Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

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, 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—As restated		79,136		131,381		177,939		(26,668	)⁽¹⁾		361,788
Income from operations—As restated		34,362		58,796		48,299		(44,470	)⁽²⁾		96,987
Year ended December 31, 2013
Revenues—As restated		73,616		125,610		184,682		(25,506	)⁽¹⁾		358,402
Income from operations—As restated		35,398		54,635		42,687		(46,474	)⁽²⁾		86,246

⁽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.

The reconciliation of income from operations to consolidated net income (loss) is as follows:


	Years ended December 31,
(Dollar amounts in thousands)	2015			2014			2013
				(As Restated)
Segment income from operations
Merchant Acquiring	$	36,466		$	34,362		$	35,398
Payment Processing		55,429			58,796			54,635
Business Solutions		50,200			48,299			42,687

Total segment income from operations		142,095			141,457			132,720
Merger related depreciation and amortization and other unallocated expenses⁽¹⁾		(38,735	)		(44,470	)		(46,474	)

Income from operations		103,360			96,987			86,246

Interest expense, net		(23,771	)		(25,444	)		(37,181	)
Earnings of equity method investment		147			1,140			935
Other income (expenses)		2,306			2,375			(75,682	)
Income tax benefit (expense)		3,335			(8,901	)		(1,435	)

Net income (loss)	$	85,377		$	66,157		$	(27,117	)

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

The geographic segment information below is classified based on the geographic location of the Company’s subsidiaries:

⁽¹⁾	Revenues are based on subsidiaries’ country of domicile.