“This new share repurchase authorization reflects our confidence in our business and ability to generate strong free cash flows. As we continue to execute on our growth strategy and reduce debt, this authorization will provide increased flexibility to opportunistically return excess capital to shareholders as part of our disciplined approach to capital allocation. We believe that there will be further longer-term capital return options available once the Company is operating within its target net leverage range of 2.0 – 2.5x Adjusted EBITDA, which we expect to achieve within the next twelve months,” commented
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press 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. These forward-looking statements are based on management’s current expectations and beliefs in light of currently available information, including concerning future developments and their potential effect on the Company, and there can be no assurance that future developments affecting the Company will occur as anticipated. The Company’s ability to repurchase shares will be affected by its ability to generate free cash flow at the levels anticipated and its ability to generate expected operating results. The Company’s forward-looking statements involve significant risks and uncertainties (some of which are beyond its control) and are based on assumptions that could cause actual results to differ materially from its historical results and present expectations or projections. Risk factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended
DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION
Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the business and for financial planning purposes to assist readers of our consolidated financial statements in understanding the operating results. Adjusted EBITDA excludes depreciation, accretion, and amortization of intangible assets 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 methods by which the assets were acquired. Adjusted EBITDA also excludes share-based compensation expense, acquisition and divestiture-related expenses, certain non-operating expenses, (if applicable in a particular period) certain costs not anticipated to occur in future periods, gains or losses on disposal and impairment of assets, the Company’s obligations for the payment of income taxes, interest expense, and other obligations such as capital expenditures, and includes an adjustment for noncontrolling interests.
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Source: Cardtronics USA, Inc.