西聯匯款 (WU) 2026 Q2 法說會逐字稿

Good day, and welcome to the Western Union second quarter 2026 results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加西聯匯款（Western Union）2026 年第二季業績電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係副總裁 Tom Hadley。Tom，請開始。

Thank you. On today's call, we will discuss the company's second quarter in our 2026 full year outlook, and then we will take your questions. The slides that accompany this call and webcast can be found at westernunion.com under the Investor Relations tab and will remain available after the call. Additional operational statistics have been provided in supplemental tables with our press release. Joining me on the call today is our CEO, Devin McGranahan and our CFO, Matt Cagwin.

謝謝。在今天的電話會議中，我們將討論公司第二季表現以及 2026 全年展望，之後將回答各位的提問。本次電話會議與網路直播所搭配的簡報可在 westernunion.com 的「投資人關係」分頁中找到，並將在會後持續提供。我們也在新聞稿的補充表格中提供了額外的營運統計資料。今天與我一同參與電話會議的有我們的執行長 Devin McGranahan 以及財務長 Matt Cagwin。

Today's call is being recorded, and our comments include forward-looking statements. Please refer to the cautionary language in the earnings release and in Western Union's filings with the Securities and Exchange Commission, including the 2025 Form 10-K for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements.

今天的電話會議將被錄音，我們的發言包含前瞻性陳述。請參閱財報新聞稿以及西聯匯款向美國證券交易委員會（SEC）提交的文件中的警示性語言，包括 2025 年 Form 10-K，以取得更多可能導致實際結果與前瞻性陳述存在重大差異之因素的資訊。

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

在本次電話會議中，我們將討論部分不符合一般公認會計原則（GAAP）的項目。在可行的情況下，我們已在隨 Form 8-K 附上的財報新聞稿以及我們網站 westernunion.com 的「投資人關係」專區，將這些項目與最可比的 GAAP 指標進行調節。

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

現在我將把電話會議交給我們的執行長 Devin McGranahan。

Good afternoon, and welcome to Western Union Second Quarter 2026 Financial Results Conference Call. In the second quarter, we continued to face significant margin pressures due to the ongoing slowdown in the retail business in the Americas, higher agent commissions and the continued acceleration of our digital payout to account business.

各位下午好，歡迎參加西聯匯款 2026 年第二季財務結果電話會議。在第二季，由於美洲地區零售業務持續放緩、代理商佣金提高，以及我們數位「入帳」支付（digital payout to account）業務持續加速，我們仍面臨顯著的利潤率壓力。

The quarter came in $0.06 better than Q1 having eliminated many of the onetime effects we saw in the first quarter. However, the accelerated shift from cash payout transactions with higher revenue per transaction, RPT, and higher contribution profit per transaction, CPPT, and to pure digital transactions continues to weigh on profitability. On a more positive note, despite the strong macro headwind, our strategy and our significant geographic diversification enabled us to report revenue of $1 billion.

本季表現較第一季好 0.06 美元，因為我們已消除第一季所見的許多一次性影響。然而，從每筆交易收入（RPT）較高、每筆交易貢獻利潤（CPPT）較高的現金支付交易，加速轉向純數位交易的趨勢，仍持續對獲利能力造成壓力。較為正面的部分是，儘管宏觀環境逆風強勁，我們的策略與顯著的地域多元化使我們得以報告 10 億美元的營收。

On an adjusted basis, this was a decline of only 1% year-over-year. Consumer money transfer transactions grew at 3% in the quarter, which was a 300 basis point improvement from Q1, a 600 basis point improvement year-over-year and the highest transaction growth rate since the second quarter of 2024.

以調整後口徑計算，營收年減僅 1%。本季消費者匯款交易量成長 3%，較第一季改善 300 個基點，較去年同期改善 600 個基點，並創下自 2024 年第二季以來最高的交易量成長率。

We continue to see quarter-over-quarter improvements as we lap the worst of last year. For example, US to Mexico declined a little over 3% on a transaction basis in the quarter a nearly 1,000 point improvement year-over-year. Yet overall US retail continued to be mid-teens negative on a transaction basis in the second quarter, well below our expectations. While overall global transaction growth has improved significantly, it is important to know that it comes from lower contribution profit per transaction, which is putting pressure on our margins.

隨著我們逐步跨越去年最艱難的時期，我們持續看到季度對季度的改善。例如，美國匯往墨西哥的交易量在本季按交易口徑下滑略高於 3%，較去年同期改善近 1,000 個基點。然而，美國整體零售業務在第二季按交易口徑仍為負的十幾個百分點，遠低於我們的預期。雖然全球整體交易量成長已顯著改善，但需要注意的是，這些成長來自較低的每筆交易貢獻利潤，對我們的利潤率造成壓力。

Adjusted earnings per share came in at $0.31 in the quarter compared to $0.42 this quarter a year ago. This is below our expectations and is driven by lower profitability in our Americas retail business and lower profitability in our Middle East business as volumes there continue to shift rapidly from our legacy partners in the region to newer digital-only partners at lower RPTs and profitability.

本季調整後每股盈餘為 0.31 美元，去年同期為 0.42 美元。這低於我們的預期，主要原因是美洲零售業務獲利能力下降，以及中東業務獲利能力下降；當地交易量持續快速從我們在該區域的傳統合作夥伴轉向較新的純數位合作夥伴，而其 RPT 與獲利能力較低。

Our branded digital business continued to perform well with transactions increasing by 25% this quarter and adjusted revenue by 6%. While transaction growth continues to accelerate, the revenue growth is being muted by strong growth in lower RPT corridors and a significant increase in digital payout to account which saw 55% growth in the quarter.

我們的自有品牌數位業務持續表現良好，本季交易量增加 25%，調整後營收成長 6%。雖然交易量成長持續加速，但營收成長受到兩項因素抑制：低 RPT 走廊的強勁成長，以及數位入帳支付大幅增加，本季該項目成長 55%。

As I mentioned in previous calls, our new customer acquisition economics remained challenged in the quarter which impacted the overall revenue growth and profitability of our digital business. We continue to roll out our Beyond digital platform, which I believe will enable better customer experience improve our ability to market at a corridor level and potentially reduce the magnitude of needed new offer incentives. In Consumer Services, adjusted revenue was up 12% in the quarter, driven by growth in our bill pay business as well as continued growth in Travel Money.

如我在先前的電話會議中提到，我們本季的新客獲取經濟性仍具挑戰，影響了數位業務的整體營收成長與獲利能力。我們持續推進 Beyond 數位平台的上線，我相信這將帶來更佳的客戶體驗、提升我們在走廊層級的行銷能力，並可能降低所需新客優惠激勵的幅度。在消費者服務（Consumer Services）方面，本季調整後營收成長 12%，主要由帳單支付（bill pay）業務成長以及旅遊外幣（Travel Money）持續成長所帶動。

Our financial results in this quarter came in below our expectations for the second quarter in a row. This is not acceptable, and we are not satisfied with the current operating performance and we'll be implementing significant changes as a result. While the external macro factors over the past 12 months have undoubtedly accelerated the underlying trends in the business, we recognize that in the near term these trends are not likely to -- are likely to continue at elevated levels.

本季財務結果連續第二季低於我們的預期。這是不可接受的，我們對目前的營運表現並不滿意，因此將據此推動重大變革。雖然過去 12 個月的外部宏觀因素無疑加速了業務的底層趨勢，但我們也認知到，短期內這些趨勢不太可能——很可能會在高位持續。

We have been navigating this mix shift away from payout to cash over the past several years as well as the move from retail to digital through cost savings initiatives and the reallocation of investments. The impact of ongoing changes in immigration in the Americas has accelerated those dynamics, and we must now more aggressively change our cost base to reflect the reality of a future with continued pressure on CPPT.

過去幾年，我們一直透過節省成本計畫與投資重新配置，來因應支付方式從現金支付轉移，以及業務從零售轉向數位的組合變化。美洲移民相關政策的持續變化加速了這些動態，我們現在必須更積極地調整成本結構，以反映未來在 CPPT 持續承壓下的現實。

Over the past 12 months, we have seen the percentage of payout to account and pay out to wallet transactions grow by 25%. This is an important trend that will likely continue to cause ongoing margin headwinds unless we vigilantly reduce our fixed cost base, lower our account payout costs and increase our ability to cost effectively drive digital growth. We have spent much of the last eight weeks evaluating what is working across these three dimensions and what is not. That process has reinforced our belief that the long-term fundamentals of our business remain intact.

在過去 12 個月中，入帳支付（payout to account）與錢包支付（pay out to wallet）交易的占比成長了 25%。這是一項重要趨勢，除非我們嚴格降低固定成本基礎、降低入帳支付成本，並提升以具成本效益的方式推動數位成長的能力，否則它很可能會持續帶來利潤率逆風。過去約八週，我們花了大量時間評估在這三個面向上哪些做法有效、哪些無效。這個過程強化了我們的信念：我們業務的長期基本面仍然完好。

Our brand, customer relationships, market position, scale and digital capabilities continue to provide a strong foundation upon which to build. However, a strong foundation alone is no longer enough. We must accelerate the transformation of our operating model to enable us to maintain our ability to invest in our next-generation digital initiatives while simultaneously significantly lowering our ongoing operating costs.

我們的品牌、客戶關係、市場地位、規模與數位能力，仍提供了可持續建構的堅實基礎。然而，僅有堅實基礎已不再足夠。我們必須加速營運模式的轉型，使我們在維持投資下一代數位計畫能力的同時，亦能大幅降低持續性的營運成本。

The program we have launched is called Beyond efficiency. It has five key program elements, and we will be targeting a run rate operating cost reduction of $50 million by the end of the year. The five key program pillars include: the first pillar accelerate the dual-track strategy by reducing redundancy and streamlining processes that do not align with the Beyond strategy. As a 175-year-old company, we have a lot in the garage.

我們已啟動的計畫稱為 Beyond efficiency。該計畫包含五個關鍵要素，我們目標是在年底前達成年化（run rate）營運成本削減 5,000 萬美元。五大關鍵支柱包括：第一支柱是透過降低重複、精簡不符合 Beyond 策略的流程，加速雙軌策略。作為一家擁有 175 年歷史的公司，我們「車庫」裡有很多東西。

Organizations build up over time and what we're once new ideas or areas investment are now ongoing operating costs with limited or no contribution to the Beyond strategy. For example, as we move to the Beyond digital framework, we have made the decision to close down our existing digital wallets in Europe, saving the company a run rate of $6 million to $8 million. We anticipate launching our Beyond digital platform to replace those in Europe by the end of the year.

