Euronet Worldwide, Inc 10-Q for FY2022 Q2

Euronet Worldwide, Inc. (EEFT)

10-Q 2022-08-03 For: 2022-06-30

Added on April 05, 2026

About this 10-Q

Euronet Worldwide, Inc filed this 10-Q on August 3, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

Quarter ended June 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $843.31M; up 18.0% from $714.69M a year earlier
Net income: $57.22M; up 562.6% from net income of $8.64M a year earlier
Diluted EPS: $1,080.00; up 575.0% from $160.00 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 June 30, 2022 and December 31, 2021	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021	2
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021	3
	Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2022 and 2021	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	6
	Notes to the Unaudited Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
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 6.	Exhibits	44
	Signatures	45

	As of
	June 30, 2022			December 31, 2021
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,014,859		$	1,260,466
ATM cash	890,834			543,422
Restricted cash	6,616			3,693
Settlement assets	1,057,423			1,102,389
Trade accounts receivable, net of credit losses of $4,392 and $4,469	195,355			203,010
Prepaid expenses and other current assets	344,219			195,443
Total current assets	3,509,306			3,308,423
Operating right of use lease assets	150,995			161,494
Property and equipment, net of accumulated depreciation of $527,234 and $532,631	332,856			345,381
Goodwill	807,848			641,605
Acquired intangible assets, net of accumulated amortization of $185,145 and $185,054	197,281			97,793
Other assets, net of accumulated amortization of $64,197 and $62,349	197,232			189,580
Total assets	$	5,195,518		$	4,744,276
LIABILITIES AND EQUITY
Current liabilities:
Settlement obligations	$	1,057,423		$	1,102,389
Trade accounts payable	184,155			193,529
Accrued expenses and other current liabilities	478,820			367,692
Current portion of operating lease liabilities	48,899			52,136
Short-term debt obligations and current maturities of long-term debt obligations	450,319			821
Income taxes payable	46,668			59,037
Deferred revenue	63,260			77,037
Total current liabilities	2,329,544			1,852,641
Debt obligations, net of current portion	1,638,663			1,420,085
Operating lease obligations, net of current portion	103,625			111,355
Deferred income taxes	33,811			46,505
Other long-term liabilities	70,733			58,166
Total liabilities	4,176,376			3,488,752
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 63,850,934 and 63,779,009	1,277			1,275
Additional paid-in-capital	1,223,294			1,274,118
Treasury stock, at cost, shares issued 14,271,179 and 12,631,125	(1,106,094		)	(931,212		)
Retained earnings	1,182,787			1,083,882
Accumulated other comprehensive loss	(281,858		)	(172,582		)
Total Euronet Worldwide, Inc. stockholders’ equity	1,019,406			1,255,481
Noncontrolling interests	(264		)	43
Total equity	1,019,142			1,255,524
Total liabilities and equity	$	5,195,518		$	4,744,276


		Three Months Ended June 30,					Six Months Ended June 30,
		2022			2021		2022			2021
Revenues	$	843,309		$	714,686		$	1,561,776		$	1,367,356
Operating expenses:
Direct operating costs, exclusive of depreciation		500,662			470,816		958,815			905,332
Salaries and benefits		131,308			121,071		258,073			236,739
Selling, general and administrative		74,249			59,119		138,105			117,895
Depreciation and amortization		36,013			33,559		69,003			66,820
Total operating expenses		742,232			684,565		1,423,996			1,326,786
Operating income		101,077			30,121		137,780			40,570
Other income (expense):
Interest income		245			204		390			386
Interest expense		(8,862	)		(9,457	)	(14,996		)	(18,646		)
Foreign currency exchange gain (loss), net		(14,698	)		116		(20,160		)	(3,916		)
Other gains, net		—			—		192			31
Other expense, net		(23,315	)		(9,137	)	(34,574		)	(22,145		)
Income before income taxes		77,762			20,984		103,206			18,425
Income tax expense		(20,728	)		(12,352	)	(37,882		)	(18,414		)
Net income		57,034			8,632		65,324			11
Net income (loss) attributable to noncontrolling interests		184			3		191			(41		)
Net income (loss) attributable to Euronet Worldwide, Inc.	$	57,218		$	8,635		$	65,515		$	(30	)

