Euronet Worldwide Inc (EEFT) 2012 Q1 法說會逐字稿

Good day ladies and gentlemen.

女士們先生們，美好的一天。

Greetings, and welcome to the Euronet Worldwide first quarter 2012 earnings conference call.

大家好，歡迎參加 Euronet Worldwide 2012 年第一季財報電話會議。

(Operator Instructions).

（操作員說明）。

It is now my pleasure to introduce your host Jeff Newman, Executive Vice President and General Counsel for Euronet Worldwide.

現在我很高興向大家介紹主持人 Jeff Newman，Euronet Worldwide 執行副總裁兼總法律顧問。

Thank you, Mr.

謝謝你，先生。

Newman , you may

紐曼，你可以

Thank you, Ben.

謝謝你，本。

Good morning, and welcome everyone to Euronet's quarterly results conference call.

早安，歡迎大家參加 Euronet 季度業績電話會議。

We will present our results for the first quarter 2012 on this call.

我們將在本次電話會議上公佈 2012 年第一季的業績。

We have Mike Brown our CEO; Rick Weller our CFO; and Kevin Caponecchi the President of Euronet Worldwide on this call.

我們的執行長是麥克布朗 (Mike Brown)；我們的財務長 Rick Weller；和 Euronet Worldwide 總裁 Kevin Caponecchi 出席了這次電話會議。

Before we begin, I need to make a disclaimer concerning forward-looking statements.

在開始之前，我需要對前瞻性陳述做出免責聲明。

Statements made on this call that concern Euronet's or its management's intentions, expectations or predictions of future performance are forward-looking statements.

本次電話會議中涉及 Euronet 或其管理階層對未來績效的意圖、預期或預測的聲明均為前瞻性聲明。

Euronet's actual results may vary materially from those anticipated in such forwarding-looking statements as a result of a number of factors, including conditions in world markets for the Company's products and services; foreign currency exchange fluctuations; the Company's ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; and changes in laws and regulations affecting the Company's business, including immigration laws.

由於多種因素，包括公司產品和服務的全球市場狀況，Euronet 的實際結果可能與此類前瞻性聲明中的預期有重大差異；外幣匯率波動；公司以獲利率續約現有合約的能力；使用帶有國際標誌的卡片或透過交換網路進行的交易（例如 ATM 上的卡片交易）應付費用的變化；影響公司業務的法律法規的變化，包括移民法。

.

。

These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

這些風險和其他風險在公司向美國證券交易委員會提交的文件中進行了描述，包括我們的 10-K 表年度報告、10-Q 表季度報告以及 8-K 表當前報告。

Copies of these filings may be obtained via the SEC's EDGAR website or by contacting the Company or the SEC.

這些文件的副本可透過 SEC 的 EDGAR 網站或聯絡公司或 SEC 取得。

Euronet does not intend to update these forward-looking statements, and undertakes no duty to any person to provide any such update under any circumstances.

Euronet 無意更新這些前瞻性陳述，並且不向任何人承擔在任何情況下提供任何此類更新的義務。

The Company regularly posts important information on the Investor Relations section of its website.

本公司定期在其網站的投資者關係部分發布重要資訊。

Now, I will turn the call over to Rick Weller our CFO.

現在，我將把電話轉給我們的財務長 Rick Weller。

Thank you, Jeff.

謝謝你，傑夫。

I too extend my welcome to everyone one on the call.

我也向參加電話會議的每一個人表示歡迎。

I will begin with the first quarter financial results on slide five.

我將從第五張投影片上的第一季財務表現開始。

In the first quarter 2012 Euronet delivered revenue of of $297.6 million, operating income of $15.8 million, and adjusted EBITDA of $35.4 million.

2012 年第一季，Euronet 的營收為 2.976 億美元，營業收入為 1,580 萬美元，調整後 EBITDA 為 3,540 萬美元。

Our cash EPS was $0.33 in line with our guidance.

我們的現金每股收益為 0.33 美元，符合我們的指導。

You may also notice on our income statement a $4 million gain related to step acquisition accounting.

您可能也注意到我們的損益表中與分步收購會計相關的 400 萬美元收益。

I will point out that we did not include that $4 million in our cash EPS.

我要指出的是，我們沒有將這 400 萬美元計入我們的現金每股收益中。

I will discuss the segment in more details when I get to segment reporting in a few slides.

當我在幾張投影片中進行分段報告時，我將更詳細地討論該分段。

Let's now move to slide six please.

現在讓我們轉到第六張投影片。

On slide six you can see the 3 year trend in transaction for all three segments.

在第六張投影片上，您可以看到所有三個細分市場的 3 年交易趨勢。

Following a pattern similar to what we shared with you on our February call on the fourth quarter all segments posted double-digit transaction growth.

遵循與我們在 2 月電話會議上與您分享的第四季度類似模式，所有細分市場均實現了兩位數的交易成長。

EFT 29% transaction growth this quarter was driven by our operations in Indian, Pakistan, and Poland together with our cross border acquiring business.

本季 EFT 交易成長 29% 是由我們在印度、巴基斯坦和波蘭的業務以及跨境收單業務推動的。

e-pay segment transactions grew by 10% compared to the prior year.

電子支付部分交易量較上年增加 10%。

This increase was largely attributable to growth in the U.S.,UK, Germany, and our ATX subsidiary offset by declines Australia.

這一增長主要歸因於美國、英國、德國和我們 ATX 子公司的成長，但被澳洲的下滑所抵消。

I will point out here that the Australia decline is not a new point, but simply a decline on a year-over-year basis as we have not yet lapped the third quarter event of certain retailers going direct with the mobile operators.

我要指出的是，澳洲的下降並不是一個新點，而只是同比下降，因為我們尚未經歷某些零售商直接與行動營運商合作的第三季事件。

The Money Transfer segment continued its upward momentum with total transactions increasing 26% during the quarter.

匯款業務持續保持上升勢頭，本季總交易量成長 26%。

This growth was driven by an increase in U.S.

這一增長是由美國的成長所推動的

transfers of 15%, including a 17% increase in transfers to Mexico our largest corridor.

傳輸量增加了 15%，其中前往墨西哥（我們最大的走廊）的傳輸量增加了 17%。

Transfer initiated outside of the U.S.

在美國境外發起的轉移

increased 12%, despite European economic and regulatory pressures.

儘管存在歐洲經濟和監管壓力，但仍增加了 12%。

And, finally, the strong growth trend continued for non Money Transfer transactions such as check cashing, bill payment, and mobile top- up.

最後，支票兌現、帳單支付和行動儲值等非匯款交易持續保持強勁成長趨勢。

This quarter these non Money Transfer transaction grew 113% compared to the same quarter last year.

本季這些非匯款交易與去年同期相比成長了 113%。

Next slide please.

請下一張投影片。

On slide seven, we present our segments result for the first quarter.

在第七張投影片上，我們展示了第一季的部門業績。

As has been the case for the last several quarters FX rates impacted our segments results.

與過去幾季的情況一樣，匯率影響了我們的部門業績。

This quarter each segments revenue operating income, and adjusted EBITDA were unfavorable impacted by the fluctuations in these FX rates.

本季各部門的收入、營業收入和調整後的 EBITDA 均受到這些匯率波動的不利影響。

On the next slide, we have presented the results adjusted for currency changes in order to provide a more clear picture of the business when compared to the prior year.

在下一張投影片中，我們展示了根據貨幣變化調整後的結果，以便與前一年相比提供更清晰的業務情況。

Let's move to next slide please where we were will focus on constant currency dollars.

讓我們轉到下一張投影片，我們將重點放在固定貨幣美元。

On slide eight, I will cover the segment highlights starting with EFT.

在第八張投影片上，我將從 EFT 開始介紹片段亮點。

In EFT revenue increased 22% operating income increases 5%, and adjusted EBITDA increased 17%.

EFT 營收成長 22%，營業收入成長 5%，調整後 EBITDA 成長 17%。

Revenue expansion was attributable to a 41% increase in ATMs under management, value added services, and growth in transactions in all EFT countries bar one small country.

收入成長歸因於管理的 ATM 數量增加了 41%、增值服務以及除一個小國家外所有電子轉帳國家的交易量增長。

We also saw a lift from our 2 fourth quarter acquisitions which included ATMs from Diebold's cash4you network in Poland and paynet in Romania, as well as from new agreements in India.

我們也看到了第四季兩項收購的提振，其中包括波蘭 Diebold cash4you 網路的 ATM 機和羅馬尼亞 paynet 的 ATM 機，以及印度的新協議。

The operating income growth of 5% for EFT may appear at first observation to be light, but knowing that last year's first quarter included the recognition of just over a $1 million of nonrecurring deferred revenue I would point out that without this one time item, operating income would have grown commensurate with revenue.

乍一看，EFT 的營業收入成長5% 可能顯得微不足道，但要知道去年第一季包括了剛剛超過100 萬美元的非經常性遞延收入的確認，我要指出的是，如果沒有這個一次性項目，營業收入收入將與收入同步成長。

For the e-pay segment revenue grew 16%, operating income grew 2%, and adjusted EBITDA grew 6%.

電子支付部門營收成長 16%，營業收入成長 2%，調整後 EBITDA 成長 6%。

Revenue growth outpaced earnings largely because of the cadooz acquisition where vouchers sold are recognized at face value.

營收成長超過獲利主要是因為收購了 cadooz，其中出售的優惠券以面額確認。

Operating income expansion was primarily attributable to increase volume in the U.S.

營業收入的成長主要歸因於美國銷售的增加

prepaid market, combined with non mobile content in Germany, and the September 2011 acquisition of cadooz.

