Euronet Worldwide Inc (EEFT) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, greetings, and welcome to the Euronet Worldwide Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，女士們、先生們，大家好，歡迎參加 Euronet 全球 2021 年第四季和全年財報電話會議。 （操作員說明）

It is now my pleasure to introduce your host, Mr. Scott Claassen, General Counsel for Euronet Worldwide. Thank you. Mr. Claassen, you may begin.

現在我很高興向您介紹主持人，Euronet Worldwide 總法律顧問 Scott Claassen 先生。謝謝。克拉森先生，您可以開始了。

Thank you. Good morning, and welcome, everyone, to Euronet's quarterly results conference call. We'll present our results for the fourth quarter and the full year of 2021 on this call. We have our Chairman and CEO, Mike Brown; our CFO, Rick Weller; and the CEO of our epay division, Kevin Caponecchi on the call.

謝謝。早安，歡迎大家參加 Euronet 季度業績電話會議。我們將在本次電話會議上公佈第四季和 2021 年全年的業績。我們有董事長兼執行長 Mike Brown；我們的財務長 Rick Weller；我們的 epay 部門執行長 Kevin Caponecchi 參加了電話會議。

Before we begin, I need to call your attention to the forward-looking statement disclaimer on the second slide of the PowerPoint presentation we'll be making today. 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 that are listed on the second slide of our presentation. Euronet does not intend to update those forward-looking statements and undertakes no duty to any person to provide any such update. In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures.

在我們開始之前，我需要提醒您注意我們今天將要製作的 PowerPoint 簡報第二張投影片上的前瞻性聲明免責聲明。本次電話會議中涉及 Euronet 或其管理階層對未來績效的意圖、預期或預測的聲明均為前瞻性聲明。由於我們簡報第二張投影片中列出的許多因素，Euronet 的實際結果可能與此類前瞻性聲明中的預期有重大差異。 Euronet 不打算更新這些前瞻性陳述，也不向任何人承擔提供任何此類更新的義務。此外，PowerPoint 簡報還包括我們將在電話會議期間使用的非 GAAP 財務指標與最具可比性 GAAP 指標的調整表。

Now I'll turn the call over to our CEO, Mike Brown. Mike?

現在我將把電話轉給我們的執行長麥克布朗。麥克風？

Thank you, Scott, and thank you to everyone who's joining us today. I'll begin my comments on Slide #5. I'm happy to be joining you today on the other side of a year that continued to present more uncertainties from the COVID pandemic, but one where we have emerged stronger with more products and better network and even more advanced technology.

謝謝你，斯科特，也謝謝今天加入我們的所有人。我將從幻燈片 #5 開始我的評論。我很高興今天能在新的一年與大家見面，新冠疫情繼續帶來更多的不確定性，但我們憑藉更多的產品、更好的網路和更先進的技術變得更加強大。

Just as it did through to the heart of the pandemic, the strength of our balance sheet has afforded us the luxury of continuing to invest in our business and our best-in-class employees. Our pre-pandemic strategy consisted of 2 key points: one, deploy ATMs in more markets; and two, expand our physical and digital distribution in both epay and Money Transfer. Our investments validated that these strategies remain effective, and we believe that they will continue to result in strong earnings growth rates in the coming years.

正如疫情爆發的核心時期一樣，我們強大的資產負債表使我們能夠繼續投資於我們的業務和一流的員工。我們的疫情前策略有兩個要點：一是在更多市場部署ATM；第二，擴大我們在 epay 和 Money Transfer 方面的實體和數位分銷。我們的投資證明這些策略仍然有效，我們相信它們將在未來幾年繼續帶來強勁的獲利成長率。

We achieved these strong double-digit growth rates in revenue, adjusted operating income and adjusted EBITDA for the full year of 2021, despite a year with highly irregular travel patterns, that moved from heavy restrictions across most of the world to promising travel patterns later in the year, only to be set back by Omicron in the second half of the fourth quarter.

儘管這一年出行模式非常不規律，但我們在2021 年全年的收入、調整後營業收入和調整後EBITDA 方面實現了強勁的兩位數增長率，全球大部分地區的出行模式從嚴格限制轉變為2021 年晚些時候有希望的出行模式今年，只是在第四季度後半段被 Omicron 擊倒。

Despite this setback, the current data suggests a strong rebound in travel recovery beginning in the second quarter of this year 2022. As we ended the year, and airlines increased flight capacity, we saw improvements in cash withdrawal trends, particularly through the first half of the fourth quarter as the Omicron variant spread across the globe, air travel was interrupted and lockdowns were implemented in certain countries, resulting in lighter transaction recovery than early in the quarter.

儘管遭遇這一挫折，目前的數據表明，從2022 年第二季開始，旅行復甦出現強勁反彈。隨著年底的到來，航空公司增加了航班運力，我們看到現金提取趨勢有所改善，特別是在2022 年上半年。第四季度，隨著 Omicron 變種在全球蔓延，航空旅行被中斷，某些國家實施了封鎖，導致交易復甦程度低於本季初。

In epay, we continue to see strong adoption of our digital products in many of our markets, and we achieved $1 billion in revenue for the first time in that segment's history. And in Money Transfer, we continue to deliver strong double-digit growth rates on the U.S. and international outbound transactions, including the Middle East and Asia, which were offset by lower domestic transactions and transactions in the Middle East and Asia, where transactions still suffered from government-mandated lockdowns.

在 epay 方面，我們繼續看到我們的數位產品在許多市場中廣泛採用，並且我們在該領域歷史上首次實現了 10 億美元的收入。在匯款方面，我們繼續在美國和國際出境交易（包括中東和亞洲）上實現強勁的兩位數增長率，但國內交易量以及中東和亞洲交易量的下降抵消了這一增長，而這些地區的交易量仍受到影響免受政府強制封鎖的影響。

All of the data from this fourth quarter, together with the continued global expansion of vaccine programs and many countries' decision to open borders to regain some of the GDP loss during past travel seasons give us optimism in our expectation that 2022 will be a strong year for Euronet.

第四季的所有數據，加上全球疫苗計畫的持續擴張以及許多國家決定開放邊境以彌補過去旅遊季節的部分 GDP 損失，讓我們樂觀地預期 2022 年將是強勁的一年對於歐洲網。

Now let's go on to Slide 6, and I'll discuss the current travel data in more detail. On Slide 6, we have presented an updated version of the graph we provided to you in the last couple of quarters, which shows actual and projected European flight data for this year versus 2019, overlaid with our total international cash withdrawals for the same period as well as our transaction recovery from non-EU cardholders. This chart really helps you see the trend we mentioned on the previous slide. The actual flight data continued to improve through the first half of the fourth quarter, and our international cash withdrawals were tracking better than flight data in the travel recovery transactions.

現在讓我們繼續看投影片 6，我將更詳細地討論目前的旅行數據。在投影片 6 中，我們展示了過去幾季向您提供的圖表的更新版本，其中顯示了今年與 2019 年相比的實際和預測歐洲航班數據，並與我們同期的國際現金提取總額重疊。以及我們從非歐盟持卡人處恢復的交易。這張圖表確實可以幫助您了解我們在上一張投影片中提到的趨勢。第四季上半年，實際航班數據持續改善，我們的國際現金提取在旅行恢復交易中的追蹤情況好於航班數據。

As you can see a sharp increase in non-EU transactions represented by the blue dots, and which represent 25% of the total international transactions presented on the gold dot. However, in mid-November, you can see that the flight data started declining with the spread of the Omicron variant, and our total international transactions, including non-EU transactions, also declined sharply as new travel restrictions and lockdown requirements were put in place in several markets.

正如您所看到的，藍點代表的非歐盟交易急劇增加，佔金點代表的國際交易總額的 25%。然而，到了11 月中旬，您可以看到，隨著Omicron 變種的傳播，航班數據開始下降，而且隨著新的旅行限制和封鎖要求的實施，我們的國際交易總額（包括非歐盟交易）也急劇下降在幾個市場。

You'll notice the orange circles on the graph are industry predictions that were made prior to Omicron, which have not yet been updated to account for the new variant. What we see in the news continues to confirm a view similar to what these numbers represent. As we have said in the past, we tend to see intra-Europe transaction recovery ahead of flight recovery largely because travel by automobile is faster to a range and returns more quickly than airline travel.

您會注意到圖表上的橙色圓圈是 Omicron 之前做出的行業預測，尚未更新以適應新的變體。我們在新聞中看到的內容繼續證實了與這些數字所代表的觀點類似的觀點。正如我們過去所說，我們傾向於在航班恢復之前看到歐洲內部交易的復甦，這主要是因為汽車旅行比航空旅行更快地到達目的地和返回。

While the decline in transactions from Omicron couldn't have been predicted when we provided guidance in October, we continue to be encouraged that when borders were open with limited or no travel restrictions and when flights were operating, tourists were eager to travel and that continued to translate into cash withdrawals for our EFT business.

雖然我們在10 月提供指導時無法預測Omicron 交易量的下降，但我們繼續感到鼓舞的是，當邊境開放且旅行限制有限或沒有旅行限制時，以及當航班運營時，遊客渴望旅行，而且這種情況仍在持續轉化為我們的電子轉帳業務的現金提取。

There have been many predictions of a strong travel recovery in 2022 as vaccine efforts continue to spread across the world and as people learn to live with COVID as part of their lifestyle.

隨著疫苗工作繼續在世界範圍內推廣，以及人們學會將新冠病毒作為生活方式的一部分，許多人預測 2022 年旅行將出現強勁復甦。

Let's go on to Slide #7, where we have presented some of these articles with a little bit more detail. At various points during the pandemic, we felt like we could see that light at the end of the tunnel only to enter another COVID way. However, this time, to steal a baseball analogy, it feels like we may be rounding third base and heading for home. We are seeing articles that quote various officials, starting to predict that COVID will become an endemic during 2022 for some parts of the world.

讓我們繼續看第 7 張投影片，我們在其中介紹了其中一些文章，並提供了更多細節。在大流行期間的不同時刻，我們感覺我們可以看到隧道盡頭的曙光，但卻進入了另一條新冠病毒之路。然而，這一次，借用棒球的比喻，感覺就像我們可能繞過三壘並回家。我們看到一些文章引用了多位官員的話，開始預測新冠肺炎將在 2022 年成為世界某些地區的流行病。

We are also seeing new treatments being approved vaccines finally reaching the less developed countries and airline expectations starting to climb back up in anticipation of better travel numbers this year. In January, a survey of Americans who travel for business or pleasure before the pandemic, 91% of those respondents have plans to travel in the next 6 months, and 25% have said that the pandemic no longer influences their decision to travel according to a travel market research firm, Logwoods International.

