Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | EURONET WORLDWIDE INC | |
Entity Central Index Key | 1029199 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 51,878,731 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $480,712 | $468,010 |
Restricted cash | 42,097 | 68,028 |
Inventory - PINs and other | 67,145 | 85,675 |
Trade accounts receivable, net of allowances for doubtful accounts of $19,503 at March 31, 2015 and $20,546 at December 31, 2014 | 298,190 | 375,579 |
Prepaid expenses and other current assets | 147,954 | 108,624 |
Total current assets | 1,036,098 | 1,105,916 |
Property and equipment, net of accumulated depreciation of $233,414 at March 31, 2015 and $239,607 at December 31, 2014 | 121,775 | 125,307 |
Goodwill | 560,747 | 599,863 |
Acquired intangible assets, net of accumulated amortization of $114,790 at March 31, 2015 and $113,183 at December 31, 2014 | 144,270 | 158,267 |
Other assets, net of accumulated amortization of $31,837 at March 31, 2015 and $30,276 at December 31, 2014 | 60,147 | 62,206 |
Total assets | 1,923,037 | 2,051,559 |
Current liabilities: | ||
Trade accounts payable | 318,535 | 445,984 |
Accrued expenses and other current liabilities | 392,834 | 336,361 |
Current portion of capital lease obligations | 2,186 | 2,216 |
Short-term debt obligations and current maturities of long-term debt obligations | 10,453 | 11,156 |
Income taxes payable | 12,224 | 19,248 |
Deferred revenue | 31,837 | 33,916 |
Total current liabilities | 768,069 | 848,881 |
Debt obligations, net of current portion | 411,686 | 410,368 |
Capital lease obligations, net of current portion | 3,177 | 2,148 |
Deferred income taxes | 37,164 | 38,959 |
Other long-term liabilities | 17,478 | 18,391 |
Total liabilities | 1,237,574 | 1,318,747 |
Euronet Worldwide, Inc. stockholders' equity: | ||
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.02 par value. 90,000,000 shares authorized; 56,804,302 issued at March 31, 2015 and 56,464,187 issued at December 31, 2014 | 1,136 | 1,129 |
Additional paid-in-capital | 961,481 | 955,715 |
Treasury stock, at cost, 4,950,682 shares at March 31, 2015 and 4,867,420 shares at December 31, 2014 | -138,695 | -133,788 |
Retained earnings | 12,797 | 5,619 |
Accumulated other comprehensive loss | -153,098 | -97,922 |
Total Euronet Worldwide, Inc. stockholders' equity | 683,621 | 730,753 |
Noncontrolling interests | 1,842 | 2,059 |
Total equity | 685,463 | 732,812 |
Total liabilities and equity | $1,923,037 | $2,051,559 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $19,503 | $20,546 |
Accumulated depreciation of property and equipment | 233,414 | 239,607 |
Accumulated amortization of intangible assets | 114,790 | 113,153 |
Accumulated amortization of other assets | $31,837 | $30,276 |
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 | 56,804,302 | 56,464,187 |
Treasury Stock, shares | 4,950,682 | 4,867,420 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $395,162 | $353,315 |
Operating expenses: | ||
Direct operating costs | 251,357 | 226,338 |
Salaries and benefits | 60,328 | 53,574 |
Selling, general and administrative | 34,034 | 32,871 |
Depreciation and amortization | 17,280 | 16,150 |
Total operating expenses | 362,999 | 328,933 |
Operating income | 32,163 | 24,382 |
Other income (expense): | ||
Interest income | 609 | 532 |
Interest expense | -5,698 | -1,988 |
Foreign currency exchange loss, net | -12,952 | -1,269 |
Other expense, net | -18,041 | -2,725 |
Income before income taxes | 14,122 | 21,657 |
Income tax expense | -6,997 | -5,724 |
Net income | 7,125 | 15,933 |
Net loss attributable to noncontrolling interests | 53 | 89 |
Net income attributable to Euronet Worldwide, Inc. | $7,178 | $16,022 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - basic | $0.14 | $0.32 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - diluted | $0.13 | $0.30 |
Weighted average number of shares outstanding - basic | 51,673,160 | 50,788,219 |
Weighted average number of shares outstanding - diluted | 53,625,641 | 52,763,650 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $7,125 | $15,933 |
Translation adjustment | -55,340 | 3,199 |
Comprehensive (loss) income | -48,215 | 19,132 |
Comprehensive loss attributable to noncontrolling interests | 217 | 88 |
Comprehensive (loss) income attributable to Euronet Worldwide, Inc. | ($47,998) | $19,220 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $7,125 | $15,933 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,280 | 16,150 |
Share-based compensation | 2,875 | 3,137 |
Unrealized foreign exchange loss, net | 12,952 | -1,269 |
Deferred income taxes | -612 | -1,661 |
Accretion of convertible debt discount and amortization of debt issuance costs | 3,014 | 297 |
Changes in working capital, net of amounts acquired: | ||
Income taxes payable, net | -5,092 | -2,223 |
Restricted cash | 22,726 | 8,405 |
Inventory - PINs and other | 12,874 | 28,665 |
Trade accounts receivable | 51,155 | 75,110 |
Prepaid expenses and other current assets | -43,700 | 11,450 |
Trade accounts payable | -100,741 | -94,149 |
Deferred revenue | 548 | 449 |
Accrued expenses and other current liabilities | 75,558 | -8,467 |
Changes in noncurrent assets and liabilities | -1,461 | 1,232 |
Net cash provided by operating activities | 54,501 | 53,059 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -13,433 | -11,049 |
Purchases of other long-term assets | -1,806 | -1,327 |
Other, net | 456 | 131 |
Net cash used in investing activities | -14,783 | -12,245 |
Cash flows from financing activities: | ||
Proceeds from issuance of shares | 2,350 | 2,045 |
Repurchas of shares | -4,997 | -560 |
Borrowings from revolving credit agreements | 252 | 413,913 |
Repayments of revolving credit agreements | 0 | -371,600 |
Repayments of long-term debt obligations | -938 | -2,000 |
Repayments of capital lease obligations | -697 | -629 |
Repayments of short-term debt obligations, net | -600 | -1,337 |
Other, net | 262 | -28 |
Net cash provided by (used in) provided by financing activities | -4,368 | 39,804 |
