Euronet Worldwide, Inc 10-Q for FY2023 Q3

Euronet Worldwide, Inc. (EEFT)

10-Q 2023-11-03 For: 2023-09-30

Added on April 05, 2026

About this 10-Q

Euronet Worldwide, Inc filed this 10-Q on November 3, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1B; up 7.8% from $931.3M a year earlier
Net income: $104.2M; up 6.5% from net income of $97.8M a year earlier
Diluted EPS: $2.05; up 9.6% from $1.87 a year earlier

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Delaware		74-2806888
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
11400 Tomahawk Creek Parkway, Suite 300
Leawood,	Kansas	66211
(Address of principal executive offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	EEFT	Nasdaq Global Select Market
1.375% Senior Notes due 2026	EEFT26	Nasdaq Global Market

Large accelerated filer	þ	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

		Page

PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022	2
	Consolidated Statements of Comprehensive Income (loss) for the Three and Nine Months Ended September 30, 2023 and 2022	3
	Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2023 and 2022	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022	6
	Notes to the Unaudited Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 5	Other Information	43
Item 6.	Exhibits	44
	Signatures	45

	As of
	September 30, 2023			December 31, 2022
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,074.4		$	1,131.2
ATM cash	603.5			515.6
Restricted cash	14.1			7.4
Settlement assets	1,242.3			1,442.7
Trade accounts receivable, net of credit losses of $3.7 and $4.0	300.6			270.8
Prepaid expenses and other current assets	301.5			359.0
Total current assets	3,536.4			3,726.7
Operating right of use lease assets	140.0			149.7
Property and equipment, net of accumulated depreciation of $620.1 and $576.4	327.9			336.6
Goodwill	817.8			828.3
Acquired intangible assets, net of accumulated amortization of $202.4 and $199.2	167.4			188.3
Other assets, net of accumulated amortization of $73.5 and $68.0	173.4			174.0
Total assets	$	5,162.9		$	5,403.6
LIABILITIES AND EQUITY
Current liabilities:
Settlement obligations	$	1,242.3		$	1,442.7
Trade accounts payable	207.0			222.4
Accrued expenses and other current liabilities	469.1			505.8
Current portion of operating lease liabilities	49.1			50.2
Short-term debt obligations and current maturities of long-term debt obligations	450.1			0.1
Income taxes payable	96.5			67.5
Deferred revenue	54.7			65.4
Total current liabilities	2,568.8			2,354.1
Debt obligations, net of current portion	1,263.0			1,609.1
Operating lease obligations, net of current portion	95.1			102.6
Deferred income taxes	28.5			28.4
Other long-term liabilities	65.3			65.0
Total liabilities	4,020.7			4,159.2
Equity:
Euronet Worldwide, Inc. stockholders’ equity:
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued	—			—
Common Stock, $0.02 par value. 90,000,000 shares authorized; shares issued 64,205,802 and 64,091,387	1.3			1.3
Additional paid-in-capital	1,293.6			1,251.8
Treasury stock, at cost, shares issued 18,044,759 and 14,269,645	(1,429.7		)	(1,105.8		)
Retained earnings	1,558.7			1,348.3
Accumulated other comprehensive loss	(281.1		)	(251.0		)
Total Euronet Worldwide, Inc. stockholders’ equity	1,142.8			1,244.6
Noncontrolling interests	(0.6		)	(0.2		)
Total equity	1,142.2			1,244.4
Total liabilities and equity	$	5,162.9		$	5,403.6


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


		Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
Revenues	$	1,004.0		$	931.3		$	2,730.3		$	2,493.1
Operating expenses:
Direct operating costs, exclusive of depreciation		576.7			526.0			1,626.4			1,484.9
Salaries and benefits		153.6			134.4			444.9			392.5
Selling, general and administrative		73.9			69.6			224.4			207.6
Depreciation and amortization		32.8			32.8			99.4			101.8
Total operating expenses		837.0			762.8			2,395.1			2,186.8
Operating income		167.0			168.5			335.2			306.3
Other income (expense):
Interest income		4.0			0.6			10.1			0.9
Interest expense		(15.0	)		(11.7	)		(39.1	)		(26.6	)
Foreign currency exchange loss, net		(8.8	)		(15.8	)		(3.6	)		(36.0	)
Other (losses) gains, net		—			—			(0.1	)		0.2
Other expense, net		(19.8	)		(26.9	)		(32.7	)		(61.5	)
Income before income taxes		147.2			141.6			302.5			244.8
Income tax expense		(43.0	)		(44.0	)		(92.5	)		(81.9	)
Net income		104.2			97.6			210.0			162.9
Net loss attributable to noncontrolling interests		—			0.2			0.4			0.4
Net income attributable to Euronet Worldwide, Inc.	$	104.2		$	97.8		$	210.4		$	163.3

