Business
Euronet Worldwide Third Quarter Earnings Exceed Expectations
Financial results exceed expectations on double-digit earnings growth in epay and Money Transfer, combined with significantly better than anticipated results
About this update from Euronet Worldwide, Inc.
[{"type":"text","content":"Financial results exceed expectations on double-digit earnings growth in epay and Money Transfer, combined with significantly better than anticipated results in EFT as transactions respond favorably upon lifting of certain restrictions\nLEAWOOD, Kan., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports third quarter 2020 financial results.\n Euronet reports the following consolidated results for the third quarter 2020 compared with the same period of 2019: Revenues of $664.4 million, a 16% decrease from $787.0 million (17% decrease on a constant currency1 basis).Operating income of $66.1 million, a 66% decrease from $194.0 million (67% decrease on a constant currency basis).Adjusted operating income2 of $67.6 million (excluding a $1.5 million impairment of intangible assets), a 65% decrease from $194.0 million (66% decrease on a constant currency basis).Adjusted EBITDA3 of $105.0 million, a 54% decrease from $227.3 million (55% decrease on a constant currency basis).Net income attributable to Euronet of $40.2 million or $0.76 diluted earnings per share, compared with net income of $137.6 million or $2.46 diluted earnings per share.Adjusted earnings per share4 of $1.12, a 61% decrease from $2.84.Euronet's cash and cash equivalents was $1,008.2 million and ATM cash was $409.7 million, totaling $1,417.9 million as of September 30, 2020, and availability under its revolving credit facilities was approximately $950 million. See the reconciliation of non-GAAP items in the attached financial schedules. \"I am extremely pleased that we appreciably exceeded our third quarter adjusted EBITDA expectations as we benefitted from double-digit earnings growth in the epay and Money Transfer segments as well as the apparent resilience of travel in EFT, as movement restrictions were eased across the world,\" stated Michael J. Brown, Euronet's Chairman and CEO. \"As we entered the third quarter, certain markets were beginning to open while others remained closed and there were fears of people being unwilling to touch and use cash. As we moved through the quarter, we were pleasantly surprised by how resilient people were in returning to their normal behaviors, including continuing to use cash and taking advantage of vacations. These patterns resulted ...