Euronet Reports Record Results Across All Financial Metrics For The Fourth Quarter And Full Year 2024
Euronet (NASDAQ: EEFT) reported strong financial results for Q4 and full year 2024. Q4 highlights include revenue of $1,047.3M (9% increase), operating income of $122.7M (26% increase), and adjusted earnings per share of $2.08 (10% increase). Full-year 2024 showed revenues of $3,989.8M (8% increase), operating income of $503.2M (16% increase), and adjusted EPS of $8.61 (15% increase).
The company demonstrated growth across all three segments: EFT Processing delivered double-digit growth driven by international travel and merchant acquiring business; Money Transfer showed strong results with 33% growth in digital transactions; and epay achieved strong performance in digital branded payments and mobile growth.
Looking ahead, Euronet anticipates 2025 adjusted EPS growth of 12% to 16% year-over-year. The company maintains a strong financial position with $1,278.8M in cash and cash equivalents and approximately $1,335M available under revolving credit facilities.
Euronet (NASDAQ: EEFT) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. I punti salienti del quarto trimestre includono ricavi di $1.047,3 milioni (aumento del 9%), un reddito operativo di $122,7 milioni (aumento del 26%) e un utile per azione rettificato di $2,08 (aumento del 10%). L'anno intero 2024 ha mostrato ricavi di $3.989,8 milioni (aumento dell'8%), un reddito operativo di $503,2 milioni (aumento del 16%) e un EPS rettificato di $8,61 (aumento del 15%).
L'azienda ha dimostrato crescita in tutti e tre i segmenti: EFT Processing ha registrato una crescita a doppia cifra grazie ai viaggi internazionali e all'attività di acquisizione di commercianti; Money Transfer ha mostrato risultati solidi con una crescita del 33% nelle transazioni digitali; e epay ha ottenuto ottime performance nei pagamenti digitali a marchio e nella crescita mobile.
Guardando al futuro, Euronet prevede una crescita dell'EPS rettificato per il 2025 compresa tra il 12% e il 16% anno su anno. L'azienda mantiene una solida posizione finanziaria con $1.278,8 milioni in contante e equivalenti e circa $1.335 milioni disponibili tramite linee di credito revolving.
Euronet (NASDAQ: EEFT) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los aspectos destacados del cuarto trimestre incluyen ingresos de $1,047.3 millones (aumento del 9%), ingresos operativos de $122.7 millones (aumento del 26%) y ganancias por acción ajustadas de $2.08 (aumento del 10%). El año completo 2024 mostró ingresos de $3,989.8 millones (aumento del 8%), ingresos operativos de $503.2 millones (aumento del 16%) y EPS ajustado de $8.61 (aumento del 15%).
La compañía demostró crecimiento en los tres segmentos: EFT Processing logró un crecimiento de dos dígitos impulsado por los viajes internacionales y el negocio de adquisición de comerciantes; Money Transfer presentó resultados sólidos con un crecimiento del 33% en transacciones digitales; y epay logró un buen rendimiento en pagos digitales de marca y crecimiento móvil.
De cara al futuro, Euronet anticipa un crecimiento del EPS ajustado de 12% a 16% año tras año para 2025. La empresa mantiene una sólida posición financiera con $1,278.8 millones en efectivo y equivalentes y aproximadamente $1,335 millones disponibles a través de líneas de crédito revolventes.
유로넷 (NASDAQ: EEFT)는 2024년 4분기 및 전체 연도의 강력한 재무 결과를 보고했습니다. 4분기의 주요 내용은 수익이 10억 4730만 달러(9% 증가), 운영 수익이 1억 2270만 달러(26% 증가), 조정된 주당 순이익(EPS)이 2.08달러(10% 증가)라는 것입니다. 2024년 전체 연도 수익은 39억 8980만 달러(8% 증가), 운영 수익은 5억 320만 달러(16% 증가), 조정된 EPS는 8.61달러(15% 증가)를 기록했습니다.
