FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND SUBSIDIARY NON-GUARANTORS | 6 Months Ended |
Jun. 30, 2014 |
Text Block [Abstract] | ' |
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND SUBSIDIARY NON-GUARANTORS | ' |
13 | FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND SUBSIDIARY NON- GUARANTORS | | | | | | | | | | | | | | | | | | | |
West Corporation and our U.S. based wholly owned subsidiary guarantors, jointly, severally, fully and unconditionally are responsible for the payment of principal, premium and interest on our senior notes and senior subordinated notes. Presented below, in thousands, is condensed consolidated financial information for West Corporation and our subsidiary guarantors and subsidiary non-guarantors for the periods indicated. |
|
WEST CORPORATION AND SUBSIDIARIES |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended June 30, 2014 | |
| | | | | | | | | | | Eliminations and | | | | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | | |
| | Issuer | | | Subsidiaries | | | Subsidiaries | | | Entries | | | Consolidated | |
REVENUE | | $ | — | | | $ | 541,029 | | | $ | 150,034 | | | $ | — | | | $ | 691,063 | |
COST OF SERVICES | | | — | | | | 246,743 | | | | 83,625 | | | | — | | | | 330,368 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | | | 2,529 | | | | 181,362 | | | | 54,890 | | | | — | | | | 238,781 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING INCOME (LOSS) | | | (2,529 | ) | | | 112,924 | | | | 11,519 | | | | — | | | | 121,914 | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | | | |
Interest expense, net of interest income | | | (32,587 | ) | | | (22,301 | ) | | | 6,537 | | | | — | | | | (48,351 | ) |
Subsidiary Income | | | 76,775 | | | | 28,967 | | | | — | | | | (105,742 | ) | | | — | |
Other, net (1) | | | 5,076 | | | | (21,238 | ) | | | 18,557 | | | | — | | | | 2,395 | |
| | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | 49,264 | | | | (14,572 | ) | | | 25,094 | | | | (105,742 | ) | | | (45,956 | ) |
| | | | | | | | | | | | | | | | | | | | |
INCOME BEFORE INCOME TAX EXPENSE | | | 46,735 | | | | 98,352 | | | | 36,613 | | | | (105,742 | ) | | | 75,958 | |
INCOME TAX EXPENSE (BENEFIT) | | | (1,024 | ) | | | 21,650 | | | | 7,573 | | | | — | | | | 28,199 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME | | | 47,759 | | | | 76,702 | | | | 29,040 | | | | (105,742 | ) | | | 47,759 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax of $(1,767) | | | 2,993 | | | | — | | | | 2,993 | | | | (2,993 | ) | | | 2,993 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 50,752 | | | $ | 76,702 | | | $ | 32,033 | | | $ | (108,735 | ) | | $ | 50,752 | |
| | | | | | | | | | | | | | | | | | | | |
|
-1 | Other, net includes intercompany transactions that eliminate in consolidation. | | | | | | | | | | | | | | | | | | | |
|
WEST CORPORATION AND SUBSIDIARIES |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended June 30, 2013 | |
| | | | | | | | | | | Eliminations and | | | | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | | |
| | Issuer | | | Subsidiaries | | | Subsidiaries | | | Entries | | | Consolidated | |
REVENUE | | $ | — | | | $ | 537,117 | | | $ | 135,578 | | | $ | — | | | $ | 672,695 | |
COST OF SERVICES | | | — | | | | 240,223 | | | | 71,716 | | | | — | | | | 311,939 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | | | 187 | | | | 180,731 | | | | 45,100 | | | | — | | | | 226,018 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING INCOME (LOSS) | | | (187 | ) | | | 116,163 | | | | 18,762 | | | | — | | | | 134,738 | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | | | |
Interest expense, net of interest income | | | (38,338 | ) | | | (24,662 | ) | | | 5,810 | | | | — | | | | (57,190 | ) |
Accelerated amortization of deferred financing costs | | | (6,603 | ) | | | — | | | | — | | | | — | | | | (6,603 | ) |
Subsidiary Income | | | 74,712 | | | | 30,300 | | | | — | | | | (105,012 | ) | | | — | |
Other, net (1) | | | (98 | ) | | | (16,477 | ) | | | 15,498 | | | | — | | | | (1,077 | ) |
| | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | 29,673 | | | | (10,839 | ) | | | 21,308 | | | | (105,012 | ) | | | (64,870 | ) |
| | | | | | | | | | | | | | | | | | | | |
INCOME BEFORE INCOME TAX EXPENSE | | | 29,486 | | | | 105,324 | | | | 40,070 | | | | (105,012 | ) | | | 69,868 | |
INCOME TAX EXPENSE (BENEFIT) | | | (14,182 | ) | | | 30,662 | | | | 9,720 | | | | — | | | | 26,200 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME | | | 43,668 | | | | 74,662 | | | | 30,350 | | | | (105,012 | ) | | | 43,668 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax of $(849) | | | 1,385 | | | | — | | | | 1,385 | | | | (1,385 | ) | | | 1,385 | |
Reclassification of a cash flow hedge into earnings, net of tax of $690 | | | (1,125 | ) | | | — | | | | — | | | | — | | | | (1,125 | ) |
Unrealized gain on cash flow hedges net of tax of $(1,157) | | | 1,887 | | | | — | | | | — | | | | — | | | | 1,887 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 45,815 | | | $ | 74,662 | | | $ | 31,735 | | | $ | (106,397 | ) | | $ | 45,815 | |
| | | | | | | | | | | | | | | | | | | | |
|
-1 | Other, net includes intercompany transactions that eliminate in consolidation. | | | | | | | | | | | | | | | | | | | |
|
WEST CORPORATION AND SUBSIDIARIES |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | For the Six Months Ended June 30, 2014 | |
| | | | | | | | | | | Eliminations and | | | | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | | |
| | Issuer | | | Subsidiaries | | | Subsidiaries | | | Entries | | | Consolidated | |
REVENUE | | $ | — | | | $ | 1,076,230 | | | $ | 290,985 | | | $ | — | | | $ | 1,367,215 | |
COST OF SERVICES | | | — | | | | 490,626 | | | | 156,424 | | | | — | | | | 647,050 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | | | 5,624 | | | | 371,630 | | | | 99,140 | | | | — | | | | 476,394 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING INCOME (LOSS) | | | (5,624 | ) | | | 213,974 | | | | 35,421 | | | | — | | | | 243,771 | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | | | |
Interest expense, net of interest income | | | (65,329 | ) | | | (44,125 | ) | | | 12,137 | | | | — | | | | (97,317 | ) |
Subsidiary Income | | | 148,940 | | | | 66,309 | | | | — | | | | (215,249 | ) | | | — | |
Other, net (1) | | | 8,009 | | | | (40,537 | ) | | | 35,635 | | | | — | | | | 3,107 | |
| | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | 91,620 | | | | (18,353 | ) | | | 47,772 | | | | (215,249 | ) | | | (94,210 | ) |
| | | | | | | | | | | | | | | | | | | | |
INCOME BEFORE INCOME TAX EXPENSE | | | 85,996 | | | | 195,621 | | | | 83,193 | | | | (215,249 | ) | | | 149,561 | |
INCOME TAX EXPENSE (BENEFIT) | | | (8,041 | ) | | | 46,815 | | | | 16,750 | | | | — | | | | 55,524 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME | | | 94,037 | | | | 148,806 | | | | 66,443 | | | | (215,249 | ) | | | 94,037 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax of $(418) | | | 708 | | | | — | | | | 708 | | | | (708 | ) | | | 708 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 94,745 | | | $ | 148,806 | | | $ | 67,151 | | | $ | (215,957 | ) | | $ | 94,745 | |
