| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||||
Net income | ||||||||||
16,517 | 12,356 | -51,903 | -249,479 | -104,972 | 12,140 | 24,398 | 25,689 | 9,129 | 17,550 | 33,582 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||||
Depreciation | ||||||||||
63,198 | 61,225 | 47,282 | 50,000 | 131,024 | 22,944 | 16,938 | 16,639 | 7,971 | 9,323 | 9,740 |
Amortization | ||||||||||
68,900 | 65,200 | 69,500 | 94,638 | - | - | - | - | 8,673 | 6,872 | 8,196 |
Non-cash lease expense | ||||||||||
4,300 | - | - | - | - | - | - | - | - | - | - |
Amortization of financing costs and discounts | ||||||||||
4,285 | 4,877 | 8,706 | 6,695 | 7,109 | 2,035 | 1,793 | 1,485 | 1,343 | 973 | 973 |
Loss on sale or disposal of assets | ||||||||||
-1,678 | -869 | -2,513 | -2,563 | 2,789 | -55 | -178 | - | -991 | 366 | -139 |
Accretion of contract rights | ||||||||||
8,710 | 8,421 | 7,819 | 8,692 | 7,614 | 301 | - | - | - | - | - |
Provision for bad debts | ||||||||||
14,647 | 11,459 | 9,737 | 9,908 | 10,135 | 8,991 | 7,874 | 5,182 | 5,959 | 5,908 | 7,955 |
Deferred income taxes | ||||||||||
-1,593 | -10,343 | -20,015 | 29,940 | -19,878 | -6,613 | -13,643 | -14,376 | -9,252 | -17,505 | -19,578 |
Write-down of assets | ||||||||||
1,268 | 2,575 | 0 | 4,289 | - | 3,129 | - | - | - | - | - |
Reserve for obsolescence | ||||||||||
1,463 | 1,919 | 397 | 3,581 | 1,243 | 270 | 150 | - | - | - | - |
Goodwill impairment | ||||||||||
- | - | - | 146,299 | 75,008 | 0 | 0 | - | - | - | - |
Loss on extinguishment of debt | ||||||||||
-179 | -166 | -51,750 | 0 | -13,063 | -2,725 | - | - | -943 | - | - |
Stock-based compensation | ||||||||||
9,857 | 7,251 | 6,411 | 6,735 | 8,284 | 8,876 | 5,078 | 6,655 | 6,809 | 7,935 | 8,454 |
Other non-cash items | ||||||||||
- | - | - | - | - | 19 | - | -95 | - | - | - |
Changes in operating assets and liabilities: | ||||||||||
Settlement receivables | ||||||||||
-12,961 | -143,705 | 98,390 | 83,998 | 1,830 | 5,156 | 8,793 | -50,823 | 69,881 | -1,660 | -9,220 |
Trade and other receivables | ||||||||||
41,754 | 29,320 | 884 | 8,207 | 5,219 | 12,256 | 13,335 | -1,196 | 8,125 | -2,757 | 11,850 |
Inventory | ||||||||||
3,067 | 3,848 | 5,753 | -5,600 | 1,075 | 1,120 | 2,436 | -134 | 3,146 | -814 | - |
Prepaid and other assets | ||||||||||
18,724 | -1,672 | 1,105 | -4,668 | 5,553 | -904 | 9,482 | 3,425 | 2,323 | -1,567 | -577 |
Settlement liabilities | ||||||||||
-100,783 | 17,159 | 78,465 | 99,245 | 21,229 | -25,523 | -37,200 | 40,530 | 82,125 | -2,655 | 13,505 |
Accounts payable and accrued expenses | ||||||||||
42,835 | -1,102 | -8,276 | 735 | -8,806 | -378 | 5,528 | -1,891 | 4,532 | - | - |
Accounts payable | ||||||||||
- | - | - | - | - | - | - | - | - | -715 | -7,528 |
Accrued expenses | ||||||||||
- | - | - | - | - | - | - | - | - | -230 | -1,578 |
Net cash provided by operating activities | ||||||||||
84,890 | 294,286 | 96,259 | 131,899 | 124,587 | 24,531 | 4,334 | 157,488 | 54,252 | 68,898 | 90,963 |
Capital expenditures | ||||||||||
114,291 | 103,031 | 96,490 | 80,741 | 76,988 | 18,442 | 13,986 | 12,786 | 7,420 | 9,051 | 7,254 |
Acquisitions, net of cash acquired | ||||||||||
35,000 | 0 | 0 | 694 | 10,857 | 1,068,000 | - | - | 10,763 | 15,354 | - |
Proceeds from sale of property and equipment | ||||||||||
56 | 237 | 10 | 4,599 | 2,102 | 421 | 86 | - | - | - | - |
Placement fee agreements | ||||||||||
17,102 | 20,556 | 13,300 | 11,312 | 2,813 | - | - | - | - | - | - |
Repayments under development agreements | ||||||||||
- | - | - | - | 3,104 | 276 | - | - | - | - | - |
Changes in restricted cash | ||||||||||