Effect of exchange rate changes on cash and cash equivalents | -22,648 | 1,856 |
Increase in cash and cash equivalents | 12,702 | 82,474 |
Cash and cash equivalents at beginning of period | 468,010 | 209,826 |
Cash and cash equivalents at end of period | 480,712 | 292,300 |
Interest paid during the period | 1,118 | 803 |
Income taxes paid during the period | $11,944 | $8,207 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | GENERAL |
Organization | |
Euronet Worldwide, Inc. (together with its subsidiaries, the “Company” or “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 of normal interim closing procedures) necessary to present fairly on a consolidated basis the financial position of the Company as of March 31, 2015, the results of its operations for the three months ended March 31, 2015 and 2014 and cash flows for the three months ended March 31, 2015 and 2014. 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, 2014, including the notes thereto, set forth in the Company’s 2014 Annual Report on Form 10-K. Certain amounts in prior years have been reclassified to conform to the current year's presentation. | |
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 reported 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, 2015. | |
Seasonality | |
Euronet’s EFT Processing Segment experiences its heaviest demand for dynamic currency conversion services during the third quarter of the fiscal year, coinciding with tourism season. Additionally, the EFT Processing and epay Segments are 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 regions 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 experiences its lowest transaction levels during the first quarter of each year. |
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
Recently Issued | |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest ("ASU 2015-03"), which requires that transaction costs related to the issuance of debt be deducted from the carrying value of the financial liability and not recorded as separate assets. ASU 2015-03 will become effective for the Company on January 1, 2016 and early adoption is permitted. The guidance is to be applied on a retrospective basis. Euronet has debt issuance costs which will be reclassified upon adoption of the guidance, but it is not expected to have a significant impact on the Company's financial position and it will have no impact upon the Company's results of operations or cash flows. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In April 2015, the FASB voted for a one-year deferral of the effective of the new revenue recognition standard. If approved, the new standard will become effective for the Company on January 1, 2018 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||
Stockholders' Equity | STOCKHOLDERS' EQUITY | |||||
Earnings Per Share | ||||||
Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for any 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 debentures. The following table provides the computation of diluted weighted average number of common shares outstanding: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Computation of diluted weighted average shares outstanding: | ||||||
Basic weighted average shares outstanding | 51,673,160 | 50,788,219 | ||||
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 1,952,481 | 1,975,431 | ||||
Diluted weighted average shares outstanding | 53,625,641 | 52,763,650 | ||||
The table includes the impact of all stock options and restricted stock that are dilutive to the Company’s weighted average common shares outstanding during the three months ended March 31, 2015 and 2014. The calculation of diluted earnings 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 991,000 and 763,000 for the three months ended March 31, 2015 and 2014, respectively. | ||||||
During the three months ended March 31, 2015, the Company had convertible notes outstanding that, if converted, would have had a potentially dilutive effect on its common stock. At issuance, the Company stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion value in excess of the principal value. As of March 31, 2015, and currently, the Company maintains the intent and ability to settle any conversion as stated. Accordingly, the convertible notes would only have a dilutive effect if the market price per share of common stock exceeds the conversion price per share of common stock. Therefore, according to Accounting Standards Codification ("ASC") Topic 260, Earnings per Share, these notes were not dilutive to earnings per share for the three months ended March 31, 2015. See Note 6, Debt Obligations, for more information about the convertible notes. | ||||||
Accumulated Other Comprehensive Loss | ||||||
Accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation loss of $55.3 million and a gain of $3.2 million for the three months ended March 31, 2015 and 2014, respectively. There were no reclassifications of foreign currency translation into the consolidated statements of income for the three months ended March 31, 2015 and 2014. |
Goodwill_and_Acquired_Intangib
Goodwill and Acquired Intangible Assets, Net | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET | GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET | ||||||||||||
A summary of acquired intangible assets and goodwill activity for the three months ended March 31, 2015 is presented below: | |||||||||||||
(in thousands) | Acquired | Goodwill | Total | ||||||||||
Intangible | Intangible | ||||||||||||
Assets | Assets | ||||||||||||
Balance as of December 31, 2014 | $ | 158,267 | $ | 599,863 | $ | 758,130 | |||||||
Decreases: | |||||||||||||
Amortization | (6,192 | ) | — | (6,192 | ) | ||||||||
Other (primarily changes in foreign currency exchange rates) | (7,805 | ) | (39,116 | ) | (46,921 | ) | |||||||
Balance as of March 31, 2015 | $ | 144,270 | $ | 560,747 | $ | 705,017 | |||||||
Estimated amortization expense on intangible assets with finite lives, before income taxes, as of March 31, 2015, is expected to total $14.3 million for the remainder of 2015, $19.0 million for 2016, $17.1 million for 2017, $15.0 million for 2018, $14.3 million for 2019 and $13.9 million for 2020. | |||||||||||||
