Euronet Worldwide Inc (EEFT) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide Second Quarter 2023 Earnings Conference Call.

您好，歡迎參加 Euronet 全球 2023 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded. It is now my pleasure to introduce your host, Mr. Scott Claassen, General Counsel for Euronet Worldwide. Thank you. Mr. Claassen, you may begin.

請注意，今天的會議正在錄製中。現在我很高興向您介紹主持人，Euronet Worldwide 總法律顧問 Scott Claassen 先生。謝謝。克拉森先生，您可以開始了。

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

好的。謝謝。大家早上好，歡迎參加 Euronet 2023 年第二季度收益電話會議。出席本次電話會議的有我們的董事長兼首席執行官邁克·布朗 (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 our presentation.

在我們開始之前，我需要提醒您注意我們今天將製作的 PowerPoint 演示文稿第二張幻燈片上的前瞻性聲明免責聲明。本次電話會議中涉及 Euronet 或其管理層對未來業績的意圖、預期或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 的實際結果可能與這些前瞻性陳述中的預期結果存在重大差異。

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. You should avoid placing any undue reliance on any of these forward-looking statements. 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.

除法律要求外，Euronet 不打算更新這些前瞻性陳述，也不向任何人承擔提供任何更新的義務。您應避免過度依賴任何這些前瞻性陳述。此外，PowerPoint 演示文稿還包括我們將在電話會議期間使用的非 GAAP 財務指標與最具可比性 GAAP 指標的調節表。

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. Good morning, and thank you to everyone who's joining us today. I will begin my comments on Slide 5. For the second quarter, we produced revenue of $939 million, operating income of $122 million, adjusted operating income of $120 million and adjusted EBITDA of $166 million. Excluded from the adjusted operating income, adjusted EBITDA and adjusted EPS is a noncash gain recorded in the EFT segment. Adjusted EPS was $2.03, a 17% increase from $1.73 in the second quarter of 2022. These results produced a record second quarter and strong double-digit growth rates driven by improvements in all 3 segments.

謝謝你，斯科特。早上好，感謝今天加入我們的所有人。我將從幻燈片 5 開始評論。第二季度，我們的收入為 9.39 億美元，營業收入為 1.22 億美元，調整後營業收入為 1.2 億美元，調整後 EBITDA 為 1.66 億美元。調整後的營業收入、調整後的 EBITDA 和調整後的每股收益中不包括 EFT 部門記錄的非現金收益。調整後每股收益為2.03 美元，比2022 年第二季度的1.73 美元增長17%。這些結果創造了第二季度創紀錄的業績，並在所有3 個細分市場的改善推動下實現了強勁的兩位數增長率。

Slide 6 presents a summary of our balance sheet compared to the prior quarter. As you can see, we ended the second quarter with more than $1.1 billion in unrestricted cash and debt of $1.8 billion. The increase in cash is largely due to cash generated from operations of $92 million in the second quarter of 2023 as well as short-term borrowings to fund seasonal ATM cash requirements.

幻燈片 6 總結了我們與上一季度相比的資產負債表。正如您所看到的，第二季度結束時，我們擁有超過 11 億美元的非限制性現金和 18 億美元的債務。現金增加主要是由於 2023 年第二季度運營產生的 9200 萬美元現金以及為季節性 ATM 現金需求提供資金的短期借款。

Slide 7 shows our as reported results for the second quarter. When comparing FX rates on a year-over-year basis, we saw virtually no currency translation impact over the same quarter of last year. I'll go into more detail on each segment's constant currency results for the quarter in the next slide.

幻燈片 7 顯示了我們第二季度的報告結果。在與去年同期比較外匯匯率時，我們發現去年同期幾乎沒有貨幣換算受到影響。我將在下一張幻燈片中詳細介紹本季度每個部門的固定匯率結果。

Next slide, please. I'm now on Slide 8. As I just mentioned, FX rates were virtually the same year-over-year. Before I jump into each segment, I think it's important to point out the business expanded margins across all 3 segments, reflecting our focus on expenses and leveraging our costs. EFT revenue grew 13% while operating income and adjusted EBITDA grew 21% and 12% respectively. The strong improvements in EFT year-over-year with the result of increased cash withdrawal transactions driven by continued travel recovery trend and good performance of our POS acquiring business. The segment expanded operating margins by more than 100 basis points year-over-year.

請下一張幻燈片。我現在在幻燈片 8 上。正如我剛才提到的，外匯匯率幾乎與去年同期相同。在我進入每個細分市場之前，我認為有必要指出所有三個細分市場的業務利潤率均有所擴大，這反映了我們對費用和利用成本的關注。 EFT 收入增長 13%，營業收入和調整後 EBITDA 分別增長 21% 和 12%。電子轉帳同比大幅改善，是由於旅行持續復甦趨勢和 POS 收單業務的良好表現推動現金提取交易增加。該部門的營業利潤率同比增長超過 100 個基點。

As we have discussed in prior quarters over the last 3 years, our international transactions have generally recovered consistently with the recovery of international travel. Beginning in the latter part of the quarter, we began to see a divergence from the recovery of international travel, leading to a flattening of our international transaction growth year-over-year. We'll discuss this trend in more detail later in the presentation.

正如我們在過去三年前幾個季度所討論的那樣，我們的國際交易總體上隨著國際旅行的複蘇而復蘇。從本季度後半段開始，我們開始看到國際旅行複甦的情況出現分歧，導致我們的國際交易增長同比趨於平緩。我們將在稍後的演示中更詳細地討論這一趨勢。

epay revenue grew 15%, while operating income and adjusted EBITDA grew 11% and 10%, respectively. Revenue growth was driven by continued expansion in mobile and digital branded payments, combined with sustained growth of our digital distribution channel and a strong quarter for promotional activity. Transactions decreased compared to prior year due to declines in low-margin transactions in India. These India transactions are low-value, and as such, have a large impact on transaction count but a relatively insignificant impact on gross profit.

epay 收入增長 15%，營業收入和調整後 EBITDA 分別增長 11% 和 10%。收入增長的推動因素是移動和數字品牌支付的持續擴張，加上我們數字分銷渠道的持續增長和強勁的季度促銷活動。由於印度的低利潤交易減少，交易量較上年有所減少。這些印度交易金額較低，因此對交易筆數影響較大，但對毛利潤影響相對較小。

Margins in epay remained relatively constant year-over-year. Money Transfer revenue grew 7% with operating income and adjusted EBITDA growing 15% and 12%, respectively. This growth was the result of 11% growth in U.S. outbound transactions, 11% growth in transfers initiated largely in Europe and 12% growth in transfers initiated in the Middle East and Asia and 30% growth in XE transactions, partially offset by a 17% decline in U.S. domestic business.

epay 的利潤率同比保持相對穩定。匯款收入增長 7%，營業收入和調整後 EBITDA 分別增長 15% 和 12%。這一增長是由於美國出境交易增長 11%、主要在歐洲發起的轉賬增長 11%、中東和亞洲發起的轉賬增長 12% 以及 XE 交易增長 30%，但部分被 17% 的增長所抵消。美國國內業務下滑。

These transaction growth rates include 28% growth in direct-to-consumer digital transactions, transaction growth outpaced revenue growth, largely due to mix shifts, principally in the XE business, which has benefited from strong growth in transactions but at a lower amount sent per transaction. The Money Transfer segment margins improved quite nicely through effective expense management, cost leverage and an improvement in gross profit per transaction despite seeing average send amounts per transaction come in by approximately 3%.

這些交易增長率包括直接面向消費者的數字交易增長28%，交易增長超過了收入增長，這主要是由於混合變化，主要是XE 業務，該業務受益於交易的強勁增長，但每筆發送的金額較低。交易。儘管每筆交易的平均發送金額增加了約 3%，但通過有效的費用管理、成本槓桿和每筆交易毛利潤的提高，匯款部門的利潤率得到了相當大的改善。

Before I wrap up my comments, I'd like to give you more insight into our third quarter guidance and our outlook for the full year. First, we continue to expect Money Transfer to deliver double-digit growth in the third quarter and the full year with improving margins. In EFT, where Mike will elaborate in more detail, we are seeing the impacts of inflation and rising travel costs leaving consumers with fewer funds for discretionary tourism spending.

在結束我的評論之前，我想讓您更深入地了解我們的第三季度指導和全年展望。首先，我們繼續預計 Money Transfer 在第三季度和全年實現兩位數增長，利潤率不斷提高。在電子轉帳中，邁克將更詳細地闡述，我們看到通貨膨脹和旅行成本上升的影響導致消費者用於可自由支配的旅遊支出的資金減少。

Moreover, we anticipate this trend to continue into the third quarter. And as a result, we expect third quarter revenue for EFT to be similar to somewhat better than prior year, but operating income will be constrained due to operating more ATMs together with higher inflation-driven ATM operating costs. Finally, in epay, as we discussed in prior quarters, our promotional activities can create uneven quarterly results. In the third quarter last year, we had strong promotional activity creating a tough comparison as we head into this year's third quarter.

此外，我們預計這種趨勢將持續到第三季度。因此，我們預計第三季度 EFT 收入將略好於去年，但由於運營更多 ATM 以及通脹驅動的 ATM 運營成本上升，運營收入將受到限制。最後，在 epay 中，正如我們在前幾個季度所討論的那樣，我們的促銷活動可能會造成季度業績參差不齊。去年第三季度，我們進行了強勁的促銷活動，在進入今年第三季度時，我們進行了艱難的比較。

When we last provided an update for epay, we had anticipated that the Indian government would remove its ban on the 2 most popular games in the Google Play Store. In May, the Indian authorities granted permission to resume operations of one of the games. Sales doubled in the first few days of the relaunch but failed to achieve pre-ban levels. And as of today, Free Fire remains banned in India. Additionally, we have learned that the game content providers have plans to release fewer new game titles in the second half of the year, and consumers are buying older games in order to spend less money which is driving lower sales expectations.

