Evertec Inc (EVTC) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to EVERTEC's first-quarter 2026 earnings conference call.

各位下午好，歡迎參加 EVERTEC 2026 年第一季財報電話會議。

Today's conference call is being recorded. At this time, I would like to turn the call over to Loyda Montes-Santiago of Investor Relations. Please go ahead.

今天的電話會議將進行錄音。此刻，我想把電話交給投資人關係部的 Loyda Montes-Santiago。請開始。

Thank you, and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer, and Karla Cruz-Jusino, Chief Financial Officer. Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

謝謝，各位下午好。今天與我一同出席的有我們的總裁兼執行長 Mac Schuessler，以及財務長 Karla Cruz-Jusino。在開始之前，我想提醒各位，本次電話會議可能包含前瞻性陳述，並應結合我們的財報新聞稿以及公司最近一期向 SEC 提交的定期報告中所載的警示性陳述一併考量。

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as constant currency revenue, adjusted EBITDA, adjusted net income, and adjusted earnings per common share.

在今天的電話會議中，管理層將提供若干依 SEC 規則構成非 GAAP 財務衡量指標的資訊，例如固定匯率營收、調整後 EBITDA、調整後淨利，以及每股普通股調整後盈餘。

Reconciliations to GAAP measures and certain additional information are also included in today's earnings release and related supplemental slides, which are available in the Investor Relations section of our company's website at www.evertecinc.com.

與 GAAP 指標的調節表及若干補充資訊亦包含於今日的財報新聞稿與相關補充簡報中，並可於公司網站 www.evertecinc.com 的投資人關係專區取得。

I will now hand over the call to Mac.

我現在把電話交給 Mac。

Thanks, Loyda, and good afternoon, everyone. I'm pleased to announce strong first-quarter results that demonstrate continued execution against our strategic priorities and momentum across our core markets.

謝謝你，Loyda，各位下午好。我很高興宣布第一季取得強勁的業績，展現我們持續落實策略優先事項，並在核心市場保持動能。

Today, I'll begin with an overview of our M&A framework and how it is translating into value creation across our portfolio, including the closing of the Dimensa acquisition and an update on Sinqia and Tecnobank. Each of these reflects a different phase of the same strategy, acquiring, integrating, and scaling high-quality assets.

今天我將先概述我們的併購（M&A）框架，以及它如何在我們的投資組合中轉化為價值創造，包括完成 Dimensa 收購，以及更新 Sinqia 與 Tecnobank 的進展。這些都反映同一策略的不同階段：收購、整合並擴大高品質資產的規模。

I'll then review our Q1 performance before turning the call over to Karla for a more detailed discussion of our financial results.

接著我會回顧第一季表現，然後把電話交給 Karla，更深入說明我們的財務結果。

Let me start by outlining how we think about M&A. Our framework is a disciplined approach built around a clearly defined set of criteria. First, we focus on scalable assets with transferable capabilities, which allow us to drive efficient growth while minimizing incremental cost and simplifying integration.

我先從我們如何看待併購談起。我們的框架是一套嚴謹的方法，建立在一組明確定義的評估標準之上。第一，我們聚焦於具可擴展性的資產與可移轉的能力，讓我們能在降低新增成本並簡化整合的同時，推動高效率成長。

Second, client overlap and regional footprint are also key considerations. We look to expand our services with the right financial institutions and retailers while leveraging the attractive growth characteristics of businesses with core operations across Latin America.

第二，客戶重疊度與區域布局也是關鍵考量。我們希望與合適的金融機構與零售商擴展服務，同時運用在拉丁美洲擁有核心營運之業務所具備的吸引人成長特性。

Finally, we prioritized high-quality revenue and strong underlying economics, emphasizing profitable business models, supported by recurring or volume-based revenue, with clear opportunities for accelerating growth and expanding margin over time.

最後，我們優先考量高品質營收與強勁的基礎經濟性，強調具獲利性的商業模式，並由經常性或以交易量為基礎的營收所支撐，同時具備明確機會可加速成長並隨時間推進擴大利潤率。

Consistent with that framework, I'm pleased to announce that we have successfully closed our previously announced acquisition of Dimensa. Strategically, this acquisition represents an important step forward, positioning us amongst the largest financial SaaS providers in the market.

依循該框架，我很高興宣布，我們已成功完成先前公布的 Dimensa 收購案。在策略上，這項收購代表重要的前進一步，使我們躋身市場上最大的金融 SaaS 供應商之列。

Dimensa adds a meaningful set of new client relationships, strengthens existing key partnerships, and significantly expands our opportunities within the region as we continue to build a comprehensive one-stop shop portfolio of services.

Dimensa 帶來一組具意義的新客戶關係，強化既有的關鍵合作夥伴關係，並在我們持續打造完整的一站式服務組合之際，顯著擴大我們在該區域的機會。

This acquisition simultaneously supports growth and efficiency, reinforcing our leadership in existing markets while expanding our presence into new segments.

這項收購同時支持成長與效率，在強化我們於既有市場領導地位的同時，也將我們的布局擴展至新的細分領域。

From a financial perspective, Dimensa is expected to be neutral to slightly accretive in 2026, reflecting integration timing and financing costs. We anticipate realizing synergies beginning in 2027, which should further enhance the earnings contribution over time. On a pro forma basis and inclusive of those synergies, the acquisition multiple compares favorably with EVERTEC's current valuation.

從財務角度來看，Dimensa 預期在 2026 年對盈餘影響為持平至略具增益，反映整合時程與融資成本。我們預期自 2027 年起開始實現綜效，並將隨時間推進進一步提升對盈餘的貢獻。以備考（pro forma）基礎並納入上述綜效後，該收購倍數與 EVERTEC 目前估值相比具吸引力。

Given we are only days into the acquisition, our near-term focus is integration, execution, and building momentum through 2026 and beyond, as we expect Dimensa to become an increasingly important contributor to our growth as we move forward.

鑑於我們完成收購僅數日，短期重點在於整合、執行，並在 2026 年及其後持續建立動能；我們預期 Dimensa 將在未來成為推動成長愈發重要的貢獻者。

Turning to Sinqia, integration priorities remain focused on operational discipline, product rationalization, and go-to-market effectiveness. The commercial pipeline remains balanced between new customer wins and cross-sell opportunities, supported by our expanded product offering and modernization of existing platforms and the complementary acquisitions we have completed across Brazil.

談到 Sinqia，整合優先事項仍聚焦於營運紀律、產品精簡，以及市場推進（go-to-market）效能。商務管線在新客戶贏單與交叉銷售機會之間維持均衡，並受惠於我們擴充的產品組合、既有平台的現代化，以及我們在巴西完成的互補性收購。

While the competitive environment remains active, our scale, local expertise, and increasingly integrated offering continue to differentiate us. As we look ahead, our focus remains on driving operational efficiency and positioning the business for sustained margin improvement over time.

儘管競爭環境仍然活躍，我們的規模、在地專業，以及日益整合的產品與服務組合持續使我們脫穎而出。展望未來，我們仍將專注於推動營運效率，並使業務定位於隨時間推進的持續利潤率改善。

Lastly, Tecnobank continues to validate our M&A strategy in Brazil, strengthening our local scale and capabilities while demonstrating our ability to integrate founder-led platforms and position them for sustainable growth, reinforcing confidence in our ability to execute strategic acquisitions in the region.

最後，Tecnobank 持續驗證我們在巴西的併購策略：在強化在地規模與能力的同時，也展現我們整合由創辦人主導的平台並使其具備可持續成長定位的能力，進一步強化我們在該區域執行策略性收購的信心。

Now turning to slide 7, I'll cover some highlights from our first-quarter results. Revenue for the quarter was approximately $247.9 million, an increase of 8% compared to the prior year, driven in part by the full contribution from the Tecnobank acquisition, as well as organic growth across most of the company's segments.

