Cardtronics, Inc. (Nasdaq:CATM) (the "Company"), the world's
largest non-bank owner of ATMs, today announced its financial and
operational results for the quarter ended March 31, 2011.
Key financial and operational statistics in the first quarter of
2011 compared to the first quarter of 2010 include:
- Consolidated revenues of $138.0 million, up by 8%
- Gross margin of 32.5%, up from 31.1%
- Adjusted EBITDA of $33.5 million, up by 15%
- Adjusted Net Income per diluted share of $0.27, up by 42% from
$0.19
- GAAP Net Income of $6.5 million, up from $4.0 million
- Continued improvements in several key operating metrics
(amounts presented exclude transactions from the Company's managed
services offerings):
- Total transactions increased by approximately 14%;
- Total cash withdrawal transactions increased by approximately
11%; and
- Total cash withdrawal transactions per ATM increased by
approximately 8%
Please refer to the "Disclosure of Non-GAAP Financial
Information" contained later in this release for definitions of
Adjusted EBITDA and Adjusted Net Income. For additional financial
information, including reconciliations to comparable GAAP measures,
please refer to the supplemental schedules of selected financial
information at the end of this release.
"We kicked off 2011 with a continuation of the positive revenue
and earnings trends seen over the past few years," commented Steven
Rathgaber, the Company's Chief Executive Officer. Mr. Rathgaber
continued, "We won several new contracts in the quarter and
continued to grow with our existing premier merchant account base.
We are pleased with our continued growth and are excited about what
we expect to be another strong year for Cardtronics."
RECENT HIGHLIGHTS
- Net new installations for the quarter of over 250 ATMs with our
existing core customer base, which include the Company's domestic
Company-owned ATM placement, managed services business, as well as
its international operations.
- Agreements reached to place approximately 600 new ATMs with new
retailers including Ralph's, Tom Thumb, Wegmans Food Markets, and
EZCORP, of which approximately 80% were under full-service Managed
Services arrangements.
- Execution of new bank branding contracts on approximately 240
ATMs.
- Addition of customers to the Company's Allpoint network, such
as the agreement with Intuit Inc. to provide surcharge-free ATM
access for all Intuit Refund Card and Intuit Pay Card
customers.
- Announcement of an agreement between Grupo Financiero Banorte,
Mexico's third largest financial institution by deposits and loans,
and Cardtronics Mexico, to brand up to 2,000 Cardtronics
Mexico-owned machines located in Latin America's largest
convenience store chain, OXXO.
FIRST QUARTER RESULTS
For the first quarter of 2011, consolidated revenues totaled
$138.0 million, representing an 8% increase (7.3% on a constant
currency basis) from the $127.8 million in consolidated revenues
generated during the first quarter of 2010. The year-over-year
increase is attributable to a combination of increases in
transactions per machine, increased revenues from managed services
agreements, higher equipment sales, unit growth expansion, and
growth in Allpoint, the Company's leading surcharge-free
network.
Adjusted EBITDA for the first quarter of 2011 totaled $33.5
million, compared to $29.3 million during the first quarter of
2010, and Adjusted Net Income totaled $11.6 million ($0.27 per
diluted share) compared to $7.9 million ($0.19 per diluted share)
during the first quarter of 2010. Approximately half of the
year-over-year improvement in Adjusted Net Income per share is
attributable to our revenue growth and strong gross margin
expansion from 31.1% to 32.5%, demonstrating the Company's
continued ability to leverage its fixed-cost infrastructure to
generate strong margins from higher revenues. The Company's cash
interest expense was also $2.5 million lower than a year ago,
driving about $0.04 in Adjusted Net Income per share improvement.
The interest expense savings were enabled by strong free cash flows
over last year and the refinancing of the Company's debt executed
in the third quarter of 2010. Specific costs excluded from Adjusted
EBITDA and Adjusted Net Income are detailed in a reconciliation
included at the end of this press release.
GAAP Net Income for the first quarter of 2011 totaled $6.5
million, compared to $4.0 million during the same quarter in 2010.
The year-over-year increase was attributable to the factors
identified in the discussion of Adjusted EBITDA and Adjusted Net
Income above.
