Euronet Worldwide Inc (EEFT) 2024 Q2 法說會逐字稿

Greetings and welcome to the Euronet Worldwide second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to introduce your host, Mr. Adam Godderz, General Counsel for Euronet Worldwide.

您好，歡迎參加 Euronet Worldwide 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我很高興向您介紹主持人，Euronet Worldwide 總法律顧問 Adam Godderz 先生。

Thank you. Mr. Godderz, you may begin.

謝謝。戈德茲先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Euronet's second-quarter 2024 earnings conference call. On today's call, 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 年第二季財報電話會議。出席今天的電話會議的有董事長兼執行長 Mike Brown 和財務長 Rick Weller。

Before we begin, I would like to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we'll be making today. Statements made on this call that concern Euronet's or its management's intentions, expectations, or predictions of future performance are forward-looking statements. Euronet's actual results may vary materially from those anticipated in these forward-looking statements as a result of a number of factors, including those listed on the second slide of our presentation.

在我們開始之前，我想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 或其管理階層的意圖、預期或未來績效預測的聲明均為前瞻性聲明。由於多種因素（包括我們簡報第二張投影片中列出的因素），Euronet 的實際結果可能與這些前瞻性聲明中的預期有重大差異。

In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to the 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中使用的非 GAAP 財務指標與最具可比性 GAAP 指標的對帳。現在我將把電話轉給我們的財務長 Rick Weller。

Thanks, Adam. I will begin with my comments on slide 5. We delivered a record quarter -- second quarter on all key consolidated P&L line items. We delivered revenue of $986 million, adjusted operating income of $134 million, adjusted EBITDA of $178 million, and adjusted EPS of $2.25. Leading the way for these results was EFT with double-digit constant currency growth on all financial measures. For epay, results were similar to the prior year, and money transfer delivered constant currency revenue growth of 8% for the quarter with a modest increase in operating income on a constant currency basis.

謝謝，亞當。我將從我對幻燈片 5 的評論開始。我們在所有關鍵合併損益項目上都實現了創紀錄的季度——第二季。我們的營收為 9.86 億美元，調整後營業收入為 1.34 億美元，調整後 EBITDA 為 1.78 億美元，調整後每股收益為 2.25 美元。取得這些成果的領導者是電子轉帳 (EFT)，其所有財務指標均達到兩位數的持續貨幣成長。對於 epay，結果與上年相似，本季匯款帶來 8% 的固定貨幣收入成長，以固定貨幣計算的營業收入小幅成長。

Our quarterly adjusted EPS was up 11% over the prior year. And when considering the first six months of this year, it's up about 16.5% over the prior year. You can see we are well on track to meet our earnings guidance range we've shared with you and lining up for an opportunity to exceed the range.

我們的季度調整後每股收益比上年增長 11%。考慮到今年前六個月，它比去年同期增長了約 16.5%。您可以看到，我們正在順利實現我們與您分享的獲利指導範圍，並正在等待超越該範圍的機會。

Moreover, this quarter, we continued our track record of producing strong free cash flows producing more than $80 million. And because we didn't have any larger pending acquisitions or other requirements for the free cash flow, we repurchased $114 million of our shares or about 2% of the shares outstanding.

此外，本季我們繼續保持強勁自由現金流的記錄，創造了超過 8,000 萬美元的收入。由於我們沒有任何更大的待決收購或其他自由現金流需求，因此我們回購了 1.14 億美元的股票，約 2% 的已發行股票。

Given the timing of the repurchases, there was only a marginal benefit to the second-quarter adjusted EPS, but we know this repurchase will improve earnings per share by 2% for future periods. It also points out -- I'll also point out that our consolidated operating margins expanded by about 90 basis points over the prior year, and we expect to see continued expansion through the second half of the year.

考慮到回購的時機，第二季調整後每股盈餘只有邊際效益，但我們知道這次回購將使未來期間的每股盈餘提高 2%。它還指出——我還要指出，我們的綜合營業利潤率比上一年擴大了約 90 個基點，我們預計今年下半年將繼續擴大。

Slide 6. On slide 6, we present a summary of our balance sheet compared to the prior quarter. As you can see, we ended the quarter with $1.27 billion in unrestricted cash and debt of $2.27 billion The increase in cash is largely due to cash generated from operations of more than $80 million in the second quarter, offset by stock repurchases and a minor impact from the completion of the MEPS ATM network acquisition.

幻燈片 6。在投影片 6 中，我們總結了與上一季相比的資產負債表。正如您所看到的，我們本季末擁有12.7 億美元的非限制性現金和22.7 億美元的債務。輕微影響所抵消自完成MEPS ATM網路收購以來。

Our next slide has as-reported numbers for the segments, but let's go to slide 8, where we present the results neutralized for FX translations. I'm on slide 8 now.

我們的下一張投影片顯示了各段的報告數字，但讓我們轉到投影片 8，其中我們展示了針對外匯轉換進行中和的結果。我現在在幻燈片 8 上。

On a constant currency basis, the EFT segment revenue grew 10%; adjusted operating income grew 24%; adjusted EBITDA grew 20%. The strong results in the EFT were made possible due to continued improvement in travel trends across Europe, strong performance from our merchant services business, expansion into new markets, and the rationalization of our ATM estate together with effective expense management. Both revenue and effective cost management contributed to nearly 300-basis-point operating margin expansion in EFT.

以固定匯率計算，EFT 部門營收成長 10%；調整後營業收入成長24%；調整後 EBITDA 成長 20%。EFT 的強勁業績得益於歐洲各地旅行趨勢的持續改善、我們的商業服務業務的強勁表現、新市場的擴張、ATM 資產的合理化以及有效的費用管理。收入和有效的成本管理使 EFT 營業利潤率擴大了近 300 個基點。

The epay results were similar to the prior year across all measures, while the core epay content distribution business grew 10% across the same range of metrics. As has been the case over the last couple of years, the timing of epay's customers' promotional activity can create unevenness in quarterly results.

epay 的所有指標結果與前一年相似，而核心 epay 內容分發業務在相同指標範圍內成長了 10%。與過去幾年的情況一樣，epay 客戶促銷活動的時間安排可能會造成季度業績的參差不齊。

In the second quarter of last year of 2023, we had strong promotional activity that did not recur in this year's second quarter. However, we have a nice pipeline of promotional activity that we expect to execute during the remainder of the year with more weight on the fourth quarter, which coincides with seasonal sales in the epay business.

2023年第二季度，我們進行了強勁的促銷活動，但今年第二季沒有再進行。然而，我們有一系列不錯的促銷活動，我們預計將在今年剩餘時間內執行，其中第四季度的力度更大，這與電子支付業務的季節性銷售相吻合。

So while these second-quarter results show muted growth for the quarter, we continue to believe that epay will produce mid- to upper-single-digit operating income growth. And depending on consumer demand, we could see a path to double-digit operating income growth year over year.

因此，儘管第二季業績顯示該季度成長緩慢，但我們仍然相信 epay 將帶來中上個位數的營業收入成長。根據消費者需求，我們可能會看到營業收入較去年同期成長兩位數的道路。

Money transfer revenue grew 8%. Operating income grew 2% and adjusted EBITDA declined 1%. The 8% growth in constant currency revenue was primarily driven by near double-digit growth in cross-border transactions, offset by a decrease in intra-US transactions. Direct-to-consumer digital transaction growth accelerated to 24%, highlighting the benefit of some increased spend on marketing and promotional campaigns in the quarter.

匯款收入成長 8%。營業收入成長 2%，調整後 EBITDA 下降 1%。固定匯率營收成長 8% 主要是由於跨境交易接近兩位數的成長，但被美國境內交易的減少所抵銷。直接面向消費者的數位交易成長加速至 24%，凸顯了本季行銷和促銷活動支出增加的好處。

Based on the success of these campaigns to acquire long-term customers and our increasing confidence in delivering strong double-digit consolidated earnings growth for the full year of 2024, we made a choice to increase this marketing and promotional spend by about $3.9 million during the quarter. Had we not made this $3.9 million promotional and advertising investment, money transfer operating income would have expanded year over year producing operating margins similar to the prior year. We will continue to have a somewhat higher level of spend on marketing and promotion, but we expect to see operating profit margin expansion over the second half of the year, producing full-year operating margins near or similar to 2023.

Based on the success of these campaigns to acquire long-term customers and our increasing confidence in delivering strong double-digit consolidated earnings growth for the full year of 2024, we made a choice to increase this marketing and promotional spend by about $3.9 million during the四分之一.如果我們沒有進行這 390 萬美元的促銷和廣告投資，匯款營業收入將逐年增加，產生與前一年類似的營業利潤。我們將繼續在行銷和促銷方面保持較高水準的支出，但我們預計下半年營業利潤率將擴大，全年營業利潤率將接近或接近 2023 年。

Overall, we are very pleased that we have delivered two quarters of double-digit growth. These growth rates, inclusive of some timing differences in epay and the flexibility to spend some investment -- to make some investments for future digital growth in money transfer give us even more confidence in our ability to deliver earnings growth in the 10% to 15% year-over-year range. And you can rest assured that we are always working to deliver results beyond that range.

總的來說，我們很高興我們實現了兩個季度兩位數的成長。這些成長率，包括 epay 的一些時間差異以及進行一些投資的靈活性——為未來匯款領域的數位成長進行一些投資，讓我們對實現 10% 至 15% 的盈利增長的能力更有信心。 。您可以放心，我們始終致力於提供超出該範圍的結果。

With that, I'll turn it over to Mike.

