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.

您好，歡迎參加 International Money Express Inc. 2024 年第四季財報電話會議。

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

（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.

早安，歡迎參加 Intermex 2024 年第四季財報電話會議。

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.

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。

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.

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.

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。

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.

請參閱我們簡報的第 2 張投影片，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，該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.

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。

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 10K, including reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures.

《證券交易法》G 條例要求的此類非公認會計準則財務指標的資訊包含在簡報投影片、我們的收益新聞稿和我們的 10K 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。

These can be obtained in the investors section of our website at intermixonline.com. 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.

這些可在我們網站 intermixonline.com 的投資者部分獲得。參加今天電話會議的是我們的董事長、執行長兼總裁 Bob Lissy；和財務長 Andrew Spendy；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.

感謝您的加入。

This quarter we were reporting solid performance across our business while navigating a challenging and dynamic market environment.

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。

We remain focused on executing our strategy and adapting to changing consumer behaviors, ensuring that we continue to drive value for our stakeholders.

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.

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。

Our adjusted EBITDA for the quarter was $30.9 million resulting in adjusted EBITDA margin of 18.8%.

本季的調整後 EBITDA 為 3,090 萬美元，調整後 EBITDA 利潤率為 18.8%。

For the full year, adjusted EBITDA grew to $121.3 million.

全年調整後的 EBITDA 成長至 1.213 億美元。

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.

我們第四季的調整後攤薄每股收益創下了 0.57 美元的紀錄，年增 1.8%，而攤薄的 GAAP 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.

數位交易年增 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。

These results demonstrate the success of our omni-channel approach, designed to meet the customers wherever, whenever, and however they choose to send money.

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、以任何方式匯款的需求。

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.

我們的消費者基礎擴大至 570 萬美元，年增 1.8%，顯示消費者對我們平台的強烈參與度和忠誠度以及對我們品牌的深度信任。

As we move forward, our strategic direction remains clear.

隨著我們不斷前進，我們的策略方向依然明確。

We are committed to driving accelerated digital growth while continuing to grow and reap the benefits from our highly profitable retail business.

我們致力於推動數位化加速成長，同時繼續發展並從我們高利潤的零售業務中獲益。

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.

我們相信，Intermex 擁有獨特的優勢，能夠讓我們的數位業務實現獲利性成長，同時我們也能從強大的零售模式所創造的大量現金流中獲益。

We estimate that approximately 30% of the remittance to Latin America are sent digitally, and we are now competing aggressively for that business.

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，我們現在正在激烈競爭這項業務。

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大規模，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.

同時，我們的零售業務仍然是我們策略的重要組成部分。

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.

與其他行業的傳統商業模式成為資本流失不同，零售業務的獲利能力仍然比市場上任何數位業務都要高，並且應該被視為未來幾年的資產。

With over $600 million in annual revenue, it continues to be a significant contributor to our cash generation, fueling our expansion into digital.

它每年的收入超過 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.

儘管拉丁美洲面臨嚴峻的宏觀環境，但零售業仍展現韌性。

Many of our competitors have stepped back from this segment.

我們的許多競爭對手已退出了這一領域。

We believe that this creates an even greater opportunity for internets to strengthen our market position in a highly profitable retail market.

我們相信，這為網路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.

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。

This slowdown has had a disproportionate impact on retail as macroeconomic factors continue to challenge the industry.

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.

然而，儘管面臨這些壓力，我們的業務仍然強勁，這得益於繼續依賴現金交易的忠實客戶群。

Strategically, we are positioning ourselves to capitalize on the unique dynamics of both digital and retail.

從策略上來說，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.

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。

These offerings not only enhance customer retention but also drive incremental revenue.

這些產品不僅可以提高客戶保留率，還可以增加收入。

Our M&A activity continues to be a key pillar of our growth strategy.

我們的併購活動仍然是我們成長策略的重要支柱。

Since acquiring the Nationale, we have more than doubled its EBITDA, underscoring the success of our integration efforts which remain ongoing.

自收購 Nationale 以來，我們的 EBITDA 增加了一倍多，這凸顯了我們持續進行的整合工作所取得的成功。

Additionally, we recently closed the acquisition of Amigo Pazano, a former wires as a service partner.

此外，我們最近完成了對前電線服務合作夥伴 Amigo Pazano 的收購。

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.