2011 GUIDANCE
The Company is updating the financial guidance it previously
issued regarding its anticipated full-year 2011 results, and now
expects the following:
- Revenues of $565.0 million to $575.0 million;
- Overall gross margins of approximately 32.5% to 32.9%;
- Adjusted EBITDA of $137.5 million to $142.5 million;
- Depreciation and accretion expense of $45.0 to $45.8
million;
- Cash interest expense of $18.3 million;
- Adjusted Net Income of $1.16 to $1.22 per diluted share, based
on approximately 42.4 million to 42.7 million weighted average
diluted shares outstanding; and
- Capital expenditures of approximately $50.0 million, net of
noncontrolling interests.
This Adjusted EBITDA and Adjusted Net Income guidance excludes
the impact of $8.8 million of anticipated stock-based compensation
expense and $15.0 million of expected intangible asset amortization
expense, both on a pre-tax basis. Additionally, this guidance is
based on average foreign currency exchange rates of $1.60 U.S. to
£1.00 U.K. and $12.00 Mexican pesos to $1.00 U.S.
For reconciliations of Adjusted EBITDA and Adjusted Net Income
to comparable GAAP measures, please refer to the supplemental
schedules at the end of this release.
LIQUIDITY
The Company continues to maintain a very strong liquidity
position, with $123.6 million in available borrowing capacity under
the Company's $175.0 million revolving credit facility as of March
31, 2011. The Company's outstanding indebtedness as of March 31,
2011 consisted of $200.0 million in senior subordinated notes due
2018, $47.1 million in borrowings under its revolving credit
facility due 2015, and $8.3 million in equipment financing notes
associated with its majority-owned Mexico subsidiary. Additionally,
as noted in the previous earnings release, during January 2011 the
Company significantly expanded and extended the terms of the
interest rate hedging program it utilizes to stabilize its vault
cash rental costs in the United States.
DISCLOSURE OF NON-GAAP FINANCIAL
INFORMATION
EBITDA, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow,
and amounts provided on a constant currency basis are non-GAAP
financial measures provided as a complement to results prepared in
accordance with accounting principles generally accepted within the
United States of America ("GAAP") and may not be comparable to
similarly-titled measures reported by other companies. Management
believes that the presentation of these measures and the
identification of unusual, non-recurring, or non-cash items enhance
an investor's understanding of the underlying trends in the
Company's business and provide for better comparability between
periods in different years.
Adjusted EBITDA excludes depreciation, accretion, and
amortization expense as these amounts can vary substantially from
company to company within the Company's industry depending upon
accounting methods and book values of assets, capital structures,
and the method by which the assets were acquired. EBITDA, Adjusted
EBITDA and Adjusted Net Income also do not reflect our obligations
for the payment of income taxes, interest expense or other
obligations such as capital expenditures. Free Cash Flow is defined
as cash provided by operating activities less payments for capital
expenditures, including those financed through direct
debt. The measure of Free Cash Flow does not take into
consideration certain other non-discretionary cash requirements
such as, for example, mandatory principal payments on portions of
the Company's long-term debt. Amounts provided on a constant
currency basis are calculated by applying the foreign exchange rate
in effect for the applicable prior period to the current year
amounts denominated in the respective local currencies. 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 GAAP.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are presented in
tabular form at the end of this press release.
CONFERENCE CALL INFORMATION
The Company will host a conference call today, Thursday, April
28, 2011, at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to
discuss its financial results for the quarter ended March 31, 2011.
To access the call, please call the conference call operator
at:
Dial in: |
(877) 303-9205 |
Alternate dial-in: |
(760) 536-5226 |
Please call in fifteen minutes prior to the scheduled start time
and request to be connected to the "Cardtronics First Quarter
Earnings Conference Call." Additionally, a live audio webcast of
the conference call will be available online through the investor
relations section of the Company's website at
http://www.cardtronics.com.
A digital replay of the conference call will be available
through Thursday, May 12, 2011, and can be accessed by calling
(800) 642-1687 or (706) 645-9291 and entering 57829549 for the
conference ID. A replay of the conference call will also be
available online through the Company's website subsequent to the
call through May 28, 2011.
ABOUT CARDTRONICS
Cardtronics (Nasdaq:CATM) is the world's largest non-bank owner
of ATMs. The Company operates over 33,200 ATMs in the United
States, the United Kingdom, Mexico, and the Caribbean, primarily
with well-known retailers such as 7-Eleven®, Chevron®,
Costco®, CVS®/pharmacy, ExxonMobil®, Hess®, Rite Aid®, Safeway®,
Target®, and Walgreens®. Cardtronics also assists in the
operation of approximately 4,000 ATMs under managed services
contracts with customers such as Kroger®, Travelex®, and Circle
K®. In addition to its retail ATM operations, the Company
provides services to large and small banks, credit unions, and
prepaid card issuers, allowing them to place their brands on over
12,000 Cardtronics' ATMs and providing surcharge-free access
through Cardtronics' Allpoint Network. For more information,
visit http://www.cardtronics.com.
