Euronet Worldwide Inc (EEFT) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide fourth-quarter 2024 earnings conference call.

大家好，歡迎參加 Euronet Worldwide 2024 年第四季財報電話會議。

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

（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce your host, Mr. Adam Godderz, General Counsel for Euronet worldwide.

現在我很高興介紹您的主持人，Euronet 全球總法律顧問 Adam Godderz 先生。

Thank you, Mr. Godderz.

謝謝你，Godderz 先生。

You may begin.

你可以開始了。

Thank you, and good morning, everyone, and welcome to Euronet's Fourth Quarter 2024 Earnings Conference Call.

謝謝大家，早安，歡迎參加 Euronet 2024 年第四季財報電話會議。

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

今天的電話會議由我們的董事長兼執行長麥克布朗主持；以及我們的財務長 Rick Weller。

Before we begin, I'd like to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we'll be making today.

在我們開始之前，我想請大家注意我們今天將要製作的 PowerPoint 簡報的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, or its management's intentions, expectations or predictions of future performance are forward-looking statements.

本次電話會議中涉及 Euronet 或其管理階層的意圖、期望或對未來績效的預測的陳述均為前瞻性陳述。

Euronet's actual results may vary materially from those anticipated in these forward-looking statements.

Euronet 的實際結果可能與這些前瞻性陳述中預期的結果有重大差異。

As a result of a number of factors, including those listed on the second slide of our presentation.

這是由於多種因素造成的，包括我們簡報第二張投影片中列出的因素。

In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to the most comparable GAAP measures.

此外，PowerPoint 簡報還包括我們在電話會議中使用到的非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。

At this time, 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。

Welcome, everyone.

歡迎大家。

Today, I will provide some brief comments about our fourth quarter '24, as well as the full year '24.

今天，我將對我們的2024年第四季以及2024年全年做一些簡短的評論。

With that, I'll begin my comments for the fourth quarter on slide 5.

從第 5 張投影片開始，我將開始對第四季發表評論。

We delivered a record fourth quarter on all key financial metrics.

我們在第四季的所有關鍵財務指標都創下了紀錄。

We delivered revenue of $1 billion, operating income of $123 million and adjusted EBITDA of $166 million.

我們實現了 10 億美元的營收、1.23 億美元的營業收入和 1.66 億美元的調整後 EBITDA。

Leading the way was EFT with double-digit constant currency growth across all financial metrics.

領先的是 EFT，其所有財務指標均實現了兩位數的恆定貨幣成長。

Money Transfer delivered constant currency fourth quarter revenue growth of 9%, adjusted operating income growth of 12% and adjusted EBITDA growth of 9% compared to the prior year fourth quarter.

與去年同期相比，Money Transfer 第四季以固定匯率計算的營收成長 9%，調整後營業收入成長 12%，調整後 EBITDA 成長 9%。

Epay delivered double-digit constant currency growth of 10% to 12% across all financial metrics.

Epay 所有財務指標均實現了 10% 至 12% 的兩位數固定匯率成長。

Our adjusted EPS was up 10% compared to the prior year fourth quarter and exceeded consensus analyst estimates, a range of $2.02 to $2.06 depending on which consensus source you use.

我們的調整後每股收益與去年同期相比增長了 10%，並且超過了分析師的普遍預期，範圍為 2.02 美元至 2.06 美元，具體取決於您使用的普遍預期來源。

I'd like to also point out that while the $2.08 adjusted EPS is an excellent finish for the year, it would have been about $0.03 to $0.04 higher, if not for the decline in FX rates throughout the quarter.

我還想指出的是，雖然 2.08 美元的調整後每股收益對於今年來說已經是一個很好的成績，但如果不是整個季度外匯匯率的下降，調整後的每股收益還會高出約 0.03 美元至 0.04 美元。

Moreover, the fourth quarter, we continued our track record of producing strong free cash flows, producing nearly $65 million.

此外，第四季度，我們延續了產生強勁自由現金流的記錄，產生了近 6,500 萬美元。

In the quarter, we took the opportunity to repurchase about 0.5 million shares -- 0.5 million of our shares.

在本季度，我們藉此機會回購了約 50 萬股——50 萬股我們的股票。

Given the timing of the repurchases, there was only a marginal benefit about [$0.005] or less than [1.25%] to our fourth quarter adjusted EPS.

考慮到回購的時間，對我們第四季調整後的每股盈餘僅產生約 [0.005 美元] 或不到 [1.25%] 的邊際收益。

But we -- as you know, and we know these repurchases will improve earnings per share by 1% for all future periods.

但正如您所知，這些回購將使未來所有期間的每股收益提高 1%。

Next slide, please. slide 6 shows our results on a reported basis.

請看下一張投影片。幻燈片 6 展示了我們的報告結果。

On a year-over-year basis, the currency headwind impact was modest with differences in the major currencies in the low single digits.

與去年同期相比，貨幣逆風的影響較小，主要貨幣之間的差額都在個位數以下。

To normalize the impacts of these currency changes, we presented our rules adjusted for currency on the next slide.

為了使這些貨幣變化的影響正常化，我們在下一張投影片中展示了根據貨幣調整後的規則。

On slide 7, it shows our results adjusted for currency fluctuations.

幻燈片 7 展示了我們根據貨幣波動調整後的結果。

EFT revenue grew 13%.

EFT收入成長了13％。

Operating income grew 35% and adjusted EBITDA grew 19%.

營業收入成長 35%，調整後 EBITDA 成長 19%。

Revenue, adjusted operating income and adjusted EBITDA growth in the fourth quarter '24 was driven by some continued extension of the travel season in Europe, which shifted tourism-related revenue from the third quarter to the fourth quarter.

24年第四季營收、調整後營業收入和調整後EBITDA的成長得益於歐洲旅遊季節的持續延長，旅遊相關收入從第三季轉移到第四季。

Growth in the merchant services business growth from new market expansion and attentive cost management.

商家服務業務的成長源自於新市場的擴張和細緻的成本管理。

Revenue and operating margins benefited from rate increases related to interchange and domestic and international access fees in certain existing markets.

收入和營業利潤率受益於某些現有市場的交換費和國內及國際接取費相關的費率上漲。

Epay revenue grew 10% operating income and EBITDA each 12%.

Epay收入成長10%，營業收入和EBITDA各成長12%。

Epay's double-digit growth was driven by continued growth in the core epay business, including strong growth in digital branded content together with promotional campaigns.

Epay 的兩位數成長得益於核心 epay 業務的持續成長，包括數位品牌內容和促銷活動的強勁成長。

Money Transfer grew 9%. [OP revenue] grew 9%, operating income 12% and adjusted EBITDA 9%.

匯款成長了 9%。 [營業收入]成長 9%，營業收入成長 12%，調整後 EBITDA 成長 9%。

And revenue, operating income and adjusted EBITDA was the result of [port] growth was the result of 14% growth in the US outbound transactions 11% growth in international originated money transfers and 8% growth in XE transactions, partially offset by a 14% decline in intra US business.

收入、營業收入和調整後的 EBITDA 是 [港口] 增長的結果，這得益於美國對外交易增長 14%、國際匯款增長 11% 以及 XE 交易增長 8%，但美國境內業務下滑 14% 部分抵消了這一影響。

These transaction growth rates included 33% growth in our direct-to-consumer digital transactions.

這些交易成長率包括我們直接面向消費者的數位交易33%的成長。

Overall, we are very pleased that we have delivered double-digit growth across all consolidated financial metrics.

整體而言，我們非常高興所有綜合財務指標都實現了兩位數的成長。

Moreover, these double-digit growth rates produced operating margin expansions across all three segments.

此外，兩位數的成長率使得三個部門的營業利潤率均有所擴大。

To use an old automotive Maxim, we're hitting on all cylinders.

用一句古老的汽車格言來說，我們正在全力以赴。

Our fourth quarter momentum, growth trajectory and margin results nicely position us for a very good 2025.

我們第四季的動能、成長軌跡和利潤率結果為我們在 2025 年取得非常好的成績奠定了良好的基礎。

With that, I'll go to slide 8 and make a few comments about our balance sheet. slide 8 presents a summary of our balance sheet compared to the prior quarter end.

說完這些，我將轉到第 8 張投影片並對我們的資產負債表發表一些評論。投影片 8 顯示了與上一季末相比我們的資產負債表的摘要。

As you can see, we ended the quarter with $1.3 billion in unrestricted cash and debt of $1.9 billion.

如您所見，本季末我們擁有 13 億美元的無限現金和 19 億美元的債務。

The net decrease in unrestricted cash and cash equivalents is the net result of working capital fluctuations, share repurchases, repayment of short-term borrowings and cash generated from operations.

非限制現金和現金等價物的淨減少是營運資本波動、股票回購、償還短期借款和經營活動產生的現金的淨結果。

This net decrease in debt was due to repayment of short-term borrowings, availability under the company's revolving credit facility was approximately $1.3 billion at year-end compared to $670 million at the end of September.

債務淨減少是由於償還短期借款，年底公司循環信貸額度下的可用金額約為 13 億美元，而 9 月底為 6.7 億美元。

The additional availability under the revolving credit facility was the result of an increase and extension of our credit facility in December from $1.25 billion to $1.9 billion.

循環信貸額度下的額外可用資金是由於我們的信貸額度在 12 月從 12.5 億美元增加並延長至 19 億美元。

The increase in our facility includes a 10 basis point reduction in our borrowing cost and highlights the strength of our banking partnerships and provides additional capital flexibility to continue to grow the business.

我們貸款額度的增加包括借貸成本降低 10 個基點，凸顯了我們銀行合作夥伴關係的實力，並提供了額外的資本靈活性以繼續發展業務。

As many of you know, we have a March 15 put date on our $525 million convertible bonds.

