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Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

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:


	Three Months Ended March 31,
	2021		2020
	(In thousands)
Net income attributable to controlling interests and available to common shareholders	$	5,876	$	5,755
Adjustments:
Interest expense, net	10,761		6,421
Amortization of deferred financing costs and note discount	1,043		3,486

Income tax expense (benefit)	2,951		(3,737)
Depreciation and accretion expense	32,285		32,211
Amortization of intangible assets	6,086		8,413
EBITDA	59,002		52,549
Add back:
Loss on disposal and impairment of assets	353		921
Other expenses, net (1)	2,842		3,829
Noncontrolling interests (2)	15		13
Share-based compensation expense	4,258		5,193
Restructuring expenses (3)	1,692		1,209
Acquisition related expenses (4)	1,440		—

Adjusted EBITDA (5)	$	69,602	$	63,714

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

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

(3)For the three months ended March 31, 2021, restructuring expenses included costs incurred in conjunction with facility closures, workforce reductions and other related charges. For the three months ended March 31, 2020, restructuring expenses included costs incurred in conjunction with facilities closures, professional fees and workforce reductions. The facility closures during the three months ended March 31, 2021 and 2020, respectively, primarily occurred in the U.K. related to reducing the number of facilities associated with cash delivery operations.

(4) For the three months ended March 31, 2021, acquisition related expenses includes legal and professional fees and certain administrative costs incurred in connection with the proposed acquisition of the Company, as further discussed in Note 1. Basis of Presentation - (a) Description of Business.

(5) The results for the three months ended March 31, 2021 include business rate tax recoveries of $12.0 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:


	Three Months Ended March 31, 2021
	North America		Europe & Africa		Australia & New Zealand		Corporate		Eliminations		Total
	(In thousands)
Revenue from external customers	$	191,557	$	56,078	$	20,199	$	—	$	—	$	267,834
Intersegment revenues	488		—		—		—		(488)		—
Cost of revenues	120,177		25,375		14,313		222		(488)		159,599
Selling, general, and administrative expenses	18,329		8,684		1,421		14,701		(226)		42,909
Restructuring expenses	—		1,549		—		143		—		1,692
Acquisition related expenses	—		—		—		1,440		—		1,440
(Gain) loss on disposal and impairment of assets	(79)		435		(3)		—		—		353

Adjusted EBITDA	53,538		21,952		4,466		(10,373)		19		69,602




Capital expenditures (1)	12,032		3,891		323		—		—		16,246

Total Assets	$	1,259,570	$	469,149	$	57,778	$	43,361	$	—	$	1,829,858


	Three Months Ended March 31, 2020
	North America		Europe & Africa		Australia & New Zealand		Corporate		Eliminations		Total
	(In thousands)
Revenue from external customers	$	204,382	$	81,863	$	20,357	$	—	$	—	$	306,602
Intersegment revenues	1,615		37		—		—		(1,652)		—
Cost of revenues	139,904		52,634		14,275		561		(1,652)		205,722
Selling, general, and administrative expenses	17,049		9,061		1,947		14,321		—		42,378
Restructuring expenses	—		1,000		—		209		—		1,209

Loss (gain) on disposal and impairment of assets	443		495		(17)		—		—		921

Adjusted EBITDA	48,999		20,251		4,133		(9,461)		(208)		63,714




Capital expenditures (1)	12,187		5,867		375		—		—		18,429

Total assets	$	1,149,376	$	570,709	$	50,464	$	446,672	$	—	$	2,217,221

(1)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 expenditure amounts 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:


	March 31, 2021		December 31, 2020
	(In thousands)
North America	$	234,305	$	238,601
Europe & Africa	135,684		145,824
Australia & New Zealand	17,709		19,232
Corporate	25,163		26,185
Total	$	412,861	$	429,842