西聯匯款 (WU) 2025 Q2 法說會逐字稿

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Western Union second 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 is focused on returning Western Union to sustainable, profitable revenue growth.

西聯匯款2025年第二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，因為我們繼續實施我們的「發展 2025」策略，該策略的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 truly customer centric company by being market competitive in the most important corridors, increasing our executional rigor, and being the market leader for great omni-channel customer experiences.

我們的策略是成為一家真正以客戶為中心的公司，在最重要的領域保持市場競爭力，提高執行嚴謹性，並成為全通路客戶體驗的市場領導者。

While we were -- while we are investing in this evolution. We continue to deliver above average -- above industry average margins, return capital to shareholders, and maintain our investment grade credit rating.

當我們——當我們正在投資這項變革時。我們繼續提供高於平均水平——高於行業平均水平的利潤率，向股東返還資本，並保持我們的投資級信用評級。

We remain optimistic about the long-term outlook as our investment in becoming market competitive over the past two years has provided a foundation for what we believe will be future share gains propelling revenue growth in both our retail and digital businesses.

我們對長期前景仍然持樂觀態度，因為我們過去兩年在提高市場競爭力方面的投資為未來的份額增長奠定了基礎，我們相信這將推動我們的零售和數位業務的收入成長。

We are also continuing to build up our consumer service business, which contributed significantly in the quarter. Our Travel Money business will be approaching $100 million in revenue this year from nearly nothing a few years ago.

我們也正在繼續發展我們的消費者服務業務，該業務在本季度做出了重大貢獻。我們的旅行貨幣業務收入今年將接近 1 億美元，而幾年前幾乎為零。

For the second quarter, we reported revenue of $1,026 million. On adjusted basis and excluding the impacts from Iraq this was a decline of 1% year over year. Overall, consumer money transfer transaction growth was down 3% in the quarter, and cross-border principal growth was up mid-single digits on a constant currency ex-Iraq basis. Speaking to the resilience of our customer base. And their perseverance in the current macro backdrop.

我們報告的第二季度收入為 10.26 億美元。經過調整後，排除伊拉克的影響，年減了 1%。整體而言，本季消費者匯款交易量成長下降了 3%，而跨境本金成長（以伊拉克以外的固定匯率計算）則成長了中等個位數。談論我們的客戶群的適應力。以及他們在當前宏觀背景下的堅持。

While our retail business in the Americas continues to face headwinds associated with the current geopolitical environment, our retail business in Europe performed well with mid-single digit transaction and revenue growth.

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良好，交易量和收入都實現了中等個位數成長。

Our branded digital business increased transactions by 9% and adjusted revenue by 6% in the quarter. Consumer services adjusted revenue growth was up 40% in the quarter, driven by our acquisition of Eurochange and strong European travel, which is the driver of our expanding Travel Money business.

我們的品牌數位業務本季交易量成長了 9%，調整後營收成長了 6%。本季消費者服務調整後營收成長了 40%，這得益於我們對 Eurochange 的收購以及歐洲旅遊業的強勁成長，這也是我們不斷擴大旅遊貨幣業務的驅動力。

We expect our Travel Money business to have another strong quarter in Q3 as we continue to benefit from Eurochange acquisition and the summer travel season.

我們預計，由於我們繼續受益於 Eurochange 收購和夏季旅遊旺季，我們的旅遊貨幣業務將在第三季再次表現強勁。

Our adjusted earnings per share came in at $0.42 compared to $0.44 this quarter a year ago, a decent result as Q2 2024 benefited meaningfully from higher revenues and operating profits from Iraq, which were not repeated in the current quarter. Our discipline in managing costs is coming through. Matt will discuss our second quarter financial results in 2025 outlook in more detail later in the call.

我們的調整後每股收益為 0.42 美元，而去年同期為 0.44 美元，這是一個不錯的結果，因為 2024 年第二季度受益於伊拉克更高的收入和營業利潤，而本季並未重複這一情況。我們在成本管理方面的紀律正在貫徹。馬特將在稍後的電話會議中更詳細地討論我們對 2025 年第二季財務業績的展望。

Now switching to the macro environment. As our core business is fundamentally linked to human mobility. When people move, whether for education, employment, or family, they rely on Western Union to send money across borders. Because of this, immigration practices and policies around the globe play a critical role in our business with both short term and long-term implications.

現在切換到宏觀環境。因為我們的核心業務從根本上與人類流動息息相關。當人們為了教育、就業或家庭而遷移時，他們都會依賴西聯匯款進行跨國匯款。因此，全球各地的移民實踐和政策對我們的業務起著至關重要的作用，既有短期影響，也有長期影響。

We firmly believe that in the long term, the global mobility of people from lower productivity countries to higher productivity countries is essential if the more developed economies of the world wish to maintain their economic growth given declining birth rates and lower labor force participation rates.

我們堅信，從長遠來看，在出生率下降和勞動參與率降低的背景下，如果世界較發達經濟體希望保持經濟成長，那麼從生產力較低國家向生產力較高國家進行全球人口流動至關重要。

In the short term, such as this quarter, we can see shocks in the long term trend lines driven by changes in policies. While our global business has continued to show resilience and growth, the Americas, and particularly now the United States have become more challenging in recent months.

短期內，例如本季度，我們可以看到受政策變化推動的長期趨勢線出現衝擊。雖然我們的全球業務繼續表現出韌性和成長，但美洲，特別是現在的美國，在近幾個月來面臨更大的挑戰。

We have observed an increase in immigration enforcement activity, including workplace inspections and high profile raids in sectors such as agriculture, construction, and food processing. While these actions are limited in scope, the ripple effect would appear to be having an impact on our business.

我們觀察到移民執法活動增加，包括工作場所檢查和農業、建築和食品加工等領域的高調突擊檢查。雖然這些行動的範圍有限，但其連鎖反應似乎會對我們的業務產生影響。

They can create hesitation within immigrant communities, leading to reduced transactional activity, changes in send behavior, and or shifts towards less visible and or informal remittance channels. These developments are creating short-term headwinds, especially in markets where recent enforcement efforts have been concentrated.

它們會在移民社區中引起猶豫，導致交易活動減少、匯款行為改變，或轉向不太明顯或非正式的匯款管道。這些發展正在造成短期阻力，特別是在近期執法力度較大的市場。

While we remain confident in the long-term resilience of these customer segments. We are seeing market level softness in some US outbound corridors. In response, we are doubling down on our commitments to customer experience, trust, and compliance.

但我們仍然對這些客戶群的長期韌性充滿信心。我們發現部分美國出境通道的市場水準出現疲軟。作為回應，我們加倍致力於客戶體驗、信任和合規性。

We continue to work closely with the government, as well as community organizations and advocacy groups to ensure that our customers continue to have access to high quality financial services. Earlier this month, legislation was passed in the United States that included a 1% tax on remittances. This legislation will go into effect at the beginning of 2026.

我們繼續與政府、社區組織和倡導團體密切合作，以確保我們的客戶繼續獲得高品質的金融服務。本月初，美國通過了一項法案，其中包括對匯款徵收 1% 的稅。該法案將於2026年初生效。

Generally, excluded from this legislation are any remittances funded through non-cash means, which excludes virtually all of our digital business in card-based retail or roughly 50% of our US CMT business today. We expect that this would limit our exposure to less than 20% of our total company revenues that are tied to US retail cash-based transactions.

一般而言，任何透過非現金方式資助的匯款均不受該立法的約束，這幾乎排除了我們所有的基於卡片的零售數位業務或目前美國 CMT 業務的約 50%。我們預計，這將使我們與美國零售現金交易相關的業務風險敞口限制在公司總收入的 20% 以下。

Looking at some of our largest retail partners in the US, we see debit card funding rates at 30% or even better, which causes us to believe that as debit adoption increases across our retail footprint in the US, our true exposure could be 15% or less of our global business.

看看我們在美國最大的一些零售合作夥伴，我們發現借記卡融資利率達到 30% 甚至更高，這讓我們相信，隨著借記卡在我們美國零售業務中的採用率不斷提高，我們真正的風險敞口可能只佔全球業務的 15% 或更少。

Given this, we believe a 1% remittance tax on cash-based remittances is not likely to have a meaningful impact on our business going forward. That said, we are rapidly building the required infrastructure to accurately collect and remit the tax when applicable.

