International Money Express Inc (IMXI) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the International Money Express third quarter earnings conference call.

歡迎參加國際貨幣快遞第三季財報電話會議。

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

（操作員說明）請注意，今天的電話會議正在錄音。

I would now like to turn the conference over to Alex Sadowski.

我現在想把會議交給亞歷克斯·薩多夫斯基。

Please go ahead.

請繼續。

Good morning, and welcome to the Intermex third quarter 2024 earnings call.

早安，歡迎參加 Intermex 2024 年第三季財報電話會議。

I would like to remind everyone that today's call includes forward-looking statements, 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，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 will discuss certain non-GAAP financial measures.

在本次電話會議上，我們將討論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 slides, our earnings press release and our annual report on Form 10-K and quarterly reports on Form 10-Q, including reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures.

簡報投影片、我們的收益新聞稿以及 10-K 表中的年度報告和 10-Q 表中的季度報告中均包含《證券交易法》G 條例所要求的此類非 GAAP 財務指標的信息，包括某些非GAAP 財務指標與適當的GAAP 指標的比較。

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, as well as other members of the senior leadership team.

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 Andras Bende 以及高階領導團隊的其他成員。

Let me now turn the call over to Bob.

現在讓我把電話轉給鮑伯。

Good morning, everyone.

大家早安。

Thanks for joining us.

感謝您加入我們。

I'll get straight to the point.

我就開門見山吧。

This quarter is a pivotal one for International Money Express.

本季是國際貨幣快遞的關鍵季度。

We have achieved strong results that underscore our position as a leader in the remittance marketplace.

我們所取得的強勁成果凸顯了我們作為匯款市場領導者的地位。

Additionally, we are making significant strides in executing our strategy shift to fully realize the market opportunity relative to our digital channels offering and ultimately creating greater balance and sustainability in our overall business model.

此外，我們在執行策略轉變方面取得了重大進展，以充分實現與我們的數位通路產品相關的市場機會，並最終在我們的整體業務模式中創造更大的平衡和永續性。

We continue to deliver exceptional performance across all metrics.

我們繼續在所有指標上提供卓越的績效。

Our GAAP EPS for Q3 hit a new high of $0.53, up 29.3% year over year, and our adjusted EBITDA hit an all-time high of $33.9 million, growing 7% year over year.

第三季 GAAP 每股盈餘創下 0.53 美元的新高，年增 29.3%，調整後 EBITDA 創下歷史新高，達到 3,390 萬美元，年增 7%。

This quarter's results demonstrate our ability to perform through both the retail and digital channels, underscoring our role as a multichannel company, espousing an omnichannel strategy designed to meet customers wherever, whenever and however they choose to send money.

本季的業績證明了我們透過零售和數位管道開展業務的能力，凸顯了我們作為多通路公司的角色，擁護全通路策略，旨在隨時隨地滿足客戶選擇匯款的方式。

We have expanded our send capabilities to more than 90 destinations, including 14 of the top 15 corridors worldwide.

我們已將發送能力擴展到 90 多個目的地，其中包括全球 15 個排名前 15 的走廊中的 14 個。

This quarter was not only about short-term results, it was about building for and securing the future of Intermex.

本季不僅關乎短期業績，還關乎建置並確保 Intermex 的未來。

Today, we stand as a profitable, highly digital-ready company with a powerful and extremely profitable retail network backing us.

如今，我們是一家盈利能力強、高度數位化的公司，擁有強大且盈利能力極強的零售網絡為我們提供支援。

As our digital channels margins have surged passed those of retail, the proposition is now many times more economically promising than just a few years ago.

隨著我們的數位通路利潤率飆升超過零售業，這項主張現在的經濟前景比幾​​年前高出許多倍。

Additionally, the remittance market is becoming increasingly digital, and we are working to balance our company's portfolio accordingly.

此外，匯款市場正變得越來越數位化，我們正在努力相應地平衡我們公司的投資組合。

As a result, we'll be in the best position to maximize our market share and profitability in the market that today is estimated to be about 30% digital to Latin America.

因此，我們將處於最佳位置，可以最大限度地提高市場份額和盈利能力，目前拉丁美洲市場的數位化程度預計約為 30%。

We hold an important place in the lives of over 4 million Latin American consumers who use Intermex each year.

我們在每年使用 Intermex 的超過 400 萬拉丁美洲消費者的生活中佔有重要地位。

These consumers trust Intermex to send their hard earned money back home to loved ones.

這些消費者相信 Intermex 會將辛苦賺來的錢寄回家給親人。

Equipped with highly profitable proposition in both segments of the market, the timing is now ideal to execute a more substantial but highly efficient investment in our digital channels and extended new business lines that can further benefit our centers in the US and a similar number of receivers in Latin America.

我們在這兩個市場領域都擁有高利潤的主張，現在正是對我們的數位管道和擴展的新業務線進行更實質性但更有效率的投資的理想時機，這可以進一步使我們在美國的中心和類似數量的接收者受益在拉丁美洲。

The company's Board of Directors and its management team firmly believes that our current market valuation does not fully capture the company's performance, superior positive cash flow, intrinsic value or growth potential.

公司董事會及其管理團隊堅信，我們目前的市場估值並未完全反映公司的業績、優越的正現金流、內在價值或成長潛力。

We are committed to acting in the best interest of our shareholders.

我們致力於以股東的最佳利益行事。

And to that end, we are initiating a process to assess strategic initiatives, which could include, among others, a potential sale in a private transaction.

為此，我們正在啟動一個評估策略舉措的流程，其中可能包括私人交易中的潛在出售等。

The company has retained FTP Securities known as FT Partners as a financial adviser.

該公司已聘請 FTP Securities（稱為 FT Partners）擔任財務顧問。

We believe this move will create flexibility to optimize our growth and better fulfill our potential as an industry-leading fintech.

我們相信，此舉將為優化我們的成長創造靈活性，並更好地發揮我們作為領先業界的金融科技的潛力。

We feel the optimal time is now to unlock the company's opportunity with regard to its digital channels offering.

我們認為現在是釋放公司數位通路產品機會的最佳時機。

Our app has been highly regarded by our users, demonstrated by a high level of retention and recurrent usage per cohort, and we feel that our app is good as any in the industry.

我們的應用程式受到了用戶的高度評價，每個群組的保留率和重複使用率都很高，我們認為我們的應用程式比業內任何應用程式都好。

Combined with the highest standard of superior customer care and our strong reputation in Latin American corridor, Intermex is in an ideal position to compete and to win.

結合最高標準的優質客戶服務以及我們在拉丁美洲走廊的良好聲譽，Intermex 處於競爭和獲勝的理想位置。

From a financial perspective, we have successfully improved our digital channels unit economics.

從財務角度來看，我們成功提高了數位通路單位經濟效益。

And today, a digital initiated transaction delivers a superior gross margin on average than a retail transaction.

如今，數位發起的交易平均毛利率高於零售交易。

Digital channels have never looked more promising for Intermex.

對 Intermex 來說，數位管道的前景從未如此光明。

All that remains for us is to invest in the customer acquisition strategy that will build our business.

我們剩下的就是投資建立我們業務的客戶獲取策略。

We will bring the same efficiencies to the digital-based business that have made us so successful in our retail portfolio, reducing the digital consumer acquisition cost even further.

我們將為基於數位的業務帶來相同的效率，這使我們在零售產品組合中取得瞭如此成功，從而進一步降低了數位消費者的獲取成本。

In support of delivering against that full opportunity, our approach is to ensure we unlock the full potential of the business and deliver maximum value to shareholders and stakeholders alike.

為了支持充分利用這個機會，我們的方法是確保釋放業務的全部潛力，並為股東和利害關係人提供最大的價值。

We believe this is the right time to become much more active and aggressive relative to our digital channels and new business lines.

我們相信，現在是我們的數位管道和新業務線變得更加積極和進取的正確時機。

And as stated earlier, the Board of Directors and the management team jointly feel the opportunity will best be assessed through reevaluating the strategic options through the initiation of a formal process.

如前所述，董事會和管理團隊共同認為，最好透過啟動正式流程重新評估策略選擇來評估機會。

During this quarter, we encountered some headwinds in the form of slower market growth and economic shifts, which continue to put pressure on retail.

在本季度，我們遇到了市場成長放緩和經濟轉變等一些阻力，這繼續給零售業帶來壓力。

Yet we are in an excellent position to navigate this transition effectively.

然而，我們處於有效引導這一轉變的有利位置。

Our adaptability remains a hallmark of our operations, and we continue to pivot smartly to respond to those dynamics.

我們的適應性仍然是我們營運的標誌，我們將繼續明智地調整以應對這些動態。

We believe that we will continue to grow our retail business faster than the market and gain share at retail.

我們相信，我們的零售業務將繼續以快於市場的速度成長，並獲得零售份額。

I want to reinforce that our retail business remains highly profitable and produces tremendous free cash flow.

我想強調的是，我們的零售業務仍然保持高利潤，並產生巨大的自由現金流。

And importantly, when it comes to certain markets such as Mexico and Guatemala, the majority of remittances still originate from retail market-wide.

