Euronet Worldwide Inc (EEFT) 2025 Q2 法說會逐字稿

Greetings and welcome to the Euronet Worldwide second-quarter 2025 earnings conference call.

問候並歡迎參加 Euronet Worldwide 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

It is now my pleasure to introduce your host, Mr. Adam Godderz, General Counsel of Euronet Worldwide. Thank you. Mr. Godderz, you may begin.

現在我很高興介紹您的主持人，Euronet Worldwide 總法律顧問 Adam Godderz 先生。謝謝。Godderz 先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Euronet's second-quarter 2025 earnings conference call today. On the call, we have Mike Brown, our Chairman & CEO as well as Rick Weller, our CFO.

謝謝。大家早安，歡迎參加今天的 Euronet 2025 年第二季財報電話會議。參加電話會議的有我們的董事長兼執行長 Mike Brown 和財務長 Rick Weller。

Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation that we'll be making today. Statements made on this call that concern Euronet or its management intentions, expectations, or predictions of further performance are forward-looking statements. Euronet's actual resorts may vary materially from those anticipated in these forward-looking statements as a result of a number of factors that are listed on that second slide of our presentation. In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures.

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。本次電話會議中涉及 Euronet 或其管理意圖、期望或進一步績效預測的陳述均為前瞻性陳述。由於我們簡報第二張投影片中列出的多種因素，Euronet 的實際度假村可能與這些前瞻性聲明中預測的度假村有重大差異。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 CEO, Mike Brown.

現在，我將把電話轉給我們的執行長麥克布朗。

Thank you, Adam, and thank you, everybody, for joining us on our call today. I'll begin my comments on slide number 5.

謝謝亞當，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。

But before I jump into the quarterly results, I'm sure you read our release last night where we announced the acquisition of CoreCard, a leading-edge proven scaled credit card processing platform. This acquisition is exciting in so many ways. First and foremost, it extends our strategy into the digital payments processing space. CoreCard perfectly complements our Ren platform with a modern, evolving credit technology that is proven at scale. Moreover, I'll remind you that issuing and processing of cards is not new to us. We already processed tens of millions of cards across Europe and Asia.

但在介紹季度業績之前，我相信您已經閱讀了我們昨晚發布的消息，我們宣布收購 CoreCard，這是一個領先的、經過驗證的規模化信用卡處理平台。這次收購在很多方面都令人興奮。首先，它將我們的策略擴展到數位支付處理領域。CoreCard 採用經過大規模驗證的現代化、不斷發展的信用技術，完美補充了我們的 Ren 平台。此外，我要提醒您，發行和處理卡對我們來說並不是什麼新鮮事。我們已經處理了歐洲和亞洲的數千萬張卡片。

The addition of this leading credit platform gives us yet more growth opportunities as it enables us to go after the $10 billion-plus revenue TAM market with very attractive operating margins approaching 50% and elevated market rates of growth in large markets where we have strong foothold, Europe and Asia. And finally, it is not just the consumer credit -- it's not just consumer credit, CoreCard also serves as business lending sector.

這個領先信貸平台的加入為我們提供了更多的成長機會，因為它使我們能夠進軍收入超過 100 億美元的 TAM 市場，該市場的營業利潤率非常誘人，接近 50%，並且在我們擁有強大立足點的歐洲和亞洲等大型市場中，市場增長率也更高。最後，它不僅僅是消費信貸——它不僅僅是消費信貸，CoreCard 還服務於商業貸款領域。

Let me continue my excitement. As CoreCard was not enough, just this week, we signed a significant Ren deal with one of the three largest US banks. We've been in pursuit of this deal for a couple of years, which makes this announcement that much more exciting. Our Ren technology will be used to drive thousands of ATMs across the country. Clearly, this was a very competitive process across all industry leaders, and so to be selected for this deal, it really underscores the capability and confidence that banking leaders have in our Ren platform.

讓我繼續我的興奮。由於 CoreCard 還不夠，就在本週，我們與美國三大銀行之一簽署了一項重要的 Ren 協議。我們已經為這筆交易努力了好幾年，這使得這次宣布更加令人興奮。我們的 Ren 技術將用於驅動全國數千台 ATM。顯然，這是一個對所有行業領導者而言非常具有競爭力的過程，因此能夠被選中參與這筆交易，真正凸顯了銀行領導者對我們的 Ren 平台的能力和信心。

These two deals further our digital strategy and while we are excited that these deals will contribute to growth in future quarters, I don't want to overlook the great operating performance of the business this quarter. The second quarter, we delivered constant currency operating income growth year over year of 13%. I think this number underscores the strength of our business and these exciting digital announcements further position us to continue our 20-year track record of double-digit earnings growth where a growth business with even more exciting opportunities today than yesterday.

這兩筆交易進一步推進了我們的數位策略，雖然我們很高興這些交易將有助於未來幾季的成長，但我不想忽視本季業務的出色營運表現。第二季度，我們的固定匯率營業收入較去年同期成長 13%。我認為這個數字凸顯了我們業務的實力，這些令人興奮的數字公告進一步使我們能夠延續 20 年來的兩位數盈利增長記錄，今天的增長業務比昨天擁有更多令人興奮的機會。

Now I will hand it off to Rick to discuss our results in more detail.

現在我將交給 Rick 更詳細地討論我們的結果。

Thank you, Mike. Good morning and thank you to everyone for joining us today. I will begin my comments on slide 7.

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。

We delivered a record second quarter on all key reported consolidated metrics. We delivered revenue of $1.1 billion, operating income of $159 million, and adjusted EBITDA of $206 million, and finally adjusted EPS of $2.56.

我們在第二季的所有主要報告綜合指標上均創下了紀錄。我們實現了11億美元的營收，1.59億美元的營業收入，2.06億美元的調整後EBITDA，最終調整後每股收益為2.56美元。

The money transfer segment led the way by producing constant currency operating income growth of 33%. Despite significant macro uncertainties that range from immigration reform to global conflict, a great quarter.

匯款業務以 33% 的固定貨幣營業收入成長率領先。儘管存在從移民改革到全球衝突等重大宏觀不確定性，但本季仍表現良好。

Our second-quarter adjusted EPS grew 14% year over year. During the quarter, we repurchased $247 million of our shares. Given the timing of the repurchases, there was only a marginal benefit to the second-quarter adjusted EPS. I'll also point out that our consolidated operating margins expanded by more than 112 basis points over the prior year and we expect to see a continuation of posting expanded margins as we go through the second half of the year.

我們第二季的調整後每股盈餘較去年同期成長 14%。本季度，我們回購了價值 2.47 億美元的股票。考慮到回購的時間，第二季調整後的每股盈餘僅帶來微不足道的好處。我還要指出的是，我們的綜合營業利潤率比前一年擴大了 112 個基點以上，我們預計今年下半年利潤率將繼續擴大。

Slide 8 presents a summary of our balance sheet compared to the prior quarter. As you can see, we entered the second quarter with $1.3 billion in unrestricted cash and debt of $2.4 billion. The decrease in cash is largely due to stock repurchases offset by cash generated from operations and working capital fluctuations.

投影片 8 展示了我們與上一季相比的資產負債表摘要。正如您所看到的，進入第二季度，我們擁有 13 億美元的非限制性現金和 24 億美元的債務。現金減少主要是因為股票回購被經營活動產生的現金和營運資本波動所抵銷。

Regarding our share repurchases, we anticipated that there was a reasonable likelihood of completing the CoreCard acquisition, and it was important to CoreCard that the deal be a stock-for-stock transaction for tax purposes. Accordingly, we knew a couple $100 million for share repurchases made sense whether we completed the acquisition or not. In that we have now signed the purchase agreement and look forward to closing, we essentially have done a cash deal after issuing shares that we just repurchased.

關於我們的股票回購，我們預計完成 CoreCard 收購的可能性很高，而且出於稅收目的，對 CoreCard 來說，以股票換股票交易非常重要。因此，我們知道無論我們是否完成收購，花費數億美元回購股票都是合理的。由於我們現在已經簽署了購買協議並期待完成交易，我們在發行剛回購的股票後基本上完成了一筆現金交易。

Slide 9 shows our results on a reported basis. Year over year, the major currencies we operate in strengthened compared to the dollar. To normalize the impact of currency fluctuations, we have presented our results adjusted for currency on the next slide.

幻燈片 9 展示了我們的報告結果。與去年同期相比，我們操作的主要貨幣相對於美元有所走強。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。

On slide 10 now. EFT segment revenue grew 6%, operating income and adjusted EBITDA were in line with the prior-your results. It's worth noting that the second-quarter last year EFT posted exceptionally strong operating income, making it a tough comparison. While the second quarter is a difficult comp to the prior year, we expect to see the strength of EFT earnings grow to restore itself in the third quarter.

現在在第 10 張投影片上。EFT 部門營收成長 6%，營業收入和調整後的 EBITDA 與先前的表現一致。值得注意的是，去年第二季 EFT 的營業收入異常強勁，因此很難進行比較。儘管第二季與去年同期相比較為艱難，但我們預計 EFT 獲利實力將在第三季恢復成長。

Epay grew revenue 5%, operating income 17%, and EBITDA 15% when compared to the prior year. The main drivers of growth this quarter were attributable to our payment business and continued growth of our digital channel sales in multiple markets predominantly relating to gaming content.

