Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation of Net Income to EBITDA and Adjusted EBITA

The following table is a reconciliation of Net income (loss) attributable to controlling interests and available to common shareholders to EBITDA and Adjusted EBITDA:



	Year Ended December 31,
	2019			2018			2017
	(In thousands)
Net income (loss) attributable to controlling interests and available to common shareholders	$	48,274		$	3,676		$	(145,350	)
Adjustments:
Interest expense, net	26,604			35,429			35,036
Amortization of deferred financing costs and note discount	13,447			14,887			12,574
Redemption costs for early extinguishment of debt	—			6,408			—
Income tax expense (benefit)	16,522			10,457			(9,292		)
Depreciation and accretion expense	130,676			126,199			122,036
Amortization of intangible assets	49,261			52,911			57,866
EBITDA	$	284,784		$	249,967		$	72,870
Add back:
Loss on disposal and impairment of assets ⁽¹⁾	11,653			17,873			227,796
Other (income) expense ⁽²⁾	(18,404		)	(627		)	3,524
Noncontrolling interests ⁽³⁾	58			38			(25		)
Share-based compensation expense	20,962			15,660			14,395
Restructuring expenses ⁽⁴⁾	8,928			6,586			11,136
Acquisition related expenses ⁽⁵⁾	—			3,191			18,917
Adjusted EBITDA	$	307,981		$	292,688		$	348,613


(1)	Loss of disposal and impairment of assets includes a goodwill impairment of $7.3 million related to the Company’s Canada segment as of December 31, 2019 and goodwill and intangible asset impairments of $194.5 million related to the Company's Australia & New Zealand segment as of December 31, 2017.


(2)	Includes the revaluation of the estimated acquisition related contingent consideration, foreign currency translation gains/losses and other non-operating costs.


(3)	Noncontrolling interest adjustment made such that Adjusted EBITDA includes only the Company’s ownership interest in the Adjusted EBITDA of one of its Mexican subsidiaries.

(4)

For the years ended December 31, 2019, 2018, and 2017, restructuring expenses include employee severance and other costs incurred in conjunction with the Company's corporate reorganization and cost reduction initiatives. For the year ended December 31, 2017, restructuring expenses also include amounts associated with the Company’s redomicile of its parent company to the U.K. that occurred on July 1, 2016.

(5)

Acquisition related expenses include costs incurred for professional and legal fees and certain other transition and integration-related costs. For the twelve months ended December 31, 2017, expenses also include employee severance and lease termination costs related to DCPayments acquisition integration.

Financial Information for Each of the Company's Reporting Segments

The following tables reflect certain financial information for each of the Company’s reporting segments for the periods presented:



	Year ended December 31, 2019 ⁽¹⁾
	North America		Europe & Africa		Australia & New Zealand			Corporate			Eliminations			Total
	(In thousands)
Revenue from external customers	$	853,648	$	395,694	$	100,063		$	—					$	1,349,405
Intersegment revenues	9,866		626		—			—			(10,492		)	—
Cost of revenues	577,302		245,362		71,281			1,528			(10,494		)	884,979
Selling, general, and administrative expenses	69,250		42,569		9,101			56,554			—			177,474
Restructuring expenses	1,226		3,828		—			3,874			—			8,928
Loss (gain) on disposal and impairment of assets	9,449		2,359		(155		)	—			—			11,653

Adjusted EBITDA	216,933		108,388		19,721			(37,131		)	70			307,981

Capital expenditures ⁽²⁾	$	58,631	$	44,995	$	4,289		$	16,991		$	—		$	124,906



	Year ended December 31, 2018 ⁽¹⁾
	North America			Europe & Africa		Australia & New Zealand		Corporate			Eliminations			Total
	(In thousands)
Revenue from external customers	$	820,252		$	407,584	$	117,407	$	—		$	—		$	1,345,243
Intersegment revenues	9,928			2,185		—		—			(12,113		)	—
Cost of revenues	564,888			256,542		86,814		788			(11,249		)	897,783
Selling, general, and administrative expenses	64,955			38,293		10,408		57,064			(230		)	170,490
Redomicile-related expenses	—			—		—		—			—			—
Restructuring expenses	3,597			1,645		—		1,344			—			6,586
Acquisition related expenses	(329		)	1,518		1,124		878			—			3,191
Loss on disposal and impairment of assets	12,295			5,360		218		—			—			17,873

Adjusted EBITDA	200,335			114,934		20,185		(42,192		)	(574		)	292,688

Capital expenditures⁽²⁾	$	44,867		$	40,687	$	7,122	$	14,529		$	—		$	107,205



	Year ended December 31, 2017 ⁽¹⁾
	North America		Europe & Africa		Australia & New Zealand		Corporate			Eliminations			Total
	(In thousands)
Revenue from external customers	$	971,343	$	403,344	$	132,912	$	—		$	—		$	1,507,599
Intersegment revenues	9,042		1,488		—		—			(10,530		)	—
Cost of revenues	658,153		253,587		96,474		1,146			(10,240		)	999,120
Selling, general, and administrative expenses	71,603		37,992		9,244		55,398			—			174,237
Redomicile-related expenses	—		49		—		733			—			782
Restructuring expenses	3,668		2,942		—		3,744			—			10,354
Acquisition related expenses	2,210		2,261		3,132		11,314			—			18,917
Loss on disposal and impairment of assets	10,432		1,299		216,017		48			—			227,796

Adjusted EBITDA	250,629		113,253		27,195		(42,150		)	(314		)	348,613

Capital expenditures ⁽²⁾	$	61,742	$	61,651	$	6,310	$	14,437		$	—		$	144,140


⁽¹⁾	The segment information presented for the years ended December 31, 2018 and 2017 have been revised to ensure consistency with the current allocation of certain intercompany revenues and expenses for the year ended December 31, 2019.


⁽²⁾	Capital expenditures include payments made for plant, property, and equipment, exclusive license agreements, and site acquisition costs. Additionally, capital expenditures for one of the Company’s Mexican subsidiaries, included in the North America segment, are reflected gross of any noncontrolling interest amounts.

Identifiable Assets



	December 31, 2019		December 31, 2018
	(In thousands)
North America	$	1,141,084	$	1,195,693
Europe & Africa	511,037		494,457
Australia & New Zealand	60,416		63,613
Corporate	51,421		33,581
Total	$	1,763,958	$	1,787,344