Euronet Worldwide Inc (EEFT) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎來到 Euronet Worldwide 2023 年第一季度收益電話會議。 （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 now 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。謝謝你，克拉森先生。你現在可以開始了。

All right. Thank you. Good morning, everyone, and welcome to Euronet's First Quarter 2023 Earnings Conference Call. On today's call, we have Mike Brown, our Chairman and CEO; and Rick Weller, our CFO.

好的。謝謝。各位早上好，歡迎來到 Euronet 的 2023 年第一季度收益電話會議。在今天的電話會議上，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'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 these forward-looking statements as a result of a number of factors that are listed on the second slide of today's presentation. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any persons to provide any update. You should avoid placing undue reliance on any forward-looking statements.

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。由於今天演示文稿第二張幻燈片中列出的多種因素，Euronet 的實際結果可能與這些前瞻性陳述中的預期結果存在重大差異。除非法律可能要求，否則 Euronet 不打算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。您應避免過分依賴任何前瞻性陳述。

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.

現在我將把電話轉給我們的首席財務官 Rick Weller。

Thank you, Scott, and good morning, and thank you to everyone who's joining us today.

謝謝斯科特，早上好，感謝今天加入我們的每一個人。

I will begin my comments on Slide 5. For the first quarter, we delivered revenue of $787 million, operating income of $45.6 million, adjusted EBITDA of $93 million and adjusted EPS of $0.87. These results were produced by strong double-digit growth rates driven by improvement in all 3 segments, but with a particularly strong contribution from high-value cash withdrawal transactions in the EFT segment as a result of the continued recovery in the travel industry.

我將從幻燈片 5 開始發表評論。第一季度，我們實現了 7.87 億美元的收入、4560 萬美元的營業收入、9300 萬美元的調整後 EBITDA 和 0.87 美元的調整後每股收益。這些結果是由所有 3 個部門的改善推動的兩位數強勁增長率產生的，但由於旅遊業的持續復甦，EFT 部門的高價值現金提取交易做出了特別強勁的貢獻。

Next slide, please. Slide 6 presents a summary of our first quarter balance sheet compared to the prior quarter end. Here, you can see that we ended the quarter with approximately $1.1 billion in unrestricted cash. The decrease in cash is largely from $112 million of cash moved into our reactivated ATMs in preparation for the summer travel season together with approximately $28 million in share repurchases during the quarter. These uses of cash were partially offset by cash generated from operations together with working capital and foreign exchange rate changes of approximately $75 million.

請換下一張幻燈片。幻燈片 6 顯示了我們第一季度資產負債表與上一季度末相比的摘要。在這裡，您可以看到我們在本季度結束時擁有大約 11 億美元的不受限制現金。現金減少的主要原因是為準備夏季旅遊旺季而將 1.12 億美元現金轉移到我們重新啟動的 ATM 機，以及本季度約 2800 萬美元的股票回購。這些現金使用被運營產生的現金以及營運資金和大約 7500 萬美元的外匯匯率變動部分抵消。

Next slide, please. Slide 7 presents our as-reported results for the quarter. When we spoke with you in February, we were seeing some strengthening of our major currencies against the U.S. dollar. As we moved through the quarter, those currencies followed several rollercoaster patterns, but the net result of the movements produced virtually no impact on our reported results versus our early February guidance.

請換下一張幻燈片。幻燈片 7 展示了我們本季度的報告結果。當我們在 2 月份與您交談時，我們看到我們的主要貨幣兌美元有所走強。在我們度過本季度時，這些貨幣遵循了幾種過山車模式，但相對於我們 2 月初的指導，這些變動的最終結果幾乎沒有對我們報告的結果產生影響。

However, when comparing currencies on a year-over-year basis, we saw our more significant currency declines in the mid-single digits to lower double-digit range versus the dollar. To normalize the impact of these currency fluctuations, we have presented our results on a constant currency basis on the next slide, Slide 8.

然而，當按年比較貨幣時，我們看到我們的貨幣兌美元匯率在中個位數到較低的兩位數範圍內下降幅度更大。為了使這些貨幣波動的影響正常化，我們在下一張幻燈片（幻燈片 8）中以固定貨幣為基礎展示了我們的結果。

EFT revenue grew 40%, operating income grew 224% and adjusted EBITDA grew 98% as a result of the improved domestic and international withdrawal transactions, driven by continued recovery in travel and the POS processing from the March '22 acquisition of the merchant acquiring business.

EFT 收入增長了 40%，營業收入增長了 224%，調整後的 EBITDA 增長了 98%，這是由於國內和國際取款交易的改善，這得益於旅行的持續復甦以及 22 年 3 月收購商戶收單業務後的 POS 處理.

I'd also like to highlight that we saw a nice improvement in our newly deployed ATMs in the Asia Pac region. The ATM transactions in Asia have not yet reached half of the pre-COVID levels as Asia Pac is nearly a year behind the recovery rate of the rest of the world. But we are pleased that these machines were producing positive contribution profits in the first quarter, and we expect them to contribute profits for the full year.

我還想強調的是，我們在亞太地區新部署的 ATM 機有了很大的改進。亞洲的 ATM 交易量尚未達到 COVID 前水平的一半，因為亞太地區的複蘇速度落後於世界其他地區近一年。但我們很高興這些機器在第一季度產生了積極的利潤貢獻，我們預計它們將貢獻全年的利潤。

Revenue and gross profit per transaction for EFT segment remained consistent on a year-over-year basis, epay revenue grew 5%, operating income grew 11% and adjusted EBITDA grew 10%, driven by the expansion of mobile and digital-branded payments together with growth of the digital distribution channel.

EFT 部門的收入和每筆交易毛利同比保持穩定，epay 收入增長 5%，營業收入增長 11%，調整後 EBITDA 增長 10%，這主要得益於移動和數字品牌支付的共同擴張隨著數字分銷渠道的發展。

Transaction growth outpaced revenue growth due to a stronger mix of lower-value mobile transactions in India. The epay business produced both gross margin and operating margin expansions over the prior year.

由於印度低價值移動交易的組合更加強勁，交易增長超過了收入增長。 epay 業務的毛利率和營業利潤率均比上一年有所增長。

Money Transfer revenue, operating income and adjusted EBITDA grew 9%, 2% and 1%, respectively. This was result of 13% growth in U.S. outbound transactions; 16% growth in international originated money transfers, which included 14% growth in transfers initiated largely in Europe and 18% growth in transfers initiated in the Middle East and Asia; and 28% growth in Xe transactions, partially offset by a 17% decline in the U.S. domestic business.

匯款收入、營業收入和調整後的 EBITDA 分別增長 9%、2% 和 1%。這是美國出境交易增長 13% 的結果；國際匯款增長 16%，其中主要在歐洲發起的匯款增長 14%，在中東和亞洲發起的匯款增長 18%； Xe 交易增長 28%，部分被美國國內業務下降 17% 所抵消。

Additionally, these transaction growth rates included 38% growth in direct-to-consumer digital transactions.

此外，這些交易增長率包括直接面向消費者的數字交易增長 38%。

On a year-over-year basis, we saw a constant dollar decline in revenue and gross profit per transaction. This decline was largely the result of a shift towards lower average send amounts per transaction, particularly in the Xe side of the business, as higher-end customers transferred fewer funds due to economic uncertainties. The lower send amount ultimately results in a lower revenue per transaction. However, we were able to offset some of the lower send amounts with higher gross profits per transaction on the remittance transfers, which resulted in higher margins.

與去年同期相比，我們看到每筆交易的收入和毛利潤持續下降。這種下降主要是由於每筆交易的平均發送金額轉向較低的結果，特別是在業務的 Xe 方面，因為由於經濟不確定性，高端客戶轉移的資金較少。較低的發送金額最終會導致每筆交易的收入較低。但是，我們能夠用每筆匯款交易的較高毛利來抵消一些較低的匯款金額，從而提高利潤率。

Before I close, I'd like to give you an update on our expectations for the remainder of the year. You likely saw in our press release that we expected our second quarter adjusted EPS to be $2 per share. For the full year, we continue to expect to see the business producing year-over-year earnings growth in the mid to upper teens. To that end, it looks like the analyst consensus outlook is directionally aligned.

