EURONET WORLDWIDE, INC.

Previous wording

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may materially differ from those in the forward-looking statements as a result of various factors, including, but not limited to, conditions in world financial markets and general economic conditions, including impacts from the COVID-19 or other pandemics; inflation; the war in the Ukraine, and related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, sanctions, consumer and data protection and privacy and the European Union's General Data Protection Regulation, and Second Revised Payment Service Directive requirements; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including Dynamic Currency Conversion (DCC) transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding and those factors referred to above and as set forth and more fully described in Part I, Item 1 A — Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023. Our Annual Report on Form 10-K is available on the SEC's EDGAR website at www.sec.gov, and copies may also be obtained by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Current wording

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from pandemics; inflation; tariffs; the war in the Ukraine and the related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Previous wording

1)The EFT Processing Segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed spana network of 54,020 active ATMs and approximately 949,000 POS terminals.

Current wording

1)The EFT Processing Segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed spana network of 55,512 installed ATMs and approximately 1,214,000 POS terminals.

Previous wording

2)The epay Segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay hasone of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 60+ countries. We operate a network that includes approximately 766,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.

Current wording

2)The epay Segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay hasone of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 64 countries. We operate a network that includes approximately 735,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.

Previous wording

3)The Money Transfer Segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 205 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

Current wording

3)The Money Transfer Segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 199 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

Previous wording

We have six processing centers in Europe, five in Asia Pacific andtwo in North America. We have 35 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 75.3% of ourrevenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations(for a further discussion, see Item 1 A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023).

Current wording

We have six processing centers in Europe, fivein Asia Pacific andtwo in North America. We have 35 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 74% of ourrevenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations(for a further discussion, see Item 1 A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024).

Previous wording

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 34% and 31% of total consolidated revenues for thethree and nine months ended September 30, 2024 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

Current wording

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 25% of total consolidated revenues for thethree months ended March 31, 2025 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

Previous wording

epay Segment —Revenues in the epay Segment, which represented approximately 26% and 27% of total consolidated revenues for thethree and nine months ended September 30, 2024 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time as compared with other electronic products has decreased over time, and digital media content now produces approximately 66% of epay Segment revenues. Other electronic content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.

Current wording

epay Segment —Revenues in the epay Segment, which represented approximately 29% of total consolidated revenues for thethree months ended March 31, 2025 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time has decreased over time, and digital media content now produces approximately 71% of epay Segment revenues. Digital media content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.

Previous wording

Money Transfer Segment —Revenues in the Money Transfer Segment, which represented approximately 40% and 42% of total consolidated revenues for thethree and nine months ended September 30, 2024, respectively, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.

Current wording

Money Transfer Segment —Revenues in the Money Transfer Segment, which represented approximately 46% of total consolidated revenues for thethree months ended March 31, 2025, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.

Previous wording

Revenues and operating income by segment for the three and nine months ended September 30, 2024 and 2023 are summarized in the tables below:

Current wording

Revenues and operating income by segment for the three months ended March 31, 2025 and 2024 are summarized in the tables below:

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COMPARISON OF OPERATING RESULTS FOR THETHREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

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COMPARISON OF OPERATING RESULTS FOR THETHREE MONTHS ENDED MARCH 31,2025 AND 2024

Previous wording

The following table summarizes the results of operations for our EFT Processing Segment for the three and nine months ended September 30, 2024 and 2023:

Current wording

The following table summarizes the results of operations for our EFT Processing Segment for the three months ended March 31, 2025 and 2024:

Previous wording

EFT Processing Segment direct operating costs were$174.3 million for thethree months ended September 30, 2024, anincrease of$8.6 million or 5% compared to the same period in 2023. EFT Processing Segment direct operating costs were$457.9 million for thenine months ended September 30, 2024, anincrease of$31.1 million or 7% compared to the same period in 2023. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors.

