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

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Good day and thank you for standing by. Welcome to the Euronet Worldwide third-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, General Counsel, Adam Godderz. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Euronet Worldwide 2024 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言者，總法律顧問 Adam Godderz。請繼續。

Thank you, and good morning, everyone, and welcome to Euronet's third-quarter 2024 earnings conference call today. On today's call, we have Mike Brown, our Chairman and CEO, as well as Rick Weller, our CFO.

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。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. Statements made on this call that concern Euronet's or 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。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. Now I'll turn the call over to our CFO, Rick Weller.

此外，PowerPoint 簡報還包括我們將在電話會議期間使用的非 GAAP 財務指標與最具可比性 GAAP 指標的調整表。現在我將把電話轉給我們的財務長 Rick Weller。

Thanks, Adam. I will begin my comments on slide 5. We delivered a record third quarter on all key consolidated financial metrics. We delivered revenue of $1.1 billion, operating income of $182 million, adjusted EBITDA of $226 million, and adjusted EPS of $3.03.

謝謝，亞當。我將從投影片 5 開始發表評論。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. 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.

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。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. Epay delivered double-digit revenue and transaction growth. Our adjusted EPS of $3.03 was up 11% compared to the prior year third quarter. When considering our first three quarters, adjusted EPS this year was 17% higher than last year.

與去年第三季相比，Money Transfer 第三季以固定匯率計算的營收成長 10%，營業收入成長 7%，調整後 EBITDA 成長 4%。 Epay 實現了兩位數的營收和交易成長。調整後每股收益為 3.03 美元，比去年第三季成長 11%。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. 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.

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

我還想指出的是，由於疫情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。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. But we really want shareholders to embrace the confidence of consistently producing double-digit earnings growth consistent with our past 20-year CAGR rate. 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.

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

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。在本季度，我們也藉此機會回購了[100萬美元]我們的股票。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. As you can see, we ended the third quarter with $1.5 billion in unrestricted cash and debt of $2.3 billion. 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.

投影片 6 總結了我們與上一季相比的資產負債表。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。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 30th of 24. Availability under the Company's 1.25 billion revolving credit facility was approximately 670 million at quarter end. Slide 8 shows our results adjusted for currency fluctuations. EFT. grew revenue 7%, operating income 12% and EBITDA 10%. These growth rates were driven by improved travel growth in the merchant services business and growth within recent market expansions.

截至2024年9月31日至9月30日，負債為23億美元，與24年6月30日相比沒有變動。 。幻燈片 8 顯示了我們根據貨幣波動調整後的結果。電子轉帳。營收成長 7%，營業收入成長 12%，EBITDA 成長 10%。這些成長率是由商業服務業務的旅行成長改善以及近期市場擴張的成長所推動的。

Operating margins, better profited from transactions driven by continued travel recovery and effective expense. Management in the epay segment grew 10%, operating income 2% and EBITDA of 3%, double digit revenue and transaction growth was driven by continued digital media and mobile growth. Operating income and EBITDA growth rates were impacted by changes in product mix, investments in proprietary product offerings and inflationary pressures.

營業利潤率，從旅行持續復甦和有效費用推動的交易中獲得了更好的利潤。 epay 部門的管理層成長了 10%，營業收入成長了 2%，EBITDA 成長了 3%，數位媒體和行動的持續成長推動了兩位數的營收和交易成長。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 a year from promotional activity related to our B2B channel that was lighter in the prior year. 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 were these campaigns to occur, which may not always be consistent from year to year, with strong promotional activity benefiting the fourth quarter of this 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。正如我們之前提到的，我們的產品激勵和獎勵業務中的促銷活動是有利可圖的，並將受益。我們在這些季度的季度業績是這些活動的發生，這些活動可能並不總是每年一致，今年第四季的強勁促銷活動使之受益。

We expect full year operating income in the upper single digits this year in money transfer grew revenue 10%, operating income seven, an EBITDA of 4%. Revenue growth was primarily driven by double digit growth in cross border transactions, offset by a decrease in trauma. U.s. transactions direct to come. Consumer digital transactions grew by 30%, reflecting strong consumer demand for digital products, which represents 19% of total transactions.

我們預計全年營業收入將在個位數以上，今年匯款收入將成長 10%，營業收入為 7%，EBITDA 為 4%。收入成長主要是由跨境交易的兩位數成長所推動的，但被創傷的減少所抵消。我們。交易直接來。消費者數位交易成長了 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 mode marketing spend during the quarter versus last year. Excluding the incremental digital customer marketing spend, operating income income growth would have exceeded 10% producing operating margins consistent with prior year. Money transfer transactions were generally consistent with the prior year.

與去年相比，本季增量模式行銷支出年增了 200 萬美元，從而實現了 7% 的營業收入成長。不包括增量數位客戶行銷支出，營業收入成長將超過 10%，從而產生與上年一致的營業利潤率。匯款交易與上年基本一致。

Overall, we are very pleased that we have delivered third quarter results. We delivered three quarters, nine months of growth in the upper 10s. These growth rates give us even more confidence in our ability to deliver growth consistent with our proven history of double digit earnings growth.

總的來說，我們對第三季的業績感到非常高興。我們在三個季度、九個月內實現了前 10 名的成長。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. I'll begin my comments on Slide number 10. This summer, Euronet turn 30 years old 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 30 years, which includes consistently growing year over year 29 of those 30 years.

謝謝里克，也謝謝大家今天加入我們。我將從第 10 號幻燈片開始我的評論。最近，我們聚集了來自全球數十個國家的約 300 名領導人，共同慶祝這一切。我們已經取得了 30 多年的成就，其中 30 年中有 29 年持續成長。

The only exception being the global pandemic, 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. The energy in the room was contagious. And if I were to sum it all up, my key takeaway from this event is is the world is not the same following COVID.

唯一的例外是全球大流行，我們也能夠分享各業務的最新情況，就如何繼續實現未來許多年跑贏市場的盈利提出更多想法。房間裡的能量具有感染力。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。

And neither are we we did not take the COVID pandemic as an excuse or a break for moving forward. We instead invested in the business and came up with creative ways to utilize our assets and technologies to create new revenue generating opportunities. These investments for us halted in the growth of our epay and Money Transfer segment all through COVID.

我們也不是，我們沒有把新冠疫情當作前進的藉口或中斷。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。在新冠疫情期間，我們的這些投資停止了我們的電子支付和匯款業務的成長。

Safe 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 and entry into new markets as well as our ability to take advantage of opportunities such as retailer promotions and our epay segment has resulted in changes to the way our earnings are distributed throughout the year.

與新冠疫情爆發前相比，加上旅行季節的延長，安全細分市場現在在我們的收入中所佔的比例更大。新產品垂直領域的增加和進入新市場，以及我們利用零售商促銷和 epay 部門等機會的能力，導致我們全年收入分配方式發生變化。

As Rick said, while third quarter is still our largest quarter, it is not as sharp as pre pandemic. This evolution is no different than how we've always grown the business. 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. The realization that we could automate the sale of mobile top-up on scratch card led us to the acquisition of e-pay, which had who had digitize mobile top up from scratch cards depend on receipt transactions.