The Company’s annual goodwill impairment test is performed during the fourth quarter of its fiscal year. The annual impairment test for the year ended December 31, 2014 resulted in no impairment charge. | |||||||||||||
Determining the fair value of reporting units requires significant management judgment in estimating future cash flows and assessing potential market and economic conditions. It is reasonably possible that the Company’s operations will not perform as expected, or that the estimates or assumptions included in the 2014 annual impairment test could change, which may result in the Company recording material non-cash impairment charges during the year in which these changes take place. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
As of | |||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Accrued expenses | $ | 181,731 | $ | 137,543 | |||||
Money transfer settlement obligations | 83,032 | 96,795 | |||||||
Accrued amounts due to mobile operators and other content providers | 63,912 | 64,839 | |||||||
Derivative liabilities | 63,249 | 36,439 | |||||||
Deferred income taxes | 910 | 745 | |||||||
Total | $ | 392,834 | $ | 336,361 | |||||
Debt_Obligations
Debt Obligations | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
DEBT OBLIGATIONS [Abstract] | |||||||||||||||||||||||||
DEBT OBLIGATIONS | DEBT OBLIGATIONS | ||||||||||||||||||||||||
A summary of debt obligation activity for the three months ended March 31, 2015 is presented below: | |||||||||||||||||||||||||
(in thousands) | Revolving | Other Debt | Capital | 1.50% | Term Loan A | Total | |||||||||||||||||||
Credit | Obligations | Leases | Convertible | ||||||||||||||||||||||
Facilities | Debentures | ||||||||||||||||||||||||
Due 2044 | |||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 5,316 | $ | 6,035 | $ | 4,364 | $ | 337,986 | $ | 72,187 | $ | 425,888 | |||||||||||||
Increases (decreases): | |||||||||||||||||||||||||
Net borrowings (repayments) | 252 | (600 | ) | 1,264 | — | (938 | ) | (22 | ) | ||||||||||||||||
Accretion | — | — | — | 2,425 | — | 2,425 | |||||||||||||||||||
Capital lease interest | — | — | 86 | — | — | 86 | |||||||||||||||||||
Foreign currency exchange loss (gain) | 48 | (572 | ) | (351 | ) | — | — | (875 | ) | ||||||||||||||||
Balance as of March 31, 2015 | 5,616 | 4,863 | 5,363 | 340,411 | 71,249 | 427,502 | |||||||||||||||||||
Less — current maturities | — | (4,828 | ) | (2,186 | ) | — | (5,625 | ) | (12,639 | ) | |||||||||||||||
Long-term obligations as of March 31, 2015 | $ | 5,616 | $ | 35 | $ | 3,177 | $ | 340,411 | $ | 65,624 | $ | 414,863 | |||||||||||||
Credit Facility | |||||||||||||||||||||||||
As of March 31, 2015, the Company had a $675 million senior secured credit facility (the "Credit Facility") consisting of a $600 million revolving credit facility and a $75 million term loan ("Term Loan A"), which had been reduced to $71.2 million through principal amortization payments. The Credit Facility expires April 9, 2019. | |||||||||||||||||||||||||
Interest on borrowings under the revolving credit facility and Term Loan A varies based upon the Company's consolidated total leverage ratio, as defined in the Company's credit agreement, and during the first quarter of 2015 was based on a margin over the London Inter-Bank Offered Rate (“LIBOR”) rate or a margin over a base rate, as selected by the Company, with the applicable margin ranging from 1.375% to 2.375% for LIBOR loans or 0.375% to 1.375% for base rate loans. Accordingly, the weighted average interest rate for borrowings outstanding under the Company's revolving credit facility and Term Loan A was 10.75% and 1.80%, respectively, as of March 31, 2015, excluding amortization of deferred financing costs. | |||||||||||||||||||||||||
Convertible Debt | |||||||||||||||||||||||||
On October 30, 2014, the Company completed the sale of $402.5 million of Convertible Senior Notes due 2044 (“Convertible Notes”). The Convertible Notes have an interest rate of 1.5% per annum payable semi-annually in April and October, and are convertible into shares of Euronet Common Stock at a conversion price of approximately $72.18 per share if certain conditions are met (relating to the closing prices 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 at par on October 1, 2020, and have additional options to require the Company to purchase their notes at par on October 1, 2024, 2029, 2034, and 2039, or upon a change in control of the Company. In connection with the issuance of the Convertible Notes, the Company recorded $10.7 million in debt issuance costs, which are being amortized through October 1, 2020. | |||||||||||||||||||||||||
In accordance with Accounting Standards Codification ("ASC") 470-20-30-27, proceeds from the issuance of convertible debt are 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 $66.1 million. | |||||||||||||||||||||||||
Contractual interest expense was $1.5 million and accretion expense was $2.4 million for the three months ended March 31, 2015. The effective interest rate was 4.7% for the three months ended March 31, 2015. As of March 31, 2015, the unamortized discount was $62.1 million, and will be amortized through October 1, 2020. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 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) short-term borrowings that are payable in currencies other than the U.S dollar. 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 Topic 815, Derivatives and Hedging, 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 | |||||||||||||||||||||||||
In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to 14 days, 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. | |||||||||||||||||||||||||
As of March 31, 2015, the Company had foreign currency forward contracts outstanding in the U.S. with a notional value of $119 million, primarily in Australian dollars, Canadian dollars, British pounds, euros and Mexican pesos. | |||||||||||||||||||||||||
