Acquisition Strategy
Q: Thoughts on M&A and recent wallet acquisitions?
A: Management emphasized renewed focus on acquisitions like the wallets in Singapore and Mexico to access licenses, technology, and local talent, accelerating strategy beyond organic growth [4]. They remain disciplined, ensuring good investor returns compared to alternatives like returning capital [4][5].

Impact of Elections on Guidance
Q: Do Q4 guidance factors in LatAm and U.S. elections?
A: The impact in Latin America is fluid, but guidance accounts for it [0]. U.S. elections aren't expected to dramatically affect the business in the near term as most clients are already in the U.S. and sending money home [0].

Retail Stability and Digital Growth
Q: Conviction in retail stability while growing digital?
A: Management highlighted a three-part strategy: returning to market competitiveness, improving agent and customer experience, and growing controlled distribution [5]. This has led to mid-single-digit transaction growth in Europe, increasing confidence in achieving a stable retail business while maintaining digital growth [5].

Adjusted Operating Margin Guidance
Q: Why not narrow the 19–21% margin guidance range?
A: They are unlikely to be at the upper end of the range [15]. Focus remains on delivering revenue and EPS growth sustainably, and the range hasn't been adjusted since starting [15].

Iraq Revenue Expectations
Q: Expectations for Iraq revenue in Q4?
A: Contribution is trending toward the lower end of the $10 million to $30 million range due to volatility [13]. They feel good about public guidance but acknowledge uncertainty [13].

Digital Business Competition
Q: Thoughts on digital competition and pricing?
A: They've transformed focus to lifetime value (LTV) to customer acquisition cost (CAC) [11]. Smaller competitors are struggling in a higher interest rate environment, creating market opportunities [11]. They invest where they see expanded LTV and maintain discipline in CAC to LTV [11].

U.S.–Mexico Corridor Performance
Q: What's causing slowdown in U.S.–Mexico transfers?
A: A slowdown over the last six weeks is due to macro factors and reduced migration [6]. This impacts transaction growth rates, given dependence on migratory patterns [6].

Consumer Services Investments
Q: Where are you investing in Consumer Services?
A: Investments are in transactional payment products (bill pay, prepaid), non-U.S. bill pay assets (affected by Argentina's economy), and newer businesses like digital wallets and media network [10]. Margins are expected to reach company average over time as investments scale [10].

Owned Store Expansion
Q: Plans for broader owned store rollout?
A: Expansion requires discipline and careful location selection to ensure profitability [14]. It's a measured process, expanding one country at a time, and will always be a small percentage of total agents [14].

Branded Digital Transaction Spread
Q: What's causing widening of digital transaction spread?
A: Acceleration in both revenue and transactions, especially payout to account growing in the mid-30% range [1]. These customers have lower revenue per transaction but are stickier [1]. Long-term target remains a 200–300 bps spread [1].