Euronet Worldwide Inc (EEFT) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 Euronet Worldwide 第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

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東道主 Euronet Worldwide 的總法律顧問 Scott Claassen 先生。謝謝您，克拉森先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Euronet's Fourth Quarter and Full Year 2022 Earnings Conference Call. On this call, we have Mike Brown, our Chairman and CEO; and Rick Weller, our CFO.

謝謝。各位早上好，歡迎來到 Euronet 的第四季度和 2022 年全年收益電話會議。在這次電話會議上，我們有我們的董事長兼首席執行官 Mike Brown；和我們的首席財務官 Rick Weller。

Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we will 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 these anticipated in the forward-looking statements as a result of a number of factors that are listed on the second slide of our presentation. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any update.

在我們開始之前，我需要提請您注意我們今天將製作的 PowerPoint 演示文稿的第二張幻燈片中的前瞻性聲明免責聲明。在本次電話會議上發表的有關 Euronet 或其管理層的意圖、預期或對未來業績預測的聲明均為前瞻性聲明。由於我們演示文稿第二張幻燈片中列出的許多因素，Euronet 的實際結果可能與前瞻性陳述中預期的結果存在重大差異。除非法律可能要求，否則 Euronet 無意更新這些前瞻性陳述，也不對任何人承擔提供任何更新的義務。

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.

此外，PowerPoint 演示文稿還包括我們將在調用其最具可比性的 GAAP 指標時使用的非 GAAP 財務指標的對賬。

Now I'll turn the call over to our CFO, Rick Weller. Rick?

現在我將把電話轉給我們的首席財務官 Rick Weller。瑞克？

Thank you, Scott, and good morning, and welcome to everyone joining us today. I will begin my comments on Slide 5. For the fourth quarter, we delivered revenue of $865 million, operating income of $79 million, adjusted EBITDA of $127 million and adjusted EPS of $1.39. These results produced strong double-digit constant currency growth rate, driven by strong growth from all 3 segments. With particular reflection on the continued improved domestic and international cash withdrawal transactions in the EFT segment, where the improved demand for travel continues following the lifting of COVID restrictions across the globe.

謝謝斯科特，早上好，歡迎大家今天加入我們。我將從幻燈片 5 開始發表評論。第四季度，我們實現了 8.65 億美元的收入、7900 萬美元的營業收入、1.27 億美元的調整後 EBITDA 和 1.39 美元的調整後每股收益。在所有 3 個部門的強勁增長的推動下，這些結果產生了強勁的兩位數恆定貨幣增長率。特別考慮到 EFT 部分的國內和國際現金提取交易持續改善，在全球取消 COVID 限制後，旅行需求繼續改善。

Next slide, please. Slide 6 presents a summary of our year-end balance sheet compared to the prior quarter end. As you can see, we ended the year with $1.1 billion in unrestricted cash and $1.6 billion in debt. This increase is largely from cash generated from operations, partially offset by working capital changes. The decrease in debt was largely from the reduction in ATM cash, which was returned from the ATMs following the peak travel season.

請換下一張幻燈片。幻燈片 6 顯示了我們年末資產負債表與上一季度末相比的摘要。如您所見，我們在年底擁有 11 億美元的不受限制現金和 16 億美元的債務。這一增長主要來自運營產生的現金，部分被營運資本變化所抵消。債務的減少主要是由於 ATM 現金減少，這是在旅遊旺季後從 ATM 取回的現金。

Next slide, please. Now I'm on Slide 7. Here, we present our results on an as-reported basis for the fourth quarter. Similar to the last several quarters, many of the currencies in our most significant markets declined in the 10% to 20% range versus the U.S. dollar compared to the prior year.

請換下一張幻燈片。現在我在幻燈片 7 上。在這裡，我們在第四季度報告的基礎上展示我們的結果。與過去幾個季度類似，與上一年相比，我們最重要市場的許多貨幣兌美元匯率下跌了 10% 至 20%。

I will note that towards the end of the fourth quarter, we began to see currency strengthen against the U.S. dollar, which has which has continued into the first quarter. The improving FX rates in the fourth quarter provided a benefit versus our guidance, which was largely offset by some higher-than-expected operating taxes. Again, that's operating taxes, which goes up in the operating expenses, not in the income tax expenses. To normalize the impact of these currency fluctuations, we have presented our results on a constant currency basis on the next slide.

我會注意到，在第四季度末，我們開始看到貨幣兌美元走強，這種情況一直持續到第一季度。第四季度匯率的改善與我們的指導相比帶來了好處，這在很大程度上被一些高於預期的營業稅所抵消。同樣，這是營業稅，它在營業費用中增加，而不是在所得稅費用中增加。為了使這些貨幣波動的影響正常化，我們在下一張幻燈片中以固定貨幣為基礎展示了我們的結果。

Slide 8. The strong improvements in EFT revenue, operating income and adjusted EBITDA were the result of increased domestic and international withdrawal transaction trends from the lifting of COVID travel restrictions across the globe, together with the addition of and the good performance from the acquisition of Piraeus Bank's Merchant Acquiring business in March of 2022.

幻燈片 8. EFT 收入、營業收入和調整後的 EBITDA 的強勁增長是由於全球 COVID 旅行限制的取消導致國內和國際取款交易趨勢增加，以及收購的增加和良好表現比雷埃夫斯銀行 2022 年 3 月的商戶收單業務。

On a year-over-year basis, revenue and gross profit per transaction were consistent. Epay revenue grew 9%, operating income grew 12% and adjusted EBITDA grew 11%, driven by the continued expansion of mobile and digital branded payments together with the continued growth of digital -- the digital distribution channel.

與去年同期相比，每筆交易的收入和毛利保持一致。 Epay 收入增長 9%，營業收入增長 12%，調整後 EBITDA 增長 11%，這得益於移動和數字品牌支付的持續擴張以及數字——數字分銷渠道的持續增長。

Also included in the fourth quarter results was growth in loyalty reward programs delivered by epay on behalf of new large retailers. Epay's revenue and gross profit per transaction were consistent on a year-over-year basis. Money Transfer revenue, adjusted operating income and adjusted EBITDA grew 9%, 6% and 5%, respectively.

第四季度業績還包括 epay 代表新的大型零售商提供的忠誠度獎勵計劃的增長。 Epay 的收入和每筆交易的毛利與去年同期持平。匯款收入、調整後營業收入和調整後 EBITDA 分別增長 9%、6% 和 5%。

The growth was the result of 13% growth in U.S. outbound transactions, 13% growth in international originated money transfers, of which of which transfers largely initiated in Europe grew 13% and transfers initiated in the Middle East and Asia grew 14%. In addition to these strong growth rates, XE transactions grew 25%, partially offset by a 17% decline in our intra-U.S. business.

這一增長是由於美國出境交易增長 13%，國際匯款增長 13%，其中主要在歐洲發起的匯款增長 13%，在中東和亞洲發起的匯款增長 14%。除了這些強勁的增長率外，XE 交易增長了 25%，部分被我們美國境內交易下降 17% 所抵消。商業。

When we -- you look at direct-to-consumer digital transactions on their own, they grew 38%. As we have in the prior quarters, we continue to monitor the impact of inflation across the business. We have generally seen increases across all segments in salary expense, both our own and our suppliers.

當我們——你自己看直接面向消費者的數字交易時，它們增長了 38%。正如我們在前幾個季度所做的那樣，我們繼續監測通貨膨脹對整個企業的影響。我們普遍看到所有部門的工資支出都有所增加，包括我們自己和我們的供應商。

On the revenue side, we have not seen any direct impacts of inflation on our EFT and epay businesses. However, in money transfer, similar to what we saw earlier this year, the average amount sent per transaction declined by about 3% or 4%, resulting in nearly a 1% offset in our revenue per transaction growth rates.

在收入方面，我們沒有看到通貨膨脹對我們的 EFT 和 epay 業務有任何直接影響。然而，在匯款方面，與我們今年早些時候看到的情況類似，每筆交易的平均匯款金額下降了約 3% 或 4%，導致我們每筆交易收入增長率的近 1% 被抵消。

Overall, on one hand, we saw constant currency revenue per transaction come in by about 1%, largely attributable to the decrease in average sent amount I just mentioned. However, on the other hand, constant currency gross profit per transaction improved in money transfer by approximately 2%, largely due to favorable mix and improvements in overall correspondent payout costs.

