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VIZIO Holding Corp
(NYSE:VZIO) 

VZIO stock logo

Vizio Holding Corp. operates as a holding company. The Company, through its subsidiaries, designs and manufactures consumer electronics such as smart TVs, sound bars, and smartcast operating systems. Vizio Holding serves customers worldwide.

Founded: 2002
IPO Price: $21 (Mar 25, 2021)
Founder: William Wang 
Sector:
Industry:
Television
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• Market Cap:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                   
      net revenue:
    		               
      device
    		247,700,000 267,900,000 194,300,000 328,400,000 270,000,000 252,100,000 231,200,000 397,000,000 307,000,000 298,100,000 382,900,000 -1,289,744,700 502,457,000 335,644,000 453,460,000 
      platform+
    		197,000,000 169,400,000 159,600,000 174,300,000 156,200,000 142,300,000 125,500,000 136,500,000 128,000,000 110,800,000 102,600,000 -203,260,300 85,859,000 65,513,000 52,196,000 
      total net revenue
    		444,700,000 437,300,000 353,900,000 502,700,000 426,200,000 394,400,000 356,700,000 533,500,000 435,000,000 408,900,000 485,500,000 -1,493,005,000 588,316,000 401,157,000 505,656,000 
      yoy
    		4.34% 10.88% -0.78% -5.77% -2.02% -3.55% -26.53% -135.73% -26.06% 1.93% -3.99%     
      qoq
    		1.69% 23.57% -29.60% 17.95% 8.06% 10.57% -33.14% 22.64% 6.38% -15.78% -132.52% -353.78% 46.65% -20.67%  
      cost of goods sold:
    		               
      total cost of goods sold
    		335,600,000 337,800,000 272,800,000 404,500,000 329,700,000 308,300,000 281,300,000 447,800,000 354,900,000 335,000,000 412,700,000 -1,244,242,300 505,431,000 321,617,000 418,991,000 
      gross profit:
    		               
      total gross profit
    		109,100,000 99,500,000 81,100,000 98,200,000 96,500,000 86,100,000 75,400,000 85,700,000 80,100,000 73,900,000 72,800,000 -248,762,700 82,885,000 79,540,000 86,665,000 
      yoy
    		13.06% 15.56% 7.56% 14.59% 20.47% 16.51% 3.57% -134.45% -3.36% -7.09% -16.00%     
      qoq
    		9.65% 22.69% -17.41% 1.76% 12.08% 14.19% -12.02% 6.99% 8.39% 1.51% -129.26% -400.13% 4.21% -8.22%  
      gross margin %
    		24.53% 22.75% 22.92% 19.53% 22.64% 21.83% 21.14% 16.06% 18.41% 18.07% 14.99% 16.66% 14.09% 19.83% 17.14% 
      operating expenses:
    		               
