Evertec Inc (EVTC) 2025 Q2 法說會逐字稿

Hi, there. Good day and welcome to the Evertec second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

你好呀。大家好，歡迎參加 Evertec 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Beatriz Brown from Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部門的 Beatriz Brown。請繼續。

Thank you, and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer; and Joaquin Castrillo, our Chief Financial Officer. Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

謝謝，下午好。今天與我一起的還有我們的總裁兼執行長 Mac Schuessler 和我們的財務長 Joaquin Castrillo。在我們開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，應與我們的收益報告和公司最新的定期 SEC 報告中的警示性聲明一起考慮。

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as constant currency revenue, adjusted EBITDA, adjusted net income, adjusted earnings per common share, and constant currency adjusted earnings per common share. Reconciliations to GAAP measures and certain additional information are also included in today's earnings release and related supplemental slides, which are available in the Investor Relations section of our company website at www.evertecinc.com.

在今天的電話會議中，管理層將提供某些信息，這些信息將構成美國證券交易委員會規則下的非公認會計準則財務指標，例如固定匯率收入、調整後的 EBITDA、調整後的淨收入、調整後的每股普通股收益以及固定匯率調整後的每股普通股收益。今天的收益報告和相關補充幻燈片中還包含與 GAAP 指標的對帳和某些附加信息，這些信息可在我們公司網站 www.evertecinc.com 的投資者關係部分找到。

I will now hand the call over to Mac.

我現在將電話交給 Mac。

Thanks, Beatriz, and good afternoon, everyone. I'm please to announce second-quarter results that reflect solid revenue growth across all of our segments. We delivered healthy growth over the prior year and exceeded our internal expectations as we continue to execute at a high level across all regions and business segments.

謝謝，比阿特麗斯，大家下午好。我很高興地宣布第二季業績，反映出我們所有部門的收入都實現了穩健成長。由於我們繼續在所有地區和業務部門保持高水準執行，因此我們在上一年實現了健康成長並超越了內部預期。

I will begin today's call with a brief summary of our second-quarter 2025 results followed by discussion of our Puerto Rico business and an update on LatAm.

今天的電話會議首先我將簡要介紹我們 2025 年第二季的業績，然後討論我們在波多黎各的業務以及拉丁美洲的最新情況。

I will then turn the call over to Joaquin, who will provide some additional details on our Q2 results and our updated outlook for 2025.

然後，我將把電話轉給 Joaquin，他將提供有關我們第二季業績和 2025 年最新展望的更多詳細資訊。

Beginning on slide 4, I'll start by covering a few highlights from our second-quarter results. Revenue for the second quarter was $230 million, an 8% increase over the prior year, while constant currency revenue was approximately $233 million, representing growth of 10% as we, again, saw growth across all of our segments.

從第 4 張投影片開始，我將首先介紹我們第二季業績的一些亮點。第二季的營收為 2.3 億美元，比上年成長 8%，而以固定匯率計算的營收約為 2.33 億美元，成長 10%，因為我們所有部門都再次成長。

Adjusted EBITDA increased to $93 million, up approximately 8% year every year, and adjusted EBITDA margin was 40.3% for the quarter and aligned with our expectations. Adjusted EPS of $0.89 was up 7% year over year, driven by the strong adjusted EBITDA growth and lower interest expense, partially offset by higher tax expense and operating depreciation and amortization.

調整後的 EBITDA 增至 9,300 萬美元，年增約 8%，本季調整後的 EBITDA 利潤率為 40.3%，符合我們的預期。調整後每股收益為 0.89 美元，年增 7%，這得益於調整後 EBITDA 的強勁增長和利息支出的降低，但被更高的稅費和經營折舊及攤銷部分抵消。

We generated operating cash flow of approximately $86 million during the first half of the year and returned cash to shareholders through $6.4 million in dividends and $3.7 million of share repurchases. Our liquidity remains strong at approximately $485 million as of June 30.

我們在上半年產生了約 8,600 萬美元的營運現金流，並透過 640 萬美元的股息和 370 萬美元的股票回購向股東返還現金。截至 6 月 30 日，我們的流動資金依然強勁，約 4.85 億美元。

Let me now provide an update on Puerto Rico beginning on slide 5. Merchant Acquiring revenue grew 4% year over year, driven by an improvement in spread as we continue to benefit from pricing initiatives implemented in the prior year and sales volume growth.

現在，讓我從第 5 張投影片開始介紹波多黎各的最新情況。商家收單收入年增 4%，這得益於利差的改善，因為我們繼續受益於上一年實施的定價措施和銷售量的成長。

Payment Services Puerto Rico also grew 4% year over year, driven by strong performance in ATH Móvil, primarily ATH Business, as well as POS transaction growth. ATH Móvil revenue grew 17% year every year. Business Solutions revenue also grew 4%. Primarily driven by projects completed in the prior year, mainly for Popular and an increase in IT consulting services.

波多黎各支付服務也較去年同期成長 4%，這得益於 ATH Móvil（主要是 ATH Business）的強勁表現以及 POS 交易的成長。ATH Móvil 的營收每年成長 17%。商業解決方案收入也成長了 4%。主要受上一年完成的專案推動，主要是 Popular 專案和 IT 諮詢服務的成長。

The overall economic condition in Puerto Rico continues to remain stable. The unemployment rate remains near multi-decade lows of about 5.2%. Passenger traffic in the San Juan airport remains strong, up approximately 11% year over year through April.

波多黎各整體經濟狀況持續保持穩定。失業率仍維持在數十年來的最低水準5.2%左右。聖胡安機場的客運量依然強勁，截至 4 月年增約 11%。

Moving to Latin America on slide 6, revenue increased 15% year over year, or 20% on a constant currency basis, driven by continued organic growth across the region and the contribution from the Grandata and Nubity acquisitions. Our pipeline remains as active as it's ever been, and we are confident in our ability to convert some of these opportunities to wins over the next quarters.

轉到幻燈片 6 上的拉丁美洲，收入同比增長 15%，按固定匯率計算增長 20%，這得益於該地區持續的有機增長以及 Grandata 和 Nubity 收購的貢獻。我們的管道仍然像以前一樣活躍，我們有信心在未來幾季將其中一些機會轉化為勝利。

Last quarter, I made a few comments regarding the tariff discussions, and while we still remain vigilant of the potential tariffs that might be imposed in the countries in which we operate, to date, we have not identified a direct impact on our results of operations.

