International Money Express Inc (IMXI) 2023 Q2 法說會逐字稿

Good day, and welcome to the International Money Express Inc. Second Quarter 2023 Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 International Money Express Inc. 2023 年第二季度電話會議。所有參與者都將處於僅聽模式。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mr. Mike Gallentine. Please go ahead.

現在我想把會議交給邁克·加倫廷先生。請繼續。

Good morning, and welcome to our quarterly earnings call. I would like to remind everyone that today's call includes forward-looking statements, including our third quarter and full year 2023 guidance, and actual results may differ materially from expectations. For additional information on International Money Express, which we refer to as Intermex or the company, please see our SEC filings, including the risk factors described therein.

早上好，歡迎參加我們的季度收益電話會議。我想提醒大家，今天的電話會議包含前瞻性陳述，包括我們的第三季度和 2023 年全年指引，實際結果可能與預期存在重大差異。有關 International Money Express（我們稱為 Intermex 或該公司）的更多信息，請參閱我們向 SEC 提交的文件，包括其中描述的風險因素。

All forward-looking statements on this call are based on assumptions and beliefs as of today. You should not rely on our forward-looking statements as predictions of future events. Please refer to Slide 2 of our presentation for a brief description of certain forward-looking statements. The company undertakes no obligation to update such information, except as required by applicable law.

本次電話會議的所有前瞻性陳述均基於截至目前的假設和信念。您不應依賴我們的前瞻性陳述作為對未來事件的預測。請參閱我們演示文稿的幻燈片 2，了解某些前瞻性陳述的簡要說明。除適用法律要求外，公司不承擔更新此類信息的義務。

On this conference call, we discuss certain non-GAAP financial measures. Information required by Regulation G under the Securities and Exchange Act for such non-GAAP financial measures is included in the presentation slides, our earnings press release and our annual report on Form 10-K, including reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures. These can be obtained in the Investors section of our website at intermexonline.com.

在本次電話會議上，我們討論了某些非公認會計準則財務指標。 《證券交易法》G 條例要求的此類非 GAAP 財務指標的信息包含在演示幻燈片、我們的收益新聞稿和 10-K 表年度報告中，包括某些非 GAAP 財務指標與適當的公認會計準則措施。這些可以在我們網站 intermexonline.com 的投資者部分獲得。

Presenting on today's call is our Chairman, Chief Executive Officer and President, Bob Lisy; and Chief Financial Officer, Andras Bende. Also on the call today are Chris Hunt, Chief Operating Officer; Joseph Aguilar, President, Latin America; Randy Nilsen, Chief Revenue Officer; and Marcelo Theodoro, Chief Digital Officer. Let me now turn the call over to Bob.

出席今天電話會議的是我們的董事長、首席執行官兼總裁 Bob Lisy；首席財務官安德拉斯·本德 (Andras Bende)。今天參加電話會議的還有首席運營官 Chris Hunt；約瑟夫·阿吉拉爾（Joseph Aguilar），拉丁美洲地區總裁；蘭迪·尼爾森，首席營收官；和首席數字官 Marcelo Theodoro。現在讓我把電話轉給鮑勃。

Good morning, and thank you for joining. We appreciate your interest in Intermex. We had a solid quarter of growth as we continue to build upon the company's sustained track record of multiyear expansion, and we continue the profitable integration of both the national and I transfer acquisitions.

早上好，感謝您的加入。我們感謝您對 Intermex 的興趣。隨著我們繼續以公司多年擴張的持續記錄為基礎，我們實現了穩健的季度增長，並且我們繼續對全國和 I 轉讓收購進行有利可圖的整合。

On Slide 3, revenue increased 23.5% to $169.2 million. Net income was $15.4 million, a decrease of 3.5%, while EPS increased 2.4% to $0.42 a share. Adjusted net income was $18.4 million, up 0.6% and adjusted EPS increased 6.4% to $0.50 per share. EBTDA increased 11.7% to $30.9 million. Our CFO, Andras Bende, will provide a more detailed analysis of these metrics during his prepared remarks.

第 3 張幻燈片的收入增長了 23.5%，達到 1.692 億美元。淨利潤為 1,540 萬美元，下降 3.5%，每股收益增長 2.4%，至 0.42 美元。調整後淨利潤為 1,840 萬美元，增長 0.6%，調整後每股收益增長 6.4%，達到每股 0.50 美元。 EBTDA 增長 11.7%，達到 3,090 萬美元。我們的首席財務官 Andras Bende 將在他準備好的講話中對這些指標進行更詳細的分析。

While we continue to achieve our aspirations of double-digit EBITDA growth, our results reflect the challenges of traversing some top line headwinds. We have seen a slowdown in year-over-year growth to Latin America and the Caribbean markets, and this has stimulated increased price discounting in the marketplace. These challenges have emerged as we focus on the integration of a valuable acquisition that has made us a stronger company to Latin America and expanded our footprint into dozens of additional profitable corridors in Europe and Asia.

雖然我們繼續實現 EBITDA 兩位數增長的願望，但我們的業績反映了克服一些頂線逆風的挑戰。我們看到拉丁美洲和加勒比市場的同比增長放緩，這刺激了市場價格折扣的增加。當我們專注於整合一項有價值的收購時，這些挑戰就出現了，該收購使我們成為拉丁美洲一家更強大的公司，並將我們的足跡擴展到歐洲和亞洲的數十個額外的盈利走廊。

After several years of overall market growing in the middle teens and above, the year-over-year growth, although still positive has slowed. During the second quarter of 2023 through May, based on the latest available data, the top 5 countries in (inaudible), Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic grew at a much lower rate than they did a year ago. As a result of this market slowdown, numerous competitors have resorted to more aggressive discounting, primarily in the form of reducing FX gains to attempt to sustain their growth rates. We have experienced this phenomenon in the past, but this round has been a bit deeper and longer sustained than previously experienced.

經過幾年整體市場在十幾歲及以上的增長，儘管仍呈正增長，但同比增長已經放緩。 2023 年第二季度至 5 月，根據最新可用數據，（聽不清）墨西哥、危地馬拉、薩爾瓦多、洪都拉斯和多米尼加共和國的前 5 個國家的增長率遠低於一年前。由於市場放緩，許多競爭對手採取了更激進的折扣，主要是減少外匯收益，以試圖維持增長率。我們過去曾經歷過這種現象，但這一輪比以前經歷過的更深、持續時間更長。

As a high-quality service provider in the industry, we are evaluating and modifying our pricing position to find the optimal price point to maximize profitability. It is not our intent or strategy to align our price with the discounters, but we will be more aggressive in an efficient and strategic way that maximizes growth. Ultimately, we believe the pricing pressures will subside -- in the meantime, we will execute a modified plan that enables us to capture share in the current environment.

