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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/05/22 Euronet Worldwide, Inc. 10-Q 3/31/22 79:7.8M EdgarAgents LLC/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.01M 7: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 8: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 9: EX-32.1 Certification -- §906 - SOA'02 HTML 22K 10: EX-32.2 Certification -- §906 - SOA'02 HTML 22K 11: R1 Document and Entity Information HTML 80K 12: R2 Consolidated Balance Sheets HTML 152K 13: R3 Consolidated Balance Sheets (Parentheticals) HTML 46K 14: R4 Consolidated Statements of Operations (Unaudited) HTML 117K 15: R5 Consolidated Statements of Comprehensive Loss HTML 46K (Unaudited) 16: R6 Consolidated Statements of Changes in Equity HTML 74K Statement 17: R7 Consolidated Statements of Cash Flows (Unaudited) HTML 113K 18: R8 General HTML 28K 19: R9 Recently Issued and Adopted Accounting HTML 35K Pronouncements 20: R10 Acquisitions HTML 39K 21: R11 Settlement Assets and Obligations HTML 64K 22: R12 Stockholders' Equity HTML 41K 23: R13 Goodwill and Acquired Intangible Assets, Net HTML 43K 24: R14 Accrued Expenses and Other Current Liabilities HTML 33K 25: R15 Unearned Revenues HTML 24K 26: R16 Debt Obligations HTML 64K 27: R17 Derivative Instruments and Hedging Activities HTML 103K 28: R18 Fair Value Measurements HTML 64K 29: R19 Segment Information HTML 159K 30: R20 Income Taxes HTML 28K 31: R21 Commitments HTML 33K 32: R22 Litigation and Contingencies HTML 24K 33: R23 Leases HTML 60K 34: R24 Recently Issued And Adopted Accounting HTML 24K Pronouncements (Policies) 35: R25 Acquisitions (Tables) HTML 33K 36: R26 Settlement Assets and Obligations (Tables) HTML 62K 37: R27 Stocholders' Equity (Tables) HTML 31K 38: R28 Goodwill and Acquired Intangible Assets, Net HTML 38K (Tables) 39: R29 Accrued Expenses and Other Current Liabilities HTML 32K (Tables) 40: R30 Debt Obligations (Tables) HTML 43K 41: R31 Derivative Instruments and Hedging Activities HTML 95K (Tables) 42: R32 Fair Value Measurements (Tables) HTML 57K 43: R33 Segment Information (Tables) HTML 145K 44: R34 Leases (Tables) HTML 61K 45: R35 Recently Issued And Adopted Accounting HTML 39K Pronouncements (Details Textual) 46: R36 Aquisitions (Details) HTML 54K 47: R37 Acquisitions (Details 1 - Textuals) HTML 56K 48: R38 Settlement Assets and Obligations (Details) HTML 37K 49: R39 Settlement Assets and Obligations (Details 1) HTML 36K 50: R40 Settlement Assets and Obligations (Details HTML 22K Textual) 51: R41 Stockholders' Equity (Details) HTML 29K 52: R42 Stockholders' Equity (Details Textual) HTML 42K 53: R43 Goodwill and Acquired Intangible Assets, Net HTML 52K (Details) 54: R44 Goodwill and Acquired Intangible Assets, Net HTML 46K (Details Textual) 55: R45 Accrued Expenses and Other Current Liabilities HTML 32K (Details) 56: R46 Unearned Revenue (Details) HTML 24K 57: R47 Debt Obligations (Details) HTML 48K 58: R48 Debt Obligations (Details Textual) HTML 85K 59: R49 Derivative Instruments and Hedging Activities HTML 31K (Details) 60: R50 Derivative Instruments and Hedging Activities HTML 57K (Details 1) 61: R51 Derivative Instruments and Hedging Activities HTML 26K (Details 2) 62: R52 Derivative Instruments and Hedging Activities HTML 39K (Details Textual) 63: R53 Fair Value Measurements (Details) HTML 34K 64: R54 Fair Value Measurements (Details Textual) HTML 35K 65: R55 Segment Information (Details) HTML 64K 66: R56 Segment Information (Details 1) HTML 38K 67: R57 Segment Information (Details 2) HTML 62K 68: R58 Segment Information (Details Textual) HTML 22K 69: R59 Income Taxes (Details) HTML 25K 70: R60 Commitments (Details) HTML 35K 71: R61 Leases (Details) HTML 40K 72: R62 Leases (Details 1) HTML 27K 73: R63 Leases (Details 2) HTML 24K 74: R64 Leases (Details 3) HTML 27K 77: XML IDEA XML File -- Filing Summary XML 143K 75: XML XBRL Instance -- eeft-20220331_htm XML 1.62M 76: EXCEL IDEA Workbook of Financial Reports XLSX 83K 4: EX-101.CAL XBRL Calculations -- eeft-20220331_cal XML 279K 2: EX-101.DEF XBRL Definitions -- eeft-20220331_def XML 748K 5: EX-101.LAB XBRL Labels -- eeft-20220331_lab XML 1.87M 3: EX-101.PRE XBRL Presentations -- eeft-20220331_pre XML 1.00M 6: EX-101.SCH XBRL Schema -- eeft-20220331 XSD 151K 78: JSON XBRL Instance as JSON Data -- MetaLinks 405± 551K 79: ZIP XBRL Zipped Folder -- 0001213900-22-024028-xbrl Zip 227K
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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☐
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
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As of
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||||||
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||||||
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(unaudited)
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||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
