Euronet Worldwide Inc (EEFT) 2023 Q4 法說會逐字稿

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

晚上好，歡迎參加 Euronet 全球 2023 年第四季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。

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

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

Thank you. Good morning, everyone, and welcome to Euronet's Fourth Quarter and Full Year 2023 Earnings Conference Call. On the call, we have Mike Brown, our Chairman and CEO; Rick Weller, our CFO.

謝謝。大家早安，歡迎參加 Euronet 2023 年第四季和全年財報電話會議。我們的董事長兼執行長 Mike Brown 出席了電話會議。里克‧韋勒，我們的財務長。

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.

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。

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.

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結果有重大差異。

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 an update. You should avoid placing undue reliance on 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. Now I'll turn the call over to our CFO, Rick Weller.

除法律要求外，Euronet 不打算更新這些前瞻性聲明，也不向任何人承擔提供更新的義務。您應避免過度依賴這些前瞻性陳述。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。

Thank you, Scott. Good morning, and I would like to thank everyone for joining us today. I will begin my comments on Slide 5. For the fourth quarter, we produced revenue of $957 million, operating income of $97 million, adjusted operating income of $100 million and adjusted EBITDA of $147 million. These results were made possible by contributions from all 3 segments.

謝謝你，斯科特。早安，我要感謝大家今天加入我們。我將從幻燈片 5 開始發表評論。第四季度，我們的收入為 9.57 億美元，營業收入為 9,700 萬美元，調整後營業收入為 1 億美元，調整後 EBITDA 為 1.47 億美元。這些結果的實現得益於所有 3 個部門的貢獻。

Adjusted EPS was $1.88 per share compared to $1.39 in the fourth quarter of 2022 and ahead of the $1.75 guidance we provided for the quarter. We exceeded our guidance by better-than-expected performance across the business, good expense management, lower-than-expected tax rates and improved FX rates against the U.S. dollar.

調整後每股收益為 1.88 美元，而 2022 年第四季為 1.39 美元，高於我們為本季提供的 1.75 美元指引值。我們的業務表現優於預期、良好的費用管理、低於預期的稅率以及兌美元匯率的改善，超出了我們的預期。

I would also like to call out that adjusted operating income, adjusted EBITDA and adjusted EPS excluded a $2.5 million non-cash purchase accounting charge.

我還想指出，調整後的營業收入、調整後的 EBITDA 和調整後的每股盈餘不包括 250 萬美元的非現金採購會計費用。

Next slide, please. Slide 6 shows our results on an as reported basis. On a year-over-year basis, we saw our most significant currencies increase at mid-single to low double-digit rates with a few exceptions like the Egyptian pound, which declined 26% and the Pakistan rupee, which declined 21%. To normalize the impacts of these currency changes, we have presented our results adjusted for currency on the next slide.

請下一張投影片。幻燈片 6 顯示了我們在報告基礎上的結果。與去年同期相比，我們看到我們最重要的貨幣以中個位數到低兩位數的匯率上漲，但埃及鎊下跌了 26%，巴基斯坦盧比下跌了 21%。為了使這些貨幣變化的影響正常化，我們在下一張投影片中展示了根據貨幣調整後的結果。

Here on Slide 7, we show our results adjusted for currency fluctuations. Before I jump into each segment, I want to reflect on the strength of our 3 segments, which produced another record consolidated revenue quarter and strong earnings growth across all 3 segments. EFT revenue grew 9%, while adjusted operating income grew 53% and adjusted EBITDA grew 21%.

在投影片 7 上，我們展示了根據貨幣波動調整後的結果。在進入每個細分市場之前，我想反思一下我們的3 個細分市場的實力，這三個細分市場創造了又一個創紀錄的合併收入季度，並且所有3 個細分市場的盈利增長強勁。 EFT 營收成長 9%，調整後營業收入成長 53%，調整後 EBITDA 成長 21%。

This strong growth was the result of an increase in international withdrawal transactions combined with the continued strong performance from our merchant acquiring business where profits have doubled over the past 2 years. EFT margins improved year-over-year due to an increase in high-value cross-border transactions.

這一強勁成長是國際提款交易增加以及我們商家收單業務持續強勁表現的結果，過去兩年利潤翻了一番。由於大額跨國交易的增加，電子轉帳利潤率較去年同期有所改善。

Epay revenue grew 7%, while adjusted operating income and adjusted EBITDA each grew 3% year-over-year. This increase is primarily from continued growth in the core epay business including strong growth in digital channels, partially offset by fewer promotional campaigns from our retail partners in the fourth quarter compared with the prior year. Excluding promotional activity, our epay business revenue for the fourth quarter grew 8% and the operating income and adjusted EBITDA each grew 12% compared to the fourth quarter of '22, highlighting the continued strength of our core epay business.

Epay 營收成長 7%，調整後營業收入和調整後 EBITDA 年比分別成長 3%。這一成長主要來自核心電子支付業務的持續成長，包括數位管道的強勁成長，但與去年相比，第四季度零售合作夥伴的促銷活動減少部分抵消了這一成長。不包括促銷活動，我們第四季的電子支付業務收入成長了8%，與2022 年第四季相比，營業收入和調整後EBITDA 分別成長了12%，凸顯了我們核心電子支付業務的持續強勁。

Epay margins came in a bit due to the mix of higher value promotional transactions in the fourth quarter of last year.

由於去年第四季出現了較高價值的促銷交易，Epay 利潤率上升。

Money Transfer fourth quarter revenue, adjusted operating income and adjusted EBITDA grew 7%, 27% and 20% respectively. This growth was the result of 8% growth in U.S. outbound transactions, 10% growth in international originated money transfers, which include 7% growth from Americas outside the U.S., 8% growth in transfers initiated largely in Europe, 20% growth in transfers initiated in the Middle East and Asia and 17% growth in XE transactions, partially offset by a 13% decline in intra U.S. business. These transaction growth rates include 20% growth in direct-to-consumer digital transactions.

Money Transfer 第四季營收、調整後營業收入和調整後 EBITDA 分別成長 7%、27% 和 20%。這一增長是由於美國出境交易增長 8%、國際匯款增長 10%（其中包括美國以外的美洲地區增長 7%、主要在歐洲發起的轉賬增長 8%、源自歐洲的轉賬增長 20%）中東和亞洲業務成長17%，XE 交易成長17%，但被美國內部業務下降13% 部分抵銷。這些交易成長率包括直接面向消費者的數位交易成長 20%。

Adjusted operating income and adjusted EBITDA growth also included effective expense management, producing the best operating margin in the past 3 years. Money transfer margins continued their improvement trends as driven by revenue growth and attentive expense management.

調整後營業收入和調整後 EBITDA 成長也包括有效的費用管理，創造了過去 3 年來最好的營業利潤率。在收入成長和細心的費用管理的推動下，匯款利潤率持續保持改善趨勢。

In conclusion, we are pleased to see growth across all segments, together with generally improving profit margins. Our fourth quarter growth trajectory and margin results position us nicely for a robust launch of 2024.

總之，我們很高興看到所有細分市場的成長，以及利潤率的普遍提高。我們第四季的成長軌跡和利潤率結果為我們在 2024 年的強勁推出奠定了良好的基礎。

With that, let's go to Slide 8 to make few comments about the balance sheet. Here on Slide 8, we present our year-end balance sheet compared to the prior quarter. As you can see, we ended the fourth quarter with more than $1.2 billion in unrestricted cash and debt of approximately $1.9 billion. The increase in unrestricted cash and cash equivalents is mainly due to cash generated from operations of $98 million, the return of $75 million in cash from our ATMs following the peak travel season and working capital fluctuations partially offset by $54 million in share repurchases and the issuance of a $60 million convertible note receivable.

接下來，讓我們轉到投影片 8 對資產負債表進行一些評論。在投影片 8 上，我們展示了與上一季相比的年末資產負債表。正如您所看到的，在第四季末我們擁有超過 12 億美元的非限制性現金和約 19 億美元的債務。非限制性現金和現金等價物的增加主要是由於營運產生的現金為 9,800 萬美元、旅遊旺季後從 ATM 返還的 7,500 萬美元現金以及營運資金波動被 5,400 萬美元的股票回購和發行部分抵消。 6,0000 萬美元的股票回購和發行部分抵消。萬美元的應收可轉換票據。

The increase in debt was largely due to borrowing on the revolving credit facility to facilitate payments across several currencies over the year-end. These borrowings were largely repaid immediately following year-end.

債務增加主要是由於透過循環信貸便利借款，以促進年底多種貨幣的支付。這些借款大部分在年底後立即償還。

Now let's go to Slide 10 for a few comments on the full year. For the full year 2023, we delivered record annual consolidated revenue of $3.7 billion, adjusted operating income of $432 million and adjusted EBITDA of $619 million. Adjusted EPS for the full year was $7.46, a 15% increase compared to the $6.51 for 2022.

現在讓我們轉到投影片 10，以了解對全年的一些評論。 2023 年全年，我們實現了創紀錄的年度合併收入 37 億美元，調整後營業收入為 4.32 億美元，調整後 EBITDA 為 6.19 億美元。全年調整後每股收益為 7.46 美元，比 2022 年的 6.51 美元增加 15%。

The full year results are largely in line with the fourth quarter. So I won't go through all the details again. However, I think it bears repeating that we are extremely pleased with the full year record revenue and adjusted earnings per share, driven by contributions from all 3 segments.

