Oct 6, 2025 5:36 PM Eastern Daylight Time NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF†) are investigating the proposed sale of CoreCard Corporation (NYSE: CCRD) to Euronet Worldwide, Inc. (NasdaqGS: EEFT). Under the terms of the proposed transaction, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0. ...

Core Insights - Euronet Worldwide, Inc. (EEFT) has partnered with Citi to enhance cross-border payments through the integration of Citi's WorldLink Payment Services with EEFT's Dandelion digital wallet network, enabling nearly instant payouts globally [1][10] Group 1: Partnership and Market Strategy - The initial rollout of the partnership targets key markets such as the Philippines, Indonesia, Bangladesh, and Colombia, where mobile wallets are increasingly preferred for financial transactions [2][10] - The collaboration aims to provide a faster and more efficient payment solution for various uses, including remittances, payroll, expense reimbursements, social benefits, customer refunds, and gig-economy payouts, while reducing costs and delays associated with traditional transfers [2][3] Group 2: Benefits for Clients - Corporate and public sector clients will benefit from speed, reliability, and transparency, allowing quicker access to funds for beneficiaries using digital wallets, while businesses can expect smoother operations and predictable cash flows [3] - The initiative expands Citi's WorldLink capabilities to over 150 digital destinations, reinforcing its leadership in real-time global payments [3] Group 3: Company Performance and Growth Potential - EEFT reported a 29% year-over-year growth in digital transactions within its money transfer segment in Q2 2025, indicating strong performance in the digital payments market [4][10] - The partnership is expected to enhance EEFT's transaction volumes as digital wallets gain traction in emerging markets, potentially leading to significant growth and setting new benchmarks for international money transfers [5] Group 4: Competitive Landscape - Competitors in the digital wallet space include Mastercard, Visa, and PayPal, each adapting to the evolving market with their own strategies and innovations [6] - Mastercard is focusing on secure integration of card details into digital wallets and expanding into the Buy Now, Pay Later trend [7] - Visa is enhancing its digital wallet ecosystem through tokenized payments, resulting in a 9% year-over-year growth in processed transactions in Q2 2025 [8] - PayPal's net revenues increased by 5% year-over-year in Q2 2025, alongside a 2% growth in active accounts, showcasing its competitive position in the digital wallet market [9]

Core Insights - Citi and Dandelion have announced a collaboration to enhance cross-border payments through the integration of Citi's WorldLink Payment Services and Dandelion's digital wallet network [1] - The collaboration aims to provide near-instant, full-value payments into digital wallets globally, initially targeting the Philippines, Indonesia, Bangladesh, and Colombia, with plans for further expansion [1][1] - This solution addresses the growing need for business-to-consumer (B2C) payments, facilitating various transactions such as payroll, social benefits, and customer refunds [1][1] Company Overview - Citi's payments network processes over 11 million instant payments daily and handled nearly $380 billion in cross-border transaction volumes in 2024 [1] - The collaboration with Dandelion enhances Citi's WorldLink Payments Services, allowing cross-border payments in over 135 currencies through various methods, including traditional wires and instant payments [1][1] - Citi's WorldLink solution enables clients to send full-value, near-instant payments to over 150 digital destinations, including bank accounts and mobile wallets [1][1] Industry Impact - The partnership with Dandelion, which operates in over 63 countries, will extend Citi's reach into markets where digital wallets are prevalent [1][1] - By integrating Dandelion's network, businesses can achieve a more streamlined and secure method for disbursing funds directly into mobile wallets, enhancing the efficiency of financial transactions in digital economies [1][1]

Core Insights - Dandelion Payments has entered a strategic agreement with Commonwealth Bank of Australia (CBA) to enhance international payment solutions, emphasizing speed, transparency, and customer-centric services [1][2] Group 1: Agreement Details - The integration with Dandelion will provide CBA customers access to a vast global infrastructure for seamless international transfers [2] - This partnership will complement CBA's existing correspondent banking network, improving speed and reach in payment corridors where traditional methods are slower [2] Group 2: Dandelion Overview - Dandelion is the largest real-time, cross-border payments network, offering a complete payments-as-a-service solution with direct connections in 200 countries [3] - The network allows access to over 4 billion bank accounts, 126 mobile wallets, and 626,000 cash pickup locations [3] Group 3: Commonwealth Bank Overview - Commonwealth Bank is a leading provider of personal, business, and institutional banking services in Australia, with over 18 million customers [4] - The bank is recognized for its digital banking leadership and extensive branch network across Australia [4] Group 4: Customer Benefits - The integration will enable real-time payment tracking and status updates through CBA's digital channels, enhancing transparency [5] - Customers will benefit from instant payouts to various jurisdictions, with plans to expand to digital wallets and cash pickup options [5] - The partnership aims to improve customer experience with faster transaction processing and enhanced compliance features [5]

