Euronet Worldwide Inc (EEFT) 2024 Q3 法說會逐字稿

Please stand by for streaming text.

請等待串流文字。

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Euronet Worldwide third-quarter 2024 earnings call.

歡迎參加 Euronet Worldwide 2024 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, General Counsel, Adam Godderz.

現在我想將會議交給今天的第一位發言者，總法律顧問 Adam Godderz。

Please go ahead.

請繼續。

Thank you, and good morning, everyone, and welcome to Euronet's third-quarter 2024 earnings conference call today.

謝謝大家，大家早安，歡迎參加今天 Euronet 的 2024 年第三季財報電話會議。

On today's call, we have Mike Brown, our Chairman and CEO, as well as Rick Weller, our CFO.

出席今天的電話會議的有我們的董事長兼執行長 Mike Brown 以及我們的財務長 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 will be making today.

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。

Statements made on this call that concern Euronet's or management's intentions, expectations, or predictions of future performance are forward-looking statements.

本次電話會議中涉及 Euronet 或管理層的意圖、預期或未來業績預測的聲明均為前瞻性聲明。

Euronet's actual results may vary materially from those anticipated in these forward-looking statements as a result of a number of factors, including those listed on the second slide of our presentation.

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.

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。

Now I'll turn the call over to our CFO, Rick Weller.

現在我將把電話轉給我們的財務長 Rick Weller。

Thanks, Adam.

謝謝，亞當。

I will begin my comments on slide 5.

我將從幻燈片 5 開始我的評論。

We delivered a record third quarter on all key consolidated financial metrics.

我們在所有關鍵綜合財務指標上都實現了創紀錄的第三季業績。

We delivered revenue of $1.1 billion, operating income of $182 million, adjusted EBITDA of $226 million, and adjusted EPS of $3.03.

我們的營收為 11 億美元，營業收入為 1.82 億美元，調整後 EBITDA 為 2.26 億美元，調整後每股收益為 3.03 美元。

Important to note, we did not include in the $3.03 adjusted EPS an additional $0.28 per share related to an investment gain.

值得注意的是，我們沒有在 3.03 美元的調整後每股收益中包含與投資收益相關的額外每股 0.28 美元。

Had we included the $0.28, our adjusted EPS would have been $3.31. Leading the way for this quarter, result was EFT with double-digit constant currency operating income and adjusted EBITDA growth.

如果我們計入 0.28 美元，調整後的每股收益將為 3.31 美元。本季領先的結果是電子轉帳 (EFT)，恆定貨幣營業收入和調整後 EBITDA 成長達到兩位數。

Money transfer delivered constant dollar third-quarter revenue growth of 10%, operating income growth of 7%, and adjusted EBITDA growth of 4% compared to the prior year third quarter.

與去年同期相比，第三季固定美元營收成長 10%，營業收入成長 7%，調整後 EBITDA 成長 4%。

Epay delivered double-digit revenue and transaction growth.

Epay 實現了兩位數的營收和交易成長。

Our adjusted EPS of $3.03 was up 11% compared to the prior year third quarter.

調整後每股收益為 3.03 美元，比去年第三季成長 11%。

When considering our first three quarters, adjusted EPS this year was 17% higher than last year.

考慮到我們的前三個季度，今年調整後的每股收益比去年高出 17%。

It is clear that we are on track to be at the top end of and quite possibly through the range of 10% to 15% for the full year.

很明顯，我們有望達到全年的最高值，並且很可能達到 10% 至 15% 的範圍。

As I reflect on the average analyst estimate for the quarter, some might say Euronet missed earnings expectations based on analyst consensus estimate of $3.11. While I understand that point, I will tell you that through the first three quarters of the year, we are 2% higher than the high-end of our annual range we provided.

當我反思分析師對本季的平均預期時，有些人可能會說 Euronet 未達到分析師一致預期的 3.11 美元獲利預期。雖然我理解這一點，但我會告訴你，今年前三個季度，我們的成長率比我們提供的年度範圍的高端高出 2%。

I would also point out that due to the continued growth of the epay and money transfer segments through the pandemic, we've seen somewhat of a gradual quarterly earnings mix shift out of the third quarter with a bit more balance in the first and fourth quarters.

我還想指出的是，由於大流行期間電子支付和匯款領域的持續成長，我們看到第三季的季度獲利組合逐漸發生變化，第一季和第四季更加平衡。

So as we told you in the third quarter of 2023, rather than providing quarterly expectations, we are following a practice of a simple expectation of double-digit earnings growth of 10% to 15%.

因此，正如我們在 2023 年第三季告訴您的那樣，我們沒有提供季度預期，而是遵循 10% 至 15% 的兩位數盈利增長的簡單預期的做法。

We recognize this approach may cause some differences to develop when comparing actual result to average analyst quarterly estimate.

我們認識到，在將實際結果與分析師平均季度估計進行比較時，這種方法可能會導致一些差異。

But we really want shareholders to embrace the confidence of consistently producing double-digit earnings growth consistent with our past 20-year CAGR rate.

但我們確實希望股東有信心持續達到兩位數的獲利成長，與我們過去 20 年的複合年增長率一致。

And if a company can produce earnings at the high end, if not through a 10% to 15% range, and there be a 1% annual difference among analyst quarterly estimates, I would say the company delivered impressive results.

如果一家公司能夠產生高端收益，即使不是在 10% 到 15% 的範圍內，並且分析師季度預測之間存在 1% 的年度差異，我會說該公司取得了令人印象深刻的業績。

I hope shareholders focus on our commitment and delivery of double-digit earning results, possibly through an enviable double-digit growth range of 10% to 15%.

我希望股東能專注於我們的承諾和實現兩位數獲利結果，可能透過令人羨慕的 10% 至 15% 的兩位數成長範圍。

I also hope shareholders appreciate the upper end of our earnings range is 60% greater than that which is expected for the S&P 500 for 2024.

我還希望股東們認識到，我們的獲利區間上限比標準普爾 500 指數 2024 年的預期高出 60%。

Moreover, for the third quarter, we continued our track record of producing strong free cash flows, producing nearly $100 million.

此外，第三季我們繼續保持強勁自由現金流的記錄，創造了近 1 億美元。

In the quarter, we also took the opportunity to repurchase [$1 million] of our shares.

在本季度，我們也藉此機會回購了[100萬美元]我們的股票。

Given the timing of the repurchases, there was only a marginal benefit to the third-quarter adjusted EPS, but we know this return of capital to shareholders will improve earnings per share by 2% in all future periods.

考慮到回購的時機，第三季調整後每股盈餘只有邊際效益，但我們知道，這種向股東的資本回報將使未來所有時期的每股盈餘提高 2%。

Slide 6 presents a summary of our balance sheet compared to the prior quarter.

投影片 6 總結了我們與上一季相比的資產負債表。

As you can see, we ended the third quarter with $1.5 billion in unrestricted cash and debt of $2.3 billion.

正如您所看到的，第三季結束時，我們擁有 15 億美元的非限制性現金和 23 億美元的債務。

The net increase in unrestricted cash and cash equivalents is the net result of the generation of cash from operations, working capital fluctuations, and share repurchases.

非限制性現金和現金等價物淨增加是營運產生的現金、營運資本波動和股票回購的淨結果。

The indebtedness was $2.3 billion as of September 31 -- September 30 of '24, which was unchanged compared to June 30 of '24.

截至2024年9月31日至9月30日，債務為23億美元，與2024年6月30日相比沒有變化。

Availability under the company's $1.25 billion revolving credit facility was approximately $670 million at quarter end.

截至季末，該公司 12.5 億美元循環信貸額度的可用金額約為 6.7 億美元。

Slide 8 shows our results adjusted for currency fluctuations.

幻燈片 8 顯示了我們根據貨幣波動調整後的結果。

EFT grew revenue 7%, operating income 12%, and EBITDA 10%.

EFT 營收成長 7%，營業收入成長 12%，EBITDA 成長 10%。

These growth rates were driven by improved travel, growth in the merchant services business, and growth within recent market expansions.

這些成長率是由旅行改善、商業服務業務成長以及近期市場擴張中的成長所推動的。

Operating margins benefited from transactions driven by continued travel recovery and effective expense management.

營運利潤率受益於持續差旅恢復和有效費用管理推動的交易。

The epay segment grew 10%, operating income 2%, and EBITDA of 3%.

epay 業務成長 10%，營業收入成長 2%，EBITDA 成長 3%。

Double-digit revenue and transaction growth was driven by continued digital media and mobile growth.

數位媒體和行動的持續成長推動了兩位數的收入和交易成長。

Operating income and EBITDA growth rates were impacted by changes in product mix, investments in proprietary product offerings, and inflationary pressures.

營業收入和 EBITDA 成長率受到產品組合變化、專有產品投資和通膨壓力的影響。

We expect to see a nice lift in fourth-quarter EPA results versus prior year from promotional activity related to our B2B channel that was lighter in the prior year.

我們預計第四季 EPA 業績將較上年大幅提升，原因是與上一年 B2B 通路相關的促銷活動較少。

As we have mentioned before, promotional activity in our produce incentives and rewards business is profitable and will benefit our quarterly results in the quarters where these campaigns to occur, which may not always be consistent from year to year.

正如我們之前提到的，我們的農產品激勵和獎勵業務中的促銷活動是有利可圖的，並將有利於我們在這些活動發生的季度的季度業績，而這些活動可能並不總是每年一致。

With strong promotional activity benefiting the fourth quarter of this year, we expect full-year operating income in the upper-single digits this year.

由於今年第四季強勁的促銷活動受益，我們預計今年全年營業收入將達到個位數以上。

Money transfer grew revenue 10%, operating income 7%, and EBITDA of 4%.

匯款收入成長 10%，營業收入成長 7%，EBITDA 成長 4%。

Revenue growth was primarily driven by double-digit growth in cross border transactions, offset by a decrease in [intra] US transactions.

