International Money Express Inc (IMXI) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the International Money Express, Inc. first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 International Money Express, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Alex Sadowski, Investor Relations Coordinator. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係協調員 Alex Sadowski。請繼續。

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

早安，歡迎參加 Intermex 2025 年第一季財報電話會議。我想提醒大家，今天的電話會議包含前瞻性陳述，實際結果可能與預期有重大差異。有關 International Money Express（我們稱之為 Intermex 或該公司）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 will discuss certain non-GAAP financial measures. Information required by Regulation G under the Securities and Exchange Act for such non-GAAP financial measures is included in our presentation slides, earnings press release and our quarterly report on Form 10-Q, including reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures. These can be obtained in the Investors section of our website at intermexonline.com.

在本次電話會議上，我們將討論某些非公認會計準則財務指標。《證券交易法》G 條例要求的此類非公認會計準則財務指標資訊包含在我們的簡報投影片、收益新聞稿和 10-Q 表季度報告中，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 Lisy; and Chief Financial Officer, Andras Bende.

參加今天電話會議的有我們的董事長、執行長兼總裁 Bob Lisy 和財務長 Andras Bende。

Let me now turn the call over to Bob.

現在讓我把電話轉給鮑伯。

Good morning, everyone. Thanks for joining us today on our first quarter earnings review. The past quarter brought many changes to the market that were difficult to anticipate. The economic, political and immigration backdrop presented many challenges to our business model and to the US to Latin America corridor in general. Regardless of this challenging environment, our results reflect the strength of our brand, the excellence of our execution and our corporate discipline that we continue to bring to our strong and healthy underlying business.

大家早安。感謝您今天參加我們的第一季財報回顧。過去一個季度，市場發生了許多難以預料的變化。經濟、政治和移民背景對我們的商業模式以及美國至拉丁美洲的走廊總體上提出了許多挑戰。儘管環境充滿挑戰，我們的業績仍然體現了我們品牌的實力、卓越的執行力以及我們持續為強大而健康的基礎業務帶來的企業紀律。

The good news is the overall market for remittances to Latin America remains resilient. The downside is that for the first time in our public history, we have delivered a year-over-year volume growth while experiencing a decline in the number of transactions versus the same period last year. The principal amount per transaction increased, but money transfer fees were lower due to larger send amounts and fewer transactions.

好消息是，匯往拉丁美洲的匯款整體市場仍保持彈性。不利的一面是，在我們的上市歷史上，我們首次實現了交易量同比增長，但交易數量與去年同期相比卻有所下降。每筆交易的本金有所增加，但由於匯款金額較大且交易次數較少，因此匯款費用較低。

This dynamic also had an impact on our foreign exchange profit. While we believe this consumer behavior shift is not in long term, it is an important dynamic to monitor and one that has impacted our first quarter results. It appears consumers are sending larger principal amounts less often due to certain factors about which we can only speculate at this time.

這種動態也對我們的外匯利潤產生了影響。雖然我們認為這種消費者行為的轉變不會是長期的，但它是一個需要監控的重要動態，並且已經影響了我們第一季的表現。看來，由於某些因素，消費者減少匯出大額本金，而目前我們對此只能進行推測。

Total revenue came in at $144.3 million, net income at $7.8 million, adjusted EBITDA at $21.6 million. Adjusted diluted EPS was $0.35 per share. While these key metrics were all down year-over-year, total principal amount sent was up 4%. We believe this is a strong indicator of the underlying strength of our overall business and the resilience of the retail market. Transactions originating at retail remain the foundation of our business and are highly profitable and cash-generating engine.

總收入為 1.443 億美元，淨收入為 780 萬美元，調整後 EBITDA 為 2,160 萬美元。調整後的稀釋每股收益為 0.35 美元。雖然這些關鍵指標較去年同期均有所下降，但發放的總本金金額卻上漲了 4%。我們相信，這是我們整體業務潛在實力和零售市場彈性的強大指標。零售交易仍然是我們業務的基礎，並且是高利潤和現金產生引擎。

Total volumes sent in 4 out of our 5 top markets increased significantly with our Intermex brand. Less positive was the fact that 4 out of the 5 top markets saw a decrease in transactions sent. Despite that softness, we protected our margins and continue to make smart targeted investments in our retail business. We focused on the most profitable transactions and stayed disciplined with agent management and continue to optimize at a ZIP code level, prioritizing our most productive areas.

透過我們的 Intermex 品牌，我們在 5 大市場中的 4 個市場的總出貨量大幅增加。不太樂觀的事實是，五大市場中有四個市場的交易量有所下降。儘管存在這種疲軟，我們仍保護了利潤率，並繼續對零售業務進行明智的有針對性的投資。我們專注於最有利可圖的交易，嚴格管理代理商，並繼續在郵遞區號層級進行最佳化，優先考慮我們最俱生產力的地區。

We're also seeing benefits from our operational upgrades. The transaction processing time on our retail platform improved to directly enhance the agent experience. We reduced time from 20 seconds to 9 seconds on a typical transaction. We continue to build on the best-in-class system reliability as well, resulting in a total uptime of 99.995%, further supporting our position as the premium retail partner for our highly efficient agent base. We continue to excel in all areas relating to our retail offering, including our best-in-class customer service and banking options for our agent retailers.

我們也看到了營運升級帶來的好處。我們零售平台的交易處理時間得到改善，直接提升了代理商的體驗。我們將典型交易的時間從 20 秒縮短至 9 秒。我們將繼續打造一流的系統可靠性，使總正常運作時間達到 99.995%，進一步鞏固我們作為高效能代理商群體優質零售合作夥伴的地位。我們在與零售產品相關的所有領域繼續表現出色，包括為代理零售商提供一流的客戶服務和銀行業務選擇。

Now turning to digital. While our retail platform is the cash engine of our business today, our digital business is the glue of our omnichannel strategy and the most important part of our growth in future. We are growing that business most successfully. In Q1, our digital transactions grew just under 70% year-over-year. Aligned with the digital business strategy, we invested more in the digital marketing ever before in Q1. We will continue to do so intelligently through daily optimization and ensuring that every dollar is spent with maximum efficiency.

現在轉向數位化。雖然我們的零售平台是我們目前業務的現金引擎，但我們的數位業務是我們全通路策略的黏合劑，也是我們未來成長的最重要部分。我們正在非常成功地發展該項業務。第一季度，我們的數位交易量年增近 70%。與數位業務策略保持一致，我們在第一季對數位行銷的投入比以往任何時候都多。我們將繼續透過日常優化來聰明地做到這一點，並確保每一美元都以最高的效率使用。

Our customer acquisition costs and LTV projections remain intact as customer acquisition costs are better than projected and our customer retention remains strong. We plan to ramp up our total spend more in the coming quarters as we discussed at our recent Investor Day event. At the same time, engagement across our app, which we believe is the best-in-class, continues to improve.

我們的客戶獲取成本和 LTV 預測保持不變，因為客戶獲取成本好於預期，我們的客戶保留率仍然很高。正如我們在最近的投資者日活動上所討論的那樣，我們計劃在未來幾季進一步增加總支出。同時，我們認為我們的應用程式的參與度是同類最佳的，並且還在不斷提高。

Our Amigo Paisano brand is now fully integrated and helping us further sharpen our digital acquisition strategies and our wires as a service pipeline of new partners continues to expand as expected. The infrastructure for robust growth is in place. This includes technology, licenses and payer relationships, and now it is all about scaling efficiently. We are very encouraged by the performance of our digital business and the long-term opportunity it represents.

我們的 Amigo Paisano 品牌現已完全整合，並幫助我們進一步完善數位收購策略，並且我們的新合作夥伴服務管道也繼續按預期擴大。強勁成長所需的基礎設施已經到位。這包括技術、許可證和付款人關係，現在一切都與有效擴展有關。我們的數位業務的表現及其代表的長期機會令我們感到非常鼓舞。

Our underlying cost performance exhibits the discipline you would expect from Intermex. With salaries and benefits up only 1%, our G&A is up. However, the biggest single driver relative to increasing G&A was our planned digital marketing spend. In February, we completed the shutdown of one of our offshore operations centers supporting La Nacional.

我們的基本成本表現反映了您對 Intermex 所期望的紀律性。儘管薪資和福利僅上漲了 1%，但我們的一般行政費用卻上漲了。然而，相對於增加 G&A 而言，最大的單一驅動力是我們計劃的數位行銷支出。二月份，我們完成了對支援 La Nacional 的一個離岸營運中心的關閉。

We have begun to realize those efficiencies, and we are on track to achieve the approximate $2 million in annual savings we anticipate from those moves. Integration of La Nacional agents onto the Intermex tech platform will continue into the second half of 2025. This places us in a position to further streamline our back office and to ultimately surrender the La Nacional state licenses, further reducing costs while maintaining the look, feel and integrity of the La Nacional brand.

我們已經開始意識到這些效率，並且我們有望透過這些舉措實現預計每年約 200 萬美元的節省。La Nacional 代理商與 Intermex 技術平台的整合將持續到 2025 年下半年。這使我們能夠進一步精簡後台辦公室，並最終放棄 La Nacional 國家許可證，進一步降低成本，同時保持 La Nacional 品牌的外觀、感覺和完整性。

On the balance sheet side, we remain very strong. We ended the quarter with $151.8 million in cash and generated over $10 million in free cash during the quarter. Our net leverage remains low, giving us significant flexibility to invest in growth, continuing to pursue opportunistic share repurchases and maintain our strong financial foundation. As mentioned, cash generation continues to be the hallmark of this business, and that again remains strong even with the increased investments in digital, retail sales infrastructure and a challenging macro backdrop.

