TOKYO, Aug. 12, 2011 (GLOBE NEWSWIRE) — Internet Initiative Japan Inc. (“IIJ”) (Nasdaq:IIJI) (TSE:3774) announced today its consolidated financial results for the three months ended June 30, 2011(“1Q11″).1
Highlights of 1Q11 Financial Results
Revenues were JPY23,362 million (0 million), up 47.7% YoY. Our overall business grew and there were additional revenue from IIJ Global Solutions (“IIJ-Global”), a consolidated subsidiary from Sep. 1, 2010. Network service was up 66.8% YoY and systems integration (“SI”) was up 15.4% YoY.
Operating income was JPY915 million ( million), up 244.2% YoY due to IIJ-Global, increase in gross margin for our network service and the decrease in operating loss related to the ATM operation business.
Net income attributable to IIJ was JPY512 million ( million), up 107.4% YoY.
Overview of 1st Quarter FY2011 Financial Results and Business Outlook
“We recorded a strong and very encouraging first quarter growth in a volatile economic environment. Revenue and operating income for this quarter was the highest 1st quarter results recorded,” said Koichi Suzuki, President and CEO of IIJ. “In addition to the contributions from IIJ-Global, we have seen continuous growth in our overall business, including SI, despite the weakened Japanese economic momentum after the March11 Earthquake. Followed by various outsourcing needs, our recurring revenues continued to accumulate and contributed to steady business growth.”
“As for our cloud computing service, it continued to deliver strong performance from the first quarter. Although cloud computing services have just begun in Japan and our customers are mostly Social Application Providers at the moment, we are helping more Japanese blue-chip companies build their new systems using our cloud computing service. Currently, we are servicing nearly 600 cloud computing projects and monthly revenue from our cloud computing services for June 2011 has reached over JPY180 million from JPY120 million for March 2011. For FY2011, we target our cloud computing service to earn over JPY3 billion in revenues.”
“Due to stronger demands, we will further invest in cloud computing-related facilities such as the ‘Matsue Data Center’ and other service facilities to drive future growth and augment competitive advantage.”
“In addition, we have opened the new lease based data center in the Kansai region, the ‘Kozu Data Center’, to meet the increasing demands for data center facilities in relation to BCP (Business Continuity Plan) and disaster recovery needs.”
“For the coming quarters, we expect our outsourcing services and cloud computing-related services to grow steadily. We will continue to be best positioned as one of the leading total network solutions provider in Japan for those in need for network service, outsourcing service and systems integration.”
1st Quarter FY2011 Financial Results Summary
We have omitted segment analysis because most of our revenues are dominated by Network services and SI business.
1st Quarter FY2011 Results of Operation
Revenues
Revenues were JPY23,362 million, up 47.7% YoY. Our outsourcing services revenues and SI revenues increased, respectively and there were additional revenue from IIJ-Global of JPY6,464 million (3 months).
Network Services revenue were JPY15,521 million, up 66.8% YoY.
Revenues for Internet connectivity services for corporate use were JPY3,580 million, up 3.3% YoY. There were accumulations of new contracts, while there were some downward effects in revenues due to the renewal of contracts which commonly occur at the beginning of the fiscal year.
Revenues for Internet connectivity services for home use were JPY1,485 million, down 12.4% YoY due to the affects from exemption of services fees for those individual users affected by the Tohoku Pacific Earthquake and the continuous cancellation of old network services.
WAN Services revenue were JPY6,310 million, up 866.2% YoY. There were additional revenues related to IIJ-Global.
Outsourcing services revenue were JPY4,146 million, up 18.8% YoY. Data center-related, web security-related and “IIJ GIO hosting package service” continuously grew, respectively.
SI revenues were JPY7,221 million, up 15.4% YoY. Systems construction revenue, a one-time revenue, increased by 25.1% YoY to JPY2,517 million due to the accumulation of mid- to small sized construction projects and the systems construction projects related to IIJ-Global. Systems operation and maintenance revenues, a recurring revenue, increased by 10.8% YoY to JPY4,704 million due to the continuous accumulation of our “IIJ GIO component service”. For both systems construction and systems operation and maintenance, we had no large scale-down from a certain large client like the one we had in 1Q10.
