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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
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to
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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þ
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Accelerated filer
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o
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Non-accelerated filer
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o
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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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March 31,
2023 |
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December 31,
2022
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||||
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(unaudited)
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ASSETS
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|||||
Current assets:
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|||||
Cash and cash equivalents
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$
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$
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|||
ATM cash
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|||||
Restricted cash
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|||||
Settlement assets
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Trade accounts receivable, net of credit losses of $
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Prepaid expenses and other current assets
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Total current assets
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Operating right of use lease assets
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Property and equipment, net of accumulated depreciation of $
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Goodwill
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|||||
Acquired intangible assets, net of accumulated amortization of $
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|||||
Other assets, net of accumulated amortization of $
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|||||
Total assets
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$
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$
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|||
LIABILITIES AND EQUITY
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|||||
Current liabilities:
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|||||
Settlement obligations
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$
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$
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|||
Trade accounts payable
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|
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|||||
Accrued expenses and other current liabilities
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|||||
Current portion of operating lease liabilities
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|||||
Short-term debt obligations and current maturities of long-term debt obligations
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|||||
Income taxes payable
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Deferred revenue
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Total current liabilities
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Debt obligations, net of current portion
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Operating lease obligations, net of current portion
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|||||
Deferred income taxes
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Other long-term liabilities
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Total liabilities
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|||||
Equity:
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|||||
Euronet Worldwide, Inc. stockholders’ equity:
|
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|||||
Preferred Stock, $
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|||||
Common Stock, $
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|||||
Additional paid-in-capital
|
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|||||
Treasury stock, at cost, shares issued
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(
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) |
(
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) | |||
Retained earnings
|
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|||||
Accumulated other comprehensive loss
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(
|
) |
(
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) | |||
Total Euronet Worldwide, Inc. stockholders’ equity
|
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|||||
Noncontrolling interests
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(
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) |
(
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) | |||
Total equity
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|||||
Total liabilities and equity
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$
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$
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Three Months Ended
March 31,
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||||||
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2023
|
|
|
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2022
|
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Revenues
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$
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$
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Operating expenses:
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|||||||
Direct operating costs, exclusive of depreciation
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Salaries and benefits
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Selling, general and administrative
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Depreciation and amortization
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Total operating expenses
|
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Operating income
|
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Other income (expense):
|
|
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Interest income
|
|
|
|
|
|
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Interest expense
|
|
(
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) |
|
|
(
|
)
|
Foreign currency exchange gain (loss), net
|
|
(
|
) |
|
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(
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) |
Other gains, net
|
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Other expense, net
|
|
(
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) |
|
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(
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)
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Income before income taxes
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|
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Income tax expense
|
|
(
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) |
|
|
(
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)
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Net income
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
|
|
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Net income attributable to Euronet Worldwide, Inc.
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
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Earnings per share attributable to Euronet Worldwide, Inc. stockholders:
|
|||||||
Basic
|
$
|
|
|
|
$
|
|
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Diluted
|
$
|
|
|
|
$
|
|
|
Weighted average shares outstanding:
|
|||||||
Basic
|
|
|
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Diluted
|
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|
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Three Months Ended
March 31,
|
||||||
|
|
2023
|
|
|
|
2022
|
|
Net income
|
$
|
|
|
|
$
|
|
|
Translation adjustment
|
|
|
|
|
(
|
) | |
Comprehensive income (loss)
|
|
|
|
|
( |
) | |
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
||
Comprehensive income (loss) attributable to Euronet Worldwide, Inc.