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。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。 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。認識到我們可以自動化銷售刮刮卡行動儲值，我們收購了 e-pay，該公司根據收據交易將刮刮卡行動儲值數位化。

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

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REA 的收購，我們相信，我們最新的發展已經帶來了世界上最強大的支付網絡，使客戶能夠幾乎可以用他們喜歡的任何實體方式與他們的錢互動。

As we go through the slides, you will hear a common theme of consistency, see network strength, technology leadership, product and market expansions and most importantly momentum. These are driving forces be high and our ability to deliver earnings at or above the high end of our full year guidance range for this year and our continued confidence we can produce double digit growth rate into 2025.

當我們瀏覽投影片時，您將聽到一致性的共同主題，看到網路實力、技術領先地位、產品和市場擴張以及最重要的勢頭。這些是強大的驅動力，我們有能力實現今年全年指導範圍的高端或以上，並且我們仍然有信心在 2025 年實現兩位數的成長率。

Now let's go on to slide 11, and I want to talk about the use of cash a little bit before I break down the segment results for the quarter and discuss these marketplace wins. Let's talk about cash for a couple of years. Now the familiar Trove is the cash has all but dead turns out. Visa does not agree with this misconception, and I'll give you more on that later.

現在讓我們繼續看幻燈片 11，在分解本季的部門業績並討論這些市場勝利之前，我想先談談現金的使用。讓我們討論幾年的現金。現在，我們熟悉的Trove 變成了現金幾乎已經耗盡的地方。 Visa 不同意這種誤解，稍後我會向您提供更多資訊。

But further, I would like to discuss have cash fits into our business today and into the future and take a look at this graph here. This graph tells a lot of future where our red technology, Daniel Lion network, e-pay digital channels. Merchant acquiring businesses continued to play a bigger and bigger role. What the company. I wouldn't disagree that the use of cash has been in a slow decline, but the use of cash by consumers, there's appears more stable than declining,

但更進一步，我想討論現金是否適合我們今天和未來的業務，並在此處查看此圖表。這張圖講述了許多未來我們紅色科技、大牛獅網、電子支付數位管道的未來。商家收單業務持續發揮越來越大的作用。什麼公司。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 that current ATM domestic withdrawal account for the first six months of 2024 is up 2.2% compared to pre pandemic levels and the Internet and the international count is down less than a percent each month.

正如Visa Global 第11 張幻燈片中的圖表所示，從2020 年到2024 年6 月的六個月內，ATM 取款帳戶數量有所增加，與大流行前的水平相比，最近半年，現金的使用已經穩定目前，2024 年前六個月的 ATM 國內提款帳戶比疫情前水平增長了 2.2%，而互聯網和國際提款帳戶每月下降不到 1%。

Market has its own challenges and opportunities, but the point I want to make is that cash is not in a rapid decline and market intelligence and our own experience confirms that the use of cash is still the preferred payment method in Europe. That being said, we are well-positioned to serve customers. Cash needs were well the delivering fast growing digital products on our 30th anniversary.

市場有其自身的挑戰和機遇，但我想說的是，現金並沒有快速下降，市場情報和我們自己的經驗證實，使用現金仍然是歐洲的首選支付方式。話雖如此，我們已經做好了為客戶服務的準備。在我們成立 30 週年之際，交付快速成長的數位產品，現金需求旺盛。

Let's reflect on what Euronet business looks like today. 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 transact options and interact with their money. While cash is still relevant and a part of our overall business, it is just one way that we reach our customers.

讓我們思考一下今天的 Euronet 業務是什麼樣子的。正如我在上一張投影片中所討論的那樣，我們的 Euronet 領導團隊不斷發展業務以滿足客戶需求並尋找新方法。我們的客戶可以完成交易選項並與他們的資金互動。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. 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. We have digital branded payment solutions like presently at eBay. We process card-based transactions with REFT. merchant services business just to name a few.

以下只是我們不依賴現金的業務的幾個例子。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。我們擁有數位品牌支付解決方案，就像目前的 eBay 一樣。我們使用 REFT 處理基於卡片的交易。商業服務業務僅舉幾例。

So as I reflect on the past 30 years, our strength is our ability to evolve this business and be responsive the market as we wrapped up our leadership meeting, several key themes stood out as we begin our next 30 years.

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。

First, diversification of our products. We have a diverse set of products covering all customers from highly sophisticated bank customers, the unbanked customers and markets.

第一，產品多元化。我們擁有多元化的產品，涵蓋從高度成熟的銀行客戶、無銀行帳戶客戶和市場的所有客戶。

Second, digital growth. 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 place.

第二，數位化成長。每個部門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%。

The future of growth at Euronet expansion into new and emerging markets, our rent technology, a scalable, flexible modern payment platform, and Dan alliance, the largest real-time cross-border payments platform in the world. Our business is thriving by continuing to develop new products and adapting to the digital trends in the market.

Euronet 的成長未來將擴展到新興市場、我們的租賃技術、可擴展、靈活的現代支付平台以及全球最大的即時跨境支付平台 Dan 聯盟。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. During the third quarter, EFT delivered double digit growth in operating income and adjusted EBITDA. The primary contributors included a largely recovered European travel and tourism season, continued growth of our merchant services business growth within recent mark market expansion at Pall at this time to benefit from the recent additions of domestic and international access these with in our existing markets.

現在讓我們討論一下分段結果。從電子轉帳開始。幻燈片 12。主要貢獻者包括歐洲旅行和旅遊季節的基本恢復、頗爾近期市場擴張中我們的商業服務業務的持續增長，以受益於我們現有市場中最近增加的國內和國際准入。

Now let's discuss some of the key highlights of the quarter. 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 increase. Our Merchant Services business continues to grow.

現在讓我們討論本季的一些主要亮點。我們第三季的結果與 Euro Control 的數據一致，顯示歐洲旅遊業的復甦率從 2023 年的 90% 恢復率（與 2019 年相比）上升到今年的 96%，比去年同期成長 6% 。我們的商業服務業務持續成長。

We added over 46 hundred new merchants in the third quarter. We saw growth within our new markets to Albania, Belgium, Mexico, Egypt, Philippines and Morocco. We grew the results of our recently acquired Infinitum business in Singapore, and the recently acquired a state of 800 ATMs in Malaysia. In addition to these highlights, we see a lot of opportunities for expansion.

第三季我們新增了 4,600 多家新商家。我們看到了阿爾巴尼亞、比利時、墨西哥、埃及、菲律賓和摩洛哥等新市場的成長。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。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, we launched domestic access fees and Cyprus and piloted Czech Republic, Netherlands and Romania.

一些範例包括以下內容。我們在丹麥、挪威和馬耳他推出了國內直接接取費。第二季度，我們推出了國內接入費和塞浦路斯，並試辦了捷克、荷蘭和羅馬尼亞。

In the third quarter, we launched international access fees to euro cardholders and multi in the second quarter, Cypress in Italy in the third quarter and plan to launch aged four to five additional countries in the fourth quarter.

第三季度，我們向歐元持卡人和多國持卡人推出了國際准入費，第三季度向意大利的賽普拉斯持卡人推出了國際准入費，併計劃在第四季度向另外四到五個國家推出。

Domestic access fees were permitted and 10 new countries in 2024 in Europe, including the Czech Republic, Cypress Malta for Romania, the Netherlands, Croatia, Slovenia, Denmark and Norway. The third quarter EFT results are a great example of how Euronet continues to diversify our business. As consumer needs evolve. More over the results, highlight our consistent performance and our ability to grow.

