to the Company from the private placement was $2.7 million. Under each of the agreements, for each two shares of common stock purchased in
the private placement, the purchaser was issued one warrant to purchase a share of Euronet common stock at a weighted average exercise price of
$12.50, expiring in each case on the one year anniversary date of the subscription agreement. 
In July 2000 the Company entered into subscription agreements for the sale of 877,946 new common shares of the Company. These agre e m e n t s
w e re signed with accredited investors in transactions exempt from registration pursuant to the exemptions provided in Section 4(2) and
Regulation D of the Act.  Closing with respect to such sale took place on July 14 and August 29, 2000. The purchase price of each share was
$6.97. The aggregate amount of proceeds to the Company from the private placement was $6.1 million. 
The Company leases many of its ATMs under capital lease arrangements that expire between 2001 and 2005. The leases bear interest between
8% and 12% per annum. As of December 31, 2000 the Company owed $11.5 million under such capital lease arrangements. (See Note 15 to the
Consolidated Financial Statements - Leases.) 
The Company expects that its capital re q u i rements will continue in the future but will not be as great as they were in the past, as the Company
intends to continue to promote its outsourcing capabilities and re-deploy under - p e rf o rming ATMs currently operating in the network. This
strategy should reduce the Company’s reliance on capital expenditures in the future as the business continues to gro w. Fixed asset purchases and
capital lease payments for 2001 are expected to be approximately $6.2 million in the Company’s existing markets, notably We s t e rn and Central
E u rope. Acquisitions of related ATM business and investments in new markets in furtherance of the Company’s strategy may re q u i re additional
capital expenditures. 
Based on the Company’s current business plan and financial projections, the Company expects to continue to reduce operating losses and net cash
used in operating activities in 2001. In the Network Services Segment, the Company anticipates that increased transaction levels in its A T M
network will result in additional revenues without a corresponding increase in expenses. In addition, the Company expects to further expand its
ATM outsourcing services and offer new value-added services, which will provide continued revenue growth without significantly increasing dire c t
operating expenses or capital investments. In the Software Solutions Segment, the Company expects that the benefits of a re s t ructuring pro g r a m
commenced in the first quarter of 2001 will reduce the operating losses and bring operating costs more in line with anticipated revenues. The
Company believes that the credit facility, certain asset sales and cash and cash equivalents will provide the Company with sufficient capital until it
achieves positive cash flow. As a result, the Company believes it has sufficient liquidity re s o u rces to meet current and future cash re q u i rements. 
BA L A N C ESH E E TIT E M S
Cash and Cash Equivalents  The decrease of cash and cash equivalents to $7.2 million at December 31, 2000 from $15.0 million at December
31, 1999 is due primarily to the net effects of working capital movements, foreign exchange gains and losses, the settlement of a forw a rd fore i g n
exchange contract, private placement of common shares, capital expenditures and capital lease payments, and operating losses for the year ended
December 31, 2000. (See Note 21 to the Consolidated Financial Statements – Reconciliation of net loss to net cash used in operating activities and
the Consolidated Statements of Cash Flows.) 
Restricted Cash  Restricted cash decreased to $2.1 million at December 31, 2000 from $10.9 million at December 31, 1999. The majority of