Earnings per share attributable to Euronet Worldwide, Inc. stockholders:
Basic	$	1.13		$	0.16		$	1.29		$	0.00
Diluted	$	1.08		$	0.16		$	1.25		$	0.00

Weighted average shares outstanding:
Basic		50,394,610			52,805,367		50,726,281			52,784,106
Diluted		53,766,914			54,008,839		54,133,724			52,784,106

	Number of Shares Outstanding		Common Stock	Additional Paid-in Capital		Treasury Stock
Balance as of December 31, 2020	52,734,049	$	1,267	$	1,228,446	$	(703,032	)
Net (loss) income
Other comprehensive loss
Stock issued under employee stock plans	62,436		1		3,335		(482	)
Share-based compensation					8,492
Balance as of March 31, 2021	52,796,485		1,268		1,240,273		(703,514	)
Net (loss) income
Other comprehensive loss
Stock issued under employee stock plans	25,769		1		1,199		267
Share-based compensation					10,984
Balance as of June 30, 2021	52,822,254		1,269		1,252,456		(703,247	)

	Retained Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total
Balance as of December 31, 2020	$	1,013,155		$	(94,214	)	$	281		$	1,445,903
Net (loss) income		(8,665	)					44			(8,621	)
Other comprehensive loss					(42,845	)		(56	)		(42,901	)
Stock issued under employee stock plans											2,854
Share-based compensation											8,492
Balance as of March 31, 2021		1,004,490			(137,059	)		269			1,405,727
Net (loss) income		8,635						(3	)		8,632
Other comprehensive loss					12,675			11			12,686
Stock issued under employee stock plans											1,467
Share-based compensation											10,984
Balance as of June 30, 2021		1,013,125			(124,384	)		277			1,439,496


	Six Months Ended June 30,
	2022			2021
Net income	$	65,324		$	11
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,003			66,820
Share-based compensation	19,945			19,476
Unrealized foreign exchange loss, net	20,160			3,916
Deferred income taxes	3,407			1,271
Accretion of convertible debt discount and amortization of debt issuance costs	2,351			10,012
Changes in working capital, net of amounts acquired:
Income taxes payable, net	(9,390		)	(785		)
Trade accounts receivable, including amounts in settlement assets	58,157			136,121
Prepaid expenses and other current assets, including amounts in settlement assets	(153,256		)	136,331
Trade accounts payable, including amounts in settlement obligations	(119,462		)	(213,158		)
Deferred revenue	(9,925		)	(30		)
Accrued expenses and other current liabilities, including amounts in settlement obligations	255,516			17,340
Changes in noncurrent assets and liabilities	(21,171		)	(4,018		)
Net cash provided by operating activities	180,659			173,307
Cash flows from investing activities:
Acquisitions, net of cash acquired	(330,023		)	-
Purchases of property and equipment	(53,052		)	(45,076		)
Purchases of other long-term assets	(3,856		)	(4,273		)
Other, net	(35		)	1,017
Net cash used in investing activities	(386,966		)	(48,332		)
Cash flows from financing activities:
Proceeds from issuance of shares	3,732			5,271
Repurchase of shares	(175,287		)	(943		)
Borrowings from revolving credit agreements	4,049,100			1,606,100
Repayments of revolving credit agreements	(3,385,400		)	(1,855,700		)
Net borrowings (repayments) from short-term debt obligations	1,345			(45		)
Other, net	(2,248		)	(3,236		)
Net cash provided by (used in) financing activities	491,242			(248,553		)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(195,239		)	(43,278		)
Increase (decrease) in cash and cash equivalents and restricted cash	89,696			(166,856		)
Cash and cash equivalents and restricted cash at beginning of period	2,086,102			2,099,508