全年業績與第四季基本一致。所以我不會再講所有的細節。然而，我認為值得重申的是，在所有三個部門的貢獻的推動下，我們對全年創紀錄的收入和調整後每股收益感到非常滿意。

As we reflect on '23, we are pleased with the resilience of all 3 segments. In EFT, we saw transactions improve in the fourth quarter and even exceed travel trends. And our merchant acquiring business acquired in 2022 continued to exceed expectations.

當我們回顧 23 年時，我們對所有 3 個細分市場的彈性感到滿意。在電子轉帳中，我們看到第四季度的交易有所改善，甚至超過了旅行趨勢。 2022年我們收購的商家收單業務持續超出預期。

For epay, we produced continued growth in our core business especially in digital channels with more focus on expansion of our own products. In Money Transfer, we closed the year with another quarter of double-digit operating margin and continued to expand both our physical and digital networks. We are also continuing to build momentum in our digital initiatives as we sign more Ren and Dandelion deals.

對於epay來說，我們的核心業務尤其是數位管道持續成長，更加重視自有產品的擴張。在匯款方面，我們以又四分之一的兩位數營運利潤結束了這一年，並繼續擴展我們的實體和數位網路。隨著我們簽署更多 Ren 和 Dandelion 協議，我們也將繼續增強數位化計畫的勢頭。

As we explained in the third quarter, we expect our 2024 adjusted EPS growth to be in the 10% to 15% range. And while we feel confident with that range, you can rest assured that we are working hard to deliver earnings above the range. It has been another great year for Euronet, and with that, I'll turn it over to Mike, Slide 15, please.

正如我們在第三季所解釋的，我們預計 2024 年調整後每股盈餘成長將在 10% 至 15% 範圍內。雖然我們對該範圍充滿信心，但您可以放心，我們正在努力實現高於該範圍的收益。對 Euronet 來說，今年又是偉大的一年，接下來我將把投影片 15 交給 Mike。

Thanks, Rick, and thank you, everybody, for joining us today. I'll begin my comments on Slide 15, as Rick said. Well, let me just start out and say, wow, what a quarter. We delivered fourth quarter earnings ahead of our expectations, which you may recall was nicely ahead of the consensus expectations back in October. These results were driven by better-than-expected improvement in international cash withdrawals, solid growth in our core epay business and diligent expense management in both EFT and Money Transfer.

謝謝里克，謝謝大家今天加入我們。正如 Rick 所說，我將從幻燈片 15 開始發表評論。好吧，讓我先說，哇，多好的四分之一。我們第四季的獲利超出了我們的預期，您可能還記得，這遠遠超出了 10 月的普遍預期。這些績效的推動因素包括國際現金提款優於預期的改善、我們核心電子支付業務的穩健成長以及電子轉帳和匯款方面的嚴格費用管理。

The record fourth quarter results are a true testament to the product and geographic diversity of our business together with the attention of our management around the world. As we shared with you in the third quarter, nearly 2/3 of our earnings are generated from non-ATM related businesses.

創紀錄的第四季度業績真實證明了我們業務的產品和地理多樣性以及我們全球管理層的關注。正如我們在第三季與您分享的那樣，我們近 2/3 的收入來自非 ATM 相關業務。

Throughout our nearly 30-year history, we have focused on developing a network of access points, products and solutions that are secure, easy to use and enable customers to send and receive payments and access their money using their preferred method. This unique combination of our network, our product portfolio, technical solutions and geographic footprint differentiates us from our competition and allows us to weather even the most challenging economic shifts.

在我們近 30 年的歷史中，我們一直專注於開發安全、易於使用的接入點、產品和解決方案網絡，使客戶能夠使用自己喜歡的方式發送和接收付款以及訪問資金。我們的網路、產品組合、技術解決方案和地理足跡的獨特組合使我們在競爭中脫穎而出，並使我們能夠應對最具挑戰性的經濟變化。

As I reflect on 2023 and look forward to 2024, I do so with great optimism. Back last summer, the market was ready to write the obituary on cash. And, in turn, the entire EFT segment of our business. We believe the recovery of international card usage on our ATMs in the latter part of the third quarter and its continuation into the fourth quarter together with the third-party published data has put that subject to risk.

當我回顧 2023 年並展望 2024 年時，我非常樂觀。早在去年夏天，市場就已經準備好用現金寫訃聞了。反過來，我們業務的整個電子轉帳部分。我們認為，我們的 ATM 機上的國際卡使用量在第三季下半年有所恢復，並持續到第四季度，再加上第三方公佈的數據，使這一情況面臨風險。

And I can look forward to growth across all 3 segments in 2024 because of the momentum we gained in the fourth quarter along with several strong drivers that are in place, which include inflationary pressures are easy, while wages are growing as we look forward to the 2024 travel season.

我可以期待 2024 年所有 3 個細分市場的成長，因為我們在第四季度獲得的勢頭以及幾個強大的驅動因素，其中包括通膨壓力很容易，而工資正在增長，因為我們期待著2024 年旅遊旺季。

We see opportunities for pricing increases, particularly in the EFT segment. We have plans for expansion into new markets in all 3 segments and we will introduce new products and technology solutions to further diversify the business in this year. You will see examples of each of these as we go through the fourth quarter highlights.

我們看到了價格上漲的機會，特別是在電子轉帳領域。我們計劃在所有三個細分市場拓展新市場，並將在今年推出新產品和技術解決方案，以進一步實現業務多元化。當我們回顧第四季度的亮點時，您將看到其中每一個的範例。

Let's go to Slide #16, and I will update you on our international card trends in EFT. In the graph on the left, you can see that we have updated the slide we presented during our third quarter earnings call, with the update of international cards used on our ATMs versus Euro control data through the end of the year.

讓我們轉到投影片#16，我將向您介紹電子轉帳國際卡趨勢的最新情況。在左圖中，您可以看到我們更新了第三季財報電話會議期間展示的幻燈片，更新了 ATM 上使用的國際卡與年底的歐元控制數據。

At the end of the second quarter, the market's conclusion was clear that cash was dead, and therefore, so is our growth potential. More than a bit of an overreaction, when you agree -- at this time, we believe that our data together with the research data coming out of Europe showed that the shift was related to economic pressure on consumer spending in Europe, rather than an abrupt shift from cash to card.

第二季末，市場的結論很明確：現金已死，因此我們的成長潛力也已死。如果你同意的話，這不僅僅是一種過度反應——此時，我們相信我們的數據以及來自歐洲的研究數據表明，這種轉變與歐洲消費者支出的經濟壓力有關，而不是突然發生的。從現金轉向刷卡。

I'd like to remind you that over 80% of our international transactions are from Europeans traveling within Europe. So economic pressure on European customers is very, very relevant. During the third quarter, we saw the realignment between Eurocontrol travel data and the international card usage on our machines, which continued to improve as we move through the fourth quarter. In fact, our adjusted operating income grew 53% in the fourth quarter over the prior year and the main reason, international transaction growth.

我想提醒您，我們 80% 以上的國際交易來自在歐洲境內旅行的歐洲人。因此，歐洲客戶面臨的經濟壓力非常非常重要。在第三季度，我們看到 Eurocontrol 旅行數據和我們機器上的國際卡使用情況之間的重新調整，隨著第四季度的推移，這種情況持續改善。事實上，我們在第四季度調整後的營業收入比去年同期成長了 53%，主要原因是國際交易成長。

We know that the most popular question that we will be asked today is what we expect for 2024's travel spend. And while it is difficult to predict the future exactly, we have some research to try to get a feel for what to expect on the economic data, which is available.

我們知道，今天我們最常被問到的問題是我們對 2024 年旅行支出的預期。雖然很難準確預測未來，但我們進行了一些研究，試圖了解現有經濟數據的預期。

In the graph on the right, you can see that in late 2022 or early 2023 inflation peaked in Europe, largely in line with higher fuel prices, driven by the war in Ukraine, while salary per employee significantly lagged that inflation. This resulted in less discretionary income when traveling. The graph also shows that in 2024, it is expected that wages will catch up to and past inflation, which will ease the pressure on consumer spending.

在右圖中，您可以看到歐洲的通膨在 2022 年底或 2023 年初達到頂峰，這在很大程度上與烏克蘭戰爭推動的燃油價格上漲一致，而員工人均工資則明顯滯後於通膨。這導致旅行時的可自由支配收入減少。該圖還顯示，到2024年，預計薪資將趕上並超過通膨率，這將緩解消費者支出的壓力。

Additionally, in the most recent overview, Eurocontrol expects that (inaudible) reach 98% of pre-COVID levels in 2024, another positive indicator of improving trends.

此外，在最近的概述中，歐洲空中安全組織 (Eurocontrol) 預計（聽不清楚）到 2024 年將達到新冠疫情前水準的 98%，這是趨勢改善的另一個積極指標。

Finally, and perhaps most importantly, in an update to the consumer behavior survey that we showed you in the second quarter of last year, 71% of European survey today say that they will increase or maintain their travel budget going into 2024. This further supports our optimism for the upcoming travel season since this is the opposite of the same survey done in June of last year, where 2/3 of the respondents said they were going to decrease their travel spend during 2023.

最後，也許也是最重要的一點是，在我們去年第二季度向您展示的消費者行為調查的更新中，今天71% 的歐洲調查表示，他們將在2024 年之前增加或維持旅行預算。這進一步支持了我們對即將到來的旅行季節持樂觀態度，因為這與去年 6 月進行的同一調查相反，當時 2/3 的受訪者表示他們將在 2023 年減少旅行支出。

At the beginning of last year, we were facing inflation led by rising energy costs, increased living expenses and travel costs were on the rise, while wage increases lagged. All indicators now are pointing to easing inflation, lower travel costs and improving wage trends, which together with our new market expansion and product diversification really drive our optimistic outlook for 2024.

