西聯匯款 (WU) 2024 Q3 法說會逐字稿

Good day, and welcome to the Western Union third quarter 2024 results conference call. (Operator Instructions). Please note that this event is being recorded.

您好，歡迎參加西聯匯款 2024 年第三季業績電話會議。（操作員說明）。請注意，該事件正在被記錄。

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

我現在想將會議交給投資者關係副總裁湯姆哈德利 (Tom Hadley)。湯姆，請繼續。

Thank you. On today's call, we will discuss the company's third quarter 2024 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，我們將討論該公司 2024 年第三季的業績，然後我們將回答大家的問題。本次電話會議和網路廣播附帶的投影片可在westernunion.com 的「投資者關係」標籤下找到，並將在電話會議結束後繼續提供。我們的新聞稿的補充表格中提供了更多營運統計數據。

Joining me on the call today is our CEO, Devin McGranahan, and our CFO, Matt Cagwin. Today's call is being recorded, and our 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 2023 Form 10-K for additional information concerning factors that could cause actual results to differ materially from forward-looking statements.

今天和我一起參加電話會議的是我們的執行長德文·麥克格拉納漢 (Devin McGranahan) 和財務長馬特·卡格溫 (Matt Cagwin)。今天的電話會議正在錄音，我們的評論包括前瞻性陳述。請參閱收益報告和西聯匯款向美國證券交易委員會提交的文件（包括 2023 年 10-K 表格）中的警示性語言，以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資​​訊。

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.

在電話會議期間，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 表格隨附的收益發布以及我們網站 westunion.com 投資者關係部分下的最具可比性的 GAAP 衡量標準進行了調整。

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執行長德文·麥克格拉納漢 (Devin McGranahan)。

Good afternoon. and welcome to Western Union's third quarter 2024 financial results conference call. We continue to focus every day on becoming the market leader in providing accessible financial services to the aspiring populations of the world. We are a purpose-driven organization with over 100 million customers who depend on us every day to safely, securely and rapidly deliver on our promise to send their money to loved ones all across the world.

午安.歡迎參加西聯匯款 2024 年第三季財務業績電話會議。我們每天持續致力於成為市場領導者，為世界上有抱負的人們提供便利的金融服務。我們是一家以目標為導向的組織，擁有超過 1 億客戶，他們每天都依賴我們安全、可靠、快速地兌現我們的承諾，將錢匯給世界各地的親人。

Over the past 2 years, our team has been hard at work executing our Evolve 2025 strategy, which will improve our value proposition expand our product offering and most importantly, ensure high-quality execution in everything we do. I greatly appreciate the very hard work of all of our team members and thank our customers for trusting us with their hard-earned money.

在過去的兩年裡，我們的團隊一直在努力執行我們的 Evolve 2025 策略，這將改善我們的價值主張，擴大我們的產品供應，最重要的是，確保我們所做的一切的高品質執行。我非常感謝我們所有團隊成員的辛勤工作，並感謝我們的客戶用他們辛苦賺來的錢信任我們。

Today, we reported another quarter of improving adjusted revenue growth as we continue to implement our Evolve 2025 strategy focused on returning Western Union to a profitable and sustainable revenue growth trajectory.

今天，我們報告了調整後收入成長又一個季度的改善，因為我們繼續實施 Evolve 2025 策略，重點是讓西聯匯款回到盈利和可持續的收入成長軌道。

Over the last 2 years, we've been driving meaningful improvements, and this quarter's results continue to demonstrate that our efforts are indeed working. Consumer money transfer transactions grew 4% in the quarter, excluding Iraq, a continuation of the mid-single-digit trends we have now seen for the last 5 quarters. which highlights the durability of the improvements we have made and positions the business well as we head into 2025 despite emerging softness in the Americas, which we will comment on later.

在過去的兩年裡，我們一直在推動有意義的改進，本季的結果繼續證明我們的努力確實正在發揮作用。本季消費者匯款交易成長 4%（不包括伊拉克），這是我們在過去 5 個季度看到的中個位數趨勢的延續。這突顯了我們所做的改進的持久性，並在進入 2025 年時為我們的業務做好了定位，儘管美洲市場出現了疲軟的情況，我們將在稍後對此進行評論。

The business continued to improve on an adjusted revenue growth rate basis, with adjusted revenue up 1% in the quarter, excluding Iraq. Our branded digital business continued to accelerate with transaction growth of 15%, a continuing improvement from the second quarter. In addition, our branded digital revenue growth improved 200 basis points compared to the prior quarter and at 9% growth is now approaching our double-digit growth aspirations.

該業務在調整後營收成長率的基礎上繼續改善，本季調整後營收成長了 1%（不包括伊拉克）。我們的品牌數位業務持續加速，交易量成長 15%，較第二季持續改善。此外，我們的品牌數位營收成長與上一季相比提高了 200 個基點，成長率為 9%，目前接近我們兩位數成長的期望。

And lastly, Consumer Services had another strong quarter with 15% adjusted revenue growth, driven by an expansion in our FX business as well as our Media Network business. These results give us confidence that we are well on our way to returning the core business to sustainable, profitable revenue growth as we continue to report solid transaction trends and improving revenue growth rates.

最後，在我們的外匯業務和媒體網路業務擴張的推動下，消費者服務業務迎來了一個強勁的季度，調整後的收入成長了 15%。這些結果讓我們相信，隨著我們繼續報告可靠的交易趨勢和提高收入成長率，我們正在使核心業務恢復可持續、盈利的收入成長。

For the third quarter, our revenue reached $1.040 billion. Excluding Iraq, our adjusted revenue growth was positive 1%, the second consecutive quarter of positive revenue growth. Adjusted earnings per share came in strong at $0.46 or up $0.03 relative to this quarter a year ago, which benefited meaningfully from higher revenues and operating profits from Iraq, which were not repeated in the current quarter. Matt will discuss our financial results in more detail and provide an update on our 2024 outlook later in this call.

第三季度，我們的營收達到 10.4 億美元。不包括伊拉克，我們調整後的營收成長為 1%，這是連續第二季實現營收正成長。調整後每股收益強勁至 0.46 美元，較去年同期增長 0.03 美元，這得益於伊拉克收入和營業利潤的增加，而本季度並未出現這種情況。Matt 將在本次電話會議稍後詳細討論我們的財務業績，並提供 2024 年展望的最新資訊。

Now switching briefly to the macro. The third quarter saw some challenges in our Latin America region for the first time in my tenure. As a reminder, we define our regions, including Latin America from a send perspective.

現在暫時切換到巨集。第三季度，拉丁美洲地區在我任職期間首次遇到了一些挑戰。提醒一下，我們從發送的角度來定義我們的地區，包括拉丁美洲。

So these are transactions initiated in Latin America and usually paid out in either the US or in other Latin American countries. In the last several months, there have been a number of political events that have disrupted the typical migration flows in the region with recent elections in Panama, the Dominican Republic, Venezuela and Mexico.

因此，這些交易是在拉丁美洲發起的，通常在美國或其他拉丁美洲國家支付。過去幾個月，巴拿馬、多明尼加共和國、委內瑞拉和墨西哥最近舉行的選舉等一系列政治事件擾亂了該地區典型的移民流動。

In some instances, residents may have delayed their migration to vote or stayed to see the outcome of an election in their home country. And in other instances, newly elected officials have attempted to stem migration.

在某些情況下，居民可能會延後移民去投票或留下來看看本國的選舉結果。在其他情況下，新當選的官員也試圖阻止移民。

For example, in Panama, the new President has attempted to close the migration route from Colombia into Panama through the Darien Gap significantly reducing the number of migrants entering Panama. We believe these macro events have created a short-term impact on our Latin American business, which is roughly 10% of consumer money transfer revenue. However, as you can see from our broader results, we benefit from our globally diversified business and the portfolio effect it affords us.

例如，在巴拿馬，新總統試圖關閉從哥倫比亞經達連峽進入巴拿馬的移民路線，從而大大減少進入巴拿馬的移民人數。我們認為這些宏觀事件對我們的拉丁美洲業務產生了短期影響，該業務約佔消費者匯款收入的 10%。然而，正如您從我們更廣泛的業績中看到的那樣，我們受益於我們的全球多元化業務及其為我們帶來的投資組合效應。

While Latin America slowed in the quarter, regions like Europe, the Middle East, ex-Iraq and APAC, which together account for 50% of CMT revenue all improved with revenue growth rates in all 3 regions improving by 500 basis points to 1,000 basis points relative to the second quarter.

雖然拉丁美洲本季成長放緩，但歐洲、中東、伊拉克除外和亞太地區等合計佔 CMT 收入 50% 的地區均有所改善，所有 3 個地區的收入成長率均提高 500 個基點至 1,000 個基點相對於第二季。

Operating in 200 countries and territories means there are frequently both positives and negatives within our portfolio. We believe the benefit of being a truly global at-scale player will enable us to manage these kinds of disruptions better than many of our smaller competitors.

我們的業務遍及 200 個國家和地區，這意味著我們的投資組合中常常既有積極的一面，也有消極的一面。我們相信，成為真正的全球規模參與者的好處將使我們能夠比許多規模較小的競爭對手更好地管理此類幹擾。

Now shifting to our digital business. As we discussed at our 2022 Investor Day, returning our digital business to double-digit revenue growth is a key priority for our organization and is essential to driving top line revenue growth for the overall company.

現在轉向我們的數位業務。正如我們在 2022 年投資者日討論的那樣，使我們的數位業務恢復兩位數的收入成長是我們組織的首要任務，對於推動整個公司的營收成長至關重要。

Over the past year, we have been focused on improving the onboarding experience, driving marketing effectiveness, improving our market value proposition and our overall user experience. We have also been rolling out our new digital experience, which is now in over a dozen countries around the world. I'm happy to report that these efforts are translating into more customers, more transactions and now more revenue.

在過去的一年裡，我們一直致力於改善入職體驗、提高行銷效率、改善我們的市場價值主張和整體用戶體驗。我們也一直在推出新的數位體驗，目前已在全球十幾個國家推出。我很高興地向大家報告，這些努力正在轉化為更多的客戶、更多的交易以及更多的收入。

This quarter, we reported the highest transaction growth rate since the second quarter of 2021. This includes solid growth in North America and meaningful acceleration in transaction growth rates across Europe, the Middle East and APAC.