Current wording

EFT Processing Segment direct operating costs were$136.5 million for thethree months ended March 31, 2025, anincrease of$5.4 million or 4% compared to the same period in 2024. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new and existing operations. Direct costs were also impacted by overall cost inflation in products and services.

Previous wording

Salaries and benefits expenses were $41.3 million for thethree months ended September 30, 2024, anincrease of$6.1 million or 17% compared to the same period in 2023. Salaries and benefits expenses were $107.5 million for thenine months ended September 30, 2024, anincrease of $14.0 million or 15% compared to the same period in 2023. The increase is primarily due to an increase in headcount to support the growth of the business and salary increases due to inflationary and market pressures. As a percentage of revenues, salary expense increased to 11.1% and 12.0%for thethree and nine months ended September 30, 2024, compared to 10.2% and 11.4%forthe same periods in 2023.

Current wording

Salaries and benefits expenses were $35.5 million for thethree months ended March 31, 2025, anincrease of$3.7 million or 12% compared to the same period in 2024. The increase is primarily due to an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. Fluctuations in foreign currency exchange rates in the countries in which we employ our workforce decreased salaries by approximately $1.0 million for thethree months ended March 31, 2025. As a percentage of revenues, salary expense increased to 15.3%for thethree months ended March 31, 2025, compared to 14.6% forthe same period in 2024.

Previous wording

Selling, general and administrative expenses were$9.6 million for thethree months ended September 30, 2024, adecrease of $0.1 million or 1%compared to the same period in 2023. Selling, general and administrative expenses were $28.5 million for thenine months ended September 30, 2024, anincrease of $0.9 million or 3% compared to the same period in 2023. As a percentage of revenues, these expenses were 3.3% and 3.5% for thethree and nine months ended September 30, 2024, compared to 3.7% and 3.6% for the same periods in 2023.

Current wording

Depreciation and amortization expenses were $24.3 million for thethree months ended March 31, 2025, anincrease of$0.7 million or 3%compared to the same period in 2024. As a percentage of revenues, these expenses decreased to 10.5% for thethree months ended March 31, 2025, compared to 10.9% for the same period in 2024.

Previous wording

The following table presents the results of operations for the three and nine months ended September 30, 2024 and 2023 for our epay Segment:

Current wording

The following table presents the results of operations for the three months ended March 31, 2025 and 2024 for our epay Segment:

Previous wording

epay Segment total revenues were$290.3 million for thethree months ended September 30, 2024, anincrease of$25.8 million or 10%compared to the same period in 2023. epay Segment total revenues were $808.3 million for thenine months ended September 30, 2024, anincrease of $42.6 million or 6% compared to the same period in 2023. The increase in revenue for thenine months ended September 30, 2024 was driven by continued expansion in mobile and digital branded payments. Fluctuations inforeign currency exchange rates increased revenue by approximately $0.1 and $0.2 million for the three and nine months ended September 30, 2024, compared to the same period in 2023.

Current wording

epay Segment total revenues were$267.4 million for thethree months ended March 31, 2025, anincrease of$10.3 million or 4%compared to the same period in 2024. The increase in revenue for thethree months ended March 31, 2025 was driven bycontinued payments, digital media and mobile growth. Fluctuations in foreign currency exchange rates decreased revenue by approximately $9.3 millionfor thethree months ended March 31, 2025, compared to the same period in 2024.

Previous wording

Revenue per transaction decreased to$0.26 and $0.25 for thethree and nine months ended September 30, 2024, compared to$0.29 and $0.27 for the same periods in 2023. The decrease in revenue per transaction was primarily due to the shift in the mix of transactions processed.

Current wording

Revenue per transaction decreased to$0.24 for thethree months ended March 31, 2025, compared to$0.27 for the same period in 2024. The decrease in revenue per transaction was primarily due to the shift in the mix of transactions processed.