去年年初，我們面臨能源成本上漲導致的通貨膨脹，生活費用增加，出行費用不斷上漲，但薪資成長卻落後。現在所有指標都顯示通膨有所緩解、旅行成本降低和工資趨勢改善，再加上我們新的市場擴張和產品多元化，確實推動了我們對 2024 年的樂觀前景。

Now let's go on to Slide 17 and we'll talk more about the specific EFT highlights. Now that we've discussed the macroeconomic travel trends, let's talk about how we've continued to grow and expand our EFT business. Our EFT business rebounded from a third quarter where we saw a 15% year-over-year decline in operating income to an increase of 53% in the fourth quarter when compared to the prior year. The key drivers of the rebound work and increase in our most profitable international transactions compared to the prior year, an increase in merchant acquiring of 15% compared to Q4 2022, and continued expansion into new markets. The growth is made possible by our continued focus on diversifying our business by expanding our market presence and product portfolio.

現在讓我們繼續看幻燈片 17，我們將更多地討論具體的 EFT 亮點。現在我們已經討論了宏觀經濟旅行趨勢，接下來我們來談談我們如何繼續發展和擴展我們的電子轉帳業務。我們的電子轉帳業務從第三季營業收入年減 15% 反彈至第四季年增 53%。反彈的關鍵驅動因素是我們最有利可圖的國際交易量與上一年相比有所增加、商家收購量與 2022 年第四季相比增加了 15%，以及持續擴張到新市場。我們持續專注於透過擴大市場佔有率和產品組合來實現業務多元化，從而實現了這一成長。

This quarter, we were able to achieve this by the launch of a new independent ATM network in Mexico, our first ATM network in Latin America. We also expanded into Belgium, our 32nd market in Europe. With these 2 additions, we now have Euronet ATM networks in 38 countries on 3 continents. Additionally, we signed an agreement with GoTyme Bank to provide ATM managed services, one of the largest and the fastest growing digital banks in the Philippines.

本季度，我們透過在墨西哥推出新的獨立 ATM 網路實現了這一目標，這是我們在拉丁美洲的第一個 ATM 網路。我們也擴展到了比利時，這是我們在歐洲的第 32 個市場。憑藉這兩項新增功能，我們現在在 3 大洲 38 個國家/地區擁有 Euronet ATM 網路。此外，我們還與 GoTyme Bank 簽署了一項協議，提供 ATM 託管服務，該銀行是菲律賓最大且發展最快的數位銀行之一。

Moreover, you may recall that during the second quarter, we signed a cardless cash withdrawal agreement with the Bank of the Philippine Islands that we have now launched. This provides more convenient and secure access to cash for our customers in the Philippines.

另外，大家可能還記得，第二季我們和菲律賓群島銀行簽署了無卡取現協議，現在我們已經推出了。這為我們在菲律賓的客戶提供了更方便、更安全的現金取得方式。

Finally, building upon our successful ATM deposit network in Poland, which last year crossed that $7 billion in deposits. We signed a network participation agreement with Raiffeisen Bank in Romania. This network provides additional flexibility for both merchants and consumers to convert physical cash to digital money.

最後，以我們在波蘭成功的 ATM 存款網路為基礎，該網路去年的存款額突破了 70 億美元。我們與羅馬尼亞Raiffeisen銀行簽署了網路參與協議。該網路為商家和消費者將實體現金轉換為數位貨幣提供了額外的靈活性。

We entered 2024 with the momentum of the last half of 2023, along with new opportunities. Recent improvements in the domestic surcharge or interchange in Poland, Romania, Denmark and the Netherlands, growth recently entered new markets, outsourcing opportunities that we see all over the place, and improving travel trends. Hopefully, you will recognize the momentum that reduced these record fourth quarter results, and more importantly, can feel as I do that the continuation of this momentum going into 2024 and the optimism that brings to us. And let's not forget, as we have said many times before, all of this is made possible by utilizing the power of our Ren platform.

我們帶著2023年下半年的動能和新的機會進入2024年。波蘭、羅馬尼亞、丹麥和荷蘭的國內附加費或轉乘費最近有所改善，最近進入新市場的成長，我們隨處可見的外包機會，以及旅行趨勢的改善。希望您能認識到導致第四季度創紀錄業績下降的勢頭，更重要的是，您能像我一樣感受到這種勢頭在 2024 年的延續以及給我們帶來的樂觀情緒。我們不要忘記，正如我們之前多次說過的，所有這一切都是透過利用我們的 Ren 平台的力量來實現的。

Next slide please. Now let's discuss our ATM estate. As we discussed in the third quarter with travel at over 90% of 2019 levels, we took a hard look at the profitability of each of our ATMs. This resulted in the removal of approximately 1,300 ATMs in the fourth quarter. Throughout 2024, we expect to see increased profitability and cost savings as we remove and reallocate -- relocate unprofitable ATM locations.

請下一張投影片。現在讓我們討論一下我們的 ATM 資產。正如我們在第三季度討論的那樣，旅行比例超過 2019 年水平的 90%，我們認真審視了每台 ATM 的盈利能力。這導致第四季約 1,300 台 ATM 被拆除。在整個 2024 年，隨著我們拆除和重新分配不盈利的 ATM 地點，我們預計盈利能力將會提高，成本也會節省。

We expect to see a temporary net reduction in our installed ATMs, which will result in slightly less revenue but an increase in profits and margins. As we move into 2024, we will continue to remove unprofitable ATMs, many of which will be redeployed into new profitable locations.

我們預計已安裝的 ATM 數量將暫時淨減少，這將導致收入略有減少，但利潤和利潤率會增加。進入 2024 年，我們將繼續拆除不盈利的 ATM，其中許多將重新部署到新的盈利地點。

As we build on the momentum of the fourth quarter, our plan is to deploy between 3,000 and 3,500 new ATMs for 2024. So to make it simple, we expect the net impact of this ATM optimization will be improved profit margins for EFT in 2024.

在第四季的勢頭基礎上，我們計劃在 2024 年部署 3,000 至 3,500 台新 ATM。簡單來說，我們預計此次 ATM 優化的淨影響將是提高 2024 年 EFT 的利潤率。

Now let's discuss epay. In the market, epay is well known as a leading distributor of mobile top-up and prepaid branded content. However, for those of you that have been following epay for a while, you've heard us discuss the significant investment we're making to expand our business offering. By leveraging our world-class technology, we've become a leading solutions provider to our existing retail and content partners around the world.

現在我們來討論一下epay。在市場上，epay 是眾所周知的行動儲值和預付費品牌內容的領先分銷商。然而，對於那些已經關注 epay 一段時間的人來說，您已經聽到我們討論了我們為擴大業務範圍而進行的重大投資。透過利用我們世界一流的技術，我們已成為全球現有零售和內容合作夥伴的領先解決方案提供者。

More specifically, our solutions enable customers to purchase the branded services they enjoy in the manner that's most convenient to them. For example, this quarter, we launched Google Workspace at Curry, a large U.K. electronics retailer. Google is leveraging epay's issuing platform called Conductor, which provides an end-to-end service ranging from balanced management, transaction processing, life cycle management and distribution. The sales pipeline for our issuing service is growing and we're excited about its potential.

更具體地說，我們的解決方案使客戶能夠以最方便的方式購買他們享受的品牌服務。例如，本季度，我們在英國大型電子零售商 Curry 推出了 Google Workspace。谷歌正在利用epay的發行平台Conductor，該平台提供從均衡管理、交易處理、生命週期管理和分發等端到端的服務。我們發行服務的銷售管道正在成長，我們對其潛力感到興奮。

Additionally in Brazil, we launched an online gift card marketplace for Nubank, the largest fintech bank in Latin America. We also introduced a similar offering for the popular Google Pay wallet in India. These are demanding partners and these launches highlight the global scalability and versatility of our technology.

此外，我們在巴西為拉丁美洲最大的金融科技銀行 Nubank 推出了線上禮品卡市場。我們也為印度流行的 Google Pay 錢包推出了類似的產品。這些都是要求嚴格的合作夥伴，這些產品的推出凸顯了我們技術的全球可擴展性和多功能性。

We also continue to expand our core distribution business into new markets, which I would like to reiterate, grew at a healthy double-digit rate. During the quarter, we signed an agreement with Google Play, to launch prepaid credits into Vietnam, a new high potential market with 65% penetration of Android-based phones. With a population of nearly 100 million people, Vietnam is positioned as one of the top 3 South Asian gaming markets in terms of revenue and ranked second in terms of gamer population size.

我們也繼續將我們的核心分銷業務擴展到新市場，我想重申的是，該業務以健康的兩位數速度成長。本季度，我們與 Google Play 簽署了一項協議，向越南推出預付費積分，這是一個新的高潛力市場，Android 手機的滲透率達到 65%。越南有近億人口，以收入計算是南亞三大遊戲市場之一，以遊戲玩家規模計算排名第二。

I am extremely proud of the technology and product advancements our epay team has created. They continue to stay ahead of the market in order to provide our brand and retail partners, competitive advantages in the ever-changing payment landscape. And I am excited to take this momentum into 2024.

我對我們 epay 團隊創造的技術和產品進步感到非常自豪。他們繼續保持市場領先地位，以便為我們的品牌和零售合作夥伴在不斷變化的支付環境中提供競爭優勢。我很高興能夠將這一勢頭帶入 2024 年。

With that, let's go to Money Transfer. Slide #20. As I mentioned earlier, we had contributions from all 3 segments. Money Transfer's contribution included back-to-back quarters of operating income and adjusted EBITDA growth of 20% or better. We accomplished this strong growth and profit while we continue to invest in our network, which now has expanded to an impressive 4.1 billion bank accounts and over 2 billion wallet accounts with 580,000 physical locations across 198 countries and territories.

