HOUSTON, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Cardtronics (Nasdaq: CATM) announced today an update on recent business performance. The Company continues to see improvement in its business across geographies as governments further relax and remove restrictions implemented to mitigate the spread of COVID-19.
Edward H. West, Cardtronics CEO, commented, "Our business continues to improve across our geographies as the restrictions implemented due to COVID-19 are lifted. We are also encouraged by our recent new business execution, solid pipeline of new business opportunities, and strong growth with Fintech partners. We continue to see positive industry trends, with both accelerating bank branch footprint rationalization and consumer demand for cash, with record high levels of cash in circulation. Our end-to-end platform provides the cash solutions that financial institutions need and consumers want.”
With two and a half months of the third quarter complete, the Company now estimates that its third quarter Adjusted EBITDA will approximate $70 million, reflecting recent business performance and outlook for the remainder of the quarter. Encouraging transaction activity across several markets, continued effective cost management and more favorable exchange rates are helping drive an improved profitability outlook for the third quarter. Included in this estimate are approximately $10 million in incremental benefits in the quarter following the recent legal decision by the Supreme Court in the U.K., removing business rates for certain ATMs. The Company now expects an Adjusted EBITDA margin of approximately 25% for the third quarter.
The table below shows recent same-store withdrawal transaction performance in the U.S. since the beginning of 2020, with the third quarter to date showing -3% versus -14% in the second quarter.
To view the table associated with this release visit https://www.globenewswire.com/NewsRoom/AttachmentNg/aa7e8db5-a9f5-4b3b-9397-17e677c359f8
Notes to table:
(1) Same-store (SS) ATMs defined as U.S. ATMs excluding managed services registering withdrawals from 1/1/2019 until 3/31/2020 (and every month in-between); adjusted for day of the week variances.
(2) Includes several thousand ATMs that transacted in 2019 but not in certain months of 2020 due to temporary closures related to the pandemic. The inclusion of these ATMs negatively impacts the samestore % above.
While the Company did not expect to provide further intra-quarter business updates, given the Company’s current performance expectations as compared to those shared during the second quarter earnings call, this update has been provided.
About Cardtronics (Nasdaq: CATM)
Cardtronics is the trusted leader in financial self-service, enabling cash transactions at over 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa. Leveraging our unmatched scale, expertise, and innovation, top-tier merchants and businesses of all sizes use our ATM solutions to drive growth, in-store traffic, and retail transactions. Financial services providers rely on Cardtronics to deliver superior service at their own ATMs, on Cardtronics ATMs where they place their brand, and through Cardtronics' Allpoint Network, the world’s largest surcharge-free ATM network, with over 55,000 locations. As champions of cash, Cardtronics converts digital currency into physical cash, driving payments choice for businesses and consumers alike. To learn more about Cardtronics, visit www.cardtronics.com and follow us on LinkedIn and Twitter.