預付費市場，結合德國的非行動內容，以及 2011 年 9 月收購 cadooz。

This operating income expansion was largely offset by declines related to two matters we reported to you last quarter in our earnings call.

營業收入的成長在很大程度上被我們上季在財報電話會議中向您報告的兩件事相關的下降所抵消。

First, Brazil where certain mobile operators have changed their distribution strategy; and, second, in Australia where certain retailers entered into direct agreements with mobile operators.

一是巴西，部分行動營運商改變了分銷策略；其次，在澳大利亞，某些零售商與行動營運商簽訂了直接協議。

I emphasize that both the Australian and Brazilian matters are not new matters, but simply have not lapped their timing and accordingly they impact the year-over-year comparisons.

我強調，澳洲和巴西的問題都不是新問題，但只是時間不夠，因此它們影響了同比比較。

In the Money Transfer segment revenue increased 15%, operating income increased 57%, and adjusted EBITDA increased 12%.

匯款部門營收成長 15%，營業收入成長 57%，調整後 EBITDA 成長 12%。

This expansion was driven by the 26% transaction growth across Europe , North America, and Asia I commented on a few slides back.

這一擴張是由歐洲、北美和亞洲 26% 的交易成長推動的，我在前面的幾張幻燈片中評論過。

Revenue grew commensurate with the 14% growth in transfers together with the contribution of the 113% growth in non money transfer transactions.

營收的成長與轉帳成長 14% 以及非貨幣轉帳交易成長 113% 的貢獻相稱。

With the smaller revenue per transaction from non Money Transfers, the non Money Transfers clearly move the transaction needle more than the revenue.

由於非匯款每筆交易的收入較小，因此非匯款顯然比收入對交易的推動更大。

Operating income reflects the benefit of certain intangible assets being fully amortized , and is partially offset by increased expenses from the continued focus on expanding our send and receive networks.

營業收入反映了某些無形資產完全攤銷的收益，並被持續專注於擴展我們的發送和接收網絡而增加的費用所部分抵消。

Finally, corporate and other expense was higher due to stock base incentive compensation recognized in the first quarter related to improved Company performance.

最後，由於第一季確認的與公司業績改善相關的股票激勵薪酬，公司和其他費用較高。

Next slide please.

請下一張投影片。

On slide nine, we present our balance sheet for the quarter.

在第九張投影片上，我們展示了本季的資產負債表。

The cash increase was attributable to operating free cash flows produced during the first quarter offset by the acquisition of the remaining 51% in our Middle East JV and debt payments made on the term loan and revolving credit facility.

現金增加歸因於第一季產生的營運自由現金流，被收購中東合資企業剩餘 51% 的股份以及定期貸款和循環信貸便利的債務支付所抵消。

During the quarter we reduced our debt by about $4 million , and we did not repurchase any shares.

本季我們減少了約 400 萬美元的債務，並且沒有回購任何股票。

At the current stock prices, we do not have any strong plans to repurchase shares this quarter.

以目前的股價來看，我們本季沒有任何強烈的回購股票計畫。

As I mentioned on the fourth quarter call , the remaining balance of the original $175 million convertible bond is classified as short term driven by the October 12, first call date in the bond.

正如我在第四季電話會議中提到的，原始 1.75 億美元可轉換債券的剩餘餘額被歸類為短期債券，由 10 月 12 日（債券的第一個贖回日）驅動。

As you can see from our available cash on hand, together with the free cash flows we expect to generate over the next 6 months, and unused capacity on our $265 million revolving line of credit we will have no problems meeting a likely put of these bonds.

正如您從我們手頭上的可用現金以及我們預計在未來6 個月內產生的自由現金流以及2.65 億美元循環信貸額度的未使用產能中看到的那樣，我們將毫無問題地滿足這些債券的可能賣權。

In summery, our balance sheet remains strong with modest leverage.

夏季，我們的資產負債表依然強勁，槓桿率適中。

With that, I conclude my comments and turn the

至此，我結束了我的評論並轉向

Thank you, Rick, and thank you to everybody who is joining us this morning.

謝謝你，里克，也謝謝今天早上加入我們的所有人。

As I begin my comments on the first quarter, I reflect back to the meeting that I had with many of you where I shared my satisfaction about the number of new agreements we have been able to sign, the fact that we lapped the German fee reduction, and how we have positioned ourselves for growth.

當我開始對第一季度發表評論時，我回顧了我與你們許多人舉行的會議，在會上我對我們能夠簽署的新協議的數量感到滿意，事實上我們接受了德國的費用削減，以及我們如何定位自己以實現成長。

I am please that these sentiments translated into double-digit growth in revenue and transactions across all three of our segments.

我很高興這些情緒轉化為我們所有三個部門的收入和交易的兩位數成長。

This growth was achieved because of our focus on three key principals; more agreements, more products, and more locations.

這一成長的實現得益於我們對三個關鍵原則的關注；更多協議、更多產品和更多地點。

On the theme of more, you will notice we have introduced a new background for our slides that is based on the theme of our annual report.

關於「更多」主題，您會注意到我們根據年度報告的主題為投影片引入了新的背景。

This years report drew upon an analogy between the spice trade and our strategy to grow this business as well as the diversity of our global business.

今年的報告利用香料貿易與我們發展該業務的策略以及我們全球業務的多樣性之間的類比。

As a spice trader was able gain access to a wide variety of spices, the business became more valuable because of additional products they could provide to their customer interesting.

由於香料貿易商能夠獲得多種香料，因此業務變得更有價值，因為他們可以向客戶提供感興趣的其他產品。

We thought there were interesting parallels with what we are doing; growing through more agreements in EFT, more products e-pay, and more locations in Money Transfer.

我們認為與我們正在做的事情有有趣的相似之處；透過更多的電子轉帳協議、更多的電子支付產品以及更多的匯款地點來實現成長。

Now I will take you through how we were able to deliver on all three of these areas beginning with EFT our legacy business on slide number 12.

現在，我將向您介紹我們如何能夠在所有這三個領域實現目標，從第 12 號投影片上的電子轉帳我們的遺留業務開始。

Slide 12 represents our first quarter financial highlights for our EFT segment.

投影片 12 展示了我們電子轉帳部門第一季的財務亮點。

Since Rick walked us through these numbers as few minutes ago, I won't repeat those comments here.

由於 Rick 幾分鐘前向我們介紹了這些數字，因此我不會在這裡重複這些評論。

This quarter I was able to spend some time in Europe talking to our business leaders in In different countries.

本季我在歐洲花了一些時間與不同國家的商業領袖交談。

These discussions all centered around the number of opportunities that are coming our way many because of challenging European economy.

這些討論都圍繞著歐洲經濟面臨的挑戰而帶給我們的機會數量。

Banks are more open to discussions with us because of our ability to change their ATM estate from a cost center into a profit contributor.

銀行更願意與我們討論，因為我們有能力將他們的 ATM 資產從成本中心轉變為利潤貢獻者。

These discussions have lead to more deals being signed than ever.

這些討論導致簽署的交易比以往任何時候都多。

While each deal takes some time to implement, we should start to see the financial impact of a number of deals we have signed over the last quarter and this quarter a little bit later this year.

雖然每筆交易都需要一些時間來實施，但我們應該在今年稍後開始看到我們在上個季度和本季簽署的一些交易的財務影響。

Now let's move on to slide number 13, and we will discuss the specific highlights of the EFT segment.

現在讓我們轉到第 13 張幻燈片，我們將討論 EFT 部分的具體亮點。

Slide 13.

幻燈片 13。

In Q1, we signed an agreement with China Union Pay for acceptance of their card on all ATM and POS terminals we operate across Europe.

第一季度，我們與中國銀聯簽署了一項協議，我們在歐洲營運的所有 ATM 和 POS 終端機均可接受中國銀聯卡。

For those of you who may not be familiar China Union Pay is the national card scheme in China, and in 2010 China Union Pay surpass Visa and MasterCard as the market leader for the number of payment cards in circulation.

對於那些可能不熟悉的人來說，中國銀聯是中國的國家卡計劃，2010年中國銀聯超過Visa和萬事達卡，成為流通支付卡數量的市場領導者。

While the usage on these cards is far below the major scheme, this is and emerging payment product around the world and we are excited to offer this to our customers.

雖然這些卡的使用率遠低於主要方案，但這是世界各地新興的支付產品，我們很高興向我們的客戶提供這種產品。

The team continued to focus on expansion of our recently deployed automatic deposit terminal network, and during the quarter we signed network participation agreements with BRE Bank and Post Bank in Poland , Citibank in Romania, Equa Bankin the Czech Republic, Tatra Bank in Slovakia.

團隊繼續專注於擴展我們最近部署的自動存款終端網絡，本季我們與波蘭的BRE銀行和郵政銀行、羅馬尼亞的花旗銀行、捷克共和國的Equa銀行、斯洛伐克的Tatra銀行簽署了網路參與協議。

In India we continued to see success with our Brown Label ATM deployment strategy.

在印度，我們的棕標 ATM 部署策略持續取得成功。

We deployed, and are transactioning with 205 Brown Label ATMs this quarter over last.

與上季相比，本季我們部署了 205 台棕標 ATM 機並進行交易。

As of March 31st, we also installed an additional 550 Brown Label ATMs, which are not included in our total ATM account quite yet as they were pending their very first cash fill.

截至 3 月 31 日，我們還安裝了額外的 550 台 Brown Label ATM，這些 ATM 尚未包含在我們的 ATM 帳戶總數中，因為它們正在等待首次現金充值。

This tremendous level of activity demonstrates the opportunity for this strategy in India, and for our teams ability to execute.

