Business
Euronet Worldwide Reports a 236% Year-over-Year Increase in Operating Income
LEAWOOD, Kan., July 27, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. ("Euronet" or the "Company") (NASDAQ: EEFT), a leading electronic payments provider,
About this update from Euronet Worldwide, Inc.
[{"type":"text","content":"LEAWOOD, Kan., July 27, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (\"Euronet\" or the \"Company\") (NASDAQ: EEFT), a leading electronic payments provider, reports second quarter 2022 financial results. Euronet reports the following consolidated results for the second quarter 2022 compared with the same period of 2021: Revenues of $843.3 million, an 18% increase from $714.7 million (28% increase on a constant currency1 basis). Operating income of $101.1 million, a 236% increase from $30.1 million (279% increase on a constant currency basis). Adjusted EBITDA2 of $147.2 million, a 97% increase from $74.7 million (119% increase on a constant currency basis). Net income attributable to Euronet of $57.3 million, or $1.08 diluted earnings per share, compared with $8.6 million, or $0.16 diluted earnings per share. Adjusted earnings per share3 of $1.73, a 226% increase from $0.53. Euronet's cash and cash equivalents were $1,014.9 million and ATM cash was $890.8 million, totaling $1,905.7 million as of June 30, 2022, and availability under its revolving credit facilities was approximately $475 million. See the reconciliation of non-GAAP items in the attached financial schedules. \"I am very pleased that we were able to deliver a fourth consecutive quarter of strong double-digit consolidated year-over-year revenue and adjusted EBITDA growth rates,\" stated Michael J. Brown, Euronet's Chairman and CEO. \"We continued to see a strong rebound in our EFT transactions stemming from a recovery in travel as COVID restrictions are being lifted, while at the same time providing Ukrainians more than 1.7 million free ATM withdrawal transactions as they seek shelter in surrounding countries. In Money Transfer, we saw continued growth in both our physical and digital distribution networks, which included a nice rebound in transactions in the Asia Pacific region as COVID restrictions are being lifted. And, in epay we continued to see growth in content sold through both physical and digital channels.\" \"As I look at our business, I'd be remiss not to address the current macroeconomic trends, such as the strengthening U.S. dollar, rising interest rates, inflation, as well as staffing and operational issues within the travel industry. While these items have not had a material impact on our gross profits, we have started to see some evidence of pres...