What changed in this filing

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Item 1. Financial Statements

2021-10-28 compared with 2021-08-03 · 112 added, 83 removed, 557 unchanged (26% of the section changed)

4 unchanged sentences

(In thousands, except share and per share data)

September 30,

Current assets:

45 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Operating expenses:

2 unchanged sentences

Selling, general and administrative

Goodwill impairmen t

Goodwill and acquired intangible assets impairmen t

Depreciation and amortization

4 unchanged sentences

Interest expense

Foreign currency exchange gain (loss), net

Foreign currency exchange loss, net

Other gains, net

14 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Net income (loss)

1 unchanged sentence

Comprehensive income (loss)

Comprehensive (income) loss attributable to noncontrolling interests

Comprehensive loss (income) attributable to noncontrolling interests

Comprehensive income (loss) attributable to Euronet Worldwide, Inc.

18 unchanged sentences

Balan ce as of June 30, 2020

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Balance as of September 30, 2020

Shares Outstanding

11 unchanged sentences

Balance as of June 30, 2021

Net income (loss)

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Balance as of September 30, 2021

See accompanying notes to the unaudited consolidated financial statements.

19 unchanged sentences

Balance as of June 30, 2020

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Balance as of September 30, 2020

Retained Earnings

13 unchanged sentences

Balance as of June 30, 2021

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Balance as of September 30, 2021

See accompanying notes to the unaudited consolidated financial statements.

3 unchanged sentences

(Unaudited, in thousands)

Six Months Ended

Nine Months Ended

September 30,

Net income (loss)

4 unchanged sentences

Deferred income taxes

Goodwill impairment

Goodwill and acquired intangible assets impairment

Accretion of convertible debt discount and amortization of debt issuance costs

18 unchanged sentences

Repayments of revolving credit agreements

Net repayments from short-term debt obligations

Net borrowing (repayments) from short-term debt obligations

Net cash used in financing activities

37 unchanged sentences

The new guidance is effective for annual periods beginning after December 15, 2021, including interim periods within those fiscal years.

Early adoption is permitted.

The Company is currently evaluating the impact the adoption of ASU 2020-06 will have on the consolidated financial statements.

11 unchanged sentences

Receivables from business partners represent funds collected by such business partners that are in transit to the Company.

Settlement obligations consist of money transfers and accounts payable to agents and content providers.

Money transfer accounts payable represent amounts to be paid to transferees when they request funds.

Settlement obligations consist of accrued expenses for money transfers, content providers, and EFT customer deposits and accounts payable to agents and content providers.

Money transfer accrued expenses represent amounts to be paid to transferees when they request funds.

Most agents typically settle with transferees first then obtain reimbursement from the Company.

Money order accounts payable represent amounts not yet presented for payment.

Due to the agent funding and settlement process, accounts payable to agents represent amounts due to agents for money transfers that have not been settled with transferees.

Money order accrued expenses represent amounts not yet presented for payment.

Due to the agent funding and settlement process, accrued expenses to agents represent amounts due to agents for money transfers that have not been settled with transferees.

(in thousands)

September 30,

Settlement assets:

10 unchanged sentences

(in thousands)

September 30,

Cash and cash equivalents

9 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Computation of diluted weighted average shares outstanding:

3 unchanged sentences

The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period.

The calculation of diluted earnings (loss) per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company’s weighted average common shares outstanding of approximately 1,239,000 and 2,429,000 for the three and six months ended June 30, 2021, respectively, and approximately 2,533,000 and 1,608,000 for the three and six months ended June 30, 2020 , respectively .

The calculation of diluted earnings (loss) per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company’s weighted average common shares outstanding of approximately 770,000 and 751,000 for the three and nine months ended September 30, 2021, respectively, and approximately 1,122,000 and 1,887,000 for the three and nine months ended September 30, 2020 , respectively .

The Company issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019.

4 unchanged sentences

The Convertible Notes would only have a dilutive effect if the market price per share of common stock exceeds the conversion price of $ 188.73 per share.

The market price per share of common stock was $ 135.35 on June 30, 2021 and $ 95.82 on June 30, 2020 , t herefore, according to ASC Topic 260, Earnings per Share (“ASC 260”) , there was no dilutive effect of the assumed conversion of the debentures for the three and six months ended June 30, 2021 and 2020.

