WELLCARE HEALTH PLANS, INC. WCG Cash Flow

Wellcare health plans, inc. (WCG)

CashFlow / Quarterly

Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
241,000	182,800	151,400	55,900	130,600	151,600	101,700	60,700	171,600	74,100	67,300	44,900	68,600	90,800	37,800	13,000	36,400	51,700	17,500	7,800	19,300	-7,500	44,100	42,900	64,000	46,900	21,500	48,739	38,287	46,442	51,232	85,015	88,255	69,600	21,330	26,137	42,916	-128,871	6,418
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization
59,900	68,100	69,600	62,600	46,200	34,500	36,400	35,800	31,400	29,300	23,900	22,700	22,400	21,700	20,800	19,500	18,200	18,100	16,800	15,900	14,400	15,000	14,600	12,300	11,000	10,700	10,100	8,896	8,193	7,541	6,970	6,576	6,454	6,895	6,475	6,176	6,123	5,891	5,756
Bargain purchase gain
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,100	-7,800	11,100	28,300	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred ACA fee amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	34,700	36,300	32,300	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation expense
17,100	19,000	22,800	19,300	21,400	18,000	12,100	27,000	9,300	13,900	9,600	11,300	9,200	8,500	6,500	6,700	4,800	4,600	4,100	6,500	3,000	5,000	1,200	100	5,400	3,300	3,700	1,366	3,993	3,160	6,381	6,340	3,285	5,026	4,849	6,146	6,176	1,337	1,142
Incremental tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,200	-	0	100	200	600	400	500	2,100	134	1,038	97	2,531	282	1,381	1,137	0	-	-	-	-
Deferred taxes, net
-24,000	-7,600	6,600	10,900	27,100	-17,400	-19,500	-8,100	-4,500	-8,700	-25,800	36,900	-30,300	-10,400	15,400	5,300	5,700	19,900	13,700	-5,400	1,800	-9,100	5,900	6,400	-3,300	2,800	9,600	3,504	27,294	1,647	-13,645	71,168	1,744	3,707	21,581	6,182	-4,473	-79,634	16,721
Provision for doubtful receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,800	3,500	3,700	4,000	3,400	4,100	3,700	3,600	1,500	2,500	3,000	6,328	1,874	4,784	3,614	2,790	2,770	2,770	2,770	-	-	-	-
Other, net
-8,600	9,600	10,100	9,900	5,400	2,600	5,100	4,800	6,100	3,000	4,300	4,300	3,600	3,800	5,100	32,500	-5,000	-1,400	0	34,400	-10,500	300	-700	12,000	0	-200	0	454	-2,232	2,356	-2,578	-3,640	-38	1,409	869	15,420	3,108	-671	-7,525
Changes in operating accounts, net of effects from acquisitions:
Premiums receivable, net
160,900	-277,100	348,500	255,800	-107,100	63,300	187,900	-78,000	-539,200	360,000	120,800	71,800	-594,800	281,700	146,100	-60,800	-301,900	241,100	130,100	24,400	-373,700	362,400	33,100	44,400	-133,600	152,900	13,600	-4,332	-211,410	187,242	208,800	-7,540	16,770	22,414	65,156	-133,934	6,361	-54,332	23,781
Pharmacy rebates receivable, net
-12,700	-102,600	89,400	-34,000	40,600	52,500	45,600	-8,600	2,000	56,300	-5,600	-14,200	-47,100	-57,600	144,400	-70,000	7,400	-93,000	49,200	35,500	32,100	59,000	34,600	20,400	18,000	7,000	-6,700	354	-11,945	31,536	-7,545	-	-	-	-	-	-	-	-
Prepaid expenses and other current assets, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,985
Medical benefits payable
144,100	7,200	315,200	-10,300	28,000	135,100	64,000	69,500	72,400	88,700	97,700	27,700	6,800	73,000	9,700	73,600	66,400	-42,200	-29,200	16,600	99,900	255,800	51,100	-11,600	73,900	9,500	77,000	35,034	17,091	-68,895	-21,830	-12,312	33,431	-66,953	47,634	39,326	43,515	-46,676	-95,690
Unearned premiums
16,000	15,800	15,500	-19,400	-588,800	-12,900	527,000	-510,500	36,800	105,800	431,800	-399,100	396,500	-7,000	-17,000	12,300	11,200	2,800	-81,900	82,200	-7,500	8,200	-500	100	0	0	0	23	-240,563	33,572	206,968	-275,574	209,563	-18,338	17,149	1,391	65,878	-29	-90,353
