Segment Information (Tables)

9 Months Ended

Sep. 30, 2014

Information about Operations by Business Segments

The following tables set forth information about the Company’s operations by its three business segments for the periods indicated:


(Dollar amounts in thousands)	Merchant Acquiring, net		Payment Processing		Business Solutions		Other			Total
Three months ended September 30, 2014
Revenues		19,227		32,255		43,805		(6,645	)⁽¹⁾		88,642
Income from operations		8,518		14,707		12,696		(9,461	)⁽²⁾		26,460

Three months ended September 30, 2013
Revenues		18,211		32,342		44,472		(7,611	)⁽¹⁾		87,414
Income from operations		8,568		14,056		11,282		(12,042	)⁽²⁾		21,864

⁽¹⁾	Represents the elimination of intersegment revenues for services provided by the Payment Processing segment to the Merchant Acquiring segment, and other miscellaneous intersegment revenues.

⁽²⁾	Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.


(Dollar amounts in thousands)	Merchant Acquiring, net		Payment Processing		Business Solutions		Other			Total
Nine months ended September 30, 2014
Revenues		58,345		96,915		131,609		(19,896	)⁽¹⁾		266,973
Income from operations		25,700		44,738		36,232		(29,892	)⁽²⁾		76,778

Nine months ended September 30, 2013
Revenues		53,835		92,168		136,965		(19,040	)⁽¹⁾		263,928
Income from operations		25,963		38,536		30,600		(35,898	)⁽²⁾		59,201

⁽¹⁾	Represents the elimination of intersegment revenues for services provided by the Payment Processing segment to the Merchant Acquiring segment, and other miscellaneous intersegment revenues.

⁽²⁾	Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.

Reconciliation of Income from Operations to Consolidated Net Income

The reconciliation of income from operations to consolidated net income for the three and nine months ended September 30, 2014 and 2013 is as follows:


	Three months ended September 30,						Nine months ended September 30,
(Dollar amounts in thousands)	2014			2013			2014			2013
Segment income from operations
Merchant Acquiring	$	8,518		$	8,568		$	25,700		$	25,963
Payment Processing		14,707			14,056			44,738			38,536
Business Solutions		12,696			11,282			36,232			30,600

Total segment income from operations		35,921			33,906			106,670			95,099
Merger related depreciation and amortization and other unallocated expenses ⁽¹⁾		(9,461	)		(12,042	)		(29,892	)		(35,898	)

Income from operations	$	26,460		$	21,864		$	76,778		$	59,201

Interest expense, net		(6,279	)		(6,349	)		(19,535	)		(31,267	)
Earnings of equity method investment		241			198			905			823
Other income (expenses)		(249	)		448			2,127			(77,020	)
Income tax (expense) benefit		(1,082	)		(1,358	)		(5,205	)		3,603

Net income (loss)	$	19,091		$	14,803		$	55,070		$	(44,660	)

⁽¹⁾	Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details