有了這個，我會把它交給麥克。

Thank you, Rick, and thank you, everyone, for joining us today. I'll begin my comments on slide number 10. As you can see, looking at the green trend line -- that little dotted one on the chart -- we continue on our path of double-digit earnings, reflecting the consistency of the consolidated annual earnings results. As I have reflected on these results, I think they provide an opportunity to highlight the success that we have delivered diversifying and expanding the business across all three segments, fully accepting that this diversification may result in fluctuations on the timing of when each segment delivers its contribution to the annual consolidated results.

謝謝里克，也謝謝大家今天加入我們。我將從第 10 號幻燈片開始發表評論。正如您所看到的，看看綠色趨勢線（圖表上的小點線），我們繼續沿著兩位數盈利的道路前進，反映了合併年度盈利結果的一致性。正如我對這些結果的反思，我認為它們提供了一個機會來強調我們在所有三個部門實現業務多元化和擴展業務所取得的成功，並充分接受這種多元化可能會導致每個部門交付其業務的時間發生波動。

In EFT, prior to COVID, our financial results were largely tied to how many people traveled in Europe during the summer months. While the travelers are still important to our annual results, we are seeing the diversifications of our revenue and earnings contributions from non-tourist-related ATM transactions in Europe, from ATM transactions in new markets outside of Europe, and POS transactions in our merchant acquiring business, and the benefit of new acquisitions such as Infinitium.

在新冠疫情爆發之前，EFT 的財務表現在很大程度上與夏季前往歐洲的人數有關。雖然旅客對我們的年度業績仍然很重要，但我們看到我們的收入和收入貢獻多樣化，包括歐洲與遊客無關的 ATM 交易、歐洲以外新市場的 ATM 交易以及商家收單中的 POS 交易業務，以及Infinitium 等新收購的收益。

In epay, the growth of our core business has remained strong, as Rick said, growing our core 10% this quarter over the same period last year. We continue to grow this core business with new products and new market expansion. We have also found success outside of the core business in running promotional campaigns for some of our large retailers and by making investments in our internal software to productize and sell it to external customers. These promotional campaigns are not always consistent from year to year, let alone quarter to quarter, but our top line, bottom line, and free cash flows have all benefited from our success in managing these promotions.

在epay方面，我們的核心業務成長依然強勁，正如Rick所說，本季我們的核心業務比去年同期成長了10%。我們繼續透過新產品和新市場拓展來發展這一核心業務。我們也在核心業務之外為一些大型零售商開展促銷活動，並透過投資內部軟體將其產品化並銷售給外部客戶，取得了成功。這些促銷活動並不總是每年都一致，更不用說每個季度都一致，但我們的營收、利潤和自由現金流都受益於我們成功管理這些促銷活動。

And in money transfer, we have continued to expand our network, expand our customer base, expand the types of payments available to our customers, and expand our channels to get to new customers. The continued growth in the business has provided us with an opportunity to choose when to invest in certain advertising and promotional spending to drive future growth. Additionally, we have added two products, Ren and Dandelion, and both have significant pipelines for long-term future growth.

在匯款方面，我們不斷擴大我們的網絡，擴大我們的客戶群，擴大客戶可用的支付類型，並擴大我們獲得新客戶的管道。業務的持續成長為我們提供了選擇何時投資某些廣告和促銷支出以推動未來成長的機會。此外，我們還增加了兩種產品：Ren 和 Dandelion，這兩種產品都擁有可實現未來長期成長的重要產品線。

As we go through the highlights, you'll see a consistent theme. Our focus remains on taking advantage of key growth opportunities in each of the three segments. Having now delivered double-digit growth rates across each of the first two quarters and knowing the opportunities that remain for the second half of the year, I remain confident that we will deliver very strong results for the full year 2024. As this chart illustrates, the momentum continues.

當我們瀏覽亮點時，您會看到一個一致的主題。我們的重點仍然是利用這三個細分市場的關鍵成長機會。現在，前兩個季度都實現了兩位數的成長率，並了解下半年仍然存在的機遇，我仍然有信心我們將在 2024 年全年取得非常強勁的業績。正如該圖所示，這種勢頭仍在繼續。

Now let's go on to slide number 11, and I'll give you the updates for each of our three segments, and we'll start as usual with EFT. During the second quarter, EFT delivered double-digit growth across all metrics. The double-digit growth was made possible by improvements in tourism in Europe, expansion into new markets, and the growth of our merchant services business.

現在讓我們繼續看第 11 張幻燈片，我將為您提供三個部分的最新情況，我們將像往常一樣從 EFT 開始。第二季度，EFT 在所有指標上均實現了兩位數成長。兩位數的成長得益於歐洲旅遊業的改善、新市場的擴張以及我們商業服務業務的成長。

Finally, because I know you will ask, we continue to see increases in tourism in Europe compared to 2023. Eurocontrol reported tourism increased from about 90% recovery rate last year 2023 compared to 2019 to an expected 95% this year 2024, representing a 5% year-over-year increase. Our results through the second quarter were generally in line with the Eurocontrol data.

最後，因為我知道您會問，與 2023 年相比，我們繼續看到歐洲旅遊業的成長。Eurocontrol報告稱，與2019年相比，2023年旅遊業的復甦率約為90%，預計今年2024年將達到95%，年成長5%。我們第二季的業績大致上與歐洲安全組織的數據一致。

To highlight the success of our expansion strategy, adjusted EBITDA compared to the prior-year second quarter grew 60% across four areas: merchant services, EFT Malaysia, EFT Philippines, and EFT North America. Each of these businesses was new to Euronet within the last few years through either expansion into new markets organically or the acquisition in the case of merchant services.

為了凸顯我們擴張策略的成功，與去年同期相比，第二季調整後的 EBITDA 在四個領域成長了 60%：商業服務、EFT 馬來西亞、EFT 菲律賓和 EFT 北美。在過去幾年中，這些業務中的每一項都是透過有機擴展到新市場或在商業服務方面進行收購而成為 Euronet 的新業務。

In the last 12 months, EFT has launched ATMs in three new markets -- Albania, Belgium, and Mexico -- and closed two strategic acquisitions, Infinitium in Singapore and the acquisition of those 800 ATMs in Malaysia. In addition to these acquisitions, EFT has two markets scheduled for launch in the second half of 2024 and two more in the works for 2025.

在過去 12 個月中，EFT 在三個新市場（阿爾巴尼亞、比利時和墨西哥）推出了 ATM，並完成了兩項策略性收購：新加坡的 Infinitium 和馬來西亞的 800 台 ATM。除了這些收購之外，EFT 還計劃在 2024 年下半年推出兩個市場，並計劃在 2025 年推出另外兩個市場。

Beyond expansion into the new markets, EFT has several revenue expansion opportunities for the existing estate of ATMs in Europe. An example of these expansion opportunities include -- first, we rolled out domestic direct access fees in Denmark, Norway, and Malta in the second quarter. We are beginning to pilot the rollout of access fees in the Czech Republic, Cyprus, the Netherlands, and Romania. And we plan to launch access fees in three more markets in the fourth quarter. In all, 10 markets will have domestic access fees by the end of 2024.

除了擴展到新市場之外，EFT 還為歐洲現有 ATM 機提供了多個收入擴展機會。這些擴張機會的一個例子包括——首先，我們在第二季度在丹麥、挪威和馬耳他推出了國內直接接入費。我們開始在捷克共和國、塞浦路斯、荷蘭和羅馬尼亞試行收取接入費。我們計劃在第四季在另外三個市場推出接入費。到 2024 年底，共有 10 個市場將收取國內准入費。

Second, we launched international access fees in one country in the second quarter, and we plan to launch seven to eight in the second half of the year. And third, over the last few years, Mastercard and Visa increased domestic interchange in quite a few markets. As an example, domestic interchange increased in the Netherlands by 60% and in Romania by 100%. These interchange rates have come into sharp focus over the last couple of years as banks demand increases to match their cost increases. As a result, we expect this trend to continue to more countries in the future.

第二，我們第二季在一個國家推出了國際接入費，下半年我們計劃推出七到八個國家。第三，在過去幾年中，萬事達卡和維薩卡增加了相當多市場的國內交換。例如，荷蘭的國內交換量增加了 60%，羅馬尼亞的國內交換量增加了 100%。在過去幾年中，隨著銀行需求的增加以適應成本的增加，這些匯率成為人們關注的焦點。因此，我們預計這種趨勢未來將持續到更多國家。

The EFT discussion would not be complete without mentioning our merchant services business. Our merchant services business has added over 15,000 new merchants in each of the last three quarters, and we have a pipeline of additional opportunities for further expansion.

如果不提及我們的商業服務業務，電子轉帳的討論就不完整。我們的商家服務業務在過去三個季度中每季新增超過 15,000 家商戶，我們還有一系列進一步擴張的機會。

In addition to these revenue opportunities, we also expanded our outsourcing business. In Poland, we signed an ATM outsourcing agreement with Alior Bank for 120 ATM recyclers capable of receiving deposits and dispensing cash. Alior Bank is the eighth largest bank in Poland with over 1.3 million customers. And this agreement further expands both our leading ATM cash withdraw and deposit returns in Poland.

除了這些收入機會外，我們還擴大了外包業務。在波蘭，我們與 Alior 銀行簽署了 ATM 外包協議，為 120 家能夠接收存款和發放現金的 ATM 回收商提供服務。Alior 銀行是波蘭第八大銀行，擁有超過 130 萬客戶。該協議進一步擴大了我們在波蘭領先的 ATM 提款和存款回報。

In addition to this outsourcing agreement, we remain on track to add between 3,000 and 3,500 ATMs in 2024. Further, we have removed certain unprofitable ATMs. This coupled with the ability to add access fees will continue to improve our margins. Our strategy remains simple and has proven to be successful. We continue to grow the business through the launch of new country, more products, more convenience, and strategic acquisitions. As I reflect on the EFT quarter, we should point out that a number of these growth drivers are not dependent on tourism.