大家可能都知道，我們的 5.25 億美元可轉換債券的到期日是 3 月 15 日。

The indenture requires us to issue a notice next week informing the market of this put date, so you will likely see a procedural 8-K related to the repurchase notice.

契約要求我們下週發出通知，告知市場該賣出日期，因此您可能會看到與回購通知相關的程序性 8-K。

We anticipate that given where the bonds are trading and our current share price that the bondholders will exercise their put option.

我們預計，根據債券的交易情況和當前的股價，債券持有人將行使他們的看跌期權。

We are fortunate to have a strong balance sheet a good cash position, capacity on our revolver and the option to issue another convertible bond among other alternatives.

我們很幸運，擁有強大的資產負債表、良好的現金狀況、循環信貸容量以及發行另一張可轉換債券等選擇。

We are watching the market and have the flexibility to be opportunistic to make the best capital decision for the company.

我們正在關注市場，並靈活地把握機會為公司做出最佳的資本決策。

I'll go to slide 10 now.

我現在要看第 10 張投影片。

As you know, we set adjusted earnings per share guidance range for 2024 at 10% to 15%.

如您所知，我們將 2024 年調整後每股盈餘指引範圍設定為 10% 至 15%。

And we said that we would be working hard to be at the high end or above that range.

我們說過，我們會努力達到或超過這個範圍。

Well, we did exactly what we said by delivering above the high end of the range rounding down to 15% growth year-over-year.

嗯，我們確實做到了我們所說的，實現了高於預期的高成長，年成長 15%。

For the full year '24, we delivered record results across all financial metrics, including consolidated revenue of $4 billion, adjusted operating income of $500 million and adjusted EBITDA of almost $700 million.

24年全年，我們在所有財務指標上都取得了創紀錄的成績，包括綜合收入40億美元、調整後營業收入5億美元、調整後EBITDA近7億美元。

Additionally, if you look more closely at the details behind the $8.61 adjusted EPS, you will see that we benefited from share repurchases.

此外，如果您仔細觀察 8.61 美元調整後每股盈餘背後的細節，您會發現我們受益於股票回購。

You will equally see that interest expense and income tax expense increased year-over-year.

您還會發現利息支出和所得稅支出較去年同期增加。

And further yet, you will see that the increase in interest and taxes was offset by the benefit from share repurchases.

此外，你會看到利息和稅收的增加被股票回購的收益所抵銷。

Essentially boiling down the 15% increase in adjusted EPS attributable to the 16% increase in operating income.

調整後每股收益 15% 的成長本質上歸因於營業收入 16% 的成長。

That's real earnings from real operating growth.

這是實際營運成長帶來的實質收益。

I'd say that's a high quality of earnings growth story.

我想說這是一個高品質的獲利成長故事。

The full year results are largely in line with the fourth quarter, so I won't go through all the details again.

全年業績與第四季業績基本一致，因此我就不再贅述所有細節。

However, I think it bears repeating that we are extremely pleased with the full year record revenue and adjusted earnings per share.

不過，我認為值得重複的是，我們對全年創紀錄的收入和調整後的每股盈餘感到非常滿意。

Driven by operating profits from all three segments, and we saw gross margins and operating margins expand year-over-year.

受三個部門營業利潤的推動，我們看到毛利率和營業利潤率逐年擴大。

Before I wrap up, I want to provide a bit more analysis around our adjusted EPS guidance.

在結束之前，我想對我們的調整後每股盈餘指引提供更多分析。

We expected our ['25] adjusted EPS growth for the full year to be in the 12% to 16% range.

我們預計 ['25] 全年調整後每股盈餘成長率將介於 12% 至 16% 之間。

We are currently forecasting in the first quarter a tax charge of approximately $0.20 to $0.25 per share attributable to state income tax expense related to the nonrecurring first quarter repurchase of the company's convertible bonds.

我們目前預測第一季的稅費約為每股 0.20 美元至 0.25 美元，歸因於與公司第一季非經常性可轉換債券回購相關的州所得稅費用。

This charge has been considered in our full year guidance. but will be recorded in the first quarter, essentially front-loading the tax, which obviously will make the first quarter look a little unusual.

我們已將這項費用納入全年指引之中。但會在第一季記錄，本質上是預先徵收稅款，這顯然會讓第一季看起來有點不尋常。

Further to this point, again, fully considered in our guidance range.

關於這一點，我們再次充分考慮並納入了我們的指導範圍。

This additional tax will push our full year effective tax rate to the upper 20s.

這項額外的稅收將使我們全年的實際稅率升至20%左右。

Excluding this onetime nonrecurring tax items, you will see that our annual effective tax rate is generally expected to be similar to this past year.

除去這些一次性的非經常性稅項，你會發現我們的年度有效稅率預計與去年相似。

It has been another great year at Euronet.

這又是 Euronet 豐收的一年。

And with that, I'll turn it over to Mike.

現在我將把話題交給麥克。

Good morning, everybody, and thank you for joining us.

大家早安，感謝大家的收看。

I'll begin my comments on slide number 15.

我將從第 15 張投影片開始發表評論。

I Well, we did it again.

我好吧，我們又做到了。

We delivered above the high end of the adjusted earnings per share guidance, actually a little better than 15%, but we rounded down to 15%.

我們的業績超出了調整後每股收益預期的高端，實際上略高於 15%，但我們將其四捨五入為 15%。

Moreover, our 2024 results were record results across all consolidated financial metrics, highlighted by operating income of over $0.5 billion with a 16% growth rate year-over-year.

此外，我們 2024 年的業績在所有合併財務指標中均創下了歷史新高，其中營業收入超過 5 億美元，年增 16%。

As we prepared for our 30-year celebration that we had last year was great to reflect on our success.

在我們準備慶祝去年的 30 週年時，回顧我們所取得的成功是件非常美好的事情。

We thought it would be fun to calculate the compounded annual growth rate in revenue.

我們認為計算收入的複合年增長率會很有趣。

Most companies would be proud to say they've grown revenue at 37% compounded growth rate over 30 years as we did, given everything that has happened -- in the past three decades, it is simply a remarkable achievement.

大多數公司都會自豪地說，他們的收入在 30 年內實現了 37% 的複合成長率，考慮到過去 30 年發生的一切，這簡直是一項了不起的成就。

The only time year-over-year revenue did not grow as during the pandemic in 2020 when the world literally shut down.

唯一一次同比收入沒有成長是在 2020 年疫情期間，當時全世界實際上都停擺了。

And even then two of our three segments grew, and we produced positive cash flows from operations of over $100 million.

即便如此，我們的三個部門中還是有兩個實現了成長，並且營運產生了超過 1 億美元的正現金流。

We continue to deliver these strong double-digit earnings growth rates because the principles that helped us grow for the last 30 years have shaped our business, our people and how we serve our customers.

我們之所以能繼續實現強勁的兩位數獲利成長率，是因為過去 30 年來幫助我們成長的原則塑造了我們的業務、我們的員工以及我們服務客戶的方式。

As you can see on the right side of this slide, we also have shown a remarkable ability to see changes in the market and not just adjust but thrive in the face of these changes and challenges.

正如您在這張投影片的右側所看到的，我們還展現出了洞察市場變化的非凡能力，我們在這些變化和挑戰面前不僅進行調整而且蓬勃發展。

While no one knows what the financial landscape might look like in another 30 years, our track record indicates that we will be ready to capitalize on the opportunities ahead.

雖然沒有人知道未來 30 年的金融格局將會如何，但我們的業績記錄表明，我們已準備好抓住未來的機會。

However, as I reflected on our results this year, I could not help but wonder why the market does not always share my enthusiasm about Euronet's results. and our future opportunities.

然而，當我回顧我們今年的業績時，我不禁想知道為什麼市場並不總是和我一樣對 Euronet 的業績感到興奮。以及我們未來的機會。

For instance, an analyst once told me you guys are great operators here at Euronet, but I don't see a future for your model.

例如，一位分析師曾經告訴我，你們是 Euronet 的優秀營運商，但我看不到你們的模式有未來。

That made me realize we need to clarify precisely what we've built and why Euronet is a well-positioned business operating in a very large market with multiple diversified revenue streams poised to produce growth in the future.

這讓我意識到，我們需要明確闡明我們已經建立了什麼，以及為什麼 Euronet 是一家在非常大的市場中運營的具有良好定位的企業，並且擁有多種多樣的收入來源，預計將在未來實現成長。

Let's go on to the next slide, slide number 16.

我們繼續看下一張投影片，即第 16 張投影片。

This is a big one here.

這是一個大問題。

To quickly recap our extraordinary journey, we began our path in the EFT sector by deploying our own ATMs, which quickly expanded to processing for banks, running their ATMs and offering access to ours.

快速回顧我們不平凡的旅程，我們透過部署自己的 ATM 開始了在 EFT 領域的道路，並迅速擴展到為銀行處理業務、運行銀行的 ATM 並提供對我們 ATM 的訪問權限。

But even in those early days, we recognize a tremendous opportunity for innovation.

但即使在早期，我們也意識到了巨大的創新機會。

Today, we operate three segments that each complement one another and represent a collection of assets that have positioned Euronet as a global leader in the payments industry.

今天，我們經營三個相互補充的部門，並代表一系列資產，這些資產使 Euronet 成為支付行業的全球領導者。

Beginning five years ago, we recognized that we had assets and technology that with investment could allow us to double down on our digital endeavors.

從五年前開始，我們就意識到我們擁有資產和技術，透過投資可以讓我們加倍致力於數位化事業。

The result, as you can see on this slide, our revenues surged by an impressive 45% from $2.8 billion to $4 billion between 2019 and 2024.

結果，正如您在這張投影片上看到的，我們的收入在 2019 年至 2024 年間飆升了 45%，從 28 億美元增至 40 億美元。

While our ATM network revenues, the dark blue here that you see on this pie chart, as a percentage of the total revenue decreased from 25% to 19%, it grew by 9%.

