GlobeNewswire Inc | May 7, 2021 04:15PM EDT

May 07, 2021

HOUSTON, May 07, 2021 (GLOBE NEWSWIRE) -- Cardtronics plc (Nasdaq: CATM) (Cardtronics or the Company), the worlds largest ATM owner/operator, announced today its financial and operational results for the quarter ended March31, 2021.

During the first quarter, we saw continued strength in our U.S. business, our largest market, driven by growth in surcharge-free transactions, resulting in another solid quarter of profits and cash flow generation, said Ed West, CEO of Cardtronics.

As modern banking and consumer preferences evolve, our value proposition for financial institutions, FinTechs and retailers has never been stronger. With our leading network, innovative solutions, exceptional service and convenience, we continue to earn new business and expand existing relationships, as evidenced by 12% organic growth in bank-branding and surcharge-free network revenues during the first quarter.

We are pleased that over 99% of our voting shareholders voted in favor of the previously announced acquisition agreement with NCR, and we look forward to completing the transaction. We believe by combining our capabilities, we are better positioned to offer our customers an even broader range of financial solutions, enhanced level of services, and greater overall value, concluded West.

First Quarter 2021 Financial Highlights:

Pandemic-related restrictions continue to be dynamic and impact consumer activity and transaction levels across the Company's footprint. Strong recoveries of transactions in the U.S. and South Africa continued into Q1 2021. Adverse impacts from extended and, in some cases, more restrictive government-mandated lockdown measures for certain geographies, in particular the operations in the U.K., Canada, Germany, and Spain, continued throughout the first quarter of 2021.

-- Total revenues of $267.8 million, down 12.6% from $306.6 million in the prior year, and down 15.2% on a constant-currency basis. Growth in our core U.S. business was offset by declines in other regions, especially in the U.K. and Canada, which were heavily impacted by pandemic-related social restrictions. -- ATM operating revenues of $255.0 million, down 12.6% from $291.8 million in the prior year, and down 15.1% on a constant-currency basis. U.S. same-store withdrawals increased 6% vs. Q1 2020 and were up 5% vs. Q1 2019 (non-pandemic impacted). -- GAAP Net income of $5.9 million, or $0.13 per diluted share, compared to $5.8 million, or $0.13 per diluted share in the prior year. -- Adjusted Net Income per diluted share of $0.42, in line with the prior year. -- Adjusted EBITDA of $69.6 million, up 9.2% from $63.7 million in the prior year, and up 6.0% on a constant-currency basis, positively impacted by business rate (property tax) recoveries in the U.K of approximately $12.0 million -- Adjusted EBITDA margin of 26.0% compared to 20.8% in the prior year. -- An increase in restricted cash and corresponding liabilities caused reported net cash provided by operating activities to be $69.4 million compared to $1.1 million in the prior year. Adjusted net cash provided by operating activities, which excludes the impact of restricted cash settlement activity, was $65.0 million compared to $41.0 million in the prior year. -- Adjusted free cash flow of $48.8 million compared to $22.6 million in the prior year. -- Net Debt reduction of $24.3 million during the quarter.

Recent Business Highlights:

-- New ATM service agreement for over 300 ATMs with MAPCO, a leading convenience store chain throughout the southeastern U.S. -- Expanded branding relationship with KeyBank for approximately 50 ATMs at Kum & Go locations in Colorado -- Adding approximately 50 ATMs at CVS Pharmacy locations in Hawaii -- Six new partners added to the Allpoint+ cash deposit network during Q1 2021

Proposed Transaction with NCR Corporation and Upcoming Investor Communications

As previously announced on January 25, 2021, the Company entered into an acquisition agreement with NCR Corporation ("NCR") pursuant to which NCR will acquire all outstanding shares of Cardtronics for $39.00 per share in cash. The transaction, which has been approved by the board of directors of both companies, is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including regulatory approvals. Cardtronics shareholders approved the transaction on May 7, 2021. In light of the pending transaction, Cardtronics is not holding quarterly earnings conference calls but is issuing this quarterly earnings release and is providing additional financial and business information in an earnings supplement posted on the Company's website.

See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income per diluted share (may also be referred to by the Company as "Adjusted EPS"), Adjusted Net Cash Provided by Operating Activities, Adjusted Free Cash Flow, Net Debt and certain other financial measures recognized under generally accepted accounting principles in the U.S. (U.S. GAAP or GAAP) and other non-GAAP measures that are used by management on a constant-currency basis. For additional information, including reconciliations to the most directly comparable GAAP measure, see the supplemental schedules of selected financial information in this earnings release.