有了這個，讓我們進入匯款。幻燈片#20。正如我之前提到的，我們從所有 3 個部門都做出了貢獻。 Money Transfer 的貢獻包括連續幾季的營業收入和調整後 EBITDA 成長 20% 或更高。我們在繼續投資網路的同時實現了強勁的成長和利潤，該網路現已擴展到令人印象深刻的41 億個銀行帳戶和超過20 億個錢包帳戶，在198 個國家和地區擁有580,000 個實體位置。

For 2023, we launched 97 correspondent banks and payment partners, 43% more than we activated in the previous year. In the fourth quarter alone, we launched 29 new correspondents in 25 countries, which was our best quarter of the year, which now represents -- which gives us strong momentum as we enter 2024.

2023 年，我們啟動了 97 家代理銀行和支付合作夥伴，比前一年增加了 43%。僅在第四季度，我們就在 25 個國家設立了 29 名新通訊員，這是我們今年表現最好的季度，這為我們進入 2024 年提供了強勁動力。

The bottom line is that our network is the most strategic real-time payments network in the world, in terms of its geographic reach and how it encourages financial participation by enabling people to pay how they want to pay using cash or digital options and allows their beneficiary to receive money how they want to, either cash or digital.

底線是，我們的網絡是世界上最具戰略意義的即時支付網絡，就其地理覆蓋範圍而言，以及它如何通過使人們能夠使用現金或數位選項進行他們想要的支付方式來鼓勵金融參與，並允許他們受益人可以按照自己的意願接收資金，無論是現金還是數位形式。

Our ability to expand the network over the years has led to our growth and it continues to unlock growth opportunities not only for our traditional money transfer business but also for our Dandelion customers.

多年來我們擴展網路的能力促進了我們的發展，並且繼續為我們的傳統匯款業務以及我們的 Dandelion 客戶釋放成長機會。

For example, while account deposit growth rates have surpassed cash pickup for many years, principal transfer to digital accounts represented only 20% of our total volume by the end of 2019 compared to 39% in the last quarter. That's basically doubling and the growth rates for account deposit accelerated sharply in 2023 at a 34% rate versus 17% in 2022, another doubling.

例如，雖然帳戶存款成長率多年來一直超過現金提取，但截至 2019 年底，轉移到數位帳戶的本金僅占我們總交易量的 20%，而上一季為 39%。這基本上翻了一番，2023 年帳戶存款成長率大幅加快，達到 34%，而 2022 年為 17%，又增加了一倍。

While our bank deposit reach extends to countries comprising nearly 95% of the world's GDP, we spent the last 4 years expanding the product offerings of our network by extending our real-time account deposit reach to more than 60% of the world's GDP and adding consumer and business payment capabilities to over 92% of the world's GDP.

雖然我們的銀行存款覆蓋範圍已擴展到佔全球 GDP 近 95% 的國家，但我們在過去 4 年裡透過將即時帳戶存款覆蓋範圍擴大到佔全球 GDP 的 60% 以上並增加消費者和企業支付能力佔全球GDP 的92% 以上。

As I mentioned last quarter, we spent some effort and money revising our marketing strategy to position ourselves for substantial customer acquisition and more efficient deployment of marketing dollars. These efforts have led to an acceleration in our digital growth, while it's still relatively early in this journey, I can report that we've seen 3 months of record digital customer acquisitions through January, each month surpassing the previous month.

正如我上季度提到的，我們花了一些精力和金錢來修改我們的行銷策略，以便為自己定位以獲取大量客戶並更有效地部署行銷資金。這些努力加速了我們的數位化成長，雖然目前還處於這一旅程的相對早期階段，但我可以報告說，截至1 月份，我們的數位化客戶獲取量已連續3 個月創紀錄，每個月都超過了上個月。

We've also seen improvements in customer satisfaction and retention. And perhaps most importantly, our digital channel is profitable and with expanding bottom line margins, gives us room to pivot into investment opportunities as they arrive.

我們也看到客戶滿意度和保留率有所提高。也許最重要的是，我們的數位管道是有利可圖的，並且利潤率不斷擴大，為我們提供了在投資機會到來時轉向的空間。

When I think about the opportunities ahead for Ria and XE, perhaps none is greater than geographic expansion. Ria and XE have licenses to send money in markets that represent approximately 63% of the global market.

當我思考 Ria 和 XE 未來的機會時，也許沒有什麼比地域擴張更大的機會了。 Ria 和 XE 擁有在佔全球市場約 63% 的市場進行匯款的許可。

Geographic expansion is something our teams evaluate constantly considering both organic and M&A and other avenues. We have eyes on additional markets that over time would expand our addressable market by 38% to 86% of the global sand market. While many of these markets are not imminent, expansion into several of these markets is underway by actionable plans that are in flight.

我們的團隊不斷評估地域擴張，考慮有機、併購和其他途徑。我們著眼於其他市場，隨著時間的推移，這些市場將把我們的目標市場擴展到全球沙子市場的 38% 至 86%。雖然其中許多市場並非迫在眉睫，但正在透過可行的計劃向其中一些市場擴張。

As we entered 2024, I'm excited about our money transfer growth prospects and we expect to continue to outpace market growth. We have steadily taken market share from the competition over the years. And given the momentum built coming out of 2023, I'm optimistic as ever that our Money Transfer segment will continue to elevate itself to the top of the list.

進入 2024 年，我對我們的匯款成長前景感到興奮，我們預計將繼續超過市場成長。多年來，我們在競爭中穩步佔據市場份額。鑑於 2023 年形成的勢頭，我一如既往地樂觀地認為我們的匯款業務將繼續躋身榜首。

And now let's turn to the next slide to discuss another money transfer business, our Dandelion network. Slide 21. Throughout the quarter, our Dandelion customers continue to harness the power of our money transfer network. The strong growth is attributed to our network ongoing enhancement, particularly in terms of mobile wallet coverage, which now spans as I told you before, 2 billion wallet accounts.

現在讓我們轉到下一張投影片來討論另一項匯款業務，也就是我們的蒲公英網路。投影片 21。整個季度，我們的 Dandelion 客戶繼續利用我們匯款網路的力量。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，正如我之前告訴過你的，現在已經覆蓋了 20 億個錢包帳戶。

As you can see on this Slide #21, this fourth quarter was our most successful quarter to date signing new customers. These signings were made possible because of the strength of our network. As I remind everyone, Dandelion is a network as a service. We signed several key agreements this quarter including an exciting agreement with Commonwealth Bank in Australia. Commonwealth is the largest bank in Australia with $831 billion in assets and 17 million customers. Commonwealth was attracted to Dandelion's value proposition due to a desire to compete more effectively for the outbound payments flow from Australia.

正如您在投影片 #21 中所看到的，第四季是我們迄今為止簽約新客戶最成功的季度。由於我們網路的強大，這些簽約成為可能。我提醒大家，Dandelion 是一種網路即服務。本季度我們簽署了幾項重要協議，包括與澳洲聯邦銀行達成的一項令人興奮的協議。聯邦銀行是澳洲最大的銀行，擁有 8,310 億澳元的資產和 1,700 萬客戶。由於希望更有效地競爭澳洲的對外支付流，Commonwealth 被 Dandelion 的價值主張所吸引。

Another impressive agreement signed during the quarter is for PingPong. One of the first and the largest China-based cross-border digital payment providers with transaction volume of $18 billion. PingPong has partnered with 100-plus major e-commerce platforms, website operators and cross border ecosystem service providers, which include Amazon, eBay, Walmart, Wish, Shoppe, Shopify and Rakuten. With these agreements, Dandelion continues to bolster our global presence and real-time digital payment capabilities.

本季簽署的另一項令人印象深刻的協議是 PingPong。中國最早也是最大的跨境數位支付提供者之一，交易額達180億美元。 PingPong已與100多家主要電商平台、網站營運商和跨境生態系統服務供應商合作，包括亞馬遜、eBay、沃爾瑪、Wish、Shoppe、Shopify和樂天。透過這些協議，Dandelion 繼續增強我們的全球影響力和即時數位支付能力。

Let's go to the next slide, and I'll briefly give you an update on our Ren development. Slide 22. As you all know, Ren is the technology backbone that powers diverse businesses at Euronet. It has proven to support different use cases, whether it is routing cash, withdrawal transactions to the card scheme, issuing prepaid cards for global brand or routing or routing remittance transactions through the real-time payment rails of a country into a consumer's bank account.

讓我們轉到下一張投影片，我將簡要地向您介紹 Ren 開發的最新情況。幻燈片 22。眾所周知，Ren 是為 Euronet 多元化業務提供動力的技術支柱。事實證明，它支援不同的用例，無論是將現金、提款交易路由到卡計劃，為全球品牌發行預付卡，還是透過一個國家的即時支付通道將匯款交易路由或路由到消費者的銀行帳戶。

We believe Ren is well positioned to allow banks, fintechs and governments to keep pace with the ever-changing environment across the world of card-based and now account-based payments. We started our go-to-market strategy in the emerging markets of Asia and Africa, where we secured marquee wins with players like Standard Charter Bank, Grab Bank of the Philippine Islands, and we are now expanding our presence into these accounts by supporting new use cases and new market expansions of these clients.

