ACI Worldwide Inc (ACIW) 2023 Q2 法說會逐字稿

Thank you for standing by. My name is Belinda, and I will be your conference operator today. At this time, I'd like to welcome everyone to the ACI Worldwide Conference Call. (Operator Instructions)

謝謝你的支持。我叫貝琳達，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 ACI 全球電話會議。 （操作員說明）

I now turn the call over to you, John Kraft, you may begin your conference.

我現在把電話轉給你，約翰·克拉夫特，你可以開始你的會議了。

Thank you, and good morning, everyone. On today's call, we will discuss the company's second quarter 2023 results and financial outlook for the rest of the year. We will take your questions at the end. The slides accompanying this call and webcast can be found at aciworldwide.com under the Investor Relations tab and will remain available after the call.

謝謝大家，大家早上好。在今天的電話會議上，我們將討論該公司 2023 年第二季度的業績以及今年剩餘時間的財務前景。我們將在最後回答您的問題。本次電話會議和網絡廣播附帶的幻燈片可在 aciworldwide.com 的“投資者關係”選項卡下找到，並將在電話會議結束後繼續提供。

Today's call is subject to safe harbor and forward-looking statements like all of our events. You can find the full text of both statements in our presentation deck and earnings press release, both of which are available on our website and with the SEC. On this morning's call is Tom Warsop, our President and CEO; and Scott Behrens, our CFO.

像我們所有的活動一樣，今天的電話會議受到安全港和前瞻性陳述的約束。您可以在我們的演示文稿和收益新聞稿中找到這兩項聲明的全文，兩者均可在我們的網站和 SEC 上獲取。今天早上的電話會議由我們的總裁兼首席執行官 Tom Warsop 主持。和我們的首席財務官斯科特·貝倫斯 (Scott Behrens)。

Before I hand it over, I wanted to share that ACI will be attending the upcoming Canaccord Genuity Annual Growth Conference on August 8, the Wells Fargo Annual FinTech Information and Business Services Forum on August 10, and the Needham FinTech and Digital Transformation Conference on August 17.

在我提交之前，我想告訴大家的是，ACI 將參加即將於8 月8 日舉行的Canaccord Genuity 年度增長會議、8 月10 日舉行的富國銀行年度金融科技信息和商業服務論壇以及8 月舉行的Needham 金融科技和數字化轉型會議17.

With that, I'll turn the call over to Tom.

這樣，我就把電話轉給湯姆。

Good morning, and thank you all for joining our second quarter 2023 earnings conference call. I will start this morning with some brief comments on the quarter, and then I'll hand it over to Scott to discuss the detailed financials and the outlook for Q3 and the remainder of the year. We'll then open the line for questions as usual.

早上好，感謝大家參加我們的 2023 年第二季度收益電話會議。今天早上我將首先對本季度進行一些簡短的評論，然後我將把它交給斯科特討論詳細的財務狀況以及第三季度和今年剩餘時間的前景。然後我們將像往常一樣開通提問熱線。

First, I want to say how honored I am to have been appointed as the permanent CEO a few weeks ago. Many of you may know that I've been a fan of ACI for a very long time, even as an ACI customer before joining the Board in 2015. And over the years, I've become very familiar with our team, our mission and our software platforms. And in the months since assuming this role, I've traveled to many countries and visited with some of our largest, most innovative customers and business partners. And the feedback I've received has been incredible. The opportunities we've discussed have been inspiring and energizing. And I'm confident we have the foundation in place to lead ACI through its next chapter of growth. I look forward to working alongside this team to continue accelerating growth, optimizing our portfolio and maximizing value for our shareholders.

