| Segment Reporting [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Segment Reporting [Abstract] | |
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 |
|
|
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
91,248 |
|
|
$ |
144,366 |
|
|
$ |
186,752 |
|
|
$ |
(32,859 |
) (1) |
|
$ |
389,507 |
|
|
Income from operations
|
|
|
31,051 |
|
|
|
52,071 |
|
|
|
56,794 |
|
|
|
(32,771 |
) (2) |
|
|
107,145 |
|
|
Year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
85,411 |
|
|
|
136,566 |
|
|
|
179,797 |
|
|
|
(28,246 |
) (1) |
|
|
373,528 |
|
|
Income from operations
|
|
|
36,466 |
|
|
|
55,429 |
|
|
|
50,200 |
|
|
|
(38,735 |
) (2) |
|
|
103,360 |
|
|
Year ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
79,136 |
|
|
|
131,381 |
|
|
|
177,939 |
|
|
|
(26,668 |
) (1) |
|
|
361,788 |
|
|
Income from operations
|
|
|
34,362 |
|
|
|
58,796 |
|
|
|
48,299 |
|
|
|
(44,470 |
) (2) |
|
|
96,987 |
|
| (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 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years ended
December 31, |
|
| (Dollar amounts in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Segment income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant Acquiring
|
|
$ |
31,051 |
|
|
$ |
36,466 |
|
|
$ |
34,362 |
|
|
Payment Processing
|
|
|
52,071 |
|
|
|
55,429 |
|
|
|
58,796 |
|
|
Business Solutions
|
|
|
56,794 |
|
|
|
50,200 |
|
|
|
48,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment income from operations
|
|
|
139,916 |
|
|
|
142,095 |
|
|
|
141,457 |
|
|
Merger related depreciation and amortization and other unallocated
expenses (1)
|
|
|
(32,771 |
) |
|
|
(38,735 |
) |
|
|
(44,470 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
$ |
107,145 |
|
|
$ |
103,360 |
|
|
$ |
96,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(24,240 |
) |
|
|
(23,771 |
) |
|
|
(25,444 |
) |
|
Earnings of equity method investment
|
|
|
(52 |
) |
|
|
147 |
|
|
|
1,140 |
|
|
Other income (expenses)
|
|
|
544 |
|
|
|
2,306 |
|
|
|
2,375 |
|
|
Income tax (expense) benefit
|
|
|
(8,271 |
) |
|
|
3,335 |
|
|
|
(8,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
75,126 |
|
|
$ |
85,377 |
|
|
$ |
66,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Primarily represents non-operating
depreciation and amortization expenses generated as a result of the
Merger and certain non-recurring fees and expenses. |
|
Geographic Segment Information Based on Geographic Location of Subsidiaries |
The geographic segment information below is classified based on the
geographic location of the Company’s subsidiaries:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years ended
December 31, |
|
| (Dollar amounts in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Revenues (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico
|
|
$ |
326,073 |
|
|
$ |
322,319 |
|
|
$ |
313,228 |
|
|
Caribbean
|
|
|
16,272 |
|
|
|
12,154 |
|
|
|
13,752 |
|
|
Latin America
|
|
|
47,162 |
|
|
|
39,055 |
|
|
|
34,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$ |
389,507 |
|
|
$ |
373,528 |
|
|
$ |
361,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Revenues are based on
subsidiaries’ country of domicile. |
|