UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 11, 2014
 
GLOBAL CASH ACCESS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Delaware	 	001-32622	 	20-0723270	
(State or other Jurisdiction of
Incorporation)	 	(Commission File Number)	 	(IRS Employer Identification No.)	

7250 S. Tenaya Way, Suite 100
Las Vegas, Nevada	 	89113	
(Address of Principal Executive Offices)	 	(Zip Code)	
 
Registrant’s telephone number, including area code: (800) 833-7110

(Former name or former address if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
Item 2.02.  Results Of Operations And Financial Condition.
 
On March 11, 2014, Global Cash Access Holdings, Inc. issued a press release announcing its results of operations for the year ended December 31, 2013.  A copy of the press release is attached hereto as Exhibit 99.1.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d)            Exhibits

Exhibit No.	 	Document	
 	 	 	
99.1	 	Press Release announcing results of operations for the year ended December 31, 2013.	
 
This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.  The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
 
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

GLOBAL CASH ACCESS HOLDINGS, INC.	 	
 	 	
Date: March 11, 2014	 	

 	 	
By:    /s/ Randy L. Taylor	 	
 	 	
Randy L. Taylor	 	
Chief Financial Officer	 	
 
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Exhibit 99.1
 
Global Cash Access Reports Fourth Quarter and Full Year 2013 Results
 
Las Vegas, NV – March 11, 2014 – Global Cash Access Holdings, Inc. (the “Company”) (NYSE:GCA) announced today financial results for the fourth quarter and year ended December 31, 2013.
 
Fourth Quarter 2013 Highlights
 
·                   Revenues increased 3% to $140.5 million
·                   Operating income increased 15% to $11.2 million
·                   Diluted EPS increased 33% to $0.08
·                   Adjusted EBITDA increased 4% to $17.1 million
·                   Cash EPS increased 12% to $0.19
 
Fourth Quarter 2013 Results
 
Revenues increased by $4.4 million, or 3%, to $140.5 million for the fourth quarter 2013, as compared to the same period last year.  Operating income increased by $1.5 million, or 15%, to $11.2 million for the fourth quarter 2013, as compared to the same period last year.  Adjusted earnings before interest, taxes, depreciation and amortization and non-cash compensation expense (“Adjusted EBITDA”) (see Non-GAAP Financial Information below) increased by $0.7 million, or 4%, to $17.1 million for the fourth quarter 2013, as compared to the same period last year.  These increases were primarily due to higher kiosk sales in the fourth quarter 2013, as compared to the same period last year.
 
Income from operations before income tax provision increased by $2.8 million, or 44%, to $9.1 million for the fourth quarter 2013, as compared to the same period last year. Diluted earnings per share from continuing operations increased by $0.02, or 33%, to $0.08 for the fourth quarter 2013 (on 67.4 million diluted shares), as compared to the same period last year.  Cash earnings per share (“Cash EPS”), (see Non-GAAP Financial Information below) increased by $0.02, or 12%, to $0.19 for the fourth quarter 2013, as compared to the same period last year.
 
Full Year 2013 Results
 
Revenues decreased by $2.0 million, or less than 1%, to $582.4 million for the full year 2013, as compared to the same period last year.  Operating income decreased by $6.8 million, or 12%, to $49.2 million for the full year 2013, as compared to the same period last year.  Adjusted EBITDA decreased by $8.1 million, or 10%, to $71.2 million for the full year 2013, as compared to the same period last year.  The decreases in operating income and Adjusted EBITDA were primarily due to lower results in our core cash access segments, partially offset by the growth in kiosk sales.
 
Income from operations before income tax provision decreased by $1.6 million, or 4%, to $38.9 million for the full year 2013, as compared to the same period last year.  Diluted earnings per share from continuing operations decreased by $0.02, or 5%, to $0.36 for the full year 2013 (on 67.2 million diluted shares), as compared to the same period last year.  Cash EPS decreased by $0.06, or 7%, to $0.78 for the full year 2013, as compared to the same period last year.
 