Previous wording

epay Segment direct operating costs were$223.5 million for thethree months ended September 30, 2024, anincrease of $22.2 million or 11% compared to the same period in 2023. epay Segment direct operating costs were $617.1 million for thenine months ended September 30, 2024, anincrease of $33.5 million or 6% compared to the same period in 2023. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. Fluctuations inforeign currency exchange rates increased direct operating costs by $0.2 million and $0.2 million for the three andnine months ended September 30, 2024, compared to the same period in 2023.

Current wording

epay Segment direct operating costs were$202.1 million for thethree months ended March 31, 2025, anincrease of $7.0 million or 4% compared to the same period in 2024. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. Foreign currency exchange rates decreased direct operating costs by$7.0 millionfor thethree months ended March 31, 2025 compared to the same period in 2024. The increase in direct operating costs was the result of the increase in business activity.

Previous wording

Gross profit was$66.8 million for thethree months ended September 30, 2024, anincrease of $3.6 million or 6% compared to $63.2 million for the same period in 2023. Gross profit was $191.2 million for thenine months ended September 30, 2024, anincrease of $9.1 million or 5% compared to $182.1 million for the same period in 2023. Gross margin decreased to 23.0% and 23.7% for thethree and nine months ended September 30, 2024, compared to 23.9% and 23.8% for the same periods in 2023. The changes in gross profit and gross margin were primarily due to the shift in the mix of transactions processed.

Current wording

Gross profit was$65.3 million for thethree months ended March 31, 2025, anincrease of $3.3 million or 5% compared to $62.0 million for the same period in 2024. Gross margin increased to 24.4% for thethree months ended March 31, 2025, compared to 24.1% for the same period in 2024. The changes in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.

Previous wording

Depreciation and amortization expenses were$1.9 million for thethree months ended September 30, 2024, anincrease of $0.1 million or 6%compared to the same period in 2023. Depreciation and amortization expenses were $5.4 million for thenine months ended September 30, 2024 an increase of $0.3 million or 6% compared to the same period in 2023. Depreciation and amortization expense primarily represents depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses were 0.7% for both thethree and nine months ended September 30, 2024, respectively, with no change compared to the same periods in 2023.

Current wording

Depreciation and amortization expenses were$1.6 million for thethree months ended March 31, 2025, adecrease of $0.1 million or 6%compared to the same period in 2024. Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses decreased to 0.6% for thethree months ended March 31, 2025, compared to 0.7% for the same period in 2024.

Previous wording

The following table presents the results of operations for thethree and nine months ended September 30, 2024 and 2023 for the Money Transfer Segment:

Current wording

The following table presents the results of operations for thethree months ended March 31, 2025 and 2024 for the Money Transfer Segment:

Previous wording

Money Transfer Segment direct operating costs were$238.4 million for thethree months ended September 30, 2024, anincrease of $26.5 million or 13% compared to the same period in 2023. Money Transfer Segment direct operating costs were $679.5 million for thenine months ended September 30, 2024, anincrease of $57.6 million or 9% compared to the same period in 2023. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number ofinternational-originated and U.S. outbound money transfer transactions. Fluctuations in foreign currency exchange rates increased direct costs by approximately $1.3 million and $0.1 million for thethree and nine months ended September 30, 2024 compared to the same periods in 2023.

Current wording

Money Transfer Segment direct operating costs were$224.5 million for thethree months ended March 31, 2025, anincrease of $15.1 million or 7% compared to the same period in 2024. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number of international-originated and U.S. outbound money transfer transactions. Fluctuations in foreign currency exchange rates increased direct costs by approximately $2.6 million for thethree months ended March 31, 2025, compared to the same period in 2024.

Previous wording

Gross profit was $199.8 million for thethree months ended September 30, 2024, anincrease of $15.8 million or 9% compared to $184.0 million for the same period in 2023. Gross profit was $565.1 million for thenine months ended September 30, 2024, anincrease of $36.9 million or 7% compared to $528.2 million for the same period in 2023. Gross margin decreased to 45.6% and 45.4% for thethree and nine months ended September 30, 2024, compared to 46.5% and 45.9% for the same periods in 2023. The increase in gross profit was primarily due to increases in international-originated money transfers, U.S. outbound transactions and direct-to-consumer digital transactions.