i 986,534
|
|
|
$
|
i 1,260,466
|
|
ATM cash
|
i 644,436
|
|
|
i 543,422
|
|
||
Restricted cash
|
i 5,884
|
|
|
i 3,693
|
|
||
Settlement assets
|
i 1,037,367
|
|
|
i 1,102,389
|
|
||
Trade accounts receivable, net of credit losses of $ i 4,274 and $ i 4,469
|
i 180,070
|
|
|
i 203,010
|
|
||
Prepaid expenses and other current assets
|
i 271,538
|
|
|
i 195,443
|
|
||
Total current assets
|
i 3,125,829
|
|
|
i 3,308,423
|
|
||
Operating right of use lease assets
|
i 161,407
|
|
|
i 161,494
|
|
||
Property and equipment, net of accumulated depreciation of $ i 536,675 and $ i 532,631
|
i 344,429
|
|
|
i 345,381
|
|
||
Goodwill
|
i 846,241
|
|
|
i 641,605
|
|
||
Acquired intangible assets, net of accumulated amortization of $ i 187,609 and $ i 185,054
|
i 214,490
|
|
|
i 97,793
|
|
||
Other assets, net of accumulated amortization of $ i 63,858 and $ i 62,349
|
i 205,917
|
|
|
i 189,580
|
|
||
Total assets
|
$
|
i 4,898,313
|
|
|
$
|
i 4,744,276
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Settlement obligations
|
$
|
i 1,037,367
|
|
|
$
|
i 1,102,389
|
|
Trade accounts payable
|
i 157,738
|
|
|
i 193,529
|
|
||
Accrued expenses and other current liabilities
|
i 404,096
|
|
|
i 367,692
|
|
||
Current portion of operating lease liabilities
|
i 51,795
|
|
|
i 52,136
|
|
||
Short-term debt obligations and current maturities of long-term debt obligations
|
i 298
|
|
|
i 821
|
|
||
Income taxes payable
|
i 48,054
|
|
|
i 59,037
|
|
||
Deferred revenue
|
i 71,606
|
|
|
i 77,037
|
|
||
Total current liabilities
|
i 1,770,954
|
|
|
i 1,852,641
|
|
||
Debt obligations, net of current portion
|
i 1,762,278
|
|
|
i 1,420,085
|
|
||
Operating lease obligations, net of current portion
|
i 110,848
|
|
|
i 111,355
|
|
||
Deferred income taxes
|
i 37,136
|
|
|
i 46,505
|
|
||
Other long-term liabilities
|
i 73,503
|
|
|
i 58,166
|
|
||
Total liabilities
|
i 3,754,719
|
|
|
i 3,488,752
|
|
||
Equity:
|
|
|
|
||||
Euronet Worldwide, Inc. stockholders’ equity:
|
|
|
|
||||
Preferred Stock, $ i i 0.02 / par value. i i 10,000,000 /
shares authorized; i i none / issued
|
i —
|
|
|
i —
|
|
||
Common Stock, $ i i 0.02 / par value. i i 90,000,000 /
shares authorized; shares issued i 63,818,035 and i 63,779,009
|
i 1,276
|
|
|
i 1,275
|
|
||
Additional paid-in-capital
|
i 1,211,830
|
|
|
i 1,274,118
|
|
||
Treasury stock, at cost, shares issued i 13,269,513 and i 12,631,125
|
( i 1,001,421
|
) |
|
( i 931,212
|
)
|
||
Retained earnings
|
i 1,125,569
|
|
|
i 1,083,882
|
|
||
Accumulated other comprehensive loss
|
( i 193,659
|
) |
|
( i 172,582
|
)
|
||
Total Euronet Worldwide, Inc. stockholders’ equity
|
i 1,143,595
|
|
|
i 1,255,481
|
|
||
Noncontrolling interests
|
( i 1
|
) |
|
i 43
|
|
||
Total equity
|
i 1,143,594
|
|
|
i 1,255,524
|
|
||
Total liabilities and equity
|
$
|
i 4,898,313
|
|
|
$
|
i 4,744,276
|
|
|
Three Months Ended
March 31, |
|
||||||
|
|
2021
|
|
|||||
Revenues
|
$
|
i 718,467
|
|
|
$
|
i 652,670
|
|
|
Operating expenses:
|
|
|
|
|
||||
Direct operating costs, exclusive of depreciation
|
i 458,153
|
|
|
i 434,516
|
|
|
||
Salaries and benefits
|
i 126,765
|
|
|
i 115,668
|
|
|
||
Selling, general and administrative
|
i 63,856
|
|
|
i 58,776
|
|
|
||
Depreciation and amortization
|
i 32,990
|
|
|
i 33,261
|
|
|
||
Total operating expenses
|
i 681,764
|
|
|
i 642,221
|
|
|
||
Operating income
|
i 36,703
|
|
|
i 10,449
|
|
|
||
Other income (expense):
|
|
|
|
|
||||
Interest income
|
i 145
|
|
|
i 182
|
|
|
||
Interest expense
|
( i 6,134
|
) |
|
( i 9,189
|
)
|
|
||
Foreign currency exchange loss, net
|
( i 5,462
|
) |
|
( i 4,032
|
) |
|
||
Other gains, net
|
i 192
|
|
|
i 31
|
|
|||
Other expense, net
|
( i 11,259
|
) |
|
( i 13,008
|
)
|
|
||
Income (loss) before income taxes
|
i 25,444
|
|
( i 2,559
|
) |
|
|||
Income tax expense
|
( i 17,154
|
) |
|
( i 6,062
|
)
|
|
||
Net income (loss)
|
i 8,290
|
|
( i 8,621
|
) |
|
|||
Net loss (income) attributable to noncontrolling interests
|
i 7
|
|
( i 44
|
) | ||||
Net income (loss) attributable to Euronet Worldwide, Inc.
|
$
|
i 8,297
|
|
$
|
( i 8,665)
|
|
|
|
|
|
|
|
|
||||
Earnings (loss) per share attributable to Euronet Worldwide, Inc. stockholders:
|
|
|
|
|
||||
Basic
|
$
|
i 0.16
|
|
$
|
( i 0.16)
|
|
|
|
Diluted
|
$
|
i 0.16
|
|
$
|
( i 0.16)
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding:
|
|
|
|
|
||||
Basic
|
i 51,057,951
|
|
|
i 52,762,845
|
|
|
||
Diluted
|
i 51,716,045
|
|
|
i 52,762,845
|
|
|
|
Three Months Ended
March 31, |
|
||||||
|
|
2021
|
|
|||||
Net income (loss)
|
$
|
i 8,290
|
|
$
|
( i 8,621
|
) |
|
|
Translation adjustment
|
( i 21,114
|
) |
|
( i 42,901
|
) |
|
||
Comprehensive loss
|
( i 12,824
|
) |
|
( i 51,522
|
) |
|
||
Comprehensive loss attributable to noncontrolling interests
|
i 44
|
|
i 12
|
|
|
|||
Comprehensive loss attributable to Euronet Worldwide, Inc.
