Q1 numbers are out…Quick run through of the numbers look like they are generally in line but under the hood I am a little nervous operationally speaking.
Good to see the continued transaction and revenue growth (4%) at a greater rate that ATM unit growth (2%). This business is not falling off a cliff.
Nice to see continued growth in Other Services business as this will have to be the growth driver going forward.
Operationally speaking it looks a little weak though with decreased gross margin (-1.8%), adjusted EBITDA margin (-2.3%), funds from operations (-0.06) and increased payout ratio (6.1%).
Might be a little choppy in trading tomorrow but looks like DCI will live to fight on for another quarter and keep paying that dividend with the payout ratio still <70%.