Fidelity National Information Services Inc (FIS) 2023 Q2 法說會逐字稿

Good day, and welcome to the FIS Second Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加 FIS 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Mr. Georgios Mihalos, Head of Investor Relations. Please go ahead.

現在我想將會議交給您的發言人，投資者關係主管 Georgios Mihalos 先生。請繼續。

Thank you, Shereen. Good morning, everyone. Thank you for joining us today for the FIS Second Quarter 2023 Earnings Conference Call. This call is being webcasted. Today's news release, corresponding presentation, updated investor facts and webcast are all available on our website at fisglobal.com.

謝謝你，謝琳。大家，早安。感謝您今天參加我們的 FIS 2023 年第二季度收益電話會議。此次通話正在網絡直播。今天的新聞稿、相應的演示、更新的投資者事實和網絡廣播均可在我們的網站 fisglobal.com 上獲取。

With me on the call this morning are Stephanie Ferris, our CEO and President; and Erik Hoag, our CFO. Stephanie will lead the call with a strategic and operational update, followed by Erik reviewing our financial results and providing forward guidance.

今天早上和我一起參加電話會議的是我們的首席執行官兼總裁斯蒂芬妮·費里斯 (Stephanie Ferris)；以及我們的首席財務官埃里克·霍格 (Erik Hoag)。斯蒂芬妮將主持電話會議，介紹戰略和運營方面的最新情況，隨後埃里克將審查我們的財務業績並提供前瞻性指導。

Turning to Slide 3. Today's remarks will contain forward-looking statements. These statements are subject to risks and uncertainties as described in the press release and other filings with the SEC. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Please refer to the safe harbor language.

轉向幻燈片 3。今天的言論將包含前瞻性陳述。這些聲明存在新聞稿和向 SEC 提交的其他文件中所述的風險和不確定性。除非法律要求，否則公司不承擔更新任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。請參閱安全港語言。

Also, throughout this conference call, we will be presenting non-GAAP information, including adjusted EBITDA, adjusted net earnings, adjusted net earnings per share and free cash flow. These are important financial performance measures for the company but are not financial measures as defined by GAAP. Reconciliation of our non-GAAP information to the GAAP financial information is presented in our earnings release.

此外，在整個電話會議中，我們將展示非公認會計準則信息，包括調整後的 EBITDA、調整後的淨利潤、調整後的每股淨利潤和自由現金流。這些是公司重要的財務績效指標，但不是 GAAP 定義的財務指標。我們的非公認會計原則信息與公認會計原則財務信息的調節在我們的收益報告中提供。

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

這樣，我會將電話轉給斯蒂芬妮。

Thank you, George, and thank you, everyone, for joining us this morning. We continue to move with speed and a sense of urgency, accelerating our path forward, and we're making strong progress delivering on our financial and strategic commitments to drive change across the enterprise for all of our stakeholders.

謝謝喬治，也謝謝大家今天早上加入我們。我們繼續以緊迫感和速度前進，加快前進的步伐，並且在兌現我們的財務和戰略承諾方面取得了巨大進展，為所有利益相關者推動整個企業的變革。

On July 6, we announced a landmark transaction with GTCR, positioning both FIS and Worldpay for long-term success and accelerating us on the path to unlock shareholder value from the planned separation. Our Future Forward initiatives are simplifying our business and driving increased client centricity while improving efficiency and financial outcomes across the company. And our second quarter results show the impact of this effort, exceeding expectations and our guidance. While we have more work to do, I am very proud of our team, and I'm more optimistic than ever as we bring the company Future Forward.

7 月 6 日，我們宣布了與 GTCR 的一項具有里程碑意義的交易，為 FIS 和 Worldpay 奠定了長期成功的基礎，並加速我們通過計劃中的分離釋放股東價值。我們的“未來展望”計劃正在簡化我們的業務並提高以客戶為中心的程度，同時提高整個公司的效率和財務成果。我們第二季度的業績顯示了這一努力的影響，超出了預期和我們的指導。雖然我們還有更多工作要做，但我為我們的團隊感到非常自豪，並且我比以往任何時候都更加樂觀，因為我們帶領公司向前邁進。

Turning to Slide 6. I'm pleased to report FIS delivered another quarter of solid financial results. Second quarter revenue, adjusted EBITDA and adjusted EPS all exceeded the high end of our guidance range. Solid execution across all 3 of our business segments and a continued focus on expense discipline drove the outperformance relative to our outlook. On a combined basis, the Banking and Capital Markets businesses posted healthy recurring revenue growth of 4%. This represents a more normalized rate of growth within our 3% to 5% cycle range.

轉向幻燈片 6。我很高興地報告 FIS 又一個季度取得了穩健的財務業績。第二季度收入、調整後 EBITDA 和調整後每股收益均超過了我們指導範圍的上限。我們所有三個業務部門的穩健執行以及對費用紀律的持續關注推動了相對於我們前景的優異表現。綜合來看，銀行和資本市場業務的經常性收入實現了 4% 的健康增長。這代表了我們 3% 至 5% 週期範圍內更加正常化的增長率。

Building on the profitability improvements we delivered in the second quarter, we are confident in our ability to deliver sequential adjusted EBITDA margin improvement over the course of 2023, led by improvement in the Banking Solutions segment. We are on track to deliver on our greater-than-80% free cash flow conversion commitment for 2023, with year-to-date conversion an impressive 94%. Post the closing of the Worldpay transaction, we would expect free cash flow to further align even more closely with net earnings. Reflecting the first half outperformance and current business trends, today, we are again raising our revenue and adjusted EBITDA guidance for 2023.

基於我們在第二季度實現的盈利能力改善，我們對在銀行解決方案部門改善的帶動下，在 2023 年實現連續調整後的 EBITDA 利潤率改善充滿信心。我們有望兌現 2023 年自由現金流轉換率超過 80% 的承諾，今年迄今為止的轉換率高達 94%，令人印象深刻。 Worldpay 交易完成後，我們預計自由現金流將進一步與淨利潤更加一致。今天，我們再次提高收入並調整 2023 年 EBITDA 指引，反映了上半年的優異表現和當前業務趨勢。

Turning to Slide 7. As we announced in early July, we signed a definitive agreement to sell a 55% stake in the Worldpay Merchant Solutions business to GTCR, a leading private equity firm with deep expertise in the payment space. We believe this transaction represents a superior outcome for FIS shareholders, relative to pursuing a spin-off of Worldpay into the public markets. It accelerates our path forward to create 2 highly focused and independent companies, infusing new capital quickly into Worldpay for investment, while generating substantial upfront proceeds to transform FIS' balance sheet, pay down debt and return capital to shareholders.

轉向幻燈片7。正如我們在7 月初宣布的那樣，我們簽署了一項最終協議，將Worldpay Merchant Solutions 業務55% 的股權出售給GTCR，GTCR 是一家在支付領域擁有深厚專業知識的領先私募股權公司。我們相信，相對於尋求將 Worldpay 分拆到公開市場而言，此次交易對 FIS 股東來說是一個更優越的結果。它加快了我們創建 2 家高度專注且獨立的公司的步伐，迅速向 Worldpay 注入新資本進行投資，同時產生大量預付款，用於改造 FIS 的資產負債表、償還債務並向股東返還資本。

First, the $18.5 billion transaction immediately establishes an attractive market-aligned value for the Worldpay business, representing over 10x Worldpay's 2023 adjusted EBITDA. This represents a premium to FIS's trading multiple of approximately 8x prior to deal announcement. As we continue to execute on our strategy and deliver on our financial commitments, we believe FIS is well positioned to expand our valuation multiple further.

首先，這筆 185 億美元的交易立即為 Worldpay 業務建立了具有吸引力的市場價值，相當於 Worldpay 2023 年調整後 EBITDA 的 10 倍以上。這比交易公告前 FIS 的交易倍數溢價約 8 倍。隨著我們繼續執行我們的戰略並兌現我們的財務承諾，我們相信 FIS 處於有利地位，可以進一步擴大我們的估值倍數。

Second, the upfront proceeds of at least $11.7 billion will allow us to delever the balance sheet quickly, while simultaneously accelerating capital returns to shareholders at unique attractive valuation levels. Erik will elaborate on our capital allocation priorities during his discussion of our financial results. However, we see significant value in the shares at current levels and are eager to rapidly capitalize on the valuation dislocation for the benefit of our shareholders.

其次，至少 117 億美元的前期收益將使我們能夠快速去槓桿化資產負債表，同時以獨特且有吸引力的估值水平加快股東資本回報。埃里克將在討論我們的財務業績時詳細闡述我們的資本配置優先事項。然而，我們認為當前水平的股票價值巨大，並渴望迅速利用估值錯位，為股東謀取利益。

Lastly, we believe this transaction best positions FIS and Worldpay to better focus on their respective markets, clients and colleagues while promoting a continued close relationship between the 2 companies crystallized by commercial partnerships. Going forward, Worldpay will remain an important partner and distribution channel for FIS, while Worldpay will continue to benefit from access to FIS's array of bank tech solutions and services. I look forward to working closely with Charles Drucker and the Worldpay management team for many years to come.

