Euronet Worldwide Inc (EEFT) 2024 Q1 法說會逐字稿

Greetings and welcome to the Euronet Worldwide First Quarter 2024 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded.

您好，歡迎參加 Euronet 全球 2024 年第一季財報電話會議。 （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 First Quarter 2024 Earnings Conference Call. On the call today, we have Mike Brown, our Chairman and CEO; and Rick Weller, our CFO.

謝謝。大家早安，歡迎參加 Euronet 2024 年第一季財報電話會議。今天的電話會議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 will be making today. Statements made on this call that concern Euronet's or its management's intentions, expectations or predictions of future performance are forward-looking statements. Euronet's actual results may vary materially from those anticipated in these forward-looking statements as a result of a number of factors that are listed on the second slide of our presentation.

在我們開始之前，我需要提請您注意我們今天將要製作的 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結果有重大差異。

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.

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 thank you to everyone joining us today. I will begin my comments on Slide 5. For the first quarter, we delivered revenue of $857 million, adjusted operating income of $63 million (sic) [$64 million], adjusted EBITDA of $109 million, a record first quarter across all 3 metrics. These results were made possible by contributions from each of the segments, but with a particularly strong earnings contribution from the EEFT segment due to an increase in the international transactions, growth of our merchant services business and strategic investments in new markets that delivered double-digit growth over the prior year.

謝謝你，斯科特。早安，感謝今天加入我們的所有人。我將從幻燈片5 開始發表評論。 ，所有3 個指標均創下第一季的紀錄。這些業績得益於各部門的貢獻，但由於國際交易的增加、我們的商業服務業務的增長以及新市場的戰略投資實現了兩位數的增長，EEFT 部門的盈利貢獻尤為強勁較上年增長。

We are very pleased that the business delivered a record-breaking first quarter adjusted EPS of $1.28, a 47% increase over the prior year of $0.87.

我們非常高興該業務第一季調整後每股收益達到創紀錄的 1.28 美元，比去年同期的 0.87 美元成長 47%。

We were able to deliver this strong earnings growth due to our continued focus on expanding the business in new and existing markets, adding more products, and continued investments in our industry-leading technology across all 3 segments. Moreover, we are pleased that we were able to deliver results, which exceeded analyst expectations, consensus expectations for both revenue and adjusted EPS in the first quarter following our change from quarterly to annual adjusted EPS guidance.

我們之所以能夠實現如此強勁的獲利成長，是因為我們持續專注於在新市場和現有市場拓展業務、增加更多產品，以及持續投資於所有 3 個細分市場的行業領先技術。此外，我們很高興在我們從季度調整後每股收益指引改為年度調整後每股收益指引後，我們能夠在第一季度交付超出分析師預期、對收入和調整後每股收益的普遍預期的業績。

And before someone says the favorable earnings all came from taxes, I would like to point out that approximately $4.5 million or approximately $0.10 per share benefit was realized from the resolution of tax matters, and $3 million or approximately $0.05 per share from the recovery of a duty fee paid last year. Excluding these benefits from the $1.28 per share, pro forma adjusted EPS of $1.13 nicely exceeded consensus estimates. The pro forma $1.13 per share represents a 30% growth over the first quarter last year. This favorable pro forma $1.13 per share compared to Bloomberg's posting of consensus adjusted EPS of approximately $1.04 was the result of more revenue and stronger margins.

在有人說有利的收益全部來自稅收之前，我想指出，大約450 萬美元或每股約0.10 美元的收益是透過稅務問題的解決實現的，300 萬美元或約每股0.05 美元的收益是透過追回去年繳納的關稅。排除每股 1.28 美元的這些收益，預計調整後每股收益為 1.13 美元，大大超出了市場普遍預期。預計每股 1.13 美元，較去年第一季成長 30%。與彭博社公佈的約 1.04 美元的一致調整後每股收益相比，這一有利的預計每股收益為 1.13 美元，這是收入增加和利潤率提高的結果。

Needless to say, this strong start to the first part of the year strengthens our confidence in the 10% to 15% annual adjusted EPS growth guidance range we provided for 2024. Nothing like starting the year with the wind at your back.

不用說，今年上半年的強勁開局增強了我們對 2024 年 10% 至 15% 年度調整後每股收益增長指導範圍的信心。

Slide 6 presents a summary of our balance sheet compared to the prior quarter. As you can see, we ended the quarter with a relatively small increase in net debt, which was the combined result of the generation of cash from operations, the use of cash for the Infinitium acquisition and more cash placed in the ATMs to meet seasonal demand. And overall, our net debt leverage remains relatively conservative at about 1x EBITDA.

投影片 6 總結了我們與上一季相比的資產負債表。如您所看到的，本季結束時，我們的淨債務增幅相對較小，這是營運產生的現金、收購 Infinitium 使用現金以及在 ATM 機上存入更多現金以滿足季節性需求的綜合結果。 。總體而言，我們的淨債務槓桿率仍然相對保守，約為 1 倍 EBITDA。

Turning to the next slide, Slide 7. Our results -- we present our results on an as-reported basis. On a comparative basis, FX translation didn't produce a lot of net differences year-over-year. But let's go to Slide 8 and talk about our results on a constant currency basis.

轉向下一張投影片，即投影片 7。相較之下，外匯換算並沒有產生很大的年淨差異。但讓我們轉到投影片 8，討論我們在固定匯率基礎上的結果。

I'm on Slide 8 now. Building on the momentum from last year, we are pleased to start 2024 with good consolidated revenue and strong earnings results. All segments played a role in the quarter. Starting with our EFT segment, revenue grew 12%, adjusted operating income grew 220% and adjusted EBITDA grew 54% when compared to prior year. This notable growth was fueled by the rise in both domestic and international cash withdrawal transactions, double-digit growth in our Merchant Services business and further expansion into new markets.

我現在在幻燈片 8 上。在去年的勢頭基礎上，我們很高興以良好的綜合收入和強勁的盈利業績開啟 2024 年。所有部門都在本季度發揮了作用。從我們的 EFT 部門開始，與前一年相比，營收成長了 12%，調整後營業收入成長了 220%，調整後 EBITDA 成長了 54%。這一顯著的成長得益於國內和國際現金提取交易的成長、我們的商業服務業務的兩位數成長以及對新市場的進一步擴張。

Operating margins expanded nicely due to revenue growth, complemented by effective cost management and the deinstallation of loss-making ATMs in the fourth and first quarters. Epay continued its constant currency revenue growth at 8% with consistent revenue and profit per transaction, driven by continued growth in both digital media and mobile sectors together with its push to expand in new markets.

由於收入成長，加上有效的成本管理以及第四季和第一季虧損的 ATM 機的拆除，營業利潤率大幅成長。在數位媒體和行動領域的持續成長以及新市場擴張的推動下，Epay 的貨幣收入持續以 8% 的速度持續成長，每筆交易的收入和利潤也保持穩定。

To that end, investments in product and geographical expansion have had a tempering effect on earnings growth where we can see EBITDA and adjusted and operating income come down by about 2% to 3%. The epay team is investing resources to develop and promote new products and solutions to supplement the core epay business for sustainable growth in the future.

為此，對產品和地理擴張的投資對獲利成長產生了緩和作用，我們可以看到 EBITDA 和調整後的營業收入下降了約 2% 至 3%。 epay團隊正在投入資源開發和推廣新產品和解決方案，以補充核心epay業務，實現未來的永續成長。

Given epay's past success in achieving growth while transforming the product mix from a predominantly mobile-only business to a mix of branded payment content, I expect epay's strategy of introducing its own products and solutions while also expanding geographically and growing the core business to restore epay's business to the earnings growth trajectory it has historically delivered.

鑑於epay 過去在實現成長方面的成功，同時將產品組合從以行動為主的業務轉變為品牌支付內容的組合，我預計epay 的策略是推出自己的產品和解決方案，同時擴大地域範圍並發展核心業務，以恢復epay 的業務業務達到其歷史上實現的獲利成長軌跡。

Money Transfer's revenue, operating income and adjusted EBITDA grew by 7%, 17% and 10%, respectively. The 7% growth in revenue was primarily driven by nearly double-digit growth in cross-border transactions, offset by a decrease in intra U.S. transactions. Direct-to-consumer digital transactions increased by 23%, reflecting strong consumer demand for digital product. Money Transfer's revenue and gross profit per transaction were very stable and consistent with the prior year.

Money Transfer 的營收、營業收入和調整後 EBITDA 分別成長 7%、17% 和 10%。營收成長 7% 主要是由跨境交易近兩位數的成長推動的，但被美國境內交易的減少所抵消。直接面向消費者的數位交易成長了 23%，反映出消費者對數位產品的強勁需求。 Money Transfer 的營收和每筆交易的毛利非常穩定，與前一年一致。

In addition to the good revenue growth, the Money Transfer team further improved its operating margins by approximately 60 bps over last year through scale and effective cost management.

除了良好的收入成長外，Money Transfer 團隊還透過規模和有效的成本管理，進一步將營業利潤率比去年提高了約 60 個基點。

In summary, these meet and beat first quarter results further strengthen our confidence in the 10% to 15% earnings growth expectation we have for 2024.

