HOUSTON, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Cardtronics plc (Nasdaq:CATM) ("Cardtronics" or the "Company"), the world's largest ATM owner/operator, announced today its financial and operational results for the quarter ended September 30, 2017.

Key financial statistics in the third quarter of 2017 as compared to the third quarter of 2016 include:
  • Total revenues of $402.0 million, up 22% from $328.3 million and driven by the DCPayments and Spark acquisitions completed during January 2017.
  • ATM operating revenues of $390.1 million, up 24% from $314.8 million.
  • GAAP Net Loss of $(175.6) million, or $(3.84) per diluted share, compared to GAAP Net Income of $27.5 million, or $0.60 per diluted share. During the third quarter of 2017, the Company recognized asset impairments in its Australia & New Zealand segment totaling in the aggregate $216.0 million ($193.5 million net of tax).
  • Adjusted EBITDA of $99.9 million, up 15% from $86.6 million in the prior year.
  • Adjusted Net Income per diluted share of $0.96 down from $0.98, impacted by the additional interest and depreciation expense from the acquisitions completed during January 2017.   

"The third quarter was a dynamic quarter where we performed well operationally under the challenges of several hurricanes and earthquakes. This quarter also marks my last earnings call as I retire at year's end. I believe I leave behind two great assets. The first is the unique, increasingly global "neighborhood ATM" platform delivering a critical service in payments - convenient access to cash. It is a unique infrastructure platform designed for growth. The second great asset is the team now in place to lead Cardtronics to the next stage of growth. I am truly privileged to have led Cardtronics for nearly eight years. Under the leadership of my successor, Ed West, I am confident that the great potential of the Cardtronics platform will be realized for our shareholders," commented Steve Rathgaber, Cardtronics' chief executive officer.

RECENT HIGHLIGHTS

  • Secured ATM operating contracts representing approximately 1,800 locations.
  • Expanded our Allpoint Network to include 1,500 additional ATMs in Speedway convenience stores.
  • The U.K. Competition and Markets Authority approved the Company to maintain its ownership of the U.K. operations of DCPayments.  

Changes in currency exchange rates had an insignificant impact relative to our results in the third quarter of 2016. See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Free Cash Flow, and certain other non-GAAP measures on a constant-currency basis. For additional information, including reconciliations to the most directly comparable financial measure recognized under accounting principles generally accepted in the U.S. ("GAAP"), see the supplemental schedules of selected financial information in this earnings release.

THIRD QUARTER RESULTS

Consolidated revenues totaled $402.0 million for the third quarter of 2017, representing a 22% increase from $328.3 million from the same period of 2016, driven by the DirectCash Payments Inc. ("DCPayments") and Spark ATM Systems Pty Ltd. ("Spark") acquisitions completed during January 2017. ATM operating revenues for the third quarter of 2017 were up 24% from the same period of 2016.

Driven primarily by the acquisitions completed during January 2017, ATM operating revenues in North America increased 12% and ATM operating revenues in Europe & Africa increased 14% from the same period of 2016. ATM operating revenues in our Australia & New Zealand segment totaled $35.4 million during the third quarter of 2017. The Company acquired the Australia & New Zealand segment via the DCPayments acquisition, completed in January 2017, and as a result, there were no comparable revenues in the third quarter of 2016.

GAAP Net Loss for the third quarter of 2017 totaled $175.6 million compared to GAAP Net Income of $27.5 million in the same period of 2016. The GAAP Net Loss was the result of asset impairments in the Australia & New Zealand segment of $216.0 million ($193.5 million net of tax). See Asset Impairments in the Australia & New Zealand Segment in this earnings release for further discussion. Additionally, the Company incurred incremental interest, depreciation, and intangible asset amortization expenses associated with the acquisitions completed during January 2017, as well as incremental professional services and other costs associated with the Company's integration of the acquisitions. The Company's GAAP tax rate was 2.3% for the third quarter of 2017 compared to 23.4% in the same period of 2016.

Adjusted EBITDA for the third quarter of 2017 totaled $99.9 million compared to $86.6 million of Adjusted EBITDA in the same period of 2016. The increase in Adjusted EBITDA was primarily driven by the acquisitions completed during January 2017. Adjusted Net Income totaled $44.2 million ($0.96 per diluted share) for the third quarter of 2017, compared to $44.7 million ($0.98 per diluted share) in the same period of 2016.

NINE MONTH RESULTS

Consolidated revenues totaled $1.14 billion for the nine months ended September 30, 2017, representing a 20% increase from $955.5 million from the same period of 2016. This increase was driven by the acquisitions completed during January 2017. ATM operating revenues for the nine months ended September 30, 2017 were also up 20% from the same period of 2016. Adjusting for movements in currency exchange rates, ATM operating revenues were up 23% from the same period of 2016.

Driven by the acquisitions completed during January 2017, ATM operating revenues in North America increased 11% and ATM operating revenues in Europe & Africa increased 6% (14% on a constant-currency basis) compared to the same period of 2016. ATM operating revenues in Australia & New Zealand totaled $99.8 million during the nine months ended September 30, 2017.

GAAP Net Loss for the nine months ended September 30, 2017 totaled $161.3 million compared to GAAP Net Income of $63.0 million in the same period of 2016. The GAAP Net Loss is attributable to asset impairments in the Australia & New Zealand segment of $216.0 million recognized during the three months ended September 30, 2017. See Asset Impairments in the Australia & New Zealand Segment in this earnings release for further discussion. The Company also incurred $15.3 million of professional services and other costs associated with the completion and integration of the acquisitions completed during January 2017 and additionally recorded $8.2 million in restructuring costs. The Company's intangible asset amortization expense was up $17.3 million compared to the same period of 2016 due to the Company's recently completed acquisitions.