重要的是，對於墨西哥和危地馬拉等某些市場，大部分匯款仍來自整個零售市場。

Our digital channels have become the real success story.

我們的數位管道已成為真正的成功故事。

Not only are we seeing strong transaction growth, but as I indicated earlier, our gross profit per transaction from a digitally initiated transaction has now surpassed that of retail.

我們不僅看到了強勁的交易成長，而且正如我之前指出的，我們來自數位發起交易的每筆交易的毛利現已超過零售。

This represents a huge advantage as one of the main reasons we're leaning so heavily into digital as a core part of our strategy going forward.

這是一個巨大的優勢，也是我們如此重視數位化作為未來策略的核心部分的主要原因之一。

We are meeting the consumer where they are and increasingly, they are choosing digital solutions for speed, convenience and security.

我們正在滿足消費者的需求，他們越來越多地選擇數位解決方案來實現速度、便利性和安全性。

Meanwhile, our retail base, which brings in about $600 million in annual revenue, remains a crucial part of our business.

同時，我們的零售基地每年帶來約 6 億美元的收入，仍然是我們業務的重要組成部分。

As other competitors pull back from retail, we are capturing more of the market, maintaining a profitable retail operation that helps fuel our growth in digital.

隨著其他競爭對手退出零售業，我們正在佔領更多市場，維持獲利的零售業務，這有助於推動我們在數位領域的成長。

This balanced omnichannel strategy enables us to capitalize on diverse opportunities and ensures that we are not leaving any potential customers behind.

這種平衡的全通路策略使我們能夠利用各種機會，並確保我們不會留下任何潛在客戶。

Retail has shown remarkable resilience and continues to support our growth, especially as we escalate digital.

零售業展現了非凡的韌性，並繼續支持我們的成長，尤其是在我們升級數位化的過程中。

At this time, although the digital market is growing faster for many of our core customers, cash is still paying, and it is not going away in the foreseeable future.

目前，儘管對於我們的許多核心客戶來說，數位市場成長得更快，但現金仍在支付，並且在可預見的未來不會消失。

This fact helps keep retail relevant.

這一事實有助於維持零售業的相關性。

About 70% of the outbound remittance business are sent from retail in the overall Latin American market.

整個拉丁美洲市場約70%的匯出匯款業務來自零售。

We feel desserting this segment of the market prematurely would not be wise for our customers or our shareholders.

我們認為過早放棄這個市場對我們的客戶或股東來說並不明智。

At Intermex, we do not just run a network of retail locations or offer digital solutions.

在 Intermex，我們不僅經營零售網點網路或提供數位解決方案。

We're in the business of facilitating the movement of money for our customers faster, more reliably and more safely than anyone.

我們致力於比任何人更快、更可靠、更安全地為客戶提供資金流動便利。

That is who we are, and that is what sets us apart.

這就是我們，這就是我們的與眾不同之處。

We have built a strong, reliable brand that customers trust.

我們建立了一個深受客戶信賴的強大、可靠的品牌。

Our operations are robust and our call centers are world-class.

我們的營運穩健，我們的呼叫中心是世界一流的。

Our customer service has set the industry standard.

我們的客戶服務樹立了行業標準。

We also have a top-notch banking and payer network that ensures transactions happen seamlessly every time from cradle to grave.

我們還擁有一流的銀行和支付網絡，確保交易從搖籃到墳墓每次都無縫進行。

We never fail to honor or pay out a transaction on time, and that is a trust we protect fiercely.

我們絕不會不按時兌現或支付交易，這是我們極力保護的信任。

We have an efficient, productive retail network that is highly cost effective, which enables us to strategically expand our digital channels offering.

我們擁有高效、高效且極具成本效益的零售網絡，這使我們能夠策略性地擴展我們的數位通路產品。

It is worthwhile to mention that our retail sales and marketing costs are well below 10% of gross margin, making this business highly profitable.

值得一提的是，我們的零售和行銷成本遠低於毛利率的10%，使得這項業務利潤豐厚。

Our digital solutions provide the best-in-class user experience that is fast, secure and designed to meet the needs of today's consumer.

我們的數位解決方案提供一流的使用者體驗，快速、安全，旨在滿足當今消費者的需求。

By blending the strength of both our retail and digital operations, we are positioned to maximize growth and profitability while meeting our customers' needs with flexibility and convenience.

透過融合零售和數位業務的優勢，我們能夠最大限度地提高成長和獲利能力，同時靈活和便利地滿足客戶的需求。

Q3 has been a quarter of achievement.

第三季已經取得了四分之一的成就。

Digital channels are performing better than ever with customer acquisition costs down and retention at record levels.

數位管道的表現比以往任何時候都更好，客戶獲取成本下降，客戶保留率達到創紀錄的水平。

Our digital transactions have increased significantly, outpacing the market by a large margin.

我們的數位交易大幅成長，大幅超過市場。

These are metrics we're excited about, and they point to the growth potential ahead of us.

這些是我們感到興奮的指標，它們顯示了我們面前的成長潛力。

Internationally, our licenses that include EU as well as the United Kingdom are an important step forward in fulfilling our strategy and providing a base from which we can grow in Europe.

在國際上，我們獲得的包括歐盟和英國在內的許可證是實現我們戰略的重要一步，並為我們在歐洲的發展提供了基礎。

As we have indicated previously, we believe that the digital channels opportunity will be significant in both geographies.

正如我們之前所指出的，我們相信數位管道的機會在這兩個地區都將是巨大的。

This expansion into new corridors aligns perfectly with our vision for a truly omnichannel future.

這次向新走廊的擴張完全符合我們對真正全通路未來的願景。

Domestically, we have streamlined operations to reduce backroom costs significantly to be more efficient.

在國內，我們簡化了運營，顯著降低後台成本，提高效率。

Those cost reductions will be fully realized in 2025.

這些成本削減將於 2025 年全面實現。

Additionally, we have successfully refinanced our credit line on very favorable terms, giving us greater flexibility to fund our growth initiatives.

此外，我們成功地以非常優惠的條件為我們的信貸額度進行了再融資，使我們能夠更靈活地為我們的成長計劃提供資金。

Our staffing costs are also down as we continue to shift tasks offshore to maximize efficiency and lower our cost basis, bringing up more capital to invest in strategic initiatives.

隨著我們繼續將任務轉移到海外以最大限度地提高效率並降低成本基礎，我們的人員成本也有所下降，從而籌集更多資金投資於戰略舉措。

The National and I Transfer TK acquisitions remain on track, and we are confident they will reach their margin targets by 2025.

National 和 I Transfer TK 的收購仍在進行中，我們有信心他們將在 2025 年達到利潤目標。

Both continue to expand their year-over-year EBITDA performance.

兩家公司的 EBITDA 業績都在持續擴大。

In summation, we are proud of the results in Q3, but even more optimistic about the future we are building for the company.

總而言之，我們對第三季的業績感到自豪，但對我們為公司打造的未來更加樂觀。

With that, I will turn the call over to Andras Bende, our CFO, for a deeper dive into our financial performance.

接下來，我將把電話轉給我們的財務長安德拉斯·本德 (Andras Bende)，以更深入地了解我們的財務表現。

Thank you, Bob.

謝謝你，鮑伯。

On the financial side, in this third quarter of 2024, International Money Express continues to demonstrate the resilience and adaptability of our business model.

在財務方面，2024年第三季度，國際貨幣快遞持續展現我們業務模式的彈性和適應性。

In a challenging retail backdrop, we posted total revenue of $171.9 million with exceptional digital revenue growth climbing over 66% year over year as we see growing adoption across our digital platforms and the success of our digital partnerships.

在充滿挑戰的零售背景下，我們的總收入達到 1.719 億美元，隨著我們的數位平台採用率不斷提高以及數位合作夥伴關係的成功，數位收入成長同比攀升超過 66%。

With the consumer base now reaching $4.2 million, a 5% increase from the previous year, our expanded market reach underscores the effectiveness of our omnichannel approach.

目前，消費者基礎已達到 420 萬美元，比上一年增長 5%，我們擴大的市場覆蓋範圍凸顯了我們全通路方法的有效性。

Our adjusted EBITDA reached $33.9 million, up almost 7% from a year ago.

我們調整後的 EBITDA 達到 3,390 萬美元，比去年同期成長近 7%。

Importantly, our adjusted EBITDA margins remained strong at 19.7%, a testament to being the player best positioned to capitalize on the omnichannel opportunity with the premium product to Latin America.

重要的是，我們調整後的 EBITDA 利潤率仍然保持在 19.7% 的強勁水平，這證明我們是最有能力利用向拉丁美洲提供優質產品的全通路機會的參與者。

That being said, Intermex's relentless focus on efficiency continues to serve us well and further bolster our margins as staff costs and G&A are both down year over year.

話雖如此，Intermex 對效率的不懈關注繼續為我們提供良好服務，並進一步提高我們的利潤，因為員工成本和一般管理費用均同比下降。

As Bob mentioned earlier, we're very pleased to report that we're in the very final phases of the La Nacional and Transfer integrations.

