BELLEVUE, Wash., April 26, 2012 /PRNewswire/ -- Coinstar,
Inc. (Nasdaq: CSTR) today announced financial results for the first
quarter ended March 31, 2012.
"Coinstar delivered strong financial results in the first
quarter demonstrating the strength of our core businesses and the
value we offer consumers," said Paul
Davis, chief executive officer of Coinstar, Inc. "As
we move forward in 2012, we continue to execute on a number of
important initiatives including the launch of our Redbox digital
solution with Verizon via our joint venture and the rollout of one
to two of our new venture businesses."
Coinstar's 2012 first quarter financial highlights included:
• Consolidated
revenue
|
$
|
568.2
|
million
|
•
Operating income
|
$
|
78.3
|
million
|
• Core
adjusted EBITDA from continuing operations* (See Appendix
A)
|
$
|
129.1
|
million
|
•
Diluted earnings per share from continuing operations
|
$
|
1.65
|
|
• Core
diluted earnings per share from continuing operations* (See
Appendix A)
|
$
|
1.39
|
|
• Net
cash flows from operating activities from continuing
operations
|
$
|
54.9
|
million
|
• Free
cash flow from continuing operations* (See Appendix
A)
|
$
|
16.9
|
million
|
"Solid execution and operational excellence across Coinstar
drove top and bottom line growth," said J.
Scott Di Valerio, chief financial officer of Coinstar, Inc.
"Our performance underscores the ability to generate profitable
growth and simultaneously invest in the future of our core
businesses and new automated retail concepts."
Revenue for the first quarter of 2012 increased 34.0% to
$568.2 million compared with the
first quarter of 2011, driven primarily by Redbox revenue growth of
38.8% to $502.9 million, reflecting
growth in same store sales, new kiosk installations, strong
performance of new release titles, and consumer acceptance of the
price increase implemented on October 31,
2011. Coin revenue grew 5.6% to $64.8
million, reflecting growth in transactions, transaction size
and same store sales.
Operating income for the first quarter of 2012 was $78.3 million, which resulted in an operating
margin of 13.8%, compared with operating income of $31.4 million and an operating margin of 7.4% in
the first quarter of 2011.
Income from continuing operations for the first quarter of 2012
was $53.7 million, or diluted
earnings per share from continuing operations of $1.65, an increase in diluted earnings per share
of 258.7% compared with $14.8
million, or $0.46 per share,
in the first quarter of 2011.
Net cash flows from operating activities from continuing
operations in the first quarter of 2012 was $54.9 million, compared with $60.0 million in the first quarter of 2011. Cash
paid for capital expenditures for continuing operations for the
first quarter of 2012 was $38.0
million, compared with $38.5
million in the first quarter of 2011. Free cash flow from
continuing operations for the first quarter of 2012 was
$16.9 million, compared with
$21.5 million in the first quarter of
2011.
Guidance
For the 2012 full year, Coinstar management expects:
- Consolidated revenue between $2.155
billion and $2.280 billion;
- Core adjusted EBITDA from continuing operations* between
$465 million and $495 million;
- Core diluted EPS from continuing operations* between
$4.40 and $4.80 on a fully diluted
basis; and
- Free cash flow from continuing operations* between $130 million and $155 million.
For the 2012 second quarter, Coinstar management expects:
- Consolidated revenue between $525
million and $550 million;
- Core adjusted EBITDA from continuing operations* between
$114 million and $124 million;
and
- Core diluted EPS from continuing operations* between
$1.09 and $1.24 on a fully diluted
basis.
Additional Information
Coinstar has provided additional comments on guidance in
prepared remarks that also review the company's 2012 first quarter
operating and financial results. The prepared remarks are posted on
the Investor Relations section of the corporate website at
www.coinstarinc.com along with this press release and the 2012
first quarter Investor Update.
