Euronet Worldwide (EEFT) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 results with revenue of $986.2 million, operating income of $134.3 million, and adjusted EPS of $2.25, up 11% year-over-year, driven by strong EFT and Money Transfer performance, network expansion, and digital growth.

• Strategic acquisitions, including MEPS ATM network in Malaysia and Infinitium Group, expanded the company's presence and product offerings.

• Growth supported by improved economic and travel trends, continued investment in technology, and robust digital and branded payment solutions.

• Double-digit adjusted EPS growth in the first half of 2024 underpins confidence in achieving full-year adjusted EPS growth of 10-15%.

• Net income for Q2 2024 was $83.1 million, down 3% year-over-year.

Financial highlights

• Q2 2024 revenue: $986.2 million (+5% YoY); adjusted operating income: $134.3 million (+12% YoY constant currency); adjusted EBITDA: $178.2 million (+7% YoY); adjusted EPS: $2.25 (+11% YoY).

• Net income for Q2 2024: $83.1 million; diluted EPS: $1.73.

• Free cash flow exceeded $80 million; $114 million in share repurchases completed in Q2.

• Ended quarter with $1.27 billion in unrestricted cash and $2.27 billion in debt.

• Working capital at June 30, 2024: $694.9 million.

Outlook and guidance

• Management expects full-year adjusted EPS growth of 10-15%, with continued strength in EFT and Money Transfer segments.

• Epay operating income growth expected to accelerate in the second half, with more promotional activity in Q4.

• Inflationary pressures may increase expenses, particularly compensation, and impact discretionary spending.

• No material impact from OECD Pillar 2 global minimum tax expected in 2024.