本季度，我們報告了自 2021 年第二季度以來的最高交易成長率。這包括北美的穩健成長以及歐洲、中東和亞太地區交易成長率的顯著加速。

Now on to retail. Over the last year, we introduced several point-of-sale improvements, including remember me, Quick Resend, one step refund to improve -- and One Step Refund to improve customer and agent experiences. We continue to seek improvements in speed, reliability, agent support and customer experience. I am pleased to announce we have now begun rolling out the next installment on our point-of-sale system improvement journey.

現在轉向零售。去年，我們推出了多項銷售點改進措施，包括記住我、快速重新發送、一步退款改進，以及一步退款以改善客戶和代理商體驗。我們不斷尋求速度、可靠性、代理支援和客戶體驗方面的改進。我很高興地宣布，我們現在已經開始推出銷售點系統改進之旅的下一部分。

We have learned with our last round of improvements that the key to a more rapid deployment is to reduce the dependency on local agent hardware variations. As such, this new iteration of our point-of-sale system has taken a lot of the processes, which were historically run on agent hardware and move them into the cloud. This enables us to significantly accelerate both rollouts and core processing times.

透過上一輪的改進，我們了解到，更快速部署的關鍵是減少對本地代理硬體變化的依賴。因此，我們銷售點系統的新迭代已經採用了許多流程，這些流程過去在代理硬體上運行，並將它們移至雲端。這使我們能夠顯著加快部署和核心處理時間。

In the third quarter of this year on this new platform, we completed a speed test in Spain and we were able to complete a recent transaction in just over 1 minute, which is a dramatic improvement from where we were just a year ago. We have started to commercialize the rollout of this new platform in the third quarter of this year and now already have nearly 12,000 agents in the US working on it.

今年第三季度，我們在西班牙完成了這個新平台的速度測試，我們能夠在短短 1 分鐘多的時間內完成最近的一筆交易，這比一年前有了巨大的進步。我們已於今年第三季開始將這個新平台的推出商業化，目前美國已有近 12,000 名代理商正在使用該平台。

We plan to continue to roll out to additional markets in the coming weeks, and our goal is to reach 25,000 agent locations by the end of the year. This would be a meaningful step function improvement over the pace of our first few waves of retail point-of-sale product rollouts. In addition to these platform improvements, we have continued rolling out debit acceptance across select agents and markets in Europe.

我們計劃在未來幾週內繼續向更多市場推出，我們的目標是在今年年底涵蓋 25,000 個代理點。與我們前幾波零售銷售點產品推出的步伐相比，這將是一個有意義的步驟功能改進。除了這些平台改進之外，我們還繼續在歐洲的選定代理商和市場上推出借記卡受理服務。

We began the rollout in mid-2023 and are pleased with the progress we are making. When we look at agent level data across the region, those agents where debit has been enabled are performing meaningfully better than our cash-only agents. Debit enabled agents are seeing transaction growth rates hundreds of basis points faster and in some cases, multiples higher than our cash-only agents in the same countries.

我們於 2023 年中期開始推出，並對我們所取得的進展感到滿意。當我們查看整個地區的代理商級別數據時，那些啟用借記卡的代理商的表現明顯優於我們只使用現金的代理商。支援金融卡的代理商的交易成長率比同一國家僅使用現金的代理商快了數百個基點，在某些情況下甚至高出數倍。

Retail card-funded transactions is part of the market that we have historically under-indexed due to lack of a product offering. But we now have a competitive product and have begun to gain market share in this important category. Even with the significant growth over the last year, debit funded transactions still account for less than 10% of the total transactions, and we believe we have a meaningful runway to continue to expand that over the coming years.

由於缺乏產品供應，零售卡資助的交易是我們歷史上索引不足的市場的一部分。但我們現在擁有了具有競爭力的產品，並開始在這一重要類別中獲得市場份額。即使去年顯著成長，借記融資交易仍佔總交易量的不到 10%，我們相信我們有一條有意義的道路可以在未來幾年繼續擴大這一規模。

In addition to our ongoing rollout in Europe, we have also just launched an expanded debit card acceptance program in the United States in the third quarter of this year as well. While this launch was only in select V-Go locations, our expectation is to grow this segment meaningfully in the coming years and to build on the success we are now seeing in Europe.

除了在歐洲持續推出之外，我們還在今年第三季在美國推出了擴大簽帳卡受理計畫。雖然此次發布僅在選定的 V-Go 地點進行，但我們的期望是在未來幾年內有意義地發展這一細分市場，並在我們目前在歐洲取得的成功的基礎上再接再厲。

As an example, our focus on driving retail execution can be seen in the performance of our own store network in Singapore. Five years ago, the business was shrinking 5% and accelerating lower in subsequent years prior to the launch of our controlled distribution strategy.

例如，我們對推動零售執行力的關注可以從我們在新加坡的商店網路的表現中看出。五年前，在我們推出受控分銷策略之前，業務萎縮了 5%，並在隨後的幾年中加速下滑。

Through September of this year, the business has grown 12% with contribution margins improving hundreds of basis points over the last few years. Additionally, I am pleased to report that our premier location in Singapore in the Lucky Plaza exceeded 10,000 transactions in September, making it one of the busiest company-owned stores in our network.

截至今年 9 月，該業務成長了 12%，邊際貢獻比過去幾年提高了數百個基點。此外，我很高興地報告，我們在新加坡的黃金地段 Lucky Plaza 9 月份的交易量超過了 10,000 筆，使其成為我們網絡中最繁忙的公司自營商店之一。

This example highlights the commitment and dedication of our team to improve performance, but also the strength of our brand when we deliver a market-leading value proposition with high execution quality.

這個例子突顯了我們團隊對提升績效的承諾和奉獻精神，也突顯了我們以高執行品質提供市場領先的價值主張時的品牌實力。

Finally, I would like to spend a minute discussing our Consumer Services segment. We have made it a goal to grow this segment of our business double digits annually. I am pleased to report we generated 15% adjusted revenue growth in the third quarter and acceleration of the growth rate we saw in the previous quarter.

最後，我想花一點時間討論我們的消費者服務部門。我們的目標是每年以兩位數的速度成長這部分業務。我很高興地報告，第三季調整後的收入成長了 15%，並且比上一季的成長率有所加快。

We continue to see solid growth in our retail money order business where we have recently implemented in-store cash refunds for the first time. And we believe we have one of the most consumer-friendly products in the marketplace.

我們的零售匯票業務持續穩定成長，最近我們首次實施了店內現金退款。我們相信我們擁有市場上最適合消費者的產品之一。

In addition to RMO, we continue to see benefit from the products and services we have launched or meaningfully expanded over the last 18 months. The 2 biggest contributors to growth in the quarter were our ForEx business in Europe, which benefited from a robust travel season and our media network business in the United States.

除了 RMO 之外，我們繼續從過去 18 個月中推出或有意義擴展的產品和服務中受益。本季成長的兩大貢獻者是我們在歐洲的外匯業務，該業務受益於強勁的旅行季節和我們在美國的媒體網絡業務。

Before I turn the call over to Matt, I would like to make a few comments on some opportunities I see to continue to expand our Evolve 2025 strategy. In recent weeks, we have signed 2 M&A transactions both of which remain subject to regulatory approval and other customary closing conditions.

在將電話轉給 Matt 之前，我想就我看到的繼續擴展 Evolve 2025 策略的一些機會發表一些評論。最近幾週，我們簽署了兩筆併購交易，這兩筆交易仍需獲得監管部門的批准並滿足其他慣例成交條件。

While these transactions are small in terms of capital commitments, we believe they are meaningful in accelerating our mission to become the world's leader in providing accessible financial solutions to the aspiring population of the world.

雖然這些交易的資本承諾規模較小，但我們相信它們對於加速我們的使命具有重要意義，即成為為世界上有抱負的人們提供易於使用的金融解決方案的世界領導者。

First, we signed an agreement to acquire the Singaporean digital wallet business, DASH from the Singtel Group. This acquisition is expected to bring us hundreds of thousands of incremental active customer millions of dollars of deposits and enable us to expand into additional products and services our customers in that market desire.

首先，我們簽署協議，從新加坡電信集團收購新加坡數位錢包業務DASH。此次收購預計將為我們帶來數十萬活躍客戶數百萬美元的增量存款，並使我們能夠擴展到該市場客戶渴望的其他產品和服務。

Over the last year, we have looked at numerous digital solutions across the world and believe this one fits our strategy exceedingly well. DASH is a truly omnichannel solution for delivering cross-border remittances.

在過去的一年裡，我們研究了世界各地的許多數位解決方案，並相信這個解決方案非常適合我們的策略。DASH 是一個真正的跨境匯款全通路解決方案。

The core of their offer is a robust cash in network with access to several hundred retail locations that are used to fund a digital wallet and to send cross-border remittances. They also enable a debit card within the digital wallet, which allows their cash-centric customers easier access to spending at the retail point of sale.

他們提供的核心是強大的現金網絡，可存取數百個零售網點，用於為數位錢包提供資金並發送跨境匯款。他們還在數位錢包中啟用借記卡，這使得以現金為中心的客戶更容易在零售銷售點進行消費。

We believe there is substantial opportunity to combine this offer with our existing business in Singapore, taking advantage of our excellent owned location network previously discussed. We look forward to the opportunity to welcome the DASH team to Western Union and are excited about the opportunities ahead in Singapore and more generally across the APAC region.

我們相信，利用我們之前討論過的優秀的自有位置網絡，有很大的機會將這一優惠與我們在新加坡的現有業務結合起來。我們期待有機會歡迎 DASH 團隊加入西聯匯款，並對新加坡乃至整個亞太地區未來的機會感到興奮。

In addition, we signed an agreement to acquire a recently launched digital wallet in Mexico, while their existing business is fairly nascent. We look forward to the opportunity to leverage their platform and assets in combination with Western Union's capabilities to create an account-based relationship with our customers in one of the most important remittance markets in the world.

此外，我們還簽署了一項協議，收購墨西哥最近推出的數位錢包，而他們現有的業務還處於起步階段。我們期待有機會利用他們的平台和資產與西聯匯款的能力相結合，在世界上最重要的匯款市場之一與我們的客戶建立基於帳戶的關係。

We believe this acquisition will help us accelerate our ecosystem strategy in Latin America and build on the momentum we are now seeing in Argentina, where we have onboarded 200,000 customers to our own digital wallet and are happy to report that in the month of September, 6% of all inbound remittances into Argentina landed in our own wallet.

