Euronet Worldwide, Inc. (NASDAQ:EEFT) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET

Company Participants

Hope Gregg - Associate General Counsel

Rick Weller - EVP, CAO & CFO

Michael Brown - Chairman, CEO & President

Conference Call Participants

Peter Heckmann - D.A. Davidson

Joel Riechers - Truist Company

Andrew Schmidt - Citigroup

Vasundhara Govil - KBW

Operator

Greetings, and welcome to the Euronet Worldwide Second Quarter 2022 Earnings Call.

It is now my pleasure to introduce your host, Ms. Hope Gregg, Associate General Counsel for Euronet Worldwide. Ms. Gregg, you may begin.

Hope Gregg

Thank you. Good morning, everyone, and welcome to Euronet's quarterly results conference call for the second quarter 2022. 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 power point presentation we'll be making today. Statements made on this call that concern Euronet or its management's intentions, expectations or preventions 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 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 such updates.

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, Hope, and thank you to everyone joining us this morning. I will begin my comments on Slide 5. For the second quarter, we produced revenue of $843 million, operating income of $101 million and adjusted EBITDA of $147 million. We delivered adjusted EPS of $1.73, a 226% increase from the $0.53 in the second quarter of 2021.

These strong improvements include all metrics. In all metrics were driven by revenue growth in all three segments, which includes a strong rebound in domestic and international cash withdrawal transactions in the EFT segment from the continued lifting of COVID restrictions across the globe as travel is recovered.

Next slide, please. Slide 6. As it's been the case for the last two-plus years, the strength of our balance sheet has allowed us to make investments and operate the business in a way that will continue to deliver long-term shareholder value. As you can see, we ended the second quarter with more than $1 billion in unrestricted cash and debt of $2.1 billion.