允許收取國內接入費，並於 2024 年在歐洲新增 10 個國家，包括捷克共和國、羅馬尼亞、荷蘭、克羅埃西亞、斯洛維尼亞、丹麥和挪威。第三季 EFT 業績是 Euronet 如何繼續實現業務多元化的一個很好的例子。隨著消費者需求的發展。除了結果之外，也強調我們一貫的績效和成長能力。

Now let's go on to Slide 13 and will discuss ran a bit. As I start my discussion on ran, I would like to remind everyone that ran it's not only a payments platform that we sell into the marketplace, but also a product we use and the EFT. and add in EFT and epay to process our own transaction. We are at customer as well as a service provider. This unique relationship gives us the opportunity to constantly improve and develop our product as we receive real-time feedback from our phone users.

現在讓我們繼續看投影片 13，討論一下 run。當我開始討論 ran 時，我想提醒所有使用 ran 的人，它不僅是我們向市場銷售的支付平台，也是我們使用的產品和電子轉帳 (EFT)。並添加 EFT 和 epay 來處理我們自己的交易。我們既是客戶也是服務提供者。這種獨特的關係使我們有機會在收到電話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. So before we jump into the rental specific highlights, I'd like to share with you one little example of how rand has proven itself in the market.

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。因此，在我們開始討論租賃的具體亮點之前，我想與您分享一個小例子，說明蘭特如何在市場上證明自己。

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

幾年前，我們告訴您我們與莫三比克銀行和 CMO（擁有該國 SEC 中央銀行交換機的實體）達成的實施協議。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 am I not think of Mozambique often, it is important to note that is a bit is a country of 30 million people or slightly larger than Australia. This was Euronet first large scale customer implementation of our rand technology. We delivered this new financial ecosystem for the whole country, and most Mozambique has become one of the most advanced financial systems in the world.

雖然你和我並不常想到莫三比克，但值得注意的是，這是一個擁有 3000 萬人口或比澳洲略大的國家。這是 Euronet 首次大規模客戶實施我們的蘭德技術。我們為全國提供了這個新的金融生態系統，莫三比克已經成為世界上最先進的金融體系之一。

Now, 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 2020 for these impressive metrics resulted in a signing of a 10-year extension of this agreement during the third quarter. This is an exciting win and more importantly, about validation of the power of our RAN technology platform.

現在，ATM、POS 和電子商務管道的交易量繼續逐年翻倍增長，達到每天約 440 萬筆交易。由於這些令人印象深刻的指標，借記卡、信用卡、預付和數位錢包授權的支付在 2020 年第三季度達到了創紀錄水平，導致該協議在第三季度簽署了為期 10 年的延期。這是一場令人興奮的勝利，更重要的是，這是對我們 RAN 技術平台功能的驗證。

We also launched ran in Latin America to process the first virtual card offering for backup and Ginger in Ecuador, which is the largest private sector bank in that country. Ecuador has 17 million people in the GDP of over 250 billion. We continue to be excited about the future of random. We'll continue to enhance the product offerings through continued development and possibly through additional strategic acquisitions.

我們也在拉丁美洲推出了 ran，為厄瓜多爾的 backup 和 Ginger 處理第一個虛擬卡產品，厄瓜多爾是全國最大的私人銀行。厄瓜多擁有1700萬人口，國內生產總值超過2500億。我們仍然對隨機的未來感到興奮。我們將透過持續開發並可能透過額外的策略性收購來繼續增強產品供應。

Let's recap our EFT segment, what's driving our growth today and into the future. First, we continue to grow our merchant services business. Ebitda has tripled since we acquired that business back in the first quarter of 2022. So we are 2.5 years into this, and our team has executed a a successful growth strategy and we're not done.

讓我們回顧一下我們的電子轉帳業務，看看是什麼推動了我們今天和未來的成長。首先，我們繼續發展我們的商業服務業務。自從我們在 2022 年第一季收購該業務以來，Ebitda 已經增加了兩倍。

Second, we continued to grow transaction volume and revenue in our new markets like the Philippines, Albania, Belgium, Mexico, Egypt, North Africa and Malaysia. Lastly, we continue to expand revenue by adding domestic and international access fees at existing ATM to optimize our profit margin while maintaining transaction volumes. We look forward to continued 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.

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。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。我們期待電子轉帳業務繼續成長，並以強勁的勢頭結束第四季度，並期望第四季度和全年的所有指標都實現兩位數的成長。

Now let's go to Slide 14. I will discuss you pay for a minute. Our epay team continues to make significant strides in diversifying our product portfolio while expanding into new markets and new digital channels. A notable signing this quarter was Take-Two Interactive to distribute content from Rockstar and 2K day games and Zynga across Europe.

現在讓我們轉到投影片 14。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。本季度的一項引人注目的簽約是 Take-Two Interactive，將在歐洲分發 Rockstar、2K day games 和 Zynga 的內容。

In gaming, you've heard me talk about the importance of Hero titles. These are games that become so popular that they lift to sales of the entire gaming industry. Unfortunately, over the last few years, there hasn't been a game that's generated enough interest with players to create an impact.

在遊戲中，您已經聽過我談論英雄稱號的重要性。這些遊戲非常受歡迎，以至於帶動了整個遊戲產業的銷售額。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 franchise, which is launching it six installment in 2025. Grand Theft Auto six is highly anticipated and is expected to break all sales records with $1 billion of sales worldwide. It goes without saying that we are excited about its release next year and the potential impact on a sale.

然而，Take Two 是廣受歡迎的《俠盜獵車手》系列遊戲的發行商，該公司將於2025 年推出第六部。額達10 億美元。不用說，我們對它明年的發布及其對銷售的潛在影響感到興奮。

Ebay expanded its payment processing business at drogerie market, a large drug store chain in Germany with over 21 hundred stores in September 2020. For our first full month of working with IBM, we processed over 30 million transactions.

2020 年9 月，Ebay 擴大了在drrogerie market 的支付處理業務，drogerie market 是德國一家大型連鎖藥店，擁有2100 多家門市。筆交易。

As stated previously, our digital channel continues to be a key focus. A great example is the launch of digital branded content through status paid in Italy, one of the largest digital wallets in Amea satisfy has over 4 million users and 400,000 businesses that uses payment processing and digital content services. We launched Google Play and pay serves over 14 million users, offering a diverse portfolio of more than 100 services.

如前所述，我們的數位管道仍然是重點。一個很好的例子是在義大利透過狀態付費推出數位品牌內容，Amea 最大的數位錢包之一滿足了超過 400 萬用戶和 40 萬家使用支付處理和數位內容服務的企業的需求。我們推出了 Google Play 和 Pay，為超過 1,400 萬用戶提供服務，提供 100 多項服務的多樣化組合。

We're still in the early stages of launch in Vietnam, but we are excited about the potential of this very large market. Currently, there is low penetration of branded content across Vietnam. So having the right digital distribution to conveniently reach large pod parts of the population is key.

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。目前，越南的品牌內容滲透率較低。因此，擁有正確的數位發行方式以方便地覆蓋大部分人群是關鍵。

Finally, we are pleased with the successful migration of our President open loop MasterCard to Euronet to rent platform. As I have discussed before, presence is our proprietary prepaid debit card. This is an example of us leveraging technology from our EFT segment for use by our EPS segment using RAN technology as the processing platform for pregnancy, not only result in cost savings for eBay, but also helps to further establish the commercial viability of rent as a product that we sell into the marketplace.

