西聯匯款 (WU) 2025 Q3 法說會逐字稿

Ladies and gentlemen, our program will begin momentarily. Please note that all lines will be placed on mute. Good day and welcome to the Western Union third-quarter 2025 results conference call. (Operator Instructions) Please note, this event is being recorded.

女士們、先生們，我們的節目馬上開始。請注意，所有線路都將被靜音。大家好，歡迎參加西聯匯款2025年第三季業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁湯姆·哈德利先生。湯姆，請繼續。

Thank you. On today's call, we will discuss the company's third-quarter 2025 results, our 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.

謝謝。在今天的電話會議上，我們將討論公司 2025 年第三季的業績、我們對 2025 年的展望，然後我們將回答您的問題。本次電話會議和網路直播的幻燈片可在 westernunion.com 的投資者關係標籤下找到，會議結束後仍可查閱。

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

更多營運統計數據已在新聞稿的補充表格中提供。今天和我一起參加電話會議的有我們的執行長德文·麥克格拉納漢和我們的財務長馬特·卡格溫。今天的電話會議正在錄音，我們的發言包含前瞻性陳述。

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.

請參閱盈利報告和西聯公司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，以了解有關可能導致實際結果與前瞻性聲明存在重大差異的因素的更多資​​訊。

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

通話期間，我們將討論一些不符合公認會計原則的項目。我們已將這些項目與最可比較的 GAAP 指標進行了核對，並在隨附於 8-K 表格的收益報告中以及在我們的網站 westernunion.com 的「投資者關係」部分中進行了說明。

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

現在我將把電話交給我們的執行長德文·麥克格拉納漢。

Good afternoon and welcome to Western Union's third-quarter 2025 financial results conference call. Today we reported a solid quarter against a difficult macro backdrop demonstrating the benefits of our large scale global and now multi-product business model. We saw strong performance in many corridors and product categories offset by continued weakness in North America across several specific large corridors, most notably US to Mexico.

下午好，歡迎參加西聯匯款2025年第三季財務業績電話會議。今天，我們在宏觀經濟形勢嚴峻的情況下公佈了穩健的季度業績，這證明了我們大規模全球化和多產品商業模式的優勢。我們看到許多走廊和產品類別表現強勁，但北美幾個特定大型走廊（尤其是從美國到墨西哥的走廊）持續疲軟，抵消了這些強勁表現。

While we are on our way to becoming a much more customer centric company, we have invested significantly in becoming market competitive and have increased our executional and operational rigor. We are now delivering an improved omnichannel customer experience across our products and channels.

雖然我們正在努力成為一家更以客戶為中心的公司，但我們也投入了大量資金來提高市場競爭力，並加強了執行和營運的嚴謹性。我們現在正透過我們的產品和管道，提供更優質的全通路客戶體驗。

As a result, in this quarter, we saw reasonable to strong performance in Europe, South America, and Asia, driven by our retail business in Europe. Our digital business in Asia and our consumer services business in Europe and LACA. Our opportunity is to continue to drive our strategy across all geographies and channels and see the benefits as market conditions improve.

因此，本季我們在歐洲、南美洲和亞洲的業績表現良好，這主要得益於我們在歐洲的零售業務。我們在亞洲的數位業務以及我們在歐洲和拉丁美洲的消費者服務業務。我們的機會在於繼續在所有地區和通路中推進我們的策略，並在市場條件改善時獲得收益。

An important element of the strategy has been to accelerate the development of our retail model in the US. Our goal is to have a strong base of strategic accounts, a large and competitive mix composed of exclusive and non-exclusive agents, and independent agents in the middle, and a small selection of high performing company owned stores at the top.

該策略的一個重要組成部分是加快我們在美國零售模式的發展。我們的目標是擁有強大的策略客戶基礎，一個龐大且具有競爭力的組合，包括獨家代理商和非獨家代理商，以及處於中間位置的獨立代理商，並在頂端擁有少量業績優異的公司自營門店。

Upon completion, our recently announced acquisition of Intermex will help accelerate our progress towards this goal. With the passing of the HSR review period two weeks ago, we are now excited to begin the appropriate integration planning with earnestness. We remain optimistic about the longer-term outlook for our business as we expect migration patterns to stabilize and our investment in becoming market competitive over the past two years has provided a foundation for ongoing revenue and share gains.

完成對 Intermex 的收購後，將有助於加速我們實現這一目標的進程。隨著兩週前高鐵審查期的結束，我們現在非常高興能夠認真地開始相應的整合計劃。我們對公司業務的長期前景仍然保持樂觀，因為我們預計移民模式將趨於穩定，而且過去兩年我們在提升市場競爭力方面的投資已經為持續的收入和市場份額增長奠定了基礎。

We also see many opportunities to continue to expand our consumer services business, which contributed significantly to the company's results in the quarter. Over the past three years, we have delivered above average industry margins and returned substantial capital to our shareholders via dividend and share buyback.

我們也看到了許多繼續拓展消費者服務業務的機會，該業務對該公司本季的業績做出了重大貢獻。過去三年，我們實現了高於行業平均水平的利潤率，並透過股利和股票回購向股東返還了大量資本。

We have and will continue to fund the necessary investments in our transformation through cost discipline and good operational performance management. For the third quarter, we reported revenue at $1.033 billion on an adjusted basis and excluding the impacts from Iraq. This was a decline of 1% year-over-year.

我們已經並將繼續透過成本控制和良好的營運績效管理，為轉型所需的投資提供資金。第三季度，經調整後（不包括伊拉克的影響），我們的收入為 10.33 億美元。與上年同期相比下降了1%。

Consumer money transfer transactions growth was down 2.5% in the quarter, excluding Iraq and cross border principal growth was up mid-single-digits on a constant currency basis, speaking to the resilience of our customer base and their perseverance in the current macro environment.

本季消費者匯款交易量成長下降 2.5%（不包括伊拉克），跨國匯款本金以固定匯率計算成長了中位數個位數，這反映了我們客戶群的韌性和他們在當前宏觀環境下的堅持不懈。

While our retail business in the Americas continues to face headwinds associated with the current geopolitical environment, we are encouraged by some improving trends in recent months. And while it is too early to say that we have reached the bottom, we are potentially seeing some stabilization.

儘管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逆風，但近幾個月來的一些改善趨勢令我們感到鼓舞。雖然現在說我們已經觸底還為時過早，但我們可能已經看到一些穩定跡象。

Our strategy continues to perform well with our retail business in Europe with mid-single-digit transaction and revenue growth. Our branded digital business increased transactions by 12% and adjusted revenue by 6% in the quarter. Consumer services adjusted revenue was up 49% in the quarter. Driven by our acquisition of Eurochange and a strong European travel quarter, which is which is the driver of our travel money business.

我們的策略在歐洲零售業務中持續取得良好成效，交易量和收入均實現了中等個位數的成長。本季度，我們的品牌數位業務交易量成長了 12%，調整後營收成長了 6%。本季消費者服務調整後營收成長了 49%。受我們收購 Eurochange 以及強勁的歐洲旅遊市場所推動，這正是我們旅遊貨幣業務的驅動力。

I was in London last week with our new team discussing our plans for 2026, and we remain excited about the potential for expanding that business across both retail and digital channels. We expect consumer services to have another strong quarter to the end of the year, and our travel money business is likely to approach $150 million in revenue in 2026, up from nearly nothing just a few years ago.

上週我和新團隊在倫敦討論了我們 2026 年的計劃，我們仍然對在零售和數位通路拓展業務的潛力感到興奮。我們預計消費者服務業務在今年年底前將再次保持強勁增長，而我們的旅行貨幣業務到 2026 年的收入可能接近 1.5 億美元，這與幾年前幾乎為零的情況相比有了顯著增長。

Adjusted earnings per share came in at $0.47 compared to $0.46 this quarter a year ago. Our discipline in managing operating costs continues to come through. Matt will discuss our third-quarter results in 2025 Outlook in more detail later in the call. Switching now briefly to the macro environment.

調整後的每股收益為 0.47 美元，而去年同期為 0.46 美元。我們在營運成本控制方面的嚴格把控持續奏效。Matt 將在稍後的電話會議中更詳細地討論我們 2025 年第三季的業績展望。現在短暫切換到巨集環境。

Economic conditions globally remain reasonable with inflation rates declining in key markets around the world and GDP outlooks remaining relatively strong despite elevated interest rates. These economic conditions are providing a stable backdrop for our business and should improve further as we've begun an interest rate cutting cycle both here in the United States and in Europe.

全球經濟情勢依然良好，世界主要市場的通膨率下降，儘管利率居高不下，但GDP前景依然相對強勁。這些經濟狀況為我們的業務提供了穩定的背景，隨著美國和歐洲都開始降息，這些狀況應該會進一步改善。

Globally, migration continues to evolve in complex and dynamic ways. Our business remains fundamentally linked to human mobility. When people move, they rely on Western Union to send money home. This connection makes our business sensitive to shifts in migration patterns, policies, and enforcement practices. The good news is that our business is globally diversified across countries and channels mitigating much of any one region's specific risk.

在全球範圍內，移民問題仍以複雜多變的方式不斷演變。我們的業務仍與人類流動性息息相關。人們搬家時，會依賴西聯匯款向家裡匯款。這種聯繫使我們的業務對移民模式、政策和執法實踐的變化非常敏感。好消息是，我們的業務在全球範圍內實現了多元化，跨越多個國家和管道，從而大大降低了任何一個地區特有的風險。

When we see trends towards more restrictive migration policies like we are seeing in the United States now, it does influence our business. Recent policy changes have led to a substantial decline in border crossings and an increase in enforcement actions, including workplace inspections and deportations, which have created uncertainty and hesitation within migrant communities.