2014 Outlook
 
For the full year ending December 31, 2014, the Company estimates that Cash EPS will be between approximately $0.82 and $0.87 (on diluted shares of approximately 67.1 million) and Adjusted EBITDA will be between $73.0 million and $76.0 million. This outlook is based primarily upon the combination of the following assumptions: (a) growth in our kiosk sales and services business in 2014; (b) flat to low growth in the domestic gaming industry; (c) the anticipated impact of less favorable pricing terms associated with several customer contract renewals in 2013 and 2014; and (d) the reduced interest rates paid on our credit facility.
 
1 

 
Investor Conference Call and Webcast
 
The Company will host an investor conference call to discuss its fourth quarter and full year 2013 results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (877) 941-2068 or for international callers by dialing (480) 629-9712.  A replay will be available at 8:00 p.m. ET and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the pin number is 4671370.  The replay will be available until March 18, 2014. The call will be webcast live from the Company’s website at www.gcainc.com under the Investor Relations section.
 
Non-GAAP Financial Information
 
In order to enhance investor understanding of the underlying trends in our business and to provide for better comparability between periods in different years, the Company is providing EBITDA, Adjusted EBITDA, Cash Earnings and Cash EPS on a supplemental basis. We present Adjusted EBITDA and Cash EPS because we consider these measures to be supplemental to our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA; and our credit facility requires us to comply with covenants that include performance metrics substantially similar to Adjusted EBITDA. Reconciliations between GAAP measures and Non-GAAP measures and between actual results and adjusted results are provided at the end of this press release. EBITDA, Adjusted EBITDA, Cash Earnings and Cash EPS are not measures of financial performance under United States Generally Accepted Accounting Principles (“GAAP”). Accordingly, they should not be considered a substitute for net income, operating income, basic or diluted earnings per share or cash flow data prepared in accordance with GAAP.
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements included in this press release, other than statements that are purely historical, are forward-looking statements. Words such as “going forward,” “believes,” “intends,” “expects,” “forecasts,” “anticipate,” “plan,” “seek,” “estimate” and similar expressions also identify forward-looking statements. Forward-looking statements in this press release include, without limitation: (a) our estimates of 2014 cash earnings per share and Adjusted EBITDA and the assumptions and factors upon which they are based; and (b) our belief that cash earnings per share and Adjusted EBITDA are widely-referenced financial measures in the financial markets and that references to the foregoing are helpful to investors.
 
These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or assumed, including but not limited to the following: the timing and the extent of a recovery in the gaming industry, if any; our ability to replace revenue associated with terminated contracts; margin degradation from contract renewals; our ability to introduce new products and services; our ability to execute on mergers, acquisitions and/or strategic alliances; gaming establishment and patron preferences; national and international economic conditions; changes in gaming regulatory, card association and statutory requirements; regulatory and licensing difficulties; competitive pressures; operational limitations; gaming market contraction; changes to tax laws; uncertainty of litigation outcomes; interest rate fluctuations; inaccuracies in underlying operating assumptions; unanticipated expenses or capital needs; technological obsolescence; and employee turnover.  If any of these assumptions prove to be incorrect, the results contemplated by the forward-looking statements regarding our future results of operations are unlikely to be realized.
 
The forward-looking statements in this press release are subject to additional risks and uncertainties set forth under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report filed on Form 10-K on March 11, 2014, and subsequent periodic reports and are based on information available to us on the date hereof. We do not intend, and assume no obligation, to update any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.
 
About Global Cash Access Holdings, Inc.
 
Las Vegas-based Global Cash Access, Inc. (“GCA”), a wholly owned subsidiary of Global Cash Access Holdings, Inc., is a leading provider of cash access services and related equipment and services to the gaming industry. GCA’s products and services: (a) provide gaming establishment patrons access to cash through a variety of methods, including Automated Teller Machine (“ATM”) cash withdrawals, credit card cash access transactions, point-of-sale (“POS”) debit card transactions, check verification and warranty services and money transfers; (b) provide cash access devices and related services, such as slot machine ticket redemption and jackpot kiosks to the gaming industry; (c) provide products and services that improve credit decision making, automate cashier operations and enhance patron marketing activities for gaming establishments; and (d) provide online payment processing solutions for gaming operators in States that offer intra-state, Internet-based gaming and lottery activities. More information is available at GCA’s website at www.gcainc.com .
 