作為行業內的優質服務提供商，我們正在評估和修改我們的定價定位，以找到實現盈利最大化的最佳價格點。我們的意圖或策略並不是讓我們的價格與折扣店保持一致，但我們將以高效和戰略性的方式更加積極地實現增長最大化。最終，我們相信定價壓力將會消退——與此同時，我們將執行一項修改後的計劃，使我們能夠在當前環境下獲得份額。

We have created a strong business that has generated double-digit revenues, earnings and cash growth to deliver long-term shareholder value for years. In the prior 3 years that ended 2022, the business generated $150 million in net free cash. This strong free cash performance continues in 2023, where we expect to produce more than $70 million in free cash. Today, Intermex has nearly $100 million of available cash, which enables us to invest in future growth by expanding our business in multiple areas, like our presence in Europe, the acceleration of our digital business, our card products and potential acquisitions. Our unique value-added model has attracted an increasing number of consumers from the Latin American community who rely on Intermex for their money transfer needs because of the quality of the experience and the trust we have gained.

我們創建了一個強大的業務，實現了兩位數的收入、盈利和現金增長，多年來為股東帶來了長期價值。在截至 2022 年的前 3 年中，該業務產生了 1.5 億美元的淨自由現金。這種強勁的自由現金表現將持續到 2023 年，我們預計將產生超過 7000 萬美元的自由現金。如今，Intermex 擁有近1 億美元的可用現金，這使我們能夠通過在多個領域擴展業務來投資未來的增長，例如我們在歐洲的業務、加速我們的數字業務、我們的卡產品和潛在的收購。我們獨特的增值模式吸引了越來越多的拉丁美洲消費者，由於我們獲得的優質體驗和信任，他們依靠 Intermex 來滿足匯款需求。

Our customer-focused omnichannel business model utilizes superior technology and operating infrastructure that is difficult to replicate. Powered by our state-of-the-art proprietary technology will deliver value-added services to our customers through our extensive network of highly productive retail agents. We are confident that the differentiated business model we have built will prevail and sustain itself through any short-term disruptions and Intermex will emerge as an even stronger, more successful company as we have done throughout our history.

我們以客戶為中心的全渠道業務模式利用了難以復制的卓越技術和運營基礎設施。在我們最先進的專有技術的支持下，我們將通過我們廣泛的高效零售代理商網絡為我們的客戶提供增值服務。我們相信，我們建立的差異化業務模式將在任何短期干擾中獲勝並維持下去，Intermex 將成為一家更強大、更成功的公司，就像我們在歷史上所做的那樣。

On Slide 4, as we noted in the first quarter earnings call, the La Nacional acquisition has resulted in us reassessing how we discuss market share from the U.S. to Latin America. In our market share analysis, we now include the top 5 countries in Latin America and the Caribbean, of which the Dominican Republic is a part. These countries collectively account for 82% of the money sent from the U.S. to that region. With the inclusion of La Nacional, our estimated market share in the second quarter of 2023 in these key receiving countries is 21.7%, an increase from 20.4% in the second quarter of 2022, further solidifying our position as one of the leading remittance providers in that market.

在幻燈片 4 上，正如我們在第一季度財報電話會議中指出的那樣，收購 La Nacional 使我們重新評估如何討論從美國到拉丁美洲的市場份額。在我們的市場份額分析中，我們現在包括拉丁美洲和加勒比地區排名前 5 位的國家，多米尼加共和國也是其中的一部分。這些國家總共占美國向該地區匯出的資金的 82%。納入 La Nacional 後，我們預計 2023 年第二季度在這些主要收款國的市場份額為 21.7%，高於 2022 年第二季度的 20.4%，進一步鞏固了我們作為領先匯款提供商之一的地位。那個市場。

A significant opportunity exists in the U.S. markets to drive continued growth in market share. Our priority is to expand our footprint in the most populated foreign-born Hispanic SIP codes, both with Intermex as well as our La Nacional brand. Based on the foreign bond population, from the La Nacional footprint, we see a tremendous opportunity for expansion across the East Coast. Additionally, a total over 2,000 ZIP codes representing an opportunity of 1.5 million wires per month exists in the Intermex business.

美國市場存在推動市場份額持續增長的重大機遇。我們的首要任務是通過 Intermex 和 La Nacional 品牌擴大我們在人口最多的外國出生的西班牙裔 SIP 代碼中的足跡。根據外國債券的數量，從 La Nacional 的足跡來看，我們看到了東海岸擴張的巨大機會。此外，Intermex 業務中總共有 2,000 多個郵政編碼，意味著每月有 150 萬條電匯機會。

In an effort to more aggressively target this market, we have restructured our [Internet] sales force. We have added a sixth region and a new regional sales director. Additionally, we have created 10 new sales districts to address the unserved opportunity. We also have restructured the La Nacional sales team to better capture these opportunities.

為了更積極地瞄準這個市場，我們重組了我們的[互聯網]銷售隊伍。我們增加了第六個區域和一名新的區域銷售總監。此外，我們還創建了 10 個新的銷售區來解決未提供服務的機會。我們還重組了 La Nacional 銷售團隊，以更好地抓住這些機會。

Historically, most of our transaction growth is produced by the same-store locations with the balance coming from new agents. As important as same-store performance is to grow, the recruitment of new stores may be even more impactful. A new agent retailer creates incremental transactions in year 1. Additionally, that retailer will grow by even larger percentages in year 2 and 3, a continued pipeline of quality new agents is critical to new store performance, but even more important to same-store growth over time. We are confident that based on Intermex's superior service, our share of remittances within the store will grow as we become the preferred provider over time.

從歷史上看，我們的大部分交易增長都是由同店地點產生的，其餘部分來自新代理商。與同店業績增長一樣重要，新店的招募可能會產生更大的影響。新的代理零售商在第一年創造了增量交易。此外，該零售商將在第二年和第三年以更大的百分比增長，持續不斷的優質新代理渠道對於新店業績至關重要，但對於同店增長更為重要隨著時間的推移。我們相信，基於 Intermex 的優質服務，隨著時間的推移，隨著我們成為首選提供商，我們在店內的匯款份額將會增長。

To ensure the company maintains the pipeline of new agents to drive future growth, we continually review and analyze our field productivity metrics to ensure we allocate resources most effectively and cost efficiently. Additionally, we set agent recruitment targets down to the ZIP code level, but this is only the start. Within each of those ZIP codes, agents will be carefully screened to make sure they possess the necessary attributes and the commitment to delivering the highest quality of customer service. Our recent realignment complete with an increase in regions and sales district will position the company to better access these market opportunities.

