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2012 Annual Report

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2012 Annual Report Contents Financial Metrics ............................................................................................................................................................................................................................................ 1 Letter From the CEO ........................................................................................................................................................................................................................................ 2 Cardtronics At A Glance ............................................................................................................................................................................................................................... 4 Infographic: Anatomy of Cardtronics Cash ............................................................................................................................................................................................ 5 Accumulating ATMs ..........................................................................................................................................................................................................................................6 Collecting Cardholders .................................................................................................................................................................................................................................. 8 Driving and Delivering Transactions ....................................................................................................................................................................................................... 10 Executive Leadership ................................................................................................................................................................................................................................... 12 Contact Information and Notices ................................................................................................................................................................................ Inside Back Cover Where Cash Meets Commerce Financial Metrics Total Revenue (in millions) +25% vs. 2011 189.5 1.61 1.37 156.3 130.8 1.00 110.4 81.9 0.68 60.6 0.21 +21% +18% 0.13 2007 2008 2009 2010 2011 2012 vs. 2011 vs. 2011 2007 2008 2009 2010 2011 2012 Adjusted EBITDA* Adjusted Diluted Earnings per Share* (in millions) 136.4 105.2 113.3 74.9 55.1 +20% 16.2 vs. 2011 Operating Cash Flows (in millions) *For details on the calculation of Adjusted EBITDA and Adjusted Diluted Earnings per Share, please see the reconciliation included in the Form 10-K. 2012 Annual Report and Form 10-K www.cardtronics.com 1 A Letter From the CEO Dear Cardtronics Shareholders, TRANSACTIONS are there to be had — a year building upon the last, Cardtronics accumulated ATMs (better ATMs), ago I shared that message in this very same introduced scores of new cardholders to our cash machines, actively space. And throughout 2012, Cardtronics pursued transactions and validated our relevance to retailers in new moved aggressively to acquire transaction and exciting traffic-building initiatives. By the time the curtain fell share. In fact, we pursued those transactions on 2012 Cardtronics rewrote its operational record book, drove more so vigorously that our company placed new ATM transactions and delivered more consumers to our host retailers’ ATMs at an unprecedented pace, which point-of-sale counters. As a result, I believe 2012 was a glimpse into helped smash our previous high-water mark the future of our company, a new era in which consumers, retailers for annual cash withdrawal transactions, and financial institutions agree — ‘there are ATMs and there are and that in turn contributed to record revenues, all-around solid Cardtronics ATMs, and I choose Cardtronics.’ financial performance and a healthy return on investment for our shareholders. ENCOURAGE CARDTRONICS ATM USAGE Central to discussing Cardtronics’ new ATM model is understanding Also in this very same space one year ago, I cast a vision for a the difference between transaction acquisition and aggressively strategic transition, a multi-year journey in which Cardtronics acquiring transaction share. And to do that, it helps to remember builds out new skill-sets to complement existing capabilities. who Cardtronics is and what we do. Based on the fundamental strength of our deployed ATMs and the underlying business model — a model which delivered solid organic growth and wider margins — Cardtronics once again performed to our expectations. Nevertheless, Cardtronics is a company on an evolutionary journey. CHANGING (SUBTLY) THE ATM GAME Coming aboard at Cardtronics three years ago, I assumed control of a transaction acquisition machine, adept at aggregating scale and driving out costs. To be clear, and as evidenced by double-digit organic revenue growth in 2012, that machine continues to serve us well. However, positioning the company to sustain that kind of growth–long-term–challenges Cardtronics to evolve, to invent new products and bring them to market and to change the ATM game in subtle ways. For an early indicator of our success, look no further than interchange. Because no ATM operator can set traditional interchange rates Cardtronics is the world’s leading ATM services provider, enabling (payments networks do that), interchange has always been a less access to cash and financial services in more than 62,000 of the secure source of revenue. Therefore, we’re changing the game, gaining most convenient retailer locations — connecting consumers, retailers control over interchange revenue through direct relationships with and financial institutions where cash meets commerce. We deal financial institutions. Whereas five years ago, traditional or large in retail-located ATMs, so as with real estate, location, location, network interchange represented approximately 21 percent of location plays a leading role in Cardtronics’ demonstrated success total revenues, by the close of 2012, this less secure, large network in transaction acquisition. Additionally, our surcharge-free Allpoint interchange contribution had dropped to 8 percent. That significant Network and nearly 18,800 bank-branded ATMs (U.S. and Canada) progress aside, it is the intent of Cardtronics’ management to evolve have certainly influenced cardholders’ choice of ATMs, subject to the our revenue mix as rapidly as we can. aggressiveness with which financial institutions and prepaid card programs have promoted Cardtronics and Allpoint ATMs. How do we do that? In 2012, Cardtronics began to fashion a new, more aggressive ATM model, which comes into focus in the Increased transaction activity from our existing (and expanding) following pages of this annual report. With each successive activity ATM footprint, coupled with delivering a bump in point-of-sale 2 2012 Annual Report and Form 10-K www.cardtronics.com transactions to our retailer hosts — that’s the end game of Delivering Transactions section of this annual report. In short, Cardtronics’ new ATM model and how we get there is becoming early returns connected to improving the consumer experience more actively involved in aggressively acquiring transaction in this way are encouraging. share. The time has come for Cardtronics, in concert with our retailer, bank, credit union and prepaid partners, to get directly Cardtronics’ business model, as always, will be based in-part involved in encouraging consumers to initiate a transaction at on the fundamental strength of our deployed ATMs, but we are our ATM, as well as with the retailer hosting our cash machine. also right now in the midst of evolving — building new products and executing strategies — to accelerate the transaction EARLY STAGES growth rate and overall volume at our ATMs. As we transition In our new ATM model, Cardtronics will continue to accumulate from transaction acquirer to driver of transactions, more ATM ATMs and welcome multitudes of good ol’ fashioned surcharge- transactions will mean more retail sales, and track-able sales paying consumers. Also unchanged, Cardtronics will align itself at that. Where we’re headed on this journey, everyone in the with entire portfolios of cardholders through surcharge-free Cardtronics value circle wins when we get there. The retailer access arrangements. Why? Because prime ATM real estate wins with sales, the consumer with convenience and rewards, and loyal cardholders, as well as cash-seeking consumers-of- the financial institution/prepaid program with loyalty and chance, provide a core foundation for future growth. The change Cardtronics shareholders as a by-product of the shared success. comes in transitioning Cardtronics from transaction acquirer to REFLECTIONS AND RECOGNITIONS All of us at Cardtronics continue to believe in cash because it works—in good times and bad times, it works. In 2012, the same couldn’t always be said of trendier card- and mobile-based payment options at the London Olympic Games and along a weather-battered East Coast in the United States. That is not to say Cardtronics believes cash is the only viable payment choice going forward, which is a message you often hear from the payment network and mobile wallet folks about their products. People don’t like to be told what to do or have dictated what’s best for them. Rather, people desire options and the freedom to choose for themselves. At
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