Financial Data and Key Metrics Changes - Revenue grew 1.4% year over year, while EBITDA increased by 22%, with the margin expanding by 362 basis points to 21.4% [4][19] - Free cash flow conversion remained strong at 77% of EBITDA, reflecting financial discipline and a healthy balance sheet [4] - Adjusted net income increased by 71% compared to the third quarter of 2024, driven by higher operating profits and lower net interest expenses [20] - Free cash flow increased by 32.6% year over year, with an expected annual rate of 60% free cash flow to EBITDA by year-end [21] Business Line Data and Key Metrics Changes - Betterware Mexico's sales decreased by 5.3% year over year due to softer demand, but profitability remained solid [6] - Jafra Mexico's revenue increased by 8% year over year, with EBITDA growing by 31% and a margin of 24% [10] - Jafra US showed sequential improvement, with a stable revenue performance and a strong month in September, achieving 30% year-over-year growth [12] Market Data and Key Metrics Changes - The Mexican consumer market has shown volatility, with consumption growth lessening and trends declining [40] - The Andean and Central American direct selling markets are estimated to be $4.5 billion in total size, presenting significant growth opportunities [15] Company Strategy and Development Direction - The company has defined five strategic pillars to guide growth and transformation, focusing on strengthening leadership in the Mexican market, regional expansion, new brands and categories, activating digital selling, and maintaining financial strength [5][17] - The company plans to launch Betterware in Colombia in early 2026, aiming to strengthen its presence in Latin America [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging external environment in Mexico and the U.S. but emphasized the resilience and viability of the business model [24] - The company aims to maintain strong profitability and cash flow while pursuing growth and market share even in tough times [41] Other Important Information - The company has reduced total debt from 6,700 million pesos to 5,200 million pesos, with a net debt to EBITDA ratio falling from 3.1 times to 1.8 times [23][24] - A dividend of $200 million was proposed and approved, marking the 23rd consecutive quarter of dividend payments since going public [21] Q&A Session Summary Question: Inventory reduction and free cash flow - Management projected inventory to close 2025 at around 2,100 to 2,200 million pesos, down from 2,500 million pesos at the start of the year [30][31] Question: Impact of stronger peso on margins - The company is benefiting from a strong peso and lower freight costs, allowing for more aggressive pricing to drive demand while protecting profitability [33] Question: Jafra's expansion strategy - Jafra is focusing on direct ownership for expansion, hiring experienced management on-site to manage growth in new regions [35] Question: Mexican consumer behavior - The Mexican consumer has been sluggish, with volatile spending patterns, but management believes this may be temporary [40] Question: Sustainability of EBITDA margins - The strong gross margin in Jafra Mexico is not expected to be fully sustainable, but reinvestment will continue to drive growth [43] Question: Technology transformation opportunities - The company is investing in technology advancements, including generative AI and digital selling platforms, to enhance efficiency and adapt to market trends [45]

Financial Data and Key Metrics Changes - The company reported a core FFO per share of $1.89, a quarterly record and 13% higher than the same quarter last year [3][10] - Constant currency core FFO per share was $1.85, reflecting an 11% year-over-year increase [3] - AFFO per share and adjusted EBITDA increased by 16% and 14% year-over-year, respectively [3] - Operating revenue grew by 10%, contributing to strong earnings results [10][23] - Same capital cash NOI growth was 8% year-over-year, driven by a 7.8% increase in data center revenue [24] Business Line Data and Key Metrics Changes - Bookings in Q3 were $201 million at 100% share, with $162 million at Digital Realty's share [11][19] - The 0 to 1 megawatt plus interconnection category contributed $85 million in new leases, while greater than a megawatt leasing accounted for $76 million [11][21] - Interconnection leasing reached $20 million, marking a record quarter and a 13% increase from the previous record [11][21] Market Data and Key Metrics Changes - Leasing activity was globally diversified, with notable strength in the Americas, EMEA, and APAC [11] - The backlog at Digital Realty's share increased to $852 million, with $137 million of commencements offset by new bookings [21] - The company