회사는 세 가지 모든 부문에서 성장을 보여주었습니다: EFT 처리는 국제 여행과 상인 인수 사업에 의해 이끄는 두 자릿수 성장을 달성했습니다; 머니 트랜스퍼는 디지털 거래에서 33% 성장으로 강력한 결과를 보였습니다; 그리고 epay는 디지털 브랜드 결제 및 모바일 성장에서 강력한 성과를 달성했습니다.
앞으로 유로넷은 2025년 조정된 EPS가 전년 대비 12%에서 16% 성장할 것으로 예상하고 있습니다. 회사는 12억 7880만 달러의 현금 및 현금성 자산과 약 13억 3500만 달러의 회전 신용 시설을 통해 강력한 재무 상태를 유지하고 있습니다.
Euronet (NASDAQ: EEFT) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Les faits marquants du quatrième trimestre incluent des revenus de 1 047,3 millions de dollars (augmentation de 9 %), un bénéfice d'exploitation de 122,7 millions de dollars (augmentation de 26 %) et un bénéfice par action ajusté de 2,08 dollars (augmentation de 10 %). Pour l'année complète 2024, les revenus ont atteint 3 989,8 millions de dollars (augmentation de 8 %), un bénéfice d'exploitation de 503,2 millions de dollars (augmentation de 16 %) et un BPA ajusté de 8,61 dollars (augmentation de 15 %).
L'entreprise a montré une croissance dans les trois segments : EFT Processing a enregistré une croissance à deux chiffres grâce aux voyages internationaux et à l'acquisition de commerçants ; Money Transfer a affiché de solides résultats avec une croissance de 33 % des transactions numériques ; et epay a réalisé de bonnes performances dans les paiements numériques de marque et la croissance mobile.
En regardant vers l'avenir, Euronet prévoit une croissance de l'EPS ajusté de 12 % à 16 % d'une année sur l'autre pour 2025. L'entreprise maintient une position financière solide avec 1 278,8 millions de dollars en espèces et équivalents et environ 1 335 millions de dollars disponibles via des lignes de crédit renouvelables.
Euronet (NASDAQ: EEFT) berichtete über starke finanzielle Ergebnisse für das 4. Quartal und das Gesamtjahr 2024. Die Highlights des 4. Quartals umfassen Einnahmen von 1.047,3 Millionen USD (9% Steigerung), operativen Gewinn von 122,7 Millionen USD (26% Steigerung) und bereinigte Gewinne je Aktie von 2,08 USD (10% Steigerung). Im Gesamtjahr 2024 wurden Einnahmen von 3.989,8 Millionen USD (8% Steigerung), operativer Gewinn von 503,2 Millionen USD (16% Steigerung) und bereinigtes EPS von 8,61 USD (15% Steigerung) erzielt.
Das Unternehmen zeigte in allen drei Segmenten Wachstum: EFT Processing erzielte ein zweistelliges Wachstum, das durch internationale Reisen und das Geschäft mit Händlern angetrieben wurde; Money Transfer wies starke Ergebnisse mit einem Wachstum von 33% bei digitalen Transaktionen auf; und epay erzielte eine starke Leistung bei digitalen Marken-Zahlungen und im mobilen Wachstum.
Für die Zukunft erwartet Euronet ein Wachstum des bereinigten EPS von 12% bis 16% im Jahresvergleich für 2025. Das Unternehmen hält eine starke Finanzlage mit 1.278,8 Millionen USD in Bargeld und Zahlungsmitteln sowie etwa 1.335 Millionen USD, die über revolvierende Kreditfazilitäten verfügbar sind.
- Q4 revenue increased 9% to $1,047.3M
- Q4 operating income grew 26% to $122.7M
- Full-year 2024 adjusted EPS increased 15% to $8.61
- Digital transactions in Money Transfer segment grew 33%
- Strong liquidity with $1,278.8M cash and $1,335M credit availability
- Expanded credit facility from $1.25B to $1.90B in December 2024
- Q4 net income decreased to $45.2M from $69.3M year-over-year
- Epay segment showed decline in POS terminals by 5%
- Intra-U.S. money transfer business declined 14%
Insights
Euronet's Q4 and FY2024 results demonstrate exceptional operational execution and strategic positioning across all business segments. The 15% adjusted EPS growth for FY2024 reached the top end of guidance despite headwinds from higher interest and tax expenses, showcasing the underlying strength of the core business model.