The market price per share of common stock was $ 127.28 on September 30, 2021 and $ 91.10 on September 30, 2020 , t herefore, according to ASC Topic 260, Earnings per Share (“ASC 260”) , there was no dilutive effect of the assumed conversion of the debentures for the three and nine months ended September 30, 2021 and 2020.

See Note 9, Debt Obligations, to the consolidated financial statements for more information about the Convertible Notes.

2 unchanged sentences

On February 26, 2020, the Company put a repurchase program in place to repurchase up to $ 250 million in value, but not more than 5.0 million shares of common stock through February 28, 2022.

For the three and six months ended June 30, 2021, there were no repurchases of stock under the repurchase programs .

For the three and nine months ended September 30, 2021, there were no repurchases of stock under the repurchase programs .

Repurchases under the current program may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan.

1 unchanged sentence

Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments.

The Company recorded a foreign currency translation gain of $ 12.7 million and a loss of $ 30.2 million for the three and six months ended June 30, 2021, respectively, and a gain of $ 32.2 million and a loss of $ 27.6 million for the three and six months ended June 30, 2020, respectively.

There were no reclassifications of foreign currency translation into the consolidated statements of income for the three and six months ended June 30, 2021 and 2020 .

The Company recorded a foreign currency translation loss of $ 29.7 million and $ 59.9 million for the three and nine months ended September 30, 2021, respectively, and a gain of $ 47.0 million and $ 19.4 million for the three and nine months ended September 30, 2020, respectively.

There were no reclassifications of foreign currency translation into the consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 .

( 6 ) GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET

A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2021 is presented below:

A summary of acquired intangible assets and goodwill activity for the nine months ended September 30, 2021 is presented below:

(in thousands)

1 unchanged sentence

Foreign currency exchange rate changes

Balance as of June 30, 2021

Of the total goodwill balance of $ 657.3 million as of June 30, 2021 , $ 400.6 million relates to the Money Transfer Segment, $ 133.3 million relates to the epay Segment and the remaining $ 123.4 million relates to the EFT Processing Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of June 30, 2021, is expected to total $ 11.4 million for the remainder of 2021, $ 21.7 million for 2022, $ 16.7 million for 2023, $ 9.8 million for 2024, $ 6.4 million for 2025 and $ 6.3 million for 2026.

Balance as of September 30, 2021

Of the total goodwill balance of $ 646.2 million as of September 30, 2021 , $ 393.9 million relates to the Money Transfer Segment, $ 131.0 million relates to the epay Segment and the remaining $ 121.3 million relates to the EFT Processing Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of September 30, 2021, is expected to total $ 5.6 million for the remainder of 2021, $ 21.2 million for 2022, $ 16.3 million for 2023, $ 9.6 million for 2024, $ 6.3 million for 2025 and $ 6.2 million for 2026 .

( 7 ) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

1 unchanged sentence

(in thousands)

June 30, 2021

September 30, 2021

December 31, 2020

4 unchanged sentences

The Company records deferred revenues when cash payments are received or due in advance of its performance.

The increase in the deferred revenue balance for the six months ended June 30, 2021 is primarily driven by $ 33.4 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations, offset by $ 35.1 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2020.

The decrease in the deferred revenue balance for the nine months ended September 30, 2021 is driven by $ 39.7 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations, offset by $ 45.4 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2020.

(9) DEBT OBLIGATIONS

1 unchanged sentence

(in thousands)

June 30, 2021

September 30, 2021

December 31, 2020

18 unchanged sentences

The Credit Facility contains customary affirmative and negative covenants, events of default and financial covenants.

The Company was in compliance with all debt covenants as of June 30, 2021 .

The Company was in compliance with all debt covenants as of September 30, 2021 .

Convertible Debt

5 unchanged sentences

The allocation resulted in an increase to additional paid-in capital of $ 99.7 million for the Convertible Notes.

Contractual interest expense for the Convertible Notes was $ 1.0 million and $ 2.0 million for the three and six months ended June 30, 2021, respectively, and $ 1.0 million and $ 2.0 million for the three and six months ended June 30, 2020, respectively .

