Core Insights - Thunes has launched cross-border payment services in Colombia using the Bre-B instant payment system established by the central bank, Banco de la República, to enhance financial inclusion through quick and interoperable transfers [1][2] Group 1: Service Launch and Adoption - The Bre-B system allows immediate financial transactions, connecting various banks, digital wallets, cooperatives, and fintech companies [2] - Since its launch on October 6, 2025, 76% of Colombia's adult population has enrolled in the service, marking Thunes as one of the first global payment platforms to facilitate real-time cross-border transactions with Colombia's new system [3] Group 2: Market Trends and Digital Finance - Despite cash transactions making up nearly 78% of the total in Colombia, there is a rapid shift towards digital finance, supported by a bank account ownership rate exceeding 92% and increasing mobile wallet adoption [4] - The country is progressing towards a digitally-oriented economic landscape, indicating a significant transformation in its financial ecosystem [4] Group 3: Company Vision and Collaboration - Thunes emphasizes its commitment to building real-time payment systems globally, enabling secure and transparent money movement for individuals and businesses [5] - The company values the leadership of central banks like Colombia's in driving innovations for more inclusive and interoperable financial systems, positioning itself to enhance Colombia's participation in the global real-time economy [6]

Market Overview - The trading day is nearing its end with stocks attempting to reach record highs, although some factors may hinder this progress [1][2] - The earnings season has been performing well so far, with more significant names set to report [2] - The Dow Jones Industrial Average increased by 146 points (0.3%), while the S&P 500 rose by 39 points (0.6%) [6] Company Earnings Intel - Intel reported an adjusted EPS of $0.23, beating the expected $0.12, with revenue up 3% year-over-year at $13.65 billion [10][11] - The forecast for Q4 revenue is projected between $12.8 billion and $13.8 billion, with a notable increase in data center and AI revenue, which reached $4.12 billion [12][19] - The company noted stronger-than-anticipated demand in the data center segment, particularly for server build-outs [13][20] - Intel's shares rose by 6% in after-hours trading following the earnings report [19][35] Ford - Ford anticipates an adjusted EBIT hit of $1.5 to $2 billion in 2025 due to a fire incident affecting aluminum production [23] - The company revised its full-year adjusted EBIT guidance down to $6 billion to $6.5 billion, missing analyst estimates [27] - Ford's shares fell by approximately 3.3% in after-hours trading, reflecting concerns over long-term strategy and EV build-out [24][27] Deckers - Deckers, the maker of Uggs and Hoka shoes, reported net sales of $0.43 billion, with full-year sales guidance of $5.35 billion, slightly below market expectations [30][31] Western Union - Western Union reported revenue growth of 1.03%, with adjusted EPS of $0.47, exceeding the estimate of $0.43, leading to a 4.4% increase in shares [33] Newmont Corporation - Newmont Corporation's adjusted EPS for Q3 was $0.71, with sales of $5.52 billion, surpassing estimates of $5.29 billion, resulting in a slight increase in shares [34]

Core Viewpoint - Affirm Holdings, Inc. has announced a significant expansion of its partnership with Worldpay, which is expected to enhance its buy now, pay later (BNPL) services and improve its market presence [1][2]. Partnership Expansion - The collaboration integrates Affirm's BNPL services into Worldpay's embedded payments suite for software platforms, allowing SaaS providers to offer Affirm at checkout [2][3]. - Worldpay for Platforms supports over 1,000 SaaS providers and processed more than $400 billion in transactions in the past year [3]. Consumer Benefits - The integration enables merchants to provide consumers with transparent, flexible payment options for purchases ranging from $35 to $30,000, targeting those seeking predictable, interest-free or low-interest payment schedules [3][4]. Executive Insights - Affirm's Chief Revenue Officer, Wayne Pommen, emphasized that the partnership simplifies the shopping process and expands Affirm's reach across various platforms and merchants [4]. - Worldpay's President, Matt Downs, highlighted Affirm's effectiveness in delivering results for businesses and enhancing consumer experiences, making it an ideal BNPL partner [5]. Market Performance - Affirm's stock (AFRM) has seen a significant increase of over 81% in the past year, with shares trading higher by 6.69% to $76.74 recently [6].