      selling, general and administrative
    		85,200,000 79,800,000 76,100,000 68,400,000 63,600,000 58,600,000 58,200,000 53,200,000 54,800,000 50,300,000 62,400,000 -233,987,900 88,683,000 77,739,000 67,851,000 
      marketing
    		11,500,000 9,800,000 8,500,000 9,900,000 9,200,000 10,000,000 7,600,000 9,800,000 8,800,000 9,200,000 13,300,000 -22,424,200 8,068,000 9,986,000 4,404,000 
      research and development
    		16,800,000 15,700,000 15,100,000 9,600,000 9,800,000 10,000,000 11,900,000 11,400,000 10,800,000 9,400,000 9,200,000     
      depreciation and amortization
    		1,200,000 1,200,000 1,200,000 1,300,000 1,200,000 1,200,000 1,000,000 800,000 1,000,000 900,000 800,000 -1,969,200 705,000 654,000 614,000 
      total operating expenses
    		114,700,000 106,500,000 100,900,000 89,200,000 83,800,000 79,800,000 78,700,000 75,200,000 75,400,000 69,800,000 85,700,000 -258,347,100 97,456,000 88,379,000 72,869,000 
      income from operations
    		-5,600,000 -7,000,000 -19,800,000 9,000,000 12,700,000 6,300,000 -3,300,000 10,500,000 4,700,000 4,100,000 -12,900,000 9,584,400 -14,571,000 -8,839,000 13,796,000 
      yoy
    		-144.09% -211.11% 500.00% -14.29% 170.21% 53.66% -74.42% 9.55% -132.26% -146.39% -193.51%     
      qoq
    		-20.00% -64.65% -320.00% -29.13% 101.59% -290.91% -131.43% 123.40% 14.63% -131.78% -234.59% -165.78% 64.85% -164.07%  
      operating margin %
    		-1.26% -1.60% -5.59% 1.79% 2.98% 1.60% -0.93% 1.97% 1.08% 1.00% -2.66% -0.64% -2.48% -2.20% 2.73% 
      interest income
    		4,000,000 3,200,000 3,900,000 4,000,000 3,500,000 3,100,000 2,400,000 1,200,000 400,000   -226,700 89,000 57,000 82,000 
      other income
    		1,100,000 2,600,000 700,000 200,000 -100,000 300,000  -700,000 100,000 -800,000  181,000 -24,000 35,000 -189,000 
      total non-operating income
    		5,100,000 5,800,000 4,600,000 4,200,000 3,400,000 3,400,000 2,400,000 500,000 500,000 -800,000  -45,700 65,000 92,000 -107,000 
      income before income taxes
    		-500,000 -1,200,000 -15,200,000 13,200,000 16,100,000 9,700,000 -900,000 11,000,000 5,200,000 3,300,000 -12,900,000 9,538,700 -14,506,000 -8,747,000 13,689,000 
      (benefit from) benefit from income taxes
    		-1,000,000 -1,400,000              
      net income
    		500,000 200,000 -12,100,000 13,200,000 13,800,000 1,900,000 -700,000 6,300,000 2,000,000 2,300,000 -11,000,000 29,185,600 -18,566,000 -14,003,000 3,345,000 
      yoy
    		-96.38% -89.47% 1628.57% 109.52% 590.00% -17.39% -93.64% -78.41% -110.77% -116.43% -428.85%     
      qoq
    		150.00% -101.65% -191.67% -4.35% 626.32% -371.43% -111.11% 215.00% -13.04% -120.91% -137.69% -257.20% 32.59% -518.62%  
      net income margin %
    		0.11% 0.05% -3.42% 2.63% 3.24% 0.48% -0.20% 1.18% 0.46% 0.56% -2.27% -1.95% -3.16% -3.49% 0.66% 
      net income per share
    		               
      basic
    		  -0.06 0.06 0.07 0.01          
      diluted
    		  -0.06 0.06 0.07 0.01          
      weighted-average class a and class b common shares outstanding:
    		               
      basic
    		201.6 199.3 197.9 196.3 196.7 195.9 195.3 193.1 193,800,000 192,900,000 191,200,000 175,502 182,820,000 184,273,000 145,730,000 
      diluted
    		211.7 210 197.9 200.4 199.9 200.7 195.3 193.1 200,200,000 196,800,000 191,200,000 175,502 182,820,000 184,273,000 157,174,000 
      benefit from income taxes
    		  -3,100,000  2,300,000 7,800,000 -200,000 4,700,000 3,200,000 1,000,000 -1,900,000 -19,646,900 4,060,000 5,256,000 10,344,000 
      net income attributable to class a and class b stockholders:
    		               
      basic
    		       -7,500 10,000 10,000 -60,000 -42.5 -100 -80 20 
      diluted
    		       -7,500 10,000 10,000 -60,000 -42.5 -100 -80 20 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                     
        assets
      		               
        current assets:
      		               
