What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-07 · 229 added, 138 removed, 526 unchanged (41% of the section changed)

4 unchanged sentences

(In millions, except share and per share data)

June 30, 2025

December 31, 2024

Current assets:

Cash and cash equivalents

Rest ricted cas h

Restricted cash

Settlement assets

12 unchanged sentences

Accrued expenses and other current liabilities

Current portion of operating lease liabilities

Current portion of operating lease obligations

Short-term debt obligations and current maturities of long-term debt obligations

27 unchanged sentences

(Unaudited, in millions, except share and per share data)

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 30,

Operating expenses:

8 unchanged sentences

Interest expense

Foreign currency exchange loss, net

Foreign currency exchange loss (gain), net

Other gains (losses), net

2 unchanged sentences

Income tax expense

Net income attributable to noncontrolling interests

Net loss attributable to noncontrolling interests

Net income attributable to Euronet Worldwide, Inc.

7 unchanged sentences

(Unaudited, in millions)

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 30,

Translation adjustment

7 unchanged sentences

(Unaudited, in millions, except share data)

Shares Outstanding

Number of Shares Outstanding

Paid-in Capital

Treasury Stock

Balance as of December 31, 2023

Net income (loss)

Other comprehensive loss

3 unchanged sentences

Balance as of March 31, 2024

Shares Outstanding

Paid-in Capital

Balance of December 31, 2024

Net income (loss)

Other comprehensive income

Other comprehensive loss

Stock issued under employee stock plans

1 unchanged sentence

Repurchase of shares

( 1,000,000 )

Balance as of June 30, 2024

Number of Shares Outstanding

Paid-in Capital

Treasury Stock

Balance as of December 31, 2024

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of March 31, 2025

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

( 2,287,052 )

Balance as of June 30, 2025

EURONET WORLDWIDE, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited, in millions, except share data)

Retained Earnings

Accumulated Other

Comprehensive Loss

Accumulated Other Comprehensive Loss

Noncontrolling

Balance as of December 31, 2023

Net income (loss)

Other comprehensive loss

3 unchanged sentences

Balance as of March 31, 2024

Net income (loss)

Other comprehensive loss

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of June 30, 2024

Retained Earnings

Accumulated Other

Comprehensive Loss

Accumulated Other Comprehensive Loss

Noncontrolling

Balance as of December 31, 2024

Net income (loss)

Other comprehensive income

Other comprehensive income (loss)

Stock issued under employee stock plans

2 unchanged sentences

Balance as of March 31, 2025

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of June 30, 2025

See accompanying notes to the unaudited consolidated financial statements.

3 unchanged sentences

(Unaudited, in millions)

Three Months Ended March 31,

Six Months Ended June 30,

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

11 unchanged sentences

Accrued expenses and other current liabilities, including amounts in settlement obligations

Changes in noncurrent assets an d liabilit ies

Net cash provided by operatin g activities

Changes in noncurrent assets and liabilities

Net cash provided by operating activities

Cash flows from investing activities:

Acquisitions, net of cash acquired

Issuance of convertible notes receivable

Purchases and proceeds of property and equipment

Purchases of other long-term assets

Purchase of convertible note receivable

Net cash used in investing activities

4 unchanged sentences

Repayments of credit agreements

Repayment of convertible debt

Repayment of convertible notes

Repayments of capital lease obligations

Net borrowings from short-term obligations

Net cash provided by (used in) financing activities

Net borrowing from short-term debt obligations

Net cash provided by 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

7 unchanged sentences

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

( 1 ) GENERAL

Euronet Worldwide, Inc.

43 unchanged sentences

Acquisitions 2025

No material acquisitions.

On May 31, 2025, Euronet completed the acquisition of a 60 % equity stake in UNIDOS CO.

LTD from multiple shareholders for a consideration of USD 18 million.

The effective date of control is June 1, 2025.

An additional earn-out payment will be made upon achieving key performance indicators (KPIs) after year one and year two.

