Euronet Worldwide Inc (EEFT) 2025 Q1 法說會逐字稿

Greetings and welcome, to the Euronet Worldwide's first quarter 2025 earnings call. (Operator instructions) Please be advised that today's conference is being recorded.

歡迎參加 Euronet Worldwide 2025 年第一季財報電話會議。（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 the Euronet worldwide. Thank you, Mr. Godderz, you may begin.

現在我很高興向大家介紹您的主持人，Euronet 全球總法律顧問 Adam Godderz 先生。謝謝您，Godderz 先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Euronet's first quarter 2025 earnings conference call. On the call today, we have Mike Brown, our Chairman and CEO, and Rick Weller, our CFO. Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we'll be making today.

謝謝。大家早安，歡迎參加 Euronet 2025 年第一季財報電話會議。參加今天電話會議的有我們的董事長兼執行長麥克布朗和財務長里克韋勒。在我們開始之前，我需要提請您注意我們今天將要製作的 PowerPoint 簡報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, intentions, expectations, or predictions of further performance are forward-looking statements. Euronet actual results may vary materially from those anticipated in the forward-looking statements as a result of a number of factors that are listed on the second page of our presentation.

本次電話會議中涉及 Euronet 或其管理階層、意圖、期望或進一步績效預測的陳述均為前瞻性陳述。由於我們簡報第二頁列出的多種因素，Euronet 的實際結果可能與前瞻性聲明中預期的結果有重大差異。

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

此外，PowerPoint 簡報還包括我們在通話期間將使用的非差距財務指標與最具可比性的 GAAP 指標的對帳。

Now I'll turn the call over to our CEO, Mike Brown.

現在我將電話轉給我們的執行長麥克布朗。

Thank you, Adam, and thank you everybody for joining us today on the call. I'll begin my comments on slide number 5. Well, let's first just dive right into our results for the quarter and what a quarter it was. We achieved double-digit constant currency growth and operating income and adjusted EBITDA highlighted by an 18% increase in operating income over the prior year.

謝謝你，亞當，也謝謝大家今天參加我們的電話會議。我將從第 5 張投影片開始發表評論。好吧，讓我們先深入了解本季的業績以及這是一個怎樣的季度。我們實現了兩位數的固定匯率成長，營業收入和調整後 EBITDA 較上年同期成長了 18%。

We didn't just tiptoe into double digit growth territory, we kicked in the door. All segments contributed to these record earnings. As we exited the first quarter, ongoing commentary around immigration tariffs and the trade war have dominated the headlines.

我們並不是悄悄地進入兩位數的成長領域，而是破門而入。所有部門都為這項創紀錄的收益做出了貢獻。隨著第一季的結束，有關移民關稅和貿易戰的持續評論佔據了頭條新聞。

There are a wide range of opinions regarding the macroeconomic impacts, but the simple truth is that it's too early to predict the impact of these policies as witnessed by the volatility in the stock market. However, We did not see significant adverse impacts on our business from these policy discussions on our first quarter results, and with three-fourth of our revenues generated from outside of the United States, we do not anticipate any significant direct impact to our business as a result.

對於宏觀經濟影響，人們的看法不一，但事實是，從股市波動來看，現在預測這些政策的影響還為時過早。然而，我們並未看到這些政策討論對我們的第一季業績產生重大不利影響，而且由於我們的四分之三的收入來自美國以外，我們預計不會對我們的業務產生任何重大的直接影響。

With these strong first quarter results, together with our diversified global business, we are reaffirming our expectation to produce between 12% and 16% earnings for the year. As you may recall from our 4th quarter discussion, our business model is built on two key revenue pillars that will continue to expand as payment functionality evolves and business becomes more and more global.

憑藉第一季的強勁業績，加上我們多元化的全球業務，我們重申全年獲利預期，即 12% 至 16%。您可能還記得我們第四季的討論，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業務的全球化，這兩個支柱將繼續擴大。

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

第一個支柱是支付和交易處理。我們透過它為銀行、商家和品牌合作夥伴提供大量交易，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 FX related use cases and distribute FX services through a mix of owned and third party channels spanning both physical and digital touch points to meet consumer and business payment needs.

第二個是跨境和外匯，我們為外匯相關用例提供支持，並透過涵蓋實體和數位接觸點的自有和第三方管道組合分發外匯服務，以滿足消費者和企業的支付需求。

While the methods have and will likely continue to evolve, we believe it is fairly safe to say that people will always need to make payments. Euronet will continue leading the way with its innovative use cases.

儘管支付方式已經並且可能繼續發展，但我們相信可以肯定地說，人們總是需要付款。Euronet 將繼續以其創新用例引領潮流。

Now, I will read it off to Rick to discuss the results in more detail.

現在，我將把它讀給 Rick 聽，以便更詳細地討論結果。

Thank you, Mike. Good morning, and thank you to everyone for joining us today. I will begin my comments on slide 7. For the first quarter, we delivered revenue of $916 million, adjusted operating income of $75 million and adjusted EBITDA of $119 million.

謝謝你，麥克。早安，感謝大家今天的參加。我將從第 7 張投影片開始發表評論。第一季度，我們的營收為 9.16 億美元，調整後營業收入為 7,500 萬美元，調整後 EBITDA 為 1.19 億美元。

A record first quarter across all three metrics. These results were made possible by contributions from each of the segments, but with a particularly strong earnings contribution from the money transfer segment due to double-digit transaction growth led by digital transaction growth of 31% compared to the prior year first quarter and double digit cross-border transaction growth.

第一季有三個指標均創下紀錄。這些業績得益於各部門的貢獻，但其中匯款部門的盈利貢獻尤為強勁，這得益於兩位數的交易增長，其中數字交易與去年第一季相比增長了 31%，跨境交易也實現了兩位數的增長。

Adjusted EPS of $1.13 compared to the prior year of $1.28. However, it is important to look a little deeper. For the first -- for the year, this year's first quarter, the $1.13 included a one-time charge of $0.20 per share for the repurchase of the convertible bonds.

調整後每股收益為 1.13 美元，而去年同期為 1.28 美元。然而，更深入的觀察很重要。今年第一季度，1.13 美元中包含了每股 0.20 美元的一次性費用，用於回購可轉換債券。

With respect to the prior year's first quarter, the $1.28 included a benefit of approximately $0.15 per share, due to the reduction of certain tax matters. So on a pro forma basis, adjusted EPS grew 18% year over year. We were able to deliver this strong earnings growth due to our continued focus on expanding the business in new and existing markets, adding more products and continued investments in our industry leading technology across all three segments.

與去年第一季相比，由於某些稅務事項的減少，1.28 美元的收益包括每股約 0.15 美元的收益。因此，根據備考基礎，調整後的每股盈餘年增 18%。我們之所以能夠實現如此強勁的獲利成長，是因為我們持續致力於拓展新市場和現有市場的業務、增加更多產品，並持續投資於三個領域的產業領先技術。

Needless to say, this strong start to the year strengthens our confidence in the 12% to 16% annual adjusted EPS range expectation we provided for 2025. Next slide, please. Slide 8 presents a summary of our balance sheet compared to the prior year.

毋庸置疑，今年的強勁開局增強了我們對 2025 年 12% 至 16% 年度調整後每股收益預期的信心。請看下一張投影片。投影片 8 展示了我們與前一年相比的資產負債表摘要。

As you can see, we ended the first quarter with some increase in cash and debt, which was the combined result of the generation of cash from operations and the use of $59 million of cash for repurchase of shares and working capital requirements in EFT and money transfer to meet holiday business needs.

如您所見，第一季末我們的現金和債務有所增加，這是經營活動產生的現金和使用 5900 萬美元現金回購股票以及滿足假日業務需求的 EFT 和匯款營運資金需求的綜合結果。

We repurchased approximately $492 million of convertible notes using a combination of cash and debt. However, overall, our net debt leverage remains relatively conservative at about 1 times EBITDA. While the share repurchases we made in the first quarter will benefit future periods by approximately 1%, the repurchases had less than one-fourth of a penny benefit for this first quarter result.

我們透過現金和債務的方式回購了約 4.92 億美元的可轉換票據。不過，整體而言，我們的淨債務槓桿率仍然相對保守，約為 EBITDA 的 1 倍。雖然我們在第一季進行的股票回購將為未來期間帶來約 1% 的收益，但這些回購對第一季業績的收益還不到四分之一美分。

Moreover, as we approach the seasonally strong part of the year, we will see more ATM cash, which will drive more interest expense, which you can see in our historical trends.