組織會隨時間累積，過去曾是新想法或投資領域的項目，如今成為持續性的營運成本，對 Beyond 策略的貢獻有限或沒有貢獻。例如，隨著我們轉向 Beyond 數位架構，我們已決定關閉歐洲現有的數位錢包，為公司節省年化 600 萬至 800 萬美元。我們預期在年底前於歐洲推出 Beyond 數位平台以取代上述產品。

The second pillar is to reduce discretionary operations and technology work by 20% that is not directly tied to growing digital. We are targeting a 20% reduction in discretionary operations and technology capacity by the end of the year, forcing a prioritization that will cause only the most impactful initiatives to get work done.

第二支柱是將與數位成長沒有直接關聯的可裁量營運與科技工作削減 20%。我們目標在年底前將可裁量的營運與科技產能削減 20%，以迫使資源優先排序，讓只有最具影響力的計畫得以推進。

The third pillar is to rapidly adopt AI to drive automation and reduce manual work given our legacy system limitations. We have ramped up our adoption of AI and other automation platform significantly over the past six months, and we see meaningful opportunity to eliminate manual work and reduce the friction that results from our large geographically dispersed and highly regulated business.

第三個支柱是，在我們既有系統限制下，快速採用 AI 以推動自動化並減少人工工作。在過去六個月中，我們大幅提升了對 AI 與其他自動化平台的採用，我們看到有顯著機會消除人工工作，並降低因我們業務地域分散且高度受監管而產生的摩擦。

The fourth pillar is to move to a more aligned operating model. As part of our Beyond efficiency program, we are looking to align people and work closer to the region they support. This will require us to localize what today are distributed global functions. For example, we have been moving agent onboarding for the Asia Pacific region from Lithuania and Costa Rica to our operating center in Manila. This will improve time zone and geographical alignment and reduce unit labor costs. We anticipate this will improve on all three dimensions of cost, quality and speed.

第四個支柱是轉向更一致、更對齊的營運模式。作為我們 Beyond 效率計畫的一部分，我們正著手讓人員與工作更貼近其所支援的地區。這將要求我們把目前分散的全球職能在地化。例如，我們已將亞太地區的代理人入職作業，從立陶宛與哥斯大黎加移轉至我們位於馬尼拉的營運中心。這將改善時區與地理上的對齊，並降低單位人力成本。我們預期這將在成本、品質與速度三個面向全面改善。

The fifth pillar is to reduce the operating cost of moving money. In a world that is rapidly going to digital payouts, we must reduce the cost of capital that we have floating around the system, lower payout costs improve FX rate competitiveness and accelerate real-time settlement through our own digital currency, US DPT. These initiatives are focused on creating a leaner organization while maintaining our ability to invest in the areas that matter most strategically.

第五個支柱是降低資金移轉的營運成本。在一個正快速走向數位撥款的世界裡，我們必須降低在系統中周轉占用的資本成本、降低撥款成本、提升外匯匯率競爭力，並透過我們自有的數位貨幣 US DPT 加速即時結算。這些措施聚焦於打造更精實的組織，同時維持我們在最具策略重要性的領域進行投資的能力。

Importantly, this is not a short-term exercise, designed solely to reduce near-term costs. Rather, it is a structural effort to improve how we operate and to position the company for stronger, more sustainable profitability in the years ahead.

重要的是，這並非一項短期行動，並非僅為降低短期成本而設計。相反地，這是一項結構性努力，用以改善我們的營運方式，並讓公司在未來幾年具備更強、更可持續的獲利能力。

We understand that our investors expect tangible evidence that these actions are producing results. While meaningful transformation takes time, our expectation is that the combination of improving growth and enhanced cost discipline will strengthen margins, improve profitability and increased returns over time.

我們理解投資人期待看到這些行動正在產生成果的具體證據。雖然有意義的轉型需要時間，但我們預期，成長改善與更強的成本紀律相結合，將隨時間推進而強化利潤率、提升獲利能力並提高報酬。

Our objective remains straightforward, generate consistent growth, improve operating profitability, strengthen free cash flow generation and create long-term shareholder value. I look forward to updating you on the progress of this program in the coming quarters.

我們的目標依然明確：實現穩定成長、提升營運獲利能力、強化自由現金流創造，並創造長期股東價值。我期待在未來幾個季度向各位更新此計畫的進展。

Now switching briefly to the macro. As you know, remittances in the Americas have faced meaningful pressure that began in late 2024, driven by the changes in immigration policy. While growth rates have improved meaningfully from the summer of 2025 lows and continue to improve, with US to Mexico, for example, revenue growth rates improving 500 basis points sequentially compared to the first quarter. Retail continues to underperform relative to digital, and that dynamic continues to weigh on the profitability of our Americas businesses.

接下來簡要談談總體環境。如各位所知，美洲地區的匯款自 2024 年底起面臨顯著壓力，主因是移民政策的變化。雖然成長率已從 2025 年夏季的低點明顯回升且持續改善，例如美國匯往墨西哥的營收成長率，相較第一季按季改善了 500 個基點。零售端相對於數位端仍持續表現不佳，而這一動態也持續拖累我們美洲業務的獲利能力。

As we have discussed, the growth in retail business is almost always dependent on new migration. When immigrants come to a new country, most frequently, they transact in retail out of necessity, given cultural and language issues, lack of access to digital funding and often heavy cash remuneration. When migration goes negative like we have seen in the US and around parts of the Latin American region, it becomes difficult to replace customers that migrate to digital channels, find alternative options or leave the country to return home.

如我們先前討論，零售業務的成長幾乎總是取決於新的移民流入。當移民來到新國家時，多數情況下會因必要性而在零售通路交易，原因包括文化與語言因素、缺乏數位資金來源的可得性，以及薪酬常以大量現金支付。當移民流入轉為負值（如我們在美國及拉丁美洲部分地區所見），就會難以補足那些轉向數位通路、尋找替代選項或離境返鄉的客戶。

This doesn't mean the retail business can't improve like we have seen over the last several quarters. It just means it will be difficult to get the business back to true growth without a meaningful change in immigration policy or much more aggressive gains in our market share. We do believe we can take market share, and we should start to see the benefits as Canada Post and Deutsche Post ramp-up, which will provide a tailwind starting in Q3 and continuing in 2027.

這並不代表零售業務無法改善——正如我們在過去幾個季度所看到的。只是意味著，若沒有移民政策的重大改變，或我們更積極地提升市占率，要讓業務回到真正的成長將會很困難。我們確實相信可以取得市占率，且隨著 Canada Post 與 Deutsche Post 的逐步擴張，我們應該會開始看到效益，這將自第三季起帶來順風，並延續至 2027 年。

We also recently launched an industry-first partnership with Total Wireless a Verizon value brand that combines wireless connectivity and cross-border money movement. The partnership expands our reach into the telecom channel, providing access to millions of subscribers through thousands of retail locations and extending our distribution footprint across both digital and retail channels.

我們近期也推出業界首創的合作夥伴關係，與 Total Wireless（Verizon 旗下的超值品牌）結合無線連線與跨境資金移轉。此合作將我們的觸及範圍擴展至電信通路，透過數千個零售據點讓我們接觸數百萬訂戶，並同時在數位與零售通路擴大我們的分銷版圖。

Recognizing that consumer behavior continues to evolve and digital engagement is becoming increasingly important across every aspect of the customer journey. We believe our digital-first strategy and our digital platforms represent the most attractive growth opportunities over the long term. Over the last couple of quarters, we have seen substantial gains in the Middle East, while our digital business in other parts of the world has plateaued.

我們也認知到消費者行為持續演變，而數位互動在客戶旅程的各個環節正變得愈發重要。我們相信，從長期來看，我們的數位優先策略與數位平台代表最具吸引力的成長機會。在過去幾個季度，我們在中東看到顯著成長，而我們在世界其他地區的數位業務則已趨於持平。

We spoke on the last couple of calls about needing to better manage promotional offers in places like the United States and Europe. And as such, we have begun to pull back. While the benefits of this more disciplined approach are not immediately obvious in this quarter's results, in the last few months, new customer growth rates have improved and have done so at higher RPTs which should bode well for better revenue and profitability in future quarters.

我們在最近幾次電話會議中提到，需要在美國與歐洲等地更妥善地管理促銷優惠。因此，我們已開始收斂。雖然這種更具紀律的方法所帶來的效益在本季結果中尚不明顯，但在過去幾個月，新客成長率已改善，且是在更高的 RPT 水準下達成，這應有利於未來幾季帶來更好的營收與獲利。

That said, pulling back on new customer incentives is just one element of our revised approach. Since our Investor Day, we have been executing our digital acceleration program along three axes. The first is the restructuring of our digital go-to-market model and team. We have now completed the restructuring of our go-to-market team, moving digital team members into the regional operating units that they support. This now brings decision-making and local market knowledge together in one team.

話雖如此，收斂新客激勵只是我們修正後方法的一個要素。自投資人日以來，我們正沿著三個軸向推進數位加速計畫。第一是重整我們的數位上市（go-to-market）模式與團隊。我們已完成上市團隊的重整，將數位團隊成員調整至其所支援的區域營運單位。這使決策與在地市場知識得以在同一個團隊中整合。

We have also been adding new senior digital talent with sector expertise across the regions. In particular, I would like to welcome Shishir Singhania who joined us last quarter as our new Chief Digital Officer, leading the global digital product team and the North American go-to-market team. Shishir brings deep knowledge and experience to us and has already begun to make material impacts.

我們也在各區域延攬具產業專長的資深數位人才。特別是，我想歡迎 Shishir Singhania，他在上季加入我們，擔任新的首席數位長（Chief Digital Officer），領導全球數位產品團隊以及北美的上市團隊。Shishir 為我們帶來深厚的知識與經驗，並已開始產生實質影響。

Second, we are accelerating our Beyond digital platform. Having now seen early returns, we are accelerating the rollout across our major markets with planned launches in Australia, Europe and the US before the end of this year. We are expecting the Beyond digital platform to enable us to improve new customer onboarding success rates and thus improve the return on new customer acquisition in these important markets. We continue to target rolling out the Beyond digital platform to all of our major markets by the end of 2027.

第二，我們正加速推進 Beyond 數位平台。在看到初步回報後，我們正加快在主要市場的部署，計畫於今年底前在澳洲、歐洲與美國上線。我們預期 Beyond 數位平台將協助提升新客入職成功率，進而提高在這些重要市場的新客獲取投資報酬。我們仍以在 2027 年底前將 Beyond 數位平台推廣至所有主要市場為目標。

Third, we are focusing on investments by corridor. Our analytics and insights have improved, and we've begun to differentiate our level of new customer investment in both marketing and new customer incentives at the corridor level. This higher level of fidelity and targeting, we believe, will enable us to earn better returns on the same overall investment pool. Even if it means slowing down in some larger corridors where competitive dynamics inhibit strong returns.

