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 that, generally, is not recorded on the Company’s Consolidated Balance Sheets. As of September 30, 2017, the balance of cash used in the Company's ATM networks for which the Company was responsible was approximately $283

•

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 that is not recorded on the Company’s Consolidated Balance Sheets. As of September 30, 2019, the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $461 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~~any breach of its computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through its processing systems. The Company maintains systems of internal controls and 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 has entered into purchase and service agreements with vendors and consulting agreements with providers of consulting services, pursuant to which the Company has agreed to indemnify certain of such vendors and consultants, respectively, against third-party claims arising from the Company’s use of the vendor’s product or the services of the vendor or consultant;

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 has agreed to indemnify the seller against third-party claims made against the seller relating to the operating unit or asset and arising after the closing of the transaction, and (ii) in connection with dispositions made by Euronet, Euronet has agreed to indemnify the buyer against damages incurred by the buyer due to the buyer’s reliance on representations and warranties relating to the subject subsidiary, operating unit or business assets in the disposition agreement if such representations or warranties were untrue when made; and

Euronet has entered into agreements with certain third parties, including banks that provide fiduciary and other services to Euronet or to the Company’s benefit plans. Under such agreements, the Company has agreed to indemnify such service providers for third-party claims relating to carrying out their respective duties under such agreements.

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 September 30, ~~2017~~2019 or December 31, ~~2016.~~2018.

~~(12)~~(13) LITIGATION AND CONTINGENCIES

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.

(14) 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. All leases with fixed payments, including leases with an initial term of 12 months or less are recorded on the balance sheet. 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 a majority of the ATM site leases. Since the Company is not reasonably certain to exercise the renewal or terminal options, the options are not considered in determining the lease terms, and associated payment impacts are excluded from lease payments.

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 the operating leases as of September 30, 2019 are:



	As of September 30, 2019
Maturity of Lease Liabilities (in thousands)	Operating Leases
Remainder of 2019	$	31,069
2020	112,601
2021	81,457
2022	56,546
2023	37,171
Thereafter	57,783
Total lease payments	$	376,627
Less: imputed interest	(24,025		)
Present value of lease liabilities	$	352,602

Future minimum lease payments under the non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2018 were:



(in thousands)	Operating Leases
Year ending December 31,
2019	$	80,803
2020	65,590
2021	49,052
2022	37,823
2023	30,192
Thereafter	48,191
Total minimum lease payments	$	311,651

Lease expense recognized in the Consolidated Statements of Income is summarized as follows:



Lease Expense (in thousands)	Income Statement Classification	Three Months Ended September 30, 2019		Nine months ended September 30, 2019
Operating lease expense	Selling, general and administrative and Direct operating costs	$	35,068	$	98,641
Variable lease expense	Selling, general and administrative and Direct operating costs	12,653		31,541
Total lease expense		$	47,721	$	130,182

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 September 30, 2019
Weighted- average remaining lease term (years)	4.5
Weighted- average discount rate	3.1	%

The following table presents supplemental cash flow and non-cash information related to leases:



Other Information (in thousands)	Nine months ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities (a)	$	97,209
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets:
ROU assets obtained in exchange for new operating lease liabilities	$	176,104

(a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The terms "Euronet," the "Company," "we" and "us" as used herein refer to Euronet Worldwide, Inc. and its subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains statements that constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). Generally, the words "believe," "expect," "anticipate," "intend," "estimate," "will" and similar expressions identify forward-looking statements. However, the absence of these words or similar expressions does not mean the statement is not forward-looking. All statements other than statements of historical facts included in this document are forward-looking statements, including, but not limited to, statements regarding the following:

our business plans and financing plans and requirements;

trends affecting our business plans and financing plans and requirements;

trends affecting our business;

the adequacy of capital to meet our capital requirements and expansion plans;

the assumptions underlying our business plans;

our ability to repay indebtedness;

our estimated capital expenditures;

the potential outcome of loss contingencies;

our expectations regarding the closing of any pending acquisitions;

business strategy;

government regulatory action;

the expected effects of changes in laws or accounting standards;

technological advances; and

projected costs and revenues.

Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to be correct.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may materially differ from those in the forward-looking statements as a result of various factors, including, but not limited to, conditions in world financial markets and general economic conditions, including the effects in Europe of the ~~recent Brexit vote~~negotiations related to the United Kingdom's proposed departure from the European Union (E.U.), and economic conditions in specific countries and regions; ~~the effects of demonetization in India;~~ technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; the impact of changes in rules imposed by international card organizations such as Visa and Mastercard on card transactions on ATMs, including reductions in ATM interchange fees, restrictions on the ability to apply direct access fees, the ability to offer DCC transactions on ATMs, and increases in fees charged on DCC transactions; the impact of changes in laws and regulations affecting the profitability of our services, including regulation of DCC transactions or ATM access fees by the E.U.; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, ~~and~~ consumer and data protection and the E.U.'s General Data Privacy Regulation and the Services Payment Directive ("PSD2"), requirements; changes in laws and regulations affecting our business, including tax and immigration ~~laws;~~laws and any laws regulating payments, including DCC transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; general economic, financial and market conditions and the duration and extent of any future economic downturns; the cost of borrowing, availability of credit and terms of and compliance with debt covenants; renewal of sources of funding as they expire and the availability of replacement funding; the outlook for markets we serve; and those factors referred to above and as set forth and more fully described in Part I, Item 1A — Risk Factors of our Annual Report on Form 10-K for the year ended December 31, ~~2016~~.2018 and in Part II, Item 1A-Risk Factors in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and September 30, 2019. Our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are available on the SEC's EDGAR website at www.sec.gov, and copies may also be obtained by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

