西聯匯款 (WU) 2023 Q1 法說會逐字稿

Good day, and welcome to the Western Union First Quarter 2023 Results Conference Call. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎來到西聯匯款 2023 年第一季度業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Tom Hadley, Head of Investor Relations. Tom, please go ahead.

我現在想將會議轉交給投資者關係主管湯姆哈德利。湯姆，請繼續。

Thank you. On today's call, we will discuss the company's first quarter 2023 results, and then we will take your questions. The slides that accompany this call and webcast can be found at westernunion.com under the Investor Relations tab and will remain available after the call. Additional operational statistics have been provided in supplemental tables with our press release.

謝謝。在今天的電話會議上，我們將討論公司 2023 年第一季度的業績，然後我們將回答您的問題。本次電話會議和網絡廣播附帶的幻燈片可在 westernunion.com 的“投資者關係”選項卡下找到，電話會議結束後仍可使用。我們的新聞稿的補充表格中提供了額外的運營統計數據。

Joining me on the call today is our Chief Executive Officer, Devin McGranahan; and our Chief Financial Officer, Matt Cagwin. Today's call is being recorded, and hour comments include forward-looking statements. Please refer to the cautionary language in the earnings release and in Western Union's filings with the Securities and Exchange Commission, including the 2022 Form 10-K for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements.

今天和我一起參加電話會議的是我們的首席執行官 Devin McGranahan；以及我們的首席財務官 Matt Cagwin。今天的電話正在錄音中，小時評論包括前瞻性陳述。請參閱收益發布和西聯匯款向美國證券交易委員會提交的文件中的警示性語言，包括 2022 年 10-K 表格，了解有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息。

During the call, we will discuss some items that do not conform to generally accepted accounting principles. We have reconciled those items to the most comparable GAAP measures in our earnings release attached to our Form 8-K as well as on our website, westernunion.com, under the Investor Relations section.

在通話期間，我們將討論一些不符合公認會計原則的項目。我們已將這些項目與 8-K 表所附的收益發布以及我們網站 westernunion.com 的“投資者關係”部分下的最具可比性的 GAAP 措施進行了核對。

I will now turn the call over to our Chief Executive Officer, Devin McGranahan.

我現在將把電話轉給我們的首席執行官德文麥格拉納漢。

Good afternoon, and welcome to Western Union's First Quarter 2023 Financial Results Conference Call. We are pleased with the progress we are making on our Evolve 2025 strategy and are generally positive about our first quarter results.

下午好，歡迎來到西聯匯款 2023 年第一季度財務業績電話會議。我們對我們在 Evolve 2025 戰略上取得的進展感到滿意，並對我們的第一季度業績總體上持樂觀態度。

As we have discussed previously, we see our evolution as a 2- to 3-year journey to return the company to sustainable, positive revenue growth. In the near term, changing the trajectory for new customer acquisition and transaction growth has been our priority.

正如我們之前所討論的，我們將我們的發展視為 2 到 3 年的旅程，以使公司恢復可持續的正收入增長。在短期內，改變新客戶獲取和交易增長的軌跡一直是我們的首要任務。

Our reported revenue in the first quarter was $1.37 billion, excluding contributions -- and excluding contributions from Business Solutions, this decreased 1% on a constant currency basis. This reflects several underlying dynamics including a negative impact of 3 percentage points from the suspension of operations in Russia and Belarus and a positive impact of 2 percentage points each from the business performance in the Middle East and Argentinian inflation.

我們報告的第一季度收入為 13.7 億美元，不包括貢獻——並且不包括業務解決方案的貢獻，按固定匯率計算下降了 1%。這反映了幾個潛在的動態，包括俄羅斯和白俄羅斯業務暫停帶來的 3 個百分點的負面影響，以及中東業務表現和阿根廷通貨膨脹各帶來 2 個百分點的積極影響。

Adjusted earnings per share came in strong and was $0.43 in the quarter compared to $0.51 in the prior year, which included a contribution of $0.05 from Business Solutions and $0.04 from operations in Russia and Belarus. Matt will further discuss our financial results in more detail and provide an update on our 2023 financial outlook.

調整後的每股收益表現強勁，本季度為 0.43 美元，而去年同期為 0.51 美元，其中包括來自 Business Solutions 的 0.05 美元和來自俄羅斯和白俄羅斯業務的 0.04 美元。馬特將進一步更詳細地討論我們的財務業績，並提供我們 2023 年財務展望的最新情況。

As you can see from these results, we are progressing against our Evolve 2025 strategy. We are making headway on stabilizing our retail business and accelerating growth in our Digital business.

從這些結果中可以看出，我們正在朝著我們的 Evolve 2025 戰略取得進展。我們在穩定零售業務和加速數字業務增長方面取得了進展。

Recall, some of our Evolve 2025 goals include getting the retail business to stable and returning our digital business to low double-digit growth rates. As we reported today, we saw sequential improvements in transactions across all regions compared to where we exited last year.

回想一下，我們的一些 Evolve 2025 目標包括讓零售業務穩定下來，並將我們的數字業務恢復到較低的兩位數增長率。正如我們今天報導的那樣，與我們去年退出的地區相比，我們看到所有地區的交易都出現了連續改善。

More important -- more importantly, for the first time in almost 2 years, we saw positive transaction growth in North America in the first quarter. We also saw a 200 basis point sequential improvement in transaction growth in our European operations when adjusted for the suspension of services in Russia and Belarus.

更重要的是——更重要的是，我們在近 2 年內第一次看到第一季度北美的交易量出現正增長。在針對俄羅斯和白俄羅斯的服務暫停進行調整後，我們還看到歐洲業務的交易增長環比提高了 200 個基點。

Transactions in our Middle East region also improved by 200 basis points sequentially and transactions in APAC improved significantly as well. Latin America continued to be the top performing region in the company with transactions up 9% year-over-year, an acceleration of 100 basis points over the growth rate we experienced in the fourth quarter. Our results demonstrate that our focus on improving the core operational performance of our business, focusing on winning new customers and improving retention can be achieved.

我們中東地區的交易也環比提高了 200 個基點，亞太地區的交易也有顯著改善。拉丁美洲仍然是公司表現最好的地區，交易量同比增長 9%，比我們在第四季度的增長率高出 100 個基點。我們的結果表明，我們專注於提高我們業務的核心運營績效，專注於贏得新客戶和提高保留率是可以實現的。

Stepping back for a moment. On the macro front, the first quarter of 2023 continued to be challenging with persistent high inflation despite interest rates being elevated around the world. Even with that backdrop, 2023 Central Bank remittance data indicates the resilience of the cross-border remittance market with an average principal volume up mid-single digits in the countries which have reported.

退後一步。在宏觀方面，儘管全球利率都在上升，但 2023 年第一季度仍面臨著持續高通脹的挑戰。即使在這樣的背景下，2023 年中央銀行匯款數據仍顯示出跨境匯款市場的彈性，已報告國家的平均本金交易量增長了中等個位數。

We are also seeing resilience in our own customer base with constant currency principal per transaction, up 5% in the quarter. Our PPT is benefiting from our decision to suspend operations in Russia and Belarus, but even excluding Russia and Belarus, constant currency PPT remains positive.

我們還看到我們自己的客戶群具有彈性，每筆交易的貨幣本金不變，本季度增長了 5%。我們的 PPT 受益於我們決定暫停在俄羅斯和白俄羅斯的業務，但即使不包括俄羅斯和白俄羅斯，不變貨幣 PPT 仍然是積極的。

Last October, we launched our Evolve '25 strategy to return Western Union to positive revenue growth by becoming the market leader in providing accessible financial services to the aspiring populations of the world. In addition to accelerating our core retail and digital remittance businesses, we have been working to launch new products and services to expand our value proposition to our existing 120 million customers.

去年 10 月，我們啟動了 Evolve '25 戰略，通過成為向世界上有抱負的人群提供無障礙金融服務的市場領導者，使西聯匯款恢復正收入增長。除了加速我們的核心零售和數字彙款業務外，我們還一直致力於推出新產品和服務，以將我們的價值主張擴展到我們現有的 1.2 億客戶。

We have successfully launched our Digital Bank in Germany, Italy, Romania and Poland. We are now in friends and family testing in Brazil and the U.S. with our digital wallet product. We have expanded our bill pay business in LACA, relaunched our U.S. Corrections Pay platform, have entered into partnerships in Argentina and Australia to help connect customers to lending products and are nearing the relaunch of our prepaid product in the U.S. as well.

我們已在德國、意大利、羅馬尼亞和波蘭成功推出我們的數字銀行。我們現在正在巴西和美國的朋友和家人中使用我們的數字錢包產品進行測試。我們擴大了 LACA 的賬單支付業務，重新啟動了我們的美國 Corrections Pay 平台，在阿根廷和澳大利亞建立了合作夥伴關係以幫助將客戶與貸款產品聯繫起來，並且即將在美國重新推出我們的預付費產品。

While in the short term, these products and services will not be material contributors to our overall revenue growth. They are the foundation of expanding our value proposition, increasing our relevance, improving our customer retention and providing platforms for future revenue growth. As we gain more traction, I look forward to sharing more with you.

雖然在短期內，這些產品和服務不會對我們的整體收入增長做出重大貢獻。它們是擴大我們的價值主張、增加我們的相關性、提高我們的客戶保留率以及為未來收入增長提供平台的基礎。隨著我們獲得更多關注，我期待與您分享更多。

Returning to our -- returning our branded digital business to positive customer and transaction growth has been a top near-term priority over the last 3 quarters. We launched a new go-to-market approach in August of 2022 and shifted from maximizing revenue per transaction to maximizing LTV to CAC. We launched new customer segment offers and more importantly, revamped our approach to marketing funnel management. We are now far enough into this journey to be able to tell you we believe it's working and durable. We reported to you last quarter that new U.S. outbound branded digital customers were up 30% year-over-year, which contributed to 5% transaction growth in the fourth quarter.

