Euronet Worldwide Inc (EEFT) 2025 Q3 法說會逐字稿

Thank you. Good morning, everyone, and welcome to Euronet third quarter 2025 earnings conference call. On the call today, we have Mike Brown, our Chairman and CEO; as well as 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 will be making today.

謝謝。各位早安，歡迎參加 Euronet 2025 年第三季財報電話會議。今天參加電話會議的有我們的董事長兼執行長麥克布朗，以及我們的財務長里克韋勒。在開始之前，我需要提請大家注意我們今天將要進行的 PowerPoint 簡報第二頁上的前瞻性聲明免責聲明。

Statements made on this call that concern Euronet's or its management's intentions, expectations or predictions of further performance are forward-looking statements. Euronet's actual results may vary materially from those anticipated in these forward-looking statements [as a result] number of factors that are listed on the second slide of our presentation.

本次電話會議中有關 Euronet 或其管理階層對未來績效的意圖、預期或預測的聲明均為前瞻性聲明。由於我們簡報第二頁列出的諸多因素，Euronet 的實際業績可能與這些前瞻性聲明中預期的業績有重大差異。

In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to the most comparable GAAP measures. Now I'll turn the call over to our CFO, Rick Weller.

此外，PowerPoint簡報還包括我們將在電話會議中使用的非GAAP財務指標與最可比較的GAAP指標的調節表。現在我將把電話交給我們的財務長里克·韋勒。

Thank you, Adam, and good morning, everyone. Thank you for joining us today. I'll start my remarks on slide 5. We delivered revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million and adjusted earnings per share of $3.62.

謝謝你，亞當，大家早安。感謝您今天蒞臨。我的發言將從第5張投影片開始。我們實現了 11 億美元的收入，營業收入為 1.95 億美元，調整後 EBITDA 為 2.45 億美元，調整後每股收益為 3.62 美元。

Revenue growth was below our expectations due to softness in certain areas of the business, which we believe was largely attributable to macroeconomic and policy decisions surrounding immigration around the world. However, the diversity of our business model, share repurchases during the year and effective expense management allowed us to offset those impacts and deliver another quarter of solid results. Finally, I want to highlight that our consolidated operating margins expanded by approximately 40 basis points over the prior year quarter.

由於業務某些領域表現疲軟，收入成長低於預期，我們認為這主要是由於世界各地圍繞移民的宏觀經濟和政策決定所造成的。然而，我們業務模式的多樣性、年內的股票回購以及有效的費用管理使我們能夠抵消這些影響，並取得了另一個季度穩健的業績。最後，我想強調的是，我們的綜合營業利潤率比去年同期成長了約 40 個基點。

Next slide, please. Year-over-year, most of 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.

請看下一張投影片。與去年同期相比，我們使用的主要貨幣兌美元大多有所走強。為了消除匯率波動的影響，我們在下一張投影片中展示了經匯率調整後的結果。

I'm now on slide 7. Our EFT segment delivered another good quarter, where revenues grew 5%, operating income and adjusted EBITDA, each growing 4%. While results were somewhat lighter than expected, the business continues to drive growth, led by continued expansion in developing markets such as Morocco, Egypt and the Philippines, where we are expanding services, adding ATMs and strengthening banking and fintech relationships.

我現在看到第7張投影片了。我們的 EFT 業務部門又迎來了一個不錯的季度，營收成長了 5%，營業收入和調整後 EBITDA 均成長了 4%。儘管業績略低於預期，但業務仍在持續成長，這主要得益於我們在摩洛哥、埃及和菲律賓等發展中市場的持續擴張，我們在這些市場擴大服務、增加自動櫃員機並加強與銀行和金融科技公司的合作關係。

Our merchant services business in Greece also delivered its strongest quarter since the 2002 acquisition with operating income up 33% year-over-year, driven by robust transaction volume and continued merchant expansion.

我們在希臘的商家服務業務也取得了自 2002 年收購以來最強勁的季度業績，營業收入年增 33%，這主要得益於強勁的交易量和商家的持續擴張。

Across Europe, travel volumes remained steady through the summer, supported by sustained demand for leisure travel. According to the European Travel Commission's report, overall tourism in Europe grew approximately 3.3% year-over-year.

整個夏季，歐洲的旅遊量保持穩定，這得益於休閒旅遊需求的持續成長。根據歐洲旅遊委員會的報告，歐洲整體旅遊業年增約 3.3%。

At the same time, Reuters noted that tourism related sales in Spain grew about 3%, roughly half the pace of the prior year as visitors curtailed discretionary spending on leisure and dining. Taken together, these reports highlight somewhat of a mixed picture across Europe. While consumer demand -- travel demand remains solid, spending patterns were more selective.

同時，路透社指出，由於遊客減少了休閒和餐飲方面的非必要支出，西班牙旅遊相關銷售額成長了約 3%，約為去年成長率的一半。綜合來看，這些報告凸顯了歐洲各地情況喜憂參半。雖然消費者需求－尤其是旅遊需求依然強勁，但消費模式卻更有選擇性。

Even so, our EFT business outpaced the broader European trend, growing about 5%. Although this remains slightly below our expectations, our broader geographic diversity, steady travel activity and continued network expansion position us well for sustained growth and resilience heading into year-end.

即便如此，我們的 EFT 業務成長率仍超過了歐洲整體趨勢，成長了約 5%。儘管這仍然略低於我們的預期，但我們更廣泛的地理多樣性、穩定的旅行活動和持續的網路擴張使我們在進入年底時能夠保持持續增長和韌性。

In our epay segment, revenue declined by approximately 5% compared to the prior year, while operating income increased 4% and adjusted EBITDA 2%. The reduction in revenue reflects a shift within our wholesale mobile top-up business, where a high-volume, low-value product exited the portfolio. While this change reduced top line revenue, it only marginally impacted our operating income.

在我們的電子支付業務板塊，營收與前一年相比下降了約 5%，而營業收入成長了 4%，調整後的 EBITDA 成長了 2%。收入減少反映了我們批發行動儲值業務的轉變，其中一款高銷量、低價值的產品退出了產品組合。雖然這項變化降低了總收入，但對我們的營業收入影響甚微。

Moreover, its impact was largely contained to the third quarter and accordingly, will have no meaningful impact on future quarters. Excluding this product discontinuance, our constant currency revenue would have grown at a rate similar to the operating income, constant currency growth rate.

此外，其影響主要局限於第三季度，因此不會對未來幾季產生實質影響。如果排除該產品停產的影響，我們的固定匯率收入成長率將與營業收入的固定匯率成長率相似。

Our core digital content and payment processing activities remain stable and continue to provide a solid foundation for future growth. Money Transfer revenue grew 1% year-over-year, while operating income and adjusted EBITDA decreased by 2% and 1%, respectively. Revenue growth was driven primarily by a 32% increase in direct-to-consumer digital transactions, reflecting strong -- continued strong demand for our digital money transfer products.

我們的核心數位內容和支付處理業務保持穩定，並繼續為未來的成長奠定堅實的基礎。匯款業務收入年增 1%，而營業收入和調整後 EBITDA 分別下降了 2% 和 1%。營收成長主要得益於直接面向消費者的數位交易成長了 32%，這反映出消費者對我們的數位匯款產品有著強勁且持續強勁的需求。

However, this growth was partially offset by softer transaction volumes across certain corridors. Mixed information on global economic uncertainty and recent immigration policy changes in the United States as well as in other areas of the world have slowed migration inflows and reduced remittance activity in key money transfer sending markets.

然而，某些通道的交易量疲軟，部分抵消了這一增長。全球經濟不確定性以及美國和世界其他地區近期移民政策的變化，導致移民流入放緩，主要匯款市場的匯款活動減少。

According to Reuters, remittances to money to Mexico declined more than 12% year-over-year in mid-2025, underscoring how this shift -- how shifts in immigration policy can impact transaction volumes in real time. Remittances between the US and Mexico represent approximately 1/4 of our US remittance flows and only about 1/10 of our global transfers.

根據路透社報道，2025 年年中，匯往墨西哥的匯款年減超過 12%，凸顯了移民政策的變化如何即時影響交易量。美國和墨西哥之間的匯款約占我們美國匯款流量的 1/4，僅占我們全球匯款的約 1/10。

This quarter, our US to Mexico corridor was flat year-over-year. It's somewhat of a bittersweet feeling to have flat year-over-year growth to Mexico, bitter in that Reuters estimates a 12% year-over-year decline, but sweet in that our Money Transfer business outperformed the market by 12%. Interestingly enough, that's consistent with how Ria has performed over the last 18 years.

本季度，我們美國至墨西哥走廊的業務量與去年同期持平。對墨西哥的業務同比增長持平，這讓人感覺喜憂參半。喜的是，路透社估計年減了 12%，但喜的是，我們的匯款業務表現優於市場 12%。有趣的是，這與 Ria 在過去 18 年裡的表現一致。

It's this strength that gives us confidence for solid future growth. Operating income and adjusted EBITDA also reflected incremental year-over-year marketing investments to support continued expansion of our digital business and the Dandelion product.

正是這種優勢讓我們對未來的穩健成長充滿信心。營業收入和調整後的 EBITDA 也反映了為支持我們數位業務和 Dandelion 產品的持續擴張而進行的逐年增加的行銷投資。

Despite some pressures, we believe solid third quarter consolidated -- we delivered solid third quarter consolidated earnings. And as we look to the fourth quarter, we expect to finish the year with year-over-year earnings growth to be generally similar to the third quarter, thereby supporting our confidence of being within the range of 12% to 16% year-over-year earnings growth as we previously provided. Next slide, please.