OVERVIEW

COMPANY OVERVIEW, GEOGRAPHIC LOCATIONS AND PRINCIPAL PRODUCTS AND SERVICES

Euronet is a leading electronic payments provider. We offer payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Our primary product offerings include comprehensive automated teller machine (“ATM”), point-of-sale (“POS”), card outsourcing, card issuing and merchant acquiring ~~services,~~services; software solutions and cloud based payment solutions; electronic distribution of prepaid mobile airtime and other digital media and electronic payment ~~products,~~products; foreign currency exchange services and global money transfer services. We operate in the following three segments:

~~The EFT Processing Segment, which processes transactions for a network of~~ ~~38,105~~ ~~ATMs and approximately~~ ~~227,000~~ POS terminals across Europe, the Middle East and Asia Pacific. We provide comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, dynamic currency conversion ("DCC"), and other value added services. Through this segment, we also offer a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

~~The epay Segment, which provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products. We operate a network of approximately~~ ~~696,000~~ POS terminals providing electronic processing of prepaid mobile airtime top-up services and other electronic payment products in Europe, the Middle East, Asia Pacific, the United States and South America. We also provide vouchers and physical gift fulfillment services in Europe.

The Money Transfer Segment, which provides global consumer-to-consumer money transfer services, primarily under the brand names Ria, IME and xe, and global account-to-account money transfer services under the brand name HiFX. We offer services under the brand names Ria and IME through a network of sending agents, Company-owned stores (primarily in North America, Europe and Malaysia) and Ria branded websites (riamoneytransfer.com and imeremit.com), disbursing money transfers through a worldwide correspondent network that includes approximately ~~332,000~~ locations. xe is a provider of foreign currency exchange information and offers money transfer services on its currency data websites (xe.com and x-rates.com). We offer services under the brand name HiFX through HiFX branded websites and HiFX customer service representatives. In addition to money transfers, we also offer customers bill payment services (primarily in the U.S.), payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services for a wide variety of issued checks, along with competitive foreign currency exchange services and prepaid mobile top-up. Through our HiFM brand, we offer cash management solutions and foreign currency risk management services to small-to-medium sized businesses.

•

The EFT Processing Segment, which processes transactions for a network of 47,209 ATMs and approximately 305,000 POS terminals across Europe, the Middle East, Asia Pacific and the United States. We provide comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, DCC, domestic and international surcharge and other value added services. Through this segment, we also offer a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

•

The epay Segment, which provides distribution, processing and collection services for digital media (formerly referred to as non-mobile content) and prepaid mobile airtime. We operate a network of approximately 710,000 POS terminals providing electronic processing of digital media and prepaid mobile airtime top-up services in Europe, the Middle East, Asia Pacific, the United States and South America. We also provide vouchers and physical gift fulfillment services in Europe.

•

The Money Transfer Segment, which provides global consumer-to-consumer money transfer services, primarily under the brand names Ria, IME and xe. xe also provides global account-to-account money transfer services. We offer services under the brand names Ria and IME through a network of sending agents, Company-owned stores (primarily in North America, Europe and Malaysia) and Ria branded websites (riamoneytransfer.com and online.imeremit.com), disbursing money transfers through a worldwide correspondent network that includes approximately 389,000 locations. xe offers money transfer services on its websites (xe.com and x-rates.com) and through its customer service representatives. The xe websites also provide foreign currency exchange information. In addition to money transfers, we also offer customers bill payment services (primarily in the U.S.), payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services for a wide variety of issued checks, along with competitive foreign currency exchange services and prepaid mobile top-up. We offer services under the brand name xe through our websites (www.xe.com and https://transfer.xe.com). Through our HiFM brand, we offer cash management solutions and foreign currency risk management services to small-to-medium sized businesses.

We have six processing centers in Europe, five in Asia Pacific and two in North America. We have 3536 principal offices in Europe, 1114 in Asia Pacific, nine in North America, three in the Middle East, two in South America and one in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 74% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations.

SOURCES OF REVENUES AND CASH FLOW

Euronet primarily earns revenues and income from ATM management fees, transaction fees, commissions and foreign currency exchange margin. Each operating segment’s sources of revenues are described below.

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately ~~35%~~40% and ~~30%~~34% of total consolidated revenues for the third quarter and first nine months of ~~2017,~~2019, respectively, are primarily derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing, and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

epay Segment — Revenues in the epay Segment, which represented approximately ~~29%~~24% and ~~31%~~26% of total consolidated revenues for the third quarter and first nine months of ~~2017,~~2019, respectively, are derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other ~~electronic payment~~digital media products, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time as compared with other ~~electronic products~~digital media has decreased over time, and ~~non-mobile content~~digital media now produces approximately ~~67%~~62% of epay Segment revenues. Other ~~electronic payment~~digital media products offered by this segment include digital content such as music, games and software, as well as other products, including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer. Agreements with mobile operators and prepaid content providers are important to the success of our business and these agreements permit us to distribute prepaid mobile airtime and other electronic payment products to retailers.

Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 36% and ~~39%~~40% of total consolidated revenues for the third quarter and first nine months of ~~2017,~~2019, respectively, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe, and Malaysia, and Ria, xe and ~~HiFX~~xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.

