西聯匯款 (WU) 2025 Q1 法說會逐字稿

Good day, and welcome to the Western Union first quarter 2025 results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Tom Hadley, Vice President of Investor Relations. Tom, please go ahead.

大家好，歡迎參加西聯匯款 2025 年第一季業績電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我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 first quarter 2025 results, 2025 outlook, 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 2025 年第一季的業績、2025 年展望，然後回答您的問題。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. 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 2024 Form 10-K. For additional information concerning factors that could cause actual results to differ materially from the forward-looking statements.

今天與我一起參加電話會議的還有我們的執行長 Devin McGranahan 和財務長 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。請參閱收益報告中以及西聯匯款向美國證券交易委員會提交的文件（包括 2024 年 10-K 表格）中的警示性語言。有關可能導致實際結果與前瞻性陳述有重大差異的因素的詳細資訊。

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.

在通話過程中，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 錶附帶的收益報告以及我們網站westernunion.com 投資者關係部分中最可比較的 GAAP 指標進行協調。

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 first quarter 2025 financial results conference call. Today, we reported a reasonable quarter against a difficult macro backdrop as we continue to implement our EVOLVE 2025 strategy. Which, as you recall, is focused on returning Western Union to sustainable, profitable revenue growth.

下午好，歡迎參加西聯匯款 2025 年第一季財務業績電話會議。今天，我們在艱難的宏觀背景下報告了一個合理的季度，同時我們繼續實施我們的 EVOLVE 2025 策略。正如您所記得的那樣，其重點是讓西聯匯款恢復可持續的、盈利的收入成長。

Our strategy is to become a customer-centric company by reversing many years of uncompetitiveness due to overpricing, underinvestment, poor execution and slow responsiveness to market trends. We've been implementing this strategy while also maintaining our above-average margins, our commitment to our dividend and paying down our deferred tax obligations. This quarter marks the seventh consecutive quarter of above 3% transaction growth for the company when excluding Iraq, Russia and Belarus.

我們的策略是扭轉多年來因定價過高、投資不足、執行不力和對市場趨勢反應遲緩而導致的競爭力不足局面，成為一家以客戶為中心的公司。我們一直在實施這項策略，同時維持高於平均的利潤率、對股利的承諾以及償還遞延稅款的義務。本季是該公司連續第七個季度（不包括伊拉克、俄羅斯和白俄羅斯）交易量成長超過 3%。

The company has not delivered this level of consistent transaction growth in over a decade. As we continue to implement our strategy and we become more competitive, we see the potential for future share gains in many regions around the world. We have made significant progress on realigning our market position improving our customer and agent experience and building out our non-consumer money transfer businesses, where we have gotten this right, like in Europe. We now see strong mid-single-digit revenue growth on double-digit transaction growth, a good result in a competitive market that would have been unimaginable three years ago.

該公司十多年來從未實現過這種水準的持續交易成長。隨著我們繼續實施我們的策略並且我們的競爭力不斷增強，我們看到了未來在全球許多地區增加份額的潛力。我們在重新調整市場地位、改善客戶和代理商體驗以及拓展非消費者匯款業務方面取得了重大進展，在歐洲等地我們做得很好。我們現在看到，在兩位數的交易量成長的同時，收入也實現了強勁的中個位數成長，這在三年前是難以想像的，在競爭激烈的市場中是一個好成績。

Broadly speaking, Q1 results show a continuation of the trends we saw in the fourth quarter and demonstrate the value of our globally diversified business. While the Americas continued to struggle with geopolitical headwinds, rest of world, which represents 50% of our money transfer revenues continued to perform well with double-digit transaction growth in all three underlying regions.

總體而言，第一季的業績延續了第四季度的趨勢，並反映了我們全球多元化業務的價值。儘管美洲繼續面臨地緣政治逆風的困擾，但占我們匯款收入 50% 的世界其他地區繼續表現良好，三個基礎地區的交易量均實現兩位數增長。

We did see some deceleration in the Americas, with North America transaction growth about 100 basis points lower in Q1 than the previous quarter and LACA about 200 basis points lower. The rate of change in the Americas slowed dramatically in Q1, with most of the slowdown happening in the third and fourth quarter of last year. This should set us up for easier comparisons as we get into the back half of the year.

我們確實看到美洲出現了一些減速，北美第一季交易量成長比上一季低了約 100 個基點，LACA 低了約 200 個基點。美洲地區的變化速度在第一季大幅放緩，其中大部分放緩發生在去年第三和第四季。當我們進入下半年時，這將使我們更容易進行比較。

For the first quarter, our revenue came in at $984 million. Adjusted revenue, excluding Iraq, declined 2% with 100 basis points drag from the difficult comparison against leap year last year. Overall transaction growth was 3%. And cross-border principal growth was 10% on a constant currency ex Iraq basis, speaking to the resilience of our customer base around the world. While our retail business in the Americas continued to face headwinds associated with the current geopolitical environment, our retail business in Europe is strong, with transaction growth of 10% and which led to regional revenue growth of 5%.

第一季度，我們的營收為 9.84 億美元。不包括伊拉克在內的調整後收入下降了 2%，與去年閏年相比，收入下降了 100 個基點。整體交易量成長3%。以伊拉克以外的固定匯率計算，跨境本金成長率為 10%，這反映了我們全球客戶群的韌性。雖然我們在美洲的零售業務繼續面臨與當前地緣政治環境相關的阻力，但我們在歐洲的零售業務表現強勁，交易量增長了 10%，並帶動區域收入增長了 5%。

Our branded digital business also continues to perform well with 14% transaction growth and 8% adjusted revenue growth in the quarter. Consumer Services adjusted revenue was down slightly in the quarter as our bill payment business in Latin America was off double digits, and the first quarter is a seasonally slow quarter for both our advertising business and for European travel, which is the driver of our expanding FX business. We expect both businesses to have meaningfully better results in the coming quarters.

我們的品牌數位業務也持續表現良好，本季交易量成長 14%，調整後營收成長 8%。由於我們在拉丁美洲的帳單支付業務沒有實現兩位數的成長，而且第一季對於我們的廣告業務和歐洲旅遊業務來說都是季節性的淡季，而歐洲旅遊業務是我們不斷擴大的外匯業務的驅動力，因此本季消費者服務調整後的收入略有下降。我們預計，未來幾個季度，兩家公司的業績都將顯著改善。

Adjusted earnings per share came in at $0.41 or down $0.04 relative to this quarter a year ago. A decent result as Q1 2024 benefited meaningfully from higher revenues and operating profits from Iraq, which were not repeated in the current quarter. Our discipline in managing capital and operating cost is starting to come through. Matt will discuss our first quarter financial results and 2025 outlook in more detail later in the call.

調整後每股收益為 0.41 美元，較去年同期下降 0.04 美元。這是一個不錯的結果，因為 2024 年第一季受益於伊拉克更高的收入和營業利潤，而本季並未出現這樣的情況。我們在管理資本和營運成本方面的紀律開始發揮作用。馬特將在稍後的電話會議中更詳細地討論我們的第一季財務業績和 2025 年展望。

Our vision is to be a globally diversified provider of everyday financial services to the aspiring populations of the world. We want to be the company that helps everyday people achieve their dreams through better financial products and services. It is one of the reasons that I'm excited about our recently announced acquisition of Euro Change. It gives us another building block at the top of our distribution strategy and an important market like the United Kingdom to deliver high-quality products and services in an omnichannel manner. Our European team is leading the way with implementation of our controlled distribution strategy and Euro Change will help us accelerate that strategy in the United Kingdom.

我們的願景是成為全球多元化的日常金融服務供應商，為全球有抱負的人提供服務。我們希望成為一家透過更好的金融產品和服務幫助普通人實現夢想的公司。這是我對我們最近宣布收購 Euro Change 感到興奮的原因之一。它為我們的分銷策略提供了另一個基石，並為英國這樣的重要市場提供了全通路提供高品質產品和服務的機會。我們的歐洲團隊在實施受控分銷策略方面處於領先地位，而 Euro Change 將幫助我們在英國加速實施這項策略。

Now switching to the Americas. As we discussed last year, migration patterns continue to change across this region, and we have felt the effects in our financial results. These changes began in the second half of last year and have continued throughout this quarter. Our North American business was consistent in the fourth quarter after considering the headwind from leap year, while our Latin American business has continued to slow. Migration across Latin America has been slowing for several quarters and the first quarter was a continuation of those trends. Slower migration levels in the region have led to lower intra LACA remittance volumes.

現在轉向美洲。正如我們去年所討論的那樣，該地區的移民模式繼續發生變化，我們已經感受到了財務表現的影響。這些變化始於去年下半年，並持續整個本季。考慮到閏年帶來的不利因素，我們的北美業務在第四季度保持穩定，而我們的拉丁美洲業務則繼續放緩。拉丁美洲的移民速度已連續幾季放緩，第一季仍延續了這一趨勢。該地區移民水準的放緩導致拉中亞地區內部匯款量下降。

Looking at Ecuador, for example, outbound remittances in the most recent Central Bank data were off 25% year-over-year. We've also seen slowing in the outbound trends in Central Bank data across other important Latin American countries like Mexico, Colombia and Bolivia. North America performed largely in line with our expectations in the quarter. Transactions were down about 1.5% in Q1, which was about 100 basis points lower than the fourth quarter. Principal per transaction in North America was up mid-single digits in the quarter as customers sent more money per transaction at less frequent intervals.

以厄瓜多為例，根據其央行最新數據，其對外匯款金額較去年同期下降了 25%。我們也看到墨西哥、哥倫比亞和玻利維亞等其他重要拉丁美洲國家的中央銀行數據的流出趨勢正在放緩。本季北美的表現基本上符合我們的預期。第一季交易量下降約 1.5%，比第四季下降約 100 個基點。本季度，北美地區每筆交易的本金上漲了中等個位數，因為客戶每筆交易的匯款金額增加了，但匯款間隔卻減少了。

As mentioned in the last quarter, most of the slowdown in North America is coming in our retail business and is centered on the US to Mexico corridor. When we look at US outbound to Latin America more broadly across all channels and excluding Mexico, we see transactions are up 2% year-over-year and revenue is flat in the quarter. Both statistics show negative trends on the retail side, but solid growth in digital.