- | - | - | - | 97 | 102 | 90 | -255 | - | 87 | -19 |
Net cash used in investing activities | ||||||||||
-166,337 | -123,350 | -109,780 | -88,148 | -85,549 | -1,085,847 | -13,990 | -12,531 | -18,183 | -24,492 | -7,235 |
Cash flows from financing activities | ||||||||||
Proceeds from credit facility | ||||||||||
0 | 0 | 820,000 | 0 | - | - | - | - | - | - | - |
Proceeds from unsecured notes | ||||||||||
0 | 0 | 375,000 | 0 | - | - | - | - | - | - | - |
Repayments against prior credit facility | ||||||||||
- | - | - | - | - | - | - | - | 208,750 | 41,000 | 16,000 |
Repayments of prior credit facility | ||||||||||
0 | 0 | 465,600 | 24,400 | 10,000 | 103,000 | 18,500 | 52,500 | 40,000 | - | - |
Repayments of secured notes | ||||||||||
0 | 0 | 335,000 | 0 | 350,000 | - | - | - | - | - | - |
Repayments of unsecured notes | ||||||||||
0 | 0 | 350,000 | 0 | - | - | - | - | - | - | - |
Repayments of credit facility | ||||||||||
58,700 | 8,200 | 4,100 | 0 | - | - | - | - | - | - | - |
Proceeds from issuance of common stock, net | ||||||||||
122,376 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from issuance of secured notes | ||||||||||
- | - | - | - | 335,000 | 350,000 | - | - | - | - | - |
Proceeds from current credit facility | ||||||||||
- | - | - | - | - | 500,000 | - | - | 214,000 | - | - |
Debt issuance costs and discounts | ||||||||||
707 | 1,276 | 28,702 | 480 | 1,221 | 52,735 | 764 | 676 | 7,099 | - | - |
Proceeds from issuance of unsecured notes | ||||||||||
- | - | - | - | - | 350,000 | - | - | - | - | - |
Proceeds from exercise of stock options | ||||||||||
15,704 | 9,610 | 10,906 | 0 | 1,839 | 5,338 | 8,431 | 6,655 | 812 | 5,629 | 2,913 |
Purchase of treasury stock | ||||||||||
1,060 | 123 | 110 | 42 | 169 | 12,180 | 18,350 | 262 | 190 | 33,474 | 61,338 |
Net cash provided by financing activities | ||||||||||
77,613 | 11 | 22,394 | -24,922 | -24,551 | 1,037,423 | -29,183 | -46,783 | -41,227 | -68,845 | -74,425 |
Effect of exchange rates on cash | ||||||||||
1,263 | -1,370 | 1,292 | -1,714 | -1,552 | -1,266 | 73 | -689 | 57 | 307 | -1,683 |
Net (decrease) increase for the period | ||||||||||
-2,571 | 169,577 | 10,165 | 17,115 | 12,935 | -25,159 | -38,766 | 97,485 | -5,101 | -24,132 | 7,620 |
Supplemental cash disclosures | ||||||||||
Cash paid for interest | ||||||||||
77,351 | 81,609 | 89,008 | 93,420 | 98,361 | 59,274 | 8,634 | 15,494 | 19,166 | 15,922 | 17,634 |
Cash paid for income tax, net of refunds | ||||||||||
694 | 402 | 180 | 1,703 | 2,098 | 962 | 711 | 665 | 366 | 689 | 3,795 |
Cash refunded for income tax | ||||||||||
- | - | - | 171 | 14,477 | - | - | - | - | - | - |
Supplemental non-cash disclosures | ||||||||||
Non-cash tenant improvements paid by landlord | ||||||||||
- | - | - | - | - | - | 2,930 | - | - | - | - |
Accrued and unpaid capital expenditures | ||||||||||
4,500 | 3,657 | 1,386 | 2,104 | 5,578 | 731 | 1,073 | - | - | - | - |
Accrued and unpaid placement fees added during the year | ||||||||||
585 | 0 | 39,074 | 0 | - | - | - | - | - | - | - |
Accrued and unpaid liabilities for acquisitions | ||||||||||
36,940 | -550 | 0 | -3,169 | 4,681 | -2,463 | - | - | - | - | - |
Non-cash activities | ||||||||||
Transfer of leased gaming equipment to inventory | ||||||||||
10,980 | 10,028 | 7,820 | 9,042 | 4,698 | - | - | - | - | - | - |
Operating lease right-of-use assets obtained in exchange for lease obligations | ||||||||||
2,500 | 0 | 0 | - | - | - | - | - | - | - | - |
Issuance of warrant | ||||||||||
- | - | - | - | 2,246 | - | - | - | - | - | - |
Purchase of other intangibles | ||||||||||
- | - | - | - | - | - | - | - | - | 1,500 | - |