ACI Worldwide Inc (ACIW) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to ACI Worldwide, Inc. Second Quarter 2024 Financial Results. (Operator Instructions) Thank you.

女士們先生們，謝謝你們的支持。現在，我謹歡迎大家閱讀 ACI Worldwide, Inc. 2024 年第二季財務表現。（操作員說明）謝謝。

I would now like to turn the conference over to John Kraft. Please go ahead.

我現在想把會議交給約翰·克拉夫特。請繼續。

Thank you, and good morning, everyone. On today's call, we will discuss the company's second quarter 2024 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，大家早安。在今天的電話會議上，我們將討論該公司 2024 年第二季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。本次電話會議和網路廣播附帶的幻燈片可在 aciworldwide.com 的「投資者關係」標籤下找到，並將在電話會議結束後繼續提供。

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 release, both of which are available on our website and with the SEC.

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。您可以在我們的簡報和收益發布中找到這兩項聲明的全文，兩者均可在我們的網站和 SEC 上取得。

On this morning's call is Tom Warsop, our President and CEO; and Scott Behrens, our CFO. Before I turn it over, I did want to mention that we will be participating in a few upcoming conferences. Canaccord Genuity's 44th Annual Growth Conference in Boston on August 13, the Seaport Financials and FinTech Virtual Conference on August 14, and the 9th annual Wells Fargo FinTech Information and Business Services Forum in Newport, Rhode Island on August 21.

今天早上的電話會議由我們的總裁兼執行長 Tom Warsop 主持。和我們的財務長 Scott Behrens。在我把它翻過來之前，我確實想提一下我們將參加一些即將舉行的會議。Canaccord Genuity 於8 月13 日在波士頓舉行第44 屆年度成長會議，8 月14 日在海港金融與金融科技虛擬會議，以及8 月21 日在羅德島州紐波特舉行的第九屆年度富國銀行金融科技資訊和商業服務論壇。

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

這樣，我就把電話轉給湯姆。

Thanks, John, and good morning, everyone. I appreciate you joining our second quarter 2024 earnings conference call. I'll start this morning with some brief comments on the quarter and then hand it over to Scott to discuss the detailed financial results and our increased expectations for the remainder of 2024. As always, we'll then open the line for your questions.

謝謝約翰，大家早安。感謝您參加我們的 2024 年第二季財報電話會議。今天早上我將首先對本季度進行一些簡短的評論，然後將其交給 Scott 討論詳細的財務業績以及我們對 2024 年剩餘時間的增長預期。像往常一樣，我們將開通您的提問熱線。

Second quarter results were ahead of expectations and of the guidance we provided earlier with total revenue up 16% year-over-year. This outperformance came from higher volumes in our Biller segment as well as increased deal activity within the Bank segment. So let me give you a little more color on each of those segments.

第二季業績超出預期，也超出我們先前提供的指導，總營收年增 16%。這項優異表現來自於我們的 Biller 部門的交易量增加以及銀行部門內交易活動的增加。因此，讓我對每個部分進行更多介紹。

In Biller, gross revenue was up by a record 13% and EBITDA increased 20% from Q2 of last year. Our Biller team was able to onboard new customer transaction volumes ahead of expectations, in particular, with an additional phase of one of our largest new customers in the utility space. We also benefited from very strong tax-related volumes in our government vertical.

Biller 的總營收較去年第二季成長了 13%，創歷史新高，EBITDA 成長了 20%。我們的 Biller 團隊能夠提前實現新客戶交易量，特別是在公用事業領域最大的新客戶之一的額外階段。我們也受惠於政府垂直領域非常強勁的稅收相關量。

And as you know, many state and federal tax payments are made during the second quarter. So this is one of the seasonal areas of our business. And while we're very happy with this outperformance. Both of those drivers were largely a second quarter phenomenon, we don't expect that level of outperformance to continue in Q3 or Q4 of this year. Overall, the Biller segment is performing very well and our high retention rates and growing qualified new bookings pipeline keep our optimism high.

如您所知，許多州和聯邦稅款都是在第二季度繳納的。所以這是我們業務的季節性領域之一。雖然我們對這種出色的表現感到非常滿意。這兩個驅動因素很大程度上都是第二季的現象，我們預計今年第三季或第四季不會繼續表現出色。總體而言，Biller 部門表現非常出色，我們的高保留率和不斷增長的合格新預訂管道使我們保持高度樂觀。

In the Bank segment, revenue was up 22% and EBITDA was up 53% compared to second quarter of last year. We signed important renewal contracts and some very strategic expansion including a top bank in Malaysia, partnering with ACI to do a multiyear full card modernization and real-time transformation program. In total, our issuing and acquiring solutions grew 38% and that's a testament to the continuing value and importance of our proven mission-critical solutions.

與去年第二季相比，銀行部門的營收成長了 22%，EBITDA 成長了 53%。我們簽署了重要的續約合約和一些非常具有戰略意義的擴張，其中包括馬來西亞的一家頂級銀行，與 ACI 合作開展多年的全面卡現代化和即時轉型計劃。總的來說，我們的發行和收單解決方案成長了 38%，證明了我們經過驗證的關鍵任務解決方案的持續價值和重要性。

As we mentioned to you at Analyst Day, the team had a very targeted program to sign second half renewal contracts earlier in the year. As you know, we generally cannot recognize the revenue from renewals until the contract start date. But getting them completed early helps derisk our full year forecast and allows the team more time to focus on new deals in the second half.

正如我們在分析師日向您提到的那樣，該團隊有一個非常有針對性的計劃，以在今年早些時候簽署下半年續約合約。如您所知，我們通常要到合約開始日期才能確認續約收入。但儘早完成這些任務有助於降低我們全年預測的風險，並使團隊有更多時間專注於下半年的新交易。

To this end, we had a very productive first half, signing more than $100 million in renewal contracts that will be recognized in Q3 and Q4 of this year. This included the very strategic and expanded Worldpay partnership we announced last week.

為此，我們的上半年非常富有成效，簽署了超過 1 億美元的續約合同，這些合約將在今年第三季和第四季得到確認。這包括我們上週宣布的非常具有戰略意義和擴大的 Worldpay 合作夥伴關係。

I move to our next-generation payments hub program. Investments are continuing, development is on track, and we're extremely focused. By year-end, we'll have a solution which customers can begin to evaluate. We're having great conversation already as we actively meet with customers to discuss our respective technology road maps. I would characterize interest level as high.