The Company allocated $ 9.9 million of the enterprise value to customer relationships, $ 7.9 million to acquired net assets, $ 3.5 million to deferred tax liability, $ 12 million to non-controlling interest and the remaining $ 15.7 million to goodwill.

The initial accounting for this acquisition is complete as of June 30, 2025.

The purchase price was preliminary allocated to the assets acquired and liabilities assumed including identifiable intangible assets based on provisional values at the date of the acquisition.

Additional time is needed to refine and finalize the valuation of assets and liabilities.

The acquisition has been accounted for as a business combination in accordance with US GAAP and the results of operations have been included in the Money Transfer segment.

Acquisitions 2024

12 unchanged sentences

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

M oney order accrued expenses represent amounts not yet presented for payment.

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.

10 unchanged sentences

Total settlement obligations

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 C ash Flows.

(in millions)

June 30, 2025

June 30, 2024

Cash and cash equivalents

9 unchanged sentences

(in millions)

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 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 3.6 million and 3.3 million for the three months ended March 31, 2025 and 2024 .

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 3.9 million and 3.9 million for the three and six months ended June 30, 2025 and 3.1 million and 3.2 million for the three and six months ended June 30, 2024 , respectively.

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

5 unchanged sentences

See Note 10, Debt Obligations, to the consolidated financial statements for more information about the Convertible Notes.

During March 2025, almost all of the Convertible Note holders exercised their right to require the Company to repurchase their notes, and we repurchased $ 491.8 million of Convertible Notes leaving $ 33.2 million of Convertible Notes outstanding at March 31, 2025.

This repurchase reduced the weighted average incremental shares from assumed conversion from 2.8 million in the prior year to 2.3 million at March 31, 2025.

During March 2025, almost all of the Convertible Note holders exercised their right to require the Company to repurchase their notes, and the Company repurchased $ 491.8 million of Convertible Notes leaving $ 33.2 million of Convertible Notes outstanding at June 30, 2025 .

This repurchase reduced the weighted average incremental shares from assumed conversion from 2.8 million in the prior year to 0.2 million for the three months ended June 30, 2025 .

Share repurchases

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 March 31, 2025 , approximately $ 121.9 million in value of additional shares were available to be repurchased under this repurchase program.

As of June 30, 2025, no 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 March 31, 2025 , all shares were available to be repurchased under this repurchase program.

As of June 30, 2025 , approximately $ 224.8 million in value of additional shares were available to be repurchased under this repurchase program.

On June 3, 2025, the Company put a repurchase program in place to repurchase up to $ 400 million in value, but not more than 8.0 million shares of common stock through June 3, 2027.

As of June 30, 2025, all 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 10b5-1 plan.

1 unchanged sentence

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

The Company recorded foreign currency translation adjustments of $ 84.0 million for the three months ended March 31, 2025 and $( 45.0 ) million for the three months ended March 31, 2024 , respectively.

There were no reclassifications of foreign currency translation adjustments into the consolidated statements of income for the three months ended March 31, 2025 and 2024 .

The Company recorded foreign currency translation gains of $ 186.0 million and $ 270.0 million for the three and six months ended June 30, 2025 and losses of $ 10.0 million and $ 55.0 million for the three and six months ended June 30, 2024 , 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, 2025 and 2024 .

( 6 ) GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET

A summary of acquired intangible assets and goodwill activity for the three months ended March 31, 2025 is presented below:

A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2025 is presented below:

(in millions)

2 unchanged sentences

Foreign currency exchange rate changes

Balance as of March 31, 2025

Of the total goodwill balance of $ 882.2 million as of March 31, 2025 , $ 366.8 million relates to the Money Transfer Segment, $ 447.3 million relates to the EFT Processing Segment and the remaining $ 68.1 million relates to the epay Segment .

Estimated amortization expense on acquired intangible assets with finite lives as of March 31, 2025 , is expected to total $ 14.3 million for the remainder of 2025 , $ 18.2 million for 2026 , $ 16.7 million for 2027 , $ 16.0 million for 2028 , $ 16.0 million for 2029 and $ 15.9 million for 2030.