我們也看到新的治療方法和疫苗最終到達欠發達國家，航空公司的期望開始回升，因為預計今年的旅行人數將會增加。 1月份，一項針對疫情前出差或休閒旅行的美國人的調查顯示，91%的受訪者有未來6個月內旅行的計劃，25%的人表示，疫情不再影響他們的旅行決定。旅遊市場研究公司Logwoods International。

We are seeing major brands like Visa and Mastercard make statements that consumers are learning to live with the pandemic and also that spending surged in the final 3 months of 2021 despite the disruption caused by Omicron. Some of the more encouraging stories include comments that airlines are starting to recover. In fact, with their popular budget airline in Europe, reported a 243% increase in passengers year-over-year for the fourth quarter of 2021. Perhaps the most important and to the most significant portion of our EFT business beginning this February, a couple of days ago, the EU made a policy shift from safe listing travelers to Europe by country and replacing them with restrictions based on individual travelers COVID status. These recommendations were based on 3 factors: first, the Omicron variant appears to be much milder version of the COVID-19 and therefore, less worrying; second, citizens are tired of these ongoing restrictions; and third, these countries have concluded that travel restrictions do not prevent the spread of COVID-19.

我們看到 Visa 和萬事達卡等主要品牌發表聲明稱，消費者正在學習如何應對這一流行病，儘管 Omicron 造成了乾擾，但 2021 年最後 3 個月的支出仍在激增。一些更令人鼓舞的故事包括航空公司開始復甦的評論。事實上，該公司在歐洲頗受歡迎的廉價航空公司報告稱，2021 年第四季的乘客數量年增了243%。從今年2 月開始，我們的電子轉帳業務中最重要且最重要的部分可能是，幾天前，歐盟做出了政策轉變，從按國家/地區將前往歐洲的旅客列入安全名單，取而代之的是根據個人旅客的新冠病毒狀況進行限制。這些建議基於 3 個因素：首先，Omicron 變種似乎是 COVID-19 的溫和版本，因此不那麼令人擔憂；其次，公民厭倦了這些持續的限制；第三，這些國家得出的結論是，旅行限制並不能阻止 COVID-19 的傳播。

In their recommendation, they noted that a person-based approach will substantially simplify the applicable rules and will provide additional clarity and predictability for travelers. Outside of Europe, where strict lockdowns and travel restrictions have been in place for much of the pandemic, we're starting to see some easing of these policies. For example, the Philippines announced that effective February 1, and the government will allow fully vaccinated foreign travelers in the country, and several other Asian countries are considering plans to allow tourists into certain island beach areas of their countries. All of these third-party indicators give us optimism that we may now be where we thought we were a year ago. While there is not a universal view that 2019 travel levels will be achieved, the confidence of achieving near 2019 levels is continuing to build, giving us confidence that the EFT segment will deliver significant contributions to our consolidated results this year. While we do not expect the EFT results to fully achieve '19 levels with the improved EFT results in 2022, together with the growth that we have achieved in epay and Money Transfer over the last 2 years, we continue to expect that we will produce 2022 earnings similar to those in 2019.

他們在建議中指出，以人為本的方法將大大簡化適用的規則，並將為旅客提供額外的清晰度和可預測性。在歐洲以外，在大流行的大部分時間裡實施了嚴格的封鎖和旅行限制，我們開始看到這些政策有所放鬆。例如，菲律賓宣布自2月1日起，政府將允許在該國接種全面疫苗的外國遊客，其他幾個亞洲國家正在考慮允許遊客進入其國家某些島嶼海灘地區的計畫。所有這些第三方指標都讓我們樂觀地認為，我們現在可能處於一年前的水平。雖然人們普遍認為 2019 年的差旅水準將會達到，但實現接近 2019 年水準的信心正在持續增強，這讓我們相信 EFT 部門將為我們今年的綜合業績做出重大貢獻。雖然我們預計 2022 年 EFT 結果不會完全達到 '19 水平，但 EFT 結果將有所改善，加上過去 2 年我們在 epay 和 Money Transfer 方面取得的增長，但我們仍然預計 2022 年我們將實現盈利與2019年相似。

Now let's move on to Slide #8, and we'll talk about some of our EFT expansion in the quarter. Slide #8. Over the years, we have consistently demonstrated our willingness and ability to expand our product portfolio and distribution capabilities. You may remember that in March of last year, we announced our intention to acquire the merchant acquiring arm of Prius Bank in Greece. This acquisition expands Euronet's merchant acquiring capabilities, including a leading position in Greece for online acquiring in a market that continues to have the same growth trajectory that we saw when announcing the acquisition. This has taken a little longer to close than we originally expected, but we expect to close later this quarter.

現在讓我們繼續看第 8 張投影片，我們將討論本季的一些 EFT 擴張。幻燈片#8。多年來，我們始終如一地展示了擴大產品組合和分銷能力的意願和能力。您可能還記得，去年三月，我們宣布有意收購希臘普銳斯銀行的商業收單部門。此次收購擴大了 Euronet 的商家收單能力，包括在希臘線上收單市場的領先地位，該市場繼續保持與我們宣布收購時相同的成長軌跡。完成的時間比我們最初預期的要長一些，但我們預計將在本季稍後完成。

We also signed an agreement with SafePay, a fintech start-up in Pakistan. SafePay as a developer of a financial platform that facilitates digital payments in Pakistan. The company's platform assist stores to increase checkout conversion, speeds up accounts receivables and streamlined sales by helping customers to pay online. Euronet will provide the technology to help SafePay interact with Visa's Internet payment gateway services.

我們也與巴基斯坦金融科技新創公司 SafePay 簽署了協議。 SafePay 是一家促進巴基斯坦數位支付的金融平台開發商。該公司的平台透過幫助顧客在線上支付，幫助商店提高結帳轉換率、加快應收帳款並簡化銷售。 Euronet 將提供技術協助 SafePay 與 Visa 的網路支付網關服務互動。

In addition to a focus on expanding our non-ATM services, we also continue to expand our ATM network. This quarter, we launched new ATMs in Montenegro. Montenegro is a beautiful country with rugged mountains, Madiba villages and beaches along the Adriatic coastline.

除了專注於擴大非 ATM 服務外，我們還繼續擴大 ATM 網路。本季度，我們在黑山推出了新的 ATM 機。黑山是一個美麗的國家，擁有崎嶇的山脈、馬迪巴村莊和亞得里亞海海岸線的海灘。

In 2019, the country welcomed more than 2.6 million tourists and year-over-year growth was booming. This will be a nice addition to our ATM networks across Europe. In Spain, we continue to sign agreements with banks so that they're domestic customers have access to Euronet's more than 3,300 ATMs in the country, significantly expanding the convenience for the bank's customers. This quarter, we signed an agreement with Orange Bank and Euro 6000, a consortium of 12 banks in Spain. We now have 25 network participation agreements with 72 banks in Spain, which is a reflection on the great value our ATM network provides the banks and their domestic customers. We also continue to add more ATMs in our existing markets. During the quarter, we added another 375 deployed ATMs and outsourced ATMs and 259 low-margin ATMs.

2019年，該國接待遊客超過260萬人次，較去年同期成長迅猛。這將是我們整個歐洲 ATM 網路的一個很好的補充。在西班牙，我們繼續與銀行簽署協議，讓其國內客戶可以使用Euronet在該國的3,300多台ATM，顯著擴大了銀行客戶的便利性。本季度，我們與 Orange Bank 和 Euro 6000（西班牙 12 家銀行組成的財團）簽署了協議。我們現在與西班牙的 72 家銀行簽訂了 25 個網路參與協議，這反映了我們的 ATM 網路為銀行及其國內客戶提供的巨大價值。我們也繼續在現有市場中添加更多自動櫃員機。本季度，我們又增加了 375 台部署的 ATM 機和外包的 ATM 機以及 259 台低利潤 ATM 機。

We seasonally deactivated nearly 4,000 machines due to the slower travel season in the winter and the travel disruptions and new lockdown restrictions caused by the spreading of the Omicron variant. For the full year, we added more than 3,350 new deployed ATMs. We reduced our outsourcing count by about 850 machines and added 432 low-margin ATMs, bringing our total ATM estate to 48,619.

由於冬季旅行淡季以及 Omicron 變種傳播造成的旅行中斷和新的封鎖限制，我們季節性停用了近 4,000 台機器。全年，我們新部署了 3,350 多台 ATM。我們減少了約 850 台機器的外包數量，並增加了 432 台低利潤 ATM 機，使 ATM 機總數達到 48,619 台。

As we look forward, we would expect to add between 4,000 and 4,500 ATMs to our estate this year. As we wrap up the year on EFT, we are encouraged that as travel came back, our growth strategy was validated. People will still travel, they'll still want cash when they do so. we even found that they were withdrawing more cash in each transaction. So as travel continues to trend back to pre-COVID levels, we are proud that we have a larger, stronger network to serve both our domestic and international customers in 33 countries around the world.

展望未來，我們預計今年將在我們的房地產中增加 4,000 至 4,500 台 ATM 機。當我們結束 EFT 的這一年時，我們感到鼓舞的是，隨著旅行的回歸，我們的成長策略得到了驗證。人們仍然會出行，出行時仍然需要現金。我們甚至發現他們在每筆交易中提取的現金都更多。因此，隨著旅行繼續恢復到新冠疫情之前的水平，我們感到自豪的是，我們擁有一個更大、更強大的網絡，可以為全球 33 個國家的國內和國際客戶提供服務。

Now let's move on to Slide 9, and we'll talk about epay. Epay had an outstanding year, delivering double-digit growth across all metrics and reaching $1 billion in revenue for the first time in its history. These exceptional results were achieved through the continued growth in our digital media distribution, both in physical retail as well as through digital distribution channels and through growth in mobile top-ups sold through the digital channels. The expansion in digital distribution has been extremely important for many consumers around the world for the last couple of years. movement restrictions and the lockdowns imposed during the pandemic highlighted the importance of the digital economy. For people who previously relied on physical retail, the transition to the digital economy was challenging by implementing new digital distribution agreements with retailers by adding mobile wallet distribution and perhaps most importantly, by digitizing traditional payment methods, epay provided a path for these customers to fully participate in the digital economy. The technology to make these payments happen is complex, but the technology we have spent years developing and improving made these conversions achievable to our customers. And as you can see on this slide, we continue to sign new agreements for more products distributed through all of our channels. This quarter, we launched Apple products on phone pay and Amazon Pay wallets in India.

