Euronet Worldwide Inc (EEFT) 2019 Q4 法說會逐字稿

Greetings, and welcome to the Euronet Worldwide Fourth Quarter and Full Year 2019 Earnings Conference Call.

大家好，歡迎參加 Euronet 全球 2019 年第四季和全年財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

It is now my pleasure to introduce your host, Mr. 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 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, Chris.

謝謝你，克里斯。

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'll present our results for the fourth quarter and full year 2019 on this call.

我們將在本次電話會議上公佈 2019 年第四季和全年的業績。

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

我們有董事長兼執行長 Mike Brown；里克‧韋勒 (Rick Weller)，我們的財務長；我們 epay 部門的執行長 Kevin Caponecchi 也參加了電話會議。

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 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 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，並且不向任何人承擔在任何情況下提供任何此類更新的義務。

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

此外，PowerPoint 簡報還包括我們將在電話會議期間使用的非 GAAP 財務指標與最具可比性 GAAP 指標的調整表。

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。

Rick?

瑞克？

Thank you, Jeff, and thank you to everyone who is joining us here today.

謝謝你，傑夫，也謝謝今天加入我們的所有人。

I will begin my comments on Slide 5. We delivered fourth quarter revenue of $694 million, adjusted operating income of $107 million and adjusted EBITDA of $142 million.

我將從投影片 5 開始發表評論。我們第四季的營收為 6.94 億美元，調整後營業收入為 1.07 億美元，調整後 EBITDA 為 1.42 億美元。

Our adjusted EPS for the fourth quarter was $1.63, a 19% year-over-year increase and the seventh consecutive quarter we have delivered double-digit adjusted EPS growth.

我們第四季的調整後每股收益為 1.63 美元，年增 19%，並且我們連續第七個季度實現了兩位數的調整後每股收益成長。

This strong growth was driven by double-digit operating income contributions from our EFT and epay segments and continued strength in our international remittance business as well as a couple cents of income tax benefit.

這種強勁的成長是由我們的電子轉帳和電子支付部門兩位數的營業收入貢獻、國際匯款業務的持續強勁以及幾美分的所得稅優惠推動的。

Next slide, please.

請下一張投影片。

Slide 6 shows our 3-year transaction trends by segment.

投影片 6 顯示了我們按細分市場劃分的 3 年交易趨勢。

EFT transactions grew 14%, driven by expansion of our ATM and point-of-sale networks in Europe and Asia, and including 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.

由於我們在歐洲和亞洲的 ATM 和銷售點網路的擴張，包括我們本地和國際提款和存款交易以及 ATM 和銷售點增值交易的增長，EFT 交易增長了 14%。銷售終端，包括動態貨幣兌換、國內和國際附加費以及外幣分配。

Epay transactions grew 27%, 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 transactions.

Epay 交易量增加了27%，這得益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，與我們更傳統的基於佣金的收入交易相比，每筆交易賺取的收入很少。

Money Transfers grew 4%.

匯款成長了 4%。

This growth was the result of double-digit expansion out of our U.S. outbound and international-originated sends, partially offset by continued softness in our intra-U.

這一增長是美國出境和國際發送量兩位數增長的結果，但部分被美國境內的持續疲軟所抵消。

S. Money Transfer business.

S. 匯款業務。

Next slide, please.

請下一張投影片。

Slide 7 presents our results on an as-reported basis.

投影片 7 展示了我們根據報告得出的結果。

Year-over-year, most of the major currencies where we operate declined at low to 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低至中個位數的匯率下跌。

To normalize the impact of currency fluctuations, we have presented our results as 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。

Next slide, please.

請下一張投影片。

I'm on Slide 8 now.

我現在在幻燈片 8 上。

Here you can see that for the fourth quarter, EFT revenue grew 23%.

在這裡您可以看到第四季度的 EFT 收入成長了 23%。

Adjusted operating income grew 85% and adjusted EBITDA grew 58%.

調整後營業收入成長 85%，調整後 EBITDA 成長 58%。

These very strong double-digit growth rates were the result of a 14% increase in ATMs and transactions, new outsourcing agreements, and our ability to offer DCC on all cards worldwide.

這些非常強勁的兩位數成長率是 ATM 和交易量成長 14%、新的外包協議以及我們在全球所有卡片上提供 DCC 的能力的結果。

Adjusted operating income and adjusted EBITDA also included a onetime VAT benefit of approximately $8 million.

調整後營業收入和調整後 EBITDA 還包括約 800 萬美元的一次性增值稅福利。

Even without the VAT benefit, we still produced a staggering 50% increase in profit expansion and a year-over-year expansion in operating margin.

即使沒有增值稅優惠，我們的利潤成長仍然驚人地成長了 50%，營業利潤率也較去年同期成長。

Epay fourth quarter revenue grew 4%.

Epay第四季營收成長4%。

Adjusted operating income grew 17% and adjusted EBITDA grew 8% -- 18%, I'm sorry.

調整後營業收入成長了 17%，調整後 EBITDA 成長了 8% - 18%，抱歉。

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

這些強勁的成長率是我們數位媒體產品和 SaaS 解決方案持續擴展的結果。

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

由於我們繼續看到印度錢包驅動的行動儲值交易的組合更加強勁，每筆交易的收入和毛利都有所上升。

However, operating margins expanded nicely; in fact, a new high watermark for the epay quarterly operating margins.

然而，營業利潤率卻大幅成長；事實上，epay 季度營業利潤率創下新高。

Overall this was an excellent fourth quarter for epay.

總體而言，對於 epay 來說，第四季度表現非常出色。

The fourth quarter was the fifth consecutive quarter, and 2019 the second consecutive year, where epay has delivered double-digit operating income growth.

第四季是epay連續第五個季度、2019年連續第二年實現營業收入兩位數成長。

Money Transfer grew 4% and adjusted operating income and adjusted EBITDA declined 7% and 5%, respectively.

Money Transfer 成長 4%，調整後營業收入和調整後 EBITDA 分別下降 7% 和 5%。

We continued to see strong double-digit growth from our U.S. outbound and international-originated remittances, which were offset by constrained growth from our XE business stemming from continued economic Brexit uncertainties in the U.K., and softness in the intra-U.

我們的美國境外匯款和國際匯款繼續保持兩位數的強勁增長，但由於英國脫歐經濟持續不確定性以及美國國內經濟疲軟，XE 業務的增長受到限制，從而抵消了這一增長。

S. Transfer business.

S.轉讓業務。

Keep in mind that the vast majority of our remittance business is international, which continues to grow at nice double-digit rates.

請記住，我們的絕大多數匯款業務都是國際匯款業務，並且繼續以兩位數的速度成長。

This strong growth combined with several exciting developments in the pipeline give us confidence that the Money Transfer Segment will post improving results as we move through the year 2020.

這種強勁的成長加上正在醞釀中的幾項令人興奮的發展，讓我們相信，隨著 2020 年的到來，匯款領域將取得更好的業績。

Next, Slide 10, to discuss a few comments on the full year results.

接下來，投影片 10，討論對全年業績的一些評論。

Here on Slide 10, you can see our 2019 results compared to 2018.

在投影片 10 上，您可以看到我們 2019 年的結果與 2018 年的比較。

Since we have previously provided you all of the quarterly details, I will not restate them again here.

由於我們之前已經向您提供了所有季度詳細信息，因此我不會在此再次重述。

However, I would like to point out that all of our consolidated constant currency results grew at strong double-digit year-over-year rates.

然而，我想指出的是，我們所有的綜合固定匯率業績均以強勁的兩位數年成長率成長。

Full year adjusted EPS was $7.01, a 27% year-over-year increase.

全年調整後每股收益為 7.01 美元，年增 27%。

This was the seventh consecutive year we have posted double-digit growth in adjusted EPS, which included contributions from each of our 3 segments.

這是我們調整後每股盈餘連續第七年實現兩位數成長，其中包括我們三個部門各自的貢獻。

Now let's go to Slide 14 and talk about the balance sheet.

現在讓我們轉到投影片 14 來討論資產負債表。

Skipping over to 14 here.

這裡跳到14。

On a year-over-year basis, our balance sheet continued to strengthen.

與去年同期相比，我們的資產負債表持續增強。

As we noted in our press release, we have revised the presentation of our balance sheet to include 3 new balance sheet captions entitled ATM Cash, Settlement Assets and Settlement liabilities, Obligations, including the related cash components of ATM and settlement cash.

正如我們在新聞稿中指出的，我們修改了資產負債表的列報方式，包括3 個新的資產負債表標題，分別為ATM 現金、結算資產和結算負債、債務，包括ATM 和結算現金的相關現金部分。

We made this change to better align settlement assets with settlement obligations.

我們做出這項改變是為了更好地調整結算資產與結算義務。

We have updated the prior year amounts to conform to the current year presentation.

我們更新了上一年度的金額以符合本年度的陳述。

Unrestricted cash increased as a result of cash generated from operations partially offset by share repurchases and capital expenditures, including ATM purchases.

由於營運產生的現金被股票回購和資本支出（包括 ATM 購買）部分抵消，因此不受限制的現金增加。

The debt increased year-over-year as a result of the new convertible bonds and Eurobonds issued earlier in 2019.

由於 2019 年初發行的新可轉換債券和歐洲債券，債務較去年同期增加。

The combination of cash available on our balance sheet and approximately $1 billion of availability on our revolver, give us capital flexibility to drive future growth.

