What: Shares of Euronet Worldwide (NASDAQ:EEFT) are down about 16% at 12 p.m. ET as the company reported disappointing results for the fourth quarter.

So what: Euronet Worldwide barely missed earnings expectations, logging adjusted cash earnings of $0.92 per share vs. a consensus analyst estimate of $0.93. The revenue line was more challenged, coming in at $470.6 million, 2% higher than a year ago, compared to a consensus estimate of $502 million. Revenue grew 11% year over year on a constant currency basis, which nets out the impact of foreign exchange in the company's results.

On the conference call, executives spoke to some revenue and expense challenges during the quarter, noting that it had to "winterize" 591 of its seasonal ATMs. That process resulted in less revenue, despite the fact that the company had to continue to pay the fixed cost of rent. In addition, it placed a record number of new ATMs (823) in the fourth quarter, adding to its expenses with minimal immediate revenue offset.

The company's epay segment was also a weak spot, as revenue declined 14%, or 3% on a constant currency basis. Management noted on the conference call that despite the lumpiness in revenue at epay, it is a consistent generator of profits.

Now what: Euronet Worldwide's guidance for adjusted cash earnings of $0.68 per share in the first quarter is in line with the consensus analyst estimate. If its fourth-quarter results were truly affected by seasonal impacts and growth expenses, one would expect that its first-quarter 2016 results will tell the tale.

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