這種巨大的活動水準證明了這項策略在印度的機會以及我們團隊的執行能力。

Congratulations to the India team by the way.

順便恭喜印度隊。

While our initial deployments have produced good results, we expect these ATMs to have a net cost in the second quarter before making nice contributions the third and fourth quarter of this year subject to the typical ramp up of installing new ATMs and new locations.

雖然我們的初步部署取得了良好的成果，但我們預計這些ATM 將在第二季度產生淨成本，然後在今年第三和第四季度做出良好貢獻，具體取決於安裝新ATM 和新地點的典型增加。

Now let's move to slide 14.

現在讓我們轉到投影片 14。

Here we present a number of additional achievements from our EFT segment this quarter.

在此，我們介紹本季電子轉帳業務領域中所取得的一些其他成就。

In Hungary we signed two agreements with GE Budapest Bank to provide value added services on their ATM network.

在匈牙利，我們與 GE 布達佩斯銀行簽署了兩項協議，在其 ATM 網路上提供增值服務。

We also launched a number of value added services on our customer networks inCroatia, Serbia, and Ukraine, as well as our own IAD network in Romania.

我們也在克羅埃西亞、塞爾維亞和烏克蘭的客戶網路以及羅馬尼亞的 IAD 網路上推出了多項增值服務。

In January we completed the acquisition of 51% of the shares of the Euronet Middle East joint venture from AFS making it a wholly owned entry.

1月份，我們完成了從AFS手中收購Euronet中東合資企業51%的股份，使其成為全資進入。

Euronet Middle East serves customers in Egypt, the UAE, Bahrain, Algeria, (Inaudible) and Oman through hard processing and ATM outsourcing services.

Euronet Middle East 透過硬處理和 ATM 外包服務為埃及、阿聯酋、巴林、阿爾及利亞（聽不清楚）和阿曼的客戶提供服務。

During the quarter we added about 1,400 ATMs, which brings our total managed ATMs to 15,614.

本季度，我們增加了約 1,400 台 ATM，這使我們管理的 ATM 總數達到 15,614 台。

This growth is primarily attributed to the acquisition of ATMs from Diebold cash4you network in Poland, Brown Label ATMs I previously mentioned, and the 241 ATMs deployed from previously announce outsourcing agreements in India.

這項成長主要歸功於從波蘭 Diebold cash4you 網路收購的 ATM 機、我之前提到的 Brown Label ATM 機，以及根據先前宣布的印度外包協議部署的 241 台 ATM 機。

Our outsourcing backlog stands at 402 units.

我們的外包訂單積壓量為 402 台。

While we don't include the India Brown Label agreements in our outsourcing back log, we have agreements for approximately 850 additional machines which we expect to deploy over the next several months, which doesn't include the 550 waiting for cash as previously mentioned.

雖然我們的外包積壓訂單中不包括印度棕色標籤協議，但我們已簽訂了約850 台額外機器的協議，預計在未來幾個月內部署這些機器，其中不包括前面提到的550 台等待現金的機器。

In summary, I think this quarter demonstrates the momentum that the EFT segment continues to achieve.

總之，我認為本季展示了電子轉帳業務繼續實現的勢頭。

Now let's move to slide 16 and we will discuss e-pay for a little bit.

現在讓我們轉到投影片 16，我們將稍微討論一下電子支付。

On slide 16 we present the e-pay financial results on an as reported basis.

在投影片 16 上，我們按報告展示了電子支付的財務表現。

During the quarter e-pay segment saw strong growth in several markets.

本季度，電子支付領域在多個市場出現強勁成長。

In the U.S.

在美國。

we saw nice volume expansion from our mobile top-up product, and in Germany we continue to see high demand for our non mobile content.

我們看到我們的行動儲值產品的銷售量大幅成長，在德國，我們繼續看到對我們的非行動內容的高需求。

Revenue and profits also benefited from the impact of our third quarter 2011 acquisition of cadooz.

營收和利潤也受惠於我們 2011 年第三季收購 cadooz 的影響。

As Rick mentioned, we continued to face previously announced headwinds for Brazil, Australia.

正如里克所提到的，我們繼續面臨先前宣布的巴西和澳洲的阻力。

While we would prefer not to have these, I can tell you we are working hard to adjust our strategy and expand our product portfolio to overcome the challenges in these two markets.

雖然我們不希望擁有這些，但我可以告訴您，我們正在努力調整我們的策略並擴大我們的產品組合，以克服這兩個市場的挑戰。

Now let's move on to slide number 17 for some specific highlights.

現在讓我們繼續看第 17 張投影片，了解一些具體的亮點。

Slide 17.

幻燈片 17。

I am pleased to say that we have strengthen our relationship with (Inaudible) .

我很高興地說，我們已經加強了與（聽不清楚）的關係。

We have always been able to provide (Inaudible) pre paid top up to our customers there in Italy, but our distribution was through an indirect agreement.

我們一直能夠為義大利的客戶提供（聽不清楚）預付費充值，但我們的分銷是透過間接協議進行的。

During the quarter we signed a direct distribution agreement making us only the third company to have direct distribution agreements with all four mobile operators in Italy, which is Europe's largest pre paid market.

在本季度，我們簽署了直接分銷協議，使我們成為第三家與義大利（歐洲最大的預付費市場）的所有四家行動營運商簽訂直接分銷協議的公司。

Also in Italy we signed agreements with two grocery store chains to sell mobile top-up on approximately 1,300 POS terminals.

同樣在義大利，我們與兩家連鎖雜貨店簽署了協議，在大約 1,300 台 POS 終端機上銷售行動儲值服務。

In Spain we signed agreements with two gas station chains to distribute mobile top-up on their 200 POS terminals, and , finally, in the Middle East we extended our processing agreement with our largest e-pay customer there called Saleco for an additional 5 years.

在西班牙，我們與兩家連鎖加油站簽署了協議，在他們的 200 個 POS 終端上分發行動儲值服務；最後，在中東，我們與當地最大的電子支付客戶 Saleco 的處理協議又延長了 5 年。

In addition to signing new agreements , we launched mobile top-up for several customer including Netto Maxhutte in Germany, Lycamobile in Poland, Compass Group in Australia.

除了簽署新協議外，我們還為德國Netto Maxhutte、波蘭Lycamobile、澳洲Compass Group等多家客戶推出了手機儲值服務。

Move on to the next slide please.

請轉到下一張投影片。

Here on slide number 18 we highlight our continued success in expanding our non mobile product portfolio in the e-pay segment.

在第 18 號幻燈片中，我們強調了我們在擴展電子支付領域的非行動產品組合方面所取得的持續成功。

Examples of this expansion include the launch of Xbox gift cards as well as Ria branded pinless long distance across all of our retail outfits in the U.S.

這種擴張的例子包括在我們美國的所有零售機構中推出 Xbox 禮品卡以及 Ria 品牌的無針長途電話。

In Brazil we continued to expand upon our success of implementing the countries first gift card mall by signing the agreement to launch similar gift card malls with three additional retailers.

在巴西，我們與另外三家零售商簽署了推出類似禮品卡商城的協議，繼續擴大我們在該國首個禮品卡商城的成功實施。

This quarter we were able to capitalize on the synergies that exist between our segments.

本季度，我們能夠利用各部門之間存在的綜效。

We signed an agreement with OMV to issue, distribute, and process their closed-loop gift cards in five European countries.

我們與 OMV 簽署了一項協議，在五個歐洲國家發行、分銷和處理他們的閉環禮品卡。

We signed a deal with PaySafe in Slovakia to sell and load pre paid cards on Citibank POS terminals.

我們與斯洛伐克的 PaySafe 簽署了一項協議，在花旗銀行 POS 終端機上銷售和預付卡。

PaySafe by the way is theleading provider of prepaid payment solutions in Europe, and this agreement extends distribution for PaySafe to Slovakia.

順便說一句，PaySafe 是歐洲領先的預付支付解決方案提供商，該協議將 PaySafe 的分銷範圍擴大到斯洛伐克。

Both of these deals were made possible because of the relationships we have within our EFT segment.

由於我們在 EFT 部門內的關係，這兩筆交易得以實現。

Now let's move on to slide number 20, and we can talk about our Money Transfer segment.

現在讓我們繼續看第 20 張投影片，我們可以討論我們的匯款部分。

Here you can see on slide 20 our reported Money Transfer highlights for the quarter.

您可以在投影片 20 中看到我們報告的本季匯款亮點。

For the last several quarters I have been talking to you about our Money Transfer teams focus to expand our network.

在過去的幾個季度中，我一直在與您談論我們的匯款團隊致力於擴展我們的網路。

The expansion not only increases our geographical presence, but also increases our penetration in markets where we currently operate.

此次擴張不僅擴大了我們的地理影響力，也提高了我們在目前經營的市場的滲透率。

In the first quarter we saw the benefit of this strategy reflected in our financial results.

在第一季度，我們看到了這項策略的好處反映在我們的財務表現中。

I am pleased with our first quarter results, and excited about the opportunities we continue to see in the segment as we go forward.

我對我們第一季的業績感到滿意，並對我們在前進過程中繼續在該領域看到的機會感到興奮。

Let's move on to slide number 21 where we will talk about the segments in more detail.

讓我們繼續看第 21 張投影片，我們將在其中更詳細地討論這些片段。

Slide number 21 we focus on the growth in our Money Transfer network.

第 21 張投影片我們將重點放在匯款網路的成長。

Year-over-year our total network grew by 45%.

我們的總網路年增了 45%。

This growth occurred over the last 4 quarters including the first quarter of 2012.

這一成長發生在過去 4 個季度，包括 2012 年第一季。

Key drivers of this quarters growth were the 10 new correspondents we launched, which when combined add 4,000 locations to our network.

