First Data 2014 Annual Report Download - page 146
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(A Joint Venture)
Statements of Cash Flows
December 31, 2014 and 2013
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 470,165
429,765
Adjustments to reconcile net income to net cash provided
by operating activities:
Amortization of intangibles
298
818
Provisions for merchant credit losses
10,375
6,920
Changes in operating assets and liabilities:
Settlement assets
(172,676)
(229,334)
Accounts receivable, net of reserve for merchant credit losses
(54,891)
(40,146)
Settlement liabilities
163,911
216,078
Accounts payable and accrued expenses
5,091
(1,498)
Advances payable to Wells Fargo Bank, N.A.
47,815
41,061
Related party payable to First Data Merchant Services Corporation
(8,847)
7,733
Other assets
—
110
Net cash provided by operating activities
461,241
431,507
Cash flows from investing activities:
Contract acquisition costs
(339)
(326)
Purchase of capitalized software
—
(60)
Net cash used in investing activities
(339)
(386)
Cash flows from financing activities:
Distributions to members
(460,576)
(420,279)
Net cash used in financing activities
(460,576)
(420,279)
Increase in cash and cash equivalents
326
10,842
Cash and cash equivalents at beginning of year
64,077
53,235
Cash and cash equivalents at end of year $ 64,403
64,077
See accompanying notes to financial statements.
146