我轉向我們的下一代支付中心計劃。投資仍在繼續，開發步入正軌，我們非常專注。到年底，我們將擁有一個可供客戶開始評估的解決方案。當我們積極與客戶會面討論我們各自的技術路線圖時，我們已經進行了很好的對話。我認為興趣程度很高。

Our customers are sharing their excitement about the functionality and AI capabilities as well as the flexibility of the cloud native architecture itself, which will allow customers to migrate volumes onto the platform at their own pace. This will give customers a two-fold advantage, to consume new services as they become available and to move current services off of existing platforms and onto the new in a measured way as opposed to a high-risk big bank transition.

我們的客戶分享了他們對雲端原生架構本身的功能和人工智慧功能以及靈活性的興奮，這將允許客戶按照自己的步調將捲遷移到平台上。這將為客戶帶來雙重優勢，即在新服務可用時使用新服務，並以謹慎的方式將當前服務從現有平台轉移到新平台，而不是高風險的大銀行轉型。

I'm especially excited about the potential for new logos as many of the discussions I'm having are with noncustomers. And many of those are not fully satisfied with a current competitive solution, a solution from one of our competitors.

我對新商標的潛力感到特別興奮，因為我正在進行的許多討論都是與非客戶進行的。其中許多人對目前的競爭解決方案（我們的競爭對手之一的解決方案）並不完全滿意。

Let me give you a quick overview of one such conversation I personally had with a top Asia Pacific financial institution recently. The bank has a solution from one of our competitors, which is moving out of support in the next 18 months or so. The Chief Information Officer was very clear that the bank has no interest in getting themselves into a position where they have to change platforms again in a few years, but he definitely wants a path to newer technology.

讓我快速概述一下我最近與一家亞太地區頂級金融機構進行的一次此類對話。該銀行擁有我們競爭對手之一提供的解決方案，該解決方案將在未來 18 個月左右的時間內停止支援。資訊長非常明確地表示，該銀行沒有興趣讓自己陷入幾年後必須再次更換平台的境地，但他肯定想要一條通往更新技術的道路。

When I described the payments hub strategy, which allows the bank to install our proven, scalable, highly reliable solution today and to move to the newer cloud-native payments hub solutions when they're ready, he literally jumped out of his seat and said, that's exactly what I need.

當我描述支付中心策略時，該策略允許銀行立即安裝我們經過驗證的、可擴展的、高度可靠的解決方案，並在準備就緒時轉向更新的雲端原生支付中心解決方案，他真的從座位上跳了起來，說道，這正是我所需要的。

Of course, this is a prospect. We have to get it closed over the coming months. But it was one of the most positive reactions I have ever had to a sales discussion. Please keep your fingers crossed for us. I have a very good feeling about this.

當然，這是一個前景。我們必須在未來幾個月內關閉它。但這是我對銷售討論最正面的反應之一。請為我們祈禱。我對此有很好的感覺。

Moving on to our Merchant segment. Revenue grew 4% and EBITDA grew 55% compared to second quarter last year. Obviously, the segment's revenue is not running as fast as we would like. But we're excited about the sales pipeline, and we continue to see the segment improving sequentially throughout this year and into 2025, as we have previously discussed. I'm very pleased with the continuing profitability improvement the team is delivering.

繼續我們的商家部分。與去年第二季相比，營收成長 4%，EBITDA 成長 55%。顯然，該部門的收入成長速度沒有我們希望的那麼快。但我們對銷售管道感到興奮，正如我們之前討論的那樣，我們將繼續看到該細分市場從今年到 2025 年持續改善。我對團隊實現的獲利能力持續改善感到非常滿意。

Overall, we are focused. We're executing well. We're delivering on our promises in the investment community. I'm happy to report that our outperformance year-to-date allows us to again raise our guidance range for both revenue and adjusted EBITDA. I remain confident in the team and our plans to create significant shareholder value.

總的來說，我們是專注的。我們執行得很好。我們正在兌現我們對投資界的承諾。我很高興地向大家報告，我們今年迄今的優異表現使我們能夠再次提高收入和調整後 EBITDA 的指導範圍。我對團隊和我們創造顯著股東價值的計劃仍然充滿信心。

I'll turn it over to Scott to discuss the details of our results and our guidance. Scott?

我將把它交給斯科特討論我們的結果和指導的細節。史考特？

Thanks, Tom, and good morning, everyone. I first plan to review our financial results for Q2 and then provide our new outlook for 2024. We'll then open the line for questions.

謝謝，湯姆，大家早安。我首先計劃回顧第二季度的財務業績，然後提供 2024 年的新展望。然後我們將開通提問熱線。

We are pleased with our strong financial performance in the second quarter. Revenue in the quarter was $373 million, up 16% compared to Q2 2023, and adjusted EBITDA was $93 million, up 62% from Q2 2023. As Tom mentioned, we had particular strength in the Biller and Bank segments. In the Bank segment, revenue of $144 million was up 22% compared to Q2 last year. Bank segment adjusted EBITDA of $79 million was up 53% compared to Q2 last year.

我們對第二季強勁的財務業績感到滿意。該季度營收為 3.73 億美元，較 2023 年第二季成長 16%，調整後 EBITDA 為 9,300 萬美元，較 2023 年第二季成長 62%。正如湯姆所提到的，我們在帳單和銀行領域擁有特別的優勢。銀行業務部門的營收為 1.44 億美元，比去年第二季成長 22%。銀行部門調整後 EBITDA 為 7,900 萬美元，比去年第二季成長 53%。

Our Merchant segment revenue was $38 million, up 4% compared to Q2 last year and adjusted EBITDA was $15 million, up 55% compared to Q2 last year. We continue to see the Merchant segment improving sequentially throughout this year and into 2025.

我們的商家部門營收為 3,800 萬美元，比去年第二季成長 4%，調整後 EBITDA 為 1,500 萬美元，比去年第二季成長 55%。我們預計，從今年到 2025 年，商家業務將持續改善。

Lastly, our Biller segment revenue was $192 million, up 13% compared to Q2 last year and adjusted EBITDA was $37 million, up 20% compared to Q2 last year. And as Tom mentioned, we benefited from faster-than-expected ramping of one of our large new customers as well as better-than-expected tax-related volumes.

最後，我們的 Biller 部門營收為 1.92 億美元，比去年第二季成長 13%，調整後 EBITDA 為 3,700 萬美元，比去年第二季成長 20%。正如湯姆所提到的，我們受益於我們的一個大型新客戶的成長速度快於預期以及好於預期的稅收相關業務量。

Moving to cash flow and our balance sheet, we generated strong cash flow from operations of $55 million in the quarter, an increase of 215% versus Q2 last year. We ended the quarter with $157 million in cash on hand, a debt balance of $1 billion and a net debt leverage ratio of 1.9x, which is down from 2.3x at year-end and below our long-term stated target of 2.5x.

