Wageworks, inc. (WAGE)
CashFlow / Quarterly
Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent

1,797

4,057

1,903

2,124

10,924

11,019

8,989

9,063

20,278

16,057

4,996

5,230

-120

5,796

6,195

7,598

3,518

5,639

3,098

4,113

4,587

6,444

5,320

7,751

3,992

4,636

2,742

2,523

3,224

2,010

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

14,827

14,592

-

-

13,652

13,182

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation

-

-

-

-

-

-

3,212

2,951

2,653

2,568

2,347

2,458

2,113

1,778

1,861

1,657

1,599

1,554

1,522

1,243

844

777

794

796

922

909

760

744

760

686

Amortization, impairment and change in contingent consideration

-

-

-

-

-

-

9,858

9,401

9,394

9,236

7,718

6,648

15,461

7,348

7,672

6,935

6,732

6,279

6,335

5,688

4,549

4,420

1,871

554

4,725

4,462

3,429

3,713

4,094

4,438

Amortization of debt issuance costs

187

176

179

157

122

120

124

169

78

47

48

43

34

34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of contract costs

811

725

634

634

796

780

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

-2,545

2,904

3,289

5,918

1,588

7,293

7,661

7,176

7,032

3,780

7,003

6,653

7,533

5,991

5,932

5,425

4,813

4,436

4,546

3,734

4,240

2,038

2,730

2,918

2,485

1,073

895

1,181

1,115

559

Provision for doubtful accounts

96

414

18

918

79

19

468

231

-487

346

4

144

-2

801

176

-26

202

44

74

-99

-436

94

65

130

-50

35

151

-425

-57

70

Revaluation of warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-762

407

-26

Loss on disposal of fixed assets

-

-

-

-

-

-

-25

-7

-19

-72

-88

14

-179

-20

-577

-492

-23

-4

-

-

-

-

-37

-9

-11

-71

-153

-1

0

-24

Deferred taxes

-

-

-

-

-

-

-8,744

1

0

-593

5,429

424

0

0

-7,749

-3,513

-2,089

285

-2,315

-1,979

-3,004

-3,284

-

-

-

-2,407

-1,809

-2,352

-1,521

-1,006

Other

-61

233

-

68

-378

-1

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit related to stock-based compensation arrangements