當我們看到像美國現在這樣日益嚴格的移民政策趨勢時，這確實會對我們的業務產生影響。近期政策變化導致邊境偷渡人數大幅下降，執法行動（包括工作場所檢查和驅逐出境）增加，這給移民群體帶來了不確定性和猶豫。

These developments continue to impact customer behavior with some customers reducing transaction frequency or shifting to other channels. That said, the US is not monolithic, and in the quarter, we saw transaction growth that was positive to places like Brazil, India, Haiti, Panama, and Vietnam, flat to slightly negative in important corridors like the Philippines, Jamaica, Guatemala, and Colombia, offset by significant declines to Mexico, El Salvador, Peru, and Ecuador.

這些事態發展持續影響消費者的行為，一些消費者減少了交易頻率或轉向其他管道。也就是說，美國並非鐵板一塊，本季我們看到，巴西、印度、海地、巴拿馬和越南等地的交易量增長為正，而菲律賓、牙買加、危地馬拉和哥倫比亞等重要通道的交易量持平或略有下降，但墨西哥、薩爾瓦多、秘魯和厄瓜多爾的交易量大幅下降，抵消了部分增長。

The US to Mexico corridor is the most important to monitor going forward, to which we have begun to see some recent improvements from the lows in June. The Bank of Mexico data would also indicate some improvements with the most recent month down 8% improving materially from the June lows.

從現在來看，最值得關注的是美國到墨西哥的通道，我們已經開始看到該通道自 6 月的低點以來出現了一些改善。墨西哥銀行的數據也顯示出一些改善，最近一個月下降了 8%，較 6 月的低點有了顯著改善。

In other instances, we see beneficial new patterns emerging from the macro changes such as strong growth in outbound remittances in Argentina and growth in corridors like Canada to India and Singapore to Indonesia. Despite the short-term headwinds, we believe the long-term trajectory remains clear global migration is not disappearing. It is adapting.

在其他情況下，我們看到宏觀變化帶來了有益的新模式，例如阿根廷的對外匯強勁增長，以及加拿大到印度和新加坡到印尼等匯款通道的成長。儘管短期內面臨一些不利因素，但我們相信長期趨勢仍然清晰——全球移民不會消失。它正在適應。

People will continue to move in search of opportunity, education, and family, and Western Union will continue to stand with them, providing trusted, compliant, and accessible financial services. Looking ahead, our role is clear, we will support the evolving needs of senders and receivers with a broad base of solutions that are fast, secure, and built on trust. Our 100 million-plus customers around the world are a resilient force, and so are we.

人們將繼續為了尋求機會、教育和家庭而遷徙，西聯匯款將繼續與他們站在一起，提供值得信賴、合規且便捷的金融服務。展望未來，我們的角色很明確，我們將透過提供快速、安全且基於信任的廣泛解決方案，來支援發送方和接收方不斷變化的需求。我們遍佈全球的1億多客戶是一股強大的韌性力量，我們也是。

Over the last several years, we have frequently spoken about our desire to make Western Union a more digital company and to expand our product set to meet the needs of our customers as they evolve. We also see our strong brand recognition and the large base of existing customers as key building blocks to cost effectively build our digital business without having to invest hundreds of millions of dollars in non-scalable marketing.

過去幾年，我們經常談到希望將西聯匯款打造成為一家更數位化的公司，並擴展我們的產品組合，以滿足客戶不斷變化的需求。我們也認為，我們強大的品牌知名度和龐大的現有客戶群是建立我們數位業務的關鍵基石，可以經濟高效地開展業務，而無需在不可擴展的營銷上投入數億美元。

In advance of our Investor Day in a couple of weeks, I want to take a moment to highlight the significant progress we've made in becoming a more digital centric company. Our transformation is not just about technology, it's about reimagining how we serve our customers, deepening relationship and unlocking new areas of growth.

在幾週後的投資者日之前，我想藉此機會重點介紹我們在成為一家更以數位化為中心的公司方面取得的重大進展。我們的轉型不僅關乎技術，更關乎重新構想我們如何服務客戶、深化客戶關係以及開拓新的成長領域。

Over the past several quarters we've accelerated the shift towards digital channels. Our branded digital business has now delivered eight consecutive quarters of mid-single-digit or better revenue growth with strong transaction momentum in key regions like the Middle East and APAC.

過去幾個季度，我們加快了向數位化管道的轉型。我們的品牌數位業務已連續八個季度實現個位數中段或更高的收入成長，並在中東和亞太等主要地區保持了強勁的交易勢頭。

Our digital business now accounts for over 40% of the principal we move around the world. We are also seeing a continued expansion in our payout to account capabilities, which now represent over half the principal we send through our digital business. Our expansion of card acceptance and digital funding options across both our retail and digital channels is another example of how we're becoming a more digital company.

我們的數位業務目前占我們全球資金流動總額的 40% 以上。我們也看到，我們的帳戶支付能力也在不斷擴展，目前已占我們透過數位業務發送的本金的一半以上。我們在零售和數位管道中擴大信用卡受理範圍和數位支付選項，這是我們向數位化公司轉型的又一例證。

Today, over 55% of all of our money transactions are digital. Our global digital payment network is a fundamental asset that we will continue to lever and grow as a foundation for future expansion and growth. We've been making progress on our digital wallet strategy. We are now live in seven countries, having launched Brazil in the first quarter and the US in the second. We have onboarded over half a million customers and now have a growing number of active and loyal monthly users.

如今，超過 55% 的資金交易都是數位化的。我們的全球數位支付網路是一項基礎性資產，我們將繼續利用並發展該資產，以此作為未來擴張和成長的基礎。我們的數位錢包策略已經取得了進展。目前我們的業務已覆蓋七個國家，第一季在巴西上線，第二季在美國上線。我們已經吸引了超過 50 萬名客戶，現在每月活躍且忠實的用戶數量也在不斷增長。

We see real benefits in capturing payouts in our wallets with Argentina now approaching 15% of all inflows and Brazil after less than a year of post launch nearing 5% saving us on commissions and enabling a better and more digital receive customer experience. We anticipate change of control regulatory approval in Mexico before the end of the year and have received a license for a digital wallet offering in Australia with an anticipated Q1 launch of 2026.

我們看到，將款項存入我們的錢包確實帶來了許多好處，阿根廷的款項流入量已接近總流入量的 15%，而巴西在推出不到一年後也接近 5%，這為我們節省了佣金，並帶來了更好、更數字化的客戶接收體驗。我們預計在年底前獲得墨西哥的監管部門對控制權變更的批准，並已獲得澳洲數位錢包產品的許可證，預計將於 2026 年第一季推出。

We envision our future as a broad-based two-sided payment network with digital wallet options on both sides in all of our major markets. We also anticipate being able to facilitate both traditional and digital asset transfers for our customers and potentially others as well. But digital is more than a channel. It is a platform for innovation.

我們設想，未來我們將成為一個覆蓋面廣、雙邊支付的網絡，在所有主要市場中，雙方都將提供數位錢包選項。我們也期望能夠為我們的客戶以及其他客戶促進傳統資產和數位資產的轉移。但數位管道不僅僅是一種管道。這是一個創新平台。

This includes our new point of sale system which is now nearly ubiquitous around the world and allows our retail network to connect digitally to all of our account and wallet payout points globally, executing the rollout of a new point of sale system. In under 12 months is something that we would not have been able to do just a few years ago and is a true testament to the progress we are making on the technology front.

這包括我們全新的銷售點系統，現在幾乎遍布全球，使我們的零售網路能夠以數位方式連接到我們全球所有帳戶和錢包支付點，從而執行新銷售點系統的推廣。在不到 12 個月的時間內取得這樣的成績，是幾年前我們根本無法做到的，這充分證明了我們在技術方面的進步。

With this new platform fully implemented in the US, we are continuing to make progress in meeting the needs of our customers with digital payment options. When the new US 1% remittance tax on cash transfers goes into effect in January, we will be well positioned.

隨著這項新平台在美國全面實施，我們在透過數位支付選項滿足客戶需求方面不斷取得進展。當美國新的1%現金匯款稅於1月生效時，我們將處於有利地位。

Looking ahead, our strategy is clear we will continue to modernize the movement of money, expand our product suite, and deliver trusted compliant financial services to our global customer base. We are building a platform that is resilient, scalable, and ready for the future, and we look forward to discussing this with you more in detail at our Investor Day in just a couple of weeks.

展望未來，我們的策略很明確，我們將繼續推進資金流動現代化，擴展我們的產品組合，並為我們的全球客戶群提供值得信賴且合規的金融服務。我們正在建立一個具有彈性、可擴展性且面向未來的平台，我們期待在幾週後的投資者日上與您更詳細地討論這個問題。

To capitalize on our strong brand, trusted customer relationships, and omnichannel platform, we have been enhancing our product suite with new or revamped products that our customers want and value. We have made significant progress in this effort within what is now our consumer services segment.

為了充分利用我們強大的品牌、值得信賴的客戶關係和全通路平台，我們一直在透過推出客戶想要和重視的新產品或改進產品來增強我們的產品組合。在目前的消費者服務領域，我們在這方面取得了顯著進展。

Over the last two years we've invested in our existing product offering to improve functionality and value and added new products like travel money, prepaid cards, digital wallets, and our out of home advertising business. Today, consumer services now accounts for roughly 15% of total company revenues, which is up 70% or over $200 million in just the last two years. That incremental $200 million is about 5 percentage points of additional revenue growth for the company.

