西聯匯款 (WU) 2024 Q4 法說會逐字稿

Good day and welcome to the Western Union fourth-quarter and full year 2024 results conference call.

大家好，歡迎參加西聯匯款 2024 年第四季和全年業績電話會議。

(Operator Instructions)

（操作員指示）

Please note this event is being recorded.

請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁湯姆哈德利 (Tom Hadley)。

Tom, please go ahead.

湯姆，請繼續。

Thank you. On today's call, we will discuss the company's fourth quarter and full year 2004 results, and then 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. It will remain available after the call.

謝謝。今天的電話會議將討論公司2004年第四季和全年業績，之後我們將回答您的問題。本次電話會議和網路直播的幻燈片可在westernunion.com的「投資者關係」標籤頁下找到。會議結束後，投影片仍可繼續使用。

Additional operational statistics have been provided in supplemental tables with our press release.

我們在新聞稿的補充表格中提供了額外的營運統計數據。

Joining me on the call today is our CEO, Devin McGranahan; and our CFO, Matt Cagwin.

今天與我一起參加電話會議的還有我們的執行長 Devin McGranahan 和我們的財務長 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 the forward-looking statements. 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.

今天的電話會議正在錄音中，我們的評論包含前瞻性陳述。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，請參閱收益報告中的警示性措辭以及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）。在電話會議中，我們將討論一些不符合公認會計準則的項目。我們已將這些項目與最可比較的公認會計準則指標進行了調節，這些指標已包含在8-K表格隨附的收益報告中，並已在我們的網站westernunion.com的「投資者關係」版塊中發布。

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

現在我將把電話轉給我們的執行長 Devin McGranahan。

Good afternoon and welcome to Western Union's fourth-quarter 2024 financial results conference call.

下午好，歡迎參加西聯匯款 2024 年第四季財務業績電話會議。

We continue to focus every day on becoming the market leader in providing accessible financial services to the aspiring populations of the world. Our customers are our inspiration as we improve our products and services and position ourselves as their trusted partner.

我們始終致力於成為市場領導者，為全球有抱負的人們提供便利的金融服務。客戶是我們的動力，我們不斷改進產品和服務，並將自己定位為客戶值得信賴的合作夥伴。

We are privileged to have over 100 million customers around the world, a base that has stabilized over the last several years. Since October of 2022, our team has been hard at work executing our evolve '25 strategy to improve our value proposition, expand our product offerings, and most importantly, ensure high quality execution.

我們很榮幸在全球擁有超過1億客戶，這一客戶群在過去幾年中持續穩定成長。自2022年10月以來，我們的團隊一直致力於實施「進化25」策略，以提升我們的價值主張，擴展我們的產品線，最重要的是，確保高品質的執行。

Today, we reported another quarter of improving adjusted revenue growth as we continue to implement our evolve 2025 strategy, which is focused on returning Western Union to sustainable, profitable revenue growth. Over the last two years, we have driven meaningful improvements in our business, and this quarter's results continue to demonstrate that our efforts are still working.

今天，我們報告稱，隨著我們繼續實施「進化2025」策略，調整後營收成長再創新高，本季業績也取得顯著改善。該策略致力於幫助西聯匯款恢復可持續的獲利性收入成長。過去兩年，我們的業務取得了顯著改善，本季的業績再次證明我們的努力仍在奏效。

These results give us confidence that we are well on our way to achieving our previously stated financial objectives, as we continue to report solid transaction trends and improving adjusted revenue growth ex-Iraq. For the fourth quarter, our revenue reached $1.60 billion. Excluding Iraq, our adjusted revenue growth was a positive 1.4%, now the third consecutive quarter of positive adjusted revenue growth.

這些業績讓我們有信心，我們正在穩步實現先前設定的財務目標，因為我們繼續保持穩健的交易趨勢，除伊拉克外，調整後收入成長有所改善。第四季度，我們的營收達到16億美元。除伊拉克外，我們的調整後營收成長了1.4%，這已是連續第三季實現調整後營收正成長。

Consumer services led the way with another strong quarter at 23% adjusted revenue growth driven by our media network business, the expansion of our foreign exchange services, and continued growth in retail money order. Our strategy of growing beyond CMT continues to show promise and momentum.

消費者服務業務再創佳績，本季調整後營收成長23%，這得益於我們媒體網路業務、外匯服務的拓展以及零售匯票業務的持續成長。我們「超越消費者媒體服務」(CMT) 的成長策略持續展現出良好的前景和強勁的勢頭。

In addition, our branded digital business continued to perform well, with 13% transaction growth and 8% adjusted revenue growth in the quarter. Adjusted earnings per share came in strong at $0.40, or up $0.03 relative to this quarter a year ago. The improving performance of our core business is readily apparent, as in Q4 2023 benefited meaningfully from higher revenues and operating profits from Iraq, which were not repeated in the current quarter.

此外，我們的品牌數位業務持續表現良好，本季交易量成長13%，調整後營收成長8%。調整後每股盈餘強勁，達到0.40美元，較去年同期成長0.03美元。我們核心業務的業績改善顯而易見，2023年第四季度，伊拉克地區的收入和營業利潤增長顯著，而本季度未能複製這一增長。

Matt will discuss our financial results in more detail and provide our 2025 outlook later. I have recently returned from nearly two weeks in Asia, visiting with our local teams, aligning on plans for 2025. This region is a microcosm of our larger companywide efforts. In 2022, the region shrank transactions 12% and adjusted revenue 9%.

Matt 稍後將更詳細地討論我們的財務業績，並提供 2025 年的展望。我最近剛從亞洲回來，待了近兩週，與當地團隊進行了交流，討論 2025 年的計劃。該地區是我們全公司各項工作的縮影。 2022 年，該地區交易量下降了 12%，調整後收入下降了 9%。

In 2024, that improved to 8% transaction growth with adjusted revenue down only 3%. The turnaround in Asia is one example of why we remain confident of the trajectory we are on. Throughout the visit, I saw progress on our strategic agenda and still plenty of opportunity to continue to accelerate our performance. The region has embraced our new approach to both digital and retail. On the retail distribution side, we are moving away from the heavy dependence on postal systems and master agents to a much more dynamic system with owned locations at the top of the pyramid, branded exclusive concept agents and strategics in the middle, and a broad base of independents at the bottom.

2024年，交易成長率提升至8%，調整後營收僅下降3%。亞洲市場的復甦正是我們對當前發展軌跡充滿信心的例證。在整個訪問期間，我看到了我們策略議程的進展，並且仍然有很多機會可以繼續提升業績。該地區已經接受了我們在數位和零售領域的新策略。在零售分銷方面，我們正在擺脫對郵政系統和總代理的嚴重依賴，轉向一個更具活力的系統，其中自有門店位於金字塔頂端，品牌獨家概念代理和戰略合作夥伴位於中間，而廣泛的獨立經銷商則位於底部。

For example, Singapore now has our highest performing owned location network with 7% revenue growth and 10% transaction growth in 2024 and includes one of the single highest volume locations in the company. While I was there, I went to the opening of our first owned location in Malaysia. This trip reinforced my belief around the value of having a small network of owned locations.

例如，新加坡目前擁有我們業績最高的自營門市網絡，2024年營收成長7%，交易量成長10%，其中還包括公司客流量最高的門市之一。我在那裡期間，還參加了我們在馬來西亞的第一家自營門市的開幕儀式。這次行程強化了我對於擁有小型自營門市網路價值的信念。

We believe there's significant opportunity in Malaysia to go after high volume retail corridors where we can win with an owned location strategy. Australia and New Zealand have seen significant growth through our independent agent network expansion. We have seen over 20% growth in agent locations since 2022, and these networks grew revenue 17% and transactions 25% in 2024.

我們相信，馬來西亞擁有龐大的商機，可以進軍人流量大的零售走廊，並憑藉自有門市策略贏得市場。透過我們獨立代理商網路的擴張，澳洲和紐西蘭的業務取得了顯著成長。自2022年以來，我們的代理門市數量增加了20%以上，這些網路在2024年的營收成長了17%，交易量增加了25%。

While stabilizing the retail business, the Australia team has also embraced our next generation digital platform and is now one of the best performing digital businesses in the company with a 2024 revenue growth in the mid-teens and transaction growth at nearly 30%.

在穩定零售業務的同時，澳洲團隊也採用了我們的下一代數位平台，目前已成為公司表現最好的數位業務之一，2024 年收入成長率達到十幾歲，交易成長率接近 30%。

Our team there will continue to accelerate this region in 2025 with the launch of our new digital platform in two more countries, a continued expansion of our independent agent networks and owned locations, the anticipated completion of the DASH acquisition and the launch of a new digital wallet offering in Australia.

2025 年，我們的團隊將繼續加速該地區的發展，在另外兩個國家推出我們的新數位平台，繼續擴大我們的獨立代理商網路和自有地點，預計完成 DASH 收購並在澳洲推出新的數位錢包產品。

We expect 2025 will see the region grow both transactions and revenue positively for the first time in seven years, excluding the COVID Grover. At our 2022 Investor Day, we laid out plans to showcase our retail business as the gateway to Western Union. This plan included rationalizing our footprint, enhancing our value proposition, and improving the agent and customer experience.

