International Money Express Inc (IMXI) 2024 Q4 法說會逐字稿

Hello, and welcome to the International Money Express Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 International Money Express Inc. 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce Investor Relations Co-ordinator, Alex Sadowski.

現在我很高興介紹投資者關係協調員 Alex Sadowski。

Good morning, and welcome to the Intermex fourth quarter 2024 earnings call. I would like to remind everyone that today's call includes forward-looking statements, including our 2025 guidance, and actual results may differ materially from expectation. For additional information on the International Money Express, which we refer to as Intermex or the company, please see our SEC filings, including the risk factors described therein.

早安，歡迎參加 Intermex 2024 年第四季財報電話會議。我想提醒大家，今天的電話會議包含前瞻性陳述，包括我們 2025 年的指引，實際結果可能與預期有重大差異。有關國際貨幣快捷（我們稱之為 Intermex 或公司）的更多信息，請參閱我們的 SEC 文件，包括其中所述的風險因素。

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

本次電話會議中的所有前瞻性陳述均基於今天的假設和信念。您不應依賴我們的前瞻性陳述來預測未來事件。請參閱我們簡報的第 2 張投影片，以了解某些前瞻性陳述的描述。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 discussed certain non-GAAP financial measures. Information required by Regulation G under the Securities and Exchange Act for such non-GAAP financial measures is included in the presentation slides, our earnings press release, and our annual report on Form 10-K, including reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures. These can be obtained in the Investors section of our website at intermexonline.com.

在這次電話會議上，我們討論了一些非公認會計準則財務指標。《證券交易法》G 條例要求的此類非公認會計準則財務指標資訊包含在簡報投影片、我們的收益新聞稿和 10-K 表年度報告中，包括某些非公認會計準則財務指標與適當的公認會計準則指標的對帳。這些資訊可以在我們的網站 intermexonline.com 的投資者部分獲得。

Presenting on today's call is our Chairman, Chief Executive Officer and President, Bob Lissy; and Chief Financial Officer, Andrew Spendy; as well as other members of the senior leadership team. Let me now turn the call over to Bob.

參加今天電話會議的是我們的董事長、執行長兼總裁 Bob Lissy；財務長 Andrew Spendy；以及其他高階領導團隊的成員。現在讓我把電話轉給鮑伯。

Good morning, everyone. Thanks for joining us.

大家早安。感謝您的加入。

This quarter we were reporting solid performance across our business while navigating a challenging and dynamic market environment. We remain focused on executing our strategy and adapting to changing consumer behaviors, ensuring that we continue to drive value for our stakeholders.

本季度，我們在應對充滿挑戰和動態的市場環境的同時，報告了整個業務的穩健表現。我們將繼續專注於執行我們的策略並適應不斷變化的消費者行為，確保我們繼續為利害關係人創造價值。

We posted a total revenue of $164.8 million in Q4, bringing our full year revenue to $658.6 million. Our adjusted EBITDA for the quarter was $30.9 million resulting in adjusted EBITDA margin of 18.8%.

我們第四季的總營收為 1.648 億美元，全年營收達到 6.586 億美元。本季調整後的 EBITDA 為 3,090 萬美元，調整後的 EBITDA 利潤率為 18.8%。

For the full year, adjusted EBITDA grew to $121.3 million. We set fourth quarter record for adjusted diluted EPS of $0.57, up 1.8% year over year, while diluted GAAP EPS came in at $0.49. This quarter highlights our continued ability to perform across both retail and digital channels.

全年調整後的 EBITDA 成長至 1.213 億美元。我們第四季的調整後稀釋每股盈餘創下新高，達到 0.57 美元，年增 1.8%，而根據 GAAP 計算的稀釋每股收益為 0.49 美元。本季凸顯了我們在零售和數位通路持續表現的能力。

Digital transactions surged 71.7% year over year, while digital revenue was up 48.3%, reaching $5.6 million in Q4 and totaling $20.6 million for the full year. These results demonstrate the success of our omnichannel approach, designed to meet the customers wherever, whenever, and however they choose to send money. Our consumer base expanded to $5.7 million, up 1.8% year over year, demonstrating strong engagement and loyalty to our platform and a deep trust in our brand.

數位交易量年增 71.7%，數位收入成長 48.3%，第四季達到 560 萬美元，全年總額達 2,060 萬美元。這些結果證明了我們的全通路方法的成功，該方法旨在滿足客戶在任何地方、任何時間、以任何方式選擇匯款的需求。我們的消費者群體擴大至 570 萬美元，年成長 1.8%，顯示他們對我們的平台有著強烈的參與度和忠誠度，並且對我們品牌有著深深的信任。

As we move forward, our strategic direction remains clear. We are committed to driving accelerated digital growth while continuing to grow and reap the benefits from our highly profitable retail business. We believe Intermex is uniquely positioned to grow our digital business profitably while we benefit from the significant cash flow created by our powerful retail model.

隨著我們不斷前進，我們的策略方向依然明確。我們致力於推動數位化加速成長，同時繼續發展並從高利潤的零售業務中獲益。我們相信，Intermex 擁有獨特的優勢，能讓我們的數位業務獲利成長，同時我們也能從強大的零售模式所創造的大量現金流中受益。

We estimate that approximately 30% of the remittance to Latin America are sent digitally, and we are now competing aggressively for that business. Our efforts and investments in our digital business have created a more profitable unit economics model, and we are leveraging our strong operational foundation to scale efficiently, reducing the digital customer acquisition cost even further as the necessary infrastructure is fully in place.

我們估計，匯往拉丁美洲的匯款中約有 30% 是透過數位方式匯出的，我們目前正在積極爭取這項業務。我們在數位業務上的努力和投資創造了一個更有利可圖的單位經濟模型，並且我們正在利用強大的營運基礎來有效擴展規模，在必要的基礎設施完全到位的情況下進一步降低數位客戶獲取成本。

At the same time, our retail business remains a critical component of our strategy. Unlike other industries where the traditional business model becomes a drain of capital, a retail business continues to be more profitable than any digital business in the market and is and should be seen as an asset for years to come. With over $600 million in annual revenue, it continues to be a significant contributor to our cash generation, fueling our expansion into digital.

同時，我們的零售業務仍然是我們策略的重要組成部分。與其他行業的傳統商業模式成為資本流失不同，零售業務仍然比市場上任何數位業務更有利可圖，並且應該被視為未來幾年的資產。該公司年收入超過 6 億美元，繼續為我們的現金創造做出重要貢獻，推動我們向數位領域擴張。

Retail has shown resilience in spite of the challenging macro backdrop to Latin America. Many of our competitors have stepped back from this segment. We believe that this creates an even greater opportunity for Intermex to strengthen our market position in a highly profitable retail market.

