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Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION
(12) SEGMENT INFORMATION

Our reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). We currently operate in the following 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. 


The following tables present our reportable segment results for the three months ended March 31, 2022 and 2021:
 
 
For the Three Months Ended March 31, 2022
(in thousands)
 
EFT
Processing
 
epay
 
Money
Transfer
 
Corporate Services,
Eliminations
and Other
 
Consolidated
Total revenues
 
$
145,571

 
$
235,838

 
$
338,966

 
$
(1,908
 )
 
$
718,467

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Direct operating costs, exclusive of depreciation
 
93,337

 
178,320

 
188,397

 
(1,901
 )
 
458,153

Salaries and benefits
 
25,244

 
20,177

 
67,225

 
14,119

 
126,765

Selling, general and administrative
 
11,114

 
9,440

 
41,037

 
2,265

 
63,856

Depreciation and amortization
 
22,343

 
1,696

 
8,842

 
109

 
32,990

Total operating expenses
 
152,038

 
209,633

 
305,501

 
14,592

 
681,764

Operating (loss) income
 
$
(6,467
 )
 
$
26,205

 
$
33,465

 
$
(16,500
 )
 
$
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
 
$
87,076

 
$
242,303

 
$
324,900

 
$
(1,609
)
 
$
652,670

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Direct operating costs, exclusive of depreciation
 
69,612

 
182,633

 
183,878

 
(1,607
)
 
434,516

Salaries and benefits
 
23,571

 
19,369

 
60,540

 
12,188

 
115,668

Selling, general and administrative
 
11,962

 
9,020

 
36,116

 
1,678

 
58,776

Depreciation and amortization
 
22,027

 
2,124

 
8,963

 
147

 
33,261

Total operating expenses
 
127,172

 
213,146

 
289,497

 
12,406

 
642,221

Operating (loss) income
 
$
(40,096)

 
$
29,157

 
$
35,403

 
$
(14,015
)
 
$
10,449


The following table presents our total assets by reportable segment:
 
Total Assets as of
(in thousands)
March 31, 2022
 
December 31, 2021
EFT Processing
$
2,167,634

 
$
1,682,680

epay
773,056

 
1,234,074

Money Transfer
1,670,666

 
1,621,726

Corporate Services, Eliminations and Other
286,957

 
205,796

   Total  
$
4,898,313

 
$
4,744,276


The following table presents our revenues disaggregated by segment and region. Sales and usage-based taxes are excluded from revenues. We believe 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 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
 
$
97,199

 
$
150,393

 
$
140,110

 
$
387,702


$
46,862


$
164,908


$
132,839


$
344,609

North America
 
17,168

 
32,644

 
158,732

 
208,544



14,466



33,841



152,302



200,609

Asia Pacific
 
30,435

 
40,799

 
26,618

 
97,852



25,694



34,318



28,469



88,481

Other
 
769

 
12,002

 
13,506

 
26,277



54



9,236



11,290



20,580

Eliminations
 
—

 
—

 
—

 
(1,908
 )


—



—



—



(1,609
 )
Total
 
$
145,571

 
$
235,838

 
$
338,966

 
$
718,467


$
87,076


$
242,303


$
324,900


$
652,670