正如上個季度所提到的，北美大部分經濟放緩都來自我們的零售業務，並且集中在美國至墨西哥的走廊。當我們從所有管道（不包括墨西哥）更廣泛地觀察美國對拉丁美洲的出境旅遊時，我們發現本季交易量較去年同期成長 2%，而營收持平。兩項統計數據都顯示零售業呈現負面趨勢，但數位領域則呈現穩健成長。

Stepping out even further, looking at US outbound to the rest of world, excluding Mexico, we see transaction growth of 2.5% with a similar breakdown across channels softer in retail, supported by strong digital. We are not as far along in the transformation of our retail -- our U.S. retail business as we are in Europe and in a tough macro environment, it does show.

進一步來看，看看美國對墨西哥以外世界其他地區的出境遊，我們發現交易量增加了 2.5%，而零售通路的交易量則有所下降，這得益於強勁的數位業務。這表明，我們的零售業務轉型——美國零售業務——還沒有像歐洲零售業務那樣取得那麼大的進展，而且宏觀環境也比較艱難。

Exiting Russia and losing two large agents accelerated our efforts throughout Europe in 2022 -- 2023 and 2024. From our learnings there, we know we need to more aggressively focus on driving North American agent productivity, implementing our tactical pricing strategy and strengthening our distribution in both exclusive and nonexclusive channels. The North American team is hard at work to accelerate this playbook this year in the region.

退出俄羅斯並失去兩家大型代理商加速了我們在 2022 年至 2023 年和 2024 年在整個歐洲的努力。從我們在那裡的經驗中，我們知道我們需要更加積極地致力於提高北美代理商的生產力，實施我們的戰術定價策略，並加強我們在獨家和非獨家管道的分銷。北美團隊今年正在努力在該地區加速這一進程。

If we step outside of the Americas, a brighter picture comes into focus, as we obviously have seen the benefit of a globally diversified business with the European, Middle East and APAC regions, which account for 50% of CMT revenue, all performing reasonably well.

如果我們走出美洲，就會看到更光明的前景，因為我們顯然已經看到了全球多元化業務的好處，歐洲、中東和亞太地區佔 CMT 收入的 50%，而且表現都相當不錯。

Europe accelerated positively in the first quarter on both transactions and revenue in all three regions reported double-digit transaction growth in the quarter when excluding Iraq from the Middle East results. Sticking with the Middle East for a moment. We have a lot of momentum in the region, driven by our long-term partnership with STC, which recently launched as a licensed bank in Saudi Arabia. We also have multiple new partnerships in the region, including two additional partnerships in Saudi.

歐洲第一季的交易量和收入均出現積極增長，如果將伊拉克排除在中東業績之外，所有三個地區的交易量均實現了兩位數增長。暫時停留在中東話題。我們在該地區的發展勢頭強勁，這得益於我們與 STC 的長期合作，STC 最近在沙烏地阿拉伯正式成立了持牌銀行。我們還在該地區建立了多個新的合作夥伴關係，其中包括沙烏地阿拉伯的兩個額外合作夥伴關係。

In addition to Saudi Arabia, we are spending a lot of time in the UAE, which is one of the top 10 remittance markets in the world. We are expanding our investments in our digital channel in the country and have begun to ramp our recently launched partnership with Du Pay to provide cross-border remittance services. We believe the Middle East is a big opportunity for Western Union and we'll look forward to continuing to expand our presence in the region.

除了沙烏地阿拉伯，我們還在阿聯酋花了大量時間，阿聯酋是全球十大匯款市場之一。我們正在擴大對該國數位管道的投資，並已開始加強與 Du Pay 建立的合作夥伴關係，以提供跨國匯款服務。我們相信中東對於西聯匯款來說是一個巨大的機遇，我們期待繼續擴大我們在該地區的業務。

Now shifting to Europe. After multiple years of negative trends in the region associated with the conflict in the Ukraine and the loss of two large agents, our European business is delivering strong performance for the company. The change in trajectory is being driven by the hyper local nature of the retail business, which has shifted from a high reliance on large strategic accounts to a more diversified approach with our strategic agents at the base, supported by a very competitive and robust independent agent network complemented by a small number of owned and agent controlled concept stores in high-volume locations.

現在轉向歐洲。在經歷了烏克蘭衝突和兩家大型代理商的損失導致該地區多年出現負面趨勢之後，我們的歐洲業務為該公司帶來了強勁的業績。發展軌蹟的變化是由零售業務的超本地化特性所驅動的，這種特性已從高度依賴大型戰略客戶轉變為以我們的戰略代理商為基礎的更加多樣化的方式，並由極具競爭力和強大的獨立代理商網絡提供支持，同時輔以少數在高容量地點擁有和代理商控制的概念店。

Our owned and concept stores in Europe are now approaching 500 locations with the continued internal expansion as well as the recently announced acquisition of Euro Change in the U.K. The Euro Change acquisition will bring in-house a long-standing partner and will allow us to expand our FX services with over 200 owned locations in the country and 100-plus partner locations throughout the United Kingdom.

隨著我們內部的持續擴張以及最近宣布收購英國的 Euro Change，我們在歐洲的自營店和概念店現在接近 500 家。收購 Euro Change 將為我們帶來一個長期合作夥伴，並使我們能夠擴展我們的外匯服務，在該國擁有 200 多家自營店，在英國擁有 100 多家合作店。

We are excited about the opportunity to expand our cross-border travel money business. Our core customers, by definition, are travelers, they leave home and travel and search of economic opportunities, many times over great distances. When they return home, they almost always bring money back with them. In remittance parlance, this is often referred to as the informal market. It is for this reason that many of our agents around the world offer foreign exchange services alongside Western Union consumer money transfer.

我們對擴大跨境旅行貨幣業務的機會感到非常興奮。顧名思義，我們的核心客戶是旅行者，他們離開家去旅行並尋找經濟機會，而且很多時候都是長途跋涉。當他們回國時，他們幾乎總是帶回錢。在匯款術語中，這通常被稱為非正式市場。正是由於這個原因，我們在世界各地的許多代理商除了提供西聯匯款服務外，還提供外匯服務。

We believe we have a natural right to play in this market and that our brand is well positioned. However, and potentially more important, our core customers are not the only people who travel internationally. Adding foreign exchange services allows us to expand our customer base to a higher-income demographic. With a product that our brand is already positioned to provide.

我們相信，我們擁有在這個市場上立足的天然權利，而且我們的品牌定位良好。然而，可能更重要的是，我們的核心客戶並不是唯一進行國際旅行的人。增加外匯服務使我們能夠將客戶群擴大到高收入者。我們的品牌已經具備提供該產品的能力。

Finally, we believe the Travel Money segment will continue to grow as consumers prioritize travel and new experiences with their discretionary income, and we know that local currency in hand remains an important element for nonbusiness consumer travel. This acquisition complements our strategy across Continental Europe with Travel Money services now in Spain and Italy, with Germany soon on the horizon. We also offer Travel Money services in Singapore and several countries in Latin America as we look to leverage our controlled distribution strategy by providing multiple financial products and services in each location.

最後，我們相信，隨著消費者將可支配收入用於旅行和新體驗，旅行貨幣部分將繼續增長，我們知道手中的當地貨幣仍然是非商務消費者旅行的重要因素。此次收購補充了我們在歐洲大陸的策略，目前我們的旅行貨幣服務已覆蓋西班牙和義大利，並且即將進軍德國。我們也在新加坡和拉丁美洲的幾個國家提供旅行貨幣服務，我們希望透過在每個地方提供多種金融產品和服務來利用我們的受控分銷策略。

We believe that by the end of the year, our Travel Money segment could be the largest business inside our Consumer Services segment. surpassing our retail money order business in both our North American and Latin American bill pay businesses. In conclusion, we remain pleased with the progress of our business against a tough macro backdrop in the Americas.

我們相信，到今年年底，我們的旅行資金部門將成為我們消費者服務部門中最大的業務。在北美和拉丁美洲的帳單支付業務中，我們的零售匯票業務都超過了我們的零售匯票業務。總而言之，在美洲嚴峻的宏觀背景下，我們對業務的進展仍然感到滿意。

From a regional perspective, while North America and Latin America are facing headwinds, Europe, the Middle East, [ex Iraq] and APAC continued to perform well which highlights the value of a globally diversified business and gives us optimism about what we can accomplish in the remainder of 2025 and beyond. I believe that we are tracking well to achieve our EVOLVE 2025 goals and are setting the company up for a more prosperous future.

從區域角度來看，雖然北美和拉丁美洲面臨逆風，但歐洲、中東（伊拉克除外）和亞太地區繼續表現良好，這凸顯了全球多元化業務的價值，並讓我們對 2025 年剩餘時間及以後能夠取得的成就充滿樂觀。我相信我們正在順利實現我們的 EVOLVE 2025 目標，並為公司創造更繁榮的未來。

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

感謝您今天參加電話會議。現在我將請馬特更詳細地討論我們本季的財務表現。

Thank you, Devin, and good afternoon, everyone. I'm pleased to be here today to walk you through our 2025 first quarter results as well as our 2025 financial outlook. In the first quarter, GAAP revenue was $984 million, in total company adjusted revenue, excluding Iraq, was down 2%. This decrease in growth was led by a sequential slowing of our retail and consumer services business and consistent branded digital growth of 8%.

謝謝你，德文，大家下午好。我很高興今天能在這裡向大家介紹我們 2025 年第一季的業績以及 2025 年的財務展望。第一季度，GAAP 營收為 9.84 億美元，不包括伊拉克在內的公司調整後總營收下降了 2%。成長下降是由於我們的零售和消費者服務業務連續放緩以及品牌數位業務持續成長 8%。

Our expectations was Q1 would be one of the lowest growth rates of the year due to leap year benefit in 2024. And and we expect our results will gradually improve as we go throughout the year with some of the new agent wins, benefits from Euro Change acquisition and acceleration in both our digital and consumer services businesses.

我們預計，由於 2024 年的閏年效應，第一季的成長率將是全年最低的之一。我們預計，隨著我們全年贏得一些新代理商、從 Euro Change 收購中獲益以及我們的數位和消費者服務業務的加速發展，我們的業績將逐步改善。

Adjusted operating margin was 19% compared to 20% last year, with the decrease primarily due to elevated Iraq revenues last year, partially offset by lower operating costs in the current period. Adjusted EPS was $0.41 in the current quarter versus $0.45 last year. The prior year benefited from a much higher Iraq contribution and was partially offset by lower operating costs, lower share count and lower adjusted effective tax rate in the current period. The adjusted effective tax rate in the quarter was 10% compared to 16% in the prior year. The change in our non-GAAP tax rate is largely due to discrete benefits received related to a resolution of a legacy dispute in the current period.

