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Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information
As of December 31, 2020, the Company’s operating segments consisted of its North America, Europe & Africa, and Australia & New Zealand segments. The Company’s ATM operations in the U.S., Canada, Mexico, and Puerto Rico are included in its North America segment. The North America segment also includes the Company’s transaction processing operations, which service its internal ATM operations, along with external customers. The Company’s operations in the U.K., Ireland, Germany, Spain, and South Africa are included in its Europe & Africa segment, along with i-design (the Company’s ATM advertising business based in the U.K.). The Company’s Australia & New Zealand segment consists exclusively of its operations in Australia and New Zealand. The Corporate segment primarily includes the general and administrative costs incurred by the corporate functions in the Company's geographical regions and also the technology center in India. While each of the reporting segments provides similar kiosk-based and/or ATM-related services, each segment is managed separately and requires different marketing and business strategies. Segment information presented for prior periods have been revised to reflect the changes in the Company’s segments. Intersegment revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.
Management uses Adjusted EBITDA, together with U.S. GAAP measures, to manage and measure the performance of its segments. Management believes Adjusted EBITDA is a useful measure to more effectively evaluate the performance of the business and compare its results of operations from period to period without regard to financing methods, capital structure, or non-recurring costs as defined by the Company. Adjusted EBITDA adds net interest expense, income tax expense, depreciation and accretion, amortization of deferred financing costs and note discounts, amortization of intangible assets, share-based compensation expense, certain other income and expense amounts, acquisition related expenses, gains or losses on disposal and impairment of assets, certain non-operating expenses (if applicable in a particular period), and certain costs not anticipated to occur in future periods to net income, and includes an adjustment for noncontrolling interests. Depreciation and accretion expense and amortization of intangible assets are excluded from Adjusted EBITDA as these amounts can vary substantially from company to company within the industry depending upon accounting methods and book values of assets, capital structures, and the methods by which the assets were acquired.
Adjusted EBITDA, as defined by the Company, is a non-GAAP financial measure provided as a complement to the financial results prepared in accordance with U.S. GAAP. It may not be defined in the same manner by all companies and therefore may not be comparable to other similarly titled measures of other companies. In evaluating the Company’s performance as measured by Adjusted EBITDA, management recognizes and considers the limitations of this measurement. Therefore, Adjusted EBITDA 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 contained within the consolidated financial statements.
The following table is a reconciliation of Net income attributable to controlling interests and available to common shareholders to EBITDA and Adjusted EBITDA:
 Year Ended December 31,
 202020192018
 (In thousands)
Net income attributable to controlling interests and available to common shareholders$19,144 $48,274 $3,676 
Adjustments:
Interest expense, net
37,097 26,604 35,429 
Amortization of deferred financing costs and note discount
12,161 13,447 14,887 
Redemption costs for early extinguishment of debt
3,018 — 6,408 
Income tax expense452 16,522 10,457 
Depreciation and accretion expense
133,210 130,676 126,199 
Amortization of intangible assets
31,874 49,261 52,911 
EBITDA$236,956 $284,784 $249,967 
Add back:
Loss on disposal and impairment of assets (1)
4,144 11,653 17,873 
Other income, net (2)
(18,077)(18,404)(627)
Noncontrolling interests (3)
59 58 38 
Share-based compensation expense
22,264 20,962 15,660 
Restructuring expenses (4)
9,443 8,928 6,586 
Acquisition related expenses (5)
8,836 — 3,191 
Adjusted EBITDA (6)
$263,625 $307,981 $292,688 
(1)Loss on disposal and impairment of assets includes a goodwill impairment of $7.3 million related to the Company’s Canada reporting unit as of December 31, 2019. For the year ended December 31, 2018, the loss on disposal and impairment of assets was due to the Company's decision to not redeploy certain ATM models as well as losses on asset disposals in the ordinary course of business and disposals related to the exit from a leased facility in the U.K.
(2)Includes foreign currency translation gains/losses, the revaluation of the estimated acquisition related contingent consideration, 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, 2020, 2019, and 2018, restructuring expenses included costs incurred in conjunction with facility closures, workforce reductions and other related charges connected to the Company's corporate reorganization and cost reduction initiatives.
(5)For the year ended December 31, 2020, acquisition related expenses includes investment banking, legal and professional fees and certain other administrative costs incurred in connection with the proposed acquisition of the Company, as further discussed in Note 1. Basis of Presentation and Summary of Significant Accounting Policies - (a) Description of Business. For the year ended December 31, 2018, acquisition related expenses include costs incurred for professional and legal fees and certain other transition and integration-related costs related to the Company's acquisition of DirectCash Payments Inc. that occurred in 2017.
(6)The results for the year ended December 31, 2020, include business rate tax recoveries of $35.1 million, classified as a cost reduction within Cost of ATM operating revenues.
The following tables reflect certain financial information for each of the Company’s reporting segments for the periods presented: 
 
Year ended December 31, 2020 (1)
 North AmericaEurope & AfricaAustralia & New ZealandCorporateEliminationsTotal
 (In thousands)
Revenue from external customers
$756,243 $265,910 $71,846 $— $— $1,093,999 
Intersegment revenues
5,910 36 — — (5,946)— 
Cost of revenues
506,338 139,170 51,659 1,430 (5,946)692,651 
Selling, general, and administrative expenses
60,263 34,196 7,676 58,144 (226)160,053 
Restructuring expenses
1,665 7,325 115 338 — 9,443 
Acquisition related expenses
— — — 8,836 — 8,836 
Loss (gain) on disposal and impairment of assets
2,813 1,361 (30)— — 4,144 
Adjusted EBITDA
195,555 92,584 12,510 (37,090)66 263,625 
Capital expenditures (2)
51,949 32,228 2,152 4,813 — 91,142 
Total assets$1,253,811 $483,869 $55,778 $37,987 $— $1,831,445 

 
Year ended December 31, 2019 (1)
 North AmericaEurope & AfricaAustralia & New ZealandCorporateEliminationsTotal
 (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 assets9,449 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 
Total assets$1,141,084 $511,037 $60,416 $51,421 $— $1,763,958 
 
Year ended December 31, 2018 (1)
 North AmericaEurope & AfricaAustralia & New ZealandCorporateEliminationsTotal
 (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 
Restructuring expenses
3,597 1,646 — 1,343 — 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 
Total assets$1,195,693 $494,457 $63,613 $33,581 $— $1,787,344 
(1)The segment information presented for the year ended December 31, 2018 has been revised to ensure consistency with the current allocation of certain intercompany revenues and expenses for the years ended December 31, 2020 and 2019.
(2)Capital expenditures are primarily related to organic growth projects, including the purchase of ATMs for both new and existing ATM management agreements, technology and product development, investments in infrastructure, ongoing refreshment of ATMs and operational assets and other related type activities in the normal course of business. 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
Property and equipment, net of accumulated depreciation, relating to operations in the Company's geographic segments are as follows:
 December 31, 2020December 31, 2019
 
(In thousands) 
North America$238,601 $258,496 
Europe & Africa145,824 158,335 
Australia & New Zealand19,232 19,988 
Corporate26,185 24,458 
Total$429,842 $461,277