回到我們的 - 將我們的品牌數字業務恢復到積極的客戶和交易增長一直是過去三個季度的近期首要任務。我們在 2022 年 8 月推出了一種新的上市方法，並從最大化每筆交易的收入轉變為最大化 LTV 和 CAC。我們推出了新的客戶群優惠，更重要的是，改進了我們的營銷渠道管理方法。我們現在已經在這段旅程中走得足夠遠了，可以告訴你我們相信它是有效和耐用的。我們上個季度向您報告說，新的美國出境品牌數字客戶同比增長 30%，這促成了第四季度 5% 的交易增長。

I am happy to report that in Q1, we saw a continuation of these trends with U.S. outbound branded digital customers growing at 21% and transactions now growing at 11%, the fastest transaction growth we have seen in the U.S. since 2021. Our expectation has always been that we would see new customer growth first, followed by transaction growth and ultimately revenue growth which we expect to begin in North America in the third quarter of 2023.

我很高興地報告，在第一季度，我們看到了這些趨勢的延續，美國出境品牌數字客戶增長了 21%，交易量現在增長了 11%，這是我們自 2021 年以來在美國看到的最快的交易量增長。我們的預期是一直以來，我們將首先看到新客戶增長，然後是交易增長，最終是我們預計將於 2023 年第三季度在北美開始的收入增長。

In the near term, growing new customers and transactions is an important part of the equation to jump start revenue growth. But sustaining that growth at scale longer term will require us to increase the customer's lifetime value and improve our cost of customer acquisition. Our work in these areas is also starting to bear fruit. In the first quarter, while increasing our new U.S. branded digital customers by 21%, we were also able to lower our average customer acquisition cost by roughly 20% in North America. Additionally, retention rates of our U.S. outbound September cohort, the first of our new approach, continue to perform at or above the levels of our existing customer base.

在短期內，增加新客戶和交易是快速啟動收入增長的重要組成部分。但長期保持這種規模增長將需要我們提高客戶的生命週期價值並降低我們的客戶獲取成本。我們在這些領域的工作也開始見效。在第一季度，我們的新美國品牌數字客戶增加了 21%，同時我們還能夠將北美的平均客戶獲取成本降低約 20%。此外，作為我們新方法的第一個，我們 9 月美國出境客戶群的保留率繼續保持在或高於我們現有客戶群的水平。

In conclusion, we are acquiring more new U.S. outbound branded digital customers than in the recent past. We are acquiring them at a lower cost of acquisition and early signs would indicate we are also retaining them at similar, if not higher levels than in the past.

總之，與最近相比，我們正在獲得更多新的美國出境品牌數字客戶。我們正在以較低的收購成本收購它們，早期跡象表明我們也將它們保留在與過去相似的水平，如果不是更高的話。

As we mentioned in the last quarter, we have expanded our digital go-to-market program to several of our large European markets. As a result, we have begun to see a similar trajectory across key countries in Europe. New branded digital customers in France, Spain, the U.K. and Germany were all up double digits in Q1, which is a meaningful improvement from recent trends in those countries. Additionally, we've also seen improvements in transaction growth across these same countries and look forward to sharing more with you on future calls.

正如我們在上個季度提到的那樣，我們已將我們的數字上市計劃擴展到我們的幾個大型歐洲市場。因此，我們開始在歐洲主要國家看到類似的軌跡。法國、西班牙、英國和德國的新品牌數字客戶在第一季度均增長了兩位數，與這些國家/地區的近期趨勢相比，這是一個有意義的進步。此外，我們還看到這些國家/地區的交易增長有所改善，並期待在未來的電話會議上與您分享更多信息。

Our retail growth strategy centers around having the right value proposition for customers, delivered with the right partners in the right locations and on driving location level productivity as opposed to just increasing the number of active locations. Frequently, these partners include some of our largest networks, many of which have been partners for decades. Strategic network partners, as we refer to them, are an important element of our overall retail network strategy as in most cases, they are exclusive to Western Union and provide the customer with a unique value proposition around convenience.

我們的零售增長戰略圍繞為客戶提供正確的價值主張，與合適的合作夥伴在合適的地點交付，並推動地點水平的生產力，而不是僅僅增加活躍地點的數量。通常，這些合作夥伴包括我們一些最大的網絡，其中許多已經合作了幾十年。正如我們所說，戰略網絡合作夥伴是我們整體零售網絡戰略的重要組成部分，因為在大多數情況下，它們是西聯匯款獨有的，並為客戶提供圍繞便利性的獨特價值主張。

Over the past 6 months, we have been working to better understand how we can improve the in-store experience as well as individual location productivity of the stores in these large networks. The initiatives being developed include creating a more omnichannel offering, introducing new products and services, integrating loyalty programs, improving stage and pay options, simplifying refunds and focusing on reducing friction in the transaction flow.

在過去的 6 個月裡，我們一直在努力更好地了解我們如何才能改善這些大型網絡中的店內體驗以及門店的個體位置生產力。正在製定的舉措包括創建更多的全渠道產品、推出新產品和服務、整合忠誠度計劃、改進階段和支付選項、簡化退款並專注於減少交易流程中的摩擦。

Beginning in the second quarter of 2022, I began discussing the opportunities to reduce friction for both our retail customers and our agents to better improve the overall Western Union retail experience. Over the past year, we have launched many such initiatives, including streamlining our refunds processes, reducing friction in our compliance processes, increasing transparency of the flow of funds through our track a transfer services.

從 2022 年第二季度開始，我開始討論為我們的零售客戶和代理商減少摩擦的機會，以更好地改善西聯匯款的整體零售體驗。在過去的一年裡，我們推出了許多此類舉措，包括簡化我們的退款流程、減少我們合規流程中的摩擦、通過我們的跟踪轉賬服務提高資金流動的透明度。

I am pleased to let you know that this focus on agent and customer experience has led to a 30% year-over-year drop in per transaction agent support calls to our call centers. While this is obviously beneficial from a cost perspective, ultimately, we believe it will help us increase retention. We realize we still have a lot of work to do but are pleased with the progress we are making, and we'll continue to work to improve the overall experience for our agents and our customers alike.

我很高興地告訴您，這種對代理和客戶體驗的關注導致我們呼叫中心的每個交易代理支持電話同比下降 30%。雖然從成本角度來看這顯然是有益的，但最終我們相信這將幫助我們提高保留率。我們意識到我們還有很多工作要做，但對我們取得的進展感到滿意，我們將繼續努力改善我們的代理商和客戶的整體體驗。

As part of our retail network strategy, we continue to pilot our new point-of-sale system in the U.S. We have developed this new system using a modular architecture and have built a services layer that we can access across multiple front-end technologies, including our legacy point-of-sale systems around the world. This type of modular development allows us to bring to market product enhancements that will improve the customer experience in advance of the full-scale rollout of our new point-of-sale system. Two functions we have developed in recent months are Quick Resend and an improved customer lookup tool, which we call Remember Me.

作為我們零售網絡戰略的一部分，我們繼續在美國試行我們的新銷售點系統。我們使用模塊化架構開發了這個新系統，並構建了一個我們可以跨多種前端技術訪問的服務層，包括我們在世界各地的傳統銷售點系統。這種類型的模塊化開發使我們能夠將產品增強功能推向市場，從而在我們新的銷售點系統全面推出之前改善客戶體驗。我們最近幾個月開發的兩項功能是快速重新發送和改進的客戶查找工具，我們稱之為記住我。

The goal of Quick Resend is to allow customers to complete repeat transactions to known receivers more quickly and can reduce transaction times by up to 75%. We have tested this product enhancement on our legacy technology in select agent locations in the United States in the first quarter and have now begun to roll it out across our entire U.S. footprint.

Quick Resend 的目標是讓客戶更快地完成對已知收件人的重複交易，並可將交易時間減少多達 75%。第一季度，我們已經在美國選定的代理地點對我們的傳統技術進行了這項產品增強，現在已經開始在我們的整個美國足跡中推廣。

Finally, I would like to give you an update on the progress of our ecosystem strategy. In recent months, we have focused heavily on improving the onboarding and transacting experiences for new customers. In particular, we've been focusing on making it more seamless for existing and former Western Union customers to migrate to the Digital Bank. As we continue to evolve, we believe that these migrated customers and returning customers will continue to be the most valuable and easiest to retain. To date, our Digital Bank has enabled us to reengage with more than 20,000 lapsed Western Union customers. Our offer has not only brought them back to Western Union, it has given them access to an improved money transfer experience, our multicurrency digital wallet and a Visa debit card.

最後，我想向大家介紹一下我們生態系統戰略的最新進展。最近幾個月，我們重點關注改善新客戶的入職和交易體驗。特別是，我們一直專注於讓現有和以前的西聯匯款客戶更無縫地遷移到數字銀行。隨著我們的不斷發展，我們相信這些遷移的客戶和回頭客將繼續是最有價值和最容易保留的客戶。迄今為止，我們的數字銀行使我們能夠與超過 20,000 名流失的西聯匯款客戶重新互動。我們的報價不僅讓他們回到了西聯匯款，還讓他們獲得了更好的匯款體驗、我們的多幣種數字錢包和 Visa 借記卡。

Secondly, converted Western Union customers and prior lapsed customers are doing more than twice the number of transactions they were doing prior to the conversion to the Digital Bank. These transactions include P2P, top up funds in and out and debit card payments in addition to traditional money transfer.

其次，轉換為西聯匯款的客戶和之前流失的客戶進行的交易數量是轉換為數字銀行之前的兩倍多。除了傳統的匯款外，這些交易還包括 P2P、充值進出和借記卡支付。

Finally, and potentially most surprisingly, we have seen that the cohort that converted from our retail network to our Digital Bank is among our very best performing with more money transfer transactions and more revenue than they were providing prior to the conversion. This will be a clear opportunity for us going forward. Now we realize it is still a small sample relative to our existing customer base and we will need to continue to scale our efforts more broadly, but early results leave us optimistic about the possibility to provide broader financial services and increased retention with our 120 million customers around the world.