Core Insights - Visa Inc. is scheduled to report its fourth-quarter fiscal 2025 results on October 28, 2025, with earnings estimated at $2.96 per share and revenues of $10.61 billion [1][5] - The earnings estimate reflects a year-over-year increase of 9.2%, while revenue is projected to grow by 10.3% compared to the previous year [2][5] Financial Performance - For fiscal 2025, Visa's revenue consensus estimate stands at $39.85 billion, indicating a year-over-year rise of 10.9, and EPS is projected at $11.43, suggesting a 13.7% increase [3] - Visa has a history of exceeding earnings estimates, having beaten projections in the last four quarters by an average of 3.9% [3][4] - The company has an Earnings ESP of +3.70% and a Zacks Rank of 3, indicating a favorable outlook for the upcoming earnings report [4] Growth Drivers - The Zacks Consensus Estimate indicates a 6.2% increase in total Gross Dollar Volume year-over-year, with a model prediction of 5.5% growth [5] - Total processed transactions are expected to grow by 10% year-over-year, with Visa's model predicting a 9.5% increase [6] - Payment volumes are projected to rise by 8.6% year-over-year, with U.S. operations expected to increase by 7.3% [7] - Data processing revenues are estimated to grow by 13.3% year-over-year, while service revenues are expected to rise by 10.2% [8] Expense Considerations - Adjusted total operating expenses are anticipated to increase by 10.6% year-over-year due to higher personnel, professional fees, and processing expenses [11] - Client incentives are expected to exceed $4 billion in the fiscal fourth quarter, which may offset some positive impacts from higher volumes [11][10] Stock Performance and Valuation - Visa's stock has increased by 9.3% year-to-date, outperforming the industry decline of 5% but underperforming the S&P 500's rise of 15.5% [12] - Visa is currently trading at 26.68X forward 12-month earnings, above the industry average of 21.48X, indicating a somewhat stretched valuation [16] - In comparison, Mastercard is trading at 30.88X and American Express at 20.70X, with the latter offering better value [18] Strategic Initiatives - Visa's stablecoin initiatives are seen as a significant shift in global payments, enhancing its infrastructure for digital currencies and improving capital efficiency for cross-border transactions [19] - Regulatory clarity under the GENIUS Act is expected to bolster Visa's long-term growth prospects [19] - Despite competition and antitrust scrutiny, Visa's strong network effects and innovation provide resilience [19] Investment Outlook - Current valuation suggests limited near-term upside, with shares outperforming Mastercard but lagging behind the S&P 500 [20] - The upcoming earnings report will be critical for assessing momentum in Visa's stablecoin rollout and international expansion [20]

Rowan Street Capital, an investment management company, has recently released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund remained unchanged in the third quarter (+0.22%), making the YTD returns through September 30, 2025, to +20.4% net of fees compared to the S&P 500’s +14.8% year-to-date gain. Over the past three years, the firm’s capital compounded at approximately +54.2% annually (net), delivering a +266% cumulative return — more than doubling the S&P 5 ...

Core Insights - Visa is expected to report quarterly earnings of $2.96 per share, reflecting a 9.2% increase year over year, with revenues projected at $10.61 billion, indicating a 10.3% growth compared to the previous year [1] Earnings Estimates - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding Visa's stock [2] - The consensus EPS estimate has been revised upward by 0.1% in the past 30 days, indicating analysts' reassessment of their initial estimates [1] Revenue Projections - Analysts estimate 'Revenues- Service revenue' will reach $4.63 billion, a 10.3% increase year over year [4] - 'Revenues- Data processing revenue' is projected to be $5.23 billion, reflecting a 13.5% year-over-year change [4] - 'Revenues- Other revenue' is expected to reach $1.18 billion, indicating a 22.3% increase year over year [4] Transaction and Payment Volume - 'Revenues- International transaction revenue' is forecasted at $3.86 billion, a growth of 11.3% year over year [5] - 'End of Period Connections - Total transactions' is expected to be 67.68 billion, up from 61.51 billion in the same quarter last year [5] - 'Payments volume - Total' is projected to reach $3703.36 billion, compared to $3409.00 billion a year ago [5] Regional Payment Volume Estimates - 'Payments volume - CEMEA' is expected to be $233.17 billion, up from $202.00 billion year over year [6] - 'Payments volume - U.S.A' is projected at $1775.98 billion, compared to $1650.00 billion last year [6] - 'Payments volume - Asia Pacific' is estimated to reach $516.23 billion, up from $507.00 billion [6] - 'Payments volume - Canada' is expected to be $109.76 billion, compared to $105.00 billion in the same quarter last year [7] - 'Payments volume - Europe' is projected at $800.41 billion, an increase from $715.00 billion year over year [8] Stock Performance - Visa shares have increased by 2% in the past month, outperforming the Zacks S&P 500 composite, which rose by 0.2% [8]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year over year [2] - Adjusted earnings per share grew 19% year over year, maintaining a trajectory for 12% to 16% earnings growth for 2025 [11][31] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [5][6] - Money transfer revenue grew 1% year over year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [6][28] Market Data and Key Metrics Changes - In Europe, tourism grew approximately 3.3% year over year, but spending patterns became more selective, impacting overall consumer spending [4][5] - Remittances to Mexico declined more than 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [7][14] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The Dandelion platform is positioned as a leader in real-time cross-border payments, with new partnerships enhancing its capabilities [16][27] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating digital assets into its payment network [18][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [13][14] - The company expects to finish the year with earnings growth similar to the third quarter, reaffirming its guidance of 12% to 16% year-over-year earnings growth [8][31] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to strengthen financial flexibility [9][30] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years, with $130 million repurchased in the third quarter [10][30] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with spending due to increased costs in travel and economic uncertainty, impacting ATM transactions more than merchant acquiring [34][35] Question: What changed in the money transfer segment? - Management observed a choppy trend in transaction volumes, with October showing stronger performance compared to September, indicating potential recovery [36][37] Question: Can you discuss pricing trends in money transfer? - Pricing remained consistent overall, with some regional variations, particularly in the Middle East, but did not adversely impact third-quarter results [41][43] Question: What is the outlook for digital transaction penetration in money transfer? - The company aims to increase digital transaction penetration from 16% to higher levels, with a focus on omnichannel strategies to cater to customer preferences [44][46] Question: How does the company view future growth amidst macro challenges? - Management expressed confidence in achieving double-digit EPS growth in 2026, citing numerous growth opportunities and the strength of their asset base [80][81]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year-over-year [2] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing by 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [5][6] - Money transfer revenue grew by 1% year-over-year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [6][7] Market Data and Key Metrics Changes - Travel volumes in Europe remained steady, with overall tourism growing approximately 3.3% year-over-year, although spending patterns were more selective [4] - Remittances to Mexico declined more than 12% year-over-year, highlighting the impact of immigration policy changes on transaction volumes [7] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating blockchain technology into its payment network [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [13][14] - The company expects to finish the year with year-over-year earnings growth similar to the third quarter, reaffirming a growth expectation of 12%-16% for the year [30][31] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to strengthen financial flexibility [9][10] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years [10] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with vacation spending due to increased costs, impacting ATM transactions more than merchant acquiring [35] Question: What was the exit run rate for money transfer in October? - Management indicated that October has shown stronger performance compared to September, with growth outpacing the industry [37] Question: Can you discuss pricing trends in money transfer? - Management reported consistent pricing overall, with some regional variations, particularly in the Middle East [42] Question: What is the expected digital transaction penetration in money transfer? - Management aims for digital transaction growth rates to exceed 32%, with a goal of reaching 30%-35% penetration in the future [46] Question: How does the company view the impact of immigration policies on money transfer? - Management believes the current challenges are transitory and that demand for labor will eventually lead to a rebound in remittance activity [66]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [4][14] - Consolidated operating margins expanded by approximately 40 basis points year over year [5] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing by 4%, driven by expansion in developing markets [6][7] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [8][9] - Money Transfer revenue grew by 1% year over year, but operating income and adjusted EBITDA decreased by 21%, with a significant increase in direct-to-consumer digital transactions [10][13] Market Data and Key Metrics Changes - In Europe, tourism grew approximately 3.3% year over year, but spending patterns became more selective, impacting overall transaction volumes [6][7] - Remittances to Mexico declined by over 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [11][12] Company Strategy and Development Direction - The company is focusing on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, to drive growth opportunities [23][25] - A new partnership with Citigroup was established to enhance cross-border payments through the Dandelion platform, reinforcing its position in real-time payments [25][43] - The company plans to launch stablecoin use cases in 2026, integrating blockchain technology into its payment ecosystem [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [20][21] - The company expects to finish the year with year-over-year earnings growth similar to the third quarter, maintaining guidance of 12% to 16% growth [14][45] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, with a recent convertible bond offering strengthening financial flexibility [14][15] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years [15][16] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with vacation spending due to increased costs, impacting ATM transactions more than merchant acquiring [46][48] Question: What changed in the Money Transfer segment after a strong Q2? - Management observed choppy trends, with October showing stronger performance compared to September, indicating potential recovery [50][51] Question: How is pricing evolving in the Money Transfer segment? - Pricing remains consistent year over year, with some pressure in specific markets, but overall, it did not adversely impact the third quarter [56][58] Question: What is the outlook for constant currency revenue in Q4? - Early indications in October suggest a potential turnaround, with management cautiously optimistic [72] Question: Can Euronet still generate double-digit EPS growth in 2026? - Management expressed confidence in achieving double-digit EPS growth, citing numerous growth opportunities and the strength of their business model [106][108]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year over year [2] - Adjusted earnings per share grew 19% year over year, maintaining a trajectory for 12% to 16% earnings growth for 2025 [11][30] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [4][5] - Money transfer revenue grew 1% year over year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [5][27] Market Data and Key Metrics Changes - In Europe, travel volumes remained steady, with overall tourism growing approximately 3.3% year over year, although spending patterns became more selective [3][4] - Remittances to Mexico declined more than 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [7][8] - The company outperformed the market in the U.S. to Mexico corridor, achieving flat year-over-year growth despite broader declines [7][8] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The Dandelion platform is positioned as a leader in real-time cross-border payments, with new partnerships enhancing its capabilities [16][26] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating digital assets into its payment network [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted that global economic uncertainty and immigration policy changes have created transitory headwinds, but the underlying fundamentals remain strong [12][13] - The company expects to finish the year with earnings growth similar to the third quarter, reaffirming its guidance of 12% to 16% year-over-year growth [30] - Management expressed confidence in the ability to navigate current challenges and highlighted ongoing opportunities for growth through strategic initiatives [30][66] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to enhance financial flexibility [9][10] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years, with $130 million repurchased in the current quarter [10][29] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with spending due to increased costs for travel and economic uncertainty, impacting ATM transactions more than merchant acquiring [33] Question: What was the exit run rate for money transfer in October? - Management indicated that October trends are stronger than September, with growth outpacing the industry despite recent challenges [34] Question: Can you discuss pricing trends in the money transfer segment? - Pricing has remained consistent overall, with some regional variations, particularly in the Middle East, but no significant adverse impacts were noted in the third quarter [38] Question: How does the company view the potential for digital transaction growth? - The company aims to increase digital transaction penetration, currently at 16%, with a goal of reaching 30% to 35% over time [40][41] Question: What are the expectations for revenue growth in Q4 and 2026? - Management is optimistic about a turnaround in revenue growth for Q4, with early indications in October suggesting improvement [47] Question: What corridors are experiencing softer growth? - Management highlighted softer growth in corridors such as Bangladesh and Turkey, influenced by immigration policies in those regions [64]