(20) Financial Instruments 
Most of Euro n e t ’s financial instruments (cash and cash equivalents, trade accounts receivable, investment securities, prepaid expenses and
other current assets, trade accounts payable, accrued expenses and other current liabilities, advance payments on contracts, billings in excess
of costs and estimated earnings on software installation contracts, costs and estimated earnings in excess of billings on software installation
contracts) are short - t e rm in nature. Accord i n g l y, the carrying value of these instruments approximates their fair values. The fair value of
notes payable was determined based on quoted market prices for the same issue and amounted to $37.5 million (carrying value of $77.2
million) at December 31, 2000 and $52.0 million (carrying value of $72.8 million) at December 31, 1999. See Note 14 for details of the
Company's foreign exchange contracts. 
(21) Reconciliation of Net Loss to Net Cash Used in Operating Activities 
The reconciliation of net loss to net cash used in operating activities for the years ended December 31, 2000, 1999, and 1998 follows. 
Year Ended December 31,
2 0 0 0 1 9 9 9 1 9 9 8
(in thousands)
Net loss $( 4 9 , 5 5 1). $ ( 3 0 , 9 1 5). $( 2 8 , 3 7 5 )
Adjustments to reconcile net loss to net cash
used in operating activities: 
S h a re compensation expense — . 1 27. 1 08.
D e p reciation and amort i z a t i o n 1 0 , 3 8 3. 1 0 , 2 38. 4 , 9 55.
Asset write downs 1 1 , 9 6 8. — . — .
U n realized foreign exchange (losses)/gains ( 4 , 2 6 1 ) ( 8 , 2 9 4 ) 5 , 6 90.
Loss/(gain) on disposal of fixed assets 2 , 1 8 2. ( 7 1 5 ) 28.
I n - p rocess re s e a rch and development write-off — . — . 1 , 0 20.
A m o rtization of deferred financing costs 2 3 2. 2 69. 1 47.
A c c retion of discount on notes payable 8 , 7 5 3. 9 , 5 06. 5 , 7 72.
E x t r a o rd i n a ry gain on extinguishment of debt — . ( 2 , 7 6 0 ) ( 4 , 3 7 7 )
Realization of deferred tax benefit from stock
compensation credited to additional 
paid-in capital — . — . 9 51.
D e c re a s e / ( i n c rease) in deferred income tax 3 6. ( 2 , 7 9 7 ) — .
I n c re a s e / ( d e c rease) in income tax payable, net 8 1 8. ( 2 , 6 6 7 ) 1 , 9 69.
D e c re a s e / ( i n c rease) in restricted cash 9 , 7 5 5. 2 , 0 43. ( 1 2 , 1 2 5 )
I n c rease in trade accounts re c e i v a b l e ( 1 , 5 9 7 ) ( 2 , 0 2 8 ) ( 4 7 3 )
I n c re a s e / ( d e c rease) in costs and estimated 
e a rnings in excess of billings on software 
installation contracts ( 4 5 0 ) 78. ( 3 2 6 )
I n c re a s e / ( d e c rease) in prepaid expenses and
other current assets ( 4 5 7 ) 1 84. ( 1 , 6 9 2 )
D e c re a s e / ( i n c rease) in deposits for ATM leases 1 , 3 1 0. 8 02. 3 85.
D e c rease in cash surrender value of life
insurance policies — . — . 4 89.
( D e c re a s e ) / i n c rease in trade accounts payable ( 4 3 2 ) 1 , 1 19. 94.
I n c re a s e / ( d e c rease) in advance payments 
on contracts 8 3 4. 3 50. ( 3 2 )
( D e c re a s e ) / i n c rease in accrued expenses and 
other long term liabilities ( 5 , 7 2 5 ) 3 , 0 4 9. 2 , 5 23.
( D e c re a s e ) / i n c rease in billings in excess 
of costs and estimated earn i n g s
on software installation costs ( 1 5 5 ) 2 , 0 40. 5 01.
Net cash used in operating activities $ ( 1 6 , 3 5 7 ) $ ( 2 0 , 3 7 1 ) $( 2 2 , 7 6 8 )
(22) Non-Cash Financing and Investing Activities 
Capital lease obligations of $5.1 million, $5.2 million and $3.9 million during the years ended December 31, 2000, 1999 and 1998,
re s p e c t i v e l y, were incurred when the Company entered into leases primarily for new automated teller machines. 
During the years ended December 31, 2000, 1999 and 1998, the Company issued warrants to purchase common stock totaling $ 372,000,
$0, and $1,725,000, re s p e c t i v e l y. 
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