我們預計，2025年該地區（不包括新冠疫情）的交易量和收入將實現七年來的首次正成長。在2022年投資者日上，我們制定了一系列計劃，旨在展示我們的零售業務作為西聯匯款的門戶。該計劃包括優化我們的業務佈局、提升我們的價值主張以及改善代理商和客戶體驗。

We do not subscribe to the melting ice cube thesis that many discuss. We believe the retail market globally is stable and that we have many opportunities to grow our share. Historically, we were a shared donor. But in places where we have successfully implemented our strategy, we have seen a turnaround in performance and are achieving positive revenue and transaction growth in many of these markets.

我們不認同許多人討論的「冰塊融化論」。我們相信全球零售市場穩定，我們擁有許多提升市場佔有率的機會。過去，我們一直是共同捐助者。但在我們成功實施策略的地區，業績已好轉，並在其中許多市場實現了收入和交易額的正成長。

Where we are lagging in these goals, we can identify the drivers, whether they be short-term macro effects or the incremental work that is still required to achieve our full transformation. Excluding Russia, Belarus, and Iraq, since 2022, our global retail business has seen a 500 basis point improvement in transaction growth.

在我們實現這些目標方面落後的地方，我們可以找出驅動因素，無論是短期宏觀效應，還是實現全面轉型仍需持續努力。自2022年以來，除俄羅斯、白俄羅斯和伊拉克外，我們的全球零售業務交易量成長提高了500個基點。

We continue to fully expect that over time, our retail business will be a net positive contributor to overall company performance. As an example, our global retail originated payout to account business grew transactions roughly 30% last year, highlighting the potential of the network when we have the right product and the right value proposition.

我們仍然堅信，隨著時間的推移，我們的零售業務將為公司整體業績帶來淨正向貢獻。例如，我們全球零售發起的帳戶支付業務去年交易量成長了約30%，這凸顯了當我們擁有合適的產品和正確的價值主張時，該網路的巨大潛力。

Our retail business is a strategic asset for the company, driving brand awareness, supporting a lower cost of digital acquisition and providing a core set of customers and stores that help enable the growth of our consumer services businesses. It is now much better position to compete, benefiting from more competitive pricing, improved agent and customer value proposition with both better experiences and improved products, and the benefit of a great brand and significant scale that few, if any others can match.

我們的零售業務是公司的一項策略資產，它提升了品牌知名度，降低了數位化獲客成本，並提供了一群核心客戶和門市，幫助我們消費者服務業務的成長。如今，零售業務的競爭優勢更加明顯，得益於更具競爭力的定價、更優的代理商和客戶價值主張（包括更佳的體驗和更完善的產品），以及卓越的品牌和規模優勢，幾乎沒有其他公司能夠匹敵。

It can now grow by taking share in important corridors that we have previously shied away from because we were uncompetitive. Key opportunities, for example, include retail-heavy corridors like the US to Guatemala, which we estimate is a $20 billion corridor, UK to India, a $10 billion corridor, or UAE to the Philippines, a $1 billion corridor.

現在，我們可以透過搶佔一些重要貿易走廊的份額來實現成長，而這些走廊先前我們因為缺乏競爭力而避之不及。例如，關鍵機會包括零售業為主的貿易走廊，例如美國至瓜地馬拉的貿易走廊（我們估計該走廊規模為200億美元）、英國至印度的貿易走廊（規模為100億美元）以及阿聯酋至菲律賓的貿易走廊（規模為10億美元）。

These are important corridors which we believe we currently have a sub 10% market share position and thus provides significant opportunities to continue to drive retail growth. Often overlooked -- and often overlooked advantage of our retail business is the strong connection to our digital business. A substantial part of our digitally initiated transactions are still paid out to cash by us and our competitors, and we own that experience end to end.

我們認為，這些重要的通路目前市佔率不到10%，因此為持續推動零售成長提供了巨大的機會。我們零售業務的優勢——而且經常被忽視——是與數位業務的緊密聯繫。我們很大一部分數位交易仍然由我們和競爭對手以現金支付，而我們擁有這種端到端的體驗。

Our several hundred thousand payout locations give us customer experience advantages relative to our digital only peers, better financial economics, and allows us to engage directly with potential future customers, a decade or more, before they become remittance customers themselves. We do not think enough credit also is given to the millions of page views on our websites and digital properties from around the world from our retail customers.

我們數十萬個支付網點，相比純數位支付的同行，賦予了我們客戶體驗優勢、更佳的財務經濟效益，並使我們能夠在潛在客戶成為匯款客戶之前（十年甚至更久）直接與他們互動。我們認為，我們網站和數位資產數百萬的頁面瀏覽量也得到了全球零售客戶的認可。

These retail customers are using our store locator or checking the status of a transfer. This traffic improves our position in most organic search algorithms and drives down our cost of digital customer acquisition. With the assistance of our retail network volume, our CAC last year was down roughly 10%, which enabled us to effectively compete in a market where many digital players routinely spend significantly more and remain mostly unprofitable.

這些零售客戶正在使用我們的門市定位器或查看轉帳狀態。這些流量提升了我們在大多數自然搜尋演算法中的排名，並降低了我們的數位客戶獲取成本。由於我們零售網路規模的提升，去年我們的獲客成本 (CAC) 下降了約 10%，這使我們能夠在眾多數位平台公司支出大幅增加且大多無利可圖的市場中有效競爭。

The key to winning in the retail market is being competitive. You need to have the right price with a seamless and easy experience in the right locations. We continue to work on all three, but when we get it right, we can win. Last year, our retail business in Spain grew transactions 25% and revenue 18%. Another example is the improvement we've seen in our retail business in the UK which grew transactions 20% and revenue 9% in 2024. These are very competitive markets, where we have executed our strategy and we are seeing the results.

在零售市場取勝的關鍵在於保持競爭力。你需要在合適的地點提供合適的價格和無縫且方便的體驗。我們一直在努力實現這三個目標，但只要我們做到了，就能贏得勝利。去年，我們在西班牙的零售業務交易量成長了25%，營收成長了18%。另一個例子是我們在英國零售業務的改善，到2024年，交易量成長了20%，營收成長了9%。這些市場競爭非常激烈，我們已經在這些市場實施了我們的策略，並且正在看到成效。

More globally, in the last year, we introduced several new point of sale improvements like Remember Me and Quick Resend and have now embedded those functions in our updated point of sale system, which takes much of the required processing out of agent hardware and moves it into the cloud. We continue to seek improvements in speed, reliability, agent support, and customer satisfaction.

在全球範圍內，去年我們推出了多項新的銷售點改進，例如“記住我”和“快速重新發送”，現在已將這些功能嵌入到我們更新的銷售點系統中，該系統將許多必要的處理工作從代理硬體轉移到雲端。我們將繼續致力於提升速度、可靠性、代理支援和客戶滿意度。

We are pleased with the progress we have made so far and look forward to additional improvements that we have planned for 2025. On the last call, I mentioned we are aiming to have our new cloud-based point of sale system available in 25,000 locations by the end of the year. I am pleased to report that we substantially passed that goal and now have roughly 70,000 active locations.

我們對目前的進展感到滿意，並期待在2025年實現更多改進。上次電話會議中，我提到我們的目標是在今年年底前在25,000家門市推出全新的雲端銷售點系統。我很高興地告訴大家，我們基本上已經實現了這個目標，目前活躍門市約有70,000個。

In the last 30 days alone, we have run over 2 million transactions through this platform. We have rollouts underway in North America and APAC, and we have just begun expanding this technology into Europe and LACA. As we improve our operating model, we are increasing our pace of execution and rollout. Our goal for 2025 is to have all relevant agents globally on this platform by the end of the year.

光是過去30天，我們就透過該平台處理了超過200萬筆交易。我們正在北美和亞太地區進行推廣，並且剛開始將這項技術擴展到歐洲和拉丁美洲和加勒比地區。隨著營運模式的改進，我們正在加快執行和推廣的步伐。我們2025年的目標是，到年底，全球所有相關代理商都能使用該平台。

Now shifting to our digital business. As part of our evolve 2025 strategy, 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. Over the past year, we've been focused on improving the onboarding experience, driving marketing effectiveness, and improving our value proposition as well as our overall user experiences.

現在轉向我們的數位業務。作為我們「進化2025」策略的一部分，讓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收入成長至關重要。在過去的一年裡，我們一直專注於改善用戶引導體驗、提升行銷效率、改善我們的價值主張以及整體用戶體驗。

I am happy to report that these efforts are paying dividends with more customers, more transactions, and more revenue. Since 2022, we have launched our next generation digital platform in over 10 countries, including a launch in India in the fourth quarter of this year. We have seen significant improvements in our digital business performance this year in Mexico, Japan, The UK and Chile.

我很高興地告訴大家，這些努力正在帶來回報，客戶數量、交易量和收入都有所增加。自2022年以來，我們已在10多個國家推出了下一代數位平台，其中包括今年第四季在印度推出的版本。今年，我們在墨西哥、日本、英國和智利的數位業務表現顯著提升。

As a result, we saw an increase in total customers and a higher frequency in which they transacted, all of which leads us to double digit transaction growth and high single digit revenue growth, which we believe positions us well for 2025.

因此，我們看到客戶總數有所增加，交易頻率也有所提高，所有這些都使我們的交易量實現了兩位數增長，收入實現了高個位數增長，我們相信這為我們在 2025 年奠定了良好的基礎。

We plan to launch our next generation platform in more than 10 additional countries in 2025, including several in Africa, where we will see -- where we see a real opportunity. We are significantly improving our account payout network with increased direct connections and better volume discounts. We've also launched a global initiative to improve our KYC experiences in many parts of the world by moving to a more localized approach that we believe should greatly benefit onboarding rates.