The EFT Processing segment emerged as a standout performer, with Q4 operating income surging
The epay segment's
Money Transfer's performance was particularly notable in digital channels, with direct-to-consumer digital transactions growing
The company's financial position has strengthened significantly, with the credit facility expansion to
The 2025 guidance of
LEAWOOD, Kan., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Euronet (or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, today announced fourth quarter and full year 2024 financial results.
Euronet reports the following consolidated results for the fourth quarter 2024 compared with the same period of 2023:
- Revenues of
$1,047.3 million , a9% increase from$957.7 million (10% increase on a constant currency1 basis). - Operating income of
$122.7 million , a26% increase from$97.4 million (27% increase on a constant currency basis). - Adjusted operating income2 of
$122.7 million , a23% increase from$99.9 million (24% increase on a constant currency basis). - Adjusted EBITDA3 of
$165.8 million , a12% increase from$147.6 million (13% increase on a constant currency basis). - Net income attributable to Euronet of
$45.2 million , or$0.98 diluted earnings per share, compared with$69.3 million , or$1.43 diluted earnings per share. - Adjusted earnings per share4 of
$2.08 , a10% increase from$1.88 . - Euronet's cash and cash equivalents were
$1,278.8 million and ATM cash was$643.8 million , totaling$1,922.6 million as of December 31, 2024, and availability under its revolving credit facilities was approximately$1,335 million .
Euronet reports the following consolidated results for the full year 2024 compared with the same period of 2023:
- Revenues of
$3,989.8 million , an8% increase from$3,688.0 million (9% increase on a constant currency basis). - Operating income of
$503.2 million , a16% increase from$432.6 million (18% increase on a constant currency basis). - Adjusted operating income of
$502.8 million , a16% increase from$432.1 million (18% increase on a constant currency basis). - Adjusted EBITDA of
$678.5 million , a10% increase from$618.7 million (11% increase on a constant currency basis). - Net income attributable to Euronet of
$306.0 million , or$6.45 diluted earnings per share, compared with$279.7 million , or$5.50 diluted earnings per share. - Adjusted earnings per share of
$8.61 , a15% increase from$7.46 .
See the reconciliation of non-GAAP items in the attached financial schedules.
"I am pleased we delivered
Adjusted operating income and adjusted EBITDA were adjusted for non-cash purchase accounting adjustments in the EFT Segment during the fourth quarter and full-year of 2023 and the full year of 2024 and a non-cash gain in the full year 2023.
Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow
Segment and Other Results
The EFT Processing Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:
- Revenues of
$265.6 million , a12% increase from$237.9 million (13% increase on a constant currency basis). - Operating income of
$37.3 million , a46% increase from$25.5 million (48% increase on a constant currency basis). - Adjusted operating income of
$37.3 million , a33% increase from$28.0 million (35% increase on a constant currency basis). - Adjusted EBITDA of
$61.7 million , an18% increase from$52.2 million (19% increase on a constant currency basis). - Transactions of 3,203 million, a
35% increase from 2,369 million. - Total of 55,248 installed ATMs as of December 31, 2024, a
5% increase from 52,652 at December 31, 2023. Operated 49,945 active ATMs as of December 31, 2024, a6% increase from 47,303 as of December 31, 2023.
The EFT Processing Segment reports the following results for the full year 2024 compared with the same period in 2023:
- Revenues of
$1,161.2 million , a10% increase from$1,058.3 million (10% increase on a constant currency basis). - Operating income of
$256.0 million , a24% increase from$206.3 million (25% increase on a constant currency basis). - Adjusted operating income of
$255.6 million , a24% increase from$205.8 million (25% increase on a constant currency basis). - Adjusted EBITDA of
$353.5 million , an18% increase from$300.4 million (19% increase on a constant currency basis). - Transactions of 11,424 million, a
35% increase from 8,473 million.