過去兩年，我們對現有產品進行了投資，以提高其功能和價值，並增加了旅行貨幣、預付卡、數位錢包和戶外廣告業務等新產品。如今，消費者服務約占公司總收入的 15%，僅在過去兩年就成長了 70%，即超過 2 億美元。這新增的 2 億美元相當於公司額外 5 個百分點的營收成長。

Travel money, which has been a big driver and which we believe will account for roughly $150 million of revenue in 2026, is up from almost nothing in 2023. We believe there is a much longer runway to finding unique and interesting ways to monetize our highly differentiated asset base, including our 100 million-plus customers, our growing portfolio of well recognized and trusted brands, our global reach and scale, and our digital payments network.

旅遊資金一直是重要的驅動因素，我們相信到 2026 年，旅遊資金將帶來約 1.5 億美元的收入，而 2023 年幾乎為零。我們相信，在利用我們高度差異化的資產基礎（包括我們超過 1 億的客戶、我們不斷增長的知名且值得信賴的品牌組合、我們的全球覆蓋範圍和規模以及我們的數位支付網絡）實現盈利方面，還有很長的路要走，找到獨特而有趣的方法。

More recently, we've seen an opportunity to accelerate our development and use of digital assets. The work we have been doing to modernize our technology stack, invest in digital payments network, and roll out digital wallets around the world are all foundational enablers that will help us accelerate a digital asset strategy.

最近，我們看到了加速開發和使用數位資產的機會。我們一直在努力實現技術堆疊現代化，投資數位支付網絡，並在全球推出數位錢包，這些都是有助於我們加速實施數位資產策略的基礎性推動因素。

Historically, Western Union has taken a cautious stance towards crypto, driven by concerns around volatility, regulatory uncertainty, and customer protection. However, with the passage of the Genius Act, we are now seeing potentially interesting opportunities to integrate digital assets into our business in ways that enhance efficiency, reduce friction and improve customer experience.

從歷史上看，西聯匯款對加密貨幣一直持謹慎態度，這主要是出於對波動性、監管不確定性和客戶保護方面的擔憂。然而，隨著《天才法案》的通過，我們現在看到了將數位資產整合到我們的業務中的潛在有趣機會，這些機會可以提高效率、減少摩擦並改善客戶體驗。

We are actively testing stable coin enabled solutions in our treasury operations. These pilots are focused on leveraging unchanged settlement rails to reduce dependency on legacy correspondent banking systems, shorten settlement windows, and improve capital efficiency. We see significant opportunities for us to be able to move money faster with greater transparency and at lower cost without compromising compliance or customer trust.

我們正在積極測試在資金運作中應用穩定幣解決方案。這些試點計畫旨在利用未改變的結算管道來減少對傳統代理銀行系統的依賴，縮短結算窗口，並提高資本效率。我們看到，我們有很大的機會以更高的透明度和更低的成本更快地轉移資金，同時又不損害合規性和客戶信任。

Beyond Treasury, we are exploring how our global payments network can serve as an on ramp and an off ramp between fiat and digital currencies. We are seeing strong interest from potential digital native partners using our infrastructure to bridge these worlds, particularly in regions where access to traditional banking is limited, but crypto adoption is growing.

除了國庫業務之外，我們還在探索如何利用我們的全球支付網路作為法定貨幣和數位貨幣之間的入口和出口通道。我們看到潛在的數位原生合作夥伴對使用我們的基礎設施來連接這些世界表現出濃厚的興趣，尤其是在傳統銀行服務有限但加密貨幣普及率不斷增長的地區。

Finally, we are expanding our partnerships and capabilities to allow customers to move and hold stablecoin digital assets. This is not about speculation. It is about giving our customers more choice and control and how they manage and move their money. In many parts of the world, being able to hold a US dollar denominated asset has real value, as inflation and currency devaluation can rapidly erode an individual's purchasing power.

最後，我們正在擴大合作夥伴關係和提升自身能力，以便客戶能夠轉移和持有穩定幣數位資產。這並非猜測。這旨在讓我們的客戶在管理和轉移資金方面擁有更多選擇和控制權。在世界許多地方，持有以美元計價的資產具有實際價值，因為通貨膨脹和貨幣貶值會迅速削弱個人的購買力。

These innovations aligned closely with our broader strategy to modernize the movement of money. They complement our investments in digital channels, pay out to account capabilities, and next generation platforms like our digital wallets. Together they position Western Union to lead in a future where digital assets could play a growing role in global finance. We look forward to sharing more with you at our Investor Day in a couple of weeks.

這些創新與我們實現資金流動現代化的更廣泛策略緊密契合。它們與我們在數位管道、帳戶支付功能以及數位錢包等下一代平台的投資相輔相成。雙方的合作將使西聯匯款在未來數位資產可能在全球金融中發揮越來越重要作用的時代中處於領先地位。我們期待在幾週後的投資者日上與您分享更多資訊。

In closing, I want to reiterate our confidence in the path we're on. Western Union is transforming. We are becoming more digital, more agile, and more aligned with the evolving needs of our global customer base. We are expanding our product suite, modernizing our platforms, and unlocking new opportunities for growth across all of our channels.

最後，我想重申我們對當前道路的信心。西聯匯款正在轉型。我們正變得更加數位化、更加敏捷，並更加符合我們全球客戶群不斷變化的需求。我們正在擴展產品組合，實現平台現代化，並在所有通路中開拓新的成長機會。

This transformation is not just about technology, it's about building a resilient, scalable business that delivers trusted financial services in a rapidly changing world, whether it's through faster account directed payments, expanded digital wallet capabilities, or innovative digital asset enabled solutions, we are positioning Western Union to lead in the future of cross border money movement.

這次轉型不僅關乎技術，更關乎建立一個具有韌性、可擴展的業務，在瞬息萬變的世界中提供值得信賴的金融服務。無論是透過更快捷的帳戶定向支付、擴展的數位錢包功能，還是創新的數位資產解決方案，我們都在努力使西聯匯款成為跨境匯款領域的領導者。

We remain focused, disciplined, and optimistic. Our strategy is working. Our execution is accelerating, and our platform is stronger than ever. I look forward to sharing more with you at our upcoming Investor Day and continuing this journey with all of you.

我們保持專注、自律和樂觀。我們的策略奏效了。我們的執行速度正在加快，我們的平台也比以往任何時候都更強大。我期待在即將舉行的投資者日上與大家分享更多信息，並繼續與大家攜手共進。

Thank you. I would now like to turn the call over to Matt Cagwin, our Chief Financial Officer.

謝謝。現在我想把電話交給我們的財務長馬特·卡格溫。

Thank you, Devin, and good afternoon, everyone. I'm delighted to be here today to walk you through our third quarter results as well as our 2025 financial outlook. In the third quarter, GAAP revenue was $1.033 billion and consistent with our expectations, our adjusted revenue excluding Iraq was down 1%, driven by growth in consumer services and branded digital offset by our retail business.

謝謝你，德文，大家下午好。今天我很高興能在這裡為大家介紹我們第三季的業績以及我們對2025年的財務展望。第三季度，GAAP 營收為 10.33 億美元，與我們的預期一致；經調整後（不包括伊拉克）營收下降 1%，主要原因是消費者服務和品牌數位業務的成長被零售業務所抵銷。

Our industry leading adjusted operating margins was 20% in the quarter, up from 19% in the prior year period. Our adjusted operating margins primarily benefited from the continued cost discipline that we've now -- as we've now completed our cost redeployment program two years ahead of schedule.

本季我們業界領先的調整後營業利益率為 20%，高於去年同期的 19%。我們調整後的營業利潤率主要得益於我們持續的成本控制——因為我們的成本重新部署計劃已提前兩年完成。

Adjusted EPS was better than our expectations at $0.47 in the current period compared to $0.46 in the prior year. Adjusted EPS benefited from our cost management discipline, as well as fewer shares outstanding, primarily offset by higher interest expense and higher adjusted tax rate.

本期調整後每股收益為 0.47 美元，高於去年同期的 0.46 美元，超出預期。調整後每股盈餘受益於我們的成本管理紀律以及流通股數量減少，但主要被更高的利息支出和更高的調整後稅率所抵銷。

Our adjusted effective tax rate was 12% in the quarter, up from 8% in the prior year period. The adjusted effect tax rate was higher due to discrete benefits in the prior year period. Consumer services adjusted revenue was up 49% in the third quarter, driven by our travel money business and strengthen our bill pay business.

本季我們調整後的實際稅率為 12%，高於去年同期的 8%。由於上一年期間有特殊收益，調整後的影響稅率較高。第三季消費者服務調整後營收成長了 49%，這主要得益於我們的旅遊貨幣業務和帳單支付業務的加強。

The consumer services segment has accelerated since the first quarter due to the acquisition of Eurochange. Our travel money business drove about 50% of our growth this quarter. Organically, consumer services continue to grow double-digit. And as expected, consumer service margins have improved 1,300 basis points to 22% in the third quarter as our new products have begun to scale.

由於收購了 Eurochange，消費者服務板塊自第一季以來加速成長。本季度，我們的旅行貨幣業務貢獻了約 50% 的成長。從有機成長來看，消費者服務業持續保持兩位數成長。正如預期的那樣，隨著新產品開始擴大規模，第三季消費者服務利潤率提高了 1300 個基點，達到 22%。

As Devin mentioned, we've made meaningful progress expanding the products and services we offer, and we believe there's meaningful runway ahead. Travel Money is a great example. It is now $100 million of revenue and on its way to $150 million next year from close to nothing just a few years ago. We believe there are many other potential opportunities to serve our 100 million-plus customers and look forward to sharing those as ideas develop and get launched.