最後，可能也是最令人驚訝的是，我們已經看到，從我們的零售網絡轉換到我們的數字銀行的群體是我們表現最好的群體之一，與轉換前相比，他們提供的匯款交易和收入更多。這將是我們前進的明確機會。現在我們意識到，相對於我們現有的客戶群，它仍然是一個小樣本，我們需要繼續擴大我們的工作範圍，但早期的結果讓我們對提供更廣泛的金融服務和增加我們 1.2 億客戶的保留率的可能性持樂觀態度世界各地。

Before I turn the call over to Matt to discuss our financial results and outlook in more detail, I would like to highlight a key partnership renewal. We are pleased to announce the extension of our exclusive long-standing relationship with Swiss Railways. They have been a valued partner of ours for nearly 30 years and we look forward to continuing to serve our Swiss customer base at 135-plus Swiss Railway locations for many years to come.

在我將電話轉給馬特更詳細地討論我們的財務業績和前景之前，我想強調一項重要的合作夥伴關係更新。我們很高興地宣布延長我們與瑞士鐵路公司的獨家長期合作關係。近 30 年來，他們一直是我們重要的合作夥伴，我們期待在未來許多年內繼續在 135 多個瑞士鐵路站點為我們的瑞士客戶群提供服務。

Thank you for your time, and I will now turn the call over to Matt.

謝謝你的時間，我現在把電話轉給馬特。

Thank you, Devin, and good afternoon, everyone. I'm pleased to be here today to discuss our first quarter results. First quarter adjusted revenue was down 1% to $1.1 billion. Given this is better than our initial expectations, I'd like to walk you through several dynamics in the quarter that led us to this outcome. First, we continue to see a negative impact on our results from the suspension of operations in Russia and Belarus and agent loss and promotional pricing activities related to our new branded digital go-to-market strategy.

謝謝你，德文，大家下午好。我很高興今天能來這裡討論我們第一季度的業績。第一季度調整後收入下降 1% 至 11 億美元。鑑於這比我們最初的預期要好，我想向您介紹本季度導致我們取得這一結果的幾個動態。首先，我們繼續看到俄羅斯和白俄羅斯的業務暫停以及與我們新的品牌數字上市戰略相關的代理商損失和促銷定價活動對我們的業績產生負面影響。

Russia and Belarus negatively impacted Q1 adjusted revenue by 3 percentage points. Second, Argentina inflation benefited first quarter adjusted revenue by 2 percentage points. And finally, we continue to see strength in LACA and a meaningful improvement in the Middle East. The improvement in the Middle East was driven by a change in monetary policy in Iraq during the first quarter. Our leading compliance capabilities and strong agent network allowed us to react quickly and meet the needs of customers in Iraq and thus drove a 2 percentage point benefit to adjusted revenue. At this time, it's unclear at what level or for how long this trend will continue.

俄羅斯和白俄羅斯對第一季度調整後的收入產生了 3 個百分點的負面影響。其次，阿根廷通脹使第一季度調整後收入受益 2 個百分點。最後，我們繼續看到 LACA 的力量和中東的有意義的改善。第一季度伊拉克貨幣政策的變化推動了中東的改善。我們領先的合規能力和強大的代理網絡使我們能夠迅速做出反應並滿足伊拉克客戶的需求，從而使調整後的收入提高了 2 個百分點。目前，尚不清楚這種趨勢將持續到什麼水平或持續多長時間。

In the first quarter, we saw improving trends from our fourth quarter exit rates on nearly all important dimensions. Our retail money transfer business, while still down improved sequentially, and we saw -- and we believe it is now moving in the right direction. Our branded digital go-to-market program is progressing, as Devin mentioned, driving 7% branded digital transaction growth across the company in the quarter, with new global branded digital customers up 14%, excluding Russia and Belarus. We also continue to see double-digit growth in other revenue, primarily driven by retail money order business due to the benefit of higher interest rates, the Q3 2022 optimization of our flow portfolio and strong transaction growth as well as strength in our consumer bill pay business in both Argentina and United States.

在第一季度，我們看到幾乎所有重要方面的第四季度退出率都有改善趨勢。我們的零售匯款業務雖然仍在下降，但環比有所改善，我們看到了——我們相信它現在正朝著正確的方向發展。正如 Devin 所提到的，我們的品牌數字上市計劃正在取得進展，推動本季度整個公司的品牌數字交易增長 7%，新的全球品牌數字客戶增長 14%，不包括俄羅斯和白俄羅斯。我們還繼續看到其他收入的兩位數增長，這主要是由於利率上升帶來的零售匯票業務、2022 年第三季度流量組合的優化、強勁的交易增長以及消費者賬單支付的強勁推動在阿根廷和美國開展業務。

Adjusted operating margin was 20.5% compared to 21.8% last year. The year-over-year decrease in margin was due to increased technology investments primarily related to our Evolve 2025 strategy and a slower reduction in cost relative to our lower revenue. When looking at operating margins on a sequential basis, it improved by nearly 500 basis points, which was above what we initially expected when we shared our outlook in early February. The sequential improvement in our operating margin was due to a few factors. First, lower third-party spend and marketing expense, which was expected; two, quicker-than-expected expense reductions related to our cost redeployment program.

調整後的營業利潤率為 20.5%，而去年為 21.8%。利潤率同比下降是由於主要與我們的 Evolve 2025 戰略相關的技術投資增加，以及與我們較低的收入相關的成本降低速度較慢。按順序查看營業利潤率時，它提高了近 500 個基點，高於我們在 2 月初分享展望時的最初預期。我們營業利潤率的連續改善是由於幾個因素。首先，降低第三方支出和營銷費用，這是預期的；第二，與我們的成本重新部署計劃相關的費用削減快於預期。

We have been able to take actions, which will allow us to free up more than $35 million in 2023, with almost half benefit in the first quarter. And third, better adjusted revenue than expected, thus increasing leverage of our cost base. The adjusted effective tax rate in the quarter was 13.5% compared to 13% in the prior year period. The increase in adjusted effective tax rate was primarily due to discrete expenses in the current period. Adjusted EPS was $0.43 when compared -- which compares to $0.51 in the prior year period, which included $0.05 contribution from Business Solutions and $0.04 contribution from Russia and Belarus.

我們已經能夠採取行動，這將使我們能夠在 2023 年釋放超過 3500 萬美元，第一季度幾乎有一半的收益。第三，調整後的收入好於預期，從而增加了我們成本基礎的槓桿作用。本季度調整後的有效稅率為 13.5%，而去年同期為 13%。調整後實際稅率的增加主要是由於本期離散費用所致。調整後每股收益為 0.43 美元，上年同期為 0.51 美元，其中包括 Business Solutions 的 0.05 美元貢獻以及俄羅斯和白俄羅斯的 0.04 美元貢獻。

Now turning to the C2C segment. Revenue decreased 5% on a constant currency basis, while transactions declined 6%. Russia and Belarus negatively impacted revenue by 3% and transactions by 6%. Softness in our retail business, and promotional pricing activity related to our branded digital go-to-market strategy were partially offset by growth in Iraq.

現在轉向 C2C 領域。按固定匯率計算，收入下降 5%，而交易下降 6%。俄羅斯和白俄羅斯對收入產生了 3% 的負面影響，對交易產生了 6% 的負面影響。我們零售業務的疲軟以及與我們的品牌數字上市戰略相關的促銷定價活動被伊拉克的增長部分抵消。

For our branded digital business, revenue declined 6% on a constant currency basis. As Devin highlighted earlier, we anticipated that, our go-to-market strategy would first lead to an increase in new customers, followed by an increase in transactions and then lastly, an increase in revenue. As a result, promotional pricing activities negatively impacted revenue in the quarter, while global transaction growth accelerated from 2% in the fourth quarter of last year to 7% in Q1, with new customer acquisition up 14% year-over-year in Q1, excluding Russia and Belarus. We remain excited about the progress of our new digital customers and transactions and expect to see positive revenue growth in the back half of this year.

對於我們的品牌數字業務，按固定匯率計算，收入下降了 6%。正如 Devin 之前強調的那樣，我們預計，我們的上市戰略將首先導致新客戶的增加，其次是交易量的增加，最後是收入的增加。因此，促銷定價活動對本季度的收入產生了負面影響，而全球交易增長從去年第四季度的 2% 加速到第一季度的 7%，第一季度新客戶獲取同比增長 14%，不包括俄羅斯和白俄羅斯。我們對新數字客戶和交易的進展仍然感到興奮，並預計今年下半年收入將實現正增長。

Now moving to the regional results. In the first quarter, North America revenue decreased 8%, while transactions grew 1%. The U.S. domestic business and U.S. outbound business to Russia continued to be a drag on our results. While promotional pricing activities related to our new go-to-market strategy negatively impacted revenue growth, branded digital transactions grew 8%, leading to the first quarter of positive overall transaction growth in North America since the second quarter of 2021.

現在轉向區域結果。第一季度，北美收入下降 8%，而交易量增長 1%。美國國內業務和美國對俄羅斯的出境業務繼續拖累我們的業績。雖然與我們新的上市戰略相關的促銷定價活動對收入增長產生了負面影響，但品牌數字交易增長了 8%，導致自 2021 年第二季度以來北美第一季度整體交易出現正增長。

Revenue in Europe and CIS was down 13%, on a constant currency basis, while transactions declined 23%. Russia and Belarus, which will anniversary next quarter negatively impacted revenue by 6% and transactions by 19%. The region faced continued headwinds from an agent loss, a difficult macro backdrop and ongoing competitive pressures. But trends continue to improve for both revenue and transactions for the second consecutive quarter.

按固定匯率計算，歐洲和獨聯體的收入下降了 13%，而交易下降了 23%。下個季度將迎來週年紀念日的俄羅斯和白俄羅斯對收入產生了 6% 的負面影響，對交易產生了 19% 的負面影響。該地區面臨代理人流失、困難的宏觀背景和持續的競爭壓力等持續不利因素。但連續第二個季度的收入和交易趨勢繼續改善。

Revenue in the Middle East, Africa and South Asia accelerated meaningfully, growing 6% on a constant currency basis, while transactions decreased 3%. Iraq led the region with a higher principal per transaction driving revenue growth, partially offset by continued softness in our retail business. Revenue in Latin America and the Caribbean accelerated and was up 17% on a constant currency basis, while transaction growth of 9%. The solid performance in the quarter was led by strength in Argentina, Ecuador and the Dominican Republic. And finally, revenue in APAC was down 5% on a constant currency basis, while transactions declined 2% due to softness in Japan, Australia and Korea.