轉向現金流和資產負債表，本季我們的營運產生了 5,500 萬美元的強勁現金流，比去年第二季成長了 215%。截至本季末，我們手頭現金為 1.57 億美元，債務餘額為 10 億美元，淨債務槓桿率為 1.9 倍，低於年底的 2.3 倍，也低於我們設定的 2.5 倍長期目標。

During the quarter, our Board of Directors increased our share repurchase authorization to $400 million. In Q2, we continued executing our capital allocation strategy, repurchasing 1.7 million shares for approximately $57 million in capital and 3.7 million shares for $120 million in capital over the last 6 months. At the end of the quarter, we had approximately $380 million remaining available on the share repurchase authorization.

本季度，我們的董事會將股票回購授權增加至 4 億美元。第二季度，我們繼續執行資本配置策略，在過去 6 個月內以約 5,700 萬美元的資本回購 170 萬股股票，以 1.2 億美元的資本回購 370 萬股股票。截至本季末，我們還有大約 3.8 億美元的股票回購授權可用。

Turning next to our outlook for 2024. Given the strength of our results following the second quarter, we are raising our revenue and adjusted EBITDA guidance for the year. We now expect revenue to be in the range of $1.557 billion to $1.591 billion, and we expect adjusted EBITDA to be in the range of $423 million to $438 million.

接下來轉向我們對 2024 年的展望。鑑於第二季後的強勁業績，我們正在提高今年的營收並調整 EBITDA 指引。我們目前預計營收將在 15.57 億美元至 15.91 億美元之間，調整後的 EBITDA 將在 4.23 億美元至 4.38 億美元之間。

And for Q3 2024, we expect revenue to be between $400 million and $410 million and adjusted EBITDA of $110 million to $120 million. So overall, we saw a strong first half of the year, and we are confident in our increased 2024 outlook.

對於 2024 年第三季度，我們預計營收將在 4 億至 4.1 億美元之間，調整後 EBITDA 為 1.1 億至 1.2 億美元。因此，總體而言，我們看到了今年上半年的強勁表現，並且對 2024 年的前景充滿信心。

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. So to summarize, we're pleased to continue delivering results in line or above expectations. Looking forward, our pipeline is strong. We're focused and optimistic regarding both our growth and our ability to deliver significant shareholder value.

謝謝，斯科特。總而言之，我們很高興繼續提供符合或高於預期的結果。展望未來，我們的管道很強大。我們對我們的成長和提供顯著股東價值的能力感到專注和樂觀。

One last but certainly important comment, I'd like to reinforce some exciting ACI team news, CNBC named ACI as one of the world's top FinTech companies for 2024, a recognition that highlights our position as a FinTech industry leader and innovator and our dedication to delivering payment solutions to keep the global economy moving.

最後但肯定很重要的一點是，我想強調一些令人興奮的ACI 團隊新聞，CNBC 將ACI 評為2024 年全球頂級金融科技公司之一，這一認可凸顯了我們作為金融科技行業領導者和創新者的地位，以及我們對提供支付解決方案以維持全球經濟的發展。

Additionally, we were named as one of the best companies to work for by US News and World Report and one of America's Greatest Workplaces by Newsweek, including multiple special designations for diversity and employee experience. These are industry survey-driven awards. They are not pay-to-play opportunities where you buy advertising and get an award. These awards underscore our commitment to fostering a collaborative, innovative and rewarding professional environment where ACI-ers can do their best work.

此外，我們也被《美國新聞與世界報道》評為最適宜工作的公司之一，並被《新聞週刊》評為美國最偉大的工作場所之一，其中包括多項關於多元化和員工體驗的特殊稱號。這些是業界調查驅動的獎項。它們不是您購買廣告並獲得獎勵的付費遊戲機會。這些獎項強調了我們致力於創造一個協作、創新和有益的專業環境，讓 ACI 員工盡其所能。

Thank you to the entire ACI team. Operator, we can now take questions.

感謝整個 ACI 團隊。接線員，我們現在可以提問了。

(Operator Instructions) Joe Vafi, Canaccord Genuity.

（操作員說明）Joe Vafi，Canaccord Genuity。

Good morning. This is Pallav Saini on for Joe. Thanks for taking our questions. It's good to see the momentum in the business and the guidance raise. First of all, Tom, it was good to hear the interest you're seeing from potential customers in the payments hub. How would you characterize your opportunity here internationally relative to the US market? And I mean the time to market here. Also, how are you prioritizing your investments in this regard? And I have a follow-up.

早安.我是帕拉夫‧塞尼 (Pallav Saini) 替喬代言。感謝您回答我們的問題。很高興看到業務的發展動能和指導意見的提高。首先，湯姆，很高興聽到潛在客戶對支付中心的興趣。相對於美國市場，您如何評價您在國際市場上的機會？我指的是上市時間。另外，您在這方面的投資優先順序如何？我有一個後續行動。

Sure. Thanks. So we see opportunity around the world. And I think that's probably no surprise. Where we're seeing the most interest right at the moment is, I would say it's Asia Pacific one, I gave a specific example there. And one of the reasons for that is some of our competitors are removing competitive products from support. And that's always a good opportunity for us, but especially right now, so that's the driver there. But the biggest -- probably the largest source of interest is coming from Europe.

當然。謝謝。所以我們在世界各地看到了機會。我認為這可能並不奇怪。目前我們最感興趣的是亞太地區，我在那裡舉了一個具體的例子。原因之一是我們的一些競爭對手正在取消對競爭產品的支援。這對我們來說始終是一個很好的機會，但尤其是現在，所以這就是驅動力。但最大的——可能是最大的興趣來源來自歐洲。

And I may have said this on an earlier call, I don't remember, but the big driver there, one of the big drivers is that the European Central Bank has mandated faster payments, instant payments, it's called different things in different countries, but real-time payments.

我可能在早些時候的電話會議上說過這一點，我不記得了，但最大的推動因素，其中一個最大的推動因素是歐洲央行要求更快的支付，即時支付，在不同的國家有不同的稱呼，但即時支付。

And what's happening is these chief information officers are realizing that they have some concerns about their overall payment infrastructure being able to keep up with the expected pretty dramatic increases in volumes because a lot of that instant payments cannibalizing cash transactions. Cash transactions have a very small impact on financial institutions, technical infrastructure, but they're moving to digital payments, and that obviously does have an impact.

正在發生的事情是，這些資訊長意識到，他們對整體支付基礎設施能否跟上預期的交易量大幅增長感到擔憂，因為大量即時支付會蠶食現金交易。現金交易對金融機構、技術基礎設施的影響非常小，但它們正在轉向數位支付，這顯然確實會產生影響。

So there's a lot of interest in figuring out what do they need to do? What are the opportunities for their payments infrastructure generally. And when we talk about the payments hub, that gets them very excited.