總體而言，一方面，我們看到每筆交易的固定貨幣收入增長了約 1%，這主要歸因於我剛才提到的平均發送金額的減少。然而，另一方面，匯款中每筆交易的固定貨幣毛利提高了約 2%，這主要是由於有利的組合和整體代理支付成本的改善。

The drivers behind our full year results for each of the segments were largely the same as the fourth quarter, so I won't go through the full year details results in detail, but we have presented them on the next few slides.

每個細分市場的全年業績背後的驅動因素與第四季度基本相同，因此我不會詳細介紹全年的詳細結果，但我們已經在接下來的幾張幻燈片中展示了它們。

As I reflect on 2022, I am pleased with the resilience of all 3 of our segments. In EFT, we saw our transactions improve in line with the improvement in travel trends, if not a little better. And our new Merchant Acquiring business continued to perform quite well. Many of you may recall that epay started the year slow, but the business gained momentum in the second half of the year as we expected, and ended the year with double-digit constant currency operating income growth for both the fourth quarter and the full year 2022.

當我回顧 2022 年時，我對我們所有 3 個部門的彈性感到滿意。在 EFT 中，我們看到我們的交易隨著旅行趨勢的改善而改善，如果不是好一點的話。我們新的商戶收單業務繼續表現良好。很多人可能還記得 epay 年初緩慢，但業務在下半年如我們預期的那樣增長勢頭，並在第四季度和全年以兩位數的固定貨幣營業收入增長結束了這一年2022.

In Money Transfer, we continue to expand both our physical and digital networks. We are also continuing to build momentum in our digital initiatives as we sign more REN agreements, and we see large banks and brands realize the value proposition of our Dandelion network.

在匯款方面，我們繼續擴展我們的物理和數字網絡。隨著我們簽署更多 REN 協議，我們還在繼續推動我們的數字計劃，我們看到大型銀行和品牌意識到我們蒲公英網絡的價值主張。

I know that many of you are going to ask what we expect for the full year 2023. It is not our practice to give full year guidance, but I do think it is helpful if we provide some direction for the full year. As many of you know, on January 1 of this year, Croatia transitioned its currency from the kuna to the euro. Certainly, the currency migration will have some impact on our EFT results. However, we believe that there are a number of new rate-related opportunities in the EFT segment that will nearly offset the impact. And we fully believe that we can carry the momentum we have built in 2022 forward into the new year.

我知道你們中的許多人會問我們對 2023 年全年的期望。我們的慣例不是提供全年指導，但我確實認為如果我們提供一些全年指導會有所幫助。眾所周知，今年 1 月 1 日，克羅地亞將其貨幣從庫納轉換為歐元。當然，貨幣遷移會對我們的 EFT 結果產生一些影響。然而，我們認為 EFT 領域有許多與利率相關的新機會，幾乎可以抵消這種影響。我們完全相信，我們可以將 2022 年建立的勢頭延續到新的一年。

To that end, we expect the first quarter adjusted EPS to be approximately $0.85 per share, which represents a 23% growth over last year, assuming consistent FX rates, interest rates and other unforeseen matters. We also continue to expect the full year adjusted EPS to grow in the mid- to upper mid-teens range over our full year 2022 adjusted EPS. I think it bears repeating that we have a strong balance sheet while making the right strategic investments in our business, which we believe will allow us to continue to grow at double-digit rates. It was another great year at Euronet.

為此，我們預計第一季度調整後的每股收益約為 0.85 美元，比去年增長 23%，前提是匯率、利率和其他不可預見的事項保持一致。我們還繼續預計，與我們 2022 年全年調整後的每股收益相比，全年調整後的每股收益將在中至十幾歲的範圍內增長。我認為值得重申的是，我們擁有強大的資產負債表，同時對我們的業務進行正確的戰略投資，我們相信這將使我們能夠繼續以兩位數的速度增長。這是 Euronet 又一個偉大的一年。

And with that, I'll turn it over to Mike.

有了這個，我會把它交給邁克。

Thank you, Rick, and thank you, everybody, for joining us today. I'll begin my comments on Slide 15. Well, I guess, as I look back, all I can say is what a year. We delivered very strong consolidated constant currency double-digit growth rate in the midst of ongoing economic and global uncertainties. We have continued to prove that our business is resilient and as Rick mentioned during the pandemic, we were not afraid to invest in places we believe that would continue our long-term growth trajectory. In EFT, our most profitable transactions continue to improve. In epay, there continues to be a growing demand for mobile and branded digital payment content and consumers and businesses still need to send money across borders.

謝謝你，瑞克，也謝謝大家今天加入我們。我將從第 15 張幻燈片開始我的評論。好吧，我想，當我回顧過去時，我只能說這是多麼美好的一年。在持續的經濟和全球不確定性中，我們實現了非常強勁的綜合恆定貨幣兩位數增長率。我們繼續證明我們的業務具有彈性，正如里克在大流行期間提到的那樣，我們不懼怕投資於我們認為會延續我們長期增長軌蹟的地方。在 EFT 中，我們最賺錢的交易繼續改善。在 epay 中，對移動和品牌數字支付內容的需求持續增長，消費者和企業仍然需要跨境匯款。

The fourth quarter unfolded largely in line with what we expected when we spoke in October. Despite not seeing a full travel recovery, we are encouraged by the continued signs set, at least as it relates to travel, the end of the pandemic seems to be upon us in the U.S., and travel conditions are improving the further ease to go. The Eurocontrol outlook remains consistent that passenger traffic in 2023 is expected to reach 92% or 93% of 2019 levels.

第四季度的發展基本符合我們在 10 月份講話時的預期。儘管沒有看到旅行完全恢復，但我們對持續出現的跡象感到鼓舞，至少在旅行方面，美國的大流行病似乎即將結束，旅行條件正在改善，出行更加輕鬆。 Eurocontrol 的前景仍然一致，預計 2023 年的客運量將達到 2019 年水平的 92% 或 93%。

While we'd like to see this data at least in line with that 100% of 2019, this would still be roughly a 25% improvement from 2022. We are also seeing positive signs from travel booking sites, which indicates a very strong demand for travel this coming summer and year due to the backlog of people wanting to take trips that were canceled during the pandemic, or delayed due to the capacity restraints, which were -- which really vexed us and global travel last year.

雖然我們希望看到這一數據至少與 2019 年的 100% 保持一致，但與 2022 年相比仍約有 25% 的改善。我們還看到來自旅遊預訂網站的積極跡象，這表明對旅遊的需求非常強勁在即將到來的這個夏天和今年的旅行中，由於想要旅行的人積壓，這些旅行在大流行期間被取消，或者由於容量限製而延遲，這確實讓我們和去年的全球旅行感到煩惱。

On their recent earnings call, the Delta Airlines CEO was bullish on the travel industry recovery and expect double-digit top line growth in the coming years. This optimism in travel together with some pricing opportunities, entry into new markets, continued growth in our POS acquiring business and sales of our REN platform, add support for our expectation that we will deliver strong growth rates in 2023.

在最近的財報電話會議上，這位達美航空公司首席執行官看好旅遊業的複蘇，並預計未來幾年收入將實現兩位數增長。這種對旅遊的樂觀態度，加上一些定價機會、進入新市場、我們的 POS 收單業務的持續增長以及我們 REN 平台的銷售，進一步支持了我們將在 2023 年實現強勁增長的預期。

With this macro-overview, let's get down to each specific segment, beginning with the EFT, starting on Slide #16. Slide 16. We have successfully grown our ATM deposit network in Poland this quarter, signing agreements with 23 new merchants who will have access to our broad deposit network. For some perspective on the success of this network, we received more than $6 billion worth of Polish zloty in ATM deposits in 2022. And now we are continuing to expand that growth in Romania with an ATM network participation agreement with UniCredit Bank. These deposit ATMs allow customers and retailers to deposit money with nearly instant credit to their accounts, allowing them to avoid carrying large sums of money to the bank or having to wait until banking hours.