與前一年相比，Epay 的營收成長了 5%，營業收入成長了 17%，EBITDA 成長了 15%。本季成長的主要動力歸功於我們的支付業務以及主要與遊戲內容相關的多個市場的數位通路銷售的持續成長。

Money transfer revenue, operating income, and adjusted EBITDA grew 6%, 33%, and 28% respectively. The revenue growth was primarily driven by volume, the higher principal amounts per transaction, and 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 6%、33% 和 28%。收入成長主要得益於交易量、每筆交易本金金額的增加以及跨境交易的成長，但美國境內交易量的減少抵消了這一增長。

Direct-to-consumer digital transactions grew by 29%, reflecting continued consumer demand for digital products. Operating income and adjusted EBITDA growth outpaced revenue growth significantly, leveraging of margin to the bottom line due to gross margin expansion driven by opportunities developed from foreign currency fluctuations, leverage of scale, and effective expense management.

直接面向消費者的數位交易成長了 29%，反映出消費者對數位產品的持續需求。營業收入和調整後 EBITDA 的成長顯著超過了收入的成長，由於外匯波動、規模槓桿和有效的費用管理帶來的機會推動了毛利率的擴大，利潤率上升到了底線。

Before I close on the quarter, I'd like to point out that we saw roughly $0.05 a share impact due to higher interest expense due to carrying the refinanced convertible at revolver rates. As you know, we have utilized convertible transactions in our capital structure and would expect to continue with acceptable market conditions and terms.

在結束本季報告之前，我想指出的是，由於以循環利率持有再融資可轉換債券導致利息支出增加，導致每股收益受到約 0.05 美元的影響。如您所知，我們在資本結構中利用了可轉換交易，並希望在可接受的市場條件和條款下繼續進行。

We did not issue any such securities in Q2, but remained interested in doing so, thereby improving interest expense. Further, we had about $0.05 per share for higher income taxes, about half of which related to greater impacts from state taxes on the convertible retirement and the other half due to expense assignment to foreign operations. Looking forward for the balance of the year, we would expect the tax rate to tick up a percent or two. In summary, we are pleased to reaffirm the 12% to 16% earnings growth expectation we have for 2025.

我們在第二季沒有發行任何此類證券，但仍有興趣這樣做，從而改善利息支出。此外，我們每股約有 0.05 美元的較高所得稅，其中約一半與州稅對可轉換退休金的較大影響有關，另一半則歸因於費用分配給海外業務。展望今年的剩餘時間，我們預計稅率將上升一到兩個百分點。總而言之，我們很高興重申我們對 2025 年 12% 至 16% 的獲利成長預期。

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

說完這些，我會把話題還給麥克。

Okay, thank you, Rick and everybody, move on to slide 12.

好的，謝謝 Rick 和大家，請繼續看第 12 張投影片。

Graphs on slide 12 illustrates over the past 10 years, the strength of our business lies in the diversity of our three segments as well as the diversity within those segments.

投影片 12 的圖表顯示，在過去 10 年中，我們業務的優勢在於三個部門的多樣性以及這些部門內部的多樣性。

Now, let's move to slide number 13 and we'll discuss the results for the segment starting with EFT. Slide 13. Our EFT segment, which was founded as a cash ATM business, expanded its digital capabilities through the acquisition of CoreCard; the previously acquired Infinitium, a two-factor authentication provider; and continued traction of Ren in the marketplace. Ren, a digital, modern, end-to-end payment platform that provides banks, fintech, and governments an innovative solution to keep pace with the ever-changing payment landscape. Ren provides acquiring, issuing, processing, and access to real-time payment networks. We are receiving accolades around the world for its digital innovation, including the recognition from one of the top three banks in the United States.

現在，讓我們轉到第 13 張投影片，討論從 EFT 開始的部分的結果。幻燈片 13。我們的 EFT 部門最初是作為現金 ATM 業務成立的，透過收購 CoreCard 擴展了其數位能力；之前收購了雙重認證提供者 Infinitium；並繼續在市場上吸引 Ren。Ren 是一個數位化、現代化、端到端的支付平台，為銀行、金融科技公司和政府提供創新解決方案，以跟上不斷變化的支付格局。Ren 提供收單、發行、處理和存取即時支付網路的服務。我們的數位創新獲得了世界各地的讚譽，其中包括美國三大銀行之一的認可。

This leading US bank isn't alone. During the quarter, we signed a deposit network participation agreement with Santander, the third largest bank in Poland and ATM outsourcing agreements with Security Bank in the Philippines; Axis Bank, the third largest bank in India; and Maybank in the Philippines. And all of these services will be powered by Ren. Further evidence that banks around the globe recognize that Euronet's technology allows them to serve their customers in a more modern and real-time way. A few years ago, we added merchant acquiring, another digital business line, which continues to perform very well. In fact, this quarter, we saw the highest card transaction volume we have processed since we acquired the business.

這家美國領先銀行並不是唯一一家這麼做的銀行。本季度，我們與波蘭第三大銀行桑坦德銀行簽署了存款網路參與協議，並與菲律賓安全銀行、印度第三大銀行 Axis Bank 和菲律賓馬來亞銀行簽署了 ATM 外包協議。所有這些服務都將由 Ren 提供支援。進一步的證據表明，全球各地的銀行都認識到 Euronet 的技術可以讓他們以更現代、更即時的方式為客戶提供服務。幾年前，我們增加了另一條數位業務線——商家收單，目前表現仍然非常好。事實上，本季我們處理的信用卡交易量達到了自我們收購該業務以來的最高水準。

To further the growth, in the second quarter, we successfully completed the integration with Oracle OPI, which significantly strengthens our position within the premium hospitality sector, and we signed more than 9,000 new more -- merchants, including one of Greece's top basketball teams.

為了進一步實現成長，我們在第二季度成功完成了與 Oracle OPI 的整合，這大大加強了我們在高端酒店領域的地位，並且我們簽約了超過 9,000 家新商家，其中包括希臘頂級籃球隊之一。

It's been an exciting few days in the EFT business. When combined with our existing strategic growth opportunities, including expanding international and domestic access fees, increasing interchange rates, and a recent market expansion, the acquisition of CoreCard and the agreement with this large US bank will continue to fuel EFT growth in the second half of the year and beyond.

對於 EFT 業務來說，過去的幾天是令人興奮的。結合我們現有的策略性成長機會，包括提高國際和國內接取費、提高交換費率以及最近的市場擴張，對 CoreCard 的收購以及與這家美國大型銀行達成的協議將繼續推動今年下半年及以後的 EFT 成長。

So now let's go on to slide number 14 and I'll talk about epay. Epay has evolved from a retail-based mobile top-up business to a global partner who provides a broad offering of digital payment solutions for some of the largest consumer brands in the world, including Apple, Google, Sony, Netflix, and a number of local players. I commonly get asked, what is epay? Epay allows the consumer to participate in the digital economy in the ways they prefer, whether it is for budgeting, security, or convenience. Today, 70% of our epay transactions are 100% digital consumer experience across e-commerce merchants, digital banks, and prominent wallets around the world. Moreover, the majority of the remaining 30% of the transactions use a digital payment method to purchase those services.

現在我們繼續看第 14 張投影片，我將討論 epay。Epay 已從一家以零售為基礎的行動儲值企業發展成為全球合作夥伴，為世界上一些最大的消費品牌提供廣泛的數位支付解決方案，包括蘋果、谷歌、索尼、Netflix 和一些本地企業。我常被問到，什麼是 epay？Epay 讓消費者以他們喜歡的方式參與數位經濟，無論是出於預算、安全還是便利。如今，我們 70% 的電子支付交易都是 100% 數位消費者體驗，涉及全球電子商務商家、數位銀行和知名錢包。此外，剩餘 30% 的交易大部分使用數位支付方式來購買這些服務。

Notable signings in this quarter. Content distribution signing in Turkey this quarter was Riot Games, publisher of League of Legends. Another signing this quarter was with Etsy gift cards, which had previously only been available for purchase from Etsy directly. And lastly, we signed an agreement to launch Amazon Prime subscription services in India.

本季有值得注意的簽約。本季在土耳其簽約的內容分銷商是《英雄聯盟》的發行商 Riot Games。本季的另一項簽約是 Etsy 禮品卡，此前該禮品卡只能直接從 Etsy 購買。最後，我們簽署了在印度推出亞馬遜 Prime 訂閱服務的協議。

Now, let's move on to slide 15 and talk about money transfer. Okay, slide 15. This quarter, our money transfer segment delivered exceptional results, underscoring the strength and breadth of our globally diversified business model. Operating income grew 33% year over year, fueled by a disciplined cost management and strong performance across a wide range of channels and geography.

現在，讓我們翻到第 15 張投影片，討論匯款。好的，第 15 張投影片。本季度，我們的匯款部門取得了卓越的業績，凸顯了我們全球多元化業務模式的優勢和廣度。由於嚴格的成本管理以及在廣泛管道和地區的強勁表現，營業收入較去年同期成長 33%。

This performance is particularly impressive, given the evolving immigration dynamics in North America and the recent announcement of the new remittance tax. To help you understand the impact, the revenues subject to the new 1% remittance tax affects only 27% of money transfer segment or 12% of Euronet's consolidated revenue, limiting our overall exposure.