上個季度，我就關稅討論發表了一些評論，雖然我們仍然對我們經營所在國家可能徵收的潛在關稅保持警惕，但到目前為止，我們還沒有發現這會對我們的經營業績產生直接影響。

Before I turn the call over to Joaquin, I would like to note that our Board of Directors approved a refresh of our share repurchase program authorizing the company to repurchase up to an aggregate of $150 million of shares of its common stock through December 31, 2026.

在我將電話轉給 Joaquin 之前，我想指出，我們的董事會批准更新我們的股票回購計劃，授權公司在 2026 年 12 月 31 日之前回購總計價值高達 1.5 億美元的普通股。

I believe strongly in the opportunity ahead for Evertec, and our share repurchase program provides another avenue for capital allocation while allowing us to continue and invest in the business for long-term growth.

我堅信 Evertec 未來的機遇，我們的股票回購計畫為資本配置提供了另一種途徑，同時使我們能夠繼續投資於業務以實現長期成長。

With that, I will now turn the call over to Joaquin to provide deeper commentary around her second-quarter results and discuss our increased outlook for 2025.

現在，我將把電話交給 Joaquin，讓她對第二季的業績進行更深入的評論，並討論我們對 2025 年的展望。

Thank you, Mac, and good afternoon everyone. Turning to slide 8, I'll start with a review of our second-quarter results. Total revenue for the quarter was $229.6 million, up approximately 8% compared to the prior year quarter, reflecting strong organic growth across all of the company segments and the contribution from acquisitions completed in the fourth quarter of 2024.

謝謝你，麥克，大家下午好。翻到第 8 張投影片，我將先回顧我們的第二季業績。本季總營收為 2.296 億美元，較去年同期成長約 8%，反映了公司所有部門的強勁有機成長以及 2024 年第四季完成的收購的貢獻。

Constant currency revenue was up 10% in the quarter, with most of the headwind coming from the Brazilian reais. Adjusted EBITDA for the quarter was $92.6 million, up approximately 8% from last year, with a margin of 40.3%, a decrease of 30 basis points from a year ago, but in line with our expectations. The decline was mainly a result of last year's margin being positively impacted by highly accretive one-time revenues in our Business Solution segment.

本季固定匯率營收成長了 10%，大部分阻力來自巴西雷亞爾。本季調整後的 EBITDA 為 9,260 萬美元，較去年同期成長約 8%，利潤率為 40.3%，較去年同期下降 30 個基點，但符合我們的預期。下降的主要原因是，去年的利潤率受到我們業務解決方案部門一次性收入的大幅成長的正面影響。

Adjusted net income was $57.7 million, an increase of approximately 7% year over year, driven by the growth in adjusted EBITDA and lower cash interest expense, a function of the lower sulfur rates in comparison to the prior year and the effect of the term loan repricing efforts executed last year. This was partially offset by a higher tax expense with our effective tax rate for the quarter coming in at 7.1% and higher operating depreciation and amortization expense.

調整後淨收入為 5770 萬美元，同比增長約 7%，這得益於調整後 EBITDA 的增長和現金利息支出的降低，這歸因於與上一年相比硫磺費率較低以及去年實施的定期貸款重新定價措施的影響。這被更高的稅費（本季我們的有效稅率為 7.1%）和更高的營業折舊和攤銷費用部分抵消。

As expected, our effective tax rate has been increasing slightly as we find ways to lower our interest expense, which drives certain tax efficiencies and also as our EBITDA in LatAm and higher tax jurisdictions continues to grow. Adjusted EPS was $0.89, an increase of approximately 7% from the prior year, driven by higher adjusted net income.

正如預期的那樣，我們的有效稅率略有上升，因為我們找到了降低利息支出的方法，從而提高了一定的稅收效率，而且我們在拉丁美洲和高稅管轄區的 EBITDA 也在持續增長。調整後每股收益為 0.89 美元，較上年增長約 7%，這得益於調整後淨收入的增加。

Moving to slide 9, I will now cover our second-quarter results by segment beginning with Merchant Acquiring.

轉到第 9 張投影片，我現在將從商家收單開始按細分市場介紹我們的第二季業績。

Net revenue increased approximately 4% year over year to $47.3 million as we continue to see benefits from a higher spread and positive sales volume growth. As discussed in previous calls, we have an anniversaried most of the pricing initiatives implemented in the prior year. We also saw lower gas prices this past quarter, which impacted sales volume growth negatively, but this was offset by an increase in government-related payments related to tax returns.

由於我們繼續看到更高的利差和積極的銷售量成長帶來的好處，淨收入年增約 4% 至 4,730 萬美元。正如之前的電話會議中所討論的，我們對前一年實施的大多數定價舉措進行了周年紀念。上個季度我們也看到汽油價格下跌，這對銷售量成長產生了負面影響，但與稅收返還相關的政府相關支付的增加抵消了這一影響。

Adjusted EBITDA for the segment was $20 million with an adjusted EBITDA margin of 42.3%, an increase of approximately 200 basis points from the previous year as we drive revenue growth through improvements in spread. This effect was partially offset by higher processing costs as we saw higher overall transactions as a result of a lower average ticket.

該部門的調整後 EBITDA 為 2000 萬美元，調整後 EBITDA 利潤率為 42.3%，比前一年增加約 200 個基點，因為我們透過改善利差來推動收入成長。由於平均票價較低，我們看到整體交易量增加，但這種影響被更高的處理成本部分抵消。

On slide 10 are the results for the Payment Services Puerto Rico and Caribbean segment. Revenue in the quarter was $56.4 million, an increase of approximately 4% from the prior year. The revenue increase was primarily driven by sales volume and transaction growth in ATH Móvil business, as well as 5% POS transaction growth. This was partially offset by a decrease in services provided to the Latin America segment, mainly as a result of lower transactions processed due to customer attrition.

幻燈片 10 是波多黎各和加勒比海地區支付服務部門的業績。本季營收為 5,640 萬美元，較上年增長約 4%。營收成長主要得益於 ATH Móvil 業務的銷售量和交易量成長，以及 5% 的 POS 交易量成長。這部分被提供給拉丁美洲部門的服務的減少所抵消，主要是由於客戶流失導致處理的交易量減少。

Adjusted EBITDA was $33 million, up approximately 5% from the prior year, and adjusted EBITDA margin was 58.5%, an increase of approximately 70 basis points from the prior year. The increasing margin is driven mainly by revenue growth and expense management.

