0001104659-26-095946
SEC filingQ2 营收增 16.2% 至 $177.5M，但净利降 13.3%，受 IPO 相关股权激励费用拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $177.5M | $152.8M | +16.2% |
| Gross Profit | $177.5M | $152.8M | +16.2% |
| Gross Margin | 100.0% | 100.0% | — |
| Operating Income | $81.4M | $86.7M | -6.0% |
| Operating Margin | 45.9% | 56.7% | -1080 bps |
| Net Income | $41.3M | $47.7M | -13.3% |
| Diluted EPS | $0.67 | $16.76 | — |
| Operating Cash Flow | $82.9M | $210.0M | -60.5% |
| Free Cash Flow | $76.9M | $209.5M | -63.3% |
注：Free Cash Flow 为 Operating Cash Flow 减 Capex（$0.5M），去年同期为 $210.0M - $0.5M = $209.5M。
Q2 营收增长 16.2% 至 $177.5M，主要受前期部署增长驱动，其中 Bluestem 组合贡献 $11.0M 组合收入。回收增长 17.7% 至 $300.9M，但经营利润率大幅下滑 1080 bps 至 45.9%，主要因股权激励费用 $8.3M（去年同期为 -$8.3M 冲回）及诉讼成本增加 $9.3M。
净利下滑 13.3% 至 $41.3M，剔除一次性项目后调整后净利 $47.3M，仍同比下滑 20.7%。经营现金流大幅下降 60.5% 至 $82.9M，主要因应付账款减少 $22.4M 及回收变动调整。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| United States | $128.5M | +15.9% | $52.6M | 40.9% | Bluestem 贡献 $7.1M，但被 Conn's 下滑及股权激励抵消 |
| United Kingdom | $16.6M | +21.2% | $6.2M | 37.3% | 部署增长及第三方服务收入增加 |
| Canada | $20.5M | +7.0% | $15.6M | 75.9% | 部署增长，信用卡收入因监管萎缩 |
| Latin America | $11.8M | +31.5% | $6.8M | 57.5% | 部署增加及 FTE 扩张 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $20.4M | $23.2M |
| Total Debt | $1,405.8M | $1,409.0M |
| Net Debt | $1,405.5M | $1,148.3M |
| Operating Cash Flow | $82.9M | $210.0M |
| Capex | $0.5M | $0.5M |
| Free Cash Flow | $76.9M | $209.5M |
| FCF 转化率 | 97.4% | 187.3% |
注：Net Debt 为公司披露口径（Total borrowings - Unamortized debt issuance costs - Unrestricted cash）。FCF 转化率 = FCF / Net Income。