現在讓我們轉到投影片 9，我們將討論 epay。 Epay 度過了出色的一年，所有指標均實現兩位數增長，收入歷史上首次達到 10 億美元。這些卓越的業績是透過我們在實體零售和數位分銷管道的數位媒體分銷的持續增長以及透過數位管道銷售的行動儲值的成長來實現的。在過去的幾年裡，數位發行的擴張對於世界各地的許多消費者來說極為重要。疫情期間實施的行動限制和封鎖凸顯了數位經濟的重要性。對於以前依賴實體零售的人來說，向數位經濟的轉型充滿挑戰，需要透過添加行動錢包分銷來與零售商實施新的數位分銷協議，也許最重要的是，透過數位化傳統支付方式，epay 為這些客戶提供了一條充分利用數位化管道的途徑。參與數位經濟。實現這些支付的技術很複雜，但我們花費多年開發和改進的技術使我們的客戶可以實現這些轉換。正如您在這張投影片中所看到的，我們繼續簽署新協議，透過我們所有管道分銷更多產品。本季度，我們在印度推出了支援手機支付和 Amazon Pay 錢包的 Apple 產品。

These 2 wallets do exceptionally high transaction volume, and Apple will be another nice addition to their product offering. We also saw nice growth in other Asian markets. In Indonesia, we launched digital media content at Alpha-Mart, one of the largest convenience store chains in the country as well as tender digital codes, which will be distributed through Tokopedia, Indonesia, one of the largest e-commerce platforms in Southeast Asia.

這兩個錢包的交易量非常高，蘋果將成為他們產品的另一個不錯的補充。我們也看到其他亞洲市場的良好成長。在印度尼西亞，我們在該國最大的連鎖便利商店之一 Alpha-Mart 推出了數位媒體內容以及招標數位代碼，這些內容將透過東南亞最大的電子商務平台之一印尼 Tokopedia 進行分發。

Finally, we launched digital distribution of Just Eat a leading global online food order and delivery service kind of like Uber Eats in 7 European countries, including Germany, Austria and Switzerland. Epay has developed industry-leading partnerships with the most popular global brand a vast network of retailers and digital distribution partners and best-in-class technology that make integrating the brands and the retailers quick, seamless and convenient. Brands benefit from increased distribution, retailers benefit from having more content to offer their customers and the customers benefit from having the choice in how they want to interact with their funds, whether in a physical store location or as a participant in the world's digital economy.

最後，我們在德國、奧地利和瑞士等 7 個歐洲國家推出了 Just Eat 的數位分銷服務，Just Eat 是全球領先的線上食品訂購和配送服務，類似於 Uber Eats 優食。 Epay 與最受歡迎的全球品牌建立了行業領先的合作夥伴關係，擁有龐大的零售商和數位分銷合作夥伴網絡以及一流的技術，使品牌和零售商的整合能夠快速、無縫和便捷。品牌受益於分銷的增加，零售商受益於為客戶提供更多內容，客戶受益於可以選擇與資金互動的方式，無論是在實體店還是作為世界數位經濟的參與者。

All of this together is a result of many years of hard work and dedication from our teams to build a strong infrastructure and this year, it paid off with strong double-digit growth rates in the business. With our continued product development, distribution expansion and technological advantage, we continue to believe epay will achieve annual operating income growth in the low double-digit range. However, as we introduce more products into epay's portfolio, the epay business is likely to become more lumpy through the quarters, ending the year with an annual growth rate that we expect to be in the low double-digit range.

所有這一切都是我們團隊多年來努力工作和奉獻精神建立強大基礎設施的結果，今年，我們的業務取得了強勁的兩位數成長率。憑藉我們持續的產品開發、分銷擴張和技術優勢，我們仍然相信epay將實現年營業收入低兩位數的成長。然而，隨著我們在 epay 的產品組合中引入更多產品，epay 業務在這幾個季度可能會變得更加不穩定，到年底我們預計年增長率將在較低的兩位數範圍內。

Now let's move on to Slide #10, and we'll talk about Money Transfer. We continue to expand our industry-leading payments and remittance network, which now reaches physical locations in 165 countries as well as 3.7 billion bank accounts and 439 million wallet accounts. We also continue to expand our mobile wallet presence, adding service to another 20 wallets across 11 countries, including 7 new markets, El Salvador, Myanmar, Pakistan, Tango, Vanuatu and Vietnam. We expanded our digital presence by launching our RIA app in 2 new countries, Australia and Malaysia, and we added 2 countries to our bank deposit network, Japan and Madagascar. COVID has certainly presented its share of challenges over the last couple of years, but our payments and remittance business, we're well positioned to address the changing needs and preferences of our customers, namely real-time account deposit and digital adoption.

現在讓我們轉到投影片#10，我們將討論匯款。我們繼續擴大業界領先的支付和匯款網絡，該網絡現已覆蓋 165 個國家/地區的實體地點以及 37 億個銀行帳戶和 4.39 億個錢包帳戶。我們也繼續擴大我們的行動錢包業務，為 11 個國家的另外 20 個錢包添加服務，其中包括 7 個新市場：薩爾瓦多、緬甸、巴基斯坦、探戈、瓦努阿圖和越南。我們透過在澳洲和馬來西亞這兩個新國家推出 RIA 應用程式來擴大我們的數位業務，並在我們的銀行存款網路中添加了日本和馬達加斯加這兩個國家。在過去的幾年裡，新冠疫情確實帶來了一些挑戰，但我們的支付和匯款業務完全有能力滿足客戶不斷變化的需求和偏好，即即時帳戶存款和數位化採用。

We've seen account deposit volumes grow in excess of 20% over the last 5 years. But there was a convincing shift in consumer preference to bank accounts and mobile wallets during the pandemic, and this increased our account deposit volumes by 44% last year in 2021.

在過去 5 年裡，我們的帳戶存款量增加了 20% 以上。但在疫情期間，消費者對銀行帳戶和行動錢包的偏好發生了令人信服的轉變，這使得我們的帳戶存款量在 2021 年增加了 44%。

During this past year, 29% of Ria's cross-border remittance volumes were paid to an account, and including XE, 50% of our money transfer segment's cross-border international payments and remittance volumes are sent directly into an account with the vast majority of these being received in under 5 minutes.

在過去的一年裡，Ria 29%的跨境匯款量是支付到帳戶的，包括XE在內，我們匯款部門的跨境國際支付和匯款量的50%是直接發送到帳戶的，其中絕大多數這些資訊將在 5 分鐘內收到。

Finally, Ria continued to see strong digital transaction growth in the app and riamoneytransfer.com site with 55% and direct-to-consumer digital transaction growth in the quarter, which gave a 72% growth for the full year.

最後，Ria 繼續看到應用程式和 riamoneytransfer.com 網站的數位交易強勁成長，本季成長了 55%，直接面向消費者的數位交易成長，全年成長了 72%。

I should also mention that XE strong corporate and consumer payment transaction growth rates during the year of 29%. Now those are some impressive growth rates. We made significant investments in our Money Transfer network, our teams and our products in 2021. And we expect these investments and commitments to fuel double-digit operating income growth in 2022. Now let's move on to Slide #11, where I'll provide you with a brief update on our progress with the Dandelion platform. As we told you this past November, we launched our Dandelion platform, which offers our core money transfer infrastructure as a service to the broader financial services ecosystem. We have continued to make great progress on our network expansion and product improvement, where in this quarter, we have enabled area rails for B2C and B2B in Indonesia.

我還應該提到的是，XE 的企業和消費者支付交易成長率強勁，全年達到 29%。現在這些都是令人印象深刻的成長率。 2021 年，我們對匯款網路、團隊和產品進行了大量投資。我們預計這些投資和承諾將在 2022 年推動兩位數的營業收入成長。現在讓我們轉到投影片 #11，我將在其中提供請向您簡要介紹我們在Dandelion 平台上的進展。正如我們去年 11 月告訴您的那樣，我們推出了 Dandelion 平台，該平台將我們的核心匯款基礎設施作為一項服務提供給更廣泛的金融服務生態系統。我們在網路擴張和產品改進方面繼續取得巨大進展，本季我們在印尼啟用了 B2C 和 B2B 區域鐵路。

This is the first country processing both B2B and B2C payments through X Andrea. Additionally, we enabled corporate payments to 4 new countries, Costa Rica, Japan, Malaysia and Mexico. We also launched service with STP in Mexico creating real-time service for both corporates and individuals to all banks in Mexico. These are great enhancements for our dandelion product which allow us to enable new use cases into adjacent verticals that will contribute nicely to the money transfer growth in the coming quarters. I just want to remind you that dandelion not only powers payments to third parties, but also powers our own assets such as Ria Digital and XE. In that regard, I believe it is worth pointing out the scope of our broader portfolio of consumer digital product and the success we are seeing with them. As many of you know, we offer real remittance services through our RIA app and riamoneytransfer.com, and we offer consumer payments, including remittances, through our XE app and xe.com. When all 3 digital customer revenues are totaled, including the relatively insignificant Dandelion revenues at this point in time, it accounts for approximately 9% of our total Money Transfer revenues in the fourth quarter 2021. We're extremely excited about this sizable part of our business, where we are seeing hyper growth in what is beginning to be a meaningful part of our business.

這是第一個透過 X And​​rea 處理 B2B 和 B2C 支付的國家。此外，我們也支持向 4 個新國家（哥斯大黎加、日本、馬來西亞和墨西哥）進行企業付款。我們還在墨西哥推出了 STP 服務，為墨西哥所有銀行的企業和個人提供即時服務。這些是我們蒲公英產品的巨大增強，使我們能夠將新的用例引入相鄰的垂直領域，這將極大地促進未來幾季匯款的成長。我只是想提醒您，蒲公英不僅為第三方支付提供動力，還為我們自己的資產（例如 Ria Digital 和 XE）提供動力。在這方面，我認為有必要指出我們更廣泛的消費數位產品組合的範圍以及我們在這些產品上所取得的成功。眾所周知，我們透過 RIA 應用程式和 riamoneytransfer.com 提供真實匯款服務，並透過 XE 應用程式和 xe.com 提供消費者付款（包括匯款）。當所有 3 個數位客戶收入總計（包括目前相對微不足道的 Dandelion 收入）時，它約占我們 2021 年第四季度匯款總收入的 9%。我們對我們的這一相當大的部分感到非常興奮業務，我們看到開始成為我們業務的重要組成部分的高速成長。

In the fourth quarter, we saw transaction growth of 50%, which gave us 68% for the full year. And on the revenue side, we grew at 35% for the quarter and 51% for the year. Certainly, these are impressive, exciting growth rates. As I reflect on our digital customer base, I can't help but to admire some of the trading multiple certain competitors in the digital transfer space enjoy like revenue multiples ranging from 6x to 24x revenue. So in theory, the digital transfer part of our business should be worth something approaching $3 billion alone.

