News

Cardtronics board authorizes repurchase of up to $50M in shares

March 28, 2019

The board of directors for Cardtronics PLC has authorized the company to repurchase up to $50 million of its Class A ordinary shares outstanding through Aug. 31, 2020, according to a press release. 

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, the company said.

The announcement included the following statement from CEO Edward H. West: 

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 2–2.5 times adjusted EBITDA, which we expect to achieve within the next 12 months.