中東、非洲和南亞的收入顯著加速，按固定匯率計算增長 6%，而交易量下降 3%。伊拉克以較高的每筆交易本金推動收入增長，在該地區處於領先地位，部分被我們零售業務的持續疲軟所抵消。拉丁美洲和加勒比地區的收入加速增長，按固定匯率計算增長 17%，而交易增長 9%。本季度的穩健表現得益於阿根廷、厄瓜多爾和多米尼加共和國的實力。最後，按固定匯率計算，亞太地區的收入下降了 5%，而由於日本、澳大利亞和韓國的疲軟，交易量下降了 2%。

Now moving to other revenue, which primarily consist of retail bill payment in Argentina and the United States and the money order business in the U.S. Other represents 8% of the total company revenue and grew 23% year-over-year on a reported basis. As I discussed earlier, the strength was driven by our retail money order business and our consumer bill pay businesses in both Argentina and United States.

現在轉向其他收入，主要包括阿根廷和美國的零售賬單支付以及美國的匯票業務。其他收入占公司總收入的 8%，按報告基礎同比增長 23%。正如我之前討論的那樣，實力是由我們在阿根廷和美國的零售匯票業務和消費者賬單支付業務推動的。

Now turning to our cash flow and balance sheet. In the first quarter, we generated $137 million of operating cash flow compared to $200 million in the prior year period, with the decrease due to timing of payments. Additionally, our annual transition tax payment related to 2017 U.S. Tax Act will increase to nearly $120 million in the second quarter. These payments will continue to step up over the next couple of years and will end after 2025.

現在轉向我們的現金流量和資產負債表。第一季度，我們產生了 1.37 億美元的運營現金流，而去年同期為 2 億美元，減少的原因是付款時間。此外，我們與 2017 年美國稅法相關的年度過渡稅將在第二季度增加到近 1.2 億美元。這些付款將在未來幾年繼續增加，並將在 2025 年後結束。

Capital expenditures were $57 million in the quarter, with a large portion due to a single agent-signing bonus, which we entered into early last year. As a reminder, agent-signing bonuses can vary from quarter-to-quarter, and we anticipate that the mix will shift away from agent-signing bonuses. We continue to maintain a strong balance sheet with cash and cash equivalents of $1.2 billion and debt of $2.5 billion. Our leverage ratios were 2.4x and 1.2x on a gross and net basis, which continues to provide us flexibility for potential M&A while we target to maintain our investment credit rating.

本季度的資本支出為 5700 萬美元，其中很大一部分是我們去年初支付的單一代理簽約獎金。提醒一下，代理人簽約獎金可能因季度而異，我們預計這種組合將不再是代理人簽約獎金。我們繼續保持強勁的資產負債表，現金和現金等價物為 12 億美元，債務為 25 億美元。我們的總槓桿率和淨槓桿率分別為 2.4 倍和 1.2 倍，這繼續為我們提供潛在併購的靈活性，同時我們的目標是維持我們的投資信用評級。

Now moving to our outlook. Today, we reaffirmed our 2023 adjusted financial outlook. We have included improved trends in Iraq in our forecast for the outlook through April, but have assumed no incremental revenue for the remainder of the year due to the degree of uncertainty regarding the level and duration.

現在轉向我們的展望。今天，我們重申了 2023 年調整後的財務展望。我們已將伊拉克的改善趨勢納入到 4 月份的前景預測中，但由於水平和持續時間的不確定性程度，我們假設今年剩餘時間不會增加收入。

Our outlook assumes no material changes in macroeconomic conditions. As a reminder, we expect adjusted revenue to be down 2% to 4%. We expect adjusted operating margin to be in the range of 19% to 21%, and finally, adjusted EPS is expected to be in the range of $1.55 to $1.65.

我們的展望假設宏觀經濟狀況沒有重大變化。提醒一下，我們預計調整後的收入將下降 2% 至 4%。我們預計調整後的營業利潤率將在 19% 至 21% 之間，最後，調整後的每股收益預計將在 1.55 美元至 1.65 美元之間。

To recap, we are off to a good start. We're optimistic about the trends we're seeing and the progress that we're making in our Evolve 2025 strategies. Thank you for joining the call. And operator, we're ready to take questions.

回顧一下，我們有了一個良好的開端。我們對我們看到的趨勢以及我們在 Evolve 2025 戰略中取得的進展持樂觀態度。感謝您加入電話會議。接線員，我們準備好接受提問了。

(Operator Instructions) Our first question comes to us from Rayna Kumar from UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Rayna Kumar。

I want to ask about promotional pricing. Can you give us an update on the spending behavior of your newly acquired customers through promotional pricing. How many of the customers are returning to make subsequent transactions at market-based pricing?

我想問一下促銷價。您能否向我們介紹一下您通過促銷定價獲得的新客戶的消費行為的最新信息？有多少客戶返回以基於市場的定價進行後續交易？

Yes. Thanks for the question. Thanks for joining the call. As we have said previously, and we will continue to reiterate, the customers that we acquired with new customer promotional pricing, which in many cases, was first transaction free, have exhibited the same, if not better, characteristics in terms of subsequent transactions and retention rates over 3- and 6-month periods. In fact, we have seen an acceleration in the progress of subsequent transactions over our traditional customers acquired not through promotional pricing. So we feel good, as we commented that the strategy is working and durable.

是的。謝謝你的問題。感謝您加入電話會議。正如我們之前所說，我們將繼續重申，我們通過新客戶促銷定價獲得的客戶，在許多情況下，首先是免費交易，在後續交易和3 個月和 6 個月期間的保留率。事實上，我們已經看到，與非通過促銷定價獲得的傳統客戶相比，後續交易的進展速度有所加快。所以我們感覺很好，因為我們評論說該策略有效且持久。

Our next question comes to us from Darrin Peller from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Can we just touch on where you think you are now in terms of the promotional pricing changes for digital transaction growth? And maybe just as a quick follow-on to that. I mean it looks obviously like it's been having an effect on adding digital users. If you can remind us on the stepping stones from here to a more positive inflection on revenue growth that's sustainable, just remind us on the key variables that get us from where we are today, whether it's anniversary pricing and anniversary in some of the headwinds for Russia, et cetera, all the way to a positive inflection would be really helpful.

我們能否談談您認為您現在在數字交易增長的促銷價格變化方面所處的位置？也許只是對此的快速跟進。我的意思是，它看起來顯然對增加數字用戶產生了影響。如果你能提醒我們從這裡開始的墊腳石，以實現更積極的收入增長，這是可持續的，請提醒我們關於讓我們從今天開始的關鍵變量，無論是周年定價還是一些逆風的周年紀念俄羅斯，等等，一直到積極的轉折將非常有幫助。

Darrin, thank you very much for joining the call. As we've talked about in past calls, we're rolling this out in a cohort fashion. So we started the program last year in August here in the U.S. with 50 corridors. And then we've been continuing to bring on customers on a monthly basis since then. So it's now been in the market for going on 8, 9 months now. We rolled it out and in Q4 to our European business and the same effect. So if you go through and think about modeling our market-based pricing relative to our attrition rate, which I know we've never disclosed publicly for digital, but it's largely a little better than our retail disclosed. That will help you get your head around this. But as we've talked about also, we expect to have positive revenue growth in the second half of this year.

達林，非常感謝你加入電話會議。正如我們在過去的電話會議中談到的那樣，我們正在以隊列方式推出它。所以我們去年 8 月在美國啟動了這個項目，有 50 條走廊。從那時起，我們一直在繼續每月吸引客戶。所以它現在已經上市 8、9 個月了。我們在第四季度將其推廣到我們的歐洲業務，效果相同。因此，如果你仔細考慮並考慮根據我們的損耗率對我們基於市場的定價進行建模，我知道我們從未公開過數字，但它在很大程度上比我們的零售業披露的要好一些。這將幫助您解決這個問題。但正如我們也談到的那樣，我們預計今年下半年的收入將實現正增長。

Darrin, we have historically said we anticipated somewhere between 12 and 18 months to anniversary or lap the effects of the new customer and new segment-based pricing. I think we are pleased, as we commented in this call that we expect in North America where we first launched it to move into positive revenue territory. That is happening quicker than we originally modeled due to both, as I explained on the first question, an accelerated return of customers for second, third and fourth transaction as well as similar, if not elevated levels of retention.

Darrin，我們過去曾說過，我們預計在 12 到 18 個月之間的某個時間到週年紀念日或將新客戶和新的基於細分市場的定價的影響疊加起來。我認為我們很高興，正如我們在本次電話會議中所評論的那樣，我們希望在我們首次推出它的北美進入正收入領域。正如我在第一個問題上解釋的那樣，這比我們最初建模的速度更快，這是因為第二、第三和第四次交易的客戶加速返回以及類似的（如果不是更高的保留水平的話）。

I mean if I have time for a quick follow-up, just the margin strength was pretty notable in the quarter. And so -- but we didn't see a change in EPS guidance. So was it -- just remind us again, was it below the line items, anything nuanced there? Or maybe you could remind us on your -- on the cadence of margins as the year progresses?

我的意思是，如果我有時間進行快速跟進，本季度的利潤率就非常顯著。所以 - 但我們沒有看到 EPS 指導的變化。那麼是不是 - 只是再次提醒我們，它是否在訂單項之下，那裡有什麼細微差別嗎？或者，也許你可以提醒我們——隨著時間的推移利潤率的節奏？

Darrin. So really, when you think about our outlook for the year, we are very excited about the start of the year. It's giving us a whole lot more financial flexibility, but it is early in the year for us to be making any kind of guidance changes. And we're looking for places where we can make investments and accelerate our path here to long-term sustainable growth.

達林。所以真的，當你想到我們今年的展望時，我們對今年的開始感到非常興奮。它給了我們更多的財務靈活性，但我們在今年年初做出任何形式的指導變化。我們正在尋找可以進行投資並加速實現長期可持續增長的地方。

Our next question comes to us from Ken Suchoski from Autonomous.

