Cardtronics Inc. (NASDAQ:CATM) Q3 2017 Earnings Conference Call Transcript

Nov 02, 2017 • 05:00 pm ET


Cardtronics Inc. (NASDAQ:CATM) Q3 2017 Earnings Conference Call Transcript


Loading Event

Loading Transcript


Good day, ladies and gentlemen, and welcome to the Cardtronics Third Quarter 2017 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. I would now like to turn the call over to Mr. Phil Chin, Executive Vice President, Corporate Development. Sir, you may begin.

Phil Chin

Thank you. Good afternoon, and welcome to Cardtronics' Third Quarter Conference Call. On the call, we have Steve Rathgaber, Chief Executive Officer; and Ed West, CFO and Chief Operations Officer. We will start with prepared remarks, and then take questions.

(Forward-looking Cautionary Statements) In addition, during the course of this call, we will reference certain non-GAAP financial performance measures. Our opinion regarding the usefulness of such measures, together with the reconciliation of such measures, is included in the earnings release issued this afternoon and available on our website.

With that, I will turn the call over to Steve.

Steve Rathgaber

Thanks, Phil, and welcome, everyone. We are now 10 months into a year that we knew would be both challenging and transitional. One of the transitional elements is my own pending retirement at the end of this year, making this my last earnings call. I feel it is appropriate for Ed to drive the business discussion, including third quarter results and the appropriate stage setting for the future.

Story Continues

After Ed covers the quarter and the other big issues of interest, I would like to offer some parting observations. So with that, Ed, take it away.

Ed West

Great. Thank you, Steve. I would also like to personally thank you on behalf of all 2,200 Cardtronics' employees and as an investor for your leadership and dedication to the company. Through your efforts of global expansion and focus on building an unrivaled retail network of ATMs, Cardtronics now has the scale and relationships with key retailers and financial institutions worldwide, which positions us well for the years ahead. It is this global scale, capability and relationships with leading retailer and financial institutions that has me excited about our future and the opportunity to lead the team following your retirement.

In my comments today, I will review this past quarter's performance, the more recent events in Australia and with LINK in the United Kingdom as well as guidance.

Now let's get into the quarter. Three key points: we had a modest improvement in the growth metrics in the U.S. relative to the first half of the year, which is encouraging.

Second, and related to the first point, we are fully passed the operating challenges in the U.S. that we experienced earlier in the year. We had solid operating execution in this quarter even in the midst of several natural disasters, not the least of which was Hurricane Harvey, which impacted our North American headquarters. I would like to take a minute to thank all of our employees, who demonstrated amazing commitment, resolve and support in the face of these life-threatening natural disasters.

This past quarter's operational performance and ATM availability in the U.S. and Mexico was nothing short