Company Quick10K Filing
Winland Electronics
Price204.36 EPS2
Shares44 P/E98
MCap8,953 P/FCF44
Net Debt2,266 EBIT128
TEV11,219 TEV/EBIT87
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
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10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-28
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10-K 2014-12-31 Filed 2015-02-26
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10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-28
8-K 2020-10-29
8-K 2020-10-29
8-K 2020-10-12
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8-K 2020-07-30
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8-K 2020-07-01
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8-K 2020-05-07
8-K 2020-03-04
8-K 2020-02-13
8-K 2020-02-13
8-K 2020-02-13
8-K 2020-01-24
8-K 2020-01-24
8-K 2019-11-19
8-K 2019-10-31
8-K 2019-10-31
8-K 2019-09-12
8-K 2019-09-10
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-05-17
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-05-02
8-K 2019-05-02
8-K 2019-04-16
8-K 2019-03-25
8-K 2019-03-20
8-K 2019-03-05
8-K 2019-02-27
8-K 2019-02-22
8-K 2019-01-24
8-K 2019-01-18
8-K 2019-01-17
8-K 2018-12-14
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-10-22
8-K 2018-08-24
8-K 2018-08-17
8-K 2018-08-02
8-K 2018-08-01
8-K 2018-05-15
8-K 2018-05-03
8-K 2018-05-03
8-K 2018-04-09
8-K 2018-02-21
8-K 2018-02-21
8-K 2018-01-17
8-K 2018-01-05

WEX 10Q Quarterly Report

Part I
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 wex20200930ex311.htm
EX-31.2 wex20200930ex312.htm
EX-32.1 wex20200930ex321.htm
EX-32.2 wex20200930ex322.htm

Winland Electronics Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
1.40.90.4-0.1-0.6-1.12012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-32426
   wex-20200930_g1.jpg
WEX Inc.
(Exact name of registrant as specified in its charter)
Delaware 01-0526993
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1 Hancock St.,Portland,ME 04101
(Address of principal executive offices) (Zip Code)
(207773–8171
(Registrant’s telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueWEXNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S–T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large Accelerated Filer  Accelerated Filer
Non-accelerated Filer  Smaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act).    
Yes    No

Number of shares of common stock outstanding as of October 29, 2020 was 44,130,035.


Table of Contents

TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.
 