本季成長的主要動力是我們新推出的 10 家通訊員，這些通訊員加起來為我們的網路增加了 4,000 個網點。

The most significant of these were Elektra Mexico, and Vakifbank in Turkey.

其中最重要的是墨西哥的 Elektra 和土耳其的 Vakifbank。

Elektra is a leader in the Money Transfer industry in Mexico with unparallel brand recognition.

Elektra 是墨西哥匯款行業的領導者，擁有無與倫比的品牌知名度。

This agreement was previously an exclusive relationship on an excellent correspondent which was held by Western Union for a long time.

該協議先前是西聯匯款長期持有的優秀通訊員的排他關係。

In the third quarter of 2011 we announces that we had signed a deal with Vakifbank marking our first entry into Turkey.

2011 年第三季度，我們宣布與 Vakifbank 簽署了一項協議，標誌著我們首次進入土耳其。

I am pleased to say that we are live with this service, and after 1 month of operation, we have seen good transaction volume to this corridor.

我很高興地說，我們已經開始提供這項服務，經過 1 個月的運營，我們已經看到了這條走廊的良好交易量。

We continue to focus on South Asia where we have launch correspondence in Sri Lanka and Bangladesh two corridors where we are having great success.

我們繼續關注南亞，在斯里蘭卡和孟加拉這兩個走廊推出了通訊服務，並取得了巨大成功。

In addition to these launches , we signed 12 new correspondence in 9 countries during the quarter.

除了這些發布之外，本季我們還在 9 個國家簽署了 12 封新信件。

The most significant of these being the Postal Savings Bank of China, which has a payout network of 1,300 locations.

其中最重要的是中國郵政儲蓄銀行，該銀行擁有 1,300 個分行的支付網路。

While China Postal has approximately 36,000 branches across the country only 1,300 are authorized to perform Money Transfer payouts for us at this time.

雖然中國郵政在全國擁有約 36,000 個分支機構，但目前只有 1,300 個分支機構有權為我們執行轉帳付款。

This is our first direct cash payout relationship in China, and we are working hard to go live before the end of the second quarter.

這是我們在中國的第一個直接現金支付關係，我們正在努力在第二季末之前上線。

Here again the China Post agreement was made possible because of our EFT relationships.

由於我們的電子轉帳關係，中國郵政協議再次成為可能。

Now let's move to slide number 22.

現在讓我們轉到第 22 號投影片。

Here we show the quarterly transaction trends over the last 3 years.

這裡我們展示了過去 3 年的季度交易趨勢。

It is really nice to see these things going up like they have.

看到這些事情像現在這樣發展真是太好了。

Money Transfer transactions grew 14% in the quarter driven primarily by the focus in network expansion.

本季匯款交易量成長了 14%，這主要是由於網路擴張的關注所致。

We continue to see a recovery in the U.S.

我們繼續看到美國經濟復甦

with the U.S.

與美國

initiated transfers increasing15% compared to the prior year.

發起轉移較前一年增加15%。

This includes a 17% increase in transfers to Mexico.

其中，向墨西哥的轉帳增加了 17%。

The second straight quarter we have seen double-digit increases in our largest corridor.

我們最大的走廊連續第二個季度實現了兩位數的成長。

In addition to the U.S.

除了美國

expansion, we continue to see growth in Europe despite economic and regulatory headwinds in the EU.

儘管歐盟面臨經濟和監管阻力，但我們仍看到歐洲的成長。

The growth in Europe is primarily attributed to our focus on expansion through the payment service directive license we were granted in late 2009.

歐洲的成長主要歸功於我們透過 2009 年底獲得的支付服務指示許可證來專注於擴張。

Non Money Transfer transaction ; such as, check cashing, bill payment, and mobile top-up continue to see very strong growth with a hundred 113% increase over the same quarter last year.

非匯款交易；支票兌現、帳單支付和行動儲值等業務持續保持強勁成長，比去年同期成長了 100 113%。

While these products still represent a small percentage of revenue and Op income they differentiate us from our competition.

雖然這些產品仍然只佔收入和營運收入的一小部分，但它們使我們在競爭中脫穎而出。

As you can see the Money Transfer segment had a excellent quarter, and we positioned ourselves for our continued growth moving forward.

正如您所看到的，匯款業務季度表現出色，我們為未來的持續成長做好了準備。

With that, let's turn on to slide number 23 and we will kind of summarize everything that happened last quarter.

接下來，讓我們轉到第 23 號投影片，我們將總結上個季度發生的所有事情。

Number one, we met our cash EPS guidance of $0.33, each of our divisions delivered double-digit revenue and transaction growth over the prior period, the EFT segment achieve ATM growth in Poland and India, expansion of value added services portfolio and products in Europe, and the continued momentum in signing agreements with bank.

第一，我們實現了0.33 美元的現金每股收益指導，我們的每個部門均實現了上一時期兩位數的收入和交易增長，EFT 部門在波蘭和印度實現了ATM 增長，在歐洲擴展了增值服務組合和產品，以及與銀行簽署協議的持續勢頭。

e-pay benefited from the expansion in the U.S.

電子支付受益於美國的擴張

prepaid business , continued demand for non mobile content in Germany, new deals in Italy, and from the acquisition of cadooz.

預付費業務、德國對非行動內容的持續需求、義大利的新交易以及收購 cadooz。

Money Transfer saw volume expansion across North America, Europe, and Asian.

北美、歐洲和亞洲的匯款業務量有所成長。

And, finally, we expect our fourth quarter adjusted cash EPS to be approximately $0.39 assuming constant FX rates.

最後，假設匯率不變，我們預期第四季調整後現金每股收益約為 0.39 美元。

This concludes the presentation, and now we would be more than happy to handle questions.

演示到此結束，現在我們非常樂意回答問題。

(Operator Instructions).

（操作員說明）。

And our first question today comes from the line of Chris Shutler from William Blair.

今天我們的第一個問題來自威廉布萊爾的克里斯舒特勒。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Hi , guys, good

嗨，夥計們，很好

Good morning, Chris.

早上好，克里斯。

Obviously very strong growth in the ATM count in EFT.

顯然，電子轉帳中的 ATM 數量成長非常強勁。

Just wondering if you could give us a little bit more clarity in terms of where the incremental machines came from in the quarter.

只是想知道您是否可以讓我們更清楚地了解本季增量機器的來源。

And then maybe more importantly, if you were to look at the current base of machines you have, the 15,600 machines, is there a way to think about the -- if you weren't to add any new machines how much incremental profitable you think could be driven off that of that base?

然後也許更重要的是，如果您查看目前擁有的機器基礎（15,600 台機器），是否有辦法考慮 - 如果您不添加任何新機器，您認為增量利潤是多少可以被趕出那個基地嗎？

Maybe you could start there.

也許你可以從那裡開始。

First of all I will answer your first question which is where we put them in.

首先，我將回答您的第一個問題，即我們將它們放在哪裡。

The two big areas where we installed were Poland and India.

我們安裝的兩大地區是波蘭和印度。

In both cases this was the cash4you plus a few other ATMs in Poland and it was outsourcing agreements plus the Brown Label stuff in India.

在這兩種情況下，都是 cash4you 加上波蘭的其他一些 ATM 機，還有外包協議加上印度的 Brown Label 東西。

Both of those are brand new locations.

這兩個都是全新的地點。

They are just now branded with our brand, so customers now who have agreements with certain bank and network participation agreements in Poland for example know they can come to those ATMs.

現在它們只是貼上我們的品牌，因此現在與波蘭某些銀行和網路參與協議簽訂協議的客戶知道他們可以使用這些 ATM。

So we expect to see some ramp up on transactions and profitability of the those.

因此，我們預計這些交易和盈利能力將會增加。

The Brown Label ones by the way we have a big chunk of them coming in you saw we have got about over 500 of them waiting for cash plus the 200 we put in.

順便說一句，我們有很大一部分是棕色標籤的，你看，我們有大約 500 多個等待現金，加上我們投入的 200 個。

Those are brand spanking new.

這些都是全新的。

We haven't even got the cash in them yet.

我們甚至還沒拿到現金。

These are new and new locations, but I would like to point out when you look at India for example, India has on a per capita bases about 1/4 of the ATMs as China does, and China is about 1/10 of what Europe is.

這些都是新的、新的地點，但我想指出，例如，當你看看印度時，印度的人均 ATM 數量約為中國的 1/4，而中國約為歐洲的 1/10是。

So what you have got here is lots of cards, lots of people, and not very many ATMs in India which is why when we did our pilot in the fourth quarter of last year we saw such very good results of picking good locations and seeing people coming up to those ATMs.

因此，這裡有很多卡、很多人，但印度的 ATM 機並不多，這就是為什麼當我們在去年第四季度進行試點時，我們看到了選擇好地點和見到人的非常好的結果。來到那些自動櫃員機前。

We would expect those ATMs to actually be a drag in our P&L in the second quarter because we have the full depreciation and Op expenses and so further.

我們預計這些 ATM 實際上會拖累我們第二季的損益，因為我們有全額折舊和營運費用等等。

It costs us near $1,000 an ATM to run an ATM, but we won't have the offsetting revenue yet in the second quarter and we will see that more in the third and fourth quarter.

我們運行一台 ATM 的成本接近 1,000 美元，但我們在第二季度還沒有抵消收入，我們將在第三和第四季度看到更多。

The second question was related to basically if your existing machines were all at productivity, is there a way that you could frame how we should think about the (inaudible) profitability.

第二個問題基本上與您現有的機器是否都處於生產力有關，是否有一種方法可以幫助我們思考（聽不清楚）獲利能力。

Well, it depends on the market, and we have kind of said this before.