在資產負債表方面，我們仍然非常強勁。本季末，我們的現金為 1.518 億美元，並在本季產生了超過 1,000 萬美元的自由現金。我們的淨槓桿率仍然很低，這為我們投資成長提供了很大的靈活性，讓我們能夠繼續尋求機會性股票回購，並保持我們強大的財務基礎。如上所述，現金創造仍然是該業務的標誌，即使在數位、零售銷售基礎設施的投資增加以及宏觀背景充滿挑戰的情況下，現金創造仍然保持強勁。

At Intermex, we are focused on what matters most, delivering the best possible service for our customers and doing it with operational excellence. We are a trusted brand for over 6 million customers every year, whether it's through our retail locations or by way of our growing digital channels. Our customers know that they can rely on us to move their hard-earned money quickly, securely and reliably.

在 Intermex，我們專注於最重要的事情，為客戶提供最好的服務，並透過卓越的營運來實現。我們是每年超過 600 萬客戶信賴的品牌，無論是透過我們的零售店還是透過我們不斷成長的數位管道。我們的客戶知道他們可以依靠我們快速、安全、可靠地轉移他們辛苦賺來的錢。

We have the right foundation in place, including a profitable retail engine, a fast-growing digital platform enhanced by our unique omnichannel strategy and what we believe the strongest, most well-respected brand in Latin American corridor. We are confident in our ability to continue to deliver value for our shareholders.

我們已打下良好的基礎，包括一個盈利的零售引擎、一個透過我們獨特的全通路策略而增強的快速成長的數位平台，以及我們認為的拉丁美洲走廊最強大、最受尊敬的品牌。我們有信心有能力繼續為股東創造價值。

With that, let me turn the call over to Andras to walk you through the financials in more detail.

說完這些，讓我把電話轉給安德拉斯，讓他更詳細地向您介紹財務狀況。

Thanks, Bob, and good morning, everyone. As Bob mentioned, we delivered a disciplined and focused quarter, navigating a unique retail environment of greater send volume but negative transaction growth while maintaining profitability and strong cash flow. Total revenue for the quarter was $144.3 million compared to $150.4 million in the same period last year. Total volume sent was up 3.7% versus 1Q last year, while total transactions sent were down just over 5%, a unique and unprecedented market.

謝謝，鮑勃，大家早安。正如鮑伯所提到的，我們度過了一個紀律嚴明、重點突出的季度，在發送量增加但交易量出現負增長的獨特零售環境中保持盈利能力和強勁的現金流。本季總營收為 1.443 億美元，去年同期為 1.504 億美元。與去年第一季相比，總發送量成長了 3.7%，而總交易量下降了 5% 多一點，這是一個獨特且前所未有的市場。

As Bob mentioned, for the moment, US to Latin American consumers are sending larger transactions less frequently. For us, we believe this indicates the underlying market remains healthy and resilient. However, at least for a period of time, we will likely continue to observe some shift in send behavior that puts pressure on transaction growth. Fewer transactions result in less fee income. However, the cost to fund and cost to bank consumer transactions go up when volume grows, and that is what transpired this quarter. And while the company remains strong, profitable and ready to navigate this dynamic, the impacts on the P&L for the moment are notable.

正如鮑伯所提到的，目前，美國和拉丁美洲消費者之間的大額交易發送頻率較低。對我們來說，我們相信這表明基礎市場仍然健康且有彈性。然而，至少在一段時間內，我們可能會繼續觀察到發送行為的一些轉變，從而對交易成長造成壓力。交易減少導致費用收入減少。然而，隨著交易量的成長，融資成本和銀行消費者交易成本也會上升，而這正是本季發生的情況。儘管公司依然保持強勁、獲利且準備好應對這一動態，但目前對損益表的影響是顯著的。

In the other part of our book, growth in digital helped offset part of the pressure on transactions in retail with digital transactions up just under 70% this quarter. We invested more in digital marketing this quarter than any past quarter for Intermex. We'll continue to scale this investment in the quarters ahead. Wire transfer and money order fees net accounted for $120.2 million and were down year-over-year in line with transactions.

在我們書籍的另一部分，數位交易的成長幫助抵消了零售交易的部分壓力，本季數位交易增加了近 70%。本季我們在數位行銷方面的投資比 Intermex 過去任何一個季度都要多。我們將在未來幾季繼續擴大這項投資。電匯和匯票費用淨額為 1.202 億美元，與交易量相比同比下降。

Foreign exchange income contributed $20.2 million and was down slightly year-over-year, however, in percentage terms, less so than fees. Larger individual send amounts helped drive FX income for the company. It's worth noting, however, that we observed sharpest increase in average send amounts in countries other than Mexico, where FX is a much heavier component to transaction unit economics.

外匯收入貢獻了 2,020 萬美元，年比略有下降，但從百分比來看，降幅小於費用。個人匯款金額的增加有助於推動公司的外匯收入。然而值得注意的是，我們觀察到墨西哥以外的國家的平均匯款金額增幅最大，而外匯在這些國家是交易單位經濟的重要組成部分。

Service charges from agents and banks were $93.8 million, down from $97.9 million last year. While agency and payer commissions were down in line with transactions, bank fees were up, driven by higher volumes sent versus 1Q last year. Salaries and benefits were up only 1% from a year ago as our cost and efficiency disciplines continue to serve us well. To that end, we also incurred $0.3 million in restructuring charges in Q1, in line with our previously announced restructuring of foreign operations.

來自代理商和銀行的服務費為 9,380 萬美元，低於去年的 9,790 萬美元。雖然代理商和付款人的佣金隨著交易量下降，但銀行費用卻上漲，這是由於發送量較去年第一季增加。由於我們的成本和效率紀律繼續發揮良好作用，工資和福利僅比一年前上漲了 1%。為此，我們還在第一季產生了 30 萬美元的重組費用，與我們先前宣布的海外業務重組一致。

Our selling, general and administrative expenses were $11 million, up year-over-year. However, as Bob mentioned, the single biggest driver there is the increase in digital marketing spend as we scale that business in line with our long-term plans for omnichannel. Provision for credit losses was $2.1 million and depreciation and amortization came in at $3.6 million. We also recorded $1.2 million in transaction-related expenses associated with the previously announced strategic alternatives review.

我們的銷售、一般及行政開支為 1,100 萬美元，較去年同期成長。然而，正如鮑伯所提到的，最大的驅動力是數位行銷支出的增加，因為我們根據全通路的長期計畫擴大了業務規模。信貸損失準備金為 210 萬美元，折舊和攤提為 360 萬美元。我們還記錄了與先前宣布的戰略替代方案審查相關的 120 萬美元交易相關費用。

Operating income for the quarter was $14.1 million, down from $19.6 million last year. Adjusted EBITDA totaled $21.6 million with adjusted EBITDA margins at 15%. We've mentioned before that each year, Q1 margins are softest due to seasonality. However, the dynamic of transactions down and volumes up that we previously discussed weighed additionally on Q1 margins. For Q1 volumes sent via more normalized send amounts, we estimate revenue would have been stronger by $7 million to $10 million and operating income stronger by $2 million to $3 million.

本季營業收入為 1,410 萬美元，低於去年的 1,960 萬美元。調整後的 EBITDA 總計 2,160 萬美元，調整後的 EBITDA 利潤率為 15%。我們之前提到過，每年由於季節性因素，第一季的利潤率都是最低的。然而，我們之前討論過的交易量下降和交易量上升的動態對第一季的利潤率產生了額外的壓力。對於透過更規範的發送金額發送的第一季交易量，我們估計收入將增加 700 萬至 1000 萬美元，營業收入將增加 200 萬至 300 萬美元。

Net income was $7.8 million and diluted earnings per share was $0.25. Adjusted diluted EPS was $0.35. We ended the quarter with $151.8 million in cash and cash equivalents, up from $130.5 million at year-end. Total debt was $147.4 million, down from $156.6 million at year-end. We repurchased approximately 368,000 shares during the quarter for $5 million. Our balance sheet remains strong, and our liquidity position gives us continued flexibility to support our strategic growth initiatives. We remain focused on managing costs, protecting margins and executing with discipline across both retail and digital.

淨利為780萬美元，稀釋每股收益為0.25美元。調整後稀釋每股收益為0.35美元。本季末，我們持有現金及現金等價物1.518億美元，高於去年末的1.305億美元。總債務為 1.474 億美元，低於年底的 1.566 億美元。我們在本季以 500 萬美元回購了約 368,000 股。我們的資產負債表依然強勁，我們的流動性狀況使我們能夠繼續靈活地支持我們的策略性成長計劃。我們將繼續專注於管理成本、保護利潤並在零售和數位領域嚴格執行。

Based on our first quarter 2025 financial results and the underlying market dynamic we have observed to date, the company is revising its previously issued full year guidance. Current levels of uncertainty and volatility affecting market conditions and consumer behavior have increased the difficulty of reliably forecasting short-term results.

根據我們 2025 年第一季的財務業績以及迄今為止觀察到的潛在市場動態，公司正在修改其先前發布的全年指引。目前影響市場狀況和消費者行為的不確定性和波動性水準增加了可靠預測短期結果的難度。

Moreover, as previously announced, the company is in the process of executing on a long-term strategy of investing in its digital business offerings to increase their contribution to the company's revenue and to increase its profitability. Accordingly, the company is discontinuing for the moment issuing quarterly guidance.