我們相信，此次收購將幫助我們加快在拉丁美洲的生態系統策略，並以我們目前在阿根廷看到的勢頭為基礎，我們已經在阿根廷為20 萬名客戶提供了我們自己的數位錢包，並很高興在9 月6 日報告這一情況。

Given the regulatory review and product development time lines associated with this acquisition, it will likely be a year or more before we have a Western Union branded wallet live in Mexico.

考慮到與此次收購相關的監管審查和產品開發時間表，我們可能需要一年或更長時間才能在墨西哥推出西聯匯款品牌的錢包。

That said, I'm excited about the prospect of a two-sided digital payment network spanning one of the largest corridors in the world. Looking ahead, we remain optimistic about our market position, the progress we are making to deliver on our strategic initiatives.

也就是說，我對跨越世界上最大走廊之一的雙邊數位支付網路的前景感到興奮。展望未來，我們對我們的市場地位以及我們在實現戰略舉措方面所取得的進展保持樂觀。

We are pleased with the performance of our business today driven by improving transaction trends across both our digital and retail businesses and the top line revenue growth that we are now beginning to see as a result. I remain confident that we are tracking well to achieve our Evolve 2025 goals and are setting the company up well for a more prosperous future.

我們對今天的業務表現感到滿意，這得益於我們數位和零售業務的交易趨勢的改善以及我們現在開始看到的收入成長。我仍然相信，我們正在順利實現 Evolve 2025 目標，並使公司為更繁榮的未來做好準備。

Thank you for joining the call today. I will now turn the call over to Matt to discuss our financial results in more detail.

感謝您今天加入通話。我現在將把電話轉給馬特，更詳細地討論我們的財務表現。

Thank you, Devin, and good afternoon, everyone. The results we delivered this quarter demonstrate the continued progress of our Evolve 2025 strategy to return Western Union to a market competitive position. In the third quarter, GAAP revenue was $1.040 billion.

謝謝你，德文，大家下午好。我們本季交付的結果證明了我們的 Evolve 2025 策略的持續進展，使西聯匯款恢復了市場競爭地位。第三季度，GAAP 營收為 10.4 億美元。

On an adjusted basis, revenue grew 1%, excluding Iraq and represents the second consecutive quarter of positive revenue growth. This growth was led by the acceleration of the branded digital business and growth in Consumer Services. Additionally, Iraq came in at the lower end of our $10 million to $30 million per quarter range that we had previously communicated.

調整後的營收成長了 1%（不包括伊拉克），這是連續第二季實現營收正成長。這一成長是由品牌數位業務的加速和消費者服務的成長所帶動的。此外，伊拉克的收入處於我們先前溝通過的每季 1,000 萬至 3,000 萬美元範圍的下限。

We're pleased with the trajectory of our business and are ahead of where we thought we'd be at this point when we first launched the Evolve 2025 strategy 2 years ago, which included our aspiration to reach flat to positive 2% revenue growth in 2025.

我們對我們的業務發展軌跡感到滿意，並且領先於我們兩年前首次推出 Evolve 2025 策略時的預期，其中包括我們希望在 2020 年實現 2% 的收入平穩增長2025 年。

Our adjusted operating margins were 19.1% compared to 19.6% last year. with the decrease primarily related to elevated Iraq revenue last year and strategic investments in our Consumer Services business related to new and expanded products in the current year. Year-to-date, the adjusted operating margin was 19.2%.

調整後的營業利益率為 19.1%，去年為 19.6%。下降主要與去年伊拉克收入的增加以及與本年度新產品和擴展產品相關的消費者服務業務的策略性投資有關。年初至今，調整後營業利益率為 19.2%。

Adjusted EPS was $0.46 versus $0.43 last year benefiting from higher adjusted revenue, excluding Iraq, lower share count and lower adjusted effective tax rate partially offset by lower contributions from Iraq in the current period.

調整後每股收益為 0.46 美元，而去年為 0.43 美元，受益於調整後收入（不包括伊拉克）的增加、股份數量減少和調整後有效稅率降低，部分被本期伊拉克捐款減少所抵消。

The adjusted effective tax rate in the quarter was 8.4% compared to 16.6% last year. The lower tax rate was primarily driven by the discrete tax benefits, and we now expect the full year adjusted effective tax rate to be in the low teens range.

本季調整後的有效稅率為 8.4%，而去年為 16.6%。較低的稅率主要是由離散稅收優惠推動的，我們現在預計全年調整後的有效稅率將在十幾歲的範圍內。

We are also pleased to share that we've entered into a settlement with the IRS this quarter, resolving 1 of 2 open disputes related to our 2017 and 2018 tax returns. This settlement resulted in a $140 million US GAAP noncash tax benefit and a cash payment of $90 million, of which $70 million was already paid earlier this year and the remainder will be paid in the second quarter of 2025.

我們也很高興地宣布，本季度我們已與 IRS 達成和解，解決了與 2017 年和 2018 年納稅申報表相關的 2 起公開爭議中的 1 起。和解協議帶來了 1.4 億美元的美國公認會計準則非現金稅收優惠和 9,000 萬美元的現金支付，其中 7,000 萬美元已於今年稍早支付，其餘部分將在 2025 年第二季支付。

The noncash benefit was excluded from our adjusted EPS. Since the final open dispute relates to an income taxes that we've already paid, any resolution in our favor would provide us a benefit to our operating cash flow and net income.

非現金收益不包括在我們調整後的每股收益中。由於最終的公開爭議涉及我們已經繳納的所得稅，因此任何有利於我們的解決方案都將為我們的營運現金流和淨利潤帶來好處。

Now turning to our consumer money transfer or CMT business. CMT transactions grew 4%, excluding Iraq, led by the strength of our branded digital business as well as our digital white label business. CMT adjusted revenue was down 8%, which included an 8% headwind from lower Iraq revenue. Our spreads improved 200 basis points sequentially as we substantially grew over our price changes implemented in the prior year.

現在轉向我們的消費者匯款或 CMT 業務。CMT 交易成長了 4%（不包括伊拉克），這得益於我們品牌數位業務和數位白標業務的強勁表現。CMT 調整後收入下降 8%，其中包括伊拉克收入下降帶來的 8% 阻力。我們的利差連續改善了 200 個基點，因為我們比上一年實施的價格調整大幅成長。

Regionally, both Europe and APAC achieved positive quarterly adjusted revenue growth for the first time since 2021. Our branded digital business grew adjusted revenue 9% and transactions grew 15%. This marks the sixth consecutive quarter of double-digit transaction growth and was to achieve against a tougher comparison last year.

從地區來看，歐洲和亞太地區自 2021 年以來首次實現季度調整後營收正成長。我們的品牌數位業務調整後營收成長了 9%，交易量成長了 15%。這標誌著連續第六個季度實現兩位數的交易成長，並且與去年的情況相比更加嚴峻。

While the spreads remain flat sequentially, both adjusted revenue and transaction growth improved 200 basis points each. This sequential improvement in branded digital transactions was driven by 400 basis points to 1,200 basis points improvement in Europe, MESA and APAC as well as continued solid transaction performance in North America.

雖然利差較上季保持持平，但調整後的營收和交易成長均提高了 200 個基點。品牌數位交易的連續改善是由歐洲、中東和非洲和亞太地區 400 個基點至 1,200 個基點的改善以及北美持續穩定的交易表現所推動的。

Our payout to account transactions grew 36% in the quarter. We are pleased with the progress we're making as we approach double-digit revenue growth aspirations which gives us confidence going into 2025. Australia continued its strong branded digital performance, reaching 25% revenue growth in the third quarter.

本季我們的帳戶交易付款成長了 36%。我們對所取得的進展感到高興，因為我們正在接近兩位數的收入成長目標，這讓我們對進入 2025 年充滿信心。澳洲持續保持強勁的品牌數位業績，第三季營收成長達到 25%。

As a reminder, Australia was one of the initial countries we deployed on our new digital solution in late 2022. This improvement underscores the success that we believe is possible when we have the right product, the right value proposition and the right marketing message.

謹此提醒，澳洲是我們於 2022 年底首批部署新數位解決方案的國家之一。這項改進強調了我們相信，只要我們擁有正確的產品、正確的價值主張和正確的行銷訊息，就有可能取得成功。

Now turning to our retail business. In the third quarter, Europe achieved 5% transaction growth in retail, a 200-basis point sequential improvement. This success was supported by our controlled distribution strategy, which includes 300 owned and concept stores as well as continued technological enhancements in the regions like debit card enablement and adding and optimizing account to wallet payout capabilities.

現在轉向我們的零售業務。第三季度，歐洲零售業交易成長 5%，比季提高 200 個基點。這項成功得益於我們的受控分銷策略，其中包括 300 家自營店和概念店，以及借記卡支援以及添加和優化帳戶到錢包支付功能等地區的持續技術改進。

We're encouraged by the results, and we anticipate this continued strength going into the fourth quarter as we anniversary the transition of a key retail agent from counter services to kiosk-only model.

我們對結果感到鼓舞，我們預計這種強勁勢頭將持續到第四季度，因為我們正值主要零售代理商從櫃檯服務轉向僅售貨亭模式的周年紀念日。

Now moving to the Americas. As Devin discussed earlier, lack encountered some challenges due to the geopolitical volatility, including impacts in intra lack of migration, while North America retail slowed this quarter, largely driven by (technical difficulty) primarily US to Mexico corridors. The progress we're seeing in Europe reinforce our belief that we can stabilize or grow our retail business with the right network, the right technology and the right operations.

現在搬到美洲。正如德文之前討論的那樣，由於地緣政治波動，缺乏遇到了一些挑戰，包括內部缺乏移民的影響，而北美零售業本季度放緩，主要是由美國到墨西哥走廊（技術困難）推動的。我們在歐洲看到的進步增強了我們的信念，即我們可以透過正確的網路、正確的技術和正確的營運來穩定或發展我們的零售業務。

Now transitioning to our Consumer Services segment, which accounts for 10% of total quarterly revenue. Adjusted revenue was up 15%, benefiting from the expansion of our retail foreign exchange business, our new media network business as well as continued growth in our retail money order. We are on track to achieve our double-digit adjusted revenue growth this year with 13% growth year-to-date.

現在轉向我們的消費者服務部門，該部門佔季度總收入的 10%。調整後營收成長15%，受益於零售外匯業務、新媒體網路業務的擴張以及零售匯票的持續成長。今年，我們預計將實現兩位數的調整後收入成長，年初至今成長 13%。

Looking ahead, we anticipate sustained double-digit adjusted revenue growth driven by both new and expanded products. In the third quarter, Consumer Services operating margins was 9% and driven by strategic and product investments. As we scale these products, we anticipate that margins will improve and will be at or above our total company average.

