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See accompanying Notes to Consolidated Financial Statements
57
OUTERWALL INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)
Year Ended December 31,
2014 2013 2012
Revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,303,003 $ 2,306,601 $ 2,199,884
Expenses:
Direct operating(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601,748 1,575,277 1,498,819
Marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,240 32,402 25,979
Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,047 13,084 6,757
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,721 221,776 204,519
Depreciation and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,178 192,161 179,027
Amortization of intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,692 10,933 5,378
Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,054,626 2,045,633 1,920,479
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,377 260,968 279,405
Other income (expense), net:
Income (loss) from equity method investments, net (Note 5) . . . . . . . . . . . (28,734) 19,928 (5,184)
Interest expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,636)(32,801)(15,648)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,873)(5,527)(180)
Total other income (expense), net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81,243)(18,400)(21,012)
Income from continuing operations before income taxes. . . . . . . . . . . . . . . . . . . 167,134 242,568 258,393
Income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (59,748)(34,477)(97,941)
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,386 208,091 160,452
Loss from discontinued operations, net of tax (Note 12) . . . . . . . . . . . . . . . . . . . (768)(33,299)(10,222)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,618 174,792 150,230
Foreign currency translation adjustment(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 856 1,048
Comprehensive income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 107,075 $ 175,648 $ 151,278
Basic earnings (loss) per share:
Continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.32 $ 7.65 $ 5.30
Discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.04)(1.23)(0.34)
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.28 $ 6.42 $ 4.96
Diluted earnings (loss) per share:
Continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.19 $ 7.33 $ 4.99
Discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.04)(1.17)(0.32)
Diluted earnings per share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.15 $ 6.16 $ 4.67
Weighted average shares used in basic per share calculations . . . . . . . . . . . . . . . 20,192 27,216 30,305
Weighted average shares used in diluted per share calculations (Note 13) . . . . . 20,699 28,381 32,174
(1) “Direct operating” excludes depreciation and other of $128.8 million, $130.3 million and $127.2 million for 2014,
2013 and 2012, respectively.
(2) Foreign currency translation adjustment had no tax effect in 2014, 2013 and 2012.