接著請看第 7 張投影片，我將說明第一季業績重點。本季營收約為 2.479 億美元，較去年同期成長 8%，部分受惠於 Tecnobank 收購案的完整貢獻，以及公司多數事業部門的有機成長。

On a constant currency basis, revenue also reflected the continued stability in the underlying business momentum with approximately 5% year-over-year growth. Adjusted EBITDA for the quarter was approximately $97 million, up 9% year over year. Adjusted EBITDA margin was 39.1%, consistent with the prior year despite headwinds from the 10% discount to Popular and unfavorable foreign exchange dynamics. This performance reflects our continued focus on disciplined cost management and operational efficiency.

以固定匯率計算，營收亦反映基礎業務動能持續穩健，年增約 5%。本季調整後 EBITDA 約為 9,700 萬美元，年增 9%。調整後 EBITDA 利潤率為 39.1%，儘管受到對 Popular 提供 10% 折扣及不利匯率變動的逆風影響，仍與去年同期一致。此表現反映我們持續專注於嚴謹的成本管理與營運效率。

Adjusted EPS was approximately $0.90, an increase of 3% from the prior year, driven by strong adjusted EBITDA growth and the lower share count reflecting the impact of the share repurchases completed during the current and prior year. From a capital allocation perspective, during the quarter, we paid approximately $3.1 million in dividends and repurchased approximately 700,000 shares for a total of $20 million.

調整後每股盈餘（EPS）約為 0.90 美元，較去年同期成長 3%，主要受惠於調整後 EBITDA 的強勁成長，以及因本年度與前一年度完成庫藏股回購而使流通股數下降。就資本配置而言，本季我們支付約 310 萬美元股利，並回購約 70 萬股股票，總額 2,000 萬美元。

We exited the quarter with approximately $130 million remaining on our share repurchase program, providing us flexibility going forward. Our liquidity remained strong at approximately $460 million as of March 31, allowing us to execute on the Dimensa acquisition.

本季結束時，我們的股票回購計畫尚餘約 1.30 億美元額度，為未來提供彈性。截至 3 月 31 日，我們的流動性仍維持強勁，約為 4.60 億美元，使我們得以執行 Dimensa 收購案。

Let me now provide an update on Puerto Rico, beginning on slide 8. Merchant Acquiring revenue grew 2% year over year, driven by higher sales volume, despite a modest decline of spread that was consistent with our expectations.

接下來我將更新波多黎各的情況，從第 8 張投影片開始。商戶收單（Merchant Acquiring）營收年增 2%，由較高的銷售量帶動，儘管利差（spread）小幅下降，但符合我們的預期。

Payment Services Puerto Rico grew 6% year over year, driven by transaction growth and continued strength in ATH Movil, primarily ATH Movil Business.

波多黎各支付服務（Payment Services Puerto Rico）營收年增 6%，由交易量成長及 ATH Movil 持續強勁所帶動，主要來自 ATH Movil Business。

Business Solutions revenue declined to approximately $6 million, or 9% year over year, primarily reflecting the 10% discount to Popular, as well as a one-time hardware and software sell executed during a prior-year period.

商業解決方案（Business Solutions）營收下降至約 600 萬美元，年減 9%，主要反映對 Popular 提供 10% 折扣，以及去年同期一次性的硬體與軟體銷售所致。

Overall, economic conditions in Puerto Rico continues to remain stable, with positive trends in total employment and strong tourism performance. The unemployment rate remained at 5.6%, while consumer spending continued to demonstrate strength and stability.

整體而言，波多黎各的經濟狀況仍維持穩定，總就業呈現正向趨勢，觀光表現強勁。失業率維持在 5.6%，而消費支出持續展現強度與穩定性。

Turning to slide 9, in Latin America, revenue increased 32% year over year on a reported basis. Tecnnobank delivered a strong full-quarter contribution in Q1, supporting revenue and EBITDA growth in Latin America and reinforcing the reacceleration we have been seeing in Brazil.

接著請看第 9 張投影片，在拉丁美洲，按報告基礎計算的營收年增 32%。Tecnobank 在第一季提供強勁的完整季度貢獻，支持拉丁美洲的營收與 EBITDA 成長，並強化我們在巴西所見的再加速趨勢。

We also benefited from the continued organic growth across the region, including contribution from recent client wins. Results also benefited from a $6.8 million foreign exchange tailwind, primarily in Brazil. On a constant-currency basis, our Latin America business grew 24% compared to the prior year.

我們也受惠於該地區持續的有機成長，包括近期贏得新客戶所帶來的貢獻。本季業績亦受惠於 680 萬美元的外匯順風，主要來自巴西。以固定匯率計算，我們的拉丁美洲業務較去年同期成長 24%。

In summary, we're pleased with our first-quarter performance and the continued progress across our strategic initiatives. Our diversification into Latin America continues to drive growth. Our Puerto Rican business remains resilient, and our disciplined M&A strategy continues to deliver tangible results. We remain focused on sustainable organic growth, disciplined capital allocation, and long-term value creation.

總結來說，我們對第一季的表現以及各項策略性計畫持續取得的進展感到滿意。我們在拉丁美洲的多元化布局持續帶動成長。我們的波多黎各業務仍具韌性，而我們嚴謹的併購策略也持續帶來具體成果。我們仍專注於可持續的有機成長、嚴謹的資本配置，以及長期價值創造。

With that, I will now turn the call over to Karla, who will provide more details on our Q1 results and discuss our updated outlook for the remainder of 2026.

接下來，我將把電話會議交給 Karla，她將提供更多第一季業績細節，並討論我們對 2026 年剩餘期間的最新展望。

Thank you, Mac, and good afternoon, everyone. Turning to slide 11, I'll begin with a review of EVERTEC's first-quarter results. Total revenue for the quarter was $247.9 million, an increase of approximately 8% compared to the prior year, driven by organic growth across most of our segments and the contribution from Tecnobank, which closed on October 1 of last year.

謝謝你，Mac，各位下午好。請看第 11 頁投影片，我將先回顧 EVERTEC 的第一季業績。本季總營收為 2.479 億美元，較去年同期增加約 8%，主要由我們多數業務分部的有機成長，以及 Tecnobank（於去年 10 月 1 日完成交割）所帶來的貢獻所驅動。

On a constant currency basis, revenue growth would have been approximately 5%, with reported results this quarter benefiting from favorable foreign currency fluctuations, primarily in Brazil.

以固定匯率計算，營收成長約為 5%；本季的報告結果受惠於有利的外幣匯率波動，主要來自巴西。

Adjusted EBITDA for the quarter increased to $97 million, up 9% year over year, with a 39.1% margin, consistent with the prior year, despite several known headwinds during the period. These headwinds included the full impact of the 10% discount to Popular, as well as higher-than-anticipated unfavorable foreign exchange dynamics, particularly in countries where our contracts are denominated in US dollars, while our expenses are in the local currency, including Uruguay and Costa Rica.

本季調整後 EBITDA 增至 9,700 萬美元，年增 9%，調整後 EBITDA 利潤率為 39.1%，與去年同期一致，儘管期間面臨數項已知逆風。這些逆風包括對 Popular 提供 10% 折扣的全面影響，以及高於預期的不利外匯動態，特別是在我們合約以美元計價、而費用以當地貨幣支付的國家（包括烏拉圭與哥斯大黎加）。

Our ability to maintain margin stability in this environment reflects continued execution against our cost-discipline initiatives and a strong focus on operational efficiency across the organization. We continue to actively manage expenses while supporting growth initiatives, which have allowed us to absorb these headwinds and deliver consistent profitability.

