0001193125-15-179821.txt : 20150508 0001193125-15-179821.hdr.sgml : 20150508 20150508170912 ACCESSION NUMBER: 0001193125-15-179821 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150508 DATE AS OF CHANGE: 20150508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OUTERWALL INC CENTRAL INDEX KEY: 0000941604 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 913156448 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22555 FILM NUMBER: 15847811 BUSINESS ADDRESS: STREET 1: 1800 114TH AVENUE SE CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4259438000 MAIL ADDRESS: STREET 1: 1800 114TH AVENUE SE CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: OUTWERWALL INC DATE OF NAME CHANGE: 20130628 FORMER COMPANY: FORMER CONFORMED NAME: COINSTAR INC DATE OF NAME CHANGE: 19970311 8-K 1 d923612d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 8, 2015

 

 

OUTERWALL INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   000-22555   94-3156448

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

1800 – 114th Avenue SE

BELLEVUE, WA 98004

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (425) 943-8000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On May 8, 2015, Outerwall Inc. (the “Company”) provided investors with certain business segment and supplemental information for certain prior periods. The information provided reflects the Company’s previously announced reporting changes of (1) reporting Redbox Canada operations as discontinued operations and (2) reporting ecoATM as a separate reportable segment rather than including it in the Company’s former New Ventures segment along with other self-service concepts.

The materials containing business segment and supplemental information are posted on the Investor Relations section of the Company’s corporate website at ir.outerwall.com, and a copy of the information is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure.

The information regarding the business segment and supplemental information for certain prior periods set forth in Item 2.02 is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

   

Description

99.1    Business segment and supplemental information materials.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

OUTERWALL INC.
By:

/s/ Galen C. Smith

Date: May 8, 2015 Galen C. Smith
Chief Financial Officer

 

3

Exhibit Index

 

Exhibit No.

   

Description

99.1    Business segment and supplemental information materials.
 EX-99.1 2 d923612dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

Outerwall Inc. LOGO
Business Segment and Supplemental Information
Q1 2015

This workbook contains downloadable content provided by Outerwall Inc. through its Investor Relations portal at:

http://ir.outerwall.com

Capital Expenditures (CAPEX)

Redbox

Coinstar

ecoATM

 

Outerwall Inc.

Business Segment and Supplemental Data

 

CAPEX

 

Capital Expenditures*                                   
(In thousands, on a cash basis)                                   
     Q1      Q2      Q3      Q4      YTD  

2015

    $ 20,709       $ —         $ —         $ —         $ 20,709   

2014

    $ 26,940       $ 26,076       $ 19,295       $ 25,613       $ 97,924   

2013

    $ 48,133       $ 36,111       $ 39,102       $ 38,066       $ 161,412   

2012

    $ 38,180       $ 39,873       $ 56,144       $ 75,713       $ 209,910   

2011

    $ 38,472       $ 49,405       $ 46,902       $ 44,457       $ 179,236   

2010

    $ 31,517       $ 52,822       $ 48,135       $ 38,375       $ 170,849   

 

* Capital expenditures reported above for Q1 2014 and for each quarter in 2013 and 2012 were revised in Q2 2014

 

CAPEX - March, 2015

Outerwall Inc.

Business Segment and Supplemental Data

 

REDBOX

During the first quarter of 2015, we made the decision to shut down our Redbox Canada operations as the business was not meeting the company’s performance expectations. The results of Redbox Canada are no longer included in the segment information presented below.

 

Segment Revenue                                       Kiosks                         
(In thousands)                                       (Rounded)                         
     Q1      Q2      Q3      Q4      YTD           Q1     Q2     Q3     Q4  

2015

    $ 519,533       $ —         $ —         $ —         $ 519,533       2015      41,960        —          —          —     

2014

    $ 513,049       $ 442,838       $ 435,083       $ 490,748       $ 1,881,718       2014      42,800        42,550        42,400        42,280   

2013

    $ 506,712       $ 477,013       $ 489,817       $ 494,173       $ 1,967,715       2013      43,400        43,100        42,860        42,900   

2012

    $ 502,942       $ 457,906       $ 458,834       $ 487,358       $ 1,907,040       2012      36,800        38,450        42,130        43,350   

2011

    $ 362,344       $ 363,862       $ 389,801       $ 445,591       $ 1,561,598       2011      31,800        33,300        34,400        35,400   

