Euronet Worldwide, Inc. (NASDAQ:EEFT) Q2 2023 Earnings Conference Call July 26, 2023 9:00 AM ET

Company Participants

Scott Claassen – General Counsel

Rick Weller – Chief Financial Officer

Mike Brown – Chairman and Chief Executive Officer

Conference Call Participants

Rayna Kumar – UBS

Andrew Jeffrey – Truist Securities

Andrew Schmidt – Citi Research

Darrin Peller – Wolfe Research

Mike Grondahl – Northland Securities

Ken Suchoski – Autonomous Research

Cris Kennedy – William Blair

Operator

Greetings, and welcome to the Euronet Worldwide Second Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

It is now my pleasure to introduce your host, Mr. Scott Claassen, General Counsel for Euronet Worldwide. Thank you. Mr. Claassen, you may begin.

Scott Claassen

All right. Thank you. Good morning, everyone, and welcome to Euronet's second quarter 2023 earnings conference call. On this call, we have Mike Brown, our Chairman and CEO; and Rick Weller, our CFO. Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we'll be making today. Statements made on this call 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 these forward-looking statements as a result of a number of factors that are listed on the second slide of our presentation.

Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any update. You should avoid placing any undue reliance on any of these forward-looking statements. In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures.

Now I'll turn the call over to our CFO, Rick Weller.

Rick Weller

Thank you, Scott. Good morning, and thank you to everyone who's joining us today. I will begin my comments on Slide 5. For the second quarter, we produced revenue of $939 million, operating income of $122 million, adjusted operating income of $120 million and adjusted EBITDA of $166 million. Excluded from the adjusted operating income, adjusted EBITDA and adjusted EPS and is a non-cash gain recorded in the EFT segment. Adjusted EPS was $2.03, a 17% increase from $1.73 in the second quarter of 2022. These results produced a record second quarter and strong double-digit growth rates driven by improvements in all three segments.