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Contacts

Investor Relations	Investor Relations	
Don Duffy, ICR	William Maina, ICR	
(203) 682-8215	(646) 277-1236	
ir@gcamail.com	ir@gcamail.com	
 
Media Relations
Phil Denning, ICR
(646) 277-1258
ir@gcamail.com
 
Source
 
Global Cash Access Holdings, Inc.
 
3 

 
GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
( In thousands, except earnings per share amounts )

 	 	Year Ended December 31,	 	
 	 	2013	 	2012	 	2011	 	
 	 	 	 	 	 	 	 	
Revenues	 	$	582,444	 	$	584,486	 	$	544,063	 	
 	 	 	 	 	 	 	 	
Costs and expenses	 	 	 	 	 	 	 	
Cost of revenues (exclusive of depreciation and amortization)	 	439,794	 	436,059	 	419,606	 	
Operating expenses	 	76,562	 	75,806	 	69,517	 	
Depreciation	 	7,350	 	6,843	 	7,971	 	
Amortization	 	9,588	 	9,796	 	8,673	 	
Total costs and expenses	 	533,294	 	528,504	 	505,767	 	
 	 	 	 	 	 	 	 	
Operating income	 	49,150	 	55,982	 	38,296	 	
 	 	 	 	 	 	 	 	
Other expenses	 	 	 	 	 	 	 	
Interest expense, net of interest income	 	10,265	 	15,519	 	18,638	 	
Loss on early extinguishment of debt	 	-	 	-	 	943	 	
Total other expenses	 	10,265	 	15,519	 	19,581	 	
 	 	 	 	 	 	 	 	
Income from operations before tax	 	38,885	 	40,463	 	18,715	 	
 	 	 	 	 	 	 	 	
Income tax provision	 	14,487	 	14,774	 	9,586	 	
 	 	 	 	 	 	 	 	
Net income	 	24,398	 	25,689	 	9,129	 	
 	 	 	 	 	 	 	 	
Foreign currency translation	 	269	 	218	 	(247)	 	
 	 	 	 	 	 	 	 	
Comprehensive income	 	$	24,667	 	$	25,907	 	$	8,882	 	
 	 	 	 	 	 	 	 	
Earnings per share	 	 	 	 	 	 	 	
Basic	 	$	0.37	 	$	0.39	 	$	0.14	 	
Diluted	 	$	0.36	 	$	0.38	 	$	0.14	 	
 	 	 	 	 	 	 	 	
Weighted average common shares outstanding	 	 	 	 	 	 	 	
Basic	 	66,014	 	65,933	 	64,673	 	
Diluted	 	67,205	 	67,337	 	64,859	 	
 
4 

 
GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
( In thousands, except par value amounts )

 	 	At December 31,	 	
 	 	2013	 	2012	 	
ASSETS	 	 	 	 	 	
 	 	 	 	 	 	
Cash and cash equivalents	 	$	114,254	 	$	153,020	 	
Restricted cash and cash equivalents	 	290	 	200	 	
Settlement receivables	 	38,265	 	29,484	 	
Other receivables, net of allowances for doubtful accounts of $2.8 million and $6.9 million, respectively	 	16,962	 	11,571	 	
Inventory	 	9,413	 	7,126	 	
Prepaid expenses and other assets	 	26,770	 	18,254	 	
Property, equipment and leasehold improvements, net	 	18,710	 	15,441	 	
Goodwill	 	180,084	 	180,141	 	
Other intangible assets, net	 	31,535	 	33,994	 	
Deferred income taxes, net	 	91,044	 	104,664	 	
 	 	 	 	 	 	