在此環境下仍能維持利潤率穩定，反映我們持續落實成本紀律措施，並在全組織強力聚焦營運效率。我們在支持成長計畫的同時，持續積極管理費用，使我們得以吸收這些逆風並維持一致的獲利能力。

Adjusted net income was $56 million, broadly consistent with the $56.3 million in the prior year, reflecting strong adjusted EBITDA performance.

調整後淨利為 5,600 萬美元，與去年同期的 5,630 萬美元大致一致，反映調整後 EBITDA 的強勁表現。

This resulted in solid bottom-line stability despite the anticipated increase in the adjusted effective tax rate to 10.9% for the quarter, driven by the continued growth in our Latin America operations, which are subject to higher statutory tax rates.

因此，儘管本季調整後有效稅率如預期上升至 10.9%（主要由於我們拉丁美洲業務持續成長，而該地區適用較高的法定稅率），整體底線仍維持穩健穩定。

Results also reflect a higher operating depreciation and amortization, as well as the impact of the 25% non-controlling interest from the Tecnobank acquisition.

業績亦反映較高的營運折舊與攤銷，以及 Tecnobank 收購案中 25% 非控制權益的影響。

Adjusted EPS was $0.90, an increase of approximately 3% from the prior year, reflecting adjusted net income results and the benefit of a lower share count from repurchases completed during the current and prior periods.

調整後每股盈餘（EPS）為 0.90 美元，較去年同期增加約 3%，反映調整後淨利表現，以及本期與前期完成庫藏股回購所帶來的較低流通股數效益。

Moving to slide 12, I will now cover our first quarter results by segment. Beginning with Merchant Acquiring, debt revenue increased approximately 2% year over year to $48.4 million.

接著看第 12 頁投影片，我將按分部說明第一季業績。先從商戶收單（Merchant Acquiring）開始，該分部營收年增約 2% 至 4,840 萬美元。

Sales volume and transactions both grew approximately 4%, with growth driven by new high-volume merchants as well as from existing customers. As expected, we did see a modest decline in spread, reflecting a change in the mix consistent with more recent trends, which was partially offset by higher non-transactional revenues from pricing initiatives implemented in the third quarter of prior year.

銷售量與交易筆數皆成長約 4%，成長動能來自新增高交易量商戶以及既有客戶。如預期所見，利差出現小幅下滑，反映與近期趨勢一致的組合變化；此影響部分被去年第三季實施的定價措施所帶來的較高非交易性收入所抵銷。

Adjusted EBITDA for the segment was $19.5 million, with an adjusted EBITDA margin of 40.3%, down approximately 240 basis points from the prior year. The margin decline was primarily driven by higher processing costs related to CPI increases in our Payment Puerto Rico segment. Overall performance continues to demonstrate stable demand and healthy underlying transaction activity.

該分部調整後 EBITDA 為 1,950 萬美元，調整後 EBITDA 利潤率為 40.3%，較去年同期下降約 240 個基點。利潤率下滑主要由於我們波多黎各支付（Payment Puerto Rico）分部因 CPI 上升而導致的處理成本增加。整體表現持續展現穩定需求與健康的基礎交易活動。

On slide 13 are the results for the Payment Services Puerto Rico and Caribbean segment. Revenue for the quarter was $58.4 million, an increase of approximately 6% year over year.

第 13 頁投影片為波多黎各與加勒比海支付服務（Payment Services Puerto Rico and Caribbean）分部的業績。本季營收為 5,840 萬美元，較去年同期增加約 6%。

Growth was driven by the continued strong performance in ATH Movil, particularly ATH Movil Business, which delivered double-digit growth in both volumes and transactions. We also saw solid growth in POS transactions, which increased approximately 8% year over year, supporting the overall segment performance.

成長主要由 ATH Movil 持續強勁的表現所帶動，尤其是 ATH Movil Business，在交易量與交易筆數皆實現雙位數成長。我們也看到 POS 交易穩健成長，年增約 8%，支撐整體分部表現。

Results also benefited from higher services provided to our Latin America segment, reflecting organic growth and new client activity. These were partially offset by the 10% discount to Popular. Adjusted EBITDA was $34.7 million, an increase of approximately 11% from the prior year, with an adjusted EBITDA margin of 59.4%, an increase of approximately 240 basis points.

業績亦受惠於我們向拉丁美洲分部提供的服務增加，反映有機成長與新客戶活動。上述效益部分被對 Popular 提供 10% 折扣所抵銷。調整後 EBITDA 為 3,470 萬美元，較去年同期增加約 11%，調整後 EBITDA 利潤率為 59.4%，提升約 240 個基點。

Margin expansion was driven by incremental values, including increased volumes across Merchant Acquiring and Latin America. Overall, the segment delivered strong year-over-year growth and continued to demonstrate its ability to scale.

利潤率擴張主要由增量價值所驅動，包括商戶收單與拉丁美洲業務交易量增加。整體而言，該分部實現強勁的年對年成長，並持續展現其規模化能力。

Turning to slide 14, I'll cover our results for Latin America Payments and Solutions, which was the largest contributor to revenue and EBITDA growth during the quarter. Revenue for the quarter was $110.3 million, an increase of approximately 32% year over year. Currency tailwinds in the quarter benefited segment growth by approximately $6.8 million, or 8%, mainly driven by the appreciation of the Brazilian reais.

接著看第 14 頁投影片，我將說明拉丁美洲支付與解決方案（Latin America Payments and Solutions）分部的業績；該分部是本季營收與 EBITDA 成長的最大貢獻者。本季營收為 1.103 億美元，較去年同期增加約 32%。本季匯率順風為分部成長帶來約 680 萬美元（約 8%）的助益，主要由巴西雷亞爾升值所帶動。

On a constant currency basis, revenue growth for the segment would have been approximately 24%. Growth was driven by the full quarter contribution from the Tecnobank acquisition, continued strength in Brazil, solid performance from Grandata, and overall organic growth across the region.

以固定匯率計算，該分部營收成長約為 24%。成長動能來自 Tecnobank 收購案的完整季度貢獻、巴西市場持續強勁、Grandata 的穩健表現，以及整個區域的整體有機成長。

These were partially offset by the attrition impact from the MELI relationship, which will anniversary in the second quarter, and pricing actions to extend key client contracts. On a reported basis, adjusted EBITDA was $32.8 million, an increase of approximately 32% from the prior year, with an adjusted EBITDA margin of 29.7%, aligned with prior year.

上述成長部分被 MELI 合作關係流失所帶來的影響所抵銷（該影響將於第二季進入同比基期），以及為延長關鍵客戶合約而採取的定價措施。以報告基礎計，調整後 EBITDA 為 3,280 萬美元，較去年同期增加約 32%，調整後 EBITDA 利潤率為 29.7%，與去年同期一致。

Adjusted EBITDA benefited from strong revenue growth, but was partially offset by foreign currency headwinds from the higher-than-anticipated appreciation in markets such as Uruguay and Chile. Overall results reflect strong execution across the region, positioning the segment well for the remainder of the year.

調整後 EBITDA 受惠於強勁的營收成長，但部分被外匯逆風所抵銷，原因是烏拉圭與智利等市場的升值幅度高於預期。整體結果反映我們在區域內的強力執行力，使該分部在今年剩餘期間具備良好態勢。

Moving to slide 15 are the results for our Business Solutions segment. Revenue for the quarter was $59.5 million, representing a decrease of approximately 9% from the prior year. This decline was in line with our expectations and was primarily attributable to the 10% discount to Popular that began in October of prior year, as well as a non-recurring hardware and software sale completed during the prior year quarter.

