Supplemental Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2013 |
Supplemental Guarantor Financial Information [Abstract] | ' |
Supplemental Guarantor Financial Information | ' |
(18) Supplemental Guarantor Financial Information |
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The Company's 2018 Notes are fully and unconditionally guaranteed, subject to certain customary release provisions, on a joint and several basis by all of the Company's 100% owned domestic subsidiaries. The following information sets forth the condensed consolidating statements of operations and cash flows for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidating balance sheets as of September 30, 2013 and December 31, 2012 of (1) Cardtronics, Inc., the parent company and issuer of the 2018 Notes ("Parent"); (2) all of the Company's 100% owned domestic subsidiaries on a combined basis (collectively, the "Guarantors"); and (3) the Company's international subsidiaries on a combined basis (collectively, the "Non-Guarantors"): |
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Condensed Consolidating Statements of Comprehensive Income (Loss) |
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| | Three Months Ended September 30, 2013 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Revenues | | $ | — | | $ | 168,574 | | $ | 62,060 | | $ | -1,815 | | $ | 228,819 |
Operating costs and expenses | | | 3,234 | | | 140,784 | | | 67,678 | | | -1,821 | | | 209,875 |
Operating (loss) income | | | -3,234 | | | 27,790 | | | -5,618 | | | 6 | | | 18,944 |
Interest expense, net, including amortization of deferred financing costs | | | 1,278 | | | 2,529 | | | 1,913 | | | — | | | 5,720 |
Equity in (earnings) losses of subsidiaries | | | -17,930 | | | 2,256 | | | — | | | 15,674 | | | — |
Other expense (income), net | | | 3,875 | | | -608 | | | -3,826 | | | — | | | -559 |
Income (loss) before income taxes | | | 9,543 | | | 23,613 | | | -3,705 | | | -15,668 | | | 13,783 |
Income tax expense | | | 18,531 | | | 2,459 | | | 1,775 | | | — | | | 22,765 |
Net (loss) income | | | -8,988 | | | 21,154 | | | -5,480 | | | -15,668 | | | -8,982 |
Net loss attributable to noncontrolling interests | | | — | | | — | | | — | | | -574 | | | -574 |
Net (loss) income attributable to controlling interests and available to common stockholders | | | -8,988 | | | 21,154 | | | -5,480 | | | -15,094 | | | -8,408 |
Other comprehensive income (loss) attributable to controlling interests | | | 6,049 | | | -4,719 | | | 4,728 | | | -6 | | | 6,052 |
Comprehensive (loss) income attributable to controlling interests | | $ | -2,939 | | $ | 16,435 | | $ | -752 | | $ | -15,100 | | $ | -2,356 |
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| | Three Months Ended September 30, 2012 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Revenues | | $ | — | | $ | 161,759 | | $ | 41,396 | | $ | -4,126 | | $ | 199,029 |
Operating costs and expenses | | | 2,758 | | | 133,459 | | | 41,081 | | | -3,601 | | | 173,697 |
Operating (loss) income | | | -2,758 | | | 28,300 | | | 315 | | | -525 | | | 25,332 |
Interest (income) expense, net, including amortization of deferred financing costs | | | -867 | | | 6,091 | | | 270 | | | — | | | 5,494 |
Equity in (earnings) losses of subsidiaries | | | -22,181 | | | 379 | | | — | | | 21,802 | | | — |
Other (income) expense, net | | | — | | | -1,269 | | | 544 | | | -312 | | | -1,037 |
Income (loss) before income taxes | | | 20,290 | | | 23,099 | | | -499 | | | -22,015 | | | 20,875 |
Income tax expense | | | 7,371 | | | 798 | | | — | | | — | | | 8,169 |
