Cardtronics Announces First Quarter 2013 Results HOUSTON, May 2, 2013 (GLOBE NEWSWIRE) -- Cardtronics, Inc. (Nasdaq:CATM) (the "Company"), the world's largest retail ATM owner, today announced its financial and operational results for the quarter ended March 31, 2013. Key financial statistics in the first quarter of 2013 as compared to the first quarter of 2012 include: *Total revenues of $197.7 million, up 4% from $191.0 million. *ATM operating revenues of $193.4 million, up 9% from $177.8 million (7.3% on an organic growth basis). *Adjusted Net Income per diluted share of $0.40, up 5% from $0.38. *Adjusted EBITDA of $48.5 million, up 9% from $44.5 million. *Gross margin of 32.4%, up 170 basis points from 30.7%. *GAAP net income of $9.4 million or $0.21 per diluted share, compared to $9.8 million or $0.22 per diluted share. "We enjoyed our seventeenth consecutive quarter of year-over-year growth in adjusted net income per share as we continued to effectively manage costs through our industry-leading operations and significant scale," commented Steve Rathgaber, chief executive officer. "To continue this impressive track record of earnings growth throughout 2013 and beyond, we continue to make investments in our network and products, and the acquisition of i-design during the first quarter is a great example of our continued dedication to grow our product offering and enhance the value we provide to our premier retail and financial customer bases." RECENT HIGHLIGHTS *Acquisition of i-design group plc on March 7, 2013, a Scotland-based provider and developer of marketing and advertising software and services for ATM owners. *Expansion of bank branding relationship with Scotiabank, through the branding of 500 existing Cardtronics ATMs in Mexico. *The announcement of a new branding agreement with Frost Bank for ATM locations at Dallas Love Field airport. *Growth of Allpoint network to 55,000 surcharge-free ATMs worldwide. *Bank branding by Bank of America of approximately 40 ATMs placed in Kroger and Randall'sgrocery storesin the Houston metropolitan area. *The announcement of the addition of approximately 3,300 mostly merchant-owned ATM service contracts through the acquisition of certain assets from Aptus Financial. Effects of foreign currency exchange rate movements had an insignificant impact on reported consolidated revenues, Adjusted EBITDA and Adjusted Net Income per diluted share during the quarter. Please refer to the "Disclosure of Non-GAAP Financial Information" contained later in this press release for definitions of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share and Free Cash Flow. 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 press release. FIRST QUARTER RESULTS ATM operating revenues were up 9% from the first quarter of 2012. The increase in ATM operating revenues was primarily the result of an increased unit count as a result of organic growth with new and existing merchants. Additionally, our bank branding and network branding revenues increased significantly from the prior year quarter, driven mostly by new branded locations. These increases were partly offset by lower interchange rates per transaction as a result of rate reductions by a major network that became effective during the second quarter of 2012 and transaction volume shifts to networks that pay lower interchange rates. Approximately 1.5% of revenue growth in the quarter was driven by businesses acquired during 2012 and in the first quarter of 2013. Consolidated revenues totaled $197.7 million for the first quarter of 2013, representing a 3.5% increase from the $191.0 million in consolidated revenues generated during the first quarter of 2012. The year-over-year consolidated revenue growth is attributable to the same factors discussed above but reduced by a significant decline in our year-over-year ATM product sales, which were down approximately $8.8 million from the first quarter of 2012. The year-over-year decline in ATM product sales is attributable to decreased equipment sales associated with updated requirements under the Americans with Disabilities Act (ADA) which became effective in the first quarter of 2012, which caused increased demand for new ATM equipment leading up to the first quarter 2012 deadline. As the ATM product sales are generally much lower margin revenues than our ATM operating revenues, the $8.8 million revenue decline from the first quarter of 2012 did not have a significant impact in our profitability in the current quarter's results. Adjusted EBITDA for the first quarter of 2013 totaled $48.5 million, compared to $44.5 million during the first quarter of 2012, and Adjusted Net Income totaled $18.0 million ($0.40 per diluted share) compared to $16.8 million ($0.38 per diluted share) during the first quarter of 2012. The increases in Adjusted EBITDA and Adjusted Net Income per diluted share were positively affected by the incremental revenues attributable to our revenue growth and reductions in our operating costs on a per transaction basis. 