我們計劃在2025年在另外10多個國家推出下一代平台，其中包括非洲的幾個國家，我們將在這些國家看到真正的機會。我們正在大幅改善我們的帳戶支付網絡，增加直接連接並提供更優惠的批量折扣。我們還啟動了一項全球計劃，透過轉向更在地化的方法，改善我們在世界許多地區的KYC體驗，我們相信這將大大提高新用戶註冊率。

We look forward to updating you as the year progresses. Finally, I'd 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 by providing new products and services to our existing customers through our existing channels. I am pleased to report we generated 20%-plus adjusted revenue growth in the fourth quarter, an acceleration of the growth we saw in the third quarter.

我們期待在新的一年向您報告最新情況。最後，我想花點時間談談我們的消費者服務部門。我們的目標是透過現有管道向現有客戶提供新產品和服務，實現該部門每年兩位數的成長。我很高興地報告，我們第四季的調整後營收成長超過20%，這比第三季的成長速度有所加快。

We continue to see solid growth in our money, retail money order business, where we believe we have one of the most consumer-friendly products in the marketplace. In addition to RMO, we saw strong growth from several of the products and services we have launched or meaningfully expanded over the last 18 months. The two biggest contributors to growth in the quarter were our media network business in the United States and our foreign exchange business in Europe, which benefited from a larger footprint.

我們的貨幣零售匯票業務持續保持穩健成長，我們相信我們擁有市場上最受消費者歡迎的產品之一。除了零售匯票業務 (RMO) 之外，過去 18 個月推出或顯著擴展的多項產品和服務也實現了強勁成長。本季成長的兩個最大貢獻者是我們在美國的媒體網路業務和在歐洲的外匯業務，這兩項業務受益於業務規模的擴大。

We are happy to report that we have renewed our long-standing relationship with Ahold Delhaize USA, one of the nation's largest grocery retail groups, for an additional 5 years. We are pleased to extend this agreement and continue to provide our customers the opportunity and convenience to meet their cross-border remittance needs at Ahold Delhaize USA brand locations.

我們很高興地宣布，我們與美國最大的食品雜貨零售集團之一阿霍德德爾海茲美國公司 (Ahold Delhaize USA) 的長期合作關係已續簽五年。我們很高興能夠延長此協議，並繼續為客戶提供在阿霍德德爾海茲美國品牌網點進行跨境匯款的機會和便利。

Additionally, we are pleased to announce our co-branded partnership with urpay, owned by Alrajhi Bank. urpay is the largest digital wallet in Saudi Arabia and has over 6.5 million customers. This partnership enhances our brand in one of the largest digital financial ecosystems in Saudi Arabia. Lastly, we are also pleased to announce our collaboration with du Pay, the advanced digital financial services arm of du and licensed by the Central Bank of the UAE.

此外，我們很高興宣布與Alrajhi Bank旗下的urpay建立聯合品牌合作夥伴關係。 urpay是沙烏地阿拉伯最大的數位錢包，擁有超過650萬用戶。此次合作將提升我們在沙烏地阿拉伯最大的數位金融生態系統之一的品牌影響力。最後，我們也很高興宣布與du Pay合作，du Pay是du旗下的先進數位金融服務部門，已獲得阿聯酋中央銀行的許可。

Through this white label partnership, we are enabling international money transfer services on their app, further strengthening our digital footprint in the country.

透過這項白標合作夥伴關係，我們可以在他們的應用程式上啟用國際匯款服務，進一步加強我們在該國的數位足跡。

In conclusion, we believe we are roughly six months ahead of where we plan to be at this point relative to our initial 2022 Investor Day guidance, having just achieved positive full year companywide adjusted revenue growth, excluding Iraq.

總而言之，我們相信，相對於我們最初的 2022 年投資者日指導，我們比目前計劃的目標提前了大約六個月，並且剛剛實現了全年全公司調整後收入正增長（不包括伊拉克）。

From a regional perspective, we've improved adjusted revenue growth in North America, Europe, the Middle East, ex-Iraq, and APAC, which gives us optimism about the trajectory we are on and what we can accomplish in 2025 and beyond.

從區域角度來看，我們在北美、歐洲、中東（伊拉克除外）和亞太地區的調整後收入成長有所提高，這讓我們對目前的發展軌跡以及我們在 2025 年及以後能夠取得的成就充滿樂觀。

Looking ahead, we remain very positive in our market position and the progress we are making to deliver on our strategic initiatives. Every day, we can see the improving health and performance of our core business and are now beginning to deliver the ongoing and sustainable revenue and operating profit growth required to propel the value of the company upward.

展望未來，我們對自身的市場地位以及策略性舉措的推進進展依然充滿信心。我們每天都能看到核心業務的健康和績效不斷改善，並開始實現持續、可持續的收入和營業利潤成長，從而推動公司價值的提升。

I remain confident that we are tracking well to achieve our evolve 2025 goals, but more importantly, are setting the company up for a much more prosperous future.

我仍然相信，我們正在順利實現 2025 年發展目標，但更重要的是，我們正在為公司創造一個更繁榮的未來。

Thank you for joining the call today.

感謝您今天參加電話會議。

I will now turn it over to Matt to discuss our financial results in more detail.

現在我將把時間交給馬特來更詳細地討論我們的財務結果。

Thank you, Devin, and good afternoon, everyone.

謝謝你，德文，大家下午好。

I'm pleased to be here today to walk you through our 2024 fourth quarter and full year results, as well as our 2025 financial outlook.

我很高興今天能在這裡向大家介紹我們 2024 年第四季和全年業績以及 2025 年財務展望。

For the full year, we delivered GAAP revenue of $4.2 billion. Our results landed us comfortably above the midpoint of our improved 2024 adjusted revenue outlook. Adjusted revenue growth, excluding Iraq was positive 50 basis points in 2024, which is about six months ahead of where we anticipated we'd be in our Investor Day in October 2022. These results were driven by 15% growth in consumer services and improving trends in our CMT business, supported by 8% branded digital revenue growth.

全年，我們實現了42億美元的GAAP收入。我們的業績遠高於我們提升後的2024年調整後收入預期的中位數。 2024年，不包括伊拉克業務的調整後收入增長率為正50個基點，比我們在2022年10月投資者日的預期提前了約六個月。這些業績得益於消費者服務業務15%的成長和CMT業務的持續改善趨勢，以及8%的品牌數位收入成長。

In the fourth quarter, GAAP revenue was $1.1 billion. For the third consecutive quarter, adjusted revenue grew ex-Iraq and was positive 1.4%. Adjusted operating margins in the quarter were 17% compared to 16% in the prior year, with the improvement primarily due to efficiencies in our marketing and technology areas. In 2024, our full year adjusted operating margin was 19% compared to 20% in the prior year with the decline primarily due to lower revenue from Iraq, offset by efficiencies in our core cost base.

第四季度，GAAP 營收為 11 億美元。除伊拉克外，調整後收入連續第三個季度成長，為正 1.4%。本季調整後營業利益率為 17%，而去年同期為 16%，此成長主要得益於我們行銷和科技領域效率的提升。 2024 年全年調整後營業利潤率為 19%，而去年同期為 20%，這一下降主要由於伊拉克收入下降，但被我們核心成本基礎效率的提升所抵消。

Fourth quarter adjusted EPS was $0.40 compared to $0.37 last year, benefiting from higher adjusted operating profit, lower share account, and lower adjusted tax rate. For the full year, we delivered adjusted EPS of $1.74 which benefited from lower share count and lower adjusted tax rate, which landed us comfortably in our improved guidance range of $1.70 to $1.80.

第四季調整後每股收益為0.40美元，而去年同期為0.37美元，這得益於調整後營業利潤的提高、股票帳戶餘額的減少以及調整後稅率的降低。全年調整後每股收益為1.74美元，這得益於股票數量的減少和調整後稅率的降低，使我們輕鬆達到我們上調後的1.70美元至1.80美元的預期區間。

In the fourth quarter, we reported a significant non-cash tax benefit exceeding $250 million stemming from the reorganization of our international operations to realign and consolidate our international hub. This positively impacted our GAAP EPS by $0.75, but was excluded from adjusted EPS.

第四季度，我們報告了超過2.5億美元的重大非現金稅收收益，這源於我們國際業務的重組，旨在調整和整合我們的國際樞紐。這對我們的GAAP每股收益產生了0.75美元的正面影響，但未計入調整後每股收益。

The adjusted tax rate for the quarter was 12% compared to 14% last year, whereas our full year adjusted tax rate was 13% compared to 15% in the prior year. Our adjusted tax rate was lower this year due to the mix of income and a few minor discrete tax items.

本季調整後稅率為12%，去年為14%。全年調整後稅率為13%，去年為15%。由於收入組成和一些小額單項稅的影響，今年的調整後稅率較低。

Now turning to our CMT business. In the fourth quarter, CMT adjusted revenue excluding Iraq was flat year over year, while CMT transactions excluding Iraq grew 3%. For the full year, CMT adjusted revenue excluding Iraq was down 1%, while transactions excluding Iraq grew 4%. These results were driven by improvements in branded digital and digital white label and a consistent retail business.

現在談談我們的CMT業務。第四季度，CMT（不含伊拉克）調整後營收較去年同期持平，而CMT（不含伊拉克）交易額則成長了3%。全年，CMT（不包括伊拉克）調整後收入下降了1%，而交易額增加了4%。這些業績得益於品牌數位和數位白標業務的改善以及零售業務的穩定成長。

We've made significant strides in our customer agent experience and our overall value proposition over the past two years, which has contributed to our ability to improve overall customer retention by almost 40 basis points in 2024.