Accounts payable and other accrued expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-108,000	-41,900	35,300	-	-10,200	1,000	-45,800	26,795	8,193	16,435	-36,523	16,967	39,078	1,430	-43,475	44,387	68	-25,237	-18,466
Other receivables/payables to government partners
-27,400	-281,000	32,200	64,300	12,500	68,100	-15,800	-28,600	57,300	-8,700	-12,000	-61,600	91,400	18,900	21,100	129,600	61,600	35,600	14,900	-7,900	33,800	-32,200	-99,700	-28,100	-2,200	1,500	-22,200	-32,272	19,579	10,054	-9,461	21,533	23,532	961	5,574	4,158	6,495	-6,742	4,547
Prepaid and other current assets
73,200	-38,600	110,900	-	142,200	40,700	7,400	-	-	-	-	-	-	-	-	-	-	-	-	-	41,300	25,000	-17,200	-	13,700	400	-3,500	22,838	20,335	-12,608	-1,565	17,250	32,259	-15,532	3,323	-	-	-	-
Amount payable related to investigation resolution
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	35,200	-300	-300	-200	35,900	-500	-500	22,400	13,800	-804	-814	8,983	38,435	-6,949	34,453	-4,173	50,469	-506,122	3,294	246,110	511
Accrued liabilities and other, net
204,400	104,300	-104,600	-80,700	-185,300	107,800	-24,400	67,300	-7,000	65,800	-119,700	38,500	-69,600	76,000	79,700	63,400	-186,000	79,500	156,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes receivable/payable, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,300	-32,800	12,300	-	27,200	25,100	-6,500	24,089	-29,943	-39,009	52,663	-49,795	7,455	37,552	-8,012	-28,728	8,049	13,946	-14,401
Net cash provided by operating activities
401,100	536,500	-30,000	81,000	-578,600	330,900	445,700	-195,500	910,600	-27,000	361,900	-332,000	1,140,500	51,200	-111,400	474,700	312,600	25,200	-99,900	119,900	426,000	-232,700	-13,900	-50,800	278,300	-79,700	31,100	103,694	59,190	-201,875	8,291	-157,013	350,307	12,648	-43,942	295,041	172,630	-74,070	-170,544
Cash flows from investing activities:
Purchases of investments
2,249,400	1,721,400	979,000	510,100	625,800	308,900	387,900	333,300	322,200	305,200	434,800	-181,900	144,500	173,600	20,500	64,900	14,500	51,900	34,400	57,500	29,700	238,900	90,600	107,900	56,900	153,200	144,500	108,386	119,838	125,488	111,888	53,266	46,750	87,879	198,305	102,058	115,854	1,932	117
Proceeds from sales and maturities of investments
1,479,800	1,278,000	529,600	738,300	439,700	211,600	171,500	191,600	142,200	152,600	29,300	21,900	146,400	178,000	45,700	86,500	18,900	60,200	30,100	34,300	67,600	158,100	107,900	104,100	67,200	98,600	138,200	93,837	161,366	107,510	74,087	68,742	43,141	80,574	85,043	49,267	84,123	18,281	12,322
Acquisitions and acquisition-related settlements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	69,000	20,200	27,000	-164,200	133,600	0	1,300	39,200	126,600	0	0	0	-	-	-	-	-	-	-	-
Purchases of restricted investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,300	-	15,700	21,100	4,900	5,627	11,158	16,293	3,522	8,682	41,907	-11,777	-4,012	40,206	-11,609	-6,488	-289
Proceeds from maturities of restricted investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,300	-	14,100	9,400	4,900	5,679	10,589	10,788	3,444	12,788	14,192	48,919	5,601	20,502	18,569	5,361	368
Additions to property, equipment and capitalized software, net
50,200	69,400	38,100	66,000	35,000	28,300	24,200	35,800	38,200	30,600	23,800	43,800	23,900	20,800	16,800	42,400	31,000	27,800	35,800	28,400	18,500	14,700	13,200	13,100	18,000	15,000	15,900	13,635	13,073	19,161	15,431	18,827	13,587	8,471	8,715	11,324	9,320	2,637	4,235
Net cash used in investing activities