總而言之，這些達到並超越第一季的業績進一步增強了我們對 2024 年 10% 至 15% 獲利成長預期的信心。

You might say, with a strong first quarter, why not increase your 10% to 15% range. As we previously said, we want the investment community to be confident in our long-term earnings growth. Remember, we found that the S&P 500 was getting twice the valuation as Euronet, yet delivering half the earnings. We will consistently be aiming for earnings in excess of the range, but we want you to have confidence in the consistency of our long-range growth expectations, similar to our historical growth performance. So by retaining our growth range of 10% to 15%, it doesn't mean that we're expecting deceleration. It means we want you to be confident in our delivery of long-term earnings growth. With that said, I'll turn it over to Mike.

您可能會說，既然第一季表現強勁，為什麼不增加 10% 到 15% 的範圍呢？正如我們之前所說，我們希望投資界對我們的長期獲利成長充滿信心。請記住，我們發現標普 500 指數的估值是 Euronet 的兩倍，但收益只有 Euronet 的一半。我們將始終以超出該範圍的盈利為目標，但我們希望您對我們的長期成長預期的一致性充滿信心，這與我們的歷史成長業績類似。因此，保持 10% 至 15% 的成長範圍並不意味著我們預計會減速。這意味著我們希望您對我們實現長期獲利成長充滿信心。話雖如此，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. Before I discuss the quarter, I wanted to talk about the state of our business. As you can see from the slide at the left, our revenue and earnings trends reflect double-digit adjusted EBITDA growth over the past 3 years, not much different than our 10- to 20-year compounded annual growth rate. Both you and I struggled through the past COVID years. COVID is behind us. Let's leave it there and focus on the future.

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。在討論本季之前，我想談談我們的業務狀況。正如您從左側幻燈片中看到的那樣，我們的收入和盈利趨勢反映了過去 3 年兩位數的調整後 EBITDA 增長，與我們 10 至 20 年的複合年增長率沒有太大區別。在過去的新冠疫情歲月裡，你和我都在掙扎。新冠疫情已經過去。讓我們把它留在那裡，專注於未來。

And what about the future? We shared with you our confidence in growing our earnings 10% to 15% per year, similar to our trailing 10- and 20-year results. And with such a strong start to the year, I can't help but be more and more confident with our expectations about our growth. Also note the directional movement of the red portions of the lines in the chart. The trend of the past 3 years looks a lot like the trends for the 3 years prior to COVID. I believe these trends speak directly to the consistency of our year-over-year results.

那麼未來呢？我們與您分享了我們對每年營收成長 10% 至 15% 的信心，這與我們過去 10 年和 20 年的業績類似。有了今年如此強勁的開局，我不禁對我們的成長預期越來越有信心。另請注意圖表中線條紅色部分的方向運動。過去 3 年的趨勢看起來很像新冠疫情之前 3 年的趨勢。我相信這些趨勢直接說明了我們同比業績的一致性。

We are focused on growth powered by our best-in-class Ren technology platform, supporting innovative product development and our world-leading cross-border Dandelion payments network. We are busy entering into new markets, expanding our merchant services business, expanding our digital offerings and growing our network. And as you can see, this strategy is working. As we have continued to grow, we are very excited about the future. Business is good. So let's dig into those first quarter results.

我們專注於透過一流的 Ren 技術平台推動成長，支援創新產品開發和世界領先的跨境 Dandelion 支付網路。我們正忙於進入新市場、擴大我們的商業服務業務、擴大我們的數位產品和發展我們的網路。正如您所看到的，這個策略正在發揮作用。隨著我們不斷成長，我們對未來感到非常興奮。生意很好。那麼讓我們深入研究一下第一季的業績。

I'm excited that we delivered a record first quarter across all consolidated financial metrics, highlighted by adjusted EPS of $1.28, a 47% increase compared to $0.87 last year. As Rick mentioned, we had some nonrecurring items that benefited our results, but no matter how you analyze it, we delivered a record first quarter with or without them. What a great start to a new year.

我很高興我們第一季的所有綜合財務指標都創下了歷史新高，調整後每股收益為 1.28 美元，與去年的 0.87 美元相比增長了 47%。正如里克所提到的，我們有一些非經常性項目對我們的業績有利，但無論你如何分析，無論有沒有這些項目，我們第一季的業績都創下了紀錄。新的一年真是美好的開始。

How do we continue to grow year-over-year. We grow by following a proven model with our focus on number one, continuing to grow one of our greatest assets, our network, our Dandelion network. Number two, utilizing our best-in-class technology platform powered by Ren to deliver products and solutions that our customers trust. Three, by continuing to turn our internally developed technologies into products, which include the Ren platform in the EFT segment, the Dandelion Network and the Money Transfer segment and the Conductor and Skylight products in the epay segment.

我們如何繼續逐年增長。我們透過遵循經過驗證的模式來發展，專注於第一，繼續發展我們最大的資產之一，我們的網絡，我們的蒲公英網絡。第二，利用由 Ren 支援的一流技術平台來提供客戶信任的產品和解決方案。第三是繼續將內部開發的技術轉化為產品，包括EFT領域的Ren平台、Dandelion Network和Money Transfer領域以及epay領域的Conductor和Skylight產品。

Number four, by expanding our geographic reach, which we've been doing for a long, long time. And number five, identifying strategic acquisitions and managing our costs. You will see several examples of these as we go through the first quarter highlights.

第四，擴大我們的地理覆蓋範圍，我們長期以來一直在這樣做。第五，確定策略性收購並管理我們的成本。當我們回顧第一季度的亮點時，您將看到其中的幾個範例。

Let's go on to Slide #11, and I will update you on the status of the market conditions that impact our business. Slide 11, as we move further into 2024, I see encouraging trends towards the earnings outlook for the EFT segment. You might remember that in the summer of 2023, we saw inflation in Europe taking a bite out of the spend for holiday travel. 2023's reduced spend per tourist was a surprise to us just as it was to the credit and debit card acquirers throughout Europe.

讓我們繼續看投影片#11，我將向您介紹影響我們業務的市場狀況的最新情況。投影片 11，隨著我們進一步邁入 2024 年，我看到電子轉帳領域的獲利前景出現了令人鼓舞的趨勢。您可能還記得，2023 年夏天，我們看到歐洲的通貨膨脹削弱了假期旅行的支出。 2023 年每位遊客的支出減少令我們感到驚訝，就像整個歐洲的信用卡和金融卡收單機構都感到驚訝一樣。

What you can see by this graph is the easing of inflation and wage growth this year and projected forward. The fact is, none of us know exactly what this summer will bring, so we have to temper our enthusiasm a bit, but the data points are all pointing north. You can see that wages continue to grow, while inflation has continued to decline, coupled with more money in holiday travelers' pockets, we anticipate an optimistic outlook for travel and travel spend.

從這張圖中你可以看到今年和未來的通膨和薪資成長的放緩。事實上，我們誰也不知道今年夏天會發生什麼，所以我們必須稍微緩和一下我們的熱情，但數據點都指向北方。可以看到，薪資持續成長，而通貨膨脹持續下降，再加上度假旅行者的口袋裡有更多的錢，我們預期旅行和旅行支出的前景樂觀。

Along with this trend in wage growth and easing of inflation, we have seen several positive travel reports predicting growth in international travel in the spring and summer travel season.

除了薪資成長和通膨放緩的趨勢外，我們還看到一些積極的旅遊報告預測春季和夏季旅遊旺季的國際旅遊將出現成長。

Let me share with you some of the key market indicators recently published. Delta and United and most airlines around the world confirm that they expect a record second quarter revenue, thanks to demand for spring and summer travel. Heathrow, Europe's busiest airport, reported a record first quarter with passengers up 9.5% compared to the prior year, and, in fact, updated its outlook for the summer holiday season, expecting the busiest passenger count ever.

讓我與大家分享一下最近發布的一些關鍵市場指標。達美航空、美聯航以及全球大多數航空公司確認，由於春季和夏季旅行的需求，他們預計第二季收入將創歷史新高。歐洲最繁忙的機場希思羅機場報告稱，第一季旅客數量比去年同期增長了9.5%，創下歷史新高，事實上，該機場還更新了對夏季假期的展望，預計旅客數量將達到有史以來最繁忙的水平。

Finally, according to the World Tourism Organization, international tourism is expected to fully recover to pre-pandemic levels or higher in 2024 with initial estimates pointing to 2% growth above 2019 levels.

最後，根據世界旅遊組織的數據，國際旅遊業預計將在 2024 年完全恢復到大流行前的水平或更高，初步估計將比 2019 年的水平增長 2%。

In summary, key indicators now point to the easing of inflation, continued wage growth and an anticipated increase in travel during the summer holiday season. Finally, in an update to the consumer behavior survey we shared with you during our fourth quarter call, 75% of Europeans now surveyed said that they would increase or maintain their travel budgets in 2024, an increase from 71% in the same survey a few months ago. All the data points look good, and we're encouraged. We're cautiously optimistic, but let's not overshoot. We're focused on execution and leveraging our diverse and significant opportunities. With this great start to the year, we feel good about the direction.