此外，正如先前宣布的那樣，該公司正在執行一項長期策略，投資於其數位業務產品，以增加其對公司收入的貢獻並提高其盈利能力。因此，該公司暫時停止發布季度指引。

Full year 2025 guidance is as follows: revenue of $634.9 million to $654.2 million; diluted EPS of $1.53 to $1.65; adjusted diluted EPS of $1.86 to $2.02; and adjusted EBITDA of $103.6 million to $106.8 million.

2025 年全年預期如下：營收 6.349 億美元至 6.542 億美元；稀釋每股收益 1.53 美元至 1.65 美元；調整後稀釋每股收益 1.86 美元至 2.02 美元；調整後 EBITDA 1.036 億美元至 1.068 億美元。

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

接下來，我將把發言時間交回給鮑勃，請他做最後的總結發言。

Thanks, Andras. To wrap it up, we delivered another quarter of disciplined execution. We protected profitability. We invested strategically in growth, and we continue to generate strong cash flow. Retail remains a critical and profitable part of our business. Digital is scaling with strong economics, and we're confident in the foundation we have built. We will stay focused, stay disciplined and keep delivering for our customers and our shareholders.

謝謝，安德拉斯。總而言之，我們又完成了一個季度的嚴格執行。我們保護了獲利能力。我們對成長進行了戰略投資，並繼續產生強勁的現金流。零售仍然是我們業務中至關重要且有利可圖的部分。隨著經濟的強勁發展，數位化正在不斷擴大，我們對已經建立的基礎充滿信心。我們將保持專注、嚴守紀律，並繼續為我們的客戶和股東提供服務。

Thanks again for joining us. We are now ready to take your questions.

再次感謝您的加入。我們現在準備好回答你們的問題。

(Operator Instructions) Chris Zhang of UBS.

（操作員指示）瑞銀的 Chris Zhang。

So my first question is about, I guess, some of the more near-term trends, just given the first quarter weakness and also the unique US to Latin American market dynamic you're seeing. Maybe can you just help us first parse through like what's the behavior in -- on the retail side versus the digital side? And then how that has been trending like in the more recent month of March and April and what you're seeing to date, that would be helpful.

因此，我的第一個問題是關於一些近期趨勢，考慮到第一季的疲軟以及您所看到的美國和拉丁美洲市場的獨特動態。或許可以先幫我們分析一下零售方面和數位方面的行為是怎麼樣的嗎？然後了解最近三月和四月的趨勢以及迄今為止所看到的情況，這將會很有幫助。

Thank you

謝謝

Okay. Great. Thank you for the question. So the behavior proportionately is not changing much, right? The digital side of the house for the industry and us as a company has been growing much faster than retail. So digital this quarter grew at 70% year-over-year. And it's actually so far in April through April, has increased to about 80% growth. So we're growing the digital very quickly. The retail continues to be more of a struggle.

好的。偉大的。謝謝你的提問。那麼行為的比例並沒有太大的變化，對嗎？該行業和我們公司數位化方面的成長速度遠遠快於零售業。因此本季的數位業務年增了 70%。事實上，截至 4 月份，成長率已增至約 80%。因此我們的數位化進程非常迅速。零售業依然面臨更大的困境。

We think the retail market is still really strong. And as you may have heard from our remarks, the total amount of principal amount that we sent to Latin America to our overall business was up 4% year-over-year, and our business is dominated still by the retail side. The challenge we have today and in the short run, first of all, I'm completely excited about what's going on with our business. I think to grow the digital business at 70% in a difficult market where the current administration talks about zero crossings in the border is a very great achievement for us, and we think we've only just begun there. We think that we're just starting to click in with our advertising.

我們認為零售市場依然非常強勁。您可能已經從我們的評論中聽到了，我們向拉丁美洲發送的本金總額對我們整體業務的貢獻同比增長了 4%，而且我們的業務仍然以零售為主。我們今天以及短期內面臨的挑戰是，首先，我對我們的業務進展感到非常興奮。我認為，在當前政府談論邊境零過境的困難市場中，數位業務成長 70% 對我們來說是一個非常偉大的成就，我們認為我們才剛剛開始。我們認為我們的廣告才剛開始受到歡迎。

We think that our wires as a service is going to get bigger and better. So we have a lot of strategic partnership there that we think will build it. The difference between us and some others and maybe sometimes where we separate with some of the marketplace analysts and others is we think that retail based on the fact that it grew at 4% or the overall market for us grew at 4% dominated by retail, it's still a very healthy business with very large profitability, great margins on a unit economics perspective and very low entry point to acquire customers.

我們認為我們的電線服務將會變得越來越好。因此，我們認為我們在那裡建立了很多戰略合作夥伴關係。我們與其他一些人之間的區別，也許有時我們與一些市場分析師和其他一些人的區別在於，我們認為零售業基於其增長 4% 的事實或我們整個市場以零售業為主導的增長 4%，它仍然是一個非常健康的業務，具有非常大的盈利能力，從單位經濟學角度來看利潤率很高，而且獲取客戶的門檻很低。

And so we'll continue to drive that business. And we would expect in difficult times where the overall market is flat as it is today, and we're dominated by Mexico. 65% of our gross margin thereabouts comes from Mexico. 80% comes from Mexico and Guatemala.

因此我們將繼續推動該業務。我們預計，在困難時期，整個市場會像今天一樣持平，而我們的市場主要由墨西哥主導。我們大約 65% 的毛利來自墨西哥，80% 來自墨西哥和瓜地馬拉。

So when the border is tight, it's not like we have a lot of folks that are sending in a big part of our business that are South America and other places where may not be border crossings, right? So we think that as we go forward, that the retail market will be strong and will recover, but it's challenging when the overall market is flat and you see digital as an industry maybe growing 30%, it tells you that the retail market is probably growing at a minus 8% or minus 10%.

因此，當邊境管控嚴格時，我們並沒有很多人將我們的大部分業務發送到南美和其他可能沒有邊境口岸的地方，對嗎？因此，我們認為，隨著我們的發展，零售市場將會強勁復甦，但當整體市場持平時，數位化產業可能會成長 30%，這表明零售市場可能以負 8% 或負 10% 的速度成長，這是一個挑戰。

So we're beating that and we're beating the digital side, and we've talked about this many times. We're just heavily weighted on retail, which is not performing well as an industry and underweight on the digital side. But we're doing a lot to change that, as you can see, with 70% growth in digital and that going to 80% growth in second quarter. And we really have just begun to advertise and drive customers to our digital site.

所以，我們正在戰勝這個問題，我們正在戰勝數字方面的問題，我們已經討論過這個問題很多次了。我們只是對零售業投入了很大一部分資金，但零售業作為一個行業表現不佳，而且我們對數位領域的投入也偏低。但我們正在做很多努力來改變這種狀況，正如你所看到的，數位業務成長了 70%，而第二季的成長將達到 80%。事實上，我們才剛開始宣傳並吸引客戶造訪我們的數位網站。

So that's how I would delineate the two today. We expect retail to be softer over time. We think that we will get it back into positive year-over-year growth numbers, and we expect digital to continue to grow at high levels, 60%, 70%, 80% year-over-year, and continue to grow that. And once the balance starts to get better and the market gets better, you'll see us driving much more positive numbers between the 2 together.

這就是我今天對這兩者的描述。我們預計零售業將會隨著時間的推移而變得疲軟。我們認為我們將恢復同比增長數字，並且我們預計數字將繼續保持高水平增長，同比增長 60%、70%、80%，並繼續保持增長。一旦平衡開始改善並且市場變得更好，你就會看到我們在兩者之間推動更多的正面數字。

All right. Just have a follow-up on the revised full year guidance this year. I understand we're no longer providing the quarterly guide. But for the revenue -- for the full year revenue and also the EBITDA margin, you're both seeing some improvement from the Q1 level, I think in terms of revenue growth and EBITDA margin. And can you maybe give us just a directional sense of the trajectory of the revenue growth and also the margin improvement throughout the year?

好的。只需跟進今年修訂後的全年指導意見。我知道我們不再提供季度指南。但就營收而言——就全年營收和 EBITDA 利潤率而言，我認為就營收成長和 EBITDA 利潤率而言，你們都看到了與第一季水準相比有所改善。您能否為我們介紹全年營收成長軌跡和利潤率改善的方向？

Sure. There's 2 things. Maybe the two lead things I would talk about is we're still ramping up from a revenue perspective all the work we're doing on our digital business. So whereas it won't necessarily improve the margins a lot because we'll be investing in marketing to do that, it's going to drive revenue. We also think that we're going to be able to add a lot of our pipeline for wires as a service is very, very large right now, and we believe that we're going to be adding lots of those folks, which really don't do much to degrade or cost us money to promote. We're basically providing the technology and the licensing and various different ways with different companies we're providing for. And so I think those are going to drive that revenue from a digital side.

當然。有兩件事。也許我想談的兩件主要事情是，從收入角度來看，我們仍在加大在數位業務上所做的所有工作。因此，雖然這不一定會大幅提高利潤率，因為我們需要投資行銷來實現這一點，但這將會增加收入。我們也認為，由於目前的服務規模非常大，我們將能夠增加大量的線路，我們相信我們將增加很多這樣的人員，這實際上不會對我們造成太大的損害或增加推廣成本。我們主要為不同的公司提供技術和許可，以及各種不同的方式。所以我認為這些將從數字方面推動收入成長。

On the retail side, we have -- we're doing, I think, better as we go forward and executing on plans related to retail, more people at the retail level that will be driving more agent retailers in specific areas. Not in any way a haphazard just throwing retailers out there, but very targeted in the right ZIP codes in the right places where we know there's wires. And that's going to have an impact on that second half as those start to accumulate in the waterfall from that happens.