The order backlog for systems construction and equipment sales was JPY4,710 million, up 2.8% YoY. The order backlog for systems operation and maintenance was JPY13,090 million, up 6.8% YoY.
Equipment sales revenues were JPY376 million, up 160.3% YoY.
ATM Operation Business revenues were JPY244 million. As of August 12, 2011, 320 ATMs are placed.
Cost and expense
Cost of revenues was JPY18,860 million, up 47.5% YoY. Cost of revenues related to IIJ-Global was JPY5,173 million.
Cost of Network Services revenue was JPY12,440 million, up 62.7% YoY due to the increase in circuit-related, outsourcing-related, personnel-related and network operation-related costs related to IIJ-Global. Gross margin for network services was JPY3,081 million, up 85.9% YoY and gross margin ratio was 19.9%, up 2.0% YoY.
Cost of SI revenues was JPY5,770 million, up 20.4% YoY. Purchasing costs increased in relation to the increase in systems construction revenues. Network operation-related costs such as servers and network equipments and personnel-related costs mainly for our cloud computing service also increased. Gross margin for SI was JPY1,452 million, down 1.0% YoY. There were initial cost burden related to cloud computing services as well as several systems construction projects which a large portion consisted of purchased goods such as equipments.
Cost of Equipment Sales revenues was JPY339 million, up 184.2% YoY. Gross margin was JPY37 million and gross margin ratio was 9.8%.
Cost of ATM Operation Business revenues increased to JPY311 million (JPY229 million for 1Q10) in relation to the increase in the number ATMs. Gross loss of ATM operation business decreased to JPY68 million, compared to JPY123 million of gross loss for 1Q10.
SG&A and R&D Expenses
SG&A and R&D expenses were JPY3,587 million, up 30.0% YoY. SG&A expenses related to IIJ-Global was JPY856 million.
Sales and marketing expenses were JPY1,956 million, up 39.0% YoY mainly due the increase in personnel-related expenses and depreciation and amortization. Amortization of customer relationship related to IIJ-Global was JPY106 million.
General and administrative expenses were JPY1,553 million, up 22.8% YoY. Personnel-related and outsourcing-related expenses increased. There were also a one-time relocation and disposal expenses as IIJ-Global and some departments of IIJ moved its offices into the same building as IIJ.
Research and development expenses were JPY78 million, down 10.9% YoY.
Operating income
Operating income was JPY915 million, up 244.2% YoY as gross margin of network services revenues increased despite the increase in SG&A expenses.
Other income (expenses)
Other income (expenses) was net other expense of JPY49 million mainly due to interest expenses (net other income of JPY14 million in 1Q10).
Income before income tax expenses
Income before income tax expenses was JPY865 million, up 210.0% YoY (JPY279 million in 1Q10)
Net Income
Income tax expense was JPY425 million (JPY120 million in 1Q10). Deferred income tax expenses was JPY306 million (JPY88 million in 1Q10).
Equity in net income of equity method investees was JPY40 million (JPY34 million in 1Q10). Net income was JPY481 million, up 148.8% YoY (JPY193 million in 1Q10).
Net income attributable to IIJ
Net loss attributable to noncontrolling interests was JPY31 million (JPY54 million in1Q10), related to Trust Networks Inc.
Net income attributable to IIJ was JPY512 million, up 107.4% YoY (JPY247 million in 1Q10).
1st Quarter FY2011 Financial Condition
Balance Sheets
As of June 30, 2011, the balance of total assets was JPY69,147 million, decreased by JPY2,326 million from the balance as of March 31, 2011.
For current assets, as compared to each of the respective balances as of March 31, 2011, prepaid expenses increased by JPY1,608 million, accounts receivable decreased by JPY2,368 million and cash and cash equivalents decreased by JPY1,879 million. As for noncurrent assets, as compared to each of the respective balances as of March 31, 2011, property and equipments increased by JPY252 million and other intangible assets decreased by JPY154 million. As for current liabilities, as compared to each of the respective balances as of March 31, 2011, deferred income increased by JPY718 million and accounts payable decreased by JPY3,554 million.
As of June 30, 2011, the balance of other investments was JPY2,894 million, an increase of JPY100 million from the balance as of March 31, 2011. The breakdown of other investments were JPY1,943 million in nonmarketable equity securities, JPY796 million in available-for-sale securities and JPY155 million in other.