|
$
|
( i 12,780
|
) |
|
$
|
( i 51,510
|
) |
|
|
|
Number of
Shares Outstanding
|
|
|
Common
Stock
|
|
Additional
Paid-in Capital
|
|
Treasury
Stock
|
||||||
Balance as of December 31, 2020
|
|
i 52,734,049
|
|
|
$
|
i 1,267
|
|
|
$
|
i 1,228,446
|
|
|
$
|
( i 703,032
|
)
|
Net (loss) income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued under employee stock plans
|
|
i 62,436
|
|
|
|
i 1
|
|
|
i 3,335
|
|
|
|
( i 482
|
)
|
|
Share-based compensation
|
|
|
|
|
|
|
|
|
|
i 8,492
|
|
|
|
|
|
Balance as of March 31, 2021
|
|
i 52,796,485
|
|
|
i 1,268
|
|
|
i 1,240,273
|
|
|
( i 703,514
|
)
|
|
|
Number of
Shares Outstanding
|
|
Common
Stock
|
|
Additional
Paid-in Capital
|
|
Treasury
Stock
|
|||||||
Balance as of December 31, 2021
|
|
i 51,147,884
|
|
|
$
|
i 1,275
|
|
|
$
|
i 1,274,118
|
|
|
$
|
( i 931,212
|
) |
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued under employee stock plans
|
|
i 40,173
|
|
|
|
i 1
|
|
|
|
i 1,989
|
|
|
|
i 142
|
|
Share-based compensation
|
|
|
|
|
|
|
|
|
|
i 9,803
|
|
|
|
|
|
Repurchase of shares
|
|
( i 639,535)
|
|
|
|
|
|
|
|
|
|
|
|
( i 70,351
|
) |
Adoption of ASU 2020-06
|
|
|
|
|
|
|
|
|
|
( i 74,080)
|
|
|
|
|
|
Balance as of March 31, 2022
|
|
i 50,548,522
|
|
|
i 1,276
|
|
|
i 1,211,830
|
|
|
( i 1,001,421
|
) |
|
|
Retained Earnings
|
|
Accumulated Other
Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||
Balance as of December 31, 2020
|
|
$
|
i 1,013,155
|
|
|
$
|
( i 94,214
|
)
|
|
$
|
i 281
|
|
|
$
|
i 1,445,903
|
|
Net (loss) income
|
|
|
( i 8,665)
|
|
|
|
|
|
|
|
i 44
|
|
|
( i 8,621
|
) | |
Other comprehensive loss
|
|
|
|
|
|
|
( i 42,845
|
)
|
|
|
( i 56
|
)
|
|
|
( i 42,901
|
)
|
Stock issued under employee stock plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i 2,854
|
|
Share-based compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i 8,492
|
|
Balance as of March 31, 2021
|
|
i 1,004,490
|
|
|
( i 137,059
|
)
|
|
i 269
|
|
i 1,405,727
|
|
|
|
Retained Earnings
|
|
Accumulated Other
Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||
Balance as of December 31, 2021
|
|
$
|
i 1,083,882
|
|
|
$
|
( i 172,582
|
) |
|
$
|
i 43
|
|
|
$
|
i 1,255,524
|
|
Net income (loss)
|
|
|
i 8,297
|
|
|
|
|
|
|
( i 7)
|
|
i 8,290
|
||||
Other comprehensive loss
|
|
|
|
|
|
|
( i 21,077)
|
|
|
( i 37)
|
|
( i 21,114)
|
||||
Stock issued under employee stock plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i 2,132
|
|
|
Share-based compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i 9,803
|
|
|
Repurchase of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( i 70,351
|
) | |
Adoption of ASU 2020-06
|
|
|
i 33,390
|
|
|
|
|
|
|
|
|
|
|
( i 40,690)
|
|
|
Balance as of March 31, 2022
|
|
i 1,125,569
|
|
|
( i 193,659
|
) |
|
( i 1)
|
|
i 1,143,594
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2021
|
|||||
Net income (loss)
|
$
|
i 8,290
|
|
$
|
( i 8,621
|
) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
i 32,990
|
|
|
i 33,261
|
|
||
Share-based compensation
|
i 9,803
|
|
|
i 8,492
|
|
||
Unrealized foreign exchange loss, net
|
i 5,462
|
|
|
i 4,032
|
|||
Deferred income taxes
|
i 5,391
|
|
i 2,374
|
||||
Accretion of convertible debt discount and amortization of debt issuance costs
|
i 1,175
|
|
|
i 4,979
|
|
||
Changes in working capital, net of amounts acquired:
|
|
|
|
||||
Income taxes payable, net
|
( i 10,013
|
) |
|
( i 5,534
|
) | ||
Trade accounts receivable, including amounts in settlement assets
|
i 120,196
|
|
|
i 148,697
|
|||
Prepaid expenses and other current assets, including amounts in settlement assets
|
( i 25,448
|
) |
|
i 29,551
|
|||
Trade accounts payable, including amounts in settlement obligations
|
( i 174,749
|
) |
|
( i 220,439
|
) | ||
Deferred revenue
|
( i 4,508
|
) |
|
i 3,738
|
|
||
Accrued expenses and other current liabilities, including amounts in settlement obligations
|
i 57,565
|
|
|
i 11,234
|
|
||
Changes in noncurrent assets and liabilities
|
( i 20,483
|
) |
|
( i 14,409
|
) | ||
Net cash provided by (used in) operating activities
|
i 5,671
|
|
( i 2,645
|
) | |||
Cash flows from investing activities:
|
|
|
|
||||
Acquisitions, net of cash acquired
|
( i 330,960
|
) |
|
i —
|
|
||
Purchases of property and equipment
|
( i 23,785
|
) |
|
( i 16,393
|
)
|
||
Purchases of other long-term assets
|
( i 1,977
|
) |
|
( i 2,212
|
)
|
||
Other, net
|
( i 126
|
) |
|
i 380
|
|
||
Net cash used in investing activities
|
( i 356,848
|
) |
|
( i 18,225
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from issuance of shares
|
i 2,316
|
|
|
i 3,670
|
|
||
Repurchase of shares
|
( i 70,529
|
) |
|
( i 808
|
)
|
||
Borrowings from revolving credit agreements
|
i 1,873,800
|
|
|
i 707,100
|
|
||
Repayments of revolving credit agreements
|
( i 1,570,300
|
) |
|
( i 977,500
|
)
|
||
Net borrowings (repayments) from short-term debt obligations
|
i 1,308
|
|
( i 32
|
) | |||
Other, net
|
( i 1,283
|
) |
|
( i 1,641
|
)
|
||
Net cash provided by (used in) financing activities
|
i 235,312
|
|
( i 269,211
|
) | |||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
( i 37,542
|
) |
|
( i 53,188
|
) | ||
Decrease in cash and cash equivalents and restricted cash
|
( i 153,407
|
) |
|
( i 343,269
|
) | ||
Cash and cash equivalents and restricted cash at beginning of period
|
i 2,086,102
|
|
|
i 2,099,508
|
|
||
|
|
|
|
||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
i 1,932,695
|
|
|
$
|
i 1,756,239
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Interest paid during the period
|
$
|
i 3,617
|
|
|
$
|
i 2,703
|
|
Income taxes paid during the period
|
$
|
i 23,827
|
|
|
$
|
i 11,160
|
|
(3) ACQUISITIONS
On March 15, 2022 we completed the acquisition of the Merchant Acquiring Business of Piraeus Bank ("PBMA"). The acquisition includes i 205,000 POS terminals at i 170,000 merchants throughout Greece, as well as Piraeus Bank’s online merchant acquiring business and expands our omnichannel payments strategy where we use our proprietary technology to provide cash, card-based acquiring solutions, alternative payment acquiring, online acquiring, tokenized payment services and other payment products. Additionally, the acquisition includes a long-term commercial framework agreement between Piraeus Bank and Euronet which includes collaborative product distribution, processing and customer referrals.