首先，我想說的是，幾週前我被任命為永久首席執行官，我感到非常榮幸。你們中的許多人可能都知道，我長期以來一直是ACI 的粉絲，甚至在2015 年加入董事會之前就已經是ACI 的客戶了。多年來，我已經非常熟悉我們的團隊、我們的使命以及我們的使命。我們的軟件平台。自擔任此職務以來的幾個月裡，我走訪了許多國家，並拜訪了我們一些最大、最具創新性的客戶和業務合作夥伴。我收到的反饋令人難以置信。我們討論的機會鼓舞人心、充滿活力。我相信我們已經奠定了基礎，可以引領 ACI 邁向新的發展篇章。我期待著與這個團隊一起工作，繼續加速增長、優化我們的投資組合併為股東實現價值最大化。

Now moving to the quarter. We delivered second quarter results ahead of the guidance we provided you back in May. Our team did a great job of securing some new and expansionary wins sooner than originally expected. And our Biller business is continuing to see real traction from the initiatives we've been discussing with you.

現在轉到季度。我們提前發布了第二季度業績，早於五月份向您提供的指導。我們的團隊做得很好，比最初預期的更早地獲得了一些新的和擴展性的勝利。我們的 Biller 業務繼續從我們與您討論的舉措中看到真正的吸引力。

The great news about Q2's results is that signing these new contracts early has derisked the second half by reducing the number of new wins our team needs to secure. All of this gives us increasing confidence in achieving our guidance.

關於第二季度結果的好消息是，提前簽署這些新合同會減少我們團隊需要確保的新勝利的數量，從而降低了下半年的風險。所有這些都讓我們對實現我們的指導越來越有信心。

In terms of specific numbers, and Scott will dive deeper into these, total revenue was $323 million, that was down 2% year-over-year. The recurring revenue was $261 million, up 5% when adjusted for foreign exchange impact and the divestiture of the Corporate Online Banking business. In line with my previous comments and as we've previously discussed, the quarterly timing of our renewals will be more weighted towards Q3 and Q4 this year relative to how the quarters faced last year. It's just the way the prior renewals fell in the calendar.

就具體數字而言，總收入為 3.23 億美元，同比下降 2%，斯科特將對此進行更深入的探討。經常性收入為 2.61 億美元，根據外匯影響和企業網上銀行業務剝離進行調整後增長 5%。根據我之前的評論以及我們之前的討論，與去年各季度的情況相比，今年續訂的季度時間將更加偏重於第三季度和第四季度。這就是之前的續訂在日曆中的排列方式。

New ARR bookings for the quarter were $13 million, and new ARR bookings for the trailing 12 months were $91 million, which is up 2% from the trailing 12 months ending June 2022. It's important to note that our ARR bookings metric does not include new nonrecurring bookings such as new term licenses as they're recurring every 5 years, not annually. New license bookings signed in the quarter were up more than 100% from last year's second quarter. This was driven in part by 2 new contracts with fintechs in the Middle East, Africa and South Asia or MEASA region. Our MEASA region is showing strong results and strong pipeline, and I'm looking forward to continued growth there. I've personally visited the region 3 times over the past few months to support the team in closing business.

本季度的新ARR 預訂量為1,300 萬美元，過去12 個月的新ARR 預訂量為9,100 萬美元，比截至2022 年6 月的過去12 個月增長了2%。值得注意的是，我們的ARR預訂量指標不包括新的ARR 預訂量。一次性預訂，例如新期限許可證，因為它們每 5 年重複一次，而不是每年一次。本季度簽署的新許可證預訂量比去年第二季度增長了 100% 以上。這在一定程度上是由於與中東、非洲和南亞或 MEASA 地區的金融科技公司簽署了兩份新合同所致。我們的 MEASA 地區顯示出強勁的業績和強大的產品線，我期待著該地區的持續增長。在過去的幾個月裡，我親自訪問了該地區 3 次，以支持團隊完成業務。

One more point on ARR bookings. It's notable that we signed another very large Biller client immediately after closing the quarter, and I mean immediately. I think it was around 3:00 a.m. on the 1st of July, and that one will show up in our ARR bookings number in Q3.

