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Business Segment Information
 12 Months Ended
Dec. 31, 2024
Business Segment Information  
Business Segment Information

 

Euronet's Chief Executive Officer (CEO) is the Chief Operating Decision Maker (CODM) and is responsible for assessing performance and making resource allocation decisions across the Company's operating segments. The CODM evaluates segment performance primarily based on financial metrics such as revenue, operating income, and other key performance indicators. In making resource allocation decisions, the CODM reviews segment operating income and revenue on a monthly basis to assess profitability and efficiency across segments. Additionally, the CODM considers forecast-to-actual variances in revenue, operating income, and key performance indicators as part of the forecasting process. These measures are used to guide decisions related to capital investments, personnel allocation, and strategic initiatives across the Company’s segments. The CODM also evaluates segment-level profitability and return on assets when making long-term investment decisions and assessing segment performance relative to strategic goals. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.


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 North America. 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 United States, 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, 2024, 2023 and 2022:


 

 

For the Year Ended December 31, 2024

(in millions)

 

EFT Processing

 

epay

 

Money Transfer

 

Corporate Services, Eliminations and Other

 

Consolidated

Total revenues

 

$

1,161.2

 

 

$

1,150.5

 

 

$

1,686.5

 

 

$

(8.4

 )

 

$

3,989.8

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Direct operating costs

 

605.4

 

 

872.7

 

 

919.7

 

 

(8.5

 )

 

2,389.3

 

Salaries and benefits

 

146.8

 

 

102.0

 

 

333.4

 

 

68.0

 

 

650.2

 

Selling, general and administrative

 

55.1

 

 

38.6

 

 

206.4

 

 

15.2

 

 

315.3

 

Depreciation and amortization

 

97.9

 

 

7.3

 

 

26.0

 

 

0.6

 

 

131.8

 

Total operating expenses

 

905.2

 

 

1,020.6

 

 

1,485.5

 

 

75.3

 

 

3,486.6

 

Operating income (expense)

 

$

256.0

 

$

129.9

 

 

$

201.0

 

 

$

(83.7

 )

 

$

503.2

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

23.8

 

Interest expense

 

 

 

 

 

 

 

 

 

(80.5

 )

Foreign currency exchange loss, net

 

 

 

 

 

 

 

 

 

(19.1

 )

Other gains, net

 

 

 

 

 

 

 

 

 

21.5

Total other expense, net

 

 

 

 

 

 

 

 

 

(54.3

 )

Income before income taxes

 

 

 

 

 

 

 

 

 

$

448.9

 

Segment assets as of December 31, 2024

 

$

2,762.2

 

 

$

1,073.7

 

 

$

1,745.5

 

 

$

253.1

 

 

$

5,834.5

 

 

 

 

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

 


Total revenues for the years ended December 31, 2024, 2023 and 2022, and property and equipment and total assets as of December 31, 2024 and 2023, 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)

 

2024

 

2023

 

2022

 

2024

 

2023

 

2024

 

2023

United States

 

$

977.4

 

 

$

898.5

 

 

$

830.8

 

 

$

69.3

 

 

$

63.0

 

 

$

1,060.1

 

 

$

1,198.5

 

Germany

 

706.3

 

 

691.5

 

 

644.5

 

 

22.7

 

 

29.0

 

 

768.7

 

 

760.2

 

Spain

 

259.2

 

 

243.4

 

 

211.7

 

 

31.2

 

 

40.8

 

 

365.4

 

 

375.5

 

United Kingdom

 

164.7

 

 

152.5

 

 

144.7

 

 

6.9

 

 

8.7

 

 

385.9

 

 

441.3

 

Italy

 

196.8

 

 

185.8

 

 

160.7

 

 

11.2

 

 

14.9

 

 

225.7

 

 

229.9

 

Poland

 

124.4

 

 

114.9

 

 

98.1

 

 

41.9

 

 

28.8

 

 

381.1

 

 

280.7

 

India

 

206.4

 

 

170.3

 

 

188.5

 

 

23.8

 

 

28.5

 

 

248.9

 

 

241.4

 

France

 

209.9

 

 

198.6

 

 

173.8

 

 

8.2

 

 

8.6

 

 

151.8

 

 

165.0

 

Greece

 

237.0

 

 

205.8

 

 

161.0

 

 

25.8

 

 

19.6

 

 

563.4

 

 

653.9

 

Malaysia

 

83.9

 

 

51.9

 

 

47.6

 

 

9.5

 

 

4.3

 

 

279.9

 

 

98.5

 

Australia

 

59.0

 

 

53.5

 

 

42.4

 

 

1.0

 

 

1.9

 

 

93.0

 

 

85.6

 

New Zealand

 

48.7

 

 

51.6

 

 

61.6

 

 

4.2

 

 

4.0

 

 

166.4

 

 

190.7

 

Netherlands
73.6

62.8

54.6

4.1

5.0

167.7

170.9
Canada
68.9

70.1

66.4

0.7

0.7

97.6

123.7
Brazil
50.6

55.2

51.4

0.2

0.3

26.9

38.2

Other

 

523.0

 

 

481.6

 

 

421.0

 

 

69.0

 

 

74.0

 

 

852.0

 

 

840.4

 

Total foreign

 

3,012.4

 

 

2,789.5

 

 

2,528.0

 

 

260.4

 

 

269.1

 

 

4,774.4

 

 

4,695.9

 

Total

 

$

3,989.8

 

 

$

3,688.0

 

 

$

3,358.8

 

 

$

329.7

 

 

$

332.1

 

 

$

5,834.5

 

 

$

5,894.4