最後，我們相信此次交易最有利於 FIS 和 Worldpay 更好地專注於各自的市場、客戶和同事，同時促進兩家公司之間通過商業合作夥伴關係建立持續的密切關係。展望未來，Worldpay 將仍然是 FIS 的重要合作夥伴和分銷渠道，而 Worldpay 將繼續受益於 FIS 的一系列銀行技術解決方案和服務。我期待著在未來的許多年裡與 Charles Drucker 和 Worldpay 管理團隊密切合作。

The partnership with GTCR also ensures that Worldpay will have ample access to capital to pursue near-term inorganic growth opportunities while maintaining a healthy balance sheet. We're excited about the transaction and the prospect of generating meaningful returns for our shareholders, and we will look forward to updating you on developments as we approach closing by first quarter 2024.

與 GTCR 的合作還確保 Worldpay 將擁有充足的資金來源，以尋求近期無機增長機會，同時保持健康的資產負債表。我們對此次交易以及為股東帶來有意義的回報的前景感到興奮，我們將期待在 2024 年第一季度結束時向您通報最新進展情況。

Turning to Slide 8 for an update on trends we're seeing across our Banking, Capital Markets businesses and the key drivers of growth within our existing base of clients. In May, we held our annual flagship industry conference, Emerald, with 4,000 clients and influencers in attendance. The overarching takeaway from the conference was that clients are excited about our path forward and are looking for their trusted technology partners like FIS to better help them navigate the evolving landscape. FIS is well positioned to serve our clients on several market trends that are top of mind across their C-suites.

請參閱幻燈片 8，了解我們在銀行、資本市場業務以及現有客戶群中增長的主要驅動力方面看到的最新趨勢。 5 月，我們舉辦了年度旗艦行業會議 Emerald，有 4,000 名客戶和影響者出席。此次會議的首要收穫是，客戶對我們的前進道路感到興奮，並正在尋找像 FIS 這樣值得信賴的技術合作夥伴，以更好地幫助他們應對不斷變化的形勢。 FIS 處於有利地位，可以為我們的客戶提供高管層最關心的多種市場趨勢的服務。

First, the secular shift towards digital that has permeated money movement broadly defined across Banking and Capital Markets and supports our normalized rate of growth as more and more financial transactions take place across a variety of banking channels. The need to embrace next-generation cloud-native technology with modernized digital user interfaces has never been greater. The competitive lines are blurring as upstart fintechs, global technology companies and even retailers encroach on the traditional banking landscape with digital-first offerings.

首先，向數字化的長期轉變已經滲透到銀行業和資本市場廣泛定義的貨幣流動中，並支持我們的正常增長率，因為越來越多的金融交易通過各種銀行渠道進行。採用現代化數字用戶界面的下一代云原生技術的需求從未如此強烈。隨著金融科技新貴、全球科技公司甚至零售商通過數字優先產品侵入傳統銀行業格局，競爭界限正在變得模糊。

FIS was early in embracing the promise of cloud technology with over 85% of current compute in the cloud and the launch of several digital native solutions, including Digital One, Payments One and Modern Banking Platform, which was just recognized for several industry awards. While prior investments position FIS with an early-mover advantage, we are not standing still and continue to prioritize spend to further leverage the cloud, improve the end user experience and ensure we enable all types of digital money movement.

FIS 很早就接受了雲技術的承諾，目前超過85% 的計算都在雲端進行，並推出了多種數字原生解決方案，包括Digital One、Payments One 和Modern Banking Platform，該平台剛剛獲得多項行業獎項。雖然之前的投資使 FIS 具有先發優勢，但我們並沒有停滯不前，而是繼續優先考慮支出，以進一步利用雲、改善最終用戶體驗並確保我們實現所有類型的數字貨幣流動。

Second, the rapidly rising interest rate environment is creating greater competition for deposits. Financial institutions and asset managers are relying on digital-only, high-yield savings accounts and online access to money market accounts, ultimately increasing the number of total accounts across the banking system. Account growth, which continued sequentially from the first quarter and transactional growth across our platforms, are the primary drivers of recurring organic revenue growth across both the FIS Banking and Capital Markets segments. FIS has partnered with a number of blue-chip banks and fintechs powering their digital-only account offerings.

其次，快速上升的利率環境正在加劇存款競爭。金融機構和資產管理公司依賴純數字化的高收益儲蓄賬戶和在線訪問貨幣市場賬戶，最終增加了整個銀行系統的賬戶總數。從第一季度開始持續的賬戶增長和我們平台上的交易增長是 FIS 銀行和資本市場領域經常性有機收入增長的主要驅動力。 FIS 與多家藍籌銀行和金融科技公司合作，為其純數字賬戶產品提供支持。

Also, post the SVB fallout, financial institutions are proactively preparing for increased regulatory oversight with a greater focus on managing interest rate risk and profitability. The situation is fluid with new regulations still being discussed by regulators and legislators, but the need for best-in-class RegTech offerings is mission-critical to bank's operations. We're seeing consistent demand for balance sheet and treasury management solutions and expect that momentum to continue.

此外，在SVB事件發生後，金融機構正在積極準備加強監管，更加註重管理利率風險和盈利能力。監管機構和立法者仍在討論新法規，情況瞬息萬變，但對一流監管科技產品的需求對於銀行的運營至關重要。我們看到對資產負債表和財務管理解決方案的持續需求，並預計這種勢頭將持續下去。

And lastly, we've recently seen increased consolidation across the financial industry and acquiring institutions requiring the expertise of a trusted core provider to assist in quickly and seamlessly onboarding new accounts at scale. We believe FIS is a relative beneficiary of industry consolidation given the company's skew towards larger financial institutions.

最後，我們最近看到整個金融行業和收購機構的整合不斷增加，需要值得信賴的核心提供商的專業知識來協助快速、無縫地大規模開設新賬戶。我們認為，鑑於 FIS 偏向大型金融機構，該公司是行業整合的相對受益者。

Turning to Slide 9. FIS offers a wide range of software-led solutions that are resonating across a diverse range of end markets, with our product reach increasingly extending beyond traditional financial institutions. I'm pleased to report, we've closed several notable wins this quarter across the host of solutions, beginning with enterprise core platforms, we saw a solid momentum across our product set. Notable wins include the sale of our Digital One platform as well as an expansion of services provided to a large global fintech provider.

轉向幻燈片 9。FIS 提供廣泛的以軟件為主導的解決方案，這些解決方案在各種終端市場中引起共鳴，我們的產品範圍日益擴展到傳統金融機構之外。我很高興地向大家報告，本季度我們在眾多解決方案中取得了幾項重大勝利，從企業核心平台開始，我們在整個產品系列中看到了強勁的勢頭。值得注意的勝利包括出售我們的 Digital One 平台以及擴大向一家大型全球金融科技提供商提供的服務。

Next, our payments and networks offerings underpinned by our loyalty solutions, including Premium Payback and our proprietary debit network, NICE, continue to see tailwinds. We signed several new premium payback engagements in the second quarter, including a leading retailer and a major U.S. financial institution. We continue to be excited about the prospects of our NICE debit network going forward and expect the offering to be a beneficiary of the recently implemented Reg II rules.

接下來，我們的支付和網絡產品以我們的忠誠度解決方案為基礎，包括高級回報和我們專有的借記網絡 NICE，繼續看到順風車。我們在第二季度簽署了幾項新的保費回收協議，其中包括一家領先的零售商和一家美國主要金融機構。我們仍然對 NICE 借記網絡的未來前景感到興奮，並預計該產品將成為最近實施的 Reg II 規則的受益者。

In our Capital Markets business, demand for our institutional solutions continues to be robust. Sales of our treasury and risk management solutions remain particularly strong. And we're seeing solid traction across the board with increased penetration across nontraditional verticals such as large corporates, including insurance and auto finance companies.

在我們的資本市場業務中，對我們機構解決方案的需求持續強勁。我們的財務和風險管理解決方案的銷售仍然特別強勁。我們看到，隨著保險和汽車金融公司等非傳統垂直行業的滲透率不斷提高，該技術在各方面都具有強勁的吸引力。

Finally, I'm delighted with the progress we're making across our Amplify initiative, which was designed to accelerate cross-sells across the enterprise. We had a solid quarter of Amplify-driven sales, particularly the selling of acquiring services into multiple banking and Capital Markets clients. Amplify remains a core part of our sales strategy going forward post the Worldpay transaction. Supported by commercial partnerships, we expect Worldpay will remain a key distribution channel for Banking and Capital Market services for years to come.

最後，我對我們的 Amplify 計劃所取得的進展感到高興，該計劃旨在加速整個企業的交叉銷售。我們的季度銷售由 Amplify 驅動，尤其是向多個銀行和資本市場客戶銷售收單服務。在 Worldpay 交易完成後，Amplify 仍然是我們銷售策略的核心部分。在商業合作夥伴的支持下，我們預計 Worldpay 在未來幾年仍將是銀行和資本市場服務的主要分銷渠道。

Turning to Slide 10. We're making continued progress across our enterprise-wide transformation program, Future Forward. We're well on our way to delivering on our previously communicated cash expense savings and shifting those savings into client-centered outcomes. We continue to prioritize investments focused on modernizing our technology stack, leveraging the cloud, simplifying our user interface and improving the digital experience for end users of our products.