The Company may also refer to revenue or profit growth as being organic. When providing growth measures on an organic basis, the Company aims to exclude the estimated impact from any acquired or divested businesses that may be included or partially included in one period but not another. The Company may further adjust organic performance measures for the impacts of currency movements, in order to have a consistent performance comparison across periods for the business, excluding movements in exchange rates.

About Cardtronics (Nasdaq: CATM)

Cardtronics is the trusted leader in financial self-service, enabling cash transactions at over 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa. With our scale, expertise and innovation, top-tier merchants and businesses of all sizes use our ATM solutions to drive growth, in-store traffic, and retail transactions. Financial services providers rely on Cardtronics to deliver superior service at their own ATMs, on Cardtronics ATMs where they place their brand, and through Cardtronics' Allpoint network, the worlds largest retail-based surcharge-free ATM network, with over 55,000 locations. As champions of cash, Cardtronics converts digital currency into physical cash, driving payments choice for businesses and consumers alike. Learn more about Cardtronics by visiting www.cardtronics.com and by following us on LinkedIn and Twitter.

Contact Information

Investor Relations Media RelationsBrad Conrad Lisa Albiston832-308-4000 832-308-4000ir@cardtronics.com corporatecommunications@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, as amended and are intended to be covered by the safe harbor provisions thereof. Forward-looking statements can be identified by words such as "project," "believe," "estimate," "expect," "future," "anticipate," "intend," "contemplate," "foresee," "would," "could," "plan," and similar expressions that are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on managements 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 Companys 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 Companys 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 Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated by the Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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. Except as required by applicable law, 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

In order to assist readers of our consolidated financial statements in understanding the operating results that Management uses to evaluate the business and for financial planning purposes, the Company presents the following non-GAAP measures as a complement to financial results prepared in accordance with U.S. GAAP: Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Tax Rate, Adjusted Net Income per diluted share, Adjusted Net Cash Provided by Operating Activities, Adjusted Free Cash Flow, and certain other results presented on a constant-currency basis. Management believes that the presentation of these measures and the identification of notable, non-cash, non-operating costs, and/or (if applicable in a particular period) certain costs not anticipated to occur in future periods enhance an investors understanding of the underlying trends in the Companys business and provide for better comparability between periods in different years. In addition, Management presents Net Debt as a measure of our financial condition. Management believes that these measures are relevant and provide useful information widely used by analysts, investors and other interested parties in the Companys industry to provide a baseline for evaluating and comparing our operating performance, financial condition and, in the case of free cash flow, our liquidity results. Management uses these non-GAAP financial measures in managing and measuring the performance of the business, including setting and measuring incentive-based compensation for management.

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 U.S. GAAP. Reconciliations of the non-GAAP financial measures used herein to the most directly comparable U.S. GAAP financial measures are presented in tabular form at the end of this earnings release. In addition, the non-GAAP measures that are used by the Company are not defined in the same manner by all companies and therefore may not be comparable to other similarly titled measures of other companies.

Adjusted Gross Profit and Adjusted Gross Margin

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.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

EBITDA adds net interest expense, income tax expense (benefit), depreciation and accretion, amortization of deferred financing costs and note discounts, amortization of intangible assets, and certain costs not anticipated to occur in future periods to net income. Adjusted EBITDA and Adjusted EBITDA Margin exclude the items excluded from EBITDA as well as 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 includes an adjustment for noncontrolling interests. Depreciation and accretion expense and amortization of intangible assets are excluded from Adjusted EBITDA and Adjusted EBITDA margins as these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the methods by which the assets were acquired. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenues.

Adjusted Net Income, Adjusted Net Income per Diluted Share and Adjusted Tax Rate

Adjusted Net Income represents net income computed in accordance with U.S. GAAP, before amortization of intangible assets, deferred financing costs and note discount, gains or losses on disposal and impairment of assets, share-based compensation expense, certain other income and expense amounts, acquisition 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). The non-GAAP tax rate used to calculate Adjusted Net Income was approximately 27.1% and 23.6% for the three months ended March31, 2021 and 2020, respectively. The non-GAAP tax rates represent the U.S. GAAP tax rate for the period as adjusted by the estimated tax impact of the items adjusted from the measure. Adjusted Net Income per diluted share is calculated by dividing Adjusted Net Income by weighted average diluted shares outstanding.

