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Item 7. Management’s Discussion and Analysis

2025-02-25 compared with 2024-02-22 · 74 added, 64 removed, 465 unchanged (23% of the section changed)

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This section of the Form 10-K generally discusses 2024 items and year-to-year comparisons between 2024 and 2023 .

Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Company Overview, Geographic Locations and Principal Products and Services

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Gross profit, which is calculated as revenues less direct operating costs, was $ 555.8 million for the year ended December 31, 2024 , an increase of $ 69.6 million or 14.3 % compared to $ 486.2 million for the same period in 2023 .

Gross profit as a percentage of revenues (“gross margin”) de creased to 45.9 % for the year ended December 31, 2023, compared to 48.5 % for the same period in 2022.

Gross profit as a percentage of revenues (“gross margin”) in creased to 47.9 % for the year ended December 31, 2024 , compared to 45.9 % for the same period in 2023 .

For the year ended December 31, 2024 , the increase in gross profit was primarily driven by the revenue increase from additional transaction volumes into new geographies.

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Salaries and benefits expenses were $ 146.8 million for the year ended December 31, 2024 , an in crease of $ 20.3 million or 16.0 % compared to the same period in 2023 .

The increase in salaries and benefits for the year ended December 31, 2023 compared to the same period in 2022 was primarily driven by an increased headcount and an increase in pay rate and bonuses.

As a percentage of revenues, these expenses decreased to 12.0 % for the year ended December 31, 2023, compared to 12.1 % for the same period in 2022.

The increase in salaries and benefits for the year ended December 31, 2024 compared to the same period in 2023 was primarily driven by an increased headcount.

As a percentage of revenues, these expenses increased to 12.6 % for the year ended December 31, 2024 , compared to 12.0 % for the same period in 2023 .

Selling, general and administrative

Selling, general and administrative expenses were $ 58.8 million for the year ended December 31, 2023 , an increase of $ 1.7 million or 3.0 % compared to the same period in 2022 .

Selling, general and administrative expenses were $ 55.1 million for the year ended December 31, 2024 , a decrease of $ 3.7 million or 6.3 % compared to the same period in 2023 .

As a percentage of revenues, these expenses decreased to 4.7 % for the year ended December 31, 2024 , compared to 5.6 % for the same period in 2023 .

Depreciation and amortization

Depreciation and amortization expenses were $ 94.6 million for the year ended December 31, 2023 , a decrease of $ 0.8 million or 0.8 % compared to the same period in 2022 .

Depreciation and amortization expenses were $ 97.9 million for the year ended December 31, 2024 , an increase of $ 3.3 million or 3.5 % compared to the same period in 2023 .

As a percentage of revenues, these expenses decreased to 8.4 % for the year ended December 31, 2024 , compared to 8.9 % for the same period in 2023 .

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EFT Processing Segment had operating income of $ 256.0 million for the year ended December 31, 2024 , compared to operating income of $ 206.3 million in 2023 , an increase of $ 49.7 million compared to the same period in 2023 .

O perating income as a percentage of revenues (“operating margin”) decreased to 19.5 % for the year ended December 31 , 2023, compared to 19.9 % for the same period in 2022 .

Operating income per transaction was $ 0.02 for the year ended December 31 , 2023, compared to $ 0.03 for the same period in 2022 .

For the year ended December 31 , 2023, the increase in operating income and decrease in operating margin was primarily driven by the increase in the number of transactions processed in a region where we generally earn lower revenues per transaction.

O perating income as a percentage of revenues (“operating margin”) increased to 22.0 % for the year ended December 31, 2024 , compared to 19.5 % for the same period in 2023 .

Operating income per transaction was $ 0.02 for the year ended December 31, 2024 and 20023, respectively.

The increase in operating income was primarily driven by the increase in transactions.

The following table summarizes the results of operations for our epay Segment for the years ended December 31, 2024 and 2023 :

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(dollar amounts in millions)

Increase Amount

Increase (Decrease) Amount

Increase (Decrease) Percent

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epay Segment total revenues were $ 1,150.5 million for the year ended December 31, 2024 , an increase of $ 68.1 million or 6.3 % compared to the same period in 2023 .

Foreign currency movements in creased revenues by approximately $ 11.4 million for the year ended December 31, 2023 , compared to the same period in 2022 .