ARR 預訂還有一點。值得注意的是，我們在本季度結束後立即簽署了另一個非常大的比勒客戶，我的意思是立即。我認為那是 7 月 1 日凌晨 3:00 左右，這個時間將出現在我們第三季度的 ARR 預訂編號中。

On the topic of Biller, I was particularly pleased to see continued improvement in the segment, which has had a 5% revenue increase and an adjusted EBITDA increase of 10% compared to the same period in 2022. This was driven by new customer onboarding and our interchange improvement efforts. For those who are also tracking our net revenue, it grew 9% in Q2 versus last year. We're nearly through our Biller contract negotiations, and we expect the interchange pricing adjustments to have lasting impacts on our profitability.

關於Biller 的話題，我特別高興地看到該細分市場的持續改善，與2022 年同期相比，該細分市場的收入增長了5%，調整後的EBITDA 增長了10%。這是由新客戶加入和我們的交流改進努力。對於那些同時關注我們淨收入的人來說，第二季度淨收入比去年增長了 9%。我們即將完成比勒合同談判，我們預計互換定價調整將對我們的盈利能力產生持久影響。

We were encouraged that bank recurring revenue grew 13% year-over-year as newer SaaS contracts ramp. Consolidated Bank segment revenue and EBITDA should show growth again in the second half of this year, following the renewal calendar that I just mentioned.

隨著新 SaaS 合同的增加，銀行經常性收入同比增長 13%，這讓我們深受鼓舞。繼我剛才提到的更新日曆之後，綜合銀行部門收入和 EBITDA 應該會在今年下半年再次出現增長。

Merchant segment revenue was flat and EBITDA increased 23% on a constant currency basis as a result of efficiency and revenue sharing initiatives that have begun to take hold in this segment. We are continuing to make meaningful investments in our Merchant segment, particularly in our go-to-market and new and innovative capabilities.

由於效率和收入共享舉措已開始在該細分市場佔據主導地位，商戶細分市場收入持平，按固定匯率計算，EBITDA 增長了 23%。我們將繼續在我們的商戶領域進行有意義的投資，特別是在我們的市場推廣和新的創新能力方面。

Before I turn you over to Scott, let me discuss some industry trends that we believe provide ACI with a significant opportunity. There are 2 obvious top-up mind items that I want to give you a little of my perspective on each.

在將您交給 Scott 之前，讓我討論一些我們認為為 ACI 提供重要機會的行業趨勢。有兩個明顯的充值頭腦項目，我想向您介紹一下我對每個項目的看法。

First, real-time payments. Recently, the Federal Reserve went live with their much anticipated FedNow instant payments network. ACI was pleased to be one of the first organizations to certify send, receive and request for pay services on the new network. This functionality adds more capacity to process real-time payments in the U.S., alongside the Clearing House RTP network in early morning Zelle. We're currently working with many domestic banks on real-time implementations as well as intermediaries to service smaller banks and credit unions.

第一，實時支付。最近，美聯儲啟用了備受期待的 FedNow 即時支付網絡。 ACI 很高興成為首批對新網絡上的發送、接收和請求付費服務進行認證的組織之一。這一功能增加了美國處理實時支付的能力，以及清晨 Zelle 的清算所 RTP 網絡。我們目前正在與許多國內銀行合作進行實時實施，並與中介機構合作，為小型銀行和信用合作社提供服務。

So starting from a small base, we believe the U.S. will see a fourfold increase in real-time payments over the next 4 years, and it will include additional use cases such as credit line access, request for pay, Buy Now Pay Later and many others. And of course, the real-time payment revolution is happening globally. In some markets like India and Brazil, the growth has been dramatic. Adding more options in the U.S. will accelerate the global ecosystem growth, and this is just Phase 1 as we're exploring cross-border functionality in certain markets. Imagine the power of enabling real-time money movement at low cost between large trading partners. I'm really beginning to get exciting.

因此，從小基數開始，我們相信美國的實時支付在未來 4 年內將增長四倍，並將包括額外的用例，例如信用額度訪問、請求付款、先買後付等其他的。當然，實時支付革命正在全球範圍內發生。在印度和巴西等一些市場，增長十分迅速。在美國增加更多選擇將加速全球生態系統的增長，這只是我們正在某些市場探索跨境功能的第一階段。想像一下在大型貿易夥伴之間以低成本實現實時資金流動的力量。我真的開始變得興奮起來。

Specifically with respect to FedNow, we're able to deliver services via license deployment for our on-premise customers or via the cloud with our SaaS-based real-time payments cloud offering. ACI is offering a differentiated service in the cloud by bundling our AI-powered risk scoring solutions to provide additional layers of fraud protection that customers are seeking.