Current wording

Gross profit was $193.2 million for thethree months ended March 31, 2025, anincrease of $18.0 million or 10% compared to $175.2 million for the same period in 2024. Gross margin increased to 46.3% for thethree months ended March 31, 2025, compared to 45.6% for the same period in 2024. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers, U.S. outbound transactions and direct-to-consumer digital transactions.

Previous wording

Salaries and benefits expenses were $84.9 million for thethree months ended September 30, 2024, anincrease of $7.3 million or 9% compared tothe same period in 2023. Salaries and benefits expenses were $248.3 million for thenine months ended September 30, 2024, anincrease of $17.9 million or 8% compared to the same period in 2023. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, these expenses decreased to 19.4%for the three months ended September 30, 2024, compared to 19.6%for the same period in 2023 and were 20.0% for the nine months ended September 30, 2024 and 2023.

Current wording

Salaries and benefits expenses were $87.9 million for thethree months ended March 31, 2025, anincrease of $7.2 million or 9% compared tothe same period in 2024. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, these expenses were 21.0%for both thethree months ended March 31, 2025 and 2024. Fluctuations in foreign currency exchange rates in the countries in which we employ our workforce increased salaries by approximately $1.9 million for thethree months ended March 31, 2025, as compared to the same period in 2024.

Previous wording

Depreciation and amortization expenses were $6.0 million for thethree months ended September 30, 2024, adecrease of$1.0 million or 14%compared to the same period in 2023. Depreciation and amortization expenses were $20.0 million for thenine months ended September 30, 2024, adecrease of $3.6 million or 15% compared to the same period in 2023. Depreciation and amortization expense primarily represents amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment. As a percentage of revenues, these expenses decreased to 1.4% and 1.6%for thethree and nine months ended September 30, 2024, compared to 1.8% and 2.1% for the same periods in 2023.

Current wording

Depreciation and amortization expenses were $6.1 million for thethree months ended March 31, 2025, adecrease of$1.2 million or 16%compared to the same period in 2024. Depreciation and amortization expenses primarily represents amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment. As a percentage of revenues, these expenses decreased to 1.5%for thethree months ended March 31, 2025, compared to 1.9% for the same period in 2024.

Previous wording

The following table presents the operating expenses for the three and nine months ended September 30, 2024 and 2023 for Corporate Services:

Current wording

The following table presents the operating expenses for the three months ended March 31, 2025 and 2024 for Corporate Services:

Previous wording

Total Corporate operating expenses were $22.3 million and $62.7 million for thethree and nine months ended September 30, 2024, anincrease of $2.5 million or 13% and $1.0 million or 2% compared to the same periods in 2023.

Current wording

Total Corporate operating expenses were $20.0 million for thethree months ended March 31, 2025, adecrease of $1.3 million compared to the same period in 2024.

Previous wording

Interest expense was $24.2 million for the three months ended September 30, 2024, anincrease of $9.2 million or 61% compared to the same period in 2023. Interest expense was $59.2 million for thenine months ended September 30, 2024, anincrease of $20.1 million or 51% compared to the same period in 2023. This increase was driven by an increase in interest rates and outstanding balances on our Credit Facility and uncommitted credit facilities.

Current wording

Interest expense was $19.4 million for the three months ended March 31, 2025, anincrease of $4.5 million or 30% compared to the same period in 2024. This increase was driven by an increase in interest rates on our Credit Facility, and the shift of borrowing from the Convertible Notes during the quarter to the Credit Facility, due tothe use of borrowings under the Credit Facility to fund the repurchase of $491.8 million of Convertible Notes in March 2025.