The Company offers a money transfer product called Walmart-2-Walmart Money Transfer Service which allows customers to transfer money to and from Walmart stores in the U.S. Our Ria business executes the transfers with Walmart serving as both the sending agent and payout correspondent. Ria earns a lower margin from these transactions than its traditional money transfers; however, the arrangement has added a significant number of transactions to Ria’s business. The agreement with Walmart establishes Ria as the only party through which Walmart will sell U.S. domestic money transfers branded with Walmart marks. The agreement ~~had an initial term of three years from the launch date of April 2014, and was renewed for an additional three years~~is effective until April ~~2020 and~~2020. Thereafter, it will automatically renew for subsequent one year terms unless either party provides notice to the contrary. The agreement imposes certain obligations on each party, the most significant being service level requirements by Ria and money transfer compliance requirements by Walmart. Any violation of these requirements by Ria could result in an obligation to indemnify Walmart or termination of the contract by Walmart. However, the agreement allows the parties to resolve disputes by mutual agreement without termination of the agreement.

Corporate Services, Eliminations and Other - In addition to operating in our principal operating segments described above, our “Corporate Services, Eliminations and Other” category includes non-operating activity, certain inter-segment eliminations and the cost of providing corporate and other administrative services to the operating segments, including most share-based compensation expense. These services are not directly identifiable with our reportable operating segments.

OPPORTUNITIES AND CHALLENGES

Our expansion plans and opportunities are focused on eight primary areas:

increasing the number of ATMs and cash deposit terminals in our independent networks;

increasing transactions processed on our network of owned and operated ATMs and POS devices;

signing new outsourced ATM and POS terminal management contracts;

expanding value added services and other products offered by our EFT Processing Segment, including the sale of DCC, acquiring and other prepaid card services to banks and retailers;

expanding our epay processing network and portfolio of digital content;

expanding our money transfer services, cross-currency payment products and bill payment network;

expanding our cash management solutions and foreign currency risk management services; and

developing our credit and debit card outsourcing business.

EFT Processing Segment — The continued expansion and development of our EFT Processing Segment business will depend on various factors including, but not necessarily limited to, the following:

the impact of competition by banks and other ATM operators and service providers in our current target markets;

the demand for our ATM outsourcing services in our current target markets;

our ability to develop products or services, including value added services, to drive increases in transactions and revenues;

the expansion of our various business lines in markets where we operate and in new markets;

our entry into additional card acceptance and ATM management agreements with banks;

our ability to obtain required licenses in markets we intend to enter or expand services;

our ability to enter into sponsorship agreements;

our ability to enter into and renew ATM network cash supply agreements with financial institutions;

the availability of financing for expansion;

our ability to efficiently to install ATMs contracted under newly awarded outsourcing agreements;

our ability to renew existing contracts at profitable rates;

our ability to maintain pricing at current levels or mitigate price reductions in certain markets;

the impact of changes in rules imposed by international card organizations such as Visa and Mastercard on card transactions on ATMs, including reductions in ATM interchange ~~fees;~~fees, restrictions on the ability to apply direct access fees, the ability to offer DCC transactions on ATMs, and increases in fees charged on DCC transactions;

the impact of changes in laws and regulations affecting the profitability of our services, including regulation of DCC transactions or ATM access fees by the E.U.;

our ability to expand and sign additional customers for the cross-border merchant processing and acquiring business; and

the continued development and implementation of our software products and their ability to interact with other leading products.

We consistently evaluate and add prospects to our list of potential ATM outsource customers. However, we cannot predict the increase or decrease in the number of ATMs we manage under outsourcing agreements because this depends largely on the willingness of banks to enter into outsourcing contracts with us. Due to the thorough internal reviews and extensive negotiations conducted by existing and prospective banking customers in choosing outsource vendors, the process of entering into or renewing outsourcing agreements can take several months. The process is further complicated by the legal and regulatory considerations of local countries. These agreements tend to cover large numbers of ATMs, so significant increases and decreases in our pool of managed ATMs could result from the acquisition or termination of one or more of these management contracts. Therefore, the timing of both current and new contract revenues is uncertain and unpredictable.

Software products are an integral part of our product lines, and our investment in research, development, delivery and customer support reflects our ongoing commitment to an expanded customer base.

epay Segment — The continued expansion and development of the epay Segment business will depend on various factors, including, but not necessarily limited to, the following:

our ability to maintain and renew existing agreements, and to negotiate new agreements in additional markets with mobile operators, digital content providers, agent financial institutions and retailers;

our ability to use existing expertise and relationships with mobile operators, digital content providers and retailers to our advantage;

the continued use of third-party providers such as ourselves to supply electronic processing solutions for existing and additional digital content;

the development of mobile phone networks in the markets in which we do business and the increase in the number of mobile phone users;

the overall pace of growth in the prepaid mobile phone and digital content market, including consumer shifts between prepaid and postpaid ~~services;~~services and moves by mobile operators to sell prepaid mobile airtime directly to consumers;

the effect of competition among mobile operators on the cost of mobile data and airtime which results in fewer or less frequent purchases of prepaid mobile airtime by consumers;

our market share of the retail distribution capacity;

the development of new technologies that may compete with POS distribution of prepaid mobile airtime and other products;

the level of commission that is paid to the various intermediaries in the electronic payment distribution chain;

our ability to fully recover monies collected by retailers;

our ability to add new and differentiated products in addition to those offered by mobile operators;

our ability to develop and effectively market additional value added services;

our ability to take advantage of cross-selling opportunities with our EFT Processing and Money Transfer Segments, including providing money transfer services through our distribution network; and

the availability of financing for further expansion.

