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Euronet Worldwide Reports First Quarter 2020 Financial Results

April 28, 2020 at 9:00 PM EDT

LEAWOOD, Kan., April 28, 2020 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports first quarter 2020 financial results.

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

  • Revenues of $583.9 million, a 1% increase from $577.5 million (3% increase on a constant currency(1) basis).
  • Operating income of $31.6 million, a 44% decrease from $56.1 million (42% decrease on a constant currency basis).
  • Adjusted EBITDA(2) of $68.7 million, a 21% decrease from $87.2 million (19% decrease on a constant currency basis).
  • Net income attributable to Euronet of $1.9 million or $0.04 diluted earnings per share, compared with net income of $34.5 million or $0.62 diluted earnings per share.
  • Adjusted earnings per share(3) of $0.55, a 35% decrease from $0.85.
  • Euronet's cash and cash equivalents was $709.5 million and ATM cash was $558.6 million, totaling $1,268 million as of March 31, 2020, and availability under its revolving credit facilities was $950 million.

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

"Like most businesses around the world, our first quarter results were significantly impacted by the COVID-19 pandemic. Our primary focus has been on ensuring the health and safety of our employees, providing uninterrupted and enhanced services for our customers and being fiscally responsible for our shareholders," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer.

To ensure the health and safety of the Euronet’s nearly 8,000 employees, the Company has shifted virtually all of its employees to remote work-at-home arrangements. This process was efficiently completed and continues to function effectively, largely due to the exemplary contributions of our employees together with the leading edge, advanced architecture technology infrastructure we have deployed across the globe, including cybersecurity and remote access measures. Our committed employees and technology systems have enabled us to quickly respond to alternative and accelerated requirements of many of our customers. Moreover, as of the end of the first quarter, the Company had a substantial unrestricted cash balance of $709.5 million, ATM cash of $558.6 million and $950 million of availability under its revolving credit facilities and no significant debt principal payments for five years enabling it to sustain operations and liquidity through the pandemic crisis.

Despite a strong start to the year in each of the three segments, as border closures and shelter-in-place orders have spanned the globe over the last several weeks, the Company has seen transaction declines in the EFT Segment’s  ATM business ranging from minimal declines to as much as 95%, with the most significant declines in cross-border transactions; in the money transfer business the Company has seen both increases in certain transactions and declines in others, with the increases being more concentrated in the digital channels while the decreases in the brick-and-mortar channels have been about 35%; the epay business as well saw both increases and decreases in transaction categories with very strong transaction increases across the digitally-initiated transactions as well as content oriented to self-use and declines in transactions traditionally processed by retail-based merchants. While the epay Segment has been experiencing very strong digitally-initiated transactions, the majority of those transactions have been low-margin transactions in India.  Overall, as the first quarter came to a close and entered into the second quarter, on average the EFT Segment transaction trends were down approximately 40% over the similar weeks of the prior year, the Money Transfer Segment transactions were down approximately 35% over the similar weeks of the prior year and epay transactions were up approximately 40% over the similar weeks of the prior year, again heavily influenced by low-margin India-based transactions.

In response to the COVID-19 driven impacts, the Company has implemented several key measures to offset the impact across the business, including renegotiating certain third party costs, reducing travel, decreasing planned 2020 capital expenditures by two-thirds and expanding ATM winterizations (that is, placing them in dormancy status) to more sites in more markets.  While the Company is taking many steps to reduce and manage costs, management has determined that due to its financial strength and liquidity, the business will retain its employees unless the impacts of COVID-19 become significantly more pronounced.

Additionally, the Company has continued to identify new high-value ATM sites, negotiate new outsourcing agreements, sell both REN and REV technology services, implement key new agent agreements and expand the digital media portfolio to position the Company to emerge from the pandemic ready to move forward with its long-term growth plans.

With the realities of the COVID-19 impacts, despite cost reductions and careful expense management actions, the Company expects that in the second quarter its Adjusted EBITDA will be nearly break-even and after capital expenditures, interest and taxes, the business will consume approximately $25 million of its cash, which is readily available from the Company's cash balances.

Continued Mr. Brown, "We have built a strong set of assets that include leading-edge technology platforms, a diverse product portfolio and geographic presence with industry leading employees, which is combined with the cost saving measures we have implemented and a very strong balance sheet with plenty of liquidity.  This impressive list of assets and financial strength will only be effectively utilized over the longer term by keeping the valuable employees that have helped build this company. The combination of our leading-edge technology, an expansive product list, global geographical markets and a committed employee force supported by a strong balance sheet give me great  confidence that not only will we be here next year, but we will return to delivering double-digit results in the long term."


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