WEX Inc. WEX Cash Flow

Wex inc. (WEX)

CashFlow / Quarterly

Mar'20	Dec'19	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 (loss) income
-12,269	64,787	42,447	31,851	16,208	21,935	56,604	38,566	52,671	79,390	33,860	16,640	29,076	-33,999	19,204	11,912	23,221	21,397	41,782	26,400	20,033	47,239	73,850	42,849	36,080	33,891	43,778	42,052	28,577	28,854	14,284	30,335	23,236	32,792	48,100	40,615	12,115	18,468	20,571	30,036	18,554
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Net unrealized loss
-49,737	13,826	-10,862	-19,886	-12,870	-18,053	2,809	-19,460	12,780	-6,154	-1,954	-7,448	2,991	3,869	2,657	3,308	11,437	28,425	4,135	-23,648	-25,113	34,187	16,213	-4,896	2,823	-6,862	-2,733	9,849	-5,882	117	-12,849	24,563	-13,555	-2,913	20,728	13,875	-20,818	-10,009	-6,733	6,533	-6,820
Stock-based compensation
12,533	12,215	8,735	15,158	9,703	9,230	8,797	6,905	8,955	8,133	8,483	7,414	6,457	5,430	5,199	4,870	4,243	2,193	3,067	3,942	3,218	3,701	4,549	3,117	2,423	2,547	2,494	1,982	2,406	2,210	2,655	2,727	3,424	1,938	2,855	2,314	2,260	2,014	2,435	1,431	1,545
Depreciation and amortization
64,989	63,659	62,984	58,789	51,697	50,930	48,067	50,632	50,176	53,296	51,229	49,961	49,238	50,270	46,008	23,109	22,264	20,153	19,237	21,532	22,155	18,722	20,275	15,771	15,612	15,542	14,770	15,095	15,156	14,663	12,192	11,745	11,667	12,845	12,128	10,936	12,203	12,307	7,130	6,037	6,030
Debt restructuring and debt issuance cost amortization
2,002	2,381	2,090	3,376	2,095	1,957	1,898	2,143	3,676	2,022	1,772	2,209	1,954	2,024	9,106	771	772	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on divestiture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,215	321	27,169	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Benefit) provision for deferred taxes
-8,830	13,825	6,215	-3,775	3,402	10,978	8,143	-4,083	16,296	-34,158	15,000	4,407	10,517	3,831	417	2,607	12,644	13,302	15,031	-4,828	13,854	20,921	10,559	4,565	10,066	3,749	4,504	9,682	9,021	515	7,967	25,517	1,908	1,452	15,547	4,243	507	2,900	3,208	8,355	7,073
Foreign currency remeasurement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring charge
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-53	0	8,567	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for credit losses
33,987	18,194	14,847	14,832	17,791	16,071	22,549	13,636	14,226	16,291	19,614	16,082	12,231	13,609	9,489	6,443	3,917	8,293	6,635	3,983	3,914	8,990	7,261	6,803	9,090	6,514	5,015	4,915	3,756	7,665	5,647	4,184	5,043	7,063	8,677	6,128	5,659	7,194	3,882	2,851	5,911
Loss on disposal of property, equipment and capitalized software
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-179	26	-145	-44	-800	0	-338	-485	-82	-492	-63	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and securitized accounts receivable
-488,709	-521,482	4,882	344,587	239,658	-462,299	23,806	375,655	264,475	-55,334	171,950	228,995	194,859	-16,459	21,785	334,120	49,711	-278,668	-165,586	262,363	-17,826	-445,222	-110,010	227,567	271,782	-190,297	83,550	72,868	228,297	-219,587	89,343	-16,955	233,962	-185,534	-25,272	147,199	262,024	20,011	25,463	79,824	110,802
Prepaid expenses and other current and other long-term assets
18,830	-481	-3,703	-34,262	7,109	48,029	6,464	-885	-121,622	-14,547	14,397	2,169	1,024	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	56,217	642	-12,808	-64,480	49,364	7,257	25,512	-25,535	37,808	-3,808	8,455	16,151	31,050	5,268	2,971	-11,907	2,708	43,000	9,864	3,152	-646	5,728	2,899	-5,144	7,556	1,326	-2,497
Accounts payable
-200,428	-273,513	10,463	156,580	245,657	-345,136	131,242	90,972	119,334	-32,511	117,033	50,601	60,650	-103,532	2,866	98,289	68,561	-141,085	-69,787	67,340	110,331	-230,660	19,842	50,216	131,448	-191,649	-20,490	15,706	190,068	-204,243	49,060	-29,153	143,296	-119,206	-48,111	24,902	171,689	-42,507	-9,227	18,703	74,950
Accrued expenses and restricted cash payable
-75,383	46,835	-18,200	46,546	-43,554	14,039	3,937	8,082	-17,404	5,362	-11,062	35,869	-32,547	97	-62,454	53,341	10,685	-23,945	59,672	4,788	-23,921	10,060	11,914	13,788	-6,499	12,470	-1,017	11,063	2,984	4,173	1,784	-3,498	-4,041	-2,835	4,575	8,523	-6,424	-839	11,348	3,046	-6,021