signed $192 million of renewal leases at an 8% blended increase on a cash basis [22] Company Strategy and Development Direction - The company aims to support the growing demand for scalable, connected infrastructure driven by digital transformation, cloud, and AI [5][6] - Digital Realty's established presence in key metros and relationships with utilities provide a competitive advantage in navigating infrastructure challenges [6][9] - The company is focused on delivering capacity that meets customer requirements while maintaining financial discipline to drive long-term value [28][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to a robust backlog and strong operational execution [3][10] - The anticipated demand for AI-oriented deployments is expected to remain strong, with over 50% of quarterly bookings related to AI use cases [9][10] - The company is increasing its core FFO guidance range for the full year 2025, reflecting better-than-expected operating performance [26][27] Other Important Information - Digital Realty received the EcoVadis Gold rating for business sustainability, placing it in the 97th percentile of assessed companies [16] - The company signed long-term renewable energy agreements to procure 500 gigawatt hours of clean baseload hydropower [16] Q&A Session Summary Question: Guidance for 2026 and growth levels - Management indicated a target of 10% top-line growth supported by a healthy backlog of over $550 million, despite some headwinds from maturing debt and lower interest income [32][33] Question: Demand from hyperscalers in major metro markets - Management noted robust dialogue with hyperscalers, leading to the largest pipeline on record, with significant interest in capacity blocks coming online in 2026 and 2027 [34][37] Question: Capacity to increase releasing spreads - Management highlighted strong pricing power in the less than a megawatt category, with expectations for continued healthy market rates [38] Question: Diversity of hyperscalers being engaged - Management confirmed ongoing discussions with a diverse array of hyperscalers, focusing on larger capacity blocks with established businesses [41][43] Question: M&A opportunities in the current landscape - Management stated that the strategy remains consistent, focusing on land acquisition, building purchases, and strategic company acquisitions [56] Question: Timeline for future developer capacity - Management indicated that significant capacity blocks are being prioritized for leasing, with ongoing customer interest in 2026 and 2027 deliveries [57][59]

Financial Data and Key Metrics Changes - The company reported adjusted revenue of $1,033 million for Q3 2025, reflecting a 1% decline year-over-year when excluding Iraq [7][25] - Adjusted earnings per share (EPS) was $0.47, slightly up from $0.46 in the same quarter last year [9][25] - Adjusted operating margins improved to 20%, up from 19% in the prior year [25][26] Business Line Data and Key Metrics Changes - Consumer services adjusted revenue surged by 49% in Q3, driven by the acquisition of eurochange and a strong travel money business [9][26] - Consumer money transfer (CMT) transactions declined by 3% in the quarter, or 2% excluding Iraq, with higher average principal per transaction increasing by approximately 6% [28][29] - The branded digital business saw a 12% increase in transactions and a 6% rise in adjusted revenue, marking the eighth consecutive quarter of mid-single-digit or better revenue growth [9][29] Market Data and Key Metrics Changes - The retail business in North America faced headwinds due to geopolitical factors, while Europe experienced mid-single-digit transaction and revenue growth [5][8] - Transaction growth in the U.S. to Mexico corridor showed signs of improvement from previous lows, although it remains a critical area to monitor [12][84] - The company noted positive transaction growth to countries like Brazil, India, and Vietnam, while facing declines in corridors such as Mexico and El Salvador [11][12] Company Strategy and Development Direction - The company aims to enhance its retail model in the U.S. and is optimistic about the long-term outlook, expecting stabilization in migration patterns [6][7] - The acquisition of Intermex is expected to accelerate the company's retail strategy and improve its competitive positioning [6][81] - The company is focused on becoming more digital-centric, with over 55% of money transactions now being digital [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment, citing declining inflation rates and stable GDP outlooks [10] - The company anticipates that global migration patterns will adapt rather than disappear, maintaining a strong connection to human mobility [13][14] - Management