In all of the markets in which we operate, we are experiencing significant competition which will impact the rate at which we may be able to grow organically. Competition among prepaid mobile airtime and digital content distributors results in the increase of commissions paid to retailers and increases in retailer attrition rates. To grow, we must capture market share from other prepaid mobile airtime and digital content distributors, offer a superior product offering and demonstrate the value of a global network. In certain markets in which we operate, many of the factors that may contribute to rapid growth (growth in ~~electronic payment~~digital media products, expansion of our network of retailers and access to products of mobile operators and other ~~content~~digital media providers) remain present.

Money Transfer Segment — The continued expansion and development of our Money Transfer Segment business will depend on various factors, including, but not necessarily limited to, the following:

the continued growth in worker migration and employment opportunities;

the mitigation of economic and political factors that have had an adverse impact on money transfer volumes, such as changes in the economic sectors in which immigrants work and the developments in immigration policies in the countries in which we operate;

the continuation of the trend of increased use of electronic money transfer and bill payment services among high-income individuals, immigrant workers and the unbanked population in our markets;

our ability to maintain our agent and correspondent networks;

our ability to offer our products and services or develop new products and services at competitive prices to drive increases in transactions;

the development of new technologies that may compete with our money transfer ~~network;~~network, and our ability to acquire, develop and implement new technologies;

the expansion of our services in markets where we operate and in new markets;

our ability to strengthen our brands;

our ability to fund working capital requirements;

our ability to recover from agents funds collected from customers and our ability to recover advances made to correspondents;

our ability to maintain compliance with the regulatory requirements of the jurisdictions in which we operate or plan to operate;

our ability to take advantage of cross-selling opportunities with the epay Segment, including providing prepaid services through our stores and agents worldwide;

our ability to leverage our banking and merchant/retailer relationships to expand money transfer corridors to Europe, Asia and Africa, including high growth corridors to Central and Eastern European countries;

the availability of financing for further expansion;

the ability to maintain banking relationships necessary for us to service our customers;

our ability to successfully expand our agent network in Europe using our payment institution licenses under the ~~Payment Services Directive~~PSD2 and using our various licenses in the United States; and

our ability to provide additional value-added products under the xe brand.

For all segments, our continued expansion may involve additional acquisitions that could divert our resources and management time and require integration of new assets with our existing networks and services. Our ability to effectively manage our growth has required us to expand our operating systems and employee base, particularly at the management level, which has

added incremental operating costs. An inability to continue to effectively manage expansion could have a material adverse effect on our business, growth, financial condition or results of operations. Inadequate technology and resources would impair our ability to maintain current processing technology and efficiencies, as well as deliver new and innovative services to compete in the marketplace.

SEGMENT SUMMARY RESULTS OF OPERATIONS

Revenues and operating income by segment for the three and nine months ended September 30, ~~2017~~2019 and ~~2016~~2018 are summarized in the tables below:


	Revenues for the Three Months Ended September 30,						Year-over-Year Change					Revenues for the Nine Months Ended September 30,						Year-over-Year Change					Revenues for the Three Months Ended September 30,						Year-over-Year Change					Revenues for the Nine Months Ended September 30,						Year-over-Year Change
(dollar amounts in thousands)	2017			2016			Increase (Decrease) Amount			Increase Percent		2017			2016			Increase (Decrease) Amount			Increase Percent		2019			2018			Increase (Decrease) Amount			Increase Percent		2019			2018			Increase (Decrease) Amount			Increase Percent
EFT Processing	$	226,321		$	152,586		$	73,735		48	%	$	488,030		$	354,282		$	133,748		38	%	$	316,188		$	261,736		$	54,452		21	%	$	693,837		$	592,333		$	101,504		17	%
epay	184,234			167,226			17,008			10	%	512,531			497,945			14,586			3	%	191,071			185,431			5,640			3	%	551,345			528,739			22,606			4	%
Money Transfer	228,105			204,611			23,494			11	%	649,205			587,664			61,541			10	%	280,837			268,291			12,546			5	%	814,201			768,943			45,258			6	%
Total	638,660			524,423			114,237			22	%	1,649,766			1,439,891			209,875			15	%	788,096			715,458			72,638			10	%	2,059,383			1,890,015			169,368			9	%
Corporate services, eliminations and other	(826		)	(398		)	(428		)	108	%	(1,989		)	(1,105		)	(884		)	80	%	(1,110		)	(953		)	(157		)	16	%	(3,021		)	(2,771		)	(250		)	9	%
Total	$	637,834		$	524,025		$	113,809		22	%	$	1,647,777		$	1,438,786		$	208,991		15	%	$	786,986		$	714,505		$	72,481		10	%	$	2,056,362		$	1,887,244		$	169,118		9	%