嗯，這取決於市場，我們之前已經說過了。

If we do a Brown Label model our there target is call it $225 to $275 somewhere in that kind of range for profitability per ATM once is it is ramped , but we won't probably see that until third or fourth quarter, and that is net of all our costs so that is pure profit -- or off profit, pretext profit.

如果我們做一個棕色標籤模型，我們的目標是每台ATM 盈利能力在225 美元到275 美元之間，一旦它增加，但我們可能要到第三季度或第四季度才能看到這一點，而且這是淨值我們所有的成本，所以這是純淨利潤——或者非利潤，藉口利潤。

And then in Poland the cash for new ATMs is probably a similar kind of number.

在波蘭，新 ATM 機的現金數量可能也是類似的。

And those are going to probably be a little bit faster coming on line than the ones in India, because actually they were there .

這些的上線速度可能會比印度的快一些，因為實際上它們就在那裡。

They were just branded under the cash4you name which is not quite as well known as ours.

他們只是以 cash4you 的名字命名，這個名字不像我們的那麼出名。

They are quite a bit less well known

他們不太出名

Okay.

好的。

That is helpful.

這很有幫助。

Is there an update in terms of India on the White Label opportunity there?

印度的白標機會有最新情況嗎？

Just real briefly I wouldn't tell you that it is in a materially different stage, but it is moving forward, it has had some traction in India.

只是簡單地說，我不會告訴你它正處於一個實質性不同的階段，但它正在向前發展，它在印度產生了一些吸引力。

So the way I would characterize it is as positive development, but we are also always a little bit careful in trying to predict how well things will move through the India IRB over there.

因此，我將其描述為積極的發展，但我們在嘗試預測印度 IRB 的進展時也總是有點謹慎。

We have seen kind of starts and stops there, but the net-net is that it appears to be positive development on the White Label front in India.

我們已經看到了一些開始和停止，但事實是，印度的白標戰線上似乎出現了積極的發展。

There is a lot of politics involved in India a lot of bureaucracy.

印度涉及很多政治和很多官僚機構。

They sometimes get ahead of them self, I mean can't seem to get out of the their own way.

他們有時會超越自己，我的意思是他們似乎無法擺脫自己的方式。

The reality is they have similar kinds of population to China, but with 1/4 of the ATMs.

現實情況是，他們的人口數量與中國相似，但擁有中國 1/4 的 ATM 機。

And I think people are starting to demand a difference there.

我認為人們開始要求有所不同。

The first thing the Reserve Bank of India did finally was they kind of opened the spigot, and they said okay you can do this Brown Label model.

印度儲備銀行最終做的第一件事就是打開了水龍頭，他們說好吧，你可以做這個棕色標籤模型。

People have been asking for White Label forever and they kind of did a compromise and said you can do this Brown Label thing for the time being.

人們一直在要求白標，他們做了妥協，說你可以暫時做棕標的事。

So it is moving.

所以它正在移動。

Kevin, I don't know you have a qualitative comment, but --

凱文，我不知道你有定性評論，但是——

Yes, my qualitative comment, Chris, is that we have a nice backlog and it is continue to grow for Brown Label, and that is where our focus is.

是的，克里斯，我的定性評論是，我們有很好的積壓訂單，並且 Brown Label 的積壓訂單還在繼續增長，這就是我們的重點所在。

We are cautiously optimistic that something is going to happen with White Label, but I would say for the next several quarters it is all about Brown Label.

我們對白標將會發生的事情持謹慎樂觀的態度，但我想說，在接下來的幾個季度，一切都與棕標有關。

Okay.

好的。

Great.

偉大的。

And than just a couple of quick question on e-pay if you don't mind.

如果你不介意的話，那不僅僅是幾個關於電子支付的快速問題。

First with the situations in Australia and Brazil which I know have been disclosed in the past, how should we think about the timing of each of those going away?

首先，我知道過去已經披露過澳洲和巴西的情況，我們應該如何考慮它們消失的時間？

It sounds like Australia is sometime in Q3, so maybe just a little more clarity there, and then Brazil is sometime in Q4, or do you think either of those could be resolved sooner?

聽起來澳洲是在第三季的某個時候，所以可能只是更清晰一些，然後巴西是在第四季度的某個時候，或者您認為這兩個問題中的任何一個都可以更快地解決嗎？

This is Kevin.

這是凱文.

That is about right.

差不多是這樣。

Australia third quarter, Brazil fourth quarter.

澳洲第三季度，巴西第四季。

Any potential for Brazil to (Inaudible) sooner?

巴西有可能（聽不清楚）更快嗎？

That is a tough situation and while we remain optimistic that we will figure out a strategy for some recovery it is not going to be a quick fix.

這是一個艱難的局面，雖然我們仍然樂觀地認為我們將找到復甦的策略，但這不會是快速解決方案。

Okay.

好的。

I would just add that in Brazil we have been success at getting some agreements with some very respected content providers to distribute.

我想補充一點，在巴西，我們已經成功地與一些非常受尊敬的內容提供者達成了一些分發協議。

We are not at liberties to talk about that yet.

我們還不能自由談論這個。

But we think that we are building the base of retailers that we needs to be successful with those kinds of products in Brazil.

但我們認為，我們正在建立零售商基礎，以便我們在巴西銷售此類產品取得成功。

Those particular retailers that we have the content from are just not quite at the point of going live yet.

我們提供內容的那些特定零售商還沒有完全達到上線的階段。

But we do expect those to go live in 2012, and so I think as Kevin said we kind of see that Brazilian thing being a little bit more in that fourth quarter to see some.

但我們確實預計這些將在 2012 年上線，所以我認為正如 Kevin 所說，我們看到巴西的事情在第四季度會更加明顯。

Yes, Rick , that is a good point.

是的，里克，這是一個很好的觀點。

When I commented it is not a quick fix , I meant not a quick fix on the mobile top-up side , but just like in all the other markets we have a strategy to diversify the portfolio by focusing on non mobile.

當我評論這不是一個快速解決方案時，我的意思不是行動充值的快速解決方案，而是就像在所有其他市場一樣，我們有一個透過專注於非行動領域來實現投資組合多元化的策略。

And we have got some pretty significant brands that will be launching in the coming months in Brazil.

我們有一些相當重要的品牌將在未來幾個月在巴西推出。

And those same brands they are big brands they all want Brazil.

這些品牌都是大品牌，他們都想要巴西。

Brazil is a enormous market.

巴西是一個巨大的市場。

They are doing their best to get in there as fast as they can and they are just dealing with some issues , kind

他們正在盡最大努力盡快進入那裡，他們只是在處理一些問題，善良

And we have very good success with those brands today in our other markets , so we feel reasonably confident that we can have the same kind of success in a market like

如今，我們的這些品牌在其他市場上取得了非常好的成功，因此我們有理由相信，我們可以在像這樣的市場中取得同樣的成功。

Okay.

好的。

Understood.

明白了。

Does that answer your question?

這是否回答你的問題？

Yes, it does.

是的，它確實。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Mike Grondahl from Piper Jaffray .

我們的下一個問題來自 Piper Jaffray 的 Mike Grondahl。

Your line is open.

您的線路已開通。

Please go

請離開

Yes, thanks for taking my --

是的，謝謝你接受我的——

Good morning, Mike.

早上好，麥克。

Good morning , and thanks for taking my question.

早安，感謝您提出我的問題。

Mike, could you just reiterate the backlog again in the ETF business.

Mike，您能再次重申 ETF 業務的積壓情況嗎？

You said a couple of numbers there, and just maybe delineate the difference the 402 I think it was and the

你在那裡說了幾個數字，也許只是描繪了我認為的 402 和 402 的區別

Okay.

好的。

When we sign an agreement with a bank for Brown Label in India that is the differential.

當我們與印度一家銀行簽署 Brown Label 協議時，這就是差異。

India kind of throws a little bit of a kink in to all of your calculations.

印度在你的所有計算中都出現了一些問題。

When we sign an agreement with a bank to put in these ATMs, we don't put that in to our backlogs, because we still have to find the locations, we have to get the bank to approve the location, we have to bring the thing live.

當我們與銀行簽署安裝這些 ATM 機的協議時，我們不會將其放入積壓的訂單中，因為我們仍然需要找到位置，我們必須讓銀行批准該位置，我們必須攜帶東西活著。

For that reason we don't put it into backlog.

因此，我們不會將其放入待辦事項中。

Backlog would be contracted where a bank would have a contractual obligation to see that those ATMs are installed in a given time frame.

如果銀行有合約義務確保在給定的時間範圍內安裝這些 ATM，則積壓訂單將被簽訂合約。

So we have got like 400 left in contracted backlog.

因此，我們的合約積壓訂單中還剩下 400 份左右。

We have 850 in our Brown Label you could call it semi backlog, but wehave to go out and find those locations.

我們的棕色標籤中有 850 個，你可以稱之為半積壓，但我們必須出去找到這些位置。

Just look at what our India team did.

看看我們的印度團隊做了什麼。

They did an extraordinary job ramping up towards the end of first quarter and getting all these things in.

他們在第一季末完成了出色的工作，並完成了所有這些工作。

We are basically in a period of about a month and a half they put in about 700 ATMs.

我們基本上在大約一個半月的時間內他們投入了大約700台ATM。

They put in about 700 ATMs basically bolted them down, but they have 200 of them live and the other 550 are sitting there waiting for cash.

他們安裝了大約 700 台 ATM 機，基本上把它們固定住了，但其中 200 台仍在運行，另外 550 台則坐在那裡等待現金。

So that is kind of the difference.