考慮到北美不斷變化的移民動態以及最近宣布的新匯款稅，這一表現尤其令人印象深刻。為了幫助您了解影響，受新 1% 匯款稅影響的收入僅影響匯款部門的 27% 或 Euronet 合併收入的 12%，從而限制了我們的整體風險。

Let me start with research from the Center of Global Development. They found that a 1% increase in fees resulted in a 1.6% decline in remittance volume, which could either be fewer cents or lesser amounts of money sent. This research suggests that while the potential negative impact of 1.6%, it's only two-tenth of a percent -- of our consolidated revenue. While we would clearly rather not see this tax, the research indicates it will not have a significant impact on our business when it begins next January. We also know that a significant number of our customers have bank accounts and while they may be more comfortable operating with cash, they may prefer a debit card to avoid this tax further and which further reduces the impact on our revenues.

我先從全球發展中心的研究開始。他們發現，費用每增加 1%，匯款量就會下降 1.6%，這可能會導致匯款金額減少或收款金額減少。這項研究表明，雖然潛在的負面影響為 1.6%，但這僅占我們合併收入的百分之二。雖然我們顯然不希望看到這項稅收，但研究表明，明年 1 月開始徵收這項稅時，它不會對我們的業務產生重大影響。我們也知道，相當多的客戶都有銀行帳戶，雖然他們可能更喜歡用現金操作，但他們可能更喜歡使用借記卡來進一步避免這種稅收，從而進一步減少對我們收入的影響。

Even with the turbulence in the market, our key performance indicators paint a compelling picture of our ability to continue to deliver growth. Our transaction volume increased 4%, but the principal transferred increased 10%. Digital transactions grew 29% and our digital payout product, a powerful engine of our ongoing growth is up 20% year over year, now composing 55% of total volume.

即使市場動盪，我們的關鍵績效指標仍然清楚地展現出我們持續實現成長的能力。我們的交易量增加了4%，但轉移的本金增加了10%。數位交易成長了 29%，而我們的數位支付產品作為我們持續成長的強大引擎，年增了 20%，目前佔總交易量的 55%。

These results highlight the powerful momentum behind our digital transformation and underscore our position as a global leader in money transfers. We leverage the world's premier real-time cross-border payments network, robust omnichannel capabilities, and our innovative wholesale strategy with Dandelion. We achieved an important expansion in the Asia-PAC region last month through our acquisition of a majority position in Kyodai remittance, a leading Japanese multi-channel operator.

這些結果凸顯了我們數位轉型背後的強大動力，並鞏固了我們作為匯款領域全球領導者的地位。我們利用全球首屈一指的即時跨境支付網路、強大的全通路功能以及與蒲公英合作的創新批發策略。上個月，我們透過收購日本領先的多通路營運商 Kyodai 匯款的多數股權，實現了在亞太地區的重要擴張。

This strategic integration not only gives us access to a license in the country's evolving remittance landscape, but Kyodai produces a very rare type-1 funds transfer service provider license which allows it to deliver high-value inbound bank deposits and important capability for our Dandelion network. Japan is a sizable $6-billion outbound remittance market with an influx of foreign workers, we anticipate outbound growth will considerably outpace overall market trends.

此次策略整合不僅使我們能夠獲得該國不斷發展的匯款領域的許可證，而且 Kyodai 還獲得了非常罕見的 1 類資金轉帳服務提供商許可證，這使其能夠提供高價值的入站銀行存款和為我們的 Dandelion 網路提供重要功能。日本擁有 60 億美元的龐大對外匯款市場，隨著外籍勞工的湧入，我們預期對外匯的成長速度將大大超過整體市場趨勢。

Notable enhancements to money transfers digital products were made through Ria's and [Etsy's] partnership with Google and Nickel, a European neobank. Other noteworthy accomplishments included the launch of 20 new partners across 19 countries, extending our global presence to -- that now spans 200 countries and territory. And in Austria, we renewed our partnership with the Austrian Post.

透過 Ria 和 [Etsy] 與 Google 和歐洲新銀行 Nickel 的合作，匯款數位產品得到了顯著增強。其他值得注意的成就包括在 19 個國家建立 20 個新合作夥伴，將我們的全球影響力擴大到 200 個國家和地區。在奧地利，我們與奧地利郵政續簽了合作夥伴關係。

Dandelion wholesale continued to grow its client base, adding Union Bank in the Philippines, the 10th largest bank in the country; Peru's leading wallet, Yappe, used by 65% of the adult population; Chile's Vita Wallet; and UK's BMS; and Banco Guayaquil, Ecuador's second largest bank and a Ren customer, a very interesting cross sell that we got going there. Dandelion's comprehensive solutions, bank-grade compliance, global reach, real-time deposits, account validation, and seamless integration through API or SWIFT BIC are increasingly recognized by leading institutions worldwide. With a 33% year-over-year growth in operating income, a healthy pipeline, market expansion, our money transfer segment is positioned to maintain its strong momentum and deliver continued value for our investors and customers.

Dandelion wholesale 的客戶群持續擴大，新增了菲律賓第十大銀行——聯合銀行；秘魯領先的錢包 Yappe，65% 的成年人口都在使用；智利的 Vita Wallet；英國的 BMS；以及厄瓜多爾第二大銀行、Ren 的客戶——瓜亞基爾銀行，這是我們在那裡進行的一次非常有趣的交叉銷售。蒲公英的綜合解決方案、銀行級合規性、全球影響力、即時存款、帳戶驗證以及透過 API 或 SWIFT BIC 的無縫整合越來越受到全球領先機構的認可。我們的匯款部門營業收入年增 33%，通路健康，市場不斷擴張，有望保持強勁勢頭，為投資者和客戶持續創造價值。

Slide number 16. As I mentioned earlier, Euronet has entered into a definitive agreement yesterday to acquire CoreCard Corporation, a leading US-based provider of credit card processing platforms. This acquisition marks a strategic milestone in our long-term growth plan, reinforcing our commitment to scalable, high-margin digital businesses that align with global payment trends. As outlined in the press release, this is an all-stock transaction valued at approximately $248 million. We expect the transaction to be adjusted EPS accretive in the first full year post close.

投影片編號 16。正如我之前提到的，Euronet 昨天已達成最終協議，收購美國領先的信用卡處理平台供應商 CoreCard Corporation。此次收購標誌著我們長期成長計畫的策略里程碑，強化了我們對符合全球支付趨勢的可擴展、高利潤數位業務的承諾。正如新聞稿中所述，這是一筆全股票交易，價值約 2.48 億美元。我們預計該交易將在交易結束後的第一個全年實現調整後每股收益增值。

CoreCard has a proven track record of serving the strong global brands like Apple, Goldman Sachs, American Express, and fintech innovators like Cardless and Gemini. In certain analyst reports covering CoreCard, there are concerns expressed over the new reports that Goldman Sachs may sell the Apple portfolio. We are obviously aware of such a possibility, and we have factored that into our purchase decision, so there's no real surprise here. The merits of CoreCard go well beyond any single program, and this transaction has been undertaken without any dependency on a positive outcome relating to the Goldman sales process.

CoreCard 擁有為蘋果、高盛、美國運通等全球知名品牌以及 Cardless 和 Gemini 等金融科技創新者提供服務的良好記錄。在某些涵蓋 CoreCard 的分析師報告中，人們對高盛可能出售蘋果投資組合的新報告表示擔憂。我們顯然意識到了這種可能性，並且已經將其考慮在內，因此這並不奇怪。CoreCard 的優點遠遠超出任何單一計劃，而此交易並不依賴高盛銷售流程的正面結果。

On the technology front, CoreCard's platform spans debit, pre-paid, and revolving credit solutions, not only for consumers but businesses as well. We are really excited about CoreCard's potential beyond the US, we plan to extend CoreCard's reach into emerging markets where Euronet has a strong presence and where demand for credit is growing. This transaction will support the continued growth of our EFT segment while expanding our addressable market within our stated strategic pillars.

在技​​術方面，CoreCard 的平台涵蓋借記、預付和循環信用解決方案，不僅適用於消費者，也適用於企業。我們對 CoreCard 在美國以外的潛力感到非常興奮，我們計劃將 CoreCard 的影響力擴展到 Euronet 擁有強大影響力且信貸需求不斷增長的新興市場。此交易將支持我們 EFT 部門的持續成長，同時擴大我們既定策略支柱內的目標市場。

Next slide please. You may recognize this slide, which is slide number 17 from our year-end and first-quarter earnings announcement, as highlighted, issuing is a core strategic growth initiative, illustrating how CoreCard fits perfectly into our long-term digital evolution. This acquisition is not just a tactical win; it is a strategic alignment with our long-term growth thesis.

請看下一張投影片。您可能認出了這張投影片，它是我們年終和第一季財報公告中的第 17 張投影片，正如所強調的，發行是一項核心策略成長計劃，說明了 CoreCard 如何完美地融入我們的長期數位化發展。此次收購不僅僅是戰術上的勝利；它與我們長期成長目標實現了策略上的一致。

To grow Euronet, we are targeting large addressable markets like the $1.8 quadrillion in global payments and the $320 trillion in foreign exchange and cross-border flows. By providing credit card processing, CoreCard enhances our ability to serve the payment and transaction processing pillar. EFT will now cover pre-paid, debit, and credit card issuing along with our other proven abilities in acquiring, real-time payments, switching, and ATM management.

