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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2024
SEGMENT INFORMATION |
SEGMENT INFORMATION | (13) SEGMENT INFORMATION Our 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 North America. Euronet provides comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit 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 electronic payment products, and prepaid mobile airtime through a network of POS terminals in Europe, the Middle East, Asia Pacific, South America and North America. The epay Segment also provides vouchers and physical gift fulfillment services in Europe. 3) Through the Money Transfer Segment, the Company provides global consumer-to-consumer money transfer services, primarily under the brand names Ria, IME, AFEX, and xe, and global account-to-account money transfer services under the brand name xe. The Company offers services under the brand names Ria and IME through a network of sending agents, Company-owned stores, Company-owned websites, and mobile applications, disbursing money transfers through a worldwide correspondent network. xe is a provider of foreign currency exchange information and offers money transfer services on its currency data websites. The Company also offers customers bill payment services (primarily in the U.S.), payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services for a wide variety of issued checks, along with competitive foreign currency exchange services and prepaid 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 the 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 months and nine months ended September 30, 2024 and 2023:
|  | For the Three Months Ended September 30, 2024
(in millions) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 373.0 |  |  | $ | 290.3 |  |  | $ | 438.2 |  |  | $ | (2.2 | ) |  | $ | 1,099.3 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 174.3 |  |  | 223.5 |  |  | 238.4 |  |  | (2.2 | ) |  | 634.0 |
Salaries and benefits |  | 41.3 |  |  | 26.2 |  |  | 84.9 |  |  | 17.2 |  |  | 169.6 |
Selling, general and administrative |  | 15.3 |  |  | 9.6 |  |  | 50.8 |  |  | 4.9 |  |  | 80.6 |
Depreciation and amortization |  | 24.8 |  |  | 1.9 |  |  | 6.0 |  |  | 0.2 |  |  | 32.9 |
Total operating expenses |  | 255.7 |  |  | 261.2 |  |  | 380.1 |  |  | 20.1 |  |  | 917.1 |
Operating income (loss) |  | $ | 117.3 |  |  | $ | 29.1 |  |  | $ | 58.1 |  |  | $ | (22.3 | ) |  | $ | 182.2 |
|  | For the Three Months Ended September 30, 2023
(in millions) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 345.8 |  |  | $ | 264.5 |  |  | $ | 395.9 |  |  | $ | (2.2 | ) |  | $ | 1,004.0 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 165.7 |  |  | 201.3 |  |  | 211.9 |  |  | (2.2 | ) |  | 576.7 |
Salaries and benefits |  | 35.2 |  |  | 23.4 |  |  | 77.6 |  |  | 17.4 |  |  | 153.6 |
Selling, general and administrative |  | 16.2 |  |  | 9.7 |  |  | 45.7 |  |  | 2.3 |  |  | 73.9 |
Depreciation and amortization |  | 23.9 |  |  | 1.8 |  |  | 7.0 |  |  | 0.1 |  |  | 32.8 |
Total operating expenses |  | 241.0 |  |  | 236.2 |  |  | 342.2 |  |  | 17.6 |  |  | 837.0 |
Operating income (loss) |  | $ | 104.8 |  |  | $ | 28.3 |  |  | $ | 53.7 |  |  | $ | (19.8 | ) |  | $ | 167.0 |
| For the Nine Months Ended September 30, 2024
(in millions) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 895.6 |  |  | $ | 808.3 |  |  | $ | 1,244.6 |  |  | $ | (6.0 | ) |  | $ | 2,942.5 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 457.9 |  |  | 617.1 |  |  | 679.5 |  |  | (6.0 | ) |  | 1,748.5 |
Salaries and benefits |  | 107.5 |  |  | 75.4 |  |  | 248.3 |  |  | 51.1 |  |  | 482.3 |
Selling, general and administrative |  | 38.0 |  |  | 28.5 |  |  | 154.2 |  |  | 11.2 |  |  | 231.9 |
Depreciation and amortization |  | 73.5 |  |  | 5.4 |  |  | 20.0 |  |  | 0.4 |  |  | 99.3 |
Total operating expenses |  | 676.9 |  |  | 726.4 |  |  | 1,102.0 |  |  | 56.7 |  |  | 2,562.0 |
Operating income (loss) |  | $ | 218.7 |  |  | $ | 81.9 |  |  | $ | 142.6 |  |  | $ | (62.7 | ) |  | $ | 380.5 |
|  | For the Nine Months Ended September 30, 2023
(in millions) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 820.4 |  |  | $ | 765.7 |  |  | $ | 1,150.1 |  |  | $ | (5.9 | ) |  | $ | 2,730.3 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  | 426.8 |  |  | 583.6 |  |  | 621.9 |  |  | (5.9 | ) |  | 1,626.4 |
Salaries and benefits |  | 93.5 |  |  | 66.8 |  |  | 230.4 |  |  | 54.2 |  |  | 444.9 |
Selling, general and administrative |  | 48.9 |  |  | 27.6 |  |  | 140.7 |  |  | 7.2 |  |  | 224.4 |
Depreciation and amortization |  | 70.4 |  |  | 5.1 |  |  | 23.6 |  |  | 0.3 |  |  | 99.4 |
Total operating expenses |  | 639.6 |  |  | 683.1 |  |  | 1,016.6 |  |  | 55.8 |  |  | 2,395.1 |
Operating income (loss) |  | $ | 180.8 |  |  | $ | 82.6 |  |  | $ | 133.5 |  |  | $ | (61.7 | ) |  | $ | 335.2 |
The following table presents the Company's total assets by reportable segment:
| Total Assets as of
(in millions) | September 30, 2024 |  | December 31, 2023
EFT Processing | $ | 3,006.6 |  |  | $ | 2,442.0 |
epay | 986.6 |  |  | 1,204.9 |
Money Transfer | 1,917.3 |  |  | 1,921.1 |
Corporate Services, Eliminations and Other | 378.6 |  |  | 326.4 |
Total | $ | 6,289.1 |  |  | $ | 5,894.4 |
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.
