Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

(12) SEGMENT INFORMATION

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, Asia Pacific, the United States and Africa. The Company provides comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit and debit 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 U.S. 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 reportable segment results for the three and six months ended June 30, 2021 and 2020:

	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	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 (loss) income	$	(25,336	)	$	27,235	$	44,082	$	(15,860	)	$	30,121

	For the Three Months Ended June 30, 2020
(in thousands)	EFT Processing			epay		Money Transfer			Corporate Services, Eliminations and Other			Consolidated
Total revenues	$	78,488		$	187,563	$	262,863		$	(1,111	)	$	527,803
Operating expenses:
Direct operating costs	62,465			144,056		144,589			(1,099		)	350,011
Salaries and benefits	21,289			15,191		49,059			5,413			90,952
Selling, general and administrative	9,515			8,635		33,172			1,993			53,315
Goodwill impairment	21,861			—		82,693			—			104,554
Depreciation and amortization	19,934			1,651		8,577			80			30,242
Total operating expenses	135,064			169,533		318,090			6,387			629,074
Operating (loss) income	$	(56,576	)	$	18,030	$	(55,227	)	$	(7,498	)	$	(101,271	)

	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 (loss) income	$	(65,432	)	$	56,392	$	79,485	$	(29,875	)	$	40,570

	For the Six Months Ended June 30, 2020
(in thousands)	EFT Processing			epay		Money Transfer			Corporate Services, Eliminations and Other			Consolidated
Total revenues	$	224,313		$	360,474	$	529,097		$	(2,174	)	$	1,111,710
Operating expenses:
Direct operating costs	150,001			274,130		287,498			(2,162		)	709,467
Salaries and benefits	43,380			30,888		102,923			15,001			192,192
Selling, general and administrative	20,456			17,473		71,754			4,425			114,108
Goodwill impairment	21,861			—		82,693			—			104,554
Depreciation and amortization	40,256			3,495		17,148			159			61,058
Total operating expenses	275,954			325,986		562,016			17,423			1,181,379
Operating (loss) income	$	(51,641	)	$	34,488	$	(32,919	)	$	(19,597	)	$	(69,669	)

The following table presents the Company’s total assets by reportable segment: 

	Total Assets as of
(in thousands)	June 30, 2021		December 31, 2020
EFT Processing	$	1,683,806	$	1,541,610
epay	921,115		1,135,204
Money Transfer	1,677,741		1,755,651
Corporate Services, Eliminations and Other	156,421		494,246
Total	$	4,439,083	$	4,926,711

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.  

	For the Three Months Ended June 30, 2021									For the Six Months Ended June 30, 2021
(in thousands)	EFT Processing		epay		Money Transfer		Total				EFT Processing		epay		Money Transfer		Total
Europe	$	73,109	$	160,560	$	149,606	$	383,275		$	119,971	$	325,468	$	282,445	$	727,884
North America	15,203		34,601		170,324		220,128				29,669		68,442		322,626		420,737
Asia Pacific	25,035		38,377		26,524		89,936				50,729		72,695		54,993		178,417
Other	135		10,380		12,854		23,369				189		19,616		24,144		43,949
Eliminations	—		—		—		(2,022		)		—		—		—		(3,631	)
Total	$	113,482	$	243,918	$	359,308	$	714,686		$	200,558	$	486,221	$	684,208	$	1,367,356

	For the Three Months Ended June 30, 2020									For the Six Months Ended June 30, 2020
(in thousands)	EFT Processing		epay		Money Transfer		Total				EFT Processing	epay		Money Transfer		Total
Europe	$	44,927	$	122,675	$	98,730	$	266,332		$	144,401	$	237,952	$	189,788	$	572,141
North America	13,123		36,106		132,891		182,120				28,142		69,958		270,786		368,886
Asia Pacific	20,438		22,782		26,232		69,452				51,766		42,056		57,080		150,902
Other	—		6,000		5,010		11,010				4		10,508		11,443		21,955
Eliminations	—		—		—		(1,111		)		—		—		—		(2,174	)
Total	$	78,488	$	187,563	$	262,863	$	527,803		$	224,313	$	360,474	$	529,097	$	1,111,710