Adjusted EBITDA for the nine months ended September 30, 2017 totaled $258.8 million ($265.1 million on a constant-currency basis) compared to $241.4 million of Adjusted EBITDA in the same period of 2016. The increase in Adjusted EBITDA was primarily driven by the acquisitions completed during January 2017, partially offset by slightly lower revenue in the U.S., coupled with changes in currency exchange rates and higher operating costs, primarily associated with the Company's U.S. ATM fleet upgrade to comply with the EMV security standard. Adjusted Net Income totaled $104.8 million ($2.27 per diluted share or $2.33 on a constant-currency basis) for the nine months ended September 30, 2017, compared to $112.8 million ($2.47 per diluted share) from the same period of 2016. The decrease in Adjusted Net Income is attributable to higher depreciation and interest expense as a result of the completion of the DCPayments and Spark acquisitions.

ASSET IMPAIRMENTS IN THE AUSTRALIA & NEW ZEALAND SEGMENT

During the third quarter of 2017, the four largest banks in Australia announced that they would remove direct charges on all domestic transactions at their ATMs. As a result of this unexpected market shift, the Company analyzed the anticipated impact to its Australian business which resulted in impairment charges of $140.0 million and $54.5 million to reduce the carrying values of its goodwill and intangible assets, respectively, associated with the Australia & New Zealand segment. Additionally, the Company recognized $21.5 million within the Loss (gain) on disposal and impairment of assets line item to recognize the impairment of certain ATM related assets. The Company acquired the business in Australia with its acquisition of DCPayments on January 6, 2017.

BORROWINGS AND LIQUIDITY

As of September 30, 2017, the Company had outstanding borrowings of approximately $158 million and had approximately $242 million in available borrowing capacity under its $400 million revolving credit facility due in 2021. Additionally, the Company had $61 million in cash as of September 30, 2017. The Company's other outstanding indebtedness as of September 30, 2017 included $288 million in Convertible Senior Notes due 2020, $250 million in Senior Notes due 2022, and $300 million in Senior Notes due 2025. The Convertible Senior Notes due 2020, Senior Notes due 2022, and Senior Notes due 2025 had carrying balances of $249 million, $248 million, and $295 million, respectively, and are reflected as long-term debt on the balance sheet, net of unamortized discount and capitalized debt issuance costs.

On October 3, 2017, the Company entered into an amendment to its revolving credit facility. Pursuant to the amendment, the Company expanded the currencies in which the total commitments can be borrowed.

2017 GUIDANCE

Below is the Company's financial guidance for the full year 2017:
  • Revenues of $1.47 billion to $1.5 billion;
  • GAAP Net Loss of $(156) million to $(150) million;
  • Adjusted EBITDA of $330 million to $340 million;
  • Depreciation and accretion expense of approximately $115.5 million;
  • Cash interest expense of $34 million to $35 million;
  • Adjusted Net Income of $131 million to $139 million;
  • Adjusted Net Income per diluted share of $2.83 to $3.00, based on approximately 46.25 million weighted average diluted shares outstanding; and
  • Capital expenditures of $130 million to $140 million.

The Adjusted EBITDA and Adjusted Net Income guidance excludes the impact of certain expenses, as outlined in the reconciliation provided at the end of this earnings release. See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of these Non-GAAP measures. This guidance is based on average foreign currency exchange rates for the year of £1.00 U.K. to $1.29 U.S., $20.00 Mexican pesos to $1.00 U.S., $1.00 Canadian dollar to $0.80 U.S., €1.00 Euros to $1.15 U.S., $1.00 Australian dollar to $0.77 U.S., and R14.29 South African Rand to $1.00 U.S. Additionally, this guidance is based on an estimated non-GAAP tax rate of approximately 27.2% for 2017.

Included in the guidance above is the assumption that the deinstallations of the ATMs at 7-Eleven locations in the U.S., which began during the three months ended September 30, 2017, will be substantially complete by the end of the year, with a small number of units expected to continue to operate into the first quarter of 2018. 7-Eleven in the U.S. is expected to account for approximately 12% of the Company's consolidated revenues for the year ending 2017, based on the midpoint of revenue guidance. The Company estimates that the incremental gross margin for these ATMs during 2017 will be approximately 40%. The ATM deinstallation schedule continues to remain subject to change as of the date of this earnings release.

CONFERENCE CALL INFORMATION

The Company will host a conference call today, Thursday, November 2, 2017, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its financial results for the quarter ended September 30, 2017. To access the call, please call the conference call operator at:
                                                                                                                                                                                     
  Dial in: (877) 806-7890  
  Alternate dial-in: (973) 935-8713  
       

Please call in fifteen minutes prior to the scheduled start time and request to be connected to the "Cardtronics Third Quarter 2017 Earnings Conference Call." Additionally, a live audio webcast of the conference call will be available online through the investor relations section of the Company's website at www.cardtronics.com.

A digital replay of the conference call will be available through Thursday, November 16, 2017, and can be accessed by calling (855) 859-2056 or (404) 537-3406 and entering 95425707 for the conference ID. A replay of the conference call will also be available online through the Company's website subsequent to the call through November 30, 2017.

ABOUT CARDTRONICS (NASDAQ:CATM)

Making ATM cash access convenient where people shop, work, and live, Cardtronics is at the convergence of retailers, financial institutions, prepaid card programs, and the customers they share. Cardtronics provides services to approximately 238,000 ATMs in North America, Europe, Asia-Pacific, and Africa. Whether Cardtronics is driving foot traffic for top retailers, enhancing ATM brand presence for card issuers or expanding card holders' surcharge-free cash access, Cardtronics is convenient access to cash, when and where consumers need it. Cardtronics is where cash meets commerce.