除了這份外包協議外，我們仍有望在 2024 年增加 3,000 至 3,500 台 ATM。此外，我們也取消了某些無利可圖的 ATM 機。再加上增加訪問費的能力將繼續提高我們的利潤。我們的策略仍然很簡單，並且已被證明是成功的。我們透過推出新的國家、更多的產品、更多的便利和策略收購來繼續發展業務。當我回顧電子轉帳季度時，我們應該指出，其中許多成長動力並不依賴旅遊業。

Now let's go to slide 12, and we'll discuss Ren, the best-in-industry technology platform that runs our EFT business. During the second quarter, we continued to execute our go-to-market strategy for Ren. For those of you who may be new, Ren is a proven product we trust to run our own payment processing business and a product we sell into the market with many different uses.

現在讓我們轉到幻燈片 12，我們將討論 Ren，這是運行我們的 EFT 業務的業界最佳技術平台。第二季度，我們繼續執行 Ren 的上市策略。對於那些可能是新手的人來說，Ren 是一款經過驗證的產品，我們相信它可以運行我們自己的支付處理業務，並且是我們向市場銷售的具有多種不同用途的產品。

Remember in the first quarter I introduced Infinitium, a company we acquired in Singapore to complement Ren. Infinitium is a market leader, providing risk management and payment authentication services to prevent fraud and e-commerce or card-not-present transactions. While Infinitium is already contributing, we are excited about how this product pairs with Ren to offer a more complete solution for online acquirers and merchants that require a modern cloud native online payment gateway.

記得在第一季我介紹了 Infinitium，這是我們在新加坡收購的一家公司，以補充 Ren。Infinitium 是市場領導者，提供風險管理和支付身分驗證服務，以防止詐欺和電子商務或無卡交易。雖然 Infinitium 已經做出了貢獻，但我們很高興該產品如何與 Ren 配合，為需要現代雲端原生線上支付網關的線上收單機構和商家提供更完整的解決方案。

Now let's discuss Ren market wins in the second quarter. During the quarter, we signed a software license agreement for a card management system with ICICI Bank Limited in India. If you know India, you know ICICI. It is the third largest bank in India.

現在讓我們來討論第二季 Ren 市場的勝利。本季度，我們與印度 ICICI 銀行有限公司簽署了卡片管理系統軟體授權協議。如果您了解印度，您就會了解 ICICI。它是印度第三大銀行。

In Brazil, we signed a payment processing agreement with Onnipro. The company is the chosen provider of ALELO, Brazil's largest employee benefits card program serving 12 million customers. We are excited about the future of Ren, and we will continue to enhance the product offering through continued to develop -- through continued development and strategic acquisitions like Infinitium.

在巴西，我們與 Onnipro 簽署了支付處理協議。該公司是 ALELO 的選定供應商，ALELO 是巴西最大的員工福利卡計劃，為 1,200 萬名客戶提供服務。我們對 Ren 的未來感到興奮，我們將透過持續開發和 Infinitium 等策略收購來繼續增強產品供應。

Let's recap our EFT segment. Man, what a quarter. What are the drivers of this business? First, the strength of this segment is our Ren platform. Second, we continued to grow our merchant services business, which grew adjusted EBITDA 32% compared to the prior year and added over 15,000 new merchants. Third, we have continued to grow our ATM network through acquisition, expansion into new countries, and simply adding ATMs to existing markets. Lastly, we have started to expand revenue by adding domestic and international access fees at existing ATMs to optimize our profit margins while maintaining transaction volumes.

讓我們回顧一下 EFT 部分。夥計，多少四分之一。這項業務的驅動因素是什麼？首先，這個細分市場的優勢是我們的 Ren 平台。其次，我們持續發展商家服務業務，調整後 EBITDA 比上年成長 32%，並新增超過 15,000 家商家。第三，我們透過收購、擴展到新國家以及在現有市場中簡單地添加 ATM 來繼續發展我們的 ATM 網路。最後，我們開始透過在現有 ATM 上增加國內和國際接入費來擴大收入，以在保持交易量的同時優化我們的利潤率。

As we conclude our discussion of EFT, let me remind you, we achieved double-digit growth across all financial metrics in the second quarter and operating income growth of 24%. The quarterly results, the pipeline opportunities, and the tourism recovery data make it hard not to be excited about EFT in the coming quarters.

在我們結束對 EFT 的討論時，請允許我提醒您，我們第二季度所有財務指標均實現了兩位數增長，營業收入增長了 24%。季度業績、管道機會和旅遊業復甦數據讓人很難不對未來幾季的電子轉帳感到興奮。

Now we'll go to the next slide. As I begin my comments on epay, I want to repeat for you what Rick discussed earlier. Our core epay business grew revenue, operating income, and adjusted EBITDA by 10%, excluding contributions from customer promotional activity in the prior year.

現在我們將轉到下一張投影片。當我開始對 epay 發表評論時，我想向您重複 Rick 之前討論過的內容。我們的核心 epay 業務收入、營業收入和調整後 EBITDA 成長了 10%（不包括上一年客戶促銷活動的貢獻）。

Epay has a strong pipeline of promotional activities for the remainder of 2024. We delivered gross profit growth in most geographic markets, including digital channels, payment processing, Prezzy, which is our branded open-loop prepaid debit card, and core content in existing and new retail.

Epay 在 2024 年剩餘時間內將進行大量促銷活動。我們在大多數地區市場實現了毛利成長，包括數位管道、支付處理、Prezzy（我們的品牌開環預付借記卡）以及現有和新零售的核心內容。

Simply put, unevenness in the timing of our promotions business resulted in flat year-over-year segment results. We believe that it makes a lot of sense to continue leveraging our assets to generate free cash flows. I understand that the market prefers more consistent and predictable results, but I would encourage you to think beyond a quarter and consider the full year.

簡而言之，我們的促銷業務時間安排不均導致部門績效較去年同期持平。我們相信，繼續利用我們的資產產生自由現金流非常有意義。我知道市場喜歡更一致和可預測的結果，但我鼓勵您考慮季度以外的問題並考慮全年。

I want to provide a quick update of two of our own product offerings, Conductor and Skylight. During the second quarter, we signed an agreement to issue Google Workspace on the Conductor platform to be sold across both online and physical retailers. Moreover, we have a pipeline of opportunities we are pursuing for Skylight. So stay tuned for future updates there.

我想快速更新我們自己的兩種產品：Conductor 和 Skylight。第二季度，我們簽署了一項協議，在 Conductor 平台上發行 Google Workspace，並透過線上和實體零售商進行銷售。此外，我們正在為 Skylight 尋求一系列機會。因此，請繼續關注未來的更新。

We also signed an agreement to provide our extensive retail network to Transport Canberra for the MyWay project in Australia. The MyWay card is a form of electronic ticketing used for public transport, including light rail and buses. Customers can recharge their MyWay card at any of our participating retail locations.

我們還簽署了一項協議，為澳洲的 MyWay 項目向堪培拉交通局提供廣泛的零售網路。MyWay 卡是一種用於公共交通（包括輕軌和巴士）的電子票務形式。客戶可以在我們的任何參與零售點為其 MyWay 卡充值。

And now, we want to highlight some of the agreements that we launched during the quarter. In Belgium, we launched branded payment content with ALDI. In the UK, we launched B2B distribution of Sony PlayStation and the Meta Quest gift cards.

現在，我們想重點介紹我們在本季推出的一些協議。在比利時，我們與 ALDI 合作推出了品牌支付內容。在英國，我們推出了 Sony PlayStation 和 Meta Quest 禮品卡的 B2B 發行。

In Turkey, we launched branded payment distribution through Migros, one of Turkey's largest supermarket chains, along with gaming content into Bynogame, a leading gaming website. In Germany, we launched B2B content distribution with Tillo, a rewards and incentives platform. And lastly, we launched Xbox Game Pass distribution on Paytm and FamPay in India.

在土耳其，我們透過土耳其最大的連鎖超市之一 Migros 推出了品牌支付分銷，並將遊戲內容引入領先的遊戲網站 Bynogame。在德國，我們透過獎勵和激勵平台 Tillo 推出了 B2B 內容分發。最後，我們在印度的 Paytm 和 FamPay 上推出了 Xbox Game Pass 發行版。

And as you can see, epay is more than just a content distributor. It is a diverse business with a strong pipeline of opportunity. While some of these new products will take some time to make an impact on the segment results, I remain confident that epay will continue to produce strong growth into the future.

正如您所看到的，epay 不僅僅是一個內容分發商。這是一個多元化的業務，擁有大量的機會。雖然其中一些新產品需要一段時間才能對部門業績產生影響，但我仍然相信 epay 將在未來繼續產生強勁成長。

Now let's move on to slide number 14, and we'll talk about money transfer. Slide 14. In money transfer, we have developed the world's most strategic payments network for both consumers and businesses. We didn't become the second largest player in the world overnight by accident. We have consistently diversified our business, including who we sell to, the products we sell, and the channels through which we sell our products.

現在讓我們轉到第 14 張投影片，我們將討論匯款。幻燈片 14。在匯款方面，我們為消費者和企業開發了世界上最具策略意義的支付網路。我們一夜之間成為世界第二大玩家並不是偶然的。我們持續實現業務多元化，包括我們的銷售對象、我們銷售的產品以及我們銷售產品的管道。

Our money transfer business is so much more than the immigrant money transfer business that we acquired in 2007. To understand what drives money transfer, you need to understand the who, the what, and the how. Who buys from our money transfer segment? What do we sell? And how do we sell it?

