What changed in this filing

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Item 1. Financial Statements

2024-11-04 compared with 2024-08-02 · 117 added, 87 removed, 587 unchanged (26% of the section changed)

4 unchanged sentences

(In millions, except share and per share data)

September 30,

Current assets:

46 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Operating expenses:

10 unchanged sentences

Other (losses) gains, net

Other expense, net

Other income (expense), net

Income before income taxes

10 unchanged sentences

(Unaudited, in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Translation adjustment

22 unchanged sentences

Balance as of June 30, 2023

Other comprehensive loss

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of September 30, 2023

Shares Outstanding

1 unchanged sentence

Balance of December 31, 2023

Other comprehensive income

Other comprehensive loss

Stock issued under employee stock plans

2 unchanged sentences

Balance as of March 31, 2024

Net income (loss)

Other comprehensive income (loss)

3 unchanged sentences

Balance as of June 30, 2024

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of September 30, 2024

EURONET WORLDWIDE, INC.

19 unchanged sentences

Balance as of June 30, 2023

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of September 30, 2023

Retained Earnings

13 unchanged sentences

Balance as of June 30, 2024

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of September 30, 2024

See accompanying notes to the unaudited consolidated financial statements.

3 unchanged sentences

(Unaudited, in millions)

Six Months Ended June 30,

Nine Months Ended September 30,

Adjustments to reconcile net income to net cash provided by operating activities:

1 unchanged sentence

Share-based compensation

Unrealized foreign exchange loss, net

Unrealized foreign exchange (gain) loss, net

Deferred income taxes

21 unchanged sentences

Repayments of capital lease obligations

Net cash used in financing activities

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash and cash equivalents and restricted cash

Decrease in cash and cash equivalents and restricted cash

Increase in cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash at beginning of period

43 unchanged sentences

The Company preliminarily allocated $ 51.0 million of the purchase consideration to customer relationships, $ 5.6 million to acquired net assets, and the remaining $ 18.4 million to goodwill.

During the second quarter 2024 we subsequently allocated $ 10.2 to goodwill due to a deferred tax liability position.

For the quarter ended June 30, 2024, the Company made measurement period adjustment to reflect facts and circumstances in existence as of the effective time of the acquisition.

During the second quarter 2024 we subsequently increased the provisional amounts allocated to goodwill by $ 10.2 million and adjusted the deferred tax liability position to reflect facts and circumstances in existence at the effective time of the acquisition.

For the quarter ended June 30, 2024, the Company made a measurement period adjustment to reflect facts and circumstances in existence as of the effective time of the acquisition.

This adjustment primarily included an adjustment to deferred tax liabilities and goodwill of $ 10.2 million .

In the second quarter of 2024, Euronet acquired a business for an immaterial amount.

(4) SETTLEMENT ASSETS AND OBLIGATIONS

12 unchanged sentences

(in millions)

September 30,

Settlement assets:

10 unchanged sentences

(in millions)

September 30,

Cash and cash equivalents

10 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Computation of diluted earnings:

7 unchanged sentences

The table includes all stock options and restricted stock units 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 units that are anti-dilutive to the Company's weighted average common shares outstanding of approximately 3.1 million and 3.2 million for the three and six months ended June 30, 2024 and 2.6 million and 2.6 million for the three and six months ended June 30, 2023 , respectively .

The calculation of diluted earnings per share excludes stock options or shares of restricted stock units that are anti-dilutive to the Company's weighted average common shares outstanding of approximately 3.1 million and 3.1 million for the three and nine months ended September 30, 2024 and 3.6 million and 2.7 million for the three and nine months ended September 30, 2023 , respectively .

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

7 unchanged sentences

On September 13, 2023, the Company put a repurchase program in place to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 13, 2025.

As of June 30, 2024 , no shares were available to be repurchased under this repurchase program.

As of September 30, 2024, 5.9 million shares were available to be repurchased under this repurchase program.

On September 11, 2024, the Company put a repurchase program in place to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 11, 2026.

As of June 30, 2024 , 6.9 million shares were available to be repurchased under this repurchase program.

As of September 30, 2024, 7.0 million shares were available to be repurchased under this repurchase program.

Repurchases under the programs may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10 b 5 - 1 plan.

Accumulated Other Comprehensive Loss

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

The Company recorded foreign currency translation adjustments of ($ 10.0 ) million and ( $ 55.0 ) million for the three and six months ended June 30, 2024 and $ 10.0 million and $ 30.8 million for the three and six months ended June 30, 2023 , respectively.

There were no reclassifications of foreign currency translation adjustments into the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 .

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

The Company recorded foreign currency translation adjustments of $ 87.1 million and $ 32.1 million for the three and nine months ended September 30, 2024 and ( $ 61.0 ) million and ($ 30.1 ) million for the three and nine months ended September 30, 2023 , respectively.