Accretion expense for the Convertible Notes was $ 4.0 million and $ 7.9 million for the three and six months ended June 30, 2021 , respectively, and $ 3.8 million and $ 7.5 million for the three and six months ended June 30, 2020, respectively .

The effective interest rate was 4.4 % for the three and six months ended June 30, 2021 .

As of June 30, 2021 , the unamortized discount was $ 64.9 million and will be amortized through March 2025.

Contractual interest expense for the Convertible Notes was $ 1.0 million and $ 3.0 million for the three and nine months ended September 30, 2021, respectively, and $ 1.0 million and $ 3.0 million for the three and nine months ended September 30, 2020, respectively .

Accretion expense for the Convertible Notes was $ 4.0 million and $ 11.9 million for the three and nine months ended September 30, 2021 , respectively, and $ 3.8 million and $ 11.4 million for the three and nine months ended September 30, 2020, respectively .

The effective interest rate was 4.4 % for the three and nine months ended September 30, 2021.

As of September 30, 2021, the unamortized discount was $ 60.8 million and will be amortized through March 2025.

1.375 % Senior Notes due 2026

1 unchanged sentence

The Senior Notes accrue interest at a rate of 1.375 % per year, payable annually in arrears commencing May 22, 2020, until maturity or earlier redemption.

As of June 30, 2021 , the Company has outstanding € 600 million ( $ 711.3 million ) principal amount of the Senior Notes.

As of September 30, 2021 , the Company has outstanding € 600 million ( $ 694.9 million ) principal amount of the Senior Notes.

In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

1 unchanged sentence

Certain of the Company's subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes.

As of June 30, 2021 and December 31, 2020 , borrowings under these arrangements were $ 0.8 million and $ 0.9 million , respectively.

As of September 30, 2021 and December 31, 2020 , borrowings under these arrangements were $ 1.1 million and $ 0.9 million , respectively.

(10) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

2 unchanged sentences

The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates.

As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815 , primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect.

As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC Topic 815, Derivatives and Hedging ("ASC 815") , primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect.

Foreign Currency Exchange Contracts - Ria Operations and Corporate

5 unchanged sentences

T he Company had foreign currency forward contracts outstanding in the U.S.

with a notional value of $ 220 million and $ 246 million as of June 30, 2021 and December 31, 2020, respectively .

with a notional value of $ 275 million and $ 246 million as of September 30, 2021 and December 31, 2020, respectively .

The foreign currency forward contracts consist primarily in Australian dollars, Canadian dollars, British pounds sterling, euro and Mexican pesos.

In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S dollar.

T he Company had foreign currency forward contracts outstanding with a notional value of $ 99 million and $ 454 million as of June 30, 2021 and December 31, 2020, respectively , primarily in euro.

T he Company had foreign currency forward contracts outstanding with a notional value of $ 46 million and $ 454 million as of September 30, 2021 and December 31, 2020, respectively , primarily in euro.

Foreign Currency Exchange Contracts - xe Operations

1 unchanged sentence

xe aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties.

Foreign exchange revenues from xe's total portfolio of positions were $ 19.9 million and $ 38.4 million for the three and six months ended June 30, 2021 , respectively, and $ 13.2 million and $ 31.3 million for t he three and six months ended June 30, 2020, respectively.

Foreign exchange revenues from xe's total portfolio of positions were $ 20.1 million and $ 58.5 million for the three and nine months ended September 30, 2021 , respectively, and $ 14.4 million and $ 45.7 million for t he three and nine months ended September 30, 2020, 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 .

5 unchanged sentences

The aggregate equivalent U.S.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of June 30, 2021 and December 31, 2020 was approximately $ 1.1 billion and $ 1.3 billion , respectively.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of September 30, 2021 and December 31, 2020 was approximately $ 1.1 billion and $ 1.3 billion , respectively.

The significant majority of customer contracts are written in major currencies such as the euro, U.S.

