0001193125-26-326355
SEC filingQ2营收微降1%但利润大幅下滑，Consumer Money Transfer北美疲软是主因，盈利质量承压。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,013.2M | $1,026.1M | -1% |
| Gross Profit | $336.5M | $383.3M | -12% |
| Gross Margin | 33.2% | 37.4% | -420bps |
| Operating Income | $132.1M | $192.7M | -31% |
| Operating Margin | 13.0% | 18.8% | -580bps |
| Net Income | $76.7M | $122.1M | -37% |
| Diluted EPS | $0.24 | $0.37 | -35% |
| Operating Cash Flow | $213.9M | $147.9M | +45% |
| Free Cash Flow | $88.8M | — | — |
Q2营收同比微降1%至$1,013.2M，主要受Consumer Money Transfer北美区域拖累（收入降9%），但MEASA区域增长13%及Consumer Services增长4%部分抵消。调整后营收（Non-GAAP）同样降1%，汇率影响中性。
利润端大幅下滑：Gross Margin下降420bps至33.2%，Operating Margin下降580bps至13.0%。主要因Cost of Services增长5%（agent commissions增加）及SG&A增长7%（合规成本及收购相关费用）。Consumer Money Transfer Operating Income降25%，Consumer Services降26%，反映成本上升速度快于收入。
盈利质量方面，Net Income降37%至$76.7M，但Operating Cash Flow增45%至$213.9M，主因所得税支付减少（$44.2M vs $265.5M）。剔除一次性项目（severance、acquisition costs等约$16.9M）后，run-rate Operating Income约$149M，仍低于去年同期。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Consumer Money Transfer | $866.1M | -2% | $125.7M | 15% | 北美降9%，MEASA增13%，Branded Digital交易量增25% |
| Consumer Services | $147.1M | +4% | $23.3M | 16% | travel money和check acceptance增长，但成本上升 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $919.8M | $1,234.4M (Dec 31, 2025) |
| Total Debt | $2,697.2M | $2,877.8M (Dec 31, 2025) |
| Settlement assets | $3,378.0M | $3,449.1M (Dec 31, 2025) |
| Operating Cash Flow | $213.9M | $147.9M (H1 2025) |
| Capex | $88.2M | $53.4M (H1 2025) |
| Free Cash Flow | $88.8M | — |
Net Debt = $2,697.2M - $919.8M = $1,777.4M（计算值，基于披露数据）。
前瞻指引：未提供。
一次性异常项：Severance $8.9M、Acquisition costs $4.8M、Amortization of acquisition intangibles $2.4M、Russia termination $0.8M，合计$16.9M，剔除后Operating Income约$149M。
主要风险：北美汇款业务持续下滑（受移民政策影响）；Intermex收购监管审批不确定性；AUSTRAC合规审查；One Big Beautiful Bill Act的1% excise tax影响待评估。