調整後的營業利潤率為 19%，而去年同期為 20%，下降的主要原因是去年伊拉克收入增加，但本期營業成本降低部分抵銷了這一影響。本季調整後每股收益為 0.41 美元，去年同期為 0.45 美元。上一年受益於伊拉克戰爭的大幅貢獻，但本期營運成本降低、股份數量減少和調整後有效稅率降低部分抵消了這一影響。本季調整後有效稅率為 10%，去年同期為 16%。我們的非公認會計準則稅率的變化主要是由於本期解決遺留糾紛所獲得的單獨收益。

Now turning to our consumer money transfer or CMT business. CMT transactions grew 3% in the quarter, driven by robust branded digital business that grew transactions 14%. CMT adjusted revenue was down 2%, driven by a difficult macro environment and tough comparison against last year due to leap year.

現在談談我們的消費者匯款或 CMT 業務。本季度，CMT 交易量成長了 3%，這得益於強勁的品牌數位業務，其交易量成長了 14%。由於宏觀環境艱難以及閏年導致與去年同期相比困難，CMT 調整後收入下降了 2%。

Our branded digital business grew adjusted revenue by 8% and transactions by 14%. This marks the eighth consecutive quarter of double-digit transaction growth in the fifth straight quarter of high single-digit revenue growth, which was achieved against a tougher comparison with leap year in the previous year period. We have continued to grow our payout to account business with over 35% growth in the quarter.

我們的品牌數位業務調整後營收成長了 8%，交易量成長了 14%。這是該公司連續第八個季度實現兩位數交易量成長，同時連續第五個季度實現高個位數收入成長，這與去年閏年的情況相比更加嚴峻。我們的帳戶支付業務持續成長，本季成長超過 35%。

This channel puts pressure on our spread between revenue and transactions as account payout comes at a lower yield, but we're excited to be growing this business as it comes with higher margins and provides for much stickier customer relationships.

由於帳戶支出的收益率較低，該管道給我們的收入和交易之間的差距帶來了壓力，但我們很高興能夠發展這項業務，因為它具有更高的利潤率，並能提供更緊密的客戶關係。

The sequential improvement in branded digital transactions was driven by an increase in Europe, Middle East and APAC. Branded digital revenue growth in the quarter was muted by the relaunch of our loyalty program in the United States, which provided a modest revenue as we counted for accruals of future loyalty benefits. We expect this headwind to continue into the second quarter. We are pleased with the progress we're making on the digital side of our business.

品牌數位交易的連續改善得益於歐洲、中東和亞太地區的成長。本季品牌數位收入的成長受到我們在美國重新推出的忠誠度計畫的影響，該計畫為我們帶來了適度的收入，因為我們計算了未來忠誠度福利的應計收入。我們預計這種不利因素將持續到第二季​​。我們對業務數位化的進展感到滿意。

Now turning to the retail business. In the quarter, we saw continued improvement in Europe, offset by weaker results in the Americas, which are underperforming primarily due to geopolitical issues as well as slowing migration trends that Devin discussed earlier. Europe's retail momentum resulted in 10% transaction growth in the quarter. The first time we saw double-digit transaction growth in the region for at least a decade, excluding one quarter in 2021 during the COVID grover period.

現在轉向零售業務。本季度，我們看到歐洲市場持續改善，但美洲市場的業績較弱，美洲市場表現不佳主要是由於地緣政治問題以及 Devin 之前討論過的移民趨勢放緩。歐洲零售業的強勁勢頭使得本季交易量成長了 10%。這是至少十年來我們首次看到該地區交易量有兩位數成長（2021 年 COVID 疫情期間的一個季度除外）。

We continue to believe, there are numerous compelling opportunities for our retail business to recapture share, and we look forward to executing on those opportunities as we work to return our retail business to growth. Now transitioning to our Consumer Services segment, which accounted for 11% of total quarterly revenue. First quarter adjusted revenue was down 3% and driven by softness in our consumer bill pay business in Argentina and a delay in a media network contract. We expect growth to accelerate in the second quarter as we enter a seasonally stronger period for our FX business which is largely driven by summer travel in Europe.

我們始終相信，我們的零售業務擁有眾多令人信服的機會來重新奪回市場份額，我們期待在努力恢復零售業務成長的同時抓住這些機會。現在轉向我們的消費者服務部門，該部門佔季度總收入的 11%。第一季調整後營收下降 3%，原因是阿根廷消費者帳單支付業務疲軟以及媒體網路合約延遲。我們預計第二季成長將會加速，因為我們的外匯業務進入季節性強勁期，這主要受到歐洲夏季旅遊的推動。

In April, we completed an acquisition of a long-term partner in the United Kingdom, and we would like to welcome the Euro Change Group to the Western Union family. Using trailing 12-month revenue, the acquisition of this very well-regarded FX House is expected to add roughly 1-percentage-point of growth to Western Union this year. We expect this acquisition to be accretive in 2025 and to help us accelerate our money transfer business.

今年四月，我們完成了對英國長期合作夥伴的收購，並熱烈歡迎 Euro Change Group 加入西聯匯款大家庭。根據過去 12 個月的收入，收購這家備受好評的外匯公司預計將為西聯匯款今年帶來約 1 個百分點的成長。我們預計此次收購將在 2025 年帶來增值，並協助我們加速匯款業務。

Now switching briefly to the operational efficiency program. In the quarter, we were able to save $30 million, bringing our total savings to date to $140 million. This puts us on pace to exceed our $150 million target, two full years ahead of schedule. In light of a more uncertain macro backdrop and lower revenue from Iraq, we anticipate a larger portion of our operational efficiencies will fall to the bottom line this year than they have in the recent past.

現在簡要轉到營運效率計劃。本季度，我們節省了 3000 萬美元，迄今為止我們的總節省額已達到 1.4 億美元。這使我們有望提前兩年超越 1.5 億美元的目標。鑑於宏觀背景更加不確定以及伊拉克收入下降，我們預計今年我們的營運效率將比近期有更大比例下降。

Now turning to our cash flow and balance sheet. We generated $148 million in operating cash flow in the first quarter. This is up 50% year-over-year. In the first quarter, capital expenditures was $24 million, down 30% year-over-year, and we remain committed to strategically investing in key areas of our business while aligning our agent compensation to performance.

現在轉向我們的現金流和資產負債表。我們在第一季產生了 1.48 億美元的營運現金流。這比去年同期增長了 50%。第一季度，資本支出為 2,400 萬美元，年減 30%，我們仍致力於對業務的關鍵領域進行策略性投資，同時將代理商薪酬與績效掛鉤。

We also continue to maintain a strong balance sheet with cash and cash equivalents of $1.3 billion and debt of $2.8 billion. Our leverage ratios were at 2.8 times and 1.5 times on a gross and net basis, which we believe provides us ample flexibility for capital returns or potential M&A while maintaining our investment grade credit rating. In the quarter, we returned over $150 million to our shareholders via both dividends and stock repurchases.

我們也持續保持強勁的資產負債表，現金和現金等價物為 13 億美元，債務為 28 億美元。我們的槓桿率分別為總額和淨額的 2.8 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。本季度，我們透過股利和股票回購向股東返還了超過 1.5 億美元。

Post quarter end, we made our final $200 million tax payment to the IRS, which concluded our $800 million 2017 Tax Act commitment. Going forward, we now have greater flexibility to use our free cash flow to drive shareholder value through further share count reduction or to invest in the business through inorganic growth opportunities.

季度結束後，我們向美國國稅局繳納了最後一筆 2 億美元的稅款，從而完成了我們 8 億美元的 2017 年稅法承諾。展望未來，我們現在可以更靈活地利用自由現金流，透過進一步減少股份數量來推動股東價值，或透過無機成長機會投資於業務。

Now moving to our 2025 outlook, which assumes no material changes in the macroeconomic conditions. However, due to increased uncertainty, it has become more difficult to forecast revenue although we do see a path to achieving our 2025 guidance. As such, we are reaffirming our guidance today, which includes 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, double-digit growth in Consumer Services as well as continued stabilization of our retail business. We forecast adjusted operating margins to be in the range of 19% to 21%.

現在轉向我們的 2025 年展望，假設宏觀經濟條件不會發生重大變化。然而，由於不確定性增加，預測收入變得更加困難，儘管我們確實看到了實現 2025 年指導目標的途徑。因此，我們今天重申我們的預期，其中包括調整後的收入在 41.15 億美元至 42.15 億美元之間。這一範圍反映了我們品牌數位業務的持續成長、消費者服務的兩位數成長以及零售業務的持續穩定。我們預測調整後的營業利益率將在 19% 至 21% 之間。

And lastly, we forecast adjusted EPS to be in the range of $1.75 to $1.85. As a reminder, from a quarterly phasing perspective, Iraq contributed $34 million in the second quarter of 2024, which will create a headwind for the company from a revenue and EPS perspective in the second quarter of this year.

最後，我們預測調整後的每股盈餘將在 1.75 美元至 1.85 美元之間。提醒一下，從季度分階段的角度來看，伊拉克在 2024 年第二季貢獻了 3,400 萬美元，將從今年第二季的營收和每股盈餘角度給公司帶來阻力。

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

感謝您參加此通話。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Yes. I wanted to ask about some of the pressures you guys are seeing on the North American retail side. I'm curious if you guys can speak to any kind of channel remixing that may be happening under the surface from the retail channel to the digital channel. I guess are you seeing behavioral changes maybe people looking to leverage more digital channels and the current kind of political and migration environment? Have you seen evidence of recapture of that volume, if so, on the digital side of the business?

是的。我想問一下你們在北美零售方面看到的一些壓力。我很好奇，你們是否可以談談從零售通路到數位通路可能發生的任何類型的通路重組。我想您是否看到了行為上的變化，也許人們希望利用更多的數位管道和當前的政治和移民環境？如果有的話，您是否看到了在業務的數字方面重新奪回這一數量的證據？

Thanks for joining the call. We have seen a slowing across both digital and retail in North America. The slowing has been more significant as evidenced by the financial performance in the Americas, in the retail side than in the digital, the same trends that we highlighted in the prepared comments with the US to Mexico corridor. And actually, the bank to Mexico reported in the quarter.