The purchase price was € i 313.8 million, or approximately $ i 346.2 million, which includes $ i 331.0 million cash paid at closing plus $ i 15.2 million of estimated contingent consideration for a ten-year earnout contingent on performance targets outlined in the commercial framework agreement. The contingent consideration is related to a percentage of the net fee income received during the ten-year period of the commercial framework agreement and there is i no contractual maximum amount of consideration under this agreement.
The initial accounting for this acquisition is not complete as of March 31, 2022. The purchase price was preliminarily allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective provisional fair values at the date of acquisition. Additional time is needed particularly to refine and review the results of the valuation of assets and liabilities. The acquisition has been accounted for as a business combination in accordance with U.S. GAAP and the results of operations have been included from the date of acquisition in the EFT Processing Segment.
8 |
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date.
(in thousands)
|
As of March 15, 2022 | |
Other current assets |
$
|
i 1,707
|
Settlement assets |
|
i 78,718
|
Property and equipment |
|
i 6,095
|
Acquired intangible assets |
|
i 122,455
|
Total assets acquired |
$
|
i 208,975
|
|
|
|
Trade accounts payable |
$
|
i 1,499
|
Settlement liabilities |
|
i 66,925
|
Accrued expenses and other current liabilities |
|
i 5,929
|
Deferred revenue |
|
i 500
|
Other long-term liabilities |
|
i 99
|
Total liabilities assumed |
$
|
i 74,952
|
|
|
|
Goodwill |
|
i 212,183
|
|
|
|
Net assets acquired
|
$
|
i 346,206
|
Assets acquired, liabilities assumed, and consideration transferred were recorded at their estimated fair values on the acquisition date. The fair value measurements of intangible assets were based on significant inputs not observable in the market and represent Level 3 measurements within the fair value hierarchy. Level 3 inputs include discount rates that would be used by a market participant in valuing these assets, projections of revenues and cash flows, and customer attrition rates, among others.
We acquired a customer relationship intangible asset with a preliminary fair value of $ i 112.2 million that is being amortized on a i straight-line basis over i 15 years and a contract related intangible asset of $ i 10.3 million that is being amortized on a i straight-line basis over i 10 years.
Goodwill, with a preliminary value of $ i 212.2 million, arising from the acquisition was included in the EFT Processing Segment. The factors that make up goodwill include synergies from combining PBMA operations and intangible assets that do not qualify for separate recognition. Goodwill and intangible assets associated with this acquisition are deductible for tax purposes.
Revenues and expenses related to the acquisition and pro forma results of operations have not been presented for the three months ended March 31, 2022 as the results were not material to our overall operations.
9 |
|
|
As of
|
|
|||||
(in thousands)
|
|
|
|
|
||||
Settlement assets:
|
|
|
|
|
|
|
||
Settlement cash and cash equivalents
|
|
$
|
i 245,415
|
|
|
$
|
i 203,624
|
|
Settlement restricted cash
|
|
i 50,426
|
|
|
i 74,897
|
|
||
Accounts receivable, net of credit losses of $ i 29,015 and $ i 27,341
|
|
i 588,984
|
|
|
i 619,738
|
|
||
Prepaid expenses and other current assets
|
|
i 152,542
|
|
|
i 204,130
|
|
||
Total settlement assets
|
|
$
|
i 1,037,367
|
|
|
$
|
i 1,102,389
|
|
Settlement obligations:
|
|
|
|
|
|
|
||
Trade account payables
|
|
$
|
i 384,119
|
|
|
$
|
i 461,135
|
|
Accrued expenses and other current liabilities
|
|
i 653,248
|
|
|
i 641,254
|
|
||
Total settlement obligations
|
|
$
|
i 1,037,367
|
|
|
$
|
i 1,102,389
|
|
|
|
As of
|
||||||||||||||
(in thousands)
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
i 986,534
|
|
$
|
i 1,260,466
|
|
|
$
|
i 1,145,406
|
|
|
$
|
i 1,420,255
|
|
|
Restricted cash
|
|
i 5,884
|
|
|
i 3,693
|
|
|
i 2,897
|
|
|
i 3,334
|
|
||||
ATM cash
|
|
i 644,436
|
|
|
i 543,422
|
|
|
i 339,883
|
|
|
i 411,054
|
|
||||
Settlement cash and cash equivalents
|
|
i 245,415
|
|
|
i 203,624
|
|
|
i 209,853
|
|
|
i 188,191
|
|
||||
Settlement restricted cash
|
|
i 50,426
|
|
|
i 74,897
|
|
|
i 58,200
|
|
|
i 76,674
|
|
||||
Cash and cash equivalents and restricted cash at end of period
|
|
$
|
i 1,932,695
|
|
|
$
|
i 2,086,102
|
|
|
$
|
i 1,756,239
|
|
|
$
|
i 2,099,508
|
|
|
Three Months Ended March 31, |
|||||
|
|
|
|
2021
|
|
|
Computation of diluted weighted average shares outstanding:
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
i 51,057,951
|
|
|
i 52,762,845
|
|
Incremental shares from assumed exercise of stock options and vesting of restricted stock
|
|
i 658,094
|
|
|
i —
|
|
Diluted weighted average shares outstanding
|
|
i 51,716,045
|
|
|
i 52,762,845
|
|
(in thousands)
|
|
Acquired
Intangible
Assets
|
|
|
Goodwill
|
|
|
Total
Intangible
Assets
|
|
|||
Balance as of December 31, 2021
|
|
$
|
i 97,793
|
|
|
$
|
i 641,605
|
|
|
$
|
i 739,398
|
|
Increases (decreases):
|
|
|
|
|
|
|
|
|
|
|||
Acquisition
|
|
i 122,455
|
|
|
i 212,183
|
|
|
i 334,638
|
|
|||
Amortization
|
|
( i 5,617
|
) |
|
i —
|
|
|
( i 5,617
|
) | |||
Foreign currency exchange rate changes
|
|
( i 141)
|
|
|
( i 7,547
|
) |
|
( i 7,688
|
) | |||
Balance as of March 31, 2022
|
|
$
|
i 214,490
|
|
|
$
|
i 846,241
|
|
|
$
|
i 1,060,731
|
|
Of the total goodwill balance of $ i 846.2 million as of March 31, 2022, $ i 388.1 million relates
to the Money Transfer Segment, $ i 331.5 million relates to the EFT Processing Segment and the remaining $ i 126.6 million relates
to the epay Segment. Estimated amortization expense on acquired intangible assets with finite lives as of March 31, 2022, is expected to total $ i 22.3 million for the remainder of 2022, $ i 25.1
million for 2023, $ i 18.4 million for 2024, $ i 15.0 million for 2025, $ i 14.7
million for 2026 and $ i 13.4 million for 2027.