我們的下一個問題來自 Autonomous 的 Ken Suchoski。

I just want to ask about the trends in the physical retail business. If I do some macro math, it looks like the transactions in that retail business declined maybe in that mid-single-digit range year-over-year this quarter -- it was down kind of low double digits in the prior 3 quarters. Maybe there's some Russia impact in there. But I'm just curious, should we expect that year-over-year growth rate to continue to improve? And I guess, is this a business that could get to the positive growth later this year?

我只想問一下實體零售業務的趨勢。如果我做一些宏觀數學，看起來零售業務的交易本季度同比下降可能在中等個位數範圍內——在前 3 個季度下降了兩位數。也許那裡有一些俄羅斯的影響。但我很好奇，我們是否應該期望同比增長率繼續提高？我想，這是一項可以在今年晚些時候實現正增長的業務嗎？

So again, as we have stated -- thanks for joining the call. Our goal is to get the retail business to stable. We are trying hard to put in place a retail strategy, as we highlighted on Investor Day and have been executing on since, that would allow us to attract and retain customers and more importantly, to increase the retention of the large customer base that we have. Those efforts are beginning to take effect, and you can see that in the change around the world of the retail customer accounts and transactions that we've been reporting. I do not anticipate that, that will accelerate enough to get us to flat or stable by the end of the year, but we anticipate that being able to achieve that during the course of our Evolve 2025 time period.

因此，正如我們所說，再次感謝您加入電話會議。我們的目標是讓零售業務穩定下來。正如我們在投資者日強調並一直在執行的那樣，我們正在努力製定零售戰略，這將使我們能夠吸引和留住客戶，更重要的是，增加我們擁有的龐大客戶群的保留率.這些努力開始見效，您可以從我們一直在報告的全球零售客戶賬戶和交易的變化中看到這一點。我預計這不會加速到足以讓我們在年底前持平或穩定，但我們預計能夠在我們的 Evolve 2025 期間實現這一目標。

Okay. All right. That's helpful, Devin. And then just as my follow-up, I mean, you talked about some of the momentum in the wu.com kind of branded business, transaction growth accelerating to 7% this quarter. What's the expectation there, I guess, in terms of transaction growth for the rest of the year? And then, I guess, how should we expect that to translate into revenue growth just because the pricing just came in a little bit softer.

好的。好的。這很有幫助，德文。然後就像我的後續行動一樣，我的意思是，你談到了 wu.com 類品牌業務的一些勢頭，本季度交易增長加速至 7%。我想，就今年剩餘時間的交易增長而言，那裡的預期是什麼？然後，我想，我們應該如何期望僅僅因為定價稍微軟一點就將其轉化為收入增長。

Ken, this is Matt. I mean, so obviously, we're rolling out our new digital go-to-market strategy. You can see the continued improvement in our transactions. You get a larger portion of our customer base that is on that as we grow our customer base. It's hard for us to forecast, but actually we don't provide guidance on digital growth. So I can't really answer that question. But I think you can model that if you think through just the path we've seen. It's been pretty sequential now for customer growth now being in the double digits and you're seeing the transactions working its way towards that level. And then same question for the first one on the...

肯，這是馬特。我的意思是，很明顯，我們正在推出新的數字化上市戰略。您可以看到我們交易的持續改善。隨著我們擴大客戶群，您會在我們的客戶群中獲得更大的份額。我們很難預測，但實際上我們不提供數字增長的指導。所以我真的無法回答這個問題。但我認為，如果您僅通過我們所看到的路徑進行思考，就可以對其進行建模。現在客戶增長呈兩位數，而且你看到交易正在朝著這個水平發展。然後關於第一個問題的相同問題...

Ken, I think you can look at -- I think we've been pretty clear about what we're seeing in North America ex the Russia and Belarus progression since we launched it. We're now in double-digit transaction growth in North America. That trajectory, we feel pretty good about. And so as we roll that around the world, you can assess where we're going to be by the end of the year.

肯，我想你可以看看——我想我們已經很清楚我們在北美看到的東西，除了俄羅斯和白俄羅斯的進展，因為我們推出了它。我們現在在北美的交易量呈兩位數增長。那個軌跡，我們感覺還不錯。因此，當我們在世界範圍內推廣它時，您可以評估到年底我們將達到的目標。

Our next question comes to us from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Maybe I'll ask a similar question in a different way that's been asked already. Just thinking about the spread on the digital branded business, the spread between revenue growth and transaction growth. Is that more likely to be widened out before it narrows again? Or could we see that start to narrow ahead? So not looking explicit numbers just thinking about the relationship between the two as another way to look at where we are in the promotion.

也許我會以一種已經被問過的不同方式問一個類似的問題。想想數字品牌業務的傳播，收入增長和交易增長之間的傳播。在它再次變窄之前是否更有可能擴大？或者我們可以看到前方開始縮小嗎？因此，不要看明確的數字，只是考慮兩者之間的關係，以此作為查看我們在促銷活動中所處位置的另一種方式。

Tien-Tsin, it's Matt Cagwin, pleasure to see you and hear from you. As you think about the rest of this year, I think you're going to see it could widen a little bit more potentially. But I think you're going to see the high watermark now going into Q2 and then start narrowing as you get into the back half of this year when we start generating positive revenue growth.

Tien-Tsin，我是 Matt Cagwin，很高興見到你並收到你的來信。當你考慮今年剩餘時間時，我認為你會看到它有可能擴大一點。但我認為你會看到高水位線現在進入第二季度，然後隨著你進入今年下半年我們開始產生正收入增長而開始收窄。

Particularly given the scale of our business, Tien-Tsin, we chose North America to start because it's the 600-pound gorilla. And so as that turns to positive revenue growth in the back half of this year, almost regardless of what we did in the rest of the world you're going to start to see it narrow.

特別是考慮到我們的業務規模，Tien-Tsin，我們選擇北美作為起點，因為它是 600 磅重的大猩猩。因此，隨著今年下半年收入的正增長，幾乎不管我們在世界其他地區做了什麼，你都會開始看到它變窄。

Yes. Makes sense. No, it's encouraging. Look forward to seeing that. And my follow-up then Devin, maybe for you, I know -- I think maybe it was Ken that asked that on the retail side, you did say that it's headed in the right direction. Is your statement there driven by the improvement more in the retention side or the acquisition side and just thinking about in prior -- from a priority standpoint, what's more important to you from KPI perspective. If you don't mind me sneaking in one more because people are asking me just the Iraq, can you just -- is there a way to quantify that? I understand you're not looking forward to extend beyond April, but I'm curious if that was sized for us.

是的。說得通。不，這是鼓舞人心的。期待看到這一點。我的後續行動是德文，也許對你來說，我知道——我想也許是肯在零售方面問過這個問題，你確實說過它正朝著正確的方向發展。您的聲明是否更多地受到保留方面或收購方面的改進的驅動，並且只是考慮之前 - 從優先級的角度來看，從 KPI 的角度來看，什麼對您更重要。如果你不介意我再偷偷插一句，因為人們只問我伊拉克問題，你能不能——有辦法量化嗎？我知道您不希望延長到 4 月以後，但我很好奇這是否適合我們。

Yes. On the retail side, the most powerful lever, and this is why we shared it at the Evolve 2025 Investor Day. Small increases in retention on a very large base can make a meaningful improvement in the trajectory of that business. the breadth and depth of our retail network is always a great catchment for new customers, continuing to have them transact with us because we have great experiences, we're easy to do business with, and we've got a good value proposition -- should hopefully help us improve retention. And we're doing modifications as we talked about on prior calls in terms of what our network looks like and its ability to attract new customers into our branded locations from both an exclusivity standpoint, but also competing head-to-head in the independent channel through our improvements with our point of sale and our ongoing efforts with customer loyalty programs and things like that.

是的。在零售方面，這是最強大的槓桿，這就是我們在 Evolve 2025 投資者日分享它的原因。在一個非常大的基礎上，保留率的小幅增加可以對該業務的軌跡做出有意義的改進。我們零售網絡的廣度和深度總是吸引新客戶，繼續讓他們與我們進行交易，因為我們有豐富的經驗，我們很容易做生意，而且我們有一個很好的價值主張——應該有望幫助我們提高保留率。正如我們在之前的電話會議上談到的那樣，我們正在進行修改，從排他性的角度來看，我們的網絡看起來像什麼，以及它吸引新客戶進入我們品牌位置的能力，但也在獨立渠道中進行正面競爭通過我們對銷售點的改進以及我們在客戶忠誠度計劃和類似方面的持續努力。

I'll let Matt answer the question on Iraq.

我會讓馬特回答有關伊拉克的問題。

On the Iraq front, we talked about earlier on the call, it's about 2% of revenue in Q1.

在伊拉克方面，我們早些時候在電話會議上談到過，它大約佔第一季度收入的 2%。

Our next question comes to us from Tim Chiodo from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tim Chiodo。

I want to dig into your recent partnership or announcement of being a part of the initial group of apps and neobanks and fintechs that are participating in Visa Plus. And if you could just start off by maybe just giving us a little bit of the background or context on how you made the decision to join and what you thought some of the advantages might be?

我想深入了解你們最近的合作夥伴關係或宣布成為參與 Visa Plus 的最初一批應用程序、新銀行和金融科技公司的一部分。如果您可以先向我們介紹一下您是如何做出加入決定的背景或背景，以及您認為其中的一些優勢是什麼？

Tim, great question. Thanks for joining the call. As you know, that particular offer/product/partnership aligns with the launch of our digital wallet in the U.S. We have always been what we would consider to be an open loop network, right? So we take funds in for most of the digital wallets, and we pay out -- funds out around the world to many, many, many digital wallets, whether that's Paytm in India or bKash Bangladesh. So our basic philosophy of opening -- of operating a funds-in and funds-out network is central to who we are. So the Visa Plus product offer is consistent with how we've constructed and managed our business. And with the addition of a digital wallet in the U.S., it seemed to make a lot of sense.