2010

    $ 263,078       $ 271,869       $ 305,365       $ 319,397       $ 1,159,709       2010      24,800        26,900        28,500        30,200   
Segment Operating Income                                  Locations                         
(In thousands)                                       (Rounded)                         
     Q1      Q2      Q3      Q4      YTD           Q1     Q2     Q3     Q4  

2015

    $ 122,864       $ —         $ —         $ —         $ 122,864       2015      34,430        —          —          —     

2014

    $ 105,745       $ 86,219       $ 88,277       $ 125,791       $ 406,032       2014      35,100        34,950        34,820        34,740   

2013

    $ 95,421       $ 111,139       $ 95,468       $ 114,774       $ 416,802       2013      35,800        35,400        35,260        35,300   

2012

    $ 109,505       $ 98,123       $ 103,053       $ 83,445       $ 394,126       2012      30,000        31,050        34,330        35,450   

2011

    $ 50,821       $ 74,017       $ 83,499       $ 76,595       $ 284,932       2011      27,100        27,800        28,400        29,300   

2010

    $ 46,301       $ 37,167       $ 53,648       $ 53,734       $ 190,850       2010      —          —          —          26,100   
Depreciation, Amortization and Other                           Same Store Sales                    
(In thousands)                                                                 
     Q1      Q2      Q3      Q4      YTD           Q1     Q2     Q3     Q4  

2015

    $ 31,607       $ —         $ —         $ —         $ 31,607       2015      0.7 %      —          —          —     

2014

    $ 39,404       $ 38,783       $ 36,685       $ 34,364       $ 149,236       2014      0.9 %      -7.8 %      -11.8 %      -1.3 % 

2013

    $ 39,832       $ 39,759       $ 40,778       $ 39,482       $ 159,851       2013      -11.8 %      -6.8 %      2.1 %      0.8 % 

2012

    $ 32,441       $ 35,324       $ 41,189       $ 38,399       $ 147,353       2012      28.1 %      16.5 %      4.2 %      -4.0 % 

2011

    $ 27,098       $ 27,360       $ 30,910       $ 30,062       $ 115,430       2011      15.3 %      16.6 %      13.0 %      27.1 % 

2010

    $ 22,121       $ 23,866       $ 23,955       $ 23,503       $ 93,445       2010      21.0 %      3.5 %      17.2 %      12.5 % 

 

Redbox - March 31, 2015

Outerwall Inc.

Business Segment and Supplemental Data

 

Gross Margin(1)                               
     Q1     Q2     Q3     Q4     YTD  

2015

      59.5 %      —          —          —          59.5 % 

2014

      56.3 %      56.7 %      57.3 %      58.3 %      57.1 % 

2013

      56.5 %      60.8 %      57.8 %      59.0 %      58.5 % 

2012

      57.0 %      59.4 %      63.7 %      54.4 %      58.5 % 

2011

      53.1 %      58.4 %      59.1 %      54.9 %      56.3 % 

2010

      59.0 %      56.4 %      59.7 %      54.4 %      57.3 % 

 

(1) Gross margin is calculated using product costs which are a component of direct operating expense.

 

Redbox - March 31, 2015

Outerwall Inc.

Business Segment and Supplemental Data

 

COINSTAR

 

Segment Revenue                                       Kiosks                         
(In thousands)                                       (Rounded)                         
     Q1      Q2      Q3      Q4      YTD           Q1     Q2     Q3     Q4  

2015

    $ 69,330       $ —         $ —         $ —         $ 69,330       2015      21,220        —          —          —     

2014

    $ 68,753       $ 79,880       $ 85,074       $ 81,921       $ 315,628       2014      21,000        21,200        21,210        21,340   

2013

    $ 65,383       $ 74,526       $ 79,611       $ 80,698       $ 300,218       2013      20,600        20,700        20,800        20,900   

2012

    $ 64,826       $ 73,855       $ 77,616       $ 74,464       $ 290,761       2012      20,200        20,200        20,300        20,300   

2011

    $ 61,363       $ 71,065       $ 75,506       $ 74,448       $ 282,382       2011      18,800        18,900        19,500        20,200   

2010

    $ 59,918       $ 70,362       $ 74,669       $ 71,033       $ 275,982       2010      19,100        19,000        18,900        18,900   
Segment Operating Income                                       Same Store Sales                    
(In thousands)                                                                 
     Q1      Q2      Q3      Q4      YTD           Q1     Q2     Q3     Q4  

2015

    $ 22,544       $ —         $ —         $ —         $ 22,544       2015      0.8 %      —          —          —     

