News

Cardtronics announces Q1 results, raises full-year outlook

May 3, 2019

Cardtronics PLC has announced financial and operational results for the quarter ended March 31. Among the quarter's year-over-year financial highlights:

• Total revenues of $318.3 million, down 5% from $336.2 million (down 2% on a constant currency basis), primarily due to decreases in Link interchange rates in the United Kingdom.
• ATM operating revenues of $302.6 million, down 5% from $319.7 million (down 2% in constant currency), primarily due to decreases in Link interchange rates in the U.K.
• GAAP net income of $4.3 million, or 9 cents per diluted share, compared with GAAP net loss of $2.8 million, or a loss of 6 cents per diluted share.
• Adjusted EBITDA of $61 million, down 11% from $68.7 million, primarily driven by decreases in Link interchange and a nonrecurring property tax benefit in 2018.
• Adjusted net income per diluted share of 35 cents compared with 46 cents in 2018.
• Agreements executed to brand more than 1,000 ATMs in the U.S.
• Launched Allpoint Plus deposit network in the U.S., targeting nearly 1,000 deployments by the end of 2019.
• Announced cardless cash access at ATMs in the U.S. with approximately 11,000 ATMs currently enabled.
• Announced $50 million opportunistic share repurchase authorization.

“The first quarter results were a solid start to 2019, as we experienced better than expected surcharge-free transactions in our largest markets," Cardtronics CEO Edward H. West said in a press release. "The transaction levels, coupled with strong operational execution by the team, resulted in a significant increase in adjusted free cash flows. Our Allpoint and bank-branding surcharge-free solutions in the United States continue to advance as banks, consumers, and retailers value the convenience, reliability, and security of our network of retailer-based ATMs."

Cardtronics also increased its outlook for 2019:

• Revenues of $1.32 billion–$1.36 billion.
• GAAP net income of $32 million–$34 million.
• Adjusted EBITDA of $290 million–$300 million.
•  Adjusted net income of $94 million–$100 million.
• Adjusted net income of $2.01–$2.12 per share.