我們資產負債表上的可用現金和左輪手槍上約 10 億美元的可用資金相結合，為我們提供了推動未來成長的資本靈活性。

The strength of our balance sheet continues to allow us to be successful in the competitive environment in which we operate.

我們的資產負債表實力持續使我們能夠在經營的競爭環境中取得成功。

As I close, I think it bears repeating that this was another exceptional year for Euronet, where we delivered on our strategy to add more products, both physical and digital, to more markets around the world.

在我結束演講時，我認為值得重申的是，對於 Euronet 來說，今年又是非凡的一年，我們實施了向全球更多市場添加更多實體和數位產品的策略。

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, for joining us today.

謝謝里克，也謝謝大家今天加入我們。

I'll begin my comments on Slide #16.

我將從幻燈片 #16 開始我的評論。

First, I'll start by repeating what Rick said.

首先，我將重複里克所說的話。

This was another exceptional year for Euronet, the seventh consecutive year that we've delivered double-digit growth in adjusted EPS.

對 Euronet 來說，今年又是不平凡的一年，這是我們調整後每股盈餘連續第七年實現兩位數成長。

There are not many companies out there that can say that they've had such consistently strong growth.

能夠說自己擁有如此持續強勁成長的公司並不多。

This is a testament to our exceptional teams around the world and their focus to continue to improve our product portfolio, our global reach and the technology that enables our payment network.

這證明了我們在世界各地擁有優秀的團隊，以及他們致力於繼續改進我們的產品組合、我們的全球影響力以及支持我們的支付網路的技術。

Let me begin my specific comments regarding this Slide 16 by giving you several examples of our technology-driven successes this quarter.

首先，我將透過向您提供本季我們技術驅動的成功的幾個範例來開始我對這張投影片 16 的具體評論。

You will notice that these are wins from all 3 segments of our business, as a result of our cross-segment technology platform that spans our entire business.

您會注意到，這些都是我們業務所有 3 個部門的勝利，得益於我們跨越整個業務的跨部門技術平台。

As it relates to the REV category on this slide, you may have read in our press release from a few weeks ago regarding our rebrand of the Digital Integrated Payments Cloud and why we did it.

由於它與這張投影片上的 REV 類別相關，您可能已經閱讀了幾週前我們的新聞稿，內容涉及我們對數位整合支付雲端的品牌重塑以及我們這樣做的原因。

The Digital Integrated Payments Cloud was quite a mouthful.

數位整合支付雲相當拗口。

I know I've talked to a number of you about this and kind of laughed at ourselves.

我知道我已經和你們中的很多人談論過這個問題，並且有點自嘲。

And although descriptive, it didn't fully capture the significance of the solution.

儘管具有描述性，但它並沒有完全體現解決方案的重要性。

We chose the name REN for our new switch because it represents a new way of doing things, a renaissance, if you will, for payment switching.

我們為新開關選擇了 REN 這個名稱，因為它代表了一種新的做事方式，如果你願意的話，可以說是支付轉換的復興。

In a similar thought process to that, the REV payments cloud allows us to create revolutionary products and drives revenue for us and our partners.

按照與此類似的思維過程，REV 支付雲端使我們能夠創造革命性的產品，並為我們和我們的合作夥伴增加收入。

So the base of our technology is a great switch, and the cloud surrounding it really drives our revenue growth and makes money for all of our partners.

因此，我們技術的基礎是一個偉大的交換機，而圍繞它的雲端確實推動了我們的收入成長，並為我們所有的合作夥伴賺錢。

The underlying technology remains the same as does its purpose of providing developers with API access to Euronet software technology platforms, services, product, networks of ATMs, POS terminals, and Ria money transfer locations and payouts.

底層技術與其目的保持不變，即為開發人員提供對 Euronet 軟體技術平台、服務、產品、ATM 網路、POS 終端以及 Ria 匯款地點和支付的 API 存取。

In Asia, let's start with our first one, we signed a global ATM DCC agreement with a very nice bank, Standard Chartered Bank, to provide pass-through ATM DCC across 14 countries in Asia and Africa through a single connection to a proprietary interbank intercountry network developed by Euronet specifically for Standard Chartered Bank, made possible by our REV payments cloud.

在亞洲，讓我們從第一個開始，我們與一家非常好的銀行渣打銀行簽署了全球ATM DCC 協議，透過與專有銀行間國家/地區的單一連接，在亞洲和非洲14 個國家/地區提供直通ATM DCC Euronet 專門為渣打銀行開發的網絡，透過我們的 REV 支付雲實現。

We also announced last week our partnership with Amazon Pay in India, where we are providing integration and content aggregation services for mobile recharges, bill payments, gift cards and other offerings to Amazon India.

上週我們也宣布與印度的 Amazon Pay 建立合作關係，為亞馬遜印度的行動儲值、帳單支付、禮品卡和其他產品提供整合和內容聚合服務。

Through our REV payments cloud, Amazon can now have access to our portfolio of payment vendors through a single API connection.

透過我們的 REV 支付雲，亞馬遜現在可以透過單一 API 連接存取我們的支付供應商組合。

They are already live with their first biller under this agreement, and expect to launch several more billers in the coming months.

根據該協議，他們已經啟用了第一個計費器，並預計在未來幾個月內推出更多計費器。

And as I'm asked from time to time, how does this technology come into play in the cash-based part of Euronet's business?

正如我不時被問到的那樣，這項技術如何在 Euronet 業務的現金部分中發揮作用？

Well, interestingly enough, a recent Wall Street Journal article, I think it was last week, perfectly described the current payments environment in which cash and digital payment methods coexist in almost all global markets, they're both growing.

好吧，有趣的是，最近《華爾街日報》的一篇文章，我認為是上週，完美地描述了當前的支付環境，其中現金和數位支付方式在幾乎所有全球市場中共存，它們都在增長。

This supports our thesis that our powerful technology and expansive network of assets place us in a perfect position to expand our digital presence to enable other fintech companies, while being right here at the nexus between the digital and physical payments experience, both of which are growing.

這支持了我們的論點，即我們強大的技術和廣泛的資產網絡使我們處於完美的位置，可以擴大我們的數位業務，以支持其他金融科技公司，同時處於數位和實體支付體驗之間的聯繫，這兩種體驗都在成長。

To that end, here is an example of two agreements we launched in the quarter that highlight this unique market position.

為此，以下是我們在本季推出的兩項協議的範例，突顯了這一獨特的市場地位。

First, we continue to expand our market deposit agreement launching a cash deposit network participation agreement with cardless payments -- cardless payouts for DHL Courier services.

首先，我們繼續擴大我們的市場存款協議，推出無卡支付的現金存款網路參與協議——DHL快遞服務的無卡支付。

We now have agreements with several banks and hundreds of merchants that allow customers to make an online purchase and pay for it with cash when the item is delivered to their door.

我們現在與多家銀行和數百家商家簽訂了協議，允許客戶進行線上購買，並在商品送貨上門時用現金付款。

The courier can then deposit the cash at Euronet ATMs as they go through their route, to reduce the risk of carrying cash all day long.

然後，快遞員可以在途中將現金存入 Euronet ATM，以降低全天攜帶現金的風險。

I'd like to highlight that these cash deposits aren't good to sound bite for this presentation.

我想強調的是，這些現金存款並不適合本次示範。

But that last year, we processed more than USD 4 billion worth of deposits in just one market last year.

但去年，我們光是在一個市場就處理了價值超過 40 億美元的存款。

We also implemented a real-time payments agreement with Federal Bank in India that allows for real-time deposit of cash-based remittances to any bank account holder in India through UPI, India's real-time payment system.

我們還與印度聯邦銀行實施了即時支付協議，允許透過印度的即時支付系統 UPI 將現金匯款即時存入印度的任何銀行帳戶持有人。

Both of these agreements highlight our ability to use our powerful technology to provide digital options in cash-preferred economies.

這兩項協議都凸顯了我們利用強大技術在現金偏好經濟體中提供數位選擇的能力。

These are just a few examples of our technology achievements, and I will highlight more as we move through the segment discussion.

這些只是我們技術成就的幾個例子，在我們進行分段討論時我將重點放在更多內容上。

And finally, as an update on REN, our deployment of REN in Mozambique is on track, and this quarter we expanded that same agreement to include prepaid functionality.

最後，作為 REN 的更新，我們在莫三比克的 REN 部署已步入正軌，本季度我們擴展了同一協議以包括預付費功能。

We continue to receive strong interest after our November Technology Conference in Bangkok and hope to provide additional updates in the coming quarters.

11 月在曼谷舉行的技術會議之後，我們繼續收到了濃厚的興趣，並希望在未來幾季提供更多更新。

So now let's move on to Slide #20, and we'll talk about EFT for a few minutes.

現在讓我們繼續看投影片 #20，我們將討論 EFT 幾分鐘。

Slide 20.

投影片 20。

Our EFT team delivered another exceptional year.

我們的 EFT 團隊又迎來了非凡的一年。

During the fourth quarter, we launched an ATM network participation agreement and value-added service agreement with ATTICA Bank in Greece, whereby ATTICA customers can use Euronet's ATMs under similar terms to their own bank.

第四季度，我們與希臘ATTICA銀行簽署了ATM網路參與協議和增值服務協議，ATTICA客戶可以按照與自己銀行類似的條款使用Euronet的ATM。

We enabled ATM cash recycling and cardless, direct deposits for Commercial Bank of Ceylon in Sri Lanka.