特別是對於 FedNow，我們能夠通過許可證部署為我們的本地客戶提供服務，或者通過基於 SaaS 的實時支付云產品來提供服務。 ACI 通過捆綁我們的人工智能驅動的風險評分解決方案，在雲中提供差異化​​服務，以提供客戶所尋求的額外欺詐保護層。

I'm sure some of you are wondering how many transactions that now is processed. Well, no statistics have been published yet. But I think it's safe to say the early volumes will be quite small as the system beds in and more players connect. We don't expect a meaningful revenue impact this year. But over time, we expect FedNow to be an important part of the payments ecosystem in the U.S. and beyond.

我確信你們中的一些人想知道現在處理了多少筆交易。嗯，目前還沒有公佈任何統計數據。但我認為可以肯定地說，隨著系統的發展和更多玩家的連接，早期的數量將會相當小。我們預計今年的收入不會產生重大影響。但隨著時間的推移，我們預計 FedNow 將成為美國及其他地區支付生態系統的重要組成部分。

The other industry driver I want to discuss is artificial intelligence, or AI. Looking at the newspapers and the stock market, we might be able to say this is a key driver of every industry right now. ACI has been using AI in several ways for years, most notably in our fraud prevention software. We were recently granted a patent on a set of tools and processes, we call incremental learning. And we incorporate that patented model into both our anti-fraud solutions and the real-time payments cloud offering. I'm going to give you a pretty simplistic way to think about how our approach differs from others.

我想討論的另一個行業驅動因素是人工智能。看看報紙和股票市場，我們也許可以說這是目前每個行業的關鍵驅動力。多年來，ACI 一直以多種方式使用人工智能，最引人注目的是在我們的欺詐預防軟件中。我們最近獲得了一組工具和流程的專利，我們稱之為增量學習。我們將該專利模型融入到我們的反欺詐解決方案和實時支付云產品中。我將為您提供一種非常簡單的方法來思考我們的方法與其他方法有何不同。

Other learning models are updated periodically and off-line. For example, you may have heard about open AI's models like GPT-3, which is transitioning to GPT-4. That's an example of this off-line update process. Users have to move to a new model once in a while. This approach means the model's accuracy and performance can drop off quickly as new scenarios emerge.

其他學習模型定期離線更新。例如，您可能聽說過 GPT-3 等開放 AI 模型，它正在過渡到 GPT-4。這是離線更新過程的一個示例。用戶必須偶爾遷移到新模型。這種方法意味著隨著新場景的出現，模型的準確性和性能可能會迅速下降。

ACI's proprietary incremental learning approach allows us to continually train our models in small bursts. And that eliminates the need for a big bang model upgrades. Our models have the benefit of the data they've seen almost up to the current minute, making them more likely to detect and prevent fraudulent activity. We're also expanding the use of incremental learning into the interchange management efforts in our Biller segment, and we're seeing very encouraging results.

ACI 專有的增量學習方法使我們能夠持續小批量地訓練我們的模型。這消除了對模型進行大爆炸升級的需要。我們的模型受益於他們幾乎當前時刻看到的數據，使它們更有可能檢測和防止欺詐活動。我們還將增量學習的使用擴展到 Biller 部門的交換管理工作中，並且我們看到了非常令人鼓舞的結果。

We have pilot programs to use AI tools to make our code development, debugging and testing more efficient. I've even used AI-enhanced tools to help me create internal team messaging and Board decks. Please don't tell my Board. AI is seemingly everywhere and all encompassing, especially the rapid advancements in generative AI and large language models and we're finding that AI has the potential to improve our products, enhance our efficiency and reduce our costs.

