Document and Entity Information
Document and Entity Information Document - USD ($) shares in Billions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Entity File Number | 001-31648 | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Entity Small Business | false | ||
City Area Code | (913) | ||
Local Phone Number | 327-4200 | ||
Entity Address, Address Line One | 11400 Tomahawk Creek Parkway, Suite 300 | ||
Entity Address, City or Town | Leawood | ||
Entity Address, State or Province | KS | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Registrant Name | EURONET WORLDWIDE, INC. | ||
Entity Central Index Key | 0001029199 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 4.8 | ||
Entity Common Stock, Shares Outstanding | 52,752,851 | ||
Entity Tax Identification Number | 74-2806888 | ||
Entity Address, Postal Zip Code | 66211 | ||
Entity Emerging Growth Company | false | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
1.375% Senior Notes due 2026 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.375% Senior Notes due 2026 | ||
Trading Symbol | EEFT26 | ||
Security Exchange Name | NASDAQ | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | EEFT | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,420,255 | $ 786,081 |
ATM cash | 411,054 | 665,641 |
Restricted cash | 3,334 | 34,301 |
Settlement assets | 1,140,875 | 1,013,067 |
Trade accounts receivable, net of credit loss allowance of $5,926 and $3,892 | 117,517 | 201,935 |
Prepaid expenses and other current assets | 272,900 | 217,707 |
Total current assets | 3,365,935 | 2,918,732 |
Operating right of use lease assets | 162,074 | 377,543 |
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 378,441 | 359,980 |
Goodwill | 665,821 | 743,823 |
Acquired intangible assets, net of accumulated amortization of $175,210 and $204,853 | 121,883 | 141,847 |
Other assets, net of accumulated amortization of $55,710 and $46,788 | 232,557 | 115,741 |
Total assets | 4,926,711 | 4,657,666 |
Current liabilities: | ||
Settlement obligations | 1,140,875 | 1,013,067 |
Trade accounts payable | 147,593 | 81,743 |
Accrued expenses and other current liabilities | 404,021 | 294,557 |
Current portion of operating lease obligations | 52,436 | 127,353 |
Short-term debt obligations and current maturities of long-term debt obligations | 797 | 6,089 |
Income taxes payable | 36,359 | 52,583 |
Deferred revenue | 73,360 | 58,588 |
Total current liabilities | 1,855,441 | 1,633,980 |
Debt obligations, net of current portion | 1,437,589 | 1,090,939 |
Operating lease obligations, net of current portion | 106,502 | 241,977 |
Deferred income taxes | 37,875 | 56,067 |
Other long-term liabilities | 43,401 | 55,361 |
Total liabilities | 3,480,808 | 3,078,324 |
Euronet Worldwide, Inc. stockholders' equity: | ||
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued | ||
Common Stock, $0.02 par value. 90,000,000 shares authorized; shares issued 63,366,010 and 62,775,762 | 1,267 | 1,256 |
Additional paid-in capital | 1,228,446 | 1,190,058 |
Treasury stock, at cost, shares issued 10,631,961 and 8,554,908 | (703,032) | (463,704) |
Retained earnings | 1,013,155 | 1,016,554 |
Accumulated other comprehensive loss | (94,214) | (164,890) |
Total Euronet Worldwide, Inc. stockholders' equity | 1,445,622 | 1,579,274 |
Noncontrolling interests | 281 | 68 |
Total equity | 1,445,903 | 1,579,342 |
Total liabilities and equity | $ 4,926,711 | $ 4,657,666 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Credit loss allowance | $ 5,926 | $ 3,892 |
Property and equipment, accumulated depreciation | 490,429 | 410,243 |
Accumulated amortization | 175,210 | 204,853 |
Other assets, accumulated amortization | $ 55,710 | $ 46,788 |
Preferred stock, par value per share | $ 0.02 | $ 0.02 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares, issued | 63,366,010 | 62,775,762 |
Treasury stock, shares | 10,631,961 | 8,554,908 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 2,482,700 | $ 2,750,109 | $ 2,536,629 |
Operating expenses: | |||
Direct operating costs | 1,576,699 | 1,556,483 | 1,488,406 |
Salaries and benefits | 404,142 | 394,744 | 360,432 |
Selling, general and administrative | 221,614 | 211,944 | 216,807 |
Goodwill and acquired intangible assets impairment | 106,602 | 7,049 | |
Depreciation and amortization | 127,021 | 111,744 | 106,021 |
Total operating expenses | 2,436,078 | 2,274,915 | 2,178,715 |
Operating income | 46,622 | 475,194 | 357,914 |
Other income (expense): | |||
Interest income | 1,040 | 1,969 | 1,320 |
Interest expense | (36,604) | (36,237) | (37,573) |
Loss from unconsolidated affiliates | (117) | ||
Foreign currency exchange (loss) gain, net | (3,756) | 2,701 | (26,655) |
Other gains (losses), net | 869 | (9,820) | 27 |
Other expense, net | (38,451) | (41,387) | (62,998) |
Income before income taxes | 8,171 | 433,807 | 294,916 |
Income tax expense | (11,475) | (87,112) | (62,785) |
Net (loss) income | (3,304) | 346,695 | 232,131 |
Less: Net (income) loss attributable to noncontrolling interests | (95) | 54 | 720 |
Net (loss) income attributable to Euronet Worldwide, Inc. | $ (3,399) | $ 346,749 | $ 232,851 |
(Loss) earnings per share attributable to Euronet Worldwide, Inc. stockholders: | |||
Basic | $ (0.06) | $ 6.49 | $ 4.52 |
Diluted | $ (0.06) | $ 6.31 | $ 4.26 |
Weighted average shares outstanding: | |||
Basic weighted average shares outstanding | 52,659,551 | 53,449,834 | 51,487,557 |
Diluted | 52,659,551 | 54,913,887 | 54,627,747 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (3,304) | $ 346,695 | $ 232,131 |
Other comprehensive income (loss), net of tax: | |||
Translation adjustment | 70,794 | (13,894) | (56,656) |
Comprehensive income | 67,490 | 332,801 | 175,475 |
Comprehensive (income) loss attributable to noncontrolling interests | (213) | 101 | 791 |
Comprehensive income attributable to Euronet Worldwide, Inc. | $ 67,277 | $ 332,902 | $ 176,266 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Dec. 31, 2017 | $ 1,199,478 | $ 1,178 | $ 1,072,005 | $ (217,161) | $ 436,954 | $ (94,458) | $ 960 |
Balance, shares at Dec. 31, 2017 | 52,808,158 | ||||||
Net income (loss) | 232,131 | 232,851 | (720) | ||||
Other comprehensive income (loss) | (56,656) | (56,585) | (71) | ||||
Stock issued under employee stock plans | 16,264 | $ 20 | 15,634 | 610 | |||
Stock issued under employee stock plans, shares | 1,039,480 | ||||||
Share-based compensation | 16,764 | 16,764 | |||||
Repurchase of shares | (175,000) | (175,000) | |||||
Repurchase of shares, shares | (2,032,599) | ||||||
Other | (139) | (139) | |||||
Other, shares | 4,959 | ||||||
Balance at Dec. 31, 2018 | 1,232,842 | $ 1,198 | 1,104,264 | (391,551) | 669,805 | (151,043) | 169 |
Balance, shares at Dec. 31, 2018 | 51,819,998 | ||||||
Net income (loss) | 346,695 | 346,749 | (54) | ||||
Other comprehensive income (loss) | (13,894) | (13,847) | (47) | ||||
Stock issued under employee stock plans | 11,947 | $ 8 | 13,216 | (1,277) | |||
Stock issued under employee stock plans, shares | 405,617 | ||||||
Share-based compensation | 21,439 | 21,439 | |||||
Issuance of convertible notes, net of tax | 71,659 | 71,659 | |||||
Repurchase of shares | (70,876) | (70,876) | |||||
Repurchase of shares, shares | (493,010) | ||||||
Redemptions and conversions of convertible notes, net of tax | (20,467) | $ 50 | (20,517) | ||||
Redemptions and conversions of convertible notes, net of tax, shares | 2,488,249 | ||||||
Other | (3) | (3) | |||||
Balance at Dec. 31, 2019 | 1,579,342 | $ 1,256 | 1,190,058 | (463,704) | 1,016,554 | (164,890) | 68 |
Balance, shares at Dec. 31, 2019 | 54,220,854 | ||||||
Net income (loss) | (3,304) | (3,399) | 95 | ||||
Other comprehensive income (loss) | 70,794 | 70,676 | 118 | ||||
Stock issued under employee stock plans | 16,883 | $ 11 | 16,437 | 435 | |||
Stock issued under employee stock plans, shares | 608,878 | ||||||
Share-based compensation | 21,951 | 21,951 | |||||
Repurchase of shares | (239,763) | (239,763) | |||||
Repurchase of shares, shares | (2,095,683) | ||||||
Balance at Dec. 31, 2020 | $ 1,445,903 | $ 1,267 | $ 1,228,446 | $ (703,032) | $ 1,013,155 | $ (94,214) | $ 281 |
Balance, shares at Dec. 31, 2020 | 52,734,049 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Net (loss) income | $ (3,304) | $ 346,695 | $ 232,131 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 127,021 | 111,744 | 106,021 |
Share-based compensation | 21,951 | 21,439 | 16,764 |
Unrealized foreign exchange loss (gain), net | 3,756 | (2,701) | 26,655 |
Non-cash impairment of goodwill and acquired intangible assets | 106,602 | 7,049 | |
Deferred income taxes | (23,946) | 17,113 | 2,425 |
Loss on early retirement of debt | 9,831 | ||
Loss from unconsolidated affiliates | 117 | ||
Accretion of convertible debt discount and amortization of debt issuance costs | 18,924 | 17,088 | 14,121 |
Changes in working capital, net of amounts acquired: | |||
Income taxes payable, net | (16,823) | 13,177 | (13,317) |
Trade accounts receivable | 63,629 | (87,882) | 26,497 |
Prepaid expenses and other current assets | (168,256) | (68,945) | (29,066) |
Trade accounts payable | 88,687 | 53,550 | 45,562 |
Deferred revenue | 10,945 | 132 | 9,349 |
Accrued expenses and other current liabilities | 118,618 | 98,459 | (37,595) |
Changes in non-current assets and liabilities | (94,299) | (25,212) | (9,480) |
Net cash provided by operating activities | 253,505 | 504,488 | 397,233 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (1,100) | (94,187) | (12,854) |
Purchases of property and equipment | (97,628) | (131,287) | (112,484) |
Purchases of other long-term assets | (7,770) | (7,274) | (8,528) |
Other, net | 967 | 3,721 | 1,583 |
Net cash used in investing activities | (105,531) | (229,027) | (132,283) |
Cash flows from financing activities: | |||
Proceeds from issuance of shares | 18,101 | 14,979 | 18,608 |
Repurchase of shares | (241,518) | (74,456) | (177,855) |
Borrowings from revolving credit agreements | 3,113,800 | 2,498,298 | 5,773,294 |
Repayments of revolving credit agreements | (2,843,400) | (2,714,203) | (5,560,089) |
Repayments of long-term debt obligations | (446,702) | (52,199) | |
Net (repayments) borrowing from short-term debt obligations | (5,157) | (32,091) | 9,472 |
Proceeds from long-term debt obligations | 1,194,900 | ||
Debt issuance costs | 17,947 | 3,071 | |
Other, net | (6,428) | (6,480) | (6,136) |
Net cash provided by financing activities | 35,398 | 416,298 | 2,024 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 98,757 | (5,332) | (36,540) |
Increase in cash and cash equivalents and restricted cash | 282,129 | 686,427 | 230,434 |
Cash and cash equivalents and restricted cash at beginning of period | 1,817,379 | 1,130,952 | 900,518 |
Cash and cash equivalents and restricted cash at end of period | 2,099,508 | 1,817,379 | 1,130,952 |
Supplemental Cash Flow Disclosures: | |||
Interest paid during the period | 17,319 | 13,125 | 23,554 |
Income taxes paid during the period | $ 60,170 | $ 74,086 | $ 84,382 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ( 1) Organization Euronet Worldwide, Inc. (the "Company" or "Euronet") was established as a Delaware corporation on December 13, 1997 and succeeded Euronet Holding N.V. as the group holding company, which was founded and established in 1994. Euronet is a leading electronic payments provider. Euronet offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Euronet's primary product offerings include comprehensive ATM, POS, card outsourcing, card issuing and merchant acquiring services, electronic distribution of prepaid mobile airtime and other electronic payment products, and international payment services. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
BASIS OF PREPARATION [Abstract] | |
Basis of Preparation | (2) Basis of Preparation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Consolidated Financial Statements include the accounts of Euronet and its wholly owned and majority owned subsidiaries and all significant intercompany balances and transactions have been eliminated. Euronet's investments in companies that it does not control, but has the ability to significantly influence, are accounted for under the equity method. Euronet has no variable interest entities. Results from operations related to entities acquired during the periods covered by the Consolidated Financial Statements are reflected from the effective date of acquisition. The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires that management make a number of estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant items subject to such estimates and assumptions include computing income taxes, contingent purchase price consideration, 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. Seasonality Euronet’s EFT Processing Segment normally experiences its heaviest demand for DCC services during the third quarter of the fiscal year, normally coinciding with the tourism season. Additionally, the EFT Processing and epay Segments are normally impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Seasonality in the Money Transfer Segment varies by region of the world. In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and its lowest transaction levels during the first quarter of the year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | (3) Summary of Significant Accounting Policies and Practices Foreign currencies Assets and liabilities denominated in currencies other than the functional currency of a subsidiary are remeasured at rates of exchange on the balance sheet date. Resulting gains and losses on foreign currency transactions are included in the Consolidated Statements of Income. The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated to U.S. dollars using (i) exchange rates in effect at period end for assets and liabilities, and (ii) weighted average exchange rates during the period for revenues and expenses. Adjustments resulting from translation of such financial statements are reflected in accumulated other comprehensive income (loss) as a separate component of consolidated equity. Cash equivalents The Company considers all highly liquid investments, with an original maturity of three months or less, and certificates of deposit, which may be withdrawn at any time at the discretion of the Company without penalty, to be cash equivalents. ATM cash ATM cash represents cash within the ATM network either included within ATMs, within dedicated accounts, or in-transit to ATMs. Settlement assets and obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. , Settlement Assets and Obligations, to the Consolidated Financial Statements for further discussion on settlement assets and obligations. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Property and equipment acquired in acquisitions have been recorded at estimated fair values as of the acquisition date. Depreciation is generally calculated using the straight-line method over the estimated useful lives of the respective assets. ATMs or ATM upgrades 5 - 7 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life Goodwill and ot her intangible assets Goodwill Intangibles - Goodwill and Other ("ASC 350"). In accordance with the requirements of ASC 350 the Company tests for impairment on an annual basis in the fourth quarter and whenever events or circumstances dictate. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one ASC 350 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing quantitative impairment test (described below), otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The Company has a policy for its annual review of goodwill to perform the qualitative assessment for all reporting units not subjected directly to the quantitative impairment test. Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Furthermore, the Company considers the results of the most recent quantitative impairment test completed for a reporting unit and compares, among other factors, the weighted average cost of capital ("WACC") between the current and prior years for each reporting unit. Under the quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The Company uses weighted results from the income approach or the discounted cash flow model ("DCF model") and guideline public company method ("Market Approach model") to estimate the current fair value of its reporting units when testing for impairment, as management believes forecasted cash flows and EBITDA are the best indicators of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales volumes, gross margins, tax rates, capital spending, discount rates and working capital changes. Most of these assumptions vary significantly among the reporting units. Significant assumptions in the Market Approach model are projected EBITDA, selected market multiple, and the estimated control premium. If the carrying value of goodwill exceeds its fair value, an impairment loss equal to such excess would be recognized. The DCF Model and Market Approach Model utilize Level 3 inputs in the fair value hierarchy as they include unobservable inputs that require significant management assumptions. Other Intangible Assets - In accordance with ASC 350, intangible assets with finite lives are amortized over their estimated useful lives. Unless otherwise noted, amortization is calculated using the straight-line method over the estimated useful lives of the assets as follows: Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. See Note 9, Goodwill and Acquired Intangible Assets, Net, to the Consolidated Financial Statements for additional information regarding the impairment of goodwill and other intangible assets. Other assets Other assets include capitalized software development costs and capitalized payments for new or renewed contracts, contract renewals and customer conversion costs. Euronet capitalizes initial payments for new or renewed contracts to the extent recoverable through future operations, contractual minimums and/or penalties in the case of early termination. The Company's accounting policy is to limit the amount of capitalized costs for a given contract to the lesser of the estimated ongoing net future cash flows related to the contract or the termination fees the Company would receive in the event of early termination of the contract by the customer. ASC Topic 340, Other Assets and Deferred Costs ("ASC 340") requires the deferral of incremental costs to obtain customer contracts, known as contract assets, which are then amortized to expense as part of selling, general and administrative expense over the respective periods of expected benefit. D balance sheet within current or non-current other assets based on the expected life of the related contract. At and 2019, we had $ 143.5 million and $ 43.7 million, respectively, of deferred contract costs. For the years ended , 2019 and 2018, we had $ 17.2 million, $ 6.9 million and $ 6.3 million of amortization related to these costs, respectively. Convertible notes The Company accounts for its convertible debt instruments that may be settled in cash upon conversion in accordance with ASC Topic 470, Debt ("ASC 470"), which requires the proceeds from the issuance of such convertible debt instruments to be allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. Further, the Company applies ASC 470-20-35-13, which requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC Topic 740, Income Taxes ("ASC 740"), the Company's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in the Consolidated Statements of Income. See Note 14, Income Taxes, to the Consolidated Financial Statements for further discussion regarding these provisions. Presentation of taxes collected and remitted to governmental authorities The Company presents taxes collected and remitted to governmental authorities on a net basis in the accompanying Consolidated Statements of Income. Fair value measurements The Company applies the provisions of ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), regarding fair value measurements for assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The provisions apply whenever other accounting pronouncements require or permit fair value measurements. See Note 18, Financial Instruments and Fair Value Measurements, to the Consolidated Financial Statements for the required fair value disclosures. Accounting for derivative instruments and hedging activities The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"), which requires that all derivative instruments be recognized as either assets or liabilities on the