儘管面臨一些壓力，但我們認為第三季綜合業績穩健——我們實現了穩健的第三季綜合收益。展望第四季度，我們預計全年同比盈利增長將與第三季度大致相同，從而支持我們先前預測的同比盈利增長在 12% 至 16% 範圍內的信心。請看下一張投影片。

Slide 8 presents a summary of our balance sheet compared to the prior quarter. As you can see, we ended the third quarter with $1.2 billion in unrestricted cash and debt of $2.3 billion. The decrease in cash is largely due to stock repurchases, offset by cash generated from operations. Cash returned from ATMs following the summer season peak and working capital fluctuations.

第 8 張投影片概述了我們與上一季相比的資產負債表情況。如您所見，第三季末，我們擁有12億美元的非限制性現金和23億美元的債務。現金減少主要是因為股票回購，但卻被經營活動產生的現金所抵銷。夏季高峰期過後以及營運資金波動期間，自動櫃員機回收的現金。

In the third quarter, we completed a $1 billion convertible bond offering at an attractive interest rate of [0.625%] maturing in 2030. The proceeds were used to pay down the majority of our revolving credit facility. This transaction strengthens our financial flexibility to invest in growth opportunities across our payments, money transfer and digital asset infrastructure initiatives. As we think about capital allocation, we look to maintain a debt level commensurate with an investment-grade rating, acquiring growth driving businesses in line with our digital initiatives and share repurchases.

第三季度，我們完成了 10 億美元的可轉換債券發行，利率為 [0.625%]，將於 2030 年到期。所得款項用於償還我們大部分循環信貸額度。此次交易增強了我們的財務靈活性，使我們能夠投資於支付、匯款和數位資產基礎設施等領域的成長機會。在考慮資本配置時，我們希望維持與投資等級評級相稱的債務水平，收購符合我們數位化策略和股票回購計畫的成長型企業。

As for share repurchases, including the shares we've repurchased we made through the first nine months of this year, we have repurchased on average, approximately 85% of our annual earnings over the past four years. Said differently, 85% of the earnings have been returned to shareholders through share repurchases.

至於股票回購，包括我們今年前九個月回購的股票在內，過去四年平均回購的股票約占我們年度收益的 85%。換句話說，85%的收益已透過股票回購返還給了股東。

In this quarter, we repurchased approximately $130 million of our shares. These repurchases were beneficial in a number of ways, including the stabilization of our share price on the day of marketing the bonds and offset against any future dilution of convertible shares, which I sure would like to see happen. And finally, a locked-in pretax ROI of approximately 13%, given consensus 2025 adjusted EPS.

本季度，我們回購了約 1.3 億美元的股票。這些回購在許多方面都很有好處，包括穩定債券發行當日的股價，以及抵消未來可轉換股份的任何稀釋，我當然希望這種情況能夠發生。最後，根據 2025 年調整後每股盈餘的普遍預期，稅前投資報酬率鎖定在約 13%。

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

接下來，我將把麥克風交給麥克。

Thank you, Rick, and thank you, everybody, for joining today. In the third quarter, we delivered adjusted earnings per share growth of 19% year-over-year, another quarter of double-digit earnings growth. As Rick mentioned, that keeps us on track to deliver our 12% to 16% 2025 earnings growth.

謝謝里克，也謝謝各位今天到場。第三季度，我們實現了經調整後的每股盈餘年增 19%，這是連續第二季實現兩位數的收益成長。正如里克所提到的，這使我們能夠實現 2025 年 12% 至 16% 的獲利成長目標。

This quarter's performance reflects effective execution across many areas of our business, and you'll know I'll call out some of those wins in just a minute. But I also think it is important to note that our growth was tempered by lighter-than-expected revenue across all three segments.

本季的業績反映了我們業務各個領域的有效執行，你們很快就會知道我即將列舉其中的一些成功案例。但我認為同樣重要的是要注意，我們所有三個業務部門的收入都低於預期，這抑制了我們的成長。

As we inspected our business, it became clear that the broad global economic uncertainty played a role. The UN's Department of Economic and Social Affairs stated in their midyear update, the world economy is at a precarious moment, heightened trade tensions and policy uncertainty have meaningfully weakened the global outlook for 2025.

在審視公司業務的過程中，我們發現全球經濟的普遍不確定性發揮了作用。聯合國經濟和社會事務部在年中更新報告中指出，世界經濟正處於岌岌可危的時刻，貿易緊張局勢加劇和政策不確定性已嚴重削弱了2025年的全球經濟前景。

We felt that uncertainty across most of our business from travel and consumer spending to cross-border remittances and payment processing. That said, we view these challenges as transitory headwinds, not long-term obstacles. The underlying fundamentals of our business remain strong, and we expect these pressures to ease.

從旅遊和消費支出到跨境匯款和支付處理，我們大部分業務都感受到了這種不確定性。儘管如此，我們認為這些挑戰只是暫時的不利因素，而不是長期的障礙。我們業務的基本面依然強勁，我們預期這些壓力將會緩解。

On top of the global uncertainty impacting all three segments, immigration policies in the US and other countries have pressured the Money Transfer segment. The tightening of immigration reform, added enforcement and delays in work authorizations, which most of us in the US see often in the press, have slowed cross-border remittances. But there are reform actions in other countries, most of us don't see.

除了影響所有三個領域的全球不確定性之外，美國和其他國家的移民政策也給匯款領域帶來了壓力。移民改革的收緊、執法力度的加大以及工作許可審批的延誤（我們大多數美國人經常在媒體上看到這些情況），都減緩了跨境匯款的速度。但其他國家也有一些改革措施，只是我們大多數人看不到而已。

US transfers to Mexico, a quarter that represents about 10% of our global remittance volume has seen the strongest pressure. In the third quarter, transactions in that quarter were flat compared to last year, which is unusual, given the consistent growth we've historically seen.

美國向墨西哥的匯款（約占我們全球匯款總量的 10%）承受了最大的壓力。第三季交易量與去年同期持平，考慮到我們過去一直看到的持續成長，這種情況實屬罕見。

While these policy changes have clearly weighed on our results, we believe they too are transitory in nature, and we would expect volumes to rebound once these conditions stabilize. Now we can't control the timing of these external factors, but we can control how we execute and invest for the future.

雖然這些政策變化顯然對我們的業績產生了影響，但我們認為它們也是暫時的，我們預計一旦這些情況穩定下來，銷量就會反彈。我們無法控制這些外部因素發生的時間，但我們可以控制我們如何執行和投資未來。

I recently spent some time with our global leadership team and the energy in that room was unmistakable. From new market expansion and a strong pipeline for Ren and Dandelion to exciting work integrating AI into our operations and expanding our stablecoin on-ramp and off-ramp capabilities.

我最近和我們的全球領導團隊相處了一段時間，房間裡的氣氛令人印象深刻。從拓展新市場，到 Ren 和 Dandelion 的強大產品線，再到將人工智慧融入我們的運營，以及擴展我們的穩定幣進出通道能力，這些都令人振奮。

Alright. Let's move on to slide number 11, we'll talk about the quarter. Slide 11. This slide provides a high-level view of how and where we will drive our growth strategy into the future. As a reminder from our discussions over the past year, our business model is really built on two key revenue pillars, payment and transaction processing and then cross-border and foreign exchange, which drive our growth opportunities that continue to expand as payments become increasingly global, digital and flexible.

好吧。接下來我們來看第 11 張投影片，我們將討論本季的情況。第11張幻燈片。這張投影片概述了我們未來將如何以及在哪些方面推進我們的成長策略。回顧過去一年的討論，我們的商業模式真正建立在兩個關鍵的收入支柱之上：支付和交易處理，以及跨國和外匯交易。隨著支付方式日益全球化、數位化和靈活化，我們的成長機會也不斷擴大。

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 demand.

第一支柱是支付和交易處理，我們透過此為銀行、商家和品牌合作夥伴提供大批量交易服務，並不斷擴展我們的應用場景，以適應不斷變化的需求。

During the quarter, we signed additional new merchants in our merchant services business continue to move forward to complete the acquisition of CoreCard and signed a new Ren and strategic network participation agreement. We'll get into more detail on these exciting deals later in the presentation.

本季度，我們在商家服務業務方面新增了多家商戶，繼續推動對 CoreCard 的收購，並簽署了一項新的 Ren 和策略網路參與協議。我們將在稍後的演示中詳細介紹這些令人興奮的交易。

The second pillar is cross-border and foreign exchange, which powers our FX-related use cases and distributes FX services through both owned and third-party channels across both physical and digital touch points.

第二大支柱是跨國和外匯，它為我們的外匯相關用例提供支持，並透過自有管道和第三方管道，在實體和數位接觸點上分發外匯服務。

This forms the foundation of our global money transfer business and the innovation behind our Dandelion platform, which delivers real-time cross-border payments to bank accounts, cards and digital wallets worldwide.

這構成了我們全球匯款業務的基礎，也是我們 Dandelion 平台背後的創新動力，該平台可向全球銀行帳戶、銀行卡和數位錢包提供即時跨境支付。

In the third quarter, we signed a major new Dandelion partnership with Citigroup, enabling Citi's clients to make near instant full value payments into digital wallets across multiple markets. This agreement reinforces Dandelion's position as the world's largest real-time cross-border payment network and highlights the value global banks plays in our platform.

第三季度，我們與花旗集團簽署了一項重要的 Dandelion 新合作協議，使花旗的客戶能夠在多個市場中近乎即時地向數位錢包進行全額支付。該協議鞏固了 Dandelion 作為全球最大的即時跨國支付網路的地位，並凸顯了全球銀行在我們平台中發揮的價值。

During the quarter, we entered into a new partnership with Fireblocks, the leading digital asset infrastructure provider. This collaboration establishes an important element for our digital asset strategy, enabling interoperability with blockchain systems for faster, more efficient money movement. It also supports stablecoin-based remittances, consumer wallets and real-time settlement, advancing our long-term vision for integrating digital assets into our network.