接著看第 15 頁投影片，為我們商業解決方案（Business Solutions）分部的業績。本季營收為 5,950 萬美元，較去年同期下降約 9%。此下滑符合我們的預期，主要歸因於去年 10 月開始對 Popular 提供 10% 折扣，以及去年同期完成的一筆一次性硬體與軟體銷售。

Adjusted EBITDA was $21.6 million, slightly below the prior year, reflecting the impact of the 10% discount to Popular. Adjusted EBITDA margin increased approximately 240 basis points to 36.3%, mainly driven by lower expenses associated with the prior-year one-time hardware and software sale, which came in at lower margins, as well as lower operating costs tied to non-recurring projects executed in the prior-year quarter and cost-saving initiatives implemented within the segment.

調整後 EBITDA 為 2,160 萬美元，略低於去年同期，反映對 Popular 提供 10% 折扣的影響。調整後 EBITDA 利潤率提升約 240 個基點至 36.3%，主要由於與去年一次性硬體與軟體銷售相關的費用較低（該銷售的利潤率較低），以及去年同期執行的一次性專案所帶來的營運成本下降，並加上該分部內推行的節省成本措施。

Overall, segment profitability remained resilient, with margin expansion reflecting disciplined cost management and the absence of prior-year one-time items.

整體而言，各分部獲利能力仍具韌性，利潤率擴張反映出嚴謹的成本管理，以及去年同期一次性項目的缺席。

Moving to slide 16, you will see a summary of our corporate and other expenses. Adjusted EBITDA was a negative $11.7 million for the quarter, representing 4.7% of total revenue, slightly below our expectations.

接著看第16頁投影片，您將看到我們公司及其他費用的摘要。本季調整後EBITDA為負1,170萬美元，占總營收的4.7%，略低於我們的預期。

Moving to slide 17, I'll now review our cash flow performance. We continue to effectively manage our working capital, generating net cash from operating activities of $31.2 million during the quarter. Capital expenditures were $22.7 million for the quarter, reflecting ongoing investments to continue modernizing our platforms and enhancing our information security capabilities.

接著看第17頁投影片，我現在將回顧我們的現金流表現。我們持續有效管理營運資金，本季由營運活動產生的淨現金為3,120萬美元。本季資本支出為2,270萬美元，反映我們持續投資以推動平台現代化並強化資訊安全能力。

During the first quarter, we paid down approximately $6 million in debt and returned approximately $23.1 million to shareholders through share repurchases and dividends. We repurchased 683,000 shares for $20 million during the quarter, and as of March 31, we had approximately $130 million remaining under our authorized share repurchase program available through December 31, 2027.

第一季期間，我們償還約600萬美元債務，並透過庫藏股回購與股利向股東返還約2,310萬美元。本季我們以2,000萬美元回購683,000股；截至3月31日，我們在已核准的庫藏股回購計畫下仍有約1.30億美元可用額度，該計畫可使用至2027年12月31日。

Our ending cash balance for the quarter, excluding cash and settlement assets, was $314.5 million, a decrease of approximately $17.3 million compared to year-end 2025.

本季期末現金餘額（不含現金及結算資產）為3.145億美元，較2025年年底減少約1,730萬美元。

Turning to slide 18, our net debt position at quarter end was $826.2 million, comprised of $1.1 billion in total long and short-term debt, offset by $290.9 million of unrestricted cash. Our weighted average interest rate was approximately 6%, a decrease of approximately 55 basis points year over year, reflecting the benefit from debt repricing actions executed during the prior year and lower interest rates.

接著看第18頁投影片，本季期末我們的淨負債為8.262億美元，由長短期總債務11億美元構成，並以2.909億美元的非受限現金抵銷。我們的加權平均利率約為6%，年減約55個基點，反映前一年執行的債務重新定價措施以及利率走低所帶來的效益。

Our net debt trailing 12-month adjusted EBITDA was approximately 2.15 times compared to 2.04 times a year ago, remaining at the lower end of our target leverage range of 2 to 3 times. This continues to reflect our disciplined approach to capital allocation and balance sheet management. As of March 31 and prior to closing the Dimensa acquisition, our total liquidity, which excludes restricted cash and includes available borrowing capacity, was $460.3 million, slightly above the prior year.

我們的淨負債對過去12個月調整後EBITDA倍數約為2.15倍，較一年前的2.04倍略高，仍位於我們2至3倍目標槓桿區間的低端。這持續反映我們在資本配置與資產負債表管理上的紀律。截至3月31日且在Dimensa收購案完成交割之前，我們的總流動性（不含受限現金並包含可用借款額度）為4.603億美元，略高於去年。

Turning now to our outlook for 2026 on slide 19. Based on our first-quarter performance and the closing of the Dimensa acquisition, we are increasing our full-year expectations. For 2026, we now expect reported revenue to be in the range of $1,073 million to $1,085 million, representing growth of 15.1% to 16.4% year over year.

現在轉到第19頁投影片，談我們對2026年的展望。基於第一季表現以及Dimensa收購案完成交割，我們上調全年預期。2026年，我們目前預期列報營收介於10.73億至10.85億美元，年增15.1%至16.4%。

This outlook includes approximately 135 basis points of foreign currency tailwinds, driven primarily by the current appreciation of the Brazilian reais relatively to the 2025 monthly average exchange rate. On a constant currency basis, we now expect revenues for 2026 to grow between 13.8% to 15%, an increase from our prior constant currency range of 8.7% to 10%.

此展望包含約135個基點的外匯順風，主要來自巴西雷亞爾相較於2025年月均匯率的近期升值。以固定匯率計算，我們目前預期2026年營收成長介於13.8%至15%，高於先前固定匯率8.7%至10%的區間。

This outlook reflects two primary factors: the inclusion of the Dimensa following its closing and the continued solid performance across our existing businesses, which remains largely in line with the assumptions we previously shared.

此展望反映兩項主要因素：Dimensa在交割後納入，以及我們既有業務持續穩健的表現，整體仍大致符合我們先前分享的假設。

Starting with the legacy business, we continue to have a positive outlook supported by sustained momentum across payments, resilient performance in Puerto Rico, and continued growth across key Latin American markets. We are seeing consistent execution against our commercial and operational priorities, driven by a strong pipeline and disciplined cost management. As a result, our underlying assumptions for the core business remains intact and in several areas are tracking modestly ahead of our initial expectations.

先從既有業務來看，在支付業務的持續動能、波多黎各的韌性表現，以及拉丁美洲主要市場的持續成長支持下，我們仍維持正向展望。在強勁的商機管線與嚴謹的成本管理帶動下，我們在商務與營運優先事項上持續穩定執行。因此，我們對核心業務的基本假設仍然成立，且在若干面向的進度略優於我們最初的預期。

With respect to Dimensa, the updated outlook reflects the incremental value contribution from the acquisition. Dimensa strengthens our position in Latin America and aligns closely with our long-term strategic priorities. While the business currently operates at a modestly lower margin profile than our Latin America segment average, it adds scale and strategic adjacency that we expect to enhance our growth profile over time.

就Dimensa而言，更新後的展望反映該收購帶來的增量價值貢獻。Dimensa強化我們在拉丁美洲的布局，並與我們的長期策略重點高度一致。雖然該業務目前的利潤率水準略低於我們拉丁美洲分部的平均，但它帶來規模與策略相鄰性，我們預期將隨時間推進而提升我們的成長輪廓。

For 2026, we are not assuming any synergies as we expect the majority of cost and scale benefits to begin materializing in 2027 and beyond.

對於2026年，我們未假設任何綜效，因為我們預期大部分成本與規模效益將自2027年及之後開始逐步顯現。

At the segment level, for Merchant Acquiring, we continue to expect mid-single-digit growth in 2026, supported by stable transaction activities, sales volume, and the implementation of key merchants. In Payments Puerto Rico and Caribbean, we also continue to expect mid-single-digit growth driven by continuous strength in ATH Movil and POS volumes, including processing services provided to the Latin America segment, partially offset by the impact of the Popular discount. For Latin America Payments and Solutions, we now expect revenue to grow in the high 30s on a reported basis and mid-30s on a constant currency basis.