因此，人們很想知道他們需要做什麼？他們的支付基礎設施整體有哪些機會？當我們談論支付中心時，他們感到非常興奮。

So I gave you an example where somebody literally jumped out of their chair, that was an Asia Pacific example, but I've had similar conversations in Europe. So just to sum that up, interest around the world, in particular, we're having lots of conversations in Europe and Asia Pacific right now.

所以我舉了一個例子，有人從椅子上跳了起來，這是亞太地區的例子，但我在歐洲也有類似的對話。總而言之，世界各地的興趣，特別是我們現在在歐洲和亞太地區進行了許多對話。

Got it. That's great color. Thank you. And relative to maybe 3 months ago when we had the Q1 call, can you speak to your pipeline across the 3 segments as we look to the second half and 2025, both from a renewal and a new business perspective? Thank you.

知道了。那顏色真棒。謝謝。相對於大約 3 個月前我們進行第一季電話會議時，當我們從更新和新業務的角度展望下半年和 2025 年時，您能否談談您在 3 個細分市場的管道？謝謝。

Sure. I'll make a comment, and I know Scott is raring to go on answering this question as well. So our pipelines continue to grow and you asked about renewal and net new. So the net new pipeline continues to grow. Obviously, we understand the renewal pipeline extremely well -- we've known for 5 years what was going to renew this year.

當然。我會發表評論，我知道斯科特也很想繼續回答這個問題。因此，我們的管道繼續增長，您詢問了更新和淨新增的情況。因此，淨新管道持續成長。顯然，我們非常了解續訂流程——五年前我們就知道今年要續訂什麼。

So no surprises there. I think the good news, I'm sure that -- I'm sure everybody was excited about what I said a moment ago with having I'm going to call it presold, it's not really that quite the right term. But we signed early $100 million plus of renewals. If we signed them in the first half of the year, but they won't be recognized in the second half.

所以這並不奇怪。我認為好消息是，我確信每個人都對我剛才所說的感到興奮，我將其稱為預售，這實際上並不是一個正確的術語。但我們提前簽署了價值超過 1 億美元的續約合約。如果我們上半年簽了他們，但下半年他們就不會被認可了。

So as I said, that significantly derisks what we're expecting in the second half that makes us even more confident, and it's, again, a reason that we're comfortable increasing our guidance range. But the pipeline -- so renewal pipeline is what it is. We do sometimes get a little more than we expect from a renewal or when we build in the plan, I guess, I suppose, because we sell an additional service, or we sell additional capacity.

正如我所說，這大大降低了我們對下半年的預期，這使我們更加自信，這也是我們願意增加指導範圍的原因。但管道——所以更新管道就是這樣。我想，我想，有時我們確實會從續約或製定計劃中獲得比我們預期更多的東西，因為我們出售額外的服務，或者我們出售額外的容量。

There are various reasons for that. But we understand that pipeline very well. The net new, that pipeline is growing very nicely, and we expect it to continue to grow. And that's -- 2 reasons for that: one is just our position in the market and the reliability, scalability, dependability of our solutions; and number two is this all of the dialogue we're having around payments hub.

造成這種情況的原因有很多。但我們非常了解這條管道。淨新的管道成長得非常好，我們預計它會繼續成長。這就是——有兩個原因：一是我們在市場中的地位以及我們解決方案的可靠性、可擴展性和可靠性；二是我們在市場中的地位。第二是我們圍繞支付中心的所有對話。

Yeah. And the only other thing I'd add to that is, I think it goes back to what Tom said about our focus in the first half on getting renewal done. What I'm excited about in terms of our pipeline progression is we're getting the renewals out of the way now, so in the first half of the year. Focus is turning now to closing out the key license, especially pipeline deals that we want to get done this year. We want to get those done here before the end of Q3.

是的。我要補充的唯一另一件事是，我認為這可以追溯到湯姆所說的關於我們在上半場重點關注完成更新的內容。就我們的管道進度而言，令我感到興奮的是，我們現在（即今年上半年）正在完成續訂。現在的焦點轉向關閉關鍵許可證，尤其是我們希望今年完成的管道交易。我們希望在第三季末之前完成這些工作。

And then we can really start progressing further the 2025 pipeline. So I think everything is lining up so that we are not only tracking to deliver on what we're expecting this year and actually raising the guidance of delivering a bit more, but it will allow us to progress the 2025 pipeline as well.

然後我們就可以真正開始在 2025 年的管道上取得進一步進展。因此，我認為一切都在有序進行，這樣我們不僅可以追蹤實現今年的預期，實際上提高了交付更多的指導，而且還將使我們能夠推進 2025 年的計劃。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Hey, Pete. You might be on mute.

嘿，皮特。你可能處於靜音狀態。

Sure enough. Can you hear me now?

果然。現在你能聽到我說話嗎？

Yeah. Hi, Pete.

是的。嗨，皮特。

Hi, Pete.

嗨，皮特。

Sorry about that. Hey good morning. Thank you for taking the question. In terms of -- could you give a little bit of your thoughts, or your outlook based on I'm sure you have very good insight into this. But over the next 2 years, how you see real-time payments evolving? Any major countries or regions planning major upgrades or adoption?

對此感到抱歉。嘿早安。感謝您提出問題。就——你能否給出一些你的想法，或者你的觀點，我相信你對此有很好的洞察力。但在接下來的兩年裡，您如何看待即時支付的發展？有哪些主要國家或地區計劃進行重大升級或採用？

And then as well, in terms of your comment on the -- I don't know if it's the European Union or European Commission mandating some real-time payment. Is that -- are they mandating -- like mandating all banks within a country connect? Or is it actually cross-border within the whole EU that covers that mandate?

然後，就您的評論而言——我不知道歐盟或歐盟委員會是否強制要求進行即時支付。他們是否強制要求一個國家內的所有銀行都連結起來？或者它實際上是在整個歐盟範圍內跨境執行的？

Yeah. So let me take the first one first, Pete. That's a mandate to accept real-time payments. And that's different, called different things in different countries. And that is clearly progressing towards cross-border. But honestly, it's not very well developed at the moment anywhere in the world, cross-borders because there's a lot of implications on the regulatory environment. So it will happen. I think that's going to be much slower than the initial acceptance.