通過這個宏觀概述，讓我們從 EFT 開始，從幻燈片 #16 開始，深入到每個特定部分。幻燈片 16。本季度我們在波蘭成功發展了 ATM 存款網絡，與 23 家新商戶簽署了協議，這些商戶將可以使用我們廣泛的存款網絡。從某種角度來看這個網絡的成功，我們在 2022 年收到了價值超過 60 億美元的波蘭茲羅提 ATM 存款。現在，我們通過與 UniCredit 銀行達成 ATM 網絡參與協議，繼續擴大在羅馬尼亞的增長。這些存款 ATM 允許客戶和零售商存款，幾乎可以立即記入他們的賬戶，從而避免攜帶大筆資金到銀行或不得不等到銀行營業時間。

As I reflect on the $6 billion in ATM deposits that we process, it seems like a good time to address one of the most common questions I received. Of course, that is, "is cash dying?" I am certainly not going to deny that digital transactions are popular and convenient, but what we have seen and what the $6 billion in ATM deposit once again show us as there continues to be a large volume of cash used in circulation.

當我回顧我們處理的 60 億美元 ATM 存款時，現在似乎是解決我收到的最常見問題之一的好時機。當然，也就是“現金快死了嗎？”我當然不會否認數字交易很受歡迎和方便，但我們所看到的以及 60 億美元的 ATM 存款再次向我們展示了流通中繼續使用的大量現金。

Further, what we have seen is that in times of economic and other uncertainties, people tend to fall back to cash. So I'd tell you that, no, we do not believe that cash is going away. Accordingly, our core business has proven to be very profitable so we have continued to use these profits generated from our cash base withdraw and deposit transactions to invest in the next-generation technology and digital transactions, which we believe will continue to diversify our global business.

此外，我們所看到的是，在經濟和其他不確定時期，人們傾向於回歸現金。所以我要告訴你，不，我們不相信現金會消失。因此，我們的核心業務已被證明是非常有利可圖的，因此我們繼續使用現金基礎提取和存款交易產生的這些利潤來投資下一代技術和數字交易，我們相信這將繼續使我們的全球業務多樣化.

Moreover, the value of our Cash business creates significant value to our shareholders. Getting back to the highlights in Spain, we signed a network participation agreement with Banco Caminos. This is the 15th agreement that we have signed to allow banks to provide their customers with convenient access to our market-leading ATM network in Spain.

此外，我們現金業務的價值為我們的股東創造了巨大的價值。回到西班牙的亮點，我們與 Banco Caminos 簽署了網絡參與協議。這是我們簽署的第 15 份協議，允許銀行為其客戶提供方便地訪問我們在西班牙市場領先的 ATM 網絡。

Also in Spain, we leveraged the content relationships in our epay segment to cross-sell Spotify, Xbox, Nintendo and Paysafe card sales on Euronet ATMs. The combination of these 2 business segments is a great example of our goal to allow customers to participate in the global economy in a way that is most convenient for them.

同樣在西班牙，我們利用 epay 部門的內容關係在 Euronet ATM 上交叉銷售 Spotify、Xbox、Nintendo 和 Paysafe 卡。這兩個業務部門的結合是我們目標的一個很好的例子，即讓客戶以對他們來說最方便的方式參與全球經濟。

We signed 2 exciting agreements in the Philippines during the quarter. We signed our cardless cash withdraw on deposit agreement with PayMaya, the second largest digital wallet in the country. This wallet has platforms and services that cut across consumers, merchants, communities and government and provides more than 41 million Filipinos with access to financial services through its consumer platform. We also signed an agreement -- a network participation agreement with the Bank of the Philippine Islands, BPI, to allow BPI cardholders to perform cash withdrawals and balance inquiries free of charge on the Euronet ATM network there in the Philippines, which now has approximately 900 ATMs in the country.

本季度，我們在菲律賓簽署了 2 項激動人心的協議。我們與該國第二大數字錢包 PayMaya 簽署了無卡存款取現協議。該錢包擁有跨越消費者、商家、社區和政府的平台和服務，並通過其消費者平台為超過 4100 萬菲律賓人提供金融服務。我們還與菲律賓群島銀行 (BPI) 簽署了一項網絡參與協議，允許 BPI 持卡人在菲律賓的 Euronet ATM 網絡上免費進行現金提取和余額查詢，該網絡目前約有 900 台國內的自動取款機。

Next slide, please. Slide #17 provides you with an update on our ATM portfolio. During the quarter, we reduced our owned ATMs by approximately 450 machines. This is the result of a couple of measures. First, we removed about 350 ATMs in Croatia that were in places that would likely not be profitable given the country's conversion to the euro. Second, a more robust post-COVID travel season last year, give us another data point to analyze our ATM estate with higher transaction volumes, and we redoubled our ATM profitability management efforts. As a result of this process, we removed about 250 ATMs, which we will relocate in which we expect will ultimately provide us with a stronger and even more profitable ATM network as we move into this year and next.

請換下一張幻燈片。幻燈片 #17 為您提供了我們 ATM 產品組合的最新信息。本季度，我們將自有 ATM 機減少了約 450 台。這是一些措施的結果。首先，我們在克羅地亞拆除了大約 350 台自動櫃員機，這些自動櫃員機位於可能無法盈利的地方，因為該國正在轉換為歐元。其次，去年 COVID 後旅遊旺季更加強勁，為我們提供了另一個數據點來分析我們交易量更高的 ATM 資產，我們加倍了 ATM 盈利能力管理工作。作為這一過程的結果，我們拆除了大約 250 台 ATM，我們將重新安置這些 ATM，我們希望在我們進入今年和明年時最終為我們提供更強大、甚至更有利可圖的 ATM 網絡。

The culling of the network was offset by the addition of about 158 new ATMs and in new and existing markets, we also reduced our outsourced ATMs by 200 due to the expiration of an outsourcing agreement in Poland. Finally, we deactivated about 3,900 ATMs for the winter season consistent with our historical practices. As we think about our ATM deployment plan for 2023, we expect to deploy between 3,500 and 4,000 machines in new and existing markets.

網絡的剔除被約 158 台新 ATM 機的增加所抵消，在新市場和現有市場中，由於波蘭的外包協議到期，我們還減少了 200 台外包 ATM 機。最後，根據我們的歷史慣例，我們在冬季停用了大約 3,900 台 ATM。在考慮 2023 年的 ATM 部署計劃時，我們預計將在新市場和現有市場部署 3,500 至 4,000 台機器。

Moreover, as we see the return of travel and provide travel recovery is more robust, our optimism for ATM deployment may very well increase. To sum up the year and EFT completely, I'd say, it was a great year. We were able to answer the most lingering question from the pandemic, will consumers still want cash when they travel? We now know that, that answer is certainly a resounding yes. As our transaction growth paralleled the travel recovery reported by Eurocontrol. With Asia Pacific now accelerating its opening, certain pricing opportunities across our markets and entry into new markets and our digital initiatives, we anticipate that EFT will continue to produce strong growth rates in 2023.

此外，由於我們看到旅行的恢復和提供的旅行恢復更加強勁，我們對 ATM 部署的樂觀情緒可能會增加。完整地總結這一年和 EFT，我想說，這是偉大的一年。我們能夠回答大流行中最揮之不去的問題，即消費者在旅行時是否仍需要現金？我們現在知道，答案肯定是肯定的。由於我們的交易增長與 Eurocontrol 報告的旅行複蘇同步。隨著亞太地區現在加速開放、我們市場的某些定價機會和進入新市場以及我們的數字計劃，我們預計 EFT 將在 2023 年繼續產生強勁的增長率。

Now let's go on to Slide #18, we'll talk about epay for a minute. I am particularly pleased that epay closed the year with revenue growth slightly above the expectations that we provided over the last several quarters, with more than 40% constant currency growth above 2019 levels. This is a strong testament to the demand for our mobile and digital branded payments content, together with the expansion of our digital distribution channel. This quarter, we continue to expand our content by launching McAfee renewals in Curry stores in the U.K. and Ireland. In Spain, we launched digital subscriptions, for Disney+, we also expanded sales of Uber cars in Germany and Spain. We continue to expand our relationship with Microsoft to provide Microsoft 365 renewals in Germany, Brazil, UAE and the U.S. We really like these renewals and the agreements that we've signed as they leverage our industry-leading tech stack and give us a recurring revenue stream.