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。

ITransfer 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.

ITransfer 的新重點策略也進展順利，透過採用 Intermex 模型所帶來的效率提升，目前該策略的利潤率年增 30% 以上。

At Intermex, our commitment to serving our customers with the highest standards remains unchanged.

在 Intermex，我們致力於以最高標準服務客戶的承諾始終不變。

Our world-class proprietary technology, strong banking and payer relationships, and best in class customer service are the foundation of our success.

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。

We have built a brand that people trust, and that reliability is what differentiates us in the market.

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.

我們不僅僅是一家擁有蓬勃發展的數位業務的零售公司。

We're a multi-channel business with an omnichannel strategy.

我們是一家擁有全通路策略的多通路企業。

This enables us to service customers wherever and however they choose to send money.

這使我們能夠在任何地方、以任何方式為客戶提供匯款服務。

The value proposition of our app is now many times more economically promising than it was just a few years ago.

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。

With digital transactions now delivering a higher gross margin per transaction in retail, we are strategically positioned to grow profitably in both segments.

由於數位交易現在為零售業帶來了更高的每筆交易的毛利率，我們在戰略上處於有利地位，可以在兩個領域實現盈利增長。

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.

謝謝鮑勃。

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.

正如第四季度所討論的那樣，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。

Digital revenue continues to stand out, growing at just under [50%] in Q4 and 60% for the full year, reaching $20.6 million.

數位收入持續脫穎而出，第四季成長率略低於 [50%]，全年成長率為 60%，達到 2,060 萬美元。

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.

我們成功地實現了這項業務的有效成長，客戶獲取成本處於歷史最低水平，客戶保留率處於歷史最高水平。

We feel we're perfectly positioned to now meaningfully scale digital, something we'll talk about more during our investor day this afternoon.

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.

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，能夠利用全通路機會，為拉丁美洲提供無與倫比的產品。

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.

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，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.

全年調整後 EBITDA 為 1.213 億美元，較上年成長 1.1%。

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%.

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，其中 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.

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。

Interest expense in Q4 was down 1.3% year over year at $2.7 million, bringing full year interest expense to $11.7 million.

第四季利息支出較去年同期下降 1.3% 至 270 萬美元，全年利息支出至 1,170 萬美元。

Our tax rate remains stable at 30%.

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.

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。

If you add those back, net free cash generated was up again year over year.

如果將這些加回去，產生的淨自由現金年增。

Our cost line continues to depict the efficiency DNA of our company, excluding stock com restructuring and deal costs.

我們的成本線繼續反映我們公司的效率 DNA，不包括股票重組和交易成本。

Our underlying staff costs and G&A expenses are down year over year.

我們的基本員工成本和管理費用較去年同期下降。

Sales and marketing costs as a percentage of gross margin remain well below 10%, reflecting our underlying cost discipline.

銷售和行銷成本佔毛利率的百分比仍遠低於 10%，反映了我們的基本成本控制。

Through our existing [10B51] 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.

透過我們現有的 [10B51] 第四季股票回購計劃，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。

It's worthwhile to note that our [10B51] 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.

值得注意的是，我們的 [10B51] 計劃已於年底到期，因此我們在第一季度暫停了大約兩個月的股票購買，併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.

展望未來，我們將繼續專注於執行我們的策略、創造利潤和現金並實現股東價值。

While macroeconomic challenges persist, our omnichannel strategy positions us well for long term success.

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.

隨著數位化應用的不斷提高，我們正在進行額外的有針對性的投資來抓住這一轉變。

At the same time, we're also investing to grow in retail and maintain our stronghold as the premium brand to Latin America.

同時，我們也投資發展零售業，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.

我們 2025 年指引中最明顯的是，數位客戶獲取支出的逐年變動。

The guidance also reflects additional staff and marketing to support our highly profitable cash generating retail engine.

該指引也反映了增加員工和行銷人員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.

最後，正如您可能預料的那樣，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。

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.

我們預計 2025 年全年收入為 6.575 億美元至 6.775 億美元，全面攤薄的 GAAP EPS 為 1.76 美元至 1.91 美元。調整後稀釋每股收益為 2.09 美元至 2.26 美元。調整後 EBITDA 從 1.138 億美元增至 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. Adjust the diluted EPS of $0.40 to $0.43. And adjusted EBITDA $23.3 million to $24 million.

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。將稀釋每股收益從 0.40 美元調整為 0.43 美元。調整後的 EBITDA 從 2,330 萬美元增至 2,400 萬美元。

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.

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.

最後，第四季又是一個執行和進步的季度。

We continued to drive growth, maintain profitability, and position ourselves for the future.

我們繼續推動成長，保持獲利能力，並為未來做好準備。

Our strategy remains focused on balancing retail and digital, strengthening our competitive position, and unlocking long-term value for our shareholders.

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.

我們感謝您一直以來的支持，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。

With that, we are now ready to take your questions.

現在，我們就可以回答您的問題了。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instruction)

（操作員指令）

Gus Gala, MCH and Company.

Gus Gala，MCH 和公司。

Hey, good morning, Bob.

嘿，早上好，鮑伯。

Good morning, Andres.

早安，安德烈斯。

Thanks for taking our questions.

感謝您回答我們的問題。

I want to start off on Amigo Baisano.

我想從 Amigo Baisano 開始。

How did the opportunity come about?

這個機會是怎麼來的？

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?

看起來像是倍數 [4 倍]，所以那裡有很好的倍數套利，您能談談他們的營銷負擔和交易經濟學以及核心數位 Intermex 產品嗎？

And how do you think about retaining these MAUs?

您如何考慮保留這些 MAU？

I mean, just looking online, it seems like the user base is much larger than your current core organic one.

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。

If you can talk through those points.

如果您能談談這些觀點。

I may go back I know that'd be very helpful.

我可能會回去，我知道那會非常有幫助。

Yeah, good morning.

是的，早安。

Thank you for the question.

感謝您的提問。

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.

Amiba Paisano 是我們的第一個，我們稱之為鬆散的連接服務客戶，所以在收購之前，他們實際上負責處理先前的關係、行銷和吸引客戶到網站，而我們負責處理其餘的事情。

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.

他們是危地馬拉一家大銀行的附屬公司，但並非直接由該銀行擁有，而是附屬公司，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。

We thought that the ability for us to fully own the transaction, the whole transaction, increase our gross margin per transaction dramatically was worthwhile.

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.

其中一部分是防禦性的，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。

They also had, as I talked about in my remarks.

正如我在發言中談到的，他們也這樣做了。

A quality team as evaluated by our Chief Digital Officer, Marcelo Theodoro, that's going to bring a lot of knowledge to our our base of business and a lot of expertise that will, 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.

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知識，考慮到他們位於海外且在危地馬拉，他們也將以非常合理的成本做到這一點，以便我們繼續發展我們的業務。

So those were all factors that were considered in our decision to do that.

所以這些都是我們做出這個決定時會考慮的因素。

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.

我能夠以低於我們交易水平的倍數獲得數位業務，根據市場上的數字業務倍數，這對我們來說似乎是相當划算的純數字業務。

I don't know.

我不知道。

There might have been another part to your question.

您的問題可能還有其他部分。

Is there something else.

還有什麼嗎？

That I missed?

我錯過了什麼？

Yes, the retention of MAUs.

是的，保留 MAU。

I mean, it looks like it's a bigger base of MAUs that are coming on.

我的意思是，看起來，MAU 基數正在不斷擴大。

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.

就像你說的，主要是你帶領團隊來做這件事，但如果你可以稍微談一下的話。

Well, when you say a bigger base, I mean, it's, I'm not sure what you mean by that.

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。

I mean they have a brand, Amiga 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.

我的意思是他們有一個品牌，Amiga Paisano，並且會隨著時間的推移繼續經營品牌，並隨著時間的推移確定它是否會成為我們品牌在拉丁美洲的更大組成部分，但實際上我們不認為他們會擔心保留目前在那裡的客戶。

As a matter of fact, our intent would be to continue to grow that amigo Paizano base.

事實上，我們的目的是繼續擴大 Paizano 朋友群。

We think they've got a, an excellent business, and we think we can grow.

我們認為他們的業務非常出色，而且我們認為我們可以發展。

Got you.

明白了。

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.

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銀行來說是一種較新的優勢，可以大力發揮。

How are you building comfort in the ROIs, the the return on [ads] then?

