Euronet Worldwide Inc (EEFT) 2019 Q3 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide Third Quarter 2019 Earnings Conference Call.

您好，歡迎參加 Euronet Worldwide 第三季 2019 年財報電話會議。

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

（操作員說明） 現在我很高興向您介紹主持人，Jeff Newman 先生，Euronet Worldwide 執行副總裁兼總法律顧問。

Thank you.

謝謝。

Mr. Newman, you may begin.

紐曼先生，您可以開始了。

Thank you, Bridget.

謝謝你，布麗吉特。

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 third quarter of 2019 on this call.

我們將在本次電話會議上公佈 2019 年第三季的業績。

We have Mike Brown, our CEO; Rick Weller, our CFO; and Kevin Caponecchi, Executive Vice President and CEO of the epay division on the call.

我們有我們的執行長邁克布朗（Mike Brown）；里克‧韋勒 (Rick Weller)，我們的財務長； epay 部門執行副總裁兼執行長 Kevin Caponecchi 參加了電話會議。

Before we begin, I need to call your attention to the forward-looking statements disclaimer on the first page of the PowerPoint presentation we'll be making today.

在我們開始之前，我需要提醒您注意我們今天將要製作的 PowerPoint 簡報第一頁上的前瞻性聲明免責聲明。

Statements 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 forward-looking statements as a result of a number of factors that are listed on the first page of our presentation.

由於我們簡報第一頁列出的多種因素，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。

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，並且在任何情況下都不向任何人承擔提供任何此類更新的義務。

Please also note that the reconciliation of certain non-GAAP measures to the GAAP equivalents included in the supplemental data is included as an annex to our PowerPoint presentation.

另請注意，補充資料中包含的某些非 GAAP 指標與 GAAP 同等指標的調整表已作​​為我們 PowerPoint 簡報的附件包含在內。

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

現在我將把電話轉給我們的財務長 Rick Weller。

All right.

好的。

Thank you, Jeff, and thank you, everyone who's joined us today.

謝謝傑夫，也謝謝今天加入我們的所有人。

I will begin my comments on Slide 5.

我將從幻燈片 5 開始我的評論。

We delivered third quarter revenue of $787 million, operating income of $194 million and adjusted EBITDA of $227 million.

我們第三季的營收為 7.87 億美元，營業收入為 1.94 億美元，調整後 EBITDA 為 2.27 億美元。

These results represent a 14% constant currency revenue growth, 34% operating income growth and adjusted EBITDA growth of 30%, all very impressive double-digit growth numbers contributing to the adjusted EPS growth rate.

這些結果代表了14% 的恆定貨幣收入成長、34% 的營業收入成長和30% 的調整後EBITDA 成長，所有這些令人印象深刻的兩位數成長數字都對調整後每股盈餘成長率做出了貢獻。

Our adjusted EPS for the third quarter was $2.84, a 31% year-over-year increase and the sixth consecutive quarter that we have delivered double-digit growth in adjusted EPS.

第三季調整後每股收益為 2.84 美元，年增 31%，這也是我們連續第六個季度調整後每股收益實現兩位數增長。

This strong growth rate was driven by operating income contributions from all 3 segments and benefits from income taxes.

這一強勁的成長率是由所有三個部門的營業收入貢獻和所得稅收益所推動的。

About half the tax benefit was from certain nonrecurring items, while the other half was from recurring items such as the recently announced lower tax rate in India.

大約一半的稅收優惠來自某些非經常性項目，而另一半則來自經常性項目，例如印度最近宣布的較低稅率。

Additionally, $0.01 of headwind from changes in foreign currency rates was offset by $0.01 of favorability from share repurchases.

此外，外幣匯率變動帶來的 0.01 美元阻力被股票回購帶來的 0.01 美元優惠所抵銷。

On Slide 6, we show our 3-year transaction trends by segment.

在投影片 6 上，我們按細分市場展示了 3 年交易趨勢。

EFT transactions grew 13% driven by expansion of our ATM and point-of-sale processing networks in Europe and Asia.

由於我們在歐洲和亞洲的 ATM 和銷售點處理網路的擴張，電子轉帳交易量增加了 13%。

This included growth in our local and international withdrawals and deposit transactions as well as value-added transactions on ATMs and point-of-sale terminals, including dynamic currency conversion, domestic and international surcharge and foreign currency dispensing.

這包括本地和國際提款和存款交易的成長，以及 ATM 和銷售點終端上的增值交易，包括動態貨幣兌換、國內和國際附加費以及外幣兌換。

epay transactions grew 40% with continued digital media expansion and significant contributions from wallet-driven mobile top-up transactions in India, which earn a small amount of revenue per transaction compared to our more traditional commission-based revenue.

由於數位媒體的持續擴張以及印度錢包驅動的行動儲值交易的巨大貢獻，epay 交易量增長了 40%，與我們更傳統的基於佣金的收入相比，每筆交易賺取的收入很少。

Excluding these lower India revenue transactions, epay transactions would have grown at a very nice double-digit rate of 11%.

排除這些印度收入較低的交易，epay 交易將以 11% 的兩位數成長率成長。

Money transfers grew 5%.

匯款成長了 5%。

This growth was the result of exceptional double-digit growth from our U.S. outbound and international-originated sends, partially offset by limited growth from our XE business stemming from Brexit uncertainties and declines in our U.S. domestic transactions as a result of additional ID requirements at Walmart.

這一增長是由於我們的美國出境和國際發送量實現了兩位數的驚人增長，但部分被英國脫歐不確定性導致的XE 業務增長有限以及沃爾瑪額外的身份要求導致的美國國內交易量下降所抵消。 。

Next slide, please.

請下一張投影片。

Here on Slide 7, we present our segment results on an as-reported basis.

在投影片 7 上，我們按報告展示了我們的分部表現。

Year-over-year, most major currencies where we operate declined at mid-single-digit rates.

與去年同期相比，我們經營的大多數主要貨幣均以中等個位數的速度下跌。

To normalize the impact of currency fluctuations, we have presented our results adjusted for currency on the next slide.

為了使貨幣波動的影響正常化，我們在下一張投影片中展示了根據貨幣調整後的結果。

Slide 8 here.

此處幻燈片 8。

For the third quarter, EFT revenues grew 26%.

第三季度，EFT 收入成長了 26%。

Operating income grew 42%, and adjusted EBITDA grew 38%.

營業收入成長 42%，調整後 EBITDA 成長 38%。

These very strong double-digit growth rates were the result of a 13% increase in both ATMs and transactions, new outsourcing agreements and our ability to offer Visa DCC on all cards worldwide.

這些非常強勁的兩位數成長率得益於 ATM 和交易量成長 13%、新的外包協議以及我們在全球所有卡上提供 Visa DCC 的能力。

Revenue, gross profit per transaction and operating margins all expanded nicely.

收入、每筆交易毛利和營業利潤率均出現良好成長。

epay revenue grew 7%.

epay營收成長7%。

Operating income grew 27%, and adjusted EBITDA grew 23%.

營業收入成長 27%，調整後 EBITDA 成長 23%。

These strong growth rates were the result of continued expansion of digital media products and SaaS solutions.

這些強勁的成長率是數位媒體產品和 SaaS 解決方案持續擴張的結果。

Revenue and gross profit per transaction came in a bit as we continued to see a stronger mix of mobile top-up transactions out of India.

由於我們持續看到印度的行動儲值交易組合更加強勁，每筆交易的收入和毛利都有所上升。

However, operating margins expanded nicely.

然而，營業利益率卻大幅擴張。

Moreover, constant-dollar gross profit grew 11%, consistent with the transaction growth when excluding the low-margin India transactions.

此外，以固定美元計算的毛利成長了 11%，與排除低利潤印度交易後的交易成長一致。

So for those of you that are more familiar with the epay business and know that we share about 80% of the commission revenue with retailers, leaving the roughly 20% as our share, you might say that our epay revenues grew double-digit this quarter, an excellent result from epay.

因此，對於那些更熟悉 epay 業務並且知道我們與零售商分享大約 80% 的佣金收入，剩下大約 20% 作為我們的份額的人，你可能會說我們的 epay 收入本季度增長了兩位數， epay 的優異成績。

Overall, this was an outstanding quarter for epay and the fourth consecutive quarter we have delivered double-digit op income and adjusted EBITDA growth.

總體而言，對於 epay 來說，這是一個出色的季度，我們連續第四個季度實現了兩位數的營運收入和調整後 EBITDA 成長。

Money Transfer revenue grew 7%, and operating income and adjusted EBITDA each grew 6%.

匯款收入成長 7%，營業收入和調整後 EBITDA 分別成長 6%。

This growth was driven by strong double-digit results from our U.S. outbound and international-originated remittances, partially offset by constrained growth from the XE business stemming from Brexit uncertainties and the previously announced decline in U.S. domestic transfers as a result of additional ID requirements.

這一增長是由我們的美國出境和國際匯款強勁的兩位數業績推動的，但部分被英國退歐不確定性導致的XE 業務增長受限以及之前宣布的額外身份要求導致的美國國內轉賬下降所抵消。

As it relates to the XE business, you may recall that when the U.K. voted for Brexit in the second quarter of 2016, we reported stronger-than-normal profits as a result of the volatile pound.

說到 XE 業務，您可能還記得，2016 年第二季英國公投脫歐時，由於英鎊波動，我們報告了高於正常水平的利潤。

We continue to expect that the Brexit uncertainties, as they begin to lift, we will start to see the XE business resume more normal trading patterns and thus making larger contributions to the growth of the Money Transfer Segment.