總而言之，現在的關鍵指標顯示通膨緩和、工資持續增長以及暑假期間旅行的預期增加。最後，在我們在第四季度電話會議中與您分享的消費者行為調查的更新中，目前接受調查的歐洲人中有75% 表示他們將在2024 年增加或維持旅行預算，這一比例高於其他一些國家同一調查中的71%。所有數據點看起來都不錯，我們深受鼓舞。我們持謹慎樂觀的態度，但也不要過度樂觀。我們專注於執行和利用我們多樣化且重要的機會。有了今年的良好開局，我們對方向感到滿意。

So let's move on to Slide #12, and we'll talk to you about the EFT highlights. Slide 12, before we discuss the quarterly highlights of EFT, I'd like to highlight the driving factors behind our growth in this segment. First and foremost, the continued growth of our Merchant Services business. Since the acquisition of this business in March of 2022, we have more than doubled the operating income and continued to grow. Additionally, with our ATM optimization initiative, as discussed in the previous quarter, it has resulted in improved margins, and we expect to see margin improvement for the remainder of the year.

那麼，讓我們繼續看第 12 張幻燈片，我們將與您討論 EFT 的亮點。第 12 張投影片，在我們討論 EFT 的季度亮點之前，我想強調我們在這一領域的成長背後的驅動因素。首先也是最重要的是，我們的商業服務業務持續成長。自2022年3月收購該業務以來，我們的營業收入增加了一倍多，並持續成長。此外，正如上一季所討論的那樣，透過我們的 ATM 優化計劃，利潤率有所提高，我們預計今年剩餘時間的利潤率將有所改善。

Lastly, our ongoing expansion into new countries contributed to our growth. We have realized success in several new markets around the globe. Investments we made during the pandemic and over the last few years are paying off very well in 2024.

最後，我們不斷向新國家擴張也促進了我們的成長。我們在全球多個新市場取得了成功。我們在疫情期間以及過去幾年所做的投資將在 2024 年獲得豐厚回報。

Now a few examples of what contributed to the quarterly results. We discussed the Merchant Services business as the key strategic acquisition. So how did it perform in the first quarter 2024? Well, let me tell you, EBITDA grew nearly 40% compared to the prior year first quarter, and this is a great example of how our management team continues to capitalize on strategic growth opportunities. We are adding new ATMs in new markets outside of Europe over the last few years. Our largest of these is in the Philippines. We opened the Philippines in late 2019, and we saw very impressive results until COVID hit. We didn't believe that COVID would last forever. So we grew our ATM estate even with weak travel numbers through 2023. Now that travel has seen a significant recovery there, our first quarter 2024 EBITDA grew 151% compared to the first quarter of 2023. This is another example of a strategic investment that is paying off in 2024.

現在舉幾個例子來說明季度業績的貢獻因素。我們討論了商業服務業務作為關鍵的策略性收購。那麼它在2024年第一季的表現如何呢？好吧，讓我告訴你，與去年第一季相比，EBITDA 成長了近 40%，這是我們的管理團隊如何繼續利用策略成長機會的一個很好的例子。過去幾年，我們在歐洲以外的新市場增加了新的 ATM 機。其中最大的一個位於菲律賓。我們於 2019 年底在菲律賓開業，在新冠疫情爆發之前，我們取得了非常令人印象深刻的成果。我們不相信新冠病毒會永遠持續下去。因此，即使到2023 年旅行人數疲軟，我們仍擴大了ATM 資產。例子， 2024 年得到回報。

Beyond the Philippines, there have been 4 other countries that we have opened outside of Europe in the last 2 years. Getting away from the tourist-focused ATMs. During the quarter, we also signed and launched some exciting new agreements. In Poland, we secured a network participation agreement with Pekao Bank in Poland. Pekao Bank is the second largest bank in Poland with 3.2 million active customers. This agreement enables the bank's customers to deposit cash at our network.

除菲律賓外，過去 2 年我們還在歐洲以外的其他 4 個國家開設了辦事處。遠離以遊客為中心的自動櫃員機。在本季度，我們還簽署並啟動了一些令人興奮的新協議。在波蘭，我們與波蘭 Pekao 銀行簽訂了網路參與協議。 Pekao Bank 是波蘭第二大銀行，擁有 320 萬活躍客戶。該協議使銀行的客戶能夠在我們的網路存入現金。

Taking a page from Poland's successful cash deposit network, in Romania, our agreement with Raiffeisen Bank was launched this quarter, providing additional flexibility for cash deposits for merchants and consumers alike.

借鑒波蘭成功的現金存款網絡，我們與羅馬尼亞 Raiffeisen 銀行於本季度簽署了協議，為商家和消費者提供了額外的現金存款彈性。

In Greece, our Merchant Services business, aided by certain government stipulations, experienced significant growth with the signing of contracts with 19,000 merchants with POS terminals and another 16,000 merchants with softPOS solutions. Additionally, we are excited to announce the partnership agreement with SoftOne Technologies to provide integrated merchant acquiring solutions in Greece. SoftOne, one of the largest business software companies in Southeastern Europe, will integrate its leading brands and products with Euronet's merchant acquiring platform. The combined customer base exceeds 280,000 businesses, and we expect that to increase.

在希臘，我們的商家服務業務在某些政府規定的幫助下實現了顯著增長，與 19,000 家擁有 POS 終端的商家以及另外 16,000 家擁有 SoftPOS 解決方案的商家簽訂了合約。此外，我們很高興地宣布與 SoftOne Technologies 達成合作協議，在希臘提供綜合商家收單解決方案。 SoftOne 是東南歐最大的商業軟體公司之一，將其領先的品牌和產品與 Euronet 的商家收單平台整合。合併後的客戶群超過 28 萬家企業，我們預計這一數字還會增加。

Where are we with our ATM expansion this year? We remain on track to deploy between 3,000 and 3,500 new ATMs in 2024. Moreover, we're making progress in extracting maximum value from our existing network and strategically relocating ATMs to new locations. This effort contributed to our improved margins in the first quarter, and we expect it will continue through the year. This quarter reaffirms our global expansion strategy, including strengthening our presence in existing markets, and I'm excited about what the rest of the year holds for us.

今年 ATM 擴張進展如何？我們仍有望在 2024 年部署 3,000 至 3,500 台新 ATM。這項努力提高了我們第一季的利潤率，我們預計這種情況將持續到今年。本季重申了我們的全球擴張策略，包括加強我們在現有市場的影響力，我對今年剩餘時間的情況感到興奮。

Towards the beginning of today's presentation, I gave a lot of credit for Euronet's financial success to our technology platform. We built the most versatile real-time POS and ATM switching system to allow us to expand rapidly. Much like what Amazon did with AWS, which was originally developed to drive their own business worldwide, and it's now sold as a separate product, our technology platform, that we now call Ren, was built to allow our ATM segment to expand even faster. Ren is the first modern platform that is database independent, platform independent and micro services architected. And just like Amazon did with AWS, we now have productized our own platform for sale around the world. So with that, let's move on to the next slide for an update on our Ren payments platform.

在今天的演講開始時，我將 Euronet 的財務成功歸功於我們的技術平台。我們建立了最通用的即時 POS 和 ATM 交換系統，使我們能夠快速擴張。就像亞馬遜對AWS 所做的那樣，最初開發AWS 是為了在全球範圍內推動自己的業務，現在它作為單獨的產品出售，我們的技術平台（我們現在稱為Ren）的構建是為了讓我們的ATM 細分市場更快擴展。 Ren 是第一個獨立於資料庫、平台和微服務架構的現代平台。就像亞馬遜對 AWS 所做的那樣，我們現在已經將自己的平台產品化，並在全球範圍內銷售。那麼，讓我們繼續看下一張投影片，了解 Ren 支付平台的最新情況。

Slide #13. During the first quarter, we continued to execute our go-to-market strategy for Ren. Ren is a proven product. We trust to run our payment processing businesses and a product with many different use cases that we sell into the market. Our customers include banks, fintechs and central bank infrastructures, providing them with a product that is adaptable to future technology changes and challenges. To complement the Ren product offering, we acquired Infinitum Holdings in Singapore in the first quarter. Infinitum is a market leader in providing risk management and payment authentication services such as 3-D Secure to prevent fraud in e-commerce or card-not-present transactions.

投影片 #13。第一季度，我們繼續執行 Ren 的上市策略。 Ren 是一款經過驗證的產品。我們信任經營我們的支付處理業務以及我們向市場銷售的具有許多不同用例的產品。我們的客戶包括銀行、金融科技公司和中央銀行基礎設施，為他們提供適應未來技術變化和挑戰的產品。為了補充 Ren 產品供應，我們於第一季收購了新加坡的 Infinitum Holdings。 Infinitum 是提供風險管理和支付認證服務（例如 3-D Secure）以防止電子商務或無卡片交易中的詐欺行為的市場領導者。

In addition to this service, this acquisition also expands the addressable market of Ren to include online inquirers and merchants that require a modern cloud-native online payment gateway by integrating the Infinitum Gateway into the Ren acquiring host, which allows us to offer an end-to-end service. We are working on the technical integration and are excited about the expanded capabilities of these products for our customers and prospects.