本季度，我們與領先的數位資產基礎設施供應商 Fireblocks 建立了新的合作夥伴關係。此次合作是我們數位資產策略的重要組成部分，實現了與區塊鏈系統的互通性，從而能夠更快、更有效率地進行資金流動。它還支援基於穩定幣的匯款、消費者錢包和即時結算，推進了我們將數位資產整合到我們網路中的長期願景。

Now let's move on to slide 12 and discuss our stablecoin use cases. A lot of people talk about stablecoin, but they don't quite know what they're talking about. Here's what we're doing. The passage of the GENIUS Act marks an important milestone for digital assets. It legitimizes stablecoins within regulated financial frameworks, bringing much-needed clarity to the industry.

現在讓我們來看看第 12 張投影片，討論一下穩定幣的使用案例。很多人都在談論穩定幣，但他們其實並不真正了解穩定幣。我們正在這樣做。《GENIUS法案》的通過標誌著數位資產發展的一個重要里程碑。它在受監管的金融框架內使穩定幣合法化，為該行業帶來了急需的清晰度。

While Euronet was blockchain ready well before this legislation, this new framework opens the door for established players like us to responsibly integrate blockchain technology for stablecoin or tokenized payments across our global payment ecosystem.

雖然 Euronet 早在這項立法之前就已經做好了區塊鏈的準備，但這個新框架為像我們這樣的成熟企業打開了一扇門，讓我們能夠負責任地將區塊鏈技術整合到我們的全球支付生態系統中，用於穩定幣或代幣化支付。

Through the utilization of our on- and off-ramp capabilities, including the ability to use our global ATM network to convert stablecoins into local currency, we're enabling customers and partners to move seamlessly between digital assets and fiat currency.

透過利用我們的存取通道功能，包括利用我們的全球 ATM 網路將穩定幣兌換成當地貨幣，我們能夠讓客戶和合作夥伴在數位資產和法定貨幣之間無縫轉換。

In practical terms, this means that consumers can instantly convert digital assets to fiat currency to pay for everyday essentials, things like groceries, medicine, rent, utilities, through our trusted payout network. By combining our Ren and Dandelion platforms with the global reach of our Ria and XE distribution networks, we are making digital money usable everywhere securely and at scale.

從實際意義上講，這意味著消費者可以透過我們值得信賴的支付網絡，立即將數位資產兌換成法定貨幣，用於支付日常必需品，例如食品雜貨、藥品、房租、水電費等。透過將我們的 Ren 和 Dandelion 平台與我們 Ria 和 XE 分銷網絡的全球覆蓋範圍相結合，我們正在使數位貨幣能夠在任何地方安全、大規模地使用。

We plan to launch our first set of stablecoin enabled use cases in the first quarter of 2026, beginning with treasury settlement, cross-border transfers and consumer cash-out functionality in select markets. These pilots will demonstrate how our network and bridge, digital and fiat ecosystem, in a safe, compliant and practical way, creating new efficiencies for our partners and new choices for consumers.

我們計劃於 2026 年第一季推出首批穩定幣應用案例，首先在特定市場推出國庫結算、跨國轉帳和消費者提現功能。這些試點計畫將展示我們如何以安全、合規和務實的方式建立我們的網路和橋樑、數位和法定貨幣生態系統，為我們的合作夥伴創造新的效率，為消費者創造新的選擇。

Finally, we'll leverage stablecoins or tokenized payments within our treasury operations to move funds between accounts and jurisdictions faster and more efficiently, reducing idle cash and enabling always on settlement.

最後，我們將利用穩定幣或代幣化支付在國庫營運中更快、更有效率地在帳戶和司法管轄區之間轉移資金，減少閒置現金並實現隨時結算。

In summary, while we move money fast today, stablecoins will bring even more efficiencies and create new opportunities. I'm really excited to leverage our industry-leading global on- and off-ramp assets to deliver real-world stablecoin use cases to the world. Now let's go on to slide number 13.

總而言之，雖然我們今天可以快速轉移資金，但穩定幣將帶來更高的效率並創造新的機會。我非常興奮能夠利用我們領先業界的全球入金和出金管道資源，為世界帶來真正的穩定幣應用案例。現在我們來看第13張投影片。

Slide 13, the EFT segment. It's comprised of three key components: banking services, the Ren Payments Platform and merchant services, each plays a key role in driving both transaction growth and digital expansion across our global payments ecosystem.

第 13 張幻燈片，EFT 部分。它由三個關鍵部分組成：銀行服務、Ren支付平台和商家服務，每個部分都在推動我們全球支付生態系統的交易成長和數位擴張方面發揮關鍵作用。

Our banking services continued to have steady growth, reflecting the strength of our value proposition for consumers, financial institutions and merchants. In Poland, we expanded our footprint by adding three new merchant partners to support ATM deposit functionality. In the Philippines, we signed an ATM outsourcing agreement with Banco de Oro, the largest bank in the Philippines. And as we move on to Ren, on the heels of our agreement with a top three US bank, we continue to gain momentum.

我們的銀行業務持續穩定成長，這反映了我們為消費者、金融機構和商家提供的價值主張的強大實力。在波蘭，我們透過新增三家商家合作夥伴來擴大業務範圍，以支援 ATM 存款功能。在菲律賓，我們與菲律賓最大的銀行 Banco de Oro 簽署了 ATM 外包協議。隨著我們與美國前三大銀行之一達成協議，我們將繼續與任天堂合作，並取得持續進展。

This quarter, we signed a software licensing agreement with IDFC First Bank, one of India's leading private sector banks. Under this agreement, Ren will power the bank's ATMs, debit cards and transaction switching through a unique AWS architecture, the first of its kind in India.

本季度，我們與印度領先的私人銀行之一 IDFC 第一銀行簽署了軟體授權協議。根據這項協議，任正非將透過獨特的 AWS 架構為該銀行的 ATM 機、金融卡和交易交換提供支持，這是印度首例此類架構。

With the pending acquisition of CoreCard, we'll extend further into credit processing with provable, scalable, revolving credit technology. Together, Ren and CoreCard position us to deliver a full suite of real-time cloud-based solutions across issuing, acquiring and credit management.

隨著對 CoreCard 的收購即將完成，我們將利用可驗證、可擴展的循環信用技術進一步拓展信用處理業務。Ren 和 CoreCard 的合作使我們能夠提供一套完整的基於雲端的即時解決方案，涵蓋發卡、收單和信用管理。

While subject to completion of the pending merger, the response from our customers and sales prospects has been very, very encouraging. Now here are a few comments on our merchant services business. This quarter, we processed the highest number of card transaction volume since the acquisition and added 7,000 new merchants. These results reflect continued momentum in our acquiring business and highlight how our digital initiatives continue to shift our revenue mix.

雖然最終的合併尚待完成，但我們客戶和潛在客戶的反應非常非常令人鼓舞。以下是我們商戶服務業務的一些說明。本季度，我們處理了自收購以來最高的信用卡交易量，並新增了 7,000 家商家。這些結果反映了我們收購業務的持續成長勢頭，並突顯了我們的數位化舉措如何不斷改變我們的收入結構。

Overall, it's been an exciting quarter for the EFT business with the combination of continued market expansion and the pending CoreCard acquisition, we're well positioned to deliver sustained growth. Now let's move on to epay.

總體而言，對於 EFT 業務來說，這是一個令人興奮的季度，隨著市場持續擴張和 CoreCard 收購即將完成，我們已做好充分準備，以實現持續成長。現在我們來看看電子支付。

As you know, epay is a leading global provider of payment processing and prepaid solutions, specifically focused on connecting brands to consumers through innovation and our expansive distribution network. Our brand partners include the biggest names in tech, Apple, Google, Sony, Microsoft, Amazon, to name a few, along with thousands of others.

如您所知，epay 是全球領先的支付處理和預付解決方案提供商，專注於透過創新和我們廣泛的分銷網絡將品牌與消費者聯繫起來。我們的品牌合作夥伴包括科技界的眾多巨頭，例如蘋果、谷歌、索尼、微軟、亞馬遜等等，以及成千上萬的其他公司。

Through a platform-as-a-service model, epay enables retailers, mobile operators and brands to manage transactions, payments and content in a manner that best aligns with their customer base. Increasingly, consumers are embracing the convenience of a fully digital experience.

透過平台即服務模式，epay 使零售商、行動營運商和品牌能夠以最符合其客戶群的方式管理交易、支付和內容。消費者越來越接受完全數位化體驗帶來的便利。

Today, about 70% of all epay transactions are digital, flowing across e-commerce merchants, digital banks or leading financial wallets around the world. As digital grows, epay continues to invest in security, scalability and compliance to offer the most trusted service in the industry to consumers, brands and merchants.

如今，約 70% 的電子支付交易都是數位化的，在全球各地的電子商務商家、數位銀行或領先的金融錢包之間流動。隨著數位化的發展，epay 持續投資於安全性、可擴展性和合規性，為消費者、品牌和商家提供業界最值得信賴的服務。

During the quarter, we had several notable signings and launches that further expand epay's global footprint and strengthen our partnerships across digital content and payments ecosystem. On the success of our proprietary Prezzy Card in New Zealand, we launched Giftzzy, epay's own-branded non-reloadable open-loop Visa card in Australia. We expanded our partnership with Epic Games, introducing fixed denomination cards that enhance how players purchase digital content.