營收成長主要是由跨境交易的兩位數成長推動的，但被美國境內交易的減少所抵消。

Direct-to-consumer digital transactions grew by 30%, reflecting strong consumer demand for digital products, which represents 19% of total transactions.

直接面向消費者的數位交易成長了 30%，反映了消費者對數位產品的強勁需求，佔總交易量的 19%。

The operating income growth of 7% was influenced by an additional $2 million in year-over-year incremental marketing spend during the quarter versus last year.

與去年相比，本季行銷支出年增了 200 萬美元，從而實現了 7% 的營業收入成長。

Excluding the incremental digital customer marketing spend, operating income growth would have exceeded 10%, producing operating margins consistent with prior year.

不包括增量數位客戶行銷支出，營業收入成長將超過 10%，營業利潤率與前一年持平。

Money transfer's revenues and gross profits per transaction were generally consistent with the prior year.

Money Transfer的營收和每筆交易毛利與前一年基本一致。

Overall, we are very pleased that we have delivered third-quarter results -- delivered three quarters, nine months of growth in the upper teens.

總體而言，我們對第三季的業績感到非常高興——三個季度、九個月的成長達到了十幾歲。

These growth rates give us even more confidence in our ability to deliver growth consistent with our proven history of double-digit earnings growth.

這些成長率使我們對實現成長的能力更有信心，這與我們已證實的兩位數獲利成長歷史一致。

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

這樣，我們就把它交給麥克。

Thank you, Rick, and thank you, everyone, for joining us today.

謝謝里克，也謝謝大家今天加入我們。

I'll begin my comments on slide number 10.

我將從第 10 號幻燈片開始發表評論。

This summer, Euronet turned 30 years old.

今年夏天，Euronet 迎來了 30 歲生日。

To celebrate this milestone, we recently gathered about 300 leaders from scores of countries around the globe to take a minute and celebrate all that we have accomplished over our 30 years, which includes consistently growing year over year 29 of those 30 years, the only exception being the global pandemic.

為了慶祝這一里程碑，我們最近聚集了來自全球數十個國家的約300 名領導人，花一分鐘時間慶祝我們在30 年來所取得的一切成就，其中包括這30 年中第29 年的持續增長，唯一的例外成為全球大流行病。

We were also able to share updates across the businesses, create additional ideas on how we can continue to deliver earnings that will outperform the market for many years to come.

我們也能夠分享各業務的最新動態，就如何在未來許多年繼續實現優於市場的盈利提出更多想法。

The energy in the room was contagious.

房間裡的能量具有感染力。

And if I were to sum it all up, my key takeaway from this event is the world is not the same following COVID, and neither are we.

如果我要總結這一切，我從這次活動中得到的主要收穫是，新冠疫情之後的世界不一樣了，我們也不一樣了。

We did not take the COVID pandemic as an excuse or a break for moving forward.

我們沒有把新冠疫情當作前進的藉口或中斷。

We instead invested in the business and came up with creative ways to utilize our assets and technologies to create new revenue-generating opportunities.

相反，我們投資於業務，並想出創意的方法來利用我們的資產和技術來創造新的創收機會。

These investments resulted in the growth of our epay and money transfer segment all through COVID.

這些投資促進了我們的電子支付和匯款業務在新冠疫情期間的成長。

These segments now make up a larger portion of our earnings than pre-COVID, which combined with the extension of the travel season, the addition of new product verticals, entry into new markets, as well as our ability to take advantage of opportunities such as retailer promotions in our epay segment, has resulted in changes to the way our earnings are distributed throughout the year.

這些細分市場現在在我們收入中所佔的比例比新冠疫情之前更大，再加上旅行季節的延長、新產品垂直領域的增加、進入新市場以及我們利用以下機會的能力我們的epay 部門的零售商促銷活動導致我們全年收入分配方式改變。

As Rick said, while third quarter is still our largest quarter, it is not as sharp as pre-pandemic.

正如里克所說，雖然第三季度仍然是我們最大的季度，但它並不像大流行前那麼嚴重。

This evolution is no different than how we've always grown the business.

這種演變與我們一直以來發展業務的方式並沒有什麼不同。

After we installed the first ATM in Budapest 30 years ago, we found that we could create additional revenue by selling mobile top-up on those first ATMs.

30 年前，我們在布達佩斯安裝了第一台 ATM 機後，我們發現可以透過在第一台 ATM 機上銷售行動儲值服務來創造額外收入。

The realization that we could automate the sale of mobile top-up on scratch cards led us to the acquisition of epay, who had digitized mobile top-up from scratch cards [to pin] on receipt transactions.

意識到我們可以自動化銷售刮刮卡行動儲值，我們收購了 epay，該公司已將刮刮卡行動儲值數位化[固定]在收據交易中。

And our interactions with our epay retailer partners led us to understand immigrant remittance flow, which ultimately led to the acquisition of Ria a few years later.

我們與 epay 零售商合作夥伴的互動使我們了解了移民匯款流程，這最終導致了幾年後對 Ria 的收購。

We believe that this, our latest evolution, has resulted in the world's strongest payment network that gives customers the ability to interact with their money in nearly any physical manner they prefer.

我們相信，我們的最新發展已經形成了世界上最強大的支付網絡，使客戶能夠以他們喜歡的幾乎任何實體方式與他們的資金進行互動。

As we go through the slides, you will hear a common theme of consistency, network strength, technology leadership, product and market expansions, and most importantly, momentum.

當我們瀏覽投影片時，您將聽到一個共同的主題：一致性、網路實力、技術領先地位、產品和市場擴張，以及最重要的動力。

These are driving forces behind our ability to deliver earnings at or above the high-end of our full-year guidance range for this year and our continued confidence that we can produce double-digit growth rate into 2025.

這些是我們今年實現盈利達到或高於全年指導範圍高端的能力的推動力，也是我們對 2025 年能夠實現兩位數增長率的持續信心的驅動力。

Now let's go on to slide 11, and I want to talk about the use of cash a little bit.

現在讓我們繼續看第 11 張投影片，我想談談現金的使用。

Before I break down the segment results for the quarter and discuss these marketplace wins, let's talk about cash.

在我分解本季度的部門業績並討論這些市場勝利之前，讓我們先談談現金。

For a couple of years, now the familiar trope is the cash is all but

幾年來，現在人們熟悉的說法是現金幾乎是一切

[debt].

[債務]。

Turns out, Visa does not agree with this misconception, and I'll give you more on that later.

事實證明，Visa 並不同意這種誤解，稍後我會向您詳細介紹這一點。

But further, I would like to discuss how cash fits into our business today and into the future.

但進一步，我想討論現金如何融入我們今天和未來的業務。

And take a look at this graph here.

看看這裡的圖表。

This graph tells a lot.

這張圖說明了很多資訊。

A future where our Ren technology, Dandelion network, epay digital channels, merchant acquiring businesses, continue to play a bigger and bigger role with the company.

未來，我們的Ren技術、蒲公英網路、epay數位管道、商家收單業務將繼續在公司中發揮越來越大的作用。

I wouldn't disagree that the use of cash has been in a slow decline, but the use of cash by consumers appears more stable than declining.

我不同意現金的使用量一直在緩慢下降，但消費者的現金使用似乎比下降更穩定。

As you can see in the graph on slide 11 from Visa Global, which shows that ATM withdrawal accounts in the six month increments from 2020 to June of 2024 most recent half year, compared to the pre-pandemic levels, the use of cash has stabilized.

正如 Visa Global 第 11 張投影片中的圖表所示，最近半年，ATM 提款帳戶在 2020 年至 2024 年 6 月的六個月增量中，與大流行前的水平相比，現金的使用已經穩定。

The current ATM domestic withdrawal account for the first six months of 2024 is up 2.2% compared to pre-pandemic levels and the international count is down less than 1% (sic - see slide 11, "0.7%").

目前2024 年前六個月的ATM 國內提款帳戶與大流行前的水平相比增加了2.2%，而國際提款帳戶減少了不到1%（原文如此- 參見幻燈片11，“0.7%” ）。

Each market has its own challenges and opportunities, but the point I want to make is that the cash is not in a rapid decline and market intelligence and our own experience confirms it.

每個市場都有自己的挑戰和機遇，但我想說的一點是，現金並沒有快速下降，市場情報和我們自己的經驗證實了這一點。

The use of cash is still the preferred payment method in Europe.

使用現金仍然是歐洲的首選支付方式。

That being said, we are well-positioned to serve customers cash needs while delivering fast-growing digital products.

話雖如此，我們有能力滿足客戶的現金需求，同時提供快速成長的數位產品。

On our 30th anniversary, let's reflect on what Euronet's business looks like today.

在我們成立 30 週年之際，讓我們回顧一下 Euronet 今天的業務。

As I discussed on the previous slide, our Euronet leadership team has continued to evolve the business to meet our customer needs and find new ways our customers can complete transactions and interact with their money.

正如我在上一張投影片中所討論的，我們的 Euronet 領導團隊不斷發展業務，以滿足我們的客戶需求，並尋找客戶完成交易和與資金互動的新方法。

While cash is still relevant and a part of our overall business, it is just one way that we reach our customers.

雖然現金仍然很重要且是我們整體業務的一部分，但這只是我們接觸客戶的一種方式。

Here are just a few examples of our business that is not dependent on cash.

以下只是我們不依賴現金的業務的幾個例子。

We offer many real-time remittances where cash is not involved in either side of the transaction like digital cross-border payments and money transfer.

我們提供許多交易雙方不涉及現金的即時匯款，例如數位跨境支付和匯款。

We have digital branded payment solutions like Prezzy at epay.

我們擁有數位品牌支付解決方案，例如 epay 的 Prezzy。

We process card-based transactions with our EFT merchant services business just to name a few.

僅舉幾例，我們透過電子轉帳商業服務業務處理基於卡片的交易。

So as I reflect on the past 30 years, our strength is our ability to evolve this business and be responsive to the market.