我們繼續預計，隨著英國脫歐的不確定性開始消除，我們將開始看到 XE 業務恢復更正常的交易模式，為匯款業務的成長做出更大的貢獻。

To that end, as we have seen the British pound appreciate above $1.28 to the dollar in the first few weeks of October, we have seen a corresponding uptick in transactions, furthering our confidence that this is a transitory event.

為此，由於我們看到英鎊兌美元在 10 月的前幾週升值至 1.28 美元以上，我們也看到交易量相應增加，這進一步增強了我們對這只是暫時事件的信心。

To conclude on Money Transfer Segment.

對匯款部分進行總結。

This was a solid quarter for our business.

對於我們的業務來說，這是一個穩健的季度。

Our core U.S. outbound and international remittances continued to outpace the market rate of growth at very strong double-digit rates.

我們的核心美國境外和國際匯款繼續以非常強勁的兩位數成長率超過市場成長率。

And as we pass the 2 isolated events within the segment and as we get into this next year, we anticipate the Money Transfer Segment will again be posting the double-digit growth rates we are accustomed to reporting.

當我們度過該細分市場中的兩個孤立事件並進入明年時，我們預計匯款細分市場將再次實現我們習慣報告的兩位數成長率。

In summary, this was an outstanding quarter for Euronet with op income contributions from all 3 segments.

總而言之，對於 Euronet 來說，這是一個出色的季度，所有 3 個細分市場都貢獻了營運收入。

Now let's go to Slide 9 and discuss the balance sheet a bit.

現在讓我們轉到投影片 9，稍微討論一下資產負債表。

Here, you can see that our balance sheet continues to strengthen.

在這裡，您可以看到我們的資產負債表繼續增強。

The cash increase resulted from cash generated from operations and settlement timing in the business, partially offset by approximately $40 million in share repurchases in the third quarter.

現金增加是由於業務營運和結算時間產生的現金，部分被第三季約 4,000 萬美元的股票回購所抵銷。

Of the $1.7 billion in cash, we had approximately $650 million in the ATMs.

在這 17 億美元現金中，我們的 ATM 機裡大約有 6.5 億美元。

Of the remaining cash, about 40% is related to settlement needs, leaving about $600 million discretionary cash.

剩餘現金中，約 40% 與結算需求有關，剩下約 6 億美元的可自由支配現金。

Together with about $1 billion available on our revolver, we are well positioned to fund the liquidity the business needs to grow.

加上我們左輪手槍上約 10 億美元的可用資金，我們完全有能力為業務成長所需的流動資金提供資金。

This was another outstanding quarter for Euronet.

這是 Euronet 另一個出色的季度。

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

有了這個，我會把它交給麥克。

Thank you, Rick, and thank you, everybody who's joining us today.

謝謝你，里克，也謝謝今天加入我們的所有人。

I'll begin my comments on Slide #11 with an update on how our leading-edge technology continues to contribute to success across all 3 of our business segments.

我將首先介紹我們的領先技術如何繼續為我們所有 3 個業務部門的成功做出貢獻，從而開始對第 11 張投影片發表評論。

In the quarter, we launched a QR code-based payment app with Commercial Bank of Ceylon in Sri Lanka.

本季度，我們與斯里蘭卡錫蘭商業銀行合作推出了基於二維碼的支付應用程式。

The app, called ComBank Q+, utilized the Digital Integrated Payments Cloud microservices architecture and open APIs to develop an end-to-end solution that included development of the QR code customer app; a merchant app with a QR code central processing engine, reconciliation and settlement services for all transactions; and the associated IT infrastructure on a pay-per-use model.

該應用程式名為 ComBank Q+，利用數位整合支付雲端微服務架構和開放 API 來開發端到端解決方案，其中包括 QR 碼客戶應用程式的開發；帶有二維碼中央處理引擎的商家應用程序，為所有交易提供對帳和結算服務；以及按使用付費模式的相關 IT 基礎架構。

The app ensures a friction-free, secure and faster payment experience for customers and merchants and allows customers of the Commercial Bank of Ceylon in Sri Lanka to have available at their fingertips a QR code-based payment service that is easy and simple to use, like Alipay or WeChat Pay.

該應用程式確保為客戶和商家提供無摩擦、安全和快速的支付體驗，並讓斯里蘭卡錫蘭商業銀行的客戶能夠輕鬆使用基於二維碼的支付服務，該服務簡單易用，例如支付寶或微信支付。

In India, we signed agreements with Amazon Pay and Google Pay.

在印度，我們與 Amazon Pay 和 Google Pay 簽署了協議。

With Amazon Pay, we have signed a strategic agreement as a technology partner to provide a number of services Amazon wants to enable for their customers.

我們作為技術合作夥伴與 Amazon Pay 簽署了一項策略協議，為亞馬遜希望為其客戶提供的多項服務提供服務。

In September, we launched the first service with a bill-pay provider, BPCL.

9 月，我們與帳單支付提供者 BPCL 合作推出了第一項服務。

Customers can now make bill payments to BPCL using their Amazon Pay account, and we expect more such services will follow in the coming months.

客戶現在可以使用其 Amazon Pay 帳戶向 BPCL 支付帳單，我們預計未來幾個月將推出更多此類服務。

Google Pay has signed up for various epay services and initially launched value-added services such as top-up and bill payments.

Google Pay已簽約各類epay服務，並初步推出儲值、帳單支付等加值服務。

We also continued the expansion of our Alipay processing to Mueller and dm stores in Austria and to multiple retailers in Italy.

我們也繼續將支付寶處理業務擴展到奧地利的 Mueller 和 dm 商店以及義大利的多家零售商。

This quarter, we launched a monthly recurring subscription service for AppleCare products at one of the largest retailers in the U.S., Target.

本季度，我們在美國最大的零售商之一 Target 推出了 AppleCare 產品的每月定期訂閱服務。

This implementation allows customers to purchase AppleCare products with iPhone, iPad and Apple Watch devices for a low monthly recurring price.

此實施允許客戶以較低的每月經常性價格購買 iPhone、iPad 和 Apple Watch 裝置的 AppleCare 產品。

This provides a significant value proposition to both the end consumer and Target, who could previously only offer a 2-year subscription to AppleCare, which had a much higher price point versus the monthly plan.

這為最終消費者和 Target 提供了重要的價值主張，Target 以前只能提供 2 年期的 AppleCare 訂閱服務，而該服務的價格比月度計劃高得多。

This is a good example of how epay, through our Digital Integrated Payments Cloud, provides authorized retailers and product providers with a convenient SaaS solution for implementing and offering the new product and service to its customers.

這是 epay 如何透過我們的數位整合支付雲端為授權零售商和產品供應商提供便利的 SaaS 解決方案的一個很好的例子，用於向客戶實施和提供新產品和服務。

Now let me pause here to reflect on the significance our technology played on the delivery of this product for Apple and Target.

現在讓我在這裡暫停一下，思考一下我們的技術對於 Apple 和 Target 交付該產品所發揮的重要作用。

It leveraged several capabilities from our Digital Integrated Payments Cloud technology.

它利用了我們數位整合支付雲端技術的多項功能。

As you have seen -- as you see, we have grown our relationships with our brand and retail partners.

正如您所看到的，我們與品牌和零售合作夥伴的關係不斷發展。

We have found that they want to offer new solutions to meet customer needs but need a partner to develop and deploy the solutions faster and more cost-effective than they can do it themselves.

我們發現他們希望提供新的解決方案來滿足客戶需求，但需要合作夥伴比他們自己更快、更經濟地開發和部署解決方案。

To launch AppleCare recurring monthly subscriptions, we brought together several of our microservices, including compliance, data protection, the renewal payment engine, tokenization, cloud processing and cloud storage of credit card information necessary to facilitate the payment on a recurring monthly basis.

為了推出 AppleCare 每月定期訂閱，我們整合了多項微服務，包括合規性、資料保護、續訂支付引擎、標記化、雲端處理和信用卡資訊的雲端存儲，以促進每月定期付款。

As you can see, this is not just another transaction process, but this is a software solution that enabled a compelling customer value proposition for Apple and Target.

正如您所看到的，這不僅僅是另一個交易流程，而是一個軟體解決方案，為 Apple 和 Target 提供了令人信服的客戶價值主張。

It's also another example of how our technology has enabled us to break into large retailers which we have historically not have had access to.

這也是我們的技術如何幫助我們打入歷史上從未接觸過的大型零售商的另一個例子。

Our SaaS solutions are more complex and sophisticated than most SaaS solutions.

我們的 SaaS 解決方案比大多數 SaaS 解決方案更加複雜和精密。

In our case, we are combining several functions and capabilities to deliver a new solution for our customers.

就我們而言，我們結合了多種功能和能力，為客戶提供新的解決方案。

Through a simple connection, we are enabling a unique product such as AppleCare.

透過簡單的連接，我們就可以實現 AppleCare 等獨特的產品。

But to make it work, there's also unique software that tracks, bills and collects recurring payments, cloud hosting, host-to-host connections, compliance, payment processing and settlement, all with one solution.

但為了使其發揮作用，還有獨特的軟體可以追蹤、計費和收集定期付款、雲端託管、主機到主機連接、合規性、支付處理和結算，所有這些都透過一個解決方案來實現。

Finally, with respect to Ren, as an update, we continue to make good progress on the installation of Ren as the national switch of Mozambique.

最後，關於 Ren，作為更新，我們在安裝 Ren 作為莫三比克國家交換機方面繼續取得良好進展。

We are on track with all of our deliverables and still expect Ren to be fully implemented in late 2020.

我們正在按計劃完成所有可交付成果，並且仍然預計 Ren 將在 2020 年底得到全面實施。

Moreover, Mozambique won't be the only one.

此外，莫三比克並不是唯一一個這樣做的國家。

We continue to have discussions with several customers.