2

Table of Contents
Unless otherwise indicated or required by the context, the terms “we,” “us,” “our,” “WEX,” or the “Company,” in this
Quarterly Report on Form 10–Q mean WEX Inc. and all of its subsidiaries that are consolidated under Generally Accepted Accounting Principles in the United States.
FORWARD–LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for statements that are forward-looking and are not statements of historical facts. This Quarterly Report includes forward-looking statements including, but not limited to, statements about management’s plan and goals. Any statements in this Quarterly Report that are not statements of historical facts are forward-looking statements. When used in this Quarterly Report, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this Quarterly Report and in oral statements made by our authorized officers:
the extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto impact our business, results of operations and financial condition in excess of current expectations;
the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity;
the impact of foreign currency exchange rates on the Company’s operations, revenue and income;
changes in interest rates;
the impact of fluctuations in fuel prices, including the impact of any continued reductions in fuel price and the resulting impact on our revenues and net income;
the effects of the Company’s business expansion and acquisition efforts;
potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition;
competitive responses to any acquisitions;
uncertainty of the expected financial performance of the combined operations following completion of an acquisition;
the failure to complete or successfully integrate the Company’s acquisitions;
the ability to realize anticipated synergies and cost savings;
unexpected costs, charges or expenses resulting from an acquisition;
the Company’s failure to successfully acquire, integrate, operate and expand commercial fuel card programs;
the failure of corporate investments to result in anticipated strategic value;
the impact and size of credit losses;
the impact of changes to the Company’s credit standards;
breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants;
the Company’s failure to maintain or renew key commercial agreements;
failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors;
failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure;
the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates;
legal, political and economic uncertainty surrounding the United Kingdom’s departure from the European Union;
the impact of the transition from LIBOR as a global benchmark to a replacement rate;
the impact of the Company’s outstanding notes on its operations;
the impact of increased leverage on the Company’s operations, results or borrowing capacity generally, and as a result of acquisitions specifically;
the impact of sales or dispositions of significant amounts of our outstanding common stock into the public market, or the perception that such sales or dispositions could occur;
the possible dilution to our stockholders caused by the issuance of additional shares of common stock or equity-linked securities;
the incurrence of impairment charges if our assessment of the fair value of certain reporting units changes;
the uncertainties of litigation, including the legal proceedings with respect to the purchase agreement relating to the proposed eNett and Optal acquisition; as well as
other risks and uncertainties identified in Item 1A of our Annual Report on Form 10–K for the year ended December 31, 2019 and our Form 10-Qs for the quarters ended March 31, 2020 and June 30, 2020, filed respectively with the Securities and Exchange Commission on February 28, 2020, May 11, 2020, and August 5, 2020.
Our forward-looking statements and these factors do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of the initial filing of this Quarterly Report and undue reliance should not be placed on these statements. We disclaim any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
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ACRONYMS AND ABBREVIATIONS
The acronyms and abbreviations identified below are used in this Quarterly Report, including the unaudited condensed consolidated financial statements and the notes thereto. The following is provided to aid the reader and provide a reference point when reviewing this Quarterly Report.
2016 Credit AgreementCredit agreement entered into on July 1, 2016, as amended from time to time, by and among the Company and certain of its subsidiaries, as borrowers, WEX Card Holding Australia Pty Ltd., as designated borrower, and Bank of America, N.A., as administrative agent on behalf of the lenders.
Adjusted net income or (“ANI”)
A non-GAAP measure that adjusts net income attributable to shareholders to exclude unrealized gains and losses on financial instruments, net foreign currency remeasurement gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, loss on sale of subsidiary, stock-based compensation, other costs, debt restructuring and debt issuance cost amortization, adjustments attributed to our non-controlling interests and certain tax related items.
ASCAccounting Standards Codification
ASU 2016–13 or (“Topic 326”)
Accounting Standards Update No. 2016–13 Financial Instruments – Credit Losses (Topic 326)
ASU 2014–09 or (“Topic 606”)
Accounting Standards Update No. 2014–09 Revenue from Contracts with Customers (Topic 606)
Australian Securitization SubsidiarySouthern Cross WEX 2015–1 Trust, a special purpose entity consolidated by the Company
B2BBusiness-to-business
CODMChief operating decision maker
CompanyWEX Inc. and all entities included in the unaudited condensed consolidated financial statements
Convertible Notes
Convertible senior unsecured notes due on July 15, 2027 in an aggregate principal amount of $310 million with a 6.5 percent interest rate, issued July 1, 2020
COVID-19 or (“coronavirus”)An infectious disease caused by the SARS-CoV-2 virus. The World Health Organization declared the coronavirus outbreak a global pandemic on March 11, 2020.
Discovery BenefitsDiscovery Benefits, Inc.
EBITDAA non-GAAP measure that adjusts income before income taxes to exclude interest, depreciation and amortization
eNetteNett International (Jersey) Limited
European Securitization SubsidiaryGorham Trade Finance B.V., a special purpose entity consolidated by the Company
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
GAAPGenerally Accepted Accounting Principles in the United States
Go Fuel CardA European Fleet business acquired from EG Group on July 1, 2019
ICSInsured Cash Sweep
IndentureThe Notes were issued pursuant to an indenture dated as of January 30, 2013 among the Company, the guarantors listed therein, and The Bank of New York Mellon Trust Company, N.A., as trustee
NAVNet asset value
Net payment processing rateThe percentage of the dollar value of each payment processing transaction that the Company records as revenue from merchants less certain discounts given to customers and network fees
Notes$400 million notes with a 4.75 percent fixed rate, issued on January 30, 2013
NoventisNoventis, Inc.
NYSENew York Stock Exchange
OptalOptal Limited
Pavestone Capital or (“Pavestone”)Pavestone Capital, LLC
Payment processing fuel spendTotal dollar value of the fuel purchased by fleets that have a payment processing relationship with the Company
Payment processing transactionsTotal number of purchases made by fleets that have a payment processing relationship with the Company, where the Company maintains the receivable for total purchase
Payment solutions purchase volumeTotal dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products
Purchase volumeTotal dollar value of all transactions in the Health and Employee Benefit Solutions segment where interchange is earned by the Company
Redeemable non-controlling interestThe portion of the U.S. Health business’ net assets owned by a non-controlling interest subject to redemption rights held by the non-controlling interest
SaaSSoftware-as-a-service
SECSecurities and Exchange Commission
Segment adjusted operating incomeA non-GAAP measure that adjusts operating income to exclude specified items that the Company’s management excludes in evaluating segment performance, including unallocated corporate expenses, acquisition and divestiture related expenses and adjustments including the amortization of purchased intangibles, loss on sale of subsidiary, debt restructuring costs, the expense associated with stock-based compensation and other costs.
U.S. Health businessWEX Health and Discovery Benefits, collectively
WEX Latin AmericaUNIK S.A., the Company’s Brazilian subsidiary is branded WEX Latin America. This subsidiary was sold on September 30, 2020
WEXWEX Inc.
WEX Europe ServicesA European Fleet business acquired by the Company from ExxonMobil on December 1, 2014
WEX HealthLegacy healthcare operations prior to the acquisition of Discovery Benefits
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Table of Contents
PART I
Item 1. Financial Statements.
WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues
Payment processing revenue$171,077 $224,756 $522,575 $626,380 
Account servicing revenue112,417 109,205 335,736 303,183 
Finance fee revenue46,307 66,382 144,945 175,667 
Other revenue52,315 59,620 157,623 178,416 
Total revenues382,116 459,963 1,160,879 1,283,646 
Cost of services
Processing costs102,244 98,296 307,152 288,896 
Service fees10,881 14,905 34,335 43,348 
Provision for credit losses12,283 14,847 66,851 47,470 
Operating interest5,262 11,508 20,151 31,765 
Depreciation and amortization26,202 26,123 76,115 68,206 
Total cost of services156,872 165,679 504,604 479,685 
General and administrative73,131 65,423 197,432 206,075 
Sales and marketing64,592 73,689 188,118 210,639 
Loss on sale of subsidiary46,362  46,362  
Depreciation and amortization39,314 36,861 118,907 105,264 
Operating income1,845 118,311 105,456 281,983 
Financing interest expense(40,950)(34,549)(101,813)(101,299)
Net foreign currency loss(784)(16,528)(31,973)(13,748)
Net unrealized gain (loss) on financial instruments3,774 (5,650)(32,115)(39,078)
(Loss) income before income taxes(36,115)61,584 (60,445)127,858 
Income tax provision (benefit)21,602 19,137 (3,852)37,352 
Net (loss) income(57,717)42,447 (56,593)90,506 
Less: Net income (loss) from non-controlling interests1,244 (631)3,282 (233)
Net (loss) income attributable to WEX Inc.(58,961)43,078 (59,875)90,739 
Change in value of redeemable non-controlling interest(6,879)(28,459)50,437 (46,179)
Net (loss) income attributable to shareholders$(65,840)$14,619 $(9,438)$44,560 
Net (loss) income attributable to shareholders per share:
Basic$(1.49)$0.34 $(0.22)$1.03 
Diluted$(1.49)$0.33 $(0.22)$1.02 
Weighted average common shares outstanding:
Basic44,166 43,349 43,720 43,300 
Diluted44,166 43,811 43,720 43,715 
See notes to unaudited condensed consolidated financial statements.