儘管拉丁美洲面臨嚴峻的宏觀環境，但零售業仍展現韌性。我們的許多競爭對手已經退出了這一領域。我們相信，這為 Intermex 創造了更大的機會來加強我們在高利潤零售市場的市場地位。

The broader remittance market faced headwinds in Q4 with a notable slowdown in Mexico, where growth was close to zero. This slowdown has had a disproportionate impact on retail as macroeconomic factors continue to challenge the industry.

第四季度，更廣泛的匯款市場面臨阻力，墨西哥的匯款成長明顯放緩，成長率接近零。由於宏觀經濟因素持續對零售業構成挑戰，此次經濟放緩對零售業產生了尤為嚴重的影響。

However, despite these pressures, our business remains strong, driven by loyal customer segment that continue to rely on cash-based transactions. Strategically, we are positioning ourselves to capitalize on the unique dynamics of both digital and retail.

然而，儘管面臨這些壓力，我們的業務依然強勁，這得益於繼續依賴現金交易的忠實客戶群。從策略上講，我們正在定位自己，以利用數位和零售的獨特動態。

Our new products and services, including mobile phone top-ups and enhancements to our bill payment product, further reinforce our leadership in retail while expanding our value proposition. These offerings not only enhance customer retention but also drive incremental revenue. Our M&A activity continues to be a key pillar of our growth strategy.

我們的新產品和服務，包括手機充值和帳單支付產品的增強，進一步鞏固了我們在零售領域的領導地位，同時擴大了我們的價值主張。這些產品不僅提高了客戶保留率，而且還帶來了增量收入。我們的併購活動仍然是我們成長策略的重要支柱。

Since acquiring the La Nacional, we have more than doubled its EBITDA, underscoring the success of our integration efforts which remain ongoing. Additionally, we recently closed the acquisition of Amigo Paisano, a former wires as a service partner. This acquisition enables us to leverage superior unit economics, access state of the art town, and scale our infrastructure, all of which will accelerate our digital growth.

自從收購 La Nacional 以來，我們的 EBITDA 已增加一倍以上，這凸顯了我們持續進行的整合工作所取得的成功。此外，我們最近完成了對前電線服務合作夥伴 Amigo Paisano 的收購。此次收購使我們能夠利用卓越的單位經濟效益、進入最先進的城鎮並擴大我們的基礎設施，所有這些都將加速我們的數位成長。

i-transfer is also progressing well with a newly focused strategy which currently is delivering 30% plus year over year margin growth based on efficiencies delivered through the adoption of the Intermex model. At Intermex, our commitment to serving our customers with the highest standards remains unchanged.

i-transfer 也正透過新的重點策略順利推進，透過採用 Intermex 模型實現的效率目前正實現 30% 以上的年利潤成長。在 Intermex，我們始終致力於以最高標準為客戶服務。

Our world-class proprietary technology, strong banking and payer relationships, and best in class customer service are the foundation of our success. We have built a brand that people trust, and that reliability is what differentiates us in the market.

我們世界一流的專有技術、強大的銀行和付款人關係以及一流的客戶服務是我們成功的基礎。我們已經建立了一個人們信賴的品牌，而這種可靠性是我們在市場上脫穎而出的關鍵。

We are not just a retail company with a burgeoning digital segment. We're a multi-channel business with an omnichannel strategy. This enables us to service customers wherever and however they choose to send money.

我們不僅僅是一家擁有蓬勃發展的數位業務的零售公司。我們是一家擁有全通路策略的多通路企業。這使我們能夠為客戶提供服務，無論他們選擇在何處以何種方式匯款。

The value proposition of our app is now many times more economically promising than it was just a few years ago. With digital transactions now delivering a higher gross margin per transaction in retail, we are strategically positioned to grow profitably in both segments.

與幾年前相比，我們應用程式的價值主張現在具有更多的經濟前景。由於數位交易現在為零售業帶來了更高的每筆交易毛利率，我們在策略上處於有利地位，可以在兩個領域實現獲利成長。

With that, I turned the call over to Andras, who will give you the overview of our financial performance.

說完，我將電話轉給安德拉斯，他將向您概述我們的財務表現。

Thanks Bob. As already discussed in Q4 International Money Express delivered a total revenue of $164.8 million bringing our full year revenue to $658.6 million. Digital revenue continues to stand out, growing at just under 50% in Q4 and 60% for the full year, reaching $20.6 million. We managed to grow this piece of our business efficiently with customer acquisition costs at record low levels and customer retention at record high levels. We feel we're perfectly positioned to now meaningfully scale digital, something we'll talk about more during our Investor Day this afternoon.

謝謝鮑勃。正如第四季度所討論過的，International Money Express 的總收入為 1.648 億美元，使我們的全年收入達到 6.586 億美元。數位收入持續脫穎而出，第四季成長近 50%，全年成長 60%，達到 2,060 萬美元。我們成功地實現了這部分業務的有效成長，客戶獲取成本處於歷史最低水平，而客戶保留率則達到歷史最高水平。我們覺得我們現在完全有能力實現數位化的大規模擴展，我們將在今天下午的投資者日上進一步討論這個問題。

Our adjusted EBITDA for Q4 was $30.9 million with an adjusted EBITDA margin of 18.8%, a clear reflection of being the player best positioned to capitalize on the omnichannel opportunity with an unmatched product serving Latin America. It's also worth noting that adjusted EBITDA for the quarter reflects a significant uptick in digital marketing spend, which we'll see more of as we move into 2025.

我們第四季的調整後 EBITDA 為 3,090 萬美元，調整後 EBITDA 利潤率為 18.8%，這清楚地表明我們處於最有利的位置，可以利用全通路機會，為拉丁美洲提供無與倫比的產品。另外值得注意的是，本季調整後的 EBITDA 反映了數位行銷支出的大幅上升，隨著進入 2025 年，我們將看到更多這樣的成長。

Full year adjusted EBITDA came in at $121.3 million, up 1.1% versus the prior year. Diluted GAAP EPS was $0.49 a share for the quarter, and adjusted diluted EPS was $0.57 a share, with GAAP EPS flat and adjusted EPS up just under 2%.

全年調整後 EBITDA 為 1.213 億美元，較上年成長 1.1%。本季稀釋 GAAP EPS 為每股 0.49 美元，調整後稀釋 EPS 為每股 0.57 美元，GAAP EPS 持平，調整後 EPS 上漲略低於 2%。

GAAP EPS also reflects $1.7 million in transaction costs, mostly from legal and professional fees related to strategic alternatives review process. Interest expense in Q4 was down 1.3% year over year at $2.7 million, bringing full year interest expense to $11.7 million. Our tax rate remains stable at 30%.