我們有試點計劃使用人工智能工具來提高我們的代碼開發、調試和測試效率。我什至使用人工智能增強工具來幫助我創建內部團隊消息傳遞和董事會。請不要告訴我的董事會。人工智能似乎無處不在，無所不包，特別是生成式人工智能和大型語言模型的快速進步，我們發現人工智能有潛力改進我們的產品，提高我們的效率並降低我們的成本。

Now I'm sure some of you -- many of you, maybe all of you, have read some of the same doomsday scenarios I have about the risks of AI. And there are, of course, some very real risk, but the potential benefits of using these tools in responsible, prudent ways are far too large to ignore. ACI tends to be a leader in the responsible use of AI to improve our business and the value we provide our customers. We've made great progress this quarter, and I'm proud of our team's continued execution.

現在我確信你們中的一些人——你們中的許多人，也許你們所有人，都讀過一些與我有關人工智能風險的世界末日場景相同的內容。當然，存在一些非常現實的風險，但以負責任、謹慎的方式使用這些工具的潛在好處太大，不容忽視。 ACI 往往是負責任地使用人工智能來改善我們的業務和為客戶提供的價值的領導者。本季度我們取得了巨大進步，我為我們團隊的持續執行力感到自豪。

I know there's more work to be done, and I believe we have the right strategy in place to continue navigating the near-term challenges and delivering consistent results, while also positioning ACI to capitalize on the significant opportunities before us in real-time payments and in cloud-based technologies.

我知道還有更多工作要做，而且我相信我們已經制定了正確的戰略，可以繼續應對近期挑戰並提供一致的結果，同時也讓ACI 能夠充分利用我們在實時支付和支付方面面臨的重大機遇。在基於雲的技術中。

Before I turn it over to Scott, I want to reiterate my confidence in our team, our strategy and our growth potential. And I want to reiterate our commitment to achieve our revenue growth target of 7% to 9% in 2024. But I also want to say, I know we can do more in the eyes of the investment community. While we're not quite ready to provide details, we're working on ways to better tell our story as well as ways to improve our transparency, including the metrics we provide. Our share price simply does not reflect the value I believe ACI holds, and I am determined to address that. And I'm sure you know, I made a significant personal investment in ACI stock and I am absolutely confident that was a great choice.

在將其交給斯科特之前，我想重申我對我們的團隊、我們的戰略和我們的增長潛力的信心。而且我想重申我們的承諾，即在2024年實現7%至9%的收入增長目標。但我也想說，我知道在投資界看來我們可以做得更多。雖然我們還沒有準備好提供詳細信息，但我們正在研究如何更好地講述我們的故事以及提高透明度的方法，包括我們提供的指標。我們的股價根本沒有反映我認為 ACI 所持有的價值，我決心解決這個問題。我相信您知道，我對 ACI 股票進行了大量個人投資，我絕對相信這是一個不錯的選擇。

Now I'm going to turn it over to Scott to discuss financials and our guidance. Scott?

現在我將把它交給斯科特討論財務狀況和我們的指導。斯科特？

Thanks, Tom, and good morning, everyone. I first plan to review our financial results for Q2 and then provide our outlook for the rest of 2023. Revenue in the quarter was $323 million, and adjusted EBITDA was $57 million. We continue to see solid growth in our recurring revenue, which is up 7% year-to-date compared to last year. That growth is coming from a combination of customer go-lives that happened late last year that will contribute a full year benefit this year.

謝謝，湯姆，大家早上好。我首先計劃回顧我們第二季度的財務業績，然後提供我們對 2023 年剩餘時間的展望。該季度的收入為 3.23 億美元，調整後的 EBITDA 為 5700 萬美元。我們的經常性收入繼續穩步增長，今年迄今比去年增長了 7%。這一增長來自去年年底的客戶上線，這將為今年帶來全年效益。

Our pricing initiatives in our Biller segment as well as our annual CPI uplifts in our Bank segment. So overall, a number of contributing factors that are leading the strength in recurring revenue growth. And as a reminder from our last earnings call that our nonrecurring license fee revenue, and that's primarily coming from renewals, will be more second half weighted this year. And when those license fees come in, they have little incremental fulfillment costs so have very high flow-through to EBITDA.