Revenue, operating income, and adjusted EBITDA growth for both the fourth quarter and full year 2024 was driven by continued growth in transactions in nearly all markets, new market expansion, fee increase opportunities, cost management and growth in the merchant acquiring business with adjusted EBITDA doubling in the last two years.
The EFT Segment's total installed ATMs at December 31, 2024 grew
The epay Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:
- Revenues of
$342.2 million , an8% increase from$316.7 million (10% increase on a constant currency basis). - Operating income of
$48.0 million , a10% increase from$43.6 million (12% increase on a constant currency basis). - Adjusted EBITDA of
$49.9 million , a10% increase from$45.4 million (12% increase on a constant currency basis). - Transactions of 1,185 million, a
31% increase from 906 million. - POS terminals of approximately 777,000 as of December 31, 2024, a
5% decrease from approximately 821,000. - Retailer locations of approximately 362,000 as of December 31, 2024, a
3% increase from approximately 352,000.
The epay Segment reports the following results for the full year 2024 compared with the same period in 2023:
- Revenues of
$1,150.5 million , a6% increase from$1,082.4 million (7% increase on a constant currency basis). - Operating income of
$129.9 million , a3% increase from$126.2 million (4% increase on a constant currency basis). - Adjusted EBITDA of
$137.2 million , a3% increase from$133.1 million (4% increase on a constant currency basis). - Transactions of 4,374 million, a
15% increase from 3,789 million.
Fourth quarter and full year 2024 constant currency revenue, operating income and adjusted EBITDA growth was driven by continued expansion of digital branded payment and mobile sales.
The Money Transfer Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:
- Revenues of
$441.9 million , a9% increase from$405.1 million (9% increase on a constant currency basis). - Operating income of
$58.4 million , a13% increase from$51.9 million (12% increase on a constant currency basis). - Adjusted EBITDA of
$64.4 million , a9% increase from$59.3 million (9% increase on a constant currency basis). - Total transactions of 46.9 million, an
11% increase from 42.4 million. - Network locations of approximately 607,000 as of December 31, 2024, a
5% increase from approximately 580,000.
The Money Transfer Segment reports the following results for the full year 2024 compared with the same period in 2023:
- Revenues of
$1,686.5 million , an8% increase from$1,555.2 million (9% increase on a constant currency basis). - Operating income of
$201.0 million , an8% increase from$185.4 million (9% increase on a constant currency basis). - Adjusted EBITDA of
$227.0 million , a5% increase from$216.4 million (5% increase on a constant currency basis). - Total transactions of 176.9 million, a
9% increase from 161.7 million.
Fourth quarter constant currency revenue, operating income and adjusted EBITDA growth was the result of
Full year 2024 constant currency revenue, operating income, and adjusted EBITDA growth was the result of
Corporate and Other reports
Balance Sheet and Financial Position
Unrestricted cash and cash equivalents on hand were
Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company's performance and overall results of operations. These non-GAAP measures are also an integral part of the Company's internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.
The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company's reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.
(1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company's results when compared to the prior period.
(2) Adjusted operating income is defined as operating income excluding, to the extent incurred in the period, non-cash gains and non-cash purchase accounting adjustments. Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure.
(3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation, non-cash gains, non-cash purchase accounting adjustments and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.
(4) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash gains and non-cash purchase accounting adjustments, f) other non-operating or non-recurring items and g) dilutive shares relate to the Company's convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.
Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on February 13, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company's operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Fourth Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.
A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.
About Euronet Worldwide, Inc.
A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.
Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 55,248 installed ATMs, approximately 1,160,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 777,000 point-of-sale terminals at approximately 362,000 retailer locations in 64 countries; and a global money transfer network of approximately 607,000 locations serving 197 countries and territories with digital connections to 4.1 billion bank accounts and 3.1 billion digital wallet accounts. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company's website at www.euronetworldwide.com.
Statements contained in this news release that concern Euronet's or its management's intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from the COVID-19 or other pandemics; inflation; military conflicts in the Ukraine and the Middle East, and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.