Cash and cash equivalents and restricted cash at end of period	$	2,175,798		$	1,932,652

Supplemental disclosure of cash flow information:
Interest paid during the period	$	15,858		$	13,688
Income taxes paid during the period	$	47,119		$	18,886


(in thousands)		As of March 15, 2022
Other current assets	$	1,707
Settlement assets		78,718
Property and equipment		6,095
Acquired intangible assets		122,455
Total assets acquired	$	208,975

Trade accounts payable	$	1,499
Settlement liabilities		66,925
Accrued expenses and other current liabilities		5,929
Deferred revenue		500
Other long-term liabilities		99
Total liabilities assumed	$	74,952

Goodwill		212,183

Net assets acquired	$	346,206

	As of
(in thousands)	June 30, 2022		December 31, 2021
Settlement assets:
Settlement cash and cash equivalents	$	213,649	$	203,624
Settlement restricted cash	49,840		74,897
Accounts receivable, net of credit losses of $30,009 and $27,341	593,738		619,738
Prepaid expenses and other current assets	200,196		204,130
Total settlement assets	$	1,057,423	$	1,102,389
Settlement obligations:
Trade account payables	$	383,652	$	461,135
Accrued expenses and other current liabilities	673,771		641,254
Total settlement obligations	$	1,057,423	$	1,102,389

		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Computation of diluted earnings:
Net income (loss)	$	57,218	$	8,635	$	65,515	$	(30	)
Add: Interest expense from assumed conversion of convertible notes, net of tax		1,098		—		2,113		—
Net income (loss) for diluted earnings per share calculation	$	58,316	$	8,635	$	67,628	$	(30	)

Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding		50,394,610		52,805,367		50,726,281		52,784,106
Incremental shares from assumed exercise of stock options and vesting of restricted stock		590,486		1,203,472		625,625		—
Incremental shares from assumed conversion of convertible debt		2,781,818		—		2,781,818		—
Diluted weighted average shares outstanding		53,766,914		54,008,839		54,133,724		52,784,106


(in thousands)	Acquired Intangible Assets			Goodwill			Total Intangible Assets
Balance as of December 31, 2021	$	97,793		$	641,605		$	739,398
Increases (decreases):
Acquisition	122,455			212,183			334,638
Amortization	(13,325		)	—			(13,325		)
Foreign currency exchange rate changes	(9,642		)	(45,940		)	(55,582		)
Balance as of June 30, 2022	$	197,281		$	807,848		$	1,005,129

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in thousands)	Balance Sheet Location	June 30, 2022		December 31, 2021		Balance Sheet Location	June 30, 2022			December 31, 2021
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Other current assets	$	65,802	$	27,582	Other current liabilities	$	(51,074	)	$	(23,285	)

							Gross Amounts Not Offset in the Consolidated Balance Sheet
As of June 30, 2022	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments			Cash Collateral Received			Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	65,802	$	—	$	65,802	$	(35,062	)	$	(5,914	)	$	24,826

As of December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	27,582	$	—	$	27,582	$	(14,875	)	$	(2,284	)	$	10,423

									Gross Amounts Not Offset in the Consolidated Balance Sheet
As of June 30, 2022	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet			Financial Instruments		Cash Collateral Paid		Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	(51,074	)	$	—	$	(51,074	)	$	35,062	$	1,850	$	(14,162	)

As of December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	(23,285	)	$	—	$	(23,285	)	$	14,875	$	640	$	(7,770	)

		Amount of Loss Recognized in Income on Derivative Contracts (a)
	Location of Loss Recognized in Income on Derivative Contracts	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2022		2021			2022		2021
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange loss, net	$	8,064	$	3,915	$	12,369	$	1,447

		As of June 30, 2022
(in thousands)	Balance Sheet Classification	Level 1		Level 2		Level 3		Total
Assets
Foreign currency exchange contracts	Other current assets	$	—	$	65,802	$	—	$	65,802
Liabilities
Foreign currency exchange contracts	Other current liabilities	$	—	$	(51,074)	$	—	$	(51,074)

