Euronet Worldwide Reports Second Quarter 2024 Financial Results

Financial Performance - Revenues for the second quarter of 2024 reached $986.2 million, marking a 5% increase from $939.1 million in the same period of 2023, and a 6% increase on a constant currency basis [1] - Operating income increased by 10% to $134.3 million from $122.6 million, with a 12% increase on a constant currency basis [1] - Adjusted operating income also rose by 12% to $134.3 million from $119.6 million, reflecting a 15% increase on a constant currency basis [1] - Adjusted EBITDA was $178.2 million, a 7% increase from $165.8 million, with a 10% increase on a constant currency basis [1] - Net income attributable to Euronet was $83.1 million, or $1.73 diluted earnings per share, compared to $86.1 million, or $1.65 diluted earnings per share in the prior year [1] Segment Performance - The Money Transfer Segment reported revenues of $305.4 million, an 8% increase from $282.4 million, with a 10% increase on a constant currency basis [14] - The EFT Processing Segment generated revenues of $421.8 million, a 7% increase from $394.8 million, with an 8% increase on a constant currency basis [41] - The epay Segment reported revenues of $260.9 million, a 1% decrease from $263.8 million, with no change on a constant currency basis [52] Operational Highlights - The total number of installed ATMs reached 54,736 as of June 30, 2024, a 5% increase from 52,327 [14] - Active ATMs increased due to the acquisition of 800 ATMs in Malaysia and the addition of approximately 1,400 outsourcing ATMs [3] - Total transactions in the Money Transfer Segment increased by 9%, while the epay Segment saw a 24% increase in direct-to-consumer digital transactions [15] Financial Position - As of June 30, 2024, cash and cash equivalents totaled $1,271.8 million, with ATM cash at $795.6 million, bringing total liquidity to $2,067.4 million [1] - Total indebtedness was $2,270.2 million, compared to $1,938.1 million as of March 31, 2024 [42] - Availability under revolving credit facilities was approximately $802.0 million as of June 30, 2024 [42] Management Commentary - The CEO expressed satisfaction with the 11% increase in adjusted EPS to $2.25, attributing growth to market expansion and technology investments [13] - The company remains confident in achieving full-year adjusted EPS growth within the expected range of 10-15% [51]