雖然我們的 ATM 網路收入（您在這張圓餅圖中看到的深藍色部分）佔總收入的百分比從 25% 下降到了 19%，但仍成長了 9%。

Today, only 19% of our revenue is generated from Euronet owned ATMs.

如今，我們只有 19% 的收入來自 Euronet 擁有的 ATM。

While Euronet-owned ATM revenue is growing, and our other revenue streams are -- but the other revenue streams are growing at a faster pace.

雖然 Euronet 擁有的 ATM 收入正在成長，而且我們的其他收入來源也在成長——但其他收入來源的成長速度更快。

We invested heavily in card acquiring in Ren, Dandelion, Digital Money Transfer, epay, and you can see the results said differently and simply, while I'm very proud of our heritage, we're not just in the ATM business.

我們在 Ren、Dandelion、數位貨幣轉帳、epay 等卡收單領域投入了巨資，您可以看到結果，換句話說，雖然我為我們的傳統感到非常自豪，但我們不僅僅從事 ATM 業務。

Now, let's briefly discuss the global payments market.

現在，讓我們來簡單討論一下全球支付市場。

Based on a 2024 report issued by McKinsey & Company entitled Global Payments in 2024 and the global payment industry handled 3.4 trillion transactions and a revenue pool of $2.4 trillion or just over 13 basis points per dollar process.

根據麥肯錫公司發布的 2024 年報告《2024 年全球支付》，全球支付產業處理了 3.4 兆筆交易，收入池為 2.4 兆美元，即每美元流程略高於 13 個基點。

The market revenue pool is predicted to grow at a rate of 5% per year.

預計市場收入總額將以每年 5% 的速度成長。

Moreover, Euronet has focused on the more profitable subsegments of the market as evidenced in the revenue per dollar process for us being more than 20 times the market average.

此外，Euronet 一直專注於市場上利潤更高的細分市場，我們每美元的收入是市場平均水平的 20 倍以上就是明證。

Euronet revenue grew 10% in 2024, quite as fast as the predicted market rate of growth.

2024 年，Euronet 的營收將成長 10%，與預測的市場成長率相當。

With less than 1% of the overall revenue pool and a focus on higher value payments, we have a lot of room to grow.

由於我們的收入佔總收入的不到 1%，並且專注於更高價值的支付，因此我們還有很大的成長空間。

In the past three decades, we've built an unmatched set of assets, technology and expertise that have positioned us as a global leader in payment processing cross-border payments and foreign exchange.

在過去的三十年裡，我們建立了無與倫比的資產、技術和專業知識，使我們成為跨境支付和外匯支付處理的全球領導者。

The payments industry is growing, and it is not surprising that we are outpacing the market growth.

支付產業正在成長，我們的成長速度超過市場成長速度也就不足為奇了。

What will it take to grow in the future?

未來要實現成長需要什麼？

Well, let's review what the industry experts are saying.

好吧，讓我們回顧一下行業專家的說法。

I'm on slide number 17 now.

我現在在第 17 張投影片。

In the fourth quarter of 2024, the Boston Consulting Group published research surrounding the current state of the payment industry.

2024年第四季度，波士頓顧問集團發布了圍繞支付產業現狀的研究。

The title of the article was Fortune favors the bold.

文章的標題是《幸運眷顧勇者》。

BCG focused on four disruptions within the payments industry that are and will be reshaping the payment landscape.

BCG 專注於支付產業的四大顛覆性事件，這些事件正在並將重塑支付格局。

The first was macroeconomic pressures; second, slowing digital payment conversions from cash to digital, regulatory scrutiny and cost pressures and technological inefficiency.

第一是宏觀經濟壓力；第二，數位支付從現金到數位支付的轉換速度減緩、監管審查和成本壓力以及技術效率低下。

One of the more interesting findings in BCG's research was that cash to digital payment conversion is plateauing.

BCG 研究中一個更有趣的發現是，現金向數位支付的轉換正在趨於平穩。

The BCG research study indicated that payment companies need to adapt to these four disruptions quickly to

BCG 研究表明，支付公司需要迅速適應這四個顛覆性變化，才能

(inaudible).

（聽不清楚）。

As I reflected on this slide, I couldn't help us think we at an advanced copy of this slide four or five years ago.

當我回想起這張投影片時，我不禁想起我們四、五年前就看過這張投影片的預覽版。

The cash to digital plateauing observation, rather we saw it accelerating, which it did.

我們從現金到數位化的進程處於停滯狀態，相反，我們看到它正在加速，事實也確實如此。

But several years ago, we saw the global payments model would be changing, which drove us to develop rent.

但幾年前，我們看到全球支付模式將會改變，這促使我們開發租賃。

Dandelion and Skylight to name some of the more permanent ones.

蒲公英和天窗是其中較永久的兩種。

We weren't just sitting around milking the profits we were investing in the future.

我們不會只是坐享其成地賺取投資未來的利潤。

In response to the need for modern technology, EFT launched Ren in 2019 and Ren is the most versatile real-time POS and ATM switching system and the first modern platform that is database independent, platform independent and micro services architected.

為了滿足現代技術的需求，EFT 於 2019 年推出了 Ren，Ren 是最通用的即時 POS 和 ATM 交換系統，也是第一個獨立於資料庫、獨立於平台和微服務架構的現代平台。

In response to the need to reinvent payments for banks, Money Transfer launched Dandelion in 2021.

為了滿足銀行重塑支付方式的需求，Money Transfer 於 2021 年推出了 Dandelion。

Dandelion is the largest real-time cross-border payments network in the world, enabling payments into billions of bank accounts cash pickup locations and [building] of the wallets worldwide.

蒲公英是世界上最大的即時跨境支付網絡，支援向數十億個銀行帳戶、現金提取地點進行支付，並支援在世界各地建立錢包。

In response to the need to strengthen risk and compliance functions, you might remember, we have a pristine record there ourselves through our money transfer business.

為了滿足加強風險與合規職能的需要，您可能還記得，我們​​透過匯款業務本身擁有完美的記錄。

We launched Skylight.

我們推出了 Skylight。

Skylight is a proprietary compliance solution launched in 2023.

Skylight 是一款專有合規解決方案，於 2023 年推出。

Finally, in response to the need to engage in emerging infrastructure, Euronet has built a powerful network of assets all over the world.

最後，為了回應參與新興基礎設施的需要，Euronet在全球建立了強大的資產網路。

Our network covers all three segments that includes over 50,000 ATMs, access of 4.1 billion bank accounts, 3.1 billion wallet accounts and over 600,000 physical locations to send and receive money.

我們的網路涵蓋所有三個部分，包括超過 50,000 台 ATM、41 億個銀行帳戶、31 億個錢包帳戶和超過 600,000 個用於發送和接收資金的實體地點。

We're connected to over 250 banks, all the major RTP systems.

我們與超過 250 家銀行以及所有主要的 RTP 系統都有連線。

And wallets essentially, we offer our customers the ability to get money in and out of the network in whichever form they want, and it's not just the network, it's foreign exchange as well.

本質上，錢包讓我們能夠以任何他們想要的形式將資金存入或取出網絡，不僅僅是網絡，還有外匯。

The FX, licenses, compliance and settlements to handle any form of payment domestic and cross-border.

外匯、許可證、合規和結算，處理任何形式的國內和跨境支付。

Our assets represent our strength and a significant barrier to market entry for new competition.

我們的資產代表了我們的實力，也是新競爭對手進入市場的重要障礙。

It takes time.

這需要時間。

It takes money and expertise to establish the infrastructure that we have built in 67 countries to get payments all over the world.

我們在 67 個國家建立了基礎設施，用於在世界各地收取付款，這需要資金和專業知識。

As I mentioned earlier, these key areas for long-term success are BCG suggestions for industry participants to implement today.

正如我之前提到的，這些長期成功的關鍵領域是 BCG 向產業參與者提出今天應實施的建議。

However, Euronet has already checked all of these boxes.

然而，Euronet 已經檢查了所有這些框框。

In fact, we started checking them five years ago to establish Euronet as an industry leader.

事實上，我們五年前就開始檢查它們，以確立 Euronet 的行業領先地位。

Our motto is lead, follow or get out of the way.

我們的座右銘是引領、跟隨，否則就讓開。

And as you can see, we chose to

正如你所看到的，我們選擇

[lead].

[帶領]。

Now, I'm on slide number 18.

現在我講的是第 18 張投影片。

Now, let's get a little bit more visibility into our specific strategic growth drivers.

現在，讓我們更深入地了解我們的具體策略成長動力。

But aside from our products and markets, let's not overlook our strong balance sheet and investment-grade credit rating and a $1.9 billion credit facility.

但除了我們的產品和市場之外，我們不能忽視我們強勁的資產負債表和投資等級信用評級以及 19 億美元的信貸額度。

When coupling financial strength of world-class assets, technology and products in a huge market, we are well positioned to continue strong double-digit growth well into the future.

當我們將世界一流的資產、技術和產品的財務實力與巨大的市場結合時，我們完全有能力在未來繼續保持強勁的兩位數成長。

As you can see here, our business model is built on two key revenue pillars, that will continue to expand as payment functionality evolves and becomes more and more global.

正如您所看到的，我們的商業模式建立在兩個關鍵的收入支柱之上，隨著支付功能的發展和全球化程度的提高，這兩個支柱將繼續擴大。

The first pillar is the payment and transaction processing pillar with which we facilitate high-volume transactions for banks, merchants and branded partners, continually expanding our use cases to stay aligned with evolving demand.

第一個支柱是支付和交易處理支柱，我們藉此為銀行、商家和品牌合作夥伴提供大批量交易，並不斷擴展我們的用例以滿足不斷變化的需求。

The second is cross-border and foreign exchange, with which we power our FX-related use cases and distribute foreign exchange services through a mix of owned and third-party channels spanning both physical and digital touch points to meet consumer business payment needs.