GAAP EPS 也反映了 170 萬美元的交易成本，主要來自與策略替代審查過程相關的法律和專業費用。第四季利息支出較去年同期下降 1.3% 至 270 萬美元，全年利息支出達 1,170 萬美元。我們的稅率維持穩定在30%。

Net free cash generated in Q4 was $4.6 million, mainly impacted by the $12 million acquisition of Amigo Paizano and $1.7 million in transaction costs in Q4. If you add those back, net free cash generated was up again year over year.

第四季產生的淨自由現金為 460 萬美元，主要受到 1,200 萬美元收購 Amigo Paizano 和第四季 170 萬美元交易成本的影響。如果將這些加回去，產生的淨自由現金將比去年同期增加。

Our cost line continues to depict the efficiency DNA of our company, excluding stock comp restructuring and deal costs. Our underlying staff costs and G&A expenses are down year over year. Sales and marketing costs as a percentage of gross margin remain well below 10%, reflecting our underlying cost discipline.

我們的成本線繼續描繪我們公司的效率 DNA，不包括股票重組和交易成本。我們的基本員工成本和一般及行政費用較去年同期下降。銷售和行銷成本佔毛利率的百分比仍遠低於 10%，這反映了我們的基本成本控制。

Through our existing 10b5-1 share repurchase program in the fourth quarter, we purchased over $1 million shares, bringing the total repurchases for the year 2024 to almost $3.8 million shares. It's worthwhile to note that our 10b5-1 program expired at year end, so we've had a pause for about two months of share purchases in Q1, which we plan to resume shortly after earnings.

透過我們第四季現有的 10b5-1 股票回購計劃，我們購買了價值超過 100 萬美元的股票，使 2024 年的總回購額達到近 380 萬美元的股票。值得注意的是，我們的 10b5-1 計劃已於年底到期，因此我們在第一季暫停了大約兩個月的股票購買，我們計劃在盈利後不久恢復。

Looking ahead, we remain focused on executing our strategy, generating earnings and cash and delivering shareholder value. While macroeconomic challenges persist, our omnichannel strategy positions us well for long term success.

展望未來，我們將繼續專注於執行我們的策略、創造利潤和現金以及實現股東價值。儘管宏觀經濟挑戰依然存在，但我們的全通路策略為我們長期成功奠定了基礎。

As digital adoption continues to rise, we're making additional targeted investments to capture this shift. At the same time, we're also investing to grow in retail and maintain our stronghold as the premium brand to Latin America.

隨著數位化應用的不斷增加，我們正在進行額外的有針對性的投資以抓住這一轉變。同時，我們也正在投資發展零售業務，並維持我們作為拉丁美洲高端品牌的地位。

Most pronounced in our 2025 guidance is the year over year step change in spending on digital customer capture. The guidance also reflects additional staff and marketing to support our highly profitable cash generating retail engine.

我們 2025 年的指導中最明顯的是數位客戶獲取支出的逐年變化。該指引也反映了增加員工和行銷以支持我們高利潤的現金產生零售引擎。

Finally, as you might expect, the guidance reflects some uncertainty in the political and macro backdrop around our key Latin America corridors. For guidance we project for the full year 2025, full year revenue of $657.5 million to $677.5 million fully diluted GAAP EPS of $1.76 to $1.91. Adjusted diluted EPS of $2.09 to $2.26. Adjusted EBITDA of $113.8 million to $117.3 million.

最後，正如您所料，該指引反映了我們主要拉丁美洲走廊周圍的政治和宏觀背景的一些不確定性。作為指導，我們預測 2025 年全年收入為 6.575 億美元至 6.775 億美元，完全稀釋 GAAP EPS 為 1.76 美元至 1.91 美元。調整後的稀釋每股收益為 2.09 美元至 2.26 美元。調整後的 EBITDA 為 1.138 億美元至 1.173 億美元。

For the first quarter, specifically, revenue of $145.5 million to $149.9 million, fully diluted GAAP EPS of $0.32 to $0.34, adjusted diluted EPS of $0.40 to $0.43, and adjusted EBITDA $23.3 million to $24 million. It's worth mentioning that this guidance does not reflect an estimate of transaction costs related to the now suspended process to review strategic alternatives.

具體而言，第一季營收為 1.455 億美元至 1.499 億美元，完全稀釋 GAAP 每股收益為 0.32 美元至 0.34 美元，調整後稀釋每股收益為 0.40 美元至 0.43 美元，調整後 EBITDA 為 2,330 萬美元至 2,400 萬美元。值得一提的是，該指南並未反映與現已暫停的策略替代方案審查流程相關的交易成本估計。

With that, I'll turn it back to Bob.

說完這些，我就把話題轉回給鮑伯。

In closing, Q4 was another quarter of execution and progress. We continued to drive growth, maintain profitability, and position ourselves for the future. Our strategy remains focused on balancing retail and digital, strengthening our competitive position, and unlocking long-term value for our shareholders.

總而言之，第四季是另一個執行和進步的季度。我們繼續推動成長、保持獲利並為未來做好準備。我們的策略仍然專注於平衡零售和數字，加強我們的競爭地位，並為我們的股東釋放長期價值。

We appreciate your continued support and look forward to discussing our plans in greater details with you at our upcoming Investor Day. With that, we are now ready to take your questions.

我們感謝您的持續支持，並期待在即將到來的投資者日與您更詳細地討論我們的計劃。現在，我們就可以回答你們的問題了。

Thank you.

謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Gus Gala, MCH and Company.

Gus Gala，MCH 和公司。

Hey, good morning, Bob. Good morning, Andres. Thanks for taking our questions. I want to start off on Amigo Paisano. How did the opportunity come about? Seems like the multiple 4x, so good multiple arbitrages there. Can you talk about their marketing load and their transaction economics versus maybe the core digital Intermex offering? And how do you think about retaining these MAUs?

嘿，早上好，鮑伯。早安，安德烈斯。感謝您回答我們的問題。我想從 Amigo Paisano 開始。這個機會是如何產生的？看起來像是 4 倍，因此存在良好的多重套利。您能否談談他們的行銷負擔和交易經濟狀況以及核心數位 Intermex 產品的情況？您如何看待保留這些 MAU？

I mean, just looking online, it seems like the user base is much larger than your current core organic one. If you can talk through those points. I may go back I know that'd be very helpful.

我的意思是，僅從網路上看，似乎用戶群比目前的核心有機用戶群大得多。如果您能談談這些要點。我可能會回去，我知道那會非常有幫助。

Yeah, good morning. Thank you for the question. So Amiba Paisano was our very first, we'll call it loosely wires as a service client. And so they were really handling in the previous relationship prior to acquisition, the marketing and driving customers to the site and we were kind of handling the rest of that.

