XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2
Segment Information
 6 Months Ended
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