感謝您參加電話會議。我們看到北美的數位和零售業都在放緩。從美洲的財務表現來看，零售業比數位業的財務表現放緩得更為明顯，這與我們在美國至墨西哥走廊的準備好的評論中強調的趨勢相同。實際上，墨西哥銀行已在本季度報告了該報告。

The principal volume had declined for the first time in many quarters, not a lot, but it stopped being positive. single and sometimes even double digits to a slight negative. So we've seen the volume to Mexico decline in both retail and digital. We've seen very little acceleration of what I would call channel migration. Our channel migration numbers are relatively consistent year-over-year in North America.

本金交易量在多個季度以來首次下降，雖然幅度不大，但已不再為正值。有時個位數，有時甚至是兩位數，甚至略為負數。因此，我們看到墨西哥的零售和數位業務量都在下降。我們看到所謂的通路遷移的加速非常小。我們在北美的通路遷移數量較去年同期相對穩定。

Got it. And just maybe one for Matt, just a clarification on the guide. So I hear you on reiterating the guide, does that guide include the acquisition in those numbers from here, the 1%? And I think you said accretive in the first year, presently on the bottom line. So does it include that impact?

知道了。也許只是給馬特的，只是對指南的澄清。所以我聽到您重申該指南，該指南是否包括這裡的收購數字，即 1%？我認為您說的是第一年就實現增值，目前是底線。那麼它包括那種影響嗎？

And then a follow-up would be, if you're talking about it doesn't assume a material change in the immigration or the macro backdrop I guess, like to what extent is some of the weakness that you're seeing, like already reflective of that? And I guess is there any way you could sort of quantify the deviation of the baseline, the deviation of the business performance today relative to the baseline that's kind of informing that guide, if you are deviating from it so far?

然後接下來的問題是，如果您說的話並沒有假設移民或宏觀背景發生重大變化，我想，您所看到的一些弱點在多大程度上已經反映了這一點？我想，有什麼方法可以量化基線的偏差，即當前業務績效相對於基線的偏差，如果您目前偏離基線，則可以量化該指南？

On the first part is the Euro Change acquisition in our guide. The answer to the question is yes. We had been working on this acquisition for a while and do it when we gave our guidance something we were planning on doing. As far as the -- what are we seeing for macros and other immigration changes -- as Devin highlighted in his prepared remarks, we have seen a leveling off the major deterioration we saw had happened in the second half of last year and it's really started to level off now over the last quarter.

我們的指南中的第一部分是歐元兌換的取得。答案是肯定的。我們已經為這次收購工作了一段時間，當我們給予指導意見時，我們就計劃這麼做。至於——我們看到宏觀經濟和其他移民變化的情況——正如德文在其準備好的發言中所強調的那樣，我們看到去年下半年發生的重大惡化正在趨於平穩，並且在上個季度它確實開始趨於平穩。

So that's baked into our forecast right now at that level. There have been some different rulings and guidance from the government around ID requirements is actually about 30 counties in the Southwest border. We've adopted those we obviously can't predict what happens from there. It has not had a material impact yet to our business, but it's early days. So we're still monitoring that. So it's a very dynamic market. It's why I made the comments I did around our outlook. We do feel good. We do see line of sight to how to get to our guide but it's been a very unusual market over the last few months, as you know.

因此，這已經融入我們目前的預測中。實際上，西南邊境約有 30 個縣的政府對身分證要求做出了一些不同的裁決和指導。我們已經採用了這些，但顯然我們無法預測接下來會發生什麼。它尚未對我們的業務產生實質影響，但仍處於早期階段。所以我們仍在監控這一點。所以這是一個非常活躍的市場。這就是我對我們的前景發表評論的原因。我們確實感覺很好。我們確實看到瞭如何獲得指南的視線，但正如你所知，過去幾個月市場非常不尋常。

I think the other thing I would add, Will, and he came through in our -- hopefully, in our public comments. The benefit of diversification in our global footprint really came through again in this quarter. And as we look through the rest of the year, the strength that we see in the Middle East and obviously, the overperformance that we're having in Europe, has swayed any concerns that we have about the situation continuing as it is here in the United States of America.

我想補充的另一件事是，威爾，他在我們的——希望是在我們的公開評論中——表達了出來。本季度，我們全球業務多元化的優勢再次顯現出來。而當我們展望今年剩餘時間時，我們看到中東的強勁表現，以及歐洲的出色表現，已經消除了我們對美國局勢持續下去的擔憂。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Just a follow-up on Will's question. I think you also mentioned that you do expect results to gradually improve, consistent with last quarter. You mentioned Euro Change -- I think you mentioned new agents and then acceleration in digital and consumer services. So can you elaborate on what you see there in terms of the contributions beyond the acquisition to drive the improvement?

這只是威爾問題的後續回答。我想您也提到過，您確實預期業績會逐步改善，與上一季保持一致。您提到了歐元變化——我認為您提到了新代理商以及數位和消費者服務的加速發展。那麼，您能否詳細說明除了收購之外，還有哪些貢獻可以推動這項進步？

Tien-Tsin, thanks for joining the call today. There's a couple of things that are -- that we think can actually help improve us. Devin talked about two new -- the partnership with STC, I talked about earlier. As well as our Europay partnership as well. So we've got a couple of new things in the Middle East we've signed recently.

Tien-Tsin，感謝您今天參加電話會議。我們認為有幾件事確實可以幫助我們進步。德文談到了兩個新話題——與 STC 的合作關係，我之前談過。以及我們的 Europay 合作夥伴關係。我們最近在中東簽署了一些新協議。

They just started ramping in the latter part of March that we're very optimistic, two of the four were competitive takeaways from one of our larger competitors that we see being very meaningful to us over time and should help us in the back half of the year. The Euro Change acquisition will obviously help us as we started to integrate that here in the month of April as well as we've seen strength across our Travel Money business, which we think will help our overall Consumer Services business.

他們剛在三月下旬開始加大力度，我們對此非常樂觀，四個中的兩個是從我們的一個較大競爭對手那裡獲得的競爭優勢，我們認為這對我們而言從長遠來看非常有意義，應該會在下半年對我們有所幫助。收購 Euro Change 顯然會對我們有所幫助，因為我們在四月就開始整合這項業務，而且我們已經看到旅行貨幣業務的強勁增長，我們認為這將有助於我們的整體消費者服務業務。

And I alluded to this in my prepared remarks, that hopefully came through, we when you think about consumer service as a whole, we're off a little bit of where we thought we'd be for Q1. We always anticipate it being one of the lowest quarters of the year. If you talk about what was different than that, I highlighted the Argentina business has been much weaker than we anticipated. You've seen the inflation change in the macroeconomic conditions in Argentina, very different than it would have been six months ago. That has been a little bit of a negative surprise for us. we think that some other improvements we have will guarantee and help us get comfortable with our double-digit growth.

我在準備好的發言中提到了這一點，希望大家能夠理解，當你考慮整個消費者服務時，我們與第一季的預期略有偏差。我們總是預計這將是一年中最低迷的季度之一。如果您談論與此有何不同，我強調阿根廷的業務比我們預期的要弱得多。你已經看到阿根廷宏觀經濟狀況的通貨膨脹變化，與六個月前相比有很大不同。這對我們來說是一個小小的負面意外。我們認為，我們的一些其他改進將保證並幫助我們實現兩位數的成長。

The other one was the delay in our media network contract. We had anticipated having that benefit for half the quarter. Didn't happen we've now executed on and that will help us in Q2. Don't anticipate having any meaningful impact on the full year growth for our Media Network business. So there's multiple things we think can help us as well as acceleration on our branded digital and stabilization of retail.

另一個是我們的媒體網路合約的延遲。我們預計本季有一半時間都會有這種好處。這並沒有發生，我們現在已經執行了，這將幫助我們在第二季度取得成功。不要期望對我們的媒體網路業務的全年成長產生任何有意義的影響。因此，我們認為有很多事情可以幫助我們，例如加速我們的品牌數位化和穩定零售。

But Devin, anything to add?

但是德文，還有什麼要補充的嗎？

No.

不。

Got it. That's clear. Thanks for going through that. Just as my follow-up, I know you don't usually give month-to-month updates, but just anything to say around what you saw in April? We get the question around pull forward a lot of new -- Amex and others have gotten those questions, too. I'm curious what you've seen and if there's any interesting observations from there. I heard Devin, you mentioned the higher principal send relative to the transactions. I'm just curious if those are some clues that maybe we should study beyond what you shared on around the geopolitical stuff.

知道了。這很清楚。感謝您的參與。正如我的後續問題，我知道您通常不會提供每月更新，但您能談談四月份看到的情況嗎？我們收到了有關推進許多新業務的問題——美國運通和其他公司也收到了這些問題。我很好奇你看到了什麼以及是否有任何有趣的觀察。我聽說德文，你提到了相對於交易而言更高的本金發送。我只是好奇，這些是否是一些線索，也許我們應該研究一下您在地緣政治方面分享的內容。

Yes. Great question, Tien-Tsin. And Matt and I are chuckling because he and I have been going back and forth for the last 10 days. As you know -- and I'll come back to the principal thing in a second. But as you know, the remittance business is heavily, heavily aligned to the holidays.

是的。好問題，Tien-Tsin。馬特和我都笑了，因為過去 10 天來，我們一直在來回奔波。正如你們所知——我馬上就會回到主要的事情上。但正如您所知，匯款業務與假期密切相關。

And while we have a busy season at the end of the year, the true peak for our business is between Ramadan, Easter and Mother's Day. And so last year, we had kind of a double almost triple witching hour where Ramadan and Easter stacked up in the first quarter. And then Mother's Day followed pretty quickly thereafter. This year, Ramadan started much earlier in the quarter, so it petered out by the end of the quarter. And yet Easter was now here in April with Mother's Day still off in early May.

雖然我們在年底有一個繁忙的季節，但我們業務的真正高峰是在齋戒月、復活節和母親節之間。因此，去年，我們經歷了雙重幾乎三重的巫術時刻，齋戒月和復活節在第一季堆積如山。隨後母親節很快就到來了。今年，齋戒月在本季開始得更早，因此在本季末它就逐漸結束了。然而，復活節已於四月到來，而母親節卻要到五月初。

And so we've actually seen calendar-wise slowdown in the early part of this quarter due to the timing of the holidays. I think we've convinced ourselves mostly that it is timing of the holidays and that the underlying trends, as we said in our public comments have started to stabilize, particularly here in North America, from the fourth quarter into the first quarter, and we feel pretty good about that, but it doesn't show up yet in the April numbers because of the big holiday shift that we're experiencing this year.