EURONET WORLDWIDE, INC. | |||||
Condensed Consolidated Balance Sheets | |||||
(in millions) | |||||
As of | |||||
December 31, | As of | ||||
2024 | December 31, | ||||
(unaudited) | 2023 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 1,278.8 | $ | 1,254.2 | |
ATM cash | 643.8 | 525.2 | |||
Restricted cash | 9.2 | 15.2 | |||
Settlement assets | 1,522.7 | 1,681.5 | |||
Trade accounts receivable, net | 284.9 | 370.6 | |||
Prepaid expenses and other current assets | 297.1 | 316.0 | |||
Total current assets | 4,036.5 | 4,162.7 | |||
Property and equipment, net | 329.7 | 332.1 | |||
Right of use lease asset, net | 132.1 | 142.6 | |||
Goodwill and acquired intangible assets, net | 1,048.1 | 1,015.1 | |||
Other assets, net | 288.1 | 241.9 | |||
Total assets | $ | 5,834.5 | $ | 5,894.4 | |
LIABILITIES AND EQUITY | |||||
Current liabilities: | |||||
Settlement obligations | $ | 1,522.7 | $ | 1,681.5 | |
Accounts payable and other current liabilities | 841.0 | 816.9 | |||
Current portion of operating lease liabilities | 48.3 | 50.3 | |||
Short-term debt obligations | 814.0 | 151.9 | |||
Total current liabilities | 3,226.0 | 2,700.6 | |||
Debt obligations, net of current portion | 1,134.4 | 1,715.4 | |||
Operating lease liabilities, net of current portion | 87.4 | 95.8 | |||
Capital lease obligations, net of current portion | 1.4 | 2.3 | |||
Deferred income taxes | 71.8 | 47.0 | |||
Other long-term liabilities | 84.3 | 83.6 | |||
Total liabilities | 4,605.3 | 4,644.7 | |||
Equity | 1,229.2 | 1,249.7 | |||
Total liabilities and equity | $ | 5,834.5 | $ | 5,894.4 |
EURONET WORLDWIDE, INC. | |||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||
(unaudited - in millions, except share and per share data) | |||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Revenues | $ | 3,989.8 | $ | 3,688.0 | $ | 1,047.3 | $ | 957.7 | |||||||||
Operating expenses: | |||||||||||||||||
Direct operating costs | 2,389.3 | 2,222.8 | 640.8 | 596.4 | |||||||||||||
Salaries and benefits | 650.2 | 602.9 | 167.9 | 158.0 | |||||||||||||
Selling, general and administrative | 315.3 | 296.8 | 83.4 | 72.4 | |||||||||||||
Depreciation and amortization | 131.8 | 132.9 | 32.5 | 33.5 | |||||||||||||
Total operating expenses | 3,486.6 | 3,255.4 | 924.6 | 860.3 | |||||||||||||
Operating income | 503.2 | 432.6 | 122.7 | 97.4 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 23.8 | 15.2 | 5.7 | 5.1 | |||||||||||||
Interest expense | (80.5 | ) | (55.6 | ) | (21.3 | ) | (16.5 | ) | |||||||||
Foreign currency exchange (loss) gain | (19.1 | ) | 8.0 | (35.5 | ) | 11.6 | |||||||||||
Other income | 21.5 | 0.2 | 4.3 | 0.3 | |||||||||||||
Total other (expense) income, net | (54.3 | ) | (32.2 | ) | (46.8 | ) | 0.5 | ||||||||||
