Euronet Worldwide, Inc. (NASDAQ:EEFT) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET
Company Participants
Scott Claassen - General Counsel & Secretary
Rick Weller - EVP, CAO & CFO
Michael Brown - Chairman, CEO & President
Kevin Caponecchi - EVP & CEO of epay, Software & EFT Asia Pacific Division
Conference Call Participants
Michael Grondahl - Northland Capital Markets
Cristopher Kennedy - William Blair & Company
Charles Nabhan - Stephens Inc.
Operator
Greetings and welcome to the Euronet Worldwide First Quarter 2024 Earnings Call. [Operator Instructions].
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
Thank you. Good morning, everyone, and welcome to Euronet's First Quarter 2024 Earnings Conference Call. On the call today, 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 will 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.
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 joining us today. I will begin my comments on Slide 5. For the first quarter, we delivered revenue of $857 million, adjusted operating income of $63 million, adjusted EBITDA of $109 million, a record first quarter across all 3 metrics. These results were made possible by contributions from each of the segments, but with a particularly strong earnings contribution from the EEFT segment due to an increase in the international transactions, growth of our merchant services business and strategic investments in new markets that delivered double-digit growth over the prior year.
We are very pleased that the business delivered a record-breaking first quarter adjusted EPS of $1.28, a 47% increase over the prior year of $0.87.
We were able to deliver this strong earnings growth due to our continued focus on expanding the business in new and existing markets, adding more products, and continued investments in our industry-leading technology across all 3 segments. Moreover, we are pleased that we were able to deliver results, which exceeded analyst expectations, consensus expectations for both revenue and adjusted EPS in the first quarter following our change from quarterly to annual adjusted EPS guidance.