此外，隨著我們接近一年中季節性強勁的時期，我們將看到更多的 ATM 現金，這將帶來更多的利息支出，您可以在我們的歷史趨勢中看到這一點。

Slide 9, please. Year-over-year, most of the major currencies we operate in declined at low-to-mid single digit rates. To normalize the impact of currency fluctuations, we have presented our results adjusted for currency on the next slide. On slide 10 now.

請翻看投影片 9。與去年同期相比，我們操作的大多數主要貨幣都以低至中等個位數的速度下跌。為了使貨幣波動的影響正常化，我們在下一張投影片中展示了根據貨幣調整後的結果。現在在第 10 張投影片上。

Building on the momentum from last year, we are pleased to start 2025 with record results across all metrics. All segments played a role in the record quarterly results. Starting with our EFT segments, revenue grew 10%, adjusted operating income grew 15%, and adjusted EBITDA grew 10% when compared to the prior year.

基於去年的良好勢頭，我們很高興在 2025 年伊始在所有指標上都取得了創紀錄的成績。所有部門都為創紀錄的季度業績做出了貢獻。從我們的 EFT 部門開始，與前一年相比，營收成長了 10%，調整後的營業收入成長了 15%，調整後的 EBITDA 成長了 10%。

This notable growth was fueled by a rise in both domestic and international cash withdrawal transactions, further expansion into new markets, and the addition of access fees and interchange rate increases in certain markets.

這一顯著增長得益於國內和國際現金提取交易量的增加、新市場的進一步擴張以及某些市場的接入費和交換費的增加。

Operating margins expanded nicely due to revenue growth complemented by effective cost management. Epay grew revenue 8% and adjusted operating income and adjusted EBITDA grew 5%. The main drivers of growth this quarter were attributed to our payment business, the continued growth of our digital channel sales in multiple markets predominantly related to gaming content and mobile activation increases in epay USA.

由於收入成長和有效的成本管理，營業利潤率大幅提升。Epay 營收成長 8%，調整後營業收入和調整後 EBITDA 成長 5%。本季成長的主要動力歸功於我們的支付業務、我們在多個市場的數位管道銷售的持續成長（主要與遊戲內容有關）以及 epay USA 的行動活化量增加。

Adjusted operating income and adjusted EBITDA were impacted by the payment of $4.5 million during the quarter to resolve an operating tax matter covering multiple years. Excluding the one-time payment related to the operating tax matter, epay grew adjusted operating income 22% and adjusted EBITDA 20%.

本季支付了 450 萬美元以解決多年的營業稅問題，影響了調整後的營業收入和調整後的 EBITDA。不計與營業稅相關的一次性付款，epay 調整後的營業收入成長了 22%，調整後的 EBITDA 成長了 20%。

Money transfer revenue, operating income, and adjusted EBITDA grew 10%, 23%, and 17% respectively. The 10% growth in revenue was primarily driven by double-digit growth in cross-border transactions, offset by a decrease in intra-US transactions.

匯款收入、營業收入和調整後 EBITDA 分別成長 10%、23% 和 17%。營收成長 10% 主要得益於跨境交易的兩位數成長，但被美國境內交易的減少所抵銷。

Direct to consumer digital transactions increased by 31%, reflecting strong consumer demand for digital products. On a constant currency basis, money transfers, gross profit per transactions, and amount sent improved compared to the prior year.

直接面向消費者的數位交易成長了 31%，反映出消費者對數位產品的強勁需求。以固定匯率計算，匯款額、每筆交易的毛利以及匯款金額與上年相比均有所提高。

Overall, gross profit per transaction remains stable or improved across all segments. Moreover, consolidated operating margins expanded 80 basis points compared to the prior year, driven by volume growth, gross margin improvements, and scale across all segments.

總體而言，所有部門的每筆交易毛利保持穩定或有所提高。此外，受銷售成長、毛利率提高和各部門規模擴大的推動，合併營業利潤率較前一年擴大了 80 個基點。

In summary, these meet and beat first quarter results further strengthen our confidence in the 12% to 16% earnings growth expectation we have for 2025.

總而言之，這些達到並超越第一季的業績進一步增強了我們對 2025 年 12% 至 16% 獲利成長預期的信心。

With this, I'll turn it back to Mike.

有了這個，我就把它交還給麥克。

Thank you, Rick. I will continue my comments on slide number 12. Today, I want to talk about our business and how our growth strategy continues to produce results. Earlier I mentioned our growth strategy by the continued global expansion of our leading global cross-border payments network focused on high value FX transactions.

謝謝你，里克。我將在第 12 張投影片上繼續我的評論。今天，我想談談我們的業務以及我們的成長策略如何繼續產生成果。我之前提到我們的成長策略，即繼續在全球擴張我們領先的全球跨國支付網絡，專注於高價值外匯交易。

Moreover, the results Rick just reviewed are evidence that our strategy works, producing double-digit growth, or maybe we could say doing double time. As we have discussed over the past few quarters, the strength of our business lies in the diversity of our three segments, as well as the diversity within those segments. This quarter was a great example of just that.

此外，里克剛剛審查的結果證明我們的策略是有效的，實現了兩位數的成長，或者我們可以說是雙倍成長。正如我們在過去幾個季度所討論的那樣，我們業務的優勢在於我們三個部門的多樣性，以及這些部門內部的多樣性。本季就是一個很好的例子。

As the graph on slide 12 illustrates, over the past 10 years, our first quarter revenue has continued to grow. The continued constant growth year after year is due to our team's execution of our strategy. Over the last 10 years, our first quarter revenues have more than doubled from $435 million to over $937 million.

正如第 12 張投影片上的圖表所示，在過去 10 年裡，我們的第一季營收持續成長。逐年持續不斷的成長歸功於我們團隊對策略的執行。在過去的 10 年裡，我們的第一季營收成長了一倍多，從 4.35 億美元增加到 9.37 億美元以上。

Whether led by epay, EFT, or money transfer, Euronet continues to produce record revenues. As we discussed, our business was built on two key revenue pillars. That will continue to expand and reach more and more customers.

無論是透過電子支付、電子資金轉帳或匯款，Euronet 都持續創造創紀錄的收入。正如我們所討論的，我們的業務建立在兩個關鍵的收入支柱之上。它將繼續擴大並涵蓋越來越多的客戶。

First is payment and transaction processing, and the second is cross-border and foreign exchange. Without our diverse revenue streams, we would not have had the ability to produce consistent growth year after year. While our pillars will continue to expand and grow our global reach, we know that people will always need to make payments and Euronet will continue to lead the way.

一是支付和交易處理，二是跨國和外匯。如果沒有多元化的收入來源，我們就不可能年復一年地持續成長。雖然我們的支柱將繼續擴大並擴大我們的全球影響力，但我們知道人們總是需要付款，而 Euronet 將繼續引領潮流。

Now let's move on to slide number 13 and I'll discuss what makes up our revenue. I'm on 13 now, so to quickly recap our business, Euronet started with one segment, EFT, by deploying our own ATMs. Today we operate three segments that each complement one another and represent a diversified global business with a collection of assets that have positioned Euronet as a global leader in the payments industry.

現在讓我們來看第 13 張投影片，我將討論我們的收入組成。我現在已經是 13 號了，為了快速回顧我們的業務，Euronet 從一個細分市場 EFT 開始，透過部署我們自己的 ATM。如今，我們經營三個相互補充的部門，代表著多元化的全球業務，其資產組合使 Euronet 成為支付產業的全球領導者。

As you can see on the slide, for the full year, 2024, only 19% of our revenue was generated from Euronet owned ATMs. Our first quarter growth and product mix are in line with the full year of 2024 last year. While Euronet owned -- well, our Euronet owned ATM revenue is growing, our other revenue streams are growing at an even faster pace.

正如您在幻燈片上看到的，2024 年全年，我們只有 19% 的收入來自 Euronet 擁有的 ATM。我們第一季的成長和產品組合與去年2024年全年持平。雖然 Euronet 擁有的——嗯，我們的 Euronet 擁有的 ATM 收入正在成長，但我們的其他收入來源的成長速度甚至更快。

We invested heavily in card acquiring. In Ren, Dandelion, digital money transfer, epay, and you can see those results said differently and simply. While I'm proud of our heritage, we are not just an ATM business. Now let's briefly discuss the payments global market. Based on a 2024 report issued by McKinsey & Company entitled Global Payments in 2024, the global payment industry handled 3.4 trillion transactions in a revenue pool of 2.4 trillion or just over 13 basis points per dollar process.

