Greetings, and welcome to the Euronet Worldwide Third Quarter 2014 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, Mr. Jeff Newman, Executive Vice President and General Counsel for Euronet Worldwide. Thank you, Mr. Newman, and you may begin.

Thank you, Charlotte. Good morning, and welcome, everyone, to Euronet's quarterly results conference call. We'll present our results for the third quarter 2014 on this call. We have Mike Brown, our Chief Executive Officer; Rick Weller, our Chief Financial Officer; and Kevin Caponecchi, the President of Euronet Worldwide, on the call. Before we begin, I need to make our forward-looking statements disclaimer. Statements made on this call that concern Euronet's or its management's intentions, expectations or predictions of future performance are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including technological developments affecting the market for the company's products and services; technical issues associated with the operation of our complex processing systems, including security breaches; changes in ATM and other transaction fees; and changes in laws and regulations affecting the company's business, including immigration laws and anti-money laundering regulations. These risks and other risks are described in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Copies of these filings may be obtained via the SEC's EDGAR website or by contacting the company or the SEC. Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The company regularly posts important information to the Investor Relations section of its website. Now I'll turn the call over to our CFO, Rick Weller.

Thank you, Jeff, and good morning, and welcome to everyone on the call. I will begin my comments on Slide 6. I'm sure most of you have had a chance to read our earnings release by now, and you know that this was another excellent quarter for Euronet. All 3 segments contributed to our double-digit consolidated earnings growth. We achieved revenue of $453 million, operating income of about $51 million and adjusted EBITDA of $73 million. I'll point out that the third quarter 2013 operating income included a gain recorded last year in the EFT segment related to a contingent earn-out not paid due to certain targets not being achieved. Consistent with how we presented our results last year, we have provided adjusted operating income throughout this presentation in order to exclude this noncash gain from our prior year results so as to provide a better comparison of the improvement in operating results for the quarter. Our cash earnings per share was $0.80, $0.07 ahead of our guidance and 43% increase over the third quarter last year. Despite about $0.01 of headwind from foreign exchange currencies since we provided our guidance, all 3 segments contributed to this strong result together with a better tax rate, driven by a favorable mix of earnings from lower tax rate jurisdictions. EFT realized seasonally higher cash withdrawals; epay experienced higher sales of nonmobile content; and money transfer growth came from a combination of more organic, Walmart-2-Walmart and HiFX transactions. HiFX contributed better-than-expected results due to the volatile FX rate, which Mike will discuss in a bit more detail. I would also like to mention that our $0.80 cash earnings per share represents a new quarterly record for Euronet and the 7th consecutive quarter we have delivered double-digit year-over-year growth in adjusted cash earnings per…

Thank you, Rick. And thank you, everybody, for being on the call. I knew today was going to be a good day because we have exceptional results, but with the Royals win last night, I'm an even -- in an even better mood, let me tell you. But if we want to look at the quarter and get to the financials, I mean, what can you say? This was just simply an outstanding quarter. We had year-over-year cash EPS growth of 43%. We exceeded this guidance that we gave you 3 months ago by $0.07. And if you'll remember, back when we gave you that guidance, the consensus for third quarter was $0.05 less than what we gave you as our estimate. So if you add it all up, that means we're basically $0.12 ahead of the expectations that the market had for this company just 3 months ago. Again, simply an outstanding quarter. This is a result of each of the segments and their efforts to do what we do. I say this all the time. What do we do? We try to introduce more products onto more devices in more countries. It's just plain hard work, but it shows the dedication of our teams around the world to accept this challenge and implement. Now I do have a challenge, and it's first quarter. If we're not quite where we'd like to be with first quarter because there is some seasonality with respect to first quarter that I can't get around, and I just want to remind you of that now. First quarter last -- this year was 27% lighter [ph] than Q4 2013. This is a result of fewer ATM cash withdrawals, less mobile content that's being sold because the Christmas season is over, less mobile-phone calling, fewer…

[Operator Instructions] Our first question comes from the line of Peter Heckman from Avondale.

Following up on your comment on the first quarter, Mike, I think you -- the business, you've done a nice job of qualitatively guiding The Street, talking about increasing seasonality to the third quarter, somewhat less seasonality in the fourth. And now, a more pronounced effect in the first quarter. Just trying to interpret your comment, do -- you note that the current consensus does reflect that seasonality. Were you saying that you were comfortable with the first quarter consensus number as it is today? Or were you saying that maybe the seasonality is somewhat -- even though the seasonality is reflecting the consensus number, that seasonality of the business as it is now might be even greater than what's reflected in consensus?