Previous wording

We recorded net foreign currency exchange income of$27.4 million and $16.4 millionfor thethree and nine months ended September 30, 2024, compared to net foreign currency exchange loss of $8.8 million and $3.6 million for the same periods in 2023. These realized and unrealized foreign currency exchange gains and losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.

Current wording

We recorded net foreign currency exchange losses of$18.1 million for thethree months ended March 31, 2025, compared to net foreign currency exchange losses of $12.5 million for the same period in 2024. These realized and unrealized foreign currency exchange losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.

Previous wording

We recorded other gains of$16.5 million and $17.2 millionfor thethree and nine months ended September 30, 2024, compared to no gain and a loss of $(0.1) million for the same periods in 2023. These other gains in 2024 relate to a discrete non-cash investment gain.

Current wording

The other gains in the first quarter 2025 relate to a discrete non-cash investment gain.

Previous wording

The Company's effective income tax rate was 27.3% and 30.0% for thethree andnine months ended September 30, 2024, compared to 29.2% and 30.6% for the same periods ended September 30, 2023. The Company's effective income tax rate for thethree andnine months ended September 30, 2024 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 and the Company’s U.S. deferred tax activity.

Current wording

The Company's effective income tax rate was 15.6% for thethree months ended March 31, 2025, compared to 37.9% for the same period ended March 31, 2024. The Company's effective income tax rate for thethree months ended March 31, 2025 was lower than theapplicable statutory income tax rate of 21%mainly as a result of our U.S. deferred tax activity on the repurchase of Convertible Notes. Our 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 our U.S. deferred tax activity on foreign exchange positions and certain of our foreign earnings being subject to higher local statutory tax rates.

Previous wording

As of September 30, 2024, we had working capital of$914.6 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $1,462.1 million as of December 31, 2023. Thedecrease in working capital was primarily due to the net effect of the classification of the convertible debt to current liabilities, additional financing for the ATMs, operational results, acquisitions, repurchases of shares and working capital changes. Our ratio of current assets to current liabilities was 1.26 and 1.54 at September 30, 2024 and December 31, 2023, respectively.

Current wording

As of March 31, 2025, we had working capital of$1,565.3 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $810.5 million as of December 31, 2024. Theincrease in working capital was primarilydue to the repurchase of Convertible Notes with cash and borrowings under the Credit Facility (which replaced a current liability with long term debt), positive operational results and changes in [operational related] working capital items. Our ratio of current assets to current liabilities was 1.60 and 1.25 at March 31, 2025 and December 31, 2024, respectively.

Previous wording

We require substantial working capital to finance operations. The Money Transfer Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents. Working capital needs increase in order to cover weekends and banking holidays. As a result, we may report more or less working capital for the Money Transfer Segment based solely upon the day on which the reporting period ends. The epay Segment produces positive working capital, some of which is restricted in connection with the administration of its customer collection and vendor remittance activities. In our EFT Processing Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations. As of September 30, 2024, we had$805.4 millionof our own cash in use or designated for use in our ATM network, which is recorded in ATM cash on Euronet's Consolidated Balance Sheet. ATM cash increased $280.2 million from $525.2 million as of December 31, 2023 to$805.4 million as of September 30, 2024 as a result of the increase in number of active ATMs as of September 30, 2024 compared to December 31, 2023. The Company has$1,524.1 millionof unrestricted cash as of September 30, 2024 compared to $1,254.2 million as of December 31, 2023. Including the$805.4 millionof cash in ATMs at September 30, 2024, we have access to$2,941.8 millionin available cash, and $669.8 million available under the Credit Facility.