我們在信用卡收單方面投入了大量資金。在 Ren、Dandelion、數位貨幣轉帳、epay 中，你可以看到這些結果以不同的方式被簡單地表達出來。雖然我為我們的傳統感到自豪，但我們不僅僅是一家 ATM 企業。現在讓我們簡單討論一下全球支付市場。根據麥肯錫公司 2024 年發布的《2024 年全球支付》報告，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。

McKinsey predicts the revenue pool to grow at a rate of 5% per year. And we have shared, and as we have shared with you, our focus on cross-border payments with 7 times the opportunities, the more valuable transactions have enabled us to achieve revenue per transaction at more than 20 times the market average.

麥肯錫預測收入總額將以每年 5% 的速度成長。我們已經分享過，正如我們與你們分享的那樣，我們專注於跨境支付，7倍的機會，更有價值的交易使我們能夠實現每筆交易的收入達到市場平均水平的20倍以上。

In addition to getting the more valuable transactions, we are growing at twice the market ratio of growth. With less than 1% of the overall industry revenue pool and a focus on higher value payments, we have a lot of room to continue to grow. In the past three decades, we've built an unmatched set of assets, technology, expertise. That have positioned us as a global leader in payment processing, cross-border payments, and foreign exchange.

除了獲得更有價值的交易之外，我們的成長速度是市場的兩倍。由於我們的收入佔整個行業總收入的不到 1%，並且我們專注於更高價值的支付，因此我們還有很大的成長空間。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。這使我們成為支付處理、跨境支付和外匯領域的全球領導者。

The payments industry is growing and we are growing at double the market rate. There's that word again, we really like doubles. Now let's talk about EFT. Next slide, please.

支付產業正在成長，我們的成長速度是市場的兩倍。又是那句話，我們真的很喜歡雙打。現在我們來談談 EFT。請看下一張投影片。

During the first quarter, EFT delivered double-digit growth across all metrics. Our EFT growth this quarter was made possible by the expansion of core services to banks and fintech, including expansion of international and domestic fees, growth in recently launched markets.

第一季度，EFT 各項指標均實現了兩位數成長。本季我們的 EFT 成長得益於核心服務向銀行和金融科技的擴展，包括國際和國內費用的擴大以及新推出的市場的成長。

These are the Philippines, Albania, Belgium, Mexico, Egypt, Morocco, and Malaysia, continued growth of our POS acquiring business and good expense management there, taking advantage of ATM as a service opportunities.

這些國家是菲律賓、阿爾巴尼亞、比利時、墨西哥、埃及、摩洛哥和馬來西亞，我們的 POS 收單業務在這些國家持續成長，費用管理良好，充分利用了 ATM 即服務的機會。

Notable examples in the first quarter of the expansion of our merchant services business in Greece included, we secured a five-year agreement with Avolta AG, a Swiss-based travel retailer. We entered into an agreement with NRG, a leading energy company specializing in power generation and retail electricity sales, to assume all the online payments for energy bills from consumers.

我們第一季在希臘拓展商家服務業務的顯著例子包括，我們與瑞士旅遊零售商 Avolta AG 達成了為期五年的協議。我們與專門從事發電和零售電力銷售的領先能源公司 NRG 達成協議，承擔消費者所有能源帳單的線上支付。

We signed an agreement with Snappi, a local digital bank in Greece to enable card-based top-ups for the digital wallet, and we introduced a new revenue stream with the launch of “NowPay, a service that offers same-day settlement for our merchants for an additional fee.

我們與希臘當地數位銀行 Snappi 簽署了一項協議，為數位錢包提供基於卡片的儲值功能，並透過推出「NowPay」引入了新的收入來源，這項服務為我們的商家提供當日結算服務，但需額外收費。

And finally, we signed an additional 7,000 new merchants this quarter. What about geographic expansion? During the quarter, EFT launched two new independent ATM networks in the Dominican Republic and Peru through our JV partnership with Prosegur.

最後，我們本季又簽了 7,000 家新商家。那麼地理擴張又如何呢？本季度，EFT 透過與 Prosegur 建立合資關係，在多明尼加共和國和秘魯推出了兩個新的獨立 ATM 網路。

Let's discuss how our ATM network helps us grow our service offerings. We continue to add network participation agreements, signing 11 new merchants in Poland for ATM deposits. And what about rent during the quarter?

讓我們討論一下我們的 ATM 網路如何幫助我們擴大服務範圍。我們繼續增加網路參與協議，在波蘭簽署了 11 家新的 ATM 存款商家。那麼本季的租金情況如何？

We signed an agreement to implement POS and ATM DCC via Ren for Bank of Ceylon in Sri Lanka. The Bank of Ceylon is a large commercial bank with 651 branches and 715 ATMs. We signed an agreement with the Bank of the Philippine Islands, that's the number two bank there, to support the rollout of QR code-based merchant payments on 40,000 merchant POS terminals, leveraging our rent payments platform, and we signed a strategic agreement with Yes Bank, one of India's leading private sector banks, to modernize and transform their retail payments infrastructure.

我們簽署了透過 Ren 為斯里蘭卡錫蘭銀行實施 POS 和 ATM DCC 的協議。錫蘭銀行是一家大型商業銀行，擁有 651 個分行和 715 台自動櫃員機。我們與菲律賓群島銀行（當地第二大銀行）簽署了一項協議，利用我們的租金支付平台，支持在 40,000 個商家 POS 終端上推出基於二維碼的商戶支付，我們還與印度領先的私營銀行之一 Yes Bank 簽署了一項戰略協議，以實現其零售支付基礎設施的現代化和轉型。

Under this new agreement, the bank will transition to Euronet rent payments platform hosted on our private cloud infrastructure in India. As you can see, our EFT business continues to grow across products, solutions, and geographies, which will benefit our results as we move through the remainder of the year. Now let's move on to slide number 15.

根據這項新協議，該銀行將過渡到我們位於印度的私有雲基礎設施上託管的 Euronet 租金支付平台。如您所見，我們的 EFT 業務在產品、解決方案和地理上持續成長，這將有利於我們在今年剩餘時間內取得業績。現在我們來看第 15 張投影片。

As I begin my comments on epay, I want to repeat for you what Rick discussed earlier. Excluding a one-time payment to resolve an operating tax matter for $4.5 million our core epay business grew revenue by 8%, operating income by 22%, and adjusted even by 20%.

當我開始對 epay 發表評論時，我想為您重複 Rick 之前討論的內容。不包括為解決營業稅問題而支付的 450 萬美元的一次性付款，我們的核心電子支付業務收入增長了 8%，營業收入增長了 22%，調整後甚至增長了 20%。

The growth was driven by expansion in our payments business, growth of our digital channel, sales in multiple markets predominantly related to gaming content and mobile activation increases in epay US. In addition, we saw broad growth across most of all of our epay geography.

這一增長得益於我們支付業務的擴張、數位管道的成長、主要與遊戲內容相關的多個市場的銷售以及 epay US 的行動活化量的增加。此外，我們在大部分電子支付地區都看到了廣泛的成長。

A notable signing this quarter was a contract with Sony in Turkey for distribution in both digital and physical channels. This is a strong market where epay has established good digital and retailer penetration.

本季值得注意的簽約是與土耳其索尼簽訂的透過數位和實體管道發行的合約。這是一個強大的市場，epay 已經建立了良好的數位和零售商滲透率。

During the quarter, epay continued to grow its payment processing business. With the signing of a payment processing contract with the Munich Airport. This contract will include over 300 POS terminal terminals and provide alternative payment methods as well, like WeChat Pay, Alipay, et cetera.

本季度，epay 繼續擴大其支付處理業務。與慕尼黑機場簽訂支付處理合約。該合約將包括300多台POS終端，並提供其他支付方式，如微信支付、支付寶等。

For vendors at the airport, including retail outlets, hospitality, and parking. We expect to launch this in the late second quarter or early third quarter of this year. Finally, as we look to the second quarter, we expect to see an improvement compared to the prior year from the promotional activity related to our B2B channel that was lighter in the prior year last year.

針對機場的供應商，包括零售店、飯店和停車場。我們預計將在今年第二季末或第三季初推出該產品。最後，展望第二季度，我們預計與去年相比，我們 B2B 管道相關的促銷活動將有所改善，而去年的促銷活動較少。

As we have mentioned before, promotional activity in our produced incentives and rewards business is very profitable and will benefit our quarterly results. In quarters where these campaigns occur.

正如我們之前提到的，我們生產的激勵和獎勵業務的促銷活動非常有利可圖，並將有利於我們的季度業績。在這些活動發生的地區。

Now let's move on to slide 16 and we'll talk about money transfer. Okay, as we turn our attention to money transfer, we achieved double-digit growth across all metrics in the first quarter with adjusted operating income increasing by 23% compared to the prior, same period last year.

