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]