CONTACT INFORMATION
Media RelationsNick PappathopoulosDirector - Public Relations832-308-4396 npappathopoulos@cardtronics.com Investor RelationsPhillip ChinEVP - Corporate Development & Investor Relations832-308-4975 ir@cardtronics.com                                                              
     

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This earnings release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. These forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effect on the Company and there can be no assurance that future developments affecting the Company will be those that are anticipated. All comments concerning the Company's expectations for future revenues and operating results are based on its estimates for its existing operations and do not include the potential impact of any future acquisitions. The Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond its control) and assumptions that could cause actual results to differ materially from its historical experience and present expectations or projections. Risk factors are described in the Company's 2016 Form 10-K, and those set forth from time-to-time in other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements contained in this earnings release, which speak only as of the date of this earnings release. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION

Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Free Cash Flow, and certain GAAP as well as non-GAAP measures on a constant-currency basis represent non-GAAP financial measures provided as a complement to financial results prepared in accordance with GAAP and may not be comparable to similarly-titled measures reported by other companies. The Company uses these non-GAAP financial measures in managing and measuring the performance of its business, including setting and measuring incentive based compensation for management. Management believes that the presentation of these measures and the identification of notable, non-cash, and/or (if applicable in a particular period) certain costs not anticipated to occur in future periods enhance an investor's understanding of the underlying trends in the Company's business and provide for better comparability between periods in different years.

Adjusted Gross Profit represents total revenues less the total cost of revenues, excluding depreciation, accretion, and amortization of intangible assets. Adjusted Gross Margin is calculated by dividing Adjusted Gross Profit by total revenues. Adjusted EBITDA excludes depreciation, accretion, and amortization of intangible assets as these amounts can vary substantially from company to company within the Company's industry depending upon accounting methods and book values of assets, capital structures, and the methods by which the assets were acquired. Adjusted EBITDA also excludes share-based compensation expense, acquisition and divestiture-related expenses, certain non-operating expenses, (if applicable in a particular period) certain costs not anticipated to occur in future periods, gains or losses on disposal and impairment of assets, the Company's obligations for the payment of income taxes, interest expense, and other obligations such as capital expenditures, and includes an adjustment for noncontrolling interests. Adjusted Net Income represents net income computed in accordance with GAAP, before amortization of intangible assets, gains or losses on disposal and impairment of assets, share-based compensation expense, certain other expense amounts, acquisition and divestiture-related expenses, certain non-operating expenses, and (if applicable in a particular period) certain costs not anticipated to occur in future periods (together, the "Adjustments"). Prior to June 30, 2016, Adjusted Net Income was calculated using an estimated long-term, cross-jurisdictional effective cash tax rate of 32%. Subsequent to the redomicile of the Company's parent company to the U.K., the Company revised the process for determining its non-GAAP tax rate and now utilizes a non-GAAP tax rate derived from the GAAP tax rate adjusted for the net tax effects of the Adjustments, based on the nature and geography of the Adjustments. For the three and nine months ended September 30, 2017, the non-GAAP tax rate used to calculate Adjusted Net Income was approximately 26.8% and 27.4%, respectively. For the three months ended September 30, 2016, the non-GAAP tax rate used to calculate Adjusted Net Income was approximately 24.2%. For the nine months ended September 30, 2016, the Company used 24.2% for the quarter ended September 30, 2016, and for the six months ended June 30, 2016, the Company used its previously estimated long-term cross-jurisdictional tax rate of 32%. Adjusted Net Income per diluted share is calculated by dividing Adjusted Net Income by weighted average diluted shares outstanding. Free Cash Flow is defined as cash provided by operating activities less payments for capital expenditures, including those financed through direct debt, but excluding acquisitions. The Free Cash Flow measure does not take into consideration certain other non-discretionary cash requirements such as mandatory principal payments on portions of the Company's long-term debt. Management calculates certain GAAP as well as non-GAAP measures on a constant-currency basis using the average foreign currency exchange rates applicable in the corresponding period of the previous year and applying these rates to the measures in the current reporting period. Management uses GAAP as well as non-GAAP measures on a constant-currency basis to assess performance and eliminate the effect foreign currency exchange rates have on comparability between periods.

The non-GAAP financial measures presented herein should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing, or financing activities, or other income or cash flow measures prepared in accordance with GAAP. Reconciliations of the non-GAAP financial measures used herein to the most directly comparable GAAP financial measures are presented in tabular form at the end of this earnings release.

Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2017 and 2016 (In thousands, excluding share, per share amounts, and percentages)
                                     
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   % Change     2016   2017   % Change     2016
                                                 
    (Unaudited)
Revenues:                                     
ATM operating revenues   $  390,143      23.9   %   $  314,788     $  1,105,191      20.4   %   $  918,207  
ATM product sales and other revenues      11,807      (12.8 )        13,546        39,443      5.6          37,335  
Total revenues      401,950      22.4          328,334        1,144,634      19.8          955,542  
Cost of revenues:                                    
Cost of ATM operating revenues (excludes depreciation, accretion, and amortization of intangible assets reported separately below.)      251,136      28.3          195,737        729,547      25.7          580,520  
Cost of ATM product sales and other revenues      8,920      (28.4 )        12,453        34,671      2.4          33,873  
Total cost of revenues      260,056      24.9          208,190        764,218      24.4          614,393  
Operating expenses:                                    
Selling, general, and administrative expenses      46,132      14.8          40,194        131,551      13.9          115,505  
Redomicile-related expenses      22      (97.7 )        951        782      (93.6 )        12,201  
Restructuring expenses      —     n/m        —        8,243     n/m        —  
Acquisition and divestiture-related expenses      2,889      7.8          2,680        15,338      210.6          4,938  
Goodwill and intangible asset impairment      194,521     n/m        —        194,521     n/m        —  
Depreciation and accretion expense      29,807      27.9          23,308        88,683      28.4          69,085  
Amortization of intangible assets      14,996      63.4          9,175        45,423      61.5          28,129  
Loss (gain) on disposal and impairment of assets      22,307     n/m        469        26,170     n/m        (475 )
Total operating expenses      310,674     n/m        76,777        510,711     n/m        229,383  
(Loss) income from operations      (168,780 )   n/m        43,367        (130,295 )   n/m        111,766  
Other expense:                                    
Interest expense, net      9,743      128.2          4,269        25,760      94.8          13,227  
Amortization of deferred financing costs and note discount      3,195      11.2          2,872        9,317      7.9          8,636  
Other (income) expense      (2,095 )   n/m        360        (1,730 )   n/m        748  
Total other expense      10,843      44.6          7,501        33,347      47.5          22,611  
(Loss) income before income taxes      (179,623 )   n/m        35,866        (163,642 )   n/m        89,155  
Income tax (benefit) expense      (4,053 )   n/m        8,388        (2,335 )   n/m        26,204  
Effective tax rate     2.3 %           23.4 %     1.4 %           29.4 %
Net (loss) income      (175,570 )   n/m        27,478        (161,307 )   n/m        62,951  
Net (loss) income attributable to noncontrolling interests      (9 )    (25.0 )        (12 )      (3 )    (95.8 )        (71 )
Net (loss) income  attributable to controlling interests and available to common shareholders   $  (175,561 )   n/m %   $  27,490     $  (161,304 )   n/m %   $  63,022  
                                     