Foreign currency exchange contracts - HiFX Operations | |||||||||||||||||||||||||
HiFX 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. HiFX 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 HiFX's total portfolio of positions were $15.7 million for the three months ended March 31, 2015. All of the derivative contracts used in the Company' s HiFX operations are economic hedges and are not designated as hedges under ASC Topic 815, Derivatives and Hedging. The duration of these derivative contracts is generally less than one year. | |||||||||||||||||||||||||
The fair value of HiFX'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. HiFX 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. HiFX does not expect any significant losses from counterparty defaults. | |||||||||||||||||||||||||
The aggregate equivalent U.S. dollar notional amounts of foreign currency derivative customer contracts held by the Company in its HiFX operations as of March 31, 2015 was approximately $802 million. The majority of customer contracts are written in major currencies such as the euro, Canadian dollar, British pound, and Australian 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 | March 31, 2015 | December 31, 2014 | Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | 68,452 | $ | 41,151 | Other current liabilities | $ | (63,249 | ) | $ | (36,439 | ) | |||||||||||||
The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of March 31, 2015 | 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 | $ | 68,452 | $ | — | $ | 68,452 | $ | (48,290 | ) | $ | (8,053 | ) | $ | 12,109 | |||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 41,151 | $ | — | $ | 41,151 | $ | (28,113 | ) | $ | (5,279 | ) | $ | 7,759 | |||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of March 31, 2015 | 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 | $ | (63,249 | ) | $ | — | $ | (63,249 | ) | $ | 48,290 | $ | 4,233 | $ | (10,726 | ) | ||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | (36,439 | ) | $ | — | $ | (36,439 | ) | $ | 28,113 | $ | 176 | $ | (8,150 | ) | ||||||||||
Income Statement Presentation | |||||||||||||||||||||||||
The following tables summarize the location and amount of gains and losses of derivatives in the Consolidated Statements of Income for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) | |||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivative Contracts | Three Months Ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Foreign currency exchange contracts - Ria Operations | Foreign currency exchange loss, net | $ | 1,889 | $ | (747 | ) | |||||||||||||||||||
(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its HiFX 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 8, Fair Value Measurements, for the determination of the fair values of derivatives. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | ||||||||||||||||||
Fair value measurements used in the 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 March 31, 2015 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | — | $ | 68,452 | $ | — | $ | 68,452 | ||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (63,249 | ) | $ | — | $ | (63,249 | ) | ||||||||
As of December 31, 2014 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | — | $ | 41,151 | $ | — | $ | 41,151 | ||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (36,439 | ) | $ | — | $ | (36,439 | ) | ||||||||
Other Fair Value Disclosures | |||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses and other current obligations approximate their fair values because of the relatively short-term maturities of these financial instruments. The carrying values of the Company’s long-term debt (other than the Convertible Notes), including the current portion, approximate fair value because interest is primarily based on LIBOR, which resets at various intervals of less than one year. The Company estimates the fair value of the Convertible Notes using quoted prices in inactive markets for identical liabilities (Level 2). As of March 31, 2015 and December 31, 2014, the fair values of the convertible notes were $432.3 million and $408.0 million, respectively, with carrying values of $340.4 million and $338.0 million, respectively. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | ||||||||||||||||||||
The Company’s reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting. The Company currently operates in the following three reportable operating segments: | |||||||||||||||||||||
1) | Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East and Asia Pacific. The Company provides comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, dynamic currency conversion and other value added services. Through this segment, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. | ||||||||||||||||||||
2) | Through the epay Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the United States and South America. | ||||||||||||||||||||
3) | Through the Money Transfer Segment, the Company provides global money transfer services under the brand names Ria and HiFX. Ria provides global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and a Company-owned website, disbursing money transfers through a worldwide correspondent network. HiFX offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. 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. The Company provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses under the brand name HiFM. | ||||||||||||||||||||
In addition, the Company accounts for non-operating activity, most 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 months ended March 31, 2015 and 2014: | |||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 74,680 | $ | 175,925 | $ | 144,806 | $ | (249 | ) | $ | 395,162 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 39,129 | 137,217 | 75,220 | (209 | ) | 251,357 | |||||||||||||||
Salaries and benefits | 11,006 | 12,045 | 31,093 | 6,184 | 60,328 | ||||||||||||||||
Selling, general and administrative | 5,770 | 8,013 | 17,961 | 2,290 | 34,034 | ||||||||||||||||