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 2013 totaled $9.4 million, compared to $9.8 million during the same quarter in 2012. The slight decrease in GAAP Net Income from the first quarter of 2012 was the result of higher depreciation and acquisition-related expenses, as well as increased stock-based compensation expense, which was mostly offset by a higher gross margin as a result of our revenue growth. UPDATE OF FULL-YEAR 2013 GUIDANCE The Company is reconfirming the financial guidance it provided in February 2013 regarding its anticipated full-year 2013 results: oRevenues of $835.0 million to $850.0 million; oOverall gross margins of approximately 32.0% to 32.3%; oAdjusted EBITDA of $202.0 million to $209.0 million; oDepreciation and accretion expense of approximately $64.0 million to $65.5 million, net of noncontrolling interests; oCash interest expense of approximately $20.0 million to $20.5 million, net of noncontrolling interests; oAdjusted Net Income of $1.72 to $1.79 per diluted share, based on approximately 44.7 million weighted average diluted shares outstanding; and oCapital expenditures of approximately $70.0 million, net of noncontrolling interests. The Adjusted EBITDA and Adjusted Net Income guidance excludes the impact of certain expenses, as outlined in the reconciliation provided at the end of this press release. Additionally, this guidance is based on average foreign currency exchange rates for the remainder of the year of $1.50 U.S. to £1.00 U.K., $13.00 Mexican pesos to $1.00 U.S., and $1.00 Canadian dollar to $1.00 U.S. LIQUIDITY The Company believes that it continues to maintain a strong liquidity position, with $96.5 million in available borrowing capacity under its $250.0 million revolving credit facility as of March 31, 2013. In addition, the Company's credit facility can be increased up to $325.0 million under certain conditions. The Company's outstanding indebtedness as of March 31, 2013 consisted of $200.0 million in senior subordinated notes due 2018, $151.4 million in borrowings under its revolving credit facility due 2016, and $2.6 million in equipment financing notes associated with its majority-owned Mexico subsidiary. DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, and Free Cash Flow 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. Adjusted EBITDA also excludes acquisition-related costs, certain other non-operating costs, loss on asset disposal, our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures, and an adjustment for noncontrolling interest. Adjusted Net Income represents net income computed in accordance with GAAP, before amortization expense, loss on disposal of assets, stock-based compensation expense and certain other expense (income) and acquisition-related costs, and using an assumed 35% tax rate, with certain adjustments for noncontrolling interests. Adjusted Net Income per diluted share is calculated by dividing Adjusted Net Income by average weighted diluted shares outstanding calculated in accordance with GAAP. Free Cash Flow is defined as cash provided by operating activities less payments for capital expenditures, including those financed through direct debt but excluding acquisitions. 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. 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 the non-GAAP financial measures used herein 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, May 2, 2013, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its financial results for the quarter ended March 31, 2013. 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 www.cardtronics.com. A digital replay of the conference call will be available through Thursday, May 16, 2013, and can be accessed by calling (855) 859-2056 or (404) 537-3406 and entering 35990860 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 June 2, 2013. ABOUT CARDTRONICS (Nasdaq:CATM) Making ATM cash access convenient where people shop, work and live their lives, Cardtronics is at the convergence of retailers, financial institutions, prepaid card programs and the customers they share. Cardtronics owns/operates approximately 62,600 retail ATMs in U.S. and international locales. Whether Cardtronics is driving foot traffic for America's most relevant retailers, enhancing ATM brand presence for card issuers or expanding card holders' surcharge-free cash access on the local, national or global scene, Cardtronics is convenient access to cash, when and where consumers need it. Cardtronics is where cash meets commerce. 