有鑑於此，我們認為對現金匯款徵收 1% 的匯款稅不太可能對我們未來的業務產生重大影響。也就是說，我們正在迅速建造所需的基礎設施，以便在適用時準確地徵收和匯出稅款。

Our customers will have multiple options for non-cash remittance transactions, including card-based or bank-linked transactions at most retail locations in the US and on our digital platforms. This will include card acceptance at Western Union and Vigo branded locations, as well as through all Western Union digital offerings. US customers can now also enrol in our Vigo Money digital wallet, which offers a number of benefits, including being available as a tax-free digital funding source for remittance transactions.

我們的客戶將擁有多種非現金匯款交易選擇，包括在美國大多數零售點和我們的數位平台上進行基於卡片或銀行的交易。這將包括在西聯匯款和維哥品牌網點以及所有西聯匯款數位服務上接受信用卡。美國客戶現在還可以加入我們的 Vigo Money 數位錢包，該錢包提供多項優惠，包括可作為匯款交易的免稅數位資金來源。

In addition to helping our customers use the bank products that they already have, we are accelerating our efforts to enrol our customers who currently do not have these types of accounts into our digital wallet. We see this as a potential accelerant to our efforts to roll out our digital wallet in the US, as our agents will now have a shared incentive to help enrol customers.

除了幫助我們的客戶使用他們已有的銀行產品外，我們還在加快努力，將目前沒有此類帳戶的客戶納入我們的數位錢包。我們認為這將成為我們在美國推出數位錢包的潛在加速器，因為我們的代理商現在將擁有共同的動力來幫助招募客戶。

The move to card funded transactions at retail could also generate cost efficiencies over time by replacing our cash handling costs with relatively lower debit fees while also reducing the high costs of cash handling that our agents bear themselves.

零售業務轉向信用卡支付交易還可以透過相對較低的借記費用取代現金處理成本來提高成本效率，同時還可以降低代理商自己承擔的高額現金處理成本。

Looking ahead, despite the near term headwinds in the Americas, the broader trends remain clear. Global migration is not slowing. It is evolving. Whether driven by labor demand or political instability, people will continue to move, and we will continue to support them with solutions that are safe, fast, and trusted.

展望未來，儘管美洲近期面臨阻力，但整體趨勢仍是明朗。全球移民趨勢並未放緩。它正在不斷發展。無論是由於勞動力需求還是政治不穩定，人們都會繼續遷移，我們將繼續以安全、快速和值得信賴的解決方案為他們提供支援。

Now I would like to shift gears to another recent hot topic, Stablecoins. Historically, we have taken a conservative view towards cryptocurrency as a legitimate alternative to more traditional cross-border money movement, given its historic volatility and lack of a clear regulatory framework. This position has served us well and prevented many low ROI investment that others have made.

現在我想談談最近的另一個熱門話題：穩定幣。從歷史上看，鑑於加密貨幣的歷史波動性和缺乏明確的監管框架，我們對加密貨幣作為更傳統的跨境資金流動的合法替代品持保守態度。這一立場對我們很有幫助，並避免了其他人進行的許多低投資回報率的投資。

However, with the passage of the GENIUS Act, we are actively revising our position with a clear regulatory framework and guaranteed redemption value. We believe there are several opportunities worth exploring and investing in. We particularly like opportunities we see in treasury operations with increased settlement speed and potentially lowered required partner funding requirements.

然而，隨著《GENIUS法案》的通過，我們正在積極修改我們的立場，建立明確的監管框架和保證贖回價值。我們相信有幾個機會值得探索和投資。我們特別喜歡在財務營運中看到的機會，因為它可以提高結算速度並可能降低所需的合作夥伴資金需求。

Stablecoin enabled solutions have the potential to reduce friction and flow, enabling faster, more efficient movement of value between our global network and local payout partners.

穩定幣支援的解決方案有可能減少摩擦和流動，從而實現我們的全球網路和本地支付合作夥伴之間更快、更有效率的價值流動。

We are actively testing programs that leverage on chained settlement rails for backend treasury applications. The goal is to reduce dependency on legacy correspondent banking systems, shorten settlement windows, and improve capital efficiency, all without compromising compliance, transparency, or customer experience. These innovations aligned closely with our broader strategy to modernize the movement of money, and we believe they could ultimately improve our ability to manage our global liquidity.

我們正在積極測試利用鍊式結算軌道用於後端財務應用程式的程式。目標是減少對傳統代理銀行系統的依賴，縮短結算窗口，提高資本效率，同時不影響合規性、透明度或客戶體驗。這些創新與我們實現資金流動現代化的更廣泛策略緊密結合，我們相信它們最終可以提高我們管理全球流動性的能力。

In addition to treasury operations, we continue to explore opportunities to leverage Western Union's technology and capabilities too. First, make our payments network available as an on-ramp and off-ramp to connect the fiat world with the digital crypto world.

除了財務運營之外，我們還在繼續探索利用西聯匯款的技術和能力的機會。首先，讓我們的支付網路成為連接法定世界和數位加密世界的入口和出口。

Two, leverage Stablecoins to enable global payments across digital channels, and three, provide buy, sell, hold capabilities to our customers to access cryptocurrencies in our digital wallets.

二是利用穩定幣實現跨數位管道的全球支付；三是為我們的客戶提供買入、賣出、持有功能，以便他們存取我們數位錢包中的加密貨幣。

We see that there are many near term opportunities and have been pleasantly surprised at the high level of interest in using our payments network for on and off ramps in various parts of the world. We look forward to sharing more about our plans in this exciting area at our Investor Day on November 6.

我們看到有很多近期的機會，並且很高興地發現，世界各地對於使用我們的支付網路進行上下坡非常感興趣。我們期待在 11 月 6 日的投資者日上分享更多有關我們在這個令人興奮的領域的計劃。

Another place where we are starting to see exciting progress is in the integration of AI capabilities into our core business processes. We see artificial intelligence as becoming a foundational enabler of the next chapter of our transformational journey.

我們開始看到令人興奮的進展的另一個方面是將人工智慧功能整合到我們的核心業務流程中。我們認為人工智慧將成為我們轉型之旅下一章的基礎推動因素。

Over the past couple of quarters, we've accelerated the adoption of AI across our core operations and are now beginning to see tangible results. A couple of great examples include using AI powered customer service representative assistance to summarize transaction experiences, indicating to the CSR where specific points of issue are and helping them identify and solve our customers' problems without lengthy explanation.

在過去的幾個季度中，我們加快了在核心業務中採用人工智慧的步伐，現在已經開始看到實際的成果。一些很好的例子包括使用人工智慧客戶服務代表協助總結交易經驗，向 CSR 指出具體問題點在哪裡，並幫助他們識別和解決客戶的問題，而無需冗長的解釋。

This has allowed us to lower handle times by over 50%, where the CSR assistants are active, dramatically improving our customer experience. Also in customer service, we've integrated AI into our customer service QA function, and this technology has enabled us to go from sub 1% sampling to over 90% call sampling in the most recent period. Real-time case-based feedback drives CSR learning and improvement at a much faster rate.

這使得我們將處理時間減少了 50% 以上，其中 CSR 助理處於活躍狀態，大大改善了我們的客戶體驗。此外，在客戶服務方面，我們將人工智慧融入客戶服務 QA 功能中，這項技術使我們在最近的一段時間內從低於 1% 的採樣率提高到超過 90% 的呼叫採樣率。基於案例的即時回饋可以更快地推動 CSR 學習和改進。

In our tech department, we recently announced a partnership with HCL that gives us access to their GenAI platform AI Force, which will improve workflow efficiencies across both the engineering and application maintenance activities. We now have several 100 engineers participating with code completion co-pilots, driving productivity and quality improvements in our software development processes.

在我們的技術部門，我們最近宣布與 HCL 建立合作夥伴關係，使我們能夠使用他們的 GenAI 平台 AI Force，這將提高工程和應用程式維護活動的工作流程效率。我們現在有數百名工程師參與程式碼完成副駕駛員，推動軟體開發流程的生產力和品質的提升。

In our treasury and liquidity management operations, we're piloting AI models to better anticipate pre-funding needs and optimize capital deployment across corridors. This program will drive lower pre-funding requirements and allow us to bring back more cash to our corporate treasury for strategic M&A and or return to our shareholders.