我們的匯款業務比我們 2007 年收購的移民匯款業務多得多。要了解資金轉移的驅動力，您需要了解誰、什麼以及如何進行。誰從我們的匯款部門購買商品？我們賣什麼？我們如何出售它？

Over the years, we have been successful expanding the who -- on who buys from us. When we acquired Ria, it was largely a US-based immigrant remittance business providing cross-border payments to family members in Latin American countries. We expanded the network globally. Through the acquisition of XE, we expanded that customer base to high network -- worth individuals and small- to medium-sized businesses.

多年來，我們成功地擴大了誰從我們這裡購買。當我們收購 Ria 時，它主要是一家總部位於美國的移民匯款業務，為拉丁美洲國家的家庭成員提供跨國支付。我們在全球範圍內擴展了網路。透過收購 XE，我們將客戶群擴大到了高網路價值的個人和中小型企業。

We then further leveraged our network expansion through fintech and financial institutions. While we still sell cross-border payment transactions, we have expanded from simple remittance payments to family members to include payments to a broad array of cross-border payments ranging from general business payments, worker payments, cross-border payroll, and online purchase settlement.

然後，我們透過金融科技和金融機構進一步利用我們的網路擴張。雖然我們仍然銷售跨境支付交易，但我們已經從簡單的匯款支付擴展到家庭成員支付，涵蓋了廣泛的跨境支付，包括一般商業支付、工人支付、跨境工資和線上購買結算。

The question of what is simple. We sell the movement of money or payment from point A to point B. Our network gives our customers access to send money to 198 countries and territories by the way of nearly 600,000 correspondent locations, 4 billion bank accounts and 2 billion wallet accounts.

什麼問題很簡單。我們銷售從 A 點到 B 點的資金流動或支付服務。

Finally, how do we sell? We started with 42,000 physical bricks-and-mortar locations 17 years ago and expanded that to digital send options through our apps and web channels and expanded to banks and fintechs through API. Today, we have a multi-brand strategy helping us find growth outside of our traditional core. By leveraging our XE brand to penetrate adjacent high-income consumer market and small- to medium-sized businesses, we are expanding our total addressable market. In addition, our capabilities combined with evolving market trends and needs are positioning Dandelion Payments, our payment-as-a-service brand as a preferred partner for banks and fintechs, who are trying to close the gap in global reach.

最後，我們如何銷售？17 年前，我們從 42,000 個實體實體店開始，透過我們的應用程式和網路管道將其擴展到數位發送選項，並透過 API 擴展到銀行和金融科技公司。如今，我們的多品牌策略幫助我們在傳統核心之外找到成長。透過利用我們的 XE 品牌滲透鄰近的高收入消費者市場和中小企業，我們正在擴大我們的整體目標市場。此外，我們的能力與不斷變化的市場趨勢和需求相結合，使我們的支付即服務品牌 Dandelion Payments 成為銀行和金融科技公司的首選合作夥伴，這些公司正在努力縮小全球影響力的差距。

The World Bank has estimated that the remittance market will grow by 2.3% in 2024. In prior quarters, you have heard me talk about how we have been growing three times faster than the market. We continue to outperform the market and take market share. Our transactions grew by 9% in the first quarter and by 11% in the most recent quarter. You can do the math; that is over four times faster than the market growth rate.

世界銀行預計，2024年匯款市場將成長2.3%。在之前的幾個季度中，您曾聽過我談論我們的成長速度是市場的三倍。我們繼續跑贏市場並佔據市場份額。第一季我們的交易量成長了 9%，最近一個季度成長了 11%。你可以算一下；比市場成長率快四倍多。

I am often asked whether I believe that this growth can continue. My answer is a resounding yes. As I said many times, this is a huge market, and we only have 7% of it. So there's still plenty of market share to gain. We can continue to outpace the market by continuing our geographical expansion of our network, both on the send and receive side of the transactions, by continuing to enhance the usability of our network with more use cases for remittances, and by continuing to compete for larger customers in the marketplace that our competitors that never had to defend, and finally, by continuing to make investments in digital expansion.

常常有人問我是否相信這種成長能夠持續下去。我的答案是肯定的。正如我多次說過的，這是一個巨大的市場，而我們只佔了其中的7%。因此，仍有大量市場份額需要獲得。我們可以透過繼續在交易的發送端和接收端擴展我們的網路地理範圍、透過更多的匯款用例繼續增強我們網路的可用性以及繼續競爭更大的市場，從而繼續超越市場。需要捍衛的市場中的客戶，最後，透過繼續在數位擴張方面進行投資。

So what about our digital channel? A lot of people ask that. Our digital channel has become increasingly important as emerging markets continued to modernize, creating increased financial inclusion and expanded use cases leading to demand for digital send and receive payment methods. While others have struggled to modernize their payments infrastructure, our strategic enhancements and digital capabilities have positioned us to embrace these market trends.

那我們的數位管道呢？很多人這麼問。隨著新興市場不斷現代化，金融包容性不斷增強，用例不斷擴大，對數位發送和接收支付方式的需求不斷擴大，我們的數位管道變得越來越重要。儘管其他公司一直在努力實現支付基礎設施的現代化，但我們的策略增強和數位能力使我們能夠擁抱這些市場趨勢。

Our digital transactions growth accelerated to 24% compared to last year, and our new customer acquisition grew to 44%. We now have digital presence in 24 countries, and we'll be adding a new market in the coming weeks.

與去年相比，我們的數位交易成長加速至 24%，新客戶獲取量成長至 44%。目前，我們在 24 個國家/地區開展了數位業務，並將在未來幾週內增加一個新市場。

Our execution of these strategies are highlighted by the market wins included on the slide. Some of the more significant ones include -- during the quarter, our core business signed 16 new correspondent agreements across 14 countries and 21 new correspondents in 15 countries. And we launched them. These launches include -- we launched a partnership with Banco Activo in Venezuela, augmenting real-time bank deposit capabilities to all bank accounts in the country. Remittances in Venezuela exceed $4 billion, which is more than 5% of the GDP and are received by around 29% of the Venezuelan households according to the Remittance Industry Observatory.

投影片中所包含的市場勝利凸顯了我們對這些策略的執行。一些更重要的包括——在本季度，我們的核心業務在 14 個國家簽署了 16 份新的代理協議，並在 15 個國家簽署了 21 名新的代理協議。我們推出了它們。這些舉措包括——我們與委內瑞拉的 Activo 銀行建立了合作夥伴關係，增強了該國所有銀行帳戶的即時銀行存款功能。根據匯款產業觀察站的數據，委內瑞拉的匯款超過 40 億美元，佔 GDP 的 5% 以上，約 29% 的委內瑞拉家庭收到匯款。

We launched our partnership with Al Fardan Exchange in UAE, which connects us with one of the largest exchange houses in the region. According to Nomad, the UAE was the second largest for remittance [send] market in the world. We launched a partnership with Al Mulla in Kuwait, the 10th largest send market in the world, according to Nomad. Al Mulla International Exchange Company is the largest exchange house in the country.

我們與阿聯酋的 Al Fardan Exchange 建立了合作夥伴關係，該交易所將我們與該地區最大的交易所之一聯繫起來。據 Nomad 稱，阿聯酋是世界第二大匯款市場。據 Nomad 稱，我們與全球第十大發送市場科威特的 Al Mulla 建立了合作夥伴關係。阿爾穆拉國際交易所公司是該國最大的交易所。

Lastly, we signed an agreement with WeChat in China. A lot of you have probably heard of WeChat. WeChat is one of the largest mobile wallets in the world, and China is the third largest remittance receive market in the world.

最後，我們與中國微信簽署了協議。想必很多人都聽過微信。微信是全球最大的手機錢包之一，而中國是全球第三大匯款接收市場。

As we head into the second half of 2024 with momentum and optimism, we are confident that our strategic investments will drive future growth. We have a lot of opportunities in the money transfer pipeline, including our scale and continued investment in new capabilities, new use cases, new geographies, and continued expansion of our real-time payments, which will drive our growth.

當我們滿懷動力和樂觀地進入 2024 年下半年時，我們相信我們的策略投資將推動未來的成長。我們在匯款管道中擁有許多機會，包括我們的規模和對新功能、新用例、新地域的持續投資，以及即時支付的持續擴展，這將推動我們的成長。

Now let's turn to the next slide, and we'll talk about our Dandelion network. Throughout the second quarter, we continued to win in the marketplace. Technology, connectivity, and global banking are evolving quickly, and it is shifting market needs. Our global payment network is positioned to meet those needs, not just for today but for the future.

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。整個第二季度，我們繼續在市場上獲勝。科技、互聯互通和全球銀行業正在迅速發展，並且正在改變市場需求。我們的全球支付網路旨在滿足這些需求，不僅是為了今天，也是為了未來。

Simply put, Dandelion capabilities are unmatched by any single competitor. It is the heart of our money transfer segment, and it has enabled us to outpace the market growth in our Ria and XE products. Dandelion's existing client base continues to expand their use of Dandelion rails, including HSBC, which grew transactions by 170% sequentially just since Q1 of this year.

簡而言之，Dandelion 的功能是任何單一競爭對手都無法比擬的。它是我們匯款領域的核心，它使我們能夠超越 Ria 和 XE 產品的市場成長。Dandelion 的現有客戶群繼續擴大其對 Dandelion Rails 的使用，其中包括匯豐銀行 (HSBC)，該銀行的交易量自今年第一季以來連續增長了 170%。

In addition to the strong demand that we have seen from our existing clients during the quarter, we also signed agreements with WireBarley, a leading South Korean fintech and digital money transfer company; with Lightnet, a high-growth Singapore-based payment service provider serving consumers and businesses; and Sokin, a UK-based company which processes cross-border payments for small businesses.