這就是差別。

So Mike I would say there are essentially three components of it there.

麥克，我想說它基本上由三個組成部分組成。

There is the 400 which are outsourced backlog, there is the 550 which are installed waiting for cash fill, and there is the 800 plus that are yet to be installed.

其中 400 台是外包積壓的，有 550 台已安裝等待現金填充，還有 800 台以上尚未安裝。

Great.

偉大的。

So, Mike, your goal of 20,000 that we talked about last quarter seems a lot more in view after what you have done this past quarter.

所以，麥克，我們在上個季度討論過的 20,000 人的目標，在您上個季度所做的事情之後，似乎更加值得考慮。

I thought you might think so.

我想你可能會這麼想。

Certainly .

當然 。

And then two more quickly.

然後很快又兩個。

Could you give us the mix of value added services in e-pay , and just sort of some of the progress you made with iTunes it looks like in Europe in a couple

您能否向我們介紹電子支付中的加值服務組合，以及您在 iTunes 方面取得的一些進展（看起來在歐洲有一些進展）

You are talking about the mix of it .

你說的是它的混合。

We don't necessary disclose the mix of our non mobile stuff.

我們沒有必要透露我們的非移動產品的組合。

But we have disclosed that our non mobile makes up a mid to upper teens number of our total e-pay segment.

但我們已經透露，我們的非行動支付占我們整個電子支付細分市場的中上十幾位。

Transactions, right?

交易，對嗎？

Of transactions, and slightly higher than that on gross margin basis.

交易額，略高於毛利率。

Okay.

好的。

Because we make a little bit better gross margin on those products on average than we do on the mobile.

因為我們在這些產品上的平均毛利率比在行動產品上的毛利率高一些。

Right.

正確的。

Do you see that transaction mix expand in the quarter?

您認為本季交易組合會擴大嗎？

Yes.

是的。

And we have seen it expand in every quarter for the last 8 or 9 quarters.

在過去的八、九個季度中，我們看到它每季都在擴張。

This is Kevin.

這是凱文.

And with respect to iTunes we have announced exclusive expansion, we have an exclusive contract to expand in 8 new countries across Europe, and we continue to evaluate other countries.

關於 iTunes，我們已經宣布獨家擴張，我們簽訂了在歐洲 8 個新國家/地區擴張的獨家合同，並且我們將繼續評估其他國家。

So our expectation is that we will continue to grow iTunes organically in the countries that we have already launch and expand with iTunes in to new markets.

因此，我們的期望是，我們將繼續在我們已經推出的國家/地區有機地發展 iTunes，並透過 iTunes 擴展到新市場。

It is iTunes, but one of things we have seen that is quite helpful for our business is that iTunes is a great product on its own.

它是 iTunes，但我們所看到的對我們的業務非常有幫助的事情之一是 iTunes 本身就是一個很棒的產品。

It kind of helps draw more and more customers into the mix there into the malls if you will, the virtual malls.

如果你願意的話，這有助於吸引越來越多的顧客進入購物中心，虛擬購物中心。

So it kinds of helps compliment the other products.

所以它有點有助於補充其他產品。

When we are selling things like Xbox (Inaudible), the Amazon gift cards, the Sony PlayStation, and the PaySafe card all these.

當我們銷售 Xbox（聽不清楚）、亞馬遜禮品卡、索尼 PlayStation 和 PaySafe 卡等產品時。

What you need for a retailer is a compliment of products you can't just go in with just one.

對於零售商來說，您需要的是一系列產品，而您不能只購買一種產品。

It is your spice analogy.

這是你的香料比喻。

Exactly.

確切地。

What we are finding is that in some markets product X is helping us with the retailer and market Y is a different product, so when you have the mix of products the overall impact is great.

我們發現，在某些市場中，產品 X 正在幫助我們與零售商打交道，而市場 Y 是不同的產品，因此當您混合使用產品時，整體影響是巨大的。

We are quite excited about the announcement we made around Microsoft and all the Microsoft products, and those are just now starting to ramp up in Europe this quarter.

我們對圍繞 Microsoft 和所有 Microsoft 產品發布的公告感到非常興奮，這些產品本季剛開始在歐洲推廣。

After being live in New Zealand and Australia for some time.

在新西蘭和澳洲生活了一段時間後。

Correct.

正確的。

Okay.

好的。

Great.

偉大的。

Last question is, Mike, any surprises positive or negative so far to the year that you think you can capitalize on or fix if you need to?

最後一個問題是，麥克，今年到目前為止，您認為您可以利用或修復任何意外的積極或消極的情況（如果需要）？

Well, there is really no surprises.

嗯，確實沒有什麼驚喜。

We know our challenges we know our opportunities.

我們知道我們的挑戰，我們知道我們的機會。

We are just out here just humping trying to get it all done.

我們只是在這裡努力完成這一切。

We haven't seen really any surprises.

我們還沒有看到任何驚喜。

I don't know, Rick, can you think of any?

我不知道，瑞克，你能想到什麼嗎？

It is not new .

這並不新鮮。

We talked about the Brazilian thing there.

我們在那裡談論了巴西的事情。

We were clearly disappointed with a change in the distribution strategy down there.

我們顯然對分銷策略的改變感到失望。

That is really the only thing that we have seen here that was different than what we expected.

這確實是我們在這裡看到的唯一與我們預期不同的事情。

And as Mike said earlier in his comments we have a number of adjustments going with our strategy , and we think we will be back where we need to be there.

正如麥克早些時候在評論中所說，我們對我們的策略進行了一些調整，我們認為我們將回到我們需要的地方。

But I think you take that one and the rest are -- we have been very pleased with what we have seen in terms execution really across all parts of

但我認為你接受這一點，其餘的都是 - 我們對我們在各個方面所看到的執行情況感到非常滿意

I guess probably for you guys who follow us plus you follow other companies, so you don't have quite a close eye on it as us you have to read your headlines.

我想對於那些關注我們的人來說，加上你關注其他公司，所以你不像我們一樣密切關注它，你必須閱讀你的頭條新聞。

But I would say the biggest surprise that continues to me is the fact that European kind of unstable economy and weakness of the banks balance sheet every day amazes us just brings more people asking for our services and products.

但我想說，讓我感到最大的驚訝是，歐洲那種不穩定的經濟和銀行資產負債表的疲軟每天都讓我們感到驚訝，只會讓更多的人要求我們的服務和產品。

These bank who have formally thrown me right out of their office they are calling us up asking us for deals.

這些銀行正式把我趕出了他們的辦公室，他們打電話給我們，詢問我們是否有交易。

So it is really -- when I was in Europe over the last couple of months , I go there about with once a month, I just walked away saying crisis what crisis, because from my EFT division I don't see one because it is driven more business my way.

事實確實如此——過去幾個月我在歐洲時，我大約每個月去一次，我只是走開說危機什麼危機，因為在我的電子轉帳部門，我沒有看到危機，因為它是以我的方式推動更多業務。

And it isn't a surprise , but it is something we have been working hard on.

這並不奇怪，但這是我們一直在努力的事情。

You are seeing more and more collaborations of our division too.

您也看到我們部門的合作越來越多。

You saw that with several of the comments we had throughout this text.

您在本文中的一些評論中看到了這一點。

And Money Transfers -- I guess one last thing pleasantly surprised with how Money Transfer is turning around here in the U.S.

還有匯款——我想最後一件事令人驚訝的是匯款在美國的轉變。

That is another thing if you guys were ever out with me or listened to me over the last couple of years, I said we are making investments in Money Transfer the smart kind of things to do expanding our distribution, beefing up our teams, getting more and more presence in Europe, and so forth.

如果你們在過去幾年里和我一起出去或聽過我的話，那就是另一回事了，我說過我們正在對匯款進行投資，這是明智的事情，可以擴大我們的分銷範圍，增強我們的團隊，獲得更多以及在歐洲的更多存在等等。

And I said if we can get any kind of secular economic recovery, I'm going to look like a genius, but it isn't like we are doing anything different than what we were doing.

我說，如果我們能夠實現任何形式的長期經濟復甦，我就會看起來像個天才，但這並不意味著我們正在做任何與我們正在做的事情不同的事情。

But when you start to see economic recovery like we see here in the U.S.

但當你開始看到經濟復甦，就像我們在美國看到的那樣。

you see the numbers.

你看到了數字。

I better cut you off and quit talking, and let the next guy ask a

我最好打斷你，別再說話了，讓下一個問一個

Perfect.

完美的。

Thank you guys.

感謝你們。

Thank you.

謝謝。

Our next question comes from the line of Greg Smith from Sterne Agee.

我們的下一個問題來自 Sterne Agee 的 Greg Smith。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Hi , guys.

嗨，大家好。

Just wanted to ask about the Elektra deal in Mexico.

只是想詢問有關墨西哥 Elektra 交易的情況。

How did that come about , and why did they move away

這是怎麼發生的，他們為什麼要搬走

I don't know.

我不知道。

All I know is we have actually used Elektra outside of Mexico for distribution of our Money Transfer for quite a bit -- some time now.

我所知道的是，我們實際上已經在墨西哥境外使用 Elektra 來分發我們的匯款已經有一段時間了——現在已經有一段時間了。

They have such enormous brand recognition and ubiquity within Mexico , they are huge.

他們在墨西哥擁有如此巨大的品牌知名度和無處不在，他們是巨大的。

We have been asking them can we ever distribute for you in Mexico, and they have always up to heretofore had an exclusive contract with Western Union.

我們一直在詢問他們是否可以在墨西哥為您分銷，到目前為止，他們一直與西聯匯款簽訂了獨家合約。

And I think they made a decision recognizing that Western Union doesn't own all the market, and by any means and not near all the markets going to Mexico, so they decided to open it up to non exclusive players.