Earnings per share attributable to Euronet Worldwide, Inc. stockholders:
Basic	$	2.15		$	1.97		$	4.27		$	3.24
Diluted	$	2.05		$	1.87		$	4.07		$	3.10

Weighted average shares outstanding:
Basic		48,406,473			49,583,317			49,285,143			50,345,293
Diluted		51,470,603			52,751,304			52,446,292			53,688,800

	Number of Shares Outstanding			Common Stock	Additional Paid-in Capital			Treasury Stock
Balance as of December 31, 2021	51,147,884		$	1.3	$	1,274.1		$	(931.2	)
Net income (loss)	—			—		—			—
Other comprehensive loss	—			—		—			—
Stock issued under employee stock plans	40,173			0.0		2.0			0.2
Share-based compensation	—			—		9.8			—
Repurchase of shares	(639,535	)		—		—			(70.4	)
Adoption of ASU 2020-06	—			—		(74.1	)		—
Balance as of March 31, 2022	50,548,522			1.3		1,211.8			(1,001.4	)
Net income (loss)	—			—		—			—
Other comprehensive loss	—			—		—			—
Stock issued under employee stock plans	31,233			0.0		1.3			(0.1	)
Share-based compensation	—			—		10.2			—
Repurchase of shares	(1,000,000	)		—		—			(104.6	)
Balance as of June 30, 2022	49,579,755			1.3		1,223.3			(1,106.1	)
Net income (loss)	—			—		—			—
Other comprehensive income	—			—		—			—
Stock issued under employee stock plans	13,398			—		0.5			0.2
Share-based compensation	—			—		10.3			—
Balance as of September 30, 2022	49,593,153		$	1.3	$	1,234.1		$	(1,105.9	)

	Retained Earnings		Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total
Balance as of December 31, 2021	$	1,083.9	$	(172.6	)	$	—		$	1,255.5
Net income (loss)		8.3		—			—			8.3
Other comprehensive loss		—		(21.1	)		—			(21.1	)
Stock issued under employee stock plans		—		—			—			2.2
Share-based compensation		—		—			—			9.8
Repurchase of shares		—		—			—			(70.4	)
Adoption of ASU 2020-06		33.4		—			—			(40.7	)
Balance as of March 31, 2022		1,125.6		(193.7	)		—			1,143.6
Net income (loss)		57.3		—			(0.2	)		57.1
Other comprehensive loss		—		(88.2	)		(0.1	)		(88.3	)
Stock issued under employee stock plans		—		—			—			1.2
Share-based compensation		—		—			—			10.2
Repurchase of shares		—		—			—			(104.6	)
Balance as of June 30, 2022		1,182.9		(281.9	)		(0.3	)		1,019.2
Net income (loss)		97.8		—			(0.2	)		97.6
Other comprehensive loss		—		(100.4	)		(0.1	)		(100.5	)
Stock issued under employee stock plans		—		—			—			0.7
Share-based compensation		—		—			—			10.3
Repurchase of shares		—		—			—			—
Balance as of September 30, 2022	$	1,280.7	$	(382.3	)	$	(0.6	)	$	1,027.3


	Nine Months Ended September 30,
	2023			2022
Net income	$	210.0		$	162.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99.4			101.8
Share-based compensation	39.5			30.3
Unrealized foreign exchange loss, net	3.6			36.0
Deferred income taxes	(5.9		)	12.2
Amortization of debt issuance costs	3.0			2.4
Changes in working capital, net of amounts acquired:
Income taxes payable, net	29.7			9.2
Trade accounts receivable, including amounts in settlement assets	157.1			6.1
Prepaid expenses and other current assets, including amounts in settlement assets	73.8			(205.4		)
Trade accounts payable, including amounts in settlement obligations	(200.0		)	(107.1		)
Deferred revenue	(10.7		)	(11.0		)
Accrued expenses and other current liabilities, including amounts in settlement obligations	110.3			400.9
Changes in noncurrent assets and liabilities	(2.4		)	10.4
Net cash provided by operating activities	507.4			448.7
Cash flows from investing activities:
Acquisitions, net of cash acquired	0.2			(331.4		)
Purchases and proceeds of property and equipment	(69.1		)	(79.4		)
Purchases of other long-term assets	(6.3		)	(5.8		)
Other, net	0.6			0.5
Net cash used in investing activities	(74.6		)	(416.1		)
Cash flows from financing activities:
Proceeds from issuance of shares	3.1			4.4
Repurchase of shares	(325.4		)	(175.3		)
Borrowings from credit agreements	6,294.1			5,924.1
Repayments of credit agreements	(6,177.9		)	(5,581.2		)
Net borrowings (repayments) from short-term debt obligations	—			4.6
Other, net	(2.2		)	(3.1		)
Net cash provided by financing activities	(208.3		)	173.5
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(172.0		)	(413.7		)
Increase/(decrease) in cash and cash equivalents and restricted cash	52.5			(207.6		)
Cash and cash equivalents and restricted cash at beginning of period	1,990.8			2,086.1