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Table of Contents
WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands)
(unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net (loss) income$(57,717)$42,447 $(56,593)$90,506 
Foreign currency translation15,147 (15,333)(2,913)(15,317)
Comprehensive (loss) income(42,570)27,114 (59,506)75,189 
Less: Comprehensive income (loss) attributable to non-controlling interests1,676 (1,052)3,466 (681)
Comprehensive (loss) income attributable to WEX Inc.$(44,246)$28,166 $(62,972)$75,870 
See notes to unaudited condensed consolidated financial statements.
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Table of Contents
WEX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited) 
September 30,
2020
December 31,
2019
Assets
Cash and cash equivalents$1,521,622 $810,932 
Restricted cash193,615 170,449 
Accounts receivable (net of allowances of $54,265 in 2020 and $52,274 in 2019)
2,151,741 2,661,108 
Securitized accounts receivable, restricted97,522 112,192 
Prepaid expenses and other current assets66,589 87,694 
Total current assets4,031,089 3,842,375 
Property, equipment and capitalized software (net of accumulated depreciation of $407,081 in 2020 and $344,212 in 2019)
193,165 212,475 
Goodwill2,431,147 2,441,201 
Other intangible assets (net of accumulated amortization of $785,162 in 2020 and $666,793 in 2019)
1,444,696 1,575,050 
Investment securities31,259 30,460 
Deferred income taxes, net8,514 12,833 
Other assets174,042 184,024 
Total assets$8,313,912 $8,298,418 
Liabilities and Stockholders’ Equity
Accounts payable$893,766 $969,816 
Accrued expenses322,388 315,642 
Restricted cash payable193,615 170,449 
Short-term deposits1,080,136 1,310,813 
Short-term debt, net127,084 248,531 
Other current liabilities55,420 34,692 
Total current liabilities2,672,409 3,049,943 
Long-term debt, net2,879,474 2,686,513 
Long-term deposits211,775 143,399 
Deferred income taxes, net211,555 218,740 
Other liabilities134,476 106,422 
Total liabilities6,109,689 6,205,017 
Commitments and contingencies (Note 16)
Redeemable non-controlling interest107,220 156,879 
Stockholders’ Equity
Common stock $0.01 par value; 175,000 shares authorized; 48,550 shares issued in 2020 and 47,749 in 2019; 44,122 shares outstanding in 2020 and 43,321 in 2019
485 477 
Additional paid-in capital848,684 675,060 
Retained earnings1,521,176 1,539,201 
Accumulated other comprehensive loss(113,073)(115,449)
Treasury stock at cost; 4,428 shares in 2020 and 2019
(172,342)(172,342)
Total WEX Inc. stockholders’ equity2,084,930 1,926,947 
Non-controlling interest12,073 9,575 
Total stockholders’ equity2,097,003 1,936,522 
Total liabilities and stockholders’ equity$8,313,912 $8,298,418 
See notes to unaudited condensed consolidated financial statements.
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WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

