CATM
#Sure.
The pipeline that we are looking at is multidimensional.
And I don't mean to be cryptic, but they range across different size deals from bigger to midsize to smaller.
And that's both in the US and outside the US.
We believe that there are opportunities for small portfolio acquisitions here and there that provide a footprint for us entering a particularly new market.
We believe there are opportunities for a few larger deals based on the timing that's appropriate from the seller's perspective.
And we can't always control that.
So, the pipeline, as I've said in prior calls, is as rich as we've ever seen it in terms of size, breadth, and the number of countries.
But the discipline is also in full swing in the company, and just because it's on a list doesn't mean we should do it.
So, I don't know if I'm helping you get anywhere with your question, but the pipeline is one I'm pleased with and one that will bear fruit for us over time, but always difficult to pinpoint the time but, with the re-domiciliation, certainly an asset to compete on a level playing field with any other potential acquirer.
I think I would probably characterize it as this.
We're in a scale business, so focus is healthy.
And I think mastering the art of the European deal would be a useful construct for the company for a bit.
Having said that, as you well know opportunity knocks in different times and different ways, and we don't always get to regulate the flow of those knocks.
So, we certainly remain open to the right opportunities anywhere on the planet, quite frankly.
And the question is are they the right opportunities, and is it a good time to be in the market.
I will say the following.
I always prefer to be in a market that is slightly more mature rather than slightly less mature because I don't want to be in the business of training people on how to use ATMs.
I'd rather be in the business of making an existing model way more efficient, if that makes sense to you.
Unfortunately, probably not, but I certainly expect you to see stuff next year.
And I expect to have some good storyboard for you in next year.
We are operating it and customers are accepting it.
But I just think, given the challenges of the complexity of the EMV rollout combined with the challenges of the software stack we were rolling out, it's just gone slower.
And I would have to fess up that it's in that slowness that we probably missed the window to have material opportunity this year.
But I'm extremely bullish on the opportunity overall, and I am excited about its ramping opportunity in 2017, 2018, and beyond.
So, there are rules of thumb, some of which we would not expose in a competitive public environment, but I can do the following for you.
We think in terms of Allpoint, generally without any energy, creating a double or a triple over what we would normally see from an institution at our ATMs.
I think one of the things you'll see in the future, particularly from deals with larger entities, will be more of a structural commitment to leveraging the asset.
And by that I mean to imply hopefully over time a materially higher rate of penetration at Cardtronics Allpoint ATMs by those kinds of card bases.
So, there is sort of a ---+ branding gets you one kind of ratio.
Allpoint gets you another kind of ratio.
And if there's no engagement, that's one level.
But if there is engagement, if there is marketing, if there is commitment, then you'll see something material.
And we run card bases on our platform where, for some financial institutions that never were doing Allpoint or branding with us, we might have seen 2% or 3% of their traffic.
And if we manage the account ---+ which takes a whole lot of handholding and time so it's not add water and stir ---+ we can see penetration rates of all of their ATM transactions, 10%, 20%, 30% of all their volume.
And that's where, for some of these larger accounts, we hope to deliver meaningful same store impacts over time.
The beautiful thing about the Cardtronics' model is we don't have to teach people new behaviors.
They know how to use an ATM, but we still have to teach them to use the right ATM.
And when the financial institution cooperates, pretty good things happen with that from a same store perspective.
I guess I would call it a combo in the sense that, as banks are managing their transformation process to this digital model, fewer branch model, lower employee count model, they're looking for solutions.
And we find ourselves brainstorming with them as opposed to saying take this off the rack sort of thing.
But, if forced to answer your question, I would say off-premise activity like the TD deal and ---+ is a hot subject because it frees up capital and allows them to focus on some internal activities.
And increasingly, I think the Allpoint model is getting additional traction.
Branding still does fine and it gets combined with other activities.
And multibank branding I think will give that new depth of texture because it will allow us to alter the pricing models for effective ---+ getting multiple entities delivering greater returns on an ATM but at a lower transaction cost for them.
So, I think ultimately I'd like to be telling you sometime next year all cylinders are pumping equally and aggressively.
But I think in fairness, for a lot of the larger banks, their off-premise leads are a target at the moment.
And for lots and lots of banks big and small the Allpoint access, so they can stop thinking about deploying off-premise, is increasingly important.
You're welcome, <UNK>.
Thank you all.
Thank you.