最後，我們對我們的總統開環萬事達卡成功遷移到 Euronet 租賃平台感到高興。正如我之前討論過的，存在是我們專有的預付費簽帳卡。這是我們利用 EFT 部門的技術供 EPS 部門使用的一個例子，使用 RAN 技術作為妊娠處理平台，不僅為 eBay 節省了成本，而且還有助於進一步建立租賃作為懷孕服務的商業可行性。上銷售的產品。

Now let's move on to the next slide 15 to talk about the Money Transfer. 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. Our performance clearly demonstrates the position of strength in the marketplace. And it also highlights the increasing momentum we have across our distribution channels and geographies, led by a healthy core business.

現在讓我們轉到下一張投影片 15 來討論匯款。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。我們的業績清楚地表明了我們在市場上的實力地位。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, Dave US outbound and international originated transactions grew 12% and 14%, respectively. By the way, that is more than four times faster than the overall market growth. Overall, the Money Transfer segment delivered an impressive transaction growth of 11% was stable pricing economics.

我特別高興地向大家報告，Dave 在本季的出境交易和國際交易分別成長了 12% 和 14%。順便說一句，這比整體市場成長快四倍多。總體而言，由於定價經濟穩定，匯款業務實現了 11% 的令人印象深刻的交易成長。

I would like to focus on the role of partnerships plan our strategic growth. We continue to gain market share from new and notable partnerships such as PLS. Financial Services. For more than 20 years, PLS. has offered a range of financial services, including money transfers with more than 200 locations across 12 states in the U.S., this collaboration delivers a customer-centric value proposition to PLS. is 3 million monthly customers and to the broader market.

我想重點討論夥伴關係在規劃我們策略成長方面的作用。我們繼續透過 PLS 等新的知名合作夥伴獲得市場份額。金融服務。 20多年來，PLS。 PLS 提供了一系列金融服務，包括與美國 12 個州 200 多個地點的匯款服務，此次合作為 PLS 提供了以客戶為中心的價值主張。每月有300萬客戶並走向更廣大的市場。

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

這種合作關係使消費者能夠隨時隨地匯款和收款，確保安全、便利和經濟的交易體驗。我們開始使用 PLS。在第三季末，這需要大量的努力，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. In addition, we are enthusiastic about the positive trajectory of digital money transfer.

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。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. Simply, but digital is showing continued momentum and the fastest growing part of our business. And let me share with you some other key drivers of our digital success.

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% 提高到上一季（2024 年第三季）的30%。正在顯示出持續的勢頭，我們業務成長最快的部分。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，今年迄今增幅達 44%。第三季新客戶成長 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. Investments in our product have yielded the best real-time cross-border payments network in the world. That's what we call Dan alliance, reaching 4.1 billion bank accounts, 3.1 billion wallet account and 595,000 cash pickup locations across 198 countries. And Terry towards.

第三是我們的競爭優勢不斷增強。對我們產品的投資已經產生了世界上最好的即時跨境支付網路。這就是我們所說的丹聯盟，涵蓋198個國家的41億銀行帳戶、31億錢包帳戶和595,000個提領現金地點。和特里走向。

And lastly, during the quarter, we launched we chat in China, expanding our mobile wallet reach by over 1 billion users. To summarize our progress in the Money Transfer segment, we continued to deliver great results four times faster than the market with continued strategic investments, print and digital acquisition, product enhancements, core business expansion and improvements in our operating margin.

最後，本季度，我們在中國推出了 we chat，將我們的行動錢包覆蓋範圍擴大到超過 10 億用戶。總結我們在匯款領域的進展，我們透過持續的策略性投資、印刷和數位收購、產品增強、核心業務擴張以及營業利潤率的提高，繼續以比市場快四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. Now let's go onto the next slide. We'll talk about Dan line. We continue to grow our network participants participants and the momentum is building steadily. Daniel Lion 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.

總的來說，我對我們在匯款領域看到的勢頭感到興奮。現在讓我們轉到下一張投影片。我們來談談丹線。我們的網路參與者不斷增加，並且勢頭正在穩步增強。 Daniel Lion 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. During the third quarter, we fueled our Daniel Lion momentum by signing an agreement with XT. transfer, a leading B2B cross-border payments platform serving over 550,000 corporate customers were launching Walmex, 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 the.

就在我們發言之際，我們正在招募八位新合作夥伴。第三季度，我們與 XT 簽署了協議，進一步推動了 Daniel Lion 的發展勢頭。 Transfer 是一家領先的B2B 跨境支付平台，為超過550,000 家企業客戶提供服務，該平台正在推出Walmex，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，我們正在推出一個著名的全球P2P 平台，我們希望向您介紹此平台。

We continue to remain bullish on the future growth of data line. Because of these recent successes and the changes in the regulatory environment, you may have heard of the G20 roadmap for enhancing cross-border payments, which aims to improve efficiency and accessibility of international payments. Banks around the world are striving to address these regulatory target.

我們持續看好數據線未來的成長。由於最近的這些成功和監管環境的變化，您可能聽說過 G20 加強跨境支付的路線圖，該路線圖旨在提高國際支付的效率和可及性。世界各地的銀行都在努力實現這些監管目標。

And as a result, we've noted that is increased interest by them and handled in the Data Alliance proposition, which helps address transparency, speed, predictability and flexibility to make the necessary connections to facilitate cross-border payments. With the momentum we have established through the third quarter of 2020 for 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.

因此，我們注意到他們的興趣增加了，並在數據聯盟提案中得到了處理，這有助於解決透明度、速度、可預測性和靈活性問題，以建立必要的連接來促進跨境支付。憑藉我們在 2020 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 的銀行以及 50 多家金融科技公司。 Psp 和 MSB。

standalone continues to build a roster of impressive. Customers was significant. And Chris from global banks, fintechs, PSPs. I am looking forward to sharing more exciting news about the underlying assets. So now let's move on to slide number 17, and we'll kind of wrap up the quarter. I can't emphasize enough my excitement about the growth.

獨立繼續建立令人印象深刻的名單。客戶數量非常可觀。 Chris 來自全球銀行、金融科技公司、PSP。我期待分享更多有關基礎資產的令人興奮的消息。現在讓我們繼續看第 17 張投影片，我們將結束這個季度。我對成長的興奮之情怎麼強調都不為過。

Our teams continued to deliver another record breaking quarter. As I mentioned earlier, our leadership team continues to deliver a common theme of consistency, network straight product and market expansions all contribute into strong momentum. While weak will 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.

我們的團隊繼續創造了另一個破紀錄的季度業績。正如我之前提到的，我們的領導團隊繼續提供一致性的共同主題，網路直接產品和市場擴張都有助於強勁的勢頭。雖然weak將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. However, we have a strong pipeline of opportunities for all three segments to grow in the future. As we turn to the fourth, what has driven our growth and what will continue to fuel that growth in 2025 and beyond? 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.

本季。電子轉帳。是我們獲利成長的最大貢獻者。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。當我們轉向第四個時，是什麼推動了我們的成長？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 allow our customers to interact with their money in their preferred manner, extending our revenue-generating capabilities. Our strategy for growth is proven, and we have executed that strategy for the last 30 years.

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互動，從而擴展我們的創收能力。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.