highlighted the importance of digital transformation and the potential for integrating digital assets into their business model [21][22] Other Important Information - The company generated over $400 million in operating cash flow year-to-date, with a strong balance sheet showing cash and cash equivalents of approximately $1 billion [31] - The 2025 outlook includes adjusted revenue guidance of $4,035 million to $4,135 million, with expectations to be at the lower end of this range [32][33] Q&A Session Summary Question: Recent trends in retail and North America segment - Management noted improvements from lows in mid-summer, particularly in the Mexico corridor, but emphasized that trends remain lumpy [38] Question: Visibility on travel money growth - Management indicated that travel money is expected to grow significantly, driven by the acquisition of eurochange and expansion into new markets [40][41] Question: Trends in LACA and North America - Management observed overall market stability and the lapping effects of previous declines due to elections in South America [55] Question: Digital transaction growth vs. revenue growth - Management explained that the acceleration in transactions was primarily due to partnerships in the Middle East, which typically have lower revenue per transaction [58][59] Question: Future of digital penetration - Management expects digital penetration to continue growing at double-digit rates, with significant opportunities in specific corridors [66][67] Question: Integration of Intermex model - Management intends to maintain the Intermex brand and model while integrating successful practices into their existing operations [81]

Financial Data and Key Metrics Changes - The company reported GAAP revenue of $1,033 million for the third quarter, with adjusted revenue down 1% year-over-year, excluding Iraq [7][32] - Adjusted earnings per share (EPS) increased to $0.47 from $0.46 in the prior year, benefiting from cost management and fewer shares outstanding [9][33] - Adjusted operating margins improved to 20%, up from 19% in the prior year, primarily due to cost discipline [32] Business Line Data and Key Metrics Changes - Consumer Services adjusted revenue surged by 49%, driven by the travel money business and the acquisition of Eurochange [9][33] - The branded digital business saw a 12% increase in transactions and a 6% rise in adjusted revenue, marking eight consecutive quarters of revenue growth [8][37] - Consumer money transfer transactions declined by 2.5% year-over-year, with a 3% decline overall, attributed to U.S. immigration policies [7][35] Market Data and Key Metrics Changes - The retail business in North America faced challenges, particularly in the U.S. to Mexico corridor, while Europe experienced mid-single-digit transaction and revenue growth [4][8] - Transaction growth was positive in corridors like Brazil, India, and Vietnam, but flat to slightly negative in others such as the Philippines and Colombia [12][13] - The company noted improvements in transaction growth from lows in June, particularly in the U.S. to Mexico corridor [13][46] Company Strategy and Development Direction - The company aims to enhance its customer-centric approach and expand its retail model in the U.S., with the acquisition of Intermex expected to accelerate this strategy [6][9] - A focus on digital transformation is evident, with over 40% of principal moved through digital channels and a growing digital wallet strategy [17][19] - The company is exploring opportunities in digital assets, including stablecoin solutions, to enhance efficiency and customer experience [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term business prospects, anticipating stabilization in migration patterns and continued revenue growth [6][14] - The macroeconomic environment remains stable, with declining inflation rates and strong GDP outlooks, which are expected to improve further with interest rate cuts [10][14] - Management acknowledged the impact of recent policy changes on customer behavior but remains confident in the resilience of their customer base [11][12] Other Important Information - The company generated over $400 million in operating cash flow year-to-date, with a strong balance sheet showing cash and cash equivalents of approximately $1 billion [39] - The company returned over $120 million to shareholders through dividends and share repurchases in the third quarter [40] - The 2025 outlook includes adjusted revenue guidance of $4.35 billion to $4.135 billion, with expectations for adjusted EPS in the range of $1.65 to $1.75 [41][42] Q&A Session Summary Question: Recent trends in retail and Americas segment - Management noted improvements from mid-summer lows, particularly in Mexico, with