Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'CARDTRONICS INC | ' |
Entity Central Index Key | '0001277856 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Trading Symbol | 'catm | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 44,480,760 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $60,653 | $86,939 |
Accounts and notes receivable, net of allowance of $608 and $571 as of March 31, 2014 and December 31, 2013, respectively | 63,854 | 58,274 |
Inventory, net | 5,855 | 5,302 |
Restricted cash | 27,921 | 14,896 |
Current portion of deferred tax asset, net | 20,459 | 21,202 |
Prepaid expenses, deferred costs, and other current assets | 23,242 | 20,159 |
Total current assets | 201,984 | 206,772 |
Property and equipment, net | 272,847 | 270,966 |
Intangible assets, net | 150,529 | 155,276 |
Goodwill | 411,140 | 404,491 |
Deferred tax asset, net | 10,879 | 9,680 |
Prepaid expenses, deferred costs, and other noncurrent assets | 7,260 | 9,018 |
Total assets | 1,054,639 | 1,056,203 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 939 | 1,289 |
Current portion of other long-term liabilities | 36,329 | 35,597 |
Accounts payable | 21,920 | 38,981 |
Accrued liabilities | 149,380 | 137,776 |
Current portion of deferred tax liability, net | ' | 1,152 |
Total current liabilities | 208,568 | 214,795 |
Long-term liabilities: | ' | ' |
Long-term debt | 483,593 | 489,225 |
Asset retirement obligation | 62,049 | 60,665 |
Deferred tax liability, net | 7,140 | 5,668 |
Other long-term liabilities | 36,600 | 38,736 |
Total liabilities | 797,950 | 809,089 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.0001 par value; 125,000,000 shares authorized; 51,473,934 and 51,207,849 shares issued as of March 31, 2014 and December 31, 2013, respectively; 44,481,159 and 44,375,952 shares outstanding as of March 31, 2014 and December 31, 2013, respectively | 5 | 5 |
Additional paid-in capital | 335,118 | 330,862 |
Accumulated other comprehensive loss, net | -71,028 | -72,954 |
Retained earnings | 91,242 | 81,677 |
Treasury stock; 6,992,775 and 6,831,897 shares at cost as of March 31, 2014 and December 31, 2013, respectively | -96,753 | -90,679 |
Total parent stockholders' equity | 258,584 | 248,911 |
Noncontrolling interests | -1,895 | -1,797 |
Total stockholders' equity | 256,689 | 247,114 |
Total liabilities and stockholders' equity | $1,054,639 | $1,056,203 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts and notes receivable, allowance | $608 | $571 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 51,473,934 | 51,207,849 |
Common stock, shares outstanding | 44,481,159 | 44,375,952 |
Treasury stock, shares | 6,992,775 | 6,831,897 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
ATM operating revenues | $238,139 | $193,360 |
ATM product sales and other revenues | 6,933 | 4,378 |
Total revenues | 245,072 | 197,738 |
Cost of revenues: | ' | ' |
Cost of ATM operating revenues (excludes depreciation, accretion, and amortization shown separately below. See Note 1) | 159,759 | 129,560 |
Cost of ATM product sales and other revenues | 6,810 | 4,129 |
Total cost of revenues | 166,569 | 133,689 |
Gross profit | 78,503 | 64,049 |
Operating expenses: | ' | ' |
Selling, general, and administrative expenses | 24,527 | 18,989 |
Acquisition-related expenses | 3,087 | 2,822 |
Depreciation and accretion expense | 18,346 | 16,285 |
Amortization of intangible assets | 8,217 | 5,748 |
Loss on disposal of assets | 268 | 203 |
Total operating expenses | 54,445 | 44,047 |
Income from operations | 24,058 | 20,002 |
Other expense (income): | ' | ' |
Interest expense, net | 5,416 | 5,066 |
Amortization of deferred financing costs and note discount | 2,685 | 229 |
Redemption costs for early extinguishment of debt | 654 | ' |
Other income | 31 | -421 |
Total other expense | 8,786 | 4,874 |
Income before income taxes | 15,272 | 15,128 |
Income tax expense (benefit) | 5,773 | 5,980 |
Net income | 9,499 | 9,148 |
Net loss attributable to noncontrolling interests | -66 | -282 |
Net income attributable to controlling interests and available to common stockholders | $9,565 | $9,430 |
Net income per common share - basic | $0.22 | $0.21 |
Net income per common share - diluted | $0.21 | $0.21 |
Weighted average shares outstanding - basic | 44,215,372 | 44,247,098 |
Weighted average shares outstanding - diluted | 44,767,588 | 44,479,366 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Net income | $9,499 | $9,148 |
Unrealized gains on interest rate swap contracts, net of deferred income tax expense of $919 and $3,436 for the three months ended March 31, 2014 and 2013, respectively | 1,186 | 5,703 |
Foreign currency translation adjustments | 740 | -4,040 |
Other comprehensive income | 1,926 | 1,663 |
Total comprehensive income | 11,425 | 10,811 |
Less: comprehensive loss attributable to noncontrolling interests | -78 | -222 |
Comprehensive income (loss) attributable to controlling interests | $11,503 | $11,033 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Unrealized gains (losses) on interest rate swap contracts, tax (benefit) expense | $919 | $3,436 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $9,499 | $9,148 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, accretion, and amortization expense | 26,563 | 22,033 |
Amortization of deferred financing costs and note discount | 2,685 | 229 |
Stock-based compensation expense | 3,218 | 3,165 |
Deferred income taxes | -947 | 1,433 |
Loss on disposal of assets | 268 | 203 |
Other reserves and non-cash items | 122 | 1,157 |
Changes in assets and liabilities: | ' | ' |
Increase in accounts and notes receivable, net | -5,628 | -4,457 |
Decrease in prepaid, deferred costs, and other current assets | 1,096 | 14,526 |
Increase in inventory | -899 | -219 |
Decrease (increase) in other assets | 441 | -1,507 |
Decrease in accounts payable | -19,036 | -2,722 |
(Decrease) increase in accrued liabilities | -2,231 | 113 |
Decrease in other liabilities | -632 | -1,722 |
Net cash provided by operating activities | 14,519 | 41,380 |
Cash flows from investing activities: | ' | ' |
Additions to property and equipment | -16,712 | -15,145 |
Payments for exclusive license agreements, site acquisition costs and other intangible assets | ' | -792 |
Acquisitions, net of cash acquired | -8,805 | -12,587 |
Net cash used in investing activities | -25,517 | -28,524 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings of long-term debt | ' | 57,200 |
Repayments of long-term debt and capital leases | -8,788 | -58,169 |
Borrowings under bank overdraft facility, net | -761 | ' |
Debt issuance and modification costs | -142 | ' |
Payment of contingent acquisition consideration | -517 | -250 |
Proceeds from exercises of stock options | 135 | 247 |
Excess tax benefit from stock-based compensation expense | 912 | 3,966 |
Repurchase of capital stock | -6,074 | -3,804 |
Net cash used in financing activities | -15,235 | -810 |
Effect of exchange rate changes on cash | -53 | 219 |
Net increase in cash and cash equivalents | -26,286 | 12,265 |
Cash and cash equivalents as of beginning of period | 86,939 | 13,861 |
Cash and cash equivalents as of end of period | 60,653 | 26,126 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest, including interest on capital leases | 8,892 | 9,115 |
Cash paid for income taxes | $4,012 | $534 |
General_and_Basis_of_Presentat
General and Basis of Presentation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
General and Basis of Presentation [Abstract] | ' | ||||||
General and Basis of Presentation | ' | ||||||
(1) General and Basis of Presentation | |||||||
General | |||||||
Cardtronics, Inc., along with its wholly- and majority-owned subsidiaries (collectively, the "Company") provides convenient consumer financial services through its network of automated teller machines ("ATMs") and multi-function financial services kiosks. As of March 31, 2014, the Company provided services to over 82,700 devices across its portfolio, which included approximately 65,900 devices located in all 50 states of the United States ("U.S.") as well as in the U.S. territories of Puerto Rico and the U.S. Virgin Islands, approximately 11,800 devices throughout the United Kingdom ("U.K."), approximately 900 devices throughout Germany, approximately 1,900 devices throughout Canada, and approximately 2,200 devices throughout Mexico. In the U.S., certain of the Company’s devices are multi-function financial services kiosks that, in addition to traditional ATM functions such as cash dispensing and bank account balance inquiries, perform other consumer financial services, including bill payments, check cashing, remote deposit capture (which is deposit taking at ATMs using electronic imaging), and money transfers. Also included in the total count of 82,700 devices are approximately 13,900 devices for which the Company provides various forms of managed services solutions, which may include services such as transaction processing, monitoring, maintenance, cash management, communications, and customer service. | |||||||
Through its network, the Company provides ATM management and equipment-related services (typically under multi-year contracts) to large, nationally and regionally-known retail merchants as well as smaller retailers and operators of facilities such as shopping malls and airports. In doing so, the Company provides its retail partners with a compelling automated financial services solution that helps attract and retain customers, and in turn, increases the likelihood that the devices placed at their facilities will be utilized. | |||||||
In addition to its retail merchant relationships, the Company also partners with leading national financial institutions to brand selected ATMs and financial services kiosks within its network, including Citibank, N.A., JPMorgan Chase Bank, N.A., Sovereign Bank, N.A., PNC Bank, N.A., Frost Bank, The Bank of Nova Scotia (“Scotiabank”) in Canada, Mexico, and Puerto Rico, and Grupo Financiero Banorte, S.A. de C.V. in Mexico. As of March 31, 2014, approximately 21,400 of the Company’s devices were under contract with financial institutions to place their logos on those machines, and to provide convenient surcharge-free access for their banking customers. | |||||||
The Company also owns and operates the Allpoint network (“Allpoint”), the largest surcharge-free ATM network within the U.S. (based on the number of participating ATMs). Allpoint, which has more than 56,000 participating ATMs globally, provides surcharge-free ATM access to customers of participating financial institutions that lack a significant ATM network in exchange for either a fixed monthly fee per cardholder or a set fee per transaction that is paid by the financial institutions who are members of the network. Allpoint includes a majority of the Company’s ATMs in the U.S., U.K., Puerto Rico and Mexico, approximately a quarter of the Company’s ATMs in Canada, and locations in Australia through a partnership with a local ATM owner and operator in that market. Allpoint also works with financial institutions that manage stored-value debit card programs on behalf of corporate entities and governmental agencies, including general purpose, payroll and electronic benefits transfer (“EBT”) cards. Under these programs, the issuing financial institutions pay Allpoint a fee per issued stored-value card or per transaction in return for allowing the users of those cards surcharge-free access to Allpoint’s participating ATM network. | |||||||
Finally, the Company owns and operates an electronic funds transfer (“EFT”) transaction processing platform that provides transaction processing services to its network of ATMs and financial services kiosks as well as other ATMs under managed services arrangements. | |||||||
Basis of Presentation | |||||||
This Quarterly Report on Form 10-Q (this "Form 10-Q") has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all of the disclosures required by accounting principles generally accepted in the United States ("U.S. GAAP"), although the Company believes that the disclosures are adequate to make the information not misleading. You should read this Form 10-Q along with the Company's Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 Form 10-K"), which includes a summary of the Company's significant accounting policies and other disclosures. | |||||||
The financial statements as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 are unaudited. The Consolidated Balance Sheet as of December 31, 2013 was derived from the audited balance sheet filed in the 2013 Form 10-K. In management's opinion, all normal recurring adjustments necessary for a fair presentation of the Company's interim and prior period results have been made. Certain balances have been reclassified in the December 31, 2013 audited financial statements to present information consistently between periods. During the three months ended March 31, 2014, the Company changed its accounting policy related to the presentation of certain upfront merchant payments by reclassifying such payments from Intangible Assets to the Other Assets line item on the consolidated balance sheet. Prior period amounts have been reclassified to conform to this presentation. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. | |||||||
The unaudited interim consolidated financial statements include the accounts of Cardtronics, Inc. and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Because the Company owns a majority (51.0%) interest in, and realizes a majority of the earnings and/or losses of, Cardtronics Mexico, S.A. de C.V. (“Cardtronics Mexico”), this entity is reflected as a consolidated subsidiary in the accompanying consolidated financial statements, with the remaining ownership interests not held by the Company being reflected as noncontrolling interests. | |||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and these differences could be material to the financial statements. | |||||||
Cost of ATM Operating Revenues and Gross Profit Presentation | |||||||
The Company presents Cost of ATM operating revenues and Gross profit within its Consolidated Statements of Operations exclusive of depreciation, accretion, and amortization of intangible assets related to ATMs and ATM-related assets. The following table sets forth the amounts excluded from Cost of ATM operating revenues and Gross profit for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Depreciation and accretion expenses related to ATMs and ATM-related assets | $ | 15,589 | $ | 14,278 | |||
Amortization of intangible assets | 8,217 | 5,748 | |||||
Total depreciation, accretion, and amortization of intangible assets excluded from Cost of ATM operating revenues and Gross profit | $ | 23,806 | $ | 20,026 | |||
Acquisitions
Acquisitions | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Acquisitions [Abstract] | ' | ||||||
Acquisitions | ' | ||||||
(2) Acquisitions | |||||||
Acquisition of the Cardpoint ATM Portfolio | |||||||
On August 7, 2013, the Company completed the acquisition of Cardpoint Limited (“Cardpoint”) for approximately £105.4 million ($161.8 million) in cash. As a result of the Cardpoint acquisition, the Company significantly increased the size of its European operations by adding approximately 7,100 ATMs in the U.K. and approximately 800 ATMs in Germany, substantially all of which were owned by Cardpoint. Approximately one fourth of the Company’s ATMs deployed in the U.K. are placed with well-known multi-location retailers, whereas the remainder of the ATMs in the U.K., and most of the ATMs in Germany, are primarily placed with individual merchants at their retail locations. | |||||||
Pro Forma Results of Operations | |||||||
The following table presents the unaudited pro forma combined results of operations of the Company and the acquired Cardpoint portfolios for the three months ended March 31, 2013, after giving effect to certain pro forma adjustments including: (i) amortization of acquired intangible assets, (ii) the impact of certain fair value adjustments such as depreciation on the acquired property and equipment, and (iii) interest expense adjustment for historical long-term debt of Cardpoint that was repaid and interest expense on additional borrowings by the Company to fund the acquisition. | |||||||
Three Months Ended | |||||||
31-Mar-13 | |||||||
As Reported | Pro Forma | ||||||
(In thousands, excluding per share amounts) | |||||||
Total revenues | $ | 197,738 | $ | 223,674 | |||
Net income attributable to controlling interests and available to common stockholders | 9,430 | 9,280 | |||||
Earnings per share – basic | $ | 0.21 | $ | 0.20 | |||
Earnings per share – diluted | $ | 0.21 | $ | 0.20 | |||
The unaudited pro forma financial results do not reflect the impact of other acquisitions consummated by the Company during 2013, as the impact would not be material to its condensed consolidated results of operations. The unaudited pro forma financial results assume that the Cardpoint acquisition occurred on January 1, 2013, and are not necessarily indicative of the actual results that would have occurred had those transactions been completed on that date. Furthermore, it does not reflect the impacts of any potential operating efficiencies, savings from expected synergies, or costs to integrate the operations. The unaudited pro forma financial results are not necessarily indicative of the future results to be expected for the consolidated operations. | |||||||
Other Acquisitions | |||||||
On February 6, 2014, the Company acquired the majority of the assets of Automated Financial, LLC (“Automated Financial”), an Arizona-based provider of ATM services to approximately 2,100 ATMs consisting primarily of merchant-owned ATMs. The Automated Financial acquisition did not have a material effect on the Company's consolidated results of operations during the three months ended March 31, 2014. | |||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Stock-Based Compensation [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
(3) Stock-Based Compensation | |||||||
The Company calculates the fair value of stock-based awards granted to employees and directors on the date of grant and recognizes the calculated fair value, net of estimated forfeitures, as compensation expense over the requisite service periods of the related awards. The following table reflects the total stock-based compensation expense amounts included in the Company's Consolidated Statements of Operations for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Cost of ATM operating revenues | $ | 214 | $ | 205 | |||
Selling, general, and administrative expenses | 3,004 | 2,960 | |||||
Total stock-based compensation expense | $ | 3,218 | $ | 3,165 | |||
All grants during the periods above were made under the Company's Amended and Restated 2007 Stock Incentive Plan (the "2007 Stock Incentive Plan"). | |||||||
Restricted Stock Awards. The number of the Company's outstanding Restricted Stock Awards (“RSAs”) as of March 31, 2014, and changes during the three months ended March 31, 2014, are presented below: | |||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
RSAs outstanding as of January 1, 2014 | 375,498 | $ | 18.42 | ||||
Vested | -210,390 | $ | 13.50 | ||||
Forfeited | -6,250 | $ | 27.86 | ||||
RSAs outstanding as of March 31, 2014 | 158,858 | $ | 24.57 | ||||
As of March 31, 2014, the unrecognized compensation expense associated with all outstanding RSAs was approximately $2.7 million, which will be recognized on a straight-line basis over a remaining weighted-average vesting period of approximately 2.2 years. | |||||||
Restricted Stock Units. In the first quarter of each year since 2011, the Company granted restricted stock units (“RSUs”) under its Long Term Incentive Plan ("LTIP"), which is an annual equity award program under the 2007 Stock Incentive Plan. The ultimate number of RSUs to be earned and outstanding are approved by the Compensation Committee of the Company's Board of Directors (the "Committee") on an annual basis, and are based on the Company's achievement of certain performance levels during the calendar year of its grant. The majority of these grants have both a performance-based and a service-based vesting schedule (“Performance-RSUs”), and the Company recognizes the related compensation expense based on the estimated performance levels that management believes will ultimately be met. Starting with the grants made in 2013, a portion of the awards have a service-based vesting schedule only (“Time-RSUs”), for which the associated expense is recognized ratably over four years. Performance-RSUs and Time-RSUs are convertible into the Company’s common stock after the passage of the vesting periods, which are 24, 36, and 48 months from January 31 of the grant year, at the rate of 50%, 25%, and 25%, respectively. Performance-RSUs will be earned only if the Company achieves certain performance levels. Although the RSUs are not considered to be earned and outstanding until at least the minimum performance metrics are met, the Company recognizes the related compensation expense over the requisite service period (or to an employee’s qualified retirement date, if earlier) using a graded vesting methodology. RSUs are also granted outside of LTIPs, with or without performance-based vesting requirements. | |||||||