正如德文所提到的，我們在擴展產品和服務方面取得了顯著進展，我們相信未來還有很大的發展空間。旅行資金就是一個很好的例子。該公司目前營收已達 1 億美元，並預計在明年達到 1.5 億美元，而幾年前它幾乎一無所有。我們相信還有許多其他潛在機會可以服務我們超過 1 億的客戶，並期待隨著想法的形成和推出與大家分享這些機會。

Now turning to our consumer money transfer or CMT business. Transactions declined 3% in the quarter or 2% excluding Iraq. US immigration policies continue to disrupt our business, although the third quarter was not meaningfully different than what we saw in the second quarter. Customers continue to send fewer transactions but higher average principal per transaction. Our PPT increased roughly 6% in the third quarter compared to the prior year on a constant currency basis.

現在來談談我們的消費者匯款（CMT）業務。本季交易量下降 3%，若不計入伊拉克，則下降 2%。美國移民政策繼續擾亂我們的業務，儘管第三季與第二季的情況並沒有實質的差異。客戶發送的交易筆數持續減少，但每筆交易的平均金額卻不斷增加。以固定匯率計算，我們第三季的PPT比去年同期成長了約6%。

Our branded digital business grew adjusted revenue 6% in transactions by 12%. This marks the eighth straight quarter of solid revenue growth. It also marks a return of double-digit transaction growth driven by the Middle East, where we saw meaningful acceleration of our business from partnerships that we announced in the second quarter this year. These partnerships are primarily focused on account-to-account transactions. Which has put pressure on the gap between revenue and transactions.

我們的品牌數位業務調整後營收成長了 6%，交易量成長了 12%。這標誌著公司連續第八個季度實現穩健的營收成長。這也標誌著兩位數交易成長的回歸，這主要得益於中東地區的推動。我們在今年第二季宣布的合作關係，使我們在中東的業務實現了顯著加速成長。這些合作關係主要集中在帳戶之間的交易。這加劇了收入與交易量之間的差距。

However, we're super excited about these relationships because they expand our reach in the fast in the fast-growing Middle East. We also continue to see strong growth in our digitally initiated paid out to account business. In the quarter, principal grew over 40% and now accounts for over 50% of all principals sent from our branded digital business.

不過，我們對這些合作關係感到非常興奮，因為它們擴大了我們在快速發展的中東地區的影響力。我們也看到，透過數位化方式發起的付費帳戶業務持續保持強勁成長。本季度，校長人數成長超過 40%，目前占我們品牌數位業務發送的所有校長人數的 50% 以上。

We continue to expand our payout capabilities worldwide to meet the evolving needs of every customer segment. The rising demand of account directed payouts reflects our customers' desire for speed, flexibility and convenience. This shift provides a unique opportunity to deliver higher quality services while building a long-lasting relationship with our customers.

我們將持續擴大全球支付能力，以滿足各個客戶群不斷變化的需求。帳戶定向付款需求的不斷增長反映了我們的客戶對速度、靈活性和便利性的追求。這項轉變為我們提供了一個獨特的機會，讓我們能夠在提供更高品質服務的同時，與客戶建立長期的合作關係。

Turning to our retail business, overall, the performance has remained relatively consistent with the second quarter, with softness in North America, driven by the effects of immigration policies and mid-single-digit revenue growth in Europe. Now turning to cash, now turning to our cash flow and balance sheet, we have generated over $400 million in operating cash flow year-to-date, compared to $272 million in the prior year period.

再來看我們的零售業務，整體而言，業績與第二季基本保持一致，北美地區受移民政策的影響而表現疲軟，歐洲地區的收入成長僅為個位數。現在來看現金，再來看看我們的現金流和資產負債表，今年迄今為止，我們已產生超過 4 億美元的營運現金流，而去年同期為 2.72 億美元。

Included in this number is over $200 million in cash taxes paid this year related to the transition tax. We're excited about these obligations being behind us and look forward to the additional flexibility that we'll have to invest our free cash flow in support of our business or return to our owners. Year-to-date, our CapEx was $101 million up 10% year-over-year. I'd like to highlight that our CapEx will be up slightly this year versus prior trends, this has been a large strategic agent renewal year, as well as we've had an infrastructure refresh.

這個數字中包含了今年繳納的與過渡稅相關的超過 2 億美元的現金稅。我們很高興這些義務已經履行完畢，並期待我們將擁有更大的靈活性，可以將自由現金流投資於支持我們的業務或返還給所有者。今年迄今為止，我們的資本支出為 1.01 億美元，年增 10%。我想強調的是，與往年相比，我們今年的資本支出將略有增加，因為今年是戰略代理商續約的大年，而且我們也進行了基礎設施更新。

We continue to maintain our strong balance sheet with cash and cash equivalents of roughly $1 billion in debt of $2.6 billion. Our leverage ratios remain at 2.6 times and 1.7 times on a gross and net basis, which we believe provides us ample flexibility to return capital or potential M&A while maintaining our investment grade credit rating.

我們持續維持強勁的資產負債表，現金及現金等價物約10億美元，債務為26億美元。我們的槓桿率按總額和淨額計算分別為 2.6 倍和 1.7 倍，我們認為這為我們提供了充足的靈活性，可以在維持投資級信用評級的同時，返還資本或進行潛在的併購。

In the third quarter we returned over $120 million to our owners via dividends and share repurchases. And over $400 million during the first nine months of this year. This represents a cash return to our owners of over 15%. Based on our current market cap through the first nine months of this year.

第三季度，我們透過股利和股票回購向股東返還了超過 1.2 億美元。今年前九個月的營收超過 4 億美元。這意味著我們的股東將獲得超過 15% 的現金回報。基於我們今年前九個月的當前市值。

Now moving on to our 2025 outlook, which assumes no material changes in macroeconomic conditions. We are reaffirming our guidance today, which includes adjusted revenue to be in the range of $4,035 million to $4,135 million.

接下來展望 2025 年，假設宏觀經濟狀況不會發生實質變化。我們今天重申我們的業績指引，其中包括調整後的收入將在 40.35 億美元至 41.35 億美元之間。

However, based on our current trends, we anticipate adjusted revenue to be at the lower end of this range. This range reflects the continued benefit of our branded digital business. Double-digit growth in consumer services and a slight improvement in retail. I would also like to remind everyone that our consumer services -- consumer service business has different seasonality than our CMT business. Travel money is seasonably higher in the second, the third quarter.

然而，根據我們目前的趨勢，我們預計調整後的收入將處於該範圍的下限。這一系列產品反映了我們品牌數位業務持續帶來的優勢。消費者服務業實現兩位數成長，零售業略有改善。我還要提醒大家，我們的消費者服務業務－消費者服務業務的季節性與我們的CMT業務不同。旅行經費通常在第二季和第三季較高。

And I'd also like to remind everyone that we had a very strong media network business in the fourth quarter of last year due to higher media demands related to the US Presidential election. These comments are not meant to foreshadow consumer service growth being below our double-digit goal, but rather to highlight it will probably not be at 49% next quarter.

我還想提醒大家，由於美國總統大選帶來的媒體需求增加，我們在去年第四季擁有非常強勁的媒體網路業務。這些評論並非預示費用者服務成長將低於我們兩位數的目標，而是強調下個季度可能不會達到 49%。

We continue to expect adjusted operating margins to be in the range of 19% to 21%, and finally we expect adjusted EPS to be in the range of $1.65 to $1.75. Based on our current trends, we expect adjusted EPS to be the upper end of this range.

我們仍預期調整後的營業利潤率將在19%至21%之間，最終預期調整後的每股盈餘將在1.65美元至1.75美元之間。根據我們目前的趨勢，我們預計調整後的每股盈餘將達到該範圍的上限。

In conclusion, I want to emphasize the momentum that we're building across our business. Western Union is executing with discipline, clarity, and delivering results while transforming for the future. Our strategic focus is on becoming a more digital first company is yielding tangible outcomes.

最後，我想強調我們公司正逐步建立起的發展動能。西聯匯款在穩定推動轉型、面向未來的同時，以嚴謹的紀律和清晰的思路執行各項工作，並取得顯著成果。我們致力於成為一家更數位化優先的公司，而這項策略重點正在取得實際成果。

This is the eigth consecutive quarter of mid-single-digit branded digital revenue growth, or better. To also the rapid expansion of our payout to account capabilities. We're not just adapting to change. We're also leaning into it. Our consumer services segment is unlocking new revenue streams.

這是品牌數位收入連續第八個季度實現個位數中段成長，甚至更高。同時，我們也在快速擴展向帳戶支付的能力。我們不僅僅是在適應改變。我們也正在積極推動這件事。我們的消費者服務部門正在開拓新的收入來源。

Our operational efficiency program has exceeded expectations, and our financial foundation remains strong, which gives us the flexibility to invest in innovation as well as returning capital to shareholders. I look forward to seeing many of you at our Investor Day on November 6, and thank you for joining today's call.

我們的營運效率提升計畫超出了預期，財務基礎依然穩固，這使我們能夠靈活地投資於創新，並向股東返還資本。我期待在11月6日的投資者日上見到各位，感謝各位參加今天的電話會議。

Operator, we're ready to take questions.

接線員，我們已準備好接受提問。

(Operator Instructions)

（操作說明）

Tien-Tsin Huang, JP Morgan.

