Verifone systems, inc. (PAY)
CashFlow / Quarterly
Apr'18Jan'18Oct'17Jul'17Apr'17Jan'17Oct'16Jul'16Apr'16Jan'16Oct'15Jul'15Apr'15Jan'15Oct'14Jul'14Apr'14Jan'14Oct'13Jul'13Apr'13Jan'13Oct'12Jul'12Apr'12Jan'12Oct'11Jul'11Apr'11Jan'11Oct'10Jul'10Apr'10Jan'10
Cash flows from operating activities
Consolidated net loss

-16,752

7,155

2,858

-70,788

-89,665

-17,724

-5,275

-31,498

3,340

23,733

38,483

10,080

17,666

14,128

31,325

-28,107

-23,563

-16,097

-247,792

-1,890

-57,029

11,710

27,889

37,779

3,409

-2,774

198,897

26,506

25,262

32,031

49,939

18,539

20,225

10,621

Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:
Depreciation and amortization

32,334

33,041

23,882

40,616

35,350

40,879

45,441

48,214

45,118

40,463

41,712

41,352

41,974

44,362

52,667

54,831

53,072

53,071

54,119

52,455

50,292

50,932

48,013

46,294

51,666

31,859

24,113

7,431

7,289

9,485

10,942

10,549

10,221

14,890

Stock-based compensation expense

8,518

9,971

9,963

9,319

11,178

9,553

9,389

10,850

11,579

10,460

10,045

11,181

8,872

12,155

13,042

13,246

11,877

15,732

16,883

9,580

10,029

12,359

10,383

12,444

11,023

10,704

9,037

8,350

9,318

7,439

6,922

5,462

3,997

4,685

Non-cash interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,753

4,425

4,112

4,135

3,981

3,761

3,818

3,746

3,678

3,484

3,571

Gain on bargain purchase of a business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,476

-

0

0

0

(Gain) Loss on adjustments to acquisition related balances, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

613

-613

613

Deferred income taxes, net

-5,933

1,531

1,999

-1,428

-731

995

-6,754

-2,123

-2,328

-2,775

-22,901

-1,457

-4,958

-2,258

-

-

-

-

-

-

-

-

-6,454

-2,255

-4,831

-8,490

-228,778

473

1,590

-319

-14,403

-1,173

-357

494

Gain on divestiture of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Write off of Deferred Debt Issuance Cost

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,115

-

-

-

-

-

-

-

-

Other

-10,319

-4,663

5,988

-5,831

128

-5,768

11,269

1,183

-9,774

3,547

-26,480

4,487

-894

10,913

5,762

4,647

12,867

-6,465

6,674

-567

-10,001

9,001

8,014

940

-4,962

1,804

-9,244

1,955

2,242

178

6,043

2,746

-2,159

676

Net cash provided by operating activities before changes in operating assets and liabilities