在我們的財務和流動性管理營運中，我們正在試行人工智慧模型，以更好地預測預先融資需求並優化跨通路的資本部署。該計劃將降低預先融資要求，並使我們能夠將更多現金帶回公司財務，用於策略併購和/或回報股東。

With these experiences, we believe AI will enable us to continue to optimize our cost base for years to come, improving outcomes and reducing operating costs simultaneously.

憑藉這些經驗，我們相信人工智慧將使我們能夠在未來幾年繼續優化我們的成本基礎，同時改善結果並降低營運成本。

In conclusion, despite the current market outlook on our company, we are optimistic about the potential of our business and the platform it provides for a growing and profitable future. Our very resilient business model with its strong cash generating characteristics is the foundation from which we continue to improve and build upon.

總而言之，儘管我們公司目前的市場前景不佳，但我們對我們業務的潛力以及它為未來成長和獲利提供的平台持樂觀態度。我們的業務模式極具彈性，具有強大的現金產生特性，是我們不斷改進和發展的基礎。

I look forward to coming back in the fall and sharing with you our plans for this platform and our positive outlook on the future.

我期待秋天回來與大家分享我們對這個平台的計劃以及對未來的積極展望。

I will now turn the call over to our CFO, Matt Cagwin, to discuss our financial results in more detail.

現在，我將把電話轉給我們的財務長 Matt Cagwin，以更詳細地討論我們的財務表現。

Thank you, Devin, and good afternoon, everyone. I'm going to walk everybody through our 2025 second quarter results and our revised 2025 financial outlook. In the second quarter, GAAP revenue was $1 billion. Excluding Iraq, our adjusted revenue was down 1% on a year over year basis. The decline was led by a slowing in our retail business, largely driven by North America, while our branded digital and consumer service businesses continue to grow.

謝謝你，德文，大家下午好。我將向大家介紹我們 2025 年第二季的業績以及修訂後的 2025 年財務展望。第二季度，GAAP營收為10億美元。除伊拉克外，我們的調整後收入年減了 1%。下降的主要原因是我們零售業務放緩，主要是受北美市場的影響，而我們的品牌數位和消費者服務業務則持續成長。

Adjusted operating margin was 19% in both the second quarter of this year and in the same period last year. Our operating margins were negatively impacted by lower contributions from Iraq in the current period and higher consumer fraud losses, which were offset by savings from our cost redeployment program and favorable foreign currency.

今年第二季和去年同期的調整後營業利益率均為19%。我們的營業利潤率受到本期伊拉克捐款減少和消費者詐欺損失增加的負面影響，但我們的成本重新部署計劃和有利的外幣帶來的節省抵消了這些影響。

Adjusted EPS was $0.42 in the current period compared to $0.44 in the previous year. In addition to the items impacting adjusted operating margins, adjusted EPS was affected by higher interest expense, partially offset by fewer shares outstanding in the quarter. The adjusted effective tax rate was 16% in the quarter and in the prior year period the adjusted effective tax rate was higher than our full year outlook due to discrete tax items in the current period.

本期調整後每股收益為 0.42 美元，去年同期為 0.44 美元。除了影響調整後營業利潤率的項目外，調整後每股盈餘還受到利息支出增加的影響，但本季流通股減少部分抵銷了這一影響。本季調整後的有效稅率為 16%，而去年同期的調整後有效稅率高於我們的全年預期，原因是本期存在單獨稅項。

Now turning to Consumer Money Transfer or CMT. Transactions declined 3% in the quarter or 2% excluding Iraq, as uncertain immigration policies continue to disrupt the industry, and we are seeing shifts in our customer behavior from fewer transactions but higher average principal per transaction. Our PPT increased by over 5% in the second quarter compared to the prior year on a constant currency basis.

現在轉向消費者匯款或 CMT。由於不確定的移民政策繼續擾亂該行業，本季度交易量下降了 3%，不包括伊拉克則下降了 2%，而且我們看到客戶行為發生了變化，交易量減少了，但每筆交易的平均本金增加了。以固定匯率計算，我們第二季的 PPT 與去年同期相比成長了 5% 以上。

Our branded digital business grew adjusted revenue by 6% and transactions by 9%. This marks the seventh straight quarter of solid revenue growth of mid-single digit or better. We continue to see progress in our branded digital business with strong transactions growing in the Middle East and APAC. However, we saw a transaction slow from the United States to Latin America, led by US to Mexico.

我們的品牌數位業務調整後營收成長了 6%，交易量成長了 9%。這標誌著該公司收入連續第七個季度實現中等個位數或更高的穩健成長。我們的品牌數位業務持續取得進展，中東和亞太地區的交易強勁成長。然而，我們發現從美國到拉丁美洲的交易速度放緩，尤其是美國到墨西哥的交易速度。

Like previous quarter -- like the previous quarter, our branded digital revenue growth was muted by loyalty accruals, and we expect this headwind to subside in the back half of this year.

與上一季一樣，我們的品牌數位收入成長受到忠誠度累積的影響，我們預計這種不利因素將在今年下半年消退。

We continue to see strong growth in our payout to account business. In the quarter, we grew nearly 30% and now account payouts account for almost 40% of transactions sent from our branded digital business. We continue to evaluate and expand our payout capabilities around the world, as we serve the unique needs of our customer segment.

我們的帳戶支付業務持續呈現強勁成長。本季度，我們的業務成長了近 30%，目前帳戶支出占我們品牌數位業務交易的近 40%。我們將繼續評估和擴大我們在全球範圍內的支付能力，以滿足我們客戶群的獨特需求。

The growth of our account directed payments highlights the demand for flexible, fast remittance options and comes with higher margins and a much stickier customer relationship. We also have negotiated lower account payout rates this quarter, which helped achieve stable profit margins despite the tough macro environment and lower revenue. We believe we have much more runway to go on reducing our account payout fees.

我們的帳戶直接支付的成長凸顯了對靈活、快速匯款方式的需求，並帶來了更高的利潤和更緊密的客戶關係。本季我們也協商降低了帳戶支出率，儘管宏觀環境嚴峻且收入下降，但這仍有助於實現穩定的利潤率。我們相信，我們在降低帳戶支付費用方面還有很大的進步空間。

Additionally, as Devin talked about, we see the new remittance taxes as an opportunity to accelerate our digital transformation and grow both the digital and wallet businesses in the United States. This reflects benefits to our customers and also gives us an opportunity to deepen our relationship with them.

此外，正如德文所說，我們將新的匯款稅視為加速數位轉型和發展美國數位業務和錢包業務的機會。這體現了我們客戶的利益，也為我們加深與客戶的關係提供了機會。

Now turning to our retail business. In the quarter, we continue to see weakness in North America, driven by immigration policy, which led to a slowdown in independent channel. Growth rates in our Vigo business slowed from growing double digits last year to negative in the current quarter. We believe -- as we fully implement our evolved strategy here in North America, we will begin to see the results similar to those that we're experiencing in Europe.

現在轉向我們的零售業務。本季度，我們繼續看到北美的疲軟，受移民政策的推動，這導致獨立管道的放緩。我們維哥業務的成長率從去年的兩位數成長放緩至本季的負值。我們相信—隨著我們在北美全面實施我們不斷發展的策略，我們將開始看到與我們在歐洲經歷的類似的結果。

We continue to see strength in our retail business in Europe, driven by 15%-plus revenue growth in both Spain and the United Kingdom. In the UK, we have expanded our relationship with the UK Post moving from a nonexclusive relationship to an exclusive one. In Spain, we're doing many of the right things in relation to our Evolve 2025 strategy. First, we're benefiting from the controlled distribution network with over 60 owned and concept stores in the market.

我們在歐洲的零售業務持續保持強勁勢頭，這得益於西班牙和英國的營收成長 15% 以上。在英國，我們與英國郵政的關係已從非獨家關係轉變為獨家關係。在西班牙，我們正在根據我們的「發展 2025」策略做許多正確的事情。首先，我們受益於受控分銷網絡，該網絡在市場上擁有 60 多家自有店和概念店。

Second, a strong focus on payout to account is driving close to 80% growth in the payout to account year over year. And lastly, Spain was the initial market for our dynamic pricing model, which benefits as we leverage our scale and flexible model to capture market share.