除了本季現有客戶的強勁需求外，我們還與韓國領先的金融科技和數位匯款公司WireBarley簽署了協議；與 Lightnet 合作，這是一家高速成長的新加坡支付服務供應商，為消費者和企業提供服務； Sokin 是一家為小型企業處理跨境支付的英國公司。

Moreover, in the second quarter of 2024, we also launched flash payments, an innovative Australia-based fintech that provides payments and FX services to SMEs as well as ArcaPay, a payments company based in Lithuania, which supports SMEs in Europe for the import-related and business-critical payments. I also see a robust pipeline that I look forward to updating you on as soon as we close those deals.

此外，2024年第二季度，我們還推出了Flash Payments（一家總部位於澳洲的創新金融科技公司，為中小企業提供支付和外匯服務）以及ArcaPay（一家總部位於立陶宛的支付公司，為歐洲中小企業提供進口-相關和關鍵業務付款。我還看到了一個強大的管道，我期待在我們完成這些交易後立即向您通報最新情況。

To wrap up our money transfer segment, our growth trajectory is healthy, profitable, and we are well positioned to capture market opportunities with our expanding pipeline.

總結一下我們的匯款業務，我們的成長軌跡是健康的、獲利的，我們有能力透過不斷擴大的管道來抓住市場機會。

Now let's wrap up the quarter. Going to the last slide, I can't emphasize enough my excitement about the growth our teams continue to deliver. Another record-breaking quarter, and as I mentioned earlier, one of our strengths is the diversity of our three segments. While we continue to strive for double-digit growth in each of the individual segments, our goal is to deliver consolidated double-digit growth results for the company.

現在讓我們總結一下這個季度。轉到最後一張投影片，我對我們團隊持續實現的成長感到無比興奮。另一個破紀錄的季度，正如我之前提到的，我們的優勢之一是我們三個細分市場的多樣性。在我們繼續努力在每個細分市場中實現兩位數成長的同時，我們的目標是為公司實現兩位數的綜合成長成果。

This quarter, EFT was the biggest contributor to our growth. However, we have a strong pipeline of opportunities for all three segments to grow in the future. As we turn to the second half of 2024, what has driven our growth and what will continue to fuel that growth for the remainder of 2024 and beyond -- our strategy for growth is proven, and we have executed that strategy for the last 30 years.

本季度，電子轉帳是我們成長的最大貢獻者。然而，我們為所有三個細分市場未來的成長提供了強大的機會。當我們轉向2024 年下半年時，是什麼推動了我們的成長，以及什麼將在2024 年剩餘時間及以後繼續推動這種成長——我們的成長策略已得到證明，並且我們在過去30 年裡一直執行該戰略。

We will continue to take advantage of market opportunities and execute by making strategic investments like the MEPS investment in Malaysia, expanding into new countries like we did this quarter in Albania, growing and expanding our existing businesses like we have with our merchant services business, adding access fees to certain domestic and international transactions, closing deals in our pipeline of opportunities in all three segments by adding new correspondents in the money transfer business, by continuing to grow our ATM outsourcing arrangements, by adding epay content and digital to the -- both digital and physical channels and making good capital allocation with a focus on growth, acquisition, and share repurchase as appropriate.

我們將繼續利用市場機會並透過進行策略性投資（例如對馬來西亞的MEPS 投資）、向新國家擴張（例如我們本季在阿爾巴尼亞所做的那樣）、發展和擴大我們現有的業務（例如我們的商業服務業務）來執行，某些國內和國際交易的准入費，透過在匯款業務中增加新的代理機構，透過繼續發展我們的ATM 外包安排，透過添加epay 內容和數位服務，在我們所有三個在細分市場的機會管道中完成交易數位和實體管道，並進行良好的資本配置，重點是成長、收購和適當的股票回購。

As I conclude my remarks, I want to repeat we look forward to the second half of 2024 with a pipeline of opportunities to drive our results. Our management team's proven history of delivering these opportunities is great. We continue to be optimistic about the remainder of 2024. And for 2024, we affirm and remain consistent with our expectations that earnings will grow in the 10% to 15% range. And of course, you know us; we are driving to be beyond that range.

在我結束演講時，我想重申，我們期待 2024 年下半年將有一系列機會來推動我們的業績。我們的管理團隊在提供這些機會方面有著良好的歷史記錄。我們對 2024 年剩餘時間繼續持樂觀態度。對於 2024 年，我們確認並維持我們的預期，即獲利將成長 10% 至 15%。當然，您了解我們；我們正在努力超越這個範圍。

With that, we'll be happy to take questions. Operator, please assist.

這樣，我們將很樂意回答問題。接線員，請幫忙。

(Operator Instructions)

（操作員說明）

Andrew Schmidt, Citi Global Markets.

安德魯‧施密特，花旗全球行銷部。

Hey, Mike. Hey, Rick. Thanks for taking my questions, and appreciate all the comments. So I just want to start off with money transfer. Good to see the continued share gains there. Maybe you could just discuss what you're seeing in the competitive environment. I've heard that there's been some more positive market structure changes in the US. Maybe you could put some points on that.

嘿，麥克。嘿，瑞克。感謝您提出我的問題，並感謝所有評論。所以我只想從匯款開始。很高興看到那裡的股票持續上漲。也許你可以只討論一下你在競爭環境中看到的情況。我聽說美國出現了一些更積極的市場結構變化。也許你可以對此提出一些觀點。

And then just more broadly on the marketing expense, if you could comment on where that's being deployed, whether -- it sounds like official -- that you can confirm it's digital versus retail and then the expectation for the remainder of the year there. Thanks a lot.

然後更廣泛地討論行銷費用，如果你能評論一下行銷費用的部署情況，是否——這聽起來像官方的——你可以確認它是數位行銷還是零售行銷，然後是對今年剩餘時間的預期。多謝。

Well, with respect to the competitive dynamics of the industry, you've got to understand the money transfer business is hyper-competitive -- always has been. We really haven't seen much difference. You can see that our revenues per transaction or margins per transaction really haven't changed over the last couple of years. So we were -- even though we hear about competition, we really haven't felt it, and maybe one of the reasons for that is we're growing four times faster than the market -- I don't know. So with respect -- I don't see much change there.

嗯，就行業的競爭動態而言，您必須了解匯款業務的競爭非常激烈——一直都是如此。我們確實沒有看到太大的區別。您可以看到，我們的每筆交易收入或每筆交易利潤在過去幾年中確實沒有變化。所以我們 - 儘管我們聽說過競爭，但我們確實沒有感受到它，也許原因之一是我們的成長速度是市場的四倍 - 我不知道。因此，恕我直言，我認為那裡沒有太大變化。

With respect to your second question of, where do we spend the money? Most of that was digital. You saw that our digital growth was 24% over prior year with 44% growth in our new customer acquisition. We've realized that our marketing is working. We've got actually a new set of executives who've been working on that over the last few quarters. We see the results. So we thought that would be worth making additional investments. So mostly in digital.

關於你的第二個問題，我們把錢花在哪裡？其中大部分是數位化的。您看到我們的數位成長比前一年成長了 24%，新客戶獲取量增加了 44%。我們意識到我們的行銷正在發揮作用。事實上，我們已經有了一批新的高階主管，他們在過去幾季一直在致力於這方面的工作。我們看到了結果。因此我們認為值得額外投資。所以主要是數位化。

Perfect. Thank you for that, Mike. And then maybe on the EFT segment, appreciate the comments about the travel recovery. But if you could put a finer point on how the tourist ATM performance came in relative to your expectations. I know last year we had some fluctuations in transactions. Wondering if trends (multiple speakers) and any early observations in the third quarter? Yeah, thanks, Mike.

完美的。謝謝你，麥克。然後，也許在電子轉帳部分，請欣賞有關旅行復甦的評論。但如果您能更詳細地說明遊客 ATM 的表現與您的期望相比如何。我知道去年我們的交易出現了一些波動。想知道第三季的趨勢（多個發言者）和任何早期觀察嗎？是的，謝謝，麥克。

Yeah. So last year, we didn't miss transactions; we missed spend per head. Okay? And so this year, it looks like it came in about where we thought it would. And as far as this whole travel recovery and everything, I think that's pretty much -- so we're at 95%, and we'll probably grow a little bit past that. At the end of the day, this whole travel question is finally in the rearview mirror.

是的。所以去年我們沒有錯過交易；我們錯過了人均支出。好的？所以今年，它看起來就像我們想像的那樣。就整個旅行復甦和一切而言，我認為這已經相當多了——所以我們已經達到了 95%，而且我們可能會稍微超過這個數字。最終，整個旅行問題終於出現在後視鏡中。

So I think from this point forward, it's about network expansion. It's about making that network more effective by getting rid of the ATMs that aren't as effective. And then, of course, with EFT, we've got a big chunk of business coming from our EMS -- from our merchant services business.

所以我認為從現在開始，這是關於網路擴展的。這是為了透過淘汰效率不高的 ATM 機來提高網路的效率。當然，透過電子轉帳，我們很大一部分的業務來自我們的 EMS——來自我們的商業服務業務。

And did you hear the word access fees? I mean that's what I'd been hoping for a long time. And what that means now is that when you get travelers within the Eurozone going from a euro-to-euro country and that country -- their recipient country now gets that traveler and their access fees, there is possibilities for me to make two to three times as much on that transaction as we did before.