Depreciation and amortization | 7,405 | 3,077 | 6,728 | 70 | 17,280 | ||||||||||||||||
Total operating expenses | 63,310 | 160,352 | 131,002 | 8,335 | 362,999 | ||||||||||||||||
Operating income (expense) | $ | 11,370 | $ | 15,573 | $ | 13,804 | $ | (8,584 | ) | $ | 32,163 | ||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 74,605 | $ | 185,064 | $ | 94,000 | $ | (354 | ) | $ | 353,315 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 37,338 | 143,341 | 45,972 | (313 | ) | 226,338 | |||||||||||||||
Salaries and benefits | 11,095 | 13,594 | 23,310 | 5,575 | 53,574 | ||||||||||||||||
Selling, general and administrative | 6,102 | 9,087 | 16,145 | 1,537 | 32,871 | ||||||||||||||||
Depreciation and amortization | 7,296 | 4,146 | 4,633 | 75 | 16,150 | ||||||||||||||||
Total operating expenses | 61,831 | 170,168 | 90,060 | 6,874 | 328,933 | ||||||||||||||||
Operating income (expense) | $ | 12,774 | $ | 14,896 | $ | 3,940 | $ | (7,228 | ) | $ | 24,382 | ||||||||||
The following table presents the Company’s property and equipment and total assets by reportable segment: | |||||||||||||||||||||
Property and Equipment, net as of | Total Assets as of | ||||||||||||||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||
EFT Processing | $ | 71,545 | $ | 72,749 | $ | 396,003 | $ | 390,398 | |||||||||||||
epay | 22,323 | 24,859 | 593,175 | 754,448 | |||||||||||||||||
Money Transfer | 27,722 | 27,528 | 863,072 | 837,360 | |||||||||||||||||
Corporate Services, Eliminations and Other | 185 | 171 | 70,787 | 69,353 | |||||||||||||||||
Total | $ | 121,775 | $ | 125,307 | $ | 1,923,037 | $ | 2,051,559 | |||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | INCOME TAXES |
The Company's effective income tax rates were 49.5% and 26.4% for the three months ended March 31, 2015 and 2014, respectively. The effective income tax rate for the three months ended March 31, 2015 was significantly influenced by foreign currency exchange losses. Excluding this item from pre-tax income, as well as the related tax effect, the effective income tax rate for the three months ended March 31, 2015 was comparable to the rate for the three months ended March 31, 2014. | |
The Company's effective income tax rates for the three months ended March 31, 2015, as adjusted for foreign currency exchange losses, and 2014 were lower than the applicable statutory income tax rate of 35% primarily because of the Company's U.S. income tax positions. The Company does not have a history of significant taxable income in the U.S.; therefore, the Company has recorded a valuation allowance against its U.S. federal tax net operating loss carryforwards. Accordingly, in instances when the Company's U.S. legal entities generate pre-tax U.S. GAAP income, no income tax expense is recognized to the extent there are net operating loss carryforwards to offset pre-tax U.S. GAAP income. |
Commitments
Commitments | 3 Months Ended | |
Mar. 31, 2015 | ||
Other Commitments [Line Items] | ||
Commitments | COMMITMENTS | |
As of March 31, 2015, the Company had $73.9 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $41.5 million are outstanding under the revolving 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 March 31, 2015, the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $14.4 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $24.0 million over the terms of agreements with the customers. | ||
Once each of Euronet's subsidiaries reaches a certain size, it is required under the Credit Agreement to provide a guarantee of all or a portion of the outstanding obligations under the Credit Agreement depending upon whether the subsidiary is a domestic or foreign entity. | ||
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 that is not recorded on the Company’s Consolidated Balance Sheets. As of March 31, 2015, the balance of ATM network cash for which the Company was responsible was approximately $390 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 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 March 31, 2015 or December 31, 2014. |
Litigation_and_Contingencies
Litigation and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingencies [Line Items] | |
Litigation and Contingencies | LITIGATION AND CONTINGENCIES |
Contingencies | |
Unclaimed property compliance - In September 2013, the Company entered into a voluntary disclosure agreement with the Secretary of State of the State of Delaware to determine compliance with Delaware unclaimed property laws. Types of property under examination include, but are not limited to, certain unmatched receipts from money transfer agents, payroll checks, accounts payable checks and accounts receivable credits for the period 1996 through 2007. The total amount of exposure of this contingency is dependent upon the manner in which the State of Delaware applies its unclaimed property laws. The Company does not currently expect the outcome of this matter to have a material adverse effect on the Company's consolidated financial condition or results of operations. | |
Legal Proceedings | |
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 proceeding 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. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies and Practices [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest ("ASU 2015-03"), which requires that transaction costs related to the issuance of debt be deducted from the carrying value of the financial liability and not recorded as separate assets. ASU 2015-03 will become effective for the Company on January 1, 2016 and early adoption is permitted. The guidance is to be applied on a retrospective basis. Euronet has debt issuance costs which will be reclassified upon adoption of the guidance, but it is not expected to have a significant impact on the Company's financial position and it will have no impact upon the Company's results of operations or cash flows. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In April 2015, the FASB voted for a one-year deferral of the effective of the new revenue recognition standard. If approved, the new standard will become effective for the Company on January 1, 2018 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Stocholders_Equity_Tables
