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Euronet Worldwide Reports Second Quarter 2020 Financial Results

July 29, 2020 at 12:10 AM EDT

LEAWOOD, Kansas, July 29, 2020 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports second quarter 2020 financial results.

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

  • Revenues of $527.8 million, a 24% decrease from $691.9 million (22% decrease on a constant currency(1) basis).
  • Operating loss of ($101.3) million, compared to operating income of $117.9 million.
  • Adjusted operating income(2) of $3.3 million (excluding a $104.6 million impairment of goodwill), a 97% decrease from $116.6 million (excluding a $1.3 million post-acquisition adjustment) (98% decrease on a constant currency basis).
  • Net loss attributable to Euronet of ($115.8) million or ($2.18) diluted loss per share, compared with net income of $68.2 million or $1.25 diluted earnings per share.
  • Adjusted earnings per share(4) of $0.04, a 98% decrease from $1.69.
  • Euronet's cash and cash equivalents was $864.9 million and ATM cash was $410.5 million, totaling $1,275.4 million as of June 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.

"With the completion of the second quarter of 2020, we can see that the strength of Euronet's balance sheet, with more than $1.2 billion in cash together with no debt maturities for approximately five years, enabled us to not only survive but retain our nearly eight thousand employees and take advantage of emerging opportunities.  As we continue to navigate the COVID-19 pandemic and its impacts on our business, I am pleased that we were able to produce better revenue and adjusted EBITDA results than we anticipated in April based on the trends we were then experiencing following the global COVID-19 control measures put in place by federal, state and local authorities. These better-than-expected results reflect the loosening of certain border control, shelter-in-place and work-place restrictions together with the hard work and dedication of our global team to effectively manage costs while continuing to drive the business forward during these unprecedented times through our leading-edge technology and the diversification of our product and geographical revenue streams," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer.  "We experienced stronger than anticipated revenue in our epay and Money Transfer Segments together with approximately $35 million cost savings achieved across all three business segments - led by our EFT segment. Moreover, our financial strength has not only allowed us to survive in this pandemic, but has enabled us to continue to drive our business forward."  

The Company achieved consolidated revenue and adjusted EBITDA that exceeded what management anticipated in April by delivering the following results:

  • EFT constant currency revenue was 35% of prior year revenue, slightly below the anticipated 40% of prior year revenue due to continued border closures across the globe through the end of the second quarter.
  • epay constant currency revenue grew 5% over the prior year, exceeding the anticipated 90% of prior year revenue from strong online and in-app sales of digital media products and continued retail sales of digital media products as a result of pharmacy, grocery and convenience channels being considered essential during the pandemic.
  • Money Transfer constant currency revenue was 96% of prior year, exceeding the anticipated 80% of prior year as a result of the relaxation of certain shelter-in-place and work-place restrictions, unemployment rates decreasing as the quarter progressed and the Company's financial strength which provided for market share gains as competitors in the independent channel face financial and liquidity challenges.

As the second quarter ended, epay transactions continued to trend higher, posting year-over-year weekly improvements from strong expansion of digital distribution of digital media products and continued strong retail sales.  Money Transfer transactions were also trending higher, posting year-over-year weekly results better than the prior year as a result of employment rates rebounding slightly and the reopening of nearly all of the agent and retail locations following relaxation of governmental restrictions.  Finally, at the end of the second quarter, EFT transactions were trending slightly better, but will likely remain depressed throughout 2020 due to slow openings for international and cross-border travelers across the globe.  

Despite the impact of COVID-19 on the second quarter financial results and expected continued softness in the EFT Segment, the Company remains in a strong financial position to navigate the pandemic.  Amid the improving trends there have been reportings of increases in COVID-19 cases in certain countries; accordingly, the Company remains cautiously optimistic about the prospects for the third quarter and beyond.  To that end, with improving trends in epay and Money Transfer and continued cost reductions and careful expense management actions, the Company anticipates based on recent trends and current global COVID-19 management mandates that its third quarter adjusted EBITDA will be in the range of approximately $50 million to $70 million and the company will produce approximately $10 million to $30 million in cash from operations.    

Due to the economic impacts of the COVID-19 pandemic, the Company recorded a $104.6 million non-cash goodwill impairment charge related to three business units. In the Money Transfer Segment, a charge of $82.7 million was recorded for xe as a result of declines in the international payments business stemming from economic uncertainty.  In the EFT Segment, a charge of $14.0 million was recorded for Innova as a result of the decline in VAT refund activity directly related to the decline in international tourism within the European Union, and a charge of $7.9 million was recorded for Pure Commerce related to the decline in international tourism in Asia Pacific. In order to provide more comparable operating results, these impairment charges are excluded from second quarter 2020 adjusted operating income, adjusted EBITDA and adjusted EPS.  Second quarter 2019 adjusted operating income, adjusted EBITDA and adjusted EPS also excludes a $1.3 million post-acquisition adjustment recorded in the EFT Segment.  


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