現在我們看第 16 張投影片，討論匯款。好的，當我們將注意力轉向匯款時，我們在第一季的所有指標上都實現了兩位數的成長，調整後的營業收入與去年同期相比成長了 23%。

What a quarter for money transfer. Key metrics include. Actions grew at double digit rate, continuing to outpace the market by 2.5 times. Digital transactions increased 31% compared to the prior year. Digital payout grew by 29% year over year, accounting now for 55% of our total volume.

對於匯款來說這是一個多麼美好的一個季度。關鍵指標包括。Actions 實現了兩位數的成長，繼續領先市場 2.5 倍。數位交易量比前一年增長了31%。數位支付年增 29%，目前占我們總支付額的 55%。

Our exceptional performance and money transfer stem from our market-leading digital distribution channels. Strategic growth drivers include our global presence, omnichannel capabilities with established brick and mortar and digital experiences.

我們卓越的業績和資金轉移源於我們市場領先的數位分銷管道。策略成長動力包括我們的全球影響力、全通路能力以及成熟的實體店和數位體驗。

The world's best digital payout network, a wholesale strategy with Dandelion, and our strong competitive stance for the total addressable market. This quarter, we signed 22 new agreements across 20 countries. Expanding our network into Iraq and Sudan. We also launched 13 partners in 11 countries.

全球最佳的數位支付網路、與蒲公英合作的批發策略以及我們在整個可尋址市場的強大競爭地位。本季度，我們在 20 個國家簽署了 22 項新協議。將我們的網路擴展到伊拉克和蘇丹。我們也在 11 個國家建立了 13 個合作夥伴。

A key highlight is our integration with Visa Direct, enabling customers to send fund within minutes to 4 billion Visa debit cards. This service also simplifies sending money to a bank account by providing the recipient's name and debit card number, further solidifying our leading position in digital payout, one of our biggest growth drivers.

一個主要亮點是我們與 Visa Direct 的整合，讓客戶能夠在幾分鐘內向 40 億張 Visa 金融卡匯款。該服務還透過提供收款人的姓名和金融卡號簡化了向銀行帳戶匯款的過程，進一步鞏固了我們在數位支付領域的領先地位，這是我們最大的成長動力之一。

On the same side, we renewed our exclusive agreement with Belgium Post, underscoring the value of our service. Additionally, we expanded our digital offering into New Zealand with our Ria app, strengthening our digital presence in the APAC region.

同時，我們與比利時郵政續簽了獨家協議，強調了我們服務的價值。此外，我們利用 Ria 應用程式將我們的數位產品擴展到紐西蘭，增強了我們在亞太地區的數位影響力。

Shifting focus to our platform, Dandelion wholesale continues to enhance cross-border capabilities for major players. This quarter we signed new deals with Money Trans, a Brussels-based fintech in the remittance industry, and Skyee, a Hong Kong-based fintech specializing in cross-border payments for e-commerce businesses.

將重點轉移到我們的平台上，蒲公英批發繼續為主要參與者增強跨境能力。本季度，我們與總部位於布魯塞爾的匯款產業金融科技公司 Money Trans 和總部位於香港、專門為電子商務企業提供跨境支付服務的金融科技公司 Skyee 簽署了新的協議。

Notably, Dandelion's easy to integrate model enabled Money trans to connect to our full network in under a week, allowing them to rapidly scale their international payment capabilities and accelerate their time to market. These new dandelion deals, together with the ease of integration, are contributing to the 33% transaction growth of Dandelion that we saw this last quarter. The momentum is building.

值得注意的是，Dandelion 易於整合的模型使 Money trans 能夠在不到一周的時間內連接到我們的整個網絡，使他們能夠快速擴展其國際支付能力並加快產品上市時間。這些新的蒲公英交易，加上易於整合，促成了上季蒲公英交易量成長 33%。這種勢頭正在增強。

As you can see, we're hitting on all cylinders and money transfer, and we have a robust pipeline of diverse opportunities ahead, giving us confidence in our ability to continue our strong growth. Let's move ahead to the next slide, and we'll talk about how we can close this course.

如您所見，我們正在全力以赴地開展匯款業務，並且我們擁有豐富多樣的機遇，這使我們對繼續保持強勁增長的能力充滿信心。讓我們進入下一張投影片，討論如何結束這門課。

As I close out my comments on the first quarter, I want to reiterate that we are a diversified business. We have a leadership team with a proven track record of delivering growth year after year after year. And a revenue mix that continues to shift as we make investments, acquire companies, and launch new products.

在結束第一季的評論時，我想重申，我們是一家多元化的企業。我們擁有一支領導團隊，他們有著年復一年實現成長的良好記錄。隨著我們進行投資、收購公司和推出新產品，收入結構也不斷變化。

For the year end of 2024 and the first quarter of 2025, only 19% of our revenue is from our ATM owned network. As we have explained, we have a robust business model that plays in a $2.4 trillion revenue global payments market with endless potential for growth.

到 2024 年底和 2025 年第一季度，我們只有 19% 的收入來自我們的 ATM 自有網路。正如我們所解釋的，我們擁有強大的商業模式，可以在價值 2.4 兆美元的全球支付市場中發揮作用，並具有無限的成長潛力。

Supporting our model, we have our core assets, our REN technology, our Dandelion network, our global footprint of licensed and regulated entities, distribution partners in the form of banks, retailers, company-owned stores, ATMs and POS terminals. We have a very robust balance sheet that can support future growth initiatives and our people, the best I could ask for, with a consistent track record of delivering growth year over year.

支持我們模式的是，我們擁有核心資產、REN 技術、蒲公英網絡、遍布全球的持牌和受監管實體、以及以銀行、零售商、公司自營商店、ATM 和 POS 終端形式存在的分銷合作夥伴。我們擁有非常強勁的資產負債表，可以支持未來的成長計畫和我們的員工，這是我所能要求的最好的，並且擁有逐年實現成長的一致記錄。

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

我們的業務建立在這些基礎資產之上，並且我們針對三個不同細分市場和多種用例的收入支柱制定了市場策略，使 Euronet 能夠透過我們的網路覆蓋支付、交易處理、跨境支付和外匯領域。

Our overall business is growing 2 times faster than the global payments market of growth, and we expect that to continue. As I conclude my remarks, I want to repeat. We look forward to the remainder of 2025 with a strong first quarter and a strong start to the year, we are reaffirming our earnings expectation of 12% to 16% growth for the year.

我們的整體業務成長速度是全球支付市場成長速度的兩倍，我們預計這種成長速度將持續下去。在結束我的演講時，我想重複一遍。我們期待 2025 年剩餘時間第一季和全年強勁開局，我們重申對全年盈利增長 12% 至 16% 的預期。

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

我很樂意回答大家的提問。接線員，請協助。

(Operator instructions)

（操作員指示）

Pete Heckman, DA Davidson.

皮特·赫克曼，DA 戴維森。

Thank you. Good morning, everyone. I wanted to follow up a little bit on Dandelion, the integration with Visa, I guess. Is it possible to get a little bit more visibility into kind of the quarterly trends there or perhaps the year-over-year growth rates in 2024 and what you're expecting for 2025 sounds like there's a number of deals getting done, but it's kind of hard to see through the rest to see exactly what the trends are there.

謝謝。大家早安。我想稍微跟進一下 Dandelion 與 Visa 的整合。是否可以更清楚地了解那裡的季度趨勢，或者 2024 年的同比增長率，以及您對 2025 年的預期，聽起來有很多交易正在完成，但很難看透其餘部分，確切地了解那裡的趨勢。

Well, you saw that we had a 33% growth, and I would tell you that virtually 100% of that is without Visa direct because we just flipped on the Visa Direct switch so I know a couple of weeks ago or so, so we don't have any numbers in there for that. We're very excited. This is a great distribution channel for our money transfer business and you know what it does is it makes it much easier for somebody to send money digitally.

嗯，您看到我們有 33% 的成長，我可以告訴您，這幾乎 100% 的成長都是在沒有 Visa Direct 的情況下實現的，因為我們剛剛打開 Visa Direct 開關，我知道那是幾週前的事了，所以我們沒有任何相關數據。我們非常興奮。對於我們的匯款業務來說，這是一個很好的分銷管道，你知道它的作用是讓人們更容易以數位方式匯款。

We like that because it costs us less than physical cash payout. All you've got to do is give them your name and the -- give them the name and the card number of the recipient and the card number of the recipient, so it's really easy. So we're excited about this, but it's not in our numbers right now.