Net (loss) income per common share - basic   $  (3.84 )         $  0.61     $  (3.54 )         $  1.39  
Net (loss) income per common share - diluted   $  (3.84 )         $  0.60     $  (3.54 )         $  1.38  
                                     
Weighted average shares outstanding - basic      45,662,543              45,252,869        45,597,558              45,175,604  
Weighted average shares outstanding - diluted      45,662,543              45,850,061        45,597,558              45,765,235  
 

Condensed Consolidated Balance Sheets As of September 30, 2017 and December 31, 2016 (In thousands)
             
    September 30, 2017   December 31, 2016
    (Unaudited)      
ASSETS            
Current assets:            
Cash and cash equivalents   $  61,498   $  73,534
Accounts and notes receivable, net      112,392      84,156
Inventory, net      16,387      12,527
Restricted cash      43,646      32,213
Prepaid expenses, deferred costs, and other current assets      100,450      67,107
Total current assets      334,373      269,537
Property and equipment, net      504,395      392,735
Intangible assets, net      220,233      121,230
Goodwill      771,152      533,075
Deferred tax asset, net      7,260      13,004
Prepaid expenses, deferred costs, and other noncurrent assets      51,868      35,115
Total assets   $  1,889,281   $  1,364,696
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Current liabilities:            
Current portion of other long-term liabilities   $  31,540   $  28,237
Accounts payable and other accrued and current liabilities      375,320      285,583
Total current liabilities      406,860      313,820
Long-term liabilities:            
Long-term debt      949,775      502,539
Asset retirement obligations      58,425      45,086
Deferred tax liability, net      43,287      27,625
Other long-term liabilities      71,761      18,691
Total liabilities      1,530,108      907,761
Shareholders' equity      359,173      456,935
Total liabilities and shareholders' equity   $  1,889,281   $  1,364,696
 

SELECTED STATEMENT OF OPERATIONS DETAIL: (Unaudited)

                                       
Total revenues by segment: Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2017   % Change   2016   2017     % Change     2016
                                                   
  (In thousands, excluding percentages)
North America                                      
ATM operating revenues $  249,964        11.9   %   $  223,285     $  719,341        10.7   %   $  649,739  
ATM product sales and other revenues    9,654        (20.5 )        12,137        33,191        0.2          33,129  
North America total revenues    259,618        10.3          235,422        752,532        10.2          682,868  
Europe & Africa                                      
ATM operating revenues    107,497        14.2          94,154        293,827        6.3          276,452  
ATM product sales and other revenues    2,088        48.2          1,409        6,159        46.4          4,206  
Europe & Africa total revenues    109,585        14.7          95,563        299,986        6.9          280,658  
Australia & New Zealand                                      
ATM operating revenues    35,368       n/m           —        99,752       n/m           —  
ATM product sales and other revenues    65       n/m           —        224       n/m           —  
Australia & New Zealand total revenues    35,433       n/m           —        99,976       n/m           —  
                                       
Eliminations    (2,686 )      1.3          (2,651 )      (7,860 )      (1.6 )        (7,984 )
                                       
Total ATM operating revenues    390,143        23.9          314,788        1,105,191        20.4          918,207  
Total ATM product sales and other revenues    11,807        (12.8 )        13,546        39,443        5.6          37,335  
Total revenues $  401,950        22.4   %   $  328,334     $  1,144,634        19.8   %   $  955,542  

                                       
Breakout of ATM operating revenues: Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2017   % Change   2016   2017   % Change   2016
                                       
  (In thousands, excluding percentages)
Surcharge revenues $  185,395      46.6 %   $  126,504   $  509,444      37.8 %   $  369,658
Interchange revenues    124,259      5.2        118,162      361,158      5.3        343,121
Bank-branding and surcharge-free network revenues    48,916      0.2        48,802      143,256      1.1        141,699
Managed services revenues    17,096      100.6        8,522      48,146      83.4        26,246
Other revenues    14,477      13.1        12,798      43,187      15.2        37,483
Total ATM operating revenues $  390,143      23.9 %   $  314,788   $  1,105,191      20.4 %   $  918,207

                                                   
Adjusted gross profit and margin by segment: Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2017   Gross Margin         2016    Gross Margin     2017   Gross Margin     2016   Gross Margin  
                                                       
  (In thousands, excluding percentages)
North America $  88,670      34.2 %   $  83,737      35.6 %   $  245,576      32.6 %   $  239,683      35.1 %
Europe & Africa    44,396      40.5        36,656      38.4        111,097      37.0        102,102      36.4  
Australia & New Zealand    10,526      29.7        —     n/m        27,576      27.6        —     n/m  
Corporate & Eliminations    (1,698 )   n/m        (249 )   n/m        (3,833 )   n/m        (636 )   n/m  
Adjusted Gross Profit (1) $  141,894      35.3 %   $  120,144      36.6 %   $  380,416      33.2 %   $  341,149      35.7 %
 
(1) As reported on the Company's Reconciliation of Gross Profit Inclusive of Depreciation, Accretion, and Amortization of Intangible Assets to Adjusted Gross Profit, see Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.

