International Money Express Inc (IMXI) 2023 Q4 法說會逐字稿

Good day, and welcome to the International Money Express conference call.

美好的一天，歡迎參加國際貨幣快遞電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Alex Sadowski, Investor Relations Coordinator.

我現在想將會議交給投資者關係協調員 Alex Sadowski。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to our quarterly earnings call.

早上好，歡迎參加我們的季度財報電話會議。

I would like to remind everyone that today's call includes forward-looking statements, including our 2024 guidance, and actual results may differ materially from expectations.

我想提醒大家，今天的電話會議包含前瞻性陳述，包括我們 2024 年的指導，實際結果可能與預期有重大差異。

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.

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.

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。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為未來事件的預測。

Please refer to slide 2 of our presentation for a description of certain forward-looking statements.

請參閱我們簡報的投影片 2，以了解某些前瞻性陳述的描述。

The company undertakes no obligation to update such information, except as required by applicable law.

除適用法律要求外，本公司不承擔更新此類資訊的義務。

On this conference call, we discuss certain non-GAAP financial measures.

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。

Information required by Regulation G under the Securities and Exchange Act for such non-GAAP financial measures is included in the presentation slide, 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.

簡報投影片、我們的收益新聞稿和 10-K 表格年度報告中均包含《證券交易法》G 條例要求的此類非 GAAP 財務指標的信息，包括某些非 GAAP 財務指標的調節表適當的公認會計準則措施。

These can be obtained in the Investors section of our website at intermexonline.com.

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.

出席今天電話會議的是我們的董事長、執行長兼總裁 Bob Lisy；財務長安德拉斯‧本德 (Andras Bende)。

Also on the call today are Chris Hunt, Chief Operating Officer; Joseph Aguilar, President, Latin America; Randy Nilsen, EVP of Retail Sales; Marcelo Theodoro, Chief Digital Officer; Beth Erickson, Chief Human Resources Officer; Andrew Kugbei, EVP, Finance and Business Intelligence; and Karim Baroni, Director of Financial Analysis.

今天參加電話會議的還有營運長 Chris Hunt；約瑟夫‧阿吉拉爾（Joseph Aguilar），拉丁美洲地區總裁； Randy Nilsen，零售銷售執行副總裁；馬塞洛·西奧多羅，首席數位長； Beth Erickson，首席人力資源長； Andrew Kugbei，財務與商業智慧執行副總裁；和財務分析總監 Karim Baroni。

Let me now turn the call over to Bob.

現在讓我把電話轉給鮑伯。

Good morning.

早安.

Intermex is proud to announce fourth-quarter earnings that are a testament to who we are as a company.

Intermex 很自豪地宣布第四季度收益，這證明了我們作為一家公司的實力。

On page 3, you can see that, in the quarter, we delivered revenue of just under $172 million, up 11.2% year over year, and diluted GAAP EPS of $0.49, up 40% year over year.

在第 3 頁上，您可以看到，本季我們的營收略低於 1.72 億美元，年增 11.2%，稀釋後 GAAP 每股收益為 0.49 美元，年增 40%。

Furthermore, adjusted EBITDA was up 14.5% to $33.3 million and adjusted diluted EPS of 21.7% to $0.56. We continued to deliver solid earnings and cash generation for our shareholders in every environment, and our fourth-quarter results fully demonstrate that.

此外，調整後 EBITDA 成長 14.5%，達到 3,330 萬美元，調整後稀釋每股盈餘成長 21.7%，達到 0.56 美元。我們繼續在各種環境下為股東帶來穩健的收益和現金生成，我們第四季度的業績充分證明了這一點。

We believe our omnichannel strategy is most efficient way to serve the varying needs of the consumer in this market.

我們相信，我們的全通路策略是滿足該市場消費者不同需求的最有效方式。

Intermex continues to offer our best-in-class service and loyalty offerings through both our retail and our digital product.

Intermex 持續透過我們的零售和數位產品提供一流的服務和忠誠度產品。

This is an advantage that no other provider can claim.

這是其他提供者無法比擬的優勢。

Our retail network required years of careful precision effort to build and, as a result, is very difficult to replicate.

我們的零售網路需要多年的精心打造，因此很難複製。

Our technological advantage makes transacting fast and convenient for both digital and retail consumers.

我們的技術優勢使數位消費者和零售消費者的交易變得快速、方便。

These critical factors have made our model highly profitable and drives exceptional generation of cash.

這些關鍵因素使我們的模式實現了高利潤，並推動了超額現金的產生。

How we deliver our products and service to the market is even more important.

我們如何向市場提供產品和服務更為重要。

At retail, Intermex has taken and will continue to take a highly refined rifle shot approach while building our network of retail agents.

在零售方面，Intermex 已經並將繼續採取高度完善的步槍射擊方法，同時建立我們的零售代理商網路。

This strategy enabled the company to deliver products and services to consumers through the highest-performing retail agent network in the industry.

這項策略使公司能夠透過業內表現最好的零售代理網絡向消費者提供產品和服務。

All this occurs while maximizing agent retail performance that drives ROI and profitability.

所有這一切都是在最大限度地提高代理零售績效的同時實現的，從而提高投資回報率和盈利能力。

We are most interested in connecting with consumers in markets where our value-added approach resonates the strongest.

我們最感興趣的是與我們的增值方法產生最強烈共鳴的市場中的消費者建立聯繫。

This is when and where Intermex is able to best differentiate our value-added service, where we can, in turn, capture margin and where we ultimately benefit our shareholders.

這是 Intermex 能夠最好地實現我們的增值服務差異化的時刻，也是我們能夠獲取利潤並最終使我們的股東受益的地方。

Our retail model requires a modest investment.

我們的零售模式需要適度的投資。

Our sales and marketing costs are roughly 8% of gross margin and only 3% of total revenues.

我們的銷售和行銷成本約佔毛利率的 8%，僅佔總收入的 3%。

In our digital offering, we continue to demonstrate that same focus on efficiency and profitability, while growing our transactions 43% this quarter, and doing that by way of a highly efficient customer acquisition spend.

在我們的數位產品中，我們繼續展現對效率和獲利能力的同樣關注，同時本季我們的交易量成長了 43%，並透過高效的客戶獲取支出來實現這一目標。

As a result, we are delivering a highly attractive margin.

因此，我們提供了極具吸引力的利潤。

Finally, we continue to develop and introduce new features and functionality to deliver a user experience that is among the best in class.

最後，我們繼續開發和推出新的功能和功能，以提供一流的用戶體驗。

We continue to upgrade our application, and that has received a rating of 4.8 out of 5 from our users.

我們繼續升級我們的應用程序，並獲得了用戶的 4.8 分（滿分 5 分）評分。

Our expanding margins related to our digital product place us in a great position to expand in new markets, including India, the Philippines, and others, through our new partnership with Visa.

我們與數位產品相關的不斷擴大的利潤使我們能夠透過與 Visa 的新合作夥伴關係拓展新市場，包括印度、菲律賓等。

In the broader market, significant amounts of capital have been spent by some providers to grow digital market share.

在更廣泛的市場中，一些提供者花費了大量資金來擴大數位市場份額。

In many cases, spending may not have achieved an ROI that would support that investment.

在許多情況下，支出可能無法實現支持該投資的投資報酬率。

Our strategy is to carefully cultivate and grow our digital business with the same efficiency that we have demonstrated while building our retail network.