第四季度，我們的交易量成長了 50%，全年交易量成長了 68%。在營收方面，我們本季成長了 35%，全年成長了 51%。當然，這些成長率令人印象深刻、令人興奮。當我反思我們的數位客戶群時，我不禁欽佩數位傳輸領域中某些競爭對手的一些交易倍數，他們的收入倍數從 6 倍到 24 倍不等。因此理論上，我們業務的數位傳輸部分的價值應該接近 30 億美元。

This valuation reflection confirms our conclusions to develop our digital assets and reinforces our results to push hard at nursing this part of our business that's growing at 35%. Now bear in mind that, as I pointed out earlier, inside these numbers are Dandelion volumes still play a smaller role but with even more explosive growth. So at some point down the road, we might want to break these revenues out for you. So that you can keep up with our amazing progress and potential that this product has for us. As we told you when we launched our Dandelions service, we're extremely excited about this new endeavor where the where with the incremental work that we have done, we have expanded our current total addressable market of $700 billion to a new TAM of $155 trillion, positioning us for continued double-digit growth while disrupting the status quo of the cross-border payments world. We look forward to giving you more updates on this new business line Slide #12. Now let's transition to another of our exciting technology solutions, REN. REN is really starting to take off with implementations of numerous significant payment projects throughout the world and a strong pipeline of new deals. In December, Banco Atlantis up, the oldest bank and the largest bank by assets in Honduras and the fifth largest bank in all of Central America, expanded their relationship with Euronet by licensing REN self-service our multi-vendor ATM terminal driving software. Banco Atlantida is looking to expand its presence across Central America and implementing REN self-service will enable that bank to use their fleet of ATMs and as what they call a digital conversation channel with each customer individually as opposed to it being a cash dispensing cost center. Offering new services to customers outside of traditional bank branch is a major challenge for banks saddled with old technology infrastructure, implementing REN cell service will provide a path to offer new services to their customers in a more efficient, integrated and secure manner.

這項估值反映證實了我們開發數位資產的結論，並強化了我們的業績，以努力推動這部分業務的成長，該部分的成長率為 35%。現在請記住，正如我之前指出的，在這些數字中，蒲公英的銷量仍然發揮著較小的作用，但成長更為爆炸性。因此，在未來的某個時刻，我們可能會想為您細分這些收入。這樣您就可以跟上我們驚人的進步以及該產品為我們帶來的潛力。正如我們在推出Dandelions 服務時告訴您的那樣，我們對這項新的努力感到非常興奮，透過我們所做的增量工作，我們已將當前7000 億美元的潛在市場總額擴大到155 萬億美元的新TAM ，使我們能夠持續實現兩位數成長，同時打破跨境支付世界的現狀。我們期待為您提供有關這條新業務線的更多更新投影片 #12。現在讓我們轉向另一個令人興奮的技術解決方案 REN。 REN 真正開始起飛，在世界各地實施了許多重要的支付項目，並有大量新交易。 12 月，洪都拉斯歷史最悠久、資產規模最大的銀行、中美洲第五大銀行 Banco Atlantis up 透過授權 REN 自助服務我們的多供應商 ATM 終端驅動軟體，擴大了與 Euronet 的關係。 Banco Atlantida 正在尋求擴大其在中美洲的業務，實施 REN 自助服務將使該銀行能夠使用其 ATM 機群，並將其作為與每位客戶單獨進行數位對話的管道，而不是作為現金發放成本中心。對於傳統銀行分行以外的客戶提供新服務，對於使用舊技術基礎設施的銀行來說是一項重大挑戰，實施REN 單元服務將為以更有效率、整合和安全的方式為客戶提供新服務提供一條途徑。

In Singapore, this is really cool news, we signed a REN deployment agreement with Trust Bank Singapore Limited which is a digital bank joint venture between Standard Charter Bank and NTUC Enterprise, the largest supermarket chain in Singapore, amid sardine demand for online and mobile alternatives New digital players are transforming the banking landscape. The bank was looking for a strategic partner to provide consumer services based on a micro services-based cloud native digital platform deployed in the public cloud. Our REN technology aligned very well with their strategic goals. So our team conducted a proof-of-concept using Amazon Web Services cloud in just 7 days to demonstrate the technical capabilities of REN.

在新加坡，這是一個非常酷的消息，我們與新加坡信託銀行有限公司簽署了REN 部署協議，該銀行是渣打銀行和新加坡最大連鎖超市NTUC Enterprise 之間的數位銀行合資企業，滿足沙丁魚對線上和移動替代方案的需求新的數位參與者正在改變銀行業格局。該銀行正在尋找策略合作夥伴，以基於部署在公有雲中的基於微服務的雲端原生數位平台來提供消費者服務。我們的 REN 技術與他們的策略目標非常契合。因此，我們的團隊在短短 7 天的時間內使用 Amazon Web Services 雲端進行了概念驗證，以展示 REN 的技術能力。

Our REN team blew away the bank's expectations and is now working to fully launch the product, which we expect to happen in the next several months. This will be the first project where we will offer REN payment services from a native cloud and also our first collaboration with Amazon Web Services. We are excited about the possibilities that this will afford us as more cloud first and digital-only banks are emerging globally, and as traditional banks look to move their payment workloads to the cloud. This quarter, we completed the first phase of a multiphase modernization product with Standard Chartered Bank in Hong Kong. Finally, we signed an agreement with Touch N Go Digital in Malaysia. Touch N Go, the parent company of the Touch N Go Digital was established to set up a road toll system in Malaysia through a closed loop card. Touch N Go Digital was incorporated to digitize the closed loop card and create frictionless payments in order to expand the closed loop card beyond the toll roads. They launched a mobile wallet, which has become the largest wallet in Malaysia with more than 22 million users, which for some perspective, means that nearly 70% of all Malaysia have the touch and go mobile wallet powered by ramp. Through the partnership with Touch N Go, we will leverage our REN technology to enable the issuance of virtual cards and/or physical cards, allowing the customers to utilize the balances in their e-wallet through Visa's global merchant and ATM networks. In short, REN will be the backbone for 1 of the largest fintech and the largest payment wallet in Malaysia. This is possible because of REN's ability to bring a new card program to market quickly it's developer-friendly APIs and is secure and highly resilient platform. These implementations are extremely impressive, so I'd like to pause for a moment and reflect on the significant power of rent. The attractiveness of REN is that it uses a modern microservices-based architecture that is compatible with the most popular programming languages, hardware, databases and best practices. The modular architecture enables specific areas of an application to be created or upgraded without interruption to the rest of the system. We have proven that this power again this quarter using APIs to create a significant structure for Trust Bank in just 7 days. not 7 months or 7 years as might have been the case with more antiquated payment options, which are currently used in the marketplace. REN also connected to AWS native cloud which is at the high end of what fintechs are looking for. This allows our partners to address locally the services that AWS offers internally, increasing the speed to market for these fintechs REN provides a platform for complex projects. For Touch N Go digital, we developed a platform to allow our customers, users the ability to use a closed loop card to do open loop transaction. that is not easy and not something every tech partner can provide. We are seeing an increasing number of technology leaders at fintechs and banks relying on these inherent features of rent to provide the powerful payments technology they need while maintaining their freedom of choice to work within the development environments that are best suited to their teams.

我們的 REN 團隊超出了銀行的預期，目前正在努力全面推出該產品，我們預計將在未來幾個月內完成。這將是我們第一個從本地雲端提供 REN 支付服務的項目，也是我們與 Amazon Web Services 的首次合作。隨著越來越多的雲端優先和純數位銀行在全球興起，以及傳統銀行希望將其支付工作負載轉移到雲端，我們對這將為我們提供的可能性感到興奮。本季度，我們與香港渣打銀行完成了多階段現代化產品的第一階段。最後，我們與馬來西亞的Touch N Go Digital簽署了協議。 Touch N Go Digital 的母公司 Touch N Go 成立，旨在透過閉環卡在馬來西亞建立道路收費系統。 Touch N Go Digital 的成立是為了將閉環卡數位化並創建無摩擦支付，從而將閉環卡擴展到收費公路之外。他們推出了一款行動錢包，該錢包已成為馬來西亞最大的錢包，擁有超過 2,200 萬用戶，從某些角度來看，這意味著近 70% 的馬來西亞人擁有由 Ramp 驅動的 touch and go 行動錢包。透過與 Touch N Go 的合作，我們將利用我們的 REN 技術來發行虛擬卡和/或實體卡，使客戶能夠透過 Visa 的全球商家和 ATM 網路使用電子錢包中的餘額。簡而言之，REN 將成為馬來西亞最大的金融科技公司之一和最大的支付錢包的支柱。這是可能的，因為 REN 能夠將新的卡片程式快速推向市場，它具有開發人員友好的 API，並且是安全且高度彈性的平台。這些實施令人印象深刻，所以我想暫停一下並思考一下租金的巨大力量。 REN的吸引力在於它採用了基於微服務的現代架構，與最受歡迎的程式語言、硬體、資料庫和最佳實踐相容。模組化架構允許創建或升級應用程式的特定區域，而不會中斷系統的其餘部分。本季度我們再次證明了這種力量，使用 API 在短短 7 天內為信託銀行創建了一個重要的結構。不是 7 個月或 7 年，而目前市場上使用的更過時的付款選項可能會發生這種情況。 REN 也連接到 AWS 原生雲，這是金融科技公司所尋求的高階雲端。這使我們的合作夥伴能夠在本地解決 AWS 內部提供的服務，從而加快這些金融科技公司的上市速度 REN 為複雜專案提供了一個平台。對於Touch N Go digital，我們開發了一個平台，讓我們的客戶、使用者能夠使用閉環卡進行開環交易。這並不容易，也不是每個技術合作夥伴都能提供的。我們看到越來越多的金融科技公司和銀行的技術領導者依靠租金的這些固有特徵來提供他們所需的強大支付技術，同時保持他們選擇在最適合其團隊的開發環境中工作的自由。

REN is also crucial in helping these teams leverage the latest advancement such as real-time payments and ISO 20022 digital wallets and cloud-based solutions. And most importantly, REN enables them to quickly meet the demands of their customers for faster, more convenient and highly secure experiences. Hopefully, the overview of the details on these rent agreements gives you a much more tangible understanding of how RIN really is a difference maker. -- to underscore the tangibility of the momentum of our success, we have now signed 21 rent agreements, which we expect to contribute a minimum of $78 million in revenue over the next 6 years. And it's worth noting that this is revenue, which comes with very high margins. And our pipeline will continue that momentum with opportunities with more than half of what has already been signed. So while we've always known that our REM technology is special, there's nothing like customers validating its usefulness to the signing of long-term contracts. We look forward to continuing to share more REN success stories with you in the next quarter.