The number of the Company's non-vested RSUs as of March 31, 2014, and changes during the three months ended March 31, 2014, are presented below: | |||||||
Number of Units | Weighted Average Grant Date Fair Value | ||||||
Non-vested RSUs as of January 1, 2014 | 733,235 | $ | 25.26 | ||||
Granted | 427,411 | $ | 32.19 | ||||
Vested | -250,885 | $ | 21.71 | ||||
Forfeited | -17,094 | $ | 24.03 | ||||
Non-vested RSUs as of March 31, 2014 | 892,667 | $ | 29.60 | ||||
The above table only includes earned RSUs; therefore, the Performance-RSUs granted in 2014 but not yet earned are not included, but the Time-RSUs are included as granted. | |||||||
As of March 31, 2014, the unrecognized compensation expense associated with earned RSUs was approximately $15.0 million, which will be recognized using a graded vesting schedule for Performance-RSUs and a straight-line vesting schedule for Time-RSUs, over a remaining weighted-average vesting period of approximately 2.55 years. | |||||||
Options. The number of the Company's outstanding stock options as of March 31, 2014, and changes during the three months ended March 31, 2014, are presented below: | |||||||
Number of Shares | Weighted Average Exercise Price | ||||||
Options outstanding as of January 1, 2014 | 280,175 | $ | 9.66 | ||||
Exercised | -15,200 | $ | 8.83 | ||||
Options outstanding as of March 31, 2014 | 264,975 | $ | 9.70 | ||||
Options vested and exercisable as of March 31, 2014 | 264,975 | $ | 9.70 | ||||
As of March 31, 2014, the Company had no unrecognized compensation expense associated with outstanding options. | |||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||
(4) Earnings per Share | |||||||||||||||||||
The Company reports its earnings per share under the two-class method. Under this method, potentially dilutive securities are excluded from the calculation of diluted earnings per share (as well as their related impact on the net income available to common stockholders) when their impact on net income available to common stockholders is anti-dilutive. Potentially dilutive securities for the three months ended March 31, 2014 and 2013 included all outstanding stock options and shares of restricted stock, which were included in the calculation of diluted earnings per share for these periods. | |||||||||||||||||||
Additionally, the shares of restricted stock issued by the Company under RSAs have a non-forfeitable right to cash dividends, if and when declared by the Company. Accordingly, restricted shares issued under RSAs are considered to be participating securities and, as such, the Company has allocated the undistributed earnings for the three months ended March 31, 2014 and 2013 among the Company's outstanding shares of common stock and issued but unvested restricted shares, as follows: | |||||||||||||||||||
Earnings per Share (in thousands, excluding share and per share amounts): | |||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||
Income | Weighted Average Shares Outstanding | Earnings Per Share | Income | Weighted Average Shares Outstanding | Earnings Per Share | ||||||||||||||
Basic: | |||||||||||||||||||
Net income attributable to controlling interests and available to common stockholders | $ | 9,565 | $ | 9,430 | |||||||||||||||
Less: Undistributed earnings allocated to unvested RSAs | -49 | -231 | |||||||||||||||||
Net income available to common stockholders | $ | 9,516 | 44,215,372 | $ | 0.22 | $ | 9,199 | 44,247,098 | $ | 0.21 | |||||||||
Diluted: | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Add: Undistributed earnings allocated to restricted shares | $ | 49 | $ | 231 | |||||||||||||||
Stock options added to the denominator under the treasury stock method | 135,579 | 232,268 | |||||||||||||||||
RSUs added to the denominator under the treasury stock method | 416,637 | — | |||||||||||||||||
Less: Undistributed earnings reallocated to RSAs | -48 | -230 | |||||||||||||||||
Net income available to common stockholders and assumed conversions | $ | 9,517 | 44,767,588 | $ | 0.21 | $ | 9,200 | 44,479,366 | $ | 0.21 | |||||||||
The computation of diluted earnings per share excluded potentially dilutive common shares related to restricted stock of 101,461 shares for the three months ended March 31, 2014, and 480,284 shares for the three months ended March 31, 2013, respectively, because the effect of including these shares in the computation would have been anti-dilutive. | |||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss, Net | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accumulated Other Comprehensive Loss, Net [Abstract] | ' | ||||||||||
Accumulated Other Comprehensive Loss, Net | ' | ||||||||||
(5) Accumulated Other Comprehensive Loss, Net | |||||||||||
Accumulated other comprehensive loss, net is displayed as a separate component of Stockholders' equity in the accompanying Consolidated Balance Sheets. The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net for the three months ended March 31, 2014: | |||||||||||
Foreign currency translation adjustments | Unrealized (losses) gains on interest rate swap contracts | Total | |||||||||
(In thousands) | |||||||||||
Total accumulated other comprehensive loss, net as of January 1, 2014 | $ | -18,436 | $ | -54,518 | -1 | $ | -72,954 | ||||
Other comprehensive income (loss) before reclassification | 740 | -7,552 | -2 | -6,812 | |||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 8,738 | -2 | 8,738 | |||||||
Net current period other comprehensive income | 740 | 1,186 | 1,926 | ||||||||
Total accumulated other comprehensive loss, net as of March 31, 2014 | $ | -17,696 | $ | -53,332 | -1 | $ | -71,028 | ||||
___________ | |||||||||||
(1) Net of deferred income tax benefit of $9,910 and $10,829 as of March 31, 2014 and January 1, 2014, respectively. | |||||||||||
(2) Net of deferred income tax (benefit) expense of $(5,852) and $6,771 for Other comprehensive income (loss) before reclassification and Amounts reclassified from accumulated other comprehensive loss, net, respectively. See Note 11, Derivative Financial Instruments. | |||||||||||
The Company records unrealized gains and losses related to its interest rate swaps net of estimated taxes in the Accumulated other comprehensive loss, net line item within Stockholders' equity in the accompanying Consolidated Balance Sheets since it is more likely than not that the Company will be able to realize the benefits associated with its net deferred tax asset positions in the future. | |||||||||||
The Company currently believes that the unremitted earnings of its foreign subsidiaries will be reinvested for an indefinite period of time. Accordingly, no deferred taxes have been provided for the differences between the Company's book basis and underlying tax basis in these subsidiaries or on the foreign currency translation adjustment amounts. | |||||||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||
(6) Intangible Assets | |||||||||||||||||||
Intangible Assets with Indefinite Lives | |||||||||||||||||||
The following table presents the net carrying amount of the Company's intangible assets with indefinite lives as well as the changes in the net carrying amounts for the three months ended March 31, 2014, by segment: | |||||||||||||||||||
Goodwill | |||||||||||||||||||
U.S. | Europe (1) | Other International (2) | Total | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance as of January 1, 2014: | |||||||||||||||||||
Gross balance | $ | 288,439 | $ | 162,763 | $ | 3,292 | $ | 454,494 | |||||||||||
Accumulated impairment loss | — | -50,003 | — | -50,003 | |||||||||||||||
$ | 288,439 | $ | 112,760 | $ | 3,292 | $ | 404,491 | ||||||||||||
Acquisitions | 6,623 | — | — | 6,623 | |||||||||||||||
Purchase price adjustments | — | -817 | — | -817 | |||||||||||||||
Foreign currency translation adjustments | — | 928 | -85 | 843 | |||||||||||||||
Balance as of March 31, 2014: | |||||||||||||||||||
Gross balance | $ | 295,062 | $ | 162,874 | $ | 3,207 | $ | 461,143 | |||||||||||
Accumulated impairment loss | — | -50,003 | — | -50,003 | |||||||||||||||
$ | 295,062 | $ | 112,871 | $ | 3,207 | $ | 411,140 | ||||||||||||
____________ | |||||||||||||||||||
-1 | The Europe segment is comprised of the Company’s operations in the U.K. and Germany. | ||||||||||||||||||
-2 | The Other International segment is comprised of the Company’s operations in Mexico and Canada. | ||||||||||||||||||
Trade Name: indefinite-lived | |||||||||||||||||||
U.S. | Europe | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance as of January 1, 2014 | $ | 200 | $ | 560 | $ | 760 | |||||||||||||
Foreign currency translation adjustments | — | 6 | 6 | ||||||||||||||||
Balance as of March 31, 2014 | $ | 200 | $ | 566 | $ | 766 | |||||||||||||
Intangible Assets with Definite Lives | |||||||||||||||||||
The following is a summary of the Company's intangible assets that were subject to amortization: | |||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Customer and branding contracts/relationships | $ | 295,404 | $ | -170,092 | $ | 125,312 | $ | 291,392 | $ | -162,775 | $ | 128,617 | |||||||
Deferred financing costs | 15,073 | -5,895 | 9,178 | 15,038 | -5,466 | 9,572 | |||||||||||||
Non-compete agreements | 4,067 | -2,875 | 1,192 | 4,075 | -2,437 | 1,638 | |||||||||||||
Technology | 2,826 | -1,108 | 1,718 | 2,827 | -775 | 2,052 | |||||||||||||
Trade name: definite-lived | 13,263 | -900 | 12,363 | 13,164 | -527 | 12,637 | |||||||||||||
Total | $ | 330,633 | $ | -180,870 | $ | 149,763 | $ | 326,496 | $ | -171,980 | $ | 154,516 | |||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accrued Liabilities [Abstract] | ' | ||||||
Accrued Liabilities | ' | ||||||
(7) Accrued Liabilities | |||||||
Accrued liabilities consisted of the following: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Accrued merchant fees | $ | 38,801 | $ | 32,619 | |||
Accrued merchant settlement amounts | 30,411 | 17,365 | |||||
Accrued taxes | 22,247 | 23,033 | |||||
Accrued armored fees | 7,822 | 5,271 | |||||
Accrued cash rental and management fees | 6,413 | 4,570 | |||||
Accrued maintenance fees | 5,707 | 5,186 | |||||
Accrued compensation | 5,659 | 12,501 | |||||
Accrued interest rate swap payments | 3,012 | 2,211 | |||||
Accrued interest expense | 2,679 | 6,140 | |||||
Accrued purchases | 2,307 | 2,392 | |||||
Accrued ATM telecommunications costs | 1,992 | 1,682 | |||||
Accrued processing costs | 919 | 939 | |||||
Other accrued expenses | 21,411 | 23,867 | |||||
Total | $ | 149,380 | $ | 137,776 | |||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
(8) Long-Term Debt | |||||||
The Company's long-term debt consisted of the following: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
8.25% Senior subordinated notes due September 2018 | $ | 191,606 | $ | 200,000 | |||
1.00% Convertible senior notes due December 2020, net of discount | 218,784 | 216,635 | |||||
Revolving credit facility, including swing-line credit facility (weighted-average combined interest rate of 2.5% as of both March 31, 2014 and December 31, 2013) | 73,203 | 72,547 | |||||
Equipment financing notes | 939 | 1,332 | |||||
Total | 484,532 | 490,514 | |||||
Less: current portion | 939 | 1,289 | |||||
Total long-term debt, excluding current portion | $ | 483,593 | $ | 489,225 | |||
Revolving Credit Facility | |||||||
As of March 31, 2014, the Company's revolving credit facility provided for $375.0 million in borrowings and letters of credit (subject to the covenants contained within the facility) and had a termination date of July 2016. | |||||||
As of March 31, 2014, this revolving credit facility included a $15.0 million swing-line facility, an $85.0 million foreign currency sub-limit, and a $20.0 million letter of credit sub-limit. Borrowings under the facility accrued interest at a variable rate, based upon the Company's total leverage ratio and the London Interbank Offered Rate ("LIBOR") or Alternative Base Rate (as defined in the agreement) at the Company's option. Additionally, the Company is required to pay a commitment fee on the unused portion of the revolving credit facility. Substantially all of the Company's assets, including the stock of its wholly-owned domestic subsidiaries and 66% of the stock of its foreign subsidiaries, are pledged to secure borrowings made under the revolving credit facility. Furthermore, each of the Company's domestic subsidiaries has guaranteed the Company's obligations under the revolving credit facility. There are currently no restrictions on the ability of the Company's wholly-owned subsidiaries to declare and pay dividends directly to the Company. | |||||||
As of March 31, 2014, the Company was in compliance with all applicable covenants and ratios under the facility, which are described in the 2013 Form 10-K. | |||||||
As of March 31, 2014, $73.2 million was outstanding under the Company’s revolving credit facility. Additionally, the Company has posted a $2.0 million letter of credit serving to secure the overdraft facility of its U.K. subsidiary (further discussed below) and a $0.1 million letter of credit serving to secure a third-party processing contract in Canada. These letters of credit, which the applicable third-parties may draw upon in the event the Company defaults on the related obligations, and reduce the Company’s borrowing capacity under the facility. As of March 31, 2014, the Company’s available borrowing capacity under the revolving credit facility totaled approximately $299.7 million. | |||||||
The revolving credit facility was subsequently amended on April 24, 2014. This amendment extended the term of the credit facility through April 2019 and amended certain other borrowing features and pricing terms. The combined limit on borrowings and letters of credit under the facility remained unchanged, except the amended facility provides for a $125.0 million accordion feature, whereby the credit facility can be increased to up to $500.0 million under certain conditions and subject to additional commitments from the lender group. | |||||||
$200.0 Million 8.25% Senior Subordinated Notes Due 2018 | |||||||
The $200.0 million 8.25% senior subordinated notes due September 2018 (the "2018 Notes"), which are guaranteed by all of the Company's domestic subsidiaries, contain no maintenance covenants and only limited incurrence covenants, under which the Company has considerable flexibility. Interest under the 2018 Notes is paid semi-annually in arrears on March 1st and September 1st of each year. As of March 31, 2014, the Company was in compliance with all applicable covenants required under the 2018 Notes. | |||||||
During the quarter ended March 31, 2014, the Company repurchased $8.4 million of the 2018 Notes in the open market. In connection with the repurchase, the Company recorded a $0.1 million pre-tax charge to write off a portion of the unamortized deferred financing costs associated with the 2018 Notes, which are included in the Amortization of deferred financing costs and note discount line item in the accompanying Consolidated Statements of Operations. Additionally, the Company recorded a $0.7 million pre-tax charge related to the premium paid for the redemption, which is included in the Redemption costs for early extinguishment of debt line item in the accompanying Consolidated Statements of Operations. | |||||||
$287.5 Million 1.00% Convertible Senior Notes Due 2020 and Related Equity Instruments | |||||||
On November 19, 2013, the Company issued $250.0 million of 1.00% convertible senior notes due December 2020 (the "Convertible Notes") at par value. The Company also granted to the initial purchasers the option to purchase, during the 13 day period following the issuance of the notes, up to an additional $37.5 million of Convertible Notes (the “Over-allotment Option”). The initial purchasers exercised the Over-allotment Option on November 21, 2013. The Company received $254.2 million in net proceeds from the offering after deducting underwriting fees paid to the initial purchasers and the amount paid to repurchase its outstanding common stock concurrently with the offering. The Company used a portion of the net proceeds from the offering to pay the net cost of the convertible note hedge transaction, as described below. The convertible note hedge and warrant transactions were entered into with the initial purchasers on November 19, 2013, concurrently with the pricing of the Convertible Notes, and on November 21, 2013, concurrent with the exercise of the Over-allotment Option. The Company pays interest semi-annually (payable in arrears) on June 1st and December 1st of each year, beginning on June 1, 2014. Under U.S. GAAP, certain convertible debt instruments that may be settled in cash (or other assets) upon conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s non-convertible debt borrowing rate. The Company, with assistance from a valuation professional, determined that the fair value of the debt component was $215.8 million and the fair value of the embedded option was $71.7 million as of the issuance date. Under U.S. GAAP, the Company recognizes effective interest expense on the debt component and that interest expense effectively accretes the debt component to the total principal amount due at maturity of $287.5 million. The effective rate of interest to accrete the debt balance is approximately 5.26%, which corresponds to the Company’s estimated conventional debt instrument borrowing rate at the date of issuance. | |||||||
The Convertible Notes have an initial conversion price of $52.35 per share, which equals an initial conversion rate of 19.1022 shares of common stock per $1,000 principal amount of notes, for a total of approximately 5.5 million shares of our common stock initially underlying the debt. The conversion rate, however, is subject to adjustment under certain circumstances. Conversion can occur: (1) any time on or after September 1, 2020; (2) after March 31, 2014, during any calendar quarter that follows a calendar quarter in which the price of the Company’s common stock exceeds 135% of the conversion price for at least 20 days during the 30 consecutive trading-day period ending on the last trading day of the quarter; (3) during the ten consecutive trading-day period following any five consecutive trading-day period in which the trading price of the Convertible Notes is less than 98% of the closing price of the Company’s common stock multiplied by the applicable conversion rate on each such trading day; (4) upon specified distributions to the Company’s shareholders upon recapitalizations, reclassifications or changes in stock; and (5) upon a make-whole fundamental change. A fundamental change is defined as any one of the following: (1) any person or group that acquires 50% or more of the total voting power of all classes of common equity that is entitled to vote generally in the election of the Company’s directors; (2) the Company engages in any recapitalization, reclassification or changes of common stock as a result of which the common stock would be converted into or exchanged for, stock, other securities, or other assets or property; (3) the Company engages in any share exchange, consolidation or merger where the common stock is converted into cash, securities or other property; (4) the Company engages in any sales, lease or other transfer of all or substantially all of the consolidated assets; or (5) the Company’s stock is not listed for trading on any U.S. national securities exchange. | |||||||
As of March 31, 2014, none of the contingent conversion thresholds described above was met in order for the Convertible Notes to be convertible at the option of the note holders. As a result, the Convertible Notes have been classified as a noncurrent liability on the Company’s Consolidated Balance Sheets at March 31, 2014. In future financial reporting periods, the classification of the Convertible Notes may change depending on whether any of the above contingent criteria have been subsequently satisfied. | |||||||
Upon conversion, holders of the Convertible Notes are entitled to receive cash, shares of the Company’s common stock or a combination of cash and common stock, at the Company’s election. In the event of a change in control, as defined in the indenture under which the Convertible Notes have been issued, holders can require the Company to purchase all or a portion of their Convertible Notes for 100% of the notes' par value plus any accrued and unpaid interest. | |||||||
Interest expense related to the Convertible Notes consisted of the following: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Cash interest per contractual coupon rate | $ | 719 | $ | — | |||