因此，當我回顧過去 30 年時，我們的優勢在於我們發展這項業務並回應市場的能力。

As we wrapped up our leadership meeting, several key themes stood out as we begin our next 30 years.

當我們結束領導會議時，在我們開始下一個 30 年之際，幾個關鍵主題脫穎而出。

First, diversification of our products.

第一，產品多元化。

We have a diverse set of products covering all customers from highly sophisticated bank customers to unbanked customers and markets.

我們擁有多樣化的產品，涵蓋從高度成熟的銀行客戶到無銀行帳戶客戶和市場的所有客戶。

Second, digital growth.

第二，數位化成長。

Each segment will continue to invest in our digital transformation efforts, growing real-time remittances, digital cross-border payments, and branded payment solutions, all of which are growing in excess of 20% per year.

每個細分市場都將繼續投資於我們的數位轉型工作，不斷增長的即時匯款、數位跨境支付和品牌支付解決方案，所有這些都每年增長超過 20%。

Last, the future of growth at Euronet.

最後，Euronet 的成長前景。

Expansion into new and emerging markets, our Ren technology, a scalable, flexible modern payment platform, and Dandelion, the largest real-time cross-border payments platform in the world.

擴展到新興市場，我們的 Ren 技術是一個可擴展、靈活的現代支付平台，而 Dandelion 是全球最大的即時跨境支付平台。

Our business is thriving by continuing to develop new products and adapting to the digital trends in the market.

透過不斷開發新產品和適應市場數位化趨勢，我們的業務正在蓬勃發展。

Now let's discuss the segment results starting with EFT on slide 12.

現在讓我們從投影片 12 上的 EFT 開始討論分段結果。

During the third quarter, EFT delivered double-digit growth in operating income and adjusted EBITDA.

第三季度，EFT 的營業收入和調整後 EBITDA 實現了兩位數成長。

The primary contributors included a largely recovered European travel or tourism season, continued growth of our merchant services business, growth within recent market expansion, and lastly, we are beginning, albeit small this time, to benefit from the recent additions of domestic and international access fees within our existing markets.

主要貢獻者包括歐洲旅行或旅遊季節的基本恢復、我們的商業服務業務的持續增長、最近市場擴張中的增長，最後，我們開始受益於最近增加的國內和國際通道我們現有市場內的費用。

Now let's discuss some of the key highlights of the quarter.

現在讓我們討論本季的一些主要亮點。

Our results in the third quarter were in line with the Euro control data, which indicated that tourism in Europe increased from 90% recovery rate in 2023 compared to 2019 to a 96% recovery rate this year, representing a 6% year-over-year increase.

我們第三季的業績與歐元對照數據一致，該數據顯示歐洲旅遊業的復甦率從 2023 年較 2019 年的 90% 上升至今年的 96%，年增 6%增加。

Our merchant services business continues to grow.

我們的商業服務業務持續成長。

We added over 4,600 new merchants in the third quarter.

第三季我們新增了 4,600 多家新商家。

We saw growth within our new markets, too.

我們也看到了新市場的成長。

Albania, Belgium, Mexico, Egypt, Philippines, and Morocco.

阿爾巴尼亞、比利時、墨西哥、埃及、菲律賓和摩洛哥。

We grew the results of our recently acquired Infinitum business in Singapore, and the recently acquired a state of 800 ATMs in Malaysia.

我們最近在新加坡收購了 Infinitum 業務，並在馬來西亞收購了 800 台 ATM，從而取得了業績成長。

In addition to these highlights, we see a lot of opportunities for expansion.

除了這些亮點之外，我們還看到了許多擴張的機會。

Some examples include the following: we rolled out domestic direct access fees in Denmark, Norway, and Malta in the second quarter.

一些例子如下：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。

We launched domestic access fees in Cyprus and piloted Czech Republic, Netherlands, and Romania in the third quarter.

第三季度，我們在塞浦路斯推出了國內接入費，並在捷克、荷蘭和羅馬尼亞進行了試點。

We launched international access fees to Euro cardholders in Malta in the second quarter, Cyprus and Italy in the third quarter, and plan to launch four to five additional countries in the fourth quarter.

我們在第二季度向馬耳他、塞浦路斯和義大利的歐元持卡人推出了國際准入費，並計劃在第四季度向另外四到五個國家推出。

Domestic access fees were permitted in 10 new countries in 2024 in Europe, including the Czech Republic, Cyprus, Malta, Romania, the Netherlands, Croatia, Slovenia, Denmark, and Norway.

2024 年，歐洲新增 10 個國家允許收取國內接入費，包括捷克共和國、塞浦路斯、馬耳他、羅馬尼亞、荷蘭、克羅埃西亞、斯洛維尼亞、丹麥和挪威。

This third-quarter EFT results are a great example of how Euronet continues to diversify our business as consumer needs evolve.

第三季 EFT 業績是 Euronet 如何隨著消費者需求的變化而繼續實現業務多元化的一個很好的例子。

Moreover the results, highlight our consistent performance and our ability to grow.

此外，結果凸顯了我們一貫的績效和成長能力。

Now let's go on to slide 13 and will discuss Ren a bit.

現在讓我們繼續看投影片 13，稍微討論一下 Ren。

As I start my discussion on Ren, I would like to remind everyone that Ren is not only a payments platform that we sell into the marketplace, but also a product we use in the EFT -- in EFT and epay to process our own transaction.

當我開始討論 Ren 時，我想提醒大家，Ren 不僅是我們向市場銷售的支付平台，也是我們在 EFT 中使用的產品——在 EFT 和 epay 中處理我們自己的交易。

We are a customer as well as a service provider.

我們是客戶，也是服務提供者。

This unique relationship gives us the opportunity to constantly improve and develop our product as we receive real-time feedback from our own users.

這種獨特的關係使我們有機會在收到用戶的即時回饋時不斷改進和開發我們的產品。

As I've been out visiting with many of you, you have asked for concrete examples of how our technology makes a difference in our business and in the marketplace.

當我出去拜訪你們中的許多人時，你們要求提供具體的例子來說明我們的技術如何改變我們的業務和市場。

So before we jump into the Ren-specific highlights, I'd like to share with you one little example of how Ren has proven itself in the market.

因此，在我們深入了解 Ren 的具體亮點之前，我想與您分享一個小例子，說明 Ren 如何在市場上證明自己。

Several years ago, we told you about our agreement to implement, Ren with the Bank of Mozambique and SIMO, the entity that owns the central bank switch in the country.

幾年前，我們告訴您我們與莫三比克銀行和 SIMO（擁有該國中央銀行交換機的實體）簽署的實施協議。

We delivered a new financial ecosystem for the whole country with a full suite of advanced digital technical capabilities that elevated the country to one of the most advanced financial systems in the world.

我們為整個國家提供了一個新的金融生態系統，擁有全套先進的數位技術能力，使該國成為世界上最先進的金融體系之一。

And while you and I may not think of Mozambique often, it is important to note that it is a country of 30 million people or slightly larger than Australia.

雖然你我可能不會經常想到莫三比克，但值得注意的是，它是一個擁有 3000 萬人口或略大於澳洲的國家。

This was Euronet's first large-scale customer implementation of our Ren technology.

這是 Euronet 首次大規模客戶實施我們的 Ren 技術。

We delivered this new financial ecosystem for the whole country, and Mozambique has become one of the most advanced financial systems in the world now.

我們為全國提供了這個新的金融生態系統，莫三比克現已成為世界上最先進的金融體系之一。

Transaction volumes continue to grow, doubling year over year to approximately [$4.4 million] transactions a day across ATMs, POS, and e-commerce channels, payments authorized from debit, credit, prepaid, and digital wallets reaching record levels in the third quarter of 2024.

ATM、POS 和電子商務管道的交易量持續成長，年比翻倍，達到每天約 440 萬美元，借記卡、信用卡、預付卡和數位錢包授權的支付在第三季度達到創紀錄水平。

These impressive metrics resulted in a signing of a 10-year extension of this agreement during the third quarter.

這些令人印象深刻的指標導致我們在第三季簽署了將協議延長 10 年的協議。

This is an exciting win and more importantly, a validation of the power of our Ren technology platform.

這是一場令人興奮的勝利，更重要的是，這是對我們 Ren 技術平台力量的驗證。

We also launched Ren in Latin America to process the first virtual card offering for Banco Pichincha in Ecuador, which is the largest private sector bank in that country.

我們還在拉丁美洲推出了 Ren，為厄瓜多爾的 Banco Pichincha 銀行（該國最大的私人銀行）提供首張虛擬卡服務。

Ecuador has 17 million people and GDP of over $250 billion.

厄瓜多有 1700 萬人口，GDP 超過 2500 億美元。

We continue to be excited about the future of Ren and we'll continue to enhance the product offerings through continued development and possibly through additional strategic acquisitions.

我們仍然對 Ren 的未來感到興奮，我們將透過持續開發以及可能透過額外的策略收購來繼續增強產品供應。

Let's recap our EFT segment.

讓我們回顧一下 EFT 部分。

What's driving our growth today and into the future?

是什麼推動了我們今天和未來的成長？

First, we continue to grow our merchant services business.

首先，我們繼續發展我們的商業服務業務。

EBITDA has tripled since we acquired that business back in the first quarter of 2022.

自從我們在 2022 年第一季收購該業務以來，EBITDA 成長了兩倍。

So we are 2.5 years into this, and our team has executed a successful growth strategy and we're not done.

我們已經進入這個領域 2.5 年了，我們的團隊已經執行了成功的成長策略，但我們還沒有完成。

Second, we continued to grow transaction volume and revenue in our new markets like the Philippines, Albania, Belgium, Mexico, Egypt, North Africa, and Malaysia.