The Cardtronics logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=991
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements give the Company's current
expectations or forecasts of future events, future financial
performance, strategies, expectations, competitive environment,
regulation, and availability of resources. The forward-looking
statements contained in this release include, among other things,
statements concerning projections, predictions, expectations,
estimates or forecasts as to the Company's business, financial and
operational results and future economic performance, and statements
of management's goals and objectives and other similar expressions
concerning matters that are not historical facts. These
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in or suggested by the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the following:
- the Company's financial outlook and the financial outlook of
the ATM industry;
- the Company's ability to respond to recent and future
regulatory changes, including implementation of regulations under
the Dodd-Frank Wall Street Reform and Consumer Protection Act,
which may impact the ATM and financial services industries;
- the Company's ability to respond to potential reductions in the
amount of interchange fees that it receives from global and
regional debit networks for transactions conducted on its
ATMs;
- the Company's ability to provide new ATM solutions to financial
institutions;
- the Company's ATM vault cash rental needs, including potential
liquidity issues with its vault cash providers;
- the implementation of the Company's corporate strategy,
including successful implementation of certain strategic
organizational changes that were recently initiated;
- the Company's ability to compete successfully with new and
existing competitors;
- the Company's ability to renew and strengthen its existing
customer relationships and add new customers;
- the Company's ability to meet the service levels required by
its service level agreements with its customers;
- the Company's ability to pursue and successfully integrate
acquisitions;
- the Company's ability to successfully manage its existing
international operations and to continue to expand
internationally;
- the Company's ability to prevent security breaches;
- the Company's ability to manage the risks associated with its
third-party service providers failing to perform their contractual
obligations;
- the Company's ability to manage concentration risks with key
customers, vendors and service providers;
- changes in interest rates and foreign currency rates; and
- the additional risks the Company is exposed to in its armored
transport business.
Other factors that could cause the Company's actual performance
or results to differ from its projected results are described in
its filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K. You should not read forward-looking
statements as a guarantee of future performance or
results. They will not necessarily be accurate indications of
the times at or by which such performance or results will be
achieved. Forward-looking statements speak only as of the date
the statements are made and are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events. The
Company assumes no obligation to update forward-looking statements
to reflect actual results, changes in assumptions or changes in
other factors affecting forward-looking information.
Consolidated Statements
of Operations |
For the Three Months
Ended March 31, 2011 and 2010 |
(Unaudited) |
|
|
Three
Months Ended March 31, |
|
2011 |
2010 |
|
(In thousands, except share and
per share information) |
Revenues: |
|
|
ATM operating revenues |
$ 133,099 |
$ 125,687 |
ATM product sales and other revenues |
4,942 |
2,089 |
Total revenues |
138,041 |
127,776 |
Cost of revenues: |
|
|
Cost of ATM operating revenues (exclusive of
depreciation, accretion, and amortization shown separately
below) |
88,786 |
85,879 |
Cost of ATM product sales and other
revenues |
4,347 |
2,193 |
Total cost of revenues |