Income taxes
5,822	2,754	-6,070	-7,797	-1,153	-9,509	4,699	4,042	-1,339	12,283	-4,257	773	685	-1,621	2,066	-4,241	-10,818	-6,601	7,158	11,688	-1,558	-15,013	-4,050	-8,415	5,708	2,123	9,612	-4,925	776	456	-866	10,565	7,205	-938	-13,206	8,697	1,744	-7,098	7,309	-1,859	-424
Other current and other long-term liabilities
-1,816	-7,265	-5,017	-11,314	2,161	-2	971	-6,230	-3,152	-6,876	2,965	-1,334	-331	-1,732	-2,824	3,142	-734	-101	1,440	-2,358	-1,303	-1,466	-2,074	-688	1,038	83	-2,139	168	1,145	575	-2,210	-10,119	295	10,147	-426	-360	-176	-850	2,936	-216	187
Net cash provided by operating activities
340,223	457,936	125,829	9,296	70,110	212,543	254,352	-154,472	87,806	179,973	47,216	-30,818	-60,944	-60,313	-24,097	-143,191	86,415	197,515	194,570	-118,632	171,647	299,052	170,723	-95,606	-77,756	64,839	-57,688	3,834	28,566	97,117	25,247	-12,315	-38,238	125,643	34,305	-64,252	-44,528	-15,318	21,652	-23,204	6,320
Cash flows from investing activities
Purchases of property, equipment and capitalized software
20,665	23,765	30,841	19,869	28,385	33,736	18,792	19,854	14,770	23,181	18,615	15,787	21,693	16,783	9,274	15,248	20,494	16,374	19,416	15,627	12,074	18,730	16,799	11,222	11,382	9,333	17,105	7,457	5,560	6,240	5,862	10,966	4,968	5,283	7,445	5,994	6,423	8,566	6,923	6,792	6,663
Purchases of available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	39
Maturities of available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	184	352	233	-	354	585	613
Payments to Acquire Businesses, Net of Cash Acquired
0	44,411	266,454	3,126	568,426	162,750	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,081	-	-	-	-
Purchase of equity investment
-	-	-	-	-	154	0	310	2,307	4,553	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of investment securities
131	137	148	5,142	140	141	1,383	123	121	119	125	116	114	137	120	5,107	489	86	89	88	86	97	86	2,584	70	98	72	1,567	65	640	70	74	80	156	6,556	36	1,761	-	-	-	-
Maturities of investment securities
88	-19	42	92	85	119	81	28	72	155	173	43	229	50	267	48	135	50	180	205	159	58	113	73	93	127	482	81	502	323	530	351	347	-	-	-	-	-	-	-	-
Acquisition of ReD - adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	4,163	-429	-	-	-	-
Proceeds from divestiture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	557	16,708	1,434	46,890	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used for investing activities
-20,708	-68,302	-297,401	-28,045	-596,866	-196,696	-20,094	-20,259	-17,126	-112,049	-18,567	-15,860	-21,578	-20,877	-1,098,407	-20,307	-20,848	-97,087	-19,325	-14,953	4,707	-317,269	-561,673	-13,733	-11,359	-20,581	-16,695	-8,943	-5,123	-382,815	-3,836	-38,472	-4,701	-8,711	-13,817	-2,373	-15,603	-8,463	-346,637	-6,245	-6,089
Cash flows from financing activities
Excess tax benefits from equity instrument share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-8	5	1,017	-364	435	200	222	1,010	30	229	691	5,589	1,417	605	200	2,244	182	129	651	3,008	575	142	399	582
Repurchase of share-based awards to satisfy tax withholdings
8,817	313	181	135	9,723	200	362	0	11,810	107	226	174	9,020	30	27	-44	2,187	10	11	16	2,355	2,367	-33	69	3,306	305	0	932	9,985	-15	1	332	2,608	4	160	847	1,540	-287	1	807	955
Proceeds from stock option exercises
1,952	1,462	1,198	1,876	405	185	794	875	576	138	164	359	72	16	191	87	6	9	0	10	14	4	77	54	104	8	145	1,380	146	2,763	489	86	1,287	158	80	375	2,300	871	336	953	1,017
Net change in deposits
-143,049	-121,354	-17,779	452,453	-136,717	8,125	110,409	46,539	-185,433	202,104	-31,683	81,023	-78,392	-166,811	348,743	-103,610	170,604	-318,360	284,094	-228,794	155,715	-488,950	217,370	61,154	101,288	-69,263	170,379	-37,796	135,276	-318,730	244,495	254,876	13,085	-7,121	-67,676	110,632	128,018	34,741	-24,515	113,332	-17,054
Net activity on term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,875	-6,875	-	-	-3,750	-3,750	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net activity on other debt