在過去兩年中，我們在客戶代理體驗和整體價值主張方面取得了重大進展，這有助於我們在 2024 年將整體客戶保留率提高近 40 個基點。

Now turning to our branded digital business. In the fourth quarter, we grew adjusted revenue by 8% with a 13% increase in transactions. This marks the 7th consecutive quarter of double-digit transaction growth. Account payout transactions that originate digitally continue their strong momentum growing 30% in the quarter. For the full year, adjusted revenue growth improved 800 basis points compared to 2023, while average new cross-border monthly active customers grew high single digit in 2024.

現在談談我們的品牌數位業務。第四季度，我們的調整後營收成長了8%，交易量成長了13%。這標誌著我們連續第七個季度實現兩位數交易量成長。數位帳戶支付交易延續強勁勢頭，本季成長了30%。全年調整後營收成長率與2023年相比提高了800個基點，而2024年跨國新增月活躍客戶平均成長率也達到了個位數。

Now turning to our retail business. In the quarter, we saw improvements in both Europe, MEASA excluding Iraq partially offset by North America and Latin America. Europe's momentum resulted in 9% transaction growth as they benefited from stronger distribution, expanded debit acceptance, and lapping and agent loss.

現在談談我們的零售業務。本季度，我們在歐洲、中東和非洲（不包括伊拉克）以及東南亞地區均取得了成長，但北美和拉丁美洲部分抵銷了這一成長。歐洲的強勁勢頭帶來了9%的交易成長，這得益於更強勁的分銷能力、借記卡受理範圍的擴大以及重疊和代理商的流失。

Now transitioning to our consumer services segment, which accounted for 11% of our total quarterly revenue. Fourth quarter adjusted revenue rose 23%, driven by growth in media network, retail foreign exchange, and retail money order. I'm pleased to report that in 2024, we achieved our goal of double-digit revenue growth in consumer services with a 15% increase in adjusted revenue.

現在轉向我們的消費者服務部門，該部門占我們季度總收入的11%。第四季調整後營收成長23%，這得益於媒體網路、零售外匯和零售匯票業務的成長。我很高興地報告，到2024年，我們實現了消費者服務部門收入兩位數成長的目標，調整後收入成長了15%。

This marks our third consecutive year of double-digit growth in consumer services. And we continue to target 10%-plus adjusted revenue growth rate in consumer services as we continue to introduce and expand offerings to the aspiring populations globally.

這標誌著我們消費者服務業務連續第三年實現兩位數成長。我們將持續致力於消費者服務業務10%以上的調整後收入成長率，並持續向全球有抱負的消費者群體推出和擴展服務。

In the fourth quarter, consumer services operating margin was 11%, a 200 basis point improvement over the third quarter. As these products scale, we continue to expect that our margins will improve and be at or above our total company margin.

第四季度，消費者服務業務的營業利益率為11%，較第三季提升了200個基點。隨著這些產品的規模擴大，我們預期利潤率將繼續提升，並達到或超過公司整體利潤率。

Now shifting to our top -- from our top line to our expense base. As part of our ongoing commitment to disciplined cost management, I'm pleased to provide an update on our five year $150 million expense redeployment program. In 2024, we continue to make significant strides in optimizing our cost base and reallocating resources to drive efficiency and growth, achieving total savings of $60 million.

現在，我們把目光轉向我們的營收——從營收到費用基礎。作為我們持續致力於嚴格成本管理的一部分，我很高興向您介紹我們為期五年、總額1.5億美元的費用重新部署計劃的最新進展。 2024年，我們將繼續在優化成本基礎和重新分配資源方面取得重大進展，以推動效率和成長，最終實現總計6,000萬美元的節支。

This is in addition to the $50 million that we freed up in 2023. To illustrate, in our global operations function, which includes areas like customer experience and support, real estate, key compliance processes, and agent care, we have reduced our cost base by nearly 20% between 2021 and 2024.

這是我們在 2023 年釋放的 5000 萬美元之外的額外資金。舉例來說，在我們的全球營運職能中，其中包括客戶體驗和支援、房地產、關鍵合規流程和代理商服務等領域，我們在 2021 年至 2024 年期間將成本基礎降低了近 20%。

Within the overall $100 million of savings that we have achieved to date, nearly $30 million was related to the efficiencies that we have made in customer experience and support. We continue to see further opportunities throughout our business and continue to optimize our cost base.

迄今為止，我們已節省了1億美元的成本，其中近3000萬美元與我們在客戶體驗和支援方面提升的效率有關。我們將繼續在整個業務中發現更多機會，並持續優化我們的成本基礎。

Looking ahead, we expect to complete our five-year commitment two years ahead of schedule, achieving our target of $150 million this year. This accelerated timeline underscores our ability to leverage scale, drive continuous improvement, and maintain financial flexibility.

展望未來，我們預計提前兩年完成五年承諾，今年將實現1.5億美元的目標。這項加速的進度凸顯了我們利用規模優勢、推動持續改善和維持財務靈活性的能力。

Now turning to our cash flow and balance sheet. In 2024, we generated $406 million of operating cash flow, which was negatively impacted by higher taxes paid, including $160 million related to the Tax Act -- deferred tax payments under the Tax Act, and $70 million related to the IRS settlement earlier this year. As a reminder, we will make our final deferred tax payment related to the Tax Act of $220 million in the second quarter of this year.

現在來看看我們的現金流量和資產負債表。 2024年，我們產生了4.06億美元的營運現金流，這受到了更高稅率的負面影響，其中包括與《稅法》相關的1.6億美元——根據《稅法》支付的遞延稅款，以及與今年早些時候與美國國稅局（IRS）和解相關的7000萬美元。需要提醒的是，我們將在今年第二季支付與《稅法》相關的最後一筆遞延稅款2.2億美元。

In 2024, capital expenditures were $131 million or roughly 3% of total company revenues. We remain committed to strategically investing in key areas and aligning our agent compensation to performance. Over the past three years, we've averaged roughly 100% adjusted free cash flow conversion. We define adjusted free cash flow conversion as free cash flow less unusual tax items divided by adjusted net income.

2024年，資本支出為1.31億美元，約占公司總收入的3%。我們將繼續致力於在關鍵領域進行策略性投資，並將代理人薪酬與績效掛鉤。過去三年，我們平均調整後自由現金流轉換率約100%。我們將調整後自由現金流轉換率定義為自由現金流量減去非常規稅項後除以調整後淨收入。

I'm pleased report that in 2024, we have returned almost $500 million to our shareholders with $318 million paid in dividends and $177 million used to repurchase shares. I'm also pleased to announce the Board of Directors recently approved a $1 billion share repurchase authorization, which will allow us to continue our historical practice of strong cash returns to our shareholders through our dividend, which is yielding 9% and our strong share repurchase program.

我很高興地報告，2024年，我們已向股東返還近5億美元，其中3.18億美元用於支付股息，1.77億美元用於回購股票。我還很高興地宣布，董事會最近批准了10億美元的股票回購授權，這將使我們能夠繼續透過股息（收益率達9%）和強勁的股票回購計劃，為股東帶來豐厚的現金回報。

We also continue to maintain a strong balance sheet with cash and cash equivalents of $1.5 billion and debt of $2.9 billion. Our leverage ratios were 2.9 times and 1.5 times on a gross and net basis, which we believe provides us ample flexibility for capital return or potential M&A while maintaining our investment grade credit rating. These levels may appear to be higher than what you're used to.

我們的資產負債表持續保持強勁，現金及現金等價物為15億美元，債務為29億美元。我們的槓桿率（以總額和淨額計算）分別為2.9倍和1.5倍，我們相信這為我們提供了充足的資本回報或潛在併購靈活性，同時保持了我們的投資級信用評級。這些水平可能看起來比您習慣的要高。

As you may remember, we announced in the second quarter last year that we entered into an $800 million delayed draw term loan facility, which we used to refinance our bond that matured in January of this year. As a result, our cash and our debt balance were elevated at year end, which affected our gross leverage ratio.

各位可能還記得，我們在去年第二季宣布簽訂了一項8億美元的延期提取定期貸款協議，用於為今年1月到期的債券進行再融資。這導致我們的現金和債務餘額在年底增加，從而影響了我們的總槓桿率。

Now moving on to 2025 outlook, which assumes no material changes in macroeconomic conditions relative to last year. However, some uncertainty exists in the United States as we are two weeks into the new administration. We forecast adjusted revenue to be in the range of $4.115 billion to $4.215 billion. This range reflects continued growth in our branded digital business and 10% to 15% growth in consumer services as we continue to stay -- and as well as we continue to stabilize our retail business.

現在來看看2025年的展望，假設宏觀經濟狀況與去年相比沒有重大變化。然而，由於新政府上任僅兩週，美國經濟仍存在一些不確定性。我們預測調整後營收將在41.15億美元至42.15億美元之間。這一區間反映了我們品牌數位業務的持續成長，以及消費者服務業務10%至15%的成長，同時我們將持續維持並穩定零售業務。

The midpoint of this range is 1% adjusted revenue growth, excluding Iraq, which puts us on track to achieve our Investor Day target of flat to 2% revenue growth. We forecast that our adjusted operating margins to be in the range of 19% to 21%. And lastly, we forecast adjusted EPS to be in the range of $1.75 to $1.85.