是的，早安。謝謝你的提問。因此，Amiba Paisano 是我們的第一個，我們稱之為鬆散連接服務用戶端。因此，在收購之前，他們實際上負責處理先前的關係、行銷和吸引客戶造訪網站，而我們則負責處理其餘部分。

And they are an affiliate of one of the big banks in in Guatemala, not owned directly by them, but an affiliate, and they decided that they wanted to get out of the business that it wasn't the right mix for them. We thought that the ability for us to fully own the transaction, the whole transaction, increase our gross margin per transaction dramatically was worthwhile.

他們是危地馬拉一家大銀行的附屬機構，但並非直接由該銀行擁有，而是附屬機構，他們決定退出這項業務，因為這對他們來說不是正確的組合。我們認為，如果我們能夠完全掌控整個交易，大幅提高每筆交易的毛利率，那麼這是值得的。

There's part of that is defensive obviously we wouldn't want someone else to buy them and potentially lose those transactions, but additionally the upside, which created a really excellent multiple. They also had, as I talked about in my remarks. A quality team as evaluated by our Chief Digital Officer, Marcelo Theodoro, that's going to bring a lot of knowledge to our base of business and a lot of expertise that will be given the fact that they're offshore and they're in Guatemala, also do that at a very reasonable cost as we continue to build our business.

其中一部分是出於防禦目的，顯然我們不希望其他人購買它們並可能失去這些交易，但另外還有上行空間，這創造了一個非常優秀的倍數。正如我在發言中談到的，他們也這樣做了。我們的首席數位長 Marcelo Theodoro 評估了一支優質團隊，他們將為我們的業務基礎帶來大量知識和專業技能，因為他們位於海外，而且在危地馬拉，而且在我們繼續發展業務的同時，他們還能以非常合理的成本做到這一點。

So those were all factors that were considered in our decision to do that. I'm able to get a digital business at a multiple that's lower than where we trade, a pure digital business which seemed to us to be quite a bargain based on the multiples out there for digital in the market. I don't know. There might have been another part to your question. Is there something else that I missed?

這些都是我們做出這個決定時會考慮的因素。我能夠以低於我們交易水平的倍數獲得數位業務，純數字業務在我們看來是相當划算的，因為基於市場上的數字倍數。我不知道。您的問題可能還涉及其他部分。我還遺漏了什麼嗎？

Yes, the retention of MAUs. I mean, it looks like it's a bigger base of MAUs that are coming on. Like you said that was mostly you're bringing on the team that does that, but if you can talk through that a little bit.

是的，保留 MAU。我的意思是，看起來，MAU 基數正在不斷擴大。就像你說的，主要是你帶領團隊來做這件事，但你能不能稍微談談這個？

Well, when you say a bigger base, I mean, it's, I'm not sure what you mean by that. I mean they have a brand, Amigo Paisano, and will over time continue to run that brand initially and figure out over time whether that becomes a bigger part of our brand to Latin America or whatever, but there really will be no we don't think there's any concern at all in retaining the customers that are there today with them. As a matter of fact, our intent would be to continue to grow that Amigo Paisano base. We think they've got a, an excellent business, and we think we can grow.

嗯，當你說更大的基礎時，我的意思是，我不確定你的意思是什麼。我的意思是他們有一個品牌，Amigo Paisano，並且會隨著時間的推移繼續經營這個品牌，並隨著時間的推移弄清楚它是否會成為我們品牌在拉丁美洲或其他什麼地方的更大組成部分，但實際上我們不認為在留住目前在那裡的客戶方面有任何擔憂。事實上，我們的目的是繼續擴大 Amigo Paisano 的基礎。我們認為他們的業務非常出色，而且我們認為我們能夠實現成長。

Got you. And then, one more if you guys don't mind on digital, and the marketing strategy, our sense is, performance marketing is kind of a newer muscle for In Mexican consolidated to be flexing so hard. How are you building comfort in the ROIs, the return on ads spent? Maybe there's some kind of a dynamic you're just looking at the wording of, customer capture versus customer acquisition just help us think about that how you're building comfort in those ROIs? Thanks.

明白了。然後，如果你們不介意數位化和行銷策略的話，我們的感覺是，績效行銷對於墨西哥聯合公司來說是一種較新的肌肉，可以如此努力地發揮。您如何讓用戶對投資報酬率（ROI）和廣告支出報酬率感到放心？也許您只是在看某種動態，客戶捕捉與客戶獲取的措辭只是幫助我們思考如何在這些投資回報率中建立舒適感？謝謝。

Sure, it's Marcelo here. Let me just go back to your question about MAU. What we are seeing is that the retention is increasing since we acquired Amigo Paizano as we start to co-brand their material with Amigo Paizano brand plus Intermax brand. So while their brand is strong against Guatemala Tacos and some of the Mexican users, we see already that when we add the Intermex brand on the side of that, the recognition of the brand is even higher.

當然，我是馬塞洛。讓我回到你關於 MAU 的問題。我們看到，自從我們收購 Amigo Paizano 以來，我們的保留率一直在提高，因為我們開始將他們的材料與 Amigo Paizano 品牌和 Intermax 品牌聯合打造。因此，儘管他們的品牌在與危地馬拉塔可斯和一些墨西哥用戶的競爭中表現強勁，但我們已經看到，當我們將 Intermex 品牌添加到其中時，該品牌的認知度會更高。

Going back to your question about marketing, since we start to invest a little bit more in digital market, we've been seeing the cost of opposition is stable or going lower in some situations. So I believe, we learned a lot last year regarding how to do that. First, we learned how to do it by using external agencies, and now we are leveraging these resources that Bob mentioned that we brought in since we acquired Amigo Paisano, and they were doing a very good job. So we see lower costs and we see a trend to remain at ease or even get lower as we start to invest more and diversify the investment across other types of marketing assets.

回到你關於行銷的問題，自從我們開始在數位市場上投入更多資金以來，我們發現反對的成本在某些情況下是穩定的或更低的。所以我相信，去年我們學到了很多關於如何做到這一點的知識。首先，我們學會如何利用外部機構來做到這一點，現在我們正在利用鮑勃提到的這些資源，自從我們收購 Amigo Paisano 以來，他們做得非常好。因此，我們看到成本降低，而且隨著我們開始增加投資並將投資分散到其他類型的行銷資產，我們看到成本保持穩定甚至降低的趨勢。

And Gus, this is Chris Hunt. I think one of the things that we're doing exceptionally well right now is large data capture on the information coming back from marketing. So we're able to see by channel, by dollar amounts spent, and really maximizing channel really even on a daily basis or hourly if needed, but really moving that spend to where we're going to reduce our customer acquisition in the long term.

格斯，這是克里斯‧亨特。我認為我們目前做得非常好的事情之一就是對行銷訊息進行大數據擷取。因此，我們能夠按渠道、按花費的金額進行查看，並真正最大化渠道，如果需要的話，甚至可以按天或按小時進行，但實際上將這些支出轉移到我們可以長期減少客戶獲取的地方。

Thank you. David Scharf, Citizens.

謝謝。大衛·沙夫，公民。

Hi, good morning. Thanks for taking my questions as well. Bob, maybe just, kind of taking a step back, a 30,000-foot view question. As we think about the 2025 outlook and roughly flat top line guidance, just to maybe provide context for investors, could you rank the factors in terms of sort of how important they are as drivers of this guidance?

嗨，早安。也感謝您回答我的問題。鮑勃，也許只是退一步，從 30,000 英尺的高度來提問。當我們考慮 2025 年的前景和大致持平的營收指引時，也許只是為了給投資者提供背景信息，您能否根據這些因素作為該指引的驅動因素的重要性對其進行排序？

Among A, I guess a macro, which you highlighted, we've been seeing the weakness in US to Mexico; B, secular slash competition, maybe, competitive pressures from other digital players; and three, if there's anything company specific that that you would want to call out, but maybe just to kind of rank those three drivers in terms of giving us a sense for ultimately, kind of how you view the landscape this year.

在 A 中，我想從宏觀角度來看，正如您所強調的，我們已經看到了美國對墨西哥的疲軟； B、長期的競爭，也許還有來自其他數位參與者的競爭壓力；第三，如果您想指出公司的具體情況，也許只是對這三個驅動因素進行排名，以便讓我們最終了解您如何看待今年的形勢。

Yeah, sure, glad to. I think there are co-leaders, right, and the co-leaders would be two things. One, is that we have a difficult macro environment right now in Mexico, not the first time I've been around the industry now, around 30 years, and we've seen many ups and downs. The last time we really saw a slowdown has been many years. We've had consistent growth for years now.

是的，當然，很高興。我認為有共同領導者，對，共同領導者有兩位。一是，目前墨西哥的宏觀環境很艱難，這已經不是我第一次進入這個行業了，大約 30 年來，我們經歷了許多起伏。我們上一次真正看到經濟放緩已經是很多年前的事了。多年來我們一直保持著持續的成長。

It does happen, and we think that it's hard to predict today what the market will look like precisely in 2025. We're doing our best related to the slowness we saw particularly late in '24, and then also some of the pressures that are on, immigration at this time and just what effects those will have.

這確實會發生，我們認為今天很難預測 2025 年的市場狀況。我們正在盡最大努力應對 2024 年末出現的緩慢發展現象，以及當前的一些移民壓力以及這些壓力將產生的影響。

We don't think those are going to be dramatic, but we think they will be cutting away at the edges a bit. And so we've been conservative in considering how we think about the overall market growth to Mexico and even some of our other key countries. As Guatemala is by far our number two, most important in terms of revenue production and gross margin production.

我們認為這些變化不會太劇烈，但我們認為它們會稍微削弱一些邊緣。因此，我們在考慮墨西哥乃至其他一些主要國家的整體市場成長時一直持保守態度。危地馬拉是迄今為止我們的第二大市場，在收入生產和毛利率生產方面最為重要。

The second part of that is that whereas we still think in many countries, like for instance Guatemala, we think the digital business is less than 15%, but in Mexico, we think it's probably more than 30%. So as you see that piece of the business, the digital component grow and be growing and taking up most of the growth that's there in the market, we're left with a number at retail, a macro number at retail that we think is a negative growth number, significantly negative.

第二部分是，儘管我們仍然認為在許多國家，例如危地馬拉，數位業務所佔比例不到 15%，但在墨西哥，我們認為這一比例可能超過 30%。因此，當你看到業務的這一部分，數字部分不斷增長並佔據了市場上大部分的成長時，我們認為零售業的宏觀數字是負成長數字，顯著的負成長數字。

And so when you're competing in 90% plus of your business today, our business is that retail, it's competing in a sector that right now is not going away. It's still highly profitable. It's going to be the part that produces our $65 million or $70 million of free cash this year but is contracting, it's exacerbated that movement to digital because of the slow growth in the market overall.

因此，當您今天在 90% 以上的業務中競爭時，我們的業務就是零售，它是在一個目前不會消失的領域中競爭。它的利潤仍然很高。這部分業務原本會為我們今年帶來 6,500 萬美元或 7,000 萬美元的自由現金，但由於整個市場成長緩慢，這部分業務正在萎縮，加劇了數位轉型的勢頭。

So that is why now we believe with our Improved app, with our improved economics, and with the investment we're ready to make that the time is now for us to be more aggressive related to our digital side of the house. By the same token, we also believe that we can do better on the retail side.

所以這就是為什麼我們現在相信，透過改進我們的應用程式、改善我們的經濟狀況以及我們準備的投資，現在是我們在房屋的數字方面採取更積極行動的時候了。同樣的道理，我們也相信在零售方面我們可以做得更好。

To deal with the last when you talk about things going on in the company, I still believe that we are have the best offering at retail. I still believe we have the best sales approach at retail, but we need to be better. We can get better and we will get better at that. There are refinements that we're working and making today because we think that where, even in Mexico, where the business is probably still about 70% retail or in places like Guatemala or it might be 80% or more retail.

當您談到公司正在發生的事情時，對於最後一個問題，我仍然相信我們在零售方面提供最好的產品。我仍然相信我們在零售方面擁有最好的銷售方式，但我們需要做得更好。我們可以做得更好，而且我們將會做得更好。我們目前正在進行一些改進，因為我們認為，即使在墨西哥，其業務可能仍然有 70% 是零售，在危地馬拉等地，零售業務可能達到 80% 或更多。

There's a lot of revenue, a lot of EBITDA, and a lot of free cash and earnings per share to be derived from retail business for many years to come, and we need to continue to do that. What's really important for everybody to remember about Intermex today is you've got a business that that absolutely has expertise in the in the marketplace to Latin America. No one's ever grown or grabbed share any faster than we have there, particularly at retail.

