0001193125-26-326355
SEC filingQ2营收微降1%但利润大幅下滑，Consumer Money Transfer北美疲软拖累整体，利润率承压。
| 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% | -420 bps |
| Operating Income | $132.1M | $192.7M | -31% |
| Operating Margin | 13.0% | 18.8% | -580 bps |
| 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$1,013.2M同比微降1%，主要受Consumer Money Transfer北美区域收入下滑9%拖累，该区域受移民政策等宏观因素影响。MEASA区域收入增长13%部分抵消，Branded Digital交易量增长25%但单笔收入较低。Consumer Services收入增长4%，受益于travel money和check acceptance服务增长。
利润率显著承压：Gross Margin下降420 bps至33.2%，主要因agent commissions增加及收购带来的员工和房地产费用上升。Operating Margin下降580 bps至13.0%，除成本上升外，还受到severance costs $8.9M、acquisition costs $4.8M等一次性项目影响。剔除这些项目后，调整后Operating Margin约为14.4%，仍低于去年同期。
盈利质量方面，Net Income下降37%至$76.7M，但Operating Cash Flow增长45%至$213.9M，主要因所得税支付减少（$44.2M vs $265.5M）。Free Cash Flow为$88.8M，FCF转化率约117%，现金流表现优于利润。
| 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 |
| Total Debt | $2,697.2M | $2,877.8M |
| Settlement Assets | $3,378.0M | $3,449.1M |
| Operating Cash Flow | $213.9M | $147.9M |
| Capex | $88.2M | $53.4M |
| Free Cash Flow | $88.8M | — |
Net Debt = $2,697.2M - $919.8M = $1,777.4M，Net Debt/EBITDA未披露。
资本配置：Q2回购$53.7M（5.7M股），剩余授权$721.6M；季度股息$0.235/股，全年$147.0M。发行$615M 4.750% 2029 Notes，偿还$600M 1.350% 2026 Notes，净债务减少$180.6M。
前瞻指引：未提供具体财务指引。
一次性异常项：Severance costs $8.9M、Acquisition costs $4.8M、Amortization of acquisition-related intangibles $2.4M、Russia termination costs $0.8M，合计$16.9M，剔除后调整后Operating Income约$149.0M。
主要风险：北美汇款业务持续下滑；Intermex收购待监管批准；AUSTRAC合规审查结果不确定；One Big Beautiful Bill Act的1% excise tax影响待评估。