現在讓我們繼續看幻燈片 #18，我們將用一分鐘時間討論 epay。我特別高興的是，epay 在今年結束時的收入增長略高於我們在過去幾個季度提供的預期，貨幣增長率比 2019 年水平高出 40% 以上。這有力地證明了對我們的移動和數字品牌支付內容的需求，以及我們數字分銷渠道的擴展。本季度，我們通過在英國和愛爾蘭的 Curry 商店推出 McAfee 續訂服務來繼續擴展我們的內容。在西班牙，我們針對 Disney+ 推出了數字訂閱，我們還在德國和西班牙擴大了 Uber 汽車的銷售。我們繼續擴大與 Microsoft 的關係，在德國、巴西、阿聯酋和美國提供 Microsoft 365 續訂。我們非常喜歡這些續訂和我們簽署的協議，因為它們利用了我們行業領先的技術堆棧，並為我們帶來了經常性收入溪流。

Finally, we launched a digital branded payments agreement in Lidl stores in the U.K. Our epay team continues to find innovative ways to give customers payment options in the way that they want them, whether that's in a physical store, online at an ATM or through a digital wallet. We believe that our content and technology solutions are industry leading and will continue to give us new opportunities for expansion around the world.

最後，我們在英國的 Lidl 商店推出了數字品牌支付協議。我們的 epay 團隊繼續尋找創新的方式，為客戶提供他們想要的支付方式，無論是在實體店、在線 ATM 還是通過數字錢包。我們相信我們的內容和技術解決方案處於行業領先地位，並將繼續為我們提供新的全球擴張機會。

Now let's move on to Slide #19, and we'll talk about Money Transfer. Our network now reaches 522,000 physical locations, 3.6 billion bank accounts and 428 million wallet accounts across 188 countries and territories. During the quarter, we launched 16 new correspondent agreements across 14 countries. One of the more significant of these launches was with a Hong Kong-based OTT pay, which processes bulk small value cross-border business-to-consumer payments on behalf of companies that need to pay gig workers, influencers and other independent contractors.

現在讓我們轉到幻燈片 #19，我們將討論匯款。我們的網絡現已覆蓋 188 個國家和地區的 522,000 個物理位置、36 億個銀行賬戶和 4.28 億個錢包賬戶。本季度，我們在 14 個國家/地區推出了 16 項新的代理協議。其中一項更重要的推出是基於香港的 OTT 支付，它代表需要支付零工、影響者和其他獨立承包商的公司處理大宗小額跨境企業對消費者支付。

We also signed 19 new correspondent agreements across 19 countries. We added 4 new mobile wallets across Cameroon, Mali, Sierra Leone and Colombia, and we added corporate payments in both Egypt and Morocco. During the quarter, we acquired Sikhona, a global partner in South Africa, significantly strengthening our presence in the send and receive market with a license a strong cash acceptance and promoter network as well as a successful money transfer app.

我們還在 19 個國家簽署了 19 項新的代理協議。我們在喀麥隆、馬里、塞拉利昂和哥倫比亞添加了 4 個新的移動錢包，並在埃及和摩洛哥添加了企業支付。本季度，我們收購了南非的全球合作夥伴 Sikhona，通過許可、強大的現金接受和推廣網絡以及成功的匯款應用程序，顯著加強了我們在發送和接收市場的影響力。

We are already seeing a large number of new inbound and outbound opportunities in that country and we'll consolidate our presence -- which will consolidate our presence in South Africa and the broader region.

我們已經在該國看到大量新的入境和出境機會，我們將鞏固我們的存在——這將鞏固我們在南非和更廣泛地區的存在。

Finally, we continue to expand our digital assets, launching our App Store -- I mean our app, moneytransfer.com app in Singapore. This gives us another send market in our digital channel, where we are seeing direct-to-consumer digital transactions growing 38% year-over-year.

最後，我們繼續擴展我們的數字資產，推出我們的 App Store——我的意思是我們的應用程序，新加坡的 moneytransfer.com 應用程序。這為我們的數字渠道提供了另一個發送市場，我們看到直接面向消費者的數字交易同比增長 38%。

Now we'll talk about Slide #20 and our Dandelion successes. Well, we're extremely pleased to announce that we have signed an agreement with HSBC, the world's eighth largest bank to utilize our Dandelion platform. As a major bank with strength in Asia Pacific and the rest of the World, the HSBC Group has a key role to play in today's global economy.

現在我們將討論幻燈片 #20 和我們的蒲公英成功案例。那麼，我們非常高興地宣布，我們已經與世界第八大銀行匯豐銀行簽署了一項協議，使用我們的蒲公英平台。作為在亞太地區和世界其他地區具有實力的大型銀行，匯豐集團在當今的全球經濟中扮演著重要角色。

We are very proud and very excited about this new relationship, and now we are laser-focused on going live with our first market this month. The agreement with HSBC is a good example of the favorable market response to Dandelions differentiated value proposition, which includes a real-time payments, alternative payment channels and complete payment solutions all available through a single API integration. Dandelions' sales pipeline grew significantly in Q4 with strong interest from banks, payment companies, MSBs and fintechs across the globe. We will continue to work hard on this pipeline and hope to deliver more exciting announcements in the coming quarters.

我們對這種新關係感到非常自豪和興奮，現在我們正專注於本月在我們的第一個市場上線。與匯豐銀行達成的協議是市場對 Dandelions 差異化價值主張的有利反應的一個很好的例子，其中包括實時支付、替代支付渠道和完整的支付解決方案，所有這些都可以通過單一 API 集成獲得。蒲公英的銷售渠道在第四季度顯著增長，全球銀行、支付公司、MSB 和金融科技公司對此表現出濃厚的興趣。我們將繼續在這條管道上努力工作，並希望在未來幾個季度發布更多令人興奮的公告。

Now let's move on to Slide #21, and we'll talk about REN. Well, on Slide #21, you can see that we continue to expand our REN pipeline of agreements. During the quarter, we launched Visa prepaid card issuance and switching with TNG Digital, the largest e-wallet issuer in Malaysia with approximately 22 million customers. Using our REN technology, Euronet will convert funds in the TNG eWallet to a Visa-branded open loop program. We successfully ran the pilot program in December and did an official map launch in January.

現在讓我們轉到幻燈片 #21，我們將討論 REN。那麼，在幻燈片 #21 上，您可以看到我們繼續擴展我們的 REN 協議管道。本季度，我們與馬來西亞最大的電子錢包發行商 TNG Digital 合作發行和轉換 Visa 預付卡，擁有約 2200 萬客戶。使用我們的 REN 技術，Euronet 會將 TNG 電子錢包中的資金轉換為 Visa 品牌的開環程序。我們在 12 月成功運行了試點項目，並在 1 月發布了官方地圖。

A few slides back, we told you about our ATM network participation agreement with BPI. In addition to this agreement, BPI has recognized the value of our REN offering, and we launched person-to-merchant payments through InstaPay, InstaPay as a real-time payment service to allow customers and businesses to transfer funds instantly between accounts from a number of different banks in the Philippines. During this quarter, we expanded this functionality to allow person-to-merchant payments providing a comprehensive real-time payments experience to BPI's customers.

往回放幾張幻燈片，我們向您介紹了我們與 BPI 的 ATM 網絡參與協議。除了本協議之外，BPI 已經認識到我們 REN 產品的價值，我們通過 InstaPay 推出個人對商戶支付，InstaPay 作為實時支付服務，允許客戶和企業在多個賬戶之間即時轉移資金菲律賓的不同銀行。在本季度，我們擴展了此功能，允許個人對商戶支付，為 BPI 的客戶提供全面的實時支付體驗。

You may remember, last year, we told you about an exciting partnership we had with Grab in Singapore where Euronet's REN platform was selected as Grab strategic partner to provide end-to-end open-loop issuer processing and switching services. We have now expanded that same relationship with Grab to Malaysia. We also signed an agreement with Grupo Confianza in Honduras to become the SaaS card issuing solution and MasterCard BIN sponsor for their credit union clients. This agreement is strategic in that it gives us entry into Honduras with a REN cloud-native platform and creates a bridge to attend to smaller clients who are better served with an aggregator.