                                       
Breakout of cost of ATM operating                                      
revenues (exclusive of depreciation,                                      
accretion, and amortization of                                      
intangible assets): Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2017   % Change   2016   2017   % Change   2016
                                           
  (In thousands, excluding percentages)
Merchant commissions $  130,859      39.0   %   $  94,136   $  368,435      33.0   %   $  277,088
Vault cash rental    18,994      6.1          17,904      56,072      4.3          53,764
Other costs of cash    23,541      27.8          18,421      79,064      33.3          59,321
Repairs and maintenance    20,733      4.5          19,846      64,138      14.3          56,097
Communications    9,833      27.8          7,694      28,660      23.0          23,305
Transaction processing    5,684      42.7          3,982      17,022      45.2          11,727
Share-based compensation    197      (20.9 )        249      336      (47.2 )        636
Employee costs    20,463      23.8          16,525      59,271      17.0          50,666
Other expenses    20,832      22.7          16,980      56,549      18.0          47,916
Total cost of ATM operating revenues $  251,136      28.3   %   $  195,737   $  729,547      25.7   %   $  580,520

                                       
Breakout of selling, general,                                      
and administrative expenses: Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2017   % Change   2016   2017   % Change   2016
                                           
  (In thousands, excluding percentages)
Employee costs $  24,073      14.5   %   $  21,022   $  71,347      16.5   %   $  61,234
Share-based compensation expense    3,955      (38.1 )        6,393      9,635      (36.4 )        15,144
Professional fees    8,108      76.6          4,592      19,858      38.4          14,353
Other expenses    9,996      22.1          8,187      30,711      24.0          24,774
Total selling, general, and administrative expenses $  46,132      14.8   %   $  40,194   $  131,551      13.9   %   $  115,505

                                       
Depreciation and accretion expense                                      
by segment: Three Months Ended   Nine Months Ended
  September 30,    September 30, 
  2017   % Change   2016   2017   % Change   2016
                                       
  (In thousands, excluding percentages)
North America $  16,415      15.9 %   $  14,160   $  50,973      22.9 %   $  41,480
Europe & Africa    11,476      25.4        9,148      32,093      16.3        27,605
Australia & New Zealand    1,916     n/m        —      5,617     n/m        —
Total depreciation and accretion expense $  29,807      27.9 %   $  23,308   $  88,683      28.4 %   $  69,085
 

SELECTED BALANCE SHEET DETAIL: (Unaudited, excluding December 31, 2016)
           
Long-term debt: September 30, 2017   December 31, 2016
           
    (In thousands) 
Revolving credit facility $  157,630   $  14,100
1.00% Convertible senior notes (1)    249,189      241,068
5.125% Senior notes (1)    247,869      247,371
5.50% Senior notes (1)    295,087      —
Total long-term debt $  949,775   $  502,539
 
(1) The 1.00% Convertible Senior Notes due 2020 with a face value of $287.5 million are presented net of the unamortized discount and capitalized debt issuance costs of $38.3 million and $46.4 million as of September 30, 2017 and December 31, 2016, respectively. In accordance with GAAP, the estimated fair value of the conversion feature within the Convertible Senior Notes was recorded as additional paid-in capital within equity at issuance. The Convertible Senior Notes are being accreted over the term of the notes to the full principal amount ($287.5 million). The 5.125% Senior Notes due 2022 with a face value of $250.0 million are presented net of capitalized debt issuance costs of $2.1 million and $2.6 million as of September 30, 2017 and December 31, 2016, respectively. The 5.50% Senior Notes due 2025 with a face value of $300.0 million are presented net of capitalized debt issuance costs of $4.9 million as of September 30, 2017.
 

Share count rollforward:
     
Total shares outstanding as of December 31, 2016              45,326,430
Shares issued - stock options exercised    12,200
Shares vested - restricted stock units    341,691
Total shares outstanding as of September 30, 2017    45,680,321
 

SELECTED CASH FLOW DETAIL: (Unaudited)
                         
Selected cash flow statement amounts:   Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   2016   2017   2016
                                 
    (In thousands)
Net cash provided by operating activities   $  79,706     $  89,346     $  164,284     $  213,931  
Net cash used in investing activities      (41,556 )      (41,635 )      (598,501 )      (86,403 )
Net cash (used in) provided by financing activities      (29,052 )      (7,285 )      427,284        (93,135 )
Effect of exchange rate changes on cash      (777 )      (557 )      (5,103 )      (1,169 )
Net increase (decrease) in cash and cash equivalents      8,321        39,869        (12,036 )      33,224  
Cash and cash equivalents as of beginning of period      53,177        19,652        73,534        26,297  
Cash and cash equivalents as of end of period   $  61,498     $  59,521     $  61,498     $  59,521  
 

Key Operating Metrics - Including Acquisitions in All Periods Presented For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                                             
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   % Change   2016   2017   % Change   2016
Average number of transacting ATMs:                                            
United States      45,092      4.3   %      43,216        45,155      9.2   %      41,366  
United Kingdom and Ireland      21,688      31.1          16,540        21,498      33.1          16,151  
Australia and New Zealand      8,717     n/m          —        8,848     n/m           —  
Canada      6,197      239.6          1,825        6,152      233.3          1,846  
South Africa      2,606     n/m           —        2,460     n/m           —  
Germany, Poland, and Spain      1,627      31.0          1,242        1,526      29.7          1,177  
Mexico      978      (26.4 )        1,329        1,078      (21.1 )        1,366  
Total Company-owned      86,905      35.5          64,152        86,717      40.1          61,906  
United States (1)      12,175      (18.7 )        14,970        12,392      (24.0 )        16,297  
Canada      2,974     n/m           —        2,932     n/m           —  
United Kingdom and Ireland      682     n/m           —        632     n/m           —  
Australia and New Zealand      103     n/m           —        103     n/m           —  
Total Merchant-owned      15,934      6.4          14,970        16,059      (1.5 )        16,297  
Average number of transacting ATMs - ATM operations      102,839      30.0          79,122        102,776      31.4          78,203  
                                             