本季度，我們達成了多項重要簽約和推出計劃，進一步擴大了 epay 的全球影響力，並加強了我們在數位內容和支付生態系統中的合作夥伴關係。繼我們在新西蘭推出自主研發的 Prezzy 卡取得成功之後，我們在澳洲推出了 Giftzzy，這是 epay 自有品牌的不可充值開放式 Visa 卡。我們擴大了與 Epic Games 的合作，推出了固定面額的卡，以增強玩家購買數位內容的方式。

Previously, users could only purchase Fortnite in-game currency called V-Bucks. Now users can use this card to purchase all content available in the Epic Game Store. We signed a new distribution agreement with Riot Games in India, broadening our reach with one of the world's fastest-growing gaming market. We also signed a gift card distribution agreement in Mexico with Mercado Libre, Latin America's largest e-commerce and marketplace platform. In our payment processing business, we continue to see strong momentum.

此前，用戶只能購買名為 V-Bucks 的 Fortnite 遊戲內貨幣。現在用戶可以使用此卡購買Epic遊戲商城中的所有內容。我們與 Riot Games 在印度簽署了新的分銷協議，擴大了我們在全球成長最快的遊戲市場之一的影響力。我們也與拉丁美洲最大的電子商務和市場平台 Mercado Libre 在墨西哥簽署了禮品卡分銷協議。我們的支付處理業務持續保持強勁成長勢頭。

We're cross-selling payment services to our existing epay content distribution merchants, both retail and online, and that strategy is paying off. Revenue from payments grew 27% year-over-year, reflecting the strength of our omnichannel approach. The pipeline remains robust with several exciting deals we expect to close in the near future.

我們正在向現有的 epay 內容分發商家（包括零售和線上商家）交叉銷售支付服務，而這項策略正在取得成效。支付收入年增 27%，反映了我們全通路策略的優勢。目前專案儲備充足，我們預計近期將完成幾筆令人振奮的交易。

Now let's move on to slide number 15, and we'll talk about Money Transfer. As I mentioned earlier, changes to immigration policy and broader economic challenges weighed on our Money Transfer segment's revenue and transaction growth this quarter. However, as Rick mentioned, Ria continued to outperform the broader market decline to Mexico by 12%. Despite these near-term headwinds, we remain confident in Ria's ability to outpace the market, supported by its strong fundamentals and differentiated business model.

現在我們來看第 15 張投影片，我們將討論匯款。正如我之前提到的，移民政策的變化和更廣泛的經濟挑戰在本季對我們匯款業務的收入和交易成長造成了影響。然而，正如里克所提到的那樣，Ria 的表現仍然優於墨西哥整體市場的下跌幅度，跌幅達 12%。儘管短期內面臨這些不利因素，但我們仍然對 Ria 有能力超越市場充滿信心，這得益於其強勁的基本面和差異化的商業模式。

Our omnichannel approach, expansive geographic presence, channel diversity and industry-leading real-time payments network set us apart from both digital-only and legacy multichannel competitors. This foundation differentiates us from our competitors and positions us well to capture new opportunities in cross-border payments, particularly through our Dandelion strategy, which continues to gain traction.

我們的全通路策略、廣泛的地域覆蓋、通路多樣性和業界領先的即時支付網絡，使我們有別於純數位通路和傳統多通路競爭對手。這項基礎使我們與競爭對手區分開來，並使我們能夠更好地抓住跨境支付領域的新機遇，特別是透過我們不斷取得進展的「蒲公英」策略。

Building on this momentum, as previously mentioned, we announced a new collaboration between Dandelion and Citibank. This partnership enhances the city's cross-border payments and remittance offering and expands its reach into the business to consumer uses such as payroll, social benefit and gig economy payments.

基於先前提到的這一勢頭，我們宣布了 Dandelion 與花旗銀行之間的新合作。這項合作增強了該市的跨境支付和匯款服務，並擴大了其在企業對消費者領域的應用範圍，例如工資、社會福利和零工經濟支付。

We also launched Dandelion's service with Union Bank, the 10th largest bank in the Philippines and will soon launch Commonwealth Bank in Australia, another top 50 global banks. This and several other signings and launches during the quarter further validate Dandelion's role at the center of a faster, more modern global payments ecosystem.

我們也與菲律賓第十大銀行聯合銀行合作推出了 Dandelion 服務，並將很快與澳洲聯邦銀行（另一家全球排名前 50 的銀行）合作推出這項服務。本季度達成的這項協議以及其他幾項簽約和推出計劃進一步證實了 Dandelion 在更快、更現代化的全球支付生態系統中的核心地位。

Within the remittance space, our digital business continues to perform well. Direct-to-consumer digital transactions grew 32% year-over-year and now represents 16% of total money transfer transactions, demonstrating continued adoption of our digital channel.

在匯款領域，我們的數位業務持續表現良好。直接面向消費者的數位交易年增 32%，目前佔匯款交易總額的 16%，這表明我們的數位管道正在持續普及。

Ria also achieved a key retail win this quarter through an exclusive partnership with Heritage Grocers Group, which operates 115 Hispanic-focused grocery stores under brands, including Cardenas Markets and Tony's Fresh Market. This was a competitive win and followed a successful mid-September launch. We are excited about the growth prospects with this partnership.

本季度，Ria 還透過與 Heritage Grocers Group 的獨家合作，取得了一項重要的零售業務勝利。 Heritage Grocers Group 旗下擁有 115 家以西班牙裔顧客為主的雜貨店，品牌包括 Cardenas Markets 和 Tony's Fresh Market。這是一場激烈的競爭，此前該產品於9月中旬成功上市。我們對此次合作帶來的發展前景感到非常興奮。

On the network side, I want to briefly highlight again the partnership with Fireblocks and what that means for our Money Transfer segment. This collaboration will unlock interoperability between traditional and blockchain systems for faster, more efficient money movement.

在人脈方面，我想再次簡要地強調一下與 Fireblocks 的合作關係，以及這對我們的匯款業務意味著什麼。此次合作將實現傳統系統和區塊鏈系統之間的互通性，從而實現更快、更有效率的資金流動。

Within Money Transfer, this infrastructure will support stablecoin-based remittances on- and off-ramp capabilities, consumer wallets and real-time settlements advancing our long-term vision for integrating digital assets into our network. Bear in mind, these on- and off ramps are not easy to build. They're built one by one, a real advantage that we are excited to leverage.

在匯款領域，該基礎設施將支援基於穩定幣的匯款入帳和出帳功能、消費者錢包和即時結算，從而推進我們將數位資產整合到我們網路中的長期願景。請記住，這些上下匝道並不容易建造。它們是逐一建造的，這是一個真正的優勢，我們很高興能夠利用它。

With that, we'll move on to the numbers -- to slide 16, and we'll wrap up the quarter. As we wrap up, I'd like to highlight the growing traction across our Ren and Dandelion initiatives. While these opportunities often evolve long sales cycles and reference customers, our recent wins with Citi, the Commonwealth Bank of Australia and a leading US bank demonstrates that our investments are paying off.

接下來，我們將轉到第 16 張投影片，繼續講解數字，並結束本季。最後，我想重點介紹一下我們的 Ren 和 Dandelion 專案日益增長的影響力。雖然這些機會通常需要較長的銷售週期和參考客戶，但我們最近與花旗銀行、澳洲聯邦銀行和一家美國領先銀行的合作表明，我們的投資正在獲得回報。

We're entering a phase of accelerated adoption, and there's a lot to be excited about, including we delivered a record-setting third quarter results with adjusted EPS of $3.62, a 19% increase over the prior year.

我們正進入加速採用階段，有很多令人興奮的事情，包括我們取得了創紀錄的第三季業績，調整後每股收益為 3.62 美元，比上年增長了 19%。

We continue to make steady progress towards completing the CoreCard acquisition with CoreCard shareholders scheduled to vote on the merger next week, an important milestone in expanding our digital payment capabilities.

我們正穩步推進對 CoreCard 的收購，CoreCard 股東將於下週就合併進行投票，這是我們拓展數位支付能力的重要里程碑。

In August, we completed a $1 billion convertible debt offering at 0.625% interest rate maturing in 2030. The proceeds strengthened our balance sheet and increased our flexibility to pursue strategic growth opportunities. We signed a new partnership with Citibank, which will enable Citi's institutional clients to deliver near instant full value payments into digital wallets around the world through our Dandelion network, further validating Dandelion's leadership in real-time cross-border payments.

8 月，我們完成了 10 億美元的可轉換債券發行，利率為 0.625%，將於 2030 年到期。所得款項增強了我們的資產負債表，提高了我們尋求策略成長機會的靈活性。我們與花旗銀行簽署了新的合作夥伴關係，這將使花旗的機構客戶能夠透過我們的 Dandelion 網路向世界各地的數位錢包提供近乎即時的全額支付，進一步驗證 Dandelion 在即時跨境支付領域的領先地位。

And finally, we entered into a strategic agreement with Fireblocks, a leading digital asset infrastructure provider to bring blockchain stablecoin technology within Euronet's global payment network positioning us at the forefront of the next generation of financial connectivity and opening new and exciting opportunities to leverage our world-class on and off ramps.

最後，我們與領先的數位資產基礎設施提供商 Fireblocks 達成了一項戰略協議，將區塊鏈穩定幣技術引入 Euronet 的全球支付網絡，使我們處於下一代金融連接的前沿，並開闢了利用我們世界一流的入站和出站通道的全新激動人心的機會。

Together, these achievements demonstrate the continued strength, adaptability and innovation of Euronet's global payments network. As we look ahead, we are confident in our strategy, our technology and our ability to deliver sustained growth well into the future. We are looking forward to the fourth quarter. And once again, we are pleased to reaffirm our earnings expectations of 12% to 16% growth for the year.