12 |
|
|
As of
|
||||||
(in thousands)
|
|
|
||||||
Credit Facility:
|
|
|
|
|
||||
Revolving credit agreement
|
|
$
|
i 586,900
|
|
|
$
|
i 283,400
|
|
Convertible Debt:
|
|
|
|
|
||||
0.75% convertible notes, unsecured, due 2049
|
|
i 525,000
|
|
|
i 468,235
|
|
||
|
|
|
|
|
||||
1.375% Senior Notes, due 2026
|
|
i 663,900
|
|
|
i 682,080
|
|
||
|
|
|
|
|
||||
Other obligations
|
|
i 386
|
|
|
i 920
|
|
||
|
|
|
|
|
||||
Total debt obligations
|
|
i 1,776,186
|
|
|
i 1,434,635
|
|
||
Unamortized debt issuance costs
|
|
( i 13,610
|
) |
|
( i 13,729
|
)
|
||
Carrying value of debt
|
|
i 1,762,576
|
|
|
i 1,420,906
|
|
||
Short-term debt obligations and current maturities of long-term debt obligations
|
|
( i 298
|
) |
|
( i 821
|
)
|
||
Long-term debt obligations
|
|
$
|
i 1,762,278
|
|
|
$
|
i 1,420,085
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
|
Fair Value
|
|
|
|
Fair Value
|
||||||||||||
(in thousands)
|
|
Balance Sheet Location
|
|
|
|
Balance Sheet Location
|
|
|
||||||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange contracts
|
|
Other current assets
|
|
$
|
i 36,997
|
|
|
$
|
i 27,582
|
|
|
Other current liabilities |
|
$
|
( i 28,741
|
) |
|
$
|
( i 23,285
|
)
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||||||
As of March 31, 2022
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Amounts Presented in the Consolidated Balance Sheet
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
Net Amounts
|
||||||||||||
Derivatives subject to a master netting arrangement or similar agreement
|
|
$
|
i 36,997
|
|
|
$
|
i —
|
|
|
$
|
i 36,997
|
|
|
$
|
( i 17,631
|
) |
|
$
|
( i 3,052
|
) |
|
$
|
i 16,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives subject to a master netting arrangement or similar agreement
|
|
$
|
i 27,582
|
|
|
$
|
i —
|
|
|
$
|
i 27,582
|
|
|
$
|
( i 14,875
|
)
|
|
$
|
( i 2,284
|
)
|
|
$
|
i 10,423
|
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||||||
As of March 31, 2022
|
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Amounts Presented in the Consolidated Balance Sheet
|
|
Financial Instruments
|
|
Cash Collateral Paid
|
|
Net Amounts
|
||||||||||||
Derivatives subject to a master netting arrangement or similar agreement
|
|
$
|
( i 28,741)
|
|
$
|
i —
|
|
|
$
|
( i 28,741)
|
|
$
|
i 17,631
|
|
|
$
|
i 1,834
|
|
|
$
|
( i 9,276)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives subject to a master netting arrangement or similar agreement
|
|
$
|
( i 23,285
|
)
|
|
$
|
i —
|
|
|
$
|
( i 23,285
|
)
|
|
$
|
i 14,875
|
|
|
$
|
i 640
|
|
|
$
|
( i 7,770
|
)
|
|
|
|
|
|
As of March 31, 2022
|
||||||||||||||
(in thousands)
|
|
Balance Sheet Classification
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange contracts
|
|
Other current assets
|
|
$
|
i —
|
|
|
$
|
i 36,997
|
|
|
$
|
i —
|
|
|
$
|
i 36,997
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange contracts
|
|
Other current liabilities
|
|
$
|
i —
|
|
|
$
|
i 28,741
|
|
$
|
i —
|
|
|
$
|
i 28,741
|
|
|
|
|
As of December 31, 2021
|
||||||||||||||
(in thousands)
|
|
Balance Sheet Classification
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange contracts
|
|
Other current assets
|
|
$
|
i —
|
|
|
$
|
i 27,582
|
|
|
$
|
i —
|
|
|
$
|
i 27,582
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange contracts
|
|
Other current liabilities
|
|
$
|
i —
|
|
|
$
|
( i 23,285
|
)
|
|
$
|
i —
|
|
|
$
|
( i 23,285
|
)
|
Our reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). We currently operate in the following i three reportable operating segments:
1) Through the EFT Processing Segment, we process transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States. We provide comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit, debit and prepaid card outsourcing, dynamic currency conversion, domestic and international surcharges and other value added services. Through this segment, we also offer a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.
2) Through the epay Segment, we provide distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the U.S. and South America.
3) Through the Money Transfer Segment, we provide global money transfer services under the brand names Ria, AFEX, IME, and xe. Ria, AFEX, and IME provide global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and Company-owned websites, disbursing money transfers through a worldwide correspondent network. xe offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. xe is also a provider of foreign currency exchange information. We also offer customers bill payment services, payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services, foreign currency exchange services and mobile top-up. Furthermore, xe provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses.
In addition, we account for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in our administrative division, "Corporate Services, Eliminations and Other." These services are not directly identifiable with our reportable operating segments.
|
|
For the Three Months Ended March 31, 2022
|
||||||||||||||||||
(in thousands)
|
|
EFT
Processing
|
|
epay
|
|
Money
Transfer
|
|
Corporate Services,
Eliminations
and Other
|
|
Consolidated
|
||||||||||
Total revenues
|
|
$
|
i 145,571
|
|
|
$
|
i 235,838
|
|
|
$
|
i 338,966
|
|
|
$
|
( i 1,908
|
) |
|
$
|
i 718,467
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Direct operating costs, exclusive of depreciation
|
|
i 93,337
|
|
|
i 178,320
|
|
|
i 188,397
|
|
|
( i 1,901
|
) |
|
i 458,153
|
|
|||||
Salaries and benefits
|
|
i 25,244
|
|
|
i 20,177
|
|
|
i 67,225
|
|
|
i 14,119
|
|
|
i 126,765
|
|
|||||
Selling, general and administrative
|
|
i 11,114
|
|
|
i 9,440
|
|
|
i 41,037
|
|
|
i 2,265
|
|
|
i 63,856
|
|
|||||
Depreciation and amortization
|
|
i 22,343
|
|
|
i 1,696
|
|
|
i 8,842
|
|
|
i 109
|
|
|
i 32,990
|
|
|||||
Total operating expenses
|
|
i 152,038
|
|
|
i 209,633
|
|
|
i 305,501
|
|
|
i 14,592
|
|
|
i 681,764
|
|
|||||
Operating (loss) income
|
|
$
|
( i 6,467
|
) |
|
$
|
i 26,205
|
|
|
$
|
i 33,465
|
|
|
$
|
( i 16,500
|
) |
|
$
|
i 36,703
|
|
|
|
For the Three Months Ended March 31, 2021
|
||||||||||||||||||
(in thousands)
|
|
EFT
Processing
|
|
epay
|
|
Money
Transfer
|
|
Corporate Services,
Eliminations
and Other
|
|
Consolidated
|
||||||||||
Total revenues
|
|
$
|
i 87,076
|
|
|
$
|
i 242,303
|
|
|
$
|
i 324,900
|
|
|
$
|
( i 1,609
|
)
|
|
$
|
i 652,670
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Direct operating costs, exclusive of depreciation
|
|
i 69,612
|
|
|
i 182,633
|
|
|
i 183,878
|
|
|
( i 1,607
|
)
|
|
i 434,516
|
|
|||||
Salaries and benefits
|
|
i 23,571
|
|
|
i 19,369
|
|
|
i 60,540
|
|
|
i 12,188
|
|
|
i 115,668
|
|
|||||
Selling, general and administrative
|
|
i 11,962
|
|
|
i 9,020
|
|
|
i 36,116
|
|
|
i 1,678
|
|
|
i 58,776
|
|
|||||
Depreciation and amortization
|
|
i 22,027
|
|
|
i 2,124
|
|
|
i 8,963
|
|
|
i 147
|
|
|
i 33,261
|
|
|||||
Total operating expenses
|
|
i 127,172
|
|
|
i 213,146
|
|
|
i 289,497
|
|
|
i 12,406
|
|
|
i 642,221
|
|
|||||
Operating (loss) income
|
|
$
|
( i 40,096)
|
|
|
$
|
i 29,157
|
|
|
$
|
i 35,403
|
|
|
$
|
( i 14,015
|
)
|
|
$
|
i 10,449
|
|
|
|
For the Three Months Ended March 31, 2022
|
|
For the Three Months Ended March 31, 2021
|
||||||||||||||||||||||||||||
(in thousands)
|
|
EFT
Processing
|
|
epay
|
|
Money
Transfer
|
|
Total
|
|
|
EFT
Processing
|
|
|
|
epay
|
|
|
|
Money
Transfer
|
|
|
|
Total
|
|
||||||||
Europe
|
|
$
|
i 97,199
|
|
|
$
|
i 150,393
|
|
|
$
|
i 140,110
|
|
|
$
|
i 387,702
|
|
|
$
|
i 46,862
|
|
|
$
|
i 164,908
|
|
|
$
|
i 132,839
|
|
|
$
|
i 344,609
|
|
North America
|
|
i 17,168
|
|
|
i 32,644
|
|
|
i 158,732
|
|
|
i 208,544
|
|
|
|
i 14,466
|
|
|
|
i 33,841
|
|
|
|
i 152,302
|
|
|
|
i 200,609
|
|
||||
Asia Pacific
|
|
i 30,435
|
|
|
i 40,799
|
|
|
i 26,618
|
|
|
i 97,852
|
|
|
|
i 25,694
|
|
|
|
i 34,318
|
|
|
|
i 28,469
|
|
|
|
i 88,481
|
|
||||
Other
|
|
i 769
|
|
|
i 12,002
|
|
|
i 13,506
|
|
|
i 26,277
|
|
|
|
i 54
|
|
|
|
i 9,236
|
|
|
|
i 11,290
|
|
|
|
i 20,580
|
|
||||
Eliminations
|
|
i —
|
|
|
i —
|
|
|
i —
|
|
|
( i 1,908
|
) |
|
|
i —
|
|
|
|
i —
|
|
|
|
i —
|
|
|
|
( i 1,609
|
) | ||||
Total
|
|
$
|
i 145,571
|
|
|
$
|
i 235,838
|
|
|
$
|
i 338,966
|
|
|
$
|
i 718,467
|
|
|
$
|
i 87,076
|
|
|
$
|
i 242,303
|
|
|
$
|
i 324,900
|
|
|
$
|
i 652,670
|
|
(14) COMMITMENTS
19 |
|
We enter into operating leases for ATM sites, office spaces, retail stores and equipment. Our finance leases are immaterial. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease terms.
The present value of lease payments is determined using the incremental borrowing rate based on information available at the lease commencement date. We recognize lease expense for these leases on a straight-line basis over the lease term.
Most leases include an option to renew, with renewal terms that can extend the lease terms. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms. We also have a unilateral termination right for most of the ATM site leases. Since we are not reasonably certain not to exercise termination options, payments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred and corresponding leases are excluded from the right of use lease asset and lease liability balances. Certain of our lease agreements include variable rental payments based on revenues generated from the use of the leased location and certain leases include rental payments adjusted periodically for inflation. Variable lease payments are recognized when the event, activity or circumstance in the lease agreement on which those payments are assessed occurs and are excluded from the right of use assets and lease liabilities balances. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.
|
As of March 31, 2022
|
||
Maturity of Lease Liabilities (in thousands)
|
Operating Leases (1)
|
||
Remainder of 2022
|
$
|
i 36,760
|
|
2023
|
i 40,223
|
|
|
2024
|
i 30,573
|
|
|
2025
|
i 21,766
|
|
|
2026
|
i 15,077
|
|
|
Thereafter
|
i 23,207
|
|
|
Total lease payments
|
$
|
i 167,606
|
|
Less: imputed interest
|
( i 4,963
|
) | |
Present value of lease liabilities
|
$
|
i 162,643
|
|
Lease Expense
(in thousands)
|
Income Statement Classification
|
|
Three Months Ended
|
|
Three Months Ended
|
||
Operating lease expense
|
Selling, general and administrative and Direct operating costs
|
|
$
|
i 13,517
|
|
$
|
i 13,858
|
Short-term and variable lease expense
|
Selling, general and administrative and Direct operating costs
|
|
|
i 29,723
|
|
|
i 22,549
|
Total lease expense
|
|
|
$
|
i 43,240
|
|
$
|
i 36,407
|
Lease Term and Discount Rate of Operating Leases
|
|
As of March 31, 2022
|
|
Weighted- average remaining lease term (years)
|
|
i 4.8
|
|
Weighted- average discount rate
|
|
i 2.3
|
%
|
Other Information (in thousands)
|
|
Three Months Ended
|
|
Three Months Ended
|
|||
Cash paid for amounts included in the measurement of lease liabilities (a)
|
|
$
|
i 13,521
|
|
|
$
|
i 13,669
|
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets:
|
|
|
|
|
|
||
ROU assets obtained in exchange for new operating lease liabilities
|
|
$
|
i 15,207
|
|
|
$
|
i 28,188
|
Euronet is a leading electronic payments provider. We offer payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Our primary product offerings include comprehensive ATM, POS, card outsourcing, card issuing and merchant acquiring services, software solutions, electronic distribution of prepaid mobile airtime, managed services and other electronic payment products, foreign currency exchange services and global money transfer services. We operate in the following three segments:
1) The EFT Processing Segment, which processes transactions for a network of 44,353 ATMs and approximately 491,000 POS terminals across Europe, the Middle East, Africa, Asia Pacific, and the United States. We provide comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit, debit and prepaid card outsourcing, DCC, and other value added services. Through this segment, we also offer a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.