我們將繼續利用市場機會，並像我們與 PLS 一樣建立兩個策略合作夥伴關係。金融服務，透過增加產品和功能（例如接取費）來發展和擴展我們現有的業務，就像我們的商業服務業務一樣，以優化收入和利潤。

And by continuing our digital growth, highlighted by real time remittances, digital cross-border payments and digital branded payment solutions. 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. And if you cannot tell from our results to date, that 10% to 15% earnings growth for 2024 is in the back not only in the bag, but we've got good prospects to drive through that rate to remain if we may need a bigger bag.

並透過持續我們的數位成長，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。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。如果你無法從我們迄今為止的業績中看出，2024 年 10% 至 15% 的獲利成長不僅已成定局，而且如果我們可能需要更大的袋子。

So as 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. 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.

因此，與進入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。就像我們今年的雄心壯志一樣，我們將努力超越這個範圍，並持續實現逐年兩位數的獲利成長。

With that, I will be happy to take questions. Operator, will you please assist?

這樣，我將很樂意回答問題。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. Hey, Rick. Thanks for taking my questions. And I appreciate the comments in the focus on longer-term earnings growth. It's good to reiterate that, you know, I think part of that is just getting comfort and the sustainability of some of the trends, particularly in EST. segment in the ATM transaction trajectory on.

嘿，麥克。嘿，瑞克。感謝您回答我的問題。我很欣賞關注長期獲利成長的評論。很高興重申一下，你知道，我認為其中一部分只是獲得安慰和一些趨勢的可持續性，特別是在 EST 領域。段在ATM交易軌跡上。

So if you back to slide 11 for a second, it's good to see the stability in the overall market that international transactions are still down. I think you're outperforming that. But maybe you could talk about the ability to sustain same-store sales growth for international ATM transactions.

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。我認為你的表現已經超過了這一點。但也許您可以談論維持國際 ATM 交易同店銷售成長的能力。

And then on Mike, I think you mentioned it these transactions are trending in line international transactions, training relatively in line with your control, but you can put a finer point on just the relationship there, that'd be great. Thanks a lot, guys.

然後，關於麥克，我想你提到了這些交易的趨勢與國際交易一致，訓練相對符合你的控制，但你可以對那裡的關係提出更好的觀點，那就太好了。非常感謝，夥計們。

Okay. So as you can see by that graph on slide 11, at your right, international transactions are down, but they're only down by 0.7%. So we could call that roughly flat. I think the way we get around that, even though that we may be that may be dropping off, call it a percent a year, something we need to move ATM and to new markets. And that's what we're doing.

好的。正如您在幻燈片 11 右側的圖表中看到的那樣，國際交易量有所下降，但僅下降了 0.7%。所以我們可以稱之為大致持平。我認為我們解決這個問題的方式，即使我們可能會下降，稱之為每年百分之一，這是我們將 ATM 轉移到新市場所需要的。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 Turner underserved wasn't can add the ability to get cash conveniently. So even though this is the worldwide numbers were, we're still finding pockets initiatives that give us the opportunity to have run out of this.

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特納服務不足的，無法增加方便獲取現金的能力。因此，儘管這是全球範圍內的數字，但我們仍然在尋找一些口袋舉措，讓我們有機會擺脫這一困境。

And I would add to that, and I would say that we have an unequaled ATM network in Europe. And as you can see in this chart, the domestic transactions are largely hanging in there, actually even going up a little bit. And we offer to banks and opportunity to use our network of ATMs to serve their customers. And as banks are closing down, ATMs, closing down branches as banks are being challenged by the competitive nature of of Internet based kind of banks, this becomes a very important kind of asset to them.

我還要補充一點，我想說的是，我們在歐洲擁有無與倫比的 ATM 網路。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。我們向銀行提供使用我們的 ATM 網路為其客戶提供服務的機會。隨著銀行面臨網路銀行競爭性質的挑戰，銀行正在關閉 ATM 機、關閉分支機構，這對他們來說成為非常重要的資產。

And so we've continued to add network participation agreements to add to our our business. We see more and more opportunity there. So again, since again. 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. And we're getting a bigger part of that pie by having it, like, I say, an unequaled network in Europe.

因此，我們繼續增加網路參與協議以增加我們的業務。我們在那裡看到越來越多的機會。如此，再次。希望這張圖真正說明的是，正如麥克所說，我們確實預期現金交易會出現一些下降，但並沒有下降。我說，我們透過擁有歐洲無與倫比的網絡，獲得了更大的份額。

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 shown shuttered with them with an ATM. So those same ATMs could easily have acquired a transaction from one of these tariffs. So what we're saying here is that the the pie is roughly flat, but we've got less competition for that next transaction.

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% 的分行都關閉了 ATM 機。因此，這些相同的 ATM 機可以輕鬆地從這些關稅之一中獲得交易。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 and that this is Europe. When you go to the emerging markets of people and places like the Philippines, Morocco, Egypt and so forth that we're in, those markets are way way underserved. They just don't have the branch network and the ATM infrastructure that are that it needs that are needed. So so we can really kind of these are just boost for us.

我認為這種情況將會繼續發生，這就是歐洲。當你去菲律賓、摩洛哥、埃及等新興市場的人們和地方時，你會發現這些市場的服務遠遠不夠。他們只是沒有所需的分支網路和 ATM 基礎設施。所以我們真的可以說這些對我們來說只是一種推動。

Got it. Appreciate that. And then just maybe just squeeze one more in on the Money Transfer segment on the others have called out weakness in US to Mexico. You have Lanham doesn't seem like you're seeing that part of that may be share gains on a lot of it might be share gains.

知道了。很欣賞這一點。然後也許只是在匯款領域再擠進一個，而其他領域則顯示美國對墨西哥的疲軟。拉納姆（Lanham）似乎沒有看到其中一部分可能是股票收益，而其中許多可能是股票收益。

But if you could just talk talk about what you're seeing in terms of US to let him whether there's any impact from migration or other factors that would be great and maybe a little more willing driving the outperformance there?

但如果你能談談你對美國的看法，讓他了解移民或其他因素是否有任何影響，這會很好，也許更願意推動美國的優異表現？

You know that that that may be happening, Andrew, but it's hard for us to tell because we're growing market share. You know, growing our transactions over four times faster than the whole market. So somewhere in there, maybe it's a weaker to this market at that. But overall, we continue to gain share.

安德魯，你知道這可能會發生，但我們很難說，因為我們的市佔率正在成長。你知道，我們的交易成長速度是整個市場的四倍以上。因此，在某個地方，也許這個市場的表現較弱。但總體而言，我們繼續獲得份額。

And so we really haven't felt it very much adding these strategic partners like PLS. is certainly helpful as well. We can, with the exception of our Wal-Mart 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. Got it.

因此，我們確實沒有感受到像 PLS 這樣的策略夥伴的加入。當然也有幫助。我們可以，但沃爾瑪的現金交易除外，自新冠疫情以來，這種交易一直在下降。如果不考慮這一點，我們就有了令人尖叫的匯款業務。知道了。

Thanks a lot, Mike, appreciate the comment or Thank you.

非常感謝，邁克，感謝您的評論或謝謝。

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

葛斯·加拉、蒙尼斯、克雷斯皮、哈特公司

I'm a Director of hardening cycle. Thank you for taking our question on. Wanted to talk over the last three quarters have been about 49% from prior to that was 30 ish percent on when you take into consideration the comments on the fee structure changing APMs, I think there's probably more hub in the rearview. I mean, the scaling you're doing and merchant, it sounds like you're still early in entering some of the newer geographies.