在我結束之前，我想向您介紹我們對今年剩餘時間的最新預期。您可能在我們的新聞稿中看到，我們預計第二季度調整後每股收益為 2 美元。就全年而言，我們繼續預計該業務將在中高端實現盈利同比增長。為此，看起來分析師的共識前景是方向一致的。

Accordingly, after walking through -- after working through the disruption brought about by COVID and with travel on a path to recovery, we expect that 2023 will be a record year of revenue and adjusted EPS for the company, assuming there are no significant changes to FX rates, interest rates and the global economy and other unforeseen events. I am pleased that we are off to a strong start for the year with near double-digit constant currency revenue growth from all 3 segments.

因此，在經歷了 COVID 帶來的中斷並走上復甦之路之後，我們預計 2023 年將是公司收入和調整後每股收益創紀錄的一年，假設沒有重大變化匯率、利率和全球經濟等不可預見的事件。我很高興我們今年開局良好，所有 3 個部門的貨幣收入均保持近兩位數的恆定增長。

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, who is joining us today, and I'll begin my comments on Slide #10.

謝謝 Rick，也謝謝今天加入我們的每一個人，我將開始對幻燈片 #10 發表評論。

Let me start by just saying that I am pleased to be talking to you about what feels like relatively a normal first quarter, first one we've had in 3 years, one that feels very similar to our pre-COVID narrative. We delivered strong year-over-year performance in what is our seasonally slowest quarter in all 3 segments, while making moves we think will position us to continue our momentum throughout the year and beyond.

首先讓我說，我很高興能與您談論相對正常的第一季度，這是我們 3 年來的第一個季度，感覺與我們在 COVID 之前的敘述非常相似。我們在所有 3 個細分市場中季節性最慢的季度中實現了強勁的同比表現，同時採取我們認為將使我們在全年及以後繼續保持勢頭的舉措。

We continue to be encouraged by all the commentary in the news around the upcoming travel season. As Rick mentioned, we saw nice performance from our ATMs in Asia during the first quarter as COVID restrictions have now been fully lifted. In Europe, which has historically been our primary market, we continue to be optimistic about recovery. Eurocontrol recently updated their base case of flight movements in March, and they now expect 2023 to improve to within 93% of 2019 levels. And we expect our transaction recovery trend largely in line with those improvements.

關於即將到來的旅遊旺季，新聞中的所有評論繼續讓我們感到鼓舞。正如 Rick 提到的那樣，由於 COVID 限制現已完全解除，我們在第一季度看到了我們在亞洲的 ATM 的良好表現。在歷史上一直是我們主要市場的歐洲，我們繼續對複蘇持樂觀態度。 Eurocontrol 最近在 3 月份更新了他們的航班起降基準情況，他們現在預計 2023 年將改善到 2019 年水平的 93% 以內。我們預計我們的交易恢復趨勢與這些改進基本一致。

Further, Expedia has reported that interest for international travel from the U.S. is up triple digits from the same time last year with additional good news that the average price per ticket is down $125 for the peak months of July and August. And as you might remember, last year, that was a problem. There were fewer seats available on airplanes, and the prices were kind of through the roof.

此外，Expedia 報告稱，來自美國的國際旅行興趣比去年同期增長了三位數，另外還有一個好消息，即在 7 月和 8 月的高峰月份，每張機票的平均價格下降了 125 美元。你可能還記得，去年，這是一個問題。飛機上的座位越來越少，而且價格有點飛漲。

The optimism about travel, together with the good performance of our POS acquiring business and our expansion into new markets, give us some confidence that we could experience a very strong year in the EFT segment.

對旅遊的樂觀態度，加上我們 POS 收單業務的良好表現以及我們向新市場的擴張，讓我們有信心在 EFT 領域經歷非常強勁的一年。

Now let's go on to Slide #11, and we'll talk about some of the EFT-specific highlights. Slide 11. You may remember that over the last several quarters, we have continued to build our ATM deposit network across Poland and several other countries. This quarter, we were able to further expand the network in Poland by signing a network participation agreement with Millennium Bank. Millennium customers can now deposit cash into any participating Euronet ATM across the country, significantly expanding deposit convenience for Millennium's customers.

現在讓我們繼續看幻燈片 #11，我們將討論一些特定於 EFT 的亮點。幻燈片 11。您可能還記得，在過去的幾個季度中，我們繼續在波蘭和其他幾個國家建立 ATM 存款網絡。本季度，我們與 Millennium Bank 簽署了網絡參與協議，進一步擴大了在波蘭的網絡。 Millennium 客戶現在可以將現金存入全國任何參與活動的 Euronet ATM，極大地擴展了 Millennium 客戶的存款便利性。

Additionally, we signed 10 new merchants to participate in our deposit network in the same market.

此外，我們在同一市場簽署了 10 家新商戶參與我們的存款網絡。

In Romania, we launched multicurrency deposit processing for the ATM deposit network of First Bank. In Singapore, we expanded our relationship with Development Bank to provide ATM and card processing for their recently acquired bank in India, Lakshmi Vilas Bank. We continue to be pleased with the performance of the merchant acquiring business that we purchased from Piraeus Bank a year ago.

在羅馬尼亞，我們為 First Bank 的 ATM 存款網絡推出了多幣種存款處理服務。在新加坡，我們擴大了與開發銀行的關係，為其最近收購的印度銀行 Lakshmi Vilas Bank 提供 ATM 和卡處理服務。我們仍然對一年前從比雷埃夫斯銀行購買的商戶收單業務的表現感到滿意。

This quarter, we added AllWeekPay functionality for all POS merchants in Greece, which allows the merchants to collect and use their revenue earned via card payments in their bank account the very next day, 365 days a year. Additionally, we added approximately 5,000 new merchants in Greece.

本季度，我們為希臘的所有 POS 商戶添加了 AllWeekPay 功能，允許商戶在第二天（一年 365 天）收集和使用他們通過銀行賬戶支付的卡支付收入。此外，我們在希臘新增了大約 5,000 家商家。

Finally, we were able to renew several nice agreements during the quarter, including our ATM deployment agreement at the Air Force in Copenhagen, and in the railway stations across Italy.

最後，我們能夠在本季度續簽幾項不錯的協議，包括我們在哥本哈根空軍和意大利各地火車站的 ATM 部署協議。

Next slide, please. Slide #12 provides you with an update on our ATM portfolio. During the quarter, we continued to evaluate our ATM network in order to make it as strong as possible. This evaluation led to a decrease of approximately 150 of our own deployed machines, most of them in the Philippines, as we reviewed ATM performance in our first real travel season in that market since '19.

請換下一張幻燈片。幻燈片 #12 為您提供了我們 ATM 產品組合的最新信息。本季度，我們繼續評估我們的 ATM 網絡，以使其盡可能強大。這一評估導致我們自己部署的機器減少了大約 150 台，其中大部分在菲律賓，因為我們審查了自 19 年以來在該市場的第一個真實旅行季節的 ATM 性能。

Despite the reduction in the number of machines, the business performed in line with our expectations, and we now have a stronger ATM estate for the remainder of the year. We also reduced our outsourcing machine count, but this is largely from the removal of the remainder of the ATMs for a bank in Poland that we mentioned last quarter. Additionally, we added more than 950 low-margin ATMs in India, and we reactivated almost 1,650 devices that had been closed for the winter season.

儘管機器數量有所減少，但業務表現符合我們的預期，我們現在在今年剩餘時間內擁有更強大的 ATM 資產。我們還減少了外包機器的數量，但這主要是因為我們上個季度提到的為波蘭一家銀行移除了剩餘的 ATM。此外，我們在印度增加了 950 多台低利潤 ATM，並重新激活了近 1,650 台因冬季關閉的設備。

Finally, with these stats, you're likely to ask about our ATM deployment plans for the remainder of this year. We still believe that we will be able to deploy approximately 3,500 machines in new and existing markets by the end of 2023.

最後，有了這些統計數據，您可能會詢問我們今年剩餘時間的 ATM 部署計劃。我們仍然相信，到 2023 年底，我們將能夠在新市場和現有市場部署大約 3,500 台機器。

To close my comments on EFT, I'd like to reiterate that this was a really great start to the year for the segment. We see the macro travel landscape continuing to improve. We had a very good initial travel season in Asia. We have strengthened our ATM portfolio, and our POS acquiring business is performing very nicely. The EFT team really seems to be hitting on all cylinders, and we are excited about the rest of the year.