There were no reclassifications of foreign currency translation adjustments into the consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 .

( 6 ) GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET

A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2024 is presented below:

A summary of acquired intangible assets and goodwill activity for the nine months ended September 30, 2024 is presented below:

(in millions)

2 unchanged sentences

Foreign currency exchange rate changes

Balance as of June 30, 2024

Of the total goodwill balance of $ 877.5 million as of June 30, 2024 , $ 382.1 million relates to the Money Transfer Segment, $ 372.4 million relates to the EFT Processing Segment and the remaining $ 123.0 million relates to the epay Segment .

Estimated amortization expense on acquired intangible assets with finite lives as of June 30, 2024 , is expected to total $ 9.6 million for the remainder of 2024 , $ 17.9 million for 2025 , $ 17.6 million for 2026 , $ 16.3 million for 2027 , $ 15.9 million for 2028 and $ 15.9 million for 2029.

Balance as of September 30, 2024

Of the total goodwill balance of $ 913.3 million as of September 30, 2024 , $ 396.1 million relates to the Money Transfer Segment, $ 390.5 million relates to the EFT Processing Segment and the remaining $ 126.7 million relates to the epay Segment .

Estimated amortization expense on acquired intangible assets with finite lives as of September 30, 2024 , is expected to total $ 5.0 million for the remainder of 2024 , $ 17.8 million for 2025 , $ 18.3 million for 2026 , $ 17.0 million for 2027 , $ 16.6 million for 2028 and $ 16.6 million for 2029.

(7) CONVERTIBLE NOTES RECEIVABLE

2 unchanged sentences

The Company has a security interest in all of the assets of Koin Mobile, LLC and Marker Trax, LLC.

The outstanding principal and accrued interest were $ 60.0 million and $ 0.8 million at June 30, 2024 , respectively.

The outstanding principal and accrued interest were $ 60.0 million and $ 1.1 million at September 30, 2024 , respectively.

The Notes are convertible into preferred equity of Koin Mobile, LLC and Marker Trax, LLC at the option of the Company upon the occurrence of certain events including a qualified equity financing, change in control, achievement of profitability or at the option of the Company at maturity, as defined in the Notes.

2 unchanged sentences

(in millions)

September 30,

December 31, 2023

6 unchanged sentences

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

The decrease in the deferred revenue balance for the six months ended June 30, 2024 is the result of $ 24.1 million of revenues recognized, offset by $ 23.7 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations.

The increase in the deferred revenue balance for the nine months ended September 30, 2024 is the result of $ 32.5 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations , offset by $ 31.7 million of revenues recognized.

(10) DEBT OBLIGATIONS

1 unchanged sentence

(in millions)

June 30, 2024

September 30, 2024

December 31, 2023

22 unchanged sentences

Subject to meeting certain customary covenants (as defined in the Credit Facility), the Company is permitted to repurchase common stock and debt.

The Company was in compliance with all debt covenants as of June 30, 2024 .

The Company was in compliance with all debt covenants as of September 30, 2024 .

Convertible Notes

6 unchanged sentences

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 June 30, 2024 , the conversion threshold was not met.

Contractual interest expense for the Convertible Notes was $ 1.0 million and $ 2.0 million for the three and six months ended June 30, 2024 , respectively.

Contractual interest expense for the Convertible Notes was $ 1.1 million and $ 2.0 million for the three and six months ended June 30, 2023 , respectively.

As of September 30, 2024 , the conversion threshold was not met.

Contractual interest expense for the Convertible Notes was $ 1.1 million and $ 3.2 million for the three and nine months ended September 30, 2024 , respectively.

Contractual interest expense for the Convertible Notes was $ 1.1 million and $ 3.1 million for the three and nine months ended September 30, 2023 , respectively.

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, 2024 , the Company has outstanding € 600.0 million ($ 642.6 million ) principal amount of the Senior Notes.

As of September 30, 2024 , the Company has outstanding € 600.0 million ($ 668.0 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.

3 unchanged sentences

The weighted average interest rate from the loan inception date to June 21, 2024, was 6.32 %.

On June 21, 2024, the Company rolled the $ 150 Uncommitted Loan Agreement into a new Uncommitted Loan Agreement with a $ 400 million credit limit on or before September 30, 2024, and a credit limit of $ 250 million on or after October 1, 2024.

The loan was fully drawn and outstanding at June 30, 2024, for the sole purpose of providing vault cash for ATMs and expires no later than June 20, 2025 .

On June 21, 2024, the Company rolled the $ 150 million Uncommitted Loan Agreement into a new Uncommitted Loan Agreement with a $ 400 million credit limit on or before September 30, 2024, and a credit limit of $ 250 million on or after October 1, 2024 for the sole purpose of providing vault cash for ATMs and expires no later than June 20, 2025 .