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 press 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; *the Company's ability to respond to potential reductions in the amount of net interchange fees that it receives from global and regional debit networks for transactions conducted on its ATMs due to pricing changes implemented by those networks as well as changes in how issuers route their ATM transactions over those networks; *the Company's ability to provide new ATM solutions to retailers and financial institutions; *the Company's ATM vault cash rental needs, including potential liquidity issues with its vault cash providers; *the continued implementation of the Company's corporate strategy; *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; *the additional risks the Company is exposed to in its United Kingdom armored transport business; and *the Company's ability to retain its key employees. Additional information regarding known material 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, 2013 and 2012 (Unaudited) Three Months Ended March 31, 2013 2012 (In thousands, except share and per share information) Revenues: ATM operating revenues $193,360 $177,813 ATM product sales and other revenues 4,378 13,227 Total revenues 197,738 191,040 Cost of revenues: Cost of ATM operating revenues (excludes depreciation, accretion, and amortization 129,560 120,627 shown separately below) Cost of ATM product sales and other 4,129 11,781 revenues Total cost of revenues 133,689 132,408 Gross profit 64,049 58,632 Operating expenses: Selling, general, and administrative 18,989 16,075 expenses Acquisition-related expenses 2,822 1,087 Depreciation and accretion expense 16,285 13,750 Amortization expense 5,748 5,475 Loss on disposal of assets 203 548 Total operating expenses 44,047 36,935 Income from operations 20,002 21,697 Other expense (income): Interest expense, net 5,066 5,365 Amortization of deferred financing costs 229 220 Other income (421) (77) Total other expense 4,874 5,508 Income before income taxes 15,128 16,189 Income tax expense 5,980 6,146 Net income 9,148 10,043 Net (loss) income attributable to (282) 214 noncontrolling interests Net income attributable to controlling interests and available to common $9,430 $9,829 stockholders Net income per common share – basic and $0.21 $0.22 diluted Weighted average shares outstanding – 44,247,098 43,058,215 basic Weighted average shares outstanding – 44,479,366 43,562,618 diluted Condensed Consolidated Balance Sheets As of March 31, 2013 and December 31, 2012 March 31, 2013 December 31, 2012 (Unaudited) (In thousands) Assets Current assets: Cash and cash equivalents $26,126 $13,861 Accounts and notes receivable, net 49,704 45,135 Inventory 4,200 4,389 Restricted cash, short-term 3,936 8,298 Current portion of deferred tax asset, net 13,271 13,086 Prepaid expenses, deferred costs, and other 15,587 30,980 current assets Total current assets 112,824 115,749 Property and equipment, net 226,357 236,238 Intangible assets, net 101,719 102,573 Goodwill 293,042 285,696 Deferred tax asset, net 21,340 26,468 Prepaid expenses, deferred costs, and other 2,897 2,168 assets Total assets $ 758,179 $ 768,892 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt and notes $1,582 $1,467 payable Current portion of other long-term 25,547 24,386 liabilities Accounts payable and other accrued and 93,792 102,884 current liabilities Total current liabilities 120,921 128,737 Long-term liabilities: Long-term debt 352,407 353,352 Asset retirement obligations 39,211 44,696 Deferred tax liability, net 177 182 Other long-term liabilities 82,213 93,121 Total liabilities 594,929 620,088 Stockholders' equity 163,250 148,804 Total liabilities and stockholders' equity $758,179 $768,892 SELECTED INCOME STATEMENT DETAIL: Total revenues by segment: Three Months Ended March 31, 2013 2012 (In thousands) United States $157,139 $157,919 United Kingdom 29,499 25,191 Other International 11,100 7,930 Total revenues $197,738 $191,040 Breakout of ATM operating revenues: Three Months Ended March 31, 2013 2012 (In thousands) Surcharge revenues $88,740 $83,897 Interchange revenues 61,789 57,846 Bank branding and surcharge-free network 34,119 28,269 revenues Managed services revenues 4,459 3,810 Other revenues 4,253 3,991 Total ATM operating revenues $193,360 $177,813 Total cost of revenues by segment: Three Months Ended March 31, 2013 2012 (In thousands) United States $101,031 $106,191 United Kingdom 23,420 20,208 Other International 9,238 6,009 Total cost of revenues $133,689 $132,408 Breakout of cost of ATM operating revenues (exclusive of depreciation, accretion, and amortization): Three Months Ended March 31, 2013 2012 (In thousands) Merchant commissions $62,363 $57,322 Vault cash rental expense 11,937 12,424 Other costs of cash 18,881 16,379 Repairs and maintenance 12,094 13,503 Communications 5,637 4,960 Transaction processing 2,088 1,853 Stock-based compensation 207 203 Other