展望未來，我們預期在新產品和擴展產品的推動下，調整後的營收將持續實現兩位數成長。第三季度，消費者服務業務的營業利潤率為 9%，這主要得益於策略和產品投資。隨著我們擴大這些產品的規模，我們預計利潤率將會提高，並將達到或高於我們公司的平均水準。

Now switching to cost management. We continue to make strides on our 5-year $150 million expense redeployment program. In the third quarter, we incurred $18 million in redeployment costs as we optimize our cost base. Year-to-date, we have freed up $60 million. This adds to the $50 million we've freed up in 2023. I continue to be confident that we have further opportunity to leverage our scale, drive continued efficiencies, and we expect to complete our 5-year commitment 2 years early in 2025.

現在轉向成本管理。我們繼續在 5 年 1.5 億美元的費用重新部署計劃上取得進展。第三季度，我們在優化成本基礎時產生了 1800 萬美元的重新部署成本。今年迄今為止，我們已釋放了 6000 萬美元。這使得我們在 2023 年釋放的資金又增加了 5,000 萬美元。我仍然相信，我們有更多機會利用我們的規模、持續提高效率，我們預計在 2025 年提前 2 年完成我們的 5 年承諾。

Now turning to our cash flow and balance sheet. Year-to-date, we have generated $272 million of operating cash flows, which was negatively impacted by higher income taxes including the $160 million payment for the Tax Act and $70 million related to the IRS settlement I discussed earlier.

現在轉向我們的現金流和資產負債表。年初至今，我們已經產生了 2.72 億美元的營運現金流，這受到了較高所得稅的負面影響，其中包括為稅法支付的 1.6 億美元以及與我之前討論的國稅局和解相關的 7000 萬美元。

As we make our -- we will make our final deferred tax payment of $220 million in the second quarter of 2025, which covers both the final payment of the Tax Act and the final payment under IRS settlement. Year-to-date, capital expenditures were approximately $92 million or roughly 3% of total revenue. We remain committed to strategically investing in key areas and aligning agent compensation with performance.

我們將在 2025 年第二季支付 2.2 億美元的最終遞延稅款，其中包括稅法的最終付款和國稅局結算下的最終付款。年初至今，資本支出約 9,200 萬美元，約佔總收入的 3%。我們仍致力於對關鍵領域進行策略性投資，並使代理商薪酬與績效保持一致。

I am pleased to report that year-to-date, we have returned $460 million to our stockholders with $239 million paid in dividends and $177 million in share repurchases. We also continue to maintain a strong balance sheet with cash and cash equivalents of over $1 billion and debt of $2.6 billion.

我很高興地向大家報告，今年迄今為止，我們已向股東返還 4.6 億美元，其中支付了 2.39 億美元的股息，以及 1.77 億美元的股票回購。我們也持續保持強勁的資產負債表，現金和現金等價物超過 10 億美元，債務達 26 億美元。

Our leverage ratios remained strong and we're at 2.7x and 1.6x on a gross and net basis, which we believe provides us ample flexibility for capital turn or potential M&A while maintaining our investment-grade credit rating.

我們的槓桿率依然強勁，總額和淨值分別為 2.7 倍和 1.6 倍，我們相信這為我們的資本週轉或潛在併購提供了充足的靈活性，同時維持了我們的投資級信用評級。

Now moving on to our outlook. Today, based on our performance in the third quarter and our confidence in the quarter ahead, we reaffirm our 2024 adjusted outlook. This outlook assumes no material changes to macroeconomic conditions.

現在繼續我們的展望。今天，基於我們第三季的表現以及對未來季度的信心，我們重申了 2024 年調整後的展望。這一前景假設宏觀經濟狀況不會有重大變化。

As a reminder, we expect adjusted revenue to be in the range of $4.15 billion to $4.225 billion, and adjusted EPS is expected to be in the range of $1.70 to $1.80. To conclude, we are pleased with our results. Our progress to date along with these results give us confidence that we can deliver our Evolve 2025 strategy and outlook.

提醒一下，我們預計調整後的營收將在 41.5 億美元至 42.25 億美元之間，調整後的每股盈餘預計將在 1.70 美元至 1.80 美元之間。總而言之，我們對結果感到滿意。迄今為止我們所取得的進展以及這些成果讓我們有信心實現 Evolve 2025 戰略和展望。

Thank you for joining the call. Operator, we're now ready to take questions.

感謝您加入通話。接線員，我們現在準備好回答問題。

(Operator Instructions).

（操作員說明）。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Thank you, guys. So I just wanted to start on LatAm. I know you mentioned the election outcomes there being a headwind. Does your guidance for Q4 assume that the headwind is going to persist and I guess, into even early '25 for that matter? And just how are you guys thinking about potential implications of the US election for the core business? Just obviously, all the focus on immigration.

謝謝你們，夥計們。所以我只想從拉丁美洲開始。我知道你提到選舉結果有阻力。您對第四季的指導是否假設逆風將持續存在，我猜，甚至會持續到 25 年初？你們如何看待美國大選對核心業務的潛在影響？顯然，所有的焦點都集中在移民上。

Thank you very much for the question. We feel really good about the results we just talked about a minute ago. The impact we're seeing in Latin America is still very fluid right now, but we feel good with the guidance that I just shared a few seconds ago. and I also look forward to updating everybody in February on 2025, but Devin can give a little bit on the North America elections.

非常感謝你的提問。我們對一分鐘前剛剛談到的結果感覺非常好。目前我們在拉丁美洲看到的影響仍然非常不穩定，但我們對我幾秒鐘前分享的指導感到滿意。我也期待在 2 月向大家通報 2025 年的最新情況，但德文可以提供一些有關北美選舉的資訊。

Jason, we're paying, obviously, a lot of attention to the US political environment given what we've seen transpire in South and Latin America. Obviously, different candidates have different perspectives on immigration. We continue to believe, though, and it's especially true in the US in the near to intermediate term, the election results won't have a dramatic effect on our business.

傑森，顯然，鑑於我們在南美洲和拉丁美洲所看到的情況，我們非常關注美國的政治環境。顯然，不同的候選人對移民有不同的看法。不過，我們仍然相信，選舉結果不會對我們的業務產生巨大影響，在中短期內在美國尤其如此。

The majority of our clients are already here in the US. They're gainfully employed productive and sending money home. We don't expect that to change with the election. Over time, a significant reduction of the inward migration would obviously impact our business, but that's something that we haven't seen in either parties platforms over the last several years.

我們的大多數客戶已經在美國。他們從事有酬工作並寄錢回家。我們預計這種情況不會隨著選舉而改變。隨著時間的推移，流入人口的大幅減少顯然會影響我們的業務，但這是我們過去幾年在任何一方平台上都沒有看到的情況。

Okay. And then just as a follow-up, just the spread between branded digital transactions and revenue growth. I know it was steady at 600 bps, but it's widened out a little bit from where it was earlier this year. So I guess what's kind of driven that incremental widening? Where do you see it going in the near term? I know you've got the longer-term target of 200 bps to 300 bps. And maybe just as part of that, if you can comment on the digital pricing environment more generally. Thank you.

好的。接下來是品牌數位交易和收入成長之間的差距。我知道它穩定在 600 bps，但與今年早些時候相比有所擴大。所以我想是什麼推動了這種增量擴大？您認為近期會發生什麼事？我知道您的長期目標是 200 bps 到 300 bps。如果您能更廣泛地評論數位定價環境，也許只是其中的一部分。謝謝。

Jason, I'll start with this and then Devin let on. I've also been pretty consistent throughout the year that I was hoping for the spread to stay wide because we'd see an acceleration. As you saw in our results this quarter, both revenue and transactions accelerated by a couple of hundred basis points.

傑森，我將從這個開始，然後德文繼續。全年我也一直非常一致地希望價差保持在較大範圍，因為我們會看到加速。正如您在本季度的業績中看到的那樣，收入和交易都加速了數百個基點。

You also heard during my prepared remarks that I highlighted that we've seen our payout to account grow by mid-30% range. This has now been several years we've had in the 20% to 30% growth in the payoff to account.

您也聽到我在準備好的發言中強調，我們的帳戶支出增加了 30% 左右。多年來我們的回報增加了 20% 到 30%。

These typically come at a lower revenue per transaction, but are much stickier customers and also gives us much more confidence that we can actually continue to grow our digital business because we've seen our digital business go from payout to account about 10% 5 years ago to now, it's around 1/3. So it gives us a lot more confidence there.

這些通常每筆交易的收入較低，但客戶黏性大得多，也讓我們更有信心，我們實際上可以繼續發展我們的數位業務，因為我們已經看到我們的數位業務在5 年內從支出成長到約10%從前到現在，大約是1/3。所以這給了我們更多的信心。

And we continue to target, Jason, in the long term the 200 basis points to 300 basis points for the company as we have described. As Matt has talked about, we're happy to keep it wide-ish as we continue to accelerate both revenue and transactions. We'll keep you posted as this develops. But right now, we anticipate maintaining that long-term outlook, but we will continue if we have the opportunity to accelerate take advantage of that opportunity.

Jason，我們繼續將公司的長期目標定為 200 至 300 個基點，正如我們所描述的。正如馬特所說，隨著我們繼續加速收入和交易，我們很高興保持廣泛的規模。隨著事態的發展，我們會及時通知您。但目前，我們預計將維持長期前景，但如果我們有機會加速利用這個機會，我們將繼續下去。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Good results here. And it's crazy that we are a year away from 2025 and when you set those targets for Evolve. I'm just curious with all this -- with the momentum in branded digital Consumer Services not growing mid-double digit, you caused some challenges in LatAm.

這裡有好的結果。距離 2025 年以及您為 Evolve 設定這些目標的時間還有一年，這真是太瘋狂了。我只是對這一切感到好奇——隨著品牌數位消費者服務的成長勢頭沒有達到中兩位數，你在拉丁美洲造成了一些挑戰。

But what -- as we're a year away from this -- from 2025, what would you say, Devin, is trending a little better than you thought? Maybe you want to double down and where are there some other opportunities to perhaps invest harder or do a little bit more or pivot? And then a quick follow-up to that.