Conference Call
Paul Davis and J. Scott Di Valerio will host a conference call
today at 2:00 p.m. PDT (5:00 p.m. EDT) to answer questions related to the
company's performance and guidance. The conference call will be
webcast live and archived on the Investor Relations section of
Coinstar's website at www.coinstarinc.com. A recording of the call
will be available two hours after the call through May 10, 2012, at 1-888-286-8010 or
1-617-801-6888, passcode 71453847.
About Coinstar, Inc.
Coinstar, Inc. (Nasdaq: CSTR) is a leading provider of automated
retail solutions offering convenient services that make life easier
for consumers and drive incremental traffic and revenue for
retailers. The company's core automated retail businesses include
the well-known Redbox® self-service DVD and video game rental and
Coinstar® self-service coin-counting brands. The company has
approximately 36,800 DVD kiosks and 20,200 coin-counting kiosks in
supermarkets, drug stores, mass merchants, financial institutions,
convenience stores, and restaurants. For more information, visit
www.coinstarinc.com.
Safe Harbor for Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words "believe," "estimate," "expect,"
"intend," "anticipate," "goals," variations of such words, and
similar expressions identify forward-looking statements, but their
absence does not mean that the statement is not forward-looking.
The forward-looking statements in this release include statements
regarding Coinstar, Inc.'s anticipated growth and future operating
results, including 2012 second quarter and 2012 full year
results. Forward-looking statements are not guarantees of
future performance and actual results may vary materially from the
results expressed or implied in such statements. Differences may
result from actions taken by Coinstar, Inc. and Redbox, as well as
from risks and uncertainties beyond Coinstar, Inc.'s control.
Such risks and uncertainties include, but are not limited
to,
- competition from other digital entertainment
providers,
- the ability to achieve the strategic and financial
objectives for our entry into a new business,
- our limited ability to direct the management or policies of
the new joint venture with Verizon Communications,
- failure to receive the expected benefits of the NCR
relationship,
- the termination, non-renewal or renegotiation on materially
adverse terms of our contracts with our significant retailers and
suppliers,
- payment of increased fees to retailers, suppliers and other
third-party providers, including financial service
providers,
- the inability to receive delivery of DVDs on the date of
their initial release to the general public, or shortly thereafter,
or in sufficient quantity, for home entertainment viewing,
- noteholders electing to convert our convertible
notes,
- the effective management of our content library,
- the ability to attract new retailers, penetrate new markets
and distribution channels and react to changing consumer
demands,
- the ability to achieve the strategic and financial
objectives for our entry into or expansion of new businesses, the
ability to adequately protect our intellectual property,
and
- the application of substantial federal, state, local and
foreign laws and regulations specific to our business.
The foregoing list of risks and uncertainties is
illustrative, but by no means exhaustive. For more information on
factors that may affect future performance, please review "Risk
Factors" described in our most recent Annual Report on Form 10-K
and any subsequent Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission. These forward-looking
statements reflect Coinstar, Inc.'s expectations as of the date of
this release. Coinstar, Inc. undertakes no obligation to update the
information provided herein.
* Refer to Appendix A for a discussion of non-GAAP financial
measures, including the exclusion of certain non-core
items.
(Financial Statements Follow)
Appendix A
Use of Non-GAAP Financial
Measures
Non-GAAP measures may be provided as a complement to results
provided in accordance with United
States generally accepted accounting principles
("GAAP").
Non-GAAP Financial Measures
We use the following non-GAAP financial measures to evaluate our
financial results:
- Core adjusted EBITDA from continuing operations;
- Core diluted earnings per share from continuing operations;
and
- Free cash flow from continuing operations.
These measures, the definitions of which are presented below,
are non-GAAP because they exclude certain amounts which are
included in the most directly comparable measure calculated and
presented in accordance with GAAP. Our non-GAAP financial measures
are not meant to be considered in isolation or as a substitute for
our GAAP financial measures and may not be comparable with
similarly titled measures of other companies. We believe investors
should consider our core results because they are more indicative
of our ongoing performance and trends and are more consistent with
how management evaluates our operational results and trends.