Amortization of note discount | 2,149 | — | |||||
Amortization of deferred financing costs | 124 | — | |||||
Total interest expense related to Convertible Notes | $ | 2,992 | $ | — | |||
The carrying value of the Convertible Notes consisted of the following as of March 31, 2014 and December 31, 2013: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Principal balance | $ | 287,500 | $ | 287,500 | |||
Discount, net of accumulated amortization | -68,716 | -70,865 | |||||
Net carrying amount of Convertible Notes | $ | 218,784 | $ | 216,635 | |||
In connection with the issuance of the Convertible Notes, the Company entered into separate convertible note hedge and warrant transactions with certain of the initial purchasers to reduce the potential dilutive impact upon the conversion of the Convertible Notes. The net effect of these transactions effectively raised the price at which dilution would occur from the $52.35 initial conversion price of the Convertible Notes to $73.29. Pursuant to the convertible note hedge, the Company purchased call options granting the Company the right to acquire up to approximately 5.5 million shares of its common stock with an initial strike price of $52.35. The call options automatically become exercisable upon conversion of the Convertible Notes, and will terminate on the second scheduled trading day immediately preceding December 1, 2020. The Company also sold to the initial purchasers warrants to acquire up to approximately 5.5 million shares of its common stock with a strike price of $73.29. The warrants will expire incrementally on a series of expiration dates subsequent to the maturity date of the Convertible Notes through August 30, 2021. If the conversion price of the Convertible Notes remains between the strike prices of the call options and warrants, the Company’s shareholders will not experience any dilution in connection with the conversion of the Convertible Notes; however, to the extent that the price of the Company’s common stock exceeds the strike price of the warrants on any or all of the series of related expiration dates of the warrants, the Company will be required to issue additional shares of its common stock to the initial purchasers. The amounts allocated to both the note hedge and warrants were recorded in equity, within the Additional paid-in capital line item. | |||||||
Other Borrowing Facilities | |||||||
Cardtronics Mexico equipment financing agreements. Between 2007 and 2010, Cardtronics Mexico entered into several separate five-year equipment financing agreements with a single lender, of which four agreements have outstanding balances as of March 31, 2014. These agreements, which are denominated in pesos and bear interest at an average fixed rate of 9.85%, were utilized for the purchase of ATMs to support growth in the Company’s Mexico operations. As of March 31, 2014, approximately $12.3 million pesos ($0.9 million U.S.) were outstanding under the agreements. Pursuant to the terms of the loan agreements, the Company has issued guarantees for 51.0% of the obligations under these agreements (consistent with its ownership percentage in Cardtronics Mexico). As of March 31, 2014, the total amount of these guarantees was $6.3 million pesos ($0.5 million U.S.). | |||||||
Bank Machine overdraft facility. Bank Machine, Ltd. (“Bank Machine”) has a £1.0 million overdraft facility. This overdraft facility, which bears interest at 1.0% over the bank’s base rate (0.5% as of March 31, 2014) and is secured by a letter of credit posted under the Company’s revolving credit facility as discussed above in the Revolving Credit Facility section, is utilized for general corporate purposes for the Company’s U.K. operations. As of March 31, 2014, the Company utilized £0.5 million of the overdraft facility leaving available borrowing capacity of £0.5 million outstanding. | |||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Asset Retirement Obligations [Abstract] | ' | |||
Asset Retirement Obligations | ' | |||
(9) Asset Retirement Obligations | ||||
Asset retirement obligations consist primarily of costs to deinstall the Company's ATMs and costs to restore the ATM sites to their original condition, which are estimated based on current market rates. In most cases, the Company is contractually required to perform this deinstallation and restoration work. For each group of ATMs, the Company has recognized the fair value of the asset retirement obligation as a liability on its balance sheet and capitalized that cost as part of the cost basis of the related asset. The related assets are depreciated on a straight-line basis over five years, which is the estimated average time period that an ATM is installed in a location before being deinstalled, and the related liabilities are accreted to their full value over the same period of time. | ||||
The following table is a summary of the changes in the Company's asset retirement obligation liability for the three months ended March 31, 2014 (in thousands): | ||||
Asset retirement obligation as of January 1, 2014 | $ | 63,831 | ||
Additional obligations | 1,085 | |||
Accretion expense | 813 | |||
Payments | -816 | |||
Foreign currency translation adjustments | 313 | |||
Total asset retirement obligation as of March 31, 2014 | 65,226 | |||
Less: current portion | 3,177 | |||
Asset retirement obligation, excluding current portion as of March, 31 2014 | $ | 62,049 | ||
See Note 12, Fair Value Measurements for additional disclosures on the Company's asset retirement obligations with respect to its fair value measurements. | ||||
Other_Liabilities
Other Liabilities | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Other Liabilities [Abstract] | ' | ||||||
Other Liabilities | ' | ||||||
(10) Other Liabilities | |||||||
Other liabilities consisted of the following: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Current Portion of Other Long-Term Liabilities: | |||||||
Interest rate swaps | $ | 31,372 | $ | 31,069 | |||
Deferred revenue | 1,720 | 1,315 | |||||
Asset retirement obligations | 3,177 | 3,166 | |||||
Other | 60 | 47 | |||||
Total | $ | 36,329 | $ | 35,597 | |||
Other Long-Term Liabilities: | |||||||
Interest rate swaps | $ | 31,864 | $ | 34,509 | |||
Deferred revenue | 963 | 962 | |||||
Other | 3,773 | 3,265 | |||||
Total | $ | 36,600 | $ | 38,736 | |||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
(11) Derivative Financial Instruments | |||||||||||||||
Cash Flow Hedging Strategy | |||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations, including interest rate risk associated with its vault cash rental obligations and, to a lesser extent, borrowings under its revolving credit facility. The Company is also exposed to foreign currency exchange rate risk with respect to its investments in its foreign subsidiaries. While the Company does not currently utilize derivative instruments to hedge its foreign currency exchange rate risk, it does utilize interest rate swap contracts to manage the interest rate risk associated with its vault cash rental obligations in the U.S. The Company does not currently utilize any derivative instruments to manage the interest rate risk associated with its vault cash rental obligations in U.K., Mexico, Canada, or Germany, nor does it utilize derivative instruments to manage the interest rate risk associated with borrowings outstanding under its revolving credit facility. | |||||||||||||||
The interest rate swap contracts entered into with respect to the Company's vault cash rental obligations serve to mitigate the Company's exposure to interest rate risk by converting a portion of the Company's monthly floating rate vault cash rental obligations to a fixed rate. The Company has contracts in varying notional amounts through December 31, 2018 for the Company's U.S. vault cash rental obligations. By converting such amounts to a fixed rate, the impact of future interest rate changes (both favorable and unfavorable) on the Company's monthly vault cash rental expense amounts has been reduced. The interest rate swap contracts typically involve the receipt of floating rate amounts from the Company's counterparties that match, in all material respects, the floating rate amounts required to be paid by the Company to its vault cash providers for the portions of the Company's outstanding vault cash obligations that have been hedged. In return, the Company typically pays the interest rate swap counterparties a fixed rate amount per month based on the same notional amounts outstanding. At no point is there an exchange of the underlying principal or notional amounts associated with the interest rate swaps. Additionally, none of the Company's existing interest rate swap contracts contain credit-risk-related contingent features. | |||||||||||||||
For each derivative instrument that is designated and qualifies as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedge transaction affects earnings. Gains and losses on the derivative instrument representing either hedge ineffectiveness or hedge components that are excluded from the assessment of effectiveness are recognized in earnings. However, because the Company currently only utilizes fixed-for-floating interest rate swaps in which the underlying pricing terms agree, in all material respects, with the pricing terms of the Company’s vault cash rental obligations, the amount of ineffectiveness associated with such interest rate swap contracts has historically been immaterial. Accordingly, no ineffectiveness amounts associated with the Company’s effective cash flow hedges have been recorded in the Company’s consolidated financial statements. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the Consolidated Statements of Operations during the current period. | |||||||||||||||
The notional amounts, weighted average fixed rates, and terms associated with the Company's interest rate swap contracts accounted for as cash flow hedges that are currently in place (as of the date of the issuance of these financial statements) are as follows: | |||||||||||||||
Notional Amounts | Weighted Average Fixed Rate | Term | |||||||||||||
(In millions) | |||||||||||||||
$ | 1,250 | 2.98 | % | April 1, 2014 – December 31, 2014 | |||||||||||
$ | 1,300 | 2.84 | % | January 1, 2015 – December 31, 2015 | |||||||||||
$ | 1,300 | 2.74 | % | January 1, 2016 – December 31, 2016 | |||||||||||
$ | 1,000 | 2.53 | % | January 1, 2017 – December 31, 2017 | |||||||||||
$ | 750 | 2.54 | % | January 1, 2018 – December 31, 2018 | |||||||||||
Accounting Policy | |||||||||||||||
The Company recognizes all of its derivative instruments as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value (e.g., gains or losses) of those derivative instruments depends on (1) whether these instruments have been designated (and qualify) as part of a hedging relationship and (2) the type of hedging relationship actually designated. For derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, a fair value hedge, or a hedge of a net investment in a foreign operation. | |||||||||||||||
The Company has designated all of its interest rate swap contracts as cash flow hedges of the Company’s forecasted vault cash rental obligations. Accordingly, changes in the fair values of the related interest rate swap contracts have been reported in the Accumulated other comprehensive loss, net line item within stockholders’ equity in the accompanying Consolidated Balance Sheets. | |||||||||||||||
The Company believes that it is more likely than not that it will be able to realize the benefits associated with its domestic net deferred tax asset positions in the future. Therefore, the Company records the unrealized losses related to its domestic interest rate swaps net of estimated tax benefits in the Accumulated other comprehensive loss, net line item within Stockholders' equity in the accompanying Consolidated Balance Sheets. | |||||||||||||||
Tabular Disclosures | |||||||||||||||
The following tables depict the effects of the use of the Company's derivative contracts on its Consolidated Balance Sheets and Consolidated Statements of Operations. | |||||||||||||||
Balance Sheet Data | |||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||
Liability Derivative Instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||
Interest rate swap contracts | Current portion of other long-term liabilities | $ | 31,372 | Current portion of other long-term liabilities | $ | 31,069 | |||||||||
Interest rate swap contracts | Other long-term liabilities | 31,864 | Other long-term liabilities | 34,509 | |||||||||||
Total Derivatives | $ | 63,236 | $ | 65,578 | |||||||||||
Statements of Operations Data | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of Loss Recognized in OCI on Derivative Instruments (Effective Portion) | Location of Loss Reclassed from Accumulated OCI Into Income (Effective Portion) | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Interest rate swap contracts | $ | -7,552 | $ | -627 | Cost of ATM operating revenues | $ | -8,738 | $ | -6,330 | ||||||
The Company does not currently have any derivative instruments that have been designated as fair value or net investment hedges. The Company has not historically, and does not currently, anticipate terminating its existing derivative instruments prior to their expiration dates. If the Company concludes that it is no longer probable that the anticipated future vault cash rental obligations that have been hedged will occur, or if changes are made to the underlying terms and conditions of the Company's vault cash rental agreements, thus creating some amount of ineffectiveness associated with the Company's current interest rate swap contracts, any resulting gains or losses will be recognized within the Other expense (income) line item of the Company's Consolidated Statements of Operations. | |||||||||||||||
As of March 31, 2014, the Company expected to reclassify $31.4 million of net derivative-related losses contained within accumulated OCI into earnings during the next twelve months concurrent with the recording of the related vault cash rental expense amounts. | |||||||||||||||
See Note 12, Fair Value Measurements for additional disclosures on the Company's interest rate swap contracts in respect to its fair value measurements. | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
(12) Fair Value Measurements | |||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2014 using the fair value hierarchy prescribed by U.S. GAAP. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||
Fair Value Measurements at March 31, 2014 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | |||||||||||||
Liabilities | |||||||||||||
Liabilities associated with interest rate swaps | $ | 63,236 | $ | — | $ | 63,236 | $ | — | |||||
Fair Value Measurements at December 31, 2013 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | |||||||||||||
Liabilities | |||||||||||||
Liabilities associated with interest rate swaps | $ | 65,578 | $ | — | $ | 65,578 | $ | — | |||||
Acquisition-related contingent consideration | 575 | — | — | 575 | |||||||||
Additions to asset retirement obligation liability. The Company estimates the fair value of additions to its asset retirement obligation liability using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate. Liabilities added to the asset retirement obligations line item in the accompanying Consolidated Balance Sheets are measured at fair value at the time of the asset installations on a non-recurring basis using Level 3 inputs, and are only reevaluated periodically based on current fair value. Amounts added to the asset retirement obligation liability during the three months ended March 31, 2014 and 2013 totaled $1.1 million and $0.9 million, respectively. | |||||||||||||
Below are descriptions of the Company's valuation methodologies for assets and liabilities measured at fair value. The methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||
Cash and cash equivalents, accounts and notes receivable, net of the allowance for doubtful accounts, other current assets, accounts payable, accrued expenses, and other current liabilities. These financial instruments are not carried at fair value, but are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. | |||||||||||||
Acquisition-related intangible assets. The estimated fair values of acquisition-related intangible assets are valued based on a discounted cash flows analysis using significant non-observable inputs (Level 3 inputs). The Company tests intangible assets for impairment on a quarterly basis by measuring the related carrying amounts against the estimated undiscounted future cash flows associated with the related contract or portfolio of contracts. | |||||||||||||
Interest rate swaps. The fair value of the Company's interest rate swaps was a liability of $63.2 million as of March 31, 2014. These financial instruments are carried at fair value, calculated as the present value of amounts estimated to be received or paid to a marketplace participant in a selling transaction. These derivatives are valued using pricing models based on significant other observable inputs (Level 2 inputs), while taking into account the creditworthiness of the party that is in the liability position with respect to each trade. See Note 11, Derivative Financial Instruments for additional disclosures on the valuation process of this liability. | |||||||||||||
Acquisition-related contingent consideration. Liabilities from acquisition-related contingent consideration are estimated by the Company using a discounted cash flow model. Acquisition-related contingent consideration liabilities are classified as Level 3 liabilities, because the Company uses unobservable inputs to value them, based on its best estimate of operational results upon which the payment of these obligations are contingent. Gains and losses related to the contingent consideration associated with acquisitions are included in other (income) expenses in the Company’s Consolidated Statements of Operations. As of March 31, 2014, there were no significant acquisition-related contingent consideration liabilities outstanding. | |||||||||||||
Long-term debt. The carrying amount of the long-term debt balance related to borrowings under the Company's revolving credit facility approximates fair value due to the fact that any borrowings are subject to short-term floating interest rates. As of March 31, 2014, the fair value of the Company's 2018 Notes and the Convertible Notes (see Note 8, Long-Term Debt) totaled $204.1 million and $284.5 million, respectively, based on the quoted market price (Level 1 input) for these notes as of that date. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
(13) Commitments and Contingencies | |
Legal Matters | |
National Federation of the Blind. Through its acquisition of the E*Trade ATM portfolio, the Company became the sole defendant in the June 2003 lawsuit filed by the National Federation of the Blind, the Commonwealth of Massachusetts, et. al. and certain individuals representing a class of similarly situated persons (the "Plaintiffs") against E*Trade Access, Inc., et al. in the U.S. District Court for the District of Massachusetts (“Massachusetts District Court”): Civil Action No. 03-11206-NMG (the “Lawsuit”). The Plaintiffs sought to require, among other things, that ATMs deployed by E*Trade be voice-guided. In December 2007, the Company and Plaintiffs entered into a settlement agreement (as modified in November 2010, the "Settlement Agreement"). In 2011, the Plaintiffs filed a motion of contempt with the Massachusetts District Court alleging that the Company had failed to fully comply with the requirements of the Settlement Agreement. On December 15, 2011, the Massachusetts District Court issued an order that required the Company to bring all of its ATMs in compliance with the terms of the Settlement Agreement by March 15, 2012. In August 2012, the Plaintiffs filed their second motion of contempt, which alleged, among other things, that the Company had failed to meet the Massachusetts District Court’s deadline and sought a fine of $50 per ATM for each month that the Massachusetts District Court determined the Company was not in compliance. | |
In March 2013, the Massachusetts District Court issued an order that stated that sanctions would be imposed, but did not specify what violations had occurred. In April 2013, the Massachusetts District Court appointed a Special Master to determine how many of the Company’s ATMs were not in compliance with the Settlement Agreement as of March 15, 2012 and to determine an appropriate sanction or fine for such compliance, if any. Since his appointment, the Special Master has met numerous times with all the parties, reviewed all matters thought relevant by him and in December 2013, filed under seal his Report and Recommendation with the Court. The Special Master is currently conducting negotiations among the parties to determine if an amicable resolution is possible. To facilitate such discussions, the Court has extended the deadline for the parties to object to the Special Master’s Report and Recommendation until May 21, 2014. The Company does not expect the outcome of this matter to have a material adverse effect upon its financial condition or results of operations. | |