我們相信，Ren 處於有利地位，可以讓銀行、金融科技公司和政府跟上全球基於卡片和現在基於帳戶的支付環境不斷變化的步伐。我們在亞洲和非洲的新興市場啟動了進入市場策略，在這些市場中，我們贏得了渣打銀行、菲律賓群島 Grab 銀行等銀行的青睞，現在我們正在透過支持新客戶來擴大我們在這些帳戶的業務。這些客戶的用例和新市場擴張。

As an example, we added additional functionality to the Bank of the Philippine Islands real-time payments implementation by launching person-to-merchant services on the bank's wallet and mobile banking app. Additionally, in Malaysia, we launched Grab's Digital Bank, there is second digital bank in market after Singapore. Grab, as you may know, is Asia's leading super app providing everyday services like mobility, deliveries and financial services.

例如，我們透過在菲律賓群島銀行的錢包和行動銀行應用程式上推出個人對商家服務，為菲律賓群島銀行的即時支付實施添加了額外的功能。此外，在馬來西亞，我們推出了 Grab 數位銀行，這是繼新加坡之後市場上第二家數位銀行。如您所知，Grab 是亞洲領先的超級應用程序，提供出行、送貨和金融服務等日常服務。

As part of their financial services vertical, they launched digital banks in these 2 countries. Their goal is to convert their super app users to banking clients by accepting deposits and making loans. Grab selected Ren as their SaaS-based issuer processing platform for both markets. Additionally, following a very successful first phase of the project with SIMO in Mozambique, we are expanding our relationship with them by building a national QR code system to power daily micro payments.

作為金融服務垂直領域的一部分，他們在這兩個國家推出了數位銀行。他們的目標是透過接受存款和發放貸款將超級應用程式用戶轉變為銀行客戶。 Grab 選擇 Ren 作為面向這兩個市場的基於 SaaS 的發行人處理平台。此外，繼莫三比克 SIMO 計畫第一階段非常成功之後，我們正在透過建立一個國家二維碼系統來支持日常小額支付，從而擴大與他們的關係。

As part of the geographic expansion of Ren into new markets, we have entered into the Americas region and continue to see strong interest in our Ren technology from banks and processors in South America as evidenced by the deals that we have announced and signed in the previous quarter.

As part of the geographic expansion of Ren into new markets, we have entered into the Americas region and continue to see strong interest in our Ren technology from banks and processors in South America as evidenced by the deals that we have announced and signed in the previous四分之一.

Initial interactions with prospects in the United States are also very positive. We are excited about the modern cloud native technology that we are offering to banks and financial institutions in the U.S. to help them modernize and keep pace with a rapidly changing payments landscape.

與美國潛在客戶的初步互動也非常積極。我們對向美國的銀行和金融機構提供的現代雲端原生技術感到興奮，以幫助他們現代化並跟上快速變化的支付環境。

Now let's go on to Slide 23 to wrap up the quarter. As I conclude my remarks, I am proud of Euronet's results for the fourth quarter and the full year. What a quarter. Adjusted EPS of $1.88, a 35% over the prior year fourth quarter. And here's why I'm optimistic about 2024. First, delivering a momentum, driving record fourth quarter results across all financial metrics.

現在讓我們繼續看投影片 23 來總結本季。在我結束演講時，我對 Euronet 第四季和全年的業績感到自豪。多麼四分之一。調整後每股收益為 1.88 美元，比去年第四季成長 35%。這就是我對 2024 年持樂觀態度的原因。首先，提供動力，推動所有財務指標創紀錄的第四季業績。

Second, the inflationary pressures, which impacted EFT in 2022 and 2023 appear to be easy, which together with improving in wages will increase discretionary travel spend. Third, we continue to diversify our business as about 2/3 of our adjusted EBITDA comes from outside ATM transactions. Fourth, epay is becoming a solutions provider, delivering double-digit operating income and adjusted EBITDA growth in its core business.

其次，2022 年和 2023 年影響電子轉帳的通膨壓力似乎很容易，再加上薪資的提高，將增加可自由支配的旅遊支出。第三，我們持續實現業務多元化，調整後的 EBITDA 約 2/3 來自 ATM 外部交易。第四，epay正在成為解決方案提供商，其核心業務實現了兩位數的營業收入和調整後的EBITDA成長。

Next, Money Transfer enters 2024 finishing 2023 with back-to-back quarters of operating income and adjusted EBITDA growth at or above 20%.

接下來，Money Transfer 進入 2024 年，並在 2023 年結束時，連續幾季的營業收入和調整後 EBITDA 成長率達到或超過 20%。

Finally, all segments of our business are driving growth, both revenue and in profit. These are tangible reasons for optimism as we launch 2024. So how does this influence our expectations for 2024. As we mentioned in the third quarter, we will provide full year earnings guidance rather than quarterly guidance. For 2024, we expect adjusted EPS and earnings growth in the 10% to 15% range. But as Rick said, we are driving the business to produce even better results than that. With that, we'd be happy to take questions. Operator, will you please assist?

最後，我們業務的所有部門都在推動收入和利潤的成長。這些都是我們在 2024 年啟動時感到樂觀的實際理由。那麼這將如何影響我們對 2024 年的預期。正如我們在第三季度提到的，我們將提供全年收益指引，而不是季度指引。 2024 年，我們預計調整後每股盈餘和獲利成長在 10% 至 15% 範圍內。但正如里克所說，我們正在推動業務取得比這更好的成果。這樣，我們很樂意回答問題。接線員，您能幫忙嗎？

(Operator Instructions) Our first question comes from the line of Pete Heckmann from D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Pete Heckmann。戴維森。

In terms of your ATM footprint review, you talked about 3,000 to 3,500 deployments in 2024 was your target. I guess, what are you thinking as a net number in terms of what additional units you target it. Does that include units that are removed and then redeployed or I'm trying to think about...

在 ATM 足跡審查方面，您談到 2024 年部署 3,000 到 3,500 台是您的目標。我想，就您的目標額外單位而言，您認為淨數字是多少。這是否包括被移除然後重新部署的單位，或者我正在考慮...

So kind of how we look at it is we see 3,000 to 3,500 new opportunities for new sites for ATM and then we will also continue to call our network. Remember, we didn't until just recently get back to -- you might say, the travel volume that we had in 2019. So we were a little bit hesitant to just take out tons of ATMs before we knew how many travelers would really be there and if the sites are still good based upon travel changes and so forth.

我們的看法是，我們看到 ATM 新站點有 3,000 到 3,500 個新機會，然後我們也將繼續呼叫我們的網路。請記住，我們直到最近才回到——你可能會說，我們 2019 年的旅行量。因此，在我們知道到底有多少旅客之前，我們有點猶豫是否要拿出大量 ATM 機根據旅行變化等，這些網站是否仍然良好。

So we took out those ATMs, a bit over 1,000 ATMs in the fourth quarter. We'll probably take out another 1,000, maybe even -- somewhere between 1,000 and 2,000 this year. But outside of that, we will place 3,000 to 3,500 new ones.

因此，我們取消了這些 ATM，第四季的 ATM 數量略多於 1,000 台。今年我們可能還會再抽出 1,000 個，甚至可能是 1,000 到 2,000 個。但除此之外，我們還將放置 3,000 到 3,500 個新的。

Okay. Okay. And then I just wanted to ask, I don't -- I wouldn't assume this is a super significant exposure. But I'm sure you've seen what's going on with Paytm in India. And I guess, what is your read on that? What would be your exposure to Paytm? And is it your impression that to the extent the regulators shut that down, that consumers would just move to one of the other global wallets?

好的。好的。然後我只是想問，我不認為這是超級重大的曝光。但我相信您已經了解 Paytm 在印度的情況。我想，你對此有何看法？您對 Paytm 的敞口有多大？您是否認為，如果監管機構將其關閉，消費者就會轉向其他全球錢包之一？

That's exactly what would happen, if it happened, but I do kind of find it hard to believe that so for large that they would be shut down. So -- but the deal is we have every single wallet in India. And so you just see the volumes move across.

如果真的發生了，那確實會發生，但我確實很難相信他們會被關閉。所以——但問題是我們擁有印度的每一個錢包。所以你只會看到體積移動。

Makes sense. All right.

說得通。好的。

And a little aside from the people that I talked to, a whole lot of people in India have more than one wallet already on their phone. So it wouldn't even be that big challenge shift.

除了我採訪過的人之外，很多印度人的手機上已經有不只一個錢包了。所以這甚至不會是那麼大的挑戰轉變。

That makes sense.

這就說得通了。

Our next question will come from the line of Darrin Peller from 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)。

Travel seems to be driving still about 1/3 of EBITDA when we look at the numbers. And Mike, when looking out a few years, this is a little bit of a bigger picture question, but just considering the growth drivers, many of which you went through a little less cyclical or less tied to travel perhaps. If you could just give us a sense of what you would expect the mix to look like? When you think of EFT also growing still or resuming growth at a rate that's pretty healthy. What kind of contribution do you think the business is going to see from travel related in a couple of years? And to the best of your knowledge, I mean, EFT is also going to grow well, I would imagine. So maybe if you factor that into?