Balance as of June 30, 2025

Of the total goodwill balance of $ 954.9 million as of June 30, 2025 , $ 402.7 million relates to the Money Transfer Segment, $ 480.5 million relates to the EFT Processing Segment and the remaining $ 71.7 million relates to the epay Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of June 30, 2025 , is expected to total $ 10.0 million for the remainder of 2025 , $ 19.2 million for 2026 , $ 17.8 million for 2027 , $ 17.0 million for 2028 , $ 17.0 million for 2029 and $ 17.0 million for 2030 .

(7) CONVERTIBLE NOTES RECEIVABLE

3 unchanged sentences

Under the terms of the 2030 Note, interest will accrue on the 2030 Note at 2 % per annum and all unpaid principal and interest will be due and payable on March 27, 2030 if not converted earlier as discussed below.

The Company has a security interest in all of the assets of Koin Mobile, LLC, Marker Trax, LLC, and Marker Trax Digital, LLC, The aggregate outstanding principal and accrued interest were under the 2028 Notes and

the 2030 Note $ 85.0 million and $ 1.7 million at March 31, 2025 .

The 2028 Notes and

the 2030 Note are convertible into preferred equity of Koin Mobile, LLC, Marker Trax, LLC and Marker Trax Digital, 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 related promissory note purchase agreements.

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

The aggregate outstanding principal and accrued interest under the 2028 Notes and the 2030 Note were $ 85.0 million and $ 2.2 million at June 30, 2025 .

The 2028 Notes and the 2030 Note are convertible into preferred equity of Koin Mobile, LLC, Marker Trax, LLC and Marker Trax Digital, 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 related promissory note purchase agreements.

(8) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

1 unchanged sentence

(in millions)

June 30, 2025

December 31, 2024

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 three months ended March 31, 2025 is the result of $ 77.2 million of revenues recognized and $ 78.0 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations.

The decrease in the deferred revenue balance for the six months ended June 30, 2025 is the result of $ 142.7 million of revenues recognized and $ 142.9 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations.

( 10 ) DEBT OBLIGATIONS

1 unchanged sentence

(in millions)

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

1.375% Senior Notes, due 2026

Uncommitted credit agre eme nts

Uncommitted credit agreements

Other obligations

7 unchanged sentences

The amended Credit Facility includes a multi-currency borrowing tranche totaling $ 1,685 million and a U.S.

dollar borrowing tranc he totaling $ 215 million .

dollar borrowing tranche totaling $ 215 million.

The amended Credit Facility also removes the credit spread adjustment on SOFR and SONIA borrowings.

12 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 March 31, 2025.

The Company was in compliance with all debt covenants as of June 30, 2025 .

Convertible Notes

3 unchanged sentences

In connection with the issuance of the Convertible Notes, the Company recorded $ 12.8 million in debt issuance costs, which were amortized through March 1 , 2025 .

Almost all of the holders

exercised their right to require the Company to repurchase their notes in March 2025, and we repurchased the

tendered Convertible Notes at that time with a combination of cash on hand and

a borrowing under our Credit Facility.

As of March 31,

2025, $ 33.2 million of the

Convertible Notes remain outstanding.

Almost all of the holders exercised their right to require the Company to repurchase their notes in March 2025 , and we repurchased the tendered Convertible Notes at that time with a combination of cash on hand and a borrowing under our Credit Facility.

As of June 30, 2025 , $ 33.2 million of the Convertible Notes remain outstanding.

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 March 31, 2025 , the Company has outstanding € 600.0 million ($ 648.8 million ) principal amount of the Senior Notes.

As of June 30, 2025 , the Company has outstanding € 600.0 million ($ 707.2 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.

Uncommitted Credit Agreements

On June 21, 2024, the Company

rolled its existing $ 150 million Uncommitted Loan Agreement into a new

Uncommitted Loan Agreement with a $ 400 million credit limit through

September 30, 2024, and a credit limit of $ 250 million thereafter 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 March 31, 2025.

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 Company at the time such loan is made.

weighted-average interest rate from loan inception date to March 31,

2025, was 5.86 %.