2) The epay Segment,
which provides distribution, processing and collection services for prepaid mobile airtime and other electronic content. We operate a network of approximately 760,000 POS terminals providing electronic processing of prepaid mobile airtime top-up services and other electronic content in Europe, the Middle East, Asia Pacific, the United States and South America. We also provide vouchers and physical gift fulfillment services in Europe.
3) The Money Transfer Segment, which provides global consumer-to-consumer money transfer services, primarily under the brand names Ria, IME, AFEX, and xe and global account-to-account money transfer services under the brand name xe. We offer services under the brand names Ria and IME through a network of sending agents, Company-owned stores (primarily in North America, Europe and Malaysia) and
our websites (riamoneytransfer.com and online.imeremit.com), disbursing money transfers through a worldwide correspondent network that includes approximately 495,000 locations. xe is a provider of foreign currency exchange information and offers money transfer services on its currency data websites (xe.com and x-rates.com). In addition to money transfers, we also offer customers bill payment services (primarily in the U.S.), payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services for a wide variety of issued checks, along with competitive foreign currency exchange services and prepaid mobile top-up. Through our xe brand, we offer cash management solutions and foreign currency risk management services to small-to-medium-sized businesses.
We
have six processing centers in Europe, five in Asia Pacific and two in North America. We have 36 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and one in
Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 73% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations (for a further discussion, see Item 1A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021).
SOURCES OF REVENUES AND CASH FLOW
Euronet earns revenues and income primarily from ATM management fees, transaction fees, commissions and foreign currency exchange margin. Each operating segment’s sources of revenues are described below.
EFT
Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 20% of total consolidated revenues for the three months ended March 31, 2022, are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax
refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.
25 |
|
|
Revenues for the Three Months Ended March 31,
|
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase
(Decrease) Amount
|
|
Increase
(Decrease)
Percent
|
|||||||
EFT Processing
|
|
$
|
145,571
|
|
|
$
|
87,076
|
|
|
$
|
58,495
|
|
67
|
%
|
|
epay
|
|
235,838
|
|
|
242,303
|
|
|
(6,465
|
) |
|
(3)
|
% | |||
Money Transfer
|
|
338,966
|
|
|
324,900
|
|
|
14,066
|
|
|
4
|
%
|
|||
Total
|
|
720,375
|
|
|
654,279
|
|
|
66,096
|
|
|
10
|
%
|
|||
Corporate services, eliminations and other
|
|
(1,908
|
) |
|
(1,609
|
) |
|
(299
|
) |
|
19
|
%
|
|||
Total
|
|
$
|
718,467
|
|
|
$
|
652,670
|
|
|
$
|
65,797
|
|
|
10
|
%
|
|
|
Operating Income (Loss) for the Three Months Ended March 31,
|
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase
(Decrease) Amount
|
|
Increase
(Decrease)
Percent
|
|||||||
EFT Processing
|
|
$
|
(6,467
|
) |
|
$
|
(40,096
|
) |
|
$
|
33,629
|
|
(84)
|
%
|
|
epay
|
|
26,205
|
|
|
29,157
|
|
|
(2,952
|
) |
|
(10)
|
% | |||
Money Transfer
|
|
33,465
|
|
|
35,403
|
|
|
(1,938)
|
|
|
(5)
|
%
|
|||
Total
|
|
53,203
|
|
|
24,464
|
|
|
28,739
|
|
117
|
%
|
||||
Corporate services, eliminations and other
|
|
(16,500
|
) |
|
(14,015
|
) |
|
(2,485
|
) |
|
18
|
%
|
|||
Total
|
|
$
|
36,703
|
|
|
$
|
10,449
|
|
|
$
|
26,254
|
|
251
|
%
|
|
|
Average Translation Rate
Three Months Ended March 31,
|
|
|
|
||||||
Currency (dollars per foreign currency)
|
|
2022
|
|
2021
|
|
Decrease
Percent
|
|||||
Australian dollar
|
|
$
|
0.7238
|
|
|
$
|
0.7725
|
|
|
(6)
|
% |
British pounds sterling
|
|
$
|
1.3415
|
|
|
$
|
1.3790
|
|
|
(3)
|
% |
Canadian dollar
|
|
$
|
0.7895
|
|
|
$
|
0.7899
|
|
|
(0)
|
% |
euro
|
|
$
|
1.1221
|
|
|
$
|
1.2052
|
|
|
(7)
|
% |
Hungarian forint
|
|
$
|
0.0031
|
|
|
$
|
0.0033
|
|
|
(6)
|
% |
Indian rupee
|
|
$
|
0.0133
|
|
|
$
|
0.0137
|
|
|
(3)
|
% |
Malaysian ringgit
|
|
$
|
0.2387
|
|
|
$
|
0.2461
|
|
|
(3)
|
% |
New Zealand dollar
|
|
$
|
0.6761
|
|
|
$
|
0.7188
|
|
|
(6)
|
% |
Polish zloty
|
|
$
|
0.2433
|
|
|
$
|
0.2655
|
|
|
(8)
|
% |
|
|
Three Months Ended
March 31, |
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase (Decrease) Amount
|
|
Increase
(Decrease) Percent
|
|||||||
Total revenues
|
|
$
|
145,571
|
|
|
$
|
87,076
|
|
|
$
|
58,495
|
|
67
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Direct operating costs, exclusive of depreciation
|
|
93,337
|
|
|
69,612
|
|
|
23,725
|
|
34
|
%
|
||||
Salaries and benefits
|
|
25,244
|
|
|
23,571
|
|
|
1,673
|
|
|
7
|
%
|
|||
Selling, general and administrative
|
|
11,114
|
|
|
11,962
|
|
|
(848
|
) |
|
(7)
|
%
|
|||
Depreciation and amortization
|
|
22,343
|
|
|
22,027
|
|
|
316
|
|
|
1
|
%
|
|||
Total operating expenses
|
|
152,038
|
|
|
127,172
|
|
|
24,866
|
|
20
|
%
|
||||
Operating loss
|
|
$
|
(6,467
|
) |
|
$
|
(40,096
|
) |
|
$
|
33,629
|
|
(84)
|
% | |
Transactions processed (millions)
|
|
1,328
|
|
|
925
|
|
|
403
|
|
|
44
|
%
|
|||