Net income (loss) | | | 12,919 | | | 22,301 | | | -499 | | | -22,015 | | | 12,706 |
Net loss attributable to noncontrolling interests | | | — | | | — | | | — | | | -191 | | | -191 |
Net income (loss) attributable to controlling interests and available to common stockholders | | | 12,919 | | | 22,301 | | | -499 | | | -21,824 | | | 12,897 |
Other comprehensive income (loss) attributable to controlling interests | | | 3,130 | | | -7,918 | | | 2,197 | | | -104 | | | -2,695 |
Comprehensive income attributable to controlling interests | | $ | 16,049 | | $ | 14,383 | | $ | 1,698 | | $ | -21,928 | | $ | 10,202 |
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Condensed Consolidating Statements of Comprehensive Income (Loss) – Continued |
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| | Nine Months Ended September 30, 2013 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Revenues | | $ | — | | $ | 493,574 | | $ | 146,467 | | $ | -5,500 | | $ | 634,541 |
Operating costs and expenses | | | 9,104 | | | 409,945 | | | 154,035 | | | -5,528 | | | 567,556 |
Operating (loss) income | | | -9,104 | | | 83,629 | | | -7,568 | | | 28 | | | 66,985 |
Interest expense, net, including amortization of deferred financing costs | | | 5,211 | | | 8,650 | | | 2,444 | | | — | | | 16,305 |
Equity in (earnings) losses of subsidiaries | | | -66,408 | | | 4,688 | | | — | | | 61,720 | | | — |
Other expense (income), net | | | 3,875 | | | -5,014 | | | -1,891 | | | — | | | -3,030 |
Income (loss) before income taxes | | | 48,218 | | | 75,305 | | | -8,121 | | | -61,692 | | | 53,710 |
Income tax expense | | | 33,315 | | | 3,689 | | | 1,775 | | | — | | | 38,779 |
Net income (loss) | | | 14,903 | | | 71,616 | | | -9,896 | | | -61,692 | | | 14,931 |
Net loss attributable to noncontrolling interests | | | — | | | — | | | — | | | -1,418 | | | -1,418 |
Net income (loss) attributable to controlling interests and available to common stockholders | | | 14,903 | | | 71,616 | | | -9,896 | | | -60,274 | | | 16,349 |
Other comprehensive (loss) income attributable to controlling interests | | | -7,673 | | | 31,018 | | | 1,427 | | | -31 | | | 24,741 |
Comprehensive income (loss) attributable to controlling interests | | $ | 7,230 | | $ | 102,634 | | $ | -8,469 | | $ | -60,305 | | $ | 41,090 |
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| | Nine Months Ended September 30, 2012 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Revenues | | $ | — | | $ | 478,401 | | $ | 110,540 | | $ | -6,852 | | $ | 582,089 |
Operating costs and expenses | | | 8,910 | | | 398,140 | | | 112,804 | | | -6,324 | | | 513,530 |
Operating (loss) income | | | -8,910 | | | 80,261 | | | -2,264 | | | -528 | | | 68,559 |
Interest (income) expense, net, including amortization of deferred financing costs | | | -2,205 | | | 18,053 | | | 787 | | | — | | | 16,635 |
Equity in (earnings) losses of subsidiaries | | | -57,939 | | | 5,200 | | | — | | | 52,739 | | | — |
Other expense (income), net | | | 8 | | | -2,803 | | | 2,019 | | | -312 | | | -1,088 |
Income (loss) before income taxes | | | 51,226 | | | 59,811 | | | -5,070 | | | -52,955 | | | 53,012 |
Income tax expense | | | 18,682 | | | 2,002 | | | — | | | — | | | 20,684 |
Net income (loss) | | | 32,544 | | | 57,809 | | | -5,070 | | | -52,955 | | | 32,328 |
Net loss attributable to noncontrolling interests | | | — | | | — | | | — | | | -62 | | | -62 |
Net income (loss) attributable to controlling interests and available to common stockholders | | | 32,544 | | | 57,809 | | | -5,070 | | | -52,893 | | | 32,390 |