這些成就共同展現了 Euronet 全球支付網路的持續實力、適應性和創新能力。展望未來，我們對我們的策略、技術以及在未來實現持續成長的能力充滿信心。我們期待著第四季的到來。我們再次重申，我們對今年獲利成長的預期為 12% 至 16%。

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

那麼，我很樂意回答大家的問題。接線員，請問您能幫忙嗎？

(Operator Instructions)

（操作說明）

Vasu Govil, KBW.

Vasu Govil，KBW。

Hi. Thank you for taking my question. Maybe to start off, Rick and Mike, if you guys could help unpack the slight softness in the EFT segment. It sounded like the travel trends you saw in Europe were pretty solid, but maybe there were some differences in spending patterns.

你好。感謝您回答我的問題。或許可以先請 Rick 和 Mike 兩位幫忙分析一下 EFT 部分略顯不足的地方。聽起來你在歐洲看到的旅遊趨勢相當穩定，但消費模式可能有些差異。

So just trying to understand if the weakness was all in the ATM business or elsewhere like in the merchant acquiring and then whether it was transaction slowdown or just the transaction value slowdown? If you could help us unpack that, that would be helpful.

所以，我只是想了解一下，這種疲軟是完全出在 ATM 業務上，還是出在其他地方，例如商家收單業務上；以及是交易速度減慢，還是僅僅是交易額減慢？如果您能幫我們解讀一下，那就太好了。

Okay. So first of all, all the data that we're getting from every place basically says that people are being very careful on their -- with their vacation spend, with hotels costing 40% more than they did in '19, airplane flights 50% more at least than they did in 2019 when people land, they have a little less money to spend. And then on top of that, there's a lot of worry across the world in the economy. So people are just being a little bit careful. So we've seen -- the nice thing about the -- we've seen that more in the ATMs.

好的。首先，我們從各方面獲得的數據基本上都表明，人們在度假支出方面非常謹慎，酒店價格比 2019 年上漲了 40%，機票價格比 2019 年至少上漲了 50%，人們落地後可支配的錢就少了一些。除此之外，世界各地的經濟狀況也令人擔憂。所以大家現在都比較謹慎了。所以我們看到——這很好——我們在自動櫃員機上看到了更多這種情況。

We actually have seen some of that too in merchant acquiring, but it's just our merchant acquiring, it's kind of growing like a band sheet. So we don't feel it quite as much there. But certainly, in the ATM business, people are just basically spending less, and then we see that at the ATMs.

實際上，我們在商家收單方面也看到了一些這種情況，但只是我們的商家收單業務，它的發展就像樂團的名單一樣不斷成長。所以我們在那裡感覺沒那麼強烈。但可以肯定的是，在自動櫃員機業務方面，人們的支出確實減少了，我們在自動櫃員機上也看到了這一點。

Got it. Thank you for that color. And then on the Money Transfer segment, I know immigration policies have been changing, and that's been a headwind in the industry, but you guys were actually bucking the trend up until last quarter. I recall you had a very strong 2Q. And I think you had called out July trends were actually improving versus June. So it would seem that most of the deterioration happened in August and September. So any color on the exit run rate, what you're seeing in October and sort of what changed --

知道了。謝謝你提供的這種顏色。至於匯款業務，我知道移民政策一直在變化，這對產業來說是一個不利因素，但你們直到上個季度都逆勢而行。我記得你們第二季業績非常出色。我認為你之前已經指出，7月份的趨勢實際上比6月份有所改善。看來大部分惡化都發生在八月和九月。所以，關於退出運行率的任何顏色，您在10月份看到的情況以及發生了哪些變化，都值得關注。--

Well, so we've seen that -- Vasu, we've seen that a little choppy. We said, yeah, July looked good, and then sure enough, the next month or so, it went down. And like we landed where we landed and we're seeing October much stronger than we saw in September. So I think it's choppy, is the answer. I don't think I can tell you for sure what's going on, but it smells better right now. But it did last quarter at the same time. So we're just being cautious.

嗯，我們已經看到了——Vasu，我們已經看到了，有點斷斷續續的。我們當時說，是啊，7 月看起來不錯，結果不出所料，接下來的一個月左右，情況就惡化了。就像我們最終抵達的目的地一樣，我們看到十月的情況比九月要好得多。所以我覺得答案是：斷斷續續的。我不能確定到底發生了什麼，但現在聞起來好多了。但上個季度同期確實發生了這種情況。所以我們只是謹慎一點。

We're three weeks in, and we're beating our forecast as we sit. We are growing many times faster than the industry is growing, and so many percent faster than the industry is growing. And in particularly, the largest quarter from the US is obviously to Mexico. With that down 12%, and that's flat, I'd call that a win.

已經過去三週了，目前為止，我們的成績超過了預期。我們的成長速度比產業平均快很多倍，比產業平均快很多個百分點。其中，美國出口的最大份額顯然流向了墨西哥。下降了 12%，而且持平，我認為這算是一場勝利。

So as this stuff settles, we'll be still be well positioned. And I think bucking the trend makes sense. I mean, we bucked it last time by about 8%. I think the industry was down in the neighborhood of 3% or 4%. We were up 5% or 6%. So we bucked the trend again last quarter. We are doing the same thing this quarter, but the trend is down.

所以，等事情塵埃落定之後，我們還是會處於有利地位。我認為逆潮流而行是明智之舉。我的意思是，上次我們比預期高出了大約 8%。我認為該行業下滑了大約 3% 或 4%。我們上漲了5%或6%。所以上個季度我們再次逆勢而行。我們本季也採取了同樣的做法，但趨勢是下降的。

Appreciate the color. Thank you so much.

欣賞這種顏色。太感謝了。

Gus Gala, Monness Crespi Hardt.

Gus Gala，Monness Crespi Hardt。

Hey, guys. Thanks for taking my questions. You talk a little bit about pricing intra-quarter in Money Transfer. It seems like there were pricing drops in certain quarters, Mexico being one of them, US to Mexico. Is there may be a return to a less rational pricing environment? And if that's the case in the past, I think we saw it coming more so from smaller marginal players, how has this evolved? Maybe you can comment on how it looks along the vertices of digital versus retail and then domestic versus abroad? And I have a follow-up.

嘿，夥計們。謝謝您回答我的問題。你在談到匯款業務中的季度內定價時略有提及。某些地區的物價似乎有所下降，墨西哥就是其中之一，美國對墨西哥的商品價格也出現了下降。是否存在回歸非理性定價環境的可能性？如果過去的情況確實如此，我認為我們更多地看到這種現象來自規模較小的邊緣玩家，那麼這種情況是如何演變的呢？或許您可以談談數位行銷與實體零售、國內市場與海外市場這幾個面向的情況？我還有一個後續問題。

Yeah. I would say on pricing, pretty consistent with what we've seen over time. There's pockets where it's a little bit more. I would tell you, we probably saw a little bit more of that in some of our Middle East kind of areas there, where a couple of -- and that's also kind of impacted a bit by the unusual nature of some of the black markets and how some of those currencies move in some of those markets. So that's where we've seen it a bit more.

是的。就定價而言，我認為與我們過去看到的水平相當一致。有些地方價格會稍微高一些。我想說，我們在中東的一些地區可能看到了更多這樣的情況，那裡有一些——這也受到了某些黑市的特殊性質以及某些貨幣在這些市場上的走勢的影響。所以，我們在那裡看到的情況比較多。

But on -- overall, on average, we had pretty consistent on a year-over-year basis in terms of revenues and gross profits per transaction. So I think our team did a nice job kind of balancing a little bit more the pricing pressure, like I say, in a couple of those markets with a little opportunity in some others. So net-net, it didn't show up in any kind of a meaningfully adverse way in the third quarter.

但總體而言，平均而言，我們在收入和每筆交易的毛利方面，每年都保持著相當穩定的成長。所以我認為我們的團隊做得很好，在某些市場中更好地平衡了價格壓力，就像我說的，同時也為其他一些市場創造了一些機會。所以總的來說，第三季並沒有出現任何實質的不利影響。

Got it. I appreciate that color. And then a similar line of questioning on Money Transfer just as the growth picked up from 29% to 32%. Over time, what do you think penetration of the transaction base could be digital? I think right now, it's about 13%, if you take the 6 million or so transactions.

知道了。我喜歡這個顏色。然後，隨著匯款業務成長率從 29% 提高到 32%，匯款業務也出現了類似的問題。隨著時間的推移，您認為數位化交易基礎的滲透率會達到什麼程度？我認為，如果以大約 600 萬筆交易為例，目前的比例約為 13%。

I think our goal is to get our growth rate higher than 32%, and they're closer to 40%. That's our goal. And the nice thing is we're doing this without spending an absolute fortune. What people don't realize us compared to a pure digital player is when you walk through the immigrant neighborhoods, there are Ria plastered signs on all these little bodega windows. And so we've got a great marketing conduit there that's very reasonably priced.

我認為我們的目標是讓成長率高於 32%，而他們目前的成長率接近 40%。這就是我們的目標。更棒的是，我們做這一切並沒有花費大量資金。人們沒有意識到，與純​​粹的數字玩家相比，當你走過移民社區時，你會發現所有這些小雜貨店的窗戶上都貼滿了 Ria 的標誌。因此，我們擁有了一個價格非常合理的優質行銷管道。

And so we hope to do better than 32%, but you're right. We watched ourselves grow from 30% or 29% to 32%. We hope that continues. And we're going to keep investing in it because it seems like those customers, their lifetime value is wonderful for us.