從這些數字來看，旅遊業似乎仍佔 EBITDA 的約 1/3。麥克，展望未來幾年，這是一個更大的問題，但只要考慮到成長動力，其中許多動力的周期性或與旅行的聯繫可能不太緊密。您能否讓我們了解一下您期望的混音是什麼樣子？當你想到電子轉帳也在以相當健康的速度成長或恢復成長時。您認為幾年後旅遊相關業務將為業務帶來什麼樣的貢獻？據您所知，我的意思是，我想，EFT 也將發展得很好。那也許如果你把它考慮進去呢？

Well, it's hard to know which one of our segments will grow the fastest and once you get to steady state. But what is real is that this year, we're going to finally get to the point where we kind of got our full legs underneath this with respect to travel and spend. And so once that's there, I mean you just look at the opportunities we have in EFT, it will be a fast grower. And so the 3 divisions and the other opportunities with Ren and Dandelion are all fighting to try to keep up. I mean it's going to be a healthy race to see who grows the fastest, but we're really excited about every one of our endeavor.

好吧，一旦達到穩定狀態，很難知道我們的哪個細分市場將會成長最快。但現實是，今年，我們最終將在旅行和消費方面全力以赴。因此，一旦實現，我的意思是，只要看看我們在 EFT 中擁有的機會，它將成為一個快速成長的國家。因此，3 個部門以及 Ren 和 Dandelion 的其他機會都在努力跟上。我的意思是，這將是一場健康的競賽，看看誰成長最快，但我們對我們的每項努力都感到非常興奮。

Darrin, I would add that if you look at our history, all of our businesses have consistent, very good, strong growth rates, either at or near double-digit growth rates. We don't have a bias for growth. We have a culture for growth. And so we take a look at what the opportunities are around the world, we see continued expansion for all 3 of our segments. So while we might see some different rates of growth out of each of the segments as we execute our plans, we've got a very consistent history of double-digit or near double-digit growth from all 3 segments. And we see that the opportunities to continue that around the world remain as attractive, if not more attractive as we go forward.

達林，我想補充一點，如果你看看我們的歷史，我們所有的業務都有一致、非常好的、強勁的成長率，要么達到或接近兩位數的成長率。我們對成長沒有偏見。我們擁有促進成長的文化。因此，我們著眼於世界各地的機會，我們看到我們所有 3 個細分市場都在持續擴張。因此，雖然在執行計劃時我們可能會看到每個細分市場的成長率有所不同，但我們所有三個細分市場都有非常一致的兩位數或接近兩位數成長的歷史。我們看到，在我們前進的過程中，在世界各地繼續這樣做的機會仍然具有吸引力，甚至更有吸引力。

Okay. I'm just trying to figure out the cyclicality of the business going forward.

好的。我只是想弄清楚未來業務的周期性。

So cyclicality we really -- when you look at seasonal cyclicality, we're always going to have that because travelers mostly traveling Q2 and Q3. But with respect to kind of the macro changes, now that we're getting travel back, I don't think we're going to see cyclicality after that.

因此，當你考慮季節性週期性時，我們確實會遇到週期性，因為旅行者主要在第二季和第三季旅行。但就宏觀變化而言，既然我們正在恢復旅行，我認為此後我們不會看到週期性。

As Rick said, all 3 segments have histories of very strong growth and that's why we're kind of looking for now that we -- like I said, we got the travel stuff strengthened out. We're really excited that where we are. Remember, in 2019, 58% of our EBITDA was in the EFT segment. It was all ATMs, okay? And now it's all -- we've got diversity as our key -- and now that's just 1/3 of our business, while the other businesses have grown markedly over the last several years. So that's what gives us the optimism.

正如里克所說，所有三個細分市場都有非常強勁的成長歷史，這就是為什麼我們現在正在尋找——就像我說的那樣，我們加強了旅遊業務。我們對我們所處的位置感到非常興奮。請記住，2019 年，我們 58% 的 EBITDA 屬於 EFT 部分。都是 ATM 機，好嗎？現在就是了——我們把多元化作為關鍵——現在這只是我們業務的 1/3，而其他業務在過去幾年裡有了顯著增長。這就是讓我們感到樂觀的原因。

Mike, what percentage of your new ATM deployments are going to be outside of Europe? And I mean, I know we saw the Belgium and Mexico additions also if you can help us size impacts or deployment time lines there?

麥克，您的新 ATM 部署中有多少百分比將部署在歐洲以外？我的意思是，我知道我們也看到了比利時和墨西哥的新增內容，如果您能幫助我們衡量那裡的影響或部署時間表？

Yes, probably half or so.

是的，大概一半左右。

Okay. Good. So it truly is, I mean, getting a lot more diverse. And a lot of that is Asia also, the APAC areas you had started...

好的。好的。我的意思是，它確實變得更加多樣化。其中很多也是亞洲，你已經開始的亞太地區...

Asia, North Africa and now south of our border. And I'd like to remind you those ATMs that we're putting outside of Europe are probably twice as profitable as the ones in Europe. And the reason is, because there's card access or acceptance all over Europe for most all of your spend. You just need a little bit of cash to get buy in Europe. You don't need a lot -- but in these other markets, they're primarily cash-based markets. So good luck having lunch with a card. You've got to go -- you've got to use cash. And so that's why those ATMs are so much busier.

亞洲、北非，現在是我們邊境以南。我想提醒您，我們在歐洲以外設置的那些 ATM 機的利潤可能是歐洲境內的 ATM 機的兩倍。原因是，歐洲各地都可以使用銀行卡支付您的大部分支出。您只需要一點現金即可在歐洲購買。你不需要太多——但在這些其他市場中，它們主要是基於現金的市場。祝你用卡吃午餐好運。你必須走——你必須使用現金。這就是為什麼這些自動櫃員機如此繁忙。

Our next question will come from the line of Andrew Jeffrey from 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)。

I appreciate you taking the question. Mike, I wanted to ask you about Money Transfer. That's pretty impressive agent growth. So I guess just starting out, is Ria Euronet now the largest agent network in the world, just want to kind of level set?

我很感謝你提出這個問題。麥克，我想問你關於匯款的問題。這是非常令人印象深刻的代理商成長。所以我想剛開始，Ria Euronet 現在是世界上最大的代理網絡，只是想設定一個等級嗎？

We believe so, yes. And when you look at -- well, I don't know if you call it agent growth, we'll just say point growth because we have agents on the send side and then we have others -- and then we have payout correspondence on the other side. And including with those -- in addition to the correspondence, which were typically like banks or big retailers in some of these markets.

我們相信是的。當你看時 - 嗯，我不知道你是否稱之為代理增長，我們只會說點增長，因為我們在發送端有代理，然後我們還有其他代理 - 然後我們有支付對應另一邊。除了信件之外，還包括這些內容，這些信件通常類似於其中一些市場中的銀行或大型零售商。

We now have bank accounts directly, where people don't have to walk in, that just drops into their bank account directly, and we've got 4 billion of those. But the new distribution channel are wallet. Because in the developing world, everybody has got a wallet now. And so we can drop money directly into 2 billion wallet. And that is an advantage that we have that nobody has.

我們現在有直接的銀行帳戶，人們不必走進去，直接存入他們的銀行帳戶，我們有 40 億個這樣的帳戶。但新的分銷管道是錢包。因為在發展中國家，現在每個人都有錢包。這樣我們就可以直接把錢存到20億的錢包裡。這是我們擁有的、無人擁有的優勢。

Yes. And that sort of dovetails on my next question, which is your digital growth strategy and the success you seem to be having, is the 20% digital transaction growth at baseline from which you'd expect to grow such that you're going to see or we should expect segment revenue growth to accelerate over time? Or do you feel pretty good about sort of generally you are around 10%, high single digits?

是的。這與我的下一個問題（即您的數位成長策略和您似乎取得的成功）相吻合，即基線數位交易成長 20%，您預計會成長到這樣的水平或我們應該預期該部門的收入成長會隨著時間的推移而加速？或者你對總體來說在 10% 左右（高個位數）感覺良好嗎？

I think we're going to get growth out of both of them. I don't know which one is going to grow the funding. Well, right now, the digital is growing faster and they'll probably continue to do so. And I think one of the reasons that we're having a really good success with our digital growth strategy is because of our digital payout. We told you those numbers of how well we're paying out into bank accounts and wallets.

我認為我們將從他們兩人身上獲得成長。我不知道哪一家會增加資金。嗯，現在，數位化正在更快地發展，而且他們可能會繼續這樣做。我認為我們的數位成長策略取得巨大成功的原因之一是我們的數位支出。我們告訴您我們向銀行帳戶和錢包付款的情況。

Okay. And one last one, if I might sneak it in. Just with regard to Ren. Is sort of the -- what appears to be an accelerating shift to open banking and RTP globally going to reach a tipping point such that you think that Ren growth accelerates? Or is it going to be sort of a more steady or linear compounding?

好的。最後一件事，如果我可以偷偷地講一下的話。就是關於任的。全球範圍內向開放銀行和 RTP 的加速轉變是否會達到一個臨界點，以至於您認為 Ren 的成長會加速？或者它會是一種更穩定或線性的複合？

No, no, no. It's -- we've already got the beginning of the hyperbolic curve because when you think about it, we've got a new -- we had a new technology that we released 3 years ago. Nobody on the planet had it. And so we had to get those early adopters in there. And we got the early adopters who are all in Asia because the Asian banks were more progressive and they were also threatened by the wallets at the time, okay? They wanted to stay relevant to their customers. So they were the early adopters.

不不不。我們已經開始了雙曲曲線，因為當你仔細想想，我們已經有了新的技術，我們在三年前發布了一項新技術。這個星球上沒有人擁有它。所以我們必須讓那些早期採用者參與。我們的早期採用者都在亞洲，因為亞洲銀行更進步，他們當時也受到錢包的威脅，好嗎？他們希望與客戶保持聯繫。所以他們是早期採用者。

We then became -- once you get a couple of those, then the next ones come and the next ones come. And the fact of the matter is their legacy platforms can't support the kind of solutions that customers are acting. In other words, their legacy platforms don't talk wallet. And so once we established ourselves in Asia, then we took that same product and we went to South America, and we've been going now to North America as well.