我是硬化週期的主管。感謝您回答我們的問題。過去三個季度想要談論的人數從之前的 49% 左右增加到了 30% 左右，當您考慮到有關 APM 費用結構變化的評論時，我認為後視圖中可能有更多的中心。我的意思是，你正在做的擴展和商業活動，聽起來你還處於進入一些較新地區的早期階段。

Can you just help us think about how the old bogey in the high 40% range might have evolved higher or do you still think it's well, Castorama fix?

您能否幫助我們思考一下 40% 高範圍內的舊柏忌如何可能進化得更高，或者您仍然認為它很好，卡斯托拉馬修復？

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

好吧，我只是簡單地評論一下，麥克可以多談談在其他市場的擴張。

But yes, you know, look, we we've come through the of we came through the period of COVID have and you know, a pretty big impact. And as I've said before, is I don't I don't think that will 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.

但是，是的，你知道，你看，我們已經度過了新冠疫情時期，你知道，這產生了相當大的影響。正如我之前所說，我不認為這會回到新冠疫情之前的利潤結構或水平，主要是因為過去四年發生的成本增加非常嚴重或五年。

Now, as we've said, we do find some opportunities where we can add some other access fees and maybe maybe we'll see a little bit more momentum going on on interchange rate increases. I mean, net-net, we kind of feel that the momentum is moving in our direction on interchange rate increases. There's a lot of discussions going on in several continents on that particular subject.

現在，正如我們所說，我們確實找到了一些機會，我們可以增加一些其他訪問費用，也許我們會看到匯率上漲的勢頭更大。我的意思是，淨淨，我們感覺匯率上漲的勢頭正在朝著我們的方向發展。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. Um, typically you'll find that that merchant services businesses can be a little less on the margin side. But you know, as we grow that in incrementally, it'll add more into the picture. So I wouldn't get, you know out over our skis here. I think we've got great volume opportunities. We will continue to expand our margins.

因此，我認為目前我不會更看好提高利潤率結構。嗯，通常你會發現商業服務業務的利潤可能會少一些。但你知道，隨著我們逐步發展，它會增加更多內容。所以我不會明白，你知道我們這裡的滑雪板。我認為我們有很大的機會。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. But I wouldn't get the XL math wound up too tight. And Gus, if you just think about it, we mentioned in an earlier call that our EBITDA margins in and merchant acquiring, which is basically tripled in the last 2.5 years, are about 25%. So that's lower than those pre COVID margins for the segment. So that the huge growth that we see in Merchant Acquiring tends to hold the margins for the segment down a little bit, too.

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。但我不會把 XL 數學搞得太緊。 Gus，如果你想一想，我們在之前的一次電話會議中提到，我們的 EBITDA 利潤率和商家收購在過去 2.5 年裡基本上增加了兩倍，約為 25%。因此，這低於新冠疫情爆發前該細分市場的利潤率。因此，我們在商家收單中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. What we've done in Greece has just been a killer. 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. So it's really done well. And so that's our thought was okay. Let's take the lead translated into new markets. Let's go into three markets, and we're targeting Italy, Spain and Portugal.

關於你關於擴張的問題，我們現在正在擴張。我們在希臘所做的一切簡直是致命的。我們只是繼續獲得市場份額、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。所以確實做得很好。所以我們的想法是可以的。讓我們帶頭進入新市場。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. They're now beginning to sell. So we're really on the nascent side of this. But we're very excited because a lot of these merchants in Greece look just like the Mediterranean focus, merchants and Italy, Portugal and Spain paint. So you haven't seen anything, but maybe a little bit of extra cost. But hopefully, we'll see some some bottom line results of this over the next year.

我們已經聘請了銷售團隊。他們現在開始出售。所以我們確實處於這個方面的新生階段。但我們非常興奮，因為希臘的許多商人看起來就像地中海焦點，商人和義大利、葡萄牙和西班牙的油漆一樣。所以你沒有看到任何東西，但也許有一點額外的費用。但希望我們能在明年看到一些底線結果。

Thank you. Actually hopeful that if I can squeeze one more in on digging into e-pay, just wanted to understand what are some of investments are being done there and just kind of maybe help us think of like what was the lift auto loss, big games like auto, GTA five or some big Modern Warfare? Well, title goes. Thank you.

謝謝。實際上希望如果我能再深入研究電子支付，只是想了解那裡正在進行哪些投資，也許可以幫助我們思考電梯汽車損失是什麼，大型遊戲等汽車、俠盜獵車手 5 或一些大型現代戰爭？好吧，標題就到了。謝謝。

Sure. This is Kevin. So with regard to investment work, just like the other divisions were tried to diversify the eBay business away from our reliance on purely what we call third party content like high twos and Google Play and Xbox of those products. And we're trying to introduce our E. paid products.

當然。這是凱文.因此，就投資工作而言，就像其他部門試圖使 eBay 業務多元化一樣，我們不再依賴純粹的第三方內容，例如這些產品的 High Twos、Google Play 和 Xbox。我們正在嘗試推出我們的電子付費產品。

Some examples of that would be a gift card relaunched the UK called you choose a gift card and gift card relaunched and New Zealand called proceeds. So we're spending money on basically developing of developing these products and bringing them to market additional.

例如，在英國重新推出的禮品卡稱為“您選擇禮品卡”，在新西蘭重新推出的禮品卡稱為“收益”。因此，我們將資金主要用於開發這些產品並將其推向市場。

Finally, we're working on diversifying e-pay into being a solution provider. So we've developed a fraud product and a compliance product that we're launching into the market. We've developed a closed loop gift card issuing platform that we're launching into the market. So it's been a year like Mark said, through COVID, we started these projects about two years ago. We've been we've been developing them and whether we will see us rolling these products out and open a larger way over the next 24 months.

最後，我們致力於使電子支付多元化，成為解決方案提供者。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。我們開發了一個閉環禮品卡發行平台，並將其推向市場。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。我們一直在開發它們，以及我們是否會看到我們推出這些產品並在未來 24 個月內開闢更大的道路。

With regard to your question about the Grand Theft Auto always hard to predict the announcement that we typically will sell that content through a platform like Google Play or our Xbox or Sony or Apple versus the first time, we've done a direct deal with a publisher. So we'll be able to show Grand Theft Auto directly to the consumer. Obviously the margins that are going to be better than if we sell through a platform. Our at this point, I wouldn't be able to comment on what the lift is.

關於你關於《俠盜獵車手》的問題，我們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，而第一次我們已經與出版商。這樣我們就能夠直接向消費者展示《俠盜獵車手》。顯然，利潤會比我們透過平台銷售更好。目前，我無法評論電梯是什麼。

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

但顯然，既然我們在劇本中強調了這一點，我們就對其潛力感到興奮。

Great. I appreciate all the color. Thank you, Jeff.

偉大的。我欣賞所有的顏色。謝謝你，傑夫。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Hey, good morning, everyone. Thanks for taking the question. Rick, I think I hear you raised that you're thinking that gap e-pay can generate about 8% to 10% growth in EBIT for the full year on it. And that would be aided by the heavier promotional activity in the fourth quarter aggregate correctly?