| | | | | | | | | | | | | | | | | | | | |
|
-1 | Other, net includes intercompany transactions that eliminate in consolidation. | | | | | | | | | | | | | | | | | | | |
|
WEST CORPORATION AND SUBSIDIARIES |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | For the Six Months Ended June 30, 2013 | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Eliminations and | | | Consolidated | |
Issuer | Subsidiaries | Subsidiaries | Consolidating |
| | | Entries |
REVENUE | | $ | — | | | $ | 1,064,404 | | | $ | 268,515 | | | $ | — | | | $ | 1,332,919 | |
COST OF SERVICES | | | — | | | | 478,648 | | | | 142,358 | | | | — | | | | 621,006 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | | | 1,792 | | | | 394,074 | | | | 88,019 | | | | — | | | | 483,885 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING INCOME (LOSS) | | | (1,792 | ) | | | 191,682 | | | | 38,138 | | | | — | | | | 228,028 | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | | | |
Interest expense, net of interest income | | | (87,933 | ) | | | (53,183 | ) | | | 11,048 | | | | — | | | | (130,068 | ) |
Subordinated debt call premium and accelerated amortization of deferred financing costs | | | (23,105 | ) | | | — | | | | — | | | | — | | | | (23,105 | ) |
Subsidiary Income | | | 113,915 | | | | 52,548 | | | | — | | | | (166,463 | ) | | | — | |
Other, net (1) | | | 2,220 | | | | (33,528 | ) | | | 31,209 | | | | — | | | | (99 | ) |
| | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | 5,097 | | | | (34,163 | ) | | | 42,257 | | | | (166,463 | ) | | | (153,272 | ) |
| | | | | | | | | | | | | | | | | | | | |
INCOME BEFORE INCOME TAX EXPENSE | | | 3,305 | | | | 157,519 | | | | 80,395 | | | | (166,463 | ) | | | 74,756 | |
INCOME TAX EXPENSE (BENEFIT) | | | (43,418 | ) | | | 43,930 | | | | 27,521 | | | | — | | | | 28,033 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME | | | 46,723 | | | | 113,589 | | | | 52,874 | | | | (166,463 | ) | | | 46,723 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax of $3,250 | | | (5,303 | ) | | | — | | | | (5,303 | ) | | | 5,303 | | | | (5,303 | ) |
Reclassification of a cash flow hedge into earnings, net of tax of $1,349 | | | (2,201 | ) | | | — | | | | — | | | | — | | | | (2,201 | ) |
Unrealized gain on cash flow hedges net of tax of $(2,444) | | | 3,987 | | | | — | | | | — | | | | — | | | | 3,987 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 43,206 | | | $ | 113,589 | | | $ | 47,571 | | | $ | (161,160 | ) | | $ | 43,206 | |
| | | | | | | | | | | | | | | | | | | | |
|
-1 | Other, net includes intercompany transactions that eliminate in consolidation. | | | | | | | | | | | | | | | | | | | |
|
WEST CORPORATION |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED BALANCE SHEET (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | June 30, 2014 | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Eliminations and | | | Consolidated | |
Issuer | Subsidiaries | Subsidiaries | Consolidating |
| | | Entries |
ASSETS | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 27,217 | | | $ | — | | | $ | 137,340 | | | $ | (4,856 | ) | | $ | 159,701 | |
Trust and restricted cash | | | 6,284 | | | | 16,215 | | | | 50 | | | | — | | | | 22,549 | |
Accounts receivable, net | | | — | | | | 28,671 | | | | 439,267 | | | | — | | | | 467,938 | |
Intercompany receivables | | | — | | | | 1,243,485 | | | | — | | | | (1,243,485 | ) | | | — | |
Deferred income tax receivable | | | — | | | | 6,392 | | | | 3,984 | | | | (6,975 | ) | | | 3,401 | |