Total assets	 	$	527,327	 	$	553,895	 	
 	 	 	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY	 	 	 	 	 	
 	 	 	 	 	 	
Liabilities	 	 	 	 	 	
Settlement liabilities	 	$	145,022	 	$	182,446	 	
Accounts payable and accrued expenses	 	60,701	 	51,190	 	
Borrowings	 	103,000	 	121,500	 	
 	 	 	 	 	 	
Total liabilities	 	308,723	 	355,136	 	
 	 	 	 	 	 	
Stockholders’ Equity	 	 	 	 	 	
Common stock, $0.001 par value, 500,000 shares authorized and 89,233 and 87,545 shares issued at December 31, 2013 and December 31, 2012, respectively	 	89	 	87	 	
Convertible preferred stock, $0.001 par value, 50,000 shares authorized and 0 shares outstanding at December 31, 2013 and December 31, 2012, respectively	 	-	 	-	 	
Additional paid-in capital	 	231,516	 	217,990	 	
Retained earnings	 	148,012	 	123,614	 	
Accumulated other comprehensive income	 	2,827	 	2,558	 	
Treasury stock, at cost, 23,303 and 20,724 shares at December 31, 2013 and December 31, 2012, respectively	 	(163,840)	 	(145,490)	 	
 	 	 	 	 	 	
Total stockholders’ equity	 	218,604	 	198,759	 	
 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	527,327	 	$	553,895	 	
 
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GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(I n thousands )

 	 	Year Ended December 31,	
 	 	 	2013	 	 	 	2012	 	 	 	2011	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from operating activities	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	 	$	24,398	 	 	 	$	25,689	 	 	 	$	9,129	 	
Adjustments to reconcile net income to cash provided	 	 	 	 	 	 	 	 	 	 	 	 	
 by operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation	 	 	7,350	 	 	 	6,843	 	 	 	7,971	 	
Amortization of intangibles	 	 	9,588	 	 	 	9,796	 	 	 	8,673	 	
Amortization of financing costs	 	 	1,793	 	 	 	1,485	 	 	 	1,343	 	
Loss on sale or disposal of assets	 	 	178	 	 	 	95	 	 	 	991	 	
Provision for bad debts	 	 	7,874	 	 	 	5,182	 	 	 	5,959	 	
Loss on early extinguishment of debt	 	 	-    	 	 	 	-    	 	 	 	943	 	
Stock-based compensation	 	 	5,078	 	 	 	6,655	 	 	 	6,809	 	
Changes in operating assets and liabilities:	 	 	 	 	 	 	 	 	 	 	 	 	
Settlement receivables	 	 	(8,793	)	 	 	50,823	 	 	 	(69,881	)	
Other receivables, net	 	 	(13,335	)	 	 	1,196	 	 	 	(8,125	)	
Inventory	 	 	(2,286	)	 	 	134	 	 	 	(3,146	)	
Prepaid and other assets	 	 	(9,482	)	 	 	(3,425	)	 	 	(2,323	)	
Deferred income taxes	 	 	13,643	 	 	 	14,376	 	 	 	9,252	 	
Settlement liabilities	 	 	(37,200	)	 	 	40,530	 	 	 	82,125	 	
Accounts payable and accrued expenses	 	 	5,528	 	 	 	(1,891	)	 	 	4,532	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	 	 	4,334	 	 	 	157,488	 	 	 	54,252	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from investing activities	 	 	 	 	 	 	 	 	 	 	 	 	
Acquisitions, net of cash acquired	 	 	-    	 	 	 	-    	 	 	 	(10,763	)	
Capital expenditures	 	 	(13,986	)	 	 	(13,654	)	 	 	(7,420	)	
Proceeds from sale of fixed assets	 	 	86	 	 	 	868	 	 	 	-    	 	
Changes in restricted cash and cash equivalents	 	 	(90	)	 	 	255	 	 	 	-    	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	 	 	(13,990	)	 	 	(12,531	)	 	 	(18,183	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from financing activities	 	 	 	 	 	 	 	 	 	 	 	 	
Repayments against prior credit facility	 	 	-    	 	 	 	-    	 	 	 	(208,750	)	
Securing of credit facility	 	 	-    	 	 	 	-    	 	 	 	214,000	 	
Issuance costs of amended credit facility	 	 	(764	)	 	 	(676	)	 	 	(7,099	)	
Repayments against credit facility	 	 	(18,500	)	 	 	(52,500	)	 	 	(40,000	)	
Proceeds from exercise of stock options	 	 	8,431	 	 	 	6,655	 	 	 	812	 	
Purchase of treasury stock	 	 	(18,350	)	 	 	(262	)	 	 	(190	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in financing activities	 	 	(29,183	)	 	 	(46,783	)	 	 	(41,227	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of exchange rates on cash	 	 	73	 	 	 	(689	)	 	 	57	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	 	 	 	 	 	 	 	 	 	 	 	
Net (decrease)/increase for the period	 	 	(38,766	)	 	 	97,485	 	 	 	(5,101	)	
Balance, beginning of the period	 	 	153,020	 	 	 	55,535	 	 	 	60,636	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance, end of the period	 	 	$	114,254	 	 	 	$	153,020	 	 	 	$	55,535	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Supplemental cash flow disclosures	 	 	 	 	 	 	 	 	 	 	 	 	
   Cash paid for interest	 	 	$	8,634	 	 	 	$	15,494	 	 	 	$	19,166	 	
   Cash paid for income tax, net of refunds	 	 	$	711	 	 	 	$	665	 	 	 	$	366	 	
Non-cash tenant improvements paid by landlord	 	 	$	2,930	 	 	 	$	-    	 	 	 	$	-    	 	
Accrued and unpaid capital expenditures	 	 	$	1,073	 	 	 	$	-    	 	 	 	$	-    	 	
 
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GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO CASH EARNINGS
AND OPERATING INCOME TO EBITDA AND ADJUSTED EBITDA
(unaudited)

 	 	Three months ended December 31,	 	Twelve months ended December 31,	 	
 	 	2013	 	2012	 	2013	 	2012	 	
Reconciliation of net income to cash earnings (amounts in thousands, except earnings per share amounts)	 	 	 	 	 	 	 	 	 	
Net income	 	  $	5,704	 	  $	4,399	 	  $	24,398	 	  $	25,689	 	
Equity compensation expense	 	1,376	 	2,704	 	5,078	 	6,655	 	
Deferred income tax	 	3,308	 	1,820	 	13,643	 	14,376	 	
Amortization	 	2,614	 	2,479	 	9,588	 	9,796	 	
 	 	 	 	 	 	 	 	 	 	
Cash earnings	 	  $	13,002	 	  $	11,402	 	  $	52,707	 	  $	56,516	 	
 	 	 	 	 	 	 	 	 	 	
Diluted weighted average number of common shares outstanding	 	67,394	 	67,996	 	67,205	 	67,337	 	
 	 	 	 	 	 	 	 	 	 	
Diluted cash earnings per share (“Cash EPS”)	 	  $	0.19	 	  $	0.17	 	  $	0.78	 	  $	0.84	 	
 	 	 	 	 	 	 	 	 	 	
Reconciliation of operating income to EBITDA and Adjusted EBITDA	 	 	 	 	 	 	 	 	 	
Operating income	 	  $	11,196	 	  $	9,681	 	  $	49,150	 	  $	55,982	 	
Plus: depreciation and amortization	 	4,543	 	4,062	 	16,938	 	16,639	 	
 	 	 	 	 	 	 	 	 	 	
EBITDA	 	  $	15,739	 	  $	13,743	 	  $	66,088	 	  $	72,621	 	
 	 	 	 	 	 	 	 	 	 	
Equity compensation expense	 	1,376	 	2,704	 	5,078	 	6,655	 	
 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	  $	17,115	 	  $	16,447	 	  $	71,166	 	  $	79,276	 	
 