為了發展 Euronet，我們瞄準了大型目標市場，例如 1.8 兆美元的全球支付和 320 兆美元的外匯和跨境流動。透過提供信用卡處理，CoreCard 增強了我們服務支付和交易處理支柱的能力。EFT 現在將涵蓋預付卡、金融卡和信用卡發行以及我們在收單、即時支付、轉換和 ATM 管理方面的其他成熟能力。

Please move on to slide number 18. A lot of people ask us where we're going. If we transform our strategic vision into a simple illustration, you can see how our business mix is evolving and why this acquisition is strategically important. Over the past decade, we've executed a deliberate shift away from our legacy cash-based business lines like Euronet-owned ATMs and towards digital offerings. 2019 Euronet-owned ATMs represented 25% of our revenue mix. By 2024, that number was reduced to 19%, and we're targeting 7% by 2034. CoreCard helps drive this dramatic transformation by offering a high-growth, high-margin, and highly differentiated digital offering.

請移至第 18 張投影片。很多人問我們要去哪裡。如果我們將策略願景轉化為一個簡單的例子，您就可以看到我們的業務組合是如何演變的，以及為什麼這次收購具有策略重要性。在過去十年中，我們刻意從傳統的現金業務線（如 Euronet 擁有的 ATM）轉向數位業務。2019 年 Euronet 擁有的 ATM 占我們收入組合的 25%。到 2024 年，這一數字將降至 19%，我們的目標是到 2034 年達到 7%。CoreCard 透過提供高成長、高利潤和高度差異化的數位產品來幫助推動這一巨大轉變。

Let's talk more about CoreCard and their [operates] so you can get a little bit familiar. CoreCard provides a modern revolving credit processing platform built for scale and designed for banks, brands, and fintech. It currently supports millions of card accounts and processes billions of transactions annually. While the technology is certainly impressive, their list of clients are equally impressive. Goldman Sachs uses CoreCard to process the Apple Card. Cardless uses CoreCard to power its various card programs and has been in the news recently as the chosen partner for the soon-to-be-released coin-based credit card. This, along with other marquee clients, validates CoreCard's ability to deliver at scale with precision and reliability.

讓我們多談談 CoreCard 及其運營，以便您可以稍微熟悉一下。CoreCard 提供專為銀行、品牌和金融科技設計的現代循環信用處理平台。它目前支援數百萬個卡帳戶，每年處理數十億筆交易。雖然這項技術確實令人印象深刻，但他們的客戶名單也同樣令人印象深刻。高盛使用 CoreCard 來處理 Apple Card。 Cardless 使用 CoreCard 來支持其各種信用卡項目，並且最近因被選為即將發行的硬幣信用卡的合作夥伴而成為新聞焦點。這與其他大型客戶一起證明了 CoreCard 能夠精確、可靠地大規模交付的能力。

Revolving credit remains one of the most profitable and strategically important offerings for the banks and fintechs. In the US and globally, this space is dominated by a handful of incumbents. Why? Because building and operating a revolving credit platform at scale is one of the most complex challenges facing solution providers. This isn't just about writing code. This is about [mastering] the intricacies of revolving credit logic where balances shift due to delayed payments, disputes, returns, and interest recalculations.

循環信貸仍然是銀行和金融科技公司最賺錢、最具策略意義的產品之一。在美國和全球範圍內，這一領域由少數幾家巨頭主導。為什麼？因為大規模建構和營運循環信貸平台是解決方案提供者面臨的最複雜的挑戰之一。這不僅僅是編寫程式碼那麼簡單。這是關於[掌握]循環信用邏輯的複雜性，其中餘額由於延遲付款、爭議、退貨和利息重新計算而發生變化。

It's a domain where business logic is king and where even the most seasoned engineers can't just simply code their way through without deep domain knowledge, which CoreCard has. And here's the strategic kicker. While many new competitors focus on debit and pre-paid, segments with capped interchange and limited margin, CoreCard is built for where banks and fintech see real value.

在這個領域，業務邏輯為王，即使是最有經驗的工程師，如果沒有深厚的領域知識，也無法簡單地編寫程式碼，而 CoreCard 就擁有這樣的知識。這就是戰略關鍵所在。儘管許多新的競爭對手專注於借記卡和預付費，這些領域具有上限交換和有限的利潤，但 CoreCard 是為銀行和金融科技看到真正價值而構建的。

In summary, CoreCard is not just a product, it's a proven scalable platform trusted by some of the most innovative names in the financial services industry. It gives us a springboard into the US credit issuing market and beyond, backed by a leadership team with deep roots in the space. The platform supports range of use cases from stablecoins and global brands to lending early wage access -- healthcare and commercial credit.

總而言之，CoreCard 不僅僅是一種產品，它還是一個經過驗證的可擴展平台，受到金融服務業一些最具創新精神的品牌的信賴。它為我們進入美國信貸發行市場及其他市場提供了跳板，並得到了在該領域有著深厚根基的領導團隊的支持。該平台支援一系列用例，從穩定幣和全球品牌到貸款提前發工資——醫療保健和商業信貸。

Now let's move on to the next slide and I'll show you our go-to-market strategy for the US. Our strategy to expand CoreCard in the US is phased, deliberate, and anchored in high opportunity segments. We will continue to participate in the embedded finance opportunity by partnering with fintech, digital banks, and program managers across diverse use cases. CoreCard's flexible API-driven architecture and marquee client roster, including Apple, Cardless, and Gemini give us a strong foundation to scale. Our existing epay relationships also offer a unique cross-sell opportunity. Brand partners currently issuing prepaid credits may be interested in launching credit card programs, creating a natural adjacency for growth.

現在讓我們進入下一張投影片，我將向您展示我們針對美國的行銷策略。我們在美國擴展 CoreCard 的策略是分階段的、深思熟慮的，並以高機會領域為基礎。我們將繼續與金融科技、數位銀行和不同用例的專案經理合作，參與嵌入式金融機會。CoreCard 靈活的 API 驅動架構和包括 Apple、Cardless 和 Gemini 在內的知名客戶名單為我們擴充奠定了堅實的基礎。我們現有的電子支付關係也提供了獨特的交叉銷售機會。目前發行預付信用卡的品牌合作夥伴可能有興趣推出信用卡計劃，從而為成長創造自然的契合。

Our next target here is unlocking the commercial credit opportunities with Tier 2 and Tier 3 banks. Commercial credit presents a more immediate opportunity than consumer credit to the B2B digital initiatives. We're seeing more activity in this space as of late, especially with Tier 2 and Tier 3 banks. These are the banks that range from $10 billion to $250 billion in asset size. CoreCard has already signed one such bank, Bank of California, and while commercial credit is our immediate focus, we also see a strategic path to consumer credit.

我們的下一個目標是與二級和三級銀行開拓商業信貸機會。商業信貸為 B2B 數位化計畫提供了比消費信貸更直接的機會。最近，我們看到該領域的活動越來越多，尤其是二級和三級銀行。這些銀行的資產規模從 100 億美元到 2,500 億美元不等。CoreCard 已經與加州銀行這樣的銀行簽約，雖然商業信貸是我們當前的重點，但我們也看到了消費信貸的策略路徑。

By initially supporting banks with adjunct solutions, we can gradually modernize their consumer credit platforms, helping them differentiate in a market dominated by templatized offerings and slow turnaround time. So while the US offers an attractive market, here's where we get really excited. We see even more opportunity in the rest of the world.

透過最初為銀行提供附加解決方案，我們可以逐步實現其消費信貸平台的現代化，幫助他們在以模板化產品和緩慢的周轉時間為主導的市場中脫穎而出。因此，儘管美國市場極具吸引力，但我們真正感到興奮的還是這一點。我們在世界其他地區看到了更多的機會。

Let's go on to the next slide and we'll talk. Looking beyond the US, our global expansion strategy is anchored in our strong presence and trusted relationships across Asia and Latin America. These regions represent the next frontier for growth for modern credit issuance on the back of rising GDP per capita and an increase in consumption expenditures. In phase one, we'll focus on cross-selling CoreCards revolving credit capabilities to our existing base of payment processing clients such as Grab, which is the Uber of Asia; Standard Charter; [ICI Bank; Axis Bank; Bank of Pichincha], and the Bank of the Philippine Islands, just to name a few. These relationships provide a natural entry point to introduce our credit solutions.

我們繼續看下一張投影片，然後我們再討論。放眼美國以外，我們的全球擴張策略以我們在亞洲和拉丁美洲的強大影響力和值得信賴的關係為基礎。隨著人均GDP和消費支出的增加，這些地區將成為現代信貸發行的下一個成長前沿。在第一階段，我們將專注於向我們現有的支付處理客戶群交叉銷售 CoreCards 循環信貸功能，例如亞洲的 Uber Grab、渣打銀行、[ICI 銀行、Axis 銀行、皮欽查銀行] 和菲律賓群島銀行，僅舉幾例。這些關係為介紹我們的信用解決方案提供了一個自然的切入點。

In India, for example, the number of credit card issuers has doubled in five years, and more than half are already Euronet processing clients for other payment domains. The number of credit cards is expected to double again by 2029, driven by rising GDP and a fierce appetite for more consumer consumption. We also plan to leverage our broader ecosystem of FI partners, particularly our epay and Dandelion divisions, which already serve banks and fintechs and high-growth markets. These partnerships offer additional cross-selling opportunities and reinforce our ability to deliver integrated end-to-end solutions across the payments value chain.