是的。讓我先講第一個，皮特。這是接受即時付款的強制要求。這是不同的，在不同的國家有不同的稱呼。這顯然正在朝著跨境方向發展。但老實說，目前在世界任何地方、跨國界，它都不是很發達，因為對監管環境有許多影響。所以它會發生。我認為這將比最初的接受慢得多。

But specifically, the European Central Bank has said every financial institution must be able to accept and process real-time payments across the EU. So we're obviously -- we've been prepared to support financial institutions doing that for some time and but it's creating -- that's interesting, but actually, that's not why it gets me excited.

但具體來說，歐洲央行表示，每個金融機構都必須能夠接受和處理整個歐盟的即時支付。所以很明顯，我們已經準備好支持金融機構這樣做一段時間了，但它正在創造——這很有趣，但實際上，這並不是讓我興奮的原因。

Because why it gets me excited is as I mentioned a minute ago, which is, that is driving an entirely different conversation about the overall payments infrastructure and need to upgrade because our solutions -- our customers don't worry about being able to support these very high volumes.

因為正如我一分鐘前提到的，這讓我感到興奮，那就是，這正在推動一場關於整體支付基礎設施和需要升級的完全不同的對話，因為我們的解決方案——我們的客戶不擔心能夠支持這些非常高的數量。

They know that our solutions can but some of the other pieces of their infrastructure, they're not so sure. So that creates a really interesting dialogue and that's where the payments comes in. Then you asked also about are there any countries where we expect to see major, I guess, pushes maybe for real-time payments?

他們知道我們的解決方案可以，但他們的基礎設施的其他一些部分，他們不太確定。這就創造了一個非常有趣的對話，這就是付款的用武之地。然後您也問到，我們預計是否有哪些國家會大力推動即時支付？

And there are a couple -- there are some countries that have no infrastructure. They tend to be a little bit smaller, but the larger countries, they now typically have a real-time payment scheme or maybe even more than one, like the United States has 2 now. We support both. And -- but just 1 example, and we had a press release, I think, on this a while ago, Colombia. So Colombia is a very important market for us. It's one of the largest economies in South America, and we support that real-time payment scheme as it's maturing.

還有一些國家沒有基礎建設。它們的規模往往要小一些，但對於較大的國家來說，它們現在通常有一個即時支付方案，甚至可能不只一個，例如美國現在有兩個。我們都支持。而且——但這只是一個例子，我認為不久前我們在哥倫比亞發布了一份新聞稿。所以哥倫比亞對我們來說是一個非常重要的市場。它是南美洲最大的經濟體之一，隨著即時支付計劃的成熟，我們支持它。

And so I expect to see increased volumes over the next couple of years. And that -- from that program and others, but I think what we're going to see mostly is just the maturing of the real-time ecosystem, we'll see increased volumes everywhere. That would be my expectation. And then we will see cross border become a bigger thing, and that's when some of the use cases become super interesting once that starts -- that's dependent on regulation, and I don't need to try to predict that.

因此，我預計未來幾年銷量將會增加。從該計劃和其他計劃來看，但我認為我們將看到的主要是即時生態系統的成熟，我們將看到各地的數量增加。這將是我的期望。然後我們將看到跨境成為一件更大的事情，那時一旦開始就會變得非常有趣——這取決於監管，我不需要嘗試預測這一點。

Got it. That's really helpful. And then your third quarter guidance are very, very strong revenue and EBITDA guidance, and I infer that, that suggests that you have insight into another strong license fee rev rec quarter, just -- if that's correct, I guess, would you see it weighted approximately the same way primarily towards banks? Or do you expect some shift over to the merchant side?

知道了。這真的很有幫助。然後你的第三季度指導是非常非常強勁的收入和EBITDA 指導，我推斷，這表明你對另一個強勁的許可費收入季度有深入的了解，只是- 如果這是正確的，我想，你會看到它嗎主要對銀行的權重大致相同？還是您預計會向商家方面轉移？

Well, merchant will accelerate as we get into the second half of the year, but it's a small piece of the business. But you're right in terms of the license timing, and it's really more of a function of the banks and there's a merchant side of the business.

嗯，隨著進入下半年，商家將會加速，但這只是業務的一小部分。但就許可證發放時間而言，你是對的，這實際上更多是銀行的職能，而且還有商家的業務。

Our focus here is as we try to get a lot of the renewal book done and signed here in the first half, we're focused on getting some of that new logo, new application sales done by the end of Q3 and reduce our reliance on the fourth quarter license deals that we need to get done. And so you're going to see pretty strong bank licensee growth year-over-year.

我們的重點是，我們試圖在上半年完成大量續訂工作並在此處簽署，我們的重點是在第三季度末完成一些新徽標、新應用程式銷售，並減少我們對我們需要完成第四季度的許可交易。因此，您將看到銀行持牌人同比增長相當強勁。

Okay. And then just to be clear, the Worldpay was that a second quarter item or a third quarter item?

好的。然後需要澄清的是，Worldpay 是第二季度的項目還是第三季度的項目？

That is the second half, item. It's already signed. We've announced it, but because of the accounting rules, that shows up, I think, it's Q3, right, Scott?

這是下半場，項目。已經簽了。我們已經宣布了，但由於會計規則，我認為這是第三季度，對吧，斯科特？

Yeah. It will start with the new terms.

是的。它將從新條款開始。

Got it. Okay. Thank you very much.

知道了。好的。非常感謝。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

I wanted to ask about the contribution from value-add solutions such as fraud. I was hoping you could speak to how changes in your comp structure that you talked about at the Analyst Day are driving more uptake of value-add solutions as well as the degree to which that might have contributed to the outperformance this quarter?

我想詢問詐欺等增值解決方案的貢獻。我希望您能談談您在分析師日談到的薪酬結構的變化如何推動增值解決方案的採用，以及這可能在多大程度上促成了本季度的優異表現？

Yeah, I wouldn't -- Chuck, this is Scott. I really wouldn't look at it as a function of our cost structure. I mean, fraud detection in real-time have been our 2 fastest growing kind of cross-sells to our long-standing bank switching business. And so that has continued.

是的，我不會——查克，這是史考特。我真的不會將其視為我們成本結構的函數。我的意思是，即時詐欺偵測是我們對長期銀行轉換業務成長最快的兩種交叉銷售。這樣的情況一直持續著。

So I don't really look at as much as the cost structure issue as much as -- that has been and continues to be one of our better cross-sell opportunities in the banks. But that has continued here in Q3. And so nothing has really changed in terms of the dynamics there.

因此，我並沒有真正關注成本結構問題——這已經並將繼續成為我們在銀行更好的交叉銷售機會之一。但這種情況在第三季仍在持續。因此，就那裡的動態而言，沒有任何真正的改變。

Got it. Okay. My apologies. I mean comp structure, not cost structure. I'm not sure if I misspoke. But as a follow-up, I was hoping you could double-click on the Worldpay renewal. And maybe if you could talk about the types of products they're renewing on and whether the deal exceeded your expectations in terms of uptake?