|
$
|
|
|
$
|
(
|
) |
Number of
Shares Outstanding
|
Common
Stock
|
Additional
Paid-in Capital
|
Treasury
Stock
|
||||||||||||
Balance as of December 31, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||
Net (loss) income
|
|||||||||||||||
Other comprehensive loss
|
|||||||||||||||
Stock issued under employee stock plans
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|
||||||||||
Share-based compensation
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|
||||||||||||||
Repurchase of shares
|
) |
|
( |
) | |||||||||||
Adoption of ASU 2020-06
|
(
|
) | |||||||||||||
Balance as of March 31, 2022
|
|
|
|
(
|
)
|
Number of
Shares Outstanding
|
Common
Stock
|
Additional
Paid-in Capital
|
Treasury
Stock
|
|
|||||||||||
Balance as of December 31, 2022
|
|
$
|
|
$
|
|
$
|
(
|
) | |||||||
Net income (loss)
|
|||||||||||||||
Other comprehensive loss
|
|||||||||||||||
Stock issued under employee stock plans
|
|
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|
|||||||||||
Share-based compensation
|
|
||||||||||||||
Repurchase of shares
|
) | ) | |||||||||||||
Balance as of March 31, 2023
|
|
|
|
(
|
) |
Retained Earnings
|
|
Accumulated Other
Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
|
|
||||||||
Balance as of December 31, 2021
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
||||||
Net income (loss)
|
|
|
|
||||||||||||
Other comprehensive loss
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Stock issued under employee stock plans
|
|
||||||||||||||
Share-based compensation
|
|
||||||||||||||
Repurchase of shares
|
(
|
) | |||||||||||||
Adoption of ASU 2020-06
|
(
|
) | |||||||||||||
Balance as of March 31, 2022
|
|
(
|
)
|
|
|
Retained Earnings
|
|
Accumulated Other
Comprehensive Loss
|
|
Noncontrolling
Interests
|
|
Total
|
|
||||||||
Balance as of December 31, 2022
|
$
|
|
$
|
(
|
) |
$
|
(
|
) |
$
|
|
|||||
Net income (loss)
|
|
(
|
) |
|
|||||||||||
Other comprehensive loss
|
|
|
|
||||||||||||
Stock issued under employee stock plans
|
|
||||||||||||||
Share-based compensation
|
|
||||||||||||||
Repurchase of shares
|
(
|
) | |||||||||||||
Balance as of March 31, 2023
|
|
(
|
) |
(
|
) |
|
|
Three Months Ended March 31,
|
|
|||||
|
2023
|
|
2022
|
|
|||
Net income
|
$
|
|
$
|
|
|||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||
Depreciation and amortization
|
|
|
|||||
Share-based compensation
|
|
|
|||||
Unrealized foreign exchange loss, net
|
|
|
|||||
Deferred income taxes
|
|
|
|||||
Amortization of debt issuance costs
|
|
|
|||||
Changes in working capital, net of amounts acquired:
|
|||||||
Income taxes payable, net
|
|
(
|
) | ||||
Trade accounts receivable, including amounts in settlement assets
|
|
|
|||||
Prepaid expenses and other current assets, including amounts in settlement assets
|
(
|
) |
(
|
) | |||
Trade accounts payable, including amounts in settlement obligations
|
(
|
) |
(
|
) | |||
Deferred revenue
|
(
|
) |
(
|
) | |||
Accrued expenses and other current liabilities, including amounts in settlement obligations
|
(
|
) |
|
||||
Changes in noncurrent assets and liabilities
|
(
|
) |
(
|
) | |||
Net cash provided by operating activities
|
|
|
|||||
Cash flows from investing activities:
|
|||||||
Acquisitions, net of cash acquired
|
|
(
|
) | ||||
Purchases of property and equipment
|
(
|
) |
(
|
)
|
|||
Purchases of other long-term assets
|
(
|
) |
(
|
)
|
|||
Other, net
|
|
(
|
) | ||||
Net cash used in investing activities
|
(
|
) |
(
|
)
|
|||
Cash flows from financing activities:
|
|||||||
Proceeds from issuance of shares
|
|
|
|||||
Repurchase of shares
|
(
|
) |
(
|
)
|
|||
Borrowings from revolving credit agreements
|
|
|
|||||
Repayments of revolving credit agreements
|
(
|
) |
(
|
)
|
|||
Repayments of capital lease obligations
|
|
|
|||||
Repayments of long-term debt obligations |
(
|
) |
|
||||
Other, net
|
|
(
|
) | ||||
Net cash provided by (used in) financing activities
|
(
|
) |
|
||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
(
|
) |
(
|
) | |||
Increase (decrease) in cash and cash equivalents and restricted cash
|
(
|
) |
(
|
) | |||
Cash and cash equivalents and restricted cash at beginning of period
|
|
|
|||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
|
$
|
|
|||
Supplemental disclosure of cash flow information:
|
|||||||
Interest paid during the period
|
$
|
|
$
|
|
|||
Income taxes paid during the period
|
$
|
|
$
|
|
Euronet’s EFT Processing Segment normally experiences its heaviest demand for DCC services during the third quarter of the fiscal year, normally coinciding with the tourism season. Epay Segment is normally impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Also, epay sells large loyalty rewards campaigns to retailers, which could be deployed in any given quarter and will impact the activity in that quarter accordingly. Seasonality in the Money Transfer Segment varies by region of the world. In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and its lowest transaction levels during the first quarter of the year.
7 |
(3) ACQUISITIONS
In accordance with ASC 805, the Company allocates the purchase price of its acquisitions to the tangible assets, liabilities and intangible assets acquired based on fair values. Any excess purchase price over those fair values is recorded as goodwill. The fair value assigned to intangible assets acquired is supported by valuations using estimates and assumptions provided by management. For certain large acquisitions, management engages an appraiser to assist in the valuation process.
On March 15, 2022, the Company completed the acquisition of the Merchant Acquiring Business of Piraeus Bank ("PBMA"). The acquisition includes
The purchase price was €
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.