為了確保公司維持新代理渠道以推動未來增長，我們不斷審查和分析我們的現場生產力指標，以確保我們最有效和最具成本效益地分配資源。此外，我們將代理招募目標細化至郵政編碼級別，但這僅僅是開始。在每個郵政編碼中，代理商都將經過仔細篩選，以確保他們擁有必要的屬性並致力於提供最高質量的客戶服務。我們最近的調整以及區域和銷售區域的增加將使公司能夠更好地抓住這些市場機會。

Turning to the La Nacional. With the completion of the acquisition, we're actively integrating Land's U.S. business according to our plans. We're also starting to capitalize on the significant opportunities that lie ahead in Europe with eye Transfer. We're investing significant time evaluating the opportunity in Europe, and we believe the business unit has significant opportunity for outsized growth over the next several years. This opportunity exists both at retail and on the online digital side, further accentuating our omnichannel approach.

轉向《國家報》。隨著收購的完成，我們正在按照計劃積極整合蘭德公司的美國業務。我們還開始通過 Eye Transfer 來利用歐洲未來的重大機遇。我們投入了大量時間來評估歐洲的機會，我們相信該業務部門在未來幾年內有巨大的增長機會。這種機會存在於零售和在線數字方面，進一步強調了我們的全渠道方法。

In the second quarter, I transfer business grew approximately 14% in revenue and grew approximately 70% in EBITDA. This business unit has an excellent foundation and we feel it has excellent growth potential. Our business has only scratched the surface of the full opportunity in Europe. We operate primarily in Spain and Italy with one company store in Germany. In the middle run, we will look to grow these countries out and expand to France, the U.K. and other opportunities.

第二季度，I轉讓業務收入增長約14%，EBITDA增長約70%。這個業務部門有著良好的基礎，我們認為它具有巨大的增長潛力。我們的業務僅僅觸及了歐洲全部機遇的表面。我們主要在西班牙和意大利開展業務，在德國設有一家公司商店。從中期來看，我們將尋求在這些國家發展壯大，並擴展到法國、英國和其他機會。

As we mentioned previously, we believe that the Europe market will present a big opportunity to grow digital online wires as well. There will be more to come relative to Europe, but we see a tremendous future here. Simultaneously, as we seize the opportunity in Europe, we have made significant progress integrating and rightsizing the National's U.S.-based business. The upside potential for the national in the U.S. lives in rightsizing the retail network and maximizing efficiencies while expanding our presence in zip codes along the East Coast that are currently unserved.

正如我們之前提到的，我們相信歐洲市場也將提供發展數字在線線路的巨大機會。相對於歐洲，還會有更多的事情發生，但我們在這裡看到了巨大的未來。與此同時，隨著我們抓住歐洲的機遇，我們在整合和調整美國國民公司的業務方面取得了重大進展。美國國民的上行潛力在於調整零售網絡規模並最大限度地提高效率，同時擴大我們在目前尚未提供服務的東海岸郵政編碼地區的業務。

On Monday, we announced a restructuring of the U.S. business, which will result in approximately $1.5 million in annual savings starting in third quarter. Andras will provide more insight in the third quarter restructuring charges incurred that would trigger the $1.5 million in annual savings. The growth ahead of us will be driven by careful, disciplined operating rigor and bringing Intermex agent recruitment agent performance model to this business unit. There are many opportunities to expand La Nacional's footprint into new ZIP codes.

週一，我們宣布對美國業務進行重組，這將從第三季度開始每年節省約 150 萬美元。 Andras 將提供有關第三季度重組費用的更多見解，這將節省 150 萬美元的年度成本。我們面前的增長將由謹慎、嚴格的運營和將 Intermex 代理招聘代理績效模型引入該業務部門來推動。有很多機會將 La Nacional 的足跡擴展到新的郵政編碼。

With our formalized restructuring plan, we are confident that we will achieve a 9% to 11% EBITDA margin run rate by late 2023 or early 2024. La Nacional has proven to be a valuable asset for Intermex, and we're just beginning to unlock its full potential. We believe the combination of increased profitability of La Nacional in the U.S., coupled with the significant growth opportunities of e-transfer in Europe will translate into hundreds of millions of dollars of revenue and tens of millions of dollars of EBITDA and free cash from these properties over the coming years. Among the other areas we're optimistic about are our payroll and GPR cards. These will both compete in large, attractive markets. The payroll card is a part of a $100 billion-plus market and the GPR market is approximately double that size.

通過我們正式的重組計劃，我們有信心到 2023 年末或 2024 年初實現 9% 至 11% 的 EBITDA 利潤率。事實證明，La Nacional 是 Intermex 的寶貴資產，而我們才剛剛開始釋放它的全部潛力。我們相信，La Nacional 在美國盈利能力的提高，加上歐洲電子轉賬的巨大增長機會，將轉化為數億美元的收入以及數千萬美元的 EBITDA 和來自這些資產的自由現金未來幾年。我們樂觀的其他領域包括我們的工資單和 GPR 卡。這些都將在巨大且有吸引力的市場中展開競爭。工資卡是價值超過 1000 億美元的市場的一部分，而 GPR 市場的規模大約是這個規模的兩倍。

Intermex has a significant distribution advantage due to our existing network of high-traffic retailers and our [CheckDirect] service that we provide to many of our agent partners. We have a great line of sight to the employers of our customer base. We can then target those companies to demonstrate the benefits of our payroll card product. (inaudible), not yet a large revenue contributor for Intermex, we have sized the market and feel we are well positioned to launch our upgraded payroll card to the market later this year.

由於我們現有的高流量零售商網絡以及我們向許多代理合作夥伴提供的 [CheckDirect] 服務，Intermex 擁有顯著的分銷優勢。我們對客戶群的雇主有很好的視野。然後，我們可以針對這些公司來展示我們的工資卡產品的優勢。 （聽不清），雖然還不是 Intermex 的主要收入貢獻者，但我們已經確定了市場規模，並認為我們已做好準備，可以在今年晚些時候向市場推出升級後的工資卡。

We can also leverage a similar distribution advantage with our GPR card. Our retail sales can leverage the relationships that exist with independent retailers and effectively demonstrate the benefits of adding our GPR card at their retail locations. We are adding a new program manager for the card product this year to assist in expanding and managing these products. The crowd products will not significantly contribute to revenues or profitability in 2023, but we are well positioned for meaningful growth in 2024 and beyond.

我們還可以通過 GPR 卡利用類似的分銷優勢。我們的零售銷售可以利用與獨立零售商之間的關係，並有效地展示在他們的零售地點添加我們的 GPR 卡的好處。今年我們將為卡產品增加一名新的項目經理，以協助擴展和管理這些產品。大眾產品不會對 2023 年的收入或盈利能力做出重大貢獻，但我們已做好準備，在 2024 年及以後實現有意義的增長。

Lastly, our digital business continues to grow at a high rate. We grew at a rate of 63% in second quarter. We're also delighted that our updated application have been receiving high marks from our users. A great opportunity for growth exists with Intermex digital business as well as our wires as a Service product in which we co-brand or co-housed with a partner.