黃天進，摩根大通。

Hey, thanks. Good afternoon. Good to catch up with all of you. Yes, no surprises. It sounds like -- and it sounded like you were encouraged by some of the recent trends in recent months in the retail and Americas segment that in your prepared remarks.

嘿，謝謝。午安.很高興能和大家敘敘舊。是的，不出所料。聽起來——而且聽起來你似乎對近幾個月零售業和美洲地區的一些最新趨勢感到鼓舞，正如你在準備好的演講稿中所說。

Can you maybe elaborate on that? Was that just some of the Mexico statements you made in the recent months? Just wanted to get a little bit more detail on that.

能詳細解釋一下嗎？那是你近幾個月來就墨西哥議題發表的部分言論嗎？我只是想了解更多細節。

Yes. Tien-Tsin, thanks. We are seeing the lows from the mid-summer have come back a bit, particularly in Mexico. But more or less across some of the important corridors. As highlighted in the prepared comments, we still see corridors that are growing and some important ones that are now approaching what I'll call stable or flat.

是的。天心，謝謝。我們看到盛夏時的低溫有所回升，尤其是在墨西哥。但大致上只經過一些重要的走廊。正如準備好的評論中所強調的那樣，我們仍然看到一些走廊正在發展，而一些重要的走廊現在正接近我所說的穩定或平坦的狀態。

So we remain positive that in the back half of the year, those trends will continue, and the outlook will improve, but I would say things are still lumpy.

因此，我們仍然樂觀地認為，下半年這些趨勢將繼續，前景將會改善，但我認為目前情況仍然不穩定。

Okay. Good. I'll ask on Consumer Services quickly. Just Travel Money. You mentioned a few times that will probably grow 50% next year.

好的。好的。我會盡快向消費者服務部門諮詢。只用旅行資金。你曾多次提到，明年可能會成長 50%。

Just curious on the visibility there and the incremental margins on that business, just to highlight it because it is a bigger contributor?

我只是好奇這方面的業務可見度以及該業務的增量利潤，想重點介紹一下，因為它貢獻更大？

So our expansion next year is we'll have one more quarter of the grow over from Eurochange. We're pushing into other new markets based on now, we've got a good scale. We've got a management team that's very competent. As Devin talked about, we were in Europe last week, and we actually spent most of the week with the management team there and came away very impressed by their quality of the stores, the strength of the management team and their vision for how we can continue to expand both same-store sales as well as across new footprints. And the last little fun fact for you.

因此，我們明年的擴張計劃是，我們將從 Eurochange 獲得一個季度的成長。我們現在正以良好的規模進軍其他新市場。我們擁有一支非常稱職的管理團隊。正如德文所說，我們上週去了歐洲，實際上我們花了大部分時間與那裡的管理團隊在一起，他們門店的品質、管理團隊的實力以及他們對如何繼續擴大同店銷售額和拓展新業務的願景都給我們留下了非常深刻的印象。最後還有一個有趣的小知識點要分享。

When we did the acquisition, we had talked probably two quarters ago that we bought it for a little under 5 times. Now having owned it for a couple of quarters, they're meaningfully above our models that we had done and on track to have a great return for us.

收購的時候，大概兩個季度前我們就說過，我們以略低於原價 5 倍的價格收購了它。現在，經過幾個季度的運營，它們的業績明顯優於我們之前的模型，並且有望為我們帶來豐厚的回報。

Great, nice job. See you in a couple of weeks.

太棒了，幹得漂亮。幾週後見。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

See the profitability. We see -- but I wouldn't -- or were use penetration (inaudible) --

看看獲利能力。我們看到了——但我不會——或者說，我們正在使用滲透（聽不清楚）——

Hey, Darrin?

嘿，達林？

Yes, can you hear me?

是的，你聽得到我說話嗎？

Your mic is really, really hard.

你的麥克風真的非常非常硬。

I think you might be better now. Try it again.

我覺得你現在可能好多了。再試一次。

Just the same reason of penetration --

滲透的原因也一樣。--

No, Darren, you got a bad connection, maybe try coming back in, and we'll put you back in the queue.

不，達倫，你的網路連線不好，請稍後再試，我們會把你重新排回隊列。

Thank you.

謝謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey guys, thanks for taking the question. I hope my audio is not also bad. But because I'm hearing it on a couple of people's calls now -- so I guess, I just wanted to hit on some of the trends that you saw on LACA. It looked like the trends there actually got a little bit better this quarter. So maybe just echoing the earlier question on the North American trends -- anything to kind of call out and just the linearity of results?

各位，謝謝你們回答這個問題。希望我的音頻品質不要太差。但因為我現在在幾個人的電話裡都聽到了——所以我想，我只是想談談你在洛杉磯藝術博物館看到的一些趨勢。本季度那裡的趨勢似乎略有改善。所以，也許可以呼應之前關於北美趨勢的問題——有什麼需要特別指出的，以及結果的線性趨勢嗎？

Are we starting to hit easier comps and maybe some of the -- starting to lap some of the changes in migration patterns? And just any color on how you're thinking about that over the next -- in the near term?

我們是否開始遇到更容易的比較對象，也許開始適應一些遷移模式的改變？那麼，在接下來的時間裡，你對這件事有什麼看法呢？

Yes. And so a couple of things. One, we've seen some overall market stability, which we commented in the public comments. And as you know, it was in this quarter last year where we highlighted the impacts and the effects of the then recent elections across certain parts of South America, Northern South America and Latin America.

是的。所以還有兩件事。第一，我們看到市場整體趨於穩定，我們在公開評論中也提到了這一點。如您所知，去年本季度，我們重點報導了當時南美洲、南美洲北部和拉丁美洲部分地區近期選舉的影響和後果。

We are now starting to see the lapping effects of some of those declines when the Darian gap was closed and when we had presidential elections in Venezuela and a few other places. Including Mexico. And so I think you're starting to see both the effects of some market stability as well as now we're a year into what was a relatively significant change in outlook and trajectory for the region following a series of elections.

現在，隨著達里安缺口的縮小以及委內瑞拉和其他一些地方舉行總統選舉，我們開始看到一些下跌的疊加效應。包括墨西哥。因此，我認為您開始看到市場穩定帶來的影響，同時也看到了該地區在經歷一系列選舉後，前景和發展軌跡發生相對重大變化的一年。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Hey guys, thanks for having me on the call. Just wanted to ask on digital, in particular, it improved from 9% to 12% in transaction growth from the second and third quarter. But the revenue growth stayed about the same at 6%. Just trying to figure out the delta change there, why we didn't see a lift in the revenue as well?

各位，謝謝你們邀請我參加電話會議。我只是想問一下關於數位化方面的問題，特別是第二季和第三季的交易成長率從 9% 提高到了 12%。但營收成長基本維持不變，約 6%。我只是想弄清楚這方面的變化，為什麼收入沒有相應增長？

Hey Brian, thanks for joining the call. Really, the vast majority of the acceleration we saw from our partnerships in the Middle East, which are account-to-account payout, which, as you know, come generally with a lower RPT. So it's really a combination of that. So we've seen a little bit of we would have had a hair of slowdown in revenue and transvaluate, but that didn't help provide a little uplift on both sides.

嗨，布萊恩，謝謝你參加通話。實際上，我們看到的絕大多數成長都來自我們在中東的合作夥伴關係，這些合作關係是帳戶對帳戶的支付方式，正如您所知，這種方式通常意味著較低的回饋。所以這其實是兩者的綜合作用。所以我們看到，收入和估值可能會略有放緩，但這並沒有為雙方帶來任何提振。

I think, Brian, the other thing that we've historically talked about given the current market dynamics where new customer pricing and we've actually seen some more aggressiveness in the marketplace on some of those offers, not just offering one-time fee-free but in some cases, by some folks, two and three transactions free for new customers. The new customer growth causes a degradation in the revenue line.

布萊恩，我認為，鑑於當前的市場動態，我們過去也討論過新客戶定價的問題，而且我們實際上已經看到市場上的一些優惠更加激進，不僅提供一次性免手續費，而且在某些情況下，一些人還會為新客戶提供兩到三次免費交易。新客戶的成長導致收入下降。

And so anytime we see an acceleration in transactions, we're likely to see, a, as you saw this time, stability or maybe even if we could accelerate it enough, some degradation in the revenue line relative to the transaction line. And historically, we are and will continue to be in looks of ways to cost-effectively accelerate and knowing that revenue will catch up over time.

因此，每當我們看到交易量加速成長時，我們可能會看到，就像這次一樣，收入線保持穩定，或者即使我們能夠加速到足夠高的水平，收入線相對於交易線也會出現一些下降。從歷史上看，我們一直在尋找以經濟有效的方式加速發展的方法，並且知道收入會隨著時間的推移而趕上。

Got it. And then just one follow-up on the guidance in fourth quarter. You're talking about an improved -- a slight improvement in retail going into the fourth. Is that all macro driven? Or is that something specific you guys are doing for the improvement in retail into the fourth quarter?

知道了。然後，第四季只發布了一次後續指引。你指的是零售業在進入第四季後略有改善。這一切都是宏觀驅動的嗎？或者說，這是你們為改善第四季零售業狀況所採取的具體措施嗎？

Really, it's driven by a few things. One is the comment was made a minute ago about LACA. We're starting to lap easier comps as we hit the latter part of the year. We've also seen some good momentum and some customer wins that will help or agent wins.