在零售方面，我認為，隨著我們繼續前進並執行與零售相關的計劃，我們做得越來越好，零售層面的更多人員將推動特定領域的更多代理零售商。我們絕不會隨意地將零售商投放到那裡，而是會非常有針對性地在我們知道有電線的正確位置的正確郵政編碼處投放。這將對下半部分產生影響，因為這些開始在瀑布中累積。

The last piece is, is that we're lapping easier numbers in the second half of the year because the downfall in the Mexico business, particularly started to happen for us in the second half of last year in a more -- in a stronger way than it was in the first half. And so we're lapping a little bit easier numbers. We'll have better plans for retail and the digital business will be catching on and getting more traction as the investment we put in it and some of the folks in the wires as a service start to come through.

最後一點是，我們下半年的業績表現比較平穩，因為墨西哥業務的下滑，尤其是去年下半年開始出現的，而且比上半年更為嚴重。因此，我們的重疊數字會稍微簡單一些。我們將為零售制定更好的計劃，隨著我們投入的投資和一些從事有線服務的人開始發揮作用，數位業務將流行起來並獲得更大的吸引力。

And if you could also comment on margin, that would be awesome.

如果您還能對利潤率發表評論，那就太好了。

Yes. And Chris, the only thing I would add to Bob's comment is, and I think you know you followed us for a while, but we do have some seasonality in the business with 1Q just being a softer quarter overall.

是的。克里斯，我對鮑伯的評論唯一想補充的是，我想你知道你已經關注我們有一段時間了，但我們的業務確實有一些季節性，第一季總體來說是一個比較疲軟的季度。

Right, appreciate the time and just, get back with you. Thank you

好的，感謝您的時間，我會盡快回覆您的。謝謝

Gus Gala of Monness, Crespi, Hardt & Company

Monness, Crespi, Hardt & Company 的 Gus Gala

Hey, good morning, guys. Thank you for taking our questions. To start off, I wanted to focus on retention. I was hoping you could kind of walk us through the volume, maybe it's on a volume basis, maybe it's on net or a GP basis. Could you talk about what that's looked like historically in retail so far as you have visibility? And then in digital, the core Intermex offering, what you've seen in retention versus what came on with Amigo Paisano? And just help us think of the levers that you're pushing on to help with the -- drive further retention in digital in particular? And I have a follow-up.

嘿，大家早安。感謝您回答我們的問題。首先，我想專注於保留。我希望您能向我們介紹一下交易量，也許是基於交易量，也許是基於淨額或 GP。您能否談談就您所知，零售業歷史上的情況如何？那麼在數位領域，即核心的 Intermex 產品中，與 Amigo Paisano 的產品相比，您在保留率方面有何變化？並且能幫助我們思考您正在推動的槓桿，以幫助—特別是推動數位領域的進一步保留？我還有一個後續問題。

Okay. So let me -- I'll address the retail a bit, and then I'll ask Marcelo Theodoro, who's our Chief Digital Officer, to talk a little bit about the digital side and retention. Even though we do have a personal relationship or a direct relationship with consumers at retail, we think about that more related to the agent network. The acquisition of customers happen through the retailers. So let me just take you through first, not to get off track, but that, well, how do we look at how we acquire a new customer or keep a customer.

好的。所以讓我——我將稍微談一下零售業，然後我會請我們的首席數位長馬塞洛·西奧多羅 (Marcelo Theodoro) 談談數位方面和保留方面的問題。儘管我們確實與零售消費者存在個人關係或直接關係，但我們認為這更與代理商網絡有關。客戶的獲取是透過零售商進行的。因此，讓我先帶您了解一下，不要偏離主題，但是，我們如何看待如何獲得新客戶或留住客戶。

Our acquisition costs at retail are CapEx and OpEx are about $2,500 to start up a retailer. And that retailer on the average at the end of year 1, on the average, we will do about 200 wires, which means that we get a payback at retail from a new retailer in about 7 months or so. Those retailers will be -- today, we look at 3 components at retail.

我們在零售方面的收購成本是資本支出和營運支出，啟動零售商的成本約為 2,500 美元。平均而言，在第一年年底，我們將向該零售商進行約 200 次電匯，這意味著我們可以在大約 7 個月左右的時間內從新零售商收回零售成本。這些零售商將是——今天，我們來看看零售的三個組成部分。

We look at same-store, we look at new store and we look at churn. Today, the retail -- today, the retail churn is -- I'm sorry, the retail same-store performance is operating about the same as the retail market. So we think the retail market is about a minus 8% to a minus 10%. And our retail existing agents, we define them as an agent that's here 366 days or more, they have a year-over-year number, they're behaving at about a minus 9%, minus 10%, minus 8%, depending minus 7%, somewhere in those high single digits.

我們專注於同店銷售額、新店銷售額和客戶流失率。今天，零售業——今天，零售業的流失率——對不起，零售業同店業績與零售市場大致相同。因此我們認為零售市場降幅約為-8%至-10%。而我們現有的零售代理商，我們將其定義為在這裡工作 366 天或更長時間的代理商，他們的同比數字大約為 -9%、-10%、-8%，也可能為 -7%，大約在高個位數的某個地方。

The way for us to be able to countervail that, which, by the way, is performing the same as the market, which makes sense, your existing retailers perform about the same is to shorten that churn rate. Those are agents that did wires in last year and do none and then grow our new agent base. And that's why as we talk about driving the wires at retail, we talk about additional people in specific markets like California, Texas, Illinois, where we have a lower market penetration rate, where we know that we have ZIP codes that are unfilled. But where we know, for instance, in markets that we do really well, a metric that we would use is we have about 1,000 or 1,200 foreign borns of a targeted market per agent in markets in the Southeast where we're very dominant, sometimes a 40% market share in a market.

順便說一句，我們可以採取與市場表現相同的措施來抵消這種影響，這是有道理的，您現有的零售商的表現也大致相同，那就是縮短客戶流失率。這些代理商去年曾進行電報業務，但今年卻沒有開展任何業務，因此我們擴大了新的代理商基礎。這就是為什麼當我們談論推動零售業發展時，我們會談論加州、德克薩斯州、伊利諾伊州等特定市場的額外人員，這些市場的市場滲透率較低，我們知道這些地區的郵遞區號尚未填滿。但我們知道，例如，在我們做得非常好的市場中，我們使用的衡量標準是，在我們主導的東南部市場中，每個代理商大約有 1,000 或 1,200 名外國出生的目標市場，有時我們的市場份額達到 40%。

In California and Texas, we might have 5 or 6 foreign borns on the average in big pieces of geography per each agent retailer. So what it tells us in some of those areas, we need 3x or 4x more retailers, and that will be a big part of growing the overall retail business. We would expect that the average retailer will perform like the average market in a year-over-year.

在加州和德州，我們每個代理零售商在大片地區平均可能有 5 或 6 名外國出生的人。因此，這告訴我們，在某些領域，我們需要增加 3 倍或 4 倍的零售商，這將是整體零售業務成長的重要組成部分。我們預計，普通零售商的年比表現將與普通市場相同。

We'll be able to do a little better and some with targeting sort of finding out what the issues are, if there's some shrinkage there related to competitive incursion. But on the average, they're probably going to perform. The issue will be acquiring new real estate in places where we aren't, where we're underdeveloped, and that's really the initiative at retail today.

如果存在與競爭入侵相關的萎縮，我們將能夠做得更好，並有針對性地找出問題所在。但平均而言，他們可能會表現出色。問題在於我們沒有涉足、開發不足的地方收購新房地產，這才是當今零售業真正的主動權。

And I know it's not exactly what you asked, but we don't -- we look at our consumers through the retailer on the retail side. We can tell you how often they use us and all of that, and we do contact them at times with different marketing promotions, but it's mainly driven through the connectivity of the retailer.

我知道這不是您所問的，但我們不會——我們透過零售方面的零售商來看待我們的消費者。我們可以告訴您他們使用我們產品的頻率等等，我們有時也會透過不同的行銷促銷活動與他們聯繫，但這主要是透過零售商的連結性來推動的。

Marcelo, do you want to talk a little bit about digital?

馬塞洛，你想談談數字嗎？

On the digital side, the retention is slightly better than prior quarter. Despite the fact that we invested much more in marketing. So that's powering our growth as stated by Bob in the initial remarks.

從數位方面來看，留存率比上一季略有改善。儘管我們在行銷方面投入了更多。正如鮑勃在最初的評論中所說的那樣，這推動了我們的成長。

You said you had a follow-up. I'm sorry.

您說過您有後續行動。對不起。

Yes, I do. Sorry, I was -- I got myself stuck on mute. The other one I wanted to ask, if you -- could you maybe give us what the cadence was monthly in the quarter? If possible, if you could do it over the channel, that would be awesome. I know you're not going to give us April, but just kind of -- is there any sense of have we maybe hit a trough in the retail foot traffic? Anything that shows that we had a trough or we're nearing stabilization? Anything around that would be super helpful. And thanks for all the color on the prior answer on retention. That's all very helpful.