	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


	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

	As of June 30, 2022
Maturity of Lease Liabilities (in thousands)	Operating Leases (1)
Remainder of 2022	$	23,650
2023	40,041
2024	30,569
2025	21,923
2026	15,380
Thereafter	25,379
Total lease payments	$	156,942
Less: imputed interest	(4,418		)
Present value of lease liabilities	$	152,524

Lease Expense (in thousands)	Income Statement Classification	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021			Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Operating lease expense	Selling, general and administrative and Direct operating costs	$	13,027	$	14,146	$	26,544	$	28,004
Short-term and variable lease expense	Selling, general and administrative and Direct operating costs		30,212		26,921		59,935		49,471
Total lease expense		$	43,239	$	41,067	$	86,479	$	77,475


Lease Term and Discount Rate of Operating Leases	As of June 30, 2022
Weighted- average remaining lease term (years)	4.9
Weighted- average discount rate	2.3	%


Other Information (in thousands)	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities (a)	$	26,116	$	26,321
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets:
ROU assets obtained in exchange for new operating lease liabilities	$	21,492	$	49,270

	Revenues for the Three Months Ended June 30,						Year-over-Year Change					Revenues for the Six Months Ended June 30,						Year-over-Year Change
(dollar amounts in thousands)	2022			2021			Increase(Decrease) Amount			Increase (Decrease) Percent		2022			2021			Increase(Decrease) Amount			Increase (Decrease) Percent
EFT Processing	$	249,030		$	113,482		$	135,548		119	%	$	394,601		$	200,558		$	194,043		97	%
epay	227,706			243,918			(16,212		)	(7)	%	463,544			486,221			(22,677		)	(5)	%
Money Transfer	368,459			359,308			9,151			3	%	707,425			684,208			23,217			3	%
Total	845,195			716,708			128,487			18	%	1,565,570			1,370,987			194,583			14	%
Corporate services, eliminations and other	(1,886		)	(2,022		)	136			(7)	%	(3,794		)	(3,631		)	(163		)	4	%
Total	$	843,309		$	714,686		$	128,623		18	%	$	1,561,776		$	1,367,356		$	194,420		14	%

	Operating Income (Loss) for the Three Months Ended June 30,						Year-over-Year Change					Operating Income (Loss) for the Six Months Ended June 30,							Year-over-Year Change
(dollar amounts in thousands)	2022			2021			Increase(Decrease) Amount			Increase (Decrease) Percent		2022			2021			Increase(Decrease) Amount			Increase (Decrease) Percent
EFT Processing	$	54,830		$	(25,336	)	$	80,166		316	%	$	48,363		$	(65,432	)	$	113,795		174	%
epay	24,386			27,235			(2,849		)	(10)	%	50,591			56,392			(5,801		)	(10)	%
Money Transfer	40,512			44,082			(3,570		)	(8)	%	73,977			79,485			(5,508		)	(7)	%
Total	119,728			45,981			73,747			160	%	172,931			70,445			102,486			145	%
Corporate services, eliminations and other	(18,651		)	(15,860		)	(2,791		)	18	%	(35,151		)	(29,875		)	(5,276		)	18	%
Total	$	101,077		$	30,121		$	70,956		236	%	$	137,780		$	40,570		$	97,210		240	%

	Average Translation Rate Three Months Ended June 30,						Average Translation Rate Six Months Ended June 30,
Currency (dollars per foreign currency)	2022		2021		Decrease Percent		2022		2021		Decrease Percent
Australian dollar	$	0.7151	$	0.7695	(7)	%	$	0.7194	$	0.7710	(7)	%
British pounds sterling	$	1.2574	$	1.3971	(10)	%	$	1.2994	$	1.3880	(6)	%
Canadian dollar	$	0.7837	$	0.8141	(4)	%	$	0.7866	$	0.8020	(2)	%
euro	$	1.0656	$	1.2045	(12)	%	$	1.0939	$	1.2049	(9)	%
Hungarian forint	$	0.0028	$	0.0034	(18)	%	$	0.0029	$	0.0034	(15)	%
Indian rupee	$	0.0130	$	0.0136	(4)	%	$	0.0131	$	0.0136	(4)	%
Malaysian ringgit	$	0.2302	$	0.2424	(5)	%	$	0.2344	$	0.2443	(4)	%
New Zealand dollar	$	0.6510	$	0.7146	(9)	%	$	0.6636	$	0.7167	(7)	%
Polish zloty	$	0.2296	$	0.2662	(14)	%	$	0.2364	$	0.2659	(11)	%