轉向幻燈片 10。我們的企業範圍轉型計劃“Future Forward”正在不斷取得進展。我們正在順利實現之前溝通的現金費用節省，並將這些節省轉化為以客戶為中心的成果。我們繼續優先投資於技術堆棧現代化、利用雲、簡化用戶界面以及改善產品最終用戶的數字體驗。

We recently welcomed a new Chief Technology Officer at FIS with an extensive background in the consumer digital technology space. Our CTO is entrusted with ensuring FIS continues to embrace a developer-focused, innovation-driven culture with the appropriate personnel in place to lead FIS forward and stay ahead of the curve.

我們最近在 FIS 迎來了一位新的首席技術官，他在消費數字技術領域擁有豐富的背景。我們的 CTO 負責確保 FIS 繼續擁抱以開發人員為中心、創新驅動的文化，並配備適當的人員來領導 FIS 前進並保持領先地位。

We're excited about the prospects AI presents for our business and our clients. AI holds the promise of improving employee and client productivity, accelerating development and implementation time lines, reducing costs and improving product quality and customer care. We have several ongoing AI-driven initiatives across the company, and we expect to materially increase the number of programs over the coming months. The early results from these initiatives are encouraging.

我們對人工智能為我們的業務和客戶帶來的前景感到興奮。人工智能有望提高員工和客戶的生產力、加快開發和實施時間、降低成本並改善產品質量和客戶服務。我們整個公司正在進行多項人工智能驅動的計劃，我們預計在未來幾個月內將大幅增加計劃的數量。這些舉措的早期結果令人鼓舞。

With that, I will turn the call over to Erik. Erik?

這樣，我會將電話轉給埃里克。埃里克？

Thanks, Stephanie, and thank you all for joining us this morning. I'll begin on Slide 12 with an overview of our second quarter financial results.

謝謝斯蒂芬妮，也謝謝大家今天早上加入我們。我將從幻燈片 12 開始概述我們第二季度的財務業績。

Overall, we delivered effectively against our commitments, exceeding the high end of our outlook for the quarter. On a consolidated basis, revenue increased 2% organically to $3.7 billion, with adjusted EBITDA margin of 41.4% and adjusted earnings per share of $1.55. Revenue outperformance in the quarter was driven by our Capital Markets segment, exceeding the high end of our outlook, with Banking and Merchant both in line with the high end.

總體而言，我們有效地兌現了我們的承諾，超出了本季度預期的上限。合併後的收入有機增長 2%，達到 37 億美元，調整後 EBITDA 利潤率為 41.4%，調整後每股收益為 1.55 美元。本季度的收入表現出色是由我們的資本市場部門推動的，超過了我們預期的上限，其中銀行和商業部門均符合上限。

As we anticipated, each of our 3 operating segments saw sequential improvement in their adjusted EBITDA margins, with Merchant returning to expansion in the quarter. Adjusted EPS exceeded the high end of our outlook by $0.05, driven by outperformance in EBITDA and some below-the-line favorability in the quarter.

正如我們預期的那樣，我們的 3 個運營部門的調整後 EBITDA 利潤率均出現連續改善，Merchant 在本季度恢復擴張。受 EBITDA 優異表現和本季度一些線下優惠的推動，調整後每股收益超出我們預期的上限 0.05 美元。

Moving to cash flow and our balance sheet. We continue to see improvements across multiple vectors. Our capital expenditures decreased 13% year-over-year to $267 million or 7% of revenue, reflecting continued benefit from our Future Forward initiatives. We generated free cash flow of $953 million in the second quarter, resulting in a year-to-date free cash flow conversion of 94%, well above our full year commitment of greater-than-80% conversion.

轉向現金流和我們的資產負債表。我們繼續看到多個向量的改進。我們的資本支出同比下降 13% 至 2.67 億美元，佔收入的 7%，反映出我們的 Future Forward 計劃的持續收益。第二季度我們產生了 9.53 億美元的自由現金流，導致年初至今的自由現金流轉換率為 94%，遠高於我們全年承諾的超過 80% 的轉換率。

Lastly, we reduced our total debt by approximately $500 million to $19.5 billion, yielding a leverage ratio of 3.2x at a weighted average interest rate of 3.4%, and we returned over $300 million to shareholders through dividends. The team continues to focus on both our operational strengths, cash flow fundamentals as long-term drivers to sustainable shareholder value creation.

最後，我們將總債務減少了約 5 億美元，達到 195 億美元，以 3.4% 的加權平均利率實現了 3.2 倍的槓桿率，並通過股息向股東返還了超過 3 億美元。該團隊繼續關注我們的運營優勢和現金流基本面，將其作為可持續股東價值創造的長期驅動力。

Turning to our Banking and Capital Markets results on Slide 13. On a combined basis, the segments delivered organic revenue growth of 3% in the quarter, driven by 4% recurring revenue growth. Our large and stable backlog held steady, in line with our expectations, exiting the quarter with $23 billion, reflecting flat year-over-year growth and sequential growth of 1% as we recognize revenue while replenishing with new sales. This backlog metric includes contracted yet unrecognized sales with varying contract durations and times to implementation, making it one of many inputs to our underlying growth.

轉向幻燈片 13 上的銀行和資本市場業績。綜合來看，在 4% 的經常性收入增長的推動下，這些部門在本季度實現了 3% 的有機收入增長。我們大量且穩定的積壓訂單保持穩定，符合我們的預期，本季度結束時訂單金額為 230 億美元，同比增長持平，環比增長 1%，因為我們在補充新銷售額的同時確認了收入。該積壓指標包括合同期限和實施時間各異的合同但未確認的銷售量，使其成為我們潛在增長的眾多投入之一。

Looking back, outsized backlog growth over the past few years was largely driven by a handful of large and unique transactions. Excluding these outsized transactions, backlog growth has been stable, while recurring revenue, excluding these transactions, posted growth within our cycle guidance. And more recently, while our year-over-year backlog growth has ranged between flat to 2%, we've seen healthy recurring revenue growth in the first half of 2023 for Banking and Capital Markets.

回顧過去，過去幾年積壓的大幅增長主要是由少數大型且獨特的交易推動的。排除這些超大交易，積壓增長一直穩定，而經常性收入（排除這些交易）在我們的周期指導範圍內實現增長。最近，雖然我們的積壓訂單同比增長率在持平到 2% 之間，但我們看到銀行和資本市場在 2023 年上半年實現了健康的經常性收入增長。

As we noted previously, our sales teams continue to transition to higher quality new sales, which will drive sustainable high-margin long-term growth. This change in sales initiatives is incorporated into our outlook for the year. And while still early in the transition, we're seeing some early indications of success with improvement in the contribution margin on new sales.

正如我們之前指出的，我們的銷售團隊繼續向更高質量的新銷售過渡，這將推動可持續的高利潤長期增長。銷售舉措的這一變化已納入我們今年的展望中。儘管仍處於轉型初期，但我們已經看到了一些成功的早期跡象，新銷售的邊際貢獻率有所提高。

At the segment level, Banking increased 2% organically in the quarter with recurring revenue growth of 3%. Adjusted EBITDA margin contracted 200 basis points to 42.5%, an improvement from the down 250 basis points we saw in the first quarter. Margin contraction was primarily driven by revenue mix as we saw a 10% reduction in high-margin onetime revenue. We continue to anticipate margin expansion in the back half of the year for the Banking segment as Future Forward continues to ramp.

在細分市場層面，銀行業本季度有機增長 2%，經常性收入增長 3%。調整後 EBITDA 利潤率收縮 200 個基點至 42.5%，較第一季度下降 250 個基點有所改善。利潤率收縮主要是由收入組合驅動的，因為我們看到高利潤率一次性收入減少了 10%。隨著“未來展望”的不斷發展，我們繼續預計銀行業務下半年的利潤率將擴大。

Shifting to the Capital Markets segment, which continues to perform exceptionally well. Capital markets increased 7% organically in the quarter with recurring revenue growth of 10%. Revenue growth was driven by the strength of our modernized solution suite, strong sales execution and the multiyear shift from a license to SaaS-based go-to-market strategy.

轉向資本市場領域，該領域繼續表現出色。本季度資本市場有機增長 7%，經常性收入增長 10%。收入增長的推動因素包括我們現代化的解決方案套件的實力、強大的銷售執行力以及從許可到基於 SaaS 的上市策略的多年轉變。

Adjusted EBITDA margins expanded 100 basis points to 50.2%. Margin expansion in the quarter was driven by high contributions on recurring revenue, growth in high-margin license revenue and a reduction in low-margin professional services. Overall, we're pleased with the progress in the first half of the year as we continue to position FIS for sustainable growth in revenue, profit and earnings for years to come.