在分部層級，就商戶收單（Merchant Acquiring）而言，我們仍預期2026年呈現中個位數成長，受惠於穩定的交易活動、銷售量，以及重點商戶的導入。在波多黎各與加勒比支付（Payments Puerto Rico and Caribbean）方面，我們同樣維持中個位數成長預期，動能來自ATH Movil與POS交易量的持續強勁（包含提供給拉丁美洲分部的處理服務），但部分被Popular折扣的影響所抵銷。至於拉丁美洲支付與解決方案（Latin America Payments and Solutions），我們目前預期列報營收成長約高30%區間，以固定匯率計則為中30%區間。

Finally, in Business Solutions, we continue to expect revenue to decline in the low to mid-single digit, reflecting the anticipated reset following the Popular discount. Adjusted EPS is now expected to grow between 6.6% and 9.9% from the $3.62 reported for 2025 or between 5.2% and 8.6% on a constant currency basis.

最後，在商業解決方案（Business Solutions）方面，我們仍預期營收將下滑低至中個位數，反映Popular折扣後的預期回落調整。調整後EPS目前預期將較2025年列報的3.62美元成長6.6%至9.9%；以固定匯率計則成長5.2%至8.6%。

This outlook assumes an adjusted EBITDA margin of 39% to 40%. The updated range reflects the higher anticipated contribution from Latin America while continuing to incorporate the operating discipline and cost initiatives we have discussed in prior quarters.

此展望假設調整後EBITDA利潤率為39%至40%。更新後的區間反映拉丁美洲較高的預期貢獻，同時持續納入我們在前幾季討論過的營運紀律與成本措施。

From an earnings perspective, our updated guidance assumes that Dimensa will be EPS neutral to slightly accretive in 2026, reflecting the balance between operating contributions, incremental interest expense and integration timing. Below the line, our outlook reflects the post-transaction capital structure, financing costs and related tax considerations.

從獲利角度來看，我們更新後的指引假設Dimensa在2026年對EPS為持平至略具增益，反映營運貢獻、增加的利息費用與整合時程之間的平衡。在業外項目方面，我們的展望反映交易後的資本結構、融資成本及相關稅務考量。

We continue to expect our effective tax rate to remain within a range of approximately 11% to 12% for the full year. Capital expenditures are also expected to remain at approximately $90 million. In addition, we expect to continue returning capital to shareholders through dividends and when appropriate, share repurchases.

我們仍預期全年有效稅率將維持在約11%至12%的區間。資本支出亦預期維持在約9,000萬美元。此外，我們預期將持續透過股利，以及在適當時機進行庫藏股回購，向股東返還資本。

Overall, our increased 2026 outlook reflects confidence in the performance of our existing business and the strategic and financial contribution of Dimensa. While our focus in 2026 remains on integration and execution, we continue to see meaningful long-term value creation opportunities.

整體而言，我們上調的2026年展望反映我們對既有業務表現的信心，以及Dimensa在策略與財務上的貢獻。雖然我們在2026年的重點仍在整合與執行，但我們持續看見具意義的長期價值創造機會。

In summary, we delivered a solid first quarter, increased our full year outlook and remain well positioned to execute against our priorities for 2026, supported by a strong balance sheet, disciplined capital allocation and continued focus on execution.

總結來說，我們交出穩健的第一季成績、上調全年展望，並在強健的資產負債表、嚴謹的資本配置以及持續聚焦執行的支持下，維持良好態勢以落實2026年的優先事項。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Madison Suhr, Raymond James.

（接線員指示）Madison Suhr，Raymond James。

Hey. Good afternoon. Appreciate you taking the questions. I just wanted to start here on the updated outlook. I appreciate the color on the expected EPS impact from Dimensa. But just as we think about the $40 million raise to the midpoint of revenue, can you give us a more detailed sense of how much of that is driven by the deal versus some of those other factors you talked about?

嗨。下午好。感謝讓我提問。我想先從更新後的展望談起。我感謝你們提供Dimensa對EPS影響的補充說明。但當我們思考營收中位數上調4,000萬美元時，你們能否更詳細說明其中有多少是由這筆交易所帶動， versus 你們提到的其他因素所驅動？

Hey. Madison. Thanks for the question. This is Mac. Look, we're not -- we don't break that out, as you know, historically, but let me give you a little bit of color on Dimensa just since you asked. Look, we're incredibly excited about the deal because this year, it will be neutral to accretive. And our leverage ratio will still be 2.4 or less.

嗨。Madison。謝謝你的提問。我是 Mac。你看，我們不會——如你所知，從歷史上一向不會把那部分拆分揭露，但既然你問了，我就稍微補充一些關於 Dimensa 的背景。我們對這筆交易非常興奮，因為今年它將是持平到具增益（neutral to accretive）。而且我們的槓桿比率仍會維持在 2.4 或以下。

And in 2026, we have no synergies baked in. So what you're seeing in the guide does include synergies, which we think we'll realize in '27 and '28, which make the deal even more valuable. Look, it's mostly 95% of its recurring revenue, and it gets us into two verticals we're not in today, insurance and risk.

而在 2026 年，我們的預測中沒有納入任何協同效益。所以你在指引中看到的確實包含協同效益，我們認為會在 2027 年與 2028 年實現，這會讓這筆交易更有價值。你看，它的營收大約有 95% 是經常性收入，並且讓我們進入目前尚未涉足的兩個垂直領域：保險與風險。

And then it also helps us double down on funds and banks. So we think there are a lot of synergies not only on the expense side, but also on the revenue side. But we can't really break out the specifics on the numbers for the deal.

此外，它也幫助我們在基金與銀行領域加碼深耕。所以我們認為不僅在費用端有很多協同效益，在營收端也同樣有。但我們確實無法把這筆交易的數字細節拆開來說。

Okay. I appreciate that, and I appreciate the extra color. And then just a quick follow-up here on the corporate revenue headwind. So it grew pretty meaningfully year over year. Can you just provide some color on what drove this in the quarter?

好的。我理解，也謝謝你補充這些背景。接著我想快速追問一下公司層級營收（corporate revenue）的逆風。它的年增幅相當明顯。你能否說明一下本季是什麼因素驅動的？

And then to the extent you can give any expectations, is this the right run rate you're thinking about for the year? Or do you expect it to step down as we progress throughout the year? Thanks, guys.

另外，在你能分享的範圍內，你對今年的預期是：這就是你們認為全年合理的運行水準（run rate）嗎？還是你預期隨著年度推進會逐步下降？謝謝各位。

Yeah. Corporate revenue is impacted by, obviously, intercompany transactions, which we have called out as part of some of the growth on some of our segments. So that is the expected run rate as we think about the next couple of quarters.

是的。公司層級營收會受到——很明顯地——公司間交易（intercompany transactions）的影響；我們也已指出，這是我們某些業務分部成長的一部分來源。因此，就我們對未來幾季的看法而言，這就是預期的運行水準。

Very good.

很好。

Madison, did we lose you?

Madison，我們是不是斷線了？

Okay. Nope, that was all. Thanks. Thank you, guys. Appreciate it.

好的。沒有，那就是全部了。謝謝。謝謝各位。感謝。

Jamie Friedman, Susquehanna.

下一位是 Susquehanna 的 Jamie Friedman。

Hi. Sorry for the background noise. But I just want to know, Mac, in terms of your prepared remarks and the observation on slide 4 about the transferability of the acquired assets. Could you elaborate on that, in particular, the transferability? Like in which use cases have you had the most success so far in transferring the assets either regionally or other verticals?