此區間的中間值是調整後營收成長1%（不包括伊拉克），這將使我們有望實現投資者日設定的營收成長持平至2%的目標。我們預測調整後營業利益率將在19%至21%之間。最後，我們預測調整後每股盈餘將在1.75美元至1.85美元之間。

From a quarterly phasing perspective, please keep in mind that Iraq contributed $65 million in the first quarter of 2024 and $34 million in the second quarter of last year. Before normalizing the latter half of the year, we do not anticipate that Iraq will return to the elevated levels experienced in the first half of last year, which will result in a headwind in the first and second quarter of this year.

從季度分階段來看，請記住，伊拉克在2024年第一季貢獻了6,500萬美元，去年第二季貢獻了3,400萬美元。在下半年恢復正常之前，我們預計伊拉克的援助不會恢復到去年上半年的高水平，這將導致今年第一季和第二季逆風。

Additionally, please keep in mind that the first quarter of last year was impacted by leap year, which benefited us in the first quarter of last year.

另外，請記住，去年第一季受到閏年的影響，這對我們去年第一季有利。

To conclude, we are two-thirds of the way through our evolve 2025 transformation, and we are confident that we have laid the foundation needed to drive long-term, profitable and sustainable revenue growth.

總而言之，我們的「進化2025」轉型計畫已完成三分之二，我們有信心奠定推動長期、獲利和永續收入成長所需的基礎。

As we embark on this pivotal year, we remain committed to driving growth, innovation, and value to our shareholders.

值此關鍵一年之際，我們將持續致力於推動成長、創新和為股東創造價值。

Thank you for joining the call.

感謝您參加此通話。

Operator, now we're ready to take questions.

接線員，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Thank you for going through all the details here. Just thinking about the outlook on the revenue side, and the range and what might cause you to be at the low end versus the high end. Is it worth maybe going through some basic assumptions there that might influence the outcome?

感謝您在這裡詳細講解。我只是在思考收入方面的前景、範圍，以及可能導致您處於低端而非高端的原因。是否值得進行一些可能影響結果的基本假設？

Hey, Tien-Tsin, thanks for joining the call today.

嘿，Tien-Tsin，感謝您今天參加電話會議。

The variability between the high and the low end of the range, there's a lot of uncertainty in the market. Things don't move lumpy. We are super proud and excited about where we've come from. If you look back two years ago, the company was declining mid single digits. We were able to exit last year with 50 bps growth full year and 1.4% full year.

市場波動很大，高低端之間波動很大，存在著許多不確定性。事情不會一成不變。我們對過去的成就感到非常自豪和興奮。回顧兩年前，公司業績下滑幅度在個位數左右。去年我們以50個基點的全年成長率和1.4%的全年成長率退出市場。

So super excited about what we've accomplished. The assumptions that are underlying that is continued consistent macroeconomic conditions we experienced last year. So no major changes in currency or inflation. We have -- in our core businesses, we expect to have high single digit, low double digit branded digital growth.

我們對所取得的成就感到非常興奮。我們所取得的成就背後的假設是，我們去年經歷的宏觀經濟狀況將持續穩定。因此，匯率和通貨膨脹沒有重大變化。我們預期核心業務的品牌數位業務將實現高個位數成長或低兩位數成長。

It's a highlight of my prepared remarks. We expect to have 10% to 15% growth in consumer services. What could move us to the upper end of the range? Further stability in the retail market, acceleration of branded digital this year, higher consumer service we had later in the year. So there's many things that could put us at the upper end or even above, but it's obviously an uncertain market where we are as we highlighted in the prepared marks.

這是我準備好的發言稿中的一大亮點。我們預期消費者服務業務將實現10%到15%的成長。哪些因素能讓我們達到這個區間的上限呢？零售市場的進一步穩定，今年品牌數位業務的加速發展，以及我們在今年稍後提供的更優質的消費者服務。所以，有很多因素都可能讓我們達到這個區間的上限甚至更高，但正如我們在準備好的演講稿中所強調的那樣，我們所處的市場顯然充滿不確定性。

And then just on the consumer services, you mentioned it? Yeah, no, it's just going to be quick follow up just on the consumer services side. You called it out there, 10% to 15%. You're running in the lower 20s, exiting the year, you're in mid-teens for '24. So what's driving the deceleration? How much of that is conservatism or whether there's some one-timers that maybe lifted the consumer services? Sounds like some initiatives could actually drive acceleration. So just trying to reconcile all that.

然後您提到了消費者服務，對吧？是的，不，只是在消費者服務方面會進行快速跟進。您之前提到過，10%到15%。今年的成長率在20%出頭，而2024年則在15%左右。那麼，是什麼導致了成長放緩？其中有多少是保守主義，還是有一些一次性措施可能提振了消費者服務？聽起來有些舉措實際上可能會加速成長。所以我想嘗試綜合考慮所有這些因素。

Yeah, Tien-Tsin. It's a great question. I mean you've known me now for three years. So it can move around a lot of different places. You've called me conservative before. But there are things in there that we had some strong Q4 on media network. Usually, media is very strong in the latter part of the year, as you know from other businesses. That may not continue for all of next year. We have launched a couple of businesses that we start to cycle through as we go forward, but we do have a line of sight to get us to our commitment of 10% to 15%.

是的，田津。這個問題問得很好。你認識我三年了。所以我的業務範圍可能會很廣。你以前說我保守。但有些事情確實如此，例如我們在第四季的媒體網路業務表現強勁。通常情況下，媒體業務在下半年會非常強勁，就像你從其他業務中了解的那樣。這種情況可能不會持續到明年全年。我們已經推出了一些業務，我們會逐步輪換，但我們確實有目標實現10%到15%的成長承諾。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Just want to ask about the digital aspiration to drive double digit growth on revenues. Obviously, the spread continues to be in that 6 percentage point, 7 percentage point range, and you're continuing to show great results on double digit growth on transactions. But help us understand the driving factors to allow for double digit revenue growth to appear in the digital transaction site in the digital business. Then maybe just remind us like what is your timing expectation on that?

想問一下關於數位轉型推動營收實現兩位數成長的願景。顯然，利潤率仍然在6到7個百分點之間，而且你們的交易額也持續保持著兩位數成長的優異成績。請您幫助我們瞭解，推動數位業務中的數位交易網站收入達到兩位數成長的驅動因素是什麼。然後，您能否提醒我們一下，您對此的時間預期是怎麼樣的？

Yeah. Darrin, great question, thank you, and it's something we continue to spend a lot of time talking about.

是的。達林，這個問題問得很好，謝謝你。我們一直在花很多時間討論這個問題。

I think it's important just to reflect on the progress we've made. Two years ago, our digital business was shrinking revenue 1%. Now it's growing revenue in the high single digits. That has been the function of driving our customer acquisition and our transactions in the double digit range. We expect to be able to continue to do that as we've now done for seven quarters in a row.

我認為回顧我們所取得的進展非常重要。兩年前，我們的數位業務收入萎縮了1%。現在，它的收入實現了高個位數成長。這推動了我們的客戶獲取和交易量保持兩位數成長。我們預計能夠繼續保持這種勢頭，就像我們已經連續七個季度保持的一樣。

So this becomes an exercise of managing what is in the base, and as you know, some of the factors that we've talked about is the increasing growth or the relative speed of growth to payout to account, which has a different revenue per transaction profile than our historic payout to cash and our continued attrition of the legacy book, which has a different pricing profile and all the customers that we've acquired in the last two years as we've become market competitive on new and repeat transactions.

因此，這成為一種管理基礎內容的練習，正如您所知，我們討論過的一些因素是增長速度或相對增長速度與帳戶支出，這與我們的歷史現金支出相比，每筆交易的收入情況不同，我們對遺留賬簿的持續損耗，它具有不同的定價情況，以及過去兩年來我們在新交易和重複交易方面具有市場競爭力而獲得的所有客戶。

So as that book continues to shift and manage, we continue to expect, and we've talked about a 300 basis point to 400 basis point gap between transactions and revenue. As we've talked about in the past, if we accelerate transactions, that range might increase, but we would be okay with that. But as we continue, we believe it will stabilize over the course of the next 18 to 24 months.

因此，隨著帳簿的持續變化和管理，我們預期交易額和收入之間的差距將持續存在，我們也曾討論過，大概在300到400個基點之間。正如我們過去所討論的，如果我們加快交易速度，這個差距可能會擴大，但我們對此沒有異議。但隨著我們繼續推進，我們相信，在未來18到24個月內，這個差距將趨於穩定。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

I was wondering if you could maybe touch on some of the dynamics that led to the modest decel in the North American revenues. If you could just kind of go through what you're seeing there. And I guess specifically you called out a few macro impacts that you were seeing last quarter. I think one of them would have related to North America, like the US to Mexico quarter, the other one would have been in LACA. So it'd be helpful to get an update on that as well.

我想知道您能否談談導致北美收入小幅下降的一些因素。能否簡單介紹一下您觀察到的情況？您特別提到了上個季度看到的一些宏觀影響。我認為其中一個可能與北美地區有關，例如美國至墨西哥季度，另一個可能與拉丁美洲和加勒比地區有關。因此，了解這方面的最新情況也會很有幫助。

Hey, Will, I hope you're doing well.

嘿，威爾，希望你一切都好。

Let us remember that we are in fact a global business and highly diversified. Only 30% of our revenue comes from the US. We did see, as we talked about in the third quarter, some sluggishness in North America, but I remind, we had 1.4% ex-Iraq adjusted revenue growth in the quarter, which is the second best quarter the company's had on adjusted revenue basis in the last 20 quarters.