balance sheet at fair value. Primarily in the Money Transfer Segment, the Company enters into foreign currency derivative contracts, mainly forward contracts, to offset foreign currency exposure related to money transfer settlement assets and liabilities in currencies other than the U.S. dollar, derivative contracts written to its customers arising from its cross-currency money transfer services and certain assets and liability positions denominated in currencies other than the U.S. dollar. These contracts are considered derivative instruments under the provisions of ASC 815; however, the Company does not designate such instruments as hedges for accounting purposes. Accordingly, changes in the value of these contracts are recognized immediately as a component of foreign currency exchange gain (loss), net in the Consolidated Statements of Income. Cash flows resulting from derivative instruments are included in operating activities in the Company's Consolidated Statements of Cash Flows. The Company enters into derivative instruments with highly credit-worthy financial institutions and does not use derivative instruments for trading or speculative purposes. See Note 12, Derivative Instruments and Hedging Activities, to the Consolidated Financial Statements for further discussion of derivative instruments. Share-based compensation The Company follows the provisions of ASC Topic 718, Compensation - Stock Compensation ("ASC 718"), for equity classified awards, which requires the determination of the fair value of the share-based compensation at the grant date and subsequent recognition of the related expense over the period in which the share-based compensation is earned ("requisite service period"). The amount of future compensation expense related to awards of nonvested shares or nonvested share units ("restricted stock") is based on the market price for Euronet Common Stock at the grant date. The grant dat e is the date at which all key terms and conditions of the grant have been determined and the Company becomes contingently obligated to transfer equity to the employee who renders the requisite service, generally the date at which grants are approved by the Company's Board of Directors or Compensation Committee thereof. Share-based compensation expense for awards with only service conditions is generally recognized as expense on a "straight-line" basis over the requisite service period. For awards that vest based on achieving periodic performance conditions, expense is recognized on a "graded attribution method." The graded attribution method results in expense recognition on a straight-line basis over the requisite service period for each separately vesting portion of an award. The Company has elected to use the "with and without method" when calculating the income tax benefit associated with its share-based payment arrangements. See Note 16, Stock Plans, for further disclosure. Revenue recogni tion The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Sales and usage-based taxes are excluded from revenues. A description of the major components of revenue by business segment is as follows: EFT Processing Transaction-based fees include charges for cash withdrawals, debit or credit card transactions, balance inquiries, transactions not completed because the relevant card issuer does not give authorization and prepaid mobile airtime recharges. Outsourcing services are generally billed on the basis of a fixed monthly fee per ATM, plus a transaction-based fee. Transaction-based fees are recognized at the time the transactions are processed and outsourcing management fees are recognized ratably over the contract period. These fees can be variable based on transaction volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. epay - sions or processing fees associated with distribution and/or processing of prepaid mobile airtime and digital media products. These fees and commissions are received from mobile operators, content vendors or distributors or from retailers. Commissions are recognized as revenue during the period in which the Company provides the service. The portion of the commission that is paid to retailers is generally recorded as a direct operating cost. However, in circumstances where the Company is not the principle obligor in the distribution of the electronic payment products, those commissions are recorded as a reduction of revenue. In selling certain products, the Company is the principle obligor in the arrangements; accordingly, the gross sales value of the products are recorded as revenue and the purchase cost as direct operating cost. Transactions are processed through a network of POS terminals and direct connections to the electronic payment systems of retailers. Transaction processing fees are recognized at the time the transactions are processed. Money Transfer - evenues for money transfer and other services represent a transaction fee in addition to a margin earned from purchasing currency at wholesale exchange rates and selling the currency to customers at retail exchange rates. Revenues and the associated direct operating cost are recognized at the time the transaction is processed. The Company has origination and distribution agents in place, which ea Revenues Deferred Revenues 56.4 $ 41.6 Disaggregation of Revenues - and region. The Company recognizes foreign exchange revenues from derivative instruments in its xe operations in accordance with ASC Topic 815 and not ASC Topic 606. These revenues are not significant to the Company's consolidated revenues and are included in the following tables. For the Year Ended December 31, 2020 (in thousands) EFT Processing epay Money Transfer Total Europe $ 313,953 $ 561,514 $ 449,299 $ 1,324,766 North America 56,447 144,613 577,845 778,905 Asia Pacific 98,313 100,917 124,413 323,643 Other 13 28,473 32,292 60,778 Eliminations — — — (5,392) Total $ 468,726 $ 835,517 $ 1,183,849 $ 2,482,700 For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Total Europe $ 724,163 $ 524,907 $ 373,302 $ 1,622,372 North America 35,461 151,016 573,016 759,493 Asia Pacific 129,060 76,491 124,934 330,485 Other 28 16,915 24,974 41,917 Eliminations — — — (4,158 ) Total $ 888,712 $ 769,329 $ 1,096,226 $ 2,750,109 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Total Europe $ 608,993 $ 491,282 $ 328,592 $ 1,428,867 North America 32,306 165,930 569,005 767,241 Asia Pacific 112,294 71,242 127,057 310,593 Other 58 15,330 18,308 33,696 Eliminations — — — (3,768 ) Total $ 753,651 $ 743,784 $ 1,042,962 $ 2,536,629 Recently issued accounting pronouncements In August 2020, the FASB issued ASU 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions affected by reference rate reform due to the anticipated cessation of LIBOR on or before December 31, 2021. This guidance is effective from March 12, 2020 through December 31, 2022 and could impact the accounting for LIBOR provisions in the Company’s unsecured credit agreement. The Company does not expect that the adoption of this guidance will have a significant impact on its Consolidated Financial Statements. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), as of January 1, 2020, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaced the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The adoption of this standard did not have a significant impact on the Company's Consolidated Financial Statements and related disclosures. |
Settlement Assets and Obligatio
Settlement Assets and Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Settlement Assets [Abstract] | |
SETTLEMENT ASSETS AND OBLIGATIONS | (4) Settlement Assets and Obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to amounts payable. Settlement assets consist of cash and ca sh equivalents, restricted cash, accounts receivable and prepaid expenses and other current assets. Cash received by Euronet agents and merchants generally becomes available to the Company within two weeks after initial receipt by the business partner. Receivables from business partners represen Settlement obligations consist of money transfers and accounts payable to agents and content providers. Money transfer accounts payable represent amounts to be paid to transferees when they request funds. Most agents typically settle with transferees first and then obtain reimbursement from the Company. Money order accounts payable represent amounts not yet presented for payment. Due to the agent funding and settlement process, accounts payable to agents represent amounts due to agents for money transfers that have not been settled with transferees. (in thousands) As of December 31, 2020 As of December 31, 2019 Settlement assets: Settlement cash and cash equivalents $ 188,191 $ 282,188 Settlement restricted cash 76,674 49,168 Account receivables, net of credit loss allowance of $35,800 and $24,046 641,955 574,410 Prepaid expenses and other current assets 234,055 107,301 Total settlement assets $ 1,140,875 $ 1,013,067 Settlement obligations: Trade account payables $ 571,175 $ 504,667 Accrued expenses and other current liabilities 569,700 508,400 Total settlement obligations $ 1,140,875 $ 1,013,067 The table below reconciles cash and cash equivalents, restricted cash, ATM cash, settlement cash and cash equivalents, and settlement restricted cash as presented within "Cash and cash equivalents and restricted cash" in the Consolidated Statement of Cash Flows. As of (in thousands) December 31, 2020 December 31, 2019 December 31, 2018 Cash and cash equivalents $ 1,420,255 $ 786,081 $ 385,031 Restricted cash 3,334 34,301 31,237 ATM cash 411,054 665,641 395,378 Settlement cash and cash equivalents 188,191 282,188 273,948 Settlement restricted cash 76,674 49,168 45,358 Cash and cash equivalents and restricted cash at end of period $ 2,099,508 $ 1,817,379 $ 1,130,952 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | (5) 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 the potential dilution of options to purchase the Company's Common Stock, assumed vesting of restricted stock and the assumed conversion of the Company's convertible debt. The following table provides the computation of diluted weighted average number of common shares outstanding: Year Ended December 31, 2020 2019 2018 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 52,659,551 53,449,834 51,487,557 Incremental shares from assumed exercise of stock options and vesting of restricted stock — 1,464,053 1,499,713 Incremental shares from assumed conversion of convertible debentures — — 1,640,477 Diluted weighted average shares outstanding 52,659,551 54,913,887 54,627,747 The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company's weighted average common shares outstanding for the years ended December 31, 2020, 2019 2018 2,073,000 380,000 458,000 The Company issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019 and retired the existing convertible notes ("Retired Convertible Notes") that would have matured in 2044 on May 28, 2019. The Company's Convertible Notes currently have, and the Retired Convertible Notes had, a settlement feature requiring the Company upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of the Company's common stock or a combination thereof, at the Company's option. The Company has stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium. Accordingly, the Convertible Notes and the Retired Convertible Notes were included in the calculation of diluted earnings per share if their inclusion was dilutive. The dilutive effect increases the more the market price exceeds the conversion price. The Retired Convertible Notes had a dilutive effect for the year ended December 31, 2018 102.38 72.18 188.73 per share. Therefore, according to ASC Topic 260, Earnings per Share ("ASC 260") , and December 31, 2019, whereas the dilutive effect was 1,640,477 . See Note 11, D Share repurchases The Company's Board of Directors had authorized a stock repurchase program allowing Euronet to repurchase up to $ 375 10.0 $ On February 26, 2020, the Company put a repurchase program in place to repurchase up to $250 million in value, but not more than 5.0 million , 2019 and 2018 the Company repurchased 239.8 70.9 nd $175.0 million in value of Euronet common stock under the repurchase programs. Preferred Stock The Company has the authority to issue up to 10 no Accumulated other comprehensive loss As of December 31, 2020 and 2019 13.9 56.7 , 2019, and 2018, respectively. There were no reclassifications of foreign currency translation into the Consolidated Statements of Income for the years ended , 2019, and 2018. Dividends No dividends were paid on any class of the Company's stock during 2020, 2019, and 2018. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | (6) Acquisitions In accordance with ASC 805, the Company allocates the purchase price of its acquisitions to the tangible assets, liabilities and intangible assets acquired based on fair values. Any excess purchase price over those fair values is recorded as goodwill. The fair value assigned to intangible assets acquired is supported by valuations using estimates and assumptions provided by management. For certain large acquisitions, management engages an appraiser to assist in the valuation process. 2019 Acquisitions On November 30, 2019, the Company completed the acquisition of a North American based ATM operator with approximately 1,800 ATMs. The purchase price was $92.5 million in cash. The purchase price was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the date of acquisition. The acquisition has been accounted for as business combinations in accordance with U.S. GAAP and the results of operations have been included from the date of acquisition in the EFT Processing Segment. The historical revenue and earnings were not significant for the purpose of presenting pro forma information for the pre-acquisition periods. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of November 30, 2019 Cash and cash equivalents $ 5,325 Trade accounts receivable 2,167 Other current assets 798 Property and equipment 16,542 Intangible assets 39,000 Total assets acquired $ 63,832 Trade accounts payable $ (6,790 ) Accrued expenses and other current liabilities (80 ) Total liabilities assumed $ (6,870 ) Goodwill 35,540 Net assets acquired $ 92,502 The Company acquired customer relationship intangible assets with a fair value of $39.0 million, which are being amortized on a straight-line basis over 20 years. Goodwill, with a value of $ m Other The Company completed three additional acquisitions in 2019 for immaterial amounts. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash | (7) Restricted Cash The restricted cash balances as of December 31, 2020 and 2019 As of December 31, (in thousands) 2020 2019 Cash held in trust and/or cash held on behalf of others $ 3,334 $ 34,301 Restricted cash $ 3,334 $ 34,301 Cash held in trust and/or cash held on behalf of others $ 64,489 $ 44,366 Collateral on bank credit arrangements and other 12,185 4,802 Restricted cash included within settlement assets $ 76,674 $ 49,168 Total Restricted Cash $ 80,008 $ 83,469 Cash held in trust and/or cash held on behalf of others is in connection with the administration of the customer collection and vendor remittance activities by certain subsidiaries within the Company's epay and EFT Processing Segments. Amounts collected on behalf of certain mobile phone operators and/or merchants are deposited into a restricted cash account. The bank credit arrangements primarily represent cash collateral on deposit with commercial banks to cover guarantees. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | (8) Property and Equipment, Net The components of property and equipment, net of accumulated depreciation and amortization as of December 31, 2020 and 2019 As of December 31, (in thousands) 2020 2019 ATMs $ 554,508 $ 474,611 POS terminals 33,258 38,235 Vehicles and office equipment 75,936 64,970 Computers and software 203,883 191,172 Land and buildings 1,285 1,235 868,870 770,223 Less accumulated depreciation (490,429 ) (410,243 ) Total $ 378,441 $ 359,980 Depreciation and amortization expense related to property and equipment, including property and equipment recorded under finance leases, for the years ended December 31, 2020, 2019 2018 96.1 83.5 75.1 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets, Net | (9) Goodwill and Acquired Intangible Assets, Net The following table summarizes intangible assets as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 186,749 $ (99,131 ) $ 240,027 $ (139,319 ) Trademarks and trade names 46,762 (31,327 ) 45,347 (28,123 ) Software 61,602 (42,772 ) 59,244 (35,362 ) Non-compete agreements 1,980 (1,980 ) 2,082 (2,049 ) Total $ 297,093 $ (175,210 ) $ 346,700 $ (204,853 ) The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2020 and 2019: (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2019 $ 114,485 $ 704,197 $ 818,682 Increases (decreases): Acquisitions (see footnote 6) 46,246 35,305 81,551 Impairment — — — Amortization (20,374 ) — (20,374 ) Other (primarily changes in foreign currency exchange rates) 1,490 4,321 5,811 Balance as of December 31, 2019 141,847 743,823 885,670 Increases (decreases): Acquisitions 1,575 (265 ) 1,310 Impairment (2,048 ) (104,554 ) (106,602 ) Amortization (22,867 ) — (22,867 ) Other (primarily changes in foreign currency exchange rates) 3,376 26,817 30,193 Balance as of December 31, 2020 $ 121,883 $ 665,821 $ 787,704 Impairment Charges The COVID- pandemic and subsequent mitigation efforts, which include global business shutdowns, the closing of borders and the implementation of mandatory social distancing requirements, has created an unprecedented disruption to our business beginning in the first half of 2020 . These mitigation efforts coupled with the negative economic impacts to the tourism industry caused a decline in revenues, earnings, and necessitated changes to our forecasted outlook. The Company determined the totality of these events constituted a triggering event that required us to perform an interim goodwill impairment assessment as of June 1, 2020. The Company concluded a triggering event had occurred for reporting units, resulting in quantitative impairment tests. reporting units were within the EFT segment, reporting units were within the Money Transfer segment, and reporting unit was within the epay segment. As a result, the Company recorded a non-cash goodwill impairment charge of $104.6 million with respect to the xe, Innova and Pure Commerce reporting units. $21.9 million of th e impairment charge was included within the EFT Segment, o mpairment charge was included in the Money Transfer Segment. During the second half of 2020, the Company recorde d a $2.0 non-ca During 2018, the Company recorded a non-cash acquired intangible asset impairment charge of $7.0 million Of the total goodwill balance of 665.8 as of , 403.7 relates to the Money Transfer Segment, 136.5 relates to the Segment and the remaining 125.6 relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was 22.9 , 20.4 and 22.6 for the years ended , 2019 and 2018 , respectively. Estimated annual amortization expense, before income taxes, on intangible assets with finite lives as of , is expected to total 22.9 for 2021 , 21.8 for 2022, 16.8 for 2023, 9.9 for 2024, and 6.5 for 2025 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | (10) Accrued Expenses and Other Current Liabilities The balances as of December 31, 2020 2019 As of December 31, (in thousands) 2020 2019 Accrued expenses $ 331,713 $ 246,699 Derivative liabilities 65,905 41,935 Current portion of finance lease obligations 6,403 5,919 Deferred income taxes — 4 Total $ 404,021 $ 294,557 |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | (11) Debt Obligations Debt obligations consist of the following as of December 31, 2020 and 2019 As of December 31, (in thousands) 2020 2019 Credit Facility: Revolving credit agreement $ 270,400 $ — Convertible Debt: 0.75% convertible notes, unsecured, due 2049 452,228 436,965 1.375% Senior Notes, due 2026 732,840 673,440 Other obligations 850 6,215 Total debt obligations $ 1,456,318 $ 1,116,620 Unamortized debt issuance costs (17,932 ) (19,592 ) Carrying value of debt $ 1,438,386 $ 1,097,028 Short-term debt obligations and current maturities of long-term debt obligations (797 ) (6,089 ) Long-term debt obligations $ 1,437,589 $ 1,090,939 As of December 31, 2020 , aggregate annual maturities of long-term debt are 0.8 in 2021, 0.1 2022, $270.4 million due in 2023, no