Other comprehensive income (loss) attributable to controlling interests | | | 17,787 | | | -46,127 | | | 2,806 | | | -126 | | | -25,660 |
Comprehensive income (loss) attributable to controlling interests | | $ | 50,331 | | $ | 11,682 | | $ | -2,264 | | $ | -53,019 | | $ | 6,730 |
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Condensed Consolidating Balance Sheets |
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| | As of September 30, 2013 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Assets: | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 18 | | $ | 7,287 | | $ | 11,251 | | $ | — | | $ | 18,556 |
Accounts and notes receivable, net | | | 62,580 | | | 39,848 | | | 13,371 | | | -65,828 | | | 49,971 |
Current portion of deferred tax asset, net | | | 13,081 | | | 1,196 | | | 5,377 | | | — | | | 19,654 |
Other current assets | | | 542 | | | 20,464 | | | 34,011 | | | -31 | | | 54,986 |
Total current assets | | | 76,221 | | | 68,795 | | | 64,010 | | | -65,859 | | | 143,167 |
Property and equipment, net | | | — | | | 157,384 | | | 95,061 | | | -446 | | | 251,999 |
Intangible assets, net | | | 4,732 | | | 79,207 | | | 91,888 | | | — | | | 175,827 |
Goodwill | | | — | | | 279,375 | | | 110,921 | | | — | | | 390,296 |
Investments in and advances to subsidiaries | | | 422,709 | | | 242,057 | | | — | | | -664,766 | | | — |
Intercompany receivable | | | 176,257 | | | 41,541 | | | — | | | -217,798 | | | — |
Deferred tax asset, net | | | — | | | — | | | 3,353 | | | — | | | 3,353 |
Prepaid expenses, deferred costs, and other assets | | | 54 | | | 1,586 | | | 1,178 | | | — | | | 2,818 |
Total assets | | $ | 679,973 | | $ | 869,945 | | $ | 366,411 | | $ | -948,869 | | $ | 967,460 |
Liabilities and Stockholders' Equity: | | | | | | | | | | | | | | | |
Current portion of long-term debt and notes payable | | $ | — | | $ | — | | $ | 1,387 | | $ | — | | $ | 1,387 |
Current portion of other long-term liabilities | | | — | | | 29,362 | | | 966 | | | — | | | 30,328 |
Accounts payable and accrued liabilities | | | 7,138 | | | 139,448 | | | 70,982 | | | -65,695 | | | 151,873 |
Current portion of deferred tax liability, net | | | — | | | — | | | 1,178 | | | — | | | 1,178 |
Total current liabilities | | | 7,138 | | | 168,810 | | | 74,513 | | | -65,695 | | | 184,766 |
Long-term debt | | | 456,066 | | | 7 | | | 310 | | | — | | | 456,383 |
Intercompany payable | | | — | | | 167,222 | | | 103,448 | | | -270,670 | | | — |
Asset retirement obligations | | | — | | | 22,706 | | | 36,796 | | | — | | | 59,502 |
Deferred tax liability, net | | | 3,330 | | | -470 | | | -29 | | | — | | | 2,831 |
Other long-term liabilities | | | — | | | 50,483 | | | 56 | | | — | | | 50,539 |
Total liabilities | | | 466,534 | | | 408,758 | | | 215,094 | | | -336,365 | | | 754,021 |
Stockholders' equity | | | 213,439 | | | 461,187 | | | 151,317 | | | -612,504 | | | 213,439 |
Total liabilities and stockholders' equity | | $ | 679,973 | | $ | 869,945 | | $ | 366,411 | | $ | -948,869 | | $ | 967,460 |
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Condensed Consolidating Balance Sheets — continued |
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| | As of December 31, 2012 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Assets: | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 5 | | $ | 10,674 | | $ | 3,182 | | $ | — | | $ | 13,861 |
Accounts and notes receivable, net | | | 56,722 | | | 39,384 | | | 9,934 | | | -60,905 | | | 45,135 |
Current portion of deferred tax asset, net | | | 11,683 | | | 1,094 | | | 309 | | | — | | | 13,086 |
Other current assets | | | 764 | | | 28,116 | | | 14,793 | | | -6 | | | 43,667 |
