Euronet Worldwide Reports 9.5% Revenue Growth and 45% Net Income Increase in Q3 2024

Euronet Worldwide, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, as detailed in its 10-Q filing. For the three months ended September 30, 2024, the company achieved revenues of $1,099.3 million, a 9.5% increase from $1,004.0 million in the same period of 2023. Year-to-date revenues reached $2,942.5 million, up 7.7% from $2,730.3 million in the prior year. The growth was driven by all three operating segments: EFT Processing, epay, and Money Transfer, with notable increases in transaction volumes and service demand.

Operating income for Q3 2024 was $182.2 million, reflecting a 9.1% increase from $167.0 million in Q3 2023. For the nine months ended September 30, 2024, operating income rose to $380.5 million, compared to $335.2 million in the same period last year. Net income for Q3 2024 was $151.6 million, a substantial increase of 45% from $104.2 million in Q3 2023, while year-to-date net income reached $261.0 million, up 24% from $210.0 million in 2023.

The company’s total assets increased to $6,289.1 million as of September 30, 2024, compared to $5,894.4 million at the end of 2023. Current assets also rose to $4,385.8 million, driven by an increase in cash and cash equivalents, which reached $1,524.1 million, up from $1,254.2 million. However, total current liabilities surged to $3,471.2 million, up from $2,700.6 million, primarily due to the reclassification of convertible debt to current liabilities.

Euronet's strategic developments included the acquisition of Infinitium Group in February 2024 for $70.0 million, enhancing its service offerings. The company also initiated two share repurchase programs, allowing for the repurchase of up to $350 million in value, with 5.9 million shares available under the first program and 7.0 million under the second.

Operating expenses for Q3 2024 totaled $917.1 million, up from $837.0 million in Q3 2023, reflecting increased costs associated with higher transaction volumes and operational expansions. The company reported a gross profit of $198.7 million for Q3 2024, a 10% increase from $180.1 million in the same quarter of 2023, resulting in a gross margin of 53.3%.

Euronet's financial performance was further supported by a positive shift in foreign currency exchange income, which amounted to $27.4 million for Q3 2024, compared to a loss of $8.8 million in the same period last year. The effective income tax rate decreased to 27.3% for Q3 2024 from 29.2% in Q3 2023, contributing to the overall increase in net income.