Euronet Worldwide, Inc. (NASDAQ:EEFT) Q1 2019 Earnings Conference Call Transcript
Apr 30, 2019 • 09:00 am ET
Michael J. Brown
while also driving more customers into Walmart stores. That's a win-win if you ask me.
We also partnered with Turbus, the primary transportation service company in Chile, to offer send and payout services at more than 400 locations across the country. Turbus has been providing money transfers for nearly two decades, so they understand the business well and their locations are well adopted by money transfer customers in the market. This was another competitive win and offers Ria customers even more convenience and service availability in Chile.
And to touch on our continued digital expansion, while we have seen a delay in the transfers out of the UK as influenced by the indecisive Brexit matter, we are pleased with strong acceptance of new transfers following the rebranding of our digital payments business from HiFX high effects to the single XE brand. With very significant and growing addressable market, the money transfer team continues to deliver strong results in both the physical and digital landscapes.
Now let's move on to Slide number 24, and we'll wrap up this quarter. My hope is that this update gives you insight into our very healthy core business, which allows us to continue to grow at stunning double-digit rates, while also enabling us to plant the seeds for future growth. To summarize the quarter, we delivered adjusted cash EPS of $0.85, a 16% year-over-year increase in our weakest quarter of the year.
EFT delivered exceptional results while also adding 874 new ATMs in advance of the busier travel season, and it had constant currency op income growth of 54%. Epay's double-digit earnings growth resulted from continuing -- continued expansion of our digital media product. Here, constant currency op income growth of 15% over prior year, and finally money transfer continues to deliver strong earnings growth from expansion in both the physical and digital channels. Here we had constant currency op income growth of 22%. We successfully issued $525 million worth of a 0.75% interest convertible bond to essentially refinance our 1.5% convertible bond, and we had generation of free cash flow, which continues to strengthen our balance sheet. And finally we expect second quarter adjusted EPS to be approximately $1.69, assuming consistent foreign exchange rate.
And with that we'd be happy to take questions. Operator, will you please assist?