其次，高度重視帳戶支出，推動帳戶支出較去年同期成長近 80%。最後，西班牙是我們動態定價模式的初始市場，我們利用規模和靈活的模式來佔領市場份額，從而受益。

We also continue to -- we also continue to believe there are numerous compelling opportunities for our retail business to recapture market share, and we look forward to sharing more about those opportunities at our upcoming Investor Day. We will continue to work on executing against these opportunities as we continue to grow our retail business.

我們也繼續相信我們的零售業務有許多引人注目的機會來重新奪回市場份額，我們期待在即將到來的投資者日分享更多關於這些機會的資訊。在繼續發展零售業務的同時，我們將繼續努力抓住這些機會。

Now transitioning to consumer service segment, which now accounts for 14% of total quarterly revenue. During the second quarter, adjusted revenue was up 41%, driven by our Travel Money business. Consumer Services accelerated since the first quarter due to the acquisition of Eurochange, which accounted for more than half of our growth, our bill pay business, which had stronger revenue growth in the quarter as well as our Media Network business which also accelerated based on the deferred contract I talked about in the first quarter, which came through during the second quarter.

現在正轉向消費者服務部門，該部門目前佔季度總收入的 14%。在第二季度，調整後的收入成長了 41%，這得益於我們的旅行貨幣業務。由於收購了 Eurochange，消費者服務業務自第一季以來加速發展，這佔了我們成長的一半以上，我們的帳單支付業務在本季度實現了更強勁的收入成長，我們的媒體網路業務也因我在第一季度談到的延期合約而加速發展，該合約在第二季度生效。

Now switching briefly to operational efficiency program. Year-to-date, we were able to save $40 million, which brings our cumulative savings to more than $150 million, completing our program we announced at our 2022 Investor Day, two years ahead of our schedule.

現在簡要轉到營運效率計劃。今年迄今為止，我們已節省 4,000 萬美元，累計節省金額超過 1.5 億美元，提前兩年完成了我們在 2022 年投資者日宣布的計劃。

As Devin mentioned earlier, the recent adoption of AI is beginning to result in cost efficiencies, and we are confident that artificial intelligence will enable us to continue to optimize our cost base going forward.

正如 Devin 先前提到的，最近採用的人工智慧開始提高成本效率，我們相信人工智慧將使我們能夠繼續優化未來的成本基礎。

Now turning to our cash flow and balance sheet. We generated $148 million in cash flow from operations year-to-date compared to $60 million in the prior year period. Both years included over $200 million in cash taxes related to our transition tax. I'm excited to announce that we made our final payment last quarter related to the transition tax, and as we go forward, we will no longer have this burden.

現在轉向我們的現金流和資產負債表。今年迄今為止，我們的經營活動產生的現金流為 1.48 億美元，而去年同期為 6,000 萬美元。這兩年的過渡稅相關現金稅都超過 2 億美元。我很高興地宣布，我們上個季度已支付了與過渡稅有關的最後一筆款項，今後我們將不再有這個負擔。

Year-to-date, capital expenditures were $54 million or 15% lower than prior year. We remain committed to strategically investing in key areas of our business, while also aligning agent compensation to our performance.

年初至今，資本支出為 5,400 萬美元，較上年下降 15%。我們將繼續致力於對業務的關鍵領域進行策略性投資，同時將代理商的薪酬與我們的績效掛鉤。

Now moving on to our balance sheet. We continue to maintain a strong balance sheet with cash and cash equivalents of $1 billion and debt of $2.7 billion. Our leverage ratios were 2.8 times and 1.8 times on a gross and net basis, which we believe provides us with ample flexibility to return capital or potential M&A while maintaining our investment grade credit rating.

現在來看我們的資產負債表。我們繼續保持強勁的資產負債表，現金和現金等價物為 10 億美元，債務為 27 億美元。我們的槓桿率分別為總額和淨額的 2.8 倍和 1.8 倍，我們相信這為我們提供了充足的靈活性來返還資本或潛在的併購，同時保持我們的投資級信用評級。

In the second quarter, we returned over $150 million to our shareholders via dividends and share repurchases and over $300 million during the first six months of the year. This represents a cash return to our shareholders over 10% versus our current market cap in the first half of this year, and implies a 20% cash-on-cash return if we were to annualize the first half payments at our current stock price.

在第二季度，我們透過股利和股票回購向股東返還了超過 1.5 億美元，在今年上半年則返還了超過 3 億美元。這意味著，今年上半年我們股東的現金回報率將超過我們目前市值的 10%，如果我們以當前股價將上半年的支付金額按年化，則意味著現金回報率將達到 20%。

Now moving on to our 2025 outlook, which assumes no material changes in macroeconomic conditions. Based on the tough macros and performance year-to-date, we are updating our 2025 guidance today, which includes adjusted revenue to be in the range of $4,035 million to $4,135 million.

現在讓我們來看看 2025 年的展望，假設宏觀經濟條件不會有重大變化。根據嚴峻的宏觀情況和年初至今的表現，我們今天更新了 2025 年的指引，其中包括調整後的收入在 40.35 億美元至 41.35 億美元之間。

This range reflects continued growth in our branded digital business, double-digit growth in consumer services as well as improvements in our retail business. We expect operating margins to be in the range of 19% to 21%. And lastly, we expect adjusted EPS to be in the range of $1.65 to $1.75.

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改善。我們預計營業利潤率將在 19% 至 21% 之間。最後，我們預計調整後的每股盈餘將在 1.65 美元至 1.75 美元之間。

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

感謝您今天參加電話會議。接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

Hi, thanks for taking my question. Matt, maybe first one for you on just the Eurochange acquisition. I think based on what you said, I'm calculating roughly 2 points of contribution to revenue growth in the quarter. Is that correct? And is that trending better than I think you had anticipated roughly 1 point of contribution for the year. So was it trending better than what you guys had originally thought?

你好，謝謝你回答我的問題。馬特，也許你首先要問的是有關 Eurochange 收購的問題。我認為根據您所說的，我計算出本季對營收成長的貢獻約為 2 個百分點。對嗎？我認為，這種趨勢是否比您預期的今年大約 1 個百分點的貢獻要好？那麼它的趨勢是否比你們最初想像的還要好？

Hey Vasu, thanks for the question. Thanks for joining the call today. We are super excited about the acquisition. We got them at the very beginning of this quarter. To your question, yes, it's about 2% of revenue in the quarter.

嘿，Vasu，謝謝你的提問。感謝您今天參加電話會議。我們對此次收購感到非常興奮。我們在本季度初就獲得了它們。對於您的問題，是的，這約佔本季收入的 2%。

As you work your way through the year, typically the strongest quarter of the year is Q3 followed by Q2 with the lighter ones being Q1 and Q4. So our 1% comp, it was a full year comment last quarter. And it's going very well.

從全年來看，通常最強勁的季度是第三季度，其次是第二季度，而較弱的季度是第一季和第四季。因此，我們的 1% 的比較是上個季度的全年評論。一切進展順利。

We're super excited to have the team on Board. They've come in added a whole bunch of additional thought leadership around the Travel Money business, have given us a whole lot more optimism and confidence in the acquisition we made.

我們非常高興能夠有這個團隊加入我們。他們為旅行貨幣業務增添了大量額外的思想領導力，讓我們對此次收購更加樂觀和有信心。

And super excited we're able to get a strong asset for a purchase price net of cash of about $30 million. So super excited about having it. Thanks for the question.

我們非常高興能夠以約 3000 萬美元的淨現金購買到一項強大的資產。我非常興奮能擁有它。謝謝你的提問。

Thank you very much. And just if I could ask a quick follow-up on just the immigration crack down and the impact that's having on North America, are you seeing any mix shift to the digital channel away from retail as a result of what's happening? Or is that not really something you're seeing in the numbers?

