided by operating activities 3,083 15,474 48,299 38,887 Cash from investing activities Purchases of available-for-sale investments (13,998) (14,508) (43,877) (25,198)Proceeds from sales of available-for-sale investments 2,769 — 16,711 2,750 Proceeds from maturities of available-for-sale investments 14,030 4,660 27,330 15,660 Purchases of property, equipment and intangible assets (2,487) (3,999) (19,038) (8,084)Capitalization of software development costs (6,345) (5,329) (26,042) (20,998)Cash paid in business acquisition, net of cash acquired — — — (54,004)Proceeds from sale of business, net of cash divested — — 191,427 — Net cash (used in) provided by investing activities (6,031) (19,176) 146,511 (89,874)Cash from financing activities Proceeds from stock option exercises 420 294 822 553 Tax withholding for net share settlement (1,237) (614) (12,196) (6,155)Payment of contingent consideration — — (5,977) — Proceeds from issuance of debt — 472 50,752 2,169 Principal payments on debt — (785) (99,565) (3,419)Payment of debt issuance costs — — — (420)Purchase of treasury stock — — (4,194) — Net cash used in financing activities (817) (633) (70,358) (7,272) Net (decrease) increase in cash and cash equivalents and restricted cash (3,765) (4,305) 124,452 (58,259)Cash, cash equivalents and restricted cash Beginning of period 144,464 20,552 16,247 74,506 End of period $140,699 $16,247 $140,699 $16,247 (1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.

  • AppFolio, Inc. Announces Date of Fourth Quarter and Full Year 2020 Financial Results Release
    GlobeNewswire

    AppFolio, Inc. Announces Date of Fourth Quarter and Full Year 2020 Financial Results Release

    SANTA BARBARA, Calif., Feb. 22, 2021 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF), today announced that it will report its fourth quarter and full year 2020 financial results after U.S. financial markets close on Monday, March 1, 2021. In conjunction with this report, AppFolio will host a conference call on Monday, March 1, 2021, at 4:30 p.m. Eastern Time (ET) to discuss the company’s fourth quarter and full year 2020 financial results. Participants who wish to dial into the conference call please register in advance at http://www.directeventreg.com/registration/event/8438087. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Registration will be open through the start of the live call. Following the conference call, a replay will be available at (800) 585-8367 (domestic) or (416) 621-4642 (international). The replay passcode is 8438087. An archived webcast of this conference call will also be available on AppFolio’s Investor Relations website at http://ir.appfolioinc.com. About AppFolio, Inc.AppFolio provides innovative software, services and data analytics to the real estate industry. Our industry-specific, cloud-based business management solutions are designed to enable our customers to digitally transform their businesses, address critical business operations and enable exceptional customer service. Today our core solutions include AppFolio Property Manager, AppFolio Property Manager PLUS, and AppFolio Investment Management. In addition, we offer a variety of Value+ services that are designed to enhance, automate and streamline essential processes and workflows for our customers. AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA. Learn more at www.appfolioinc.com. Investor Relations Contact: Erica Abrams, 805.364.6093ir@appfolio.com

  • AppFolio, Inc. Announces Third Quarter 2020 Financial Results
    GlobeNewswire