例如在印度，信用卡發行商的數量在五年內翻了一番，其中超過一半已經成為其他支付領域的 Euronet 處理客戶。受國內生產毛額成長和消費者消費需求旺盛的推動，預計到 2029 年信用卡數量將再次翻倍。我們還計劃利用我們更廣泛的 FI 合作夥伴生態系統，特別是我們的 epay 和 Dandelion 部門，它們已經為銀行、金融科技和高成長市場提供服務。這些合作關係提供了額外的交叉銷售機會，並增強了我們在整個支付價值鏈中提供整合端到端解決方案的能力。

In phase two, we'll target new financial institutions and existing relationships and markets where we have strong brand equity. Many of these institutions are constrained by the legacy platforms provided by regional and local players and are actively seeking modern, scalable alternatives.

在第二階段，我們將瞄準新的金融機構以及我們擁有強大品牌資產的現有關係和市場。許多此類機構受到地區和本地參與者提供的傳統平台的限制，正在積極尋求現代、可擴展的替代方案。

Finally, we also anticipate a structural shift in the regulatory landscape across emerging markets. As credit markets deepen and regulations evolve, we expect a broader wave of fintechs to enter the credit card space, transitioning from pre-paid to credit issuance. Today, many are held back by regulatory constraints and limited access to credit infrastructure. As these barriers recede, with our established relationships and proven capabilities; we're well positioned to lead with this transition.

最後，我們也預期新興市場的監管格局將發生結構性轉變。隨著信貸市場的深化和監管法規的演變，我們預計會有更多金融科技公司進入信用卡領域，從預付費轉向信用卡發行。如今，許多企業因監管限制和信貸基礎設施取得管道有限而舉步維艱。隨著這些障礙的消退，憑藉著我們建立的關係和經過驗證的能力，我們已準備好引領這一轉變。

Similar to how we grew Ria from a US-centric position, we see an opportunity to use our global footprint to accelerate the growth of CoreCard. Emerging markets are our favorite hunting ground. And as demonstrated by our success signing those Ria -- sign those Ren deals.

與我們以美國為中心發展 Ria 的方式類似，我們看到了利用我們的全球影響力來加速 CoreCard 發展的機會。新興市場是我們最喜歡的狩獵場。正如我們成功簽署 Ria 協議以及簽署 Ren 協議所證明的那樣。

Slide number 22. This acquisition represents an important step in Euronet's long-term strategy to scale our digital payments business and deepen our presence into more resilient technology-driven revenue streams. At its core, the rationale is anchored in the large and growing opportunity credit issuing, particularly revolving credit, which remains one of the most lucrative revenue pools in payments. CoreCard is one of three platforms in the US proven at scale for revolving credit, and this is a rare opportunity to own such a platform, which is API first and has already earned the trust of marquee innovative clients like Apple.

投影片編號 22。此次收購是 Euronet 長期策略的重要一步，旨在擴大我們的數位支付業務，並深化我們在更具彈性的技術驅動收入來源中的影響力。其核心原理在於大量且不斷成長的機會信貸發行，特別是循環信貸，它仍然是支付領域最有利可圖的收入來源之一。CoreCard 是美國三大經過規模驗證的循環信貸平台之一，擁有這樣一個平台是一個難得的機會，它以 API 為先，已經贏得了蘋果等大型創新客戶的信任。

It brings industrial-grade stability and the flexibility to serve both fintech, innovators, and traditional banks. This acquisition provides a growth driver to support our digital diversification strategy. CoreCard's marquee clients and proven platform give us immediate momentum to scale across both fintech and the banking segments in the US and globally. The CoreCard world fits seamlessly into our ecosystem, complementing our strengths and payments processing, brand partnerships, and global distribution and enables us to deliver broader, more differentiated value propositions.

它帶來了工業級的穩定性和靈活性，為金融科技、創新者和傳統銀行提供服務。此次收購為我們的數位多元化策略提供了成長動力。CoreCard 的知名客戶和成熟的平台為我們在美國和全球的金融科技和銀行領域擴大規模提供了動力。CoreCard 世界與我們的生態系統無縫契合，補充了我們的優勢和支付處理、品牌合作夥伴關係和全球分銷，使我們能夠提供更廣泛、更具差異化的價值主張。

We are super excited about the opportunity this brings. This acquisition is a catalyst, expanding our payments technology portfolio, accelerating our shift to digital, and positioning Euronet as the preferred innovation partner for fintech and a leading, modern card issuing platform for fintech and banks in the US and globally.

我們對由此帶來的機會感到非常興奮。此次收購是一個催化劑，擴大了我們的支付技術組合，加速了我們向數位化的轉變，並將 Euronet 定位為金融科技的首選創新合作夥伴以及美國和全球金融科技和銀行領先的現代發卡平台。

Now, I'll close out the quarter. Before I close, I'd like to address two emerging opportunities for Euronet. First, artificial intelligence continues to shape the narrative across industries and for good reason. At our company, we view AI not just as a tool, but as a strategic enabler across our enterprise. We've harnessed AI to elevate the customer, experience, making interactions more seamless, personalized, and responsive. Behind the scenes, it's driving operational efficiencies in areas such as contract generation, regulatory compliance, and multilingual communication. This is part of our broader commitment to building a smarter, faster, and more agile organization.

現在，我將結束本季。在結束之前，我想談談 Euronet 面臨的兩個新興機會。首先，人工智慧持續影響著各行業的敘事，這是有充分理由的。在我們公司，我們不僅將人工智慧視為一種工具，而且將其視為整個企業的策略推動因素。我們利用人工智慧來提升客戶體驗，使互動更加無縫、個人化和反應更快。在幕後，它正在推動合約生成、法規遵循和多語言交流等領域的營運效率。這是我們致力於打造更聰明、更快速、更敏捷的組織的更廣泛承諾的一部分。

The second area of growing interest is stablecoin and its potential implications for our business. Our proprietary Ren platform is already architected to support stablecoins and has in fact processed blockchain native transactions, positioning us well to pursue further integration. On the operational front, we've initiated discussions with several select partners regarding stablecoin facilitation and our treasury team is actively evaluating its utility as part of our capital management strategy. While we're still early in this exploration, we see promise in how digital assets may drive new use cases to deliver speed, transparency, and efficiency.

第二個越來越受關注的領域是穩定幣及其對我們業務的潛在影響。我們專有的 Ren 平台已經建立為支援穩定幣，並且實際上已經處理了區塊鏈原生交易，這使我們能夠更好地進行進一步的整合。在營運方面，我們已經與幾家精選合作夥伴就穩定幣便利化展開討論，我們的財務團隊正在積極評估其作為資本管理策略的一部分的效用。雖然我們仍處於探索的早期階段，但我們看到了數位資產如何推動新用例以實現速度、透明度和效率的前景。

While we do not yet know how to quantify the future impact of AI or stablecoin, we will continue to pursue these opportunities that are beneficial to our business. And hopefully, we have conveyed the strategic shift to the digital business that plays in the $1.8 quadrillion global payments market with endless potential for growth. Supporting our model, we have core assets. We have this newly announced acquisition of CoreCard. We have our Ren technology, we have our Dandelion network, our global footprint of licensed and regulated entities. We have distribution partners in the form of banks, retailers, company-owned stores, ATMs, and POS terminals, and our people, the best I could ask for with consistent track record of delivering growth year after year.

雖然我們還不知道如何量化人工智慧或穩定幣的未來影響，但我們將繼續尋求這些對我們的業務有利的機會。希望我們已經傳達了向數位業務的策略轉變，該業務在價值 1.8 兆美元的全球支付市場中發揮著無限的成長潛力。我們擁有支持我們模式的核心資產。我們剛剛宣布收購 CoreCard。我們擁有 Ren 技術、蒲公英網路以及遍布全球的授權和監管實體。我們的分銷合作夥伴包括銀行、零售商、公司自營商店、ATM 和 POS 終端，我們的員工也是我所能要求的最好的，他們年復一年地保持著持續的成長記錄。

As I boil it all down, I hope you'll take away three important messages. We are moving in a strong strategic digital direction, as evidenced with the CoreCard acquisition and the recently announced Ren deals. Epay is not a cash business, it's now nearly all digital payment transactions. And we have consistent double-digit operating results reflecting the strength of our global asset diversity. We're looking forward to the remainder of 2025, and with a strong second quarter, we are pleased to reaffirm our earnings expectations of 12% to 16% growth for the year.

當我把這一切總結起來時，我希望你能得到三個重要的資訊。我們正朝著強大的策略數位化方向邁進，CoreCard 收購和最近宣布的 Ren 交易就是明證。Epay 不是現金業務，現在幾乎都是數位支付交易。我們的經營績效持續維持兩位數，反映了我們全球資產多元化的優勢。我們期待 2025 年剩餘時間的表現，鑑於第二季度的強勁表現，我們很高興重申我們對今年盈利增長 12% 至 16% 的預期。

We'll be happy to take questions. Operator, will you assist?