expenses 16,353 13,983 Total cost of ATM operating revenues $129,560 $120,627 Breakout of selling, general, and administrative expenses: Three Months Ended March 31, 2013 2012 (In thousands) Employee costs $9,518 $8,492 Stock-based compensation 2,960 2,357 Professional fees 2,145 1,896 Other 4,366 3,330 Total selling, general, and administrative $18,989 $16,075 expenses Depreciation and accretion expense by segment: Three Months Ended March 31, 2013 2012 (In thousands) United States $10,042 $8,502 United Kingdom 5,076 4,465 Other International 1,167 783 Total depreciation and accretion expense $16,285 $13,750 SELECTED BALANCE SHEET DETAIL: Long-term debt: March 31, 2013 December 31, 2012 (In thousands) 8.25% senior subordinated notes $200,000 $200,000 Revolving credit facility 151,400 152,000 Equipment financing notes 2,589 2,819 Total long-term debt $353,989 $354,819 Share count rollforward: Total shares outstanding as of December 31, 44,641,224 2012 Shares repurchased (147,036) Shares issued – restricted stock grants and 111,836 conversions and stock options exercised Shares vested – restricted stock units 261,000 Shares forfeited – restricted stock awards (10,000) Total shares outstanding as of March 31, 2013 44,857,024 SELECTED CASH FLOW DETAIL: Selected cash flow statement amounts: Three Months Ended March 31, 2013 2012 (In thousands) Cash provided by operating activities $41,380 $18,741 Cash used in investing activities (28,524) (21,936) Cash (used in) provided by financing activities (810) 3,876 Effect of exchange rate changes on cash 219 (44) Net increase in cash and cash equivalents 12,265 637 Cash and cash equivalents at beginning of period 13,861 5,576 Cash and cash equivalents at end of period $26,126 $6,213 Key Operating Metrics – Excluding Acquisitions in All Periods Presented For the Three Months Ended March 31, 2013 and 2012 (Unaudited) The following table excludes the effect of acquisitions completed during 2012 in the three month period ended March 31, 2013 for comparative purposes : EXCLUDING ACQUISITIONS Three Months Ended March 31, 2013 2012 Average number of transacting ATMs: United States: Company-owned 27,529 24,859 United Kingdom 4,314 3,628 Mexico 2,705 2,843 Canada 1,036 514 Subtotal 35,584 31,844 United States: Merchant-owned 14,024 15,798 Average number of transacting ATMs: ATM 49,608 47,642 operations United States: Managed services ^(1) 6,106 5,797 United Kingdom: Managed services 21 21 Canada: Managed services — — Average number of transacting ATMs: 6,127 5,818 Managed services Total average number of transacting 55,735 53,460 ATMs Total transactions (in thousands): ATM operations 186,547 158,885 Managed services 9,995 9,451 Total transactions 196,542 168,336 Total cash withdrawal transactions (in thousands): ATM operations 114,303 100,886 Managed services 6,342 6,082 Total cash withdrawal transactions 120,645 106,968 Per ATM per month amounts (excludes managed services): Cash withdrawal transactions 768 706 ATM operating revenues $1,252 $1,217 Cost of ATM operating revenues ^ (2) 842 822 ATM operating gross profit ^(2) (3) $410 $395 ATM operating gross profit margin ^(2) 32.7% 32.5% (3) ___________________ ^(1)^ Includes 2,789 and 2,603 ATMs for the three months ended March 31, 2013 and 2012, 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 profit 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. Key Operating Metrics – Including Acquisitions in All Periods Presented For the Three Months Ended March 31, 2013 and 2012 (Unaudited) INCLUDING ACQUISITIONS Three Months Ended March 31, 2013 2012 Average number of transacting ATMs: United States: Company-owned 27,582 24,859 United Kingdom 4,314 3,628 Mexico 2,705 2,843 Canada 1,539 514 Subtotal 36,140 31,844 United States: Merchant-owned 20,067 15,798 Average number of transacting ATMs: ATM 56,207 47,642 operations United States: Managed services ^(1) 6,106 5,797 United Kingdom: Managed services 21 21 Canada: Managed services 305 — Average number of transacting ATMs: 6,432 5,818 Managed services Total average number of transacting ATMs 62,639 53,460 Total transactions (in thousands): ATM operations 190,372 158,885 Managed services 10,220 9,451 Total transactions 200,592 168,336 Total cash withdrawal transactions (in thousands): ATM operations 117,309 100,886 Managed services 6,567 6,082 Total cash withdrawal transactions 123,876 106,968 Per ATM per month amounts (excludes managed services): Cash withdrawal transactions 696 706 ATM operating revenues 1,118 1,217 Cost of ATM operating revenues ^ (2) 746 822 ATM operating gross profit ^(2) (3) $372 $395 ATM operating gross profit margin ^(2) 33.3% 32.5% (3) ___________________ ^(1)^ Includes 3,094 and 2,603 ATMs for the three months ended March 31, 2013 and 2012, 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 profit 