最後，我們的數字業務持續高速增長。第二季度我們的增長率為 63%。我們還很高興我們更新的應用程序得到了用戶的高度評價。 Intermex 數字業務以及我們與合作夥伴聯合品牌或共同託管的線路即服務產品存在巨大的增長機會。

In summary, it has been another great quarter of double-digit EBITDA growth. There is much to be optimistic about in our business. We continue to deliver strong EBITDA numbers with a high conversion to free cash. That adds to our already strong balance sheet where we have a base of $100 million of available cash to invest in our business. Growth opportunities abound, whether it is through our modified approach to retail with our Intermex business, reorganizing of the National business unit or the tremendous opportunity for growth that our EU license provides for us with e-transfer. Additionally, we are excited about our continued sales growth in our digital online business and the prospects for our Wireless as a Service offering, along with the opportunity to launch our online offering in Europe. Lastly, we believe we have made significant progress with our 2 card products and look for each of them to be meaningful revenue and profit streams in the future.

總而言之，這是又一個 EBITDA 兩位數增長的偉大季度。我們的業務有很多值得樂觀的地方。我們繼續提供強勁的 EBITDA 數字，並高度轉化為自由現金。這進一步豐富了我們本已強勁的資產負債表，我們有 1 億美元的可用現金用於投資我們的業務。增長機會比比皆是，無論是通過我們的 Intermex 業務修改零售方式、重組國家業務部門，還是我們的歐盟許可證通過電子轉賬為我們提供了巨大的增長機會。此外，我們對數字在線業務的持續銷售增長、無線即服務產品的前景以及在歐洲推出在線產品的機會感到興奮。最後，我們相信我們的兩種卡產品已經取得了重大進展，並希望它們在未來都能成為有意義的收入和利潤來源。

With that, I'll turn the call over to Andras, who will drill down to the numbers and offer his perspective on second quarter operating performance. Andras?

接下來，我將把電話轉給安德拉斯，他將深入研究數據並提出他對第二季度運營業績的看法。安德拉斯？

Thank you. As Bob mentioned, we had another quarter of double-digit EBITDA growth. Still, our overall results were a little short of our expectations, driven by a slowdown in market growth, the pricing dynamic in the market that Bob mentioned earlier and several unhelpful items that converged during Q2 to make our quarterly objectives just that much more difficult to achieve. A large still and safe, an agent that levered up for Mother's Day and [Ups candid] and a settlement of a long-standing HR litigation in California are just a few that worked against us in Q2.

謝謝。正如鮑勃提到的，我們的 EBITDA 又實現了四分之一的兩位數增長。儘管如此，我們的總體業績仍略低於我們的預期，這是由於市場增長放緩、鮑勃之前提到的市場定價動態以及第二季度集中出現的一些無益項目使我們的季度目標更加難以實現。達到。一個大型的蒸餾器和保險箱、一個為母親節做好準備的代理人和[坦白說]以及加利福尼亞州長期存在的人力資源訴訟的和解只是第二季度對我們不利的幾個因素。

On Slide 5, the number of unique active customers increased by 41.1% during the second quarter to $4.2 million. These customers generated a record 15.1 million remittance transactions, 26.7% more than a year ago. This represents about 6.3% growth in transactions in our core business, plus the contribution of La Nacional's U.S. and international businesses.

在幻燈片 5 中，第二季度的獨立活躍客戶數量增加了 41.1%，達到 420 萬美元。這些客戶產生了創紀錄的 1510 萬筆匯款交易，比一年前增加了 26.7%。這意味著我們核心業務的交易量增長了約 6.3%，再加上 La Nacional 的美國和國際業務的貢獻。

On Slide 6, we achieved a 63% increase in digitally originated transactions as strong customer acceptance of our mobile app continues. Moreover, we achieved this growth while being good stewards of the company's capital, not chasing customers with significant marketing spend that has an unproven payback. From a send receive standpoint, 31% of our transactions are either sent or received digitally, up 480 basis points from a year ago.

在幻燈片 6 中，隨著客戶對我們的移動應用程序的強烈接受，我們的數字源交易量增加了 63%。此外，我們在實現這一增長的同時，還很好地管理了公司的資本，而不是用大量的營銷支出來追逐客戶，而這些支出的回報尚未得到證實。從發送接收的角度來看，我們 31% 的交易以數字方式發送或接收，比一年前增加了 480 個基點。

On Slide 7, the total principal transfer grew 19.5% to $6.4 billion, driven by our core business and the addition of La Nacional's U.S. and international businesses. The average remittance within our U.S. core Intermex business was consistent with the prior year. It was $447 precisely the same sentiment it was in Q2 2022. In the consolidated business, the average send amount was down 5.6% for the quarter year-over-year at $422 per transaction. This is influenced by the average transaction amounts in our La Nacional U.S. and Europe businesses, which are structurally lower. La Nacional U.S. is currently at $297 and Europe at $270, bringing the business average to $4.22 for the quarter.

在幻燈片 7 中，受我們的核心業務以及 La Nacional 的美國和國際業務增加的推動，本金轉移總額增長了 19.5%，達到 64 億美元。我們美國核心 Intermex 業務的平均匯款與上一年持平。該價格為 447 美元，與 2022 年第二季度的情緒完全相同。在綜合業務中，本季度平均發送金額同比下降 5.6%，為每筆交易 422 美元。這是受到 La Nacional 美國和歐洲業務平均交易金額的影響，這些業務在結構上較低。 La Nacional 美國目前的價格為 297 美元，歐洲為 270 美元，使該季度的業務平均價格達到 4.22 美元。

On Slide 8, total revenues company-wide increased 23.5% year-over-year, reaching $169.2 million during the first 3 months. Excluding acquisitions, revenue growth in our core business was 6.7%, fueled by organic customer additions through new and existing (inaudible). Our core revenue growth dipped below the double-digit level this quarter, impacted by the market slowdown in the current pricing environment.

在幻燈片 8 中，公司範圍內的總收入同比增長 23.5%，前 3 個月達到 1.692 億美元。不包括收購在內，我們核心業務的收入增長了 6.7%，這主要得益於新客戶和現有客戶（聽不清）的有機增長。受當前定價環境下市場放緩的影響，本季度我們的核心收入增長降至兩位數以下。

Our digital business is contributing an ever-increasing share of revenue. While still in the single digits, we continue to thoughtfully pace spending around our app and online offerings to match or stay ahead of consumer acceptance. We're successfully growing the digital business efficiently and profitably with the revenue contribution from digitally originated transactions up just under 58% year-on-year in the second quarter. We keep a tight pulse on consumer behavior, which positions us to invest in digital intelligently, ensuring the uniquenomics supported.