As of June 30, 2011, the balance of non-amortized intangible assets (excluding telephone rights) such as goodwill was JPY5,980 million, and the breakdown of non-amortized intangible assets were JPY5,788 million in goodwill and JPY192 million in trademark. As of June 30, 2011, the balance of amortized intangible assets, which was customer relationships, was JPY5,690 million.
Total IIJ shareholders’ equity as of June 30, 2011 was JPY29,864 million, an increase of JPY211 million from the balance as of March 31, 2011. IIJ Shareholders’ equity ratio (total IIJ shareholders’ equity/total assets) as of June 30, 2011 was 43.2%.
Cash Flows
Cash and cash equivalents as of June 30, 2011 were JPY11,435 million compared to JPY9,137 million as of June 30, 2010.
Net cash provided by operating activities for 1Q11 was JPY1,323 million (1Q10 was net cash provided by operating activities of JPY2,274 million). While operating income increased YoY mainly due to the increase in gross margin for network services, there were payments for operation and maintenance services and purchased equipments for systems integration projects.
Net cash used in investing activities for 1Q11 was JPY2,069 million (1Q10 was net cash used in investing activities of JPY955 million), mainly due to the purchase of property and equipments of JPY2,078 million (JPY913 million for 1Q10).
Net cash provided by financing activities for 1Q11 was JPY1,107 million (1Q10 was net cash used in financing activities of JPY928 million), mainly due to the principle payments under capital leases of JPY803 million (JPY745 million for 1Q10) and JPY304 million for FY2010 year-end dividends payments (JPY253 million for 1Q10).
Reconciliation of Non-GAAP Financial Measures
The following table summarizes the reconciliation of adjusted EBITDA to net income attributable to IIJ in our consolidated statements of income that are prepared in accordance with U.S. GAAP.
Presentation
Presentation Materials will be posted on our web site (http://www.iij.ad.jp/en/IR/) on August 12, 2011.
About Internet Initiative Japan Inc.
Founded in 1992, IIJ is one of Japan’s leading Internet-access and comprehensive network solutions providers. IIJ and its group of companies provide total network solutions that mainly cater to high-end corporate customers. IIJ’s services include high-quality systems integration and security services, Internet access, hosting/housing, and content design. Moreover, IIJ has built one of the largest Internet backbone networks in Japan, and between Japan and the United States. IIJ listed on the U.S. NASDAQ Stock Market in 1999 and on the First Section of the Tokyo Stock Exchange in 2006.
The Internet Initiative Japan Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4613
For inquiries, contact:
YUKO KAZAMA
IIJ Investor Relations Office
Tel: +81-3-5259-6500 E-mail: ir@iij.ad.jp URL: http://www.iij.ad.jp/en/IR
Statements made in this press release regarding IIJ’s or management’s intentions, beliefs, expectations, or predictions for the future are forward-looking statements that are based on IIJ’s and managements’ current expectations, assumptions, estimates and projections about its business and the industry. These forward-looking statements, such as statements regarding FY2008 revenues and operating and net profitability, are subject to various risks, uncertainties and other factors that could cause IIJ’s actual results to differ materially from those contained in any forward-looking statement. These risks, uncertainties and other factors include: IIJ’s ability to maintain and increase revenues from higher-margin services such as systems integration and outsourcing services; the possibility that revenues from connectivity services may decline substantially as a result of competition and other factors; the ability to compete in a rapidly evolving and competitive marketplace; the impact on IIJ’s profits of fluctuations in costs such as backbone costs and subcontractor costs; the impact on IIJ’s profits of fluctuations in the price of available-for-sale securities; the impact of technological changes in its industry; IIJ’s ability to raise additional capital to cover its indebtedness; the possibility that NTT, IIJ’s largest shareholder, may decide to exercise substantial influence over IIJ; and other risks referred to from time to time in IIJ’s filings on Form 20-F of its annual report and other filings with the United States Securities and Exchange Commission.