您可能還記得，去年，我們曾向您介紹過我們與 Grab 在新加坡建立的激動人心的合作夥伴關係，Euronet 的 REN 平台被選為 Grab 戰略合作夥伴，以提供端到端的開環發行人處理和轉換服務。我們現在已將與 Grab 的相同關係擴展到馬來西亞。我們還與洪都拉斯的 Grupo Confianza 簽署了一項協議，成為其信用合作社客戶的 SaaS 發卡解決方案和 MasterCard BIN 贊助商。該協議具有戰略意義，因為它使我們能夠通過 REN 雲原生平台進入洪都拉斯，並創建一座橋樑，以服務於較小的客戶，這些客戶可以通過聚合器獲得更好的服務。

As you can see, the investments we have made in our digital technology solutions are continuing to pay off with a strong pipeline of new REN agreements. We expect this REN pipeline to contribute approximately $140 million in revenue over the next 6 years.

正如您所看到的，我們在數字技術解決方案方面的投資正在通過一系列新的 REN 協議繼續獲得回報。我們預計這條 REN 管道將在未來 6 年內貢獻約 1.4 億美元的收入。

Now let's go to Slide #22, and we'll wrap up the quarter. As I stand back and reflect on 2022, it largely marks getting back to where we were pre[Technical Difficulties]

現在讓我們轉到幻燈片 #22，我們將結束本季度。當我退後一步反思 2022 年時，它在很大程度上標誌著我們回到了 [技術困難] 之前的狀態

Okay. I apologize for the little bit of a technology break there, but I will continue now. As I stand back and reflect, 2022 largely marked getting back to where we were pre-COVID. Had it not been for changes in currency, our full year adjusted EPS would have been roughly at 2019 level. I think it is worth repeating a comment that we made at the end of the third quarter. History can often be a good predictor for the future. Through Euronet's history, we have been through every economic cycle, one-off events like cash demonetization in India, and now what appears to be the 2 biggest global economic setbacks in the last 80 years, the 2008 financial crisis and the COVID pandemic, and we have always come out stronger on the other side. This has been made possible by our hard-working employees, of course, but also our balanced product and geographic portfolio, the disciplined management of our balance sheet and investments for future growth, together with the fact that our product portfolio consists of products that people want, use and need.

好的。對於那裡的一點點技術中斷，我深表歉意，但我現在會繼續。當我退後一步反思時，2022 年在很大程度上標誌著我們回到了 COVID 之前的狀態。如果不是因為貨幣變化，我們全年調整後的每股收益將大致處於 2019 年的水平。我認為值得重複我們在第三季度末發表的評論。歷史往往可以很好地預測未來。縱觀 Euronet 的歷史，我們經歷了每一個經濟周期，經歷了印度現金非貨幣化等一次性事件，現在看來是過去 80 年來全球最大的兩次經濟挫折，即 2008 年金融危機和 COVID 大流行，以及我們總是在另一邊變得更強大。當然，這要歸功於我們辛勤工作的員工，還有我們平衡的產品和地域組合、對資產負債表的嚴格管理和對未來增長的投資，以及我們的產品組合由人們認為的產品組成的事實想要，使用和需要。

With improving travel trends, more content, bigger networks and more geographies, we believe our business is poised to continue to deliver double-digit growth rates in 2023 and beyond.

隨著旅遊趨勢的改善、更多的內容、更大的網絡和更多的地域，我們相信我們的業務有望在 2023 年及以後繼續實現兩位數的增長率。

With that, we'll be happy to take your questions. Operator, will you please assist.

這樣，我們很樂意回答您的問題。接線員，請你幫忙。

(Operator Instructions) Our first question comes from the line of Rayna Kumar from UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Rayna Kumar。

It's good to see that you're reiterating your mid- to upper-teens EPS growth guide for '23. I just want to make sure that's off of the new $6.51 EPS base for '22. And Also, if you can walk us through your expectations by segment for the year and for 1Q, that would be really helpful.

很高興看到您重申了 23 年中期到十幾歲的 EPS 增長指南。我只是想確保這不符合 22 年新的 6.51 美元 EPS 基礎。此外，如果您能按細分市場和第一季度向我們介紹您的期望，那將非常有幫助。

Well, we -- first of all, yes, it's off the full number for last year. So when we say kind of mid-teens, so we're thinking in that kind of range of maybe 14%, 15%, 16%, maybe for a little bit like 17% kind of growth rate over last year's total number yet.

好吧，我們——首先，是的，它與去年的總數不符。因此，當我們說十幾歲左右時，我們正在考慮可能在 14%、15%、16% 的範圍內，可能比去年的總數略有 17% 的增長率。

And then with respect to each of the segments, we don't really break it down by segment. But as I've mentioned and Rick did in our comments, we're pretty excited about all 3 segments. Of course, the 1 segment that's going to have the easiest growth you might say, will be the EFT segment because we do believe that we're going to get a lot more travelers to our ATMs this coming summer.

然後關於每個細分市場，我們並沒有真正按細分市場細分。但正如我和 Rick 在我們的評論中提到的那樣，我們對所有 3 個部分都感到非常興奮。當然，您可能會說增長最容易的 1 部分將是 EFT 部分，因為我們相信今年夏天我們將吸引更多旅客使用我們的 ATM。

And Rayna, what I would add and consistent with what Mike said, we typically don't give all that kind of level detail in each of the segments. But I know in the past, we have talked at different times about what we kind of expect in longer-term growth rates for our segments. And what we've consistently said and we continue to believe is that our epay business will have a revenue growth trajectory that would be in the upper single digits and the low -- or the lower double-digits on revenue, that operating income would be more on the lower double-digit side.

雷納，我要補充的是，與邁克所說的一致，我們通常不會在每個細分市場中提供所有級別的細節。但我知道過去，我們曾在不同時間討論過我們對我們細分市場的長期增長率的預期。我們一直在說，我們仍然相信，我們的 epay 業務的收入增長軌跡將是較高的個位數和較低的——或較低的兩位數收入，營業收入將是更多在較低的兩位數方面。

In our Money Transfer business, we believe that we move -- our revenue will be in the kind of lower double-digit range, but a little bit more aggressive than what we might be on the on the epay side. So that would be kind of -- it's possible that we could be into the low teens on that side of the revenue piece. But -- so kind of think of that as a 12% teen or a 13% kind of a number. And we would then expect to see that our operating margins grew a little faster than that.

在我們的匯款業務中，我們相信我們會改變——我們的收入將處於較低的兩位數範圍內，但比我們在 epay 方面的收入要高一些。所以這有點——我們有可能在收入方面進入低端。但是——可以將其視為 12% 的青少年或 13% 的數字。然後我們希望看到我們的營業利潤率增長比這快一點。

And then on the EFT segment. As you can appreciate with the return of travel as we see the number Mike said earlier, if we just kind of take the Eurocontrol number, that would be nearly a 25 kind of percent number. What we saw as we kind of finished up the year and what we're expecting is that the EFT would see a travel recovery kind of in about the kind of 70-ish kind of percent range. At the end of the year, we would end up a little stronger than that as that recovery continued, and that's exactly what we did see. So if you kind of think of that as being kind of in a ballpark of 75 kind of percent. If you then again, use as 92%, 93%, as Mike says as well, that's merely a 25%. But I think it mathematically calculates out to about 22% or 23%. But that's the way I think you probably ought to directionally think about the revenue growth out of the EFT segment.

然後是 EFT 部分。正如我們看到 Mike 之前所說的數字那樣，您可以欣賞旅行的回歸，如果我們只是採用 Eurocontrol 數字，那將是近 25% 的數字。我們在今年結束時看到的和我們期望的是，EFT 的旅行恢復率大約在 70% 左右。到年底，隨著復甦的繼續，我們最終會比那更強大一些，而這正是我們所看到的。因此，如果您將其視為某種程度的 75%。如果您再次使用 92%、93%，正如 Mike 所說，那隻是 25%。但我認為它在數學上計算出大約 22% 或 23%。但這就是我認為您可能應該定向考慮 EFT 部分收入增長的方式。

And then obviously, that's going to contribute well stronger expansion on the operating income side. So that's, I think, very, very consistent with what we've talked about in the past. We -- as Mike said, we continue to see very strong momentum going in the pipelines of our REN product, our Dandelion products. We couldn't feel better than to be able to announce an absolute marquee name like HSBC, recognizing the value of our product. And I think as we continue to build that business, we'll see those pipelines grow, but that kind of gives you some perspective of, again, confirmation of what we expect the continued growth rates to be in our business.