Managed Services and Processing:                                            
United States      129,228      7.0          120,773        126,664      8.2          117,107  
Canada      3,259      85.1          1,761        3,339      101.3          1,659  
Australia and New Zealand      2,000     n/m           —        1,844     n/m           —  
Average number of transacting ATMs - Managed services and processing      134,487      9.8          122,534        131,847      11.0          118,766  
                                             
  Total average number of transacting ATMs      237,326      17.7          201,656        234,623      19.1          196,969  
                                             
Total transactions (in thousands):                                            
ATM operations      388,736      8.1          359,731        1,141,144      12.4          1,014,803  
Managed services and processing, net      281,054      57.0          179,072        788,928      49.7          526,949  
Total transactions      669,790      24.3          538,803        1,930,072      25.2          1,541,752  
                                             
Total cash withdrawal transactions (in thousands):                                            
ATM operations      247,903      10.1          225,178        730,313      15.3          633,461  
                                             
Per ATM per month amounts (excludes managed services and processing):                                            
Cash withdrawal transactions      804      (15.3 )        949        790      (12.2 )        900  
                                             
ATM operating revenues (2)   $  1,180      (6.2 )     $  1,258     $  1,116      (9.6 )     $  1,235  
Cost of ATM operating revenues (2) (3)      774      (1.3 )        784        749      (4.5 )        784  
ATM adjusted operating gross profit (2) (3)   $  406      (14.3 ) %   $  474     $  367      (18.6 ) %   $  451  
                                             
ATM adjusted operating gross profit margin (2) (3)      34.4 %            37.7 %      32.9 %            36.5 %
 
(1) Certain ATMs previously reported in this category are now included in the United States: Managed services and processing or United States: Company-owned categories.
(2) ATM operating revenues and Cost of ATM operating revenues relating to managed services, processing, ATM equipment sales, and other ATM-related services are not included in this calculation.
(3) Amounts presented exclude the effect of depreciation, accretion, and amortization of intangible assets. See Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
 

Key Operating Metrics - Excluding Acquisitions in All Periods Presented For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                                             
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   % Change   2016   2017   % Change   2016
Average number of transacting ATMs:                                            
United States      45,092      4.3   %      43,216        42,775      3.4   %      41,366  
United Kingdom and Ireland      16,819      1.7          16,540        16,571      2.6          16,151  
Canada      1,899      4.1          1,825        1,837      (0.5 )        1,846  
Germany, Poland, and Spain      1,627      31.0          1,242        1,526      29.7          1,177  
Mexico      486      (63.4 )        1,329        635      (53.5 )        1,366  
Total Company-owned      65,923      2.8          64,152        63,344      2.3          61,906  
United States (1)      12,175      (18.7 )        14,970        12,392      (24.0 )        16,297  
Total Merchant-owned      12,175      (18.7 )        14,970        12,392      (24.0 )        16,297  
Average number of transacting ATMs - ATM operations      78,098      (1.3 )        79,122        75,736      (3.2 )        78,203  
                                             
Managed Services and Processing:                                            
United States      129,228      7.0          120,773        126,664      8.2          117,107  
Canada      1,943      10.3          1,761        1,984      19.6          1,659  
Average number of transacting ATMs - Managed services and processing      131,171      7.0          122,534        128,648      8.3          118,766  
                                             
  Total average number of transacting ATMs      209,269      3.8          201,656        204,384      3.8          196,969  
                                             
Total transactions (in thousands):                                            
ATM operations      345,825      (3.9 )        359,731        1,004,241      (1.0 )        1,014,803  
Managed services and processing, net      185,276      3.5          179,072        515,362      (2.2 )        526,949  
Total transactions      531,101      (1.4 )        538,803        1,519,603      (1.4 )        1,541,752  
                                             
Total cash withdrawal transactions (in thousands):                                            
ATM operations      212,957      (5.4 )        225,178        621,164      (1.9 )        633,461  
                                             
Per ATM per month amounts (excludes managed services and processing):                                            
Cash withdrawal transactions      909      (4.2 )        949        911      1.2          900  
                                             
ATM operating revenues (2)   $  1,243      (1.2 )     $  1,258     $  1,230      (0.4 )     $  1,235  
Cost of ATM operating revenues (2) (3)      798      1.8          784        806      2.8          784  
ATM adjusted operating gross profit (2) (3)   $  445      (6.1 ) %   $  474     $  424      (6.0 ) %   $  451  
                                             
ATM adjusted operating gross profit margin (2) (3)      35.8 %            37.7 %      34.5 %            36.5 %
 
(1) Certain ATMs previously reported in this category are now included in the United States: Managed services and processing or United States: Company-owned categories.
(2) ATM operating revenues and Cost of ATM operating revenues relating to managed services, processing, ATM equipment sales, and other ATM-related services are not included in this calculation.
(3) Amounts presented exclude the effect of depreciation, accretion, and amortization of intangible assets. See Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
 

Key Operating Metrics - Ending Machine Count As of September 30, 2017 and 2016 (Unaudited)
         
    September 30, 2017   September 30, 2016
Ending number of transacting ATMs:        
United States    44,738    44,688
United Kingdom and Ireland    21,748    16,665
Australia and New Zealand    8,636    —
Canada    6,235    1,835
South Africa    2,767    —
Germany, Poland, and Spain    1,653    1,279
Mexico    989    1,267
Total Company-owned    86,766    65,734
United States    12,083    13,961
Canada    2,962    —
United Kingdom and Ireland    613    —
Australia and New Zealand    103    —
Total Merchant-owned    15,761    13,961
Ending number of transacting ATMs - ATM operations    102,527    79,695
         
United States    130,215    121,791
Canada    3,255    1,832
Australia and New Zealand    2,002    —
Ending number of transacting ATMs - Managed services and processing    135,472    123,623
         
Total ending number of transacting ATMs    237,999    203,318
 

Reconciliation of Net Income Attributable to Controlling Interests and Available to Common Shareholders to EBITDA, Adjusted EBITDA, and Adjusted Net Income For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                         
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   2016   2017   2016
                                 