93,133 |
88,072 |
Gross profit |
44,908 |
39,704 |
Operating expenses: |
|
|
Selling, general, and administrative
expenses |
13,004 |
11,143 |
Depreciation and accretion expense |
11,370 |
10,222 |
Amortization expense |
3,627 |
3,979 |
Loss on disposal of assets |
77 |
377 |
Total operating expenses |
28,078 |
25,721 |
Income from operations |
16,830 |
13,983 |
Other expense: |
|
|
Interest expense, net |
4,813 |
7,318 |
Amortization of deferred financing costs and
bond discounts |
211 |
630 |
Other (income) expense |
(199) |
366 |
Total other expense |
4,825 |
8,314 |
Income before income taxes |
12,005 |
5,669 |
Income tax expense |
5,447 |
1,439 |
Net income |
6,558 |
4,230 |
Net income attributable to noncontrolling
interests |
78 |
265 |
Net income attributable to controlling
interests and available to common shareholders |
$ 6,480 |
$ 3,965 |
|
|
|
Net income per common share - basic |
$ 0.15 |
$ 0.10 |
Net income per common share -
diluted |
$ 0.15 |
$ 0.09 |
|
|
|
Weighted average shares outstanding -
basic |
41,512,171 |
39,850,122 |
Weighted average shares outstanding -
diluted |
42,269,940 |
40,721,310 |
|
|
Condensed Consolidated
Balance Sheets |
As of March 31, 2011
and December 31, 2010 |
|
|
March 31,
2011 |
December 31,
2010 |
|
(Unaudited) |
|
|
(In thousands) |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 3,684 |
$ 3,189 |
Accounts and notes receivable, net |
23,784 |
20,270 |
Inventory |
1,659 |
1,795 |
Restricted cash, short-term |
3,220 |
4,466 |
Current portion of deferred tax asset,
net |
13,011 |
15,017 |
Prepaid expenses, deferred costs, and
other current assets |
11,394 |
10,222 |
Total current assets |
56,752 |
54,959 |
Property and equipment, net |
161,355 |
156,465 |
Intangible assets, net |
72,657 |
74,799 |
Goodwill |
165,030 |
164,558 |
Deferred tax asset, net |
741 |
715 |
Prepaid expenses, deferred costs, and other
assets |
5,197 |
3,819 |
Total assets |
$ 461,732 |
$ 455,315 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Current portion of long-term debt and
notes payable |
$ 3,345 |
$ 3,076 |
Current portion of other long-term
liabilities |
23,497 |
24,493 |
Accounts payable and other accrued and
current liabilities |
61,935 |
71,425 |
Total current liabilities |
88,777 |
98,994 |
Long-term liabilities: |
|
|
Long-term debt |
252,041 |
251,757 |
Deferred tax liability, net |
14,546 |
10,268 |
Asset retirement obligations |
27,687 |
26,657 |
Other long-term liabilities |
19,257 |
23,385 |
Total liabilities |
402,308 |
411,061 |
Stockholders' equity |
59,424 |
44,254 |
Total liabilities and stockholders'
equity |
$ 461,732 |
$ 455,315 |
SELECTED INCOME STATEMENT
DETAIL: |
|
|
|
|
|
Total revenues by
segment: |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
United States |
$110,336 |
$101,909 |
United Kingdom |
21,058 |
18,621 |
Mexico |
6,647 |
7,246 |
Total revenues |
$138,041 |
$127,776 |
|
|
|
Breakout of ATM operating
revenues: |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
Surcharge revenues |
$65,830 |
$66,006 |
Interchange revenues |
40,409 |
37,581 |
Bank branding and surcharge-free network
revenues |
21,681 |
19,132 |
Managed services revenues |
1,948 |
469 |
Other revenues |
3,231 |
2,499 |
Total ATM operating revenues |
$133,099 |
$125,687 |
|
|
|
Total cost of revenues by
segment: |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
United States |
$71,741 |
$68,471 |
United Kingdom |
16,439 |
14,351 |
Mexico |
4,953 |
5,250 |
Total cost of revenues |
$93,133 |
$88,072 |
|
|
|
Breakout of cost of ATM operating
revenues (exclusive of depreciation, accretion, and
amortization): |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
Merchant commissions |
$41,035 |
$40,600 |
Vault cash rental expense |
9,250 |
9,345 |
Other costs of cash |
12,255 |
11,726 |
Repairs and maintenance |
9,418 |
8,925 |
Communications |
3,908 |
3,782 |
Transaction processing |
954 |
1,681 |
Stock-based compensation |
265 |
199 |
Other expenses |
11,701 |
9,621 |
Total cost of ATM operating
revenues |
$88,786 |
$85,879 |
|
|
|