maturities in 2024, and 1.2 thereafter. This maturity schedule reflects the revolving credit facility maturing in 2023 and the Convertible Notes maturing in 2025, coinciding with the terms of the initial put option by holders of the Convertible Notes. It also reflects the maturing of the 1.375% Senior Note of € 732.8 million) due in 2026. Credit Facility On October 17, 2018, the Company entered into an unsecured revolving credit agreement (the "Credit Facility") for 1.0 17, 2023. Fees and interest on borrowings are based upon the Company's corporate credit rating and are based, in the case of letter of credit fees, on a margin , and in the case of interest, on a margin over London Inter-Bank Offered Rate ("LIBOR") or a margin over the base rate, as selected by the Company, with the applicable margin ranging from 1.125 2.0 0.175 1.0 200 90 The weighted average interest rate of the Company's borrowings under the Credit Facility wa s 1.2% December 31, 2020 . As of December 31, 2020 and 2019, the Company had stand-by letters of credit/bank guarantees outstanding under the Credit Facility of 60.8 53.0 2019, the stand-by letters of credit interest charges were each 1.1 $668.8 million. The Credit Facility contains customary affirmative and negative covenants, events of default and financial covenants, including: (i) as of the end of each fiscal quarter ended on March 31, September 30 and December 31, a Consolidated Total Leverage Ratio not to be greater than 3.5 to 1.0; (ii) as of the end of each fiscal quarter ended on June 30, a Consolidated Total Leverage Ratio not to be greater than 4.0 to 1.0; provided that, not more than two times prior to the expiration date, that a Material Acquisition has been consummated, for any period of four consecutive fiscal quarters following such Material Acquisition, the Consolidated Total Leverage Ratio will be not greater than 4.0 to 1.0 for fiscal quarters ended on March 31, September 30 and December 31 and not greater than 4.5 to 1.0 for fiscal quarters ended on June 30; provided, further, that following such four consecutive fiscal quarters for which the maximum Consolidated Total Leverage Ratio is increased, the maximum Consolidated Total Leverage Ratio shall revert to the levels set forth in clauses (i) and (ii) above for not fewer than two fiscal quarters before a subsequent Increase Notice is delivered to the syndicate of financial institutions; and (iii) a Consolidated Interest Coverage Ratio not less than 4.0 to 1.0. Subject to meeting certain leverage ratio and liquidity requirements as contained in the unsecured credit agreement, the Company is permitted to pay dividends, repurchase common stock and repurchase subordinated debt. On September 17 , 2020, the Company and certain of its subsidiaries entered into an amendment (the "Amendment") to the Credit Facility. Under the Amendment, the Consolidated Total Leverage Ratio, as defined in the Credit Facility, was modified to reduce the amount of consolidated funded debt by the amount of cash and cash equivalents on the Company's consolidated balance sheet and the Consolidated Interest Coverage Ratio now includes a one-time option to reduce the ratio to 3.5 to 1.0 from 4.0 to 1.0 for a period of up to three consecutive quarters. Uncommitted Line of Credit On September 4, 2019, the Company entered into an Uncommitted Loan Agreement with Bank of America which provided Euronet up to 100.0 LIBOR plus 0.65% Convertible Debt On March 18, 2019, the Company completed the sale of $ 525.0 188.73 per share if certain conditions are met (relating to the closing price of Euronet Common Stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039 and March 15, 2044 at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the Convertible Notes, the Company recorded 12.8 The Company may not redeem the Convertible Notes prior to September 20, 2022. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, (i) on or after September 20, 2022 if the closing sale price of the Company's Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) on or after March 20, 2025 and prior to the maturity date, regardless of the foregoing sale price condition, in each case at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Convertible Notes. In addition, if a fundamental change, as defined in the Indenture, occurs prior to the maturity date, holders may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of December 31, 2020 the conversion threshold was not met. In accordance with ASC 470-20-30-27, proceeds from the issuance of convertible debt is allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. ASC 470-20-35-13 requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The allocation resulted in an increase to additional paid-in capital of 99.7 The Company used $ 94.2 49.0 1.5 Convertible Senior Notes due 2044 (the "Retired Convertible Notes") from a limited number of holders in privately negotiated transactions. On March 18, 2019, the Company provided a notice of redemption to the trustee of the indenture governing the Retired Convertible Notes (the "Existing Indenture"), pursuant to which the Company would redeem all of the remaining principal amount outstanding of the Retired Convertible Notes on May 28, 2019 (the "Redemption Date") for cash at a redemption price equal to 100 Notes, resulted in a $25.6 $34.2 Prior to the Redemption Date, approximately $ 352.4 1,000 1,000 147.24 352.4 2.5 shares of its Common Stock. In accordance with ASC 470, the Company recognized a loss of $9.8 Contractual interest expense for the Retired Convertible Notes $ 1.5 ccretion expense was 4.6 . Contractual interest expense for the Convertible Notes was $ 3.9 d $ million $15.3 4.4 $72.8 025. 1.375 % Senior Notes due 2026 On May 22, 2019, the Company completed the sale of €600 669.9 1.375 €600 n ($ million) $6.6 million Other obligations Certain of the Company's subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes. As of December 31, 2020 and 2019, borrowings under these arrangements were 0.9 6.2 , there was due in 2021 under these other obligation arrangements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivative Instruments and Hedging Activities | (12) Derivative Instruments and Hedging Activities The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) certain foreign currency denominated other asset and liability positions. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815 , Foreign currency exchange contracts - Ria Operations and Corporate In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to 14 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 December 31, 2020 2019, the Company had foreign currency forward contracts outstanding in the U.S. with a notional value of 246.0 159.0 In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S dollar. As of 2019, the Company had foreign currency forward contracts outstanding with a notional value of 454.3 million and $ 42.9 Foreign currency exchange contracts - xe Operations xe, writes derivative instruments, primarily foreign currency forward contracts and cross-currency swaps, mostly with counterparties comprised of individuals and small-to-medium size businesses and derives a currency margin from this activity as part of its operations. xe aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. Foreign exchange revenues from xe's total portfolio of positions were $ 68.2 71.1 69.2 December 31, 2020 , 2019 2018, respectively. All of the derivative contracts used in the Company' s xe operations are economic hedges and are not designated as hedges under ASC 815 . The duration of these derivative contracts is generally less than one year. The fair value of xe's total portfolio of positions can change significantly from period to period based on, among other factors, market movements and changes in customer contract positions. xe manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis. It mitigates this risk by entering into contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. xe does not expect any significant losses from counterparty defaults. The aggregate equivalent U.S. dollar notional amounts of foreign currency derivative customer contracts held by the Company in its xe operations as of December 31, 2020 2019, 1.3 1.2 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 December 31, 2020 December 31, 2019 Balance Sheet Location December 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 80,879 $ 54,765 Other current liabilities $ (65,905) $ (41,935 ) The following tables summarize the gross and net fair value of derivative assets and liabilities as of December 31, 2020 2019 Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2020 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 $ 80,879 $ — $ 80,879 $ (44,893 ) $ (2,778 ) $ 33,208 As of December 31, 2019 Derivatives subject to a master netting arrangement or similar agreement $ 54,765 $ — $ 54,765 $ (34,935 ) $ (7,362 ) $ 12,468 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2020 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 $ (65,905 ) $ — $ (65,905 ) $ 44,893 $ 12,272 $ (8,740 ) As of December 31, 2019 Derivatives subject to a master netting arrangement or similar agreement $ (41,935 ) $ — $ (41,935 ) $ 34,935 $ 827 $ (6,173 ) Income Statement Presentation The following tables summarize the location and amount of gains on derivatives in the Consolidated Statements of Income for the years ended December 31, 2020 , 2019 2018: Amount of (Loss) Gain Recognized in Income on Derivative Contracts (a) Location of (Loss) Gain Recognized in Income on Derivative Contracts Year Ended December 31, (in thousands) 2020 2019 2018 Foreign currency exchange contracts - Ria Operations Foreign currency exchange (loss) gain, net $ (1,499) $ 62 $ 173 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. See Note 18, Financial Instruments and Fair Value Measurements, for the determination of the fair values of derivatives. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | (13) Leases The Company adopted ASC 842, Leases y ent terms. The present value of lease payments is determined using the incremental borrowing rate based on information available at the lease commencement date. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew, with renewal terms that can extend the lease terms. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms. The Company also has a unilateral termination right for most of the ATM site leases. The Company evaluated the likelihood of exercising the renewal and termination options beginning with the adoption of the new accounting lease standard on January 1, 2019, concluding: the options were not reasonably certain to be exercised and thus were not considered in determining the lease terms, and associated payment impacts were excluded from lease payments; and termination options were reasonably certain not to be exercised and therefore the stated lease payment schedule of the lease was used to determine the lease term. During the second quarter of 2020, the impact of the COVID-19 pandemic was a significant event that caused a significant change in circumstances and business plans to manage our portfolio of ATM leases. Specifically the Company downsized, through the exercise of termination clauses and the reduction of monthly costs by renegotiating payment terms of its ATM leases. The Company's execution of the business plan to renegotiate terms and downsize the portfolio of ATM leases constituted a reassessment event during the second quarter of 2020. The reassessment event required the Company to reevaluate the accounting for the portfolio of ATM leases, including lease terms. Due to the recent increased frequency of ATM site lease terminations, modifications, and greater unpredictability whether or not future lease terminations will be exercised, the Company is no longer able to conclude that termination options are reasonably certain not to be exercised. This reassessment conclusion impacts the lease term evaluation, instead of determining the lease term based on the stated lease payment schedule of the lease, now the lease term will be evaluated when the Company has the contractual ability to terminate the lease (most leases allow for a termination upon advance notice of between 30 and 90 days). As a result of the lease term reassessment, $211.9 million of right of use assets and $211.9 mi . New, amended, and modified ATM site leases with termination options exercisable within 12 months will be excluded from th e right of use lease asset and lease liability balances Payments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred. The short-term lease expense fo r 2020 r Future minimum lease payments Future minimum lease payments under the operating leases (with initial lease terms in excess of one year) as of are: As of December 31, 2020 Maturity of Lease Liabilities (in thousands) Operating Leases (1) 2021 $ 48,622 2022 35,640 2023 25,182 2024 16,801 2025 10,531 Thereafter 26,976 Total lease payments 163,752 Less: imputed interest (4,814 ) Present value of lease liabilities $ 158,938 (1) Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. Lease expense recognized in the Consolidated Statements of Income is summarized as follows: Lease Expense (in thousands) Income Statement Classification Year ended December 31, 2020 Year ended December 31, 2019 Operating lease expense Selling, general and administrative and Direct operating costs $ 83,102 $ 130,487 Short-term and variable lease expense Selling, general and administrative and Direct operating costs 69,711 43,907 Total lease expense $ 152,813 $ 174,394 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 December 31, 2020 Weighted- average remaining lease term (years) 5.1 Weighted- average discount rate 2.2 % The following table presents supplemental cash flow and non-cash information related to leases: Other Information (in thousands) Year ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (a) $ 79,447 $ 129,609 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 77,728 $ 229,107 (a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (14) Income Taxes The sources of income before income taxes for the years ended December 31, 2020, 2019 2018 Year Ended December 31, (in thousands) 2020 2019 2018 Income before taxes: United States $ 40,323 $ 44,290 $ 35,467 Foreign (32,152 ) 389,517 259,449 Total income before income taxes $ 8,171 $ 433,807 $ 294,916 The Company's income tax expense for the years ended December 31, 2020, 2019 2018 Year Ended December 31, (in thousands) 2020 2019 2018 Current tax expense (benefit): U.S. $ 2,605 $ (4,885 ) $ (8,711) Foreign 39,270 83,792 70,244 Total current 41,875 78,907 61,533 Deferred tax expense (benefit): U.S. (16,100) (8,424) 6,871 Foreign (14,300) 16,629 (5,619 ) Total deferred (30,400) 8,205 1,252 Total tax expense $ 11,475 $ 87,112 $ 62,785 The following is a reconciliation of the federal statutory income tax rates of 21% Year Ended December 31, (dollar amounts in thousands) 2020 2019 2018 U.S. federal income tax expense at applicable statutory rate $ 1,716 $ 91,099 $ 61,932 Tax effect of: State income tax expense (benefit) at statutory rates 347 5,101 1,680 Non-deductible expenses 1,887 2,896 3,457 Share-based compensation (6,446 ) (2,875 ) (13,750 ) Other permanent differences 3,828 (864 ) (6,141 ) Difference between U.S. federal and foreign tax rates 7,002 12,281 9,843 Provision in excess of statutory rates (6,491 ) 3,565 3,737 Change in federal and foreign valuation allowance (4,238 ) 2,144 3,075 Impairment of goodwill and acquired intangibles assets 22,053 — 83 GILTI, net of tax credits — 6,471 14,111 U.S. Tax Reform - transition tax and rate change — (25,728 ) (12,262 ) Tax credits (3,518 ) (4,500 ) — Other (4,665 ) (2,478 ) (2,980 ) Total income tax expense $ 11,475 $ 87,112 $ 62,785 Effective tax rate 140.4 % 20.1% 21.3% We calculate our provision for federal, state and international income taxes based on current tax law. In the fourth quarter of 2018, the Company adjusted its accounting for the tax effects of U.S. Tax Reform. 12.3 29.3 largely due to changes in the transition tax calculations. In the fourth quarter of 2019 after additional regulatory guidance was issued by applicable taxing authorities, the Company elected to claim U.S. foreign tax credits, which reduced the net tax expense by 25.7 The tax effect of temporary differences and carryforwards that give rise to deferred tax assets and liabilities from continuing operations are as follows: As of December 31, (in thousands) 2020 2019 Deferred tax assets: Tax loss carryforwards $ 45,609 $ 34,357 Share-based compensation 6,771 7,366 Accrued expenses 22,243 19,048 Property and equipment 10,835 8,602 Goodwill and intangible amortization 7,614 8,143 Intercompany notes 7,689 5,591 Accrued revenue 34,663 24,721 Tax credits 65,063 Lease accounting 39,962 89,965 Foreign exchange 19,160 3,394 Other 14,230 12,371 Gross deferred tax assets 274,164 278,621 Valuation allowance (77,563 ) (83,184 ) Net deferred tax assets 196,601 195,437 Deferred tax liabilities: Intangible assets related to purchase accounting (12,854 ) (16,379 ) Goodwill and intangible amortization (24,763 ) (20,806 ) Accrued expenses (43,971 ) (29,084 ) Intercompany notes (10,396 ) (8,733 ) Accrued interest (30,932 ) (27,902 ) Capitalized research and development (6,352 ) (6,048 ) Property and equipment (18,295 ) (15,467 ) Accrued revenue (1,829 ) (4,727 ) Lease accounting (39,962 ) (89,965 ) Foreign exchange (10,880 ) (4,156) Other (6,826 ) (6,606 ) Total deferred tax liabilities (207,060 ) (229,873 ) Net deferred tax liabilities $ (10,459 ) $ (34,436 ) Subsequently recognized tax benefits relating to the valuation allowance for deferred tax assets as of December 31, 2020 are expected to be allocated to income taxes in the Consolidated Statements of Income. As of December 31, 2020, and 2019 197.4 119.1 95.8 97.6 61.3 In assessing the Company's ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances, as of December 31, 2020. As of December 31, 2020, the Company had foreign tax net operating loss carryforwards of $ 197.4 (in thousands) Gross Tax Effected Year ending December 31, 2021 $ 3,538 $ 859 2022 3,590 827 2023 5,031 1,350 2024 6,060 1,434 2025 19,948 4,588 Thereafter 26,197 6,860 Unlimited 133,004 30,895 Total $ 197,368 $ 46,813 In addition, the Company's state tax net operating loss of $ 95.8 million will expire periodically from 2021 through 2040 , U.S. foreign tax credit of $ 61.3 million that will expire periodically from 2021 through 2028 and U.S. federal research and expenditure credit carryforwards of $ 3.3 million that will expire periodically from 2034 through 2038. While U.S. tax expense has been recognized as a result of the transition tax and GILTI provisions of U.S. Tax Reform, the Company has not provided additional deferred taxes with respect to items such as certain foreign exchange gains or losses, foreign withholding taxes or additional state taxes, if any, on undistributed earnings attributable to foreign subsidiaries and it is not practical to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. Gross undistributed earnings reinvested indefinitely in foreign subsidiaries aggregated approximately $ 1,710.1 . Accounting for uncertainty in income taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2020 and 2019 Year Ended December 31, (in thousands) 2020 2019 Beginning balance $ 44,535 $ 30,915 Additions based on tax positions related to the current year 7,331 15,569 Additions for tax positions of prior years — 6 Reductions for tax positions of prior years (1,349 ) (1,703 ) Settlements (10,127 ) — Statute of limitations expiration (605 ) (252 ) Ending balance $ 39,785 $ 44,535 As of December 31, 2020 and 2019 31.8 42.7 6.2 5.2 2019 Jurisdictions Periods U.S. (Federal) 2014 through 2020 Germany 2016 through 2020 Greece 2014 through 2020 Spain 2015 through 2020 U.K. 2018 through 2020 It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change within the next twelve |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | (15) Valuation and Qualifying Accounts Trade accounts receivable and accounts receivable balances included within the settlement assets are stated net of credit losses. Historically, the Company has not experienced significant write-offs. The Company records credit losses when it is probable that the accounts receivable balance will not be collected. The following table provides a summary of the credit loss balances and activity for the years