非常感謝。我想快速問一下關於移民打擊及其對北美的影響，您是否看到由於目前的情況，商品組合從零售通路轉向數位管道？或者這不是你在數字中看到的東西？

We are not as evidenced by the commentary, Vasu. We saw a slowdown from US to Mexico in both the retail business and the digital business. As you know, the US to Mexico corridor is the largest corridor out of the United States by a factor of almost three. And so that is a powerful driver. We did not see a material shift from retail to digital. We saw aggregate volume demands in both channels go down.

正如評論所證明的那樣，我們並非如此，Vasu。我們發現從美國到墨西哥的零售業務和數位業務都出現了放緩。眾所周知，美國至墨西哥的走廊是美國境外最長的走廊，長度幾乎是其他走廊的三倍。這是一個強大的驅動力。我們並沒有看到從零售到數位化的實質轉變。我們發現兩個管道的總量需求都在下降。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey guys, thanks for taking the question. Just wanted to follow up on that last point on the deceleration in digital transactions this quarter. I -- frame if I'm wrong on this, I thought the definition for digital is digital on either side of the transaction.

嘿夥計們，謝謝你們回答這個問題。我只是想跟進一下本季數位交易減速的最後一點。我——如果我錯了，我認為數字的定義是交易雙方的數字。

So I was just wondering if you could talk about whether like the slowdown that you're seeing on the digital side is for retail-originated transactions and just maybe quantify what the exposure there is, if I'm correct on that?

所以我只是想知道您是否可以談談您在數字方面看到的成長放緩是否與零售交易有關，如果我說得正確的話，是否可以量化其中的風險敞口？

Hey Will, this is Matt. We actually have a different definition than some of our competitors in the marketplace. We have historically used retail is anything that originates in a retail location, anything and then digital in it originates on the digital side, whether it's paid out in cash or paid out to account. So there is a little bit of a definition thing there.

嘿，威爾，我是馬特。事實上，我們的定義與市場上的一些競爭對手不同。我們過去一直認為零售是源自零售地點的任何事物，其中的數位化源自數位領域，無論是以現金支付還是支付到帳戶。因此這裡面有一點定義的東西。

As Devin just talked about in the last question, we are seeing a slowdown in the digital US outbound into Latin America primarily into Mexico. That's something we're seeing in the central banks reporting that there's a slowdown of inbound transactions across the Board. We did not experience this last quarter, but we're starting to see a little bit of a headwind on that.

正如德文在上一個問題中提到的，我們看到美國數字出口到拉丁美洲（主要是墨西哥）的速度正在放緩。我們從各國央行的報告中看到，全球的入境交易都在放緩。上個季度我們沒有遇到這種情況，但我們開始看到一些阻力。

Got it. No, I apologize, I guess I had that wrong.

知道了。不，我很抱歉，我想我錯了。

The other thing, Will, right to the question you asked, right, and if you put the commentary together in payout to account, whether it was digitally originated or retail originated, we also saw a slight slowing historically, whether retail originated or digital originated payout to account was running mid-30s, sometimes high 30s.

另一件事，威爾，對於你提出的問題，如果你把評論放在一起，無論是數字起源還是零售起源，我們也看到了歷史上略微放緩的現象，無論是零售起源還是數字起源的賬戶支出都在 30 年代中期，有時甚至 30 年代後期。

In many corridors now it's running mid-20s to low 30s. And so even in the most digital, which is digitally originated digital payout to account, we saw a slight slowdown. And we saw that slowdown in payout to account both from retail originated and digital originated almost entirely into the important lock corridors, Mexico, Venezuela, Haiti, Guatemala, Dominican Republic. Those are the places -- Colombia, Ecuador, those are the places with the biggest slowdowns.

現在許多走廊的氣溫都在 20 多度到 30 多度之間。因此，即使在最數位化的領域，即數位化起源的數位支付到帳戶中，我們也看到了略微的放緩。我們發現，無論是零售還是數位支付，帳戶支出的放緩幾乎全部發生在重要的鎖定走廊，即墨西哥、委內瑞拉、海地、瓜地馬拉和多明尼加共和國。這些地方——哥倫比亞、厄瓜多爾，是經濟放緩最嚴重的地方。

All right. That's great. That's all great detail. I appreciate that. And then I -- maybe I wanted to maybe pivot to the Stablecoin side, a couple of interesting tidbits you shared there. I thought -- the one that set out to me the most was on kind of the on-ramp off-ramp solutions to kind of other third-party stable point solutions.

好的。那太棒了。這些都是很棒的細節。我很感激。然後我 — — 也許我想轉向穩定幣方面，您在那裡分享了一些有趣的花絮。我認為 — — 對我來說最有啟發的是一種上坡下坡解決方案，以及其他第三方穩定點解決方案。

And I remember the company used to offer some white label products in the past, not so much these days, but it seems like you're considering white labeling your on-ramp off-ramp to kind of people on the standpoint ecosystem.

我記得該公司過去曾經提供過一些白標產品，但現在不多了，但看起來您正在考慮將您的入口匝道和出口匝道貼上白標，以面向立場生態系統中的人們。

Can you talk about that opportunity? And just spot light, like what are the types of corridors or the types of use cases where you guys could add the most value to people trying to operate stainable coin payments cross border. Thanks for taking the question.

你能談談這個機會嗎？並且重點關注哪些類型的通道或類型的用例可以為那些試圖跨境操作可持續硬幣支付的人增加最大的價值。感謝您回答這個問題。

Yeah, certainly. So Will, as you know, the moving of Stablecoins from one digital wallet to another digital wallet is pretty straightforward. The translation of that Stablecoin back into a local fiat currency that someone can use to buy groceries or pay a bill is much more difficult.

是的，當然。所以威爾，如你所知，將穩定幣從一個數位錢包轉移到另一個數位錢包非常簡單。將穩定幣轉換回當地法定貨幣以供人們購買食品雜貨或支付帳單要困難得多。

Our infrastructure around the world has been enabling that basically from central bank digital currency to local fiat currency for a couple of decades now. So transitioning to be a provider of that kind of platform and in many places in the world, that conversion is not the easiest thing in the world.

幾十年來，我們遍布全球的基礎設施基本上一直在實現從中央銀行數位貨幣到當地法定貨幣的轉變。因此，轉型成為此類平台的提供者，在世界許多地方，這種轉變並不是一件容易的事。

So I think in lots of places in Asia, Central America, South America, Africa, where we've got great capabilities and great platforms. So we've been pleasantly surprised at how much the phone has been ringing since Circle went public and lots of enthusiasm came into this space and are actively participating with a couple of parties now doing pilots, both in South America and in Africa.

所以我認為在亞洲、中美洲、南美洲、非洲的許多地方，我們都擁有強大的能力和優秀的平台。因此，自從 Circle 上市以來，我們驚訝地發現電話響了這麼多，人們對這個領域充滿了熱情，並且積極參與其中，目前有幾方正在南美和非洲進行試點。

So we'll come back to it, but we see it as a natural evolution for us, given what our capabilities are around the world and the value we can provide as the payments world digitizes towards blockchain-based platforms.

因此，我們將回到這個問題上，但我們認為這對我們來說是一個自然的演變，考慮到我們在全球範圍內的能力以及我們在支付世界向基於區塊鏈的平台數位化過程中可以提供的價值。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, thanks so much for taking my question this evening. I wanted to ask about the visibility into some of the political headwinds that are impacting your Latam and US-Mexico business. has the headwind kind of stabilized at this point? Or is it still kind of a moving target?

您好，非常感謝您今晚回答我的問題。我想問一下影響你們在拉丁美洲和美國-墨西哥業務的一些政治逆風的可見性。目前逆風是否已經穩定下來了？或者它仍然是一個移動的目標？

And I guess that's a key way of asking could the impact worsened in the quarters ahead? Or are you sort of feeling like, okay, things kind of had a step function down, but now the question is sort of anniversarying the step down.

我想這是一個關鍵的問題，即未來幾季的影響是否會惡化？或者您是否覺得，好吧，事情似乎已經出現了階梯式下降，但現在的問題是如何紀念這種下降。

It is a wonderful question that I wish I could tell you a great answer to. What I can tell you is the impact we see is somewhat volatile. So June was much better than April, April was much worse than February. So was April the low point? I don't know.