Tables to follow
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Internet Initiative Japan Inc. | ||||||
Consolidated Balance Sheets (Unaudited) | ||||||
(As of March 31, 2011 and June 30, 2011) | ||||||
� | � | � | � | |||
� | As of March 31, 2011 | As of June 30, 2011 | ||||
� | Thousands of JPY | Thousands of U.S. Dollars | Thousands of JPY | |||
ASSETS | � | � | � | |||
CURRENT ASSETS: | � | � | � | |||
Cash and cash equivalents | 13,313,615 | 141,802 | 11,434,896 | |||
Accounts receivable, net of allowance for doubtful accounts of JPY44,002 thousand and JPY56,069 thousand at March 31, 2011 and June 30, 2011, respectively | 16,431,374 | 174,396 | 14,063,299 | |||
Inventories | 601,088 | 10,029 | 808,765 | |||
Prepaid expenses | 1,680,158 | 40,772 | 3,287,869 | |||
Deferred tax assets – Current | 978,263 | 9,130 | 736,232 | |||
Other current assets, net of allowance for doubtful accounts of JPY720 thousand and JPY10,733 thousand at March 31, 2011 and June 30, 2011, respectively | 1,533,185 | 19,999 | 1,612,688 | |||
Total current assets | 34,537,683 | 396,128 | 31,943,749 | |||
INVESTMENTS IN EQUITY METHOD INVESTEES | 1,251,990 | 16,130 | 1,300,757 | |||
OTHER INVESTMENTS | 2,794,046 | 35,884 | 2,893,657 | |||
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of JPY21,891,126 thousand and JPY23,205,914 thousand at March 31, 2011 and June 30, 2011, respectively | 16,480,724 | 207,495 | 16,732,431 | |||
GOODWILL | 5,788,333 | 71,780 | 5,788,333 | |||
OTHER INTANGIBLE ASSETS – Net | 6,054,503 | 73,173 | 5,900,687 | |||
GUARANTEE DEPOSITS | 1,889,796 | 23,220 | 1,872,457 | |||
Deferred tax assets – Noncurrent | 16,393 | 209 | 16,830 | |||
OTHER ASSETS, net of allowance for doubtful accounts of JPY81,448 thousand and JPY81,562 thousand at March 31, 2011 and June 30, 2011, respectively | 2,659,521 | 33,452 | 2,697,600 | |||
TOTAL | 71,472,989 | 857,471 | 69,146,501 | |||
� | � | � | � | |||
� | � | � | � | |||
� | As of March 31, 2011 | As of June 30, 2011 | ||||
� | Thousands of JPY | Thousands of U.S. Dollars | Thousands of JPY | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | � | � | � | |||
CURRENT LIABILITIES: | � | � | � | |||
Short-term borrowings | 13,430,000 | 166,543 | 13,430,000 | |||
Capital lease obligations -Current portion | 2,787,955 | 34,079 | 2,748,123 | |||
Accounts payable | 13,574,152 | 124,253 | 10,019,737 | |||
Accrued expenses | 1,889,891 | 23,723 | 1,913,058 | |||
Deferred income -Current | 1,667,336 | 29,577 | 2,385,126 | |||
Other current liabilities | 816,117 | 12,039 | 970,842 | |||
Total current liabilities | 34,165,451 | 390,214 | 31,466,886 | |||
CAPITAL LEASE OBLIGATIONS – Noncurrent | 3,626,565 | 45,429 | 3,663,354 | |||
ACCRUED RETIREMENT AND PENSION COSTS – Noncurrent | 1,567,050 | 20,139 | 1,624,009 | |||
DEFERRED TAX LIABILITIES – Noncurrent | 609,412 | 8,228 | 663,532 | |||
DEFERRED INCOME – Noncurrent | 1,270,984 | 15,856 | 1,278,659 | |||
OTHER NONCURRENT LIABILITIES | 592,177 | 7,798 | 628,841 | |||
Total Liabilities | 41,831,639 | 487,664 | 39,325,281 | |||
COMMITMENTS AND CONTINGENCIES | � | � | � | |||
� | � | � | � | |||
SHAREHOLDERS’ EQUITY: | � | � | � | |||
Common-stock – authorized, 377,600 shares; issued and outstanding, 206,478 shares at March 31, 2011 and June 30, 2011 | 16,833,847 | 208,753 | 16,833,847 | |||
Additional paid-in capital | 27,318,912 | 338,776 | 27,318,912 | |||
Accumulated deficit | (14,023,259) | (171,317) | (13,815,020) | |||
