Business
Euronet Worldwide Reports Third Quarter 2023 Financial Results
LEAWOOD, Kan., Oct. 20, 2023 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading global financial technology
About this update from Euronet Worldwide, Inc.
[{"type":"text","content":"LEAWOOD, Kan., Oct. 20, 2023 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, reports third quarter 2023 financial results. Euronet reports the following consolidated results for the third quarter 2023 compared with the same period of 2022: Revenues of $1,004.0 million, an 8% increase from $931.3 million (3% increase on a constant currency1 basis).Operating income of $167.0 million, a 1% decrease from $168.5 million (6% decrease on a constant currency basis).Adjusted EBITDA2 of $212.5 million, consistent with $211.6 million (4% decrease on a constant currency basis).Net income attributable to Euronet of $104.2 million, or $2.05 diluted earnings per share, compared with $97.7 million, or $1.87 diluted earnings per share.Adjusted earnings per share3 of $2.72, a 1% decrease from $2.74.Euronet's cash and cash equivalents were $1,074.4 million and ATM cash was $603.5 million, totaling $1,677.9 million as of September 30, 2023, and availability under its revolving credit facilities was approximately $1,080 million. See the reconciliation of non-GAAP items in the attached financial schedules. \"I am pleased that we were able to deliver our first one billion dollar revenue quarter. This third quarter is a great reminder of how our product and geographical diversity provides consistency in our earnings despite the geopolitical and economic challenges across the world. Moreover, with the current share price dislocation, we took the opportunity to make a substantial share repurchase, the benefit to adjusted EPS was largely offset by the weakening of foreign currencies versus the US dollar,\" stated Michael J. Brown, Euronet's Chairman and CEO. \"Money Transfer produced strong third quarter results compared to prior year across all financial metrics, as well as margin expansion from continued growth in both physical and digital transactions and effective cost management. In EFT, our POS acquiring business continues to deliver strong growth rates, with earnings doubling in the first 18 months post-acquisition, and we saw a positive trend reversal in our international ATM transactions as we ended the quarter. In epay, our core business delivered strong results from continued digital media and mobile growth.\" Taking into consideratio...