Worldpay, Inc. WP Cash Flow

Worldpay, inc. (WP)

CashFlow / Quarterly

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
Operating Activities:
Net income (loss)
144,500	38,100	115,800	3,600	-1,500	-98,300	-46,400	106,900	86,900	35,300	62,987	87,004	78,461	52,448	70,392	59,148	52,693	26,996	81,741	42,845	3,313	41,091	63,102	54,605	45,968	44,465	57,469	48,639	47,578	-42,928	39,767	28,683	11,661	4,699
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
253,400	264,400	271,000	328,900	287,900	207,200	81,500	82,500	78,400	76,100	70,550	66,086	65,234	68,230	70,843	70,638	67,659	67,802	70,893	65,289	54,774	49,846	49,025	48,604	44,528	43,296	41,357	40,619	39,667	38,895	39,559	40,066	39,001	36,700
Amortization of customer incentives
7,200	7,900	7,500	7,300	6,400	6,200	5,600	5,700	6,300	6,700	7,292	5,927	5,404	7,177	5,721	4,352	4,311	3,872	3,938	3,211	2,989	1,894	2,673	2,504	2,487	2,475	1,805	1,669	1,664	1,234	937	926	964	684
Amortization and write-off of debt issuance costs
-200	2,100	-3,600	300	13,000	59,900	2,100	1,600	1,100	1,200	17,782	1,581	1,646	1,591	1,592	1,588	1,590	3,606	1,540	1,538	27,708	1,170	1,171	1,100	21,155	1,001	1,000	1,001	1,054	56,352	2,198	2,620	12,151	2,575
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
0	0	0	0	0	35,900	8,700	24,400	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation expense
24,600	33,000	25,800	42,800	39,000	17,200	12,800	13,600	10,900	10,600	10,008	9,600	7,940	8,352	6,640	7,132	5,097	11,623	11,374	10,753	11,105	8,939	8,377	7,422	7,190	6,740	6,555	9,397	8,829	8,663	772	809	741	652
Deferred tax (benefit) expense
26,100	2,500	64,900	53,500	-52,600	25,300	-536,800	-19,500	-20,500	-20,000	-29,800	-17,500	-15,436	-16,964	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit from share-based compensation
-	-	-	-	-	-	-	-	-	-	1,007	3,126	1,127	6,940	910	2,044	2,159	11,594	1,575	2,546	1,454	7,845	-	-	-	-	-	-	-	-	-	-	-	-
Tax receivable agreements non-cash items
1,400	2,000	-1,700	-1,700	2,800	3,600	415,600	-3,100	4,100	5,100	18,780	-4,628	-4,600	-5,652	23,323	-7,463	-6,724	-7,009	34,149	-6,811	-1,500	0	-	-	-	-	-	-	-	-	-	-	-	-
Other
25,300	-23,800	-27,400	7,700	29,200	-30,400	-1,700	-1,100	-1,100	-100	-67	-51	-382	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in operating assets and liabilities:
Accounts receivable
-16,500	7,400	105,300	16,700	64,300	-14,000	85,600	18,900	-9,100	-56,500	144,962	26,059	11,683	30,196	98,937	1,605	10,229	-40,577	78,380	4,081	10,827	1,038	97,348	-23,850	-6,228	4,344	30,095	7,272	7,134	-15,984	45,118	8,759	-2,551	-25,611
Net settlement assets and obligations
-157,200	136,600	-429,500	472,200	-117,900	12,200	-21,000	36,500	-81,900	41,100	-96,258	-14,524	-31,175	62,257	-144,443	17,504	-65,823	24,443	-48,261	-80,979	-34,488	6,065	-79,408	76,383	-14,040	-76,253	24,645	18,972	-64,738	69,789	6,878	-14,340	2,868	42,852
Customer incentives
-	-	-	-	-	-	-	4,100	6,400	7,200	-	7,465	7,741	15,602	10,176	9,374	7,691	5,651	5,527	1,731	5,977	3,873	2,486	1,836	2,897	5,815	2,523	2,694	2,667	1,422	3,142	994	4,204	3,045
Prepaid and other assets
-14,500	-4,900	42,300	-11,000	3,200	30,200	-57,200	48,900	27,000	7,000	9,183	-7,878	-7,980	9,675	-9,308	-4,179	-2,481	4,644	15,236	597	11,248	-1,524	-2,408	6,578	-5,275	6,232	-6,861	-16,813	-14,143	26,764	9,824	1,517	-8,040	7,231
Accounts payable and accrued expenses
155,400	-42,000	-200	18,800	-142,500	-17,100	108,200	-6,300	37,100	-8,500	66,741	6,992	28,668	-10,801	17,810	16,008	41,612	-17,569	18,699	4,294	31,482	-1,303	7,258	-9,306	-686	-4,516	-1	26,459	14,628	-29,754	38,927	4,553	718	-13,505