其次，我們在菲律賓、阿爾巴尼亞、比利時、墨西哥、埃及、北非和馬來西亞等新市場的交易量和收入持續成長。

Lastly, we continue to expand revenue by adding domestic and international access fees at existing ATMs to optimize our profit margin while maintaining transaction volumes.

最後，我們透過在現有 ATM 上增加國內和國際接入費來繼續擴大收入，以在保持交易量的同時優化我們的利潤率。

We look forward to continue growing the EFT business and finishing the fourth quarter strong with the expectation of achieving double-digit growth across all metrics for the fourth quarter and for the full year.

我們期待繼續成長電子轉帳業務，並在第四季度取得強勁業績，並期望第四季度和全年所有指標均實現兩位數成長。

Now let's go to slide 14 and we'll discuss epay for a minute.

現在讓我們轉到投影片 14，我們將討論 epay。

Our epay team continues to make significant strides in diversifying our product portfolio while expanding into new markets and new digital channels.

我們的 epay 團隊在產品組合多元化方面不斷取得重大進展，同時擴展到新市場和新數位管道。

A notable signing this quarter was Take-Two Interactive to distribute content from Rockstar and 2K Games, and Zynga across Europe.

本季的一項引人注目的簽約是 Take-Two Interactive，將在歐洲分發 Rockstar 和 2K Games 以及 Zynga 的內容。

In gaming, you've heard me talk about the importance of hero titles.

在遊戲中，您已經聽過我談論英雄頭銜的重要性。

These are games that become so popular that they lift the sales of the entire gaming industry.

這些遊戲非常受歡迎，從而提高了整個遊戲產業的銷售額。

Unfortunately, over the last few years, there hasn't been a game that's generated enough interest with players to create an impact.

不幸的是，在過去的幾年裡，還沒有一款遊戲能引起玩家足夠的興趣來產生影響。

However, Take-Two is the publisher of the hugely popular Grand Theft Auto franchise, which is launching its sixth installment in 2025.

然而，Take-Two 是廣受歡迎的《俠盜獵車手》系列遊戲的發行商，該系列遊戲將於 2025 年推出第六部作品。

Grand Theft Auto VI is highly anticipated and is expected to break all sales records with $1 billion of sales worldwide.

Grand Theft Auto VI 備受期待，預計將打破所有銷售記錄，全球銷售額達 10 億美元。

It goes without saying that we are excited about its release next year and the potential impact on epay sale.

不用說，我們對它明年的發布以及對 epay 銷售的潛在影響感到興奮。

Epay expanded its payment processing business at Drogerie Markt, a large drugstore chain in Germany with over 2,100 stores.

Epay 擴大了 Drogerie Markt 的支付處理業務，Drogerie Markt 是德國一家擁有 2,100 多家門市的大型連鎖藥局。

In September 2024, our first full month of working with DM, we processed over [30 million] transactions.

2024 年 9 月，也就是我們與 DM 合作的第一個完整月份，我們處理了超過 [3,000 萬] 筆交易。

As stated previously, our digital channel continues to be a key focus.

如前所述，我們的數位管道仍然是重點。

A great example is the launch of digital branded content through Satispay in Italy, one of the largest digital wallets in EMEA.

一個很好的例子是透過義大利 Satispay 推出數位品牌內容，Satispay 是歐洲、中東和非洲地區最大的數位錢包之一。

Satispay has over 4 million users and 400,000 businesses that uses payment processing and digital content services.

Satispay 擁有超過 400 萬用戶和 40 萬家使用支付處理和數位內容服務的企業。

We launched Google Play distribution through Zalopay in Vietnam.

我們透過 Zalopay 在越南推出了 Google Play 發行版。

Zalopay serves over 14 million users, offering a diverse portfolio of more than 100 services.

Zalopay 為超過 1,400 萬用戶提供服務，提供 100 多種服務的多樣化組合。

We're still in the early stages of launch in Vietnam, but we are excited about the potential of this very large market.

我們在越南的推出仍處於早期階段，但我們對這個非常大的市場的潛力感到興奮。

Currently, there is low penetration of branded content across Vietnam.

目前，越南的品牌內容滲透率較低。

So having the right digital distribution to conveniently reach large parts of the population is key.

因此，擁有正確的數位發行方式以方便地覆蓋大部分人口是關鍵。

Finally, we are pleased with the successful migration of our Prezzy open loop Mastercard to Euronet's Ren platform.

最後，我們對 Prezzy 開環萬事達卡成功遷移到 Euronet 的 Ren 平台感到高興。

As I have discussed before, Prezzy is our proprietary prepaid debit card.

正如我之前討論過的，Prezzy 是我們專有的預付費簽帳卡。

This is an example of us leveraging technology from our EFT segment for use via our epay segment.

這是我們利用 EFT 部門的技術透過 epay 部門使用的一個例子。

Using Ren technology as the processing platform for Prezzy not only results in cost savings for epay, but also helps to further establish the commercial viability of Ren as a product that we sell into the marketplace.

使用 Ren 技術作為 Prezzy 的處理平台不僅可以節省 epay 的成本，還有助於進一步建立 Ren 作為我們在市場上銷售的產品的商業可行性。

Now let's move on to the next, slide 15, to talk about money transfer.

現在讓我們轉到下一張投影片 15，討論匯款。

I'd like to kick things off by expressing how pleased I am with our double-digit revenue and transaction growth in this third quarter.

首先，我想表達我對第三季兩位數的營收和交易成長感到非常高興。

Our performance clearly demonstrates the position of strength in the marketplace.

我們的業績清楚地表明了我們在市場上的實力地位。

And it also highlights the increasing momentum we have across our distribution channels and geographies, led by a healthy core business.

它也凸顯了在健康的核心業務的帶動下，我們在分銷管道和地區的成長勢頭不斷增強。

I'm particularly pleased to report for the quarter that US outbound and international originated transactions grew 12% and 14%, respectively.

我特別高興地報告本季美國出境交易和國際發起交易分別成長了 12% 和 14%。

By the way, that is more than 4 times faster than the overall market growth.

順便說一下，這比整體市場成長速度快了 4 倍以上。

Overall, the money transfer segment delivered an impressive transaction growth of 11% with stable pricing economics.

整體而言，匯款領域的交易量成長了 11%，定價經濟穩定。

I would like to focus on the role of partnerships to plan our strategic growth.

我想專注於合作夥伴在規劃我們的策略成長方面的作用。

We continue to gain market share from new and notable partnerships such as PLS Financial Services.

我們繼續透過 PLS Financial Services 等新的知名合作夥伴獲得市場份額。

For more than 20 years, PLS has offered a range of financial services, including money transfer, with more than 200 locations across 12 states in the US.

20 多年來，PLS 提供了包括匯款在內的一系列金融服務，在美國 12 個州設有 200 多個網點。

This collaboration delivers a customer-centric value proposition to PLS' 3 million monthly customers and to the broader market.

此次合作向 PLS 每月 300 萬的客戶以及更廣泛的市場提供了以客戶為中心的價值主張。

This partnership enables consumers to send and receive money whenever and however they need to, ensuring safe, convenient, and economical transaction expertise.

這種合作關係使消費者能夠隨時隨地根據需要發送和接收資金，確保安全、便利和經濟的交易體驗。

We went live with PLS at the end of the third quarter, which required extensive effort and early results show that we will generate meaningful volume for our core business.

我們在第三季末啟用了 PLS，這需要付出大量努力，早期結果表明我們將為我們的核心業務帶來有意義的銷售。

I'd like to also emphasize that securing a leading industry partner in a highly competitive industry speaks volumes about the power of our value proposition, reinforcing how well-positioned we are to drive continued growth.

我還想強調，在競爭激烈的行業中獲得領先的行業合作夥伴充分說明了我們價值主張的力量，強化了我們在推動持續成長方面的有利地位。

In addition, we are enthusiastic about the positive trajectory of digital money transfer.

此外，我們對數位貨幣轉帳的積極發展軌跡充滿熱情。

We have delivered sequential transaction growth improvement in each quarter of this year, improving direct to consumer from 22% in the first quarter of this year to 30% in last quarter, third quarter of 2024.

我們今年每季的交易量都實現了環比成長，直接面向消費者的交易量從今年第一季的 22% 提高到上個季度（2024 年第三季）的 30%。

Simply put, digital is showing continued momentum as the fastest growing part of our business.

簡而言之，數位化作為我們業務成長最快的部分正顯示出持續的勢頭。

And let me share with you some other key drivers of our digital success.

讓我與您分享我們數位化成功的其他一些關鍵驅動因素。

First, we continued to intensify our new customer acquisition strategy, which showed an acceleration from 44% year-to-date new customers ending with 58% growth in the third quarter.

首先，我們持續強化新客戶獲取策略，今年迄今新客戶成長 44%，第三季成長 58%。

Second, our digital payout capabilities continue to be a significant growth driver with 35% growth year over year, representing now 54% of our total volume.

其次，我們的數位支付能力仍然是重要的成長動力，年成長 35%，目前占我們總交易量的 54%。

Third, we continue to enhance our competitive advantage.

第三是我們的競爭優勢不斷增強。

Investments in our product have yielded the best real-time cross-border payments network in the world, that's what we call Dandelion, reaching 4.1 billion bank accounts, 3.1 billion wallet account, and 595,000 cash pickup locations across 198 countries and territories.

對我們產品的投資已經建立了世界上最好的即時跨境支付網絡，即我們所說的Dandelion，涵蓋198 個國家和地區的41 億個銀行帳戶、31 億個錢包帳戶和595,000 個現金提取地點。

And lastly, during the quarter, we launched WeChat in China, expanding our mobile wallet reach by over 1 billion users.

最後，本季我們在中國推出了微信，使我們的行動錢包覆蓋範圍擴大了超過 10 億用戶。

To summarize our progress in the money transfer segment, we continued to deliver great results 4 times faster than the market with continued strategic investments and digital acquisition, product enhancements, core business expansion, and improvements in our operating margin.