Cash and cash equivalents and restricted cash at end of period	$	2,043.3		$	1,878.5

Supplemental disclosure of cash flow information:
Interest paid during the period	$	39.2		$	21.7
Income taxes paid during the period	$	62.0		$	65.7

(in millions)	As of March 15, 2022
Other current assets	$	1.8
Settlement assets		77.6
Property and equipment		5.7
Intangible assets		122.5
Total assets acquired	$	207.6

Trade accounts payable	$	(2.1	)
Settlement liabilities		(65.9	)
Accrued expenses and other current liabilities		(1.3	)
Deferred revenue		(0.3	)
Other long-term liabilities		(0.1	)
Total liabilities assumed	$	69.7

Goodwill		212.7

Net assets acquired	$	350.6

	As of
(in millions)	September 30, 2023		December 31, 2022
Settlement assets:
Settlement cash and cash equivalents	$	274.9	$	242.6
Settlement restricted cash	76.4		94.0
Accounts receivable, net of credit losses of $39.4 and $33.0	690.9		887.6
Prepaid expenses and other current assets	200.1		218.5
Total settlement assets	$	1,242.3	$	1,442.7
Settlement obligations:
Trade account payables	$	465.0	$	655.1
Accrued expenses and other current liabilities	777.3		787.6
Total settlement obligations	$	1,242.3	$	1,442.7

(in millions)		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Computation of diluted earnings:
Net income	$	104.2	$	97.8	$	210.4	$	163.3
Add: Interest expense from assumed conversion of convertible notes, net of tax		1.1		1.1		3.1		3.3
Net income for diluted earnings per share calculation	$	105.3	$	98.9	$	213.5	$	166.6

Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding		48,406,473		49,583,317		49,285,143		50,345,293
Incremental shares from assumed exercise of stock options and vesting of restricted stock units		282,312		386,169		379,331		561,689
Incremental shares from assumed conversion of convertible debt		2,781,818		2,781,818		2,781,818		2,781,818
Diluted weighted average shares outstanding		51,470,603		52,751,304		52,446,292		53,688,800


(in millions)	Acquired Intangible Assets			Goodwill			Total Intangible Assets
Balance as of December 31, 2022	$	188.3		$	828.3		$	1,016.6
Increases (decreases):
Acquisition	—			—			—
Amortization	(18.9		)	—			(18.9		)
Foreign currency exchange rate changes	(2.0		)	(10.5		)	(12.5		)
Balance as of September 30, 2023	$	167.4		$	817.8		$	985.2

	As of
(in millions)	September 30, 2023			December 31, 2022
Credit Facility:
Revolving credit agreement	$	113.5		$	454.8
Notes:
0.75% Convertible Notes, unsecured, due 2049	525.0			525.0

1.375% Senior Notes, due 2026	634.2			642.1

Uncommitted credit agreements	450.0			—

Other obligations	0.2			0.2

Total debt obligations	1,722.9			1,622.1
Unamortized debt issuance costs	(9.8		)	(12.9		)
Carrying value of debt	1,713.1			1,609.2
Short-term debt obligations and current maturities of long-term debt obligations	(450.1		)	(0.1		)
Long-term debt obligations	$	1,263.0		$	1,609.1

As of September 30, 2023	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Derivatives Not Offset in the Consolidated Balance Sheet			Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	43.6	$	—	$	43.6	$	(29.7	)	$	13.9

As of December 31, 2022
Derivatives subject to a master netting arrangement or similar agreement	$	50.3	$	—	$	50.3	$	(32.0	)	$	18.3

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in millions)	Balance Sheet Location	September 30, 2023		December 31, 2022		Balance Sheet Location	September 30, 2023			December 31, 2022
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Other current assets	$	43.6	$	50.3	Other current liabilities	$	(39.2	)	$	(42.3	)

As of September 30, 2023	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet			Derivatives Not Offset in the Consolidated Balance Sheet		Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	(39.2	)	$	—	$	(39.2	)	$	28.7	$	(10.5	)