Total current assets | | | 69,174 | | | 79,268 | | | 28,218 | | | -60,911 | | | 115,749 |
Property and equipment, net | | | — | | | 154,737 | | | 82,001 | | | -500 | | | 236,238 |
Intangible assets, net | | | 4,684 | | | 87,670 | | | 10,219 | | | — | | | 102,573 |
Goodwill | | | — | | | 268,454 | | | 17,242 | | | — | | | 285,696 |
Investments in and advances to subsidiaries | | | 209,668 | | | 100,048 | | | — | | | -309,716 | | | — |
Intercompany receivable | | | 204,098 | | | 48,128 | | | — | | | -252,226 | | | — |
Deferred tax asset, net | | | 23,162 | | | 2,195 | | | 1,111 | | | — | | | 26,468 |
Prepaid expenses, deferred costs, and other assets | | | — | | | 1,999 | | | 169 | | | — | | | 2,168 |
Total assets | | $ | 510,786 | | $ | 742,499 | | $ | 138,960 | | $ | -623,353 | | $ | 768,892 |
Liabilities and Stockholders' Equity: | | | | | | | | | | | | | | | |
Current portion of long-term debt and notes payable | | $ | — | | $ | — | | $ | 1,467 | | $ | — | | $ | 1,467 |
Current portion of other long-term liabilities | | | — | | | 23,386 | | | 1,000 | | | — | | | 24,386 |
Accounts payable and accrued liabilities | | | 9,982 | | | 122,501 | | | 30,127 | | | -60,905 | | | 101,705 |
Current portion of deferred tax liability, net | | | — | | | — | | | 1,179 | | | — | | | 1,179 |
Total current liabilities | | | 9,982 | | | 145,887 | | | 33,773 | | | -60,905 | | | 128,737 |
Long-term debt | | | 352,000 | | | 15 | | | 1,337 | | | — | | | 353,352 |
Intercompany payable | | | — | | | 250,827 | | | 54,270 | | | -305,097 | | | — |
Asset retirement obligations | | | — | | | 21,448 | | | 23,248 | | | — | | | 44,696 |
Deferred tax liability, net | | | — | | | — | | | 182 | | | — | | | 182 |
Other long-term liabilities | | | — | | | 92,966 | | | 155 | | | — | | | 93,121 |
Total liabilities | | | 361,982 | | | 511,143 | | | 112,965 | | | -366,002 | | | 620,088 |
Stockholders' equity | | | 148,804 | | | 231,356 | | | 25,995 | | | -257,351 | | | 148,804 |
Total liabilities and stockholders' equity | | $ | 510,786 | | $ | 742,499 | | $ | 138,960 | | $ | -623,353 | | $ | 768,892 |
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Condensed Consolidating Statements of Cash Flows |
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| | Nine Months Ended September 30, 2013 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Net cash (used in) provided by operating activities | | $ | -20,539 | | $ | 136,589 | | $ | 6,435 | | $ | -10 | | $ | 122,475 |
Additions to property and equipment | | | — | | | -31,213 | | | -10,495 | | | — | | | -41,708 |
Payments for exclusive license agreements, site acquisition costs, and other intangible assets | | | — | | | -1,502 | | | -2,392 | | | — | | | -3,894 |
Intercompany fixed asset mark-up | | | — | | | — | | | -10 | | | 10 | | | — |
Investment in subsidiary | | | -94,007 | | | -118,643 | | | — | | | 212,650 | | | — |
Funding of intercompany notes payable | | | -242,215 | | | -3,100 | | | — | | | 245,315 | | | — |
Payments received on intercompany notes payable | | | 241,302 | | | 35,266 | | | — | | | -276,568 | | | — |
Acquisitions, net of cash acquired | | | — | | | -17,374 | | | -169,590 | | | — | | | -186,964 |
Net cash used in investing activities | | | -94,920 | | | -136,566 | | | -182,487 | | | 181,407 | | | -232,566 |
Proceeds from borrowings of long-term debt | | | 275,977 | | | — | | | — | | | — | | | 275,977 |
Repayments of long-term debt and capital leases | | | -175,754 | | | -8 | | | -1,117 | | | — | | | -176,879 |
Proceeds from intercompany notes payable | | | — | | | 75,854 | | | 169,461 | | | -245,315 | | | — |
