Wex inc. (WEX)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Cash flows from operating activities
Net (loss) income

155,293

169,776

158,966

20,338

109,612

200,018

148,298

96,709

133,622

87,629

139,659

127,640

Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Net unrealized loss

-29,792

-21,924

-12,565

21,271

-16,201

48,327

-5,628

-1,724

10,872

-17,029

-43,142

90,892

Stock-based compensation

45,811

33,887

30,487

19,742

12,420

13,790

9,429

11,016

9,367

7,425

5,736

5,216

Depreciation and amortization

237,129

199,805

203,724

141,651

83,077

70,380

60,563

50,267

48,112

31,504

22,603

20,588

Ticking fees expensed

-

-

-

30,045

0

0

-

-

-

-

-

-

Debt restructuring and debt issuance cost amortization

9,942

9,674

7,957

12,673

3,097

2,641

-

-

-

-

-

-

Goodwill impairment

-

-

-

-

-

-

-

17,508

0

-

-

-

Gain on divestiture

0

0

20,958

0

1,215

27,490

0

0

-

-

-

-

Loss on debt extinguishment

-

-

-

-

-

0

-

-

-

-

-

-

(Benefit) provision for deferred taxes

19,667

31,334

-4,234

19,499

37,359

46,111

26,956

35,907

21,749

21,536

-

41,967

Restructuring charge

-

-

-

-

-

0

0

-

-

-

-

-

Gain on settlement of portion of amounts due under tax receivable agreement

-

-

-

-

-

-

-

-

-

-

136,485

-

Loss on sale of investment

-

-

-

-

-

-

-

-

-

-

-15

-

Deferred taxes

-

-

-

-

-

-

-

-

-

-

-59,558

-

Provision for credit losses

65,664

66,482

64,218

33,458

22,825

32,144

20,200

22,539

27,527

19,838

17,715

45,021

Asset Impairment Charges

0

5,649

44,171

0

0

-

-

-

-

-

-

-

Non-cash adjustments related to tax receivable agreement

932

-775

15,259

0

0

-

-

-

-

-

-

-

Loss on disposal of property, equipment and capitalized software

-

-

-

-

-

-1,182

-1,122

-9,503

0

-

-

-108

Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and securitized accounts receivable

67,645

201,637

540,470

389,157

-199,717

-55,883

194,418

86,763

198,417

236,100

159,623

-362,444

Prepaid expenses and other current and other long-term assets

-31,337

-68,014

3,043

59,255

-

-

-

-

-

-

-

-

Loss on impairment of internal use software under development

-

-

-

-

-

-

-

-

-

-

-814

-1,538

Other assets

-

-

-

-

17,653

16,920

55,440

43,665

11,133

1,241

4,641

328

Accounts payable

139,187

-3,588

195,773

66,184

-33,201

-29,154

-6,365

-41,040

29,274

41,919

34,053

-156,463

Accrued expenses and restricted cash payable

31,627

8,654

-2,378

1,669

16,594

29,263

25,500

-1,582

3,839

7,534

-1,651

-1,105

Income taxes

-12,266

-2,107

9,484

-14,614

10,687

-21,770

7,586

17,360

-3,703

-2,072

12,348

-4,934

Other current and other long-term liabilities

-21,435

-8,413

-5,576

-2,148

-2,322

-3,190

-743

-11,459

9,185

2,057

-1,282

-1,475

Amounts due under tax receivable agreement

-

-

-

-

-12,098

-8,148

-8,765

-6,213

-7,382

-7,608

-65,128

-10,146

Net cash provided by operating activities

663,171

400,229

135,427

-141,186

445,100

296,413

39,551

71,811

51,168

-10,550

-33,167

339,179

Cash flows from investing activities
Purchases of property, equipment and capitalized software

