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SEC Filings

10-Q
WORLDPAY, INC. filed this Form 10-Q on 05/03/2019
Entire Document
 

Worldpay, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
 
Three Months Ended March 31,
 
2019
 
2018
Operating Activities:
 

 
 

Net income (loss)
$
38.1

 
$
(98.3
)
Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization expense
264.4

 
207.2

Amortization of customer incentives
7.9

 
6.2

Amortization and write-off of debt issuance costs
2.1

 
59.9

Gain on foreign currency forward

 
(35.9
)
Share-based compensation expense
33.0

 
17.2

Deferred tax benefit
(2.5
)
 
(25.3
)
Tax receivable agreements non-cash items
(2.0
)
 
(3.6
)
Other
23.8

 
30.4

Change in operating assets and liabilities:
 
 
 
Accounts receivable
(7.4
)
 
14.0

Net settlement assets and obligations
(136.6
)
 
(12.2
)
Prepaid and other assets
4.9

 
(30.2
)
Accounts payable and accrued expenses
(42.0
)
 
(17.1
)
Other liabilities
(17.5
)
 
(28.2
)
Net cash provided by operating activities
166.2

 
84.1

Investing Activities:
 

 
 

Purchases of property and equipment
(83.2
)
 
(34.1
)
Acquisition of customer portfolios and related assets and other
(4.8
)
 
(37.1
)
Proceeds from foreign currency forward

 
71.5

Cash acquired in acquisitions, net of cash used

 
1,405.8

Net cash (used in) provided by investing activities
(88.0
)
 
1,406.1

Financing Activities:
 

 
 

Proceeds from issuance of long-term debt

 
2,140.0

Borrowings on revolving credit facility
2,127.0

 
1,476.0

Repayment of revolving credit facility
(1,931.0
)
 
(1,701.0
)
Repayment of debt and finance lease obligations
(582.3
)
 
(1,662.2
)
Payment of debt issuance costs

 
(86.8
)
Proceeds from issuance of Class A common stock under employee stock plans
7.0

 
7.6

Repurchase of Class A common stock (to satisfy tax withholding obligations)
(12.8
)
 
(11.2
)
Settlement and payments under certain tax receivable agreements
(28.2
)
 
(80.9
)
Distributions to non-controlling interests
(2.3
)
 
(5.6
)
Net cash (used in) provided by financing activities
(422.6
)
 
75.9

Net (decrease) increase in cash and cash equivalents
(344.4
)
 
1,566.1

Cash and cash equivalents—Beginning of period
2,581.3

 
1,272.2

Effect of exchange rate changes on cash
10.1

 
31.1

Cash and cash equivalents—End of period
$
2,247.0

 
$
2,869.4

Cash Payments:
 

 
 

Interest
$
59.3

 
$
58.2

Income taxes
13.6

 
0.6

Non-cash Items:
 
 
 
Issuance of tax receivable agreements
$
327.9

 
$


See Notes to Unaudited Consolidated Financial Statements.


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