那麼您該如何讓投資人對投資報酬率 (ROI) 和廣告報酬率感到放心呢？

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.

也許您只是在看某種動態的措辭，客戶捕獲與客戶獲取只是幫助我們思考如何在這些投資回報率中建立舒適感。

Thanks.

謝謝。

Sure, it's Marcelo here.

當然，我是馬塞洛。

Let me just go back to your question about (inaudible) on you.

讓我回到你關於（聽不清楚）的問題。

What we are seeing is that the rentation is increasing since we acquired Amigo Paizano as we start to co-brand their material with Amigo Paizano brand plus Intermax brand.

我們看到，自從我們收購 Amigo Paizano 以來，租金一直在上漲，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。

So while their their brand is is strong against Guatemala tacos and some of the Mexican users, we see already that when we add the Interexx brand on the side of that.

因此，儘管他們的品牌在與危地馬拉玉米餅和部分墨西哥用戶的競爭中佔據強勢，但當我們在其上添加 Interexx 品牌時，我們已經看到這一點。

The recognition of the brand is even higher.

品牌的認知度更加高了。

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.

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以來，我們已經看到反對的成本在某些情況下保持穩定或降低。

So I believe.

所以我相信。

We learned a lot last year regarding how to do that.

去年我們學到了很多關於如何做到這一點的知識。

First, we learned how to do it by using using external agencies, and now we are leveraging these resources that Bob mentioned that we brought in since we acquired Meyer, and they were doing a very good job.

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自我們收購 Meyer 以來引入的這些資源，他們做得非常出色。

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.

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多元化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.

格斯，這是克里斯‧亨特。

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.

我認為我們目前做得非常好的一件事就是對來自行銷的資訊進行大數據擷取。

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.

因此，我們能夠按管道查看花費的金額，並真正最大化利用管道，如果需要的話，甚至可以按日或按小時進行，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.

謝謝。

David Scharf, Citizens.

大衛‧沙爾夫，公民。

Hi, good morning.

嗨，早安。

Thanks for taking my questions as well.

也感謝您回答我的問題。

Bob, maybe just, kind of taking a step back, a 30,000 [ft view], question.

鮑勃，也許只是，退一步，從 30,000 [英尺的視角] 來提問。

As we think about the 2025 outlook and 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, among, 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 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.

當我們考慮 2025 年的前景和大致持平的營收指引時，為了給投資者提供背景信息，您能否按這些因素作為本指引的驅動因素的重要性對其進行排序，其中，我猜是宏觀因素，您強調過，我們看到美國到墨西哥的疲軟，長期競爭，也許還有來自其他數字參與者的競爭壓力，您，如果您想指出公司的具體因素，但也許只是對您的具體因素，以便您想指出這一點。

Yeah, sure, glad to.

是的，當然，很高興。

I think there are co-leaders, right, and the co-leaders would be two things.

我認為有共同領導者，對，共同領導者有兩位。

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.

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，我們經歷了許多起起落落。

The last time we really saw a slowdown has been many years.

上一次我們真正看到經濟放緩已經是很多年前的事了。

We've had consistent growth for years now.

我們多年來一直保持持續成長。

It does happen, and we think that it's hard to predict today what the market will look like precisely in 2025.

這確實會發生，我們認為今天很難預測 2025 年的市場狀況。

We're doing our best related to the slowness we saw particularly late in 204, and then also some of the pressures that are on, immigration at this time and just what effects those will have.

我們正在盡最大努力解決 204 年末出現的成長放緩問題，同時也盡力解決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.

我們認為這些不會產生太大的變化，但我們認為它們會稍微削弱一些邊緣。

And so we've been conservative in considering how we think about the overall market growth to Mexico and even some of our other other key countries, as Guatemala is by far our number 2, most important in terms of revenue production and gross margin production.

因此，我們一直保守地考慮如何看待墨西哥以及其他一些主要國家的整體市場成長，因為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%.

第二部分是，儘管我們仍然認為在許多國家，例如危地馬拉，數位業務的佔比不到 15%，但在墨西哥，我們認為這一比例可能超過 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.

因此，當您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.

因此，當您今天在 90% 以上的業務中競爭時，我們的業務也是如此。

Is that retail.

那是零售嗎？

It's competing in a sector that right now is not going away.

它所處的領域目前還不會消失。

It's still highly profitable.