調整後 EBITDA 利潤率擴大 100 個基點，達到 50.2%。本季度利潤率的增長得益於經常性收入的高貢獻、高利潤率許可收入的增長以及低利潤率專業服務的減少。總體而言，我們對今年上半年取得的進展感到滿意，因為我們將繼續使 FIS 在未來幾年實現收入、利潤和收益的可持續增長。

Turning to Slide 14. Worldpay revenue increased 1% organically with similar subsegment trends as seen in the first quarter. Adjusted EBITDA margins expanded 120 basis points year-over-year or 480 basis points sequentially as we grew our high-margin revenue streams across the operating segment and delivered on cost management. Global volumes grew 6% in the quarter, driven by both consumer spending and strong execution, while our revenue yield improved by 2 points compared to our first quarter results.

轉向幻燈片 14。Worldpay 收入有機增長 1%，細分市場趨勢與第一季度類似。隨著我們在整個運營部門增加高利潤收入流並實施成本管理，調整後的 EBITDA 利潤率同比增長 120 個基點，環比增長 480 個基點。在消費者支出和強勁執行力的推動下，本季度全球銷量增長了 6%，而與第一季度業績相比，我們的收入收益率提高了 2 個百分點。

Turning to Slide 15 for a financial update on Future Forward. As previously messaged, we remain committed to rightsizing our expense base while ensuring an appropriate level of investment in the initiatives outlined in Stephanie's comments. Our Future Forward program centers around this goal with a focus on improving the ways we work and go to market as a company. On a holdco basis, we continue to make significant progress in our cash savings achievement. Exiting the quarter, we achieved over $175 million in annual run rate operational expense reduction, resulting in over $35 million benefit to the quarter. We also increased our capital expenditure achievement to over $140 million as we continue to trend to our $200 million commitment in 2023.

請參閱幻燈片 15，了解 Future Forward 的財務更新。正如之前所傳達的信息，我們仍然致力於調整我們的支出基礎，同時確保對斯蒂芬妮評論中概述的舉措進行適當的投資。我們的“未來展望”計劃圍繞這一目標展開，重點是改善我們作為一家公司的工作和進入市場的方式。在控股公司的基礎上，我們繼續在現金節省方面取得重大進展。本季度結束時，我們實現了超過 1.75 億美元的年度運營費用削減，為本季度帶來了超過 3500 萬美元的收益。我們還將資本支出成果增加到超過 1.4 億美元，並繼續朝著 2023 年 2 億美元的承諾邁進。

In summary, the Future Forward program continues to provide a tangible benefit to our financial P&L and operational health, while enhancing the ways we work. In a moment, I'll provide some estimates on the operational expense targeted to FIS moving forward.

總之，未來展望計劃繼續為我們的財務損益和運營健康帶來切實的好處，同時改善我們的工作方式。稍後，我將對 FIS 未來的運營支出進行一些估算。

Turning to Slide 16 for a recap of our capital allocation priorities for FIS. Throughout 2023 and following the transaction close, FIS will remain focused on reducing debt, paying an appropriate dividend and using excess capital for share repurchase or tuck-in M&A. Our first priority remains a strong balance sheet and investment-grade ratings. Given our free cash flow generation and highly recurring revenue streams, we're comfortable with the long-term gross leverage range of 2.5x to 3x adjusted EBITDA.

請參閱幻燈片 16，回顧我們的 FIS 資本配置優先事項。整個 2023 年以及交易完成後，FIS 將繼續專注於減少債務、支付適當的股息以及利用多餘資本進行股票回購或併購。我們的首要任務仍然是強大的資產負債表和投資級評級。鑑於我們的自由現金流生成和高經常性收入流，我們對 2.5 倍至 3 倍調整後 EBITDA 的長期總槓桿範圍感到滿意。

Next, we remain committed to paying our dividend, and we are reiterating a 35% payout ratio based off FIS adjusted net earnings. We intend to grow this dividend in line with adjusted net earnings going forward, consistent with our historical practice.

接下來，我們仍然致力於支付股息，並重申基於 FIS 調整後淨利潤的 35% 派息率。我們打算根據未來調整後的淨利潤來增加股息，這與我們的歷史做法一致。

Lastly, our default use of excess capital will be share repurchases, inclusive of at least $2.5 billion tied to transaction proceeds with potential upside to this number given the attractive valuation of our stock. Longer term, we intend to consistently return excess capital to our shareholders through share repurchases, while leveraging our advantages of scale and distribution to supplement growth in strategic verticals with complementary tuck-in M&A. This capital allocation strategy provides a robust value proposition for long-term shareholder value creation over a multiyear period.

最後，我們對超額資本的默認用途將是股票回購，其中包括至少 25 億美元與交易收益相關的資金，鑑於我們股票的估值具有吸引力，這一數字還有潛在的上升空間。從長遠來看，我們打算通過股票回購持續將多餘資本返還給股東，同時利用我們的規模和分銷優勢，通過補充性併購來補充戰略垂直領域的增長。這種資本配置策略為多年期間的長期股東價值創造提供了穩健的價值主張。

Turning to Slide 17 for an overview of our revised outlook. On a holdco basis, our second quarter results lead us to confidently increase our guidance to $14.5 billion to $14.63 billion in revenue and $6.03 billion to $6.15 billion in adjusted EBITDA. Consistent with our first quarter revision, this increase aligns with the high end of our guidance to our second quarter beat, in addition to a change in FX assumptions while significantly increasing the low end of our ranges.

請參閱幻燈片 17，了解我們修訂後的展望的概述。在控股公司的基礎上，我們第二季度的業績使我們充滿信心地將收入指引提高至 145 億美元至 146.3 億美元，調整後 EBITDA 提高至 60.3 億美元至 61.5 億美元。與我們第一季度的修訂一致，這一增長與我們第二季度指引的高端一致，此外還改變了外匯假設，同時顯著提高了我們範圍的低端。

Beginning in the third quarter, the Worldpay business will be transitioned to discontinued operations, and we will be restating our first half 2023 financials to reflect this. At that time, we will look to provide an updated outlook for FIS's continuing operations.

從第三季度開始，Worldpay 業務將過渡到已停止運營的業務，我們將重述 2023 年上半年的財務數據以反映這一點。屆時，我們將提供 FIS 持續運營的最新展望。

Our adjusted EPS metric will now be less meaningful given the impending transition of the Worldpay business into discontinued operations. And because of this, we're focusing investors on revenue and adjusted EBITDA until we provide an updated outlook for FIS's continuing operations.

鑑於 Worldpay 業務即將過渡到已停止運營的業務，我們調整後的每股收益指標現在意義不大。正因為如此，我們將投資者的注意力集中在收入和調整後的 EBITDA 上，直到我們提供 FIS 持續運營的最新前景。

On a consolidated basis, we now anticipate organic revenue growth of approximately 1%. This reflects an increase to the low end of both Banking and Capital Markets organic growth outlook to 1% to 2% and 5% to 6%, respectively. Given the impending transition to discontinued operations, we are not updating our Merchant segment outlook from our previously issued full year guidance at this time. That said, we're pleased with the segment's performance over the first half of 2023, and we remain confident in the underlying strength of the Worldpay business.

在合併基礎上，我們現在預計有機收入增長約為 1%。這反映出銀行業和資本市場有機增長前景的下限分別上調至 1% 至 2% 和 5% 至 6%。鑑於即將過渡到停產業務，我們目前不會根據之前發布的全年指引更新我們的商戶部門前景。儘管如此，我們對該部門 2023 年上半年的業績感到滿意，並且我們對 Worldpay 業務的潛在實力仍然充滿信心。

We continue to anticipate margin improvement in Banking and Capital Markets as we ramp the benefits associated with Future Forward. And we are reiterating our outlook for free cash flow conversion of over 80%. As seen in our year-to-date results, we remain confident in delivering on our commitments.

隨著我們提高與 Future Forward 相關的收益，我們繼續預計銀行和資本市場的利潤率會有所改善。我們重申自由現金流轉換率超過 80% 的預期。從我們今年迄今的業績來看，我們仍然有信心兌現我們的承諾。

I'll conclude on Slide #18 with some considerations for FIS in 2024. Following the close of the transaction, FIS will retain a 45% equity stake in the Worldpay business in partnership with GTCR. This equity stake was valued at over $4 billion, accounting for approximately $7 per share at our current share count. We anticipate an effective tax rate for FIS of approximately 19% to 21%. This increase from our current effective tax rate is primarily due to the reduction of the TRA benefit and accounts for increases in the corporate tax rate in certain regions. As previously stated, we would anticipate $10 billion of total gross debt after the transaction close. We expect this debt will carry a weighted average interest rate of approximately 3.25% to 3.75%.

我將在第 18 張幻燈片中總結 2024 年 FIS 的一些考慮。交易結束後，FIS 將與 GTCR 合作保留 Worldpay 業務 45% 的股權。該股權價值超過 40 億美元，按我們目前的股數計算，每股約 7 美元。我們預計 FIS 的有效稅率約為 19% 至 21%。我們當前有效稅率的增加主要是由於 TRA 福利的減少以及某些地區企業稅率的增加。如前所述，我們預計交易結束後債務總額將達到 100 億美元。我們預計該債務的加權平均利率約為3.25%至3.75%。

As noted in the announcement of the transaction, we would anticipate deleveraging to approximately 2.5x, translating to an adjusted EBITDA of approximately $3.9 billion to $4 billion, inclusive of our estimated RemainCo corporate expense.