然後很明顯，這將有助於在營業收入方面實現更強勁的擴張。所以，我認為，這與我們過去談論的內容非常、非常一致。我們——正如邁克所說，我們繼續看到我們的 REN 產品、我們的蒲公英產品的管道中有非常強勁的勢頭。能夠宣布像匯豐銀行這樣的絕對大牌名稱，讓我們感到無比欣慰，這讓我們認識到了我們產品的價值。而且我認為，隨著我們繼續建立該業務，我們將看到這些管道的增長，但這給了你一些觀點，再次確認我們對我們業務的持續增長率的預期。

And I would like to also caution to, let's not forget, first quarter for the last 10 years has been our seasonally weakest quarter versus it's kind of a perfect storm of all 3 segments tend to be weaker in the first quarter. So just kind of bear that in mind. And also, when we talk about other things, we're excited about, our Acquiring business that we purchased from Piraeus Bank did quite well last year. So we're excited about that one going forward.

而且我還想提醒大家不要忘記，過去 10 年的第一季度是我們季節性最弱的季度，而不是所有 3 個細分市場的完美風暴在第一季度往往較弱。所以請記住這一點。而且，當我們談論其他事情時，我們很興奮，去年我們從比雷埃夫斯銀行購買的收單業務做得很好。所以我們對未來的發展感到興奮。

Okay. That's a really helpful detail. Just on the point on travel. What are you seeing in terms of increased capacity at Heathrow Airport versus your expectations?

好的。這是一個非常有用的細節。就在旅行的重點上。與您的預期相比，您對希思羅機場增加的容量有何看法？

Okay. So we don't know exactly what it's going to do. All we know is that the travel caps were removed during the Christmas rush. Now I would tell you also, let's not forget the Christmas rush isn't nearly the summer rush. So we're cautiously optimistic that they're getting their act together there. So we'll have to see what happens. But they know, I think everybody recognizes what a mess up it was last year, and so they're going to do their best to get it fixed.

好的。所以我們不知道它到底要做什麼。我們所知道的是，在聖誕節高峰期間，旅行帽被取下了。現在我還要告訴你，我們不要忘記聖誕熱潮遠不是夏季熱潮。因此，我們對他們在那里齊心協力持謹慎樂觀態度。所以我們必須看看會發生什麼。但他們知道，我認為每個人都認識到去年的情況有多糟糕，因此他們將盡最大努力解決問題。

And I think that's even reflected. You may have read some news about them having a change in their leadership there. So they really want their travel industry to work well. And as Mike said, we didn't see any real hiccups going through the fourth quarter, albeit it's obviously much lighter than the third quarter. But those are favorable signs as we look towards next year.

我認為這甚至反映了出來。您可能已經閱讀了一些有關他們在那裡領導層發生變化的新聞。所以他們真的希望他們的旅遊業運轉良好。正如邁克所說，我們沒有看到第四季度出現任何真正的問題，儘管它顯然比第三季度輕得多。但在我們展望明年時，這些都是有利的跡象。

Our next question comes from the line of Andrew Schmidt from Citi.

我們的下一個問題來自花旗銀行的 Andrew Schmidt。

To dig in on the -- just the reiterated mid- to upper teens EPS outlook, just kind of a little bit of a technical question. Are you flowing through the benefit of the FX rates, the favorability there? And then if you are, just wondering if there's offsets that or is there because it seems like if you flow those through, you should be -- could be a little bit higher or at the very minimum at the upper end of that range? Any thoughts there would be helpful.

深入研究 - 只是重申中高青少年 EPS 前景，只是一個技術問題。您是否正在享受外匯匯率的好處，那裡的好感度？然後，如果你是，只是想知道是否存在抵消，或者是否存在，因為看起來如果你讓這些抵消，你應該 - 可能會高一點或在該範圍的上限的最低限度？任何想法都會有所幫助。

Yes, we did -- essentially, we've assumed that the FX rates are the same as what they are today and that they'll remain unchanged for the rest of the year. And it just kind of depends on exactly where you want to pinpoint your math on that. As Mike said, if you were more towards the upper teens, it would be a little bit stronger. But yes, it has been appropriately reflected in that number.

是的，我們做到了——本質上，我們假設外匯匯率與今天的匯率相同，並且在今年餘下的時間裡將保持不變。這在某種程度上取決於你想要精確定位你的數學的地方。正如邁克所說，如果你更偏向於上層青少年，它會更強一點。但是，是的，它已適當地反映在該數字中。

We've also a little bit to the offset of that is we're planning on a couple more Fed rate increases and more rate increases in Europe as well.

我們也有一點抵消了這一點，我們計劃美聯儲加息幾次，歐洲也加息一次。

Got it. Okay. That makes a lot of sense. And then just quickly on Money Transfer. If you can just elaborate just a little bit on what you're seeing. It doesn't seem like, Rick, based on your commentary, that the growth rate has materially altered. So are you seeing something different as we kind of enter 2023 and maybe the fourth quarter was a little bit of a point in time? Or are you seeing kind of these inflation -- this inflation kind of impact persist with the remittance customers? Any color there in terms of what you're seeing in Money Transfer would be helpful.

知道了。好的。這很有意義。然後快速轉賬。如果您可以詳細說明您所看到的內容。里克，根據你的評論，增長率似乎沒有發生實質性變化。那麼，當我們進入 2023 年時，您是否看到了一些不同的東西，也許第四季度是一個時間點？或者你是否看到了這種通貨膨脹——這種通貨膨脹的影響持續存在於匯款客戶身上？就您在匯款中看到的內容而言，那裡的任何顏色都會有所幫助。

Well, we have essentially incorporated and we did this going back when we first started seeing what we thought were some inflationary impacts, about 1% impact on our growth rate because of inflation. So we'll see how that kind of holds out. But if you take a look at just kind of the fundamental strength that we're seeing across the U.S. outbound, Europe, Middle East, it came back a little bit stronger.

好吧，我們基本上已經合併了，當我們第一次開始看到我們認為是一些通貨膨脹影響時，我們就這樣做了，因為通貨膨脹對我們的增長率產生了大約 1% 的影響。因此，我們將看看這種情況如何持續。但如果你看一下我們在美國出境游、歐洲、中東看到的基本面力量，它就會恢復得更強勁一些。

Again, we're seeing some of the impacts of COVID starting to lift more consistently around the world, our digital product has continued to improve. We don't expect that we'll see a gusher of additional revenue from Dandelion this year. We're continuing to build and grow that pipeline. It will be much more contributing next year. But I think all that just continues to build our confidence that we're going to be kind of, like I say, in that kind of 12 to 13 kind of rate. As Mike said, we would expect to see that first quarter is a little bit slower as it always been. First quarter is the lightest quarter of all 3 segments. And -- but we expect to see that momentum develop a little bit later as we go or more of that momentum. But -- so I don't think that our view or our thinking on money transfer has really changed any. I think that we've appropriately considered some impact of inflation, but we continue to see very good successes on customer addition, on network addition, as we go around the world.

同樣，我們看到 COVID 的一些影響開始在世界範圍內更加一致地提升，我們的數字產品也在不斷改進。我們預計今年蒲公英不會帶來大量額外收入。我們正在繼續建立和發展這條管道。明年它將做出更大的貢獻。但我認為所有這一切都在繼續建立我們的信心，就像我說的那樣，我們將以那種 12 到 13 的速度發展。正如邁克所說，我們預計第一季度會像往常一樣慢一些。第一季度是所有 3 個細分市場中最輕的一個季度。而且 - 但我們希望看到這種勢頭隨著我們的發展或更多勢頭的發展而稍晚一點。但是 - 所以我認為我們對匯款的看法或想法並沒有真正改變。我認為我們已經適當地考慮了通貨膨脹的一些影響，但隨著我們走遍世界，我們繼續看到在客戶增加、網絡增加方面取得了非常好的成功。

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

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Look, it's obviously good to see the progress on EFT. I guess, Mike, when we think about the business in EFT and what the behaviors that we're seeing are today, would you expect that if we go back to that 92%, 93% of '19 levels by the end of '23, that your profitability levels of EFT should be the same or more than they were assuming it was 92% in 2019?