Income before income taxes | 448.9 | 400.4 | 75.9 | 97.9 | |||||||||||||
Income tax expense | (142.6 | ) | (120.9 | ) | (30.6 | ) | (28.4 | ) | |||||||||
Net income | 306.3 | 279.5 | 45.3 | 69.5 | |||||||||||||
Net (income) loss attributable to non-controlling interests | (0.3 | ) | 0.2 | (0.1 | ) | (0.2 | ) | ||||||||||
Net income attributable to Euronet Worldwide, Inc. | $ | 306.0 | $ | 279.7 | $ | 45.2 | $ | 69.3 | |||||||||
Add: Interest expense from assumed conversion of convertible notes, net of tax | 4.2 | 4.2 | 0.9 | 1.0 | |||||||||||||
Net income for diluted earnings per share calculation | $ | 310.2 | $ | 283.9 | $ | 46.1 | $ | 70.3 | |||||||||
Earnings per share attributable to Euronet | |||||||||||||||||
Worldwide, Inc. stockholders - diluted | $ | 6.45 | $ | 5.50 | $ | 0.98 | $ | 1.43 | |||||||||
Diluted weighted average shares outstanding | 48,082,766 | 51,599,633 | 47,050,602 | 49,066,284 |
EURONET WORLDWIDE, INC. | ||||||||||||||||||||
Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA | ||||||||||||||||||||
(unaudited - in millions) | ||||||||||||||||||||
Three months ended December 31, 2024 | ||||||||||||||||||||
EFT Processing | epay | Money Transfer | Corporate Services | Consolidated | ||||||||||||||||
Net income | $ | 45.3 | ||||||||||||||||||
Add: Income tax expense | 30.6 | |||||||||||||||||||
Add: Total other expense, net | 46.8 | |||||||||||||||||||
Operating income (expense) | $ | 37.3 | $ | 48.0 | $ | 58.4 | $ | (21.0 | ) | $ | 122.7 | |||||||||
Add: Depreciation and amortization | 24.4 | 1.9 | 6.0 | 0.2 | 32.5 | |||||||||||||||
Add: Share-based compensation | — | — | — | 10.6 | 10.6 | |||||||||||||||
Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) | $ | 61.7 | $ | 49.9 | $ | 64.4 | $ | (10.2 | ) | $ | 165.8 | |||||||||
Three months ended December 31, 2023 | ||||||||||||||||||||
EFT Processing | epay | Money Transfer | Corporate Services | Consolidated | ||||||||||||||||
Net income | $ | 69.5 | ||||||||||||||||||
Add: Income tax expense | 28.4 | |||||||||||||||||||
Less: Total other income, net | (0.5 | ) | ||||||||||||||||||
Operating income (expense) | $ | 25.5 | $ | 43.6 | $ | 51.9 | $ | (23.6 | ) | $ | 97.4 | |||||||||
Add: non-cash purchase accounting expense adjustment | 2.5 | — | — | — | 2.5 | |||||||||||||||
Adjusted operating income (expense) (1) | 28.0 | 43.6 | 51.9 | (23.6 | ) | 99.9 | ||||||||||||||
Add: Depreciation and amortization | 24.2 | 1.8 | 7.4 | 0.1 | 33.5 | |||||||||||||||
Add: Share-based compensation | — | — | — | 14.2 | 14.2 | |||||||||||||||
Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment and share-based compensation (Adjusted EBITDA) (1) | $ | 52.2 | $ | 45.4 | $ | 59.3 | $ | (9.3 | ) | $ | 147.6 |
(1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.