我們喜歡這種方式，因為它比實體現金支付花費更少。您所要做的就是告訴他們您的姓名和收款人的姓名、卡號以及收款人的卡號，這真的很容易。所以我們對此感到很興奮，但目前這還不在我們的考慮範圍內。

Okay, there's a apologies as a follow up on your partnership or joint venture in a couple of countries with Prosegur. Do you anticipate that being an aggressive rollout, or would you consider it more of a pilot program? How should we think about that (inaudible)

好的，對於您與 Prosegur 在幾個國家建立的合作關係或合資關係，我深表歉意。您是否預計這將是一次積極的推廣，還是您認為它更像是一個試點計畫？我們應該如何看待這個問題（聽不清楚）

Okay, so as you may know, Prosegur is kind of the brink of South America, Latin America and also Spain, and they've got an excellent. An excellent reputation with all the banks there. So they give us entrees into these banks so that we can get licensed in these countries.

好的，如你們所知，Prosegur 位於南美洲、拉丁美洲和西班牙的邊緣，他們擁有優秀的人才。在那裡的所有銀行中都享有良好的聲譽。因此他們允許我們進入這些銀行，以便我們可以在這些國家獲得許可。

We want to go into, I'm not saying every country south of our border, but most of the countries south of our border. So we're excited about that. Now, how it works is we get those, we light up those first few ATMs, we make sure we've got everything working really well, and then we start to blow it out like we have in these other markets.

我們想要進入，我不是說我們邊境以南的每個國家，而是我們邊境以南的大多數國家。所以我們對此感到很興奮。現在，它的工作原理是，我們得到這些，我們點亮前幾台 ATM，我們確保一切運作良好，然後我們開始像在其他市場一樣將其吹走。

So yes, we're expecting aggressive rollouts in the Prosegur joint venture partner countries.

所以是的，我們期待在 Prosegur 合資夥伴國家大力推廣。

Alright, great. Thank you.

好的，太好了。謝謝。

One last thing on that, excuse me, operator, Pete, don't forget that every country south of our border has a different currency. So we're not just talking about tourists from the US who might go to Ecuador or something, but it's just crossing the borders there for those countries, they're going to need the local currency wherever they go, whenever they cross the border. So lots of op opportunity for us.

最後還有一件事，接線員皮特，對不起，別忘了我們邊境以南的每個國家都有不同的貨幣。因此，我們談論的不僅僅是可能前往厄瓜多爾或其他地方的美國遊客，而是那些需要跨越邊境的遊客，無論他們去哪裡，無論何時跨越邊境，他們都需要當地的貨幣。因此，我們有很多機會。

Helpful, thanks, go ahead.

有幫助，謝謝，繼續。

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Hey Mike, and Rick, congrats on a nice quarter. Curious what you're seeing over in Europe on the ATM side, any early read on summer travel or consumer spending over there, how's it coming in according to plan?

嘿，麥克和里克，祝賀你們本季取得了不錯的成績。好奇您在歐洲 ATM 方面看到了什麼，有沒有關於那裡夏季旅行或消費者支出的早期解讀，進展如何？

It seems to be at least with three weeks or so into April, it's just tracking right according to that plan. And I mean, I think that's the thing everybody's got to remember is that 80% of our -- of the customers who are ATMs where travel makes the difference are Europeans.

看來至少到了四月三週左右，一切都按照計畫順利進行。我的意思是，我認為每個人都必須記住的是，我們 80% 的 ATM 客戶都是歐洲人，而旅行是 ATM 的重要因素。

So -- and they're still going on vacation. There have been some people who've hypothesized because of the US stance towards Europe and some Europeans are afraid to come here. Maybe they'll vacation at home instead of in the US or whatever, but I think that's all on the edges. What we've seen so far is everything seems to be lining up like we thought, very similar to last summer, but there will be more travelers this summer.

所以——他們仍然在度假。有些人猜測，由於美國對歐洲的立場，有些歐洲人不敢來這裡。他們也許會選擇在國內度假而不是去美國或其他地方，但我認為這只是猜測。到目前為止，我們看到的一切似乎都如我們想像的那樣，與去年夏天非常相似，但今年夏天會有更多的遊客。

Got it. And then your 12% to 16%, adjusted EPS growth this year guidance. How are you factoring FXs into that? There's been a pretty nice move up to, the EUR to the $114. How are you thinking about that for '25?

知道了。然後您預計今年調整後的每股盈餘成長率為 12% 至 16%。您如何將 FX 因素考慮進去？歐元兌美元匯率大幅上漲至 114 美元。您對於 25 年有什麼看法？

Yeah, Mike, we generally just expect that the FX rates will hold flat. So we've not got increases built into, our numbers. So, if we see a measurable increase, it could give us a little bit of a tailwind, but we don't try to outguess it. You also have to keep in mind is that, we've got a mix of currencies around the world, so you can't just look at one currency, and then as we said, we do have about 25% of our revenues generated in the US.

是的，麥克，我們通常只是預期外匯匯率將保持不變。因此，我們的數字並沒有增加。因此，如果我們看到可衡量的成長，它可能會給我們帶來一點順風，但我們不會試著去猜測它。您還必須記住，我們擁有全球多種貨幣，因此您不能只看一種貨幣，正如我們所說，我們約 25% 的收入來自美國。

So we've definitely seen a little benefit, tailwind, but the assumption on a go forward basis is always that we don't outthink it or put some projection on what will happen there.

因此，我們確實看到了一點好處，順風，但前進的假設始終是，我們不會想太多，也不會對那裡會發生什麼做出預測。

Got it. Rick, maybe a better way to ask it. Were there any put and takes to the 12% to 16% growth, anything doing better, anything doing a little worse to call out? Maybe there's not.

知道了。瑞克，也許這是一個更好的提問方式。在 12% 至 16% 的成長過程中，是否有需要指出的因素？有哪些因素表現較好，有哪些因素表現較差？或許沒有。

Yeah, well, I think if you'd really get behind all the math there, yeah, you would see, we benefited a little bit more from some share repurchases, year over year carryovers of that. On the other side of the coin, we had more interest expenses because rates were increasing, as we went through, much of last year, then we started seeing a little bit of a dip in it, so rates -- interest rates. A little bit more so that kind of offset some of that.

是的，嗯，我想如果你真的了解所有的數學知識，你會發現，我們從一些股票回購中獲益更多，而這些股票回購是逐年結轉的。另一方面，我們的利息支出增加了，因為利率在去年大部分時間都在上升，然後我們開始看到利率略有下降，所以利率——利率。多一點就可以抵消一些。

Those were, probably, the biggest puts and takes to call out there. We didn't have any, like I mentioned there, we didn't have any really significant benefit from share repurchases this quarter, because they were purchased towards the end of the quarter, so nothing really there.

這些可能是目前面臨的最大挑戰。就像我提到的那樣，我們沒有從本季的股票回購中獲得任何真正顯著的收益，因為它們是在本季末購買的，所以實際上沒有什麼收益。

We had just a slight benefit on income taxes not much, the probably the best thing on the headlines is you kind of sort through some of that math and you again focus on 18% growth and operating income. That's the heart of the business. That's the strength and the fuel to the business. If we can't grow our business, at those kind of rates, we won't have the earnings.

我們在所得稅方面只獲得了輕微的優惠，不是很多，頭條新聞中最好的內容可能是你對一些數學知識進行整理，然後再次關注 18% 的增長和營業收入。這就是業務的核心。這就是企業的力量和動力。如果我們不能以這樣的速度發展我們的業務，我們就無法獲利。

So at the end of the day, the quality of our earnings, our year-over-year numbers if you try to -- let's say cut out a lot of the noise that that happens, whether it's purchase, share purchases, interest or tax or whatever, and you go. On a kind of an apple to apple basis, we had about an 18%, 19% year-over-year EPS growth, almost exactly what we had in operating income.

所以說到底，如果你嘗試的話，我們的獲利品質、我們的同比數據——比方說，消除很多噪音，無論是購買、股票購買、利息或稅收還是其他什麼，你就可以了。從同類比較來看，我們的每股盈餘年增了約 18% 至 19%，幾乎與我們的營業收入完全相同。

And if I reflect back even to the full year of 2024, you would see the kind of same kind of math there. So I think the real showcase to our strength of the business is the strength of the earnings growth, which I think is very much to do with the diversity that we have across our business, geographically, product-wise, segment wise, customer-wise, and we feel pretty good about the momentum that's going on in our business.

如果我回顧一下 2024 年全年，你會看到同樣的數學情況。因此，我認為真正展示我們業務實力的是盈利增長的強勁，我認為這與我們業務的多樣性息息相關，包括地域、產品、細分市場和客戶方面的多樣性，我們對業務的發展勢頭感到非常滿意。

(Operator instructions)

（操作員指示）

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Yeah, good morning. Thanks for taking the questions. Can you just talk about consumers' willingness to pay ATM surcharge or access fees in Europe, it's kind of a new concept over there. Any observations in the data?

