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你可能喜欢Euronet Worldwide Reports Third Quarter 2009 Financial Results | Business Wire
Euronet Worldwide Reports Third Quarter 2009 Financial Results
LEAWOOD, Kan.--()--Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a
leading electronic payments provider, today announced its third quarter
2009 financial results.
Euronet's consolidated third quarter 2009 financial highlights
Revenues of $264.8 million, compared to $280.7 million for the third
quarter 2008.
Operating income of $22.1 million, compared to $18.8 million for the
third quarter 2008.
Adjusted EBITDA(1) of $38.6 million, compared to $35.4
million for the third quarter 2008.
Net income of $18.9 million, or $0.36 diluted earnings per share,
compared to net income of $1.9 million, or $0.04 diluted earnings per
share, for the third quarter 2008.
Adjusted cash earnings per share(2) of $0.34, compared to
$0.30 for the third quarter 2008.
Transactions of 387.3 million, compared to 358.9 million in the third
quarter 2008.
The reconciliation of non-GAAP items is included in the attached
supplemental data.
Euronet generates approximately 75% of its revenues from non-U.S.
therefore, the Company’s reported results were impacted by
significant changes in the value of foreign currencies relative to the
U.S. dollar. Throughout 2009 the exchange rates of most foreign
currencies have generally strengthened relative to the U.S.
however, when compared to the third quarter 2008, most foreign
currencies weakened significantly relative to the U.S. dollar. Euronet’s
third quarter 2009 results have been significantly impacted by currency
exchange rates when compared to the third quarter 2008. Applying average
foreign currency exchange rates from the third quarter 2008 to the third
quarter 2009 results, the Company’s third quarter 2009 revenues,
operating income and adjusted EBITDA would have been higher by
approximately $22.7 million, $3.3 million and $4.7 million,
respectively, resulting in year-over-year improvements of 2%, 35% and
22%, respectively. Profit growth was generally driven by improvements in
India, Poland and Germany in the EFT Processing Segment and Australia,
Germany and the U.S. in the Prepaid Processing Segment.
Segment and Other Results
The EFT Processing Segment reported the following results for the
third quarter 2009:
Revenues of $50.9 million, compared to $54.4 million for the third
quarter 2008.
Operating income of $12.2 million, compared to $8.3 million for the
third quarter 2008.
Adjusted EBITDA of $17.0 million, compared to $13.4 million for the
third quarter 2008.
Transactions of 188.4 million, compared to 174.2 million for the third
quarter 2008.
The Segment’s results were significantly impacted by fluctuations in
foreign currency exchange rates. Applying average foreign currency
exchange rates from the third quarter 2008 to the third quarter 2009
results, third quarter 2009 revenues, operating income and adjusted
EBITDA would have been higher by approximately $8.6 million, $2.0
million and $2.9 million, respectively, resulting in year-over-year
improvements of 9%, 71% and 49%, respectively. Growth in profit is
primarily due to transaction fee increases in Germany, reduced operating
losses from the Company’s cross-border product, increases in the number
of owned and outsourced ATMs in Poland and a 109% increase in
transaction levels on Euronet’s shared network in India – Cashnet.
The EFT Processing Segment ended the third quarter 2009 with 9,473 ATMs
operated compared to 10,384 ATMs at the end of the third quarter 2008,
and an increase of 137 ATMs from the second quarter 2009. The
year-over-year comparison was impacted by previously announced customer
contract terminations, partially offset by expansions in owned and
outsourced ATMs in several markets. As of September 30, 2009, Euronet
operates ATMs primarily in Hungary, Poland, Germany, Croatia, the Czech
Republic, Greece, Romania, Slovakia, Serbia, Montenegro, Ukraine,
Bulgaria, India, the U.A.E. and China.
The Prepaid Processing Segment reported the following results for
the third quarter 2009:
Revenues of $153.6 million, compared to $166.8 million for the third
quarter 2008.
Operating income of $13.6 million, compared to $12.6 million for the
third quarter 2008.
Adjusted EBITDA of $17.5 million, compared to $16.9 million for the
third quarter 2008.
Transactions of 194.4 million, compared to 180.4 million for the third
quarter 2008.