請記住，我們實際上是一家全球性企業，業務高度多元化。我們只有30%的收入來自美國。正如我們在第三季度提到的，我們確實看到北美市場出現了一些疲軟，但我要提醒的是，本季度除伊拉克外，我們的調整後收入增長了1.4%，這是公司過去20個季度中調整後收入增長第二好的季度。

So even with the slowness in North America, we continue to propel our business according to our strategy around the world. We are still seeing the effects of the macro events down below the border and the elections that we talked about in the third quarter as the migratory patterns of people shift, and we're obviously seeing some effect of the election in November as we normalize to a different environment here in the US for migrants.

因此，即使北美業務放緩，我們仍會繼續按照全球策略推動業務發展。我們仍在關注邊境地區宏觀事件以及我們在第三季度提到的美國大選的影響，因為這些事件正在改變人們的遷徙模式。隨著我們逐漸適應美國移民環境的改變，我們顯然也看到了11月大選帶來的一些影響。

And then just maybe a separate follow up. I know one of the bigger drivers of that, the positive revenue growth this quarter was the consumer revenue. I was wondering if you could hit on the margins in that segment and just how you think about scaling margins over time and maybe what level of revenue you need to see in order to kind of achieve your target margins in that segment.

然後也許可以單獨問一下。我知道本季營收成長的主要推動力之一是消費者收入。我想知道您能否談談該細分市場的利潤率，以及您如何看待利潤率的長期成長，以及為了實現該細分市場的目標利潤率，您需要看到什麼樣的收入水平？

Yeah. Hey, Will. Thanks for the question.

是的。嘿，威爾。謝謝你的提問。

As we talked about in the prepared remarks today, we did progress by about 200 basis points from Q3 to Q4. We expect each product that we've launched, whether that be the media network, the prepaid business, the wallets, and you can keep going through them, we believe each one of those has companywide margins or better once you're fully at scale.

正如我們今天在準備好的發言稿中提到的，從第三季度到第四季度，我們的業績確實成長了約200個基點。我們預計，我們推出的每一款產品，無論是媒體網路、預付費業務或錢包，等等，一旦完全規模化，我們相信每一款產品都能為公司帶來利潤，甚至更高。

As we've talked about in prior quarters, each one of them will roll out a different pace. We launched the pre-paid business a little over a year ago now in the US. We're now starting to launch in other parts of the market. Each one of those will have a ramping process. Media network is largely in the US, so we think you're going to continue to see us make progress towards our company average, but it'll happen over the next couple of years we roll out products.

正如我們在前幾個季度討論過的，每個業務的推出速度都會有所不同。我們一年多前在美國推出了預付費業務。現在我們開始在其他市場推出業務。每個業務都會有逐步發展的過程。媒體網路主要在美國，所以我們認為你會繼續看到我們朝著公司平均水平邁進，但這將在未來幾年我們推出產品的過程中實現。

if we just we should just talk philosophically for a second, if I could grow the whole company 23% at 11%, I might take that trade. So we're pleased with the fact that we've launched businesses. We're seeing adoption by customers and acceleration of a revenue growth profile that looks significantly different than our historic norms. So we will continue to invest in these businesses and as we see market opportunities, continue to grow them. I am not in the business of trying to slow the growth to improve the margin in that particular segment.

如果我們稍微從哲學角度來談一下，如果我能讓整個公司以11%的成長23%，我可能會接受這個交易。所以，我們很高興能夠推出這些業務。我們看到客戶正在接受這些業務，營收成長曲線也正在加速，這與我們的歷史常態截然不同。因此，我們將繼續投資這些業務，並在看到市場機會時繼續發展它們。我不會試圖透過放緩成長來提高特定領域的利潤率。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Branded digital transactions decelerated decelerated a bit versus last quarter, although still, as you mentioned, solidly in double digit territory, but the spread to branded digital revenue actually tightened a little bit by 100 basis points, to about I think about 5%. Can you give us your thought on spread dynamics in '25 and what we should expect through the year in terms of your I think longer term goal to sort of tighten that up?

品牌數位廣告交易速度較上一季略有下降，儘管正如您所說，仍穩固地保持在兩位數的水平，但與品牌數位廣告收入的利差實際上收窄了100個基點，我認為約為5%。您能否談談您對2025年利差動態的看法，以及我們對全年利差的預期，您認為應該設定什麼樣的長期目標來收窄利差？

Hey, Ramsey. Thanks for joining the call today.

嗨，拉姆齊。謝謝你今天參加我們的電話會議。

You heard our tone earlier, we're super excited. We've come a long way over the last two years. We were 1%-plus in 2022. This year, we're able to grow trends 13% and took revenue from basically being flattish to highest single digit this year. So huge progress. We still think there's a lot more room to go as we talked about at our Investor Day two years ago.

您剛才聽到了我們的語氣，我們非常興奮。過去兩年我們取得了長足的進步。 2022 年，我們的成長率超過了 1%。今年，我們的趨勢成長了 13%，營收也從基本持平上升到了最高的個位數。這是一個巨大的進步。正如我們兩年前在投資者日上談到的那樣，我們仍然認為還有很大的發展空間。

We think this business is a mid-teens overall business, and we still got some more progress to get there. As far as the pace of closing the gap between transactions revenue, we're going to manage the overall business to drive top line growth, adding more customers, and we're very focused on growing the overall business.

我們認為這項業務的整體成長速度處於中等水平，我們仍需進一步推進。至於縮小交易收入差距的速度，我們將管理好整體業務，以推動營收成長，增加客戶，我們非常專注於整體業務的成長。

The output is delivering revenue growth and EPS. We do think it will narrow over time as we lap the pricing and we have more of the legacy clients that are a little bit higher rates and market trade away and we had new, but you also have a little bit of pressure coming from, as I talked about in my prepared remarks, our account payout business is growing 30%. That's both on the retail side as Devin highlighted and I highlighted on the -- my prepared remarks. That comes at a lower RPT, but it's very profitable. It doesn't come with a commission, so we're very happy to have it.

產出正在帶來收入和每股盈餘的成長。我們確實認為，隨著時間的推移，隨著定價的調整，以及我們擁有更多利率略高的傳統客戶、市場交易以及新客戶的加入，差距將會縮小。但正如我在準備好的發言中提到的，我們也面臨一些壓力，我們的帳戶支付業務成長了30%。正如Devin和我之前在準備好的發言中所強調的那樣，零售業務的成長也反映了這一點。雖然零售業務的關聯利潤率較低，但利潤非常豐厚。它不收取佣金，所以我們非常樂意接受。

And a quick follow up. Just on M&A, you made some smaller acquisitions, DASH, and I think the Mexico digital wallet recently. Maybe update us on your appetite for M&A given all the changes in the environment. And also I think these deals were quite small because was there any inorganic contribution in the quarter that's material enough to call out?

再簡單問一下。關於併購，您最近進行了一些規模較小的收購，例如 DASH，以及墨西哥數位錢包。考慮到當前的環境變化，能否請您談談您對併購的興趣？另外，我認為這些交易規模都比較小，因為本季是否有任何足夠重要的非經常性收入貢獻值得關注？

To clarify, neither deal has officially closed yet. We're waiting for regulatory approval in both Singapore and Mexico. So there would be no contribution to the quarter from either transaction. We remain a interested buyer of properties that fit particularly well with our strategy and as I have talked about, allow us to accelerate that strategy in a cost-effective way with strong returns on our capital deployment.

需要澄清的是，這兩筆交易都尚未正式完成。我們正在等待新加坡和墨西哥的監管部門批准。因此，這兩筆交易都不會對本季產生任何貢獻。我們仍然對那些特別符合我們策略的物業感興趣，正如我之前提到的，這些物業使我們能夠以經濟高效的方式加速我們的策略，並在資本配置上獲得豐厚的回報。

So the addition of DASH was an acquisition that, as I highlighted in my comments on APAC, allows us to accelerate our digital wallet capabilities in that region and strengthens what's already a pretty good franchise for us in Singapore, acquired cost effectively and we believe will be additive to both the strategy and the company once it closes in the latter half of 2025.

因此，正如我在關於 APAC 的評論中所強調的那樣，DASH 的加入是一項收購，它使我們能夠加速在該地區的數位錢包功能，並加強我們在新加坡已經相當不錯的特許經營權，這是一項具有成本效益的收購，我們相信，一旦在 2025 年下半年完成收購，它將對戰略和公司都有益。

As we look around the world, when we see other things like that, I would anticipate that we'll be prepared to act.

當我們環顧世界，看到其他類似的事情時，我預期我們會做好採取行動的準備。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

I wanted to ask about the retail transaction growth trend. Obviously, it's been on an improving trajectory here. I'm just wondering, what you think could be drivers of further improvement? Is it just broader rollout of the new point of sale, or some other dynamics?

我想問一下零售交易的成長趨勢。顯然，它一直在改善。我只是想知道，您認為哪些因素可能會進一步推動零售交易的成長？是新銷售點的更廣泛推廣，還是其他一些因素？

Most of the incremental improvement will continue from the strategies that we've already launched, which is optimizing our distribution network, continuing to grow our independent agent footprint, improving the level of service and customer experience, which includes the point of sale rollouts and strategically managing our go to market against specific corridors and customer segments.