當我們上次提供 epay 更新時，我們曾預計印度政府將取消對 Google Play 商店中兩款最受歡迎遊戲的禁令。五月，印度當局批准恢復其中一場比賽的運營。重新推出後的頭幾天銷量翻了一番，但未能達到禁令前的水平。截至今天，《Free Fire》在印度仍然被禁止。此外，我們了解到，遊戲內容提供商計劃在下半年推出較少的新遊戲，而消費者為了減少花費而購買舊遊戲，這導致銷售預期下降。

When taking into consideration what we see in the current trends, mostly the economic impact of inflation on our EFT segment which is impacting customer cash withdrawals, we expect third quarter adjusted EPS to be approximately $2.70 per share. And while we are now expecting a lighter third quarter than we would have expected 3 months ago, we continue to expect to deliver year-over-year adjusted EPS growth, but now at the lower level of low to mid-teens.

考慮到我們在當前趨勢中看到的情況，主要是通貨膨脹對我們的 EFT 部門的經濟影響（影響客戶現金提取），我們預計第三季度調整後每股收益約為 2.70 美元。雖然我們現在預計第三季度的業績將低於三個月前的預期，但我們仍然預計調整後的每股收益將實現同比增長，但目前處於較低水平。

In closing, we are proud of the double-digit revenue growth in the second quarter, which made possible a 17% growth in earnings and we will be highly focused on finding opportunities to overcome the inflationary pressures we are seeing in the EFT segment.

最後，我們對第二季度兩位數的收入增長感到自豪，這使得收益增長了 17%，我們將高度關注尋找機會來克服我們在 EFT 領域看到的通脹壓力。

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 will start on Slide #10. If you've been around for any period of time, you know I won't pass up an opportunity to talk about a record. And we delivered a record second quarter on revenue, adjusted operating income, adjusted EBITDA and adjusted EPS. These results include double-digit growth from all 3 segments including the best quarter for Money Transfer in the company's history. These strong growth rates highlight how we are realizing the benefits of the investments that we have made over the last 3 years.

謝謝里克，也謝謝大家今天加入我們。我將從幻燈片 #10 開始。如果你已經在這個行業工作了一段時間，你就會知道我不會放過談論唱片的機會。我們第二季度的收入、調整後營業收入、調整後 EBITDA 和調整後每股收益均創歷史新高。這些業績包括所有 3 個業務領域均實現兩位數增長，其中包括公司歷史上匯款業務表現最好的季度。這些強勁的增長率凸顯了我們如何實現過去三年投資的效益。

Since 2020, we have spent a lot of time comparing our EFT transactions to 2019, given the outsized impact COVID had on our tourist transactions. Now that the effects of COVID are dissipating, I'd like to spend a few minutes highlighting the investments we made despite the uncertainty of the pandemic. In EFT, we have added about 5,400 ATMs, we've deployed ATMs in 9 new countries, and we purchased the merchant acquiring business from Piraeus Bank.

鑑於新冠疫情對我們的旅遊交易產生了巨大影響，自 2020 年以來，我們花了很多時間將我們的電子轉帳交易與 2019 年進行比較。現在，新冠疫情的影響正在消散，我想花幾分鐘時間重點介紹一下我們在疫情存在不確定性的情況下所做的投資。在EFT方面，我們新增了約5,400台ATM，在9個新國家部署了ATM，並從比雷埃夫斯銀行購買了商戶收單業務。

In epay, we continue to add more and more content and introduce that content to new markets and more channels. In Money Transfer, we successfully accelerated our digital growth strategy and expanded our physical location presence while increasing our overall profit margins at the same time. We continue to invest in our REN platform, and our sales pipeline continues to grow.

在epay中，我們不斷添加越來越多的內容，並將這些內容引入新的市場和更多的渠道。在匯款方面，我們成功加速了我們的數字增長戰略，擴大了我們的物理位置，同時提高了我們的整體利潤率。我們繼續投資 REN 平台，我們的銷售渠道持續增長。

Moreover, we developed Dandelion, which is still in its infancy but is generating very strong growth rates. You can see the success of this strategy in the strong constant currency revenue and adjusted EBITDA growth rates for the second quarter 2023 versus the same quarter in 2019.

此外，我們開發了蒲公英，它仍處於起步階段，但正在產生非常強勁的增長率。您可以從 2023 年第二季度與 2019 年同一季度相比強勁的固定匯率收入和調整後 EBITDA 增長率中看到這一策略的成功。

Said more simply, we are not a one-trick pony. We have launched new products, new markets and entirely new solutions, which have diversified our revenues and cash flow streams so that we now can expect -- which will expect -- which we expect to allow us to continue to grow well into the future.

更簡單地說，我們不是只會一招的小馬。我們推出了新產品、新市場和全新的解決方案，使我們的收入和現金流多樣化，因此我們現在可以期待——也將期待——我們希望這將使我們在未來繼續良好發展。

I couldn't be prouder of these second quarter results, but I'd also like to give you some insight into the lighter-than-expected third quarter guidance. First, we expect our Money Transfer business to continue to grow at very solid double-digit growth rates, with further operating margin expansion in the third quarter.

我對第二季度的業績感到非常自豪，但我也想向您介紹一下低於預期的第三季度指導。首先，我們預計我們的匯款業務將繼續以非常穩健的兩位數增長率增長，第三季度營業利潤率將進一步擴大。

In epay, as Rick mentioned, we expect third quarter will be a tough comparison to the prior year due to the promotional campaign revenue included in the prior year results. This expectation is playing out and is causing some of the difference between our outlook and the Street's expectation.

在 epay 方面，正如 Rick 提到的，我們預計第三季度與去年相比將是一個艱難的季度，因為促銷活動收入包含在去年的業績中。這種預期正在發揮作用，並導致我們的前景與華爾街的預期之間出現一些差異。

However, the largest driver of the lower guidance is in EFT. For the last 3 years, our international transaction data was nearly in lockstep with the international flight data published by Eurocontrol. Then in the latter part of the second quarter, we saw an abrupt and sharp divergence in our transactions compared to the Eurocontrol flight data. You may remember that approximately 80% of our travel customers are Europeans with easy access to destinations outside of the EU.

然而，指引較低的最大驅動因素是電子轉帳。過去 3 年，我們的國際交易數據與歐洲空中安全組織 (Eurocontrol) 發布的國際航班數據幾乎保持同步。然後在第二季度後半段，我們的交易與歐洲安全組織的航班數據相比出現了突然而劇烈的差異。您可能還記得，我們大約 80% 的旅行客戶是歐洲人，可以輕鬆前往歐盟以外的目的地。

When we analyze the data, we found that for cardholders who must fly to Europe and probably plan in advance to do that, like Americans, Canadians, Australians and others, transactions on our ATMs have increased on a year-over-year basis. However, transactions for European cardholders are down across almost every European country. We have tried to understand the abrupt change in the European cardholder behavior.

當我們分析數據時，我們發現，對於必須飛往歐洲並可能提前計劃這樣做的持卡人（例如美國人、加拿大人、澳大利亞人和其他人），我們 ATM 上的交易量逐年增加。然而，幾乎所有歐洲國家的歐洲持卡人交易量都在下降。我們試圖了解歐洲持卡人行為的突然變化。

And we found a range of evidence that suggests that the economic impact caused by the war in Ukraine, together with a sharp rise in the major cost components of a vacation, which, of course, are airfare and hotels, leaves less discretionary income to spend on ancillary activities for which people use cash.

我們發現一系列證據表明，烏克蘭戰爭造成的經濟影響，加上假期主要成本組成部分（當然是機票和酒店）的急劇上升，導致可支配收入減少人們使用現金進行的輔助活動。

There are a variety of sources from which to gather data. But according to USA today, the cost of airfare is up 34% since last year, and several travel sites indicate that the cost of hotels in key cities in Europe are up 25% to 30% range over last year. These sharp increases in the last year leave fewer funds for discretionary purchases on a trip, the types of purchases for which people use cash withdrawn from our ATM.

收集數據的來源有多種。但據《今日美國》報導，機票價格比去年上漲了34%，多家旅遊網站顯示，歐洲主要城市的酒店價格比去年上漲了25%至30%。去年的這些急劇增加使得用於旅行中隨意購買的資金減少，人們使用從我們的自動櫃員機提取現金進行的購買類型。

A survey from the European Travel Commission, which was co-funded by the EU, indicates that to offset these rising costs, responders to the survey said that 17% of those people would make fewer purchases, 15% would dine at less expensive restaurants, 10% would choose fewer activities with admission fees or go to fewer night clubs. All of these changes would be consistent with fewer ATM transactions despite modestly improving travel trends.

由歐盟共同資助的歐洲旅行委員會的一項調查顯示，為了抵消這些不斷上漲的成本，調查受訪者表示，其中 17% 的人會減少購物，15% 的人會在較便宜的餐廳用餐， 10 %的人會選擇更少的收費活動或更少去夜店。儘管旅行趨勢略有改善，但所有這些變化都將與 ATM 交易的減少相一致。

The ETC survey also says that 14% of the respondents would opt for more affordable destinations. As an example, according to the study, since March, of the increase in responders who indicated that they would travel, 12% plan to visit places outside of Europe to stretch their budget. This pattern is also consistent with our internal data where, for example, we see Europeans opting to travel to places like Turkey instead of other destinations like Croatia or Greece in order to take advantage of the favorable currency rates. In this example, the Turkish lira has devalued by approximately 36% versus the euro just during the second quarter of 2023, creating travel discounts in real terms. And as you know, we have no ATMs in Turkey.

ETC 調查還顯示，14% 的受訪者會選擇更實惠的目的地。例如，根據該研究，自 3 月份以來，表示會旅行的受訪者數量有所增加，其中 12% 的人計劃前往歐洲以外的地方以節省預算。這種模式也與我們的內部數據一致，例如，我們看到歐洲人選擇前往土耳其等地而不是克羅地亞或希臘等其他目的地，以利用有利的匯率。在這個例子中，土耳其里拉在 2023 年第二季度相對於歐元貶值了約 36%，創造了實際的旅行折扣。如您所知，我們在土耳其沒有自動取款機。

Next, 17% of the respondents to the ETC survey so that they would opt to travel in the off-peak season in order to lower the cost of their trip, a good indicator that these travelers are impacting transaction trends to some extent. Finally, Southern Europe has experienced a record heat wave this summer. In fact, Greece and Italy have evacuated tens of thousands of tourists just in the last few days due to massive wildfires related to the dry conditions and record heat. To avoid the heat, many travelers have shifted the dates of their travel or are choosing cooler climates due to hot weather patterns in the Mediterranean.