        cash and cash equivalents
      		224,500,000 202,100,000 202,800,000 221,600,000 215,500,000 192,600,000 210,200,000 288,700,000 265,900,000 335,800,000 309,700,000 331,600,000 375,936,000 365,380,000 435,135,000 
        short-term investments
      		134,500,000 132,000,000 131,100,000 129,900,000 119,400,000 128,800,000 118,700,000 58,900,000 59,100,000       
        accounts receivable
      		323,900,000 321,600,000 267,900,000 381,200,000 345,600,000 306,400,000 297,700,000 357,900,000 339,600,000 253,800,000 321,000,000 375,100,000 356,765,000 193,880,000 248,503,000 
        inventories
      		49,100,000 27,600,000 25,600,000 6,800,000 17,600,000 7,600,000 13,800,000 15,500,000 34,100,000 31,000,000 12,200,000 11,900,000 23,683,000 17,244,000 9,743,000 
        income tax receivable
      		23,700,000 21,400,000 11,900,000 9,000,000   2,300,000 1,700,000 29,100,000 29,900,000 29,200,000 26,200,000 14,092,000 15,110,000  
        prepaid and other current assets
      		55,200,000 53,800,000 56,900,000 45,900,000 54,400,000 56,600,000 55,000,000 53,500,000 55,600,000 91,400,000      
        total current assets
      		810,900,000 758,500,000 696,200,000 794,400,000 752,500,000 692,000,000 697,900,000 778,400,000 784,200,000 743,200,000 758,800,000 834,700,000 853,640,000 670,812,000 750,795,000 
        property, equipment and software
      		17,500,000 18,500,000 19,100,000 19,700,000 19,900,000 21,200,000 21,900,000 19,900,000 19,500,000 18,700,000 13,600,000 10,300,000 10,009,000 9,737,000 9,829,000 
        goodwill
      		44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,800,000 44,788,000 44,788,000 44,788,000 
        deferred income taxes
      		49,600,000 49,600,000 49,600,000 49,600,000 51,200,000 51,200,000 51,200,000 51,200,000 30,500,000 30,400,000 30,400,000 30,400,000 25,355,000 25,424,000 25,424,000 
        other assets
      		66,100,000 71,800,000 51,700,000 52,200,000 38,400,000 28,900,000 25,900,000 21,400,000 21,100,000 21,200,000 19,200,000 15,600,000 12,782,000 12,985,000 13,218,000 
        total assets
      		988,900,000 943,200,000 861,400,000 960,700,000 906,800,000 838,100,000 841,700,000 915,700,000 900,100,000 858,300,000 866,800,000 935,800,000 946,619,000 763,820,000 844,156,000 
        liabilities and stockholders’ equity
      		               
        current liabilities:
      		               
        accounts payable due to related parties
      		52,000,000 65,900,000 75,800,000 109,100,000 104,500,000 88,800,000 104,300,000 148,200,000 166,300,000 147,700,000 153,800,000 224,800,000 266,410,000 131,805,000 159,680,000 
        accounts payable
      		221,600,000 189,600,000 123,400,000 157,800,000 137,300,000 123,700,000 97,600,000 117,200,000 115,400,000 114,800,000 144,900,000 118,900,000 129,331,000 116,067,000 128,365,000 
        accrued expenses
      		178,000,000 153,000,000 144,800,000 178,600,000 175,800,000 159,700,000 188,200,000 204,900,000 192,600,000 187,800,000 169,700,000 185,800,000 163,303,000 134,130,000 146,043,000 
        accrued royalties
      		29,300,000 43,400,000 40,100,000 40,700,000 40,800,000 47,300,000 45,800,000 47,400,000 43,700,000 42,400,000 47,200,000 56,800,000 65,970,000 66,017,000 77,223,000 
        other current liabilities
      		8,800,000 5,300,000 7,900,000 5,800,000 6,700,000 5,200,000 5,300,000 5,500,000 5,200,000 4,900,000 5,400,000 4,800,000 4,706,000 5,153,000 12,081,000 
        total current liabilities
      		489,700,000 457,200,000 392,000,000 492,000,000 466,100,000 426,600,000 441,200,000 523,200,000 523,200,000 497,600,000 521,000,000 591,100,000 629,720,000 453,172,000 523,392,000 
        other long-term liabilities
      		18,900,000 19,100,000 18,700,000 19,400,000 19,200,000 16,100,000 17,700,000 18,800,000 20,400,000 19,300,000 16,400,000 14,100,000 7,268,000 7,461,000 7,810,000 
        total liabilities
      		508,600,000 476,300,000 410,700,000 511,400,000 485,300,000 442,700,000 458,900,000 542,000,000 543,600,000 516,900,000 537,400,000 605,200,000 636,988,000 460,633,000 531,202,000 
        commitments and contingencies
      		               
        stockholders’ equity:
      		               
        preferred stock, 0.0001 par value...
      		               