為了結束我對 EFT 的評論，我想重申，對於該部門來說，這是今年的一個非常好的開始。我們看到宏觀旅遊格局持續改善。我們在亞洲度過了一個非常好的初始旅遊季節。我們加強了 ATM 產品組合，我們的 POS 收單業務表現非常好。 EFT 團隊似乎真的全力以赴，我們對今年餘下的時間感到興奮。

Now let's go on to Slide #13, and we'll talk a little bit about epay. Our epay team continues to deliver strong results by expanding its content portfolio across more retailers and, of course, more markets. During the quarter, we added Microsoft 365 renewals with new retailers in Spain, Netherlands, Germany and Australia. We launched Alipay+ in Australia, Disney+ digital in Austria and Airbnb in Belgium.

現在讓我們繼續看幻燈片 #13，我們將稍微談談 epay。我們的 epay 團隊通過將其內容組合擴展到更多零售商，當然還有更多市場，繼續取得強勁業績。在本季度，我們增加了與西班牙、荷蘭、德國和澳大利亞新零售商的 Microsoft 365 續訂。我們在澳大利亞推出了 Alipay+，在奧地利推出了 Disney+ digital，在比利時推出了 Airbnb。

In New Zealand, we added our Prezzy Mastercard into Foodstuffs South Island & Countdowns grocery stores. Finally, we signed bill payment services with Fampay, India's fastest-growing neobank for its students and teenagers. It's worth repeating that it was a great first quarter for our epay business.

在新西蘭，我們將 Prezzy Mastercard 添加到 Foodstuffs South Island 和 Countdowns 雜貨店。最後，我們與 Fampay 簽署了賬單支付服務，Fampay 是印度發展最快的新銀行，面向學生和青少年。值得重申的是，對於我們的 epay 業務來說，這是一個很棒的第一季度。

Before we move on to Money Transfer, I'd like to give you a bit more insight into what we expect for epay over the next several quarters. You are likely familiar with the lumpiness in our financial results that the promotional activity in our consumer rewards business creates with an outsized impact on revenue. As we think about the second quarter, we expect to see some favorable results from the wrap-up of some of the prior year promotional activity as well as a new campaign, which will occur during the quarter.

在我們繼續討論 Money Transfer 之前，我想讓您更深入地了解我們對 epay 在接下來幾個季度的期望。您可能熟悉我們的消費者獎勵業務中的促銷活動對收入產生巨大影響而導致的財務業績波動。當我們考慮第二季度時，我們預計上一年的一些促銷活動以及將在本季度進行的新活動的總結會帶來一些有利的結果。

However, you may remember that we had a very strong promotional activity in the third quarter of last year, which will create a tough comp on a year-over-year basis. So while the results may be lumpy in the next couple of quarters with a very nice second quarter and a more difficult third, we expect to see low double-digit operating income growth from epay for the full year.

但是，您可能還記得我們在去年第三季度進行了一次非常強勁的促銷活動，這將創造一個同比增長強勁的競爭。因此，儘管在接下來的幾個季度中，第二季度的業績可能非常好，而第三季度的業績則更為艱難，但我們預計 epay 全年的營業收入將實現兩位數的低增長。

So now let's go on to Slide #14, and we can talk about Money Transfer. Our Money Transfer network now reaches 528,000 locations, 3.6 billion bank accounts and 1.7 billion wallet accounts across 190 territories and countries. The increase in wallet was driven by the launch of wallets in 4 new countries and was significantly influenced by the addition of Alipay to our wallet network.

現在讓我們繼續看幻燈片 #14，我們可以談談匯款。我們的匯款網絡現已覆蓋 190 個地區和國家/地區的 528,000 個網點、36 億個銀行賬戶和 17 億個錢包賬戶。錢包的增長是由 4 個新國家/地區推出的錢包推動的，並且受到支付寶添加到我們的錢包網絡的顯著影響。

In Malaysia, we appointed ATX, an aggregator of payment solutions for small merchants, as a cash-in, cash-out master merchant. This partnership will allow us to more rapidly expand our network across the 1,500 locations in the country.

在馬來西亞，我們指定了 ATX，一家為小商戶提供支付解決方案的聚合商，作為現金進出的主要商戶。這種夥伴關係將使我們能夠更快地擴展我們在該國 1,500 個地點的網絡。

In Lebanon, we launched cash payout services at more than 550 Whish money branch locations, remittances to this nearly $7 billion market, grew 7% in 2022 and represents nearly 40% of its GDP. So we are excited to partner with Whish to bring real money transfer to this important market. The agreement covers inbound and outbound cash pickup in bank deposit and real service will be available on Whish's mobile app. We plan to add B2B service in the coming quarter as well.

在黎巴嫩，我們在 550 多個 Whish money 分支機構推出了現金支付服務，向這個近 70 億美元的市場匯款，2022 年增長了 7%，佔其 GDP 的近 40%。因此，我們很高興與 Whish 合作，為這個重要市場帶來真正的匯款服務。該協議涵蓋銀行存款中的入站和出站現金提取，實際服務將在 Whish 的移動應用程序上提供。我們還計劃在下一季度增加 B2B 服務。

Finally, we signed 24 new correspondents across 19 countries, which will launch in the coming quarters. We continue to see strong transaction growth across most areas of Money Transfer business, driven by a 38% growth in our digital channel and strong execution across nearly all of our physical send channel.

最後，我們在 19 個國家簽下了 24 名新通訊員，這些通訊員將在未來幾個季度推出。在我們的數字渠道增長 38% 以及幾乎所有實體發送渠道的強大執行力的推動下，我們繼續看到匯款業務大部分領域的交易強勁增長。

As well, Ria continues to deliver strong account deposit growth with transactions growing 38% in principal transferred to bank and wallet accounts now representing 32% of total cross-border principal transfer. While Q1 is a seasonally soft card -- soft quarter for Money Transfer segment, we expect double-digit bottom line growth for the segment for the full year 2023.

此外，Ria 繼續實現強勁的賬戶存款增長，本金轉移到銀行和錢包賬戶的交易增長了 38%，目前佔跨境本金轉移總額的 32%。雖然第一季度是一張季節性軟卡——匯款業務的疲軟季度，但我們預計該業務部門 2023 年全年的利潤將實現兩位數增長。

Now let's move on to Slide 15, and I'll give you a little bit of an update on Dandelion. During the quarter, our active Dandelion partners continued to leverage our Money Transfer network by expanding payments to 21 new countries, which resulted in a 57% year-over-year transaction growth from our existing partners. This growth is made possible in part to the enhancement of our network, particularly our mobile wallet coverage mentioned on the previous slide.

現在讓我們轉到幻燈片 15，我將向您介紹有關蒲公英的一些最新情況。在本季度，我們活躍的 Dandelion 合作夥伴繼續利用我們的匯款網絡，將支付擴展到 21 個新國家/地區，這導致我們現有合作夥伴的交易量同比增長 57%。這種增長在一定程度上是由於我們網絡的增強，特別是我們在上一張幻燈片中提到的移動錢包覆蓋範圍。

Additionally, we continue to innovate this technology that powers Dandelion with the addition of several new features in the first quarter. You may remember that when we launched Dandelion, we offered our partners the ability to query a payment status at any time. We have now enhanced our offering to proactively provide customer notifications on the payment status, much like when you order a package on Amazon, and they tell you when they receive the order, when the package is shipped and when the package has arrived.

此外，我們在第一季度增加了幾項新功能，繼續創新為 Dandelion 提供支持的技術。您可能還記得，當我們推出 Dandelion 時，我們為我們的合作夥伴提供了隨時查詢付款狀態的功能。我們現在增強了我們的服務，以主動向客戶提供有關付款狀態的通知，就像您在亞馬遜上訂購包裹時一樣，他們會告訴您他們何時收到訂單、包裹何時發貨以及包裹何時到達。

Now our Dandelion partners can opt in for proactive transaction tracking to several key destinations in the world. And for partners who are not ready to integrate with our real-time API, we now offer batch processing capabilities, but with the same real-time payment delivery and compliance monitoring as our API solutions.

現在，我們的 Dandelion 合作夥伴可以選擇主動跟踪世界上幾個主要目的地的交易。對於尚未準備好與我們的實時 API 集成的合作夥伴，我們現在提供批處理功能，但具有與我們的 API 解決方案相同的實時支付交付和合規監控。

In our experience, larger banks, in particular, often prefer to start with batch processing via their traditional Swift operations and then evolve to the dynamic API in a second phase. We also continue to advance the conversation for partners within our robust pipeline of banks, payment service providers and fintechs.