我們很樂意回答問題。接線員，您能幫忙嗎？

(Operator Instructions)

（操作員指示）

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

I guess maybe the first one just on the CoreCard acquisition like you gave us quite a bit on how you see the revenue synergies paying out over time, just on the Apple partnership that you called out and the risk of it potentially going away, given just the revenue concentration there, just hoping you can give us some more color on how the math would work on making the deal accretive if that relationship went away. I mean, do you have more visibility into other deals in the pipeline that's giving you confidence there? Just any color that would be helpful. Thank you.

我想也許第一個問題只是關於 CoreCard 收購，就像您向我們介紹了很多關於您如何看待隨著時間的推移收入協同效應的問題，只是關於您所提到的與蘋果的合作關係以及這種合作關係可能消失的風險，考慮到那裡的收入集中度，只是希望您能給我們提供更多的細節，說明如果這種價值消失，如何通過數學計算使這筆交易。我的意思是，您是否對正在進行的其他交易有更多的了解，從而讓您充滿信心？任何有用的顏色都可以。謝謝。

We do and we also have these potentials. I mean, we're out there doing debit card issuing for a whole bunch of banks and fintechs around the world, particularly in Asia and a bit in South America, and these customers have been asking about credit. And so, to be able to give them the most sophisticated credit platform in the world because Apple demanded that to give to their customers with their card, we've got a heck of an asset to cross sell.

我們確實有，而且我們也具備這些潛力。我的意思是，我們為世界各地的許多銀行和金融科技公司發行借記卡，特別是在亞洲和南美洲的部分地區，這些客戶一直在詢問信用問題。因此，由於蘋果要求透過信用卡向客戶提供世界上最先進的信用平台，因此我們擁有大量可以交叉銷售的資產。

So when we did our analysis, we assumed that Apple would go away at some point in the future, although it's going to take a few years to do that because it is such a sophisticated -- it has such a sophisticated super set of features that no other credit card in the US has. So even if somebody buys it, they've got using somebody else or their own internal system, it's going to take quite a bit of modification, and then they're going to have to bring over the $20-billion portfolio without problems.

因此，當我們進行分析時，我們假設蘋果會在未來的某個時候消失，儘管這需要幾年的時間，因為它非常複雜——它擁有一套非常複雜的超級功能，而美國其他信用卡都沒有。因此，即使有人購買了它，他們也必須使用其他人或自己的內部系統，這將需要進行相當大的修改，然後他們必須毫無問題地引入 200 億美元的投資組合。

So we figured we've got them for a couple three years anyway. And that's if it was sold today. And then -- and during that time, we will have a great marquee customer to use as our -- as an example as a reference customer to sell into new people. And in the meantime, whoever they sell it to, if they don't have CoreCard now, maybe that offers us an opportunity to sell CoreCard right back into them so they can upgrade.

因此我們認為無論如何我們都會擁有它們兩年。假設它今天就被賣掉了。然後 — — 在此期間，我們將有一個偉大的大客戶作為我們的 — — 作為參考客戶的例子，向新人推銷。同時，無論他們將其出售給誰，如果他們現在沒有 CoreCard，也許這為我們提供了一個機會，將 CoreCard 直接賣給他們，以便他們可以升級。

That's very helpful. And then maybe just a second question on the EFT segment growth on a constant currency basis that actually decelerated this quarter, even though typically second quarter is a stronger quarter for you. So any color on what drove that decel? And also how should we think about incremental margins for that business on a go forward basis? I know you've said structurally costs in the business are higher relative to pre-pandemic, there's just more inflation. But this high-teens, the one rate on incremental margins that we can -- we should be modeling going forward or do you see room for improvement there?

這非常有幫助。然後也許第二個問題是關於 EFT 部門的成長，按固定匯率計算，本季 EFT 部門的成長實際上有所放緩，儘管通常第二季對您來說是一個強勁的季度。那麼，造成這種減速的原因是什麼呢？而且，我們該如何考慮該業務未來的增量利潤率？我知道您說過，從結構上講，企業的成本相對於疫情前來說更高，通貨膨脹也更高。但是這個高十幾個百分點，是我們可以實現的增量利潤率——我們應該對未來進行建模，還是您認為還有改進的空間？

Well last year good quarter haunt you this year. So we had a just a killer Q2 last year (laughter) and so when we com pair, it looks like a deceleration, but the reality is it was just a Q2 thing. That's why we're really looking at Q3 as we'll get back into the driver's seat with respect to acceleration.

嗯，去年的好季度今年會困擾你。因此，去年我們第二季度的業績非常出色（笑聲），因此，當我們比較時，它看起來像是減速，但實際上這只是第二季度的事情。這就是為什麼我們真正關注 Q3，因為我們將在加速方面重新掌控局面。

So we're not really worried about that deceleration. We've got a lot of opportunity Q2 and Q3, the whole tourist season has elongated. So there's less than -- actually less than -- the second and third quarters or less than we'll call it May, June, July, August, and it gets spread into more months on both ends. So we think that our margins will increase there as our transactions increase. And we've just got new stuff that things like our [DAT] transactions which basically are doing the same number of transactions but at a higher revenue that'll help our margins as well.

所以我們並不擔心這種減速。我們在第二季和第三季有很多機會，整個旅遊季節已經延長。因此，第二季和第三季的數量較少，或者說，比我們所說的五月、六月、七月、八月的數量要少，而且分佈在兩端的更多月份。因此我們認為，隨著交易量的增加，我們的利潤率也會增加。我們剛剛獲得了一些新的東西，例如我們的[DAT]交易，基本上是在進行相同數量的交易，但收入更高，這也有助於提高我們的利潤率。

Peter Heckmann, DA Davidson.

彼得·赫克曼、DA 戴維森。

Congratulations on the top three bank.

恭喜銀行躋身前三名。

Mike, when do you think we can start to see revenue start there and when would you expected to hit the full run rate?

麥克，您認為什麼時候我們可以開始看到收入，您預計什麼時候可以達到全部運行率？

To tell you the truth, we've already -- we already have revenue coming from them, and it's only going to accelerate. We had pre-full signature revenue from them as we did some work with them to give them a super set of features they've never had before. And this should start immediately. So I'd say, most of it's going to come fourth quarter and beyond, but it's a big deal with a top three bank and let me tell you, every other bank in the country has the same problem this bank had. I can't go into that detail right now, but we solved it and we're going to cross sell the same solution to other banks as well with a great reference code.

說實話，我們已經從他們那裡獲得了收入，而且這個成長速度還會加快。我們從他們那裡獲得了預先全額簽約收入，因為我們與他們進行了一些合作，為他們提供了一套他們從未有過的超級功能。這應該立即開始。所以我想說，大部分問題將出現在第四季度及以後，但對於三大銀行來說，這是一件大事，而且我告訴你，該國其他每家銀行都面臨與這家銀行相同的問題。我現在無法詳細說明，但我們已經解決了這個問題，並且我們將透過一個很好的參考代碼向其他銀行交叉銷售相同的解決方案。

And Pete, while, clearly we're going to make money on it and stuff like that. I think the importance here is the significance of a bank that's in the top three in the United States. We've sold rent around the world. We've had great success with that and things like that. At some point, we'll put out a press release that actually names the bank and that, but this is a bank recognizing that we have the leading industry technology out there.

皮特，顯然我們會從中賺錢之類的。我認為這裡的重要性在於一家位列美國前三名的銀行的意義。我們在世界各地銷售租賃產品。我們在這方面以及類似的事情上取得了巨大的成功。在某個時候，我們會發布一份新聞稿，其中實際上會提到這家銀行的名字，但這家銀行承認我們擁有領先的行業技術。

And I think that that will be a very strong statement as we continue the momentum of Ren sales. So it certainly will bring in revenue, but I tell you what, having that as a reference, customer will be very helpful for building on the Ren reputation. And now you put behind that the CoreCard with a -- arguably one of the most respected cards in the world, the Apple card, and having that technology available. We think that this is just a super combination and a super play.

我認為，隨著我們繼續保持 Ren 銷售勢頭，這將是一個非常有力的聲明。所以它肯定會帶來收入，但我告訴你，以此為參考，客戶將對建立 Ren 的聲譽非常有幫助。現在，您可以將 CoreCard 與世界上最受尊敬的卡片之一 Apple 卡放在一起，並採用該技術。我們認為這只是一個超級組合、一場超級比賽。

That's great, that's great.

太好了，太好了。

And then so in terms of looking at software with the acquisition of CoreCard and acknowledging that certainly the Goldman Sachs relationship is going to be around for three, four, five, potentially more years, what do you think the company should be able to hit that maybe $250-million software revenue target, you think that can be hit in 2028?

那麼，從收購 CoreCard 的軟體角度來看，並承認與高盛的合作關係肯定會持續三、四、五年甚至更長時間，您認為公司應該能夠達到 2.5 億美元的軟體收入目標嗎？您認為這個目標可以在 2028 年實現嗎？

$250 million is a little steep for 2028. I think (laughter) that's a little steep. Our goal with Ren was to deliver $100 million in pre-tax and op income, so we're a few years away from that but these big deals are really accelerant. So we'll see. We don't really put -- we'll try to actually handicap that for you. We're thinking even maybe about having an Investor Day in the fall, and when we do, we'll lay that out for you.