26,187

56,361

55,853

51,506

12,967

39,471

33,640

53,360

60,389

75,428

65,883

65,643

62,660

79,300

85,402

45,576

39,866

46,241

30,689

41,893

-28,923

66,000

71,817

95,075

68,539

35,722

16,648

44,786

46,454

50,800

51,716

36,662

36,024

34,324

Changes in operating assets and liabilities:
Accounts receivable, net

31,400

-34,159

-3,417

-6,469

20,967

516

-46,099

-26,103

23,093

-10,491

42,029

-1,846

44,655

-9,406

12,293

547

33,971

-17,293

13,038

-47,197

-36,905

-13,235

-5,617

41,434

35,282

-17,154

9,520

6,030

43,537

13,299

-6,095

-8,132

-6,822

-16,356

Inventories

-994

-1,031

506

-7,145

-4,389

-19,374

-7,621

29,884

15,162

8,254

9,734

-4,984

-7,465

19,130

15,104

300

-9,343

-15,515

-19,503

-8,927

-6,426

8,072

15,041

12,445

-10,206

1,994

-14,944

3,114

-5,920

-5,474

-921

1,112

15,607

-1,425

Prepaid expenses and other assets

4,606

25,961

-3,147

1,726

13,719

-3,698

-27,684

2,144

12,344

8,721

-2,720

1,517

13,000

6,295

2,394

-8,004

7,117

-11,661

-2,518

7,686

1,462

1,832

-6,810

8,032

7,938

10,694

-15,564

-348

2,413

15,323

3,196

137

12,544

11,413

Accounts payable

21,120

-837

-10,604

3,653

19,619

-20,229

-37,277

-28,309

30,254

-4,239

41,395

-17,520

28,884

-11,553

23,096

-5,493

34,546

-4,760

3,673

-39,140

-2,240

-39,297

8,431

48,469

-14,185

-10,913

-2,514

10,598

16,114

5,263

-10,317

-27,756

10,690

747

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

354

2,744

-

-843

1,823

-422

Accrued compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,884

-4,469

-

3,621

1,788

-763

Accrued warranty

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,428

1,999

-

-282

-1,061

427

Deferred revenue, net

-2,930

4,465

-12,821

-3,230

2,173

6,894

310

-2,484

15,744

15,138

2,639

-2,588

4,906

7,750

-662

1,938

1,062

17,704

-6,719

-5,302

-16,132

28,175

-4,442

4,415

-1,246

28,589

9,333

2,202

3,930

-664

5,327

3,503

2,112

1,579

Other current and long-term liabilities

17,690

-17,586

-12,623

-3,946

31,116

-4,038

-11,150

-3,393

-4,986

-13,385

18,434

20,555

10,069

-18,389

-26,398

9,807

12,807

-71,755

18,299

3,075

84,576

-4,778

-592

-3,606

10,659

-25,696

8,464

13,061

3,200

-2,116

7,780

4,206

-9,369

13,056

Net change in operating assets and liabilities

-868

4,729

29,990

-8,365

-22,611

-5,183

-33,287

40,111

9,587

8,970

-13,425

-5,760

6,331

38,211

33,755

-13,409

-16,670

14,342

-24,236

-7,071

-108,073

12,569

-783

12,633

37,786

3,554

-

-

-

-

-

-

-

-

Net cash provided by operating activities

27,055

51,632

25,863

59,871

35,578

44,654

66,927

13,249

50,802

66,458

79,308

71,403

56,329

41,089

51,647

58,985

56,536

31,899

54,925

48,964

79,150

53,431

72,600

82,442

30,753

32,168

52,919

52,823

38,422

30,409

54,038

25,994

20,678

55,316

Cash flows from investing activities
Capital expenditures

14,371

13,161

14,522

16,391

16,929

19,482

23,064

23,926

27,740

30,605

27,978

29,641

29,298

19,575

22,190

20,919

20,967

20,935

17,201

18,121

21,424

20,789

18,626

17,569

18,976

8,010

5,523

3,986

2,987

2,315

5,545

2,427

1,694

1,912

Software development costs capitalized

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

860

817

707

Acquisitions of businesses, net of cash and cash equivalents acquired

-

-

-

-

-

-

0

2,507

80,973

88,739

8,433

2,695

10,944

0

-

-

-

-

-

-

-

-

0

-350

2,245

1,067,517

38,475

-3,481

4,507

9,730

8,240

-9,844

11,740

0

Divestiture of business

7,500

22,500

0

-5,023

6,492

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,595

0

0

-

-

-

-

-

-

-

-

Other investing activities, net

0

0

2,199

-4,855

5,663

-1,129

-427

-1,855

-305

222

6

-61

-35

-25

-4,690

190

-6

-2,612

-720

-4

-2,857

-5,132

-13,448

-1,238

134

-7

-123

-1,260

249

261

-

-

-

-

Cash placed in escrow for Convertible Notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Payments of acquisition-related contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

801

9,595

14,209

0

-

-

-

-

-

-

-

-

Proceeds from disposal of property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

240

1,355

Net cash provided by (used in) investing activities

-6,871

9,339

-16,721

-21,532

-16,100

-18,353

-22,637

-24,578

-108,408

-119,566

-36,417

-32,275

-40,207

-19,550

-17,500

-21,109

-20,961

-18,323

-15,341

-83,212

-30,520

-15,657

-17,773

-3,386

-21,355

-1,075,520

-43,875

755

-7,743

-12,306

-11,418

6,594

-19,011

-1,264

Cash flows from financing activities
Proceeds from debt, net of issuance costs

939,401

123,000

60,701

96,708

58,676

60,000

70,000

110,015

157,985

222,378

65,000

30,000

20,000

10,000

18,337

994,191

0

86,906

0

93,121

27,626

2,427

246,130

2,419

2,851

1,409,177

0

0

73

0

-

-

-

-

Repayments of debt

920,577

119,056

108,044

104,238

87,374

86,088

119,124

95,314

145,605

93,011

68,033

60,052

40,124

30,080

61,074

1,017,081

60,757

121,882

84,348

256,293

39,896

18,506

262,138

17,325

32,113

307,760

2,209

5,323

1,343

1,358

5,070

1,531

1,902

6,103

Repayments of senior convertible notes, including interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

279,159

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock through employee equity incentive plans

-

-

-

-

-

-

-

871

1,460

998

-

3,193

5,602

3,875

-

-

-

-

-

-

-

-

1,625

1,260

18,611

8,812

7,382

3,706

20,768

16,678

6,473

1,726

1,877

2,721

Stock repurchases

0

50,000

0

0

0

0

0

0

0

79,866

70,134

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities, net

-1,729

-632

979

-1,128

-1,791

-858

979

-689

-3,100

-289

12,372

-292

-2,021

-194

23

-144

-7,582

5,608

-1

0

473

-2,162

-

-

-

-

-

-

-

0

-

-

-

-

Distribution to noncontrolling interest stockholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,408

135

-

-

-

-

-

-

-

-

Net cash used in financing activities

17,095

-46,688

-47,213

-7,809

-30,489

-26,946

-51,474

14,883

10,740

50,210

-73,465

-27,151

-16,543

-16,399

-38,938

-1,814

-57,951

-29,368

-84,042

-159,147

-16,002

-18,241

-13,280

-23,241

-26,268

830,935

5,197

-1,199

19,356

15,320

1,009

-11,545

3,536

-3,382

Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash

-4,958

7,506

10,075

-7,386

1,541

-485

-5,413

3,179

-8,181

7,121

-4,478

-4,049

-5,996

-14,691

-8,828

-2,085

2,925

-3,148

3,368

-3,248

-3,343

3,063

2,718

-7,045

-2,072

-2,166

-3,879

279

2,340

607

1,046

431

-832

-1,049

Net increase (decrease) in cash, cash equivalents and restricted cash

32,321

21,789

-

-

-9,470

-1,130

-

-

-

10,019

-35,052

7,928

-6,417

-9,551

-13,619

33,977

-19,451

-18,940

-41,090

-196,643

29,285

22,596

44,265

48,770

-18,942

-214,583

10,362

52,658

52,375

34,030

44,675

21,474

4,371

49,621

Supplemental disclosures of cash flow information
Cash paid for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,730

3,673

1,723

3,682

Cash paid for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,034

1,344

3,853

4,330