所以我們希望能夠做得比 32% 更好，但你說得對。我們眼看著自己的比例從 30% 或 29% 增加到 32%。我們希望這種情況能夠持續下去。我們將繼續投資於此，因為這些客戶的終身價值對我們來說非常可觀。

Yeah. And we've gone from essentially -- well, we've gone from zero to as we pointed out earlier, about 16% of those transactions are digital now. There are varying views as to what the market is out there. But let's say, in the 30% to 35% of the total business. And so we certainly have our goal set at getting to that mark.

是的。我們已經從基本上——嗯，正如我們之前指出的，我們已經從零發展到現在，大約 16% 的交易都是數位化的。對於當前市場狀況，人們的看法各不相同。但假設佔總業務的 30% 到 35%。因此，我們當然已經將達到這個目標作為目標。

And as Mike said, as we grow in the 30%-plus range, you could see how within a reasonable period of time, we could be at that level. So lots of growth ambition here. We'll have to see if the market continues to move farther up that, let's call it, roughly 1/3, that's more digitally oriented. In some cases, we're quick to think that customers will want to quickly use a digital product because it's easy, it's convenient.

正如麥克所說，如果我們的成長速度達到 30% 以上，你就可以看到，在合理的時間內，我們就能達到那個水準。這裡的發展雄心勃勃。我們得看看市場是否會繼續向上發展，達到大約三分之一的數位化程度。在某些情況下，我們很容易認為客戶會想要快速使用數位產品，因為它簡單方便。

On the other hand, we know from talking with customers that not all customers want to use the digital product. They -- you have to remember the customer comes from a lesser developed country. They haven't used financial products like this before. They're not as comfortable with security and things like that. And so we have a lot of customers tell us we really like the over-the-counter product. We -- that's the way we prefer to do business.

另一方面，我們從與客戶的交談中了解到，並非所有客戶都想使用數位產品。你要記住，顧客來自欠發達國家。他們以前從未使用過這類金融產品。他們對安全之類的事情不太適應。因此，許多顧客告訴我們，他們非常喜歡這種非處方產品。我們——這是我們更喜歡的經營方式。

So we've got a business that's designed at delivering a product that the customer wants. We want to give them the product that's the most efficient for them. We'll continue to focus on that. But we just have to bear in mind that some customers out there absolutely want the product that we're doing a great job of delivering today.

所以，我們的業務模式是提供客戶想要的產品。我們想為他們提供最有效的產品。我們將繼續專注於此。但我們必須記住，有些客戶非常想要我們今天正在努力提供的這種產品。

And this is a great point. I mean what people don't get is that digital money transfers have been around for 20 years for two full decades and still the total penetration is about 35% of the market. Why is it after two decades that we can only get to roughly 1/3 of the potential transactions, I think it's consumer preference. So we want to make sure we're an omnichannel player. We're going to play it both ways. We're going to take people. We get a lot of our customers who are digital that actually go back and forth between, I think it was 13%, 14% of our digital customers go back and forth between physical and digital.

這一點非常重要。我的意思是，人們不明白的是，數位貨幣轉帳已經存在了整整20年，但其市場滲透率仍然只有35%左右。為什麼二十年後我們只能完成大約三分之一的潛在交易？我認為這是消費者偏好問題。所以我們希望確保自己成為全通路企業。我們將採取兩種策略。我們要帶人去。我們有很多數位客戶會在實體店和數位店之間來回切換，我認為有 13% 到 14% 的數位客戶會在實體店和數位店之間來回切換。

Thank you so much for all the color, guys.

非常感謝你們帶來的繽紛色彩！

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Hey, guys. Revenues been decelerating this year, 9% in 1Q, 6% constant currency in 2Q and then 1% in 3Q. How do you want people to think about constant currency revenue 4Q in '26? Anything to call out epay promotions or anything? Can you just talk through that a little bit?

嘿，夥計們。今年營收成長放緩，第一季成長 9%，第二季以固定匯率計算成長 6%，第三季成長 1%。您希望人們如何看待 2026 年第四季以固定匯率計算的收入？有什麼要特別提及的epay促銷活動嗎？你能稍微解釋一下嗎？

Well, all I can tell you is that our bottom-up forecast for Q4 look like it's turning around the other way. Now we'll see if that all comes through, but we've got early indications in October that it seems to be. So maybe we're through the worst of it, we'll find out.

我只能告訴你，我們對第四季的自下而上的預測似乎正在逆轉。現在我們拭目以待，看看這一切是否能夠實現，但從10月份的初步跡象來看，似乎很有可能。所以也許我們已經度過了最糟糕的時期，我們會知道的。

Got it. And if you had to say, it looks like money transfer was the most pressure, and you've called out the immigration stuff. What would you put in the second and third bucket is where pressure really existed?

知道了。如果要說的話，看起來匯款的壓力最大，而且你也提到了移民方面的問題。你會把什麼放進第二個和第三個桶子裡，才能真正感受到壓力？

It's economics. I mean let's not -- so let's just say immigrant policy was exactly the same as it was three years ago. The reality is, with inflation going up, everything costing more, people are sending back less money or doing it less frequently because they just have less money. When the economy is strong, this is something you'll notice for all that's money transfer company.

這是經濟學問題。我的意思是，我們還是別這樣吧——就假設移民政策和三年前完全一樣。現實情況是，隨著通貨膨脹加劇，物價上漲，人們匯回的錢減少了，或者匯款頻率降低了，因為他們的錢變少了。經濟狀況好的時候，你會注意到所有匯款公司都會出現這種情況。

When the economy is strong, all our numbers go up. When the economy is weak, all our numbers go down. It really doesn't matter. So we've got a weakened economy now. And there -- and people are worried because some forecasters are predicting that it's going to get even weaker. So that's what's working against this.

經濟強勁時，我們所有的數據都會上升。經濟疲軟時，我們所有的指標都會下降。其實這並不重要。所以我們現在的經濟狀況疲軟了。而且，人們很擔心，因為一些預測者預測它還會變得更弱。這就是阻礙因素。

Got it. And hey, post the convert transaction, and I know CoreCard is closing soon. How are you thinking about buyback versus acquisition?

知道了。嘿，記得把轉換交易發上來，我知道CoreCard快要關門了。您如何看待回購和收購？

I think it's the same as we always have, Mike. The reality is we look for good accretive acquisitions, ones that can add to our strategy and if we can't find those, then we will look to share buybacks if we believe that our stock is undervalued and it is now, so we just have to look. And the nice thing is we're seeing opportunities. We basically bought back the shares that are required for the CoreCard acquisition, we bought those back in the second quarter. So net-net for the year, it's really no impact.

我覺得和以前一樣，麥克。現實情況是，我們尋找的是能夠增值且有利於我們策略的收購目標。如果找不到這樣的目標，那麼如果我們認為我們的股票被低估了（而現在確實如此），我們就會考慮股票回購。所以我們只需要繼續尋找。令人欣慰的是，我們看到了機會。我們基本上回購了收購 CoreCard 所需的股份，這些股份是在第二季回購的。所以總的來說，今年並沒有受到什麼影響。

So -- but we kind of look at it every quarter and we say, okay, we threw off a little over $100 million in positive cash in quarter? What do we have on the plate for potential acquisitions? And if we don't see anything, then we will -- and our stock is undervalued, we'll look at buying back stock. We've got opportunities all over the place.

所以——但我們每季都會審視一下，然後說，好吧，我們這個季度產生了略高於 1 億美元的正現金流？我們有哪些潛在的收購目標？如果看不到任何跡象，而我們的股票又被低估了，那麼我們會考慮回購股票。我們到處都有機會。

I mean we've got them in Ren, we've got them in Dandelion, we've got them with CoreCard. It’s a big one here that we're doing. We've got some acquiring things we're looking at. So I'm hoping that we can continue to spend -- what we've done is spend like -- Rick said, we spent 85% of our positive cash flow over the last four years on stock buybacks. I'd like to -- to me, a better balance might be 50-50.

我的意思是，我們在 Ren 裡有，我們在 Dandelion 裡有，我們在 CoreCard 裡也有。這是我們正在做的一件大事。我們正在考慮一些收購項目。所以我希望我們能夠繼續投入——我們一直以來都是這樣投入的——里克說，過去四年裡，我們把 85% 的正現金流都用於股票回購。我希望——對我來說，更好的平衡可能是五五開。

Got it. And then just lastly, quick on the CoreCard. You're going to be issuing, is it about 2.5 million shares for that?

知道了。最後，簡單介紹一下CoreCard。你們打算發行約250萬股嗎？

2.3.

2.3.

2.3. Okay. Thank you. Thanks, guys.

2.3. 好的。謝謝。謝謝各位。

Charles Nabhan, Stephens.

查爾斯·納班，史蒂芬斯。

Hi. Good morning, and thank you for taking my question. I wanted to drill into your comments around epay. Specifically, I think you had mentioned that aside from the headwind, that segment would have grown in line with operating income, which is roughly 4%. So I guess, first, if my math is correct, that equates to a roughly $15 million headwind from the discontinuation of that business?

你好。早上好，感謝您回答我的問題。我想深入探討你對電子支付的評論。具體來說，我認為您曾提到，除了不利因素外，該業務板塊的成長速度將與營業收入的成長速度保持一致，約為 4%。所以，首先，如果我的計算沒錯的話，停止這項業務大約會造成 1500 萬美元的損失？

And then secondly, I wanted to confirm that. And then secondly, if you put that aside, it's still growing by mid-single digits, which is below trend. So I wanted to see if there was anything going on from a promotional standpoint that was lower this quarter? Or if we should think about that mid-single-digit trajectory is sort of the normalized growth rate for epay?