我們為斯里蘭卡錫蘭商業銀行啟用了 ATM 現金回收和無卡直接存款。

In addition to these launches, we signed a POS switching agreement with COSMOTE Deutsche Telekom group in Greece and a DCC agreement with Yes Bank, one of India's largest private sector banks.

除了這些推出之外，我們還與希臘 COSMOTE 德國電信集團簽署了 POS 轉換協議，並與印度最大的私人銀行之一 Yes Bank 簽署了 DCC 協議。

We also renewed several agreements during the quarter, including our ATM network participation agreement with BNP Paribas Group in Ukraine, an ATM driving and switching agreement with Oriental Bank of Commerce and a UPI -- India's real-time payment system -- gateway service agreement for Indian Overseas Bank.

我們還在本季續簽了多項協議，包括與烏克蘭法國巴黎銀行集團的 ATM 網路參與協議、與東方商業銀行的 ATM 驅動和交換協議以及印度即時支付系統 UPI 網關服務協議。印度海外銀行。

Next slide, please.

請下一張投影片。

Slide 21.

幻燈片 21。

During the quarter, we signed several new agreements in Asia.

本季度，我們在亞洲簽署了幾項新協議。

We signed an issuer processing agreement with PT Bank Artos in Indonesia, and a cloud-based multifactor authorization agreement with Cargills Bank in Sri Lanka.

我們與印尼的 PT Bank Artos 簽署了發行人處理協議，並與斯里蘭卡的嘉吉銀行簽署了基於雲端的多因素授權協議。

In Indonesia, we signed an agreement with Bank Central Asia, the country's largest private bank, to offer DCC on their network of more than 17,000 ATMs.

在印度尼西亞，我們與該國最大的私人銀行中亞銀行簽署了一項協議，在其 17,000 多台 ATM 網路上提供 DCC。

We also signed an agreement with EbixCash in India to provide multi-currency and ForEx prepaid cards.

我們也與印度的 EbixCash 簽署了提供多幣種和外匯預付卡的協議。

Euronet, through REV, will be hosting these cards on our card management system, authorizing transactions against the balances on the card, switching transactions to Visa and MasterCard as well as handling reconciliation and settlement for these transactions.

Euronet 將透過 REV 將這些卡片託管在我們的卡片管理系統上，根據卡片上的餘額授權交易，將交易切換到 Visa 和 MasterCard，並處理這些交易的對帳和結算。

Finally, we finished the quarter with 46,000 active ATMs, up 14% year-over-year increase.

最後，本季末，我們的活躍 ATM 數量達到 46,000 台，年增 14%。

During the quarter, we added more than 900 high-value ATMs, while we deinstalled 170 at YourCash and seasonally deactivated 3,640 ATMs.

本季度，我們增加了 900 多台高價值 ATM，同時在 YourCash 上拆除了 170 台，並季節性停用了 3,640 台 ATM。

We acquired a small ATM outsourcing network with about 1,800 ATMs, which will not be dilutive to our earnings in 2020.

我們收購了一個小型 ATM 外包網絡，擁有約 1,800 台 ATM，這不會稀釋我們 2020 年的收入。

For the full year, we deployed more than 4,200 ATMs ahead of our 3,500 to 4,000 goal for 2019.

全年我們部署了 4,200 多台 ATM，超越了 2019 年 3,500 至 4,000 台的目標。

You also recall that about 12 to 18 months ago, we were beginning to see more ATM outsourcing opportunities.

您還記得，大約 12 到 18 個月前，我們開始看到更多 ATM 外包機會。

And during the year, we added almost 1,800 outsourced ATMs and in addition to that, acquired another 1,800, consistent with our strategy.

在這一年裡，我們增加了近 1,800 台外包 ATM 機，此外，根據我們的策略，還採購了另外 1,800 台。

Our total ATM count now is more than 50,000 and between the deployed and outsourced ATMs we added in 2019 as well as the 1,800 ATMs we acquired, we will enter 2020 with more than 7,000 additional high-value ATMs than we started the year in 2019.

目前，我們的 ATM 總數已超過 50,000 台，加上我們在 2019 年添加的部署和外包 ATM 以及我們收購的 1,800 台 ATM，進入 2020 年，我們將比 2019 年年初增加 7,000 多台高價值 ATM。

Given our proven ability to deploy ATMs and the expansive opportunities that we continue to see both inside and outside of Europe, we expect that we can add more than 4,000 ATMs again in 2020.

鑑於我們部署 ATM 的能力已得到證實，並且我們在歐洲內外不斷看到廣泛的機會，我們預計 2020 年可以再次增加 4,000 多台 ATM。

With strong double-digit growth across all metrics, it was another outstanding year for the EFT team.

所有指標均實現兩位數的強勁成長，這對 EFT 團隊來說又是出色的一年。

Now let's move to Slide #25, and we will talk about epay.

現在讓我們轉到投影片 #25，我們將討論 epay。

Slide 25.

投影片 25。

I'm extremely proud of epay's success and the continued transformation of their business into a leading global digital media content and SaaS solutions provider.

我對 epay 的成功及其業務持續轉型為全球領先的數位媒體內容和 SaaS 解決方案提供者感到非常自豪。

Their success is reflected in the results and their fifth consecutive quarter and second consecutive year where they have delivered double-digit operating income growth.

他們的成功反映在業績上，並且連續第五個季度和連續第二年實現了兩位數的營業收入成長。

This transformation has resulted in gross profit from digital media, which made up 76% of epay's gross profit in the quarter, and 72% for the entire year versus 69% in the prior year 2018.

這項轉型帶來了來自數位媒體的毛利，該數位媒體佔 epay 本季毛利的 76%，佔全年毛利的 72%，而 2018 年為 69%。

During the quarter, we launched AppleCare + as a monthly recurring payment subscription service.

本季度，我們推出了 AppleCare + 作為每月定期付款訂閱服務。

This agreement gives customers a more affordable option for AppleCare and drives attachment to Apple hardware through Target's point-of-sale terminal.

該協議為客戶提供了更實惠的 AppleCare 服務選擇，並推動透過 Target 的銷售點終端連接 Apple 硬體。

In New Zealand, we bought Prezzy -- we brought Prezzy card in-house rather than getting it from a third party.

在新西蘭，我們購買了 Prezzy——我們將 Prezzy 卡帶入內部，而不是從第三方獲取。

Prezzy card is New Zealand's leading open-loop prepaid card, and this will allow us to offer more products to more merchants.

Prezzy卡是紐西蘭領先的開環預付卡，這將使我們能夠向更多商家提供更多產品。

And then in Brazil, we added a catalog of digital media content through pin-on-receipt across an independent network of 56,000 merchants across the country.

然後在巴西，我們透過全國 56,000 家商家的獨立網路透過收據固定添加了數位媒體內容目錄。

And we expanded additional content, like Blizzard gaming and Nintendo eShop, to new countries.

我們也向新的國家擴展了其他內容，例如暴風雪遊戲和任天堂 eShop。

Next slide, please, Slide 26.

請下一張投影片，投影片 26。

In addition to these launches, we signed several agreements that will launch in the coming quarters.

除了這些發布之外，我們還簽署了幾項協議，這些協議將在未來幾季發布。

These include an agreement with Safe2Pay, an alternative payments company in Australia, where we signed an agreement to -- and we also signed an agreement to distribute EA gaming products through Amazon.

其中包括與澳洲一家替代支付公司 Safe2Pay 簽署的協議，我們也簽署了一項透過亞馬遜分銷 EA 遊戲產品的協議。

We also signed an agreement to distribute Microsoft Office through Eptimum, a leading online retailer of software to individuals and businesses and brands.

我們還簽署了一項協議，透過 Eptimum（一家向個人、企業和品牌提供軟體的領先線上零售商）分銷 Microsoft Office。

And as you can see there's a lot of exciting things happening in the epay segment, and it bears repeating that this was a great fourth quarter and a strong finish to a transformative year for our epay segment.

正如您所看到的，epay 領域發生了很多令人興奮的事情，值得重申的是，這是一個偉大的第四季度，也是我們 epay 領域變革的一年的有力收官。

Now let's move on to Slide 30, and we'll talk about the epay segment -- I mean the Ria segment, Money Transfer.

現在讓我們轉到投影片 30，我們將討論 epay 部分——我指的是 Ria 部分，即 Money Transfer。

Our Money Transfer network now reaches almost 400,000 locations across 160 countries.

我們的匯款網路現已覆蓋 160 個國家的近 40 萬個地點。

During the quarter, we launched 22 new correspondents in 20 countries, including new mobile wallet services in Kenya, Uganda, Burundi, Zimbabwe, Croatia and the Democratic Republic of Congo.

本季度，我們在 20 個國家推出了 22 個新代理商點，其中包括在肯亞、烏幹達、蒲隆地、辛巴威、克羅埃西亞和剛果民主共和國推出的新行動錢包服務。

I think it is important here to pause and to explain the significance of these new mobile wallet services.

我認為在這裡暫停並解釋這些新的行動錢包服務的重要性很重要。

Over the last several years, we have placed a significant focus on building a great physical network, which we have now grown to over 400,000 locations, and it's the second largest in the world.

在過去的幾年裡，我們非常注重建立一個強大的實體網絡，目前我們的網路已發展到超過 40 萬個地點，並且是全球第二大網路。

And it remains true that about 90% of remittances are still collected in cash, so we will not take our eye off the physical ball.