根據我們的經驗，大型銀行通常更喜歡通過傳統的 Swift 操作開始批處理，然後在第二階段發展到動態 API。我們還繼續在我們強大的銀行、支付服務提供商和金融科技公司管道中推進與合作夥伴的對話。

Please keep in mind that as we go to sign and implement these deals, because of the nature of the business, there are heavy compliance reviews, reviews by our banking partners and other steps that we must complete before a deal is finalized. And occasionally, like this quarter, these reviews can cause a delay in a deal being officially completed. We thought that we could get a couple of nice deals to tell you about and finish this quarter, but those have slipped into the second quarter. We have some pretty cool names close to the finish line, so I look forward to updating you more on the progress of our Dandelion business during our second quarter call.

請記住，在我們簽署和實施這些交易時，由於業務的性質，在交易最終確定之前，我們必須進行大量的合規審查、我們的銀行合作夥伴的審查以及我們必須完成的其他步驟。有時，就像本季度一樣，這些審查可能會導致交易正式完成的延遲。我們認為我們可以獲得一些不錯的交易來告訴你並完成本季度，但這些交易已經進入第二季度。我們有一些非常酷的名字接近終點線，所以我期待在我們第二季度的電話會議上向您更新更多關於我們蒲公英業務的進展情況。

Next slide, please. Slide #16 shows our Ren highlights for the quarter. While the U.S. has not seen a significant adoption of real-time payment processing and settlement of funds, across Southeast Asia, we continue to see a significant shift towards real-time payments and settlements. Ren is positioned to help banks with this transformation.

請換下一張幻燈片。幻燈片 #16 顯示了我們 Ren 本季度的亮點。雖然美國還沒有看到大量採用實時支付處理和資金結算，但在整個東南亞，我們繼續看到向實時支付和結算的重大轉變。 Ren 的定位是幫助銀行實現這一轉型。

During the quarter, we launched person-to-merchant real-time payments with Security Bank in the Philippines. Now Security Bank customers can pay merchants directly from their accounts simply by scanning the QR code at the merchant's location or by pushing the payment to a merchant via an app. All of these transactions will be routed through the real-time domestic payment scheme in the Philippines.

本季度，我們與菲律賓的 Security Bank 推出了個人對商家的實時支付。現在，Security Bank 的客戶只需在商戶位置掃描二維碼或通過應用程序將付款推送給商戶，就可以直接從他們的賬戶向商戶付款。所有這些交易都將通過菲律賓的實時國內支付方案進行。

In Latin America, we have now onboarded as a -- we are now onboarded as a MasterCard Engage partner. The MasterCard Engage platform connects businesses with qualified technology partners. Through this partnership, we can now work with fintechs and others by onboarding them as an affiliate and sponsoring them under our scheme membership. We can then provide processing services through a compliant infrastructure, connecting Mastercard network for their card program.

在拉丁美洲，我們現在已經加入了——我們現在已經加入了 MasterCard Engage 合作夥伴。 MasterCard Engage 平台將企業與合格的技術合作夥伴聯繫起來。通過這種合作關係，我們現在可以與金融科技公司和其他公司合作，將他們作為附屬機構加入並在我們的計劃會員資格下贊助他們。然後我們可以通過兼容的基礎設施提供處理服務，連接萬事達卡網絡為其卡程序。

Finally, our pipeline of signed Ren deals is strong, and we expect these deals to deliver approximately $143 million in revenue over the next 6 years. We continue to see strong interest in our Ren technology across the globe, and we expect to see some nice contributions as we roll out more deals in the coming quarters.

最後，我們簽署的 Ren 交易管道很強大，我們預計這些交易將在未來 6 年內帶來約 1.43 億美元的收入。我們繼續看到全球對我們的 Ren 技術的濃厚興趣，我們希望在未來幾個季度推出更多交易時看到一些不錯的貢獻。

And finally, let's go on to Slide #17, and we will wrap up the quarter. As I said when I began my comments, it's nice to share with you some good news for once in a more normal quarter, we continue to believe that EFT will -- will be on a similar trend line with Eurocontrol recovery reports.

最後，讓我們繼續看幻燈片 #17，我們將結束本季度。正如我在開始發表評論時所說的那樣，很高興在一個更正常的季度與大家分享一些好消息，我們仍然相信 EFT 將 - 將與 Eurocontrol 復甦報告處於相似的趨勢線上。

Epay continues to add more products and markets, including some exciting new products we are preparing to launch. And Money Transfer continues to expand its physical, digital bank and wallet networks with transaction growth in nearly every aspect of the business.

Epay 繼續增加更多的產品和市場，包括我們準備推出的一些令人興奮的新產品。 Money Transfer 繼續擴大其實體、數字銀行和錢包網絡，幾乎在業務的各個方面都有交易增長。

I'm extremely excited for 2023 as we intend to move into our post-COVID growth cycle as a stronger, more nimble company, and we expect to deliver record revenue and adjusted EPS for the full year this year.

我對 2023 年感到非常興奮，因為我們打算作為一家更強大、更靈活的公司進入後 COVID 增長周期，我們預計今年全年的收入和調整後每股收益將創下歷史新高。

With that, we'll be happy to take questions. Operator, will you please assist? (Operator Instructions) Thank you.

有了這個，我們很樂意回答問題。接線員，你能幫忙嗎？ （操作員說明）謝謝。

(Operator Instructions) Our first question comes from the line of Andrew Jeffrey with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Andrew Jeffrey。

Mike, the color on the APAC ATM recovery is helpful. Can you talk generally about your beyond Europe EFT expansion ambitions and just how big that TAM can be? And if we're going to be hearing more about non-Europe ATM revenue and EBITDA drivers over the next several quarters?

邁克，亞太地區 ATM 恢復的顏色很有幫助。您能否大致談談您在歐洲以外的 EFT 擴張野心以及 TAM 的規模有多大？在接下來的幾個季度裡，我們是否會聽到更多關於非歐洲 ATM 收入和 EBITDA 驅動因素的消息？

Yes, it's not just several quarters, but several years. It took us 8 years really to develop the network that we have in Europe. And Europe was $295 million in EBITDA or something like that in 2019. So it will take us a little while to get there.

是的，這不僅僅是幾個季度，而是幾年。我們真的花了 8 年的時間來開發我們在歐洲擁有的網絡。歐洲在 2019 年的 EBITDA 或類似金額為 2.95 億美元。因此我們需要一些時間才能到達那裡。

But the nice thing is travelers go to places other than Europe. And our experience with both the Philippines and with Egypt before and during COVID gave us a lot of confidence about these new markets. So in the Philippines right now, Kevin is listening, we have about 850 to 900 ATMs. Now their travel season is kind of the flip of Europe. So Q1 is the tail end of their travel season, starts back again in October. So we'll see kind of a low for the next couple of quarters, just like we do in the winter season for Europe, and then it will kick back in.

但好消息是旅行者去歐洲以外的地方。我們在 COVID 之前和期間在菲律賓和埃及的經驗讓我們對這些新市場充滿信心。所以現在在菲律賓，凱文正在傾聽，我們有大約 850 到 900 台自動取款機。現在他們的旅行季節有點像歐洲。所以第一季度是他們旅行季節的尾聲，十月份再次開始。所以我們會看到接下來幾個季度的低點，就像我們在歐洲的冬季所做的那樣，然後它會重新出現。

So we've got a lot of ATMs there. Our ATMs there in 2019 were just screamers, throwing off over twice the profit per ATM as our European ones. So we're excited. In Egypt, which I don't hardly even understand why, but even in the middle of COVID, we are profitable in that market. So people were going there. I thought all the airplanes were canceled, but they weren't. Somehow, somebody got there, and they were profitable. We also have opened up in Malaysia and in Morocco.

