NetSpend 2015 Annual Report Download - page 35

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Segment Operating Margin and Consolidated Adjusted Operating Margin
Year Ended December 31, 2015
(in thousands) Adjusted Segment
Operating Income Revenues before
Reimbursable Items Adjusted
Operating Margin
North America Services ....................... $ 429,064 1,147,254 37.40%
International Services ........................ 60,087 331,159 18.14
Merchant Services ........................... 150,225 474,040 31.69
NetSpend .................................. 137,837 580,377 23.75
Intersegment ............................... — (33,481)
Corporate admin and other ................... (109,035)
Adjusted operating margin ................ 668,178 2,499,349 26.73%
Acquisition intangible amortization ............... (92,522)
NetSpend M&A operating expenses .............. —
Share-based compensation ..................... (41,549)
Operating income and margin* .............. 534,107 2,499,349 21.37%
Reimbursable items ........................ — 280,192
Operating income and margin* .............. $ 534,107 2,779,541 19.22%
Year Ended December 31, 2014
Adjusted Segment
Operating Income Revenues before
Reimbursable Items Adjusted
Operating Margin
North America Services ......................... $351,512 954,082 36.84%
International Services .......................... 55,123 341,785 16.13
Merchant Services ............................. 134,872 435,649 30.96
NetSpend .................................... 128,285 482,686 26.58
Intersegment ................................. — (21,224)
Corporate admin and other ..................... (107,174)
Adjusted operating margin .................. 562,618 2,192,978 25.66%
Acquisition intangible amortization ................. (96,971)
NetSpend M&A operating expenses ................ (3,217)
Share-based compensation ....................... (30,790)
Operating income and margin* ................ 431,640 2,192,978 19.68%
Reimbursable items .......................... — 253,899
Operating income and margin* ................ $431,640 2,446,877 17.64%
Year Ended December 31, 2013
Adjusted Segment
Operating Income Revenues before
Reimbursable Items Adjusted
Operating Margin
North America Services ......................... $321,619 860,645 37.37%
International Services .......................... 42,068 321,484 13.09
Merchant Services ............................. 155,643 446,277 34.88
NetSpend .................................... 66,353 207,851 31.92
Intersegment ................................. — (12,549)
Corporate admin and other ..................... (94,137) —
Adjusted operating margin .................. 491,546 1,823,708 26.95%
Acquisition intangible amortization ................. (65,893)
NetSpend M&A operating expenses ................ (14,220)
Share-based compensation ....................... (28,933)
Operating income and margin* ................ 382,500 1,823,708 20.97%
Reimbursable items .......................... — 240,597
Operating income and margin* ................ $382,500 2,064,305 18.53%
* Operating margin on revenue before reimbursable items
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