World News: 20:05 GMT Tuesday 26th March 2019. [Cardtronics USA, Inc. via Globe Newswire via SPi World News]
HOUSTON, March 26, 2019 (GLOBE NEWSWIRE) -- Cardtronics plc (or “the Company”) today announced that its Board of Directors has authorized the Company to repurchase up to $50 million of its Class A ordinary shares outstanding through August 31, 2020. Share repurchases under the authorization may be effected on behalf of the Company through open market transactions, privately negotiated transactions or otherwise, including pursuant to SEC trading rules. There is no guarantee as to the exact number of shares, if any, that may be repurchased by the Company. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of shares, regulatory requirements and other corporate considerations, and repurchases may be suspended or discontinued at any time.
“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 Edward H. West, chief executive officer.
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.
Globe Newswire: 20:05 GMT Tuesday 26th March 2019
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