Accumulated other comprehensive loss | (85,134) | (1,019) | (82,155) | |||
Treasury stock – 3,794 shares held by the company at March 31, 2011 and�June 30, 2011, respectively | (392,079) | (4,862) | (392,079) | |||
Total Internet Initiative Japan Inc. shareholders’ equity | 29,652,287 | 370,331 | 29,863,505 | |||
NONCONTROLLING INTERESTS | (10,937) | (524) | (42,285) | |||
Total equity | 29,641,350 | 369,807 | 29,821,220 | |||
TOTAL | 71,472,989 | 857,471 | 69,146,501 | |||
� | � | � | � | |||
(Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY 80.64 which was the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York prevailing as of June 30, 2011. | ||||||
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Internet Initiative Japan Inc. | ||||||
Quarterly Consolidated Statements of Income (Unaudited) | ||||||
(Three Months ended June 30, 2010 and June 30, 2011) | ||||||
� | � | � | � | |||
� | Three Months Ended �June 30, 2010 | Three Months Ended �June 30, 2011 | ||||
� | Thousands of JPY | Thousands of U.S. Dollars | Thousands of JPY | |||
REVENUES: | � | � | � | |||
Network services: | � | � | � | |||
Internet connectivity services (corporate use) | 3,465,820 | 44,397 | 3,580,165 | |||
Internet connectivity services (home use) | 1,694,436 | 18,417 | 1,485,170 | |||
WAN services | 653,101 | 78,252 | 6,310,246 | |||
Outsourcing services | 3,490,658 | 51,408 | 4,145,520 | |||
Total | 9,304,015 | 192,474 | 15,521,101 | |||
Systems integration: | � | � | � | |||
Systems construction | 2,011,495 | 31,211 | 2,516,864 | |||
Systems operation and maintenance | 4,247,529 | 58,340 | 4,704,498 | |||
Total | 6,259,024 | 89,551 | 7,221,362 | |||
Equipment sales | 144,423 | 4,661 | 375,901 | |||
ATM operation business | 105,801 | 3,019 | 243,413 | |||
Total revenues | 15,813,263 | 289,705 | 23,361,777 | |||
COST AND EXPENSES: | � | � | � | |||
Cost of network services | 7,646,798 | 154,267 | 12,440,055 | |||
Cost of systems integration | 4,792,872 | 71,548 | 5,769,645 | |||
Cost of equipment sales | 119,285 | 4,204 | 338,984 | |||
Cost of ATM operation business | 229,148 | 3,863 | 311,521 | |||
Total cost | 12,788,103 | 233,882 | 18,860,205 | |||
Sales and marketing | 1,406,371 | 24,250 | 1,955,506 | |||
General and administrative | 1,264,868 | 19,257 | 1,552,904 | |||
Research and development | 88,242 | 975 | 78,592 | |||
Total cost and expenses | 15,547,584 | 278,364 | 22,447,207 | |||
OPERATING INCOME | 265,679 | 11,341 | 914,570 | |||
OTHER INCOME (EXPENSE): | � | � | � | |||
Interest income | 5,568 | 91 | 7,298 | |||
Interest expense | (57,513) | (987) | (79,568) | |||
Foreign exchange income (losses) | (3,173) | 0 | 16 | |||
Net gains on sales of other investments – net | 16,019 | – | – | |||
Losses on write-down of other investments | (5,239) | – | – | |||
Other – net | 57,841 | 287 | 23,121 | |||
Other income (expense) – net | 13,503 | (609) | (49,133) | |||
INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE AND EQUITY IN NET INCOME OF EQUITY METHOD INVESTEES | 279,182 | 10,732 | 865,437 | |||
INCOME TAX EXPENSE� | 120,356 | 5,264 | 424,547 | |||
EQUITY IN NET INCOME OF EQUITY METHOD INVESTEES | 34,478 | 496 | 40,027 | |||
NET INCOME | 193,304 | 5,964 | 480,917 | |||
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 53,660 | 388 | 31,348 | |||
NET INCOME ATTRIBUTABLE TO INTERNET INITIATIVE JAPAN INC. | 246,964 | 6,352 | 512,265 | |||
� | � | � | � | |||
� | Three Months Ended �June 30, 2010 | Three Months Ended �June 30, 2011 | ||||