The Segment’s results were significantly impacted by fluctuations in
foreign currency exchange rates. Applying average foreign currency
exchange rates from the third quarter 2008 to the third quarter 2009
results, third quarter 2009 revenues, operating income and adjusted
EBITDA would have been higher by approximately $12.4 million, $1.2
million and $1.4 million, respectively, resulting in flat revenues and
year-over-year improvements of 17% and 12% in operating income and
adjusted EBITDA, respectively. After adjusting for changes in foreign
currency exchange rates, flat year-over-year revenue was largely the
result of mobile operator commission rate decreases in the U.K. However,
most of the decrease was passed through to retailers, resulting in
minimal impact on third quarter 2009 profitability. Moreover, third
quarter 2009 operating margins improved from the third quarter 2008 and
second quarter 2009, generally demonstrating the neutral impacts of
commission rate decreases on profitability. The growth in profit is due
to Euronet’s leverage of transaction growth and continued success in
increasing market share, primarily in Australia, Germany and the U.S.
The Prepaid Processing Segment processes electronic point-of-sale
prepaid transactions at approximately 475,000 point-of-sale terminals
across approximately 234,000 retailer locations in Europe, Asia-Pacific,
the Americas and the Middle East.
The Money Transfer Segment reported the following results for the
third quarter 2009:
Revenues of $60.3 million, compared to $59.5 million for the third
quarter 2008.
Operating income of $2.6 million, compared to $3.1 million for the
third quarter 2008.
Adjusted EBITDA of $7.9 million, compared to $7.9 million for the
third quarter 2008.
Transfer transactions of 4.5 million, compared to 4.3 million for the
third quarter 2008.
The Segment’s results were impacted by fluctuations in foreign currency
exchange rates. Applying average foreign currency exchange rates from
the third quarter 2008 to the third quarter 2009 results, revenues,
operating income and adjusted EBITDA would have been higher by
approximately $1.7 million, $0.2 million and $0.3 million, respectively,
resulting in year-over-year improvements of 4% for both revenue and
adjusted EBITDA and a decrease in operating income of 10%.
Transfers to Mexico declined 23% year-over-year, largely due to the
continued weakness in U.S. employment. After adjusting for changes in
foreign currency exchange rates, increases in revenues and adjusted
EBITDA were primarily due to transaction growth outside the U.S. to
Mexico corridor. The difference between the growth in adjusted EBITDA
and the decline in operating income year-over-year, after adjusting for
changes in foreign currency exchange rates, was due largely to
depreciation from store additions.
The Money Transfer Segment operates a network of approximately 81,300
locations, compared to 73,000 as of September 30, 2008, serving more
than 100 countries.
Corporate and other reported $6.3 million of operating expenses
for the third quarter 2009, compared to $5.2 million for the third
quarter 2008, due primarily to increased management incentive
compensation accruals.
The Company’s unrestricted cash on hand was $220.2 million as of
September 30, 2009, compared to $160.5 million as of June 30, 2009. The
increase in cash was primarily attributable to cash generated by
operations and favorable working capital timing differences in the
Prepaid Processing Segment, without significant debt reductions during
the third quarter 2009. The Company’s total debt was $335.9 million as
of September 30, 2009, reduced from $337.2 million as of June 30, 2009.
On December 15, 2009, holders of the Company’s 1.625% convertible
debentures have the option to require the Company to purchase their
debentures at par. Unless the price of the Company’s Common Stock
appreciates substantially before December 15, 2009, the holders of the
debentures may exercise the option at that date. The Company has
sufficient cash on hand to fund the potential purchase of the $44.2
million in bonds that remain outstanding.
The Company expects adjusted cash earnings per share for the fourth
quarter 2009 to be $0.37, assuming foreign currency exchange rates
remain constant through the end of the quarter.
We believe that adjusted EBITDA and adjusted cash earnings per share
provide useful information to investors because they are indicators of
the strength and performance of our ongoing business operations,
including our ability to fund capital expenditures, acquisitions and
operations and to incur and service debt. These calculations are used to
more fully describe the results of the business and are commonly used as
a basis for investors, analysts and credit rating agencies to evaluate
and compare the operating performance and value of companies within the
payment processing industry.
The Company’s management analyzes historical results adjusted for
certain items that are non-operational and non-recurring. Management
believes the exclusion of these items provides a more complete and
comparable basis for evaluating the underlying business unit
performance. The attached schedules provide a full reconciliation of
these non-GAAP financial measures to their most directly comparable U.S.
GAAP financial measure.