我認為他們做出的決定是認識到西聯匯款並不擁有所有市場，而且無論如何也不擁有所有進入墨西哥的市場，因此他們決定向非獨家參與者開放。

They still pay out for Western Union, but they pay out for us now too.

他們仍然為西聯匯款付款，但現在也為我們付款。

So it has been wonderful for

所以這對於

Okay.

好的。

What about Russia?

俄羅斯呢？

Do you have a presence there with Ria, and is that an opportunity?

你和 Ria 一起出席嗎？這是一個機會嗎？

We have some sketchy pay out.

我們有一些粗略的支出。

That is probably one of our weaker places that we continue to build out.

這可能是我們繼續加強的弱點之一。

And we are looking to do so.

我們正在尋求這樣做。

But I would say we are kind of spotty there, and that is one of our areas to focus on.

但我想說，我們在這方面的表現參差不齊，這是我們需要關注的領域之一。

Okay.

好的。

Last question.

最後一個問題。

Can you comment on the press reports about potentially some sort of private equity deal with your business in India, the ATM business?

您能否對您在印度的業務（ATM 業務）可能進行某種私募股權交易的新聞報導發表評論？

Yes.

是的。

We have more rumors and comments on us than you can shake a stick at over years, so we don't comment on rumors.

多年來，關於我們的謠言和評論多到你無法動搖，所以我們不對謠言發表評論。

We just leave it at that.

我們就這樣吧。

Okay.

好的。

Thanks guys.

多謝你們。

Thank you, sir.

謝謝你，先生。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Our next question comes from the line of Peter Heckmann from Avondale Partners.

我們的下一個問題來自 Avondale Partners 的 Peter Heckmann。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Morning gentlemen.

早安，先生們。

Morning, Pete.

早安，皮特。

Morning.

早晨。

When I look at the acquired revenue, can you quantify that for me in the quarter, especially cadooz.

當我查看所獲得的收入時，您能否為我量化本季的收入，尤其是 cadooz。

I expected a bigger drop from seasonality in cadooz, but it looks like it contributed more than my expectations and then as well with the cash4you network.

我預計 cadooz 的季節性下降幅度更大，但看起來它的貢獻超出了我的預期，cash4you 網路也是如此。

Can you talk about how many of those ATMs were producing fully in the quarter and where you are in the process of relocating those?

您能否談談本季有多少台 ATM 機已滿載生產，以及您正在將這些 ATM 機搬遷到何處？

So the cash4you that was about 540 something like that ATMs that were already planted and operating Poland.

因此，cash4you 大約有 540 台，類似於波蘭已經安裝和營運的 ATM 機。

Now, we are going to go through that network and double check.

現在，我們將通過該網路並仔細檢查。

We have them all brought over to our system now.

我們現在已將它們全部轉移到我們的系統中。

Now it is just a question of seeing of those which ones are the highest performers, which ones we may need to move.

現在的問題只是看看哪些人表現最好，哪些人我們可能需要轉移。

One thing I intimated our brand is probably 10 fold as well known as the cash4you brand, so what we are seeing is now people see our brand on that same ATM so we are watching the ramp up of additional transactions going to our market place, so we will continue to adjust it just like we do everything in Poland.

我提到過一件事，我們的品牌知名度可能是cash4you 品牌的10 倍，所以我們現在看到的是，人們在同一台ATM 上看到我們的品牌，所以我們正在觀察進入我們市場的額外交易的增加，所以我們將繼續調整它，就像我們在波蘭所做的一切一樣。

In any of our IAD markets where we have them we probably take out 5% to 10% of the lower tier performers in any given year and relocate them.

在我們擁有此類人員的任何 IAD 市場中，我們可能會在任何一年中剔除 5% 到 10% 的較低層績效人員並重新安置他們。

When we looked at the analysis on those machines though, Pete, we expect absent what our brand and our network participation agreements that we have in Poland may do, we would expect to have to move probably 20% to 25% of those machines.

不過，當我們查看對這些機器的分析時，Pete，我們預計，如果沒有我們在波蘭的品牌和網路參與協議，我們預計將不得不轉移這些機器中的 20% 到 25%。

As Mike said we typically will find that we have to relocate 5% to 10% of them , but in this case here we may have to relocate a few more .

正如麥克所說，我們通常會發現我們必須重新安置其中的 5% 到 10%，但在這種情況下，我們可能必須重新安置更多的人。

We want to give it a couple of months or so to see though how consumer, how customers, in the Polish market react as a result of our network participation agreements, and whether or not we can see that we have really more brand lift there than we might have been giving ourself credit for.

我們想給它幾個月左右的時間，看看波蘭市場的消費者、客戶對我們的網路參與協議有何反應，以及我們是否能看到我們在那裡的品牌提升確實比我們可能一直對自己充滿信心。

So we expect 20% to 25% of those to at some point have to be moved.

因此，我們預計其中 20% 到 25% 在某個時候必須被移動。

And the others, while we got them installed by the end of the quartered, as Mike said earlier in his comment there, we do have a to see a little ramp up on those .

至於其他的，雖然我們在季度末安裝了它們，正如邁克早些時候在評論中所說，但我們確實看到了這些的增加。

We expect those to happen more quickly than just the newly planted ATM, but we don't expect them to start pumping at a 100% overnight.

我們預計這些發生的速度會比新安裝的 ATM 更快，但我們預計它們不會在一夜之間開始 100% 運作。

I think our last one was brought live on the 15th or the 17th of March

我想我們的最後一個是在 3 月 15 日或 17 日上線的

Okay.

好的。

Okay.

好的。

A little bit of discussion on cadooz and some of the follow through to the first quarter, and any new thoughts there as regard the potential of entering new markets or leveraging existing retail relationships?

關於 cadooz 的一些討論以及第一季的一些後續行動，以及關於進入新市場或利用現有零售關係的潛力有什麼新想法嗎？

Well, let me take the first part of that and then I will let Mike or Kevin comment on the last part of it on the new relationships.

好吧，讓我先講第一部分，然後我請麥克或凱文評論最後一部分關於新關係的內容。

In terms of the revenue numbers from cadooz as we said in our release that the increase was largely related to the cadooz acquisition.

就 cadooz 的營收數據而言，正如我們在新聞稿中所說，成長很大程度上與 cadooz 的收購有關。

We don't disclose the specific numbers, but I think you can interpret well enough from that.

我們不透露具體數字，但我認為你可以從中很好地解釋。

And as it relates to the other couple of deals; the Romania paynet and the 51% of the Euronet Middle East those were what I would characterize as nice little contributors to the EFT segment.

因為它與其他幾筆交易有關；我將羅馬尼亞支付網路和歐洲網路中東 51% 的網路視為 EFT 領域的小貢獻者。

They did not make up the weight of growth in that segment.

它們並沒有彌補該細分市場的成長權重。

I would tell you that 80% roughly or more of that growth in that segment was from plain old organic growth.

我想告訴你，該細分市場大約 80% 或更多的成長來自於普通的有機成長。

It didn't have anything to do with those two acquisitions.

這與這兩筆收購沒有任何關係。

Okay.

好的。

And then when we look at the (Inaudible) deal that was contributing on the income from unconsolidated affiliates line.

然後，當我們查看（聽不清楚）交易時，該交易對未合併附屬公司的收入做出了貢獻。

Now that you have taken 100% ownership of that would we expect that line item to disappear, or are there some other small JVs that might be out there?

既然您已經獲得了 100% 的所有權，我們是否會期望該訂單項目消失，或者是否還有其他一些小型合資企業？

We do have a couple of other JV interest out there, so that line item will go down a little, butwe do have some other interest out are.

我們確實還有其他一些合資企業的興趣，因此該訂單項目會略有下降，但我們確實還有其他一些興趣。

We have that JV in Pakistan for instance.

例如，我們在巴基斯坦有一家合資企業。

That we are quite happy with.

我們對此感到非常滿意。

We have some in Asia, and we have a couple of other little ones.

我們在亞洲有一些，還有其他幾個小孩子。

Okay.

好的。

Last question and I will let somebody else come in.

最後一個問題，我會讓其他人進來。

Just talking about Money Transfer that constant currency growth was nice and stronger than I expected.

就貨幣轉移而言，貨幣持續成長很好，而且比我預期的要強。

Do you think that rate is something that we can continue in 2012 if we continue to see the U.S.

如果我們繼續看到美國的發展，您認為 2012 年我們可以繼續維持這一利率嗎？

--

--

I'm looking at my crystal ball here, but it is still a little fuzzy.

我正在看我的水晶球，但它仍然有點模糊。

I will tell you our rate that we are seeing it didn't just pop in .

我會告訴你我們的利率，我們發現它並不是突然出現的。

We have seen an accelerating rate over the last 4 quarters to 5 quarters.

我們看到過去 4 個季度到 5 個季度的成長速度正在加快。

I don't see it shutting down and turning around, so maybe we will keep at our current rate or maybe a little bit more acceleration as the economy gets

我不認為它會關閉和好轉，所以也許我們會保持目前的速度，或者隨著經濟的發展而加速一點

Internal drivers that helped us capitalize on the opportunity are continuing.

幫助我們抓住機會的內在驅動力仍在持續。

When you see things like now that we have Elektra that is going to be wonderful for Mexico.

當你看到像現在我們擁有 Elektra 這樣的事情時，這對墨西哥來說將是美妙的。

We have Turkey.

我們有土耳其。

We were totally blank in Turkey.

我們在土耳其完全一片空白。

For 5 years we have been trying to get a good, descent agreement in Turkey and we have a great one with these Vakifbank guys with over 500 locations.