其次，我想確認一下。其次，即使撇開這一點不談，它的成長率仍然只有個位數中段，低於趨勢水準。所以我想看看從促銷角度來看，本季是否有任何促銷力度下降的情況？或者我們應該認為，個位數的中段成長率是電子支付的正常成長率？

No, I think first of all, I think you've got the math roughly right there. And then as Mike said, we feel a little of the economic pressure here, too, because a lot of the folks that purchase the epay product, it essentially is discretionary spend purchasing stuff. Gaming, entertainment and things like that.

不，首先，我認為你的計算大致正確。正如麥克所說，我們也感受到了一些經濟壓力，因為許多購買電子支付產品的人，本質上都是在進行可自由支配的消費。遊戲、娛樂等等。

So kind of at the edge, if that takes off 2%, 3% or 4%, that kind of keeps you from being at that kind of upper single-digit growth rate rather than kind of a mid-single-digit growth rate. So that's kind of what we see. And most -- almost all of what we have in our epay business is outside of the United States.

所以，如果成長率下降 2%、3% 或 4%，那就意味著成長率無法達到個位數的較高水平，而只能達到個位數的中等水平。這就是我們看到的情況。而且，我們電子支付業務的大部分——幾乎全部——都在美國境外。

So those are economies that we don't see as much around here in the press. But it's the Asian economies and things like that. Some of these economies have the reciprocal effect of things like tariffs, if you think about it. Here you think tariffs are adding cost into the picture.

所以，這些經濟體在媒體上並不常見。但主要是亞洲經濟體之類的因素。仔細想想，有些經濟體對關稅等措施會產生反效果。你認為關稅會增加成本。

Over there, it might be that tariffs are reducing the amount of sales that they're able to do, and that impacts jobs and things like that. And so we've seen that in that part of the business. So I don't see anything fundamentally in there. There wasn't anything different really on the promotion side of the business. And as we pointed out in here, we're making a lot of good headway signing up some alternative things with like the gaming community.

在那邊，關稅可能會減少他們的銷售額，從而影響就業等等。因此，我們在業務的這一部分看到了這一點。所以我覺得這裡面沒有什麼根本性的問題。在業務推廣方面，其實也沒有什麼不同。正如我們在這裡指出的，我們在與遊戲社群等其他機構簽約方面取得了很大進展。

There were some changes in that business whereby certain parties weren't allowed to restrict people's ability to use credits and things like that. We anticipate another party that's going to break open like that, too.

該行業發生了一些變化，某些方面被禁止限制人們使用積分等。我們預計還會有另一場派對也像這樣爆發。

So we see some movement in that area. Also, if you just take a look at the -- I'll just call it the entertainment gaming world there, you may or may not know, but those numbers now exceed the video, the movie industry. So we see good opportunity in that business, but I think we've just kind of felt a little of that pressure on the economy there as well.

所以我們看到這方面出現了一些動向。另外，如果你看看——我就稱之為娛樂遊戲界吧——你可能知道也可能不知道，但這些數字現在已經超過了視頻和電影行業。所以我們看到了這個行業有很好的機會，但我覺得我們也感受到了當地經濟的一些壓力。

Got it. And as a follow-up on Money Transfer, are you seeing your customers send larger balances at a lesser frequency? And then secondly, you had characterized the conditions as transient, particularly around the US, Mexico corridor. And I know it's tough to pin down the timing of that, but what gives you the confidence that we're going to move past this.

知道了。關於匯款業務，您是否發現客戶匯款金額較大，但匯款頻率較低？其次，你曾將這種情況描述為暫時的，尤其是在美國和墨西哥走廊附近。我知道很難確定具體時間，但是什麼讓你相信我們能夠渡過難關呢？

Are you seeing anything in the data that just kind of gives you that confidence? Or are you having conversations with your customers or even regulators that just kind of gives you the confidence that we could eventually move past this over the next couple of quarters?

你從數據中看到了什麼，讓你更有信心？或者，您是否正在與客戶甚至監管機構進行對話，從而讓您相信我們最終可以在接下來的幾個季度內克服這個問題？

Well, I think it gets down to some real macro perspectives on the economy. And you've even seen some of these kind of things play out as the border restrictions have tightened in this new administration is not only the United States, but all developing -- developed countries, are essentially seeing population declines, they're seeing the need to have labor come in and support their economy.

我覺得這最終還是要從宏觀經濟的角度來看問題。而且，隨著新政府收緊邊境限制，你甚至已經看到這類事情發生了。不僅是美國，所有發展中國家——已開發國家——基本上都面臨人口下降的問題，他們需要勞動力來支持他們的經濟。

In the United States, we have a very strong need for labor in several industries. You could see it play out in, for example, the farming industry, where there were special appeals made so that there would be, let's say, potentially less pressure on migrant labor to help with crop harvesting and things like that. So we've seen kind of a little bit of that reaction where the administration has said, oh, okay, yeah, we do need -- and they obviously acknowledge that we do need that type of labor to support this economy.

在美國，許多行業對勞動力的需求非常旺盛。例如，在農業領域，這種現象就有所體現，當時曾發出特別呼籲，希望減少對外籍勞工幫忙收割農作物等工作的壓力。所以我們已經看到了這種反應，政府方面表示，哦，好吧，是的，我們確實需要——他們顯然承認我們確實需要這種類型的勞動力來支持經濟。

You look at the estimates of immigration around the world. And again, like I say, in other developed economies that need it, we talked recently in the second quarter with the acquisition of this small business in Japan, another economy that is dependent upon having migrant labor come in to help in that market.

你看看世界各地的移民人數估算。而且，正如我所說，在其他需要這種幫助的已開發經濟體中，我們最近在第二季度談到了收購日本一家小型企業，日本也是一個依賴外來勞工來幫助其市場的經濟體。

So those are the things that we look to, to say, we believe that it will be migratory. The -- and then the transitory -- I'm sorry, not migratory, figure out which tories I'm talking about here. But that's what kind of gives us that view.

所以，我們根據這些因素來判斷，我們認為這將是遷徙性的。然後是——然後是過渡性的——抱歉，不是遷徙性的，搞清楚我在這裡指的是哪些保守黨人。但正是這一點讓我們產生了這種看法。

And it's not different than if we look to the past 18 years that we've had the real Money Transfer business. We will see some ebb and flows in terms of what happens to different administrations and things like that. But at the end of the day, these economies are dependent upon these types of labor sources, and we feel that it will resume.

這與過去 18 年我們從事真正的匯款業務的情況並無不同。我們會看到不同政府的更迭等等方面出現一些起伏。但歸根究底，這些經濟體依賴這類勞動力來源，我們認為這種情況將會恢復。

Got it. I appreciate all the color. Thank you.

知道了。我喜歡這些色彩。謝謝。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hi. This is Daniel Krebs, on for Darrin. If we could move back to the EFT Segment. I'm looking at ATMs growing pretty consistently, 4% to 5% overall this year. Could you unpack that by geography a little bit? What portion of that is driven by non-European ATMs?

你好。這是丹尼爾·克雷布斯，他代替達林上場。如果我們能回到 EFT 板塊就好了。我觀察到自動櫃員機數量持續成長，今年整體成長率為 4% 至 5%。能否從地理角度稍微解釋一下？其中有多少是由非歐洲ATM機驅動的？

It was a little heavier weighted towards the non-European side. And as you may recall, a number of our prior discussions as we continue to expand. Today, we called out places like Morocco, Egypt, some places like that. We see opportunity there. We were hoping to make a little more advancement in some of the South or Lat Am markets, one in particular.

非歐洲國家的比例略高一些。您可能還記得，隨著我們不斷發展壯大，我們之前也進行過一些討論。今天，我們提到了摩洛哥、埃及等一些地方。我們看到了其中的機會。我們原本希望在一些南美洲或拉丁美洲市場，特別是其中一個市場，取得更大的進展。

And then the sponsor bank we were using was the US put a hold on doing business with that bank. So we had to scramble and change sponsor banks, which we've successfully done. And so it will now come back into the fold. But net-net, a little more biased towards the non-European side.

然後，我們當時使用的擔保銀行，美國政府暫停了與該銀行的業務往來。因此我們不得不緊急更換贊助銀行，而且我們已經成功做到了。所以它現在又要回歸正軌了。但總的來說，還是稍微偏向非歐洲一方。

Okay. And let's not forget, too, that the non-European side throws off considerably more profit per ATM on average than the European one. So but they're a bugger to get into because you've got to get a sponsor bank. You've got to let the central bank has to give you authorization. You've got to find your source of cash. It's not like Europe where one license gives you access to all the markets. So it takes a while to do it, but they're very lucrative countries.

好的。此外，我們也不能忘記，非歐洲地區的每台 ATM 機平均產生的利潤比歐洲地區的 ATM 機高得多。但是加入這類公司很麻煩，因為你必須找到贊助銀行。你必須獲得中央銀行的授權。你必須找到資金來源。這不像歐洲那樣，一張許可證就能讓你進入所有市場。所以這需要一段時間才能完成，但這些國家利潤非常豐厚。

Got it. Understood. And then if we sort of extrapolate these trends, if you look out five years from today, Mike, do you envision having fewer ATMs in Europe than you do today for perhaps the trend is offset by more outsourced banking deal --

知道了。明白了。如果我們把這些趨勢外推一下，麥克，你覺得五年後歐洲的ATM數量會比現在少嗎？或許外包銀行業務的增加會抵銷這種趨勢。--

So that's an interesting thing. So on one hand, I would say if transactions continue to be stressed on how much people are spending and so forth, we may take a hard look at every one of our ATMs and just make sure that we call the ones that aren't profitable enough in Europe, and that could happen.