-819,800	-521,400	-487,500	55,000	-2,256,800	-125,600	-240,600	-177,300	-228,800	-901,100	-429,300	114,900	-24,700	-37,500	8,400	-20,800	-26,600	-36,700	-40,100	-120,600	-800	-116,500	162,300	-137,200	-9,300	-82,600	-61,400	-154,732	27,886	-42,644	-53,310	755	-13,333	21,366	-120,388	-47,047	-34,091	12,585	8,049
Cash flows from financing activities:
Payments on debt
-	-	-	-	-	-	-	0	0	926,100	100,000	0	100,000	0	300,000	0	0	0	0	-	-	-	-	336,500	9,500	9,500	9,500	3,800	3,750	1,875	1,875	1,925	1,875	0	0	-935	797	80	58
Proceeds from issuance of debt, net of financing costs paid
-	-	-	-	-	-	-	0	0	0	1,182,200	0	0	0	196,900	0	0	308,900	0	-	-	-	-	587,900	0	0	228,500	-15	-585	0	0	-	-	-	-	-	-	-	-
Proceeds from exercises of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	200	1,700	3,600	1,000	4,000	173	746	1	8,480	1,676	115	3,475	1,034	352	102	219	770
Incremental tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,200	-	0	100	200	600	400	500	2,100	134	1,038	97	2,531	282	1,381	1,137	0	-	-	-	-
Repurchase and retirement of shares to satisfy employee tax withholding requirements
2,400	400	36,800	100	3,000	100	20,200	1,600	0	200	13,400	100	1,300	100	5,500	0	1,100	700	5,200	700	0	200	2,200	0	1,300	100	2,700	156	2,325	61	3,958	162	2,764	1,518	-744	10,657	-1,129	-261	-3,030
Payments on capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	400	300	400	600	300	400	300	662	623	323	592	694	829	781	396	-	-	-	-
Funds received for the benefit of members, net
-4,700	-140,100	170,700	-771,400	-240,700	75,300	416,200	-306,400	143,600	267,000	567,400	369,400	343,400	122,200	196,100	529,900	-201,700	-130,300	3,200	-	-	-194,500	29,600	41,200	66,400	12,300	-85,900	-93,522	-55,039	-47,949	160,210	55,543	50,989	-14,738	37,806	22,080	-25,964	14,534	34,019
Other, net
3,600	6,700	1,300	-20,500	14,700	-6,600	21,400	2,300	22,500	9,100	-18,200	18,900	-3,600	-3,300	100	100	400	1,400	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
-53,500	-183,800	135,200	-792,000	2,048,600	68,600	417,400	-305,700	166,100	-650,200	1,618,000	388,200	238,500	118,800	87,600	530,000	-202,400	178,100	-600	-236,300	11,100	-194,900	27,400	279,900	-73,500	-20,800	308,000	89,196	-174,982	-50,110	164,796	-306,427	194,764	-10,937	37,700	20,539	-27,788	14,412	31,701
(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents
-472,200	-168,700	-382,300	-656,000	-786,800	273,900	622,500	-678,500	847,900	-1,578,300	1,550,600	171,100	1,354,300	132,500	-15,400	983,900	83,600	166,600	-140,600	-237,000	436,300	-544,100	175,800	91,900	195,500	-183,100	277,700	38,158	-87,906	-294,629	119,777	-462,685	531,738	23,077	-126,630	268,533	110,751	-47,073	-130,794
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for taxes, net of refunds
13,100	81,600	6,700	46,700	87,700	84,900	2,000	17,700	54,600	31,000	63,900	69,200	83,500	68,100	1,500	56,400	91,600	49,200	20,700	32,700	19,100	45,800	3,300	58,200	18,800	2,400	1,100	990	26,712	73,136	162	23,691	42,399	3,264	446	40,276	24,961	2,564	8,161
Cash paid for interest
54,400	3,500	54,600	2,700	32,700	700	32,100	700	33,800	21,200	1,300	26,700	1,900	27,100	1,600	27,900	2,600	18,700	2,700	18,800	300	17,600	200	1,000	2,800	1,800	700	893	772	859	1,076	5,203	524	99	74	45	183	-7	7
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS:
Non-cash additions to property, equipment, and capitalized software
-1,500	-300	5,800	10,100	-1,200	1,900	3,000	-7,800	7,800	200	3,300	300	1,300	-2,900	7,500	-9,300	4,200	8,800	2,400	9,400	1,000	-800	2,100	500	1,100	-2,600	3,900	1,402	898	356	644	604	775	309	812	-	-	-	-
Equipment acquired through capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	457	0	8,411