Prepaid assets | | | 8,873 | | | | 36,197 | | | | 13,574 | | | | — | | | | 58,644 | |
Deferred expenses | | | — | | | | 47,892 | | | | 12,441 | | | | — | | | | 60,333 | |
Other current assets | | | 4,187 | | | | 6,284 | | | | 15,626 | | | | — | | | | 26,097 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 46,561 | | | | 1,385,136 | | | | 622,282 | | | | (1,255,316 | ) | | | 798,663 | |
PROPERTY AND EQUIPMENT, NET | | | 73,406 | | | | 246,323 | | | | 55,633 | | | | — | | | | 375,362 | |
INVESTMENT IN SUBSIDIARIES | | | 2,337,167 | | | | 809,416 | | | | — | | | | (3,146,583 | ) | | | — | |
GOODWILL | | | — | | | | 1,637,724 | | | | 400,006 | | | | — | | | | 2,037,730 | |
INTANGIBLES, net | | | — | | | | 199,530 | | | | 201,649 | | | | — | | | | 401,179 | |
OTHER ASSETS | | | 145,440 | | | | 95,096 | | | | 22,483 | | | | — | | | | 263,019 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | $ | 2,602,574 | | | $ | 4,373,225 | | | $ | 1,302,053 | | | $ | (4,401,899 | ) | | $ | 3,875,953 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 9,063 | | | $ | 68,198 | | | $ | 28,975 | | | $ | (4,856 | ) | | $ | 101,380 | |
Intercompany payables | | | 1,159,270 | | | | — | | | | 84,215 | | | | (1,243,485 | ) | | | — | |
Deferred revenue | | | — | | | | 84,016 | | | | 41,847 | | | | — | | | | 125,863 | |
Accrued expenses | | | 22,179 | | | | 196,559 | | | | 71,555 | | | | (6,975 | ) | | | 283,318 | |
Current maturities of long-term debt | | | 9,467 | | | | 14,287 | | | | — | | | | — | | | | 23,754 | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 1,199,979 | | | | 363,060 | | | | 226,592 | | | | (1,255,316 | ) | | | 534,315 | |
LONG -TERM OBLIGATIONS, less current maturities | | | 1,960,892 | | | | 1,540,701 | | | | 185,000 | | | | — | | | | 3,686,593 | |
DEFERRED INCOME TAXES | | | 16,774 | | | | 85,804 | | | | 51,281 | | | | — | | | | 153,859 | |
OTHER LONG-TERM LIABILITIES | | | 97,669 | | | | 48,686 | | | | 27,571 | | | | — | | | | 173,926 | |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | | | (672,740 | ) | | | 2,334,974 | | | | 811,609 | | | | (3,146,583 | ) | | | (672,740 | ) |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | $ | 2,602,574 | | | $ | 4,373,225 | | | $ | 1,302,053 | | | $ | (4,401,899 | ) | | $ | 3,875,953 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
WEST CORPORATION |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATED BALANCE SHEETS |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | December 31, 2013 | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Eliminations and | | | Consolidated | |
Issuer | Subsidiaries | Subsidiaries | Consolidating |
| | | Entries |
ASSETS | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 129,445 | | | $ | — | | | $ | 111,909 | | | $ | (11,313 | ) | | $ | 230,041 | |
Trust and restricted cash | | | 6,283 | | | | 15,396 | | | | — | | | | — | | | | 21,679 | |
Accounts receivable, net | | | — | | | | 67,217 | | | | 382,972 | | | | — | | | | 450,189 | |
Intercompany receivables | | | — | | | | 1,099,177 | | | | 12,929 | | | | (1,112,106 | ) | | | — | |
Deferred income taxes receivable | | | 95,120 | | | | 9,908 | | | | — | | | | (105,028 | ) | | | — | |
Prepaid assets | | | 3,639 | | | | 25,034 | | | | 7,359 | | | | — | | | | 36,032 | |
Deferred expenses | | | — | | | | 43,290 | | | | 10,343 | | | | — | | | | 53,633 | |
Other current assets | | | 4,469 | | | | 8,003 | | | | 17,524 | | | | — | | | | 29,996 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 238,956 | | | | 1,268,025 | | | | 543,036 | | | | (1,228,447 | ) | | | 821,570 | |