總結我們在匯款領域的進展，我們透過持續的策略性投資和數位收購、產品增強、核心業務擴展以及營業利潤率的提高，繼續以比市場快 4 倍的速度交付出色的業績。

Overall, I'm thrilled about the momentum we see in our money transfer segment.

總的來說，我對我們在匯款領域看到的勢頭感到興奮。

Now let's go onto the next slide.

現在讓我們轉到下一張投影片。

We'll talk about Dandelion.

我們來談談蒲公英。

We continue to grow our network participants and the momentum is building steadily.

我們的網路參與者不斷增加，並且勢頭正在穩步增強。

Dandelion already powers three of the top five digital money transfer operators in the world, multiple fintechs and PSPs, as well as one of the top four global banks in the cross-border payment space.

Dandelion 已經為全球排名前五的數位貨幣轉帳業者中的三家、多家金融科技公司和 PSP 以及跨境支付領域的全球四大銀行之一提供支援。

And we are onboarding eight new partners as we speak.

就在我們發言之際，我們正在招募八位新合作夥伴。

During the third quarter, we fueled our Dandelion momentum by signing an agreement with XTransfer, a leading B2B cross-border payments platform serving over 550,000 corporate customers.

第三季度，我們與 XTransfer 簽署協議，進一步推動了 Dandelion 的發展勢頭。

We're launching Wallex, a payment service provider for SMEs in Singapore and Indonesia, and we're launching with a prominent global P2P platform that we hope to tell you about soon.

我們即將推出 Wallex，這是一家為新加坡和印尼的中小企業提供支付服務的供應商，我們還將推出一個著名的全球 P2P 平台，我們希望很快能向您介紹。

We continue to remain bullish on the future growth of Dandelion because of these recent successes and the changes in the regulatory environment.

由於最近的成功和監管環境的變化，我們繼續看好 Dandelion 的未來成長。

You may have heard of the G20 roadmap for enhancing cross-border payments, which aims to improve efficiency and accessibility of international payments.

您可能聽說過G20加強跨國支付的路線圖，旨在提高國際支付的效率和可近性。

Banks around the world are striving to address this regulatory target.

世界各地的銀行都在努力實現這項監管目標。

And as a result, we've noted that our interest by the Dandelion proposition, which helps address transparency, speed, predictability, and flexibility to make the necessary connections to facilitate cross-border payments.

因此，我們注意到我們對蒲公英提案的興趣，它有助於解決透明度、速度、可預測性和靈活性，以建立必要的連接以促進跨境支付。

With the momentum we have established through the third quarter of 2024, our team has developed a robust pipeline of 78 banks, including 38 banks in the top 100, as well as more than 50 fintechs, PSPs, and MSB.

憑藉我們在 2024 年第三季建立的勢頭，我們的團隊已開發出由 78 家銀行組成的強大管道，其中包括 38 家排名前 100 名的銀行，以及 50 多家金融科技公司、PSP 和 MSB。

Dandelion continues to build a roster of impressive customers with significant interest from global banks, fintechs, and PSPs.

Dandelion 繼續建立一群令人印象深刻的客戶，全球銀行、金融科技公司和 PSP 對此都表現出了濃厚的興趣。

I am looking forward to sharing more exciting news about the Dandelion soon.

我期待著盡快分享更多有關蒲公英的令人興奮的消息。

So now let's move on to slide number 17, and we'll kind of wrap up the quarter.

現在讓我們繼續看第 17 張投影片，我們將結束這個季度。

I can't emphasize enough my excitement about the growth our teams continued to deliver.

我對我們團隊的持續發展感到無比興奮。

Another record-breaking quarter.

又一個破紀錄的季度。

And as I mentioned earlier, our leadership team continues to deliver a common theme of consistency, network strength, product and market expansions, all contributing to strong momentum.

正如我之前提到的，我們的領導團隊繼續提供一致性、網路實力、產品和市場擴張的共同主題，所有這些都促成了強勁的勢頭。

While we continue to strive for double-digit growth in each individual segment, our goal is to deliver consolidated double digit-growth results each and every year.

雖然我們繼續努力在每個細分市場中實現兩位數成長，但我們的目標是每年實現兩位數的綜合成長結果。

This quarter, EFT was the biggest contributor to our earnings growth.

本季度，電子轉帳是我們獲利成長的最大貢獻者。

However, we have a strong pipeline of opportunities for all three segments to grow in the future.

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。

As we turn to the fourth quarter of 2024 this year, what has driven our growth and what will continue to fuel that growth in 2025 and beyond?

當我們進入 2024 年第四季時，是什麼推動了我們的成長？

We have people on the ground and more than 70 countries who are experts in consumer payment preferences and emerging payment technologies, from traditional ATM cash transactions to sophisticated digital payments.

我們的員工遍佈 70 多個國家，他們是消費者支付偏好和新興支付技術（從傳統 ATM 現金交易到複雜的數位支付）的專家。

This expertise, combined with our best-in-class network of assets, gives us a competitive advantage which allowed our customers to interact with their money in their preferred manner, extending our revenue-generating capabilities.

這種專業知識與我們一流的資產網絡相結合，為我們提供了競爭優勢，使我們的客戶能夠以他們喜歡的方式與他們的資金進行互動，從而擴展了我們的創收能力。

Our strategy for growth is proven, and we have executed that strategy for the last 30 years.

我們的成長策略已得到證實，並且在過去 30 年裡我們一直執行該策略。

We will continue to take advantage of market opportunities and execute by entering into two strategic partnerships like we did with PLS Financial Services, by growing and expanding our existing businesses like we have with our merchant services business, by adding products and features such as access fees to optimize revenue and profit, and by continuing our digital growth, highlighted by real-time remittances, digital cross-border payments, and digital branded payment solutions.

我們將繼續利用市場機會，並透過建立兩個策略合作夥伴關係（就像我們與PLS Financial Services 所做的那樣）、透過發展和擴展我們的現有業務（就像我們與商業服務業務一樣）、透過新增產品和功能（例如接取費）來執行優化收入和利潤，並繼續以即時匯款、數位跨境支付和數位品牌支付解決方案為重點的數位成長。

As I conclude my remarks, I want to repeat, we look forward to the fourth quarter of 2024 with a pipeline of opportunities to drive our results.

在我結束演講時，我想重複一遍，我們期待 2024 年第四季有一系列機會來推動我們的業績。

And if you cannot tell from our results to date, that 10% to 15% earnings growth for 2024 is in the bag.

如果您無法從我們迄今為止的業績中看出，2024 年 10% 至 15% 的獲利成長已成定局。

Not only in the bag, but we've got good prospects to drive through that range.

不僅是入袋，而且我們還有很好的前景來突破這個範圍。

We may need a bigger bag.

我們可能需要一個更大的包。

So similar to the momentum going into the fourth quarter, we see this momentum carrying into next year 2025, where we expect to deliver another year of double-digit earnings growth in the 10% to 15% range.

與第四季度的勢頭類似，我們預計這種勢頭將持續到明年 2025 年，我們預計今年將實現 10% 至 15% 範圍內的兩位數盈利增長。

And like our ambitions this year, we will be working hard to deliver beyond that range and consistently delivering double-digit earnings growth year over year.

就像我們今年的雄心壯誌一樣，我們將努力超越這個範圍，並持續實現同比兩位數的獲利成長。

With that, I will be happy to take questions.

這樣，我將很樂意回答問題。

Operator, will you please assist?

接線員，您能幫忙嗎？

(Operator Instructions) Andrew Schmidt, Citigroup.

（操作員指示）Andrew Schmidt，花旗集團。

Hey, Mike.

嘿，麥克。

Hey, Rick.

嘿，瑞克。

Thanks for taking my questions.

感謝您回答我的問題。

And I appreciate all the comments and the focus on longer-term earnings growth.

我感謝所有評論以及對長期盈利增長的關注。

It's good to reiterate that.

重申這一點是件好事。

I think part of that is just getting comfort in the sustainability of some of the trends, particularly in EFT segment and the ATM transaction trajectory.

我認為部分原因是對某些趨勢的可持續性感到滿意，特別是在電子轉帳領域和 ATM 交易軌跡中。

So if you go back to slide 11 for a second, it's good to see the stability in the overall market that international transactions are still down.

因此，如果您回到幻燈片 11，很高興看到整體市場穩定，國際交易仍然下降。

I think you're outperforming that.

我認為你的表現已經超過了這一點。

But maybe you could talk about the ability to sustain same-store sales growth for international ATM transactions?

但也許您可以談談維持國際 ATM 交易同店銷售成長的能力？

And then, Mike, I think you mentioned that transactions are trending in line -- international transactions is trending relatively in line with your control, but if you could give a finer point on just the relationship there, that'd be great.

然後，麥克，我想你提到了交易的趨勢是一致的——國際交易的趨勢相對與你的控制一致，但如果你能就其中的關係給出更詳細的觀點，那就太好了。

Thanks a lot, guys.

非常感謝，夥計們。

Okay.

好的。

So as you can see by that graph on slide 11, you're right.

正如您在投影片 11 上的圖表中看到的那樣，您是對的。

International transactions are down, but they're only down by 0.7%.

國際交易量有所下降，但僅下降了 0.7%。

So we could call that roughly flat.

所以我們可以稱之為大致持平。

I think the way we get around that, even though that may be dropping off, call it 1% a year or something, is we need to move ATMs to new markets.

我認為我們解決這個問題的方法是，我們需要將 ATM 機轉移到新市場，即使這個數字可能會下降，稱之為每年 1% 之類的。

And that's what we're doing.

這就是我們正在做的事情。

We're expanding into new markets where these numbers for us are excellent because those new markets are basically, the [tourists] are underserved with the ability to get cash conveniently.

我們正在向新市場擴張，這些數字對我們來說非常好，因為這些新市場基本上是[遊客]服務不足，無法方便地獲取現金。

So even though this is the worldwide numbers, we're still finding pockets and niches that give us the opportunity to outrun all this.