	Operating Income (Expense) for the Three Months Ended September 30,						Year-over-Year Change					Operating Income (Expense) for the Nine Months Ended September 30,						Year-over-Year Change					Operating Income (Expense) for the Three Months Ended September 30,						Year-over-Year Change					Operating Income (Expense) for the Nine Months Ended September 30,						Year-over-Year Change
(dollar amounts in thousands)	2017			2016			Increase (Decrease)Amount			Increase (Decrease) Percent		2017			2016			Increase (Decrease)Amount			Increase (Decrease) Percent		2019			2018			Increase (Decrease) Amount			Increase Percent		2019			2018			Increase Amount			Increase (Decrease) Percent
EFT Processing	$	86,797		$	59,438		$	27,359		46	%	$	137,090		$	100,596		$	36,494		36	%	$	150,901		$	110,399		$	40,502		37	%	$	244,185		$	174,868		$	69,317		40	%
epay	15,650			14,795			855			6	%	44,361			46,681			(2,320		)	(5	)%	20,063			16,426			3,637			22	%	55,617			49,650			5,967			12	%
Money Transfer	24,356			25,183			(827		)	(3	)%	75,355			72,578			2,777			4	%	35,648			34,251			1,397			4	%	101,768			93,316			8,452			9	%
Total	126,803			99,416			27,387			28	%	256,806			219,855			36,951			17	%	206,612			161,076			45,536			28	%	401,570			317,834			83,736			26	%
Corporate services, eliminations and other	(9,902		)	(8,948		)	(954		)	11	%	(31,928		)	(28,188		)	(3,740		)	13	%	(12,622		)	(10,163		)	(2,459		)	24	%	(33,589		)	(31,081		)	(2,508		)	8	%
Total	$	116,901		$	90,468		$	26,433		29	%	$	224,878		$	191,667		$	33,211		17	%	$	193,990		$	150,913		$	43,077		29	%	$	367,981		$	286,753		$	81,228		28	%



Delaware		74-2806888
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

3500 College Boulevard
Leawood,	Kansas	66211
(Address of principal executive offices)		(Zip Code)



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



Large accelerated filer þ☑	Accelerated filer o	Non-accelerated filer o~~(Do not check if a smaller reporting company)~~
Smaller reporting companyo	☐
Emerging growth companyo		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



		Page
PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	3
	Consolidated Balance Sheets as of September 30, ~~2017~~2019 and December 31, ~~2016~~2018	3
	Consolidated Statements of Income for the Three and Nine Months Ended September 30, ~~2017~~2019 and ~~2016~~2018	4
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, ~~2017~~2019 and ~~2016~~2018	5
	Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2019 and 2018	6
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, ~~2017~~2019 and ~~2016~~2018	68
	Notes to the Unaudited Consolidated Financial Statements	79
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	1924
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3743
Item 4.	Controls and Procedures	3844
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	3844
Item 1A.	Risk Factors	3945
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3945
Item 6.	Exhibits	3946

	Signatures	4047


	As of						As of
	September 30, 2017			December 31, 2016			September 30, 2019			December 31, 2018
	(unaudited)						(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,062,241		$	734,414		$	1,730,855		$	1,054,357
Restricted cash	113,617			77,674			63,900			76,595
Inventory — PINs and other	49,108			78,115
Trade accounts receivable, net of allowances for doubtful accounts of $20,033 at September 30, 2017 and $18,369 at December 31, 2016	547,383			502,989
Trade accounts receivable, net of allowances for doubtful accounts of $26,219 at September 30, 2019 and $24,287 at December 31, 2018							662,997			693,616
Prepaid expenses and other current assets	152,913			191,796			275,503			263,019
Total current assets	1,925,262			1,584,988			2,733,255			2,087,587
Property and equipment, net of accumulated depreciation of $325,521 at September 30, 2017 and $262,470 at December 31, 2016	250,436			202,145
Operating right of use lease assets							361,747			—
Property and equipment, net of accumulated depreciation of $382,965 at September 30, 2019 and $373,180 at December 31, 2018							321,802			291,869
Goodwill	743,860			689,713			685,991			704,197
Acquired intangible assets, net of accumulated amortization of $176,495 at September 30, 2017 and $150,347 at December 31, 2016	155,155			165,331
Other assets, net of accumulated amortization of $42,549 at September 30, 2017 and $36,984 at December 31, 2016	103,208			70,695
Acquired intangible assets, net of accumulated amortization of $201,801 at September 30, 2019 and $190,920 at December 31, 2018							96,236			114,485
Other assets, net of accumulated amortization of $43,530 at September 30, 2019 and $50,821 at December 31, 2018							115,093			123,017
Total assets	$	3,177,921		$	2,712,872		$	4,314,124		$	3,321,155
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable	$	365,952		$	456,682		$	450,866		$	528,913
Accrued expenses and other current liabilities	704,200			615,153			748,434			712,012
Current portion of capital lease obligations	4,977			3,293
Current portion of operating lease liabilities							122,211			—
Short-term debt obligations and current maturities of long-term debt obligations	136,896			32,161			18,626			38,017
Income taxes payable	41,883			27,611			53,323			40,159
Deferred revenue	45,218			44,200			57,261			59,293
Total current liabilities	1,299,126			1,179,100			1,450,721			1,378,394
Debt obligations, net of current portion	592,924			561,663			1,067,672			589,782
Capital lease obligations, net of current portion	9,168			6,969
Operating lease liabilities, net of current portion							230,391			—
Deferred income taxes	46,361			44,079			56,032			57,145
Other long-term liabilities	32,828			20,504			63,756			62,992
Total liabilities	1,980,407			1,812,315			2,868,572			2,088,313
Equity:
Euronet Worldwide, Inc. stockholders’ equity:
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued	—			—			—			—
Common Stock, $0.02 par value. 90,000,000 shares authorized; 58,758,343 issued at September 30, 2017 and 58,389,242 issued at December 31, 2016	1,175			1,168
Common Stock, $0.02 par value. 90,000,000 shares authorized; 62,599,954 issued at September 30, 2019 and 59,897,309 issued at December 31, 2018							1,252			1,198
Additional paid-in-capital	1,065,987			1,045,663			1,179,413			1,104,264
Treasury stock, at cost, 6,088,055 shares at September 30, 2017 and 6,085,841 shares at December 31, 2016	(216,843		)	(215,462		)
Treasury stock, at cost, 8,359,459 shares at September 30, 2019 and 8,077,311 shares at December 31, 2018							(433,282		)	(391,551		)
Retained earnings	459,887			278,842			910,108			669,805
Accumulated other comprehensive loss	(113,523		)	(210,662		)	(211,853		)	(151,043		)
Total Euronet Worldwide, Inc. stockholders’ equity	1,196,683			899,549			1,445,638			1,232,673
Noncontrolling interests	831			1,008			(86		)	169
Total equity	1,197,514			900,557			1,445,552			1,232,842
Total liabilities and equity	$	3,177,921		$	2,712,872		$	4,314,124		$	3,321,155