84,985	-128,898	16,904	11,290	57,556	-106,491	-18,791	82,019	-19,027	28,971	16,574	41,990	-19,010	6,032	45,597	10,845	0	-590	637	3	-485	-947	25,536	18,833	3,429	5,019	-1,788	-2,002	787	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on revolving credit facility
0	0	164,013	239,935	863,756	351,290	287,805	443,385	488,503	981,852	1,032,055	1,115,655	1,237,606	-	-	61,698	15,056	-	-	-96,398	-72,431	2,329,042	190,700	0	0	-	-	0	-438,500	-	-	-	-	-	-23,800	183,200	5,800	421,800	-180,700	-52,400	15,600
Increase (Decrease) in Federal Funds Purchased
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	48,400	-48,400	0	47,226	-40,326	61,813	-59,313	-9,400	59,484	5,509	-40,176	51,785	-4,880
Repayments on revolving credit facility
0	0	162,435	409,216	693,600	351,547	287,409	442,701	625,821	997,522	1,036,681	1,170,012	1,035,026	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,400	-	-	-	-	-	-	-	-
Borrowings on term loans
0	-1	1	138,990	550,000	0	25,000	0	153,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	400,000	-	-	-	-	-	-	-	-	-	-	-	-
Repayments on term loans
16,152	16,152	16,153	16,153	15,871	8,820	8,819	9,076	9,076	8,687	8,688	8,687	8,688	-	-	6,875	6,875	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan origination fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	12,023	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
0	-1	0	0	3,443	531	2,403	0	2,907	547	438	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in securitized debt
6,909	-9,709	6,363	212	1,191	-17,835	30,599	-3,371	-19,402	64,284	-16,212	-10,308	-3,354	-5,361	-8,458	-315	10,469	1,087	4,724	-90,382	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of shares of treasury stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	22,011	0	0	2,817	16,948	0	0	0	17,911	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used for) provided by financing activities
-257,960	-87,932	-54,603	396,248	496,060	-21,770	-12,777	124,412	-192,593	182,276	15,751	70,462	90,896	-255,981	1,343,423	-37,496	166,135	-357,260	176,685	-190,171	51,208	-274,979	646,232	73,627	81,827	-72,293	165,215	-42,409	128,729	48,186	205,328	228,616	47,434	-133,498	-34,614	87,427	78,102	15,496	337,545	30,428	-27,130
Effect of exchange rates on cash, cash equivalents and restricted cash
-16,543	8,484	-2,817	-3,390	1,743	4,897	-1,217	-13,773	-587	-2,468	-11,317	-6,856	2,926	-2,743	-1,616	3,519	3,631	3,195	-2,636	-2,929	-1,308	1,253	2,401	-37	574	-1,650	780	-2,643	-114	-129	562	-270	157	280	-809	348	-154	286	276	-146	-30
Net change in cash, cash equivalents and restricted cash
45,012	310,186	-228,992	374,109	-28,953	-1,026	220,264	-64,092	-122,500	247,732	33,083	16,928	11,300	-339,914	219,303	-197,475	235,333	-253,637	349,294	-326,685	226,254	-291,943	257,683	-35,749	-6,714	-29,685	91,612	-50,161	152,058	-237,641	227,301	177,559	4,652	-16,286	-14,935	21,150	17,817	-7,999	12,836	833	-26,929
Supplemental disclosure of non-cash investing and financing activities
Supplemental cash flow information
Interest paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,740	15,901	7,693	17,698	8,530	14,935	3,560	13,262	-	13,000	2,940	4,351	-	3,244	3,113	3,319	-	4,304	3,854	3,281	-	14,490	0	1,317
Income taxes paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,287	8,590	8,564	2,745	25,754	17,389	28,074	4,041	-	11,757	20,030	1,226	-	13,136	24,071	2,248	-	24,352	9,058	1,656	-	6,497	11,127	3,904
Supplemental disclosure of non-cash investing and financing activities
Capital expenditures incurred but not paid
3,362	3,169	539	-983	2,046	2,961	4,350	-3,543	4,801	-2,957	1,477	1,724	4,352	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]
Conversion of preferred stock shares and accrued preferred dividends to common stock shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	10,004
Acquisition of rapid! - estimated earn out
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	10,000	-	-	-	-
Reduction of rapid! estimated earn out
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	839	-	-	-	-	-	-	-	-