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Segment Information | 9 Months Ended
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Sep. 30, 2019
Segment Information [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting. The Company currently operates in the following three reportable operating segments:
1) | Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East, Asia Pacific and the United States. The Company provides comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, dynamic currency conversion, domestic and international surcharge 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.
2) | Through the epay Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and digital media products in Europe, the Middle East, Asia Pacific, the United States and South America.
3) | Through the Money Transfer Segment, the Company provides global money transfer services under the brand names Ria, IME and xe. Ria 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 and offers money transfers on its currency data websites. The Company also offers 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. The Company provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses under the brand name HiFM.
In addition, the Company accounts for non-operating activity, most share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, “Corporate Services, Eliminations and Other.” These services are not directly identifiable with the Company’s reportable operating segments. The following tables present the Company’s reportable segment results for the three and nine months ended September 30, 2019 and 2018:
|  | For the Three Months Ended September 30, 2019
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 316,188 |  |  | $ | 191,071 |  |  | $ | 280,837 |  |  | $ | (1,110 | ) |  | $ | 786,986 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 111,116 |  |  | 145,410 |  |  | 149,663 |  |  | (1,108 | ) |  | 405,081 |
Salaries and benefits |  | 23,936 |  |  | 15,188 |  |  | 51,555 |  |  | 10,675 |  |  | 101,354 |
Selling, general and administrative |  | 12,191 |  |  | 8,838 |  |  | 35,820 |  |  | 1,866 |  |  | 58,715 |
Depreciation and amortization |  | 18,044 |  |  | 1,572 |  |  | 8,151 |  |  | 79 |  |  | 27,846 |
Total operating expenses |  | 165,287 |  |  | 171,008 |  |  | 245,189 |  |  | 11,512 |  |  | 592,996 |
Operating income (expense) |  | $ | 150,901 |  |  | $ | 20,063 |  |  | $ | 35,648 |  |  | $ | (12,622 | ) |  | $ | 193,990 |
|  | For the Three Months Ended September 30, 2018
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 261,736 |  |  | $ | 185,431 |  |  | $ | 268,291 |  |  | $ | (953 | ) |  | $ | 714,505 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 101,763 |  |  | 142,665 |  |  | 144,758 |  |  | (950 | ) |  | 388,236 |
Salaries and benefits |  | 21,653 |  |  | 14,491 |  |  | 48,945 |  |  | 8,019 |  |  | 93,108 |
Selling, general and administrative |  | 11,227 |  |  | 9,968 |  |  | 32,483 |  |  | 2,109 |  |  | 55,787 |
Depreciation and amortization |  | 16,694 |  |  | 1,881 |  |  | 7,854 |  |  | 32 |  |  | 26,461 |
Total operating expenses |  | 151,337 |  |  | 169,005 |  |  | 234,040 |  |  | 9,210 |  |  | 563,592 |
Operating income (expense) |  | $ | 110,399 |  |  | $ | 16,426 |  |  | $ | 34,251 |  |  | $ | (10,163 | ) |  | $ | 150,913 |
|  | For the Nine Months Ended September 30, 2019
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 693,837 |  |  | $ | 551,345 |  |  | $ | 814,201 |  |  | $ | (3,021 | ) |  | $ | 2,056,362 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 300,460 |  |  | 419,362 |  |  | 435,901 |  |  | (2,998 | ) |  | 1,152,725 |
Salaries and benefits |  | 64,706 |  |  | 44,939 |  |  | 155,424 |  |  | 27,630 |  |  | 292,699 |
Selling, general and administrative |  | 32,022 |  |  | 26,314 |  |  | 96,660 |  |  | 5,708 |  |  | 160,704 |
Depreciation and amortization |  | 52,464 |  |  | 5,113 |  |  | 24,448 |  |  | 228 |  |  | 82,253 |
Total operating expenses |  | 449,652 |  |  | 495,728 |  |  | 712,433 |  |  | 30,568 |  |  | 1,688,381 |
Operating income (expense) |  | $ | 244,185 |  |  | $ | 55,617 |  |  | $ | 101,768 |  |  | $ | (33,589 | ) |  | $ | 367,981 |
|  | For the Nine Months Ended September 30, 2018