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



o☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended September 30,						Nine Months Ended September 30,						Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016			2019			2018			2019			2018
Revenues	$	637,834		$	524,025		$	1,647,777		$	1,438,786		$	786,986		$	714,505		$	2,056,362		$	1,887,244
Operating expenses:
Direct operating costs	364,815			300,159			978,768			853,544			405,081			388,236			1,152,725			1,093,072
Salaries and benefits	82,134			71,899			232,617			212,974			101,354			93,108			292,699			270,537
Selling, general and administrative	49,279			41,379			139,708			121,678			58,715			55,787			160,704			158,156
Acquired intangible assets impairment	—			—			2,286			—
Depreciation and amortization	24,705			20,120			69,520			58,923			27,846			26,461			82,253			78,726
Total operating expenses	520,933			433,557			1,422,899			1,247,119			592,996			563,592			1,688,381			1,600,491
Operating income	116,901			90,468			224,878			191,667			193,990			150,913			367,981			286,753
Other income (expense):
Interest income	380			349			2,009			1,244			568			288			1,424			1,000
Interest expense	(9,534		)	(7,724		)	(25,058		)	(20,968		)	(9,093		)	(11,269		)	(27,321		)	(28,936		)
Foreign currency exchange gain (loss), net	8,179			(1,527		)	21,035			(1,299		)
Other gains	—			—			35			19,903
Loss on early retirement of debt													—			—			(9,831		)	—
Loss from unconsolidated affiliates													—			—			—			(117		)
Foreign currency exchange loss, net													(10,967		)	(2,704		)	(7,880		)	(21,459		)
Other (losses) gains													—			(34		)	(4		)	26
Other expense, net	(975		)	(8,902		)	(1,979		)	(1,120		)	(19,492		)	(13,719		)	(43,612		)	(49,486		)
Income before income taxes	115,926			81,566			222,899			190,547			174,498			137,194			324,369			237,267
Income tax expense	(15,573		)	(20,784		)	(43,130		)	(45,104		)	(36,957		)	(34,937		)	(84,244		)	(65,031		)
Net income	100,353			60,782			179,769			145,443			137,541			102,257			240,125			172,236
Net (income) loss attributable to noncontrolling interests	(63		)	(49		)	9			61
Net loss attributable to noncontrolling interests													66			466			178			623
Net income attributable to Euronet Worldwide, Inc.	$	100,290		$	60,733		$	179,778		$	145,504		$	137,607		$	102,723		$	240,303		$	172,859

Earnings per share attributable to Euronet Worldwide, Inc. stockholders:
Basic	$	1.91		$	1.16		$	3.43		$	2.78		$	2.53		$	2.01		$	4.52		$	3.36
Diluted	$	1.80		$	1.11		$	3.23		$	2.66		$	2.46		$	1.89		$	4.40		$	3.17

Weighted average shares outstanding:
Basic	52,590,837			52,134,500			52,463,511			52,293,808			54,449,256			51,182,502			53,180,850			51,436,228
Diluted	55,784,485			54,523,211			55,582,583			54,641,388			55,972,061			54,263,892			54,622,219			54,521,262



	Number of Shares Outstanding		Common Stock		Additional Paid-in Capital		Treasury Stock
Balance as of December 31, 2017	52,808,158		$	1,178	$	1,072,005	$	(217,161	)
Net income (loss)
Other comprehensive income
Stock issued under employee stock plans	116,358		2		2,468		(1,237		)
Share-based compensation					4,029
Repurchase of shares	(1,418,895	)					(125,000		)
Balance as of March 31, 2018	51,505,621		1,180		1,078,502		(343,398		)
Net income (loss)
Other comprehensive loss
Stock issued under employee stock plans	89,954		1		1,484		260
Share-based compensation					4,550
Repurchase of shares	(613,704	)					(50,000		)
Balance as of June 30, 2018	50,981,871		1,181		1,084,536		(393,138		)
Net income (loss)
Other comprehensive loss
Stock issued under employee stock plans	476,783		10		5,977		1,043
Share-based compensation					4,018
Balance as of September 30, 2018	51,458,654		$	1,191	$	1,094,531	$	(392,095	)