未來許多年，零售業務將帶來大量收入、大量 EBITDA、大量自由現金和每股盈餘，我們需要繼續這樣做。今天，對每個人來說，真正重要的是要記住，Intermex 是一家在拉丁美洲市場擁有絕對專業知識的企業。沒有人比我們發展得更快，搶佔市場份額，特別是在零售業。

Now you couple that with a company that's well armed with high profitability, like making a lot of money and throwing off a lot of cash and understanding the consumer intricately well, and their consumer that mostly today is still sending wires in what is our wheelhouse. The only last thing we need to do is fortify our digital business, and we think we're absolutely on track to do that. And we think that all we need is the time to execute that, and we will be a much better, much more profitable even than today company in the coming years.

現在，你把它與一家擁有高盈利能力的公司結合起來，例如賺了很多錢，扔了很多現金，並且非常了解消費者，而他們的消費者今天大多仍在我們的駕駛室內發送電報。我們唯一需要做的最後一件事就是加強我們的數位業務，我們認為我們完全可以做到這一點。我們認為，我們所需要的只是時間來實現這一目標，未來幾年我們將成為一家比現在更好、更有利可圖的公司。

Yeah, that that's very helpful context and it may be just as a follow up I guess for Andras, I know you're going to cover later today, more broadly the digital initiatives, but, regarding the commentary the 2025 guidance reflects, enhanced investment in the channel, which I assume is equally customer acquisition service and tech.

是的，這是非常有用的背景，我想這可能只是對安德拉斯的一個後續跟進，我知道你今天晚些時候會更廣泛地討論數字計劃，但是，關於 2025 年指南所反映的評論，加強了對渠道的投資，我認為這同樣是客戶獲取服務和技術。

Can you provide a little bit of help for us to understand maybe on a dollar basis year over year how much increase is, behind digital and maybe not just for 2025, but I think a broader question is -- for the foreseeable future, how we ought to think about the investment profile of the business as it has to scale that channel?

您能否提供一些幫助，讓我們了解也許以美元計算，數位化背後的年增長率是多少，也許不僅僅是 2025 年，但我認為一個更廣泛的問題是——在可預見的未來，我們應該如何看待企業的投資狀況，因為它必須擴大該管道？

Yeah, let me just address 2025 for the moment. We can talk a little bit more broadly about the outyears of the Investor Day later today.

是的，我現在只談 2025 年。今天晚些時候我們可以更廣泛地談論投資者日的未來發展。

We'll move from a digital marketing spending '25 of around $1 million up to $9 million in 2025 and we're going to do that very efficiently, I think. In addition, we are also going to four to five retail.

到 2025 年，我們的數位行銷支出將從 1925 年的約 100 萬美元增加到 900 萬美元，而且我認為，我們將非常有效率地實現這一目標。此外，我們還將進軍四到五家零售店。

We've got another about $3 million to $3.5 million in spend in both staffing and retail marketing to entrench our position in what's a really, as Bob mentioned, profitable and highly cash generated business, which is going to keep help -- which is going to keep helping us fund the digital growth into the future. So that that's what's baked into 2025.

我們還在人員配備和零售行銷方面投入了大約 300 萬至 350 萬美元，以鞏固我們在這項真正有利可圖且現金流充足的業務中的地位，正如鮑勃提到的那樣，這將繼續幫助我們為未來的數位成長提供資金。這就是 2025 年的目標。

Thank you.

謝謝。

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Hey thanks guys. I think we've talked about digital a fair bit so I won't hit that one but you know in terms of immigration and kind of policy changes there. How do you want investors to think about that? I've always thought that jobs and the economy were the overriding factor, but with the change in immigration and potentially, people headed back to Latin America, how should investors think about it?

嘿，謝謝大家。我想我們已經談論過數位化相當多的內容，所以我就不多說了，但你知道就移民和政策變化而言。您希望投資者如何看待這個問題？我一直認為就業和經濟是最重要的因素，但隨著移民情況的變化以及人們可能返回拉丁美洲，投資者應該如何看待這個問題？

Yeah, I think, Mike, it's a matter of magnitude that none of us can really predict at this time, but we've seen, I could play back when we talk about administrations, two administrations ago or three administrations ago, remarks that President Obama made about if you're here in the country illegally, you need to go back and you need not be here. And so we've had flurries and spikes that have happened. And I understand the magnitude, the perception today is that it is bigger and stronger than ever. I'd go back and I'd say a couple things.

是的，我認為，麥克，這是一個目前我們誰都無法真正預測的重大問題，但我們已經看到，當我們談論政府時，我可以回想一下兩屆或三屆政府之前，奧巴馬總統的言論，如果你非法入境，你就需要回去，你不必留在這裡。因此，我們遇到了陣雪和暴雪。我理解它的嚴重性，今天人們的看法是，它比以往任何時候都更大、更強。我會回去並說幾件事。

One is the last time we had this same administration, and maybe this incarnation is different, we had the best years of growth to Latin America that we've had in the last 15 years. The economy from my perspective, the strong dollar related to the peso and the strong housing market through most of that time led there to be really a great job market for folks coming here, both documented and undocumented.

一是上一次我們還是同一位政府執政，也許這次的政府形式有所不同，但拉丁美洲的發展是過去 15 年來最好的。從我的角度來看，當時的經濟狀況是，美元與比索掛鉤的強勢匯率以及大部分時間強勁的房地產市場，為來到這裡的人（無論有證還是無證）提供了非常好的就業市場。

We feel like that today there's a lot more bluster right, than there's ever been, but we also do believe that, as I've heard it described, there are three levels. Of looking towards removing immigrants. The first one would be those that are criminal, that's not our customer. The second would be those that are taking advantage of the social services, it's not our customer.

我們感覺，今天的右翼虛張聲勢比以往任何時候都多，但我們也相信，正如我聽到的描述，有三個層次。著眼於驅逐移民。第一個是那些犯罪者，他們不是我們的客戶。第二種是那些利用社會服務的人，他們不是我們的客戶。

And the very last, which is really the bulk of millions of people, are people that are working in agriculture and in service industries and construction. And I think it's going to be a long time, if ever, if we get to that the tactical nature of that task is enormous. There's not, as you well know, agreement, certainly not in the biggest state for foreign-born Latins in California. It's not really necessarily a place that would support that.

最後，也就是實際上佔數百萬人口的大多數，是從事農業、服務業和建築業的人。我認為如果我們能夠實現這一目標的話，這將是一個漫長的過程，因為這項任務的戰術性質是巨大的。眾所周知，雙方並未達成一致，尤其是在外來拉丁裔人口最多的加州。它實際上並不一定是一個支持這一點的地方。

I don't buy that any of our consumers are going to pick up and go back because of the threat. I think they're going to, so somebody's threatening to send you back, so you just go back before you, -- you're going to try to make as much money as long and as much as you can. So we're, certainly watching carefully, and we know they'll be an effect, but we don't think this spells out any huge impact, let alone disaster related to the industry.