Automated Transactions. On August 16, 2010, a lawsuit was filed in the U.S. District Court for the District of Delaware (the “District Court”) entitled Automated Transactions LLC (“ATL”) v. IYG Holding Co., et al. 10 Civ. 0691 (D. Del.) (the "2010 Lawsuit"). The 2010 Lawsuit names the Company's wholly-owned subsidiary, Cardtronics USA, Inc. (“Cardtronics USA”), as one of the defendants. The 2010 Lawsuit alleges that Cardtronics USA and the other defendants infringed upon seven of the plaintiff's patents by providing retail transactions to consumers through their ATMs. The plaintiff, ATL, is seeking a permanent injunction, damages, treble damages and costs, including attorney's fees and expenses. Automated Transactions LLC (“ATL”) is a non-practicing entity that has initiated dozens of similar lawsuits across the nation. The allegations raised by the plaintiff in this suit are similar to the allegations made by the same plaintiff in an earlier suit (the "2006 Lawsuit") in the same District Court against us and other defendants. | |
In the 2006 Lawsuit, the District Court found that the defendants did not infringe the claims asserted in any of ATL’s five patents (the allegations as to the sixth patent having been dismissed earlier). In addition, the District Court granted the defendants partial summary judgment, concluding that ATL’s patent claims were, in part, invalid and rendered other findings so as to materially weaken ATL’s case. In addition, on January 28, 2011, the U.S. Patent and Trademark Office Board of Patent Appeals and Interferences ("BPAI") issued a decision affirming the rejection on the grounds of obviousness of all the claims relating to one of the patents (the “parent patent”) asserted by the plaintiff in both the 2006 Lawsuit and the 2010 Lawsuit. The U.S. Court of Appeals for the Federal Circuit (the “Court of Appeals”) rendered a decision that affirmed both the District Court’s rulings and the BPAI decision (the “Appeals Decision”). As a consequence, the 2006 Lawsuit has been effectively resolved in the Company’s favor pending entry of a formal final judgment. Furthermore, though the Appeals Decision in the 2006 Lawsuit does not formally terminate the 2010 Lawsuit, the findings set forth in the Appeals Decision should also resolve in favor of the Company all of the claims made involving the same patents as had been asserted in the 2006 Lawsuit. The Appeals Decision should also materially weaken ATL’s claims in the two remaining patents in the 2010 Lawsuit, which has been consolidated with the 2006 Lawsuit and resumed. | |
Notwithstanding the outcome of the 2006 Lawsuit, ATL initiated two new patent infringement lawsuits against two of Cardtronics USA merchants based on various “child” patents of the parent patent. The claims of infringement of the child patents are substantially similar to the prior claims under the parent and other child patents, i.e. the ATMs allowed the cardholders to access the internet and to conduct retail transactions at the ATM that were asserted by the defendants to be non-routine banking transactions. Though not originally brought in the District Court, upon our motion these new cases were transferred to the District Court and consolidated with the ongoing 2010 Lawsuit pending in that court. In addition to providing a defense to these 2 customers, Cardtronics USA has joined as a defendant in both of those cases and asserted counterclaims against ATL for invalidity, non-infringement and requesting costs and attorneys’ fees for improperly bringing such a suit. Furthermore, on April 1, 2013, the Judicial Panel on Multidistrict Litigation transferred many other ATL cases filed in other courts, to the District Court for consolidated pretrial proceedings. | |
The Company believes that these ATL lawsuits have no merit, primarily because the asserted child patents have patent claims or limitations previously held invalid or not infringed by the Appeals Decision. Accordingly, the Company does not expect that the remaining lawsuits will have a material impact on its financial condition or results of operations and the Company will continue to vigorously defend its position. | |
In addition to the above legal proceedings, the Company is subject to various legal proceedings and claims arising in the ordinary course of its business. The company has provided reserves where necessary for all claims and the Company’s management does not expect the outcome in any of these legal proceedings, individually or collectively, to have a material adverse impact on the Company’s financial condition or results of operations. Additionally, the Company currently expenses all legal costs as they are incurred. | |
Other Commitments | |
Asset Retirement Obligations. The Company's asset retirement obligations consist primarily of deinstallation costs of the ATM and costs to restore the ATM site to its original condition. In most cases, the Company is legally required to perform this deinstallation and restoration work. The Company had $65.2 million accrued for these liabilities as of March 31, 2014. For additional information, see Note 9, Asset Retirement Obligations. | |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
(14) Income Taxes | ||||||||||
Income tax expense based on the Company's income before income taxes was as follows: | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(In thousands) | ||||||||||
Income tax expense | $ | 5,773 | $ | 5,980 | ||||||
Effective tax rate | 37.8 | % | 39.5 | % | ||||||
The decrease in expense and effective tax rate for the quarter ended March 31, 2014 when compared to the same period in 2013 was attributable to the change in the mix of earnings across jurisdictions. The Company continues to maintain valuation allowances for its local net deferred tax asset positions for certain of its entities in the U.K. and Mexico, as the Company currently believes that it is more likely than not that these tax assets will not be realized. | ||||||||||
The deferred taxes associated with the Company's unrealized gains and losses on derivative instruments have been reflected within the accumulated other comprehensive loss balance in the accompanying Consolidated Balance Sheets. | ||||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
(15) Segment Information | ||||||||||||||||
As of March 31, 2014, the Company's operations consisted of its U.S., Europe, and Other International segments. The Company's operations in Puerto Rico and the U.S. Virgin Islands are included in its U.S. segment. The Other International segment currently is comprised of the Company’s operations in Mexico and Canada. While each of these reporting segments provides similar kiosk-based and/or ATM-related services, each segment is currently managed separately as they require different marketing and business strategies. | ||||||||||||||||
Management uses Adjusted EBITDA, along with other U.S. GAAP-based measures, to assess the operating results and effectiveness of its segments. Management believes Adjusted EBITDA is a useful measure because it allows management to more effectively evaluate operating performance and compare its results of operations from period to period without regard to financing method or capital structure. The Company excludes depreciation, accretion, and amortization of intangible assets as these amounts can vary substantially depending upon book values of assets, capital structures and the method by which the assets were acquired. Additionally, Adjusted EBITDA does not reflect acquisition-related costs and the Company's obligations for the payment of income taxes, loss on disposal of assets, interest expense, certain other non-operating and nonrecurring items or other obligations such as capital expenditures. | ||||||||||||||||
Adjusted EBITDA, as defined by the Company, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. In evaluating the Company's performance as measured by Adjusted EBITDA, management recognizes and considers the limitations of this measurement. Accordingly, Adjusted EBITDA is only one of the measurements that management utilizes. Therefore, Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing, and financing activities or other income or cash flow statement data prepared in accordance with U.S. GAAP. | ||||||||||||||||
Below is a reconciliation of Adjusted EBITDA to net income attributable to controlling interests: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Adjusted EBITDA | $ | 56,880 | $ | 48,526 | ||||||||||||
Less: | ||||||||||||||||
Loss on disposal of assets | 268 | 203 | ||||||||||||||
Other expense (income) | 31 | -421 | ||||||||||||||
Noncontrolling interests | -373 | -419 | ||||||||||||||
Stock-based compensation expense (1) | 3,211 | 3,157 | ||||||||||||||
Acquisition-related expenses | 3,087 | 2,822 | ||||||||||||||
Other adjustments to selling, general, and administrative expenses (2) | — | 446 | ||||||||||||||
EBITDA | $ | 50,656 | $ | 42,738 | ||||||||||||
Less: | ||||||||||||||||
Interest expense, net, including amortization of deferred financing costs and note discount, and redemption cost for early extinguishment of debt | 8,755 | 5,295 | ||||||||||||||
Income tax expense | 5,773 | 5,980 | ||||||||||||||
Depreciation and accretion expense | 18,346 | 16,285 | ||||||||||||||
Amortization of intangible assets | 8,217 | 5,748 | ||||||||||||||
Net income attributable to controlling interests and available to common stockholders | $ | 9,565 | $ | 9,430 | ||||||||||||
____________ | ||||||||||||||||
-1 | Amounts exclude 49% of the expenses incurred by the Company’s Mexico subsidiary as such amounts are allocable to the noncontrolling interest stockholders. | |||||||||||||||
-2 | Adjustment relates to severance-related costs associated with the management of the Company’s U.K. operations. | |||||||||||||||
The following tables reflect certain financial information for each of the Company's reporting segments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
U.S. | Europe | Other International | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
Revenue from external customers | $ | 172,192 | $ | 64,044 | $ | 8,836 | $ | — | $ | 245,072 | ||||||
Intersegment revenues | 1,828 | 373 | 16 | -2,217 | — | |||||||||||
Cost of revenues | 113,565 | 48,120 | 7,099 | -2,215 | 166,569 | |||||||||||
Selling, general, and administrative expenses | 19,163 | 4,592 | 772 | — | 24,527 | |||||||||||
Acquisition-related expenses | 155 | 2,932 | — | — | 3,087 | |||||||||||
Loss on disposal of assets | 250 | — | 18 | — | 268 | |||||||||||
Adjusted EBITDA | 44,495 | 11,704 | 683 | -2 | 56,880 | |||||||||||
Depreciation and accretion expense | 10,851 | 6,521 | 988 | -14 | 18,346 | |||||||||||
Amortization of intangible assets | 5,411 | 2,636 | 170 | — | 8,217 | |||||||||||
Interest expense, net, including amortization of deferred financing costs | 7,558 | 482 | 61 | — | 8,101 | |||||||||||
Redemption costs for early extinguishment of debt | 654 | — | — | — | 654 | |||||||||||
Income tax expense (benefit) | 5,805 | -32 | — | — | 5,773 | |||||||||||
Capital expenditures (1) | $ | 7,862 | $ | 8,605 | $ | 247 | $ | -2 | $ | 16,712 | ||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
U.S. | Europe | Other International | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
Revenue from external customers | $ | 157,156 | $ | 29,499 | $ | 11,083 | $ | — | $ | 197,738 | ||||||
Intersegment revenues | 1,837 | — | 17 | -1,854 | — | |||||||||||
Cost of revenues | 102,865 | 23,420 | 9,238 | -1,834 | 133,689 | |||||||||||
Selling, general, and administrative expenses | 15,983 | 2,126 | 880 | — | 18,989 | |||||||||||
Acquisition-related expenses | 2,800 | — | 22 | — | 2,822 | |||||||||||
Loss on disposal of assets | 183 | 7 | 13 | — | 203 | |||||||||||
Adjusted EBITDA | 43,293 | 4,399 | 854 | -20 | 48,526 | |||||||||||
Depreciation and accretion expense | 10,078 | 5,076 | 1,167 | -36 | 16,285 | |||||||||||
Amortization of intangible assets | 5,218 | 354 | 176 | — | 5,748 | |||||||||||
Interest expense, net, including amortization of deferred financing costs | 5,040 | 173 | 82 | — | 5,295 | |||||||||||
Income tax expense | 5,980 | — | — | — | 5,980 | |||||||||||
Capital expenditures (1) | $ | 11,911 | $ | 3,894 | $ | 133 | $ | -1 | $ | 15,937 | ||||||
____________ | ||||||||||||||||
-1 | Capital expenditure amounts include payments made for exclusive license agreements and site acquisition costs. Additionally, capital expenditure amounts for Mexico (included in the Other International segment) are reflected gross of any noncontrolling interest amounts. | |||||||||||||||
Identifiable Assets: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
(In thousands) | ||||||||||||||||
United States | $ | 932,677 | $ | 931,396 | ||||||||||||
Europe | 344,243 | 341,618 | ||||||||||||||
Other International | 29,450 | 26,452 | ||||||||||||||
Eliminations | -251,731 | -243,263 | ||||||||||||||
Total | $ | 1,054,639 | $ | 1,056,203 | ||||||||||||
Supplemental_Guarantor_Financi
Supplemental Guarantor Financial Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Supplemental Guarantor Financial Information [Abstract] | ' | ||||||||||||||||
Supplemental Guarantor Financial Information | ' | ||||||||||||||||
(16) Supplemental Guarantor Financial Information | |||||||||||||||||
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 months ended March 31, 2014 and 2013 and the condensed consolidating balance sheets as of March 31, 2014 and December 31, 2013 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"): | |||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | — | $ | 174,020 | $ | 73,269 | $ | -2,217 | $ | 245,072 | |||||||
Operating costs and expenses | 3,289 | 146,106 | 73,848 | -2,229 | 221,014 | ||||||||||||
Operating (loss) income | -3,289 | 27,914 | -579 | 12 | 24,058 | ||||||||||||
Interest expense, net, including amortization of deferred financing costs and note discount | 3,448 | 4,110 | 543 | — | 8,101 | ||||||||||||
Redemption costs for early extinguishment of debt | 654 | — | — | — | 654 | ||||||||||||
Equity in earnings of subsidiaries | -21,930 | -315 | — | 22,245 | — | ||||||||||||
Other expense (income), net | 652 | 225 | -469 | -377 | 31 | ||||||||||||
Income (loss) before income taxes | 13,887 | 23,894 | -653 | -21,856 | 15,272 | ||||||||||||
Income tax expense (benefit) | 4,777 | 1,028 | -32 | — | 5,773 | ||||||||||||
Net income (loss) | 9,110 | 22,866 | -621 | -21,856 | 9,499 | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | -66 | -66 | ||||||||||||
Net income (loss) attributable to controlling interests and available to common stockholders | 9,110 | 22,866 | -621 | -21,790 | 9,565 | ||||||||||||
Other comprehensive (loss) income attributable to controlling interests | -999 | 2,242 | 683 | 12 | 1,938 | ||||||||||||
Comprehensive income attributable to controlling interests | $ | 8,111 | $ | 25,108 | $ | 62 | $ | -21,778 | $ | 11,503 | |||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | — | $ | 158,993 | $ | 40,599 | $ | -1,854 | $ | 197,738 | |||||||
Operating costs and expenses | 3,230 | 133,897 | 42,479 | -1,870 | 177,736 | ||||||||||||
Operating (loss) income | -3,230 | 25,096 | -1,880 | 16 | 20,002 | ||||||||||||
Interest expense, net, including amortization of deferred financing costs | 1,906 | 3,134 | 255 | — | 5,295 | ||||||||||||
Equity in (earnings) losses of subsidiaries | -19,784 | 2,720 | — | 17,064 | — | ||||||||||||
Other (income) expense, net | — | -1,553 | 1,132 | — | -421 | ||||||||||||
Income (loss) before income taxes | 14,648 | 20,795 | -3,267 | -17,048 | 15,128 | ||||||||||||
Income tax expense | 5,516 | 464 | — | — | 5,980 | ||||||||||||
Net income (loss) | 9,132 | 20,331 | -3,267 | -17,048 | 9,148 | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | -282 | -282 | ||||||||||||
Net income (loss) attributable to controlling interests and available to common stockholders | 9,132 | 20,331 | -3,267 | -16,766 | 9,430 | ||||||||||||
Other comprehensive (loss) income attributable to controlling interests | -3,648 | 8,615 | -3,304 | -60 | 1,603 | ||||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 5,484 | $ | 28,946 | $ | -6,571 | $ | -16,826 | $ | 11,033 | |||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 50,159 | $ | 10,487 | $ | — | $ | 60,653 | |||||||
Accounts and notes receivable, net | 58,184 | 47,358 | 20,208 | -61,896 | 63,854 | ||||||||||||
Current portion of deferred tax asset, net | 15,842 | 1,927 | 2,690 | — | 20,459 | ||||||||||||
Other current assets | 624 | 22,800 | 33,684 | -90 | 57,018 | ||||||||||||
Total current assets | 74,657 | 122,244 | 67,069 | -61,986 | 201,984 | ||||||||||||
Property and equipment, net | — | 165,722 | 107,542 | -417 | 272,847 | ||||||||||||
Intangible assets, net | 9,104 | 73,965 | 67,460 | — | 150,529 | ||||||||||||
Goodwill | — | 295,062 | 116,078 | — | 411,140 | ||||||||||||
Investments in and advances to subsidiaries | 474,782 | 245,985 | — | -720,767 | — | ||||||||||||
Intercompany receivable | 195,784 | 71,689 | — | -267,473 | — | ||||||||||||
Deferred tax asset, net | — | — | 10,879 | — | 10,879 | ||||||||||||
Prepaid expenses, deferred costs, and other noncurrent assets | — | 2,595 | 4,665 | — | 7,260 | ||||||||||||
Total assets | $ | 754,327 | $ | 977,262 | $ | 373,693 | $ | -1,050,643 | $ | 1,054,639 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||
Current portion of long-term debt and notes payable | $ | — | $ | — | $ | 939 | $ | — | $ | 939 | |||||||
Current portion of other long-term liabilities | — | 34,453 | 1,876 | — | 36,329 | ||||||||||||
Accounts payable and accrued liabilities | 9,524 | 142,435 | 81,208 | -61,867 | 171,300 | ||||||||||||
Total current liabilities | 9,524 | 176,888 | 84,023 | -61,867 | 208,568 | ||||||||||||
Long-term debt | 483,592 | 1 | — | — | 483,593 | ||||||||||||
Intercompany payable | — | 212,656 | 107,689 | -320,345 | — | ||||||||||||
Asset retirement obligations | — | 21,957 | 40,092 | — | 62,049 | ||||||||||||
Deferred tax liability, net | 4,522 | 668 | 1,950 | — | 7,140 | ||||||||||||
Other long-term liabilities | — | 36,545 | 55 | — | 36,600 | ||||||||||||
Total liabilities | 497,638 | 448,715 | 233,809 | -382,212 | 797,950 | ||||||||||||
Stockholders' equity | 256,689 | 528,547 | 139,884 | -668,431 | 256,689 | ||||||||||||
Total liabilities and stockholders' equity | $ | 754,327 | $ | 977,262 | $ | 373,693 | $ | -1,050,643 | $ | 1,054,639 | |||||||
Condensed Consolidating Balance Sheets — continued | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 412 | $ | 73,379 | $ | 13,148 | $ | — | $ | 86,939 | |||||||
Accounts and notes receivable, net | 130,835 | 43,929 | 17,942 | -134,432 | 58,274 | ||||||||||||
Current portion of deferred tax asset, net | 15,735 | 1,915 | 3,552 | — | 21,202 | ||||||||||||
Other current assets | 917 | 11,580 | 27,948 | -88 | 40,357 | ||||||||||||
Total current assets | 147,899 | 130,803 | 62,590 | -134,520 | 206,772 | ||||||||||||
Property and equipment, net | — | 166,909 | 104,488 | -431 | 270,966 | ||||||||||||
Intangible assets, net | 9,466 | 75,975 | 69,835 | — | 155,276 | ||||||||||||
Goodwill | — | 288,439 | 116,052 | — | 404,491 | ||||||||||||
Investments in and advances to subsidiaries | 445,318 | 245,985 | — | -691,303 | — | ||||||||||||
Intercompany receivable | 150,890 | 43,965 | — | -194,855 | — | ||||||||||||
Deferred tax asset, net | — | — | 9,680 | — | 9,680 | ||||||||||||
Prepaid expenses, deferred costs, and other noncurrent assets | — | 3,593 | 5,425 | — | 9,018 | ||||||||||||
Total assets | $ | 753,573 | $ | 955,669 | $ | 368,070 | $ | -1,021,109 | $ | 1,056,203 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||
Current portion of long-term debt and notes payable | $ | — | $ | — | $ | 1,289 | $ | — | $ | 1,289 | |||||||
Current portion of other long-term liabilities | — | 34,009 | 1,588 | — | 35,597 | ||||||||||||
Accounts payable and accrued liabilities | 12,953 | 213,128 | 84,705 | -134,029 | 176,757 | ||||||||||||
Current portion of deferred tax liability, net | — | — | 1,152 | — | 1,152 | ||||||||||||
Total current liabilities | 12,953 | 247,137 | 88,734 | -134,029 | 214,795 | ||||||||||||
Long-term debt | 489,182 | 3 | 40 | — | 489,225 | ||||||||||||
Intercompany payable | — | 148,306 | 99,420 | -247,726 | — | ||||||||||||
Asset retirement obligations | — | 21,517 | 39,148 | — | 60,665 | ||||||||||||
Deferred tax liability, net | 4,324 | 526 | 818 | — | 5,668 | ||||||||||||
Other long-term liabilities | — | 38,681 | 55 | — | 38,736 | ||||||||||||
Total liabilities | 506,459 | 456,170 | 228,215 | -381,755 | 809,089 | ||||||||||||