REN 在幫助這些團隊利用即時支付、ISO 20022 數位錢包和基於雲端的解決方案等最新進展方面也至關重要。最重要的是，REN 使他們能夠快速滿足客戶對更快、更方便和高度安全的體驗的需求。希望這些租賃協議細節的概述能讓您更切實地了解 RIN 如何真正發揮作用。 -- 為了強調我們成功勢頭的切實性，我們現在已簽署了 21 份租賃協議，我們預計這些協議將在未來 6 年內貢獻至少 7,800 萬美元的收入。值得注意的是，這是收入，利潤率非常高。我們的管道將繼續保持這一勢頭，並提供超過已簽署項目一半的機會。因此，雖然我們一直都知道我們的 REM 技術很特殊，但沒有什麼比客戶驗證其對於簽署長期合約的有用性更好的了。我們期待在下個季度繼續與您分享更多 REN 成功案例。

As I close my comments, I think you can see from these highlights that we have the potential for a long runway of growth ahead of us through our sound strategies to grow each of our segments and through our new technology that is transforming the way payments are made. COVID presented a small setback in terms of growth, but it also gave us an opportunity to sharpen our focus to validate these strategies and emerge stronger on the other side. And I hope that 2022 is the beginning of the other side. I believe the double-digit consolidated growth rates we achieved this year are just the beginning of a new streak of strong growth rates, and I'm excited to talk to you about our achievements as we move through the year.

在我結束評論時，我認為您可以從這些亮點中看到，透過我們發展每個細分市場的健全策略以及透過我們正在改變支付方式的新技術，我們有潛力實現長期成長。製成。新冠疫情為我們的成長帶來了小小的挫折，但它也給了我們一個機會，讓我們更專注於驗證這些策略，並在另一方面變得更強大。而我希望2022年是另一面的開始。我相信，我們今年實現的兩位數綜合成長率只是新一波強勁成長率的開始，我很高興與您談論我們在這一年中取得的成就。

With that, I will turn it over to Rick.

這樣，我就把它交給里克了。

Thank you, Mike, and good morning to everyone who's had a chance to join us. I'll begin my comments starting with the balance sheet on Slide 14. I think it's worth repeating that we were pleased to finish the quarter with consolidated double-digit growth. As it has been for the past 2 years, our balance sheet remains strong and continues to allow us to invest in our physical and digital networks, our technology, compliance, new products and new markets. As you can see, we ended the year with more than $1.2 billion in cash. The sequential increase is the result of $65 million in cash generated from operations, $125 million cash returned from ATMs and a drawdown on our revolver to enable effective treasury management for year-end settlements across many currencies. The majority of which was repaid after year-end. Partially offsetting these increases in cash were capital expenditures of approximately $30 million and share repurchases of approximately $228 million.

謝謝你，麥克，祝所有有機會加入我們的人早安。我將從幻燈片 14 上的資產負債表開始我的評論。我認為值得重複的是，我們很高興以兩位數的綜合增長結束了本季度。與過去兩年一樣，我們的資產負債表仍然強勁，使我們能夠繼續投資於我們的實體和數位網路、我們的技術、合規性、新產品和新市場。正如您所看到的，我們在年底擁有超過 12 億美元的現金。連續成長的原因是營運產生的 6,500 萬美元現金、ATM 返還的 1.25 億美元現金以及我們的左輪手槍提取資金，以便對多種貨幣的年終結算實現有效的資金管理。其中大部分在年底後償還。約 3000 萬美元的資本支出和約 2.28 億美元的股票回購部分抵消了這些現金成長。

Finally, as we move through 2022 and see the return of earnings to pre-COVID levels in lockstep with the continued recovery of tourism, we anticipate this year the return of pre-COVID leverage ratios.

最後，隨著我們進入 2022 年，隨著旅遊業的持續復甦，收入將恢復到新冠疫情前的水平，我們預計今年槓桿率將恢復新冠疫情前的水平。

Slide 15. For the fourth quarter, we achieved revenue of $811 million, operating income of $25 million, adjusted operating income of $67.6 million and adjusted EBITDA of $113 million. The slightly lighter than expected EBITDA growth rate was largely the result of the impact of the Omicron variant on the cash withdrawal trends in the EFT segments, as Mike discussed earlier. Had it not been for the travel interruptions caused by Omicron, our transactions were on course to put us within the range of our adjusted EBITDA expectations for the quarter.

投影片 15。第四季，我們營收 8.11 億美元，營業收入 2,500 萬美元，調整後營業收入 6,760 萬美元，調整後 EBITDA 為 1.13 億美元。正如 Mike 先前所討論的，EBITDA 成長率略低於預期，主要是由於 Omicron 變體對 EFT 領域提款趨勢的影響。如果不是 Omicron 造成的旅行中斷，我們的交易有望使我們處於本季調整後 EBITDA 預期的範圍內。

We delivered adjusted EPS of $1.15, a 4% increase from $1.11 for the fourth quarter last year. Slide 16 shows our 3-year transaction trends by segment. EFT transactions grew 42% as a result of improving domestic and international cash withdrawals together with a continued benefit from a significant increase of low-value point-of-sale transactions in Europe and low-value payment processing transactions from an Asia Pacific customers bank wallet and e-commerce site. Epay transactions grew 21%, driven by continued strength in mobile top-up and digital media content distributed through digital channels. Money Transfer transactions grew a net increase of 10%, including 19% growth in both U.S. and international outbound transactions excluding the Middle East and Asia as well as 55% growth in direct-to-consumer digital transactions.

我們的調整後每股收益為 1.15 美元，比去年第四季的 1.11 美元成長了 4%。投影片 16 顯示了我們按細分市場劃分的 3 年交易趨勢。由於國內和國際現金提取的改善，以及歐洲低價值銷售點交易和亞太客戶銀行錢包低價值支付處理交易大幅增加的持續受益，電子轉帳交易增長了 42%和電子商務網站。在行動儲值和透過數位管道分發的數位媒體內容持續強勁的推動下，Epay 交易成長了 21%。匯款交易淨成長 10%，其中美國和國際出境交易（中東和亞洲除外）成長 19%，以及直接面向消費者的數位交易成長 55%。

This growth was partially offset by declines in the domestic business and a 26% decline in transactions from the Middle East and Asia where transactions still suffer from the government-imposed mandated lockdowns. Absent the declines in domestic and Middle East and Asia, our Money Transfer transactions would have grown about 15% year-over-year.

這一增長被國內業務的下降以及來自中東和亞洲的交易下降 26% 所部分抵消，這些地區的交易仍然受到政府強制實施的封鎖的影響。如果沒有國內、中東和亞洲的下滑，我們的匯款交易量將年增約 15%。

Next slide, please. On Slide 17, we present our results on an as-reported basis. Year-over-year, most of the currencies in the major markets where we operate declined in the mid-single-digit range with a few outliers, including the British pound, which increased about 2%. To normalize the impact of these currency fluctuations, we have presented our results on a constant currency basis on the next slide, on Slide 18, please.

請下一張投影片。在投影片 17 上，我們根據報告展示了我們的結果。與去年同期相比，我們經營的主要市場中的大多數貨幣均出現中個位數下跌，但有一些異常值，其中包括英鎊，其上漲約 2%。為了使這些貨幣波動的影響正常化，我們在下一張投影片（請在投影片 18）上展示了以固定貨幣為基礎的結果。

The strong increase in EFT revenue, operating income and adjusted EBITDA were the result of increased domestic and international cash withdrawal transactions driven by improving travel trends stemming from the gradual lifting of travel restrictions across Europe, particularly in the first half of the fourth quarter. We also continued to deploy new ATMs in anticipation of a more robust recovery this year and a full recovery in 2023. Fingers crossed, no more nasty variance lurking in the shadows. Epay revenue and operating income each grew 7% and adjusted EBITDA grew 5% from increased digital distribution of digital media and mobile content. However, I would also like to point out that in the last year's fourth quarter, one of the mobile operators passed through certain incremental commissions to retailers to support them through the financial difficulties brought about by COVID lockdowns. Similar amounts were not passed through this year in the fourth quarter.

電子轉帳收入、營業收入和調整後 EBITDA 的強勁增長是由於歐洲各地逐步取消旅行限制（特別是在第四季度上半葉）導致旅行趨勢改善，從而推動了國內和國際現金提取交易的增加。我們也繼續部署新的 ATM 機，預計今年將出現更強勁的復甦，並在 2023 年實現全面復甦。祈禱吧，不要再出現令人討厭的差異潛伏在陰影中。由於數位媒體和行動內容的數位發行量增加，Epay 營收和營業收入分別成長 7%，調整後 EBITDA 成長 5%。不過，我還想指出，去年第四季度，其中一家行動營運商向零售商提供了一定的增量佣金，以支持他們度過因新冠疫情封鎖帶來的財務困難。今年第四季沒有通過類似的金額。

Moreover, in the fourth quarter this year, a key customer from our [KaBuM!] business in Germany took in-house their voucher processing. If we were to exclude the effects of the supplemental mobile operator commissions and the key customer results from the fourth quarter last year on a pro forma basis the epay business, revenues and operating incomes would have grown about 10% year-over-year.

此外，今年第四季度，我們德國 [KaBuM!] 業務的一位主要客戶在內部進行了憑證處理。如果我們排除補充行動業者佣金和去年第四季主要客戶績效的影響，預計 epay 業務的營收和營業收入將年增約 10%。

Finally, for epay, setting aside mix driven by the large increase in low-value transactions in India, revenue and gross profit per transaction both expanded nicely in the quarter. Money Transfer revenue grew 11%. Adjusted operating income declined 6% and adjusted EBITDA declined 5%. The Revenue growth was the result of strong 19% growth in the U.S. and international outbound transactions, excluding the Middle East, Asia as well as 55% growth in direct-to-consumer digital transactions which was partially offset by weakness in the U.S. domestic business and larger-than-expected declines in the Middle East and Asia due to continued strict lockdowns and travel restrictions in the region. These factors, together with increased investments in our network, new products, technology, compliance and advertising contributed to operating income and adjusted EBITDA declines of 6% and 5%, respectively.

最後，對於 epay 來說，拋開印度低價值交易大幅成長的推動，本季營收和每筆交易毛利均實現良好成長。匯款收入成長 11%。調整後營業收入下降 6%，調整後 EBITDA 下降 5%。收入成長得益於美國和國際出境交易（不包括中東和亞洲）強勁增長 19%，以及直接面向消費者的數位交易增長 55%，但部分被美國國內業務疲軟所抵消由於中東和亞洲地區持續嚴格的封鎖和旅行限制，該地區的降幅超出預期。這些因素，加上我們對網路、新產品、技術、合規和廣告的投資增加，導致營業收入和調整後 EBITDA 分別下降 6% 和 5%。

Revenue and gross profit per transaction remained stable year-over-year as well as sequentially on a quarterly basis. As you saw in our press release, the Money Transfer results also included a $38.6 million contract, asset impairment due in large part to large to COVID-19-related disruptions, which resulted in lower-than-expected transfer volumes on certain contracts. The drivers behind the full year results for each of the segments are largely the same as this fourth quarter.