因此，儘管這是全球範圍內的數字，但我們仍在尋找讓我們有機會超越這一切的機會和利基市場。

And I would add to that.

我想補充一點。

I would say that we have an unequaled ATM network in Europe.

我想說，我們在歐洲擁有無與倫比的 ATM 網路。

And as you can see in this chart, the domestic transactions are largely hanging in there, actually even going up a little bit.

正如您在這張圖表中看到的那樣，國內交易基本上保持不變，實際上甚至略有上升。

And we offer to banks an opportunity to use our network of ATMs to serve their customers.

我們為銀行提供使用我們的 ATM 網路為其客戶提供服務的機會。

And as banks are closing down, ATMs closing down branches, as banks are being challenged by the competitive nature of Internet-based kind of banks, this becomes a very important kind of asset to them.

隨著銀行倒閉，ATM 機關閉分支機構，銀行正面臨基於互聯網的銀行的競爭性質的挑戰，這對他們來說成為一種非常重要的資產。

And so, we've continued to add network participation agreements to our business.

因此，我們繼續在我們的業務中添加網路參與協議。

We see more and more opportunity there.

我們在那裡看到越來越多的機會。

So again, since -- and hopefully, what this graph really illustrates is, as Mike said, we do anticipate that there will be some drift down in cash transactions, but it's not falling off.

所以，正如麥克所說，我們確實預計現金交易會出現一些下降，但並沒有下降。

And we're getting a bigger part of that pie by having it, like, I say, in an unequaled network in Europe.

我說，透過在歐洲無與倫比的網路中擁有它，我們正在獲得更大的份額。

And just to put a point on what Rick just said, branches are closing like crazy over the last five years, 25% of all the branches in Europe has shuttered, with or [without] an ATM.

就里克剛才所說的強調一下，過去五年裡，分行瘋狂關閉，歐洲 25% 的分行已經關閉，無論是否有 ATM。

So those same ATMs could easily have acquired a transaction from one of these

因此，這些相同的 ATM 機可以輕鬆地從其中一台獲得交易

[tariffs].

[關稅]。

So what we're saying here is that the pie is roughly flat, but we've got less competition for that next transaction.

所以我們在這裡所說的是，餡餅大致持平，但我們對下一筆交易的競爭較少。

And I think that's going to continue to happen.

我認為這種情況將會繼續發生。

And this is Europe.

這是歐洲。

When you go to the emerging markets of places like the Philippines, Morocco, Egypt, and so forth that we're in, those markets are way, way underserved.

當你去我們所在的菲律賓、摩洛哥、埃及等新興市場時，你會發現這些市場的服務嚴重不足。

They just don't have the branch network and the ATM infrastructure that it needs -- that are needed.

他們只是沒有所需的分支網路和 ATM 基礎設施。

So we can really kind of -- these are just boosts for us.

所以我們真的可以——​​這些只是對我們的推動。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

And then just maybe just squeeze one more in on the money transfer segment.

然後也許只是在匯款領域再擠進一個。

Others have called out weakness in US, Mexico, you have LatAm.

其他人則指出美國、墨西哥和拉丁美洲的疲軟。

Doesn't seem like you're seeing that.

看來你沒有看到這一點。

Part of that may be share gains, lot of it might be share gains.

其中一部分可能是股票收益，大部分可能是股票收益。

But if you could just talk about what you're seeing in terms of US to LatAm, whether there's any impact from migration or other factors?

但如果您能談談您所看到的美國對拉丁美洲的情況，是否有移民或其他因素的影響？

That would be great and maybe a little more on what's driving the outperformance there?

那太好了，或許還能多了解是什麼推動了那裡的優異表現？

That may be happening, Andrew, but it's hard for us to tell because we're growing market share.

安德魯，這可能正在發生，但我們很難說，因為我們的市佔率正在成長。

We're growing our transactions over 4 times faster than the whole market.

我們的交易成長速度是整個市場的四倍以上。

So somewhere in there, maybe it's a weaker to this market or that.

因此，在某個地方，也許這個市場或那個市場較弱。

But overall, we continue to gain share.

但總體而言，我們繼續獲得份額。

And so, we really haven't felt it very much.

所以，我們真的沒有太多的感覺。

Adding these strategic partners like PLS is certainly helpful as well.

加入像 PLS 這樣的策略夥伴當然也很有幫助。

With the exception of our Walmart transactions that are cash-to-cash that have kind of been falling off since COVID, you take that out of the equation and we've got a screaming money transfer business.

除了我們的沃爾瑪現金交易自新冠疫情以來一直在下降之外，如果將其排除在外，我們的匯款業務就會令人驚嘆。

Got it.

知道了。

Thanks a lot, Mike.

非常感謝，麥克。

Appreciate the comment.

感謝您的評論。

Gus Gala, Monness, Crespi, Hardt & Co., Inc.

葛斯·加拉、蒙尼斯、克雷斯皮、哈特公司

Hi, Mike.

嗨，麥克。

Hi, Rick.

嗨，瑞克。

Hope everything's going well.

希望一切順利。

Thank you for taking our question.

感謝您提出我們的問題。

Wanted to talk again about the incremental margins in EFT.

想再談論電子轉帳的增量利潤。

The last three quarters have been about 49%.

過去三個季度約為 49%。

One, prior to that was 30%-ish percent.

一，在此之前是 30% 左右。

And then, when you take into consideration the comments on the fee structure changing the ATMs, I think there's probably more ahead than in the rearview.

然後，當你考慮到有關改變自動櫃員機費用結構的評論時，我認為未來可能比後視圖更多。

I mean, the scaling you're doing in merchant, it sounds like you're still early in entering some of the newer geographies.

我的意思是，您在商業領域所做的擴展，聽起來您在進入一些較新的地區仍處於早期階段。

Can you just help us think about how the old bogey in the high 40% range might have evolved higher?

您能否幫助我們思考一下 40% 高範圍內的舊柏忌可能會如何演化得更高？

Or do you still think it's [capped] around that?

還是你仍然認為它已經[上限]了？

Thanks.

謝謝。

Well, I'll just comment on that briefly, and Mike can talk a little bit more about expansion across other markets and that.

好吧，我只是簡單地評論一下，麥克可以多談談其他市場的擴張等等。

But look, we came through the period of COVID having a pretty big impact.

但看，我們經歷了影響相當大的新冠疫情時期。

And as I've said before, I don't think that we'll get back to a margin structure or level that we had pre-COVID, principally because of the significance of the cost increases that happened over the last four or five years.

正如我之前所說，我認為我們不會回到新冠疫情之前的利潤結構或水平，主要是因為過去四到五年發生的成本增加非常嚴重。

Now, as we've said, we do find some opportunities where we can add some other access fees and maybe we'll see a little bit more momentum going on interchange rate increases.

現在，正如我們所說，我們確實找到了一些機會，可以增加一些其他訪問費用，也許我們會看到匯率上漲的動力更大。

I mean, [net-net], we kind of feel that the momentum is moving in our direction on interchange rate increases.

我的意思是，[net-net]，我們感覺匯率上漲的勢頭正在朝著我們的方向發展。

There's a lot of discussions going on in several continents on that particular subject.

幾個大洲正在就這個特定主題進行大量討論。

So I don't think I would get at this point more bullish on driving that margin structure higher.

因此，我認為目前我不會更看好提高利潤率結構。

Typically, you'll find that merchant services businesses can be a little less on the margin side.

通常，您會發現商業服務業務的利潤可能會少一些。

But as we grow that incrementally, it'll add more into the picture.

但隨著我們逐步發展，它會增加更多內容。

So I wouldn't get out over our (inaudible) here.

所以我不會離開這裡（聽不清楚）。

I think we've got great volume opportunities.

我認為我們有很大的機會。

We will continue to expand our margins.

我們將繼續擴大利潤。

As we look to next year, we expect that our operating profits will expand faster than our revenues, so that will contribute to it.

展望明年，我們預計營業利潤的成長速度將快於收入的成長速度，因此這將對其做出貢獻。

But I wouldn't get the [excel] math wound up too tight.

但我不會把[excel]數學搞得太緊。

And Gus, if you just think about it, we mentioned in an earlier call that our EBITDA margins in merchant acquiring, which has basically tripled in the last 2.5 years, are about 25%.

Gus，如果你想一想，我們在之前的一次電話會議中提到，我們在商業收購方面的 EBITDA 利潤率在過去 2.5 年裡基本上增加了兩倍，約為 25%。

So that's lower than those pre-COVID margins for the segment.

因此，這低於該細分市場在新冠疫情爆發前的利潤率。

So the huge growth that we see in merchant acquiring tends to hold the margins for the segment down a little bit, too.

因此，我們在商家收購方面看到的巨大成長往往也會使該細分市場的利潤率略有下降。

And with respect to your question about expansion, so we are now expanding.

關於你關於擴張的問題，我們現在正在擴張。

What we've done in Greece has just been a killer.

我們在希臘所做的一切簡直是致命的。

And we just continue to gain market share, gain new retailers and merchants, we have additional product and a value prop that's better than our competition there.

我們只是繼續獲得市場份額，獲得新的零售商和商家，我們擁有比我們的競爭對手更好的額外產品和價值支柱。

So it's really done well.

所以確實做得很好。

And so our thought was, okay, let's take this.

所以我們的想法是，好吧，讓我們接受這個。

Let's translate it into new markets, let's go into three markets, and we're targeting Italy, Spain, and Portugal.

讓我們將其轉化為新市場，讓我們進入三個市場，我們的目標是義大利、西班牙和葡萄牙。

We've hired up the sales teams.

我們已經聘請了銷售團隊。

They're now beginning to sell.

他們現在開始出售。

So we're really on the nascent side of this.

所以我們確實處於這個方面的新生階段。

But we're very excited because a lot of these merchants in Greece look just like the Mediterranean focus in merchants in Italy, Portugal, and Spain.