除了這項服務之外，此次收購還透過將Infinitum Gateway 整合到Ren 收單主機中，擴大了Ren 的潛在市場，包括需要現代雲端原生線上支付網關的線上查詢者和商家，這使我們能夠提供終端-到終端服務。我們正在致力於技術集成，並對這些產品為我們的客戶和潛在客戶提供的擴展功能感到興奮。

Now let's discuss our market wins during the first quarter. As mentioned in the previous quarter, our go-to-market strategy has been focused on Asia, Africa and South America. In the first quarter, we signed a deal with Bank Raya, which is a digital bank subsidiary of BRI, the largest state-owned bank in Indonesia. And to remind you, these digital banks are setting up their payment stacks from scratch, and they are unencumbered with legacy technology. Accordingly, their preference is a modern technology like Ren over legacy payment applications. With this win, we added another digital bank in Asia.

現在讓我們討論一下我們在第一季取得的市場勝利。正如上一季所提到的，我們的市場進入策略主要集中在亞洲、非洲和南美洲。第一季度，我們與印尼最大國有銀行 BRI 的數位銀行子公司 Bank Raya 簽署了協議。提醒您的是，這些數位銀行正在從頭開始建立自己的支付堆棧，並且不受傳統技術的阻礙。因此，他們更喜歡 Ren 等現代技術，而不是傳統的支付應用程式。憑藉這場勝利，我們在亞洲又增加了一家數位銀行。

We launched and went live with 2 new customer relationships in the first quarter. First, we launched Solfin in Costa Rica, a program manager that issues cards to corporates and businesses for use cases like payroll and expense management. Second, we launched a debit card program in Ecuador for our first credit card union customer as both sponsor and issuer. We are excited about the future of Ren, and we will continue to enhance the product offering through continued development and possibly successful acquisitions like Infinitium. Ren allows us to help fintechs and banks modernize and adapt to the changes in the payment marketplace.

我們在第一季推出並上線了 2 個新客戶關係。首先，我們在哥斯達黎加推出了 Solfin，這是一個專案管理器，可以向公司和企業發放卡片，用於薪資和費用管理等用例。其次，我們在厄瓜多爾為我們的第一個信用卡聯盟客戶推出了借記卡計劃，同時作為贊助商和發卡銀行。我們對 Ren 的未來感到興奮，我們將透過持續開發以及可能成功的收購（如 Infinitium）來繼續增強產品供應。 Ren 使我們能夠幫助金融科技公司和銀行現代化並適應支付市場的變化。

Let's recap our EFT segment. What a quarter for EFT. What has driven our growth this quarter? First, it's the strength of our EFT segment. The strength is our Ren technology platform, as I've said before, Ren not only powers our EFT businesses, but it's a product that we are successfully selling in the market. Second, we continue to grow our Merchant Services business by nearly 40% compared to prior year. Third, we have expanded our ATMs into new countries. And lastly, we continue to optimize our ATM network, which improves our margins. As we conclude our discussions of EFT, let me remind you, we achieved record first quarter results. While we must wait and see what the tourism looks like for the summer, it's hard not to get excited about these results together with the positive travel data.

讓我們回顧一下 EFT 部分。電子轉帳 (EFT) 的四分之一是多少啊。是什麼推動了我們本季的成長？首先，這是我們電子轉帳業務的優勢。我們的優勢在於 Ren 技術平台，正如我之前所說，Ren 不僅為我們的 EFT 業務提供動力，而且是我們在市場上成功銷售的產品。其次，我們的商業服務業務持續成長，與去年相比成長了近 40%。第三，我們將自動櫃員機擴展到了新的國家。最後，我們持續優化 ATM 網絡，從而提高我們的利潤。在我們結束對 EFT 的討論時，請允許我提醒您，我們取得了創紀錄的第一季業績。雖然我們必須等待，看看夏季的旅遊業會是什麼樣子，但我們很難不對這些結果和積極的旅遊數據感到興奮。

Now let's discuss our epay segment activity for the quarter. Next slide, please. From our early beginnings of converting prepaid mobile scratch cards to digital pins to our diversification from prepaid mobile airtime distribution to processing a third-party branded content, epay has always been a pioneer in the rapidly changing payments landscape. Our success is made possible because epay is built on a modern technology platform. This platform allows us to remain nimble to changes in the payments environment, thereby allowing us to help our partners deliver their product in more meaningful and unique ways in new and existing markets around the world.

現在讓我們討論一下本季的 epay 部門活動。請下一張投影片。從我們早期將預付費行動刮刮卡轉換為數位密碼，到我們從預付費行動通話時間分發到處理第三方品牌內容的多元化，epay 始終是快速變化的支付領域的先驅。我們的成功之所以成為可能，是因為 epay 建立在現代科技平台之上。該平台使我們能夠靈活應對支付環境的變化，從而幫助我們的合作夥伴在全球新市場和現有市場中以更有意義和獨特的方式交付他們的產品。

This quarter, you can see our continued geographic expansion into 2 new exciting markets. First, we launched Google Play credits into Vietnam, a country where Android-based phones composed 65% of the market. With nearly 100 million people, Vietnam ranks in the top 3 of gaming revenue in Southeast Asia, and we believe it is significantly underserved. We also expanded our Google Play distribution into Japan, the third largest gaming market in the world. Most distribution in Japan is currently done through physical retail. We have identified a large digital partner to deliver Google Play credits electronically. These developments squarely establish us in 2 significant Asian markets this quarter. Also in the first quarter, we signed an agreement with SumUp, a global financial technology company headquartered in the U.K. that offers payment solutions to over 3.5 million merchants across 30 markets worldwide. SumUp will leverage epay's Conductor platform to provide closed-loop issuing and processing to their merchant base.

本季度，您可以看到我們繼續向兩個令人興奮的新市場進行地域擴張。首先，我們向越南推出了 Google Play 積分，該國 Android 手機佔據了 65% 的市場份額。越南擁有近 1 億人口，位居東南亞遊戲收入前三名，但我們認為其服務水準嚴重不足。我們也將 Google Play 發行版擴展至全球第三大遊戲市場日本。目前日本的大部分分銷都是透過實體零售完成的。我們已經確定了一家大型數位合作夥伴以電子方式提供 Google Play 積分。這些進展使我們在本季進入了兩個重要的亞洲市場。同樣在第一季度，我們與 SumUp 簽署了一項協議，SumUp 是一家總部位於英國的全球金融科技公司，為全球 30 個市場的超過 350 萬商家提供支付解決方案。 SumUp 將利用 epay 的 Conductor 平台為其商家群提供閉環發行和處理。

Additionally, we launched Hediye Kart, epay's proprietary 2-step gift card that provides more consumer choice across our retail network in Turkey. Both of these agreements were won because of epay's flexible and scalable technology platforms. Similar to how we productized our Ren platform, we have done the same with our state-of-the-art compliance solution, Skylight. This quarter, we launched Skylight for World Banknote Exchange, a full-service international currency exchange provider based in California. Skylight modernizes the often cumbersome process of monitoring and investigation of financial transactions for money services businesses.

此外，我們還推出了 Hediye Kart，這是 epay 專有的兩步驟禮品卡，為我們在土耳其的零售網路提供了更多消費者選擇。這兩項協議的贏得均得益於 epay 靈活且可擴展的技術平台。與我們將 Ren 平台產品化的方式類似，我們對最先進的合規解決方案 Skylight 也做了同樣的事情。本季度，我們推出了 Skylight for World Banknote Exchange，這是一家位於加州的全方位服務國際貨幣兌換提供商。 Skylight 讓貨幣服務企業金融交易的監控和調查流程變得現代化，這項流程通常很繁瑣。

And finally, as many of you know, Paytm in India ran into a regulatory issue that impacted its ability to onboard new customers and operate its stored value wallet. Epay leveraged its regulatory licenses, network connections and infrastructure to help Paytm resolve this issue in a timely fashion, thereby minimizing customer interruption. Epay's traditional business with Paytm involves only the distribution of Google Play credit. So as I'm sure you can appreciate, we are pleased that Paytm decided to expand our partnership to include prepaid mobile airtime, satellite TV recharges and bill payments in addition to Google Play credit. This was a terrific job done by the epay team and reflects our commitment to helping a partner resolve a difficult situation by leveraging the extensive collection of assets that we've built over the last 20 years.

最後，正如許多人所知，印度的 Paytm 遇到了監管問題，影響了其吸引新客戶和營運儲值錢包的能力。 Epay 利用其監管許可、網路連接和基礎設施來幫助 Paytm 及時解決此問題，從而最大限度地減少客戶中斷。 Epay與Paytm的傳統業務僅涉及Google Play積分的分配。因此，我相信您會理解，我們很高興 Paytm 決定擴大我們的合作夥伴關係，除了 Google Play 積分之外，還包括預付費行動通話時間、衛星電視充值和帳單支付。這是 epay 團隊完成的一項出色的工作，反映了我們致力於利用我們在過去 20 年中建立的廣泛資產集合來幫助合作夥伴解決困難的情況。

As you can see, epay is more than just a content distribution business. It is a diverse dynamic business with growth opportunities in several new and existing markets, and we will continue to develop and promote new products and solutions that supplement our core offering while providing opportunities for continued growth into the future. While the results from the cutting edge investments can take some time to make an impact on the overall segment results, I remain confident in our ability to introduce new products and solutions into new and existing markets that will help epay continue to produce strong growth into the future.