NET INCOME PER SHARE | � | � | � | |||
BASIC WEIGHTED-AVERAGE NUMBER OF SHARES (shares) | 202,544 | � | 202,684 | |||
DILUTED WEIGHTED-AVERAGE NUMBER OF SHARES (shares) | 202,544 | � | 202,684 | |||
BASIC WEIGHTED-AVERAGE NUMBER OF ADS EQUIVALENTS (ADSs) | 81,017,600 | � | 81,073,600 | |||
DILUTED WEIGHTED-AVERAGE NUMBER OF ADS EQUIVALENTS (ADSs) | 81,017,600 | � | 81,073,600 | |||
BASIC NET INCOME PER SHARE� (JPY / U.S. Dollars / JPY) | 1,219.31 | 31.34 | 2,527.41 | |||
DILUTED NET INCOME PER SHARE�(JPY / U.S. Dollars / JPY) | 1,219.31 | 31.34 | 2,527.41 | |||
BASIC NET INCOME PER ADS EQUIVALENT�(JPY / U.S. Dollars / JPY) | 3.05 | 0.08 | 6.32 | |||
DILUTED NET INCOME PER ADS EQUIVALENT�(JPY / U.S. Dollars / JPY) | 3.05 | 0.08 | 6.32 | |||
� | � | � | � | |||
(Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY 80.64 which was the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York prevailing as of June 30, 2011. | ||||||
Internet Initiative Japan Inc. | |||
Quarterly Consolidated Statements of Cash Flows (Unaudited) | |||
(Three Months ended June 30, 2010 and June 30, 2011) | |||
� | � | � | � |
� | Three Months Ended �June 30, 2010 | Three Months Ended �June 30, 2011 | |
� | Thousands of JPY | Thousands of U.S. Dollars | Thousands of JPY |
OPERATING ACTIVITIES: | � | � | � |
Net income | 193,304 | 5,964 | 480,917 |
Adjustments to reconcile net income to net cash �provided by operating activities: | � | � | � |
Depreciation and amortization | 1,251,044 | 20,634 | 1,663,891 |
Provision for retirement and pension costs, less payments | 60,243 | 706 | 56,959 |
Provision for (reversal of) allowance for doubtful �accounts | (5,317) | 295 | 23,805 |
Loss on disposal of property and equipment | 5,288 | 206 | 16,601 |
Net gains on sales of other investments | (16,019) | – | – |
Impairment of other investments | 5,239 | – | – |
Gain on receipt of investment securities | (18,060) | – | – |
Foreign exchange losses, net | 20,246 | 374 | 30,127 |
Equity in net income of equity method investees | (34,478) | (496) | (40,027) |
Deferred income tax expense | 88,313 | 3,792 | 305,785 |
Others | 49,446 | 125 | 10,054 |
Changes in operating assets and liabilities net of effects �from acquisition of business and a company: | � | � | � |
Decrease in accounts receivable | 1,767,614 | 29,087 | 2,345,551 |
Decrease in net investment in sales-type lease -noncurrent | 260,124 | 1,195 | 96,397 |
�Increase in inventories, prepaid expenses and other current and noncurrent assets �and other current and noncurrent assets | (1,344,338) | (24,788) | (1,998,906) |
Decrease in accounts payable | (812,009) | (31,630) | (2,550,608) |
Decrease in income taxes payable | (282,219) | (3,462) | (279,168) |
Increase in deferred income –noncurrent | 392,322 | 4,766 | 384,374 |
Increase in accrued expenses and� �other current liabilities | 692,874 | 9,633 | 776,816 |
Net cash provided by operating activities | 2,273,617 | 16,401 | 1,322,568 |
INVESTING ACTIVITIES: | � | � | � |
Purchase of property and equipment | (912,587) | (25,768) | (2,077,881) |
Proceeds from sales of property and equipment | – | 1,446 | 116,595 |
Purchase of available-for-sale securities | (36,283) | (965) | (77,825) |
Purchase of other investments | (50,000) | (620) | (50,000) |
Proceeds from sales of available-for-sale securities | 4,579 | – | – |
Proceeds from sales of other investments | 20,000 | 111 | 8,943 |
Payments of guarantee deposits | (4,503) | (28) |
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