As of December 31, 2022
Derivatives subject to a master netting arrangement or similar agreement	$	(42.3	)	$	—	$	(42.3	)	$	32.1	$	(10.2	)

		Amount of (Loss) Recognized in Income on Derivative Contracts (a)
	Location of Gain (Loss) Recognized in Income on Derivative Contracts	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)		2023			2022			2023			2022
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange (loss), net	$	(3.2	)	$	(7.4	)	$	(6.9	)	$	(0.7	)

		As of September 30, 2023
(in millions)	Balance Sheet Classification	Level 1		Level 2			Level 3		Total
Assets
Foreign currency exchange contracts	Other current assets	$	—	$	43.6		$	—	$	43.6
Liabilities
Foreign currency exchange contracts	Other current liabilities	$	—	$	(39.2	)	$	—	$	(39.2	)

	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, 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


	Total Assets as of
(in millions)	September 30, 2023		December 31, 2022
EFT Processing	$	2,296.9	$	2,150.7
epay	825.5		1,173.3
Money Transfer	1,714.4		1,795.8
Corporate Services, Eliminations and Other	326.1		283.8
Total	$	5,162.9	$	5,403.6

	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

	As of September 30, 2023
Maturity of Lease Liabilities (in millions)	Operating Leases (1)
Remainder of 2023	$	12.3
2024	42.5
2025	32.1
2026	23.5
2027	16.4
Thereafter	20.6
Total lease payments	$	147.4
Less: imputed interest	(7.7		)
Present value of lease liabilities	$	139.7

Lease Expense (in millions)	Income Statement Classification	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Operating lease expense	Selling, general and administrative and Direct operating costs	$	12.6	$	12.2	$	37.6	$	38.8
Short-term and variable lease expense	Selling, general and administrative and Direct operating costs		47.0		40.3		124.7		107.3
Total lease expense		$	59.6	$	52.5	$	162.3	$	146.1


Lease Term and Discount Rate of Operating Leases	As of September 30, 2023
Weighted- average remaining lease term (years)	4.4
Weighted- average discount rate	2.5	%


Other Information (in millions)	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities (a)	$	37.5	$	37.9
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets:
ROU assets obtained in exchange for new operating lease liabilities	$	83.4	$	26.5

	Revenues for the Three Months Ended September 30,						Year-over-Year Change					Revenues for the Nine Months Ended September 30,						Year-over-Year Change
(dollar amounts in millions)	2023			2022			Increase Amount			Increase Percent		2023			2022			Increase Amount			Increase (Decrease) Percent
EFT Processing	$	345.8		$	319.5		$	26.3		8	%	$	820.4		$	714.1		$	106.3		15	%
epay	264.5			248.9			15.6			6	%	765.7			712.4			53.3			7	%
Money Transfer	395.9			364.9			31.0			8	%	1,150.1			1,072.4			77.7			7	%
Total	1,006.2			933.3			72.9			8	%	2,736.2			2,498.9			237.3			9	%
Corporate services, eliminations and other	(2.2		)	(2.0		)	(0.2		)	10	%	(5.9		)	(5.8		)	(0.1		)	2	%
Total	$	1,004.0		$	931.3		$	72.7		8	%	$	2,730.3		$	2,493.1		$	237.2		10	%

	Operating Income (Loss) for the Three Months Ended September 30,						Year-over-Year Change					Operating Income (Loss) for the Nine Months Ended September 30,						Year-over-Year Change
(dollar amounts in millions)	2023			2022			Increase (Decrease) Amount			Increase (Decrease) Percent		2023			2022			Increase (Decrease) Amount			Increase Percent
EFT Processing	$	104.8		$	116.4		$	(11.6	)	(10)	%	$	180.8		$	164.9		$	15.9		10	%
epay	28.3			29.1			(0.8		)	(3)	%	82.6			79.6			3.0			4	%
Money Transfer	53.7			40.7			13.0			32	%	133.5			114.6			18.9			16	%
Total	186.8			186.2			0.6			0	%	396.9			359.1			37.8			11	%
Corporate services, eliminations and other	(19.8		)	(17.7		)	(2.1		)	12	%	(61.7		)	(52.8		)	(8.9		)	17	%
Total	$	167.0		$	168.5		$	(1.5	)	(1)	%	$	335.2		$	306.3		$	28.9		9	%