如您所見，epay 不僅僅是內容分發業務。這是一個多元化、充滿活力的業務，在多個新市場和現有市場都有成長機會，我們將繼續開發和推廣新產品和解決方案，以補充我們的核心產品，同時為未來的持續成長提供機會。雖然尖端投資的結果可能需要一段時間才能對整個細分市場的業績產生影響，但我仍然對我們向新市場和現有市場推出新產品和解決方案的能力充滿信心，這將有助於epay 在該領域持續實現強勁成長。

Now let's move on to Slide 15, and we'll talk about Money Transfer for a bit. As I begin my discussion on Money Transfer, I want to emphasize the importance of our network Dandelion as a key driver of growth in the Money Transfer segment. With access to 4.1 billion bank accounts and over 2 billion wallet accounts and over 580,000 physical locations to send or receive money, Dandelion is the most strategic cross-border network in the world to move money.

現在讓我們轉到投影片 15，我們將討論匯款。當我開始討論匯款時，我想強調我們的網路 Dandelion 作為匯款領域成長的關鍵驅動力的重要性。 Dandelion 擁有 41 億個銀行帳戶和超過 20 億個錢包帳戶以及超過 580,000 個實體位置來發送或接收資金，是世界上最具戰略意義的跨境資金轉移網絡。

But let me put the opportunity for our Money Transfer business in perspective. Despite our position as the second largest multichannel money transfer company, our share in the $800 billion remittance market remains modest, only about 7%. We have historically outpaced the market growth by about 3x, but with licenses in send markets that compose only about 60% of where that $800 billion originates. So we see opportunities to grow market share by entering new send markets that represent another 20% to 25% of the addressable market. The market is big, and we have our eyes on additional share gains in both our existing markets and new markets, but it's also shifting, and we believe we are positioned to benefit from that shift.

但讓我正確看待我們的匯款業務的機會。儘管我們是第二大多通路匯款公司，但我們在 8,000 億美元匯款市場中的份額仍然不大，僅為 7% 左右。從歷史上看，我們的成長速度超過了市場成長約 3 倍，但發送市場的許可證僅佔 8,000 億美元來源的 60% 左右。因此，我們看到了透過進入佔目標市場另外 20% 至 25% 的新發送市場來擴大市場份額的機會。市場很大，我們著眼於現有市場和新市場的額外份額成長，但它也在發生變化，我們相信我們能夠從這種變化中受益。

We have consistently been able to outpace the market as a function of our strong value proposition and our ability to expand our product to the different channels that reach our customers. One market shift that I mentioned earlier is consumer preference for account deposits. We were able to grow our account deposit transactions 31% this quarter, in part, because our network can deliver real-time account deposit service in 98% of the markets where our customers have an account deposit needs.

由於我們強大的價值主張以及將產品擴展到接觸客戶的不同管道的能力，我們始終能夠超越市場。我之前提到的一個市場轉變是消費者對帳戶存款的偏好。本季我們的帳戶存款交易量增加了 31%，部分原因是我們的網路可以在 98% 的客戶有帳戶存款需求的市場提供即時帳戶存款服務。

In the independent channel, where most of the total addressable markets still live, we are the global leader. And our superior value proposition enables us to consolidate its fragmentation. We have a thriving digital offering live in 24 countries, which continues to accelerate its growth while refining our customer experience. So as the market evolves, whether going to digital for sending, whether to bank accounts, wallets or cards for receiving money, whether for other use cases or in terms of population or migration shifts, we believe our Money Transfer segment is already well positioned to benefit from and actually lead into these market dynamics.

在獨立通路中，大部分潛在市場仍然存在，我們是全球領導者。我們卓越的價值主張使我們能夠鞏固其碎片化。我們在 24 個國家/地區擁有蓬勃發展的數位產品，該產品在不斷加速成長的同時改善了我們的客戶體驗。因此，隨著市場的發展，無論是採用數位方式進行發送，還是採用銀行帳戶、錢包或卡進行收款，無論是其他用例還是人口或移民變化，我們相信我們的匯款部門已經做好了充分準備，受益於並實際引導這些市場動態。

Now let's talk about some of our marketplace wins for the quarter. During the quarter, we signed 22 new correspondent agreements across 19 countries and launched 16 new correspondents in 15 countries. Our team continues to win market share and execute our plan. In Bangladesh, we've launched an exciting partnership with Nagad Wallet recognized as the world's fastest-growing mobile financial service provider. Nagad has revolutionized cashless transactions, integrating them into the daily lives of many Bangladeshis with a solid user base of 85 million registered customers.

現在讓我們來談談本季我們在市場上取得的一些勝利。本季度，我們在 19 個國家簽署了 22 份新代理協議，並在 15 個國家設立了 16 名新代理商。我們的團隊繼續贏得市場份額並執行我們的計劃。在孟加拉國，我們與被公認為全球成長最快的行動金融服務供應商的 Nagad Wallet 建立了令人興奮的合作關係。 Nagad 徹底改變了無現金交易，將其融入許多孟加拉國人的日常生活中，擁有 8500 萬註冊客戶的堅實用戶基礎。

In Malaysia, we launched a prepaid Ria MasterCard. This card demonstrates our commitment to localize our product to the needs of our customers. This innovative card seamlessly integrates with the Ria Wallet, offering new payroll channels for customers, employers. It facilitates direct payments into our wallet and opens up countless merchants for their spending needs. Our direct-to-consumer digital channel continues to grow nicely, expanding 23% and is becoming a larger share of our overall business, reaching 11% this quarter.

在馬來西亞，我們推出了預付費 Ria 萬事達卡。這張卡片體現了我們致力於將我們的產品在地化以滿足客戶需求的承諾。這款創新卡與 Ria 錢包無縫集成，為客戶和雇主提供新的薪資管道。它方便直接付款到我們的錢包中，並為無數商家打開了滿足他們消費需求的大門。我們的直接面向消費者的數位管道持續保持良好成長，成長了 23%，並在我們整體業務中所佔的份額越來越大，本季達到 11%。

As we concluded 2023 with momentum and optimism, the first quarter results for Money Transfer reinforced our excitement with double-digit growth in operating income and adjusted EBITDA. I am more optimistic than ever about our Money Transfer segment's potential to continue to outpace the market rate of growth and accumulate market share as we've done in the past, a trend that's been consistent since our acquisition of Ria in 2007.

當我們充滿動力和樂觀地結束 2023 年時，Money Transfer 第一季的業績讓我們更加興奮，營業收入和調整後 EBITDA 實現了兩位數的成長。我比以往任何時候都更加樂觀地認為我們的匯款業務有潛力繼續超越市場成長率並像我們過去所做的那樣累積市場份額，這一趨勢自 2007 年收購 Ria 以來一直保持一致。

Now let's turn to the next slide, and we'll discuss our Dandelion network. As we told you, our network, which is also known as Dandelion, is at the core of the different value propositions we offer in the Money Transfer segment, along with Ria and Xe. Under the Dandelion brand, we offer our network and core payments capabilities through a Payment-as-a-Service model. By connecting with Dandelion via a single API, banks, fintechs, financial institutions, payment service providers and tech platforms can immediately offer real-time cross-border payments to consumers and businesses globally. This is a compelling value proposition that is being very well received in the market.

現在讓我們轉到下一張投影片，我們將討論我們的蒲公英網路。正如我們告訴您的，我們的網絡（也稱為 Dandelion）與 Ria 和 Xe 一樣，是我們在匯款領域提供的不同價值主張的核心。在蒲公英品牌下，我們透過支付即服務模式提供我們的網路和核心支付功能。透過單一 API 與 Dandelion 連接，銀行、金融科技公司、金融機構、支付服務提供者和技術平台可以立即向全球消費者和企業提供即時跨境支付服務。這是一個引人注目的價值主張，在市場上廣受好評。

Through our Dandelion sending partners, we reached different customer segments than our traditional family remittance consumer. As we told you, we still have tons of room to grow in the remittance segment. But with Dandelion, we are also stepping into adjacent markets in the payment space that service those use cases that require cross-border settlement as part of their value proposition.

透過我們的蒲公英匯款合作夥伴，我們接觸到了與傳統家庭匯款消費者不同的客戶群。正如我們告訴您的，我們在匯款領域仍有巨大的成長空間。但透過 Dandelion，我們也進入了支付領域的鄰近市場，為那些需要跨國結算作為其價值主張一部分的用例提供服務。

From a market sizing perspective, we see Dandelion opening access to about a $15 trillion TAM or nearly 20x the size of the remittance market. So clearly, the opportunity is enormous, and with our competitive DNA and superior product, I'm confident that we'll take market share as customers realize the benefits of our attractive value proposition.