第三，我們正以匯款走廊（corridor）為單位聚焦投資。我們的分析與洞察已改善，並已開始在走廊層級，區分我們在行銷與新客激勵上的投資力度。我們相信，這種更高的精細度與更精準的鎖定，將使我們在相同的整體投資池下獲得更佳回報。即使這意味著在某些較大的走廊放慢腳步，因為競爭態勢會抑制可觀回報。

Before I turn the call over to Matt, I would like to discuss further, a few minutes to provide an update on our digital asset strategy and the progress we are making. At the center of this strategy is USDPT, our US dollar stablecoin. USDPT is designed to maintain a one-to-one value with the US dollar and is backed by reserves, including cash and US treasury instruments.

在我把電話會議交給 Matt 之前，我想再花幾分鐘，進一步更新我們的數位資產策略以及目前取得的進展。此策略的核心是 USDPT，我們的美元穩定幣。USDPT 的設計目標是與美元維持一比一的價值，並由包括現金與美國國庫工具在內的準備資產作為支撐。

First, we successfully launched USDPT in May of this year, which established the foundation for a regulated digital dollar that can support payments, treasury operations in customer use cases across our global network. USDPT is now live and available through an expanding ecosystem of exchanges, financial institutions and partners. With the first four exchanges now live and actively trading USDPT.

第一，我們已於今年 5 月成功推出 USDPT，為可受監管的數位美元奠定基礎，使其能在我們的全球網路中支援支付、資金管理（treasury）作業與客戶使用情境。USDPT 目前已上線，並可透過持續擴大的交易所、金融機構與合作夥伴生態系取得。目前已有前四家交易所上線並積極交易 USDPT。

Second, we have introduced our treasury bridge solution which utilizes USDPT to support more efficient movement of liquidity and capital across our global network. This initiative has the potential to enhance funding flexibility, improve settlement speed and reduce reliance on the traditional correspondent banking infrastructure. We are testing with multiple counterparties to use USDPT as a form of settling our cross-border money transfer transactions.

第二，我們推出了我們的資金庫橋接（treasury bridge）解決方案，運用 USDPT 以支援在我們全球網路中更有效率地調度流動性與資本。此項計畫有望提升資金調度彈性、加快結算速度，並降低對傳統代理銀行（correspondent banking）基礎設施的依賴。我們正與多家交易對手進行測試，將 USDPT 作為跨境匯款交易的結算方式。

Third, we launched the Digital Asset Network, or DAN, which extends Western's Union's unique global distribution capabilities to the digital asset ecosystem. Through DAN, digital assets, exchanges and other partners can connect to Western Union payout infrastructure enabling customers to convert digital assets into local currency and access funds throughout our global network. This creates a bridge between the rapidly growing digital asset economy and the real world economy that customers can use every day.

第三，我們推出了數位資產網路（Digital Asset Network，簡稱 DAN），將西聯匯款獨特的全球分銷能力延伸至數位資產生態系。透過 DAN，數位資產、交易所及其他合作夥伴可連接至西聯匯款的付款（payout）基礎設施，使客戶能將數位資產兌換為當地貨幣，並在我們的全球網路中提領與使用資金。這在快速成長的數位資產經濟與客戶日常可使用的實體經濟之間建立了一座橋樑。

We have successfully launched our first partner and we expect the launch of several more in the coming weeks with the goal of having tens of millions of consumer digital wallets connected to our digital asset network by the end of the year.

我們已成功上線第一個合作夥伴，並預期在未來幾週內再上線數個合作夥伴，目標是在年底前讓數千萬個消費者數位錢包連接至我們的數位資產網路。

And lastly, we continue to advance our consumer proposition with the development of our USDPT powered wallet and card capabilities. Our vision is to provide customers with the ability to redirect remittances, hold the USDPT digital dollars and spend them through a payment card seamlessly transitioning between digital assets and traditional financial services. We are launching the USDPT stable card today.

最後，我們持續透過開發由 USDPT 驅動的錢包與卡片功能，推進我們的消費者價值主張。我們的願景是讓客戶能重新導向匯款資金、持有 USDPT 數位美元，並透過支付卡進行消費，在數位資產與傳統金融服務之間無縫切換。我們今天推出 USDPT 穩定幣卡。

We view the digital assets as an opportunity to expand our TAM and to free up capital. Our objective is simply not simply to participate in the digital asset system, our objective is to leverage Western Union's trusted brand, regulatory expertise, global reach and distribution network to become a critical infrastructure provider within that ecosystem.

我們將數位資產視為擴大我們可服務總市場（TAM）並釋放資本的機會。我們的目標不僅僅是參與數位資產體系；我們的目標是運用西聯匯款值得信賴的品牌、監管專業能力、全球觸及範圍與分銷網路，成為該生態系中的關鍵基礎設施提供者。

What differentiates Western Union is that we are focused on real-world utility. We are not building speculative products. We are building solutions that address practical agent and customer needs, faster settlement, lower friction, improved accessibility and broader financial inclusion. While we remain in the early stages of this journey, we are encouraged by the momentum we are seeing, we have moved beyond strategy and are now into execution.

西聯匯款的差異化在於我們專注於真實世界的效用。我們不打造投機性產品。我們打造能滿足代理商與客戶實際需求的解決方案：更快的結算、更低的摩擦、更佳的可近性，以及更廣泛的金融普惠。雖然我們仍處於這段旅程的早期階段，但我們對目前看到的動能感到振奮；我們已從策略規劃走向落地執行。

2026 will be a foundational year for our digital asset initiatives. We have successfully launched the core building blocks of this ecosystem and our focus now shifts towards execution, adoption and scaling. We remain confident that digital assets, stable coins and block chain-enabled payments can become meaningful contributors to Western Union's future growth and reinforce our mission of making financial services accessible to people everywhere.

2026 年將是我們數位資產計畫的奠基之年。我們已成功推出此生態系的核心基礎模組，接下來的重點將轉向執行、採用與規模化。我們仍有信心，數位資產、穩定幣與區塊鏈賦能的支付，能成為西聯匯款未來成長的重要貢獻者，並強化我們讓全球各地人們都能取得金融服務的使命。

Before I conclude, I would like to give a quick update on Intermex. We remain actively engaged in discussions with regulators on the final approval. I remain optimistic that we will be able to obtain the outstanding approval needed. This would enable us to close the transaction upon receipt of this approval as well as satisfaction of other outstanding and customary closing conditions.

在我結束之前，我想簡要更新一下 Intermex 的進展。我們仍在與監管機關就最終核准進行積極討論。我仍然樂觀，相信我們能取得所需的剩餘核准。一旦取得該核准，並滿足其他尚未完成且慣常的交割條件，我們即可完成交易交割。

In closing, while we are disappointed with our current results, we remain confident in our ability to improve performance and unlock the value that exists within this business. The path forward is clear. We are focused on driving growth through our digital initiatives, improving efficiency throughout the organization, allocating capital with discipline in executing against a well-defined strategic plan.

總結而言，雖然我們對目前的業績表現感到失望，但我們仍有信心能改善表現並釋放這項業務中既有的價值。前進的道路很清楚。我們專注於透過數位化計畫推動成長、提升全組織效率、並以紀律配置資本，依循明確的策略計畫加以落實。

We recognize that rebuilding momentum requires patience and execution. However, we believe the actions that we are taking today will position the company for a stronger future. We appreciate the continued support of our shareholders and the dedication of our employees who remain committed to serving our agents and customers every day. While there is significant work ahead, we are focused on delivering the results that our stakeholders expect and deserve.

我們理解，重建成長動能需要耐心與執行力。然而，我們相信今天所採取的行動將使公司在未來更為強健。我們感謝股東持續的支持，也感謝員工的投入，他們每天都致力於服務我們的代理商與客戶。儘管前方仍有大量工作要做，我們將專注於交付利害關係人所期待且應得的成果。

Thank you. And I now turn it over to Matt to review our financial results in more detail.

謝謝。接下來我把時間交給 Matt，請他更詳細地說明我們的財務結果。

Thank you, Devin, and good afternoon, everyone. I'm going to walk you through our 2026 second quarter results in more detail and our 2026 financial outlook. In the second quarter, GAAP revenue was $1 billion, which on an adjusted basis was down 1%, a meaningful improvement from down 5% last year. The decrease was driven by continued slowing of our Americas retail business while our consumer services and branded digital businesses grew 12% and 6%, respectively. Adjusted operating margin was 15% in the quarter, which was impacted by lower revenue from our retail business, mix, higher agent signing bonuses and higher operating expenses.

謝謝你，Devin，各位下午好。我將更詳細地帶各位回顧我們 2026 年第二季的業績，以及 2026 年的財務展望。第二季 GAAP 營收為 10 億美元；以調整後口徑計算，年減 1%，相較去年年減 5% 有顯著改善。營收下滑主要來自美洲零售業務持續放緩；同時，我們的消費者服務與品牌數位業務分別成長 12% 與 6%。本季調整後營業利益率為 15%，受到零售業務營收較低、產品組合影響、較高的代理商簽約獎金，以及較高的營運費用所影響。

As Devin said, we are clearly not satisfied with our performance of our business this quarter, and we remain committed to driving higher operating profitability. We are in the process accelerating our operational efficiency program beyond efficiency with the goal of taking out $50 million between now and the end of the year and $200 million of run rate by the end of 2027. The drivers of our Beyond efficiency program will be the five elements that Devin discussed earlier, which includes the additional scale that we'll get from our Intermex acquisition.

如 Devin 所說，我們顯然對本季業務表現不滿意，並仍致力於提升營運獲利能力。我們正在加速推進「Beyond efficiency」營運效率計畫，目標是在現在到年底前節省 5,000 萬美元，並在 2027 年底前達到 2 億美元的年化節省（run rate）。「Beyond efficiency」計畫的驅動因素將是 Devin 先前提到的五大要素，其中也包含我們透過收購 Intermex 所能取得的額外規模效益。

Adjusted EPS was $0.31 in the current quarter. Adjusted EPS in the current period was driven by lower operating margin for the reasons I stated previously, offset by lower tax rate in the quarter. Our adjusted effective tax rate in the quarter was 14% compared to 16% in the prior year. The decrease in adjusted effect tax rate was primarily due to discrete expenses in the prior year period.

本季調整後每股盈餘（EPS）為 0.31 美元。本期調整後 EPS 主要受到我先前提到原因所致的較低營業利益率影響，但部分被本季較低的稅率所抵銷。本季調整後有效稅率為 14%，相較去年同期為 16%。調整後有效稅率下降主要是因去年同期有一次性（discrete）費用所致。

Now turning to Consumer Services business, which contributed 15% of total revenue in the quarter compared to 6% in 2022. Second quarter's adjusted revenue increased 12% driven by the growth of our consumer bill pay business, Travel Money business as well as the addition of check cashing.