	Three Months Ended June 30,				Year-over-Year Change						Six Months Ended June 30,				Year-over-Year Change
(dollar amounts in thousands)	2022		2021		Increase (Decrease) Amount				Increase (Decrease) Percent		2022		2021		Increase (Decrease) Amount				Increase (Decrease) Percent
Total revenues	$	368,459	$	359,308	$	9,151		$	3	%	$	707,425	$	684,208	$	23,217		$	3	%
Operating expenses:
Direct operating costs	205,063		205,164		(101		)		(0)	%	393,460		389,042		4,418				1	%
Salaries and benefits	67,977		62,710		5,267				8	%	135,202		123,250		11,952				10	%
Selling, general and administrative	46,361		38,326		8,035				21	%	87,398		74,442		12,956				17	%
Depreciation and amortization	8,546		9,026		(480		)		(5)	%	17,388		17,989		(601		)		(3)	%
Total operating expenses	327,947		315,226		12,721				4	%	633,448		604,723		28,725				5	%
Operating income	$	40,512	$	44,082	$	(3,570	)	$	(8)	%	$	73,977	$	79,485	$	(5,508	)	$	(7)	%
Transactions processed (millions)	37.3		34.2		3.1				9	%	70.7		65.3		5.4				8	%

	Three-Month Ended June 30,				Year-over-Year Change					Six Months Ended June 30,					Year-over-Year Change
(dollar amounts in thousands)	2022		2021		Increase (Decrease) Amount			Increase (Decrease) Percent			2022		2021		Increase (Decrease) Amount			Increase (Decrease) Percent
Salaries and benefits	$	15,866	$	14,488	$	1,378		10	%		$	29,985	$	26,676	$	3,309		12	%
Selling, general and administrative		2,607		1,226		1,381		113	%			4,872		2,906		1,966		68	%
Depreciation and amortization		106		146		(40	)	(27)	%			215		293		(78	)	(27)	%
Total operating expenses	$	18,579	$	15,860	$	2,719		17	%		$	35,072	$	29,875	$	5,197		17	%

	Three Month Ended June 30,						Year-over-Year Change					Six Month Ended June 30,						Year-over-Year Change
(dollar amounts in thousands)	2022			2021			Increase (Decrease) Amount			Increase (Decrease) Percent		2022			2021			Increase (Decrease) Amount			Increase (Decrease) Percent
Interest income	$	245		$	204		$	41		20	%	$	390		$	386		$	4		1	%
Interest expense	(8,862		)	(9,457		)	595			6	%		(14,996	)		(18,646	)		3,650		20	%
Foreign currency exchange gain (loss), net	(14,698		)	116			(14,814		)	(12,771)	%		(20,160	)		(3,916	)		(16,244	)	415	%
Other gains (losses)	—			—			—			(100)	%		192			31			161		519	%
Other expense, net	$	(23,315	)	$	(9,137	)	$	(14,178	)	155	%	$	(34,574	)	$	(22,145	)	$	(12,429)		56	%


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


	Six Months Ended June 30,
Liquidity	2022			2021
Cash and cash equivalents and restricted cash provided by (used in):
Operating activities	$	180,659		$	173,307
Investing activities	(386,966		)	(48,332		)
Financing activities	491,242			(248,553		)
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash	(195,239		)	(43,278		)
Increase (decrease) in cash and cash equivalents and restricted cash	$	89,696		$	(166,856	)