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Cardtronics (Nasdaq: CATM) provided an update indicating improved business performance as COVID-19 restrictions are lifted. CEO Edward H. West highlighted new business opportunities and growth with Fintech partners, driven by rising consumer demand for cash and efficient cost management. Estimated Adjusted EBITDA for Q3 is around $70 million, reflecting a margin of 25%. Notably, there’s a reduction in same-store withdrawal transaction decline, improving to -3% from -14% in Q2, aided by favorable legal developments in the U.K. impacting ATM business rates.
Cardtronics (NASDAQ: CATM) will participate in the BMO Virtual Technology Summit on August 26, 2020. CEO Ed West is set to engage in a fireside chat scheduled for 10:00 a.m. EST. This event highlights Cardtronics' role as the world’s largest ATM owner/operator, with over 285,000 ATMs globally. The discussion will focus on their business model and innovations in financial self-service. The chat will be available via webcast on Cardtronics' website.
Cardtronics has announced an agreement to manage Triodos Bank's ATM network, enhancing cash access for customers. This outsourcing deal allows Triodos Bank to concentrate on value-added services while Cardtronics utilizes its extensive network of over 1,000 ATMs across Spain. The partnership signifies a strategic shift towards ATM outsourcing for banks aiming to improve service efficiency. Cardtronics operates over 285,000 ATMs globally and is recognized for its leadership in financial self-service.
KeyBank has teamed up with Cardtronics and its Allpoint Network to provide customers with surcharge-free access to cash via KeyBank debit cards at over 55,000 Allpoint ATMs nationwide. This collaboration enhances convenience for customers seeking to avoid ATM fees, expanding KeyBank's cash access points beyond its own 1,400 ATMs. KeyBank emphasizes consumer needs and financial wellness, positioning itself as a customer-centric bank. The partnership aligns with KeyBank's vision to support clients with broader capabilities in cash access.
Cardtronics plc (Nasdaq: CATM) announced a conference call scheduled for August 6, 2020, at 4:00 p.m. CDT to discuss its financial results for Q2 2020. The results will be released prior to the call. Investors can access the call by dialing (877) 303-9205 or via a live audio webcast on the company's website. Cardtronics operates approximately 285,000 ATMs across 10 countries, serving top-tier merchants and providing the world's largest surcharge-free ATM network through its Allpoint Network, facilitating cash transactions and driving retail growth.
Cardtronics has partnered with PlainsCapital Bank to enhance customer access to cash without surcharge fees through the Allpoint Network. This collaboration expands PlainsCapital's ATM offerings, enabling customers to find over 55,000 surcharge-free ATMs nationwide. PlainsCapital aims to elevate customer convenience as the banking landscape evolves, while Cardtronics highlights its role in facilitating cash transactions.
SoFi has partnered with Cardtronics to provide its members with access to surcharge-free cash at 55,000 Allpoint ATMs globally, including ATMs at the new SoFi Stadium in Los Angeles. SoFi's CEO emphasized the importance of eliminating fees for accessing cash, claiming this collaboration significantly enhances their service offerings compared to traditional banks. Cardtronics' Managing Director noted their commitment to delivering innovative ATM services, facilitating growth for SoFi and improving customer convenience.
Cardtronics, the largest ATM operator, has introduced the Pin4Cash service in the U.K., enabling cardless cash withdrawals via SMS. This innovation addresses the challenges faced by organizations delivering cash, especially during the COVID-19 pandemic. Users receive a unique code via text to access funds at participating ATMs, enhancing cash accessibility for those without bank accounts. With over £1 billion distributed monthly through their ATMs, Cardtronics aims to support financial inclusion and ease for individuals in need.
Cardtronics (Nasdaq: CATM) reported business performance improvements, with U.S. same-store transactions nearing pre-COVID levels in early June. Cash dispensed at U.S. ATMs surged nearly 10% year-over-year, following a 3% increase in May. Although global transactions improved, they remain significantly below pre-pandemic levels due to ongoing restrictions. CEO Edward H. West announced the reinstatement of employee salaries from July 1 after cost-control measures. The company estimates second-quarter Adjusted EBITDA at $40 million, with margins expected in the high teens, benefiting from a recent U.K. legal decision.
The independent research firm Javelin Strategy & Research, supported by Cardtronics, released studies analyzing cash usage in the U.S., revealing insights before and during the COVID-19 pandemic. Their report, Health of Cash Check-Up May 2020, highlights that cash remains the most preferred payment method, with no significant shift to mobile payments. Key findings include an unchanged payment preference, fewer total payments, and cash's vital role for the underbanked. This reflects cash's ongoing importance despite the economic challenges posed by the pandemic.