實際上，這主要受幾個因素驅動。其中一條評論是一分鐘前針對洛杉磯天主教大學（LACA）發表的。隨著賽季進入下半年，我們開始在難度較低的比賽中輕鬆取勝。我們也看到了一些良好的發展勢頭，贏得了一些客戶或代理商的青睞，這將有助於提升業績。

The other thing I would add, Brian, we talked about this, I think in the second quarter, we've asked one of our leaders who leads our European region to spend some material time with us here in the US, implementing much of the model that's been successful in terms of our go-to-market, particularly around independent agents the strategic pricing model that we employed there and a bit more rigor around managing that independent agent network. We're starting to see some of the fruits of that as well, and we are excited about the ability to integrate -- Intermex and accelerate that retail program at a much faster rate than we have been able to over the last year, 1.5 years.

布萊恩，我還要補充一點，我們在第二季度討論過這個問題，我們請了一位負責歐洲地區的領導來美國花一些時間，來實施我們在市場推廣方面取得成功的許多模式，特別是針對獨立代理商的戰略定價模式，以及對獨立代理商網絡管理的更嚴格的措施。我們也開始看到一些成果，我們很高興能夠整合 Intermex，並以比過去一年半更快的速度加速零售計畫。

Okay, thanks so much.

好的，非常感謝。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Yes. Is that better now, guys?

是的。現在好些了嗎，夥伴們？

Much better.

好多了。

Just where do you see overall digital penetration going long term I mean the company is basically near global penetration of 38% (inaudible). Does that continue to move higher? And just talk a little bit more about how that impacts the take rate -- and then a quick follow-up would just be just when I look at the principal per transaction up 6%, is that a trend around people that are setting more now, but less often, just maybe associated with migration policies in the US or something more structural?

您認為從長遠來看，整體數位滲透率會達到什麼程度？我的意思是，該公司目前的全球滲透率基本上接近 38%（聽不清楚）。價格還會繼續漲嗎？請再詳細談談這會對成交率產生什麼影響——然後，我想快速追問一下，當我看到每筆交易的本金增長了 6% 時，這是否是一種趨勢，即人們現在設置了更多，但頻率降低了，這是否與美國的移民政策或更結構性的原因有關？

Yes. It's a great question, Darrin. And so I think there are two or three things I think we would highlight what we believe and aspire to a reasonably stable retail business around the world, which will be somewhere between minus [2%] and plus [1%] over time as we get our operating model in place as we believe the retail value proposition does have merit, and there are many migrants, particularly new to country see value in that.

是的。達林，你問得好。因此，我認為有兩三件事值得我們重點強調，我們相信並渴望在全球範圍內建立一個相對穩定的零售業務，隨著時間的推移，隨著我們運營模式的完善，這一數字將在-2%到+1%之間波動，因為我們相信零售價值主張確實有其價值，而且許多移民，特別是新移民，都看到了其中的價值。

We do expect digital to continue to grow at double-digit rates into the certainly intermediate if not indefinite future, which we will see over time, the ability of that digital become a larger and larger piece of our business with the stability in retail. We also know, at least for Western Union, there are a lot of places in the world.

我們預計，在不久的將來，甚至可能無限期地，數位化將繼續以兩位數的速度成長。隨著時間的推移，隨著零售業的穩定，我們將看到數位化在我們業務中所佔的比例越來越大。我們也知道，至少對西聯匯款來說，世界上有很多地方。

US to India is one of them. US to Guatemala is another one, where our digital penetration still has plenty of opportunity to grow relative to both the size of the market and our current market share. So we could even see some acceleration in that low double-digit growth that we've been seeing for the last 8, 10 quarters as we focus on specific corridors going forward.

美國對印度就是其中之一。從美國到危地馬拉，我們的數位化滲透率相對於市場規模和我們目前的市場份額而言，還有很大的成長空間。因此，隨著我們未來專注於特定領域，我們甚至可能會看到過去 8、10 個季度以來一直保持的兩位數低成長速度有所加快。

All right. Thanks, Devin. Matt, just a very quick follow-up with just the understanding where Eurochange, is Eurochange entirely in consumer services? I'm just trying to get a sense of organic growth segments.

好的。謝謝你，德文。Matt，我只想快速跟進一下，了解一下 Eurochange 的情況，Eurochange 是否完全屬於消費者服務領域？我只是想了解一下自然成長領域的情況。

So, no, it's not. So we actually use the business for both CMT but also CS. They were an agent of ours before we acquired them. So if we're doing any remittance transactions would go to our CMT line and the rest CS. But to take away is, we're using that footprint for money travel money, we're using for prepaid cards. We're using it for remittances, and we split it up basin that type of product.

所以，不，不是這樣的。所以實際上我們把這個業務同時用於 CMT 和 CS。在我們收購他們之前，他們就是我們的代理商。因此，如果我們進行任何匯款交易，都會進入我們的 CMT 線路，其餘的則進入 CS 線路。但總的來說，我們正在利用這個足跡來管理旅行資金和預付卡。我們將其用於匯款，並按該類產品進行拆分。

Okay. Thank you, guys.

好的。謝謝大家。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Thank you very much. I wanted to ask quickly about dynamic pricing in Spain. It seems like you've seen some good results there. And just curious how quickly you may be able to roll out to other markets and maybe start to garner some of the same benefits?

非常感謝。我想快速諮詢一下西班牙的動態定價機制。看來你在那裡已經取得了一些不錯的成果。我很好奇你們能以多快的速度將業務拓展到其他市場，並開始獲得相同的收益？

Thanks, James. Great question. We have rolled out dynamic pricing or strategic pricing, as we call it, probably in about half to two-third of our European market. We asked the leader of our European market to come here to the US to help us.

謝謝你，詹姆斯。問得好。我們已在歐洲市場大約一半到三分之二的範圍內推出了動態定價或我們稱之為策略定價的方案。我們邀請了歐洲市場的負責人來美國幫助我們。

And we are in three metro markets at some scale now in the US with the anticipation that over the course of and the integration with Intermex who has a very similar model that will be able to be kind of across the US by the end of 2026. It has less applicability in other parts of the world like the Middle East, which, we have a lot of large master agents where they have a lot more control over pricing or frankly, in Asia, which has gone significantly more digital than either the US or Europe is.

目前，我們在美國三個大都會市場已經取得了一定的規模，預計隨著與擁有非常相似模式的 Intermex 的整合，到 2026 年底，我們的業務將遍及美國各地。它在世界其他地區（如中東）的適用性較差，因為那裡有很多大型總代理商，他們對定價擁有更大的控制權；坦白說，在亞洲，它的數位化程度比美國或歐洲都要高得多。

Got it. That's really helpful. And then I think, Matt, you touched on this a little bit, but I may have missed it, is that you guys have done a really good job in terms of your cost efficiencies, programs, et cetera. How should we think about like future programs or where there may be incremental opportunities on that side?

知道了。這真的很有幫助。然後我想，馬特，你剛才稍微提到了這一點，但我可能錯過了，那就是你們在成本效益、項目等方面做得非常好。我們應該如何考慮未來的項目，或這方面可能存在的增量機會？

Yes. Thanks for the question. I'll actually spend about five minutes of that in two weeks from the day talking about our next step, but I'll leave a teaser. We still think there's meaningful opportunity ahead and look forward to sharing that with you on the sixth.

是的。謝謝你的提問。兩週後，我會花大約五分鐘談談我們的下一步計劃，但我先透露一點資訊。我們仍然認為未來有很多有意義的機會，並期待在6號與您分享。

Stay tuned to like it.

敬請期待！

And James, one of the things, the first part of our program really was what I'll call the blocking and tackling and Matt and the team, the broader management team did a great job of creating the normal operational efficiencies in terms of managing our real estate footprint. Reducing customer service calls, managing vendors, we're now starting to really see the benefits as we implement new technology.

詹姆斯，我們專案的第一部分實際上是我所說的“阻擋和攔截”，馬特和他的團隊，以及更廣泛的管理團隊，在管理我們的房地產業務方面，出色地提高了正常的運營效率。減少客戶服務電話、管理供應商，隨著我們實施新技術，我們現在開始真正看到其帶來的好處。

We have some adoption of AI into both our development functions; our customer service functions. Where we could start to see some shifting of the business model, which will, again, as Matt said, yield results for a reasonably long period of time relative to the first chapter of this, which was really just blocking and tackling.

我們在產品開發和客戶服務方面都已在一定程度上採用了人工智慧。我們可能會開始看到商業模式發生一些轉變，正如馬特所說，這種轉變將在相當長的一段時間內產生效果，而第一階段實際上只是基礎建設。

Now I got to remove that page in my presentation. So, I got more work on Investor Day.

現在我得把簡報裡的那一頁刪掉。所以，我在投資人日又接到了更多工作。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great, thank you for taking the question. On the Intermex, 10,000 locations, they were always viewed to be as very strategically well placed, but one of the advantages was the speed, the UI, the UX, and it was generally talked about as being better for the agent, and that was something that was attractive to them.

太好了，謝謝你回答這個問題。Intermex 擁有 10,000 個地點，一直被認為具有非常優越的戰略位置，但其優勢之一是速度、用戶界面和用戶體驗，而且普遍認為這對代理商更有利，這對他們來說很有吸引力。

Is that an advantage that somehow gets ported over to Western Union? Or does that system get retired in the sunset and those locations move on to the Western Union platform. How would that all play out?