知道了。好的。我很抱歉。我的意思是薪酬結構，而不是成本結構。我不確定我是否說錯了。但作為後續行動，我希望您能夠雙擊 Worldpay 續約。也許您可以談談他們正在續訂的產品類型以及該交易在使用方面是否超出了您的預期？

I wouldn't -- well, I don't want to say too much about an individual customer's deal. But no, I mean, it was -- we've been working with them for a long time on that renewal and expansion. So it was quite in line with what we expected, absolutely in line with what they expected. It's a good relationship, both ways.

我不會——好吧，我不想對個別客戶的交易說太多。但不，我的意思是，我們已經與他們在更新和擴展方面合作了很長時間。所以這非常符合我們的預期，絕對符合他們的預期。雙方的關係都很好。

We do a lot of things with WorldPay. And they use many of our products. They have for a long time. As I'm sure you know, they're splitting out or they have split out of FIS. So it's -- we spend a lot of time thinking about what we can do for each other. And we continue to do that. So nothing unusual.

我們透過 WorldPay 做了很多事情。他們使用我們的許多產品。他們已經很久了。我相信你知道，他們正在分裂或已經脫離了 FIS。所以，我們花了很多時間思考我們能為彼此做些什麼。我們將繼續這樣做。所以沒什麼不尋常的。

Got it. Thank you. Appreciate it.

知道了。謝謝。欣賞它。

George Sutton, Craig-Hallum Capital Group.

喬治‧薩頓，克雷格-哈勒姆資本集團。

Wonderful quarter. So Tom, I wanted to make sure we understand this incenting sales to get renewals done earlier. We long lived through the white knuckle year-end let's get these deals signed scenario. Can you just explain how it's different now? And just to be clear, we're talking within the year '24 versus pulling things from '25 further in. Is that correct?

精彩的季度。湯姆，我想確保我們理解這種刺激銷售的方式，以便更早完成續約。我們已經經歷了年終緊張的時刻，讓我們簽署這些交易吧。您能解釋一下現在有何不同嗎？需要明確的是，我們討論的是 24 年內的事情，而不是把事情從 25 年拉到更遠的時間。這是正確的嗎？

That's correct. And on renewals, George, there is no pulling forward possible because of the accounting rules. We sign them early, but we don't recognize them early. But I think your -- the beginning of your question, and I think I talked about this at Analyst Day a bit about the way we're trying to tweak our incentive programs to encourage those early deals to get done.

這是正確的。至於續約，喬治，由於會計規則的原因，不可能提前。我們很早就簽署了它們，但我們並沒有很早就認識到它們。但我認為你的問題的開始，我想我在分析師日談到了我們試圖調整我們的激勵計劃以鼓勵這些早期交易完成的方式。

Actually, we kind of did it the other way around. So we didn't incent people to do them early, we disincented them to do them later. And that was true of our sales force and our customers. So -- but just basically the way it worked was if you didn't get these things done in the first half, and we had a very targeted list and we were super successful at it. But we told the sales guys your commission rate goes down a little bit, not dramatically, but it goes down a little bit, if you don't get it done in the first half, and that inspired them to do -- to work even harder.

事實上，我們採取了相反的方式。因此，我們沒有激勵人們儘早做這些事情，而是阻止他們稍後做這些事情。我們的銷售人員和客戶也是如此。所以，但基本上它的工作方式是，如果你在上半場沒有完成這些事情，我們有一個非常有針對性的清單，我們在這方面非常成功。但我們告訴銷售人員，你的佣金率會下降一點，不是大幅下降，但如果你在上半年沒有完成任務，佣金率會下降一點，這激勵他們去做——甚至工作更難。

And then the second thing was with the customers, of course, we have price increases every year, and I'm sure we've all gotten those e-mails from Netflix or whatever, I'm not comparing us to Netflix. But this strategy is a pretty good one where you say, hey, there's a price increase that's going into effect on July 1. If you do this renewal, commit to it now, you're not going to get that pricing. If you wait until later in the year, it's going to cost you more.

第二件事是與客戶有關，當然，我們每年都會漲價，我確信我們都收到來自 Netflix 或其他什麼的電子郵件，我不是將我們與 Netflix 進行比較。但這個策略非常好，你會說，嘿，價格上漲將於 7 月 1 日生效。如果您進行續訂，請立即承諾，您將無法獲得該定價。如果你等到今年晚些時候，你會花更多的錢。

And that -- we did do that. I think we -- I don't think we left any money on the table before you ask me. We -- but I think it was a very effective program, and we have put a price increase into effect, and we'll see the benefit of that next year.

我們確實這麼做了。我認為在你問我之前我們沒有留下任何錢。我們——但我認為這是一個非常有效的計劃，我們已經實施了價格上漲，明年我們將看到其好處。

Great color. On the biller side, I want to make sure I understand the growth opportunity, and we are hearing good things about new leadership there. We know there's been a struggle to add new logos over time, but you were referring to a growing qualified pipeline. I just wondered if you can give us a little bit more detail there.

顏色很棒。在帳單方面，我想確保我了解成長機會，並且我們聽到了有關新領導層的好消息。我們知道隨著時間的推移，添加新徽標一直很困難，但您指的是不斷增長的合格管道。我只是想知道您能否給我們更多細節。

Yeah. I mean it's a pretty broad-based improvement. I'm going to call it, in the pipeline. So -- you're right. I think for 2 or 3 years, we struggled to get new logos interested. We were focused very much on transitioning out of the Western Union data centers, we did that. We've been focused on improving the performance of the applications, getting the right sales people -- there's a lot of things we work on for quite a while.

是的。我的意思是這是一個相當廣泛的改進。我將在管道中調用它。所以——你是對的。我想在兩三年的時間裡，我們一直在努力讓新標誌引起人們的興趣。我們非常注重從西聯資料中心轉型，我們做到了。我們一直專注於提高應用程式的效能，找到合適的銷售人員——我們在很多事情上花了很長一段時間。

But we're through most of those now, very focused on generating pipeline for new logos, and it's really working. So we're seeing the pipeline grow in all of our verticals. And I'm very pleased with how that's going. And I think, hopefully, I don't know if it will be the next call or later, but I am highly confident that we'll be able to report some very interesting new logos over the next couple of quarters.

但我們現在已經完成了大部分工作，非常專注於為新徽標生成管道，而且它確實有效。因此，我們看到管道在所有垂直領域都在成長。我對事情的進展感到非常滿意。我想，希望我不知道這是否會是下一次電話會議還是稍後，但我非常有信心我們將能夠在接下來的幾個季度報告一些非常有趣的新標誌。

Great. Well, here's hoping you get a Netflix multiple.