 Common Stock Issued Additional
Paid-in 
Capital
Accumulated Other Comprehensive LossTreasury Stock Retained
Earnings
 Non-Controlling InterestTotal Stockholders’
Equity
 SharesAmount
Balance at December 31, 201947,749 $477 $675,060 $(115,449)$(172,342)$1,539,201 $9,575 $1,936,522 
Cumulative effect adjustment1
     (8,587)(190)(8,777)
Balance at January 1, 202047,749 477 675,060 (115,449)(172,342)1,530,614 9,385 1,927,745 
Stock issued under share-based compensation plans189 2 1,950     1,952 
Share repurchases for tax withholdings  (8,817)    (8,817)
Stock-based compensation expense  12,533     12,533 
Change in value of redeemable non-controlling interest     (2,624) (2,624)
Foreign currency translation   (40,935)  (469)(41,404)
Net income (loss)     (13,632)1,221 (12,411)
Balance at March 31, 202047,938 479 680,726 (156,384)(172,342)1,514,358 10,137 1,876,974 
Stock issued under share-based compensation plans5  184     184 
Share repurchases for tax withholdings  (76)    (76)
Stock-based compensation expense  14,219     14,219 
Change in value of redeemable non-controlling interest     59,940  59,940 
Foreign currency translation   23,123   221 23,344 
Net income     12,718 576 13,294 
Balance at June 30, 202047,943 479 $695,053 $(133,261)$(172,342)$1,587,016 $10,934 $1,987,879 
Stock issued under share-based compensation plans30  2,091     2,091 
Fair value of stock issued through private placement, net of issuance costs of $968 (Note 10)
577 6 92,970     92,976 
Share repurchases for tax withholdings  (378)    (378)
Equity component of the convertible notes, net of allocated issuance costs of $570 and taxes of $13,623 (Note 10)
  41,066     41,066 
Stock-based compensation expense  17,882     17,882 
Change in value of redeemable non-controlling interest     (6,879) (6,879)
Transfer of cumulative translation adjustment on the sale of subsidiary   5,473    5,473 
Foreign currency translation   14,715   432 15,147 
Net (loss) income     (58,961)707 (58,254)
Balance at September 30, 202048,550 $485 $848,684 $(113,073)$(172,342)$1,521,176 $12,073 $2,097,003 
1 Reflects the impact of the Company’s modified retrospective adoption of ASU 2016-13 (See Note 2, Recent Accounting Pronouncements).
See notes to unaudited condensed consolidated financial statements.

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WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

 Common Stock Issued Additional
Paid-in 
Capital
Accumulated Other Comprehensive LossTreasury Stock Retained
Earnings
 Non-Controlling InterestTotal Stockholders’
Equity
 SharesAmount
Balance at January 1, 201947,557 $475 $593,262 $(117,291)$(172,342)$1,481,593 $10,227 $1,795,924 
Stock issued117 1 404 — — — — 405 
Share repurchases for tax withholdings— — (9,723)— — — — (9,723)
Stock-based compensation expense— — 9,703 — — — — 9,703 
Adjustment to redeemable non-controlling interest— — 41,400 — — (41,400)—  
Foreign currency translation— — — 4,409 — — (38)4,371 
Net income— — — — — 16,134 74 16,208 
Balance at March 31, 201947,674 476 635,046 (112,882)(172,342)1,456,327 10,263 1,816,888 
Stock issued27 1 1,875 — — — — 1,876 
Share repurchases for tax withholdings— — (135)— — — — (135)