Active ATMs as of March 31,
|
|
44,353
|
|
|
36,777
|
|
|
7,576
|
|
21
|
%
|
||||
Average Active ATMs
|
|
43,394
|
|
|
36,624
|
|
|
6,770
|
|
18
|
%
|
|
|
Three Months Ended
March 31, |
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase (Decrease) Amount
|
|
Increase
(Decrease) Percent
|
|||||||
Total revenues
|
|
$
|
235,838
|
|
|
$
|
242,303
|
|
|
$
|
(6,465
|
) |
|
(3)
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Direct operating costs, exclusive of depreciation
|
|
178,320
|
|
|
182,633
|
|
|
(4,313
|
) |
|
(2)
|
%
|
|||
Salaries and benefits
|
|
20,177
|
|
|
19,369
|
|
|
808
|
|
|
4
|
%
|
|||
Selling, general and administrative
|
|
9,440
|
|
|
9,020
|
|
|
420
|
|
|
5
|
%
|
|||
Depreciation and amortization
|
|
1,696
|
|
|
2,124
|
|
|
(428)
|
|
|
(20)
|
%
|
|||
Total operating expenses
|
|
209,633
|
|
|
213,146
|
|
|
(3,513
|
) |
|
(2)
|
%
|
|||
Operating income
|
|
$
|
26,205
|
|
|
$
|
29,157
|
|
|
$
|
(2,952
|
) |
|
(10)
|
% |
Transactions processed (millions)
|
|
852
|
|
|
667
|
|
|
185
|
|
|
28
|
%
|
|
|
Three Months Ended
March 31, |
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase (Decrease) Amount
|
|
Increase
(Decrease) Percent
|
|||||||
Total revenues
|
|
$
|
338,966
|
|
|
$
|
324,900
|
|
|
$
|
14,066
|
|
|
4
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Direct operating costs, exclusive of depreciation
|
|
188,397
|
|
|
183,878
|
|
|
4,519
|
|
|
2
|
%
|
|||
Salaries and benefits
|
|
67,225
|
|
|
60,540
|
|
|
6,685
|
|
|
11
|
%
|
|||
Selling, general and administrative
|
|
41,037
|
|
|
36,116
|
|
|
4,921
|
|
14
|
%
|
||||
Depreciation and amortization
|
|
8,842
|
|
|
8,963
|
|
|
(121
|
) |
|
(1) |
%
|
|||
Total operating expenses
|
|
305,501
|
|
|
289,497
|
|
|
16,004
|
|
|
6
|
%
|
|||
Operating income
|
|
$
|
33,465
|
|
|
$
|
35,403
|
|
|
$
|
(1,938
|
) |
|
(5)
|
% |
Transactions processed (millions)
|
|
33.5
|
|
|
31.2
|
|
|
2.3
|
|
|
7
|
%
|
|
|
Three Months Ended
March 31, |
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase (Decrease) Amount
|
|
Increase
(Decrease) Percent
|
|||||||
Salaries and benefits
|
|
$
|
14,126
|
|
|
$
|
12,188
|
|
|
$
|
1,938
|
|
|
16
|
%
|
Selling, general and administrative
|
|
|
2,265
|
|
|
|
1,680
|
|
|
|
585
|
|
35
|
%
|
|
Depreciation and amortization
|
|
|
109
|
|
|
|
147
|
|
|
|
(38
|
) |
|
(26)
|
%
|
Total operating expenses
|
|
$
|
16,500
|
|
|
$
|
14,015
|
|
|
$
|
2,485
|
|
|
18
|
%
|
|
|
Three Months Ended
March 31, |
|
Year-over-Year Change
|
|||||||||||
(dollar amounts in thousands)
|
|
2022
|
|
2021
|
|
Increase (Decrease) Amount
|
|
Increase
(Decrease) Percent
|
|||||||
Interest income
|
|
$
|
145
|
|
|
$
|
182
|
|
|
$
|
(37
|
) |
|
(20)
|
%
|
Interest expense
|
|
(6,134
|
) |
|
(9,189
|
) |
|
3,055
|
|
|
(33)
|
%
|
|||
Foreign currency exchange loss, net
|
|
(5,462
|
) |
|
(4,032
|
) |
|
(1,430
|
) |
|
35
|
%
|
|||
Other gains, net
|
|
192
|
|
|
31
|
|
|
161
|
|
|
519
|
%
|
|||
Other expense, net
|
|
$
|
(11,259
|
) |
|
$
|
(13,008
|
) |
|
$
|
1,749
|
|
(13)
|
% |
|
Three Months Ended
March 31, |
||||||
Liquidity
|
2022
|
|
2021
|
||||
Cash and cash equivalents and restricted cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
5,671
|
|
$
|
(2,645
|
) | |
Investing activities
|
(356,848
|
) |
|
(18,225
|
)
|
||
Financing activities
|
235,312
|
|
(269,211
|
) | |||
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash
|
(37,542
|
) |
|
(53,188
|
) | ||
Decrease in cash and cash equivalents and restricted cash
|
$
|
(153,407
|
) |
|
$
|
(343,269
|
) |
36 |
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Programs (in thousands) (1)
|
||||||
January 1 - January 31, 2022
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
322,236
|
|
February 1 - February 28, 2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
300,000
|
|
|
March 1 - March 31, 2022
|
|
639,535
|
|
|
110.00
|
|
|
639,535
|
|
|
$
|
229,649
|
|
|
Total
|
|
639,535
|
|
|
$
|
110.00
|
|
|
639,535
|
|
|
|
Exhibit
|
|
Description
|
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1**
|
|
|
32.2**
|
|
|
101*
|
|
The following materials from Euronet Worldwide, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at March 31, 2022 (unaudited) and December 31, 2021, (ii) Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2022 and 2021, (iii) Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2022 and 2021,
(iv) Consolidated Statements of Changes in Equity (unaudited) for the three months ended March 31, 2022 and 2021 (v) Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021, and (vi) Notes to the Unaudited Consolidated Financial Statements.
|
104*
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
By:
|
/s/ MICHAEL J. BROWN
|
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
By:
|
/s/ RICK L. WELLER
|
|
|
|
|
|
Chief Financial Officer
|
|
42 |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/15/34 | ||||
3/15/29 | ||||
2/22/26 | ||||
3/15/25 | ||||
3/1/25 | ||||
12/8/23 | ||||
10/17/23 | ||||
12/31/22 | ||||
Filed as of: | 5/5/22 | S-3ASR | ||
Filed on: | 5/4/22 | |||
5/3/22 | ||||
For Period end: | 3/31/22 | |||
3/15/22 | ||||
2/28/22 | ||||
1/31/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K, 5 | |||
12/8/21 | ||||
3/31/21 | 10-Q | |||
12/31/20 | 10-K | |||
5/22/20 | 4 | |||
2/26/20 | ||||
5/22/19 | 8-A12B, 8-K | |||
3/18/19 | 8-K | |||
10/17/18 | ||||
12/13/96 | ||||
List all Filings |