大部分漸進式改進將延續我們已經啟動的策略，即優化我們的分銷網絡，繼續擴大我們的獨立代理商足跡，提高服務水平和客戶體驗，其中包括銷售點的推出以及針對特定管道和客戶群策略性地管理我們的行銷。

The biggest opportunity as you can tell is probably now in North America relative to the performance that we're getting in most of the rest of the world's retail networks. We continue to wait for the market to stabilize a bit in LACA, but that has been and was last year, a mid single digit grower. So we believe that will continue as we settle through some of these transitory post-election issues.

就我們在全球其他大部分零售網路的表現而言，目前最大的機會或許在北美。我們仍在等待拉丁美洲和加勒比地區市場略微穩定下來，但該市場去年和去年都保持了中等個位數的成長。因此，我們相信，隨著我們逐步解決一些選舉後出現的暫時性問題，這種成長動能將會持續下去。

So I would look forward to LACA returning to mid single digits and us continuing to execute the strategy in North America which will propel the overall retail business into that stable to slightly positive zone that we believe it can be.

因此，我期待 LACA 的成長率能夠回到中等個位數，並且我們將繼續在北美實施這項策略，這將推動整體零售業務進入我們認為可以達到的穩定至略微積極的區域。

And then just coming back to your comments earlier that you've seen a little bit of impact on migration patterns, post-election, thinking about Mexico. Is there any headwind for that kind of factored into your guidance and maybe can we just get an update on what percent of your total C2C revenue is coming from the US-Mexico corridor?

回到您先前的評論，您看到墨西哥大選後移民模式受到了一些影響。這方面的不利因素是否被納入了您的業績預期中？我們能否更新一下，您C2C總收入中有多少比例來自美墨走廊？

So as far as our guidance, we've got obviously a 0% to 2% range of revenue growth. It depends on how severe something is to be impacted, whether it's included or not, but we think it's a pretty wide range to provide us some flexibility. But as far as how big is the US LACA business, it represents -- all of North America represents around 30% of our business. US LACA, mid-20s.

就我們的預期而言，我們的收入成長範圍顯然在0%到2%之間。這取決於受影響的嚴重程度，無論是否包含在內，但我們認為這個範圍相當寬，可以為我們提供一些靈活性。至於美國LACA業務的規模，它代表了——整個北美約占我們業務的30%。美國LACA，佔25%左右。

Low to mid-20s.

20 多歲出頭。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

I wanted to follow up on that question about migration patterns. Just Matt and Devin, just can you help us think at a high level if some of the initiatives that the new administration is taking or to continue to accelerate in terms of deportation and such, how to think about the potential impact on your business? Then I'll have a follow up.

我想繼續問一下關於移民模式的問題。馬特和德文，你們能否從宏觀角度幫助我們思考一下，如果新政府正在採取一些舉措，或者繼續加快驅逐出境等方面的步伐，你們會如何看待這些舉措對你們業務的潛在影響？之後我會繼續提問。

So I think, and we've seen it over the course of the two weeks, what's going to happen is you'll probably see some decline in transactions and an increase in principal per transaction. So frequency will go down and principal will go up. But also I think you have to put into context, this is largely a retail phenomena, and it's largely on what I would call recent arrivals in the United States.

所以我認為，正如我們在過去兩週看到的，未來可能會出現的情況是，交易量會有所下降，而每筆交易的本金會有所增加。也就是說，交易頻率會下降，而本金會上升。但我認為，你也必須結合實際情況來看，這在很大程度上是一種零售現象，而且很大程度上與我所說的近期抵達美國的人有關。

And so if you look at our business in 2024, new to franchise, new to retail customers sending to the LACA region, so that's more than just Mexico, was only about 2.5% of our total revenue. So that's the risk right there is that number slows a bit. And last year, it was kind of growing in a negative single -- high single digit rate. So it wasn't a strong performer for us anyways all of last year, which you can see in some of the softness for the numbers in North America.

所以，如果你看看我們2024年的業務，發往拉美和加勒比地區（LACA）的新加盟店和新零售客戶，也就是不只是墨西哥，只占我們總收入的2.5%左右。所以，這就是風險所在，因為這個數字可能會有所放緩。去年，我們的成長速度是負個位數──或者說是高個位數。所以，去年全年我們的表現都不算強勁，從北美數據的一些疲軟就可以看出這一點。

So is there some risk? Without a doubt. Do we need to keep a close eye on this administration and the changes in perspectives? But the vast majority of our business are customers that have been here for a while who have good paying jobs, who send money home to loved ones on a regular basis, and we anticipate that that will continue.

那麼有風險嗎？毫無疑問。我們需要密切關注這屆政府及其觀點的變化嗎？但我們絕大多數的客戶都是在這裡住了一段時間、擁有高薪工作、定期匯款給家人的客戶，我們預期這種情況還會持續下去。

And I guess my second question was on crypto, which seems to be having a resurgence. Any updated thoughts on your view and how you see that impacting your business long term?

我的第二個問題是關於加密貨幣的，它似乎正在復蘇。您對此有什麼新的看法嗎？您認為這會對您的業務產生長期影響嗎？

So I've said this publicly a number of times. We pride ourselves in being one of the best in terms of managing our risk, compliance and protecting our customers from fraud and protecting the integrity of the international financial payment system. If there is an opportunity in which you can do that legally and with high protections for customers and financial integrity with crypto, we will certainly explore that.

我已經公開說過很多次了。我們為自己在風險管理、合規性、保護客戶免受詐欺以及維護國際金融支付體系完整性方面處於領先地位而感到自豪。如果有機會透過加密貨幣合法地做到這一點，並且高度保護客戶和財務完整性，我們一定會探索。

And in fact, we would welcome an opportunity, and there are places in the world where we are exploring this, where we can actually settle funds via crypto and enable us to reduce both the float that we have in the system, as Matt usually talks about. Any given day, we have $1 billion-plus floating around to enable our business, to reduce the float in the system, which will certainly help our balance sheet, but also to speed up some of the inefficiencies of using the traditional SWIFT-based banking system to move money and settle transactions.

事實上，我們非常歡迎這樣的機會，我們也正在全球一些地方探索這方面的技術，我們可以透過加密貨幣進行資金結算，這不僅能減少我們系統中的浮動資金，就像Matt經常提到的那樣。我們每天都有超過10億美元的浮動資金來支持我們的業務，減少系統中的浮動資金，這無疑會對我們的資產負債表有所幫助，同時也能加速使用基於SWIFT的傳統銀行系統進行資金轉移和交易結算的一些低效率。

So we look forward to the innovation, but we only look forward to the innovation in a manner that would be consistent with our perspective of being and continuing to be a highly regulated and high integrity financial institution.

因此，我們期待創新，但我們只期待以符合我們作為並將繼續成為一家受到嚴格監管和高度誠信的金融機構的觀點的方式進行創新。

Rufus Hone, BMO.

魯弗斯·霍恩（BMO）。

I wanted to ask about the retail business ex-Iraq. And if I'm doing the math correctly, it looks like this quarter, that was down about 3% year over year, a slight improvement from last quarter. I'm just curious to get your view about how you think that'll trend through 2025.

我想問一下伊拉克以外地區的零售業務。如果我沒算錯的話，本季的零售業務比去年同期下降了約3%，比上一季略有改善。我只是好奇，您認為到2025年，這趨勢會如何發展？

Hey, Rufus, thanks for joining the call.

嘿，Rufus，感謝您加入通話。

As we talked about earlier and Devin shared during his prepared remarks, we're super excited about the progress we've made in our retail business. We've taken it from being down two years ago high single digit to we've got to the point now where transactions were down more low single digit. We think with the items that Devin talked about a minute ago for one of the questions, two or three people back, we think we can continue to make progress there, whether that be through continuing to roll out our new point of sale, improving our customer service, agent service, continuing to improve our value proposition, we think we can continue to make progress on that.

正如我們之前提到的，以及Devin在他的準備好的演講中分享的，我們對零售業務的進展感到非常興奮。我們已經從兩年前交易額的高個位數下降，到現在交易額下降幅度更低的個位數。我們認為，就Devin剛才在回答一個問題時提到的內容（之前有兩三個人回答過），我們可以繼續取得進展，無論是透過繼續推出新的銷售點，改進客戶服務和代理服務，還是繼續提升我們的價值主張，我們都認為我們可以繼續在這方面取得進展。

And Rufus you'll recall, two quarters ago, we were getting the retail business closer to negative one. And the slowdown that we've seen in the Americas has obviously caused the third quarter. Now we're clawing some of that back in the fourth quarter, which you appropriately note. So there's going to be some volatility in that. It's a large scale business, but the trajectory, which is upward and to the right. And two years ago, our retail transactions were down 7%.

魯弗斯，您還記得，兩個季度前，我們的零售業務幾乎陷入負成長。美洲地區的經濟放緩顯然是第三季業績下滑的原因。現在，我們在第四季度正在努力挽回一些損失，您也恰如其分地提到了這一點。所以，這其中會有一些波動。這是一個規模很大的業務，但發展軌跡是向上且向右的。兩年前，我們的零售交易額下降了7%。

This year they were only down 2%. So we've seen a 500 basis point improvement and we see strength in many regions around the world, including the Middle East, ex-Iraq, including the comments I made about LACA, I mean about APAC, and obviously the strength you can see in the numbers in the quarter from Europe.

今年僅下降了2%。所以我們看到了500個基點的改善，並且我們看到全球許多地區都表現強勁，包括中東（伊拉克除外），包括我之前提到的拉美和加勒比地區（LACA），我指的是亞太地區，當然，從本季度歐洲的數據中也可以看出其強勁表現。

Chris Zhang, UBS.

瑞銀的 Chris Zhang。

Christopher, Tim Chiodo from UBS.