第二是跨國和外匯，我們藉此支援與外匯相關的用例，並透過涵蓋實體和數位觸點的自有和第三方管道組合分發外匯服務，以滿足消費者的商業支付需求。

Hopefully, you can see how the combination of payments cross-border, and FX enables us to produce revenues -- revenues per dollar moved at more than 20 times the global payments average.

希望您能夠看到跨境支付和外匯的結合如何使我們能夠創造收入——每美元的收入是全球支付平均水平的 20 倍以上。

While the method have and will likely continue to evolve.

而該方法已經並將繼續發展。

We believe it is fairly safe to say that people will always need to make payments.

我們相信可以肯定地說，人們總是需要付款。

Euronet will continue to lead the way wherever, whenever and however people want to pay or move money.

無論何時何地，無論何種方式，Euronet 都將繼續引領支付或轉移資金的潮流。

Now, let's move to slide number 19, and I'll bring out the specific elements of each revenue pillar for each segment, beginning with EFT. slide number 19.

現在，讓我們轉到第 19 張投影片，我將從 EFT 開始，介紹每個細分市場的每個收入支柱的具體要素。投影片編號 19。

In EFT, our focus on expanding the core services that we provide to banks and fintechs are led by these can be seen by these five categories -- in these five categories in five areas.

在 EFT 方面，我們專注於擴展為銀行和金融科技提供的核心服務，這些服務可以從這五個類別中看出——這五個類別分為五個領域。

First, expansion of fees, including price increases in domestic and international interchange and the introduction of domestic and international access fees into additional markets.

第一，擴大收費範圍，包括提高國內和國際交換的價格以及在其他市場開徵國內和國際接入費。

We have real-time payment process.

我們有即時支付流程。

We have expansion of our card and POS acquiring business, which grew profits at over 300% over the last three years.

我們擴大了卡片和 POS 收單業務，過去三年利潤成長了 300% 以上。

We're taking advantage of ATM as a service opportunities and serving customer to business payment needs.

我們正在利用 ATM 作為一種服務機會並滿足客戶對企業的支付需求。

This quarter, we were able to expand our ATM as a Service offering to the Baltic.

本季度，我們能夠將 ATM 即服務擴展到波羅的海地區。

The governments in these countries like many others have mandated the banks give customers the option to access physical cash and the bank recognizes that they could accomplish this with better technology at a lower cost by utilizing our platform.

與許多其他國家一樣，這些國家的政府也要求銀行向客戶提供獲取實體現金的選擇，而銀行認識到，透過利用我們的平台，他們可以以更好的技術以更低的成本實現這一目標。

In Merchant acquiring in the fourth quarter, we added more than 8,000 traditional POS terminals and more than 2,000 merchants with a digital POS solution.

在第四季的商家收單方面，我們增加了 8,000 多個傳統 POS 終端，並增加了 2,000 多個採用數位 POS 解決方案的商家。

Finally, in 2024, we saw regulation change in several markets, which allowed us to introduce domestic and international direct access fees.

最後，在 2024 年，我們看到幾個市場的監管發生了變化，這使我們能夠引入國內和國際直接准入費。

We expect to be able to add several more markets in 2025, increasing our revenue-generating potential.

我們預計到 2025 年將能夠增加更多市場，從而提高我們的創收潛力。

The revenue opportunities in the EFT segment continued to grow, driven by a strong asset base in an industry-leading modern technology platform that can serve banks and fintechs well into the future.

由於行業領先的現代技術平台的強大資產基礎，電子資金轉帳領域的收入機會持續增長，該平台可以為銀行和金融科技公司提供良好的未來服務。

I am confident in our ability to continue to grow the profits of this business at strong double-digit rates in 2025 and beyond.

我相信我們有能力在 2025 年及以後繼續以強勁的兩位數速度增長該業務的利潤。

Now, I'm on slide number 20, we'll talk about

現在，我在第 20 張投影片上，我們將討論

[e-pay].

[電子支付]。

As I mentioned last quarter, epay is a perfect example of our ability to utilize our assets to create new revenue-generating opportunities from our early beginnings of converting prepaid mobile scratch cards to digital pins to our diversification from prepaid mobile airtime distribution to processing of third-party branded content, epay has always been a pioneer in the industry.

正如我上個季度提到的，epay 完美地體現了我們利用資產創造新創收機會的能力，從早期將預付費行動刮刮卡轉換為數位密碼，到從預付費行動通話時間分配到處理第三方品牌內容的多元化，epay 一直是業界的先驅。

Epay continues to offer consumers and businesses, omnichannel distribution opportunities, for our branded payments partners.

Epay 持續為我們的品牌支付合作夥伴提供消費者和企業全通路分銷機會。

In the fourth quarter, our epay team signed an agreement with Blizzard Entertainment for code distribution for global digital brands.

第四季度，我們的epay團隊與暴雪娛樂簽署了為全球數位品牌分發程式碼的協議。

We also expanded our payment process through a new agreement with Amazon Pay to launch a new gift card service.

我們還透過與 Amazon Pay 達成的新協議擴展了我們的支付流程，並推出了新的禮品卡服務。

This initiative introduces a dedicated gift card section within Amazon Pay offering a fresh avenue for customer engagement and distribution of gift cards with local retail brands.

這項措施在亞馬遜支付中引入了專門的禮品卡部分，為客戶參與和與當地零售品牌分銷禮品卡提供了新的途徑。

Finally, we signed an agreement with Evolve Bank to provide transaction monitoring and anti-money laundering reporting capabilities using our Sky lock compliance as a service solution.

最後，我們與 Evolve Bank 簽署了一項協議，使用我們的 Sky lock 合規即服務解決方案提供交易監控和反洗錢報告功能。

Now, let's move to the next slide, and we'll discuss Money Transfer.

現在，讓我們進入下一張投影片，討論匯款。

As we discuss the Money Transfer segment, I would like to highlight Dandelion as a key growth engine into the future with access to over four billion bank accounts, three billion wallet accounts and 600,000 physical locations worldwide,

當我們討論匯款業務時，我想強調蒲公英是未來的關鍵成長引擎，它可接入全球超過 40 億個銀行帳戶、30 億個錢包帳戶和 60 萬個實體網點，

Dandelion stands as the most strategic cross-border network for moving money globally.

蒲公英是全球最具戰略意義的跨國資金轉移網絡。

Beyond traditional family remittance services, Dandelion allows us to tap into a new cross-border payment markets unlike -- unlocking opportunities in a $15 trillion industry nearly 20 times the size of the remittance market.

除了傳統的家庭匯款服務之外，蒲公英也讓我們能夠進入一個不同於以往的全新跨國支付市場，釋放出價值 15 兆美元、幾乎是匯款市場規模 20 倍的產業機會。

With our superior product and competitive DNA, we are well positioned to capture market share as banks and businesses recognize the value of this offering.

憑藉我們優質的產品和競爭優勢，隨著銀行和企業認識到此產品的價值，我們有能力佔領市場份額。

Now, let's dive into the standout money transfer performance in the fourth quarter.

現在，讓我們深入了解第四季的突出匯款表現。

There were results were not being short of exceptional, underscoring our leadership in the marketplace and the growing momentum across our global distribution channels.

我們的業績非常出色，凸顯了我們在市場上的領導地位以及全球分銷管道的成長勢頭。

Our Money Transfer segment delivered outstanding results this quarter, reinforcing our market leadership and momentum.

我們的匯款部門本季取得了出色的業績，鞏固了我們的市場領導地位和發展勢頭。

We achieved double-digit transaction growth with the core business outpacing market growth by 2.5 times.

我們實現了兩位數的交易成長，核心業務成長超過市場成長2.5倍。

Our digital transactions grew 33% compared to the prior year, and our digital payout grew 31% compared to the prior year.

我們的數位交易額比上年增長了 33%，數位支付額比上年增長了 31%。

Representing 54% of our total volumes.

占我們總量的54%。

That's a big asset that people just don't get.

這是人們尚未意識到的一筆巨大財富。

Moreover, our strategic partnerships and geographical expansion remains central to our success.

此外，我們的策略夥伴關係和地理擴張仍然是我們成功的關鍵。

A prime example is our collaboration with PLS Financial Services, which launched in the third quarter.

一個典型的例子就是我們與 PLS Financial Services 的合作，該合作於第三季啟動。

Our first full quarter post launch lived up to expectations, yielding substantial volume with transactions in 160 countries and territories.

我們推出後的第一個完整季度不負眾望，在 160 個國家和地區實現了可觀的交易量。

On the back of this launch, we have signed two additional check cashing chains.

在此次推出之後，我們又簽了另外兩條支票兌現連鎖店。

On the geo expansion front, we are increasing our remittance TAM by expanding to Mexico, Philippines, and Thailand, outbound markets.

在地理擴展方面，我們正在透過向墨西哥、菲律賓和泰國等出境市場擴展來增加我們的匯款 TAM。

To wrap up money transfer, let's discuss Dandelion wholesale, our cutting-edge cross-border payments platform, which continues to power major players in the industry.

為了結束匯款，讓我們來討論我們的尖端跨境支付平台蒲公英批發，它繼續為行業的主要參與者提供支援。

A prime example of this was the launch of a new digital outbound service partner in the fourth quarter, [Alkali] Bank in the UAE, the second largest outbound market in the world according to the World Bank.

一個典型的例子是第四季在阿聯酋推出了新的數位出站服務合作夥伴[Alkali] Bank，根據世界銀行的數據，阿聯酋是全球第二大出站市場。

With our expanding sales team driving more deals, our pipeline is stronger than ever with growing momentum, signing four new partners in the fourth quarter, Guavapay, a UK based payment providers serving customers and SMEs, orbit remit, a leading digital MSB in New Zealand and Australia, Panda remit.