我們的策略是精心培育和發展我們的數位業務，其效率與我們在建立零售網路時所展示的效率相同。

That is one key reason why our current digital business is profitable and growing.

這是我們目前的數位業務獲利並持續成長的關鍵原因之一。

We're taking the approach that no one else in the industry has taken by offering a value-added product and carefully crafted strategy to capture share in the right markets.

我們正在採取業內其他公司沒有採取的方法，透過提供增值產品和精心製定的策略來佔領合適的市場份額。

As we do with our retail business, we will leverage our best-in-class customer service and our metrical orientation to drive profitable wire growth.

正如我們在零售業務方面所做的那樣，我們將利用一流的客戶服務和度量導向來推動獲利的電線成長。

This translates into consistent product expansion, strong margins, exceptional cash generation, and a fortress of balance sheet.

這意味著持續的產品擴張、強勁的利潤、卓越的現金產生和資產負債表的堡壘。

As we talked about previously, the La Nacional acquisition we closed in Q4 of 2023 brings Intermex meaningful presence in the US to Dominican Republic market.

正如我們之前談到的，我們在 2023 年第四季完成的 La Nacional 收購為 Intermex 在美國和多明尼加共和國市場帶來了有意義的存在。

With that acquisition on board for over 12 months, you'll see on page 5, we have recast our market share calculation over time to include the DR.

此次收購已持續超過 12 個月，您將在第 5 頁看到，我們隨著時間的推移重新調整了市場份額計算，將 DR 納入。

In 2023, we captured a 21.4% share in the top five markets to Latin America.

2023 年，我們在拉丁美洲前五個市場中佔據了 21.4% 的份額。

We have successfully grown our market share over time, while sustaining attractive margins year after year.

隨著時間的推移，我們成功地擴大了市場份額，同時年復一年地保持著有吸引力的利潤。

Our Q4 EBITDA margins, excluding acquisitions, were well north of 20%, some of the best we have seen in the history of the company.

我們第四季的 EBITDA 利潤率（不包括收購）遠遠超過 20%，這是我們在公司歷史上見過的最佳水平。

We have been able to attain these outside results through the execution of our metrically driven strategy.

透過執行我們的度量驅動策略，我們已經能夠獲得這些外部結果。

We have a highly efficient base of retail agents who rely on our products and services.

我們擁有高效率的零售代理商基礎，他們信賴我們的產品和服務。

We offer and deliver these products to customer base who appreciates Intermex's value-added approach.

我們向欣賞 Intermex 加值方法的客戶群提供並交付這些產品。

We continue to strengthen our relationship with our retail agents while deepening our competitive moat and growing our mutually beneficial high-margin business.

我們繼續加強與零售代理商的關係，同時深化我們的競爭護城河並發展互利的高利潤業務。

Additionally, we have the ability to carefully select where and when to aggressively pursue wires at reduced gross margins.

此外，我們有能力仔細選擇何時何地以較低的毛利率積極尋求電線。

This practice is put in place when meaningful incremental transactions can be captured in areas where Intermex has a low market share, and the upside potential is quite large.

當 Intermex 市佔率較低且上行潛力相當大的領域能夠捕捉有意義的增量交易時，就會採取這種做法。

This approach enables us to capture new business in such a way that we do not affect margins at our current high-profit retailers.

這種方法使我們能夠以不影響當前高利潤零售商的利潤的方式捕獲新業務。

As a result, we're able to generate incremental earnings for our shareholders.

因此，我們能夠為股東創造增量收益。

We refrain from reacting to market pressures with a broad-brush approach that degrades margins for the company.

我們不會以粗暴的方式來應對市場壓力，進而降低公司的利潤率。

Our approach is simple but not easy.

我們的方法很簡單，但並不容易。

It requires focus and disciplined execution.

它需要專注和嚴格的執行。

These behaviors are in our corporate DNA but are very difficult to replicate.

這些行為已融入我們的企業 DNA，但很難複製。

In our quest for new business and to catalyze incremental growth, we have launched bold strategies to penetrate previously untapped and underdeveloped markets.

在尋求新業務和促進增量成長的過程中，我們推出了大膽的策略，以滲透以前未開發和欠發達的市場。

Our focus sharpens on locales ripe with untapped wire potential, detailed to the zip code where our presence has been minimal.

我們的重點是那些具有尚未開發的有線潛力的成熟地區，詳細到我們的存在最少的郵遞區號。

As a part of our aggressive approach to drive revenue in high potential areas, we've decided to expand our outside sales force by adding six new positions to our already robust team of 40.

作為我們在高潛力領域推動收入的積極方法的一部分，我們決定擴大我們的外部銷售隊伍，在我們已經強大的 40 人團隊中增加 6 個新職位。

This expansion is a fresh strategy designed to intensify our market penetration and coverage.

此次擴張是一項新策略，旨在加強我們的市場滲透和覆蓋範圍。

Moreover, we've taken a decisive step by significantly enlarging our inside sales team, a move that marks a departure from traditional methods by tripling the team size from 12 to 36 members and strategically positioning these roles offshore.

此外，我們採取了決定性的一步，大幅擴大了我們的內部銷售團隊，這一舉措標誌著我們與傳統方法的背離，將團隊規模從12 名成員增加到36 名，並策略性地將這些角色定位在海外。

We're not only enhancing our capacity to engage with our current agents, but also tripling our daily interactions in cost-effective manner.

我們不僅增強了與現有代理商互動的能力，而且還以具有成本效益的方式將我們的日常互動增加了兩倍。

This strategic enhancement is expected to dramatically boost our same-store sales, representing an almost 60% surge in our total sales force capacity.

這項策略性增強預計將大幅提升我們的同店銷售額，意味著我們的總銷售團隊能力將增加近 60%。

This considerable investment in our sales infrastructure is an approach we are confident will yield substantial returns over the next 12 to 18 months, signifying our aggressive pursuit of growth through innovative staffing strategies.

我們相信，對銷售基礎設施的大量投資將在未來 12 至 18 個月內產生可觀的回報，這表明我們透過創新的人員配置策略積極追求成長。

From an inorganic perspective, we're also making great progress.

從無機角度來看，我們也取得了巨大進展。

The iTransfer business in Europe grew at 17% in Q4.

第四季歐洲 iTransfer 業務成長 17%。

We continue to expect ratings from our European division, including strong digital opportunity, to access in the coming months.

我們繼續預計歐洲部門的評級，包括強大的數位機會，將在未來幾個月內獲得。

The La Nacional business in the US is much more powerful and efficient than a year ago.

La Nacional 在美國的業務比一年前更強大和更有效率。

We believe significant opportunities to remain to expand to additional corridors through our current agent base.

我們相信，透過我們現有的代理基地，仍有很大的機會擴展到更多的走廊。

To Mexico alone, now armed with the Intermex payer network and fee structure, we see potential for millions of dollars of increased margin annually.

僅就墨西哥而言，現在有了 Intermex 付款人網路和費用結構，我們就看到每年利潤增加數百萬美元的潛力。

We have begun to execute against this plan.

我們已經開始執行這個計劃。

Additionally, there will be more efficiencies to be leveraged as the year unfolds.

此外，隨著時間的推移，將會提高效率。

These businesses are proving to be great additions to Intermex, and we're excited and optimistic about their combined future.

事實證明，這些業務是 Intermex 的重要補充，我們對它們合併後的未來感到興奮和樂觀。

Before I turn the call over to Andras to go deeper into the numbers, a few final thoughts on operating discipline and why we say Q4 was a testament to who we are as a company.