    AppFolio, Inc. Announces Third Quarter 2020 Financial Results

    SANTA BARBARA, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a leading provider of cloud-based business software solutions, services, and data analytics to the real estate vertical today announced its financial results for the third quarter ended September 30, 2020. AppFolio's operating results for the third quarter of 2020 are summarized in the tables accompanying this press release. The Company nevertheless urges investors to read its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the "SEC") on March 2, 2020, as well as its more detailed third quarter 2020 results that will be included in the Company's Quarterly Report on Form 10-Q, which will be filed with the SEC today. These periodic report filings, together with other documents the Company files with the SEC from time to time, will be accessible on AppFolio's website, http://ir.appfolioinc.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.Divestiture of MyCaseOn September 30, 2020, the Company completed its previously-announced sale of 100% of the issued and outstanding equity interests of MyCase, Inc. ("MyCase"), a California corporation and former wholly owned subsidiary of the Company that provides legal practice and case management software solutions to law firms. The Company sold MyCase to Mockingbird AcquisitionCo Inc., a Delaware corporation (“Buyer”) affiliated with funds advised by Apax Partners LLP, for $193.0 million pursuant to a Stock Purchase Agreement, dated September 7, 2020 (the “Purchase Agreement”), by and among Buyer, the Company and MyCase (the “MyCase Transaction”). In connection with the closing of the MyCase Transaction, and in accordance with the terms of the Purchase Agreement, the Company and MyCase entered into certain ancillary agreements, including relating to certain post-closing transition services to be provided by the Company to MyCase.Financial OutlookWhile we are encouraged by the results to date, we are not providing updated full year revenue guidance for fiscal year 2020.Diluted weighted average shares are expected to be approximately 36 million for the full year.Conference Call InformationAs previously announced, the Company will host a conference call today, November 9, 2020, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time, to discuss its financial results. Investors are invited to submit questions to management via the Investor Q&A form located on the Investor Overview section of AppFolio's website.To listen to the live call, participants may register in advance at http://www.directeventreg.com/registration/event/6087563.  After registering, a confirmation will be sent through email, including dial-in details and unique conference call codes for entry. Registration will be open through the start of the live call. To ensure the connection of all participants, please register in advance, a minimum of 10 minutes before the start of the call. A replay of the conference call will be available at (800) 585-8367 or (416) 621-4642 for international callers. Please use conference ID: 6087563. A live and recorded webcast of the conference call will be available at http://ir.appfolioinc.com.About AppFolio, Inc. AppFolio offers industry-specific, cloud-based business software solutions, services, and data analytics to the real estate vertical. Today our products include AppFolio Property Manager, AppFolio Property Manager PLUS and AppFolio Investment Management. AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA. Learn more at www.appfolioinc.com.Investor Relations Contact: ir@appfolio.comForward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “could,” “will,” “would,” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to the Company's business opportunities, the impact of the Company's strategic actions and initiatives, the impact of the COVID-19 pandemic on the Company's business, and the timing of providing updated financial guidance.Forward-looking statements represent AppFolio's current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Company's actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in AppFolio's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which will be filed with the SEC today, as well as in the Company's other filings with the SEC. You should read this press release with the understanding that the Company's actual future results may be materially different from the results expressed or implied by these forward looking statements.Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except par values)  September 30, 2020 December 31, 2019 Assets     Current assets     Cash and cash equivalents $144,028  $15,813  Investment securities—current 32,689  22,876  Accounts receivable, net 9,416  7,562  Prepaid expenses and other current assets 15,720  15,540  Total current assets 201,853  61,791  Investment securities—noncurrent 5,135  12,089  Property and equipment, net 26,565  14,744  Operating lease right-of-use assets 24,645  27,803  Capitalized software, net 33,543  30,023  Goodwill 56,147  58,425  Intangible assets, net 17,544  21,377  Deferred taxes 14,826  27,574  Other long-term assets 6,014  6,276  Total assets $386,272  $260,102  Liabilities and Stockholders’ Equity      Current liabilities     Accounts payable $3,591  $1,927  Accrued employee expenses 18,379  17,758  Accrued expenses 13,546  10,833  Deferred revenue 2,457  4,586  Income tax payable 