Financial Data and Key Metrics Changes - In Q4 2025, adjusted EPS was $2.39, reflecting double-digit year-over-year earnings growth despite external pressures [24][25] - For the full year, revenue was $4.2 billion, adjusted operating income was $550 million, and adjusted EBITDA was $743 million, with adjusted EPS of $9.61, indicating another year of double-digit growth [33][34] - Consolidated operating margins expanded by approximately 30 basis points compared to the previous year, with expectations for continued margin improvement into 2026 [33] Business Line Data and Key Metrics Changes - The EFT segment showed strong performance with revenue growing 8%, adjusted operating income increasing 12%, and adjusted EBITDA growing 13% [25] - The epay segment experienced a revenue decline of approximately 2%, with adjusted operating income down 7% and adjusted EBITDA down 8%, attributed to macroeconomic pressures [26] - The money transfer segment saw a revenue decline of 1% year-over-year, with adjusted operating income down 6% and adjusted EBITDA down 5%, primarily due to macroeconomic conditions and immigration-related dynamics [27][28] Market Data and Key Metrics Changes - The global digital channel for money transfer delivered 31% transaction growth and 33% revenue growth in Q4, with a significant increase in new customer acquisitions [21] - The gaming-related branded payments business within epay accounted for 37% of total branded payments margin, benefiting from the growth in the global video game market, which was approximately $290 billion in 2025 [17] - Remittances into Mexico declined approximately 2% in Q4 2025, reflecting broader market trends, but the company managed to achieve a modest increase in remittance volumes for the year [28] Company Strategy and Development Direction - The company remains focused on executing growth initiatives across all segments, particularly in digital strategies and expanding its global network [5][10] - Recent acquisitions, including Kyodi and Credia Bank's merchant acquiring business, are expected to drive multiyear growth [9][12] - The company emphasizes a shift from traditional ATM ownership to a focus on payments infrastructure and merchant acquiring, enhancing its capabilities in modern payment processing [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to immigration policy uncertainty and economic stress among lower-income consumers, but expressed confidence in the company's competitive position and growth initiatives [5][6] - The company anticipates adjusted EPS growth of 10%-15% in 2026, supported by a strong pipeline of growth initiatives and an optimized operating model [32] - Management highlighted the importance of maintaining a diversified business model to withstand macroeconomic pressures, ensuring resilience and continued growth [7][36] Other Important Information - The company returned approximately $388 million in capital to shareholders through share repurchases in 2025, reflecting a disciplined capital allocation strategy [8][34] - The company is actively pursuing digital growth opportunities across all segments, with a focus on enhancing customer experience and operational efficiency [31] Q&A Session Summary Question: Are there signs of improvement in macro issues affecting the business? - Management noted some positive trends in January but cautioned against over-optimism due to ongoing challenges in the operating environment [40][41] Question: What triggered the review of the money transfer business? - The review was initiated to ensure organizational alignment with the growth of the money transfer segment, which has seen significant success since the acquisition of Ria [45][47] Question: Can you provide details on the growth of the merchant processing business? - The merchant acquiring business has shown strong growth, with epay growing over 20% and EFT's merchant acquiring business growing over 30% [54] Question: What are the expectations for CoreCard in 2026? - Management expressed optimism about CoreCard's contribution, indicating that it is expected to perform well and potentially exceed previous revenue figures [75][78] Question: How does the company view the impact of competitors' partnerships? - Management indicated that the impact from competitors, such as Kroger's exclusive relationship, would be marginal and not significantly affect their business [82]

Core Viewpoint - Waffo, a global payment and monetization platform, has raised $30 million in total funding, with $15 million in its Series A round, aimed at enhancing payment solutions for industries like gaming, AI, SaaS, and digital content [2][3]. Group 1: Funding and Investment - Waffo completed a total funding of $30 million, with the latest Series A round raising over $15 million led by Illuminate Financial and Gao Rong Capital, with participation from HSBC and BAI Capital [2][3]. - Illuminate Financial, a new investor, focuses on fintech and has a strong backing from major financial institutions like BNY Mellon, J.P. Morgan, and Barclays, which will support Waffo's global payment infrastructure [3]. Group 2: Payment Solutions and Infrastructure - Waffo integrates over 430 local payment methods across 50+ countries through a single API, providing a comprehensive solution for global collection, subscription management, compliance, and settlement [4]. - The platform supports high concurrency processing of 2000 transactions per second (TPS) and boasts a service availability of 99.99%, ensuring reliable payment infrastructure for businesses expanding internationally [4]. Group 3: Market Challenges and Solutions - The digital economy's globalization presents challenges such as fragmented local payment methods and complex regulatory environments, making scalable monetization and compliant payment infrastructure essential for companies in gaming, AI, and SaaS [6]. - Waffo addresses these challenges with modern, scalable payment infrastructure that includes traditional card payments and localized options like e-wallets and QR code payments, enhancing user conversion and retention rates in key global markets [6][7]. Group 4: Strategic Focus Post-Funding - The recent funding will focus on three main areas: developing specialized payment solutions for various industries, expanding global acquiring capabilities, and broadening payment channel partnerships to provide precise services for different scenarios [8]. - Waffo aims to support AI and digital-native enterprises in achieving faster and more robust commercialization growth through efficient integrated experiences and solid underlying capabilities [10].