看，看到 EFT 的進展顯然是件好事。我想，Mike，當我們考慮 EFT 中的業務以及我們今天看到的行為時，您是否期望如果我們回到 92%，到 23 年底將達到 19 年水平的 93% ，您的 EFT 盈利水平應該與他們假設的 2019 年 92% 相同或更高？

In other words, like-for-like, has anything changed to push that profitability up in that segment beyond just what travel activity is? I imagine that in some factors. But yes, Mike, I just want -- then if you get to add on to that, the comments you made over rate potential and pricing potential. It was good to hear. I'm curious if you can give us a little bit more specifics on that.

換句話說，是否有任何改變可以推動該細分市場的盈利能力超越旅遊活動？我想這在某些因素中。但是，是的，邁克，我只想——如果你要補充這一點，你對利率潛力和定價潛力的評論。很高興聽到。我很好奇你是否可以給我們更多的細節。

So I think the reality is if we only get 92% or 93% of the tourists that we did in '19, we're not going to arrive at 2019's total revenue. However, we do have some opportunities and a lot of it comes down to mix. So as we spin up some of these new markets in North Africa, in Asia, as we do things our experience is that those ATMs are quite a bit more profitable on a per unit basis than our European ones, even though our European ones are quite good.

所以我認為現實情況是，如果我們只吸引了 19 年的 92% 或 93% 的遊客，我們就不會達到 2019 年的總收入。但是，我們確實有一些機會，其中很多都可以混合使用。因此，當我們在北非、亞洲建立一些新市場時，我們的經驗是，這些 ATM 的單位利潤比我們歐洲的要高得多，儘管我們歐洲的 ATM 相當可觀。好的。

So if we can get a little bit of a travel recovery in Asia, that would be great. If we're able -- we have some supply chain issues of getting ATMs to expand into North Africa. As that abates, that will help us quite a bit as well. And let's not forget, everyone -- we were planning on a lot of ATM rollout last year in and around the countries of Central and Eastern Europe, all the ones that now surround Ukraine, in fact, we are planning on almost 500 growth in Ukraine last year. And then, of course, the war happened.

因此，如果我們能在亞洲恢復一點旅行，那就太好了。如果我們能夠 - 我們有一些供應鏈問題讓 ATM 擴展到北非。隨著這種情況的減弱，這也會對我們有很大幫助。別忘了，大家——去年我們計劃在中歐和東歐國家及周邊地區推出大量 ATM，現在烏克蘭周圍的所有國家，事實上，我們計劃在烏克蘭增加近 500 台 ATM去年。然後，當然，戰爭發生了。

Those markets are all cross-currency markets. They all have their own type of currencies. They're great contributors. And so that's kind of -- we obviously are going to do as much expansion there because last year, they only recovered in the (inaudible) of 50% to 55%, where the rest of the market in general was in that kind of 70%. So I think it's -- we've got some opportunities. We'll have to see what happens. But I think if we get to 92%, we'll be pretty darn happy, and it also gives us a little bit of gas in the tank for the next year to growth.

這些市場都是交叉貨幣市場。他們都有自己的貨幣類型。他們是偉大的貢獻者。所以這有點——我們顯然會在那裡做同樣多的擴張，因為去年，他們只恢復了 50% 到 55% 的（聽不清），而其他市場總體上處於那種 70 %。所以我認為這是 - 我們有一些機會。我們得看看會發生什麼。但我認為，如果我們達到 92%，我們會非常高興，這也為我們明年的增長提供了一點動力。

That does make sense. When we think about China reopening, can you just maybe remind us, in your view, what kind of contribution China base travelers did to your business back before the pandemic whether it's in any of the regions, frankly, I'm just curious if you have any insight on that.

這確實有道理。當我們考慮中國重新開放時，您能否提醒我們，在您看來，在大流行之前，無論是在任何地區，中國基地旅客對您的業務做出了什麼樣的貢獻，坦率地說，我只是想知道您是否對此有任何見解。

The biggest reason place where we have Chinese tourists would be on Asian markets like the Philippines, Malaysia, that opened up (inaudible) has that ticked up would be fairly good. There were 5% for European travel (inaudible) will be helpful as well. But a number of these countries are also putting limitations on Chinese tourist to put a little bit more restriction there requiring COVID test before they come, et cetera.

我們有中國遊客的最大原因是在菲律賓、馬來西亞等亞洲市場開放（聽不清），這會相當不錯。有 5% 的歐洲旅行（聽不清）也會有所幫助。但是其中一些國家也對中國遊客施加了更多限制，要求在他們來之前進行 COVID 測試，等等。

The other thing that's important to remember about the China travelers is generally speaking, the China UnionPay card does not allow for DCC. Now in markets where we have a surcharge opportunity (inaudible) benefit there. But China has not been that big of a contributor because we don't get the spread on the DCC. We are working on opportunities to potentially enter into agreements with them to enable that. But as of now, it's not there. So clearly, China travel would give us some benefit, but we've never had a lot of benefit in our P&L from Chinese travelers.

另一件關於中國遊客需要記住的重要事情是，一般來說，中國銀聯卡不允許 DCC。現在在我們有附加費機會（聽不清）的市場中受益。但中國並沒有那麼大的貢獻者，因為我們沒有得到 DCC 的傳播。我們正在尋找機會與他們達成協議以實現這一目標。但截至目前，它不存在。很明顯，中國旅行會給我們帶來一些好處，但我們的損益表從未從中國遊客那裡獲得太多好處。

Our next question comes from the line of Chris Kennedy from William Blair.

我們的下一個問題來自威廉布萊爾的克里斯肯尼迪。

Can you talk about kind of the timing of REN revenue hitting your income statement and how that's tracking relative to your initial expectations?

你能談談 REN 收入達到損益表的時間以及它與你最初預期的相關情況嗎？

It's tracking pretty much right on what I said in prior quarters. So in the very first year that we were really selling REN, which was 2 years ago, we did about $8 million in revenue at about, call it, an 80% margin. Last year, we did almost twice that. This year, we're looking at $25 million to $30 million, if we can get everything installed. So it's kind of doubling up every year. So we're really excited about REN and it's only growing. And I understand, when we talk about $140 million kind of in the pipeline, these are contracted minimum revenues in the contracts that we're installing. So that's what's exciting about it. That doesn't include anything we're going to -- that we would sign this year. So -- and our experience has been, once we put somebody on our platform, the transactions in almost every case exceeded their expectations. I think darn near every case as the transaction -- their transaction-based licenses. So -- and as the transactions exceed the expectations of the people we contract with, we end up making a little bit more. So there's a lot of optimism around REN right now.

它與我在前幾個季度所說的話幾乎完全吻合。因此，在我們真正銷售 REN 的第一年，也就是 2 年前，我們的收入約為 800 萬美元，利潤率約為 80%。去年，我們幾乎做了兩倍。今年，如果我們能安裝好所有設備，我們的目標是 2500 萬到 3000 萬美元。所以它每年都會翻一番。所以我們對 REN 感到非常興奮，而且它只會不斷增長。我知道，當我們談論 1.4 億美元的管道時，這些是我們正在安裝的合同中的合同最低收入。這就是它令人興奮的地方。這不包括我們將在今年簽署的任何內容。所以 - 我們的經驗是，一旦我們將某人放在我們的平台上，幾乎所有情況下的交易都超出了他們的預期。我認為幾乎每一個案例都是交易——他們基於交易的許可證。所以——隨著交易超出與我們簽約的人的期望，我們最終賺得更多。所以現在對 REN 有很多樂觀情緒。

Our next question comes from the line of Pete Heckmann from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Pete Heckmann。戴維森。

Most of my questions are answered. I just wanted to follow up, though, on the digital money transfer. Can you talk about how -- that's been growing at a very nice clip for several years here. Can you talk about how that has changed the mix of Money Transfer and what the implications are for both revenue growth and margins if we continue to see the digital growing at 3x, 4x the rest of the business.

我的大部分問題都得到了回答。不過，我只是想跟進一下數字彙款。你能談談如何——這幾年來一直在以非常好的速度增長。你能談談這如何改變了匯款的組合嗎？如果我們繼續看到數字業務以其他業務的 3 倍、4 倍的速度增長，這對收入增長和利潤率有何影響？

Well, obviously, it's good. It changes the mix. So if we're growing kind of low teens in net, but that's growing 39% or whatever. It is changing the mix over time. It continues to gain more and more momentum. We open up in more and more countries. I mean, we have a real focus on digital, and it's profitable for us. I'd like to also throw that out there because about 90% of everybody doing digital money transfers are losing money on them. And -- but because we can leverage the rest of our bricks-and-mortar business, it is nicely profitable for us. So I think the mix will continue to change as we go forward. And it will be just more and more on the digital side.