(1) Adjusted EBITDA is defined as operating income excluding
depreciation, amortization, share-based compensation expenses and other
non-operating or non-recurring items. Although depreciation and
amortization charges are considered operating costs under U.S. GAAP,
these expenses primarily represent non-cash current period allocations
of costs associated with long-lived assets acquired in prior periods.
Similarly, expense recorded for share-based compensation does not
represent a current or future period cash cost.
(2) Adjusted cash earnings per share is defined as diluted
U.S. GAAP earnings per share excluding the tax-effected impacts of: a)
foreign exchange gains or losses, b) discontinued operations, c) gains
or losses from the early retirement of debt, d) share-based
compensation, e) acquired intangible asset amortization, f) non-cash
interest expense, g) non-cash income tax expense, and h) other
non-operating or non-recurring items. Adjusted cash earnings per share
includes shares potentially issuable in settlement of convertible bonds
or other obligations, if the assumed issuances are dilutive to adjusted
cash earnings per share.
Euronet Worldwide will host an analyst conference call on Wednesday,
October 28, 2009, at 9:00 a.m. U.S. Eastern Time to discuss these
results. To listen to the call via telephone, dial 800-475-6881 (USA) or
+1-913-643-4197 (non-USA). The conference call will also be available
via webcast at .
Participants should go to the Web site at least 5 minutes prior to the
scheduled start time of the event to register. A slideshow will be
included in the webcast.
A webcast replay will be available beginning approximately one hour
after the event at .
To dial in for the replay, the call-in number is 888-203-1112 (USA) or
+1-719-457-0820 (non-USA). The replay passcode is 9470637. The call and
webcast replay will be available for one month.
About Euronet Worldwide, Inc.
Euronet Worldwide is an industry leader in processing secure electronic
financial transactions. The Company offers payment and transaction
processing solutions to financial institutions, retailers, service
providers and individual consumers which include comprehensive ATM, POS
card issuing and merchant acquiring
consumer money transfer and bill payment
and electronic distribution for prepaid mobile airtime and
other prepaid products. Euronet operates and processes transactions from
44 countries.
Euronet’s global payment network is extensive — including 9,473 ATMs,
approximately 51,000 EFT POS terminals and a growing portfolio of
outsourced debit and credit card services which are under management in
28 car a prepaid processing network of
approximately 475,000 point-of-sale terminals across approximately
234,000 retailer locations in 22 and a consumer-to-consumer
money transfer network of approximately 81,300 locations serving more
than 100 countries. With corporate headquarters in Leawood, Kansas, USA,
and 36 worldwide offices, Euronet serves clients in approximately 145
countries. For more information, please visit the Company’s Web site at .
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 technological
developments affecting the market for the Company’s products and
foreign currency e the Company’s ability
to renew existing contracts and changes in laws and
regulations affecting the Company's business, including immigration
laws. 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 by contacting the Company
or the SEC. 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 Web
EURONET WORLDWIDE, INC.
Consolidated Statements of Operations
(unaudited - in millions, except share and per share data)
Three Months Ended
September 30,
(see Note)
EFT Processing
Prepaid Processing
Money Transfer
Total revenues
Operating expenses:
Direct operating costs
Salaries and benefits
Selling, general and administrative
Depreciation and amortization
Total operating expenses
Operating income
Other income (expense):
Interest income
Interest expense
Income from unconsolidated affiliates
Gain on sale of investment securities
Gain on early retirement of debt
Foreign exchange gain (loss), net
Total other income (expense), net
Income (loss) from continuing operations before income taxes
Income tax (expense) benefit
Income from continuing operations
Discontinued operations, net
Net income
Less: Net income attributable to noncontrolling interests
Net income attributable to Euronet Worldwide, Inc.
Earnings per share - diluted:
Continuing operations
Discontinued operations
Earnings per share
Diluted weighted average shares outstanding
51,906,902
50,808,010
Note: Effective January 1, 2009, the Company adopted revised accounting
rules for convertible debt that requires the proceeds from the issuance
of such convertible debt instruments to be allocated between debt and
equity components so that the debt is discounted to reflect the
Company’s nonconvertible debt borrowing rate. The debt discount is
amortized as additional non-cash interest expense over the period the
convertible debt is expected to be outstanding. As required, the Company
has adjusted the Unaudited Consolidated Statements of Operations and
Consolidated Condensed Balance Sheets for prior periods.