    (In thousands, excluding share and per share amounts)
Net (loss) income  attributable to controlling interests and available to common shareholders   $  (175,561 )   $  27,490     $  (161,304 )   $  63,022  
Adjustments:                        
Interest expense, net      9,743        4,269        25,760        13,227  
Amortization of deferred financing costs and note discount      3,195        2,872        9,317        8,636  
Income tax (benefit) expense      (4,053 )      8,388        (2,335 )      26,204  
Depreciation and accretion expense      29,807        23,308        88,683        69,085  
Amortization of intangible assets      14,996        9,175        45,423        28,129  
EBITDA    $  (121,873 )   $  75,502     $  5,544     $  208,303  
                         
Add back:                        
Loss (gain) on disposal and impairment of assets      22,307        469        26,170        (475 )
Other (income) expense (1)      (2,095 )      360        (1,730 )      748  
Noncontrolling interests (2)      (9 )      (15 )      (19 )      (50 )
Share-based compensation expense      4,151        6,642        9,971        15,780  
Redomicile-related expenses (3)      22        951        782        12,201  
Restructuring expenses (4)      —        —        8,243        —  
Acquisition and divestiture-related expenses (5)      2,889        2,680        15,338        4,938  
Goodwill and intangible asset impairment (6)      194,521        —        194,521        —  
Adjusted EBITDA   $  99,913     $  86,589     $  258,820     $  241,445  
Less:                        
Interest expense, net      9,743        4,269        25,760        13,227  
Depreciation and accretion expense (7)      29,805        23,301        88,677        69,063  
Adjusted pre-tax income   $  60,365     $  59,019     $  144,383     $  159,155  
Income tax expense (8)      16,178        14,271        39,595        46,314  
Adjusted Net Income   $  44,187     $  44,748     $  104,788     $  112,841  
                         
Adjusted Net Income per share - basic   $  0.97     $  0.99     $  2.30     $  2.50  
Adjusted Net Income per share - diluted   $  0.96     $  0.98     $  2.27     $  2.47  
                         
Weighted average shares outstanding - basic      45,662,543        45,252,869        45,597,558        45,175,604  
Weighted average shares outstanding - diluted (9)      46,197,178        45,850,061        46,238,070        45,765,235  
 
(1) Includes foreign currency translation gains/losses, the revaluation of the estimated acquisition-related contingent consideration payable, and other non-operating costs.
(2) Noncontrolling interests adjustment made such that Adjusted EBITDA includes only the Company's ownership interest in the Adjusted EBITDA of one of its Mexican subsidiaries.
(3) Expenses associated with the Company's redomicile of its parent company to the U.K., which was completed on July 1, 2016.
(4) Restructuring expenses primarily related to employee severance costs associated with a corporate reorganization and broad initiative to reduce costs implemented in the first quarter of 2017.
(5) Acquisition and divestiture-related expenses include costs incurred for professional and legal fees and certain other transition and integration-related costs.
(6) Goodwill and intangible asset impairments related to the Company's Australia & New Zealand segment.
(7) Amounts exclude a portion of the expenses incurred by one of the Company's Mexican subsidiaries to account for the amounts allocable to the noncontrolling interest shareholders. 
(8) For the three and nine months ended September 30, 2017, calculated using an effective tax rate of approximately 26.8% and 27.4%, respectively, which represents the Company's GAAP tax rate as adjusted for the net tax effects related to the items excluded from Adjusted Net Income. For the three months ended September 30, 2016, the non-GAAP tax rate used to calculate Adjusted Net Income was approximately 24.2%. For the nine months ended September 30, 2016, the Company used 24.2% for the quarter ended September 30, 2016, and for the six months ended June 30, 2016, the Company's previously estimated long-term cross jurisdictional tax rate of 32%. See Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
(9) Consistent with the positive Adjusted Net Income, the Adjusted Net Income per diluted share amounts have been calculated using the diluted shares outstanding that would have resulted from positive GAAP Net Income.
 

Reconciliation of GAAP Revenue to Constant-Currency Revenue For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                                     
Europe & Africa revenue:   Three Months Ended
    September 30, 
    2017   2016   % Change
    U.S. GAAP   Foreign Currency Impact   Constant - Currency   U.S. GAAP   U.S. GAAP   Constant - Currency
                                       
    (In thousands)            
ATM operating revenues   $  107,497   $  (231 )   $  107,266   $  94,154    14.2 %    13.9 %
ATM product sales and other revenues      2,088      (2 )      2,086      1,409    48.2      48.0  
Total revenues   $  109,585   $  (233 )   $  109,352   $  95,563    14.7 %    14.4 %

                                     
    Nine Months Ended
    September 30, 
    2017   2016   % Change
    U.S. GAAP   Foreign Currency Impact   Constant - Currency   U.S. GAAP   U.S. GAAP   Constant - Currency
                                     
    (In thousands)            
ATM operating revenues   $  293,827   $  22,190   $  316,017   $  276,452    6.3 %    14.3 %
ATM product sales and other revenues      6,159      380      6,539      4,206    46.4      55.5  
Total revenues   $  299,986   $  22,570   $  322,556   $  280,658    6.9 %    14.9 %

                                     
Consolidated revenue:   Three Months Ended
    September 30, 
    2017   2016   % Change
    U.S. GAAP   Foreign Currency Impact   Constant - Currency   U.S. GAAP   U.S. GAAP   Constant - Currency
                                           
    (In thousands)            
ATM operating revenues   $  390,143   $  (623 )   $  389,520   $  314,788    23.9 %      23.7 %  
ATM product sales and other revenues      11,807      (6 )      11,801      13,546    (12.8 )      (12.9 )  
Total revenues   $  401,950   $  (629 )   $  401,321   $  328,334    22.4 %      22.2 %  

                                     
    Nine Months Ended
    September 30, 
    2017   2016   % Change
    U.S. GAAP   Foreign Currency Impact   Constant - Currency   U.S. GAAP   U.S. GAAP   Constant - Currency
                                     