正如鮑勃之前提到的，我們非常高興地報告，我們正處於 La Nacional 和 Transfer 整合的最後階段。

And in 2025, we expect fully realizing the synergies and margin expansion anticipated when we entered the deal.

到 2025 年，我們預計將充分實現我們達成交易時預期的綜效和利潤率擴張。

The contribution from that deal is on target to deliver the EBITDA margin potential we saw before the acquisition.

此交易的貢獻目標是實現我們在收購前看到的 EBITDA 利潤率潛力。

As for EPS, on an adjusted basis, earnings per share came in at $0.61, up 19.6%, while diluted GAAP EPS reached $0.53, representing a 29.3% increase from the prior year.

至於每股收益，調整後每股收益為 0.61 美元，成長 19.6%，稀釋後 GAAP 每股收益達到 0.53 美元，比上年增長 29.3%。

These results reflect our commitment to operational efficiency and profitable growth.

這些結果反映了我們對營運效率和獲利成長的承諾。

Interest expense rose to $3.2 million, marking a 14% increase.

利息支出增至 320 萬美元，成長 14%。

However, most of the year-over-year increase is due to fees from a highly successful refinancing we completed in August.

然而，年成長的大部分是由於我們在八月完成的一次非常成功的再融資所產生的費用。

Our tax rate came in at 30%, down slightly from a year ago.

我們的稅率為 30%，比一年前略有下降。

Net free cash generated, again, our internal measure that attempts to remove working capital day of the week cyclicality came in at $17.6 million this quarter, underscoring the strength of an efficient, highly productive model as it pertains to cash.

本季度，我們試圖消除週轉資金週期性的內部衡量指標產生的淨自由現金再次達到 1,760 萬美元，突顯了與現金相關的高效、高生產力模式的優勢。

M

中號

uch of the cash we generated was used to repurchase over 1 million shares this quarter as we lean heavily into the buyback after our share price pulled back.

我們產生的大部分現金用於本季回購超過 100 萬股股票，因為我們在股價回檔後嚴重傾向回購。

As I mentioned earlier, we successfully refinanced and upsized our credit facility on favorable terms, enhancing our financial flexibility as we enter the next phase of growth.

正如我之前提到的，我們成功地以優惠條件進行了再融資並擴大了信貸額度，在我們進入下一階段的增長時增強了我們的財務靈活性。

As we close the third quarter, our financial strategy remains focused on fortifying our position and outpacing the market at retail, the highly profitable cash-generating heart of our business, managing costs down to buffer any macro headwinds and accelerating our journey in digital as we have patiently set the stage to grow profitably with a best-in-class product.

截至第三季末，我們的財務策略仍專注於鞏固我們的地位並超越零售市場（我們業務的高利潤現金產生核心），管理成本以緩衝任何宏觀阻力，並加快我們的數位化進程。透過一流的產品實現獲利成長奠定了基礎。

And with that, I'll turn it back to Bob.

有了這個，我會把它轉回給鮑伯。

In closing, Q3 has been a meaningful quarter for Intermex with strong results and a clear strategic direction.

最後，第三季度對 Intermex 來說是一個有意義的季度，擁有強勁的業績和明確的策略方向。

We are moving forward with purpose with the needs of our customers and our investors at the forefront of our decisions.

我們將客戶和投資者的需求放在決策的最前沿，有目的地前進。

We're excited about what lies ahead, and we're ready to take Intermex into the next chapter.

我們對未來感到興奮，並準備好帶領 Intermex 進入下一個篇章。

Thank you for your support and belief in our vision.

感謝您對我們願景的支持與信任。

We look forward to your questions and to diving deeper into our progress and plans.

我們期待您提出問題並更深入地了解我們的進展和計劃。

We are now ready to take your questions and provide further insights into our performance, strategic initiatives and the outlook for Intermex's future.

我們現在已準備好回答您的問題，並就我們的業績、策略計劃和 Intermex 的未來前景提供進一步的見解。

Thank you.

謝謝。

(Operator Instructions) Gus Gala, Monness, Crespi, Hardt.

（操作員指令）Gus Gala、Monness、Crespi、Hardt。

Can we talk a little bit more about competition in brick-and-mortar retail here?

我們可以在這裡多談談實體零售的競爭嗎？

I mean, where are we seeing the most degradation at retail?

我的意思是，我們在哪裡看到零售業退化最嚴重的地方？

Is this the pricing of the ramping agents or maybe in the existing agents, you're seeing more competition at the margins there for wire share?

這是不斷增加的代理商的定價，還是現有代理商的定價，您會看到電線共享的利潤競爭更加激烈？

And I just want to clarify, should we take your commentary throughout the -- in the prepared remarks to mean digital share in LatAm is like -- is accelerating beyond what we expected?

我只是想澄清一下，我們是否應該在整個過程中接受您的評論——在準備好的評論中，這意味著拉丁美洲的數位共享正在加速超出我們的預期？

And anything you can share on like what you're seeing in terms of changes maybe in habituation or behaviors of bankification maybe in the US and proliferation of digital endpoints in Latin America?

您可以分享什麼，例如您所看到的美國銀行化習慣或行為的變化以及拉丁美洲數位端點的擴散嗎？

I'm going to try to remember all those questions first.

我將首先嘗試記住所有這些問題。

So let me start with the

那麼讓我從

--

--

Sure.

當然。

No, no, that's great.

不不不，那太好了。

Just help me out if I missed something.

如果我錯過了什麼，請幫助我。

So I'll start with the -- talking about the competition.

所以我將從——談論競爭開始。

I don't believe that there's any competitive issues at retail that haven't existed for the whole entirety of our time in the industry.

我不認為零售業有任何競爭問題，這些問題在我們整個產業的整個時間都存在。

There's a pocket of guys that operate strictly on price.

有一群人嚴格按照價格行事。

There are others that operate on a bit of price and quality.

還有其他一些以價格和品質為基礎的經營。

We tend to be more towards the quality side of the equation.

我們更傾向於關注品質方面。

Any what you would perceive as softness in retail, we're growing faster than the retail market is growing.

任何你認為零售業疲軟的情況，我們的成長速度都快於零售市場的成長速度。

The challenge that we have related to these days related to growing our business faster is number one is that the market that just two years ago was growing in double digits, about 12%, is now growing somewhere around flat to 2%.

如今，我們面臨的與更快發展業務相關的第一大挑戰是，兩年前市場的成長率為兩位數，約為 12%，而現在的成長率約為 2%。

So that, along with the fact that the digital business now to our core countries is about 30% or more.

因此，事實上我們核心國家的數位業務現在大約佔 30% 或更多。

So it's growing.

所以它正在增長。

It's not accelerating or absorbing or overtaking retail.

它並沒有加速、吸收或超越零售業。

Retail is more than still two times as big as the digital side, but it has -- the digital now is a significant piece of the business to Latin America.

零售業的規模仍然是數位化領域的兩倍多，但現在數位化已成為拉丁美洲業務的重要組成部分。

And that piece is growing faster, right, than the retail piece.

而且該產品的成長速度比零售產品更快，對吧。

That is really absorbing almost all of the industry growth, really more than all of the industry growth, retail is actually negative.

這確實吸收了幾乎所有行業的成長，確實超過了所有行業的成長，零售業實際上是負的。

So when you look at the two pieces, we're beating the rate of growth at retail, and we're beating the rate of growth at digital by large margin.

因此，當你看這兩個部分時，我們正在超過零售業的成長率，並且我們正在大幅超過數位業的成長率。

The difference for us is that whereas the mix is about 70% or so in the industry at retail and 30% digital and our mix is a fraction of that.

對我們來說，不同之處在於，零售業的混合比例約為 70% 左右，數位化比例為 30%，而我們的混合比例只是其中的一小部分。

We're more like a little less than 10% digital and about 90% retail.

我們的數位化比重略低於 10%，零售業比重約 90%。

So as the market has softened a bit and as digital is taking a bigger share, you'll see our retail numbers look a little weaker, although we're continuing to gain share at retail versus the competition.

因此，隨著市場的疲軟以及數位化佔據更大的份額，您會發現我們的零售數據看起來有點疲軟，儘管我們在零售方面的份額與競爭對手相比仍在繼續增長。

Does that -- on that first question, does that hit that?

關於第一個問題，這是否擊中了這一點？

Or is there

或者有沒有

--

--

Yes, it does.

是的，確實如此。

And I want to -- if I could clarify one thing.

我想——如果我能澄清一件事的話。

Is the margin that you guys were beating retail the last couple of years.

過去幾年你們的利潤率超過了零售業。

Last call, it was clear, it's compressed.

上次通話很清楚，它被壓縮了。

Can you talk about that Q over Q?

可以談談那個Q over Q嗎？

Did that further compress?

那進一步壓縮了嗎？

I mean -- or is it -- have dynamics the have gotten better?

我的意思是──或者說是──動力已經變得更好了嗎？

Your question is our margin per transaction or the margin we're beating.

您的問題是我們每筆交易的保證金或我們正在超越的保證金。

No.