事實上，大約 90% 的匯款仍然以現金形式收取，因此我們不會將目光從實體球上移開。

However, other forms of remittance delivery are increasing in popularity, including bank and mobile wallet deposits.

然而，其他形式的匯款方式越來越受歡迎，包括銀行和手機錢包存款。

And similar to growing our physical network, we have also been focusing on these digital delivery methods to build a network for the next 20 years.

與發展我們的實體網路類似，我們也一直專注於這些數位交付方法，以建立未來 20 年的網路。

We have now grown our reach to more than 3.2 billion bank accounts globally, with the ability to deliver cash to more than 30 mobile wallets, which we believe may very well be the largest digital money transfer payout network in the world.

現在，我們的業務範圍已擴大到全球超過 32 億個銀行帳戶，能夠向 30 多個行動錢包提供現金，我們相信這很可能是世界上最大的數位匯款支付網路。

Moreover, over 20% of Ria's international outbound volume is deposited into an account.

此外，Ria超過20%的國際出境量存入帳戶。

And this is Ria's fastest-growing payment method.

這是 Ria 成長最快的支付方式。

In fact, including the XE business, cross-border volumes initiated or terminated on a digital buy or into an account represented 59% of our total money transfer segment volume.

事實上，包括 XE 業務在內，透過數位購買或帳戶發起或終止的跨國交易量占我們匯款部門總交易量的 59%。

And our success is a result of building a better payout network, both physical and digital, that is really fueling our growth.

我們的成功是建立更好的實體和數位支付網路的結果，這確實推動了我們的成長。

In addition to these launches, we signed an agreement with 21 other new correspondents across 18 countries, which we will launch in the coming quarters.

除了這些發布之外，我們還與 18 個國家的 21 名新通訊員簽署了一項協議，我們將在未來幾季推出協議。

As you may have seen in the recent press release, Walmart has selected Ria as a second provider of Walmart2World to offer U.S. outbound international money transfer services at Walmart locations in the U.S. and Puerto Rico.

正如您在最近的新聞稿中所看到的，沃爾瑪已選擇 Ria 作為 Walmart2World 的第二家供應商，在美國和波多黎各的沃爾瑪門市提供美國境外國際匯款服務。

We are pleased to have this third expansion of our relationship with Walmart, including payout for U.S. domestic and international inbound remittances, which we signed last year.

我們很高興第三次擴大與沃爾瑪的關係，包括我們去年簽署的美國國內和國際入境匯款的支付。

We are excited to have Walmart2World, powered by Ria, available at all locations across the U.S., as of last Friday in fact, and look forward to working with Walmart to provide their customers with excellent FX rates, product assortment and outstanding service.

我們很高興自上週五起，由 Ria 提供支援的 Walmart2World 已在美國所有地點推出，並期待與 Walmart 合作，為其客戶提供卓越的匯率、產品種類和卓越的服務。

During the quarter, we also signed 3 important new agent agreements, all of which were competitive wins.

本季度，我們還簽署了 3 份重要的新代理協議，所有這些都是有競爭力的勝利。

In Belgium, we signed the Belgian Postal Service, or Bpost, to offer Ria's money transfer services on an exclusive basis across its more than 600 post offices and partner locations.

在比利時，我們與比利時郵政服務 (Bpost) 簽約，在其 600 多個郵局和合作夥伴網點獨家提供 Ria 匯款服務。

And in Austria, you will see a press release shortly announcing that Ria has signed bank99, Austria Post's new banking and financial entity, to provide its customers with Ria's domestic and international money transfer services to its network of over 750 bank branches and partner locations.

在奧地利，您很快就會看到新聞稿，宣布Ria 已與奧地利郵政的新銀行和金融實體Bank99 簽約，為其客戶提供Ria 的國內和國際匯款服務，該服務由750 多個銀行分行和合作夥伴網點組成。

In both of these countries, the post offices have long been the preferred destinations by customers for money transfer services, and Ria is pleased to be able to provide its outstanding product to their important customer bases.

在這兩個國家，郵局長期以來一直是客戶進行匯款服務的首選目的地，Ria 很高興能夠為其重要客戶群提供其出色的產品。

We also signed an agreement with Travelex North America to offer money transfer and bill payment services at approximately 200 retail locations at airport and other high-traffic locations across the U.S. As I mentioned, these -- all 3 of these were competitive wins and demonstrate that Ria is making important traction unlocking the large surface retail and post office channel, which has largely been dominated by 2 other providers for decades.

我們還與Travelex North America 簽署了一項協議，在全美機場和其他人流量大的地點的大約200 個零售點提供匯款和賬單支付服務。正如我所提到的，所有這3 個服務都是競爭性勝利，並表明： Ria 正在為大型地面零售和郵局管道的解鎖發揮重要作用，該管道幾十年來一直由另外兩家提供者主導。

Finally, we've reached a 4-year partnership with the Atletico de Madrid football team, the 10-time Spanish La Liga champion, becoming the club's new back-of-shirt sponsor.

最後，我們與十屆西班牙西甲冠軍馬德里競技足球隊達成了為期 4 年的合作夥伴關係，成為該俱樂部新的球衣後贊助商。

The Spanish football league, La Liga, is a renowned associate football league with a rich history, and we expect this partnership to provide exceptional brand awareness for Ria around the world.

西班牙足球聯賽西甲是一個擁有悠久歷史的著名足球聯盟，我們希望此次合作能為 Ria 在全球範圍內提供卓越的品牌知名度。

La Liga attracts annual viewership of approximately 3 billion people to its football matches, and Atletico has nearly 300 million fan followers around the world.

西甲每年吸引約 30 億人觀看其足球比賽，馬競在全球擁有近 3 億球迷追隨者。

Most importantly, Atletico has a diverse and renowned roster of players from markets that align with our customer base and activation of our sponsorship activities should provide Ria with tremendous exposure and a closer relationship with our customers as we put more focus on building Ria's brand awareness.

最重要的是，Atletico 擁有來自市場的多元化且知名的球員名單，這些球員與我們的客戶群一致，並且隨著我們更加註重建立Ria 的品牌知名度，我們的贊助活動的激活將為Ria 提供巨大的曝光度並與我們的客戶建立更密切的關係。

We have experienced a few transitory challenges in the Money Transfer Segment in 2019.

2019 年，我們在匯款領域經歷了一些暫時的挑戰。

However, our strong double-digit international remittance growth underscores the strength of our money transfer business, which we believe will return to stronger growth patterns as we move through 2020.

然而，我們強勁的兩位數國際匯款成長凸顯了我們匯款業務的實力，我們相信，隨著 2020 年的到來，該業務將恢復更強勁的成長模式。

And let's not forget that Ria owns roughly 5% of the planet's international remittance market share, growing at strong double-digit rates.

我們不要忘記，Ria 擁有全球約 5% 的國際匯款市場份額，並且以兩位數的速度強勁增長。

If we could just own 10% of this huge market, we would double that business.

如果我們能佔有這個龐大市場的 10%，我們的業務就會翻倍。

That is very exciting.

這非常令人興奮。

Now let's move on to Slide #31, and we'll wrap up the quarter.

現在讓我們繼續看第 31 張投影片，我們將結束本季。

We finished the year strong, with fourth quarter adjusted EPS of $1.63 and a 19% year-over-year increase.

我們今年表現強勁，第四季調整後每股收益為 1.63 美元，較去年同期成長 19%。

We continue to develop and launch leading SaaS solutions that solve problems for our business partners, and bridge the gap between digital payments and cash preferred customers -- consumers.

我們繼續開發和推出領先的 SaaS 解決方案，為我們的業務合作夥伴解決問題，並彌合數位支付和現金偏好客戶（消費者）之間的差距。

EEFT continues to deliver exceptional double-digit growth rates, while continuing to invest in ATM network expansion around the world.

EEFT 持續實現卓越的兩位數成長率，同時持續投資於全球 ATM 網路擴充。

Epay's double-digit earnings growth resulted from continued digital media growth and leading-edge SaaS solutions, and Money Transfer continues to deliver strong double-digit growth in international remittances.

Epay 的兩位數獲利成長得益於持續的數位媒體成長和領先的 SaaS 解決方案，而 Money Transfer 的國際匯款則持續實現強勁的兩位數成長。

The generation of free cash flow continues to strengthen our balance sheet.

自由現金流的產生繼續加強我們的資產負債表。

And as we wrap up, I'd like to brag again on our full year results.

當我們結束時，我想再次吹噓我們的全年業績。

We achieved full year adjusted EPS of $7.01, a 27% year-over-year increase, and the seventh consecutive year we have achieved double-digit earnings growth.

我們實現全年調整後每股收益 7.01 美元，年增 27%，連續第七年實現兩位數盈利增長。

This is a significant accomplishment made possible by our powerful technology of REN and REV, that allows us to add more products and more devices around the world, but also powers products and payments for some of the biggest fintech and retail players in the world.

這是我們強大的REN 和REV 技術實現的一項重大成就，它使我們能夠在世界各地添加更多產品和更多設備，同時也為世界上一些最大的金融科技和零售企業提供產品和支付支持。

As you can see from all of the technology highlights, we are just getting started.

正如您從所有技術亮點中看到的那樣，我們才剛剛開始。

And we expect the first quarter adjusted EPS to be approximately $0.95, assuming consistent foreign exchange rates and share price.

假設外匯匯率和股價保持一致，我們預期第一季調整後每股收益約為 0.95 美元。

And finally, beyond the first quarter of 2020, we expect each of the 3 segments to grow op income for the full year 2020 at the lower end of the double-digit range, reflecting continued expansion and leverage of the business.

