EURONET WORLDWIDE, INC. Q3 FY2024 earnings call

• Delivered a record third quarter with revenue of 1.1 billion, operating income of 182 million, adjusted EBITDA of 226 million, and adjusted EPS of $3.03. • EFT had double-digit constant currency operating income and adjusted EBITDA growth; Money Transfer had constant dollar third quarter revenue growth of 10%, operating income growth of 7%, and adjusted EBITDA growth of 4%; epay had double-digit revenue and transaction growth. • Celebrated 30th anniversary, noting consistent growth in 29 of 30 years except pandemic, and investments during pandemic leading to segment growth changes. • EFT highlights: largely recovered European travel season, growth in merchant services business, growth in new markets, and beginning to benefit from domestic and international access fees. • epay highlights: diversifying product portfolio, notable signing with Take-Two Interactive, expansion of payment processing business, digital channel focus, and migration of Prezzee open-loop MasterCard to Ren platform. • Money Transfer highlights: double-digit revenue and transaction growth, strategic partnerships like PLS Financial Services, positive trajectory of digital money transfers, and enhancements in operating margins. • Dandelion network highlights: growing network participants, signing agreements with XTransfer, launching Wallex, and bullish outlook due to regulatory environment changes.

EFT delivered double-digit constant currency operating income and adjusted EBITDA growth. Money Transfer had constant dollar third quarter revenue growth of 10%, operating income growth of 7%, and adjusted EBITDA growth of 4% compared to prior year third quarter. epay delivered double-digit revenue and transaction growth. EFT revenue grew 7%, operating income 12% and EBITDA 10% adjusted for currency fluctuations. epay grew 10%, operating income 2% and EBITDA 3% adjusted for currency fluctuations. Money Transfer grew revenue 10%, operating income 7% and EBITDA 4%.

•有望实现全年10%-15%的两位数盈利增长，前三季度调整后每股收益同比增长17%，有信心实现全年高限甚至超过10%-15%的范围。•预计第四季度各指标实现两位数增长，对2025年保持两位数增长有信心。

Q: 关于EFT分部国际ATM交易同店销售增长及国际交易与控制数据的关系，Andrew Schmidt提问。A: Michael Brown表示国际交易仅下降0.7%，可视为大致持平，通过向新市场拓展ATM来弥补；Rick Weller补充称在欧洲拥有无与伦比的ATM网络，银行关闭分行和网点时，EFT的网络成为重要资产，且不断增加网络参与协议。 Q: Gus Gala提问关于EFT分部的增量边际，过去三个季度约49%，之前约30%左右，以及费用结构变化的前景和商户拓展的新市场情况。A: Rick Weller表示由于过去四五年成本增加，可能无法回到疫情前的边际结构，预计在交换费率增加等方面有机会提升边际；Michael Brown补充称商户收购业务的EBITDA利润率在过去两年半已增长，且在新市场如意大利、西班牙、葡萄牙等有拓展计划。 Q: Peter Heckmann提问关于PLS金融合作，其规模相对于60万现有网点的情况，以及是否有独家性。A: Michael Brown表示有独家性，替换了竞争对手；Rick Weller补充称PLS专注于特定客户群体，其业务集中度比传统小店代理更显著。 Q: Cris Kennedy提问关于欧洲国内访问费拓展的机会以及数字汇款业务的客户概况、粘性和单位经济等。A: Rick Weller表示看到行业积极方向，银行关闭网点使EFT获得更多市场份额，预计边际会持续提升；Michael Brown表示数字汇款客户需有银行账户，客户有粘性，56%的新客户增长率可观，数字交易比实体店交易更具盈利性