5 年來，我們一直在努力在土耳其達成一項良好的血統協議，我們與擁有 500 多個網點的 Vakifbank 人員達成了良好的協議。

So every time you do those you have to market that you have a new corridor, a new pay out location to your customers and as word of mouth gets around you see that continue to ramp up.

因此，每次你做這些事情時，你都必須向客戶推銷你有一個新的走廊、一個新的支付地點，並且隨著口碑的傳播，你會看到這種情況繼續增加。

Great.

偉大的。

I appreciate it .

我很感激 。

Next question.

下一個問題。

Thank you.

謝謝。

Our next question comes from the line of John Kraft from D.A.

我們的下一個問題來自 D.A. 的 John Kraft。

Davidson.

戴維森。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Good morning guys.

早上好傢伙。

Good morning.

早安.

I wanted to clarify a couple of things on the Mexico transactions the 17% growth versus 10% last quarter and I think 2% the quarter before, but those are apples to apples --

我想澄清一些關於墨西哥交易的事情，增長了 17%，上季度增長了 10%，我認為上一季度增長了 2%，但這些都是同類的——

The numbers were they were 10% in Q4, it was around 4% or 5% in Q3, and it was about break even in Q2 of last year.

數字是，第四季為 10%，第三季約為 4% 或 5%，去年第二季約為收支平衡。

Okay.

好的。

And that is all apples to apples and excludes the bill pay, the check cash, and all that, right?

這都是同類的，不包括帳單支付、支票現金等等，對吧？

Yes.

是的。

That is just wires to Mexico.

這只是通往墨西哥的電報。

Obviously it appears that you are getting some share from Western Union and on their call yesterday they talked about some compliance challenges in that market.

顯然，您似乎從西聯匯款中獲得了一些份額，並且在昨天的電話會議上，他們談到了該市場的一些合規挑戰。

Is this a short-term window that you think you can gain some share with or is this a compliance issue that you are going to have to deal with at some point?

這是您認為可以獲得一些份額的短期窗口，還是您在某個時候必須處理的合規問題？

We don't see -- wehave great compliance .

我們沒有看到——我們有很好的合規性。

We don't have any issues there.

我們那裡沒有任何問題。

I'm not sure what compliance they talked about to be frank.

坦白說，我不確定他們所說的合規性是什麼。

But what they are doing, is what they are doing.

但他們正在做的就是他們正在做的。

All I know is that we have great presence in Mexico always have.

我所知道的是，我們在墨西哥一直擁有強大的影響力。

Adding Elektra only adds more fuel to the fire.

加入艾麗卡只會火上加油。

We have a strong country manager in the U.S.

我們在美國有一位強而有力的國家經理

Who has kind of lighting our U.S.

誰能照亮我們的美國

market on fire.

市場火熱。

You don't win this by one little thing or it doesn't go all against you with one thing.

你不會因為一件小事而贏得勝利，也不會因為一件事而對你不利。

We have a multi-faceted strategy and we are executing on all those, and we see the

我們有一個多方面的策略，我們正在執行所有這些策略，我們看到了

John, I would add that as Mike said we don't know what Western Union compliance issues are.

約翰，我想補充一點，正如麥克所說，我們不知道西聯匯款合規問題是什麼。

They have not disclosed a lot, and I am sure we probably feel about the same way.

他們沒有透露太多，我相信我們可能也有同樣的感覺。

What we have seen in the press it has probably been a little more on that Mexican border kind of related area.

我們在媒體上看到的情況可能更多是在墨西哥邊境相關地區。

So if I take that into account , and look at our growth across the United States, we are seeing rather even growth in the Mexican business across the U.S.

因此，如果我考慮到這一點，並看看我們在美國各地的成長，我們會看到墨西哥業務在美國各地的成長相當均勻。

So that might imply

所以這可能意味著

We saw pretty strong growth up in the northeast just in the last quarter.

就在上個季度，我們看到東北地區的成長相當強勁。

Yes.

是的。

If the Western Union compliance matters are more targeted to the southwest part of the country, it might indicate that we are just having good (Inaudible) across the board success as Mike said, for that number of reasons whether it is effective sales, it is good product structure, it is good pay out structure, it is adding more pay out, and it is market recovery.

如果西聯匯款合規問題更多地針對該國西南部地區，則可能表明我們正取得全面的良好（聽不清楚）成功，正如麥克所說，出於多種原因，無論是有效銷售，還是好的產品結構，就是好的支付結構，就是增加更多的支付，就是市場復甦。

I think that it is it, and I appreciate the color there.

我想就是這樣，我很欣賞那裡的顏色。

One more follow-up if I could regarding the price or revenue I should say per transaction that has been ticking down now.

如果我可以就價格或收入進行進一步的跟進，我應該說每筆交易現在一直在下降。

I assume the bulk of that is due to these non money transfer transactions, or is that you --

我認為其中大部分是由於這些非匯款交易造成的，或者是您——

That is a very large piece , because we are doing hundreds of thousands of those transactions now where we make $0.20 each instead of our usual $4 or $5.

這是一個非常大的部分，因為我們現在正在進行數十萬筆交易，每筆交易我們賺取 0.20 美元，而不是通常的 4 或 5 美元。

Also you will see as we are more successful in Mexico, it is an extremely competitive market , and we make, as I mentioned before, in Europe typically we make about 1.5 times the gross margin per transaction in Europe as we do in the U.S.

此外，您還會看到，由於我們在墨西哥更加成功，這是一個競爭極其激烈的市場，正如我之前提到的，我們在歐洲的每筆交易毛利率通常是我們在美國的 1.5 倍左右。

So when you see a real tick up and success in the U.S.

因此，當你看到美國的真正成長和成功時

that can help drag you down a little bit too.

這也會讓你感到沮喪。

But the big thing is exactly what you pointed out is when I do top-up transaction or something like this I don't make as much as the wire by

但最重要的是，正如你所指出的，當我進行儲值交易或類似的事情時，我賺的錢沒有電匯那麼多。

All right.

好的。

Thanks for the color, and congrats on the progress so far.

感謝您的顏色，並祝賀迄今為止的進展。

Thank you very much, John.

非常感謝你，約翰。

I think , operator, we have time for one more question is if there is

我想，接線生，我們還有時間再問一個問題：是否有

All right.

好的。

Our final question today comes from the line of Mike Grondahl or Piper Jaffray.

我們今天的最後一個問題來自 Mike Grondahl 或 Piper Jaffray。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Thanks guys.

多謝你們。

Just a couple of quick follow ups.

只需幾個快速跟進。

One do you have the weighted averages ATMs for the quarter?

您有本季 ATM 機的加權平均數嗎？

We do.

我們的確是。

I don't happened to have it right in front of me though.

但我並沒有碰巧它就在我面前。

No problem.

沒問題。

I will call you later.

我晚點再打給你。

And then with Microsoft and Xbox can you kind of just highlight for us, I know you had mentioned they had been in Australia and New Zealand for a while.

關於 Microsoft 和 Xbox，您能否為我們強調一下，我知道您曾經提到他們已經在澳洲和紐西蘭有一段時間了。

When exactly did they start in Europe, and kind of what are your expectations there and I know they started recently in the U.S.?

他們到底是什麼時候在歐洲開始的？你對那裡有什麼期望？我知道他們最近在美國開始了？

So this is Kevin.

這就是凱文。

We started in Europe this quarter.

我們本季開始在歐洲開展業務。

The decision to go to post up.

決定去發文。

All I can say about our expectation is we are again cautiously optimistic.

關於我們的預期，我只能說我們再次保持謹慎樂觀。

There are two facets of it.

它有兩個面向。

There is Microsoft office i.e.

有微軟辦公室，即

getting rid of the distribution of the CD rom and box and all the logistical costs and theft associated with that product and the shelf space in a retailer and converting that to post up activated product.

擺脫 CD ROM 和盒子的分發以及與該產品和零售商貨架空間相關的所有物流成本和盜竊，並將其轉換為張貼啟動的產品。

That is one component, and as you correctly said the other part is the distribution of Xbox Live which is a product that parents and young people are very attracted to.

這是一個組成部分，正如您所說，另一部分是 Xbox Live 的發行，這是一款深受父母和年輕人歡迎的產品。

So I think as Rick said earlier it is a nice compliment to our full suite of products that we are launching across Europe.

因此，我認為正如里克之前所說，這是對我們在歐洲推出的全套產品的一個很好的讚美。

Great.

偉大的。

And then lastly guys you did mention eight new countries for iTunes .

最後，夥計們，你們確實提到了 iTunes 的八個新國家。

Can you disclose which ones those are, and are they live

你能透露一下那些是哪些嗎？它們是活的嗎？

I can't disclose which ones they are.

我不能透露它們是哪些。

I can't recall exactly what we said.

我記不清我們具體說了什麼。

But they are in Europe and about three of them are live and we wrapping those up and we have five more to go.

但它們在歐洲，其中大約有 3 個已經上線，我們已經完成了這些，還有 5 個要上線。

Great, thanks.

萬分感謝。

And congratulations again guys.

再次恭喜你們。

All right.

好的。

Thank you very much.

非常感謝。

And thank you to everyone for taking the time to spend an hour with us today.

感謝大家今天抽出時間與我們一起度過一個小時。

Thank you very much.

非常感謝。

This is Euronet signing off.

這是 Euronet 的簽字儀式。

Ladies and gentlemen thank you for your attendance in today's conference.

女士們、先生們，感謝你們出席今天的會議。

This does conclude the program , and you may all disconnect.

這確實結束了程序，並且你們都可以斷開連接。

Have a great rest of the

好好休息一下