嘿，大家早安。感謝您提出問題。 Rick，我想我聽到您提到您認為差距電子支付可以帶來全年 8% 到 10% 的息稅前利潤增長。第四季更大規模的促銷活動是否有助於這一點？

Yes, sir. Okay. And so in terms of the relative pace of these promotional campaigns, it looks like you're much more concentrated this year in the fourth quarter, but even then, but the ones that you expect look like they could be incrementally more significant accelerate. I mean, it certainly looks like the on a year-over-year basis, the fourth quarter there is going to be a bit of a barrier on the on the prepaid side.

是的，先生。好的。因此，就這些促銷活動的相對速度而言，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大幅加速。我的意思是，與去年同期相比，第四季度預付費方面肯定會遇到一些障礙。

And then probably hard to tell at this point. But for 2035, should we model it reverting back to kind of a more normal seasonality? Well, yes, there's probably a little bit more like that. As we said, you know, sometimes they can be a little bit irregular. Last year. We were a little lighter in the fourth quarter on promotional stuff this year.

現在可能很難說。但對於 2035 年，我們是否應該將其模型恢復到更正常的季節性？嗯，是的，可能還有更多類似的事情。正如我們所說，你知道，有時它們可能有點不規則。去年。今年第四季我們在促銷方面的力度稍微放鬆一些。

The campaigns are lining up to look really pretty strong. I wouldn't count fourth quarter next year out. Okay. I mean because it really is dependent upon what the of our customer it is time to really predict what some of their activities might be. So, you know, it might be prudent to, you know, the model is a little bit, as you said, a little bit flat shift.

這些活動正在排隊，看起來非常強大。我不會把明年第四季算在內。好的。我的意思是，因為這確實取決於我們客戶的行為，所以是時候真正預測他們的一些活動可能是什麼了。所以，你知道，正如你所說，模型有點平移，這可能是謹慎的做法。

You will or something like that or not is not as much of the robust year over year number. So, you know, I would caution has caused you to to to not counted out. We'll be working hard to drive to do those kinds of things for customers. But but I think you're looking at in general, right, Pete, you have paid.

你是否會或類似的事情並不像去年同期那樣強勁。所以，你知道，我會警告你不要算。我們將努力為客戶做這些事情。但我認為你總體上看是對的，皮特，你已經付錢了。

I mean, we're going to reality is that these things are done by our customers. And it's very lumpy say that over the last four or five years, sometimes a hit in Q2 to sometimes in Q three this year, most of it was in Q4. And so it's going to be lumpy. You've got this baseline at eBay business is growing, actually not bad at all.

我的意思是，我們要面對的現實是，這些事情是由我們的客戶完成的。在過去的四、五年裡，有時在第二季度，有時在今年的第三季度，大部分都是在第四季度，這是非常不穩定的。所以它會變得凹凸不平。你已經知道 eBay 的業務正在成長，實際上一點也不差。

And then you add these lumpy promotions on here, which I'd add, you know, three, four, 5 million of the margin in a quarter and it just makes everything lumpy. That's Pete. You raise an interesting point here because it's kind of business that is great. Profitable business is right in line with what we do. We really help these help the merchant in their value propositions.

然後你在這裡加入這些不穩定的促銷活動，我會在一個季度內加入三、四、五百萬的利潤，這只會讓一切變得不穩定。那是皮特。您在這裡提出了一個有趣的觀點，因為這是一項很棒的業務。有利可圖的業務與我們所做的事情是完全一致的。我們確實幫助商家實現他們的價值主張。

It does cause our quarter to quarter numbers sometimes to be a little irregular. 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. So we're always looking for ways to make that a little bit more consistent.

它確實導致我們的季度數據有時有點不規則。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。因此，我們一直在尋找使其更加一致的方法。

But, you know, I think it's fair to look at that more on an ad annual basis rather than necessarily quarter leaks. And that's part of what we do to tried to manage that as much as we can to to have less volatility between quarters.

但是，你知道，我認為更多地以廣告年度為基礎而不是季度洩漏來看待這一點是公平的。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 but just the nature of the product will have a little bit of that. I understand. Okay. And then just a follow-up, if I can.

但只是產品的性質會有一點點。我明白。好的。如果可以的話，然後進行後續行動。

On the PLS Financial, you call it out a strategic and just a number of locations that we found super significant compared to the basics of 600,000 locations.

在 PLS Financial 上，您稱之為策略性的，只是我們發現與 600,000 個基本位置相比非常重要的一些位置。

But historically our PLS in terms of the volume of monetary, actually they do and I can't location in the press release or not it was it something where you are broke exclusivity and now you're another one of the Midnight outerwear.

但從歷史上看，我們的 PLS 就貨幣量而言，實際上是這樣，我無法在新聞稿中找到它是否是你打破了排他性的東西，現在你是另一件午夜外套。

Ours is something where you got to exclusive? Yes. So we do have an exclusive. We replace an exclusive of one of our competitors. There.

我們的東西是你獨家的？是的。所以我們確實有獨家。我們取代了我們競爭對手之一的獨家產品。那裡。

When you look at 200 locations variances caused, you know, 600,000 or whatever. You've got to remember that 600,000 number as all the locations that we can send or receive from. But there are prime at the end of the reality is most of the sand and probably comes through 50,000 locations, something like that.

當你查看 200 個地點造成的差異時，你知道，有 600,000 個或其他。您必須記住 600,000 這個數字，因為它是我們可以發送或接收的所有位置。但現實的盡頭是大部分沙子，可能經過 50,000 個地點，類似這樣的東西。

And out of those. Thus the remaining 550,000 our bank branches that could saddened by the basically mostly As for cash pickup in these emerging markets. So and these guys are big, they do huge volumes.

其中。因此，我們剩下的 55 萬家銀行分行可能會因這些新興市場的現金回收而感到悲傷。所以這些人規模很大，他們的產量很大。

They're probably them the biggest sort of the second biggest check casher in America. So they just get lots and lots of volume done. I think the other way to think about this business is they are focused on that segment of customers. You know, most of our agents are independent agents.

他們可能是美國最大的第二大支票兌現者。所以他們只是完成了很多很多的工作量。我認為思考這項業務的另一種方式是他們專注於該客戶群。要知道，我們的代理人大多是獨立代理人。

Money transfers is kind of like an ad on price product. It's a is another thing that they do out of their store in the PLS model.

匯款有點像是價格產品的廣告。這是他們在 PLS 模型中在商店外做的另一件事。

They are catering to this segment of customers that can't checking and money orders in money transfers, you know, they essentially are the bank teller for that group of customers.

他們正在迎合這部分無法支票和匯款匯票的客戶，你知道，他們本質上是該客戶群的銀行出納員。

And so the concentration of business they do is so much more significant than you. Sure. Let's just call it your traditional Bodega kind of agent. Yes, if you walk into one of those places, which I suggest you do, if you're out in about, I mean, 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 that and very, you know, a very, very well organized operation of a very focused on being customer-centric.

所以他們的業務集中度比你重要得多。當然。我們就稱之為傳統的 Bodega 代理吧。是的，如果你走進這些地方之一，我建議你這樣做，如果你在外面，我的意思是，你會看到可能有四到六個窗戶之間的某個地方，櫃員窗口有繩子來控制人群，因為他們排隊去我的意思是，他們的商店非常繁忙，而且非常非常組織良好，非常注重以客戶為中心。

I mean, it's that, you know, they're in the business to make sure that that customer has a wonderful experience when they come through the process yet and they're there and an impressive organizations.