但是，距離 2025 年還有一年，德文，您認為趨勢會比您想像的好一點嗎？也許你想加倍努力，還有哪些機會可以加大投資力道、多做一點或轉向？然後快速跟進。

Thanks, Tien-Tsin. We've said for probably the last couple of quarters that we feel like we're 6 months or so ahead of the original plan that we laid out in October of '22, which, to your point, is hard to believe was 2 years ago, a lot of water under the bridge in those 2 years.

謝謝田津。我們可能在過去的幾個季度裡說過，我們感覺我們比 22 年 10 月制定的原始計劃提前了 6 個月左右，在你看來，很難相信這是 2 年以前，那兩年橋下有很多水。

But it's working out pretty well in the underlying health metrics that we talked about from the beginning, acquiring new customers, driving transactions from those customers and then ultimately, revenue from the transactions as we close the gap on some of the pricing investments we had to make to become market competitive. That's coming together quite nicely.

但它在我們從一開始就討論的基本健康指標中表現得很好，獲取新客戶，推動這些客戶的交易，最後，隨著我們縮小一些定價投資的差距，交易收入也得到了很好的體現。這結合得非常好。

And what many people were concerned about was the durability of the actions that we took to initially accelerate the business. Now 5 quarters into mid-single digit in 6 quarters with double-digit digital transaction growth, I think we're getting increased confidence that what we've done is actually durable and sustainable and positions us very well for 2025.

許多人擔心的是我們最初為加速業務而採取的行動的持久性。現在，在6 個季度中已經有5 個季度達到中個位數，數字交易增長達到兩位數，我認為我們越來越有信心，我們所做的事情實際上是持久和可持續的，並使我們在2025 年處於有利地位。

To your question, we have seen better momentum in the retail business, particularly outside the United States than was in our original plan. And the acceleration of consumer services is also helping. I would like to continue to see digital accelerate as it did in this quarter, and we obviously will continue working on the retail business in North America. Both of those remain further opportunities as we lay out what happens beyond 2025.

對於你的問題，我們看到零售業務的勢頭比我們最初的計劃更好，尤其是在美國以外的地區。消費者服務的加速也有幫助。我希望繼續看到數位化加速，就像本季一樣，我們顯然將繼續致力於北美的零售業務。當我們規劃 2025 年之後會發生什麼時，這兩個仍然是進一步的機會。

Got you. So thinking about beyond '25, Devin, could we -- or should we expect that you'll give another midterm outlook starting with '25 as the new base. And I'm curious, do you have longer-term targets? I know you mentioned you expect Consumer Services margins to be at or above corporate [perhaps], which is great. But do you have any sort of other updates with respect to some of the consumer services and some of the newer initiatives that you have set in place? Thank you. That's all I have.

明白你了。因此，考慮到 25 年後，Devin，我們是否可以——或者我們是否應該期望您以 25 作為新的基礎開始給出另一個中期展望。我很好奇，你有長期目標嗎？我知道您提到您預期消費者服務利潤率可能等於或高於企業利潤，這很好。但是，對於某些消費者服務和您制定的一​​些新舉措，您還有其他更新嗎？謝謝。這就是我所擁有的一切。

Tien-Tsin, we are hard at work for guidance for '25, which will be in line with our expectations that we've set with the midterm guidance. But we are working, and we look forward to bringing our investors in this group together sometime in the second half of next year to lay out what happens beyond 2025. As you know, a lot of what we've been doing for the last 2 years has been in foundation building, has been reestablishing our market competitiveness.

天進，我們正在努力製定 25 年的指導方針，這將符合我們在中期指導方針中設定的預期。但我們正在努力，我們期待在明年下半年的某個時候將我們的投資者聚集在一起，共同製定 2025 年之後會發生的事情。如您所知，過去兩年我們所做的許多工作都是在基礎建設方面，一直在重建我們的市場競爭力。

It's been investing in our technology putting our core transaction platforms in the cloud, rebuilding our point of sale and our digital experiences. And most importantly, as you heard about today, investing in the next generation of products and services, either organically, and now in some cases, inorganically.

它一直在投資我們的技術，將我們的核心交易平台置於雲端，重建我們的銷售點和數位體驗。最重要的是，正如您今天所聽說的那樣，投資下一代產品和服務，無論是有機投資，還是現在在某些情況下無機投資。

That is coming together nicely in terms of an end-to-end ecosystem. It's a multiproduct offering and as a 2-sided payment ecosystem wrapped around it. So we are very excited about where we are and the progress we've made and look forward to getting together with everyone in the second half of next year on the outlook beyond '25.

這在端到端生態系統方面完美地結合在一起。它是一種多產品產品，並且是圍繞它的雙向支付生態系統。因此，我們對我們所處的位置和所取得的進展感到非常興奮，並期待在明年下半年與大家聚在一起討論 25 年後的前景。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

I was going to ask -- I'm going to start off with the acquisition strategy. It's good to see these deals being done. And I guess I'd be curious to hear your updated thoughts on M&A now. It's been a little while since we've really seen M&A at Western Union. So going down this path around these wallets in Singapore and Mexico, Devin, maybe give us a sense of what your vision is on those and maybe even more on top of that. to come over the next couple of years and what that could mean for the business over time.

我想問—我將從收購策略開始。很高興看到這些交易得以完成。我想我現在很想聽聽您對併購的最新想法。我們已經有一段時間沒有真正看到西聯匯款的併購活動了。因此，德文，沿著新加坡和墨西哥的這些錢包走下去，也許會讓我們了解您對這些錢包的願景，甚至可能更重要。未來幾年將會發生什麼，以及隨著時間的推移這對企業意味著什麼。

Darrin, thanks for the question. We have spent a lot of the 2 years since our Investor Day, really working on building our operating model, our management team and frankly, trying to build credibility in the core of our business, which I think after 5 quarters of mid-single-digit transaction growth, we're hopefully establishing.

達林，謝謝你的提問。自投資者日以來，我們花了兩年的時間，真正致力於建立我們的營運模式、我們的管理團隊，坦白說，努力在我們的業務核心中建立可信度，我認為在經歷了5個季度的中期業績之後我們希望建立數位交易成長。

Matt and I come from a place as you well know, where it was built up with a couple of hundred acquisitions over time. And in the world of payments and in the world of digital financial services. There are many opportunities to accelerate our strategy with thoughtful and prudent deployments of capital that will accelerate beyond the pace that we can simply do organically.

正如你所知，馬特和我來自一個地方，隨著時間的推移，它是透過數百次收購而建立起來的。在支付領域和數位金融服務領域。有很多機會可以透過深思熟慮和審慎的資本部署來加速我們的策略，這將超出我們簡單有機地實現的速度。

In both cases, we get access to licenses, we get access to technology and access to local talent with subject matter expertise in those markets. We're trying to do it in a manner that's consistent with our strengths and capabilities.

在這兩種情況下，我們都可以獲得許可證、技術以及擁有這些市場主題專業知識的本地人才。我們正在嘗試以符合我們的優勢和能力的方式來做到這一點。

And so I laid out earlier in my prepared comments, the progress that we've made in Singapore with our own store network, which was an acquisition the company did a long time ago of a master agent had frankly been languishing before we launched our controlled distribution strategy.

因此，我在之前準備好的評論中闡述了我們在新加坡透過自己的商店網路所取得的進展，這是該公司很久以前對一位主代理商的收購，坦白說，在我們推出我們的受在控店之前，該網絡一直在萎靡不振。

As you saw, we took that from a shrinking business for over multiple years to now growing revenue in transaction double digits. That's a great foundation to put this digital wallet ecosystem that we've purchased from Singtel into. And so we're building on a foundation of strength that we feel good about. We're obviously looking at other opportunities around the world.

正如您所看到的，我們將業務從多年來不斷萎縮的業務發展到現在的交易收入以兩位數增長。這是將我們從新加坡電信購買的數位錢包生態系統投入其中的良好基礎。因此，我們正在建立一個讓我們感覺良好的實力基礎。顯然，我們正在尋找世界各地的其他機會。

And where those 2 things come together, we've built a foundation of strength, confidence in the local management team, and we can accelerate the end vision of building our global digital financial ecosystem, we take those opportunities. Matt can talk about how we think about it, but that's from a strategy standpoint is what we're trying to do.

當這兩件事結合在一起時，我們已經為當地管理團隊建立了實力和信心的基礎，我們可以加快建立全球數位金融生態系統的最終願景，我們抓住這些機會。馬特可以談談我們的想法，但從策略的角度來看，這正是我們正在努力做的。

Darrin, just building a little bit on what Devin has said. So these 2 are proof points of probably half of what we've looked in the last couple of years. It has been a multitude of why some of the other ones didn't make sense.

達林（Darrin），只是在德文（Devin）所說的基礎上進行了一些闡述。所以這兩個證據可能是我們過去幾年所看到的一半的證據。原因有很多，其中一些其他的沒有意義。

But as Devin just talked about Singapore spot on. We've got a great network there, entirely retail to digital escalator, which we've been talking about since our Investor Day 2 years ago. and continue to expand that. So you're going to see, hopefully, over the next couple of quarters if the market looks right and the right acquisitions come available, things that fall both into core being in the consumer services space, but like these 2 acquisitions will come with some CMT benefits as well.

但正如德文剛剛談到的新加坡一樣。我們在那裡擁有一個很棒的網絡，從零售到數位自動扶梯，我們從兩年前的投資者日起就一直在談論這個問題。並繼續擴大這一範圍。因此，希望在接下來的幾個季度中，如果市場看起來不錯並且出現合適的收購，那麼您將看到，這些都屬於消費者服務領域的核心內容，但就像這兩次收購一樣，將會帶來一些CMT 也有好處。

The other thing I would add, Darren, is we also remain exceptionally disciplined and Matt make sure that the return equation to the investors is not just we're advancing our strategy, but always compared to our alternatives of returning that capital to the investors. So it is strategically motivated and financially disciplined.

達倫，我要補充的另一件事是，我們也保持異常嚴格的紀律，馬特確保投資者的回報方程式不僅僅是我們正在推進我們的策略，而且總是與我們將資本返還給投資者的替代方案進行比較。因此，它具有戰略動機和財務紀律。

I think so in the best and this is something investors are going to welcome for Western Union after some time. I guess the quick follow-up would just be this conviction around retail stability. I mean you've obviously shown progress and you've shown examples of select markets.

我認為最好的情況是這樣，一段時間後投資者將歡迎西聯匯款。我想快速的後續行動就是對零售穩定性的信念。我的意思是，你們顯然已經取得了進展，並且展示了特定市場的例子。

Maybe just remind us the building blocks of how you're improving that to stable and your conviction that continues, while at the same time, maintaining this mid-teens or better digital transaction growth rate?