No. Well, I'll tell you, I don't comment on the consensus and haven't. All I'm doing is pointing out kind of the facts. So the facts are, in the old days, say 3 or 4 years ago, Q4 was by far a seasonal quarter. And Q1, for the last 20 years, has been exceedingly weak for us because when we started out as an EFT-only company, everybody spent all their money and almost didn't even go to the ATMs in January. So we were kind of limping along with 2 months into the first quarter of work and that's it. This has continued as we bought epay. We -- in this business, lots of gift cards, mobile top-ups, new phones and everything are bought around the Christmas season so you get, traditionally, a very weak Q1. And then you coupled this with Money Transfer. Money Transfer, and the reality is, in the Northern hemisphere, there's just less jobs for immigrants in the first quarter. So it's just -- it has continued to become more pronounced every year. And we just want to say that last year, we were down 27% over Q4, and that's not inconsistent with the kind of facts that we see moving forward. I have said in the past, too, that what we've done now is we've kind of changed the company into a company now that has an exceedingly strong last half of the year. Pretty good Q2, but a weak Q1. So I just want to remind people of that, because I don't want everybody to add 43% kind of growth in Q1 or something like that just because we might have done that in one of the current quarters. So we'll let you know what we think Q1 will do when we give you the results for Q3 -- I mean, Q4.

Okay. That's helpful. And then your commentary on HiFX, would that suggest that HiFX materially -- or contributes materially more than...

No. For sure not materially, but more. I mean, that's a nice thing. It's a nice little piece of our Money Transfer segment. The guys are working their tushes off there to integrate themselves with us and do well for the company. And then you get -- we got a little bit of a benefit in the latter part of the third quarter because of some currency fluctuations that they were able to bring straight to that bottom line.

Great, great. Last question, I'll get back in the queue. Just -- and this -- it may be too early, but just wanted to see if there was any risk or opportunity. I saw Citibank was talking about exiting 11 international retail banking markets, and I think you are currently running ATMs for Citi in Hungary and the Czech Republic. Do you think there might be an opportunity to purchase those networks? Or...

Well, you have to remember, we mentioned that we did bring the Citibank network under our kind of flag in one of those markets anyway, already. We'll look to do more of that. We'll just see what opportunities there are. I can't tell you what I -- in dealing with any bank in any country, it's given me gray hairs and shortened my life span. So I'll let you know those deals after they occur.

Our next question comes from the line of Mike Grondahl from Piper Jaffray.

The first one is really on the Money Transfer business transactions up 56% to $13.9 million. Mike, is there any way you can just kind of help us with what the Ria core growth was? And what you saw at Walmart or HiFX? Or at least, some more qualitative comments?

Yes. So our core growth was still at the double digits. Walmart, of course, we had 3 months of that, rather than no months of that last year, and just 2 months of that, really, in the first quarter. So that helps. HiFX, like we've been mentioning, was kind of screaming through the end of the quarter. So what we got really was a nice, balanced, excellent contribution from all 3 kind of pieces, organic and acquisitions and the new Walmart-2-Walmart.

Could you talk about...

And I think that the core grew at double digits, so we're still in a great mood [ph].

At Walmart, sequentially, have you continued to see monthly increases?

Yes, Mike. We have, that -- as that product gets rolled out in a complete fashion across the business and we think continues to have greater consumer appeal, because of its affordability and simplicity.

Yes. I mean, there -- I mean, you just look at it, the price differential of doing a domestic money transfer for -- particularly for sends above $200, has fallen tremendously. And not only are we getting users, we believe, that went to Walmart and did it maybe through our competitor before, and that's what everybody tries to always focus on, but I don't really care about them, the fact is that we've got something that the American public likes. It follows right there down that -- the fairway of Walmart because they love everyday low prices. And we've -- we save customers substantial money. Tens of millions of dollars have been saved since we turned on this product, coming right from -- that would've come right out of the customer's pockets and now no longer do so. So we can continue to see that grow because more and more people are finding out about it. We'll learn more about this. We didn't know any of the numbers before we started, and we're learning more about the product everyday, who sends, why they send, how frequently they send. But it's pretty clear that word of mouth is getting around.

Okay. And then, in the EFT business, or the ATMs, United Kingdom was a country, I heard, for the first time...

Yes. Wasn't that nice? Actually if you were following us maybe like 10 years ago or 12 years ago, you would have noted, we actually did have a small network of ATMs in the U.K., and then we ended up selling that network and using the cash proceeds to buy epay. But we're back in the U.K. again. So it's like déjà vu. And we did that with a small gas station chain, and we still believe that even though there's lots and lots of ATMs -- pretty well ATM-ed in the U.K. -- we still think there are some choice sites left.

Okay. And then, on the epay side, China was mentioned on the nonmobile side, that seems like it's a first. What's your...

Well that, we did that with the online retailer, the -- named JD.com, and we're real excited about that. It'll be really interesting to see. I mean, there's been a lot of hype about online search engines and retailers and everything like that in China over the last year or so. So we're happy to be in that partnership with Microsoft doing software distribution for them.

Okay. And then just lastly, the Indian ATMs, is that profitability continuing to ramp? Are you happy with respect to...