對於 2028 年來說，2.5 億美元有點高。我認為（笑聲）這有點太過分了。我們與 Ren 的目標是實現 1 億美元的稅前和營業收入，因此我們還需要幾年的時間才能實現這一目標，但這些大交易確實加速了這一進程。我們拭目以待。我們實際上並沒有這樣做——我們會盡力為您解決這個問題。我們甚至可能正在考慮在秋季舉辦投資者日，屆時我們將為您安排相關事宜。

Okay, that'd be great. I think the market would welcome that and welcome the opportunity to get deeper into the business.

好的，那太好了。我認為市場會歡迎這一點，並歡迎深入開展業務的機會。

Gus Gala, Monness, Crespi, Hardt.

格斯·加拉、蒙內斯、克雷斯皮、哈特。

Ren, I believe had grown to be sizable chunk, let's call it 8 digits, right (inaudible) 80% margins. Is there an opportunity to bring up the CoreCard margin number up? I appreciate all the comments on the cross sell and [global] market opportunity, but really digging down on -- there's an opportunity to maybe re-platform, do a little cost removal.

我相信 Ren 已經成長為一個相當大的群體，我們稱之為 8 位數，對吧（聽不清楚）80% 的利潤率。是否有機會提高 CoreCard 保證金數字？我感謝所有關於交叉銷售和[全球]市場機會的評論，但真正深入研究——也許有機會重新建構平台，降低一些成本。

The other (multiple speakers)--

另一個（多位發言者）——

It's a combination of -- we'll be able to -- as we combine, we'll be able to get some cost synergies between the two companies, that one was public and we were public. We've got other ideas as well but volume is the easiest way. You just put more banks on the platform and you spread the overhead across more revenue. So it's for sure, those margins should increase.

這是一種結合——我們將能夠——透過結合，我們將能夠在兩家公司之間實現一些成本協同效應，其中一家是上市公司，我們也是上市公司。我們也有其他想法，但數量是最簡單的方法。您只需將更多銀行納入平台，並將管理費用分攤到更多收入中。因此可以肯定的是，這些利潤率應該會增加。

Got it.

知道了。

And then on the US deal, which -- congrats, what is -- how should we be thinking about the unit economics of that? I mean, clear like on the [Ren] timing, but is there anything we should be thinking of in terms of contribution margin, [EBIT] margin, I imagine it being a top three bank, there might be some negotiating leverage on their end. Just thinking about that how you balance that out.

然後是關於美國的交易，恭喜，我們該如何考慮它的單位經濟學？我的意思是，就像[Ren]的時間安排一樣清楚，但是在貢獻利潤率、[EBIT]利潤率方面我們是否應該考慮什麼，我想作為一家排名前三的銀行，他們可能會有一些談判籌碼。只是思考一下如何平衡這一點。

Well, it's obviously a high-margin business because it's a software type of transaction but in terms of how that flows into the rest of the P&L, I'd characterize it as a -- it's an important win, it doesn't directionally change the whole P&L. It's another brick in building the building. So it'll benefit it but it doesn't change the -- it's not going to change next year -- next quarter's numbers dramatically just because of that.

嗯，這顯然是一個高利潤的業務，因為它是一種軟體類型的交易，但就其如何流入損益表的其他部分而言，我將其描述為 - 這是一個重要的勝利，它不會從方向上改變整個損益表。這是建造這棟大廈的另一塊磚。因此，這將對它有好處，但不會改變——不會因此而大幅改變明年——下個季度的數字。

What will change it is more and more of those Ren sales, which will be more and more possible because of the continued recognition of the quality and contribution of this product. So I think I would view it as more of an indicator of where we can go as opposed to it moving the [Excel] schedule next quarter.

改變這一現狀的將是 Ren 銷售的不斷增長，而隨著人們對該產品的品質和貢獻的持續認可，這種增長將越來越有可能。因此我認為我會將其視為我們可以去往何處的指標，而不是將其視為下個季度 [Excel] 計劃的改變。

(multiple speakers) helpful (multiple speakers)--

（多位發言者）有幫助（多位發言者）——

But it is -- it's software, so it's very high margin, so we'll take it. You don't want (laughter) yeah, it's going to be wonderful.

但它是軟體，所以利潤很高，所以我們會接受它。你不想（笑聲）是的，這會很棒。

Got it. Got it.

知道了。知道了。

And if I can squeeze one more in on money transfer. Anything on what you're seeing in July for digital and retail. I mean, are you seeing perhaps a dropping in either of those in retail specifically around (multiple speakers)--

如果我可以在匯款方面再擠出一點時間的話。您能想像 7 月數位和零售領域會出現哪些變化嗎？我的意思是，你是否看到零售業的這些方面有所下降，特別是在（多位發言者）——

Well, funny you should ask that, Gus. (laughter) I haven't heard anybody say, holy smoke, you guys crushed it on the money transfer, which you should have said right out of the block. I mean, here everybody's having all these problems and we are just crushing our numbers because we intend to be number one in the world and we're getting closer and closer every day. But with respect to what I saw -- what we've seen so far in July, a big uptick over June. So we do not see any dropping. In fact, we see just the opposite.

嗯，你問這個問題真有趣，格斯。（笑聲）我還沒聽到有人說，天哪，你們在匯款問題上做得太棒了，你們應該一開始就這麼說。我的意思是，這裡每個人都面臨著這些問題，而我們正在不斷突破自己的數字，因為我們打算成為世界第一，而且我們每天都在越來越接近這個目標。但就我所看到的情況而言——七月迄今為止的情況，與六月相比有大幅上漲。因此我們沒有看到任何下降。事實上，我們看到的恰恰相反。

We're excited about both the digital growth, which is probably 6% higher than we saw in June, and we're also seeing retail growth so -- and you know the nice thing, let's not forget the US only accounts for, call it 40% of Ria's numbers and maybe even a little bit less, right?

我們對數位成長感到非常興奮，這可能比 6 月高出 6%，而且我們也看到了零售成長——你知道一件好事，別忘了美國祇佔 Ria 數字的 40%，甚至可能更少，對吧？

Third.

第三。

A third, yeah, 33%. So we're seeing strong growth around the world as well where they don't quite have these immigration challenges like what we're seeing here in the United States. So money transfer is doing really well. July is doing better than what we saw last month.

三分之一，是的，33%。因此，我們也看到世界各地都出現了強勁的成長，這些地方並沒有像美國那樣面臨移民挑戰。因此，匯款工作進展順利。七月的表現比上個月好。

Mike Grondahl, Northland Securities.

北國證券公司的麥克‧格隆達爾 (Mike Grondahl)。

Just two quick questions. One, any update on epay promotions and how you think they'll fall during the back half of the year? And then to -- in regards to money transfer, I don't know, sometimes you've called out the strength from FX. Just any color on how helpful that was. We saw a lot of incremental margin in that business.

只要問兩個簡單的問題。首先，epay 促銷活動有什麼最新消息嗎？您認為下半年的促銷活動會如何發展？然後——關於匯款，我不知道，有時你會強調外匯的強勢。任何顏色都可以表明它有多有用。我們看到該業務的利潤增量很大。

With respect to the promotions, we've got a few scheduled for end of Q3, beginning of Q4, so we'll see when and how those work out for us. With respect, but (multiple speakers)--

關於促銷活動，我們計劃在第三季末和第四季初推出一些促銷活動，所以我們將看看這些活動何時以及效果如何。恕我直言，但是（多位發言者）——

But Pete, nothing right now on the drawing board that would --Mike -- I don't know if that's a compliment or not, but (laughter) but nothing on the drawing board that would dramatically change the comparisons on periods over periods. Let's call it business as usual as opposed to anything that's an expected one-time huge change.

但皮特，現在繪圖板上還沒有任何可以──麥克──我不知道這算不算是一種讚美，但是（笑聲）但是繪圖板上還沒有任何可以顯著改變不同時期之間比較結果的東西。我們姑且稱之為一切照舊，而不是任何預期的一次性巨大變化。

And then with respect to money transfer, yeah, I think somewhere in my comment, I mentioned that, we did see some benefit because of the FX fluctuation, gyrations that were going on during the quarter. So we did get a little bit of benefit out of that. As also pointed out, we saw a little higher average value per transaction come through, which again sometimes is what you see when you see a little bit of that volatility on the FX. So net-net, we did see a little bit of benefit on it. And we'll see if any of that happens again as we go forward, but certainly it helped improve the margins a little, which obviously helps support like a 33% year-over-year operating income growth.

然後關於匯款，是的，我想在我的評論中提到過，我們確實看到了一些好處，因為本季的外匯波動和波動。所以我們確實從中獲得了一點好處。正如所指出的，我們看到每筆交易的平均價值略有上升，當你看到外匯出現一點波動時，有時你也會看到這種情況。因此，總體而言，我們確實看到了它的一點好處。我們將拭目以待，看看這種情況是否還會再次發生，但它確實有助於提高利潤率，這顯然有助於支持 33% 的同比增長。

Yeah, on that 6% revenue constant currency, so great. Thank you.