Stocholders' Equity (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table provides the computation of diluted weighted average number of common shares outstanding: | |||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Computation of diluted weighted average shares outstanding: | ||||||
Basic weighted average shares outstanding | 51,673,160 | 50,788,219 | ||||
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 1,952,481 | 1,975,431 | ||||
Diluted weighted average shares outstanding | 53,625,641 | 52,763,650 | ||||
Goodwill_and_Acquired_Intangib1
Goodwill and Acquired Intangible Assets, Net (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | A summary of acquired intangible assets and goodwill activity for the three months ended March 31, 2015 is presented below: | ||||||||||||
(in thousands) | Acquired | Goodwill | Total | ||||||||||
Intangible | Intangible | ||||||||||||
Assets | Assets | ||||||||||||
Balance as of December 31, 2014 | $ | 158,267 | $ | 599,863 | $ | 758,130 | |||||||
Decreases: | |||||||||||||
Amortization | (6,192 | ) | — | (6,192 | ) | ||||||||
Other (primarily changes in foreign currency exchange rates) | (7,805 | ) | (39,116 | ) | (46,921 | ) | |||||||
Balance as of March 31, 2015 | $ | 144,270 | $ | 560,747 | $ | 705,017 | |||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |||||||||
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | Accrued expenses and other current liabilities consist of the following: | ||||||||
As of | |||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Accrued expenses | $ | 181,731 | $ | 137,543 | |||||
Money transfer settlement obligations | 83,032 | 96,795 | |||||||
Accrued amounts due to mobile operators and other content providers | 63,912 | 64,839 | |||||||
Derivative liabilities | 63,249 | 36,439 | |||||||
Deferred income taxes | 910 | 745 | |||||||
Total | $ | 392,834 | $ | 336,361 | |||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
DEBT OBLIGATIONS [Abstract] | |||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | A summary of debt obligation activity for the three months ended March 31, 2015 is presented below: | ||||||||||||||||||||||||
(in thousands) | Revolving | Other Debt | Capital | 1.50% | Term Loan A | Total | |||||||||||||||||||
Credit | Obligations | Leases | Convertible | ||||||||||||||||||||||
Facilities | Debentures | ||||||||||||||||||||||||
Due 2044 | |||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 5,316 | $ | 6,035 | $ | 4,364 | $ | 337,986 | $ | 72,187 | $ | 425,888 | |||||||||||||
Increases (decreases): | |||||||||||||||||||||||||
Net borrowings (repayments) | 252 | (600 | ) | 1,264 | — | (938 | ) | (22 | ) | ||||||||||||||||
Accretion | — | — | — | 2,425 | — | 2,425 | |||||||||||||||||||
Capital lease interest | — | — | 86 | — | — | 86 | |||||||||||||||||||
Foreign currency exchange loss (gain) | 48 | (572 | ) | (351 | ) | — | — | (875 | ) | ||||||||||||||||
Balance as of March 31, 2015 | 5,616 | 4,863 | 5,363 | 340,411 | 71,249 | 427,502 | |||||||||||||||||||
Less — current maturities | — | (4,828 | ) | (2,186 | ) | — | (5,625 | ) | (12,639 | ) | |||||||||||||||
Long-term obligations as of March 31, 2015 | $ | 5,616 | $ | 35 | $ | 3,177 | $ | 340,411 | $ | 65,624 | $ | 414,863 | |||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 | March 31, 2015 | December 31, 2014 | Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | 68,452 | $ | 41,151 | Other current liabilities | $ | (63,249 | ) | $ | (36,439 | ) | |||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of March 31, 2015 | 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 | $ | 68,452 | $ | — | $ | 68,452 | $ | (48,290 | ) | $ | (8,053 | ) | $ | 12,109 | |||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 41,151 | $ | — | $ | 41,151 | $ | (28,113 | ) | $ | (5,279 | ) | $ | 7,759 | |||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of March 31, 2015 | 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 | $ | (63,249 | ) | $ | — | $ | (63,249 | ) | $ | 48,290 | $ | 4,233 | $ | (10,726 | ) | ||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | (36,439 | ) | $ | — | $ | (36,439 | ) | $ | 28,113 | $ | 176 | $ | (8,150 | ) | ||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following tables summarize the location and amount of gains and losses of derivatives in the Consolidated Statements of Income for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) | |||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivative Contracts | Three Months Ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Foreign currency exchange contracts - Ria Operations | Foreign currency exchange loss, net | $ | 1,889 | $ | (747 | ) | |||||||||||||||||||
(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its HiFX 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) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis: | ||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | — | $ | 68,452 | $ | — | $ | 68,452 | ||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (63,249 | ) | $ | — | $ | (63,249 | ) | ||||||||
As of December 31, 2014 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | — | $ | 41,151 | $ | — | $ | 41,151 | ||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (36,439 | ) | $ | — | $ | (36,439 | ) | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present the Company’s reportable segment results for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 74,680 | $ | 175,925 | $ | 144,806 | $ | (249 | ) | $ | 395,162 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 39,129 | 137,217 | 75,220 | (209 | ) | 251,357 | |||||||||||||||
Salaries and benefits | 11,006 | 12,045 | 31,093 | 6,184 | 60,328 | ||||||||||||||||
Selling, general and administrative | 5,770 | 8,013 | 17,961 | 2,290 | 34,034 | ||||||||||||||||
Depreciation and amortization | 7,405 | 3,077 | 6,728 | 70 | 17,280 | ||||||||||||||||