正如交易公告中所指出的，我們預計去槓桿率將達到約 2.5 倍，調整後的 EBITDA 約為 39 億至 40 億美元，其中包括我們估計的 RemainCo 公司費用。

With regards to our Future Forward program, we expect substantial cost savings of approximately $1 billion for FIS post the Worldpay separation, retaining 80% of the original program. We previously anticipated a year-over-year benefit of approximately $300 million to adjusted EBITDA in 2024. Following the close of the transaction, this $300 million will become approximately $215 million, with an annual run rate of approximately $425 million exiting 2024.

關於我們的 Future Forward 計劃，我們預計在 Worldpay 分離後，FIS 將節省約 10 億美元的大量成本，並保留原始計劃的 80%。我們此前預計 2024 年調整後 EBITDA 的同比收益約為 3 億美元。交易完成後，這 3 億美元將變為約 2.15 億美元，2024 年結束時的年運行率約為 4.25 億美元。

We also anticipate adjusted EBITDA dis-synergies for FIS of approximately $200 million, including $100 million of revenue dis-synergies and $100 million of incremental operational expense dis-synergies. We will look to minimize these dis-synergies with our Future Forward program.

我們還預計 FIS 調整後的 EBITDA 反協同效應約為 2 億美元，其中包括 1 億美元的收入反協同效應和 1 億美元的增量運營費用反協同效應。我們將尋求最大限度地減少這些與我們的“未來前進”計劃的不協同作用。

While we've made significant progress, we're still working diligently to disentangle both allocated infrastructure expense and depreciation and amortization expense between the 2 entities. When appropriate, we'll provide further commentary on both of these items.

儘管我們已經取得了重大進展，但我們仍在努力理清兩個實體之間分配的基礎設施費用以及折舊和攤銷費用。在適當的時候，我們將對這兩個項目提供進一步的評論。

I'll conclude by saying that the team and I are excited about the progress that we've made to continue to move FIS forward and the underlying fundamentals of the business for years to come. I'd like to thank everyone for their time this morning. Operator, will you please open the line for questions?

最後，我和我的團隊對我們在繼續推動 FIS 發展以及未來幾年業務的基本面方面所取得的進展感到興奮。我要感謝大家今天早上抽出寶貴的時間。接線員，請您開通提問線路好嗎？

(Operator Instructions) And our first question will come from the line of Rayna Kumar with UBS.

（操作員說明）我們的第一個問題將來自 UBS 的 Rayna Kumar 線路。

Stephanie and Erik, you both gave some helpful detail on changes you're making to your banking sales force. Can you just talk a little bit about how some of your recent conversations have been with banking clients as they navigate the uncertain macro environment? And are you starting to see any improvement in the sales cycle?

斯蒂芬妮和埃里克，你們都提供了一些關於您對銀行銷售人員所做的改變的有用細節。您能否簡單談談您最近與銀行客戶在不確定的宏觀環境中進行的一些對話？您是否開始看到銷售週期有所改善？

Sure, Rayna. Thanks for the question. So as I discussed in my prepared remarks, banks are really focused, as you would expect, on deposits. And so as part of those conversations, they're looking in terms of how do they gather deposits? Can they continue to do it digitally through their branch network? Or would they like to set up digital banks that will enable them to further gather deposits? That's a big conversation we're having with them. And we think our D1 product and our MBP product are perfect products for those conversations, and we're having those.

當然，雷娜。謝謝你的提問。因此，正如我在準備好的發言中所討論的那樣，正如您所期望的那樣，銀行真正關注的是存款。因此，作為這些對話的一部分，他們正在考慮如何收集存款？他們可以繼續通過分支機構網絡以數字方式進行操作嗎？或者他們想建立數字銀行來進一步收集存款？這是我們與他們進行的一次重要對話。我們認為我們的 D1 產品和 MBP 產品是這些對話的完美產品，我們正在開發這些產品。

In addition to that, as part of the deposit gathering, and I mentioned this as well, we're seeing a lot of accounts getting opened across the banking system. And so I think I mentioned since the first quarter, overall net new banking accounts are up since March and continued to be up across the banking system. And as we mentioned, both deposit growth, net new deposit growth as well as transactions, is what drives the organic recurring revenue growth in both the Banking and Capital Market segments.

除此之外，作為存款收集的一部分，我也提到了這一點，我們看到整個銀行系統開設了很多賬戶。因此，我想我自第一季度以來就提到過，自 3 月份以來，銀行新賬戶總體淨額有所上升，並且整個銀行系統持續上升。正如我們提到的，存款增長、新存款淨增長以及交易都是推動銀行業和資本市場領域有機經常性收入增長的因素。

I'd say the final thing we're talking to them about is profitability, as you might expect, given deposits and our focus on deposits as well as impending increased regulatory challenges, they're looking at their profitability across the board and having conversations with us around outsourcing more of their activities, moving more products to digital, which are all conversation starters for us as we look at our product set across the board.

我想說，我們與他們討論的最後一件事是盈利能力，正如您所期望的那樣，考慮到存款和我們對存款的關注以及即將到來的日益嚴峻的監管挑戰，他們正在全面審視自己的盈利能力並進行對話與我們一起外包更多的活動，將更多的產品轉向數字化，當我們全面審視我們的產品集時，這些都是我們對話的開始。

With respect to the sales piece, I think Erik mentioned a couple of things in his prepared remarks. We continue to see backlog being flat. We expected that. We're seeing sales -- as the sales pipelines get repopulated with higher-margin products, we are seeing the closed sales having higher-margin products across the board. So that's exactly the intent that we expected.

關於銷售部分，我認為埃里克在他準備好的發言中提到了幾件事。我們繼續看到積壓情況持平。我們預料到了。我們看到銷售——隨著銷售渠道重新充滿利潤率較高的產品，我們看到已完成的銷售全面出現利潤率較高的產品。這正是我們所期望的意圖。

But as we had predicted, we expected sales backlog to remain flat. It's a fairly complicated measure, and we feel really confident about our guide even with the flat backlog. So seeing some green shoots in terms of the margin profile of the new sales that we're bringing on, and feel pretty positively in terms of repopulating the backlog with those types of products and product margins.

但正如我們預測的那樣，我們預計積壓銷售將保持平穩。這是一項相當複雜的措施，即使積壓工作持平，我們對我們的指南也非常有信心。因此，我們在新銷售的利潤率方面看到了一些新芽，並且在用這些類型的產品和產品利潤重新填充積壓訂單方面感到非常積極。

That's very helpful. And then I just wanted to touch on the transaction. What feedback have you received from Worldpay clients since the GTCR announcement? Are you hearing of any concerns regarding the impact on the existing commercial relationships or the sale of the business to private equity?

這非常有幫助。然後我只想談談交易。自 GTCR 公告以來，您從 Worldpay 客戶那裡收到了哪些反饋？您是否聽說過有關對現有商業關係的影響或將業務出售給私募股權的任何擔憂？

Yes. Great question. And we are always very focused on this. Every time we do a transaction, we absolutely go out and talk to all of our clients, no. So as you know, Worldpay has been owned by private equity before. That experience for all of our clients that were with us then was positive. There was no disruption. And in fact, typically led to more investment, more M&A activity, more products being brought to bear for those clients to be able to utilize.

是的。很好的問題。我們始終非常關注這一點。每次我們進行交易時，我們絕對會出去與所有客戶交談，不。如您所知，Worldpay 之前曾被私募股權公司收購。對於當時與我們在一起的所有客戶來說，這種經歷都是積極的。沒有出現任何中斷。事實上，通常會帶來更多的投資、更多的併購活動、更多的產品可供客戶使用。

So we're not hearing any concerns, primarily because of the couple of transactions we've done with this asset before, we have a proven track record that we can do these types of transactions and have little to no impact on clients and actually have it be value enhancing.

因此，我們沒有聽到任何擔憂，主要是因為我們之前使用該資產進行過幾筆交易，我們擁有經過驗證的記錄，我們可以進行這些類型的交易，並且對客戶幾乎沒有影響，並且實際上它可以提高價值。

One moment for our next question, and that will come from the line of David Togut with Evercore ISI.

請稍等一下，我們的下一個問題將來自 Evercore ISI 的 David Togut。

Looking at Slide 8, what are your plans to introduce new cloud-native componentized core bank solutions offerings within MBP? Is there a specific rollout time line for each of these new offerings?

請看幻燈片 8，您計劃在 MBP 中引入新的雲原生組件化核心銀行解決方案產品嗎？每項新產品是否都有具體的推出時間表？

Yes. Thanks for your question, David. So MBP, as you know, is a best-in-class next-gen componentized architecture for core. I think we were first to market, and it did most recently won a couple of pretty unique awards.