因此，由於假期時間的原因，我們實際上已經看到本季初日曆上的成長放緩。我想，我們基本上已經說服自己，這是假期的時間安排，而且正如我們在公開評論中所說的那樣，潛在的趨勢已經開始穩定下來，特別是在北美，從第四季度到第一季度，我們對此感覺相當不錯，但由於今年我們經歷了重大的假期轉變，這還沒有在四月份的數據中體現出來。

The PPT per transaction, though is a more interesting dynamic. And my almost 3.5 years as the CEO, we spent a lot of time talking about the stability in the PPT and in the face of what was a pretty high inflationary environment 12 and 18 months ago, satisfaction that we were seeing PPTs remain roughly flat. This is the first time that we've seen material acceleration in principles per transaction, driven a lot here in North America, but also in other parts of the world, as I talked about, that PPT growth ex Iraq.

不過，每筆交易的 PPT 是一個更有趣的動態。在我擔任執行長的近 3.5 年時間裡，我們花了很多時間討論 PPT 的穩定性，面對 12 至 18 個月前相當高的通膨環境，我們很高興看到 PPT 基本上保持平穩。這是我們第一次看到每筆交易的本金大幅增加，這在北美地區起到了很大的推動作用，但正如我所說，伊拉克以外的世界其他地區也出現了 PPT 增長。

So that speaks to the resilience of the customer and potentially a slight change in consumer behavior less frequent, particularly in the retail locations, less likely that we want to be potentially out in public, sending money home. And so we are keeping a very close eye on this dynamic as we think it speaks to what is happening under the surface, particularly in our retail environment, particularly in North America.

因此，這說明客戶的適應力以及消費者行為可能發生的輕微變化，特別是在零售店，我們不太可能願意公開露面，把錢寄回家。因此，我們密切關注這一動態，因為我們認為它反映了表面之下正在發生的事情，特別是在我們的零售環境中，特別是在北美。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

So we're looking at the digital transaction growth, 14% was a bit better than even last quarter. And I know there are some nuances in the market. Can you touch on the implications of the loyalty update you're providing and what that could be on the business as well as actually just maybe a little bit more color on the banking payout or electronic payout and what that does for the business? Maybe just more of an understanding of why that should help and a bit further going from here. And then I guess, adding on to that, maybe just more directional guidance on the spread between the transaction growth and revenue growth rates from here?

因此，我們看到數位交易成長 14%，甚至比上一季還要好一些。我知道市場上存在一些細微差別。您能否談談您提供的忠誠度更新的含義以及這對業務可能產生的影響，以及實際上對銀行支付或電子支付的更多說明以及這對業務有何作用？也許只是更多地了解為什麼這會有所幫助，並從這裡進一步發展。然後我想，除此之外，也許只是對交易成長率和收入成長率之間的差距提供更多的方向性指導？

Darrin, thanks for joining the call today. A couple of different questions we unpack it for you. So as far as your question about the 14% and how does loyalty fit into it, we've had a loyalty program for a while. Devin talked about, I believe it was Q1 last year. It might have been Q2, but for together.

達林，感謝您今天參加電話會議。我們將為您解答幾個不同的問題。至於您關於 14% 的問題以及忠誠度與此有何關係，我們已經有一段時間的忠誠度計劃了。德文談到，我相信那是去年第一季。如果不是在一起的話，它可能是 Q2。

We launched it last year in France and Morocco. We've seen some pretty solid results. It gave us some optimism have now brought to the US. The goal of the program is to drive loyalty and retention in our customer base. As we talked about publicly before, our retail retention is in the mid- to high 40s, and we've never given this number publicly, but our digital number is a little bit better than that. And we believe with some strong loyalty programs and creating a way of net connection in addition to having more products, you can drive a longer customer relationship between the two sides.

我們去年在法國和摩洛哥推出了它。我們已經看到了一些相當可靠的結果。它給我們帶來了一些樂觀情緒，現在已經傳到了美國。該計劃的目標是提高客戶群的忠誠度和保留率。正如我們之前公開討論的那樣，我們的零售保留率在 45% 左右，我們從未公開過這個數字，但我們的數字數字要比這個好一點。我們相信，透過一些強大的忠誠度計劃和創建網路連接方式以及提供更多產品，您可以推動雙方之間更長久的客戶關係。

So that is the goal of the program. So we have relaunched it here in Q1 for our digital business in the US It had a modest -- I intentionally use the word modest on my script because it is in the 10 to 50 bp range of an impact on the quarter. It's not massive on the revenue side, no impact on transactions. That will continue as it grows the accrual into Q2.

這就是該計劃的目標。因此，我們在第一季重新啟動了我們在美國的數位業務，它的影響很小——我故意在腳本中使用「很小」這個詞，因為它對本季度的影響在 10 到 50 個基點之間。從收入方面來看，影響並不大，對交易也沒有影響。隨著第二季應計收入的成長，這種情況也將持續。

And then once it's been fully rolled out, you'll be starting to use points as you earn points and it won't have any more impact on revenue. We're monitoring closely. It's still early days to see if we get the same benefit for retention that we anticipate, but we do believe it should provide us an uplift to our retention.

一旦它全面推出，您將開始使用積分來賺取積分，並且它不會對收入產生任何影響。我們正在密切監視。現在還無法判斷我們是否能獲得預期的保留效益，但我們確實相信它應該能提高我們的保留率。

To your question around APN and what does that mean for a holistic business, the APN business is a relationship where folks have actually connected their bank count to us or connected their outside payout to their receivers. Once that's all been set up, we have noticed the behavior that is a much more sticky customer than the typical cash payout customer. So it's been growing at a very fast clip.

對於您關於 APN 的問題以及它對整體業務意味著什麼，APN 業務是一種關係，人們實際上將他們的銀行帳戶與我們聯繫起來，或將他們的外部支出與他們的收款人聯繫起來。一旦所有設定完畢，我們就會注意到，客戶的行為比典型的現金支付客戶更具黏性。所以它一直以非常快的速度成長。

I think we've been talking about this now probably for about 8 to 10 quarters or it's been growing 30%-plus. It accelerated here in Q1 to mid-30s. That caused a widening because of the lower RPT associated with those customers. But we're happy with that. That's going to provide us a longer relationship and a larger base, and that is the fastest-growing part of the business.

我想我們現在已經討論這個問題大概有 8 到 10 個季度了，或者它已經成長了 30% 以上。它在第一季加速至 30 年代中期。由於與這些客戶相關的 RPT 較低，導致利潤率擴大。但我們對此感到高興。這將為我們提供更長久的關係和更大的基礎，而這也是業務成長最快的部分。

Anything you'd add, Devin?

德文，您還有什麼要補充的嗎？

I agree with all of that. We remain very indexed on that spread and as we've said publicly many times, our long-term goal is kind of 300 to 400 basis points in digital relative to the mix happening both across corridors and across kind of retail payout versus account payout or APN.

我完全同意這些。我們仍然高度關注這一利差，正如我們多次公開表示的那樣，我們的長期目標是，相對於跨通路和跨零售支付與帳戶支付或 APN 的組合，數位化比例達到 300 到 400 個基點。

I'll come back to loyalty for a second. I'm quite excited about what we're doing in loyalty as Matt highlighted our primary objective function with the loyalty program is increased retention, which is a powerful economic lever in our business. We launched in France. We also launched in Morocco. So this loyalty program, unlike the past one is actually two sided.

我再來談談忠誠。我對我們在忠誠度方面所做的事情感到非常興奮，正如馬特所強調的那樣，忠誠度計劃的主要目標是提高保留率，這是我們業務中強大的經濟槓桿。我們在法國推出了該產品。我們也在摩洛哥推出了該產品。因此，與過去的忠誠度計劃不同，這個忠誠度計劃實際上是雙向的。

So both senders and receivers participate in the program. And we've seen big engagement in the US with our base of customers who participated in the last loyalty program actively participating in the new and redeeming are much easier to use and much more aligned incentive program to spur incremental transactions versus just drive rewards back for high-volume customers.

因此發送者和接收者都參與了該計劃。我們看到，在美國，參與上一個忠誠度計劃的客戶群積極參與新的忠誠度計劃，並且兌換計劃更加易於使用，激勵計劃也更加一致，可以刺激增量交易，而不僅僅是向大批量客戶提供獎勵。

Well, it looks like it's been showing on the transaction growth. So that's good to see. I guess just a quick follow-up on the competitive dynamics. When I think about the backdrop from a geopolitical standpoint, have you guys seen any changes in behavior from any competitors deciding to move over their position in the market based on anything going on from a political standpoint in any markets, frankly.

嗯，看起來這已經體現在交易成長上了。很高興看到這一點。我想這只是對競爭動態的一個快速追蹤。當我從地緣政治的角度考慮背景時，坦白說，你們是否看到任何競爭對手的行為發生改變，他們決定根據任何市場中政治角度發生的任何事件來改變自己的市場地位。

I'm reflecting on your question. As you know, we've talked about two trends that I think we continue to see. One is there is a consolidation happening both in retail and digital, along the lines of the stronger, more well-capitalized players. This turns out to be a capital-intensive business. The cost of capital has gone up with interest rates around the world. And we continue to see the largest players consolidating and smaller players, particularly very small marginal niche, geographic or segment-based players exiting.

我正在思考你的問題。如您所知，我們已經討論了我認為我們會繼續看到的兩種趨勢。一是零售和數位領域都在整合，整合的雙方是實力更強、資本更雄厚的參與者。事實證明，這是一項資本密集型業務。資本成本隨著全球利率的上升而上升。我們繼續看到最大的參與者進行整合，而較小的參與者，特別是非常小的邊際利基、地理或基於細分市場的參與者退出。

We have not seen an overly aggressive response by the major competitors to any of the trends in North America that were different prior to the geopolitical changes that happened back last fall, starting with the elections in South America and working their way into North America. It has remained a relatively stable and consistent competitive environment from our viewpoint.

我們尚未看到主要競爭對手對北美任何趨勢做出過於激進的反應，這些趨勢在去年秋季發生的地緣政治變化之前有所不同，從南美選舉開始，並蔓延到北美。從我們的角度來看，它仍然保持著相對穩定且一致的競爭環境。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Devin, you mentioned applying your learnings from Europe into North America in terms of improving, I think you called out agent productivity, distribution pricing, can you give us a little more color on that process? Sort of what inning are you in doing that kind of applying the best practices into North America? And what impact maybe could we expect there? Is there an opportunity to sort of outperform your forecast on the back of that? Or is it something that's already sort of in process and baked into your numbers?