每筆交易的收入和毛利同比以及季度環比保持穩定。正如您在我們的新聞稿中看到的，匯款結果還包括一份價值3860 萬美元的合同，資產減值很大程度上是由於與COVID-19 相關的中斷造成的，這導致某些合同的轉帳量低於預期。每個細分市場全年業績背後的驅動因素與第四季基本相同。

So I won't go through the full year results in detail. But we have presented the results on the next few slides for you. With increasing optimism of travel resuming to more pre-COVID type levels, albeit somewhat delayed due to the Omicron variant, together with the investments we have made to continue to grow our physical and digital networks across the business and our new product developments -- deployments. We would expect first quarter 2022 adjusted EBITDA to be in the range of $75 million to $85 million and that year-over-year first quarter revenues will come in at double-digit growth rates likely in the low-teens range.

所以我不會詳細介紹全年業績。但我們已經在接下來的幾張投影片中為您展示了結果。儘管由於 Omicron 變體而有所延遲，但隨著旅行恢復到新冠疫情前水平的樂觀情緒不斷增強，加上我們為繼續發展整個業務的實體和數位網路以及新產品開發和部署而進行的投資。我們預計 2022 年第一季調整後 EBITDA 將在 7,500 萬美元至 8,500 萬美元之間，第一季營收年增率可能在兩位數左右。

Despite the lingering impacts of the Omicron variant on the first quarter results, we expect travel trends to improve in the remaining 3 quarters and we remain optimistic in our view that our full year earnings will be similar to those of 2019, fully recognizing that we still do not expect a full recovery of our most profitable cross-currency transactions in 2022.

儘管Omicron 變體對第一季業績產生了揮之不去的影響，但我們預計剩餘3 個季度的旅行趨勢將有所改善，我們仍然樂觀地認為我們的全年收益將與2019 年相似，充分認識到我們仍然我們預計 2022 年利潤最高的跨貨幣交易不會完全恢復。

But it's likely -- it's looking more likely that we might see a full recovery in 2023. I can't wait for that to happen, and I'm sure most of you have similar thoughts. As I draw my comments to a close, I think it's worth noting that these strong double-digit growth rates we achieved for the full year are considerably better than we expected when we started the year. And we are excited to anticipate delivering stronger growth rates as the world returns to a new normal.

但很有可能——看起來我們更有可能在 2023 年看到全面復甦。我迫不及待地希望這種情況發生，我相信你們大多數人都有類似的想法。在我結束評論時，我認為值得注意的是，我們全年實現的強勁兩位數成長率大大優於我們年初時的預期。我們很高興預計隨著世界恢復新常態，將實現更強勁的成長率。

With that, I'll hand it back to Mike to wrap up the quarter on Slide 25.

接下來，我會將其交還給 Mike，以結束投影片 25 上的季度。

Thanks, Rick. I think there are a lot of highlights and information on these slides. So let me summarize a few of the key takeaways as I see them. First of all, all industry data and more of this comes out every day for you to read on the Internet, point to a significantly better travel season across the world, which gives us confidence in our view that our EFT segment earnings results will again significantly contribute to our consolidated earnings growth.

謝謝，瑞克。我認為這些幻燈片中有很多亮點和資訊。因此，讓我總結一下我所看到的一些關鍵要點。首先，所有行業數據以及更多此類數據每天都會在互聯網上發布，供您在互聯網上閱讀，這些數據表明全球旅行季節明顯好轉，這使我們相信我們的 EFT 部門盈利結果將再次顯著改善為我們的綜合獲利成長做出貢獻。

Let's remember, EFT did roughly $370 million in EBITDA in 2019, dropped to only $39 million in '20, jumped back up last year to $90 million in '21 with really only 4.5 months of real possibility for travel last year. That's a $50 million swing in a year, so you can easily see the leverage that we have in this business as travel resumes. Epay and Money Transfer both continued to grow at strong rates, both of these divisions have had an extraordinary growth over the last 2 years. And we have doubled down to invest more in personnel and programs to continue strong double-digit growth in the future.

讓我們記住，EFT 在 2019 年的 EBITDA 約為 3.7 億美元，在 20 年下降至僅 3900 萬美元，在去年回升至 21 年的 9000 萬美元，而去年的實際旅行可能性只有 4.5 個月。這相當於一年內 5000 萬美元的波動，因此隨著旅行的恢復，您可以輕鬆地看到我們在這項業務中所擁有的槓桿作用。 Epay 和 Money Transfer 均持續強勁成長，這兩個部門在過去兩年中都取得了非凡的成長。我們加倍加大對人員和專案的投資，以在未來繼續保持兩位數的強勁成長。

Consumer digital plus Dandelion is 9% of our total money transfer revenue and is growing at exceptionally strong double-digit growth rates. We are still on track to deliver connections for the B2B portion of this project that will connect our customers and their customers to more than 80% of the world's GDP by the end of the first quarter 2022. Our REN technology is really gaining steam. And in the fourth quarter, we signed -- actually, it was third and fourth quarter, we signed 21 new agreements worth $78 million in revenue over the next 6 years.

消費者數字加 Dandelion 占我們匯款總收入的 9%，並且正以異常強勁的兩位數增長率增長。我們仍有望為該專案的 B2B 部分提供連接，到 2022 年第一季末，該專案將把我們的客戶及其客戶與全球 GDP 的 80% 以上連接起來。我們的 REN 技術正在真正獲得動力。在第四季度，我們簽署了——實際上，是第三和第四季度，我們簽署了 21 份新協議，未來 6 年的收入將達到 7800 萬美元。

Demand for RFPs, proofs of concepts have just about overwhelmed our staff, and we're adding capacity to sell more and deliver more deals more quickly. I cannot promise, but I am optimistic that 2022's REN sales will be at least 2x that of 2021. So while COVID caused a reduction to our historically strong double-digit growth rate trajectory, it did not diminish the value that our business, employees and products and technologies have added to the payments world and we expect that 2022 will be the year where we get back on the rails of those double-digit growth rates. With that, I will be happy to take questions.

對 RFP、概念驗證的需求幾乎讓我們的員工不知所措，我們正在增加產能，以更快地銷售更多產品並交付更多交易。我不能保證，但我樂觀地認為，2022 年的REN 銷售額將至少是2021 年的2 倍。因此，儘管新冠疫情導致我們歷史上強勁的兩位數增長率軌跡下降，但它並沒有削弱我們的業務、員工和員工的價值。產品和技術已經進入支付領域，我們預計 2022 年我們將重返兩位數成長率的軌道。這樣，我將很樂意回答問題。

Operator, will you please assist?

接線員，您能幫忙嗎？

(Operator Instructions) Our first question or comment comes from the line of Andrew Schmidt from Citi.

（操作員說明）我們的第一個問題或評論來自花旗銀行的安德魯·施密特（Andrew Schmidt）。

I want to start off on the EFT segment. Could you talk about your assumptions for the recovery in high-value international transactions in that segment? And how it might have changed from what you outlined in the third quarter. Just curious, the level of recovery you see in the high-value portion of those transactions to get to that sort of $7 number from 2019.

我想從 EFT 部分開始。您能否談談您對該領域高價值國際交易復甦的假設？以及與您在第三季度概述的情況相比，它可能發生了怎樣的變化。只是好奇，您在這些交易的高價值部分中看到的恢復水準從 2019 年開始達到了 7 美元的數字。

Yes. Our thinking hasn't changed, albeit we have seen a little bit of backdrop because of because of Omicron. But if it weren't for really, I would call it the enthusiasm that we're seeing across the travel industry, it could have led us to a more conservative kind of view. But with the enthusiasm we've been seeing out there, I'm going to say, which is largely supported by the fact that the Omicron variant is proving to be less worrisome, less impactful on health and therefore, I think, causing people to be more resilient and more interested in getting out. And I think people are just quite frankly tiring. So our assumptions back then is that we would see that the international travel will kind of resume to about, let's call it, an 80% to 90% of '19 levels kind of trajectory. And that our high-value transactions would be somewhat north of 70%, but kind of in that ballpark.

是的。我們的想法沒有改變，儘管我們因為 Omicron 看到了一些背景。但如果不是真的，我會稱之為我們在整個旅遊業中看到的熱情，它可能會讓我們採取更保守的觀點。但我要說的是，我們所看到的熱情在很大程度上得到了以下事實的支持：Omicron 變種被證明不那麼令人擔憂，對健康的影響更小，因此，我認為，它會導致人們變得更有彈性，更有興趣走出去。我認為人們確實很累。因此，我們當時的假設是，我們將看到國際旅行將恢復到 19 年水準 80% 到 90% 的軌跡。我們的高價值交易會高於 70%，但也差不多在這個範圍內。

And so if we see that we get a much more robust recovery than that, obviously, that would be very beneficial. And I would tell you, look, a few months ago, I would read some things after Omicron came out that just kind of didn't settle well with me thinking, all (expletive), here we go again. But as we've washed through this wave, we've really, I think, started seeing that there is such a more significant level of optimism of getting back and starting to travel. And in fact, Mike even shared with me this morning a discussion he had with a friend of his, who has recently been trying to book a trip to go to Europe this summer. And the agent said, look, things are getting tight. You might want to think about booking in '23. I mean that's great news for our business. So again, we're kind of thinking total in that $80 to $90 million, the high value something north of 70%, but that's kind of where we're shaking out right now, Andrew.

因此，如果我們看到比這更強勁的復甦，顯然，這將是非常有益的。我會告訴你，看，幾個月前，在 Omicron 發布後我讀到了一些東西，這些東西讓我覺得不太舒服，所有（咒罵），我們又來了。但當我們經歷了這一波浪潮後，我認為我們確實開始看到，對於返回並開始旅行存在著更樂觀的情緒。事實上，麥克今天早上甚至與我分享了他與一位朋友的討論，這位朋友最近正試圖預訂今年夏天去歐洲的旅行。經紀人說，看，事情越來越緊張了。您可能需要考慮在 23 年預訂。我的意思是這對我們的業務來說是個好消息。再說一次，我們認為總金額為 80 至 9000 萬美元，價值超過 70%，但這就是我們現在正在擺脫的地方，安德魯。

And just -- the one point I need to make here is that the EU has come out and told all their member states that they don't think lockdowns help the spread -- it helps curtail the spread of this pandemic. So when you come to that conclusion, all of a sudden, all that friction which is what's been the challenge to get people to go back out. All that friction starts to disappear. So that's what's exciting.