|
|
|
Breakout of selling, general, and
administrative expenses: |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
Employee costs |
$6,901 |
$6,105 |
Stock-based compensation |
1,965 |
1,260 |
Professional fees |
1,547 |
1,784 |
Other |
2,591 |
1,994 |
Total selling, general, and
administrative expenses |
$13,004 |
$11,143 |
|
|
|
Depreciation and accretion expense by
segment: |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
United States |
$7,006 |
$6,621 |
United Kingdom |
3,591 |
2,943 |
Mexico |
773 |
658 |
Total depreciation and accretion
expense |
$11,370 |
$10,222 |
|
|
|
SELECTED BALANCE SHEET
DETAIL: |
|
|
|
|
|
Long-term debt: |
|
|
|
|
|
|
March 31, 2011 |
December 31,
2010 |
|
(In thousands) |
8.25% senior subordinated notes |
$200,000 |
$200,000 |
Revolving credit facility |
47,100 |
46,200 |
Equipment financing notes |
8,286 |
8,633 |
Total long-term debt |
$255,386 |
$254,833 |
|
|
|
Share count
rollforward: |
|
|
|
|
|
Total shares outstanding as of December 31,
2010 |
42,833,342 |
|
Shares repurchased |
(54,321) |
|
Shares issued – restricted stock grants and
stock options exercised |
296,601 |
|
Shares forfeited – restricted
stock |
(12,500) |
|
Total shares outstanding as of March 31,
2011 |
43,063,122 |
|
SELECTED CASH FLOW
DETAIL: |
|
|
|
|
|
Selected cash flow statement
amounts: |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
Cash provided by operating
activities |
$14,955 |
$9,186 |
Cash used in investing activities |
(15,049) |
(8,605) |
Cash provided by (used in) financing
activities |
849 |
(797) |
Effect of exchange rate changes on
cash |
(260) |
461 |
Net increase in cash and cash
equivalents |
$495 |
$245 |
Cash and cash equivalents at beginning of
period |
3,189 |
10,449 |
Cash and cash equivalents at end of
period |
$3,684 |
$10,694 |
|
|
Key Operating
Metrics |
For the Three Months Ended March 31,
2011 and 2010 |
(Unaudited) |
|
|
|
Three
Months Ended March 31, |
|
2011 |
2010 |
Average number of transacting
ATMs: |
|
|
United States: Company-owned |
18,870 |
18,128 |
United Kingdom |
3,025 |
2,712 |
Mexico |
2,917 |
2,745 |
Subtotal |
24,812 |
23,585 |
United States: Merchant-owned |
8,306 |
8,814 |
Average number of transacting ATMs: ATM
operations |
33,118 |
32,399 |
United States: Managed services (1) |
3,905 |
2,796 |
United Kingdom: Managed services |
11 |
-- |
Average number of transacting ATMs:
Managed services |
3,916 |
2,796 |
Total average number of transacting
ATMs |
37,034 |
35,195 |
|
|
|
Total transactions (in
thousands): |
|
|
ATM operations |
108,938 |
95,603 |
Managed services |
5,449 |
3,469 |
Total transactions |
114,387 |
99,072 |
|
|
|
Total cash withdrawal transactions
(in thousands): |
|
|
ATM operations |
66,624 |
60,131 |
Managed services |
3,731 |
2,761 |
Total cash withdrawal transactions |
70,355 |
62,892 |
|
|
|
Per ATM per month amounts (excludes
managed services): |
|
|
Cash withdrawal transactions |
671 |
619 |
|
|
|
ATM operating revenues |
$ 1,320 |
$ 1,288 |
Cost of ATM operating revenues (2) |
878 |
883 |
ATM operating gross profit (2)
(3) |
$ 442 |
$ 405 |
|
|
|
ATM operating gross margin (2) (3) |
33.5% |
31.4% |
|
|
|
Capital expenditures (in thousands) |
$ 15,049 |
$ 8,605 |
Capital expenditures, net of noncontrolling
interests (in thousands) |
$ 15,048 |
$ 8,432 |
_________________ |
|
|
|
(1) Includes 2,505 and 2,506
ATMs for the three months ended March 31, 2011 and 2010,
respectively, for which the Company only provided EFT transaction
processing services. |
(2) Amounts presented
exclude the effect of depreciation, accretion, and amortization
expense, which is presented separately in the Company's
consolidated statements of operations. |
(3) ATM operating gross
profit and ATM operating gross margin are measures of profitability
that are calculated based on only the revenues and expenses that
relate to operating ATMs in the Company's portfolio. Revenues and
expenses relating to managed services and ATM equipment sales and
other ATM-related services are not included. |
Reconciliation of Net
Income Attributable to Controlling Interests to EBITDA, Adjusted
EBITDA, and |
Adjusted Net
Income |
For the Three Months
Ended March 31, 2011 and 2010 |
(Unaudited) |
|
|
Three
Months Ended March 31, |
|
2011 |
2010 |
|
(In thousands, except share and
per share amounts) |
Net income attributable to
controlling interests |
$ 6,480 |
$ 3,965 |
Adjustments: |
|
|
Interest expense, net |
4,813 |
7,318 |
Amortization of deferred financing
costs and bond discounts |
211 |
630 |
Income tax expense |
5,447 |
1,439 |
Depreciation and accretion
expense |
11,370 |
10,222 |
Amortization expense |
3,627 |
3,979 |
EBITDA |
$ 31,948 |
$ 27,553 |
|
|
|
Add back: |
|
|
Loss on disposal of assets (1) |
77 |
377 |
Other (income) expense (2) |
(209) |
341 |
Noncontrolling interests (3) |
(495) |
(437) |
Stock-based compensation expense (4) |
2,221 |
1,449 |
Adjusted EBITDA |
$ 33,542 |
$ 29,283 |
Less: |
|
|
Interest expense, net (4) |
4,708 |
7,198 |
Depreciation and accretion expense
(4) |
10,991 |
9,899 |
Income tax expense (at 35%) (5) |
6,245 |
4,265 |
Adjusted Net Income |
$ 11,598 |
$ 7,921 |
|
|
|
Adjusted Net Income per
share |
$ 0.28 |
$ 0.20 |
Adjusted Net Income per diluted
share |
$ 0.27 |
$ 0.19 |
|
|
|
Weighted average shares outstanding -
basic |
41,512,171 |
39,850,122 |
Weighted average shares outstanding -
diluted |
42,269,940 |
40,721,310 |
_________________ |
|
(1) Primarily comprised of
losses on the disposal of fixed assets that were incurred with the
deinstallation of ATMs during the periods. |
(2) Amounts exclude
unrealized and realized (gains) losses related to derivatives not
designated as hedging instruments. |
(3) Noncontrolling interests
adjustment made such that Adjusted EBITDA includes only the
Company's 51% ownership interest in the Adjusted EBITDA of its
Mexico subsidiary. |
(4) Amounts exclude 49% of
the expenses incurred by the Company's Mexico subsidiary as such
amounts are allocable to the noncontrolling interest
shareholders. |
(5) 35% represents the
Company's estimated long-term, cross-jurisdictional effective tax
rate. |
|
|
Reconciliation of Free
Cash Flow |
For the Three Months
Ended March 31, 2011 and 2010 |
(Unaudited) |
|
|
Three
Months Ended March 31, |
|
2011 |
2010 |
|
(In thousands) |
Cash provided by operating activities |
$ 14,955 |
$ 9,186 |
Payments for capital expenditures |
(15,049) |
(8,605) |
Free cash flow |
$ (94) |
$ 581 |
Reconciliation of
Estimated Net Income to EBITDA, Adjusted EBITDA, and Adjusted Net
Income |
For the Year Ending
December 31, 2011 |
(Unaudited) |
|
|
Estimated
Range Full Year 2011 |
|
(In millions) |
|
|
|
|
Net income |
$ 29.0 |
-- |
$ 31.5 |
Adjustments: |
|
|
|
Interest expense, net |
18.3 |
-- |
18.3 |
Amortization of deferred financing
costs |
0.9 |
-- |
0.9 |
Income tax expense |
21.3 |
-- |
23.0 |
Depreciation and accretion expense |
45.0 |
-- |
45.8 |
Amortization expense |
15.0 |
-- |
15.0 |
EBITDA |
$ 129.5 |
-- |
$ 134.5 |
|
|
|
|
Add back: |
|
|
|
Noncontrolling interests |
(1.8) |
-- |
(1.8) |
Loss on disposal of assets |
1.0 |
-- |
1.0 |
Stock-based compensation expense |
8.8 |
-- |
8.8 |
Adjusted EBITDA |
$ 137.5 |
-- |
$ 142.5 |
Less: |
|
|
|
Interest expense, net (1) |
18.0 |
-- |
18.0 |
Depreciation and accretion expense
(1) |
43.7 |
-- |
44.5 |
Income tax expense (at 35%) (2) |
26.5 |
-- |
28.0 |
Adjusted Net Income |
$ 49.3 |
-- |
$ 52.0 |
|
|
|
|
Adjusted Net Income per diluted
share |
$ 1.16 |
-- |
$ 1.22 |
|
|
|
|
Weighted average shares outstanding -
diluted |
42.4 |
-- |
42.7 |
__________________ |
|
(1)Amounts exclude 49% of the
expenses to be incurred by the Company's Mexico subsidiary as such
amounts are allocable to the noncontrolling interest
shareholders. |
(2) 35% represents the Company's
estimated long-term, cross-jurisdictional effective tax rate. |
CONTACT: Investors:
Chris Brewster, Chief Financial Officer
832-308-4128
cbrewster@cardtronics.com
Media:
Nick Pappathopoulos, Director - Public Relations
832-308-4396
npappathopoulos@cardtronics.com
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