蒂姆，好問題。感謝您加入電話會議。如您所知，該特定優惠/產品/合作夥伴關係與我們在美國推出的數字錢包一致。我們一直認為是一個開環網絡，對嗎？因此，我們為大多數數字錢包接收資金，然後我們將資金支付給世界各地的許多很多數字錢包，無論是印度的 Paytm 還是孟加拉國的 bKash。因此，我們開放的基本理念——運營資金進出網絡是我們的核心。因此，Visa Plus 產品提供與我們構建和管理業務的方式一致。在美國增加一個數字錢包，這似乎很有意義。

Great. If you don't mind a brief mechanical follow-up. So our understanding is that it was discussed on the Visa call that currently the offering is domestic only, but could or potentially could become more cross-border. Should we think about this as just another payout method, meaning there's retail in store, there is send to an account, there is send to card and now it would be send to another app potentially in another country, meaning the PayPower, Venmo of Country ABC or XYZ, meaning it doesn't necessarily have to be sent to Western Union app.

偉大的。如果您不介意進行簡短的機械跟進。因此，我們的理解是，在 Visa 電話會議上討論過，目前該產品僅在國內提供，但可能或可能會變得更加跨境。我們是否應該將其視為另一種支付方式，這意味著商店中有零售，有發送到帳戶，有發送到卡，現在它可能會發送到另一個可能在另一個國家的應用程序，這意味著國家的 PayPower，Venmo ABC 或 XYZ，這意味著它不一定要發送到西聯匯款應用程序。

So I think, yes, let me try to clarify. So yes, it's U.S. only. We have not agreed to anything beyond that at this point. We do today send to app to other apps all around the world. And so for us, this is simply an extension of what we already do. In fact, we have one of the largest payout networks in the world of any kind. An important component of that is payout to account and payout to digital wallet all around the world. So for us, we already have our own network, we do that. If we could expand the network for what else we payout to, I think, over time, that would make sense for us.

所以我想，是的，讓我試著澄清一下。所以是的，它僅限美國。目前我們還沒有同意除此之外的任何內容。我們今天將應用程序發送到世界各地的其他應用程序。所以對我們來說，這只是我們已經做的事情的延伸。事實上，我們擁有世界上最大的支付網絡之一。其中一個重要組成部分是支付到世界各地的賬戶和數字錢包。所以對我們來說，我們已經有了自己的網絡，我們就這樣做了。如果我們能夠為我們支付的其他內容擴展網絡，我認為，隨著時間的推移，這對我們來說是有意義的。

Our next question comes to us from Will Nance from Golden Sachs.

我們的下一個問題來自 Golden Sachs 的 Will Nance。

Nice results today. I wanted to follow up, I think on Peller's question earlier on some of the (inaudible) and adjusted revenue and the assumptions are baked into the guidance for the remainder of the year. It sounded like the 2-point contribution from Iraq, a 2-point contribution from Argentina were some of the major pieces that drove revenue above your expectations this quarter. So could you just kind of clarify, when you're saying you're not assuming a material change in the macro. Are you guys assuming that, that continues or does not continue in the guidance for the remainder of the year? And I guess just a point of clarification hasn't continued so far. It sounded like maybe there might still be some activity ongoing.

今天的成績不錯。我想跟進，我想 Peller 早些時候就一些（聽不清）和調整後的收入提出的問題，這些假設已納入今年剩餘時間的指導方針中。這聽起來像是來自伊拉克的 2 分貢獻，來自阿根廷的 2 分貢獻是推動本季度收入超出預期的一些主要因素。那麼，當你說你不假設宏觀發生重大變化時，你能否澄清一下。你們是否假設在今年剩餘時間的指導中繼續或不繼續？我想到目前為止還沒有繼續澄清一點。聽起來可能還有一些活動正在進行。

Will. So on the Iraq front, as we talked about on the call, we've assumed that it continues through the end of April. We've assumed nothing beyond April for Iraq. As far as Argentina inflation is concerned, we've always had a fair bit. We called that out. Our actual outlook excludes Argentina inflation. So if you wanted to take our headline number of the down 1% add back to 2%, that kind of gives you the comparable number to compare to are down 2% to 4%. And we'll continue to back that out because it just bounced around too much for us to try to build it into our guidance. So it's one of the -- it's constant currency and we back out Argentina inflation.

將要。因此，在伊拉克方面，正如我們在電話中談到的那樣，我們假設它會持續到 4 月底。我們對伊拉克的 4 月之後沒有任何假設。就阿根廷通貨膨脹而言，我們一直有一點。我們大聲疾呼。我們的實際前景不包括阿根廷通脹。因此，如果你想將我們的下降 1% 的標題數字加回 2%，那麼你就可以比較下降 2% 到 4% 的可比數字。我們繼續反對它，因為它反彈太多，我們無法嘗試將其納入我們的指南。所以它是其中之一——它是不變的貨幣，我們支持阿根廷的通貨膨脹。

Yes. Okay. That makes sense. So I guess the Iraq continuing beyond April would be a source of upside.

是的。好的。這就說得通了。所以我猜想伊拉克局勢持續到 4 月以後將成為上漲的來源。

Correct. And as you think about it though, I mean, I mentioned earlier in one of the earlier answers, mean for us, if it does continue on, it gives us a whole lot of financial flexibility to accelerate our investments. Our objective is a target being within our range accelerating as fast as possible to our journey to drive us to long-term sustainable growth. So it is going to give us a lot more levers.

正確的。不過，正如你所想的那樣，我的意思是，我在前面的一個答案中提到過，對我們來說意味著，如果它繼續下去，它會給我們帶來很大的財務靈活性來加速我們的投資。我們的目標是在我們的範圍內盡快加速我們的旅程，以推動我們實現長期可持續增長。所以它會給我們更多的槓桿。

Got it. So maybe just to follow up on another lever you might have. The customer acquisition costs down about 20%. We've heard similar statistics from others in the industry on the digital customer acquisition front. So I'm just wondering if you can maybe drill down and you provide a little color on what's driving that? How much of that has just been kind of broad-based reduction in digital advertising costs versus some of the channel optimization or kind of specific actions that you guys are taking?

知道了。因此，也許只是為了跟進您可能擁有的另一個槓桿。客戶獲取成本下降了約 20%。在數字客戶獲取方面，我們從業內其他人那裡聽到了類似的統計數據。所以我只是想知道您是否可以向下鑽取並提供一些關於驅動它的顏色？其中有多少只是數字廣告成本的廣泛降低，而不是你們正在採取的一些渠道優化或某種具體行動？

Well, the majority of ours comes from our optimization of the marketing funnel program that we've talked about on prior calls. So finding the productive -- the most productive parts of the funnel that allow us to increase conversion for dollars spent. I can't comment on others.

好吧，我們的大部分來自我們對我們在之前的電話中討論過的營銷渠道計劃的優化。因此，找到富有成效的 - 漏斗中最富有成效的部分，使我們能夠增加花費的美元的轉化率。我不能評論別人。

Our next question comes to us from Ramsey El-Assal from Barclays.

我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

Could you give us a bit more color on the Iraq policy change? What exactly was that helped to boost revenues there?

你能給我們更多關於伊拉克政策變化的顏色嗎？到底是什麼幫助增加了那裡的收入？

Yes. So our understanding is the Iraq Central Bank changed their policy with regard to how banks can move money out of the country. We, as a remittance provider, we're not subjected to those same policy changes and as a result, customers that were traditionally using banks to move money out of Iraq, migrated to providers like us.

是的。所以我們的理解是伊拉克中央銀行改變了銀行如何將資金轉移出該國的政策。作為匯款提供商，我們不會受到同樣的政策變化的影響，因此，傳統上使用銀行將資金轉移出伊拉克的客戶遷移到了像我們這樣的提供商。

Okay. And then Devin, maybe you could give us a bit more color in terms of your reengagement with lapsed customers. What are the kind of techniques that you're using there to reengage? And any levers that you're kind of working to get that cohort sort of moving again?

好的。然後德文，也許你可以在你與流失客戶的重新接觸方面給我們更多的色彩。你在那裡使用什麼樣的技術來重新參與？您正在努力使該隊列再次移動的任何槓桿嗎？

So one of the things we've been working on over the last 12 months has been improving what we refer to as contactability. So the ability to have marketing permission rights to our customers around the globe in accordance with individual country privacy requirements, that contactability allows us if a customer lapses, whether they lapse for one transaction, one month, one quarter or one year to communicate with them to provide offers and incentives to come back and to reengage with them in a manner that allows them to, in fact, come back to Western Union.

因此，在過去 12 個月中，我們一直致力於改善我們所說的可聯繫性。因此，我們能夠根據各個國家/地區的隱私要求向全球客戶授予營銷許可權，這種可聯繫性使我們能夠在客戶失誤時，無論他們失誤一次交易、一個月、一個季度還是一年，都可以與他們溝通提供優惠和激勵措施，讓他們回來並以一種讓他們實際上能夠回到西聯匯款的方式與他們重新接觸。

In Europe, particularly in Germany, in Italy. As we launched the Digital bank, we ramped up our efforts around our lapsed customer base, encouraging them to try our new product with a different experience and a different value proposition. As I was pleased to report today, we're having some success with that, and we're pleased didn't think it as a platform for us as we further roll out the digital wallet product with some of the added and enhanced benefits that we are now able to offer in Germany, Italy, Romania and Poland.

在歐洲，特別是在德國，在意大利。當我們推出數字銀行時，我們圍繞流失的客戶群加大了力度，鼓勵他們以不同的體驗和不同的價值主張嘗試我們的新產品。正如我今天很高興地報告的那樣，我們在這方面取得了一些成功，我們很高興沒有將其視為我們的平台，因為我們進一步推出了具有一些附加和增強優勢的數字錢包產品我們現在可以在德國、意大利、羅馬尼亞和波蘭提供服務。

Our next question comes to us from Vasu Govil from KBW.

我們的下一個問題來自 KBW 的 Vasu Govil。

I guess first one for you, Matt, just on -- around the outlook. I kind of caught to your comment that it's too early in the year to change the guide but you clearly saw 1Q outperformance and you are also expecting at least U.S. turns to be better in the back half. So should we think about the unchanged guide as basically more conservatism baked into the back half? Or are there any timing related factors that might be sort of leading the guide unchanged? Or are you expecting to accelerate investment to the extent there is upside, just if you could sort of give us a thought process there?

