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Business Segment Information
 12 Months Ended
Dec. 31, 2023
Business Segment Information  
Business Segment Information

 

Euronet's reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). 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, Africa, 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, 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. 


2) Through the epay Segment, the Company provides 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, the Company provides 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. 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. 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 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 results for the years ended December 31, 2023, 2022 and 2021:


 

 

For the Year Ended December 31, 2023

(in millions)

 

EFT Processing

 

epay

 

Money Transfer

 

Corporate Services, Eliminations and Other

 

Consolidated

Total revenues

 

$

1,058.3

 

 

$

1,082.4

 

 

$

1,555.2

 

 

$

(7.9

 )

 

$

3,688.0

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Direct operating costs

 

572.1

 

 

819.1

 

 

839.5

 

 

(7.9

 )

 

2,222.8

 

Salaries and benefits

 

126.5

 

 

91.1

 

 

310.5

 

 

74.8

 

 

602.9

 

Selling, general and administrative

 

58.8

 

 

39.1

 

 

188.8

 

 

10.1

 

 

296.8

 

Depreciation and amortization

 

94.6

 

 

6.9

 

 

31.0

 

 

0.4

 

 

132.9

 

Total operating expenses

 

852.0

 

 

956.2

 

 

1,369.8

 

 

77.4

 

 

3,255.4

 

Operating income (expense)

 

$

206.3

 

$

126.2

 

 

$

185.4

 

 

$

(85.3

 )

 

$

432.6

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

15.2

 

Interest expense

 

 

 

 

 

 

 

 

 

(55.6

 )

Foreign currency exchange gain, net

 

 

 

 

 

 

 

 

 

8.0

Other gains, net

 

 

 

 

 

 

 

 

 

0.2

Total other expense, net

 

 

 

 

 

 

 

 

 

(32.2

 )

Income before income taxes

 

 

 

 

 

 

 

 

 

$

400.4

 

Segment assets as of December 31, 2023

 

$

2,442.0

 

 

$

1,204.9

 

 

$

1,921.2

 

 

$

326.3

 

 

$

5,894.4

 

 

 

 

For the Year Ended December 31, 2022

(in millions)

 

EFT Processing

 

epay

 

Money Transfer

 

Corporate Services, Eliminations and Other

 

Consolidated

Total revenues

 

$

924.2

 

 

$

997.9

 

 

$

1,444.5

 

 

$

(7.8

)

 

$

3,358.8

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Direct operating costs

 

475.8

 

 

753.2

 

 

796.9

 

 

(7.7

)

 

2,018.2

 

Salaries and benefits

 

111.9

 

 

81.8

 

 

277.0

 

 

63.5

 

 

534.2

 

Selling, general and administrative

 

57.1

 

 

36.0

 

 

182.2

 

 

9.8

 

 

285.1

 

Depreciation and amortization

 

95.4

 

 

6.2

 

 

33.9

 

 

0.4

 

 

135.9

 

Total operating expenses

 

740.2

 

 

877.2

 

 

1,290.0

 

 

66.0

 

 

2,973.4

 

Operating income (expense)

 

$

184.0

 

$

120.7

 

 

$

154.5

 

 

$

(73.8

 )

 

$

385.4

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

2.0

 

Interest expense

 

 

 

 

 

 

 

 

 

(37.5

)

Foreign currency exchange loss, net

 

 

 

 

 

 

 

 

 

(28.2

 )

Other gains, net

 

 

 

 

 

 

 

 

 

0.9

Total other expense, net

 

 

 

 

 

 

 

 

 

(62.8

 )

Income before income taxes

 

 

 

 

 

 

 

 

 

$

322.6

 

Segment assets as of December 31, 2022

 

$

2,150.7

 

 

$

1,173.3

 

 

$

1,795.8

 

 

$

283.8

 

 

$

5,403.6

 

 

 

 

For the Year Ended December 31, 2021

(in millions)

 

EFT Processing

 

epay

 

Money Transfer

 

Corporate Services, Eliminations and Other

 

Consolidated

Total revenues

 

$

591.2

 

 

$

1,011.5

 

 

$

1,400.9

 

 

$

(8.1

)

 

$

2,995.5

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Direct operating costs

 

354.2

 

 

760.9

 

 

793.2

 

 

(8.1

)

 

1,900.2

 

Acquired contract cost impairment
—

—

38.6

—

38.6

Salaries and benefits

 