Core Insights - Citi and Dandelion have announced a collaboration to enhance cross-border payments, integrating Citi's WorldLink® Payment Services with Dandelion's digital wallet network, enabling near-instant payments globally [3][9] - The initiative aims to improve payment solutions for institutional clients, particularly in the remittances sector, and facilitate faster business-to-consumer (B2C) payments [4][9] - The collaboration will initially focus on markets such as the Philippines, Indonesia, Bangladesh, and Colombia, with plans for further expansion [3][7] Company Developments - Citi's WorldLink Payments Services will now support payments in over 135 currencies and allow transactions into digital wallets and debit cards, significantly expanding its service reach [6] - The partnership with Dandelion enhances Citi's existing payment infrastructure, which processes over 11 million instant payments daily and managed nearly $380 billion in cross-border transaction volumes in 2024 [5][6] - Dandelion's extensive network covers over 63 countries, providing a robust platform for Citi to access beneficiaries who primarily use digital wallets for transactions [7][12] Market Impact - The collaboration is expected to raise the standard for cross-border payment speed, reliability, and global reach, benefiting both businesses and consumers [8] - The integration of Dandelion's capabilities with Citi's infrastructure aims to unlock speed, cost efficiency, and transparency in cross-border payments [6][8] - This initiative reflects Citi's commitment to innovation and its strategy to deliver comprehensive financial solutions tailored to the evolving needs of its global client base [10]

Core Thesis - Euronet Worldwide, Inc. (EEFT) is viewed positively by P14 Capital, highlighting its potential for revaluation and growth in the fintech space [1][5] Financial Performance - For Q2, EEFT reported revenue of $1.07 billion and EPS of $2.56, slightly below consensus expectations, but maintained full-year EPS growth guidance of 12-16% [2] - The company experienced record revenue growth of 9% year-over-year and a 29% increase in direct-to-consumer digital transactions [3] Acquisition Strategy - EEFT announced the acquisition of CoreCard for approximately $248 million in a stock-for-stock deal, aimed at minimizing dilution through offsetting buybacks [2] - The acquisition is expected to enhance EEFT's valuation as a fintech, with CoreCard's revolving credit platform offering a total addressable market (TAM) exceeding $10 billion and potential margins near 50% [2] Market Positioning - Management's strategy includes deepening the software mix and expanding globally through cross-selling opportunities with existing banking and fintech clients [3] - Concerns regarding reliance on Apple and Goldman Sachs are considered manageable, with management viewing the relationship as a reference rather than a primary revenue source [3] Future Outlook - Upcoming catalysts include an Investor Day this fall, which may lead to clearer software and digital disclosures, potentially driving a re-rating of the stock from its current depressed P/E levels of approximately 12.7x [4] - EPS is forecasted at $7.85 for FY25, above guidance, with potential for buybacks and a stronger digital mix, presenting an attractive risk/reward scenario [4]

Core Viewpoint - Euronet Worldwide, Inc. has announced the pricing of $850 million in 0.625% Convertible Senior Notes due 2030, aimed at qualified institutional buyers, with an option for initial purchasers to buy an additional $150 million [1][2]. Group 1: Offering Details - The offering is expected to close on August 15, 2025, subject to customary closing conditions [2]. - The notes will bear interest at a rate of 0.625% per year, payable semiannually starting April 1, 2026, and will mature on October 1, 2030 [3]. - Euronet intends to use the net proceeds to repay existing borrowings under its unsecured revolving credit facility and for general corporate purposes [4]. Group 2: Conversion and Redemption - The notes are convertible at the option of the holders under certain circumstances, with an initial conversion rate of 7.8718 shares per $1,000 principal amount, equating to a conversion price of approximately $127.04 per share, representing a 30% premium over the last reported sale price of $97.72 [5]. - Euronet may redeem the notes starting October 7, 2028, if certain stock price conditions are met [6]. Group 3: Fundamental Change and Capped Call Transactions - In the event of a "fundamental change," holders may require Euronet to repurchase their notes at 100% of the principal amount plus accrued interest [7]. - Euronet has entered into capped call transactions to reduce potential dilution upon conversion of the notes, with an initial cap price of approximately $180.78 per share, an 85% premium over the last reported sale price [9]. Group 4: Share Repurchases - Euronet plans to use approximately $131.3 million of cash on hand to repurchase shares of its common stock concurrently with the pricing of the offering [12].