其次，ETC調查中有17%的受訪者表示他們會選擇淡季出行，以降低出行成本，這很好地表明這些旅行者在一定程度上影響了交易趨勢。最後，南歐今年夏天經歷了創紀錄的熱浪。事實上，由於乾旱和創紀錄的高溫引發大規模野火，希臘和意大利在過去幾天已經疏散了數万名遊客。為了避開炎熱，許多旅行者改變了旅行日期，或者由於地中海炎熱的天氣模式而選擇涼爽的氣候。

So as we've pointed out, the travel data available is consistent with the lighter volumes we are seeing in international transactions in Europe. The silver lining in this cloud is that our internal data does not show any kind of a substantial change in consumer ATM behavior and therefore, does not show a significant structural change to our business. Accordingly, we believe the primary driver for the decrease in international transactions is that tourists have less money available to withdraw due to the increases in their day-to-day cost of living together with the increases in cost of airfare and accommodations.

因此，正如我們所指出的，可用的旅行數據與我們在歐洲國際交易中看到的較清淡的交易量是一致的。這一云中的一線希望是，我們的內部數據沒有顯示消費者 ATM 行為發生任何實質性變化，因此，沒有顯示我們的業務發生重大結構性變化。因此，我們認為國際交易減少的主要原因是，由於遊客的日常生活成本增加以及機票和住宿成本增加，可提取的資金減少。

And I'd like to go back to my earlier comments. We are not a one-trick pony, but rather a well-diversified business that affords us the opportunity to grow through good times and bad. Over the last 3 years, we have made significant investments across the business and are a stronger, more diverse business, which we believe will allow us to absorb these economic pressures and still deliver record adjusted earnings per share for the full year with expected year-over-year growth in the low to mid-teens range.

我想回到我之前的評論。我們不是只會一招的小馬，而是一家多元化的企業，讓我們有機會在順境和逆境中成長。在過去的三年裡，我們在整個業務領域進行了大量投資，並且是一個更強大、更多元化的業務，我們相信這將使我們能夠吸收這些經濟壓力，並在預期的全年中仍然實現創紀錄的調整後每股收益-同比增長在青少年範圍內。

Let's go to Slide #11 and talk about the segment-specific highlights, starting with EFT. Slide 11. In these highlights, you can see we continue to expand our global network. In the second quarter, we launched 2 new independent ATM networks, 1 in Morocco, 1 in Latvia, and we relaunched our IAD network in Malaysia, making cash more convenient for travelers and locals in those markets. In Poland, we signed an ATM outsourcing agreement with Santander Bank to provide full outsourcing services on 1,100 ATMs. Further, we signed a network participation agreement with 9 new merchants in Poland, who can now use our ATM deposit network as a more convenient way to deposit their cash. These agreements expand our leading market position in Poland.

讓我們轉到幻燈片 #11，討論特定於細分市場的亮點，從 EFT 開始。幻燈片 11。在這些亮點中，您可以看到我們繼續擴展我們的全球網絡。第二季度，我們推出了2 個新的獨立ATM 網絡，其中1 個在摩洛哥，1 個在拉脫維亞，並且我們在馬來西亞重新啟動了IAD 網絡，使這些市場的旅行者和當地人更方便地使用現金。在波蘭，我們與桑坦德銀行簽署ATM外包協議，為1,100台ATM提供全程外包服務。此外，我們還與波蘭的 9 家新商戶簽署了網絡參與協議，他們現在可以使用我們的 ATM 存款網絡作為更便捷的現金存入方式。這些協議擴大了我們在波蘭的領先市場地位。

And for an update on our POS acquiring business, we have been extremely pleased with the performance of the merchant acquiring business we purchased from Piraeus Bank. On a year-over-year basis, our transactions grew 12% and we added approximately 4,300 new merchants to our network. Included in this transaction growth is increased volume from Aegean Airlines, the national carrier and largest airline in Greece.

至於我們 POS 收單業務的最新情況，我們對從比雷埃夫斯銀行購買的商戶收單業務的表現非常滿意。與去年同期相比，我們的交易量增長了 12%，我們的網絡中新增了約 4,300 家商戶。這一交易增長包括愛琴海航空（希臘國家航空公司和最大的航空公司）的交易量增加。

In the Philippines, we signed a cardless cash withdrawal agreement with Bank of the Philippine Islands. This provides more convenient and secure access to cash for our customers in the Philippines. Finally, we were able to renew several agreements during the quarter, including ATM outsourcing agreements in the U.S., Albania, Serbia, Montenegro and a real-time payment service agreement for AU Small Finance Bank in India.

在菲律賓，我們與菲律賓群島銀行簽署無卡取現協議。這為我們在菲律賓的客戶提供了更方便、更安全的現金獲取方式。最後，我們在本季度續簽了多項協議，包括美國、阿爾巴尼亞、塞爾維亞、黑山的 ATM 外包協議以及印度 AU Small Finance Bank 的實時支付服務協議。

Now let's discuss the state of our ATM network on the next slide, Slide #12. We continue to add more ATMs to our portfolio in the second quarter. We added 568 Euronet-owned ATMs, and we added 228 new outsourcing machines. Further, we reactivated 3,155 machines that had previously been closed for the off-season. As of June 30, 2023, we had 51,402 active ATMs, which is a record number of active ATMs for Euronet. The 1,100 outsourced ATMs from Santander that we mentioned earlier, are not included in this quarter, but we expect to add about half of these machines in the second half of 2023, and the remainder in early 2024.

現在讓我們在下一張幻燈片（幻燈片 #12）中討論 ATM 網絡的狀態。我們在第二季度繼續在我們的產品組合中添加更多 ATM 機。我們添加了 568 台 Euronet 自有 ATM 機，並添加了 228 台新的外包機器。此外，我們重新啟動了之前在淡季關閉的 3,155 台機器。截至 2023 年 6 月 30 日，我們擁有 51,402 台活躍 ATM，這是 Euronet 活躍 ATM 數量的紀錄。我們之前提到的桑坦德銀行外包的 1,100 台 ATM 機不包括在本季度中，但我們預計將在 2023 年下半年添加其中約一半的機器，並在 2024 年初添加剩餘的機器。

To that end, we continue to believe that we will deploy approximately 3,500 machines for the full year in new and existing markets by the end of 2023. Our EFT segment delivered a good second quarter where transaction trends improved, and we had great performance from our Piraeus business. Despite the inflationary pressures facing European travelers, we are seeing develop in the third quarter, we will continue to expand our ATM and POS network presence, and we look forward to sharing some new market launches with you later this year.

為此，我們仍然相信，到2023 年底，我們將在全年在新市場和現有市場部署約3,500 台機器。我們的EFT 部門在第二季度取得了良好的業績，交易趨勢有所改善，我們的EFT 部門也取得了出色的業績比雷埃夫斯業務。儘管歐洲旅行者面臨通脹壓力，但我們在第三季度看到了發展，我們將繼續擴大我們的 ATM 和 POS 網絡業務，並期待在今年晚些時候與您分享一些新的市場推出。

Now let's talk about epay. Slide #13, please. Our epay team delivered strong year-over-year second quarter results with double-digit growth across all financial metrics, which included nice promotional revenues. In India, we expanded our digital channel distribution through the launch of Xbox Codes on Amazon Marketplace. In the U.S., we continue to expand our subscription renewal strategy through Microsoft 365 at Micro Center, a large computer retailer here.

現在我們來談談epay。請幻燈片#13。我們的 epay 團隊在第二季度取得了強勁的同比業績，所有財務指標均實現兩位數增長，其中包括可觀的促銷收入。在印度，我們通過在 Amazon Marketplace 上推出 Xbox Codes 擴大了數字渠道分銷。在美國，我們繼續通過當地大型電腦零售商 Micro Center 的 Microsoft 365 擴展我們的訂閱續訂策略。

Further, in the U.S., we expanded our growing prepaid mobile phone activation business to include eSIM for AT&T, T-Mobile and Verizon. The launch of this eSIM product category is another example of continued product diversification. In Germany, we signed an agreement with ALDI to issue closed loop cards for their B2B channel. epay delivered a strong first half of the year, highlighted by continued diversity in our products and distribution channels.

此外，在美國，我們擴大了不斷增長的預付費手機激活業務，包括 AT&T、T-Mobile 和 Verizon 的 eSIM。 eSIM 產品類別的推出是產品持續多元化的又一個例子。在德國，我們與ALDI簽署了協議，為其B2B渠道發行閉環卡。 epay 在今年上半年表現強勁，突出表現在我們的產品和分銷渠道的持續多元化。

Now let's move on to Slide #13 and we'll talk about Money Transfer. Money Transfer delivered a record quarter across all financial metrics with double-digit growth compared to Q2 2022 with very nice margin expansion. Our Money Transfer network has now expanded to an impressive 533,000 locations, serving approximately 4 billion bank accounts and 1.9 billion wallet accounts across 191 countries in territory.

現在讓我們轉到幻燈片#13，我們將討論匯款。與 2022 年第二季度相比，Money Transfer 在所有財務指標上都實現了創紀錄的季度增長，實現了兩位數的增長，利潤率增長非常好。我們的匯款網絡現已擴展到 533,000 個地點，為境內 191 個國家的約 40 億個銀行賬戶和 19 億個錢包賬戶提供服務。

In South Africa, we signed a partnership with Flash. Through this collaboration, Ria has the opportunity to leverage Flash's extensive kiosk network of 200,000 locations in South Africa to expand our remittance services to even more customers. This agreement will allow us to onboard new Ria customers who will be able to send and receive payments at Flash locations. While the entire Flash network will be available for customers to send funds, it is difficult to estimate how many of these locations will actually transact. For that reason, we will not include these in our official location count, so as not to overstate the breadth of our network.