只是 - 我需要在這裡指出的一點是，歐盟已經站出來告訴所有成員國，他們認為封鎖不會有助於傳播 - 它有助於遏制這種流行病的傳播。所以當你得出這個結論時，突然之間，所有的摩擦都是讓人們回去的挑戰。所有的摩擦開始消失。這就是令人興奮的地方。

Yes, that's great to hear. And this is consistent with the trends that we see as well. I appreciate that commentary. Just as a follow-up before I hop back in the queue. On the money transfer margins down on an EBITDA basis from a margin perspective in 2021. It seems like a combination of comparisons, mix and then investments. Just trying to get your thoughts on 2022. What are the factors we should think about in the margin trajectory there?

是的，很高興聽到這個消息。這也與我們看到的趨勢一致。我很欣賞這個評論。就像我回到隊列之前的後續行動一樣。從 2021 年利潤率的角度來看，以 EBITDA 為基礎的匯款利潤率有所下降。這似乎是比較、混合和投資的結合。只是想了解您對 2022 年的想法。在利潤率軌跡中我們應該考慮哪些因素？

Well, I'll let maybe Rick talk about margins in specific, but the general thought here is, our 2 largest areas where over 70% of our money comes from is Europe and North America. And you saw those transactions are way up, continued strong growth. We're getting whacked in the Middle East and in Asia, and that kind of pulls us down. But when we are watching these huge growth rates, well over 15% in those 2 areas, we said, let's kind of double down here. Let's expand to more digital apps in more countries. Let's make them investments, we've done so. And that's really whacked our margins here on the outset. So what we hope is that as our revenues continue to grow this year, we'll grow more into the margins that we've seen in the past. But it is going to be in the first quarter and probably not in the second quarter. Would that be right?

好吧，我可能會讓里克具體談談利潤率，但這裡的總體想法是，我們 70% 以上的資金來自的兩個最大的地區是歐洲和北美。你看到這些交易量大幅上升，持續強勁成長。我們在中東和亞洲遭受重創，這讓我們感到沮喪。但當我們看到這兩個領域遠超 15% 的巨大成長率時，我們說，讓我們在這方面加倍努力。讓我們擴展到更多國家/地區的更多數位應用程式。讓我們對他們進行投資，我們已經這樣做了。這確實從一開始就嚴重打擊了我們的利潤。因此，我們希望，隨著今年收入的持續成長，我們的利潤率將達到過去的水平。但這將在第一季進行，可能不會在第二季進行。這樣可以嗎？

Yes. I think that's well said, Mike, I would just add on to that, that unfortunately, we've seen more pressure out of the Middle East and Asia than we kind of -- really than we've seen in the rest of the world. For all practical purposes, we've really only seen what I would call the virus impact in our domestic business, again, kind of localized, if you will, and then also in the Middle East, Asia. And as we said, we had 26% back draft on that. And even if that decline just slows as opposed to continues, which at least the signs are out there that it would, then as Mike said, it will kind of keep us from maybe getting that rebound recovery in the first and second. But we expect to enjoy more of that benefit coming in the third or fourth.

是的。我認為這句話說得很好，邁克，我想補充一點，不幸的是，我們看到來自中東和亞洲的壓力比我們在世界其他地方看到的還要大。 。出於所有實際目的，我們實際上只看到了我所說的病毒對我們國內業務的影響，同樣，如果你願意的話，有點本地化，然後也在中東和亞洲。正如我們所說，我們對此有 26% 的回稿。即使這種下降只是放緩而不是持續下去，至少有跡象表明它會下降，那麼正如麥克所說，這可能會阻止我們在第一和第二階段實現反彈。但我們預計在第三或第四個階段會享受到更多的好處。

Our next question or comment comes from the line of Peter Heckmann from D.A. Davidson & Company.

我們的下一個問題或評論來自 D.A. 的 Peter Heckmann。戴維森公司。

This is John on for Pete. In prepaid, what was the background for the loss of the key customer? I think you generated approximately $5 million in annual operating profits. And what was the competitive takeaway? Or was that customer acquired or something else? Do you guys think that prepaid can grow at double digit in 2020?

這是約翰替皮特發言。預付費方面，大客戶流失的背景是什麼？我認為您的年營業利潤約為 500 萬美元。競爭優勢是什麼？或者該客戶是被收購的還是其他原因？你們認為2020年預付費能達到兩位數成長嗎？

Yes. I'll jump in here and comment real quickly and then ask if Kevin has anything else to offer here. But just an in-house versus purchasing from outside decision. As you can appreciate, the volumes that we were doing were admirable, they were -- we were very happy with that. But at the end of the day, it was just simply a cost kind of a decision that they made to bring it in-house. And so on one hand, it's bad that you lose it. On the second hand, it's great that you know that you can drive and grow a customer's business to where you're that meaningful for them. And so it was just simply in-house versus outsourcing, if you will. So Kevin, if you have anything else you'd like to offer jump in.

是的。我會跳到這裡並快速發表評論，然後詢問凱文是否還有其他可以提供的內容。但這只是內部與外部採購的決定。正如你所欣賞的，我們所做的工作令人欽佩，我們對此非常滿意。但歸根結底，這只是他們所做的將其內部化的成本決定。一方面，失去它是很糟糕的。另一方面，很高興您知道自己可以推動和發展客戶的業務，直至對他們有意義。所以，如果你願意的話，這只是內部與外包的比較。凱文，如果你還有什麼想要提供的，請留言。

No, no, that's right. And then with regard to the expectation, I think Mike and Rick both articulated that we're shooting for a low double-digit growth through 2022.

不不不，是這樣的。然後關於預期，我認為麥克和里克都明確表示，我們的目標是到 2022 年實現兩位數的低成長。

Got it. Got it. Yes. And I know that management anticipates double-digit growth in Money Transfer in 2022? And how do you guys think -- we should think about the relative growth rates between data and agent-based transfers as well as the contribution from down the line?

知道了。知道了。是的。我知道管理階層預計 2022 年匯款業務將達到兩位數成長？你們認為我們應該考慮數據和基於代理的傳輸之間的相對增長率以及來自下游的貢獻？

Okay. So Dandelion, you remember, that was kind of a little mix of apples and oranges there. You saw that we had huge growth in our digital business this year. We expect that to continue. We ended up with around 50% growth for the year and in our digital business. And Dandelion will be a piece of that as we go out there and sell this to more and more fintechs like we have been doing in the past. So we'll see that start to contribute. We really believe that once we get through Q1, and we've got 80% of the world's GDP connected to us with what those kinds of -- with those countries. Then we've got kind of a full product to sell. Right now, we've got a few early adopters, and that's great. But by the end of Q1, we'll really have kind of more of a full product to sell, and we should see those contributions. When it comes actually to the margins, do you make more money on a physical transaction versus a digital transaction. I would say that a lot of people -- this is a great way to lie. You can kind of bake these numbers anyway you want. The reality is because I don't have an agent to pay on a digital transaction, the gross profit per transaction seems to be greater right off the top. But that leaves out the fact that when you do digital, you've got to market digital. And you've got to consider what it costs you to acquire those customers. So I would tell you that at the end of the day, the digital transactions that we do have a better margin than our physical ones, but not a way, way better margin.

好的。所以蒲公英，你記得，那是一種蘋果和橘子的混合體。您看到今年我們的數位業務取得了巨大的成長。我們預計這種情況會持續下去。最終我們的數位業務全年成長了 50% 左右。當我們像過去一樣將其出售給越來越多的金融科技公司時，蒲公英將成為其中的一部分。所以我們會看到它開始做出貢獻。我們確實相信，一旦度過第一季度，我們就會將世界 80% 的 GDP 與這些國家聯繫起來。然後我們就可以銷售完整的產品了。現在，我們已經有了一些早期採用者，這很棒。但到第一季末，我們將真正擁有更多完整的產品可供銷售，我們應該會看到這些貢獻。當談到實際利潤時，你在實體交易上賺的錢比在數位交易上賺的錢更多嗎？我想說很多人——這是一種很好的說謊方式。你可以隨心所欲地烘焙這些數字。現實情況是，因為我沒有代理商來支付數位交易，所以每筆交易的毛利似乎更高。但這忽略了這樣一個事實：當你進行數位化時，你必須進行數位化行銷。而且您必須考慮獲得這些客戶的成本。所以我想告訴你，歸根結底，我們的數位交易比實體交易有更好的利潤，但不是更好的方式。

Well, -- and what I'd also tell you is to not get yourself preoccupied with margins, worry about how much money you drop in your bank account, profits, okay? So while I could mathematically produce a better margin on a digital transaction, I may not make as much money. And as you know, we're in the business of making money. So I think what we'll continue to see is an outsized growth of our consumer digital product here. As we said, it makes up about 9% of our business with a fraction of that being the Dandelion. We said that it grew 35% on a year-over-year basis here in the fourth quarter on the revenue side, even better on transaction side. And we would expect that kind of growth rates to continue. And if we really start hitting our stride on Dandelion, it could give us some yet even better opportunity there. So I think we'll continue to see some very nice growth, nice hyper growth out of our digital consumer channel. And again, looking very forward to the contributions from Dandelion as it kind of comes into its kind of first phase of maturity.

好吧，我還要告訴你的是，不要讓自己全神貫注於利潤，擔心你的銀行帳戶裡有多少錢，利潤，好嗎？因此，雖然我可以在數學上在數位交易中產生更好的利潤，但我可能賺不到那麼多錢。如您所知，我們從事的是賺錢業務。因此，我認為我們將繼續看到我們的消費數位產品的大幅成長。正如我們所說，它約占我們業務的 9%，其中一小部分是蒲公英。我們說第四季營收年增了35%，交易方面甚至更好。我們預計這種成長率將持續下去。如果我們真的開始在蒲公英上取得進展，它可能會為我們帶來一些甚至更好的機會。因此，我認為我們將繼續看到我們的數位消費管道出現一些非常好的成長、良好的超速成長。再次，非常期待蒲公英的貢獻，因為它進入了成熟的第一階段。

Our next question or comment comes from the line of Darrin Peller from Wolfe Research.

我們的下一個問題或評論來自沃爾夫研究中心的達林·佩勒 (Darrin Peller)。

I want to point in on EFT for 1 more minute. When we look at the run rate, it was trending off of about 80 -- mid-80% of 2019 levels. And when you look at the underlying $7 in EPS for '22, are you assuming that, that rate generally holds? I know you're talking about reopening, but then Omicron offset some of it. Really the big question would just be if you can give us a sense of what you're incorporating for travel into the '22 numbers? And maybe remind us, if you don't mind, the earnings sensitivity. So if we go back from the 80-ish % rate or 60% to 70% rate we're at now up to 100% and 120%. What kind of step function would you expect to see in earnings per share?