接著看消費者服務（Consumer Services）業務，本季其貢獻占總營收的 15%，相較 2022 年的 6% 有所提升。第二季調整後營收成長 12%，主要由消費者帳單代繳（bill pay）業務、旅遊外匯（Travel Money）業務的成長，以及新增支票兌現（check cashing）業務所帶動。

As a reminder, the current quarter marks the anniversary of our EuroChange acquisition, which was acquired on April 1 of last year. The Consumer Services segment's profitability was lower in the quarter, driven by lower operating profits in our Travel Money business, lower float income in our retail money order business as well as the delayed reduction in overhead due to the acquisition we made of a check cashing partner that we had planned to integrate with Intermex.

提醒各位，本季是我們 EuroChange 收購案的滿一年（該案於去年 4 月 1 日完成收購）。消費者服務部門本季獲利能力較低，主要因旅遊外匯業務的營業利益下降、零售匯票（money order）業務的浮存金收入（float income）降低，以及我們收購的一家支票兌現合作夥伴原計畫與 Intermex 整合，但因整合延後而使管理費用下降也延後所致。

Now transitioning to our consumer money transfer or CMT business. CMT transactions grew 3% in the quarter relative to a year ago. This was driven by continued strength of our branded digital business, which delivered 25% transaction growth in the current quarter. While retail trends in the Americas remained under pressure, the ongoing shift of digital continues to support the overall transaction growth and customer engagement.

接著談我們的消費者匯款（consumer money transfer，CMT）業務。本季 CMT 交易量較去年同期成長 3%。這主要由我們的品牌數位業務持續強勁所帶動，該業務在本季實現 25% 的交易量成長。儘管美洲地區的零售趨勢仍承壓，持續的數位化轉移仍支撐整體交易成長與客戶互動。

CMT adjusted revenue declined 3% year-over-year, reflecting the continued pressures in the Americas retail business, driven by uncertainty in the US immigration policy. But this was a 300 basis point improvement relative to the first quarter of this year. The CMT segment's profitability was lower in the quarter due to revenue mix including declines in cash payout transactions, offset by lower profitability from digital payout transactions, which increased, higher commission costs associated with new partners and renewals and higher operating expenses.

CMT 調整後營收年減 3%，反映美洲零售業務持續承壓，主要受美國移民政策不確定性所驅動。但相較於今年第一季，這已改善 300 個基點。本季 CMT 部門獲利能力較低，原因包括營收組合變化（包含現金領款交易下滑）、數位領款交易增加但其獲利能力較低、與新合作夥伴及續約相關的佣金成本較高，以及較高的營運費用。

In the second quarter, our branded digital business grew adjusted revenue by 6% and transactions by 25%. This marks the 11th straight quarter of solid revenue growth. Consistent with the recent trends, growth was increasingly driven by our Middle East partnerships. While these channels continue to expand our reach and support volume growth, their economics differ from those of our traditional license business, resulting in a more pronounced gap between transactions and revenue. We continue to view this as a strategic trade-off that supports the long-term expansion of our digital platform.

第二季，我們的品牌數位業務調整後營收成長 6%，交易量成長 25%。這是連續第 11 季實現穩健的營收成長。與近期趨勢一致，成長動能愈來愈多來自我們在中東的合作夥伴關係。雖然這些通路持續擴大我們的觸及範圍並支持量能成長，但其經濟性（economics）與我們傳統授權（license）業務不同，導致交易量與營收之間的落差更為明顯。我們仍將此視為一項策略性的取捨，有助於我們數位平台的長期擴張。

As a reminder, we began to ramp the Middle East partnerships in late Q3 of last year. So we expect transaction growth rates to moderate as we anniversary these partnerships. Account payout transactions also continued with a strong momentum, growing at 50% in the quarter which is the strongest quarterly growth rate in several years.

提醒一下，我們在去年第三季末開始加速推進中東合作夥伴關係。因此，隨著這些合作夥伴關係進入同比基期，我們預期交易成長率將趨於溫和。帳戶入帳（account payout）交易也持續保持強勁動能，本季成長50%，為數年來最強的單季成長率。

Turning to our retail business. Overall, the performance of our retail business was in line with previous quarters on a transaction basis, and a few hundred basis points better on a revenue basis. The business remains challenged in the Americas as US immigration policy continues to weigh on our operating results.

接著談我們的零售業務。整體而言，我們的零售業務在交易量基礎上與前幾季表現一致，而在營收基礎上則好幾個百分點（數百個基點）更佳。由於美國移民政策持續對我們的營運結果造成壓力，該業務在美洲地區仍面臨挑戰。

New migration is the lifeline of our retail business. With borders closed, it is difficult to offset natural attrition that comes from digital migration, industry competition, and reverse migration as consumers return home to their native countries. Looking ahead, we remain focused on strengthening our retail franchise with new agent relationships a vastly improved platform and better consumer experience.

新的移民流入是我們零售業務的命脈。在邊境關閉的情況下，很難抵消因數位化遷移、產業競爭，以及消費者返回母國所造成的逆向移民而帶來的自然流失。展望未來，我們仍專注於透過新的代理商合作關係、大幅改善的平台，以及更好的消費者體驗，來強化我們的零售通路優勢。

Now turning to our cash flow and balance sheet. We generated $214 million in operating cash flow year-to-date, up 45% versus last year, driven by lower cash taxes. Year-to-date, capital expenditures were $88 million or 65% higher than the prior year due to signing bonuses associated with recent agent wins and renewals. As discussed in February, we expect CapEx to be roughly $200 million this year due to new strategic partnerships as well as a higher renewal cycle.

接著談我們的現金流與資產負債表。年初至今我們產生2.14億美元的營運現金流，較去年成長45%，主要受較低的現金稅負所帶動。年初至今，資本支出為8,800萬美元，較前一年高出65%，原因是近期贏得與續約代理商所相關的簽約獎金。如同我們在2月所討論的，由於新的策略合作夥伴關係以及較高的續約週期，我們預期今年資本支出約為2億美元。

Moving to our balance sheet. At the end of the quarter, we had cash and cash equivalents of $920 million and debt of $2.7 billion. Our leverage ratios were 3 times and 2 times on a gross and net basis. As we announced a few weeks back, we extended our delayed draw bank facility until November. This preserves the financial flexibility while ensuring that we have the committed funds in place to support the Intermex transaction. As a result, post closing, we expect our debt-to-EBITDA ratios to be elevated by historical levels.

再看資產負債表。截至本季末，我們持有現金及約當現金9.2億美元，負債27億美元。我們的槓桿比率（gross與net）分別為3倍與2倍。如同我們幾週前宣布的，我們將延遲動用（delayed draw）的銀行融資額度延長至11月。此舉在確保我們具備支持Intermex交易的承諾資金的同時，也保留了財務彈性。因此，在交割完成後，我們預期債務對EBITDA比率將高於歷史水準。

In the quarter, we returned over $80 million to our owners via dividends and stock repurchases. We have decided to pause our share buyback program in order to maintain our debt-to-EBITDA ratio of 2.5 times to 3 times.

本季我們透過股利與庫藏股回購，向股東回饋超過8,000萬美元。為了維持2.5倍至3倍的債務對EBITDA比率，我們已決定暫停股票回購計畫。

Now moving to 2026 outlook, which assumes no major macroeconomic changes. Based on our performance year-to-date and our view on the remainder of the year, we are updating our 2026 guidance. We now believe adjusted revenue will be in the range of 4% to 6% revenue growth, inclusive of the Intermex acquisition. Our outlook assumes a September 1 close.

接著談2026年展望，該展望假設不會出現重大的總體經濟變化。基於我們年初至今的表現以及對今年剩餘期間的看法，我們正在更新2026年指引。我們目前認為，調整後營收將落在4%至6%的成長區間，並已包含Intermex收購案的影響。我們的展望假設於9月1日完成交割。

From a modeling standpoint, we expect retail CMT to continue to improve throughout their back power this year. Digital CMT to be in a similar ballpark of recent quarters and Consumer Services to grow low single digit as we lap the EuroChange acquisition as well as the ramp of a large travel money partner as well as rightsizing our underperforming products that Devin talked about earlier.

從建模角度來看，我們預期零售CMT將在今年下半年持續改善。數位CMT預期與近幾季大致相當；而消費者服務（Consumer Services）在我們跨越EuroChange收購案的比較基期、以及一個大型旅遊外幣合作夥伴的放量（ramp），並且對Devin先前提到的表現不佳產品進行規模調整（rightsizing）之下，預期將呈現低個位數成長。

Our adjusted EPS for the full year, we believe will be between $1.25 and $1.35. We expect the second half EPS to be better than the first, driven by new agent wins, back half seasonality, better revenue mix and the accelerated pace of our beyond efficiency program.

我們認為全年調整後EPS將介於1.25美元至1.35美元之間。我們預期下半年EPS將優於上半年，主要受新代理商合作贏單、下半年季節性、更佳的營收組合，以及我們「beyond efficiency」計畫加速推進所帶動。

Thank you for joining the call today, and operator will take questions now.

感謝各位今天參與電話會議，接下來請接線生開始提問。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

(接線生指示) JPMorgan 的 Tien-Tsin Huang。

Thanks. Always good to catch up with you. So Yes, detail here. Thinking about the revenue, we pretty much in lock with that. But obviously, the profit on the cost front. Is it really the aspect mixing digital there's a lot of. I'm just trying to summarize it a little bit easier. Can you give us a little bit more there?

謝謝。很高興再次和你們交流。所以，是的，這裡想問一些細節。談到營收，我們基本上與你們的看法一致。但顯然在成本端對獲利的影響方面。是否真的是數位化組合變動的因素，裡面有很多……我只是想把它更容易地做個總結。你們能否再多說明一些？

Yes, absolutely, Tien-tsin. You broke up a little bit there, but I believe your question was, can you give a little more on the cost side and what's going on there. Is that correct?

是的，當然可以，Tien-tsin。你剛剛訊號有點斷斷續續，但我理解你的問題是：能否多談一些成本端以及那邊發生了什麼。是這樣嗎？

Yes,.

是的。

Perfect. Yes, happy to drain that a little more. Just a reminder, I know you know this, but our Q2 margins and adjusted EPS were 200 basis points and $0.06 better than Q1, but it's still a far cry from what we expected. Also, I'm sure, as you know, last year, we were able to reduce our cost of sales expenses by 3% in SG&A by 14, which helped us fully offset the revenue decline last year and help us grow operating income.

很好。是的，很樂意再深入說明一些。提醒一下，我知道你也清楚，我們第二季的利潤率與調整後EPS分別比第一季高出200個基點與0.06美元，但這仍與我們原先預期有相當差距。另外，我也確定你知道，去年我們能將銷售成本費用降低3%，並將SG&A降低14%，這幫助我們完全抵消去年營收下滑，並推動營業利益成長。

As you dig into this -- there's really two major drivers that really stick out that we should talk about. One is the pace of our cost reduction. This has slowed from the reason I want to give you a context of last year. It slowed from where we were last year. We were able to rightsize many different departments, exists some programs in the first half of the year, that's gotten a little harder.

