Euronet Worldwide, Inc 10-Q for FY2022 Q3

Euronet Worldwide, Inc. (EEFT)

10-Q 2022-11-04 For: 2022-09-30

Added on April 05, 2026

About this 10-Q

Euronet Worldwide, Inc filed this 10-Q on November 4, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

Headline figures

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

Revenue: $931.27M; up 14.0% from $816.56M a year earlier
Net income: $97.72M; up 32.3% from net income of $73.88M a year earlier
Diluted EPS: $1.87; up 36.5% from $1.37 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, 2022 and December 31, 2021	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021	2
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021	3
	Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2022 and 2021	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 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
	September 30, 2022			December 31, 2021
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	967,100		$	1,260,466
ATM cash	646,121			543,422
Restricted cash	8,396			3,693
Settlement assets	1,034,898			1,102,389
Trade accounts receivable, net of credit losses of $4,059 and $4,469	225,166			203,010
Prepaid expenses and other current assets	364,209			195,443
Total current assets	3,245,890			3,308,423
Operating right of use lease assets	137,993			161,494
Property and equipment, net of accumulated depreciation of $516,239 and $532,631	317,602			345,381
Goodwill	764,780			641,605
Acquired intangible assets, net of accumulated amortization of $180,280 and $185,054	180,257			97,793
Other assets, net of accumulated amortization of $64,542 and $62,349	181,305			189,580
Total assets	$	4,827,827		$	4,744,276
LIABILITIES AND EQUITY
Current liabilities:
Settlement obligations	$	1,034,898		$	1,102,389
Trade accounts payable	169,835			193,529
Accrued expenses and other current liabilities	494,745			367,692
Current portion of operating lease liabilities	45,562			52,136
Short-term debt obligations and current maturities of long-term debt obligations	303,549			821
Income taxes payable	62,783			59,037
Deferred revenue	59,071			77,037
Total current liabilities	2,170,443			1,852,641
Debt obligations, net of current portion	1,428,471			1,420,085
Operating lease obligations, net of current portion	95,057			111,355
Deferred income taxes	37,810			46,505
Other long-term liabilities	68,803			58,166
Total liabilities	3,800,584			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 63,863,162 and 63,779,009	1,277			1,275
Additional paid-in-capital	1,234,090			1,274,118
Treasury stock, at cost, shares issued 14,270,009 and 12,631,125	(1,105,883		)	(931,212		)
Retained earnings	1,280,509			1,083,882
Accumulated other comprehensive loss	(382,224		)	(172,582		)
Total Euronet Worldwide, Inc. stockholders’ equity	1,027,769			1,255,481
Noncontrolling interests	(526		)	43
Total equity	1,027,243			1,255,524
Total liabilities and equity	$	4,827,827		$	4,744,276


		Three Months Ended September 30,					Nine Months Ended September 30,
		2022			2021		2022			2021
Revenues	$	931,266		$	816,560		$	2,493,042		$	2,183,916
Operating expenses:
Direct operating costs, exclusive of depreciation		526,048			484,438		1,484,863			1,389,770
Salaries and benefits		134,471			119,421		392,544			356,160
Selling, general and administrative		69,508			64,298		207,613			182,193
Depreciation and amortization		32,781			33,909		101,784			100,729
Total operating expenses		762,808			702,066		2,186,804			2,028,852
Operating income		168,458			114,494		306,238			155,064
Other income (expense):
Interest income		600			153		990			539
Interest expense		(11,716	)		(10,072	)	(26,712		)	(28,718		)
Foreign currency exchange gain (loss), net		(15,798	)		(8,135	)	(35,958		)	(12,051		)
Other gains, net		10			—		202			31
Other expense, net		(26,904	)		(18,054	)	(61,478		)	(40,199		)
Income before income taxes		141,554			96,440		244,760			114,865
Income tax expense		(44,002	)		(22,726	)	(81,884		)	(41,140		)
Net income		97,552			73,714		162,876			73,725
Net income attributable to noncontrolling interests		170			168		361			127
Net income attributable to Euronet Worldwide, Inc.	$	97,722		$	73,882		$	163,237		$	73,852

Earnings per share attributable to Euronet Worldwide, Inc. stockholders:
Basic	$	1.97		$	1.40		$	3.24		$	1.40
Diluted	$	1.87		$	1.37		$	3.10		$	1.37

Weighted average shares outstanding:
Basic		49,583,317			52,829,386		50,345,293			52,799,199
Diluted		52,751,304			53,853,675		53,688,800			53,933,226


		Three Months Ended September 30,					Nine Months Ended September 30,
		2022			2021			2022		2021
Net income	$	97,552		$	73,714		$	162,876		$	73,725
Translation adjustment		(100,458	)		(29,692	)	(209,850		)	(59,907		)
Comprehensive income (loss)		(2,906	)		44,022		(46,974		)	13,818
Comprehensive income attributable to noncontrolling interests		262			196		569			200
Comprehensive income (loss) attributable to Euronet Worldwide, Inc.	$	(2,644	)	$	44,218		$	(46,405	)	$	14,018

	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	)
Net income
Other comprehensive income
Stock issued under employee stock plans	33,217		1		1,022		111
Share-based compensation					6,805
Balance as of September 30, 2021	52,855,471		1,270		1,260,283		(703,136	)

	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 income (loss)		(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 income (loss)		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
Net income		73,882						(168	)		73,714
Other comprehensive income					(29,664	)		(28	)		(29,692	)
Stock issued under employee stock plans											1,134
Share-based compensation											6,805
Balance as of September 30, 2021		1,087,007			(154,048	)		81			1,491,457


	Nine Months Ended September 30,
	2022			2021
Net income	$	162,876		$	73,725
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,784			100,729
Share-based compensation	30,281			26,281
Unrealized foreign exchange loss, net	35,958			12,051
Deferred income taxes	12,210			1,412
Accretion of convertible debt discount and amortization of debt issuance costs	2,351			15,099
Changes in working capital, net of amounts acquired:
Income taxes payable, net	9,153			17,464
Trade accounts receivable, including amounts in settlement assets	6,087			96,541
Prepaid expenses and other current assets, including amounts in settlement assets	(205,363		)	119,698
Trade accounts payable, including amounts in settlement obligations	(107,139		)	(209,069		)
Deferred revenue	(10,988		)	(2,782		)
Accrued expenses and other current liabilities, including amounts in settlement obligations	400,955			47,254
Changes in noncurrent assets and liabilities	10,471			5,937
Net cash provided by operating activities	448,636			304,340
Cash flows from investing activities:
Acquisitions, net of cash acquired	(331,372		)	-
Purchases of property and equipment	(79,351		)	(66,058		)
Purchases of other long-term assets	(5,844		)	(6,171		)
Other, net	528			1,277
Net cash used in investing activities	(416,039		)	(70,952		)
Cash flows from financing activities:
Proceeds from issuance of shares	4,421			6,443
Repurchase of shares	(175,296		)	(979		)
Borrowings from revolving credit agreements	5,924,100			3,539,100
Repayments of revolving credit agreements	(5,581,200		)	(3,756,300		)
Net borrowings (repayments) from short-term debt obligations	4,631			199
Other, net	(3,119		)	(4,754		)
Net cash provided by (used in) financing activities	173,537			(216,291		)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(413,669		)	(82,667		)
Increase (decrease) in cash and cash equivalents and restricted cash	(207,535		)	(65,570		)
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	$	1,878,567		$	2,033,938

Supplemental disclosure of cash flow information:
Interest paid during the period	$	21,668		$	17,226
Income taxes paid during the period	$	65,658		$	28,752


(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)	September 30, 2022		December 31, 2021
Settlement assets:
Settlement cash and cash equivalents	$	210,802	$	203,624
Settlement restricted cash	46,148		74,897
Accounts receivable, net of credit losses of $30,622 and $27,341	569,517		619,738
Prepaid expenses and other current assets	208,431		204,130
Total settlement assets	$	1,034,898	$	1,102,389
Settlement obligations:
Trade account payables	$	378,452	$	461,135
Accrued expenses and other current liabilities	656,446		641,254
Total settlement obligations	$	1,034,898	$	1,102,389