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 592,333 |  |  | $ | 528,739 |  |  | $ | 768,943 |  |  | $ | (2,771 | ) |  | $ | 1,887,244 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 279,927 |  |  | 403,010 |  |  | 412,895 |  |  | (2,760 | ) |  | 1,093,072 |
Salaries and benefits |  | 57,704 |  |  | 43,235 |  |  | 145,420 |  |  | 24,178 |  |  | 270,537 |
Selling, general and administrative |  | 30,557 |  |  | 27,191 |  |  | 93,610 |  |  | 6,798 |  |  | 158,156 |
Depreciation and amortization |  | 49,277 |  |  | 5,653 |  |  | 23,702 |  |  | 94 |  |  | 78,726 |
Total operating expenses |  | 417,465 |  |  | 479,089 |  |  | 675,627 |  |  | 28,310 |  |  | 1,600,491 |
Operating income (expense) |  | $ | 174,868 |  |  | $ | 49,650 |  |  | $ | 93,316 |  |  | $ | (31,081 | ) |  | $ | 286,753 |
The following table presents the Company’s property and equipment and total assets by reportable segment:
|  | Property and Equipment, net as of |  | Total Assets as of
(in thousands) |  | September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
EFT Processing |  | $ | 237,627 |  |  | $ | 215,106 |  |  | $ | 1,766,369 |  |  | $ | 1,220,141 |
epay |  | 35,251 |  |  | 31,172 |  |  | 761,862 |  |  | 780,220 |
Money Transfer |  | 48,865 |  |  | 45,517 |  |  | 1,532,493 |  |  | 1,310,775 |
Corporate Services, Eliminations and Other |  | 59 |  |  | 74 |  |  | 253,400 |  |  | 10,019 |
Total |  | $ | 321,802 |  |  | $ | 291,869 |  |  | $ | 4,314,124 |  |  | $ | 3,321,155 |
The following table presents the Company's revenues disaggregated by segment and region. Sales and usage-based taxes are excluded from revenues. The Company believes disaggregation by segment and region best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues by segment and region is based on management's assessment of segment performance together with allocation of financial resources, both capital and operating support costs, on a segment and regional level. Both segments and regions benefit from synergies achieved through concentration of operations and are influenced by macro-economic, regulatory and political factors in the respective segment and region.
| For the Three Months Ended September 30, 2019 |  | For the Nine Months Ended September 30, 2019
(in thousands) | EFT Processing |  | epay |  | Money Transfer |  | Total |  | EFT Processing |  | epay |  | Money Transfer |  | Total
Europe | $ | 274,313 |  |  | $ | 130,602 |  |  | $ | 94,625 |  |  | $ | 499,540 |  |  | $ | 574,620 |  |  | $ | 368,830 |  |  | $ | 273,760 |  |  | $ | 1,217,210 |
North America | 8,717 |  |  | 37,218 |  |  | 147,989 |  |  | 193,924 |  |  | 24,880 |  |  | 114,614 |  |  | 428,349 |  |  | 567,843 |
Asia Pacific | 33,153 |  |  | 19,039 |  |  | 31,575 |  |  | 83,767 |  |  | 94,317 |  |  | 55,333 |  |  | 93,865 |  |  | 243,515 |
Other | 5 |  |  | 4,212 |  |  | 6,648 |  |  | 10,865 |  |  | 20 |  |  | 12,568 |  |  | 18,227 |  |  | 30,815 |
Eliminations | — |  |  | — |  |  | — |  |  | (1,110 | ) |  | — |  |  | — |  |  | — |  |  | (3,021 | )
Total | $ | 316,188 |  |  | $ | 191,071 |  |  | $ | 280,837 |  |  | $ | 786,986 |  |  | $ | 693,837 |  |  | $ | 551,345 |  |  | $ | 814,201 |  |  | $ | 2,056,362 |
| For the Three Months Ended September 30, 2018 |  | For the Nine Months Ended September 30, 2018
(in thousands) | EFT Processing |  | epay |  | Money Transfer |  | Total |  | EFT Processing |  | epay |  | Money Transfer |  | Total
Europe | $ | 226,531 |  |  | $ | 123,386 |  |  | $ | 84,492 |  |  | $ | 434,409 |  |  | $ | 485,030 |  |  | $ | 340,180 |  |  | $ | 240,266 |  |  | $ | 1,065,476 |
North America | 7,613 |  |  | 41,346 |  |  | 147,830 |  |  | 196,789 |  |  | 23,956 |  |  | 124,667 |  |  | 420,568 |  |  | 569,191 |
Asia Pacific | 27,570 |  |  | 17,505 |  |  | 31,195 |  |  | 76,270 |  |  | 83,310 |  |  | 52,116 |  |  | 95,049 |  |  | 230,475 |
Other | 22 |  |  | 3,194 |  |  | 4,774 |  |  | 7,990 |  |  | 37 |  |  | 11,776 |  |  | 13,060 |  |  | 24,873 |
Eliminations | — |  |  | — |  |  | — |  |  | (953 | ) |  | — |  |  | — |  |  | — |  |  | (2,771 | )
Total | $ | 261,736 |  |  | $ | 185,431 |  |  | $ | 268,291 |  |  | $ | 714,505 |  |  | $ | 592,333 |  |  | $ | 528,739 |  |  | $ | 768,943 |  |  | $ | 1,887,244 |

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- Definition Segment Information. + References No definition available. + Details
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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