調整後的 EBITDA 為 3,300 萬美元，較上年增長約 5%，調整後的 EBITDA 利潤率為 58.5%，較上年增長約 70 個基點。利潤率的成長主要得益於收入成長和費用管理。

On slide 11 are the results for Latin America Payments and Solutions. Revenue in the quarter was $86.1 million, up approximately 15% year over year, or approximately 20% on a constant currency basis. We experienced organic growth across the region and continue to benefit from strong performance in the GetNet Chile relationship and the continued re-acceleration in Brazil, offset by attrition impacts in the quarter mainly related to the MeLi relationship.

幻燈片 11 顯示的是關於拉丁美洲支付和解決方案的結果。本季營收為 8,610 萬美元，年增約 15%，以固定匯率計算成長約 20%。我們在整個地區實現了有機成長，並繼續受益於 GetNet 智利關係的強勁表現和巴西的持續加速，但本季主要與 MeLi 關係相關的人員流失影響被抵消。

The segment also benefited from Grandata and Nubity, the two acquisitions we completed in the fourth quarter of last year, both of which continued to perform as expected or better.

該部門也受惠於我們去年第四季完成的兩項收購案——Granadata 和 Nubity，這兩家公司的表現都達到或超過預期。

Adjusted EBITDA was $23.3 million, an increase of approximately 33% from the prior year, with an adjusted EBITDA margin of 27.1%, up approximately 370 basis points. The margin increase was driven by the higher revenues, expense management initiatives, and a positive impact to margin from the MeLi attrition that was coming in at lower margins than average.

調整後 EBITDA 為 2,330 萬美元，較上年成長約 33%，調整後 EBITDA 利潤率為 27.1%，成長約 370 個基點。利潤率的成長得益於更高的收入、費用管理舉措，以及 MeLi 員工流失（其利潤率低於平均水平）對利潤率的正面影響。

Moving to slide 12, our Business Solutions segment revenue increased approximately 4% to $64.5 million. The increase is due primarily to the tailwind from projects that went into production last year and an increase in IT consulting services. We are lapping a key project this quarter, and the second key project that went into production will be lapped next quarter.

轉到第 12 張投影片，我們的業務解決方案部門營收成長約 4%，達到 6,450 萬美元。這一成長主要得益於去年投入生產的專案的順風以及 IT 諮詢服務的成長。本季我們正在推進一個重點項目，下季將推進第二個已投產的重點項目。

Adjusted EBITDA was $26 million, down approximately 13% from a year ago, and adjusted EBITDA margin was down approximately 750 basis points from the prior year to 40.3%. Margin is down year by year, as our prior year margins were positively impacted by the effect of a highly accretive, non-recurring project that was recognized.

調整後的 EBITDA 為 2,600 萬美元，較去年同期下降約 13%，調整後的 EBITDA 利潤率較上年下降約 750 個基點至 40.3%。利潤率逐年下降，因為我們上一年的利潤率受到了一項已確認的高增值非經常性項目的正面影響。

Moving to slide 13, you will see a summary of our corporate and other expenses. Corporate and other adjusted EBITDA was negative $9.8 million in the quarter, or 4.3% of total revenue, which is lower than the expected 5% as we see some of the benefits from expense management initiatives we have implemented.

翻到第 13 張投影片，您將看到我們公司和其他費用的摘要。本季企業及其他調整後的 EBITDA 為負 980 萬美元，佔總營收的 4.3%，低於預期的 5%，因為我們看到了實施的費用管理措施帶來的一些好處。

Moving on to our cash flow overview for the first half of 2025 on slide 13. Net cash from operating activities were $86.1 million. Capital expenditures were $42.3 million through the second quarter in line with our plan for $85 million for the year.

繼續第 13 張投影片介紹 2025 年上半年的現金流概覽。經營活動產生的淨現金為 8,610 萬美元。第二季的資本支出為 4,230 萬美元，符合我們全年 8,500 萬美元的計畫。

We paid down approximately $16.8 million in debt, paid approximately $8.9 million in withholding taxes on share-based compensation, returned approximately $10 million to shareholders through share repurchases and dividends, and exercised our option in the prior quarter to acquire the remaining non-controlling interest in a Sinqia subsidiary for approximately $5.2 million.

我們償還了約 1,680 萬美元的債務，支付了約 890 萬美元的股權激勵預扣稅，透過股票回購和股息向股東返還了約 1,000 萬美元，並在上一季度行使了我們的選擇權，以約 520 萬美元的價格收購了 Sinqia 子公司剩餘的非控股權益。

We repurchased approximately 102,000 shares of our common stock during the quarter for approximately $3.7 million, and as Mac mentioned, our Board of Directors refreshed and extended our share repurchase program back to $150 million authorized for repurchase through December 31, 2026. Our ending cash balance, excluding cash in settlement assets, was approximately $314.4 million, an increase of $16.1 million from the year ended 2024.

我們在本季回購了約 102,000 股普通股，回購金額約為 370 萬美元，正如 Mac 所提到的，我們的董事會更新了股票回購計畫並將其延長至 1.5 億美元，授權回購期限為 2026 年 12 月 31 日。我們的期末現金餘額（不包括結算資產中的現金）約為 3.144 億美元，比 2024 年底增加 1,610 萬美元。

Moving to slide 15. Our net debt position at quarter end was $673.6 million, which includes $964.2 million in total long- and short-term debt offset by $290.6 million of unrestricted cash. Our weighted average interest rate was approximately 6.55%, a decrease of approximately 60 basis points from the second quarter of 2024.

移至投影片 15。我們季末的淨債務狀況為 6.736 億美元，其中包括 9.642 億美元的長期和短期債務總額，抵銷了 2.906 億美元的非限制現金。我們的加權平均利率約為 6.55%，較 2024 年第二季下降約 60 個基點。

Our net debt to trailing 12 months adjusted EBITDA was approximately 1.95 times, down from 2.28 times a year ago. As of June 30, our total liquidity, which excludes restricted cash and includes borrowing capacity, was $484.5 million, up approximately $33 million from a year ago.