在我將電話轉給安德拉斯以更深入地了解這些數據之前，我對營運紀律以及為什麼我們說第四季度證明了我們作為一家公司的地位有一些最後的想法。

While almost all key measures were strong and exceeded market expectations, we faced some revenue headwinds.

儘管幾乎所有關鍵指標都很強勁並且超出了市場預期，但我們面臨一些收入阻力。

In spite of that, we persevered and delivered a solid quarter of growth.

儘管如此，我們還是堅持了下來，並實現了強勁的季度成長。

We talked about our plan to capture incremental wires in Q3.

我們討論了我們在第三季度捕獲增量電線的計劃。

I am pleased to report that our efforts are continuing to be productive, and the sales team continues to execute on that plan.

我很高興地報告，我們的努力繼續富有成效，銷售團隊繼續執行該計劃。

At the same time, shortly after Q3 earnings, we saw Mexico market growth slow considerably to levels we have not seen in years.

同時，在第三季財報發布後不久，我們看到墨西哥市場的成長大幅放緩至多年來未見的水平。

In true Intermex fashion, we put a critical eye on our business and challenged every corner of the company to maximize efficiency.

在真正的 Intermex 風格中，我們對我們的業務給予嚴格的關注，並挑戰公司的每個角落，以最大限度地提高效率。

We delivered on what we set out to do and generated strong earnings despite a weaker-than-expected top line.

儘管營收低於預期，但我們實現了既定目標並產生了強勁的收益。

While it is difficult to predict what our key markets will do in 2024, the guidance Andras will take you through later in the presentation anticipates underlying softness in that market for a period of time.

雖然很難預測我們的主要市場在 2024 年會發生什麼，但 Andras 將在簡報後面向您提供的指導預計該市場將在一段時間內出現潛在的疲軟。

Our guidance also anticipates a tenacious focus on efficiency and execution that is part of our culture and why we feel better positioned than anybody else in the market.

我們的指導方針也預計將堅持不懈地關注效率和執行力，這是我們文化的一部分，也是我們感覺比市場上其他任何人都處於更好地位的原因。

We are confident in our differentiators, and the management team and the Board feel there is tremendous value in Intermex stock.

我們對我們的差異化優勢充滿信心，管理團隊和董事會認為 Intermex 股票具有巨大價值。

We will continue to be highly profitable and produce considerable free cash in spite of the investments we are making in our future growth.

儘管我們在未來的成長中進行了投資，但我們將繼續保持高利潤並產生大量的自由現金。

And finally, we will use the share of that free cash to increase our stock buyback program.

最後，我們將利用這些自由現金來增加我們的股票回購計畫。

We anticipate being twice as active than our existing program and will continue to assess block trades that benefit our shareholders.

我們預計其活躍度將是現有計劃的兩倍，並將繼續評估有利於股東的大宗交易。

With that, I'll turn the call over to Andras.

這樣，我會將電話轉給安德拉斯。

Thanks, Bob, and good morning, everyone.

謝謝鮑勃，大家早安。

On slide 6, you can see both unique customers and transactions up double digits year over year.

在投影片 6 上，您可以看到唯一客戶和交易量逐年成長兩位數。

Most importantly, we grew this business at healthy margins, which you'll see reflected in the coming pages.

最重要的是，我們以可觀的利潤成長了這項業務，您將在接下來的幾頁中看到這一點。

On slide 7, strong trend in profitable digital growth continued.

在投影片 7 上，獲利性數位成長的強勁趨勢仍在持續。

Transactions were up 42% at the best margins we've seen for our digital product.

交易量增加了 42%，創下了我們數位產品以來的最佳利潤率。

We're confident in our product, our digital partnerships, and the team that's bringing it all to market.

我們對我們的產品、數位合作夥伴關係以及將其推向市場的團隊充滿信心。

Also worth mentioning is the growth on the digital receive side.

另外值得一提的是數位接收方面的成長。

Those transactions terminating by electronic payout methods, like bank accounts, mobile wallets, et cetera, are a key factor in that almost 18% year-over-year growth you can see to the right.

那些透過電子支付方式（例如銀行帳戶、行動錢包等）終止的交易是您可以在右側看到的近 18% 的同比增長的關鍵因素。

These transactions are typically very cost-efficient ways for us to deliver wire.

對我們來說，這些交易通常是非常經濟高效的電匯方式。

So this trend is also a nice margin tailwind for us.

因此，這種趨勢對我們來說也是一個很好的利潤動力。

On slide 8, we present a picture of our volume growth and average principal sent.

在投影片 8 上，我們展示了我們的交易量成長和平均本金發送情況。

On face value, it appears that the average principal was down year over year to $406 a transaction in Q4.

從表面價值來看，第四季的平均本金似乎年減至每筆交易 406 美元。

That is mostly driven by the inclusion of La Nacional and iTransfer, where the said amounts are structurally lower.

這主要是由於 La Nacional 和 iTransfer 的納入所致，這些機構的金額在結構上較低。

Principal amounts excluding those businesses were essentially flat for the quarter.

不包括這些業務的本金金額在本季基本持平。

On the next page, you can see revenue growth up 11.2% for the quarter and 20.5% for the year.

在下一頁上，您可以看到該季度的收入增長了 11.2%，全年的收入增長了 20.5%。

As Bob mentioned earlier, revenue was at the lower end of our guidance as we were not immune to the slowdown in sales in Mexico.

正如鮑勃之前提到的，收入處於我們指導的下限，因為我們無法免受墨西哥銷售放緩的影響。

However, as you see next on page 10, our strategy to grow transactions in the core while preserving margins, coupled with a rigorous cost agenda, yielded strong earnings results.

然而，正如您在第 10 頁接下來看到的，我們在保持利潤的同時增加核心交易的策略，加上嚴格的成本議程，產生了強勁的盈利結果。

You can see net income up almost 34% for the quarter and diluted EPS up 40%.

您可以看到該季度的淨利潤增長了近 34%，稀釋後每股收益增長了 40%。

As we closed on La Nacional acquisition in Q4 last year, we're growing over about $2.5 million in transaction costs, which is bolstering the GAAP number.

當我們去年第四季完成對 La Nacional 的收購時，我們的交易成本增加了約 250 萬美元，這支撐了 GAAP 數據。

On the next page, you can see a little cleaner reflection which, among others, adjusts out those transaction costs.

在下一頁上，您可以看到更清晰的反映，其中包括調整這些交易成本。

Adjusted net income is up 13.5%, and adjusted diluted EPS is up 21.7%.

調整後淨利成長 13.5%，調整後稀釋每股盈餘成長 21.7%。

Finishing up the P&L, adjusted EBITDA grew at 14.5% in the quarter, with adjusted EBITDA margins at 19.4% versus 18.8% in the prior year.

完成損益表後，本季調整後 EBITDA 成長 14.5%，調整後 EBITDA 利潤率為 19.4%，而去年同期為 18.8%。

So again, our targeted strategy to grow wires in this environment, without degrading margins, is delivering for shareholders.

因此，我們在這種環境下發展電線而不降低利潤率的目標策略正在為股東帶來好處。

Also worth it to note, Q4 2023 includes a full three months of La Nacional and iTransfer, both structurally lower-margin businesses, yet our year-over-year margin still improved by 60 basis points, a testament to our focus to deliver a premium product through highly tactical execution.