我們繼續與幾位客戶進行討論。

In fact, as we speak, our software solutions team is holding a conference in Thailand with more than 100 registered attendees, 90% of them prospective clients.

事實上，就在我們說話的時候，我們的軟體解決方案團隊正在泰國舉行一次會議，有 100 多名註冊與會者，其中 90% 是潛在客戶。

We remain confident in our ability to monetize this groundbreaking solution and look forward to providing you additional updates as we have them.

我們對利用這項突破性解決方案獲利的能力仍然充滿信心，並期待為您提供更多更新。

As you can see, the leading-edge nature of our technology, assets and our ability to create unique solutions to problems our customers face continue to contribute to our success in all 3 segments.

正如您所看到的，我們技術、資產的領先性以及我們為客戶面臨的問題創建獨特解決方案的能力繼續為我們在所有三個領域的成功做出貢獻。

Now let's move to Slide #14, and we'll talk about the first segment, EFT.

現在讓我們轉到幻燈片#14，我們將討論第一部分，EFT。

Our EFT team continues to knock it out of the park.

我們的 EFT 團隊繼續出色地完成任務。

What can I say here?

在這裡我能說什麼？

With a 42% constant-currency op income growth this quarter.

本季以固定匯率計算營運收入成長 42%。

During the quarter, we added our 29th country to our IAD network by launching ATMs in Slovenia.

本季度，我們透過在斯洛維尼亞推出 ATM 機，將第 29 個國家加入我們的 IAD 網路中。

And to update you on the new Asian market we launched last quarter, the initial results of the first 60 ATMs are very positive and could be quite advantageous to our results next year and beyond.

為了向您介紹我們上季度推出的新亞洲市場的最新情況，前 60 台 ATM 的初步結果非常積極，可能對我們明年及以後的業績非常有利。

Moreover, we have active efforts underway to launch in several new key markets in the coming quarters.

此外，我們正在積極努力，在未來幾季在幾個新的主要市場推出產品。

We also launched a merchant deposit network participation agreement with one of the largest parcel delivery companies in Poland, kind of like a FedEx, and cash deposits for Central European International Bank in Hungary.

我們也與波蘭最大的包裹遞送公司之一（類似聯邦快遞）推出了商業存款網路參與協議，並為匈牙利中歐國際銀行提供了現金存款。

In Uganda, we enabled ATM cash recycling for dfcu Bank.

在烏幹達，我們為 dfcu 銀行啟用了 ATM 現金回收。

And finally, we renewed our POS acquiring and merchant management services for Habib Bank in Pakistan.

最後，我們為巴基斯坦 Habib 銀行更新了 POS 收單和商家管理服務。

Next slide, please.

請下一張投影片。

Slide 15 gives you an idea of some of the value-added agreements we have implemented for our customers during this last quarter.

投影片 15 讓您了解我們在上個季度為客戶實施的一些增值協議。

The list is extensive, so I will only highlight a few.

該列表非常廣泛，因此我僅重點介紹其中的幾個。

In the Netherlands, we have partnered with Amber Alerts Europe to publish alerts and awareness campaigns on our ATMs.

在荷蘭，我們與 Amber Alerts Europe 合作，在我們的 ATM 上發布警報和宣傳活動。

Amber Alerts Europe assists in connecting law enforcement with other police experts and with the public across Europe.

歐洲安珀警報協助執法部門與其他警察專家以及歐洲各地的公眾建立聯繫。

Our ATM network in the Netherlands is one more touch point for alerting the public to missing children, and we hope to add more countries soon.

我們在荷蘭的 ATM 網路是提醒民眾失蹤兒童的另一個接觸點，我們希望很快能增加更多國家。

In Poland, we signed a new merchant cash deposit network agreement -- network participation agreement and expanded our card-less transaction processing services to enable new card-less payouts for several new customers in Poland.

在波蘭，我們簽署了新的商家現金存款網路協議——網路參與協議，並擴展了我們的無卡交易處理服務，為波蘭的幾位新客戶提供了新的無卡支付服務。

In New Zealand, we signed a POS DCC agreement with Windcave, the fifth largest merchant acquirer in the country.

在新西蘭，我們與全國第五大商戶收單機構Windcave簽署了POS DCC協議。

We also launched new card issuing products for customers in Sri Lanka, Bahamas, Egypt, Bolivia and Oman.

我們也為斯里蘭卡、巴哈馬、埃及、玻利維亞和阿曼的客戶推出了新的發卡產品。

And finally, we finished the quarter with 47,209 active ATMs, a 13% year-over-year increase.

最後，本季結束時，我們有 47,209 台活躍 ATM，年增 13%。

During the quarter, we deployed 922 new high-value ATMs, about 325 new outsourced ATMs and a few new low-margin ATMs in India.

本季度，我們在印度部署了 922 台新的高價值 ATM、約 325 台新的外包 ATM 和一些新的低利潤 ATM。

We de-installed 244 loss-making ATMs from YourCash, and we deactivated almost 450 ATMs for the winter season.

我們從 YourCash 中拆除了 244 台虧損的 ATM，並在冬季停用了近 450 台 ATM。

For the full year, we have added 3,412 independent ATMs, almost hitting the low end of our 3,500 to 4,000 full year guidance range at the end of just 3 quarters, bearing in mind that we generally expect about 500 outsourced ATMs in the 3,500 to 4,000 goal.

就全年而言，我們增加了3,412 台獨立ATM，僅3 個季度末就幾乎達到了3,500 至4,000 台全年指導範圍的低端，同時考慮到我們通常預計3,500 至4,000 台中約有500 台外包ATM目標。

With strong ATM deployments, a strong pipeline of new agreements and 42% operating income growth, I think it is worth repeating that this was another exceptional quarter for EFT.

憑藉強大的 ATM 部署、強大的新協議管道和 42% 的營業收入成長，我認為值得重複的是，這是 EFT 的另一個特殊季度。

Now we'll move on to Slide #18, and we will talk about epay.

現在我們將繼續投影片 #18，我們將討論 epay。

Okay.

好的。

I mean I've got to start with look at these freaking results there.

我的意思是我必須先看看這些可怕的結果。

Both op income and EBITDA in the 20-plus percent range, constant currency.

以固定匯率計算，營運收入和 EBITDA 均在 20% 以上。

I am very proud of these epay results as they continue to redefine the segment with much more digital media distribution across more channels and development of leading-edge technology that provides innovative solutions within the payment space.

我對 epay 的這些成果感到非常自豪，因為他們透過在更多管道上進行更多的數位媒體分發以及在支付領域提供創新解決方案的領先技術的開發，繼續重新定義該細分市場。

epay continues to expand its digital media portfolio, with digital media and SaaS gross profit comprising more than 70% of the total segment gross profit for the quarter.

epay持續擴大其數位媒體產品組合，本季數位媒體和SaaS毛利佔該部門總毛利的70%以上。

We have expanded our distribution agreement of Google and Amazon to Austria through Lekkerland stores.

我們透過 Lekkerland 商店將 Google 和亞馬遜的分銷協議擴展到奧地利。

In Switzerland, we launched sales of Kaspersky, McAfee and Nintendo and Coop stores, and we continue -- and we signed distribution of Nintendo products through the SIBS ATM network in Portugal, another example of a customer utilizing our Digital Integrated Payments Cloud to offer services from another segment, in this case, epay content being sold through ATMs.

在瑞士，我們推出了卡巴斯基、麥克菲、任天堂和Coop 商店的銷售，並且我們還在葡萄牙簽署了透過SIBS ATM 網路分銷任天堂產品的協議，這是客戶利用我們的數位整合支付雲端提供服務的另一個例子從另一個細分市場來看，在本例中，epay 內容是透過 ATM 機出售的。

Next slide, please.

請下一張投影片。

In addition to the Alipay launches we previously mentioned, in Australia, we signed agreements to launch Alipay to 170 additional retailer locations.

除了我們先前提到的支付寶推出之外，我們在澳洲還簽署了向另外 170 個零售商網點推出支付寶的協議。

We also signed an agreement to distribute Panda antivirus software to all retail partners across Europe.

我們還簽署了一項協議，向歐洲所有零售合作夥伴分發 Panda 防毒軟體。

Finally, in India, we signed an agreement to process mobile top-up, bill payment and other recurring payments through Amazon Pay.

最後，在印度，我們簽署了一項協議，透過 Amazon Pay 處理行動儲值、帳單支付和其他經常性支付。

epay continues to transform itself and has become much more than a transaction processor.

epay 不斷自我轉型，已經不只是一個交易處理器。

epay has evolved into a sophisticated leading-edge electronic product delivery and payments company.

epay 已發展成為一家成熟的領先電子產品交付和支付公司。

This successful transformation is reflected in the 27% constant-currency op income growth in the quarter.

這項成功的轉型體現在本季以固定匯率計算的營運收入成長 27%。

Now let's move on to Slide #22, and we'll talk about Money Transfer for a couple of minutes.

現在讓我們繼續看投影片 #22，我們將花幾分鐘討論匯款。

Our Money Transfer network now reaches 389,000 locations in 161 countries, an 8% year-over-year increase.

我們的匯款網路現已覆蓋 161 個國家的 389,000 個地點，較去年同期成長 8%。

During the quarter, we launched 17 new correspondents in 15 countries.

本季度，我們在 15 個國家新增了 17 位通訊員。

The most significant launches include cash pickup and bank deposit service with ZB Bank in Zimbabwe.

最重要的推出包括津巴布韋 ZB 銀行的現金提取和銀行存款服務。

In addition, we expanded our capability to transfer funds to mobile wallets.

此外，我們還擴大了將資金轉移到行動錢包的能力。

In Ghana, we can now deliver funds to MTN, AirtelTigo and Vodafone mobile wallets.

