Business
Euronet Worldwide Reports First Quarter 2020 Financial Results
LEAWOOD, Kan., April 28, 2020 (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., April 28, 2020 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports first quarter 2020 financial results.\n Euronet reports the following consolidated results for the first quarter 2020 compared with the same period of 2019: Revenues of $583.9 million, a 1% increase from $577.5 million (3% increase on a constant currency(1) basis).Operating income of $31.6 million, a 44% decrease from $56.1 million (42% decrease on a constant currency basis).Adjusted EBITDA(2) of $68.7 million, a 21% decrease from $87.2 million (19% decrease on a constant currency basis).Net income attributable to Euronet of $1.9 million or $0.04 diluted earnings per share, compared with net income of $34.5 million or $0.62 diluted earnings per share.Adjusted earnings per share(3) of $0.55, a 35% decrease from $0.85.Euronet's cash and cash equivalents was $709.5 million and ATM cash was $558.6 million, totaling $1,268 million as of March 31, 2020, and availability under its revolving credit facilities was $950 million. See the reconciliation of non-GAAP items in the attached financial schedules. \"Like most businesses around the world, our first quarter results were significantly impacted by the COVID-19 pandemic. Our primary focus has been on ensuring the health and safety of our employees, providing uninterrupted and enhanced services for our customers and being fiscally responsible for our shareholders,\" stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. To ensure the health and safety of the Euronet’s nearly 8,000 employees, the Company has shifted virtually all of its employees to remote work-at-home arrangements. This process was efficiently completed and continues to function effectively, largely due to the exemplary contributions of our employees together with the leading edge, advanced architecture technology infrastructure we have deployed across the globe, including cybersecurity and remote access measures. Our committed employees and technology systems have enabled us to quickly respond to alternative and accelerated requirements of many of our customers. Moreover, as of the end of the first quarter, the Company had a substantial unrestricted cash balance of $709.5 million, ATM cash of $558.6 million and $950 million of availabili...