我猜第一個是給你的，馬特，只是關於前景。我有點理解你的評論，即今年更改指南還為時過早，但你清楚地看到了 1Q 的出色表現，而且你還預計至少美國在下半年會表現更好。那麼我們是否應該將未更改的指南視為基本上更多的保守主義融入後半部分？或者是否有任何與時間相關的因素可能導致指南保持不變？或者您是否希望在有上升空間的情況下加速投資，只要您能在那裡給我們一個思考過程？

Vasu. I mentioned a couple of times on the call, but it's giving us a lot more flexibility to make investments and look at how we can accelerate our path to long-term sustainable growth. We've not identified where we're going to go do that, but we're also unwilling to commit to a different guide with the macroeconomic conditions we're living through the uncertainty around Iraq, the stage we are in our Evolve 2025 strategies as well as we are looking for ways that we can accelerate those strategies. So we look forward to updating everybody 3 months from now when we come back and we've gone through that.

瓦蘇。我在電話中提到過幾次，但這給了我們更大的靈活性來進行投資，並研究我們如何加快實現長期可持續增長的道路。我們還沒有確定我們要去哪裡做那件事，但我們也不願意在我們生活在伊拉克周圍的不確定性中的宏觀經濟條件下承諾一個不同的指南，我們在我們的發展 2025 戰略中所處的階段以及我們正在尋找可以加速這些戰略的方法。因此，我們期待在 3 個月後回來時向所有人更新，我們已經完成了這些。

And Vasu, as we have said since our Investor Day, we are taking what we believe to be a very pragmatic and measured approach to achieving and meeting our public financial commitments while continuing to rapidly involve Western Union towards our vision of becoming a broader-based financial services provider to the aspiring populations of the world. And so we will look forward to continuing to update you as the quarters go on, but we're pleased with the progress that we've made in the first quarter.

而 Vasu，正如我們自投資者日以來所說的那樣，我們正在採取我們認為非常務實和慎重的方法來實現和履行我們的公共財務承諾，同時繼續迅速讓西聯匯款參與我們的願景，即成為一個基礎更廣泛的為世界上有抱負的人群提供金融服務。因此，我們期待隨著季度的進行繼續為您更新，但我們對第一季度取得的進展感到滿意。

Great. And then a question for you, Devin. I sort of got all the color you gave on certain positive metrics you're seeing in the U.S. from the promotional activity. Any meaningful differences that you're seeing in terms of retention improvement across the other regions where you're expanding promotional pricing?

偉大的。然後問你一個問題，德文。從促銷活動中，我有點了解你在美國看到的某些積極指標所給出的所有顏色。您在擴大促銷定價的其他地區的保留改進方面看到了任何有意義的差異嗎？

Yes, I'm actually going to take this one because it was (inaudible) a little bit more recently. But the results are a little bit earlier because we launched Europe and some of other parts of the countries around the world, we've put the promotional pricing into. What we have seen in the early days is comparable to the U.S., but we're -- just remember, it's 60 to 120 days less mature in the U.S., which is why we're continuing to focus on the U.S. on this call.

是的，我實際上要拿這個，因為它最近（聽不清）有點。但是結果有點早，因為我們在歐洲和世界其他一些國家推出了促銷定價。我們在早期看到的情況與美國相當，但我們——請記住，美國的成熟度要低 60 到 120 天，這就是為什麼我們在這次電話會議上繼續關注美國。

Just to remember it is a multipart program. I just talked about the contactability and increasing the level of ongoing communication we have with our customers. But also in addition to the new customer offer, whether that be first transaction free, first transaction 50% off. In combination with the program, we're also putting second, third, fourth transaction into more of a market-based pricing basket, which is helping drive increased retention relative to some of our historical pricing practices.

請記住這是一個多部分程序。我剛剛談到了可聯繫性和提高我們與客戶的持續溝通水平。而且除了新客戶優惠外，是否是首筆交易免費，首筆交易50％的折扣。結合該計劃，我們還將第二、第三、第四筆交易納入更多基於市場的定價籃子，這有助於提高相對於我們一些歷史定價做法的保留率。

Our next question comes to us from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Can you hear me all right?

你能聽到我說話嗎？

No problem. Thanks for joining Bryan.

沒問題。感謝您加入布萊恩。

Sure. What's been the response from the competitors from promotional pricing in digital? Has there been much of a response? Have they come back to cut price on their own?

當然。競爭對手對數字促銷定價有何反應？有很多回應嗎？他們自己回來降價了嗎？

No, we have not seen a particularly "aggressive response. " And the players that were historically at the lower end of the market have stayed there and the players that were historically similar or above us have stayed there as well. In any given corridor or any given market, there's a give and take. And they're always particularly corridor specific, particularly in Europe players that continue to operate what I would consider a value-destroying manner in terms of their pricing overall. But in general, the market is fairly rational and people have continued doing what they were doing before we made our change.

不，我們還沒有看到特別“激進的反應”。歷史上處於市場低端的玩家仍然留在那裡，歷史上與我們相似或高於我們的玩家也留在那裡。在任何給定的走廊或任何給定的市場中，都有一個讓步。而且它們總是特別針對走廊，特別是在歐洲玩家中，他們繼續以我認為在整體定價方面破壞價值的方式運營。但總的來說，市場是相當理性的，人們繼續做我們做出改變之前他們在做的事情。

Got it. And how much more promotional pricing do you guys expect to do throughout the business? Is there more areas either in retail or just further in digital that you expect to roll this out? Or is it kind of the majority of it is complete that you plan to do?

知道了。你們希望在整個業務中進行多少促銷定價？您希望在零售領域或更進一步的數字領域中推出更多領域嗎？還是您計劃完成其中的大部分工作？

We've tackled this question before, given that we operate in 20,000 corridors around the world from 150 countries, give or take, and territories. There are always opportunities to optimize high-volume corridors, long-tail corridors. We price at everything from street corner level to time of day. We have a constant and ongoing optimization algorithm and model that's always running. And we continue to tweak that to the best of our ability to get the right combination of customer value proposition, incentives and alignment with our distribution and our ability to grow transactions. Remember, the big shift is we're really focusing on acquiring customers, managing and increasing their lifetime value, which includes retention versus maximizing revenue per transaction at a transaction level.

我們之前已經解決過這個問題，因為我們在全球 150 個國家和地區的 20,000 條走廊中開展業務。總是有機會優化大容量走廊、長尾走廊。我們對從街角水平到一天中的時間的一切進行定價。我們有一個持續不斷的優化算法和模型，它一直在運行。我們將繼續盡我們最大的能力對其進行調整，以將客戶價值主張、激勵措施以及與我們的分銷和我們增加交易的能力保持一致。請記住，最大的轉變是我們真正專注於獲取客戶、管理和增加他們的生命週期價值，其中包括保留與在交易級別最大化每筆交易的收入。

Our next question comes to us from Andrew Schmidt from Citi.

我們的下一個問題來自花旗的 Andrew Schmidt。

Devin, Matt, apologies if I missed this, but on operating margin and good performance in the first quarter here. But how should we think about the cadence as the year progresses? Is there anything lumpy we should be considering from an investment perspective? I understand there's some -- it sounds like there's some flex in the cost base, but just curious to see your perspective there.

德文、馬特，如果我錯過了這一點，我深表歉意，但關於營業利潤率和第一季度的良好表現。但是隨著時間的推移，我們應該如何考慮節奏呢？從投資的角度來看，有什麼我們應該考慮的問題嗎？我知道有一些 - 聽起來成本基礎有一些彈性，但只是想看看你在那裡的觀點。

Andrew, thanks for joining the call today. As I highlighted earlier, there's really 2 major drivers why it was different than what was expected (inaudible) when that maybe 6, 8 weeks ago. The drivers there were the benefit we've gotten from Iraq, just thinking about 2 basis -- 200 basis points of revenue with a normal fall-through rate there. And then also, we were able to execute on our cost optimization program at a faster pace than we were able to invest at both those things were unknown and positive surprises to us as we evolved through the quarter from early February to now. So our plan is to go and invest that money. We had always intended to save the OpEx that we were able to identify and save. So those investments will come in the later part of this year as the year progresses. And then as I mentioned previously, we are looking for monitoring how [Iraq Evolve]. We're looking at other investment opportunities to use in the upside we have relative to our guidance. And if we have some valuable way to use that to drive long-term sustainable growth, we will make those investments.

安德魯，感謝您今天加入電話會議。正如我之前強調的那樣，實際上有 2 個主要驅動因素導致它與 6、8 週前的預期（聽不清）不同。那裡的驅動程序是我們從伊拉克獲得的好處，只需考慮 2 個基點 - 200 個基點的收入和正常的下降率。然後，我們能夠以比我們能夠投資的速度更快的速度執行我們的成本優化計劃，因為我們在從 2 月初到現在的這個季度中不斷發展，這對我們來說是未知的和積極的驚喜。所以我們的計劃是去投資那筆錢。我們一直打算節省我們能夠識別和節省的運營支出。因此，隨著時間的推移，這些投資將在今年下半年到來。然後正如我之前提到的，我們正在尋找監測 [伊拉克演變] 的方式。我們正在尋找其他投資機會，以利用我們相對於我們的指導的優勢。如果我們有一些有價值的方法來利用它來推動長期可持續增長，我們將進行這些投資。

Got it. And then if I could follow up just on the independent channel. Maybe you could comment on the -- just the early results from the new POS system, how productivity of those agents that might have the new POS system compared to the independent base as a whole. Any comments there would be helpful.

知道了。然後，如果我可以在獨立頻道上跟進。也許你可以評論 - 只是新 POS 系統的早期結果，與整個獨立基地相比，那些可能擁有新 POS 系統的代理商的生產力如何。那裡的任何評論都會有所幫助。

Yes. So to clarify, because it is a pilot, and we are in pilot in actual Western Union exclusive locations in the U.S., partially because we wanted agents who are willing to work with us as we launch the technology, refine the experience. We won't be putting it into the independent agent channel until the back half of this year. So largely, the pilot results are really measured around, as you heard me talk about transaction times for customers for specific things like repeat sends around customers' ability to -- or the agent's ability not to have to reenter data and things like that. So the pilot agents are all friendly, hand selected to work with us through the launch.