這是一個很棒的問題，我希望我能給你一個很好的答案。我可以告訴你的是，我們看到的影響有些不穩定。因此，六月比四月好得多，四月比二月差得多。那麼四月是最低點嗎？我不知道。

What I can tell you is increases in activity, increases in visibility and increases in media attention all seem to have a negative correlated effect on our customers willingness to particularly walk into a retail location. But as we said also, to a certain extent, in our digital channels as well.

我可以告訴你的是，活動的增加、知名度的提高和媒體關注的增加似乎都對我們的顧客走進零售店的意願產生了負相關的影響。但正如我們所說，在某種程度上，我們的數位管道也是如此。

And so we're keeping a very close eye on it. We've got lots of folks on the ground in the communities, providing safe, secure, compliant products and services for our customers, but this is one that I think we're going to see how it goes.

因此我們對此保持密切關注。我們在社區中有很多實地工作人員，為我們的客戶提供安全、可靠、合規的產品和服務，但我認為我們會看看這件事進展如何。

Okay. One quick follow-up for me on Stablecoins. I guess the question is, what are you seeing in the marketplace in terms of demand? I know there's a Stablecoins use case where folks in emerging markets with maybe shaky financial infrastructure to use it as a or way to buy US dollars. Is there any organic demand you're seeing for Stablecoin utilization? Or is this just more of kind of a top-down we will build it in case they come type of an approach, basically.

好的。我對穩定幣有一個快速的跟進。我想問題是，就需求而言，您在市場上看到了什麼？我知道穩定幣有一個用例，即新興市場中金融基礎設施可能不穩定的人可以用它來購買美元。您是否看到對穩定幣使用有任何有機需求？或者這只是一種自上而下的構建方式，以防他們採取某種方法。

I would aggregate conversations into two parts. And Matt can talk about the second part, probably at greater length than I can. The two parts are, one, the reach outs that we're getting from what I would call platform or infrastructure providers who are assembling ways in which people can therefore then issue a Stablecoin or use a Stablecoin-based process through a series of platforms that kind of connect all this stuff.

我會將對話分成兩個部分。馬特可以談論第二部分，可能比我講得更詳細。這兩個部分是，第一，我們從我所說的平台或基礎設施提供者那裡獲得的聯繫，他們正在整合各種方式，以便人們可以透過一系列連接所有這些東西的平台來發行穩定幣或使用基於穩定幣的流程。

So that's in your category of build it and hope they come. And so we have a lot of reach out from people who would like the ability to do particularly off-ramps, I guess, maybe on ramps as well, but particularly off ramps. In many of these countries around the world that either have currency controls or have difficulty with kind of local currency translation.

所以這屬於你的建設類別，並希望他們能夠到來。因此，我們接到了很多來自人們的聯繫，他們希望能夠實現特別是在出口匝道上的功能，我想，也許在匝道上也可以，但主要是在出口匝道上。世界上許多國家都實施貨幣管制，或難以進行當地貨幣兌換。

The second, and this is where we're investing a lot of our time and energy is people who are building in essence, B2B solutions and platforms allowing people like us to move money around the world in a much more efficient way than the correspondent banking system.

第二，我們投入了大量的時間和精力來建立 B2B 解決方案和平台，讓我們這樣的人能夠以比代理銀行系統更有效的方式在世界各地轉移資金。

And so the more productive conversations that are translating into economic value for us is how do we enable a Stablecoin infrastructure for our core business, which is retail consumers either digitally or in the retail channel, wanting to send money to family and friends, and then how do we make that seamless in real time for the customer regardless of the fact that we're using a Stablecoin versus a traditional Swift banking infrastructure platform. That is probably progressing much faster, but I can let Matt talk about it.

因此，對我們來說，轉化為經濟價值的更有成效的對話是如何為我們的核心業務啟用穩定幣基礎設施，即數位或零售通路的零售消費者，他們希望向家人和朋友匯款，然後，無論我們使用的是穩定幣還是傳統的 Swift 銀行基礎設施平台，我們如何讓客戶即時無縫地完成這項操作。這可能進展得更快，但我可以讓馬特談論它。

I'd just echo what you just said there, Devin. So we've got a couple of different partners we're already working with carefully right now in Latin America in particular, where currency controls and other challenges make it easier to use a Stablecoin or cryptocurrency.

我只是重複你剛才說的話，德文。因此，我們目前已與幾個不同的合作夥伴密切合作，特別是在拉丁美洲，那裡的貨幣管制和其他挑戰使得使用穩定幣或加密貨幣變得更加容易。

Ultimately for us, is you get this real time around the world, it will allow us to reduce the amount of capital we have around the world to help do payouts. So we're super excited and find a way to make this work, have partners that are very interested in engaging with us and see more of a pull today than just a conversation.

對我們來說，最終的結果是，您可以即時地在世界各地獲得這些信息，這將使我們能夠減少在世界各地用於支付的資本量。因此，我們非常興奮，並找到了一種方法來實現這一目標，讓合作夥伴非常有興趣與我們合作，並且今天看到的不僅僅是對話，還有更多的吸引力。

A great anecdote, Matt and I were chatting this morning. Over the weekend, one of our significant banking partners in India ran short of cash. We had some added volume that we didn't anticipate. And so we had some delayed payments over the weekend because by the time we were able to move money to India to top up our partner there, we weren't able to provide as timely service for our customers.

一個很棒的軼事，今天早上我和馬特聊天。上週末，我們在印度的重要銀行夥伴出現現金短缺。我們增加了一些未曾預料到的數量。因此，我們週末的一些付款被延遲了，因為當我們能夠將資金轉移到印度為那裡的合作夥伴充值時，我們無法及時為客戶提供服務。

In a Stablecoin world, Matt could make that happen 24/7 as soon as we saw the ability for the partner to make outbound payments reduced by prefunding levels, he could just top up in real time with a Stablecoin.

在穩定幣的世界裡，一旦我們看到合作夥伴進行對外支付的能力因預付資金水平而降低，馬特就可以全天候實現這一點，他只需使用穩定幣實時充值即可。

Very helpful. Thank you.

非常有幫助。謝謝。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Hi, sorry, I was on mute. Thanks for taking my question. Just given the tightening US immigration policy, and we'll probably be in this environment for at least the next 3.5 years. Do you think you have to tweak your Evolve 2025 strategy at all?

你好，抱歉，我靜音了。感謝您回答我的問題。鑑於美國移民政策的收緊，我們可能至少在未來 3.5 年內都會處於這種環境中。您認為您是否需要調整您的 Evolve 2025 策略？

We are very committed to the strategy. We believe that our customers are resilient. We believe that the vast majority of our customers are productive members of the societies in which they have chosen to join around the world, including here in the United States.

我們非常致力於這項戰略。我們相信我們的客戶具有韌性。我們相信，我們的絕大多數客戶都是他們所選擇加入的世界各地社會中富有成效的成員，包括美國。

Recall that in order to send money home one needs to have money in the first place, which means you likely have a job, you have food on your table, shelter over your head before you choose to send money home. We are going to remain committed to that customer.

回想一下，為了把錢匯回家，首先需要有錢，這意味著在你選擇把錢匯回家之前，你可能已經有一份工作，有飯可吃，有住可住。我們將繼續致力於服務該客戶。

And as this policy and process evolves, we believe that things will stabilize. On any given day, we're still sending nearly 100,000 transactions to Mexico. It's just not growing 10%, 12%, 15% like it has been the last couple of years.

隨著這項政策和進程的發展，我們相信情況將會穩定下來。在任何一天，我們仍然向墨西哥發送近100,000筆交易。它只是沒有像過去幾年那樣成長 10%、12% 或 15%。

So I think we will likely see less growth over the next couple of years with the current policies and approaches than maybe we have in the last couple of years, particularly here in the US. But we don't think it fundamentally changes the core intrinsics of the product we offer, the stability of the market or the nature of the opportunity.

因此我認為，根據現行政策和方法，未來幾年的經濟成長可能會低於過去幾年，尤其是在美國。但我們並不認為它從根本上改變我們所提供產品的核心本質、市場的穩定性或機會的性質。

As you know, we've evolved the strategy to also include consumer services. And so we will be placing a greater emphasis on driving nonremittance based products and services. In the prepared comments, I talked about the rollout of our digital wallet, which includes a debit product, a bill payment product and the ability to do fee-free P2P, wallet to wallet within the United States.

