Euronet Worldwide Reports Third Quarter 2018 Financial Results
LEAWOOD, Kan., Oct. 18, 2018 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports third quarter 2018 financial results.
Euronet reports the following consolidated results for the third quarter 2018 compared with the same period of 2017:
- Revenues of $714.5 million, a 12% increase from $637.8 million (14% increase on a constant currency(1) basis).
- Operating income of $150.9 million, a 29% increase from $116.9 million (30% increase on a constant currency basis).
- Adjusted operating income(2) of $150.9 million, a 29% increase from $117.0 million (30% increase on a constant currency basis).
- Adjusted EBITDA(3) of $181.4 million, a 25% increase from $145.4 million (26% increase on a constant currency basis).
- Net income attributable to Euronet of $102.7 million or $1.89 diluted earnings per share, compared with net income of $100.3 million or $1.80 diluted earnings per share.
- Adjusted earnings per share(4) of $2.16, a 34% increase from $1.61.
- Transactions of 1.02 billion, a 10% increase from 931 million.
"We delivered exceptional third quarter results, highlighted by adjusted EPS of $2.16, a 34% year-over-year increase," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "This strong growth included contributions from all three segments. EFT and Money Transfer continued to deliver double-digit constant currency revenue and operating income growth, while continuing to invest for future expansion. And, epay continued to grow non-mobile to offset certain mobile declines."
See the reconciliation of non-GAAP items in the attached financial schedules.
Segment and Other Results
The EFT Processing Segment reports the following results for the third quarter 2018 compared with the same period or date in 2017:
- Revenues of $261.7 million, a 16% increase from $226.3 million (18% increase on a constant currency basis).
- Operating income of $110.4 million, a 27% increase from $86.8 million (28% increase on a constant currency basis).
- Adjusted EBITDA of $127.1 million, a 25% increase from $101.6 million (26% increase on a constant currency basis).
- Transactions of 711 million, a 16% increase from 614 million.
- Operated 41,902 ATMs as of September 30, 2018, a 10% increase from 38,105.
Double-digit third quarter constant currency revenue, operating income and adjusted EBITDA growth was largely the result of a 10% year-over-year increase in active ATMs and a 16% increase in transactions. The increase in transactions was primarily from growth in Europe and India - including an increase in the number of value added transactions, such as dynamic currency conversion, domestic and international surcharge, and foreign currency dispensing transactions - on both ATMs and point-of-sale terminals.
The year-over-year increase in ATM count was due to the deployment of approximately 3,250 high-value ATMs across Europe and India, the acquisition of approximately 400 Easycash ATMs in Ireland and approximately 160 ATMs under our low-margin agreements in India.