當你深入拆解後——其實有兩個主要驅動因素特別突出，值得我們討論。第一個是我們降本的速度。這個速度放緩了，我想先提供去年作為背景。它相較於去年有所放慢。我們去年上半年能夠對許多不同部門進行規模調整、退出一些計畫，但現在變得比較困難。

We do have a very good strong pipeline, as Devin outlined, the beyond efficiency program, which gives us confidence that over the rest of this year and going into next year, we can exit with a run rate savings of $50 million and $200 million.

我們確實有非常強的專案管線，正如Devin所概述的「beyond efficiency」計畫，這讓我們有信心在今年剩餘時間並延伸到明年，能以年化節省（run rate savings）達到5,000萬美元與2億美元的水準。

The other part of it is revenue mix. We've seen a shifting of to lower contribution profit per transaction. I'll just give you a couple of examples. We're seeing the acceleration of our cash payout to digital in both the US and the Middle East, both accelerating. And we see higher profit dollars per transaction from cash payout versus account payout.

另一部分是營收組合。我們看到每筆交易的貢獻毛利（contribution profit）正在轉向較低的水準。我舉幾個例子。我們看到在美國與中東，現金領款（cash payout）向數位化的轉移正在加速，兩邊都在加速。而相較於帳戶入帳（account payout），現金領款每筆交易帶來的獲利美元更高。

We're also seeing different results between quarters. You know this business is made up of tens of thousands or thousands of corridors and the economics very massively from each one. As you heard Devin talk about we've seen quarter-over-quarter improvements for US to Mexico, which has also been talked about by the Banco Central Bank of Mexico.

我們也看到不同季度之間的結果差異。你知道，這個業務由成千上萬條匯款走廊（corridors）構成，而每一條的經濟性差異非常大。如同你聽到Devin提到的，我們看到美國到墨西哥的表現較上一季有所改善，墨西哥央行（Banco Central Bank of Mexico）也曾談到這點。

We've also seen improvements in US to US and US to Canada. -- but we've seen a deterioration quarter-over-quarter of US really to the rest of the world. There's a few spots were shining. But as you know, the yields vary between the different corridors the improvements we've seen in US. Mexico come in a corridor where there's lots of competition, and the yields are much lower relative to the rest of the world, we have a much higher yield, and that's putting pressure on us.

我們也看到美國到美國以及美國到加拿大有所改善——但我們看到美國到世界其他地區的表現較上一季惡化。有少數市場表現亮眼。但如你所知，不同走廊之間的收益率（yields）差異很大；我們在美國到墨西哥看到的改善，發生在競爭非常激烈、收益率相對較低的走廊；而在世界其他地區，我們的收益率高得多，這對我們造成壓力。

The other thing that's helped us grow and have some improvements in US and Mexico is we've had some regional agent wins over the last couple of quarters that have ramped as the quarters have gone on. These have come at higher commissions per transaction to win them, but they are still very profitable deals and things we're excited to have. We talked about one of them earlier in the year with Vallarta, which is principally focused on customers that are Latin America based with a very heavy concentration of Mexicans.

另外一件有助於我們在美國與墨西哥成長並帶來一些改善的是：過去幾季我們贏得了一些區域型代理商合作，並隨著季度推進逐步放量。為了贏得這些合作，我們付出了較高的每筆交易佣金，但它們仍然是非常有利可圖的交易，也是我們很期待納入的合作。我們今年稍早談到其中之一——Vallarta——其主要聚焦於拉丁美洲客群，且墨西哥客群占比非常高。

Okay. Maybe just as a quick follow-up, the cadence of the $50 million then. So you're going to take the cost structure here, how quickly would that be realized? And how much do you need to intimates on time to put factor?

好的。也許快速追問一下，那 5,000 萬美元的節奏。也就是說，針對這裡的成本結構，你們多快能把它實現出來？另外，你們需要在時間上投入多少，才能把這個因素納入考量？

So I -- it will ramp throughout the rest of the year. I'll use the example Devin gave in his discussion earlier. We made the decision to turn off the European wallets because the more modern platform is better and will help us free up costs immediately that benefit will start helping us in Q4. There's a migration time for the customers who are in the platform, turning off the attack cost and all of that. So the actions we're taking will ramp as the year progresses, and that's why we try to get to a year -- exit rate of $50 million, and then next year being the $200 million.

所以我——它會在今年剩餘時間逐步拉升。我用 Devin 先前討論時舉的例子。我們決定關閉歐洲錢包，因為較新的平台更好，並且能幫助我們立即釋放成本；這項效益會在第四季開始對我們有幫助。對於仍在該平台上的客戶，會有一段遷移時間，包含關閉相關的攻擊成本等等。因此，我們採取的行動會隨著年度推進而逐步放大，這也是為什麼我們希望在今年達到——以年末退出率（exit rate）計算——5,000 萬美元，然後明年達到 2 億美元。

Will Nance, Goldman Sachs.

Will Nance，高盛。

I just wanted to maybe circle back to the mix shift in the transactions that you're seeing in the quarter. I mean if I'm hearing correctly, it sounds like from a revenue perspective, the kind of the improvement in some of the larger corridors have offset deceleration in some of the other quarters. And then when you look at the contribution margin per transaction, the accelerating quarters are just lower than the decelerating corridor.

我想回到你們本季看到的交易組合轉移。我的意思是，如果我理解正確，從營收角度來看，某些較大走廊的改善，抵消了其他一些走廊的放緩。然後當你看每筆交易的貢獻毛利時，加速成長的走廊反而比放緩的走廊更低。

So I guess I just want to make sure we understand that dynamic, but maybe more importantly, it seems rather sudden the acceleration in some of that mix shift that's happened. And so I'm just wondering if you can point to anything specific that's driven that acceleration because it does seem to be happening at a really accelerated pace for your comments and -- and I guess for some of the numbers that we're seeing in terms of like gross margin this quarter?

所以我想先確認我們對這個動態的理解；但更重要的是，這次組合轉移的加速看起來相當突然。因此我想請問，你們能否指出有什麼具體因素驅動了這個加速？因為依照你們的評論——以及我們看到的一些數字（例如本季的毛利率）——這似乎正以非常快的速度發生？

Yes, Will. So it's really a combination of a couple of things, just pulling the thread on what you just asked for. Retail is very profitable, particularly cash payout. We've now been going on six, eight quarters of pressure on that in a -- in the US side, we've been having double-digit declines there for going on about six quarters. That compounding effect is having some pressure.

是的，Will。這其實是幾個因素的組合，我就順著你剛剛的問題往下說。零售業務的獲利能力很高，尤其是現金領取（cash payout）。我們在美國端這塊已經承受壓力大約六到八個季度了，過去大概六個季度都是雙位數下滑。這種複利式的影響正在帶來一些壓力。

On top of that, we have been able to make progress on it from a transaction revenue standpoint with some of the wins we've had. Those wins have been in the ballpark of our other strategic partners or the example I just gave to Tien-tsin on the regionals but they're at the upper bounds of what we have for partners. So it's putting pressure on commission cost per transaction, but still helping us to grow revenue and prop up the profit.

此外，從交易營收的角度，我們也因為拿下了一些案子而有所進展。這些案子大致落在我們其他策略夥伴的範圍內，或是我剛剛對 Tien-tsin 提到的區域型夥伴例子，但它們位於我們夥伴條件的上緣。因此它會對每筆交易的佣金成本造成壓力，但仍然有助於我們推動營收成長並支撐獲利。

Well, I'll give you another example, which to your point, has even surprised us. So most of the world, principally from the US and Spain, but most of the world to Colombia. The shift that has happened from what was traditionally a very significant payout to cash business for us to pay out to account in Colombia, but more importantly, pay out to a wallet there called Nequi wallet and the shift to the use of their real-time payment system, Bre-B, has truly been amazing at how quickly this has happened. And so we were fortunate that we were enabled into the Nequi wallet, and then we enabled Bre-B will remember, probably in the fourth quarter of last year, first quarter of this year. So we've been able to capture some of that, but the shifting -- the volume has been shifting and that shift has been significant economically because the economics of paying out to a digital wallet in -- over a real-time payment switch is far different than the payout to cash economics in the same country, in the same corridor.

我再給你一個例子，正如你所說，這甚至也讓我們感到意外。也就是從美國與西班牙為主、但其實是全球多數地區匯往哥倫比亞。過去對我們而言，這條走廊傳統上有很大比例是現金領取；但現在已轉向匯入帳戶（pay out to account），更重要的是轉向當地一個叫 Nequi 的錢包，以及改用他們的即時支付系統 Bre-B。這個轉變發生得非常快，確實令人驚嘆。我們很幸運能接入 Nequi 錢包；而 Bre-B 的接入，你會記得大概是在去年第四季、今年第一季。因此我們得以捕捉到其中一部分，但交易量的轉移——而且轉移幅度很大——在經濟效益上影響顯著，因為透過即時支付交換（switch）把款項付到數位錢包的經濟性，與在同一國家、同一走廊做現金領取的經濟性截然不同。

Got it. That's helpful. I appreciate that. And so maybe just following on that last bit. Is there any way to decompose like the extent to which these payout to account transactions are less profitable than your retail business? How much of that do you attribute to just the structural differences in profitability in the transactions versus maybe things that are more under your control and your ability to improve the margin structure, build scale in some of these digital payout channels. I guess I'm trying to say like how much can you close that gap between your digital payout and your cash payout channels.

了解。這很有幫助。謝謝。那我就接著剛剛最後那點追問。有沒有辦法拆解一下：這些匯入帳戶（payout to account）交易的獲利能力，相較於你們的零售業務到底低多少？其中有多少是因為交易本身獲利結構的差異（結構性因素），又有多少是你們較能掌控、可以透過改善毛利結構、在這些數位出款通路建立規模來提升的？我想問的是：你們能把數位出款與現金出款通路之間的差距縮小多少？

Will, thank you for the question. As you know, the yields and the pricing, the profitability vary massively from quarter-over-quarter. So we can give some generalities. But the real pressure here is we're seeing vast majority of our branded digital growth coming from our Middle Eastern partners, which come a very, very low revenue per transaction, thus very low profit. So that's causing part of this.