Property and equipment, net | | | 68,330 | | | | 248,584 | | | | 47,851 | | | | — | | | | 364,765 | |
INVESTMENT IN SUBSIDIARIES | | | 1,859,586 | | | | 466,182 | | | | — | | | | (2,325,768 | ) | | | — | |
GOODWILL | | | — | | | | 1,637,725 | | | | 186,196 | | | | — | | | | 1,823,921 | |
INTANGIBLES, net | | | — | | | | 213,306 | | | | 18,135 | | | | — | | | | 231,441 | |
OTHER ASSETS | | | 139,370 | | | | 85,431 | | | | 19,766 | | | | — | | | | 244,567 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | $ | 2,306,242 | | | $ | 3,919,253 | | | $ | 814,984 | | | $ | (3,554,215 | ) | | $ | 3,486,264 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 6,705 | | | $ | 56,212 | | | $ | 31,074 | | | $ | (11,313 | ) | | $ | 82,678 | |
Intercompany payables | | | 898,700 | | | | — | | | | 213,406 | | | | (1,112,106 | ) | | | — | |
Deferred revenue | | | — | | | | 85,665 | | | | 27,740 | | | | — | | | | 113,405 | |
Accrued expenses | | | 76,859 | | | | 224,559 | | | | 53,292 | | | | (105,028 | ) | | | 249,682 | |
Current maturities of long-term debt | | | 4,102 | | | | 7,775 | | | | — | | | | — | | | | 11,877 | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 986,366 | | | | 374,211 | | | | 325,512 | | | | (1,228,447 | ) | | | 457,642 | |
LONG-TERM OBLIGATIONS, less current maturities | | | 1,966,256 | | | | 1,547,214 | | | | — | | | | — | | | | 3,513,470 | |
DEFERRED INCOME TAXES | | | 10,603 | | | | 99,817 | | | | 2,056 | | | | — | | | | 112,476 | |
OTHER LONG-TERM LIABILITIES | | | 83,189 | | | | 40,483 | | | | 19,176 | | | | — | | | | 142,848 | |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | | | (740,172 | ) | | | 1,857,528 | | | | 468,240 | | | | (2,325,768 | ) | | | (740,172 | ) |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | $ | 2,306,242 | | | $ | 3,919,253 | | | $ | 814,984 | | | $ | (3,554,215 | ) | | $ | 3,486,264 | |
| | | | | | | | | | | | | | | | | | | | |
|
WEST CORPORATION |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2014 | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Elimination and | | | Consolidated | |
Issuer | Subsidiaries | Subsidiaries | Consolidating |
| | | Entries |
NET CASH PROVIDED BY OPERATING ACTIVITIES: | | $ | — | | | $ | 161,812 | | | $ | 33,560 | | | $ | 6,457 | | | $ | 201,829 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Business acquisitions | | | (341,907 | ) | | | — | | | | (18 | ) | | | — | | | | (341,925 | ) |
Purchase of property and equipment | | | (16,906 | ) | | | (48,095 | ) | | | (10,433 | ) | | | — | | | | (75,434 | ) |
Intercompany investing | | | 296,727 | | | | — | | | | — | | | | (296,727 | ) | | | — | |
Other | | | — | | | | (820 | ) | | | (50 | ) | | | — | | | | (870 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows from investing activities | | | (62,086 | ) | | | (48,915 | ) | | | (10,501 | ) | | | (296,727 | ) | | | (418,229 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Proceeds from revolving credit and accounts receivable securitization facilities | | | — | | | | — | | | | 185,000 | | | | — | | | | 185,000 | |
Debt issuance costs | | | (5,860 | ) | | | — | | | | (121 | ) | | | — | | | | (5,981 | ) |
Proceeds from stock options exercised including excess tax benefits | | | 3,533 | | | | — | | | | — | | | | — | | | | 3,533 | |
Dividend payments | | | (37,815 | ) | | | — | | | | — | | | | — | | | | (37,815 | ) |
Intercompany financing | | | — | | | | (112,897 | ) | | | (183,830 | ) | | | 296,727 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows from financing activities | | | (40,142 | ) | | | (112,897 | ) | | | 1,049 | | | | 296,727 | | | | 144,737 | |
