Bats Global Markets, Inc.
CIK:0001659228|SEC Filings
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Cash flows from operating activities: | ||
| Net income | $ 76.5 | $ 60.5 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 31.2 | 28.5 |
| Loss on extinguishment of debt | 17.6 | |
| Amortization of debt issuance cost and debt discount | 4.2 | 4.6 |
| Realized gain on termination of revolving credit facility | (1.1) | |
| Deferred income tax | (18.1) | 5.6 |
| Stock-based compensation expense | 6.1 | 4.2 |
| Changes in fair value of contingent consideration liability to related party | 2.2 | 1.7 |
| Provision for uncollectable accounts receivable | 0.1 | 0.2 |
| Equity in earnings in EuroCCP | (1.2) | (1.0) |
| Changes in assets and liabilities: | ||
| Receivables, including $(26.9) and $(5.4) from related parties for the periods ended September 30, 2016 and 2015, respectively | 14.1 | 0.4 |
| Trading financial investments, net | 6.5 | |
| Prepaid and other assets | (6.0) | (2.8) |
| Accounts payable and accrued expenses, including $(11.5) and $7.0 to related parties for the periods ended September 30, 2016 and 2015, respectively | 10.7 | (19.5) |
| Section 31 fees payable | (67.9) | (83.5) |
| Payment of contingent consideration liability to related party | (0.9) | |
| Unrecognized tax benefit | 4.2 | 4.0 |
| Other liabilities | (0.2) | (0.2) |
| Net cash provided by operating activities | 72.6 | 8.1 |
| Cash flows from investing activities: | ||
| Acquisition, net of cash acquired | (12.6) | (360.9) |
| Purchases of available-for-sale financial investments | (128.3) | (110.6) |
| Proceeds from maturities of available-for-sale financial investments | 175.5 | 172.0 |
| Changes in restricted cash | (1.8) | 14.0 |
| Purchases of property and equipment | (6.8) | (12.3) |
| Net cash provided used in investing activities | 26.0 | (297.8) |
| Cash flows from financing activities: | ||
| Proceeds from long-term debt | 646.7 | 373.8 |
| Principal payments of long term debt | (735.8) | (102.4) |
| Debt issuance costs and additional debt discount | (11.0) | (16.5) |
| Distributions paid | (7.7) | (4.8) |
| Payment of contingent consideration liability to related party | (5.7) | |
| Proceeds from the exercise of stock options | 0.1 | |
| Proceeds from employee stock purchase plan | 0.7 | |
| Purchases of treasury stock | (0.3) | (1.5) |
| Net cash (used in) provided by financing activities | (113.8) | 249.4 |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 9.2 | (4.0) |
| Decrease in cash and cash equivalents | (6.0) | (44.3) |
| Beginning of year | 75.1 | 122.2 |
| End of year | 69.1 | 77.9 |
| Supplemental disclosure of cash paid: | ||
| Cash paid for income taxes, net of refunds | 29.1 | 31.6 |
| Cash paid for interest | (25.9) | (29.4) |
| Supplemental disclosure of noncash transactions: | ||
| Forfeiture of common stock for payment of exercise of stock options | 0.9 | |
| Supplemental disclosure of noncash investing activities: | ||
| Property and equipment acquired | 0.3 | |
| Goodwill acquired | 8.5 | 308.2 |
| Intangible assets acquired | 3.5 | 111.0 |
| Other assets acquired | 0.7 | 5.2 |
| Liabilities assumed | $ (0.1) | $ (63.8) |
Condensed Consolidated Statements of Financial Conditions - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 69.1 | $ 75.1 | ||
| Restricted cash | 1.8 | |||
| Financial investments: | ||||
| Fair value | 0.5 | 0.5 | ||
| Available-for-sale investments, at fair value | 47.2 | |||
| Accounts receivable, net, including $13.4 and $40.3 from related parties at September 30, 2016 and December 31, 2015, respectively | 135.6 | 131.0 | ||
| Income taxes receivable | 16.0 | |||
| Other receivables | 2.1 | 5.4 | ||
| Prepaid expenses | 6.7 | 5.1 | ||
| Total current assets | 215.8 | 280.3 | ||
| Property and equipment, net | 25.2 | 29.6 | ||
| Goodwill | 727.2 | 741.3 | ||
| Intangible assets, net | 218.2 | 239.0 | ||
| Deferred income taxes, net | 11.2 | 0.6 | ||
| Investment in EuroCCP | 11.1 | 11.4 | ||
| Other assets | 9.0 | 4.8 | ||
| Total assets | 1,217.7 | 1,307.0 | ||
| Current liabilities: | ||||
| Accounts payable and accrued liabilities, including $3.7 and $15.2 to related parties at September 30, 2016 and December 31, 2015, respectively | 83.3 | 72.9 | ||
| Section 31 fees payable | 25.1 | 93.0 | ||
| Current portion of long-term debt | 4.1 | 83.9 | ||
| Current portion of contingent consideration liability to related party | 6.6 | 6.6 | ||
| Total current liabilities | 119.1 | 256.4 | ||
| Long-term debt, less current portion | 595.2 | 593.7 | ||
| Contingent consideration liability to related party, less current portion | 54.4 | 58.8 | ||
| Unrecognized tax benefits | 11.4 | 8.0 | ||
| Deferred income taxes | 0.2 | 7.4 | ||
| Other liabilities | 2.6 | 2.8 | ||
| Commitments and contingencies | ||||
| Stockholders' equity: | ||||
| Common stock, $0.01 par value. 362,500,000 voting and 29,000,000 non-voting shares authorized at September 30, 2016 and December 31, 2015; 92,847,321 voting and 7,818,090 non-voting shares issued at September 30, 2016; 74,991,527 voting and 21,146,136 non-voting shares issued at December 31, 2015 | [1] | 1.0 | 1.0 | |
| Common stock in treasury, at cost, 473,330 and 458,237 voting shares at September 30, 2016 and December 31, 2015, respectively; 3,799,871 non-voting shares at September 30, 2016 | (6.8) | (6.5) | ||
| Additional paid-in capital | 276.7 | 270.6 | ||
| Retained earnings | 193.8 | 125.0 | ||
| Accumulated other comprehensive loss, net | (29.9) | (10.2) | ||
| Total stockholders' equity | 434.8 | 379.9 | ||
| Total liabilities and stockholders' equity | $ 1,217.7 | $ 1,307.0 | ||
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