ended , 2019 and 2018 : Year Ended December 31, (in thousands) 2020 2019 2018 Beginning balance-credit losses $ 27,938 $ 24,287 $ 20,958 Additions-charged to expense 19,469 10,095 8,653 Amounts written off (7,842) (6,179 ) (4,079 ) Other (primarily changes in foreign currency exchange rates) 2,162 (265 ) (1,245) Ending balance-credit losses $ 41,727 $ 27,938 $ 24,287 |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | (16) Stock Plans The Company has share-based compensation plans ("SCP") that allow it to grant restricted shares, or options to purchase shares, of common stock to certain current and prospective key employees, directors and consultants of the Company. These awards gen erally vest over periods ranging from three five 0.5 Share-based compensation expense was $ 22.0 21.4 16.8 2019 2018 2.1 4.9 2.7 2019 2018 Stock options Summary stock options activity is presented in the table below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Balance at December 31, 2019 (1,653,340 shares exercisable) 3,015,775 $ 81.29 Granted 1,574,228 $ 103.30 Exercised (460,688 ) $ 34.35 Forfeited/Canceled (37,966 ) $ 105.87 Expired (56 ) $ 17.05 Balance at December 31, 2020 4,091,293 $ 94.88 7.4 $ 207,507 Exercisable at December 31, 2020 1,497,567 $ 61.32 4.3 $ 125,859 Vested and expected to vest at December 31, 2020 2,075,569 $ 78.63 5.4 $ 140,063 Options outstanding that are expected to vest are net of estimated future forfeitures. The Company received cash of $ 15.8 million, $ 13.1 million and $ 17.1 million in connection with stock options exercised in the years ended , 2019 and 2018 , respectively. The intrinsic value of these options exercised was $ 41.1 million, $ 30.6 million and $ 73.0 million in the years ended , 2019 and 2018 , respectively. As of , unrecognized compensation expense related to nonvested stock options that are expected to vest totaled $ 21.4 million and will be recognized over the next 5 years, with an overall weighted-average period of 2.8 years. The following table provides the fair value of options granted under the SCP during 2020 , 2019 and 2018 , together with a description of the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year ended December 31, 2020 (b) 2019 2018 Volatility 35.6 % 29.3 % 29.8 % Risk-free interest rate - weighted average 0.6 % 2.1 % 2.8 % Risk-free interest rate - range 0.31% to 1.17 % (a) (a) Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 7.1 years 5.2 years 5.6 years Weighted-average fair value (per share) $ 48.21 $ 43.96 $ 37.16 (a) At the date of grant, the risk fee rate for stock options awarded in 2019 and 2018 was 1.7%, and 2.8%, re (b) During 2020, the Company granted 1,350,000 options that were valued using a Monte Carlo simulation (not included in the table above). The Monte Carlo simulation calculated a fair value per option of $26.90 using the following assumptions: volatility of 37.0%, risk-free interest rate of 0.33%, and a term of 5.0 years. Restricted stock Restricted stock awards vest based on the achievement of time-based service conditions and/or performance-based conditions. For certain awards, vesting is based on the achievement of more than one condition of an award with multiple time-based and/or performance-based conditions. Summary restricted stock activity is presented in the table below: Number of Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2019 493,948 $ 118.20 Granted 129,127 $ 117.97 Vested (126,903) $ 87.08 Forfeited (10,662) $ 105.14 Nonvested at December 31, 2020 485,510 $ 126.62 The fair value of shares vested in the years ended December 31, 2020, 2019 2018 15.4 16.6 14.2 18.3 3.0 9.5 compensation costs related to unvested performance-based restricted stock, which is expected to be recognized based on Company performance over a weighted-average period of 1.6 2019 2018 was $117.97, 145.93 107.88 Employee stock purc hase plan The Company has a qualified Employee Stock Purchase Plan (the "ESPP"), which allows qualified employees (as defined by the plan documents) to participate in the purchase of rights to purchase designated shares of the Company's Common Stock at a price equal to the lower of 85% 1,000,000 2019 2018 32,267 16,713 21,872 71.63 110.37 71.08 0.6 0.4 0.4 , 2019 2018, respectively. 2019 2018 Year Ended December 31, 2020 2019 2018 Volatility - weighted average 60.9 % 24.3 % 30.1 % Volatility - range 37.2% % 20.3% to 28.1 % 23.5% to 36.7 % Risk-free interest rate - weighted average 0.12 % 2.07 % 2.01 % Risk-free interest rate - range 0.09% % 1.55% to 2.44 % 1.73% to 2.45 % Dividend yield — % — % — % Expected lives 3 months 3 months 3 months Weighted-average fair value (per share) $ 20.11 $ 25.87 $ 17.22 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | (17) Business Segment Information Euronet's reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280") . The Company currently operates in the following three reportable operating segments: 1) Through the EFT Processing Segment, the Company processes transactions for a network of 2) T hrough the Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the U.S. and South America. 3) Through the Money Transfer Segment, the Company provides global money transfer services under the brand names Ria, AFEX, IME, and xe. Ria, AFEX, and IME provide global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and Company-owned websites, disbursing money transfers through a worldwide correspondent network. xe offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. xe is also a provider of foreign currency exchange information. The Company also offers customers bill payment services, payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services, foreign currency exchange services and mobile top-up. Furthermore, xe provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses. In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, "Corporate Services, Eliminations and Other." These services are not directly identifiable with the Company's reportable operating segments. The following tables present the Company's reportable segment results for the years ended December 31, 2020, 2019 2018 For the Year Ended December 31, 2020 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 468,726 $ 835,517 $ 1,183,849 $ (5,392) $ 2,482,700 Operating expenses: Direct operating costs 302,637 630,391 649,033 (5,362) 1,576,699 Salaries and benefits 91,526 64,769 213,511 34,336 404,142 Selling, general and administrative 35,388 35,789 142,161 8,276 221,614 Goodwill and acquired intangible assets impairment 21,861 — 84,741 — 106,602 Depreciation and amortization 84,025 7,890 34,694 412 127,021 Total operating expenses 535,437 738,839 1,124,140 37,662 2,436,078 Operating income (expense) $ (66,711 ) $ 96,678 $ 59,709 $ (43,054 ) $ 46,622 Other income (expense) Interest income 1,040 Interest expense (36,604 ) Foreign currency exchange loss, net (3,756 ) Other gains, net 869 Total other expense, net (38,451 ) Income before income taxes $ 8,171 Segment assets as of December 31, 2020 $ 1,541,610 $ 1,135,204 $ 1,755,651 $ 494,246 $ 4,926,711 For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 888,712 $ 769,329 $ 1,096,226 $ (4,158 ) $ 2,750,109 Operating expenses: Direct operating costs 397,132 576,757 586,730 (4,136 ) 1,556,483 Salaries and benefits 87,603 61,540 208,792 36,809 394,744 Selling, general and administrative 35,518 35,054 133,068 8,304 211,944 Depreciation and amortization 71,819 6,774 32,846 305 111,744 Total operating expenses 592,072 680,125 961,436 41,282 2,274,915 Operating income (expense) $ 296,640 $ 89,204 $ 134,790 $ (45,440 ) $ 475,194 Other income (expense) Interest income 1,969 Interest expense (36,237 ) Foreign currency exchange gain, net 2,701 Other gains, net (9,820 ) Total other expense, net (41,387 ) Income before income taxes $ 433,807 Segment assets as of December 31, 2019 $ 1,914,144 $ 962,671 $ 1,560,136 $ 220,715 $ 4,657,666 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 753,651 $ 743,784 $ 1,042,962 $ (3,768 ) $ 2,536,629 Operating expenses: Direct operating costs 366,977 564,252 560,930 (3,753 ) 1,488,406 Salaries and benefits 75,791 57,748 194,808 32,085 360,432 Selling, general and administrative 46,925 35,749 125,647 8,486 216,807 Goodwill impairment — — 7,049 — 7,049 Depreciation and amortization 66,713 7,038 32,002 268 106,021 Total operating expenses 556,406 664,787 920,436 37,086 2,178,715 Operating income (expense) $ 197,245 $ 78,997 $ 122,526 $ (40,854 ) $ 357,914 Other income (expense) Interest income 1,320 Interest expense (37,573 ) Income from unconsolidated affiliates (117 ) Foreign currency exchange loss, net (26,655 ) Other gains, net 27 Total other expense, net (62,998 ) Income before income taxes $ 294,916 Segment assets as of December 31, 2018 $ 1,220,141 $ 780,220 $ 1,310,775 $ 10,019 $ 3,321,155 Total revenues for the years ended December 31, 2020, 2019 2018 2019 Revenues Property and Equipment, net Total Assets For the year ended December 31, as of December 31, as of December 31, (in thousands) 2020 2019 2018 2020 2019 2020 2019 United States $ 725,135 $ 716,576 $ 721,977 $ 55,573 $ 49,904 $ 1,255,983 $ 717,894 Germany 533,999 518,146 476,122 38,808 35,824 797,627 660,730 Spain 118,934 189,104 155,619 61,563 55,240 291,254 371,882 United Kingdom 118,024 135,006 133,132 20,150 22,420 402,587 520,549 Italy 92,006 130,929 103,691 21,225 20,663 231,548 210,910 Poland 89,688 130,104 126,513 33,087 42,916 206,016 222,582 India 123,343 113,146 92,468 26,126 27,281 182,073 163,125 France 119,265 94,352 75,466 2,731 1,508 112,335 96,636 Greece 39,705 79,716 71,007 13,252 11,753 78,439 111,339 Malaysia 73,541 74,948 76,380 2,319 2,629 115,448 114,796 Australia 46,062 51,686 58,039 1,575 1,992 68,577 62,844 New Zealand 47,368 47,611 48,881 3,772 3,137 254,580 237,076 Other 355,630 468,785 397,334 98,260 84,713 930,244 1,167,303 Total foreign 1,757,565 2,033,533 1,814,652 322,868 310,076 3,670,728 3,939,772 Total $ 2,482,700 $ 2,750,109 $ 2,536,629 $ 378,441 $ 359,980 $ 4,926,711 $ 4,657,666 Revenues are attributed to countries based on location of the customer, with the exception of software sales made by the Company's software subsidiary, which are attributed to the U.S. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | (18) Financial Instruments and Fair Value Measurements Concentrations of credit risk The Company's credit risk primarily relates to trade accounts receivable and cash and cash equivalents. The EFT Processing Segment's customer base includes the most significant international card organizations and certain banks in its markets. The epay Segment's customer base is diverse and includes several major retailers and/or distributors in markets that they operate. The Money Transfer Segment trade accounts receivable are primarily due from independent agents that collect cash from customers on the Company's behalf and generally remit the cash within one week. The Company performs ongoing evaluations of its customers' financial condition and limits the amount of credit extended, or purchases credit enhancement protection, when deemed necessary, but generally requires no collateral. See Note 15, Valuation and Qualifying Accounts, for further disclosure. The Company invests excess cash not required for use in operations primarily in high credit quality, short-term duration securities that the Company believes bear minimal risk. 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 transac tion 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: L evel 1 L evel 2 Level 3 The following table details financial assets measured and recorded at fair value on a recurring basis: As of December 31, 2020 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 80,879 $ — $ 80,879 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (65,905) $ — $ (65,905) As of December 31, 2019 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 54,765 $ — $ 54,765 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (41,935 ) $ — $ (41,935 ) The carrying amounts of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt obligations approximate fair values due to their short maturities. The carrying values of the Company's revolving credit agreements approximate fair values because interest is based on LIBOR that resets at va rious intervals of less than one year. The Company estimates the fair value of the Convertible Notes and Senior Notes using quoted prices in inactive markets for identical liabilities (Level 2). As of 31, 2020 667.4 728.7 452.2 732.8 |
Litigation and Contingencies
Litigation and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | (19) Litigation and Contingencies From time to time, the Company is a party to legal and 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 upon the Consolidated Financial Statements of the Company. 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. |
Commitments (Note)
Commitments (Note) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Commitments | (20) Commitments As of December 31, 2020 , the Company had 86.9 3.9 Under certain circumstances, the Company grants guarantees in support of obligations of subsidiaries. As of December 31, 2020 , the Company granted off balance sheet guarantees for cash in various ATM networks amounting to 13.1 48.3 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, generally, is not recorded on the Company's Consolidated Balance Sheets. As of , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 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 December 31, 2020 or 2019. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | (21) Related Party Transactions The Company leases an airplane from a company owned by Mr. Michael J. Brown, Euronet's Chief Executive Officer, President and Chairman of the Board of Directors. The airplane is leased for business use on a per flight hour basis at competitive commercial rates with no minimum usage requirement. Euronet incurred expenses of $ 0.1 0.3 0.3 , 2019 2018 |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Data [Abstract] | |
Selected Quarterly Data (Unaudited) | (22) Selected Quarterly Data (Unaudited) (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter For the Year Ended December 31, 2019 Revenues $ 577,509 $ 691,867 $ 786,986 $ 693,747 Operating income $ 56,094 $ 117,897 $ 193,990 $ 107,213 Net income $ 34,579 $ 68,005 $ 137,541 $ 106,570 Net income attributable to Euronet Worldwide, Inc. $ 34,543 $ 68,153 $ 137,607 $ 106,446 Earnings per common share: Basic $ 0.67 $ 1.28 $ 2.53 $ 1.96 Diluted $ 0.62 $ 1.25 $ 2.46 $ 1.91 For the Year Ended December 31, 2020 Revenues $ 583,907 $ 527,803 $ 664,351 $ 706,639 Operating income (loss) $ 31,602 $ (101,271 ) $ 66,072 $ 50,219 Net income (loss) $ 1,720 $ (115,733 ) $ 40,315 $ 70,394 Net income (loss) attributable to Euronet Worldwide, Inc. $ 1,921 $ (115,804 ) $ 40,249 $ 70,235 Earnings (loss) per common share: Basic $ 0.04 $ (2.22 ) $ 0.77 $ 1.34 Diluted $ 0.04 $ (2.22 ) $ 0.76 $ 1.31 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Foreign currencies | Foreign currencies Assets and liabilities denominated in currencies other than the functional currency of a subsidiary are remeasured at rates of exchange on the balance sheet date. Resulting gains and losses on foreign currency transactions are included in the Consolidated Statements of Income. The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated to U.S. dollars using (i) exchange rates in effect at period end for assets and liabilities, and (ii) weighted average exchange rates during the period for revenues and expenses. Adjustments resulting from translation of such financial statements are reflected in accumulated other comprehensive income (loss) as a separate component of consolidated equity. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments, with an original maturity of three months or less, and certificates of deposit, which may be withdrawn at any time at the discretion of the Company without penalty, to be cash equivalents. |
ATM cash | ATM cash ATM cash represents cash within the ATM network either included within ATMs, within dedicated accounts, or in-transit to ATMs. |
Settlement assets and obligations | Settlement assets and obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. , Settlement Assets and Obligations, to the Consolidated Financial Statements for further discussion on settlement assets and obligations. |
Property and equipment | Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Property and equipment acquired in acquisitions have been recorded at estimated fair values as of the acquisition date. Depreciation is generally calculated using the straight-line method over the estimated useful lives of the respective assets. ATMs or ATM upgrades 5 - 7 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life |
Goodwill and other intangible assets | Goodwill and ot her intangible assets Goodwill Intangibles - Goodwill and Other ("ASC 350"). In accordance with the requirements of ASC 350 the Company tests for impairment on an annual basis in the fourth quarter and whenever events or circumstances dictate. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one ASC 350 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing quantitative impairment test (described below), otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The Company has a policy for its annual review of goodwill to perform the qualitative assessment for all reporting units not subjected directly to the quantitative impairment test. Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Furthermore, the Company considers the results of the most recent quantitative impairment test completed for a reporting unit and compares, among other factors, the weighted average cost of capital ("WACC") between the current and prior years for each reporting unit. Under the quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The Company uses weighted results from the income approach or the discounted cash flow model ("DCF model") and guideline public company method ("Market Approach model") to estimate the current fair value of its reporting units when testing for impairment, as management believes forecasted cash flows and EBITDA are the best indicators of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales volumes, gross margins, tax rates, capital spending, discount rates and working capital changes. Most of these assumptions vary significantly among the reporting units. Significant assumptions in the Market Approach model are projected EBITDA, selected market multiple, and the estimated control premium. If the carrying value of goodwill exceeds its fair value, an impairment loss equal to such excess would be recognized. The DCF Model and Market Approach Model utilize Level 3 inputs in the fair value hierarchy as they include unobservable inputs that require significant management assumptions. Other Intangible Assets - In accordance with ASC 350, intangible assets with finite lives are amortized over their estimated useful lives. Unless otherwise noted, amortization is calculated using the straight-line method over the estimated useful lives of the assets as follows: Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. See Note 9, Goodwill and Acquired Intangible Assets, Net, to the Consolidated Financial Statements for additional information regarding the impairment of goodwill and other intangible assets. |
Other assets | Other assets Other assets include capitalized software development costs and capitalized payments for new or renewed contracts, contract renewals and customer conversion costs. Euronet capitalizes initial payments for new or renewed contracts to the extent recoverable through future operations, contractual minimums and/or penalties in the case of early termination. The Company's accounting policy is to limit the amount of capitalized costs for a given contract to the lesser of the estimated ongoing net future cash flows related to the contract or the termination fees the Company would receive in the event of early termination of the contract by the customer. ASC Topic 340, Other Assets and Deferred Costs ("ASC 340") requires the deferral of incremental costs to obtain customer contracts, known as contract assets, which are then amortized to expense as part of selling, general and administrative expense over the respective periods of expected benefit. D balance sheet within current or non-current other assets based on the expected life of the related contract. At and 2019, we had $ 143.5 million and $ 43.7 million, respectively, of deferred contract costs. For the years ended , 2019 and 2018, we had $ 17.2 million, $ 6.9 million and $ 6.3 million of amortization related to these costs, respectively. |