Foreign currency movements de creased revenues by approximately $ 1.4 million for the year ended December 31, 2024 , compared to the same period in 2023 .

The increase in revenues was driven by continued expansion of digital media and mobile sales.

Revenues per transaction increased to $ 0.29 for the year ended December 31, 2023 , compared to $ 0.26 for the same period in 2022 .

The increase in revenues per transaction was primarily driven by a decrease in the number of low-margin mobile transactions processed in a region where we generally earn lower revenues per transaction.

Revenues per transaction decreased to $ 0.26 for the year ended December 31, 2024 , compared to $ 0.29 for the same period in 2023 .

Direct operating costs

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The increase in direct operating costs was primarily due to an increase in cost for transaction volumes of low-value mobile top-up transactions and an increase in retailer commissions.

Foreign currency movements increased these expenses by $ 9.9 million for the year ended December 31, 2023, compared to the same period in 2022 .

Foreign currency movements decreased these expenses by $ 0.9 million for the year ended December 31, 2024 , compared to the same period in 2023 .

Gross profit was $ 277.8 million for the year ended December 31, 2024 , an increase of $ 14.5 million or 5.5 % compared to $ 263.3 million for the same period in 2023 .

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Salaries and benefits expenses were $ 102.0 million for the year ended December 31, 2024 , an increase of $ 10.9 million or 12.0 % compared to the same period in 2023 .

The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and an increase in bonus expenses.

The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business.

As a percentage of revenues, these expenses increased to 8.9 % for the year ended December 31, 2024 , compared to 8.4 % for the year ended December 31, 2023 .

Selling, general and administrative

Selling, general and administrative expenses were $ 39.1 million for the year ended December 31, 2023 , an increase of $ 3.1 million or 8.6 % compared to the same period in 2022 .

As a percentage of revenues, these expenses were 3.6 % for the year ended December 31, 2023, and 2022, respectively.

Selling, general and administrative expenses were $ 38.6 million for the year ended December 31, 2024 , a decrease of $ 0.5 million or 1.3 % compared to the same period in 2023 .

As a percentage of revenues, these expenses decreased to 3.4 % for the year ended December 31, 2023 , compared to 3.6 % for the year ended December 31, 2023 .

Depreciation and amortization

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Money Transfer Segment total revenues were $ 1,686.5 million for the year ended December 31, 2024 , an increase of $ 131.3 million or 8.4 % compared to the same period in 2023 .

The increase in revenues was primarily due to 9.6 % growth in US -outbound transactions, 12.1 % growth in international-originated money transfers - which included 9.9 % growth from Americas outside the US, 12.0 % growth in transfers initiated largely in Europe and 14.3 % growth in transfers initiated in the Middle East and Asia, and 15.5 % growth in xe transactions, partially offset by a 15.5 % decline in the intra-US business.

The increase in revenues was the result of 12% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S.

These transaction growth rates include 28% growth in direct-to-consumer digital transactions.

Revenues per transaction decreased to $ 9.53 for the year ended December 31, 2024 , compared to $ 9.62 for the same period in 2023 .

Foreign currency movements increased revenues by approximately $ 8.7 million for the year compared to the same period in 2022 .

Foreign currency movements did not significantly impact revenues year-over-year.

Direct operating costs

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outbound and international-originated money transfer transactions and corresponding increase in agent commissions.

Foreign currency movements increased direct operating costs by approximately $ 4.9 million for the year ended December 31, 2023, compared to the same period in 2022 .

Foreign currency movements did not significantly impact direct operating costs year-over-year.

Gross profit was $ 766.8 million for the year ended December 31, 2024 , an increase of $ 51.1 million or 7.1 % compared to $ 715.7 million for the same period in 2023 .

Gross margin in creased to 46.0 % for the year ended December 31, 2023 , compared to 44.8 % for the same period in 2022 .

Gross margin de creased to 45.5 % for the year ended December 31, 2024 , compared to 46.0 % for the same period in 2023 .

The increase in gross profit was primarily attributable to the increase in transaction volume and relative decrease of agent commissions for the year ended December 31, 2024 .

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The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business.

As a percentage of revenues, these expenses increased to 20.0 % for the year ended December 31, 2023 , compared to 19.2 % for the same period in 2022.

As a percentage of revenues, these expenses decreased to 19.8 % for the year ended December 31, 2024 , compared to 20.0 % for the same period in 2023 .