隨著我們不斷成長的銷售團隊推動更多的交易，我們的管道比以往任何時候都更加強大，發展勢頭強勁，第四季度簽約了四個新的合作夥伴，包括服務於客戶和中小企業的英國支付提供商Guavapay、新西蘭和澳大利亞領先的數位MSB orbit remit、以及Panda remit。

An MSB headquartered in Singapore originating transactions from 39 countries with a strong position in Asia.

一家總部位於新加坡的 MSB，其交易來自 39 個國家，在亞洲擁有強大的地位。

And finally, we are excited to announce our new partnership with Ant Financial our International, one of the largest and most innovative fintechs in the world.

最後，我們很高興地宣布與螞蟻金服國際建立新的合作關係，螞蟻金服國際是全球最大、最具創新性的金融科技公司之一。

Finally, we currently originate transfers from about 60% to 65% of the global remittance market.

最後，我們目前負責全球匯款市場約 60% 至 65% 的轉帳。

It's those markets where we have licenses to have an outbound sand.

正是在這些市場上，我們擁有出口許可證。

Similar to Ria's expansion history, we will continue to expand to new markets, whereby in the next few years, we expect to be at about 80% to 85% of the market with licenses essentially more than 30% growth opportunity from market expansion alone.

與 Ria 的擴張歷史類似，我們將繼續向新市場擴張，在未來幾年內，我們預計市場份額將達到約 80% 至 85%，而僅從市場擴張來看，許可證的成長機會就超過 30%。

Hopefully, you can see that there is a clear path here of continued growth in the Money Transfer segment.

希望您能看到，匯款領域持續成長的清晰路徑。

Let's move on to the next slide, and we'll wrap up the quarter.

讓我們進入下一張投影片，我們將結束本季。

So, after all this activity over 30 years, the two fundamental revenue-generating pillars that we have discussed are at the core of our success.

因此，經過 30 多年的活動，我們討論過的兩個基本創收支柱是我們成功的核心。

First, it's payment and transaction processing.

首先，是支付和交易處理。

And the second is cross-border and foreign exchange.

第二是跨境和外匯。

As I mentioned earlier, our leadership team continues to deliver a strategy that checks all of the boxes for long-term growth as suggested by the Boston Consulting Group.

正如我之前提到的，我們的領導團隊將繼續執行波士頓顧問集團建議的、符合長期成長所有條件的策略。

Moreover, we will continue to leverage on our fundamental revenue-generating pillars of strength to grow.

此外，我們將繼續利用我們的基本創收支柱來實現成長。

Our revenue mix continues to shift as we make investments, acquire companies and launch new products.

隨著我們進行投資、收購公司和推出新產品，我們的收入結構不斷改變。

In 2024, only 19% of our $4 billion in revenue was from our ATM network.

到 2024 年，我們的 40 億美元收入中只有 19% 來自 ATM 網路。

As we have explained, we have a robust and diversified business model that plays in a $2.4 trillion revenue global payments market with essentially endless potential for growth. supporting our model, we have our core assets.

正如我們所解釋的，我們擁有強大而多元化的商業模式，在收入達 2.4 兆美元的全球支付市場中發揮作用，並且具有無限的成長潛力。支撐我們的模式，我們有我們的核心資產。

We have our Ren technology, our Dandelion network, our proprietary and embedded compliance expertise.

我們擁有自己的 Ren 技術、自己的 Dandelion 網路以及自己的專有和嵌入式合規專業知識。

Global footprint of licensed and regulated industries -- I mean, entity, distribution partners in the form of banks, retailers, company-owned stores, ATMs and POS terminals.

許可和監管行業的全球足跡——我的意思是，以銀行、零售商、公司自營商店、自動櫃員機 (ATM) 和 POS 終端形式出現的實體、分銷合作夥伴。

We have solid earnings and a very robust balance sheet that can support future growth initiatives.

我們擁有穩健的獲利和非常強勁的資產負債表，可以支持未來的成長計畫。

And our people, the best I could ask for was a proven winning track record and unbending ethics.

而對於我們的員工，我所能要求的最好東西就是擁有公認的成功記錄和堅定的道德準則。

One thing is to have these assets in one or two markets, but a completely different game is to have them at scale at a global level.

在一兩個市場擁有這些資產是一回事，但在全球範圍內大規模擁有這些資產則完全是另一回事。

As we said, there are high barriers to entry to be in a position to go after this immense market.

正如我們所說，要進入這個巨大的市場，門檻很高。

We are not in the building mode.

我們尚未處於建設模式。

We are in the execution mode and extremely well equipped to do so.

我們正處於執行模式，並且擁有極佳的執行能力。

Our business stands on the foundation of these assets, and we have a go-to-market strategy for our revenue pillars through our three different segments, enabling Euronet to reach the world of payments, transaction processing, cross-border payments, foreign exchange and so forth through our network of networks.

我們的業務建立在這些資產的基礎上，並透過三個不同的部門為我們的收入支柱制定了市場進入策略，使得Euronet能夠透過我們的網路覆蓋支付、交易處理、跨境支付、外匯等各個領域。

We are currently growing 2 times faster than the global payments market rate of growth, and we expect that to continue.

我們目前的成長速度是全球支付市場成長速度的兩倍，而且我們預計這種成長速度還會持續下去。

As I conclude my remarks, I want to repeat, we look forward to another great year in 2025 with a pipeline of opportunities to drive our results.

在結束我的演講之前，我想重複一遍，我們期待 2025 年將是另一個偉大的一年，並擁有大量機會來推動我們的業績。

We expect another strong year in 2025 with a 12% to 16% earnings growth.

我們預計 2025 年將是另一個強勁成長的一年，獲利成長率將達到 12% 至 16%。

With that, I'll be happy to take questions.

我很樂意回答您的問題。

Operator, will you please assist?

接線員，可以幫忙嗎？

(Operator Instructions) Rayna Kumar, Oppenheimer.

（操作員指示）雷娜·庫馬爾（Rayna Kumar），奧本海默。

Mike and Rick, nice results here.

麥克和里克，這裡的結果很不錯。

Could you talk a little bit about what gave you confidence in raising your initial EPS outlook for 2025?

您能否稍微談談是什麼讓您有信心上調 2025 年每股收益的初始預期？

And if you can help us understand what are the drivers by segment that your 12% to 16% EPS growth implies?

您能否幫助我們理解，12% 至 16% 的每股盈餘成長所暗示的細分驅動因素是什麼？

Well, let's not forget.

好吧，我們別忘了。

We -- I think we hit the number for this year, like 15.3%.

我認為我們今年已經達到了這個數字，例如 15.3%。

So we hit the high end of our 10% to 15% range last year.

因此，去年我們的成長率達到了 10% 到 15% 的高點。

We've got all the assets that I've just talked about for the last half hour, and we've got momentum really in all three business segments.

我們擁有我過去半小時談到的所有資產，而且我們在三個業務領域都擁有強勁發展勢頭。

So it isn't one thing in particular.

所以這並不是某一件事。

\

\

I've itemized them in my comment each of the three.

我在我的評論中對這三者都進行了逐一列舉。

But we just got a really strong backlog and a lot of momentum in all three segments.

但我們在三個領域都獲得了非常強勁的積壓訂單和巨大的發展勢頭。

So particularly our digital segment, I mean that stuff growing like a friggin weed, 30%-plus in all those kinds of areas.

特別是我們的數位領域，我的意思是這些東西像野草一樣迅速成長，在所有這些領域的成長率都超過 30％。

And we just -- I can just I don't think it's any one thing, Rayna, I mean you get things like an EFT where we're getting where we've got -- our merchant services is growing like crazy, it grew 300% over the last three years.

而且我們只是——我只是不認為這是任何一件事，雷娜，我的意思是你得到像 EFT 這樣的東西，我們正在得到我們所得到的——我們的商家服務正在瘋狂增長，在過去三年中增長了 300%。

We do our ATM as a Service business, more and more banks are being mandated by their governments to provide easy access to cash to their customers, and they -- at each bank have recognized that we can do this for them better than they can do it themselves.

我們開展 ATM 服務業務，越來越多的銀行受到政府的強制要求，為客戶提供便捷的現金取得方式，每家銀行都意識到，我們可以比他們自己做得更好。

And then, of course, we have our own ATM network ourselves or we've got lots of -- of DAP and other things changing to our benefit interchanges and so forth.

當然，我們有自己的 ATM 網絡，或者我們有很多 DAP 和其他東西正在轉變為我們的利益交換等等。

And then you go to epay, continue to -- we're locked in with all these big brands in the world. and they keep bringing us to new markets.

然後你進入epay，繼續——我們與世界上所有這些大品牌鎖定在一起。他們不斷將我們帶向新的市場。

And that's very exciting.

這非常令人興奮。

We've got that Skylight product where we now have really kind of our second -- our second customer for that.

我們已經擁有了 Skylight 產品，現在我們實際上已經有了第二個客戶。

We've pioneered this with a similar kind of solution for Kroger, some number of years ago.

幾年前，我們曾為 Kroger 率先提供類似的解決方案。

Now, we've productized that and we're making this available to banks.

現在，我們已經將其產品化並提供給銀行。

And we've signed our first bank, and then you go to money transfer, shoot.

我們已經簽署了第一家銀行，然後您就可以進行匯款了。

Look at that, 33% growth in our digital payments, 30%, I forgot what it was 31% or something like that percent.

看看，我們的數位支付成長了 33%，30%，我忘了是 31% 還是類似的百分比。

That we're paying out now into digital channels, of which we have $3.1 billion.

我們現在向數位管道支付的費用為 31 億美元。

I mean it's just across the board, we have a lot of stuff cooking.

我的意思是，這一切都是針對所有人而言的，我們正在烹飪很多東西。

Yes, that's great.