| | | | | | | | | | | | | | | | | | | | |
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | | | — | | | | — | | | | 1,323 | | | | — | | | | 1,323 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | | | (102,228 | ) | | | — | | | | 25,431 | | | | 6,457 | | | | (70,340 | ) |
CASH AND CASH EQUIVALENTS, Beginning of period | | | 129,445 | | | | — | | | | 111,909 | | | | (11,313 | ) | | | 230,041 | |
| | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS, End of period | | $ | 27,217 | | | $ | — | | | $ | 137,340 | | | $ | (4,856 | ) | | $ | 159,701 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
WEST CORPORATION |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) |
(AMOUNTS IN THOUSANDS) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2013 | |
| | Parent / | | | Guarantor | | | Non-Guarantor | | | Elimination and | | | Consolidated | |
Issuer | Subsidiaries | Subsidiaries | Consolidating |
| | | Entries |
NET CASH PROVIDED BY OPERATING ACTIVITIES: | | $ | — | | | $ | 180,415 | | | $ | 13,249 | | | $ | — | | | $ | 193,664 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Business acquisitions | | | — | | | | — | | | | (13 | ) | | | — | | | | (13 | ) |
Purchase of property and equipment | | | (2,089 | ) | | | (42,412 | ) | | | (15,026 | ) | | | — | | | | (59,527 | ) |
Other | | | — | | | | (1,462 | ) | | | — | | | | — | | | | (1,462 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows from investing activities | | | (2,089 | ) | | | (43,874 | ) | | | (15,039 | ) | | | — | | | | (61,002 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Payments of subordinated notes | | | (450,000 | ) | | | — | | | | — | | | | — | | | | (450,000 | ) |
Proceeds from initial public offering, net of offering costs | | | 398,271 | | | | — | | | | — | | | | — | | | | 398,271 | |
Proceeds from revolving credit and accounts receivable securitization facilities | | | — | | | | — | | | | 85,000 | | | | — | | | | 85,000 | |
Payments on revolving credit and accounts receivable securitization facilities | | | — | | | | — | | | | (50,000 | ) | | | — | | | | (50,000 | ) |
Debt issuance costs | | | (30,222 | ) | | | — | | | | — | | | | — | | | | (30,222 | ) |
Principal repayments on long-term obligations | | | (4,123 | ) | | | (7,965 | ) | | | — | | | | — | | | | (12,088 | ) |
Call premium paid on subordinated notes | | | (16,502 | ) | | | — | | | | — | | | | — | | | | (16,502 | ) |
Proceeds from stock options exercised including excess tax benefits | | | 873 | | | | — | | | | — | | | | — | | | | 873 | |
Dividend payments | | | (19,016 | ) | | | — | | | | — | | | | — | | | | (19,016 | ) |
Other | | | (9 | ) | | | — | | | | — | | | | — | | | | (9 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows from financing activities | | | (120,728 | ) | | | (7,965 | ) | | | 35,000 | | | | — | | | | (93,693 | ) |
| | | | | | | | | | | | | | | | | | | | |
Intercompany | | | 119,849 | | | | (123,443 | ) | | | 3,594 | | | | — | | | | — | |
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | | | — | | | | — | | | | (3,700 | ) | | | — | | | | (3,700 | ) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | | | (2,968 | ) | | | 5,133 | | | | 33,104 | | | | — | | | | 35,269 | |
CASH AND CASH EQUIVALENTS, Beginning of period | | | 106,010 | | | | 1,821 | | | | 71,280 | | | | — | | | | 179,111 | |
| | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS, End of period | | $ | 103,042 | | | $ | 6,954 | | | $ | 104,384 | | | $ | — | | | $ | 214,380 | |
| | | | | | | | | | | | | | | | | | | | |
|