最後，在2020 年第一季之後，我們預計3 個細分市場中的每一個細分市場在2020 年全年的營運收入都將成長在兩位數範圍的下限，這反映了業務的持續擴張和槓桿作用。

Our EFT division benefited nicely in 2019 as we were able to expand DCC into international transactions across the globe.

我們的 EFT 部門在 2019 年受益匪淺，因為我們能夠將 DCC 擴展到全球的國際交易中。

As a result, EFT benefited from a significant onetime step-up in operating income.

因此，EFT 受益於營業收入的一次性大幅成長。

Looking forward, we expect growth that is more in line with the deployment of ATMs, especially as we take into account further investments in geographical expansion.

展望未來，我們預計成長將更符合 ATM 的部署，特別是考慮到在地域擴張方面的進一步投資。

And as you know, we are looking for a couple of wildcard REN and outsourcing deals that are difficult to predict their timing and contribution to the bottom line.

如您所知，我們正在尋找一些通配符 REN 和外包交易，這些交易很難預測其時間表和對利潤的貢獻。

But talking to potential customers, these wildcards are real.

但與潛在客戶交談時，這些通配符是真實存在的。

Our epay business posted double-digit op income growth now for 2 consecutive years.

我們的 epay 業務營運收入連續兩年實現兩位數成長。

And together with the continued addition of more digital media around the world, we expect 2020 to be our third sequential year of double-digit operating income growth.

隨著全球數位媒體的不斷增加，我們預計 2020 年將是我們營業收入連續第三年實現兩位數成長。

As for Money Transfer, we're pleased to see strong double-digit growth in our international remittances, which provides some shelter from the intra U.S. transaction softness, and to a lesser extent, the malaise stemming from Brexit uncertainty.

至於匯款，我們很高興看到我們的國際匯款出現兩位數的強勁增長，這為美國內部交易疲軟以及英國脫歐不確定性帶來的不適提供了一定的庇護。

Nonetheless we are focusing on leveraging the international remittance strength as well as implementing recent large surface retail wins.

儘管如此，我們仍專注於利用國際匯款實力以及實現最近的大規模地面零售勝利。

These should create -- prove to be a game changer for us over the next several years.

這些應該會在未來幾年內成為我們的遊戲規則改變者。

So net-net, we expect all 3 segments to grow at lower double-digit rates, contributing to our eighth consecutive year of double-digit adjusted EPS growth.

因此，我們預計所有三個細分市場都將以較低的兩位數成長率成長，這將有助於我們連續第八年實現兩位數的調整後每股盈餘成長。

With that, we would be happy to take questions.

這樣，我們很樂意回答問題。

Operator, will you please assist?

接線員，您能幫忙嗎？

(Operator Instructions) And our first question comes from the line of Andrew Jeffrey with SunTrust.

（操作員說明）我們的第一個問題來自 SunTrust 的 Andrew Jeffrey。

Mike, when you look at Money Transfer, there are obviously some callout interim headwinds.

麥克，當你看看匯款時，顯然存在一些臨時的阻力。

I wonder if you could talk a little bit about how much sort of you think you control your own destiny.

我想知道你是否可以談談你認為你在多大程度上可以控制自己的命運。

In other words, you've had some pretty good agent growth, some nice wins, expansion of the network, and then there's the sort of global migration patterns.

換句話說，你已經有了一些相當好的代理商成長、一些不錯的勝利、網路的擴展，然後就是某種全球遷移模式。

How much do you think is sort of growth in Euronet specific drivers versus the market as a whole at this point?

您認為目前歐洲網路特定驅動因素相對於整個市場的成長有多大？

Well, I mean, when you're -- first, certainly, when you look at international remittances, you can take the World Bank numbers, and they grow between 3% and 4% a year.

嗯，我的意思是，當你——首先，當然，當你查看國際匯款時，你可以查看世界銀行的數據，它們每年增長 3% 到 4%。

And we've got good double-digit kind of low teens growth, at least for the last dozen years.

至少在過去的十幾年裡，我們已經實現了兩位數的低青少年成長。

So that's the reason our market share continues to grow.

這就是我們的市場佔有率持續成長的原因。

And what's exciting to me is if we're growing, what, 4x faster than the market, that means our market share will continue to increase.

讓我興奮的是，如果我們的成長速度比市場快 4 倍，這意味著我們的市佔率將繼續增加。

We only have 5% of it now.

我們現在只有5%。

So I'd look at it as there's 95% to go.

所以我會看一下，因為還有 95% 的時間要完成。

And our -- if we can continue to grow at these rates with international volumes we could get to that 10% market share.

如果我們能夠繼續以這樣的速度成長，我們的國際銷售量就能達到 10% 的市佔率。

And another boost that we're going to get here starting last Friday is, we have 100% of the Walmart locations now doing international remittance with us, using their Walmart2World product, that's powered by Ria.

從上週五開始，我們將迎來的另一個推動因素是，我們 100% 的沃爾瑪門市現在都使用 Ria 提供支援的 Walmart2World 產品與我們進行國際匯款。

So -- and then you add the two post offices and the Travelex and all these other things that we'll be implementing throughout the year, I think we're going to continue to see a nice strong growth.

所以，再加上兩個郵局和通濟隆以及我們將在全年實施的所有其他事情，我認為我們將繼續看到強勁的成長。

And this is -- I don't know what you'd call it, not self-inflicted, but we're the ones who caused this to happen.

這是——我不知道你會怎麼稱呼它，這不是我們自己造成的，但我們是造成這種情況發生的人。

We closed these deals.

我們完成了這些交易。

We won competitively.

我們在競爭中獲勝。

We took these deals away from our competitors, and our market share is going to grow on account of that.

我們從競爭對手手中奪走了這些交易，因此我們的市場份額將會成長。

Okay.

好的。

I appreciate it.

我很感激。

And then also notable commentary around the focus on digital and account-based remittances.

然後還有圍繞數位和基於帳戶的匯款的值得注意的評論。

What gives you an advantage do you think versus some of the disruptive players in the market, sort of cloud-native solutions?

與市場上的一些顛覆性參與者（例如雲端原生解決方案）相比，您認為是什麼為您帶來了優勢？

Are they predominantly taking share from banks?

他們主要從銀行取得股份嗎？

Or what gives you confidence...

或是什麼給了你信心......

Yes.

是的。

I think predominantly from banks.

我認為主要來自銀行。

I mean our technology gives us that difference, that's why a number of these techy kind of new fintech players have used us for their payout.

我的意思是我們的科技給了我們這種差異，這就是為什麼許多這些科技型的新金融科技玩家使用我們來支付他們的費用。

Because there's no way they're going to be able to connect up to 3.2 billion bank accounts to all these wallets and everything as far as payout goes, but we can provide that to them and to ourselves.

因為他們不可能將多達 32 億個銀行帳戶連接到所有這些錢包以及支付方面的一切，但我們可以為他們和我們自己提供這些服務。

And we also have the cash component.

我們還有現金部分。

I mean even if you happen to be a little bit more well-heeled immigrant into a country, you've got a bank account, and you can use a mobile wallet or one of these fintech players to send your money or maybe use riamoneytransfer.com or XE to do this.

我的意思是，即使你碰巧是一個國家的富裕移民，你也有一個銀行帳戶，你可以使用手機錢包或這些金融科技公司之一來匯款，或者可以使用 riamoneytransfer。com 或 XE 來執行此操作。

At the end of the day, a lot of times you need to terminate that money transfer into cash.

歸根結底，很多時候您需要終止將資金轉為現金。

And that's the one thing, we can hit it both ways.

這是一件事，我們可以雙向打擊。

We are truly at that nexus of both digital and physical payments.

我們確實處於數位支付和實體支付的連結之中。

And we're the only guy in town really who has that.

我們是鎮上唯一真正擁有這種能力的人。

And our next question comes from the line of Rayna Kumar with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Rayna Kumar。

Now that you've lapped the Walmart ID requirements, do you expect the money transfer top line growth to return back to the low double-digit growth that you've done historically?

既然您已經滿足了沃爾瑪 ID 要求，您是否預期匯款收入成長會恢復到歷史上兩位數的低成長水準？

Yes.

是的。

So Rayna, we haven't quite lapped it.

Rayna，我們還沒有完全接受它。

I mean what really happened was they started those ID requirements in the last half of 2018, but they really didn't have a significant impact.

我的意思是，真正發生的事情是他們在 2018 年下半年開始實施這些身分要求，但實際上並沒有產生重大影響。

If you might remember, in our January quarter of 2019, we had -- we saw just a tiny bit, didn't even mention it in the fourth quarter of '18.

如果你還記得，在 2019 年 1 月季度，我們只看到了一點點，甚至在 18 年第四季都沒有提及。

In January '19, I think we mentioned we thought maybe a 3% kind of headwind or something like that.

在 19 年 1 月，我想我們提到我們認為可能會出現 3% 的逆風或類似的情況。

But by the time it got to the second quarter, we could really see it.

但到了第二季度，我們才真正看到了這一點。

So I would say our full lapping will probably come after the second quarter of this year.

所以我想說，我們的全面研磨可能會在今年第二季之後進行。

So what happened was, I think, is as more people went in to try to make those money transfers, they -- we just got more kind of word-of-mouth and it slowed things down.