Stockholders' equity | 247,114 | 499,499 | 139,855 | -639,354 | 247,114 | ||||||||||||
Total liabilities and stockholders' equity | $ | 753,573 | $ | 955,669 | $ | 368,070 | $ | -1,021,109 | $ | 1,056,203 | |||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 18,165 | $ | -6,350 | $ | 2,706 | $ | -2 | $ | 14,519 | |||||||
Additions to property and equipment | — | -7,862 | -8,850 | — | -16,712 | ||||||||||||
Intercompany fixed asset mark-up | — | — | -2 | 2 | — | ||||||||||||
Funding of intercompany notes payable | -5,007 | — | — | 5,007 | — | ||||||||||||
Acquisitions, net of cash acquired | — | -8,805 | — | — | -8,805 | ||||||||||||
Net cash used in investing activities | -5,007 | -16,667 | -8,852 | 5,009 | -25,517 | ||||||||||||
Repayments of long-term debt and capital leases | -8,394 | -3 | -391 | — | -8,788 | ||||||||||||
Repayments of borrowings under bank overdraft facility, net | — | — | -761 | — | -761 | ||||||||||||
Proceeds from intercompany notes payable | — | — | 5,007 | -5,007 | — | ||||||||||||
Debt issuance and modification costs | -142 | — | — | — | -142 | ||||||||||||
Payment of contingent consideration | — | -200 | -317 | — | -517 | ||||||||||||
Proceeds from exercises of stock options | 135 | — | — | — | 135 | ||||||||||||
Excess tax benefit from stock-based compensation expense | 912 | — | — | — | 912 | ||||||||||||
Repurchase of capital stock | -6,074 | — | — | — | -6,074 | ||||||||||||
Net cash (used in) provided by financing activities | -13,563 | -203 | 3,538 | -5,007 | -15,235 | ||||||||||||
Effect of exchange rate changes on cash | — | — | -53 | — | -53 | ||||||||||||
Net decrease in cash and cash equivalents | -405 | -23,220 | -2,661 | — | -26,286 | ||||||||||||
Cash and cash equivalents as of beginning of period | 412 | 73,379 | 13,148 | — | 86,939 | ||||||||||||
Cash and cash equivalents as of end of period | $ | 7 | $ | 50,159 | $ | 10,487 | $ | — | $ | 60,653 | |||||||
Condensed Consolidating Statements of Cash Flows — continued | |||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | -6,454 | $ | 40,898 | $ | 6,937 | $ | -1 | $ | 41,380 | |||||||
Additions to property and equipment | — | -11,128 | -4,017 | — | -15,145 | ||||||||||||
Payments for exclusive license agreements, site acquisition costs, and other intangible assets | — | -784 | -8 | — | -792 | ||||||||||||
Intercompany fixed asset mark-up | — | — | -1 | 1 | — | ||||||||||||
Investment in subsidiary | -13,327 | — | — | 13,327 | — | ||||||||||||
Funding of intercompany notes payable | -35,656 | — | — | 35,656 | — | ||||||||||||
Payments received on intercompany notes payable | 55,624 | — | — | -55,624 | — | ||||||||||||
Acquisitions, net of cash acquired | — | — | -12,587 | — | -12,587 | ||||||||||||
Net cash provided by (used in) investing activities | 6,641 | -11,912 | -16,613 | -6,640 | -28,524 | ||||||||||||
Proceeds from borrowings of long-term debt | 57,200 | — | — | — | 57,200 | ||||||||||||
Repayments of long-term debt and capital leases | -57,800 | -3 | -366 | — | -58,169 | ||||||||||||
Proceeds from intercompany notes payable | — | 35,204 | 452 | -35,656 | — | ||||||||||||
Repayments of intercompany notes payable | — | -55,624 | — | 55,624 | — | ||||||||||||
Payment of contingent consideration | — | -250 | — | — | -250 | ||||||||||||
Proceeds from exercises of stock options | 247 | — | — | — | 247 | ||||||||||||
Repurchase of capital stock | -3,804 | — | — | — | -3,804 | ||||||||||||
Excess tax benefit from stock-based compensation expense | 3,966 | — | — | — | 3,966 | ||||||||||||
Issuance of capital stock | — | — | 13,327 | -13,327 | — | ||||||||||||
Net cash (used in) provided by financing activities | -191 | -20,673 | 13,413 | 6,641 | -810 | ||||||||||||
Effect of exchange rate changes on cash | — | — | 219 | — | 219 | ||||||||||||
Net (decrease) increase in cash and cash equivalents | -4 | 8,313 | 3,956 | — | 12,265 | ||||||||||||
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 | $ | 1 | $ | 18,987 | $ | 7,138 | $ | — | $ | 26,126 | |||||||
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies (Policy) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
General and Basis of Presentation [Abstract] | ' | ||||||
Basis Of Presentation and Consolidation, Policy | ' | ||||||
Basis of Presentation | |||||||
This Quarterly Report on Form 10-Q (this "Form 10-Q") has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all of the disclosures required by accounting principles generally accepted in the United States ("U.S. GAAP"), although the Company believes that the disclosures are adequate to make the information not misleading. You should read this Form 10-Q along with the Company's Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 Form 10-K"), which includes a summary of the Company's significant accounting policies and other disclosures. | |||||||
The financial statements as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 are unaudited. The Consolidated Balance Sheet as of December 31, 2013 was derived from the audited balance sheet filed in the 2013 Form 10-K. In management's opinion, all normal recurring adjustments necessary for a fair presentation of the Company's interim and prior period results have been made. Certain balances have been reclassified in the December 31, 2013 audited financial statements to present information consistently between periods. During the three months ended March 31, 2014, the Company changed its accounting policy related to the presentation of certain upfront merchant payments by reclassifying such payments from Intangible Assets to the Other Assets line item on the consolidated balance sheet. Prior period amounts have been reclassified to conform to this presentation. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. | |||||||
The unaudited interim consolidated financial statements include the accounts of Cardtronics, Inc. and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Because the Company owns a majority (51.0%) interest in, and realizes a majority of the earnings and/or losses of, Cardtronics Mexico, S.A. de C.V. (“Cardtronics Mexico”), this entity is reflected as a consolidated subsidiary in the accompanying consolidated financial statements, with the remaining ownership interests not held by the Company being reflected as noncontrolling interests. | |||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and these differences could be material to the financial statements. | |||||||
Cost Of ATM Operating Revenues And Gross Profit Presenation | ' | ||||||
Cost of ATM Operating Revenues and Gross Profit Presentation | |||||||
The Company presents Cost of ATM operating revenues and Gross profit within its Consolidated Statements of Operations exclusive of depreciation, accretion, and amortization of intangible assets related to ATMs and ATM-related assets. The following table sets forth the amounts excluded from Cost of ATM operating revenues and Gross profit for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Depreciation and accretion expenses related to ATMs and ATM-related assets | $ | 15,589 | $ | 14,278 | |||
Amortization of intangible assets | 8,217 | 5,748 | |||||
Total depreciation, accretion, and amortization of intangible assets excluded from Cost of ATM operating revenues and Gross profit | $ | 23,806 | $ | 20,026 | |||
General_and_Basis_of_Presentat1
General and Basis of Presentation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
General and Basis of Presentation [Abstract] | ' | ||||||
Schedule Of Depreciation Accretion And Amortization Amounts Excluded From Operating Revenues And Gross Profit | ' | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Depreciation and accretion expenses related to ATMs and ATM-related assets | $ | 15,589 | $ | 14,278 | |||
Amortization of intangible assets | 8,217 | 5,748 | |||||
Total depreciation, accretion, and amortization of intangible assets excluded from Cost of ATM operating revenues and Gross profit | $ | 23,806 | $ | 20,026 | |||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Acquisitions [Abstract] | ' | ||||||
Schedule of Pro Forma Results of Operations | ' | ||||||
Three Months Ended | |||||||
31-Mar-13 | |||||||
As Reported | Pro Forma | ||||||
(In thousands, excluding per share amounts) | |||||||
Total revenues | $ | 197,738 | $ | 223,674 | |||
Net income attributable to controlling interests and available to common stockholders | 9,430 | 9,280 | |||||
Earnings per share – basic | $ | 0.21 | $ | 0.20 | |||
Earnings per share – diluted | $ | 0.21 | $ | 0.20 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Stock-Based Compensation [Abstract] | ' | ||||||
Stock-Based Compensation, Expense | ' | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Cost of ATM operating revenues | $ | 214 | $ | 205 | |||
Selling, general, and administrative expenses | 3,004 | 2,960 | |||||
Total stock-based compensation expense | $ | 3,218 | $ | 3,165 | |||
Stock-Based Compensation, Restricted Share Awards | ' | ||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
RSAs outstanding as of January 1, 2014 | 375,498 | $ | 18.42 | ||||
Vested | -210,390 | $ | 13.50 | ||||
Forfeited | -6,250 | $ | 27.86 | ||||
RSAs outstanding as of March 31, 2014 | 158,858 | $ | 24.57 | ||||
Stock-Based Compensation, Restricted Share Units | ' | ||||||
Number of Units | Weighted Average Grant Date Fair Value | ||||||
Non-vested RSUs as of January 1, 2014 | 733,235 | $ | 25.26 | ||||
Granted | 427,411 | $ | 32.19 | ||||
Vested | -250,885 | $ | 21.71 | ||||
Forfeited | -17,094 | $ | 24.03 | ||||
Non-vested RSUs as of March 31, 2014 | 892,667 | $ | 29.60 | ||||
Stock-Based Compensation, Stock Options | ' | ||||||
Number of Shares | Weighted Average Exercise Price | ||||||
Options outstanding as of January 1, 2014 | 280,175 | $ | 9.66 | ||||
Exercised | -15,200 | $ | 8.83 | ||||
Options outstanding as of March 31, 2014 | 264,975 | $ | 9.70 | ||||
Options vested and exercisable as of March 31, 2014 | 264,975 | $ | 9.70 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | ||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||
Income | Weighted Average Shares Outstanding | Earnings Per Share | Income | Weighted Average Shares Outstanding | Earnings Per Share | ||||||||||||||
Basic: | |||||||||||||||||||
Net income attributable to controlling interests and available to common stockholders | $ | 9,565 | $ | 9,430 | |||||||||||||||
Less: Undistributed earnings allocated to unvested RSAs | -49 | -231 | |||||||||||||||||
Net income available to common stockholders | $ | 9,516 | 44,215,372 | $ | 0.22 | $ | 9,199 | 44,247,098 | $ | 0.21 | |||||||||
Diluted: | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Add: Undistributed earnings allocated to restricted shares | $ | 49 | $ | 231 | |||||||||||||||
Stock options added to the denominator under the treasury stock method | 135,579 | 232,268 | |||||||||||||||||
RSUs added to the denominator under the treasury stock method | 416,637 | — | |||||||||||||||||
Less: Undistributed earnings reallocated to RSAs | -48 | -230 | |||||||||||||||||
Net income available to common stockholders and assumed conversions | $ | 9,517 | 44,767,588 | $ | 0.21 | $ | 9,200 | 44,479,366 | $ | 0.21 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss, Net (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accumulated Other Comprehensive Loss, Net [Abstract] | ' | ||||||||||
Schedule Of Accumulated Other Comprehensive Loss, Net | ' | ||||||||||
Foreign currency translation adjustments | Unrealized (losses) gains on interest rate swap contracts | Total | |||||||||
(In thousands) | |||||||||||
Total accumulated other comprehensive loss, net as of January 1, 2014 | $ | -18,436 | $ | -54,518 | -1 | $ | -72,954 | ||||
Other comprehensive income (loss) before reclassification | 740 | -7,552 | -2 | -6,812 | |||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 8,738 | -2 | 8,738 | |||||||
Net current period other comprehensive income | 740 | 1,186 | 1,926 | ||||||||
Total accumulated other comprehensive loss, net as of March 31, 2014 | $ | -17,696 | $ | -53,332 | -1 | $ | -71,028 | ||||
___________ | |||||||||||
(1) Net of deferred income tax benefit of $9,910 and $10,829 as of March 31, 2014 and January 1, 2014, respectively. | |||||||||||
(2) Net of deferred income tax (benefit) expense of $(5,852) and $6,771 for Other comprehensive income (loss) before reclassification and Amounts reclassified from accumulated other comprehensive loss, net, respectively. See Note 11, Derivative Financial Instruments. | |||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||
Goodwill | |||||||||||||||||||
U.S. | Europe (1) | Other International (2) | Total | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance as of January 1, 2014: | |||||||||||||||||||
Gross balance | $ | 288,439 | $ | 162,763 | $ | 3,292 | $ | 454,494 | |||||||||||
Accumulated impairment loss | — | -50,003 | — | -50,003 | |||||||||||||||
$ | 288,439 | $ | 112,760 | $ | 3,292 | $ | 404,491 | ||||||||||||
Acquisitions | 6,623 | — | — | 6,623 | |||||||||||||||
Purchase price adjustments | — | -817 | — | -817 | |||||||||||||||
Foreign currency translation adjustments | — | 928 | -85 | 843 | |||||||||||||||
Balance as of March 31, 2014: | |||||||||||||||||||
Gross balance | $ | 295,062 | $ | 162,874 | $ | 3,207 | $ | 461,143 | |||||||||||
Accumulated impairment loss | — | -50,003 | — | -50,003 | |||||||||||||||
$ | 295,062 | $ | 112,871 | $ | 3,207 | $ | 411,140 | ||||||||||||
____________ | |||||||||||||||||||
-1 | The Europe segment is comprised of the Company’s operations in the U.K. and Germany. | ||||||||||||||||||
-2 | The Other International segment is comprised of the Company’s operations in Mexico and Canada. | ||||||||||||||||||
Summary Of Net Carrying Amounts Of Intangible Assets With Indefinite Lives | ' | ||||||||||||||||||
Trade Name: indefinite-lived | |||||||||||||||||||
U.S. | Europe | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance as of January 1, 2014 | $ | 200 | $ | 560 | $ | 760 | |||||||||||||
Foreign currency translation adjustments | — | 6 | 6 | ||||||||||||||||
Balance as of March 31, 2014 | $ | 200 | $ | 566 | $ | 766 | |||||||||||||
Summary Of Intangible Assets Subject To Amortization | ' | ||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Customer and branding contracts/relationships | $ | 295,404 | $ | -170,092 | $ | 125,312 | $ | 291,392 | $ | -162,775 | $ | 128,617 | |||||||
Deferred financing costs | 15,073 | -5,895 | 9,178 | 15,038 | -5,466 | 9,572 | |||||||||||||
Non-compete agreements | 4,067 | -2,875 | 1,192 | 4,075 | -2,437 | 1,638 | |||||||||||||
Technology | 2,826 | -1,108 | 1,718 | 2,827 | -775 | 2,052 | |||||||||||||
Trade name: definite-lived | 13,263 | -900 | 12,363 | 13,164 | -527 | 12,637 | |||||||||||||
Total | $ | 330,633 | $ | -180,870 | $ | 149,763 | $ | 326,496 | $ | -171,980 | $ | 154,516 | |||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accrued Liabilities [Abstract] | ' | ||||||
Accrued Liabilities | ' | ||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Accrued merchant fees | $ | 38,801 | $ | 32,619 | |||
Accrued merchant settlement amounts | 30,411 | 17,365 | |||||
Accrued taxes | 22,247 | 23,033 | |||||
Accrued armored fees | 7,822 | 5,271 | |||||
Accrued cash rental and management fees | 6,413 | 4,570 | |||||
Accrued maintenance fees | 5,707 | 5,186 | |||||
Accrued compensation | 5,659 | 12,501 | |||||
Accrued interest rate swap payments | 3,012 | 2,211 | |||||
Accrued interest expense | 2,679 | 6,140 | |||||
Accrued purchases | 2,307 | 2,392 | |||||
Accrued ATM telecommunications costs | 1,992 | 1,682 | |||||
Accrued processing costs | 919 | 939 | |||||
Other accrued expenses | 21,411 | 23,867 | |||||
Total | $ | 149,380 | $ | 137,776 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Schedule Of Long-Term Debt | ' | ||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
8.25% Senior subordinated notes due September 2018 | $ | 191,606 | $ | 200,000 | |||
1.00% Convertible senior notes due December 2020, net of discount | 218,784 | 216,635 | |||||
Revolving credit facility, including swing-line credit facility (weighted-average combined interest rate of 2.5% as of both March 31, 2014 and December 31, 2013) | 73,203 | 72,547 | |||||
Equipment financing notes | 939 | 1,332 | |||||
Total | 484,532 | 490,514 | |||||
Less: current portion | 939 | 1,289 | |||||
Total long-term debt, excluding current portion | $ | 483,593 | $ | 489,225 | |||
Schedule of Interest Expense Related to Convertible Notes | ' | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Cash interest per contractual coupon rate | $ | 719 | $ | — | |||
Amortization of note discount | 2,149 | — | |||||
Amortization of deferred financing costs | 124 | — | |||||
Total interest expense related to Convertible Notes | $ | 2,992 | $ | — | |||
Schedule of Convertible Debt | ' | ||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Principal balance | $ | 287,500 | $ | 287,500 | |||
Discount, net of accumulated amortization | -68,716 | -70,865 | |||||
Net carrying amount of Convertible Notes | $ | 218,784 | $ | 216,635 | |||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Asset Retirement Obligations [Abstract] | ' | |||
Changes In Asset Retirement Obligation Liability | ' | |||
Asset retirement obligation as of January 1, 2014 | $ | 63,831 | ||
Additional obligations | 1,085 | |||
Accretion expense | 813 | |||
Payments | -816 | |||
Foreign currency translation adjustments | 313 | |||
Total asset retirement obligation as of March 31, 2014 | 65,226 | |||
Less: current portion | 3,177 | |||
Asset retirement obligation, excluding current portion as of March, 31 2014 | $ | 62,049 | ||
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Other Liabilities [Abstract] | ' | ||||||
Schedule Of Other Liabilities | ' | ||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Current Portion of Other Long-Term Liabilities: | |||||||
Interest rate swaps | $ | 31,372 | $ | 31,069 | |||
Deferred revenue | 1,720 | 1,315 | |||||
Asset retirement obligations | 3,177 | 3,166 | |||||
Other | 60 | 47 | |||||
Total | $ | 36,329 | $ | 35,597 | |||
Other Long-Term Liabilities: | |||||||
Interest rate swaps | $ | 31,864 | $ | 34,509 | |||
Deferred revenue | 963 | 962 | |||||
Other | 3,773 | 3,265 | |||||
Total | $ | 36,600 | $ | 38,736 | |||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Notional Amounts, Weighted-Average Fixed Rates, And Terms Associated With The Company's Interest Rate Swaps | ' | ||||||||||||||
Notional Amounts | Weighted Average Fixed Rate | Term | |||||||||||||
(In millions) | |||||||||||||||
$ | 1,250 | 2.98 | % | April 1, 2014 – December 31, 2014 | |||||||||||
$ | 1,300 | 2.84 | % | January 1, 2015 – December 31, 2015 | |||||||||||
$ | 1,300 | 2.74 | % | January 1, 2016 – December 31, 2016 | |||||||||||
$ | 1,000 | 2.53 | % | January 1, 2017 – December 31, 2017 | |||||||||||
$ | 750 | 2.54 | % | January 1, 2018 – December 31, 2018 | |||||||||||
Schedule Of Derivatives, Location In Consolidated Balance Sheets | ' | ||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||
Liability Derivative Instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||
Interest rate swap contracts | Current portion of other long-term liabilities | $ | 31,372 | Current portion of other long-term liabilities | $ | 31,069 | |||||||||
Interest rate swap contracts | Other long-term liabilities | 31,864 | Other long-term liabilities | 34,509 | |||||||||||
Total Derivatives | $ | 63,236 | $ | 65,578 | |||||||||||
Effects Of The Derivative Contracts On Consolidated Statements Of Operations | ' | ||||||||||||||
Three Months Ended March 31, | |||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of Loss Recognized in OCI on Derivative Instruments (Effective Portion) | Location of Loss Reclassed from Accumulated OCI Into Income (Effective Portion) | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Interest rate swap contracts | $ | -7,552 | $ | -627 | Cost of ATM operating revenues | $ | -8,738 | $ | -6,330 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurement Of Assets And Liabilities On A Recurring Basis | ' | ||||||||||||
Fair Value Measurements at March 31, 2014 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | |||||||||||||
Liabilities | |||||||||||||
Liabilities associated with interest rate swaps | $ | 63,236 | $ | — | $ | 63,236 | $ | — | |||||
Fair Value Measurements at December 31, 2013 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | |||||||||||||
Liabilities | |||||||||||||
Liabilities associated with interest rate swaps | $ | 65,578 | $ | — | $ | 65,578 | $ | — | |||||
Acquisition-related contingent consideration | 575 | — | — | 575 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Components Of Income Tax Expense | ' | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(In thousands) | ||||||||||
Income tax expense | $ | 5,773 | $ | 5,980 | ||||||
Effective tax rate | 37.8 | % | 39.5 | % | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||