Current wording

We require substantial working capital to finance operations. The Money Transfer Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents. Working capital needs increase in order to cover weekends and banking holidays. As a result, we may report more or less working capital for the Money Transfer Segment based solely upon the day on which the reporting period ends. The epay Segment produces positive working capital, some of which is restricted in connection with the administration of its customer collection and vendor remittance activities. In our EFT Processing Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations. As of March 31, 2025, we had$700.3 millionof our own cash in use or designated for use in our ATM network, which is recorded in ATM cash on Euronet's Consolidated Balance Sheet. ATM cash increased $56.5 million from $643.8 million as of December 31, 2024 to$700.3 million as of March 31, 2025 as a result of the increase in the number of active ATMs as of March 31, 2025 compared to December 31, 2024. The Company has$1,393.6 millionof unrestricted cash as of March 31, 2025 compared to $1,278.8 million as of December 31, 2024. Including the$700.3 millionof cash in ATMs at March 31, 2025, we have access to$2,689.6 millionin available cash, and $623.2 million available under the Credit Facility.

Previous wording

The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for thenine months ended September 30, 2024 and 2023 (in millions):

Current wording

The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for thethree months ended March 31, 2025 and 2024 (in millions):

Previous wording

Cash flows provided by operating activities were $652.5 million for thenine months ended September 30, 2024 compared to cash flows provided by operating activities of$52.5 million for the same period in 2023. The netincrease in operating cash flows was primarily due toother working capital fluctuations.

Current wording

Cash flows provided by operating activities were $1.7 million for thethree months ended March 31, 2025 compared to cash flows provided by operating activities of$30.0 million for the same period in 2024. The netdecrease in operating cash flows was primarily due to a decrease in deferred income taxesas a result of our U.S. deferred tax activity on the repurchase of Convertible Notes, partially offset by an increase in net incomeand a decrease in other working capital fluctuations.

Previous wording

Cash flows provided by financing activities were$185.4 millionfor thenine months ended September 30, 2024 compared to cash flows used by financing activities of$208.3 million for the same period in 2023. Our borrowing activities on the Credit Facilityfor thenine months ended September 30, 2024 consisted of net repayments of $4.5 million compared to net repayments of $333.8 million for the same period in 2023. The increase in financing activity is primarily the result of net borrowings ofshort-term obligations of $404.3 million offset by cash used to repurchase shares of $217.6 million. We received proceeds of $4.5 million and $3.1 million duringthe nine months ended September 30, 2024 and 2023, respectively, for the issuance of stock in connection with our Stock Incentive Plan.

Current wording

Cash flows provided by financing activities were$162.6 millionfor thethree months ended March 31, 2025 compared to cash flows provided by financing activities of$81.3 million for the same period in 2024. Our borrowing activities on the Credit Facilityfor thethree months ended March 31, 2025 consisted of net borrowings of $710.0 million compared to net borrowings of $82.6 million for the same period in 2024. The increase in net borrowings on the Credit Facility, during thethree months ended March 31, 2025, is primarily the result of cash for the repurchase of the convertible notes and the repurchase of shares.

Previous wording

Credit Facility -On October 24, 2022, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.03 billion to $1.25 billion and to extend the expiration to October 24, 2027. The revolving credit facility contains a sublimit of up to $250 million, with $150 million committed, for the issuance of letters of credit, a $75 million sublimit both for U.S. dollar swingline loans and for swingline loans in euros or British pounds sterling. The Credit Facility allows for borrowings in British pounds sterling, euro and U.S. dollars. Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 million by requesting additional commitments from existing or new lenders. Fees and interest on borrowings vary based upon the Company's corporate credit rating and will be based, in the case of letter of credit fees, on a margin, and in the case of interest, on a margin over a secured overnight financing rate, as defined in the agreement, with a margin, including the facility fee, ranging from 1.00% to 1.625% or the base rate, as selected by the Company. The applicable margin for borrowings under the credit facility, based on the Company's current credit rating is 1.25% including the facility fee.