也許只是提醒我們您如何將其提高到穩定的基石，以及您如何繼續保持信念，同時保持十幾歲左右或更好的數位交易成長率？

Yes. So there's 3 elements, and we've talked about these over the course of the last couple of years that we're really focused on, right? And they -- both on the digital and the retail side, really was about returning the company to market competitiveness. And we're now seeing those investments paying off in many markets around the world.

是的。所以有 3 個要素，我們在過去幾年一直在討論這些我們真正關注的內容，對吧？無論是在數位還是零售方面，它們實際上都是為了讓公司恢復市場競爭力。我們現在看到這些投資在全球許多市場獲得了回報。

This again, which I talked a little bit here, which is about improving our operational excellence the support of our agent network and the customer experience at the point of sale. While these things can be somewhat boring and transactional, being able to have a high-quality experience each and every time a customer walks into a Western Union agent is exceptionally important and frankly, something that we have probably wandered away from.

我在這裡再次談到了這一點，即提高我們的卓越營運、代理商網路的支援以及銷售點的客戶體驗。雖然這些事情可能有點無聊和事務性，但每次客戶走進西聯匯款代理商時都能獲得高品質的體驗是非常重要的，坦白說，這是我們可能已經偏離的。

The third, which is growing our controlled distribution, which is Western Union branded exclusive independent agents and own stores allows us to then have high-volume locations like the one I talked about in the Lucky Plaza where we really get the benefit of the fixed cost the high volume in revenue and a great customer experience.

第三，正在發展我們的受控分銷，即西聯匯款品牌的獨家獨立代理商和自己的商店，這使我們能夠擁有像我在幸運廣場談到的那樣的高容量地點，在那裡我們真正獲得了固定成本的好處高收入和良好的客戶體驗。

So deploying that 3-part strategy around the world, where we are executing it well, it's actually getting us not just a flat, as Matt highlighted in Europe, which is one of the most competitive in mature retail markets in the world, we're now mid-single-digit transaction growth.

因此，在世界各地部署由三部分組成的策略，我們執行得很好，它實際上為我們帶來的不僅僅是一套公寓，正如馬特在歐洲所強調的那樣，歐洲是世界上成熟零售市場中最具競爭力的市場之一，我們」目前交易量呈現中個位數成長。

So we believe that it's possible in more and more places around the world, and we our growing confidence, if not, weren't already confident in our aspirations to achieve a stable retail business and thus, the foundation from which to build everything else.

因此，我們相信，這在世界上越來越多的地方是可能的，而且我們的信心不斷增強，如果沒有的話，我們還沒有對實現穩定的零售業務的願望充滿信心，從而為建立其他一切奠定基礎。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

Hey, Devin. Hey, Matt. I wanted to drill down on the comments in North America, specifically US to Mexico. Can you just unpack the performance there, maybe across macro versus migration versus competitive positioning? What's going on there? And then also just the persistence of the trends you're seeing.

嘿，德文。嘿，馬特。我想深入了解北美，特別是從美國到墨西哥的評論。你能否解開那裡的表現，或許是宏觀、遷移、競爭定位的表現？那裡發生了什麼事？然後還有你所看到的趨勢的持續性。

Andrew, thanks for joining the call today. So we've seen a bit of a slowdown over the last 6 weeks or so for US to Latin America with the heaviest concentration being in Mexico. The tie-in is very similar to what we're seeing with [inter laco] on its own. It feels much more macro in nature, but we're still evaluating and working with our partners. We've met with a couple of our large partners in Mexico that are seeing a similar result for other competitors in the market space.

安德魯，感謝您今天加入電話會議。因此，在過去 6 週左右的時間裡，我們看到美國飛往拉丁美洲的航班有所放緩，其中最集中的是墨西哥。這種搭配與我們所看到的 [inter laco] 本身非常相似。它本質上感覺更加宏觀，但我們仍在評估並與合作夥伴合作。我們會見了墨西哥的幾個大型合作夥伴，他們看到了市場領域其他競爭對手的類似結果。

I just came back from -- I did a little bit of a trip 2 weeks ago to Mexico, Panama and Peru to get a sense on the ground. I'm pleased that we have lots of customers in our retail locations. We're still onboarding new customers in our digital apps.

兩週前，我剛從墨西哥、巴拿馬和秘魯旅行回來，以了解當地情況。我很高興我們的零售店有很多顧客。我們仍在數位應用程式中吸引新客戶。

But the palatable dislocation of what has happened and frankly, the slowdown in the migration from important corridors like in Colombia to Chile or Chile back to Colombia, from Venezuela into Colombia and then into Panama and Mexico, the continued unrest that we have in Haiti.

但所發生的事情是令人愉快的混亂，坦白說，從重要走廊（如哥倫比亞到智利或智利返回哥倫比亞，從委內瑞拉到哥倫比亞，然後到巴拿馬和墨西哥）的移民速度放緩，海地的持續動盪。

These things are impacting the migratory patterns and our business in [Lokai] especially dependent on them. So it is 1 of the regions where we have the highest onetime customers, and it's one of the regions where we'll see the same customer, sometimes in 3 or 4 countries as they make a migratory journey, either north or south in search of economic opportunity. So with that slowdown in the migration patterns, we're seeing a slowdown in the transaction growth rates that we've enjoyed for the last couple of years.

這些事情正在影響遷徙模式，而我們在[洛凱]的業務尤其依賴它們。因此，這是我們一次性客戶數量最多的地區之一，也是我們會看到同一客戶的地區之一，有時他們會在3 或4 個國家/地區進行遷徙，無論是向北還是向南尋找新的客戶。因此，隨著遷移模式的放緩，我們看到過去幾年的交易成長率也在放緩。

Got it. Thank you, Devin and Matt, for the color. Maybe another on the competitive environment. Obviously, a large competitor had a well-known outage in the quarter. in particular, at least 1 large agent seems to have shifted their strategy as well as a result. But have you seen any benefit from that in the quarter? Or is there any tail to that? I'm just curious to get your perspective of the competitive environment as it relates to kind of the larger MTOs. Thanks a lot.

知道了。謝謝德文和馬特提供的顏色。也許是另一個關於競爭環境的問題。顯然，一家大型競爭對手在本季發生了眾所周知的停機事件。特別是，至少有 1 個大型代理商似乎改變了他們的策略以及結果。但您在本季看到了任何好處嗎？或是這有什麼尾巴嗎？我只是想了解您對競爭環境的看法，因為它與大型 MTO 相關。多謝。

Yes. Thank you. So our well wishes go out to our competitor at MoneyGram and to their customers there are bad people and bad actors in the world that for the grace of God, we all work exceptionally hard to protect against, and it's unfortunate to have that situation.

是的。謝謝。因此，我們向速匯金的競爭對手和他們的客戶致以良好的祝愿，世界上有壞人和壞人，看在上帝的恩典上，我們都非常努力地防範，遇到這種情況是不幸的。

It was a week and it's a global market. We obviously saw some upticks in places where we're side-by-side with them like in the UK. But there are actually very few places anymore where it's exclusively a MoneyGram and Western Union world. I mean that's a world that maybe existed 15- or 20 years ago, but it's a lot more competitive now.

這是一個星期，這是一個全球市場。顯然，我們在與他們並肩的地方（例如英國）看到了一些上升。但事實上，現在已經很少地方完全是速匯金和西聯匯款的世界了。我的意思是，這個世界可能存在於 15 或 20 年前，但現在競爭更加激烈。

We're obviously keeping close tabs on the market, and we saw a few upticks in places like US to Jamaica, Australia to the Pacific Islands, but it certainly doesn't change the fundamentals of our business. and just reminds us that we need to be vigilant every day and continue to focus on driving high-quality exclusive and security and safety for our customers.

顯然，我們正在密切關注市場，我們看到美國到牙買加、澳洲到太平洋島嶼等地的銷售量有所上升，但這肯定不會改變我們業務的基本面。只是提醒我們需要每天保持警惕，並繼續專注於為客戶帶來高品質的專屬和安全保障。

Ken Suchoski, Autonomous.

肯·蘇喬斯基，自治。

Hey, everyone. Thanks for taking the question. Maybe just a follow-up to Darren's question on the retail business. I wanted to ask about fiscal retail ex-Iraq just to make sure we're thinking about the math correctly. We estimated that fiscal retail revenue ex Iraq was down about 4% year-over-year on an FX-neutral basis. So similar to last quarter, with transactions down 2%, I think FX neutral rev per transaction also down 2%. So I just wanted to run that math by you, to make sure we're thinking about it correctly.

嘿，大家。感謝您提出問題。也許只是達倫關於零售業務的問題的後續。我想問伊拉克以外的財政零售情況，只是為了確保我們正確地考慮數學。我們估計，在匯率中立的基礎上，除伊拉克外的財政零售收入較去年同期下降約 4%。與上季類似，交易量下降了 2%，我認為每筆交易的外匯中性收益也下降了 2%。所以我只是想讓你計算一下這個數學，以確保我們正確地思考它。

And then I know there's a lot of moving pieces with the lapping of an agent loss, lapping promotional pricing, there's a better pricing environment more broadly. So I guess how are you thinking about those 3 components of that physical retail business over the coming quarters?

然後我知道有很多令人感動的事情，包括代理損失、促銷定價，以及更廣泛的更好的定價環境。所以我想您如何看待未來幾季實體零售業務的這三個組成部分？

Ken, thanks for joining the call, and I continue to be impressed by your model. I actually have all the data and somehow you get a few pieces and are able to get every one of the numbers exactly right each time. So yes, you're spot on.

肯，感謝您加入電話會議，您的模型仍然給我留下了深刻的印象。實際上，我擁有所有數據，不知何故，你得到了一些數據，每次都能準確地得到每一個數字。所以是的，你說得對。

Okay. All right. That's great. And then I guess, in terms of that trend being that should we expect transactions to accelerate and the spread to get better in that business now?

好的。好的。那太棒了。然後我想，就這種趨勢而言，我們現在是否應該期望該業務的交易加速並且價差變得更好？

We do expect to get a little bit better in Q4 as we lap the European agent that went from being full to only being kiosk. So we do expect modest improvement as time passes. And we think the initiatives Devin and I both talked about around debit and speeding up our point-of-sale solution will improve over time.