13,571  —  Other current liabilities 4,607  11,139  Term loan, net—current portion —  1,208  Total current liabilities 56,151  47,451  Operating lease liabilities 32,755  33,312  Term loan, net —  47,375  Deferred taxes 10,130  —  Other long-term liabilities 2,720  14  Total liabilities 101,756  128,152  Stockholders’ equity:     Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of September 30, 2020 and December 31, 2019 —  —  Class A common stock, $0.0001 par value, 250,000 shares authorized as of September 30, 2020 and December 31, 2019; 18,450 and 16,923 shares issued as of September 30, 2020 and December 31, 2019, respectively; 18,031 and 16,552 shares outstanding as of September 30, 2020 and December 31, 2019, respectively 2  2  Class B common stock, $0.0001 par value, 50,000 shares authorized as of September 30, 2020 and December 31, 2019; 16,282 and 17,594 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively 2  2  Additional paid-in capital 159,296  161,509  Accumulated other comprehensive income 90  33  Treasury stock, at cost, 419 and 371 shares of Class A common stock as of September 30, 2020 and December 31, 2019, respectively (25,756) (21,562) Retained earnings (accumulated deficit) 150,882  (8,034) Total stockholders’ equity 284,516  131,950  Total liabilities and stockholders’ equity $386,272  $260,102  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 Revenue$84,086  $67,935  $237,624  $188,650  Costs and operating expenses:        Cost of revenue (exclusive of depreciation and amortization)32,752  25,930  89,124  75,239  Sales and marketing14,894  12,636  43,117  37,087  Research and product development13,454  10,602  36,794  28,422  General and administrative12,946  8,955  36,303  25,361  Depreciation and amortization6,680  5,678  19,751  16,169  Total costs and operating expenses80,726  63,801  225,089  182,278  Income from operations3,360  4,134  12,535  6,372  Other income (expense), net187,747  (11) 187,759  (68) Interest expense, net(853) (400) (1,909) (1,324) Income before provision for (benefit from) income taxes190,254  3,723  198,385  4,980  Provision for (benefit from) income taxes52,578  (1,255) 39,469  (26,874) Net income$137,676  $4,978  $158,916  $31,854           Net income per common share:        Basic$4.01  $0.15  $4.64  $0.94  Diluted$3.86  $0.14  $4.46  $0.90  Weighted average common shares outstanding:        Basic34,296  34,047  34,241  33,991  Diluted35,665  35,421  35,662  35,406  Stock-Based Compensation Expense (in thousands) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 Costs and operating expenses:        Cost of revenue (exclusive of depreciation and amortization)$452  $334  $1,098  $1,073  Sales and marketing367  354  1,069  904  Research and product development474  353  1,348  1,024  General and administrative1,803  1,151  3,293  2,430  Total stock-based compensation expense$3,096  $2,192  $6,808  $5,431  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)  Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 Cash from operating activities        Net income$137,676  $4,978  $158,916  $31,854  Adjustments to reconcile net income to net cash provided by operating activities:        Depreciation and amortization6,680  5,678  19,751  16,169  Amortization of operating lease right-of-use assets902  1,088  2,973  3,016  Deferred income taxes36,015  (1,389) 22,878  (27,032) Stock-based compensation3,096  2,192  6,808  5,431  Gain on sale of business(187,636) —  (187,636) —  Other200  28  170  136  Changes in operating assets and liabilities:        Accounts receivable2,907  (83) (2,229) (2,778) Prepaid expenses and other current assets(567) 796  (859) (4,403) Other assets(213) (125) (320) 1,129  Accounts payable502  82  695  270  Accrued employee expenses1,202  (194) 1,919  486  Accrued expenses1,397  (1,398) 5,931  (14) Deferred revenue283  458  815  1,039  Operating lease liabilities(1,043) (1,127) (1,135) (2,886) Other liabilities16,439  616  16,539  996  Net cash provided by operating activities17,840  11,600  45,216  23,413  Cash from investing activities        Purchases of available-for-sale investments(16,490) (10,012) (29,879) (10,690) Proceeds from sales of available-for-sale investments—  1,000  13,942  2,750  Proceeds from maturities of available-for-sale investments5,550  7,000  13,300  11,000  Purchases of property, equipment and intangible assets(2,245) (1,690) (16,551) (4,115) Additions to capitalized software(6,988) (6,249) (19,697) (15,669) Cash paid in business acquisition, net of cash acquired—  —  —  (54,004) Proceeds from sale of business, net of cash divested191,427  —  191,427  —  Net cash provided by (used in) investing activities171,254  (9,951) 152,542  (70,728) Cash from financing activities        Proceeds from stock option exercises73  60  402  259  Tax withholding for net share settlement(1,269) (790) (10,959) (5,541) Payment of contingent consideration—  —  (5,977) —  Proceeds from issuance of debt562  528  50,752  1,697  Principal payments on debt(97,747) (840) (99,565) (2,634) Payment of debt issuance costs—  —  —  (420) Purchase of treasury stock—  —  (4,194) —  Net cash used in financing activities(98,381) (1,042) (69,541) (6,639) Net increase (decrease) in cash and cash equivalents and restricted cash90,713  607  128,217  (53,954) Cash, cash equivalents and restricted cash        Beginning of period53,751  19,945  16,247  74,506  End of period$144,464  $20,552  $144,464  $20,552