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. Key Operating Metrics – Ending Machine Count As of March 31, 2013 and 2012 (Unaudited) As of March 31, Ending number of transacting ATMs: 2013 2012 United States: Company-owned 27,590 25,138 United Kingdom 4,301 3,756 Mexico 2,684 2,855 Canada 1,544 518 Subtotal 36,119 32,267 United States: Merchant-owned 19,987 15,687 Ending number of transacting ATMs: ATM 56,106 47,954 operations United States: Managed services ^(1) 6,133 5,942 United Kingdom: Managed services 21 21 Canada: Managed services 315 — Ending number of transacting ATMs: Managed 6,469 5,963 services Total ending number of transacting ATMs 62,575 53,917 ___________________ ^(1)^ Includes 3,149 and 2,617 ATMs as of March 31, 2013 and 2012, respectively, for which the Company only provided EFT transaction processing services. Reconciliation of Net Income Attributable to Controlling Interests to EBITDA, Adjusted EBITDA, and Adjusted Net Income For the Three Months Ended March 31, 2013 and 2012 (Unaudited) Three Months Ended March 31, 2013 2012 (In thousands, except share and per share amounts) Net income attributable to $9,430 $9,829 controlling interests Adjustments: Interest expense, net 5,066 5,365 Amortization of deferred financing 229 220 costs Income tax expense 5,980 6,146 Depreciation and accretion expense 16,285 13,750 Amortization expense 5,748 5,475 EBITDA $42,738 $40,785 Add back: Loss on disposal of assets 203 548 Other income (421) (77) Noncontrolling interests ^(1) (419) (410) Stock-based compensation expense 3,157 2,551 ^(2) Acquisition-related costs ^(3) 2,822 1,087 Other adjustments to selling, general, and administrative expenses 446 — ^(4) Adjusted EBITDA $48,526 $44,484 Less: Interest expense, net ^(2) 5,037 5,310 Depreciation and accretion expense 15,869 13,380 ^(2) Adjusted pre-tax income 27,620 25,794 Income tax expense (at 35%) ^(5) 9,667 9,028 Adjusted Net Income $17,953 $16,766 Adjusted Net Income per share $0.41 $0.39 Adjusted Net Income per diluted $0.40 $0.38 share Weighted average shares outstanding 44,247,098 43,058,215 - basic Weighted average shares outstanding 44,479,366 43,562,618 - diluted _______________ ^(1)^ Noncontrolling interests adjustment made such that Adjusted EBITDA includes only the Company's 51% ownership interest in the Adjusted EBITDA of its Mexico subsidiary. ^(2)^ Amounts exclude 49% of the expenses incurred by the Company's Mexico subsidiary as such amounts are allocable to the noncontrolling interest stockholders. ^(3)^ Acquisition-related costs include non-recurring costs incurred for professional and legal fees and certain transition and integration-related costs, related to recent acquisitions. ^(4)^ Represents non-recurring severance related costs associated with management of Company's U.K. operation. ^(5)^ 35% represents the Company's estimated long-term, cross-jurisdictional effective cash tax rate. Reconciliation of Free Cash Flows For the Three Months Ended March 31, 2013 and 2012 (Unaudited) Three Months Ended March 31, 2013 2012 (In thousands) Cash provided by operating activities $41,380 $18,741 Payments for capital expenditures: Cash used in investing activities, excluding (15,937) (21,686) acquisitions Free cash flow $25,443 $(2,945) Reconciliation of Estimated Net Income to EBITDA, Adjusted EBITDA, and Adjusted Net Income For the Year Ending December 31, 2013 (Unaudited) Estimated Range Full Year 2013 (In millions, except per share information) Net income $46.3 -- $48.7 Adjustments: Interest expense, net 20.2 -- 20.7 Amortization of deferred financing 0.9 -- 0.9 costs Income tax expense 30.3 -- 31.8 Depreciation and accretion 65.5 -- 67.0 expense Amortization expense 24.0 -- 24.0 EBITDA $187.2 -- $193.1 Add back: Noncontrolling interests (1.8) -- (1.7) Loss on disposal of assets 1.0 -- 1.0 Stock-based compensation expense 12.0 -- 13.0 Acquisition-related costs 3.5 -- 3.5 Other expense, net (0.4) -- (0.4) Other adjustments 0.5 -- 0.5 Adjusted EBITDA $202.0 -- $209.0 Less: Interest expense, net ^(1) 20.0 -- 20.5 Depreciation and accretion expense 64.0 -- 65.5 ^(1) Income tax expense (at 35%) ^(2) 41.3 -- 43.0 Adjusted Net Income $76.7 -- $80.0 Adjusted Net Income per diluted $1.72 -- $1.79 share Weighted average shares 44.7 -- 44.7 outstanding – diluted __________________ ^(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 cash tax rate. Contact Information: Cardtronics — Media Cardtronics — Investors Nick Pappathopoulos Chris Brewster Director – Public Relations Chief Financial Officer 832-308-4396 832-308-4128 email@example.com firstname.lastname@example.org Cardtronics and Allpoint are registered trademarks of Cardtronics, Inc. All other trademarks are the property of their respective owners. Cardtronics
Cardtronics Announces First Quarter 2013 Results
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