不。

Your spread versus what the industry grows in retail.

您的價差與產業零售成長的比較。

Our growth.

我們的成長。

Yes.

是的。

I think that we're also calibrating ourselves in retail.

我認為我們也在零售方面進行自我校準。

And I think that our spread and our difference between us and the rest of the market has -- is smaller today than it was.

我認為我們與市場其他公司之間的價差和差異現在比以前更小了。

That's not unusual in a market that's starting at the growth numbers that are flat because what you'll see is more desperation from the small guys who are going to get more aggressive in retail.

對於一個成長數據持平的市場來說，這種情況並不罕見，因為你會看到那些在零售業變得更加激進的小企業更加絕望。

And so it's not -- we're still beating retail, but that difference can get a little smaller during a down market.

所以事實並非如此——我們仍然擊敗零售業，但在市場低迷時期，這種差異可能會變得更小。

And that difference will be accelerated in an up market.

在高端市場中，這種差異將會加速。

People tend to be optimistic, meaning the competitors.

人們往往是樂觀的，這意味著競爭對手。

And even if they're growing, less than the market when the market is growing at 8% or 9%.

即使它們在成長，也低於市場成長 8% 或 9% 時的市場水準。

As long as they're growing 5% or 6%, they're less aggressive.

只要它們增長 5% 或 6%，它們的攻擊性就會減弱。

They're more aggressive in a down market, even if they -- even though the market might be down.

他們在低迷的市場中更加激進，即使市場可能會低迷。

So you see some of that, and it's not unusual in a tougher market to have a smaller spread between us and the competition.

所以你看到了其中的一些，在一個更艱難的市場中，我們和競爭對手之間的差距較小並不罕見。

No, no, that's fine.

不，不，沒關係。

Your next -- can you just rephrase again your second question?

你的下一個 - 你能再次改寫你的第二個問題嗎？

Can you talk about what you're seeing domestically in terms of more bank accounts amongst your centers?

能談談您在國內各中心的銀行帳戶數量增加嗎？

And then insofar as you have visibility?

那麼只要你有可見性呢？

And then considering endpoints in Latin America, I mean, like are you seeing increased digitization changing behaviors?

然後考慮拉丁美洲的端點，我的意思是，您是否看到數位化改變行為的增加？

And maybe I'll squeeze in another one that wasn't even in the original question, but anything interesting on endpoint diversification at retail in Mexico.

也許我會擠進另一個問題，這個問題甚至不在最初的問題中，而是關於墨西哥零售終端多元化的任何有趣的事情。

I think OXXO owned by FEMSA is looking at doing more there is an opportunity for pricing to be favorable to you there.

我認為 FEMSA 旗下的 OXXO 正在考慮做更多事情，那裡的定價有機會對您有利。

Yes.

是的。

I mean I'll start this out, and then I'll ask Marcelo Theodoro, who's our Head of Digital and Product to chime in because he's certainly the resident expert.

我的意思是，我會先開始，然後我會請我們的數位和產品主管馬塞洛·西奧多羅插話，因為他肯定是常駐專家。

But we're seeing steady movement, right, of more consumers having accessibility to banking on the US side.

但我們看到越來越多的消費者可以在美國境內使用銀行業務，這是正確的。

But one of the biggest hurdles that remains is the fact that many of our consumers, many of the consumers in the marketplace, particularly to places like Mexico and Guatemala are not necessarily bank account eligible in a traditional sense.

但仍有最大的障礙之一是，我們的許多消費者、市場上的許多消費者，特別是墨西哥和瓜地馬拉等地的消費者不一定具備傳統意義上的銀行帳戶資格。

Even ourselves in our own card products, we have challenges to make sure that we can get people bank that are not traditionally having a social security number or an IT number and have a foreign ID.

即使是我們自己的卡片產品，我們也面臨著挑戰​​，確保我們能夠為那些傳統上沒有社會安全號碼或 IT 號碼但擁有外國身分證的人提供服務。

So that's a challenge.

所以這是一個挑戰。

There's also not a huge willingness on a lot of the parts of those consumers where we talked about a little bit in the prepared remarks that cash is still king and then retail has got a lot of resilience.

我們在準備好的評論中談到，許多消費者也沒有很大的意願，即現金仍然為王，然後零售業具有很大的彈性。

And so we're seeing on the edges, maybe people that -- more consumers that are coming in when they're coming in documented, when they're coming in with a work Visa, or maybe they're a younger generation, whatever might be the case.

因此，我們在邊緣看到，也許人們——更多的消費者在有證件、持工作簽證入境時進來，或者他們可能是年輕一代，等等可能是這樣。

I don't think there's -- every consumer that's at retail is an eligible consumer today for digital, nor do I think everybody that is digital is someone who came from retail.

我不認為每個零售消費者都是當今數位化的合格消費者，我也不認為每個數位化消費者都是來自零售業的人。

I think many of those consumers are different than they have been people that were using bank wires in the past.

我認為其中許多消費者與過去使用銀行電匯的消費者有所不同。

Now on the other side of the border, we're seeing -- and we've been seeing this for years and a huge amount of our wires that we pay through major payers like Electra, which also has their bank, which is Banco Azteca through Copel, which is also Bank Copel and in Guatemala through Banco Industrial and Bankerall, we're seeing a larger share of the wires beginning to be deposited into bank accounts.

現在，在邊境的另一邊，我們看到了——多年來我們一直看到這種情況，我們透過 Electra 等主要付款人支付大量電匯，Electra 也有他們的銀行，即阿茲台克銀行 (Banco Azteca)透過Copel，也就是Copel銀行，在瓜地馬拉，透過Banco Industrial和Bankerall，我們看到越來越多的電匯開始存入銀行帳戶。

And that's digital on that side.

這方面是數位化的。

And sometimes we just talk about that a little bit more clearly than we did this time.

有時我們只是比這次更清楚地談論這一點。

But that's a higher share of our business on the digital -- on the pay side, in some cases, 25%, 30% in some of those payers that wires are actually going to bank accounts.

但這在我們的數位業務中所佔的比例更高——在支付方面，在某些情況下，在一些電匯的付款人中，25%、30%實際上是進入銀行帳戶。

Slower on this side, remember, still 70% about.

記住，這邊速度較慢，仍然是 70% 左右。

We don't know for sure.

我們不確定。

No one has an exact number, but somewhere 30%, 31%, 32% of the market is digital.

沒有人知道確切的數字，但有 30%、31%、32% 的市場是數位化的。

The remainder is retail.

其餘部分為零售。

And it's moving, but I don't see that as something -- when we look at our projections, we're not looking at a retail market that we think goes away in five years.

它正在發生變化，但我不認為這是什麼——當我們審視我們的預測時，我們並沒有看到我們認為五年內就會消失的零售市場。

As a matter of fact, our projections look at the retail market might still be bigger than the digital market in five years.

事實上，我們對零售市場的預測在五年內可能仍大於數位市場。

But there will be continued growth, faster growth in digital than there is in retail.

但數位領域將會持續成長，而且成長速度將超過零售領域。

Okay.

好的。

That's super helpful.

這非常有幫助。

And my last question will be, you guys removed the guide.

我的最後一個問題是，你們刪除了指南。

Can we talk about

我們可以談談嗎

(inaudible)?

（聽不清楚）？

Is that in the comp like what does that to do with the strategic review?

這與策略審查有什麼關係嗎？

Is there any (inaudible) there?

那裡有（聽不清楚）嗎？

And Bob, you were around for when -- I think it was '07 to 2016 when you were held by Lindsay Goldberg.

鮑勃，你在的時候——我想是 07 年到 2016 年，當時你被林賽·戈德堡 (Lindsay Goldberg) 抱著。

Can you talk maybe about the environment of like maybe approaches you got from potential different homes back then versus what you've seen in the past couple of years.

您能否談談您當時從不同的家庭中獲得的環境以及您在過去幾年中所看到的情況。

We don't even have to go past 2022.

我們甚至不必跨越 2022 年。

But just help me think about.

不過幫我想想吧。

Approaches from what -- I didn't get that.

從什麼接近——我不明白。

Approaches from potential acquirers back in the day, '07 to 2016 when you were -- when Intermex was held by Lindsy Goldberg, privately held, right?

早在 07 年到 2016 年，潛在收購者就曾與您接觸過，當時 Intermex 由私人控股公司 Lindsy Goldberg 持有，對吧？

Well

出色地

--

--

When I walked in, in 2008, probably through 2012 or '13, we weren't exactly the prettiest company, right?

當我 2008 年、可能是 2012 年或 13 年走進公司時，我們不是最漂亮的公司，對吧？

So there weren't a lot of people trying to buy remittance companies and certainly, Intermex wouldn't have been at the top of the list.

因此，沒有很多人試圖收購匯款公司，當然，Intermex 也不會名列榜首。

We went through a large transformation that took a company that was $1 million in EBITDA to where it sits today.

我們經歷了一次巨大的轉型，使 EBITDA 達到 100 萬美元的公司發展到了今天的水平。

So as we became more successful, we've had a number of inquiries in recent years.