是的，早安。感謝您回答這些問題。您能否談談歐洲消費者支付 ATM 附加費或接取費的意願，這在那裡是一個新概念。數據中有什麼觀察結果嗎？

Well, I think that the data seems to say that they -- first of all you've got to understand we're not the only people doing this, much like the United States, if you go to any ATM that's not your own bank's ATM, you will pay what, $354 or whatever it is here, right?

嗯，我認為數據似乎表明他們——首先你必須明白我們不是唯一這樣做的人，就像美國一樣，如果你去任何不是你自己銀行的 ATM，你將支付 354 美元或任何金額，對嗎？

It's exactly the same in Europe once Visa and Mastercard have allowed it in a given market. We do it, but everybody else does it. So, when you think about it, that people really don't, if you want the cash, that's just kind of the common denominator. And so we don't really see, we don't see like a change in the price elasticity curve you might say.

一旦 Visa 和 Mastercard 在特定市場允許使用，歐洲的情況也完全一樣。我們這樣做，但其他人也這樣做。所以，當你考慮這一點時，你會發現人們真的不想要現金，這只是一種共同點。因此我們實際上並沒有看到，我們沒有看到價格彈性曲線的變化。

The other thing I would point out is, what is very common practice in Europe is that the banks put on their customers what they call a disloyalty charge. And all of these banks have EUR2 or EUR3 that they charge their customer anytime they use an ATM other than on their networks.

我想指出的另一件事是，歐洲非常普遍的做法是銀行向客戶收取所謂的不忠誠費。所有這些銀行都會向客戶收取 2 歐元或 3 歐元的費用，只要客戶使用其網路以外的 ATM 機即可。

So for the most part, customers are quite accustomed to paying a fee if they're using an ATM that's other than their banks. And then the other thing that, aside from that, as Mike mentioned here earlier too in the comments is that we signed participation agreements with banks across Europe and that gives the bank the ability to extend its presence across the wider area, a broader number of ATMs, and that's good for the customer and it's good for us.

因此，大多數情況下，如果客戶使用非其銀行的 ATM，他們已經習慣於支付費用。除此之外，正如麥克之前在評論中提到的那樣，我們與歐洲各地的銀行簽署了參與協議，這使銀行能夠將其業務擴展到更廣泛的地區，擁有更多的 ATM 機，這對客戶和我們都有好處。

So, again, we see that the practices are pretty consistent where banks charge customers off of bank kind of fees. So, customers are -- let's say accustomed to that type of a fee.

因此，我們再次看到，銀行向客戶收取銀行費用的做法相當一致。所以，可以說客戶已經習慣這種費用了。

And it does two things. First of all, it once you've got and that we call it a surcharge here on ATMs, it opens up for us more ATMs in that potential market because then we can go after the local transactions where we might not have gone after that.

它有兩個作用。首先，一旦你獲得了我們稱之為 ATM 附加費的 ATM，它就會為我們在潛在市場中開闢更多的 ATM，因為這樣我們就可以進行以前可能沒有進行過的本地交易。

Ahead of time. And second, like, Rick says, we signed network participation agreements with banks so that they use our network, our your branded network as an extension of their own, and they basically buy transactions from us at wholesale.

提前。其次，正如里克所說，我們與銀行簽署了網絡參與協議，以便他們使用我們的網絡，我們的品牌網絡作為他們自己的網絡的延伸，他們基本上以批發價從我們這裡購買交易。

And if you might remember, the first country in continental Europe that did this was Spain, and we must have 30 different banks in Spain who have contracts with us so that their customers have access to our ATMs that with a no fee agreement.

您可能還記得，歐洲大陸第一個這樣做的國家是西班牙，西班牙有 30 家不同的銀行與我們簽訂了合同，以便他們的客戶可以免費使用我們的 ATM。

So it actually lengthens our runway for numbers of ATMs in Europe as more and more surcharges come into the market.

因此，隨著越來越多的附加費進入市場，它實際上延長了歐洲 ATM 機數量的成長空間。

Very clear. Thank you for that. And then just a quick update on the merchant services business, it seems like you're expanding into new geographies and like I think you mentioned tight expense management on that business.

非常清楚。謝謝你。然後簡單更新一下商家服務業務，看起來您正在向新的地區擴張，而且我認為您提到了對該業務的嚴格費用管理。

Well, yeah, our goal is to expand into Portugal, Spain, and Italy. They have a similar kind -- they're hyper-competitive first of all, and we -- so we're kind of starting from scratch, but we understand how to have a value proposition that's good for the small merchants in these Mediterranean touching countries.

嗯，是的，我們的目標是擴展到葡萄牙、西班牙和義大利。他們有類似的情況——首先，他們的競爭非常激烈，而我們——所以我們是從零開始，但我們知道如何提出一個對地中海沿岸國家的小商人有利的價值主張。

And so that's our goal is to take the tricks that we've learned in Greece and export them to those three other countries. And we're just on the beginning of that right now. We've hired sales forces, we're going out, selling to the merchants and, trying to dislodge them from their current, providers because we've got a good value prop.

因此，我們的目標是將我們在希臘學到的技巧推廣到其他三個國家。而我們現在才剛開始這個過程。我們僱用了銷售人員，出去向商家銷售，並試圖將他們從現有的供應商中趕走，因為我們有很好的價值主張。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Gus Gala, MCH.

格斯·加拉（Gus Gala），MCH。

Hi, Mike. Hi, Rick. Thanks for taking our questions. Could you talk about the Ria digital shift, two areas I want to dig in on. Can you talk about maybe efficiencies around digital marketing and so far, driving the strength in the branded digital.

你好，麥克。你好，瑞克。感謝您回答我們的問題。您能談談 Ria 數位轉型嗎？這是我想深入探討的兩個領域。您能否談談數位行銷的效率以及迄今為止推動品牌數位化實力的因素？

And then any commentary around how your maybe gross profit dollar retention has been trending, anything that qualify on that front would be helpful. And then on a similar front and money transfer, could you talk about how you've dealt with more entrance into the independent channel domestically in the past. Sounds like a larger pier is more actively pursuing that space here in the US. Thanks.

然後，關於您的毛利保留率趨勢的任何評論，任何符合這一方面的評論都會有所幫助。然後，在類似的方面和匯款方面，您能否談談過去您如何處理更多進入國內獨立管道的問題。聽起來，在美國，更大的碼頭正在更積極地爭取這一空間。謝謝。

Well, I mean you just look at our money transfer results and they speak for themselves. I mean we're absolutely crushing it with our real business, up and down the value chain. We start with Ria at bricks and mortars. We have Ria moneytransfer.com on the online side. You can see that our growth there is 30%.

嗯，我的意思是你只要看看我們的匯款結果，它們就說明了一切。我的意思是，我們絕對會透過我們的實際業務，在價值鏈的上下游中取得壓倒性勝利。我們從 Ria 的實體業務開始。我們的線上平台是 Ria moneytransfer.com。您可以看到我們在那裡的成長率為30%。

We continue to grow that kind of 30% quarter on quarter on quarter and keeps on happening. We do see -- some entrance, but we also see people dying off. I mean, this is a hyper competitive market. Last year we saw two of the, I would say major mid-sized players just evaporate, one in Europe, one in the US. So it is competitive.

我們繼續保持著每個季度 30% 的成長率，而這種趨勢還在繼續。我們確實看到了一些入口，但我們也看到人們死去。我的意思是，這是一個競爭異常激烈的市場。去年，我們目睹了兩家主要的中型企業消失，一家在歐洲，一家在美國。所以它很有競爭力。

One of the things that we've got going for us is that we have an omnichannel strategy, and that's where you can have the same customer number and the same relationship with us, whether you use bricks and mortar or use, or you go digital. And so what that's done is it's actually helped us continue to keep these customers as they may migrate from bricks and mortar to more digital areas.

我們的優勢之一是我們擁有全通路策略，無論您使用實體店、使用或數位化，您都可以擁有相同的客戶數量並與我們建立相同的關係。這樣做實際上幫助我們繼續留住這些客戶，因為他們可能會從實體店遷移到更數位化的區域。

Yeah, you also asked about gross profit, as I mentioned earlier, there's a I actually we saw a little increase in our gross profit per transactions. So we feel pretty good about the stability of the market out there. And to further, Mike's comments about the other guys in the business, look we purchased this rea business, it's been in our group now since 2007.

是的，您還詢問了毛利，正如我之前提到的，我們實際上看到每筆交易的毛利略有增加。因此，我們對市場穩定性感到非常滿意。進一步說，麥克對這個行業其他人員的評論是，我們購買了這家真正的企業，自 2007 年以來它就一直在我們集團旗下。

And there's rarely an agent that we have you, that you walk in there, that there aren't four or five other brands that are actively competing. And, so this has been the way we've lived. It's the kind of day to day, kind of hand combat battle that Juan and his team do every single day.

而且，我們很少有代理商，當您走進那裡時，沒有四到五個其他品牌在積極競爭。這就是我們的生活方式。這就是胡安和他的團隊每天都要進行的日常徒手搏鬥。

So, we do see sometimes the names on the brands that we compete with change out there, but the competitive nature of the independent channel hasn't been much today different than it has been over the last 15 years.

因此，我們確實有時會看到與我們競爭的品牌名稱發生變化，但獨立通路的競爭性質與過去 15 年相比並沒有太大不同。

Got it, appreciate the [com].

明白了，感謝[com]。

Oh, go ahead if you have one more.

哦，如果你還有一個，請繼續。

Yeah, sorry. And then one on the EFT, can we talk about the LATM opportunity a little bit? Maybe is there a way to quantify what the opportunity to be in terms of ATMs, transactions, and then a second layer, could you, in the past you've talked about the productivity of these ATMs outside of Europe being much higher.

是的，抱歉。然後關於 EFT，我們可以稍微談論一下 LATM 機會嗎？也許有沒有辦法量化 ATM、交易以及第二層方面的機會，您過去曾談到歐洲以外的這些 ATM 的生產率要高得多。

Could you put a finer point on how this, the process grow, how their ATMs kind of look versus those numbers, yeah anything of note that would be helpful.

您能否更詳細地說明一下這個過程是如何發展的，它們的 ATM 與這些數字相比是什麼樣子的，是的，任何值得注意的有用資訊都會有所幫助。

Thanks. So some of this is too early to give you actually actual numbers. I mean, we've used Prosegur as our JV Partner just in two markets. And that's the two new ones, the DR and Peru, so we're just starting, we don't have any data.

謝謝。因此，現在給出實際數字還為時過早。我的意思是，我們僅在兩個市場就使用 Prosegur 作為我們的合資夥伴。這是兩個新國家，多明尼加共和國和秘魯，所以我們才剛開始，我們沒有任何數據。

However, we entered into Mexico on our own, and they're extremely profitable for us. And the one thing you've got to remember is, in Europe, the bulk of Europe uses Europe, right? And these are euro to euro transactions and so they're not cross currency, so you can't make a currency spread on those transactions in Europe.

然而，我們自行進入了墨西哥市場，也為我們帶來了極高的利潤。你必須記住的一件事是，在歐洲，歐洲大部分地區都使用歐洲，對嗎？這些都是歐元對歐元的交易，所以它們不是跨貨幣，所以你不能在歐洲對這些交易進行貨幣價差。

However, virtually every transaction that we do, in a cross-border transaction that we do in South America or Latin America is all cross currency. So much higher percentage of our transactions can be DCC transactions, which gives you the ability to make more than a couple bucks on a surcharge.

然而，我們在南美或拉丁美洲進行的幾乎每一筆跨國交易都是跨貨幣的。我們的交易中有很大一部分是 DCC 交易，這使您能夠透過附加費賺取不止幾塊錢。

So there's -- a lot of opportunity there. It's the same kind of thing that we saw in North Africa with Morocco and in Egypt and the same thing we see in Malaysia and the Philippines, lots of DCC opportunities there, lots of travelers just traversing those geographic areas. So I can't tell you exactly how big it's going to be, but we know the opportunity is large.

所以那裡有很多機會。這與我們在北非的摩洛哥和埃及看到的情況是一樣的，在馬來西亞和菲律賓也看到的情況是一樣的，那裡有很多 DCC 機會，很多旅行者只是穿越這些地理區域。所以我無法確切地告訴你它到底有多大，但我們知道機會很大。

Got you. I appreciate all the comments as usual.

明白了。我一如既往地感謝大家的評論。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Good morning. Thanks for taking my question and good results here. I think earlier you had mentioned that 80% of tourists in Europe are Europeans themselves. Are you able to break that out a little bit further and talk about like what percentage (inaudible) are US tourists?

早安.感謝您回答我的問題並取得了良好的結果。我記得您之前提到過，歐洲 80% 的遊客都是歐洲人。您能否進一步詳細說明一下，美國遊客的比例是多少（聽不清楚）？

We, I think -- I know that 80% of our customers in Europe are Europeans. And of the 20% that's left, about half of that comes from Britain, and the other half is comes from the US and all the other countries. So kind -- and I bet you I don't know that number off the top of my head. Maybe Rick does, but I'd say the US might be half-ish of the last 10%.

我認為——我知道我們在歐洲的 80% 客戶都是歐洲人。剩下的 20% 中，大約一半來自英國，另一半來自美國和所有其他國家。太好了——我跟你打賭，我記不清這個數字了。也許 Rick 會這麼認為，但我認為美國可能只佔最後 10% 的一半左右。

Pretty close. It's just slightly less than half, but that's we're in the right zip code.

八九不離十。只是略少於一半，但我們的郵遞區號是正確的。

Yeah.

是的。

Understood. Okay, that's really helpful. And then, I just want to ask about money transfer, like how much benefit do you guys think you got from just the FX volatility in the quarter like versus, I guess that, what your competitors are doing.

明白了。好的，這確實很有幫助。然後，我只想問一下關於匯款的問題，例如，你們認為與競爭對手相比，你們從本季的外匯波動中獲得了多少利益。

I don't think that we got much benefit in the first quarter. I didn't think that we started seeing the volatility move as much, until kind of toward the end of the first quarter. We have seen more activity in the first part of April here, but I would say on unbalanced not much in the first quarter, but again it's it looks like April is activities picked up, and I think that kind of coincides with a lot of the press.

我認為我們在第一季並沒有獲得太多的收益。我認為直到第一季末我們才開始看到波動性如此之大。我們在四月上半月看到了更多的活動，但我想說，第一季的活動並不多，但四月份的活動似乎又有所回升，我認為這與許多媒體的報道相吻合。

I mean, if you remember, April 2 was a big announcement date on the tariff position, so I think that's kind of when you really started seeing the volatility move.

我的意思是，如果你還記得的話，4 月 2 日是關稅立場的重要公告日期，所以我認為那時你才真正開始看到波動性的變化。

Understood. Okay. And then just finally on the ATM business, it's good to see the Dominican Republic and Peru up on your ATMs. Can you just comment on how many ATMs in general you expect to add this year?

明白了。好的。最後，關於 ATM 業務，很高興看到多明尼加共和國和秘魯的 ATM 機數量增加。您能否評論一下今年預計增加多少台 ATM 機？

Well, as we said before, we would probably start moving away from that kind of a thing, just so that it's just another statistic to have to measure, but together with and we'd also had announced that we had signed a transaction in Eastern Europe that'll add quite a few ATMs from an outsourced basis, so I would tell you that that we would expect our business to add ATMs consistent with the prior years.

好吧，正如我們之前所說的，我們可能會開始擺脫這種事情，只是為了讓它成為另一個需要衡量的統計數據，但與此同時，我們還宣布我們已經在東歐簽署了一項交易，這將通過外包的方式增加相當多的 ATM，所以我會告訴你，我們預計我們的業務將增加與前幾年一致的 ATM 數量。

So weren't wanting to put out a specific number on that, but you can expect that we will continue to put in about the same number of ATMs, and if we see a little bit more traction somewhere or if we find some larger outsource deals we could go through that but our momentum would be consistent with what we've done in the prior years.

因此，我們不想透露具體的數字，但你可以預期，我們將繼續投入大約相同數量的 ATM，如果我們在某個地方看到更多的牽引力，或者我們找到一些更大的外包交易，我們可能會經歷這一點，但我們的勢頭將與前幾年所做的一致。

Great, thank you.

太好了，謝謝。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Hi, thanks. This is Daniel Krebs on for Darren Keller. I wanted to follow up on the merchant services outside of Greece. I know it's early efforts now, but in your view how long is the typical sales cycle and grant period until we can start to see some material contributions from these countries? Thanks.

你好，謝謝。我是 Daniel Krebs，代替 Darren Keller 報道。我想跟進希臘以外的商家服務。我知道現在還處於早期階段，但您認為典型的銷售週期和資助期需要多長時間才能開始看到這些國家的一些實質貢獻？謝謝。

Oh, I think we materially one of the challenges we got is that Greece is just crushing it. So when you say material in comparison to Greece or just kind of or adds up to a few millions, I would say that's probably not going to be till late this year early next year, but we're working hard. We see the opportunity.