但我們非常興奮，因為希臘的許多商人看起來就像義大利、葡萄牙和西班牙商人的地中海焦點。

So you haven't seen anything, but maybe a little bit of extra cost.

所以你沒有看到任何東西，但也許有一點額外的費用。

But hopefully, we'll see some bottom-line results of this over the next year.

但希望我們能在明年看到一些底線結果。

Thank you, that's super helpful.

謝謝，這非常有幫助。

And if I could squeeze one more in.

如果我能再擠一個進去就好了。

Digging into epay, just wanted to understand what are some of investments that are being done there?

深入研究 epay，只是想了解那裡正在進行哪些投資？

Just maybe help us think of like what was the lift on the last big games like GTA 5 or some big Modern Warfare?

也許可以幫助我們想想，像《GTA 5》或一些大型《現代戰爭》這樣的上一款大型遊戲的提升是什麼？

I think that title goes.

我想這個標題就可以了。

Thank you.

謝謝。

Sure.

當然。

This is Kevin.

這是凱文.

So with regard to investment, just like the other divisions we tried to diversify the epay business away from our reliance on purely what we call third-party content like iTunes and Google Play and Xbox, so those products.

因此，在投資方面，就像其他部門一樣，我們試圖將 epay 業務多元化，擺脫對 iTunes、Google Play 和 Xbox 等第三方內容的純粹依賴。

And we're trying to introduce our epay products.

我們正在嘗試推出我們的 epay 產品。

Some examples of that would be a gift card relaunched in the UK called YouChoose and a gift card relaunched in New Zealand called Prezzee.

例如，在英國重新推出名為 YouChoose 的禮品卡，以及在新西蘭重新推出名為 Prezzee 的禮品卡。

So we're spending money on basically developing these products and bringing them to market.

因此，我們主要花錢開發這些產品並將其推向市場。

Additionally, we're working on diversifying epay into being a solution provider.

此外，我們正在努力使 epay 多元化，成為解決方案提供者。

So we've developed a fraud product and a compliance product that we're launching into the market.

因此，我們開發了一款詐欺產品和一款合規產品，並將其推向市場。

We've developed a closed loop gift card issuing platform that we're launching into the market.

我們開發了一個閉環禮品卡發行平台，並將其推向市場。

So it's been a year like Mark said, through COVID, we started these projects about two years ago.

正如馬克所說，這一年是透過新冠疫情，我們大約兩年前開始了這些計畫。

We've been developing them and you'll see us rolling these products out in a larger way over the next 24 months.

我們一直在開發它們，您將看到我們在接下來的 24 個月內以更大的方式推出這些產品。

With regard to your question about Grand Theft Auto, it's always hard to predict the announcement that -- we typically will sell that content through a platform like Google Play or Xbox or Sony or Apple.

關於你關於俠盜獵車手的問題，總是很難預測我們通常會透過 Google Play、Xbox、索尼或蘋果等平台銷售該內容的公告。

This is the first time we've done a direct deal with a publisher.

這是我們第一次與出版商直接合作。

So we'll be able to sell Grand Theft Auto directly to the consumer.

這樣我們就可以直接向消費者銷售《俠盜獵車手》。

Obviously, the margins in that are going to be better than if we sell through a platform.

顯然，這樣的利潤會比我們透過平台銷售更好。

At this point, I wouldn't be able to comment on what the lift is.

在這一點上，我無法評論電梯是什麼。

But obviously, since we highlighted it in the script, we're excited about its potential.

但顯然，由於我們在劇本中強調了它，我們對其潛力感到興奮。

Great.

偉大的。

I appreciate all the color.

我欣賞所有的顏色。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Hey, good morning, everyone.

嘿，大家早安。

Thanks for taking the question.

感謝您提出問題。

Rick, I think I hear you raised that you're thinking that epay can generate about 8% to 10% growth in EBIT for the full year.

Rick，我想我聽到您提出您認為 epay 可以為全年帶來約 8% 到 10% 的息稅前利潤增長。

And that would be aided by the heavier promotional activity in the fourth quarter.

第四季更大規模的促銷活動將有助於這一點。

Did I get that correctly?

我理解正確嗎？

Yes, sir.

是的，先生。

Okay.

好的。

And so, in terms of the relative pacing of these promotional campaigns, it looks like you're much more concentrated this year in the fourth quarter, but even then, the ones that you expect look like they could be incrementally more significant.

因此，就這些促銷活動的相對節奏而言，今年的促銷活動似乎更加集中在第四季度，但即便如此，您預期的促銷活動可能會逐漸變得更加重要。

I mean, it certainly looks like on a year-over-year basis, the fourth quarter is going to be a bit of a banger on the prepaid side.

我的意思是，與去年同期相比，第四季的預付費業務肯定會有些糟糕。

And then probably hard to tell at this point, but for 2025, should we model it reverting back to kind of a more normal seasonality?

目前可能很難說，但對於 2025 年，我們是否應該將其模型恢復到更正常的季節性？

Well, yes, there's probably a little bit more like that.

嗯，是的，可能還有更多類似的事情。

As we said, sometimes they can be a little bit irregular.

正如我們所說，有時它們可能有點不規則。

Last year, we were a little lighter in the fourth quarter on promotional stuff.

去年，我們在第四季的促銷活動上稍微放鬆了一些。

This year, the campaigns are lining up to look really pretty strong.

今年，這些活動看起來非常強大。

I wouldn't count fourth quarter next year out, okay.

我不會把明年第四季算在內，好吧。

Because it really is dependent upon what our customers want to do.

因為這確實取決於我們的客戶想要做什麼。

It's kind of hard at this time to really predict what some of their activities might be.

目前很難真正預測他們的一些活動可能是什麼。

So it might be prudent to -- the model is a little bit, as you said, a little bit flattish, if you will, or something like that, or not as much of the robust year-over-year number.

因此，謹慎的做法可能是——正如您所說，如果您願意的話，該模型有點平坦，或者類似的東西，或者沒有那麼強勁的同比數字。

So I would caution you to not count it out.

所以我要提醒你不要把它排除在外。

We'll be working hard to do those kinds of things for customers.

我們將努力為客戶做這些事情。

But I think you're looking at it generally right, Pete.

但我認為你的看法總體上是正確的，皮特。

Pete, I mean, the reality is these things are done by our customers.

皮特，我的意思是，現實是這些事情是我們的客戶完成的。

And it's very lumpy.

而且非常凹凸不平。

You've seen that over the last four or five years, sometimes a hit in Q2, sometimes in Q3, this year, most of it was in Q4.

你已經看到，在過去的四、五年裡，有時在第二季度，有時在第三季度，今年，大部分是在第四季。

And so, it's going to be lumpy.

所以，它會變得凹凸不平。

You've got this baseline, epay business is growing.

你已經有了這個基線，電子支付業務正在成長。

Actually not bad at all.

其實一點也不差。

And then you add these lumpy promotions on here, which could add $3 million, $4 million, $5 million of the margin in the quarter and it just makes everything lumpy.

然後你在這裡添加這些不穩定的促銷活動，這可能會增加本季利潤 300 萬美元、400 萬美元、500 萬美元，這只會使一切變得不穩定。

Pete, you raised an interesting point here because it's kind of business that -- it's great, profitable business.

皮特，你在這裡提出了一個有趣的觀點，因為這是一項偉大的、有利可圖的業務。

It's right in line with what we do.

這與我們所做的事情是完全一致的。

We really help these -- help the merchant in their value propositions.

我們真正幫助這些──幫助商家提出他們的價值主張。

It does cause our quarter-to-quarter numbers sometimes to be a little irregular.

它確實導致我們的季度數據有時有點不規律。

But again, when we take a look at what that business has done, just like I said, going through the pandemic, our epay business and our money transfer business continued to grow.

但同樣，當我們看看該業務的表現時，就像我說的那樣，在疫情期間，我們的電子支付業務和匯款業務持續成長。

So we're always looking for ways to make that a little bit more consistent.

因此，我們一直在尋找使其更加一致的方法。

But I think it's fair to look at that more on an annual basis rather than necessarily quarterly.

但我認為按年度而不是按季度來更多地審視這一點是公平的。

And that's part of what we do to try to manage that as much as we can to have less volatility between quarters.

這就是我們所做的努力的一部分，我們試圖盡可能地管理這一點，以減少季度之間的波動。

But just the nature of the product, we'll have a little bit of that.

但就產品的本質而言，我們會了解一些。

I understand.

我明白。

Okay.

好的。

And then just a follow-up, if I can, on the PLS Financial.

如果可以的話，然後就 PLS Financial 進行後續跟進。

You called it out as strategic and just based on the number of locations, it doesn't sound super significant compared to the base of 600,000 current locations.

您稱其為戰略性的，僅根據地點的數量，與當前 600,000 個地點的基礎相比，這聽起來並不是非常重要。

But is there something about PLS in terms of the volume of money transfer they do?

但 PLS 的匯款量有什麼變化嗎？

And then, I can't remember if it's in the press release or not, was there something where you broke exclusivity and now you're another one of the (inaudible) or is it something where you got to exclusive?

然後，我不記得是否在新聞稿中，是否有什麼事情你打破了排他性，現在你是另一個（聽不清楚）或是你必須排他性的東西？

Yes.

是的。

So we do have an exclusive.

所以我們確實有獨家。

We replaced an exclusive of one of our competitors there.

我們在那裡取代了我們的一位競爭對手的獨家產品。

When you look at 200 locations versus, call it 600,000, or whatever, you've got to remember that 600,000 number is all the locations that we can send or receive from.

當您查看 200 個位置與 600,000 個位置或其他名稱時，您必須記住 600,000 個號碼是我們可以發送或接收的所有位置。

But the reality is, most of the send probably comes through 50,000 locations, something like that.

但實際情況是，大部分發送可能會經過 50,000 個地點，類似的情況。

And out of those, the remaining 550,000, our bank branches they [couldn't send] but basically, mostly it's for cash pickup in these emerging markets.