是的，我願意。抱歉，我──我把自己靜音了。我想問的另一個問題是，您能否告訴我們本季每月的節奏是多少？如果可能的話，如果你可以透過管道做到這一點，那就太棒了。我知道您不會告訴我們四月份的具體數字，但是—我們是否感覺到零售客流量可能已經跌至低谷？有什麼跡象表明我們已經走出低谷或接近穩定？任何與此相關的事情都會非常有幫助。感謝您對之前關於保留問題的詳細回答。這一切都非常有幫助。

Yes. I think that it's a little bit of a funny quarter in the sense that February was a 28-day versus 29. So there is a little bit of a downturn, if you will. It's 1% naturally baked into this quarter, right? And then February was a bit of a downturn from January by what you might expect. The reason we don't usually talk about month-to-month is because they're not perfect comparisons. We look in 4-week segments because what happens is in January, you have 3, what we call stump days, the 29, the 30 and the 31.

是的。我認為這是一個有點奇怪的季度，因為二月是 28 天，而二月是 29 天。所以如果你願意的話，就會出現一點點下滑。這是本季自然而然的 1%，對嗎？正如你所預料的，二月的情況比一月份有所下滑。我們通常不談論月度數據，因為它們並不是完美的比較。我們以 4 週為一個時間段進行查看，因為 1 月份有 3 天，我們稱之為“最後期限日”，即 29 日、30 日和 31 日。

If last year, those days were Friday, Saturday and Sunday, and this year, those days are Saturday, Sunday, Monday, it's going to be a different number. And even worse if last year, they were ended on Monday and this year, it ends on Tuesday, which Monday still is a strong day and Tuesday is one of the weakest days of the year -- of the week.

如果去年這些日子是星期五、星期六和星期日，而今年這些日子是星期六、星期日和星期一，那麼數字就會有所不同。更糟的是，去年的交易在周一結束，而今年的交易在周二結束，而周一仍然是交易量最大的一天，而周二則是一年中、一周中交易量最弱的日子之一。

So we really don't look at the business on a monthly basis. We look at it when we look at how we grew transactions and principal. We look at it in 4-week segments because that's a perfect comparison. And if we look at it by the month, it kind of -- February is the perfect example. Last year, it's 29 versus 28. But even in January, the stump days would be different, which will throw that number out. So you can get a sense about, oh, we did better, oh wait, we did worse. But really, when you look at the 4 weeks, it's relatively stable. We think that a lot of whether the trough is there or not.

所以我們其實並不是按月來看業務的。當我們研究交易和本金如何成長時，我們就會關注這一點。我們以四周為一個時間段來觀察，因為這樣比較起來比較準確。如果我們以月份來看，二月就是一個完美的例子。去年，雙方的比數是 29 比 28。但即使在一月份，競選截止日期也會有所不同，這會導致該數字不準確。所以你可以感覺到，哦，我們做得更好了，哦等等，我們做得更糟了。但實際上，當你觀察這四周時，它是相對穩定的。我們思考很多問題，不管低谷是否存在。

I think there's 2 things that will react to how we perform at retail going forward. First is the macro environment. And I think once that settles into a new normal, I don't even think there has to be an easing of the current administration's approach to immigration. I mean, if you look, there's been prior administrations, if you play their speeches, President Obama said similar things to Trump -- President Trump and said, if you're here illegally, you will be deported.

我認為有兩件事將對我們未來在零售業的表現產生影響。首先是宏觀環境。我認為，一旦這種情況成為新常態，現任政府就沒有必要放寬移民政策。我的意思是，如果你看前幾屆政府的演講，你會發現歐巴馬總統也對川普說過類似的話——川普總統說，如果你非法居留在這裡，你將被驅逐出境。

So it's -- those things will be gotten used to, if you will. I hate to say it that way, but the new normal will come in. There are a huge amount of immigrants here working, and there's no way -- easy way to deport them all nor is there a way to replace the work they do, particularly in agriculture.

所以——如果你願意的話，這些事情將會被習慣。我不想這樣說，但新常態終將到來。這裡有大量移民在工作，沒有辦法——輕易地將他們全部驅逐出境，也沒有辦法取代他們所做的工作，特別是在農業領域。

So I think that there probably will be some easing over time. But if there isn't a new normal, we'll kind of set in. I think we have consumers today and talking to our retailers that don't necessarily want to go to retail. But they have to because many, many consumers either don't trust or are not equipped to do digital. It's not because of the technology, it's because of the banking. If you're undocumented, you may not have the banking relationship to be able to do a digital transaction. And we think that group could be 60%, 70% of the -- when you hear the numbers by the administration, makes sense, could be 60%, 70% of the folks that are here. I think that's the first piece of it.

所以我認為隨著時間的推移可能會有所緩解。但如果沒有新的常態，我們就會適應。我認為，今天我們的消費者正在與我們的零售商交談，他們並不一定想去零售店。但他們必須這麼做，因為很多消費者要不是不信任數位化，就是沒有能力實現數位化。這並不是因為技術，而是因為銀行業務。如果您沒有證件，您可能無法與銀行建立聯繫進行數位交易。我們認為這個群體可能佔到這裡的 60% 到 70%——當你聽到政府提供的數字時，就會明白，這個群體可能佔到這裡的 60% 到 70%。我認為這是第一部分。

The second piece is we're shifting our approach a bit at retail and whereas we are a value-added high-quality provider, we also recognize that at the increment, we will be different and more aggressive for incremental wires. So we'd much rather do 6 million wires a month versus 5 million. If that last million wires actually brought down our average margin, we're not going to touch the 5 million that we have in the basket, but we can be aggressive in states like California and Texas and make a lot more money, deliver a lot more EBITDA and create even better EBITDA margins we have by being aggressive in a rifle-shot approach. And that's the kind of stuff that I'm talking about that's underway as we speak that the waterfall has not yet been created that will impact that second half.

第二點是，我們在零售方面稍微改變了我們的策略，雖然我們是一家增值的高品質供應商，但我們也認識到，在增量方面，我們將有所不同，並且對增量線路採取更積極的措施。因此，我們寧願每月發送 600 萬條電報，而不是 500 萬條。如果最後那百萬筆電匯確實降低了我們的平均利潤率，我們就不會動用我們現有的 500 萬美元，但我們可以在加利福尼亞州和德克薩斯州等地積極行動，賺取更多利潤，實現更多 EBITDA，並通過積極採取“步槍射擊”策略創造更好的 EBITDA 利潤率。這就是我所說的正在發生的事，瀑布尚未形成，它將影響下半場。

And it will be -- I don't want you to think that these high margins we have in places like Tennessee or other parts of the East, I just gave signals to all the little crop guys out there, they're not on the -- but to go after our states. But in the Southeast, those margins aren't going to be touched because we don't need to because we're doing great. What we need to do is on the margin where we have opportunities, and we're going to be much more nimble at that. And we have a data scientist now that does nothing but work on the pricing. He works with our Chief Operating Officer from the retail side, Andrew Kugbei and working through all of that on a daily basis, and we think we're making huge headway with that.

而且它會是——我不希望你們認為我們在田納西州或東部其他地區擁有如此高的利潤率，我只是向那裡的所有小農作物種植者發出信號，他們不是在——而是在追逐我們的州。但在東南部，這些利潤不會受到影響，因為我們不需要這樣做，因為我們做得很好。我們需要做的是在有機會的邊緣，並且我們會在這方面更加靈活。我們現在有一位資料科學家，專門負責定價工作。他與我們零售方面的營運長 Andrew Kugbei 一起每天處理所有這些工作，我們認為我們正在這方面取得巨大進展。

Great, I appreciate all the great colors. I'll jumping back into the queue.

太棒了，我很欣賞所有這些美麗的色彩。我將重新回到隊列中。

Mike Grondahl of Northland

北地的麥克·格朗達爾

Hey, Bob and Andrew, thanks. Hey, first question, have you thought at all about pulling back on your incremental investment in digital or I don't know, pushing it out a quarter or two, or is it kind of full systems go there?

嘿，鮑勃和安德魯，謝謝。嘿，第一個問題，您是否考慮過減少對數位領域的增量投資，或者我不知道，將其推遲一兩個季度，還是將整個系統都推遲到那裡？

It's full systems go. It's -- we know it's the right thing for the business. We think a balanced business portfolio that approaches looking like the market in terms of proportionality. It's a moving target. So when we get there, if we get there, but we're going to continue to move that digital business, and we think we're moving it and we'll move it very profitably with the current customer acquisition and the lifetime value of the customer that it will be a profitable business. And I think this is the time to do that. I think it's the right time and it's the right time for that investment for us.

一切系統都已運作。我們知道這對企業來說是正確的。我們認為，平衡的業務組合在比例上與市場相似。這是一個移動的目標。所以，當我們到達那裡時，如果我們到達那裡，但我們將繼續推動數位業務，我們認為我們正在推動它，並且我們將透過當前客戶獲取和客戶終身價值以非常有利可圖的方式推動它，這將是一項有利可圖的業務。我認為現在正是這樣做的時候。我認為現在是正確的時機，也是我們進行投資的最佳時機。

And again, we're not -- we're not in a position nor is it the style of our company to go and overinvest and not manage that. We've been very good operators, very good custodians of every nickel in the company, and we'll continue to do that and monitor the response of that. But it is the right time. And I think our wires as a service for us is a positive sleeping giant, right? I think that there's just a lot of business out there that we can get with people that we can process for that may not be millions of wires per, but it could be 10,000 here and 20,000 there. These things add up the margins on them are not quite as good as our own business. But what's really great about them is there's the investment. It's just simply things we've already done, our technology, our licenses, our banking relationships, not all needed in every case. It's a cafeteria style.