是的，太棒了。

Very helpful.

非常有幫助。

And then if we can just get any help on our models, just how growth looks by segment?

那麼，如果我們能在我們的模型上獲得任何幫助，那麼按部分來看增長情況如何？

And anything you can say on your

你可以在

(inaudible)?

（聽不清楚）？

No.

不。

Well, again, we will put in ATMs where we can make money.

好吧，我們再說一遍，我們會在可以賺錢的地方安裝 ATM 機。

The new markets are still streamingly these developing markets.

新興市場仍源源不絕地湧入這些發展中市場。

They're going to have cash for the next maybe ever, and not just the next 20 years.

他們可能有足夠現金維持未來一生，而不僅僅是未來 20 年。

And so those new markets are certainly expansion areas -- but I won't -- we'll just keep putting ATMs in where they're profitable.

因此，這些新市場肯定是擴張領域——但我不會——我們只會繼續在有利可圖的地方安裝 ATM。

And we still see that as as a big profit center for us and growth area.

我們仍然認為這是我們的一大利潤中心和成長領域。

And the interesting thing is the rest of the company is keeping up or overtaking it.

有趣的是，該公司的其他公司正在跟上或超越它。

So we're -- and you saw that.

所以我們—你也看到了。

Our revenues in this -- in 2019 were 25% of our revenues.

2019 年，這項業務的收入占我們總收入的 25%。

And now we're down to 19%, while we grew our total revenue by 45%.

現在我們的收入下降到了 19%，而我們的總收入卻增加了 45%。

So it's just the whole company is growing around the world, and we're pretty excited.

所以整個公司正在全球發展，我們感到非常興奮。

You'll have to fill in your own sales and your spreadsheet.

您必須填寫自己的銷售額和電子表格。

Rayna, what I would offer without giving you a bunch of numbers, as Mike said, the business is doing well.

Rayna，我不會給你一堆數字，正如 Mike 所說，業務進展順利。

We were fortunate to have a great deal of consistency, which brought -- is brought about because of a lot of good diversity in our business.

我們很幸運能夠保持高度的一致性，這是因為我們的業務具有很大的多樣性。

We're a very geographically diverse business.

我們的企業地理分佈非常多元化。

We've got very diverse consumer products ranges from direct-to-consumer working with banks and things like that.

我們的消費產品種類繁多，包括與銀行合作直接面向消費者的產品等等。

So I would tell you, I would expect to see similar kinds of results.

所以我會告訴你，我希望看到類似的結果。

Again, this past year, we grew operating income 16%.

去年，我們的營業收入再次成長了 16%。

Each of the businesses contributed to that growth.

每項業務都為這一成長做出了貢獻。

So given that we've got good momentum, we would expect to see similar continuity as we go into '25.

因此，鑑於我們擁有良好的勢頭，我們預計在進入25年時將看到類似的連續性。

And again, as Mike said, mathematically, we were slightly above 15.0%.

正如麥克所說，從數學上講，我們略高於 15.0%。

So look, we're -- as we said last year, throughout the year.

所以你看，我們—就像我們去年說的，全年都是這樣。

We were driving to be at or above the range.

我們正在努力達到或超過這個範圍。

And you know what, we delivered that we actually delivered outside of the range, above the range.

你知道嗎，我們實際上交付了超出範圍的成果。

So I think there's a number of things there in terms of the confidence of our business continuity of the business will give us the ability to achieve excellent results.

因此，我認為，就我們對業務連續性的信心而言，有許多因素將使我們有能力取得優異的成績。

Gus Gala, Monness, Crespi, Hardt & Company.

格斯加拉（Gus Gala）、蒙內斯（Monness）、克雷斯皮（Crespi）、哈特（Hardt）及公司。

Mike & Rick nice job on the quarter of the year.

Mike 和 Rick 在本季表現出色。

Can we start off on money transfer -- anything you're -- I mean, clearly, you're all growing the industry very nicely.

我們可以從匯款開始嗎？

Digital continues to.

數位化仍在繼續。

I think it's like fourth quarter of Color-branded transactions.

我認為這就像第四季度的彩色品牌交易。

Anything you're seeing intra-quarter domestically in terms of foot traffic and brick-and-mortar, any insight into that?

就國內客流量和實體店而言，您觀察到本季內的情況如何？

And then just longer term in money transfer, how should we be thinking just not to get like the number exactly, but the puts and takes of -- you have more and more digital, which seems to be margin accretive, we've heard on prior calls.

然後，從長期來看，在匯款方面，我們應該如何思考，不僅僅是獲得確切的數字，而且還有越來越多的數位化，這似乎可以增加利潤，我們在之前的電話會議上已經聽說過。

You're going to be going into more GOs.

您將會進入更多的 GO。

We have less share so -- or some going to be lower contribution margin versus growing share in existing markets?

那麼，我們的份額減少了——或者與現有市場中不斷增長的份額相比，貢獻利潤率會更低嗎？

So that's my first one.

這是我的第一個。

I have a follow-up.

我有一個後續問題。

Okay.

好的。

So a quick comment on your last comment.

我對您的最後一則評論做一下簡短的評論。

As you go into new geos, a lot of times, the GOs may only have one player or two players.

當你進入新的地理區域時，很多時候，GO 可能只有一名玩家或兩名玩家。

So what you actually find when you go into a new geo as your margins are fatter.

因此，當您進入一個新的地區時，您實際上會發現您的利潤率更高。

Because you've got either a monopoly or an oligopoly there and they're basically milking the market.

因為那裡要不是壟斷，就是寡占，他們基本上是在榨取市場利潤。

And so then we entered the market.

於是我們就進入了市場。

And we kind of equalize that, but even we can be a little bit cheaper and still get a ton of market share and be higher than our average around the world.

我們在某種程度上平衡了這一點，但即使價格稍微便宜一點，我們仍然可以獲得大量的市場份額，並且高於我們在全球的平均水平。

So money transfer is -- we've got some long-term opportunities getting into new geos, and then we're going to just keep growing like we have in the current geos and having all the touch points for payout is really our single most biggest asset.

因此，匯款是——我們有一些進入新地區的長期機會，然後我們將像在當前地區一樣繼續成長，而擁有所有支付接觸點實際上是我們最大的資產。

And I would add to that is our fundamental operating structure, we work off of a single platform each time we go into a market, we're not having to redevelop the process.

我想補充的是，這是我們的基本營運結構，每次我們進入一個市場時，我們都基於單一平台開展工作，無需重新開發流程。

We leverage our technology across these businesses.

我們在這些業務中充分利用我們的技術。

Even, for example, we don't have to set up different customer service centers because we use applications to -- to toggle between languages.

舉例來說，我們甚至不需要設立不同的客戶服務中心，因為我們使用應用程式來在語言之間切換。

And so we're -- our operations are fitted.

所以我們的行動很順利。

And again, we're not -- we haven't just gone into our first country.

再說一遍，我們還沒有進入我們的第一個國家。

We've got 60-some countries.

我們有 60 多個國家。

We've been doing this for years.

我們已經這樣做很多年了。

So each time we roll into another market, we're not starting from ground zero.

因此，每次我們進入另一個市場時，我們並不是從零開始。

We're simply leveraging the consistent infrastructure that we have that's been made even more efficient by some of the more technology types of things we roll out.

我們只是利用現有的一致基礎設施，而我們推出的一些技術類型的產品使這些基礎設施變得更有效率。

As Mike said, we're able to go in there, offer a good value proposition, probably better than a couple of the folks that have dominated those markets and melted them before.

正如麥克所說，我們能夠進入那裡，提供良好的價值主張，可能比之前主導這些市場並將其融化的幾個人更好。

And so it works out nicely.

所以一切進展順利。

And if you look back at Ria, we acquired Ria and it was -- there were 40,000-some locations -- we were -- it was principally a US-based outbound kind of business, right?

如果你回顧 Ria，我們收購了 Ria，它有 40,000 多個門市，它主要是美國的出境業務，對嗎？

We're all over the world, and we continue to grow those margins.

我們的業務遍布世界各地，並且我們的利潤仍在持續增長。

So I think that we're well positioned at the advantage of that as we go on.

所以我認為，隨著我們繼續前進，我們將佔據有利地位。

Those comments are really helpful.

這些評論確實很有幫助。

And on the -- not the (inaudible) on the 12% to 16% guide, how we took it last year, that 10% to 15% bogey seemed like a medium-ish frame, medium time frame meeting run framework should we be taking the 12% to 16% not replace 10%, 15% a good number we kind of have in the out years in our model.

關於——不是（聽不清楚）12% 到 16% 的指導方針，我們去年是如何採取的，10% 到 15% 的基準似乎是一個中等框架，中等時間框架符合運行框架，我們應該採取 12% 到 16% 而不是取代 10%、15% ，這是我們模型中前幾年的一個好數字。

And with that, I'll jump back into queue.

說完這些，我又回到了隊列。

You look our average over the last 20 years, including the ugly years of COVID, was 13.5%.

你看，過去 20 年（包括 COVID 疫情最嚴重時期）的平均值是 13.5%。

And if you take COVID out, it's going to be a lot higher than that.

如果除去 COVID，數字還會高很多。

So I'm hoping that we could stick to 12% to 16% for a long time.

所以我希望我們能夠長期堅持 12% 到 16% 的水平。

And if I can get that higher, I'll get that higher.

如果我能把它提高，我就會把它提高。

Also, I like to also share -- somebody can ask this question, so I'll answer it in advance.

另外，我也喜歡分享——有人可能會問這個問題，所以我會提前回答。

There's been a lot of action going on in the press about immigration.

媒體上有很多關於移民議題的報導。

And so we went back and we looked through Trump One, which had similar kinds of no variety.

於是我們回去查了川普一號，裡面有類似的，但沒有品種。

And we found that it actually Trump One really did not affect our Monet Transfer business at all.