在南非，我們與 Flash 簽署了合作夥伴關係。通過此次合作，Ria 有機會利用 Flash 在南非擁有 200,000 個地點的廣泛自助服務終端網絡，將我們的匯款服務擴展到更多客戶。該協議將使我們能夠吸引新的 Ria 客戶，他們將能夠在 Flash 地點發送和接收付款。雖然整個 Flash 網絡將可供客戶發送資金，但很難估計其中有多少地點將實際進行交易。因此，我們不會將這些納入我們的官方位置計數中，以免誇大我們網絡的廣度。

In Indonesia, we signed an agreement with DANA Mobile Wallet, which has a user base of 135 million people. DANA is one of the largest wallets in the country, which we expect will enable us to increase our market share. The strong growth in our bank account and Mobile Wallet network has driven 32% transaction growth in principal transferred to bank and wallet accounts now represent 35% of total cross-border principal transfer. Additionally, during the second quarter, we launched 24 -- correspondence in 23 countries. These launches include the International Bank of Somalia making Ria's first entry into this country. This expansion represents a major step in extending our service to the Somali population.

在印度尼西亞，我們與擁有 1.35 億用戶群的 DANA Mobile Wallet 簽署了協議。 DANA 是該國最大的錢包之一，我們預計這將使我們能夠增加市場份額。我們的銀行賬戶和移動錢包網絡的強勁增長推動銀行和錢包賬戶轉賬本金交易增長 32%，目前佔跨境本金轉賬總額的 35%。此外，在第二季度，我們在 23 個國家/地區推出了 24 封信函。這些舉措包括索馬里國際銀行 (International Bank of Somalia) 首次進入該國。此次擴張是我們向索馬里民眾提供服務的重要一步。

Moreover, we have further strengthened our global network by signing agreements with 33 new correspondents across 26 countries with those launches scheduled in the upcoming quarters. One of the more significant of these agreements is with a large correspondent in Brazil, a significant development that now enables us to offer cash payment options across that country. These strategic expansions demonstrate our commitment to providing enhanced financial services and accessibility to an ever-growing customer base worldwide.

此外，我們還與 26 個國家/地區的 33 個新通訊員簽署了協議，併計劃在未來幾個季度推出這些協議，從而進一步加強了我們的全球網絡。其中更重要的協議之一是與巴西的一家大型代理機構達成的協議，這是一項重大進展，現在使我們能夠在該國提供現金支付選項。這些戰略擴張表明我們致力於為全球不斷增長的客戶群提供增強的金融服務和便利性。

We continue to see strong transaction growth across most areas of our Money Transfer business, driven by a 28% growth in our digital channel and strong execution across nearly all of our physical send channels. With this strong performance across most areas of the business and expanding margins, we expect to continue to deliver double-digit bottom-line growth for the remainder of this year.

在我們的數字渠道增長 28% 以及幾乎所有物理髮送渠道的強勁執行力的推動下，我們的匯款業務大部分領域的交易量繼續強勁增長。憑藉大部分業務領域的強勁表現和不斷擴大的利潤率，我們預計今年剩餘時間將繼續實現兩位數的利潤增長。

So now let's move on to Slide 15, and we'll give a quick little update on Dandelion. During the quarter, our Dandelion partners continued to leverage our Money Transfer network by expanding payments to 14 new countries and 45% year-over-year transaction growth from our existing partners. This growth is made possible in part by the enhancement of our network, particularly our Mobile Wallet coverage, which now reaches 1.9 billion wallet accounts. We are excited to announce 2 agreements that significantly bolster our global presence in real-time digital payment capabilities.

現在讓我們轉到幻燈片 15，我們將快速介紹 Dandelion 的最新情況。本季度，我們的 Dandelion 合作夥伴繼續利用我們的匯款網絡，將支付範圍擴大到 14 個新國家/地區，現有合作夥伴的交易量同比增長 45%。這一增長的部分原因是我們網絡的增強，特別是我們的移動錢包覆蓋範圍，目前該覆蓋範圍已覆蓋 19 億個錢包賬戶。我們很高興宣布達成兩項協議，這些協議將顯著增強我們在實時數字支付能力方面的全球影響力。

We signed an agreement with the payments arm of Inter & Company, a leading super app in Brazil, which provides financial and digital commerce services to more than 26 million customers and is among the most -- the growing Brazilian diaspora in the U.S. Additionally, we have another Money Transfer service business, which joined the Dandelion family in Q2, and that was Transfer Galaxy, which is a leading digital money transfer company based in Sweden, serving customers across Europe and the Nordics. With these strategic partnerships, we are poised to provide seamless and innovative financial solutions leveraging real-time digital payments technology to an even broader customer base. We believe this solidifies our position as a trailblazer in the global money transfer industry.

我們與Inter & Company 的支付部門簽署了一項協議，Inter & Company 是巴西領先的超級應用程序，為超過2600 萬客戶提供金融和數字商務服務，是在美國的巴西僑民數量最多的客戶之一。此外，我們還有另一家匯款服務公司於第二季度加入 Dandelion 家族，那就是 Transfer Galaxy，這是一家總部位於瑞典的領先數字彙款公司，為歐洲和北歐地區的客戶提供服務。通過這些戰略合作夥伴關係，我們準備利用實時數字支付技術向更廣泛的客戶群提供無縫和創新的金融解決方案。我們相信，這鞏固了我們作為全球匯款行業開拓者的地位。

Let's go on now to the next slide, please, and I'll give you a brief update on our REN developments. We are seeing increasing interest in our REN technology. During the quarter, we signed a QR-based payment agreement with Tangent Solutions, one of the largest non-bank POS terminal networks in the Philippines. Our technology will allow Tangent Solutions to offer person to merchant-based payments across their entire POS network. Additionally, we have signed agreements with Banco Guayaquil and Banco Pichincha, the 2 largest banks in Ecuador to provide issuer processing and switching service.

現在讓我們繼續看下一張幻燈片，我將向您簡要介紹 REN 的進展情況。我們發現人們對我們的 REN 技術越來越感興趣。本季度，我們與菲律賓最大的非銀行 POS 終端網絡之一 Tangent Solutions 簽署了基於二維碼的支付協議。我們的技術將使 Tangent Solutions 能夠在整個 POS 網絡上提供個人對商家的支付服務。此外，我們還與厄瓜多爾最大的兩家銀行瓜亞基爾銀行和皮欽查銀行簽署了協議，提供發卡機構處理和轉換服務。

And as an update to several deals we have told you about in previous quarters, we launched an open-loop issuer processing agreement with GXS Bank, a leading digital bank in Singapore. On the heels of this launch, we have agreed with GXS to expand this agreement to include GXS Digital Bank in Malaysia. We also expanded our relationship with the Bank of the Philippine Islands to implement mobile top-up on the Vybe network wallet using the InstaPay RTP rails in that country. We are pleased that more and more customers are realizing the benefits of our REN technology which is further evidenced by our pipeline, which we now expect to contribute $149 million in revenue over the next 6 years.

作為我們在前幾個季度向您介紹的幾項交易的更新，我們與新加坡領先的數字銀行 GXS Bank 啟動了開環發行人處理協議。在此推出之後，我們已與 GXS 達成協議，擴大該協議範圍，將馬來西亞的 GXS 數字銀行納入其中。我們還擴大了與菲律賓群島銀行的關係，使用該國的 InstaPay RTP 軌道在 Vybe 網絡錢包上實現移動充值。我們很高興越來越多的客戶認識到我們的 REN 技術的優勢，我們的產品線進一步證明了這一點，我們現在預計該產品線將在未來 6 年內貢獻 1.49 億美元的收入。

With these REN comments, let's now draw this discussion to a close with some summary comments on Slide #17. As I said when I began my comments, we did deliver a record second quarter with double-digit growth across all financial metrics. We, like many companies, are facing some inflationary pressures, but we believe our diverse product and solution portfolio will allow us to deliver strong growth results despite those pressures.

有了這些 REN 評論，現在讓我們通過幻燈片 #17 上的一些總結評論來結束本次討論。正如我在開始發表評論時所說，我們確實實現了創紀錄的第二季度，所有財務指標均實現了兩位數增長。與許多公司一樣，我們面臨著一些通脹壓力，但我們相信，我們多樣化的產品和解決方案組合將使我們能夠在面臨這些壓力的情況下實現強勁的增長業績。

As discussed, our quarter highlights were: number one, we maintained a strong balance sheet, providing stability and flexibility to make strategic decisions. We generated more than $90 million in cash from operations, we delivered double-digit consolidated revenue growth that resulted in 17% earnings expansion. EFT grew the ATM network by signing strategic agreements and entering new markets. epay added more products and markets, including some exciting new products we are preparing to launch.

正如所討論的，我們的季度亮點是：第一，我們保持了強勁的資產負債表，為製定戰略決策提供了穩定性和靈活性。我們從運營中產生了超過 9000 萬美元的現金，我們實現了兩位數的綜合收入增長，導致盈利增長了 17%。 EFT 通過簽署戰略協議和進入新市場來發展 ATM 網絡。 epay增加了更多的產品和市場，包括我們準備推出的一些令人興奮的新產品。

Money Transfer continued to expand its digital physical bank and wallet networks with double-digit transaction growth in nearly every aspect of the business while improving profit margins and leveraging costs. Our POS acquiring business grew transactions by 12% compared to the prior year in the second quarter. We signed new agreements and launched several new projects with our REN and Dandelion solutions during the quarter.

Money Transfer 繼續擴大其數字實體銀行和錢包網絡，幾乎在業務的各個方面都實現了兩位數的交易增長，同時提高了利潤率和槓桿成本。第二季度，我們的 POS 收單業務交易量較去年同期增長 12%。本季度，我們使用 REN 和 Dandelion 解決方案簽署了新協議並啟動了多個新項目。

Bottom line, there is a lot to brag about here. We have a long history of growing despite various economic cycles. We have made significant investments across the businesses, and we are a stronger, more diverse business which we believe will continue to allow us to absorb the economic pressures and still deliver record revenue, adjusted EBITDA and adjusted EPS for the full year 2023 and beyond.

最重要的是，這裡有很多值得誇耀的地方。儘管經濟周期不同，但我們有著悠久的增長歷史。我們在各個業務領域進行了大量投資，我們是一家更強大、更多元化的企業，我們相信這將繼續讓我們能夠承受經濟壓力，並在2023 年全年及以後繼續實現創紀錄的收入、調整後EBITDA 和調整後每股收益。

With that, I'll be happy to take questions. Operator, would you please assist?

這樣，我將很樂意回答問題。接線員，您能幫忙嗎？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Rayna Kumar with UBS.

我們的第一個問題來自瑞娜·庫馬爾 (Rayna Kumar) 與瑞銀 (UBS) 的聯繫。

You obviously talked about inflation being a headwind to your EFT business. Can you tell us a little bit about how it's impacting your Money Transfer business? Is it a benefit there? And if so, are you able to quantify that benefit?

您顯然談到通貨膨脹是您的電子轉帳業務的阻力。您能告訴我們一些它對您的匯款業務的影響嗎？那裡有好處嗎？如果是這樣，您能夠量化這種好處嗎？

In general, it's not a benefit when you have high inflation, then the remitters, the people sending the money to their families basically have less money to send and so it's not a benefit. We have -- sometimes you get a little bit of FX dislocation and that could be kind of partially helpful. But the average amount sent that we have seen has gone down over the last couple of quarters, and we've mentioned that to you. So -- and remember, about 1/3 of the gross profit we make on a transaction is the FX spread on that. So if people are sending less, you make a little bit less.

一般來說，當通貨膨脹高時，這不是一個好處，那麼匯款人，那些向家人寄錢的人基本上可以寄的錢就會減少，所以這不是一個好處。我們有時會遇到一些外匯混亂，這可能會有所幫助。但我們看到的平均發送量在過去幾個季度有所下降，我們已經向您提到過這一點。因此，請記住，我們在交易中獲得的毛利潤的大約 1/3 是外匯點差。因此，如果人們發送的金額減少，您的收入就會減少一些。

Got it. Okay. And then as a follow-up, can you just discuss how the travel recovery has been versus your expectations specifically with some travel returning to APAC? Has it been below or in line with your expectations so far?

知道了。好的。作為後續行動，您能否討論一下旅行恢復情況與您的預期相比，特別是一些旅行返回亞太地區的情況？到目前為止，它是否低於或符合您的預期？

When it comes to APAC, Rayna, we're really not in the right season to be able to answer that well. Their travel season for visitors, for tourists starts in October and goes through March. So we do know that things are getting more back to normal there, where we have a profitable network there, but we certainly aren't getting the tourist -- bunches of tourist transactions like we will starting in October. So that's kind of where we are. We've got to kind of wait for that one. The advantage of the whole APAC network and anything that we do down there is that it's countercyclical or counter-seasonal to our ATM network in Europe.

說到亞太地區，Rayna，我們現在確實不適合回答這個問題。他們的旅遊季節從十月開始，一直持續到三月。所以我們確實知道那裡的情況正在恢復正常，我們在那裡有一個有利可圖的網絡，但我們肯定沒有吸引遊客——就像我們將在 10 月份開始的那樣，大量的旅遊交易。這就是我們現在的處境。我們必須等待那個人。整個亞太地區網絡以及我們在那裡所做的任何事情的優勢在於，它與我們歐洲的 ATM 網絡相比是反週期或反季節的。

Rayna, I would just add for the couple of months earlier in the year, which was on the very early part of our year, but the latter part of their tourism season. We did start to see that the transactions were being responsive to inbound travelers. So consistent with what we see in Europe is when consumers show up they take out cash from the ATM. So that behavior was witnessed earlier this year, and we anticipate that it will pick up as we go into the start of the travel season when we get through this month soon. I mean, literally, there -- it's in that monsoon season over there now.

Rayna，我想補充一下今年早些時候的幾個月，那是我們今年的年初，但也是旅遊季節的後半段。我們確實開始看到交易對入境旅客做出了反應。與我們在歐洲看到的情況一致的是，當消費者出現時，他們會從自動櫃員機提取現金。因此，今年早些時候就見證了這種行為，我們預計，當我們很快度過這個月時，隨著旅行季節的開始，這種行為將會有所增加。我的意思是，從字面上看，那裡 - 現在正處於季風季節。

Our next question comes from the line of Andrew Jeffrey with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

This is the second summer in a row now where there's been something in European travel that's been disappointing. So kind of, I guess, 2 questions for you, Mike. One is, is there any way or is there a desire to think about the cost structure of the ATM business such that maybe it needs to be adjusted for what could be structurally lower tourist revenue and tourist transactions?

這是連續第二個夏天歐洲旅行出現令人失望的情況。我想，邁克，有兩個問題要問你。一是，是否有任何方法或是否願意考慮 ATM 業務的成本結構，以便可能需要針對結構性較低的旅遊收入和旅遊交易進行調整？

And two, as you expand outside of Europe, East and South, should we also think about that as potentially being a segment margin drag? I'm just trying to get a sense of how to level set your business for what could be a less vibrant kind of European in particular, travel environment. So we don't know how long this is going to last.

第二，當您向歐洲、東部和南部地區擴張時，我們是否也應該考慮這可能會拖累細分市場利潤？我只是想了解如何針對歐洲（尤其是不太活躍的旅遊環境）調整您的業務。所以我們不知道這種情況會持續多久。

No, we don't. One of the bright spots is expansion outside of Europe because the reality is even our data from 2019 and past that is those ATMs in those more developing markets where people go and that would include now. Of course, our Asian ones, but let's not forget, we're also live in Morocco and in Egypt. They're very, very profitable for us, more profitable than the average ATM in Europe anyway. So those ATMs and expansion in those areas actually will probably pull our margins up rather than the other way around.

不，我們不。亮點之一是歐洲以外的擴張，因為現實情況是我們 2019 年及過去的數據是人們經常去的那些發展中市場的 ATM 機，這也包括現在。當然，我們的亞洲人，但我們不要忘記，我們也住在摩洛哥和埃及。它們對我們來說非常非常有利可圖，無論如何比歐洲的平均 ATM 更有利可圖。因此，這些自動取款機和這些領域的擴張實際上可能會提高我們的利潤，而不是相反。

And with respect to our European numbers, we're still making very nice profit where -- but I mean, maybe we made really nice profits when there's that many more transactions. So you're right. We don't know when it's -- things will get a little bit better inflationary within Europe, but it happened so fast, I think that's one of the reasons that caught people off guard, including myself. I mean, clear up until through the beginning of June, I thought everything was fine. We were tracking with the -- our transactions, we're tracking with the travel data and then it just fell off a cliff in June, and that's when we started to see it.

就我們的歐洲數據而言，我們仍然獲得了非常可觀的利潤，但我的意思是，當交易量增加時，也許我們獲得了非常可觀的利潤。所以你是對的。我們不知道歐洲的通脹情況什麼時候會好一點，但它發生得太快了，我認為這就是讓人們措手不及的原因之一，包括我自己。我的意思是，直到六月初為止，我認為一切都很好。我們正在跟踪我們的交易，我們正在跟踪旅行數據，然後它在六月份跌落懸崖，就在那時我們開始看到它。

And I think that's because by that time, then the Europeans were making their summer holiday plans, and they were just basically spending less because they had less. So the nice thing is that we don't have -- we still have a very -- it's still a very profitable segment for us. And so you don't want to give that up. We just need to try to expand into more areas outside of Europe.

我認為那是因為那時歐洲人正在製定暑假計劃，他們基本上花的錢更少了，因為他們擁有的東西更少了。所以好的事情是我們沒有——我們仍然有一個非常——它對我們來說仍然是一個非常有利可圖的部分。所以你不想放棄它。我們只需要嘗試擴展到歐洲以外的更多地區。

Yes. But -- and I would add to that, Andrew, you asked a question about our interest or thoughts about cost structure. And short answer to that is yes. And I know that as -- even a few weeks ago, Nikos, who manages that piece of our business for us has already initiated some thoughts on what we can do to try to manage that potentially in a different way.

是的。但是——我想補充一點，安德魯，你問了一個關於我們對成本結構的興趣或想法的問題。簡短的回答是肯定的。我知道，甚至在幾週前，為我們管理這部分業務的尼科斯就已經開始思考我們可以採取哪些措施來嘗試以不同的方式來管理這一業務。

So we're -- we would anticipate that the consumer behaviors will be back to when their wallets are refreshed, if you will, and you kind of rightsize the economics, et cetera, because people are still going to want to go to the attractions and go to night clubs and things like that. They're just making short-term decisions to accommodate their wallet. But nonetheless, we're taking a look at what we can do to find some other ways to run the cost of that business more effectively.

因此，我們預計，如果你願意的話，消費者的行為將回到他們的錢包充裕時，並且你可以調整經濟規模等等，因為人們仍然想去景點去夜總會之類的。他們只是為了節省開支而做出短期決定。但儘管如此，我們正在考慮如何尋找其他方法來更有效地控制該業務的成本。

And just as a quick follow-up. What levers, if I understood the comment correctly, you're anticipating double-digit Money Transfer revenue growth this year.

就像快速跟進一樣。什麼槓桿，如果我正確理解了這個評論，您預計今年的匯款收入將實現兩位數的增長。

You're cutting out, Andrew.

你要退出了，安德魯。

What levers drive second half Money Transfer revenue growth acceleration?

哪些槓桿推動下半年匯款收入增長加速？

Andrew, you were breaking up a fair bit, but I think you asked what drivers or factors are driving the second half Money Transfer revenue?

安德魯，你們分手了相當多，但我想你問了哪些驅動因素或因素推動了下半年的匯款收入？

Yes. The acceleration that you're anticipating.

是的。您預期的加速度。

Well, I think it's all the things we mentioned. I mean the reality is we kind of -- we've got the best payout network in the world. We've got a great payout. We might be barely #2 when it comes to physical payout locations. But when it comes to digital payout locations, we are by far #1 and you saw that our growth rate there was 32% over prior year being paid into either bank accounts or wallets. We've taken -- we've spent a lot of time working on digital payout because we know that's the future as more and more of these countries and their citizens become banked. And then that now accounts for 35% of all the payouts we do are into those digital channels.

嗯，我想這就是我們提到的所有事情。我的意思是，現實是我們擁有世界上最好的支付網絡。我們得到了豐厚的回報。在實體支付地點方面，我們可能勉強排名第二。但就數字支付地點而言，我們迄今為止排名第一，您會發現我們的銀行賬戶或錢包支付增長率比上年增長了 32%。我們花了很多時間研究數字支付，因為我們知道，隨著越來越多的國家及其公民擁有銀行賬戶，這就是未來。現在，這占我們向這些數字渠道支付的所有支出的 35%。

So that's one of the things that give us an edge. And I think it's just kind of blocking and tackling. It's what we do every day. We've been growing that business 3 to 4x faster than World Bank numbers now for 15 years, and we're going to continue to do that. And the best part, I guess, is that we've also -- we spent a lot of money getting to where we are, and now our margins are coming back in. And we're basically -- our growth in transactions and our serious cost cutting or just cost constraining initiatives have given us very nice expansion in margins.

這就是給我們帶來優勢的因素之一。我認為這只是一種阻擋和鏟球。這就是我們每天所做的事情。 15 年來，我們的業務增長速度是世界銀行數據的 3 到 4 倍，而且我們將繼續這樣做。我想，最好的部分是，我們也花了很多錢才達到現在的水平，現在我們的利潤率又回來了。基本上，我們的交易增長和我們的業務增長嚴格的成本削減或僅僅限製成本的舉措使我們的利潤率得到了非常好的增長。

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

我們的下一個問題來自花旗銀行的安德魯·施密特 (Andrew Schmidt)。

Appreciate all the commentary on the high-value transaction recovery. I understand there's a lot of moving parts there, but I appreciate the work to win to that. So 2 parts that kind of go into that, right? The first part is travel recovery. And we've obviously seen some lighter recovery in terms of U.K. travel volumes or [GOs] and then -- but the second part is customer behavior in terms of what you're alluding to.

感謝所有關於高價值交易復甦的評論。我知道那裡有很多變化的部分，但我很欣賞為贏得這一點而付出的努力。所以有兩部分涉及其中，對嗎？第一部分是旅行恢復。我們顯然看到英國旅行量或 [GO] 出現了一些較輕的複蘇，但第二部分是您所提到的客戶行為。

So maybe just talk a little bit about your confidence that what you're seeing is not structural and that we'll see these come back? Meaning transactions, I should say, traffic to ATMs, DCC opt-in rates, those things have not fundamentally changed. We'd love to give a little bit more perspective there.

所以也許只是談談你的信心，你所看到的不是結構性的，我們會看到這些回來？我想說的是，交易、ATM 機流量、DCC 選擇加入率，這些事情並沒有從根本上改變。我們很樂意在那裡提供更多的觀點。

Well, there are 2 variables that have happened just over the last month, a month or 2. One is as inflation hit Europe, we noticed that the average amount taken out per ATM withdrawal went down slightly for 3 months in a row. We noticed that our opt-in rates are exactly the same. So customer behavior is exactly the same. It just seems clear to us that people are being more frugal with their spending. They just -- and if you think about going on vacation, maybe 60% of your total spend is your airfare and hotels. And then that leaves 4% to 30%, 40% left there for your discretionary spend, all the things you do for fun. Well, that portion is where cash comes in, where you might need cash for a little bit of that.

嗯，上個月、一個月或兩個月發生了兩個變量。一個是隨著通貨膨脹衝擊歐洲，我們注意到每次 ATM 取款的平均金額連續 3 個月略有下降。我們注意到我們的選擇加入率完全相同。所以客戶的行為是完全相同的。對我們來說，很明顯人們在消費方面變得更加節儉。他們只是 - 如果您考慮去度假，您的機票和酒店費用可能佔總支出的 60%。然後剩下 4% 到 30%，其中 40% 留給你可自由支配的支出，所有你為了好玩而做的事情。嗯，這部分是現金進來的地方，你可能需要現金來支付其中的一部分。

And so when you -- if you have x amount in your travel budget and you watch your cost of airfare and hotels go up to 25% to 35%, that just leaves less there for that discretionary spend. So everything seems to be following that logic really well. So I think as people's salaries kind of catch up with the cost that they have in their everyday life and their budgets kind of expand a little bit to make up for high cost of flights and hotels, I think we're going to see a benefit to our -- the discretionary portion of people's vacations. And of course, that would accrue to us.

因此，如果您的旅行預算中有 x 金額，並且您發現機票和酒店費用上漲了 25% 至 35%，那麼可自由支配的支出就會減少。所以一切似乎都很好地遵循了這個邏輯。因此，我認為，隨著人們的工資趕上他們日常生活中的成本，並且他們的預算稍微擴大以彌補航班和酒店的高成本，我認為我們將會看到一個好處我們的——人們假期的自由支配部分。當然，這將歸我們所有。

Got it. And then maybe a question on the Ria business. Historically, Ria has been very competitive on price continues to be. But has the pricing strategy there changed at all? Meaning as you get more scale, more pain and payout endpoints, there's opportunity to increase price there or we continue to kind of be that kind of lowest cost option out there? Just curious just on how the pricing strategy is evolving there.

知道了。然後可能是關於 Ria 業務的問題。從歷史上看，Ria 在價格上一直非常有競爭力。但那裡的定價策略有改變嗎？這意味著當你獲得更大的規模、更多的痛苦和支付端點時，就有機會提高價格，或者我們繼續成為那種成本最低的選擇？只是好奇那裡的定價策略是如何演變的。

So we're probably not the lowest, lowest. Those are usually little local guys. Let's not forget the big names that you've heard about, both digital and physical names, maybe all of us together account for 30% of all the money transfers that happened in the world. So that other 70%, you've got little guys who might just go to 1 country. And they're always kind of going to be the lowest price but we've decided -- we've continued to be price-aggressive, but that's kind of how we've been through our whole life.

所以我們可能不是最低的，最低的。這些通常是當地的小傢伙。我們不要忘記您聽說過的大人物，無論是數字名還是實體名，也許我們所有人加在一起就佔了世界上發生的所有匯款的 30%。所以另外 70% 的小傢伙可能只會去 1 個國家。它們總是會是最低的價格，但我們已經決定 - 我們將繼續保持價格侵略性，但這就是我們一生的方式。

You are right. As we add new markets that there is little competition in that tends to allow you to price a little bit higher just because you don't have as much competition. And that can help your average revenue per transaction. So really, nothing's changed there. I mean, look, we've got a work in business there. I mean, people got to really take a look at this Money Transfer business.

你是對的。當我們添加新的市場時，競爭很少，這往往會讓你的價格稍微高一點，因為你沒有那麼多的競爭。這可以幫助您提高每筆交易的平均收入。所以說真的，那裡什麼都沒有改變。我的意思是，看，我們在那裡有一份生意。我的意思是，人們必須真正審視一下匯款業務。

For freaking 15 years, we have outperformed World Bank numbers by three to fourfold every single year, year after year, which is why we went from a little guy 15 years ago to #2 in the world. And our goal is to be #1. And we're on the way to do that because we're growing and others aren't. And so I think we've got a pretty good game here, and we're going to just continue.

15 年來，我們的業績每年都比世界銀行的數字高出三到四倍，年復一年，這就是為什麼我們從 15 年前的小人物變成了世界第二。我們的目標是成為第一。我們正在這樣做，因為我們正在成長，而其他人卻沒有。所以我認為我們已經打出了一場非常精彩的比賽，我們將繼續下去。

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

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

Maybe just quickly, as a reminder, on the segment level detail, maybe if you can help us with understanding expectations for EFT versus Money Transfer and epay for the rest of this year. I don't know if there's any more color you can give us on growth for each of them?

也許只是快速提醒一下，在細分層面的細節上，也許您可​​以幫助我們了解今年剩餘時間對電子轉帳與匯款和電子支付的預期。不知道對於他們每個人的成長，你是否還能給我們更多的顏色呢？

No, I think as we said in there when we take a look at -- especially more focused on the third quarter here. We expect those revenue numbers to be more flattish to last year kind of more similar still growth coming out of there, but it won't be because we just -- we pulled back on what we expect in terms of transactions at the ATM. So as we project through the rest of the year, I think what we're seeing in the consumer data is that consumers are pushing out some of their vacations into the third and -- I mean, into the fourth quarter.

不，我認為正如我們在查看時所說的那樣——尤其是更關注第三季度。我們預計這些收入數字將與去年更加持平，增長仍將更加相似，但這不會是因為我們只是——我們取消了對 ATM 交易的預期。因此，當我們預測今年剩餘時間時，我認為我們在消費者數據中看到的是，消費者正在將部分假期推遲到第三季度，我的意思是，推遲到第四季度。

That will probably give us a little bit of benefit. But I think that, that will largely be there to absorb again more of the contraction in the total amount of spend that people have. So we've dramatically changed our -- what we think is in the third quarter, and you see that in our third quarter guidance. So I think that's kind of the way it will play out.

這或許會給我們帶來一點好處。但我認為，這在很大程度上將再次吸收人們支出總額的更多收縮。因此，我們極大地改變了我們對第三季度的看法，您可以在我們的第三季度指導中看到這一點。所以我認為這就是事情的發展方式。

Yes. We're hoping that, that's a conservative number, but we have to take a look at June's numbers and extrapolate them forward. So we're just being as honest as we can with the data that we have.

是的。我們希望這是一個保守的數字，但我們必須看看六月份的數字並向前推斷。因此，我們只是盡可能誠實地對待我們所掌握的數據。

Makes sense. Guys, can you just help understand a little bit more around the mix between Piraeus, EFT -- within the EFT segment, Piraeus and ATM and REN, just the transaction mix between the 3 different categories at this point? I know they are different margin businesses. And so we're just trying to make sure we understand that each of these grow and some of them growing better than others, what it means maybe medium term for the profitability?

說得通。伙計們，您能否幫助更多地了解一下比雷埃夫斯、EFT 之間的組合——在EFT 細分市場、比雷埃夫斯、ATM 和REN 之間的組合，以及此時3 個不同類別之間的交易組合？我知道它們是不同的保證金業務。因此，我們只是想確保我們了解其中每一個都在增長，其中一些增長得比其他增長得更好，這對中期盈利能力意味著什麼？

With that segment, I don't know if it makes Rick smarter than me on these numbers, but I think if you mix all those numbers together, I'm not sure you're going to get anywhere. What we do know is that 3 components do -- are making very good contributions to the bottom line in that particular segment. I mean, we've got -- last year, as an example, was the Piraeus Bank stuff that we now call Euronet Merchant Services. We did about $26 million in EBITDA over the 10 months that we had it.

有了這個部分，我不知道這是否讓里克在這些數字上比我更聰明，但我認為如果你把所有這些數字混合在一起，我不確定你會取得任何成果。我們所知道的是，有 3 個組件正在為該特定細分市場的盈利做出非常好的貢獻。我的意思是，我們去年有比雷埃夫斯銀行的產品，我們現在稱之為 Euronet Merchant Services。在過去 10 個月裡，我們的 EBITDA 收入約為 2600 萬美元。

REN did about $15 million over that -- over those 12 months, and then the rest was in the ATM business. So that's kind of -- those were the years last year, but both REN is growing quite nicely and Piraeus is growing quite nicely. It's just that we're getting -- we're being conservative on our EFT ATM.

在這 12 個月裡，REN 賺了大約 1500 萬美元，其餘的都投入了 ATM 業務。所以，那是去年的事，但 REN 和比雷埃夫斯都增長得很好。只是我們對 EFT ATM 持保守態度。

I mean, Darrin, the Piraeus business, and if you go back and look at some of the disclosures we had about the time of the acquisition is it's kind of in the ballpark of double-digit number of our EFT on the revenue side, okay? So call that 10, 11, 12 kind of in that ballpark there. I would tell you that the margins in that business are less than in our traditional ATM business. But the average value per transaction, if you take a look at the average gross profit per transaction is pretty similar to what the net is of our EFT segment.

我的意思是，Darrin，比雷埃夫斯業務，如果你回頭看一下我們在收購時披露的一些信息，你會發現，我們的電子轉帳收入方面的數字大約是兩位數，好吧？所以在那個球場上稱之為 10、11、12。我想告訴你的是，該業務的利潤率低於我們傳統的 ATM 業務。但如果你看一下每筆交易的平均毛利潤，每筆交易的平均價值與我們的電子轉帳部門的淨額非常相似。

So -- and again, that's the mix of all of the stuff in the EFT segment. So as that business would grow, let's say, if it grows faster than the rest of the business, it might impact the margin a little bit in terms of just the mathematical expression of the margin, but it wouldn't impact the profit. It would just continue to add to the profit of it. Dandelion business is similar in gross profit margins to our other Money Transfer business. And the REN business on a gross profit basis, on a margin basis, it can be very good.

所以，這又是 EFT 領域所有內容的混合體。因此，隨著該業務的增長，假設它比其他業務增長得更快，就利潤率的數學表達式而言，它可能會稍微影響利潤率，但不會影響利潤。它只會繼續增加它的利潤。蒲公英業務的毛利率與我們的其他匯款業務相似。 REN業務在毛利潤基礎上、在利潤率基礎上，都可以非常好。

And I mean, it can be -- I won't say nearly 100%, but it's transaction processing through our existing infrastructure. And so it can be a very high margin kind of a business that would tend to be a lot lower price per transaction, though, but margin and mathematical margin would be very good. Again, once it goes to the bottom line, it's very, very enhancing to the bottom line.

我的意思是，它可以——我不會說接近 100%，但它是通過我們現有的基礎設施進行的交易處理。因此，這可能是一種利潤率非常高的業務，雖然每筆交易的價格往往會低很多，但利潤率和數學利潤率會非常好。再說一遍，一旦達到底線，它就會非常非常提高底線。

Our next question comes from the line of Mike Grondahl with Northland Securities.

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

Two quick questions. One, if you had to bifurcate the softness in DCC revenue between the volume of transactions and the size of transactions, how would you think about that like 70% volume, 30% smaller size? Can you take a rough stab at that?

兩個簡單的問題。第一，如果您必須將 DCC 收入的疲軟程度分為交易量和交易規模，您會如何看待交易量 70%、規模縮小 30%？你能粗略地解釋一下嗎？

95% volume and 5% size.

95% 體積和 5% 大小。

95% and 5%, okay.

95%和5%，好吧。

Yes. As Mike said earlier, we didn't -- we saw a little bit of decrease in the average size of the transaction. No change in opt-in, it's just simply a number of transactions.

是的。正如邁克之前所說，我們沒有看到交易的平均規模略有下降。選擇加入沒有變化，只是一些交易。

And it's not just DCC, it's also regular -- all transactions because DCC is just a cross-currency guys, but there's a lot of -- as an example, a lot of Germans going to Italy to have pasta. All the numbers are down.

不僅僅是 DCC，它也是常規的——所有交易，因為 DCC 只是一個跨貨幣的傢伙，但有很多——例如，很多德國人去意大利吃麵食。所有數字都下降了。

And as Mike said, the downward draft is on European customers, whereas customers coming from outside of Europe have been continuing to grow. So again, we see it as being the European influence there.

正如邁克所說，下降的氣流主要針對歐洲客戶，而來自歐洲以外的客戶一直在持續增長。因此，我們再次將其視為歐洲的影響力。

Got it. Yes, that I got. And then secondly, epay had a good promotional quarter, and we've seen that randomly in the past, could you size that a little bit for us? Just so it helps us with a little bit of modeling. I mean is it -- do we chalk up $10 million to promotional activity, $20 million of promotional activity? If you could help with that, it would be great.

知道了。是的，我得到了。其次，epay 有一個很好的促銷季度，我們過去隨機看到過這種情況，您能為我們稍微調整一下嗎？只是這樣它可以幫助我們進行一些建模。我的意思是——我們是否將 1000 萬美元用於促銷活動，2000 萬美元用於促銷活動？如果您能提供幫助，那就太好了。

I would say the incremental promotional activity was in the ZIP code of $15 million. And if you were to pro forma that, you would still see that the epay business on a revenue basis grew double digit in the quarter even if you pro forma out that extra promotional stock. And also I would just mention the extra promotional stuff is largely accounted for on a gross transaction basis rather than on like a commission basis. As you know, we earn our revenue in epay largely as a percentage of the transaction, whereas in the promotion business, we're recording as revenue the full ticket value of the transaction. So that's why it has a more outsized impact on revenue but not the same kind of impact on profit.

我想說的是，增量促銷活動在郵政編碼中為 1500 萬美元。如果你進行預估的話，即使你預估了額外的促銷庫存，你仍然會看到 epay 業務在本季度的收入增長了兩位數。而且我只想提一下，額外的促銷活動主要是按總交易額計算的，而不是按佣金計算的。如您所知，我們在 epay 中賺取的收入主要佔交易的百分比，而在促銷業務中，我們將交易的全部票面價值記錄為收入。這就是為什麼它對收入的影響更大，但對利潤的影響卻不同。

Our next question comes from the line of Ken Suchoski with Autonomous Research.

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

I just want to ask about the opportunities to take out expenses in EFT. I mean which areas would that come from? Would you just remove ATMs from the market or shift those ATMs to other locations? And I guess how quickly can you take out those costs to try to maintain your decent EBIT margins?

我只是想問一下通過電子轉帳支付費用的機會。我的意思是這些來自哪些地區？您是否會將 ATM 從市場上移除或將這些 ATM 轉移到其他地點？我猜你能多快地除去這些成本來維持可觀的息稅前利潤率？

Okay. So first of all, there's not a lot you can do. You either have the network on or you don't. We can and we always call for performing locations to put them in better places. And based upon the new realities of the number of transactions that we're getting, we might have some of those that were maybe on the edge that we now move to better places. That's probably the largest thing. But when you look at the components that we have, REN pretty much is under control. It's staying the same, cash delivery to ATMs is under a lot of pressure to go up because that's a very labor-intensive business from the people like Brink's and Securitas and all those guys.

好的。所以首先，你無能為力。您要么有網絡，要么沒有。我們可以而且我們總是呼籲將演出地點放在更好的地方。根據我們收到的交易數量的新現實，我們可能有一些交易可能處於我們現在轉移到更好的地方的邊緣。這可能是最大的事情了。但當你看看我們擁有的組件時，REN 幾乎處於控制之中。情況保持不變，ATM 機的現金交付面臨著很大的增長壓力，因為對於 Brink's 和 Securitas 等公司來說，這是一項非常勞動密集型的業務。

So -- but we've got some other ideas maybe to take out, but the reality is we can't take out a lot to make up for the margin difference. The nice thing is in Q3, we used to have so many transactions in Q3 that had popped our margins way high. We're just looking at flattish kind of numbers of transactions. So compared to Q2, maybe a little bit better and there's not a lot we can do with the expenses.

所以——但我們可能還有一些其他的想法可以取消，但現實是我們無法拿出很多來彌補利潤差異。好的事情是在第三季度，我們過去在第三季度有很多交易，這使得我們的利潤率很高。我們只是看到交易數量持平。因此，與第二季度相比，可能會好一點，但我們在費用方面無能為力。

Okay. And then maybe just a high level, I guess, strategic question. I guess if you're facing -- you're just not seeing that recovery in the traditional kind of ATM DCC business. Is there a greater sense of urgency to pivot that business more towards rent or maybe Asia Pacific and some of those new markets? And I guess what's your strategic thinking on that front? And I guess, how quickly can you move there?

好的。我想，也許這只是一個高層次的戰略問題。我想如果您面臨 — 您只是沒有看到傳統 ATM DCC 業務的複蘇。是否有更大的緊迫感將業務更多地轉向租金或亞太地區和其中一些新市場？我想您在這方面的戰略想法是什麼？我猜，你能多快搬到那裡？

We have been -- I mean that was the point that we are making. We've been pivoting for 3 years. And -- but these new endeavors like Dandelion and REN and even [acquiring], they're kind of hot out of the box. So we're actually very impressed by their growth rates. But -- and we're throwing everything we can at them to grow, but we've got -- we had a really big, very fast-growing cash cow with just the ATM, we've got to get those guys to catch up with it.

我們一直——我的意思是，這就是我們正在表達的觀點。我們已經進行了 3 年的轉型。而且 - 但像 Dandelion 和 REN 甚至 [收購] 這樣的新嘗試，它們是開箱即用的。所以我們實際上對他們的增長率印象深刻。但是 - 我們正在竭盡全力讓他們成長，但我們有 - 我們有一棵非常大、增長非常快的搖錢樹，只有 ATM，我們必須讓那些人抓住隨它吧。

And it isn't like the EFT business has gone out the window. I mean, just this last quarter, we had $66 million in op income. So out of the -- and you got a tax effect that, but out of the $90 million of cash that we threw off, it was a big chunk of that. But we are doing everything we can to go as fast as we can into these new markets because those babies are like mana from heaven. These are cash-based markets, no matter what people bring on vacation, they're going to spend a lot higher percentage of it there, where you could buy your lunch in Italy with a card, you can't buy your lunch and in Egypt with a card or not very easily.

電子轉帳業務並沒有消失。我的意思是，就在上個季度，我們的運營收入為 6600 萬美元。因此，你會受到稅收影響，但在我們扔掉的 9000 萬美元現金中，這是其中的很大一部分。但我們正在盡一切努力盡快進入這些新市場，因為這些嬰兒就像來自天堂的法力。這些都是以現金為基礎的市場，無論人們帶什麼去度假，他們都會在那里花費更高比例的錢，你可以在意大利用卡購買午餐，但你不能在意大利購買午餐。埃及帶卡還是不太容易的。

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

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾的對話。

Can you give a little bit more details on the trends that you saw in June and July?

您能否詳細介紹一下六月和七月的趨勢？

I mean, we've kind of said it a few different ways. What we've seen is that the number of transactions did not meet our forecast. So -- and that the only other -- the opt-in was exactly -- basically exactly the same. The amount taken out was very slightly different. As Rick said, that might be a 5% rating. But the biggest thing that was surprising to us is people just -- there are less people taking out money.

我的意思是，我們用幾種不同的方式表達了這一點。我們看到的是交易數量沒有達到我們的預測。所以——唯一的另一個——選擇加入是完全一樣的——基本上完全一樣。取出的金額略有不同。正如 Rick 所說，這可能是 5% 的評級。但最讓我們驚訝的是人們——取出錢的人越來越少了。

And I think the other thing that was more significant that we saw. And when we kind of look back in the quarter, the first kind of drop that we saw was also coincident with very cool weather in Europe. And you kind of look at it and you go, what's happening and the inclination was, okay, well, this will be short-lived. It's weather-inspired and we've seen those kinds of things happen before. And we go another week and another week and we go, the weather thing is now ran its course and we're still seeing this lower volume because literally, when we compare our international withdrawals to the flight data, there was great correlation right up until we get to the month of June, okay?

我認為我們看到的另一件事更重要。當我們回顧本季度時，我們看到的第一次下降也與歐洲非常涼爽的天氣同時發生。你看著它，然後你就會想，發生了什麼，你的傾向是，好吧，好吧，這將是短暫的。這是受天氣啟發而設計的，我們以前也見過類似的事情發生過。又過了一周又一周，天氣情況已經過去了，我們仍然看到交易量較低，因為從字面上看，當我們將國際提款與航班數據進行比較時，存在很大的相關性，直到我們到了六月，好嗎？

And so that's when then we really started looking into what could be driving the consumer out there? What's happening? And you start looking into it and the press, and you can do some of your research or whatever, but you see the press filled with things. You're -- even this last week, Ryanair made a comment about pulling back. And so you're seeing things there that are really impacting that customer. In the -- that recent survey, which they do every 3 months, okay?

因此，從那時起我們才真正開始研究是什麼推動了消費者的出現？發生了什麼？你開始研究它和媒體，你可以做一些研究或其他什麼，但你看到媒體充滿了東西。即使在上週，瑞安航空也發表了有關撤回的評論。所以你會看到那些真正影響該客戶的事情。在最近的一項調查中，他們每三個月進行一次，好嗎？

So this is fresh data coming from recent customer comments is when they talk about how they manage their budget, well, then they're looking at alternative hotel places to stay because last year, they may have stayed at a 4-star or a 3-star. This year, it might be a 2-star or 3 different choices there. So it came quite quickly. And what we would also say is it it's remained fairly consistent then through them. We have not seen any kind of acceleration. So I -- again, we take it back to how much money does that customer have in their pocket to go places like night clubs, features and things like that.

因此，這是來自最近客戶評論的最新數據，當他們談論如何管理預算時，然後他們正在尋找其他酒店住宿地點，因為去年，他們可能住在四星級或三星級酒店-星星。今年，它可能是 2 星級或 3 星級的不同選擇。所以它來得很快。我們還要說的是，通過他們，它仍然保持相當一致。我們沒有看到任何形式的加速。所以我——再次，我們回到顧客口袋裡有多少錢來去夜總會、特色場所和類似的地方。

Understood. And then just, Mike, from a longer-term perspective, I mean, Euronet has always grown low double digit is kind of your target. That's what you've done. I mean anything -- can you just give your updated thoughts on the sustainability of that type of growth over the long term?

明白了。然後，邁克，從更長遠的角度來看，我的意思是，歐洲網絡一直以低兩位數增長是你的目標。這就是你所做的。我的意思是任何事情 - 您能否就這種增長的長期可持續性提出您的最新想法？

You must be talking about revenue. We've always -- yes, I really don't focus there. I focus on profit and our cash EPS has been kind of mid-teens to 20s -- the low 20s, and that's our focus to get in -- that's still our focus. I think we can get there. And in fact, we're there right now. So we will continue to do that.

你說的一定是收入。我們一直——是的，我真的不關注那裡。我專注於利潤，我們的現金每股收益一直在十幾歲到二十幾歲之間——二十幾歲以下，這是我們的重點——這仍然是我們的重點。我想我們可以到達那裡。事實上，我們現在就在那裡。所以我們將繼續這樣做。

I would just add to Mike's comments. Look, if we look back at our history, we've had a whole range of events that have set us back temporarily for some reason or another, whether it's the India cash demonetization is when we saw -- a year when we saw significant drop in Visa and MasterCard rate in Poland. Next year, we had a change in the pricing structure of the German transactions. We had the financial crisis of '09, '10. And I've been fortunate to be here over the years is that -- the questions that we're receiving today were the same kind of questions that we received then.

我只想補充一下邁克的評論。看，如果我們回顧我們的歷史，我們經歷了一系列事件，由於某種原因暫時使我們倒退，無論是印度現金廢止，還是我們看到的那一年，我們看到了現金大幅下降波蘭的Visa 和MasterCard 匯率。明年，我們改變了德國交易的定價結構。我們經歷了 09、10 年的金融危機。多年來我很幸運能夠來到這裡，因為我們今天收到的問題與我們當時收到的問題是一樣的。

Can we continue to grow this business? And what we find is that we've got some really great assets in that one. We are a growth-oriented business. It's our culture to grow. Second is we've got a very nice diversified product portfolio. We're not just, as Mike said in his comments, we're not just a one-trick pony. We've got operations around the world. We're not dependent upon just one kind of economic cycle.

我們可以繼續發展這項業務嗎？我們發現我們在這方面擁有一些非常好的資產。我們是一家以增長為導向的企業。這是我們的文化，需要成長。其次，我們擁有非常好的多元化產品組合。正如邁克在評論中所說，我們不僅僅是一匹只會一招的小馬。我們的業務遍及世界各地。我們不僅僅依賴一種經濟周期。

And we're in a very growing business. I mean all aspects of our business have fundamental growth characteristics to it. So exactly where that next dollar is going to come from, sometimes that might be hard to pencil out.

我們的業務正在不斷增長。我的意思是我們業務的各個方面都有基本的增長特徵。因此，下一塊錢到底從哪裡來，有時可能很難說清楚。

But if you look at our history, we have proven year in and year out that we find ways to grow through our diversified business and manage our spend, our revenue growth and our expense. So we remain confident as a leadership team that we will continue our double-digit growth. We've obviously got a little bit more work ahead of us today than what we might have had a few months ago. But I'm confident that we'll find a way to keep that growth momentum going.

但如果你看看我們的歷史，我們年復一年地證明，我們找到了通過多元化業務實現增長並管理我們的支出、收入增長和支出的方法。因此，作為領導團隊，我們對繼續保持兩位數的增長充滿信心。顯然，今天我們面臨的工作比幾個月前要多一些。但我相信我們會找到一種方法來保持這種增長勢頭。

I think when you look at the culture of the company, it's 2 things that's what Rick said, we're growth-oriented, but the second is we're very resilient. In this management group and the 8,000, 9,000 people that we have working here, they are resilient, and they always figure it out. So we will do it again. Thank you, though, for your comments.

我認為，當你審視公司的文化時，你會發現，正如里克所說，有兩點，我們以增長為導向，但第二點是我們非常有彈性。在這個管理團隊以及我們在這里工作的 8,000、9,000 名員工中，他們很有韌性，並且總能解決問題。所以我們會再做一次。不過，謝謝您的評論。

That concludes the question-and-answer session. At this time, I would like to turn it back to Mike Brown, CEO, for closing remarks.

問答環節到此結束。現在，我想請首席執行官邁克·布朗 (Mike Brown) 致閉幕詞。

I think I said in my closing remarks, I want to thank everybody for being on the call today, and look forward to seeing you in 3 months. Thank you.

我想我在結束語中說過，我要感謝大家今天參加電話會議，並期待 3 個月後見到你們。謝謝。

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

感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。