Convertible notes | Convertible notes The Company accounts for its convertible debt instruments that may be settled in cash upon conversion in accordance with ASC Topic 470, Debt ("ASC 470"), which requires the proceeds from the issuance of such convertible debt instruments to be allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. Further, the Company applies ASC 470-20-35-13, which requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. |
Income taxes | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC Topic 740, Income Taxes ("ASC 740"), the Company's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in the Consolidated Statements of Income. See Note 14, Income Taxes, to the Consolidated Financial Statements for further discussion regarding these provisions. |
Presentation of taxes collected and remitted to governmental authorities | Presentation of taxes collected and remitted to governmental authorities The Company presents taxes collected and remitted to governmental authorities on a net basis in the accompanying Consolidated Statements of Income. |
Fair value measurements | Fair value measurements The Company applies the provisions of ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), regarding fair value measurements for assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The provisions apply whenever other accounting pronouncements require or permit fair value measurements. See Note 18, Financial Instruments and Fair Value Measurements, to the Consolidated Financial Statements for the required fair value disclosures. |
Accounting for derivative instruments and hedging activities | Accounting for derivative instruments and hedging activities The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"), which requires that all derivative instruments be recognized as either assets or liabilities on the balance sheet at fair value. Primarily in the Money Transfer Segment, the Company enters into foreign currency derivative contracts, mainly forward contracts, to offset foreign currency exposure related to money transfer settlement assets and liabilities in currencies other than the U.S. dollar, derivative contracts written to its customers arising from its cross-currency money transfer services and certain assets and liability positions denominated in currencies other than the U.S. dollar. These contracts are considered derivative instruments under the provisions of ASC 815; however, the Company does not designate such instruments as hedges for accounting purposes. Accordingly, changes in the value of these contracts are recognized immediately as a component of foreign currency exchange gain (loss), net in the Consolidated Statements of Income. Cash flows resulting from derivative instruments are included in operating activities in the Company's Consolidated Statements of Cash Flows. The Company enters into derivative instruments with highly credit-worthy financial institutions and does not use derivative instruments for trading or speculative purposes. See Note 12, Derivative Instruments and Hedging Activities, to the Consolidated Financial Statements for further discussion of derivative instruments. |
Share-based compensation | Share-based compensation The Company follows the provisions of ASC Topic 718, Compensation - Stock Compensation ("ASC 718"), for equity classified awards, which requires the determination of the fair value of the share-based compensation at the grant date and subsequent recognition of the related expense over the period in which the share-based compensation is earned ("requisite service period"). The amount of future compensation expense related to awards of nonvested shares or nonvested share units ("restricted stock") is based on the market price for Euronet Common Stock at the grant date. The grant dat e is the date at which all key terms and conditions of the grant have been determined and the Company becomes contingently obligated to transfer equity to the employee who renders the requisite service, generally the date at which grants are approved by the Company's Board of Directors or Compensation Committee thereof. Share-based compensation expense for awards with only service conditions is generally recognized as expense on a "straight-line" basis over the requisite service period. For awards that vest based on achieving periodic performance conditions, expense is recognized on a "graded attribution method." The graded attribution method results in expense recognition on a straight-line basis over the requisite service period for each separately vesting portion of an award. The Company has elected to use the "with and without method" when calculating the income tax benefit associated with its share-based payment arrangements. See Note 16, Stock Plans, for further disclosure. |
Revenue recognition | Revenue recogni tion The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Sales and usage-based taxes are excluded from revenues. A description of the major components of revenue by business segment is as follows: EFT Processing Transaction-based fees include charges for cash withdrawals, debit or credit card transactions, balance inquiries, transactions not completed because the relevant card issuer does not give authorization and prepaid mobile airtime recharges. Outsourcing services are generally billed on the basis of a fixed monthly fee per ATM, plus a transaction-based fee. Transaction-based fees are recognized at the time the transactions are processed and outsourcing management fees are recognized ratably over the contract period. These fees can be variable based on transaction volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. epay - sions or processing fees associated with distribution and/or processing of prepaid mobile airtime and digital media products. These fees and commissions are received from mobile operators, content vendors or distributors or from retailers. Commissions are recognized as revenue during the period in which the Company provides the service. The portion of the commission that is paid to retailers is generally recorded as a direct operating cost. However, in circumstances where the Company is not the principle obligor in the distribution of the electronic payment products, those commissions are recorded as a reduction of revenue. In selling certain products, the Company is the principle obligor in the arrangements; accordingly, the gross sales value of the products are recorded as revenue and the purchase cost as direct operating cost. Transactions are processed through a network of POS terminals and direct connections to the electronic payment systems of retailers. Transaction processing fees are recognized at the time the transactions are processed. Money Transfer - evenues for money transfer and other services represent a transaction fee in addition to a margin earned from purchasing currency at wholesale exchange rates and selling the currency to customers at retail exchange rates. Revenues and the associated direct operating cost are recognized at the time the transaction is processed. The Company has origination and distribution agents in place, which ea Revenues Deferred Revenues 56.4 $ 41.6 Disaggregation of Revenues - and region. The Company recognizes foreign exchange revenues from derivative instruments in its xe operations in accordance with ASC Topic 815 and not ASC Topic 606. These revenues are not significant to the Company's consolidated revenues and are included in the following tables. For the Year Ended December 31, 2020 (in thousands) EFT Processing epay Money Transfer Total Europe $ 313,953 $ 561,514 $ 449,299 $ 1,324,766 North America 56,447 144,613 577,845 778,905 Asia Pacific 98,313 100,917 124,413 323,643 Other 13 28,473 32,292 60,778 Eliminations — — — (5,392) Total $ 468,726 $ 835,517 $ 1,183,849 $ 2,482,700 For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Total Europe $ 724,163 $ 524,907 $ 373,302 $ 1,622,372 North America 35,461 151,016 573,016 759,493 Asia Pacific 129,060 76,491 124,934 330,485 Other 28 16,915 24,974 41,917 Eliminations — — — (4,158 ) Total $ 888,712 $ 769,329 $ 1,096,226 $ 2,750,109 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Total Europe $ 608,993 $ 491,282 $ 328,592 $ 1,428,867 North America 32,306 165,930 569,005 767,241 Asia Pacific 112,294 71,242 127,057 310,593 Other 58 15,330 18,308 33,696 Eliminations — — — (3,768 ) Total $ 753,651 $ 743,784 $ 1,042,962 $ 2,536,629 |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In August 2020, the FASB issued ASU 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions affected by reference rate reform due to the anticipated cessation of LIBOR on or before December 31, 2021. This guidance is effective from March 12, 2020 through December 31, 2022 and could impact the accounting for LIBOR provisions in the Company’s unsecured credit agreement. The Company does not expect that the adoption of this guidance will have a significant impact on its Consolidated Financial Statements. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), as of January 1, 2020, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaced the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The adoption of this standard did not have a significant impact on the Company's Consolidated Financial Statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of depreciation and amortization rates | ATMs or ATM upgrades 5 - 7 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life |
Schedule of other intangible assets | Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years |
Schedule of revenues by segment by region | For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Total Europe $ 608,993 $ 491,282 $ 328,592 $ 1,428,867 North America 32,306 165,930 569,005 767,241 Asia Pacific 112,294 71,242 127,057 310,593 Other 58 15,330 18,308 33,696 Eliminations — — — (3,768 ) Total $ 753,651 $ 743,784 $ 1,042,962 $ 2,536,629 For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Total Europe $ 724,163 $ 524,907 $ 373,302 $ 1,622,372 North America 35,461 151,016 573,016 759,493 Asia Pacific 129,060 76,491 124,934 330,485 Other 28 16,915 24,974 41,917 Eliminations — — — (4,158 ) Total $ 888,712 $ 769,329 $ 1,096,226 $ 2,750,109 For the Year Ended December 31, 2020 (in thousands) EFT Processing epay Money Transfer Total Europe $ 313,953 $ 561,514 $ 449,299 $ 1,324,766 North America 56,447 144,613 577,845 778,905 Asia Pacific 98,313 100,917 124,413 323,643 Other 13 28,473 32,292 60,778 Eliminations — — — (5,392) Total $ 468,726 $ 835,517 $ 1,183,849 $ 2,482,700 |
Settlement Assets and Obligat_2
Settlement Assets and Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Settlement Assets [Abstract] | |
Schedule of settlement assets and liabilities | (in thousands) As of December 31, 2020 As of December 31, 2019 Settlement assets: Settlement cash and cash equivalents $ 188,191 $ 282,188 Settlement restricted cash 76,674 49,168 Account receivables, net of credit loss allowance of $35,800 and $24,046 641,955 574,410 Prepaid expenses and other current assets 234,055 107,301 Total settlement assets $ 1,140,875 $ 1,013,067 Settlement obligations: Trade account payables $ 571,175 $ 504,667 Accrued expenses and other current liabilities 569,700 508,400 Total settlement obligations $ 1,140,875 $ 1,013,067 |
Schedule of cash and cash equivalents restricted cash | As of (in thousands) December 31, 2020 December 31, 2019 December 31, 2018 Cash and cash equivalents $ 1,420,255 $ 786,081 $ 385,031 Restricted cash 3,334 34,301 31,237 ATM cash 411,054 665,641 395,378 Settlement cash and cash equivalents 188,191 282,188 273,948 Settlement restricted cash 76,674 49,168 45,358 Cash and cash equivalents and restricted cash at end of period $ 2,099,508 $ 1,817,379 $ 1,130,952 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of weighted average number of common shares outstanding | Year Ended December 31, 2020 2019 2018 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 52,659,551 53,449,834 51,487,557 Incremental shares from assumed exercise of stock options and vesting of restricted stock — 1,464,053 1,499,713 Incremental shares from assumed conversion of convertible debentures — — 1,640,477 Diluted weighted average shares outstanding 52,659,551 54,913,887 54,627,747 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Schedule of fair values of the assets acquired and liabilities | (in thousands) As of November 30, 2019 Cash and cash equivalents $ 5,325 Trade accounts receivable 2,167 Other current assets 798 Property and equipment 16,542 Intangible assets 39,000 Total assets acquired $ 63,832 Trade accounts payable $ (6,790 ) Accrued expenses and other current liabilities (80 ) Total liabilities assumed $ (6,870 ) Goodwill 35,540 Net assets acquired $ 92,502 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash [Abstract] | |
Schedule of restricted cash balances | As of December 31, (in thousands) 2020 2019 Cash held in trust and/or cash held on behalf of others $ 3,334 $ 34,301 Restricted cash $ 3,334 $ 34,301 Cash held in trust and/or cash held on behalf of others $ 64,489 $ 44,366 Collateral on bank credit arrangements and other 12,185 4,802 Restricted cash included within settlement assets $ 76,674 $ 49,168 Total Restricted Cash $ 80,008 $ 83,469 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment, Net [Abstract] | |
Schedule of property and equipment, net of accumulated depreciation and amortization | As of December 31, (in thousands) 2020 2019 ATMs $ 554,508 $ 474,611 POS terminals 33,258 38,235 Vehicles and office equipment 75,936 64,970 Computers and software 203,883 191,172 Land and buildings 1,285 1,235 868,870 770,223 Less accumulated depreciation (490,429 ) (410,243 ) Total $ 378,441 $ 359,980 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Acquired Intangible Assets Net [Abstract] | |
Schedule of intangible assets | As of December 31, 2020 As of December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 186,749 $ (99,131 ) $ 240,027 $ (139,319 ) Trademarks and trade names 46,762 (31,327 ) 45,347 (28,123 ) Software 61,602 (42,772 ) 59,244 (35,362 ) Non-compete agreements 1,980 (1,980 ) 2,082 (2,049 ) Total $ 297,093 $ (175,210 ) $ 346,700 $ (204,853 ) |
Schedule of goodwill and amortizable intangible assets | (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2019 $ 114,485 $ 704,197 $ 818,682 Increases (decreases): Acquisitions (see footnote 6) 46,246 35,305 81,551 Impairment — — — Amortization (20,374 ) — (20,374 ) Other (primarily changes in foreign currency exchange rates) 1,490 4,321 5,811 Balance as of December 31, 2019 141,847 743,823 885,670 Increases (decreases): Acquisitions 1,575 (265 ) 1,310 Impairment (2,048 ) (104,554 ) (106,602 ) Amortization (22,867 ) — (22,867 ) Other (primarily changes in foreign currency exchange rates) 3,376 26,817 30,193 Balance as of December 31, 2020 $ 121,883 $ 665,821 $ 787,704 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of accrued expenses and other current liabilities | As of December 31, (in thousands) 2020 2019 Accrued expenses $ 331,713 $ 246,699 Derivative liabilities 65,905 41,935 Current portion of finance lease obligations 6,403 5,919 Deferred income taxes — 4 Total $ 404,021 $ 294,557 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | As of December 31, (in thousands) 2020 2019 Credit Facility: Revolving credit agreement $ 270,400 $ — Convertible Debt: 0.75% convertible notes, unsecured, due 2049 452,228 436,965 1.375% Senior Notes, due 2026 732,840 673,440 Other obligations 850 6,215 Total debt obligations $ 1,456,318 $ 1,116,620 Unamortized debt issuance costs (17,932 ) (19,592 ) Carrying value of debt $ 1,438,386 $ 1,097,028 Short-term debt obligations and current maturities of long-term debt obligations (797 ) (6,089 ) Long-term debt obligations $ 1,437,589 $ 1,090,939 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of derivative instruments in statement of financial position fair value | Asset Derivatives Liability Derivatives Fair Value Fair Value (in thousands) Balance Sheet Location December 31, 2020 December 31, 2019 Balance Sheet Location December 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 80,879 $ 54,765 Other current liabilities $ (65,905) $ (41,935 ) |
Schedule of offsetting assets and liabilities | Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2020 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 $ 80,879 $ — $ 80,879 $ (44,893 ) $ (2,778 ) $ 33,208 As of December 31, 2019 Derivatives subject to a master netting arrangement or similar agreement $ 54,765 $ — $ 54,765 $ (34,935 ) $ (7,362 ) $ 12,468 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2020 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 $ (65,905 ) $ — $ (65,905 ) $ 44,893 $ 12,272 $ (8,740 ) As of December 31, 2019 Derivatives subject to a master netting arrangement or similar agreement $ (41,935 ) $ — $ (41,935 ) $ 34,935 $ 827 $ (6,173 ) |
Schedule of derivative instruments gain (loss) | Amount of (Loss) Gain Recognized in Income on Derivative Contracts (a) Location of (Loss) Gain Recognized in Income on Derivative Contracts Year Ended December 31, (in thousands) 2020 2019 2018 Foreign currency exchange contracts - Ria Operations Foreign currency exchange (loss) gain, net $ (1,499) $ 62 $ 173 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of future minimum lease payments | As of December 31, 2020 Maturity of Lease Liabilities (in thousands) Operating Leases (1) 2021 $ 48,622 2022 35,640 2023 25,182 2024 16,801 2025 10,531 Thereafter 26,976 Total lease payments 163,752 Less: imputed interest (4,814 ) Present value of lease liabilities $ 158,938 |
Schedule of lease expense recognized in consolidated statements of income | Lease Expense (in thousands) Income Statement Classification Year ended December 31, 2020 Year ended December 31, 2019 Operating lease expense Selling, general and administrative and Direct operating costs $ 83,102 $ 130,487 Short-term and variable lease expense Selling, general and administrative and Direct operating costs 69,711 43,907 Total lease expense $ 152,813 $ 174,394 |
Schedule of supplemental cash flow and non-cash information related to leases | Other Information (in thousands) Year ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (a) $ 79,447 $ 129,609 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 77,728 $ 229,107 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax domestic and foreign | Year Ended December 31, (in thousands) 2020 2019 2018 Income before taxes: United States $ 40,323 $ 44,290 $ 35,467 Foreign (32,152 ) 389,517 259,449 Total income before income taxes $ 8,171 $ 433,807 $ 294,916 |
Schedule of components of income tax expense (benefit) | Year Ended December 31, (in thousands) 2020 2019 2018 Current tax expense (benefit): U.S. $ 2,605 $ (4,885 ) $ (8,711) Foreign 39,270 83,792 70,244 Total current 41,875 78,907 61,533 Deferred tax expense (benefit): U.S. (16,100) (8,424) 6,871 Foreign (14,300) 16,629 (5,619 ) Total deferred (30,400) 8,205 1,252 Total tax expense $ 11,475 $ 87,112 $ 62,785 |
Schedule of effective income tax rate reconciliation | Year Ended December 31, (dollar amounts in thousands) 2020 2019 2018 U.S. federal income tax expense at applicable statutory rate $ 1,716 $ 91,099 $ 61,932 Tax effect of: State income tax expense (benefit) at statutory rates 347 5,101 1,680 Non-deductible expenses 1,887 2,896 3,457 Share-based compensation (6,446 ) (2,875 ) (13,750 ) Other permanent differences 3,828 (864 ) (6,141 ) Difference between U.S. federal and foreign tax rates 7,002 12,281 9,843 Provision in excess of statutory rates (6,491 ) 3,565 3,737 Change in federal and foreign valuation allowance (4,238 ) 2,144 3,075 Impairment of goodwill and acquired intangibles assets 22,053 — 83 GILTI, net of tax credits — 6,471 14,111 U.S. Tax Reform - transition tax and rate change — (25,728 ) (12,262 ) Tax credits (3,518 ) (4,500 ) — Other (4,665 ) (2,478 ) (2,980 ) Total income tax expense $ 11,475 $ 87,112 $ 62,785 Effective tax rate 140.4 % 20.1% 21.3% |