其中，剩下的 55 萬美元，我們的銀行分行他們[無法發送]，但基本上，大部分是為了在這些新興市場提取現金。

And these guys are big, they do huge volumes.

這些人規模很大，產量很大。

They're probably the biggest, sort of the second biggest check casher in America.

他們可能是美國最大的、第二大的支票兌現商。

So they just get lots and lots of volume.

所以他們的銷量非常大。

Yeah, and I think the other way to think about this business is they are focused on that segment of customers.

是的，我認為思考這項業務的另一種方式是他們專注於這部分客戶。

You know, most of our agents are independent agents.

要知道，我們的代理人大多是獨立代理人。

Money transfers is kind of like an add-on price product.

匯款有點像是附加價格商品。

It's a another thing that they do out of their store.

這是他們在店外做的另一件事。

In the PLS model, they are catering to this segment of customers that cash checks and money orders, and money transfers.

在 PLS 模式中，他們迎合了兌現支票、匯票和匯款的這部分客戶。

They essentially are the bank teller for that group of customers.

他們本質上就是該群組客戶的銀行出納員。

And so, the concentration of business they do is so much more significant than your -- let's just call it your traditional bodega kind of agent.

因此，他們所做的業務集中度比您的要重要得多——我們姑且稱其為傳統的雜貨店類型的代理商。

Yeah, Pete, if you walk into one of those places, which I suggest you do, if you're out and about, what you'll see is somewhere probably between four and six windows, teller windows with ropes to control the crowd as they line up to go to the -- I mean, they're busy busy stores.

是的，皮特，如果你走進其中一個地方，我建議你這樣做，如果你出去走走，你會看到可能有四到六個窗戶，出納員的窗戶上有繩子，可以控制人群他們排隊去——我的意思是，他們很忙的商店。

That and a very well-organized operation, very focused on being customer-centric.

這是一個組織良好的運營，非常注重以客戶為中心。

They're in the business to make sure that that customer has a wonderful experience when they come through the process.

他們致力於確保客戶在完成整個流程時獲得美妙的體驗。

They're an impressive organization.

他們是一個令人印象深刻的組織。

Okay, great.

好的，太好了。

That's good color.

這顏色真好啊

Thank you.

謝謝。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

Can you talk a little bit or frame the opportunity around the domestic access fee in Europe expanding into 10 countries?

您能否談談或框架歐洲國內接取費擴展到 10 個國家的機會？

Just any way to think about the opportunity there?

有什麼方法可以考慮那裡的機會嗎？

Well, Chris, you may know me well enough now that I'm probably not going to start jotting a bunch of numbers out.

好吧，克里斯，你現在可能已經足夠了解我了，我可能不會開始記下一堆數字。

But I think the real message when you read it behind here is that -- and most of these countries that we mentioned here happened to be smaller type of countries.

但我認為，當你讀到這裡時，真正的訊息是——我們在這裡提到的大多數國家恰好都是較小類型的國家。

And so, we're just starting to see the momentum build.

因此，我們才剛開始看到勢頭增強。

I think the bigger message is the movement in the industry here.

我認為更重要的訊息是這裡產業的動態。

As I've said before, we've gone on years.

正如我之前所說，我們已經走過很多年了。

I mean, I'll take Poland, for example.

我的意思是，我將以波蘭為例。

In 2010, Poland dropped the interchange rate by 60% to roughly $0.30 of transaction.

2010 年，波蘭將交易匯率降低了 60%，降至約 0.30 美元。

There was a recent study done by the University of Warsaw there that says the cost of doing transactions is about the $0.80. And so, banks simply cannot afford to be making $0.30 and to be spending $0.80, and they're making that known.

華沙大學最近進行的一項研究表明，交易成本約為 0.80 美元。因此，銀行根本無法承受 0.30 美元的利潤和 0.80 美元的支出，而且他們正在公開這一點。

And we're starting to see things break open that the arguments are being we made that this fixed price structure doesn't work well, and that's leading to the shutdown of ATMs and the inconvenience of cash availability to customers.

我們開始看到事情發生了變化，我們提出的論點是，這種固定價格結構效果不佳，導致 ATM 機關閉，給客戶現金帶來不便。

You're starting to see discussions now go on around measures taken to ensure that ATMs are available in marketplaces for our customers.

您現在開始看到圍繞著為確保我們的客戶在市場上可以使用 ATM 所採取的措施而進行的討論。

So I think our bigger message here is the direction.

所以我認為我們這裡更重要的訊息是方向。

We are seeing a positive direction on making either access fees available or increases in interchange.

我們看到了提供接入費或增加交換費的積極方向。

And what that means to us is A, as Mike said, we're getting a bigger piece of the pie because bank branches are closing; and B, we're going to have the ability to make more profit per transaction.

這對我們來說意味著 A，正如麥克所說，我們正在分得更大的一塊蛋糕，因為銀行分行正在關閉； B，我們將有能力在每筆交易中賺取更多利潤。

So I don't want to offer a number in this discussion, but to say that it just gives us more and more confidence that we will continue to see growth in profits come out of this business.

所以我不想在這次討論中提供一個數字，而是說這讓我們越來越有信心，我們將繼續看到這項業務的利潤成長。

There is a question asked earlier about the margins in this business.

之前有人問過一個關於這項業務的利潤率的問題。

We think that those margins will continue to go up.

我們認為這些利潤率將持續上升。

And this is exactly one of the reasons that give us that kind of confidence.

這正是給予我們這種信心的原因之一。

Understood.

明白了。

Thank you for that.

謝謝你。

And then, if you can just talk quickly about the digital money transfer business?

然後，您能否快速談談數位貨幣轉帳業務？

It's growing like a weed.

它像雜草一樣生長。

You're investing a lot and marketing to drive that growth.

您正在投入大量資金並進行行銷來推動這種成長。

Any way to think about the customer profile of that business?

有什麼方法可以考慮該企業的客戶概況嗎？

How sticky are those customers, unit economics, anything like that?

這些客戶、單位經濟效益等等的黏性有多大？

Thank you.

謝謝。

Okay.

好的。

So a couple of things on this.

關於這一點有幾點。

So remember, the customer profile is different than the general profile for people who do family remittance.

因此請記住，客戶資料與進行家庭匯款的人的一般資料不同。

Obviously, to do a digital transaction, you've got to have a bank account because you have to pay for the bank.

顯然，要進行數位交易，您必須擁有銀行帳戶，因為您必須向銀行付款。

Everything happens either at your computer and probably off your phone.

一切都發生在您的電腦上，也可能發生在您的手機上。

So you've got to have a bank account.

所以你必須有一個銀行帳戶。

And with respect to stickiness, we seem to have -- they seem to be sticky.

至於黏性，我們似乎——它們似乎是黏性的。

We're looking at some of the people that started with us five or six years ago are still doing transactions.

我們正在研究一些五、六年前與我們一起開始的人仍在進行交易。

So we're measuring those cohorts and so forth.

所以我們正在衡量這些群體等等。

But when you look at the number we had, what, 56% growth in new customers this quarter and that's a killer.

但當你看看我們的數字時，本季新客戶成長了 56%，這是一個殺手。

So we keep bringing in new customers.

所以我們不斷引進新客戶。

Listen, no matter what I say or any of my competitors say, a lot of people to do these transactions are kind of one-and-done guys, okay?

聽著，無論我說什麼或我的任何競爭對手說什麼，很多做這些交易的人都是一勞永逸的人，好嗎？

But the key is for the other group of people, maybe a half or two-thirds of them, if you can catch them for the next 18 months to 60 months, you've got an annuity stream that is excellent.

但關鍵是對於另一群人，也許是其中的一半或三分之二，如果你能在接下來的 18 個月到 60 個月內抓住他們，你就獲得了非常好的年金流。

So far, all our [maths] is hanging together, and they're very profitable for us.

到目前為止，我們所有的[數學]都在一起，它們對我們來說非常有利可圖。

Now, some people will also tell you that the profit on our digital transaction is so much more than our bricks-and-mortar transaction.

現在，有些人也會告訴你，我們數位交易的利潤比我們實體交易的利潤高得多。

We're kind of the independent bricks-and-mortar king.

我們是獨立的實體之王。

So we know both sides.

所以我們了解雙方。

We have to pay that agent about 45% of the customer fee, which you don't have to pay if you acquired that transaction digitally.

我們必須向該代理商支付約 45% 的客戶費用，如果您以數位方式獲得該交易，則無需支付這筆費用。

However, you do have to pay for that digital marketing.

但是，您確實必須為數位行銷付費。

Like we mentioned, we are up $2 million this year over the same quarter last year.

正如我們所提到的，今年我們比去年同期增加了 200 萬美元。

But as we do the full accounting on it, we find that the digital transactions that we acquire are slightly more profitable than the bricks-and-mortar transactions.

但當我們對其進行全面核算時，我們發現我們獲得的數位交易比實體交易的利潤略高。

But at the end of the day, one of the things that you're wondering, why are we growing 4 times faster than the (inaudible) market?

但歸根究底，您想知道的一件事是，為什麼我們的成長速度比（聽不清楚）市場快 4 倍？

Why are we number two going after number one?

為什麼我們第二名要追趕第一名？

It's because we have both.

這是因為我們兩者都有。

We have the best independent channel distribution in the world for bricks and mortar and we've got a great digital product.

我們擁有世界上最好的實體實體獨立通路分銷，我們擁有出色的數位產品。

Very clear.

非常清楚。

Thanks for taking the questions.

感謝您提出問題。

Operator, I think we're out of time now.

接線員，我想我們已經沒時間了。

So I would like to thank everybody for taking their time on the call.

因此，我要感謝大家花時間參加電話會議。

Happy to talk to you in about a little more 90 days.

很高興在大約 90 天後與您交談。

All right.

好的。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。