我們發現川普一號實際上並沒有對我們的 Monet Transfer 業務產生任何影響。

In fact, what we see is the biggest contributor to strong money transfer growth is a strong economy.

事實上，我們看到強勁的貨幣轉移成長的最大貢獻者是強勁的經濟。

At the end of the day, a strong economy means more just for more people, including people who have families overseas.

總而言之，強勁的經濟意味著能為更多的人帶來更多利益，包括在海外有家人的人。

So if you believe that we can have a good strong economy going forward, then we're going to be a lot better off in Money Transfer.

因此，如果您相信我們未來能夠擁有強勁的經濟，那麼我們在匯款方面將會做得更好。

You can go on to the next question.

你可以繼續回答下一個問題。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

The results, I think, speak for themselves.

我認為結果是不言而喻的。

The business mix on slide 16 is really helpful.

投影片 16 上的業務組合確實很有幫助。

Is there any way to think about some of your newer initiatives such as Ren, Dandelion and those Skylights very small?

您是否認為您的一些新舉措，例如 Ren、Dandelion 和 Skylights 都非常小？

Well, Scott, just kind of started, you're right.

嗯，史考特，才剛開始，你是對的。

I mean if you just look at the two pie charts, I mean, it's hard to see from looking at them, but when you grow 45%, even -- and don't forget COVID was in the middle where we went to [hail], okay?

我的意思是，如果你只看這兩個餅圖，從它們身上很難看出什麼，但是當你增長 45% 時，甚至——別忘了 COVID 就在我們去 [冰雹] 的中間，好嗎？

It shows that each of those are growing.

這表明每個因素都在增長。

Epay's growing, it's [29%] and 28%, but it's now 45% bigger.

Epay 正在成長，分別為 [29%] 和 28%，但現在已成長 45%。

So we will see -- I think we're going to see -- the way Ren works is these are transaction-based licenses.

所以我們會看到——我想我們會看到——Ren 的工作方式是基於交易的許可證。

So as as the banks to sign up with us, sign up, they have kind of almost a hyperbolic curve for issuance of cards or doing real-time payments or whatever it is.

因此，當銀行與我們簽約時，他們在發行卡或進行即時支付或其他任何事情時，都有幾乎雙曲線的曲線。

So you end up making more money every year than you did the prior year.

因此，你每年賺的錢都會比前一年多。

So you'll just see a bigger and bigger contribution there.

因此你會看到那裡的貢獻越來越大。

Got it.

知道了。

Understood.

明白了。

And then just broadly on Ren, I think most of the business is outside of the US.

就任正非而言，我認為其大部分業務都在美國以外。

Just what's the market perception on that on that business and kind of what -- how are you thinking of the growth opportunity there?

市場對該業務的看法如何？

Yes.

是的。

So the growth oppertunity -- the first place that we were able to sell this is into Asia.

因此，成長機會－我們能夠銷售該產品的第一個地方是亞洲。

And why is that?

這是為什麼呢？

Because Asia is -- when it comes to banking, they're way more technologically advanced than the US.

因為亞洲在銀行業方面的科技比美國先進得多。

And they've got real-time payment systems across most of those countries.

他們在大多數國家擁有即時支付系統。

We pioneered RTP actually with the first settlement system for UPI which is the big real-time payment switch in India like 15 years ago.

實際上，我們率先推出了 RTP，這是 15 年前印度最大的即時支付轉換系統 UPI 的第一個結算系統。

So we have a lot of expertise there.

我們在這方面擁有豐富的專業知識。

That's now moving to the rest of the world.

如今這一趨勢正在向世界其他地區蔓延。

We finally have Fed now in the US, we'll be able to go to customers here in the US now that, that was kind of a -- we'll just call it a nascent version of that was launched last summer.

現在我們終於在美國有了 Fed，我們可以去美國服務客戶了，這是一種——我們稱之為去年夏天推出的一個初期版本。

And so -- and we've got several deals that we're cutting in the US as well.

所以—我們也在美國達成了幾項交易。

But we actually didn't even deploy sales guys in the US for two years after Asia.

但實際上，在亞洲之後的兩年裡，我們甚至沒有派遣銷售人員到美國。

Because Asian banks and fintechs were early adopters and right there on the forefront of technology and they could appreciate our superior technology.

因為亞洲的銀行和金融科技公司是早期採用者，並且處於技術的最前沿，他們能夠欣賞我們卓越的技術。

So we'll -- you'll see more and look on the western markets as we go forward. but we still see a lot.

因此，隨著我們不斷前進，您將會看到更多並關注西方市場。但我們還是看到很多。

I mean, we've got some like five or six banks in India connected to their real-time payment systems through Ren Connect.

我的意思是，我們已經讓印度的五到六家銀行透過 Ren Connect 連接到他們的即時支付系統。

We've got four banks in the Philippines doing the same thing to their real-time payment switch -- we've got African one.

菲律賓有四家銀行對其即時支付轉換做了同樣的事情——我們有一個非洲的銀行。

So the emerging markets were the easiest one because they wanted to jump past the whole card thing altogether.

因此，新興市場是最容易的一個，因為他們希望完全跳過信用卡問題。

And, so we'll just kind of keep in touch, we'll have more and more.

因此，我們會保持聯繫，並會獲得更多的資訊。

Pete Heckmann, D.A. Davidson.

皮特·赫克曼（Pete Heckmann），地方檢察官戴維森。

We just trying to understand the first quarter commentary here.

我們只是想了解第一季的評論。

If I remember correctly, you had about $0.15 of benefits in the first quarter of '24.

如果我沒記錯的話，你在 24 年第一季的福利約為 0.15 美元。

And now you're talking about a 20% to 25% higher tax provision in the first quarter due to the repurchase of the converts.

現在您談論的是，由於轉換者的回購，第一季的稅務準備金將增加 20% 至 25%。

So just shaking out.

所以只是搖晃一下。

I mean, I just make sure we're in the right ballpark, but something around $1, $1.10 is that in the ballpark of what your math works out to?

我的意思是，我只是想確保我們的數字在正確的範圍內，但是大約 1 美元到 1.10 美元，這是否符合您計算得出的大致數字？

Well yes, I guess maybe another way to look at it is if you were at the the higher end of the number you articulated and then you put $0.20 to $0.25 on top of that, that probably starts putting you in the right ballpark.

嗯，是的，我想也許另一種看待這個問題的方式是，如果你處於你所述數字的高端，然後你在這個數字之上加上 0.20 美元到 0.25 美元，這可能就開始讓你處於正確的範圍內。

So, yes, I would tell you, I'm not so sure that your math is directionally incorrect.

所以，是的，我會告訴你，我不太確定你的數學在方向上是否有錯誤。

Okay.

好的。

Okay.

好的。

And then in terms of -- can you talk about some of the success with with Dandelion and some of the new bank partners and channel partners, I guess, are you seeing volumes ramp?

然後就——您能談談 Dandelion 和一些新銀行合作夥伴以及通路合作夥伴取得的一些成功嗎？

Can you extract that and then talk a little bit about the trends there?

您能否提取其中的內容並稍微談論一下其中的趨勢？

And then any relatively larger customers that you expect to onboard this year?

那麼您預計今年會有哪些相對較大的客戶呢？

Well, we have several large customers in process, and we're excited about them that we should be announcing over the next couple of quarters, maybe our -- you might call it our -- our best -- our most well-known customer is HSBC.

嗯，我們有幾個大客戶正在洽談中，我們對此感到很興奮，我們將在接下來的幾個季度內宣布，也許我們——你可以稱之為我們最好的——我們最知名的客戶是匯豐銀行。

They're in Asia, they're all over the place.

它們在亞洲，遍布各地。

Their customers are all of the places they're making banking payments.

他們的客戶是所有進行銀行支付的地方。

They use this to do C2B and B2B kind of payments.

他們用它來進行 C2B 和 B2B 類型的支付。

We have not -- we've been live with them now, let me count it out about 16 months.

我們沒有——我們現在已經和他們合作了，我算一下大約 16 個月了。

Every single month has been a record over the prior month.

每個月都比前一個月創下新高。

So what people find out is that our rails give a less expensive and faster settlement than using other standard banking measures, and they view this as a competitive dynamic to their competitor banks.

因此，人們發現，與其他標準銀行措施相比，我們的結算方式成本更低、速度更快，他們將此視為與競爭銀行的競爭動力。

So as we add more and more banks to this, we've got CBA that we've signed, which is the largest bank in Australia.

隨著我們與越來越多的銀行合作，我們與 CBA 簽約，它是澳洲最大的銀行。

We're getting close to turning those guys on.

我們很快就要讓那些傢伙興奮起來了。

We like it when we enter a new market like that because all the other banks are going to have to compete, what's a better service.

我們喜歡進入這樣的新市場，因為所有其他銀行都必須競爭，尋找更好的服務。

So we've got a lot of cooking, but it's one of those businesses that just continue to grow and really never go backwards.

因此，我們做了很多烹飪，但這是那些持續成長、永不倒退的業務之一。

That's great.

那太棒了。

And just following up there on the HSBC then to the HSBC closing down their Zing app that was not using the underlying or

匯豐銀行關閉了不使用底層或

(inaudible) ?

（聽不清楚）？

No, it wasn't.

不，不是這樣的。

In fact, I think the last time I read they've discontinued their Zing app.

事實上，我認為上次我讀到的時候他們已經停止了他們的 Zing 應用程式。

That's correct.

沒錯。

Yes.

是的。

Okay, thank you.

好的，謝謝。

Maybe they

也許他們

--

--

Maybe they wouldn't have discontinued to their app have been Dandelion customer.

如果他們是蒲公英的客戶，他們也許就不會停止他們的應用程式。

.

。

Andrew Schmidt, Citigroup.