        common stock, 0.0001 par value...
      		            19,000 18,000  
        additional paid-in capital
      		456,800,000 443,900,000 427,900,000  399,800,000 387,400,000 376,600,000  356,000,000 342,800,000 333,100,000  292,016,000 267,107,000 262,799,000 
        accumulated other comprehensive loss
      		-400,000 -400,000 -400,000 -300,000 -400,000 -400,000 -300,000 -300,000 -300,000 -200,000 -200,000     
        retained earnings
      		23,900,000 23,400,000 23,200,000 35,300,000 22,100,000 8,400,000 6,500,000 7,100,000 800,000 -1,200,000 -3,500,000 7,500,000 17,639,000 36,206,000 50,209,000 
        total stockholders’ equity
      		480,300,000 466,900,000 450,700,000 449,300,000 421,500,000 395,400,000 382,800,000 373,700,000 356,500,000 341,400,000 329,400,000 330,600,000 309,631,000 303,187,000 312,954,000 
        total liabilities and stockholders’ equity
      		988,900,000 943,200,000 861,400,000 960,700,000 906,800,000 838,100,000 841,700,000 915,700,000    935,800,000    
        other receivables due from related parties
      		      200,000 2,200,000 800,000 1,300,000 2,100,000 5,100,000 1,117,000 806,000 815,000 
        additional paid in capital
      		   414,300,000    366,900,000    323,300,000    
        income taxes payable
      		    1,000,000 1,900,000          
        liabilities and stockholders' equity
      		               
        total liabilities and stockholders' equity
      		        900,100,000 858,300,000 866,800,000  946,619,000 763,820,000 844,156,000 
        other current assets
      		          84,600,000 84,800,000 82,047,000 78,392,000 56,599,000 
        series a convertible preferred stock, 0.0001 par value...
      		               
        accumulated other comprehensive income
      		           -200,000 -43,000 -144,000 -72,000 
        intangible assets
      		            45,000 74,000 102,000 
        common stock; 0.0001 par value...
      		              18,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                       
          cash flows from operating activities:
        		               
          net income
        		500,000 200,000 -12,100,000 13,200,000 13,800,000 1,900,000 -700,000 6,300,000 2,000,000 2,300,000 -11,000,000 -10,175,000 -18,567,000 -14,003,000 3,345,000 
          adjustments to reconcile net income to net cash from operating activities:
        		               
          depreciation and amortization
        		2,700,000 2,800,000 2,900,000 1,800,000 1,900,000 1,900,000 1,800,000 800,000 1,000,000 1,000,000 800,000 828,000 705,000 653,000 614,000 
          realized gain on investments
        		-1,100,000 0 -400,000             
          amortization of premium and discount on investments
        		-1,700,000 -1,400,000 -1,800,000  -1,500,000 -1,300,000 -500,000         
          change in fair value of investment securities
        		     -100,000 -100,000 200,000 0       
          unrealized gain on conversion of convertible equity investments
        		800,000               
          share-based compensation expense
        		11,600,000 12,800,000 13,300,000 13,100,000 12,300,000 9,900,000 8,200,000 8,500,000 11,000,000 6,500,000 16,500,000  37,286,000 34,641,000 26,019,000 
          change in allowance for doubtful accounts
        		0 -300,000 -200,000 1,100,000 200,000 0 700,000 200,000 -2,800,000 -400,000 3,100,000     
          changes in operating assets and liabilities:
        		               
