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Euronet 发布第四季度和2019年全年的财务业绩
Euronet Worldwide Reports Fourth Quarter and Full Year 2019 Financial Results
February 11, 2020 at 3:15 AM EST

LEAWOOD, Kan., Feb. 11, 2020 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports fourth quarter and full year 2019 financial results.

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

  • Revenues of $693.7 million, a 7% increase from $649.4 million (9% increase on a constant currency(1) basis).
  • Operating income of $107.2 million, a 51% increase from $71.2 million (54% increase on a constant currency basis).
  • Adjusted operating income(2) of $107.2 million, a 26% increase from $84.8 million (29% increase on a constant currency basis).
  • Adjusted EBITDA(3) of $142.2 million, a 22% increase from $116.3 million (25% increase on a constant currency basis).
  • Net income attributable to Euronet of $106.5 million or $1.91 diluted earnings per share, compared with net income of $60.0 million or $1.10 diluted earnings per share.
  • Adjusted earnings per share(4) of $1.63, a 19% increase from $1.37.
  • Transactions of 1.28 billion, a 19% increase from 1.08 billion.

Euronet reports the following consolidated results for the full year 2019 compared with the same period of 2018:

  • Revenues of $2,750 million, an 8% increase from $2,537 million (13% increase on a constant currency basis).
  • Operating income of $475.2 million, a 33% increase from $358.0 million (39% increase on a constant currency basis).
  • Adjusted operating income of $473.9 million, a 28% increase from $371.6 million (34% increase on a constant currency basis).
  • Adjusted EBITDA of $607.1 million, a 23% increase from $494.4 million (29% increase on a constant currency basis).
  • Net income attributable to Euronet of $346.8 million or $6.32 diluted earnings per share, compared with net income of $232.8 million or $4.26 diluted earnings per share.
  • Adjusted earnings per share of $7.01, a 27% increase from $5.53.
  • Transactions of 4.71 billion, an 18% increase from 3.98 billion.

"We delivered record fourth quarter adjusted EPS of $1.63, a 19% year-over-year increase and the seventh 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 contributions from all three segments, together with a couple cent benefit from income tax.  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 DCC.  epay's double-digit operating income growth was the result of the continued expansion of digital media products.  Money transfer continued to benefit from exceptional physical and digital international remittance growth."

"For the full year, we delivered adjusted EPS growth of $7.01, a 27% year-over-year increase and our seventh consecutive year of double-digit growth in adjusted EPS," continued Mr. Brown.  "All three segments contributed to this growth through continued focus on network and product expansion.  As we enter 2020, we are excited about our leading-edge technology which is paving the way for some groundbreaking new products and services within each of our three segments."

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 fourth quarter 2019 compared with the same period or date in 2018:

  • Revenues of $194.9 million, a 21% increase from $161.3 million (23% increase on a constant currency basis).
  • Operating income of $52.5 million, a 134% increase from $22.4 million (139% increase on a constant currency basis).
  • Adjusted operating income of $52.5 million, an 81% increase from $29.0 million (85% increase on a constant currency basis).
  • Adjusted EBITDA of $71.9 million, a 55% increase from $46.4 million (58% increase on a constant currency basis).
  • Transactions of 809 million, a 14% increase from 711 million.
  • Operated 46,070 ATMs as of December 31, 2019, a 14% increase from 40,354.

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

  • Revenues of $888.7 million, an 18% increase from $753.6 million (24% increase on a constant currency basis).
  • Operating income of $296.7 million, a 50% increase from $197.2 million (58% increase on a constant currency basis).
  • Adjusted operating income of $295.4 million, a 45% increase from $203.8 million (53% increase on a constant currency basis).
  • Adjusted EBITDA of $367.2 million, a 36% increase from $270.5 million (43% increase on a constant currency basis).
  • Transactions of 3.05 billion, a 12% increase from 2.72 billion.

Fourth quarter double-digit constant currency revenue, adjusted operating income and adjusted EBITDA growth was largely the result of a 14% year-over-year increase in active ATMs and transactions, the expansion of DCC on worldwide ATM cash withdrawals and a one-time VAT benefit of approximately $8 million.  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.

Similar to prior years, the EFT segment added more than 900 high-value ATMs in the fourth quarter - across both Europe and Asia - which positions the EFT segment for a continuation of strong revenue growth, but these ATMs also contribute to higher operating costs in the seasonally weaker first quarter.  Moreover, in the fourth quarter, the Company acquired 1,795 outsourcing ATMs, which are not expected to be dilutive to adjusted EPS in 2020.

Full year ATM growth is the result of nearly 6,000 new high-value ATM deployments in Europe and Asia, including approximately 1,800 outsourced ATMs in Asia and 1,795 acquired ATMs, partially offset by de-installation of approximately 1,200 unprofitable ATMs at YourCash and approximately 1,000 more seasonally de-activated machines than the prior year.

Full year 2019 revenue, adjusted operating income and adjusted EBITDA growth was primarily the result of ATM network and transaction expansion as well as the expansion of DCC to worldwide ATM cash withdrawals.