EURONET WORLDWIDE, INC.
Consolidated Condensed Balance Sheets
(unaudited - in millions)
September 30,
December 31,
(see Note)
Current assets:
Cash and cash equivalents
Restricted cash
Inventory - PINs and other
Trade accounts receivable, net
Other current assets, net
Total current assets
Property and equipment, net
Goodwill and acquired intangible assets, net
Other assets, net
Total assets
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and other current liabilities
Short-term debt obligations
Total current liabilities
Debt obligations, net of current portion
Capital lease obligations, net of current portion
Deferred income taxes
Other long-term liabilities
Total liabilities
Total equity
Total liabilities and equity
Note: Effective January 1, 2009, the Company adopted revised accounting
rules for convertible debt that requires the proceeds from the issuance
of such convertible debt instruments to be allocated between debt and
equity components so that the debt is discounted to reflect the
Company’s nonconvertible debt borrowing rate. The debt discount is
amortized as additional non-cash interest expense over the period the
convertible debt is expected to be outstanding. As required, the Company
has adjusted the Unaudited Consolidated Statements of Operations and
Consolidated Condensed Balance Sheets for prior periods. Additionally,
as of September 30, 2009, the Company netted certain deferred income tax
assets with deferred income tax liabilities for balances within the same
tax jurisdiction. Prior period balances have been adjusted to conform to
the current period presentation. This immaterial adjustment had no
impact on stockholders' equity or the Company's Unaudited Consolidated
Statements of Operations, Statements of Comprehensive Income (Loss) or
Statements of Cash Flows.
EURONET WORLDWIDE, INC.
Reconciliation of Operating Income to Adjusted EBITDA by Segment
(unaudited - in millions)
Three months ended September 30, 2009
Processing
Processing
Consolidated
Operating income
Add: Depreciation and amortization
Add: Share-based compensation
Earnings before interest, taxes, depreciation,
amortization and share-based
compensation (Adjusted EBITDA) (1)
Three months ended September 30, 2008
Processing
Processing
Consolidated
Operating income
Add: Depreciation and amortization
Add: Share-based compensation
Earnings before interest, taxes, depreciation,
amortization and share-based
compensation (Adjusted EBITDA) (1)
(1) Adjusted EBITDA is a non-GAAP measure that should be considered in
addition to, and not as a substitute for, operating income computed in
accordance with U.S. GAAP.
EURONET WORLDWIDE, INC.
Reconciliation of Adjusted Cash Earnings per Share
(unaudited - in millions, except share and per share data)
Three Months Ended
September 30,
Net income attributable to Euronet Worldwide, Inc.
1.625% convertible debt interest, net of tax
Income applicable for common shareholders
Discontinued operations, net of tax
Foreign exchange gain, net of tax
Non-cash 3.5% convertible debt accretion interest, net of tax
Intangible asset amortization, net of tax
Share-based compensation, net of tax
Loss on early debt retirement, net of tax
Gain on sale of MoneyGram common stock and related adjustments
Non-cash GAAP tax expense
Adjusted cash earnings
Adjusted cash earnings per share - diluted (2)
Diluted weighted average shares outstanding
51,906,902
50,808,010
Effect of assumed conversion of convertible debentures (1)
Effect of unrecognized share-based compensation on diluted shares
outstanding
Adjusted diluted weighted average shares outstanding
54,069,157
56,193,562
(1) As required by U.S. GAAP, the interest cost and amortization of the
convertible debt issuance cost are excluded from income for the purpose
of calculating diluted earnings per share for any period when the
convertible debentures, if converted, would be dilutive to earnings per
share. Further, the convertible shares are treated as if all were
outstanding for the period. Although the assumed conversion of the
1.625% convertible debentures was not dilutive to the Company's diluted
GAAP earnings per share for the periods presented, it was dilutive to
the Company's adjusted cash earnings per share. Accordingly, the
interest cost and amortization of the convertible debt issuance cost are
excluded from income and the convertible shares are treated as if all
were outstanding for the period.
(2) Adjusted cash earnings per share is a non-GAAP measure that should
be considered in addition to, and not as a substitute for, earnings per
share computed in accordance with U.S. GAAP.
Euronet Worldwide, Inc.Lisa K. Loebl, 913-327-4224
Euronet Worldwide, Inc.Lisa K. Loebl, 913-327-4224