Schedule of deferred tax assets and liabilities | As of December 31, (in thousands) 2020 2019 Deferred tax assets: Tax loss carryforwards $ 45,609 $ 34,357 Share-based compensation 6,771 7,366 Accrued expenses 22,243 19,048 Property and equipment 10,835 8,602 Goodwill and intangible amortization 7,614 8,143 Intercompany notes 7,689 5,591 Accrued revenue 34,663 24,721 Tax credits 65,063 Lease accounting 39,962 89,965 Foreign exchange 19,160 3,394 Other 14,230 12,371 Gross deferred tax assets 274,164 278,621 Valuation allowance (77,563 ) (83,184 ) Net deferred tax assets 196,601 195,437 Deferred tax liabilities: Intangible assets related to purchase accounting (12,854 ) (16,379 ) Goodwill and intangible amortization (24,763 ) (20,806 ) Accrued expenses (43,971 ) (29,084 ) Intercompany notes (10,396 ) (8,733 ) Accrued interest (30,932 ) (27,902 ) Capitalized research and development (6,352 ) (6,048 ) Property and equipment (18,295 ) (15,467 ) Accrued revenue (1,829 ) (4,727 ) Lease accounting (39,962 ) (89,965 ) Foreign exchange (10,880 ) (4,156) Other (6,826 ) (6,606 ) Total deferred tax liabilities (207,060 ) (229,873 ) Net deferred tax liabilities $ (10,459 ) $ (34,436 ) |
Summary of operating loss carryforwards | (in thousands) Gross Tax Effected Year ending December 31, 2021 $ 3,538 $ 859 2022 3,590 827 2023 5,031 1,350 2024 6,060 1,434 2025 19,948 4,588 Thereafter 26,197 6,860 Unlimited 133,004 30,895 Total $ 197,368 $ 46,813 |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefit | Year Ended December 31, (in thousands) 2020 2019 Beginning balance $ 44,535 $ 30,915 Additions based on tax positions related to the current year 7,331 15,569 Additions for tax positions of prior years — 6 Reductions for tax positions of prior years (1,349 ) (1,703 ) Settlements (10,127 ) — Statute of limitations expiration (605 ) (252 ) Ending balance $ 39,785 $ 44,535 |
Schedule of income tax examinations | Jurisdictions Periods U.S. (Federal) 2014 through 2020 Germany 2016 through 2020 Greece 2014 through 2020 Spain 2015 through 2020 U.K. 2018 through 2020 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of valuation and qualifying accounts | Year Ended December 31, (in thousands) 2020 2019 2018 Beginning balance-credit losses $ 27,938 $ 24,287 $ 20,958 Additions-charged to expense 19,469 10,095 8,653 Amounts written off (7,842) (6,179 ) (4,079 ) Other (primarily changes in foreign currency exchange rates) 2,162 (265 ) (1,245) Ending balance-credit losses $ 41,727 $ 27,938 $ 24,287 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock options activity | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Balance at December 31, 2019 (1,653,340 shares exercisable) 3,015,775 $ 81.29 Granted 1,574,228 $ 103.30 Exercised (460,688 ) $ 34.35 Forfeited/Canceled (37,966 ) $ 105.87 Expired (56 ) $ 17.05 Balance at December 31, 2020 4,091,293 $ 94.88 7.4 $ 207,507 Exercisable at December 31, 2020 1,497,567 $ 61.32 4.3 $ 125,859 Vested and expected to vest at December 31, 2020 2,075,569 $ 78.63 5.4 $ 140,063 |
Schedule of the fair value using the Black-Scholes-Merton option-pricing model | Year ended December 31, 2020 (b) 2019 2018 Volatility 35.6 % 29.3 % 29.8 % Risk-free interest rate - weighted average 0.6 % 2.1 % 2.8 % Risk-free interest rate - range 0.31% to 1.17 % (a) (a) Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 7.1 years 5.2 years 5.6 years Weighted-average fair value (per share) $ 48.21 $ 43.96 $ 37.16 (a) At the date of grant, the risk fee rate for stock options awarded in 2019 and 2018 was 1.7%, and 2.8%, re (b) During 2020, the Company granted 1,350,000 options that were valued using a Monte Carlo simulation (not included in the table above). The Monte Carlo simulation calculated a fair value per option of $26.90 using the following assumptions: volatility of 37.0%, risk-free interest rate of 0.33%, and a term of 5.0 years. |
Schedule of restricted stock activity | Number of Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2019 493,948 $ 118.20 Granted 129,127 $ 117.97 Vested (126,903) $ 87.08 Forfeited (10,662) $ 105.14 Nonvested at December 31, 2020 485,510 $ 126.62 |
Schedule of employee stock purchase plan | Year Ended December 31, 2020 2019 2018 Volatility - weighted average 60.9 % 24.3 % 30.1 % Volatility - range 37.2% % 20.3% to 28.1 % 23.5% to 36.7 % Risk-free interest rate - weighted average 0.12 % 2.07 % 2.01 % Risk-free interest rate - range 0.09% % 1.55% to 2.44 % 1.73% to 2.45 % Dividend yield — % — % — % Expected lives 3 months 3 months 3 months Weighted-average fair value (per share) $ 20.11 $ 25.87 $ 17.22 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information [Abstract] | |
Schedule of reportable segment results | For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 753,651 $ 743,784 $ 1,042,962 $ (3,768 ) $ 2,536,629 Operating expenses: Direct operating costs 366,977 564,252 560,930 (3,753 ) 1,488,406 Salaries and benefits 75,791 57,748 194,808 32,085 360,432 Selling, general and administrative 46,925 35,749 125,647 8,486 216,807 Goodwill impairment — — 7,049 — 7,049 Depreciation and amortization 66,713 7,038 32,002 268 106,021 Total operating expenses 556,406 664,787 920,436 37,086 2,178,715 Operating income (expense) $ 197,245 $ 78,997 $ 122,526 $ (40,854 ) $ 357,914 Other income (expense) Interest income 1,320 Interest expense (37,573 ) Income from unconsolidated affiliates (117 ) Foreign currency exchange loss, net (26,655 ) Other gains, net 27 Total other expense, net (62,998 ) Income before income taxes $ 294,916 Segment assets as of December 31, 2018 $ 1,220,141 $ 780,220 $ 1,310,775 $ 10,019 $ 3,321,155 For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 888,712 $ 769,329 $ 1,096,226 $ (4,158 ) $ 2,750,109 Operating expenses: Direct operating costs 397,132 576,757 586,730 (4,136 ) 1,556,483 Salaries and benefits 87,603 61,540 208,792 36,809 394,744 Selling, general and administrative 35,518 35,054 133,068 8,304 211,944 Depreciation and amortization 71,819 6,774 32,846 305 111,744 Total operating expenses 592,072 680,125 961,436 41,282 2,274,915 Operating income (expense) $ 296,640 $ 89,204 $ 134,790 $ (45,440 ) $ 475,194 Other income (expense) Interest income 1,969 Interest expense (36,237 ) Foreign currency exchange gain, net 2,701 Other gains, net (9,820 ) Total other expense, net (41,387 ) Income before income taxes $ 433,807 Segment assets as of December 31, 2019 $ 1,914,144 $ 962,671 $ 1,560,136 $ 220,715 $ 4,657,666 For the Year Ended December 31, 2020 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 468,726 $ 835,517 $ 1,183,849 $ (5,392) $ 2,482,700 Operating expenses: Direct operating costs 302,637 630,391 649,033 (5,362) 1,576,699 Salaries and benefits 91,526 64,769 213,511 34,336 404,142 Selling, general and administrative 35,388 35,789 142,161 8,276 221,614 Goodwill and acquired intangible assets impairment 21,861 — 84,741 — 106,602 Depreciation and amortization 84,025 7,890 34,694 412 127,021 Total operating expenses 535,437 738,839 1,124,140 37,662 2,436,078 Operating income (expense) $ (66,711 ) $ 96,678 $ 59,709 $ (43,054 ) $ 46,622 Other income (expense) Interest income 1,040 Interest expense (36,604 ) Foreign currency exchange loss, net (3,756 ) Other gains, net 869 Total other expense, net (38,451 ) Income before income taxes $ 8,171 Segment assets as of December 31, 2020 $ 1,541,610 $ 1,135,204 $ 1,755,651 $ 494,246 $ 4,926,711 |
Schedule of property and equipment and total assets | Revenues Property and Equipment, net Total Assets For the year ended December 31, as of December 31, as of December 31, (in thousands) 2020 2019 2018 2020 2019 2020 2019 United States $ 725,135 $ 716,576 $ 721,977 $ 55,573 $ 49,904 $ 1,255,983 $ 717,894 Germany 533,999 518,146 476,122 38,808 35,824 797,627 660,730 Spain 118,934 189,104 155,619 61,563 55,240 291,254 371,882 United Kingdom 118,024 135,006 133,132 20,150 22,420 402,587 520,549 Italy 92,006 130,929 103,691 21,225 20,663 231,548 210,910 Poland 89,688 130,104 126,513 33,087 42,916 206,016 222,582 India 123,343 113,146 92,468 26,126 27,281 182,073 163,125 France 119,265 94,352 75,466 2,731 1,508 112,335 96,636 Greece 39,705 79,716 71,007 13,252 11,753 78,439 111,339 Malaysia 73,541 74,948 76,380 2,319 2,629 115,448 114,796 Australia 46,062 51,686 58,039 1,575 1,992 68,577 62,844 New Zealand 47,368 47,611 48,881 3,772 3,137 254,580 237,076 Other 355,630 468,785 397,334 98,260 84,713 930,244 1,167,303 Total foreign 1,757,565 2,033,533 1,814,652 322,868 310,076 3,670,728 3,939,772 Total $ 2,482,700 $ 2,750,109 $ 2,536,629 $ 378,441 $ 359,980 $ 4,926,711 $ 4,657,666 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Schedule of financial assets measured and recorded at fair value | As of December 31, 2020 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 80,879 $ — $ 80,879 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (65,905) $ — $ (65,905) As of December 31, 2019 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 54,765 $ — $ 54,765 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (41,935 ) $ — $ (41,935 ) |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Data [Abstract] | |
Schedule of selected quarterly data | (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter For the Year Ended December 31, 2019 Revenues $ 577,509 $ 691,867 $ 786,986 $ 693,747 Operating income $ 56,094 $ 117,897 $ 193,990 $ 107,213 Net income $ 34,579 $ 68,005 $ 137,541 $ 106,570 Net income attributable to Euronet Worldwide, Inc. $ 34,543 $ 68,153 $ 137,607 $ 106,446 Earnings per common share: Basic $ 0.67 $ 1.28 $ 2.53 $ 1.96 Diluted $ 0.62 $ 1.25 $ 2.46 $ 1.91 For the Year Ended December 31, 2020 Revenues $ 583,907 $ 527,803 $ 664,351 $ 706,639 Operating income (loss) $ 31,602 $ (101,271 ) $ 66,072 $ 50,219 Net income (loss) $ 1,720 $ (115,733 ) $ 40,315 $ 70,394 Net income (loss) attributable to Euronet Worldwide, Inc. $ 1,921 $ (115,804 ) $ 40,249 $ 70,235 Earnings (loss) per common share: Basic $ 0.04 $ (2.22 ) $ 0.77 $ 1.34 Diluted $ 0.04 $ (2.22 ) $ 0.76 $ 1.31 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Practices (Details) | 12 Months Ended |
Dec. 31, 2020 | |
ATMs or ATM upgrades [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
ATMs or ATM upgrades [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Computers and software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computers and software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
POS terminals [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
POS terminals [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Vehicles and office equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Vehicles and office equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | Over the lesser of the lease term or estimated useful life |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Practices (Details 1) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Non-compete agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 2 years |
Minimum [Member] | Trademarks and trade names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 2 years |
Minimum [Member] | Software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 3 years |
Minimum [Member] | Customer relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 6 years |
Maximum [Member] | Non-compete agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 5 years |
Maximum [Member] | Trademarks and trade names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 20 years |
Maximum [Member] | Software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 10 years |
Maximum [Member] | Customer relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Practices (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | $ 706,639 | $ 664,351 | $ 527,803 | $ 583,907 | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 2,482,700 | $ 2,750,109 | $ 2,536,629 |
EFT Processing [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 468,726 | 888,712 | 753,651 | ||||||||
epay [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 835,517 | 769,329 | 743,784 | ||||||||
Money Transfer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 1,183,849 | 1,096,226 | 1,042,962 | ||||||||
Europe [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 1,324,766 | 1,622,372 | 1,428,867 | ||||||||
Europe [Member] | EFT Processing [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 313,953 | 724,163 | 608,993 | ||||||||
Europe [Member] | epay [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 561,514 | 524,907 | 491,282 | ||||||||
Europe [Member] | Money Transfer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 449,299 | 373,302 | 328,592 | ||||||||
North America [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 778,905 | 759,493 | 767,241 | ||||||||
North America [Member] | EFT Processing [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 56,447 | 35,461 | 32,306 | ||||||||
North America [Member] | epay [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 144,613 | 151,016 | 165,930 | ||||||||
North America [Member] | Money Transfer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 577,845 | 573,016 | 569,005 | ||||||||
Asia Pacific [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 323,643 | 330,485 | 310,593 | ||||||||
Asia Pacific [Member] | EFT Processing [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 98,313 | 129,060 | 112,294 | ||||||||
Asia Pacific [Member] | epay [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 100,917 | 76,491 | 71,242 | ||||||||
Asia Pacific [Member] | Money Transfer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 124,413 | 124,934 | 127,057 | ||||||||
Other [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 60,778 | 41,917 | 33,696 | ||||||||
Other [Member] | EFT Processing [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 13 | 28 | 58 | ||||||||
Other [Member] | epay [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 28,473 | 16,915 | 15,330 | ||||||||
Other [Member] | Money Transfer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 32,292 | 24,974 | 18,308 | ||||||||
Eliminations [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | (5,392) | (4,158) | (3,768) | ||||||||
Eliminations [Member] | EFT Processing [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | |||||||||||
Eliminations [Member] | epay [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | |||||||||||
Eliminations [Member] | Money Transfer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Practices (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Deferred contract costs | $ 143.5 | $ 43.7 | |
Deferred revenue recognized | 41.6 | ||
Amortization related costs | 17.2 | $ 6.9 | $ 6.3 |
Cash payments | $ 56.4 |
Settlement Assets and Obligat_3
Settlement Assets and Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Settlement assets: | |||
Settlement cash and cash equivalents | $ 188,191 | $ 282,188 | |
Settlement restricted cash | 76,674 | 49,168 | $ 45,358 |
Account receivables | 641,955 | 574,410 | |
Prepaid expenses and other current assets | 234,055 | 107,301 | |
Total settlement assets | 1,140,875 | 1,013,067 | |
Settlement obligations: | |||
Trade account payables | 571,175 | 504,667 | |
Accrued expenses and other current liabilities | 569,700 | 508,400 | |
Total settlement obligations | $ 1,140,875 | $ 1,013,067 |
Settlement Assets and Obligat_4
Settlement Assets and Obligations (Details 1) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Settlement Assets [Abstract] | ||||
Cash and cash equivalents | $ 1,420,255 | $ 786,081 | $ 385,031 | |
Restricted cash | 3,334 | 34,301 | 31,237 | |
ATM cash | 411,054 | 665,641 | 395,378 | |
Settlement cash and cash equivalents | 188,191 | 282,188 | 273,948 | |
Settlement restricted cash | 76,674 | 49,168 | 45,358 | |
Cash and cash equivalents and restricted cash at end of period | $ 2,099,508 | $ 1,817,379 | $ 1,130,952 | $ 900,518 |
Settlement Assets and Obligat_5
Settlement Assets and Obligations (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Settlement Assets [Abstract] | ||
Account receivables, net of credit loss allowance | $ 35,800 | $ 24,046 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Computation of diluted weighted average shares outstanding | |||
Basic weighted average shares outstanding | 52,659,551 | 53,449,834 | 51,487,557 |
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 1,464,053 | 1,499,713 | |
Incremental shares from assumed conversion of convertible debentures | 1,640,477 | ||
Diluted weighted average shares outstanding | 52,659,551 | 54,913,887 | 54,627,747 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Feb. 26, 2020 | Mar. 18, 2019 | Mar. 11, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Share price | $ 102.38 | ||||||
Conversion price | $ 147.24 | $ 72.18 | $ 188.73 | ||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | $ 70,794 | $ (13,894) | $ (56,656) | ||||
Repurchase of shares | $ 239,763 | $ 70,876 | $ 175,000 | ||||
Incremental shares from assumed conversion of convertible debentures | 1,640,477 | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||
Preferred stock, shares issued | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | ||||||
Antidilutive securities excluded from computation of earnings per share, amount | 2,073,000 | 380,000 | 458,000 | ||||
Share Repurchase Plan [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Stock repurchase program, number of shares authorized to be repurchased | 10,000,000 | 5,000,000 | |||||
Stock repurchase program authorized amount | $ 375,000 | $ 250,000 | $ 120,000 | ||||
Repurchase of shares | $ 239,800 | $ 70,900 | $ 175,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 5,325 | |||
Trade accounts receivable | 2,167 | |||
Other current assets | 798 | |||
Property and equipment | 16,542 | |||
Intangible assets | 39,000 | |||
Total assets acquired | 63,832 | |||
Trade accounts payable | (6,790) | |||
Accrued expenses and other current liabilities | (80) | |||
Total liabilities assumed | (6,870) | |||
Goodwill | 35,540 | $ 665,821 | $ 743,823 | $ 704,197 |
Net assets acquired | $ 92,502 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) $ in Thousands | 1 Months Ended | |||
Nov. 30, 2019USD ($)Item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Acquisitions [Abstract] | ||||
Number of ATMs in operation at acquired entity | Item | 1,800 | |||
Purchase price of acquired entity in cash | $ 92,500 | |||
Intangible assets | 39,000 | |||
Goodwill | $ 35,540 | $ 665,821 | $ 743,823 | $ 704,197 |
Acquired finite-lived intangible assets, useful life | 20 years |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total Restricted Cash | $ 80,008 | $ 83,469 | |
Restricted cash included within settlement assets | 76,674 | 49,168 | $ 45,358 |
Restricted cash | 3,334 | 34,301 | $ 31,237 |
Collateral on bank credit arrangements and other [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash included within settlement assets | 12,185 | 4,802 | |
Cash held in trust and/or cash held on behalf of others [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash included within settlement assets | 64,489 | 44,366 | |
Restricted cash | $ 3,334 | $ 34,301 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 868,870 | $ 770,223 |
Less accumulated depreciation | (490,429) | (410,243) |
Total | 378,441 | 359,980 |
ATMs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 554,508 | 474,611 |
POS terminals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 33,258 | 38,235 |
Vehicles and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 75,936 | 64,970 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 203,883 | 191,172 |
Land and buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,285 | $ 1,235 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 96.1 | $ 83.5 | $ 75.1 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (175,210) | $ (204,853) |
Gross Carrying Amount | 297,093 | 346,700 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 186,749 | 240,027 |
Accumulated Amortization | (99,131) | (139,319) |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 46,762 | 45,347 |
Accumulated Amortization | (31,327) | (28,123) |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 61,602 | 59,244 |
Accumulated Amortization | (42,772) | (35,362) |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,980 | 2,082 |
Accumulated Amortization | $ (1,980) | $ (2,049) |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||||
Balance | $ 141,847 | $ 141,847 | $ 114,485 | ||
Increases (decreases): | |||||
Acquisitions | 1,575 | 46,246 | |||
Impairment | (2,048) | ||||
Amortization | (22,867) | (20,374) | |||
Other (primarily changes in foreign currency exchange rates) | 3,376 | 1,490 | |||