再說一次，我們不會——我們公司不會過度投資，也不會管理過度投資，這也不是我們的風格。我們一直是公司非常優秀的營運者，非常善於管理公司的每一分錢，我們將繼續這樣做並監控其反應。但現在正是正確的時機。我認為我們的電線服務對我們來說是一個積極的沉睡巨人，對嗎？我認為，我們可以處理的業務量很大，可能不是每人數百萬筆電匯，但這裡可能有 10,000 筆，那裡可能有 20,000 筆。這些加起來，它們的利潤率就不如我們自己的業務。但它們真正偉大的地方在於投資。這只是我們已經做過的事情，我們的技術、我們的許可證、我們的銀行關係，並不是每種情況下都需要的。這是自助餐廳風格。

So the wires as a service client may not need all of those, but those are all available for them. And those are great -- going to be a great boost, continue to be a great boost for our digital business overall, while we invest specifically into our growing our own brand, Intermex and our other brand now, Amigo Paisano. The thing that I think that we've never yet encountered and it's because of the strength of retail, when we see that principal amount be almost 4% growth in the company overall, but our retail principal amount is very flat.

因此，線路即服務客戶端可能不需要所有這些，但這些對他們來說都是可用的。這些都很棒——將是一個巨大的推動，並將繼續極大地促進我們整個數位業務的發展，同時我們專門投資於發展我們自己的品牌 Intermex 和我們的另一個品牌 Amigo Paisano。我認為我們從未遇到過這種情況，這是由於零售業務的強勁表現，我們看到公司整體的本金金額增長了近 4%，但我們的零售本金金額卻非常持平。

So it means this melting ice cube that people speak about is not there. It's not true. We see the retail as highly profitable. But if we started to see a sharper drop there, we can be much more aggressive in providing the digital opportunity for consumers that are leaving retail. And we do some of that today, but we don't believe we're in a catastrophic or anywhere near that situation where we want to risk the very high profitability retail and the agent relationships we have to be able to aggressively convert those customers.

所以這意味著人們所說的融化的冰塊並不存在。這不是真的。我們認為零售業利潤很高。但如果我們開始看到更急劇的下降，我們可以更積極地為離開零售業的消費者提供數位化機會。我們今天確實做了一些這樣的事情，但我們不認為我們正處於災難性的境地，或者任何接近災難性的境地，我們不想冒險失去盈利能力極高的零售和代理關係，我們必須能夠積極地轉化這些客戶。

So we feel we've got a ton of options at our disposal. We're still one of the largest -- we are the largest provider in the world to Guatemala, and we are still amongst those to Mexico, the 2 most profitable largest markets to Latin America, and we will continue to do that, but continue to do it very carefully so that we're growing that digital side without degrading our overall profitability and value of earnings per share for our shareholders.

因此，我們覺得我們有很多選擇。我們仍然是最大的供應商之一——我們是危地馬拉全球最大的供應商之一，我們仍然是墨西哥供應商之一，這兩個市場是拉丁美洲最賺錢的市場，我們將繼續這樣做，但會繼續非常謹慎地做，以便在不降低我們的整體盈利能力和股東每股收益價值的情況下發展數位業務。

Got it. Bob, you've mentioned kind of a strong pipeline for wires as a service. Is much of that embedded in kind of baseline 2025 guidance? Does that represent upside? Or how should we think about that as it comes online?

知道了。鮑勃，您提到了一種強大的線路即服務管道。其中大部分是否包含在 2025 年基準指引中？這是否代表著好處？或者當它上線時我們應該如何看待它？

Yes. I think we've been really conservative about how we've looked at that because we wanted to make sure that we had an engine related to -- there's a lot of things with wires as a service that have to be at that front end, our legal side of the business, our accounting side and our technology. And we put aside now a team of people that work directly within the departments, but are also siloed with Marcelo that are making sure that we're able to push these things through more quickly and get the all of the necessary components of the wires as a service done faster. And so all of that is an upside because we're continuing to evolve it. And so we want to make sure that these things are all different.

是的。我認為我們對此的看法一直非常保守，因為我們想確保我們有一個與之相關的引擎——電線作為一種服務有很多東西必須處於前端，我們的業務的法律方面，我們的會計方面和我們的技術。我們現在設立了一個團隊，直接在部門內工作，但也與馬塞洛 (Marcelo) 合作，確保我們能夠更快地完成這些工作，並更快地完成電線服務所需的所有必要組件。所以所有這些都是好處，因為我們正在不斷地改進它。因此，我們希望確保這些事情都是不同的。

The contractual piece can be put through really quickly and the accounting piece, because sometimes we're going to have the revenue by regulation, sometimes they're going to have the revenue. We have to decide on all of those different factors, but -- and then ultimately, the technology. Once we have a basic couple of components that you can pick as a wires as a service, and we're getting to that now, the technology piece will be really easy. It's kind of a plug and play. And we think that there's -- we'll be soon in a place where we'll put more people on the street to actually be selling our wires as a service. And we think there's a lot of right in the marketplace and also adjacent customers for that. And we haven't counted that upside in our numbers today.

合約部分和會計部分可以很快完成，因為有時我們會根據規定獲得收入，有時他們會獲得收入。我們必須根據所有這些不同的因素做出決定，但最終還是要考慮技術。一旦我們有了幾個基本組件，您可以選擇將它們作為線路即服務，我們現在就開始這樣做，技術部分將變得非常簡單。這是一種即插即用的方式。我們認為，我們很快就會讓更多的人走上街頭，真正地將我們的電線作為一項服務來銷售。我們認為市場上以及週邊客戶都存在著許多這樣的機會。我們今天的數字中還沒有計算這一上漲。

Got it. And then one last one. The larger principal amounts happening a little bit less often, I'm assuming that was the primary reason for the slightly softer quarter and revised guidance. Is it -- are you able to quantify that in 1Q, like that was a couple of million, $4 million or $5 million? Is that thinking generally correct?

知道了。還有最後一個。較大的本金金額發生的頻率稍微低一些，我認為這是本季業績略微疲軟和指引修訂的主要原因。您能量化第一季的數字嗎，例如是幾百萬、400 萬美元還是 500 萬美元？這種想法大致正確嗎？

Yes. Mike, we commented on it in the script, but I think the answer is yes. I think if the same amount of principal was sent in more normalized amounts, you would have seen $2 million to $3 million more EBITDA in the quarter and probably $7 million to $10 million more in revenue when we went and did the calculation. So that was the real difficulty for us to navigate in the quarter. It's just that the volume was there. It was just coming in.

是的。麥克，我們在劇本中對此進行了評論，但我認為答案是肯定的。我認為，如果以更規範的金額發送相同數額的本金，當我們進行計算時，你會看到本季度的 EBITDA 增加 200 萬至 300 萬美元，並且收入可能會增加 700 萬至 1000 萬美元。所以這是我們本季面臨的真正困難。只是音量在那裡。它剛剛進來。

Right. It came -- the mix was different.

正確的。它來了——混合物是不同的。

Yes. I mean, just the unit economics for everyone on the phone that when someone sends $1,000 -- $800, we still get a $10 fee. We make a lot more FX because we make the FX on the $800. But if they send $200, $400, we get two $10 fees plus the same FX. So the FX and the margin that we're getting per wire kind of looks good because the principal amounts up and there's more FX, but it reduced not necessarily 2 to 1, but maybe 5 to 4 or maybe 6 to 5 or whatever.

是的。我的意思是，對於電話裡的每個人來說，單位經濟學是這樣的，當有人發送 1,000 美元到 800 美元時，我們仍然會收取 10 美元的費用。我們製作的 FX 數量更多，因為我們以 800 美元為單位製作 FX。但如果他們匯款 200 美元、400 美元，我們會收取兩筆 10 美元的費用加上相同的外匯。因此，我們每筆電匯獲得的外匯和保證金看起來不錯，因為本金增加了，外匯也增加了，但它減少的比例不一定是 2 比 1，可能是 5 比 4，或者 6 比 5，或者其他比例。

And we're not sure, as we said in the script, we don't know what's exactly caused this. Could be people want to be out in public less often, could be that people want to send any extra money they have out. But we do think that if we had sent. But it does -- I think it's two things.

而且我們不確定，正如我們在劇本中所說的那樣，我們不知道究竟是什麼導致了這種情況。可能是因為人們不想經常外出，也可能是人們想把多餘的錢花出去。但我們確實認為，如果我們已經發送了。但確實如此——我認為這是兩件事。

One, it says where we would have been without that shift. But two, the vibrancy still of the retail market for those people that think this is falling off a cliff, there's no way we can have 91% of our business at retail and grow our principal at 4% in a market that was crashing. It's just not especially a market that where the border is sealed, right? It still shows the strength of the overall retail market and particularly our retail business.

一是它顯示瞭如果沒有這種轉變我們會是什麼樣子。其次，對於那些認為零售市場正在走下坡路的人來說，零售市場仍然充滿活力，我們不可能在市場崩盤的情況下將 91% 的業務集中在零售領域，並將本金成長率控制在 4% 左右。這不是一個邊境封鎖的市場，對嗎？它仍然顯示了整體零售市場，特別是我們的零售業務的實力。

And again, I want to be careful. I know you didn't ask this, Mike. For those others listening out there, this does not mean that we're -- I know people have a real problem with understanding how we can do 2 profitable things. They think you got to lose a lot of money like some people to just be all digital.