這真是一件有趣的事。所以一方面，我認為如果交易繼續受到人們消費金額等因素的影響，我們可能會認真檢查我們所有的 ATM 機，確保我們召回那些在歐洲盈利不足的 ATM 機，這種情況可能會發生。

On the other hand, we see another where we've seen that a number of countries and banks use us as an extension of banking infrastructure. It's not a tourist game anymore. You take a look at Spain, we had 2,000 ATMs in Spain, and then they were -- then they added a surcharge in Spain and then all the banks there wanted to have wholesale access to those ATMs because the central government was forcing the banks to give cash access, yet a number of the biggest banks in the market had combined and they closed a bunch of branches.

另一方面，我們也看到一些國家和銀行將我們視為銀行基礎設施的延伸。這已經不再是旅遊遊戲了。看看西班牙，我們之前在西班牙有 2000 台 ATM 機，後來——後來西班牙加收了附加費，然後所有銀行都想壟斷這些 ATM 機的使用權，因為中央政府強迫銀行提供現金服務，然而市場上一些最大的銀行合併了，關閉了很多分行。

If you want to look, Google it up, but you can look at the term cash desert all across Europe. Branches are closing. And so government are requiring banks to give easy cash access to people and work like the last man standing who has a good national ATM network. So we're basically being paid by the banks to do that requirement for them.

如果你想查，可以上網搜一下，你可以看看「現金沙漠」這個詞在整個歐洲的分佈。分行正在關閉。因此，政府要求銀行向民眾提供便捷的現金取得途徑，並像擁有完善的全國自動櫃員機網路的最後一個仍在運作的公司一樣運作。所以，我們基本上是受銀行委託來滿足他們的這項要求。

So now in Spain, we have 4,000 ATMs, where we probably would have stopped at 2,000. So we've got some -- every market is a little bit different. So you could see in some markets, we might cull some ATMs, other markets, we might have an opportunity because we're playing the bank infrastructure game, which, by the way, is not tourist-based, like I said, and not tourists. You don't have to worry about how many -- how much the tourist spend because they just want x amount of ATMs that they have access to. That's a pretty good game for us.

所以現在西班牙有 4000 台 ATM 機，而我們原本可能只會設定 2000 台。所以，每個市場的情況都略有不同。所以你可能會看到，在某些市場，我們可能會減少一些自動櫃員機；而在另一些市場，我們可能會有機會，因為我們正在參與銀行基礎設施建設，順便說一句，這並非以旅遊業為基礎，就像我剛才說的，也不是以遊客為基礎的。你不必擔心遊客的數量和消費金額，因為他們只是想要他們能夠使用的ATM機的數量。這對我們來說是一場相當不錯的比賽。

Okay. Thanks. That's very helpful. Thank you. [Bye].

好的。謝謝。那很有幫助。謝謝。[再見]。

I think we have maybe one question left, operator.

操作員，我想我們可能還剩最後一個問題。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Hi. Good morning. This is Anthony Cyganovich, filling in for Rayna. Thanks for taking my question. Rick, you had mentioned some immigration impact in other markets outside of the US in regards to Money Transfers. Is there any color you can give on which other corridors you're seeing a little bit of softer growth?

你好。早安.我是安東尼·西加諾維奇，代替雷娜主持節目。謝謝您回答我的問題。Rick，你曾提到移民對美國以外其他市場的匯款業務產生了一些影響。您能否描述一下您觀察到的其他走廊中，哪些植物的生長狀況稍顯柔和？

Well, now you're talking about, okay, corridors because some of these markets go across several of the corridors. We've seen some stuff like into like the Bangladesh area, like so transfers into those areas, the Pakistan type of areas and a little lighter transactions going into places, like Turkey.

好吧，現在你們說的是走廊，因為有些市場跨越了好幾條走廊。我們看到一些資金流向孟加拉國地區，巴基斯坦地區，還有一些規模較小的資金流向土耳其等地。

And if you kind of map some of those corridors with countries like Germany and UK, you could see that they've got some immigration actions going on, some different positions that are being taken there. But those are kind of some examples of what we've seen out there.

如果你把這些通道與德國和英國等國家連結起來，你會發現它們正在採取一些移民行動，採取一些不同的立場。但這些只是我們所看到的一些例子。

Okay. Got it. That's helpful. Thanks. I guess my follow-up question is, if you guys look at kind of these macro and policy-related challenges persisting over the next few quarters. I mean, Euronet historically has been a double-digit EPS grower throughout its history. I mean do you feel like this is -- if this persists, Euronet can still generate double-digit EPS growth in 2026?

好的。知道了。那很有幫助。謝謝。我想問的後續問題是，如果你們關註一下未來幾季持續存在的宏觀和政策相關的挑戰，你們會怎麼想？我的意思是，Euronet 從歷史上看一直保持著兩位數的每股盈餘成長。我的意思是，你覺得如果這種情況持續下去，Euronet 到 2026 年還能達到兩位數的每股盈餘成長嗎？

Absolutely. Absolutely. I mean we've got so many things going on. We've been doing this for 20 years. We've had one year that we didn't do that out of 20 years -- 30 years, actually. And we see a lot of opportunities. I mean, we've got CoreCard hopefully, that if their shareholders vote for that.

絕對地。絕對地。我的意思是，我們有很多事情要做。我們從事這項工作已經20年了。在過去的20年裡——確切地說是30年裡——只有一年我們沒有這樣做。我們看到了很多機會。我的意思是，如果CoreCard的股東投票贊成的話，我們就有希望了。

There's a lot of opportunity there. We kind of see it across the Board. There are several other things we announced in these quarters do not kick off revenues instantly, but over time, they do, and that's what we're feeling comfortable about.

那裡有很多機會。我們發現這種情況普遍存在。我們在這些季度宣布的其他幾項舉措不會立即帶來收入，但隨著時間的推移，它們會，而這正是我們感到安心的地方。

Yeah. And let's kind of put in perspective the quality of the assets that we have in our business, okay? We've got operations literally around the world. We serve customers in different types of segments. We're moving much more rapidly towards digitization on everything, as we've shown you in the past, ATM, the money that we -- revenue we make off of ATMs is less than 20% of our consolidated revenue, with additions into our business like CoreCard, which opens up a new channel, a new product for us to sell.

是的。讓我們來客觀地看待我們公司現有資產的質量，好嗎？我們的業務遍及世界各地。我們為不同類型細分市場的客戶提供服務。正如我們過去向您展示的那樣，我們正在加快向所有領域的數位轉型。例如，ATM 機，我們從 ATM 獲得的收入不到我們合併收入的 20%。隨著 CoreCard 等業務的加入，我們開闢了新的管道，推出了新的產品。

And it really has been -- it's really been exciting to see the energy coming from the sales team that have talked with folks about the credit product that we're going to be offering. And that's not in the United States. It's outside the United States, where credit has not been as highly exploited as it has been here in the United States. And so these fintechs and banks, they see real opportunity in that.

確實如此——看到銷售團隊展現的熱情，以及他們與人們談論我們將要提供的信貸產品，真的令人興奮。而且這種情況並不發生在美國。它位於美國以外，那裡的信用濫用程度遠不及美國。因此，這些金融科技公司和銀行看到了其中的真正機會。

Mike talked about the stablecoin. I think we're on the front edge of seeing something happen. And again, look at the quality of our asset infrastructure with our on and off ramps. You can throw some code together to do a blockchain transaction pretty quickly. But you can't throw together a network that's got 4 billion bank accounts connected to it, 3 billion wallet accounts, over 600,000 places to be able to pick up money or send money.

麥克談到了穩定幣。我認為我們正處於即將見證重大事件發生的臨界點。再看看我們基礎設施的質量，包括我們的上下匝道。你可以很快地寫一些程式碼來進行區塊鏈交易。但你不可能拼湊出一個連接了 40 億個銀行帳戶、30 億個錢包帳戶、超過 60 萬個提款或匯款地點的網路。

We've got an enviable on and off ramp network that can really be leveraged with the advances in tokenization or stablecoins or things like that. And that's really been what you've seen over the life of Euronet.

我們擁有令人羨慕的資金流入和流出管道網絡，可以充分利用代幣化、穩定幣或類似技術的進步。而這其實也正是 Euronet 在其發展歷程中所展現的。

When we had picked up the epay business, I'll just recount that it used to be that it was 100% mobile top-up. It's now more than 70% non-mobile top-up, it used to be 100% at the retail. It's now more than 70% transactions are going through digital. So we've got this wonderful asset base here. We see some things happening on the horizon that really give us the advantage to go after that in a great way.

我簡單回顧一下，當我們開始涉足電子支付業務時，它曾經完全是手機充值業務。現在超過 70% 的儲值來自非行動端，以前零售通路的儲值佔比是 100%。現在超過70%的交易都是透過數位方式進行的。所以我們擁有如此雄厚的資產基礎。我們看到一些即將發生的事情，這將為我們帶來巨大的優勢，使我們能夠更好地爭取這些機會。

And it's not restricted to any particular geography. We've got great technology that underpins all of this. So yeah, I mean, Mike's comment, do we -- are we able to keep this? We don't see that there's any reason that we shouldn't be able to continue our history of double-digit earnings growth.

而且它並不局限於任何特定的地理位置。我們擁有支撐這一切的強大技術。所以，我的意思是，Mike 的評論，我們——我們能保留這個嗎？我們認為沒有任何理由阻止我們繼續保持兩位數的獲利成長。

And that all sounds good. Thanks so much.

聽起來都不錯。非常感謝。

Thank you, everybody. I think that's it. Thank you, everybody, for joining today. Operator, you can close down the call, but thanks a bundle. See you next time.

謝謝大家。我想就是這樣了。謝謝大家今天到場。操作員，您可以結束通話了，非常感謝。下次見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。