XML 20 R8.htm IDEA: XBRL DOCUMENT
v3.19.2

Basis of Presentation | 6 Months Ended
--- | ---
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation |
1. | Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10–Q and Rule 10–01 of Regulation S–X. Accordingly, they do not include all information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements that are included in the Company’s Annual Report on Form 10–K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 and our Form 10–K/A filed with the SEC on March 20, 2019. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for any future periods or the year ending December 31, 2019. In August 2018, the SEC issued an amendment to Rule 3–04 of Regulation S–X requiring both year-to-date information and subtotals for each interim period. We have elected to expand our analysis of changes in stockholders’ equity as of June 30, 2019 in statement form for each of the current and comparative quarter-to-date and year-to-date periods. Effective in the first quarter of 2019, the Company modified the presentation of the unaudited condensed balance sheets to separately classify its restricted cash payable. The prior period has been reclassified to conform with this presentation, which did not change current liabilities. We apply the same accounting policies in preparing our quarterly and annual financial statements, with the exception of the new leasing standard which was required to be adopted on a prospective basis beginning January 1, 2019 (refer to Note 2, Recent Accounting Pronouncements). The Company rounds amounts in the unaudited condensed consolidated financial statements to thousands and calculates all per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot or recalculate based on reported numbers due to rounding. Revision of Prior Period Unaudited Condensed Consolidated Financial Statements for Correction of Immaterial Errors As more fully described in our Annual Report on Form 10–K for the year ended December 31, 2018, in 2018 we revised our prior year financial statements to correct for immaterial errors in the financial statements of our Brazilian subsidiary and certain other immaterial errors impacting prior years that were not previously recorded. The accompanying quarterly financial statements have been revised for these errors. Collectively, hereinafter these revisions to correct are referred to as the “Revised” financial statements or the “Revision”. Management believes that the effects of this Revision are not material to our previously issued unaudited condensed consolidated financial statements. The effects of the Revision on our unaudited condensed consolidated statements of income and cash flows were as follows:
| Three Months Ended June 30, 2018
(In thousands, except per share data) | As Previously Reported |  | Brazil Adjustments |  | Other Immaterial Adjustments |  | As Revised
Total revenues | $ | 370,876 |  |  | $ | (1,260 | ) |  | $ | 1,182 |  |  | $ | 370,798 |
Processing costs | $ | 76,306 |  |  | $ | 1,177 |  |  | $ | — |  |  | $ | 77,483 |
Provision for credit losses | $ | 11,505 |  |  | $ | 2,131 |  |  | $ | — |  |  | $ | 13,636 |
General and administrative | $ | 48,488 |  |  | $ | — |  |  | $ | (899 | ) |  | $ | 47,589 |
Operating income | $ | 102,911 |  |  | $ | (4,568 | ) |  | $ | 2,081 |  |  | $ | 100,424 |
Income taxes | $ | 13,938 |  |  | $ | (2,240 | ) |  | $ | 627 |  |  | $ | 12,325 |
Net income | $ | 39,440 |  |  | $ | (2,328 | ) |  | $ | 1,454 |  |  | $ | 38,566 |
Net income attributable to shareholders | $ | 39,298 |  |  | $ | (2,328 | ) |  | $ | 1,454 |  |  | $ | 38,424 |
Net income attributable to shareholders per share |  |  |  |  |  |  |
Basic | $ | 0.91 |  |  | $ | (0.05 | ) |  | $ | 0.03 |  |  | $ | 0.89 |
Diluted | $ | 0.90 |  |  | $ | (0.05 | ) |  | $ | 0.03 |  |  | $ | 0.88 |
| Six Months Ended June 30, 2018
(In thousands, except per share data) | As Previously Reported |  | Brazil Adjustments |  | Other Immaterial Adjustments |  | As Revised
Total revenues | $ | 725,705 |  |  | $ | (2,061 | ) |  | $ | 1,182 |  |  | $ | 724,826 |
Processing costs | $ | 155,928 |  |  | $ | (5,357 | ) |  | $ | — |  |  | $ | 150,571 |
Provision for credit losses | $ | 25,495 |  |  | $ | 2,367 |  |  | $ | — |  |  | $ | 27,862 |
General and administrative | $ | 103,921 |  |  | $ | — |  |  | $ | (899 | ) |  | $ | 103,022 |
Operating income | $ | 181,273 |  |  | $ | 929 |  |  | $ | 2,081 |  |  | $ | 184,283 |
Income taxes | $ | 29,527 |  |  | $ | 103 |  |  | $ | 444 |  |  | $ | 30,074 |
Net income | $ | 88,774 |  |  | $ | 826 |  |  | $ | 1,637 |  |  | $ | 91,237 |
Net income attributable to shareholders | $ | 87,931 |  |  | $ | 826 |  |  | $ | 1,637 |  |  | $ | 90,394 |
Net income attributable to shareholders per share |  |  |  |  |  |  |
Basic | $ | 2.04 |  |  | $ | 0.02 |  |  | $ | 0.04 |  |  | $ | 2.10 |
Diluted | $ | 2.02 |  |  | $ | 0.02 |  |  | $ | 0.04 |  |  | $ | 2.08 |
| Six Months Ended June 30, 2018
(In thousands) | As Previously Reported |  | Brazil Adjustments |  | Other Immaterial Adjustments |  | As Revised
Net cash used for operating activities | $ | (77,856 | ) |  | $ | — |  |  | $ | 11,190 |  |  | $ | (66,666 | )
Effect of exchange rates on cash, cash equivalents and restricted cash | $ | (7,723 | ) |  | $ | — |  |  | $ | (6,637 | ) |  | $ | (14,360 | )
Cash, cash equivalents and restricted cash, beginning of period | $ | 526,938 |  |  | $ | — |  |  | $ | (4,553 | ) |  | $ | 522,385 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration