Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Entity Information [Line Items] | ||
Entity Registrant Name | EURONET WORLDWIDE, INC. | |
Entity File Number | 001-31648 | |
Entity Small Business | false | |
City Area Code | (913) | |
Local Phone Number | 327-4200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Central Index Key | 0001029199 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 52,824,377 | |
Entity Tax Identification Number | 74-2806888 | |
Entity Address, City or Town | Leawood, | |
Entity Address, Address Line One | 11400 Tomahawk Creek Parkway, | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66211 | |
Entity Emerging Growth Company | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | EEFT | |
Security Exchange Name | NASDAQ | |
1.375 Senior Notes due 2026 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.375% Senior Notes due 2026 | |
Trading Symbol | EEFT26 | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 994,488 | $ 1,420,255 |
ATM cash | 565,084 | 411,054 |
Restricted cash | 3,328 | 3,334 |
Settlement assets | 929,722 | 1,140,875 |
Trade accounts receivable, net of credit losses of $4,717 and $5,926 | 138,563 | 117,517 |
Prepaid expenses and other current assets | 270,503 | 272,900 |
Total current assets | 2,901,688 | 3,365,935 |
Operating right of use lease assets | 173,611 | 162,074 |
Property and equipment, net of accumulated depreciation of $485,467 and $490,429 | 362,946 | 378,441 |
Goodwill | 657,327 | 665,821 |
Acquired intangible assets, net of accumulated amortization of $178,219 and $175,210 | 109,320 | 121,883 |
Other assets, net of accumulated amortization of $57,118 and $55,710 | 234,191 | 232,557 |
Total assets | 4,439,083 | 4,926,711 |
Current liabilities: | ||
Settlement obligations | 929,722 | 1,140,875 |
Trade accounts payable | 141,018 | 147,593 |
Accrued expenses and other current liabilities | 388,833 | 404,021 |
Current portion of operating lease liabilities | 53,659 | 52,436 |
Short-term debt obligations and current maturities of long-term debt obligations | 746 | 797 |
Income taxes payable | 35,814 | 36,359 |
Deferred revenue | 71,667 | 73,360 |
Total current liabilities | 1,621,459 | 1,855,441 |
Debt obligations, net of current portion | 1,176,441 | 1,437,589 |
Operating lease obligations, net of current portion | 122,043 | 106,502 |
Deferred income taxes | 39,114 | 37,875 |
Other long-term liabilities | 40,530 | 43,401 |
Total liabilities | 2,999,587 | 3,480,808 |
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 63,429,190 and 63,366,010 | 1,269 | 1,267 |
Additional paid-in-capital | 1,252,456 | 1,228,446 |
Treasury stock, at cost, shares issued 10,632,705 and 10,631,961 | (703,247) | (703,032) |
Retained earnings | 1,013,125 | 1,013,155 |
Accumulated other comprehensive loss | (124,384) | (94,214) |
Total Euronet Worldwide, Inc. stockholders’ equity | 1,439,219 | 1,445,622 |
Noncontrolling interests | 277 | 281 |
Total equity | 1,439,496 | 1,445,903 |
Total liabilities and equity | $ 4,439,083 | $ 4,926,711 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 4,604 | $ 5,926 |
Accumulated depreciation of property and equipment | 512,831 | 490,429 |
Accumulated amortization of intangible assets | 177,693 | 175,210 |
Accumulated amortization of other assets | $ 59,408 | $ 55,710 |
Preferred stock, par value per share | $ 0.02 | $ 0.02 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 63,451,545 | 63,366,010 |
Treasury stock, shares | 10,629,291 | 10,631,961 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 714,686 | $ 527,803 | $ 1,367,356 | $ 1,111,710 |
Operating expenses: | ||||
Direct operating costs | 470,816 | 350,011 | 905,332 | 709,467 |
Salaries and benefits | 121,071 | 90,952 | 236,739 | 192,192 |
Selling, general and administrative | 59,119 | 53,315 | 117,895 | 114,108 |
Goodwill impairment | 104,554 | 104,554 | ||
Depreciation and amortization | 33,559 | 30,242 | 66,820 | 61,058 |
Total operating expenses | 684,565 | 629,074 | 1,326,786 | 1,181,379 |
Operating income (loss) | 30,121 | (101,271) | 40,570 | (69,669) |
Other income (expense): | ||||
Interest income | 204 | 161 | 386 | 728 |
Interest expense | (9,457) | (8,884) | (18,646) | (18,117) |
Foreign currency exchange gain (loss), net | 116 | 2,495 | (3,916) | (16,311) |
Other gains, net | 697 | 31 | 728 | |
Other expense, net | (9,137) | (5,531) | (22,145) | (32,972) |
Income (loss) before income taxes | 20,984 | (106,802) | 18,425 | (102,641) |
Income tax expense | (12,352) | (8,931) | (18,414) | (11,372) |
Net income (loss) | 8,632 | (115,733) | 11 | (114,013) |
Net loss (income) attributable to noncontrolling interests | 3 | (71) | (41) | 130 |
Net income (loss) attributable to Euronet Worldwide, Inc. | $ 8,635 | $ (115,804) | $ (30) | $ (113,883) |
Earnings (loss) per share attributable to Euronet Worldwide, Inc. stockholders: | ||||
Basic | $ 0.16 | $ (2.22) | $ 0 | $ (2.15) |
Diluted | $ 0.16 | $ (2.22) | $ 0 | $ (2.15) |
Weighted average shares outstanding: | ||||
Basic | 52,805,367 | 52,234,465 | 52,784,106 | 52,920,784 |
Diluted | 54,008,839 | 52,234,465 | 52,784,106 | 52,920,784 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income (loss) | $ 8,632 | $ (115,733) | $ 11 | $ (114,013) |
Translation adjustment | 12,686 | 32,172 | (30,215) | (27,646) |
Comprehensive income (loss) | 21,318 | (83,561) | (30,204) | (141,659) |
Comprehensive (income) loss attributable to noncontrolling interests | (8) | (98) | 4 | 144 |
Comprehensive income (loss) attributable to Euronet Worldwide, Inc. | $ 21,310 | $ (83,659) | $ (30,200) | $ (141,515) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Balance at Dec. 31, 2019 | $ 1,579,342 | $ 1,256 | $ 1,190,058 | $ (463,704) | $ 1,016,554 | $ (164,890) | $ 68 |
Balance, shares at Dec. 31, 2019 | 54,220,854 | ||||||
Net income (loss) | 1,720 | 1,921 | (201) | ||||
Other comprehensive loss | (59,818) | (59,777) | (41) | ||||
Stock issued under employee stock plans | 1,453 | $ 1 | 1,701 | (249) | |||
Stock issued under employee stock plans, shares | 80,519 | ||||||
Share-based compensation | 6,338 | 6,338 | |||||
Repurchase of shares | (239,763) | (239,763) | |||||
Repurchase of shares, shares | (2,095,683) | ||||||
Balance at Mar. 31, 2020 | 1,289,272 | $ 1,257 | 1,198,097 | (703,716) | $ 902,671 | (224,667) | (174) |
Balance, shares at Mar. 31, 2020 | 52,205,690 | 1,018,475 | |||||
Balance at Dec. 31, 2019 | 1,579,342 | $ 1,256 | 1,190,058 | (463,704) | $ 1,016,554 | (164,890) | 68 |
Balance, shares at Dec. 31, 2019 | 54,220,854 | ||||||
Net income (loss) | (114,013) | ||||||
Balance at Jun. 30, 2020 | 1,212,660 | $ 1,259 | 1,204,985 | (703,657) | (192,522) | (76) | |
Balance, shares at Jun. 30, 2020 | 52,288,531 | ||||||
Balance at Mar. 31, 2020 | 1,289,272 | $ 1,257 | 1,198,097 | (703,716) | $ 902,671 | (224,667) | (174) |
Balance, shares at Mar. 31, 2020 | 52,205,690 | 1,018,475 | |||||
Net income (loss) | (115,733) | $ (115,804) | 71 | ||||
Other comprehensive loss | 32,172 | 32,145 | 27 | ||||
Stock issued under employee stock plans | 3,824 | $ 2 | 3,763 | 59 | |||
Stock issued under employee stock plans, shares | 82,841 | ||||||
Share-based compensation | 3,125 | 3,125 | |||||
Balance at Jun. 30, 2020 | 1,212,660 | $ 1,259 | 1,204,985 | (703,657) | (192,522) | (76) | |
Balance, shares at Jun. 30, 2020 | 52,288,531 | ||||||
Balance at Dec. 31, 2020 | 1,445,903 | $ 1,267 | 1,228,446 | 703,032 | 1,013,155 | (94,214) | 281 |
Balance, shares at Dec. 31, 2020 | 52,734,049 | ||||||
Net income (loss) | (8,621) | (8,665) | 44 | ||||
Other comprehensive loss | (42,901) | (42,845) | (56) | ||||
Stock issued under employee stock plans | 2,854 | $ 1 | 3,335 | (482) | |||
Stock issued under employee stock plans, shares | 62,436 | ||||||
Share-based compensation | 8,492 | 8,492 | |||||
Balance at Mar. 31, 2021 | 1,405,727 | $ 1,268 | 1,240,273 | (703,514) | (137,059) | $ 269 | |
Balance, shares at Mar. 31, 2021 | 52,796,485 | 1,004,490 | |||||
Balance at Dec. 31, 2020 | 1,445,903 | $ 1,267 | 1,228,446 | 703,032 | 1,013,155 | (94,214) | $ 281 |
Balance, shares at Dec. 31, 2020 | 52,734,049 | ||||||
Net income (loss) | 11 | ||||||
Balance at Jun. 30, 2021 | 1,439,496 | $ 1,269 | 1,252,456 | 703,247 | 1,013,125 | (124,384) | 277 |
Balance, shares at Jun. 30, 2021 | 52,822,254 | ||||||
Balance at Mar. 31, 2021 | 1,405,727 | $ 1,268 | 1,240,273 | (703,514) | (137,059) | $ 269 | |
Balance, shares at Mar. 31, 2021 | 52,796,485 | 1,004,490 | |||||
Net income (loss) | 8,632 | 8,635 | $ (3) | ||||
Other comprehensive loss | 12,686 | 12,675 | 11 | ||||
Stock issued under employee stock plans | 1,467 | $ 1 | 267 | 1,199 | |||
Stock issued under employee stock plans, shares | 25,769 | ||||||
Share-based compensation | 10,984 | 10,984 | |||||
Balance at Jun. 30, 2021 | $ 1,439,496 | $ 1,269 | $ 1,252,456 | $ 703,247 | $ 1,013,125 | $ (124,384) | $ 277 |
Balance, shares at Jun. 30, 2021 | 52,822,254 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 11 | $ (114,013) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 66,820 | 61,058 |
Share-based compensation | 19,476 | 9,463 |
Unrealized foreign exchange loss, net | 3,916 | 16,311 |
Deferred income taxes | 1,271 | (1,427) |
Goodwill impairment | 104,554 | |
Accretion of convertible debt discount and amortization of debt issuance costs | 10,012 | 9,281 |
Changes in working capital, net of amounts acquired: | ||
Income taxes payable, net | (785) | (16,433) |
Trade accounts receivable | 136,121 | 229,597 |
Prepaid expenses and other current assets | 136,331 | (16,999) |
Trade accounts payable | (213,158) | (135,121) |
Deferred revenue | (30) | 26 |
Accrued expenses and other current liabilities | 17,340 | 57,281 |
Changes in noncurrent assets and liabilities | (4,018) | (25,021) |
Net cash (used in) provided by operating activities | 173,307 | 178,557 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | 475 | |
Purchases of property and equipment | (45,076) | (45,500) |
Purchases of other long-term assets | (4,273) | (4,085) |
Other, net | 1,017 | 486 |
Net cash used in investing activities | (48,332) | (48,624) |
Cash flows from financing activities: | ||
Proceeds from issuance of shares | 5,271 | 5,668 |
Repurchase of shares | (943) | (240,684) |
Borrowings from revolving credit agreements | 1,606,100 | 1,425,100 |
Repayments of revolving credit agreements | (1,855,700) | (1,425,100) |
Net repayments from short-term debt obligations | (45) | (4,974) |
Other, net | (3,236) | (984) |
Net cash used in financing activities | (248,553) | (240,974) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (43,278) | (27,787) |
Decrease in cash and cash equivalents and restricted cash | (166,856) | (138,828) |
Cash and cash equivalents and restricted cash at beginning of period | 2,099,508 | 1,817,379 |
Cash and cash equivalents and restricted cash at end of period | 1,932,652 | 1,678,551 |
Supplemental disclosure of cash flow information: | ||
Interest paid during the period | 13,688 | 13,359 |
Income taxes paid during the period | $ 18,886 | $ 29,695 |
General
General | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | ( 1 Organization Euronet Worldwide, Inc. (the “Company” or “Euronet”) was established as a Delaware corporation on December 13, 1997 and succeeded Euronet Holding N.V. as the group holding company, which was founded and established in 1994. Euronet is a leading electronic payments provider. Euronet offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Euronet's primary product offerings include comprehensive automated teller machine (“ATM”), point-of-sale (“POS”), card outsourcing, card issuing and merchant acquiring services, electronic distribution of prepaid mobile airtime and other electronic payment products, and global money transfer services. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared from the records of the Company, in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, such unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly present the consolidated financial position and the results of operations, comprehensive income, changes in equity and cash flows for the interim periods. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2020 , including the notes thereto, set forth in the Company’s 2020 Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include computing income taxes, estimating the useful lives and potential impairment of long-lived assets and goodwill, as well as allocating the purchase price to assets acquired and liabilities assumed in acquisitions and revenue recognition. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 . Seasonality Euronet’s Electronic Funds Transfer ("EFT") Processing Segment normally experiences its heaviest demand for dynamic currency conversion ("DCC") services during the third quarter of the fiscal year, normally coinciding with the tourism season. Additionally, the EFT Processing and epay Segments are normally impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Seasonality in the Money Transfer Segment varies by region of the world. In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and its lowest transaction levels during the first quarter of the year. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS | (2) RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" |
Pending Acquisition
Pending Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
PENDING ACQUISITION | ( 3 In March 2021, the Company entered into an agreement to purchase the Piraeus Bank Merchant Acquiring business of Piraeus Bank for €300 million, or approximately $360 millio |
Settlement Assets and Obligatio
Settlement Assets and Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Settlement Assets [Abstract] | |
SETTLEMENT ASSETS AND OBLIGATIONS | (4) SETTLEMENT ASSETS AND OBLIGATIONS Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to accounts payable. Settlement assets consist of cash and cash equivalents, restricted cash, accounts receivable and prepaid expenses and other current assets. Cash received by Euronet agents and merchants generally becomes available to the Company within two weeks after initial receipt by the business partner. Receivables from business partners represent funds collected by such business partners that are in transit to the Company. Settlement obligations consist of money transfers and accounts payable to agents and content providers. Money transfer accounts payable represent amounts to be paid to transferees when they request funds. Most agents typically settle with transferees first then obtain reimbursement from the Company. Money order accounts payable represent amounts not yet presented for payment. Due to the agent funding and settlement process, accounts payable to agents represent amounts due to agents for money transfers that have not been settled with transferees. As of (in thousands) June 30, 2021 December 31, 2020 Settlement assets: Settlement cash and cash equivalents $ 311,131 $ 188,191 Settlement restricted cash 58,621 76,674 Accounts receivable, net of credit losses of $30,582 and $35,800 467,293 641,955 Prepaid expenses and other current assets 92,677 234,055 Total settlement assets $ 929,722 $ 1,140,875 Settlement obligations: Trade account payables $ 353,502 $ 571,175 Accrued expenses and other current liabilities 576,220 569,700 Total settlement obligations $ 929,722 $ 1,140,875 The table below reconciles cash and cash equivalents, restricted cash, ATM cash, settlement cash and cash equivalents, and settlement restricted cash as presented within "Cash and cash equivalents and restricted cash" in the Consolidated Statement of Cash Flows. As of (in thousands) June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 994,488 $ 1,420,255 $ 864,871 $ 786,081 Restricted cash 3,328 3,334 28,050 34,301 ATM cash 565,084 411,054 410,459 665,641 Settlement cash and cash equivalents 311,131 188,191 340,915 282,188 Settlement restricted cash 58,621 76,674 34,256 49,168 Cash and cash equivalents and restricted cash at end of period $ 1,932,652 $ 2,099,508 $ 1,678,551 $ 1,817,379 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | (5) STOCKHOLDERS' EQUITY Earnings (Loss) Per Share Basic earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company's common stock, assumed vesting of restricted stock and the assumed conversion of the Company's convertible debt, if such conversion would be dilutive. The following table provides the computation of diluted weighted average number of common shares outstanding: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 52,805,367 52,234,465 52,784,106 52,920,784 Incremental shares from assumed exercise of stock options and vesting of restricted stock 1,203,472 — — — Diluted weighted average shares outstanding 54,008,839 52,234,465 52,784,106 52,920,784 The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings (loss) per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company’s weighted average common shares outstanding of approximately 1,239,000 and 2,429,000 three and respectively, and approximately 2,533,000 and 1,608,000 for the three and six months ended June 30, 2020 , respectively . The Company issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019. The Company's Convertible Notes currently have a settlement feature requiring the Company upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of the Company's common stock or a combination thereof, at the Company's option. The Company has stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium. Accordingly, the Convertible Notes were included in the calculation of diluted earnings (loss) per share if their inclusion was dilutive. The dilutive effect increases the more the market price exceeds the conversion price. The Convertible Notes would only have a dilutive effect if the market price per share of common stock exceeds the conversion price of $188.73 per share. The market price per share of common stock was $135.35 on June 30, 2021 and $95.82 on June 30, 2020 , t Earnings per Share (“ASC 260”) , there was no dilutive effect of the assumed conversion of the debentures for the three and six months ended June 30, 2021 and 2020. See Note 9, Debt Obligations, to the consolidated financial statements for more information about the Convertible Notes. Share repurchases On March 11, 2019, in connection with the issuance of the Convertible Notes, the Board of Directors authorized a repurchase program of $120 million in value of the Company's common stock through March 11, 2021. On February 26, 2020, the Company put a repurchase program in place to repurchase up to $250 million in value, but not more than 5.0 million shares of common stock through February 28, 2022. For the three and six months ended June 30, 2021, there were no repurchases of stock under the repurchase programs . Repurchases under the current program may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation gain of $12.7 million and a loss of $30.2 million for the three and six months ended June 30, 2021, respectively, and a gain of $32.2 million and a loss of $27.6 million three and six months ended June 30, 2020, There were no reclassifications of foreign currency translation into the consolidated statements of income for the three and six months ended June 30, 2021 and 2020 . |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET | ( 6 A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2021 is presented below: (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of December 31, 2020 $ 121,883 $ 665,821 $ 787,704 Decreases: Acquisition — — — Amortization (11,600 ) — (11,600 ) Foreign currency exchange rate changes (963 ) (8,494 ) (9,457 ) Balance as of June 30, 2021 $ 109,320 $ 657,327 $ 766,647 Of the total goodwill balance of $657.3 million as of June 30, 2021 , $400.6 million relates to the Money Transfer Segment, $133.3 million relates to the epay Segment and the remaining $123.4 million relates to the EFT Processing Segment. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ( 7 Accrued expenses and other current liabilities consist of the following: As of (in thousands) June 30, 2021 December 31, 2020 Accrued expenses $ 357,308 $ 331,713 Derivative liabilities 26,224 65,905 Current portion of finance lease obligations 5,301 6,403 Total $ 388,833 $ 404,021 |
Unearned Revenues
Unearned Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Revenue Disclosure [Abstract] | |
UNEARNED REVENUES | (8) The Company records deferred revenues when cash payments are received or due in advance of its performance. The increase in the deferred revenue balance for the six months ended June 30, 2021 is primarily driven by $33.4 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations, offset by $35.1 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2020. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Debt Obligations [Abstract] | |
DEBT OBLIGATIONS | (9) DEBT OBLIGATIONS Debt obligations consist of the following: As of (in thousands) June 30, 2021 December 31, 2020 Credit Facility: Revolving credit agreement $ 20,800 $ 270,400 Convertible Debt: 0.75% convertible notes, unsecured, due 2049 460,136 452,228 1.375% Senior Notes, due 2026 711,300 732,840 Other obligations 808 850 Total debt obligations 1,193,044 1,456,318 Unamortized debt issuance costs (15,857 ) (17,932 ) Carrying value of debt 1,177,187 1,438,386 Short-term debt obligations and current maturities of long-term debt obligations (746 ) (797 ) Long-term debt obligations $ 1,176,441 $ 1,437,589 Credit Facility On October 17, 2018, the Company entered into an unsecured revolving credit agreement (the "Credit Facility") for $1.0 billion that expires on October 17, 2023 . In May 2021, an additional lender joined the Credit Facility which increased the revolving commitment by $30 million. 1.125% to 2.0% (or 0.175% to 1.0% for base rate loans). The Credit Facility allows for borrowings in Australian dollars, British pounds sterling, Canadian dollars, Czech koruna, Danish krone, euro, Hungarian forints, Japanese yen, New Zealand dollars, Norwegian krone, Polish zlotys, Swedish krona, Swiss francs and U.S. dollars. The Credit Facility contains a $200 million sublimit for the issuance of letters of credit, a $50 million sublimit for U.S. dollar swingline loans, and a $90 million sublimit for certain foreign currencies swingline loans. The Credit Facility contains customary affirmative and negative covenants, events of default and financial covenants. The Company was in compliance with all debt covenants as of June 30, 2021 . Convertible Debt On March 18, 2019, the Company completed the sale of $525.0 million of Convertible Senior Notes ("Convertible Notes"). The Convertible Notes mature in March 2049 unless redeemed or converted prior to such date, and are convertible into shares of Euronet common stock at a conversion price of approximately $188.73 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039 and March 15, 2044 at a repurchase price equal to % of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In accordance with ASC 470-20-30-27, proceeds from the issuance of convertible debt is allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. ASC 470-20-35-13 requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The allocation resulted in an increase to additional paid-in capital of $99.7 million for the Convertible Notes. Contractual interest expense for the Convertible Notes was $1.0 million and $2.0 million for the . Accretion expense for the Convertible Notes was $4.0 million and $7.9 million for the three and six months ended June 30, 2021 , respectively, and $3.8 million and $7.5 million for the three and six months ended June 30, 2020, respectively 4.4% for the three and six months ended June 30, 2021 . As of June 30, 2021 , the unamortized discount was $64.9 million and will be amortized through March 2025. 1.375% Senior Notes due 2026 On May 22, 2019, the Company completed the sale of €600 million ( $669.9 million ) aggregate principal amount of Senior Notes that expire in May 2026 (the “Senior Notes”). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears commencing May 22, 2020, until maturity or earlier redemption. As of June 30, 2021 , the Company has outstanding €600 million ( $711.3 million ) principal amount of the Senior Notes. In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest. Other obligations Certain of the Company's subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes. As of June 30, 2021 and December 31, 2020 , borrowings under these arrangements were $0.8 million and $0.9 million , respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | (10) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. Dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) certain foreign currency denominated other asset and liability positions. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815 , primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect. Foreign currency exchange contracts - Ria Operations and Corporate In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to , to offset the fluctuation in foreign currency exchange rates on the collection of money transfer funds between initiation of a transaction and its settlement. Due to the short duration of these contracts and the Company’s credit profile, the Company is generally not required to post collateral with respect to these foreign currency forward contracts. Most derivative contracts executed with counterparties in the U.S. are governed by an International Swaps and Derivatives Association agreement that includes standard netting arrangements; therefore, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. T he Company had foreign currency forward contracts outstanding in the U.S. with a notional value of $220 million and $ 246 . The foreign currency forward contracts consist primarily in Australian dollars, Canadian dollars, British pounds sterling, euro and Mexican pesos. In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S dollar. T he Company had foreign currency forward contracts outstanding with a notional value of $99 million and $454 million , primarily in euro. Foreign currency exchange contracts - xe Operations xe writes derivative instruments, primarily foreign currency forward contracts and cross-currency swaps, mostly with counterparties comprised of individuals and small-to-medium size businesses and derives a currency margin from this activity as part of its operations. xe aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. Foreign exchange revenues from xe's total portfolio of positions were $19.9 million and $38.4 million for the three and six months ended June 30, 2021 , respectively, and $13.2 million and $31.3 million . The duration of these derivative contracts is generally less than one year. The fair value of xe's total portfolio of positions can change significantly from period to period based on, among other factors, market movements and changes in customer contract positions. xe manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis. It mitigates this risk by entering into contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. xe does not expect any significant losses from counterparty defaults. The aggregate equivalent U.S. dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of June 30, 2021 and December 31, 2020 was approximately $1.1 billion and $1.3 billion The significant majority of customer contracts are written in major currencies such as the euro, U.S. dollar, British pounds sterling, Australian dollar and New Zealand dollar. Balance Sheet Presentation The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below: Asset Derivatives Liability Derivatives Fair Value Fair Value (in thousands) Balance Sheet Location June 30, 2021 December 31, 2020 Balance Sheet Location June 30, 2021 December 31, 2020 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 36,488 $ 80,879 Other current liabilities $ (26,224 ) $ (65,905 ) The following tables summarize the gross and net fair value of derivative assets and liabilities as of June 30, 2021 and December 31, 2020 (in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of June 30, 2021 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 $ 36,488 $ — $ 36,488 $ (16,497 ) $ (3,631 ) $ 16,360 As of December 31, 2020 Derivatives subject to a master netting arrangement or similar agreement $ 80,879 $ — $ 80,879 $ (44,893 ) $ (2,778 ) $ 33,208 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of June 30, 2021 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 $ (26,224 ) $ — $ (26,224 ) $ 16,497 $ 644 $ (9,083 ) As of December 31, 2020 Derivatives subject to a master netting arrangement or similar agreement $ (65,905 ) $ — $ (65,905 ) $ 44,893 $ 12,272 $ (8,740 ) Income Statement Presentation The following table summarizes the location and amount of gains and losses on derivatives in the Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020 : Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) Location of Gain (Loss) Recognized in Income on Derivative Contracts Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain (loss), net $ 3,915 $ ( ) $ 1,447 $ (223 ) (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. See Note 11, Fair Value Measurements, for the determination of the fair values of derivatives. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | ( 11 Fair value measurements used in the unaudited consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the inputs that market participants would use in pricing. The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis: As of June 30, 2021 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 36,488 $ — $ 36,488 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (26,224 ) $ — $ (26,224 ) As of December 31, 2020 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 80,879 $ — $ 80,879 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (65,905 ) $ — $ (65,905 ) The carrying amounts of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt obligations approximate fair values due to their short maturities. The carrying values of the Company’s revolving credit agreements approximate fair values because interest is based on LIBOR that resets at various intervals of less than one year. The Company estimates the fair value of the Convertible Notes and Senior Notes using quoted prices in inactive markets for identical liabilities (Level 2). As of June 30, 2021 , the fair values of the Convertible Notes and Senior Notes were $633.3 million and $721.7 million , respectively, with carrying values of $460.1 million and $711.3 million , respectively. |
Segment Information
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: Through the EFT Processing Segment, the Company processes transactions for a network of Through the 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 $ ( ) $ 527,803 Operating expenses: Direct operating costs 62,465 144,056 144,589 ( ) 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 $ ( ) $ 18,030 $ ( ) $ ( ) $ ( ) 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 $ ( ) $ 1,111,710 Operating expenses: Direct operating costs 150,001 274,130 287,498 ( ) 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 ) $ ( ) $ (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 — — — ( ) — — — ( ) Total $ 78,488 $ 187,563 $ 262,863 $ 527,803 $ 224,313 $ 360,474 $ 529,097 $ 1,111,710 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | ( 13 Our effective income tax rate was 58.9 and 99.9 for the three and six months ended June 30, 2021, respectively, compared to (8.4)% and (11.1)% for t Our effective income tax rate for the three and six months ended June 30, 2021 was higher than the applicable statutory income tax rate of 21% as a result of certain foreign earnings being subject to higher local statutory tax rates, the non-recognition of tax benefits from losses in certain foreign countries where we have a limited history of profitable earnings and as a result of an increase in the valuation allowance in certain jurisdictions relating to the reversal of tax benefits recognized in the first quarter of 2021 for continuing net operating losses. Our effe 21% primarily due to the non-deductible goodwill impairment charge during the second quarter of 2020 and as a result of an increase in the valuation allowance in certain jurisdictions relating to the reversal of tax benefits recognized in the first quarter of 2020 for net operating losses in those jurisdictions which have a limited history of profitable earnings. |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | (14) COMMITMENTS As of June 30, 2021 , the Company had $89.6 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $59.5 million are outstanding under the Credit Facility. The remaining stand-by letters of credit/bank guarantees are collateralized by $3.8 million of cash deposits held by the respective issuing banks. Under certain circumstances, Euronet grants guarantees in support of obligations of subsidiaries. As of June 30, 2021 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $11.7 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $37.6 million over the terms of agreements with the customers. From time to time, the Company enters into agreements with commercial counterparties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement. The amount of such potential obligations is generally not stated in the agreements. Euronet's liability under such indemnification provisions may be mitigated by relevant insurance coverage and may be subject to time and materiality limitations, monetary caps and other conditions and defenses. Such indemnification obligations include the following: In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for damage to ATMs and theft of ATM network cash. As of June 30, 2021 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $702 million . The Company maintains insurance policies to mitigate this exposure; In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for losses suffered by its customers and other parties as a result of the breach of its computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through its processing systems. The Company maintains insurance policies to mitigate this exposure; In connection with the license of proprietary systems to customers, the Company provides certain warranties and infringement indemnities to the licensee, which generally warrant that such systems do not infringe on intellectual property owned by third parties and that the systems will perform in accordance with their specifications; Euronet In connection with acquisitions and dispositions of subsidiaries, operating units and business assets, the Company has entered into agreements containing indemnification provisions, which can be generally described as follows: (i) in connection with acquisitions of operating units or assets made by Euronet The Company is also required to meet minimum capitalization and cash requirements of various regulatory authorities in the jurisdictions in which the Company has money transfer operations. The Company has obtained surety bonds in compliance with money transfer licensing requirements of the applicable governmental authorities. To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of June 30, 2021 or December 31, 2020 . |
Litigation and Contingencies
Litigation and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
LITIGATION AND CONTINGENCIES | ( 15 From time to time, the Company is a party to legal or regulatory proceedings arising in the ordinary course of its business. Currently, there are no legal proceedings or regulatory findings that management believes, either individually or in the aggregate, would have a material adverse effect on the Company's consolidated financial condition or results of operations. In accordance with U.S. GAAP, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | (16) LEASES The Company enters into operating leases for ATM sites, office spaces, retail stores and equipment. The Company's finance leases are immaterial. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease terms. The present value of lease payments is determined using the incremental borrowing rate based on information available at the lease commencement date. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew, with renewal terms that can extend the lease terms. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms. The Company also has a unilateral termination right for most of the ATM site leases. Since the Company is not reasonably certain not to exercise termination options, p ayments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred and corresponding leases are excluded from the right of use lease asset and lease liability balances. Certain of the Company's lease agreements include variable rental payments based on revenues generated from the use of the leased location and certain leases include rental payments adjusted periodically for inflation. Variable lease payments are recognized when the event, activity or circumstance in the lease agreement on which those payments are assessed occurs and are excluded from the right of use assets and lease liabilities balances. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. Future minimum lease payments Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of June 30, 2021 are: As of June 30, 2021 Maturity of Lease Liabilities (in thousands) Operating Leases (1) Remainder of 2021 $ 24,415 2022 43,882 2023 33,890 2024 25,040 2025 17,766 Thereafter 35,016 Total lease payments $ 180,009 Less: imputed interest (4,307 ) Present value of lease liabilities $ 175,702 (1) Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. Lease expense recognized in the Consolidated Statements of Income is summarized as follows: Lease Expense (in thousands) Income Statement Classification Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Operating lease expense Selling, general and administrative and Direct operating costs $ 14,146 $ 21,045 $ 28,004 $ 54,233 Short-term and variable lease expense Selling, general and administrative and Direct operating costs 26,921 12,281 49,471 20,961 Total lease expense $ 41,067 $ 33,326 $ 77,475 $ 75,194 Other information about lease amounts recognized in the consolidated financial statements is summarized as follows: Lease Term and Discount Rate of Operating Leases As of June 30, 2021 Weighted- average remaining lease term (years) 5.2 W eighted- average discount rate 2.3 % The following table presents supplemental cash flow and non-cash information related to leases. Other Information (in thousands) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities (a) $ 26,321 $ 53,869 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 49,270 $ 52,764 (a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Recently Issued And Adopted A_2
Recently Issued And Adopted Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements | In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" |
Settlement Assets and Obligat_2
Settlement Assets and Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Settlement Assets [Abstract] | |
Schedule of settlement assets and liabilities | As of (in thousands) June 30, 2021 December 31, 2020 Settlement assets: Settlement cash and cash equivalents $ 311,131 $ 188,191 Settlement restricted cash 58,621 76,674 Accounts receivable, net of credit losses of $30,582 and $35,800 467,293 641,955 Prepaid expenses and other current assets 92,677 234,055 Total settlement assets $ 929,722 $ 1,140,875 Settlement obligations: Trade account payables $ 353,502 $ 571,175 Accrued expenses and other current liabilities 576,220 569,700 Total settlement obligations $ 929,722 $ 1,140,875 |
Schedule of cash and cash equivalents restricted cash | As of (in thousands) June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 994,488 $ 1,420,255 $ 864,871 $ 786,081 Restricted cash 3,328 3,334 28,050 34,301 ATM cash 565,084 411,054 410,459 665,641 Settlement cash and cash equivalents 311,131 188,191 340,915 282,188 Settlement restricted cash 58,621 76,674 34,256 49,168 Cash and cash equivalents and restricted cash at end of period $ 1,932,652 $ 2,099,508 $ 1,678,551 $ 1,817,379 |
Stocholders' Equity (Tables)
Stocholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of computation of diluted weighted average number of common shares outstanding | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 52,805,367 52,234,465 52,784,106 52,920,784 Incremental shares from assumed exercise of stock options and vesting of restricted stock 1,203,472 — — — Diluted weighted average shares outstanding 54,008,839 52,234,465 52,784,106 52,920,784 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of acquired intangible assets and goodwill activity | A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2021 is presented below: (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of December 31, 2020 $ 121,883 $ 665,821 $ 787,704 Decreases: Acquisition — — — Amortization (11,600 ) — (11,600 ) Foreign currency exchange rate changes (963 ) (8,494 ) (9,457 ) Balance as of June 30, 2021 $ 109,320 $ 657,327 $ 766,647 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: As of (in thousands) June 30, 2021 December 31, 2020 Accrued expenses $ 357,308 $ 331,713 Derivative liabilities 26,224 65,905 Current portion of finance lease obligations 5,301 6,403 Total $ 388,833 $ 404,021 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | As of (in thousands) June 30, 2021 December 31, 2020 Credit Facility: Revolving credit agreement $ 20,800 $ 270,400 Convertible Debt: 0.75% convertible notes, unsecured, due 2049 460,136 452,228 1.375% Senior Notes, due 2026 711,300 732,840 Other obligations 808 850 Total debt obligations 1,193,044 1,456,318 Unamortized debt issuance costs (15,857 ) (17,932 ) Carrying value of debt 1,177,187 1,438,386 Short-term debt obligations and current maturities of long-term debt obligations (746 ) (797 ) Long-term debt obligations $ 1,176,441 $ 1,437,589 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of the derivative instruments as recorded in the Consolidated Balance Sheets | Asset Derivatives Liability Derivatives Fair Value Fair Value (in thousands) Balance Sheet Location June 30, 2021 December 31, 2020 Balance Sheet Location June 30, 2021 December 31, 2020 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 36,488 $ 80,879 Other current liabilities $ (26,224 ) $ (65,905 ) |
Schedule of offsetting assets and liabilities | Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of June 30, 2021 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 $ 36,488 $ — $ 36,488 $ (16,497 ) $ (3,631 ) $ 16,360 As of December 31, 2020 Derivatives subject to a master netting arrangement or similar agreement $ 80,879 $ — $ 80,879 $ (44,893 ) $ (2,778 ) $ 33,208 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of June 30, 2021 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 $ (26,224 ) $ — $ (26,224 ) $ 16,497 $ 644 $ (9,083 ) As of December 31, 2020 Derivatives subject to a master netting arrangement or similar agreement $ (65,905 ) $ — $ (65,905 ) $ 44,893 $ 12,272 $ (8,740 ) |
Schedule of amount of gains and losses on derivatives in the Consolidated Statements of Income | Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) Location of Gain (Loss) Recognized in Income on Derivative Contracts Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain (loss), net $ 3,915 $ ( ) $ 1,447 $ (223 ) (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured and recorded at fair value on a recurring basis | The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis: As of June 30, 2021 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 36,488 $ — $ 36,488 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (26,224 ) $ — $ (26,224 ) As of December 31, 2020 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 80,879 $ — $ 80,879 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (65,905 ) $ — $ (65,905 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of reportable segment results | 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 $ ( ) $ 527,803 Operating expenses: Direct operating costs 62,465 144,056 144,589 ( ) 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 $ ( ) $ 18,030 $ ( ) $ ( ) $ ( ) 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 $ ( ) $ 1,111,710 Operating expenses: Direct operating costs 150,001 274,130 287,498 ( ) 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 ) $ ( ) $ (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 |
Schedule of Company's revenues disaggregated by 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 — — — ( ) — — — ( ) Total $ 78,488 $ 187,563 $ 262,863 $ 527,803 $ 224,313 $ 360,474 $ 529,097 $ 1,111,710 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of future minimum lease payments under non-cancelable operating leases | Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of June 30, 2021 are: As of June 30, 2021 Maturity of Lease Liabilities (in thousands) Operating Leases (1) Remainder of 2021 $ 24,415 2022 43,882 2023 33,890 2024 25,040 2025 17,766 Thereafter 35,016 Total lease payments $ 180,009 Less: imputed interest (4,307 ) Present value of lease liabilities $ 175,702 (1) Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. |
Schedule of lease expense recognized in consolidated statements of income | Lease expense recognized in the Consolidated Statements of Income is summarized as follows: Lease Expense (in thousands) Income Statement Classification Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Operating lease expense Selling, general and administrative and Direct operating costs $ 14,146 $ 21,045 $ 28,004 $ 54,233 Short-term and variable lease expense Selling, general and administrative and Direct operating costs 26,921 12,281 49,471 20,961 Total lease expense $ 41,067 $ 33,326 $ 77,475 $ 75,194 |
Schedule of other information about lease amounts recognized in consolidated financial statements | Other information about lease amounts recognized in the consolidated financial statements is summarized as follows: Lease Term and Discount Rate of Operating Leases As of June 30, 2021 Weighted- average remaining lease term (years) 5.2 W eighted- average discount rate 2.3 % |
Schedule of supplemental cash flow and non-cash information related to leases | The following table presents supplemental cash flow and non-cash information related to leases. Other Information (in thousands) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities (a) $ 26,321 $ 53,869 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 49,270 $ 52,764 (a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Pending Aquisition (Details)
Pending Aquisition (Details) - 3 months ended Mar. 31, 2021 $ in Thousands, € in Millions | EUR (€) | USD ($) |
Piraeus Bank Merchant Acquiring [Member] | ||
PENDING ACQUISITION | ||
Business acquisition, purchase price | € 300 | $ 360 |
Settlement Assets and Obligat_3
Settlement Assets and Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Settlement Assets [Abstract] | ||||
Settlement cash and cash equivalents | $ 311,131 | $ 188,191 | $ 340,915 | $ 282,188 |
Settlement restricted cash | 58,621 | 76,674 | $ 34,256 | $ 49,168 |
Accounts receivable | 467,293 | 641,955 | ||
Prepaid expenses and other current assets | 92,677 | 234,055 | ||
Total settlement assets | 929,722 | 1,140,875 | ||
Settlement obligations: | ||||
Trade account payables | 353,502 | 571,175 | ||
Accrued expenses and other current liabilities | 576,220 | 569,700 | ||
Total settlement obligations | $ 929,722 | $ 1,140,875 |
Settlement Assets and Obligat_4
Settlement Assets and Obligations (Details 1) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Settlement Assets [Abstract] | ||||
Cash and cash equivalents | $ 994,488 | $ 1,420,255 | $ 864,871 | $ 786,081 |
Restricted cash | 3,328 | 3,334 | 28,050 | 34,301 |
ATM cash | 565,084 | 411,054 | 410,459 | 665,641 |
Settlement cash and cash equivalents | 311,131 | 188,191 | 340,915 | 282,188 |
Settlement restricted cash | 58,621 | 76,674 | 34,256 | 49,168 |
Cash and cash equivalents and restricted cash at end of period | $ 1,932,652 | $ 2,099,508 | $ 1,678,551 | $ 1,817,379 |
Settlement Assets and Obligat_5
Settlement Assets and Obligations (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Settlement Assets [Abstract] | ||
Allowance for doubtful other receivables, current | $ 30,582 | $ 35,800 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted average shares outstanding: | ||||
Basic weighted average shares outstanding | 52,805,367 | 52,234,465 | 52,784,106 | 52,920,784 |
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 1,203,472 | |||
Diluted weighted average shares outstanding | 54,008,839 | 52,234,465 | 52,784,106 | 52,920,784 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 26, 2020 | Mar. 18, 2019 | Mar. 11, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Weighted average common shares outstanding | 1,239,000 | 2,533,000 | 2,429,000 | 1,608,000 | |||
Conversion price | $ 188.73 | ||||||
Market price | $ 135.35 | $ 95.82 | $ 135.35 | $ 95.82 | |||
Foreign currency translation gain | $ 12,700 | $ 32,200,000 | $ 30,200 | $ 27,600,000 | |||
Stock repurchase program, authorized amount | $ 0 | $ 0 | |||||
Share Repurchase Plan [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, number of shares authorized | 5,000,000 | ||||||
Stock repurchase program, authorized amount | $ 250,000,000 | $ 120,000,000 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets, Balance | $ 121,883 |
Decreases: | |
Acquisition | |
Amortization | 11,600 |
Foreign currency exchange rate changes | (963) |
Acquired Intangible Assets, Balance | 109,320 |
Goodwill, Balance | 665,821 |
Decreases: | |
Acquisition | |
Amortization | |
Foreign currency exchange rate changes | (8,494) |
Goodwill, Balance | 657,327 |
Total Intangible Assets, Balance | 787,704 |
Decreases: | |
Acquisition | |
Amortization | (11,600) |
Foreign currency exchange rate changes | (9,457) |
Total Intangible Assets, Balance | $ 766,647 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net (Details Textual) € in Millions | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, expected amortization, remainder of 2021 | $ 11,400 | ||
Finite-lived intangible asset, expected amortization, 2022 | 21,700 | ||
Finite-lived intangible asset, expected amortization, 2023 | 16,700 | ||
Finite-lived intangible asset, expected amortization, 2024 | 9,800 | ||
Finite-lived intangible asset, expected amortization, 2025 | 6,400 | ||
Finite-lived intangible asset, expected amortization, 2026 | € | € 6.3 | ||
Goodwill | 657,327,000 | $ 665,821,000 | |
Goodwill [Member] | |||
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 657,300 | ||
EFT Processing Segment [Member] | |||
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 123,400 | ||
Money Transfer Segment [Member] | |||
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 400,600 | ||
Epay Segment [Member] | |||
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 133,300 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 357,308 | $ 331,713 |
Derivative liabilities | 26,224 | 65,905 |
Current portion of capital lease obligations | 5,301 | 6,403 |
Total | $ 388,833 | $ 404,021 |
Unearned Revenue (Details)
Unearned Revenue (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Deferred Revenue Disclosure [Abstract] | ||
Decrease in deferred revenue | $ 33,400 | |
Deferred revenue, revenue recognized | $ 35,100,000 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Revolving credit agreement | $ 20,800,000 | $ 270,400,000 |
Senior notes | 711,300 | |
Other obligations | 808,000 | 850,000 |
Total debt obligations | 1,193,044,000 | 1,456,318,000 |
Unamortized debt issuance costs | (15,857,000) | (17,932,000) |
Carrying value of debt | 1,177,187,000 | 1,438,386,000 |
Short-term debt obligations and current maturities of long-term debt obligations | (746,000) | (797,000) |
Long-term debt obligations | 1,176,441,000 | 1,437,589,000 |
Due 2049 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible Debt | 460,136,000 | 452,228,000 |
Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 711,300,000 | $ 732,840,000 |
Debt Obligations (Details Textu
Debt Obligations (Details Textual) - USD ($) | Mar. 18, 2019 | Oct. 17, 2018 | May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | May 22, 2019 |
Debt Instrument [Line Items] | |||||||||
Increased in credit facility | $ 30,000,000 | ||||||||
Senior notes | $ 711,300 | $ 711,300 | |||||||
Conversion price | $ 188.73 | ||||||||
Debt instrument, convertible, carrying amount of equity component | 99,700,000 | 99,700,000 | |||||||
Contractual interest expense | $ 1,000,000 | $ 1,000,000 | 2,000,000 | $ 2,000,000 | |||||
Debt instrument, interest rate during period | 100.00% | 4.40% | |||||||
Line of credit facility, expiration date | Oct. 17, 2023 | ||||||||
Line of credit, current | $ 800 | 800 | $ 900,000 | ||||||
Accretion Expense | 4,000,000 | $ 3,800,000 | 7,900,000 | $ 7,500,000 | |||||
Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 200,000,000 | $ 200,000,000 | |||||||
Due 2049 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Sale of convertible senior notes | $ 525,000,000 | ||||||||
Debt instrument, interest rate during period | 0.75% | ||||||||
Debt instrument, unamortized discount | $ 64,900,000 | $ 64,900,000 | |||||||
Senior Notes, 1.375 Percent due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | $ 669,900,000 | ||||||||
Debt instrument, interest rate during period | 1.375% | ||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | 1.375% | 1.375% | |||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, applicable margin | 1.125% | ||||||||
Minimum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, applicable margin | 0.175% | ||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, applicable margin | 2.00% | ||||||||
Maximum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, applicable margin | 1.00% | ||||||||
Swingline loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |||||||
Foreign Swingline Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 90,000,000 | 90,000,000 | |||||||
Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Euro Member Countries, Euro | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | $ 600,000,000 | $ 600,000,000 | |||||||
Euro Member Countries, Euro | Senior Notes, 1.375 Percent due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | $ 600,000,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - Foreign Exchange Contracts [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange contracts | $ 36,488 | $ 80,879 |
Accrued expenses and other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivative instruments, liability at fair value | $ (26,224) | $ (65,905) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Assets, Gross Amounts of Recognized Assets | $ 36,488 | $ 80,879 |
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet | ||
Derivative Assets, Net Amounts Presented in the Consolidated Balance Sheet | 36,488 | 80,879 |
Derivative Assets, Financial Instruments | (16,497) | (44,893) |
Derivative Assets, Cash Collateral Received | (3,631) | (2,778) |
Derivative Assets, Net Amounts | 16,360 | 33,208 |
Derivative Liabilities, Gross Amounts of Recognized Liabilities | (26,224) | (65,905) |
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet | ||
Derivative Liabilities, Net Amounts Presented in the Consolidated Balance Sheet | (26,224) | (65,905) |
Derivative Liabilities, Financial Instruments | 16,497 | 44,893 |
Derivative Liabilities, Cash Collateral Paid | 644 | 12,272 |
Derivative Liabilities, Net Amounts | $ (9,083) | $ (8,740) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Ria Operations [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Loss [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ 3,915 | $ (460) | $ 1,447 | $ (223) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Xe Operations [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative asset, notional amount | $ 1,100 | $ 1,100 | $ 1,300,000,000 | ||
United States of America, Dollars | Ria Operations [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative asset, notional amount | 246,000 | ||||
United States of America, Dollars | Ria Operations [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative asset, notional amount | 220,000 | 220,000 | |||
Euro Member Countries, Euro | Ria Operations [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative asset, notional amount | 99,000 | $ 99,000 | $ 454,000,000 | ||
Maximum [Member] | Ria Operations [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Foreign currency forward contract term | 14 days | ||||
Trading Revenue [Member] | Xe Operations [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Foreign currency exchange margin | $ 19,900 | $ 13,200,000 | $ 38,400,000 | $ 31,300,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 36,488 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (26,224) | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 36,488 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (26,224) | |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 80,879 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (65,905) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 80,879 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (65,905) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textual) | Jun. 30, 2021USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Senior notes | $ 711,300 |
Convertible Notes Payable [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Convertible Debt, Fair Value Disclosures | 633,300 |
Convertible Debt | 460,100 |
Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes Payable, Fair Value Disclosure | 721,700 |
Senior notes | $ 711,300 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 714,686 | $ 527,803 | $ 1,367,356 | $ 1,111,710 |
Operating expenses: | ||||
Direct operating costs | 470,816 | 350,011 | 905,332 | 709,467 |
Salaries and benefits | 121,071 | 90,952 | 236,739 | 192,192 |
Selling, general and administrative | 59,119 | 53,315 | 117,895 | 114,108 |
Goodwill impairment | 104,554 | 104,554 | ||
Depreciation and amortization | 33,559 | 30,242 | 66,820 | 61,058 |
Total operating expenses | 684,565 | 629,074 | 1,326,786 | 1,181,379 |
Operating income (loss) | 30,121 | (101,271) | 40,570 | (69,669) |
EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 113,482 | 78,488 | 200,558 | 224,313 |
Operating expenses: | ||||
Direct operating costs | 82,681 | 62,465 | 152,293 | 150,001 |
Salaries and benefits | 24,098 | 21,289 | 47,669 | 43,380 |
Selling, general and administrative | 9,799 | 9,515 | 21,761 | 20,456 |
Goodwill impairment | 21,861 | 21,861 | ||
Depreciation and amortization | 22,240 | 19,934 | 44,267 | 40,256 |
Total operating expenses | 138,818 | 135,064 | 265,990 | 275,954 |
Operating income (loss) | (25,336) | (56,576) | (65,432) | (51,641) |
Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 243,918 | 187,563 | 486,221 | 360,474 |
Operating expenses: | ||||
Direct operating costs | 184,989 | 144,056 | 367,622 | 274,130 |
Salaries and benefits | 19,775 | 15,191 | 39,144 | 30,888 |
Selling, general and administrative | 9,772 | 8,635 | 18,792 | 17,473 |
Goodwill impairment | ||||
Depreciation and amortization | 2,147 | 1,651 | 4,271 | 3,495 |
Total operating expenses | 216,683 | 169,533 | 429,829 | 325,986 |
Operating income (loss) | 27,235 | 18,030 | 56,392 | 34,488 |
Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 359,308 | 262,863 | 684,208 | 529,097 |
Operating expenses: | ||||
Direct operating costs | 205,164 | 144,589 | 389,042 | 287,498 |
Salaries and benefits | 62,710 | 49,059 | 123,250 | 102,923 |
Selling, general and administrative | 38,326 | 33,172 | 74,442 | 71,754 |
Goodwill impairment | 82,693 | 82,693 | ||
Depreciation and amortization | 9,026 | 8,577 | 17,989 | 17,148 |
Total operating expenses | 315,226 | 318,090 | 604,723 | 562,016 |
Operating income (loss) | 44,082 | (55,227) | 79,485 | (32,919) |
Corporate Services, Eliminations and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (2,022) | (1,111) | (3,631) | (2,174) |
Operating expenses: | ||||
Direct operating costs | (2,018) | (1,099) | (3,625) | (2,162) |
Salaries and benefits | 14,488 | 5,413 | 26,676 | 15,001 |
Selling, general and administrative | 1,222 | 1,993 | 2,900 | 4,425 |
Goodwill impairment | ||||
Depreciation and amortization | 146 | 80 | 293 | 159 |
Total operating expenses | 13,838 | 6,387 | 26,244 | 17,423 |
Operating income (loss) | $ (15,860) | $ (7,498) | $ (29,875) | $ (19,597) |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total | $ 4,439,083 | $ 4,926,711 |
EFT Processing Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 1,683,806 | 1,541,610 |
Epay Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 921,115 | 1,135,204 |
Money Transfer Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 1,677,741 | 1,755,651 |
Corporate Services, Eliminations and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 156,421 | $ 494,246 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 714,686 | $ 527,803 | $ 1,367,356 | $ 1,111,710 |
EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 113,482 | 78,488 | 200,558 | 224,313 |
Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 243,918 | 187,563 | 486,221 | 360,474 |
Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 359,308 | 262,863 | 684,208 | 529,097 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 383,275 | 266,332 | 727,884 | 572,141 |
Europe [Member] | EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 73,109 | 44,927 | 119,971 | 144,401 |
Europe [Member] | Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 160,560 | 122,675 | 325,468 | 237,952 |
Europe [Member] | Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 149,606 | 98,730 | 282,445 | 189,788 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 220,128 | 182,120 | 420,737 | 368,886 |
North America [Member] | EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15,203 | 13,123 | 29,669 | 28,142 |
North America [Member] | Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 34,601 | 36,106 | 68,442 | 69,958 |
North America [Member] | Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 170,324 | 132,891 | 322,626 | 270,786 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 89,936 | 69,452 | 178,417 | 150,902 |
Asia Pacific [Member] | EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 25,035 | 20,438 | 50,729 | 51,766 |
Asia Pacific [Member] | Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 38,377 | 22,782 | 72,695 | 42,056 |
Asia Pacific [Member] | Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 26,524 | 26,232 | 54,993 | 57,080 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 23,369 | 11,010 | 43,949 | 21,955 |
Other [Member] | EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 135 | 189 | 4 | |
Other [Member] | Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,380 | 6,000 | 19,616 | 10,508 |
Other [Member] | Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 12,854 | 5,010 | 24,144 | 11,443 |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (2,022) | (1,111) | (3,631) | (2,174) |
Eliminations [Member] | EFT Processing Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | ||||
Eliminations [Member] | Epay Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | ||||
Eliminations [Member] | Money Transfer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues |
Segment Information (Details Te
Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 58.90% | 8.40% | 99.90% | 11.10% |
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Commitments (Details)
Commitments (Details) | Jun. 30, 2021USD ($) |
Other Commitments [Line Items] | |
Letters of credit outstanding, amount | $ 89,600 |
Collateralized cash deposits | 3,800 |
Credit Facility [Domain] | |
Other Commitments [Line Items] | |
Letters of credit outstanding, amount | 59,500 |
Guarantee Type, Other [Member] | |
Other Commitments [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 11,700 |
Performance Guarantee [Member] | |
Other Commitments [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | 37,600 |
Indemnification Agreement [Member] | |
Other Commitments [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 702,000 |
Leases (Details)
Leases (Details) $ in Thousands | Jun. 30, 2021USD ($) | |
Leases [Abstract] | ||
Remainder of 2021 | $ 24,415 | [1] |
2022 | 43,882 | [1] |
2023 | 33,890 | [1] |
2024 | 25,040 | [1] |
2025 | 17,766 | [1] |
Thereafter | 35,016 | [1] |
Total lease payments | 180,009 | [1] |
Less: imputed interest | 4,307 | |
Present value of lease liabilities | $ 175,702 | [1] |
[1] | Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 14,146 | $ 21,045 | $ 28,004 | $ 54,233 |
Short-term and variable lease expense | 26,921 | 12,281 | 49,471 | 20,961 |
Total lease expense | $ 41,067 | $ 33,326 | $ 77,475 | $ 75,194 |
Leases (Details 2)
Leases (Details 2) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Weighted- average remaining lease term (years) | 5 years 2 months 12 days |
Weighted- average discount rate | 2.30% |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | [1] | $ 26,321 | $ 53,869 |
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: | |||
ROU assets obtained in exchange for new operating lease liabilities | $ 49,270 | $ 52,764 | |
[1] | Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |