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.