是的。謝謝你的提問，大衛。因此，如您所知，MBP 是一流的下一代核心組件化架構。我認為我們是第一個進入市場的，而且它最近贏得了一些非常獨特的獎項。

So we are up and live with consumer deposits. We have quite a few of our banks have fully rolled out consumer deposits. We went live in second quarter with consumer lending. So that product is up and running.

因此，我們已經開始接受消費者存款。我們有不少銀行全面推出了消費存款業務。我們在第二季度推出了消費貸款業務。這樣該產品就可以啟動並運行了。

And then I would say, as we look at the road map over 2024, we obviously -- next up would be commercial deposits. So we're feeling really good about where we are with MBP. We have, as you know, signed, over the last 24 months, a significant amount of our large financial institutions. They are in the conversion time line here.

然後我想說，當我們審視 2024 年的路線圖時，我們顯然下一步將是商業存款。所以我們對 MBP 的現狀感覺非常好。如您所知，在過去 24 個月裡，我們已經與大量大型金融機構簽署了協議。他們在這裡的轉換時間線上。

We would expect to see several of them become live in the first or second quarter of next year with some of these big key products and are really excited about it, feel good about launching those guys and then getting the rest of the pipeline live as we move throughout 2024.

我們預計他們中的一些人會在明年第一季度或第二季度與其中一些重要的關鍵產品一起上線，我們對此感到非常興奮，對推出這些人感到高興，然後讓其餘的管道上線，因為我們整個2024 年都會移動。

Got it. And just a quick follow-up. You referenced a NICE networks preparation for Reg II. Can you talk about the pipeline of opportunity you're seeing to pick up online processing away from Visa and Mastercard?

知道了。只是快速跟進。您提到了 Reg II 的 NICE 網絡準備工作。您能談談您看到的從 Visa 和 Mastercard 中獲得在線處理的機會嗎？

Yes. No. So as you know, NICE is a great asset for FIS. It's one of -- there's only so many networks out there. We continue to see Reg II as obviously an opportunity for all of us in the network space. And we have a very significant pipeline there. There's a lot of interest as Reg II comes online. It's obviously very competitive, but we're feeling really good about it.

是的。不會。如您所知，NICE 是 FIS 的寶貴資產。這是其中之一——世界上只有這麼多網絡。我們仍然認為 Reg II 顯然對網絡領域的所有人來說都是一個機會。我們在那裡有一個非常重要的管道。 Reg II 上線後引起了很多人的興趣。顯然，競爭非常激烈，但我們對此感覺非常好。

One moment for our next question. That will come from the line of Jason Kupferberg with Bank of America.

請稍等一下我們的下一個問題。這將來自美國銀行的賈森·庫普弗伯格 (Jason Kupferberg)。

Just wanted to start on the backlog. When do you think we get back to positive year-over-year backlog growth? It sounds like maybe you're still thinking flattish for Q3 specifically. And then will we get a medium-term organic revenue growth target specifically for the Banking segment next quarter when Merchant moves into discontinued ops?

只是想從積壓的工作開始。您認為我們什麼時候才能恢復積壓訂單同比正增長？聽起來你可能仍然認為第三季度的業績會比較平淡。然後，當 Merchant 進入已停止運營的業務時，下季度我們是否會獲得專門針對銀行業務部門的中期有機收入增長目標？

Yes. I think -- so on backlog, I think Erik gave some remarks that he can repeat for you. But tough to predict, but our guidance right now assumes backlog remains flat to slightly down over the next 3 to 4 quarters. And I'll remind, that was the plan as we thought about coming into 2024 and trying to change the margin profile of the product set there.

是的。我認為，關於積壓，我認為埃里克發表了一些評論，他可以為你們重複一遍。但很難預測，但我們目前的指導假設積壓訂單在未來 3 到 4 個季度保持持平或略有下降。我要提醒一下，這是我們考慮進入 2024 年並試圖改變那裡產品的利潤狀況時的計劃。

I think the thing to understand about the new sales and the backlog, and that's why we keep talking about recurring revenue growth, is really, obviously, there's a new sales component to it, but there's also the net new deposit -- or net new account growth plus transaction activity going across the platform that gives us some organic growth while we remix the banking backlog.

我認為要理解新銷售和積壓的事情，這就是為什麼我們一直在談論經常性收入增長，很明顯，它有一個新的銷售組成部分，但也有淨新存款——或淨新存款賬戶增長加上整個平台的交易活動，在我們重新混合銀行積壓訂單的同時，給我們帶來了一些有機增長。

I think with respect to cycle guidance, a little bit soon to be giving cycle guidance. I think what we've said around our cycle guide for FIS is a midterm cycle guide of 3 to 5. I wouldn't expect us to be giving segment cycle guidance or overall cycle guidance for 2024 until we get closer to the guide for 2024. We're just not ready yet.

我認為就週期指導而言，很快就會給出週期指導。我認為我們圍繞 FIS 週期指南所說的是 3 到 5 個中期週期指南。在我們接近 2024 年指南之前，我不希望我們提供 2024 年細分週期指南或整體週期指南.我們只是還沒有準備好。

Yes.

是的。

Understood. And just as a follow-up, so the $4 billion of pro forma adjusted EBITDA for RemainCo next year, is that inclusive of the $200 million of dis-synergies that you mentioned?

明白了。作為後續措施，明年 RemainCo 預計調整後 EBITDA 為 40 億美元，這是否包括您提到的 2 億美元的反協同效應？

Yes. Hey, Jason. So let me try to do a quick summary of the material callouts from the call. I'm just going to walk the whole thing. So in the prepared remarks, I referenced an adjusted EBITDA range of 3.9% to 4% post transaction. This includes a revised corporate expense estimate for FIS moving forward.

是的。嘿，傑森。因此，讓我嘗試快速總結一下通話中的材料標註。我只是要走完全程。因此，在準備好的發言中，我提到了交易後調整後的 EBITDA 範圍為 3.9% 至 4%。這包括修訂後的 FIS 未來公司費用估算。

It also includes the disclosed $200 million of adjusted EBITDA dis-synergies, split $100 million of revenue dis-synergies and $100 million of incremental operating expense. The Future Forward program, admittedly, will offset a lot of these dis-synergies. Keep in mind that we've reduced the Future Forward in year '24 impact from $300 million to $215 million. And then beyond that, I talked about an effective tax rate of 19% to 21% and a weighted average interest rate of 325 basis points to 375 basis points.

它還包括已披露的 2 億美元調整後 EBITDA 不協同效應、分割的 1 億美元收入不協同效應以及 1 億美元的增量運營費用。誠然，“未來前進”計劃將抵消許多這種不協同效應。請記住，我們已將“24 年未來展望”的影響從 3 億美元減少到 2.15 億美元。除此之外，我談到了19%至21%的有效稅率和325個基點至375個基點的加權平均利率。

Jason, one bit of clarification there. The reduction of the Future Forward is just aligning how much is related to Worldpay with respect to the Future Forward versus RemainCo FIS. We thought that was an important clarification.

傑森，有一點澄清。未來遠期的減少只是調整了未來遠期與 RemainCo FIS 方面與 Worldpay 的相關程度。我們認為這是一個重要的澄清。

And one moment for our next question. And that will come from the line of Tien-Tsin Huang with JPMorgan.

請稍等一下我們的下一個問題。這將來自黃天欽與摩根大通的血統。

Some encouraging results, especially in Capital Markets. I was just curious, this double-digit recurring growth in Capital Markets that we've seen in the first half, any callouts for the second half? Just curious here on sustainability. And maybe if it's possible, can you just review the outlook for recurring versus nonrecurring for both the Banking and the Capital Markets segments?

一些令人鼓舞的結果，特別是在資本市場。我只是很好奇，我們在上半年看到資本市場出現兩位數的經常性增長，下半年有什麼亮點嗎？只是對可持續性感到好奇。如果可能的話，您能否回顧一下銀行業和資本市場領域的經常性與非經常性前景？

Yes. So from a banking perspective, I would think about recurring revenue growth as steady through the balance of the year. Capital Markets have seen some elevated recurring revenue through the first half of the year. We specifically called out some anomalous transaction growth in the first quarter associated with some of the bank -- the mini bank crisis. However, we feel good about the raise of the Capital Markets guide from 4% to 6% to 5% to 6% on a full year basis.

是的。因此，從銀行業的角度來看，我認為今年餘下的經常性收入增長將保持穩定。今年上半年，資本市場的經常性收入有所上升。我們特別指出了第一季度與一些銀行相關的異常交易增長——小型銀行危機。不過，我們對全年資本市場指南從 4% 至 6% 提高至 5% 至 6% 感到滿意。

Tien-Tsin, the other thing I would add and you -- thank you for pointing it out is how strong the product set there is in the Capital Markets business and the demand being really high, and we continue to be really excited about it. As we think about FIS moving into post the Worldpay transaction, you would look to see us expect to continue to grow this business very significantly. The demand is very high. The products are resonating really well. The transition from nonrecurring to recurring is going extremely well. Margins look good. So you can expect, as we look at capital broadly across the board and investments, we'll continue to make significant investments in this space given the strength of the product set and how well it resonates with clients.