Adjusted Net Cash Provided by Operating Activities and Adjusted Free Cash Flow

Adjusted Net Cash Provided by Operating Activities is defined as cash provided by operating activities less the impact of changes in restricted cash due to the timing of payments of restricted cash liabilities.

Adjusted Free Cash Flow is defined as Adjusted Net Cash Provided by Operating Activities less payments for capital expenditures, including those financed through direct debt, but excluding acquisitions. The Adjusted Free Cash Flow measure does not take into consideration certain financing activities and other non-discretionary cash requirements such as mandatory principal payments on portions of the Companys long-term debt.

Net Debt

Net Debt represents the principal amount of current and long-term debt outstanding less cash and cash equivalents. The carrying value of current and long-term debt is reconciled to the principal amount by adding the unamortized debt issuance costs and discounts.

Constant-Currency

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 to assess performance and eliminate the effect foreign currency exchange rates have on comparability between periods.

Consolidated Statements of OperationsFor the Three Months Ended March31, 2021 and 2020(In thousands, excluding share, per share amounts, and percentages)(Unaudited)

Three Months Ended March 31, 2021 2020 % Change Revenues: ATM operating revenues $ 255,018 $ 291,799 (12.6) %ATM product sales and other 12,816 14,803 (13.4)revenuesTotal revenues 267,834 306,602 (12.6)Cost of revenues: Cost of ATM operating revenues(excludes depreciation,accretion, and amortization of 150,803 193,630 (22.1)intangible assets reportedseparately below)Cost of ATM product sales and 8,796 12,092 (27.3)other revenuesTotal cost of revenues 159,599 205,722 (22.4)Operating expenses: Selling, general, and 42,909 42,378 1.3administrative expensesRestructuring expenses 1,692 1,209 40.0Acquisition related expenses 1,440 ? n/mDepreciation and accretion 32,285 32,211 0.2expenseAmortization of intangible 6,086 8,413 (27.7)assetsLoss on disposal and impairment 353 921 (61.7)of assetsTotal operating expenses 84,765 85,132 (0.4)Income from operations 23,470 15,748 49.0Other expenses: Interest expense, net 10,761 6,421 67.6Amortization of deferredfinancing costs and note 1,043 3,486 (70.1)discountOther expenses, net 2,842 3,829 n/mTotal other expenses 14,646 13,736 6.6Income before income taxes 8,824 2,012 338.6Income tax expense (benefit) 2,951 (3,737 ) n/mEffective tax rate 33.4 % (185.7 ) % Net income 5,873 5,749 2.2Net loss attributable to (3 ) (6 ) n/mnoncontrolling interestsNet income attributable tocontrolling interests and $ 5,876 $ 5,755 2.1available to common shareholders Net income per common share ? $ 0.13 $ 0.13 basicNet income per common share ? $ 0.13 $ 0.13 diluted Weighted average shares 44,959,960 44,729,824 outstanding ? basicWeighted average shares 45,609,764 45,741,261 outstanding ? diluted

Condensed Consolidated Balance SheetsAs of March31, 2021 and December31, 2020(In thousands)

March 31, December 31, 2021 2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 197,363 $ 174,242 Accounts and notes receivable, net 87,770 89,867 Inventory, net 6,210 6,598 Restricted cash 141,859 137,353 Prepaid expenses, deferred costs, and other 50,338 53,953 current assetsTotal current assets 483,540 462,013 Property and equipment, net 412,861 429,842 Operating lease assets 56,434 60,368 Intangible assets, net 75,250 84,629 Goodwill 760,811 759,102 Deferred tax assets, net 17,774 17,382 Prepaid expenses, deferred costs, and other 23,188 18,109 noncurrent assetsTotal assets $ 1,829,858 $ 1,831,445 LIABILITIES AND SHAREHOLDERS? EQUITY Current liabilities: Current portion of long-term debt $ 5,000 $ 5,000 Current portion of other long-term liabilities 51,744 64,799 Accounts payable and other accrued liabilities 419,068 406,186 Total current liabilities 475,812 475,985 Long-term liabilities: Long-term debt 772,693 773,177 Asset retirement obligations 56,859 56,973 Deferred tax liabilities, net 55,471 51,484 Operating lease liabilities 53,681 56,683 Other long-term liabilities 21,886 37,727 Total liabilities 1,436,402 1,452,029 Shareholders' equity 393,456 379,416 Total liabilities and shareholders? equity $ 1,829,858 $ 1,831,445