瑞銀的 Christopher、Tim Chiodo。

Want to hear your thoughts about your investment needs in longer term and wonder if you could rank order the areas of your investment priorities beyond this year. And related to that, you've been tracking half of your five year expense redeployment plan. So I guess could you talk about how you're planning on funding potential incremental future investments once the redeployment program is completed?

想聽聽您對長期投資需求的想法，能否請您列出今年以後的投資重點領域。與此相關，您一直在追蹤五年費用重新部署計畫的一半。所以，能否請您談談，一旦重新部署計劃完成，您計劃如何為未來潛在的增量投資提供資金？

Hey Chris, thanks for joining the call today. Tell Tim hello for us.

嘿，克里斯，謝謝你今天參加電話會議。代我們向蒂姆問好。

We feel very good about our ability to make investments. It has not been any of our challenges here about the level of capacity. We feel that there's still plenty of room left in redeploying costs within our business. We highlighted the current program we have, which is the $150 million five year, which we're $110 million through. We got our Investor Day coming up in November and we'll talk about something there as well, but we feel like there's tons of opportunity.

我們對自己的投資能力非常有自信。我們目前面臨的挑戰並非產能水準。我們認為，在業務內部重新部署成本方面仍有很大的空間。我們重點介紹了我們目前的投資計劃，即一項為期五年、總額1.5億美元的投資計劃，目前已完成1.1億美元。我們的投資人日將於11月舉行，屆時我們也會討論一些事情，但我們覺得其中蘊藏著巨大的機會。

We think we have enough capacity on our balance sheet if we had any strategic M&A that makes sense to tuck in and help us accelerate our path. We think we've got -- we believe we have enough space within our technology budget to invest in new products and technology builds. So really our focus is going to be to continue to build out consumer services to address the needs that our 100 million-plus customers we have around the world. We would want to expand our TAM and help them have better financial lives. And that's really our path for the next three to five years, but do you want to add, Devin?

我們認為，如果我們進行任何合理的策略併購，並幫助我們加速發展，我們的資產負債表上就有足夠的容量。我們認為，我們的技術預算中有足夠的空間來投資新產品和技術建設。因此，我們的真正重點將是繼續建立消費者服務，以滿足我們全球超過1億客戶的需求。我們希望擴大我們的TAM（潛在市場），並幫助他們改善財務狀況。這確實是我們未來三到五年的發展方向，但Devin，您還有什麼想補充的嗎？

Yeah. I'd add two things, right? And I think Matt highlighted in his commentary, the success, and I'll just use the operations area as an example and reducing operating costs by 20% over the three year period. We continue to see plenty of opportunities within the company, within the existing cost base, to have year over year performance improvements which can both drive the bottom line but also provide money to invest in our growth initiatives.

是的。我想補充兩點，對吧？我認為馬特在他的評論中強調了成功，我就以營運領域為例，三年內營運成本降低了20%。我們繼續看到公司內部在現有成本基礎上有很多機會實現業績的逐年提升，這既可以提高利潤，又能為我們的成長計劃提供資金。

So even though we're completing the $150 million, I don't think that's an end to the opportunities that we see, and certainly, I commented on from 2022 when I arrived. The second hit, Matt also highlighted that, we are going to finish the last of the Tax Act deferred tax payments in April of $220 million and for most of my tenure as CEO, that has been a burden on our cash flow conversion and cash flow capital return opportunities.

因此，即使我們完成了1.5億美元的稅款，我也不認為我們看到的機會就此終結，當然，我上任時就曾提到過2022年的情況。第二個打擊，馬特也強調，我們將在4月完成最後一筆2.2億美元的稅法遞延稅。在我擔任執行長的大部分時間裡，這一直是我們現金流轉換和現金流資本回報機會的負擔。

And so getting that behind us actually changes the dynamics of our capital creation potential and thus allows us the opportunity to both return more capital to our shareholders and/or invest in inorganic opportunities to drive the business.

因此，解決這個問題實際上改變了我們資本創造潛力的動態，從而使我們有機會向股東返還更多資本和/或投資無機機會來推動業務發展。

Definitely look forward to the Investor Day and I'll save the follow-up for the group callback and give time for our colleagues.

我非常期待投資者日，我會將後續工作留到小組回訪時再進行，並給我們的同事留出時間。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

You've talked about the strength of the digital business in Australia. Can you unpack that a little bit? What's the dynamic in that market, and is that -- can you kind of replicate that success in other markets?

您談到了澳洲數位業務的實力。能簡單介紹一下嗎？這個市場的動態如何？您能在其他市場複製這種成功嗎？

Yeah. So I just came from Australia and it's a super interesting and super competitive marketplace. Our competitors are spending an enormous amount on advertising. It's on bus stops, it's on television, and it's even some of our competitors who've historically not relied on advertising to drive their growth. So it's a fascinating dynamic.

是的。我剛從澳洲回來，那裡的市場非常有趣，競爭也異常激烈。我們的競爭對手在廣告上投入了巨額資金。廣告投放在公車站、電視上，甚至一些過去從未依賴廣告來推動成長的競爭對手也在投放廣告。所以，這是一個非常有趣的動態。

Our growth is driven by the quality of the product and the brand that we have in the marketplace. We have a strong business throughout APAC because of our long history of being a payout partner in many of these regions, and much of the growth from Australia is into other APAC countries. So it's Australia to India, Australia to the Philippines, Australia to China, Australia to Indonesia.

我們的成長動力源自於產品品質和我們在市場上的品牌影響力。由於我們長期以來在亞太地區作為支付合作夥伴，我們的業務在亞太地區表現強勁，而澳洲的大部分成長都流向了其他亞太國家。因此，澳洲到印度、澳洲到菲律賓、澳洲到中國、澳洲到印尼。

And so the strength of our brand across both send and receive markets, the quality of the product, if you remember, we launched our next generation digital product in Australia first. So we've been there the longest. And so we have very high conversion rates for new customers to become customers, and then we have high repeat transaction and product usage given the quality of the experience that they have.

因此，我們的品牌在發送和接收市場上都擁有強大的實力，產品品質也同樣出色。如果你還記得的話，我們首先在澳洲推出了下一代數位產品。所以我們在那裡待的時間最長。因此，我們新客戶的轉換率非常高，而且由於用戶體驗的質量，我們的複購率和產品使用率也很高。

We believe it's completely repeatable and as you heard in my prepared comments, we're looking to accelerate the rollout of that next generation digital platform in 2025 to up to 10 more countries to help accelerate our global business.

我們相信它是完全可重複的，正如您在我準備好的評論中聽到的那樣，我們希望在 2025 年將下一代數位平台加速推廣到多達 10 個國家，以幫助加速我們的全球業務。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

I wanted to dig into the the building blocks of -- for digital growth for 2025. When I think about it, there's user growth, transaction frequency, pricing, and mix. So as I think about 2025, are there differences in terms of just the buildup or the building blocks, digital growth versus '24 or is it more of the same?

我想深入探討2025年數位成長的基石。我思考的是用戶成長、交易頻率、定價和組合。那麼，當我思考2025年時，數位成長在建構或基石方面與2024年相比是否有差異，還是大致相同？

So I would add one dimension to your -- those are the right underlying dimensions. For us, there's also geography. So we have a digital business in I think 50 some countries around the world. As we've gone on our transformation and you can remember all the way back to 2023, I know it's hard, we had talked about as we saw the business accelerate, how we were rolling out our new go to market around the world. We started first in North America and then we went to Europe and then we went into the Middle East and then we went into APAC and finally in LACA.

所以我想補充一個維度——這些是正確的底層維度。對我們來說，還有地理因素。我們的數位業務遍及全球50多個國家。隨著我們轉型，大家還記得2023年的情況，我知道這很艱難，我們討論過，隨著業務的加速發展，我們如何在全球推出新的市場策略。我們先從北美開始，然後是歐洲，接著是中東，然後是亞太地區，最後是拉丁美洲和加勒比海地區。

And we're now going through and doing that same process, rolling out our next generation platform. And so we also see some geographic enhancements against the dimensions of new customers, increased transactions, increased principal, et cetera. And so I think the building blocks remain fairly consistent. We are growing new customers at a relatively consistent rate over the last couple of years on a very effective CAC.

我們現在正在經歷同樣的過程，推出我們的下一代平台。因此，我們也看到了在新客戶、交易量、本金成長等方面的地理分佈方面的一些改進。所以我認為，這些基礎仍然相當一致。過去幾年，我們憑藉著非常有效的客戶獲取成本 (CAC)，以相對穩定的速度成長新客戶。

Those new customers are in fact higher quality customers than we were historically acquiring. So they have better retention and they have better transactions per customer, although they are lower revenue per customer given a more competitive pricing. And as I talked about, we're rolling out the technology platform like we have in Australia into more marketism world in which those benefits tend to accelerate relative to our existing business on our old legacy technology platform.

這些新客戶實際上比我們過去獲得的客戶更高品質。因此，他們的留存率更高，每位客戶的交易量也更高，儘管考慮到更具競爭力的定價，他們的每位客戶收入較低。正如我所說，我們正在將我們在澳洲使用的技術平台推廣到更市場化的世界，在那裡，這些收益往往會比我們在原有的傳統技術平台上的現有業務更快地顯現出來。

Thank you for joining the Western Union fourth quarter and full year 2024 results conference call. We hope you have a great day.

感謝您參加西聯匯款2024年第四季及全年業績電話會議。祝您有個愉快的一天。