嗨。抱歉背景有點吵。但我想請教一下，Mac，關於你事先準備的講稿，以及第 4 張投影片提到的「所收購資產的可移轉性」。你能否更詳細說明，特別是可移轉性這一點？例如，到目前為止，你們在哪些使用情境中，最成功地把這些資產在區域間或其他垂直領域進行移轉與複用？

Yeah. So what I would say is -- I mean, there's a couple of pieces to this. One is Sinqia specifically. A lot of what we've done in Brazil is with Sinqia is primarily focused on the current market. We do have some products that we've exported, but it's been limited.

可以。我會這麼說——這裡面大概有幾個面向。其中一個是 Sinqia 本身。我們在巴西透過 Sinqia 所做的很多事情，主要聚焦在當地市場。我們確實有輸出一些產品，但規模仍然有限。

PayStudio is the platform. Place2Pay is a platform. RiskCenter is a platform that we've localized throughout the region. That's what Santander is running on. That's what Banco de Chile is running on Grupo Aval and even BCR now in Costa Rica.

PayStudio 是一個平台。Place2Pay 是一個平台。RiskCenter 也是一個平台，我們已在整個區域完成在地化。Santander 就是在使用這套。Banco de Chile、Grupo Aval，甚至現在哥斯大黎加的 BCR 也都在使用。

So those are some of the platforms we've regionalized. What I would say in Brazil, we've done a good job of leveraging the platforms across -- from a cross-sell perspective. So if you look at this deal right now, so as I said earlier, they have four verticals. two of those verticals we were not in. So they're in the insurance business.

所以這些是我們已完成區域化的部分平台。至於在巴西，我會說我們在跨售（cross-sell）角度上，已經很有效地在不同平台之間做槓桿運用。如果你看這筆交易，如我先前提到的，他們有四個垂直領域，其中兩個是我們目前尚未涉足的。他們在保險業務裡。

They have about 65% of the market. So a lot of the -- and with the insurance companies, they're dealing with the brokers, they're dealing with the underwriters, they're dealing with the consumers. And then they also have a risk management product for financial institutions. So we're able to cross-sell back and forth our products to their insurance and risk customers and vice versa. On the fund side, we have a similar product, but we have very different customers.

他們大約擁有 65% 的市場份額。因此——而且在保險公司這邊，他們會同時面對經紀人、核保人以及消費者。另外，他們也有提供給金融機構的風險管理產品。所以我們能把我們的產品交叉銷售給他們的保險與風險客戶，反過來也一樣。在基金端，我們有類似的產品，但客戶群非常不同。

So we have the midsized banks, and they have the larger banks. And you talk about being able to transfer capabilities, we think we can take LOTE45, which is one of our products that we acquired with Sinqia, and we can bolt it on to the Dimensa product.

我們的客戶是中型銀行，而他們的客戶是大型銀行。你提到可移轉能力，我們認為可以把 LOTE45——這是我們隨 Sinqia 收購而來的其中一個產品——加掛（bolt on）到 Dimensa 的產品上。

So that's where we can take these products in Brazil and bolt them together because Dimensa has a set of clients we don't have and then we have a capability they don't have, so we can broaden the value proposition. So in that concept of transferability and platforms we can leverage across deals, we have those that we can leverage across the region, which are a lot of the payment products.

所以這就是我們能在巴西把這些產品組合起來的地方：Dimensa 擁有我們沒有的一組客戶，而我們有他們沒有的能力，因此我們可以擴大價值主張。因此，在「可移轉性」以及「可在不同交易間複用的平台」這個概念下，我們確實有一些能在整個區域內複用的能力，主要是許多支付相關產品。

And then within Brazil, we can combine some of these products that we have between Sinqia and Dimensa and Tecnobank and then there's huge transferable Rolodexes and integrations we can do to make these products work together.

而在巴西境內，我們也能把 Sinqia、Dimensa 與 Tecnobank 之間的一些產品做整合；此外，還有大量可移轉的人脈資源（Rolodex）與可進行的系統整合，讓這些產品能彼此協同運作。

That's a great answer. And then I want to ask about at a higher level about the prospects of inflation, maybe for Mac or for Karla. Some of the other payments companies are talking about it. So could you share your perspective on how inflation impacts the business, whether it's wage inflation or gas inflation? Or any commentary at a high level on inflation would be helpful. Thank you.

回答得很清楚。接著我想從更高層次問一下通膨前景，可能請 Mac 或 Karla 回答。其他一些支付公司也在談這件事。所以你們能否分享通膨如何影響業務的看法，不論是薪資通膨或油價通膨？任何關於通膨的高層次評論都會很有幫助。謝謝。

I mean, look, there are multiple impacts like anybody's business. The good thing is that some of our businesses, some of the payments businesses are actually tied to the size of the ticket. So if there is inflation in some of our merchant acquiring businesses, we actually get the lift in that, right? So we actually see incremental revenue. And then also some of our contracts, particularly with the bank are tied to CPI.

我的意思是，你看，影響是多方面的，就像任何企業一樣。好的一點是，我們部分業務、部分支付業務其實與客單價（ticket size）的金額大小連動。所以如果在我們某些收單（merchant acquiring）業務中出現通膨，我們反而會因此受益、得到提升，對吧？因此我們會看到額外的營收增量。另外，我們的一些合約——特別是與銀行的合約——也會與 CPI 連動。

The way that interacts and plays is there's a formula. But in some ways, we benefit from inflation. But just like any other business, when there inflation and it has impacts to our costs, those are costs we have to absorb. I do think we've demonstrated when we have significant cost increases across our base, whether it's the $18 million discount we had to pass to Popular or inflation in general, we've done a good job of managing it and keeping it at our margins at about the 40% level.

它的互動方式與呈現會透過一個公式。但在某些方面，我們確實會從通膨中受益。不過就像任何其他企業一樣，當有通膨且它推升我們的成本時，這些成本就需要我們自行吸收。我確實認為我們已經證明，當我們的成本基礎出現顯著上升時——不論是我們必須讓利給 Popular 的 1,800 萬美元折扣，或是一般性的通膨——我們都能有效管理，並把利潤率維持在約 40% 的水準。

Thank you so much.

非常感謝。

Vasu Govil, KBW.

Vasu Govil，KBW。

Hi. Thank you for taking my questions. Mac, maybe first, a high-level one for you on AI. Just given the market's focus on potential for AI to reshape software economics, I'm curious how you think about that potential risk and if you're seeing an appetite among financial institutions in Latin America to embed AI into their own workflows. Just curious how that might affect you.

嗨。謝謝讓我提問。Mac，或許先問一個關於 AI 的高層次問題。鑑於市場關注 AI 可能重塑軟體經濟模式的潛力，我想了解你如何看待這種潛在風險，以及你是否看到拉丁美洲的金融機構有意願把 AI 嵌入他們自己的工作流程。想請教這可能會如何影響你們。

Yeah. Great question, Vasu. Thanks. So what I would say is we are pretty bullish on AI generally, not just around software development, but around the enterprise generally. I'll walk you through how we think about it.

是的。好問題，Vasu。謝謝。我想說的是，我們整體上對 AI 相當看好，不僅是在軟體開發方面，也是在整個企業層面。我來說明我們的思考方式。

I mean this year, we've been very focused on appropriate governance and experimentation to see where we think the biggest benefits are. And there's 3 areas we think we're going to see a big impact. And that's not baked into '26 guidance. I think that's going to impact us in the future years. Number one is efficiency.

我的意思是，今年我們非常專注於適當的治理與實驗，以找出我們認為最大效益會出現在哪裡。我們認為會帶來重大影響的領域有三個。而這些尚未納入 2026 年的指引。我認為這會在未來幾年影響我們。第一是效率。

We think that we can -- it will change our cost structure, and we can be much more efficient in certain areas. The second is in growth, right? The ability to add new features to improve our products so that we can grow faster. And the third is in quality, right? So the ability to have better quality and better assets because artificial intelligence is helping how we manage service.