Selected Balance Sheet Detail:

Current and Long-Term Debt: March 31, December 31, 2020 2021 (In thousands) (Unaudited) Revolving credit facility due September $ ? $ ? 2024Term Loan Facility due June 2027 ^(1) 480,339 480,985 5.50% Senior Notes due May 2025^ (2) 297,354 297,192 Total Current and Long-term Debt 777,693 778,177 Less: Current portion (5,000 ) (5,000 ) Total Long-term debt $ 772,693 $ 773,177

Net Debt: March 31, 2021 December 31, 2020 (In thousands) (Unaudited) Total Current and Long-term Debt $ 777,693 $ 778,177 Add: Unamortized discounts and 18,557 19,323 capitalized debt issuance costsLess: Cash and cash equivalents (197,363 ) (174,242 ) Net Debt $ 598,887 $ 623,258

The Term Loan Facility due June 2027 (the "Term Loan") with a face value of $496.3million and $497.5 million as of March 31, 2021 and December 31, 2020, respectively, is presented net of unamortized discounts and^ capitalized debt issuance costs of $16.0million and $16.5 million as of(1) March31, 2021 and December 31, 2020, respectively. Mandatory payments in the next twelve months total $5.0 million and are presented in the Current portion of long-term debt line of the Company's Consolidated Balance Sheet as of March31, 2021 and December 31, 2020. The 5.50% Senior Notes due May 2025 with a face value of $300.0million^ are presented net of unamortized capitalized debt issuance costs of(2) $2.6million and $2.8 million as of March31, 2021 and December31, 2020, respectively.

Reconciliation of Net Income Attributable to Controlling Interests and Available to Common Shareholders to EBITDA, Adjusted EBITDA, and Adjusted Net IncomeFor the Three Months Ended March31, 2021 and 2020(Unaudited)

Three Months Ended March 31, 2021 2020Net income attributable to controllinginterests and available to common $ 5,876 $ 5,755 shareholdersAdjustments: Interest expense, net 10,761 6,421 Amortization of deferred financing costs 1,043 3,486 and note discountIncome 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 Less: Depreciation and accretion expense ^(6) 32,285 32,210 Interest expense, net 10,761 6,421 Adjusted pre-tax income 26,556 25,083 Income tax expense ^(7) 7,197 5,920 Adjusted Net Income $ 19,359 $ 19,163 Adjusted Net Income per share ? basic $ 0.43 $ 0.43 Adjusted Net Income per share ? diluted $ 0.42 $ 0.42 Weighted average shares outstanding ? basic 44,959,960 44,729,824 Weighted average shares outstanding ? 45,609,764 45,741,261 diluted

^ Includes foreign currency translation gains/losses, the revaluation of the(1) estimated acquisition related contingent consideration, and other non-operating costs.^ Noncontrolling interest adjustment made such that Adjusted EBITDA includes(2) only the Company?s ownership interest in the Adjusted EBITDA of one of the Company's Mexican subsidiaries. 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 professional fees and costs incurred in(3) conjunction with facility closures 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. For the three months ended March 31, 2021, acquisition related expenses^ includes legal and professional fees and certain administrative costs(4) incurred in connection with the proposed acquisition of the Company, as further discussed in Note 1. Basis of Presentation - (a) Description of Business.^ The results for the three months ended March 31, 2021 include business rate(5) tax recoveries of $12.0 million, classified as a cost reduction within Cost of ATM operating revenues.^ Amounts exclude a portion of the expenses incurred by one of the Company's(6) Mexican subsidiaries to account for the amounts allocable to the noncontrolling interest shareholders. For the three month periods ended March31, 2021 and 2020, the non-GAAP tax^ rates used to calculate Adjusted Net Income were 27.1% and 23.6%. The(7) non-GAAP tax rates represent the Company?s U.S. GAAP tax rates adjusted for the net tax effects related to the items excluded from Adjusted Net Income.

