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 [23][24] - For the full year, revenue was $4.2 billion, adjusted operating income was $550 million, and adjusted EBITDA was $743 million, with adjusted EPS at $9.61, indicating another year of double-digit growth [31][32] 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% [24] - The epay segment experienced a revenue decline of approximately 2%, with adjusted operating income down 7% and adjusted EBITDA down 8% due to macroeconomic pressures [25] - Money transfer revenue declined 1% year-over-year, with adjusted operating income down 6% and adjusted EBITDA down 5%, primarily due to macroeconomic conditions and immigration-related dynamics [26][27] Market Data and Key Metrics Changes - The global digital channel for money transfer saw 31% transaction growth and 33% revenue growth in Q4, with a significant increase in new customer acquisitions [20] - The gaming-related branded payments business within epay accounted for 37% of total branded payments margin, benefiting from the growing global video game market, projected to grow at a 13% CAGR through 2031 [15] Company Strategy and Development Direction - The company remains focused on digital growth across all segments, with significant investments in digital strategies and acquisitions to drive future growth [8][19] - The acquisition of CoreCard is expected to enhance the company's capabilities in credit card issuance and processing, aligning with its strategy to expand into high-growth fintech areas [12][13] - The company aims to maintain a disciplined approach to capital allocation, balancing growth investments with shareholder returns through share repurchases [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential improvements in the operating environment, particularly regarding immigration policies and macroeconomic conditions [39][40] - The company anticipates adjusted EPS growth of 10%-15% in 2026, supported by ongoing growth initiatives and an optimized operating model [30][31] Other Important Information - The company returned approximately $388 million in capital to shareholders through share repurchases in 2025, reflecting a commitment to shareholder value [7][33] - The EFT segment's growth is attributed to its diverse product offerings and expansion into new markets, including Morocco, Egypt, and the Philippines [24][25] 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 drawing conclusions too early, emphasizing the ongoing challenges posed by immigration policies [39][40] Question: What triggered the review of the money transfer business? - The review was initiated to ensure the organization aligns with the growth of the money transfer segment, which has seen significant success since the acquisition of Ria [44][46] Question: What is the expected contribution of CoreCard in 2026? - While specific numbers were not provided, management indicated that they expect CoreCard to perform well, leveraging its strong platform and customer base [72][75] Question: How does the company view the impact of competitors' partnerships? - Management stated that the impact from competitors, such as Kroger's exclusive relationship, would be marginal, and they remain focused on their diversified business model [81][82]