我再說一遍，我要小心。我知道你沒有問這個問題，麥克。對於其他聽眾來說，這並不意味著我們——我知道人們確實很難理解我們如何做兩件有利可圖的事情。他們認為，如果要實現全面數位化，就必須像某些人一樣損失很多錢。

We just happen to think it'd be really great to return a lot of money to our shareholders on a quarterly basis while we build a great digital business and not go and hawk on our shareholders' backs to do that. And I know there's a lot of analysts out there that think the retail business is dead, well, they're wrong. It's not. That's why we're in it. I've been at this a long time, and we'll continue to build digital, but we'll build it from these proceeds and profits that we have from the strong retail market, which we excel at.

我們只是碰巧認為，在我們打造出色的數位業務的同時，每季向股東返還大量資金是一件非常好的事情，而不是去向股東兜售這種東西。我知道有很多分析師認為零售業已經死亡，但他們錯了。它不是。這就是我們參與其中的原因。我在這個領域已經工作了很長時間，我們將繼續建立數位化，但我們將利用我們所擅長的強勁零售市場所帶來的收益和利潤來建立數位化。

Sounds good.

聽起來不錯。

Alex Markgraff of KBCM

KBCM 的 Alex Markgraff

Hey everyone, thanks for taking my question. Sort of along the lines of the principal amount and transaction dynamic. Andras, I know you mentioned some expectation that continues into the near future. I guess just maybe level set for us within the guide, what's assumed there? Any sort of worsening assumed in that guide around that dynamic?

大家好，感謝你們回答我的問題。有點像本金金額和交易動態。安德拉斯，我知道您提到了一些在不久的將來會持續的期望。我猜也許只是指南中為我們設定的級別，那裡假設了什麼？該指南中假設了有關該動態的任何惡化情況嗎？

Yes. I think we expect the trend to continue in Q3 and Q4, where that year-over-year transactions down, volume up, let's speak more broadly. But I think we've modeled in that getting a bit better towards year-end because we do believe in time, there's going to be a reset to the new normal. But I think if you look year-over-year in the guide, we still do have that dynamic of transactions down and volume up year-over-year. So that's what we're anticipating.

是的。我認為我們預計這一趨勢將在第三季和第四季繼續下去，即交易量同比下降，交易量上升，讓我們更廣泛地講。但我認為我們已經模擬出年底情況會有所好轉，因為我們確實相信隨著時間的推移，情況會恢復到新的常態。但我認為，如果你查看指南中的同比情況，我們仍然會看到交易量同比下降、交易量同比上升的動態。這就是我們所期待的。

Okay. And then if I could just ask one on OpEx, and I would appreciate any comments just on the agility in the organization just from your current position, obviously, have exhibited quite a bit so far. Just sort of curious what sort of agility is left on the table as you think about the OpEx base and some investment priorities?

好的。然後，如果我可以就 OpEx 提問，並且我很感激您對組織敏捷性的任何評論，僅從您目前的職位來看，顯然到目前為止已經表現出了相當多的敏捷性。我只是有點好奇，當您考慮營運支出基礎和一些投資重點時，還剩下什麼樣的靈活性？

Yes. No, in terms of the agility on OpEx, I think one of the things about the company is we're very much built around efficiency. So there's not a lot of fat that sits to cut. We zero base everything every year. So it's not like we have a big slate of 200 folks worth of costs we can take out. We're continually leveling up and leveling down the costs as needed. That's why from a salaries perspective, you're talking maybe 1% year-over-year. You will continue to see G&A grow and most of that G&A growth is really going to be the investment in digital. We continue to be as stingy as we need elsewhere. So I would expect you're going to see salaries and benefits staying relatively stable, maybe down some as we get some efficiencies. But from a G&A standpoint, that is going to go up because of the marketing and digital.

是的。不，就營運支出的靈活性而言，我認為公司的特點之一是我們非常注重效率。因此，不需要削減太多的脂肪。我們每年都會將一切從零開始。因此，我們無法負擔 200 人左右的巨額費用。我們會根據需要不斷提高或降低成本。這就是為什麼從薪資角度來看，你可能會說年增 1%。您將繼續看到 G&A 的成長，而 G&A 的成長大部分實際上將來自於對數位領域的投資。我們在其他地方繼續保持必要的吝嗇。因此，我預期你會看到薪資和福利保持相對穩定，隨著效率的提高，也許會下降。但從一般及行政費用的角度來看，由於行銷和數位化的原因，這一數字將會上升。

Okay. That's super helpful. If I could just squeeze in one more on the digital revenue number for this quarter. I think sequentially, it was a little bit lower than the fourth quarter. Is that just seasonality? Or is there anything else to understand about that?

好的。這非常有幫助。如果我可以再多說一點關於本季的數位收入數字的話。我認為，與上一季相比，這一數字略低於第四季。這只是季節性嗎？或者關於這一點還有其他需要了解的嗎？

No, it's mostly related to the volumes. The first quarter tends to be a little bit lower than the fourth quarter. But when we look at Q2, we see the trend growing again more than we did in Q1.

不，這主要與數量有關。第一季的成長速度通常比第四季略低。但當我們回顧第二季度時，我們發現這一趨勢比第一季更加強勁。

Yes. And just in the industry, October and December are amongst the biggest months of the year in fourth quarter, obviously. And in first quarter, the weakest month of the year is January and tied for the second with November is February. So you have -- you're sequencing the one of the strongest quarters, if not the strongest quarter of the year with the weakest quarter of the year. So that's why we kind of always in our industry look at a year-over-year number and the year-over-year growth. And so that's why we focus on the 70% year-over-year growth, not the sequential.

是的。就行業而言，十月和十二月顯然是第四季度一年中最大的月份之一。而在第一季度，一年中最疲軟的月份是1月，與11月並列第二的是2月。所以，你要將一年中最強勁的季度之一（如果不是一年中最強勁的季度）與一年中最弱的季度進行排序。這就是為什麼我們行業中總是關注同比數字和同比增長。這就是為什麼我們關注的是 70% 的同比增長，而不是環比增長。

Okay, I appreciate all the the answers thanks guys.

好的，我很感謝大家的回答。

Andrew Harte of BTIG.

BTIG 的 Andrew Harte。

Hi, thanks. I appreciate the question. Bob, I appreciate the commentary, right. I think you said you can't speculate right now why there's fewer transactions and higher principal per transaction going on. But I think something you did say is longer term, you do not think that it's a long-term shift in the consumer behavior. So I guess, can you just kind of share a little bit of why you have confidence that it will shift back to what it's historically been like? And have you seen any of that shift so far here in the second quarter?

你好，謝謝。我很感謝你提出這個問題。鮑勃，我很欣賞你的評論，對的。我想您說過，您現在無法推測為什麼交易量減少，而每筆交易的本金卻增加。但我認為您所說的是長期的事情，您不認為這是消費者行為的長期轉變。所以我想，您能否稍微分享一下為什麼您有信心它會恢復到歷史狀態？到目前為止，您在第二季度看到了這種轉變嗎？

Yes. I think first, I want to be clear, there's a lot of land between think and confidence, right? So we've said we think it will go back. We're not confident it will go back. We've never suggested that. We don't have that in our plans, in our projection. We're not assuming that. So I think the reason that we would think that is that historically, we haven't had sharp increases like this unless there is an FX reason for it. Like you might have an election in Mexico and the peso weakens to [MXN24], and you'll see huge principal amounts go up because in people's minds, the peso is on sale and the money is worth more money on the other side of the border at MXN24 per dollar than it is on the northern side of the border.

是的。我認為首先，我想明確一點，思考和信心之間有很大的差距，對嗎？所以我們說我們認為它會回升。我們不確定它會恢復。我們從來沒有提出過這樣的建議。我們的計劃和預測中沒有考慮到這一點。我們並不認為如此。所以我認為我們之所以會這麼想，是因為從歷史上看，除非有外匯原因，否則我們從未出現過如此大幅的成長。例如，墨西哥可能舉行選舉，比索貶值至 [MXN24]，你會看到巨額本金上漲，因為在人們的心目中，比索正在打折，邊境另一邊的貨幣價值比邊境北邊更高，因為邊境另一邊的貨幣兌換率為 24 墨西哥比索兌 1 美元，而邊境北邊的貨幣價值則更高。

But we haven't seen these kinds of phenomena. It is a little bit different times either from a perception perspective or a reality perspective with the border. And I think, however, we don't know, we suspect talking to our retailers. It's not an exact science. Our retailers are small business people, but they believe that foot traffic is down.

但我們還沒有看到這類現象。無論是從感知角度還是從現實角度來看，這都是一個略有不同的時代。但我認為，我們不知道，我們懷疑正在與我們的零售商交談。這不是一門精確的科學。我們的零售商都是小企業主，但他們認為客流量正在下降。

There's less wires, and they feel like the reason is that consumers are concerned with being congregating at places where many of them might be and having a visit from ICE, right, immigration that might come there and check IDs and deport people, right? So whether that's -- we don't know. It's unscientific. That's the best data we have right now. We're not seeing any shift yet in that. But again, it's sort of a perspective that we have in trying to identify what's happening.