Selling, general and administrative

Selling, general and administrative expenses were $ 206.4 million for the year ended December 31, 2024 , an increase of $ 17.6 million or 9.3 % compared to the same period in 2023 .

The increase in these expenses was primarily driven by an increase in professional fees, product hardware, software, and travel-related expenses.

As a percentage of revenues, these expenses decreased to 12.1 % for the year ended December 31, 2023 , compared to 12.6 % for the same period in 2022.

The increase in these expenses was primarily driven by an increase in advertising and promotions, bad debt expenses, product hardware, software, rent and utilities and travel-related expenses, partially offset by a decrease in professional fees.

As a percentage of revenues, these expenses increased to 12.2 % for the year ended December 31, 2024 , compared to 12.1 % for the same period in 2023 .

Depreciation and amortization

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Money Transfer Segment operating income was $ 201.0 million for the year ended December 31, 2024 , an increase of $ 15.6 million or 8.4 % compared to the same period in 2023 .

Operating margin increased to 11.9 % for the year ended December 31, 2023 , compared to 10.7 % for the same period in 2022 .

Operating income per transaction increased to $ 1.15 for the year ended December 31, 2023, compared to $ 1.04 for the same period in 2022 .

The increase in operating income, operating margin, and operating income per transaction for the year ended December 31, 2023 compared to the same period in 2022 was primarily driven by the increase in transaction volume, specifically the higher margin transactions for US outbound and international-originated money transfers, partially offset by the increase in agent commissions, and an increase in headcount to support the growth of the business.

Operating margin was 11.9 % for the year ended December 31, 2024 and 2023, respectively.

Operating income per transaction decreased to $ 1.14 for the year ended December 31, 2024 , compared to $ 1.15 for the same period in 2023 .

The increase in operating income for the year ended December 31, 2024 compared to the same period in 2023 was primarily driven by the increase in transaction volume.

Corporate Services

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Corporate operating expenses

Total Corporate operating expenses were $ 85.3 million for the year ended December 31, 2023 , an increase of $ 11.6 million or 15.7 %, compared to the same period in 2022 .

The increase was primarily due to an increase in share-based compensation and bonuses as a result of improved performance for the year ended December 31, 2023 , compared to the same period in 2022.

Total Corporate operating expenses were $ 83.8 million for the year ended December 31, 2024 , a decrease of $ 1.5 million or 1.8 %, compared to the same period in 2023 .

The decrease was primarily due to a decrease in share-based compensation and bonuses for the year ended December 31, 2024 , compared to the same period in 2023 .

Other Expense, Net

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Interest expense

Foreign currency exchange gain / (loss), net

Foreign currency exchange (loss) / gain, net

Other gains, net

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dollar weakens, our corporate entities will record foreign currency exchange gains.

We recorded a net foreign currency exchange gain of $ 8.0 million for the year ended December 31, 2023 , compared to a net foreign currency exchange loss of $ 28.2 million for the same period in 2022.

We recorded a net foreign currency exchange loss of $ 19.1 million for the year ended December 31, 2024 , compared to a net foreign currency exchange gain of $ 8.0 million for the same period in 2023 .

These realized and unrealized foreign currency exchange gains and losses reflect the fluctuation in the value of the U.S.

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(dollar amounts in millions)

Income before in come t axes

Income before income taxes

Income tax expense

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Our effective income tax rates were 31.8 % and 30.2 % for the years ended December 31, 2024 and 2023 , respectively.

The effective income tax rates were significantly influenced by the impact of foreign currency exchange gains (losses).

The effective income tax rates were influenced by the impact of foreign currency exchange gains (losses).

Excluding foreign currency exchange gains (losses) as well as the related tax effects for these items, our adjusted effective income tax rates were 30.0 % and 32.0 % for the years ended December 31, 2024 and 2023 , respectively.

The effective income tax rate, as adjusted, for 2024 was higher than the applicable statutory income tax rate of 21 % primarily because of certain foreign earnings being subject to higher local statutory tax rates.

The effective income tax rate, as adjusted, for 2023 was higher than the applicable statutory income tax rate of 21 % primarily because of the projected utilization of U.S.

tax benefits, and certain foreign earnings being subject to higher local statutory tax rates.