Will，謝謝你的問題。如你所知，收益率與定價、獲利能力每季之間的變動幅度非常大。所以我們可以提供一些概括性的說法。但目前真正的壓力在於：我們看到絕大多數自有品牌數位成長（branded digital growth）來自中東合作夥伴，而這些合作夥伴的每筆交易營收非常、非常低，因此每筆交易的獲利也非常低。這是造成部分壓力的原因。

As we -- Devin talked about in the prepared remarks, we've strengthened the team through multiple elements of new people, some of the things we're putting in place, the go-to-market. They're taking it from -- to market to our customers. As those things take hold, which we're starting to see early glimmers of this with getting revamping our core branded digital customer growth, that will help us grow more profitable branded digital in lots of countries. So really it's being driven by the fact we Middle Eastern partners are very low RPTs and profit per transaction.

正如 Devin 在事先準備的發言中提到的，我們透過多個面向強化了團隊：引進新的人才、推動一些我們正在落地的措施，以及市場進入策略（go-to-market）。他們正把這些帶到市場、帶給我們的客戶。隨著這些措施發揮效果——我們已開始看到一些早期跡象，例如重新啟動我們核心自有品牌數位客戶的成長——這將幫助我們在許多國家擴大更高獲利的自有品牌數位業務。所以，主要驅動因素確實是：中東合作夥伴的每筆交易營收（RPT）與每筆交易獲利都非常低。

Beyond that, you also have just the mix, which varies because we have some corridors where digital payout might be a little higher. So it's hard to give any other than just generalities. The key for us is we've got to get the overall growth humming and then see and drive improvements in the Americas from a retail standpoint.

除此之外，還有組合因素，因為我們有些走廊的數位出款可能會稍微高一些，所以每季都會變動。因此除了概括性說法之外，很難再給更精確的拆解。對我們而言，關鍵是必須讓整體成長重新順暢運轉，然後再從零售角度推動美洲地區的改善。

And so what I would add, Will, right, if you remember, and it's generally -- again, Matt's right, it's quarter-to-quarter. But in general, as a percentage, digital transactions are roughly margin-wise similar to retail transactions. Total dollars, and as I was talking about, contribution profit per transaction is reasonably different. And so when you start substituting the retail transactions, the digital payout transactions, like I was talking about in Colombia, that's where you start to see some of the margin pressures that we're seeing.

我再補充一下，Will，對吧，如果你還記得——而且一般來說——同樣地，Matt 說得對，這是逐季變動的。但整體而言，以百分比來看，數位交易在毛利率上大致與零售交易相近。但以總金額來看，正如我剛剛提到的，每筆交易的貢獻利益（contribution profit）差異相當明顯。因此當你開始用數位出款交易替代零售交易——像我在哥倫比亞提到的那樣——你就會開始看到我們目前所看到的一些毛利壓力。

We do have two levers that we're working on. Matt highlighted one, which was growing higher revenue and higher contribution per transaction particularly in our digital business. The second, the team is working on quite aggressively is lowering digital payout costs. So many of our digital payout partners and networks were negotiated two, three, four, five years ago in some cases. Some were part of our retail network, and we use them as payment switches to reach other banks or other wallets. And so we're in a pretty active campaign.

我們正在運用兩個槓桿。Matt 強調了其中一個，也就是在數位業務中，特別是提升每筆交易更高營收與更高貢獻。第二個是團隊也在相當積極地推動降低數位出款成本。我們許多數位出款合作夥伴與網路的合約，在某些情況下是兩、三、四、五年前談的。有些原本是我們零售網路的一部分，我們把它們當作支付交換（payment switches）來觸達其他銀行或其他錢包。因此我們正在進行一項相當積極的行動。

And if you remember, we talked about at Investor Day, our goal of lowering those payout costs. This has brought that more to the forefront. And we will share in upcoming calls the progress that we're making. And that Columbia example, the team recently lowered the payout cost from over $2 to less than $0.50, right? And so the contribution per profit on those Nequi Wallet is going to go up dramatically. But previously, we saw a lot of volume shift, and we were paying similar payout costs as we did to other options in Colombia, even though they had lower revenue per transaction because they were digital.

如果你還記得，我們在投資人日談到過降低這些出款成本的目標。這次的情況讓這件事更被凸顯出來。我們會在接下來的電話會議中分享我們取得的進展。以哥倫比亞的例子來說，團隊最近把出款成本從每筆超過 2 美元降到低於 0.50 美元，對吧？因此，這些 Nequi 錢包交易的每筆貢獻利益將會大幅提升。但在此之前，我們看到大量交易量轉移，而我們支付的出款成本與哥倫比亞其他選項相近，即使它們因為是數位交易而每筆交易營收更低。

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

Just given the current possibility pressures and broader business headwinds, how are you thinking about the sustainability of the current dividend over the medium term?

鑑於目前可能的壓力以及更廣泛的業務逆風，您如何看待在中期內維持目前股利的可持續性？

So I will start, and then I will let Matt follow up with the math. We believe and the Board of Directors believe that the dividend is a strong return to our shareholders, and we believe we have sufficient financial capacity to continue and maintain that dividend. So at the present moment, we believe the strategy of continuing to return capital to our shareholders via the dividend is a good strategy.

我先開始，然後我會讓 Matt 再用數字補充。我們相信，董事會也相信，股利是對股東的強勁回報，我們也相信我們具備足夠的財務能力來繼續並維持這項股利。因此在目前這個時間點，我們認為透過股利持續向股東返還資本的策略是一個好策略。

And just to build on that a little more for you, Rayna. As you know, we've got over $900 million of cash on our books. We talked earlier about the benefit we expect to be able to get out of US DPT is we're able to go get the treasury bridge ramped up. We're working very fast on one of the largest three markets in the world, which we hope to have a large partner Board by the end of this year and then ramping over $1 billion of float in the first quarter of next year. That will start to free up capital from both the correspondent banking process as well as we prefunded to some of our partners around the world. So we feel like we have line of sight to improve cash flow. And as Devin talked about, our Board is committed to the dividend.

再為你補充一點，Rayna。如你所知，我們帳上有超過9億美元的現金。我們先前談到，預期能從 US DPT 取得的好處是，我們能把 treasury bridge 的建置加速推進。我們正非常快速地在全球三大市場之一推進，我們希望在今年底前能有一個大型合作夥伴董事會，並在明年第一季把超過10億美元的 float 規模拉升。這將開始釋放資本，來源包括通匯銀行流程，以及我們對全球部分合作夥伴所做的預先資金安排。因此我們覺得在改善現金流方面有清晰的能見度。而如 Devin 所說，我們的董事會致力於維持股利。

Thank you. That's really helpful. And just as a follow-up, after one month into the third quarter, what do you see in terms of this US immigration policy? Have things gotten worse? Are they the same? Are you starting to see anything ease? Thank you.

謝謝。這真的很有幫助。另外追問一下，進入第三季一個月後，就美國移民政策而言你們看到了什麼？情況有變得更糟嗎？還是差不多？你們是否開始看到任何緩解？謝謝。

So what I would call it is a continuation of the policies and the effects of the policies that we've seen for a year. But as we've seen both in our financial results and in certain places, the effects of that have stabilized at a certain level. And so we continue to see the negative effects of it but it is no longer worsening and in some cases and in some places, it is abating a bit that is happening, however, slower than we anticipated at the beginning of the year.

我會把它稱為：我們過去一年所看到的政策及其影響的延續。但正如我們在財務結果以及某些地區所看到的，那些影響已在某個水準上趨於穩定。因此我們仍持續看到其負面影響，但不再惡化；而在某些情況、某些地區，它確實正在稍微緩解。不過，這個緩解的速度比我們年初預期的更慢。

We believe that by the time we lap the effects as you know, the real impacts on the policy started at the end of the first quarter of 2025. We felt the ramp in the second quarter of '25 and really peaked in the third quarter of '25. We felt by this time of the year, we would be seeing the effects of lapping those things and more stability than we have.

我們相信，等到我們把這些影響「跨期」過去時——如你所知，政策的實質衝擊是在2025年第一季末開始。我們在2025年第二季感受到加速，並在2025年第三季真正達到高峰。我們原本以為到今年這個時候，會看到跨期效應帶來的影響消退，以及比目前更高的穩定性。

As noted earlier on the call, we also see varying effects by corridors. And so when you have a policy change with regard to -- or you have a event in Venezuela, those are important corridors for us that will be impacted while we're seeing more stability in corridors like US to Mexico. And so again, this comes back to a corridor-by-corridor basis what policies are affecting what groups and how does that impact our customers and the mix of our customers in those corridors. But the overall effect is improving from the lows of last year but not improving as significantly as we might have anticipated.

如同先前在電話會議中提到的，我們也看到不同匯款走廊的影響不一。因此，當你在某些方面出現政策變動——或是委內瑞拉發生事件——這些都是對我們很重要的走廊，會受到影響；同時我們在像是美國到墨西哥這類走廊則看到更高的穩定性。所以再次強調，這要回到逐一走廊來看：哪些政策影響哪些族群，以及這如何影響我們的客戶與這些走廊中的客戶組合。但整體而言，影響正從去年低點改善，只是改善幅度沒有我們原先預期的那麼大。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

All right. Look, you've obviously done well with growth in your branded digital users as of many of your competitors also. But our customer acquisition cost for branded digital now higher to the degree that it's impacting incremental profitability. I guess I'm just trying to figure out also beyond managing expenses, can we just revisit the opportunities to expand ARPU beyond just trying to create more customer growth itself. Beyond digital, where are you in that? And what do you expect to see in terms of revenue per user expansion over the coming year or two?

好的。你們在自有品牌數位用戶的成長上顯然表現不錯，許多競爭對手也是如此。但我們的自有品牌數位客戶取得成本（CAC）現在更高，以至於正在影響增量獲利能力。我想釐清的是，除了控管費用之外，我們能否再回頭談談擴大 ARPU 的機會，而不只是試圖創造更多客戶成長本身。在數位以外，你們目前進展到哪裡？你們預期未來一到兩年每位用戶營收的擴張會是什麼樣子？

So let's tackle those in two parts. First, on the customer acquisition, we started talking about this probably two, three quarters ago. As the retail business began to see significant declines, competitive intensity in the digital business increased. And the competitive intensity, which was historically driven more by marketing spend and by kind of brand recognition also started to develop new customer offers. And in some cases, relatively significant new customer offers there are market -- there are offers in the market where customers can get free transactions for a month or they can get three, four, five free transactions as a new customer. These kinds of offers have a significant negative effect on near-term revenue as you onboard those customers. We participated in some of that for a while.

我們把這些分成兩部分來回答。第一，關於客戶取得，我們大概在兩到三個季度前就開始談這件事。隨著零售業務開始出現顯著下滑，數位業務的競爭強度提高。而這種競爭強度，過去更多是由行銷支出與品牌認知所驅動，也開始發展出新的新客戶優惠。在某些情況下，新客戶優惠相對相當可觀——市場上有一些優惠是客戶可以享有一個月免手續費交易，或作為新客戶可享三、四、五筆免手續費交易。這類優惠在你導入這些客戶時，會對短期營收造成顯著的負面影響。我們曾在一段時間內參與其中。

And then as I noted in the public commentary, have begun to back off on some of that simply because we did not see the longer-term returns given the impact on near-term revenue that has required in order to compete on that.

