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Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Reconciliation of Net Income to EBITDA and Adjusted EBITA

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,
	2020		2019		2018
	(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 expense	452		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.

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, 2020 (1)
	North America		Europe & Africa		Australia & New Zealand		Corporate		Eliminations		Total
	(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 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

Total assets	$	1,141,084	$	511,037	$	60,416	$	51,421	$	—	$	1,763,958


	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

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, 2020		December 31, 2019
	(In thousands)
North America	$	238,601	$	258,496
Europe & Africa	145,824		158,335
Australia & New Zealand	19,232		19,988
Corporate	26,185		24,458
Total	$	429,842	$	461,277