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Euronet发布2019年第三季度财报
Euronet Worldwide Reports Third Quarter 2019 Financial Results
October 22, 2019 at 9:00 PM EDT

LEAWOOD, Kan., Oct. 22, 2019 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports third quarter 2019 financial results.

Euronet reports the following consolidated results for the third quarter 2019 compared with the same period of 2018:

  • Revenues of $787.0 million, a 10% increase from $714.5 million (14% increase on a constant currency(1) basis).
  • Operating income of $194.0 million, a 29% increase from $150.9 million (34% increase on a constant currency basis).
  • Adjusted EBITDA(2) of $227.3 million, a 25% increase from $181.4 million (30% increase on a constant currency basis).
  • Net income attributable to Euronet of $137.6 million or $2.46 diluted earnings per share, compared with net income of $102.7 million or $1.89 diluted earnings per share.
  • Adjusted earnings per share(3) of $2.84, a 31% increase from $2.16.
  • Transactions of 1.23 billion, a 21% increase from 1.02 billion.

"We delivered a strong third quarter with double-digit growth across all of our consolidated metrics -- highlighted by adjusted earnings per share of $2.84, a 31% year-over-year increase, and the sixth consecutive quarter we have delivered double-digit adjusted EPS growth," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "This strong result was made possible by revenue and operating income contributions from all three segments, together with certain income tax benefits. We are particularly pleased with the strength of the revenue growth, which would have been between $15 and $20 million higher had foreign currencies not depreciated against the U.S. dollar since the beginning of the year.  EFT delivered strong double-digit growth across all metrics driven by their continued investment in ATM and product expansion together with the global expansion of Visa DCC.  epay's double-digit operating income growth was the result of the continued expansion of digital media products. Money Transfer delivered solid results with continued success in both the physical and digital channels."

See the reconciliation of non-GAAP items in the attached financial schedules.

Segment and Other Results

The EFT Processing Segment reports the following results for the third quarter 2019 compared with the same period or date in 2018:

  • Revenues of $316.2 million, a 21% increase from $261.7 million (26% increase on a constant currency basis).
  • Operating income of $150.9 million, a 37% increase from $110.4 million (42% increase on a constant currency basis).
  • Adjusted EBITDA of $168.9 million, a 33% increase from $127.1 million (38% increase on a constant currency basis).
  • Transactions of 800 million, a 13% increase from 711 million.
  • Operated 47,209 ATMs as of September 30, 2019, a 13% increase from 41,902.

Double-digit constant currency revenue, operating income and adjusted EBITDA growth was largely the result of a 13% year-over-year increase in active ATMs, a 13% increase in transactions, and the expansion of Visa dynamic currency conversion (DCC) to worldwide ATM cash withdrawals. The increase in transactions was primarily from growth in Europe and Asia - including an increase in traditional cash withdrawals as well as the number of value-added transactions, such as DCC, domestic and international surcharge, and foreign currency dispensing transactions - on both ATMs and point-of-sale terminals.

Year-over-year ATM growth is the result of more than 6,800 new high-value ATM deployments in Europe and Asia, including approximately 2,500 outsourcing ATMs in Asia, and 170 more low-margin ATMs in India, partially offset by de-installation of approximately 1,300 unprofitable ATMs at YourCash and approximately 370 more winterized machines than the prior year.

The epay Segment reports the following results for the third quarter 2019 compared with the same period or date in 2018:

  • Revenues of $191.1 million, a 3% increase from $185.4 million (7% increase on a constant currency basis).
  • Operating income of $20.1 million, a 23% increase from $16.4 million (27% increase on a constant currency basis).
  • Adjusted EBITDA of $21.7 million, a 19% increase from $18.3 million (23% increase on a constant currency basis).
  • Transactions of 398 million, a 40% increase from 284 million.
  • Point-of-sale ("POS") terminals of approximately 710,000 as of September 30, 2019, a 7% increase from approximately 663,000.
  • Retailer locations of approximately 329,000 as of September 30, 2019, a 5% increase from approximately 313,000.

epay constant currency revenue, operating income and adjusted EBITDA growth was primarily from continued digital media growth.

Transaction growth was the result of increases across Europe and strong contributions from India, which included a large volume of low-margin mobile top-up transactions.

epay terminal and location counts for the prior period have been restated to conform with the current presentation which eliminates intra-segment counts.

The Money Transfer Segment reports the following results for the third quarter 2019 compared with the same period or date in 2018:

  • Revenues of $280.8 million, a 5% increase from $268.4 million (7% increase on a constant currency basis).
  • Operating income of $35.6 million, a 4% increase from $34.3 million (6% increase on a constant currency basis).
  • Adjusted EBITDA of $43.7 million, a 4% increase from $42.2 million (6% increase on a constant currency basis).
  • Total transactions of 29.3 million, a 5% increase from 27.8 million.
  • Network locations of approximately 389,000 as of September 30, 2019, an 8% increase from approximately 361,000.

Constant currency revenue, operating income and adjusted EBITDA growth was driven by strong double-digit contributions from U.S. outbound and international originated remittances, partially offset by limited growth from the xe business stemming from Brexit uncertainties and the previously announced decline in U.S. domestic transfers as a result of additional identification requirements on domestic transactions.

Money transfers grew 5% and non-transfer transactions, such as currency exchange and check cashing, grew 6%, resulting in total transaction growth of 5%.

Corporate and Other reports $12.6 million of expense for the third quarter 2019 compared with $10.2 million for  the third quarter 2018.  The increase in corporate expense is largely the result of higher short-term and long-term incentive compensation based on Company performance.

Balance Sheet and Financial Position
Unrestricted cash on hand was $1.73 billion as of September 30, 2019, compared to $1.56 billion as of June 30, 2019.   The increase in cash resulted from cash generated from operations and settlement timing in the business, partially offset by approximately $40 million in share repurchases in the third quarter.

Total indebtedness was $1.10 billion as of September 30, 2019, compared to $1.14 billion as of June 30, 2019. The decrease in debt was primarily from the impact of foreign currency translation on the Company's Euro-denominated debt.

Effective January 1, 2019, the Company adopted Accounting Standards Codification No. 842 ("ASC 842") to record operating leases on its consolidated balance sheet.  As of September 30, 2019, the Company reported $361.7 million in net Right of Use Lease Assets with a similar amount recorded in Operating Lease Liabilities, both current and long-term.  There was no impact on the consolidated statement of operations.

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