98.6

 

 

79.5

 

 

255.7

 

 

51.1

 

 

484.9

 

Selling, general and administrative

 

47.9

 

 

39.6

 

 

157.9

 

 

6.6

 

 

252.0

 

Depreciation and amortization

 

90.9

 

 

8.5

 

 

36.0

 

 

0.4

 

 

135.8

 

Total operating expenses

 

591.6

 

 

888.5

 

 

1,281.4

 

 

50.0

 

 

2,811.5

 

Operating income (expense)

 

$

(0.4

 )

 

$

123.0

 

 

$

119.5

 

 

$

(58.1

)

 

$

184.0

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

0.7

 

Interest expense

 

 

 

 

 

 

 

 

 

(38.3

)

Foreign currency exchange loss, net

 

 

 

 

 

 

 

 

 

(10.8

 )

Other gains, net

 

 

 

 

 

 

 

 

 

—

 

Total other expense, net

 

 

 

 

 

 

 

 

 

(48.4

 )

Income before income taxes

 

 

 

 

 

 

 

 

 

$

135.6

 

Segment assets as of December 31, 2021

 

$

1,682.7

 

 

$

1,234.1

 

 

$

1,621.7

 

 

$

205.8

 

 

$

4,744.3

 


Total revenues for the years ended December 31, 2023, 2022 and 2021, and property and equipment and total assets as of December 31, 2023 and 2022, summarized by geographic location, were as follows:

 

 

 

Revenues

 

Property and Equipment, net

 

Total Assets

 

 

For the year ended December 31,

 

as of December 31,

 

as of December 31,

(in millions)

 

2023

 

2022

 

2021

 

2023

 

2022

 

2023

 

2022

United States

 

$

898.5

 

 

$

830.8

 

 

$

805.0

 

 

$

63.0

 

 

$

59.9

 

 

$

1,198.5

 

 

$

1,051.4

 

Germany

 

691.5

 

 

644.5

 

 

631.5

 

 

29.0

 

 

30.2

 

 

760.2

 

 

772.6

 

Spain

 

243.4

 

 

211.7

 

 

157.8

 

 

40.8

 

 

46.4

 

 

375.5

 

 

322.6

 

United Kingdom

 

152.5

 

 

144.7

 

 

143.9

 

 

8.7

 

 

10.5

 

 

441.3

 

 

403.9

 

Italy

 

185.8

 

 

160.7

 

 

130.1

 

 

14.9

 

 

16.7

 

 

229.9

 

 

207.7

 

Poland

 

114.9

 

 

98.1

 

 

93.7

 

 

28.8

 

 

23.0

 

 

280.7

 

 

220.7

 

India

 

170.3

 

 

188.5

 

 

173.1

 

 

28.5

 

 

30.5

 

 

241.4

 

 

241.6

 

France

 

198.6

 

 

173.8

 

 

166.7

 

 

8.6

 

 

8.5

 

 

165.0

 

 

140.4

 

Greece

 

205.8

 

 

161.0

 

 

61.6

 

 

19.6

 

 

18.0

 

 

653.9

 

 

597.2

 

Malaysia

 

51.9

 

 

47.6

 

 

50.0

 

 

4.3

 

 

2.2

 

 

98.5

 

 

77.6

 

Australia

 

53.5

 

 

42.4

 

 

46.9

 

 

1.9

 

 

2.9

 

 

85.6

 

 

58.4

 

New Zealand

 

51.6

 

 

61.6

 

 

56.5

 

 

4.0

 

 

3.5

 

 

190.7

 

 

234.8

 

Netherlands
62.8

54.6

49.4

5.0

5.3

170.9

196.7

Canada


70.1

66.4

46.9

0.7

0.7

123.7

106.4
Brazil
55.2

51.4

44.3

0.3

0.3

38.2

46.7

Other

 

481.6

 

 

421.0

 

 

338.1

 

 

74.0

 

 

78.0

 

 

840.4

 

 

724.9

 

Total foreign

 

2,789.5

 

 

2,528.0

 

 

2,190.5

 

 

269.1

 

 

276.7

 

 

4,695.9

 

 

4,352.2

 

Total

 

$

3,688.0

 

 

$

3,358.8

 

 

$

2,995.5

 

 

$

332.1

 

 

$

336.6

 

 

$

5,894.4

 

 

$

5,403.6