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SEC Filings

425
FIDELITY NATIONAL INFORMATION SERVICES, INC. filed this Form 425 on 05/13/2019
Entire Document
 


Worldpay, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 

     Year Ended December 31,  
     2018     2017     2016  

Operating Activities:

      

Net income

   $ 19.6     $ 182.7     $ 280.9  

Adjustments to reconcile net income to net cash provided by operating activities:

      

Depreciation and amortization expense

     1,095.0       318.5       270.1  

Amortization of customer incentives

     27.4       24.3       25.8  

Amortization and write-off of debt issuance costs

     69.6       6.0       22.6  

Gain on foreign currency forward

     (35.9     (33.1     —    

Share-based compensation expense

     124.8       47.9       35.9  

Deferred tax (benefit) expense

     (91.1     596.8       79.7  

Excess tax benefit from share-based compensation

     —         —         (12.2

Tax receivable agreements non-cash items

     (3.0     (421.7     (3.9

Other

     20.9       4.0       0.5  

Change in operating assets and liabilities:

      

Accounts receivable

     (172.3     (38.9     (212.9

Net settlement assets and obligations

     63.0       25.3       79.7  

Prepaid and other assets

     (64.7     (25.7     (3.0

Accounts payable and accrued expenses

     (141.0     130.5       91.6  

Other liabilities

     24.0       (31.8     (9.7
  

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     936.3       784.8       645.1  
  

 

 

   

 

 

   

 

 

 

Investing Activities:

      

Purchases of property and equipment

     (304.9     (110.8     (118.2

Acquisition of customer portfolios and related assets and other

     (74.4     (41.8     (23.6

Purchase of interest rate caps

     (8.1     —         (21.5

Proceeds from foreign currency forward

     71.5       —         —    

Cash acquired (used) in acquisitions, net of cash used

     1,389.6       (531.5     (406.8
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     1,073.7       (684.1     (570.1
  

 

 

   

 

 

   

 

 

 

Financing Activities:

      

Proceeds from issuance of long-term debt

     2,951.8       1,270.0       3,234.4  

Proceeds from issuance of senior unsecured notes

     —         1,135.2       —    

Borrowings on revolving credit facility

     4,076.0       8,442.0       1,250.0  

Repayment of revolving credit facility

     (4,251.0     (8,217.0     (1,250.0

Repayment of debt and capital lease obligations

     (2,835.1     (143.7     (3,084.9

Payment of debt issuance costs

     (91.1     (27.6     (20.1

Proceeds from issuance of Class A common stock under employee stock plans

     23.8       14.5       15.4  

Purchase and cancellation of Class A common stock

     —         (1,268.0     —    

Repurchase of Class A common stock (including to satisfy tax withholding obligations)

     (176.6     (10.1     (87.7

Settlement of and payments under certain tax receivable agreements

     (196.0     (140.3     (189.4

Excess tax benefit from share-based compensation

     —         —         12.2  

Distribution to non-controlling interests

     (10.5     (22.6     (12.9
  

 

 

   

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (508.7     1,032.4       (133.0
  

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     1,501.3       1,133.1       (58.0

Cash and cash equivalents—Beginning of period

     1,272.2       139.1       197.1  

Effect of exchange rate changes on cash

     (192.2     —         —    
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents—End of period

   $ 2,581.3     $ 1,272.2     $ 139.1  
  

 

 

   

 

 

   

 

 

 

Cash Payments:

      

Interest

   $ 302.9     $ 123.1     $ 102.7  

Income taxes

     29.4       45.8       51.1  

Non-cash Items:

      

Issuance of tax receivable agreements to related parties

     120.9       647.5       171.2  

See Notes to Consolidated Financial Statements.

 

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