The effective income tax rate, as adjusted, for 2022 was higher than the applicable statutory income tax rate of 21 % as a result of the non-recognition of tax benefits from losses in certain foreign countries where we have a limited history of profitable earnings and certain foreign earnings being subject to higher local statutory tax rates.

The effective income tax rate, as adjusted, was offset by a decrease in the valuation allowance related to the projected utilization of U.S.

tax benefits.

We determine income tax expense based upon enacted tax laws applicable in each of the taxing jurisdictions where we conduct business.

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EFT - Pakistan

Euronet Infinitium Solutions

Latam ATM Solutions

EFT - South America

Net Income (Loss) Attributable to Euronet

Net income attributable to Euronet was $ 306.0 million for the year ended December 31, 2024 , an increase of $ 26.3 million compared to net income in the same period in 2023 .

For the year ended December 31, 2023 , the increase in net income was primarily attributable to the $ 124.6 million increase in gross profit driven by an increase in transaction volumes across all three segments and the $ 36.2 million increase in foreign currencies, partially offset by an $ 68.7 million increase in salaries and benefits, and a $ 29.0 million increase in income tax expense.

For the year ended December 31, 2024 , the increase in net income was primarily attributable to the $ 135.3 million increase in gross profit driven by an increase in transaction volumes across all three segments and an increase in other gains of $ 21.3 million, partially offset by a $ 47.3 million increase in salaries and benefits, a $ 27.1 million foreign currency exchange loss, a $ 16.3 million increase in interest expenses and a $ 21.7 million increase in income tax expense.

Translation Adjustment

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dollars, differences between current and historical exchange rates generate this translation adjustment.

We recorded a net gain on translation adjustments of $ 47.9 million for 2023 and a net loss of $ 78.3 million for 2022 .

In 2023 , the U.S.

dollar weakened compared to key foreign currencies, resulting in translation gains which were recorded in comprehensive (loss) income.

We recorded a net loss on translation adjustments of $ 117.8 million for 2024 and a net gain of $ 47.9 million for 2023 .

In 2024 , the U.S.

dollar strengthened compared to key foreign currencies, resulting in translation losses which were recorded in comprehensive (loss) income.

In 2023 , the U.S.

dollar weakened compared to key foreign currencies, resulting in translation gains which were recorded in comprehensive (loss) income.

Liquidity and Capital Resources

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As of December 31, 2024 , we had working capital of $ 810.5 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $ 1,462.1 million as of December 31, 2023.

The increase in working capital was due to several changes in working capital line items, mainly due to 2023 ending in the weekend, which impacts funding needs for our money transfer agents.

The decrease in working capital was due to several changes in working capital line items, mainly due to 2023 ending in the weekend, which increased funding needs for our money transfer agents.

2024 ended on a Tuesday, which impacted our working capital line items positively as balances were settled before year-end.

Our ratio of current assets to current liabilities was 1.25 and 1.54 at December 31, 2024 and December 31, 2023 , respectively.

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The Company has $ 1,278.8 million of unrestricted cash as of December 31, 2024 compared to $ 1,254.2 million as of December 31, 2023 .

The Company has access to $ 2,106.8 million in available cash, and $ 661.2 million available under the Credit Facility with no significant long-term debt principal payments until March 2025.

The Company has access to $ 2,289.8 million in available cash, and $ 1,335.1 million available under the Company's revolving credit facility.

We had cash, cash equivalents and restricted cash of $ 2,488.2 million as of December 31, 2024 , of which $ 2.064.7 million was held outside of the U.S.

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Cash flows provided by operating activities were $ 732.8 million f or the year ended December 31, 2024 compared to $ 643.1 million for the same period in 2023 .

The de crease in operating cash flows was primarily due to the decrease mainly associated with the timing of the settlement processes with content providers in the epay Segment, with correspondents in the Money Transfer Segment, and with card organizations and banks in the EFT Processing Segment offset by an increase in net income .

The in crease in operating cash flows was primarily due to the increase in net income, increase in unrealized foreign exchange results and increase in working capital, partially offset by a decrease in the changes in non-current assets and liabilities.

Investing activity cash flow

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We used $ 117.2 million for purchases of property and equipment for the year ended December 31, 2024 compared to $ 94.4 million for the same period in 2023 .

We used $60.0 million for the issuance of Convertible Notes Receivable.

There were no material acquisitions in 2023.

In 2022, we used $ 343.0 million for the acquisition of Piraeus Bank Merchant Acquiring business of Piraeus Bank.

We used $ 91.6 million for acquisitions in 2024 and t here were no material acquisitions in 2023 .

Financing activity cash flow

Cash flows used in financing activities were $ 135.7 million for the year ended December 31, 2024 compared to $ 143.2 million for the same period in 2023 .

The increase in cash used in financing activities was primarily the result of the $ 532.2 million net borrowings on debt obligations for the year ended December 31, 2023 compared to $ 171.4 million for the same period in 2022 .

The decrease in cash used in financing activities was primarily the result of the $ 120.3 million net borrowings on debt obligations/credit agreements for the year ended December 31, 2024 compared to $ 229.4 million for the same period in 2023 .

We repurchased $ 265.2 million of common stock during the year ended December 31, 2024 compared to repurchases of $ 378.4 million for the same period in 2023 .

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Other sources of capital

Credit Facility - On October 24, 2022, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $ 1.03 billion to $ 1.25 billion and to extend the expiration to October 24, 2027.

The revolving credit facility contains a sublimit of up to $ 250 million, with $ 150 million committed, for the issuance of letters of credit, a $ 75 million sublimit for U.S.

Credit Facility - O n December 17, 2024, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.25 billion to $1.9 billion and to extend the expiration to December 17, 2029.

The amended Credit Facility includes a multi-currency borrowing tranche totaling $1,685 million and a USD borrowing tranche totaling $215 million .

The amended Credit Facility also removes the credit spread adjustment on SOFR and SONIA borrowings.

All other terms remain substantially the same as the previous Credit Facility.

The multi-currency tranche of the revolving credit facility contains a sublimit of up to $ 500 million for the issuance of letters of credit, a $ 75 million sublimit for U.S.

dollar swingline loans and a $ 75 million sublimit for swingline loans in euros or British pounds sterling.

The Credit Facility allows for borrowings in British pounds sterling, euro and U.S.

The multi-currency tranche of the Credit Facility allows for borrowings in British pounds sterling, euro and U.S.

Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $ 500 million by requesting additional commitments from existing or new lenders.

Fees and interest on borrowings vary based upon the Company's corporate credit rating and will be based, in the case of letter of credit fees, on a margin, and in the case of interest, on a margin over a secured overnight financing rate, as defined in the agreement, with a margin, including the facility fee, ranging from 1.00 % to 1.625 % or the base rate, as selected by the Company.

The applicable margin for borrowings under the credit facility, based on the Company's current credit rating is initially 1.25 % including the facility fee.

As of December 31, 2023 and 2022, the Company had stand-by letters of credit/bank guarantees outstanding under the Credit Facility of $ 51.9 million and $ 54.6 million, respectively.

Stand-by letters of credit/bank guarantees reduce the Company's borrowing capacity under the Credit Facility and are generally used to secure trade credit and performance obligations.

Borrowings under the Revolving Credit Facility (other than swing line loans) bear interest on a margin over a secured financing rate or the base rate, as selected by the Co mpany, which varies from 0.875% to 1.375%, in each case based on the Company’s current credit rating.

The applicable margin for borrowings under the Credit Facility, based on the Company’s current credit rating is 1.075%.

In addition, the Company pays a facility fee on the total commitments made under the Revolving Credit Facility, which varies from 0.125% to 0.250%.

The current facility fee is 0.175%.

As of December 31, 2024 and 2023 , the stand-by letters of credit interest charges were each 1.25 % per annum.

Borrowing capacity under the Credit Facility as of December 31, 2024 was $ 1,335.1 million.

Uncommitted Line of Credit - On June 26, 2023, the Company entered into an Uncommitted Loan Agreement for $ 150 million, fully drawn and outstanding at December 31, 2023, for the sole purpose of providing vault cash for ATMs, that expires no later than June 21, 2024.

The loan is a Prime rate loan, Bloomberg Short-term Bank Yield ("BSBY") rate loan plus 0.95 % or bears interest at the rate agreed to by the Bank and the Company at the time such loan is made.

The weighted-average interest rate from the loan inception date to December 31, 2023 was 6.29 %.

The weighted-average interest rate of the Company's borrowings under the Credit Facility from January 1, 2024 to December 31, 2024 was 6.39 % .