2014

    $ 22,735       $ 30,798       $ 33,435       $ 33,557       $ 120,525       2014      3.1 %      6.7 %      5.8 %      3.3 % 

2013

    $ 18,617       $ 25,423       $ 27,649       $ 30,817       $ 102,506       2013      0.2 %      -1.1 %      0.4 %      5.9 % 

2012

    $ 19,319       $ 25,727       $ 27,915       $ 26,300       $ 99,261       2012      1.6 %      0.2 %      -0.8 %      -1.2 % 

2011

    $ 20,609       $ 26,800       $ 27,879       $ 25,678       $ 100,966       2011      5.3 %      1.8 %      1.0 %      1.7 % 

2010

    $ 15,020       $ 28,043       $ 27,872       $ 25,382       $ 96,317       2010      5.0 %      7.9 %      7.9 %      10.0 % 
Depreciation, Amortization and Other                                                            
(In thousands)                                                                 
     Q1      Q2      Q3      Q4      YTD                                

2015

    $ 7,818       $ —         $ —         $ —         $ 7,818               

2014

    $ 8,563       $ 8,921       $ 8,989       $ 8,998       $ 35,471               

2013

    $ 8,184       $ 8,770       $ 8,539       $ 8,428       $ 33,921               

2012

    $ 8,341       $ 8,279       $ 10,968       $ 8,520       $ 36,108               

2011

    $ 7,371       $ 7,451       $ 7,924       $ 9,176       $ 31,922               

2010

    $ 7,059       $ 7,562       $ 7,468       $ 7,632       $ 29,721               

 

Coinstar - March 31, 2015

Outerwall Inc.

Business Segment and Supplemental Data

 

ecoATM

During the first quarter of 2015, we added ecoATM, our electronic device recycling business, as a separate reportable segment. Previously, the results of ecoATM along with those of other self-service concepts were included in our New Ventures segment. All goodwill previously allocated to the New Ventures segment has been allocated to the ecoATM segment. The combined results of the other self-service concepts are included in an All Other reporting category as they do not meet quantitative thresholds to be reported as a separate segment and are not presented in this supplemental schedule.

 

Segment Revenue                             Average Selling Price of Value Devices Sold         
(In thousands)                                                                 
     Q1     Q2     Q3     Q4     YTD          Q1      Q2      Q3      Q4      YTD  

2015

    $ 19,749      $ —        $ —        $ —        $ 19,749      2015    $ 60.28       $ —         $ —         $ —         $ 60.28   

2014

    $ 15,946      $ 23,799      $ 29,733      $ 24,709      $ 94,187      2014    $ 94.31       $ 91.55       $ 75.95       $ 59.77       $ 76.30   

2013

    $ —      $ —      $ 15,226      $ 16,598      $ 31,824      2013    $ —       $ —       $ 70.70       $ 62.31       $ 66.11   
Segment Operating Income (Loss)                 Number of Value Devices Sold                
(In thousands)                                                                 
     Q1     Q2     Q3     Q4     YTD          Q1      Q2      Q3      Q4      YTD  

2015

    $ (8,338 )    $ —        $ —        $ —        $ (8,338 )    2015      317,134         —           —           —           317,134   

2014

    $ (5,316 )    $ (4,470 )    $ (2,038 )    $ (8,148 )    $ (19,972 )    2014      166,940         249,969         373,981         404,138         1,195,028   

2013

    $ —      $ —      $ (4,275 )    $ (2,750 )    $ (7,025 )    2013      —           —           201,480         242,750         444,230   
Depreciation, Amortization and Other                 Number of Overall Devices Sold                
(In thousands)                                                                 
     Q1     Q2     Q3     Q4     YTD          Q1      Q2      Q3      Q4      YTD  

2015

    $ 5,902      $ —        $ —        $ —        $ 5,902      2015      518,633         —           —           —           518,633   

2014

    $ 3,712      $ 3,812      $ 4,297      $ 5,210      $ 17,031      2014      240,999         325,321         531,265         598,980         1,696,565   

2013

    $ —      $ —      $ 2,314      $ 3,763      $ 6,077      2013      —           —           280,937         349,872         630,809   
Kiosks                                                                      
(Rounded)                                                                      
     Q1     Q2     Q3     Q4                                               

2015

      2,140        —          —          —                        

2014

      910        980        1,510        1,890                      

2013

      —          —          810        880                      

 

ecoATM - March 31, 2015

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