您聽過「接取費」這個詞嗎？我的意思是，這就是我長期以來的希望。現在這意味著，當你讓歐元區內的旅行者從一個歐元國家到歐元國家，而那個國家——他們的接收國現在得到了那個旅行者和他們的通行費，我有可能賺兩到三筆該交易的金額是我們之前的兩倍。

And that's in multiple countries now. I think we lit up three countries or something this quarter. We've got several more in the [offing]. That's going to give us a nice little boost in margin, because it's the same transaction, same number of transactions; you're just making three times as much money as you used to make.

現在在多個國家都是如此。我認為本季我們點亮了三個國家或其他國家。我們還有幾個[下水]。這將為我們的利潤帶來一點小小的提升，因為這是相同的交易，相同的交易數量；你現在賺的錢是以前的三倍。

Absolutely. You have been talking about this for some time. So it's good to see this come through.

絕對地。你們已經談論這個問題有一段時間了。所以很高興看到這一切得以實現。

Finally.

最後。

Pete Heckmann, D.A. Davidson.

皮特‧赫克曼，D.A.戴維森。

Hey, good morning. Thanks for taking the question. Following onto the ATM access fees, I think you said three more countries are potentially -- you're going to roll that out potentially in three more countries later this year, I guess, so far, the countries that have rolled it out don't appear to be big -- where Euronet has a big footprint -- correct me if I'm wrong there. But do you see some of the countries like Poland, Spain -- any of the countries where you have a very large footprint also considering -- allowing those ATM access fees?

嘿，早安。感謝您提出問題。繼ATM 接入費之後，我想您說過另外三個國家有可能- 今年晚些時候您可能會在另外三個國家推出這項服務，我想到目前為止，已經推出該服務的國家還沒有這樣做。但是您是否看到像波蘭、西班牙這樣的一些國家（您擁有大量業務的國家）也在考慮允許這些 ATM 存取費用？

Yes, they are a little bit smaller countries. Some of them are really good, little tourist countries like those Island countries of Cyprus and Malta, et cetera. And they were all euro countries. So being able to add access fees is a great thing for us.

是的，它們是稍微小一點的國家。其中一些確實是很好的小旅遊國家，例如塞浦路斯和馬耳他等島國。它們都是歐元國家。因此，能夠增加訪問費對我們來說是一件好事。

With respect to the bigger countries, you mentioned Spain, Spain, we already have surcharge and access fees in Spain. So that's not going to change too much. I think the access fees for locals may come to, but that's going to be later in the year, we would expect.

至於較大的國家，您提到了西班牙，西班牙，我們在西班牙已經收取了附加費和通行費。所以這不會改變太多。我認為當地人的入場費可能會增加，但我們預計這將在今年晚些時候。

But the point is it's coming now, finally, after hoping for a long time. We should be able to have access fees in most countries. It would be nice to get in in Poland. I don't see that happening this year, but we'll have to wait and see.

但重點是，在期待了很久之後，它終於來了。我們應該能夠在大多數國家收取接取費。如果能進入波蘭就太好了。我認為今年不會發生這種情況，但我們必須拭目以待。

Okay. And then just --

好的。然後就只是--

But it's all -- yeah, it's all pure margin, Pete. That's the nice thing. And in a lot of these markets, you can make money on a cross-currency transaction, but the locals get by for $0.30. So that will help us.

但這都是——是的，這都是純利潤，皮特。這就是好事。在許多這樣的市場中，你可以透過跨貨幣交易賺錢，但當地人的收入只有 0.30 美元。這對我們有幫助。

Definitely.

確實。

And the interchange -- and also -- I'm sorry -- the interchange increases are happening as well. The reality is we're not the only ones to own ATMs in Europe. The banks own them. The big banks with the big -- with a lot of overhead are over here, allowing Internet banks to utilize their ATM infrastructure at a third or a fifth of what it really costs them. So they're basically subsidizing their competitors. So the big banks are pushing for interchange increases. That's why we're starting to see that happen as well.

交換——而且——我很抱歉——交換也在增加。現實情況是，我們並不是歐洲唯一擁有自動櫃員機的國家。銀行擁有它們。擁有大量管理費用的大銀行都在這裡，允許網路銀行以實際成本的三分之一或五分之一的價格利用其 ATM 基礎設施。所以他們基本上是在補貼競爭對手。因此，大銀行正在推動增加互換。這就是為什麼我們也開始看到這種情況發生。

Okay. That's great. I just wanted to follow up on the -- within money transfer, I think there's a comment that some competitors were either exiting markets -- something about competitor consolidation. And you had -- new agent accounts were up 35% year over year. Can you just said give a bit more color on that?

好的。那太棒了。我只是想跟進——在資金轉移方面，我認為有評論說一些競爭對手要么退出市場——一些關於競爭對手整合的事情。新代理帳戶年增 35%。你能說給它多一點顏色嗎？

Okay. So yes, that's happening, but you know what? To be honest, that's always kind of happening. It's a hyper-competitive market. We saw two larger guys kind of go belly up this last quarter. But there's always somebody. And their transactions, their money transfers get spread out across the industry. Because we're growing faster than everybody else, we kind of get more than our fair share.

好的。所以是的，這種情況正在發生，但你知道嗎？老實說，這種事總是會發生。這是一個競爭異常激烈的市場。我們看到兩個大個子在上個季度破產了。但總有人。他們的交易、資金轉移遍布整個產業。因為我們的成長速度比其他人都快，所以我們得到的比我們應得的份額要多。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Good morning, and thank you for taking my question. With the acquisition of the ATMs in Malaysia this quarter, I was wondering if you could just kind of level set for us and give us a sense for what the fleet looks like from a geographic standpoint in terms of how much is in Asia, how much is in Europe, how you think about that fleet from a travel versus local or domestic concentration standpoint.

早安，感謝您提出我的問題。隨著本季在馬來西亞收購 ATM 機，我想知道您是否能為我們設定一個水平，讓我們從地理角度了解機隊的情況，即有多少在亞洲，有多少在歐洲，您如何從旅行與本地或國內集中的角度來看待該車隊。

So we've got a little bit of a mixed bag here. The ATMs we just bought in Malaysia are focused more on locals, but of course, there are international travelers to that. In the other markets where we deploy our own ATMs, we're really focusing more on travelers, but we're catching a lot of the locals, too, because those developing markets are just under ATM, you might say. So both the locals and the international tourists do need access to cash.

所以我們這裡有點魚龍混雜。我們剛在馬來西亞購買的自動提款機更多針對當地人，但當然也有國際旅客。您可能會說，在我們部署自己的 ATM 機的其他市場中，我們確實更專注於旅行者，但我們也吸引了許多當地人，因為這些發展中市場就在 ATM 機下方。因此，當地人和國際遊客都需要現金。

As far as the total number, Rick, maybe you can help me here?

至於總數，Rick，也許你可以幫我？

In Malaysia, it was about 800 ATMs, and they're all in Malaysia. None of those are in Europe or whatever.

在馬來西亞，大約有800台ATM，而且它們都在馬來西亞。這些都不在歐洲或其他地方。

Right. But as far as outside of Europe versus inside of Europe, we mentioned Asia; we mentioned North Africa. Between -- across all of them, we must have 3,500-ish ATMs? Something like that -- I imagine outside of Europe?

正確的。但就歐洲以外與歐洲內部而言，我們提到了亞洲；我們提到了北非。我們必須擁有 3,500 台左右的 ATM 機？類似的事情──我想是在歐洲以外的地方？

Yeah. And I would tell you that the concentration of ATMs deployed during the first half of the year, it's been a larger focus outside of Europe than inside of Europe. And we've been talking about that for some time that we see a number of new markets to go to.

是的。我想告訴你，今年上半年部署的 ATM 機的集中度，歐洲以外的地區比歐洲境內的地區更受關注。一段時間以來，我們一直在談論這個問題，我們看到了許多新市場可供開拓。

We see good opportunity in the Asian markets, those North African markets, the South American markets. And I would expect that we'll continue to see that kind of progress.

我們在亞洲市場、北非市場、南美洲市場看到了很好的機會。我希望我們將繼續看到這種進展。

Got it. Helpful color. I appreciate that. So as my follow-up, I believe you had commented on epay -- the comps getting a little easier in the back half of the year and potentially exiting '24 at a mid- to upper-single-digit operating income growth. I guess I first wanted to make sure I heard that correctly.

知道了。有用的顏色。我很欣賞這一點。因此，作為我的後續行動，我相信您已經對 epay 進行了評論——該公司在今年下半年變得更加輕鬆，並有可能以中上個位數的營業收入增長退出 24 年。我想我首先想確保我聽到的是正確的。

And then secondly, I wanted to get some color around the revenue side of that equation. So if we're exiting at mid- to high-single-digit operating income growth, how should we think about that from a revenue standpoint?

其次，我想從這個等式的收入方面獲得一些色彩。因此，如果我們以中高個位數的營業收入成長退出，我們應該如何從收入的角度來考慮這一點？

Yeah. We would always say that our operating income will grow at a rate a little faster than our revenue, because we enjoy the benefits of leverage in that. But I believe you did hear it right is that we expect the operating income growth to pick up here in the second half of the year. We're going to get the benefit of the execution of some of these promotional programs that we didn't see in the second quarter.

是的。我們總是說我們的營業收入將以比收入快一點的速度成長，因為我們享受槓桿帶來的好處。但我相信你沒聽錯，我們預計營業收入成長將在今年下半年回升。我們將受益於一些我們在第二季度沒有看到的促銷計劃的執行。

And we're -- as I said, we would anticipate for the full year of our epay -- that will be in that mid- to upper-single-digit operating income growth range for the full year which then by definition means that as we go through the second half of the year, we're going to see if even stronger numbers to get to that for the full year. So yes, I think you heard that correct that we should expect to see more momentum build in the second half of the year for epay.