從市場規模的角度來看，我們認為 Dandelion 開放了約 15 兆美元的 TAM，即匯款市場規模的近 20 倍。顯然，機會是巨大的，憑藉我們的競爭基因和卓越的產品，我相信，隨著客戶認識到我們有吸引力的價值主張的好處，我們將佔據市場份額。

During the quarter, we signed an agreement with Wallex, a Singapore-based international payment service provider that serves SMEs, corporates, fintechs and e-commerce companies offering cross-border payments, collections, virtual multicurrency accounts and FX services. Further, several agreements we signed in 2023 launched and went live in this first quarter. One of the more significance was Ping Pong, one of the largest China-based cross-border digital payment providers. Ping Pong has relationships with more than 1 million sellers who have processed more than $90 billion in transaction volume.

本季度，我們與Wallex 簽署了一項協議，Wallex 是一家總部位於新加坡的國際支付服務提供商，為中小企業、企業、金融科技和電子商務公司提供跨境支付、收款、虛擬多幣帳戶和外匯服務。此外，我們在 2023 年簽署的幾項協議已於今年第一季啟動並生效。其中更重要的一個是 Ping Pong，它是中國最大的跨境數位支付提供者之一。 Ping Pong 與超過 100 萬賣家建立了合作關係，處理的交易額超過 900 億美元。

In addition, we launched an agreement with Sendwave/WorldRemit, one of the largest digital money transfer companies in the world with a customer base of more than 11 million customers. We are busy implementing all the deals that we've been telling you about. And as we continue to move into 2024, I see a very robust pipeline that I look forward to updating you on as we close these deals.

此外，我們也與 Sendwave/WorldRemit 簽署了一項協議，Sendwave/WorldRemit 是全球最大的數位匯款公司之一，擁有超過 1,100 萬客戶。我們正忙於實施我們已經告訴過您的所有交易。隨著我們繼續邁入 2024 年，我看到了一個非常強大的管道，我期待在我們完成這些交易時向您通報最新情況。

To wrap up our Money Transfer segment, hopefully, you will see what I see. We are surrounded by growth opportunities and very well equipped and positioned to continue to go after.

為了結束我們的匯款部分，希望您能看到我所看到的內容。我們周圍充滿了增長機會，並且裝備精良，有能力繼續追求。

So finally, let's go on to Slide #17. As I conclude my remarks, I can't emphasize enough my excitement about the growth our management team continues to deliver. No matter how you analyze the results, this was a record first quarter for Euronet. And to recap, compared to the prior year first quarter, our Euronet team delivered adjusted EPS of $1.28, 47% over prior year, a record. Revenue of $855 million and 9% growth over the prior year, another record. Operating income of $65.8 million, up 44% over the prior year, another record for the first quarter. And adjusted EBITDA of $110 million, 19% growth over the prior year. You see where this is going, another record for the first quarter.

最後，讓我們繼續看投影片#17。在我結束演講時，我對我們的管理團隊持續實現的成長感到無比興奮。無論您如何分析結果，這對 Euronet 來說都是創紀錄的第一季。回顧一下，與去年第一季相比，我們的 Euronet 團隊調整後每股收益為 1.28 美元，比去年同期成長 47%，創歷史新高。營收達 8.55 億美元，較上年成長 9%，再創紀錄。營業收入達 6,580 萬美元，較上年同期成長 44%，再創第一季紀錄。調整後 EBITDA 為 1.1 億美元，比上年成長 19%。你看這是怎麼回事，第一季又創紀錄了。

Now let's recap how we delivered these results, and how we will continue to grow. We delivered these results by focusing on our strengths that we have discussed today. We will continue making strategic acquisitions like Infinitium that strengthens our go-to-market strategy for Ren. We're going to expand into new strategic markets, growing those markets like the Philippines, Morocco, Mexico, just to name a few. We will optimize our ATM estate to improve profit margins. We're going to grow and expand our existing businesses like our Merchant Services businesses, which delivered nearly 40% growth in EBITDA compared to the prior first year first quarter. Then we're going to continue to develop product offerings like Skylight and Conductor and epay and we're going to grow our best-in-class Dandelion network of over 4 billion bank accounts and 2 billion global wallets.

現在讓我們回顧一下我們如何取得這些成果，以及我們將如何繼續發展。我們透過專注於我們今天討論的優勢來取得這些成果。我們將繼續進行像 Infinitium 這樣的策略性收購，以加強我們 Ren 的市場策略。我們將拓展新的策略市場，發展菲律賓、摩洛哥、墨西哥等市場。我們將優化 ATM 資產以提高利潤率。我們將發展和擴大現有業務，例如我們的商業服務業務，與去年第一季相比，該業務的 EBITDA 成長了近 40%。然後我們將繼續開發 Skylight、Conductor 和 epay 等產品，我們將發展由超過 40 億個銀行帳戶和 20 億個全球錢包組成的一流 Dandelion 網路。

As we have referenced, the positive travel outlook from the major airlines, the airports and notably the World Travel Organization; the outlook from these resources all seems to say the same thing. The spring and summer travel season in Europe is predicted to exceed the prior year. And as I conclude my remarks, I just want to repeat, what a quarter. We have maintained the momentum from the fourth quarter, and we continue to be optimistic about the remainder of the year. For 2024, we firm our -- and we expect to see our earnings growth rate in the 10% to 15% range, but you can bet we are driving this business to produce even better results. With that, we'll be happy to take questions. Operator, will you please assist.

正如我們所提到的，主要航空公司、機場，特別是世界旅遊組織對旅遊前景持樂觀態度；這些資源的前景似乎都在說同樣的事情。預計歐洲春季和夏季旅遊旺季將超過去年。當我結束發言時，我只想重複一遍，多麼好的一個季度。我們保持了第四季度的勢頭，並且對今年剩餘時間繼續保持樂觀。對於 2024 年，我們預計我們的獲利成長率將在 10% 至 15% 範圍內，但您可以打賭，我們正在推動這項業務產生更好的業績。這樣，我們將很樂意回答問題。接線員，請您幫忙。

(Operator Instructions) The first question I have today is coming from Andrew Schmidt of Citi Global Markets.

（操作員說明）我今天的第一個問題來自花旗全球市場部的安德魯‧施密特（Andrew Schmidt）。

This is David (inaudible) on for Andrew Schmidt. Regarding the epay segment, you mentioned inflationary pressures impacting the margin. Where did you see the inflation specifically? And are there other offsets on a go-forward basis?

我是安德魯·施密特 (Andrew Schmidt) 的大衛（聽不清楚）。關於 epay 領域，您提到了影響利潤率的通膨壓力。您具體在哪裡看到了通貨膨脹？未來是否有其他抵銷措施？

Yes. With the inflation, we've seen kind of around the globe, I would say we saw more of it in the European markets where obviously you may know that epay has more of its business. So from our standpoint, it was a little bit more concentrated in that part of the world. But again, I don't think we've seen a corner of the earth that's not been impacted by inflation following the impacts brought about by COVID.

是的。隨著通貨膨脹，我們在全球範圍內都看到了這種情況，我想說的是，我們在歐洲市場看到了更多的通貨膨脹，顯然您可能知道 epay 擁有更多的業務。因此，從我們的角度來看，它更加集中在世界的那個地區。但我再次強調，在新冠疫情帶來的影響之後，我們認為地球上沒有哪個角落沒有受到通貨膨脹的影響。

But your second part of the question, I didn't quite follow. So maybe you can ask that again.

但你問題的第二部分，我不太明白。所以也許你可以再問一次。

Are there any ways to improve the margin on a go-forward basis to offset these inflationary impacts -- kind of the low watermark here?

有沒有什麼方法可以提高未來的利潤率，以抵消這些通貨膨脹的影響——有點像這裡的低水位線？

Yes. I mean a couple of things that most easily come into that is, and as we mentioned in here, geographical expansion and product expansion. And as we pointed out in here, some of our own proprietary products gives us the ability to have a little better margins than what we have on other product that we distribute for customers. So that's where I would see that we're going to have the ability to get back into that earnings growth mode, scale and geographical expansion, which will contribute to that scale, and then some additional product that has some enhanced margin on it.

是的。我的意思是最容易涉及的一些事情，正如我們在這裡提到的，地域擴張和產品擴張。正如我們在這裡指出的，我們自己的一些專有產品使我們能夠獲得比我們為客戶分銷的其他產品更高的利潤。因此，我認為我們將有能力回到獲利成長模式、規模和地理擴張，這將有助於擴大規模，然後推出一些利潤率有所提高的附加產品。

Understood. And then within EFT, how much more runway is there to optimize the network?

明白了。那麼在 EFT 中，還有多少跑道可以優化網路？

Listen, with EFT, we're always calling our lower-performing ATMs and trying to put them in better locations. So you get a combination of that, that we do kind of every day. And then also as we add new ATMs into new markets, then you get that benefit as well. So there is some, certainly.

聽著，透過 EFT，我們總是呼叫效能較低的 ATM，並嘗試將它們放置在更好的位置。所以你會得到我們每天都會做的結合。然後，當我們將新的 ATM 機添加到新市場時，您也可以獲得這種好處。所以肯定有一些。

Our next question is coming from Mike Grondahl of Northland Capital Markets.

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

Two quick questions. Any update on surcharge or interchange? And then secondly, what were the total ATMs redeployed in 4Q and 1Q? And what effect do you think that had in the quarter? Can you monetize or quantify that?