電話線變少了，他們覺得原因是消費者擔心在許多人聚集的地方可能會被 ICE 等移民局人員來檢查身份證並驅逐出境，對嗎？所以這是否是——我們不知道。這是不科學的。這是我們目前擁有的最佳數據。我們尚未看到任何變化。但同樣，這是我們試圖確定正在發生的事情的一種觀點。

That's really helpful color. And then on the digital side of the business, I guess 2 questions here. The first part, with the 70% growth, I think, obviously, that was aided a bit by Amigo Paisano. So can you just share kind of what digital looks like?

這顏色確實很有幫助。然後關於業務的數位化方面，我想這裡有兩個問題。第一部分，70% 的成長，我認為，顯然，這要歸功於 Amigo Paisano 的幫助。那可以分享一下數位化是什麼樣子的嗎？

No, let me be really clear for everybody listening. It was not aided in any way. Amigo Paisano was in our number before, and it's in our number now. So it was not -- there's no -- there's nothing in here that's nonorganic. This is organic growth between our wires as a service, Amigo Paisano and our own business. And it is a year-over-year growth, a real growth of 70% in the first quarter, and that has increased to 80% in April.

不，讓我向所有聽眾清楚講清楚。它沒有得到任何幫助。Amigo Paisano 以前在我們的號碼中，現在也在我們的號碼中。所以它不是——沒有——這裡沒有任何非有機的東西。這是我們的電線即服務、Amigo Paisano 和我們自己的業務之間的有機成長。而且同比增長，第一季實際增長了70％，4月份增長到了80％。

Okay. That's great clarification. And then the second part is the commentary on customer acquisition and digital is better than expected. So I guess, is that giving you confidence they want to actually lean into it even more as opposed to pull back on the other side of the plan?

好的。這澄清得很好。第二部分是關於客戶獲取和數位化的評論比預期的要好。所以我想，這是否讓你有信心他們實際上想要更傾向於該計劃，而不是撤回該計劃的另一方？

You can just follow our plan, right, is what we're trying to do. So I'll let Marcelo comment more on that, but we're certainly not planning on pulling back, but we can evaluate if we're getting a really great return, then that's certainly something we can take a look at whether we would invest more. But Marcelo, do you want to --

你只要按照我們的計劃去做就可以了，對的，這就是我們正在嘗試做的。因此，我會讓馬塞洛對此發表更多評論，但我們當然不打算撤退，但我們可以評估我們是否獲得了非常好的回報，那麼我們當然可以看看我們是否會投入更多。但是馬塞洛，你想--

No, perfect, Bob. We are very confident with the results that we achieved in Q1. We keep investing very meaningfully, but thoughtfully about exactly what was in the plan. We also are seeing growth in value-added services that we are offering through our digital solutions. So now we are offering top-up. We are offering due payments. So while we are still reporting the gross margin per transaction related to remittance, there is an additional component that is more revenue coming from the same consumer with other products.

不，完美，鮑伯。我們對第一季所取得的業績非常有信心。我們持續進行非常有意義的投資，但會仔細考慮計劃的具體內容。我們也看到透過數位解決方案提供的增值服務正在成長。因此我們現在提供儲值服務。我們提供到期付款。因此，雖然我們仍在報告與匯款相關的每筆交易的毛利率，但還有一個額外的組成部分，即來自同一消費者的其他產品帶來的更多收入。

Our vision for the industry that we didn't mention yet clearly during this call is to be a financial services provider. So every dollar that we invest in customer acquisition has the potential to become a higher return per consumer than we had in the past. So to confirm your question, yes, we are confident of what we did, and we are going to keep investing as planned.

我們在這次電話會議中尚未明確提到的產業願景是成為金融服務提供者。因此，我們在客戶獲取方面投入的每一美元都有可能帶來比過去更高的每位消費者回報。所以為了確認你的問題，是的，我們對我們所做的充滿信心，我們將繼續按計劃進行投資。

Thank you, I appreciate the question.

謝謝，我很感謝你的提問。

Gus Gala of Monness, Crespi, Hardt & Company.

Monness、Crespi、Hardt & Company 的 Gus Gala。

Bob, I just wanted to see if I could get you to riff a little bit on what you're seeing in terms of pricing rationality across retail and digital in the industry. Any interesting observations, how are people behaving? I think in the past, we've seen people try to take down price when they're struggling. Just talk about rationality in the industry, that would be helpful.

鮑勃，我只是想看看我是否可以讓您就零售和數位行業定價合理性方面所看到的情況進行一些即興的討論。有什麼有趣的觀察嗎？人們的行為如何？我認為在過去，我們看到人們在遇到困難時試圖降低價格。只要談論行業的合理性，就會有所幫助。

Yes. I think that there's -- I won't mention names, but there's one key independent provider that is private equity owned that we think has pulled back a bit because of just wanting to make money, hopefully, private equity firm sponsoring them. We see that in more cases where we think that pricing -- we've taken -- again, I've talked about that reporting to Andrew, we have a data scientist. And when we're looking at it, today, we're very competitive price-wise at retail. There's places we're better than the competition, places where we're worse, but we do believe we have a superior product. And we think pricing, we're in a really good spot.

是的。我認為——我不會提及名字，但有一家主要的獨立供應商是私募股權所有的，我們認為它已經有所退縮，因為它只想賺錢，希望私募股權公司能贊助它。我們看到，在更多情況下，我們認為定價 - 我們已經採取了 - 再次，我已經談到向安德魯的報告，我們有一位數據科學家。從今天的角度來看，我們的零售價格非常具有競爭力。有些地方我們比競爭對手更好，有些地方我們更差，但我們確實相信我們擁有更優質的產品。我們認為，就定價而言，我們處於一個非常好的位置。

We talk about overall and the agents we're in. Now what I've been talking about, though, is to go out and acquire another 25% more wires, right? Those wires are in markets that are more competitive, and we may require in those places for us to be more aggressive in price. But from our perspective, if we picked up 1 million incremental wires and our average margins today are between $4 and $5. I won't be any more specific than that. And that 1 million wires came in at [$3.75]. We're delighted at that. That's going to drive the bottom line dramatically. It's about -- that's almost -- that's more than $40 million in gross margin annually, which we probably bring down $15 million to $20 million of that to the very bottom line.

我們討論整體情況以及我們所在的代理商。不過，我現在談論的是出去再買 25% 的電線，對嗎？這些電線處於競爭更加激烈的市場，我們可能需要在這些地方採取更具競爭力的價格。但從我們的角度來看，如果我們增加 100 萬條電線，我們今天的平均利潤就在 4 到 5 美元之間。我不會說得更具體了。而那 100 萬條電線[3.75美元]。我們對此感到很高興。這將極大地推動獲利成長。大約——差不多——每年的毛利超過 4,000 萬美元，我們大概會把其中的 1,500 萬到 2,000 萬美元降到最低。

So we will use from our perspective, price as an attacking mechanism where we don't have wires, we're getting a margin of [$3.75] on 1,000 wires is a wonderful thing because we had 0 wires. But what we don't see is a need for us to degrade the core pricing that we have, which in March from our all-in business was 4.7 million wires.

因此，從我們的角度來看，我們將使用價格作為一種攻擊機制，在我們沒有電線的情況下，我們在 1,000 根電線上獲得 [3.75 美元] 的利潤是一件很棒的事情，因為我們沒有電線。但我們認為沒有必要降低現有核心定價，3 月我們全部業務的核心線路銷售量為 470 萬條。

And again, that's a mixture of La Nacional and our transfer and all everything together, but we don't see a need to be aggressive in price in that area because we think, if anything, pricing has probably been a slight bit of a pullback. There's still a couple of guys out there that are really aggressive in price. But you have to be really careful because what you hear, not that you hear it, but what we might hear from our -- because the salespeople are always going to tell you the other guys much better FX.

再說一次，這是 La Nacional 和我們的轉會以及所有一切的混合體，但我們認為沒有必要在該領域採取激進的價格，因為我們認為，如果有的話，定價可能只是略微回落。仍然有一些人在價格上非常激進。但你必須非常小心，因為你聽到的，不是你自己聽到的，而是我們可能從我們這裡聽到的——因為銷售人員總是會告訴你其他人有更好的 FX。

But when we have -- really do the survey and we have independent people even in our company do that with a data scientist, we find that pricing is not nearly the issue that we might hear if we're dealing with directly data that comes from our agent retailers, for instance, that are always going to want us to add a few centavos makes their job easier, right? So that's where we -- I would describe it today.

但是，當我們真正進行調查，甚至在我們公司內部有獨立人員與數據科學家一起進行調查時，我們發現，如果我們直接處理來自代理零售商的數據，定價幾乎不是我們可能聽到的問題，例如，他們總是希望我們增加幾分錢，讓他們的工作更容易，對嗎？這就是我們今天要描述的地方。

Thank you for all the help I apologize. Good luck in summer.

感謝您的所有幫助，我很抱歉。祝你夏天好運。

Thank you, appreciate it.

謝謝，感激不盡。

Thank you. I'm showing no further questions at this time. I'd like to turn it back to Bob Lucy for any closing remarks.

謝謝。我目前沒有其他問題。我想把話題轉回給鮑伯露西 (Bob Lucy)，請他做最後的總結發言。

Thank you all for your time and attention, and I know we'll be speaking to some of you here in the upcoming hours. We look forward to that. Have a great day. Thanks.

感謝大家的時間和關注，我知道我們將在接下來的幾個小時與你們中的一些人交談。我們對此充滿期待。祝你有美好的一天。謝謝。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。