Current wording

Credit Facility - On December 17, 2024, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.25 billion to $1.9 billion and to extend the expiration to December 17, 2029. The amended Credit Facility includes a multi-currency borrowing tranche totaling $1,685 millionand a U.S. dollar borrowing tranche totaling $215 million. The amended Credit Facility also removes the credit spread adjustment on SOFR and SONIA borrowings. All other terms remain substantially the same as the previous Credit Facility. The multi-currency tranche of the revolving Credit Facility contains a sublimit of up to $500 million for the issuance of letters of credit, a $75 million sublimit for U.S. dollar swingline loans and a $75 million sublimit for swingline loans in euros or British pounds sterling. The multi-currency tranche of the Credit Facility allows for borrowings in British pounds sterling, euro and U.S. dollars. Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 million by requesting additional commitments from existing or new lenders. Borrowings under the revolving Credit Facility (other than swing line loans) bear interest based on a margin over a secured financing rate or the base rate, as selected by the Company, which varies from 0.875% to 1.375%, in each case based, on the Company’s current credit rating. The applicable margin for borrowings under the Credit Facility, based on the Company’s current credit rating is 1.075%. In addition, the Company pays a facility fee on the total commitments made under the revolving Credit Facility, which varies from 0.125% to 0.250%. As of March 31, 2025, the stand-by letters of credit interest charge was 1.25% per annum.

Previous wording

As of September 30, 2024, we had$533.0 million of borrowings and $47.2 millionof stand-by letters of credit outstanding under the Credit Facility. The remaining $669.8 million under the Credit Facility was available for borrowing.

Current wording

As of March 31, 2025, we had$1,230.4 million of borrowings and $46.4 millionof stand-by letters of credit outstanding under the Credit Facility. The remaining $623.2 million under the Credit Facility was available for borrowing.

Previous wording

Convertible debt - On March 18, 2019, we completed the sale of $525.0 million in principal amount of Convertible Senior Notes due 2049 (“Convertible Notes”). The Convertible Notes were issued pursuant to an indenture, dated as of March 18,2019 (the “Indenture”), by and between us and U.S. Bank National Association, as trustee. The Convertible Notes have an interest rate of 0.75% per annum payable semi-annually in March and September and are convertible into shares of Euronet common stock at a conversion price of approximately $188.73 per share if certain conditions are met (relating to the closing prices of Euronet common stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require us to repurchase for cash all or part of their Convertible Notes on each of March 15, 2025,2029,2034,2039 and 2044 at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the Convertible Notes, we recorded $12.8 million in debt issuance costs, which are being amortized through March 1, 2025.

Current wording

Convertible debt - On March 18, 2019, we completed the sale of $525.0 million in principal amount of Convertible Senior Notes due 2049 (“Convertible Notes”). The Convertible Notes were issued pursuant to an indenture, dated as of March 18,2019 (the “Indenture”), by and between us and U.S. Bank National Association, as trustee. The Convertible Notes have an interest rate of 0.75% per annum payable semi-annually in March and September and are convertible into shares of Euronet common stock at a conversion price of approximately $188.73 per share if certain conditions are met (relating to the closing prices of Euronet common stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require us to repurchase for cash all or part of their Convertible Notes on each of March 15, 2025,2029,2034,2039 and 2044 at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the Convertible Notes, we recorded $12.8 million in debt issuance costs, which were amortized through March 1, 2025. Almost all of the holders exercised their repurchase option in March 2025 and we repurchased $491.8 million of the Convertible Notes 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.

Previous wording

Senior Notes - On May 22, 2019, we completed the sale of €600 million ($669.9 million) aggregate principal amount of Senior Notes that expire on May 2026 (the “Senior Notes”). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears on May 22 of each year, until maturity or earlier redemption. As of September 30, 2024, we have outstanding €600.0 million ($668.0 million) principal amount of the Senior Notes. In addition, we may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

Current wording

Senior Notes - On May 22, 2019, we completed the sale of €600 million ($669.9 million) aggregate principal amount of Senior Notes that expire on May 2026 (the “Senior Notes”). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears on May 22 of each year, until maturity or earlier redemption. As of March 31, 2025, we have outstanding €600.0 million ($648.8 million) principal amount of the Senior Notes. In addition, we may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.