我的意思是，你知道，他們從事這項業務是為了確保客戶在完成整個流程時擁有美妙的體驗，並且他們在那裡並且是一個令人印象深刻的組織。

Okay, great. That's good color. Thank you. Thank you for your questions.

好的，太好了。這顏色真好啊謝謝。謝謝您的提問。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good morning. Thanks for taking the question. Can you talk a little bit or frame the opportunity around the domestic access fee in Europe expanding into 10 countries? Just any way to think about the opportunity there? Well, I'm elated revenue.

早安.感謝您提出問題。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？有什麼方法可以考慮那裡的機會嗎？好吧，我很高興收入。

That was about a fifth. Chris, you may know me well enough now that I'm probably not going to start John and a bunch of numbers out. But hub as I think the real, I think the real message when you read it behind here is that and most of these crews that we mentioned here happened to be smaller type of countries. And so we're just starting to see the momentum built. I think the bigger message is the movement in the industry here.

那大約是五分之一。克里斯，你現在可能已經足夠了解我了，我可能不會讓約翰和一堆數字開始。但我認為真正的中心，我認為當你在這裡讀到它時，真正的訊息是，我們在這裡提到的大多數工作人員恰好是較小類型的國家。因此，我們才剛開始看到勢頭的形成。我認為更重要的訊息是這裡產業的動態。

As I've said before, we've got on years. I mean, I'll take a Poland, for example, in 2010, Poland dropped the interchange rate by 60% to roughly $0.3 of transaction. There was a recent study done by the University of Warsaw there that says the cost of doing transactions about the $0.8. And so, you know, bank simply cannot afford to obese in order to be making $0.3 and due to be spending 80 and they're making that known.

正如我之前所說，我們已經有很多年了。我的意思是，我以波蘭為例，2010 年，波蘭將匯率降低了 60%，交易額約為 0.3 美元。華沙大學最近進行的一項研究表明，交易成本約為 0.8 美元。所以，你知道，銀行根本無法承受為了賺取 0.3 美元而增加支出 80 美元的負擔，他們正在公開這一點。

And so there we're starting to see things, you know, break-open that that the the arguments are being we made that this fixed price structure doesn't doesn't work well, and that's leading to the shutdown of ATMs and the inconvenience of cash availability to customers. You're starting to see discussions now go on around measures taken to ensure that ATMs are available in March, but places for customers.

因此，我們開始看到一些事情，你知道，我們提出的論點是，這種固定價格結構不能很好地發揮作用，這導致 ATM 機和銀行的關閉。現在您開始看到圍繞著為確保 ATM 機在 3 月可用而採取的措施進行的討論，但也為客戶提供了地方。

So what I think our bigger messages here is the direction we are seeing a positive direction on making either access fees available or inner increases in interchange. And what that means to us is a as Mike said, we're getting a bigger piece piece of the pie because bank branches are closing and be we're going to have the ability to make more profit per transaction. 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.

因此，我認為我們在這裡傳達的更重要的訊息是，我們看到了一個積極的方向，即提供存取費或交換的內部增加。這對我們來說意味著，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，我們將有能力在每筆交易中賺取更多利潤。因此，我不想在這次討論中提供一個數字，而是說這只是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. We think that those margins will continue to go up. And then this is exactly one of the reasons that give us, you know, that kind of confidence you can talk quickly about the digital money transfer business. It's growing like a weed, you're investing a lot in the marketing to drive that growth.

之前有人問過一個關於這項業務的利潤率的問題。我們認為這些利潤率將持續上升。這正是讓我們有信心快速談論數位匯款業務的原因之一。它像雜草一樣生長，你在行銷上投入了大量資金來推動這種成長。

Any way to think about the customer profile of that business? How sticky are those customers, unit economics or anything like that? Thank you.

有什麼方法可以考慮該企業的客戶概況嗎？這些客戶、單位經濟效益或類似因素的黏性有多大？謝謝。

Okay. So a couple of things on this phone. Remember, the customer profile is different than than the general profile for people who do family remittance. Obviously, to do a digital transaction. You've got to have a bank account because you have to pay for the bank. Everything happens either at your computer and probably off your phone. So you've got to have a bank account.

好的。那麼這款手機上有幾件事。請記住，客戶資料與進行家庭匯款的人的一般資料不同。顯然，是為了進行數位交易。你必須有一個銀行帳戶，因為你必須向銀行付款。一切都發生在您的電腦上，也可能發生在您的手機上。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. You know, we're we're looking at some of the people that work that started with us five or six years ago are still doing transactions. So we're measuring those cohorts and so forth. But it's when you look at the number we had was 56% growth in new customers this quarter and that's killer.

至於黏性，我們認為它們似乎是黏性的。您知道，我們正在研究一些五、六年前開始與我們一起工作的人仍在進行交易。所以我們正在衡量這些群體等等。但當你看看本季我們的新客戶成長了 56% 的數字時，這是致命的。

So we keep bringing in new customers now lifted up no matter what I say or any of my competitors say, a lot of people to do these transactions are kind of a one-and-done guys. Okay. 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 two, you know, 60 months, you've got an annuity stream that is excellent. So we were so far all our Masters hanging together, and they're very profitable for us.

因此，我們現在不斷引進新客戶，無論我說什麼或我的任何競爭對手說什麼，許多做這些交易的人都是一勞永逸的人。好的。但關鍵是對於另一群人，也許是他們中的一半或三分之二，如果你能抓住他們在接下來的18 個月到2 個月，你知道，60 個月，你就有了一個非常好的年金流。所以到目前為止我們所有的大師都在一起，他們對我們來說非常有利可圖。

Now some people will also tell you that the Provident and digital transaction is so much more than a bricks and mortar transaction or kind of the independent bricks and mortar came. So we know both side, we have to pay that agent about 45% of the customer fee, which you don't have to pay. If you acquire that transaction digitally, however, you look to pay for that digital marketing, like we mentioned, we are up 2 million bucks this year over same quarter last year. So it.

現在，有些人也會告訴您，普羅維登斯和數位交易不僅僅是實體交易或某種獨立的實體交易。所以我們雙方都了解，我們必須向該代理商支付大約 45% 的客戶費用，而您不必支付。然而，如果您以數位方式獲得該交易，那麼您希望為數位行銷付費，就像我們提到的那樣，今年我們比去年同期增加了 200 萬美元。所以它。

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. But at the end of the day, one of the things that you're wondering, why are we growing four times faster than the frigate market? And why are we number to going after? Number one? It's because we have both. We have the best independent channel distribution in the world for bricks and mortar. And we've got a great digital products.

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。但歸根結底，您想知道的一件事是，為什麼我們的成長速度是護衛艦市場的四倍？為什麼我們要追趕？第一？這是因為我們兩者都有。我們擁有世界上最好的實體實體獨立通路分銷。我們有很棒的數位產品。

Very clear. Thanks for taking the questions.

非常清楚。感謝您提出問題。

Operator, I think we're out of time now. So I would like to thank everybody for taking their time on the call. Happy to talk to you about. Well, a little more 90 days. All right. Thank you.

接線員，我想我們已經沒時間了。因此，我要感謝大家花時間參加電話會議。很高興和你談論。嗯，還有 90 天。好的。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. And two. Okay. Who, ma'am, I see move coming in in May in boom. Move in AND in. Yes. Okay.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。還有兩個。好的。女士，我看到五月的搬遷將會蓬勃發展。搬進來並搬進去。好的。