Reconciliation of U.S. GAAP Revenue to Constant-Currency RevenueFor the Three Months Ended March31, 2021 and 2020(In thousands, excluding percentages)(Unaudited)

Consolidated revenue: Three Months Ended March 31, 2021 2020 % Change U.S. Foreign Constant - U.S. U.S. Constant - GAAP Currency Impact Currency GAAP GAAP Currency ATMoperating $ 255,018 $ (7,306 ) $ 247,712 $ 291,799 (12.6 ) % (15.1 ) %revenuesATMproductsales and 12,816 (401 ) 12,415 14,802 (13.4 ) (16.1 ) otherrevenuesTotal $ 267,834 $ (7,707 ) $ 260,127 $ 306,601 (12.6 ) % (15.2 ) %revenues

Reconciliation of Gross Profit Inclusive of Depreciation, Accretion, and Amortization of Intangible Assets to Adjusted Gross ProfitFor the Three Months Ended March31, 2021 and 2020 (In thousands, excluding percentages)(Unaudited)

Three Months Ended March 31, 2021 2020Total revenues $ 267,834 $ 306,602 Total cost of revenues ^(1) 159,599 205,722 Total depreciation, accretion, and amortizationof intangible assets excluded from total cost 31,961 31,194 of revenuesGross profit (inclusive of depreciation,accretion, and amortization of intangible 76,274 69,686 assets)Gross Margin (inclusive of depreciation,accretion, and amortization of intangible 28.5 % 22.7 %assets)Total depreciation, accretion, and amortization 31,961 31,194 of intangible assets excluded from gross profitAdjusted Gross Profit (exclusive ofdepreciation, accretion, and amortization of $ 108,235 $ 100,880 intangible assets)Adjusted Gross Margin (exclusive ofdepreciation, accretion, and amortization of 40.4 % 32.9 %intangible assets)

^ The Company presents the Total cost of revenues in the Company?s(1) 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-CurrencyFor the Three Months Ended March31, 2021 and 2020(In thousands, excluding per share amounts and percentages)(Unaudited)

Three Months Ended March 31, 2021 2020 % Change Non- Foreign Constant - Non- Non- Constant GAAP^ (1) Currency Currency GAAP^ (1) GAAP^ - Impact (1) CurrencyAdjusted $ 69,602 $ (2,086 ) $ 67,516 $ 63,714 9.2 % 6.0 %EBITDA AdjustedNet $ 19,359 $ (522 ) $ 18,837 $ 19,163 1.0 % (1.7 ) %Income AdjustedNetIncomeper $ 0.42 $ ? $ 0.42 $ 0.42 0.0 % 0.0 %share ?diluted^(2)

As reported on the schedule entitled Reconciliation of Net Income^ Attributable to Controlling Interests and Available to Common Shareholders(1) to EBITDA, Adjusted EBITDA, and Adjusted Net Income. See Disclosure of Non-GAAP Financial Information in this earnings release for further discussion. ^ Adjusted Net Income per diluted share is calculated by dividing Adjusted(2) Net Income by the weighted average diluted shares outstanding of 45,609,764 and 45,741,261 for the three months ended March31, 2021 and 2020.





Reconciliation of Net Cash Provided by Operating Activities to Adjusted Net Cash Provided by Operating Activities and Adjusted Free Cash FlowFor the Three Months Ended March31, 2021 and 2020 (In thousands)(Unaudited)

Three Months Ended March 31, 2021 2020Net cash provided by operating activities $ 69,352 $ 1,120 Restricted cash settlement activity ^(1) (4,346 ) 39,871 Adjusted net cash provided by operating 65,006 40,991 activitiesNet cash used in investing activities, (16,246 ) (18,429 ) excluding acquisitions ^(2)Adjusted free cash flow $ 48,760 $ 22,562



Restricted cash settlement activity represents the change in our restricted cash excluding the portion of the change that is attributable to foreign exchange and disclosed as part of the effect of exchange rate changes on cash, cash equivalents, and restricted cash in our Consolidated Statements^ of Cash Flows. Restricted cash largely consists of amounts collected on(1) behalf of, but not yet remitted to, certain of the Company?s merchant customers or third-party service providers that are pledged for a particular use or restricted to support these obligations. These amounts can fluctuate significantly period to period based on the number of days for which settlement to the merchant has not yet occurred or day of the week on which a quarter ends. Capital expenditure amounts include payments made for property and^ equipment, exclusive license agreements, site acquisition costs, and other(2) assets. Additionally, capital expenditure amounts for one of our Mexican subsidiaries are reflected gross of any noncontrolling interest amounts.

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