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Segment Information | 6 Months Ended
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Jun. 30, 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 electronic payment products, and prepaid mobile airtime in Europe, the Middle East, Asia Pacific, the U.S., South America and North 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 and six months ended June 30, 2022 and 2021:
|  | For the Three Months Ended June 30, 2022
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 249,030 |  |  | $ | 227,706 |  |  | $ | 368,459 |  |  | $ | (1,886 | ) |  | $ | 843,309 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 123,758 |  |  | 173,655 |  |  | 205,063 |  |  | (1,814 | ) |  | 500,662 |
Salaries and benefits |  | 27,693 |  |  | 19,772 |  |  | 67,977 |  |  | 15,866 |  |  | 131,308 |
Selling, general and administrative |  | 17,004 |  |  | 8,277 |  |  | 46,361 |  |  | 2,607 |  |  | 74,249 |
Depreciation and amortization |  | 25,745 |  |  | 1,616 |  |  | 8,546 |  |  | 106 |  |  | 36,013 |
Total operating expenses |  | 194,200 |  |  | 203,320 |  |  | 327,947 |  |  | 16,765 |  |  | 742,232 |
Operating income (loss) |  | $ | 54,830 |  |  | $ | 24,386 |  |  | $ | 40,512 |  |  | $ | (18,651 | ) |  | $ | 101,077 |
|  | For the Three Months Ended June 30, 2021
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 113,482 |  |  | $ | 243,918 |  |  | $ | 359,308 |  |  | $ | (2,022 | ) |  | $ | 714,686 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 82,681 |  |  | 184,989 |  |  | 205,164 |  |  | (2,018 | ) |  | 470,816 |
Salaries and benefits |  | 24,098 |  |  | 19,775 |  |  | 62,710 |  |  | 14,488 |  |  | 121,071 |
Selling, general and administrative |  | 9,799 |  |  | 9,772 |  |  | 38,326 |  |  | 1,222 |  |  | 59,119 |
Depreciation and amortization |  | 22,240 |  |  | 2,147 |  |  | 9,026 |  |  | 146 |  |  | 33,559 |
Total operating expenses |  | 138,818 |  |  | 216,683 |  |  | 315,226 |  |  | 13,838 |  |  | 684,565 |
Operating income (loss) |  | $ | (25,336 | ) |  | $ | 27,235 |  |  | $ | 44,082 |  |  | $ | (15,860 | ) |  | $ | 30,121 |
|  | For the Six Months Ended June 30, 2022
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 394,601 |  |  | $ | 463,544 |  |  | $ | 707,425 |  |  | $ | (3,794 | ) |  | $ | 1,561,776 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 217,095 |  |  | 351,975 |  |  | 393,460 |  |  | (3,715 | ) |  | 958,815 |
Salaries and benefits |  | 52,937 |  |  | 39,949 |  |  | 135,202 |  |  | 29,985 |  |  | 258,073 |
Selling, general and administrative |  | 28,118 |  |  | 17,717 |  |  | 87,398 |  |  | 4,872 |  |  | 138,105 |
Depreciation and amortization |  | 48,088 |  |  | 3,312 |  |  | 17,388 |  |  | 215 |  |  | 69,003 |
Total operating expenses |  | 346,238 |  |  | 412,953 |  |  | 633,448 |  |  | 31,357 |  |  | 1,423,996 |
Operating income (loss) |  | $ | 48,363 |  |  | $ | 50,591 |  |  | $ | 73,977 |  |  | $ | (35,151 | ) |  | $ | 137,780 |
|  | For the Six Months Ended June 30, 2021
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 200,558 |  |  | $ | 486,221 |  |  | $ | 684,208 |  |  | $ | (3,631 | ) |  | $ | 1,367,356 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 152,293 |  |  | 367,622 |  |  | 389,042 |  |  | (3,625 | ) |  | 905,332 |