偉大的。好吧，希望您能獲得 Netflix 的倍數。

I would love that.

我會喜歡的。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Yeah, as we think about kind of the underlying drivers here behind the faster revenue growth, outlook. I mean it sounds like there's nothing that's being pulled forward from '25. So maybe just talk to the sustainability of some of these underlying drivers just as we think about 2025 and beyond the ability to sustain these growth rates? Thank you so much.

是的，當我們思考收入更快成長背後的潛在驅動因素時，前景。我的意思是，聽起來好像 25 年後就沒有什麼好提前的了。因此，也許就像我們思考 2025 年及以後維持這些成長率的能力一樣，談談其中一些潛在驅動因素的可持續性？太感謝了。

Yeah, I'll take that. This is -- maybe Tom can add some color. Well, certainly, I go back -- I previously said on the Bank side and our focus on the first half getting this year's renewals done were focused now in Q3 to get those deals that we expect to get done in '24 close to the finish line, then you can really start progressing the 2025 pipeline even later this year. So that bodes well for the Bank side in 2025.

是的，我會接受的。這是——也許湯姆可以添加一些顏色。好吧，當然，我回去 - 我之前在銀行方面說過，我們上半年的重點是完成今年的續約，現在集中在第三季度，以完成我們預計在 24 年接近完成時完成的交易線，那麼您甚至可以在今年稍後真正開始推進2025 年管道。因此，這對 2025 年央行來說是個好兆頭。

Merchant is, albeit small, their growth is accelerating. Last year, they were negative in the first half, exited positive. They'll be stronger here in the second half of this year as we exit 2024. So that sets up 2025 nicely. And then Biller has been strong, has really delivered strong results.

商人雖然規模很小，但他們的成長正在加速。去年，他們上半年為負，退出時為正。隨著 2024 年的結束，今年下半年他們將變得更加強大。這樣就為 2025 年做好了準備。然後比勒一直很強大，確實取得了強勁的成果。

The Q2 results was really a function of 2 things: we talked about the new logos in Billers, that's part of that growth here in the second quarter, 13% growth was from the ramping of the new logo, and secondary was just the existing book of business, particularly the tax business.

第二季度的結果實際上是兩件事的函數：我們討論了 Billers 中的新徽標，這是第二季度增長的一部分，13% 的增長來自新徽標的增加，其次是現有的書籍業務，尤其是稅務業務。

So we're seeing both contributions from net new logos going live and that will contribute to 2025 well on a full year basis and the existing call it same-store sales growth in kind of our base, the core business and our existing basic business. So I think that, combined with again, focusing later this year and really getting 2025 deals progressed sets us up well to sell early and be able to contribute revenue in '25. So I think across all 3 of the segments, 2025 is setting up well.

因此，我們看到新商標的上線所做的貢獻，這將為 2025 年全年做出貢獻，而現有的同店銷售成長則體現在我們的基礎、核心業務和現有的基本業務上。因此，我認為，再加上今年稍後的重點以及 2025 年交易的真正進展，使我們能夠儘早銷售並能夠在 25 年貢獻收入。因此，我認為在所有 3 個細分市場中，2025 年都進展順利。

Yeah. Agreed and the only thing I would add is we've talked about the payments hub, and we are starting to build a pipeline with the payments hub. I think I've hopefully been clear that we're wanting to make sure that we don't get too far ahead of our skis, we want to show the customers what they're really going to get before we get too far down the path but there's significant demand, and we are having those great conversations, like I mentioned before.

是的。同意，我唯一要補充的是，我們已經討論了支付中心，我們正在開始與支付中心建立管道。我想我希望已經清楚地表明，我們希望確保我們的滑雪板不會走得太遠，我們希望在我們走得太遠之前向客戶展示他們真正會得到什麼。這些精彩的對話，就像我之前提到的。

So I expect that to contribute beginning in 2025, the revenue growth as well. We're not counting on a lot from 2025, but we'll see it, and I expect that to be accelerated throughout next year.

因此，我預計從 2025 年開始，這也將對收入成長做出貢獻。我們對 2025 年的期望並不高，但我們會看到這一點，我預計這種情況會在明年加速。

Okay. No, that's great. Anything more specific on the updated expectations for at least at the segment level within the change to the full year guide this year. I think prior you said that the Banks would be at the upper end of the range, Merchant may be at the lower end, if there's been any change to the segment level assumptions?

好的。不，那太好了。在今年全年指南的變化中，至少在細分市場層面上，有沒有更具體的更新預期。我認為您之前說過銀行將處於該範圍的上限，而商家可能處於該範圍的下端，如果細分級別假設有任何變化？

Not particularly. We're generally in line. I would say Biller is performing better than we expected, obviously, coming in at 13%. That's well above our -- the high end of our growth rate. So the strong quarter in Biller -- strong first half Biller, I think, has helped us really get comfortable with raising our outlook. You can see on the Bank side that any license fees, especially new license fee, could be timing issues.

不是特別。我們一般都是排隊的。我想說，比勒的表現顯然比我們預期的要好，為 13%。這遠高於我們成長率的上限。因此，比勒強勁的季度——我認為，上半年比勒的強勁幫助我們真正適應了提高我們的前景。您可以在銀行方面看到，任何許可費，尤其是新許可費，都可能是時間問題。

But on the Biller side, this is fully recurring revenue, you really start to be able to bank that upside. So I would say if there's anything 6 months into the year that we're seeing better than expected to probably be on the Biller side.

但在比勒方面，這完全是經常性收入，你真的開始能夠累積這種上升空間。因此，我想說，如果今年 6 個月後我們看到的情況比預期好，那麼很可能是比勒方面。

(Operator Instructions) Jeff Cantwell, Seaport Research.

（操作員說明）Jeff Cantwell，海港研究中心。

Just a couple of follow-ups, I have -- congrats on the results this morning. On your bank segment revenue, that increased by 22% in the quarter on. You talked some about the renewals, strategic expansion, the biggest drivers -- can you maybe talk some more about what's it out as far as the biggest contributor to those results in your banking revenue this quarter?

我只是進行了一些後續行動——祝賀今天早上的結果。就您的銀行部門收入而言，本季成長了 22%。您談到了續約、策略擴張、最大的驅動因素——您能否再談談本季銀行收入的最大貢獻者是什麼？

Was there anything lumpy or onetime issue in this quarter's number? Or was this clearly execution and delivering above expectations with maybe some benefit from the secular trends that you mentioned like with real-time payments?