Tien-Tsin，我要補充的另一件事是，感謝您指出資本市場業務中的產品集有多麼強大，而且需求非常高，我們仍然對此感到非常興奮。當我們考慮 FIS 進入 Worldpay 交易後時，您會看到我們期望繼續大幅增長這項業務。要求非常高。這些產品確實引起了很好的共鳴。從非經常性到經常性的轉變進展得非常順利。邊距看起來不錯。因此，您可以預期，當我們全面審視資本和投資時，鑑於產品集的實力及其與客戶的共鳴程度，我們將繼續在這一領域進行重大投資。

Okay. Perfect. And then a quick follow-up. Just on the backlog, I heard loud and clear, pretty consistent, flat to slightly down next 2, 3 quarters. How about the conversion? Any update and what you're hearing from clients who are looking to convert or get projects started or finished? I know with across IT services and outsourcing, we're hearing a little bit of delays or pushouts. What are you guys seeing?

好的。完美的。然後快速跟進。就積壓而言，我聽到響亮而清晰的聲音，相當一致，在接下來的 2、3 個季度持平甚至略有下降。轉換怎麼樣？您從希望轉換或開始或完成項目的客戶那裡聽到了任何更新嗎？我知道，在 IT 服務和外包領域，我們聽到了一些延遲或推遲的消息。你們在看什麼？

Yes. I saw that, too. Interesting. So we have -- it's a robust backlog. So what we hear from our clients is, can you get us live faster? We're actually not hearing anything about slowing what we have in the backlog. In fact, part of the reason we're really focused on Future Forward, one of the big component pieces of it is how do we drive implementations faster.

是的。我也看到了。有趣的。所以我們有大量積壓的訂單。所以我們從客戶那裡聽到的是，你能讓我們的生活更快嗎？實際上，我們沒有聽到任何關於放慢積壓工作的消息。事實上，我們真正關注 Future Forward 的部分原因是它的重要組成部分之一是我們如何更快地推動實施。

It's one of the things that I've asked the team to look at AI is can we use AI? Can we get our product and development machine there, along with our implementations team to move faster? And it's one of the upsides I think we can have as Kelly Beatty, who drives our Future Forward program really pushes that flywheel faster. So I'm not hearing anything from clients in terms of wanting to slow. Actually, what they want to do is get their products out faster for them because they have either savings or growth banked on the back of that.

我要求團隊研究人工智能的問題之一是我們可以使用人工智能嗎？我們能否讓我們的產品和開發機器以及我們的實施團隊更快地行動？我認為這是我們可以擁有的優勢之一，因為凱利·比蒂（Kelly Beatty）推動了我們的“未來前進”計劃，確實推動了飛輪更快。所以我沒有從客戶那裡聽到任何想要放慢速度的消息。事實上，他們想做的是更快地推出產品，因為他們可以節省開支或實現增長。

One moment for our next question. And that will come from the line of Dave Koning with Baird.

請稍等一下我們的下一個問題。這將來自戴夫·科寧 (Dave Koning) 和貝爾德 (Baird) 的血統。

And I guess, first of all, free cash flow conversion was really good this quarter. And I guess I'm wondering, is the rest of the year supposed to remain strong? And then post the spin, would it actually convert better than it has in the last couple of years, simply because Worldpay was probably a drag on cash flow conversion?

我想，首先，本季度的自由現金流轉換非常好。我想我想知道今年剩餘時間是否應該保持強勁？然後發布旋轉，它實際上會比過去幾年更好地轉換，僅僅因為 Worldpay 可能會拖累現金流轉換嗎？

David, good to hear from you. Cash flow conversion was strong. So first quarter conversion was 84%; second quarter conversion is 104%; year-to-date, 94%, we've guided to 80%. We feel good about the rest-of-year forecast in free cash flow conversion and -- number one.

大衛，很高興收到你的來信。現金流轉換強勁。因此第一季度的轉化率為 84%；第二季度轉化率為104%；今年迄今為止，94%，我們已經指導到 80%。我們對今年剩餘時間的自由現金流轉換預測感到滿意，並且排名第一。

And then question number two, yes, we would expect it to further improve post separation. Regarding free cash flow conversion, we've had a couple of notable drivers here, and they generally align with some of the success that we've had with Future Forward. We're collecting faster. We're spending slower. We've introduced some spend governor processes. As I mentioned in my prepared remarks, CapEx is down materially year-over-year. Our deferred contract costs are down materially year-over-year. We're sitting in a very nice spot with free cash flow conversion through 6 months of the year.

然後是第二個問題，是的，我們希望它能進一步改善分離後的情況。關於自由現金流轉換，我們有幾個值得注意的驅動因素，它們通常與我們在 Future Forward 方面取得的一些成功一致。我們收集的速度更快。我們花錢的速度越來越慢。我們引入了一些支出調控流程。正如我在準備好的發言中提到的，資本支出同比大幅下降。我們的遞延合同成本同比大幅下降。我們處於一個非常好的位置，全年 6 個月都有自由現金流轉換。

Great. And I guess as a follow-up, just on the post-spin basis, a couple of little things. The equities there, the minority interest stake, will you recognize that on a non-GAAP basis? And then what would a dis-synergy, the $100 million of revenue dis-synergies, like what would that be?

偉大的。我想作為後續行動，只是在旋轉後的基礎上，有一些小事情。那裡的股票，少數股權，你會在非公認會計準則的基礎上承認這一點嗎？那麼，1億美元的收入不協同會是什麼？

Dave, it's Stephanie. So yes, I would think so. Yes, our minority interest stake, we would probably expect to non-GAAP that. But we're working through that, obviously, with our Chief Accounting Officer, because that one would be a tough one to actually predict given that it becomes a private company.

戴夫，這是斯蒂芬妮。所以是的，我會這麼認為。是的，我們可能會期望按照非公認會計準則計算我們的少數股權。但顯然，我們正在與我們的首席會計官一起解決這個問題，因為考慮到它成為一家私營公司，這一問題實際上很難預測。

And then with respect to the revenue dis-synergies, the way we thought about that is broadly across the board, as we think about ecosystem agreements in terms of untangling those as well as we think about potential, we feel good about keeping the majority of them, and we have the commercial partnerships set up to do that. But we do anticipate some of those partnerships having to be renegotiated across the board and anticipate some of that to get -- to come away from what we had booked originally.

然後，就收入協同效應而言，我們的思考方式是廣泛全面的，當我們考慮生態系統協議以理清這些問題以及考慮潛力時，我們對保留大部分收入感到滿意。他們，我們已經建立了商業夥伴關係來做到這一點。但我們確實預計其中一些合作夥伴關係必須全面重新談判，並預計其中一些合作夥伴關係將偏離我們最初預訂的目標。

And one moment for our next question. And that will come from the line of Darrin Peller with Wolfe Research.

請稍等一下我們的下一個問題。這將來自沃爾夫研究中心的達林·佩勒 (Darrin Peller) 家族。

If we look at the Banking segment recurring revenue growth rate, I think, as I recall, there were other, let's call them one time or just tough comps. So above and beyond just the nonrecurring items you called out here like license fees, term fees. Can you just remind us of maybe when you start to see the anniversary of, for example, the [0] grow over or other factors?

如果我們看一下銀行業部門的經常性收入增長率，我想，正如我記得的，還有其他的，讓我們稱之為一次或只是艱難的比較。因此，除了您在這裡提到的非經常性項目（例如許可費、期限費）之外。你能否提醒我們，也許當你開始看到週年紀念日時，例如，[0] 增長或其他因素？

And then more importantly, Stephanie, this is more of a cultural question. Just the company was very focused on the larger banks for some time. And so the transition back to the midsize. Can you just talk about how that transition is going, especially culturally? And do you have the right people for that? Have you lost or gained anyone that you need in the transition on the Banking segment?

更重要的是，斯蒂芬妮，這更多的是一個文化問題。只是該公司有一段時間非常專注於大型銀行。所以又過渡到中型。您能否談談這種轉變的進展情況，尤其是文化方面的轉變？你們有合適的人選嗎？在銀行業轉型過程中，您是否失去或獲得了需要的人？

Sure. Maybe I'll start with the second, and then Erik can lean into the first one. I think as we think about Banking, it's really our flagship business, and we serve both the largest financial institutions in the world as well as our -- through the regionals down into the community banks standpoint.

當然。也許我會從第二個開始，然後埃里克可以轉向第一個。我認為，當我們考慮銀行業時，它確實是我們的旗艦業務，我們為世界上最大的金融機構以及我們的——從區域到社區銀行的立場——提供服務。

So I think that we still have all the people in place that serve those clients well. Obviously, those clients have different focus areas, priorities, product set needs. So if you're a large SIFI bank, you obviously have a different set of products you're trying to consume for us. You have a very large tech stack. So you consume those products and then you run your own middleware and your own core deposit system.