我們認為它可以——將改變我們的成本結構，並讓我們在某些領域更有效率。第二是成長，對吧？也就是新增功能、改善產品的能力，讓我們能更快成長。第三是品質，對吧？也就是因為人工智慧協助我們管理服務，使我們能有更好的品質與更好的資產。

I'll give you two examples because we've done -- what we've done is experimentation across the organization, and I personally have done some deep dives to understand the impacts to not just software development, but to all of the functions across the company.

我給你兩個例子，因為我們所做的是在整個組織內進行實驗，而我個人也做了一些深入研究，以了解其影響不僅在軟體開發，也涵蓋公司各項職能。

And what we're finding right now is there's a lot of benefit accruing at the individual level, right, because different departments are experimenting, but we're not seeing it aggregate at the corporate level, and that will be our focus in '27 and '28.

我們目前發現的是，很多效益是在個人層級累積的，對吧，因為不同部門都在做實驗，但我們還沒有看到它在公司層級匯總呈現，而這將是我們在 2027 年與 2028 年的重點。

Two examples. One is incident management. I talked about quality, our Place2Pay product, which is our online gateway, is using artificial intelligence to manage incidents. So if there's a system problem or there's an issue with the system, we can resolve the issue 5 to 8 times faster using artificial intelligence. So that's better quality for our customers.

兩個例子。第一個是事件管理。我談到品質，我們的 Place2Pay 產品（我們的線上支付閘道）正在使用人工智慧來管理事件。因此，如果系統出問題或系統有狀況，我們可以透過人工智慧把問題解決速度提升 5 到 8 倍。這對客戶而言就是更好的品質。

It keeps our systems up and running in a more durable way. So we see real quality improvement. I mean everybody talks about chatbot and customer service. That's the obvious piece, but incident management is something that people don't typically think about.

它讓我們的系統以更穩健的方式保持運作。所以我們看到實質的品質改善。我的意思是，大家都在談聊天機器人與客服。那是最顯而易見的部分，但事件管理是人們通常不會想到的。

On the growth perspective, and our Risk Center product, which is the product that people use to monitor fraud, we're actually using artificial intelligence to make it easier for our users to interact with the software so that they don't have to know all the different formulas and ways to actually build logic, right, because they use rules and logic to help determine if the transaction is fraudulent, but they can use artificial intelligence with just normal language to create those rules and to create rules more quickly.

從成長的角度來看，在我們的 Risk Center 產品（用來監控詐欺的產品）上，我們其實正在使用人工智慧，讓使用者更容易與軟體互動，讓他們不必了解所有不同的公式與建立邏輯的方法，對吧？因為他們會用規則與邏輯來判斷交易是否為詐欺，但他們可以用一般自然語言搭配人工智慧來建立這些規則，並更快速地建立規則。

And what we're seeing is when we do that, they're seeing 40% less alerts. That means they're not seeing false positives. And then they're actually seeing a 20% increase in fraud detection because the tools are easier to use, artificial intelligence is flagging fraud more quickly.

我們看到的是，當我們這麼做時，他們的警示量減少了 40%。這表示他們看到的誤報更少。而且他們的詐欺偵測還提升了 20%，因為工具更容易使用，人工智慧也能更快標記詐欺。

So we're seeing real use cases, Vasu, across all those areas. So we do think that it's going to help us from a margin perspective, but we also think it's going to help us grow faster, and it's also going to improve our quality of delivering and maintaining our services.

所以，Vasu，我們在這些領域都看到實際的使用案例。因此我們確實認為，從利潤率角度它會幫助我們，但我們也認為它會幫助我們更快成長，同時也會提升我們交付與維護服務的品質。

That's helpful. And it doesn't sound like you think it's a big threat in terms of banks using AI themselves to disrupt some of the software products you might be offering today.

這很有幫助。而且聽起來你不認為這會構成很大的威脅，例如銀行自己使用 AI 來顛覆你們目前可能提供的一些軟體產品。

No. I mean, look, we -- I mean, I understand that theory with some software companies and technology companies, but we're processing financial transactions where there's reconciliation involved, the settlement between financial institutions, their risk management products.

不。我的意思是，你看，我們——我理解某些軟體公司與科技公司會有那種理論，但我們是在處理金融交易，其中涉及對帳、金融機構之間的清算結算，以及他們的風險管理產品。

So we think the products that we provide, we'll be able to provide them more quickly and more cost effectively. But we actually think it's a catalyst and a tailwind for our business. We don't think it's something that's going to -- I personally don't see it as negative. I see it as quite the opposite.

所以我們認為，我們提供的產品，我們將能更快、更具成本效益地提供。但我們其實認為這是我們業務的催化劑與順風。我們不認為這會——我個人不把它視為負面。我認為恰恰相反。

Thank you. That's very helpful color. And if I may ask a follow-up on the Banco de today partnership. I think last quarter, you had mentioned it's now operational. Just how is that tracking relative to your internal expectations? And how long before it ramps up to its full run rate?

謝謝。這些補充資訊非常有幫助。如果可以的話，我想追問一下與 Banco de today 的合作夥伴關係。我記得上季你提到它現在已經開始運作。它目前的進展相對於你們內部預期如何？以及還要多久才會爬升到完整的穩態運行水準？

How should we think about the revenue potential, I guess, relative to the Santander relationship in today? Thank you.

我想問的是，相較於目前與 Santander 的合作關係，我們應該如何看待其營收潛力？謝謝。

Great question. So what I would say is we've announced a couple of deals that we've talked about on the previous calls, and those are going as expected. Any benefits we see in '26 are already baked into the guidance. But all of the projects that we've announced as far as new clients are going as anticipated..

好問題。我想說的是，我們已宣布幾筆交易，之前的電話會議也談過，而這些進展都符合預期。我們在 2026 年看到的任何效益都已經納入指引。但就我們已宣布的新客戶專案而言，全部都如預期推進。

Thank you very much.

非常感謝。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行。

Hey, guys. Thanks for the question. I'm going to ask a follow-up on Dimensa, and I totally get you don't break out the inorganic contribution. So maybe I wanted to ask a different way about some of the historical performance. I think if you look at the disclosures from the former owner of Dimensa, they have given some numbers for 2025 and 2024 in Brazilian real.

嗨，各位。謝謝讓我提問。我想追問一下 Dimensa，我完全理解你們不會拆分揭露非有機貢獻。所以我想換個方式問一些歷史表現。我想如果你看 Dimensa 前任所有者的揭露，他們提供了一些以巴西雷亞爾計價的 2025 年與 2024 年數字。

I just wanted to confirm whether there is any accounting considerations with net to gross revenue or anything like that we need to keep in mind when looking at the historicals. And then also, if you look at the 2024 to 2025 growth rate that they had disclosed was pretty healthy.

我想確認的是，在看這些歷史數據時，是否有任何會計上的考量，例如淨額/總額（net-to-gross）營收認列之類，需要我們留意。另外，如果看他們揭露的 2024 到 2025 年成長率，似乎相當健康。

I don't know if you know if that's all organic. I think Dimensa in the past had maybe benefited from some inorganic tuck-ins. So maybe a better sense of how Dimensa had been performing and leaving aside what exactly is baked into the guide for 2026.

我不確定你是否知道那是否全部都是有機成長。我想 Dimensa 過去可能也受益於一些非有機的併購補強（tuck-ins）。所以想更了解 Dimensa 過去的表現，同時先不談 2026 年指引中到底納入了哪些內容。

Yeah. So what I would say about Dimensa is very similar to Sinqia. Some of their growth was M&A. So when you look at their historical numbers, it includes some M&A. And they did have some softness in their business a couple of years ago, just like we did because of the general circumstances in Brazil, the -- after Lula one, people were much more cautious about IT spend.