德文，您提到將您從歐洲學到的知識應用到北美，以提高代理商的生產力和分銷定價，您能否向我們詳細介紹一下這個過程？您正處於怎樣的階段，將最佳實踐應用到北美？我們能期待什麼影響呢？在此基礎上，是否有機會超越你的預測？或者它是某種已經在進行中並已融入您的數字中的東西？

Great question. So as you guys know, I didn't grow up in this business. And so when we launched the Evolve 2025 strategy, one of the pillars of that strategy was to return our retail business after many, many years of decline to stability. I know there was some skeptimism in some parts of the world as that is an objective. But we remain convinced that the power of our brand and the natural course of a consumer's migration journey many, if not most of the time, our customer segment, when they land in a new country begins their remittance experience in the retail channel due to how they are paid, the nature of their documentation, the nature of their language and many times the familiarity of a person and helping with one of the most important financial transactions that they'll do that week, that month or that quarter.

好問題。所以你們知道，我並不是這個行業中成長起來的。因此，當我們推出「發展 2025」策略時，該策略的支柱之一就是讓我們的零售業務在經歷多年的衰退後恢復穩定。我知道世界某些地方存在一些懷疑，因為這是一個目標。但我們仍然相信，我們品牌的力量和消費者移民旅程的自然進程，很多（如果不是大多數情況下）我們的客戶群體在抵達一個新的國家時，會通過零售渠道開始他們的匯款體驗，這是因為他們的付款方式、他們證件的性質、他們的語言的性質，而且很多時候，匯款人對他們的熟悉程度以及幫助他們完成那個月或那個季度最重要的金融交易之一。

So we've invested heavily, as I've talked about on public calls into our retail point of sale to make it easier for our agents to do our business. As you guys know and have seen in the results, we worked hard to get back to market competitiveness in many of the markets around the world. And then we started to rebuild how we go to market. I think that's where your question is most focused.

因此，正如我所說的那樣，我們在公開致電我們的零售銷售點方面投入了大量資金，以便我們的代理商更輕鬆地開展業務。正如大家所知和從結果中看到的，我們努力在全球許多市場恢復市場競爭力。然後我們開始重建我們的行銷方式。我認為這才是你的問題最集中的地方。

And that how we go to market is actually three parts. One is getting the right distribution strategy aligned, which is this kind of idea of highly controlled or owned high-volume locations at the top of the pyramid. A base of very competitive from a market standpoint, from an experience standpoint, independent agents where we compete every day side-by-side with our competitors. And then a big, large base or grounding in our long-term strategic relationships with our post offices, with our grocery stores with our check cashers around the world.

我們進入市場的方式實際上分為三個部分。一是製定正確的分銷策略，即在金字塔頂端高度控製或擁有高容量地點的想法。從市場和經驗的角度來看，我們的獨立代理商基礎競爭非常激烈，我們每天都在與競爭對手並肩競爭。然後，我們與世界各地的郵局、雜貨店和支票兌現商建立了長期戰略關係，並以此為基礎建立了龐大的基礎。

And that pyramid combined with a much more aggressive management of the local market conditions, and that's what we call either tactical pricing or kind of local market specialization, where in any given street corner on any given day, we can be competitive and want to be competitive to drive profitable volume as a combination of agent incentives, pricing and customer demand.

這個金字塔與對當地市場條件更積極的管理相結合，這就是我們所說的戰術定價或當地市場專業化，在任何一天的任何街角，我們都可以保持競爭力，並希望保持競爭力，透過代理商激勵、定價和客戶需求的結合來推動盈利量。

The last part is obviously to shift as we did some marketing dollars in back into the retail channel to revitalize the brand. I think we've rebranded, I don't know, about 100,000 retail locations in the three years and then put the word back out on the street that Western Union is open for business, retail business, and that we welcome that with our partners and our customers.

最後一部分顯然是轉移，因為我們將一些行銷資金重新投入零售通路以振興品牌。我想，我們在三年內對大約 10 萬個零售點進行了品牌重塑，然後再次向大家宣布西聯匯款已開始營業，開展零售業務，我們歡迎我們的合作夥伴和客戶開展這項業務。

That strategy is most advanced in Europe, where we had to struggle and quickly react to the loss of two large agents and exiting Russia with the war in the Ukraine. We, by luxury and dent for the strength of our North American market and also by the strength of our -- that big foundation base in North America is much bigger given our privileged relationships with people like Walmart and Kroger and Publix and Albertsons and Ahold Delhaize. And so we didn't have to react as quickly. And so we are probably only in the third inning or fourth inning of the game in the US and in Canada, where in Europe, we're probably in the seventh or eighth inning.

這項戰略在歐洲最為先進，在那裡，我們必須努力並迅速應對失去兩名大型特工以及烏克蘭戰爭導致俄羅斯撤離的局面。我們憑藉著在北美市場的雄厚實力以及強大的實力——由於我們與沃爾瑪、克羅格、Publix、Albertsons 和 Ahold Delhaize 等公司的特殊關係，我們在北美的龐大基礎要大得多。因此我們不必那麼快做出反應。因此，在美國和加拿大，我們可能只處於比賽的第三局或第四局，而在歐洲，我們可能處於第七局或第八局。

So a long way to say, there's opportunity and upside in North America by adopting what we now know is a model that works with our brand and our capabilities. We know the retail business can, in fact, not only be stable, as Europe has demonstrated it can be a reasonable mid- to upper single-digit grower. And we believe the same conditions that have existed now in the rest of the world can be replicated here in the US by following that formula more aggressively than maybe we have over the last 18 or 24 months.

總的來說，透過採用我們現在所知道的適合我們的品牌和能力的模式，北美將有機會和優勢。我們知道，零售業務實際上不僅可以保持穩定，正如歐洲所證明的那樣，它可以實現合理的中高個位數成長。我們相信，透過比過去 18 或 24 個月更積極地遵循這一模式，世界其他地區目前存在的相同條件可以在美國複製。

A quick follow-up for me on modeling the Euro Change transaction. I think the press release that I read indicated that it was an existing Western Union agent, does that change the way we think about modeling the P&L impact? I know you mentioned 100 basis points of revenue growth, maybe I'm overthinking this better any idiosyncrasies to how we would model that deal given they were an existing agent.

對我而言，這是對歐元兌換交易建模的快速跟進。我認為我讀過的新聞稿表明它是現有的西聯匯款代理商，這是否會改變我們對損益影響建模的看法？我知道您提到了 100 個基點的收入成長，也許我對此想太多，考慮​​到他們是現有代理商，我們如何模擬這筆交易會有什麼特別之處。

There's really -- what I was trying to say is if you are able to know what their revenue was, some of that revenue is already in ours, and we'll go away because we already have it. And it will be a shift between their revenue base will decline but the overall profit won't change, which is why we want to emphasize it's about 1% of our revenue. It will be an accretive acquisition for us in the year. So I'd model it that way. The vast majority of the benefit helps us within the CS business.

事實上——我想說的是，如果你能知道他們的收入是多少，那麼其中一些收入已經屬於我們了，我們會離開，因為我們已經擁有了它。這將是他們收入基礎下降但整體利潤不會改變的轉變，這就是為什麼我們要強調它約占我們收入的 1%。這對我們今年來說將是一次增值的收購。所以我會以那種方式建模。絕大部分的收益都幫助我們開展 CS 業務。

Matt commented on it, and I'll reiterate it because I think it's an interesting point due to our historic strategy, which I just talked about, how we're changing. This particular partner had been in that base of exclusive strategic partner relationships, 200 locations. But over time, prices had gotten out of the market. And this has become a very low-volume part of our distribution channel despite the fact that it was exclusive in many of these locations are in great areas with good branding and really support our value proposition around safe, secure, easy in our retail environment.

馬特對此發表了評論，我會重申這一點，因為我認為這是一個有趣的觀點，因為我們的歷史策略，我剛才談到了我們如何改變。這個特定的合作夥伴已經擁有 200 個獨家策略合作夥伴關係。但隨著時間的推移，價格已經脫離了市場。儘管它在許多地點都是獨家銷售，但這些地點都位於擁有良好品牌的優質區域，並且真正支持了我們在零售環境中圍繞安全、可靠、便捷的價值主張，因此它已成為我們分銷渠道中銷量非常低的一部分。

And so by acquiring this, it gives us a chance to implement the new strategy, be much more aggressive in the marketing, be much more aggressive in how we go to market and the pricing that we take in those. And see this as a way of really bolstering our retail business in the UK by adopting the strategy with this partner, which has a pretty reasonable sized base across the country.

因此，透過收購，我們有機會實施新策略，在行銷方面更加積極，在進入市場的方式和定價方面更加積極。透過與該合作夥伴共同採取此策略，我們可以真正增強我們在英國的零售業務，該合作夥伴在全國範圍內擁有相當規模的基地。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

Two quick ones. The first one on the payout to account business, so 35% growth. I was hoping you could give an update on just what percentage of the business is that today? Meaning in Q1 relative -- well, as a percentage of either transactions or revenue or volume or any metric that you're willing to share, so 35% growing off of which base? And then the minor, minor follow-up, I'll just say it upfront is on the tax rate, you mentioned for the quarter, of course, there were some discrete items.

兩個簡單的。第一個涉及支付到帳戶業務，因此成長了 35%。我希望您能告訴我們今天的業務量佔比是多少？這意味著相對於第一季而言——嗯，作為交易或收入或數量或任何您願意分享的指標的百分比，那麼 35% 的成長是基於哪個基準呢？然後是關於次要的後續問題，我首先要說的是稅率，您提到了本季度，當然，有一些獨立的項目。

So it's not about the the 10% in Q1. But when I look at the overall tax rate in sort of the mid-teens, can you just talk about some of the reasons for that, whether it's geographic mix or maybe other agreements that you have in place that help keep that tax rate low and how we should think about the sustainability and the durability of the kind of mid-teens tax rate?

所以這與第一季的 10% 無關。但是，當我看到整體稅率處於十幾歲左右時，您能否談談其中的一些原因，無論是地理分佈還是其他有助於保持低稅率的協議，以及我們應該如何看待這種十幾歲左右稅率的可持續性和持久性？

Tim, thanks for the two questions. First one is probably more easier to answer than the second one I want a longer answer. APN, maybe we talked about this in the past calls. On the retail side, it's somewhere in the very low double-digit range of our transactions, revenue is not that different. A little bit lower. And then on the digital side of our business, it's somewhere in the high 30s. So it's been growing at a very fast clip at 30% plus over the last, call it, 8, 10 quarters. and has taken itself from the 20s up into the mid- to upper 30s on the branded digital side.