我們在 Biller 部門的定價舉措以及我們銀行部門的年度 CPI 提升。總體而言，有許多因素推動了經常性收入的增長。我們上次的財報電話會議提醒我們，我們的非經常性許可費收入（主要來自續訂）今年下半年的權重將更大。當這些許可費進來時，他們幾乎沒有增量履行成本，因此 EBITDA 的流量非常高。

Turning to our segment results. Bank segment revenue was $118 million, and adjusted EBITDA was $52 million. The Bank segment is predominantly on-premise license software. So this will be the most impacted by this year's timing of the renewal license fees. The Merchants segment revenue was $37 million and adjusted EBITDA was $10 million, and our Biller segment revenue was $169 million, which represents 5% growth over Q2 last year and adjusted EBITDA increased 10% compared to Q2 last year. The growth in both revenue and profitability in this segment is driven by customer go-lives, and we have made notable progress with our interchange improvement program.

轉向我們的部門業績。銀行部門收入為 1.18 億美元，調整後 EBITDA 為 5200 萬美元。銀行部門主要是本地許可軟件。因此，這將是受今年續訂許可費時間影響最大​​的。 Merchants 部門收入為 3700 萬美元，調整後 EBITDA 為 1000 萬美元，Biller 部門收入為 1.69 億美元，比去年第二季度增長 5%，調整後 EBITDA 比去年第二季度增長 10%。該領域收入和盈利能力的增長是由客戶上線推動的，我們的交換改進計劃取得了顯著進展。

We ended the quarter with $132 million in cash on hand, a debt balance of just over $1 billion and a net debt leverage ratio of 2.9x and we have $200 million remaining on our share repurchase authorization.

本季度結束時，我們手頭現金為 1.32 億美元，債務餘額略高於 10 億美元，淨債務槓桿率為 2.9 倍，我們的股票回購授權還剩 2 億美元。

Turning next to our outlook. With what we're seeing here in the first half of the year, in particular, the strength of the recurring revenue growth, we are reiterating our full year guidance with revenue in the range of $1.436 billion to $1.466 billion and we continue to expect adjusted EBITDA to be in the range of $380 million to $395 million with net adjusted EBITDA margin expansion. For Q3, we expect revenue to be in the range of $335 million to $345 million and adjusted EBITDA to be in the range of $70 million to $80 million, both ranges representing solid double-digit growth compared to Q3 last year.

接下來轉向我們的展望。鑑於我們在今年上半年看到的情況，特別是經常性收入增長的強勁勢頭，我們重申全年指導，收入在 14.36 億美元至 14.66 億美元之間，並且我們繼續預計調整後的收入EBITDA 將在3.8 億至3.95 億美元之間，調整後的EBITDA 淨利潤率將擴大。對於第三季度，我們預計收入將在3.35 億美元至3.45 億美元之間，調整後的EBITDA 將在7000 萬美元至8000 萬美元之間，與去年第三季度相比，這兩個範圍都呈現兩位數的穩健增長。

So in summary, we're tracking on the year as expected, and I think with the particular strength that we're seeing in the underlying recurring revenue base of the business combined with additional go-lives we expect here in 2023, our second half strength sets us up well for delivering our long-term targets of 7% to 9% growth in 2024.

總而言之，我們正在按預期跟踪這一年，我認為，鑑於我們在業務的基礎經常性收入基礎上看到的特殊實力，加上我們預計2023 年下半年的額外上線，我們將在下半年實現這一目標。實力使我們能夠很好地實現 2024 年增長 7% 至 9% 的長期目標。

So with that, I'll pass it back to Tom for some closing remarks. Tom?

