Global ATM owner and operator Cardtronics released its third quarter earnings report, and the company’s total revenues were up 3 percent, from $340.2 million the year before to $351.5 million, according to a press release from the company.
ATM operating revenues were up as well — to $333.4 million, which is a 1 percent increase from the year before and 3 percent on a constant-currency basis.
“The third quarter results were highlighted by solid revenue and profit growth in both our North America and Europe & Africa segments,” said Cardtronics CEO Edward H. West. “Revenue growth, coupled with continued operational execution, allowed us to deliver strong margin expansion in the quarter, resulting in double digit growth in Adjusted EBITDA.”
The company’s cash flow from operations was up as well, to $176.5 million from $74.8 million a year before.
“We continue to strengthen our two-sided network with several key partnerships recently executed across leading financial institutions, FinTechs, and retailers,” West said. “Branch transformation continues to be a priority for financial institutions of all sizes, and given the breadth and strength of our ATM network, we are well positioned to capitalize on this growing trend. Looking ahead, we are increasingly confident in our ability to leverage our network to deliver profitable growth and strong returns for our shareholders.”
Last year, Cardtronics talked about how cryptocurrencies might impact its business, in a 10-K report to shareholders that was filed with the U.S. Securities and Exchange Commission.
“New payment technology, such as Venmo, Zelle and virtual currencies such as bitcoin or other new payment method preferences by consumers, could reduce the general population’s need or demand for cash and negatively impact our transaction volumes in the future,” the company wrote in the filing.
The company added that changes in the industry could impact its bottom line: “The proliferation of payment options and changes in consumer preferences and usage behavior could reduce the need for cash and have a material adverse impact on our operations and cash flows.”