The loan had an outstanding balance of $ 250 million at September 30, 2024.

The loan is a Prime Rate Loan, a Daily SOFR Rate Loan plus 1.05 % or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made.

The weighted-average interest rate from loan inception date to June 30, 2024, was 6.37 %.

On June 27, 2024, the Company entered into an Uncommitted Loan Agreement for $ 300 million, fully drawn and outstanding at June 30, 2024, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2024 .

The weighted-average interest rate from loan inception date to September 30, 2024 , was 6.30 %.

On June 27, 2024, the Company entered into an Uncommitted Loan Agreement for $ 300 million, fully drawn and outstanding at September 30, 2024 , for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2024 .

The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.125 % or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made.

The weighted-average interest rate from the loan inception date to June 30, 2024 was 6.37 %.

The weighted-average interest rate from the loan inception date to September 30, 2024 was 6.39 %.

Other obligations

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

As of June 30, 2024 and December 31, 2023 , borrowings under these arrangements were $ 8.9 million and $ 0.3 million, respectively .

As of September 30, 2024 and December 31, 2023 , borrowings under these arrangements were $ 4.8 million and $ 0.3 million, respectively .

Debt Issuance Costs

As of June 30, 2024 , the Company had unamortized debt issuance costs of $ 2.7 million for the Credit Facility, $ 1.6 million for the Convertible Notes and $ 2.3 million for the Senior Notes that will be amortized through October 2027, March 2025 and May 2026, respectively.

As of September 30, 2024 , the Company had unamortized debt issuance costs of $ 2.5 million for the Credit Facility, $ 1.0 million for the Convertible Notes and $ 2.0 million for the Senior Notes that will be amortized through October 2027, March 2025 and May 2026, respectively.

(11) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

10 unchanged sentences

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

with a notional value of $ 509.7 million and $ 393.3 million as of June 30, 2024 and December 31, 2023 , respectively .

with a notional value of $ 531.3 million and $ 393.3 million as of September 30, 2024 and December 31, 2023 , respectively .

The foreign currency forward contracts consist primarily in Australian dollars, Canadian dollars, British pounds sterling, euros 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 $ 216.1 million and $ 563.1 million as of June 30, 2024 and December 31, 2023 , respectively , primarily in euro.

T he Company had foreign currency forward contracts outstanding with a notional value of $ 193.7 million and $ 563.1 million as of September 30, 2024 and December 31, 2023 , 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 $ 22.4 million and $ 43.3 million for the three and six months ended June 30, 2024 , respectively, and $ 21.5 million and $ 41.6 million for the three and six months ended June 30, 2023 , respectively.

Foreign exchange revenues from xe's total portfolio of positions were $ 23.2 million and $ 66.5 million for the three and nine months ended September 30, 2024 , respectively, and $ 22.2 million and $ 63.8 million for the three and nine months ended September 30, 2023 , 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, 2024 and December 31, 2023 was $ 1.5 billion and $ 1.1 billion, respectively.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of September 30, 2024 and December 31, 2023 was $ 1.1 billion and $ 1.1 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, 2024

September 30, 2024

December 31, 2023

Balance Sheet Location

June 30, 2024

September 30, 2024

December 31, 2023

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, 2024 and December 31, 2023 (in millions):

The following tables summarize the gross and net fair value of derivative assets and liabilities as of September 30, 2024 and December 31, 2023 (in millions):

Offsetting of De rivative Ass ets

As of June 30, 2024

As of September 30, 2024

Gross Amounts of Recognized Assets

6 unchanged sentences

Offsetting of Derivative Liabilities

As of June 30, 2024

As of September 30, 2024

Gross Amounts of Recognized Liabilities

7 unchanged sentences

Income Statement Presentation

The following table summarizes the location and amount of losses on derivatives in the Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 :

Loss Recognized in Income on Derivative Contracts (a)

Location of Loss Recognized in Income on Derivative Contracts

The following table summarizes the location and amount of gains (losses) on derivatives in the Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 :

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

Location of Gain (Loss) Recognized in Income on Derivative Contracts

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(in millions)

Foreign currency exchange contracts - Ria Operations

Foreign currency exchange loss, net

Foreign currency exchange contracts

Foreign currency exchange gain (loss), net

(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations.

10 unchanged sentences

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

As of June 30, 2024

As of September 30, 2024

(in millions)

2 unchanged sentences

Other current assets

Marketable securities

Foreign currency exchange contracts

9 unchanged sentences

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 as of June 30, 2024 was based on the Secured Overnight Financing Rate ("SOFR") that resets at various intervals of less than one year.

The carrying values of the Company’s revolving credit agreements approximate fair values because interest as of September 30, 2024 was based on the Secured Overnight Financing Rate ("SOFR") that resets at various intervals of less than one year.