Balance | $ 121,883 | 121,883 | 141,847 | $ 114,485 | |
Balance | 743,823 | 743,823 | 704,197 | ||
Increases (decreases): | |||||
Acquisitions | (265) | 35,305 | |||
Impairment | (104,554) | ||||
Amortization | |||||
Other (primarily changes in foreign currency exchange rates) | 26,817 | 4,321 | |||
Balance | 665,821 | 665,821 | 743,823 | 704,197 | |
Balance | 885,670 | 885,670 | 818,682 | ||
Increases (decreases): | |||||
Acquisitions | 1,310 | 81,551 | |||
Impairment | (2,000) | $ (104,600) | (106,602) | (7,000) | |
Amortization | (22,867) | 20,374 | |||
Other (primarily changes in foreign currency exchange rates) | 30,193 | 5,811 | |||
Balance | $ 787,704 | $ 787,704 | $ 885,670 | $ 818,682 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($)Item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Future Amortization Expense, Year One | $ 22,900 | $ 22,900 | ||||
Future Amortization Expense, Year Two | 21,800 | 21,800 | ||||
Future Amortization Expense, Year Three | 16,800 | 16,800 | ||||
Future Amortization Expense, Year Four | 9,900 | 9,900 | ||||
Future Amortization Expense, Year Five | 6,500 | 6,500 | ||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ||||||
Acquired intangible assets, net of accumulated amortization of $0 at December 31, 2020 and $204,853 at December 31, 2019 | 121,883 | 121,883 | $ 141,847 | $ 114,485 | ||
Finite-Lived Intangible Assets, Amortization Expense | (22,867) | (20,374) | ||||
Other (primarily changes in foreign currency exchange rates) | 3,376 | 1,490 | ||||
Goodwill | 665,821 | 665,821 | 743,823 | 704,197 | $ 35,540 | |
Goodwill and acquired intangible assets impairment | 106,602 | 7,049 | ||||
Other (primarily changes in foreign currency exchange rates) | 26,817 | 4,321 | ||||
Total intangible assets, net, including goodwill | 787,704 | 787,704 | 885,670 | 818,682 | ||
Acquisitions | 1,310 | 81,551 | ||||
Impairment of Intangible Assets, Finite-lived | (106,602) | |||||
Total intangible assets amortization expense | (22,867) | 20,374 | ||||
Other (primarily changes in foreign currency exchange rates) | 30,193 | 5,811 | ||||
Asset Impairment Charges | 2,000 | $ 104,600 | 106,602 | 7,000 | ||
Number of reporting units | Item | 6 | |||||
Goodwill [Member] | ||||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ||||||
Finite-Lived Intangible Assets, Amortization Expense | (22,900) | (20,400) | (22,600) | |||
Goodwill | $ 665,800 | |||||
Money Transfer [Member] | ||||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ||||||
Goodwill | 403,700 | 403,700 | ||||
Goodwill and acquired intangible assets impairment | 7,049 | |||||
Impairment of Intangible Assets, Finite-lived | (84,741) | |||||
Asset Impairment Charges | $ 82,700 | |||||
Number of reporting units | Item | 2 | |||||
Epay Segment [Member] | ||||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ||||||
Goodwill | 136,500 | 136,500 | ||||
Goodwill and acquired intangible assets impairment | ||||||
Impairment of Intangible Assets, Finite-lived | ||||||
Number of reporting units | Item | 1 | |||||
Eft Processing Segment [Member] | ||||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ||||||
Goodwill | $ 125,600 | 125,600 | ||||
Goodwill and acquired intangible assets impairment | ||||||
Impairment of Intangible Assets, Finite-lived | $ (21,861) | |||||
Asset Impairment Charges | $ 21,900 | |||||
Number of reporting units | Item | 3 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Accrued expenses | $ 331,713 | $ 246,699 |
Derivative liabilities | 65,905 | 41,935 |
Current portion of finance lease obligations | 6,403 | 5,919 |
Deferred income taxes | 4 | |
Total | $ 404,021 | $ 294,557 |
Debt Obligations (Details)
Debt Obligations (Details) $ in Thousands, € in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 22, 2019EUR (€) | May 22, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Revolving credit agreements | $ 270,400 | |||
Convertible debt, carrying values | 452,200 | 732,800 | ||
Senior notes | 732,800 | € 600 | $ 669,900 | |
Other obligations | 850 | 6,215 | ||
Total debt obligations | 1,456,318 | 1,116,620 | ||
Unamortized debt issuance costs | (17,932) | (19,592) | ||
Carrying value of debt | 1,438,386 | 1,097,028 | ||
Short-term debt obligations and current maturities of long-term debt obligations | (797) | (6,089) | ||
Long-term debt obligations | 1,437,589 | 1,090,939 | ||
Due 2049 [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible debt, carrying values | 452,228 | 436,965 | ||
Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible debt, carrying values | $ 732,840 | $ 673,440 |
Debt Obligations (Details Textu
Debt Obligations (Details Textual) $ / shares in Units, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Sep. 17, 2020 | Mar. 18, 2019USD ($)$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($)$ / shares | May 22, 2019EUR (€) | May 22, 2019USD ($) | Oct. 17, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Redemptions and conversions of convertible notes, net of tax | $ (20,467,000) | |||||||||
Repayments of Convertible Debt | $ 94,200,000 | |||||||||
Repayments of Debt | $ 49,000,000 | |||||||||
Revolving credit agreements | $ 270,400,000 | |||||||||
Convertible debt, carrying values | 732,800,000 | 452,200,000 | ||||||||
Senior Notes | € | € 600 | |||||||||
Total debt obligations | 1,116,620,000 | 1,456,318,000 | ||||||||
Unamortized debt issuance costs | (19,592,000) | (17,932,000) | ||||||||
Carrying value of debt | 1,097,028,000 | 1,438,386,000 | ||||||||
Short-term debt obligations and current maturities of long-term debt obligations | (6,089,000) | (797,000) | ||||||||
Long-term debt obligations | 1,090,939,000 | 1,437,589,000 | ||||||||
Due in 2021 | 800,000 | |||||||||
Due in 2022 | 100,000 | |||||||||
Due in 2023 | 0 | |||||||||
Due in 2024 | 270,400,000 | |||||||||
Long-term debt, maturities, repayments of principal in year four | 0 | |||||||||
thereafter | $ 1,200,000,000 | |||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.65% | |||||||||
Letter of credit, interest rate at period end | 1.10% | 1.10% | ||||||||
Letters of credit outstanding, amount | $ 86,900,000 | |||||||||
Conversion price | $ / shares | $ 188.73 | $ 72.18 | $ 147.24 | |||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
Other obligations | 6,215,000 | 850,000 | ||||||||
Debt Instrument, Convertible, Interest Expense | $ 15,300,000 | 11,600,000 | ||||||||
Other debt, current | 6,200,000 | $ 900,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Issuance of convertible notes, net of tax | 71,659,000 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.375% | 1.375% | 1.375% | 1.375% | ||||||
Senior notes | $ 732,800,000 | € 600 | $ 669,900,000 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 2.5 | |||||||||
Gain (Loss) on Extinguishment of Debt, before Tax | 9,800,000 | |||||||||
Debt instrument, description | (i) As of the end of each fiscal quarter ended on March 31, September 30 and December 31, a Consolidated Total Leverage Ratio not to be greater than 3.5 to1.0; (ii) as of the end of each fiscal quarter ended on June 30, a Consolidated Total Leverage Ratio not to be greater than 4.0 to1.0; provided that, not more than two times prior to the expiration date, that a Material Acquisition has been consummated, for any period of four consecutive fiscal quarters following such Material Acquisition, the Consolidated Total Leverage Ratio will be not greater than 4.0 to1.0 for fiscal quarters ended on March 31, September 30 and December 31 and not greater than 4.5 to1.0 for fiscal quarters ended on June 30; provided, further, that following such four consecutive fiscal quarters for which the maximum Consolidated Total Leverage Ratio is increased, the maximum Consolidated Total Leverage Ratio shall revert to the levels set forth in clauses (i) and (ii) above for not fewer than two fiscal quarters before a subsequent Increase Notice is delivered to the syndicate of financial institutions; and (iii) a Consolidated Interest Coverage Ratio not less than 4.0 to 1.0. Subject to meeting certain leverage ratio and liquidity requirements as contained in the unsecured credit agreement, the Company is permitted to pay dividends, repurchase common stock and repurchase subordinated debt. | |||||||||
Debt instrument, redemption, description | (i) On or after September 20, 2022 if the closing sale price of the Company's Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) on or after March 20, 2025 and prior to the maturity date, regardless of the foregoing sale price condition, in each case at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Convertible Notes. In addition, if a fundamental change, as defined in the Indenture, occurs prior to the maturity date, holders may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | |||||||||
Cash | 1,000 | |||||||||
Principal amount of retired convertible notes | 352,400,000 | |||||||||
Consolidated interest coverage ratio, description | Under the Amendment, the Consolidated Total Leverage Ratio, as defined in the Credit Facility, was modified to reduce the amount of consolidated funded debt by the amount of cash and cash equivalents on the Company's consolidated balance sheet and the Consolidated Interest Coverage Ratio now includes a one-time option to reduce the ratio to 3.5 to 1.0 from 4.0 to 1.0 for a period of up to three consecutive quarters. | |||||||||
Senior Notes, 1.375 Percent due 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | $ (6,600,000) | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.375% | 1.375% | ||||||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 668,800,000 | |||||||||
Letters of credit outstanding, amount | 53,000,000 | 60,800,000 | ||||||||
Line of Credit [Member] | Letter of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | |||||||||
Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash | 352.4 | |||||||||
Due 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemptions and conversions of convertible notes, net of tax | $ 34,200,000 | |||||||||
Convertible debt, carrying values | 673,440,000 | 732,840,000 | ||||||||
Amortization of Debt Discount (Premium) | 4,600,000 | |||||||||
Debt Instrument, Convertible, Interest Expense | 1,500,000 | |||||||||
Due 2049 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 99,700,000 | |||||||||
Convertible debt, carrying values | 436,965,000 | $ 452,228,000 | ||||||||
Debt Issuance Costs, Gross | $ 12,800,000 | |||||||||
Debt Instrument, Face Amount | $ 525,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | ||||||||
Debt Instrument, Unamortized Discount | $ 72,800,000 | |||||||||
Debt Instrument, Convertible, Effective Interest Rate | 4.40% | |||||||||
Debt Instrument, Convertible, Interest Expense | $ 3,900,000 | $ 3,100,000 | ||||||||
Issuance of convertible notes, net of tax | $ 25,600,000 | |||||||||
U.S. dollar swingline loans [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | |||||||||
Foreign currencies swingline loans [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
Base rate [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.175% | |||||||||
Base rate [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.20% | 1.20% | ||||||||
BofA LoC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 80,879 | $ 54,765 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ (65,905) | $ (41,935) |
Derivative Instruments and Fair
Derivative Instruments and Fair Value of Derivative Assets and Liabilities (Details 1) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments Financial Information [Abstract] | ||
Gross Amounts of Recognized Assets | $ 80,879 | $ 54,765 |
Gross Amounts Offset in the Consolidated Balance Sheet | ||
Net Amounts Presented in the Consolidated Balance Sheet | 80,879 | 54,765 |
Derivative Asset, Not Offset, Financial Instruments | (44,893) | (34,935) |
Cash Collateral Received | (2,778) | (7,362) |
Derivatives Assets, Net Amounts | 33,208 | 12,468 |
Gross Amounts of Recognized Liabilities | (65,905) | (41,935) |
Gross Amounts Offset in the Consolidated Balance Sheet | ||
Net Amounts Presented in the Consolidated Balance Sheet | (65,905) | (41,935) |
Derivative Liability, Not Offset, Financial Instruments | 44,893 | 34,935 |
Cash Collateral Paid | 12,272 | 827 |
Derivative Liability, Net Amounts | $ (8,740) | $ (6,173) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (1,499) | $ 62 | $ 173 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities Derivative Financial Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Table] | |||
Derivative Liability, Fair Value, Gross Liability | $ 65,905 | $ 41,935 | |
Derivative Asset, Fair Value, Gross Asset | 80,879 | 54,765 | |
Derivative Asset, Fair Value, Gross Liability | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 80,879 | 54,765 | |
Derivative Asset, Not Offset, Policy Election Deduction | 44,893 | 34,935 | |
Derivative, Collateral, Obligation to Return Cash | 2,778 | 7,362 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 33,208 | 12,468 | |
Derivative Liability, Fair Value, Gross Asset | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 65,905 | 41,935 | |
Derivative Liability, Not Offset, Policy Election Deduction | 44,893 | 34,935 | |
Derivative, Collateral, Right to Reclaim Cash | 12,272 | 827 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 8,740 | 6,173 | |
Ria Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Table] | |||
Derivative, Notional Amount | 246,000 | 159,000 | |
Corporate Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Table] | |||
Derivative, Notional Amount | 454,300 | 42,900 | |
xe Operations [Member] [Domain] | Trading Revenue [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Table] | |||
Trading Activity, Gain | 68,200 | 71,100 | $ 69,200 |
HiFX Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Table] | |||
Derivative, Notional Amount | $ 1,300,000 | $ 1,200,000 | |
Maximum [Member] | Ria Operations [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Table] | |||
Foreign currency forward contract term | 14 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) | [1] |
Leases [Abstract] | ||
2020 | $ 48,622 | |
2021 | 35,640 | |
2022 | 25,182 | |
2023 | 16,801 | |
2024 | 10,531 | |
Thereafter | 26,976 | |
Total lease payments | 163,752 | |
Less: imputed interest | (4,814) | |
Present value of lease liabilities | $ 158,938 | |
[1] | Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Dec. 31, 2020USD ($) | |
Leases [Abstract] | ||
Total minimum lease payments | $ 163,752 | [1] |
[1] | Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. |
Leases (Details 2)
Leases (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 83,102 | $ 130,487 |
Variable lease expense | 69,711 | 43,907 |
Total lease expense | $ 152,813 | $ 174,394 |
Leases (Details 3)
Leases (Details 3) | Dec. 31, 2020 |
Leases [Abstract] | |
Weighted- average remaining lease term (years) | 5 years 1 month 6 days |
Weighted- average discount rate | 2.20% |
Leases (Details 4)
Leases (Details 4) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | [1] | $ 79,447 | $ 129,609 |
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: | |||
ROU assets obtained in exchange for new operating lease liabilities | $ 77,728 | $ 229,107 | |
[1] | Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Right of use assets | $ 162,074 | $ 377,543 | |
Operating Lease, Liability | [1] | 158,938 | |
Lease Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Right of use assets | 211,900 | ||
Operating Lease, Liability | $ 211,900 | ||
[1] | Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Certain ATM site leases contain termination options that grant the Company the option to terminate the lease prior to the stated term of the agreement. The Company includes the future minimum lease payments for these ATM site leases only to the extent that the termination option is not reasonably certain to be exercised. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income before taxes: | |||
Total income before income taxes | $ 8,171 | $ 433,807 | $ 294,916 |
United States | |||
Income before taxes: | |||
Total income before income taxes | 40,323 | 44,290 | 35,467 |
Foreign | |||
Income before taxes: | |||
Total income before income taxes | $ (32,152) | $ 389,517 | $ 259,449 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes [Line Items] | |||
Total current | $ 41,875 | $ 78,907 | $ 61,533 |
Total deferred | (30,400) | 8,205 | 1,252 |
Income tax expense | 11,475 | 87,112 | 62,785 |
U.S. | |||
Income taxes [Line Items] | |||
Total current | 2,605 | (4,885) | (8,711) |
Total deferred | (16,100) | (8,424) | 6,871 |
Foreign | |||
Income taxes [Line Items] | |||
Total current | 39,270 | 83,792 | 70,244 |
Total deferred | $ (14,300) | $ 16,629 | $ (5,619) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 1,716 | $ 91,099 | $ 61,932 |
Tax effect of: | |||
State income tax expense (benefit) at statutory rates | 347 | 5,101 | 1,680 |
Non-deductible expenses | 1,887 | 2,896 | 3,457 |
Share-based compensation | (6,446) | (2,875) | (13,750) |
Other permanent differences | 3,828 | (864) | (6,141) |
Difference between U.S. federal and foreign tax rates | 7,002 | 12,281 | 9,843 |
Provision in excess of statutory rates | (6,491) | 3,565 | 3,737 |
Change in federal and foreign valuation allowance | (4,238) | 2,144 | 3,075 |
Impairment of goodwill and acquired intangibles assets | 22,053 | 83 | |
GILTI, net of tax credits | 6,471 | 14,111 | |
U.S. Tax Reform - transition tax and rate change | (25,728) | (12,262) | |
Tax credits | (3,518) | (4,500) | |
Other | (4,665) | (2,478) | (2,980) |
Income tax expense | $ 11,475 | $ 87,112 | $ 62,785 |
Effective tax rate | 140.40% | 20.10% | 21.30% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Tax loss carryforwards | $ 45,609 | $ 34,357 |
Share-based compensation | 6,771 | 7,366 |
Accrued expenses | 22,243 | 19,048 |
Property and equipment | 10,835 | 8,602 |
Goodwill and intangible amortization | 7,614 | 8,143 |
Intercompany notes | 7,689 | 5,591 |
Accrued revenue | 34,663 | 24,721 |
Tax credits | 65,388 | 65,063 |
Lease accounting | 39,962 | 89,965 |
Foreign exchange | 19,160 | 3,394 |
Other | 14,230 | 12,371 |
Gross deferred tax assets | 274,164 | 278,621 |
Valuation allowance | (77,563) | (83,184) |
Net deferred tax assets | 196,601 | 195,437 |
Deferred tax liabilities: | ||
Intangible assets related to purchase accounting | (12,854) | (16,379) |
Goodwill and intangible amortization | (24,763) | (20,806) |
Accrued expenses | (43,971) | (29,084) |
Intercompany notes | (10,396) | (8,733) |
Accrued interest | (30,932) | (27,902) |
Capitalized research and development | (6,352) | (6,048) |
Property and equipment | (18,295) | (15,467) |
Deferred tax liabilities, accrued revenue | (1,829) | (4,727) |
Lease accounting | (39,962) | (89,965) |
Foreign exchange | (10,880) | (4,156) |
Other | (6,826) | (6,606) |
Total deferred tax liabilities | (207,060) | (229,873) |
Net deferred tax liabilities | $ (10,459) | $ (34,436) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | ||
US Federal and Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 197,368 | |
Operating Loss Carryforward, Tax Effected | 46,813 | |
US Federal and Foreign [Member] | Expiring in One Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 3,538 | |
Operating Loss Carryforward, Tax Effected | 859 | |
US Federal and Foreign [Member] | Expiring in Two Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 3,590 | |
Operating Loss Carryforward, Tax Effected | 827 | |
US Federal and Foreign [Member] | Expiring in Three Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 5,031 | |
Operating Loss Carryforward, Tax Effected | 1,350 | |
US Federal and Foreign [Member] | Expiring in Four Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 6,060 | |
Operating Loss Carryforward, Tax Effected | 1,434 | |
US Federal and Foreign [Member] | Expiring in Five Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 19,948 | |
Operating Loss Carryforward, Tax Effected | 4,588 | |
US Federal and Foreign [Member] | Expiring in More than Five Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 26,197 | |
Operating Loss Carryforward, Tax Effected | 6,860 | |
US Federal and Foreign [Member] | Not Subject to Expiration [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 133,004 | |
Operating Loss Carryforward, Tax Effected | 30,895 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 95,800 | $ 97,600 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 44,535 | $ 30,915 |