6 unchanged sentences

Balance Sheet Location

June 30, 2021

September 30, 2021

December 31, 2020

Balance Sheet Location

June 30, 2021

September 30, 2021

December 31, 2020

3 unchanged sentences

Other current liabilities

The following tables summarize the gross and net fair value of derivative assets and liabilities as of June 30, 2021 and December 31, 2020 (in thousands):

The following tables summarize the gross and net fair value of derivative assets and liabilities as of September 30, 2021 and December 31, 2020 (in thousands):

Offsetting of Derivative Assets

Gross Amounts Not Offset in the Consolidated Balance Sheet

As of June 30, 2021

As of September 30, 2021

Gross Amounts of Recognized Assets

8 unchanged sentences

Gross Amounts Not Offset in the Consolidated Balance Sheet

As of June 30, 2021

As of September 30, 2021

Gross Amounts of Recognized Liabilities

8 unchanged sentences

Income Statement Presentation

The following table summarizes the location and amount of gains and losses on derivatives in the Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020 :

The following table summarizes the location and amount of gains and losses on derivatives in the Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 :

Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a)

1 unchanged sentence

Three Months Ended

Six Months Ended June 30,

September 30,

Nine Months Ended September 30,

(in thousands)

13 unchanged sentences

The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis:

As of June 30, 2021

As of September 30, 2021

(in thousands)

15 unchanged sentences

The Company estimates the fair value of the Convertible Notes and Senior Notes using quoted prices in inactive markets for identical liabilities (Level 2).

As of June 30, 2021 , the fair values of the Convertible Notes and Senior Notes were $ 633.3 million and $ 721.7 million , respectively, with carrying values of $ 460.1 million and $ 711.3 million , respectively.

As of September 30, 2021 , the fair values of the Convertible Notes and Senior Notes were $ 603.1 million and $ 710.3 million , respectively, with carrying values of $ 464.2 million and $ 694.9 million , respectively.

(12) SEGMENT INFORMATION

13 unchanged sentences

In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, “Corporate Services, Eliminations and Other.” These services are not directly identifiable with the Company’s reportable operating segments.

The following tables present the Company’s reportable segment results for the three and six months ended June 30, 2021 and 2020 :

For the Three Months Ended June 30, 2021

The following tables present the Company’s reportable segment results for the three and nine months ended September 30, 2021 and 2020 :

For the Three Months Ended September 30, 2021

(in thousands)

7 unchanged sentences

Total operating expenses

Operating (loss) income

For the Three Months Ended June 30, 2020

Operating income (expense)

For the Three Months Ended September 30, 2020

(in thousands)

5 unchanged sentences

Selling, general and administrative

Goodwill impairment

Goodwill and acquired intangible assets impairment

Depreciation and amortization

Total operating expenses

Operating (loss) income

For the Six Months Ended June 30, 2021

Operating income (expense)

For the Nine Months Ended September 30, 2021

(in thousands)

8 unchanged sentences

Operating (loss) income

For the Six Months Ended June 30, 2020

For the Nine Months Ended September 30, 2020

(in thousands)

5 unchanged sentences

Selling, general and administrative

Goodwill impairment

Goodwill and acquired intangible assets impairment

Depreciation and amortization

4 unchanged sentences

(in thousands)

June 30, 2021

September 30, 2021

December 31, 2020

7 unchanged sentences

Both segments and regions benefit from synergies achieved through concentration of operations and are influenced by macro-economic, regulatory and political factors in the respective segment and region.

For the Three Months Ended June 30, 2021

For the Six Months Ended June 30, 2021

For the Three Months Ended September 30, 2021

For the Nine Months Ended September 30, 2021

(in thousands)

North America

For the Three Months Ended June 30, 2020

For the Six Months Ended June 30, 2020

For the Three Months Ended September 30, 2020

For the Nine Months Ended September 30, 2020

(in thousands)

1 unchanged sentence

( 13 ) INCOME TAXES

Our effective income tax rate was 58.9 % and 99.9 % for the three and six months ended June 30, 2021, respectively, compared to ( 8.4 )% and ( 11.1 )% for t he three and six months ended June 30, 2020, respectively.

Our effective income tax rate for the three and six months ended June 30, 2021 was higher than the applicable statutory income tax rate of 21 % as a result of certain foreign earnings being subject to higher local statutory tax rates, the non-recognition of tax benefits from losses in certain foreign countries where we have a limited history of profitable earnings and as a result of an increase in the valuation allowance in certain jurisdictions relating to the reversal of tax benefits recognized in the first quarter of 2021 for continuing net operating losses.