我們的淨債務與過去 12 個月調整後 EBITDA 的比率約為 1.95 倍，低於一年前的 2.28 倍。截至 6 月 30 日，我們的總流動資金（不包括受限現金但包括借貸能力）為 4.845 億美元，比一年前增加了約 3,300 萬美元。

Now, I will turn to slide 16 for commentary on our updated 2025 outlook. We now expect revenues to be between $901 million and $909 million, representing growth of 6.6% to 7.6%. This is a result of Q2 overperformance and an improvement in foreign currency incorporated throughout the rest of the year, reflecting the improvement of the Brazilian currency this past quarter.

現在，我將翻到第 16 張投影片來評論我們更新後的 2025 年展望。我們現在預計營收將在 9.01 億美元至 9.09 億美元之間，成長率為 6.6% 至 7.6%。這是由於第二季的超額表現以及今年剩餘時間內外匯狀況的改善，反映了上個季度巴西貨幣的改善。

On a constant currency basis, we expect growth of 7.8% to 8.7% year over year, and above our prior constant currency range of 6.8% to 7.7%. Adjusted EPS is now expected to grow between 4.8% and 7% from the $3.28 reported for 2024, higher than our previous assumption of 2.4% to 5.2% growth. We continue to assume an adjusted EBITDA margin of 39.5% to 40.5%, and adjusted effective tax rate of 6% to 7%.

以固定匯率計算，我們預期年增 7.8% 至 8.7%，高於我們先前 6.8% 至 7.7% 的固定匯率區間。調整後每股盈餘預計將從 2024 年報告的 3.28 美元增長 4.8% 至 7%，高於我們先前假設的 2.4% 至 5.2% 的成長。我們繼續假設調整後的 EBITDA 利潤率為 39.5% 至 40.5%，調整後的有效稅率為 6% 至 7%。

I will now walk you through some of the key underlying assumptions that we considered in arriving at the outlook, beginning with revenue expectations for our business segments.

現在，我將向您介紹我們在製定前景時考慮的一些關鍵基本假設，首先是對我們業務部門的收入預期。

For Merchant Acquiring, we continue to expect mid-single-digit growth in 2025 as we anniversary some of the pricing initiatives implemented last year and approach tougher year-over-year comparables.

對於商家收單而言，隨著我們回顧去年實施的一些定價措施並進行更嚴格的同比比較，我們預計 2025 年將實現中等個位數成長。

In Payments Puerto Rico and Caribbean, we now expect low to mid-single-digit growth as we continue to benefit from strong ATH Móvil growth, partially offset by processing services with the LatAm segment and partial impact from the Q4 discount to Popular.

在波多黎各和加勒比地區的支付業務中，我們目前預計實現低至中等個位數增長，因為我們繼續受益於 ATH Móvil 的強勁增長，但部分抵消了拉美部門的處理服務以及第四季度對 Popular 的折扣帶來的部分影響。

For payments in Latin America, we continue to expect low double-digit growth as we continue to rely on strong organic growth across the region and impact from M&A, offset by the headwind of foreign currency mainly in Brazil.

對於拉丁美洲的支付，我們繼續預計將出現低兩位數增長，因為我們繼續依賴整個地區強勁的有機增長和併購的影響，但主要被巴西的外匯逆風所抵消。

On a constant currency basis, we expect growth in the low to id-teens. We are now seeing most of the impact from MeLi reflected in our numbers, and as a reminder, we will anniversary both the Grandata and Nubity acquisitions in Q4.

以固定匯率計算，我們預計成長率將達到 15% 至 10%。現在，我們看到 MeLi 的大部分影響都反映在我們的數據中，提醒一下，我們將在第四季度紀念 Grandata 和 Nubity 的收購。

Finally, in Business Solutions, we continue to expect low single-digit revenue growth for the full year, mainly as a result of the 10% discount to Popular MSA services in the first quarter, which, as mentioned previously amounts to approximately $18 million annualized, or about $4 million per quarter.

最後，在商業解決方案方面，我們繼續預計全年收入將保持低個位數成長，這主要是由於第一季對熱門 MSA 服務進行了 10% 的折扣，如前所述，這相當於年化約 1800 萬美元，或每季約 400 萬美元。

Now turning to overall margin, the 10% Popular discount that we have previously discussed will begin to impact our revenue and adjusted EBITDA in the fourth quarter of 2025 by approximately $4 million. The cost initiatives put in place to offset this impact continue to progress as planned, and this was reflected in our Q2 margin.

現在談到整體利潤率，我們之前討論過的 10% 大眾折扣將開始影響我們的收入，並在 2025 年第四季度調整後 EBITDA 約 400 萬美元。為抵銷這種影響而實施的成本措施繼續按計劃進行，這反映在我們的第二季利潤率中。

We continue to expect a gradual improvement in overall margin in the third quarter and then a reset lower in the fourth quarter as the discount takes effect, netting out to the 39.5% to 40.5% margin expected for the full year. We continue to expect an adjusted tax rate of 6% to 7% and CapEx of approximately $85 million for 2025. We expect to return cash to shareholders via dividends and repurchases.

我們繼續預計第三季整體利潤率將逐步提高，然後隨著折扣生效，第四季利潤率將重新走低，預計全年利潤率將在 39.5% 至 40.5% 之間。我們繼續預期 2025 年的調整後稅率為 6% 至 7%，資本支出約為 8,500 萬美元。我們希望透過股利和回購向股東返還現金。

In summary, we had a strong first half of the year and are on track to deliver strong top-line growth in 2025 with improved margins. We look forward to updating you on our progress throughout the year and hope to see some of you at conferences over the next few months.

總而言之，我們今年上半年表現強勁，並有望在 2025 年實現強勁的營收成長和利潤率的提高。我們期待向您通報我們全年的進展情況，並希望在接下來的幾個月裡在會議上見到你們。

Operator, please go ahead and open the line for questions.

接線員，請繼續打開熱線來回答問題。

(Operator Instructions) Vasu Govil, KBW.

（操作員說明）Vasu Govil，KBW。

Hi. Thank you for taking my question. Mac, maybe first for you. Sinqia, that had been a strategic focus for the company for the last, several quarters, and you laid out four or five different initiatives around tech, modernization, repricing, et cetera. And, obviously, you seem to be reaping the benefits of those initiatives as Brazil is getting better.

你好。感謝您回答我的問題。Mac，也許對你來說，這是第一個。Sinqia，這是該公司過去幾季的策略重點，您圍繞科技、現代化、重新定價等提出了四、五項不同的措施。而且顯然，隨著巴西的狀況越來越好，你們似乎正在收穫這些措施帶來的好處。

But maybe you could just remind us, what innings are you in with each of those initiatives? I know some of them will be ongoing, but just looking for some update on what progress has been made.