Core Adjusted EBITDA from Continuing Operations
Our non-GAAP financial measure core adjusted EBITDA from
continuing operations is defined as earnings before depreciation,
amortization and other; interest expense, net; income taxes;
share-based payments expense; and non-core adjustments, including
i) deal fees primarily related to the acquisition of certain assets
of NCR's self-service entertainment DVD kiosk business, ii) loss
from equity method investments, which represents our share of
income or loss from entities we do not consolidate or control, and
iii) a gain on the grant of a license to use certain Redbox
trademarks to our joint venture with Verizon Communications (the
"Joint Venture").
A reconciliation of core adjusted EBITDA from continuing
operations to income from continuing operations, the most
comparable GAAP financial measure, is presented in the following
table:
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
Dollars in
thousands
|
|
2012
|
|
2011
|
Income
from continuing operations
|
$
|
53,696
|
$
|
14,842
|
|
Depreciation, amortization and other
|
|
40,791
|
|
34,644
|
|
Interest
expense, net
|
|
4,114
|
|
7,306
|
|
Income
taxes
|
|
35,672
|
|
9,261
|
|
Share-based payments expense(1)
|
|
8,792
|
|
3,040
|
|
|
Adjusted
EBITDA from continuing operations
|
|
143,065
|
|
69,093
|
Non-core
adjustments:
|
|
|
|
|
|
Deal fees
|
|
1,203
|
|
168
|
|
Loss from
equity method investments
|
|
4,341
|
|
150
|
|
Gain on
formation of the Joint Venture
|
|
(19,500)
|
|
-
|
|
|
Core
Adjusted EBITDA from continuing operations
|
$
|
129,109
|
$
|
69,411
|
|
|
|
|
|
|
|
(1)
Includes both non-cash share-based compensation for executives,
non-employee directors and employees as well as share-based
payments for content arrangements.
|
Core Diluted EPS from Continuing Operations
Our non-GAAP financial measure core diluted EPS from continuing
operations is defined as diluted earnings per share from continuing
operations excluding non-core adjustments, net of applicable taxes,
which include i) deal fees primarily related to the acquisition of
certain assets of NCR's self-service entertainment DVD kiosk
business, ii) loss from equity method investments, which represents
our share of income or loss from entities we do not consolidate or
control, and iii) a gain on the grant of a license to use certain
Redbox trademarks to the Joint Venture.
A reconciliation of core diluted EPS from continuing operations
to diluted EPS from continuing operations, the most comparable GAAP
financial measure, is presented in the following table:
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
March
31,
|
|
|
2012
|
|
2011
|
Diluted
EPS from continuing operations
|
$
|
1.65
|
$
|
0.46
|
Non-core
adjustments, net of tax:(1)
|
|
|
|
|
|
Deal fees
|
|
0.02
|
|
-
|
|
Loss from
equity method investments
|
|
0.08
|
|
-
|
|
Gain on
formation of the Joint Venture
|
|
(0.36)
|
|
-
|
Core
diluted EPS from continuing operations
|
$
|
1.39
|
$
|
0.46
|
|
|
|
|
|
(1)
Non-core adjustments are presented after-tax using an estimated tax
rate of 40.0%.