EURONET WORLDWIDE, INC. | |||||||||||||||||||
Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA | |||||||||||||||||||
(unaudited - in millions) | |||||||||||||||||||
Twelve months ended December 31, 2024 | |||||||||||||||||||
EFT Processing | epay | Money Transfer | Corporate Services | Consolidated | |||||||||||||||
Net income | $ | 306.3 | |||||||||||||||||
Add: Income tax expense | 142.6 | ||||||||||||||||||
Add: Total other expense, net | 54.3 | ||||||||||||||||||
Operating income (expense) | $ | 256.0 | $ | 129.9 | $ | 201.0 | $ | (83.7 | ) | $ | 503.2 | ||||||||
Less: Non-cash purchase accounting income adjustment | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||
Adjusted operating income (expense) (1) | 255.6 | 129.9 | 201.0 | (83.7 | ) | 502.8 | |||||||||||||
Add: Depreciation and amortization | 97.9 | 7.3 | 26.0 | 0.6 | 131.8 | ||||||||||||||
Add: Share-based compensation | — | — | — | 43.9 | 43.9 | ||||||||||||||
Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting income adjustment and share-based compensation (Adjusted EBITDA) (1) | $ | 353.5 | $ | 137.2 | $ | 227.0 | $ | (39.2 | ) | $ | 678.5 | ||||||||
Twelve months ended December 31, 2023 | |||||||||||||||||||
EFT Processing | epay | Money Transfer | Corporate Services | Consolidated | |||||||||||||||
Net income | $ | 279.5 | |||||||||||||||||
Add: Income tax expense | 120.9 | ||||||||||||||||||
Add: Total other expense, net | 32.2 | ||||||||||||||||||
Operating income (expense) | $ | 206.3 | $ | 126.2 | $ | 185.4 | $ | (85.3 | ) | $ | 432.6 | ||||||||
Add: Non-cash purchase accounting expense adjustment | 2.5 | — | — | — | 2.5 | ||||||||||||||
Less: Non-cash gain | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||||||
Adjusted operating income (expense) (1) | 205.8 | 126.2 | 185.4 | (85.3 | ) | 432.1 | |||||||||||||
Add: Depreciation and amortization | 94.6 | 6.9 | 31.0 | 0.4 | 132.9 | ||||||||||||||
Add: Share-based compensation | — | — | — | 53.7 | 53.7 | ||||||||||||||
Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment, non-cash gain and share-based compensation (Adjusted EBITDA) (1) | $ | 300.4 | $ | 133.1 | $ | 216.4 | $ | (31.2 | ) | $ | 618.7 |
(1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.
EURONET WORLDWIDE, INC. | |||||||||||||||||
Reconciliation of Adjusted Earnings per Share | |||||||||||||||||
(unaudited - in millions, except share and per share data) | |||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income attributable to Euronet Worldwide, Inc. | $ | 306.0 | $ | 279.7 | $ | 45.2 | $ | 69.3 | |||||||||
Foreign currency exchange loss (gain) | 19.1 | (8.0 | ) | 35.5 | (11.6 | ) | |||||||||||
Intangible asset amortization(1) | 21.7 | 24.4 | 4.7 | 5.4 | |||||||||||||
Share-based compensation(2) | 43.9 | 53.7 | 10.6 | 14.2 | |||||||||||||
Non-cash gain(3) | — | (3.0 | ) | — | — | ||||||||||||
Non-cash purchase accounting (income) expense adjustment(4) | (0.4 | ) | 2.5 | — | 2.5 | ||||||||||||
Income tax effect of above adjustments(5) | 13.2 | (3.0 | ) | 3.2 | 1.2 | ||||||||||||
Non-cash investment gain(6) | (20.3 | ) | — | (3.5 | ) | — | |||||||||||
Non-cash GAAP tax expense (benefit)(7) | 9.9 | 19.7 | (3.1 | ) | 6.4 | ||||||||||||
Adjusted earnings(8) | $ | 393.1 | $ | 366.0 | $ | 92.6 | $ | 87.4 | |||||||||
Adjusted earnings per share - diluted(8) | $ | 8.61 | $ | 7.46 | $ | 2.08 | $ | 1.88 | |||||||||
Diluted weighted average shares outstanding (GAAP) | 48,082,766 | 51,599,633 | 47,050,602 | 49,066,284 | |||||||||||||
Effect of adjusted EPS dilution of convertible notes | (2,781,818 | ) | (2,781,818 | ) | (2,781,818 | ) | (2,781,818 | ) | |||||||||
Effect of unrecognized share-based compensation on diluted shares outstanding | 369,573 | 230,000 | 295,559 | 158,030 | |||||||||||||
Adjusted diluted weighted average shares outstanding | 45,670,521 | 49,047,815 | 44,564,343 | 46,442,496 |
(1) Intangible asset amortization of
(2) Share-based compensation of
(3) A non-cash gain of
(4) Non-cash purchase accounting (income)/expense adjustment of respectively (
(5) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.
(6) Non-cash investment gain of respectively
(7) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.
(8) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP.
