Profile: Cardtronics PLC (CATM.O)
22 Mar 2017
Cardtronics plc, formerly Cardtronics, Inc., incorporated on March 11, 2016, provides automated consumer financial services through its network of automated teller machines (ATMS) and multi-function financial services kiosks. The Company's operations consists of its North America, Europe, and Corporate & Other segments. The Company's ATM operations in the United States, Canada, Mexico and Puerto Rico are included in its North America segment. The Company's ATM operations in the United Kingdom, Ireland, Germany, Poland, Spain and i-design are included in its Europe segment. The Company's transaction processing operations, which service its North American and European operations, along with external customers, and the Company's corporate general and administrative functions comprise the Corporate & Other segment. As of December 31, 2016, the Company provided services to approximately 203,000 ATMs throughout the United States (including the United States territory of Puerto Rico), the United Kingdom, Ireland, Germany, Poland, Spain, Canada and Mexico.
In the United States, certain of the Company's ATMs are multi-function financial services kiosks that, in addition to traditional ATM functions, such as cash dispensing and bank account balance inquiries, perform other automated consumer financial services, including bill payments, check cashing, remote deposit capture (which is deposit-taking at ATMs using electronic imaging), and money transfers. Through its network, the Company provides ATM management and ATM equipment-related services (typically under multi-year contracts) to retail merchants, retailers and operators of facilities, such as shopping malls, airports and train stations. The Company also owns and operates electronic funds transfer (EFT) transaction processing platforms that provides transaction processing services to its network of ATMs, as well as to other ATMs under managed services arrangements.
As of December 31, 2016, the Company operated ATMs under three arrangement types with its retail partners: Company-owned ATM placements, merchant-owned ATM placements and managed services (which includes transaction processing services). Under Company-owned arrangements, it provides the physical ATM and are responsible for all aspects of the ATM's operations, including transaction processing, managing cash and cash delivery, supplies and telecommunications, as well as routine and technical maintenance. Under merchant-owned arrangements, the retail merchant or an independent distributor owns the ATM and is responsible for providing cash and performing simple maintenance tasks, while it provides complex maintenance services, transaction processing and connection to the EFT networks. It also offers various forms of managed services, depending on the needs of its customers. Each managed service arrangement is a customized ATM management solution that can include any combination of various services, such as monitoring, maintenance, cash management, cash delivery, customer service, transaction processing and other services.
In addition to its retail partner relationships, the Company also partners with national and regional financial institutions to brand selected ATMs within its network. As of December 31, 2016, approximately 22,000 of its ATMs were under contract with approximately 500 financial institutions to place their logos on its ATMs and to provide surcharge-free access for their banking customers. The Company also owns and operates the Allpoint network (Allpoint), which is a surcharge-free ATM network. As of December 31, 2016, Allpoint, with approximately 55,000 participating ATMs, provided surcharge-free ATM access to over 1,300 participating banks, credit unions, and stored-value debit card issuers. The Allpoint network includes its Company-owned ATMs in the United States and a portion of its ATMs in the United Kingdom, Canada, Puerto Rico and Mexico. Allpoint also works with financial institutions that manage stored-value debit card programs on behalf of corporate entities and governmental agencies, including general purpose, payroll, and electronic benefits transfer (EBT) cards. Under these programs, the issuing financial institutions pay Allpoint a fee per issued stored-value debit card or per transaction in return for allowing the users of those cards surcharge-free access to Allpoint's participating ATM network.
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