|  | Revenues for the Three Months Ended September 30, 2024 |  | Revenues for the Nine Months Ended September 30, 2024
(in millions) |  | EFT Processing |  | epay |  | Money Transfer |  | Total |  |  | EFT Processing |  |  |  | epay |  |  |  | Money Transfer |  |  |  | Total |
Europe |  | $ | 294.2 |  |  | $ | 178.2 |  |  | $ | 186.1 |  |  | $ | 658.5 |  |  | $ | 671.5 |  |  | $ | 506.3 |  |  | $ | 520.6 |  |  | $ | 1,698.4 |
North America |  | 18.9 |  |  | 58.3 |  |  | 201.8 |  |  | 279.0 |  |  |  | 55.1 |  |  |  | 151.2 |  |  |  | 577.9 |  |  |  | 784.2 |
Asia Pacific |  | 55.3 |  |  | 41.5 |  |  | 32.5 |  |  | 129.3 |  |  |  | 157.5 |  |  |  | 112.1 |  |  |  | 95.1 |  |  |  | 364.7 |
Other |  | 4.6 |  |  | 12.3 |  |  | 17.8 |  |  | 34.7 |  |  |  | 11.5 |  |  |  | 38.7 |  |  |  | 51.0 |  |  |  | 101.2 |
Eliminations |  | — |  |  | — |  |  | — |  |  | (2.2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6.0 | )
Total |  | $ | 373.0 |  |  | $ | 290.3 |  |  | $ | 438.2 |  |  | $ | 1,099.3 |  |  | $ | 895.6 |  |  | $ | 808.3 |  |  | $ | 1,244.6 |  |  | $ | 2,942.5 |
|  | Revenues for the Three Months Ended September 30, 2023 |  | Revenues for the Nine Months Ended September 30, 2023
(in millions) |  | EFT Processing |  | epay |  | Money Transfer |  | Total |  |  | EFT Processing |  |  |  | epay |  |  |  | Money Transfer |  |  |  | Total |
Europe |  | $ | 285.7 |  |  | $ | 171.6 |  |  | $ | 165.1 |  |  | $ | 622.4 |  |  | $ | 644.2 |  |  | $ | 498.9 |  |  | $ | 480.5 |  |  | $ | 1,623.6 |
North America |  | 18.6 |  |  | 45.2 |  |  | 187.4 |  |  | 251.2 |  |  |  | 53.9 |  |  |  | 125.6 |  |  |  | 539.8 |  |  |  | 719.3 |
Asia Pacific |  | 39.4 |  |  | 33.9 |  |  | 27.2 |  |  | 100.5 |  |  |  | 116.7 |  |  |  | 101.1 |  |  |  | 81.7 |  |  |  | 299.5 |
Other |  | 2.1 |  |  | 13.8 |  |  | 16.2 |  |  | 32.1 |  |  |  | 5.6 |  |  |  | 40.1 |  |  |  | 48.1 |  |  |  | 93.8 |
Eliminations |  | — |  |  | — |  |  | — |  |  | (2.2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5.9 | )
Total |  | $ | 345.8 |  |  | $ | 264.5 |  |  | $ | 395.9 |  |  | $ | 1,004.0 |  |  | $ | 820.4 |  |  | $ | 765.7 |  |  | $ | 1,150.1 |  |  | $ | 2,730.3 |

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