所以，我認為，隨著越來越多的人嘗試進行這些匯款，我們得到了更多的口碑，這使得事情進展緩慢。

So that -- and that's just on the intra-U.

所以——這只是在美國內部。

S. piece of the business, not on our international Money Transfer.

S. 業務的一部分，不在我們的國際匯款上。

So kind of look at full lapping probably pretty close and by the end of the second quarter.

因此，在第二節結束時，完整的繞圈可能已經非常接近了。

And once you pass the second quarter, do you get back to the low double-digit growth after that?

一旦過了第二季度，之後會恢復兩位數的低成長嗎？

We hope so.

我們希望如此。

Certainly.

當然。

Okay.

好的。

And then just moving on to the EFT business.

然後繼續進行電子轉帳業務。

You acquired 1,795 ATMs.

您購買了 1,795 台 ATM。

I see in your press release, you're saying it's not going to be dilutive for the full year.

我在你們的新聞稿中看到，你們說全年的利潤不會被稀釋。

But for the first quarter, are there any upfront costs that would make it dilutive and then ramp up throughout the year?

但對於第一季來說，是否有任何前期成本會使其攤薄，然後在全年中增加？

No, no, no.

不不不。

We're good.

我們很好。

Okay.

好的。

And just finally, on epay.

最後，在 epay 上。

You grew 4% top line growth in the fourth quarter, slower than what you did in the second -- the third quarter, which was 7%.

第四季的營收成長了 4%，低於第二季和第三季的 7%。

Could you just talk about the drivers to that slowdown?

能談談造成經濟放緩的因素嗎？

And how should we -- what should we think of as a sustainable top line growth rate for epay throughout 2020?

我們該如何看待 2020 年 epay 的可持續營收成長率？

Rayna, in the third quarter we had a little bit more revenue that was what we would say, recognized on a gross revenue basis.

Rayna，第三季我們的收入有所增加，這就是我們所說的，在總收入的基礎上確認的。

There's a few products that you know remain -- recall in our business that we recognize at revenue rather than on a commission basis.

您知道，有一些產品仍然存在——回想一下，在我們的業務中，我們按收入而不是按佣金確認。

And so that came into our third quarter.

這就是我們第三季的情況。

But if you take a look at our gross profit -- and this will come out in our Q -- but our gross profit, which is after you kind of sort out the noise of the gross versus net, if you will, grew nicely on a double digit basis, which again reflects the continuation of the deployment of digital media product that's out there.

但是，如果你看一下我們的毛利——這將在我們的問題中出現——但我們的毛利潤，這是在你整理出毛利潤與淨利潤之間的噪音之後，如果你願意的話，成長得很好兩位數的基礎，這再次反映了現有數位媒體產品部署的持續。

The -- this high volume of, we say low-value transactions out of India happens to be one that's on the other side of the coin, that the revenue equals roughly the gross margin.

我們說印度境外的大量低價值交易恰好是硬幣的另一面，即收入大致等於毛利率。

And so the 4% number that you saw in the fourth quarter is really more of an anomaly of gross versus net on some of that recognition.

因此，您在第四季度看到的 4% 的數字實際上更多地是在某些認識上的毛額與淨額的反常現象。

But if you look at that gross profit, you'll see that it improved double-digit year-over-year, which contributed to that double-digit year-over-year operating profit growth.

但如果你看看毛利，你會發現它同比增長了兩位數，這促成了營業利潤同比增長兩位數。

Got it.

知道了。

That's very helpful.

這非常有幫助。

I'm just going to sneak one last question in there.

我只想偷偷提最後一個問題。

For the fourth quarter, your adjusted EBITDA margin had expanded a strong 360 basis points.

第四季度，調整後的 EBITDA 利潤率強勁成長了 360 個基點。

Is that -- could that continue into 2020?

這種情況會持續到 2020 年嗎？

And what were the drivers to that expansion?

這種擴張的驅動因素是什麼？

Well, I don't think you're going to see that similar kind of an expansion that will continue, because we really benefited from -- and let me maybe just make sure, when you reference that number there, are you talking about epay specifically?

好吧，我認為你不會看到類似的擴張會持續下去，因為我們確實從中受益——也許讓我確定一下，當你在那裡引用那個數字時，你在談論 epay具體來說？

I'm talking about your consolidated adjusted EBITDA.

我說的是你們的綜合調整後 EBITDA。

Or the total business?

還是總業務？

Yes.

是的。

And that's what I thought there because I didn't think we had that on epay, but I just better check my number there with you.

這就是我的想法，因為我認為我們在 epay 上沒有這個功能，但我最好和你核對我的電話號碼。

But on the consolidated, remember we have the real benefit, as Mike said, the onetime lift from DCC around the world that really came into that number quite nicely.

但就綜合而言，請記住，正如麥克所說，我們獲得了真正的好處，DCC 在全球範圍內的一次性提升確實很好地融入了這個數字。

So that lifted the number.

所以這個數字就增加了。

I don't expect to see those similar kinds of expansions on a year-over-year basis, but we should be able to continue forward on a run rate, if you will.

我預計不會逐年看到類似的擴張，但如果你願意的話，我們應該能夠繼續按運行率前進。

And our next question comes from the line of Mike Grondahl with Northland Capital -- I'm sorry, Northland Securities.

我們的下一個問題來自 Northland Capital 的 Mike Grondahl——對不起，Northland Securities。

On the 1,795 ATMs that you acquired, can you tell us roughly where those are?

您購買的 1,795 台 ATM 機，您能告訴我們大概在哪裡嗎？

And do the metrics on those compare to your core ATMs?

這些指標與您的核心 ATM 機相比嗎？

Well, Mike, we're being a little guarded on saying where they are.

好吧，麥克，我們對說他們在哪裡有點謹慎。

What we kind of find is, as when we plant the flag around the world, we see other little competitor flags pop up around them.

我們發現，當我們在世界各地插上旗幟時，我們會看到其他小競爭對手旗幟出現在他們周圍。

And so we -- until we kind of really get our feet on -- underneath us on this one here and start unfolding the rest of our strategy, we'll be a little careful saying where that is.

因此，在我們真正站穩腳跟之前，我們在這方面並開始展開我們其餘的策略，我們會謹慎地說出它在哪裡。

I think it's fair to say it's other than in Europe.

我認為可以公平地說，這是在歐洲以外的地方。

And it's consistent with what we've been talking about in the past about going more globally with the ATMs.

這與我們過去一直在談論的關於利用 ATM 機走向全球的說法是一致的。

I would tell you that they are consistent with the high-value ATMs that we operate today.

我想告訴您，它們與我們今天運營的高價值 ATM 機一致。

And we expect that as we integrate the business and bring it in line with our technology and things like that, then we'll be able to improve that so that it is accretive to our bottom line there.

我們期望，當我們整合業務並使其與我們的技術和類似事物保持一致時，我們將能夠改進它，從而增加我們的利潤。

As Mike said, it's not going to be dilutive to us.

正如麥克所說，這不會稀釋我們的利益。

They are higher-value ATMs.

它們是價值較高的 ATM 機。

They position us quite nicely to go after another important market.

他們使我們能夠很好地追求另一個重要市場。

And so kind of stay tuned.

請繼續關注。

But we're excited about this other 1,800 we brought into the fold.

但我們對另外 1,800 名員工的加入感到興奮。

Great.

偉大的。

And then on the Money Transfer business, it seems like XE because of Brexit was a little bit slower.

然後在匯款業務方面，XE 似乎因為英國脫歐而慢了一點。

And clearly U.S., the intra market because of [ID at a dollar].

顯然是美國內部市場，因為[ID 為一美元]。

So what percent is XE and the U.S. intra business of the whole?

那麼XE和美國內部業務佔整體的比例是多少呢？

Just trying to get a feel for what percent of that is kind of dragging you down.

只是想了解有多少百分比會拖累你。

Kind of in grenade math, 1/3, when you add the two together.

有點像手榴彈數學中的 1/3，將兩者相加。

And our next question comes from the line of 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 (Darrin Peller)。

Look, when I look at the EFT segment, the -- you have a couple of things happening this year.

看，當我看電子轉帳細分市場時，今年發生了幾件事。

You're going to anniversary the DCC fees going into effect for Visa, and then you're also going to have to be required to show more disclosures.

您將迎來 Visa 的 DCC 費用生效週年紀念日，然後您還必須被要求披露更多資訊。

First of all, on the anniversary, can you give us a sense of what you would expect top line growth profile in that segment to be after you anniversary DCC?

首先，在周年紀念日之際，您能否向我們介紹一下您期望 DCC 週年紀念日之後該細分市場的營收成長情況如何？

And then have you prepared, just to answer the question on these disclosures, do you feel comfortable that you're prepared properly, and the impact will be pretty limited?

然後你準備好了嗎？只是為了回答有關這些披露的問題，你是否覺得自己已經做好了適當的準備，並且影響將非常有限？

Yes.

是的。

I think so.

我想是這樣。

It's basically first of April that you have the full anniversary.

基本上四月一日就是你的週年紀念日。

We have tested a number of scenarios with respect to the new disclosures that are required.

我們已經測試了與所需新揭露相關的多種場景。

We're optimistic that we think we won't see significant impact, we'll see a slight impact to our business.

我們樂觀地認為，我們不會看到重大影響，我們的業務只會受到輕微影響。

The nice thing is that most of our business now is in Europe.

令人高興的是，我們現在的大部分業務都在歐洲。

And the banks themselves keep charging their own customers higher and higher fees to not do DCC.

而銀行本身不斷向自己的客戶收取越來越高的費用，以避免不進行 DCC。

So I mean all the banks are trying to figure out how to take more money out of the pockets of their customers.

所以我的意思是所有的銀行都在想辦法從客戶的口袋掏出更多的錢。

So we're cautiously optimistic that we won't see anything significant.

因此，我們謹慎樂觀，認為不會看到任何重大事件。

And then what you'll see is kind of what Rick said, we're planning on still [throwing out] a lot more ATMs this year, 4,000-plus, and you'll probably see our profits go commensurate with that.

然後你會看到就像里克所說的那樣，我們計劃今年仍然[扔掉]更多的 ATM，超過 4,000 台，你可能會看到我們的利潤與此相稱。

Okay.

好的。

And then, I guess when I think about the epay segment's growth rate, again, we look at it more on a stacked basis than what I think some -- one of the other questions was alluding to.

然後，我想，當我再次考慮 epay 細分市場的成長率時，我們更多的是在堆疊的基礎上看待它，而不是我認為的一些人——其他問題之一所提到的。

But on the stacked basis, it was over 10% growth.

但從疊加的角度來看，成長超過 10%。

It looked like it actually accelerated.

看起來它確實加速了。

So I think some of it was just compares.

所以我認為其中一些只是比較。

But look, we think it's a very tough segment to model, given the lumpiness and the types of revenue coming in.

但是，考慮到收入的波動性和收入類型，我們認為這是一個非常難以建模的細分市場。

If you can give us any more direction on how the top line should trend there through the year?

您能否就全年營收趨勢向我們提供更多指引？

And then really factoring in, where do we think about -- you guys have signed and announced a lot of really big brands, whether it's Amazon or Apple or others, incremental deals.

然後真正考慮到，我們在哪裡考慮——你們已經簽署並宣布了許多真正的大品牌，無論是亞馬遜、蘋果還是其他增量交易。

How do we think about those flowing through the numbers?

我們如何看待那些流經數字的人？

Well, first of all, you've got to implement them.

嗯，首先，你必須實施它們。

So we'll -- when we announced, as an example in Money Transfer, we had a couple of a -- the 2 post offices, for example, and we just started -- we just lit up all the Walmarts for international here last Friday.

因此，當我們宣佈時，作為匯款的一個例子，我們有兩個郵局，例如，我們剛剛開始，我們最後點亮了所有沃爾瑪的國際業務星期五。

So it takes a while for all this stuff to happen.

因此，所有這些事情的發生都需要一段時間。

But you're right.

但你是對的。

In epay, every -- I don't think we have a magic bullet single thing.

在 epay 中，我認為我們沒有靈丹妙藥。

Epay is superior technology that lets us do lots and lots of smaller deals that add up to something pretty potent.

Epay 是一種先進的技術，它讓我們能夠進行大量的小額交易，這些交易加起來非常有效。

So lots of BBs, kind of like a shotgun as opposed to a rifle shot, to continue to improve our business.

所以很多 BB，有點像霰彈槍而不是步槍射擊，以繼續改善我們的業務。

And we really don't look at our business, again, in terms of revenue because revenue, you get -- certainly you get all messed up when you try to consolidate that all together.

再說一次，我們真的不會從收入的角度來看待我們的業務，因為當你試圖將所有這些整合在一起時，你會得到收入，當然你會變得一團糟。

As Rick just mentioned, with respect to epay, it depends on if it's a gross or a net deal.

正如Rick剛才提到的，對於epay，這取決於它是毛額交易還是淨額交易。

On typical distribution of cards and so forth, we only keep 20% of the gross revenue before we even have a dollar of expense.

在典型的卡片發放等方面，我們只保留總收入的 20%，甚至還沒有花費一美元。

So we kind of look at it as, let's just keep bringing in more off profit.

所以我們認為，讓我們繼續帶來更多的利潤。

Every one of our executives are focused on that.

我們的每一位高階主管都專注於此。

And then, Darrin, back to your original question about the EFT segment.

然後，Darrin，回到您最初關於 EFT 部分的問題。

Let's not forget that the world is a lot bigger than Europe.

我們不要忘記世界比歐洲大得多。

And now that we've got this DCC change, it allows us to go after many, many more markets, and you're going to see a lot of that starting to happen this year.

現在我們已經有了 DCC 的改變，它讓我們能夠開拓更多、更多的市場，今年你會看到很多這樣的事情發生。

We had one market last year that we added to outside of Europe, but I hope to have several more this year.

去年我們在歐洲以外增加了一個市場，但我希望今年能再增加幾個市場。

And that's really exciting because the market for DCC outside of Europe may be twice the size of Europe.

這確實令人興奮，因為歐洲以外的 DCC 市場規模可能是歐洲的兩倍。

So we still have a lot of growth potential in Europe and then to think that there might be twice that much more out there that had it's totally virgin turf, that's exciting.

因此，我們在歐洲仍然有很大的成長潛力，然後想到可能會有更多的人擁有完全未開發的地盤，這令人興奮。

And our next question comes from the line of 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 (Andrew Schmidt)。

First question on the EFT segment.

關於 EFT 部分的第一個問題。

Just want to clarify the onetime benefit there.

只是想澄清一下那裡的一次性好處。

Was that -- I just want to just confirm that, that is in your adjusted results of EBITDA and EPS, and then whether that was included in the initial outlook?

我只是想確認一下，這是在您的 EBITDA 和 EPS 調整後結果中，然後這是否包含在最初的展望中？

Yes, to both.

是的，對兩者都是。

I mean there's a little bit of it that I would say, it was fair to say that was not included in the original outlook.

我的意思是，我想說的是，公平地說，這並沒有包含在最初的展望中。

But we obviously knew what was going on with that particular part of our business.

但我們顯然知道我們業務的特定部分發生了什麼。

But it was included in the numbers as we reported them.

但它已包含在我們報告的數字中。

Got it.

知道了。

And then just the first quarter EPS outlook, just looks like there's a little delta relative to street expectations.

然後是第一季每股收益前景，看起來與街頭預期相比有一點增量。

I wonder if you could just comment on some of the drivers there, whether there's incremental investment, maybe lower assumptions around Money Transfer.

我想知道您是否可以評論那裡的一些驅動因素，是否有增量投資，也許圍繞匯款的假設較低。

Just a little bit more in-depth about the assumptions in the first quarter guide would be helpful, I think.

我認為，對第一季指南中的假設進行更深入的了解會有所幫助。

Yes.

是的。

Well, it's probably always hard to really compare what we have as an outlook compared to the, some of the models of The Street here.

嗯，可能總是很難真正將我們的前景與《華爾街日報》的一些模型進行比較。

But from a, let's say, a relatively macro kind of point of view, I think you point on one, is that certainly, some of the investment as we continue to add ATMs into the business, those are expense-driven ATMs until they really are productive in the tourist kind of season.

但是，從一個相對宏觀的角度來看，我認為您指出的一點是，隨著我們繼續在業務中添加 ATM 機，這些投資肯定是由費用驅動的 ATM 機，直到它們真正投入使用。在旅遊季節是富有成效的。

And then I think, as Mike had mentioned there when we were talking about the money transfer.

然後我想，正如麥克在我們談論匯款時提到的那樣。

We have seen that intra-U.

我們已經看到了美國內部。

S. domestic stuff, the decline had stepped up a little bit.

美國國內的東西，下降幅度有點加大。

And so clearly, we think that, that will have a continuation or a carryforward effect into the first quarter.

顯然，我們認為這將對第一季產生持續或結轉效應。

So those are really -- probably the two items in there is the continued additions of ATMs.

所以這些確實是——可能其中的兩項是自動櫃員機的不斷增加。

Now that first quarter, as we've said before, becomes more and more pronounced in terms of its seasonal impacts.

正如我們之前所說，現在第一季的季節性影響變得越來越明顯。

And then some of the carryover effects on the intra U.S. and the Brexit as we go through the quarter.

然後，當我們經歷本季時，美國內部和英國脫歐也會產生一些遺留影響。

Yes.

是的。

Because don't forget, Andrew, that you -- we winterized almost 4,000 ATMs.

因為別忘了，安德魯，我們對近 4,000 台 ATM 進行了防凍處理。

Now all that means is we're not delivering cash to them, but most all their other expenses are still ongoing.

現在這意味著我們不會向他們提供現金，但他們的大多數其他費用仍在繼續。

So as you put more and more of these ATMs into these very seasonal kinds of areas, particularly where you've got to winterize them, you're just going to have a bigger drag on that first quarter every single year.

因此，當你將越來越多的自動櫃員機放入這些季節性很強的區域時，特別是在必須對其進行防凍的地方，每年第一季都會受到更大的拖累。

So -- and let's not forget, too.

所以——我們也不要忘記。

I mean epay just crushed it in the fourth quarter, but that's because lots of gift cards are sold, a lot of their products are sold, with the Christmas time rush and so forth.

我的意思是，epay 在第四季度表現出色，但這是因為大量禮品卡被售出，他們的許多產品被售出，加上聖誕節高峰期等等。

Well, then you get the natural seasonality drop off in the first quarter.

那麼，第一季的季節性自然下降。

And I think people keep forgetting that we have a very seasonal business, particularly in the EFT and epay segments.

我認為人們總是忘記我們的業務非常季節性，特別是在電子轉帳和電子支付領域。

So it's like nothing is going wrong, in particular.

所以，特別是好像沒有什麼問題。

It's just kind of life in the January quarter.

這就是一月季度的生活。

Yes, yes.

是的是的。

That makes sense.

這就說得通了。

Seasonally low quarter.

季節性低季。

Got it.

知道了。

And I think just last question on capital allocation.

我認為最後一個問題是關於資本配置的。

And I appreciate the incremental disclosure on the balance sheet in terms of just the available cash.

我很欣賞資產負債表上僅就可用現金進行的增量披露。

Have your priorities for use of cash changed at all?

您使用現金的優先順序是否改變了？

Just with the

只要與

(technical difficulty)

（技術難度）

favorable [really] cash position has come up, just how you're thinking about priorities?

有利的[確實]現金狀況已經出現，您是如何考慮優先事項的？

And then what the M&A pipeline might look like?

那麼併購通路可能會是什麼樣子呢？

Well, really nothing's changed since maybe the last time we talked to you, we are always looking at acquisitions.

好吧，自從我們上次與您交談以來，實際上一切都沒有改變，我們一直在考慮收購。

We did pick up those 1,800 ATMs, so that was a nice little one.

我們確實拿起了那 1,800 台 ATM，所以這是一台不錯的小機器。

We are always looking.

我們一直在尋找。

And if you look over the last 5 years, the only two places we've spent our cash is to buy back stock if the market tends to dislocate and -- or acquisitions.

如果你回顧過去五年，我們花現金的唯一兩個地方就是在市場混亂時回購股票，或是收購。

So those are the two places that we will spend our money.

這就是我們將花錢的兩個地方。

And we continue to get a bigger and bigger war chest, so I guess that means we could do a bigger or more transformational deal kind of every quarter.

我們繼續獲得越來越大的資金，所以我想這意味著我們每個季度都可以進行更大或更具變革性的交易。

But we still haven't found one that meets our criteria and has the return on investment that we'd like.

但我們仍然沒有找到符合我們標準並具有我們想要的投資回報的產品。

And that you guys are actively looking for something.

你們正在積極尋找一些東西。

Any...

任何...

Always.

總是。

I mean, we -- I mean, why not?

我的意思是，我們——我的意思是，為什麼不呢？

We've got all this cash in the bank.

我們在銀行裡有所有這些現金。

We've got over $1 billion worth of potential.

我們擁有價值超過 10 億美元的潛力。

So we're always looking at where acquisitions that -- where we could get -- their 1 plus our 1, gives us 3.

因此，我們一直在關注在哪裡進行收購——我們可以在哪裡獲得——他們的 1 加我們的 1，為我們帶來 3。

And it's -- as you may know or see in the market is, sometimes the price for some of the quality of assets is beyond what we think is reasonable and practical.

正如您在市場上可能知道或看到的那樣，有時某些資產品質的價格超出了我們認為合理和實用的範圍。

So it's just having the discipline to sort through what they are, the alignment with our strategy and something that will give shareholders a good return on investment.

因此，只要有紀律來整理它們是什麼，與我們的策略保持一致，以及能為股東帶來良好投資回報的東西。

We could always complete acquisitions that made no sense.

我們總是可以完成毫無意義的收購。

But we hopefully do a little better in our discipline.

但我們希望在我們的學科上做得更好一點。

Understood.

明白了。

And just to refine that a little bit further, I probably can't go into specificity.

為了進一步完善這一點，我可能無法具體說明。

But any broad areas that you're looking at or that you would look at for a just transformative-type acquisition?

但是您正在考慮或您會考慮進行變革型收購的任何廣泛領域嗎？

Well, no.

嗯，不。

But you know what, I think the theme of this call was the cross-divisional solutions that we have and that continue to push our growth.

但你知道嗎，我認為這次電話會議的主題是我們擁有的跨部門解決方案，這些解決方案將繼續推動我們的成長。

So anything that can strengthen our position as being really the best company out there at the nexus of digital plus cash or cash to digital.

因此，任何能夠加強我們作為數字加現金或現金與數位結合的最佳公司的地位的事情都是如此。

Those would be places that we look.

這些就是我們要尋找的地方。

Yes, where we could really kind of leverage the other parts of our assets.

是的，我們確實可以利用我們資產的其他部分。

We've had many transactions that we've talked about where we really bring to a partner, a business partner, a lot of different assets out there, even if it's, even if it's as simple as the Amazon announcement where we can make this array of additional products and services available to them.

我們已經討論了很多交易，我們真正為合作夥伴、業務合作夥伴帶來了很多不同的資產，即使是這樣，即使它像亞馬遜的公告一樣簡單，我們可以在其中進行此操作他們可以獲得一系列附加產品和服務。

They can use some easy API integrations to come into our business and start offering more.

他們可以使用一些簡單的 API 整合來進入我們的業務並開始提供更多服務。

So to the extent that we would see an acquisition that again, that fits in line with our strategy, that can leverage the scope of assets, then that seems to where 1 and 1 is greater than 2.

因此，如果我們再次看到一項符合我們策略、可以利用資產範圍的收購，那麼似乎 1 和 1 大於 2。

Our next question comes from the line of Peter Heckmann with Davidson.

我們的下一個問題來自彼得·赫克曼和戴維森的對話。

One other follow-up.

另一項後續行動。

Looks like this Sprint-T-Mobile deal may be finally approved.

看起來 Sprint 與 T-Mobile 的這筆交易可能最終會獲得批准。

What do you think any impact there on the epay side, if they sunset some of their prepaid bands?

如果 epay 取消一些預付費頻段，您認為對 epay 方面有何影響？

I know the U.S. isn't a huge market for you, but I think Sprint historically have been a decent-sized customer.

我知道美國對你們來說並不是一個巨大的市場，但我認為 Sprint 歷來都是一個規模相當大的客戶。

Can you handicap that yet?

你還能阻止它嗎？

Yes.

是的。

This is Kevin.

這是凱文.

So remember, there's 2 parts to that.

所以請記住，這有兩個部分。

There is the T-Mobile-Sprint acquisition has to close, and then the divestiture of Boost to DISH.

T-Mobile-Sprint 收購已經結束，然後將 Boost 剝離給 DISH。

And DISH was a customer of ours prior to the announcement.

在宣布這一消息之前，DISH 就是我們的客戶。

We're very close to them in terms of providing solutions and doing things with them.

在提供解決方案和與他們合作方面，我們與他們非常接近。

And we're frankly, quite excited about the opportunity to expand our relationship, because they're not in the mobile business as of yet.

坦白說，我們對擴大我們關係的機會感到非常興奮，因為他們還沒有涉足行動業務。

I think there's a -- there'll be a dependency on partners to help them with the business, and our early discussions with them are exciting.

我認為，將會依賴合作夥伴來幫助他們開展業務，我們與他們的早期討論令人興奮。

So to summarize, I'm excited about what it potentially means for epay North America.

總而言之，我對這對 epay 北美的潛在意義感到興奮。

Because you're getting a highly motivated buyer who has lots of ideas about what they want to do with the business going forward.

因為您遇到的是一位積極的買家，他們對未來的業務有很多想法。

And that could only be good for us.

這對我們來說只會有好處。

Okay.

好的。

Great.

偉大的。

And then, Rick, maybe just following up on Walmart2World.

然後，Rick，也許只是跟進 Walmart2World。

Just remind us, it's -- about how you're thinking about the ramp there?

請提醒我們，這是關於您如何考慮那裡的坡道？

And how you differentiate in that situation against the other branded player?

在這種情況下，您如何與其他品牌玩家區分開來？

Well, the differentiation, I think, comes on several fronts as we've got a -- as Mike said earlier, we've got a wonderful payout network.

嗯，我認為，差異化體現在幾個方面，因為我們擁有——正如邁克之前所說，我們擁有一個出色的支付網絡。

We have that [stock with] whether it's physical payout or digital payout.

無論是實體支付還是數位支付，我們都有[庫存]。

We have provided a wonderful Walmart2Walmart U.S. domestic product.

我們提供了精彩的 Walmart2Walmart 美國國內產品。

So customers are very familiar with that type of flat rate product, great customer convenience.

所以客戶對這種包月產品非常熟悉，極大的方便了客戶。

And so we'll continue.

所以我們會繼續。

And as Walmart does with its product positioning, its everyday low pricing, so we think that we'll fall right in line there.

正如沃爾瑪對其產品定位和每日低價所做的那樣，我們認為我們將符合這一點。

And so it's every day giving customers choice, and we back that up with a great service with great FX rates.

因此，我們每天都在為客戶提供選擇，並且我們以優質的服務和優惠的匯率來支持這一點。

In terms of the ramp, I would anticipate that it will be a steady ramp as we go through the process here.

就斜坡而言，我預計當我們經歷這裡的過程時，這將是一個穩定的斜坡。

The first part was to get it deployed at the stores, the next part is to make sure that the proper signage and branding and stuff like that is available in the stores.

第一部分是將其部署在商店中，下一部分是確保商店中提供適當的標誌和品牌以及類似的東西。

And so I would expect that it will be a moderate ramp as we go throughout the year.

因此，我預計全年的成長將是溫和的。

And we expose that product to the customers and they vote with choice.

我們將該產品展示給客戶，他們會做出選擇。

All right.

好的。

I think that will be our last question for the day.

我認為這將是我們今天的最後一個問題。

I want to thank everyone for joining it, and I look forward to talking to you in about 90 days.

我要感謝大家的加入，我期待在大約 90 天後與你們交談。

Thank you very much.

非常感謝。

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。