兩個簡單的問題。有關附加費或換乘的任何更新嗎？其次，第四季和第一季重新部署的 ATM 總數是多少？您認為這對本季有何影響？你能將其貨幣化或量化嗎？

There was about 2,000 across those 2 quarters, right? Yes, all together. So I don't have the exact numbers to quantify them. But if you think about it for a minute, if you're taking out an ATM that's losing money, you'll see your revenue go down, but you'll also see your profits go up. So that's kind of what's been happening over the last 2 quarters.

這兩個季度大約有 2,000 人，對嗎？是的，都在一起。所以我沒有確切的數字來量化它們。但如果你想一想，如果你提取一台虧損的 ATM，你會發現你的收入下降，但你也會看到你的利潤上升。這就是過去兩個季度發生的情況。

Got it. Then I don't know, what are you guys seeing with surcharge or interchange across?

知道了。那我不知道你們對附加費或轉乘看到了什麼？

Oh, yes, you asked that question. There is a lot of action going on, but nothing has happened yet. But as we talk to the regulators in various markets, all we can say is where it sits today will not be what it looks like in a year from now. So -- but you just don't know when these regulators are going to pop. So we'll just say we're just going to be conservative and not work that into our guidance at this point. But we -- rest assured, you're going to see both surcharges added and interchanges go up over the next year or 2.

哦，是的，你問了這個問題。有很多行動正在進行，但還沒有發生任何事情。但當我們與各個市場的監管機構交談時，我們只能說，一年後的情況將不會是今天的樣子。所以——但你只是不知道這些監管機構什麼時候會突然出現。因此，我們只會說我們會保持保守，目前不會將其納入我們的指導中。但我們—請放心，您將在未來一兩年內看到附加費的增加和換乘次數的增加。

And if you just think about it, and we've made a comment here a couple of times about how inflation has impacted our business, and you've heard that on many, many other companies that you've talked to. All of the banks out there are challenged with the exact same thing. And unlike even in the acquiring world where you get a percentage of the transaction, as inflation goes up in the ATM world, you're not going to get an increase. That interchange remains the same. And so these banks have been very challenged by the rising costs. And there's been studies produced that show that the interchange does not cover the cost. So you're seeing more and more activity in the market where the banks are saying, we simply can't provide a service like this and continuing to take the losses on it.

如果你想一想，我們已經在這裡多次評論通貨膨脹如何影響我們的業務，並且你已經在與你交談過的許多其他公司中聽過這樣的說法。所有銀行都面臨著完全相同的挑戰。即使在收單領域，您也可以獲得交易的一定比例，但與 ATM 領域的通貨膨脹不同的是，隨著 ATM 領域的通貨膨脹上升，您也不會獲得增加。此交換保持不變。因此，這些銀行受到成本上升的巨大挑戰。有研究表明，交換不能覆蓋成本。因此，您會看到市場上越來越多的活動，銀行表示，我們根本無法提供這樣的服務，並繼續承擔損失。

So more and more discussion going. We'll see -- and I'm reasonably certain we'll see some benefit from that, but momentum moving in our direction.

所以越來越多的討論正在進行中。我們將會看到——我相當肯定我們會從中看到一些好處，但勢頭正朝著我們的方向發展。

Yes, just over the last 2 years, we've seen about 5 different examples in different countries. So we'll get more.

是的，就在過去 2 年裡，我們在不同國家看到了大約 5 個不同的例子。所以我們會得到更多。

That would be great. The margin on those increases will be pretty high. So?

那太好了。這些成長的利潤將相當高。所以？

Yes. I mean the margin on the increase is almost 100%. So yes, it's big.

是的。我的意思是增幅幾乎是100%。所以是的，它很大。

And our next question will be coming from Cris Kennedy of William Blair.

我們的下一個問題將來自威廉布萊爾的克里斯肯尼迪。

You gave a great update on these ATMs in Philippines. Can you just talk about the opportunity to expand your tourist-focused ATMs outside of Europe?

您對菲律賓的這些 ATM 機進行了重要的更新。您能否談談將面向遊客的 ATM 擴展到歐洲以外地區的機會？

That's -- I mean, I won't say that's our holy grail, but that certainly is a high focus item for us. With a little luck, this year, we might add 2, 3, 4 more countries. We're targeting more in Southeast Asia. We're still targeting a couple more in North Africa. And of course, virtually everybody south of our border. There's little tourist places in almost every country south of the United States. We've just lit up our first country, which was Mexico last quarter, and that's just the beginning of several places that we're trying to go into.

那是——我的意思是，我不會說這是我們的聖杯，但這對我們來說肯定是一個高度關注的項目。如果運氣好的話，今年我們可能會再增加 2、3、4 個國家。我們的目標是更多地瞄準東南亞。我們仍在北非瞄準更多目標。當然，幾乎所有我們邊境以南的人。美國南部幾乎每個國家都沒有任何旅遊景點。我們剛剛點亮了我們的第一個國家，即上個季度的墨西哥，而這只是我們試圖進入的幾個地方的開始。

So it's -- I would imagine that you look at our huge estate of 35,000 tourist-focused ATMs in Europe. We only have a couple of thousand outside of Europe. Over the next 5 to 10 years, the numbers outside of Europe could equal Europe. So we'll just have to see what happens.

所以，我想您會看到我們在歐洲擁有 35,000 台針對遊客的 ATM 機。我們在歐洲以外只有幾千人。在接下來的 5 到 10 年裡，歐洲以外的人數可能會與歐洲持平。所以我們只能看看會發生什麼事。

But -- the reason I can't just say we're going to just jump into them all instantly is in Europe, remember, we had the Payment Services Directive, a law that was passed by the EU that allowed a single regulator to regulate your expansion into every one of the EU countries. And we don't have that when we expand through the rest of the world. So we've got to approach every country individually. It's the pain. We've got to get the Central Bank to allow us as a nonbank to own an ATM and et cetera. So it just takes some time, but we've done that now in 4, 5 countries, and we hope to do it in many more.

但是，我不能只是說我們要立即介入所有這些問題的原因是在歐洲，請記住，我們有《支付服務指令》，這是歐盟通過的一項法律，允許單一監管機構進行監管您的業務擴展到每個歐盟國家。當我們向世界其他地區擴張時，我們就沒有這樣的能力了。因此，我們必須單獨接觸每個國家。這就是痛苦。我們必須讓中央銀行允許我們作為非銀行機構擁有自動櫃員機等等。所以這只是需要一些時間，但我們現在已經在 4、5 個國家/地區做到了這一點，我們希望在更多國家/地區做到這一點。

Great. And then just a follow-up on Ren. Most of the business has been outside of the U.S. Can you just talk about kind of the opportunities to work with U.S. financial institutions?

偉大的。然後是任的後續行動。大部分業務都在美國境外。

Well, there are some opportunities. We're in discussions with several of them right now. But a deal is not a deal until it's signed and delivered. So we're not announcing until we get one. But we're certainly going after it, and it's the success of Ren outside -- it took a while, but the success of Ren outside the U.S. is now starting to bleed into the U.S.

嗯，有一些機會。我們現在正在與其中幾位進行討論。但在簽署並交付之前，協議並不是協議。所以在我們得到一個之前我們不會宣布。但我們肯定會追求它，這是 Ren 在國外的成功——花了一段時間，但 Ren 在美國以外的成功現在開始滲透到美國。

And I would add to that is that we've been very encouraged by what these very large banks have told us about the quality of our technology and the challenges that they are grappling with, with respect to their historical legacy old, outdated technology. So we'll -- like Mike said, we'll wait until we've got something signed to announce, but we're very encouraged by the reception that we've gotten so far.

我想補充一點的是，這些非常大的銀行告訴我們我們的技術品質以及他們正在應對的挑戰，以及他們歷史遺留的陳舊過時的技術，這讓我們深受鼓舞。所以我們會——就像麥克說的那樣，我們會等到簽署了一些東西才宣布，但我們對迄今為止所得到的反響感到非常鼓舞。

Yes. Those legacy payment stacks are very legacy. I mean, they're architected 20 to 40 years ago, that makes it a challenge for banks to deal with things like wallets and QR codes and all the modern banking challenges, account-based transactions and so forth. So the need is great.

是的。這些遺留支付堆疊非常遺留。我的意思是，它們是 20 到 40 年前設計的，這使得銀行在處理錢包和二維碼以及所有現代銀行業務挑戰、基於帳戶的交易等方面面臨挑戰。所以需求是很大的。

And the next question is coming from Gus Gala of Monness, Crespi, Hardt & Company.

下一個問題來自 Monness, Crespi, Hardt & Company 的 Gus Gala。

Could you help me a little bit unpack the drivers of that big 60% incremental EBITDA margin this quarter in EFT -- just -- yes, that will be my first one. I have a follow-up.