然後我們就變成了——一旦你得到了其中幾個，那麼下一個就會出現，下一個也會出現。事實上，他們的舊平台無法支援客戶正在採取的解決方案。換句話說，他們的遺留平台不談論錢包。因此，一旦我們在亞洲站穩腳跟，我們就將同樣的產品帶到了南美，現在我們也去了北美。

And finally, things are happening. I mean you just last July, as you know, FedNow was launched. It was an RTP network in the United States. It's running roughly 10 years behind India. But finally, we're getting our act together. So more and more people are going to be wanting to do account-based real-time payments. And this idea of just card-based payments is going to be very fast day and 10 years from now.

最後，事情正在發生。我的意思是，正如您所知，FedNow 剛剛在去年 7 月推出。這是美國的一個 RTP 網路。它比印度落後大約10年。但最終，我們齊心協力。因此，越來越多的人想要進行基於帳戶的即時支付。這種僅基於卡片的支付的想法將在未來十年內變得非常快。

Our next question will come from the line of Charles Nabhan from Stephens.

我們的下一個問題將來自史蒂芬斯的查爾斯·納布漢（Charles Nabhan）。

I wanted to double-click on the non-ATM piece of EFT. If I look at one of your disclosures, it looks like 13% of EBITDA is driven by that non-ATM piece. And if I recall, roughly 20% to 25% of revenue within that segment is generated through those sources. So I guess, first, my question is if you could speak to any trends you're seeing within Piraeus. I know you talked about some expansion last quarter.

我想雙擊 EFT 的非 ATM 部分。如果我看一下你們披露的一項信息，看起來 13% 的 EBITDA 是由非 ATM 部分驅動的。如果我記得的話，該細分市場中大約 20% 到 25% 的收入是透過這些來源產生的。所以我想，首先，我的問題是你是否可以談談你在比雷埃夫斯看到的任何趨勢。我知道您在上個季度談到了一些擴張。

And then secondly, if my math is correct, I'm coming up with a margin somewhere north of 30% and I wanted to confirm my math is at least somewhat in the ballpark because if I'm thinking about it correctly, that could be a nice tailwind to margins with an EFT going forward?

其次，如果我的數學是正確的，我得出的誤差在 30% 以上，我想確認我的數學至少在某種程度上是在大概範圍內，因為如果我的思考正確的話，那可能是未來的電子轉帳對利潤率來說是一個很好的推動力嗎？

Okay. So we've got several things that are happening. So within EFT, so the components are, of course, ATM and that would be mostly our independent ATM deployment. Second would be the outsourcing deals that we have, and that's all in that ATM piece. And then the other part of EFT is going to be Ren and acquiring. Acquiring has got roughly 25% margins. When we install Ren, that's probably got 60% to 80% margins depending on when how that works. And then the ATMs themselves are probably -- they have been as high as a 30% margin, a 33% margin there, a little bit lower now because we don't have quite the productivity that we had in 2019 before the travel crisis but that's coming back.

好的。所以我們正在發生一些事情。因此，在 EFT 中，元件當然是 ATM，這主要是我們獨立的 ATM 部署。其次是我們擁有的外包交易，這就是 ATM 部分的全部。然後 EFT 的另一部分將是 Ren 和收購。收購的利潤率約為25%。當我們安裝 Ren 時，可能會有 60% 到 80% 的利潤，這取決於它何時運作。然後，ATM 機本身的利潤率可能高達 30%，那裡的利潤率為 33%，現在稍微低一些，因為我們的生產力不如 2019 年旅行危機之前的水平，但那會回來的。

So when you blend it all together, I think we could approach 30% but depending on how fast our business grows and acquiring, a 25% it might hold it down a little bit. Rick just looked at all his numbers, so he'll give you -- he'll give you 3 significant digits on that answer.

因此，當你將它們混合在一起時，我認為我們可以接近 30%，但根據我們業務成長和收購的速度，25% 可能會稍微降低一點。里克只是看了他所有的數字，所以他會給你——他會給你這個答案的 3 位有效數字。

Yes. And yes, your number is roughly right there. It is approaching 30% for the year. Our best margin years were back in 2019. So I think as we see the travel recovery, continue into '24. And as Mike said in his comments that we've seen some pricing opportunities on the interchange and possible surcharge front, we've seen some actual -- some results, some announcements in '23. We anticipate maybe some more in '24. So all of that will just further support continued margin expansion in that business.

是的。是的，你的號碼大致就在那裡。今年已接近30%。我們利潤率最高的年份是在 2019 年。因此，我認為，隨著我們看到旅遊業的復甦，這種情況會持續到 2024 年。正如麥克在評論中所說，我們在交換和可能的附加費方面看到了一些定價機會，我們在 23 年看到了一些實際的結果、一些公告。我們預計 24 年可能還會有更多。因此，所有這些都將進一步支持該業務的利潤率持續擴張。

Got it. If I could sneak in a quick follow-up. It's nice to see the margin expansion within money transfer, especially considering your -- the way you're expanding the network. I wanted to drill into that a little bit and just get a better understanding of what specifically is driving that expansion? Is it a mix shift within the business? Or is it just simply scale on your existing network? Any commentary around that would be helpful?

知道了。如果我能快速跟進一下就好了。很高興看到匯款領域的利潤率擴大，特別是考慮到您擴展網路的方式。我想深入研究這個問題，以便更了解到底是什麼推動了這種擴張？這是業務內部的混合轉變嗎？或者只是簡單地在您現有的網路上進行擴展？對此有任何評論會有幫助嗎？

So remember, as we grow, we have about a 35% incremental EBITDA margin on that next transaction. So obviously, as you have more volume, it's going to average you up. And we're just doing, as we mentioned, too, on the digital side, we're being -- we've got kind of a new approach to our digital marketing that's making it more effective. So kind of everything added together, I would say.

因此請記住，隨著我們的發展，我們在下一筆交易中的 EBITDA 利潤率將增加約 35%。很明顯，當你的交易量更大時，它會讓你的平均值上升。正如我們所提到的，我們也正在做數位方面的工作，我們正在採用一種新的數位行銷方法，使其更加有效。我想說，一切都加在一起了。

Our next question will come from the line of Mike Grondahl from Northland Capital Securities.

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

First thing, the 1,300 ATMs redeployed in the 4Q and then 1,500 roughly at your midpoint in 2024. Could you give us a little bit of color like -- are they all unprofitable? Or is this like what you just call it the bottom 5%, just looking for a little color kind of what the cutoff is there? And then second, maybe for Rick, what was the benefit from FX and tax rate kind of compared to your $1.75 guidance in the quarter?

首先，第四季度重新部署了 1,300 台 ATM，然後在 2024 年的中點重新部署了 1,500 台。您能否給我們一些信息，例如——它們都無利可圖嗎？或者這就像你所說的底部 5%，只是尋找一點點顏色的界限？其次，也許對於 Rick 來說，與您本季 1.75 美元的指導相比，外匯和稅率的好處是什麼？

Well, let's see for the ATMs, which essentially what we're seeing these are ATMs that are not meeting our return expectations, okay? And they range from nearly breakeven to losing money. So at the end of the day, if we've got an ATM that's already on site and it's producing an incremental profit, we're not going to be motivated to want to take it out. But if it's not producing profit, then it makes sense for us to remove it.

好吧，讓我們看看 ATM 機，本質上我們所看到的這些 ATM 機沒有達到我們的回報預期，好嗎？它們的範圍從接近損益平衡到虧損。因此，歸根結底，如果我們現場已有一台 ATM 機，並且它正在產生增量利潤，我們就不會願意將其取出。但如果它不產生利潤，那麼我們將其刪除是有意義的。

And as Mike said, over the period that we've kind of been looking to see the recovery of travel from COVID, we were a little less aggressive on taking out a machine because we didn't really have a good visibility as to what that exact traffic would look like. So we think that we're approaching that, and it just makes good management sense. But net-net, these are nonperforming machines as opposed to let's call them light performing machines.

正如麥克所說，在我們一直希望看到新冠疫情帶來的旅行恢復的這段時間裡，我們在取出機器方面沒有那麼積極，因為我們並沒有真正清楚地了解這會帶來什麼。確切的流量看起來像。所以我們認為我們正在接近這個目標，這具有良好的管理意義。但是，從網絡到網絡，這些都是性能不佳的機器，而不是讓我們稱之為輕型性能機器。

And then with respect to the benefit from tax or FX, we exceeded our earnings guidance by about, what, $0.13 a share. I would tell you, roughly half of that was from tax and then the other half was kind of split evenly between FX and operations.

然後，就稅收或外匯收益而言，我們超出了每股收益指引約 0.13 美元。我會告訴你，其中大約一半來自稅收，另一半則在外匯和營運之間平均分配。

Our next question will come from the line of Ken Suchoski from Autonomous Research.

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

I just wanted to ask about the incremental EBIT margins in the EFT segment. I mean, how should we think about those just given the mix of business and how that's changing, 2023, I think, had a kind of a mid-teens incremental EBIT margin versus something much higher historically, you have the non-ATM bucket scaling in EFT. So some moving parts there. So any way to think about sort of the incremental margins in that segment moving forward would be very helpful?

