EURONET WORLDWIDE INC
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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(9) Goodwill and Acquired Intangible Assets, Net
The following table summarizes intangible assets as of December 31, 2024 and 2023:
| As of December 31, 2024 | As of December 31, 2023 | |||
|---|---|---|---|---|
| (in millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization |
| Customer relationships | $308.7 | $(132.7) | $270.5 | $(121.4) |
| Software | 53.8 | (53.8) | 56.4 | (54.6) |
| Trademarks and trade names | 43.3 | (37.3) | 44.6 | (36.3) |
| Non-compete agreements | 9.6 | (2.7) | 10.2 | (1.8) |
| Total | $415.4 | $(226.5) | $381.7 | $(214.1) |
The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2024 and 2023:
| (in millions) | Acquired Intangible Assets | Goodwill | Total Intangible Assets |
|---|---|---|---|
| Balance as of January 1, 2023 | $188.3 | $828.3 | $1,016.6 |
| Increases (decreases): | |||
| Acquisitions (see footnote 6) | — | 1.3 | 1.3 |
| Amortization | (24.5) | — | (24.5) |
| Other (primarily changes in foreign currency exchange rates) | 3.8 | 17.9 | 21.7 |
| Balance as of December 31, 2023 | 167.6 | 847.5 | 1,015.1 |
| Increases (decreases): | |||
| Acquisitions (see footnote 6) | 51.0 | 50.2 | 101.2 |
| Amortization | (21.7) | — | (21.7) |
| Other (primarily changes in foreign currency exchange rates) | (8.0) | (38.5) | (46.5) |
| Balance as of December 31, 2024 | $188.9 | $859.2 | $1,048.1 |
Of the total goodwill balance of$859.2 million as of December 31, 2024,$359.7 million relates to the Money Transfer Segment,$117.8 million relates to theepay Segment and the remaining$381.7 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was$21.7 million,$24.5 million, and$27.0 million for the years ended December 31, 2024,2023 and 2022, respectively. Estimated annual amortization expense on intangible assets with finite lives as of December 31, 2024, is expected to be$16.9 million for 2025,$17.2 million for 2026,$16.0 million for 2027, $15.6 million for 2028, and$15.5 million for 2029.
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