如您所知，我們已經制定了涵蓋消費者服務的策略。因此，我們將更加重視推動非匯款產品和服務。在準備好的評論中，我談到了我們的數位錢包的推出，其中包括借記產品、帳單支付產品以及在美國境內進行免費 P2P、錢包到錢包的能力。

So rolling out products and services like that more rapidly in the US will obviously become a greater priority as we see the top-level line growth of the core remittance product slowly stabilize.

因此，隨著核心匯款產品的頂級線路成長逐漸穩定，在美國更快推出此類產品和服務顯然將成為更重要的優先事項。

Thanks for the insights there. And then just one follow-up for me. Just on the comments you made on the 1% remittance tax. You make a case for increased debit usage. I'm just curious for customers that have a debit card, wouldn't you anticipate them just using digital means to transfer money rather than using a debit card right at the retail location?

感謝您的見解。然後我只需要跟進一次。僅針對您對 1% 匯款稅的評論。您主張增加簽帳卡的使用。我只是對擁有借記卡的客戶感到好奇，您是否認為他們只是使用數位方式轉帳而不是直接在零售店使用借記卡？

Interestingly, the retail value proposition is sometimes about cash. But most of the time, it's not actually about cash. And as I said, some of our big national grocery store chains already have 30%, 40% debit enablement. And so we recently did a customer survey with a group of US retail customers to try to get a better read on this.

有趣的是，零售價值主張有時與現金有關。但大多數時候，這其實與現金無關。正如我所說，我們的一些大型全國性連鎖雜貨店已經擁有 30% 到 40% 的借記卡支持率。因此，我們最近對一組美國零售客戶進行了一項客戶調查，試圖更好地了解這一點。

And over two-thirds of them indicate that they will remain in the retail channel and use a debit card. The convenience, the familiarity, the language, the certainty, in some cases, the paper receipt that they have as evidence that they sent the money is valuable to them versus trying to enable a digital app or send money digitally.

其中超過三分之二的人表示他們將繼續留在零售通路並使用金融卡。便利性、熟悉性、語言、確定性，在某些情況下，與嘗試啟用數位應用程式或以數位方式匯款相比，作為匯款證據的紙本收據對他們來說更有價值。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

Great. Thank you for taking the question. Two brief ones, actually. One is during the prepared remarks, you made a couple of comments around fraud losses in the quarter. I just wanted to see if you could bring that to life a little bit. What is the scenario in which that happens or happened?

偉大的。感謝您回答這個問題。實際上，有兩個簡短的。一是在準備好的發言中，您對本季的詐欺損失發表了一些評論。我只是想看看你是否可以讓它變得生動一點。發生或曾經發生過這種情況的場景是什麼樣的？

And then a general question around large partners with any contract renewals that might be coming up that we should be aware of, either exclusive deals that could be renegotiated, et cetera, if there's anything on the horizon that we should be thinking about? Thank you.

然後是關於大型合作夥伴的一般性問題，我們應該注意任何即將續簽的合同，或者可以重新談判的獨家交易等等，如果有什麼事情是我們應該考慮的？謝謝。

Awesome, Tim. Thanks for joining the call today. I'll tackle the first one and Devin will hit the second one. But on the fraud loss side, we, during the quarter, early June, implemented a new real-time payment network. When that happened, we ended up having a duplicate payment challenge.

太棒了，提姆。感謝您今天參加電話會議。我會解決第一個問題，而德文會解決第二個問題。但在詐欺損失方面，我們在本季（六月初）實施了一個新的即時支付網路。當這種情況發生時，我們最終面臨重複付款的挑戰。

We've been working to recover those funds. It's not material, but we thought it was important enough to call out as you could see, we're still able to maintain our 19% margins. So not a big deal, but an item that we're working our way through.

我們一直在努力追回這些資金。這並不重要，但我們認為它足夠重要，正如你所看到的，我們仍然能夠保持 19% 的利潤率。所以這不是什麼大問題，但我們正在努力解決。

As you know, particularly in the US, though it's true all over the world, Western Union has historically enjoyed a preeminent position with the largest retailers in postal systems. In any given year, there's any series of renewals that come up. I think now we're through all of the ones for 2025.

如您所知，尤其是在美國，儘管在世界各地都是如此，西聯匯款在歷史上一直享有與郵政系統中最大的零售商的卓越地位。在任何一年，都會出現一系列的更新。我想現在我們已經完成了 2025 年的所有目標。

I'm pleased that we've renewed -- I don't know, Matt, we probably knew 12, 15, over a dozen of the large strategic partnerships in the US, including grocery store chains, major check cashers, other everyday financial service providers.

我很高興我們重新建立了——馬特，我不知道，我們可能知道美國有 12、15 或十幾個大型戰略合作夥伴關係，其中包括連鎖雜貨店、主要支票兌現商和其他日常金融服務提供者。

As we noted in the prepared comments, we renewed with the UK Post taking that relationship exclusive. And we continue to look forward to renewals with postal systems in Spain, Australia and other countries around the world. So I don't think there's anything unusual so far this year, and we'll continue to keep you posted.

正如我們在準備好的評論中指出的那樣，我們與英國郵政續簽了獨家合作關係。我們繼續期待與西班牙、澳洲和世界其他國家的郵政系統進行合作。所以我認為今年到目前為止沒有什麼不尋常的事情，我們會繼續向大家通報最新情況。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Hi guys, thanks for the question. A couple of earlier questions I wanted to follow up on. So first on Ramsey's question on visibility. I think if I heard right in the prepared remarks, you mentioned an improvement in retail being baked into the guide. So I won't ask the geopolitical part of the question again. But if I look at transaction growth across each of the regions in digital, growth decelerated pretty much across the board other than APAC.

大家好，感謝您的提問。我想跟進一下之前提出的幾個問題。首先回答拉姆齊關於可見性的問題。我想，如果我在準備好的發言中沒有聽錯的話，您提到了零售業的改善已被納入指南中。所以我不會再問這個問題的地緣政治部分。但如果我看一下數位領域各地區的交易成長情況，除亞太地區外，其他地區的成長速度幾乎都大幅放緩。

So just wondering, given the volatile macro, what gives you the confidence and visibility into the improvements in retail? It could be comps, other initiatives, but it would be great to hear more color. And then maybe how much improvement in retail is actually baked in here?

所以我只是想知道，考慮到宏觀經濟的波動，是什麼讓您對零售業的改善充滿信心和預見性？它可能是公司或其他舉措，但如果能聽到更多顏色就更好了。那麼，零售業究竟有多少改進呢？

Hey, Nate, this is Matt. There's not a massive amount of improvement, but there's not a deterioration further in the guide. We do have some glimmers of hope with certain partners we're working on right now that we think will give us a little bit of an uplift in the back part of the year, some expansion of non-exclusively exclusive, some potential other partnerships. So -- it's a modest amount.

嘿，內特，我是馬特。雖然沒有大量的改進，但指南也沒有進一步惡化。我們確實對目前正在合作的某些合作夥伴抱有一些希望，我們認為這些合作夥伴將在今年下半年為我們帶來一些提升，擴大非獨家合作關係，以及建立一些潛在的其他合作關係。所以——這是一個適度的數字。

So I don't think you should worry that if it stayed where it is today, we fall outside of our guide and I have to take it down further. But to get at the upper end, we've got to get some improvement.

因此，我認為您不必擔心，如果它保持今天的水平，我們就會超出我們的指導範圍，而我必須將其進一步降低。但為了達到最高水平，我們必須做出一些改進。

Got it. That's helpful. And then I wanted to follow up on Rayna's question on the remittance tax. So nice that it came in at 1%, maybe less than earlier versions of the bill and the detail on less than 20% of overall company revs was helpful. I guess could you walk through some of the mechanics of how you expect to implement that across your business?

知道了。這很有幫助。然後我想跟進 Rayna 關於匯款稅的問題。非常好，它的比例只有 1%，可能比帳單的早期版本還要低，而且有關不到 20% 的整體公司收入的詳細資訊很有幫助。我想您能否介紹一下您希望如何在您的業務中實施這項措施的一些機制？

Is there any way to size the increased cost with regards to infrastructure to getting that tax remitted or anything KYC or AML related that we should be considering? And then maybe to follow up on Rayna's question specifically, like what are you doing to try and incentivize the use of noncash remittance methods at the point of sale to maybe get around that tax?