所以我們那裡有很多自動取款機。我們在 2019 年在那裡的 ATM 機簡直就是尖叫聲，每台 ATM 機的利潤是我們歐洲的兩倍多。所以我們很興奮。在埃及，我什至不明白為什麼，但即使在 COVID 中期，我們在那個市場上也能盈利。所以人們要去那裡。我以為所有的飛機都被取消了，但事實並非如此。不知何故，有人到了那裡，他們獲利了。我們還在馬來西亞和摩洛哥開展業務。

So you'll see us in more countries this year. Each of those countries, remember, Andrew, that they're kind of a bugger to get started. I mean you've got to have sponsored banks and Central Bank approvals and lots of bureaucracy in markets that have never seen a nonbank-owned an ATM. So it takes a while to get going. But once you get going, we found that these markets, because they're primarily cash-based when it comes to travelers, are extremely lucrative for us.

所以今年你會在更多國家看到我們。安德魯，請記住，這些國家中的每一個都是開始時的麻煩。我的意思是你必須得到贊助銀行和中央銀行的批准，以及在從未見過非銀行擁有的 ATM 的市場中的許多官僚機構。所以需要一段時間才能開始。但是一旦開始，我們就會發現這些市場對我們來說非常有利可圖，因為它們主要以現金為基礎來吸引遊客。

So we will tell you more and more. The total TAM of that wouldn't surprise me to at least equal what we have in Europe in all these other markets combined. And I haven't talked to you about South of our border, there's a lot of opportunity there that we're trying to open up as well. So I think EFT, even though at some point in time, Europe has got to get to the point where we start to cannibalize our own ATMs and start to have some kind of saturation, the rest of the world is ripe for the picking.

所以我們會告訴你越來越多。總的 TAM 至少等於我們在歐洲所有其他市場的總和，這不會讓我感到驚訝。我還沒有和你談過我們邊界以南的問題，那裡也有很多我們正在努力開放的機會。所以我認為 EFT，即使在某個時間點，歐洲已經到了我們開始蠶食我們自己的 ATM 並開始出現某種飽和的地步，世界其他地區的採摘時機已經成熟。

Next question is from Andrew Schmidt with Citi Global Markets.

下一個問題來自花旗全球市場的安德魯施密特。

I wanted to -- good to see enthusiasm about the normalized travel season. I share that enthusiasm. Given that it is kind of the first, let's call it, normalized travel season in sometime, what are you seeing, if you can comment, in terms of just the April-to-date from a high-value ATM transaction recovery perspective? And then how are you expecting that recovery to trend throughout the second to third quarter? Just curious if you could give us any sense of direction there.

我想——很高興看到人們對正常化的旅行季節充滿熱情。我分享這種熱情。鑑於它是第一個，讓我們稱之為，在某個時候正常化的旅行季節，你看到了什麼，如果你能評論，從高價值 ATM 交易恢復的角度來看，就 4 月至今而言？那麼您如何看待整個第二至第三季度的複蘇趨勢？只是好奇你是否能給我們任何方向感。

Well, I think directionally, we're right there in line with Eurocontrol. Eurocontrol has an improvement every single quarter this year over the prior year, and we will probably improve every single quarter as well. And that's what's exciting. As Q1 starting off nicely, the big numbers are in Q2 and Q3. If you look at 2019, we did 70% of all of our high-value transactions in Q2 plus Q3 for the year. So Q1 is only 10%. And in '19, Q4 was 20%. So the big money and the big opportunity is coming now. It starts to ramp up right after Easter and just hit this apex in July, August. So we're pretty excited.

好吧，我認為在方向上，我們與 Eurocontrol 一致。 Eurocontrol 今年每個季度都比上一年有所改進，我們也可能每個季度都會有所改進。這就是令人興奮的地方。由於第一季度開局良好，第二季度和第三季度的數字很大。如果你看看 2019 年，我們在第二季度和第三季度完成了今年所有高價值交易的 70%。所以Q1只有10%。而在 19 年，第四季度為 20%。所以現在大筆資金和大機會來了。它在復活節後立即開始上升，並在 7 月、8 月達到頂峰。所以我們很興奮。

If everything just stays on board and you can go on the Internet and find all these figures, but they're getting better and better every quarter. So we're -- I'd like to remind everybody that prior to 2019, we had 10 years of bottom line growth where our EFT division grew probably no less than about 25% a year in profit for 10 years running, and that's because we were able to expand into more and more new markets.

如果一切都保持不變，你可以上網查找所有這些數據，但它們每個季度都在變得越來越好。所以我們——我想提醒大家，在 2019 年之前，我們有 10 年的底線增長，我們的 EFT 部門連續 10 年的利潤年增長率可能不低於 25%，這是因為我們能夠擴展到越來越多的新市場。

And now we're back into the race. It's a little more difficult to get into these disparate new markets because you need licenses and so forth in each one individually where the PSD license in Europe allowed us to have one license for all, so it made it quicker. But we still -- we're pretty excited about what we should see this year. And even this year, in our very best-case scenario, we'll still be leaving probably 7% to 10% on the table for next year.

現在我們又回到了比賽中。進入這些完全不同的新市場有點困難，因為您需要在每個市場單獨獲得許可等，而歐洲的 PSD 許可允許我們為所有市場擁有一個許可，因此速度更快。但我們仍然 - 我們對今年應該看到的內容感到非常興奮。即使在今年，在我們最好的情況下，明年我們仍可能會保留 7% 到 10% 的份額。

And Andrew, I would add just a PS to Mike's comments, you may recall last year, it wasn't long after our first quarter concluded that you started seeing airport problems and airline problems, just handling the onset of the volume increases in these countries. It's good to see that the reportings that are coming out now that folks are prepared for that. They had essentially the off season to kind of get their act together.

Andrew，我想在 Mike 的評論中添加一個 PS，你可能還記得去年，在我們第一季度結束後不久，你開始看到機場問題和航空公司問題，只是處理這些國家的數量增長的開始.很高興看到人們已經為此做好準備，現在發布的報告。他們基本上是在休賽期讓他們一起行動。

And so we're seeing positive reports on the industry, if you will, being able to handle the logistics of the onset of these travelers. So hopefully, that continues to be the case as we go throughout this next couple of quarters. But again, it gives us an increased level of confidence that we'll be able to see these kind of numbers come home this year.

因此，我們看到了關於該行業的積極報告，如果你願意的話，能夠處理這些旅行者開始的後勤工作。因此，希望在接下來的幾個季度中，情況會繼續如此。但同樣，它讓我們更有信心，相信今年我們能夠看到這些數字。

And to add one last thing, last year, we had kind of a half a year, pretty decent recovery, not nearly where we're going to see this year. But what was clear takeaway was that even though there is COVID and there's a lot of concern about cash-based payments versus physical cash, what we're finding for that small amount of cash that you need in Europe, because they do have POS terminals all over the place, we're still very relevant and cash is still needed.

最後要補充一件事，去年，我們有半年的時間，相當不錯的複蘇，遠不及我們今年要看到的那樣。但很明顯的一點是，即使有 COVID 並且人們對基於現金的支付與實物現金相比有很多擔憂，但我們發現歐洲需要的少量現金，因為他們確實有 POS 終端在所有地方，我們仍然非常重要，仍然需要現金。

Next question comes from Darrin Peller of Wolfe Research.

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

Rick, I don't know if there's any way to give us a hand with the segment-level expectations for the remainder of the year, a little bit more detail on growth expectations on a segment basis. But Mike, I also just want to help bridge one last time on the improvement in travel. If we were to bridge the puts and takes, remind us of what they are in terms of headwinds and tailwinds that gets you back to where the Eurocontrol data is because we obviously have Croatia sort of a headwind, but we have Asia reopening as a tailwind. And then would you mind just walking us through those puts and takes one more time and if you expect that to get to the [use at] 92% in '19 levels by the end of the year?

里克，我不知道是否有任何方法可以幫助我們了解今年剩餘時間的細分市場預期，更詳細地了解細分市場的增長預期。但是邁克，我也只想最後一次幫助改善旅行。如果我們要彌合看跌和接受，請提醒我們它們在逆風和順風方面的作用，讓你回到 Eurocontrol 數據所在的位置，因為我們顯然有克羅地亞的逆風，但我們有亞洲重新開放作為順風.然後你介意讓我們通過這些看跌期權並再花一點時間，如果你希望到今年年底達到 19 年水平的 [使用率] 92% 嗎？

Yes. Well, let's see, let's start with kind of puts and takes. I think if we reflect back to principally the 2019 era, there's probably 3 or 4 that principally come to mind here. First one would be Russian travelers, okay? We don't expect that they're going to come back because of the conflict in the Ukraine and the sanctions that are there. So that's a piece that we'll just have to grow over.