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

As of June 30, 2024 , the fair values of the Convertible Notes and Senior Notes were $ 510.7 million and $ 612.0 million , respectively, with carrying values of $ 525.0 million and $ 642.6 million , respectively.

As of September 30, 2024 , the fair values of the Convertible Notes and Senior Notes were $ 514.8 million and $ 646.7 million , respectively, with carrying values of $ 525.0 million and $ 668.0 million , respectively.

(13) SEGMENT INFORMATION

12 unchanged sentences

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

The following tables present the Company's reportable segment results for the three months and six months ended June 30, 2024 and 2023 :

For the Three Months Ended June 30, 2024

The following tables present the Company's reportable segment results for the three months and nine months ended September 30, 2024 and 2023 :

For the Three Months Ended September 30, 2024

(in millions)

8 unchanged sentences

Operating income (loss)

For the Three Months Ended June 30, 2023

For the Three Months Ended September 30, 2023

(in millions)

8 unchanged sentences

Operating income (loss)

For the Six Months Ended June 30, 2024

For the Nine Months Ended September 30, 2024

(in millions)

8 unchanged sentences

Operating income (loss)

For the Six Months Ended June 30, 2023

For the Nine Months Ended September 30, 2023

(in millions)

11 unchanged sentences

(in millions )

June 30, 2024

September 30, 2024

December 31, 2023

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.

Revenues for the Three Months Ended June 30, 2024

Revenues for the Six Months Ended June 30, 2024

Revenues for the Three Months Ended September 30, 2024

Revenues for the Nine Months Ended September 30, 2024

(in millions )

North America

Revenues for the Three Months Ended June 30, 2023

Revenues for the Six Months Ended June 30, 2023

Revenues for the Three Months Ended September 30, 2023

Revenues for the Nine Months Ended September 30, 2023

(in millions )

1 unchanged sentence

( 14 ) INCOME TAXES

The Company's effective income tax rate was 32.0 % and 33.5 % for the three and six months ended June 30, 2024 respectively, compared to 27.3 % and 31.9 % for the three and six months ended June 30, 2023 , respectively.

The Company's effective income tax rate for the three and six months ended June 30, 2024 was higher than the applicable statutory income tax rate of 21 % mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

The Company's effective income tax rate was 27.3 % and 30.0 % for the three and nine months ended September 30, 2024 respectively, compared to 29.2 % and 30.6 % for the three and nine months ended September 30, 2023 , respectively.

The Company's effective income tax rate for the three and nine months ended September 30, 2024 was higher than the applicable statutory income tax rate of 21 % mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

deferred tax activity.

Our effective income tax rate for the three and six months ended June 30, 2023 was higher than the applicable statutory income tax rate of 21 % as a result of our U.S.

Our effective income tax rate for the three and nine months ended September 30, 2023 was higher than the applicable statutory income tax rate of 21 % as a result of our U.S.

deferred tax activity and certain foreign earnings being subject to higher local statutory tax rates.

3 unchanged sentences

(15) COMMITMENTS

As of June 30, 2024 , the Company had $ 78.8 million of stand-by letters of credit/bank guarantees issued on the Company's behalf, of which $ 3.9 million are collateralized by cash deposits held by the respective issuing banks.

As of September 30, 2024 , the Company had $ 75.2 million of stand-by letters of credit/bank guarantees issued on the Company's behalf, of which $ 4.2 million are collateralized by cash deposits held by the respective issuing banks.

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

As of June 30, 2024 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 10.7 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 59.3 million over the terms of agreements with the Company's customers.

As of September 30, 2024 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.1 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 67.4 million over the terms of agreements with the Company's 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, 2024 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 383.2 million .

As of September 30, 2024 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 572.0 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, 2024 or December 31, 2023 .

( 16 ) LITIGATION AND CONTINGENCIES

21 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, 2024 are:

As of June 30, 2024

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of September 30, 2024 are:

As of September 30, 2024

Maturity of Lease Liabilities (in millions)

10 unchanged sentences

Three Months Ended

June 30, 2024

September 30, 2024

Three Months Ended

June 30, 2023

Six Months Ended

June 30, 2024

Six Months Ended

June 30, 2023

September 30, 2023

Nine Months Ended

September 30, 2024

Nine Months Ended

September 30, 2023

Operating lease expense

5 unchanged sentences

Lease Term and Discount Rate of Operating Leases

As of June 30, 2024

As of September 30, 2024

Weighted- average remaining lease term (years)

2 unchanged sentences

Other Information (in millions)

Six Months Ended

June 30, 2024

Six Months Ended

June 30, 2023

Nine Months Ended

September 30, 2024

Nine Months Ended

September 30, 2023

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