西聯匯款是否也能獲得類似的優勢？或者說，該系統最終會被淘汰，這些地點會轉移到西聯匯款平台。這一切最終又會如何發展？

It is our intention to maintain both the Intermex brand, the Intermex locations and the Intermex go-to-market model. We also are now as we begin integration planning, looking at ways in which we can take that into Intermex model and bring it into our V-Go independent agents and our Western Union branded independent agents here in the US. So we have aspirations of belief that we think we can learn a lot from what they do, and we will preserve everything that they do, the way they do it today.

我們的目標是保留 Intermex 品牌、Intermex 地點和 Intermex 市場推廣模式。我們現在也開始進行整合規劃，研究如何將其融入 Intermex 模式，並將其引入我們在美國的 V-Go 獨立代理商和 Western Union 品牌獨立代理商。因此，我們懷著美好的願望，相信我們可以從他們的做法中學到很多東西，我們將保留他們今天所做的一切，以及他們做事的方式。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Great, thanks for taking my question. I think there's an echo here. So to hear me. Just on North America, it looks like trends have gotten a little bit worse versus the second quarter. you expected to improve from here? Like have we reached the bottom in North America?

太好了，謝謝你回答我的問題。我覺得這裡有迴音。所以，聽我說。僅就北美地區而言，情況似乎比第二季略有惡化。你預期情況會從這裡開始好轉嗎？北美是不是已經跌到谷底了？

Yes. So the quarter was, as I described in the call, what I would say is lumpy. We had a little bit better July than August was pretty tough. And then we started to see some trends in the back half of September and a little bit early here in October.

是的。所以，正如我在電話會議中所描述的那樣，這個季度表現起伏不定。七月的情況比八月好一些，八月就相當艱難了。然後，我們在九月下旬和十月初開始看到一些趨勢。

But the linear improvement is certainly not there, but the directional improvement would seem to indicate that we may be hitting some stability relative to what we saw in either June or August.

但線性改善尚未出現，但方向性的改善似乎表明，相對於六月或八月的情況，我們可能正在達到某種穩定狀態。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

Hey, thanks for the question. I wanted to ask on payout to account -- so I think last quarter in the Q&A, you mentioned a slowdown in growth there, but it sounds like in 3Q principal was up 40%, and it now represents 50% of the digital business. So maybe it's the Middle East partnerships, but I was hoping you could unpack some of the drivers and the improvement there and maybe how sustainable you think the trajectory impact to account could be?

嘿，謝謝你的提問。我想問一下關於支付到帳戶的問題——我記得上個季度在問答環節中，您提到這方面的增長放緩了，但聽起來第三季度本金增長了 40%，現在佔數字業務的 50%。所以，也許是中東夥伴關係的問題，但我希望您能詳細分析其中的一些驅動因素和改進措施，以及您認為這種發展軌蹟的影響能持續多久？

I don't remember making that comment last quarter. We've seen very consistent 30%-plus growth rates for going on two, three years now -- for account payout. So we see it everywhere. We're seeing strong growth in our retail business to be digitally funded. We've seen growth there with our rolling out more digital acceptance or card acceptance in Europe and North America.

我不記得上個季度說過那樣的話。近兩、三年來，帳戶支付一直維持著 30% 以上的穩定成長率。所以我們到處都能看到它。我們看到零售業務在數位化融資方面實現了強勁成長。隨著我們在歐洲和北美推出更多數位支付方式或銀行卡支付方式，我們看到了這方面的成長。

We've seen growth in account payout from retail. We've seen great account payout from our digital business as well as the new partnerships in the Middle East. So don't remember the comment from last quarter, but there was not a dip last quarter. There has been a modest acceleration this quarter, but I would argue it's modest, and the new partnerships have driven that because they're a largely account payout or digitally funded relationship?

我們看到零售帳戶的支付額有所成長。我們從數位業務以及在中東建立的新合作夥伴關係中獲得了豐厚的回報。所以我不記得上個季度的評論了，但上個季度並沒有出現下滑。本季增速略有加快，但我認為增速並不快，而且推動增速的主要是新的合作關係，因為這些關係主要透過帳戶支付或數位化融資來實現？

Nate, I think we believe that this is a secular change in customer behavior. And again, whether it's originated in a retail transaction or a digital transaction, the received customers are rapidly entering the banking or digital wallet infrastructure in their countries.

內特，我認為我們相信這是消費者行為的長期改變。而且，無論交易是源自零售交易還是數位交易，所接收的客戶都在迅速進入其所在國家的銀行或數位錢包基礎設施。

And we've seen that, whether that's in the Philippines or Malaysia, now even to a certain extent in Mexico, where the receiver preference is to receive the money in a more digital form. We think that has implications over time for us in terms of our payout network and our ability to create efficiency and streamlining some of our retail payout network. And the shift also in payout costs will become margin beneficial to us as payout to account has a different economic profile than pay out to cash in many regions around the world.

我們已經看到，無論是在菲律賓還是馬來西亞，現在甚至在某種程度上在墨西哥，收款人都更傾向於以數位化的形式接收款項。我們認為，從長遠來看，這會對我們的支付網路以及提高效率和簡化部分零售支付網路的能力產生影響。而且，支付成本的轉變也將使我們的利潤率受益，因為在世界許多地區，支付到帳戶的經濟狀況與支付到現金的經濟狀況不同。

Chris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Good afternoon. Thanks for taking the question. Can you just talk a little bit more about the 500,000 digital wallet users. What kind of engagement are you seeing or retention trends? Or anything you could talk about that? Thank you.

午安.感謝您回答這個問題。能否再詳細談談這 50 萬數位錢包用戶的狀況？您觀察到的使用者參與度或留存趨勢如何？或是有什麼想聊的嗎？謝謝。

Hey Chris, we are on a journey, right? And so -- we launched our first digital wallet in the third quarter of 2022. And over the course of the last three years, we've iterated both the platform the value proposition and to a certain extent, the nature of the customers that we're acquiring. The customers that we're currently acquiring tend to be much more in the receive markets.

嘿，克里斯，我們正在踏上旅程，對吧？於是——我們在 2022 年第三季推出了我們的第一個數位錢包。在過去的三年裡，我們對平台、價值主張以及在某種程度上對我們所獲得的客戶類型進行了迭代。我們目前獲取的客戶往往更多來自接收型市場。

And as I highlighted in the prepared comments in Argentina, Brazil, also in Romania and to a certain extent, even here in the US, people putting money into their wallets from inbound remittances and then using that either for everyday living expenses through our cards or through like in Brazil, the PIC system, is a growing trend for us. And so what I would say is our most engaged customers are those that are in our received markets and are using the product as an alternative to having received cash in one of our retail locations.

正如我在阿根廷、巴西、羅馬尼亞以及在某種程度上甚至在美國的事先準備好的評論中所強調的那樣，人們將來自入境匯款的錢存入錢包，然後透過我們的銀行卡或像巴西那樣的PIC系統將這些錢用於日常生活開支，這對我們來說是一種日益增長的趨勢。因此，我想說的是，我們最活躍的客戶是那些在我們已接收現金的市場中，並將該產品作為在我們零售店接收現金的替代方案的客戶。

Great, thanks for taking the question.

太好了，謝謝你回答這個問題。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

Hi, I wanted to ask about the the ability to transfer some of the best practices you've had in Europe, the European orders really doing well for you. I think you alluded, Devin, to some similarities or differences between there and here, like you talked about the independent agent network. But to what extent are those -- are there like synergies between those markets? And how can you transfer the success that you're having there here? Thank you.

您好，我想諮詢貴公司能否將您在歐洲的一些最佳實踐經驗移植過來，因為貴公司在歐洲的訂單情況非常好。德文，我想你暗示過那裡和這裡有一些相似之處或不同之處，例如你談到了獨立代理人網絡。但這些市場之間是否存在綜效？你如何才能把你在那裡的成功轉移到這裡？謝謝。

Jamie, great question. Thank you. We'll actually spend a bunch of time at our Investor Day talking about this. But recall, our European go-to-market model really has three components to it. One is the nature and shape of the distribution. Two is our go-to-market strategy in terms of how we structure our sales teams and our support model for the agents.

傑米，問得好。謝謝。我們將在投資者日上花大量時間討論這個問題。但請記住，我們的歐洲市場推廣模式實際上包含三個組成部分。一是分佈的性質和形狀。第二點是我們的市場進入策略，包括我們如何建立銷售團隊以及我們為代理商提供的支援模式。

And then third, which we talked about on this call already, really is the strategic pricing capability where we manage and monitor on a daily basis, market prices in specific locations in order to present the best possible option while maintaining our discipline on margins. And so those three components in certain ways differ in the US.

第三點，也是我們在這次電話會議中已經談到的，是策略定價能力，我們每天管理和監控特定地點的市場價格，以便在保持利潤率紀律的同時，提供最佳選擇。因此，這三個組成部分在美國在某些方面有所不同。

So part of the rationale for the Intermex acquisition was Historically, in the US, we had a much larger base of the large strategic accounts, the Krogers, the public, the Walmart and as Matt mentioned in the commentary, we've gone through a big renewal cycle with those. We think they're important, but you have less ability to influence what happens in those than you do in the independent agent channel.

因此，收購 Intermex 的部分理由是，從歷史上看，在美國，我們擁有更大的大型策略客戶基礎，例如 Kroger、公眾、沃爾瑪，正如 Matt 在評論中提到的那樣，我們與這些客戶經歷了一個大型續約週期。我們認為它們很重要，但與獨立代理商管道相比，你對這些管道的影響力較小。

So adding Intermex into that mix significantly broadens the middle of that pyramid of distribution with a very strong independent agent, nonexclusive independent agent channel. The other part of the pyramid in Europe that we have is -- Matt will know this, but I think we're up to 300 or 400 company-owned stores across the European footprint.