我不相信我們的消費者會因為威脅而放棄購買。我認為他們會這麼做的，所以有人威脅要把你送回去，所以你就回去吧——你會盡可能賺錢。因此，我們當然會密切關注，我們知道它們會產生影響，但我們不認為這會造成任何巨大的影響，更不用說與行業相關的災難了。

Got it. Okay. For Andres, you bought back 1 million shares in the fourth quarter, I think 3.8 million in all of 2024. You're generating a nice level of cash. You have $130 million of cash on the balance sheet. How do you want people to think about your appetite for share repurchase in '25?

知道了。好的。對安德烈斯來說，你在第四季回購了 100 萬股，我認為 2024 年全年回購了 380 萬股。您賺取了相當可觀的現金。您的資產負債表上有 1.3 億美元現金。您希望人們如何看待您對 25 年股票回購的興趣？

Yeah, I think right now what we've baked in is a purchase of about $40 million notional in the year, and we can get more aggressive if it makes sense from where we're trading at perspective, but right now I think $40 million is a good set of goalposts to put up.

是的，我認為我們現在已經確定的是今年的購買額約為 4000 萬美元，如果從我們的交易角度來看這有意義，我們可以採取更積極的行動，但目前我認為 4000 萬美元是一個很好的目標。

Or opportunistic. Stuff that might come on too.

或者機會主義。也可能會出現一些事情。

Yeah. Obviously if there's block trades or other things that, are going to be good for the shareholder, but you got to baseline $40 million into what we plan to do.

是的。顯然，如果有大宗交易或其他事情，對股東來說是好事，但我們計劃做的投資必須以 4000 萬美元為基準。

Thank you.

謝謝。

Chris Zhang, UBS.

瑞銀的 Chris Zhang。

Hey, good morning. Thank you for taking my question. So my first question is about the digital customer acquisition economics, and our understanding has been that you started leaning more into digital customer acquisition in the fourth quarter and maybe can you just talk about some of the early learnings in terms of the competitive environment. The customer acquisition cost and the unit economics just from some of the earliest signs of, for example, cohort behavior like the retention and the repeat customers and then I have a follow up.

嘿，早安。感謝您回答我的問題。所以我的第一個問題是關於數位客戶獲取經濟學的，我們的理解是，您在第四季度開始更加傾向於數位客戶獲取，也許您能談談在競爭環境方面的一些早期經驗教訓。客戶獲取成本和單位經濟效益只是來自一些最早的跡象，例如群體行為，如保留和回頭客，然後我會進行跟進。

Thank you.

謝謝。

Thank you for a question. It's Marcelo here. Looking from a macro perspective, we see that all our players are investing, which can impact the cost of position in the long term, but at the same time, the size of the digital target consumer is also increasing, so we have more people to to reach out than we would have one or two years ago.

感謝您的提問。我是馬塞洛。從宏觀角度來看，我們看到所有參與者都在投資，這可能會對長期的定位成本產生影響，但同時，數位目標消費者的規模也在增加，因此與一兩年前相比，我們需要接觸的人更多了。

The second piece is we've been performing very well. Our cost acquisition, as I mentioned before, remains stable with some lower points throughout the quarter, which is good news. As I mentioned, we are -- we have learned a lot how to do that, and we keep learning how we do it. The fact that we have a profitable business and that the cost per transaction, the revenue per transaction remains high, is also good news because feedback the engine and allow us to keep investing which Andras mentioned before. Both retention and loyalty of those consumers remain the same, and I would say at high level versus the industry, so we have. Something like 12 to 13 wires per year sent by consumers.

第二點是我們的表現一直都很好。正如我之前提到的，我們的成本收購保持穩定，整個季度有一些較低的點，這是個好消息。正如我所提到的，我們已經學到了很多關於如何做到這一點的知識，並且我們將繼續學習如何做到這一點。事實上，我們的業務盈利，而且每筆交易的成本和每筆交易的收入仍然很高，這也是個好消息，因為它可以反饋引擎並讓我們繼續投資，正如 Andras 之前提到的。這些消費者的保留率和忠誠度都保持不變，我想說，與產業相比，我們處於較高水準。消費者每年大約會發送 12 到 13 封電匯。

And when you think about that, versus clients that are active and clients that are not active anymore, it makes us believe that we have 100% wallet share when you think about those consumers. What I mean by that is that if a consumer is using Intermex, he's sending all the wires via Intermex, and that's good news. So as we keep increasing our investments and at the same time we keep increasing the retention rate, this business needs to seems to grow exponentially in 2025.

當您考慮到這一點時，對比活躍的客戶和不再活躍的客戶，當您考慮到這些消費者時，我們相信我們擁有 100% 的錢包份額。我的意思是，如果消費者使用 Intermex，他就會透過 Intermex 發送所有電線，這是個好消息。因此，隨著我們不斷增加投資，同時不斷提高保留率，這項業務似乎需要在 2025 年呈指數級增長。

All right, thank you very much for calling and I definitely look forward to learning more this afternoon. My second question is about the other income portion of the revenue. There's been a meaningful pick up this quarter. I just wondered if there was any driver in terms of the new solutions or services you're rolling out or if there's some other factors there.

好的，非常感謝您的來電，我非常期待今天下午了解更多。我的第二個問題是關於收入的其他部分。本季出現了顯著回升。我只是想知道，您推出的新解決方案或服務方面是否有任何驅動因素，或者是否有其他因素。

Thank you.

謝謝。

Yeah, no, I think that, this is Andras, I think in the fourth quarter we did a deep look at all sorts of revenue opportunities and also some of our operations, how we execute on some of our fees, and we did find an opportunity in terms of, how we apply fees to uncollected money owners and uncollected wires, and it was an easy adjustment when we saw what others in the market were doing. It's something that helped us in the fourth quarter and will help us next year as well.

是的，不，我認為，這是安德拉斯，我認為在第四季度，我們深入研究了各種收入機會以及我們的一些運營，我們如何執行我們的一些費用，我們確實找到了機會，我們如何向未收款項所有者和未收款項電匯收取費用，當我們看到市場上其他人的做法時，這是一個很容易的調整。這對我們在第四季度有所幫助，明年也會對我們有所幫助。

Thank you.

謝謝。

Gus Galla, MCH and Company.

Gus Galla，MCH 和公司。

Hey guys, I wanted to ask about the head count editions and retail a little bit more. So last year I think we added, I think it was like 6 heads in outbound, 20 something in inbound.

嘿夥計們，我想多問一些關於人數版本和零售的問題。所以我認為去年我們增加了，出站人員大概有 6 人，入站人員有 20 多人。

I think those are more slated towards driving greater productivity at [agents] this year sounds like you're adding more headcount on the sales side as well and some retail marketing. Can you talk about is there any change to?