提姆，謝謝你的兩個問題。第一個問題可能比第二個問題更容易回答，我想要一個更長的答案。APN，也許我們在過去的通話中討論過這個問題。在零售方面，我們的交易量處於非常低的兩位數範圍內，收入並沒有太大差異。稍微低一點。而就我們業務的數字方面而言，這一數字大約在 30% 左右。因此，在過去的 8 到 10 個季度裡，它一直以 30% 以上的速度快速成長。並且在品牌數位方面已從 20 多歲上升到 30 多歲中後期。

On your second question around the tax side, we feel very good about the durability of it. You've seen our guide in the press release, we've got a little footnote at the bottom there. It talks about our tax rate. There's two numbers on there. One is GAAP, one is non-GAAP. The reason why the non-GAAP is meaningfully lower than the GAAP side is -- we have -- we were basing the non-GAAP off of more of a cash tax type basis. We've got some structures that we can provide as a very stable cash tax basis over time that we think will help provide benefits of keeping us in the mid-teens range for the medium term.

關於您關於稅收方面的第二個問題，我們對其持久性感到非常滿意。您已經在新聞稿中看到了我們的指南，我們在底部有一個小腳註。它談論的是我們的稅率。上面有兩個數字。一個是GAAP，一個是非GAAP。非公認會計準則明顯低於公認會計準則的原因是－我們以現金稅類型基礎為基礎制定非公認會計準則。我們有一些結構可以提供非常穩定的現金稅基，我們認為這將有助於讓我們在中期內保持在十幾歲的範圍內。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

I wanted to go a little deeper into Europe. I know the trends there have been pretty positive. And I was curious which corridors you might call out is driving that strength. And then just as we look at the spread between transaction and revenue growth in the European region. I think it was a 5-point spread this quarter. Do you envision that potentially narrowing a little bit as we move through the year? And if so, what might drive that?

我想更深入地了解歐洲。我知道那裡的趨勢相當積極。我很好奇您認為哪些管道能夠推動這種力量。然後，我們來看看歐洲地區交易量和收入成長之間的差距。我認為本季的分差是 5 分。您是否認為，隨著時間的推移，這一差距可能會縮小一些？如果是這樣，那麼是什麼原因導致的呢？

Thanks for the question. Two quick things. We have seen a lot of what's happening that's driving the European growth is Europe to South America, Europe to Africa and then Europe to the Middle East. Those three -- and then again, it's France to Morocco, it's Spain to the Dominican Republic, it's the United Kingdom to Saudi Arabia, those general geographic mixes is what has -- we've seen where the overperformance relative to our traditional business, which was more Western Europe to Eastern Europe or Europe to Asia, Europe to the US types of corridors. We still do fine in those, but the growth has come in those other three areas.

謝謝你的提問。兩件簡單的事。我們已經看到推動歐洲成長的許多因素，即從歐洲到南美、從歐洲到非洲、再從歐洲到中東。這三個——再說一次，是法國到摩洛哥，是西班牙到多明尼加共和國，是英國到沙烏地阿拉伯，這些一般的地理組合就是——我們已經看到了相對於我們的傳統業務而言表現優異，而我們的傳統業務更多的是從西歐到東歐或從歐洲到亞洲，從歐洲到美國類型的走廊。我們在這些領域仍然做得很好，但其他三個領域也實現了成長。

The trend Matt just talked about what the trend is with APN. In Europe, the mix of APN from our retail business is meaningfully higher than in other parts of the world, which is also what's contributing to the accelerated growth because retail to payout to account is also growing in the -- everywhere around the world in the 30%-plus range. And it's a higher portion of our retail business in Europe, which then causes that spread to be a little bit bigger. As Matt said, we're perfectly comfortable with that. It's a better customer and even in retail has higher retention rates. And so we're going to continue to drive that 30-plus percent every day if we can.

趨勢 Matt 剛剛談到了 APN 的趨勢。在歐洲，我們零售業務的 APN 組合明顯高於世界其他地區，這也是促進成長加速的原因，因為零售到支付到帳戶的成長率在世界各地都在 30% 以上。而且它在我們的歐洲零售業務中所佔比例較大，因此利潤範圍也更大一些。正如馬特所說，我們對此感到非常滿意。這是一個更好的客戶，甚至在零售業也有更高的保留率。因此，如果可以的話，我們將繼續每天推動這 30% 以上的成長。

Great. And just a numbers question. Again, coming back to euro change, you said 1% added it to revenue this year. So I'm going to call it $40 million, I guess, kind of rounded. Are you guys saying that you had already assumed euro change when you gave the initial guide back in February I'm just trying to get a sense if there's any like nuance change in kind of the organic outlook for the business for the year.

偉大的。這只是一個數字問題。再次回到歐元變化的問題，您說今年的收入增加了 1%。所以我想把它稱為 4000 萬美元，差不多就是這樣。你們是不是說，當你們在二月給出初步指南時，你們已經假設了歐元的變化？我只是想知道今年的業務有機前景是否有任何細微的變化。

So Tim -- so Jason, we did contemplate some tuck-in acquisitions this year. We had a couple in the works. This was one of the ones that's furthest along. So the answer to the question is yes. And yet you're 1%, you're asking that correctly?

所以提姆——傑森，我們今年確實考慮了一些收購。我們正在籌備一些項目。這是進展最快的項目之一。所以這個問題的答案是肯定的。但你只有 1%，你問得對嗎？

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Guys, wanted to ask just about the political environment, in particular, curious about tariffs, any direct or indirect impacts you guys think might happen to the business as a result of those.

夥計們，我想問一下政治環境，特別是關稅，你們認為關稅會對企業產生任何直接或間接的影響。

Yes. Brian, great question. Actually, we generally get more questions on the immigration issue than we do the tariff issue. So it's nice to get a tariff question instead of an immigration question. We are like every other consumer business, except that I think we became confident about the resiliency of our customers.

是的。布萊恩，這個問題問得好。實際上，我們收到的有關移民問題的問題通常比有關關稅問題的問題更多。因此，很高興聽到關稅問題而不是移民問題。我們和其他消費品企業一樣，只是我認為我們對客戶的適應力充滿信心。

You remember there's a lot of concern when inflation rates went way up, the consumer staples for our customer base would accelerate, and we would see a drop in PPT as people got squeezed. We didn't see that. And so we think the same thing is true here. if in some period of time, tariffs have an effect on raising consumer prices, which I won't profess whether they will or won't, but that is a theory of the case. We actually believe our customer will remain relatively resilient given the importance of sending money home.

你記得，當通貨膨脹率大幅上升時，人們會非常擔心，我們客戶群的消費必需品會加速成長，而隨著人們受到擠壓，我們會看到 PPT 下降。我們沒有看到這一點。所以我們認為這裡的情況也是一樣。如果在某個時期，關稅會對提高消費者價格產生影響，我不會斷言它是否會產生影響，但這是一個理論。事實上，我們相信，考慮到匯款回家的重要性，我們的客戶將保持相對的韌性。

And the fact that we've seen PPT accelerate, again, gives us confidence that even in the face of maybe logistics challenges or concerns about being out in public, people are still sending money home and they're increasing the amount of money they send home because the people on the other side of that transaction have a defined set of needs and their and they're dependent on a certain amount of money regardless of how often it's arriving. So we don't think the impact will be significant on our business, on our consumer anytime in the relevant or near future.

事實上，我們看到 PPT 加速發展，這再次讓我們相信，即使面臨物流挑戰或對公開露面的擔憂，人們仍然會向家裡匯款，而且還在增加匯款金額，因為交易另一端的人有明確的需求，他們依賴於一定數額的資金，無論匯款頻率如何。因此，我們認為在相關或近期的任何時候，這都不會對我們的業務或消費者產生重大影響。

Got it. And then just as a follow-up, Matt, you talked about potentially dropping more of some of the operating expense savings to the bottom line. kind of different than prior practices, which typically you guys were reinvesting in growth or marketing and other programs. I just want to make sure I understand the finer point on what you were trying to make there? And is that a little bit of a change in philosophy going forward?

知道了。然後作為後續問題，馬特，您談到了可能將更多的營運費用節省計入利潤。與以前的做法有點不同，以前你們通常會將資金再投資於成長、行銷和其他項目。我只是想確保我理解了您想要表達的意思？這是否是未來理念上的一點改變？

It's more of an acknowledgment that the revenue is a bit tougher this year with Iraq slowing down to this past quarter was $7 million we had last year. [65] in Q1, 35-ish in Q2 and then got down to the normal levels where we're running it now, Q3 and Q4. So we have a lot of levers in this business to meet our commitments and the cost containment redeployment program is one of them. I want to make it clear that this year is one of those years where more of that's going to go to the bottom line to help fulfill our commitment to deliver $1.75, $1.85 than the last couple of years, we were planning for building out new products, and a lot of that's already been invested in the business, and we're starting to see some of the traction on that. So I just want to make sure I knew that, that was a little bit of a different angle.

這更多的是承認今年的收入有點困難，因為伊拉克的收入放緩，而上個季度的收入為 700 萬美元，而去年同期為 700 萬美元。第一季為 [65]，第二季為 35 左右，然後降至現在的正常水平，即第三季和第四季。因此，我們在這個業務中有很多手段來履行我們的承諾，而成本控制重新部署計劃就是其中之一。我想明確指出的是，今年我們將把更多的資金用於實現盈利，以兌現我們承諾的 1.75 美元、1.85 美元的目標，而過去幾年我們一直在計劃開發新產品，其中很大一部分資金已經投入到業務中，我們也開始看到一些進展。所以我只是想確保我知道這一點，這是一個有點不同的角度。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

I wanted to ask about FX volatility. Obviously, we've seen a pretty big spike in April. In the past, there's been gains, losses, obviously, hedging impacts, not to mention impacts on customer behavior. Maybe just walk us through kind of what you're seeing in things to consider when we see spikes like this.