因此，我將把它傳回給湯姆，讓他做一些結束語。湯姆？

Thanks, Scott. In summary, we delivered results ahead of our expectations in the second quarter. Our bookings and implementation progress provides us confidence to reiterate our forward outlook for this year and next. ACI has significant opportunity in the marketplace with AI and real-time payments, it's certainly an exciting time to be at ACI. I am and always will be relentlessly focused on delivering shareholder value.

謝謝，斯科特。總而言之，我們第二季度的業績超出了我們的預期。我們的預訂和實施進展讓我們有信心重申今年和明年的前瞻性展望。 ACI 在人工智能和實時支付市場上擁有巨大的機遇，加入 ACI 無疑是一個激動人心的時刻。我現在並將永遠堅持不懈地致力於為股東創造價值。

And finally, as John mentioned, we're planning to attend several investor conferences coming up. We look forward to increasing our level of investor engagement going forward, and I look forward to spending time with you.

最後，正如約翰提到的，我們計劃參加即將舉行的幾場投資者會議。我們期待著提高未來投資者的參與水平，我期待著與您共度時光。

Thank you again for joining us today. We'll now open it up for Q&A.

再次感謝您今天加入我們。我們現在將開放它進行問答。

(Operator Instructions) Your first question comes from the line of Alli Heckmann from D.A. Davidson.

（操作員說明）您的第一個問題來自 D.A. 的 Alli Heckmann。戴維森。

This is Alli talking for Pete Heckmann. We had a question about -- I know you touched on the Merchant segment, but with revenue being kind of flattish, we wondered if you could go over new solutions and geographies where you're expecting to have success in this segment over the next 2 years? And do you expect accelerating growth over the next 4 quarters?

這是阿里為皮特·赫克曼講話。我們有一個問題——我知道您談到了商家細分市場，但由於收入有點持平，我們想知道您是否可以討論新的解決方案和地區，您預計在未來 2 年內在此細分市場取得成功年？您預計未來 4 個季度會加速增長嗎？

Yes, Alli, this is Scott. Yes, the short answer is accelerating growth. We kind of had signaled that when we came out of our first quarter call that we'd be about -- we were negative first quarter. Second quarter was about flat, slightly positive in terms of dollars and that we would exit the year in kind of that mid- to upper single digits growth. The Merchant business is actually pretty heavily weighted to international markets. And so I would expect that, that growth is predominantly going to come from international markets over the next couple of years.

是的，艾莉，這是斯科特。是的，簡短的答案是加速增長。我們已經發出信號，當我們結束第一季度電話會議時，我們將——我們第一季度的業績為負。第二季度基本持平，以美元計略有增長，我們將以中位數到高個位數的增長結束今年。商業業務實際上對國際市場的比重相當大。因此，我預計未來幾年的增長將主要來自國際市場。

The next question comes from the line of Joseph Vafi from Canaccord.

下一個問題來自 Canaccord 的 Joseph Vafi。

Nice results and also, Tom, nice to see the updated vision here for ACI moving forward. It's great to see. So I know you were Interim CEO for a while. Now you're a permanent CEO. It sounds like you've got plenty of wood to chop. But just wondering if you're contemplating any other kind of major shifts or changes or updates to the business model.

Tom，很高興看到 ACI 向前發展的最新願景。很高興看到。所以我知道你曾擔任過一段時間的臨時首席執行官。現在您是永久首席執行官。聽起來你有很多木頭要砍。但只是想知道您是否正在考慮對業務模式進行任何其他類型的重大轉變或改變或更新。

Yes. Thanks, Joseph. That's -- I appreciate all those comments. It's -- so as I've said a few times, and I definitely want to reiterate that I think ACI's strategy is solid. And I think the team is solid. I think the business model is solid. So you shouldn't expect to see major shifts anytime soon because we just don't need them.

是的。謝謝，約瑟夫。那就是——我感謝所有這些評論。正如我多次說過的那樣，我絕對想重申，我認為 ACI 的戰略是可靠的。而且我認為團隊很穩固。我認為商業模式是可靠的。因此，您不應期望很快就會看到重大轉變，因為我們只是不需要它們。

But what I am focused on is making sure that we are concentrating our investments and efforts in areas that are going to deliver results as fast as possible. So one example, of course, being the -- what we've been talking about in our Biller segment, we had some challenges, but big opportunities and we've been laser-focused. We brought in new leaders for that space, and it's really performing well. So there's one example. But you're -- getting back to your actual question, I do not anticipate major shifts. It'll be more about focus and ensuring that we are concentrating in areas that are going to deliver results fast.