-

-

-

-

-

-

0

0

0

0

8,801

2,806

-613

3,812

5,938

1,005

736

3,519

2,727

1,278

2,215

4,213

5,212

2,176

2,397

2,511

-

-

-

-

Changes in operating assets and liabilities:
Receivables

-24,698

13,543

16,760

-1,664

-39,000

18,688

-51,474

9,897

-5,649

61,918

18,387

-11,703

-2,709

18,113

10,362

5,055

-5,391

8,188

10,062

5,140

-12,725

18,492

1,301

-1,712

-951

9,819

2,225

1,970

-1,901

3,244

Prepaid expenses and other current assets

-2,066

7,160

8,449

-7,094

-1,364

-5,600

9,644

-12,203

16,927

-4,854

-9,923

173

553

1,296

-1,473

-2,487

208

2,791

-2,513

4,533

981

-258

1,870

-101

-415

2,600

278

-133

2,686

-172

Other assets

-611

701

-1,789

6,238

5,768

8,341

1,436

2,518

2,208

-3,017

649

222

-67

-105

141

-168

-1,857

-200

269

290

-58

2,376

487

-93

-111

-104

145

23

-14

6

Accounts payable and accrued expenses

-228

-10,797

4,724

5,307

7,801

-9,556

1,854

-12,259

4,598

23,194

4,045

1,935

-1,838

5,346

-1,891

-1,675

14,463

-5,835

2,204

7,772

1,442

-8,734

3,530

2,716

5,535

-3,941

1,025

4,209

1,752

-1,911

Customer obligations

14,442

-101,663

97,580

27,031

-22,113

-35,766

7,906

121,548

14,909

-57,375

60,413

81,829

-8,476

73,793

10,418

-18,745

9,423

37,274

19,994

453

-7,249

6,282

37,383

-29,256

8,260

9,952

42,571

-21,051

-953

3,113

Other liabilities

-10,705

20,575

-2,870

3,217

-16,634

17,465

-405

-559

504

1,738

-169

-1,528

-2,444

1,249

704

105

765

3,218

1,845

-415

-63

-577

277

-472

-2,575

530

1,583

-516

-223

1,056

Net cash (used in) provided by operating activities

45,996

-90,188

102,787

62,309

30,433

-16,874

88,692

137,416

45,492

-53,791

63,150

111,476

15,276

79,040

24,425

1,874

49,931

38,030

31,472

13,227

20,519

-10,795

46,068

-14,021

24,350

5,308

50,569

-10,037

7,602

7,999

Cash flows from investing activities:
Purchases of property and equipment

5,341

4,353

5,877

7,824

12,216

7,618

8,298

10,955

11,958

5,576

7,790

10,099

7,097

3,333

3,941

12,942

5,286

5,972

9,572

4,561

3,834

3,233

3,041

3,370

3,810

3,611

2,657

3,231

3,411

2,992

Purchases of short-term investments

5,964

4,966

2,976

31,873

23,259

99,564

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of short-term investments

3,756

2,560

8,410

3,543

4,096

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from maturities of short-term investments

25,365

41,495

26,475

31,770

22,515

34,150

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash consideration for business acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-402

0

0

-8,551

Cash paid for acquisition of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

354

0

274

945

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1

-3,249

167

-1,383

-462

-112

Purchases of intangible assets

0

60

0

0

139

70

2,551

1,710

0

397

343

6,518

6,630

7,629

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

17,816

34,676

26,032

-4,384

-9,003

-73,102

-112,560

-106,712

-11,958

-5,973

-242,098

-16,617

-13,727

-10,962

-4,323

-22,387

-5,286

-5,972

-9,592

-48,875

-3,835

-3,233

-3,042

-18,370

-4,836

-1,307

-7,717

-2,559

-2,949

5,671

Cash flows from financing activities:
Proceeds from long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-94

-95

29

29,630

Proceeds from public stock offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

11,550

-

-

7

1

Proceeds from exercise of common stock options

316

0

0

-1

0

1,396

3,433

832

5,931

4,071

5,365

1,040

4,968

4,697

1,903

1,883

446

2,366

1,974

929

1,302

2,495

1,535

5,621

3,237

5,588

-

-

-

-

Proceeds from issuance of common stock under Employee Stock Purchase Plan

0

0

0

0

0

869

509

661

742

769

522

480

681

511

352

415

780

598

324

413

661

702

350

335

652

480

-

-

-

-

Payments of Debt Issuance Costs

50

100

300

0

500

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of debt principal

40,000

60,000

0

0

0

0

0

0

0

2,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of contingent consideration

-

-

-

-

-

-

0

0

0

0

0

0

97

653

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment for treasury stock acquired

-

-

-

-

-

-

0

7,935

0

0

0

0

0

9,371

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of finance lease obligations

49

48

66

81

77

75

78

77

73

74

105

97

179

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Taxes paid related to net share settlement of stock-based compensation arrangements

0

0

63

0

0

218

187

395

3,753

4,684

111

366

80

5,551

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment for share repurchases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

82

26

4

Excess tax benefit related to stock-based compensation arrangements

-

-

-

-

-

-

0

0

0

0

8,801

2,806

-613

3,812

5,938

1,005

736

3,519

2,727

1,278

2,215

4,213

5,212

2,176

2,397

2,511

-

-

-

-

Net cash (used in) provided by financing activities

-39,783

-60,148

-429

-82

-577

1,972

3,634

-7,258

132,172

-2,418

184,365

3,663

4,680

-6,555

2,824

2,126

-108

6,483

5,069

51,106

870

7,410

7,097

-13,497

6,286

20,129

24,080

-9,883

58,769

29,627

Net decrease in cash and cash equivalents, unrestricted and restricted

24,029

-115,660

128,390

57,843

20,853

-88,004

-20,234

23,446

165,706

-62,182

5,417

98,522

6,229

61,523

22,926

-18,387

44,537

38,541

26,949

15,458

17,554

-6,618

50,123

-45,888

25,800

24,130

66,932

-22,479

63,422

43,297

Supplemental cash flow disclosure:
Cash paid during the period for:
Interest

2,303

2,483

2,415

2,305

2,178

1,961

1,790

1,864

1,546

1,262

674

403

390

358

463

361

665

1,053

0

422

0

444

400

222

38

873

85

545

313

151

Income taxes

3,546

268

433

0

1,866

113

18

197

2,572

171

318

1,582

2,079

1,555

-367

495

10

317

140

614

57

25

157

71

432

54

8

89

129

357

Noncash financing and investing activities:
Property and equipment, accrued but not paid

1,079

1,262

2,619

-1,315

-895

4,063

-1,407

1,810

1,399

523

-470

2,239

-5,928

6,571

429

-37

42

366

-

-

-

-

-

-

-

-

-

-

-

-

Accretion of redemption premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

778

1,523

Reduction in FBM contingent consideration due to re-negotiated lease

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

528