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TheStreet Open House

Euronet Worldwide Reports Fourth Quarter And Full Year 2012 Financial Results

Transaction growth of 23% for the full year and 16% for the fourth quarter was driven by ATM expansion in India, Poland and Romania, together with further development of the European cross-border acquiring business. Revenue growth outpaced transaction growth due to a shift towards higher priced transactions. ATM growth was largely attributable to brown label ATM deployments in India and the cash4you acquisition in Poland completed late in the fourth quarter 2011. The deployment of brown label ATMs in India contributed to fourth quarter earnings growth, but negatively impacted full year results due to the ramp-up of transactions on these new ATMs.

The epay Segment reports the following results for the full year 2012 compared with the same period for 2011:

  • Revenues of $714.2 million, a 5% increase from $677.1 million (10% increase on a constant currency basis).
  • Operating income of $19.6 million, a 65% decrease from $56.8 million (76% decrease on a constant currency basis).
  • Adjusted operating income of $48.3 million, a 15% decrease from $57.0 million (14% decrease on a constant currency basis).
  • Adjusted EBITDA of $68.1 million, a 10% decrease from $75.5 million (7% decrease on a constant currency basis).
  • Transactions of 1,113 million, a 5% increase from 1,064 million.
  • Point of sale ("POS") terminals of approximately 680,000 as of December 31, 2012, an 11% increase from approximately 615,000 as of December 31, 2011.
  • Retailer locations of approximately 339,000 as of December 31, 2012, an 16% increase from approximately 293,000 as of December 31, 2011.

The epay Segment reports the following results for the fourth quarter 2012 compared with the same period of 2011:

  • Revenues of $199.5 million, a 4% increase from $191.2 million (6% increase on a constant currency basis).
  • Operating loss of $13.8 million compared with operating income of $16.9 million.
  • Adjusted operating income of $14.9 million, a 12% decrease from $16.9 million (11% decrease on a constant currency basis).
  • Adjusted EBITDA of $19.4 million, a 12% decrease from $22.1 million (11% decrease on a constant currency basis).
  • Transactions of 298 million, a 4% increase from 286 million.

Full year revenue growth versus the prior year was largely due to the September 2011 acquisition of cadooz. Revenue increases in the fourth quarter 2012 compared with the prior year were from continued demand for non-mobile products in Germany and prepaid mobile sales in the U.S. Adjusted operating income and Adjusted EBITDA declines for both the full year and fourth quarter were primarily focused in Brazil, Spain and Australia, partially offset by increases in Germany and the U.S.

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