另外值得注意的是，2023 年第四季包括La Nacional 和iTransfer 整整三個月，這兩項業務在結構上利潤率較低，但我們的利潤率同比仍提高了60 個基點，這證明了我們專注於提供溢價透過高度戰術執行的產品。

Finally, on cash on the balance sheet.

最後，關於資產負債表上的現金。

We ended up the quarter on a Sunday of a holiday weekend with $239 million on the balance sheet and $106 million undrawn revolver capacity.

我們在假日週末的周日結束了本季度，資產負債表上有 2.39 億美元，未動用的左輪手槍容量為 1.06 億美元。

Free cash generated, which, again, removes day-of-the-week cyclicality, was up 26% year over year.

產生的自由現金年增 26%，這再次消除了每週的周期性。

The balance sheet remains in great shape.

資產負債表保持良好狀態。

While the headline shows us at about 1.6 times levered, we have to remember that we closed on a weekend with $114 million drawn on the revolver, and most days of the week, that revolver sits completely undrawn.

雖然標題顯示我們的槓桿率約為 1.6 倍，但我們必須記住，我們在周末收盤時已提取了 1.14 億美元的左輪手槍，而一周中的大部分時間，該左輪手槍完全沒有被提取。

If we look at our average daily debt position for 2023 versus our adjusted EBITDA for all of 2023, it implies a leverage of below 1 times.

如果我們將 2023 年的平均每日負債部位與 2023 年全年調整後的 EBITDA 進行對比，就會發現槓桿率低於 1 倍。

As far as capital allocation goes, at the top of the list are aggressive incentives at retail that deliver highly accretive transaction and margin growth.

就資本配置而言，最重要的是零售業的積極激勵措施，可帶來高度的交易增值和利潤成長。

After that, we continue to see great value in the stock.

之後，我們繼續看到該股票的巨大價值。

In the quarter, we purchased about $25 million in stock, $10 million via our regular quarterly program, and another $15 million through block purchases.

本季度，我們購買了約 2,500 萬美元的股票，透過常規季度計畫購買了 1,000 萬美元，透過大宗購買另外購買了 1,500 萬美元。

As Bob mentioned earlier, we expect to double our quarterly underlying program from $10 million to $20 million, and we'll continue to make block purchases when and where it makes sense for our shareholders.

正如鮑勃之前提到的，我們預計將季度基礎計劃從 1000 萬美元增加一倍至 2000 萬美元，並且我們將繼續在對股東有意義的時間和地點進行大宗購買。

As far as M&A goes, we're always going to look for opportunity, especially with the balance sheet we have.

就併購而言，我們總是會尋找機會，尤其是考慮到我們擁有的資產負債表。

However, we're going to continue to be selective stewards of the company's capital resources, exercising a prudent approach with robust screens for value.

然而，我們將繼續選擇性地管理公司的資本資源，採取審慎的態度和強大的價值篩選。

On the final slide, I'll take you briefly through our guidance for 2024 and for the first quarter.

在最後一張投影片上，我將向您簡要介紹我們對 2024 年和第一季的指導。

For the full year 2024, we anticipate the following: revenue of $681 million to $701.8 million; fully diluted GAAP EPS of $1.81 to $1.96; adjusted EBITDA of $124 million to $127.7 million; adjusted diluted EPS of $2.13 to $2.31. For the first quarter, we anticipate the following: revenue of $150.4 million to $155 million; fully diluted GAAP EPS of $0.32 to $0.35; adjusted EBITDA of $24.4 million to $25.1 million; and adjusted diluted EPS of $0.39 to $0.42. This guidance takes into account a noteworthy step down in market growth for Mexico, the key corridor in Latin America.

對於 2024 年全年，我們預計：營收為 6.81 億美元至 7.018 億美元；完全攤薄後的 GAAP 每股收益為 1.81 美元至 1.96 美元；調整後的 EBITDA 從 1.24 億美元增至 1.277 億美元；調整後的攤薄每股收益為 2.13 美元至 2.31 美元。對於第一季度，我們預計：營收為 1.504 億美元至 1.55 億美元；完全攤薄後的 GAAP 每股收益為 0.32 美元至 0.35 美元；調整後的 EBITDA 為 2,440 萬美元至 2,510 萬美元；調整稀釋後每股收益為 0.39 美元至 0.42 美元。該指導考慮到拉丁美洲主要走廊墨西哥的市場成長顯著下降。

While we're not immune to the effects of growth slowing at the single largest country-to-country corridor in the world, we anticipate four things.

雖然我們無法免受世界上最大的單一國家間經濟走廊成長放緩的影響，但我們預計會發生四件事。

We'll continue to beat the market growth rate in both retail and digital; our margins will remain strong, justified by a premium product and highly tactical execution; we'll pivot to an even leaner operating model, maximizing returns in the face of a market whose pace of growth has come back down to earth; and finally, we'll utilize our strong liquidity and ability to generate cash to more aggressively pursue shares via our buyback program.

我們將繼續超越零售和數位領域的市場成長率；我們的利潤率將保持強勁，這得益於優質的產品和高度的戰術執行力；我們將轉向更精簡的營運模式，在成長速度已經回歸現實的市場面前最大化回報；最後，我們將利用我們強大的流動性和產生現金的能力，透過我們的回購計畫更積極地購買股票。

In summary, we continue executing the Intermex playbook and are well positioned to deliver another strong year for our shareholders.

總而言之，我們將繼續執行 Intermex 策略，並做好充分準備，為我們的股東帶來另一個強勁的一年。

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) David Scharf, Citizens JMP.

（操作員說明）David Scharf，Citizens JMP。

Great.

偉大的。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

Bob, could you provide a little more, I guess, background and geographic context for the sales force expansion since it's such a dramatic increase, particularly the internal team?

鮑勃，我想您能否提供更多有關銷售隊伍擴張的背景和地理環境，因為它的成長如此之大，特別是內部團隊？

Is this bolstering up efforts in the Western regions, those zip codes?

這是否會加強西部地區（那些郵遞區號）的努力？

I know you've long been targeting, or I thought you said something about offshore.

我知道你長期以來一直在瞄準，或者我以為你說了一些關於離岸的事情。

Can you just provide some more background and how we ought to view this in a broader multiyear context of what you think your footprint will look like?

您能否提供更多背景資訊以及我們應該如何在更廣泛的多年背景下看待這個問題，即您認為您的足跡會是什麼樣子？

Yes.

是的。

We've the insight team has been primarily located in Miami, with a few folks out in California, to be more productive relative to time zones.

我們的洞察團隊主要位於邁阿密，還有一些人在加利福尼亞，以便相對於時區提高工作效率。

And we had 12 folks that were directly responsible for contacting agents by telephone.

我們有 12 個人直接負責透過電話聯繫代理商。

Those were separate and apart but supporting our efforts at retail with our outside sales team.

這些是分開的，但支持我們與外部銷售團隊的零售工作。

We recognized that our reach could be benefited by having more folks available.

我們認識到，我們的影響力可以透過擁有更多的人來受益。

And what we did is created 24 positions in Guatemala with people that are fully bilingual that will be augmenting those 12 folks, and they'll work in teams of three people -- one in the US, two in Guatemala -- that will have a set of agents, approximately 12 different teams.

我們所做的是在危地馬拉設立了24 個職位，由完全雙語的人員組成，這將擴大這12 名人員的數量，他們將在三人團隊中工作——一名在美國，兩名在危地馬拉— —這將有一個一組特工，大約 12 個不同的團隊。

So each team will have about one-twelfth of our existing agents.