The following table presents the final fair value that was allocated to PBMA's Euronet Merchant Services' (EMS) assets and liabilities based upon fair values as determined by the Company. The valuation process to determine the fair values is complete. For the year ended December 31, 2022, the Company made measurement period adjustments to reflect facts and circumstances in existence as of the effective time of the acquisition. These adjustments primarily included an adjustment to the accrued expenses and other current liabilities related to the surplus working capital of $
8 |
(in millions) |
|
As of March 15, 2022 |
||
Other current assets |
|
$ |
|
|
Settlement assets |
|
|||
Property and equipment |
|
|||
Intangible assets |
|
|||
Total assets acquired |
|
$ |
|
|
|
|
|
||
Trade accounts payable |
|
$ |
( |
) |
Settlement liabilities |
( |
) | ||
Accrued expenses and other current liabilities |
( |
) | ||
Deferred revenue |
( |
) | ||
Other long-term liabilities |
|
( |
) | |
Total liabilities assumed |
|
$ |
( |
) |
|
|
|
||
Goodwill |
|
|
||
|
|
|
||
Net assets acquired |
|
$ |
|
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.
The Company acquired a customer relationship intangible asset with a fair value of $
Goodwill, with a value of $
The results of PBMA operations are included in the Company's consolidated results of operation, as part of the EFT Processing business segment, beginning on March 16, 2022. For the period beginning on the acquisition date through December 31, 2022, PBMA had $
9 |
As of
|
||||||||
(in millions)
|
March 31,
2023
|
December 31,
2022
|
||||||
Settlement assets:
|
||||||||
Settlement cash and cash equivalents
|
$
|
|
$
|
|
||||
Settlement restricted cash
|
|
|
||||||
Accounts receivable, net of credit losses of $
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total settlement assets
|
$
|
|
$
|
|
||||
Settlement obligations:
|
||||||||
Trade account payables
|
$
|
|
$
|
|
||||
Accrued expenses and other current liabilities
|
|
|
||||||
Total settlement obligations
|
$
|
|
$
|
|
As of
|
||||||||||||||||
(in millions)
|
March 31,
2023
|
December 31,
2022
|
March 31,
2022
|
December 31,
2021
|
||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Restricted cash
|
|
|
|
|
||||||||||||
ATM cash
|
|
|
|
|
||||||||||||
Settlement cash and cash equivalents
|
|
|
|
|
||||||||||||
Settlement restricted cash
|
|
|
|
|
||||||||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
|
$
|
|
$
|
|
$
|
|
(5) STOCKHOLDERS' EQUITY
Earnings (Loss) Per Share
Basic earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company’s common stock, assumed vesting of restricted stock units and the assumed conversion of the Company’s convertible debt, if such conversion would be dilutive.
10 |
Three Months Ended March 31, |
|||||||
|
2023
|
|
2022
|
||||
Computation of diluted earnings:
|
|||||||
Net income (loss)
|
$ |
|
$ |
|
|||
Add: Interest expense from assumed conversion of convertible notes, net of tax
|
|
|
|
||||
Net income (loss) for diluted earnings per share calculation
|
$ |
|
$
|
|
|||
Computation of diluted weighted average shares outstanding:
|
|||||||
Basic weighted average shares outstanding
|
|
|
|
||||
Incremental shares from assumed exercise of stock options and vesting of restricted stock units
|
|
|
|
||||
Incremental shares from assumed conversion of convertible debt
|
|
|
|||||
Diluted weighted average shares outstanding
|
|
|
|
The table includes all stock options and restricted stock units that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings (loss) per share excludes stock options or shares of restricted stock units that are anti-dilutive to the Company's weighted average common shares outstanding of approximately
Euronet issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019. The Convertible Notes currently have a settlement feature requiring us upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of Euronet's common stock or a combination thereof, at the Company's option. The Company has stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium; however, after adopting ASU 2020-06,
Share repurchases
On December 8, 2021, the Company put a repurchase program in place to repurchase up to $
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded foreign currency translation result of $
11 |
(in millions)
|
Acquired
Intangible
Assets
|
Goodwill
|
Total
Intangible
Assets
|
|||||||||
Balance as of December 31, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Increases (decreases):
|
|
|
|
|||||||||
Acquisition
|
|
(
|
) |
(
|
) | |||||||
Amortization
|
(
|
) |
|
(
|
) | |||||||
Foreign currency exchange rate changes
|
|
|
|
|||||||||
Balance as of March 31, 2023
|
$
|
|
$
|
|
$
|
|
Of the total goodwill balance of $
As of
|
||||||||
(in millions)
|
March 31,
2023
|
December 31, 2022
|
||||||
Accrued expenses
|
$
|
|
$
|
|
||||
Derivative liabilities
|
|
|
||||||
Other tax payables |
|
|
||||||
Accrued payroll expenses |
|
|
||||||
Current portion of capital lease obligations
|
|
|
||||||
Total
|
$
|
|
$
|
|
12 |
As of
|
|
|||||||
(in millions)
|
March 31, 2023
|
|
December 31, 2022
|
|
||||
Credit Facility:
|
||||||||
Revolving credit agreement
|
$
|
|
$
|
|
||||
Convertible Debt:
|
||||||||
|
|
|
||||||
|
|
|
||||||
Other obligations
|
|
|
||||||
Total debt obligations
|
|
|
||||||
Unamortized debt issuance costs
|
(
|
) |
(
|
)
|
||||
Carrying value of debt
|
|
|
||||||
Short-term debt obligations and current maturities of long-term debt obligations
|
(
|
) |
(
|
)
|
||||
Long-term debt obligations
|
$
|
|
$
|
|
13 |
(10) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. Dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) certain foreign currency denominated other asset and liability positions. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815, primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect.
