MoneyGram 2013 Annual Report Download - page 75

Table of Contents
MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2013
2012 2011
(Amounts in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
52.4
$
(49.3
)
$
59.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
50.7
44.3
46.0
Signing bonus amortization
42.8
33.6
32.6
Net securities gains —
(
10.0
)
(32.8
)
Asset impairments and net losses upon disposal
(0.4
)
0.5
6.9
Provision for deferred income taxes
12.0
29.8
(72.8
)
Loss on debt extinguishment
45.3
—
37.5
Amortization of debt discount and deferred financing costs
3.3
5.7
7.4
Provision for uncollectible receivables
9.6
7.5
6.6
Non-cash compensation and pension expense
20.3
17.4
25.8
Changes in foreign currency translation adjustments
0.9
1.6
(4.2
)
Signing bonus payments
(45.0
)
(36.2
)
(33.0
)
Change in other assets
29.2
3.6
4.5
Change in accounts payable and other liabilities
(58.4
)
31.5
33.2
Other non-cash items, net
2.2
(1.1
)
3.9
Total adjustments
112.5
128.2
61.6
Change in cash and cash equivalents (substantially restricted)
454.7
(111.0
)
291.8
Change in receivables (substantially restricted)
429.2
6.0
(245.3
)
Change in payment service obligations
(438.3
)
(30.0
)
20.6
Net cash provided by (used in) operating activities
610.5
(56.1
)
188.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investment classified as available-for-sale (substantially restricted) —
10.0
—
Proceeds from maturities of investments classified as available-for-sale (substantially restricted)
16.5
31.6
56.3
Proceeds from settlement of investments (substantially restricted) —
—
32.8
Purchases of interest-bearing investments (substantially restricted)
(1,098.7
)
(473.5
)
(540.3
)
Proceeds from maturities of interest-bearing investments (substantially restricted)
536.9
548.1
422.5
Purchases of property and equipment
(48.8
)
(59.6
)
(44.2
)
Cash paid for acquisitions, net of cash acquired
(15.4
) — (
0.1
)
Proceeds from disposal of assets and businesses
0.7
1.0
2.7
Net cash (used in) provided by investing activities
(608.8
)
57.6
(70.3
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt
850.0
—
536.0
Transaction costs for issuance and amendment of debt
(11.8
) — (
17.1
)
Payments on debt
(819.5
)
(1.5
)
(366.6
)
Prepayment penalty
(21.5
) — (
23.2
)
Proceeds from exercise of stock options
1.1
—
0.7
Additional consideration issued in connection with conversion of mezzanine equity —
— (
218.3
)
Transaction costs for the conversion and issuance of stock —
— (
5.4
)
Cash dividends paid on mezzanine equity —
— (
20.5
)
Transaction costs for secondary offering —
— (
3.4
)
Net cash used in financing activities
(1.7
)
(1.5
)
(117.8
)
NET CHANGE IN CASH AND CASH EQUIVALENTS —
—
—
CASH AND CASH EQUIVALENTS—Beginning of period
$
—
$
—
$
—
CASH AND CASH EQUIVALENTS—End of period
$
—
$
—
$
—
Supplemental cash flow information: