|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating Activities: |
|
|
| Net income |
$ 26,996 |
$ 41,091 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization expense |
67,802 |
49,846 |
| Amortization of customer incentives |
3,872 |
1,894 |
| Amortization and write-off of debt issuance costs |
3,606 |
1,170 |
| Share-based compensation expense |
11,623 |
8,939 |
| Excess tax benefit from share-based compensation |
(11,594) |
(7,845) |
| Tax receivable agreements non-cash items |
7,009 |
0 |
| Change in operating assets and liabilities: |
|
|
| Accounts receivable and related party receivable |
40,577 |
(1,038) |
| Net settlement assets and obligations |
(24,443) |
(6,065) |
| Customer incentives |
(5,651) |
(3,873) |
| Prepaid and other assets |
(4,644) |
1,524 |
| Accounts payable and accrued expenses |
(17,569) |
(1,303) |
| Payable to related party |
649 |
(592) |
| Other liabilities |
3,608 |
948 |
| Net cash provided by operating activities |
101,841 |
84,696 |
| Investing Activities: |
|
|
| Purchases of property and equipment |
(15,669) |
(28,941) |
| Acquisition of customer portfolios and related assets |
(1,425) |
(17,394) |
| Net cash used in investing activities |
(17,094) |
(46,335) |
| Financing Activities: |
|
|
| Repayment of debt and capital lease obligations |
(230,823) |
(24,607) |
| Proceeds from exercise of Class A common stock options |
6,030 |
236 |
| Repurchase of Class A common stock (to satisfy tax withholding obligations) |
0 |
(34,366) |
| Repurchase of Class A common stock (to satisfy tax withholding obligations) |
(15,618) |
(13,289) |
| Payments under tax receivable agreements |
(22,805) |
(8,639) |
| Excess tax benefit from share-based compensation |
11,594 |
7,845 |
| Distributions to non-controlling interests |
(2,528) |
0 |
| Decrease in cash overdraft |
(2,627) |
0 |
| Net cash used in financing activities |
(256,777) |
(72,820) |
| Net decrease in cash and cash equivalents |
(172,030) |
(34,459) |
| Cash and cash equivalents—Beginning of period |
411,568 |
171,427 |
| Cash and cash equivalents—End of period |
239,538 |
136,968 |
| Cash Payments: |
|
|
| Interest |
24,548 |
9,518 |
| Taxes |
$ 4,561 |
$ 12,756 |