	Retained Earnings		Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total
Balance as of December 31, 2017	$	436,954	$	(94,458	)	$	960		$	1,199,478
Net income (loss)	26,413					(69		)	26,344
Other comprehensive income			22,894			54			22,948
Stock issued under employee stock plans									1,233
Share-based compensation									4,029
Repurchase of shares									(125,000		)
Balance as of March 31, 2018	463,367		(71,564		)	945			1,129,032
Net income (loss)	43,724					(88		)	43,636
Other comprehensive loss			(58,442		)	(91		)	(58,533		)
Stock issued under employee stock plans									1,745
Share-based compensation									4,550
Repurchase of shares									(50,000		)
Balance as of June 30, 2018	507,091		(130,006		)	766			1,070,430
Net income (loss)	102,722					(465		)	102,257
Other comprehensive loss			(4,599		)	(15		)	(4,614		)
Stock issued under employee stock plans									7,030
Share-based compensation									4,018
Balance as of September 30, 2018	$	609,813	$	(134,605	)	$	286		$	1,070,430



(in thousands)	Acquired Intangible Assets			Goodwill			Total Intangible Assets
Balance as of December 31, 2018	$	114,485		$	704,197		$	818,682
Increases (decreases):
Acquisition	—			686			686
Amortization	(15,320		)	—			(15,320		)
Other (primarily changes in foreign currency exchange rates)	(2,929		)	(18,892		)	(21,821		)
Balance as of September 30, 2019	$	96,236		$	685,991		$	782,227



	As of
(in thousands)	September 30, 2019		December 31, 2018
Money transfer settlement obligations	$	353,400	$	310,710
Accrued expenses	267,788		293,864
Accrued amounts due to mobile operators and other content providers	70,330		65,878
Derivative liabilities	50,973		36,102
Current portion of capital lease obligations	5,943		5,458
Total	$	748,434	$	712,012



	As of
(in thousands)	September 30, 2017		December 31, 2016
Accrued expenses	$	278,078	$	210,275
Money transfer settlement obligations	289,640		219,601
Accrued amounts due to mobile operators and other content providers	104,535		121,505
Derivative liabilities	31,947		63,772
Total	$	704,200	$	615,153



	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in thousands)	Balance Sheet Location	September 30, 2019		December 31, 2018		Balance Sheet Location	September 30, 2019			December 31, 2018
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Prepaid expenses and other current assets	$	61,649	$	44,637	Accrued expenses and other current liabilities	$	(50,973	)	$	(36,102	)


							Gross Amounts Not Offset in the Consolidated Balance Sheet														Gross Amounts Not Offset in the Consolidated Balance Sheet
As of September 30, 2017	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
As of September 30, 2019															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	$	44,603	$	—	$	44,603	$	(20,071	)	$	(8,268	)	$	16,264	$	61,649	$	—	$	61,649	$	(39,867	)	$	(4,631	)	$	17,151

As of December 31, 2016
As of December 31, 2018
Derivatives subject to a master netting arrangement or similar agreement	$	75,307	$	—	$	75,307	$	(49,752	)	$	(7,562	)	$	17,993	$	44,637	$	—	$	44,637	$	(25,187	)	$	(9,918	)	$	9,532



									Gross Amounts Not Offset in the Consolidated Balance Sheet
As of September 30, 2019	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	$	(50,973	)	$	—	$	(50,973	)	$	39,867	$	1,671	$	(9,435	)

As of December 31, 2018
Derivatives subject to a master netting arrangement or similar agreement	$	(36,102	)	$	—	$	(36,102	)	$	25,187	$	2,048	$	(8,867	)



		Amount of Gain Recognized in Income on Derivative Contracts (a)
	Location of Gain (Loss) Recognized in Income on Derivative Contracts	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2019		2018		2019		2018
Foreign currency exchange contracts	Foreign currency exchange gain, net	$	285	$	2,058	$	619	$	10,438



		Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a)
	Location of Gain (Loss) Recognized in Income on Derivative Contracts	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)		2017		2016			2017			2016
Foreign currency exchange contracts	Foreign currency exchange gain (loss), net	$	3,062	$	(1,825	)	$	(3,007	)	$	(646	)


2)	Through the epay Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and ~~other electronic payment~~digital media products in Europe, the Middle East, Asia Pacific, the United States and South America.



	For the Three Months Ended September 30, 2019
(in thousands)	EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other			Consolidated
Total revenues	$	316,188	$	191,071	$	280,837	$	(1,110	)	$	786,986
Operating expenses:
Direct operating costs	111,116		145,410		149,663		(1,108		)	405,081
Salaries and benefits	23,936		15,188		51,555		10,675			101,354
Selling, general and administrative	12,191		8,838		35,820		1,866			58,715
Depreciation and amortization	18,044		1,572		8,151		79			27,846
Total operating expenses	165,287		171,008		245,189		11,512			592,996
Operating income (expense)	$	150,901	$	20,063	$	35,648	$	(12,622	)	$	193,990


	For the Three Months Ended September 30, 2016											For the Nine Months Ended September 30, 2019
(in thousands)	EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other			Consolidated		EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other			Consolidated
Total revenues	$	152,586	$	167,226	$	204,611	$	(398	)	$	524,025	$	693,837	$	551,345	$	814,201	$	(3,021	)	$	2,056,362
Operating expenses:
Direct operating costs	62,401		128,212		109,944		(398		)	300,159		300,460		419,362		435,901		(2,998		)	1,152,725
Salaries and benefits	12,954		13,352		38,365		7,228			71,899		64,706		44,939		155,424		27,630			292,699
Selling, general and administrative	7,642		8,133		23,924		1,680			41,379		32,022		26,314		96,660		5,708			160,704
Depreciation and amortization	10,151		2,734		7,195		40			20,120		52,464		5,113		24,448		228			82,253
Total operating expenses	93,148		152,431		179,428		8,550			433,557		449,652		495,728		712,433		30,568			1,688,381
Operating income (expense)	$	59,438	$	14,795	$	25,183	$	(8,948	)	$	90,468	$	244,185	$	55,617	$	101,768	$	(33,589	)	$	367,981