我認為這些更著重於提高[代理商]今年的生產力，聽起來你們也在銷售方面增加了更多的員工，並增加了一些零售行銷。你能說說有什麼改變嗎？

The attack are we targeting more new agents are we trying to drive productivity at existing agents with this additional head count? Anything else on how we're attacking retail opportunities shifts there would be helpful. Thanks.

我們這次攻擊的目標是更多的新代理商，我們是否試圖透過增加員工來提高現有代理商的生產力？關於我們如何抓住零售機會的任何其他轉變都會有所幫助。謝謝。

Yeah, well, it's both. The business is driven and are ultimately final number driven by three components, which would be same store growth, our new agent growth, which would be a cohort group, all agents that are less than 12 months old that don't have previous history, they're lapping, and then the churn, which is usually a small number, which is the agents that you lose going out of business closed for whatever reason.

是的，兩者都有。業務受到三個因素的驅動，最終數字也由三個因素決定，即同店增長、新代理商增長（這是一個群組，所有成立不到 12 個月且沒有過往歷史的代理商都在重疊），然後是客戶流失率，這通常是一個很小的數字，即由於某種原因關閉業務而失去的代理商。

There's a huge opportunity for us still in the western states. We've been chipping away at that, but we need and could benefit from, so for instance, in certain states out west, we might have one retailer for every 2,500 or 3,000 or even 4,000 foreign born potential customers. Where we look at our best, most well-penetrated states, where we have the biggest market shares and perform the best in the east, we might have an agent, one retail agent, for under 1,000 potential customers. So we have this huge opportunity to add hundreds of retailers.

西部各州仍然為我們帶來巨大的機會。我們一直在努力實現這一目標，但我們需要並且能夠從中受益，例如，在西部的某些州，每 2,500 或 3,000 甚至 4,000 名外國出生的潛在客戶可能就有一個零售商。在我們最好的、滲透率最高的州，我們在這些州擁有最大的市場份額，並且在東部表現最佳，我們可能會為不到 1,000 名潛在客戶安排一名代理商，一名零售代理商。因此，我們有巨大的機會增加數百家零售商。

One of the things that if I would go back in time, which unfortunately we don't, none of us can do that, is we would have not only, did a few things differently, maybe even on the digital side, not sure that it would be as much there as it would be at retail. We should have invested. We didn't grow our retail sales force. We were driving towards better and, we've more than tripled our EBITDA since we've been public in just in just a matter of seven years, but we should have and could have invested more in retail because we still have an under-penetrated western set of states.

如果我能回到過去，但不幸的是我們不能，我們都做不到，其中一件事就是我們不僅會做一些不同的事情，甚至可能在數字方面，不確定它是否會像在零售方面一樣多。我們應該投資。我們的零售銷售團隊沒有擴大。我們一直在努力變得更好，自上市以來的短短七年內，我們的 EBITDA 增長了兩倍多，但我們應該並且可以在零售方面投入更多，因為我們在西部一些州的滲透率仍然不足。

We're doing better and we have done better, and we continue to be a higher level of market penetration. Agents per perform bonds over the years, but we are going to benefit by adding a lot more. So we put a lot more people concentrated in states that need more agent retailers, which will then drive more transactions, but particularly the right, in the right spots, in the right geographies and the right zip codes.

我們正在做得更好，我們已經做得更好，並且我們繼續朝著更高的水平邁進。多年來，代理商一直履行各自的職責，但透過增加更多職責，我們將從中受益。因此，我們將更多的人集中在需要更多代理零售商的州，這將推動更多的交易，特別是在正確的地點、正確的地理位置和正確的郵遞區號。

That's not to say just Texas and California, by the way. States like Arizona, states like Colorado, states like Nevada. These are all still well underrepresented, related to our market penetration of retailers, and then, ultimately, business versus where we've had a really strong market share in the Southeast, for instance. So that will be the focus of that.

順便說一句，這並不是說只有德克薩斯州和加利福尼亞州。像是亞利桑那州、科羅拉多州、內華達州這樣的州。這些都還遠遠沒有充分體現，這與我們對零售商的市場滲透有關，最終與我們在東南部擁有非常強大的市場份額的業務有關。所以這將是重點。

I think. We'll continue to also add agent retailers. There still are spots and opportunities in the east, but it's also there, there'll be an opportunity for us to maximize our performance in retailers in more penetrated areas where we have a retailer, but we might not drive the yeoman share of the transactions in that individual retailer. As we're usually in competition in an individual retailer with two or three other competitors, and in some cases, we could be lead and to be most of the wires in other cases, we could be a second or third.

我認為。我們也將繼續增加代理零售商。東部地區仍然存在一些斑點和機會，但它也在那裡，我們將有機會在擁有零售商的滲透率更高的地區最大限度地提高我們的零售業績，但我們可能無法推動該單一零售商的交易份額。由於我們通常在單一零售商中與另外兩三個競爭對手競爭，在某些情況下，我們可能是領先者，而在其他情況下，我們可能是大多數電線中的第二或第三名。

In the east, where we have a lot of retailers, one of the things we're working through along with activating new eight retailers is to find those opportunities where we are the second or third choice and modify our offering to the retailer in a way that makes sense economically to drive greater transaction volume. And we think there's a lot of opportunity to be mined, particularly in the east, related to that.

在東部，我們有很多零售商，我們正在努力激活八家新零售商，其中之一就是尋找那些我們是第二或第三選擇的機會，並以經濟上合理的方式修改我們向零售商提供的服務，以推動更大的交易量。我們認為，這方面有很多機會可以挖掘，特別是在東部地區。

Thank you. and I'm shown no further questions. So with that, I'll hand the call back over to President and CEO, Robert Lissy for any closing remarks.

謝謝。我沒有其他問題。因此，我將把電話交還給總裁兼執行長羅伯特·利西 (Robert Lissy)，請他做最後發言。

Thank you all for joining us this morning. We're looking forward to talking further this afternoon to those of you that can join us and digging deeper into what we think is a great company on the threshold of really transitioning into great things with a really strong foundation from which to build. So we're looking forward to talking to you all about all of that this afternoon. Until then, we wish you a great day.

感謝大家今天上午參加我們的活動。我們期待著今天下午與各位進一步交流，深入了解我們認為的這家偉大的公司，這家公司正處於真正向偉大事物轉型的門檻上，擁有堅實的發展基礎。因此，我們期待今天下午與大家討論所有這些問題。到那時，我們祝福您有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝你們的參與。今天的節目到此結束，大家可以斷開連結了。