LEAWOOD, Kan., April 24, 2018 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ:EEFT), a leading electronic payments provider, reports first quarter 2018 financial results.

Euronet reports the following consolidated results for the first quarter 2018 compared with the same period of 2017:

• Revenues of $550.5 million, a 16% increase from $473.4 million (7% increase on a constant currency⁽¹⁾ basis).
• Operating income of $45.5 million, a 10% increase from $41.3 million (no change on a constant currency basis).
• Adjusted operating income⁽²⁾ of $45.5 million, a 7% increase from $42.5 million (3% decrease on a constant currency basis).
• Adjusted EBITDA⁽³⁾ of  $75.5 million, an 11% increase from $67.8 million (1% increase on a constant currency basis).
• Net income attributable to Euronet of $26.4 million or $0.49 diluted earnings per share, compared with net income of $28.1 million or $0.51 diluted earnings per share.
• Adjusted earnings per share⁽⁴⁾ of $0.73, no change from $0.73.
• Transactions of 904 million, a 5% increase from 865 million.

"I am pleased we continued to deliver double-digit revenue growth in the first quarter," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "The investments made in the EFT and Money Transfer segments through operating costs and capital expenditures have positioned the Company for continued revenue and earnings growth in the future.  Epay contributed modest earnings growth on a constant dollar basis from non-mobile expansion to offset mobile declines and effective cost management."

First quarter revenue reflects the prospective adoption of Accounting Standards Codification Topic 606 (ASC 606) which resulted in a decrease in the reporting of certain epay revenues along with a decrease in direct costs resulting in no change in gross profit. Without the adoption of this accounting standard beginning in the first quarter 2018, consolidated revenues would have increased 21% on a reported basis and 11% on a constant currency basis.

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

Segment and Other Results

The EFT Processing Segment reports the following results for the first quarter 2018 compared with the same period or date in 2017:

• Revenues of $135.7 million, a 28% increase from $105.8 million (15% increase on a constant currency basis).
• Operating income of $11.5 million, a 5% increase from $11.0 million (no change on a constant currency basis).
• Adjusted EBITDA of $27.7 million, a 21% increase from $22.8 million (11% increase on a constant currency basis).
• Transactions of 622 million, a 16% increase from 537 million.
• Operated 38,358 ATMs as of March 31, 2018, a 9% increase from 35,145.

First quarter constant currency revenue and adjusted EBITDA growth was largely the result of a 9% year-over-year increase in active ATMs, a 16% increase in transactions and the prior year negative impact related to India demonetization efforts.  The increases in ATMs and transactions were primarily from growth in Europe and India - including an increase in the number of value added transactions on both ATMs and point-of-sale terminals. The EFT Segment's addition of 812 high-value ATMs contributed to higher operating costs during the seasonally weaker first quarter, but positions the segment for a continuation of strong revenue growth throughout the seasonally stronger second, third and fourth quarters.