		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Computation of diluted earnings:
Net income (loss)	$	97,722	$	73,882	$	163,237	$	73,852
Add: Interest expense from assumed conversion of convertible notes, net of tax		1,148		—		3,253		—
Net income (loss) for diluted earnings per share calculation	$	98,870	$	73,882	$	166,490	$	73,852

Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding		49,583,317		52,829,386		50,345,293		52,799,199
Incremental shares from assumed exercise of stock options and vesting of restricted stock		386,169		1,024,289		561,689		1,134,027
Incremental shares from assumed conversion of convertible debt		2,781,818		—		2,781,818		—
Diluted weighted average shares outstanding		52,751,304		53,853,675		53,688,800		53,933,226


(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	(20,164		)	—			(20,164		)
Foreign currency exchange rate changes	(19,827		)	(89,008		)	(108,835		)
Balance as of September 30, 2022	$	180,257		$	764,780		$	945,037

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in thousands)	Balance Sheet Location	September 30, 2022		December 31, 2021		Balance Sheet Location	September 30, 2022			December 31, 2021
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Other current assets	$	92,079	$	27,582	Other current liabilities	$	(85,799	)	$	(23,285	)

							Gross Amounts Not Offset in the Consolidated Balance Sheet
As of September 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	$	92,079	$	—	$	92,079	$	(57,129	)	$	(6,938	)	$	28,012

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 September 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	$	(85,799)		$	—	$	(85,799	)	$	57,129	$	4,495	$	(24,175	)

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 Gain (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 thousands)		2022		2021			2022		2021
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange gain (loss), net	$	(7,402)	$	3,915	$	(689)	$	1,447

		As of September 30, 2022
(in thousands)	Balance Sheet Classification	Level 1		Level 2			Level 3		Total
Assets
Foreign currency exchange contracts	Other current assets	$	—	$	92,079		$	—	$	92,079
Liabilities
Foreign currency exchange contracts	Other current liabilities	$	—	$	(85,799	)	$	—	$	(85,799	)

	For the Three Months Ended September 30, 2022
(in thousands)	EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other			Consolidated
Total revenues	$	319,466	$	248,923	$	364,841	$	(1,964	)	$	931,266
Operating expenses:
Direct operating costs, exclusive of depreciation	137,812		190,091		200,171		(2,026		)	526,048
Salaries and benefits	30,020		19,756		69,703		14,992			134,471
Selling, general and administrative	12,167		8,506		46,256		2,579			69,508
Depreciation and amortization	23,071		1,436		8,169		105			32,781
Total operating expenses	203,070		219,789		324,299		15,650			762,808
Operating income (loss)	$	116,396	$	29,134	$	40,542	$	(17,614	)	$	168,458

	For the Nine Months Ended September 30, 2022
(in thousands)	EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other			Consolidated
Total revenues	$	714,067	$	712,467	$	1,072,266	$	(5,758	)	$	2,493,042
Operating expenses:
Direct operating costs, exclusive of depreciation	354,907		542,066		593,631		(5,741		)	1,484,863
Salaries and benefits	82,957		59,705		204,905		44,977			392,544
Selling, general and administrative	40,285		26,223		133,654		7,451			207,613
Depreciation and amortization	71,159		4,748		25,557		320			101,784
Total operating expenses	549,308		632,742		957,747		47,007			2,186,804
Operating income (loss)	$	164,759	$	79,725	$	114,519	$	(52,765	)	$	306,238


	Total Assets as of
(in thousands)	September 30, 2022		December 31, 2021
EFT Processing	$	2,101,595	$	1,682,680
epay	760,088		1,234,074
Money Transfer	1,660,050		1,621,726
Corporate Services, Eliminations and Other	306,094		205,796
Total	$	4,827,827	$	4,744,276

	As of September 30, 2022
Maturity of Lease Liabilities (in thousands)	Operating Leases (1)
Remainder of 2022	$	11,323
2023	39,786
2024	30,591
2025	22,111
2026	15,611
Thereafter	24,865
Total lease payments	$	144,287
Less: imputed interest	(3,668		)
Present value of lease liabilities	$	140,619

Lease Expense (in thousands)	Income Statement Classification	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Operating lease expense	Selling, general and administrative and Direct operating costs	$	12,222	$	13,880	$	38,766	$	41,884
Short-term and variable lease expense	Selling, general and administrative and Direct operating costs		40,304		34,808		107,333		84,279
Total lease expense		$	52,526	$	48,688	$	146,099	$	126,163


Lease Term and Discount Rate of Operating Leases	As of September 30, 2022
Weighted- average remaining lease term (years)	4.8
Weighted- average discount rate	2.3	%


Other Information (in thousands)	Nine Months Ended September 30, 2022		Nine months ended September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities (a)	$	37,908	$	38,763
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets:
ROU assets obtained in exchange for new operating lease liabilities	$	26,487	$	57,580

	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 thousands)	2022			2021			Increase (Decrease) Amount		Increase (Decrease) Percent		2022			2021			Increase (Decrease) Amount			Increase (Decrease) Percent
EFT Processing	$	319,466		$	227,129		$	92,337	41	%	$	714,067		$	427,687		$	286,380		67	%
epay	248,923			238,319			10,604		4	%	712,467			724,540			(12,073		)	(2)	%
Money Transfer	364,841			353,451			11,390		3	%	1,072,266			1,037,659			34,607			3	%
Total	933,230			818,899			114,331		14	%	2,498,800			2,189,886			308,914			14	%
Corporate services, eliminations and other	(1,964		)	(2,339		)	375		(16)	%	(5,758		)	(5,970		)	212			(4)	%
Total	$	931,266		$	816,560		$	114,706	14	%	$	2,493,042		$	2,183,916		$	309,126		14	%

	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 thousands)	2022			2021			Increase (Decrease) Amount			Increase (Decrease) Percent		2022			2021			Increase (Decrease) Amount			Increase (Decrease) Percent
EFT Processing	$	116,396		$	63,202		$	53,194		(84)	%	$	164,759		$	(2,230	)	$	166,989		7,488	%
epay	29,134			25,954			3,180			12	%	79,725			82,346			(2,621		)	(3)	%
Money Transfer	40,542			37,505			3,037			8	%	114,519			116,990			(2,471		)	(2)	%
Total	186,072			126,661			59,411			47	%	359,003			197,106			161,897			82	%
Corporate services, eliminations and other	(17,614		)	(12,167		)	(5,447		)	45	%	(52,765		)	(42,042		)	(10,723		)	26	%
Total	$	168,458		$	114,494		$	53,964		47	%	$	306,238		$	155,064		$	151,174		97	%

	Average Translation Rate Three Months Ended September 30,						Average Translation Rate Nine Months Ended September 30,
Currency (dollars per foreign currency)	2022		2021		Decrease Percent		2022		2021		Decrease Percent
Australian dollar	$	0.6834	$	0.7348	(7)	%	$	0.7074	$	0.7589	(7)	%
British pounds sterling	$	1.1766	$	1.3783	(15)	%	$	1.2585	$	1.3848	(9)	%
Canadian dollar	$	0.7662	$	0.7837	(2)	%	$	0.7798	$	0.7866	(1)	%
euro	$	1.0072	$	1.1787	(15)	%	$	1.0650	$	1.1962	(11)	%
Hungarian forint	$	0.0025	$	0.0033	(24)	%	$	0.0028	$	0.0034	(18)	%
Indian rupee	$	0.0125	$	0.0135	(7)	%	$	0.0129	$	0.0136	(5)	%
Malaysian ringgit	$	0.2233	$	0.2385	(6)	%	$	0.2307	$	0.2423	(5)	%
New Zealand dollar	$	0.6134	$	0.7007	(12)	%	$	0.6469	$	0.7114	(9)	%
Polish zloty	$	0.2128	$	0.2585	(18)	%	$	0.2286	$	0.2634	(13)	%

	Three Months Ended September 30,				Year-over-Year Change				Three Months Ended September 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	$	319,466	$	227,129	$	92,337	41	%	$	714,067	$	427,687		$	286,380	67	%
Operating expenses:
Direct operating costs	137,812		106,321		31,491		30	%	354,907		258,614			96,293		37	%
Salaries and benefits	30,020		23,665		6,355		27	%	82,957		71,334			11,623		16	%
Selling, general and administrative	12,167		11,301		866		8	%	40,285		33,062			7,223		22	%
Depreciation and amortization	23,071		22,640		431		2	%	71,159		66,907			4,252		6	%
Total operating expenses	203,070		163,927		39,143		24	%	549,308		429,917			119,391		28	%
Operating income	$	116,396	$	63,202	$	53,194	84	%	$	164,759	$	(2,230	)	$	166,989	7,488	%
Transactions processed (millions)	1,733		1,173		560		48	%	4,634		3,086			1,548		50	%
Active ATMs as of September 30,	49,617		45,520		4,097		9	%	49,617		45,520			4,097		9	%
Average Active ATMs	50,411		45,595		4,816		11	%	47,581		40,913			6,668		16	%

	Three-Month Ended September 30,				Year-over-Year Change					Nine Months Ended September 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	$	14,992	$	10,367	$	4,625		45	%		$	44,977	$	37,043	$	7,934		21	%
Selling, general and administrative		2,517		1,681		836		50	%			7,468		4,587		2,881		63	%
Depreciation and amortization		105		119		(14	)	(12)	%			320		412		(92	)	(22)	%
Total operating expenses	$	17,614	$	12,167	$	5,447		45	%		$	52,765	$	42,042	$	10,723		26	%

	Three Month Ended September 30,						Year-over-Year Change					Nine Month Ended September 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	$	600		$	153		$	447		292	%	$	990		$	539		$	451		84	%
Interest expense	(11,716		)	(10,072		)	(1,644		)	16	%		(26,712	)		(28,718	)		2,006		(7)	%
Foreign currency exchange gain (loss), net	(15,798		)	(8,135		)	(7,663		)	94	%		(35,958	)		(12,051	)		(23,907	)	198	%
Other gains (losses)	10			—			10			100	%		202			31			171		552	%
Other expense, net	$	(26,904	)	$	(18,054	)	$	(8,850	)	49	%	$	(61,478	)	$	(40,199	)	$	(21,279	)	53	%


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	2022		2021
Cash and cash equivalents and restricted cash provided by (used in):
Operating activities	$	448,636	$	304,340
Investing activities	(416,039)		(70,952		)
Financing activities	173,537		(216,291		)
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash	(413,669)		(82,667		)
Increase (decrease) in cash and cash equivalents and restricted cash	$	(207,535)	$	(65,570	)


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 thousands) (1)
July 1 - July 31, 2022	—	$	—	—	$	125,049
August 1 - August 31, 2022	—	—		—		125,049
September 1 - September 30, 2022	—	—		—	$	125,049
Total	—	$	—	—


Exhibit		Description

31.1*		Section 302 — Certification of Chief Executive Officer
31.2*		Section 302 — Certification of Chief Financial Officer
32.1**		Section 906 — Certification of Chief Executive Officer
32.2**		Section 906 — Certification of Chief Financial Officer
101*		The following materials from Euronet Worldwide, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at September 30, 2022 (unaudited) and December 31, 2021, (ii) Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2022 and 2021, (iii) Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2022 and 2021, (iv) Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2022 and 2021 (v) Consolidated Statements of Cash Flows (unaudited) for the three and nine months ended September 30, 2022 and 2021, and (vi) Notes to the Unaudited Consolidated Financial Statements.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



By:	/s/ MICHAEL J. BROWN
	Michael J. Brown
	Chief Executive Officer


By:	/s/ RICK L. WELLER
	Rick L. Weller
	Chief Financial Officer