因此，隨著我們變得更加成功，近年來我們收到了許多詢問。

We won't disclose who those are or what, some strategic, some sponsors that have come around the business because of our -- the quality of our performance.

我們不會透露這些贊助商是誰，或者是什麼，一些策略贊助商，一些贊助商因為我們的業績品質而來到我們的業務。

And we think that when you look at our business and you look at the cash that we throw off and the fact that our -- you think about -- if we looked at where we were trading in third quarter of 2021 and you applied the increase in our earnings per share, we'd be a $25 or $30 stock right now.

我們認為，當你看看我們的業務時，你會看到我們扔掉的現金，以及我們的事實——你想一想——如果我們看看我們在2021 年第三季度的交易情況，然後你應用了成長以我們的每股盈餘計算，我們現在的股票價格是 25 美元或 30 美元。

So very -- and we were underpriced then.

所以非常——當時我們的價格被低估了。

So very, very unappreciated right now in the marketplace.

目前在市場上非常非常不受重視。

And I think from my perspective that, that appreciation will be greater and potentially in a different environment.

我認為，從我的角度來看，這種欣賞會更大，並且可能在不同的環境中。

And that's why we're looking at those strategic alternatives.

這就是我們正在研究這些策略替代方案的原因。

We also find ourselves at a time where we've now maximized -- we believe our app is as good as anybody's, including the people at the very top of the success ladder in digital.

我們也發現自己正處於一個最大化的時代——我們相信我們的應用程式與任何人的應用程式一樣好，包括處於數位成功階梯最頂端的人。

We believe it's just as good as anybody's.

我們相信它和任何人的一樣好。

And we also believe that our unit economics now make us incredibly competitive in terms of it being financially lucrative.

我們也相信，我們的單位經濟效益現在使我們在經濟利潤方面具有難以置信的競爭力。

But we also understand that we need to make an investment that the most challenging thing on the digital side of the house is the customer acquisition cost.

但我們也明白，我們需要進行投資，數位化最具挑戰性的事情是客戶獲取成本。

And so we need to -- and the point is, is that with the cash we throw off, we have the cash to do that, but we have to be able to be able to do that freely, right, and in some ways, affect our bottom line to be able to build the company for the future.

所以我們需要——重點是，有了我們丟掉的現金，我們就有足夠的現金來做這件事，但我們必須能夠自由地、正確地、以某種方式做到這一點，影響我們未來建設公司的底線。

And we think the company will be bigger, stronger, much more financially lucrative and much more sustainable when we do that over the next three to five years, and all of that obviously impacts the decision to look at how do we take the company forward for the shareholders to maximize their shareholder value going forward.

我們認為，當我們在未來三到五年內做到這一點時，公司將變得更大、更強大、財務上更有利可圖、更永續，所有這些顯然都會影響我們如何推動公司前進的決定。

Does that -- hull that answers your question.

那——船體就回答了你的問題。

No, no, that's super helpful.

不，不，這非常有幫助。

And anything on the removed guidance, not even in the context of strategic review, just like anything to help us frame up -- should we expect single-digit declines?

被刪除的指導方針中的任何內容，即使是在策略審查的背景下，就像任何幫助我們建立框架的內容一樣——我們是否應該預期個位數的下降？

Well, that would be guidance, which we're not giving.

嗯，這將是指導，但我們不會提供。

So there are 2 components to it.

所以它有兩個組成部分。

I mean it's not unusual to not guide when you go into a strategic process.

我的意思是，當你進入策略流程時，不提供指導並不罕見。

We carefully examine that with our Board and with our counsel.

我們與董事會和律師一起仔細審查這一點。

And then secondly, some of the things that we talk about, we're going to begin immediately, some of that investment into the digital and things like that.

其次，我們將立即開始討論我們談論的一些事情，其中​​一些投資是對數位化和類似的事情。

So it's not going to be something we're going to do right now and giving guidance.

因此，這不會是我們現在要做的事情並提供指導。

And so those are the reasons for it.

這就是原因。

Rayna Kumar, Oppenheimer.

雷娜·庫馬爾，奧本海默。

It's good to see that the digitally sent money transfers increased 76% in the quarter.

很高興看到本季數位匯款量成長了 76%。

I was just wondering if you can walk us through how the economics of digital money transfers versus retail transfers feel.

我只是想知道您是否可以向我們介紹數位貨幣轉帳與零售轉帳的經濟效益如何。

Okay.

好的。

So do you mean that you want to talk about the unit economics?

那麼您的意思是想談談單位經濟學嗎？

The unit economics and margin profile.

單位經濟效益和利潤狀況。

Okay.

好的。

So I'm going to do a Mexico wire, so that will be a little easier.

所以我要做一條墨西哥線，這樣會比較容易。

And I'll do the retail side, and then I'll ask Marcelo to do the digital side.

我將負責零售方面，然後我會請馬塞洛負責數位方面。

So on the retail side, essentially, we have about a $10 fee it's $10 almost everywhere up to $1,000 sent.

因此，在零售方面，基本上，我們收取大約 10 美元的費用，幾乎所有發送金額不超過 1,000 美元的費用都是 10 美元。

And then with that, we gain an exchange profit for foreign exchange.

然後，我們就獲得了外匯的匯兌利潤。

And that's typically, let's call that about 60 basis points.

通常我們稱之為 60 個基點左右。

And we'll do a round number.

我們將做一個整數。

It's a little less than we send, but on $400, that would mean a revenue stream of a $10 for the fee and about 60 basis points on $400 or about to $12.40.

這比我們發送的要少一點，但如果是 400 美元，則意味著費用收入為 10 美元，而 400 美元或大約 ​​12.40 美元則收入約為 60 個基點。

From that, the agent retailer, it's a blend.

由此看來，代理零售商就是一個混合體。

Most of them are around 50%, some get more, but let's call it about $5.25, a payer fee that's a little over $2, that will bring you down to a margin that will be a little over $5 for Mexico Wire.

大多數都是 50% 左右，有些會更高，但我們稱之為 5.25 美元左右，付款人費用略高於 2 美元，這將使您的利潤率降至墨西哥電訊公司的 5 美元多一點。

And that's the retail side of things for Mexico, which is our most profitable.

這就是墨西哥的零售業務，這是我們最賺錢的業務。

Other countries that are dollarized, for instance, would be much different because you wouldn't have that FX component.

例如，其他美元化的國家就會有很大不同，因為沒有外匯成分。

And in those cases, the unit economics could be as low as $3 or less.

在這些情況下，單位經濟效益可能低至 3 美元或更少。

Guatemala is a little more than those countries without an FX, but not nearly what Mexico.

危地馬拉比那些沒有外匯的國家要多一些，但與墨西哥相差甚遠。

If I took you through that, you come to a bottom line of around $4 on a Guatemala and wire.

如果我帶您了解這一點，您會發現危地馬拉和電匯的底線約為 4 美元。

And that would be the exchange of dollars to Quetzal plus the fee, minus the -- what we pay the agent, minus what we pay the payer, and then that's what we call gross margin.

這就是用美元兌換格查爾加上費用，減去我們支付給代理人的費用，減去我們支付給付款人的費用，這就是我們所說的毛​​利率。

We don't include the banking fees in our gross margin because those are very -- they differ depending on how the agent banks.

我們的毛利率中不包括銀行費用，因為這些費用非常不同，取決於代理銀行的方式。

So we don't include that.

所以我們不包括這一點。

That's the next level down, but that's how we would get to our gross margin number.

這是下一個水平，但這就是我們獲得毛利率數字的方式。

And I'll have Marcelo talk about the same thing with digital.

我會讓馬塞洛談論數字方面的同樣的事情。

Thank you, Bob.

謝謝你，鮑伯。

On the digital side, we have a gross revenue per transaction around $11.

在數字方面，我們每筆交易的總收入約為 11 美元。

It's important to highlight that different from what Bob said, we don't have to pay any fee to agents, which makes -- which helps a lot with the cost of it.

需要強調的是，與鮑伯所說的不同，我們不必向代理商支付任何費用，這對降低成本有很大幫助。

But on the cost side, the main one is related to the card processing cost.

但在成本方面，主要與卡片處理成本有關。

We have around $2.50 when you think about our average ticket.

考慮到我們的平均票價約為 2.50 美元。

Then you have costs related to chargeback losses and payers commission, altogether around $3.20, which brings us to something between $6 and $6.50 per transaction.

然後，您還有與退款損失和付款人佣金相關的成本，總共約為 3.20 美元，這使我們每筆交易的費用在 6 至 6.50 美元之間。

Understood.

明白了。

That's really helpful.

這真的很有幫助。

I understand you're not giving 2024 guidance, but I'm wondering if you can say anything about what you're seeing so far as for fourth quarter trends, maybe on transaction growth or active customer growth?

我知道您沒有給出 2024 年的指導，但我想知道您是否可以談談您所看到的第四季度趨勢，可能是交易成長或活躍客戶成長？

Yes.

是的。

I mean, again, we're not -- I think it's difficult to start commenting on parts of guidance, right?