但正如我在公開評論中提到的，我們已開始在其中一些做法上退一步，原因很單純：考量到為了競爭而必須承受的短期營收影響，我們沒有看到足夠的長期回報。

The second question in terms of ARPU, we continue and one of the things I talked about in the corridor is focusing on basically our CAC to LTV. And in particular, LTV is driven by customer behaviors in terms of longevity transactions for customer and principal per customer. And so us and others in the industry are very focused on where are the most valuable customers, the higher senders, the more frequent centers so that you can really optimize that revenue per transaction.

第二個問題，關於 ARPU，我們持續——而且我在走廊的部分也提到——聚焦在基本上以 CAC 對 LTV 來看。尤其是 LTV 取決於客戶行為，包括客戶留存時間、每位客戶的交易次數，以及每位客戶的匯款本金金額。因此我們以及產業內其他公司都非常關注：最有價值的客戶在哪裡，也就是匯款金額較高、匯款更頻繁的客群，讓你能真正把每筆交易的營收最佳化。

More importantly, you can optimize the LTV, also the revenue and profit over the life cycle of the customer to focus those acquisition dollars in places where we are getting higher returns on a life cycle basis than an individual transaction economics that we might acquire the first or second transaction.

更重要的是，你可以把 LTV 最佳化，也就是在客戶生命週期內的營收與利潤，將這些獲客資金投入在以生命週期角度能帶來更高回報的地方，而不是只看我們可能在第一或第二筆交易取得時的單筆交易經濟性。

All right, A quick follow-up just on Intermex. I know it's delayed, obviously versus your prior expectation, but sort of could you still expect the same financial synergy targets just in a delayed time frame as you previously expected?

好的，快速追問一下 Intermex。我知道相較於你們先前的預期確實延後了，但你們是否仍預期能達成相同的財務協同效益目標，只是時間點延後到你們先前預期的之後？

Yes. So ultimately, as we get closed, we do expect to have actually higher synergy targets, as you probably remember, when we kicked this off a year ago. We had anticipated $30 million in synergies. We talked last quarter that we are receiving more opportunity and expect it to be up a little bit. That continues to be the case. It will ramp post closing.

是的。最終來說，一旦完成交割，我們確實預期協同效益目標實際上會更高；如你可能記得，我們在一年前啟動這件事時，原本預期有3,000萬美元的協同效益。我們上季提到，我們看到更多機會，並預期會略高一些。目前仍是如此。它會在交割後逐步拉升。

The year has gotten narrower. As I've mentioned before, we've got in our model now is at 1 close. I can't tell you we're going to close on September 1, that the regulatory approval. I just wanted to make sure you all knew what day we modeled in our numbers. So there will be some synergies this year, but what we expected originally was $0.10 in the first full year when we talked about in August of last year. We would still expect that plus some.

今年的時間窗口已變得更窄。如我之前提過，我們在模型中目前假設在9月1日交割。我無法告訴你我們一定會在9月1日交割，因為那取決於監管核准。我只是想確保各位知道我們在數字模型裡採用的是哪一天。因此今年會有一些協同效益，但我們最初的預期是：在第一個完整年度（也就是我們去年8月談到時）貢獻0.10美元。我們仍預期能達到這個水準，甚至再多一些。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行。

Another one on margins. So I understand the points on kind of OpEx and shift in transactions. But a couple of other factors that have come up on the call, I wanted to touch on. So on the higher agent bonuses, I know you mentioned the agents in Mexico, but wondering if that same dynamic is playing out in any other regions -- is there any reason to think that the cost that you're having to pay out for these agents is structurally higher now than it has been historically?

再問一個關於利潤率的問題。我理解您提到的，關於某種程度上的營業費用（OpEx）以及交易結構轉移的觀點。但電話會議中還提到幾個其他因素，我想也請您談一下。關於較高的代理商獎金，我知道您提到墨西哥的代理商，但想請問同樣的動態是否也出現在其他地區——是否有任何理由認為，您現在必須支付給這些代理商的成本，相較於過去在結構上更高？

And then the other thing that came up in the prepared remarks was travel money operating profit being lower. So I wanted to hear some color on what was driving profitability and Travel Money lower specifically.

另外，事先準備的發言中也提到旅遊匯兌（Travel Money）的營業利益較低。所以我想聽聽一些背景，究竟是什麼因素在驅動獲利能力下降，特別是旅遊匯兌（Travel Money）為何走低。

I'll work my way backwards. So on the travel money side, as we talked about last quarter, the first quarter of every year, they actually lose money because their fixed costs are higher than the revenue because it's a lower seasonal travel business. Typically, all the profit comes in the second, third quarter. They're slightly positive in Q4. What we've seen this year is that travel is down and Europe, in particular, if you go look at Heathrow travel patterns you're seeing it be negative for the first time since COVID. So we're seeing less consumers coming in, which has put some pressure on the profitability of that business. It still grew, as you can see, it was a contributor to our 12% growth rate this quarter, but it's got -- it wasn't where we expected to be. It was light a bit.

我倒著回答。先談旅遊匯兌（Travel Money）這一塊，如同我們上季所說，每年第一季他們其實是虧錢的，因為固定成本高於營收，且旅遊業務有淡旺季、第一季屬於淡季。通常所有的利潤都在第二、第三季進來。第四季則是略為正貢獻。今年我們看到的是旅遊需求下滑，尤其是歐洲；如果你去看希斯洛機場（Heathrow）的旅遊趨勢，會發現這是自 COVID 以來第一次轉為負成長。因此我們看到進店的消費者變少，對該業務的獲利造成一些壓力。它仍然成長，如你所見，本季我們 12% 成長率中它也有貢獻，但它——表現不如我們原先預期。稍微偏弱一些。

On your first part of your question about what are we seeing for signing bonuses or overall agent economics. It varies from partner to partner. But as I've mentioned a couple of times now, and we had talked about with the $200 million of CapEx this year, it's a heavy agent renewal cycle.

回到你問題的第一部分：我們看到的簽約獎金或整體代理商經濟性如何。這會因合作夥伴而異。但如我已提過幾次、也在談到今年 2 億美元資本支出（CapEx）時提到的，今年是代理商續約週期較密集的一年。

We've talked about winning two new big partners, plus a couple of more moderate ones. We've signed up the Deutsche Post in Europe, which is ramping right now. We've won and it's a competitive takeaway. We won the Canadian Post, which we'll be ramping here in the latter part of Q3 both of those have some upfront costs to ramp and help build them out, which have -- and they are slightly higher end of our typical strategic partners. They're not above the range, but they're at the higher end because of competitive takeaways. And then we had the more smaller ones like a Vallarta or some of the other ones like that, that were also competitive takeaways are at the higher end.

我們談過贏得兩個新的大型合作夥伴，外加幾個中等規模的。我們在歐洲簽下德國郵政（Deutsche Post），目前正在爬坡（ramping）。我們贏得了這個案子，屬於競爭性挖角（competitive takeaway）。我們也拿下加拿大郵政（Canadian Post），預計在第三季後段開始爬坡；這兩個案子在導入與建置過程都有一些前期成本——而且它們的條件略偏向我們典型策略夥伴的高端。它們沒有超出區間，但因為是競爭性挖角，所以落在較高端。另外還有一些較小的案子，例如 Vallarta 或其他類似的，也同樣是競爭性挖角，因此條件也在較高端。

I would add that. I have talked about this that we went through a renewal cycle, particularly here in North America with the majority of our strategic partners. And one of the crown jewels of the Western Union franchise is the majority of major retailers, whether -- and we are proud of these relationships, whether it be Kroger, Walmart, Albertsons, Wallgreens Publix, HEB, Giant Eagle, we have the majority of what we consider to be the strategic distribution in the US, as you can imagine, and we faced an unusual number of renewals over the past 12 months that we successfully have gotten through, and I'm pleased to have renewed all of those contracts.

我再補充一下。我之前談過，我們經歷了一個續約週期，特別是在北美，涵蓋我們大多數的策略合作夥伴。而西聯匯款（Western Union）業務版圖中的一項皇冠上的明珠，是我們與多數大型零售商的合作——我們也以這些關係為傲——無論是 Kroger、Walmart、Albertsons、Walgreens、Publix、HEB、Giant Eagle；如你所想，我們在美國擁有我們所認定的策略性通路的大部分份額。過去 12 個月我們面臨了異常多的續約案，我們也成功完成了這些續約，我很高興我們已續簽所有這些合約。

In the face of a down market and in the face of my commentary around one of the ways you deal with a down market is you work to steal share. We had some increased competition looking to lodge us from some of those long-term relationships. And so I think the team did an excellent job of navigating, getting the renewals, continuing to secure those relationships and doing it at economics that weren't too different from the ones that we had previously.

在市場下行的情況下，也呼應我先前的評論：面對下行市場的一種做法，就是努力搶市占。我們看到競爭加劇，有些競爭者試圖把我們從這些長期合作關係中擠下來。因此我認為團隊在應對上做得非常好，完成續約、持續鞏固這些關係，而且在經濟條件上與我們先前的條件差異不大。

That's super helpful. For a follow-up, I did want to ask on remittance taxes more broadly, not on the federal side, but I know there are some other local or state proposals floating out there. I know Tennessee is one that comes to mind. So on Tennessee specifically, wondering if you could give your thoughts on that specific proposal, whether you think it gets implemented. I know there are some challenges out there on that one specifically.

這非常有幫助。追問一下，我想更廣泛地問匯款稅（remittance taxes），不是聯邦層級，而是我知道有一些地方或州層級的提案正在醞釀。我想到的其中一個是田納西州（Tennessee）。所以就田納西州而言，想請您談談對該提案的看法，以及您認為是否會落地實施。我知道那個提案本身有一些特定的挑戰。

And then any other state or local taxes that we should be tracking that could potentially be on the horizon?

另外，還有沒有其他我們應該追蹤、未來可能出現的州或地方稅？

Yes. As you know, when they passed the US remittance tax, which in our previous commentary, we don't believe had a significant impact it has driven up card acceptance. I will make this up. We're now at 20-plus percent card acceptance in the retail network in the US, up from a couple of percentage points before the remittance tax. So we've seen a lot of move to people using bank products to not pay the tax as was written into the legislation. But they left open the door for states to in effect, pass a state-specific tax, of which several Tennessee being probably the most notable and aggressive have done so.