您能否幫我解釋一下本季電子轉帳 EBITDA 利潤率大幅成長 60% 的驅動因素——只是——是的，這將是我的第一個驅動因素。我有一個後續行動。

Well, okay. So it's -- the 2 things we mentioned before. It's better transactions, and it's also rationalizing nonperforming ATMs. If you think about it for a second, it cost us x amount to run this ATM every month. We'll just make up a number, call it, $1,000. So you need enough transactions to cover that $1,000 before you get to breakeven. But every transaction after that has 90% margin attached to it. So that's the point. Once you get your quantity up and you cover the nut of your network, then all that starts to fall to the bottom line, and that's kind of what you're seeing. And so that's it. And then -- so it's more transactions plus it's the optimization of getting rid of ATMs that are not profitable.

哦，那好吧。這就是我們之前提到的兩件事。這是更好的交易，也使不良的 ATM 機合理化。如果您想一想，我們每個月運行這台 ATM 需要花費 x 金額。我們就編一個數字，稱之為 1,000 美元。因此，您需要足夠的交易來支付這 1,000 美元，然後才能實現收支平衡。但此後的每筆交易都附帶 90% 的保證金。這就是重點。一旦你的數量增加並涵蓋了網路的核心，那麼所有這些都開始下降到底線，這就是你所看到的。就是這樣。然後——所以這是更多的交易，加上它是擺脫不盈利的 ATM 的優化。

Great. I appreciate the color. And my next one is on Money Transfer. Could you talk a little bit about the evolution of digital -- profitability of digital segment? I mean, is the opportunity here for further margin expansion just from continuing to drive more remittances ending in a digital receive? Does that makes sense?

偉大的。我很欣賞它的顏色。我的下一篇是關於匯款的。您能談談數位化的演進－數位化領域的獲利能力嗎？我的意思是，是否有機會透過繼續推動更多的匯款以數位接收的方式進一步擴大利潤？這樣有道理嗎？

Yes. Okay. Well, that's an interesting -- so there's 2 parts to it. When you say digital, it's the send and receive. So when we pay out into cash where somebody walks up to the branch of a bank or something to pick up their money, that bank gets, call it, $3, maybe $3.50 from us to do that for us to allow that customer to walk in its doors and do the transaction. If I pay out into a bank account or into a wallet account, it only costs like $0.50. So margins tend to be higher, the higher percentage of the transactions that are paid out digitally.

是的。好的。嗯，這很有趣——所以它分為兩個部分。當你說數字時，指的是發送和接收。因此，當我們支付現金時，有人走到銀行分行或其他地方取錢時，銀行會從我們那裡得到 3 美元，也許 3.50 美元，讓我們允許該客戶走進去。如果我存入銀行帳戶或錢包帳戶，只需花費 0.50 美元。因此，以數位方式支付的交易比例越高，利潤往往越高。

Then on the flip side, so as that grows, that's growing 31% even though our transactions are just growing like 10% or whatever the number is. So that's good. And the other piece of this is, just more transactions into more countries. It's the send side. It costs -- because I don't have to pay part of the customer's fee to the agent, a digitally acquired transaction has slightly better margins than a physically acquired transaction.

另一方面，隨著交易量的增長，儘管我們的交易量僅增長了 10% 或其他數字，但增長了 31%。所以這樣很好。另一方面是，更多的交易進入更多的國家。這是發送端。它是有成本的——因為我不必向代理商支付部分客戶費用，所以數位獲取的交易比物理獲取的交易的利潤略高。

And our next question is coming from Charles Nabhan of Stephens.

我們的下一個問題來自史蒂芬斯的查爾斯·納布漢。

I wanted to start with the Money Transfer segment, and I was hoping you could give us a little color around specifically what geographies are driving some of the strength in cross-border? And on the flip side, I know intra-U.S. has been weak for some time. But I'm wondering, are you seeing any deceleration or a slowdown in the decline within that business at all?

我想從匯款部分開始，希望您能給我們一些具體的訊息，具體說明哪些地區正在推動跨境業務的發展？另一方面，我了解美國內部。已經疲弱了一段時間了。但我想知道，您是否看到該業務的下滑速度有任何減速或放緩？

In answer to that last question, absolutely. Our decline is now roughly 10%, when it used to be roughly 20%. So it's declining slower, but there's also a smaller piece. So remember what this was -- the specific U.S. to U.S. business was called Walmart to Walmart. It was where people could bring their cash into a Walmart location, and it could pop out in another Walmart location. So that's -- with the advent of things like Venmo and Cash App and all these other digital methodologies to send money, that has really taken a bite out of what Walmart can do with the Walmart to Walmart cash-to-cash business. So that's why it's continued to go down.

回答最後一個問題，絕對是如此。我們的下降幅度現在約為 10%，而以前約為 20%。所以它的下降速度較慢，但也有較小的部分。所以請記住這是什麼——具體的美國對美國業務被稱為沃爾瑪對沃爾瑪。人們可以在這裡將現金帶到沃爾瑪門市，也可以在另一個沃爾瑪門市出現。因此，隨著 Venmo 和 Cash App 以及所有其他數位匯款方法的出現，沃爾瑪在沃爾瑪到沃爾瑪的現金到現金業務方面的能力確實受到了影響。所以這就是它持續下跌的原因。

The nice thing is all our international business is up, and thus, this cash-to-cash business becomes a smaller and smaller piece of our total.

令人高興的是，我們所有的國際業務都在成長，因此，現金到現金業務在我們業務總量中所佔的份額越來越小。

And remember that movement to an alternative form was really accelerated in the COVID period when you didn't have people at the customer service counters. People were restricted from going in buildings. There was closings of stores and stuff like that. So it kind of had a unique set of circumstances to it. But -- as Mike said, the rate of decline is tapering off and the absolute amount by which it's declining against is obviously lower than it was.

請記住，在新冠疫情期間，當客戶服務櫃檯沒有人時，向替代形式的轉變確實加速了。人們被限制進入建築物。商店關門之類的事情發生了。所以它有一些獨特的環境。但是，正如麥克所說，下降速度正在逐漸放緩，而且下降的絕對量明顯低於以前。

Got it. And on the cross-border piece, anything you could say on the -- where you're seeing strengths geographically?

知道了。在跨國方面，您可以說一下您在哪裡看到的地理優勢嗎？

Yes. That's been pretty consistent and pretty strong in virtually all our geographies. We don't have a bad geography right now.

是的。在我們幾乎所有地區，這種情況都相當一致且相當強勁。我們現在的地理位置並不差。

Got it. And as a follow-up, I wanted to drill into some of the initiatives you have in place within epay that you had alluded to, Mike. Is there anything you could say about specific products or what's on your product road map within that business? And how we should think about KPIs as well as the timing of contribution from some of the initiatives you have in place within epay. Clearly, you have a strong history of repositioning that segment. And I think -- I would like to understand what's next and what the next evolution of epay would look like?

知道了。作為後續行動，我想深入探討您在 epay 中實施的一些舉措，麥克，您已經提到過。關於特定產品或該業務中的產品路線圖，您有什麼可以說的嗎？我們應該如何考慮 KPI 以及您在 epay 中實施的一些舉措的貢獻時間。顯然，您在重新定位該細分市場方面有著悠久的歷史。我想——我想了解下一步是什麼以及 epay 的下一個演變會是什麼樣子？

Okay. Well, we have Kevin Caponecchi, our CEO of the epay segment. So I'll let this be the last question, but I'll let Kevin give a shot for the answer.

好的。嗯，我們有 epay 部門的執行長凱文·卡波內基 (Kevin Caponecchi)。所以我將把這是最後一個問題，但我會讓凱文嘗試回答。

Yes. So historically, we've always distributed what we referred to as third-party content, whether that's a mobile top up or whether that's a Google Play credit. It's not our product. It's a product owned by another brand. And Rick and Mike went through the whole transformation of epay over the last several years, where we've continued to change the product mix.

是的。因此，從歷史上看，我們總是分發所謂的第三方內容，無論是行動儲值還是 Google Play 積分。這不是我們的產品。這是另一個品牌擁有的產品。在過去的幾年裡，Rick 和 Mike 經歷了 epay 的整個轉型，我們不斷改變產品組合。

Looking forward, our goal is to introduce more products, as Rick mentioned, that are epay branded, that have a higher margin. And those products take on different form factors.

展望未來，我們的目標是推出更多具有更高利潤率的 epay 品牌產品，正如 Rick 所提到的。這些產品具有不同的外形尺寸。

The second thing we're looking at introducing is more solutions. We referenced Skylight in the earnings call, and we introduced Conductor platform in the earnings call. Those are both solutions for both our retail partners and our brand partners.

我們要考慮推出的第二件事是更多的解決方案。我們在財報電話會議中提到了 Skylight，並在財報電話會議中介紹了 Conductor 平台。這些都是我們的零售合作夥伴和品牌合作夥伴的解決方案。

So looking forward, we think there will be a -- we were driving a shift mix from third-party content to products and solutions that are owned by epay that will have higher margins.

因此，展望未來，我們認為我們正在推動從第三方內容到 epay 擁有的產品和解決方案的轉變，這些產品和解決方案的利潤率將更高。

All right. Thanks, everybody. We'll look forward to talking to you in about 90 days. Thank you.

好的。謝謝大家。我們期待在大約 90 天內與您交談。謝謝。

This concludes today's conference call. Thank you all for joining. You may disconnect.

今天的電話會議到此結束。感謝大家的加入。您可以斷開連線。