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GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF PROJECTED NET INCOME TO PROJECTED CASH EARNINGS
AND PROJECTED OPERATING INCOME TO PROJECTED EBITDA AND PROJECTED ADJUSTED EBITDA
FOR THE YEAR ENDING DECEMBER 31, 2014

 	 	2014 Guidance Range 1	 	
 	 	Low	 	High	 	
Reconciliation of projected net income to projected cash earnings (amounts in thousands, except earnings per share amounts)	 	 	 	 	 	
Projected net income	 	  $	24,700	 	  $	26,600	 	
Projected equity compensation expense	 	5,800	 	5,800	 	
Projected deferred income tax	 	14,000	 	15,100	 	
Projected amortization	 	10,600	 	10,600	 	
 	 	 	 	 	 	
Projected cash earnings	 	  $	55,100	 	  $	58,100	 	
 	 	 	 	 	 	
Projected diluted weighted average number of common shares outstanding	 	67,100	 	67,100	 	
 	 	 	 	 	 	
Projected diluted cash earnings per share (“Cash EPS”)	 	  $	0.82	 	  $	0.87	 	
 	 	 	 	 	 	
Reconciliation of projected operating income to projected EBITDA and projected Adjusted EBITDA	 	 	 	 	 	
Projected operating income	 	  $	48,100	 	  $	51,100	 	
Plus: projected depreciation and projected amortization	 	19,100	 	19,100	 	
 	 	 	 	 	 	
Projected EBITDA	 	  $	67,200	 	  $	70,200	 	
 	 	 	 	 	 	
Projected equity compensation expense	 	5,800	 	5,800	 	
 	 	 	 	 	 	
Projected Adjusted EBITDA	 	  $	73,000	 	  $	76,000	 	
 
Note:
1. All figures presented are projected estimates for the year ending December 31, 2014.
 
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GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
OTHER INFORMATION AND DATA
(unaudited)
(amounts in thousands, unless otherwise noted)

 	 	For and At the Year Ended December 31,	 	
 	 	2013	 	2012	 	2011	 	
 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	
Cash advance	 	  $	231,134	 	 	  $	227,517	 	 	  $	203,869	 	
ATM	 	286,049	 	 	303,159	 	 	283,727	 	
Check services	 	21,611	 	 	25,401	 	 	26,269	 	
Other	 	43,650	 	 	28,409	 	 	30,198	 	
Corporate	 	-	 	 	-	 	 	-	 	
 	 	 	 	 	 	 	 	 	 	
Total revenues	 	  $	582,444	 	 	  $	584,486	 	 	  $	544,063	 	
 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	 	 	 	 	 	 	 	
Cash advance	 	  $	60,977	 	 	  $	63,785	 	 	  $	38,468	 	
ATM	 	25,347	 	 	32,333	 	 	34,832	 	
Check services	 	12,365	 	 	13,930	 	 	14,197	 	
Other	 	19,631	 	 	14,457	 	 	14,808	 	
Corporate	 	(69,170	)	 	(68,523	)	 	(64,009	)	
 	 	 	 	 	 	 	 	 	 	
Total operating income	 	  $	49,150	 	 	  $	55,982	 	 	  $	38,296	 	

 	 	For the Year Ended December 31,	 	
 	 	2013	 	2012	 	2011	 	
 	 	 	 	 	 	 	 	
Other data	 	 	 	 	 	 	 	
Aggregate dollar amount processed (in billions)	 	 	 	 	 	 	 	
Cash advance	 	$	4.9	 	$	4.8	 	$	4.3	 	
ATM	 	$	12.9	 	$	13.6	 	$	12.2	 	
Check warranty	 	$	1.1	 	$	1.2	 	$	1.1	 	
Number of transactions completed (in millions)	 	 	 	 	 	 	 	
Cash advance	 	8.8	 	9.0	 	8.4	 	
ATM	 	66.2	 	72.3	 	68.8	 	
Check warranty	 	3.7	 	4.3	 	4.4	 	
 
9