我們確實希望在第四季度能有所好轉，因為我們超越了歐洲代理商，從滿員變成了只有亭子。因此，我們確實期望隨著時間的推移會有適度的改善。我們認為，德文和我都談到的有關借記卡和加快我們的銷售點解決方案的舉措將隨著時間的推移而得到改善。

Okay, great. And just for my follow-up, just the Consumer Services business and really nice growth in that business. Can you give us a sense for where you're investing in that segment? And then I think you said you expect margins to get back to the overall company average. Maybe just a sense for the timing around that. Is that sort of next year 2026? Or are we looking out beyond that? Thank you.

好的，太好了。我的後續行動是消費者服務業務，這項業務的成長非常好。能為我們介紹一下您在該細分市場的投資方向嗎？然後我想你說過你預計利潤率會回到公司的整體平均值。也許只是對時機的一種感覺。明年是 2026 年嗎？或者我們的目光遠不止於此？謝謝。

Thanks, Ken. As you know, there's 3 big buckets of businesses in there. There's what I will consider to be our transactional payment products, which includes our bill pay business, our prepaid business, our retail money order business. We've been investing in product innovations and new products. So we expect that part of the business to continue to accelerate.

謝謝，肯。如您所知，其中有三大業務。我認為我們的交易支付產品包括我們的帳單支付業務、我們的預付業務、我們的零售匯票業務。我們一直在產品創新和新產品方面進行投資。因此我們預計這部分業務將繼續加速。

The second part of the business is our non-US bill pay assets, which includes our large business in Argentina. And as you know, that business is the effect of what's going on in Argentina, long term, which will be quite good if they tame inflation and people get to a more stable economy than has been the case.

第二部分業務是我們的非美國帳單支付資產，其中包括我們在阿根廷的大型業務。正如你所知，這項業務是阿根廷正在發生的事情的長期影響，如果他們抑制通貨膨脹並且人們獲得比以往更穩定的經濟，那將是相當好的。

But in the short term, is feeling pressure from the economic pressures that people feel from a decelerating inflationary environment in that country.

但在短期內，人們感受到了該國通膨減速環境帶來的經濟壓力。

The third is really some of our newer businesses, and that's our digital wallets, that's our media network. These are the things that we think have long tails to them, but today are fairly nascent, and we continue to invest in those, both in the product and in the delivery for future returns.

第三個確實是我們的一些新業務，那就是我們的數位錢包，那就是我們的媒體網絡。這些是我們認為有長尾效應的東西，但今天還相當新生，我們將繼續在產品和交付方面進行投資，以獲得未來的回報。

And Ken, let me just build on Devin's point on your question about the margins and the timing of that. These things have rollout phases where we're making investments over time. So our goal is any product we invest in is going to have an at or better operating income margin than our company average. So that's our strategy when we go into one.

肯，讓我以德文關於你關於利潤和時間安排的問題的觀點為基礎。這些東西都有推出階段，我們會隨著時間的推移進行投資。因此，我們的目標是我們投資的任何產品的營業利潤率都將達到或高於我們公司的平均水平。這就是我們進入其中時的策略。

There's build costs upfront that have a hit that will hit you for a couple of quarters while you're building it, then you have a rollout for marketing, and then you have a rollout to other country impact. So how fast it gets here. We've been very conscious of using the word as a scale, and each one will scale at a different pace over the coming quarters and year or years. Thanks for the question.

前期的建造成本會在建造過程中對你造成幾個季度的影響，然後你會進行行銷推廣，然後你會向其他國家/地區產生影響。那麼它到達這裡的速度有多快。我們一直非常有意識地使用這個詞作為一個尺度，並且每個詞都會在未來的季度、一年或幾年中以不同的速度擴展。謝謝你的提問。

Rufus Hone, BMO.

魯弗斯·霍恩，BMO。

Hey, guys. Good afternoon. Thanks very much. I wanted to ask you about the digital business. I'd love to hear your thoughts around industry competition and pricing. You're obviously seeing some good momentum in your digital business. But do you see this as an opportunity for you to put some incremental pressure on smaller competitors in digital and maybe dial up your marketing spend?

嘿，夥計們。午安.非常感謝。我想問你有關數位業務的問題。我很想聽聽您對行業競爭和定價的想法。您顯然看到了數位業務的良好勢頭。但您是否認為這是一個機會，可以向數位領域規模較小的競爭對手施加一些增量壓力，並可能增加您的行銷支出？

Rufus, we began this program 2 years ago, we were heavily focused on transforming the business into being a business focused on LTV to CAC. Historically, the business had looked more at transactional economics and in-period marketing investments as expenses versus kind of lifetime economic value of acquired customers and the future value creation of the acquisition of those customers.

Rufus，我們在兩年前開始了這個計劃，我們主要致力於將業務轉型為專注於 LTV 到 CAC 的業務。從歷史上看，該企業更多地將交易經濟學和期間行銷投資視為支出，而不是所獲得的客戶的終身經濟價值以及獲得這些客戶的未來價值創造。

We've built that model and are executing it pretty well around the world. And when we see opportunities from either an expanded LTV, either due to retention or due to the quality of the customer in terms of the principal or sense we invest behind that. And when we don't, we pull back.

我們已經建立了這個模型，並在世界各地很好地執行它。當我們看到擴大生命週期價值的機會時，無論是由於保留還是由於客戶的品質（就我們投資的本金或感覺而言）。當我們不這樣做時，我們就會退縮。

And so maintaining the discipline around that CAC to LTV model, whenever we see an opportunity, we take advantage of it and have driven the business. And you can see in this quarter, which has been true for the last couple of quarters. We continue to invest behind the customer that's payout to account and creating the value proposition that makes sense to acquire and retain those customers.

因此，只要我們看到機會，就保持圍繞 CAC 到 LTV 模型的紀律，我們就會利用它並推動業務發展。您可以在本季度看到，過去幾個季度都是如此。我們持續投資於客戶的支付，並創造對獲取和留住這些客戶有意義的價值主張。

We had talked about it in the previous call, and we continue to see it in a higher interest rate environment, smaller, less well-capitalized players, whether it be digital or retail, are having a harder time and therefore, creating market opportunities for us and to a certain extent, also creating stability in the market environment.

我們在之前的電話會議中已經討論過這個問題，我們繼續看到，在利率較高的環境下，規模較小、資本較差的參與者，無論是數位領域還是零售領域，都面臨著困難，因此，為以下領域創造了市場機會：我們並在某種程度上也創造了市場環境的穩定。

Competitors who might have been behaving irrationally due to funding that has been more expensive now than it was before, is creating a rationality amongst the market participants that is conducive to players like us who operate at [X] scale and with discipline. Matt, I don't know if you want to add anything to that.

由於現在的資金比以前更昂貴，競爭對手可能會表現得不理性，但他們正在市場參與者中創造一種理性，這有利於像我們這樣規模龐大且遵守紀律的參與者。馬特，我不知道你是否想補充什麼。

No, spot on.

不，正好。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great. Thank you. You touched on us a little bit in the slides and also in the prepared remarks, but the debit card acceptance and the plans to roll that out further. If you could just talk a little bit about, one, maybe what would have been any of the limiting factor for that being broader availability in the past and what it takes to roll that out in the future?

偉大的。謝謝。您在幻燈片和準備好的評論中提到了我們一些問題，包括借記卡受理以及進一步推出的計劃。如果您能簡單談談，一，也許過去更廣泛的可用性的限制因素是什麼，以及未來需要什麼才能推出？

And then also the margin profile of those transactions, clearly, there's an additional acceptance cost associated with that. And if there's any makeup on the gross take rate to kind of make things neutral from a gross profit perspective?

然後還有這些交易的保證金情況，顯然，還有與之相關的額外接受成本。從毛利的角度來看，毛轉換率是否有任何調整，可以使情況保持中性？

I'll -- Tim, I'll take the first part of that, and I'll let Matt talk to you about the unit economics. Historically, we had a perspective that our retail business was largely cash in and cash out. as part of our reinvention of retail, we believe that there is a value proposition of in-person service and that the value proposition sometimes also includes cultural and language familiarity as well as in-person service.

我會——提姆，我會講第一部分，然後我會讓馬特和你談談單位經濟學。從歷史上看，我們的觀點是我們的零售業務主要是現金進出。作為我們零售業重塑的一部分，我們相信面對面服務的價值主張，而該價值主張有時還包括文化和語言熟悉度以及面對面服務。

As the world has evolved, many of our customers actually have bank accounts, and they have the ability to pay at the retail point of sale with a card-based product, sometimes even in some countries, we're now expanding to bank-based products or bank account-funded transactions at the retail point of sale.

隨著世界的發展，我們的許多客戶實際上都擁有銀行帳戶，他們能夠在零售銷售點使用基於卡的產品進行支付，有時甚至在某些國家/地區，我們現在正在擴展到基於銀行的產品零售銷售點的產品或銀行帳戶資助的交易。

We believe that helps make the retail experience more contemporary, more modern. It also turns out those customers have higher principal per transaction. As you can imagine, they're not walking around with wads of cash. and, in some cases, are heavier transactors than the all-cash customers. So we see, and Matt can talk about it, the benefit of sometimes even offsetting the cost of acceptance.

我們相信這有助於讓零售體驗更加現代化。事實證明，這些客戶每筆交易的本金也更高。正如你可以想像的那樣，他們並沒有帶著大把的現金到處走。在某些情況下，他們是比全現金客戶更重的交易者。所以我們看到，馬特可以談論它，有時甚至可以抵消接受成本的好處。

Historically, we didn't have merchant acquiring relationships in many of these markets. And we didn't have a point-of-sale system and a settlement system that was equipped with dealing with card-funded transactions versus cash.

從歷史上看，我們在許多此類市場中都沒有商戶收單關係。我們沒有銷售點系統和結算系統來處理卡片資助交易與現金交易。

So we had to invest in our infrastructure, and we had to build the ability to do merchant acquiring and have local merchant acquiring relationships and be able to install merchant point-of-sale devices at our agent locations connected to our point of sale to ensure high-quality fund movement and settlement operations. We did that first in Europe and now we're rolling it out to the US, and we're seeing positive results.

因此，我們必須投資於我們的基礎設施，我們必須建立進行商家收單的能力，並擁有本地商家收單關係，並能夠在連接到我們銷售點的代理地點安裝商家銷售點設備，以確保高品質的資金流動和結算業務。我們首先在歐洲這樣做了，現在我們正在將其推廣到美國，我們看到了積極的成果。

Tim, just to build on Devin's point around the unit economics. You probably picked up on the opening prepared remarks that we started this in Europe. And as I'm sure you know, the cost of interchange is meaningfully less in our European markets. We did that on purpose.