正如我所說，我們預計 epay 的全年營業收入將處於中上個位數成長範圍，這根據定義意味著我們經歷了下半年，我們將看看全年的數據是否會更強勁。所以，是的，我認為你聽到的是正確的，我們應該期望看到 epay 在今年下半年建立更多的勢頭。

And a little bit more -- as Rick said, it's a little bit more weighted for the fourth quarter. I mean, these promotions are signed up. We will implement them. We kind of know what's happening. So we know the timing of them. So there'll be more in the fourth quarter than in the third quarter.

還有一點——正如里克所說，第四季的權重更大一些。我的意思是，這些促銷活動已經簽約。我們將實施它們。我們有點知道發生了什麼事。所以我們知道他們的時間。所以第四季的數量會比第三季更多。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hi, this is Daniel Krebs on for Darrin. I wanted to talk a bit about merchant services and Piraeus. Has this expanded beyond Greece yet? And how should we think about the sizing and impact of expansion into Spain, Portugal, and Italy across the coming years? Thanks.

大家好，我是達林的丹尼爾‧克雷布斯。我想談談商業服務和比雷埃夫斯港。這種情況是否已擴及希臘以外？我們應該如何考慮未來幾年向西班牙、葡萄牙和義大利擴張的規模和影響？謝謝。

Okay. So most of the growth -- the stellar growth that you saw in the second quarter was in Greece. But we are now expanding. We've signed up -- we've got sales forces out there pitching our product now in those three countries that you mentioned, which are Portugal, Spain, and Italy.

好的。因此，大部分成長——你在第二季度看到的強勁成長是在希臘。但我們現在正在擴張。我們已經簽約——我們的銷售人員現在正在您提到的葡萄牙、西班牙和義大利這三個國家推銷我們的產品。

So we've got a great platform. It's screaming successful in Greece. We want to use that and attract similar margins in these other Mediterranean-touching countries. We'll see more of that over the coming quarters, because we're just starting there. But in the meantime, at 15,000 freaking new merchants per quarter for the last several quarters, that's pretty amazing. And we'll just keep growing those.

所以我們有一個很棒的平台。它在希臘取得了巨大的成功。我們希望利用這一點，在其他地中海沿岸國家吸引類似的利潤。在接下來的幾個季度中，我們將看到更多這樣的情況，因為我們才剛剛開始。但同時，過去幾季每季新增 15,000 個商家，這真是太驚人了。我們將繼續增加這些。

Got it. Understood. So do you expect that 15,000 merchant per quarter number to step up now with this geo expansion or kind of more of the same going forward here?

知道了。明白了。那麼，您預計隨著地理擴張，每季商家數量會增加 15,000 家，還是未來還會出現更多類似情況？

Well, we'll just say that we're growing well faster than the market, and we're going to continue to do our best. We'll find out what those numbers are. Obviously, if we can get into new markets, that would help us, because most all those 15,000 are just in one market. And Greece is a great market, but it's 10 million people, and it's only so big. So being able to get into three new, huge markets would be really nice.

好吧，我們只是說我們的成長速度遠遠快於市場，我們將繼續盡力而為。我們會找出這些數字是什麼。顯然，如果我們能夠進入新市場，那將對我們有所幫助，因為這 15,000 家公司大多只在一個市場。希臘是一個很大的市場，但它有1000萬人口，而且只有這麼大。因此，能夠進入三個新的巨大市場真是太好了。

Ken Suchoski, Autonomous Research.

肯‧蘇喬斯基，自主研究。

Hey, good morning, Mike and Rick. Thanks for taking the question. Maybe just on the direct access fees, I mean, did something change in the market that allowed you to introduce those fees? And I guess is there any way to quantify the upside to revenue and operating income either this year or next year from direct access fees and higher interchange rates? Thank you.

嘿，早上好，麥克和里克。感謝您提出問題。我的意思是，也許只是在直接訪問費用方面，市場發生了一些變化，允許您引入這些費用嗎？我想有什麼方法可以量化今年或明年直接接取費和更高匯率帶來的收入和營業收入的上升空間嗎？謝謝。

Well, yeah, quantification, we'll hold off on that. I mean we've tried to give you some good perspective that we expect our earnings to be growing 10% to 15%. As we've shown you, we've already grown it well outside that range for the first half of the year. And we feel very good about our opportunities to continue forward.

嗯，是的，量化，我們會推遲。我的意思是，我們試圖向您提供一些好的觀點，即我們預計我們的收入將成長 10% 到 15%。正如我們向您展示的，今年上半年我們的成長已經遠遠超出了該範圍。我們對繼續前進的機會感到非常滿意。

This will just give us more confidences at delivering those kinds of results and -- putting us in a good position to continue that growth trend into next year. Because obviously, this year, we're only going to get a small part of it, because we're only getting a part of a year of it. In some of those cases, we may only be getting a month or two of it, which means that next year that's going to be lining up for growth contributors there.

這只會讓我們更有信心取得這些成果，並使我們處於有利地位，能夠在明年繼續保持這種成長趨勢。因為顯然，今年我們只會得到其中的一小部分，因為我們只得到了一年的一部分。在某些情況下，我們可能只能得到一兩個月的時間，這意味著明年將在那裡等待成長貢獻者。

So we'll hold off on giving sizings of numbers, but suffice it to say is it really reinforces our confidences for growth this year and puts us in very good position to see a path to similar double-digit growth rates for next year, again, consistent with what we've done over the last 10 to 20 years.

因此，我們將暫緩提供數字規模，但足以說明的是，這確實增強了我們對今年增長的信心，並使我們處於非常有利的位置，可以看到明年再次實現類似的兩位數增長率，與我們過去10 到20 年所做的事情一致。

Okay. And just to be clear there, I mean, can you go into other markets and add these surcharging fees or doles a rule have to be put in place for that to happen?

好的。需要澄清的是，我的意思是，您是否可以進入其他市場並添加這些附加費，或者必須制定規則才能實現這一點？

It does have to -- there's a complicated kind of web of things that have to happen, anywhere from card scheme rules to regulatory rules and things like that. But if you kind of go back several quarters and look, we've been talking about this now for several quarters. We can kind of read the tea leaves. As Mike said, these banks have gone years with cost increases and no increases in interchange rates. And there's more and more competitors that are non-bank competitors in the market, and those guys aren’t deploying ATMs; they're just living off of the benefit of their competitor.

它確實必須發生——從卡片計劃規則到監管規則以及類似的事情，必須發生一系列複雜的事情。但如果你回顧幾個季度，你會發現我們已經討論這個問題好幾個季度了。我們可以讀懂茶葉。正如麥克所說，這些銀行多年來成本不斷增加，但匯率卻沒有增加。市場上有越來越多的非銀行競爭對手，而這些人並沒有部署 ATM；而是部署了 ATM 機。他們只是靠競爭對手的利益生存。

And so the environment's changing, we're seeing that the banks are kind of get into the end of their rope on this. We're seeing where like even in in the UK a few years ago when LINK took down the rates and ATMs were pulled out of the market, now they've come back in and they said, you must keep ATMs in place and offered some additional incentives for ATM owners to keep ATMs there.

因此環境正在發生變化，我們看到銀行在這方面已經陷入了困境。我們看到，就像幾年前在英國，LINK 降低了費率，ATM 機被撤出市場，現在他們又回來了，他們說，你必須保留 ATM 機，並提供一些服務。 ATM 提供額外獎勵。

So we've seen this kind of developing, and we can't tell you exactly how many more countries will be available next year, when they'll open up. But we really feel confident that the inertia is moving in our direction on both the access fee front and the interchange front.

因此，我們已經看到了這種發展，但我們無法確切地告訴您明年將有多少國家開放。但我們確實有信心，在接取費和交換方面，慣性正在朝著我們的方向發展。

Okay, great. That's really helpful, Rick. And then maybe just regarding the increased digital marketing spend in money transfer, why do this now? Was there something you saw in the market from an opportunity standpoint and you wanted to grow your digital footprint? I think digital is just 12% of transactions. Or was it more of a response to what competitors were doing in the market?

好的，太好了。這真的很有幫助，瑞克。然後也許只是考慮到匯款方面數位行銷支出的增加，為什麼現在要這樣做呢？從機會的角度來看，您在市場上是否看到了一些東西，並且您想要擴大您的數位足跡？我認為數位化僅佔交易的 12%。或者這更多的是對競爭對手在市場上所做的事情的回應？

Yeah, it didn't really have anything to do with competitors. We've got kind of a new digital marketing team over the last year. The results have been quite improved over the last year. And so we just wanted to put a little bit more gasoline on the fire of expansion, because we saw the result. At the end of the day, digital marketing is -- should bring results. And if they're not bringing enough, you use less marketing. But we're happy with what we've seen.

是的，這與競爭對手沒有任何關係。去年我們組建了一支新的數位行銷團隊。結果比去年有了很大改善。所以我們只是想在擴張之火上多加一點汽油，因為我們看到了結果。歸根結底，數位行銷應該會帶來成果。如果他們沒有帶來足夠的東西，你就減少行銷力道。但我們對所看到的感到滿意。

Well, we saw those results, which is the first and most important piece. And then secondly, we feel very good about what our earnings contribution for this year is going to be. And we felt that we had the earnings stream to be able to invest in it.

好吧，我們看到了這些結果，這是第一個也是最重要的部分。其次，我們對今年的獲利貢獻感到非常滿意。我們覺得我們有足夠的收入來源來投資它。

Okay. Great. All right. Thanks, Rick. Thanks, Mike.

好的。偉大的。好的。謝謝，瑞克。謝謝，麥克。

Yeah, and still pick up [a million] shares of stock on the side.

是的，並且仍然持有[一百萬]股股票。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey, guys. Just to follow up, the $3.9 million marketing advertising spending for money transfer, any regions to call out where you spent more of that or was that kind of even across the globe?

嘿，夥計們。跟進一下，用於匯款的 390 萬美元行銷廣告支出，有哪些地區可以指出您在哪些地區花費了更多，或者是在全球範圍內？

It's kind of even with where our transactions come from. We get the bulk of our transactions from the US. So most of it was there, but we spread it out.

這與我們的交易來源是一樣的。我們的大部分交易來自美國。所以大部分都在那裡，但我們把它分散開來。

Got it. And then --

知道了。進而--

And by the way, that $3.9 million was an increase of spend. It doesn't mean that we -- if you take that away, we have no spend. That was just an increase this quarter over the run rate that we've add.

順便說一句，這 390 萬美元是支出的增加。這並不意味著我們——如果你把它拿走，我們就沒有支出。這只是本季我們增加的運行率的成長。

Yeah, the incremental amount. Great, great. And then hey, when you say access fees, Mike, is that a fee on top of like domestic interchange or are you try (multiple speakers) ?

是的，增量。太棒了，太棒了。然後，嘿，麥克，當你說接入費時，這是除國內交換費之外的費用，還是你嘗試一下（多個發言者） ?

Okay. So usually, the way these things work is if you're -- domestic access fee is the technical term for a surcharge. And usually in these markets, the way it works is if you can do a domestic access -- if you can do a DAF, you then don't get the interchange, okay? So this interchange at $0.20 or $0.30 or whatever goes away, but you pick up $2 or $3 on the domestic access fee.

好的。因此，通常情況下，這些事情的運作方式是，如果您是—國內接取費是附加費的技術術語。通常在這些市場中，它的運作方式是如果你可以進行國內訪問 - 如果你可以進行 DAF，那麼你就不會獲得交換，好嗎？因此，這種 0.20 美元或 0.30 美元或其他價格的交換將會消失，但您將收取 2 或 3 美元的國內接取費。

Got it. And I know you guys won't kind of comment on a range for, let's say, 2025 from these DAFs. But on average, is the fee going up -- I don't know, $0.10, $0.20 per transaction? Is there any metric you can give us to help us kind of size it?

知道了。我知道你們不會對這些 DAF 的 2025 年範圍發表評論。但平均而言，費用是否會上漲——我不知道，每筆交易 0.10 美元還是 0.20 美元？您可以給我們任何衡量標準來幫助我們確定規模嗎？

Okay. So you've got to be careful, because we've got a mix of transactions. So you don't necessarily DAF -- like let's say, you've got a [Eurocard]. I don't know -- it is issued in France and it goes to Romania or whatever -- no, Romania's doesn't have -- let's say it goes to Cyprus, which is euro as well, okay?

好的。所以你必須小心，因為我們有各種各樣的交易。所以你不一定是 DAF——比如說，你有一個[歐洲卡]。我不知道——它是在法國發行的，然後發往羅馬尼亞或其他地方——不，羅馬尼亞沒有——假設它發往塞浦路斯，塞浦路斯也是歐元，好嗎？

So before that, we would make what's called an international interchange fee, which should be about EUR1. Well, now we can make EUR3.

所以在此之前，我們會收取所謂的國際交換費，大約是 1 歐元。好吧，現在我們可以賺 3 歐元。

Got it. And that's all margin? (multiple speakers)

知道了。這就是全部保證金嗎？（多個發言者）

But you've got -- you can't multiply it across all the transactions, because we have cross-border transactions, cross-currency transactions, local transactions. It's a mix.

但你不能將其乘以所有交易，因為我們有跨國交易、跨貨幣交易、本地交易。這是一個混合。

Network participation, where we are (multiple speakers) arrangements (multiple speakers)

網路參與，我們所在的地方（多位發言者）安排（多個發言者）

Yeah, we have a network participation agreements in a lot of these markets. Actually, when DAF comes to a market, it gives us an opportunity to actually acquire even more transactions by signing these network participation deals, which allow us to sell our transactions on a wholesale basis to people like these Internet banks. So there's just a whole bunch of different banks.

是的，我們在許多這樣的市場都有網路參與協議。實際上，當 DAF 進入市場時，它為我們提供了透過簽署這些網路參與協議來實際獲得更多交易的機會，這使我們能夠將交易批量出售給像這些網路銀行這樣的人。所以只有一大堆不同的銀行。

Sure. Hey, I'm glad you're getting a little (multiple speakers)

當然。嘿，我很高興你能得到一點（多個發言者）

But at the end of the day, it's for pricing pressure up.

但歸根究底，這是因為價格壓力上升。

And the other thing that this does which is so different than interchange, bear in mind that interchange, we have no say in what that number's going to be. We have to take the $0.30, and that's it. That's all you get.

這樣做的另一件事與交換有很大不同，請記住交換，我們無法決定這個數字是多少。我們必須拿 0.30 美元，僅此而已。這就是你得到的全部。

In the access fee world, we have some decision-making that we can make on the price of that transaction. We could set it at EUR2. We could set it at EUR3. We could set it at EUR1. It really gives us more flexibility to manage our business than just simply take whatever the card schemes are going to give you.

在訪問費領域，我們可以根據交易的價格做出一些決策。我們可以將其設定為 2 歐元。我們可以將其設定為 3 歐元。我們可以將其設定為 1 歐元。它確實為我們提供了更多的靈活性來管理我們的業務，而不僅僅是簡單地接受信用卡計劃將給您的任何東西。

Yeah. You can really use is some price elasticity algorithms to figure out what maximizes for us.

是的。您確實可以使用一些價格彈性演算法來找出對我們來說最大化的方法。

Great. Well, hey, I'm glad you guys got that tailwind and be nice to get a little bit more color in the future quarters. Thanks, guys.

偉大的。好吧，嘿，我很高興你們能順風順水，並在未來幾季獲得更多色彩。謝謝，夥計們。

Gus Gala, Monness, Crespi, Hardt & Company.

格斯·加拉、蒙尼斯、克雷斯皮、哈特公司。

Hi, Rick. Hi, Mike. Thanks for taking the questions.

嗨，瑞克。嗨，麥克。感謝您提出問題。

So I think looking back, after the merchant services, Piraeus acquisition, you talked about structural margin -- kind of a decrease in EFT. It's now been two quarters of plus-60 incremental EBITDA margins. Taking all the commentary on what's happening to the ATM fleet beyond the access fees, just like the potential for geographic -- that mix changing over time and then Ren, do we think that maybe the margin structure is closer to or even better than we thought it was going to be going back a year, two years?

所以我認為回顧過去，在商業服務、比雷埃夫斯收購之後，您談到了結構性利潤——電子轉帳的減少。現在已經有兩個季度 EBITDA 利潤率增加了 60%。除了接取費之外，所有關於 ATM 機群發生的事情的評論，就像地理潛力一樣，隨著時間的推移和 Ren 的混合變化，我們是否認為利潤結構可能比我們想像的更接近甚至更好它要追溯到一年、兩年嗎？

Going back a year or two years, I'd say definitely, yes, okay? But I think going back to, let's say, call it '19. In 19, I would say that we had a lot lower cost structure. As you've heard us talk about, the cost over these last few years have been very, very significant. And so my sense is that compared to -- certainly compared to a couple of years ago, definitely, yes.

回到一兩年前，我肯定會說，是的，好嗎？但我想回到，比如說，稱之為「19」。在 19 年，我想說我們的成本結構要低得多。正如您所聽到的，過去幾年的成本非常非常巨大。所以我的感覺是，與──當然是與幾年前相比，絕對是的。

And I would probably be more bullish today on what that operating margin in EFT would look like than I would have been six months ago, because we're seeing the realization of some of these access fee opportunities come to the table. We've also seen the results of the management team being able to effectively manage costs and deal with that.

今天，我可能比六個月前更看好 EFT 的營業利潤，因為我們看到其中一些接入費機會的實現。我們也看到了管理團隊能夠有效管理成本並處理該問題的結果。

So I would probably feel and the -- as Mike said, the Piraeus merchant service businesses has been growing nicely. That margin on that business is probably more right in line with the lower end of the average on EFT business. But as it's growing pretty fast, it kind of helps solidify and anchor that. So yeah, I'd probably feel a little bit more bullish about it now but maybe not quite as strong as what we would have seen in '19.

所以我可能會覺得——正如麥克所說，比雷埃夫斯商業服務業務一直發展良好。該業務的利潤率可能更符合電子轉帳業務平均水準的下限。但由於它的成長速度相當快，它在某種程度上有助於鞏固和鞏固這一點。所以，是的，我現在可能會更加看好它，但可能不像我們在 19 年看到的那麼強烈。

Great. I appreciate all the color. (multiple speakers)

偉大的。我欣賞所有的顏色。（多個發言者）

Yeah, no problem. Thank you, Gus. And I think we've got to shut down now, because it's top of the hour. But Gus, thank you for your question. And for everybody else on the line, thank you very much for listening. We'll catch you next quarter.

是的，沒問題。謝謝你，格斯。我認為我們現在必須停止營業，因為現在正是高峰時間。但是格斯，謝謝你的提問。對於在線的其他人，非常感謝您的聆聽。我們會在下個季度抓住你。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。