所以每個團隊將擁有我們現有特工的大約十二分之一。

And what they'll be doing is calling those agents and looking at opportunities where we might have a decline in wires, where it's a slow startup with a new agent.

他們要做的就是打電話給這些代理商，尋找我們可能會減少電匯的機會，以及新代理商啟動緩慢的情況。

Our experience is is that contact drives many more wires, and the payback is really even good if the US team, but the fact that it's much more efficient, cost-wise, to do this in Guatemala, we're able to triple our reach from an inside perspective without anywhere near tripling the cost of that function.

我們的經驗是，接觸會驅動更多的電線，如果美國團隊的話，回報確實很好，但事實上，在危地馬拉這樣做效率更高、成本更低，我們能夠將我們的覆蓋範圍擴大兩倍從內部角度來看，此功能的成本不會增加近三倍。

Now, additional to that, we've had 40 district sales managers in the US that have been separating or accounting for our existing business and going out after new business.

現在，除此之外，我們在美國有 40 名地區銷售經理，他們對我們現有的業務進行了分離或核算，並出去尋找新業務。

Those will be augmented by a 15% increase.

這些將增加 15%。

So we tripled the size of the inside and then a 15% increase of the folks out there in the US at retail that will be visiting our existing agents, will have the primary responsibility for adding new agents in the vacant zip codes where we have opportunities.

因此，我們將內部規模擴大了三倍，然後美國零售業訪問我們現有代理商的人數增加了 15%，他們將主要負責在我們有機會的空缺郵政編碼中添加新代理商。

We've coupled this with an approach that is looking at different offerings that will be more attractive to both the agent and to the consumer in certain zip codes where, today, we haven't penetrated.

我們將其與一種方法結合，即尋找不同的產品，這些產品對某些郵遞區號的代理商和消費者都更具吸引力，而今天我們尚未滲透到這些郵遞區號。

And as we talked about and signaled in the text, that these are opportunities where we're not giving away any margin, where even if we're taking a lower margin, be more aggressive, it's all found transactions because we have not penetrated those zip codes in the past.

正如我們在文中討論和暗示的那樣，這些都是我們不會放棄任何保證金的機會，即使我們採取較低的保證金，更加積極，這都是發現的交易，因為我們還沒有滲透到這些交易中。過去的郵遞區號。

So it represents a total remake of what we're doing from an aggressive perspective in the West, but also a remake relative to supporting our existing base and becoming more aggressive in retail.

因此，它代表了我們從西方積極進取的角度所做的事情的徹底重塑，也是相對於支持我們現有基礎並在零售方面變得更加積極進取的重塑。

So we think that it will pay large dividends in the next 12 to 24 months, and we'll see an extension of our rate of growth of further separation from our rate of growth over the market rate of growth in that period of time.

所以我們認為它將在未來12到24個月內支付大量股息，並且我們將看到我們的成長率進一步脫離我們的成長率超過那段時間的市場成長率的延伸。

Got it.

知道了。

Understood.

明白了。

Maybe as a follow-up along that thought of increasing the internal sales force focus on monitoring existing agents, it looks like a lot of the forward guidance is impacted by what you're witnessing in Mexico.

也許作為加強內部銷售隊伍對現有代理商的關注這一想法的後續行動，看起來很多前瞻性指導都受到了您在墨西哥所目睹的情況的影響。

I mean, notwithstanding some of the movement in some of the Banco de Mexico data, I know one of the largest -- the largest global player I know -- on their call had mentioned, they had returned to gaining share in Mexico after a long time.

我的意思是，儘管墨西哥銀行的一些數據發生了一些變化，但我知道最大的銀行之一——我所知道的最大的全球銀行——在他們的電話會議上提到，經過長期的努力，他們已經重新獲得了在墨西哥的份額。時間。

And you've talked about pricing pressures in that corridor in past calls.

您在過去的電話會議中談到了該走廊的定價壓力。

Is there -- do you feel like you're maintaining share in US to Mexico with your mature agents?

您是否覺得您與成熟的代理商在美國到墨西哥的市場份額保持不變？

Yeah.

是的。

I mean, we think there are two things going on.

我的意思是，我們認為有兩件事正在發生。

We think we're gaining share at retail, and we're gaining share at digital.

我們認為我們正在獲得零售領域的份額，並且我們正在獲得數位領域的份額。

The challenge for us is, today, our business is not weighted the same way as the market.

我們面臨的挑戰是，今天我們的業務的權重與市場的權重不同。

So we're not having 20% of our business to Mexico go digital, and that's the faster growth piece of the business.

因此，我們在墨西哥的業務沒有 20% 數位化，而這是業務成長較快的部分。

I think we believe we're growing just as well as the digital pieces and just as well as the retail pieces, but our percentages are more like 95% retail today and 5% digital.

我認為我們相信我們的成長與數位產品和零售產品一樣好，但我們的百分比更像是今天的 95% 零售和 5% 數字。

So that weighting causes our growth to maybe look not as good as it does.

因此，這種加權可能會導致我們的成長看起來不那麼好。

We think, again, we're beating and exceeding at retail and beating and exceeding at digital.

我們再次認為，我們在零售方面擊敗並超越，在數位領域擊敗並超越。

And we think this program where we're adding -- not only adding the folks to target, but also the fact that we'll be taking a look at what we're willing to offer the agent and the consumer at retail in these underserved or unserved areas, it's going to make a lot of difference and will make a further separation between us and market share; also in the market growth, which will gain further market share for us.

我們認為我們正在添加的這個計劃不僅將人們添加到目標中，而且我們將考慮我們願意為這些服務不足的零售代理商和消費者提供什麼或未服務的地區，這將會產生很大的影響，並使我們和市場佔有率之間進一步分離；還有市場成長，這將為我們贏得更多的市場份額。

Understood.

明白了。

And just a quick follow-up for Andras.

安德拉斯的快速跟進。

I guess, salary benefit, the largest OpEx after agent charges, I guess it was $72 million last year; there may be some La Nacional noise.

我猜，薪資福利是繼代理商費用之後最大的營運支出，我猜去年是 7,200 萬美元；可能會有一些《國家報》的噪音。

But as we think about the increase in sales headcount, I don't know if it's all variable and commission based, but is there a good figure we ought to think about for an annualized figure in salary and benefit this year?

但是，當我們考慮銷售人員數量的增加時，我不知道這是否都是基於變數和佣金的，但是對於今年的工資和福利的年化數字，我們是否應該考慮一個好的數字？

It seems like that would be the line item moving the most.

這似乎是移動最多的訂單項目。

Yeah.

是的。

I think it's relatively small, these additions.

我認為這些添加的內容相對較小。

I mean, we have -- in terms of our salary movement year over year, you're going to see an aggregate for the business 4% to 5%.

我的意思是，就我們逐年的薪資變動而言，你會看到公司的薪資總額上漲了 4% 到 5%。

So we've really dialed back on that.

所以我們確實在這方面做出了回擊。

So that impact of these adds is relatively small, and taking into account all the other areas where we're dialing back costs as much as we can, it's not really going to push through to be a visible impact.

因此，這些增加的影響相對較小，並且考慮到我們盡可能降低成本的所有其他領域，它實際上不會產生明顯的影響。

Got it.

知道了。

Great.

偉大的。

Thanks so much.

非常感謝。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey.

嘿。

Good morning, guys.