          accounts receivable
        		-2,300,000 -53,400,000 113,500,000 -36,700,000 -39,500,000 -8,600,000 59,500,000 -18,500,000 -83,100,000 67,600,000 51,000,000 -18,182,000 -162,362,000 53,942,000 157,102,000 
          other receivables due from related parties
        		   0 0 200,000 2,000,000 -1,400,000 500,000 800,000 3,000,000 -3,962,000 -310,000 8,000 164,000 
          inventories
        		-21,500,000 -1,900,000 -18,900,000 10,800,000 -10,000,000 6,200,000 1,700,000 18,500,000 -3,100,000 -18,800,000 -300,000 11,734,000 -6,434,000 -7,508,000 808,000 
          income taxes receivable
        		-2,300,000 -9,500,000 -2,900,000 -9,000,000 0 2,300,000 -600,000 27,400,000 800,000 -700,000 -3,000,000 -12,115,000 1,010,000 -15,118,000 1,323,000 
          prepaid and other current assets
        		-1,400,000 3,000,000 -10,900,000 8,200,000 2,500,000 -1,600,000 -4,600,000 2,300,000 35,900,000       
          other assets
        		4,300,000 -17,500,000 -700,000 -13,800,000 -9,800,000 -2,800,000 -2,900,000 -500,000 200,000 -1,700,000 -2,800,000 -2,915,000 205,000 482,000 628,000 
          accounts payable due to related parties
        		-13,900,000 -9,900,000 -33,300,000 4,600,000 15,800,000 -15,600,000 -43,900,000 -18,100,000 18,500,000 -6,000,000 -71,000,000 -41,647,000 134,603,000 -27,876,000 -49,680,000 
          accounts payable
        		31,800,000 66,200,000 -34,400,000 19,800,000 13,500,000 26,000,000 -20,100,000 1,800,000 600,000 -30,100,000 26,000,000 -10,566,000 13,420,000 -12,505,000 -38,249,000 
          accrued expenses
        		25,100,000 8,500,000 -34,100,000 3,100,000 16,000,000 -28,400,000 -17,000,000 12,300,000 4,800,000 18,100,000 -16,100,000 26,873,000 30,168,000 -6,882,000 -19,659,000 
          accrued royalties
        		-14,100,000 3,300,000 -600,000 -100,000 -6,500,000 1,500,000 -1,600,000 3,700,000 1,300,000 -4,800,000 -9,600,000 -9,127,000 -47,000 -11,206,000 -3,920,000 
          income taxes payable
        		    -900,000          6,823,000 
          other current liabilities
        		3,500,000 -2,700,000 2,200,000 -900,000 1,500,000 -100,000 -200,000 300,000 400,000 -600,000 500,000 267,000 -447,000 -103,000 -17,000 
          other long-term liabilities
        		-200,000 400,000 -700,000 200,000 3,000,000 -1,600,000 -1,000,000 -1,600,000 1,000,000 2,900,000 2,300,000 6,842,000 -193,000 -349,000 -400,000 
          net cash from operating activities
        		21,200,000 -3,200,000 -19,100,000 14,300,000 12,500,000 -8,300,000 -19,300,000 21,300,000 -11,500,000 29,800,000 -10,500,000 -33,832,000 24,739,000 -33,798,000 84,791,000 
          capital expenditures
        		-500,000 -1,100,000 -1,100,000 700,000 -500,000 -1,200,000 400,000 0 -1,800,000 -5,900,000 -4,000,000 0 -809,000 -417,000 -2,353,000 
          free cash flows
        		20,700,000 -4,300,000 -20,200,000 15,000,000 12,000,000 -9,500,000 -18,900,000 21,300,000 -13,300,000 23,900,000 -14,500,000 -33,832,000 23,930,000 -34,215,000 82,438,000 
          cash flows from investing activities:
        		               
          purchase of property and equipment
        		-500,000 -1,100,000 -1,200,000  -500,000 -1,300,000 -200,000  -1,800,000 -5,900,000 -4,000,000  -809,000 -417,000 -2,353,000 
          purchase of investments
        		-40,200,000 -42,400,000 -25,000,000 -36,500,000 -49,900,000 -38,900,000 -75,700,000 -14,400,000 -58,800,000 -1,000,000 -700,000     
          sale of investments
        		1,400,000 0 600,000             
          maturity of investments
        		39,300,000 43,100,000 25,500,000  60,800,000 30,100,000 15,000,000         
          net cash from investing activities
        		0 -400,000 -100,000 -9,800,000 10,400,000 -10,100,000 -60,900,000 -800,000 -60,600,000 -6,900,000 -4,700,000 -772,000 -809,000 -666,000 -2,353,000 
          cash flows from financing activities:
        		               