我們的數字業務貢獻的收入份額不斷增加。雖然仍處於個位數，但我們繼續審慎地調整我們的應用程序和在線產品的支出，以匹配或保持領先於消費者的接受度。我們成功地高效、盈利地發展了數字業務，第二季度數字源交易的收入貢獻同比增長了近 58%。我們密切關註消費者行為，這使我們能夠明智地投資數字化，確保支持獨特的經濟學。

Net income was impacted by a few key areas: top line growth slowing, on our credit facility and depreciation and intangibles amortization. The latter is driven from M&A activity but also from hardware upgrades and some accelerated depreciation as we transition to a new headquarters building at year-end. Higher effective tax rate, mostly acquisition-related also kept growth in check when it comes to net income. Net income was down 3.5% at $15.4 million, though GAAP EPS was better, up 2.4% to $0.42 a share, aided by our share buybacks. We'll see these same factors flow through the second half as reflected in our guidance.

淨利潤受到幾個關鍵領域的影響：營收增長放緩、信貸安排以及折舊和無形資產攤銷。後者是由併購活動推動的，但也來自硬件升級和我們在年底過渡到新總部大樓時的一些加速折舊。較高的有效稅率（主要與收購相關）也抑制了淨利潤的增長。淨利潤下降 3.5%，至 1,540 萬美元，但 GAAP 每股收益有所改善，在我們股票回購的幫助下，上漲 2.4%，至每股 0.42 美元。正如我們的指導中所反映的那樣，我們將在下半年看到這些相同的因素。

Looking at Slide 9, adjusted EBITDA increased 11.7% to $30.9 million, also impacted by the slower revenue growth in the inclusion of the La Nacional business where margins are structurally lower. Note that as the top line and the core business slowed, we have and will continue to aggressively control costs, which is what allowed us to again achieve another double-digit EBITDA quarter.

從幻燈片 9 來看，調整後的 EBITDA 增長了 11.7%，達到 3090 萬美元，這也是受到利潤率結構性較低的 La Nacional 業務收入增長放緩的影響。請注意，隨著收入和核心業務放緩，我們已經並將繼續積極控製成本，這使我們能夠再次實現另一個兩位數的 EBITDA 季度。

Adjusted net income was up 0.6% during the second quarter to $18.4 million, impacted by the same underlying drivers as GAAP net income, but excluding items like share-based compensation, transaction-related expenses and amortization of certain intangibles and the tax impact related to those items. From an adjusted EPS perspective, we were up 6.4% to $0.50 a share.

第二季度調整後淨利潤增長0.6%，達到1840 萬美元，受到與GAAP 淨利潤相同的基本驅動因素的影響，但不包括股權激勵、交易相關費用和某些無形資產攤銷等項目以及與GAAP相關的稅收影響那些物品。從調整後每股收益的角度來看，我們上漲了 6.4%，至每股 0.50 美元。

Turning to the balance sheet on Slide 10. Intermex continues to be an efficient operator and cash generator. The company ended the quarter on a Friday peak activity for our business, where you would have seen the revolver drawn on the balance sheet to the tune of $116 million from our credit line.

轉向幻燈片 10 上的資產負債表。Intermex 仍然是高效的運營商和現金產生者。該公司在周五的業務活動高峰期結束了該季度，您會看到資產負債表上從我們的信貸額度中提取了高達 1.16 億美元的左輪手槍。

Net free cash generated, our internal measure, which excludes working capital cyclicality dipped a bit to $13 million in Q2. However, if you exclude the $5.5 million net cash attributable to the closing of eye Transfer in the second quarter, net free cash generated is closer to $18.5 million, a 7% increase from Q2 2022.

我們的內部指標（不包括營運資金周期性）產生的淨自由現金在第二季度略有下降，至 1300 萬美元。然而，如果排除第二季度 Eye Transfer 關閉帶來的 550 萬美元淨現金，產生的淨自由現金接近 1850 萬美元，比 2022 年第二季度增長 7%。

During the quarter, we continue to be active in the market, purchasing 416,000 shares for $10 million at an average price of $24 per share to the board authorized repurchase program. Additionally, we repurchased 500,000 shares from one of our beneficial stockholders for $25.28 per share, a 4% discount to the market price on the day of the transaction. The negotiated transaction totaled $12.6 million paid with cash on hand. We continue to see our buyback program as an excellent use of capital and anticipate remaining active.

本季度，我們繼續活躍於市場，按照董事會授權的回購計劃，以每股 24 美元的平均價格，以 1,000 萬美元的價格購買了 416,000 股股票。此外，我們還以每股 25.28 美元的價格從一位受益股東手中回購了 500,000 股股票，較交易當天的市場價格折讓 4%。談判達成的交易總額為 1260 萬美元，以現有現金支付。我們仍然認為我們的回購計劃是對資本的良好利用，並預計將保持活躍。

On Slide 11, as a result of the slower market growth we are seeing, coupled with the price discounting in the market, we're adjusting our guidance for the full year. As mentioned in the first quarter earnings call, we are transitioning from net income to EPS guidance for the remainder of the year. Additionally, as Bob mentioned, we will record a restructuring charge in the third quarter for La Nacional. We expect this will be approximately $600,000, which is captured within this guidance. As discussed, this restructure will generate over $1.5 million in annualized savings beginning in September.

在幻燈片 11 上，由於我們看到市場增長放緩，加上市場價格折扣，我們正在調整全年指導。正如第一季度財報電話會議中提到的，我們正在將今年剩餘時間的淨利潤指引轉變為每股收益指引。此外，正如鮑勃提到的，我們將在第三季度記錄 La Nacional 的重組費用。我們預計這將約為 600,000 美元，這已包含在本指南中。正如所討論的，從 9 月份開始，此次重組將帶來超過 150 萬美元的年化節省。

Our new guidance is as follows: For the full year, revenue of $644.9 million to $673 million, diluted GAAP EPS of $1.56 to $1.63 per share. Adjusted diluted EPS of $1.87 to $1.94 per share and adjusted EBITDA of $114.8 million to $119.8 million.

我們的新指導如下：全年收入為 6.449 億美元至 6.73 億美元，稀釋後 GAAP 每股收益為 1.56 美元至 1.63 美元。調整後稀釋每股收益為 1.87 美元至 1.94 美元，調整後 EBITDA 為 1.148 億美元至 1.198 億美元。

For the third quarter, we expect the following: revenue of $165.7 million to $176.8 million, GAAP diluted EPS of $0.40 to $0.43 a share, adjusted diluted EPS of $0.49 to $0.52 a share and adjusted EBITDA of $30 million to $32 million.

對於第三季度，我們預計：營收為1.657 億美元至1.768 億美元，GAAP 攤薄後每股收益為0.40 美元至0.43 美元，調整後稀釋後每股收益為0.49 美元至0.52 美元，調整後EBITDA 為3000 萬美元至3200 萬美元。

In summary, we continue to execute and are retooling to grow the Intermex core through the current market dynamics. At the same time, we're defining the path to 10x for Europe, positioning a size of card and digital and driving efficiency to perpetuate a strong EBITDA growth trajectory for La Nacional U.S.

總之，我們繼續執行並重組，以通過當前的市場動態發展 Intermex 核心。與此同時，我們正在為歐洲定義通往 10 倍增長的道路，定位卡和數字的規模並提高效率，以保持 La Nacional U.S. 強勁的 EBITDA 增長軌跡。

With that, I'll turn it over to the operator for questions.

這樣，我會將其轉交給接線員詢問。

(Operator Instructions) The first question comes from the line of Mike Grondahl with Northland Securities.

（操作員說明） 第一個問題來自 Northland Securities 的 Mike Grondahl。

And then maybe just secondly, how would you describe the pricing challenges or pricing pressure? Is that a couple percentage points of overall growth? Like is there any way you can frame that a little bit?

其次，您如何描述定價挑戰或定價壓力？這是整體增長的幾個百分點嗎？有什麼辦法可以稍微框架一下嗎？

Yes. I mean I think anything I would be guessing at, right, to say, well, it's this percentage of growth or whatever. I think what happens is when people particularly the smaller providers that general MO to start is to discount. When they see a marketplace slow down, their immediate reaction is the more exaggerated approach to what they normally do, which is to discount. And so we're seeing that in a number of areas. But in some other areas, we also see opportunities because even those discounters have markets where they need to be able to make money and we need to attack those. So it's hard to put a number on it. We think that, clearly, though, that I talked about, rather than we’ve always made our success by focusing on what we do best, rather than just worrying about what the marketplace is doing. And from our perspective, we still have all those ZIP codes we talked about, 2,000 that are under underserved or unserved that we could gain about 1.5 million wires and that's only by getting about a 15% to 20% share in those ZIP codes, which is very much below where our best (inaudible) perform. And so really, that's the area that we need to focus on.

是的。我的意思是，我認為我會猜測的任何事情，對，就是說，嗯，就是這個增長百分比或其他什麼。我認為，當人們，尤其是小型提供商，一般開始的方式是打折時，就會發生什麼。當他們看到市場放緩時，他們的第一反應是比平時更誇張的做法，即打折。我們在很多領域都看到了這一點。但在其他一些領域，我們也看到了機會，因為即使是那些折扣店也有他們需要賺錢的市場，而我們需要攻擊這些市場。所以很難給出一個數字。不過，我們顯然認為，正如我所說，我們始終通過專注於我們最擅長的事情而不是僅僅擔心市場正在做什麼來取得成功。從我們的角度來看，我們仍然擁有我們談到的所有郵政編碼，2,000 個服務不足或未獲得服務的郵政編碼，我們可以獲得大約150 萬條電匯，而這只需獲得這些郵政編碼中約15 % 到20% 的份額，這遠遠低於我們最好的（聽不清）表現。事實上，這就是我們需要關注的領域。

Now what will be different because we've talked about that in the past. One thing that will be different we have more dedicated people to those geographies. And two, our sort of approach to the market is going to be different where a gross margin, meaning what we get after we gain the fee and the FX, minus what we pay the agent and the payer, we're willing to take a lower ultimate gross margin to gain wires in this more competitive time. We're not going to wait it out as I don't want to see us passively but as confidently as we have in the past, we'll be a little bit more proactive, quite a bit more proactive.

現在會有什麼不同，因為我們過去已經討論過這一點。與以往不同的是，我們有更多專注於這些地區的人員。第二，我們對市場的態度將會有所不同，毛利率是指我們獲得費用和外匯後得到的，減去我們支付給代理商和付款人的費用，我們願意接受降低最終毛利率，以在競爭更加激烈的時代獲得收益。我們不會等待，因為我不想看到我們被動，而是像過去一樣自信，我們會更加主動，更加主動。

We still think it won't sustain itself. We know that one of the big discounters will be on the market for sale next year. One of them is out in the market for sale now to private companies. And so they're very aggressive in a down market, and that's affecting the overall. And then what you see is even some of the public companies start to join in that discounting because they join the fray. So we need to be able to address that as we're doing, but we also believe that there will be some relief in that over time because whoever -- whenever these sales happen that usually what happens is there becomes a change in the approach to the market.

我們仍然認為它無法維持下去。我們知道其中一家大型折扣店將於明年上市出售。其中之一現已上市出售給私營公司。因此，他們在低迷的市場中非常激進，這影響了整體。然後你會看到，甚至一些上市公司也開始加入折扣，因為他們加入了競爭。因此，我們需要能夠像我們正在做的那樣解決這個問題，但我們也相信，隨著時間的推移，這種情況將會有所緩解，因為無論何時發生這些銷售，通常會發生的情況是，銷售方法會發生變化。市場。

Next question comes from the line of Mayank Tandon with Needham.

下一個問題來自 Mayank Tandon 與 Needham 的關係。

Bob and Andras, I just wanted to get a better sense of when the market began to slow down incrementally from the time you gave guidance back in May. Like what really changed? Is it more just pure macro? Or is there something else going on in the market beyond just the macro pressures?

鮑勃和安德拉斯，我只是想更好地了解自你們五月份發布指導以來市場何時開始逐漸放緩。比如真正改變了什麼？它只是純粹的宏觀嗎？或者說，除了宏觀壓力之外，市場上還存在其他因素嗎？

Well, at the market grew in last quarter at 12%, and it grew at 8% to Mexico, which is our core business. So that is something that happened at a greater level in the second quarter versus the first quarter. We've seen some slowing, but it's been a bit sporadic. There's -- you can -- if you look at the numbers from Mexico, you'll see that sometimes you'll have an 8% growth month and then sometimes you'll have a 13% growth month, and it's been a bit sporadic. But the quarter as a whole in second quarter dropped about 1/3 from 12% growth to 8% growth. And that was not fully anticipated. We thought that probably 12 was about where it was going to land. So I think that impact was what was not necessarily predicted.

嗯，上個季度市場增長了 12%，墨西哥市場增長了 8%，這是我們的核心業務。因此，與第一季度相比，第二季度發生的事情更加嚴重。我們看到了一些放緩，但有點零星。如果你看看墨西哥的數據，你會發現有時一個月的增長率為 8%，有時一個月的增長率為 13%，而且這種情況有點零星。 。但第二季度整個季度下降了約1/3，從12%的增長降至8%的增長。這並沒有完全預料到。我們認為大概 12 就是它要著陸的地方。所以我認為這種影響不一定是預測到的。

Understood. And then I just wanted to go back to the model. So as we look at the rest of the year, just sort of the building blocks in terms of the numbers, what are the expectations for transaction growth and principal growth and remittance size? If you could just give us some sense of like what you have embedded in your guidance.

明白了。然後我只想回到模型。因此，當我們看看今年剩餘時間時，就數字而言，交易增長、本金增長和匯款規模的預期是什麼？如果您能給我們一些關於您在指導中所嵌入的內容的感覺。

Yes. I would just speak from a trend -- this is Andras. From a transaction growth standpoint in the core, we're in conservatively around 5% growth in the core business. And what are the other factors that I could dimensionalize for you?

是的。我只想從一個趨勢來說話——這就是安德拉斯。從核心交易增長的角度來看，我們保守地認為核心業務增長在 5% 左右。我可以為您衡量的其他因素有哪些？

Principal amount.

本金。

Principal amount. I think principal amount, we've held in the core as well, steady year-over-year. We haven't modeled in any growth or haven't modeled in any attrition in that amount.

本金。我認為我們也持有核心金額，同比穩定。我們沒有對任何增長進行建模，也沒有對任何流失進行建模。

And the remittance size would also be just given some of the headwinds you guys talked about, should we expect the remittance size to also come down just for the back half of the year to reflect the updated guidance?

考慮到你們談到的一些不利因素，匯款規模也將受到影響，我們是否應該期望今年下半年的匯款規模也會下降，以反映更新後的指導方針？

Yes. I think it's not much. I mean maybe a little less than 1% in terms of overall size, the part that's not impacted by the acquisition principal sizes. Remember, the peso is trading at its strongest point, which we hadn't really talked about, but that many times has an effect on the principal amount. You would think when you get less pesos on the other side of the border, people would tend to spend more because they have a stable amount they need. But what happens is when the peso is usually weaker, if it's in the 20s, people send larger principal amounts because they feel like the peso is on sale and they send bigger average transaction. So we're kind of -- the whole industry is kind of those headwinds where the peso has been stronger than it's been in a number of years now.

是的。我認為這並不多。我的意思是，就整體規模而言，可能略低於 1%，這部分不受收購本金規模的影響。請記住，比索的交易處於其最強點，我們並沒有真正討論過這一點，但很多時候都會對本金產生影響。你可能會認為，當邊境另一邊的比索減少時，人們往往會花更多的錢，因為他們有穩定的需求量。但發生的情況是，當比索通常較弱時，如果比索在 20 多歲，人們會發送更大的本金，因為他們覺得比索正在打折，並且他們發送更大的平均交易。所以我們整個行業都面臨著比索比過去幾年更強勁的逆風。

(Operator Instructions) The next question comes from the line of David Scharf with JMP.

（操作員說明） 下一個問題來自 JMP 的 David Scharf。

Maybe just to follow up a little more on the competitive dynamic right now. Bob, you called out a couple of private discounters. But taking a step back and maybe compared to prior cycles, like you say, the eps and flows in terms of price competition. Are the pricing moves by competitors, would you describe them as fairly broad-based among most of the remittance providers you encounter in your stores? Or is it concentrated within a couple of discounters?

也許只是為了進一步了解現在的競爭動態。鮑勃，你叫了幾家私人折扣店。但退一步來說，也許與之前的周期相比，就像你說的，在價格競爭方面的每股收益和流量。您是否認為競爭對手的定價舉措在您商店中遇到的大多數匯款提供商中具有相當廣泛的基礎？或者它集中在幾個折扣店內？

So the question is not broad-based geographically, but is it broad-based within the competitors?

因此，問題不在於地域範圍廣泛，而在於競爭對手內部是否廣泛？

Exactly. Is this something --

確切地。這是什麼東西——

Yes, I would say (inaudible) I would say that it is. And one of the large publics with their second or flanker brand, however you want to describe it, that's a deep discounter as well. And one of the other public companies is pretty aggressive as well. So I think it's -- we're probably by ourselves as the guys holding the line more. Our margins have been relatively stable, which is really good news because it gives us a lot of headroom to sustain the margins where we're strong enough to sustain them, but to -- if you have an average margin to Mexico of $5 or over $5, and I'm just using that as an example, I'm not quoting that number, and you go out and aggressively go after business that's at a much lower rate, your blended gross margin is still quite attractive.

是的，我會說（聽不清）我會說是的。擁有第二個或側翼品牌的大型公眾之一，無論你想如何描述它，這也是一個深度折扣店。其他上市公司之一也相當激進。所以我認為，我們可能只能靠自己來堅守陣地。我們的利潤率一直相對穩定，這確實是個好消息，因為它為我們提供了很大的空間來維持利潤率，我們有足夠的能力來維持利潤率，但是如果您對墨西哥的平均利潤率達到或超過5 美元5美元，我只是舉個例子，我不會引用這個數字，你出去積極追求利率低得多的業務，你的綜合毛利率仍然相當有吸引力。

So we've got a lot of headroom. And I think it's really other than us relatively pervasive. A lot of markets where we have such a strong position in the Eastern states, for instance, and I won't name the states specifically for strategic reasons. But it's harder for the competition to come in because we're so well entrenched. But where we're going and acquiring new business, and that's where I think our approach will change more because there's so much of an upside opportunity. You might look at a state in the West Colorado. It has more foreign born than a state like Georgia, we have a fraction of the business there.

所以我們有很大的空間。我認為這確實比我們更普遍。例如，我們在東部各州的許多市場都擁有如此強大的地位，出於戰略原因，我不會具體點名這些州。但競爭更難進入，因為我們根深蒂固。但我們要去哪裡收購新業務，我認為我們的方法將會發生更多改變，因為那裡有很多上升的機會。您可能會關注西科羅拉多州的一個州。它的外國人出生率比佐治亞州這樣的州還要多，我們在那裡的業務只佔一小部分。

So our opportunity there where we have really strong margins is to be much more aggressive because the upside is really big for us. And that's really the way that we need to be able to compete in some of those areas. And you'll see us, we'll be -- we're not going to be necessarily again, riding with the discounters. In some cases, we won't be at all. In some cases, our offering won't change at all because we don't really have an issue. But in other cases, we'll be much more aggressive.

因此，我們在利潤率非常高的地方的機會是更加積極進取，因為這對我們來說確實很大。這確實是我們在某些領域進行競爭所需要的方式。你會看到我們，我們將——我們不一定會再次與折扣店同行。在某些情況下，我們根本不會。在某些情況下，我們的產品根本不會改變，因為我們確實沒有問題。但在其他情況下，我們會更加激進。

We're still going to ride on our value-added service, the fact that we pick up our customer service line in 4 seconds that our technology works better and faster and more reliably than anyone else in a face-to-face transaction. The banking relationships, our [CheckDirect] product, the quality of our customer service. All of those things, we're still going to sell on that value add, but we recognize that we might need to be a little closer to the discounters prices in certain areas of the market for us to compete and grow again at rates that are in the teens.

我們仍然會依靠我們的增值服務，事實上，我們在 4 秒內接聽客戶服務熱線，我們的技術比面對面交易中的任何其他人都更好、更快、更可靠。銀行關係、我們的 [CheckDirect] 產品、我們的客戶服務質量。所有這些東西，我們仍然會根據附加值進行銷售，但我們認識到，我們可能需要在市場的某些領域更接近折扣價，以便我們能夠以適當的速度再次競爭和增長。在十幾歲的時候。

No, understood. And a couple of just follow-ups on one more on the operational side. First, the sales additions, can you provide some just context in terms of the addition of a new sales director or a new region, new districts. Was this in the cards since the beginning of the year? Or have you accelerated any expansion plans on the kind of agent acquisition front in response to what might be a persistent --

不，明白了。還有一些關於運營方面的後續行動。首先，關於銷售人員的增加，您能否提供一些有關增加新銷售總監或新地區、新地區的背景信息。從今年年初開始，這種情況就存在嗎？或者你是否加速了代理收購方面的任何擴張計劃，以應對可能持續存在的問題——

Yes. I mean, I think we're constantly evolving, but the actual decision to add another regional director, a new region happened probably in late sort of first quarter, early second and added the person in late second quarter. As far as the sales districts, which are our folks that are on the ground, the closest to our retailers, we just recognize the increased productivity of having folks having a sound geography rather than selling on a floater basis. And when I say a floater, it doesn't mean all over the country. It just means that those what we call RSEs regional sales executives, they could sell maybe all-over Southern California, but they didn't have accountability for a geography.

是的。我的意思是，我認為我們在不斷發展，但增加另一位區域總監、一個新區域的實際決定可能發生在第一季度末、第二季度初，並在第二季度末增加了該人。就銷售區域而言，我們的員工在當地，離我們的零售商最近，我們只是認識到，讓員工擁有良好的地理位置而不是浮動銷售可以提高生產力。當我說流動人口時，它並不意味著全國各地。這只是意味著那些我們稱之為 RSE 的區域銷售主管，他們可能可以在整個南加州進行銷售，但他們對某個地理位置沒有責任。

So we recognized that, that was not working, and we'd rather create more districts, which we think puts us in a much better position to attack the marketplace with that geographical assignment. So that's really the move there. And it's -- I think it's been evolving, but I think it's mostly in response to the fact that we're seeing the market slow. We're seeing all the things we talked about, the discounters become more aggressive in discounting. And our response to that in an effort to really drill down better into the market and grow our business in some of those areas where we have a really big upside and not really a big base of business and our willingness to do that in a way that will accept gross margins that probably were less than we accepted in the past. Still very profitable, but less than they've been in the past.

所以我們認識到，這是行不通的，我們寧願創建更多的地區，我們認為這使我們能夠更好地通過地理分配來攻擊市場。這就是真正的舉措。我認為它一直在發展，但我認為這主要是對我們看到市場放緩這一事實的回應。我們看到我們談論的所有事情，折扣商的折扣變得更加積極。我們對此的回應是為了真正更好地深入市場，並在一些我們有很大優勢但業務基礎並不大的領域發展我們的業務，並且我們願意以這樣的方式做到這一點：將接受可能低於我們過去接受的毛利率。利潤仍然很高，但比過去少了。

Just to close out, I'm assuming based on just 5% kind of organic transaction growth in the second half, that the guidance reduction was pretty much organic related. Was there any downward revision to the LN La Nacional forecast is well embedded in the second half guidance reduction was pretty much all the core business?

最後，我假設基於下半年 5% 的有機交易增長，指導意見的減少幾乎與有機相關。 LN La Nacional 的預測是否有任何向下修正，這很好地體現在下半年指導削減幾乎是所有核心業務中？

No, it was pretty much driven by the core business, I think La Nacional and I transfer are doing what we expected them to do. And I think that restructuring activity that we talked about is going to flow through nicely in the fourth quarter for La Nacional. So it's really driven by the core.

不，這很大程度上是由核心業務驅動的，我認為 La Nacional 和我轉會正在做我們期望他們做的事情。我認為我們談到的重組活動將在第四季度順利進行。所以它確實是由核心驅動的。

The final question comes from the line of Chao Zhang with Credit Suisse.

最後一個問題來自張超與瑞士信貸的對話。

I have a question on the new Florida immigration law, so specifically the Sand Bill 17-18, which was passed in May and came into impact on July 1. Have you seen any impact so far in the first month of implementation and what are your expectations for any potential impact or any potential offset to that?

我對佛羅里達州新移民法有一個疑問，特別是5 月通過並於7 月1 日生效的《沙法案17-18》。到目前為止，您在實施的第一個月中看到了任何影響嗎？您的看法是什麼？對任何潛在影響或任何潛在抵消的預期？

Yes. I think what we saw initially was a response that was relative to protest whether there'll be a long-term effect or not, what we see usually when these things kind of happen is it sort of wanes over time. And there's really not a big effect. We also see, I think, in some of these cases where there's been difficulty in the past of a state making it more difficult for immigration is for farmers or those that need the labor to begin to work directly with the work visa folks to be able to bring people in on a more less undocumented basis and more documented basis.

是的。我認為我們最初看到的是與抗議相關的反應，無論是否會產生長期影響，當這些事情發生時我們通常看到的是隨著時間的推移它會減弱。而且確實沒有什麼大的影響。我認為，我們還看到，在某些情況下，一個州過去遇到的困難使移民變得更加困難，對於農民或那些需要勞動力開始直接與工作簽證人員一起工作的人來說，以更少的無證記錄和更多的有證記錄的方式引入人員。

So there are lots of crops to pick in Florida, and we don't anticipate that in the long run that it's going to have a big impact. We've seen municipalities not typically states, but municipalities, do different things over time. We've even seen states put a tax on remittances on every remittance. And it's not had an impact over time because of the need for labor and the willingness of folks to provide it. So I think some short-term kind of days of protest and stuff occurred. But I think it's too early to tell what's going on is we have a market that's slowing a bit anyway, so it's difficult to see. And we're not seeing Florida grow or slow at a rate that would be greater than the greater market. And we wouldn't expect that it would be something that would hamper the ability of people who require labor to hire it and labor who wants to provide labor to provide it.

因此，佛羅里達州有很多農作物可供採摘，我們預計從長遠來看不會產生重大影響。我們看到，隨著時間的推移，市政府（通常不是州政府，而是市政府）做著不同的事情。我們甚至看到各州對每筆匯款徵收匯款稅。由於對勞動力的需求以及人們提供勞動力的意願，隨著時間的推移，它並沒有產生影響。所以我認為發生了一些短期的抗議活動。但我認為現在判斷發生了什麼還為時過早，因為我們的市場無論如何都在放緩，所以很難看到。我們並沒有看到佛羅里達州的增長或放緩速度高於更大的市場。我們不認為這會妨礙需要勞動力的人僱用勞動力以及想要提供勞動力的人提供勞動力的能力。

This concludes our question-and-answer session. I would like to turn the conference back over to Bob Lisy for any closing remarks.

我們的問答環節到此結束。我想將會議轉回鮑勃·利西 (Bob Lisy) 發表閉幕詞。

Yes. Thank you all for joining us. We look forward to talking to you all soon. Thanks again.

是的。感謝大家加入我們。我們期待盡快與大家交談。再次感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。