因此，將 Intermex 加入其中，顯著拓寬了分銷金字塔的中間部分，形成了一個非常強大的獨立代理商、非排他性獨立代理商管道。我們在歐洲的另一部分金字塔結構是——馬特應該知道這一點，但我認為我們在歐洲的業務範圍內已經擁有 300 到 400 家公司自營門市。

And the company-owned stores are 6 to 8x more productive than your average agent, and therefore, they play an important but small role in the strategy. Here in the US, we had when we get done with the Intermex acquisition and some other work we're doing, we'll end up close to a couple of hundred. So that change is kind of in process to get the distribution right.

公司自營門市的生產力是普通代理商的 6 到 8 倍，因此，它們在策略中發揮著重要但較小的作用。在美國，等我們完成對 Intermex 的收購以及我們正在進行的其他一些工作後，我們的員工人數最終將接近兩百人。所以，為了讓分配更合理，這種改變正在進行中。

The strategic pricing, we're in the process of putting in place. I said we're now kind of in three metro markets with an aspiration to roll that out over the course of the next 12 months. And then on our go-to-market model, as we do the integration with Intermex, we will restructure our sales force and our agent support model to align much more closely with our European approach and the historic Intermex approach here in the US. So again, I see that as in the second half of '26 getting fully implemented.

我們正在實施策略定價策略。我說過，我們目前在三個大都會市場開展業務，並希望在未來 12 個月內推廣開來。然後，在我們的市場推廣模式方面，隨著我們與 Intermex 的整合，我們將重組我們的銷售團隊和代理商支援模式，使其與我們在歐洲的模式以及 Intermex 在美國的傳統模式更加緊密地保持一致。所以，我認為這將在 2026 年下半年全面實施。

Kartik Mehta, Northcoast.

Kartik Mehta，北海岸。

Devin, just to understand North America a little bit better, I think you said August was a lot worse than maybe July or the second half of September. Was that a result of icing competition or just the market was really slow?

德文，為了更了解北美的情況，我想你說過八月的情況比七月或九月下半月要糟糕得多。這是因為市場競爭激烈，還是因為市場行情不佳？

From our view, it was a market view. We didn't see any different, what I would call, competitor behavior, but we certainly did see different consumer behavior and so again, we don't have complete transparency, but the bank to Mexico data would also support some of that as well where June was probably the worst. July improved moderately significantly and then August reverted back to a double-digit decline. So I can't explain it. I can just tell you what we observed.

在我們看來，這是一種市場觀點。我們沒有看到任何不同的，我稱之為競爭對手的行為，但我們確實看到了不同的消費者行為，所以再說一遍，我們沒有完全的透明度，但銀行對墨西哥的數據也支持其中的一些觀點，其中6月份可能是最糟糕的。7 月情況略有好轉，但 8 月又恢復了兩位數的下滑。所以我無法解釋。我只能告訴你我們觀察到的情況。

And just to build on Devin's point there, just give you some external data. Bank of Mexico had a low point for the year of down 18%. July got down 13% down 17%, then down 12% and the improved from there. So it's bounced around as time has passed on a transaction basis.

為了進一步闡述 Devin 的觀點，我再提供一些外部資料。墨西哥銀行年內跌幅達 18%，創下歷史新低。7 月下跌了 13%，下跌了 17%，然後下跌了 12%，之後有所改善。因此，隨著時間的推移，它在交易過程中不斷被轉移。

Thank you.

謝謝。

Zachary Gunn, FT Partners.

Zachary Gunn，FT Partners。

Hey there, thanks for taking my question. I wanted to ask on consumer services and apologies if this is -- if I missed this, but what was the contribution from euro changes over I know you stated consumer services still grew double digit uniquely. And just with that in mind, I appreciate the comments on 4Q and some of the headwinds in consumer services. But how do we think about the sustainability of that growth kind of going forward?

你好，謝謝你回答我的問題。我想問一下關於消費者服務的問題，如果我錯過了什麼，請見諒。歐元匯率變動對消費者服務的影響有多大？我知道您說過消費者服務仍然實現了兩位數的成長。考慮到這一點，我很感謝各位對第四季以及消費者服務領域一些不利因素的評論。但是，我們如何看待這種成長模式在未來的永續性呢？

Zack, pleasure to meet you. I said in the prepared remarks that the Eurochange acquisition contributed roughly nearly half of the overall CS growth this quarter. So that's the simple answer to your first part of your question. And then to your second part about how sustainable is consumer services in the long run.

札克，​​很高興見到你。我在事先準備好的發言稿中提到，Eurochange 的收購為 CS 本季的整體成長貢獻了近一半。這就是你問題第一部分的簡單答案。然後是您關於消費者服務長期可持續性的第二部分問題。

We've now had three, four years of 10%-plus growth in that business, how we've gotten there has varied from year-to-year, but we've got lots of new products that we've launched that are starting to scale. We've got some that are doing very well already, and there's new ideas we're working on. So we think there's a long runway to continue to grow consumer service for the foreseeable future, and we'll do a really good long deep dive on that in two weeks.

該業務已經連續三、四年保持 10% 以上的成長，雖然每年的成長方式有所不同，但我們推出了許多新產品，這些產品正在逐步擴大規模。我們已經有一些產品取得了非常好的效果，而且我們還在研究一些新的想法。因此，我們認為在可預見的未來，消費者服務還有很長的成長空間，我們將在兩週後對此進行深入探討。

Gus Gala, Monness, Crespi, Hardt & Company.

Gus Gala、Monness、Crespi、Hardt & Company。

Hey guys, thanks for taking my questions. I wanted to ask about the [porting over] strategy to the US when we -- as we think about that, I mean, is your fleet in Europe a little bit more focused on smaller retail format versus a large retail format in? And then just by thinking about how cities are set up in Europe versus the US what are kind of some of the differences as changes that you're having in terms of trying to approach in retail?

各位好，感謝你們回答我的問題。我想問一下關於移植到美國的策略，當我們考慮這個問題時，我的意思是，你們在歐洲的車隊是否更專注於小型零售業態而不是大型零售業態？那麼，僅僅從歐洲和美國的城市佈局來看，在零售業方面，你們在嘗試採取的措施有哪些不同之處和變化呢？

Yes Gus. great question. So the European model is slightly different than the US model, but there are analogies. So the European model does have a relatively significant independent agent network, of which Western Union has a pretty strong presence in, which is different in the US where we've historically participated in the independent agent channel with our Vigo brand and less so with our Western Union brand. But there is a large and significant independent channel in the US.

是的，格斯，問得好。所以歐洲模式與美國模式略有不同，但兩者之間有相似之處。因此，歐洲模式確實擁有相對重要的獨立代理網絡，其中西聯匯款佔據了相當大的市場份額，這與美國的情況有所不同，在美國，我們歷來都是透過 Vigo 品牌參與獨立代理管道，而較少使用西聯匯款品牌。但美國存在著一個規模龐大且重要的獨立頻道。

We've just had less presence in it than say a Ria or an Intermex, which was part of the opportunity with Intermex. The US does have a large base of what I will call the strategic accounts for us, the Walgreens, the Krogers, the Walmarts, that is not true in Europe.

我們在該領域的影響力不如 Ria 或 Intermex 等公司，而這正是 Intermex 帶給我們的機會之一。美國確實擁有大量我稱之為策略客戶的客戶，例如沃爾格林、克羅格、沃爾瑪，但歐洲的情況並非如此。

The analogy in Europe, though, is a fair number of relatively significant postal systems. And so like in the UK, we have the UK post or in Spain, we have the Spanish post. We work with Laban Postal in France. And so that big base of what I'll call relatively lower productivity, but omnipresent distribution is done with postal systems in Europe versus grocery or convenience retailers here in the US.

不過，歐洲的情況則有所不同，那裡有相當多的、規模相對較大的郵政系統。就像在英國，我們有英國郵政；在西班牙，我們有西班牙郵政一樣。我們與法國的Laban Postal公司合作。因此，歐洲依靠郵政系統實現了相對較低但無處不在的龐大分銷基礎，而美國則依靠雜貨店或便利商店零售商。

So we see the biggest opportunity really to bring and import some more of that independent agent model and do it on a -- as I said, we're doing it on a city-by-city basis, just like in Europe, so we're now implementing it in three major metropolitan areas in the US.

因此，我們看到最大的機會在於引進更多獨立代理模式，並且——正如我所說，我們正在以城市為單位進行推廣，就像在歐洲一樣，所以我們現在正在美國的三個主要大都市區實施這項模式。

But the reason it's going to take some time is you got to do it across 50 or 60 when in any European country, you do it across three or four, and you've covered the majority of it. So we see upside. We see potential. We like the Intermex acquisition. As an ability to accelerate it, but we think the model is right, whether it is in Europe or here in the US.

但之所以需要一些時間，是因為你必須在 50 或 60 個地方進行這項工作，而在任何歐洲國家，你只需要在三、四個地方進行這項工作，就能涵蓋大部分地區。所以我們看到了上漲的趨勢。我們看到了潛力。我們看好Intermex的收購案。作為一種加速發展的能力，我們認為這種模式是正確的，無論是在歐洲還是在美國。

Perfect. I appreciate all the color.

完美的。我喜歡這些色彩。

Thanks, everybody.

謝謝大家。

Thank you for joining the Western Union third-quarter 2025 results conference call. We hope you have a great day.

感謝您參加西聯匯款2025年第三季業績電話會議。祝您今天過得愉快。