但我關注的是確保我們將投資和努力集中在能夠盡快取得成果的領域。當然，舉一個例子，我們在 Biller 部分一直在談論，我們遇到了一些挑戰，但也有很大的機會，而且我們一直在專注。我們為該領域引進了新的領導者，而且它的表現確實很好。有一個例子。但回到你的實際問題，我預計不會發生重大變化。這將更多地涉及焦點並確保我們專注於能夠快速交付成果的領域。

The next question comes from George Sutton from Craig-Hallum.

下一個問題來自 Craig-Hallum 的 George Sutton。

Tom, I appreciate the additional information on the segment. So I wanted to focus specifically on Biller. Obviously, there's been a platform change. You had recent wins of some good size. You mentioned that you had another large win post quarter. So I wondered if you could just go through win rates and sort of opportunity sets that you're seeing in Biller relative to maybe several months ago.

湯姆，我很欣賞有關該部分的更多信息。所以我想特別關注比勒。顯然，平台發生了變化。你最近取得了一些不錯的勝利。您提到您在季度後又取得了巨大的勝利。所以我想知道您是否可以查看一下您在比勒看到的相對於幾個月前的勝率和機會集。

Well, we haven't published. This is Scott. We don't publish at least at this point what our win rates are. But you're right. I mean we have had success. What we haven't seen yet this year is some of the impact of some of the Biller go-lives. That -- we're going to be here in the second half on deals we sold last year. So I think the upside in Biller is kind of get the comp in terms of the performance.

嗯，我們還沒有發布。這是斯科特。至少目前我們還沒有公佈我們的勝率是多少。但你是對的。我的意思是我們已經取得了成功。今年我們還沒有看到 Biller 上線的一些影響。那 - 我們將在下半年就去年出售的交易進行討論。所以我認為比勒的優點是在表現方面獲得了補償。

And again, that stuff we sold last year that's going live here in the second half. The one that Tom mentioned that signed here the 1st of July will probably more likely impact us as we get into the second half of next year. But again, in terms of publishing win rates, we don't have those statistics to provide.

再說一遍，我們去年出售的東西將在下半年上線。湯姆提到的 7 月 1 日簽署的協議很可能會在我們進入明年下半年時對我們產生更大的影響。但同樣，就發布勝率而言，我們沒有提供這些統計數據。

We do think we're taking share, though. We're gaining share. We are winning deals that we needed to win. And as Scott mentioned, we've got -- we really haven't seen the bulk of the impact from those larger deals quite yet. The really big win we've been talking about, it is live, but it is not completely cut over. So second half, you'll see more impact than we saw in this quarter.

不過，我們確實認為我們正在分享份額。我們正在獲得份額。我們正在贏得我們需要贏得的交易。正如斯科特提到的，我們確實還沒有看到這些較大交易的大部分影響。我們一直在談論的真正重大勝利是直播，但並沒有完全切換。因此，下半年，您將看到比本季度更大的影響。

(Operator Instructions) I'm sorry.

（操作員指示）對不起。

Do we have any more questions?

我們還有什麼問題嗎？

Belinda, you there?

貝琳達，你在嗎？

Yes, I'm here.

對，我在這。

Is there a follow-up?

有後續嗎？

As there are no further questions at this time, I turn the call back over to you, John Kraft.

由於目前沒有其他問題，我將電話轉回給您，John Kraft。

All right. Thank you, Belinda. Thanks, everybody, for joining us. We look forward to catching up in the coming weeks. Have a great day.

好的。謝謝你，貝琳達。謝謝大家加入我們。我們期待在未來幾週內趕上。祝你有美好的一天。

Thanks.

謝謝。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連接。