some corridors showing stabilization [47][48] Question: Visibility on travel money growth - The travel money business is expected to grow significantly, with strong management and expansion plans in place [49][50] Question: Trends in LACA and North America - Management observed overall market stability and easier comparisons in the latter part of the year, contributing to improved trends [62][64] Question: Digital transaction growth vs. revenue growth - The acceleration in transactions was primarily due to partnerships in the Middle East, which typically have lower revenue per transaction [66][67] Question: Future of digital penetration - Management expects digital penetration to continue growing, with opportunities for acceleration in specific corridors [75][78] Question: Contribution from Eurochange - The Eurochange acquisition contributed nearly half of the overall growth in Consumer Services this quarter [119]

Financial Data and Key Metrics Changes - The company reported adjusted revenue of $1.033 billion for Q3 2025, reflecting a 1% decline year-over-year when excluding impacts from Iraq [6][25] - Adjusted earnings per share (EPS) was $0.47, slightly up from $0.46 in the same quarter last year [9][25] - Adjusted operating margins improved to 20%, up from 19% in the prior year period, benefiting from cost discipline [25][26] Business Line Data and Key Metrics Changes - Consumer services adjusted revenue surged by 49% in Q3, driven by the travel money business and the acquisition of Eurochange [9][26] - Consumer money transfer transactions declined by 2.5% in the quarter, excluding Iraq, while average principal per transaction increased by approximately 6% [7][27] - The branded digital business saw a 12% increase in transactions and a 6% rise in adjusted revenue, marking the eighth consecutive quarter of mid-single-digit or better revenue growth [8][27] Market Data and Key Metrics Changes - The retail business in North America faced headwinds due to geopolitical factors, while Europe experienced mid-single-digit transaction and revenue growth [4][8] - Transaction growth in the U.S. to Mexico corridor showed signs of improvement from previous lows, with recent data indicating an 8% decline, an improvement from June lows [12][11] - The company noted positive transaction growth to countries like Brazil, India, and Vietnam, while facing declines in corridors such as Mexico and El Salvador [11][12] Company Strategy and Development Direction - The company aims to enhance its retail model in the U.S. and is optimistic about the long-term outlook, expecting stabilization in migration patterns [5][6] - The acquisition of Intermex is expected to accelerate the company's progress in building a competitive retail presence [5][6] - The company is focused on becoming more digital-centric, with over 55% of money transactions now being digital [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the global economic conditions, noting declining inflation rates and stable GDP outlooks [10] - The company is adapting to changing migration policies and customer behaviors, which have influenced transaction frequencies [11][12] - Management highlighted the importance of digital transformation and the potential for growth in digital assets, particularly following regulatory changes [20][21] Other Important Information - The company generated over $400 million in operating cash flow year-to-date, with a strong balance sheet showing cash and cash equivalents of approximately $1 billion [31] - The company returned over $120 million to shareholders through dividends and share repurchases in Q3 [31] - The 2025 outlook includes adjusted revenue guidance of $4.035 billion to $4.135 billion, with expectations leaning towards the lower end of the range [32][33] Q&A Session Summary Question: Recent trends in retail and North America segment - Management noted improvements from lows in mid-summer, particularly in Mexico, but emphasized that trends remain lumpy [35][37] Question: Visibility on travel money growth - The company expects travel money to grow significantly, driven by the acquisition of Eurochange and expansion into new markets [38][39] Question: Long-term digital penetration - Management anticipates continued growth in digital transactions, with a stable retail business expected to coexist [54][55] Question: Contribution from Eurochange - Eurochange contributed nearly half of the overall growth in consumer services this quarter, with expectations for sustained growth [84]

Third Quarter 2025 Financial Results October 23, 2025 Western Union Tom Hadley Vice President of Investor Relations 2 Western Union Forward-Looking Statements This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from thos ...