|
Free Cash Flow from Continuing Operations
Our non-GAAP financial measure, free cash flow from continuing
operations is defined as net cash provided by operating activities
from continuing operations after capital expenditures. We believe
free cash flow from continuing operations is an important non-GAAP
measure as it provides additional information to users of the
financial statements regarding our ability to service, incur or pay
down indebtedness and repurchase our common stock. The table below
provides a reconciliation of net cash flows from operating
activities from continuing operations, the most comparable GAAP
financial measure, to free cash flow from continuing
operations:
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
Dollars in
thousands
|
|
2012
|
|
2011
|
Net cash
provided by operating activities
|
$
|
54,918
|
$
|
59,995
|
Purchase
of property and equipment
|
|
(38,007)
|
|
(38,472)
|
|
Free cash
flow from continuing operations
|
$
|
16,911
|
$
|
21,523
|
COINSTAR, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(in
thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
Revenue
|
$
|
568,179
|
$
|
424,072
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Direct
operating
|
|
390,410
|
|
315,073
|
|
Marketing
|
|
6,957
|
|
5,117
|
|
Research
and development
|
|
3,930
|
|
2,207
|
|
General
and administrative
|
|
47,811
|
|
35,662
|
|
Depreciation and other
|
|
40,104
|
|
33,959
|
|
Amortization of intangible assets
|
|
687
|
|
685
|
Total
expenses
|
|
489,899
|
|
392,703
|
|
|
|
|
|
Operating
income
|
|
78,280
|
|
31,369
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
Income
(loss) from equity method investments
|
|
15,159
|
|
(150)
|
|
Interest
expense, net
|
|
(4,114)
|
|
(7,306)
|
|
Other, net
|
|
43
|
|
190
|
Total
other income (expense)
|
|
11,088
|
|
(7,266)
|
|
|
|
|
|
Income
from continuing operations before income taxes
|
|
89,368
|
|
24,103
|
Income tax
expense
|
|
(35,672)
|
|
(9,261)
|
Income
from continuing operations
|
|
53,696
|
|
14,842
|
Loss from
discontinued operations, net of tax
|
|
-
|
|
(6,346)
|
Net income
|
|
53,696
|
|
8,496
|
|
|
|
|
|
|
Other
comprehensive income, before tax:
|
|
|
|
|
|
Foreign
currency translation adjustment
|
|
727
|
|
745
|
|
Interest
rate hedges on long-term debt
|
|
-
|
|
896
|
|
Gain on
short-term investments
|
|
-
|
|
4
|
|
Income tax
expense related to items of other comprehensive income
|
|
-
|
|
(351)
|
Other
comprehensive income, net of tax
|
|
727
|
|
1,294
|
Comprehensive income
|
$
|
54,423
|
$
|
9,790
|
|
|
|
|
|
|
Basic
earnings (loss) per share attributable to Coinstar, Inc.:
|
|
|
|
|
|
Continuing
operations
|
$
|
1.76
|
$
|
0.47
|
|
Discontinued operations
|
|
-
|
|
(0.20)
|
Basic
earnings per share attributable to Coinstar, Inc.
|
$
|
1.76
|
$
|
0.27
|
|
|
|
|
|
|
Diluted
earnings (loss) per share attributable to Coinstar, Inc.:
|
|
|
|
|
|
Continuing
operations
|
$
|
1.65
|
$
|
0.46
|
|
Discontinued operations
|
|
-
|
|
(0.20)
|
Diluted
earnings per share attributable to Coinstar, Inc.
|
$
|
1.65
|
$
|
0.26
|
|
|
|
|
|
Weighted
average shares used in basic per share calculations
|
|
30,590
|
|
31,067
|
Weighted
average shares used in diluted per share calculations
|
|
32,628
|
|
32,142
|
COINSTAR, INC.