花旗集團的安德魯·施密特。

Rick, I appreciate all the product detail as usual.

里克，我像往常一樣欣賞所有產品的細節。

This is great.

這太棒了。

Maybe just start off mitigating (inaudible) it's equal to 16% growth for '25.

也許只是開始減輕（聽不清楚）這相當於'25年的16％的增長。

I just want to make sure that includes the tax impact, correct, that you talked about for the first quarter?

我只是想確保其中包括您談到的第一季的稅收影響，對嗎？

Correct.

正確的。

Okay.

好的。

And then I guess, just quick follow up to that.

然後我想，只是快速跟進。

I mean, it seems like -- so if you add that back on an underlying basis, the operating performance here is pretty impressive.

我的意思是，看起來——如果你在基礎基礎上再添加一點，這裡的營運表現相當令人印象深刻。

So are there one-off things that you mentioned interchange staff.

那您提到的一次性事情，就是人員互換嗎？

Obviously, the business is doing fairly well.

顯然，生意做得相當好。

But are there things that came into the mix this year that were kind of an upside surprise that are good guys to to call out that we think about this model of subsequent years.

但是，今年是否出現了一些令人驚喜的事情，值得我們思考接下來幾年的模式。

Just want to make sure we have the underlying trajectory correct?

只是想確保我們的基本軌跡正確嗎？

No, Andrew, I think, as I said earlier, we see a great deal of continuity into the business.

不，安德魯，我認為，正如我之前所說，我們看到業務具有很大的連續性。

There's not any kind of one-time items in there, any kind of real extraordinary stuff.

那裡面沒有任何一次性物品，也沒有任何真正非凡的東西。

It's just continuation I often want to use the analogy of the real estate industry.

這只是延續我常常想用房地產業的類比。

Success in real estate is LLL, location, location, location.

房地產的成功在於LLL，地點、地點、地點。

The success of our business is MMM, more, more, more.

我們業務的成功是MMM，更多，更多，更多。

More products in more markets, more distribution points.

更多產品，更多市場，更多分銷點。

And that's exactly what we're doing.

這正是我們正在做的事情。

Except I would tell you that, as Mike said, we've got a much longer focus.

但我想告訴你，正如麥克所說，我們的焦點更長遠。

We kind of launched in on this five, six years ago. to being more digital kind of focus, okay?

我們五、六年前就開始從事這項工作了。更加重視數位化，好嗎？

We're getting to the vein of transactions as we said, that are 20 times the industry average in revenue per transaction.

正如我們所說，我們正在進入交易高峰期，每筆交易的收入是行業平均水平的 20 倍。

So we're getting a good price per transaction.

因此我們每筆交易都能獲得很好的價格。

That's made possible because there's a lot of focus on cross-border transactions.

這是因為人們非常關注跨境交易。

They're also the transactions that are growing a little faster in that whole mix of transactions.

它們也是整個交易組合中成長速度較快的交易。

We're connected to most every real-time payment network that's out there because we've got the kind of technology to do it.

我們與現有的大多數即時支付網路都建立了連接，因為我們擁有實現這一目標的技術。

So it's not any one thing that's driving it.

所以，這並不是任何單一因素所推動的。

It's just good, nice, consistent performance across what I would call very durable businesses.

我認為，這些業務都非常持久，並且表現良好且一致。

It was also encouraging, I guess, in some respects, to see somebody like a Boston Consulting Group to say the cash to card conversion is plateauing.

我想，從某些方面來看，看到波士頓顧問集團之類的機構表示現金到卡的轉換正在趨於平穩也是令人鼓舞的。

We've said to people that, look, we do believe that cash transactions will go down.

我們對人們說，我們確實相信現金交易將會減少。

We continue to believe that.

我們依然堅信這一點。

But it looks like most of the the prognosticators out there are saying that it's flattening out.

但看起來大多數預測者都說它正在趨於平穩。

Now, that can certainly be a little bit of helpful to us because we've had so much focus on driving digital initiatives and whether that's a digital origination on the money transfer as Mike said, digital payout on the money transfer.

現在，這對我們肯定會有一點幫助，因為我們一直非常注重推動數位化計劃，以及是否像麥克所說的那樣是匯款的數位化發起，還是匯款的數位化支付。

So yes, no one particular thing.

是的，沒有某件特別的事。

It's just consistent production across the very broad and enviable set of assets.

這只是在非常廣泛和令人羨慕的資產範圍內的持續生產。

One more question.

還有一個問題。

Operator, one more question.

接線員，還有一個問題。

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Congrats on the quarter.

恭喜本季取得佳績。

My question, the surcharge interchange increases in countries over '24.

我的問題是，24 歲以上的國家的附加費會增加。

Roughly, what was that contribution maybe to operating income dollars?

粗略地說，這對營業收入的貢獻是多少？

And what do you roughly think it's going to be in '25?

您大概認為 25 年的情況會如何？

First of all, we won't really answer that question and dissect it that much, but I will tell you that through 2024, a number of countries.

首先，我們不會真正回答這個問題，也不會對其進行深入分析，但我會告訴你，到 2024 年，將會有許多國家。

And if you go back and listen to all our last three calls, it seems like every quarter, another country or two opened up for either an increase in interchange fees or an ability to offer either international or domestic DAP.

如果你回頭聽我們最近的三次電話會議，似乎每個季度都會有一兩個國家提出增加交換費或提供國際或國內 DAP 的能力。

And so -- and they kind of happen throughout the year.

所以——這些情況全年都會發生。

So that will give us a little bit of a bump into this year because we'll have a full year of it.

所以這會給我們今年帶來一點影響，因為我們將有整整一年的時間。

But it's just -- I mean that market is a combination of those kinds of increases plus a few more ATMs the developed markets and then as many ATMs as we can do into the less developed markets because they're so darn profitable.

但這只是——我的意思是，市場是這些成長的組合，加上發達市場的更多 ATM，然後我們在欠發達市場安裝盡可能多的 ATM，因為它們的利潤太高了。

So that's it.

就是這樣了。

And I would add to that a little bit, let's call it, a reflection on what we've seen over the years.

我想補充一點，可以說是對我們多年來所見所聞的反思。

Many years ago, we saw where there was a dialogue of decreasing interchange rates and things like that.

許多年前，我們看到了關於降低交換率和類似事宜的對話。

Today, we don't hear that kind of dialogue about decreasing, we hear a dialogue about increasing.

今天，我們聽不到關於減少的對話，而是關於增加的對話。

And increasing because many of the countries are saying, you know what, it's really important that we maintain access to cash for our customers.

而且這種趨勢還在不斷增長，因為很多國家都在說，為我們的客戶保證現金供應非常重要。

They even talk about the concept of stored value.

他們甚至討論了儲值的概念。

When there are difficulties in the world economy politics, wars, all this other kind of stuff, people go back to cash.

當世界經濟、政治、戰爭等出現困難時，人們就會重新使用現金。

And what central banks are beginning to say is that, look, we cannot have our country, be dependent upon only a digital form.

各國央行開始表示，我們的國家不能只依賴數位形式。

We need to maintain cash in our business, right?

我們的業務中需要保留現金，對嗎？

So you're starting to see a lot more discussion about supporting the banks to make sure that they have cash accessible or even deposit accessible, which again, kind of plays to our hand because we're going to see more debate on improving interchange rates, access fees, making depository opportunities available.

因此，您開始看到更多關於支持銀行以確保他們有現金甚至存款的討論，這再次對我們有利，因為我們將看到更多關於改善交換率、訪問費、提供存款機會的辯論。

And so I say that because in today's world, I think that we're seeing a more pro kind of attitude toward ensuring that the banks aren't led to a decision to just completely get rid of them.

我之所以這麼說，是因為我認為，在當今世界，我們看到一種更支持的態度，以確保銀行不會做出徹底擺脫它們的決定。

They want people to have

他們希望人們擁有

--

--

Well, they're being regulated to they're being required by their government to provide that service.

嗯，他們受到政府的監管，要求他們提供這項服務。

So I think that the -- to use another kind of maximum -- the kind of windows that are back now in that regard rather than a few years ago when it was a headwind for us.

因此，我認為 — — 用另一種最大值 — — 這種視窗現在在這方面已經回來了，而不是幾年前對我們來說是一個逆風的時候。

So again, part of the many things, many things that we have going that give us the confidence that we'll continue this kind of really nice double-digit growth rate.

所以，我們正在進行的諸多事情讓我們有信心繼續保持這種非常好的兩位數成長率。

Yes.

是的。

And it's only 19% of our revenue today.

而這僅占我們目前收入的19%。

But the nice thing is with all the changes we're seeing, the mandated requirements from government to banks and so forth, I mean, it looks like it's going to be for a long, long time.

但令人欣慰的是，隨著我們看到的所有變化，從政府到銀行等的強制性要求，看起來這種情況將會持續很長一段時間。

It's great to see that pendulum swing back in your favor in the last year or two.

很高興看到過去的一兩年裡，鐘擺又擺到了對你有利的位置。

And

和

(inaudible).

（聽不清楚）。

You've seen the payment companies that the reason that the numbers have slowed down and the reason a lot of payment companies are at a fraction of what they were four or five years ago, it's because this conversion from cash to digital has plateaued.

你已經看到，支付公司數量成長放緩的原因以及許多支付公司的規模僅為四、五年前的一小部分的原因，是因為從現金到數位的轉換已經停滯。

That growth rate just isn't there anymore.

那樣的成長率已經不存在了。

And so that definitely gives a longer life to our ATM business.

這無疑會延長我們的 ATM 業務的壽命。

And in the meantime, we're just going to grow the hell out of the rest of our digital business.

同時，我們將大力發展其餘的數位業務。

I'd like to thank everybody for your time on the call today.

我想感謝大家今天抽空參加電話會議。

We look forward to talking to you in about

我們期待與您討論

[90].

[90]

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。