LEAWOOD, Kan., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports fourth quarter and full year 2020 financial results.

Euronet reports the following consolidated results for the fourth quarter 2020 compared with the same period of 2019:

• Revenues of $706.6 million, a 2% increase from $693.7 million (2% decrease on a constant currency¹ basis).
• Operating income of $50.2 million, a 53% decrease from $107.2 million (56% decrease on a constant currency basis).
• Adjusted operating income² of $50.8 million (excluding a $0.6 million impairment of acquired intangible assets), a 53% decrease from $107.2 million (56% decrease on a constant currency basis).
• Adjusted EBITDA³ of $91.9 million, a 35% decrease from $142.2 million (39% decrease on a constant currency basis).
• Net income attributable to Euronet of $70.2 million or $1.31 diluted earnings per share, compared with net income of $106.5 million or $1.91 diluted earnings per share.
• Adjusted earnings per share⁴ of $1.11, a 32% decrease from $1.63.
• Euronet's cash and cash equivalents was $1,420.3 million and ATM cash was $411.1 million, totaling $1,831.4 million as of December 31, 2020, and availability under its revolving credit facilities was approximately $670 million.

Euronet reports the following consolidated results for the full year 2020 compared with the same period of 2019:

• Revenues of $2,482.7 million, a 10% decrease from $2,750.1 million (10% decrease on a constant currency¹ basis).
• Operating income of $46.6 million, a 90% decrease from $475.2 million (91% decrease on a constant currency basis).
• Adjusted operating income² $153.2 million (excluding a $106.6 million impairment of goodwill and acquired intangible assets), a 68% decrease from $473.9 million (excluding $1.3 million post-acquisition adjustment) (69% decrease on a constant currency basis).
• Adjusted EBITDA³ of $302.2 million, a 50% decrease from $607.1 million (51% decrease on a constant currency basis).
• Net loss attributable to Euronet of $3.4 million or $0.06 diluted loss per share, compared with net income of $346.8 million or $6.32 diluted earnings per share.
• Adjusted earnings per share⁴ of $2.82, a 60% decrease from $7.01.

See the reconciliation of non-GAAP items in the attached financial schedules.

“During a year when COVID-19 presented unprecedented challenges, Euronet realized significant benefits from having a strong balance sheet and a nicely diversified product portfolio. In the fourth quarter, two of our three operating segments delivered double digit revenue and operating income growth and record results,” stated Michael J. Brown, Euronet’s Chairman and CEO. “Our leading-edge technology advances in digital product delivery provided us a competitive advantage and contributed to the strong performance of the Money Transfer and epay segments,” continued Mr. Brown. 

“For the full year, we are pleased to report revenue, adjusted operating income and market share growth in the Money Transfer and epay segments. Our performance demonstrated the resiliency of our workforce and the strength and flexibility of our leading-edge technology,” continued Mr. Brown. “Regardless of the impacts of COVID-19 to our EFT business, we did not rest and wait for the pandemic to end. We continued to invest in expanding into new markets and growing our existing markets, enabling us to be well positioned for a post COVID-19 business environment.”

The epay and Money Transfer segments achieved year-over-year increases in revenue and transaction volume as our expansive Point-of-Sale (“POS”) and correspondent networks continued their strong performance through the pandemic. The epay segment’s strength was driven by exceptional growth in digital media products and the expansion of digital channels, particularly in Asia and South America. The Money Transfer segment demonstrated technological readiness for the pandemic through a triple digit increase in digital transactions in the fourth quarter of 2020 compared to 2019, as well as a record year for implementing new correspondents into our network, which now includes more than 464,000 correspondent locations. The Money Transfer segment continues its streak of revenue growth in the fourth quarter of 2020, having increased fourth quarter revenues every year over the last ten years at a compound annual growth rate of 16%. The EFT segment proved agile delivering $20 million in expense savings for the fourth quarter to partially offset the decrease in revenues due to COVID-19 imposed restrictions limiting high-value cross border transactions in Europe and Asia Pacific related to government-imposed border closures and shelter-in-place orders. We believe the EFT segment is positioned for success in 2021 through strategic deployments of new ATMs in growing markets such as the United States, Asia Pacific and Ireland.  Despite the impact of COVID-19 on EFT results, the Company remains in a strong financial position with approximately $1.8 billion in available cash, approximately $670 million availability on its revolving credit facility and no significant debt maturities for approximately four years.