利潤還是比較高的。

It's going to be the part that produces our $65 million or $70 million of free cash this year, but is contracting.

這個部分將為我們今年帶來 6500 萬美元或 7000 萬美元的自由現金，但它正在萎縮。

It's exacerbated that movement to digital because of the slow growth in the market overall.

由於整體市場成長緩慢，數位化進程更加惡化。

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.

所以這就是為什麼現在我們相信，隨著我們應用程式的改進、經濟狀況的改善以及我們準備的投資，現在是我們在房屋的數位化方面採取更積極行動的時候了。

By the same token, we also believe that we can do better on the retail side.

同樣，我們也相信在零售方面可以做得更好。

To deal with the last when you talk about things going on in the company, I still believe that we have the best offering at 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。

I still believe we have the best sales approach at retail, but we need to be better.

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。

We can get better and we will get better at that.

我們可以做得更好，而且我們會做得更好。

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.

我們目前正在進行一些改進，因為我們認為，即使在墨西哥，那裡的業務可能仍然有 70% 是零售，在危地馬拉等地，這個比例可能達到 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.

未來許多年，零售業務將為我們帶來大量收入、大量 EBITDA、大量自由現金和每股盈餘，我們需要繼續這樣做。

What's really important for everybody to remember about Inmex today is you've got a business that that absolutely has expertise in the in the marketplace to Latin America.

關於 Inmex，今天每個人真正需要記住的是，你們擁有一家在拉丁美洲市場絕對具有專業知識的公司。

No one's ever grown or grabbed share any faster than we have there, particularly at retail.

沒有人比我們發展得更快或搶佔市場份額，特別是在零售領域。

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.

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仍然在我們的掌控之中。

The only last thing we need to do is fortify our digital business, and we think we're absolutely on track to do that.

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。

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.

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 we're, I know you're going to cover later today, more broadly the digital initiatives, but, regarding the commentary the 2025 guidance reflects, enhanced investment.

是的，這是非常有幫助的背景，它可能只是作為後續行動，我知道您今天晚些時候將更廣泛地介紹數字計劃，但是，就 2025 年指引所反映的評論而言，即加強投資。

In in the channel Which I assume is equally customer acquisition service and and tech 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.

在頻道中，我認為它同樣是客戶獲取服務和技術，您能否提供一些幫助，讓我們了解也許以美元為基礎的同比增長是多少，數位化背後的增長可能不僅限於 2025 年，但我認為更廣泛的問題是 - 在可預見的未來，我們應該如何看待業務的投資概況，因為它必須擴展該渠道。

Yeah, let me just address 2025 for the moment.

是的，目前我只談 2025 年。

We can talk a little bit more broadly about the outyears of the investor today later today.

今天晚些時候我們可以更廣泛地談論投資者的未來前景。

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.

我們的數位行銷支出將從目前的 25% 左右（約 100 萬美元）上升至 2025 年的 900 萬美元，我認為，我們會非常有效率地實現這一目標。

In addition, we are also going to fortify retail.

此外，我們也將加強零售業。

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, it's going to keep helping us fund the digital growth into the future.

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，以鞏固我們在這個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。

So that that's what's baked into 2025.

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.

嘿，謝謝大家。

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.

我想我們已經談論了數位化相當多，所以我就不談這個了，但你知道在移民方面以及那裡的政策變化方面。

How do you want investors to think about that?

您希望投資者如何看待這一點？

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?

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.

是的，我認為，麥克，這是一個我們目前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，奧巴馬總統所說的如果你非法入境，你需要回去，你不必留在這裡。

And so we've had flurries and spikes that have happened.

因此，我們經歷了陣雪和暴風雪。

And I understand the magnitude, the perception today is that it is bigger and stronger than ever.

我了解它的規模，今天人們的看法是它比以往任何時候都更大、更強。

I'd go back and I'd say a couple things.

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.

一是上一次我們還是在同一屆政府執政，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。

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.

從我的角度來看，當時的經濟狀況是，美元與比索掛鉤的走強，而且大部分時間房地產市場都保持強勁，這為來這裡的人們（無論有證件還是無證件）提供了極好的就業市場。

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.

我們感覺，今天的虛張聲勢比以往任何時候都要多，但是，正如我所聽到的，我們也相信，虛張聲勢有三個層次。

Of looking towards removing immigrants.