是的。我想對 Dimensa 的看法與 Sinqia 很類似。他們部分成長來自併購（M&A）。所以當你看他們的歷史數字時，裡面包含了一些併購。而且他們在幾年前的業務也曾有些疲弱，就像我們一樣，因為巴西整體環境的因素——在 Lula 一任之後，人們對 IT 支出更為謹慎。

And they also had some legacy platforms that were outdated. What we believe -- because I think the important thing is going forward, right, we think, number one, there's some cost synergies that are pretty meaningful that we will take out in 2027.

而且他們也有一些過時的傳統平台。我們相信——因為我認為重要的是往前看，對吧——我們認為，第一，有一些相當可觀的成本綜效，我們將在2027年把它們剔除。

Again, that's not even included in '26. And number two, we do think that we've talked to clients and they're actually excited about us acquiring this asset because they want us to do with Dimensa, what we've done with Sinqia. And that's modernizing the platforms so that they can grow with the business.

同樣地，那甚至沒有納入'26。第二，我們確實認為，我們已經和客戶談過，他們其實對我們收購這項資產感到興奮，因為他們希望我們對Dimensa做我們對Sinqia所做的事。也就是將平台現代化，讓它們能隨著業務成長。

And they're looking forward to doing -- having multiple relationships with a vendor like Sinqia. Like I said earlier, we think there are a lot of cross-sell opportunities. Dimensa has some of the biggest banks in the funds business.

而且他們也期待——能與像Sinqia這樣的供應商建立多重合作關係。如我先前所說，我們認為有很多交叉銷售的機會。Dimensa在基金業務方面擁有一些最大的銀行客戶。

We can bolt-on 45 to actually provide other capabilities using some of our other products. So we think the revenue synergies and the growth tailwind that we'll have by combining these products, modernizing them and cross-selling are pretty compelling for the deal.

我們可以加掛45，實際上利用我們其他產品來提供其他能力。因此，我們認為，透過結合這些產品、將其現代化並進行交叉銷售所帶來的營收綜效與成長順風，對這筆交易相當具吸引力。

Got it. Helpful, especially the 2024 softness of Dimensa very similar to what you're seeing at Sinqia. So that makes a ton of sense. I guess the other maybe higher level one, just on capital allocation, right? So you've done a bunch of acquisitions here.

了解。很有幫助，尤其是Dimensa在2024年的疲軟，和你們在Sinqia看到的非常相似。所以這非常合理。我想另一個可能更高層次的問題，是關於資本配置，對吧？你們在這裡做了不少收購。

Leverage is still in a healthy spot. But when you look at where the stock is trading and valuation and the, I guess, the $130 million or so you still have on the repurchase authorization. How are we -- or how should we think about the prioritization of leaning into that share buyback authorization, more buybacks versus paying down debt versus other opportunities out there to continue building out the business, especially in Latin America? Are there prospects potential attractive deals that you're looking at? Just how should we think about the priority of each of those in '26?

槓桿仍然處於健康水準。但當你看股票目前的交易水準與估值，以及我想你們仍有約1.3億美元左右的回購授權額度。我們——或我們應該如何看待——在加大使用該股票回購授權、更多回購 versus 償還債務 versus 其他持續擴展業務的機會（尤其在拉丁美洲）之間的優先順序？你們是否在看一些可能具吸引力的交易標的？我們應該如何思考'26年各項的優先次序？

Great question. Look, I mean, a couple of things. One is we just bought Dimensa, right, and we just bought Tecnobank. So we're very focused on integrating those, and that is a key priority for us. As you know, if you follow the story, I mean, we're now close to a little over 45%, closer to 46% of our revenues outside of Puerto Rico, and a lot of that has been M&A.

好問題。你看，我的意思是，有幾件事。第一是我們剛買了Dimensa，對吧，而且我們也剛買了Tecnobank。所以我們非常專注於整合它們，這對我們來說是關鍵優先事項。如你所知，如果你一路追蹤我們的故事，我們現在有接近略高於45%、更接近46%的營收來自波多黎各以外，而其中很大一部分來自併購。

So we will continue to focus on M&A. We continue to have a healthy pipeline. But right now, we're focused on Dimensa, Tecnobank. And then we believe that the stock is, as you can tell by our previous buyback is we're opportunistic. We do understand the stock price is low compared to where it's been over the last year or two.

所以我們會持續專注於併購。我們仍然有健康的案源管道。但目前我們專注在Dimensa、Tecnobank。另外，我們也認為，從我們先前的回購你可以看得出來，我們會把握機會。我們確實理解，相較於過去一兩年的水準，目前股價偏低。

And so we will continue to balance that as we look at capital allocation. But right now, we're going to focus on the deals we have and continue to consider buying stock.

因此，在我們檢視資本配置時，會持續在這些之間取得平衡。但目前我們會專注於手上的交易，並持續考慮買回股票。

Thanks. I appreciate it.

謝謝。我很感謝。

Yes. Thank you.

是的。謝謝你。

Chris Kennedy, William Blair.

Chris Kennedy，William Blair。

Yeah. Good afternoon. Thanks for taking the question. You provided some good updates on the economy in Puerto Rico. Any comments or observations on some of the markets outside of Puerto Rico that you can talk about given the macro uncertainties?

是。下午好。謝謝讓我提問。你們對波多黎各的經濟提供了一些不錯的更新。在宏觀不確定性之下，對於波多黎各以外的一些市場，你們有沒有任何可以分享的評論或觀察？

Yeah. So we wouldn't have anything specific to call out. What we would say is we still are confident in '26. And even with some of the things that are going on in the different markets, we don't see anything that we would specifically call out.

是。所以我們沒有什麼特別具體要點名的。我們想說的是，我們對'26仍然有信心。即便不同市場發生了一些事情，我們也沒有看到任何我們會特別點出來的事項。

Okay. Understood. And then, Mac, last call, you talked about one of the biggest pipelines for the company. Just -- can you just talk about how the conversion of the pipeline is progressing? Thank you.

好的。了解。然後，Mac，上次電話會議你提到公司有史以來最大的案源管道之一。能否談談這個管道的轉換進展如何？謝謝。

Yeah. No, great question. So I mean, we talked about we still -- so we're flipping now to the organic side. Like I said, we posted some pretty big deals, right, Banco de Chile, Grupo Aval, Financiera Oh! was one of the other deals we've talked about.

是。不，這是個好問題。所以我的意思是，我們談到我們仍然——所以我們現在轉到有機成長這一邊。如我所說，我們拿下了一些相當大的案子，對吧，智利銀行（Banco de Chile）、Aval集團（Grupo Aval）、Financiera Oh!是我們談過的另一筆交易。

We still have a very healthy organic pipeline, and we're optimistic this year that we'll continue to have wins that we can announce throughout the year.

我們仍然有非常健康的有機案源管道，而且我們對今年保持樂觀，認為我們將持續有勝出案子，並可在全年陸續對外宣布。

Thanks for taking the questions.

謝謝回答問題。

Thank you. And that does conclude the question-and-answer session. I would like to turn the floor to management for any closing comments.

謝謝。問答環節到此結束。我想把時間交回管理層，請他們做任何結語。

I want to thank everybody for joining the call tonight. Again, we look forward to seeing you at conferences and speaking to you individually over the coming quarter. Everybody, have a good night. Thank you.

我要感謝各位今晚參與電話會議。再次，我們期待在接下來一季於各項會議上見到各位，並與各位進行一對一交流。各位晚安。謝謝。

Thank you. That concludes today's conference. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。今天的會議到此結束。感謝各位參加今天的簡報。你們現在可以掛線。