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Cardtronics updates fiscal outlook due to COVID-19

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April 1, 2020

As a result of the Corona-19 pandemic, which significantly impacted the markets it services, Cardtronics has announced it's withdrawing its financial outlook for the fiscal year ending Dec. 31, 2020.

During the first quarter into early March, before the pandemic gained momentum across the country, Cardtronics showed strong momentum which was in line with the company's solid performance in the second half of 2019. In mid-March, Cardtronics began seeing a decrease in transaction volumes of varying degrees across its network, depending on location. As the pandemic gained momentum and travel restrictions and social distancing orders were issued, the company saw a steady decrease in transactions throughout the geographic areas it services. This was especially prevalent in COVID-19"hot spot" areas, such as San Francisco and New York. The company realized the declines in transactions across the enterprise would only increase as COVID-19 continued, and consumer-based commerce would only improve once the orders to ‘shelter in place' were lifted.

 "We have been closely monitoring the COVID-19 pandemic and its impact on our organization… while this unprecedented event is adversely impacting our business, Cardtronics remains in a solid financial position with strong liquidity," said Edward H. West, CEO of Cardtronics."In the near term, we are carefully managing expenses and have made some significant cost reductions, altered capital spending plans, and suspended our opportunistic share buyback program to optimize cash flow for the current environment. Now more than ever, our ATM network, mostly located in convenient pharmacy, big-box, grocery, and convenience store locations, provides a critical access point for cash for a significant portion of the population in the communities we serve. We remain confident in the long-term opportunities for our business, powered by our unique network of ATMs, which provides value for retailers, financial institutions, and consumers."

For more information on how COVID-19 has affected the ATM industry,click here.