On June 20 , 2025 , the Company entered into an Uncommitted Loan Agreement, fully drawn and outstanding at June 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026 .

The amount of this Uncommitted Line of Credit shall be no more than (i) on or before September 30, 2025, $ 400 million and (ii) on and after October 1, 2025, $ 250 million.

The loan had an outstanding balance of $ 400 million at June 30 , 2025 .

The loan is a Prime Rate Loan, a Daily SOFR Rate Loan plus 1.00 % or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made.

The weighted-average interest rate from loan inception date to June 30 , 2025 , was 5.32 %.

On June 27, 2025, the Company entered into an Uncommitted Loan Agreement for $ 300 million, fully drawn and outstanding at June 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025 .

The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.25 % 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, 2025 was 5.54 %.

Other obligations

of our subsidiaries have available credit lines and overdraft facilities to

generally supplement short-term working capital requirements, when necessary.

Certain of our subsidiaries have available credit lines and overdraft facilities to generally supplement short-term working capital requirements, when necessary.

On October 9 , 2024 , the Company completed a facility of MYR 100 million and an overdraft facility of MYR 140 million for its Malaysian business.

Each advance under this facility shall be made for a term of one month or such other period of up to 12 months.

As of March 31, 2025 $ 43.8 million was borrowed under this facility.

Including the Malaysian facility, t here was a total of $ 44.2 million outstanding under our subsidiaries credit

lines and overdraft facilities as of March 31, 2025.

As of June 30, 2025 $ 23.8 million was borrowed under this facility.

Including the Malaysian facility, there was a total of $ 36.2 million outstanding under our subsidiaries credit lines and overdraft facilities as of June 30, 2025 .

Debt Issuance Costs

As of March 31, 2025 , the Company had unamortized debt issuance costs of $ 5.1 million for the Credit Facility and $ 1.4 million for the Senior Notes that will be amortized through October 2027 and May 2026, respectively.

As of June 30, 2025 , the Company had unamortized debt issuance costs of $ 4.8 million for the Credit Facility and $ 1.1 million for the Senior Notes that will be amortized through October 2027 and May 2026 , respectively.

(11) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 unchanged sentences

therefore, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity.

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

with a notional value of $ 415.6 million and $ 281.5 million as of March 31, 2025 and December 31, 2024 , respectively .

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

with a notional value of $ 677.2 million and $ 281.5 million as of June 30, 2025 and December 31, 2024 , 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.

T he Company had foreign currency forward contracts outstanding with a notional value of $ 396.6 million and $ 710.4 million as of March 31, 2025 and December 31, 2024 , respectively , primarily in euro.

The Company had foreign currency forward contracts outstanding with a notional value of $ 198.0 million and $ 710.4 million as of June 30, 2025 and December 31, 2024 , 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 $ 22.8 million for the three months ended March 31, 2025 , and $ 20.9 million for the same period in 2024 .

Foreign exchange revenues from xe's total portfolio of positions were $ 23.7 million and $ 46.6 million for the three and six months ended June 30, 2025 , respectively, and $ 22.4 million and $ 43.3 million for the three and six months ended June 30, 2024 , 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 March 31, 2025 and December 31, 2024 was $ 0.9 billion and $ 0.9 billion, respectively.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of June 30, 2025 and December 31, 2024 was $ 1.1 billion and $ 0.9 billion, respectively.

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

4 unchanged sentences

Liability Derivatives

(in millions)

Balance Sheet Location

March 31, 2025

June 30, 2025

December 31, 2024

Balance Sheet Location

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

Other current liabilities

The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2025 and December 31, 2024 (in millions):

Offsetting of De rivative Ass ets

As of March 31, 2025

The following tables summarize the gross and net fair value of derivative assets and liabilities as of June 30, 2025 and December 31, 2024 (in millions):

Offsetting of Derivative Assets

As of June 30, 2025

Gross Amounts of Recognized Assets

6 unchanged sentences

Offsetting of Derivative Liabilities

As of March 31, 2025

As of June 30, 2025

Gross Amounts of Recognized Liabilities

7 unchanged sentences

Income Statement Presentation

The following table summarizes the location and amount of gains (losses) on derivatives in the Consolidated Statements of Income for the three months ended March 31, 2025 and 2024 :