Total operating expenses | 63,310 | 160,352 | 131,002 | 8,335 | 362,999 | ||||||||||||||||
Operating income (expense) | $ | 11,370 | $ | 15,573 | $ | 13,804 | $ | (8,584 | ) | $ | 32,163 | ||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 74,605 | $ | 185,064 | $ | 94,000 | $ | (354 | ) | $ | 353,315 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 37,338 | 143,341 | 45,972 | (313 | ) | 226,338 | |||||||||||||||
Salaries and benefits | 11,095 | 13,594 | 23,310 | 5,575 | 53,574 | ||||||||||||||||
Selling, general and administrative | 6,102 | 9,087 | 16,145 | 1,537 | 32,871 | ||||||||||||||||
Depreciation and amortization | 7,296 | 4,146 | 4,633 | 75 | 16,150 | ||||||||||||||||
Total operating expenses | 61,831 | 170,168 | 90,060 | 6,874 | 328,933 | ||||||||||||||||
Operating income (expense) | $ | 12,774 | $ | 14,896 | $ | 3,940 | $ | (7,228 | ) | $ | 24,382 | ||||||||||
The following table presents the Company’s property and equipment and total assets by reportable segment: | |||||||||||||||||||||
Property and Equipment, net as of | Total Assets as of | ||||||||||||||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||||||||
EFT Processing | $ | 71,545 | $ | 72,749 | $ | 396,003 | $ | 390,398 | |||||||||||||
epay | 22,323 | 24,859 | 593,175 | 754,448 | |||||||||||||||||
Money Transfer | 27,722 | 27,528 | 863,072 | 837,360 | |||||||||||||||||
Corporate Services, Eliminations and Other | 185 | 171 | 70,787 | 69,353 | |||||||||||||||||
Total | $ | 121,775 | $ | 125,307 | $ | 1,923,037 | $ | 2,051,559 | |||||||||||||
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders' Equity [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 991,000 | 763,000 |
Translation adjustment | ($55,340) | $3,199 |
Stockholders_Equity_Earnings_P
Stockholders' Equity Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted average number of shares outstanding - basic | 51,673,160 | 50,788,219 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,952,481 | 1,975,431 |
Weighted Average Number of Shares Outstanding, Diluted | 53,625,641 | 52,763,650 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill | $560,747 | $599,863 |
Goodwill_and_Acquired_Intangib2
Goodwill and Acquired Intangible Assets, Net (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ||
Finite-Lived Intangible Assets, Net | $144,270,000 | $158,267,000 |
Finite-Lived Intangible Assets, Amortization Expense | -6,192,000 | |
Finite-lived intangible assets, other changes | -7,805,000 | |
Goodwill | 560,747,000 | 599,863,000 |
Goodwill, Other Changes | -39,116,000 | |
Intangible Assets, Net (Including Goodwill) | 705,017,000 | 758,130,000 |
Total intangible assets amortization expense | -6,192,000 | |
Total intangible assets, other changes | -46,921,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 14,300,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 19,000,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 17,100,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 15,000,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 14,300,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $13,900,000 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ||
Accrued expenses | $181,731 | $137,543 |
Accrued amounts due to mobile operators and other content providers | 63,912 | 64,839 |
Money transfer settlement obligations | 83,032 | 96,795 |
Derivative liabilities | 63,249 | 36,439 |
Deferred income taxes | 910 | 745 |
Accrued expenses and other current liabilities | $392,834 | $336,361 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Oct. 30, 2014 | Apr. 09, 2014 | |
Debt Instrument [Line Items] | ||||
Term Loan A | $71,249,000 | $72,187,000 | ||
Revolving Credit Facility, Interest Rate at Period End | 10.75% | |||
Term Loan A, Weighted Average Interest Rate | 1.80% | |||
Debt Instrument, Face Amount | 402,500,000 | |||
Debt Instrument, Convertible, Conversion Price | $72.18 | |||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 66,100,000 | |||
Amortization of Debt Discount (Premium) | 2,425,000 | |||
Minimum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.38% | |||
Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.38% | |||
Maximum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.38% | |||
Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.38% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | |||
Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan A | 75,000,000 | |||
Senior Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 675,000,000 | |||
Credit Facility Expiration Date | 9-Apr-19 | |||
1.5% Issue [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Issuance Cost | 10,700,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||
Interest Expense, Debt | 1,500,000 | |||
Amortization of Debt Discount (Premium) | 2,400,000 | |||
Debt Instrument, Interest Rate During Period | 4.70% | |||
Debt Instrument, Unamortized Discount | $62,100,000 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Total Debt [Roll Forward] | ||
Revolving Credit Facility | $5,616 | $5,316 |
Other Debt | 4,863 | 6,035 |
Capital Lease Obligations | 5,363 | 4,364 |
Convertible Debt | 340,411 | 337,986 |
Term Loan A | 71,249 | 72,187 |
Total Debt and Capital Lease Obligations | 427,502 | 425,888 |
Other Debt, Current | -4,828 | |
Capital Lease Obligations, Current | -2,186 | -2,216 |
Term Loan A, Current | -5,625 | |
Total Debt and Capital Lease, Current | -12,639 | |
Revolving Credit Facility, Noncurrent | 5,616 | |
Other Notes Payable, Noncurrent | 35 | |
Capital Lease Obligations, Noncurrent | 3,177 | 2,148 |
Convertible Debt, Noncurrent | 340,411 | |
Term Loan A, Noncurrent | 65,624 | |
Total Debt and Capital Lease, Noncurrent | 414,863 | |
Amortization of Debt Discount (Premium) | 2,425 | |
Revolving Credit Facility [Member] | ||
Total Debt [Roll Forward] | ||
Net borrowings (repayments) | 252 | |
Foreign currency exchange gain | 48 | |
Short-term Debt, Type [Domain] | ||
Total Debt [Roll Forward] | ||
Net borrowings (repayments) | -600 | |
Foreign currency exchange gain | -572 | |
Capital Lease Obligations [Member] | ||