	Average Translation Rate Three Months Ended September 30,						Average Translation Rate Nine Months Ended September 30,
Currency (dollars per foreign currency)	2023		2022		Increase (Decrease) Percent		2023		2022		Increase (Decrease) Percent
Australian dollar	$	0.6543	$	0.6834	(4)	%	$	0.6687	$	0.7074	(5)	%
British pounds sterling	$	1.2655	$	1.1766	8	%	$	1.2440	$	1.2585	(1)	%
Canadian dollar	$	0.7454	$	0.7662	(3)	%	$	0.7433	$	0.7798	(5)	%
euro	$	1.0877	$	1.0072	8	%	$	1.0829	$	1.0650	2	%
Hungarian forint	$	0.0028	$	0.0025	14	%	$	0.0028	$	0.0028	2	%
Indian rupee	$	0.0121	$	0.0125	(3)	%	$	0.0121	$	0.0129	(6)	%
Malaysian ringgit	$	0.2162	$	0.2233	(3)	%	$	0.2219	$	0.2307	(4)	%
New Zealand dollar	$	0.6045	$	0.6134	(1)	%	$	0.6174	$	0.6469	(5)	%
Polish zloty	$	0.2421	$	0.2128	14	%	$	0.2366	$	0.2286	3	%

	Three Months Ended September 30,				Year-over-Year Change					Nine Months Ended September 30,				Year-over-Year Change
(dollar amounts in millions)	2023		2022		Increase (Decrease) Amount			Increase (Decrease) Percent		2023		2022		Increase (Decrease) Amount			Increase (Decrease) Percent
Total revenues	$	345.8	$	319.5	$	26.3		8	%	$	820.4	$	714.1	$	106.3		15	%
Operating expenses:
Direct operating costs	165.7		137.8		27.9			20	%	426.8		354.9		71.9			20	%
Salaries and benefits	35.2		30.0		5.2			17	%	93.5		82.9		10.6			13	%
Selling, general and administrative	16.2		12.2		4.0			33	%	48.9		40.3		8.6			21	%
Depreciation and amortization	23.9		23.1		0.8			3	%	70.4		71.1		(0.7		)	(1)	%
Total operating expenses	241.0		203.1		37.9			19	%	639.6		549.2		90.4			16	%
Operating income	$	104.8	$	116.4	$	(11.6	)	(10)	%	$	180.8	$	164.9	$	15.9		10	%
Transactions processed (millions)	2,231		1,733		498			29	%	6,103		4,634		1,469			32	%
Active ATMs as of September 30,	51,496		49,617		1,879			4	%	51,496		49,617		1,879			4	%
Average Active ATMs	51,865		50,411		1,454			3	%	49,479		47,581		1,898			4	%

	Three Months Ended September 30,						Year-over-Year Change					Nine Months Ended September 30,						Year-over-Year Change
(dollar amounts in millions)	2023			2022			Increase (Decrease) Amount			Increase (Decrease) Percent		2023				2022			Increase (Decrease) Amount		Increase (Decrease) Percent
Interest income	$	4.0		$	0.6		$	3.4		567	%	$	10.1		$	0.9		$	9.2		1,022	%
Interest expense	(15.0		)	(11.7		)	(3.3		)	28	%	(39.1		)	(26.6		)		(12.5	)	47	%
Foreign currency exchange gain (loss), net	(8.8		)	(15.8		)	7.0			(44)	%	(3.6		)	(36.0		)		32.4		(90)	%
Other gains (losses)	—			—			—			N/A		(0.1		)	0.2				(0.3	)	(150)	%
Other expense, net	$	(19.8	)	$	(26.9	)	$	7.1		(26)	%	$	(32.7	)	$	(61.5	)	$	28.8		(47)	%

Subsidiary	Percent Owned	Segment - Country
Movilcarga	95%	epay - Spain
Euronet China	85%	EFT - China
Euronet Pakistan	70%	EFT - Pakistan
Euronet Infinitium Solutions	65%	EFT - India


	Nine Months Ended September 30,
Liquidity	2023			2022
Cash and cash equivalents and restricted cash provided by (used in):
Operating activities	$	507.4		$	448.7
Investing activities	(74.6		)	(416.1		)
Financing activities	(208.3		)	173.5
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash	(172.0		)	(413.7		)
Increase/(decrease) in cash and cash equivalents and restricted cash	$	52.5		$	(207.6	)


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Programs (in millions) (1)
July 1 - July 31, 2023	70,320	$	88.86	70,320	$	440.4
August 1 - August 31 , 2023	1,865,215	85.87		1,865,215		280.2
September 1 - September 30, 2023	1,571,514	82.53		1,571,514	$	500.5
Total	3,507,049	$	84.43	3,507,049