Core Viewpoint - Euronet Worldwide, Inc. plans to offer $850 million in Convertible Senior Notes due 2030, with an option for an additional $150 million, to qualified institutional buyers, aiming to use the proceeds primarily for debt repayment and share repurchases [1][3]. Group 1: Offering Details - The offering consists of $850 million in aggregate principal amount of Convertible Senior Notes, with an option for initial purchasers to buy an additional $150 million [1][3]. - The notes will be unsecured obligations of Euronet, accruing interest payable semiannually, with conversion options including cash, common stock, or a combination [2][3]. - The interest rate and initial conversion rate will be determined at the time of pricing [2]. Group 2: Use of Proceeds - Euronet intends to use the net proceeds from the offering to repay existing borrowings under its unsecured revolving credit facility [3]. - If the additional notes are purchased, proceeds will also be used for further debt repayment or general corporate purposes [3]. - Up to $175 million of cash on hand will be used for share repurchases concurrently with the pricing of the offering [3][7]. Group 3: Capped Call Transactions - Euronet plans to enter into capped call transactions to reduce potential dilution of its common stock upon conversion of the notes [4]. - These transactions will cover the number of shares initially underlying the notes and are expected to offset cash payments exceeding the principal amount of converted notes [4][5]. - The option counterparties may engage in stock purchases or derivative transactions that could influence the market price of Euronet's common stock [5][6]. Group 4: Market Impact - The share repurchases and capped call transactions could affect the market price of Euronet's common stock, potentially leading to a higher initial conversion price for the notes [7]. - The activities related to hedging and share repurchases may increase or decrease the market price of the common stock and notes, impacting conversion terms for noteholders [5][6].

[PART I—FINANCIAL INFORMATION](index=2&type=section&id=PART%20I—FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited H1 2025 consolidated financial statements show increased assets, liabilities, revenues, and net income attributable to the company [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Summary (in millions) | Balance Sheet Item | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | $4,536.3 | $4,036.5 | | Goodwill | $954.9 | $859.2 | | **Total assets** | **$6,554.9** | **$5,834.5** | | **Liabilities & Equity** | | | | Total current liabilities | $3,935.2 | $3,226.0 | | Debt obligations, net of current portion | $1,002.3 | $1,134.4 | | **Total liabilities** | **$5,191.5** | **$4,605.3** | | **Total equity** | **$1,363.4** | **$1,229.2** | [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations Summary (in millions, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $1,074.3 | $986.2 | $1,989.8 | $1,843.2 | | Operating income | $158.6 | $134.3 | $233.8 | $198.3 | | Net income attributable to Euronet | $97.6 | $83.1 | $136.0 | $109.3 | | Diluted EPS | $2.27 | $1.73 | $3.08 | $2.28 | [Consolidated Statements of Comprehensive Income (loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(loss)) - Comprehensive income attributable to Euronet was significantly impacted by foreign currency translation adjustments, resulting in a comprehensive income of **$283.8 million** for Q2 2025, compared to **$73.3 million** in Q2 2024. For the six-month period, comprehensive income was **$405.2 million** in 2025 versus **$54.5 million** in 2024[15](index=15&type=chunk) [Consolidated Statements of Changes in Equity](index=4&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) - The company repurchased **2,287,052 shares** in Q2 2025 and a total of **2,878,310 shares** in the first six months of 2025. This compares to **1,000,000 shares** repurchased in Q2 2024[17](index=17&type=chunk) - Total equity increased from **$1,229.2 million** at the end of 2024 to **$1,363.4 million** as of June 30, 2025, driven by net income of **$136.1 million** and positive other comprehensive income of **$270.0 million**, partially offset by share repurchases[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Summary (in millions) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $184.6 | $212.2 | | Net cash used in investing activities | ($88.9) | ($155.2) | | Net cash provided by financing activities | $79.2 | $304.4 | | Effect of exchange rate changes | $257.8 | ($53.2) | | **Increase in cash and cash equivalents** | **$432.7** | **$308.2** | - Cash used in financing activities for the six months ended June 30, 2025 included **$310.6 million** for share repurchases and a **$491.8 million** repayment of convertible notes, funded by net borrowings from credit agreements[22](index=22&type=chunk)[23](index=23&type=chunk) [Notes to the Unaudited Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) - On May 31, 2025, Euronet acquired a **60% equity stake** in UNIDOS CO. LTD for **$18 million**, with the results included in the Money Transfer segment. This follows the February 2024 acquisition of Infinitium Group for **$70 million** in cash and **$5 million** in stock[31](index=31&type=chunk)[32](index=32&type=chunk) - In March 2025, the company repurchased **$491.8 million** of its **0.75% Convertible Senior Notes** due 2049 after holders exercised their repurchase right, leaving **$33.2 million** outstanding. This significantly reduced the potential share dilution from these notes[41](index=41&type=chunk)[60](index=60&type=chunk) - The company has multiple active share repurchase programs. As of June 30, 2025, approximately **$224.8 million** remained available under a 2024 program and **$400 million** was available under a new program established in June 2025[43](index=43&type=chunk)[44](index=44&type=chunk) - Subsequent to the quarter's end, on July 30, 2025, Euronet entered into a definitive agreement to acquire CoreCard in a stock-for-stock merger transaction valued at approximately **$248 million**[104](index=104&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q2 2025 results show revenue and operating income growth across all segments, supported by strong liquidity and available credit [Overview](index=23&type=section&id=Overview) - Euronet operates in three segments: EFT Processing (ATM/POS services), epay (prepaid product distribution), and Money Transfer (global money transfers via Ria, Xe, and Dandelion)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - For the first six months of 2025, approximately **75.6% of revenues** were denominated in currencies other than the U.S. dollar, making foreign currency exchange rates a significant factor in reported results[124](index=124&type=chunk) Revenue Contribution by Segment (Six Months Ended June 30, 2025) | Segment | Revenue Contribution | | :--- | :--- | | Money Transfer | ~44% | | EFT Processing | ~29% | | epay | ~27% | [Segment Summary Results of Operations](index=25&type=section&id=Segment%20Summary%20Results%20of%20Operations) Revenue by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | EFT Processing | $338.5 | $305.4 | +11% | $571.0 | $522.6 | +9% | | epay | $280.1 | $260.9 | +7% | $547.5 | $518.0 | +6% | | Money Transfer | $457.9 | $421.8 | +9% | $875.6 | $806.4 | +9% | | **Total** | **$1,074.3** | **$986.2** | **+9%** | **$1,989.8** | **$1,843.2** | **+8%** | Operating Income by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | EFT Processing | $84.6 | $79.9 | +6% | $107.9 | $101.4 | +6% | | epay | $31.1 | $26.2 | +19% | $57.9 | $52.8 | +10% | | Money Transfer | $65.6 | $47.3 | +39% | $110.7 | $84.5 | +31% | | **Total** | **$158.6** | **$134.3** | **+18%** | **$233.8** | **$198.3** | **+18%** | [Comparison of Operating Results](index=26&type=section&id=Comparison%20of%20Operating%20Results) [EFT Processing Segment](index=26&type=section&id=EFT%20Processing%20Segment) - Q2 2025 revenue increased **11% YoY** to **$338.5 million**, driven by market expansion, growth in existing markets, increased tourism, and new fees. Foreign currency fluctuations contributed **$14.0 million** to this growth[140](index=140&type=chunk) - The number of active ATMs grew by **5% YoY** to **56,760**, and transactions processed surged by **36%** to **3.7 billion** in Q2 2025[139](index=139&type=chunk) - Operating income for Q2 2025 grew **6%** to **$84.6 million**, but the operating margin slightly decreased to **25.0%** from **26.2%** in the prior year, as direct operating costs rose **14%** due to higher business volumes and inflation[141](index=141&type=chunk)[146](index=146&type=chunk) [epay Segment](index=27&type=section&id=epay%20Segment) - Q2 2025 revenue increased **7% YoY** to **$280.1 million**, driven by continued growth in payments, digital media, and mobile products[149](index=149&type=chunk) - Gross margin improved to **24.7%** in Q2 2025 from **23.9%** in Q2 2024, primarily due to a favorable shift in the mix of transactions processed[151](index=151&type=chunk) - Operating income grew **19% YoY** to **$31.1 million** in Q2 2025, with the operating margin expanding to **11.1%** from **10.0%** in the prior year[156](index=156&type=chunk) [Money Transfer Segment](index=29&type=section&id=Money%20Transfer%20Segment) - Q2 2025 revenue increased **9% YoY** to **$457.9 million**, driven by double-digit growth in cross-border transactions and a **29% growth** in direct-to-consumer digital transactions[158](index=158&type=chunk) - Gross margin expanded significantly to **48.0%** in Q2 2025 from **45.1%** in Q2 2024, reflecting growth in higher-margin international and digital transactions[160](index=160&type=chunk) - Operating income surged **39% YoY** to **$65.6 million** in Q2 2025, and operating margin increased to **14.3%** from **11.2%**, as income growth outpaced revenue growth due to margin expansion and expense management[164](index=164&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had working capital of **$601.1 million**, unrestricted cash of **$1,329.3 million**, and an additional **$937.4 million** of cash in its ATM network[177](index=177&type=chunk)[178](index=178&type=chunk) - For the first six months of 2025, cash from operations was **$184.6 million**, a decrease from **$212.2 million** in the prior year, mainly due to changes in deferred taxes and working capital fluctuations[179](index=179&type=chunk)[180](index=180&type=chunk) - The company amended its revolving credit facility in December 2024, increasing it to **$1.9 billion**. As of June 30, 2025, **$884.2 million** was available for borrowing[185](index=185&type=chunk)[186](index=186&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant interest rate and foreign currency risks, actively managed through debt structure and derivative contracts - As of June 30, 2025, **40% of total debt** (**$965.1 million**) was variable-rate borrowings under the Credit Facility. A **1% (100 basis points) increase** in interest rates would result in approximately **$9.7 million** of additional annual interest expense on these borrowings[197](index=197&type=chunk)[198](index=198&type=chunk) - For the first six months of 2025, **75.6% of revenues** were generated in non-U.S. dollar currencies. The company estimates a **10% fluctuation** in key foreign currency exchange rates would have an annualized effect on net income and working capital of approximately **$180 million to $190 million**[199](index=199&type=chunk)[200](index=200&type=chunk) - The company uses foreign currency derivative contracts to minimize exposure. As of June 30, 2025, it had contracts with a notional value of **$677.2 million** for Ria operations, **$1.1 billion** for xe operations, and **$198.0 million** for other balance sheet hedging[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal controls during the quarter - Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of June 30, 2025, and concluded they were effective[207](index=207&type=chunk) - No changes occurred in the company's internal control over financial reporting during the three months ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[208](index=208&type=chunk) [PART II—OTHER INFORMATION](index=36&type=section&id=PART%20II—OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company faces an Italian tax dispute with a potential $16.5 million liability and expects to recover $10 million from a fire loss - The company is appealing an adverse judicial decision in Italy related to withholding taxes in its Money Transfer Segment. While a liability is considered reasonably possible, it is not deemed probable. The potential amount for all open periods is approximately **$16.5 million**[212](index=212&type=chunk) - In March 2025, Malaysian Ringgit notes worth approximately **$10 million** were lost in a fire while in a third-party's custody. The company has determined it is probable the funds will be recovered from the service provider[213](index=213&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The primary new risk factor involves uncertainties surrounding the CoreCard acquisition's completion and subsequent integration challenges - A significant new risk factor is the pending acquisition of CoreCard Corporation. Completion is uncertain as it depends on conditions beyond the company's control, such as CoreCard stockholder approval and regulatory approvals[215](index=215&type=chunk) - If the acquisition is completed, the company faces risks related to the successful integration of CoreCard, which could lead to operational challenges, diversion of management attention, and failure to realize anticipated synergies[216](index=216&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased over 2.2 million shares, with substantial funds remaining for future repurchases under active programs Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 130,000 | $98.87 | | May 2025 | 1,411,752 | $107.62 | | June 2025 | 745,300 | $110.46 | | **Total** | **2,287,052** | **$108.05** | - As of June 30, 2025, the company had approximately **$224.8 million** available for repurchase under its September 2024 program and the full **$400 million** available under its new June 2025 program[218](index=218&type=chunk) [Other Information](index=38&type=section&id=Item%205%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[220](index=220&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) Key exhibits include the CoreCard merger agreement, CEO/CFO certifications, and financial data in XBRL format - Key exhibits filed with the report include the Agreement and Plan of Merger for the CoreCard acquisition, CEO/CFO certifications, and financial statements in XBRL format[221](index=221&type=chunk)

Core Insights - Euronet Worldwide, Inc. (EEFT) shares have declined by 4.7% since the release of its second-quarter 2025 results, which were weaker than expected due to a drop in intra-U.S. transactions and increased expenses. However, growth in transaction volumes, a robust global payment network, and expansion in digital and cross-border payments provided some offset to these negatives [1][8]. Financial Performance - Adjusted earnings per share for Q2 2025 were reported at $2.56, missing the Zacks Consensus Estimate by 2.7%, although this represents a 14% increase year over year [2][8]. - Total revenues reached $1.1 billion, reflecting a 9% year-over-year improvement and a 6% increase on a constant-currency basis, but fell short of the consensus estimate by 0.1% [2][8]. - Net income for the quarter was $97.6 million, up 17.4% year over year, while operating income increased by 18% year over year to $158.6 million [3][8]. - Total operating expenses rose by 7.5% year over year to $915.7 million, driven by higher direct operating costs, salaries, and administrative expenses [3][8]. - Adjusted EBITDA improved by 16% year over year to $206.2 million [3]. Segment Performance - The EFT Processing segment reported revenues of $338.5 million, an 11% increase year over year, but below the consensus estimate of $340.5 million. Adjusted EBITDA for this segment was $110.6 million, a 5% year-over-year increase [4][5]. - The epay segment generated revenues of $280.1 million, growing 7% year over year and surpassing the consensus estimate of $279.3 million. Adjusted EBITDA rose 17% year over year to $32.8 million [5][6]. - The Money Transfer segment's revenues were $457.9 million, a 9% increase year over year, exceeding the Zacks Consensus Estimate of $456.8 million. Adjusted EBITDA for this segment advanced 33% year over year to $71.6 million [7][8]. Financial Position - As of June 30, 2025, Euronet had cash and cash equivalents of $1.3 billion, a 3.9% increase from the end of 2024. Total assets rose to $6.6 billion from $5.8 billion at the end of 2024 [10]. - Debt obligations, net of the current portion, decreased to $1 billion from $1.1 billion at the end of 2024, while short-term debt stood at $1.4 billion [10]. - Equity increased to $1.4 billion from $1.2 billion at the end of 2024 [10]. Future Outlook - Management has reaffirmed its guidance for 2025, projecting adjusted EPS growth in the range of 12-16% [12].