Uncommitted Line of Credit - On June 21, 2024, the Company rolled its existing $ 150 million Uncommitted Loan Agreement into a new Uncommitted Loan Agreement with a $ 400 million credit limit through September 30, 2024, and a credit limit of $ 250 million thereafter for the sole purpose of providing vault cash for ATMs and expires no later than June 20, 2025 .

The loan had an outstanding balance of $ 250 million at December 31 , 2024.

The loan is a Prime Rate Loan, a Daily SOFR Rate Loan plus 1.05 % or shall bear interest at the rate agreed to by the Bank and the Company at the time such Loan is made.

The weighted-average interest rate from loan inception date to December 31, 2024 , was 6.07 %.

Convertible debt - On March 18, 2019, we completed the sale of $ 525.0 million in principal amount of Convertible Senior Notes due 2049 (“Convertible Notes”).

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In connection with the issuance of the Convertible Notes, we recorded $ 12.8 million in debt issuance costs, which are being amortized through March 1, 2025.

The Company has a March 15, 2025 put date on the $525 million Convertible Notes, requiring us to issue a notice informing the market of this put date.

Given current bond trading levels and our share price, we anticipate that bondholders will exercise their put option and as a result the Convertible Notes are classified as short-term obligations.

As noted above, the holders of the Convertible Notes have the option to require the Company to repurchase their Convertible Notes on March 15, 2025.

Given current bond trading levels and the Company’s share price, the Company anticipates that holders of the Convertible Notes will exercise their repurchase option and as a result the Convertible Notes are classified as short-term obligations on the Consolidated Balance Sheet as of December 31, 2024.

Senior Notes - On May 22, 2019, we completed the sale of € 600 million ($ 669.9 million) aggregate principal amount of Senior Notes that mature in May 2026 (the "Senior Notes").

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There were $ 37.7 million and $ 0.3 million outstanding under these other obligation arrangements as of December 31, 2024 and December 31, 2023 .

On October 9, 2024, the Company completed a facility of MYR 140 million and an overdraft facility of MYR 100 million for its Malaysian business.

Each advance under this facility shall be made for a term of 1 month or such other period of up to 12 months.

As of December 31, 2024 $37.4 million was borrowed under this facility.

Other uses of capital

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For additional information on operating and finance lease obligations, see Note 14 , Leases, to the Consolidated Financial Statements.

At current and projected cash flow levels, we anticipate that cash generated from operations, together with cash on hand and amounts available under our Credit Facility and other existing and potential future financings will be sufficient to meet our debt, leasing, and capital expenditure obligations.

At current and projected cash flow levels, we anticipate that cash generated from operations, together with cash on hand and amounts available under our Credit Facility and other existing and potential future financing will be sufficient to meet our debt, leasing, and capital expenditure obligations.

If our capital resources are not sufficient to meet these obligations, we will seek to refinance our debt and/or issue additional equity under terms acceptable to us.

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Share repurchase plan

On December 8, 2021, we put a repurchase program in place to repurchase up to $ 300 million in value, but not more than 5.0 million shares of common stock through December 8, 2023.

For the year ended December 31, 2023 , t he Company repurchased 1,400,229 shares under the repurchase program at a weighted average purchase price of $ 89.31 for a total value of $ 125.0 million .

On September 13, 2022, we put a repurchase program in place to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 13, 2024.

For the year ended December 31, 2023, we repurchased 2,936,667 shares under the repurchase program at a weighted average purchase price of $ 86.27 for a total value of $ 253.4 million.

On September 13, 2023, the Company put a repurchase program in place to repurchase up to $350 million in value, but not more than 7.0 million shares of common stock through September 13, 2025.

For the year ended December 31, 2023, t he Company did not repurchase shares under this plan.

The repurchase program, initiated on September 13, 2022, to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 13, 2024, has been completed.

During 2024, we repurchased 850,528 shares under the repurchase program at a weighted average purchase price of $113.63 for a total value of $96.6 million.

On September 13, 2023, the Company initiated a repurchase program to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 13, 2025.

During 2024 , we repurchased 1,625,005 shares under the repurchase program at a weighted average purchase price of $103.73 for a total value of $168.6 million.

On September 11, 2024, the Company initiated a repurchase program to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 11, 2026.

During 2024, the Company did not repurchase shares under this plan.

Repurchases under the programs may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10 b 5 - 1 plan.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis