Business
Euronet Worldwide Reports First Quarter 2023 Financial Results
LEAWOOD, Kan., May 02, 2023 (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., May 02, 2023 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports first quarter 2023 financial results. Euronet reports the following consolidated results for the first quarter 2023 compared with the same period of 2022: Revenues of $787.2 million, a 10% increase from $718.5 million (14% increase on a constant currency¹ basis). Operating income of $45.6 million, a 24% increase from $36.7 million (34% increase on a constant currency basis). Adjusted EBITDA² of $92.8 million, a 17% increase from $79.5 million (23% increase on a constant currency basis). Net income attributable to Euronet of $20.1 million, or $0.39 diluted earnings per share, compared with $8.2 million, or $0.17 diluted earnings per share. Adjusted earnings per share³ of $0.87, a 26% increase from $0.69. Euronet's cash and cash equivalents were $1,065.8 million and ATM cash was $627.2 million, totaling $1,693.0 million as of March 31, 2023, and availability under its revolving credit facilities was approximately $715 million. See the reconciliation of non-GAAP items in the attached financial schedules. \"I am very pleased that we delivered record first quarter revenue and adjusted EPS as well as our eighth consecutive quarter of consolidated, constant currency double digit adjusted EBITDA growth rates,\" stated Michael J. Brown, Euronet's Chairman and CEO. \"In the EFT Segment, we saw our most profitable transactions continue to recover, together with good performance from the POS acquiring business we acquired in March last year. In epay, we continued to see demand for our content sold through both physical and digital channels. Finally, in Money Transfer, we saw continued growth in both our physical and digital distribution networks, which included a 38% increase in transactions initiated in digital channels.\" \"We continue to see improving travel trends across Europe, with major airports anticipating higher volumes than in the prior year, supporting our expectation of continued transaction improvements as we enter the seasonally stronger second and third quarters this year. With this improved travel, together with strong transaction growth trends in epay and Money Transfer, we believe we are on track to deliver record revenue and adjusted EPS for the full year 202...