CONSOLIDATED BALANCE SHEETS
(in
thousands, except share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
329,628
|
$
|
341,855
|
|
|
Accounts
receivable, net of allowances of $1,863 and $1,586
|
|
43,035
|
|
41,246
|
|
|
Content
library
|
|
145,704
|
|
142,386
|
|
|
Deferred
income taxes
|
|
80,089
|
|
101,341
|
|
|
Prepaid
expenses and other current assets
|
|
30,858
|
|
25,274
|
|
|
|
Total
current assets
|
|
629,314
|
|
652,102
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
498,302
|
|
499,178
|
|
Notes
receivable
|
|
25,444
|
|
24,374
|
|
Deferred
income taxes
|
|
485
|
|
647
|
|
Goodwill
and other intangible assets
|
|
274,025
|
|
274,583
|
|
Other
long-term assets
|
|
59,254
|
|
17,066
|
|
Total
assets
|
$
|
1,486,824
|
$
|
1,467,950
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
137,979
|
$
|
175,550
|
|
|
Accrued
payable to retailers
|
|
113,795
|
|
127,450
|
|
|
Other
accrued liabilities
|
|
147,396
|
|
148,996
|
|
|
Current
callable convertible debt
|
|
181,415
|
|
-
|
|
|
Current
portion of long-term debt
|
|
14,007
|
|
13,986
|
|
|
Current
portion of capital lease obligations
|
|
10,573
|
|
12,057
|
|
|
|
Total
current liabilities
|
|
605,165
|
|
478,039
|
|
|
|
|
|
|
|
|
Long-term
debt and other long-term liabilities
|
|
176,616
|
|
359,288
|
|
Capital
lease obligations
|
|
11,007
|
|
11,768
|
|
Deferred
tax liabilities
|
|
94,264
|
|
87,840
|
|
Total
liabilities
|
|
887,052
|
|
936,935
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
-
|
|
-
|
|
Debt
conversion feature
|
|
18,585
|
|
-
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value - 5,000,000 shares authorized; no
shares
|
|
|
|
|
|
|
|
issued or
outstanding
|
|
-
|
|
-
|
|
|
Common
stock, $0.001 par value - 60,000,000 and 45,000,000
authorized;
|
|
|
|
|
|
|
|
35,670,257
and 35,251,932 shares issued; 31,297,299 and
|
|
|
|
|
|
|
|
30,879,778
shares outstanding
|
|
476,998
|
|
481,249
|
|
|
Treasury
stock
|
|
(153,425)
|
|
(153,425)
|
|
|
Retained
earnings
|
|
259,558
|
|
205,862
|
|
|
Accumulated other comprehensive loss
|
|
(1,944)
|
|
(2,671)
|
|
|
|
Total
stockholders' equity
|
|
581,187
|
|
531,015
|
|
|
Total
liabilities and stockholders' equity
|
$
|
1,486,824
|
$
|
1,467,950
|
COINSTAR, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
March
31,
|
|
|
2012
|
|
2011
|
Operating Activities:
|
|
|
|
|
Net
income
|
$
|
53,696
|
$
|
8,496
|
Adjustments to reconcile net income to net cash flows
from
|
|
|
|
|
|
operating
activities from continuing operations:
|
|
|
|
|
|
Depreciation and other
|
|
|
40,104
|
|
33,959
|
|
Amortization of intangible assets and deferred
financing fees
|
|
|
1,219
|
|
1,193
|
|
Share-based payments expense
|
|
|
8,792
|
|
3,040
|
|
Excess tax
benefits on share-based payments
|
|
|
(3,139)
|
|
(2,128)
|
|
Deferred
income taxes
|
|
|
31,184
|
|
6,356
|
|
Loss from
discontinued operations, net of tax
|
|
|
-
|
|
6,346
|
|
(Income)
loss from equity method investments
|
|
|
(15,159)
|
|
150
|
|
Non-cash
interest on convertible debt
|
|
|
1,717
|
|
1,583
|
|
Other
|
|
|
(1,511)
|
|
(12)
|
Cash flows
from changes in operating assets and liabilities from continuing
operations
|
|
(61,985)
|
|
1,012
|
|
Net
cash flows from operating activities from continuing
operations
|
|
|
54,918
|
|
59,995
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
Purchases
of property and equipment
|
|
(38,007)
|
|
(38,472)
|
Proceeds
from sale of property and equipment
|
|
144
|
|
176
|
Equity
investments
|
|
(28,350)
|
|
(2,320)
|
|
Net
cash flows from investing activities from continuing