Our effe ctive income tax rate for the three and six months ended June 30, 2020 was different than the applicable statutory income tax rate of 21 % primarily due to the non-deductible goodwill impairment charge during the second quarter of 2020 and as a result of an increase in the valuation allowance in certain jurisdictions relating to the reversal of tax benefits recognized in the first quarter of 2020 for net operating losses in those jurisdictions which have a limited history of profitable earnings.

Our effective income tax rate was 23.6 % and 35.8 % for the three and nine months ended September 30, 2021, respectively, compared to 27.2 % and ( 55.9 )% for t he three and nine months ended September 30, 2020, respectively.

Our effective income tax rate for the three and nine months ended September 30, 2021 was higher than the applicable statutory income tax rate of 21 % as a result of certain foreign earnings being subject to higher local statutory tax rates, the non-recognition of tax benefits from losses in certain foreign countries where we have a limited history of profitable earnings and as a result of an increase in the valuation allowance in certain jurisdictions relating to the reversal of tax benefits recognized in the first quarter of 2021 for continuing net operating losses.

Our effe ctive income tax rate for the three and nine months ended September 30, 2020 was different than the applicable statutory income tax rate of 21 % primarily due to the non-deductible goodwill impairment charge during the second quarter of 2020 and as a result of an increase in the valuation allowance in certain jurisdictions relating to the reversal of tax benefits recognized in the first and second quarters of 2020 for net operating losses in those jurisdictions which have a limited history of profitable earnings.

(14) COMMITMENTS

As of June 30, 2021 , the Company had $ 89.6 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $ 59.5 million are outstanding under the Credit Facility.

As of September 30, 2021 , the Company had $ 85.3 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $ 57.9 million are outstanding under the Credit Facility.

The remaining stand-by letters of credit/bank guarantees are collateralized by $ 3.7 million of cash deposits held by the respective issuing banks.

Under certain circumstances, Euronet grants guarantees in support of obligations of subsidiaries.

As of June 30, 2021 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.7 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 37.6 million over the terms of agreements with the customers.

As of September 30, 2021 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.4 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 39.4 million over the terms of agreements with the customers.

From time to time, the Company enters into agreements with commercial counterparties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement.

3 unchanged sentences

In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for damage to ATMs and theft of ATM network cash.

As of June 30, 2021 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 702 million .

As of September 30, 2021 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 719 million .

The Company maintains insurance policies to mitigate this exposure;

9 unchanged sentences

The Company has obtained surety bonds in compliance with money transfer licensing requirements of the applicable governmental authorities.

To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of June 30, 2021 or December 31, 2020 .

( 15 ) LITIGATION AND CONTINGENCIES

4 unchanged sentences

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.

( 16 ) LEASES

The Company enters into operating leases for ATM sites, office spaces, retail stores and equipment.

12 unchanged sentences

Future Minimum Lease Payments

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of June 30, 2021 are:

As of June 30, 2021

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of September 30, 2021 are:

As of September 30, 2021

Maturity of Lease Liabilities (in thousands)

Operating Leases (1)

Remainder of 2021

R emainde r of 2021

Total lease payments

4 unchanged sentences

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 recognized in the Consolidated Statements of Operations is summarized as follows:

Lease Expense

2 unchanged sentences

Three Months Ended

June 30, 2021

September 30, 2021

Three Months Ended

June 30, 2020

Six Months Ended

June 30, 2021

Six Months Ended

June 30, 2020

September 30, 2020

Nine Months Ended

September 30, 2021

Nine Months Ended

September 30, 2020

Operating lease expense

5 unchanged sentences

Lease Term and Discount Rate of Operating Leases

As of June 30, 2021

As of September 30, 2021

Weighted- average remaining lease term (years)

2 unchanged sentences

Other Information (in thousands)

Six Months Ended

June 30, 2021

Six Months Ended

June 30, 2020

Nine Months Ended

September 30, 2021

Nine Months Ended

September 30, 2020

Cash paid for amounts included in the measurement of lease liabilities (a)

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements