Euronet Worldwide Inc (EEFT) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide Third Quarter 2023 Earnings Conference Call. (Operator Instructions) 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.

您好，歡迎參加 Euronet Worldwide 第三季 2023 年財報電話會議。 （操作員指示）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 Third 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。大家早安，歡迎參加 Euronet 2023 年第三季財報電話會議。出席本次電話會議的有我們的董事長兼執行長 Mike Brown；和我們的財務長 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're making today. Statements made on this call that concern Euronet or its management's intentions, expectations or predictions of future performance are forward-looking statements. Euronet's actual results may vary from those anticipated in these forward-looking statements as a result of a number of the factors that are listed on the second slide of our presentation. Listeners should avoid placing undue reliance on these forward-looking statements.

在開始之前，我需要提醒您注意我們今天製作的 PowerPoint 簡報第二張投影片上的前瞻性聲明免責聲明。本次電話會議中涉及 Euronet 或其管理階層對未來績效的意圖、預期或預測的聲明均為前瞻性聲明。由於我們簡報第二張投影片中列出的許多因素，Euronet 的實際結果可能與這些前瞻性聲明中的預期有所不同。聽眾應避免過度依賴這些前瞻性陳述。

Except as may be required by law, Euronet does not intend to update any forward-looking statement and undertakes no duty to any person to provide an update. In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures. Now I'll turn the call over to our CFO, Rick Weller.

除法律要求外，Euronet 無意更新任何前瞻性聲明，也不向任何人承擔提供更新的義務。此外，PowerPoint 簡報還包括我們將在電話會議期間使用的非 GAAP 財務指標與最具可比性 GAAP 指標的調整表。現在我將把電話轉給我們的財務長 Rick Weller。

Yes. Thank you, Scott, and good morning, and thank you to everyone who's joining us today. I will begin my comments on Slide #5. For the third quarter, we produced revenues of $1 billion, the first $1 billion quarter in Euronet's history. We achieved operating income of $167 million and adjusted EBITDA of $212 million. Adjusted EPS was $2.72 compared to $2.74 for the third quarter of 2022. Excluding the effects of share repurchases and FX headwinds during the quarter, the business performed in line with our expectations.

是的。謝謝你，斯科特，早上好，並感謝今天加入我們的所有人。我將從幻燈片 #5 開始我的評論。第三季度，我們的營收達到 10 億美元，這是 Euronet 史上第一個達到 10 億美元的季度。我們實現營業收入 1.67 億美元，調整後 EBITDA 為 2.12 億美元。調整後每股收益為 2.72 美元，而 2022 年第三季為 2.74 美元。排除本季股票回購和外匯不利因素的影響，該業務的表現符合我們的預期。

Slide 6 presents the summary of our balance sheet compared to the prior year. As you can see, we ended the quarter with more than $1 billion in unrestricted cash and $1.7 billion in debt. The decrease in cash is essentially the share repurchases and working capital changes, partially offset by cash generated from operations and cash returned from the ATM.

投影片 6 展示了我們與前一年相比的資產負債表摘要。正如您所看到的，本季末我們擁有超過 10 億美元的非限制性現金和 17 億美元的債務。現金的減少主要是股票回購和營運資金的變化，部分被營運產生的現金和 ATM 回饋的現金所抵銷。

Slide 7 shows our results on an as-reported basis. Let's go to Slide 8 and talk about our results on a constant currency basis. On Slide 8 now. As we discussed in the second quarter of 2023, we saw a divergence in our international transactions compared to the international travel recovery. Mike will provide further comments on this subject a bit later. But we are pleased to have regained some footing at the end of the quarter.

幻燈片 7 顯示了我們在報告基礎上的結果。讓我們轉到投影片 8，討論以固定匯率計算的結果。現在在投影片 8 上。正如我們在 2023 年第二季度討論的那樣，與國際旅行復甦相比，我們的國際交易存在差異。麥克稍後將對此主題提供進一步的評論。但我們很高興在本季末重新站穩腳步。

To that end, EFT revenue grew 2%. Operating income and adjusted EBITDA decreased by 15% and 12%, respectively. The decreases in adjusted EBITDA and operating income were the result of decreases in our most profitable international cross-border transactions primarily driven by the decline in Croatia due to its switch from the Kuna to the euro at the beginning of this year, together with the impact of inflation, which reduced European travel budgets leading to fewer ATM transactions.

為此，電子轉帳收入成長了 2%。營業收入和調整後 EBITDA 分別下降 15% 和 12%。調整後 EBITDA 和營業收入的下降是由於我們最賺錢的國際跨境交易減少，這主要是由於今年年初克羅埃西亞從庫納轉換為歐元而導致的下降，以及影響通貨膨脹導致歐洲旅行預算減少，導致ATM交易減少。

Transaction growth outpaced revenue growth due to continued growth in high-volume, low-value transactions in India.

由於印度大批量、低價值交易的持續成長，交易成長超過了收入成長。

For epay, revenue grew 1%, while operating income and adjusted EBITDA decreased by 6% and 5%, respectively. These results were driven by continued digital media and mobile growth which was offset by declines in promotional campaigns delivered on behalf of our retail partners when compared to the same period last year. As you -- as we have discussed in prior quarters, the epay segment experiences fluctuations from these promotional campaigns. We will continue to welcome the opportunity to grow our promotional B2B business, but we have to understand that these promotional campaigns will create some uneven comparisons from time to time.

epay 的營收成長了 1%，而營業收入和調整後 EBITDA 分別下降了 6% 和 5%。這些業績是由持續的數位媒體和行動成長推動的，與去年同期相比，代表我們的零售合作夥伴開展的促銷活動的減少抵消了這一增長。正如我們在前幾個季度所討論的那樣，epay 細分市場經歷了這些促銷活動的波動。我們將繼續歡迎發展促銷 B2B 業務的機會，但我們必須明白，這些促銷活動有時會造成一些不平衡的比較。

Excluding our promotional activity for comparison purposes, our core epay business revenue grew 11%, operating income and adjusted EBITDA grew 17% compared to 2022, highlighting the strength of our core epay business. Finally, epay revenue and gross profit per transaction were consistent year-over-year.

排除用於比較目的的促銷活動，我們的核心電子支付業務收入較 2022 年增長 11%，營業收入和調整後 EBITDA 增長 17%，凸顯了我們核心電子支付業務的實力。最後，epay 收入和每筆交易毛利同比保持一致。

Money Transfer. Third quarter constant currency revenue, operating income and adjusted EBITDA growth was the result of 7% growth in U.S. outbound transactions, 10% growth in international originated money transfers, which included 12% growth from America's outside the U.S., 8% growth in transfers initiated largely in Europe and 7% growth in transfers initiated in the Middle East and Asia and 18% growth in XE transactions. These transaction growth rates included 20% growth in direct-to-consumer digital transactions.

匯款。第三季固定貨幣收入、營業收入和調整後 EBITDA 成長是由於美國境外交易成長 7%、國際匯款成長 10%（其中包括美國境外匯款成長 12%、發起匯款成長 8%）主要發生在歐洲，中東和亞洲發起的轉帳成長了7%，XE 交易成長了18%。這些交易成長率包括直接面向消費者的數位交易成長 20%。

These growth rates were somewhat tempered by a dislocation of FX rates in the informal market channel, specifically Bangladesh and Pakistan. Money Transfer revenue per transaction was relatively constant while gross profit per transaction improved year-over-year. Moreover, average amount sent by customers remained nearly the same this quarter versus last quarter -- last year third quarter.

這些成長率在某種程度上受到非正式市場管道（特別是孟加拉和巴基斯坦）匯率混亂的影響。每筆交易的匯款收入相對穩定，而每筆交易的毛利較去年同期有所改善。此外，本季客戶發送的平均金額與上一季（去年第三季）幾乎保持不變。

And finally, as we close -- as was the case in the second quarter, the Money Transfer team posted another quarter of improved operating margins, not only improved but the second best quarter operating margins other than the third quarter of 2020. So for all of those that have often asked whether Money Transfer could regain its operating margins, I know we consistently express the confidence that our Money Transfer team was committed to margin improvements. So net-net, commitment made, commitment delivered.

最後，正如第二季度的情況一樣，Money Transfer 團隊公佈了另一個季度營業利潤率的改善，不僅有所改善，而且是除 2020 年第三季度之外第二好的季度營業利潤率。對於那些經常問Money Transfer 能否恢復營業利潤的人來說，我知道我們始終對我們的Money Transfer 團隊致力於提高利潤率表示信心。所以，網路網絡，做出了承諾，兌現了承諾。

As I conclude my discussion on the financial results, I cannot help but to reflect on the strength of our 3 segments. First, a record consolidated revenue quarter, first quarter to exceed $1 billion in revenue; second, double-digit growth from the core epay business across all metrics; third, margin expansion and double-digit growth exceeding 20% in adjusted EBITDA and operating income in the Money Transfer segment.

當我結束對財務表現的討論時，我情不自禁地反思了我們三個部門的實力。首先，季度綜合營收創歷史新高，第一季營收突破10億美元；其次，核心電子支付業務在所有指標上均達到兩位數成長；第三，匯款部門的利潤率擴張以及調整後 EBITDA 和營業收入超過 20% 的兩位數成長。

Finally, we saw EFT return to a solid footing with respect to international transactions largely back in correlation with Euro controlled [trial] data in September of '23. With that, I'll turn it over to Mike.

最後，我們看到 EFT 在國際交易方面恢復了堅實的基礎，很大程度上與 2023 年 9 月的歐元控制[試驗]數據相關。有了這個，我會把它交給麥克。

Thank you, Rick, and thank you, everyone, for joining us today. I'll begin my comments on Slide 10. I've got a lot of comments, so please bear with me. Thank you for joining.

謝謝里克，也謝謝大家今天加入我們。我將從幻燈片 10 開始我的評論。我收到了很多評論，所以請耐心等待。感謝您的加入。

I've got to say, it's been a bit brutal watching the decline in our share price since we spoke to you in July. I think I understand why the market reacted this way. But intellectually, it's hard for me to comprehend given our continuous earnings growth history. So I'd like to take a minute and reflect on the diversity of our earnings.

我必須說，自從我們七月與您交談以來，看到我們的股價下跌有點殘酷。我想我明白為什麼市場會有這樣的反應。但從理智上講，考慮到我們持續獲利成長的歷史，我很難理解。因此，我想花一點時間思考我們收入的多樣性。

When I began this business, 100% of our revenue was earned from ATM cash withdrawals. Today, these same ATM cash withdrawals only account for approximately 35% of our consolidated adjusted EBITDA however, it feels like the Street is only focused on the 35% of earnings from our ATM dispensing business and not seen or giving us credit in the value of all of Euronet's business.

當我開始這項業務時，我們100%的收入來自ATM提款。如今，這些相同的 ATM 現金提取僅占我們綜合調整後 EBITDA 的約 35%，但是，感覺華爾街只關注我們 ATM 提款業務的 35% 收入，而沒有看到或給予我們信用價值Euronet 的所有業務。

This year, 65%, that's right, 65% of our adjusted EBITDA will come from product streams other than our ATM business lines such as POS acquiring, epay digital distribution, Dandelion digital money transfer, REN and card processing. It is this diversity which, despite a difficult economic environment in Europe allows us to deliver record revenue, record earnings and another year of double-digit growth.

今年，65%，沒錯，我們調整後的 EBITDA 的 65% 將來自 ATM 業務線以外的產品流，例如 POS 收單、epay 數位分銷、Dandelion 數位轉帳、REN 和卡片處理。儘管歐洲經濟環境困難，正是這種多樣性使我們能夠實現創紀錄的收入和創紀錄的盈利，並再次實現兩位數的增長。

During a recent investor discussion, as we were discussing the state of the ATM business in Europe, one of our long-term investors told me, we are with you, Mike, but you're going to have to prove it. So over the course of the next few slides, I hope that I will be able to convince you that people are going to continue to use cash. And then I hope you will realize the value of our consolidated business.

在最近的一次投資者討論中，當我們討論歐洲 ATM 業務的狀況時，我們的一位長期投資者告訴我，我們支持你，麥克，但你必須證明這一點。因此，在接下來的幾張投影片中，我希望能夠讓您相信人們將繼續使用現金。然後我希望您能夠認識到我們合併業務的價值。

So let's go to Slide #11 to jump straight into some data to support the view that people have not stopped using cash. Slide 11. In July, we told you about the sudden divergence of our international transactions from the Eurocontrol flight recovery data. You can clearly see in this chart from May to June. We shared with you that we intuitively believed and still believe a long-term very gradual cash-to-card transition continues. This long-term but subtle transition has been ongoing since I founded the company in 1994. However, the data demonstrates this abrupt change that we saw in June was largely attributable to European cross-border travelers who are experiencing significant economic challenges resulting in fewer ATM withdrawals.

因此，讓我們轉到投影片 #11，直接跳到一些數據來支持人們尚未停止使用現金的觀點。投影片 11. 7 月，我們告訴您我們的國際交易與 Eurocontrol 航班恢復資料突然出現偏差。您可以在這張圖表中清楚地看到五月到六月的情況。我們與您分享的是，我們直覺地相信並且仍然相信長期非常漸進的現金到銀行卡的過渡將會持續下去。自1994 年創立公司以來，這種長期但微妙的轉變一直在持續。然而，數據表明，我們在6 月看到的這種突然變化很大程度上歸因於歐洲跨境旅行者正在經歷重大的經濟挑戰，導致ATM 機數量減少提款。

We do not believe that the divergence in our international transactions from Eurocontrol data this summer is an accelerated shift in cardholder behavior from cash to card. Rather European travelers simply had less money to spend on their holidays. Now let me explain why. The orange line on this slide provides the number of international cards used on our ATMs in 2023 versus 2019, compared to Eurocontrol's reported data versus 2019, which is the blue line. You can see for the first 5 months of this year, international cards used on our ATMs were tracking nicely ahead of Eurocontrol's recovery level.

我們認為今年夏天國際交易與歐洲安全組織數據的差異並不是持卡人行為從現金轉向信用卡的加速轉變。相反，歐洲遊客只是花在假期上的錢更少了。現在讓我解釋一下原因。這張投影片上的橘色線提供了 2023 年與 2019 年相比，我們的 ATM 上使用的國際卡數量，而歐洲空中安全組織 (Eurocontrol) 報告的數據與 2019 年相比，即藍線。您可以看到，今年前 5 個月，我們 ATM 上使用的國際卡的使用情況遠遠領先歐洲安全組織 (Eurocontrol) 的恢復水準。

However, you can see in June, actually starting in late May, the dramatic change in international card use we told you about in July. At that time, we told you that we didn't believe that cardholder behavior would change so dramatically in such a short period. And as you can see in September, international card use on our ATMs was back above Eurocontrol recovery levels. It stands to reason that customers didn't suddenly shift from cards to cash in September, just like they didn't suddenly shift from cash to cards in June.

然而，您可以在 6 月看到，實際上從 5 月下旬開始，我們在 7 月告訴您的國際卡使用發生了巨大變化。當時我們告訴大家，我們不相信持卡人的行為會在如此短的時間內發生如此巨大的變化。正如您在 9 月所看到的，我們 ATM 上的國際卡使用量回到了歐洲安全組織的恢復水準之上。照理說，客戶在 9 月並沒有突然從刷卡轉向現金，就像他們在 6 月並沒有突然從現金轉向刷卡一樣。

Given the recovery in international card use, let me walk you through what we've seen in our data now that we are largely through the peak travel season. So let's first run over to slide -- the next slide.

鑑於國際卡使用的復甦，讓我向您介紹我們在數據中看到的情況，因為我們基本上已經度過了旅遊旺季。因此，讓我們先轉到幻燈片——下一張幻燈片。

Here we are on Slide 12. People have asked us if anything else has changed. What are the other variables? The 2 most important factors that popped out that could have impacted consumer behaviors regarding opt-in rates and average withdrawal amounts per transaction. On this slide, you can see the opt-in rates for our DCC transactions have remained consistent and perhaps we've even seen greater consistency recently.

這是幻燈片 12。人們問我們是否還有其他變化。其他變數是什麼？可能影響消費者行為的兩個最重要因素是選擇加入率和每筆交易的平均提款金額。在這張投影片上，您可以看到我們 DCC 交易的選擇加入率保持一致，也許我們最近甚至看到了更大的一致性。

The graph on the right shows average withdrawals per transaction on a constant currency basis. The withdrawal amounts have remained relatively consistent with some of -- somewhat of an upward angle to the trend, that little spike you see there in the second quarter of 2022 was a result of the Ukrainian war, we believe, mostly. This data demonstrates that when people are walking up to our ATM, they are completing transactions in line with prior behaviors. Now with those 2 factors largely unchanged, let's go to Slide 13 and talk about specific cross-border cardholder data.

右圖顯示了以固定貨幣為基礎的每筆交易的平均提款金額。提款金額保持相對一致，與趨勢呈現某種上升角度，我們認為 2022 年第二季出現的小幅高峰主要是烏克蘭戰爭的結果。這些數據表明，當人們走向我們的 ATM 時，他們正在按照先前的行為完成交易。現在這兩個因素基本上沒有變化，讓我們轉到投影片 13 來討論具體的跨國持卡人資料。

Here on Slide 13, you can see the number of international cards used on our ATMs by month for the years 2019, 2022 and 2023. The blue line is 2019. The gray line is last year and the orange line is this year. What you will notice here is that at the beginning of '23, there were more international cards used in our machines than in 2022 and even slightly more than 2019. Again, you can see the trend change beginning in May and even widening out a bit in July and August. However, the number of cards used in September came back in line with both previous periods, see the red oval, this graph, again, causes you to beg the question, why in the summer months, did transactions go lower and then return to historical trends in the fall.

在幻燈片 13 上，您可以看到 2019 年、2022 年和 2023 年按月在我們的 ATM 上使用的國際卡數量。藍線是 2019 年。灰線是去年，橙色線是今年。您會注意到，23 年初，我們的機器中使用的國際卡數量比 2022 年多，甚至比 2019 年略多。同樣，您可以看到趨勢變化從 5 月開始，甚至擴大了一些七月和八月。然而，9 月使用的卡片數量與前兩個時期保持一致，請參見紅色橢圓形，該圖再次讓您提出一個問題，為什麼在夏季，交易量會下降，然後又回到歷史水平秋季的趨勢。

But let's start getting behind that in the next couple of slides. So jump to Slide 14, please. The chart on this slide uses the same international data as the previous slide. However, it isolates a view to cards used on our machines that were issued outside of Europe, that is folks coming into Europe. Here, you can see that the non-European issued cards were used at our ATMs at a higher level for each month this year versus 2022. And in April actually of this year, we surpassed and continue to surpass 2019 level, almost the reverse of the trend on the subset of data versus what we -- when we look at the total card data, that is the previous slide.

但讓我們在接下來的幾張投影片中開始討論這一點。請跳到幻燈片 14。此投影片上的圖表使用與上一張投影片相同的國際數據。然而，它隔離了我們機器上使用的在歐洲以外發行的卡片的視圖，即進入歐洲的人們。在這裡，您可以看到，與2022 年相比，今年每個月非歐洲發行的卡在我們的ATM 上的使用率都更高。實際上在今年4 月份，我們已經超越並繼續超越2019 年的水平，幾乎與2022 年相反。資料子集的趨勢與我們查看卡片總數據時的趨勢，即上一張投影片。

Moreover, we even saw an acceleration of card use versus 2019 on this non-European subset as we went through September. Clearly, this chart demonstrates that non-European travel withdrawals have not changed compared with pre-COVID times. Net-net, would this data suggest more customers are using cards versus cash than in the past? The answer is no. Now let's go on to European travelers on the next slide, Slide 15.

此外，與 2019 年相比，我們甚至在 9 月看到這個非歐洲子集的信用卡使用量有所加速。顯然，該圖表表明，與新冠疫情之前相比，非歐洲旅行提款沒有變化。 Net-net，這些數據是否顯示與過去相比，更多的客戶使用信用卡而不是現金？答案是不行。現在讓我們在下一張投影片（投影片 15）上討論歐洲旅行者。

Here on Slide 15, you'll see the same international card data as the previous 2 slides, this time isolating as a subset, the European-issued cards used cross-border on our ATMs. That is folks traveling within Europe but outside their home country. Again, in 2023, it started better or similar to 2019 and 2022. And in May, the card usage fell below those periods.

在投影片 15 上，您將看到與前兩張投影片相同的國際卡數據，這次將在我們的 ATM 上跨境使用的歐洲發行的卡片作為子集隔離。這是指在歐洲境內但在本國境外旅行的人。同樣，2023 年的開局比 2019 年和 2022 年更好或相似。5 月份，信用卡使用量低於這些時期。

As we ended the third quarter, what -- as we ended the third quarter, what you can see is that despite the lower use during the summer months, during September, the number of European issued cards used cross-border came back into almost parity with both 2019 and 2022, see that red oval again. The stark contrast when looking at the international data for European cross-border cards versus non-European cards, together with the return to near parity in September, made clear that this was not an abrupt change in consumer behavior, but rather an economically driven contraction on ATM withdrawals.

當我們第三季結束時，您可以看到，儘管夏季月份的使用量較低，但在 9 月份，跨境使用的歐洲發行卡的數量恢復到幾乎持平2019 年和2022 年，請再次看到那個紅色橢圓形。歐洲跨境卡與非歐洲卡的國際數據形成鮮明對比，加上 9 月恢復到接近平價，清楚地表明這並不是消費者行為的突然變化，而是經濟驅動的收縮關於 ATM 取款。

Given that approximately 80% of our international transactions come from European travelers, this significantly impacted our expectations for a more robust tourism recovery. So why is it that we would see dramatically different behaviors from European card users versus users from outside of Europe. Let's go to the next slide to explore.

鑑於我們約 80% 的國際交易來自歐洲遊客，這極大地影響了我們對旅遊業更強勁復甦的預期。那為什麼我們會看到歐洲卡用戶與歐洲以外用戶的行為截然不同。讓我們轉到下一張投影片來探索。

Slide #16 presents charts from several different third-party sources that provide additional insight into European economic data that could impact consumer behavior. You may remember last quarter that we referred to a consumer survey that was co-funded by the EU and the European Travel Commission. In that survey, travelers noted that due to a winter of high energy cost in a year of high inflation, Europeans had less disposable income for their vacation this year. Instead of skipping their vacations altogether, the survey respondents noted that they would travel to more affordable destinations, spend fewer nights away, spend less on food, tours and trinkets and that certain respondents would travel to destinations outside of Europe or maybe even travel after the peak season in order to find cheaper flights and accommodations.

投影片 #16 展示了來自多個不同第三方來源的圖表，這些圖表提供了可能影響消費者行為的歐洲經濟數據的更多見解。您可能還記得上個季度，我們提到了一項由歐盟和歐洲旅行委員會共同資助的消費者調查。在該調查中，旅客指出，由於高通膨一年中的冬季能源成本較高，歐洲人今年度假的可支配收入較少。調查受訪者表示，他們不會完全跳過假期，而是會前往更實惠的目的地，減少在外過夜，減少在食物、旅遊和小飾品上的花費，並且某些受訪者會前往歐洲以外的目的地，甚至可能在假期結束後旅行。旺季，以便找到更便宜的航班和住宿。

It is also important to note that when a person travels to Europe from abroad, for example, approximately 4% or 5% of Americans travel to Europe annually, they are likely more affluent and it is likely a significant trip that they have planned and saved for, for months or even years in advance, so they are prepared to spend money while they're there.

同樣重要的是要注意，例如，當一個人從國外前往歐洲時，大約有 4% 或 5% 的美國人每年前往歐洲，他們可能更加富裕，並且這可能是他們計劃並節省的一次重要旅行提前幾個月甚至幾年，所以他們準備在那裡花錢。

On the contrary, for 70% to 75% of European, these are annual summer vacations that can easily be modified depending on their financial situation. In fact, 2/3 of consumer survey respondents indicated that they would spend less on their vacations this year 2023. The data on this slide gives a clear picture of the economic factors that would explain why a European who earns an average income would have less disposable money to spend on a summer vacation this year.

相反，對於 70% 至 75% 的歐洲人來說，這些是一年一度的暑假，可以根據他們的財務狀況輕鬆修改。事實上，2/3 的消費者調查受訪者表示，他們今年在2023 年度假時的支出會減少。這張投影片上的數據清楚地展示了經濟因素，這些因素可以解釋為什麼平均收入的歐洲人的收入會減少今年暑假可支配的錢。

For example, mortgage interest rates have doubled over the past 12 months for the 15% to 20% of Europeans who have a mortgage. Food prices are up 10%. Energy prices have doubled and inflation averaged 8% over the last 12 months on top of double-digit inflation rates the year prior. With living cost increases of this magnitude, you might ask me why we only saw a lower double-digit break in transaction trends during the month of June, July and August. While we can never be certain why someone didn't use our ATM, we are confident that the consumer trends discussed above have impacted how Europeans approach their vacations this year. But all travelers coming from outside of Europe used our network more than ever. Next slide, please.

例如，對於 15% 至 20% 的擁有抵押貸款的歐洲人來說，抵押貸款利率在過去 12 個月中翻了一番。食品價格上漲10%。過去 12 個月，能源價格翻了一番，通貨膨脹率在上年兩位數的基礎上平均上漲 8%。隨著生活成本如此大幅度的上漲，您可能會問我為什麼我們在六月、七月和八月期間只看到交易趨勢出現較低的兩位數突破。雖然我們永遠無法確定為什麼有人不使用我們的 ATM，但我們相信上面討論的消費趨​​勢已經影響了歐洲人今年的假期方式。但所有來自歐洲以外的旅客都比以往更多地使用我們的網路。請下一張投影片。

So on Slide #17, I'll conclude my trend comments with how I started. Our data shows that there has not been an accelerated shift in consumer behavior from cash to card, but rather the changes in the European economy, causing European consumers to spend less and shift their travel plans, to less costly destinations or later in the season. While this is good news for the long-term potential of Euronet, we expect that in the near term, higher interest rates, the ongoing conflict in Ukraine and continued inflationary pressures will limit the rapid recovery of European spending power. With that in mind, let me tell you why we still believe in the long-term growth trends of the ATM business.

因此，在投影片 #17 上，我將用我的開始方式來結束我的趨勢評論。我們的數據顯示，消費者行為並沒有從現金轉向信用卡加速轉變，而是歐洲經濟的變化導致歐洲消費者減少支出，並將旅行計劃轉移到成本較低的目的地或在旺季晚些時候進行。雖然這對歐洲網路的長期潛力來說是個好消息，但我們預計，短期內，較高的利率、烏克蘭持續的衝突以及持續的通膨壓力將限制歐洲消費能力的快速恢復。考慮到這一點，讓我告訴您為什麼我們仍然相信 ATM 業務的長期成長趨勢。

First, we believe there is more room for expansion in parts of our existing markets and into new markets. These new markets outside of Europe have shown us excellent opportunities. And based on pre-COVID transaction levels, produce profit levels well exceeding our existing ATM fleet in Europe.

首先，我們相信我們現有的部分市場和新市場還有更大的擴張空間。歐洲以外的這些新市場向我們展示了絕佳的機會。根據新冠疫情之前的交易水平，產生的利潤水平遠遠超過我們在歐洲現有的 ATM 機群。

Number two, there's been a widespread consolidation of banks across Europe, which has resulted in bank branches closing and in turn, fewer ATMs. So our existing network will hold more market share.

第二，歐洲各地的銀行進行了廣泛的整合，導致銀行分行關閉，進而導致自動櫃員機數量減少。所以我們現有的網路將佔有更多的市場份額。

Third, the card schemes have increased interchange rates in markets like Poland, Czech, Romania and France and have allowed surcharge in Spain, Greece and Austria. Similar changes will continue to offer more revenue opportunities across our existing estate.

第三，該卡計劃提高了波蘭、捷克、羅馬尼亞和法國等市場的兌換率，並允許在西班牙、希臘和奧地利收取附加費。類似的變化將繼續為我們現有的產業提供更多的收入機會。

Finally, we have seen some easing of the inflationary pressures this September. We don't expect that to translate into an immediate increase in transaction levels though. With that in mind, we'll take a hard look at the profitability of our ATM fleet. You may see in the coming quarters that the ATMs aren't produced -- that ATMs that aren't producing an acceptable return on capital will be removed and redeployed at new, more profitable sites or deployed altogether in a new market. This means that we may not need to purchase as many new ATMs to add to our existing fleet, but we intend to ultimately be more profitable by replacing these underperforming sites with new, more profitable locations.

最後，我們看到今年九月通膨壓力有所緩解。不過，我們預計這不會立即轉化為交易水準的增加。考慮到這一點，我們將認真審視 ATM 機群的獲利能力。您可能會在接下來的幾個季度中看到 ATM 不再生產，無法產生可接受的資本回報的 ATM 機將被拆除並重新部署到利潤更高的新地點，或完全部署到新市場。這意味著我們可能不需要購買那麼多新的ATM 機來添加到我們現有的機群中，但我們打算透過用新的、利潤更高的地點取代這些表現不佳的地點來最終獲得更多的利潤。

In fact, we have already identified approximately $20 million in cost savings for next year.

事實上，我們已經確定明年可以節省約 2000 萬美元的成本。

Now that we have discussed the promising future of our ATM business, let's move on to a more complete discussion of EFT segment and the accomplishments of this quarter. Remember, EFT is more than just an ATM business. The next slide, please.

現在我們已經討論了 ATM 業務的光明前景，接下來讓我們更全面地討論 EFT 細分市場和本季的成就。請記住，電子轉帳不僅僅是 ATM 業務。請看下一張投影片。

We continue to expand and diversify our EFT product portfolio with new products and markets. By the way, we're on Slide #18. We are very pleased with our POS Acquiring business that grew in adjusted EBITDA 25% compared to the third quarter of 2022. Further, our POS Acquiring business has doubled in the 18 months since the acquisition. On the heels of this success in Greece, we expanded our POS Acquiring to Spain and Portugal and added 3,100 new merchants to our network.

我們繼續透過新產品和市場來擴展和多樣化我們的電子轉帳產品組合。順便說一句，我們正在使用幻燈片#18。我們對 POS 收單業務感到非常滿意，與 2022 年第三季相比，調整後 EBITDA 成長了 25%。此外，自收購以來，我們的 POS 收單業務在 18 個月內翻了一番。繼在希臘取得成功之後，我們將 POS 收單業務擴展至西班牙和葡萄牙，並在我們的網路中新增了 3,100 家商家。

In France, we signed an exciting agreement with the supermarket chain of Super U to deploy Euronet ATMs in 150 Super U locations. This was a competitive win with the potential to increase our network significantly based on joint marketing and sales plans.

在法國，我們與 Super U 連鎖超市簽署了一項令人興奮的協議，在 150 個 Super U 地點部署 Euronet ATM。這是一場競爭性勝利，有可能根據聯合行銷和銷售計劃顯著擴大我們的網路。

In addition, we have a new relationship with Eurobank, which was formed from the merger between Direktna and Beograd Bank and Eurobank Serbia to provide ATM acquiring services to the merged bank.

此外，我們還與 Eurobank 建立了新的合作關係，該關係是由 Direktna 與貝爾格萊德銀行和塞爾維亞 Eurobank 合併而成，為合併後的銀行提供 ATM 收單服務。

Now let's discuss the state of our ATM network. Please move to Slide #19. During the quarter, we added 532 Euronet-owned ATMs, 425 new outsourcing machines and we winterized 851 ATMs as we wound down the peak travel season. We ended the quarter with 51,496 active ATMs. We previously mentioned that we intend to deploy 3,000 to 3,500 machines at the new locations by the end of 2023. While we are on track to achieve this, we will continue to monitor the profitability of our existing ATMs, and we will de-install unprofitable sites. So on a net basis, additions may not reach 3,000, but expect our profitability to improve.

現在讓我們來討論一下 ATM 網路的狀況。請移至投影片 #19。本季度，我們增加了 532 台 Euronet 自有 ATM 機、425 台新外包機器，並在旅行旺季結束時對 851 台 ATM 機進行了防凍處理。本季結束時，我們有 51,496 台活躍 ATM。我們之前提到，我們計劃在 2023 年底在新地點部署 3,000 至 3,500 台機器。在我們有望實現這一目標的同時，我們將繼續監控現有 ATM 的盈利能力，並淘汰不盈利的 ATM 機。網站。因此，以淨額計算，新增數量可能不會達到 3,000，但預計我們的獲利能力將會改善。

Now let's go on to Slide #20. We'll talk about epay. Our epay team continues to make strides in diversifying our product portfolio and expanding our content distribution to new markets and retailers. A notable achievement is the expansion of our Sony Digital Code Server technology platform, a service developed and managed by epay to facilitate the digital distribution of PlayStation codes for Sony. Originally, catering to the U.S. and Latin American markets, this platform has now expanded its reach into Europe and Asia. This expansion presents exciting opportunities for global scale transactions and digital content distribution.

現在讓我們繼續看投影片#20。我們來談談epay。我們的 epay 團隊在產品組合多元化以及將內容分發擴展到新市場和零售商方面不斷取得進展。一項顯著的成就是我們的索尼數位代碼伺服器技術平台的擴展，這是一項由 epay 開發和管理的服務，旨在促進索尼 PlayStation 代碼的數位分發。該平台最初面向美國和拉丁美洲市場，現已擴展到歐洲和亞洲。這種擴張為全球規模的交易和數位內容分發提供了令人興奮的機會。

Moreover, we're proud to announce a meaningful expansion of Prezzy proprietary prepaid card. Our Prezzy cards are now available in India on the Rupay network and in New Zealand digital channels. This Visa card can be used for online purchases as well as loaded to Apple Pay and Google Pay wallets and used for purchases in stores where these wallets are accepted. These launches further solidify our presence in these markets and underscores our commitment to expanding our digital content distribution capabilities worldwide.

此外，我們很自豪地宣布對 Prezzy 專有預付卡進行有意義的擴展。我們的 Prezzy 卡現已在印度的 Rupay 網路和紐西蘭數位管道上發售。此 Visa 卡可用於線上購物，也可充值至 Apple Pay 和 Google Pay 錢包，並可用於在接受這些錢包的商店購物。這些產品的推出進一步鞏固了我們在這些市場的地位，並強調了我們致力於擴大全球數位內容分發能力的承諾。

We signed a new agreement with Crunchyroll, an anime entertainment subsidiary of Sony to utilize epay's Conductor Platform. More specifically, Sony is leveraging our conductor platform to manage their entire prepaid distribution operation for Crunchyroll including PIN code creation, SKU management, asset management and connectivity to global retail distribution. By leveraging epay's technology stack, Crunchyroll gains considerable cost savings and operational efficiency. This is an exciting epay SaaS solution that enables Sony to make fast -- and make a fast and substantial market launch.

我們與索尼動漫娛樂子公司 Crunchyroll 簽署了一項新協議，使用 epay 的 Conductor 平台。更具體地說，索尼正在利用我們的 Conductor 平台來管理 Crunchyroll 的整個預付費分銷業務，包括 PIN 碼創建、SKU 管理、資產管理以及與全球零售分銷的連接。透過利用 epay 的技術堆疊，Crunchyroll 節省了大量成本並提高了營運效率。這是一個令人興奮的 epay SaaS 解決方案，使索尼能夠快速、快速、實質地推出市場。

I am pleased that excluding the impact of last year's promotional campaign revenue, the underlying core epay business grew at double-digit rates. We are pleased to have this momentum as we head into what is typically our strongest quarter.

我很高興的是，排除去年促銷活動收入的影響，基礎核心電子支付業務以兩位數的速度成長。我們很高興在進入通常最強勁的季度時能有這種勢頭。

Now let's move on to Slide #21, and we'll talk about Money Transfer. Our Money Transfer network has now expanded to cover 540,000 locations, also to approximately 4 billion bank accounts and 1.9 billion wallet accounts across 194 countries and territories. I think it is worth repeating, the network and the Money Transfer business is somewhat akin to product, the more product you have to offer customers, the more business you can do. Year-to-date, we have launched 68 correspondent agreements. This is the same number of correspondent agreements that we launched for the entirety of last year 2022.

現在讓我們轉到投影片#21，我們將討論匯款。我們的匯款網路現已擴展到覆蓋 54 萬個地點，以及遍布 194 個國家和地區的約 40 億個銀行帳戶和 19 億個錢包帳戶。我認為值得重複的是，網路和匯款業務有點類似於產品，您向客戶提供的產品越多，您可以做的業務就越多。今年迄今為止，我們已啟動 68 項代理協議。這與我們去年 2022 年全年推出的代理協議數量相同。

In addition to these achievements, we're proud to announce the successful launch of 28 new correspondents in 21 countries and the signing of 26 agreements in 23 countries. Notably, our collaborations with Pan Oceanic Bank in the Solomon Islands and Samoa Commercial Bank have now given us a new presence in the Pacific Islands, reflecting our commitment to strategic expansion. The strong growth in our bank account and mobile wallet networks drove 34% transaction growth and principal transferred to bank and wallet accounts which now represent 38% of total cross-border principal transfer.

除了這些成就之外，我們還很自豪地宣佈在 21 個國家成功設立了 28 個新通訊員，並在 23 個國家簽署了 26 項協議。值得注意的是，我們與所羅門群島泛大洋銀行和薩摩亞商業銀行的合作使我們在太平洋島嶼上有了新的業務，體現了我們對戰略擴張的承諾。我們的銀行帳戶和行動錢包網路的強勁成長推動了 34% 的交易成長，銀行和錢包帳戶的本金轉移目前佔跨境本金轉移總額的 38%。

Our account deposit network has been a long-term focus of ours over the last decade and it enables Ria to produce strong double-digit CAGR growth in account deposit transactions and principal transferred over that period.

我們的帳戶存款網路在過去十年中一直是我們的長期關注點，它使 Ria 在此期間的帳戶存款交易和本金轉移方面能夠實現強勁的兩位數複合年增長率。

To put it in some perspective, by the end of 2019, account deposit volumes were 23% of our total principal transfer compared to 38% this quarter. Ria had a foresight to build this network of the future and the network is unlocking growth opportunities not only for Ria's business, but also for Dandelion customers. Let's remember what the real value of money transfer is. To get the money in whatever way the customer wants it, from digital wallets to physical locations, our money transfer business can meet the diverse needs of our customers. Given the positive activity on this page, we expect to see these growth rates to persist through the remainder of 2023. Now let's proceed to the next slide and delve into our payment platforms, products commencing with Dandelion. And don't forget Dandelion is part of Money Transfer.

從某個角度來看，截至 2019 年底，帳戶存款量占我們本金轉移總額的 23%，而本季為 38%。 Ria 有遠見地建立了這個未來網絡，不僅為 Ria 的業務，也為 Dandelion 客戶釋放了成長機會。讓我們記住匯款的真正價值是什麼。為了以客戶想要的任何方式獲取資金，從數位錢包到實體地點，我們的匯款業務可以滿足客戶的多樣化需求。鑑於本頁上的積極活動，我們預計這些成長率將持續到 2023 年剩餘時間。現在讓我們繼續看下一張投影片，深入研究我們的支付平台、從 Dandelion 開始的產品。不要忘記蒲公英是匯款的一部分。

Throughout the quarter, our Dandelion customers continue to harness the power of our Money Transfer network. Our existing customers now utilize 141 of Ria's 194 network countries. The strong growth is attributable to our network's ongoing enhancement, particularly in terms of mobile wallet coverage, which spans 1.9 billion wallet accounts. Dandelion customers today are primarily using our payment rails for family remittance. However, now with the successful launch of HSBC Bank, and the signing of Equity Bank, we have successfully stepped into the huge $156 trillion cross-border payments market served by banks around the world.

在整個季度，我們的 Dandelion 客戶繼續利用我們匯款網路的力量。我們現有的客戶現在使用 Ria 194 個網路國家/地區中的 141 個國家。強勁的成長歸功於我們網路的持續增強，特別是在行動錢包覆蓋範圍方面，該覆蓋範圍涵蓋 19 億個錢包帳戶。如今，蒲公英客戶主要使用我們的支付方式進行家庭匯款。然而，現在隨著匯豐銀行的成功成立，以及Equity Bank的簽約，我們已經成功進入了由世界各地銀行服務的156萬億美元的龐大跨境支付市場。

As I said, we signed an agreement with Equity Bank, the largest bank in Kenya and a leading banking group in East and Central Africa. Equity Bank is our first Dandelion banking partner in Africa for B2B cross-border payments. While getting these 2 banks through the sales process of this disruptive greenfield product, I can sense the momentum beginning to build. We signed several agreements this quarter, including an agreement with Sendwave, a leading digital money transfer business in North America, Europe and the U.K. In addition, we signed an agreement with Flash Payments, an innovative fintech company based in Australia, specializing in providing payments and FX services to SMEs.

正如我所說，我們與肯亞最大的銀行、東非和中非領先的銀行集團 Equity Bank 簽署了協議。 Equity Bank 是我們在非洲的第一個 Dandelion 銀行合作夥伴，致力於 B2B 跨境支付。在讓這兩家銀行完成這項顛覆性綠地產品的銷售流程時，我可以感覺到勢頭開始增強。我們本季簽署了多項協議，包括與北美、歐洲和英國領先的數位匯款公司 Sendwave 簽署的協議。此外，我們還與總部位於澳洲的創新金融科技公司 Flash Payments 簽署了協議，專門提供支付服務以及為中小企業提供的外匯服務。

Finally, we have reached an agreement with one of the world's leading P2P payments platform. We are being intentionally tight-lipped as this partner is focused on competitive positioning, but wanted you to know and have a little flavor of what's coming in the pipeline. With the addition of these partners this quarter, Dandelion has further broadened its geographic diversity. We have now signed a partner in each of our key target verticals, banks, fintechs, MSBs and PSPs. This is a great achievement for such a new product offering. So let's go on to the next slide, and we'll briefly give you an update on REN and REN development. And don't forget, REN falls under the EFT segment of our business when reported.

最終，我們與全球領先的P2P支付平台之一達成了協議。我們故意守口如瓶，因為該合作夥伴專注於競爭定位，但希望您了解並了解即將推出的產品。隨著本季這些合作夥伴的加入，Dandelion 進一步擴大了其地理多樣性。我們現已在每個關鍵目標垂直產業、銀行、金融科技、MSB 和 PSP 中簽署了合作夥伴。對於這樣的新產品來說，這是一項偉大的成就。那麼，讓我們繼續看下一張投影片，我們將簡要介紹 REN 和 REN 開發的最新情況。不要忘記，在報告時，REN 屬於我們業務的 EFT 部分。

With our REN technology, we are witnessing a notable shift towards real-time payments and settlements, reflecting the industry's changing landscape. As an example, in the U.S., would be the FedNow service, which launched in July of this year. REN enables banks in the U.S. to connect to the real-time FedNow payments rails. The REN team is pursuing numerous real-time payment opportunities like these with FedNow in the U.S. and with other switches worldwide.

借助我們的 REN 技術，我們正在見證向即時支付和結算的顯著轉變，反映了行業不斷變化的格局。例如，在美國，今年 7 月推出的 FedNow 服務。 REN 使美國的銀行能夠連接到即時 FedNow 支付通道。 REN 團隊正在透過美國的 FedNow 和全球其他交換機尋求大量即時支付機會。

During the quarter, we proudly signed several agreements. Among them is a contract with Airtel Payments Bank, the banking arm of Airtel, India's second largest telecom company. We will provide the bank with our debit card issuing platform and process transactions from the SaaS infrastructure of our private cloud. In addition, we secured a contract with Nium, a digital unicorn cross-border payments company based in Singapore that has a global presence to provide our SaaS multicurrency prepaid solution from our private cloud.

在本季度，我們自豪地簽署了幾項協議。其中包括與印度第二大電信公司Airtel 的銀行部門Airtel Payments Bank 簽訂的合約。我們將為銀行提供金融卡發行平台，並透過私有雲的 SaaS 基礎設施處理交易。此外，我們還與 Nium 簽訂了合同，Nium 是一家總部位於新加坡的數位獨角獸跨境支付公司，業務遍及全球，透過我們的私有雲提供 SaaS 多幣種預付費解決方案。

We signed an agreement with Zenus Bank, an award-winning digital bank from Puerto Rico that makes U.S. bank accounts available internationally without the need to be a U.S. citizen or resident. Zenus is the first bank to launch a single Visa Infinite debit card to a global audience. REN is providing the issuing processing platform, SaaS infrastructure and expertise to deliver this solution. And as an update to the Mozambique agreement we told you about 3 years ago, we have signed an agreement this quarter to enhance -- to add enhanced bill payment transactions, showcasing how we can continue to generate additional revenue from existing REN clients.

我們與 Zenus Bank 簽署了一項協議，Zenus Bank 是一家來自波多黎各的屢獲殊榮的數位銀行，無需成為美國公民或居民即可在全球範圍內使用美國銀行帳戶。 Zenus 是第一家向全球受眾推出單一 Visa Infinite 金融卡的銀行。 REN 提供發行處理平台、SaaS 基礎架構和專業知識來交付此解決方案。作為我們大約3 年前告訴您的莫三比克協議的更新，我們在本季度簽署了一項增強的協議，以增加增強的帳單支付交易，展示我們如何繼續從現有的REN 客戶產生額外的收入。

As we conclude our discussion on REN, you can see that we have a lot of positive momentum. Our pipeline of REN signed deals is on a consistent growth trajectory, and we anticipate that these agreements will contribute approximately $140 million in revenue over the next 6 years. we continue -- the continued strong interest in our REN technology worldwide is encouraging, and we expect to see significant contributions as we roll out more deals in the coming quarters.

當我們結束關於 REN 的討論時，您可以看到我們有很多積極的勢頭。我們與 REN 簽署的交易管道處於持續成長的軌道，我們預計這些協議將在未來 6 年內貢獻約 1.4 億美元的收入。我們繼續——全球範圍內對我們的 REN 技術的持續濃厚興趣令人鼓舞，隨著我們在未來幾季推出更多交易，我們預計會看到重大貢獻。

Please move on to Slide #24. I would like to spend a few minutes talking about how we plan to reformat our guidance communications going forward. As you can see in Slide #24, Euronet has a long history of producing compounded annualized double-digit earnings growth, yet the market has recognized less than half the earnings growth in our share price.

請繼續看投影片#24。我想花幾分鐘討論我們計劃如何重新調整未來指導溝通的格式。正如您在幻燈片 #24 中看到的那樣，Euronet 長期以來一直實現兩位數的複合年化盈利增長，但市場對我們股價盈利增長的認可度還不到一半。

You can see here that the S&P over the last 10 years has grown earnings 7.2% compared to Euronet's 13.5%. For the S&P 72% -- 7.2% compounded annualized earnings growth. Their share price on average is up 137%. Comparatively, Euronet's 13.5% compounded annualized earnings growth has only increased 59% increase, twice the earnings at less than half the value increase. Sure seems like something's wrong. Something is missing or something is not understood. We're not getting credit for our consistently stronger earnings growth. Maybe we're too complex.

您可以在此處看到，過去 10 年中標準普爾指數的利潤增長了 7.2%，而 Euronet 的盈利增長了 13.5%。標準普爾指數複合年化獲利成長率為 72% - 7.2%。他們的股價平均上漲了137%。相較之下，Euronet 13.5%的複合年化獲利成長率僅增加了59%，是獲利的兩倍，但價值增幅還不到一半。當然，似乎有些不對勁。有些東西缺失了或有些東西不被理解。我們並沒有因為持續強勁的獲利成長而獲得讚譽。也許我們太複雜了。

To that end, we set out to see if there might be a better way to talk about our growth expectations on Slide #25. On this slide, we found that for more complex companies, keeping it simple, made a difference in the market value recognition. We found that in these cases when companies simplified their guidance, future share price significantly improved. We believe this is a result of focusing on the most important driver of value creation, consistently making money rather than being evaluated against 8 metrics, where we might meet or exceed expectations on 7 of the 8, including earnings, the most important one, but miss on one of the other ones and the share price suffers.

為此，我們開始考慮是否有更好的方式來談論幻燈片#25 上的成長預期。在這張投影片上，我們發現對於更複雜的公司來說，保持簡單可以提高市場價值認可。我們發現，在這些情況下，當公司簡化指引時，未來股價會顯著改善。我們認為，這是因為專注於價值創造最重要的驅動力，持續賺錢，而不是根據8 項指標進行評估，我們可能會在8 項指標中的7 項上達到或超過預期，包括最重要的盈利指標，但是錯過其中之一，股價就會受到影響。

At the end of the day, does the value depend on getting 8 out of 8 right or deliver constant and consistent earnings growth. As you can see from Euronet over the years, we have consistently produced double-digit compounded earnings growth despite a range of challenges such as the 60% decrease in the Polish Visa MasterCard interchange rate in 2010 or the next year where Germany changes local debit card rate structure or the U.S. financial crisis of 2008 or the India cash demonetization or even the most recent COVID experience.

歸根究底，價值是否取決於八分之八正確，還是帶來持續穩定的獲利成長。正如您從Euronet 中看到的那樣，多年來，儘管面臨一系列挑戰，例如2010 年波蘭Visa 萬事達卡兌換率下降60% 或明年德國更換本地借記卡，但我們始終保持兩位數的複合收益成長利率結構或 2008 年美國金融危機或印度現金非貨幣化，甚至最近的新冠疫情經歷。

Through it all, not only did Euronet survive, but we produced compounded annualized double-digit earnings growth. And how did we do it? Next slide, please. We did it by building a very well diversified business, which includes diversity of product, geography, channels and customer bases and a consistent executive leadership team. We also recognize that while this diversity is a huge strength to Euronet, it also causes the business to be much more complex to understand than a simple company with only one product or one segment.

經過這一切，Euronet 不僅倖存下來，而且我們實現了兩位數的複合年化獲利成長。我們是如何做到的？請下一張投影片。我們透過建立一個非常多元化的業務來做到這一點，其中包括產品、地理、通路和客戶群的多樣性以及始終如一的執行領導團隊。我們也意識到，雖然這種多樣性是 Euronet 的巨大優勢，但它也導致業務比只有一種產品或一個細分市場的簡單公司複雜得多。

To that end, as I mentioned earlier, we found that companies that struggled with complexity, overcame it with simplicity. Beginning in 2024, we will reformat our guidance communications from providing quarterly EPS and segment revenue and margin expectations to the simple expectation of annual double-digit earnings growth between 10% and 15%. We will no longer provide specific number targets, but rather a simple annual adjusted EBITDA -- I'm sorry, EPS growth rate. And while we are committed to producing 10% to 15% earnings growth for 2024, you can bet that we will be shooting to deliver a heck of a lot more as we have in the past.

為此，正如我之前提到的，我們發現那些與複雜性作鬥爭的公司透過簡單性克服了它。從 2024 年開始，我們將重新調整指導溝通的格式，從提供季度每股收益以及分部收入和利潤率預期，轉變為年度兩位數盈利增長 10% 至 15% 之間的簡單預期。我們將不再提供具體的數字目標，而是提供一個簡單的年度調整後 EBITDA——對不起，每股收益成長率。雖然我們致力於在 2024 年實現 10% 至 15% 的獲利成長，但你可以打賭，我們將像過去一樣努力實現更多目標。

We will continue to provide detailed segment reporting in all of our actual results. As we close out the year, we will provide an adjusted EPS expectation for the fourth quarter of $1.75 per share, which will round out the year with another year of double-digit earnings growth.

我們將繼續在所有實際業績中提供詳細的分部報告。當我們結束今年時，我們將調整後第四季每股收益預期為 1.75 美元，這將使今年的獲利再次實現兩位數成長。

We appreciate that this reformatted approach to performance expectations will be viewed by some as making their work more challenging, while at the same time, viewed it as others by simplifying their work. Also, if you look at the analyst consensus, adjusted EPS for Euronet next year, you will see it is within this 10% to 15% committed range. Moreover, if you make some macro adjustments to the consensus number for next year for benefit of our recent share repurchases and the impact of the negative FX changes since the reporting of most analyst estimates, you will see a pro forma consensus that would be at the top of our range.

我們理解，這種重新格式化的績效期望方法將被一些人視為使他們的工作更具挑戰性，而同時，其他人則認為這是簡化了他們的工作。此外，如果你看看分析師的共識，即歐洲網路明年調整後的每股收益，你會發現它在 10% 到 15% 的承諾範圍內。此外，如果您對明年的共識數字進行一些宏觀調整，以受益於我們最近的股票回購以及自報告大多數分析師預測以來外匯負變化的影響，您將看到一個預期的共識，即我們範圍內的頂級產品。

We are comfortable with that range. We look forward to your continued support as we close this year and look forward to another quarter -- another year of double-digit earnings growth.

我們對這個範圍感到滿意。我們期待著您在今年結束之際繼續提供支持，並期待下一個季度——又一個實現兩位數盈利增長的一年。

Now let's go to Slide 27, and we'll wrap it up. As I conclude my remarks, I trust that our analysis of travel data answered your questions on whether there was an abrupt shift from cash to card. Let me be clear, our data shows that the EFT business has not experienced an abrupt shift from cash to card during 2023 but rather European travelers specifically spent less money on discretionary purchases while on vacations due to inflationary pressures. As I mentioned earlier, we are more than simply a cash business. We are a diversified business with multiple segments producing future growth opportunities.

現在讓我們看投影片 27，我們將結束它。在我結束演講時，我相信我們對旅行數據的分析回答了您關於現金是否突然轉向信用卡的問題。讓我明確一點，我們的數據顯示，2023 年電子轉帳業務並沒有經歷從現金到銀行卡的突然轉變，而是由於通膨壓力，歐洲旅行者在度假期間在可自由支配的購物上花費的錢特別減少。正如我之前提到的，我們不僅僅是一家現金業務。我們是一家多元化企業，擁有多個細分市場，創造了未來的成長機會。

As you may remember, 2/3 of our business grew during COVID. As I reflect on our recent quarter, I look forward with optimism for many reasons. First, we delivered a record consolidated revenue quarter, eclipsing $1 billion in quarterly revenue for the first time in our history. Second, our core epay business grew double digits across all metrics in the third quarter of 2023 compared to 2022. Third, our Money Transfer business grew adjusted EBITDA and op income by more than 20%, regaining its operating margin rhythm.

您可能還記得，我們​​ 2/3 的業務在新冠疫情期間實現了成長。當我回顧最近一個季度時，出於多種原因，我對未來充滿樂觀。首先，我們實現了創紀錄的季度綜合收入，歷史上首次突破 10 億美元的季度收入。其次，與2022 年相比，2023 年第三季我們的核心電子支付業務在所有指標上均實現了兩位數成長。第三，我們的匯款業務調整後EBITDA 和營運收入成長了20% 以上，恢復了營業利潤率節奏。

And my final point, our ATM transaction data was back in sync with Eurocontrol travel data in September of 2023. There are reasons for future optimism, let's discuss our expectations for the remainder of 2023 and 2024.

我的最後一點是，我們的 ATM 交易資料在 2023 年 9 月與 Eurocontrol 旅遊資料復原同步。未來有理由保持樂觀，讓我們討論一下我們對 2023 年剩餘時間和 2024 年的預期。

Going forward, in 2024, we will no longer provide quarterly EPS segment revenue and margin expectations. We will shift to a simple expectation of annual adjusted EPS growth range. For 2024, we expect adjusted EPS and earnings growth to be in the 10% to 15% range and we expect to produce an adjusted EPS of $1.75 and will finish in Q4. And we will finish 2023 with yet another year of double-digit earnings growth.

展望未來，2024 年，我們將不再提供季度 EPS 部門收入和利潤率預期。我們將轉向對年度調整後每股收益成長範圍的簡單預期。對於 2024 年，我們預計調整後每股收益和獲利成長將在 10% 至 15% 範圍內，預計調整後每股收益為 1.75 美元，並將在第四季度完成。 2023 年，我們將迎來另一個兩位數獲利成長的一年。

With that, I'll be happy to take questions. I talked a long time today, so we have a little bit less time than usual. So I would like to limit each of the questions -- each of the questioners, to just 1 question on piece.

這樣，我將很樂意回答問題。今天聊了很長時間，所以我們的時間比平常少了一些。所以我想將每個問題——每個提問者——限制為一個問題。

(Operator Instructions) Our first question is going to come from the line of Peter Heckmann with D.A. Davidson.

（操作員說明）我們的第一個問題將來自 Peter Heckmann 和 D.A. 的線路。戴維森。

Lots of information today, and I think you presented a good case. In terms of how we think about -- I missed it, I'll get the transcript, but in terms of kind of the repositioning of the current ATM footprint, how are you thinking about that Europe versus Asia Pacific, maybe Northern Africa. And I guess, do you expect like wage inflation to create some normalization of withdrawal transaction activity in next year's third quarter?

今天的資訊很多，我認為你提出了一個很好的案例。就我們如何思考而言——我錯過了，我會得到文字記錄，但就當前 ATM 足跡的重新定位而言，你如何看待歐洲與亞太地區，也許是北非。我想，您是否預期薪資上漲會在明年第三季使提款交易活動正常化？

So this year's inflationary pressures and so forth, were, I think, kind of a shock to people. In fact, we've got some data that shows that 1/3 of the home mortgages were adjusted with inflation this year because they don't do long mortgages. So we think that a lot of what happened this year was a bit of a shock and continued on the inflationary pressures of last year.

所以我認為今年的通膨壓力等等對人們來說是一種衝擊。事實上，我們有一些數據顯示，今年有1/3的房屋抵押貸款隨著通貨膨脹進行了調整，因為他們不做長期抵押貸款。所以我們認為今年發生的很多事情有點令人震驚，並且延續了去年的通膨壓力。

There are some sources that we have, one of our biggest retailers expect more purchasing power next summer. So that could be good because virtually every country now has raised the wages of all of its citizens, all the unions had to force that issue like you're seeing here in the U.S. So we're kind of cautiously optimistic about more money to be -- money in people's pockets next year. But despite that, we're going to make sure that we get rid of any ATMs that aren't profitable for us in Europe. But those other places, the expansion markets outside of Europe already are profitable and getting more profitable as we get in more into their season.

我們有一些消息來源，我們最大的零售商之一預計明年夏天購買力會增加。所以這可能是件好事，因為現在幾乎每個國家都提高了所有公民的工資，所有工會都必須強制解決這個問題，就像你在美國看到的那樣。因此，我們對更多資金的投入持謹慎樂觀的態度。 ——明年人們的口袋裡就有錢了。但儘管如此，我們仍將確保淘汰歐洲所有無法獲利的 ATM 機。但在其他地方，歐洲以外的擴張市場已經實現了盈利，隨著我們進入他們的季節，利潤會變得更多。

These guys over the -- at least our past data shows that they're over twice as profitable as our ATM locations in Europe. So we'll continue to expand into these 4 countries, which, as a reminder, are Malaysia, Philippines, Morocco and Egypt, and we have several other countries that we believe that we can open in the next year that would be a similar kind of personality you might say.

這些人——至少我們過去的數據顯示，他們的利潤是我們在歐洲的 ATM 地點的兩倍多。因此，我們將繼續擴展到這 4 個國家，提醒一下，它們是馬來西亞、菲律賓、摩洛哥和埃及，我們相信我們可以在明年開設類似的其他幾個國家你可能會說個性。

So we're going to continue to do that and continue to expand. And by the way, for everybody, we will go maybe 5 or so minutes longer on this call because I talked [a bit long].

因此，我們將繼續這樣做並繼續擴大規模。順便說一句，對於每個人來說，我們這次電話會議的時間可能會長 5 分鐘左右，因為我講得[有點長]。

And our next question is going to come from the line of Andrew Schmidt with Citi Global Markets.

我們的下一個問題將來自花旗全球市場部的安德魯·施密特。

Really appreciate all the work to win into this. A lot of stuff here. I wanted to go to Slide 10 in which you talked about the adjusted EBITDA by segment. Fully understanding the simplicity that you're trying to put in. I do think it's important to kind of talk about relative growth rates here, just as you think about the long term. And it's good to see the EFT other breakout, which I think contains your digital initiatives. But how should we think about just the growth of the EFT other more digital items versus the growth of EFT ATMs over the longer term from an adjusted EBITDA perspective. I think that might be helpful for folks.

真的很感謝為贏得這場勝利所做的所有工作。這裡有很多東西。我想看投影片 10，其中您談到了按部門調整後的 EBITDA。充分理解您想要表達的簡單性。我確實認為在這裡談論相對增長率很重要，就像您考慮長期發展一樣。很高興看到 EFT 其他突破，我認為其中包含了你們的數位舉措。但是，從調整後的 EBITDA 角度來看，從長遠來看，我們應該如何考慮 EFT 其他更多數位化專案的成長與 EFT ATM 的成長。我認為這可能對人們有幫助。

Well, as we've said -- first of all, we're not going to like to dissect ourselves and give a number for each. But as we've said in the past, these other digital endeavors are really growing fast. So they're going to -- this 12 and 35, if you fast forward that, it's going to be a different couple of numbers.

好吧，正如我們所說的——首先，我們不會喜歡剖析自己並為每個人給出一個數字。但正如我們過去所說，這些其他數位化努力確實正在迅速成長。所以他們會——這個 12 和 35，如果你快轉的話，這將是一對不同的數字。

Because you just -- as we mentioned just in this call, we've watched our POS Acquiring business, double its profit over the last 18 to 24 months. So -- but that's just one little segment. We're just going to hold people to the thought that as a combined entity, that's the key. We get money from all different directions. As a combined entity, we expect to grow 10% to 15% compounded growth rate year-over-year.

因為正如我們在本次電話會議中提到的，我們的 POS 收單業務的利潤在過去 18 到 24 個月內翻了一番。所以——但這只是一小部分。我們只是讓人們相信，作為一個聯合實體，這才是關鍵。我們從各個方向獲得資金。作為一個合併後的實體，我們預計複合成長率將年增 10% 至 15%。

Yes. And I would just also add that, that smaller wedge in the EFT segment, remember, scarcely 5 years ago, that wasn't in there.

是的。我還想補充一點，請記住，EFT 細分市場中較小的楔子在不到 5 年前還沒有出現。

No, no. In 2019, it (inaudible).

不，不。 2019 年，它（聽不清楚）。

And so I think that really kind of speaks to the fact that, that piece we would expect is probably going to have a more accelerated growth there. But I think it's also reflective of how we've continued to diversify the business and put a lot more of the digital processing in the framework. So again, just recognize that 5 years ago, that piece was not an element on the page.

所以我認為這確實說明了這樣一個事實：我們期望的部分可能會在那裡有更快的成長。但我認為這也反映了我們如何繼續實現業務多元化，並將更多的數位處理放入框架中。再次強調，5 年前，該作品還不是頁面上的元素。

And in 2019, the EFT business was just basically all ATMs in Europe and it contributed 58% of our EBITDA in 2019. So a big [check].

2019 年，EFT 業務基本上是歐洲所有 ATM 業務，它貢獻了我們 2019 年 EBITDA 的 58%。這是一筆很大的支出。

And our next question is going to come from the line of Chris Kennedy with William Blair.

我們的下一個問題將來自克里斯·肯尼迪和威廉·布萊爾的對話。

Just a follow-up on that last one. If you look at the EFT business and how that business has -- the business mix has changed over time, can you talk about margin profile for the EFT segment going forward?

只是最後一個的後續。如果您了解電子轉帳業務以及該業務的情況—業務組合隨著時間的推移而變化，您能談談電子轉帳業務未來的利潤狀況嗎？

Yes. Well, as we said, we're going to refrain from getting 8 different data points out there to be measured by. But certainly, with respect to comparisons against today's numbers, we would expect that to improve because, as Mike said, we're taking a look at the profitability of every one of our ATMs with some new transactional data. We've already identified a big pile of costs that we'll take out of the picture. And these other digital products will have very high margins on them. So that will continue to expand that.

是的。好吧，正如我們所說，我們將避免獲取 8 個不同的數據點來進行測量。但當然，與今天的數字相比，我們預計情況會有所改善，因為正如麥克所說，我們正在使用一些新的交易數據來審視每台自動櫃員機的獲利能力。我們已經確定了一大堆成本，我們會把它們從圖中剔除。這些其他數位產品的利潤率將非常高。因此，這將繼續擴大。

So certainly, against the numbers we see today, I would expect to see that those will be expanding. But I don't want to start putting another number out there to be measured against. Because all the detailed measuring really is kind of eclipsing the fundamental contribution, and I think you look at that chart there is why is it that the S&P for 7% growth gets a more than 2x value than we are. The production of the money that we make year in and year out is just simply not valued, and we believe maybe part of it is that you deliver on 7 items, you miss on 1 and the market wants to beat you up.

因此，當然，相對於我們今天看到的數字，我預計這些數字將會擴大。但我不想開始放出另一個數字來衡量。因為所有詳細的衡量確實有點掩蓋了基本面的貢獻，我想你看看這張圖表就會明白為什麼標準普爾指數 7% 的增長比我們的價值高出 2 倍以上。我們年復一年賺的錢根本沒有被重視，我們相信，也許部分原因是你交付了 7 個項目，卻錯過了 1 個項目，市場想要擊敗你。

So I appreciate your question, but we're going to try to be pretty consistent on really focusing on our earnings and cash production here.

所以我很欣賞你的問題，但我們將盡力保持一致，真正專注於我們的收入和現金生產。

Our next question is going to come from the line of Darrin Peller with Wolfe Research.

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

It's obviously good to see the data you showed on the card usage, international card usage trending in the right way. I guess I was just a little bit surprised we're not seeing the transaction growth rates pick up to the same degree. The ATM transaction growth follows suit yet. Maybe it's just early. So I'd love to hear a little more thoughts on what you think the disconnect could be there.

很高興看到您以正確的方式顯示的卡片使用資料、國際卡使用趨勢。我想我只是有點驚訝我們沒有看到交易成長率上升到同樣的程度。 ATM 交易的成長也隨之而來。也許只是還早。因此，我很想聽聽更多關於您認為可能存在脫節的想法。

But second part of that question, just Piraeus versus the core ATM transactions, what we should expect? and then lastly, when you think of guidance, this is all the same question basically. So it shouldn't take too long. When you think of guidance, again, the transaction with an ATM, I mean you can get to your 10% to 15% just given how much cash you generate, right, buying back stock, et cetera. But when I think about the embedded opportunity on transaction growth. Do you guys have a lot there? Do you expect that to be strong and embedded or is that really not built in?

但這個問題的第二部分，只是比雷埃夫斯港與核心 ATM 交易相比，我們應該期待什麼？最後，當你想到指導時，基本上都是同一個問題。所以應該不會花太長時間。當你再次想到使用 ATM 進行交易時，我的意思是，只要考慮到你產生了多少現金，回購股票等，你就可以得到 10% 到 15% 的收益。但當我想到交易成長的內在機會。你們那裡有很多嗎？您是否期望它是強大且嵌入的，或者它實際上不是內建的？

Well, first of all, we just saw -- when you look at the -- when the transactions occur in a given quarter like Q3, the bulk of them come in July and August and well less of them come in September and then less in October. And we saw that kick up in September. So it's just too early to see that make its way through the entire quarter. So that's why you don't see so much this quarter. It's just a timing kind of thing.

嗯，首先，我們剛剛看到- 當你看時- 當交易發生在像第三季度這樣的特定季度時，其中大部分發生在7 月和8 月，而9 月發生的交易較少，然後是9 月發生的交易較少。十月。我們在九月看到了這種情況的加劇。因此，現在判斷這種情況貫穿整個季度還為時過早。這就是為什麼本季你看不到那麼多的原因。這只是一個時間問題。

And so I think that was your first question. I'm trying to remember what your second question was. Rick, do you remember?

所以我認為這是你的第一個問題。我正在努力記住你的第二個問題是什麼。瑞克，你還記得嗎？

I'm just trying to think about next year, you guys are giving us a 10% to 15% guide on EPS. I would think there should be a lot of levers to get there without even transactions (inaudible).

我只是想想想明年，你們將為我們提供 10% 到 15% 的 EPS 指導。我認為應該有很多槓桿可以在沒有交易的情況下到達那裡（聽不清楚）。

And we think we're even taking the negative FX headwinds plus the share repurchases, plus what everybody else has on their page right now. Looks like we're at the upper end of that range. But I want to tell you, that's our range. And that's all we'll say. But our goal will be do better than that. I mean, everybody in our company is focused. We really love the fact that from 2010 to 2019, for 10 years in a row, we never grew at less than a 20% growth rate over prior year. Those were the good times. We'd love to have those back, but we're just giving everybody a guidance now of 10% to 15%. And when we beat it, then we'll all be happy.

我們認為我們甚至正在考慮負面的外匯逆風加上股票回購，再加上其他人現在在他們的頁面上的內容。看起來我們正處於該範圍的上限。但我想告訴你，這就是我們的範圍。這就是我們要說的。但我們的目標會比這做得更好。我的意思是，我們公司的每個人都很專注。我們真的很喜歡這樣一個事實：從 2010 年到 2019 年，連續 10 年，我們的成長率從未低於前一年 20%。那是美好的時光。我們很樂意收回這些，但我們現在只是給每個人 10% 到 15% 的指導。當我們戰勝它時，我們都會很高興。

Our next question is going to come from the line of Andrew Jeffrey with Truist Securities.

我們的下一個問題將來自 Truist 證券公司的安德魯·傑弗裡 (Andrew Jeffrey)。

Appreciate the attempt to simplify everything. I think that makes a ton of sense. Mike, I want to shift gears a little bit and ask you about Money Transfer. You've done a really nice job building out the agent network and you mentioned the growth in deposits into connected accounts. Can you talk a little bit about the slowdown we've seen in the last 12 months in your digital transaction growth and whether that's just sort of law of large numbers or normalization? And how you position yourself versus some of the digital-only competition in the market that has maintained significantly faster digital growth and kind of just how you think about the competitive positioning of the business overall, I guess?

欣賞簡化一切的嘗試。我認為這很有道理。麥克，我想換個話題，問一下關於匯款的問題。您在建立代理網絡方面做得非常好，並且您提到了關聯帳戶的存款增長。您能否談談我們在過去 12 個月中看到的數位交易成長放緩的情況，以及這是否只是大數定律或正常化現象？我想，與市場上一些保持更快數位成長的純數位競爭相比，您如何定位自己？以及您如何看待整個業務的競爭定位？

I think we've done a pretty good job, but it has slowed a little bit, and we're taking a harder look at that on the ways that we might be able to accelerate that. But we've also heard through -- and you'll probably see this start to bear out over the next quarter or 2, there is some slowdown everywhere. I mean the reality is of the $800 billion family remittance market, only about 35% of it is done digitally. So that's it. Most people come to a new country and they're kind of cash-based citizens or workers just like they were in their old country. So that's one of the assets that we have as we're both bricks and mortar and digital. And so if you've got 35% of the market is digital, at some point in time after all this market share gets acquired, you start to bang up against the ceiling. And I think you'll see us and others probably do that. But we've got some new tricks up our sleeve that we hope will reaccelerate that as we go forward.

我認為我們做得相當不錯，但速度有所放緩，我們正在更仔細地審視如何加速這一進程。但我們也聽到了——你可能會看到這種情況在下一個或兩個季度開始得到證實，各地都出現了一些放緩。我的意思是，現實情況是，在 8,000 億美元的家庭匯款市場中，只有約 35% 是透過數位方式完成的。就是這樣了。大多數人來到一個新的國家，他們就像在自己的祖國一樣，都是以現金為基礎的公民或工人。這是我們擁有的資產之一，因為我們既是實體的，也是數位的。因此，如果你擁有 35% 的市場份額，那麼在獲得所有這些市場份額後的某個時間點，你就會開始觸及天花板。我想你會看到我們和其他人可能會這樣做。但我們已經掌握了一些新技巧，希望在我們前進的過程中能夠重新加速這個過程。

Our next question is going to come from the line of Mike Grondahl with Northland Securities.

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

Thanks for all the data on the ATM business. You talked about redeploying some of that ATM fleet and $20 million of cost saves next year. Roughly, are you talking 1,500 ATMs that need to be moved, 3,000? Just trying to get a feel for how many you've identified or what you think you need to move.

感謝您提供有關 ATM 業務的所有數據。您談到了明年重新部署部分 ATM 機隊並節省 2000 萬美元的成本。粗略地說，您是指需要移動 1,500 台 ATM 還是 3,000 台？只是想了解您已經識別了多少或您認為需要移動哪些內容。

Well, there's over 1,000, but we'll just have to see what the final numbers are. And we need to take into consideration there are some other changes in the works, Mike. For example, some countries are considering raising their domestic interchange fees. Other countries are thinking about doing surcharge. So you don't want to be -- you don't want to pull an ATM that's making a little bit of money, that could make a lot of money with those changes. So we're going to be careful, but we have already identified some ATM. I think at the end of the day, we just want EFT's profits to grow. And I think that's more important to you than how many ATMs we have out there.

嗯，有超過 1,000 個，但我們只需要看看最終的數字是多少。我們需要考慮到工作上還有一些其他變化，麥克。例如，一些國家正在考慮提高國內互換費。其他國家正在考慮徵收附加費。所以你不想——你不想拉出一台只賺一點錢的自動櫃員機，而透過這些改變可能會賺很多錢。所以我們要小心，但我們已經找到了一些 ATM。我認為歸根結底，我們只是希望 EFT 的利潤能成長。我認為這對您來說比我們擁有多少台 ATM 機更重要。

Our next question is going to come from the line of Ken Suchoski with Autonomous Research.

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

The high-value transactions obviously had a nice rebound in September, and it sounds like some of this is just European travelers delaying their summer vacation from June, July to a less costly September. So I guess, is the expectation that you had this kind of jump this pop and that from here, you have a slower recovery because I'm not sure if people are taking their summer trip in the fourth quarter. And then I guess, more broadly, like what gives you the confidence that this isn't just another headshake that you're going to track your own control trends more closely going forward?

高價值交易在 9 月明顯出現了不錯的反彈，聽起來其中一些只是歐洲旅行者將暑假從 6 月、7 月推遲到成本較低的 9 月。所以我想，預計你會在這次流行中出現這種跳躍，從這裡開始，你的恢復會更慢，因為我不確定人們是否會在第四季度進行夏季旅行。然後我想，更廣泛地說，是什麼讓您有信心這不僅僅是您將更密切地跟踪自己的控制趨勢的另一個搖頭？

Well, I think the most obvious thing is you look at people other than Europeans, and we beat the number every month this year. So anybody traveling to Europe from outside is using ATMs more than they ever have. You're right. Our challenge right now is the economics within Europe. And so the question is, how do you beat it? I think you beat it by continuing to expand into virgin territory. Certainly, these new markets outside of Europe are just killer markets. I mean, they just make a lot of money, where we'll continue to do that. And that gives us -- and then we will find any of those ATMs that we believe are not profitable enough, we'll take those out and use them instead of buying new CapEx machines and put them into the spots that we have.

嗯，我認為最明顯的事情是你看看歐洲人以外的人，我們今年每個月都超過了這個數字。因此，從國外前往歐洲的任何人都比以往更多地使用自動櫃員機。你說得對。我們現在的挑戰是歐洲內部的經濟。所以問題是，你如何擊敗它？我認為你通過繼續向處女地擴張來擊敗它。當然，歐洲以外的這些新市場只是殺手級市場。我的意思是，他們賺了很多錢，我們將繼續這樣做。這給了我們——然後我們會發現任何我們認為利潤不夠的 ATM 機，我們會把它們拿出來並使用它們，而不是購買新的資本支出機器並將它們放入我們擁有的地方。

We have several markets in Europe, for instance, that we're opening up or starting to expand within. For example, France and Belgium and Albania. That are 3 -- France is not a new market for us. The other 2 are but it's well underserved. We mentioned that we got that contract in France for 150 ATM. There are more tourists that come to France than to any other country in the world. So there are still spots that we believe that we can make money, and that's where we're going to redeploy these ATMs that we pull out.

例如，我們在歐洲有幾個市場，我們正在開放或開始在其中擴張。例如法國、比利時和阿爾巴尼亞。那是 3 個——法國對我們來說並不是一個新市場。其他兩個是，但服務不足。我們提到我們在法國獲得了 150 ATM 的合約。前往法國的遊客比世界上任何其他國家都多。因此，我們仍然認為在某些地方可以賺錢，這就是我們將重新部署撤出的 ATM 機的地方。

And our last question is going to come from the line of Charles Nabhan with Stephens.

我們的最後一個問題將來自查爾斯·納布漢（Charles Nabhan）和史蒂芬斯（Stephens）的血統。

Most of my questions have been asked already, but I wanted to get your perspective on capital allocation. You got about $1 billion in cash on hand and you've been pretty active buying back shares, but M&A has also been a small part of the strategy, and I think you did the Philippines deal last year. So I'm curious how you're thinking about that balance going forward if the redeployment of ATM strategy changes anything with respect to going out and acquiring ATMs like you've done in the past?

我的大部分問題已經被問到，但我想了解您對資本配置的看法。你手頭上有大約10億美元的現金，而且你一直非常積極地回購股票，但併購也只是該策略的一小部分，我認為你去年完成了菲律賓交易。所以我很好奇，如果 ATM 戰略的重新部署改變了像您過去所做的那樣走出去並獲取 ATM，您會如何考慮未來的平衡？

Actually really nothing will have changed. My preference is always an acquisition. You saw what we did with the Piraeus Bank merchant acquiring business, that's now called EMF, euronet merchant acquiring that maybe has basically doubled its profits in less than 2 years. Those are the gift that keep on giving. So we really love that kind of thing. We will look at repurchasing shares as the market is treating us poorly like we did in this last quarter. But really, whether you're pulling them out -- so let's say these ATMs cost $11,000 each, we used to buy, call it, 3,000 to 3,500. So that's like $40 million in CapEx. We will, if maybe we only need to spend half of that this coming year, and it does give us more cash, but it's not enough really to move the needle. So we will just continue down our same path as we have in the past and that we're actually very actively evaluating a number of companies right now that could be acquisition candidates.

事實上，一切都不會改變。我的偏好始終是收購。你看到了我們對比雷埃夫斯銀行商業收單業務所做的事情，現在稱為 EMF，歐洲網路商業收單業務，在不到兩年的時間裡利潤可能基本上翻了一番。這些都是不斷給予的禮物。所以我們真的很喜歡這種事。我們將考慮回購股票，因為市場對我們的態度很差，就像我們上個季度所做的那樣。但實際上，無論你是否把它們拿出來——假設這些 ATM 機每台售價 11,000 美元，我們過去常常購買，稱之為 3,000 到 3,500 美元。這相當於 4000 萬美元的資本支出。我們會的，如果我們明年只需要花一半的話，它確實為我們帶來了更多現金，但這還不足以真正推動這一進程。因此，我們將繼續沿著過去的道路前進，我們實際上正在非常積極地評估許多可能成為收購候選人的公司。

But we're pretty tough when we look at these things. We do thorough due diligence and a lot of times find skeletons in the closet, so we have to walk away. But we're always looking at -- I mean we're deal people. We love deals. So if I can do that, I will. But we'll just have to see what pops up.

但當我們看到這些事情時，我們非常堅強。我們進行了徹底的盡職調查，很多時候發現了這個秘密，所以我們不得不走開。但我們一直在關注——我的意思是我們是做生意的人。我們喜歡優惠。所以如果我能做到的話，我會的。但我們只需要看看會出現什麼。

And thank you, everybody, for taking your time with us today. I really appreciate it. I look forward to talking to you after Q4 is complete. Thank you very much.

感謝大家今天抽出寶貴的時間接受我們的訪問。對此，我真的非常感激。我期待在第四季度完成後與您交談。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。