Reconciliation Of Adjusted Earnings Before Interest, Taxes, Depreciation And Amortization To Net Income Attributable To Controlling Interests | ' | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Adjusted EBITDA | $ | 56,880 | $ | 48,526 | ||||||||||||
Less: | ||||||||||||||||
Loss on disposal of assets | 268 | 203 | ||||||||||||||
Other expense (income) | 31 | -421 | ||||||||||||||
Noncontrolling interests | -373 | -419 | ||||||||||||||
Stock-based compensation expense (1) | 3,211 | 3,157 | ||||||||||||||
Acquisition-related expenses | 3,087 | 2,822 | ||||||||||||||
Other adjustments to selling, general, and administrative expenses (2) | — | 446 | ||||||||||||||
EBITDA | $ | 50,656 | $ | 42,738 | ||||||||||||
Less: | ||||||||||||||||
Interest expense, net, including amortization of deferred financing costs and note discount, and redemption cost for early extinguishment of debt | 8,755 | 5,295 | ||||||||||||||
Income tax expense | 5,773 | 5,980 | ||||||||||||||
Depreciation and accretion expense | 18,346 | 16,285 | ||||||||||||||
Amortization of intangible assets | 8,217 | 5,748 | ||||||||||||||
Net income attributable to controlling interests and available to common stockholders | $ | 9,565 | $ | 9,430 | ||||||||||||
____________ | ||||||||||||||||
-1 | Amounts exclude 49% of the expenses incurred by the Company’s Mexico subsidiary as such amounts are allocable to the noncontrolling interest stockholders. | |||||||||||||||
-2 | Adjustment relates to severance-related costs associated with the management of the Company’s U.K. operations. | |||||||||||||||
Financial Information For Each Of The Company's Reporting Segments | ' | |||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
U.S. | Europe | Other International | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
Revenue from external customers | $ | 172,192 | $ | 64,044 | $ | 8,836 | $ | — | $ | 245,072 | ||||||
Intersegment revenues | 1,828 | 373 | 16 | -2,217 | — | |||||||||||
Cost of revenues | 113,565 | 48,120 | 7,099 | -2,215 | 166,569 | |||||||||||
Selling, general, and administrative expenses | 19,163 | 4,592 | 772 | — | 24,527 | |||||||||||
Acquisition-related expenses | 155 | 2,932 | — | — | 3,087 | |||||||||||
Loss on disposal of assets | 250 | — | 18 | — | 268 | |||||||||||
Adjusted EBITDA | 44,495 | 11,704 | 683 | -2 | 56,880 | |||||||||||
Depreciation and accretion expense | 10,851 | 6,521 | 988 | -14 | 18,346 | |||||||||||
Amortization of intangible assets | 5,411 | 2,636 | 170 | — | 8,217 | |||||||||||
Interest expense, net, including amortization of deferred financing costs | 7,558 | 482 | 61 | — | 8,101 | |||||||||||
Redemption costs for early extinguishment of debt | 654 | — | — | — | 654 | |||||||||||
Income tax expense (benefit) | 5,805 | -32 | — | — | 5,773 | |||||||||||
Capital expenditures (1) | $ | 7,862 | $ | 8,605 | $ | 247 | $ | -2 | $ | 16,712 | ||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
U.S. | Europe | Other International | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
Revenue from external customers | $ | 157,156 | $ | 29,499 | $ | 11,083 | $ | — | $ | 197,738 | ||||||
Intersegment revenues | 1,837 | — | 17 | -1,854 | — | |||||||||||
Cost of revenues | 102,865 | 23,420 | 9,238 | -1,834 | 133,689 | |||||||||||
Selling, general, and administrative expenses | 15,983 | 2,126 | 880 | — | 18,989 | |||||||||||
Acquisition-related expenses | 2,800 | — | 22 | — | 2,822 | |||||||||||
Loss on disposal of assets | 183 | 7 | 13 | — | 203 | |||||||||||
Adjusted EBITDA | 43,293 | 4,399 | 854 | -20 | 48,526 | |||||||||||
Depreciation and accretion expense | 10,078 | 5,076 | 1,167 | -36 | 16,285 | |||||||||||
Amortization of intangible assets | 5,218 | 354 | 176 | — | 5,748 | |||||||||||
Interest expense, net, including amortization of deferred financing costs | 5,040 | 173 | 82 | — | 5,295 | |||||||||||
Income tax expense | 5,980 | — | — | — | 5,980 | |||||||||||
Capital expenditures (1) | $ | 11,911 | $ | 3,894 | $ | 133 | $ | -1 | $ | 15,937 | ||||||
____________ | ||||||||||||||||
-1 | Capital expenditure amounts include payments made for exclusive license agreements and site acquisition costs. Additionally, capital expenditure amounts for Mexico (included in the Other International segment) are reflected gross of any noncontrolling interest amounts. | |||||||||||||||
Identifiable Assets | ' | |||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
(In thousands) | ||||||||||||||||
United States | $ | 932,677 | $ | 931,396 | ||||||||||||
Europe | 344,243 | 341,618 | ||||||||||||||
Other International | 29,450 | 26,452 | ||||||||||||||
Eliminations | -251,731 | -243,263 | ||||||||||||||
Total | $ | 1,054,639 | $ | 1,056,203 | ||||||||||||
Supplemental_Guarantor_Financi1
Supplemental Guarantor Financial Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Supplemental Guarantor Financial Information [Abstract] | ' | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | — | $ | 174,020 | $ | 73,269 | $ | -2,217 | $ | 245,072 | |||||||
Operating costs and expenses | 3,289 | 146,106 | 73,848 | -2,229 | 221,014 | ||||||||||||
Operating (loss) income | -3,289 | 27,914 | -579 | 12 | 24,058 | ||||||||||||
Interest expense, net, including amortization of deferred financing costs and note discount | 3,448 | 4,110 | 543 | — | 8,101 | ||||||||||||
Redemption costs for early extinguishment of debt | 654 | — | — | — | 654 | ||||||||||||
Equity in earnings of subsidiaries | -21,930 | -315 | — | 22,245 | — | ||||||||||||
Other expense (income), net | 652 | 225 | -469 | -377 | 31 | ||||||||||||
Income (loss) before income taxes | 13,887 | 23,894 | -653 | -21,856 | 15,272 | ||||||||||||
Income tax expense (benefit) | 4,777 | 1,028 | -32 | — | 5,773 | ||||||||||||
Net income (loss) | 9,110 | 22,866 | -621 | -21,856 | 9,499 | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | -66 | -66 | ||||||||||||
Net income (loss) attributable to controlling interests and available to common stockholders | 9,110 | 22,866 | -621 | -21,790 | 9,565 | ||||||||||||
Other comprehensive (loss) income attributable to controlling interests | -999 | 2,242 | 683 | 12 | 1,938 | ||||||||||||
Comprehensive income attributable to controlling interests | $ | 8,111 | $ | 25,108 | $ | 62 | $ | -21,778 | $ | 11,503 | |||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | — | $ | 158,993 | $ | 40,599 | $ | -1,854 | $ | 197,738 | |||||||
Operating costs and expenses | 3,230 | 133,897 | 42,479 | -1,870 | 177,736 | ||||||||||||
Operating (loss) income | -3,230 | 25,096 | -1,880 | 16 | 20,002 | ||||||||||||
Interest expense, net, including amortization of deferred financing costs | 1,906 | 3,134 | 255 | — | 5,295 | ||||||||||||
Equity in (earnings) losses of subsidiaries | -19,784 | 2,720 | — | 17,064 | — | ||||||||||||
Other (income) expense, net | — | -1,553 | 1,132 | — | -421 | ||||||||||||
Income (loss) before income taxes | 14,648 | 20,795 | -3,267 | -17,048 | 15,128 | ||||||||||||
Income tax expense | 5,516 | 464 | — | — | 5,980 | ||||||||||||
Net income (loss) | 9,132 | 20,331 | -3,267 | -17,048 | 9,148 | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | -282 | -282 | ||||||||||||
Net income (loss) attributable to controlling interests and available to common stockholders | 9,132 | 20,331 | -3,267 | -16,766 | 9,430 | ||||||||||||
Other comprehensive (loss) income attributable to controlling interests | -3,648 | 8,615 | -3,304 | -60 | 1,603 | ||||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 5,484 | $ | 28,946 | $ | -6,571 | $ | -16,826 | $ | 11,033 | |||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 50,159 | $ | 10,487 | $ | — | $ | 60,653 | |||||||
Accounts and notes receivable, net | 58,184 | 47,358 | 20,208 | -61,896 | 63,854 | ||||||||||||
Current portion of deferred tax asset, net | 15,842 | 1,927 | 2,690 | — | 20,459 | ||||||||||||
Other current assets | 624 | 22,800 | 33,684 | -90 | 57,018 | ||||||||||||
Total current assets | 74,657 | 122,244 | 67,069 | -61,986 | 201,984 | ||||||||||||
Property and equipment, net | — | 165,722 | 107,542 | -417 | 272,847 | ||||||||||||
Intangible assets, net | 9,104 | 73,965 | 67,460 | — | 150,529 | ||||||||||||
Goodwill | — | 295,062 | 116,078 | — | 411,140 | ||||||||||||
Investments in and advances to subsidiaries | 474,782 | 245,985 | — | -720,767 | — | ||||||||||||
Intercompany receivable | 195,784 | 71,689 | — | -267,473 | — | ||||||||||||
Deferred tax asset, net | — | — | 10,879 | — | 10,879 | ||||||||||||
Prepaid expenses, deferred costs, and other noncurrent assets | — | 2,595 | 4,665 | — | 7,260 | ||||||||||||
Total assets | $ | 754,327 | $ | 977,262 | $ | 373,693 | $ | -1,050,643 | $ | 1,054,639 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||
Current portion of long-term debt and notes payable | $ | — | $ | — | $ | 939 | $ | — | $ | 939 | |||||||
Current portion of other long-term liabilities | — | 34,453 | 1,876 | — | 36,329 | ||||||||||||
Accounts payable and accrued liabilities | 9,524 | 142,435 | 81,208 | -61,867 | 171,300 | ||||||||||||
Total current liabilities | 9,524 | 176,888 | 84,023 | -61,867 | 208,568 | ||||||||||||
Long-term debt | 483,592 | 1 | — | — | 483,593 | ||||||||||||
Intercompany payable | — | 212,656 | 107,689 | -320,345 | — | ||||||||||||
Asset retirement obligations | — | 21,957 | 40,092 | — | 62,049 | ||||||||||||
Deferred tax liability, net | 4,522 | 668 | 1,950 | — | 7,140 | ||||||||||||
Other long-term liabilities | — | 36,545 | 55 | — | 36,600 | ||||||||||||
Total liabilities | 497,638 | 448,715 | 233,809 | -382,212 | 797,950 | ||||||||||||
Stockholders' equity | 256,689 | 528,547 | 139,884 | -668,431 | 256,689 | ||||||||||||
Total liabilities and stockholders' equity | $ | 754,327 | $ | 977,262 | $ | 373,693 | $ | -1,050,643 | $ | 1,054,639 | |||||||
Condensed Consolidating Balance Sheets — continued | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 412 | $ | 73,379 | $ | 13,148 | $ | — | $ | 86,939 | |||||||
Accounts and notes receivable, net | 130,835 | 43,929 | 17,942 | -134,432 | 58,274 | ||||||||||||
Current portion of deferred tax asset, net | 15,735 | 1,915 | 3,552 | — | 21,202 | ||||||||||||
Other current assets | 917 | 11,580 | 27,948 | -88 | 40,357 | ||||||||||||
Total current assets | 147,899 | 130,803 | 62,590 | -134,520 | 206,772 | ||||||||||||
Property and equipment, net | — | 166,909 | 104,488 | -431 | 270,966 | ||||||||||||
Intangible assets, net | 9,466 | 75,975 | 69,835 | — | 155,276 | ||||||||||||
Goodwill | — | 288,439 | 116,052 | — | 404,491 | ||||||||||||
Investments in and advances to subsidiaries | 445,318 | 245,985 | — | -691,303 | — | ||||||||||||
Intercompany receivable | 150,890 | 43,965 | — | -194,855 | — | ||||||||||||
Deferred tax asset, net | — | — | 9,680 | — | 9,680 | ||||||||||||
Prepaid expenses, deferred costs, and other noncurrent assets | — | 3,593 | 5,425 | — | 9,018 | ||||||||||||
Total assets | $ | 753,573 | $ | 955,669 | $ | 368,070 | $ | -1,021,109 | $ | 1,056,203 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||
Current portion of long-term debt and notes payable | $ | — | $ | — | $ | 1,289 | $ | — | $ | 1,289 | |||||||
Current portion of other long-term liabilities | — | 34,009 | 1,588 | — | 35,597 | ||||||||||||
Accounts payable and accrued liabilities | 12,953 | 213,128 | 84,705 | -134,029 | 176,757 | ||||||||||||
Current portion of deferred tax liability, net | — | — | 1,152 | — | 1,152 | ||||||||||||
Total current liabilities | 12,953 | 247,137 | 88,734 | -134,029 | 214,795 | ||||||||||||
Long-term debt | 489,182 | 3 | 40 | — | 489,225 | ||||||||||||
Intercompany payable | — | 148,306 | 99,420 | -247,726 | — | ||||||||||||
Asset retirement obligations | — | 21,517 | 39,148 | — | 60,665 | ||||||||||||
Deferred tax liability, net | 4,324 | 526 | 818 | — | 5,668 | ||||||||||||
Other long-term liabilities | — | 38,681 | 55 | — | 38,736 | ||||||||||||
Total liabilities | 506,459 | 456,170 | 228,215 | -381,755 | 809,089 | ||||||||||||
Stockholders' equity | 247,114 | 499,499 | 139,855 | -639,354 | 247,114 | ||||||||||||
Total liabilities and stockholders' equity | $ | 753,573 | $ | 955,669 | $ | 368,070 | $ | -1,021,109 | $ | 1,056,203 | |||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 18,165 | $ | -6,350 | $ | 2,706 | $ | -2 | $ | 14,519 | |||||||
Additions to property and equipment | — | -7,862 | -8,850 | — | -16,712 | ||||||||||||
Intercompany fixed asset mark-up | — | — | -2 | 2 | — | ||||||||||||
Funding of intercompany notes payable | -5,007 | — | — | 5,007 | — | ||||||||||||
Acquisitions, net of cash acquired | — | -8,805 | — | — | -8,805 | ||||||||||||
Net cash used in investing activities | -5,007 | -16,667 | -8,852 | 5,009 | -25,517 | ||||||||||||
Repayments of long-term debt and capital leases | -8,394 | -3 | -391 | — | -8,788 | ||||||||||||
Repayments of borrowings under bank overdraft facility, net | — | — | -761 | — | -761 | ||||||||||||
Proceeds from intercompany notes payable | — | — | 5,007 | -5,007 | — | ||||||||||||
Debt issuance and modification costs | -142 | — | — | — | -142 | ||||||||||||
Payment of contingent consideration | — | -200 | -317 | — | -517 | ||||||||||||
Proceeds from exercises of stock options | 135 | — | — | — | 135 | ||||||||||||
Excess tax benefit from stock-based compensation expense | 912 | — | — | — | 912 | ||||||||||||
Repurchase of capital stock | -6,074 | — | — | — | -6,074 | ||||||||||||
Net cash (used in) provided by financing activities | -13,563 | -203 | 3,538 | -5,007 | -15,235 | ||||||||||||
Effect of exchange rate changes on cash | — | — | -53 | — | -53 | ||||||||||||
Net decrease in cash and cash equivalents | -405 | -23,220 | -2,661 | — | -26,286 | ||||||||||||
Cash and cash equivalents as of beginning of period | 412 | 73,379 | 13,148 | — | 86,939 | ||||||||||||
Cash and cash equivalents as of end of period | $ | 7 | $ | 50,159 | $ | 10,487 | $ | — | $ | 60,653 | |||||||
Condensed Consolidating Statements of Cash Flows — continued | |||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | -6,454 | $ | 40,898 | $ | 6,937 | $ | -1 | $ | 41,380 | |||||||
Additions to property and equipment | — | -11,128 | -4,017 | — | -15,145 | ||||||||||||
Payments for exclusive license agreements, site acquisition costs, and other intangible assets | — | -784 | -8 | — | -792 | ||||||||||||
Intercompany fixed asset mark-up | — | — | -1 | 1 | — | ||||||||||||
Investment in subsidiary | -13,327 | — | — | 13,327 | — | ||||||||||||
Funding of intercompany notes payable | -35,656 | — | — | 35,656 | — | ||||||||||||
Payments received on intercompany notes payable | 55,624 | — | — | -55,624 | — | ||||||||||||
Acquisitions, net of cash acquired | — | — | -12,587 | — | -12,587 | ||||||||||||
Net cash provided by (used in) investing activities | 6,641 | -11,912 | -16,613 | -6,640 | -28,524 | ||||||||||||
Proceeds from borrowings of long-term debt | 57,200 | — | — | — | 57,200 | ||||||||||||
Repayments of long-term debt and capital leases | -57,800 | -3 | -366 | — | -58,169 | ||||||||||||
Proceeds from intercompany notes payable | — | 35,204 | 452 | -35,656 | — | ||||||||||||
Repayments of intercompany notes payable | — | -55,624 | — | 55,624 | — | ||||||||||||
Payment of contingent consideration | — | -250 | — | — | -250 | ||||||||||||
Proceeds from exercises of stock options | 247 | — | — | — | 247 | ||||||||||||
Repurchase of capital stock | -3,804 | — | — | — | -3,804 | ||||||||||||
Excess tax benefit from stock-based compensation expense | 3,966 | — | — | — | 3,966 | ||||||||||||
Issuance of capital stock | — | — | 13,327 | -13,327 | — | ||||||||||||
Net cash (used in) provided by financing activities | -191 | -20,673 | 13,413 | 6,641 | -810 | ||||||||||||
Effect of exchange rate changes on cash | — | — | 219 | — | 219 | ||||||||||||
Net (decrease) increase in cash and cash equivalents | -4 | 8,313 | 3,956 | — | 12,265 | ||||||||||||
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 | $ | 1 | $ | 18,987 | $ | 7,138 | $ | — | $ | 26,126 | |||||||
General_and_Basis_of_Presentat2
General and Basis of Presentation (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | state | |
item | ||
General And Basis Of Presentation [Line Items] | ' | ' |
Number of devices operated by entity | 82,700 | ' |
Number of U.S. states devices located | 50 | ' |
Number of devices that entity provided managed services to | 13,900 | ' |
Number of ATMs participating in Allpoint network | 56,000 | ' |
Restricted cash in current assets | $27,921 | $14,896 |
U.S. [Member] | ' | ' |
General And Basis Of Presentation [Line Items] | ' | ' |
Number of devices operated by entity | 65,900 | ' |
Number of devices under contract with financial institutions | 21,400 | ' |
U.K. [Member] | ' | ' |
General And Basis Of Presentation [Line Items] | ' | ' |
Number of devices operated by entity | 11,800 | ' |
Germany [Member] | ' | ' |
General And Basis Of Presentation [Line Items] | ' | ' |
Number of devices operated by entity | 900 | ' |
Mexico [Member] | ' | ' |
General And Basis Of Presentation [Line Items] | ' | ' |
Number of devices operated by entity | 2,200 | ' |
Majority owned interest percentage | 51.00% | ' |
Canada [Member] | ' | ' |
General And Basis Of Presentation [Line Items] | ' | ' |
Number of devices operated by entity | 1,900 | ' |
Recovered_Sheet1
Basis Of Presentation and Summary of Significant Accounting Policies (Schedule Of Depreciation Accretion And Amortization Amounts Excluded From Operating Revenues and Gross Profit) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
General and Basis of Presentation [Abstract] | ' | ' |
Depreciation and accretion expenses related to ATMs and ATM-related assets | $15,589 | $14,278 |
Amortization expense | 8,217 | 5,748 |
Total depreciation, accretion, and amortization expenses excluded from Cost of ATM operating revenues and Gross profit | $23,806 | $20,026 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Cardpoint Limited [Member] | Cardpoint Limited [Member] | Automated Financial, L.L.C. [Member] | U.K. [Member] | U.K. [Member] | Germany [Member] | Germany [Member] | |
item | USD ($) | GBP (£) | item | item | Cardpoint Limited [Member] | item | Cardpoint Limited [Member] | |||
item | item | |||||||||
Business Acquisitions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date of acquisition | ' | ' | ' | 7-Aug-13 | 7-Aug-13 | 6-Feb-14 | ' | ' | ' | ' |
Number of automated teller machines | 82,700 | ' | ' | ' | ' | 2,100 | 11,800 | 7,100 | 900 | 800 |
Business Combination, total consideration | ' | ' | ' | $161,800,000 | £ 105,400,000 | ' | ' | ' | ' | ' |
Acquisition-related expenses | 3,087,000 | 2,822,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $411,140,000 | ' | $404,491,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Pro_Forma_Results
Acquisitions (Pro Forma Results of Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Total revenues | $245,072 | $197,738 |
Net income (loss) attributable to controlling interests and available to common stockholders | 9,565 | 9,430 |
Net income per common share - basic | $0.22 | $0.21 |
Net income per common share - diluted | $0.21 | $0.21 |
Cardpoint Limited [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | 223,674 |
Business Acquisition, Pro Forma Net Income | ' | $9,280 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | $0.20 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | $0.20 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of options exercised | 15,200 | ' |
Stock-based compensation expense | $3,218 | $3,165 |
Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock incentive plan, vesting period | '4 years | ' |
Weighted Average Grant Date Fair Value, Granted | $32.19 | ' |
Unrecognized compensation expense | 15,000 | ' |
Weighted-average period for recognition of compensation cost | '2 years 6 months 18 days | ' |
Number of shares granted | 427,411 | ' |
Restricted Stock Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation expense | 2,700 | ' |
Weighted-average period for recognition of compensation cost | '2 years 2 months 12 days | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation expense | $0 | ' |
Vesting Two Years From January 31 of Grant Year [Member] | Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock incentive plan, vesting period | '24 months | ' |
Vesting percentage | 50.00% | ' |
Vesting Three Years From January 31 of Grant Year [Member] | Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock incentive plan, vesting period | '36 months | ' |
Vesting percentage | 25.00% | ' |
Vesting Four Years From January 31 of Grant Year [Member] | Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock incentive plan, vesting period | '48 months | ' |
Vesting percentage | 25.00% | ' |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based Compensation | $3,218 | $3,165 |
Cost Of ATM Operating Revenues [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based Compensation | 214 | 205 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based Compensation | $3,004 | $2,960 |
StockBased_Compensation_StockB1
