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Euronet Worldwide Reports Second Quarter 2013 Financial Results

Stocks in this article: EEFT

Transactions grew 2%, led by growth in Serbia, Euronet Middle East, Pakistan, Romania and Poland. ATM growth of 1% was primarily attributable to expansion in Poland, Euronet Middle East and China. Partially offsetting transaction and ATM growth were declines stemming from the previously announced contract termination by a government bank in India, which represented a substantial number of ATMs and transactions, but produced minimal revenue or operating profit. Excluding the impact of the contract termination in India, transaction and ATM growth would have been 9% and 11%, respectively. 

Revenue grew more than transactions and ATMs after adjusting for the lost contract described above due to the growth in sales of value added products, improved rates on the Indian brown label ATMs and the January 2013 acquisition of Pure Commerce. Adjusted EBITDA and operating income growth exceeded revenue growth as a result of leverage obtained from the business.

The epay Segment reports the following results for the second quarter 2013 compared with the same period of 2012:

  • Revenues of $176.6 million, a 6% increase from $166.7 million (6% increase on a constant currency basis).
  • Operating income of $12.4 million, a 23% increase from $10.1 million (23% increase on a constant currency basis).
  • Adjusted EBITDA of $16.3 million, a 7% increase from $15.3 million (7% increase on a constant currency basis).
  • Transactions of 282 million, a 4% increase from 272 million.
  • Point of sale ("POS") terminals of approximately 689,000 as of June 30, 2013, a 12% increase from approximately 617,000.
  • Retailer locations of approximately 348,000 as of June 30, 2013, a 17% increase from approximately 297,000.

Revenue, operating income and adjusted EBITDA expansion in the quarter resulted from growth of non-mobile product sales, particularly in Germany, increased prepaid mobile sales in the U.S. and the November 2012 acquisition of ezi-pay in New Zealand. Partially offsetting this growth were declines in Australia as well as start-up expenses in Russia and Turkey. The increase in operating income also reflects the benefit of lower intangible expense in Spain, Brazil and Germany due to the net book value of certain intangible assets in those countries being fully amortized; excluding these benefits, operating income growth was consistent with revenue and adjusted EBITDA growth.  

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