Repayments of intercompany notes payable | | | — | | | -159,459 | | | -117,109 | | | 276,568 | | | — |
Debt issuance and modification costs | | | -761 | | | — | | | — | | | — | | | -761 |
Payment of contingent consideration | | | — | | | -750 | | | — | | | — | | | -750 |
Proceeds from exercises of stock options | | | 2,060 | | | — | | | — | | | — | | | 2,060 |
Excess tax benefit from stock-based compensation expense | | | 17,867 | | | — | | | — | | | — | | | 17,867 |
Repurchase of capital stock | | | -3,917 | | | — | | | — | | | — | | | -3,917 |
Issuance of capital stock | | | — | | | 80,953 | | | 131,697 | | | -212,650 | | | — |
Net cash provided by (used in) financing activities | | | 115,472 | | | -3,410 | | | 182,932 | | | -181,397 | | | 113,597 |
Effect of exchange rate changes on cash | | | — | | | — | | | 1,189 | | | — | | | 1,189 |
Net increase (decrease) in cash and cash equivalents | | | 13 | | | -3,387 | | | 8,069 | | | — | | | 4,695 |
Cash and cash equivalents as of beginning of period | | | 5 | | | 10,674 | | | 3,182 | | | — | | | 13,861 |
Cash and cash equivalents as of end of period | | $ | 18 | | $ | 7,287 | | $ | 11,251 | | $ | — | | $ | 18,556 |
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Condensed Consolidating Statements of Cash Flows — continued |
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| | Nine Months Ended September 30, 2012 |
| | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Total |
| | (In thousands) |
Net cash (used in) provided by operating activities | | $ | -4,144 | | $ | 79,600 | | $ | 19,101 | | $ | -232 | | $ | 94,325 |
Additions to property and equipment | | | — | | | -50,913 | | | -24,962 | | | — | | | -75,875 |
Payments for exclusive license agreements, site acquisition costs, and other intangible assets | | | — | | | -1,459 | | | -3,258 | | | — | | | -4,717 |
Intercompany fixed asset mark-up | | | — | | | — | | | -232 | | | 232 | | | — |
Funding of intercompany notes payable | | | -178,075 | | | -11,797 | | | — | | | 189,872 | | | — |
Payments received on intercompany notes payable | | | 170,145 | | | — | | | — | | | -170,145 | | | — |
Acquisitions, net of cash acquired | | | — | | | -17,663 | | | -222 | | | — | | | -17,885 |
Net cash used in investing activities | | | -7,930 | | | -81,832 | | | -28,674 | | | 19,959 | | | -98,477 |
Proceeds from borrowings of long-term debt | | | 207,900 | | | — | | | — | | | — | | | 207,900 |
Repayments of long-term debt and capital leases | | | -196,400 | | | -9 | | | -1,987 | | | — | | | -198,396 |
Proceeds from intercompany notes payable | | | — | | | 174,374 | | | 15,498 | | | -189,872 | | | — |
Repayments of intercompany notes payable | | | — | | | -170,145 | | | — | | | 170,145 | | | — |
Repayments of borrowings under bank overdraft facility, net | | | — | | | — | | | -162 | | | — | | | -162 |
Proceeds from exercises of stock options | | | 5,128 | | | — | | | — | | | — | | | 5,128 |
Repurchase of capital stock | | | -4,462 | | | — | | | — | | | — | | | -4,462 |
Net cash provided by financing activities | | | 12,166 | | | 4,220 | | | 13,349 | | | -19,727 | | | 10,008 |
Effect of exchange rate changes on cash | | | — | | | — | | | -335 | | | — | | | -335 |
Net increase in cash and cash equivalents | | | 92 | | | 1,988 | | | 3,441 | | | — | | | 5,521 |
Cash and cash equivalents as of beginning of period | | | 1 | | | 4,721 | | | 854 | | | — | | | 5,576 |
Cash and cash equivalents as of end of period | | $ | 93 | | $ | 6,709 | | $ | 4,295 | | $ | — | | $ | 11,097 |
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