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

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

Three Months Ended

The following table summarizes the location and amount of gains (losses) on derivatives in the Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 :

Amount of Gain Recognized in Income on

Derivative Contracts (a)

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

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

Foreign currency exchange contracts - Ria Operations

12 unchanged sentences

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

As of March 31, 2025

June 30, 2025

(in millions)

2 unchanged sentences

Other current assets

Convertible notes receiv able

Convertible notes receivable

Marketable securities

2 unchanged sentences

Other current liabilities

As of December 31, 2024

December 31, 2024

(in millions)

2 unchanged sentences

Other current assets

Convertible notes receivable

Marketable securities

Foreign currency exchange contracts

2 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 March 31, 2025 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 June 30, 2025 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 March 31, 2025 , the fair values of the Convertible Notes and Senior Notes were $ 31.6 million and $ 633.9 million , respectively, with carrying values of $ 33.2 million and $ 648.8 million , respectively.

As of June 30, 2025 , the fair values of the Convertible Notes and Senior Notes were $ 31.6 million and $ 698.9 million, respectively, with carrying values of $ 33.2 million and $ 707.2 million, respectively.

(13) SEGMENT INFORMATION

8 unchanged sentences

The Company currently operates in the following three reportable operating segments:

1 ) Through the EFT Processing Segment, t he Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States.

1) Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States.

Euronet provides comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit, debit and prepaid card outsourcing, dynamic currency conversion, domestic and international surcharges and other value added services.

Through this segment, t he Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

Through this segment, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

2) Through the epay Segment, Euronet provides distribution, processing and collection services for electronic payment products, and prepaid mobile airtime through a network of POS terminals in Europe, the Middle East, Asia Pacific, South America and North America.

8 unchanged sentences

Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

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 ended March 31, 2025 and 2024 :

For the Three Months Ended March 31, 2025

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 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, 2025 and 2024 :

Three Months Ended June 30, 2025

(in millions)

Corporate Services,

EFT Processing

Money Transfer

Corporate Services, Eliminations and Other

Total revenues

3 unchanged sentences

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

1 unchanged sentence

Operating income (Loss)

For the Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

(in millions)

Corporate Services,

EFT Processing

Money Transfer

Corporate Services, Eliminations and Other

Total revenues

3 unchanged sentences

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

Total operating expenses

Operating income (loss)

Operating income (expense)

Six Months Ended June 30, 2025

(in millions)

EFT Processing

Money Transfer

Corporate Services, Eliminations and Other

Total revenues

Operating expenses:

Direct operating costs, exclusive of depreciation

Salaries and benefits

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

Total operating expenses

Operating income (expense)

Six Months Ended June 30, 2024

(in millions)

EFT Processing

Money Transfer

Corporate Services, Eliminations and Other

Total revenues

Operating expenses:

Direct operating costs

Salaries and benefits

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

Total operating expenses

Operating income (expense)

The following table presents the Company's total assets by reportable segment:

Total Assets as of

(in millions )

March 31, 2025

June 30, 2025

December 31, 2024

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 March 31, 2025

Revenues for the Three Months Ended March 31, 2024

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

(in millions)

EFT Processing

Money Transfer

EFT Processing

Money Transfer

North America

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

(in millions)

EFT Processing

Money Transfer

EFT Processing

Money Transfer

North America

( 14 ) INCOME TAXES

The Company's effective income tax rate was 15.6 % and 37.9 % for the three months ended March 31, 2025 and 2024 respectively.

The Company's effective income tax rate for the three months ended March 31, 2025 was lower than the applicable statutory income tax rate of 21 % mainly as a result of our U.S.

deferred tax activity on the repurchase of Convertible Notes.

The Company's effective income tax rate for the three months ended March 31, 2024 was higher than the applicable statutory income tax rate of 21 % as a result of the Company's U.S.

deferred tax activity on foreign exchange positions and certain of its foreign earnings being subject to higher local statutory tax rates.