Additions based on tax positions related to the current year | 7,331 | 15,569 |
Additions for tax positions of prior years | 6 | |
Reductions for tax positions of prior years | (1,349) | (1,703) |
Settlements | (10,127) | |
Statute of limitations expiration | (605) | (252) |
Ending balance | $ 39,785 | $ 44,535 |
Income Taxes (Details 6)
Income Taxes (Details 6) | 12 Months Ended |
Dec. 31, 2020 | |
2014 through 2020 [Member] | |
Statutory Accounting Practices [Line Items] | |
Income tax examinations | U.S. (Federal) |
2016 through 2020 [Member] | |
Statutory Accounting Practices [Line Items] | |
Income tax examinations | Germany |
2014 through 2020 [Member] | |
Statutory Accounting Practices [Line Items] | |
Income tax examinations | Greece |
2014 through 2020 [Member] | |
Statutory Accounting Practices [Line Items] | |
Income tax examinations | Spain |
2009 through 2020 [Member] | |
Statutory Accounting Practices [Line Items] | |
Income tax examinations | U.K. |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes [Line Items] | |||||
U.S. federal income tax expense at applicable statutory rate | $ 1,716 | $ 91,099 | $ 61,932 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 6,200 | $ 5,200 | 6,200 | 5,200 | |
Unrecognized tax benefits that would impact effective tax rate | 31,800 | 42,700 | 31,800 | 42,700 | |
Undistributed earnings of foreign subsidiaries indefinitely reinvested | 1,710,100 | $ 1,710,100 | |||
Operating loss carryforwards, description | The Company's state tax net operating loss carryforwards of $95.8 million will expire periodically from 2021 through 2040, U.S. foreign tax credit carryforwards of $61.3 million that will expire periodically from 2021 through 2027 and U.S. federal research and expenditure credit carryforwards of $3.3 million that will expire periodically from 2034 through 2038. | ||||
Foreign tax credits | $ 61,300 | ||||
Operating loss carryforwards | |||||
Net provisional tax expense | 25,700 | 12,300 | |||
U.S. federal income tax expense at applicable statutory rate | 21.00% | 21.00% | |||
Foreign [Member] | |||||
Income taxes [Line Items] | |||||
Operating loss carryforwards | 197,400 | 119,100 | $ 197,400 | $ 119,100 | |
U.S. State [Member] | |||||
Income taxes [Line Items] | |||||
Operating loss carryforwards | $ 95,800 | 97,600 | $ 95,800 | $ 97,600 | |
Transition Tax Effect [Member] | |||||
Income taxes [Line Items] | |||||
Net provisional tax expense | $ 29,300 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for doubtful accounts receivable, period start | $ 27,938 | $ 24,287 | $ 20,958 |
Additions-charged to expense | 19,469 | 10,095 | 8,653 |
Amounts written off | (7,842) | (6,179) | (4,079) |
Other (primarily changes in foreign currency exchange rates) | 2,162 | (265) | (1,245) |
Allowance for doubtful accounts receivable, period end | $ 41,727 | $ 27,938 | $ 24,287 |
Stock Plans (Details)
Stock Plans (Details) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding balance | 4,091,293 | 3,015,775 |
Number of Shares, Granted | 1,574,228 | |
Number of Shares, Exercised | (460,688) | |
Number of Shares, Forfeited/Canceled | (37,966) | |
Number of Shares, Expired | 56 | |
Number of Shares, Exercisable | 1,497,567 | |
Number of Shares, Vested and expected to vest | 2,075,569 | |
Weighted Average Exercise Price, Outstanding balance | $ 94.88 | $ 81.29 |
Weighted Average Exercise Price, Granted | 103.30 | |
Weighted Average Exercise Price, Exercised | 34.35 | |
Weighted Average Exercise Price, Forfeited/Canceled | 105.87 | |
Weighted Average Exercise Price, Expired | 17.05 | |
Weighted Average Exercise Price, Exercisable | 61.32 | |
Weighted Average Exercise Price, Vested and expected to vest | $ 78.63 | |
Weighted Average Remaining Contractual Term (years), Outstanding balance | 7 years 4 months 24 days | |
Weighted Average Remaining Contractual Term (years), Exercisable | 4 years 3 months 18 days | |
Weighted Average Remaining Contractual Term (years), Vested and expected to vest | 5 years 4 months 24 days | |
Aggregate Intrinsic Value (thousands), Outstanding balance | $ 207,507 | |
Aggregate Intrinsic Value (thousands), Exercisable | 125,859 | |
Aggregate Intrinsic Value (thousands), Vested and expected to vest | $ 140,063 |
Stock Plans (Details 1)
Stock Plans (Details 1) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Volatility - range | 37.00% | ||||
Risk-free interest rate - range | 0.33% | ||||
Expected lives | 5 years | ||||
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Volatility - range | 35.60% | [1] | 29.30% | 29.80% | |
Risk-free interest rate - weighted average | 0.60% | [1] | 2.10% | 2.80% | |
Dividend yield | [1] | ||||
Assumed forfeitures | 8.00% | [1] | 8.00% | 8.00% | |
Expected lives | 7 years 1 month 6 days | [1] | 5 years 2 months 12 days | 5 years 7 months 6 days | |
Weighted-average fair value (per share) | $ 48.21 | [1] | $ 43.96 | $ 37.16 | |
Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Risk-free interest rate - range | [1] | 0.31% | |||
Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Risk-free interest rate - range | [1] | 1.17% | |||
[1] | During 2020, the Company granted 1,350,000 options that were valued using a Monte Carlo simulation due to market performance conditions included in the option grant. The Monte Carlo simulation calculated a fair value per option of $26.90 using the following assumptions: volatility of 37.0%, risk-free interest rate of 0.33%, and a term of 5.0 years. |
Stock Plans (Details 2)
Stock Plans (Details 2) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Nonvested | 485,510 | 493,948 | |
Number of Shares, Granted | 129,127 | ||
Number of Shares, Vested | (126,903) | ||
Number of Shares, Forfeited | (10,662) | ||
Weighted Average Grant Date Fair Value Per Share, Nonvested | $ 126.62 | $ 118.20 | |
Weighted Average Grant Date Fair Value Per Share, Granted | 117.97 | $ 145.93 | $ 107.88 |
Weighted Average Grant Date Fair Value Per Share, Vested | 87.08 | ||
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ 105.14 |
Stock Plans (Details 3)
Stock Plans (Details 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility - range | 37.00% | ||
Risk-free interest rate - range | 0.33% | ||
Expected lives | 5 years | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility - weighted average | 60.90% | 24.30% | 30.10% |
Risk-free interest rate - weighted average | 0.12% | 2.07% | 2.01% |
Dividend yield | |||
Expected lives | 3 months | 3 months | 3 months |
Weighted-average fair value (per share) | $ 20.11 | $ 25.87 | $ 17.22 |
Employee Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility - range | 37.20% | 20.30% | 23.50% |
Risk-free interest rate - range | 0.09% | 1.55% | 1.73% |
Employee Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility - range | 81.10% | 28.10% | 36.70% |
Risk-free interest rate - range | 0.16% | 2.44% | 2.45% |
Stock Plans (Details Textual)
Stock Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500,000 | ||||
Allocated Share-based Compensation Expense | $ 22 | $ 21.4 | $ 16.8 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2.1 | 4.9 | 2.7 | ||
Proceeds from Stock Options Exercised | 15.8 | 13.1 | 17.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 41.1 | 30.6 | 73 | ||
employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, total period for recognition | 2 years 9 months 18 days | ||||
Options granted | 500,000 | ||||
Fair value of option | $ 26.90 | ||||
Expected lives | 5 years | ||||
Risk-free interest rate | 0.33% | ||||
Volatility | 37.00% | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting period | 3 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting period | 5 years | ||||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 0.6 | $ 0.4 | $ 0.4 | ||
Shares reserved for employee stock purchase plan | 1,000,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 32,267 | 16,713 | 21,872 | ||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 71.63 | $ 110.37 | $ 71.08 | ||
Expected lives | 3 months | 3 months | 3 months | ||
Employee Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | 0.09% | 1.55% | 1.73% | ||
Volatility | 37.20% | 20.30% | 23.50% | ||
Employee Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | 0.16% | 2.44% | 2.45% | ||
Volatility | 81.10% | 28.10% | 36.70% | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 15.4 | $ 16.6 | $ 14.2 | ||
Weighted Average Grant Date Fair Value Per Share, Granted | $ 117.97 | $ 145.93 | $ 107.88 | ||
Performance-based Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 9.5 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||||
Time-based restricted stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 18.3 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years | ||||
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,350,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 21.4 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||
Weighted Average Grant Date Fair Value Per Share, Granted | $ 1.7 | $ 2.8 | |||
Options granted | 1,350,000 | ||||
Expected lives | 7 years 1 month 6 days | [1] | 5 years 2 months 12 days | 5 years 7 months 6 days | |
Volatility | 35.60% | [1] | 29.30% | 29.80% | |
Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | [1] | 0.31% | |||
Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | [1] | 1.17% | |||
[1] | During 2020, the Company granted 1,350,000 options that were valued using a Monte Carlo simulation due to market performance conditions included in the option grant. The Monte Carlo simulation calculated a fair value per option of $26.90 using the following assumptions: volatility of 37.0%, risk-free interest rate of 0.33%, and a term of 5.0 years. |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 706,639 | $ 664,351 | $ 527,803 | $ 583,907 | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 2,482,700 | $ 2,750,109 | $ 2,536,629 |
Direct operating costs | 1,576,699 | 1,556,483 | 1,488,406 | ||||||||
Salaries and benefits | 404,142 | 394,744 | 360,432 | ||||||||
Selling, general and administrative | 221,614 | 211,944 | 216,807 | ||||||||
Goodwill and acquired intangible assets impairment | 106,602 | 7,049 | |||||||||
Impairment of Intangible Assets, Finite-lived | 106,602 | ||||||||||
Depreciation and amortization | 127,021 | 111,744 | 106,021 | ||||||||
Total operating expenses | 2,436,078 | 2,274,915 | 2,178,715 | ||||||||
Operating income | 50,219 | $ 66,072 | $ (101,271) | $ 31,602 | 107,213 | $ 193,990 | $ 117,897 | $ 56,094 | 46,622 | 475,194 | 357,914 |
Interest income | 1,040 | 1,969 | 1,320 | ||||||||
Interest expense | (36,604) | (36,237) | (37,573) | ||||||||
Income from unconsolidated affiliates | (117) | ||||||||||
Foreign currency exchange (loss) gain, net | (3,756) | 2,701 | (26,655) | ||||||||
Other (losses) gains, net | 869 | (9,820) | 27 | ||||||||
Other expense, net | (38,451) | (41,387) | (62,998) | ||||||||
Income before income taxes | 8,171 | 433,807 | 294,916 | ||||||||
Total Assets | 4,926,711 | 4,657,666 | 4,926,711 | 4,657,666 | 3,321,155 | ||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 378,441 | 359,980 | 378,441 | 359,980 | |||||||
Eft Processing Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 468,726 | 888,712 | 753,651 | ||||||||
Direct operating costs | 302,637 | 397,132 | 366,977 | ||||||||
Salaries and benefits | 91,526 | 87,603 | 75,791 | ||||||||
Selling, general and administrative | 35,388 | 35,518 | 46,925 | ||||||||
Goodwill and acquired intangible assets impairment | |||||||||||
Impairment of Intangible Assets, Finite-lived | 21,861 | ||||||||||
Depreciation and amortization | 84,025 | 71,819 | 66,713 | ||||||||
Total operating expenses | 535,437 | 592,072 | 556,406 | ||||||||
Operating income | (66,711) | 296,640 | 197,245 | ||||||||
Total Assets | 1,541,610 | 1,914,144 | 1,541,610 | 1,914,144 | 1,220,141 | ||||||
Epay Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 835,517 | 769,329 | 743,784 | ||||||||
Direct operating costs | 630,391 | 576,757 | 564,252 | ||||||||
Salaries and benefits | 64,769 | 61,540 | 57,748 | ||||||||
Selling, general and administrative | 35,789 | 35,054 | 35,749 | ||||||||
Goodwill and acquired intangible assets impairment | |||||||||||
Impairment of Intangible Assets, Finite-lived | |||||||||||
Depreciation and amortization | 7,890 | 6,774 | 7,038 | ||||||||
Total operating expenses | 738,839 | 680,125 | 664,787 | ||||||||
Operating income | 96,678 | 89,204 | 78,997 | ||||||||
Total Assets | 1,135,204 | 962,671 | 1,135,204 | 962,671 | 780,220 | ||||||
Money Transfer [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,183,849 | 1,096,226 | 1,042,962 | ||||||||
Direct operating costs | 649,033 | 586,730 | 560,930 | ||||||||
Salaries and benefits | 213,511 | 208,792 | 194,808 | ||||||||
Selling, general and administrative | 142,161 | 133,068 | 125,647 | ||||||||
Goodwill and acquired intangible assets impairment | 7,049 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 84,741 | ||||||||||
Depreciation and amortization | 34,694 | 32,846 | 32,002 | ||||||||
Total operating expenses | 1,124,140 | 961,436 | 920,436 | ||||||||
Operating income | 59,709 | 134,790 | 122,526 | ||||||||
Total Assets | 1,755,651 | 1,560,136 | 1,755,651 | 1,560,136 | 1,310,775 | ||||||
Corporate Services Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (5,392) | (4,158) | (3,768) | ||||||||
Direct operating costs | (5,362) | (4,136) | (3,753) | ||||||||
Salaries and benefits | 34,336 | 36,809 | 32,085 | ||||||||
Selling, general and administrative | 8,276 | 8,304 | 8,486 | ||||||||
Goodwill and acquired intangible assets impairment | |||||||||||
Impairment of Intangible Assets, Finite-lived | |||||||||||
Depreciation and amortization | 412 | 305 | 268 | ||||||||
Total operating expenses | 37,662 | 41,282 | 37,086 | ||||||||
Operating income | (43,054) | (45,440) | (40,854) | ||||||||
Total Assets | $ 494,246 | $ 220,715 | $ 494,246 | $ 220,715 | $ 10,019 |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 706,639 | $ 664,351 | $ 527,803 | $ 583,907 | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 2,482,700 | $ 2,750,109 | $ 2,536,629 |
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 378,441 | 359,980 | 378,441 | 359,980 | |||||||
Total Assets | 4,926,711 | 4,657,666 | 4,926,711 | 4,657,666 | 3,321,155 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 725,135 | 716,576 | 721,977 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 55,573 | 49,904 | 55,573 | 49,904 | |||||||
Total Assets | 1,255,983 | 717,894 | 1,255,983 | 717,894 | |||||||
Non-US | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,757,565 | 2,033,533 | 1,814,652 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 322,868 | 310,076 | 322,868 | 310,076 | |||||||
Total Assets | 3,670,728 | 3,939,772 | 3,670,728 | 3,939,772 | |||||||
GERMANY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 533,999 | 518,146 | 476,122 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 38,808 | 35,824 | 38,808 | 35,824 | |||||||
Total Assets | 797,627 | 660,730 | 797,627 | 660,730 | |||||||
SPAIN | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 118,934 | 189,104 | 155,619 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 61,563 | 55,240 | 61,563 | 55,240 | |||||||
Total Assets | 291,254 | 371,882 | 291,254 | 371,882 | |||||||
UNITED KINGDOM | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 118,024 | 135,006 | 133,132 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 20,150 | 22,420 | 20,150 | 22,420 | |||||||
Total Assets | 402,587 | 520,549 | 402,587 | 520,549 | |||||||
ITALY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 92,006 | 130,929 | 103,691 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 21,225 | 20,663 | 21,225 | 20,663 | |||||||
Total Assets | 231,548 | 210,910 | 231,548 | 210,910 | |||||||
POLAND | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 89,688 | 130,104 | 126,513 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 33,087 | 42,916 | 33,087 | 42,916 | |||||||
Total Assets | 206,016 | 222,582 | 206,016 | 222,582 | |||||||
INDIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 123,343 | 113,146 | 92,468 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 26,126 | 27,281 | 26,126 | 27,281 | |||||||
Total Assets | 182,073 | 163,125 | 182,073 | 163,125 | |||||||
FRANCE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 119,265 | 94,352 | 75,466 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 2,731 | 1,508 | 2,731 | 1,508 | |||||||
Total Assets | 112,335 | 96,636 | 112,335 | 96,636 | |||||||
GREECE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 39,705 | 79,716 | 71,007 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 13,252 | 11,753 | 13,252 | 11,753 | |||||||
Total Assets | 78,439 | 111,339 | 78,439 | 111,339 | |||||||
MALAYSIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 73,541 | 74,948 | 76,380 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 2,319 | 2,629 | 2,319 | 2,629 | |||||||
Total Assets | 115,448 | 114,796 | 115,448 | 114,796 | |||||||
AUSTRALIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 46,062 | 51,686 | 58,039 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 1,575 | 1,992 | 1,575 | 1,992 | |||||||
Total Assets | 68,577 | 62,844 | 68,577 | 62,844 | |||||||
NEW ZEALAND | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 47,368 | 47,611 | 48,881 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 3,772 | 3,137 | 3,772 | 3,137 | |||||||
Total Assets | 254,580 | 237,076 | 254,580 | 237,076 | |||||||
Other countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 355,630 | 468,785 | 397,334 | ||||||||
Property and equipment, net of accumulated depreciation of $490,429 and $410,243 | 98,260 | 84,713 | 98,260 | 84,713 | |||||||
Total Assets | $ 930,244 | $ 1,167,303 | 930,244 | 1,167,303 | |||||||
Other geographic locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 60,778 | $ 41,917 | $ 33,696 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible debt, carrying values | $ 452,200,000 | $ 732,800,000 |
Convertible debt, fair value | 667,400,000 | 728,700,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | 80,879,000 | 54,765,000 |
Foreign currency exchange contracts, Other current liabilities | (65,905,000) | (41,935,000) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | ||
Foreign currency exchange contracts, Other current liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | 80,879,000 | 54,765,000 |
Foreign currency exchange contracts, Other current liabilities | $ (65,905) | (41,935,000) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | ||
Foreign currency exchange contracts, Other current liabilities |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurements [Abstract] | ||
Convertible debt, carrying values | $ 452.2 | $ 732.8 |
Convertible debt, fair value | $ 667.4 | $ 728.7 |
Commitments (Details)
Commitments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Guarantor Obligations [Line Items] | |
Letters of credit outstanding, amount | $ 86.9 |
Guarantee Type, Various ATM Cash [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | 13.1 |
Performance Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | 48.3 |
Indemnification Agreement [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | 616.3 |
Cash and Cash Equivalents [Member] | |
Guarantor Obligations [Line Items] | |
Cash deposits held by issuing banks | $ 3.9 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Related party transaction, incurred expenses | $ 0.1 | $ 0.3 | $ 0.3 |
Selected Quarterly Data (Unau_3
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Data [Abstract] | |||||||||||
Revenues | $ 706,639 | $ 664,351 | $ 527,803 | $ 583,907 | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 2,482,700 | $ 2,750,109 | $ 2,536,629 |
Operating income (loss) (quarterly) | 50,219 | 66,072 | (101,271) | 31,602 | 107,213 | 193,990 | 117,897 | 56,094 | 46,622 | 475,194 | 357,914 |
Net income (loss) | 70,394 | 40,315 | (115,733) | 1,720 | 106,570 | 137,541 | 68,005 | 34,579 | (3,304) | 346,695 | 232,131 |
Net income attributable to Euronet Worldwide, Inc. (quarterly) | $ 70,235 | $ 40,249 | $ (115,804) | $ 1,921 | $ 106,446 | $ 137,607 | $ 68,153 | $ 34,543 | $ (3,399) | $ 346,749 | $ 232,851 |
Earnings (loss) per share, basic (quarterly) | $ 1.34 | $ 0.77 | $ (2.22) | $ 0.04 | $ 1.96 | $ 2.53 | $ 1.28 | $ 0.67 | $ (0.06) | $ 6.49 | $ 4.52 |
Earnings (loss) per share, diluted (quarterly) | $ 1.31 | $ 0.76 | $ (2.22) | $ 0.04 | $ 1.91 | $ 2.46 | $ 1.25 | $ 0.62 | $ (0.06) | $ 6.31 | $ 4.26 |