我只是想問一下 EFT 領域的增量息稅前利潤率。我的意思是，考慮到業務組合以及這種情況的變化，我們應該如何考慮那些，我認為，到2023 年，息稅前利潤率將達到十幾歲左右，而歷史上要高得多，非ATM 桶規模將擴大在電子轉帳。所以那裡有一些活動部件。那麼，任何思考該細分市場未來增量利潤的方法都會非常有幫助嗎？

Yes. As I mentioned earlier though, we anticipate that they will continue to improve. As we said last quarter, we're going to hold off in giving a whole series of exact details. I think, hopefully, you can appreciate that producing an earnings growth in the quarter that was a 30-plus percent year-over-year number and our full year number of 15% is that we're going to have ebb and flows throughout the segments. But we consistently produce these very strong double-digit growth numbers.

是的。正如我之前提到的，我們預計它們將繼續改進。正如我們上季度所說，我們將推遲提供一系列具體細節。我認為，希望您能夠理解，本季的盈利增長同比增長 30% 以上，全年增長 15%，這表明我們將在整個季度中經歷潮起潮落。段。但我們始終保持著非常強勁的兩位數成長數字。

But more specifically in that EFT segment, we will continue to see those margins expand. Again, as I said earlier, because of travel recovery, which is going to bring those more high-margin transactions. As Mike said earlier, as we go outside of the European markets where we've seen very good response -- very good returns on these ATMs. That should be very helpful.

但更具體地說，在電子轉帳領域，我們將繼續看到這些利潤率擴大。正如我之前所說，由於旅行的恢復，這將帶來更多的高利潤交易。正如麥克之前所說，當我們走出歐洲市場時，我們看到了非常好的反響——這些 ATM 的回報非常好。這應該很有幫助。

And then again, we're seeing some rate increases on the interchange and surcharge front. So -- and all that together with just good expense management. So we'll improve the profits because of ATM profit management pairing out the lesser performer one, some rate increases, some geographical expansion, some travel recovery, all signs point to improving margins. We will refrain on telling you what that number is. Again, we want to focus on the earnings of the consolidation as opposed to any one particular part.

話又說回來，我們看到換乘費和附加費方面有所上漲。所以——所有這些加上良好的費用管理。因此，我們將提高利潤，因為 ATM 利潤管理將表現較差的 ATM 配對，一些利率提高，一些地域擴張，一些旅行恢復，所有跡像都表明利潤率有所提高。我們不會告訴您這個數字是多少。同樣，我們希望專注於合併的收益，而不是任何一個特定部分。

Yes. Okay. That's helpful, Rick. And for my follow-up, I just want to ask about money transfer. You mentioned an increase in marketing efforts in certain geographies. I was just wondering if you could talk about what you're seeing from a competitive standpoint because some of your competitors are being aggressive with promotional activity in the market. And I was hoping you could talk about how retention rates and customer acquisition costs are trending. I think you mentioned some strong digital customer acquisition in recent months. So any thoughts on customer acquisition cost trends for new customers would be helpful.

是的。好的。這很有幫助，瑞克。對於我的後續行動，我只想問匯款的問題。您提到在某些地區加大行銷力道。我只是想知道您是否可以從競爭的角度談談您所看到的情況，因為您的一些競爭對手正在市場上積極開展促銷活動。我希望您能談談保留率和客戶獲取成本的趨勢。我想你提到了近幾個月來一些強勁的數位客戶獲取。因此，任何關於新客戶的客戶獲取成本趨勢的想法都會有所幫助。

Okay. So with respect to money transfer, I mean, you got to understand, there are probably 10,000 money transfer companies in the world, okay? And you know the names of a handful, okay? So as an industry, this is a bare knuckle street bite every single day, maybe a knife fight, okay? So competition really hasn't changed. There are some of our competitors are saying they're going to be more aggressive here or there. We've seen little instances of that in one market or another for shorter periods of time. We don't see, in general, it's much more competitive than it ever was.

好的。所以關於匯款，我的意思是，你必須明白，世界上可能有 10,000 家匯款公司，好嗎？你知道少數人的名字，好嗎？所以作為一個行業，這是每天赤手空拳的街頭咬傷，也許是一場刀戰，好嗎？所以競爭確實沒有改變。我們的一些競爭對手錶示，他們會在這裡或那裡更加激進。在較短的時間內，我們在某個市場或另一個市場上很少看到這樣的例子。總的來說，我們並沒有看到它比以往更具競爭力。

We do see, as I mentioned in previous calls, that just the inflationary pressures that we've seen in the United States and we see abroad have actually brought down the average amount sent per transaction. And remember, we make an FX spread on this. And so if maybe our average FX spread is 0.6%. And instead of -- and on average, our spend amount is down, call it, $20. That cost us $0.12 a transaction, which is pure margin.

正如我在之前的電話會議中提到的那樣，我們確實看到，美國和國外的通膨壓力實際上降低了每筆交易的平均發送金額。請記住，我們對此進行外匯點差。如果我們的平均外匯利差是 0.6%。平均而言，我們的支出金額下降了 20 美元。每筆交易成本為 0.12 美元，這是純保證金。

So that's where we've seen the pressure, not necessarily because of competitiveness but just because the reality is these immigrates who have got mostly blue-collar jobs working hard, gas on their truck costs more than it did a year ago. Groceries cost more. They just spent a little bit less back to their mom, but they still send it every month. So that's kind of what we've seen.

這就是我們看到的壓力，不一定是因為競爭力，而是因為現實是這些移民大部分從事藍領工作，努力工作，卡車上的汽油成本比一年前更高。雜貨費用更高。他們只是少花一點錢回給媽媽，但他們仍然每個月都會寄回來。這就是我們所看到的。

We've got one more question, operator, and then we're going to be at the top of the hour. So we're already there, but...

接線員，我們還有一個問題，然後我們就到了最後一小時。所以我們已經在那裡了，但是...

And our next question comes from the line of Andrew Schmidt from Citi Global Market.

我們的下一個問題來自花旗全球市場的安德魯·施密特。

This is (inaudible) for Andrew Schmidt.

這是（聽不清楚）安德魯施密特的發言。

What drove the reaccelerating money transfer transaction trends quarter-to-quarter in APAC and Middle East originated transfers?

是什麼推動了亞太地區和中東地區匯款交易趨勢逐季加速成長？

I think it's just the general economics there and -- which is probably most of it.

我認為這只是一般經濟學——這可能是其中的大部分。

And we had some -- you may recall in the third quarter, we talked about some FX movements in Pakistan that were irregular that drove the transactions from above the table to below the table in the black market. We saw that kind of rightsize itself. So that helped a little bit. But then as Mike says, it's just kind of standard marketing activity out there. But that Pakistan was only -- the only real call out in there.

你可能還記得，在第三季度，我們談到了巴基斯坦的一些不規則的外匯波動，導致黑市交易從表上方轉至表下方。我們看到了這種規模調整本身。所以有點幫助。但正如麥克所說，這只是一種標準的行銷活動。但巴基斯坦只是那裡唯一真正的呼聲。

If I could just squeeze in a follow-up here. Regarding the EFT segment price increases, I'm wondering if you could provide more color on the opportunity there?

如果我能在這裡跟進一下就好了。關於 EFT 部分價格上漲，我想知道您是否可以提供更多有關該機會的資訊？

Well, it's just what we said before, over last year, there were 4 countries that either improved interchange or allowed surcharge that were not allowed in the prior year. There are a number of countries discussing both of these issues right now. So if any of them come, we never know when they're going to come to a head. But when they do, you get the automatic step function in profit when they do. So that's what we're looking at.

嗯，正如我們之前所說，去年有4個國家要么改善了換乘，要么允許收取上一年不允許的附加費。目前有許多國家正在討論這兩個問題。因此，如果他們中的任何一個人來了，我們永遠不知道他們什麼時候會達到高潮。但當他們這樣做時，你就會在利潤中獲得自動階躍函數。這就是我們正在研究的。

And let's take a look at the dynamics of this structure in payments world out there. Interchange is at fixed rate kind of a thing as our surcharges in many respects. But look what's happened with the inflationary costs over the last few years, rents up, cash delivery is up, maintenance is up, labor costs are up.

讓我們來看看這種結構在支付領域的動態。在很多方面，轉乘費都是固定費率，就像我們的附加費一樣。但看看過去幾年通貨膨脹成本發生了什麼，租金上漲，現金交付增加，維護費用增加，勞動成本增加。

If the numbers on the cost side are up across the board, yet we can't just go out and raise the interchange rate. So it's not just us, but banks around the world are feeling this very significantly and there's a lot of discussions underway on how the banks are going to improve that revenue stream to be able to cover the cost. And so as those discussions take place, we've seen that kind of creep into the picture more and more over the last few years. And those discussions are live and well, we expect that they will continue. So there has to be some rate improvement just to cover the increased costs over the last few years.

如果成本方面的數字全面上升，但我們不能只是出去提高匯率。因此，不僅僅是我們，世界各地的銀行都非常明顯地感受到了這一點，並且正在就銀行如何改善收入來源以覆蓋成本進行大量討論。因此，隨著這些討論的進行，我們在過去幾年中看到這種情況越來越多地出現。這些討論正在進行中，我們希望它們能夠繼續下去。因此，必須提高費率才能彌補過去幾年增加的成本。

Point is, it isn't just wishes these numbers to go up. We're actually in conjunction with the banks as far as our thought process.

重點是，它不僅僅是希望這些數字上升。就我們的思考過程而言，我們實際上是與銀行合作的。

But with that, I think we're going to end our call today, I want to thank everybody for your time on the call, and I look forward to talking to you next quarter. Thank you.

但我想我們今天就結束通話了，我要感謝大家抽出時間參加通話，我期待著下個季度與您交談。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。