早上好傢伙。

Did you guys call out the revenue number from La Nacional and iTransfers?

你們有沒有說出 La Nacional 和 iTransfers 的收入數字？

I'm trying to just back into an organic growth rate in 4Q.

我正努力在第四季恢復有機成長率。

Yeah.

是的。

Sure, Mike, because we're all on the main call together.

當然，麥克，因為我們都一起參加主要會議。

La Nacional, in Q4, was about $18 million. iTransfer, in Q4, was about $5 million, which means your organic growth in the core was about little under 5.5%.

La Nacional 在第四季的營收約為 1800 萬美元。 iTransfer 在第四季度的營收約為 500 萬美元，這意味著核心業務的有機成長大約略低於 5.5%。

Got it.

知道了。

And then last quarter, you guys kind of talked about, I'll call, it four growth drivers that you were strategically heading towards or implementing.

然後上個季度，你們談到了，我稱之為，你們策略性地走向或實施的四個成長動力。

One was sort of targeted counter offers, one was new agents, one was some overall selected pricing actions, and I think kind of new market strategies.

一種是有針對性的還價，一種是新代理商，一種是一些總體選定的定價行為，我認為是一種新的市場策略。

Could you handicap like which one of those four you're ahead on, maybe which ones you're kind of behind on?

你能否讓一下你在這四項中哪一項領先，也許哪一項你落後？

Just let us know how each of those four are going.

請讓我們知道這四個人的進展。

Yeah.

是的。

I think the most important and the one that we're doing the best in is the targeted offerings.

我認為最重要的也是我們做得最好的就是有針對性的產品。

So that's what we mentioned in the text was that that program is going quite well, and we've executed well against it.

這就是我們在文中提到的，該計劃進展順利，我們對此執行得很好。

We brought in tens of thousands of wires on that program, which were essentially paying a little bit of commission upfront, let's say, to an agent.

我們在該計劃中引入了數萬條電匯，這些電匯實際上是預先向代理商支付了一點佣金。

And then we're reducing the amount of payment that the agent gets over time; so doesn't have a huge impact on our commission that the agent gets or our gross margin over time, but it's more of an upfront payment to bring back wires that we haven't had in the past.

然後我們會隨著時間的推移減少代理商獲得的付款金額；因此，隨著時間的推移，這不會對我們代理商獲得的佣金或我們的毛利率產生巨大影響，但它更多的是預付款，以帶回我們過去沒有的電匯。

That has done quite well, and I think we're executing and continuing to execute against that.

這做得很好，我認為我們正在執行並繼續執行這一點。

The second one with new agents, we continue to drive growth through our new agents, and that's going well as well.

第二個是新代理商，我們繼續透過新代理商推動成長，而且進展順利。

We are targeting that growth in specific zip codes; it's the thing that we're going to spend more time on.

我們的目標是特定郵遞區號的成長；這是我們要花更多時間的事情。

And that will be targeted along with new agents, which will be this new price offering where we'll be a little bit more aggressive with both the agent and the consumer.

這將與新的代理商一起瞄準，這將是新的價格優惠，我們將對代理商和消費者更加積極一些。

But again, I want to highlight and make sure I underscore that that does not mean we're going to, where we have 4 million-plus wires and we have it at X margin, we're not going and discounting there.

但我想再次強調並確保我強調，這並不意味著我們會這樣做，我們不會在那裡打折，我們有超過 400 萬條電線，而且我們的利潤率是 X。

We're being aggressive with price where we're not, where we're not getting wires, where we have a small level of market penetration, where we might not be serving in the zip code at all.

我們在價格上不那麼激進，在我們沒有電匯的地方，在我們市場滲透率小的地方，在我們可能根本不在郵遞區號範圍內提供服務的地方。

And we feel both of those strategies are going well.

我們認為這兩種策略都進展順利。

The overall -- actually, our overall approach to the market has been better margins.

總體而言，實際上，我們進入市場的整體方法是獲得更好的利潤。

We've brought the pricing component into finance and, Andrew Kugbei, who is the Head of the Sales Planning and Analysis, has been running the pricing, and we've actually done much better in terms of margins versus the margins a year ago.

我們已將定價部分納入財務部門，銷售計劃和分析主管 Andrew Kugbei 負責定價，與一年前相比，我們在利潤率方面實際上做得更好。

And that's been done because we've done less of wholesale changes in the market and more specific changes related to when we get wires as a benefit of moving price.

之所以這樣做，是因為我們在市場上進行了較少的大規模改變，並進行了與我們何時獲得電匯有關的更具體的改變，作為移動價格的好處。

New markets, I'm not sure what that piece was.

新市場，我不確定那是什麼。

I think we have Canada.

我認為我們有加拿大。

We certainly have the growth in La Nacional.

我們當然看到了《國家報》的成長。

Let me touch on La Nacional for a minute.

讓我談談《國民報》。

We think La Nacional has got a lot of pent-up growth in that it became really a Dominican Republic product, and we've now given them the payer relationships we have in Mexico and our payer cost to Mexico.

我們認為 La Nacional 已經獲得了許多被壓抑的成長，因為它真正成為了多明尼加共和國的產品，我們現在已經向他們提供了我們在墨西哥的付款人關係以及我們對墨西哥的付款人成本。

And we've already seen an uptick in those wires.

我們已經看到這些電線的數量增加。

There's a lot more to do.

還有很多事情要做。

There's a lot more putting them on our payer network and a lot of volume of transactions in their retail network, both the company stores and the retailers that have not been tapped in the past because La Nacional was focused primarily on the Dominican Republic.

我們的支付網路上有更多的客戶，零售網路中的交易量也很大，包括公司商店和零售商，這些都是過去沒有利用過的，因為 La Nacional 主要專注於多明尼加共和國。

So we still see a lot of growth opportunity there.

因此，我們仍然看到那裡有很多成長機會。

And then additionally, Europe has been growing well.

此外，歐洲一直成長良好。

We think there's a lot more opportunity in Italy.

我們認為義大利有更多機會。

We think we're looking at things in other parts of Europe as well.

我們認為我們也在關注歐洲其他地區的情況。

So those are the new markets where growth will come from.

因此，這些就是成長的新市場。

Got it.

知道了。

In terms of the buyback, did I hear correctly, you guys had been kind of programmatically buying at $10 million a quarter; starting 1Q24, that's going to uptick to $20 million a quarter?

在回購方面，我沒聽錯吧，你們每季都以 1000 萬美元的價格有計劃地購買；從 2024 年第一季開始，每季將增加至 2,000 萬美元？

That's right, Mike.

沒錯，麥克。

And we'll also be active in terms of block purchases if they're going to benefit the shareholder as well.

如果大宗購買也能讓股東受益，我們也會積極參與。

But we feel that we'll have an underlying $20 million that we'll be able to pick up each quarter.

但我們認為我們每個季度都能獲得 2000 萬美元的基礎資金。

But we have some price parameters built into that as well.

但我們也內建了一些價格參數。

So it's not at all cost, but I feel pretty good about being able to pick up $20 million worth a quarter and then blocks on top of that.

所以這並不是不惜一切代價，但我對能夠每季獲得價值 2000 萬美元的資金，然後在此基礎上進行封鎖感到非常高興。

Got it.

知道了。

And just lastly, are you able to put like a revenue range, or in terms of growth, what Mexico is acting as a headwind for 2024 like 5 points of revenue growth, 4 points, 7 points?