102,860

87,152

79,276

61,799

63,491

58,133

39,455

28,036

25,145

28,944

17,848

16,111

Purchases of available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

4,301

Maturities of available-for-sale securities

-

-

-

-

-

-

-

-

-

-

2,194

1,255

Payments to Acquire Businesses, Net of Cash Acquired

882,417

162,750

114,282

1,093,282

80,677

891,725

11,277

402,475

7,691

-

-

41,613

Purchase of equity investment

0

2,771

4,553

0

-

-

-

-

-

-

-

-

Sale of available-for-sale securities

-

-

-

-

-

-

-

-

-

-

7

-

Purchases of investment securities

5,567

1,768

474

5,853

349

2,837

1,802

864

8,509

150

160

-

Maturities of investment securities

200

300

600

500

594

337

1,192

1,551

841

1,654

-

-

Acquisition of an intangible asset

-

-

-

-

0

0

-

-

-

-

-

44

Proceeds from divestiture

0

0

29,900

0

17,265

48,324

0

0

-

-

-

-

Net cash used for investing activities

-990,614

-254,175

-168,054

-1,160,439

-126,658

-904,034

-51,342

-429,824

-40,504

-367,434

-15,807

-60,814

Cash flows from financing activities
Excess tax benefits from equity instrument share-based payment arrangements

-

-

-

597

650

1,867

6,539

4,466

3,970

1,698

-

113

Repurchase of share-based awards to satisfy tax withholdings

10,352

12,372

9,527

2,200

2,392

5,709

11,222

2,926

2,551

1,476

1,464

2,225

Proceeds from stock option exercises

4,941

2,430

733

300

33

239

1,679

4,625

2,913

3,177

585

415

Net change in deposits

176,603

-20,360

173,052

248,926

-107,345

-109,138

198,596

193,726

163,853

106,504

-116,859

-58,943

Ticking fees paid

-

-

-

22,171

0

0

-

-

-

-

-

-

Net activity on other debt

-43,148

-62,290

68,525

62,474

-435

46,851

2,016

17,753

0

-

-

-

Purchase of redeemable non-controlling interest

-

-

-

-

46,018

0

0

8,486

-

-

-

-

Borrowings on revolving credit facility

1,267,704

1,570,983

4,367,168

3,505,732

2,203,027

2,519,742

419,200

0

-

204,300

42,600

28,800

Increase (Decrease) in Federal Funds Purchased

-

-

-

-

-

-

48,400

-41,500

52,584

12,238

-71,723

8,175

Net borrowings on 2011 revolving line-of-credit facility

-

-

-

-

-

-

-

335,700

-

-

-

-

Repayments on revolving credit facility

1,265,251

1,707,478

4,239,241

3,707,248

2,402,118

2,105,321

857,700

0

-

-

-

-

Borrowings on term loans

688,990

178,000

0

1,643,000

0

222,500

400,000

0

0

-

-

-

Repayments on term loans

64,329

35,791

34,750

476,126

27,500

21,250

-

-

-

-

-

-

Repayments borrowings on term loan

-

-

-

-

-

-

-

-

75,000

75,000

-

-

Loan origination fees

-

-

-

-

0

3,309

12,023

0

6,184

2,269

-

1,556

Debt issuance costs

3,442

5,841

985

40,868

-

-

-

-

-

-

-

-

Net change in securitized debt

-1,943

-10,009

34,410

-3,665

-84,571

0

0

-

-

-

-

-

Purchase of shares of treasury stock

-

-

-

-

22,011

19,765

17,911

11,288

0

18,357

6,268

39,031

Net cash (used for) provided by financing activities

749,773

-102,728

359,385

1,216,081

-319,538

526,707

179,242

529,564

-2,583

356,339

-94,883

-138,202

Effect of exchange rates on cash, cash equivalents and restricted cash

4,020

-10,680

-17,715

2,791

-3,678

4,191

-3,627

320

-335

386

44

-65

Net change in cash, cash equivalents and restricted cash

426,350

32,646

309,043

-82,753

-4,774

-76,723

163,824

171,871

7,746

-21,259

-143,813

140,098

Supplemental disclosure of non-cash investing and financing activities
Supplemental cash flow information
Interest paid

175,993

141,476

128,888

116,272

49,032

40,287

-

-

-

-

-

-

Income taxes paid

50,964

39,225

6,679

23,946

27,186

75,258

-

-

-

-

-

-

Supplemental disclosure of non-cash investing and financing activities
Capital expenditures incurred but not paid

4,771

8,569

4,596

10,900

5,446

-

-

-

-

-

-

-

Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]
Issuance of common stock in a business combination

-

-

-

354,953

0

0

-

-

-

-

-

-