Stock-Based Compensation (Stock-Based Compensation, RSAs) (Details) (Restricted Stock Awards [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Restricted Stock outstanding, Beginning Balance | 375,498 |
Weighted Average Grant Date Fair Value, Beginning Balance | $18.42 |
Number of Shares, Vested | -210,390 |
Weighted Average Grant Date Fair Value, Vested | $13.50 |
Number of Shares, Forfeited | -6,250 |
Weighted Average Grant Date Fair Value, Forfeited | $27.86 |
Number of Shares, Restricted Stock outstanding, Ending Balance | 158,858 |
Weighted Average Grant Date Fair Value, Ending Balance | $24.57 |
StockBased_Compensation_StockB2
Stock-Based Compensation (Stock-Based Compensation, RSUs) (Details) (Restricted Stock Units [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Restricted Stock outstanding, Beginning Balance | 733,235 |
Number of Shares, Granted | 427,411 |
Number of Shares, Vested | -250,885 |
Number of Shares, Forfeited | -17,094 |
Number of Shares, Restricted Stock outstanding, Ending Balance | 892,667 |
Weighted Average Grant Date Fair Value, Beginning Balance | $25.26 |
Weighted Average Grant Date Fair Value, Granted | $32.19 |
Weighted Average Grant Date Fair Value, Vested | $21.71 |
Weighted Average Grant Date Fair Value, Forfeited | $24.03 |
Weighted Average Grant Date Fair Value, Ending Balance | $29.60 |
StockBased_Compensation_StockB3
Stock-Based Compensation (Stock-Based Compensation, Stock Options) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock-Based Compensation [Abstract] | ' |
Number of Shares, Options outstanding, Beginning Balance | 280,175 |
Number of Shares, Exercised | -15,200 |
Number of Shares, Options outstanding, Ending Balance | 264,975 |
Number of Shares, Options vested and exercisable | 264,975 |
Weighted Average Exercise Price, Options outstanding, Beginning Balance | $9.66 |
Weighted Average Exercise Price, Exercised | $8.83 |
Weighted Average Exercise Price, Options outstanding, Ending Balance | $9.70 |
Weighted Average Exercise Price, Options vested and exercisable | $9.70 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive shares excluded from computation of diluted earnings per share | 101,461 | 480,284 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to controlling interests and available to common stockholders | $9,565 | $9,430 |
Less: undistributed earnings allocated to unvested restricted shares | -49 | -231 |
Net income available to common stockholders | 9,516 | 9,199 |
Add: Undistributed earnings allocated to restricted shares, Diluted | 49 | 231 |
Less: Undistributed earnings reallocated to restricted shares | -48 | -230 |
Net income available to common stockholders and assumed conversions | $9,517 | $9,200 |
Weighted Average Shares Outstanding, Basic | 44,215,372 | 44,247,098 |
Stock options added to the denominator under the treasury stock method | 135,579 | 232,268 |
RSUs added to the denominator under the treasury stock method | 416,637 | ' |
Weighted Average Shares Outstanding, Diluted | 44,767,588 | 44,479,366 |
Net income per common share - basic | $0.22 | $0.21 |
Net income per common share - diluted | $0.21 | $0.21 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss, Net (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Accumulated other comprehensive loss, net, beginning balance | ($72,954) | ' | |
Other comprehensive income (loss) before reclassification | -6,812 | ' | |
Amounts reclassified from accumulated other comprehensive loss, net | 8,738 | ' | |
Net current period other comprehensive (loss) income | 1,926 | 1,663 | |
Accumulated other comprehensive loss, net, ending balance | -71,028 | ' | |
Accumulated other comprehensive loss, tax benefit | 9,910 | 10,829 | |
Other comprehensive loss before reclassification - interest rate swap contracts, tax expense (benefit) | -5,852 | ' | |
Amounts reclassified from AOCI - interest rate swap contracts, tax expense | 6,771 | ' | |
Foreign currency translation adjustments [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Accumulated other comprehensive loss, net, beginning balance | -18,436 | ' | |
Other comprehensive income (loss) before reclassification | 740 | ' | |
Net current period other comprehensive (loss) income | 740 | ' | |
Accumulated other comprehensive loss, net, ending balance | -17,696 | ' | |
Unrealized losses on interest rate swap contracts [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Accumulated other comprehensive loss, net, beginning balance | -54,518 | [1] | ' |
Other comprehensive income (loss) before reclassification | -7,552 | [2] | ' |
Amounts reclassified from accumulated other comprehensive loss, net | 8,738 | [2] | ' |
Net current period other comprehensive (loss) income | 1,186 | ' | |
Accumulated other comprehensive loss, net, ending balance | ($53,332) | [1] | ' |
[1] | Net of deferred income tax benefit of $9,910 and $10,829 as of March 31, 2014 and January 1, 2014, respectively. | ||
[2] | Net of deferred income tax (benefit) expense of $(5,852) and $6,771 for Other comprehensive income (loss) before reclassification and Amounts reclassified from accumulated other comprehensive loss, net, respectively. See Note 11, Derivative Financial Instruments. |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Goodwill And Net Carrying Amount Of Intangible Assets With Indefinite Lives) (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||
Trade Name [Member] | U.S. [Member] | U.S. [Member] | U.S. [Member] | Europe [Member] | Europe [Member] | Other International [Member] | ||||
Trade Name [Member] | Trade Name [Member] | Trade Name [Member] | ||||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill gross, beginning balance | $454,494 | ' | $288,439 | ' | ' | $162,763 | [1] | ' | $3,292 | [2] |
Accumulated impairment loss, beginning balance | -50,003 | ' | ' | ' | ' | -50,003 | [1] | ' | ' | |
Goodwill net, beginning balance | 404,491 | ' | 288,439 | ' | ' | 112,760 | [1] | ' | 3,292 | [2] |
Acquisitions | 6,623 | ' | 6,623 | ' | ' | ' | ' | ' | ||
Purchase price adjustments | -817 | ' | ' | ' | ' | -817 | [1] | ' | ' | |
Foreign currency translation adjustments | 843 | ' | ' | ' | ' | 928 | [1] | ' | -85 | [2] |
Goodwill gross, ending balance | 461,143 | ' | 295,062 | ' | ' | 162,874 | [1] | ' | 3,207 | [2] |
Accumulated impairment loss, ending balance | -50,003 | ' | ' | ' | ' | -50,003 | [1] | ' | ' | |
Goodwill net, ending balance | 411,140 | ' | 295,062 | ' | ' | 112,871 | [1] | ' | 3,207 | [2] |
Indefinite lived intangible asset, Beginning balance | ' | 760 | ' | 200 | 200 | ' | 560 | ' | ||
Indefinite lived intangible asset, foreign currency translation adjustments | ' | 6 | ' | ' | ' | ' | 6 | ' | ||
Indefinite lived intangible asset, Ending balance | ' | $766 | ' | $200 | $200 | ' | $566 | ' | ||
[1] | The Europe segment is comprised of the Companybs operations in the U.K. and Germany. | |||||||||
[2] | The Other International segment is comprised of the Companybs operations in Mexico and Canada. |
Intangible_Assets_Summary_Of_I
Intangible Assets (Summary Of Intangible Assets Subject To Amortization) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $330,633 | $326,496 |
Accumulated Amortization | -180,870 | -171,980 |
Net Carrying Amount | 149,763 | 154,516 |
Customer and Bank Branding Contracts / Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 295,404 | 291,392 |
Accumulated Amortization | -170,092 | -162,775 |
Net Carrying Amount | 125,312 | 128,617 |
Deferred Financing Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 15,073 | 15,038 |
Accumulated Amortization | -5,895 | -5,466 |
Net Carrying Amount | 9,178 | 9,572 |
Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 4,067 | 4,075 |
Accumulated Amortization | -2,875 | -2,437 |
Net Carrying Amount | 1,192 | 1,638 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 2,826 | 2,827 |
Accumulated Amortization | -1,108 | -775 |
Net Carrying Amount | 1,718 | 2,052 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 13,263 | 13,164 |
Accumulated Amortization | -900 | -527 |
Net Carrying Amount | $12,363 | $12,637 |
Accrued_Liabilities_Schedule_o
Accrued Liabilities (Schedule of Accrued Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Accrued merchant fees | $38,801 | $32,619 |
Accrued merchant settlement amounts | 30,411 | 17,365 |
Accrued taxes | 22,247 | 23,033 |
Accrued armored fees | 7,822 | 5,271 |
Accrued cash rental and management fees | 6,413 | 4,570 |
Accrued maintenance fees | 5,707 | 5,186 |
Accrued compensation | 5,659 | 12,501 |
Accrued interest rate swap payments | 3,012 | 2,211 |
Accrued interest expense | 2,679 | 6,140 |
Accrued purchases | 2,307 | 2,392 |
Accrued ATM telecommunications costs | 1,992 | 1,682 |
Accrued processing costs | 919 | 939 |
Other accrued expenses | 21,411 | 23,867 |
Total | $149,380 | $137,776 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Letter Of Credit United Kindom Overdraft Facility [Member] | Letter Of Credit Canadian Processing Contract [Member] | Bank Machine Overdraft Facility [Member] | Cardtronics Mexico Equipment Financing Agreements [Member] | Cardtronics Mexico Equipment Financing Agreements [Member] | Accordian Feature [Member] | Senior subordinated notes due September 2018 [Member] | Convertible senior notes due December 2020 [Member] | Convertible senior notes due December 2020 [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | MXN | USD ($) | USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | ||||
agreement | agreement | USD ($) | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity under revolving credit facility | ' | ' | ' | $375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | 500,000,000 |
Termination date | ' | ' | ' | 1-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Swing line facility capacity | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sub-limit of revolving credit facility, foreign currency | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sub-limit of revolving credit facility, letter of credit | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock in foreign subsidiaries used as collateral | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility outstanding | 73,203,000 | 72,547,000 | ' | ' | ' | 100,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Letter of credit posted | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | 299,700,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,500,000 | 287,500,000 | ' |
Debt instrument original face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
8.25% Senior subordinated notes due September 2018 | 191,606,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' |
1.00% Convertible senior notes due December 2020 | 218,784,000 | 216,635,000 | 215,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 218,784,000 | 216,635,000 | ' |
Debt Instrument, Convertible, Carrying Amount of the Equity Component | ' | ' | 71,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-18 | ' | ' | ' |
Debt instrument over allotment exercise period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '13 days | ' | ' |
Debt instrument over allotment face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500,000 | ' | ' |
Proceeds from Debt, net of issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 254,200,000 | ' |
Bank Overdraft Facility Capacity | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Notes stated interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 1.00% | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Gain (Loss) on Repurchase of Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' |
Effective interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.26% | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52.35 | ' | ' |
Debt Instrument, Convertible, Conversion Ration per $1,000 Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.1022 | ' | ' |
Notes par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Debt Instrument, Convertible, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | ' | ' |
Debt Instrument, Convertible, Earliest date of conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-20 | ' | ' |
Debt Instrument, Convertible, Threshold percentage of stock price that triggers conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135.00% | ' | ' |
Debt Instrument Convertible Threshold Trading Days 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' |
Debt Instrument, Convertible, Threshold Consecutive Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' |
Debt Instrument, Convertible, Threshold Percentage of Conversion 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' |
Debt Instrument, Convertible, Fundamental Change Minimum Percentage of Total Voting Power Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Debt Instrument, Convertible, Percentage of Notes Par Value Paid Upon Change in Control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Warrant strike price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.29 | ' | ' |
Number of shares warrants may be converted to | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | ' | ' |
Note hedge strike price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.35 | ' | ' |
Spread over bank rate | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Bank's base rate | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt term, in years | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' |
Number of five year equipment financing agreements with a single lender | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' | ' |
Average fixed rate of interest | ' | ' | ' | ' | ' | ' | ' | 9.85% | 9.85% | ' | ' | ' | ' | ' |
Equipment financing notes | 939,000 | 1,332,000 | ' | ' | ' | ' | ' | ' | 12,300,000 | ' | ' | ' | ' | ' |
Percentage of issued guarantees | ' | ' | ' | ' | ' | ' | ' | 51.00% | 51.00% | ' | ' | ' | ' | ' |
Amount Of Guarantee Issued For Equipment Financing Agreement | ' | ' | ' | ' | ' | ' | ' | $500,000 | 6,300,000 | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 21, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
8.25% Senior subordinated notes due September 2018 | $191,606 | $200,000 | ' |
1.00% Convertible senior notes due December 2020 | 218,784 | 216,635 | 215,800 |
Revolving credit facility, including swing-line credit facility | 73,203 | 72,547 | ' |
Equipment financing notes | 939 | 1,332 | ' |
Total | 484,532 | 490,514 | ' |
Less: current portion | 939 | 1,289 | ' |
Total long-term debt, excluding current portion | 483,593 | 489,225 | ' |
Weighted-average combined rate | 2.50% | ' | ' |
Senior subordinated notes due September 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
8.25% Senior subordinated notes due September 2018 | 200,000 | ' | ' |
Notes stated interest percentage | 8.25% | ' | ' |
Convertible senior notes due December 2020 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
1.00% Convertible senior notes due December 2020 | $218,784 | $216,635 | ' |
Notes stated interest percentage | 1.00% | ' | ' |
LongTerm_Debt_Schedule_of_Inte
Long-Term Debt (Schedule of Interest Expense Related to Convertible Notes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Amortization of deferred financing costs | $2,685 | $229 |
Convertible senior notes due December 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Cash interest per contractual coupon rate | 719 | ' |
Amortization of note discount | 2,149 | ' |
Amortization of deferred financing costs | 124 | ' |
Total interest expense related to Convertible Notes | $2,992 | ' |
LongTerm_Debt_Schedule_of_Conv
Long-Term Debt (Schedule of Convertible Notes) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 21, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Net carrying amount of Convertible Notes | $218,784 | $216,635 | $215,800 |
Convertible senior notes due December 2020 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal balance | 287,500 | 287,500 | ' |
Discount, net of accumulated amortization | -68,716 | -70,865 | ' |
Net carrying amount of Convertible Notes | $218,784 | $216,635 | ' |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Asset Retirement Obligations [Abstract] | ' |
Asset Retirement Obligation assets, useful life | '5 years |
Asset_Retirement_Obligations_C
Asset Retirement Obligations (Changes In Asset Retirement Obligation Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligations [Abstract] | ' | ' |
Asset retirement obligation as of beginning of period | $63,831 | ' |
Additional obligations | 1,085 | ' |
Accretion expense | 813 | ' |
Payments | -816 | ' |
Foreign currency translation adjustments | 313 | ' |
Asset retirement obligation as of end of period | 65,226 | ' |
Asset retirement obligation, current | 3,177 | 3,166 |
Asset retirement obligation, excluding current portion | $62,049 | $60,665 |
Other_Liabilities_Schedule_Of_
Other Liabilities (Schedule Of Other Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Abstract] | ' | ' |
Interest rate swaps, Current | $31,372 | $31,069 |
Deferred revenue, Current | 1,720 | 1,315 |
Asset Retirement Obligation, Current | 3,177 | 3,166 |
Other, Current | 60 | 47 |
Total, Current | 36,329 | 35,597 |
Interest rate swaps, Noncurrent | 31,864 | 34,509 |
Deferred revenue, Noncurrent | 963 | 962 |
Other, Noncurrent | 3,773 | 3,265 |
Total, Noncurrent | $36,600 | $38,736 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Derivative Financial Instruments [Abstract] | ' |
Reclassification of derivative-related losses into earnings during the next 12 months | $31.40 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Notional Amounts, Weighted-Average Fixed Rates, And Terms Associated With The Company's Interest Rate Swaps) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Derivative Remaining Term Year One [Member] | ' |
Derivative [Line Items] | ' |
Notional Amounts | $1,250 |
Weighted Average Fixed Rate | 2.98% |
Derivative Remaining Term Year Two [Member] | ' |
Derivative [Line Items] | ' |
Notional Amounts | 1,300 |
Weighted Average Fixed Rate | 2.84% |
Derivative Remaining Term Year Three [Member] | ' |
Derivative [Line Items] | ' |
Notional Amounts | 1,300 |
Weighted Average Fixed Rate | 2.74% |
Derivative Remaining Term Year Four [Member] | ' |
Derivative [Line Items] | ' |
Notional Amounts | 1,000 |
Weighted Average Fixed Rate | 2.53% |
Derivative Remaining Term Year Five [Member] | ' |
Derivative [Line Items] | ' |
Notional Amounts | $750 |
Weighted Average Fixed Rate | 2.54% |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Derivatives, Location In Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | $31,372 | $31,069 |
Derivative Liabilities, Noncurrent | 31,864 | 34,509 |
Interest Rate Swap Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Total | 63,236 | 65,578 |
Interest Rate Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Total | 63,236 | 65,578 |
Interest Rate Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | Current Portion Of Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | 31,372 | 31,069 |
Interest Rate Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Noncurrent | $31,864 | $34,509 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Effects Of The Derivative Contracts On Consolidated Statements Of Operations) (Details) (Derivatives In Cash Flow Hedging Relationships [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain(Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | ($7,552) | ($627) |
Cost Of ATM Operating Revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ($8,738) | ($6,330) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Interest Rate Swap Contracts [Member] | Interest Rate Swap Contracts [Member] | Interest Rate Swap Contracts [Member] | Interest Rate Swap Contracts [Member] | Senior subordinated notes due September 2018 [Member] | Convertible senior notes due December 2020 [Member] | |||
Level 2 [Member] | Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total additional asset retirement obligations incurred for the period | $1,100,000 | $900,000 | ' | ' | ' | ' | ' | ' |
Derivative Liabilities, Total | ' | ' | 63,236,000 | 65,578,000 | 63,236,000 | 65,578,000 | ' | ' |
Fair value of long term notes | ' | ' | ' | ' | ' | ' | $204,100,000 | $284,500,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities On A Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Acquisition-related contingent consideration | ' | $575 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Acquisition-related contingent consideration | ' | 575 |
Interest Rate Swap Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities associated with interest rate swaps | 63,236 | 65,578 |
Interest Rate Swap Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities associated with interest rate swaps | $63,236 | $65,578 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2010 | Dec. 31, 2006 | Mar. 31, 2014 | Dec. 31, 2013 | |
item | item | item | ||
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Loss contingency patents allegedly infringed number | 7 | ' | ' | ' |