是的。所以要澄清一下，因為它是一個試點，我們正在美國實際的西聯匯款獨家地點進行試點，部分原因是我們希望代理商願意在我們推出技術時與我們合作，完善體驗。我們要到今年下半年才會將其放入獨立代理渠道。在很大程度上，試點結果是真正衡量的，因為你聽到我談論客戶的交易時間，比如圍繞客戶的能力重複發送——或者代理不必重新輸入數據的能力等等。因此，試點代理人都是友好的，經過手工挑選與我們一起工作。

Our next question comes to us from James Faucette from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

This is Jeff Goldstein on for James. Can you guys hear me okay?

這是詹姆斯的傑夫戈德斯坦。你們能聽到我說話嗎？

Yes, no problem, Jeff.

是的，沒問題，傑夫。

All right. Great. So I wanted to ask about Europe. Can you talk about some of the trends there what countries were primarily driving revenue to be down 13% in the quarter. And then I think in your prepared remarks, one issue you called out for the region was competitive pressures. I was just curious what you're seeing there in particular and how you're kind of going about navigating that backdrop, if anything is different there as opposed to other regions.

好的。偉大的。所以我想問問歐洲。你能談談哪些國家主要推動本季度收入下降 13% 的一些趨勢嗎？然後我認為在您準備好的發言中，您為該地區提出的一個問題是競爭壓力。我只是很好奇你在那里特別看到了什麼，以及你是如何在那個背景下導航的，如果那裡與其他地區相比有什麼不同的話。

Yes. So Jeff, a couple of things, right? Remember, those results also still include through the end of the first quarter, the exit of Russia and Belarus, which Matt highlighted was a moderately significant headwind on revenue growth in the first quarter in Europe, which was by far the most impacted region we had.

是的。傑夫，有幾件事，對吧？請記住，這些結果還包括到第一季度末，俄羅斯和白俄羅斯的退出，馬特強調這是對歐洲第一季度收入增長的適度重大逆風，這是迄今為止我們受影響最嚴重的地區.

Second, Europe continues to be one of the most, if not the most, competitive on both the retail and the digital and in particular, Central and Northern Europe to North Africa continues to face corridor-specific competitors. As I highlighted, who are maximizing customers and transactions and potentially not revenue. So that is an ongoing headwind for us and anyone who competes in those corridors.

其次，歐洲在零售和數字方面仍然是最具競爭力的地區之一，尤其是中歐和北歐到北非，繼續面臨特定走廊的競爭對手。正如我強調的那樣，誰正在最大化客戶和交易，而不是收入。因此，這對我們和任何在這些走廊上競爭的人來說都是一個持續的逆風。

Jeff, just to build on Devin's point here, just a couple of things to remind you of. We did also have the one agent loss within Europe that started last year and has continued through Q1 and then as you think about the countries that are contributing to it, I mean, we've got some really good strength in Spain, Italy and a few other places. But Russia is the biggest place where we're obviously having a drag, as we've highlighted a couple of times in the call. And then we've got some softness in Germany and France.

傑夫，這裡只是為了建立德文的觀點，只是提醒你幾件事。我們在歐洲也確實有一個代理人流失，從去年開始一直持續到第一季度，然後當你想到造成這種情況的國家時，我的意思是，我們在西班牙、意大利和其他地方很少。但俄羅斯是我們明顯受到拖累的最大地方，正如我們在電話會議中多次強調的那樣。然後我們在德國和法國有一些疲軟。

And then second, as my follow-up. You mentioned starting to pilot your digital banking product in U.S. and Brazil in the quarter, I believe. Just curious if you're learning -- I know it's new, but just curious if you're learning anything as those rollouts began especially in the U.S.? And then can you also remind us of the ongoing rollout plans by geography going forward?

然後是第二個，作為我的後續行動。你提到本季度開始在美國和巴西試行你的數字銀行產品，我相信。只是好奇你是否正在學習 - 我知道這是新的，但只是好奇你是否正在學習任何東西，因為這些推出特別是在美國開始？然後，您能否提醒我們未來按地域劃分的持續推出計劃？

Yes. So a couple of important just notes in both U.S. and Brazil, where in what we define as friends and family, which is largely employees and employees families, and it is truly just a testing. We have not brought non-Western Union affiliated consumers into the offer. Second, in both Brazil and in the U.S. we are working towards what we have affectionately called on these calls, One App. So as you know, in Europe, we are conducting business across two apps, a digital banking app, which we call Western Union One or in some markets, WU Plus, and the traditional westernunion.com app, which is a transactional Money Send. When we launched the new product in the U.S. and Brazil, we will be operating under what we call One app, which will include both the traditional transactional based service, which has a lower KYC burden and a full-on digital wallet. We will also be able to offer transactional customers a one or two click upgrade to the digital wallet. So that is all in process, and we're obviously learning a lot about how to integrate the two experiences into one. And as we learn more, I look forward to updating you.

是的。因此，在美國和巴西，有幾個重要的注意事項，在我們定義為朋友和家人的地方，主要是員工和員工家庭，這真的只是一個測試。我們沒有將非西聯匯款關聯的消費者納入優惠。其次，在巴西和美國，我們都在努力實現我們在這些電話會議上親切稱呼的 One App。如您所知，在歐洲，我們通過兩個應用程序開展業務，一個是數字銀行應用程序，我們稱之為 Western Union One 或在某些市場稱為 WU Plus，另一個是傳統的 westernunion.com 應用程序，這是一種交易匯款。當我們在美國和巴西推出新產品時，我們將在我們所謂的 One 應用程序下運營，該應用程序將包括傳統的基於交易的服務，它具有較低的 KYC 負擔和一個完整的數字錢包。我們還將能夠為交易客戶提供一兩次點擊升級到數字錢包。所以這一切都在進行中，我們顯然正在學習很多關於如何將兩種體驗整合為一體的知識。隨著我們了解更多，我期待著為您更新。

Our final question comes to us from Tyler DuPont from Bank of America.

我們的最後一個問題來自美國銀行的 Tyler DuPont。

This is Tyler DuPont on for Jason. I know bumping up on time, so I'll try to be quick with these. So it seems like LACA continues to be the bright spot geographically. Can you just speak a little bit more to the success and sustainability of that growth level? And then maybe just to the level to which you can apply that playbook to other geographies?

這是傑森的泰勒杜邦。我知道準時趕上，所以我會盡量快點處理這些。所以看起來 LACA 仍然是地理上的亮點。你能多談談這種增長水平的成功和可持續性嗎？然後也許只是到了可以將該劇本應用到其他地區的水平？

Tyler, thanks for joining. LACA is unique on many dimensions, but there's a couple of things in specific that we benefit from, one, we have a very strong retail footprint in the country. And as we've highlighted, it's a great combination of owned and controlled as well as Western Union branded independent, and we have some particularly strong master agents in the region that we've been working with for many, many years that provide excellent products, service delivery and customer service to their customers. The second is as we rolled out westernunion.com, we had a strategy of maximizing our footprint around the globe. So we were early on our digital business in LACA and as a result, have strong presence in many of those markets and a strong customer base. Finally, we have an excellent management team that's been in place for many years that does a great job of driving that business.

泰勒，感謝您的加入。 LACA 在許多方面都是獨一無二的，但有幾件具體的事情讓我們受益，第一，我們在該國擁有非常強大的零售足跡。正如我們所強調的那樣，它是擁有和控制以及西聯匯款獨立品牌的完美結合，我們在該地區擁有一些特別強大的主代理，我們已經合作多年，提供優質產品、服務交付和客戶服務。第二個是當我們推出 westernunion.com 時，我們制定了一個最大化我們在全球範圍內的足蹟的戰略。因此，我們很早就在 LACA 開展了數字業務，因此在其中許多市場都有強大的影響力和強大的客戶群。最後，我們擁有一支優秀的管理團隊，該團隊已經存在多年，在推動該業務方面做得很好。

I appreciate that. And just briefly following up with inflation. It looks like just the majority of the regions you serve continue to see inflation cooling pretty significantly. Can you just briefly walk me through kind of how you are thinking about inflation and how that kind of trickles down through the P&L?

我很感激。並且只是簡單地跟進通貨膨脹。看起來您所服務的大多數地區繼續看到通貨膨脹明顯降溫。你能簡單地告訴我你是如何看待通貨膨脹的，以及它是如何滲透到損益表中的嗎？

Yes. Thankfully, most of our largest portion of our expense base is commission based, which is driven off as a percentage of revenue. We also have a large portion of our base, which is fixed through depreciation or long-term contracts that don't have any kind of price increases. And then we've got a little bit of labor that we're obviously working our way through -- thankfully, we're well protected from inflation.

是的。值得慶幸的是，我們大部分費用基礎的最大部分是基於佣金的，這是按收入的百分比計算的。我們還有很大一部分基數是通過折舊或沒有任何價格上漲的長期合同來固定的。然後我們有一些勞動力，我們顯然正在努力解決 - 幸運的是，我們得到了很好的保護免受通貨膨脹的影響。

Tyler, I think you can look at the success we've had in Argentina, which I think is facing 100% inflation this year on the durability of our business and our ability to manage not just through the transitory inflation that many countries around the world are seeing but sustained and high inflation like we have in many countries in LACA.

泰勒，我想你可以看看我們在阿根廷取得的成功，我認為阿根廷今年面臨 100% 的通貨膨脹，這取決於我們業務的持久性和我們的管理能力，而不僅僅是通過世界上許多國家的暫時性通貨膨脹正在看到持續的高通脹，就像我們在 LACA 的許多國家一樣。

Thank you for joining the Western Union First Quarter 2023 Results Conference Call. We hope you have a great day.

感謝您參加西聯匯款 2023 年第一季度業績電話會議。我們希望你有一個美好的一天。