我的意思是，我們不是——我認為很難開始對指南的某些部分進行評論，對嗎？

We though, but I'll try to do the best I can here.

我們雖然如此，但我會盡力在這裡做到最好。

We believe that the top line growth in the industry to our core market, especially Mexico will remain soft in fourth quarter.

我們相信，我們的核心市場（尤其是墨西哥）的行業收入成長在第四季度將保持疲軟。

We might start to see some acceleration, but those are driven by a number of factors, which have been mainly driven by a stronger peso, low housing starts and the fact that we've had a long bull market in Mexico.

我們可能會開始看到一些加速，但這是由許多因素驅動的，這些因素主要是由比索走強、房屋開工率低以及墨西哥經歷了長期牛市這一事實推動的。

So we're lapping a long history of high single-digit growth.

因此，我們正在經歷長期高個位數成長的歷史。

So we expect that to be relatively flat in the overall industry growth.

因此，我們預計整個行業的成長將相對穩定。

We expect that the digital business continues to grow at a high measure.

我們預計數位業務將繼續高速成長。

And if you've got the digital business, and we'll use a round number of 30% of the business, I'm talking market-wide to Mexico, and that piece of the business has grown at 30%.

如果你有數位業務，我們將使用大約 30% 的業務，我指的是墨西哥整個市場，這部分業務成長了 30%。

And if the industry is flat, you get a 9% lift from the digital, it means that retail will be negative still.

如果產業表現平淡，數位化帶來 9% 的提升，這意味著零售業仍將呈現負成長。

And so we're expecting that challenging retail market, but it's not -- I want to reemphasize, and I do it a lot, but I don't think it's always clearly heard.

因此，我們期待零售市場充滿挑戰，但事實並非如此——我想再次強調，而且我經常這樣做，但我認為人們並不總是清楚地聽到這一點。

This is not a simple factor of that digital has accelerated to a level that retail can never be positive.

這並不是一個簡單的因素，因為數位化已經加速到了零售業永遠無法積極發展的水平。

Again, if we were to pop in the growth that we had at the market overall two years ago, I think digital -- the retail market would be growing slowly, but it would be growing.

再說一次，如果我們要像兩年前那樣實現整個市場的成長，我認為數位零售市場將會成長緩慢，但它會不斷成長。

So it's a factor of slow top line growth with the migration to digital where the digital is a disproportionate share of that high growth.

因此，隨著向數位化的遷移，這是收入成長緩慢的一個因素，而數位化在高成長中所佔的份額不成比例。

And so when you look at it, digital might be growing at 30%, which then leaves the retail market growing at maybe a minus 9% or minus 10%.

因此，當你觀察時，數字可能會以 30% 的速度成長，這使得零售市場的成長可能為負 9% 或負 10%。

We are beating each of those.

我們正在擊敗其中的每一個。

We're doing much better than the retail market, but we're even doing much better as a differentiator related to the digital market.

我們的表現比零售市場好得多，但作為與數位市場相關的差異化因素，我們甚至做得更好。

As you see our numbers, we're in the 60s.

正如您所看到的，我們正處於 60 年代。

We're probably doubling the rate of growth in the digital side of the marketplace.

我們可能會將市場數字方面的成長率提高一倍。

Got it.

知道了。

That's very helpful.

這非常有幫助。

I appreciate that.

我很欣賞這一點。

And if I can just sneak in one more.

如果我能再偷偷溜進去一次就好了。

Just your early thoughts on how a Trump administration could impact your business, be it with policies surrounding banking regulation and immigration?

您對川普政府如何影響您的業務的早期想法，無論是銀行監管和移民政策嗎？

I hope that he impacts our business the same way he did last time because we had the best four-year run we've had in the industry.

我希望他能像上次一樣影響我們的業務，因為我們經歷了業內最好的四年。

I think this is an economics issue.

我認為這是一個經濟學問題。

I think when our economy is strong, the challenge we've had in Mexico for the last few years is that we've had a very weak dollar.

我認為，當我們的經濟強勁時，過去幾年墨西哥面臨的挑戰是美元非常疲軟。

And so it became less attractive for someone to go through the trouble to come across the border either in a documented or undocumented way because when you send $500 home, you're getting far less pesos.

因此，對於某人來說，以有證或無證的方式經歷麻煩越過邊境變得不那麼有吸引力，因為當你寄 500 美元回家時，你得到的比索要少得多。

Maybe we're getting -- you're getting maybe 24 and all of a sudden, you're getting as low as 16.

也許我們會得到——你可能會得到 24，突然間，你會降到 16。

So that was actually a disincentive to come across economic factors and then the fact that about a third of our constituents work in the housing industry, which is picking up a bit now, but it's been really slow.

因此，這實際上是對經濟因素的阻礙，事實上，我們大約三分之一的選民在房地產行業工作，這一行業現在有所回升，但速度確實很慢。

Part of that is due to high interest rates, which is also tied to the fact that the peso had made a lot of ground against the dollar in terms of the dollar's weakness.

部分原因是高利率，這也與美元疲軟導致比索兌美元匯率大幅上漲有關。

So from our perspective, we feel like that it hadn't had -- and I don't want to make this political at all, but it did not have a negative impact on our business last time around.

因此，從我們的角度來看，我們覺得它沒有——我根本不想讓這件事變得政治化，但它上次並沒有對我們的業務產生負面影響。

It actually had a very positive impact.

它實際上產生了非常積極的影響。

It was the -- if we look at the time that I was here at Intermex, which started in '09, and I guess '09 would have been the end of the Bush administration through President Obama, through Trump's first administration, through Biden's first administration, the strongest period we had was during the four years of the Trump administration in terms of growth.

如果我們看一下我在 Intermex 的時間，它始於 09 年，我想 09 年將是布希政府的結束，從奧巴馬總統到川普第一屆政府，再到拜登第一屆政府就增長而言，我們經歷過最強勁的時期是川普政府的四年。

Mike Grondahl, Northland.

麥克·格隆達爾，北國。

First question, Bob, I just want to make sure I understand your -- or IMXI's response to the challenges on the retail side.

第一個問題，鮑勃，我只是想確保我了解您或 IMXI 對零售方面挑戰的反應。

Are you adding salespeople?

您要增加銷售人員嗎？

Are you pushing more incentives?

您是否正在推動更多激勵措施？

What's your response to that?

你對此有何回應？

Well, I don't know what you mean response to what?

嗯，我不知道你的意思是回應什麼？

Well, the challenge

嗯，挑戰

--

--

(inaudible) I mean the market is growing flat.

（聽不清楚）我的意思是市場正在成長。

And so we're still gaining share at retail.

因此，我們在零售領域的份額仍在增加。

I mean -- so we are trying to be more efficient and being more efficient related to targeting the right ZIP codes and also being more aggressive where we don't have wires and we have an opportunity to get them, we'll be much more aggressive on price.

我的意思是 - 所以我們正在努力提高效率，並且在瞄準正確的郵政編碼方面更加高效，並且在我們沒有電線並且我們有機會獲得它們的地方更加積極，我們會做得更多價格上激進。

But I want to be clear, this isn't our frailty or our failings at retail.

但我想澄清的是，這並不是我們的弱點或零售業的失敗。

This is a marketplace condition where the Mexico business is about 12% slower growth than it had two years ago.

在這種市場狀況下，墨西哥業務的成長速度比兩年前慢了 12% 左右。

And when we model in the digital side and that growth, it means the retail growth today is negative.

當我們對數位方面和成長進行建模時，這意味著今天的零售成長是負的。

And so that's -- I don't think that's permanent, but I think as the Mexico growth as an industry stays flat, the retail market will have more challenges.

因此，我認為這不是永久性的，但我認為，隨著墨西哥產業成長保持平穩，零售市場將面臨更多挑戰。

Now I'm happy to address what we're doing to that.

現在我很高興談談我們正在做的事情。

We focus in now on retailers where we have wires, but we don't have the bulk of the wires and we have a high margin.

我們現在專注於擁有電線的零售商，但我們沒有大量的電線，而且我們的利潤率很高。

We have an opportunity to go in and lower our margin with a huge amount of upside in terms of transactions.

我們有機會進入並降低我們的保證金，並在交易方面獲得巨大的上漲空間。

And that's working really well for us.

這對我們來說非常有效。

We also have some other strategies I don't want to give too much detail on because competitors will understand, but incentives for retailers to sign longer-term agreements, things like that, that we're executing against.

我們還有一些其他策略，我不想透露太多細節，因為競爭對手會理解，但激勵零售商簽署長期協議，諸如此類，我們正在執行這些策略。

But I want to be clear that it's not us underperforming the market.

但我想澄清的是，並不是我們表現不佳。

We're still overperforming the market in retail.

我們在零售業的表現仍然優於市場。

Yes.

是的。

No, I get that.

不，我明白了。

I just wanted to make sure you weren't just waiting for Mexico to come back either.

我只是想確保你也不是只是在等待墨西哥回來。

How long do you know me, Mike?

你認識我多久了，麥克？

Long time.

很久。

But for many quarters, you talked about hiring sales.

但在很多季度裡，您都在談論招募銷售人員。

This call, you didn't spend a lot of time talking about months.

這次通話，你並沒有花很多時間談論幾個月。

Yes.

是的。

And I'm happy to address that.

我很高興解決這個問題。

I mean I think the reason there's only so much -- you guys don't want to hear me drone on too long, right?

我的意思是，我認為原因就這麼多——你們不想聽我喋喋不休太久，對吧？

So we could talk longer about everything we're doing, but this was much more about this digital opportunity that we think is very ripe for us today.

因此，我們可以更長時間地談論我們正在做的一切，但這更多的是關於我們認為今天對我們來說已經非常成熟的數位機會。

But we do have now a team of 50 direct salespeople at retail.

但我們現在確實擁有一支由 50 名零售直銷人員組成的團隊。

We've really bolstered our retail sales management as we've introduced you to Chris Koala in the last call, brought in a new regional manager, a regional VP in the Southeast.

我們確實加強了我們的零售銷售管理，因為我們在上次電話會議中向您介紹了克里斯·考拉（Chris Koala），並引入了一位新的區域經理，即東南部的區域副總裁。

And we have more people customer-facing than we've had in ever.

我們面對客戶的人員比以往任何時候都多。

We have 50 direct salespeople and rolling up to, in some cases, the middle manager onto the regional VP.

我們有 50 位直銷人員，在某些情況下，還包括中階經理和區域副總裁。

So we've increased the level of people in places like California, we have -- I think we've had as few as six people on the ground in terms of sales.

因此，我們增加了像加州這樣的地方的人員數量，我認為就銷售而言，我們在當地的人員數量只有六人。

Now I think we have 11 people on the ground.

現在我想我們有 11 個人在現場。

In Texas, we've increased that group.

在德克薩斯州，我們增加了這個群體。

And it's more important than people of the strategy would work because remember, we're rifle shot.

這比戰略人員的工作更重要，因為記住，我們是步槍射擊的。

Anybody can go out and discount across the board and discount on the 4 million wires we already have.

任何人都可以出去全面打折，對我們已有的 400 萬條電線進行打折。

It's really more important in a strategic way to discount at the margin.

以戰略方式進行邊際折扣確實更重要。

So these are wires are a net add, and we're not giving away discounts on wires that are already in the house.

因此，這些電線是淨增加的，我們不會對房子裡已有的電線提供折扣。

And I think we're executing against that quite well, although I don't think we fully hit our stride.

我認為我們在這方面執行得很好，儘管我認為我們還沒有完全踏出步伐。

I think there's a lot more to do there, and I think we'll continue to work against it.

我認為這方面還有很多工作要做，我認為我們將繼續努力。

Fair.

公平的。

That's helpful.

這很有幫助。

And then pivoting to the digital side.

然後轉向數字方面。

What does that investment look like between now and the end of '25?

從現在到 25 年底，這項投資會是什麼樣子？

Is that $5 million to $10 million or more?

是 500 萬到 1000 萬美元還是更多？

And then if you could talk a little bit about the CAC and the payback, like, hey, if you spend $1 million, how many new customers does that get you?

然後，如果您可以談談 CAC 和回報，例如，嘿，如果您花費 100 萬美元，這會為您帶來多少新客戶？

And what is the payback on that?

這樣做的回報是什麼？

Yes.

是的。

So first of all, I mean, at this time, we're not going to disclose what we plan on spending in '25.

首先，我的意思是，目前我們不會透露 25 年的支出計畫。

We haven't even talked about '25's plan, but we will begin to invest immediately.

我們還沒有談論'25'的計劃，但我們會立即開始投資。

The digital business is something that everything I think today, just in case someone to say, well, geez, Bob, you were negative on digital.

數位業務是我今天所想的一切，以防萬一有人說，好吧，天啊，鮑勃，你對數字持負面態度。

When we were negative on digital, the gross margin on a digital transaction was about $1.50. Now it's over $6.

當我們對數位業務持負面態度時，數位交易的毛利率約為 1.50 美元。現在已經超過6美元了。

So we've done a huge amount of work to make that profitable on a unit economics perspective.

因此，我們做了大量的工作，以從單位經濟學的角度來實現盈利。

At that time, we also had an app that wasn't -- was not one of the best apps in the industry.

當時，我們還有一個應用程序，但它並不是業內最好的應用程式之一。

Today, I think we have one of the best, if not the best app in the industry.

今天，我認為我們擁有業內最好的應用程式之一，即使不是最好的應用程式。

And we've been able to be successful in working particularly with partners to be able to bring down our tech.

我們已經能夠成功地與合作夥伴合作，特別是能夠降低我們的技術。

And I'll let Marcelo talk a little bit more about that.

我會讓馬塞洛多談談這一點。

But we think that there's a great opportunity to build that business.

但我們認為這是建立這項業務的絕佳機會。

It will take a bit of an investment, and that's partly why we made the announcement of looking at strategic alternatives because there is a short-term period where you need to invest to build that business up.

這需要一些投資，這就是我們宣布尋找策略替代方案的部分原因，因為在短期內您需要投資來建立該業務。

And Marcelo, would you like to comment more on that?

馬塞洛，您想對此發表更多評論嗎？

Thank you, Bob.

謝謝你，鮑伯。

I agree 100% with Bob.

我 100% 同意鮑伯的觀點。

I think we have the best solution in the market today.

我認為我們擁有當今市場上最好的解決方案。

We are set up to success when you think about unit economics.

當您考慮單位經濟效益時，我們就已經做好了成功的準備。

And once we are able to make the necessary investments, considering the current CAC that we are seeing, the current acquisition costs that we're seeing, the opportunity to grow exponentially is ahead of us.

一旦我們能夠進行必要的投資，考慮到目前所見的 CAC、目前的收購成本，指數成長的機會就在我們面前。

So we are very comfortable and confident about the future.

所以我們對未來非常放心和充滿信心。

Got it.

知道了。

And can you give us roughly what is that CAC today?

您能給我們大致介紹一下今天的 CAC 是什麼嗎？

Is that down to $40, $50, $60 per customer?

是否會降至每位客戶 40 美元、50 美元、60 美元？

I think you are closer to the number.

我認為你更接近這個數字。

We prefer to don't disclose it right now.

我們現在不想透露。

But what you're saying is a reasonable number versus our reality.

但你所說的數字與我們的現實相比是合理的。

And I also think it's important to understand that the more that we can leverage -- and again, we don't want to -- that's also not something we disclose because these same payers work with other folks that the more we can leverage co-oping with partners, right, to do that, I think that helps us build that faster because there's a joint effort.

我還認為重要的是要明白，我們可以利用的資金越多——再說一次，我們不想——這也不是我們披露的內容，因為這些相同的付款人與其他人合作，我們就越能利用共同的資金。

I also think which we haven't really talked about, we talked about uniformly in my remarks, the digital business or digital solutions, and we did said plural.

我還認為我們還沒有真正討論過，我們在發言中統一討論了數位業務或數位解決方案，而且我們確實說了複數。

And a big part of our strategy is also wires as a service with third-party partners.

我們策略的一個重要部分也是與第三方合作夥伴的連結即服務。

And we've got a couple now that are really successful and a lot more in the pipeline.

我們現在已經有了一些非常成功的產品，還有更多產品正在醞釀中。

And we believe that, that's really a software solution that's working quite well for us, where the margins aren't quite as high as our own product, but we do so much less of the work.

我們相信，這確實是一個對我們來說非常有效的軟體解決方案，其利潤並不像我們自己的產品那麼高，但我們所做的工作要少得多。

And there's really not any need to go out and actually spend money on a customer acquisition cost because someone is bringing us that, who already has that relationship with the consumer.

實際上沒有必要出去實際花錢購買客戶，因為有人為我們帶來了客戶獲取成本，而他們已經與消費者建立了這種關係。

And what we're bringing then is the things we do really well, which is a license in 50 states, which is banking relationships, which is payer relationships and technology and compliance.

然後我們帶來的是我們做得非常好的事情，這是在 50 個州的許可證，這是銀行關係，這是付款人關係以及技術和合規性。

So we have all the -- we have all of those factors that make it easier for us then to be the wires as-a-Service solution for others that can bring those customers and it actually lowers our customer acquisition cost dramatically.

因此，我們擁有所有這些因素，使我們能夠更輕鬆地成為其他人的電線即服務解決方案，從而帶來這些客戶，這實際上大大降低了我們的客戶獲取成本。

(Operator Instructions).

（操作員說明）。

Chris Zhang, UBS.

張克里斯，瑞銀。

So I have two questions.

所以我有兩個問題。

The first one relates to your near-term investment needs.

第一個與您的近期投資需求有關。

I think from the Q&A so far, I think you touched on a number of areas.

我認為從到目前為止的問答來看，我認為您觸及了許多領域。

I appreciate digital is still an important area.

我意識到數字仍然是一個重要領域。

But I just wanted to see if you could maybe discuss some of the other specific areas and if you could also rank order the areas of your near-term investment needs in the fourth quarter and going into 2025?