Salaries and benefits |  | 47,669 |  |  | 39,144 |  |  | 123,250 |  |  | 26,676 |  |  | 236,739 |
Selling, general and administrative |  | 21,761 |  |  | 18,792 |  |  | 74,442 |  |  | 2,900 |  |  | 117,895 |
Depreciation and amortization |  | 44,267 |  |  | 4,271 |  |  | 17,989 |  |  | 293 |  |  | 66,820 |
Total operating expenses |  | 265,990 |  |  | 429,829 |  |  | 604,723 |  |  | 26,244 |  |  | 1,326,786 |
Operating income (loss) |  | $ | (65,432) |  |  | $ | 56,392 |  |  | $ | 79,485 |  |  | $ | (29,875 | ) |  | $ | 40,570 |
The following table presents our total assets by reportable segment:
| Total Assets as of
(in thousands) | June 30, 2022 |  | December 31, 2021
EFT Processing | $ | 2,463,591 |  |  | $ | 1,682,680 |
epay | 727,248 |  |  | 1,234,074 |
Money Transfer | 1,679,328 |  |  | 1,621,726 |
Corporate Services, Eliminations and Other | 325,351 |  |  | 205,796 |
Total | $ | 5,195,518 |  |  | $ | 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 June 30, 2022 |  | For the Six Months Ended June 30, 2022
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Total |  |  | EFT Processing |  |  |  | epay |  |  |  | Money Transfer |  |  |  | Total |
Europe |  | $ | 199,275 |  |  | $ | 140,293 |  |  | $ | 148,561 |  |  | $ | 488,129 |  |  | $ | 296,474 |  |  | $ | 290,687 |  |  | $ | 288,670 |  |  | $ | 875,831 |
North America |  | 16,635 |  |  | 32,960 |  |  | 179,656 |  |  | 229,251 |  |  |  | 33,803 |  |  |  | 65,604 |  |  |  | 338,388 |  |  |  | 437,795 |
Asia Pacific |  | 32,316 |  |  | 40,984 |  |  | 27,091 |  |  | 100,391 |  |  |  | 62,751 |  |  |  | 81,783 |  |  |  | 53,709 |  |  |  | 198,243 |
Other |  | 804 |  |  | 13,469 |  |  | 13,151 |  |  | 27,424 |  |  |  | 1,573 |  |  |  | 25,470 |  |  |  | 26,658 |  |  |  | 53,701 |
Eliminations |  | — |  |  | — |  |  | — |  |  | (1,886) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,794 | )
Total |  | $ | 249,030 |  |  | $ | 227,706 |  |  | $ | 368,459 |  |  | $ | 843,309 |  |  | $ | 394,601 |  |  | $ | 463,544 |  |  | $ | 707,425 |  |  | $ | 1,561,776 |
|  | For the Three Months Ended June 30, 2021 |  | For the Six Months Ended June 30, 2021
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Total |  |  | EFT Processing |  |  |  | epay |  |  |  | Money Transfer |  |  |  | Total |
Europe |  | $ | 73,109 |  |  | $ | 160,560 |  |  | $ | 149,606 |  |  | $ | 383,275 |  |  | $ | 119,971 |  |  | $ | 325,468 |  |  | $ | 282,445 |  |  | $ | 727,884 |
North America |  | 15,203 |  |  | 34,601 |  |  | 170,324 |  |  | 220,128 |  |  |  | 29,669 |  |  |  | 68,442 |  |  |  | 322,626 |  |  |  | 420,737 |
Asia Pacific |  | 25,035 |  |  | 38,377 |  |  | 26,524 |  |  | 89,936 |  |  |  | 50,729 |  |  |  | 72,695 |  |  |  | 54,993 |  |  |  | 178,417 |
Other |  | 135 |  |  | 10,380 |  |  | 12,854 |  |  | 23,369 |  |  |  | 189 |  |  |  | 19,616 |  |  |  | 24,144 |  |  |  | 43,949 |
Eliminations |  | — |  |  | — |  |  | — |  |  | (2,022 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,631 | )
Total |  | $ | 113,482 |  |  | $ | 243,918 |  |  | $ | 359,308 |  |  | $ | 714,686 |  |  | $ | 200,558 |  |  | $ | 486,221 |  |  | $ | 684,208 |  |  | $ | 1,367,356 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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