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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Euronet Worldwide Inc | NASDAQ:EEFT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5.35 | -5.08% | 99.88 | 99.42 | 99.91 | 100.055 | 93.505 | 95.05 | 351,183 | 15:18:05 |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||
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Exhibit
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Description |
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99.1 |
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Euronet Worldwide, Inc. | |
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By: |
___________________ |
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Rick L. Weller | |
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Chief Financial Officer | |
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Date: July 18, 2024 |
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•
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Revenues of $986.2 million, a 5% increase from $939.1 million (6% increase on a constant currency1 basis).
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•
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Operating income of $134.3 million, a 10% increase from $122.6 million (12% increase on a constant currency basis).
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Adjusted operating income2 of $134.3 million, a 12% increase from $119.6 million (15% increase on a constant currency basis).
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Adjusted EBITDA3 of $178.2 million, a 7% increase from $165.8 million (10% increase on a constant currency basis).
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Net income attributable to Euronet of $83.1 million, or $1.73 diluted earnings per share, compared with $86.1 million, or $1.65 diluted earnings per share.
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Adjusted earnings per share4 of $2.25, an 11% increase from $2.03.
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•
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Euronet's cash and cash equivalents were $1,271.8 million and ATM cash was $795.6 million, totaling $2,067.4 million as of June 30, 2024, and availability under its revolving credit facilities was approximately $802.0 million.
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“I am pleased that we achieved a second quarter adjusted EPS of $2.25, an 11% increase over the prior year's $2.03,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “We were able to deliver this growth due to our continued focus on expanding our business in new and existing markets, adding more products to our portfolio and continued investment in our industry-leading technology in all three segments. Complementing the 15% constant currency adjusted operating income growth, operating margins expanded by more than 90 basis points. Producing double-digit adjusted EPS growth in the first two quarters of 2024 reinforces our confidence in delivering full year adjusted EPS growth within our expected 10-15% range and increases our determination to deliver results beyond the range.”
Segment and Other Results
The EFT Processing Segment reports the following results for the second quarter 2024 compared with the same period or date in 2023:
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Revenues of $305.4 million, an 8% increase from $282.4 million (10% increase on a constant currency basis).
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•
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Operating income of $79.9 million, a 16% increase from $69.1 million (19% increase on a constant currency basis).
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•
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Adjusted operating income of $79.9 million, a 21% increase from $66.1 million (24% increase on a constant currency basis).
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Adjusted EBITDA of $105.0 million, a 17% increase from $89.9 million (20% increase on a constant currency basis).
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Transactions of 2,737 million, a 34% increase from 2,035 million.
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Total of 54,736 installed ATMs as of June 30, 2024, a 5% increase from 52,327. We operated 54,005 active ATMs as of June 30, 2024, a 5% increase from 51,402 as of June 30, 2023.
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Constant currency revenue, adjusted operating income, and adjusted EBITDA growth in the second quarter 2024 was driven by increased travel, growth in the merchant services business and growth from new market expansion. Operating margins benefited from transactions driven by continued travel recovery, actions taken by management to remove loss making ATMs in last year's fourth quarter and the first half of this year, together with effective expense management.
The increase in active ATMs includes the acquisition of 800 ATMs in Malaysia together with the addition of approximately 1,400 outsourcing ATMs.
The epay Segment reports the following results for the second quarter 2024 compared with the same period or date in 2023:
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Revenues of $260.9 million, a 1% decrease from $263.8 million (no change on a constant currency basis).
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Operating income of $26.2 million, a 2% decrease from $26.8 million (no change on a constant currency basis).
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Adjusted EBITDA of $28.0 million, a 2% decrease from $28.5 million (no change on a constant currency basis).
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Transactions of 1,110 million, a 13% increase from 984 million.
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POS terminals of approximately 794,000 as of June 30, 2024, a 2% decrease from approximately 810,000.
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Retailer locations of approximately 352,000 as of June 30, 2024, a 1% increase from approximately 349,000.
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epay’s results were similar to the prior year across all metrics. The prior year 2023 second quarter results included a strong benefit from promotional campaigns run by epay on behalf of retail partners, which did not recur in the second quarter 2024, but are expected to be delivered in the third and more so the fourth quarters. Excluding the promotional campaigns, the core epay business grew revenue, operating income and adjusted EBITDA by 10%. Transaction growth outpaced revenue growth due to continued growth in high-volume low-value transactions in India.
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Revenues of $421.8 million, a 7% increase from $394.8 million (8% increase on a constant currency basis).
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Operating income of $47.3 million, essentially flat compared to $47.2 million (2% increase on a constant currency basis).
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Adjusted EBITDA of $54.0 million, a 2% decrease from $55.3 million (1% decrease on a constant currency basis).
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Total transactions of 44.3 million, an 8% increase from 41.1 million.
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Network locations of approximately 586,000 as of June 30, 2024, a 10% increase from approximately 533,000.
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Constant currency growth revenue was primarily driven by near double-digit growth in cross-border transactions, offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions increased by 24%, reflecting strong consumer demand for digital product, which represents 12% of total transactions. The constant currency Operating Income increase of 2% was influenced by an additional $3.9 million year-over-year digital customer marketing spend during the quarter versus last year. Excluding the incremental digital customer marketing spend, constant currency Operating Income growth would have exceeded 10% producing operating margins consistent with prior year. Money Transfer’s revenue and gross profit per transaction were consistent with the prior year and Money Transfer volumes sent increased 9%.
Corporate and Other reports $19.1 million of expense for the second quarter 2024 compared with $20.5 million for the second quarter 2023.
The Company repurchased one million shares for $114 million during the second quarter, which will improve earnings per share by 2% for future periods.
(3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation, a non-cash gain and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.
(4) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash gain f) other non-operating or non-recurring items and g) dilutive shares relate to the Company's convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.
Conference Call and Slide Presentation
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EURONET WORLDWIDE, INC.
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Condensed Consolidated Balance Sheets
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(in millions)
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As of
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June 30,
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As of
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2024
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December 31,
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(unaudited)
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2023
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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1,271.8
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$
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1,254.2
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ATM cash
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795.6
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525.2
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Restricted cash
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23.8
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15.2
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Settlement assets
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1,478.3
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1,681.5
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Trade accounts receivable, net
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428.1
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370.6
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Prepaid expenses and other current assets
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268.9
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316.0
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Total current assets
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4,266.5
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4,162.7
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Property and equipment, net
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331.1
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332.1
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Right of use lease asset, net
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144.3
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142.6
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Goodwill and acquired intangible assets, net
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1,078.2
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1,015.1
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Other assets, net
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240.7
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241.9
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Total assets
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$
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6,060.8
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$
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5,894.4
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LIABILITIES AND EQUITY
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Current liabilities:
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Settlement obligations
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$
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1,478.3
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$
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1,681.5
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Accounts payable and other current liabilities
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807.0
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816.9
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Current portion of operating lease liabilities
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50.9
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50.3
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Short-term debt obligations
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1,235.4
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151.9
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Total current liabilities
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3,571.6
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2,700.6
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Debt obligations, net of current portion
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1,032.7
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1,715.4
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Operating lease liabilities, net of current portion
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97.2
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95.8
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Capital lease obligations, net of current portion
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2.1
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2.3
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Deferred income taxes
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62.9
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47.0
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Other long-term liabilities
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80.7
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83.6
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Total liabilities
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4,847.2
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4,644.7
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Equity
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1,213.6
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1,249.7
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Total liabilities and equity
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$
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6,060.8
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$
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5,894.4
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EURONET WORLDWIDE, INC.
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Consolidated Statements of Operations
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(unaudited - in millions, except share and per share data)
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Three Months Ended
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June 30,
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2024
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2023
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Revenues
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$
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986.2
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$
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939.1
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Operating expenses:
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Direct operating costs
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580.8
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558.1
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Salaries and benefits
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158.0
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149.4
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Selling, general and administrative
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79.4
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75.3
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Depreciation and amortization
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33.7
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33.7
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Total operating expenses
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851.9
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816.5
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Operating income
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134.3
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122.6
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Other income (expense):
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Interest income
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5.9
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3.5
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Interest expense
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(20.1
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(14.0
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Foreign currency exchange gain
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1.5
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6.3
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Other income (expense)
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0.8
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(0.1
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Total other expense, net
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(11.9
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(4.3
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Income before income taxes
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122.4
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118.3
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Income tax expense
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(39.2
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(32.3
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Net income
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83.2
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86.0
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Net loss attributable to non-controlling interests
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(0.1
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) |
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0.1
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Net income attributable to Euronet Worldwide, Inc.
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$
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83.1
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$
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86.1
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Add: Interest expense from assumed conversion of convertible notes, net of tax
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1.0
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1.1
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Net income for diluted earnings per share calculation
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$
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84.1
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$
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87.2
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Earnings per share attributable to Euronet
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Worldwide, Inc. stockholders - diluted
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$ |
1.73
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$
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1.65
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Diluted weighted average shares outstanding
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48,700,270
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52,871,415
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EURONET WORLDWIDE, INC.
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Reconciliation of Net Income to (Adjusted) Operating Income (Expense) and Adjusted EBITDA
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(unaudited - in millions)
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Three months ended June 30, 2024
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EFT Processing
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epay
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Money Transfer
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Corporate Services
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Consolidated
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Net income
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$
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83.2
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Add: Income tax expense
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39.2
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Add: Total other expense, net
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11.9
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Operating income (expense)
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$
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79.9
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$
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26.2
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$
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47.3
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$
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(19.1
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) |
$
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134.3
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Add: Depreciation and amortization
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25.1
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1.8
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6.7
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0.1
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33.7
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Add: Share-based compensation
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—
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—
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—
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10.2
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10.2
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Earnings before interest, taxes, depreciation, amortization, share-based compensation(Adjusted EBITDA) (1)
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$
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105.0
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$
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28.0
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$
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54.0
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$
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(8.8
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) |
$
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178.2
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Three months ended June 30, 2023
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EFT Processing
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epay
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Money Transfer
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Corporate Services
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Consolidated
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Net income
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$
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86.0
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Add: Income tax expense
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32.3
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Add: Total other expense, net
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4.3
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Operating income (expense)
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$
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69.1
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$
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26.8
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$
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47.2
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$
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(20.5
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$
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122.6
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Less: Non-cash gain
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(3.0
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) |
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—
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—
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—
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(3.0
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) | ||||||
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Adjusted operating income (expense) (1)
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|
66.1
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|
26.8
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|
47.2
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(20.5
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) |
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119.6
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Add: Depreciation and amortization
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23.8
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|
1.7
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|
8.1
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|
0.1
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|
33.7
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Add: Share-based compensation
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—
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—
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—
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12.5
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12.5
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Earnings before interest, taxes, depreciation, amortization, non-cash gain and share-based compensation (Adjusted EBITDA) (1)
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$
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89.9
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$
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28.5
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$
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55.3
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$
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(7.9
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) |
$
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165.8
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EURONET WORLDWIDE, INC.
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Reconciliation of Adjusted Earnings per Share
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(unaudited - in millions, except share and per share data)
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Three Months Ended
|
|||||||
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June 30,
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|||||||
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2024
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2023
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||||||
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Net income attributable to Euronet Worldwide, Inc.
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$
|
83.1
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$
|
86.1
|
|||
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Foreign currency exchange gain
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(1.5
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) |
(6.3
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) | |||
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Intangible asset amortization(1)
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6.5
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6.6
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Share-based compensation(2)
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10.2
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|
12.5
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Non-cash gain(3)
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—
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(3.0
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)
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Income tax effect of above adjustments(4)
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4.3
|
1.7
|
|||||
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Non-cash GAAP tax expense(5)
|
1.9
|
|
4.5
|
|
|||
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Adjusted earnings(6)
|
$
|
104.5
|
|
$
|
102.1
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|
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Adjusted earnings per share - diluted(6)
|
$
|
2.25
|
|
$
|
2.03
|
|
|
|
Diluted weighted average shares outstanding (GAAP)
|
|
48,700,270
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|
52,871,415
|
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||
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Effect of adjusted EPS dilution of convertible notes
|
|
(2,781,818 | ) | (2,781,818 | ) | ||
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Effect of unrecognized share-based compensation on diluted shares outstanding
|
420,305
|
|
228,127
|
|
|||
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Adjusted diluted weighted average shares outstanding
|
|
46,338,757
|
|
50,317,724
|
|
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(3) Non-cash gain of $3.0 million is included in
operating income for the three months ended June 30, 2023, in the
consolidated statement of operations.
(4) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.
1 Year Euronet Worldwide Chart |
1 Month Euronet Worldwide Chart |
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