但我只是想看看您是否可以討論一些其他具體領域，以及您是否也可以對第四季度至 2025 年的近期投資需求領域進行排序？

And also related, if there's any change in your needs, priorities or time lines during the strategic review process.

此外，在策略審核過程中，您的需求、優先事項或時間軸是否有任何變化也與此相關。

I want to make sure I understand your question.

我想確保我理解你的問題。

Are you talking about investments in the business separate and apart from our digital investment?

您是在談論與我們的數位投資分開的業務投資嗎？

Or what's the question, just to make sure I understand.

或問題是什麼，只是為了確保我理解。

Sure.

當然。

Overall investment needs.

整體投資需求。

This is all

這就是全部

(inaudible)

（聽不清楚）

They really aren't.

他們真的不是。

I mean our sales team is fully staffed.

我的意思是我們的銷售團隊人員齊全。

It's about greater efficiency today.

今天的重點是提高效率。

We certainly won't need to expand that.

我們當然不需要擴充它。

We really don't have necessarily investments.

我們確實沒有必要的投資。

Our investment is all about the fact that we're ready now, and we think the market is ready with the unit economics that it brings to be more assertive and more aggressive in a very efficient and effective way on the digital side of the house.

我們的投資是基於這樣一個事實：我們現在已經準備好了，我們認為市場已經準備好單位經濟效益，它可以在數字方面以一種非常高效和有效的方式變得更加自信和積極。

Other pieces of the business are -- don't really need, if anything, the investment there will somewhat come down over time.

該業務的其他部分實際上並不需要，如果有的話，隨著時間的推移，那裡的投資會有所下降。

As we do a lower share of our wires at retail, our call center, which is a pretty big expense, even though it's offshore, will actually be reduced because some of the biggest customer care we have is with certain components of our retail business.

由於我們在零售業的電匯份額較低，我們的呼叫中心（即使在海外）也是一項相當大的開支，實際上也會減少，因為我們最大的客戶服務部分是零售業務的某些組成部分。

So there's going to be cost structure that's going to be reduced over time with the digital side of the house getting bigger as a bigger percentage of our business.

因此，隨著時間的推移，隨著數位化業務在我們業務中所佔的比例越來越大，成本結構將會降低。

So the really only core investment that we're making, and it really -- I mean, obviously, we can continue to always evolve our app and have more products available.

因此，我們正在做的真正唯一的核心投資，而且確實 - 我的意思是，顯然，我們可以繼續不斷發展我們的應用程式並提供更多產品。

That's the big opportunity with the 4 million customers we have today is to be able to sell more things to them, right, not just the digital remittances, but more things to them.

對於我們今天擁有的 400 萬客戶來說，這是一個巨大的機會，就是能夠向他們出售更多的東西，對吧，不僅僅是數位匯款，而是向他們出售更多的東西。

So there's going to be opportunities to continue to evolve our app.

因此，我們將有機會繼續發展我們的應用程式。

But as far as the utilitarian nature of it today, it's among the best.

但就今天的實用性而言，它是最好的之一。

So we don't need a lot more investment into the app.

所以我們不需要對應用程式進行太多投資。

What we just need to spend money on now is customer acquisition, which is putting ourselves out there related to various ways to promote our business.

我們現在需要花錢的是客戶獲取，這就是讓我們透過各種方式來推廣我們的業務。

We think we've got different ideas than what has standardly been done, which has delivered, in some cases, very, very high expenses for many years for many of the the lead players in the digital side, but we still do need to invest in that customer acquisition and bringing customers to the digital side.

我們認為我們的想法與標準做法不同，在某些情況下，多年來，數位領域的許多領導企業花費了非常非常高的費用，但我們仍然需要投資獲取客戶並將客戶帶入數位化領域。

My follow-up question is around the change in the loyalty terms.

我的後續問題是關於忠誠度條款的變化。

I appreciate there can be some near-term benefit, but I guess just from what you're seeing, is there any impact on your retention?

我知道這可能會帶來一些短期好處，但我想從您所看到的情況來看，這會對您的保留產生任何影響嗎？

Or is there any customer response to that you've been observing in the early days?

或是您早期觀察到客戶有什麼反應嗎？

You're breaking up a lot.

你們分手了很多次。

So I'm going to try to think I'm hearing what you're saying.

所以我會試著認為我聽到你在說什麼了。

I'm sorry.

對不起。

Can you hear me better?

你能聽得更清楚嗎？

Just basically, I was talking about the change in loyalty terms and the impact on customer retention or any customer response to that.

基本上，我談論的是忠誠度條款的變化以及對客戶保留的影響或客戶對此的任何反應。

So the loyalty -- what do you mean?

那麼忠誠──什麼意思呢？

I'm sorry?

對不起？

Basically, the expiration of the loyalty points changing from 180 days to 90 days.

基本上，忠誠度積分的有效期限從 180 天改為 90 天。

Yes.

是的。

I mean we took a look at that, and we did it with a lot of analysis, and we found that the loyalty program wasn't necessarily working to its optimal in the way it was put, and we restructured that.

我的意思是，我們對此進行了研究，並進行了大量分析，我們發現忠誠度計劃不一定能按照其製定的方式發揮最佳作用，因此我們對其進行了重組。

We don't expect any impact from that.

我們預計這不會產生任何影響。

We had a very low retention rate on the loyalty points.

我們的忠誠度積分保留率非常低。

We think it was more of a fact of the speed at which we were able to handle a wire because you're a loyalty customer, and that remains intact.

我們認為這更多的是我們處理電匯的速度，因為您是忠實客戶，而且這一點保持不變。

So we don't expect any impact from that at all.

因此，我們預計這不會產生任何影響。

David Schwab, Citizens.

大衛‧施瓦布，《公民》。

This is Zach on for David.

這是大衛的紮克。

Quick question first on the 10% share for digital.

首先簡單問一下關於 10% 數字份額的問題。

Just wanted to first check if that's on the send side or what the send ratio is for digital.

只是想先檢查是否在發送端或數字的發送比率是多少。

And then just on a broader sense, any guidance or insight into trends in the Mexican market, particularly with volatility in the currency.

然後從更廣泛的意義上講，對墨西哥市場趨勢的任何指導或洞察，特別是貨幣波動。

Yes.

是的。

So the first piece is that I talked about that it's under 10%, and that is the send side of the house.

所以第一件事是我談到它低於 10%，這是房子的發送者。

If we were to consider the payout side, it would be much higher, more in the 30% range or more.

如果我們考慮支付方面，它會高得多，更多在 30% 或更高的範圍內。

Many of the wires for years have been migrating to bank deposits, and that would be considered digital on that side of the house.

多年來，許多電匯一直轉移到銀行存款，這在房子的那一邊被認為是數位化的。

So we're talking about the send side, and it's not quite 10%, but it's getting closer to 10% as we go forward with the digital capture side.

所以我們談論的是發送端，它還不到 10%，但隨著我們推進數位捕獲端，它越來越接近 10%。

On the Mexico side of the house, I think as the peso weakens, which is likely to happen, but we saw a little weakening of it for a day or two there.

在墨西哥方面，我認為隨著比索的走弱，這很可能發生，但我們看到比索在一兩天內略有走軟。

And -- but you will see stronger wire service.

而且——但你會看到更強大的有線服務。

There's more of an incentive for people to come to the US and work when the money being sent home is worth more money, worth more pesos.

當寄回家的錢更值錢、更值比索時，人們更有動力來美國工作。

The -- hard to say how quickly that will have an impact or whether -- when that will happen.

很難說這會以多快的速度產生影響，也很難說何時會產生影響。

We saw a little bit of it right after the election.

選舉後我們就看到了一些。

We'll see if that continues.

我們將看看這種情況是否會持續下去。

But I think there's some fundamental other pieces of the marketplace today, not just the weakening peso that helps us, a weaker peso helps our business typically, but also the fact that as interest rates might come down, then that might have a greater effect on housing starts, which are a little better than they were, but still far off where they were a couple of years ago.

但我認為當今市場還有一些基本的其他因素，不僅是比索走弱對我們有幫助，比索走弱通常對我們的業務有幫助，而且隨著利率可能下降，這可能會對我們的業務產生更大的影響。

And remember, a lot of our consumers, the people that send money work in the housing industry, and they're probably some of the highest paid of our consumers, much higher than agriculture and service.

請記住，我們的許多消費者，即匯款的人在房地產行業工作，他們可能是我們消費者中收入最高的人之一，遠高於農業和服務業。

This does conclude the Q&A session for today.

今天的問答環節到此結束。

And I would like to turn the call back over to Bob for closing remarks.

我想將電話轉回給鮑勃，讓他發表結束語。

Please go ahead.

請繼續。

Yes.

是的。

We thank you all for your time and attention, and we look forward to talking to you all soon.

我們感謝大家的時間和關注，並期待很快與大家交談。

Thanks again.

再次感謝。

This does conclude today's conference call.

今天的電話會議到此結束。

You may all disconnect.

你們都可以斷開連線。