MA N A G E M E N T’S DI S C U S S I O NA N DAN A LY S I SO FFI N A N C I A LCO N D I T I O NA N DRE S U LT SO FOP E R AT I O N S
General Overv i e w
E u ronet Worldwide is a leading provider of secure electronic financial transaction solutions. The Company provides financial payment
m i d d l e w a re, financial network gateways, outsourcing, and consulting services to financial institutions, retailers and mobile operators. The
Company operates an independent automated teller machine (“ATM”) network of over 2,600 ATMs in Europe and the United States, and
t h rough its software subsidiary, Euronet USA Inc. (for m e r l y, Arkansas Systems, Inc.)(“Euronet USA”), offers a suite of integrated software
solutions for electronic payment and transaction delivery systems. Euronet Worldwide thus offers comprehensive electronic payment solutions
consisting of ATM network participation, outsourced ATM management solutions and software solutions. Its principal customers are banks and
other companies such as retail outlets that re q u i re transaction processing services. With eleven offices in Europe and three in the United States, the
Company offers its solutions in more than 60 countries around the world. 
E u ronet Worldwide and its subsidiaries operate in two business segments: (1) a segment providing secure processing of financial transactions (the
“Network Services Segment”); and (2) a segment producing application software for the processing of secure electronic financial transaction (the
“ S o f t w a re Solutions Segment”). In addition, the Company’s management divides the Network Services Segment into three sub-segments: “Central
E u ropean Sub-segment” (including Hungary, Poland, the Czech Republic, Croatia, Greece and Romania), “W e s t e rn European Sub-segment”
(including Germ a n y, France and the United Kingdom) and “Other Operations Sub-segment” (including the United States and unallocated
p rocessing center costs). These business segments, and their sub-segments, are supported by a corporate service segment, which pr o v i d e s
corporate and other administrative services that are not directly identifiable with the two business segments (the “Corporate Services Segment”).
The accounting policies of each segment are the same as those described in the summary of significant accounting policies. The Company
evaluates perf o rmance based on profit or loss from operations before income taxes not including nonre c u rring gains and net loss. Prior period
segment information has been restated to conform to the current period’s presentation.  (See Note 19 to the Consolidated Financial Statements -
Business segment information.) 
Comparison of Results of Operations for the Years Ended December 31, 2000, 1999 and 1998
Revenues  The Company’s total revenues increased to $52.7 million for the year ended December
31, 2000 from $41.5 million for the year ended December 31, 1999 and $11.9 million for the year
ended December 31, 1998. The increase in revenues from 1999 to 2000 is primarily due to two
factors: (1) a $10.4 million increase in Network Services Segment revenues resulting from the
i n c rease in transaction volumes in the Company owned ATMs and an increase in the number of AT M s
operated by the Company during this period; and (2) an increase of $800,000 in Software Solutions
Segment revenues. The increase in revenues from 1998 to 1999 is primarily due to two factors: (1) a
$15.0 million increase in Network Services Segment revenues resulting from the increase in
transaction volume attributable to an increase in the number of ATMs operated by the Company
during this period; and (2) the addition of $14.6 million of Software Solutions Segment r e v e n u e s .
Revenues for the years ended December 31, 2000 and 1999 are discussed more fully in the Segment
Results of Operations sections below. 
Operating Expenses  Total operating expenses increased to $88.1 million for the year ended