    (In thousands)            
ATM operating revenues   $  1,105,191   $  22,022   $  1,127,213   $  918,207    20.4 %    22.8 %
ATM product sales and other revenues      39,443      355      39,798      37,335    5.6      6.6  
Total revenues   $  1,144,634   $  22,377   $  1,167,011   $  955,542    19.8 %    22.1 %
 

Reconciliation of Gross Profit Inclusive of Depreciation, Accretion, and Amortization of Intangible Assets to Adjusted Gross Profit For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                                 
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   2016   2017   2016
                                 
    (In thousands, excluding percentages)
Total revenues   $  401,950     $  328,334     $  1,144,634     $  955,542  
Total cost of revenues (1)      260,056        208,190        764,218        614,393  
Total depreciation, accretion, and amortization of intangible assets excluded from Total cost of revenues      37,176        27,108        111,911        82,419  
Gross profit inclusive of depreciation, accretion, and amortization of intangible assets   $  104,718     $  93,036     $  268,505     $  258,730  
Gross profit % (inclusive of depreciation, accretion, and amortization of intangible assets)      26.1 %      28.3 %      23.5 %      27.1 %
Total depreciation, accretion, and amortization of intangible assets excluded from gross profit   $  37,176     $  27,108     $  111,911     $  82,419  
Adjusted Gross Profit exclusive of depreciation, accretion, and amortization of intangible assets   $  141,894     $  120,144     $  380,416     $  341,149  
Adjusted Gross Profit % (exclusive of depreciation, accretion, and amortization of intangible assets)      35.3 %      36.6 %      33.2 %      35.7 %
 
(1) The Company presents the Total cost of revenues in the Company's Consolidated Statements of Operations exclusive of depreciation, accretion, and amortization of intangible assets.           

Reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per diluted share on a Non-GAAP basis to Constant-Currency For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                                     
    Three Months Ended
    September 30, 
    2017   2016   % Change
    Non   - GAAP (1)   Foreign Currency Impact   Constant - Currency   Non   - GAAP (1)   Non   - GAAP (1)   Constant - Currency
                                       
    (In thousands)            
Adjusted EBITDA   $  99,913   $  (91 )   $  99,822   $  86,589    15.4      15.3 %  
                                     
Adjusted Net Income   $  44,187   $  (14 )   $  44,173   $  44,748    (1.3 )%      (1.3 )%  
                                     
Adjusted Net Income per share - diluted (2)   $  0.96   $  —     $  0.96   $  0.98    (2.0 )%      (2.0 )%  

                                     
    Nine Months Ended
    September 30, 
    2017   2016   % Change
    Non   - GAAP (1)   Foreign Currency Impact   Constant - Currency   Non   - GAAP (1)   Non   - GAAP (1)   Constant - Currency
                                     
    (In thousands)            
Adjusted EBITDA   $  258,820   $  6,311   $  265,131   $  241,445    7.2      9.8  
                                     
Adjusted Net Income   $  104,788   $  2,860   $  107,648   $  112,841    (7.1 )%      (4.6 )%  
                                     
Adjusted Net Income per share - diluted (2)   $  2.27   $  0.06   $  2.33   $  2.47    (8.1 )%      (5.7 )%  
 
(1) As reported on the Company's Reconciliation of Net Income Attributable to Controlling Interests and Available to Common Shareholders to EBITDA, Adjusted EBITDA, and Adjusted Net Income, see Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
(2) Adjusted Net Income per diluted share is calculated by dividing Adjusted Net Income by the weighted average diluted shares outstanding of 46,197,178 and 45,850,061 for the three months ended September 30, 2017 and 2016, respectively, and 46,238,070 and 45,765,235 for the nine months ended September 30, 2017 and 2016, respectively. Consistent with the positive Adjusted Net Income, the Adjusted Net Income per diluted share amounts have been calculated using the diluted shares outstanding that would have resulted from positive GAAP Net Income.
 

Reconciliation of Free Cash Flow For the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)
                         
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2017   2016   2017   2016
                                 
    (In thousands)
Net cash provided by operating activities   $  79,706     $  89,346     $  164,284     $  213,931  
Payments for capital expenditures:                        
Net cash used in investing activities, excluding acquisitions and divestitures      (41,556 )      (36,479 )      (111,424 )      (76,050 )
Free cash flow   $  38,150     $  52,867     $  52,860     $  137,881  
 

Reconciliation of Estimated Net Income to EBITDA, Adjusted EBITDA, and Adjusted Net Income For the Year Ending December 31, 2017 (In millions, excluding per share amounts) (Unaudited)
             
    Estimated Range Full Year 2017 (1)
Net Income   $  (155.9 )   $  (150.0 )
Adjustments:            
Interest expense, net      35.0        34.0  
Amortization of deferred financing costs and note discount      13.0        13.0  
Income tax expense      (0.4 )      1.7  
Depreciation and accretion expense      115.0        117.0  
Goodwill and intangible impairment      194.5        194.5  
Amortization expense      60.0        60.0  
EBITDA    $  261.2     $  270.2  
             
Add Back:            
Loss on disposal and impairment of assets      27.0        27.0  
Share-based compensation expense      15.0        15.0  
Acquisition-related expenses      16.0        17.0  
Redomicile-related expenses      0.8        0.8  
Restructuring expenses      10.0        10.0  
Adjusted EBITDA   $  330.0     $  340.0  
Less:            
Interest expense, net      35.0        34.0  
Depreciation and accretion expense      115.5        115.5  
Income tax expense (2)      48.8        51.8  
Adjusted Net Income   $  130.7     $  138.7  
             
Adjusted Net Income per share - diluted   $  2.83     $  3.00  
             
Weighted average shares outstanding - diluted      46.25        46.25  
 
(1) See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of the non-GAAP measures included in this table.
(2) Calculated using the Company's estimated non-GAAP tax rate of approximately 27.2%, as adjusted for items excluded from Adjusted Net Income, see Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
 

Cardtronics is a registered trademark of Cardtronics plc and its subsidiaries. All other trademarks are the property of their respective owners.