我想再花 1 分鐘談 EFT。當我們查看運行率時，它的趨勢是 2019 年水準的 80% 至 80% 左右。當您查看 22 年每股收益 7 美元的基礎數據時，您是否認為該比率通常成立？我知道您正在談論重新開放，但後來 Omicron 抵消了其中的一些。實際上，最大的問題是您能否讓我們了解您將哪些旅行內容納入「22」數字中？如果您不介意的話，也許可以提醒我們收益敏感度。因此，如果我們從 80% 左右的比率或 60% 回到 70% 的比率，我們現在會達到 100% 和 120%。您期望每股收益會出現什麼樣的階躍函數？

Well, let's see. What I would tell you, we're kind of seeing right now, especially on our high-value transactions, we wouldn't be quite at the 60% range there. We're probably closer to a 50% range. And we're a little higher on other international, but we don't make the kind of profit on a, just call it, a plane old interchange transaction as what we do on DCC type of a transaction there. So maybe what we're seeing in the business is just a little bit inside, but let's call it directionally correct with what you're talking about. And as Andrew Schmidt asked earlier what our assumptions were for '22, we're expecting those high-value transactions to come up and run just north of 70%. But that's kind of on an average for the year. So given that we're a little less than that right now, we would expect that would be ramping up a little bit more. But also keep in mind that we get a significant volume of our cross-border transactions in the second and third quarters. To give you kind of a general perspective, we get about 10% of our high-value transactions in the first quarter. We get about 43% to 45% in the third quarter. And then that balance is split between second and fourth with a bigger bias towards second, okay? So we start seeing that stride kind of develop in the third -- in the second quarter and really coming in the third. So just a few percentage differences on what we see peak out in the third quarter can be dramatically different. With respect to the leverage of that, I could go through lots of different math, but I think it's easiest to see and kind of what Mike said earlier, when our volumes are increasing, we expanded our business on a year-over-year basis in the $50 million, $60 million kind of dollar range.

好吧，走著瞧。我想告訴你的是，我們現在看到的情況是，特別是在我們的高價值交易中，我們不會完全達到 60% 的範圍。我們可能更接近 50% 的範圍。我們在其他國際航班上的價格稍高一些，但我們並沒有像我們在那裡的 DCC 類型交易那樣，透過飛機舊交換交易獲得那種利潤。因此，也許我們在業務中看到的只是內部的一點點，但我們可以稱其方向與您所談論的方向正確。正如安德魯·施密特 (Andrew Schmidt) 早些時候詢問我們對 22 年的假設一樣，我們預計這些高價值交易將達到 70% 以上。但這是全年的平均水準。因此，考慮到我們現在的水平略低，我們預計這一水平會更高一些。但也要記住，我們在第二季和第三季獲得了大量跨國交易。為了讓您有一個整體的了解，我們在第一季獲得了大約 10% 的高價值交易。第三季我們的利用率約為 43% 至 45%。然後這個平衡在第二和第四之間分配，並且更偏向第二，好嗎？因此，我們開始看到這種進步在第三季、第二季取得了進展，並在第三季真正實現。因此，與我們在第三季度看到的峰值相比，僅僅幾個百分比的差異就可能會產生巨大的差異。就其槓桿作用而言，我可以進行很多不同的數學計算，但我認為最容易看到的是邁克之前所說的，當我們的銷量增加時，我們逐年擴大了我們的業務在5000萬美元、 6000萬美元範圍內。

So there's incredible leverage. Even the Delta difference between taking a look at our EBITDA number in terms of 2019, what we generated in EFT and you kind of compare it to, I'll just say, some of the street average numbers out there. You'll still see that there is a very big Delta difference in that EBITDA number. I mean in the ballpark of approaching $80 million, $100 million, it's substantial. So that's really what you see as the leverage from these high-value transactions coming through.

所以有令人難以置信的槓桿作用。即使是看一下 2019 年 EBITDA 數字、我們在 EFT 中產生的數字和你將其與（我只想說）一些街頭平均數字進行比較之間的 Delta 差異。您仍然會看到 EBITDA 數字存在非常大的 Delta 差異。我的意思是，在接近 8000 萬美元、1 億美元的範圍內，這是相當可觀的。這就是您所看到的這些高價值交易的槓桿作用。

And that $50 million differential that we just talked about between last year and this year -- in '20, those markets were open for about 2.5 months this year for 4.5 months, but extra 2 months bought us $50 million. So that just shows you a huge amount of leverage on that.

我們剛剛談到的去年和今年之間的 5000 萬美元的差異——在 20 世紀，這些市場開放了大約 2.5 個月，今年開放了 4.5 個月，但額外的 2 個月買了 5000 萬美元。所以這只是向你展示了巨大的槓桿作用。

All right. That's helpful. And then just one quick follow-up. I know, Mike, you've always talked quite a bit about the focus on profitability over revenue in the business. When I look at the margins of some of your growth parts of your business that we see, and let's focus on epay for a minute since Kevin's on also. I mean it still comes in at a relatively lower margin that I'd like to see for a very good operating leverage scale opportunities. So can you talk through that? I mean it's going to be an area of...

好的。這很有幫助。然後只是一個快速跟進。我知道，麥克，您總是多次談論對業務盈利能力而非收入的關注。當我查看我們看到的業務成長部分的利潤率時，讓我們先關註一下 epay，因為 Kevin 也在場。我的意思是，它的利潤率仍然相對較低，我希望看到一個非常好的營運槓桿規模機會。那你能談談這個嗎？我的意思是這將是一個區域...

Let's not -- okay. So -- okay. So let's not forget, we'll let this be the last question, operator. Let's not forget, epay is a distributor of digital content around the world. We have to split the commission, the revenue that we make with our partners, either physical or digital. So on average, we give away 80% of every revenue dollar in epay. So this idea that our margins can accelerate to teens or 20 or whatever, it's impossible because if we had no cost at all with an epay, I'd have a 20% margin. So you really have to -- an EBITDA margin, what you have to really do is look at the operating margin. Operating margin in that business is probably 60-plus percent. And it is the most crushingly good margins that we have in the entire business. So you just -- you got to remember the kind of business it is. We have 3 different businesses that have 3 different econometric models. And you've got to factor that in.

我們不要——好吧。所以——好吧。所以我們不要忘記，我們將把這是最後一個問題，操作員。我們不要忘記，epay 是全球數位內容的經銷商。我們必須分配佣金，也就是我們與合作夥伴（無論是實體合作夥伴或數位合作夥伴）所賺取的收入。因此，平均而言，我們將每一美元收入的 80% 捐給 epay。因此，我們的利潤率可以加速到 10% 或 20% 或其他什麼的想法是不可能的，因為如果我們使用 epay 完全沒有成本，我就會有 20% 的利潤率。所以你真的必須－ EBITDA 利潤率，你真正要做的是看看營業利潤率。該業務的營業利潤率可能超過 60%。這是我們整個產業中利潤率最高的。所以你必須記住它是什麼類型的業務。我們有 3 種不同的業務，有 3 種不同的計量經濟模型。你必須考慮到這一點。

Yes. I just would add to that, as I would like it to be 60%, it's more like 50%, Mike, but that's okay. But if you look back to the last couple of years, and if you would take our either EBITDA margins or operating margins of the epay segment and divide them into gross profit rather than into revenue. What you would see is about 50%. And I mean it's -- I think, arguable, anyone would accept that 50% margins in the business are absolutely brilliant, right? But that's because we give 80% of it to the retailer. So if we didn't account for it on what I'll call it a gross commission basis, you would see that number much, much better. And I mean, at the end of the day, that's really what you saw as the leverage that came through in 2021 on the epay business, is that as we grew that business, it gave us very nice operating income leverage expansion through the year.

是的。我只是想補充一點，因為我希望它是 60%，更像是 50%，麥克，但這沒關係。但如果你回顧過去幾年，如果你將我們的 EBITDA 利潤率或 epay 部門的營業利潤率分為毛利而不是收入。你會看到大約 50%。我的意思是——我認為，這是有爭議的，任何人都會接受 50% 的業務利潤率絕對是輝煌的，對吧？但那是因為我們把 80% 的錢給了零售商。因此，如果我們不按照我所說的總佣金基礎來考慮它，你會看到這個數字好得多。我的意思是，歸根結底，這確實是您所看到的 2021 年 epay 業務的槓桿作用，隨著我們業務的增長，它給我們帶來了全年非常好的營業收入槓桿擴張。

Now we're being more conservative on what that number is going to be as we go forward. But I would also really ask you to think about epay in a world of being a deposit processor, a digital economy enabler. Because what we're doing is we're allowing people to put money into an account that they can use to buy digital commerce whether that's music or video or it's even physical good like Amazon or Uber Eats kind of stuff. I mean this is all what I'll call, digital economy purchases, and that's really where you've been seeing the momentum of our business grow is in this, I'll call it, digital economy facilitation process. And we're starting to see the lines, if you will, blur a little bit between our epay kind of business and our EFT kind of business, where it's payment processing. So I think that there's incredibly more margin out there to go after, more opportunity. We're going into more countries. We're getting more products. So I think we'll continue to have a very good business there. But I would look at that margin may be slightly different than the way the -- let's just call it, the basic top and bottom of GAAP produces a number.

現在，隨著我們的前進，我們對這個數字將更加保守。但我也真心要求您在作為存款處理者、數位經濟推動者的世界中考慮 epay。因為我們正在做的是，我們允許人們將錢存入一個帳戶，他們可以用這個帳戶來購買數位商務，無論是音樂還是視頻，甚至是亞馬遜或 Uber Eats 等實體商品。我的意思是，這就是我所說的數位經濟購買，這確實是我們業務成長動力所在，我稱之為數位經濟促進過程。如果你願意的話，我們開始看到我們的 epay 類業務和我們的 EFT 類業務（即支付處理）之間的界限有點模糊。因此，我認為還有更多的利潤空間和更多的機會可以追求。我們將進入更多國家。我們正在獲得更多產品。所以我認為我們將繼續在那裡開展非常好的業務。但我認為這個利潤率可能與 GAAP 的基本頂部和底部產生數字的方式略有不同。

All right, with -- thank you very much for that question. With that operator, I think we're a little bit over time here. So I'll close these questions. I look forward to talking to you in about 90 days. Hopefully, we'll be seeing the end of this Omicron thing by then, and we'll have some good news. So talk to you all later, and thank you very much.

好的，非常感謝你提出這個問題。對於那個操作員，我認為我們有點超時了。所以我將結束這些問題。我期待在大約 90 天後與您交談。希望到那時我們就能看到 Omicron 事件的終結，並且我們會得到一些好消息。那麼稍後再跟大家聊聊，非常感謝大家。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝你們參加今天的會議。程式到此結束。您現在可以斷開連線。祝大家有美好的一天。