是的。好吧，讓我們看看，讓我們從某種投入和投入開始。我認為，如果我們主要回顧 2019 年的時代，這裡可能主要會想到 3 或 4 個。第一個是俄羅斯遊客，好嗎？我們不認為他們會因為烏克蘭的衝突和那裡的製裁而回來。所以這是我們必須成長的一部分。

The next one then is really the knock-on effects of the Ukrainian impact. And we have seen that it had put pressure on transactions in what I'd call the border countries. The -- I guess the good news about that is those aren't our real -- our heaviest countries out there. The heaviest countries when it comes to the tourism are your standard European travel countries, the U.K., the France, the Germany, the Italy, the Greece, the Spain, the Portugal, and I would say also the Croatia, okay?

下一個就是烏克蘭影響的連鎖反應。我們已經看到它對我稱之為邊境國家的交易施加了壓力。 - 我想好消息是那些不是我們真正的 - 我們那裡最重的國家。說到旅遊最重的國家是你的標準歐洲旅遊國家，英國、法國、德國、意大利、希臘、西班牙、葡萄牙，我還要說克羅地亞，好嗎？

And so again, as Mike said, we're seeing very consistent recovery in line with what our recovery numbers are versus the Eurocontrol. Kind of as a reminder, going back to 2020, on the onset of COVID, we look to see if there were -- if there was third-party data that we could look to, to try to track what we should expect to see in terms of our recovery. And what we found is that while it's not a perfect match, it's very -- it has good correlation. We could find that correlation prior to 2019. And so we look to see if that correlation would hold up after that. And if you draw the lines on a sheet of paper, you can see that they do.

因此，正如邁克所說，我們再次看到非常一致的複蘇，這與我們的複蘇數據與 Eurocontrol 的對比一致。有點提醒，回到 2020 年，在 COVID 開始時，我們看看是否有——如果有我們可以查看的第三方數據，以嘗試跟踪我們應該期望看到的內容我們恢復的條件。我們發現，雖然這不是完美匹配，但它非常——具有良好的相關性。我們可以在 2019 年之前找到這種相關性。所以我們看看這種相關性是否會在那之後保持下去。如果你在一張紙上畫線，你可以看到它們確實如此。

So we continue to find that our recovery is in lockstep with what you're seeing out of Eurocontrol. So -- and then another one of those items in there, as I mentioned, was Croatia. As you recall, Croatia went to the euro. And what we said is that we find that there are other rate opportunities that we have availability too that will largely offset that together with making the operational improvements by pulling out ATMs that would no longer be profitable under a higher rate structure.

因此，我們繼續發現我們的複蘇與您從 Eurocontrol 看到的情況同步。所以——正如我提到的，其中的另一個項目是克羅地亞。你還記得，克羅地亞加入了歐元區。我們所說的是，我們發現我們還有其他可用的利率機會，這些機會將在很大程度上抵消這一點，同時通過撤出在更高利率結構下不再盈利的 ATM 進行運營改進。

So that we -- we essentially have largely covered that, as we said. And so I think as we look forward, in terms of getting back to, let's call it, in theory, 100% kind of recovery levels of 2019, it's really going to be the continued movement -- the improvement on the Ukrainian situation, how it resolves itself and the -- and then ultimately, the total travel recovery. As I said, the Russian transactions, we won't recover those, but we'll grow over those through other initiatives. So that's kind of what I would look at as the puts and takes.

因此，正如我們所說，我們基本上已經涵蓋了大部分內容。所以我認為，當我們展望未來時，理論上，我們稱之為 2019 年 100% 的恢復水平，這真的將是持續的運動——烏克蘭局勢的改善，如何它解決了自己，然後最終解決了整個旅行恢復問題。正如我所說，俄羅斯的交易，我們不會收回這些，但我們會通過其他舉措來擴大這些交易。所以這就是我認為的看跌期權。

And then the final point is on what our growth expectations are for each of the 3 segments. And we continue to share -- to have the same expectation, Darrin. We expect that we'll continue to see very nice, strong double-digit growth rates out of our EFT Segment. That's driven by both, one, the continued travel recovery; and two, as Mike said, the other country launches and developments.

最後一點是我們對這 3 個細分市場的增長預期。我們繼續分享 - 有同樣的期望，Darrin。我們預計我們將繼續看到 EFT 部門的兩位數增長率非常好。這是由兩個因素推動的，一是旅行的持續復甦；還有兩個，正如邁克所說，另一個國家的發射和發展。

And as we've consistently talked about, the continued sales of our Ren product that will continue to have enhancements. And not to mention -- forget to mention the acquiring business that we picked up in Greece. As Mike said, we had nice growth out of it. So it will -- those all will really add to a nice strong double-digit rate there.

正如我們一直在談論的那樣，我們 Ren 產品的持續銷售將繼續得到增強。更不用說 - 忘記提及我們在希臘收購的收購業務。正如邁克所說，我們從中獲得了不錯的成長。所以它會——所有這些都將真正增加一個不錯的兩位數增長率。

On the epay business, as we've said, we generally expect that the revenue growth rate will be kind of in the upper single-digit range with the operating income growth rate in the lower double-digit range. And again, you can see that, that same kind of result came forward this quarter. As Mike said, we do expect a little bit of lumpiness as we move throughout the year. We'll have a really nice second quarter because of the completion of some promotional programs, the launch of some new ones and then a tough comp for last year in the third quarter.

在 epay 業務上，正如我們所說，我們普遍預計收入增長率將在較高的個位數範圍內，而營業收入增長率將在較低的兩位數範圍內。再一次，你可以看到，本季度出現了同樣的結果。正如 Mike 所說，我們確實預計在全年移動時會出現一些起伏。由於一些促銷計劃的完成，一些新計劃的推出以及去年第三季度的艱難競爭，我們將有一個非常好的第二季度。

But again, wrapping up the full year, again, we expect to see that low double-digit growth on operating income growth in epay. And then finally, to round it out with Money Transfer, there, we believe that our revenue number growth rate would be in the lower double-digit kind of range, kind of put it in that 12-teen, 13-ish kind of range with a little bit better on the operating margins, operating profit side.

但同樣，在全年結束時，我們再次預計 epay 的營業收入增長將實現兩位數的低增長。最後，通過匯款來完成它，在那裡，我們相信我們的收入增長率將處於較低的兩位數範圍內，有點像 12-13 左右的範圍在營業利潤率和營業利潤方面略有改善。

We -- as Mike said, our first quarter there typically is a little bit lighter. It always is in our Money Transfer business. We expect to see that start to pick up its pace here in the second and third quarters, which will again give us those overall numbers that I mentioned there. So that's kind of the rundown of where we expect to see the growth rates in our segments.

我們——正如邁克所說，我們的第一季度通常會稍微輕鬆一些。它始終存在於我們的匯款業務中。我們預計在第二季度和第三季度開始加快步伐，這將再次為我們提供我在那裡提到的那些總體數字。所以這就是我們期望看到我們細分市場增長率的地方。

And just to remind everybody, too, on just the things that Rick mentioned that we really didn't have in 2019, and that was Ren and also our acquiring business. Our acquiring business on a run rate probably grew 50% last year from when we bought it for the prior year run rate. That's going to have some good growth this year as well.

還要提醒大家，里克提到的我們在 2019 年真正沒有的東西，那就是任和我們的收購業務。去年我們以運行率收購業務時，我們的收購業務可能比前一年的運行率增長了 50%。今年也將有一些良好的增長。

Ren wasn't available then. It's been almost doubling its revenue every year since we started. So we've got new endeavors that just add that much more momentum to our, you might call it, business as usual. So that's what puts us in a really good mood as we move forward.

任當時不可用。自我們開始以來，它每年的收入幾乎翻了一番。因此，我們進行了新的努力，為我們的業務增添了更多動力，你可以稱之為，一切照舊。所以這就是讓我們在前進時心情非常好的原因。

And don't forget that last year, we threw off roughly $100 million in EBITDA more than we did in '19 when you add up the results of epay and Money Transfer. So they -- through COVID, they continue to grow very, very well. And so as we walk into this year, it's going to be a little bit different distribution where those 2 segments are going to take a higher percentage of the total than they did in '19 where we are mostly driven by the EFT segment and these high-value transactions. So I like having that -- your business comes from a lots of different places.

不要忘記去年，當您將 epay 和 Money Transfer 的結果加起來時，我們在 EBITDA 上的損失比 19 年多了大約 1 億美元。所以他們——通過 COVID，他們繼續非常非常好地成長。因此，當我們進入今年時，分佈將略有不同，這兩個細分市場將佔總數的百分比高於 19 年，當時我們主要由 EFT 細分市場驅動，而這些高-價值交易。所以我喜歡這樣——您的業務來自很多不同的地方。

Our next question comes from Pete Heckmann with D.A. Davidson.

我們的下一個問題來自皮特赫克曼和 D.A.戴維森。

This is Alli calling in for Pete Heckmann. We're wondering if you're seeing any change in the opt-in rate for the dynamic currency conversion on your ATMs in Europe relative to 2019.

我是 Alli 為 Pete Heckmann 打電話。我們想知道與 2019 年相比，您在歐洲的 ATM 上動態貨幣轉換的選擇加入率是否有任何變化。

No, we have not seen a change really in that opt-in rate for a long, long time.

不，我們在很長很長一段時間內都沒有看到選擇加入率真正發生變化。

I mean for the -- broader point is we haven't seen a change in consumer behavior. As Mike said, people continue to take out cash. We did see that they took out more cash following the COVID thing. So consumer behavior has remained very consistent.

我的意思是 - 更廣泛的一點是我們沒有看到消費者行為的變化。正如邁克所說，人們繼續拿出現金。我們確實看到他們在 COVID 事件之後拿出了更多現金。因此，消費者行為一直非常一致。

Our next question comes from Mike Grondahl of Northland Securities.

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

Can you talk a little bit about the drivers that get the Money Transfer business from sort of 1% adjusted EBITDA margin growth in the first quarter to sort of double digits for the whole year? Like what's going to happen there that drives that higher margin?

您能否談談使匯款業務從第一季度 1% 的調整後 EBITDA 利潤率增長到全年兩位數的驅動因素？就像那裡會發生什麼來推動更高的利潤率一樣？

Okay. So there's a couple of things. First of all, you have a lot of overhead. So when you have lower transactions, much like EFT in the first quarter versus the third quarter, you've got all your overhead. So when you're doing more transactions, you're going to get more to float as you're going to get a better margin in that particular quarter. So just as we grow, as we see the seasonality of that business, that would be helpful.

好的。所以有幾件事。首先，你有很多開銷。因此，當您的交易量較低時，就像第一季度與第三季度的 EFT 相比，您會得到所有的間接費用。因此，當您進行更多交易時，您將獲得更多流動資金，因為您將在該特定季度獲得更高的利潤率。因此，隨著我們的成長，當我們看到該業務的季節性時，這將有所幫助。

The second thing is, we are watching our expenses very carefully. And we should see our growth start to outpace those expenses as we move through the year as we still see good growth in the revenue line.

第二件事是，我們非常小心地控制著我們的開支。我們應該看到我們的增長開始超過這些支出，因為我們仍然看到收入線的良好增長。

And so I'd say another thing, too, our digital business continues to be a bigger and bigger piece of that business. I mean you saw that we saw 38% growth in direct-to-consumer, consumer-to-consumer money transfer, digital money transfers. Xe is screaming as well. Those -- both of those cost us a little bit less per transaction to do because you don't have an agent involved. So we have a little bit better margins on those. So when you kind of add it all up, we see just plain revenue growth, trying to sit down hard on expenses, combined with seasonality are probably the biggest things.

所以我還要說另一件事，我們的數字業務繼續成為該業務中越來越大的一部分。我的意思是你看到我們看到直接面向消費者、消費者對消費者的匯款、數字彙款增長了 38%。 Xe也在尖叫。那些 - 由於您沒有代理人參與，因此每筆交易的成本都會降低一些。所以我們在這些方面有更好的利潤率。因此，當你將所有這些加起來時，我們看到的只是收入增長，努力控制開支，再加上季節性可能是最重要的事情。

Our next question comes from Ken Suchoski of Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Ken Suchoski。

I just wanted to ask about the Money Transfer business. When we look at that revenue per transaction in that segment, the year-over-year growth was a little bit worse this quarter versus last on a constant currency basis. So could you talk about what's driving that? And I know there's some competitors putting promotional pricing into the market. So I'm just curious if you're seeing any of that? And I guess how are you responding to that activity?

我只是想問一下匯款業務。當我們查看該細分市場的每筆交易收入時，本季度的同比增長與上一季度相比在固定匯率基礎上略有下降。那麼你能談談是什麼推動了這一點嗎？而且我知道有一些競爭對手將促銷價格推向市場。所以我很好奇你是否看到了這些？我想你對那個活動有什麼反應？

First of all, you've got to understand the Money Transfer business has been and probably will always be a bit of a street fight when it comes to pricing. We've had competitors, they try -- they have promotional activity in a given quarter for -- or maybe a given corridor for a month or 2 months and then they fall off of that and go to the next corridor. So we see that all the time.

首先，您必須了解，在定價方面，匯款業務一直是而且可能永遠是一場巷戰。我們有競爭對手，他們嘗試過——他們在給定的季度或可能在給定的走廊進行一個月或兩個月的促銷活動，然後他們從那裡掉下來，去下一個走廊。所以我們一直看到這一點。

There is really nothing new on the competitive front. People keep asking us that because one of our bigger competitors keeps talking about that, but we don't really see much of an impact at all. And because across the patch, we pay into 160 different countries. So we've got lots of corridor pairs like somebody might have a promotional activity from the U.S. to India. And then this month and the next month, it might be Italy to Romania.

在競爭方面確實沒有什麼新鮮事。人們一直在問我們這個問題，因為我們的一個更大的競爭對手一直在談論這個，但我們並沒有真正看到任何影響。因為跨越補丁，我們支付到 160 個不同的國家。所以我們有很多走廊對，就像有人可能有從美國到印度的促銷活動。然後這個月和下個月，可能是意大利到羅馬尼亞。

So there's always these things going on. We counter those as we need to, and we do a pretty good job of it. So competition really is not the issue that bothers me. I just want to make sure that we keep everybody fully employed. When you really get down to it, if you have a huge recession like we had in 2009, that was really the only thing that really negatively affected our Money Transfer business because there were less people employed, less people work in construction, et cetera. We don't have any of that. We are still in a world where we can't get enough labor. They make up that labor with immigrants, that's great for us.

所以這些事情總是在發生。我們根據需要對付那些，我們做得很好。所以競爭真的不是困擾我的問題。我只是想確保我們讓每個人都充分就業。當你真正認真對待它時，如果你遇到像 2009 年那樣的嚴重衰退，那真的是唯一真正對我們的匯款業務產生負面影響的事情，因為就業人數減少，從事建築業的人數減少等等。我們沒有這些。我們仍然處在一個無法獲得足夠勞動力的世界。他們用移民彌補勞動力，這對我們來說很好。

Our next question comes from Rayna Kumar of UBS.

我們的下一個問題來自瑞銀的 Rayna Kumar。

Mike, could you discuss your M&A pipeline and what deals interest you the most at this time? And quickly, Rick, if you can just give us the underlying FX assumptions embedded in your financial guidance.

邁克，你能談談你的併購管道以及你目前最感興趣的交易嗎？很快，里克，如果你能給我們你的財務指導中嵌入的基本外匯假設。

Okay. So as you know, we're always looking at acquisitions. And we're looking at 2 or 3 right now. None of them particularly large, but we're -- we probably start through 30 to 40 acquisitions a year, and maybe we do 1 or 2. So we still have a pipeline. We're still looking at them.

好的。如您所知，我們一直在關注收購。我們現在正在研究 2 或 3 個。它們都不是特別大，但我們 - 我們可能每年開始進行 30 到 40 次收購，也許我們會進行 1 次或 2 次。所以我們仍然有一個管道。我們仍在關注他們。

We're not going to do an acquisition just to make my numbers look good for a quarter. We want an acquisition that will continue to grow and keep pace with the growth of the rest of the company. So it's just hard to find those, but we're looking. The reality of the financial sector right now is some of the prices are coming down, so that's good. And some other of these high-flyers are running out of money, so that's good, too. But we don't have anything pending for next week, that's for sure.

我們不會為了讓我的數字在一個季度內看起來不錯而進行收購。我們希望收購能夠繼續增長並與公司其他部門的增長保持同步。所以很難找到那些，但我們正在尋找。目前金融部門的現實是一些價格正在下降，這很好。而其他一些雄心勃勃的人也快沒錢了，所以這也很好。但我們下週沒有任何懸而未決的事情，這是肯定的。

And then, I'll let Rick to answer on the FX.

然後，我會讓 Rick 在 FX 上回答。

I would say, too, Rayna, we always have something on the operating table. It's a matter of whether it makes it.

我也想說，雷娜，我們手術台上總是有東西。這是它是否成功的問題。

Sometimes we lose the pace.

有時我們會失去節奏。

The -- I would add also that we do have things that we're looking at in each of our 3 segments. So there's things out there. And the easy part is to have them on the table. The hard part is getting through them and see if they make sense.

- 我還要補充一點，我們確實在我們的 3 個細分市場中都有我們正在研究的東西。所以外面有東西。最簡單的部分是將它們放在桌面上。困難的部分是通過它們，看看它們是否有意義。

As it relates to FX assumptions, generally, it's about the average of the last week. So we take a look at what the currency numbers are looking like. And I would tell you that there's not a whole lot of difference right now. There might be just some slight favorableness on a couple of currencies. We see a little bit of headwind on a couple of other currencies. But I would say, for the most part, it looks like the currencies will be reasonably in line with what we had here even in the first quarter. But we always take just what the most recent FX rates are, and we assume that they will remain flat through the rest of the quarter.

由於它與外匯假設有關，一般來說，它大約是上週的平均值。所以我們來看看貨幣數字是什麼樣的。我會告訴你，現在並沒有太大的區別。幾種貨幣可能只有一些輕微的優惠。我們看到其他幾種貨幣出現一些逆風。但我要說的是，在大多數情況下，即使在第一季度，貨幣看起來也會與我們在這裡的情況保持一致。但我們總是採用最新的匯率，並假設它們在本季度剩餘時間內將保持平穩。

Our next question comes from Cris Kennedy of William Blair.

我們的下一個問題來自威廉·布萊爾的克里斯·肯尼迪。

Mike, you mentioned that you're pleased with the performance of the merchant acquiring business in Greece. Can you talk a little bit more about the strategy and what's driving the growth?

邁克，你提到你對希臘商家收單業務的表現感到滿意。你能多談談戰略以及推動增長的因素嗎？

Well, for one thing is when you just look at the Greek market, virtually all the POS acquiring was owned by 4 or 5 of the largest banks. And I really like competing with banks because they're risk-averse and they're more conservative, we're nimble and aggressive. And so it's just -- there's just more -- there's better products to offer to those customers and more ways to win. And so that's why we're doing better.

好吧，一方面，當你只看希臘市場時，幾乎所有的 POS 收購都由 4 或 5 家最大的銀行擁有。而且我真的很喜歡與銀行競爭，因為他們規避風險而且他們更保守，我們靈活而進取。所以它只是 - 還有更多 - 可以為這些客戶提供更好的產品和更多的取勝方式。這就是我們做得更好的原因。

Just the 365 pay-as-you-go every night feature that we added is something that nobody else has in Greece, where somebody can have access to the funds that they sold today, tomorrow instead of waiting until it ends up in their account 2 or 3 days later or wait even more if it's over a weekend.

只是我們添加的 365 每晚現收現付功能在希臘是其他任何人都沒有的，人們可以在今天、明天獲得他們出售的資金，而不是等到它最終進入他們的賬戶 2或 3 天后，如果是周末，則等待更長時間。

So we will continue to innovate there, and we'll continue to expand that to multiple markets. That's the nice thing, we're not doing just pure acquiring. We can sell epay products there. We're going to turn some of those sites into money transfer agents as well, so we can cross-sell our other products. So just in generally, that thing, it grew like crazy last year. And this year, it's going to grow very well, too. So it's going to be a bigger and bigger piece of our business as we go forward. Really proud of those guys.

因此，我們將繼續在那裡進行創新，並將繼續將其擴展到多個市場。這是一件好事，我們不只是在做純粹的收購。我們可以在那裡銷售 epay 產品。我們還將把其中一些網站變成匯款代理，這樣我們就可以交叉銷售我們的其他產品。所以總的來說，去年它變得瘋狂起來。而今年，它也會增長得很好。因此，隨著我們前進，這將成為我們業務中越來越大的一部分。真的為那些傢伙感到驕傲。

Our next question comes from David Togut, Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

I apologize if this was asked earlier as I just joined late from another call. But Rick, did you call out your 2023 EFT margin outlook?

如果之前有人問過這個問題，我深表歉意，因為我剛剛從另一個電話中加入晚了。但是 Rick，您是否提出了 2023 年 EFT 保證金前景？

I didn't. That hadn't been brought up. But I guess to give you a little bit of history here, in 2019, our EFT operating margin was around 33%, okay? And since then, what we've seen is we've seen a more -- a shift towards more of our owned ATMs. And in those owned ATMs, we make more profit per ATM, but we don't make as much margin per ATM.

我沒有。那沒有被提出來。但我想在這裡給你一點歷史，在 2019 年，我們的 EFT 營業利潤率約為 33%，好嗎？從那時起，我們所看到的是我們看到了更多 - 轉向更多我們擁有的 ATM 機。在那些擁有的 ATM 中，我們每台 ATM 賺取更多利潤，但每台 ATM 賺取的利潤卻不多。

The second thing is we're clearly not at the '19 travel recovery level. So that going from something less to 100 of -- something less than 100% to 400%, all that will be very enhancing to the bottom line.

第二件事是我們顯然沒有達到 19 年的旅行恢復水平。因此，從少於 100% 到 100% 到 400%，所有這些都將大大提高利潤。

And then finally, we've seen a fair bit of inflation come into the cost structure, whether it would be on headcount side or third-party delivery, principally things like ATM maintenance and cash delivery.

最後，我們看到成本結構出現了相當程度的通貨膨脹，無論是在員工人數方面還是在第三方交付方面，主要是 ATM 維護和現金交付。

So with all that being said, we don't anticipate that we'll be at a 33% level. On POS acquiring coming into our business, which is a lighter than 33% margin. So those 4 things really kind of would -- on a long-term basis, I would anticipate that our margins will come back to being something in, let's call it, the kind of high 20s, okay?

因此，儘管如此，我們預計我們不會達到 33% 的水平。在 POS 收單進入我們的業務時，利潤率低於 33%。所以這 4 件事真的有點——從長遠來看，我預計我們的利潤率會恢復到 20 多歲的水平，好嗎？

As it relates to this year, I would expect that we would be somewhere in the mid-20s kind of range, okay? And again, we'll see how that shapes out. But that's kind of what we would anticipate this year would be kind of in that kind of mid-20s range.

就今年而言，我預計我們會在 20 多歲左右的範圍內，好嗎？再一次，我們將看看結果如何。但這就是我們預計今年會在 20 多歲左右的範圍內。

And I think that at the end of the day, what we're just trying to do is deliver more EPS. And with more ATMs, more markets, even if it's a little bit less margin for all the reasons that the EFT Segment has actually kind of evolved into, we're still very excited. And I think that as I -- that will be the last question.

而且我認為在一天結束時，我們只是想做的是提供更多的每股收益。隨著更多的 ATM 機、更多的市場，即使由於 EFT 部分實際上已經演化成的所有原因，利潤率略有下降，我們仍然非常興奮。我認為這將是最後一個問題。

And I think as I leave you guys and gals, I just want to say that I think our company is kind of bucking the trend of Wall Street right now. I mean we're looking at big growth this year, bringing ourselves back into the profitability -- in excess of the profitability we've ever had. And so I kind of like that we're going to buck the trend. We're going to do well this year, and we're going to do well next year because we've got all the things lined up to do so.

我想當我離開你們時，我只想說我認為我們公司現在有點逆華爾街的趨勢。我的意思是，我們今年有望實現大幅增長，重新實現盈利——超過我們以往的盈利水平。所以我有點喜歡我們要逆勢而上。我們今年會做得很好，明年也會做得很好，因為我們已經做好了一切準備。

So with that, I want to thank everybody for taking the time with us, and we'll look forward to talking to you in about 90 days.

因此，我要感謝大家花時間與我們在一起，我們期待在大約 90 天內與您交談。

Thank you, everyone, for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝大家參加今天的會議。這確實結束了程序，您現在可以斷開連接。