在加納，我們現在可以向 MTN、AirtelTigo 和 Vodafone 行動錢包提供資金。

And in Bangladesh, we launched service into bKash and Upay.

在孟加拉國，我們推出了 bKash 和 Upay 服務。

In addition to these launches, we have signed agreements with 23 new correspondents in 16 countries, which will be launched in the coming quarters.

除了這些發布之外，我們還與 16 個國家的 23 個新通訊員簽署了協議，這些協議將在未來幾季推出。

Ria has entered into a new digital partnership with Finablr PLC company, Travelex.

Ria 與 Finablr PLC 公司 Travelex 建立了新的數位合作關係。

In support of money transfer engine for Samsung Pay, Ria will provide additional network scale via its cash payout and bank deposit rails.

為了支援 Samsung Pay 的轉帳引擎，Ria 將透過其現金支付和銀行存款通道提供額外的網路規模。

And we on-boarded the Unitransfer network of agents in the U.S. and Canada, partnering with one of the leaders in the payout market to Haiti.

我們在美國和加拿大加入了 Unitransfer 代理商網絡，並與海地支付市場的領導者之一合作。

Finally, we launched the new RiaMoneyTransfer mobile app on both iOS and Android.

最後，我們在 iOS 和 Android 上推出了新的 RiaMoneyTransfer 行動應用程式。

We don't have much more to add regarding the headwinds we weathered regarding the additional non-regulatory imposed ID requirements on our domestic transactions with our partner, Walmart.

關於我們與合作夥伴沃爾瑪的國內交易中額外的非監管身分要求所帶來的阻力，我們沒有更多可補充的。

We look forward to annualizing the lapping of these new requirements as we enter the new year.

我們期待在進入新的一年時每年對這些新要求進行研磨。

In the meantime, growth in our network, together with the diversity of our Money Transfer business, have provided for year-over-year growth and positions us very nicely for 2020.

同時，我們網路的成長以及匯款業務的多樣性帶來了同比增長，並使我們在 2020 年處於非常有利的地位。

As you can see, we have a lot of things happening here in the Money Transfer Segment.

正如您所看到的，我們在匯款領域發生了很多事情。

On the surface, you may look at growth and wonder what's going on in the business.

從表面上看，您可能會看到成長並想知道業務中發生了什麼。

These aren't the growth rates that we prefer to post, but we have no doubt that we will get through these 2 isolated events happening in the segment, the ID requirements at Walmart and the uncertainties of Brexit.

這些不是我們更願意公佈的成長率，但我們毫不懷疑我們將度過該領域發生的兩個孤立事件：沃爾瑪的身份要求和英國脫歐的不確定性。

However, as we work through those, we are pleased to see that the most substantial portion of the Money Transfer business worldwide is growing at strong mid-teens double-digit rates that others would kill for.

然而，當我們解決這些問題時，我們很高興地看到全球匯款業務的大部分正在以兩位數的強勁速度增長，這是其他人渴望的。

And as you remember, this is an addressable market of $700 billion.

正如您所記得的，這是一個價值 7000 億美元的潛在市場。

We are confident that our Money Transfer Segment continues in the right direction, and we look forward to improved growth in the coming quarters as we lap the transitory events and continue to see the double-digit growth in the majority of our Money Transfer business which is producing.

我們相信，我們的匯款業務將繼續朝著正確的方向發展，隨著我們度過暫時的事件，我們期待在未來幾季實現更好的成長，並繼續看到我們大部分匯款業務的兩位數增長生產。

Now let's go on to Slide #23, and we'll wrap up the quarter.

現在讓我們繼續看投影片 #23，我們將結束本季。

First, we delivered adjusted EPS of $2.84, a 31% year-over-year increase and the sixth consecutive quarter of double-digit EPS growth.

首先，我們的調整後每股收益為 2.84 美元，年增 31%，並且連續第六個季度實現兩位數每股收益成長。

We continue to develop and launch leading-edge SaaS-like solutions that solve problems for our partners.

我們不斷開發和推出領先的類似 SaaS 的解決方案，為我們的合作夥伴解決問題。

EFT delivered exceptional double-digit growth rates while continuing to invest in ATM network expansion, which will continue to pay for us in the coming months and years.

EFT 實現了卓越的兩位數成長率，同時繼續投資於 ATM 網路擴展，這將在未來幾個月和幾年內繼續為我們帶來回報。

epay's 27% constant-currency operating income growth resulted from a continued digital media growth, leading-edge SaaS-like solutions and network expansion.

epay 27% 的固定匯率營業收入成長得益於持續的數位媒體成長、領先的 SaaS 類解決方案和網路擴張。

Money Transfer continues to deliver exceptional double-digit growth rates in the U.S. outbound and international remittances.

Money Transfer 在美國境外匯款和國際匯款方面持續維持兩位數的驚人成長率。

The generation of free cash flow contributes to our strong balance sheet.

自由現金流的產生有助於我們強勁的資產負債表。

And finally, we expect the fourth quarter adjusted EPS to be approximately $1.61, assuming constant foreign exchange rates.

最後，假設外匯匯率不變，我們預期第四季調整後每股盈餘約為 1.61 美元。

With that, operator, I'd be happy to take questions.

接線員，我很樂意回答問題。

Would you please assist?

請您幫忙嗎？

(Operator Instructions) Our first question comes from the line of Rayna Kumar with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Rayna Kumar 線路。

So for the third quarter, we saw some strong margin expansion.

因此，在第三季度，我們看到了一些強勁的利潤擴張。

You had adjusted EBITDA margin increase 350 basis points year-over-year.

您調整後的 EBITDA 利潤率年增了 350 個基點。

Can you maybe talk a little bit about the key drivers to that expansion and how we should think about margins in the fourth quarter and then going into 2020?

您能否談談這項擴張的關鍵驅動因素，以及我們應該如何考慮第四季和 2020 年的利潤率？

Yes, Rayna, the first part of your question had broken up.

是的，雷娜，你問題的第一部分已經被打破了。

Can you repeat that?

你可以再說一次嗎？

We only got about half of it maybe.

我們可能只得到了大約一半。

Sure.

當然。

So your adjusted EBITDA margin expanded 350 basis points in the third quarter.

因此，調整後的 EBITDA 利潤率在第三季擴大了 350 個基點。

If you can discuss the key drivers to that growth and also your expectations for margin expansion into fourth quarter and then going into 2020.

您能否討論成長的關鍵驅動因素以及您對第四季和 2020 年利潤率擴張的預期。

Yes.

是的。

Well, as you know, one of the big drivers in that was the addition of the additional Visa DCC that we were able to pick up in the business in our EFT segment.

嗯，如您所知，其中的一大推動因素是我們能夠在電子轉帳業務中獲得額外的 Visa DCC。

We continue to grow and expand our ATM deployment, so that, again, contributed to it.

我們繼續發展和擴大我們的 ATM 部署，從而再次為其做出貢獻。

And as Mike pointed out, epay had a very good result, so -- and then I can't help but to emphasize again that third quarter is our seasonally strongest quarter.

正如麥克指出的那樣，epay 取得了非常好的成績，所以——然後我忍不住再次強調，第三季是我們季節性最強的季度。

And as we go into the fourth quarter, we would, again, get some -- on a year-over-year basis, we'll get some additional benefit from the Visa DCC expansion.

當我們進入第四季度時，我們將再次獲得一些——與去年同期相比，我們將從 Visa DCC 擴張中獲得一些額外的好處。

And that's also when we come into our strongest quarter for the epay business, and so we expect to see some numbers nice.

這也是我們進入電子支付業務最強勁的季度的時候，因此我們預計會看到一些不錯的數字。

So on a quarter-to-quarter, yes, I think it's fair to say that our margins will come in going from third quarter to fourth quarter because of the seasonality of third.

因此，就季度而言，是的，我認為可以公平地說，由於第三季的季節性，我們的利潤率將從第三季到第四季出現。

But on a year-over-year basis, we would continue to see that margin expansion be present in our business, particularly in the EFT and the epay business.

但與去年同期相比，我們將繼續看到我們業務的利潤率擴張，特別是電子轉帳和電子支付業務。

That's very helpful.

這非常有幫助。

And then just 2 questions on Walmart.

然後只有兩個關於沃爾瑪的問題。

When exactly do you lap the Walmart ID requirements that you put into place?

您具體什麼時候滿足您所製定的沃爾瑪 ID 要求？

And second, how are your initial talks with Walmart progressing on your April 2020 contract renewal?

其次，您與沃爾瑪就 2020 年 4 月續約合約進行的初步談判進度如何？

When do we expect to hear an update on the conclusion to that?

我們預計什麼時候能聽到有關結論的最新消息？

Well, I would say -- I mean, we -- the ID requirements, let's say, for the most part, went in, in kind of like a third quarter of last year.

嗯，我想說——我的意思是，我們——可以說，身分證件要求在很大程度上是在去年第三季開始實施的。

We started feeling some of it, but it wasn't as pronounced.

我們開始感覺到一些，但沒有那麼明顯。

We really probably saw the lion's share of the pressure come into the second quarter.

我們確實可能在第二季度看到了最大的壓力。

So I kind of would expect that for the most part that, that lapping would be kind of, give or take, the first quarter there as we get through it, okay?

因此，我預計，在大多數情況下，當我們度過難關時，第一季的研磨會是一種，給予或接受，好嗎？

And then as it relates to our discussions, I think that they're going quite well.

然後，由於它與我們的討論有關，我認為他們進展順利。

Our product, the Walmart2Walmart, has performed very good, and we continue to have those discussions.

我們的產品 Walmart2Walmart 表現非常好，我們將繼續進行這些討論。

So I think kind of consistent with the last time we had a renewal, it went kind of into the next year.