Company Leadership Transition - Science Applications International Corporation (SAIC) has appointed James ("Jim") Reagan as Interim Chief Executive Officer, succeeding Toni Townes-Whitley [2][3] - The Board of Directors expressed gratitude for Townes-Whitley's contributions and confidence in Reagan's ability to lead the company during this transition [3][4] - Reagan has nearly two decades of senior leadership experience in the defense and government services industry, previously serving as Executive Vice President & Chief Financial Officer for Leidos Holdings [2][4] Company Performance and Guidance - SAIC is reaffirming its fiscal year 2026 guidance initially provided on September 4, 2025, although a prolonged federal government shutdown could impact this guidance [5] - The company has a strong customer-focused foundation, with a solid pipeline and backlog of pending awards, indicating potential for growth and shareholder value creation [4][5] Company Overview - SAIC is a premier Fortune 500 company with annual revenues of approximately $7.5 billion, focusing on technology and innovation across defense, space, civilian, and intelligence markets [6][7] - The company employs around 24,000 people and integrates emerging technology into mission-critical operations [7]

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Core Insights - Sword Group has acquired Full On Net, a technology consulting firm known for its expertise in data science, artificial intelligence, and social network analysis [1][2] - This acquisition is part of Sword Group's growth strategy, enhancing its capabilities in advanced data technologies and expanding its presence in Southern Europe [2] - The acquisition is expected to increase Sword Group's revenue by €15 million in 2026, with an EBITDA margin of approximately 11.5% [2] Company Overview - Full On Net, founded in 2001, has established a strong reputation in the Spanish telecoms and insurance markets [1] - The integration of Full On Net's talent and solutions aims to deliver greater value to clients and accelerate innovation across Sword Group's service offerings [2] - David Martinez, the current Director of Full On Net, will become the Managing Director of Full On Net under Sword Group [4] Strategic Vision - Jacques Mottard, Chairman & CEO of Sword Group, expressed enthusiasm about the acquisition, highlighting the expertise and entrepreneurial spirit of Full On Net as valuable assets for growth in a digital landscape [3] - Full On Net will operate under the Sword brand, maintaining its commitment to client service while benefiting from Sword Group's resources and global reach [3]

Financial Data and Key Metrics Changes - The company achieved record quarterly adjusted net income of $37 million or $2.17 per diluted share, reflecting strong performance across core businesses [21] - Earnings per share grew by 26% compared to the second quarter, driven by robust loan growth and net interest margin expansion [4][21] - Net interest income increased by $3 million or 18% annualized, supported by continued net interest margin expansion [21] Business Line Data and Key Metrics Changes - Loan growth accelerated significantly, increasing by $286 million or 17% annualized, with a 15% increase net of planned runoff from M2 Equipment Finance loans and leases [6][29] - Wealth management revenue grew by $5 million, an 8% increase over the prior quarter, and year-over-year revenue is up $1.5 million or 15% annualized [10][25] - Capital markets revenue rebounded to $24 million, up $14 million from the prior quarter, exceeding the upper end of guidance [21][25] Market Data and Key Metrics Changes - Core deposits increased by $410 million or 8% annualized year to date, reflecting the success of the relationship-driven strategy [29] - Total criticized loans decreased by 9% year to date, indicating improved asset quality [18][30] Company Strategy and Development Direction - The company operates through three primary lines of business: traditional banking, wealth management, and LITEC lending, all of which delivered improved performance [6][10] - The digital transformation initiative is on track, with key milestones achieved, including the successful conversion of the core operating system for one of the charters [7][9] - The company is focused on maintaining strong regulatory capital while exploring innovative ways to expand LITEC lending capacity [15][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustaining loan growth momentum, guiding for gross annualized loan growth in a range of 10% to 15% for the fourth quarter [6] - The company anticipates continued core margin expansion and is guiding for an increase in fourth quarter NIM TEY ranging from three to seven basis points [24] - Management noted that asset quality remains excellent, with net charge-offs declining compared to the second quarter [18][30] Other Important Information - The company returned $10 million of capital to shareholders through share repurchases and announced a new share repurchase program for up to 1.7 million shares [18][19] - The effective tax rate for the quarter was 9.5%, up from 5% in the prior quarter, primarily due to higher pretax income [36] Q&A Session Summary Question: Margin guidance and rate cuts - Management confirmed that the margin guidance of three to seven basis points does not include any rate cuts [39][40] Question: Future buyback activity - Management indicated that they will remain active in buybacks due to higher earnings per share and reduced need to retain capital for organic growth [42][44] Question: Appetite for additional securitizations - Management anticipates a large permanent loan securitization in the first half of next year, targeting around $350 million [50] Question: NII impact from construction loan sales - Management stated that any NII give-up from construction loan sales is expected to be replaced by improved capital markets revenue [52][54] Question: Loan growth expectations for next year - Management expects loan growth to be in the double digits based on current pipelines [61] Question: One-time costs related to conversions - Management indicated that there will be some one-time costs associated with conversions, estimated to be in the range of $4 million to $5 million for 2025 [77] Question: Trends in reserves - Management noted that reserves may continue to trend down as a percentage of loans, but they do not expect significant further reductions [81]