哦，我認為我們面臨的一個實質挑戰是希臘正在遭受重創。因此，當您說與希臘相比物質上有所提高或只是增加了幾百萬時，我想說這可能要到今年年底明年年初才會實現，但我們正在努力。我們看到了機會。

Pardon me.

對不起。

Well, I think another demonstration of that. And the credibility of what we have to offer, as we mentioned there earlier we just signed the Munich Airport. I mean, this is a major player in Europe. The Germans have exacting standards of quality and so it I think speaks to the quality of what we have to offer.

嗯，我認為這是另一個證明。正如我們之前提到的，我們剛剛與慕尼黑機場簽署了協議，以證明我們所提供的服務的可信度。我的意思是，這是歐洲的主要參與者。德國人對品質有著嚴格的標準，所以我認為這也反映了我們所提供產品的品質。

So, that we start seeing the momentum grow there and we're not just a household name out there in the merchant processing, we've got a lot more strength in Greece, but we'll continue to drive that. But that's just a good example of people recognizing what we have to offer.

因此，我們開始看到那裡的發展勢頭，我們不僅僅是商戶處理領域的家喻戶曉的名字，我們在希臘擁有更大的實力，但我們會繼續推動這一進程。但這只是人們認可我們所提供產品的一個很好的例子。

And it's also recognizing the quality of our technology because, really -- these folks are wanting to be able to have payments process from all people that come through that airport. And they're not people carrying just a traditional Visa or Mastercard type of a product, they've got QR code kind of products, things like that. They're -- this is non-traditional card processing type of payment and so people are making a recognition of the technology difference we make to help them serve their customers better.

這也是對我們技術品質的認可，因為這些人確實希望所有經過該機場的旅客都能享受到支付服務。他們攜帶的不僅僅是傳統的 Visa 或 Mastercard 類型的產品，他們還有二維碼類型的產品，諸如此類。這是非傳統的卡片處理類型的支付，因此人們認識到我們所做的技術差異，以幫助他們更好地服務客戶。

Understood, thanks. And just a quick follow up maybe on the travel trend, you potentially see a scenario where there's slower inbound to US and US domestic activity and some of that travel activity could end up shifting to Europe. I'm not sure if you've seen any of that in early data perhaps.

明白了，謝謝。只要快速追蹤旅遊趨勢，您可能會看到這樣一種情況：入境美國和美國國內活動的放緩，部分旅遊活動最終可能會轉移到歐洲。我不確定您是否在早期數據中看到這些內容。

Haven't seen anything show up in the numbers. I think you raise a good question that it, we just haven't seen any kind of data on it. But you're right, to the extent that someone from outside the United States that may have planned to come to the United States feels like they don't want to make the trip here. Well, the next largest tourist location is Europe.

沒有看到數字上出現任何內容。我認為你提出了一個很好的問題，我們只是還沒有看到任何關於它的數據。但您說得對，從某種程度上來說，來自美國以外的人可能原本計劃來美國，但感覺他們不想來這裡。那麼，下一個最大的旅遊地點就是歐洲。

And so -- and because we've deployed in some of the other Asia Pac markets, the Northern African markets, we've got a lot of those places covered. So, if consumers do shift their preference or their behavior there, we might get a little benefit from that.

因此——由於我們已經在其他一些亞太市場、北非市場部署了業務，所以我們已經涵蓋了很多地方。因此，如果消費者確實改變了他們的偏好或行為，我們可能會從中獲得一點好處。

Great. Thank you so much.

偉大的。太感謝了。

Zachary Gunn, FT Partners.

FT Partners 的 Zachary Gunn。

Hey there, thanks for taking the question. Apologies if I missed. I just want to ask, were there any incremental geographies that launched direct access fees this quarter? I know there's a couple expected to come on in 2025, and just with that, is there any way to think about the contribution of incremental countries and what that's expected to contribute to that EPS guide for the full year?

嘿，感謝您回答這個問題。如果我錯過了，請見諒。我只是想問一下，本季是否有增量地區推出了直接接取費？我知道預計 2025 年將有幾個國家加入，那麼，有沒有辦法考慮增量國家的貢獻以及預計對全年 EPS 指南的貢獻？

I don't think we had any new ones come on in the first quarter. We had some that -- and I can't remember which countries or which I might have said in my Q4 call, we had a few come on in the fourth quarter so that we would get the benefit of them in the first quarter, but if they -- but I can't remember anything past that.

我認為第一季我們沒有任何新動作。我們有一些——我不記得哪些國家或我在第四季度電話會議上說過，我們在第四季度有一些舉措，以便我們在第一季度獲得它們的好處，但如果他們——但我不記得之後的任何事了。

Do you recall nothing in terms of a new addition in the first quarter like Mike said we're getting some full year benefit here from some of those others. We've got some others that are on the radar screen that we would expect this year, but we're not the folks that make those announcements and so we don't want to put the names out there until, it's really the card organizations that have to make those announcements and things like that. So we do expect some more this year, but nothing new came on board in the first quarter.

您是否記得第一季有新增業務，就像麥克說的那樣，我們從其他一些業務中獲得了全年收益。我們今年也關注了一些其他的信用卡公司，但我們不是發布這些公告的人，所以我們不想公佈這些公司的名字，直到真正需要由信用卡組織發布這些公告和諸如此類的事情為止。因此，我們確實期待今年會有更多進展，但第一季並沒有什麼新進展。

Got it. That that's helpful. And then just quickly as a follow up, I just want to ask on the regulatory environment. Obviously money transfer came in strong this quarter, but we saw you specifically (inaudible) and put out some geographic targeting orders on zip codes in the US, and it's probably a small proportion of overall volume, but what are you seeing in the regulatory environment today?

知道了。這很有幫助。然後作為後續問題，我只想問一下監管環境。顯然，本季的匯款業務表現強勁，但我們看到您特別（聽不清楚）並針對美國郵遞區號發布了一些地理定位訂單，這可能只佔總體交易量的一小部分，但您今天在監管環境中看到了什麼？

Do you think that there's risk that do these type of restrictions on filing CTRs and decreasing the amount required, that expands further, or just any commentary on that would be helpful.

您是否認為對提交 CTR 進行此類限制並減少所需金額、進一步擴大存在風險，或任何對此的評論都會有所幫助。

Look, I think it's always hard to outguess that, but maybe if we reflect a little bit on kind of the world that we operate in and essentially we operate on and have been on a basis that generally has been taking IDs on folks and, we've seen these kind of things before.

聽著，我認為這總是很難猜測，但也許如果我們稍微反思一下我們所處的世界，本質上我們所處的世界是建立在對人們進行身份證檢查的基礎上的，我們以前就見過這種事情。

We haven't seen any kind of like we said earlier. Any kind of significant difference show up out there. And so our general view at this time is that we don't anticipate any kind of adverse reactions from that, but it really all depends on what kind of action could be taken in the future.

我們還沒有看到任何像我們之前所說的那樣的情況。任何顯著的差異都會顯現出來。因此，我們目前的總體觀點是，我們預計不會產生任何不良反應，但這實際上取決於未來可以採取什麼樣的行動。

We operate on an ID basis pretty much around the world, if you will. And when so when people are sending money, they're generally accustomed to that. So again, as I said, we haven't seen anything now and as of what we see in the market today, we don't expect anything significant in that regard.

如果你願意的話，我們幾乎在世界各地都以身分為基礎開展業務。當人們匯款時，他們通常都習慣這樣做。所以，正如我所說，我們現在還沒有看到任何東西，而且就我們今天在市場上看到的情況而言，我們預計在這方面不會出現任何重大進展。

And aside from that, or because of our very diligent view on compliance and regulation and all that, we have an absolutely pristine compliance record. Our larger competitors cannot brag about that. We certainly can over all the years, over 30 years of doing this, we don't get into trouble because we play it by the book and we're very conservative.

除此之外，或者因為我們對合規和監管等方面非常認真的看法，我們擁有絕對完美的合規記錄。我們的大型競爭對手無法吹噓這一點。我們當然可以做到，這麼多年來，我們已經這樣做了 30 多年，我們沒有遇到麻煩，因為我們按規矩辦事，而且非常保守。

And I think with that, yeah, I think with that Zach, we're going to have to cut it off, but I thank everybody for their time today and I look forward to seeing them in about 90 days.

是的，我想，扎克，我們必須就此打住，但我感謝大家今天抽出時間，我期待在大約 90 天後見到他們。

Thank you.

謝謝。

Thank you everyone for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。