Foreign currency exchange contracts - Ria Operations and Corporate
In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to
In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S dollar. The Company had foreign currency forward contracts outstanding with a notional value of $
15 |
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||||||
Fair Value
|
Fair Value
|
|||||||||||||||||||
(in millions)
|
Balance Sheet Location
|
March 31, 2023
|
December 31, 2022
|
Balance Sheet Location
|
March 31, 2023
|
December 31, 2022
|
||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Foreign currency exchange contracts
|
Other current assets
|
$
|
|
|
$
|
|
|
Other current liabilities |
$
|
(
|
) |
$
|
(
|
)
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
||||||||||||||||||||||||
As of March 31, 2023
|
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
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
) |
$
|
(
|
) |
$
|
|
|
||||||
As of December 31, 2022
|
||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
16 |
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
||||||||||||||||||||||||
As of March 31, 2023
|
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
|
$
|
(
|
) |
$
|
|
|
$
|
(
|
) |
$
|
|
|
$
|
|
|
$
|
(
|
) | ||||||
As of December 31, 2022
|
||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a)
|
|||||||||||
Location of Gain (Loss) Recognized in Income on Derivative Contracts
|
Three Months Ended
March 31, |
|
|||||||||
(in millions)
|
2023
|
2022
|
|
||||||||
Foreign currency exchange contracts - Ria Operations
|
Foreign currency exchange gain (loss), net
|
$
|
(
|
) |
$
|
(
|
) |
|
17 |
|
As of March 31, 2023
|
|||||||||||||||||
(in millions)
|
Balance Sheet Classification
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||||
Foreign currency exchange contracts
|
Other current assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||
Liabilities
|
||||||||||||||||||
Foreign currency exchange contracts
|
Other current liabilities
|
$
|
|
|
$
|
(
|
) |
$
|
|
|
$
|
(
|
) |
|
As of December 31, 2022
|
|||||||||||||||||
(in millions)
|
Balance Sheet Classification
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||||
Foreign currency exchange contracts
|
Other current assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||
Liabilities
|
||||||||||||||||||
Foreign currency exchange contracts
|
Other current liabilities
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
Our reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). The Company currently operates in the following
1) Through the EFT Processing Segment, the Company process transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States. Euronet provides 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, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.
18 |
2) Through the epay Segment, Euronet provides distribution, processing and collection services for electronic payment products, and prepaid mobile airtime through a network of POS terminals in Europe, the Middle East, Asia Pacific, South America and North America. The epay Segment also provides vouchers and physical gift fulfillment services in Europe.
3) Through the Money Transfer Segment, Euronet 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. The Company offers services under the brand names Ria and IME through a network of sending agents, Company-owned stores, Company-owned websites, and mobile applications, disbursing money transfers through a worldwide correspondent network. xe is a provider of foreign currency exchange information and offers money transfer services on its currency data websites. The Company also offers 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. Furthermore, xe provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses.
In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in the administrative division, "Corporate Services, Eliminations and Other." These services are not directly identifiable with the Company’s reportable operating segments.
|
For the Three Months Ended March 31, 2023
|
|||||||||||||||||||
(in millions)
|
EFT
Processing
|
epay
|
Money
Transfer
|
Corporate Services,
Eliminations
and Other
|
Consolidated
|
|||||||||||||||
Total revenues
|
$
|
|
$
|
|
$
|
|
$
|
(
|
) |
$
|
|
|||||||||
Operating expenses:
|
||||||||||||||||||||
Direct operating costs, exclusive of depreciation
|
|
|
|
(
|
) |
|
||||||||||||||
Salaries and benefits
|
|
|
|
|
|
|||||||||||||||
Selling, general and administrative
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization
|
|
|