LEAWOOD, Kan., Feb. 09, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports fourth quarter and full year 2021 financial results.

Euronet reports the following consolidated results for the fourth quarter 2021 compared with the same period of 2020:

• Revenues of $811.5 million, a 15% increase from $706.6 million (18% increase on a constant currency1 basis).
• Operating income of $29.0 million, a 42% decrease from $50.2 million (38% decrease on a constant currency basis).
• Adjusted operating income2 of $67.6 million (excluding a $38.6 million contract asset impairment), a 33% increase from $50.8 million (which excluded a $0.6 million impairment of acquired intangible assets) (38% increase on a constant currency basis).
• Adjusted EBITDA3 of $112.9 million, a 23% increase from $91.9 million (27% increase on a constant currency basis).
• Net loss attributable to Euronet of ($3.1) million or ($0.06) diluted loss per share, compared with net income of $70.2 million or $1.31 diluted earnings per share.
• Adjusted earnings per share4 of $1.15, a 4% increase from $1.11.
• Euronet's cash and cash equivalents was $1,260.5 million and ATM cash was $543.4 million, totaling $1,803.9 million as of December 31, 2021, and availability under its revolving credit facilities was approximately $690 million.

Euronet reports the following consolidated results for the full year 2021 compared with the same period of 2020:

• Revenues of $2,995.5 million, a 21% increase from $2,482.7 million (18% increase on a constant currency1 basis).
• Operating income of $184.0 million, a 295% increase from $46.6 million (284% increase on a constant currency basis).
• Adjusted operating income2 $222.6 million (excluding a $38.6 million contract asset impairment), a 45% increase from $153.2 million (excluding $106.6 million impairment of goodwill and acquired intangible assets) (42% increase on a constant currency basis).
• Adjusted EBITDA3 of $395.0 million, a 31% increase from $302.2 million (28% increase on a constant currency basis).
• Net income attributable to Euronet of $70.7 million or $1.32 diluted income per share, compared with net loss of ($3.4) million or ($0.06) diluted loss per share.
• Adjusted earnings per share4 of $3.69, a 31% increase from $2.82.

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

“I am pleased that we ended the year with another strong quarter where we delivered double-digit consolidated revenue and adjusted EBITDA growth rates," stated Michael J. Brown.  "The EFT segment continued its recovery early in the fourth quarter as more travel restrictions were lifted; however, we began to see lighter transactions in the second half of the quarter as the Omicron variant spread across the globe.  We also continued to see growth in epay and Money Transfer from our leading physical and digital distribution networks," continued Mr. Brown.  

"Our strong full year growth rates across all three segments validated our strategy to stay the course during the unprecedented challenges presented by the COVID-19 pandemic.  The investments we made in our physical and digital distribution networks, our product offerings and our leading-edge technology have resulted in significant expansion of our REN implementations and new agreements as well as the exciting launch in November 2021 of our Dandelion real-time cross-border payment network. Our leading global networks, industry leading technology and our global product portfolio all contributed to our production of approximately $225 million in cash in 2021 and will continue to fuel Euronet's growth for years to come." 

The lighter than expected fourth quarter adjusted EBITDA results were largely driven by pressure on EFT transactions in the second half of the quarter due to the Omicron variant spreading around the globe.

Due in large part to COVID-19-related disruptions which resulted in lower-than-expected money transfer transaction volumes on certain contracts, the Company recognized a $38.6 million non-cash contract asset impairment in the Money Transfer Segment during the fourth quarter 2021. The full year 2020 results include impairments of goodwill and non-cash acquired intangible assets of $106.6 million.  In order to provide more comparable recurring operating results, these non-cash impairments have been excluded from adjusted operating income, adjusted EBITDA and adjusted EPS in their respective periods.  

The Company anticipates, based on recent trends, current global COVID-19 government mandates and the impacts of Omicron on the first quarter travel trends, that its first quarter adjusted EBITDA will be in the range of approximately $75 million to $85 million. However, the first quarter is historically the lightest travel quarter of the year, and therefore, the Company expects, as historical tourism trends accelerate and as travel recovers from COVID-19 related restrictions in the remaining three quarters of the year, together with the anticipated double-digit growth in epay and money transfer, its full year earnings to fall in a similar range to the earnings of 2019.   

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