Total Debt [Roll Forward] | ||
Net borrowings (repayments) | 1,264 | |
Capital Leases Interest | 86 | |
Foreign currency exchange gain | -351 | |
Term Loan A [Member] | ||
Total Debt [Roll Forward] | ||
Net borrowings (repayments) | -938 | |
Foreign currency exchange gain | 0 | |
Total debt [Member] | ||
Total Debt [Roll Forward] | ||
Net borrowings (repayments) | -22 | |
Capital Leases Interest | 86 | |
Foreign currency exchange gain | ($875) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Ria Operations [Member] | Foreign Exchange Contracts [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | 119 |
HiFX Operations [Member] | Foreign Exchange Contracts [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | 802 |
Maximum [Member] | Ria Operations [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Foreign currency forward contract term | 14 days |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments, Asset at Fair Value | $68,452 | $41,151 |
Foreign Currency Derivative Instruments, Liability at Fair Value | ($63,249) | ($36,439) |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ||
Derivative Assets, Fair Value, Gross Assets | $68,452 | $41,151 |
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 68,452 | 41,151 |
Derivative Asset, Not Offset, Policy Election Deduction | -48,290 | -28,113 |
Cash Collateral Received | -8,053 | -5,279 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12,109 | 7,759 |
Derivative Liability, Fair Value, Gross Liability | -63,249 | -36,439 |
Gross Amount of Eligible Offsetting Recognized Derivative Assets | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -63,249 | -36,439 |
Derivative Liability, Not Offset, Policy Election Deduction | 48,290 | 28,113 |
Cash Collateral Paid | 4,233 | 176 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | ($10,726) | ($8,150) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Ria Operations [Member] | Foreign Currency Gain (Loss) [Member] | ||
Derivative Instruments, Loss [Line Items] | ||
Gain (loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $1,889 | ($747) |
HiFX Operations [Member] | Trading Revenue [Member] | ||
Derivative Instruments, Loss [Line Items] | ||
Foreign Currency Exchange Margin | $15,700 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Debt, Fair Value Disclosures | $432,300,000 | $408,000,000 |
Convertible Debt | 340,411,000 | 337,986,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 68,452,000 | 41,151,000 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -63,249,000 | -36,439,000 |
Fair Value, Measurements, 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 | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, 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 | 68,452,000 | 41,151,000 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -63,249,000 | -36,439,000 |
Fair Value, Measurements, 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 | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $0 | $0 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Revenues | $395,162 | $353,315 | |
Direct operating costs | 251,357 | 226,338 | |
Salaries and benefits | 60,328 | 53,574 | |
Selling, general and administrative | 34,034 | 32,871 | |
Depreciation and amortization | 17,280 | 16,150 | |
Total operating expenses | 362,999 | 328,933 | |
Operating income (expense) | 32,163 | 24,382 | |
Property, Plant and Equipment, Net | 121,775 | 125,307 | |
Assets | 1,923,037 | 2,051,559 | |
Eft Processing Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 74,680 | 74,605 | |
Direct operating costs | 39,129 | 37,338 | |
Salaries and benefits | 11,006 | 11,095 | |
Selling, general and administrative | 5,770 | 6,102 | |
Depreciation and amortization | 7,405 | 7,296 | |
Total operating expenses | 63,310 | 61,831 | |
Operating income (expense) | 11,370 | 12,774 | |
Property, Plant and Equipment, Net | 71,545 | 72,749 | |
Assets | 396,003 | 390,398 | |
Epay Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 175,925 | 185,064 | |
Direct operating costs | 137,217 | 143,341 | |
Salaries and benefits | 12,045 | 13,594 | |
Selling, general and administrative | 8,013 | 9,087 | |
Depreciation and amortization | 3,077 | 4,146 | |
Total operating expenses | 160,352 | 170,168 | |
Operating income (expense) | 15,573 | 14,896 | |
Property, Plant and Equipment, Net | 22,323 | 24,859 | |
Assets | 593,175 | 754,448 | |
Money Transfer Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 144,806 | 94,000 | |
Direct operating costs | 75,220 | 45,972 | |
Salaries and benefits | 31,093 | 23,310 | |
Selling, general and administrative | 17,961 | 16,145 | |
Depreciation and amortization | 6,728 | 4,633 | |
Total operating expenses | 131,002 | 90,060 | |
Operating income (expense) | 13,804 | 3,940 | |
Property, Plant and Equipment, Net | 27,722 | 27,528 | |
Assets | 863,072 | 837,360 | |
Corporate Services, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | -249 | -354 | |
Direct operating costs | -209 | -313 | |
Salaries and benefits | 6,184 | 5,575 | |
Selling, general and administrative | 2,290 | 1,537 | |
Depreciation and amortization | 70 | 75 | |
Total operating expenses | 8,335 | 6,874 | |
Operating income (expense) | -8,584 | -7,228 | |
Property, Plant and Equipment, Net | 185 | 171 | |
Assets | $70,787 | $69,353 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income taxes [Line Items] | ||
Effective Income Tax Rate | 49.50% | 26.40% |
Federal Statutory Income Tax Rate | 35.00% | 35.00% |
Commitments_Details
Commitments (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | $73.90 |
Revolving Credit Facility [Member] | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | 41.5 |
Cash and Cash Equivalents [Member] | |
Other Commitments [Line Items] | |
Pledged Assets, Not Separately Reported, Other | 3.8 |
Guarantee Type, Other [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 14.4 |
Performance Guarantee [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 24 |
Indemnification Agreement [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $390 |