Loss contingency patents found not infringed number | ' | 5 | ' | ' |
Number of patents remaining from original lawsuit | ' | ' | 2 | ' |
Number of new lawsuits filed by plaintiff naming customers of entity as defendants | ' | ' | 2 | ' |
Number Of customers named as defendants | ' | ' | 2 | ' |
Fine, per month, per ATM, for terms of Settlement Agreement not met by deadline | ' | ' | $50 | ' |
Asset Retirement Obligation | ' | ' | $65,226,000 | $63,831,000 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Abstract] | ' | ' |
Income tax expense | $5,773 | $5,980 |
Effective tax rate | 37.80% | 39.50% |
Segment_Information_Reconcilia
Segment Information (Reconciliation Of Adjusted Earnings Before Interest, Taxes, Depreciation And Amortization To Net Income Attributable To Controlling Interests) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Information [Abstract] | ' | ' | ||
Adjusted EBITDA | $56,880 | $48,526 | ||
Loss (gain) on disposal of assets | 268 | 203 | ||
Other expense (income) | 31 | -421 | ||
Noncontrolling interests | -373 | -419 | ||
Stock-based compensation expense | 3,211 | [1] | 3,157 | [1] |
Acquisition-related expenses | 3,087 | 2,822 | ||
Other adjustment to selling, general, and administrative expenses | ' | 446 | [2] | |
EBITDA | 50,656 | 42,738 | ||
Interest expense, net, including amortization of deferred financing costs and note discount, and redemption cost for early extinguishment of debt | 8,755 | 5,295 | ||
Income tax expense (benefit) | 5,773 | 5,980 | ||
Depreciation and accretion expense | 18,346 | 16,285 | ||
Amortization of intangible assets | 8,217 | 5,748 | ||
Net income attributable to controlling interests and available to common stockholders | $9,565 | $9,430 | ||
[1] | Amounts exclude 49% of the expenses incurred by the Companybs Mexico subsidiary as such amounts are allocable to the noncontrolling interest stockholders. | |||
[2] | Adjustment relates to severance-related costs associated with the management of the Companybs U.K. operations. |
Segment_Information_Financial_
Segment Information (Financial Information For Each Of The Company's Reporting Segments) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenue from external customers | $245,072 | $197,738 | ||
Cost of revenues | 166,569 | 133,689 | ||
Selling, general, and administrative expenses | 24,527 | 18,989 | ||
Acquisition-related expenses | 3,087 | 2,822 | ||
Loss (gain) on disposal of assets | 268 | 203 | ||
Adjusted EBITDA | 56,880 | 48,526 | ||
Depreciation and accretion expense | 18,346 | 16,285 | ||
Amortization of intangible assets | 8,217 | 5,748 | ||
Interest expense, net, including amortization of deferred financing costs and note discount | 8,101 | 5,295 | ||
Redemption costs for early extinguishment of debt | 654 | ' | ||
Income tax expense (benefit) | 5,773 | 5,980 | ||
Capital expenditures | 16,712 | [1] | 15,937 | [1] |
Eliminations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Intersegment revenues | -2,217 | -1,854 | ||
Cost of revenues | -2,215 | -1,834 | ||
Adjusted EBITDA | -2 | -20 | ||
Depreciation and accretion expense | -14 | -36 | ||
Capital expenditures | -2 | [1] | -1 | [1] |
U.S. [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenue from external customers | 172,192 | 157,156 | ||
Intersegment revenues | 1,828 | 1,837 | ||
Cost of revenues | 113,565 | 102,865 | ||
Selling, general, and administrative expenses | 19,163 | 15,983 | ||
Acquisition-related expenses | 155 | 2,800 | ||
Loss (gain) on disposal of assets | 250 | 183 | ||
Adjusted EBITDA | 44,495 | 43,293 | ||
Depreciation and accretion expense | 10,851 | 10,078 | ||
Amortization of intangible assets | 5,411 | 5,218 | ||
Interest expense, net, including amortization of deferred financing costs and note discount | 7,558 | 5,040 | ||
Redemption costs for early extinguishment of debt | 654 | ' | ||
Income tax expense (benefit) | 5,805 | 5,980 | ||
Capital expenditures | 7,862 | [1] | 11,911 | [1] |
Europe [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenue from external customers | 64,044 | 29,499 | ||
Intersegment revenues | 373 | ' | ||
Cost of revenues | 48,120 | 23,420 | ||
Selling, general, and administrative expenses | 4,592 | 2,126 | ||
Acquisition-related expenses | 2,932 | ' | ||
Loss (gain) on disposal of assets | ' | 7 | ||
Adjusted EBITDA | 11,704 | 4,399 | ||
Depreciation and accretion expense | 6,521 | 5,076 | ||
Amortization of intangible assets | 2,636 | 354 | ||
Interest expense, net, including amortization of deferred financing costs and note discount | 482 | 173 | ||
Income tax expense (benefit) | -32 | ' | ||
Capital expenditures | 8,605 | [1] | 3,894 | [1] |
Other International [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Revenue from external customers | 8,836 | 11,083 | ||
Intersegment revenues | 16 | 17 | ||
Cost of revenues | 7,099 | 9,238 | ||
Selling, general, and administrative expenses | 772 | 880 | ||
Acquisition-related expenses | ' | 22 | ||
Loss (gain) on disposal of assets | 18 | 13 | ||
Adjusted EBITDA | 683 | 854 | ||
Depreciation and accretion expense | 988 | 1,167 | ||
Amortization of intangible assets | 170 | 176 | ||
Interest expense, net, including amortization of deferred financing costs and note discount | 61 | 82 | ||
Capital expenditures | $247 | [1] | $133 | [1] |
[1] | Capital expenditure amounts include payments made for exclusive license agreements and site acquisition costs. Additionally, capital expenditure amounts for Mexico (included in the Other International segment) are reflected gross of any noncontrolling interest amounts. |
Segment_Information_Identifiab
Segment Information (Identifiable Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Identifiable Assets | $1,054,639 | $1,056,203 |
Eliminations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Identifiable Assets | -251,731 | -243,263 |
U.S. [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Identifiable Assets | 932,677 | 931,396 |
Europe [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Identifiable Assets | 344,243 | 341,618 |
Other International [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Identifiable Assets | $29,450 | $26,452 |
Supplemental_Guarantor_Financi2
Supplemental Guarantor Financial Information (Narrative) (Details) (U.S. [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
U.S. [Member] | ' |
Domestic subsidiaries ownership percentage | 100.00% |
Supplemental_Guarantor_Financi3
Supplemental Guarantor Financial Information (Condensed Consolidating Statements Of Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $245,072 | $197,738 |
Operating costs and expenses | 221,014 | 177,736 |
Operating (loss) income | 24,058 | 20,002 |
Interest expense, net, including amortization of deferred financing costs and note discount | 8,101 | 5,295 |
Redemption costs for early extinguishment of debt | 654 | ' |
Other expense (income), net | 31 | -421 |
Income (loss) before income taxes | 15,272 | 15,128 |
Income tax expense (benefit) | 5,773 | 5,980 |
Net income (loss) | 9,499 | 9,148 |
Net (loss) income attributable to noncontrolling interests | -66 | -282 |
Net income attributable to controlling interests and available to common stockholders | 9,565 | 9,430 |
Other comprehensive income (loss), attributable to controlling interest | 1,938 | 1,603 |
Other comprehensive income (loss) attributable to controlling interests | 11,503 | 11,033 |
Elimination [Member] | ' | ' |
Revenues | -2,217 | -1,854 |
Operating costs and expenses | -2,229 | -1,870 |
Operating (loss) income | 12 | 16 |
Equity in (earnings) losses of subsidiaries | 22,245 | 17,064 |
Other expense (income), net | -377 | ' |
Income (loss) before income taxes | -21,856 | -17,048 |
Net income (loss) | -21,856 | -17,048 |
Net (loss) income attributable to noncontrolling interests | -66 | -282 |
Net income attributable to controlling interests and available to common stockholders | -21,790 | -16,766 |
Other comprehensive income (loss), attributable to controlling interest | 12 | -60 |
Other comprehensive income (loss) attributable to controlling interests | -21,778 | -16,826 |
Parent [Member] | ' | ' |
Operating costs and expenses | 3,289 | 3,230 |
Operating (loss) income | -3,289 | -3,230 |
Interest expense, net, including amortization of deferred financing costs and note discount | 3,448 | 1,906 |
Redemption costs for early extinguishment of debt | 654 | ' |
Equity in (earnings) losses of subsidiaries | -21,930 | -19,784 |
Other expense (income), net | 652 | ' |
Income (loss) before income taxes | 13,887 | 14,648 |
Income tax expense (benefit) | 4,777 | 5,516 |
Net income (loss) | 9,110 | 9,132 |
Net income attributable to controlling interests and available to common stockholders | 9,110 | 9,132 |
Other comprehensive income (loss), attributable to controlling interest | -999 | -3,648 |
Other comprehensive income (loss) attributable to controlling interests | 8,111 | 5,484 |
Guarantors [Member] | ' | ' |
Revenues | 174,020 | 158,993 |
Operating costs and expenses | 146,106 | 133,897 |
Operating (loss) income | 27,914 | 25,096 |
Interest expense, net, including amortization of deferred financing costs and note discount | 4,110 | 3,134 |
Equity in (earnings) losses of subsidiaries | -315 | 2,720 |
Other expense (income), net | 225 | -1,553 |
Income (loss) before income taxes | 23,894 | 20,795 |
Income tax expense (benefit) | 1,028 | 464 |
Net income (loss) | 22,866 | 20,331 |
Net income attributable to controlling interests and available to common stockholders | 22,866 | 20,331 |
Other comprehensive income (loss), attributable to controlling interest | 2,242 | 8,615 |
Other comprehensive income (loss) attributable to controlling interests | 25,108 | 28,946 |
Non-Guarantors [Member] | ' | ' |
Revenues | 73,269 | 40,599 |
Operating costs and expenses | 73,848 | 42,479 |
Operating (loss) income | -579 | -1,880 |
Interest expense, net, including amortization of deferred financing costs and note discount | 543 | 255 |
Other expense (income), net | -469 | 1,132 |
Income (loss) before income taxes | -653 | -3,267 |
Income tax expense (benefit) | -32 | ' |
Net income (loss) | -621 | -3,267 |
Net income attributable to controlling interests and available to common stockholders | -621 | -3,267 |
Other comprehensive income (loss), attributable to controlling interest | 683 | -3,304 |
Other comprehensive income (loss) attributable to controlling interests | $62 | ($6,571) |
Supplemental_Guarantor_Financi4
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $60,653 | $86,939 | $26,126 | $13,861 |
Accounts and notes receivable, net | 63,854 | 58,274 | ' | ' |
Current portion of deferred tax asset, net | 20,459 | 21,202 | ' | ' |
Other current assets | 57,018 | 40,357 | ' | ' |
Total current assets | 201,984 | 206,772 | ' | ' |
Property and equipment, net | 272,847 | 270,966 | ' | ' |
Intangible assets, net | 150,529 | 155,276 | ' | ' |
Goodwill | 411,140 | 404,491 | ' | ' |
Deferred tax asset, net | 10,879 | 9,680 | ' | ' |
Prepaid expenses, deferred costs, and other noncurrent assets | 7,260 | 9,018 | ' | ' |
Total assets | 1,054,639 | 1,056,203 | ' | ' |
Current portion of long-term debt | 939 | 1,289 | ' | ' |
Current portion of other long-term liabilities | 36,329 | 35,597 | ' | ' |
Accounts payable and accrued liabilities | 171,300 | 176,757 | ' | ' |
Current portion of deferred tax liability, net | ' | 1,152 | ' | ' |
Total current liabilities | 208,568 | 214,795 | ' | ' |
Long-term debt | 483,593 | 489,225 | ' | ' |
Asset retirement obligation, excluding current portion | 62,049 | 60,665 | ' | ' |
Deferred tax liability, net | 7,140 | 5,668 | ' | ' |
Other long-term liabilities | 36,600 | 38,736 | ' | ' |
Total liabilities | 797,950 | 809,089 | ' | ' |
Stockholders' equity | 256,689 | 247,114 | ' | ' |
Total liabilities and stockholders' equity | 1,054,639 | 1,056,203 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
Accounts and notes receivable, net | -61,896 | -134,432 | ' | ' |
Other current assets | -90 | -88 | ' | ' |
Total current assets | -61,986 | -134,520 | ' | ' |
Property and equipment, net | -417 | -431 | ' | ' |
Investments in and advances to subsidiaries | -720,767 | -691,303 | ' | ' |
Intercompany receivable | -267,473 | -194,855 | ' | ' |
Total assets | -1,050,643 | -1,021,109 | ' | ' |
Accounts payable and accrued liabilities | -61,867 | -134,029 | ' | ' |
Total current liabilities | -61,867 | -134,029 | ' | ' |
Intercompany payable | -320,345 | -247,726 | ' | ' |
Total liabilities | -382,212 | -381,755 | ' | ' |
Stockholders' equity | -668,431 | -639,354 | ' | ' |
Total liabilities and stockholders' equity | -1,050,643 | -1,021,109 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 7 | 412 | 1 | 5 |
Accounts and notes receivable, net | 58,184 | 130,835 | ' | ' |
Current portion of deferred tax asset, net | 15,842 | 15,735 | ' | ' |
Other current assets | 624 | 917 | ' | ' |
Total current assets | 74,657 | 147,899 | ' | ' |
Intangible assets, net | 9,104 | 9,466 | ' | ' |
Investments in and advances to subsidiaries | 474,782 | 445,318 | ' | ' |
Intercompany receivable | 195,784 | 150,890 | ' | ' |
Total assets | 754,327 | 753,573 | ' | ' |
Accounts payable and accrued liabilities | 9,524 | 12,953 | ' | ' |
Total current liabilities | 9,524 | 12,953 | ' | ' |
Long-term debt | 483,592 | 489,182 | ' | ' |
Deferred tax liability, net | 4,522 | 4,324 | ' | ' |
Total liabilities | 497,638 | 506,459 | ' | ' |
Stockholders' equity | 256,689 | 247,114 | ' | ' |
Total liabilities and stockholders' equity | 754,327 | 753,573 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 50,159 | 73,379 | 18,987 | 10,674 |
Accounts and notes receivable, net | 47,358 | 43,929 | ' | ' |
Current portion of deferred tax asset, net | 1,927 | 1,915 | ' | ' |
Other current assets | 22,800 | 11,580 | ' | ' |
Total current assets | 122,244 | 130,803 | ' | ' |
Property and equipment, net | 165,722 | 166,909 | ' | ' |
Intangible assets, net | 73,965 | 75,975 | ' | ' |
Goodwill | 295,062 | 288,439 | ' | ' |
Investments in and advances to subsidiaries | 245,985 | 245,985 | ' | ' |
Intercompany receivable | 71,689 | 43,965 | ' | ' |
Prepaid expenses, deferred costs, and other noncurrent assets | 2,595 | 3,593 | ' | ' |
Total assets | 977,262 | 955,669 | ' | ' |
Current portion of other long-term liabilities | 34,453 | 34,009 | ' | ' |
Accounts payable and accrued liabilities | 142,435 | 213,128 | ' | ' |
Total current liabilities | 176,888 | 247,137 | ' | ' |
Long-term debt | 1 | 3 | ' | ' |
Intercompany payable | 212,656 | 148,306 | ' | ' |
Asset retirement obligation, excluding current portion | 21,957 | 21,517 | ' | ' |
Deferred tax liability, net | 668 | 526 | ' | ' |
Other long-term liabilities | 36,545 | 38,681 | ' | ' |
Total liabilities | 448,715 | 456,170 | ' | ' |
Stockholders' equity | 528,547 | 499,499 | ' | ' |
Total liabilities and stockholders' equity | 977,262 | 955,669 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 10,487 | 13,148 | 7,138 | 3,182 |
Accounts and notes receivable, net | 20,208 | 17,942 | ' | ' |
Current portion of deferred tax asset, net | 2,690 | 3,552 | ' | ' |
Other current assets | 33,684 | 27,948 | ' | ' |
Total current assets | 67,069 | 62,590 | ' | ' |
Property and equipment, net | 107,542 | 104,488 | ' | ' |
Intangible assets, net | 67,460 | 69,835 | ' | ' |
Goodwill | 116,078 | 116,052 | ' | ' |
Deferred tax asset, net | 10,879 | 9,680 | ' | ' |
Prepaid expenses, deferred costs, and other noncurrent assets | 4,665 | 5,425 | ' | ' |
Total assets | 373,693 | 368,070 | ' | ' |
Current portion of long-term debt | 939 | 1,289 | ' | ' |
Current portion of other long-term liabilities | 1,876 | 1,588 | ' | ' |
Accounts payable and accrued liabilities | 81,208 | 84,705 | ' | ' |
Current portion of deferred tax liability, net | ' | 1,152 | ' | ' |
Total current liabilities | 84,023 | 88,734 | ' | ' |
Long-term debt | ' | 40 | ' | ' |
Intercompany payable | 107,689 | 99,420 | ' | ' |
Asset retirement obligation, excluding current portion | 40,092 | 39,148 | ' | ' |
Deferred tax liability, net | 1,950 | 818 | ' | ' |
Other long-term liabilities | 55 | 55 | ' | ' |
Total liabilities | 233,809 | 228,215 | ' | ' |
Stockholders' equity | 139,884 | 139,855 | ' | ' |
Total liabilities and stockholders' equity | $373,693 | $368,070 | ' | ' |
Supplemental_Guarantor_Financi5
Supplemental Guarantor Financial Information (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net cash (used in) provided by operating activities | $14,519 | $41,380 |
Additions to property and equipment | -16,712 | -15,145 |
Payments for exclusive license agreements, site acquisition costs and other intangible assets | ' | -792 |
Acquisitions, net of cash acquired | -8,805 | -12,587 |
Net cash used in investing activities | -25,517 | -28,524 |
Proceeds from borrowing of long-term debt | ' | 57,200 |
Repayments of long-term debt and capital leases | -8,788 | -58,169 |
Debt issuance and modification costs | -142 | ' |
Payment of contingent acquisition consideration | -517 | -250 |
Borrowings under bank overdraft facility, net | -761 | ' |
Proceeds from exercises of stock options | 135 | 247 |
Excess tax benefit from stock-based compensation expense | 912 | 3,966 |
Repurchase of capital stock | -6,074 | -3,804 |
Net cash provided by financing activities | -15,235 | -810 |
Effect of exchange rate changes on cash | -53 | 219 |
Net increase (decrease) in cash and cash equivalents | -26,286 | 12,265 |
Cash and cash equivalents as of beginning of period | 86,939 | 13,861 |
Cash and cash equivalents as of end of period | 60,653 | 26,126 |
Elimination [Member] | ' | ' |
Net cash (used in) provided by operating activities | -2 | -1 |
Intercompany fixed asset mark-up | 2 | 1 |
Investment in subsidiary | ' | 13,327 |
Funding of intercompany notes payable | 5,007 | 35,656 |
Payments received on intercompany notes payable | ' | -55,624 |
Net cash used in investing activities | 5,009 | -6,640 |
Proceeds from intercompany notes payable | -5,007 | -35,656 |
Repayments of intercompany notes payable | ' | 55,624 |
Issuance of capital stock | ' | -13,327 |
Net cash provided by financing activities | -5,007 | 6,641 |
Parent [Member] | ' | ' |
Net cash (used in) provided by operating activities | 18,165 | -6,454 |
Investment in subsidiary | ' | -13,327 |
Funding of intercompany notes payable | -5,007 | -35,656 |
Payments received on intercompany notes payable | ' | 55,624 |
Net cash used in investing activities | -5,007 | 6,641 |
Proceeds from borrowing of long-term debt | ' | 57,200 |
Repayments of long-term debt and capital leases | -8,394 | -57,800 |
Debt issuance and modification costs | -142 | ' |
Proceeds from exercises of stock options | 135 | 247 |
Excess tax benefit from stock-based compensation expense | 912 | 3,966 |
Repurchase of capital stock | -6,074 | ' |
Net cash provided by financing activities | -13,563 | -191 |
Net increase (decrease) in cash and cash equivalents | -405 | -4 |
Cash and cash equivalents as of beginning of period | 412 | 5 |
Cash and cash equivalents as of end of period | 7 | 1 |
Guarantors [Member] | ' | ' |
Net cash (used in) provided by operating activities | -6,350 | 40,898 |
Additions to property and equipment | -7,862 | -11,128 |
Payments for exclusive license agreements, site acquisition costs and other intangible assets | ' | -784 |
Acquisitions, net of cash acquired | -8,805 | ' |
Net cash used in investing activities | -16,667 | -11,912 |
Repayments of long-term debt and capital leases | -3 | -3 |
Proceeds from intercompany notes payable | ' | 35,204 |
Repayments of intercompany notes payable | ' | -55,624 |
Payment of contingent acquisition consideration | -200 | -250 |
Net cash provided by financing activities | -203 | -20,673 |
Net increase (decrease) in cash and cash equivalents | -23,220 | 8,313 |
Cash and cash equivalents as of beginning of period | 73,379 | 10,674 |
Cash and cash equivalents as of end of period | 50,159 | 18,987 |
Non-Guarantors [Member] | ' | ' |
Net cash (used in) provided by operating activities | 2,706 | 6,937 |
Additions to property and equipment | -8,850 | -4,017 |
Payments for exclusive license agreements, site acquisition costs and other intangible assets | ' | -8 |
Intercompany fixed asset mark-up | -2 | -1 |
Acquisitions, net of cash acquired | ' | -12,587 |
Net cash used in investing activities | -8,852 | -16,613 |
Repayments of long-term debt and capital leases | -391 | -366 |
Proceeds from intercompany notes payable | 5,007 | 452 |
Payment of contingent acquisition consideration | -317 | ' |
Borrowings under bank overdraft facility, net | -761 | ' |
Issuance of capital stock | ' | 13,327 |
Net cash provided by financing activities | 3,538 | 13,413 |
Effect of exchange rate changes on cash | -53 | 219 |
Net increase (decrease) in cash and cash equivalents | -2,661 | 3,956 |
Cash and cash equivalents as of beginning of period | 13,148 | 3,182 |
Cash and cash equivalents as of end of period | $10,487 | $7,138 |