operations
|
|
|
(66,213)
|
|
(40,616)
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
Principal
payments on capital lease obligations and other debt
|
|
(4,683)
|
|
(12,141)
|
Principal
payments on term loan
|
|
(2,188)
|
|
-
|
Excess tax
benefits related to share-based payments
|
|
3,139
|
|
2,128
|
Repurchases of common stock and ASR
program
|
|
-
|
|
(63,349)
|
Proceeds
from exercise of stock options, net
|
|
2,213
|
|
260
|
|
Net
cash flows from financing activities from continuing
operations
|
|
|
(1,519)
|
|
(73,102)
|
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash
|
|
587
|
|
667
|
Decrease in cash and cash equivalents from
continuing operations
|
|
(12,227)
|
|
(53,056)
|
Cash
flows from discontinued operations:
|
|
|
|
|
Operating
cash flows
|
|
-
|
|
6,726
|
Investing
cash flows
|
|
-
|
|
774
|
Financing
cash flows
|
|
-
|
|
-
|
|
Net
cash flows from discontinued operations
|
|
|
-
|
|
7,500
|
Decrease in cash and cash
equivalents
|
|
(12,227)
|
|
(45,556)
|
Cash
and cash equivalents:
|
|
|
|
|
Beginning
of period
|
|
341,855
|
|
183,416
|
End of
period
|
$
|
329,628
|
$
|
137,860
|
|
|
|
|
|
Coinstar, Inc.
|
Business Segment Information
|
(in
thousands)
|
(unaudited)
|
|
As a
complement to our Consolidated Statements of Comprehensive Income,
we are providing the following information related to our business
segments, which includes segment operating income (loss).
Management, including our chief executive officer, evaluates the
performances of our business segments primarily on segment revenue
and segment operating income from continuing operations before
depreciation, amortization and other, and certain share-based
payments ("segment operating income"). We utilize segment revenue
and segment operating income because we believe they provide useful
information for effectively allocating resources among business
segments, evaluating the health of our business segments based on
metrics that management can actively influence, and gauging our
investments and our ability to service, incur or pay down
debt.
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
Dollars in
thousands
|
|
2012
|
|
2011
|
Revenue:
|
|
|
|
|
|
Redbox
|
$
|
502,942
|
$
|
362,344
|
|
Coin
|
|
64,826
|
|
61,363
|
|
New
Ventures
|
|
411
|
|
365
|
Consolidated revenue
|
$
|
568,179
|
$
|
424,072
|
|
|
|
|
|
|
|
|
|
|
Segment
operating income reconciled to GAAP operating income
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
March
31,
|
Dollars in
thousands
|
|
2012
|
|
2011
|
Segment
operating income (loss)(1)
|
|
|
|
|
|
Redbox(2)
|
$
|
108,818
|
$
|
50,821
|
|
Coin
|
|
19,319
|
|
20,609
|
|
New
Ventures
|
|
(5,617)
|
|
(2,555)
|
|
|
Subtotal
|
|
122,520
|
|
68,875
|
|
|
|
|
|
|
|
Depreciation, amortization and other:
|
|
|
|
|
|
Redbox
|
|
32,443
|
|
27,098
|
|
Coin
|
|
8,341
|
|
7,371
|
|
New
Ventures
|
|
7
|
|
175
|
|
|
Total
depreciation, amortization and other
|
|
40,791
|
|
34,644
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
3,449
|
|
2,862
|
|
|
|
|
|
|
|
Operating
income (loss):
|
|
|
|
|
|
Redbox
|
|
76,375
|
|
23,723
|
|
Coin
|
|
10,978
|
|
13,238
|
|
New
Ventures
|
|
(5,624)
|
|
(2,730)
|
|
Share-based compensation expense
|
|
(3,449)
|
|
(2,862)
|
|
|
Total
operating income
|
$
|
78,280
|
$
|
31,369
|
|
|
|
|
|
|
|
(1)
Operating income (loss) before depreciation, amortization and
other, and share-based compensation expense.
|
(2)
Share-based payments expense related to our content arrangements
have been allocated to our Redbox segment.
|
SOURCE Coinstar, Inc.