著眼於驅逐移民。

The first one would be those that are criminal.

第一類是犯罪者。

That's not our customer.

那不是我們的客戶。

The second would be those that are taking advantage of the social services.

第二類是利用社會服務的人。

It's not our customer.

這不是我們的客戶。

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.

最後，實際上是數百萬人的主體，是從事農業、服務業和建築業的人。

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.

我認為，如果我們能夠實現這一目標，那將會是一個漫長的過程，因為這項任務的戰術性質是巨大的。

There's not, as you well know, agreement, certainly not in the biggest state for foreign-born Latins in California.

眾所周知，各方並未達成一致，尤其是在外來拉丁裔移民最多的州加州。

It's not really necessarily a place that would support that.

它實際上並不一定是一個支持這種做法的地方。

I don't buy that any of our consumers are going to pick up and go back because of the threat.

我不認為我們的消費者會因為這個威脅而放棄購買。

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.

我想他們會的，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。

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.

因此，我們當然會密切關注，我們也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.

知道了。

Okay.

好的。

For Andres, you bought back a million shares in the fourth quarter, I think [3.8] in all of 2024.

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 3.8 億股。

You're generating a nice level of cash.

你正在賺取相當可觀的現金。

You have $130 million of cash on the balance sheet.

你的資產負債表上有1.3億美元現金。

How do you want people to think about your appetite for share repurchase in '25?

您希望人們如何看待您在 25 年的股票回購意願？

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，我認為現在我們已經考慮到的是今年的名義購買量約為 4000 萬美元，如果從我們的交易角度來看這是合理的，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.

或者是機會主義的。

Stuff that might come on too.

也可能會出現一些事情。

Yeah.

是的。

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.

顯然，如果有大宗交易或其他事情，這將對股東有利，但我們計劃採取的行動必須以 4000 萬美元為基準。

Thank you.

謝謝。

Chris Zhang, UBS.

瑞銀的 Chris Zhang。

Hey, good morning.

嘿，早安。

Thank you for taking my question.

感謝您回答我的問題。

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.

所以我的第一季度是關於數位客戶獲取經濟學，我們的理解是，你在第四季度開始更加傾向於數位客戶獲取，也許你可以談談在競爭環境方面的一些早期經驗。

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.

客戶獲取成本和單位經濟學只是從一些最早的跡象，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.

感謝您的提問。

It's Marcelo here.

我是馬塞洛。

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 1- or 2-years ago.

從宏觀角度來看，我們看到所有參與者都在進行投資，這可能會對長期定位成本產生影響，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。

The second piece is we've been performing very well.

第二點是我們的表現一直都很好。

Our cost acquisition, as I mentioned before, remains stable with some lower points throughout the quarter, which is good news.

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，這是好消息。

As I mentioned, we are, we have learned a lot how to do that, and we keep learning how we do it.

正如我所提到的，我們已經學到了很多如何做到這一點的經驗，我們也將繼續學習如何做到這一點。

The fact that we have a prosable 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 with Android Nation before both retention and loyalty of those consumers remain the same, and I would say at high level versus the industry, so we have.

事實上，我們的業務前景看好，而且每筆交易的成本和收入仍然很高，這也是個好消息，因為它可以反饋引擎，讓我們能夠繼續與 Android Nation 進行投資，直到這些消費者的保留率和忠誠度保持不變，而且我想說，與行業相比，我們處於較高水平，所以我們做到了。

Something like 12 to 13 wires per year sent by consumers.

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 10% wallet share when you think about those consumers.

當您考慮這一點時，比較活躍客戶和不再活躍的客戶，當您考慮這些消費者時，我們相信我們擁有 10% 的錢包份額。

What I mean by that is that if a consumer is using Intermax, he's sending all the wires via Intermax, and that's good news.

我的意思是，如果消費者使用 Intermax，他會透過 Intermax 發送所有電線，這是個好消息。

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.

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.

好的，非常感謝您的來電，我非常期待今天下午了解更多。

My second question is about the other income portion of the revenue.

我的第二個問題是關於收入的其他部分。

There's been a meaningful pick up this quarter.

本季出現了顯著的成長。

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.

我只是想知道，在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 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.