但也許您可以提醒我們，您在每項措施中處於什麼階段？我知道其中一些將會持續進行，但我只是想了解已經取得的進展。

Sure. Thanks, Vasu, for the question. So, as you know, I mean, the entire segment grew double digits this quarter and we're incredibly pleased with that. And there are three components. One is Sinqia, which actually outperformed our expectation for the quarter; the legacy business, which performed in line with what we expected; and then the acquisitions performed incredibly well. So if you look at all three parts of that segment, they performed at or above our expectations.

當然。謝謝 Vasu 提出這個問題。所以，正如你所知，整個部門本季都實現了兩位數的成長，我們對此感到非常高興。它由三個部分組成。一個是 Sinqia，其表現實際上超出了我們對本季的預期；傳統業務的表現符合我們的預期；然後收購表現得非常好。因此，如果你看一下該部分的所有三個部分，它們的表現達到或超過了我們的預期。

To your question, Sinqia was a significant amount of focus for us as we integrated that acquisition through a couple of initiatives. One was, again, really focusing on customers and modernizing our technology. So that's a multi-year initiative, but we modernized the technologies and the platforms first where we thought we could get the most revenue in a short amount of time.

對於您的問題，Sinqia 是我們關注的重點，因為我們透過一些措施整合了此次收購。一是再次真正專注於客戶並實現技術現代化。這是一項多年的計劃，但我們首先對技術和平台進行了現代化改造，我們認為這樣可以在短時間內獲得最大的收入。

So we're seeing that flow through the numbers, and we think that'll flow into the rest of the year and into '26. But that'll be a multi-year project where we modernize our platforms, we're able to change pricing, and then we are also able to grow with our customers.

因此，我們看到了數字上的這種流動，我們認為這種流動將持續到今年剩餘時間和 26 年。但這將是一個多年的項目，我們將對我們的平台進行現代化改造，我們能夠改變定價，然後我們也能夠與我們的客戶一起成長。

Then we also did a repricing in general. So beyond just the modernization is we looked at some of these legacy contracts and went back to, are we price below market? Can we change it again so we can grow to the market? And so with those revenue synergies, we did the repricing and we're seeing the benefits of that this year and again into next year.

然後我們也進行了總體重新定價。因此，除了現代化之外，我們還研究了一些遺留合同，並回顧了一下，我們的價格是否低於市場價格？我們能否再次進行改變以便能夠適應市場？因此，利用這些收入協同效應，我們進行了重新定價，並且在今年和明年都看到了其帶來的好處。

And then margin optimization. We've taken a very close look at margins. We're managing those. As you can see, we don't break out Brazil separately, but the margins for the segment were pretty good. But all these initiatives we're seeing the benefits of those this quarter, and that was why we saw the strength in the quarter, and we think that'll carry out the rest of the year.

然後進行利潤優化。我們對利潤進行了非常仔細的研究。我們正在管理這些。如您所見，我們沒有單獨列出巴西，但該細分市場的利潤率相當不錯。但本季我們看到了所有這些舉措帶來的好處，這就是我們在本季看到強勁表現的原因，我們認為這種勢頭將持續到今年剩餘時間。

Great. Thank you. That was great color and then maybe a quick one for you, Joaquin. Just on the outlook. The second-half outlook also looks to be better than initially thought. I think some of it is just FX headwinds are lower, but just if you were to think about the underlying trends, I know you called out some headwinds from gas prices in the quarter, but other than that it seems MAC was fine.

偉大的。謝謝。那顏色真棒，也許對你來說這是一個快速的顏色，華金。僅就前景而言。下半年的前景看起來也比原先預想的要好。我認為部分原因是外匯逆風較低，但如果你考慮潛在趨勢，我知道你指出了本季度汽油價格的一些逆風，但除此之外，MAC 似乎還不錯。

How are you guys thinking about any impact from tariffs in the back half? Just what's baked in into the second half from expectations going into the year? Is it better or worse? And then from a macro perspective, what are you baking in?

你們認為下半年關稅會帶來什麼影響？那麼，今年下半年的預期究竟如何？是好轉了還是惡化了？然後從宏觀角度來看，你在烘焙什麼？

I mean, I think, in general, it's better, right? And I think the first half has been very, very good, and LatAm has, in general, exceeded expectations.

我的意思是，我認為，總的來說，這樣更好，對吧？我認為上半年表現非常非常好，拉丁美洲總體上超出了預期。

What I would say to give a little bit more color in terms of what we're thinking, right, to your point, if we look at Merchant Acquiring, we're lapping some of these pricing initiatives that have been a tailwind for us, so we wouldn't necessarily have, let's say, the push going to the second half, and that's, I would say, what's driving the second half of that guidance.

我想說的是，就我們的想法來說，對，就你的觀點而言，如果我們看一下商戶收單，我們會發現我們正在採用一些對我們來說是順風的定價舉措，所以我們不一定會有下半年的推動力，這就是我想說的推動下半年指引的因素。

In general, when it comes to tariffs, I think more generally on the low end of our guidance we have, as we did last quarter, included some conservativism just to give ourselves some space given the uncertainty, but again, nothing substantial in terms of how we're expected to perform for the full year.

總的來說，談到關稅，我認為我們總體上處於指引的低端，就像我們上個季度所做的那樣，包含了一些保守主義，只是為了在存在不確定性的情況下給自己一些空間，但就我們預計的全年表現而言，沒有什麼實質性的改變。

When we look at Payments Puerto Rico, I would say we continue to expect performance relatively similar to what we saw this past quarter, except that in Q4, part of the Popular discount will have some effect in that segment. So that will, again, slow down in in Q4.

當我們看支付波多黎各時，我想說我們繼續預期其表現與上個季度相對相似，只是在第四季度，部分熱門折扣將對該部分產生一定影響。因此，第四季這一增速將再次放緩。

And when we look at Latin America, I think there's two key things. One, we called out in the prepared remarks, we're got anniversary the two acquisitions in the fourth quarter. But as a reminder in Q3 of last year, we also had an important catch up related to GetNet that amounted to about $1.8 million that we won't have in this year. So that also contributes to, let's say, our guidance for the second half.

當我們觀察拉丁美洲時，我認為有兩件關鍵的事情。首先，我們在準備好的發言中提到，第四季我們將迎來兩次收購的周年紀念日。但提醒一下，去年第三季度，我們也對 GetNet 進行了一次重要的追趕，金額約為 180 萬美元，而今年我們將不會獲得這筆資金。因此，這也有助於我們對下半年的預測。

And in the case of Business Solutions, again, what I would say is similar performance except that in Q4, the full effect of the discount, which is mainly impacting Business Solutions is going to get, let's say, reflected in the numbers. So I hope that adds a bit more detail as to how we're thinking about it.

就商業解決方案而言，我想說的是，其表現類似，只是在第四季度，折扣的全部效果（主要影響商業解決方案）將會在數字上反映出來。所以我希望這能為我們思考這個問題提供更多細節。

Absolutely. Thank you very much.

絕對地。非常感謝。

Nate Svenson, Deutsche Bank.

德意志銀行的 Nate Svenson。

Hey, guys. Nice result and thanks for the questions. Mac, you mentioned an active pipeline that you think should lead to new business wins. I was hoping you could give a little more color on that. Maybe what areas of the business are getting you excited within the pipeline?

嘿，大家好。結果很好，感謝您的提問。麥克，您提到了活躍的管道，您認為這應該會帶來新的業務成功。我希望您能對此做出更詳細的說明。也許業務的哪些領域讓您感到興奮？

And then has there been any change in tenor, of tone -- tenor or tone of these conversations that you're having? Like I know across the industry as a whole, we've talked about delayed decision-making, especially post the April tariff announcement. So just wondering if you've seen anything like that or any color you can give there?

那麼，您談話的語調或語調有什麼變化嗎？正如我所知，整個行業都在討論延遲決策，尤其是在 4 月關稅公告發布之後。所以只是想知道您是否見過類似的東西或您可以提供任何顏色嗎？

No. I mean, yeah, I would say -- I would repeat, we have a very active organic pipeline. I mean we announced Grupo Aval a couple of calls ago, I don't know if it was last -- two calls ago. But we're very enthusiastic about some additional opportunities that we should be able to announce this year. We don't see people pulling back because of the noise around tariffs.

不。我的意思是，是的，我想說——我再說一遍，我們有一個非常活躍的有機管道。我的意思是我們在幾次電話會議之前宣布了 Grupo Aval，我不知道這是否是最後一次——在兩次電話會議之前。但我們對於今年能夠宣布的一些額外機會感到非常興奮。我們並未看到人們因為關稅問題而退縮。

These are long-term decisions that financial institutions are making to upgrade or change their technology so that they can grow either their issuing or acquiring portfolio. So we haven't really seen an impact into the demand that we're dealing with now. But I mean, we'll announce the deals as they come, but we're very optimistic about our pipeline.

這些是金融機構為升級或改變其技術而做出的長期決策，以便擴大其發行或收購組合。因此，我們實際上還沒有看到對我們現在處理的需求產生影響。但我的意思是，我們會在交易達成時宣布，但我們對我們的管道非常樂觀。

Yeah. That's great to hear. The other thing that I think stood out was just the strength in ATH Móvil. I think you mentioned that revenue growth of 17% seems incredibly strong. Could you unpack that a little bit? What is driving that really healthy growth? Is it macro factors, changes in consumer or merchant demand? Any strategic initiatives on your side that you're pushing?

是的。聽到這個消息真是太好了。我認為另一件引人注目的事情就是 ATH Móvil 的力量。我想您提到 17% 的收入成長似乎非常強勁。你能稍微解釋一下嗎？是什麼推動了這種真正健康的成長？是宏觀因素、消費者或商家需求的變化嗎？您方面正在推行什麼策略性舉措嗎？

Honestly, Nate, there's a little bit of everything there. I think we continue to take advantage of cash pockets just in the Puerto Rico economy and ATH Móvil, given the usage and the network effect that it has in Puerto Rico, given almost 2 million users, it is really impactful for businesses of all sizes.

說實話，內特，那裡什麼都有一點。我認為我們將繼續利用波多黎各經濟和 ATH Móvil 的現金口袋，考慮到它在波多黎各的使用情況和網絡效應，鑑於其擁有近 200 萬用戶，它對各種規模的企業都有著深遠的影響。

And so originally, ATH business, which we envisioned as being something for small businesses, has really become something more universal in medium-sized businesses, even in some cases, larger businesses are looking for ways to use that contactless technology. And so we're seeing just more volume and more businesses signing up.

因此，我們最初設想的 ATH 業務是為小型企業提供的，但實際上，它已在中型企業中變得更加普遍，甚至在某些情況下，大型企業也在尋找使用非接觸式技術的方法。因此，我們看到交易量不斷增加，簽約企業也越來越多。

Thanks, Joaquin. Thanks, Mac.

謝謝，華金。謝謝，麥克。

Thank you.

謝謝。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Good afternoon. Thanks for taking the question.Can you just talk a little bit more about Sinqia, historically that they've done a lot of acquisitions? And how has that engendered the possibility of you doing acquisitions with the Sinqia asset?

午安.感謝您提出這個問題。您能否再多談談 Sinqia 的情況？從歷史上看，他們進行過很多收購嗎？這如何為您利用 Sinqia 資產進行收購帶來可能性？

Yeah. So Cris, we were really focused after the acquisition on integrating Sinqia and make sure that it was operating well, make sure that the current business they have, we're getting the growth rate back to where we wanted it.

是的。所以克里斯，收購之後，我們真正專注於整合 Sinqia，確保它運作良好，確保他們目前的業務，我們將成長率恢復到我們想要的水平。

During that time, we've still been actively looking at deals in Brazil. We probably have a deeper understanding of that market than any other market because at the depth of customers, they've already had an M&A function just focused on that market. So we have a very good purview.

在此期間，我們仍在積極尋找巴西的交易。我們可能對該市場的了解比其他任何市場都要深入，因為在客戶深度方面，他們已經擁有專注於該市場的併購職能。因此，我們的權限非常好。

And as opportunities arise, we're highly confident that we can roll those into Brazil, that operation now that it's growing at the rate that we would like it to. I would just add on, we're still looking at stuff across the region.

隨著機會的出現，我們非常有信心將其推廣到巴西，目前該業務正在以我們希望的速度成長。我想補充一點，我們仍在關注整個地區的情況。

So if you think about Grandata and Nubity, both of those were in Mexico. So we're looking across the region, but we are extremely excited about looking at things in Brazil, and we have a confidence level now, it's a good time going forward to add things that we can find.

所以如果你想想 Grandata 和 Nubity，它們都在墨西哥。因此，我們正在關注整個地區，但我們對巴西的情況感到非常興奮，現在我們有信心，這是繼續添加我們所能找到的東西的好時機。

Great. And then just a follow-up. You mentioned Mexico, it seems like a big opportunity for you. Can you just talk about your priorities in Mexico?

偉大的。然後只是後續行動。您提到了墨西哥，這對您來說似乎是一個巨大的機會。您能談談您在墨西哥的優先事項嗎？

Yeah. So the initial priority, I mean, we've been very focused on issuing in Mexico, and we continue to talk to different clients there and opportunities there and also integrating Grandata and Nubity. Those have given us -- the type of capability that Grandata has is unique. So it's allowed us to open up conversations with other institutions in the market. But as we look at -- I mean, we've said Colombia is important, Chile is important, Brazil is important, Mexico is important and Costa Rica.

是的。所以，我的意思是，我們最初的重點是專注於在墨西哥發行，並且我們將繼續與那裡的不同客戶和機會進行交流，同時整合 Grandata 和 Nubity。這些為我們提供了——Grandata 所擁有的獨特能力。因此，它使我們能夠與市場上的其他機構展開對話。但正如我們所見——我的意思是，我們說過哥倫比亞很重要，智利很重要，巴西很重要，墨西哥很重要，哥斯達黎加也很重要。

Mexico is one that we'll continue to focus on going forward because we definitely don't have the presence that we have in some of those other markets. And so we're actively looking for opportunities and having good conversations.

墨西哥是我們未來將繼續關注的市場之一，因為我們在其他一些市場中的影響力肯定不如墨西哥。因此，我們正在積極尋找機會並進行良好的對話。

Great. Thanks for taking the questions.

偉大的。感謝您回答這些問題。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey. Good afternoon, guys. Mac, I just wanted to follow-up on a comment you just made on Sinqia. I think you said it was back where you wanted it to be. I just want to confirm that. And I assume that, that means it's back to the healthy, not putting a number on it, high single, low double-digit growth rate that you thought it could be or it was when you acquired it. So it was come full circle, it decelerated and you're happy with the rate of growth there. Is that fair?

嘿。大家下午好。Mac，我只是想跟進一下你剛才對 Sinqia 的評論。我想你說過它已經回到你想要的位置了。我只是想確認一下。我認為，這意味著它恢復到了健康水平，不是用數字來衡量，而是恢復到你認為的或你收購它時所達到的高個位數或低兩位數的成長率。所以它又回到了原點，速度減慢了，而你對那裡的成長率感到滿意。這樣公平嗎？

Yeah. I mean, it exceeded our expectations for the quarter. So as we talked about earlier with Vasu's question, as soon as we acquired the company, we spent a lot of time trying to integrate it, but also get the growth rate back and made a lot of changes, and we're very pleased with how it performed. And it -- like I said, it outperformed our expectation for the quarter.

是的。我的意思是，它超出了我們對本季的預期。正如我們之前回答 Vasu 的問題時所說，我們一收購這家公司，就花了很多時間試圖整合它，同時也恢復了增長率並做出了很多改變，我們對它的表現非常滿意。正如我所說，它的表現超出了我們對本季的預期。

Okay. And then I assume an earlier question, I just want to frame it a little bit differently. I know you guys don't guide by quarter, but you said that 2Q was better than you expected, but it looks like the full year was raised by more than the quote, unquote 2Q upside.

好的。然後我假設一個先前的問題，我只是想以稍微不同的方式來表達它。我知道你們不按季度發布指引，但你們說第二季度比預期要好，但看起來全年的增幅超過了所謂的第二季度增幅。

So it sounds like maybe Sinqia, you expect to continue. Like anything else that was better in the quarter that you also expect to continue to outpace your initial expectations in the back half of the year?

聽起來也許 Sinqia，你希望繼續下去。就像本季其他表現較好的事情一樣，您是否預計下半年的表現將繼續超出您最初的預期？

Hey, John. So this is Joaquin. I mean, look, as Mac said before, I think we have pretty much the three key buckets in LatAm performing at a really high level, meaning Brazil, meaning our organic business in, let's say, the legacy Bay region plus M&A.

嘿，約翰。這就是華金。我的意思是，正如 Mac 之前所說，我認為我們在拉丁美洲的三個關鍵領域都表現得非常出色，也就是巴西，也就是我們在傳統灣區的有機業務加上併購。

So we're expecting that to continue. We do have included in that guide a slight improvement in foreign currency that is flowing through as well. But we will anniversary some of the M&A going into Q4. So I mean, nothing else really to highlight.

因此我們預計這種情況將會持續下去。我們在該指南中確實提到了流入外幣的略微改善。但我們將紀念第四季的一些併購交易。所以我的意思是，真的沒有其他值得強調的。

Okay. Last one on M&A. Mac, balance sheet is in really good shape, back under 2 times. How do you think about the M&A pipeline? Anything exciting? Do you feel like you're far enough on the other side of Sinqia to do something more material? Or should we consider more deals like Grandata and Nubity?

好的。最後一個是關於併購的。Mac，資產負債表狀況非常好，回到 2 倍以下。您如何看待併購通路？有什麼令人興奮的事嗎？您是否覺得自己已經足夠遠離 Sinqia 並可以做一些更實質性的事情了？或者我們應該考慮更多像 Grandata 和 Nubity 這樣的交易？

So what I would say is I wouldn't -- I mean, we're not really focused on a big Sinqia transformational deal. But we do feel like we're in a good shape from a balance sheet perspective. We do have an active pipeline and M&A is a big important -- is an important part of our growth. So you should expect to see us do deals with the exception of Sinqia, things like that, maybe a little bit bigger, maybe a little bit smaller, but in that ZIP code.

所以我想說的是，我不會——我的意思是，我們並沒有真正關注 Sinqia 的重大轉型交易。但從資產負債表的角度來看，我們確實感覺狀況良好。我們確實有一個活躍的管道，併購是我們成長的重要組成部分。因此，你應該會看到我們進行除 Sinqia 之外的交易，諸如此類，可能大一點，可能小一點，但都在那個郵遞區號範圍內。

Okay. Appreciate it. Thanks, guys.

好的。非常感謝。謝謝大家。

James Friedman, Susquehanna.

詹姆斯‧弗里德曼，薩斯奎哈納。

Hi. Let me echo the congratulations. Mac, the first one is for you. I'm curious, how would you articulate what you see as your competitive advantage in Latin America? Is it apropos of your technology advantage? Or is it apropos of your industry knowledge and experience?

你好。讓我再次表達我的祝賀。麥克，第一個是給你的。我很好奇，您如何表達您認為您在拉丁美洲的競爭優勢？這與您的技術優勢有關嗎？還是它與您的行業知識和經驗有關？

What -- when you go to market in Latin America, I know it's a big place with a lot of different products. But if you had to summarize what gives Evertec the right to win down there?

當你進入拉丁美洲市場時，我知道那裡很大，有很多不同的產品。但如果您必須總結一下 Evertec 為何有資格在那裡獲勝呢？

Yeah. So I mean, I would start -- and this has changed over the last decade. I would start with our technology, right? So in the past, we didn't have technology in all these markets and some of the technology we're running was not proprietary. If you look at most of Latin America today, where we do business, we have our own technology where we develop the software, we're able to customize it for customers.

是的。所以我的意思是，我會開始——而且這種情況在過去十年裡已經發生了變化。我將從我們的技術開始，對嗎？因此，過去我們在所有這些市場都沒有技術，而且我們所採用的一些技術並不是專有的。如果你看看今天我們在拉丁美洲的大部分地區做生意，就會發現我們擁有自己的技術，可以開發軟體，並能根據客戶進行客製化。

We're able to move quickly to implement it, which is unique. And it's also not only that the product is our technology, but it's also deployed with some of the biggest names in the region. So it's tested, it's tried, it works, and we will localize it in each of these markets. So I would start with our technology. The second is our expertise, right?

我們能夠快速採取行動來實施它，這是獨一無二的。該產品不僅採用了我們的技術，而且還與該地區一些最大的公司合作部署。因此，它經過了測試、嘗試，並且有效，我們將在每個市場對其進行本地化。所以我將從我們的技術開始。第二個就是我們的專長，對吧？

So when some of these partners come to us about merchant acquiring, they want to move away from the the legacy processor in their country. We have the expertise to show them how to do that, how to operate a merchant acquiring business, how to look at pricing, how to look at acquisition, and we can also give them how they stand up that business. So to your point, it's our industry knowledge and our expertise.

因此，當一些合作夥伴來找我們進行商家收單時，他們希望擺脫其國家的傳統處理器。我們擁有專業知識，可以向他們展示如何做到這一點，如何經營商家收單業務，如何看待定價，如何看待收購，我們也可以告訴他們如何開展這項業務。正如您所說，這是我們的行業知識和專業知識。

And then finally, I would say -- not finally, but it's also the fact that we are a public company. We throw off a good bit of EBITDA, and they are confident that because we are public, we make money, we are regulated by the Feds for our US banks that they can count on us to run an operation that if something happens, which God forbid, it does, that we are one of the ones that knows how to deal with compliance, cybersecurity, those types of things.

最後，我想說——不是最後，而是我們是一家上市公司的事實。我們獲得了相當可觀的 EBITDA，他們相信，由於我們是上市公司，我們賺錢，我們受到美國銀行的聯邦政府監管，所以他們可以信賴我們開展業務，如果發生什麼事情（但願不會發生），我們是知道如何處理合規、網絡安全等問題的公司之一。

And then the last thing I'd say we're on the ground in each of these countries. So we have a workforce. We have people that can work directly with them. All our developers speak Spanish, but we have a presence in each of these countries.

最後我想說的是，我們已經踏足了這些國家。所以我們有一支勞動力隊伍。我們有人員可以直接與他們合作。我們所有的開發人員都講西班牙語，但我們在每個國家都有業務。

We're not trying to export it from Morocco or export it from Asia, right? We actually have a presence in each of these countries of a team that they can work with.

我們不是想從摩洛哥出口它，或從亞洲出口它，對嗎？事實上，我們在每個國家都派有一支團隊與他們合作。

Well, all right. That's a great answer. I'll drop back in the queue. Thank you, both.

嗯，好吧。這是一個很好的答案。我會回到隊列中。謝謝你們兩位。

James Faucette, Morgan Stanley

摩根士丹利的詹姆斯‧福塞特

Hi, this is [Jibali Askar] asking on behalf of James. Just on Merchant Acquiring, amidst the macro uncertainty throughout this year, it looks like consumer spend trends have held up pretty well. But just wondering if there's anything to call out in terms of category of spend changes and what trends have looked like through the early part of July? Thank you.

你好，我是 [Jibali Askar]，代表詹姆斯提問。僅就商家收單而言，在今年全年的宏觀不確定性中，消費者支出趨勢似乎保持得相當好。但我只是想知道在支出變化類別方面是否有任何值得注意的地方，以及 7 月初的趨勢如何？謝謝。

I mean in terms of patterns that we would call out, I wouldn't necessarily -- we haven't identified anything specific that would be, let's say, attached to the tariffs. What we did call out is obviously gas prices. So the sales volume on gas -- on, let's say, our gas segment has been a bit of a drag mainly because the price of gas is down.

我的意思是，就我們所呼籲的模式而言，我不一定——我們還沒有確定與關稅相關的任何具體內容。我們確實呼籲的是天然氣價格。因此，我們的天然氣銷售量——可以說，我們的天然氣部門受到了一些拖累，主要是因為天然氣價格下跌。

But other than that -- and then on the other side of it, which is seasonal for us, we had very good volume in, let's say, government payments, mainly as a result of just tax return season. But other than that, to your point, consumer continues to be very resilient. So we haven't seen really any significant changes in any other key areas of the portfolio.

但除此之外，這對我們來說是季節性的，我們的政府支付量非常好，這主要是由於報稅季節。但除此之外，正如您所說，消費者仍然具有很強的適應力。因此，我們實際上沒有看到投資組合的任何其他關鍵領域發生任何重大變化。

Thank you. This concludes the question and answer session. I would like to turn the conference back over to Mac Schuessler for any closing remarks.

謝謝。問答環節到此結束。我想將會議交還給 Mac Schuessler 並請他做最後發言。

I want to thank everybody for joining the call. I want to thank my colleagues for a great quarter, and we look forward to seeing you guys at conferences throughout the quarter. Good night.

我要感謝大家參加這次電話會議。我要感謝我的同事們為本季做出的貢獻，我們期待在整個季度的會議上見到你們。晚安。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。