有沒有什麼方法可以衡量與基礎設施相關的增加的成本，以獲得減稅或任何我們應該考慮的 KYC 或 AML 相關的事情？然後也許可以具體跟進 Rayna 的問題，例如您正在採取什麼措施來嘗試鼓勵在銷售點使用非現金匯款方式來避開稅收？

Yeah. So a couple of things. One, we spent a fair amount of time and energy influencing or trying to influence or hoping we could influence the nature and structure of the legislation that passed a significant improvement from the original version that emerged from the house, both at 5%, but with all kinds of complicated requirements on residency status and things that would be quite difficult to administer.

是的。有幾件事。首先，我們花了大量的時間和精力去影響、試圖影響或希望能夠影響該法案的性質和結構，該法案與眾議院最初提出的版本相比有了顯著的改進，雖然兩者都達到了 5%，但對居住身份提出了各種複雜的要求，而且管理起來相當困難。

With the rollout of our next-generation point-of-sale platform, 2.1, we will be able to easily enable this as it is simply a 1% tax on cash and prepaid card transactions. So that will be quite easy to in the system. We will collect the tax at the point of sale and remit to the government.

隨著我們的下一代銷售點平台 2.1 的推出，我們將能夠輕鬆實現這一點，因為它只是對現金和預付卡交易徵收 1% 的稅。因此這在系統中會非常容易。我們將在銷售點徵收稅款並彙給政府。

So the technology investments and the requirements to implement it will be relatively low, and we'll certainly be ready by the time the law is enacted to be able to execute that with high-quality and precision.

因此，技術投資和實施要求相對較低，而且在法律頒佈時，我們肯定會做好準備，能夠高品質、高精度地執行該法律。

Fortunately, for us, the tax itself is an incentive. So I don't know that we have to do anything other than help people avoid the tax, and we should get uptake on the debit card. And we're hoping enough to spur people to want to open Vigo wallet accounts, which will help us build that product without having to spend an enormous amount on marketing.

幸運的是，對我們來說，稅收本身就是一種激勵。所以我不知道我們除了幫助人們避稅之外還需要做什麼，我們應該推廣簽帳卡。我們希望能激發人們開設 Vigo 錢包帳戶的慾望，這將有助於我們打造該產品，而無需在行銷上投入大量資金。

Thanks, Matt.

謝謝，馬特。

Zachary Gunn, FT Partners.

FT Partners 的 Zachary Gunn。

Thanks for taking the question. I appreciate the macro challenges, and I just wanted to follow up on that end. So last quarter, there were some fine orders against specific ZIP codes near the Southwest border. This quarter, we saw additional fence orders against a couple of Mexican financial institutions.

感謝您回答這個問題。我欣賞宏觀挑戰，我只是想跟進這一點。因此，上個季度，針對西南邊境附近的特定郵遞區號有一些罰款令。本季度，我們又看到針對幾家墨西哥金融機構的額外圍籬令。

So is there any way to think about, how much of the demand destruction in the corridors is from the regulatory side and from that supply side of potential partners that you're working with or actual consumer demand?

那麼，有沒有辦法考慮一下，走廊中的需求破壞有多少來自監管方面，有多少來自與您合作的潛在合作夥伴的供應方面，或者有多少來自實際的消費者需求？

I think it's tough to disaggregate. What I can tell you is the partners that were cited publicly were very, very small for us. We did not have much volume, if any, going to those partners. Our partners in Mexico are the large financial institutions, BanCoppel and Elektra and Bancomer who are the majority of our transaction volume, both pay out to account and payout to cash.

我認為很難將其分解。我可以告訴你的是，公開提到的合作夥伴對我們來說非常非常小。我們與這些合作夥伴的合作量並不大，甚至沒有。我們在墨西哥的合作夥伴是大型金融機構，BanCoppel、Elektra 和 Bancomer，它們占我們交易量的絕大部分，包括支付到帳戶和支付到現金。

So obviously, any time there is regulatory action that is going to affect some volume and some perception of the market. My personal hypothesis is it's much more overall market demand and changing consumer patterns and behaviors while we get through this particular chapter in the evolution of the US as immigration policies.

因此，顯然，任何時候採取監管行動都會影響市場交易量和認知。我個人的假設是，當我們經歷美國移民政策演變的這一特定篇章時，更多的是整體市場需求和不斷變化的消費者模式和行為。

Got it. Thank you. And just as a quick follow-up. With the stock where it is, is there any thoughts in terms of capital allocation changing the buyback versus dividend strategy? Thanks.

知道了。謝謝。這只是一次快速的跟進。鑑於股票的現狀，在資本配置方面，您是否考慮改變回購與股利策略？謝謝。

There is not.

沒有。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

Thank you for taking my question. So I wanted to ask one about this opportunity, three and Stablecoin. Devin, I thought this is potentially quite structurally important. So where you're seeing reduced reliance on the dependency of legacy banking systems, I was hoping you can elaborate on that.

感謝您回答我的問題。所以我想問一個關於這個機會、三個和穩定幣的問題。德文，我認為這在結構上可能相當重要。因此，當您看到對傳統銀行系統的依賴減少時，我希望您能詳細說明這一點。

Do you see that more as a cost takeout opportunity? Or is that potentially revenue enhancing? And then my last one is, you've been successful in Europe now for a while with the new strategy. I was wondering at what point you anticipate templatizing your successes there over here? Thank you.

您是否認為這更像是一個降低成本的機會？或者這是否有可能增加收入？我的最後一個問題是，你們憑藉新戰略已經在歐洲取得了成功。我想知道您預計什麼時候會在這裡取得成功？謝謝。

Great questions. Initially, I think we believe the adoption of a more crypto-enabled money movement platform will create efficiency and effectiveness in our core offering. So it will increase speed, reduce friction.

很好的問題。首先，我認為我們相信採用更具加密功能的資金流動平台將提高我們的核心產品的效率和效力。因此它會增加速度，減少摩擦。

And as Matt says, hopefully, enable us to better manage the liquidity that we have floating around the system every day. Ultimately, if the value proposition can improve, potentially, you can draw market demand and you can increase the overall category and thus revenue.

正如馬特所說，希望這能讓我們更好地管理每天在系統中流動的流動性。最終，如果價值主張能夠改善，你就有可能吸引市場需求，進而增加整體類別和收入。

So we see it as an interesting way to evolve how money moves and a potential opportunity to increase the quantity of people who are interested in moving money, and therefore, grow the top line as well. But I think that is to be seen. You had a second question?

因此，我們認為這是一種改變資金流動方式的有趣方式，也是一個增加對資金轉移感興趣的人數量的潛在機會，從而也增加收入。但我認為這還有待觀察。您還有第二個問題嗎？

I was just asking the ability to transfer the successes you've had in Europe over here?

我只是問您是否有能力將您在歐洲的成功轉移到這裡？

Yes. So we are actively engaged in that project right now. So we've asked the current head of our European business to second himself here in the US. He just came off of a six week around the US tour and has gone back to Spain for a couple of weeks, and then we'll be coming back here later in the summer.

是的。因此我們現在正積極參與該專案。因此，我們已要求現任歐洲業務主管調往美國。他剛剛結束了為期六週的美國巡演，回到西班牙待了幾個星期，然後我們將在夏天晚些時候再回來。

So we are actively working to implement the European model and structure, both from a go-to-market standpoint in terms of how we manage the sales force, how we manage the corridors and the tactical pricing, but also just in how do we think about the synergies that come then from operating both of our major regions kind of on the same operating model that allows us to get scale and to get better coordination, particularly in payout markets.

因此，我們正在積極努力實施歐洲模式和結構，不僅從市場進入的角度，包括我們如何管理銷售隊伍、如何管理管道和戰術定價，而且還包括我們如何考慮透過在同一營運模式下運營我們兩個主要地區所產生的協同效應，這使我們能夠擴大規模並獲得更好的協調，特別是在支付市場。

Thank you for joining today's second quarter 2025 earnings conference call. We hope you have a great day.

感謝您參加今天的 2025 年第二季財報電話會議。我們希望您度過愉快的一天。