是的。如你所知，當他們通過美國匯款稅時，依我們先前的評論，我們認為其影響不大；它反而推升了卡片受理（card acceptance）。我就直接說數字。我們現在在美國零售網路的刷卡受理率已超過 20%，而在匯款稅之前只有幾個百分點。因此我們看到很多人轉向使用銀行產品，以避免支付法案文字所規定的稅負。但法案也為各州留下空間，讓州政府實質上可以通過州層級的特定稅制，其中以田納西州可能是最受矚目、也最積極的。

There have been a couple of states that have limited those taxes to what they consider to be foreign adversaries or specific corridors that they saw or countries they saw as problematic. We track this stuff if I could predict it, I probably wouldn't be in this job. We don't think we will have significant impact. Tennessee is an important state. But as you can imagine, it's nothing like a Florida, Texas, California, New York in terms of the magnitude of the business that we have there. And in many cases, customers will simply across the border and send money out of Western Union in a different state if the tax equation becomes significant between one state and another.

也有幾個州把這類稅收限制在他們所認定的「外國敵對勢力」（foreign adversaries）或特定走廊（corridors）、或他們認為有問題的國家。我們會追蹤這些事情；如果我能準確預測，我大概就不會做這份工作了。我們不認為會有重大影響。田納西州是一個重要的州。但如你所想，就我們在當地的業務量級而言，它遠不如佛羅里達、德州、加州、紐約。而且在很多情況下，如果某州與另一州之間的稅負差異變得顯著，客戶很可能就會跨州到邊境另一側，在不同州透過西聯匯款（Western Union）匯出款項。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

I want to go back to really the opening comment from the prepared remarks, and we've hit this in a few different ways, but maybe we can try another way. So retail and digital, and you were very clear that the contribution dollars the contribution profit per transaction is lower for digital. And you kind of mentioned meaningfully so. The first part is I was hoping that you could -- maybe just talk a little bit about that directionally in terms of how much meaningfully are we talking about in terms of how much lower it is?

我想回到事先準備發言中的開場評論。我們已用幾種不同方式觸及這點，但也許可以換個角度再談一次。關於零售與數位（retail and digital），您非常清楚地說明，數位的每筆交易貢獻金額、每筆交易貢獻利潤都較低。而且您提到差距相當明顯。第一個問題是，我希望您能——也許就方向性談一下，所謂「相當明顯」大概是指低多少？

And then from there, some of the items within the P&L of each that we should be considering that might be levers. So on the retail side, obviously, there's the commissions that we mentioned. And then on the online side, I believe the two big ones are the marketing costs and then, of course, the payoffs and maybe just dig into the -- basically the real levers within the kind of product-specific PM, if you will.

接著，想請您談談各自損益表（P&L）中的一些項目，我們應該關注哪些可能作為槓桿的因素。就零售端而言，顯然有我們提到的佣金（commissions）。而在線上端，我認為兩個最大的項目是行銷成本，然後當然還有支付款項（payoffs）；也請您深入談談——基本上就是各產品別損益（product-specific PM，如果你願意這麼稱呼）的真正槓桿所在。

Yes. So I'll start, and then I'll let Matt. I think I understand the desire to have the specificity that would certainly make life easier and it would make my life easier as well. Matt highlighted particularly the growth and the nature of the business that we have in the Middle East because the Middle East is a place where it's quite difficult to get licenses, which we are working on, by the way many of -- much of our business there is partner-driven. And in a partner-driven model, the economics because you got to pay the partner are just fundamentally different than in the economics of our core business or our licensed businesses around the world. And so the shift in the growth of that particular business is a significantly different business than the more general shift from retail to payout to account. There is a difference in the retail to payout account. And that was part of what I was talking about needing to lower a cost, so that difference is less and renegotiating some of those payout cost relationships.

是的。那我先開始，然後再交給 Matt。我想我理解大家希望有更具體的拆解，這當然會讓事情更容易，也會讓我自己的工作更容易。Matt 特別強調了我們在中東業務的成長以及其業務性質，因為中東是一個相當難取得牌照的地方——順帶一提，我們也正在努力取得牌照——而我們在那裡的許多業務是由合作夥伴驅動的。在合作夥伴驅動的模式下，由於你必須支付合作夥伴費用，其經濟模型與我們核心業務或全球各地已取得牌照的業務在本質上就是不同的。因此，該特定業務的成長結構轉變，與更一般性的從零售轉向付款（payout）再到帳戶（account）的轉變相比，是一個顯著不同的業務。零售到付款帳戶之間確實存在差異。這也是我先前提到需要降低成本的一部分，讓這種差異縮小，並重新談判其中一些付款成本的合作關係。

There are a bunch of other levers, though, that are important. And so in the digital space, payment acceptance costs so how much we pay to be able to do funds in, which is really a strategy of shifting our customers from funding with credit cards and debit cards to funding with bank accounts and digital wallets can significantly lower one of our bigger expense items, which is funding costs, managing card fraud and payment fraud is another significant expense for us, again, in the digital space.

不過，還有一堆其他同樣重要的槓桿。因此在數位領域，支付受理成本——也就是我們為了能夠進行入金（funds in）所支付的費用——其實是一項策略：把客戶從使用信用卡與簽帳卡入金，轉向使用銀行帳戶與數位錢包入金，這可以大幅降低我們較大的費用項目之一，也就是入金成本；另外，管理卡片詐欺與支付詐欺也是我們在數位領域的另一項重大費用。

One, shifting to bank funding helps that, but also managing those costs in a more aggressive way also helps it. We continue to look at other efficiency options, particularly in that SG&A line, which you saw go up in the quarter as we continue to invest. And so as Matt highlighted, shutting down it was not an easy decision to decide to shut down the European wallets before we had the next platform in place but the opportunity to save run rate costs of $6 million to $8 million, as Matt highlighted, given the situation that we're facing, we made that decision. So for us, lowering some of those operating costs associated with some of our legacy platforms is an important lever as well.

第一，轉向銀行入金有助於改善這點；同時，以更積極的方式管理這些成本也能有所幫助。我們也持續尋找其他效率選項，特別是在你們看到本季因我們持續投資而上升的 SG&A（銷售、一般及行政費用）那一條線。因此，如 Matt 所強調的，在下一代平台尚未就緒之前就決定關閉歐洲錢包並不容易，但如 Matt 所說，考量我們所面臨的情況，能夠節省每年經常性成本（run rate）600 萬到 800 萬美元的機會，我們因此做了這個決定。所以對我們而言，降低與部分舊有平台相關的營運成本也是一個重要槓桿。

I repeat a little bit, so I apologize. But just as you think about what's in cost of sales or cost services, the biggest thing is commissions. Commissions represent almost two-thirds of the balance in there.

我有點重複了，所以先說聲抱歉。但當你思考銷貨成本或服務成本裡包含什麼時，最大的一項是佣金。佣金幾乎占了其中餘額的三分之二。

But beyond that, there are, as Devin has highlighted, there are fraud losses, which we're working fast on and feverishly to get to leading loss rates and collection rates. There's payment fees, making sure that you have the best payment fees for your partners we're actually running an RFP right now. There's the call center cost within there, which Devin talked about now for the last three, four years, we've cut the call by more than half. That's actually slowed. That's one of the reasons why is this migration from cash payout to digital over the last couple of years have been happening. We've been able to manage through that on the cost of sales lines we've been saving on the call center side. That has plateaued a little bit, but we've got some through AI, some things we're working on to improve that further.

但除此之外，正如 Devin 所提到的，還有詐欺損失，我們正快速且全力以赴地把損失率與催收率提升到領先水準。還有支付手續費，確保你能為合作夥伴拿到最好的支付費率——我們目前正在進行一個 RFP（徵求建議書）流程。另外還包含客服中心成本，Devin 在過去三、四年一直提到，我們已把來電量削減超過一半。但這個下降其實已經放緩。其中一個原因是，過去幾年從現金付款（cash payout）遷移到數位的過程一直在發生。我們能在銷售成本項下透過客服中心端的節省來管理這個轉變。這部分已稍微進入平台期，但我們正在透過 AI 等方式推進一些工作，以進一步改善。

And the last part is in that bucket is big platform costs. So today, we actually still operate three different digital platforms. We still have a handful of settlement platforms that we're working through. And as we go and move down to one platform, which in the last year, I'll talk about settlement side, we were able to eliminate three in the last 18 months because we're able to eliminate the last couple that will allow us to continue to reduce the cost of sales side.

最後一部分在那個項目裡的是大型平台成本。所以目前我們其實仍在營運三個不同的數位平台。我們也還有少數幾個清算（settlement）平台正在整併處理。當我們逐步收斂到單一平台時——我先談清算端——過去 18 個月我們已經能夠淘汰三個；因為我們也能淘汰最後幾個平台，這將使我們能持續降低銷售成本端的費用。

Vas Govil, KBW.

Vas Govil，KBW。

I guess just first question, I'm wondering if there's a way to drill down and disaggregate how much of the change in EPS guide is coming from each of the various factors you guys outlined, I know mix shift to digital payout seems to be the biggest one, but also weaker retail like travel money weakness, I don't know if there was some contribution assumed from Intermex for the year. So I don't know if you could help disaggregate that would be super helpful.

我想先問第一個問題：想請問是否有辦法更深入、並把你們所提到的各項因素分別拆解，看看 EPS 指引變動各自貢獻了多少？我知道產品組合轉向數位付款（digital payout）似乎是最大的一項，但也有較疲弱的零售端，例如旅遊匯款（travel money）的疲弱；我不確定今年是否也假設了 Intermex 有一些貢獻。所以如果你們能幫忙做個拆解，會非常有幫助。

So Vas, as you probably have seen, our first half of the year, year-over-year, Q1 was down $0.15. The second quarter was down $0.11. Our guide for the full year is effectively down $0.50. We've talked about the drivers of the first half and what drove those. Q1 had a fair bit of pressure from FX loss delayed money from a partner, or things of that nature as well as a mix item to talk about here today for both Q1 was roughly 50%, 60% for the things we talked about today and it's similar items for this quarter. I think if you take that, I'll give you a retinal answer for that.

所以 Vas，如你可能已經看到的，我們上半年相較去年同期，第一季（Q1）下降了 0.15 美元；第二季下降了 0.11 美元。我們對全年指引等於是下降約 0.50 美元。對於上半年以及驅動這些變化的因素，我們已經談過。Q1 有相當一部分壓力來自外匯（FX）損失、合作夥伴延遲匯款或類似性質的事項，另外也有今天提到的組合因素；就 Q1 而言，今天談到的這些因素大約占 50% 到 60%，而本季也是類似的項目。我想如果你把這些放在一起，我可以給你一個比較概略（retail-level）的回答。

Thank you for joining the Western Union Second Quarter 2026 Results Conference Call. We hope you have a great day.

感謝您參加 Western Union 2026 年第二季業績電話會議。祝您有美好的一天。