Payable to related party
-	-	-	-	-	-	-	-	-	-	-	-27	-1,824	520	794	1,274	-54	649	-1,166	1,043	282	-592	-282	-30	-12	1,080	873	-8	-190	-2,864	-6,720	2,959	-2,093	-2,798
Other liabilities
49,000	-17,500	34,900	-4,100	21,400	-28,200	-14,400	-2,200	-12,000	-3,200	-4,987	-3,185	-5,348	3,820	8,018	103	-26	3,608	-2,774	-1,471	-638	948	-814	-1,218	-699	2,049	745	-1,426	1,039	1,719	-404	-1,780	591	495
Net cash provided by operating activities
769,300	166,200	716,700	-159,200	294,700	84,100	273,900	92,700	283,800	134,400	214,705	181,909	219,203	29,283	221,023	154,180	250,536	101,841	130,108	206,337	171,764	84,696	138,859	42,734	142,577	156,452	46,214	114,225	183,349	-50,674	83,754	79,700	68,015	1,985
Investing Activities:
Purchases of property and equipment
92,300	83,200	113,000	88,800	69,000	34,100	28,900	23,000	31,000	27,900	24,378	30,939	35,000	27,883	20,386	22,331	26,344	15,669	26,195	28,134	19,909	28,941	14,608	16,373	18,255	12,342	13,190	13,753	8,878	15,614	16,482	17,664	20,653	7,915
Acquisition of customer portfolios and related assets and other
7,900	4,800	18,400	4,900	14,000	37,100	3,600	18,600	15,300	4,300	21,421	1,296	807	76	2,685	2,158	35,729	1,425	2,197	331	9,674	17,394	1,337	602	5,921	32	2,683	5,076	2,625	2,829	2,680	490	224	512
Cash Acquired from Acquisition
-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,497	1,553	124	313	0	0	0	0	0	0	3,300
Payments for Hedge, Investing Activities
-	-	-	-	-	-	-	-	-	-	-23	0	0	21,523	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from foreign currency forward
0	0	0	0	0	71,500	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash Acquired in Acquisition, Net of Cash Used
0	0	6,700	9,500	0	-1,405,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by investing activities
-91,100	-88,000	-138,100	-103,200	-91,100	1,406,100	-32,500	-41,600	-577,800	-32,200	-452,576	-32,235	-35,807	-49,482	-23,071	-24,489	-62,073	-17,094	-28,392	-28,465	-1,695,764	-46,335	-15,945	-174,126	-25,729	-12,498	-368,516	-18,829	-11,503	-18,443	-19,162	-18,154	-20,877	-11,727
Financing Activities:
Proceeds from initial public offering, net of offering costs of $39,091
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	460,913	-	-	-	-
Proceeds from follow-on offering, net of offering costs of $1,951
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	33,512	-	-	-	-
Proceeds from issuance of long-term debt
0	0	0	0	811,800	2,140,000	0	1,270,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	90,000	0	0	1,248,750	-	-	-	-
Borrowings on revolving credit facility
2,077,000	2,127,000	768,000	710,000	1,122,000	1,476,000	3,037,000	2,354,000	2,481,000	570,000	70,000	325,000	90,000	765,000	177,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of revolving credit facility
2,323,000	1,931,000	718,000	710,000	1,122,000	1,701,000	3,171,000	2,353,000	2,123,000	570,000	70,000	325,000	90,000	765,000	177,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of debt and finance lease obligations
61,200	582,300	102,500	142,300	928,100	1,662,200	35,700	37,800	34,600	35,600	2,986,881	28,498	27,754	41,767	31,254	32,262	32,123	230,823	31,634	32,665	1,781,634	24,607	24,600	25,288	1,198,397	56,681	66,125	12,674	18,616	1,761,784	4,930	6,434	5,037	3,972
Payment of debt issuance costs
0	0	0	0	4,300	86,800	3,600	22,900	0	1,100	20,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	28,949	-	-	-	-