提姆，只是為了建立德文關於單位經濟學的觀點。您可能注意到了我們在歐洲開始的開場白。我相信您知道，在我們的歐洲市場中，交換成本要低得多。我們是故意這麼做的。

We wanted to test it and get the insights of what the uplift Devin just talked about with the higher principal per transaction, what it do to transaction levels, and you can see it in the results today, we talked about with the acceleration in our retail business, we wanted to get some insights where the cost of this test was a little bit lower.

我們想對其進行測試，並了解德文剛才談到的每筆交易本金更高的提升，它對交易水平的影響，你可以在今天的結果中看到它，我們談到了零售業的加速對於業務，我們希望獲得一些見解，表明該測試的成本較低。

In that market, we do pay a fair bit of money for Armor car pickup and other cash lodgement. So in Europe, we're actually seeing our costs come down. US, it's still early days, but the optimism I hope we got from our European business is it should be accretive. And at this point, we've not had any differentiation in our pricing but we're monitoring it and we're looking at what kind of uplift we get in the US on principal per transaction as well as transactions per location and we'll make those calls as time passes.

在那個市場上，我們確實為 Armor 取車和其他現金存入支付了相當多的錢。所以在歐洲，我們實際上看到我們的成本下降了。在美國，現在還處於早期階段，但我希望我們從歐洲業務中得到的樂觀情緒應該是增值的。目前，我們的定價沒有任何差異，但我們正在監控它，我們正在研究我們在美國每筆交易的本金以及每個地點的交易獲得了什麼樣的提升，我們將隨著時間的推移撥打這些電話。

The other thing, Tim, particularly in some European markets and certainly in the US, many of our competitors in the independent channel where we sit side by side with other MTOs have offered debit acceptance. And so customers coming in with a debit card and not cash we're automatically directed away from our V-Go brand or a Western Union independent locations to one of the competitors who could fulfill that need.

另一件事，提姆，特別是在一些歐洲市場，當然還有美國，我們與其他 MTO 並肩而立的獨立管道中的許多競爭對手都提供借記卡受理服務。因此，攜帶借記卡而不是現金進來的客戶會自動從我們的 V-Go 品牌或西聯獨立網點轉向能夠滿足這一需求的競爭對手之一。

So we are hoping there are market share gains for debit preferring customers and multi-brand independent locations where we've historically been at a product disadvantage.

因此，我們希望藉記卡偏好客戶和多品牌獨立地點能夠獲得市場份額，而我們在這些方面歷來處於產品劣勢。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Could you give us a little color on your expectations for Iraq in Q4? Where do you expect the contribution to land in that sort of $10 million to $30 million range? And also the impossible question of what do you see? Do you see revenue trends kind of stabilizing in that market? Or should we continue to expect some volatility going forward?

您能否告訴我們您對伊拉克第四季的期望？您預計捐款金額會在 1,000 萬至 3,000 萬美元之間嗎？還有一個不可能的問題：你看到了什麼？您認為該市場的營收趨勢是否趨於穩定？或者我們應該繼續預期未來會出現一些波動？

Ramsey, nice to catch up with you.

拉姆齊，很高興見到你。

Ramsey, it's great. We thought we might get through an earnings call for the first time in 5 quarters without a question on Iraq. Matt has lost a bet.

拉姆齊，太棒了。我們認為我們可能會在五個季度以來第一次在沒有涉及伊拉克問題的情況下召開財報電話會議。馬特打賭輸了。

Thank you for making me to pay him a nice bottle of wine. So we intentionally gave the range of $10 million to $30 million because it was volatile. Q2 was at the upper end of that range. Q3 was at the lower end of that range, uncertain. It's one of the reasons why you may have noticed that we didn't really narrow our public guidance from earlier in the year because this can be a moving target.

謝謝你讓我付他一瓶好酒。所以我們特意給了 1000 萬到 3000 萬美元的範圍，因為它不穩定。第二季度處於該範圍的上限。第三季處於該範圍的下限，不確定。這就是為什麼您可能已經注意到我們並沒有從今年早些時候真正縮小我們的公共指導範圍的原因之一，因為這可能是一個不斷變化的目標。

If I were to answer the crystal ball today, I think we're at the lower end of the range on Iraq, and we feel very good about our public guidance. Could things change over the next 65 days and have it go to the upper end with Iraq. I mean unfortunately, my answer to that one is the same has been for 4-, 5 quarters. But right now, we're trending closer to the lower end.

如果我今天要回答水晶球，我認為我們在伊拉克問題上處於範圍的低端，並且我們對我們的公共指導感到非常滿意。未來 65 天內情況是否會發生變化，並讓伊拉克問題達到頂峰？我的意思是，不幸的是，我對這個問題的答案在 4、5 個季度都是一樣的。但現在，我們正在接近低端。

Got it. Fair enough. Another question on slide 10 in the owned stores and our performance in Singapore, it seems like whenever you bring up the owned store strategy, always feels kind of like a home run. It seems like it really has a beneficial impact on that part of your business. What are the gating factors to rolling that strategy out sort of much more broadly? Or is that the longer-term road map.

知道了。很公平。幻燈片 10 上的另一個問題是關於自營店和我們在新加坡的表現，似乎每當你提出自營店策略時，總是感覺有點像全壘打。看來它確實對您那部分的業務產生了有益的影響。更廣泛地推行該戰略的限制因素是什麼？或者說這是長期路線圖。

So what I will tell you is the recipe for success is discipline, discipline and discipline. Every own store comes with fixed operating expenses that include lease expenses and employees as well as the normal power light water sort of stuff.

所以我要告訴你的是，成功的秘訣就是自律、自律、再自律。每家自己的商店都有固定的營運費用，包括租賃費用和員工費用以及正常的電力、照明和水之類的費用。

So you have to both be selective in the locations in which you put them to ensure you can generate enough revenue to cover the fixed expenses and then enough execution critical mass in any market to be able to manage the hiring and staffing across a network of stores because it's too expensive to do it one-off.

因此，您必須對放置它們的地點進行選擇性，以確保您能夠產生足夠的收入來支付固定費用，然後在任何市場中都有足夠的執行力，以便能夠管理整個商店網絡的招聘和人員配備因為一次性做起來太貴了。

So you really have to go into it with a network mindset to get critical mass, and then you have to be quite disciplined in the locations that you choose in order to get the return.

因此，您確實必須以網絡思維方式進入，以獲得臨界質量，然後您必須在選擇的位置上保持嚴格的紀律才能獲得回報。

We are modeling on the many years that the company had in Argentina and Brazil. We've expanded the network in Peru, in Panama and now in Mexico. We've been building out in certain countries in Europe, where we see the conditions to be ripe for that, including Spain, Italy, Switzerland and some parts of the Netherlands.

我們以該公司在阿根廷和巴西的多年經驗為藍本。我們已經擴大了秘魯、巴拿馬和墨西哥的網路。我們一直在歐洲的某些國家進行建設，我們認為這些國家的條件已經成熟，包括西班牙、義大利、瑞士和荷蘭的部分地區。

As you see what we've done in Asia, we're looking to expand that further to a couple more countries outside of Singapore. But it is a measured process that can come on market in one country at a time with extreme discipline. We think long term, it's really important to the strategy, and we'll provide a foundation that makes the retail business viable and as an important component in our retail to digital escalator, but it is something that's going to require patients to build out.

正如您所看到的，我們在亞洲所做的事情，我們希望將其進一步擴展到新加坡以外的更多國家。但這是一個經過深思熟慮的過程，可以在嚴格的紀律下一次在一個國家上市。我們認為從長遠來看，這對策略非常重要，我們將提供一個基礎，使零售業務可行，並作為我們零售到數位自動扶梯的重要組成部分，但這需要患者來建立。

Ramsey, the only thing I'd add to what Devin just said is, as you know, we have approximately 400,000 active agent locations. We never anticipate this to be a very large percentage. But to Devin's point, we've had 2 or 3 different markets around the world when we get closer to the work and they were very small impacts, whether it be Singapore and a trip we did there 2 years ago and channels a team to get to much better margins.

Ramsey，對於 Devin 剛才所說的，我唯一要補充的是，如您所知，我們大約有 400,000 個活躍的代理地點。我們從未預料到這個比例會很大。但就Devin 而言，當我們接近工作時，我們在世界各地有2 或3 個不同的市場，它們的影響非常小，無論是新加坡還是我們2 年前在那裡進行的一次旅行，並引導一個團隊獲得以獲得更好的利潤。

They've been able to increase it meaningfully over the last couple of years, they've been working tenaciously or here in the US, where we have a handful, we're now starting to expand it by another handful is they're working it and making sure that they have the right approach. So it will always be a small number, but it is an area that's important to actually control the distribution.

在過去的幾年裡，他們已經能夠有意義地增加它，他們一直在頑強地工作，或者在美國，我們有一些，我們現在開始擴大它的另外一些，他們正在努力並確保他們採用正確的方法。所以它永遠是一個很小的數字，但它是一個對於實際控制分佈很重要的區域。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

I just wanted to ask, Matt, about the adjusted operating margins. I know -- I think he came in -- coming in at 19.2% year-to-date and you get the range out there, which is pretty wide 19% to 21%. So just curious why not narrow the range. Is there any reason why you would come in towards the mid- to high end of the range?

馬特，我只是想問調整後的營業利益率。我知道——我認為他進來了——今年迄今為止，他的支持率為 19.2%，你可以看到範圍很廣，從 19% 到 21%。所以只是好奇為什麼不縮小範圍。您有什麼理由選擇進入該範圍的中高端？

Bryan, as high is probably unlikely to be at the upper end the range. We've not changed that range since we started out. Our main focus is to deliver our revenue and EPS and continue to grow sustainably over time. we've just not really adjusted. It's been 200 basis point wise when we started.

布萊恩，同樣高，可能不太可能處於該範圍的上限。自從我們開始以來，我們就沒有改變過這個範圍。我們的主要重點是實現收入和每股收益，並隨著時間的推移繼續可持續增長。我們只是還沒有真正適應。當我們開始時，已經是 200 個基點了。

There are no additional questions at this time. Thank you for joining today's Western Union third quarter earnings results conference call. We hope you have a great day.

目前沒有其他問題。感謝您參加今天的西聯匯款第三季財報電話會議。我們希望您度過愉快的一天。