最後，您能否給出一個收入範圍，或者就成長而言，墨西哥對 2024 年的不利因素，例如收入成長 5 個百分點、4 個百分點、7 個百分點？

What do you see that headwind is roughly as compared to like '23?

與 23 年相比，您認為逆風大致如何？

Yeah.

是的。

I think right now, we see that the Mexico growth in fourth quarter as an industry was only at 3.5%, and our assumptions in the plan we presented assumed that kind of growth sustaining itself throughout 2024.

我認為現在，我們看到墨西哥作為一個行業第四季度的成長率僅為 3.5%，而我們在提出的計劃中的假設是假設這種增長將在 2024 年持續下去。

So we're not dependent on that coming back at all if the market starts to come back.

因此，如果市場開始恢復，我們根本不依賴這種情況的恢復。

Just to put it in perspective, in Q2 of 2020, which was the height of COVID, the market grew at 3.6%, and in Q4 of 2023, it grew at 3.5%.

客觀地說，在 2020 年第二季度，也就是新冠疫情最嚴重的時候，市場成長率為 3.6%，而在 2023 年第四季度，市場成長率為 3.5%。

So it actually grew 0.10% slower than it did during COVID in Q4, and we kind of projected that through '24.

因此，第四季的成長實際上比新冠疫情期間慢了 0.10%，我們預計這一情況會持續到 2024 年。

Our upside is these investments that we're making in sales from a growth perspective that are totally been assimilated into our cost structure because we've done a lot of zero-base budgeting as well that's eliminated some, I think, unjustified or inefficient costs that we've now put back into the sales perspective.

我們的優勢在於，我們從成長的角度對銷售進行的投資完全融入了我們的成本結構，因為我們也做了很多零基預算，我認為這消除了一些不合理或低效的成本我們現在已將其重新納入銷售角度。

We think that our target and our aspiration is to separate ourselves further from that growth number, but our assumptions are based on Mexico staying around 3% or 4% growth as an industry through '24.

我們認為我們的目標和願望是讓自己進一步遠離這個成長數字，但我們的假設是基於墨西哥整個產業在 2024 年保持 3% 或 4% 左右的成長。

Got it.

知道了。

Hey, thank you.

嘿，謝謝你。

Chris Vang, UBS.

克里斯·範（Chris Vang），瑞銀集團。

Hi, thanks for taking our question.

您好，感謝您提出我們的問題。

So my first question is about the Visa Direct opportunities.

我的第一個問題是關於 Visa Direct 的機會。

It's relatively new.

這是相對較新的。

I understand it's kind of nascent, and you talked about that enabling you to go in supportive markets, such as India, the Philippines, and a couple of others to call it out at the last call and potentially some more this year.

我知道這還處於萌芽階段，您談到這使您能夠進入支持性市場，例如印度、菲律賓和其他幾個市場，並在最後一次電話會議上宣布這一市場，今年可能會有更多市場。

So the first part, maybe can you talk a little bit about the potential opportunities and the expansion plans this year?

那麼第一部分，您能否談談今年的潛在機會和擴張計劃？

And what are your kind of longer-term outlook from the Visa Direct partnership?

您對 Visa Direct 合作的長期前景有何看法？

And then the second part is, how much of that Visa Direct opportunities for new markets have you baked into the plan this year for the 2024 guidance?

第二部分是，今年您將多少 Visa Direct 新市場機會納入 2024 年指導計畫中？

Hi, it's Marcelo here.

嗨，我是馬塞洛。

I'm going to cover the first question.

我將回答第一個問題。

So we see a huge opportunity in this partnership because it makes the company move from a multi-country, multi-region approach to a global approach.

因此，我們在這種合作關係中看到了巨大的機會，因為它使公司從多國家、多地區的方式轉向全球性的方式。

So there are important corridors that we're going to embrace like India or Philippines, as you said.

因此，正如您所說，我們將擁抱印度或菲律賓等重要走廊。

Those are huge markets that we believe we can address at a lower cost and a great experience, as Bob mentioned before.

正如鮑伯之前提到的，我們相信我們可以以更低的成本和更好的體驗來應對這些巨大的市場。

We did incorporate that to our projections to 2024.

我們確實將其納入 2024 年的預測中。

But of course, it's increasing number throughout the year due to our current focus on Latin America.

當然，由於我們目前重點關注拉丁美洲，這一數字全年都在增加。

So it's a new target audience that we have to embrace.

因此，這是我們必須擁抱的新目標受眾。

We see some traction already, but it's a midterm exercise that we're going step by step.

我們已經看到了一些牽引力，但這是我們逐步進行的中期工作。

Yeah.

是的。

And I would just jump in, Chris, this is Andras.

我就插話，克里斯，這是安德拉斯。

I think the overall contribution of that from an overall company perspective is still quite small what was baked into 2024.

我認為，從整個公司的角度來看，與 2024 年的情況相比，其整體貢獻仍然很小。

I think we could see it as an option if it really pops.

我認為如果它真的流行的話我們可以將其視為一種選擇。

But right now, the contribution from the overall materiality to the plan is quite small at the moment.

但目前來看，整體重要性對計劃的貢獻還很小。

All right.

好的。

Thanks a lot to both of you.

非常感謝你們倆。

That's very helpful.

這非常有幫助。

And the second part, I just wanted to ask a little bit about the fourth-quarter performance, I guess, outside of the Mexico market.

第二部分，我只是想問一下第四季在墨西哥市場之外的表現。

What were some of the trends you saw in the market?

您在市場上看到了哪些趨勢？

And how's the performance in, I guess, the rest of the LATAM regions compared to what you had expected going into the quarter?

我想，與您對本季的預期相比，拉丁美洲其他地區的表現如何？

Thank you.

謝謝。

I think we've seen the broader market, certainly not only Mexico, but Guatemala and other key countries for us, slow down relative to growth, not as acutely as Mexico has.

我認為我們已經看到更廣泛的市場，當然不僅是墨西哥，還有危地馬拉和我們的其他關鍵國家，相對於成長放緩，但不像墨西哥那麼嚴重。

But we also see some really strong growth where we've executed well in certain countries and have, at times, been on the borderline of triple-digit growth to countries like Nicaragua and others where we've been growing very quickly.

但我們也看到了一些非常強勁的成長，我們在某些​​國家表現良好，有時在尼加拉瓜和其他我們成長非常快的國家達到三位數成長的邊緣。

So I think the overall market has slowed a bit to virtually just about every country in Latin America, but we've been able to grow well outside the size of the market in certain markets like Nicaragua, I believe, Ecuador, Colombia, we're growing much faster than the market in those areas.

因此，我認為拉丁美洲幾乎每個國家的整體市場都略有放緩，但我們在尼加拉瓜、厄瓜多、哥倫比亞等某些市場的成長已經遠遠超出了市場規模。這些地區的成長速度遠遠快於市場。

Dominican Republic, we're seeing that there's some slowing in that market.

多明尼加共和國，我們看到該市場出現了一些放緩。

We think that's a market that's moving a little faster to digital.

我們認為這個市場的數位化進程要快一些。

Dominican people in the US tend to be more likely banked.

在美國的多明尼加人往往更有可能擁有銀行帳戶。

And if they're more likely banked, they have more options, meaning that they have the option to go to digital easier and more fluidly than somebody who's maybe an undocumented member of the workforce from Mexico or Honduras or Guatemala.

如果他們更有可能擁有銀行帳戶，那麼他們就有更多選擇，這意味著他們可以選擇比來自墨西哥、宏都拉斯或危地馬拉的無證勞動力更容易、更流暢地進入數位化領域。

So those are -- that's how I'd sum up the overall trends.

這就是我總結整體趨勢的方式。

Right.

正確的。

Thank you so much.

太感謝了。

That's very helpful.

這非常有幫助。

I'll jump back to the queue.

我會跳回隊列。

Sam Salvas, Needham.

薩姆·薩爾瓦斯，尼達姆。

Great, thanks.

萬分感謝。

Thanks, guys, for taking the questions.

謝謝你們提出問題。

I'm hopping on for Mayank today.

我今天要去 Mayank。

I was wondering if you guys could provide some insight into some of the pricing dynamics you saw in the fourth quarter.

我想知道你們是否可以提供一些關於第四季度定價動態的見解。

I know earlier in the year, I think it was in the third quarter, you guys mentioned some pricing pressures stemming from competitors.

我知道今年早些時候，我想是在第三季度，你們提到了來自競爭對手的一些定價壓力。

So could you guys just talk about what you saw in the fourth quarter and maybe how you guys are thinking about pricing in 2024?

那麼你們能談談你們在第四季看到的情況以及你們對 2024 年定價的看法嗎？

Yeah.

是的。

What we saw is that we've actually been able to extend our margins in fourth quarter and increase them by being more efficient and slicing it a little bit thinner.

我們看到的是，我們實際上已經能夠在第四季度擴大利潤，並透過提高效率和削減利潤來增加利潤。

Previously, we made bigger movements with price related to the whole market.

此前，我們對與整個市場相關的價格進行了較大的變動。

And now, our price movements are related to places where there is an incremental upside in terms of wires.

現在，我們的價格走勢與電線方面增量上漲的地方有關。

What we're very careful about is that we don't want to be discounting where we have wires in-house where people are perfectly happy with the pricing and those wires are already wires we're going to get.

我們非常謹慎的是，我們不想在內部有電線的地方打折，人們對價格非常滿意，而且這些電線已經是我們將要得到的電線。

Now, as we look at '24, the big opportunity for us is certain areas of the country where there still remains, for instance, Southwest, we have 1 million foreign borns living in zip codes in California that we haven't tapped into at all.

現在，當我們展望 24 世紀時，我們面臨的巨大機會是美國的某些地區，例如西南地區，我們有 100 萬外國出生的人居住在加利福尼亞州的郵政編碼區，而我們尚未利用這些地區。全部。

As big as our California business is, in which it's several million wires a year, we haven't tapped in those zip codes at all.

儘管我們在加州的業務規模很大，每年有數百萬條電線，但我們根本沒有使用這些郵遞區號。

We also have another set of zip codes that have about 1.7 million people where we've tapped into very slightly.

我們還有另一組郵遞區號，大約有 170 萬人，我們對此的利用程度非常有限。

And so those are the places where you'll see a different pricing perspective, a different pricing action.

因此，在這些地方你會看到不同的定價視角、不同的定價行為。

We'll be much more aggressive there, but that doesn't degrade at all our current margins.

我們將在這方面更加積極進取，但這不會降低我們目前的利潤率。

Our current margins are going to stay relatively stable.

我們目前的利潤率將保持相對穩定。

Those margins will be ones that will come in at a lower gross margin per transaction but will be incremental transactions.

這些利潤將是每筆交易毛利率較低的利潤，但將是增量交易。

So the overall average might come down a bit, but nothing will be done to degrade the core business.

所以整體平均可能會下降一點，但不會採取任何措施來降低核心業務的品質。

Got it.

知道了。

Okay.

好的。

That's super helpful.

這非常有幫助。

And then just a quick follow-up.

然後進行快速跟進。

Could you guys talk more about some of the momentum you're seeing in the iTransfer business and any expectations or any goals you guys have for the upcoming year?

你們能否多談談你們在 iTransfer 業務中看到的一些勢頭以及你們對來年的任何期望或目標？

Yeah.

是的。

I would say that we built a plan that we feel comfortable can be in the mid-teens if we're operating the business similar to how it's operating today, but a little bit more efficiently.

我想說的是，如果我們的業務運作方式與今天的運作方式類似，但效率更高一些，那麼我們制定了一個我們覺得舒服的計劃，可以在十幾歲左右。

I think what we're trying to do is create more of a big bang plan, which, if we get off to the right start, we'll be investing quite a bit in the front end, I think, in the second half of the year.

我認為我們正在努力做的是製定一個更大的爆炸計劃，如果我們有一個正確的開始，我們將在前端進行大量投資，我認為，在下半年那一年。

Italy, in particular, is a really interesting opportunity.

尤其是義大利，這是一個非常有趣的機會。

I think, structurally, the margins are better in Italy, and I think our penetration there in what's a really big economy shows a lot of opportunity.

我認為，從結構上來說，義大利的利潤率更好，而且我認為我們在這個真正的大經濟體中的滲透顯示出許多機會。

But we're doing well in Spain as well.

但我們在西班牙也做得很好。

I mean, I think they were -- I think they've restarted their growth trends in Spain as well.

我的意思是，我認為他們也在西班牙重新啟動了成長趨勢。

I think that geography is a little bit trickier because the margins aren't as good.

我認為地理位置有點棘手，因為利潤率不太好。

But again, I think that mid-teens is the baseline and only upside from there.

但我再次認為，十幾歲左右是基線，也是唯一的上升空間。

Awesome.

驚人的。

Thanks, guys.

多謝你們。

Appreciate it.

欣賞它。

What I would add to that is that, today, we're generally just in two countries in Europe continent.

我要補充的是，今天，我們通常只在歐洲大陸的兩個國家。

We have one store in Germany.

我們在德國有一家商店。

It's a huge market opportunity.

這是一個巨大的市場機會。

We think there's opportunities for us with our European license not only to expand further in Germany in the middle run, but also in France.

我們認為，憑藉歐洲許可證，我們不僅有機會在中期進一步在德國擴張，還有機會在法國進一步擴張。

And we're also looking at opportunities in the UK to get started there.

我們也在英國尋找在那裡起步的機會。

So I think you'll see us be much more active in Europe.

所以我想你會看到我們在歐洲更加活躍。

We think Europe is a great opportunity at retail.

我們認為歐洲是零售業的絕佳機會。

But because of the nature of the consumer there, we believe that our digital opportunity will catch on even faster because more consumers are already ready to do digital wires.

但由於那裡消費者的性質，我們相信我們的數位機會會更快地流行起來，因為更多的消費者已經準備好使用數位線路。

They have bank accounts.

他們有銀行帳戶。

They're paid on the books, on the payroll card.

他們的薪水是透過帳本、薪資卡支付的。

And so we were looking forward to getting our digital app up and going in Europe, and then also to our expansion as we grow through other key countries like Germany, France, and ultimately UK.

因此，我們期待在歐洲推出並運行我們的數位應用程序，然後隨著我們在德國、法國和最終英國等其他主要國家的發展，我們也期待擴張。

Yeah, makes sense.

是的，有道理。

All right.

好的。

Thanks, guys.

多謝你們。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to the speakers for any closing remarks.

我想將會議轉回由發言人發表閉幕詞。

Thank you all for tuning in.

感謝大家的收聽。

Look forward to talking to you all soon.

期待很快與大家交談。

Thanks again.

再次感謝。

Have a great day.

祝你有美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。