          proceeds from the exercise of stock options
        		1,200,000 1,700,000 500,000  0 200,000 1,700,000  2,200,000 3,300,000 5,200,000     
          withholding taxes paid on behalf of employees on net settled share-based awards
        		   0 0   0 0 -100,000 -11,900,000     
          proceeds from sale of stock under employee stock purchase plan
        		0               
          net cash from financing activities
        		1,200,000 2,900,000 500,000 1,500,000 0 800,000 1,700,000 2,400,000 2,200,000 3,200,000 -6,700,000 -9,642,000 -13,338,000 -35,407,000 146,087,000 
          effects of exchange rate changes on cash and cash equivalents
        		0 0 -100,000          -36,000 116,000 -1,118,000 
          net increase in cash and cash equivalents
        		       22,800,000 -69,900,000 26,100,000 -21,900,000 -44,308,000 10,556,000 -69,755,000 227,407,000 
          cash and cash equivalents at beginning of period
        		0 0 221,600,000  0 0 288,700,000  0 0 331,600,000  0   
          cash and cash equivalents at end of period
        		22,400,000 -700,000 202,800,000  22,900,000 -17,600,000 210,200,000  -69,900,000 26,100,000 309,700,000  10,556,000   
          supplemental disclosure of cash flow information:
        		               
          cash paid for income taxes
        		1,000,000   9,400,000 500,000 4,200,000 400,000 -500,000 1,200,000 2,100,000 900,000 6,378,000 3,045,000   
          cash paid for interest
        		0 0 100,000 100,000 0   0 100,000 0 100,000 44,000 48,000 61,000 47,000 
          cash paid for amounts included in the measurement of operating lease liabilities
        		1,500,000 1,100,000 1,200,000 1,300,000 1,200,000 900,000 1,200,000 1,100,000 800,000 900,000 800,000 2,169,000 -713,000 724,000 720,000 
          supplemental disclosure of non-cash investing and financing activities:
        		               
          right-of-use assets obtained in exchange for new operating lease liabilities
        		900,000   2,600,000 1,300,000 0 500,000 1,200,000 800,000 1,800,000 3,500,000     
          additions to property and equipment financed by accounts payable
        		  100,000 700,000 0 100,000 600,000         
          net decrease in cash and cash equivalents
        		 -700,000 -18,800,000    -78,500,000         
          cash (received from) paid for income taxes
        		  -400,000             
          amortization of discount on investments
        		               
          deferred income taxes
        		       -20,600,000    -4,997,000 69,000 0 1,228,000 
          purchases of property and equipment
        		               
          sales and maturities of investments
        		               
          proceeds from exercise of stock options
        		           5,730,000 5,371,000   
          payment of dividends on series a convertible preferred stock
        		           -6,000 0 0 -594,000 
          proceeds from ipo, net of 10.7 in direct offering costs
        		               
          payments of other offering costs
        		           50,000 -223,000   
          proceeds from sale of stock under espp
        		   1,100,000 0           
          effect of exchange rate changes on cash and cash equivalents
        		               
          cash and cash equivalents at beginning of year
        		              207,728,000 
          cash and cash equivalents at end of year
        		              435,135,000 
          ipo costs not yet paid
        		           30,000 -128,000 -1,265,000 1,663,000 
          payment to taxing authority in connection with shares directly withheld from employees not yet made
        		              9,121,000 
          other current assets
        		          100,000 -2,985,000 -3,841,000 -21,836,000 -1,338,000 
          share-based compensation expense and common stock warrants
        		               
          allowance for doubtful accounts
        		            -526,000   
          investment in third party
        		            0   
          proceeds from ipo, net of 10,700 in direct offering costs
        		            0   
          withholding taxes paid on behalf of employees on net settled stock-based awards
        		            -18,486,000   
          withholding taxes not yet paid for net settled stock awards
        		            -1,089,000   
          proceeds from ipo, net of 10,700 in offering costs
        		              148,044,000 
          payments of offering costs
        		              -1,363,000 
          net cash paid (received) during the period for income taxes
        		              69,000