本季的數據中是否存在任何不穩定或一次性問題？或者，這是否明顯執行並超出了預期，也許從您提到的即時支付等長期趨勢中受益？

Just kind of give a flavor for what's contributing to the strong results you're seeing there right now. And maybe you can talk about how the mix of revenue that you're seeing right now in Banks is changing over time if you compare now this quarter versus a year, 2 years ago.

只是稍微介紹一下是什麼促成了您現在所看到的強勁結果。如果您將本季現在與兩年前的一年進行比較，也許您可以談論您現在看到的銀行收入組合如何隨著時間的推移而變化。

Yeah. I wouldn't confuse the getting renewals done sooner as being something that contributed related to Q2 results. The outperformance in Q2 is really coming from the Biller. That's where we saw the surprise. It wasn't in Banks. Yes, Biller delivered a bit more in terms of new license and service revenue than we were expecting, but really most of the outsized performance came from a Biller and that was again getting deals live and ramped sooner and getting higher same-store transaction growth.

是的。我不會將盡快完成續約與第二季業績相關的事情混為一談。第二季的出色表現其實來自 Biller。這就是我們看到驚喜的地方。它不在銀行。是的，Biller 在新許可和服務收入方面的表現比我們預期的要多一些，但實際上大部分超額業績都來自Biller，這再次使交易生效並更快地增加，並獲得更高的同店交易增長。

So less really a function of Bank overperformance as much as it was Biller. The point of getting the renewals done early is, again, we can turn our focus here in the second half to getting new license deals done, get -- new logos, new apps and then progressing in 2025. So that -- and so to the question is, is there anything in Q2 that was kind of lumpy and nonrecurring? And I would say, no, it would be kind of near our traditional license renewals.

因此，與其說是銀行超額表現的原因，不如說是比勒的原因。儘早完成續訂的重點是，我們可以在下半年將重點轉向完成新的許可交易，獲得新徽標、新應用程序，然後在 2025 年取得進展。所以，問題是，第二季是否有什麼東西是不穩定和非經常性的？我想說，不，這有點接近我們傳統的許可證續約。

Yeah. Just to emphasize the point about the pre-signing of the renewals, that has 0 impact on the quarter. It's great and makes everybody more comfortable with the rest of the year, does not have an impact on the second quarter at all. We had a small amount of new logo business or -- new business and a little bit of additional cross-sell and banking that contributed -- did a little bit better than we expected, but that was not a big driver for the overperformance in the quarter, which actually makes me feel great.

是的。只是強調一下關於續約預簽署的一點，這對本季的影響為零。這很棒，讓每個人都對今年剩下的時間感到更加舒服，對第二季完全沒有影響。我們有少量的新標誌業務，或者說——新業務和一些額外的交叉銷售和銀行業務，做出了貢獻——比我們預期的要好一點，但這並不是業績超預期的主要推動因素。 ，這實際上讓我感覺很棒。

Because, as Scott said, when your overperformance is in recurring revenue, that's fantastic because it's -- as the name would imply, it keeps coming. And so we love that. And Banks is performing very well, a little bit better than we expected, and we've been able to retire a very significant part of the second half renewal book already. And as Scott said a couple of times, that allows us to focus on the new revenue and bring it in '25 really solid.

因為，正如斯科特所說，當你在經常性收入方面表現出色時，那就太棒了，因為正如名字所暗示的那樣，它會不斷出現。所以我們喜歡這樣。銀行的表現非常好，比我們預期的要好一些，而且我們已經能夠淘汰下半年續約書的很大一部分。正如斯科特多次說過的那樣，這使我們能夠專注於新的收入，並在 25 年實現真正穩定的收入。

Okay. That's great. And then a follow-up on Trevor's question. On your full year guidance raise, can you talk a little more about that for the revenue line? Is that raise that you're doing in the back half? Are you raising expectations for Banks revenue? Or maybe help us understand the segments, which are compelling to raise in the full year guidance.

好的。那太棒了。然後是特雷弗問題的後續。關於您的全年指導成長，您能多談談收入線嗎？你是在後半場做的加註嗎？您是否提高了對銀行收入的預期？或者也許可以幫助我們了解在全年指導中引人注目的細分市場。

And the same thing on adjusted EBITDA, the same question. What are the call outs for that raise? How are you becoming more profitable, meaning where is the operating leverage coming from? Any way you can elaborate on the raise in the full year guide would be great.

調整後的 EBITDA 也是如此，同樣的問題。此次加薪有何呼聲？您如何變得更有利可圖，這意味著營運槓桿從何而來？如果您能在全年指南中詳細說明加薪的任何方式，那就太好了。

Yeah. I think let me take the leverage. I mean, we have traditional license SaaS model, incremental revenue really that we're seeing across all 3 of the segments is driving pretty high flow-through to profitability. So I would say the profitability growth is just coming from the scale of the business. The upside, again, I go back to my comments around Biller. I mean Banks look -- I'd be cautious about saying Banks going to over keep where we're at now.

是的。我想讓我來發揮槓桿作用。我的意思是，我們有傳統的授權 SaaS 模式，增量收入確實是我們在所有 3 個細分市場中看到的，正在推動相當高的獲利能力。所以我想說獲利能力的成長只是來自業務規模。好的一面是，我再次回到我對比勒的評論。我的意思是班克斯看起來——我對說班克斯會過度保持現在的狀態持謹慎態度。

We've still got new logo business, new app business be done here in the second half. But I go back to saying it's really Biller at this point, coming in at 13% growth in the second quarter is higher than we were expecting. And so I wouldn't say at this point, I mean, I've been [indiscernible] the year, I think it will be both Biller and Banks. But again, that's 90% of the business. So the Merchant is basically tracking kind of where we thought.

下半年我們還有新的標誌業務、新的應用程式業務在這裡完成。但我想說的是，此時此刻確實是 Biller，第二季 13% 的成長率高於我們的預期。所以我現在不會說，我的意思是，我已經[音頻不清晰]這一年，我認為這將是比勒和班克斯。但同樣，這就是 90% 的業務。所以商人基本上是在追蹤我們的想法。

Okay, guys. Thanks so much.

好吧，夥計們。非常感謝。

Thank you.

謝謝。

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

目前沒有其他問題。約翰‧克拉夫特先生，我將電話轉回給您。

Well, thanks, everybody, for joining us this morning. We look forward to catching up the upcoming conferences in the weeks. Have a great day.

好的，謝謝大家今天早上加入我們。我們期待著趕上幾週內即將舉行的會議。祝你有美好的一天。

Thanks, everyone.

謝謝大家。

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

今天的電話會議到此結束。您現在可以斷開連線。