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，我們如何執行一些費用，我們確實找到了機會，即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。

It's something that helped us in the fourth quarter and will help us.

這對我們在第四季度起到了幫助作用，並且還會繼續起到幫助作用。

Next year as well.

明年也如此。

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.

嘿夥計們，我想多問一些關於人數版本和零售的問題。

So last year I think we added, I think it was like six heads in outbound, 20 something in inbound.

所以我認為去年我們增加了，我認為出站人數大概是 6 人，入站人數大概是 20 人。

I think those are more slated towards driving greater productivity at Adams this year sounds like you're adding more headcount on the sales side as well and some retail marketing.

我認為這些更著重於提高亞當斯今年的生產力，聽起來你們也在銷售方面增加了更多的員工，以及一些零售行銷部門。

Can you talk about is there any change to?

能談談有什麼變化嗎？

The attack are we targeting more new agents are we trying to drive productivity at existing agents with this additional head count?

我們這次攻擊的目標是更多的新代理，我們是否試圖透過增加員工來提高現有代理的生產力？

Anything else on how we're attacking retail opportunities shifts there would be helpful.

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。

Thanks.

謝謝。

Yeah, well, it's both.

是的，嗯，兩者都有。

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.

業務由三個因素驅動，最終數字由這三個因素決定，分別是同店成長、新代理商成長（這是一個群組，所有成立不到 12 個月且沒有歷史記錄的代理商都在流失），然後是客戶流失，這通常是一個較小的數字，是指由於某種原因而停業而失去的代理商。

There's a huge opportunity for us still in the western states.

西部各州仍然為我們帶來巨大的機會。

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.

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會有一家零售商。

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.

在我們業務最豐富、滲透力最強的州，我們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）。

So we have this huge opportunity to add hundreds of retailers.

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.

如果我能夠回到過去，而不幸的是我們無法回到過去，我們中沒有人能夠做到這一點，那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那樣多。

We should have invested.

我們應該投資。

We didn't grow our retail sales force.

我們的零售銷售團隊沒有擴大。

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 7 years, but we should have and could have.

我們一直在努力變得更好，自上市以來，短短 7 年時間裡，我們的 EBITDA 就成長了兩倍多，但我們應該而且可以這樣做。

Invested more in retail because we still have an under-penetrated western set of states.

我們在零售業方面投入了更多資金，因為我們的西部一些州的零售業務滲透率仍然較低。

We're doing better and we have done better, and we continue to be a higher level of market penetration.

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。

Agents per perform borns over the years, but we are going to benefit by adding a lot more.

多年來，代理商數量不斷增加，但透過增加更多代理商，我們將從中受益。

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.

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，特別是正確的交易。

In the right spots, in the right geographies and the right zip codes.

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.

順便說一句，這並不是說只針對德克薩斯州和加利福尼亞州。

States like Arizona, states like Colorado, states like like Nevada.

像亞利桑那州這樣的州、像科羅拉多州這樣的州、像內華達州這樣的州。

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.

這些仍然沒有得到很好的體現，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。

So that will be the focus of that.

所以這將是重點。

I think.

我認為。

We'll continue to also add agent retailers.

我們也將繼續增加代理零售商。

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's share of the transactions in that individual retailer.

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更深入的地區最大化我們的零售業績，但我們可能無法推動該單一零售商的交易份額。

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.

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，並且在某些情況下，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，我們可能是第二或第三。

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.

在東部，我們有很多零售商，除了激活八家新零售商之外，我們正在努力做的事情之一就是尋找那些我們作為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。

And we think there's a lot of opportunity to be mined, particularly in the east, related to that.

我們認為，這方面有很多機會可供挖掘，特別是在東部地區。

Thank you. and I'm shown no further questions.

謝謝。我沒有其他問題。

So with that, I'll hand the call back over to President and CEO, Robert Lissy for any closing remarks.

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.

感謝大家今天早上參加我們的活動。

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.

我們期待著今天下午與各位嘉賓進一步交流，深入了解我們認為的一家偉大的公司，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。

So we're looking forward to talking to you all about all of that this afternoon.

因此，我們期待今天下午與大家討論所有這些問題。

Until then, we wish you a great day.

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.

女士們、先生們，感謝你們的參與。

This does conclude today's program, and you may now disconnect.

今天的節目到此結束，大家可以斷開連結了。