是的，基於 6% 的收入不變貨幣，真是太棒了。謝謝。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

I appreciate all the detail.

我感謝所有的細節。

CoreCard has talked about its business could grow like 30% to 40% if you exclude the concentration with Goldman. Is there any way to think about what you're thinking about the sustainable growth of CoreCard?

CoreCard 表示，如果不考慮與高盛的合作，其業務可能會成長 30% 至 40%。您是否思考過您對 CoreCard 的永續發展有何看法？

Well, I think they're probably -- their estimates are probably tighter than ours but we hope to supercharge that by just opening -- because they're basically all in the US and we're going to open up the rest of the world to them. So hopefully if they do what they say and we give these connections to different parts of the world, we can even accelerate that.

嗯，我認為他們可能——他們的估計可能比我們的更嚴格，但我們希望透過開放來增強這一點——因為他們基本上都在美國，而我們將向他們開放世界其他地區。因此，如果他們按照他們所說的去做，而我們將這些連結提供給世界各地，我們甚至可以加速這一進程。

Yeah. And I'd also say, look, they've built a wonderful product and they've got a team that's been very focused on the quality, the scalability, and delivering a product that's been tested by Apple. So they put a lot of effort into the quality of that product, which we really respect.

是的。而且我還想說，你看，他們打造了一款出色的產品，而且他們的團隊非常注重品質、可擴展性，並且交付經過 Apple 測試的產品。所以他們在產品的品質上投入了大量精力，我們對此非常尊重。

On the other hand, they haven't put much effort into sales and marketing. And this is where we see a hand in glove fit. We've got operations around the world. We've got relationships with hundreds of banks with brands like Apple and Google and Paytm. I mean we could just keep going down the list Nu, which is a online bank in Brazil. I mean, we have this tremendous list of relationships that cut across the money transfer business, the epay business, the EFT business.

另一方面，他們在銷售和行銷方面沒有投入太多精力。這就是我們看到的手套般配合的地方。我們的業務遍佈世界各地。我們與數百家銀行建立了合作關係，這些銀行擁有 Apple、Google 和 Paytm 等品牌。我的意思是我們可以繼續看看 Nu 這個名單，它是巴西的網路銀行。我的意思是，我們與匯款業務、電子支付業務、電子資金轉帳業務有著廣泛的合作關係。

And so here's where we see bringing a great technical product with our distribution around the world and so yeah, we expect to see that we will be able to essentially supercharge that sales process and, now bear in mind that credit transactions, especially if it has anything to do with a conversion process, okay? The sales cycle is not two weeks but we'll be actively going after it right out of the gate here.

因此，我們看到透過我們的全球分銷帶來了一款出色的技術產品，是的，我們希望看到我們將能夠從本質上增強銷售流程，現在請記住信用交易，特別是如果它與轉換過程有關，好嗎？銷售週期不是兩週，但我們會積極地追求它。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Mike, you had referenced the complexities associated with revolving credit issuance and I was hoping you could double click on that. I know there's only a handful of players in that market due to some of those complexities, but what is it specifically about that product that has created a moat within that industry?

麥克，你提到了與循環信貸發行相關的複雜性，我希望你能對此進行詳細說明。我知道由於某些複雜性，該市場只有少數參與者，但該產品的具體特點是什麼，使其在該行業中建立了護城河？

Well, you know Apple has been succ -- I mean, Apple came from nothing to $20-billion portfolio in what four or five years because they've got a super set of features and they've got a great brand, and they do all kinds of things, whether it's cash back, whether it's recalculating your interest, all the way back multiple months depending on if there were returns or chargebacks or whatever (multiple speakers)--

嗯，你知道蘋果一直很成功——我的意思是，蘋果在四五年內從無到有，擁有 200 億美元的投資組合，因為他們擁有一套超級功能和一個偉大的品牌，他們做各種各樣的事情，無論是現金返還，還是重新計算你的利息，一直到幾個月前，取決於是否有退貨或退款或其他什麼（多位發言者）——

Years.

年。

Years even, yeah, I mean they've just -- they made their system -- they had to do this for Apple, but they made a system that's extremely flexible, which means, the next guy might want that same superset or some of those super set of features. So it's a bigger moat that -- if it was easy, there'd be 20 people out there selling this stuff. There's three (technical difficulty) and it's these fringe cases, these weird things that don't happen, a combination of this, this, and this, that throw all these interest calculations into the (laughter) into the trash for a lot of people. So it's that kind of domain knowledge that R&D staff has, has created this excellent product.

甚至幾年，是的，我的意思是他們只是 - 他們建立了他們的系統 - 他們必須為蘋果做這件事，但他們建立了一個極其靈活的系統，這意味著，下一個人可能想要相同的超集或其中一些超集功能。所以這是一個更大的護城河——如果它很容易的話，就會有 20 個人在賣這些東西。有三個（技術難題），這些邊緣情況，這些不會發生的奇怪的事情，這些，這些和這個的組合，讓很多人把所有這些利息計算都扔進（笑聲）垃圾桶。正是研發人員所擁有的這種領域知識，創造了這種優秀的產品。

Another thing to bear in mind on a product like this is, you read a lot and hear a lot about things like stablecoin, okay? How are they going to deal with things like chargebacks, like fraud, like authentication? And those are complexities that are -- aren't even involved in the mathematics of calculating an interest on a chargeback that might be three years old or a chargeback and then a restore and I can give you thousands of different peculiarities, issues that happen within the processing business.

對於這樣的產品，要記住的另一件事是，您讀過很多書，聽到很多有關穩定幣的事情，好嗎？他們將如何處理退款、詐欺、身份驗證等問題？這些都是複雜的問題 - 甚至不涉及計算三年前退款的利息或退款然後恢復的數學運算，我可以給你提供處理業務中發生的數千種不同的特性和問題。

But as we think about a platform like this, also imagine what it might offer in terms of abilities to players that do have stablecoin products and want to have on-ramps and off-ramps, authentication, approvals, you could get to be -- you can see where there could be a lot of interesting future applications out there.

但是，當我們考慮這樣的平台時，也要想像一下，它能為擁有穩定幣產品並希望擁有入口和出口、身份驗證、批准的玩家提供什麼樣的能力，你可以看到未來可能會有很多有趣的應用程式。

Got it. That's super helpful.

知道了。這非常有幫助。

And as a follow up, I wanted to get your thoughts on travel trends within the EFT business as well as the impact of some of the interchange increases you've highlighted over the last year or so. I know you know that the elongation of the travel season but just curious what you're seeing on an absolute basis for travel trends within '25 relative to your expectations.

作為後續問題，我想了解您對 EFT 業務的旅行趨勢的看法，以及您在過去一年左右強調的一些交換增加的影響。我知道您知道旅遊季節延長了，但我好奇的是，相對於您的預期，您對 25 年內的旅遊趨勢的絕對看法如何。

So, just one little interesting note is that Americans traveling to Europe, we love them. They've all got the wrong currency on their card, that's up 10% over last year. So that's really exciting as you've probably read, not many Europeans are going to the US. They don't feel like they've been treated very well by this administration, so what that means is they're going to stay home or they're going to vacation more closer to home.

因此，有一點有趣的是，我們喜歡美國人去歐洲旅遊。他們的卡片上都出現了錯誤的貨幣，這一數字比去年增加了 10%。這真的令人興奮，正如你可能讀到的那樣，沒有多少歐洲人去美國。他們覺得這屆政府對他們的待遇不太好，所以這意味著他們將留在家裡，或者去離家較近的地方度假。

So all the numbers look good. We'll see what the final numbers are for the year, but they're certainly up from last year and -- oh, that's great. So we've seen a strong -- like I said, this Q2 with EFT compared to last year looks flat-ish, but that's just because last year's number was extraordinary and -- but we're looking at Q3 being back to strong numbers, so we don't have any concerns with respect to travel.

所以所有的數字看起來都不錯。我們將看看今年的最終數字，但它們肯定比去年有所上升——哦，那太好了。因此，我們看到了強勁的——就像我說的，與去年相比，今年第二季度的 EFT 看起來持平，但這只是因為去年的數字非常出色——但我們預計第三季度將恢復強勁增長，因此我們對旅行沒有任何擔憂。

Got it. That 10% is all the more interesting considering the weakening of the US dollar. So (multiple speakers)--

知道了。考慮到美元疲軟，這 10% 就顯得更加有趣了。所以（多位發言者）——

And that -- but I think -- but, I think part of this is human nature. I mean, all of us baby boomers are all going. Boy, I better get the year before I die and before another pandemic closes it down.

但我認為，這其中的一部分是人性。我的意思是，我們所有嬰兒潮世代的人都會去。孩子，我最好在我死之前，在另一場大流行病摧毀它之前，度過這一年。

All right, I think we're right at the top of the hour. Operator, so we'll end the questions now. I want to thank everybody for joining and spending the time with us. Look forward to talking to you in about 90 days.

好的，我想我們正處於整點。接線員，我們現在就結束提問。我要感謝大家的參與和與我們共度的時光。期待大約 90 天後與您交談。

Ladies and gentlemen, that concludes today's conference call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。