The Company's effective income tax rate was 25.5 % and 23.0 % for the three and six months ended June 30, 2025 respectively, compared to 32.0 % and 33.5 % for the three and six months ended June 30, 2024 , respectively.

The Company's effective income tax rate for the three and six months ended June 30, 2025 was higher than the applicable statutory income tax rate of 21 % as a result of certain of its foreign earnings being subject to higher local statutory tax rates.

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.

deferred tax activity.

The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15 %.

Based on current enacted legislation effective in 2025, the Company does not expect a material impact in 2025.

The Company is monitoring developments and evaluating the impacts these new rules will have on its future income tax provision and effective income tax rate.

The Company is monitoring developments and evaluating the impact these new rules will have on its future income tax provision and effective income tax rate.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

We are currently assessing its impact on our consolidated financial statements.

(15) COMMITMENTS

As of March 31, 2025 , the Company had $ 73.3 million of stand-by letters of credit/bank guarantees issued on the Company's behalf, of which $ 1.6 million are collateralized by cash deposits held by the respective issuing banks.

As of June 30, 2025 , the Company had $ 78.8 million of stand-by letters of credit/bank guarantees issued on the Company's behalf, of which $ 1.7 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 March 31, 2025 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 10.8 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 35.5 million over the terms of agreements with the Company's customers.

As of June 30, 2025 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.8 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 43.4 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.

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

As of March 31, 2025 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 483.7 million .

As of June 30, 2025 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 584.2 million.

The Company and suppliers maintain insurance policies to mitigate this exposure;

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

To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of March 31, 2025 or December 31, 2024 .

(16) LITIGATION AND CONTINGENCIES

Litigation and contingencies

From time to time, the Company is a party to legal or regulatory proceedings arising in the ordinary course of the Company's business.

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The principal amount of the agent-based withholding tax could be approximately $ 16.5 million for all open periods.

In March 2025, the Co mpany was notified of a fire, resulting in the loss of Malaysian Ringgit notes in the custody of a third-party service provider.

In March 2025, the Company was notified of a fire, resulting in the loss of Malaysian Ringgit notes in the custody of a third-party service provider.

The third-party service provider had the risk of loss based on the terms of the contractual arrangement.

The bank note balance of approximately $ 10 million was moved to other receivables as of March 31, 2025.

The bank note balance of approximately $ 10 million was moved to other receivables as of June 30, 2025 .

At this time the Company has determined that it is probable the bank notes will be recovered from the third-party service provider.

Subsequent events

On July 30, 2025, Euronet entered into a definitive agreement (the “Merger Agreement”) to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $ 248 million, or $ 30 per share of CoreCard common stock.

CoreCard is a publicly traded financial technology company based in Norcross, Georgia.

CoreCard specializes in providing technology solutions and processing services.

The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share.

CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

Additional information regarding the CoreCard acquisition is contained in the Company’s Form 8-K that was filed with the SEC on July 31, 2025.

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

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The Company also has a unilateral termination right for most of the ATM site leases.

Since the Company is not reasonably certain not to exercise termination options, pa yments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred and corresponding leases are excluded from the right of use lease asset and lease liability balances.

Since the Company is not reasonably certain not to exercise termination options, payments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred and corresponding leases are excluded from the right of use lease asset and lease liability balances.

Certain of the Company's lease agreements include variable rental payments based on revenues generated from the use of the leased location and certain leases include rental payments adjusted periodically for inflation.

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Future minimum lease payments

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of March 31, 2025 are:

As of March 31, 2025

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of June 30, 2025 are:

As of June 30, 2025

Maturity of Lease Liabilities (in millions)

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Income Statement Classification

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Operating lease expense

Selling, general and administrative and Direct operating costs

Short-term and variable lease expense

Variable lease expense

Selling, general and administrative and Direct operating costs

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Lease Term and Discount Rate of Operating Leases

As of March 31, 2025

As of June 30, 2025

Weighted- average remaining lease term (years)

W eighted- average discount rate

Weighted- average discount rate

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

Other Information (in millions)

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

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