我想詢問有關外匯波動的問題。顯然，我們在四月看到了一個相當大的高峰。過去，顯然有收益、損失、對沖影響，更不用說對客戶行為的影響了。當我們看到這樣的高峰時，也許您可以向我們介紹您所看到的事情以及需要考慮的事情。

Andrew, you -- so it really depends on where the spikes are. But just I'll take a couple of steps back and remind everybody how we -- how FX affects our business. So FX can have a couple of different impacts. One is we do hedge a large portion of the currency, we call it profit hedging, but it's really -- we're hedging the top line to help control the bottom line. We do this for all the major currency around the world, whether that be the euro, the pound, the Canadian dollar, the Aussie dollar, really the largest eight currencies around the world. We do that. We do it over a two to three year horizon. It really helps us to manage EPS over time to make sure that you're not having any major movements one way or the other. So that's one thing that currency does an impact.

安德魯，你——所以這實際上取決於尖峰在哪裡。但我只是退後一步並提醒大家外匯如何影響我們的業務。因此，FX 可能會產生幾種不同的影響。一是我們確實對沖了很大一部分貨幣，我們稱之為利潤對沖，但實際上——我們對沖的是頂線，以幫助控制底線。我們對世界上所有主要貨幣都進行這樣的交易，無論是歐元、英鎊、加幣、澳元，實際上是世界上八大貨幣。我們這樣做。我們將用兩到三年的時間來完成這個目標。它確實幫助我們長期管理 EPS，以確保您不會以任何方式發生重大變動。這就是貨幣產生影響的一件事。

The other item that currency can have an impact is -- let's just use Mexico as an example, when you see a major movement in the peso, you can see our customers' behaviors deviate because they may want to send more or less money in a short window because of the currency impact. If it's favorable for them to be able to send more money to their family, they may pull forward money today and send it to their family because it's helped focus a higher, more beneficial exchange rate versus other times to us over a couple of weeks and months that typically takes care of itself and just move between periods. If it happens at the end of the period, that could cause a cut off or a pull forward or push back implication.

貨幣可能產生影響的另一個因素是——我們以墨西哥為例，當你看到比索出現大幅波動時，你會發現我們的客戶的行為會發生偏差，因為受貨幣影響，他們可能想在短時間內匯出更多或更少的錢。如果他們能夠向家人匯更多錢，他們可能會在今天提前取錢並彙給他們的家人，因為這有助於在幾周和幾個月內集中一個比其他時間更高、更有利的匯率，而這通常會自行解決並在不同時期之間轉移。如果它發生在該時期的末期，則可能會導致中斷或向前拉或向後推的影響。

The last one you've heard us talk about publicly is we do also hold currencies, in particular, Mexican peso, where we hold a large amount for the settlement has not happened, that can lead to a gain or loss in our P&L. It's more of an accounting loss or gain. Then it is economic. We're holding what we expect the settlement to be over a couple last couple of days.

您聽到我們公開談論的最後一件事是，我們也持有貨幣，特別是墨西哥比索，我們持有大量尚未結算的貨幣，這可能會導致我們的損益出現收益或損失。這更像是一種會計損失或收益。那麼它就是經濟的。我們預計解決方案將在未來幾天內完成。

Coming back to the consumer behavior part, a general ish perspective, a weaker US dollar is harder for the US outbound market because dollars buy fewer pesos in other parts of the world, particularly in Latin America. And because the US -- that would normally then help an inbound country if the currency weakened because then people sending money into that country can send more, but the US.

回到消費者行為部分，從一般的角度來看，美元走弱對美國海外市場來說更為困難，因為在世界其他地區，特別是在拉丁美洲，美元購買的比索更少。因為如果貨幣貶值，美國通常會對流入該國的國家有所幫助，因為這樣一來，向該國匯款的人就可以匯出更多錢，但美國卻沒有。

is not a particularly significant inbound market. So the benefit of a weaker US dollar on inbound is not nearly as much as the implication of it on the outbound. So part of what you see in the consumer behavior and part of what you see in the trends in the US is, in fact, that weaker dollar is allowing our customers or preventing our customers from sending more home while the dollar is lower than it has been historically.

並不是一個特別重要的入境市場。因此，美元貶值對入境遊客的好處遠不及對出境旅客的影響。因此，從消費者行為和美國趨勢來看，事實上，美元走弱使得我們的客戶能夠或無法將更多資金匯回國內，而美元匯率目前處於歷史低點。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Can you talk a little bit about the competitive landscape within the Travel Money business?

能談談旅行貨幣業務的競爭格局嗎？

There are two important segments to the Travel Money business. We have chosen to compete in what we believe is a part of the business that we're better positioned for. So the two segments are what I'll call On Airport, which is what most of us probably have experienced in any major airport around the world and in the UK, that's in the Heathrow Airport.

旅行貨幣業務有兩個重要部分。我們選擇在我們認為我們更適合的業務領域中競爭。因此，我將這兩個部分稱為“機場”，我們大多數人可能在世界各地的任何主要機場以及英國的希思羅機場都經歷過這種情況。

And then there's the Local Business, which is what caters to our customers, migrants who exchange local currency for home currency. And many times for travelers who in the course of their vacation or trip need to get foreign currency mid-trip or towards the end of a trip versus at an airport.

然後還有本地業務，它迎合我們的客戶，即用當地貨幣兌換本國貨幣的移民。很多時候，旅客在度假或旅行期間需要在旅途中或旅行結束時而不是在機場兌換外幣。

The local market, which is what Euro Change competes in, also tends to have different pricing characteristics as those customers are less indexed on the trip and the travel in the airport. But as a result, it's also less likely you could have better locations than sharing all of your revenue with an airport. So in net, the prices are better in the local market than generally they are in the airport market. But potentially, the margins are higher because of the dynamics of the channel in which you are in.

當地市場是 Euro Change 參與的競爭市場，由於這些客戶對行程和機場交通的關注度較低，因此往往具有不同的定價特徵。但結果是，與將所有收入分享給機場相比，你不太可能找到更好的位置。因此，整體而言，當地市場的價格通常比機場市場更優惠。但由於您所在通路的動態性，利潤率可能會更高。

We like the business. We like the business in Europe. But importantly, we are continuing to look at expanding the business, particularly in Asia and South America because many of our customers travel across those regions. So I was recently in Malaysia, and you could just watch the business, we've opened our first owned location in Malaysia. With people leaving -- working in Singapore, coming back to Malaysia, being in Malaysia, going back to Indonesia, back and forth between China and Malaysia.

我們喜歡這個生意。我們喜歡歐洲的業務。但重要的是，我們正在繼續尋求擴大業務，特別是在亞洲和南美洲，因為我們的許多客戶都會前往這些地區。我最近去了馬來西亞，你可以觀察我們的業務，我們在馬來西亞開設了第一家自有店。人們離開——在新加坡工作，回到馬來西亞，在馬來西亞，再回到印度尼西亞，在中國和馬來西亞之間來回。

And so all of those transactions with our customers generally require a currency exchange. Into that local market business is where we're focused, and our competitive set tends to be people who are our agents or our competitive agents, they aren't your traditional money exchange players like Travelex or others.

因此，我們與客戶的所有交易通常都需要貨幣兌換。我們專注於本地市場業務，我們的競爭對手往往是我們的代理商或競爭代理商，他們不是像 Travelex 或其他公司這樣的傳統貨幣兌換商。

Got it. Very helpful. And just squeeze one last one in here. I appreciate the comment on the digital retention. Can you provide any commentary -- broad commentary on kind of how unit economics are trending in the digital business?

知道了。非常有幫助。再擠最後一個進去。我很欣賞關於數位保留的評論。您能否提供任何評論——關於單位經濟學在數位業務中的趨勢的廣泛評論？

Our unit economics has been relatively consistent over time. So we've talked about this publicly before. We've had seen improvement. Now we talked about probably 2 times or 3 times over the last couple of years on. We've been able to improve our CAC -- LTV to CAC meaningfully by bringing down our attack. We have seen a lengthening of our retention or improvement in our retention as makes our LTVs go up.

我們的單位經濟效益一直相對穩定。我們之前已經公開討論過這個問題。我們已經看到了進步。過去幾年我們大概討論過 2 或 3 次。透過降低攻擊力度，我們能夠大幅提高 CAC（LTV 與 CAC）。我們已經看到我們的保留期延長或改善，因為我們的 LTV 上升了。

And then when you think about a digital customer versus a retail customer, you're typically going to have a little bit lower RPT for a digital customer than a retail, but you're going to have a lower transaction cost associated with that. And then the offset is the LTV to CAC over time, so relatively comparable.

然後，當您考慮數位客戶與零售客戶時，您會發現數位客戶的 RPT 通常會比零售客戶低一點，但與此相關的交易成本也會較低。然後，抵銷就是 LTV 與 CAC 隨時間的變化，因此相對具有可比性。

And that's particularly true for a digital customer path to account as we improve the economics in many cases, on payout to account around the world relative to a path to cash where we have a relatively significant cost in our agent base to do cash payouts.

對於數位客戶帳戶路徑尤其如此，因為我們在許多情況下改善了全球帳戶支付的經濟效益，相對於現金路徑，我們在代理商基礎上進行現金支付的成本相對較高。

I go back to what Matt said at the beginning, which was the shift that we did about 2, 2.5 years ago to really think about this business on a CAC to LTV basis, managing both the CAC, which has come down appreciably, while we've been growing the business. And then focusing on the quality of those customers, the quality of those customer cohorts to drive LTV.

我回到 Matt 一開始說的話，也就是我們在大約 2 到 2.5 年前所做的轉變，真正從 CAC 到 LTV 來考慮這項業務，在發展業務的同時管理 CAC，現在 CAC 已經明顯下降。然後專注於這些客戶的品質、這些客戶群的品質來推動 LTV。

And again, when we went on this journey, there was some concern that the quality of the customer and therefore, the LTV part of the CAC LTV would suffer. But we've seen the exact opposite, which since we launched Evolve 2025, we've seen increases in the quality of the customer, the retention of the customer, the transactions per customer.

而且，當我們踏上這段旅程時，有人擔心客戶的品質以及 CAC LTV 的 LTV 部分會受到影響。但我們看到的卻恰恰相反，自從我們推出 Evolve 2025 以來，我們看到客戶品質、客戶保留率和每位客戶的交易量都有所提高。

And so we've been very pleased with what we've been able to do with that CAC to LTV ratio.

因此，我們對 CAC 與 LTV 比率所取得的成績感到非常滿意。

Thank you for joining today's Western Union first quarter 2025 earnings results conference call. We hope you have a great day.

感謝您參加今天的西聯匯款 2025 年第一季收益業績電話會議。我們希望您度過愉快的一天。