好吧，顯然，這很好。它改變了混音。因此，如果我們的淨收入增長有點低，但增長了 39% 或其他。隨著時間的推移，它正在改變組合。它繼續獲得越來越多的動力。我們在越來越多的國家開放。我的意思是，我們真正專注於數字化，這對我們來說是有利可圖的。我也想把它扔在那裡，因為大約 90% 的人在進行數字彙款時都在虧錢。而且——但是因為我們可以利用我們其餘的實體業務，所以它對我們來說是非常有利可圖的。所以我認為隨著我們的前進，組合將繼續改變。而且它會越來越多地出現在數字方面。

All right. And then in terms of just the Dandelion, I think you had said that you expect that to get some more momentum for 2024, and...

好的。然後就蒲公英而言，我想你說過你希望它在 2024 年獲得更多動力，並且......

Probably not out of revenues this year because now these deals are you hook up a bank and then they start sending , then they have our distribution channels now available to their customers, which they didn't heretofore did not have. And so they then begin marketing to their customers, their customers use it, it gets its own momentum once you've signed up a bank and have it working. So it's one of those things growing, growing, kind of over time.

今年可能不會超出收入，因為現在這些交易是你連接銀行然後他們開始發送，然後他們現在可以為他們的客戶提供我們的分銷渠道，這是他們迄今為止沒有的。然後他們開始向他們的客戶營銷，他們的客戶使用它，一旦您與銀行簽約並開始運作，它就會獲得自己的動力。所以這是隨著時間的推移不斷增長、增長的事物之一。

So not -- we wouldn't expect much additional Dandelion revenues this year, unless we maybe nail another like fintech, like we have with Zoom or Remitly because that's a pretty fast ramp up, but these banks, which are really where the big money is. They're going to take a little bit longer because they're used to only offering swifts. They didn't offer all the cash payouts, the wallet payout and also the RTP payouts that we offer with Dandelion. But it's really interesting talking to these banks. They are absolutely starting to clue into this value proposition because they want to create a better product for their customers and be competitive.

所以不會——我們預計今年 Dandelion 的收入不會增加太多，除非我們可能會像 Zoom 或 Remitly 那樣鎖定另一個金融科技公司，因為這是一個相當快的增長，但這些銀行確實是賺大錢的地方是。他們會花更長的時間，因為他們習慣於只提供雨燕。他們沒有提供我們通過蒲公英提供的所有現金支付、錢包支付以及 RTP 支付。但與這些銀行交談真的很有趣。他們絕對開始了解這一價值主張，因為他們想為客戶創造更好的產品並具有競爭力。

Our next question comes from the line of Mike Grondahl from Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Mike Grondahl。

Can you guys roughly size up Croatia and that hit going to the euro. And then you did mention some offsets to that, that were rate related. Could you kind of describe what those rate-related offsets are or what that means?

你們能粗略估計一下克羅地亞的情況嗎？然後你確實提到了一些與利率相關的抵消。你能描述一下那些與利率相關的抵消是什麼或者這意味著什麼嗎？

Well, Rick you go ahead.

好吧，里克，你繼續。

Well, yes, Mike, we've not disclosed exactly what our impact is. We'd rather not do that for competitive reasons out there. But the offsets are really in kind of a couple of categories, some opportunities where interchange rate will improve and some places where we'll be able to add some surcharge or access fee.

嗯，是的，邁克，我們還沒有透露我們的影響到底是什麼。出於競爭原因，我們寧願不這樣做。但抵消實際上分為幾類，一些機會可以提高交換率，一些地方我們可以增加一些附加費或接入費。

So -- and then as Mike mentioned, we've been we've been proactive on pairing back ATMs that we believe would not be profitable if -- when we don't have DCC. So it's largely the opportunities that we have to pick up some of this interchange and surcharge and then supplemented by some cost management to largely cover that impact.

所以 - 然後正如 Mike 提到的那樣，我們一直在積極主動地配對 ATM，我們認為如果 - 當我們沒有 DCC 時，這些 ATM 將無法盈利。因此，這在很大程度上是我們必須獲得一些這種交換和附加費的機會，然後輔之以一些成本管理以在很大程度上彌補這種影響。

Got it. And then just real quick. Any data points you can throw out there that makes you feel confident or decent about the 92% to 93% travel recovery?

知道了。然後很快。您可以拋出任何數據點，讓您對 92% 到 93% 的旅行恢復感到自信或體面？

Well, I guess what I'd say is really kind of 2 things. One, we have consistently seen, as Mike said in his comments, that our transactions have paralleled the Eurocontrol data. And it's just intuitive, I think, Mike. If people are on the plane, they get off the planes, they start walking down the street, they need cash, they stop by the ATM. So it just seems so intuitive that there should be direct correlation, and that's what we've consistently seen.

好吧，我想我要說的實際上是兩件事。第一，正如邁克在評論中所說，我們一直看到我們的交易與 Eurocontrol 數據平行。我認為這只是直覺，邁克。如果人們在飛機上，他們就會下飛機，他們開始走在街上，他們需要現金，他們會在自動取款機前停下來。所以它看起來很直觀，應該有直接的相關性，這就是我們一直看到的。

So again, looking to what the outlook of your control is and how they've looked at it, we feel pretty confident with that. The second thing is as I mentioned, as we kind of close out the year, we saw that we're kind of in that 75-ish kind of percent range there. Some countries, a little better, some a little less, but overall about there. So again, we've consistently seen this move up. We've seen consistent correlation with Eurocontrol.

因此，再一次，看看你的控制前景如何以及他們如何看待它，我們對此感到非常有信心。第二件事就像我提到的那樣，當我們結束這一年時，我們看到我們處於 75% 左右的百分比範圍內。有些國家好一點，有些國家好一點，但總體上差不多。因此，我們再次看到這種上升趨勢。我們已經看到與 Eurocontrol 的一致相關性。

We -- Mike said in their delta. Again, somebody that's in the business of taking people to Europe. They're feeling pretty bullish about their expectations for this year. So those are all things that basically point us toward a continuing improvement, and nothing at this point tells us that it looks like the 92%, 93% numbers in jeopardy. So that's where we continue to see and the optimism that we draw from.

我們 - 邁克在他們的三角洲中說。再一次，有人從事將人們帶到歐洲的業務。他們對今年的預期非常樂觀。所以這些基本上都是指向我們持續改進的東西，在這一點上沒有任何東西告訴我們它看起來像 92%，93% 的數字處於危險之中。所以這就是我們繼續看到的地方和我們從中汲取的樂觀情緒。

And also, let's not forget, it is an issue. So our favorite group of travelers, our largest single group are people from Britain because they all have an Island currency and where they land of our other territories. And -- but even though we averaged about 75% last year, we did the full analysis on flights coming out of Heathrow as an example. And they really -- there's really only 62% of '19 travelers last year that came out of Heathrow. So just by fixing Heathrow, will be good because it's not just the number of travelers, but where they come from. So that's one of the little -- you might say, gives us a little bit of umph, as we go into next year.

而且，我們不要忘記，這是一個問題。所以我們最喜歡的旅行者群體，我們最大的單一群體是來自英國的人，因為他們都有島上的貨幣，而且他們在我們其他領土的登陸地。而且 - 但即使我們去年平均約為 75%，我們還是以希思羅機場的航班為例進行了全面分析。他們真的——去年 19 位旅客中只有 62% 來自希思羅機場。因此，只要修復希思羅機場，就會很好，因為這不僅僅是旅客的數量，還有他們來自哪裡。所以這就是其中之一 - 你可能會說，在我們進入明年時給了我們一點點 umph。

I think -- operator, I think that has to be the last call. We're at the top of the hour. So I'd like to thank everybody for listening in and happy to talk to you in about 90 days. .

我想——接線員，我認為那必須是最後一次通話。我們正處於最高峰。因此，我要感謝大家在大約 90 天內的收聽並樂於與大家交談。 .

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。