所以我認為與我們上次續約的情況一致，它進入了明年。

But we'll just have to see.

但我們只需要看看。

But we continue to have a very good relationship with Walmart and would expect to wrap that up at some point here.

但我們仍然與沃爾瑪保持著非常良好的關係，並希望在某個時候能夠結束這段關係。

But there's no exact time line on it, Rayna, but things are going well.

但沒有確切的時間表，雷娜，但一切進展順利。

I think last time around, we kind of started those discussions in December.

我想上次我們是在 12 月開始這些討論的。

We've kind of begun those discussions.

我們已經開始了這些討論。

Now they've got a lot on their plate.

現在他們有很多事情要做。

But I imagine over the next 90 days or so, we'll have a pretty good idea.

但我想在接下來的 90 天左右的時間裡，我們將會有一個很好的主意。

Great.

偉大的。

That's very helpful.

這非常有幫助。

And just a final question for me.

這只是我的最後一個問題。

What progress are you making towards surcharging on European ATMs?

您在歐洲 ATM 機上收取附加費方面取得了哪些進展？

What other countries do you expect to implement surcharging in the medium term?

您預計還有哪些國家在中期內實施附加費？

Okay.

好的。

Well, we don't expect any right now because usually, these are kind of surprising to us.

好吧，我們現在不期待任何事情，因為通常這些對我們來說有點令人驚訝。

We know that there are good economic reasons why most of the big bricks-and-mortar banks would like to have surcharging in Europe.

我們知道，大多數大型實體銀行希望在歐洲收取附加費，這是有充分的經濟原因的。

They're countered by the kind of consumer advocate groups who would like to have all transactions for free in the country.

他們遭到了那些希望在該國免費進行所有交易的消費者權益團體的反對。

It's really not up to us.

這確實不取決於我們。

It's not our discussions.

這不是我們的討論。

It really is between the banks and the regulator.

這確實是銀行和監管機構之間的事。

So we'll just have to wait and see.

所以我們只能拭目以待。

They're kind of like -- I guess you could call it kind of aces up our sleeve, but we can't quite play them.

它們有點像——我想你可以稱之為我們袖手旁觀的王牌，但我們不能完全發揮它們。

So we'll just have to wait and see.

所以我們只能拭目以待。

Yes.

是的。

I mean as we take a look at some of the countries over the last few years that have moved to surcharge, you kind of get to a tipping point where the economics for the banks just really make no sense.

我的意思是，當我們看看過去幾年中一些已經開始徵收附加費的國家時，你會發現銀行的經濟狀況已經變得毫無意義了。

They continue to be pressured by alternative banking products that are living off of the investment that the banks have.

他們繼續受到依賴銀行投資的替代銀行產品的壓力。

And so what we've seen is in a few of these markets, kind of when you get to that tipping point and the banks really go, "We can't continue to operate any longer that way," then they kind of push in that direction.

因此，我們在其中一些市場中看到的是，當你到達那個臨界點時，銀行真的會說，“我們不能再繼續以這種方式運作了”，然後他們就會介入那個方向。

So you hear different noises around Europe, and we'll have to see.

所以你在歐洲各地聽到了不同的聲音，我們必須看看。

But as Mike said, we don't have any kind of signals or sense of which one would be next.

但正如麥克所說，我們沒有任何信號或感覺知道下一個會是哪一個。

We'll just continue to expand in our current markets, and we're particularly excited about the new international markets that now are a potential due to the Visa change.

我們將繼續擴大現有市場，我們對新的國際市場感到特別興奮，由於 Visa 的變更，這些市場現在具有潛力。

And our next question is from Andrew Schmidt with Citi.

我們的下一個問題來自花旗銀行的安德魯·施密特。

A quick question on the EFT Processing Segment.

關於 EFT 處理部分的一個簡單問題。

I was wondering if you could break down the mix of transactions in the quarter and, more specifically, talk about DCC transactions relative to your expectations.

我想知道您是否可以分解本季的交易組合，更具體地說，談談與您的預期相關的 DCC 交易。

Well, I think with respect to DCC, it's pretty much right on target with what we expected and what we even forecasted a year ago or so, so they are -- that's all good news there.

嗯，我認為就 DCC 而言，它幾乎符合我們的預期，甚至一年前的預測，所以它們是 - 這都是好消息。

But in addition to that, I mean let's not forget, we make a lot of money off just domestic transactions.

但除此之外，我的意思是我們不要忘記，我們僅透過國內交易就賺了很多錢。

We've got a lot of surcharging now that happens across the continent.

我們現在在整個非洲大陸都有很多附加費。

We have DAF, which is direct access fee, allows us to surcharge foreign cardholders as well.

我們有 DAF，即直接訪問費，允許我們向外國持卡人收取附加費。

So DCC certainly is a big component of what we're doing, but we have other products too that garner us revenue.

因此，DCC 無疑是我們正在做的事情的重要組成部分，但我們也有其他產品可以為我們帶來收入。

Understood.

明白了。

And then the -- good to hear the comments around the Money Transfer Segment.

然後，很高興聽到有關匯款部分的評論。

It sounds like the underlying growth there is fairly robust.

聽起來那裡的潛在成長相當強勁。

But as we move into 2020, I appreciate the commentary on getting back to double-digit growth, but I was wondering if you could talk about some of the underlying assumptions there, specifically as it related to domestic money transfer.

但隨著我們進入 2020 年，我很欣賞關於恢復兩位數成長的評論，但我想知道你是否可以談談其中的一些基本假設，特別是與國內匯款相關的假設。

Is there assumption -- is there an assumption embedded in there that, that improves?

是否有假設－是否有一個假設可以改善？

Clearly, you have the lapping, but there's some -- but that segment hasn't grown too much in the past few years.

顯然，你有研磨，但也有一些——但這個部分在過去幾年裡並沒有增長太多。

So just curious if you could break down the assumptions that go into that double-digit growth trajectory into next year.

所以只是好奇你是否可以打破明年兩位數成長軌跡的假設。

I think what you've got is -- we're not expecting a huge amount of growth in the Walmart2Walmart product.

我認為你所得到的是——我們預計 Walmart2Walmart 產品不會出現巨大增長。

We do have opportunities to do -- to continue to grow our international business, both with Walmart and ourselves.

我們確實有機會繼續發展我們的國際業務，無論是與沃爾瑪還是我們自己。

And that's the neat thing about this is if you really -- if you take a look at kind of the triangle of where the transactions are in domestic remittance, about 70% of all transactions are done at small retailers, mom-and-pops, bodegas, et cetera, smaller chains of stores and so forth.

這就是一個巧妙的事情，如果你真的 - 如果你看一下國內匯款交易的三角形，大約 70% 的交易是在小型零售商、夫妻店進行的，酒窖等，小型連鎖店等等。

And that's the sweet spot for us.

這對我們來說是最有利的地方。

I mean we are kind of kings at that.

我的意思是我們在這方面有點像國王。

We know how to manage both their compliance and their credit.

我們知道如何管理他們的合規性和信用。

We have about -- our 5% worldwide market share is out of that 70%.

在這 70% 的全球市佔率中，我們約佔 5% 的份額。

So you can say that the market is really 15x bigger than -- or 14x bigger than what we have today.

所以你可以說這個市場實際上比我們今天的市場大 15 倍，或者說 14 倍。

That's why we've been in the mid-teens to higher kind of growth rates for international remittance.

這就是為什麼我們的國際匯款成長率一直保持在十幾歲至更高的水平。

So we're kind of the kings there, and we will continue to grow that business.

所以我們是那裡的國王，我們將繼續發展這項業務。

That's what gives us -- the nice thing is the market, this $700 billion market out there, is really where our sweet spot is.

這就是為我們帶來的好處——市場，這個價值 7000 億美元的市場，確實是我們的最佳選擇。

That's why we're excited about the future.

這就是為什麼我們對未來感到興奮。

Got it.

知道了。

That's helpful.

這很有幫助。

And then last question, just housekeeping.

最後一個問題，只是家事服務。

In the fourth quarter, what's the tax rate assumption?

第四季的稅率假設是多少？

Well, I would tell you that we would continue to expect it to be kind of in the mid-20s to a chance that it'll be a little better than that.

好吧，我會告訴你，我們將繼續預期它會在 20 多歲左右，有可能會比這更好一點。

As I said, we did see some rate improvement out of India.

正如我所說，我們確實看到印度的利率有所提高。

We got a little bit of extra benefit in the third quarter because that was a retroactive rate to the beginning of the second quarter.

我們在第三季獲得了一些額外的好處，因為這是對第二季初的追溯率。

So I would continue to say mid-20s to potentially a little better than that.

所以我會繼續說 20 多歲到可能比這更好一點。

And our next question is from Darrin Peller with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林·佩勒。

Let me start off on the EFT segment.

讓我從 EFT 部分開始。

The transaction growth was stronger this quarter than last quarter, but the revenue growth, about the same, which I think is underscoring the questions we're getting around the mix from DCC contribution this quarter versus last.

本季的交易成長強於上季，但營收成長大致相同，我認為這凸顯了我們在本季與上季相比 DCC 貢獻組合中遇到的問題。

Can you just help us, I guess, unpack what the growth rate would have been without -- on the revenue side without the DCC contribution?

我想，您能幫我們分析一下沒有 DCC 貢獻的收入方面的成長率嗎？

And then just maybe reconfirm the $0.65 or if that's changed at all in terms of annual impact.

然後可能會重新確認 0.65 美元，或就年度影響而言是否有任何變化。

No, it didn't.

不，沒有。

The one thing to bear in mind is that the additional margin or benefit we got out of the Visa DCC was not extra transactions.

需要記住的一件事是，我們從 Visa DCC 中獲得的額外保證金或收益並不是額外的交易。

We were already getting those transactions.

我們已經收到了這些交易。

It's just that we could not offer DCC on those transactions, okay?

只是我們無法為這些交易提供 DCC，好嗎？

So that didn't stimulate that extra growth.

所以這並沒有刺激額外的成長。

The additional growth on the transactions, I would tell you, is right in line, lockstep with the number of ATMs that we had out there.

我想告訴你的是，交易量的額外成長與我們現有的 ATM 機數量是一致的。

You could see that they were 13% on the ATMs, 13% on the transaction.

你可以看到他們在 ATM 上花費了 13%，在交易上花費了 13%。

So it's the combination of putting out more of our own ATMs, more outsourced ATMs, et cetera.

因此，這需要結合使用更多我們自己的 ATM 機、更多的外包 ATM 機等等。

It wasn't stimulated by the additional Visa DCC stuff.

它並沒有受到額外的 Visa DCC 內容的刺激。

Now clearly...

現在顯然...

Right.

正確的。

Now I guess what I was asking is just why the mix -- if the mix changed because I saw transaction growth accelerated, but revenue growth didn't accelerate.

現在我想我問的是為什麼這種組合——如果組合變化是因為我看到交易成長加速，但收入成長並沒有加速。

It was the same growth rate as it was last quarter.

成長率與上季相同。

Albeit a strong growth rate, it didn't go as -- it didn't accelerate with transactions.

儘管成長率強勁，但交易並沒有加速。

And that would be, let's say, reasonably consistent with the second quarter, also having part of that the additional benefit from the Visa DCC lift there.

可以說，這與第二季相當一致，其中也有部分來自 Visa DCC 提升的額外好處。

Okay.

好的。

I mean is there any way to break out what the actual revenue that came from the new Visa rule was this quarter and what the growth rate would have been without that in terms of revenues?

我的意思是，有沒有什麼方法可以揭示本季新 Visa 規則帶來的實際收入是多少，以及如果沒有這項規則，收入成長率會是多少？

Well, we didn't -- we haven't put that number out specifically.

嗯，我們沒有——我們還沒有具體公佈這個數字。

But as we've generally shared with folks is that if you kind of go backwards up and calculate on the math from the $0.60 to $0.65, that you'll get to an estimated revenue number.

但正如我們通常與人們分享的那樣，如果您從 0.60 美元到 0.65 美元進行數學計算，您將獲得估計的收入數字。

And we get about 45% of that number in the third quarter, and we get only about 10% of it in the first quarter.

第三季我們得到了大約 45% 的數據，而第一季我們只得到了大約 10% 的數據。

And the other difference, the other 45%, is a little bit more biased to the second quarter than it is the fourth quarter.

另一個差異，即另外 45%，比第四季更偏向第二季。

So with that math, you can kind of get to a rough number on what it would be.

因此，透過數學計算，您可以得出大概的數字。

Okay.

好的。

And just a quick follow-up on the Money Transfer side.

以及匯款方面的快速跟進。

The breakdown, I know you're saying the cross-border side continues to do well, mid-teens growth.

細分，我知道你是說跨境方面繼續表現良好，呈現十幾歲左右的增長。

Was there a change of growth?

成長有變化嗎？

There had to be some sort of a change in growth given that the overall constant-currency growth in the segment decelerated a little bit.

鑑於該領域整體以固定匯率計算的成長略有放緩，成長必然會發生某種變化。

So was it either on the cross-border side or was it on the domestic side?

那麼是跨境方面還是國內方面呢？

And maybe just break down what you expect to -- if we anniversary that, the Walmart issues or the ID issues in the beginning of next year, what the full segment growth profile could look like.

也許只是分解你的期望——如果我們在明年初慶祝沃爾瑪問題或 ID 問題，那麼整個細分市場的成長情況會是什麼樣子。

Yes.

是的。

Well, interesting observation, and it was.

嗯，有趣的觀察，確實如此。

We happened to lose some volume from a larger, very price-competitive agent in the Middle East.

我們碰巧失去了中東一家規模較大、價格極具競爭力的代理商的部分銷售量。

And that brought in those transaction numbers a little bit compared to like what we saw in the second quarter because our year-over-year difference on the domestic transactions was relatively -- was similar in third quarter as the second quarter.

與我們在第二季度看到的情況相比，這些交易數量有所增加，因為我們國內交易的同比差異相對較小——第三季度與第二季度相似。

So the math that you observed there was really kind of out of this Middle East large agent.

所以你觀察到的數學確實是來自這個中東大型代理商。

Okay.

好的。

And just last question, guys.

夥計們，最後一個問題。

When I think about guidance on Q4, anything we should keep in mind in terms of tough comps or easy comps or anything just unusual or extraordinary and for modeling purposes in terms of how to think about the revenue side as well as the profitability?

當我考慮第四季度的指導時，我們應該記住什麼是艱難的比較或簡單的比較或任何不尋常或非凡的東西，以及出於建模目的如何考慮收入方面以及盈利能力？

Well, I think one on the revenue side is the Money Transfer has to do with the ID requirement, and that wasn't showing up as strongly yet in the fourth quarter.

嗯，我認為收入方面的一個問題是匯款與身份要求有關，而這一點在第四季度還沒有表現得那麼強烈。

As I said earlier, we really saw the pronounced effect of that in the second quarter of this year.

正如我之前所說，我們在今年第二季確實看到了其明顯的效果。

So that will still kind of have some weighting on us in the fourth quarter, and that would be on the downside.

因此，這仍然會對我們第四季度產生一些影響，這將是不利的。

On the plus side, obviously, is the benefit from the Visa DCC lift that we got.

顯然，有利的一面是我們從 Visa DCC 提升中獲得的好處。

Those are the only couple of things that I could think of.

這是我能想到的僅有的幾件事。

I mean consistent with our historical fourth quarter, our epay business does better in the fourth quarter, but there isn't any kind of unusual comps in there on the fourth quarter that would call out anything different in the math.

我的意思是，與我們歷史上的第四季度一致，我們的電子支付業務在第四季度表現更好，但第四季度沒有任何不尋常的比較表明數學上有任何不同。

So I think that would be largely it.

所以我認為這基本上就是這樣。

And our next question comes from the line of Tim Willi with Wells Fargo.

我們的下一個問題來自富國銀行的提姆威利。

I had 2 questions.

我有兩個問題。

The first one was a housekeeping question.

第一個是家政問題。

Rick, I think in your discussion around Money Transfer at the beginning of the call, you made some comments about XE.

Rick，我認為您在電話會議開始時關於匯款的討論中，對 XE 發表了一些評論。

And I think -- I just want to make sure I heard it correctly.

我想——我只是想確保我聽到的是正確的。

Did you say that, so far through this month or sort of sequentially through the quarter into the current month, that there have been some improvements or bottoming out in volumes?

您是否說過，本月到目前為止，或從本季到本月，銷量有所改善或觸底？

Can you just go back to that?

你能回到那個嗎？

Yes.

是的。

Well, as we got into October, we started seeing that the pound started improving on the -- against the dollar.

嗯，進入十月份，我們開始看到英鎊兌美元開始走強。

And I think that was kind of consistent with what the sentiment was out of the U.K. on having something positive happen with the Brexit solution.

我認為這與英國對於脫歐解決方案取得積極進展的情緒是一致的。

And so as that -- you may recall kind of in the third quarter, we saw the pound to the dollar was, gosh, down to about $1.20, $1.21 kind of just a few months ago.

因此，您可能還記得，在第三季度，我們看到英鎊兌美元匯率，天哪，就在幾個月前跌至約 1.20 美元、1.21 美元。

And so it had been at pretty much some all-time lows.

因此，它幾乎處於歷史最低點。

And when we started seeing it break above the $1.28 mark, we started seeing the volume numbers tick up.

當我們開始看到它突破 1.28 美元大關時，我們開始看到成交量開始上升。

So we did see that kind of in the first part of October.

所以我們在十月上旬確實看到了這種情況。

We're cautiously optimistic that, that's a good sign of the return of people's trading interest and that, that will pick up.

我們謹慎樂觀地認為，這是人們交易興趣回歸的好跡象，而且這種興趣將會回升。

So we'll kind of wait and see.

所以我們會拭目以待。

There were some more news out yesterday on some Brexit things that appeared.

昨天還有一些關於英國脫歐事件的更多消息。

Maybe we'll get through it here.

也許我們會在這裡度過難關。

But yes, we did see some positive movement there.

但是，是的，我們確實看到了一些積極的進展。

So hopefully, it's a good foreteller.

所以希望這是一個很好的預言家。

Great.

偉大的。

And my second question was about epay.

我的第二個問題是關於 epay 的。

And obviously, versus where we were a couple of years ago, the product set, the momentum, all are obviously sharply better.

顯然，與幾年前相比，我們的產品組合、勢頭都明顯好得多。

Now I'm curious, when you think about the new business you're winning, is there a way to think about -- is it the new cloud-based technology that is getting the attention of all the mobile wallet providers you've talked about working with you and/or is it sort of this big content catalog that you've built out over the years that the wallet providers are now realizing "We want to have a robust offering within our wallet.

現在我很好奇，當你想到你正在贏得的新業務時，是否有一種方法可以思考——是否是基於雲端的新技術正在引起你所談論的所有行動錢包提供者的關注關於與您合作和/或您多年來建立的大型內容目錄，錢包提供者現在意識到「我們希望在我們的錢包中提供強大的產品。

Who can we go to that can bring us content?" Is there any way to think about what is leading or if there's a network effect sort of emerging here around those 2 topics?

我們可以去找誰來為我們帶來內容？」有沒有辦法思考什麼是主導因素，或者圍繞這兩個主題是否出現了某種網路效應？

Yes, this is Kevin.

是的，這是凱文。

So yes, you've hit on a couple different things.

所以，是的，你已經想到了一些不同的事情。

So I would parse it like this.

所以我會這樣解析它。

First and foremost, as Rick and Mike commented earlier, it's about technology, having the right technology stack to enable the wallets to easily and frictionlessly deliver this content.

首先也是最重要的，正如 Rick 和 Mike 先前評論的那樣，這與技術有關，擁有正確的技術堆疊使錢包能夠輕鬆、無摩擦地傳遞這些內容。

So yes, your point about having a portfolio or catalog is important.

所以，是的，你關於擁有作品集或目錄的觀點很重要。

But you also have to have the easy connectivity because the wallet providers are very different than a physical retailer.

但您還必須擁有便捷的連接，因為錢包提供者與實體零售商有很大不同。

Their needs and requirements are very, very different.

他們的需求和要求非常非常不同。

I mean providing a digital code in a safe and convenient manner and then reconciling that transaction with a fintech company is very different than distributing a plastic postcard onto a J hook and into a retail location.

我的意思是，以安全、便捷的方式提供數位代碼，然後與金融科技公司核對交易，這與將塑膠明信片分發到 J 鉤上並進入零售店有很大不同。

So because Euronet/epay is really more technology-oriented, we've kind of become a preferred partner of these wallet companies and various fintech players.

因此，由於 Euronet/epay 確實更加重視技術，因此我們已成為這些錢包公司和各種金融科技參與者的首選合作夥伴。

And then the second part of the question about kind of what is the overall -- I think sort of what is the overall driving momentum and what's the mix in the business, it is a combination of the distribution of more digital media with things like the announcement of AppleCare, where we're providing complex SaaS-based solutions to both our brand partners, in this case, Apple/AppleCare, and our retail partner/Target.

然後問題的第二部分是關於總體的，我認為總體的驅動動力是什麼，業務的組合是什麼，它是更多數位媒體的分發與諸如宣布推出AppleCare，我們將向我們的品牌合作夥伴（在本例中為Apple/AppleCare）和我們的零售合作夥伴/Target 提供複雜的基於SaaS 的解決方案。

And if I can slide in one last one on the subscription stuff you just talked about with Target.

如果我可以插入最後一篇關於您剛剛與塔吉特談論的訂閱內容的內容。

We talked about this a little bit, I think, maybe about a year ago, Kevin, is we're in a subscription-based world now, I guess, in certain respects, right, whether it's things like Netflix or consumer goods being delivered every month.

我們討論過這個問題，我想，也許大約一年前，凱文，我們現在處於一個基於訂閱的世界，我想，在某些方面，對吧，無論是像Netflix這樣的東西還是正在交付的消費品每個月。

And I guess as you think about that market and what you've done here with AppleCare, I mean is this a sizable end-market opportunity globally or just in the U.S.?

我想，當您考慮這個市場以及您在 AppleCare 上所做的事情時，我的意思是，這是全球還是僅在美國的一個相當大的終端市場機會？

Or is the AppleCare just sort of a one-off innovative opportunity that you saw?

或者 AppleCare 只是您所看到的一次性創新機會？

Good observation.

良好的觀察力。

So the engine that was built to support AppleCare can be applied to any subscription-based offering.

因此，為支援 AppleCare 而建置的引擎可以應用於任何基於訂閱的產品。

The unknown is going to be what percentage of consumers initiate a subscription model from a physical retail location.

未知的是有多少消費者從實體零售店發起訂閱模式。

We're quite optimistic that, that's going to be attractive because a physical retailer can do merchandising and tell the story in a different way than a direct sale.

我們非常樂觀地認為，這將很有吸引力，因為實體零售商可以以不同於直銷的方式推銷和講述故事。

So the solution built for AppleCare can apply to any of the subscription services we've talked about, Spotify, Netflix, Steam, whatever.

因此，為 AppleCare 構建的解決方案可以應用於我們討論過的任何訂閱服務，Spotify、Netflix、Steam 等等。

The unknown is how many consumers will adopt those subscription services from a physical retail location, but it's a large underserved market.

未知的是有多少消費者會從實體零售店採用這些訂閱服務，但這是一個服務不足的龐大市場。

The brands are not able to reach every consumer in a direct fashion.

這些品牌無法直接接觸到每位消費者。

So there is a lot of optimism about the success of the solution globally.

因此，全球範圍內對該解決方案的成功抱持著很大的樂觀態度。

And I guess I'll make one more comment that came out in Mike's comments.

我想我會再發表麥克評論中的一項評論。

The other important feature of the renewal is breaking down the price point of something that's relatively expensive into something -- into monthly bite-size pieces.

續訂的另一個重要特點是將相對昂貴的產品的價格點分解為每月的小塊。

And there is a lot of excitement and enthusiasm about how that could also be used with lots of different products.

人們對如何將其應用於許多不同的產品感到非常興奮和熱情。

Our next question is from Peter Heckmann with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

Curious on the integrated payment cloud.

對整合支付雲端感到好奇。

As you start to ramp up those services, how do we see it manifest in the results?

當您開始增加這些服務時，我們如何看待它在結果中的體現？

Clearly, we'll see revenue and likely high margin.

顯然，我們將看到收入和可能的高利潤率。

Will it be included in the transaction count as well?

是否也包含在交易計數中？

And how should we interpret that?

我們應該如何解釋這一點？

It sounds like there's a lot of these applications in prepaid, but there may be some -- go ahead.

聽起來有很多這樣的預付費應用程序，但可能有一些——繼續吧。

That was a little bit cut out there, Pete.

皮特，這有點被刪減了。

But I think, yes, you'll see in the transaction count, for sure.

但我認為，是的，您肯定會在交易計數中看到。

And then your other question, I couldn't understand what the other question was.

然後你的另一個問題，我不明白另一個問題是什麼。

Did you, Rick?

你是嗎，瑞克？

No, no.

不，不。

Just the information -- essentially, we'll see, perhaps, revenue per transaction fall a bit but from the cloud-based transactions, but those will be coming through at very high margin.

只是資訊——本質上，我們可能會看到，每筆交易的收入可能會略有下降，但來自基於雲端的交易，但這些收入將以非常高的利潤率實現。

So we should think about that in our modeling.

所以我們應該在建模中考慮這一點。

Yes.

是的。

As we think about our technology, it's really going to be, let's call it, across 3 different kinds of categories, okay?

當我們思考我們的技術時，我們可以這麼稱呼它，它確實會跨越 3 種不同的類別，好嗎？

One is we're going to get service type of -- recurring service and licensing type of revenues from projects like Mozambique, okay?

一是我們將從莫三比克等項目中獲得服務類型——經常性服務和授權類型的收入，好嗎？

Those installations then are going to lead to further transactional types of revenues that we get from the other 21 banks that are involved in that particular central switching infrastructure.

這些安裝將為我們從參與該特定中央交換基礎設施的其他 21 家銀行獲得更多交易類型的收入。

And then we're also -- we're going to get more transactions.

然後我們還將獲得更多交易。

And as you say, we believe that better margins, whether it's from like connecting with the Xooms of the world or the Finablrs of the world or developing product like the AppleCare that we've just talked about here.

正如你所說，我們相信更好的利潤，無論是來自與世界上的 Xooms 或 Finablrs 的聯繫，還是開發像我們剛才在這裡討論的 AppleCare 這樣的產品。

So there's going to be several different areas that we would see the revenue come in.

因此，我們將在幾個不同的領域看到收入。

But I would tell you that our strongest interest is to see that it is driving continuing recurring monthly transaction type of numbers that would give us better margins per transaction.

但我想告訴你，我們最感興趣的是看到它正在推動持續的每月重複交易類型的數字，這將為我們每筆交易帶來更好的利潤。

So I think that's where we'll probably see it more than anything.

所以我認為這就是我們最可能看到的地方。

But as we come up with more of those products and have more successes, we'll kind of plug you in to follow it along the way.

但隨著我們推出更多此類產品並取得更多成功，我們會鼓勵您一路跟隨。

But I think for your modeling, I would anticipate that this gives us the ability to continue to drive more transactions at a better margin.

但我認為，對於您的模型，我預計這使我們有能力繼續以更好的利潤推動更多交易。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just one housekeeping item, and I apologize if I missed it.

然後只有一件家務用品，如果我錯過了，我深表歉意。

Did you quantify the tax benefit to EPS this quarter?

您是否量化了本季每股收益的稅收優惠？

We didn't quantify it, but it's kind of in the low double-digit range, so call it $0.10 to $0.12 a share.

我們沒有對其進行量化，但它處於較低的兩位數範圍內，因此將其稱為每股 0.10 美元至 0.12 美元。

And our next question is from Andrew Jeffrey with SunTrust.

我們的下一個問題來自 SunTrust 的 Andrew Jeffrey。

So with regard to XE, what you're talking about in Brexit and how that is affecting the B2B side of your business makes a lot of sense.

因此，關於 XE，您在英國脫歐中談論的內容以及它如何影響您業務的 B2B 方面非常有意義。

Obviously, we read every day in fintech about a lot of capital being invested at high valuations in some of XE's competitors that maybe aren't as profit-oriented as Euronet generally.

顯然，我們每天都會在金融科技領域讀到大量資本以高估值投資於 XE 的一些競爭對手，而這些競爭對手可能不像 Euronet 那樣以利潤為導向。

Can you talk a little bit about how XE positions itself competitively in the cross-border market?

能談談XE如何在跨國市場競爭中定位自己嗎？

Is it -- what differentiates XE?