Proceeds from issuance of Class A common stock under employee stock plans
9,700	7,000	5,600	3,300	7,300	7,600	3,700	700	3,500	6,600	3,060	3,802	4,743	3,795	891	3,111	3,598	6,030	1,718	2,453	85	236	0	0	0	0	-	-	-	-	-	-	-	-
Repurchase of Class A common stock (to satisfy tax withholding obligations)
7,200	12,800	-	4,500	500	11,200	-	3,500	0	5,700	-	252	179	5,605	408	252	249	15,618	1,102	1,721	1,689	13,289	2,485	1,617	1,720	9,402	-	-	-	-	-	-	-	-
Repurchase of Class A common stock (including to satisfy tax withholding obligations)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,998	0	0	34,366	102,633	592	400,000	0	0	0	-11,929	11,929	-	-	-	-
Settlement and payments under certain tax receivable agreements
41,500	28,200	83,500	-28,100	59,700	80,900	63,000	16,000	46,200	15,100	31,285	116,952	41,163	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments under tax receivable agreements
-	-	-	-	-	-	-	0	0	46,500	-	0	0	53,474	0	0	0	22,805	0	0	0	8,639	0	0	0	0	-	-	-	-	-	-	-	-
Excess tax benefit from share-based compensation
-	-	-	-	-	-	-	-	-	-	1,007	3,126	1,127	6,940	910	2,044	2,159	11,594	1,575	2,546	1,454	7,845	-1,290	1,588	1,559	3,607	1,311	1,536	1,656	10,244	-	-	-	-
Distribution to funds managed by Advent International Corporation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	40,086	-	-	-	-
Distributions to non-controlling interests
1,000	2,300	2,800	1,300	800	5,600	10,100	1,800	4,900	5,800	3,882	4,798	0	4,220	160	9,600	604	2,528	9,758	7,683	5,470	0	12,176	11,031	11,151	6,796	14,803	-731	0	33,512	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	0	0	-12	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Decrease) in cash overdraft
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-2,627	2,627	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distribution to non-controlling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-309	-22,229	-	0	-2,820	28
Net cash provided by (used in) financing activities
-347,200	-422,600	-238,300	-172,000	-174,300	75,900	938,200	-78,400	275,800	-103,200	193,149	-168,580	-63,226	-94,343	-288,414	-242,915	-27,219	-256,777	-61,595	-37,080	1,617,687	-72,820	-255,746	-36,940	214,003	-69,272	8,603	-23,462	-19,385	-145,070	-4,986	-6,434	-14,077	-4,000
Net (decrease) increase in cash and cash equivalents
331,000	-344,400	340,300	-434,400	29,300	1,566,100	1,179,600	-27,300	-18,200	-1,000	-44,722	-18,906	120,170	-114,542	-90,462	-113,224	161,244	-172,030	40,121	140,792	93,687	-34,459	-132,832	-168,332	330,851	74,682	-313,699	71,934	152,461	-214,187	59,606	55,112	33,061	-13,742
Effect of exchange rate changes on cash
-28,800	10,100	-48,700	-4,300	-170,300	31,100	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash Payments:
Interest
66,000	59,300	97,800	55,800	91,100	58,200	28,800	37,700	29,100	27,500	26,296	25,590	24,883	25,931	25,006	25,463	23,954	24,548	26,140	27,166	7,927	9,518	9,834	11,398	8,173	8,570	10,166	8,739	9,422	32,559	24,192	26,437	28,903	26,927
Income taxes
9,000	13,600	12,700	10,500	5,600	600	14,200	10,600	20,700	300	15,391	22,266	273	13,170	81	1,430	493	4,561	-	-	5,132	12,756	3,157	13,843	15,733	13,465	17,014	7,447	4,027	773	6,177	232	5,051	667
Non-cash Items:
Issuance of tax receivable agreements
0	327,900	-	-	120,900	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	151,700	0	0	333,000	-	-	-	-
Assets acquired under capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,009	6,468	0	12,234