Full year 2019 adjusted operating income, adjusted EBITDA and adjusted EPS were reduced by a $1.3 million post-acquisition adjustment.  Fourth quarter and full year 2018 operating income includes a $6.6 million post-acquisition charge which has been excluded from adjusted operating income, adjusted EBITDA and adjusted EPS.

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

  • Revenues of $218.0 million, a 1% increase from $215.0 million (4% increase on a constant currency basis).
  • Operating income of $33.6 million, a 15% increase from $29.3 million (17% increase on a constant currency basis).
  • Adjusted EBITDA of $35.3 million, a 15% increase from $30.7 million (18% increase on a constant currency basis).
  • Transactions of 437 million, a 27% increase from 344 million.
  • Point-of-sale ("POS") terminals of approximately 728,000 as of December 31, 2019, a 2% increase from approximately 711,000.
  • Retailer locations of approximately 339,000 as of December 31, 2019, a 1% increase from approximately 336,000.

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

  • Revenues of $769.4 million, a 3% increase from $743.7 million (8% increase on a constant currency basis).
  • Operating income of $89.3 million, a 13% increase from $78.9 million (19% increase on a constant currency basis).
  • Adjusted EBITDA of $96.2 million, a 12% increase from $86.0 million (17% increase on a constant currency basis).
  • Transactions of 1.54 billion, a 34% increase from 1.15 billion.

Fourth quarter and full year 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.

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

  • Revenues of $281.9 million, a 3% increase from $274.1 million (4% increase on a constant currency basis).
  • Operating income of $33.0 million, a 13% increase from $29.3 million (15% increase on a constant currency basis).
  • Adjusted operating income of $33.0 million, a 9% decrease from $36.3 million (7% decrease on a constant currency basis).
  • Adjusted EBITDA of $41.3 million, a 7% decrease from $44.6 million (5% decrease on a constant currency basis).
  • Total transactions of 29.7 million, a 4% increase from 28.5 million.
  • Network locations of approximately 397,000 as of December 31, 2019, an 8% increase from approximately 369,000.

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

  • Revenues of $1,096 million, a 5% increase from $1,043 million (8% increase on a constant currency basis).
  • Operating income of $134.6 million, a 10% increase from $122.8 million (13% increase on a constant currency basis).
  • Adjusted operating income of $134.6 million, a 4% increase from $129.8 million (7% increase on a constant currency basis).
  • Adjusted EBITDA of $167.2 million, a 3% increase from $161.9 million (7% increase on a constant currency basis).
  • Total transactions of 114.5 million, a 6% increase from 107.6 million.

Fourth quarter 2019 revenue growth was driven by strong double-digit contributions from U.S. outbound and international originated remittances.  Limited growth from the xe business stemming from economic uncertainties in the U.K. and the previously announced softness in the intra-U.S. transfer business partially offset revenue growth and resulted in adjusted operating income and adjusted EBITDA declines for the fourth quarter.

For the full year 2019, revenue, adjusted operating income and adjusted EBITDA growth was largely from the strong double-digit expansion in U.S. outbound and international originated remittances, partially offset by limited growth in xe and softness in the intra-U.S. transfer business.

Fourth quarter and full year 2018 operating income included a $7.0 million impairment charge on intangible assets related to the HiFX brand name resulting from the Company's decision to unify the branding of its international payments business under the xe brand; this $7.0 million impairment charge on intangible assets was excluded from adjusted operating income, adjusted EBITDA and adjusted EPS.

Fourth quarter 2019 money transfers grew 4% and non-transfer transactions, such as currency exchange and check cashing, grew 4%, resulting in total transaction growth of 4%.

Full year 2019 money transfers grew 7% and non-money transfers grew 4%, resulting in total transaction growth of 6%.

Corporate and Other reports $11.9 million of expense for the fourth quarter 2019 compared with $9.8 million for the fourth quarter 2018.  For the full year 2019, Corporate and Other reports $45.4 million of expense compared with $40.9 million for the full year 2018.  Increased corporate expense for both the fourth quarter and full year is largely due to higher short-term and long-term incentive compensation based on Company performance.

Balance Sheet and Financial Position
Unrestricted cash on hand was $786.1 million as of December 31, 2019, compared to $817.7 million as of September 30, 2019.  The decrease in cash resulted from share repurchases and capital expenditures, including the 1,795 ATMs acquired in the fourth quarter, partially offset by cash generated from operations.

Total indebtedness was $1.11 billion as of December 31, 2019, compared to $1.10 billion as of September 30, 2019.

The Consolidated Balance Sheet for December 31, 2019,  has been updated to include three new balance sheet captions entitled ATM cash, Settlement assets and Settlement obligations in order to align settlement assets with settlement obligations, including the related cash component of ATM and settlement cash.  ATM cash represents the cash within the ATM network.  Settlement assets represents funds received or to be received from agents for unsettled money transfers due from merchants or unsettled prepaid transactions.  Settlement obligations consist of unpaid money transfers, payables to agents and content providers.  Unrestricted cash now represents the cash available from operations.  Prior quarter and year amounts have been updated to conform to the current year presentation.

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 December 31, 2019, the Company reported $377.5 million in net Right of Use Lease Assets with a similar amount recorded in Operating Lease Liabilities, both current and long-term.  The adoption had no impact on the consolidated statement of operations.

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