XE 的與眾不同之處是什麼？

And I suppose it's good to see the bounce in transactions with the strengthening of the pound.

我認為看到交易隨著英鎊走強而反彈是件好事。

How confident are you that there isn't a competitive risk from some of these disruptors that, as I said, really aren't maybe as price-focused as Euronet is?

您對其中一些顛覆者不存在競爭風險有多大信心，正如我所說，這些顛覆者實際上可能不像 Euronet 那樣注重價格？

Well, that's an interesting thing.

嗯，這是一件有趣的事。

So -- I mean, for sure, we do have competitors.

所以——我的意思是，我們確實有競爭對手。

They're out there everywhere.

他們無所不在。

A lot -- they've got lots of investor money that they're blowing and giving people everything for near free.

很多——他們有很多投資者的錢，他們正在揮霍，幾乎免費地為人們提供一切。

The nice thing that we have, though, with XE is -- I mean traditionally, we were a higher-price point product.

不過，XE 的好處是——我的意思是傳統上，我們是一款價格較高的產品。

So where these little fintech guys work for somebody sending $3,000 or $4,000, $5,000 or $10,000, where XE's numbers were quite a bit higher.

因此，當這些金融科技小伙子為某人匯款 3,000 美元、4,000 美元、5,000 美元或 10,000 美元時，XE 的數字要高得多。

They might be $13,000 for an individual and $50,000 for a CFO of a small, medium-size kind of enterprise.

對於個人來說可能是 13,000 美元，對於中小型企業的財務長來說可能是 50,000 美元。

So we've kind of -- we originally went upscale that way.

所以我們最初就是這樣走高檔路線的。

What's interesting, though, is I think the fintech competitors have shown us that there's a big market for us, downscale or medium scale, you might say.

不過，有趣的是，我認為金融科技競爭對手已經向我們展示了我們有一個很大的市場，無論是小規模還是中等規模，你可能會說。

And since we have redone our -- both our website and our apps, we've been acquiring a lot more of these transactions in this middle range.

自從我們重新設計了我們的網站和應用程式以來，我們已經獲得了更多的中等範圍的此類交易。

So we do see competition, but we also see a larger market, you might say.

所以你可能會說，我們確實看到了競爭，但我們也看到了更大的市場。

And I would add to that when you ask what really attracts them is we've got a very efficient compliance process because -- and that's really one of our advantages in this business because a lot of these start-up folks are struggling, and you're beginning to see more of their struggles publicly with things like compliance.

當你問真正吸引他們的是我們有一個非常高效的合規流程時，我想補充一點，因為——這確實是我們在這個行業的優勢之一，因為很多新創公司都在苦苦掙扎，而你他們開始更公開看到他們在合規等問題上的掙扎。

All of the regulators that we deal with, whether it's in the United States, it's Europe, wherever it is, are concerned with compliance.

我們打交道的所有監管機構，無論是在美國還是歐洲，無論在哪裡，都關心合規性。

And some of these folks that start up don't have the same level of attention to compliance.

其中一些剛起步的人並沒有對合規性給予同等程度的關注。

So we've really worked on really making that an efficient, effective process.

因此，我們確實致力於使其成為一個高效、有效的流程。

When they come in, they go through compliance, and then they find that the engine is easy to use.

當他們進來時，他們會進行合規性檢查，然後他們發現引擎很容易使用。

It's simple.

這很簡單。

It's got attractive competitive rates.

它具有極具吸引力的競爭性價格。

And so that kind of experience is a lot better than what they've ever received before, certainly, at a traditional bank.

因此，這種體驗當然比他們以前在傳統銀行獲得的體驗要好得多。

I think one of our advantages against some of the other fintech guys is our compliance and how well we've got that process honed.

我認為我們相對於其他一些金融科技公司的優勢之一是我們的合規性以及我們對流程的磨練程度。

So we've seen more and more subscriptions.

所以我們看到越來越多的訂閱。

But we'll really welcome the opportunity as we get through this Brexit thing to get the steam back at it.

但當我們解決脫歐問題時，我們真的很歡迎有機會重新獲得動力。

And our next question is from Mayank Tandon with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mayank Tandon。

Mike, on the EFT side, could you talk about the time line on expanding more aggressively in Southeast Asia and Lat Am and when we can expect that to start maybe contributing to revenue growth and transaction growth on the EFT side?

麥克，在電子轉帳方面，您能談談在東南亞和拉丁美洲更積極擴張的時間表嗎？我們預計何時開始可能有助於電子轉帳方面的收入增長和交易增長？

Okay.

好的。

So to get into a new country is a bit of a challenge, okay, because you've got to -- in most all the countries in the world that aren't English-speaking or aren't EU countries, it's actually not allowed by the regulator to have a nonfinancial institution own and operate an ATM.

因此，進入一個新國家是一個挑戰，好吧，因為你必須這樣做——在世界上大多數非英語國家或非歐盟國家中，這實際上是不允許的監管機構允許非金融機構擁有並運營ATM。

So that makes -- it's kind of slow-going at first because you've got to get in there.

所以一開始進展有點緩慢，因為你必須進入那裡。

You've got to find a potential sponsor bank for Visa and Mastercard.

您必須為 Visa 和 Mastercard 找到潛在的贊助銀行。

And number two is then you take that sponsor bank into the regulator, and you get the regulator to basically change its rules.

第二，然後你將贊助銀行帶入監管機構，然後你讓監管機構從根本上改變其規則。

This takes -- I mean in the current market that we're in where we only have 60 ATMs, that took 2 full years.

這需要——我的意思是，在當前市場上，我們只有 60 台 ATM，花了整整兩年的時間。

And we've been working on -- we were working on them long before Visa changed its rules because we had a -- we could kind of smell that the rules would change.

我們一直在努力——早在 Visa 改變規則之前我們就已經在努力了，因為我們有——我們可以感覺到規則將會改變。

And so we've been working on -- we're working on about 5 other markets right now.

所以我們一直在努力——我們現在正在開發大約 5 個其他市場。

And so whenever I can get one to bust, when the regulator says go out, then I will go into that next market.

因此，只要我能讓一個市場破產，當監管機構要求退出時，我就會進入下一個市場。

We feel rather confident that we'll get one maybe in the first quarter of next year, but we'll just have to wait and see.

我們很有信心，我們可能會在明年第一季得到一個，但我們只能拭目以待。

And in the meantime, the one that we've got working, the math on it is excellent, and we've only got 60 ATMs now but plans for a big expansion throughout next year.

同時，我們正在使用的 ATM 機的數學計算非常出色，我們現在只有 60 台 ATM 機，但計劃在明年進行大規模擴張。

And so where it will make -- it will actually move our needle.

因此，它將真正改變我們的方向。

60 ATMs, no matter how good they do, don't really move our needle because our EFT division is just darn big.

60 台 ATM，無論它們做得有多好，都不會真正改變我們的情況，因為我們的 EFT 部門實在是太大了。

But by next year, we'll definitely do so.

但到明年，我們肯定會這樣做。

That's helpful.

這很有幫助。

And then very quickly, Rick, could you comment on capital allocation, especially given the stock is off its highs?

然後很快，里克，您能否對資本配置發表評論，特別是考慮到該股已脫離高點？

Would you consider a buyback?

會考慮回購嗎？

Or is M&A still the main theme that you're looking at from a capital allocation perspective?

或者說，從資本配置的角度來看，併購仍然是您所關注的主題嗎？

Any thoughts around that would be very helpful.

任何有關此的想法都會非常有幫助。

Well, as we did in the third quarter, we bought when we saw some pressure on the price.

嗯，就像我們在第三季所做的那樣，當我們看到價格面臨一些壓力時我們就買了。

So I guess as we've said in the past, if we see some dislocation, we're prepared to do that.

所以我想正如我們過去所說的，如果我們看到一些混亂，我們就準備好這樣做。

But we wouldn't probably state -- we don't have any specific plan or number in mind.

但我們可能不會說——我們沒有任何具體的計劃或數字。

But if opportunity presents itself, we might be buying some.

但如果機會出現，我們可能會買一些。

And acquisition.

以及收購。

And acquisition, we're just -- we're always looking at them.

至於收購，我們一直在關注它們。

There's several on the examination table.

檢查台上有好幾張。

It's just a matter of whether or not we get them to the finish line.

這只是我們能否讓他們到達終點的問題。

We've had some that looked quite promising and fell apart in the latter days because of issues that we found.

我們有一些看起來很有前途的項目，但由於我們發現的問題，在後來的幾天裡就崩潰了。

We continue to see that there's some maybe irrational exuberance expressed in some of the valuations out there.

我們繼續看到一些估值可能表現出一些非理性的繁榮。

So if we can see that the valuations line up with how we can see that we can make money, if they're fundamental growth engines, we're not interested in just being what we would call Pac-Man acquisition.

因此，如果我們能夠看到估值與我們能夠賺錢的方式一致，如果它們是基本的成長引擎，我們就不會對僅僅成為我們所說的吃豆人收購感興趣。

We're interested in growth engines to our business.

我們對我們業務的成長引擎感興趣。

So we continue to look.

所以我們繼續尋找。

And at some point, I'm sure we'll be successful in finding one.

在某些時候，我確信我們會成功找到一個。

But stay tuned.

但請繼續關注。

We'll keep the examination process going.

我們將繼續進行檢查過程。

All right, operator, I think that should probably be the last question because we're at the top of the hour.

好吧，接線員，我認為這可能是最後一個問題，因為我們正處於最高峰。

And I'd like to thank everybody who joined us today.

我要感謝今天加入我們的所有人。

And I look forward to communicating some of our good stuff we've got in the hopper over the next several weeks.

我期待在接下來的幾週內傳達我們在料斗中獲得的一些好東西。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。