	Property and Equipment, net as of				Total Assets as of
(in thousands)	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
EFT Processing	$	237,627	$	215,106	$	1,766,369	$	1,220,141
epay	35,251		31,172		761,862		780,220
Money Transfer	48,865		45,517		1,532,493		1,310,775
Corporate Services, Eliminations and Other	59		74		253,400		10,019
Total	$	321,802	$	291,869	$	4,314,124	$	3,321,155



	Average Translation Rate Three Months Ended September 30,				Increase (Decrease) Percent			Average Translation Rate Nine Months Ended September 30,							Increase (Decrease) Percent			Average Translation Rate Three Months Ended September 30,							Decrease Percent			Average Translation Rate Nine Months Ended September 30,							Decrease Percent
Currency (dollars per foreign currency)	2017		2016				2017				2016				Increase (Decrease) Percent		2019				2018				Decrease Percent		2019				2018				Decrease Percent
Australian dollar	$	0.7896	$	0.7577	Increase (Decrease) Percent	4	%		$	0.7661			$	0.7418		3	%		$	0.6852			$	0.7311		(6	)%		$	0.6993			$	0.7579		(8	)%
British pound	$	1.3091	$	1.3125	—	%		$	1.2756			$	1.3931		(8	)%		$	1.2326			$	1.3027		(5	)%		$	1.2734			$	1.3516		(6	)%
euro	$	1.1754	$	1.1156	5	%		$	1.1136			$	1.1162		—	%		$	1.1114			$	1.1624		(4	)%		$	1.1235			$	1.1944		(6	)%
Hungarian forint	$	0.0038	$	0.0036	6	%		$	0.0036			$	0.0036		—	%		$	0.0034			$	0.0036		(6	)%		$	0.0035			$	0.0038		(8	)%
Indian rupee	$	0.0156	$	0.0149	5	%		$	0.0153			$	0.0149		3	%		$	0.0142			$	0.0143		(1	)%		$	0.0143			$	0.0149		(4	)%
Malaysian ringgit	$	0.2347	$	0.2472	(5	)%		$	0.2302			$	0.2452		(6	)%		$	0.2403			$	0.2444		(2	)%		$	0.2420			$	0.2509		(4	)%
New Zealand dollar	$	0.7309	$	0.7221	1	%		$	0.7156			$	0.6922		3	%		$	0.6483			$	0.6684		(3	)%		$	0.6640			$	0.6999		(5	)%
Polish zloty	$	0.2762	$	0.2573	7	%		$	0.2613			$	0.2563		2	%		$	0.2573			$	0.2702		(5	)%		$	0.2613			$	0.2814		(7	)%



Subsidiary	Percent Owned	Segment - Country
Movilcarga	95%	epay - Spain
Euronet China	85%	EFT - China
Euronet Pakistan	70%	EFT - Pakistan
~~Universal Solution Providers (1)~~Euronet Infinitium Solutions	~~100%~~65%	EFT - ~~UAE~~India


	Nine Months Ended September 30,						Nine Months Ended September 30,
Liquidity	2017			2016			2019			2018
Cash and cash equivalents provided by (used in):
Cash and cash equivalents and restricted cash provided by (used in):
Operating activities	$	230,496		$	217,491		$	364,379		$	192,573
Investing activities	(74,023		)	(55,581		)	(104,401		)	(99,369		)
Financing activities	126,615			31,234			461,632			247,087
Effect of foreign currency exchange rate changes on cash and cash equivalents	44,739			10,634
Increase in cash and cash equivalents	$	327,827		$	203,778
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash							(57,807		)	(38,084		)
Increase in cash and cash equivalents and restricted cash							$	663,803		$	302,207



Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Programs (in thousands) (1)
July 1 - July 31, 2019	—	$	—	—	$	320,000
August 1 - August 31, 2019	—	—		—	320,000
September 1 - September 30, 2019	275,181	144.45		275,181	280,249
Total	275,181	$	144.45	275,181



Exhibit		Description

12.1*		~~Computation of Ratio of Earnings to Fixed Charges~~
31.1*		Section 302 — Certification of Chief Executive Officer
31.2*		Section 302 — Certification of Chief Financial Officer
32.1**		Section 906 — Certification of Chief Executive Officer
32.2**		Section 906 — Certification of Chief Financial Officer
101*		The following materials from Euronet Worldwide, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, ~~2017,~~2019, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at September 30, ~~2017~~2019 (unaudited) and December 31, ~~2016,~~2018, (ii) Consolidated Statements of Income (unaudited) for the three months and nine months ended September 30, ~~2017~~2019 and ~~2016,~~2018, (iii) Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, ~~2017~~2019 and ~~2016,~~2018, (iv) Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended September 30, 2019 and 2018 (v) Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, ~~2017~~2019 and ~~2016,~~2018, and ~~(v)~~(vi) Notes to the Unaudited Consolidated Financial Statements.



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


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