Yes, I mean, we continue to throw in new ATMs, we've put in something like 260 ATMs in India in the third quarter. They still got the same kind of ramp that we've talked to you before. They get to breakeven in somewhere between 4 and 6 months, depending on the ATMs. We still see there's lots of opportunity for new sites, the profits are definitely up in India. Because when we first started in India, if you actually think about it, the first 1,000 that we've put in, they've got this long ramp-up time, they're sucking cash out of my EFT segment. I had Europe kind of covering for them. Well now we've got enough of an installed base, that as we add more and more ATMs every quarter, it becomes a smaller piece of the total, so the guys that have been there for 6 or 7 or 8 months, who are delivering profits to us, they become much more demonstrative. And so we end up with higher profits in that particular segment. Our India team has done a great job with that.

[Operator Instructions] Our next question comes from the line of Chris Shutler from William Blair. Christopher Shutler - William Blair & Company L.L.C., Research Division: So I wanted to focus on EFT for a second. First, I think, Rick, it was you that mentioned the reduction in the Cashnet transactions in India, and I was just hoping that you can maybe give us some sense -- I'm trying to get to a -- figure out revenue-per-transaction trends if you exclude those kind of low-value transactions. Can you give us some sense of the number of transactions in India in the current quarter and in the year-ago quarter?

Well, we don't disclose those specific transactions, but I would tell you, it was in the couple-million transaction range, then it tailed off. Christopher Shutler - William Blair & Company L.L.C., Research Division: On a year-over-year basis?

Yes. Christopher Shutler - William Blair & Company L.L.C., Research Division: Okay, got you. That's helpful. And then also, on kind of revenue per transaction. So I mean, it was up, pretty impressive, 22% in the quarter in the EFT, and that's on top of last year's Q3 of -- which was up 29%. So can you talk about the drivers there? Is it fair to assume that a significant majority of that is DCC? Or is there -- or is it a -- I'm sure it's a combination of things, but I'm trying to figure out how much of it is ultimately DCC.

Yes. Well, Chris, as you know, we don't disclose that product in itself there. DCC, clearly, was an important part of that. But as Mike said, we're just putting more product and more high-value transactions on ATMs, whether we're selling a top-up transaction or we're selling an iTunes transaction or a Google Play transaction or we're putting advertising on it or we're doing a like a CRM type of transaction to help a bank make a loan to a customer. Those are transactions that we get more than your -- what you might call your average interchange rate out there. So clearly, DCC -- and it's DCC at the point of sale and DCC at the ATM that have contributed to that. So it was a leading contributor to that, but it wasn't the only contributor.

And don't forget, too, Chris, I may have mentioned this before that like DCC only works when you've got a card that has a different currency coming into your ATM or your POS terminal, right? But if, say, a German guy with a German Euro card comes to my Italian ATM and uses it, I do get paid an interchange rate, which is called the international Mastercard abuse [ph] interchange rate, which is over twice as large as the typical domestic one. So it's not just DCC, it's just when you get a lot of European travelers, and everybody's very religious about their travel in the third quarter, we just start making money in a lot of different ways. Not just through DCC. Christopher Shutler - William Blair & Company L.L.C., Research Division: Yes. Okay, makes sense. And then in -- let's see, in epay, the transaction growth there seems to be accelerating quite nicely. So just wondering what's behind that trend? And then, the reason for the delta between the transaction growth of, I think, 19% and the 7% revenue and that low single-digit profit. Just what's the reason behind the delta there?

Well, as we said in there, the -- we got a lot of transactions coming in from the India business there that we're making a very small number there. So that was a key piece of it. And then as we said, we had a little bit more spend here in the third quarter in an anticipation of our fourth quarter, which is seasonally strong during that holiday sailing -- selling season and some of those expenses we rolled into the first quarter to be prepared for it. We obviously knew that we had an exceptional third quarter to be -- to put more energy into making fourth quarter a great quarter. Christopher Shutler - William Blair & Company L.L.C., Research Division: Yes. Okay. And then just last one, if you don't mind. The -- also in epay, and just an update on the pricing front. Anything that you can -- I mean, do you feel like pricing is sort of -- is it going to stabilize? Or anything that you could -- do you -- how confident do you feel that you can actually stabilize or grow the revenue looking out to next year in epay? I mean profit, sorry.

Yes. Oh, I think we feel confident, very confident, that we can continue to grow the profits in that business. We haven't seen necessarily any kind of dramatic price impacts across our business. And as we have historically done, if we see some rate pressure from a mobile operator or somebody else, is we essentially push that to the retailer. So we feel good about seeing this kind of volume come through the business. About getting more product into the retailers, getting more product into our suite of products, as Mike said here on this JD.com thing, that's a great example of helping a huge content partner like Microsoft distribute product. As that game changes and you see more and more software product go through a point-of-sale activation rather than a shrink wrap and a costly distribution system, we see that we'll benefit from that. So we feel good about that, as I commented, it looks like we've got some of the signs of the reemerging growth trend here. But I'll also repeat what Mike said there, too. Everyday, it's just hard -- plain old hard work, but our teams are out there getting it done, and we feel that we'll continue to get it done next year there.

Thank you, and that completes our Q&A session for today's conference. I would like to turn the call back over to Mr. Brown.

Again, thank you for all of you who've joined us today. We had a great quarter. Look forward to talking to you in our -- in -- after Q4's results. And go, Royals. Talk to you later. Bye, bye.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.