所以我認為我們仍然擁有為這些客戶提供良好服務的所有人員。顯然，這些客戶有不同的重點領域、優先事項和產品組需求。因此，如果您是一家大型 SIFI 銀行，您顯然會嘗試為我們使用一套不同的產品。您擁有非常龐大的技術堆棧。所以你消費這些產品，然後運行你自己的中間件和你自己的核心存款系統。

As you think about, you go down market and regional space, the regionals are -- we serve all of those. Those are a lot of the -- modern banking platform business from us and are really focused on transforming their businesses not only with new cores, but are really looking at global money movement across the board as they think about their franchises and making sure that they take share there, and we have a lot of product set there.

正如你所想，你深入市場和區域空間，區域是——我們為所有這些提供服務。這些是我們的很多現代銀行平台業務，它們真正專注於不僅通過新核心來改造他們的業務，而且在考慮他們的特許經營權並確保他們在那里分享，我們在那裡有很多產品。

Then as you move down into the community bank space, as you know, we primarily are the IT and ops shop for those folks. We run everything soup to nuts. And what I've heard from them is, look, we want and need FIS to provide the best-in-class product and services. Because if not, if we're forced to go out, it just becomes very challenging for them in terms of both price but also adding more vendors in their back office given the tech teams they have.

然後，當您進入社區銀行領域時，如您所知，我們主要是為這些人提供 IT 和運營服務。我們把一切都搞得一團糟。我從他們那裡聽到的是，我們希望並且需要 FIS 提供一流的產品和服務。因為如果不這樣做，如果我們被迫走出去，這對他們來說不僅在價格方面變得非常具有挑戰性，而且考慮到他們擁有的技術團隊，他們的後台也會增加更多的供應商。

So I would say, we serve all 3 of those segments very well. They have much different needs and product sets. I think we feel really good about the new talent we brought in, John Durrant, leading our Banking Solutions segment, and the team that he's putting around him, that's complemented with a lot of the key leaders that we already have here today.

所以我想說，我們對這三個細分市場的服務都非常好。他們有很多不同的需求和產品組合。我認為我們對我們引入的新人才約翰·杜蘭特（John Durrant）領導我們的銀行解決方案部門以及他周圍的團隊感到非常滿意，這與我們今天已經擁有的許多關鍵領導者相輔相成。

And I would also say for our Capital Markets business, those -- Nasser Khodri, our President there, those are also serving the largest financial institutions globally. So I think we sit in a really nice spot in terms of having a nice book of business across the board. As you know, we don't serve the smallest community banks or credit unions we never have. So I think that's a space that you wouldn't look us -- see us enter in a significant way. But I think we feel really good about where we are and making sure that our product set continues to be best-in-class for those banks, depending upon what they need.

我還要說，對於我們的資本市場業務，我們的總裁 Nasser Khodri 也為全球最大的金融機構提供服務。因此，我認為我們在全面擁有一本出色的商業書籍方面處於一個非常好的位置。如您所知，我們不為我們從未有過的最小的社區銀行或信用合作社提供服務。所以我認為這是一個你不會看我們的空間——看到我們以一種重要的方式進入。但我認為我們對自己的現狀感到非常滿意，並確保我們的產品集繼續為這些銀行提供一流的產品，具體取決於他們的需求。

Erik, I'll turn it over to you.

埃里克，我會把它交給你。

Yes. And so Darrin, Banking from a recurring revenue perspective, I would think about the back half is steady. Recurring revenue in the first was 4%; second quarter, 3%. I would think about the back half is steady. We've got T. Rowe Price's implementation behind us. So we don't have any customer-specific volatility that we'd expect in the back half.

是的。因此，達林，銀行業從經常性收入的角度來看，我認為下半年是穩定的。第一個經常性收入為 4%；第二季度，3%。我認為後半部分是穩定的。我們有 T. Rowe Price 的實施支持。因此，我們預計下半年不會出現任何特定於客戶的波動。

Okay. I was just wondering if there's a grow over, I guess, the headwind that was there may not recur. But all right, I mean at the end of the day, then the recurring steady at 4% or 3% to 4% is -- it sounds like that's kind of the new norm, assuming what you're doing right now is already delivering what you need, unless there's more to go on that front.

好的。我只是想知道增長是否會結束，我猜，那裡的逆風可能不會再次出現。但好吧，我的意思是在一天結束時，那麼經常性的穩定在 4% 或 3% 到 4% 是——這聽起來像是一種新常態，假設你現在正在做的事情已經交付了你需要什麼，除非這方面還有更多的事情要做。

I think that's fair. I think it's steady for recurring. I think the grow overs, we're largely through those big transactions. So grow overs now sit in nonrecurring for us in the back half of this year, which is what's keeping the overall revenue growth guide down. We still have some lumpiness to go, but it's not in recurring.

我認為這是公平的。我認為它的複發是穩定的。我認為增長主要是通過這些大交易實現的。因此，今年下半年的增長現在對我們來說是非經常性的，這就是導致整體收入增長指引下降的原因。我們還有一些困難需要克服，但它不會反復出現。

One moment for our next question. And that will come from the line of Ashwin Shirvaikar with Citi.

請稍等一下我們的下一個問題。這將來自 Ashwin Shirvaikar 與花旗的血統。

I just wanted to go back to sort of the improvement in sequential growth in EBITDA margins that you mentioned in your early prepared remarks. Could you maybe break down what goes into that in terms of Future Forward benefit versus -- is the improved mix already flowing through? If you could just break down what goes into that?

我只是想回顧一下您在早期準備的發言中提到的 EBITDA 利潤率連續增長的改善。您能否分解一下未來收益與改進後的組合是否已經在流動？如果你能分解一下其中的內容嗎？

Ashwin, it's good to hear from you. Maybe just -- I'll start with taking a step back on some of the margin improvements that we've made. In the fourth quarter of '22, margins were down 320 basis points year-over-year. The first quarter, they were down 190 basis points. The second quarter, they're down 160 basis points. Our third quarter sort of RemainCo at the midpoint, down 50 basis points. So we continued to make progress in margin improvement through the course of the year. I would say predominantly, on the back of Future Forward success, I think some of the green shoots that we're seeing on the sales side will take a little bit of time for us to get those customers installed.

阿什溫，很高興收到你的來信。也許只是——我將首先對我們已經取得的一些利潤率改進進行後退一步。 2022 年第四季度，利潤率同比下降 320 個基點。第一季度下降了 190 個基點。第二季度下降了 160 個基點。我們第三季度的留歐政策處於中點，下降了 50 個基點。因此，我們在這一年中繼續在利潤率改善方面取得進展。我想說的是，在 Future Forward 取得成功的基礎上，我認為我們在銷售方面看到的一些新芽將需要一些時間才能讓這些客戶安裝。

Understood. And then just I want to go back one more time, if I can, to sort of the backlog being flat to down. And I get it, you've been -- you're remixing for better future profitability. But does the same principle apply to existing revenues? Are you taking a look at that contracts that exist and trying to figure out how to remix that? And what's the process for that if that's a consideration? How should we think from a future modeling perspective about the impact of that?

明白了。然後，如果可以的話，我想再回去一次，使積壓工作從持平到下降。我明白了，你一直在重新混合以獲得更好的未來盈利能力。但同樣的原則是否適用於現有收入？您是否正在研究現有的合同並嘗試找出如何重新組合的方法？如果需要考慮的話，流程是怎樣的？我們應該如何從未來建模的角度思考其影響？

Yes. Ashwin, great question. I think the way to think about that is we've looked at products in the mix and really took an approach around can we improve the -- either variable cost or fixed cost to make those product margins better? As you know, we have long-term client contracts. So it's a little tough to go in and renegotiate those until they're up for their natural renewal. And we have them -- the revenue covers the base. So I think about it more in terms of through Future Forward, how do we continue to improve either the variable cost or the overall fixed cost of the product to improve the margin mix broadly.

是的。阿什溫，好問題。我認為思考這個問題的方法是，我們已經研究了組合中的產品，並真正採取了一種方法，我們可以改善可變成本還是固定成本來提高這些產品的利潤率？如您所知，我們擁有長期客戶合同。因此，在它們準備好自然更新之前，要介入並重新協商這些問題有點困難。我們有它們——收入覆蓋了基礎。因此，我更多地從未來展望的角度思考，我們如何繼續改善產品的可變成本或整體固定成本，以廣泛改善利潤率組合。

One moment for our next question. And that will come from the line of James Faucette with Morgan Stanley.

請稍等一下我們的下一個問題。這將來自摩根士丹利的詹姆斯·福賽特 (James Faucette) 家族。

I wanted to just quickly go back to backlog and its development and how that may overlap with changes that you've made in sales force and their focus. I'm just wondering if as the sales force focuses on more profitable potential business in their Banking segment, et cetera, is there a change in the mix of products at all that could affect how we should think about the evolution of backlog and how that flows through ultimately to revenue? Or not really?

我想快速回顧一下待辦事項及其開發，以及它如何與您對銷售人員及其重點所做的更改重疊。我只是想知道，隨著銷售人員專注於銀行業務等領域更有利可圖的潛在業務，產品組合是否會發生變化，從而影響我們如何看待積壓的演變以及如何影響最終流入收入？或者不是真的？

Great question. I think not really because what you're seeing in backlog -- the challenge with the mix was really around the large strategic transformative deals that we signed. And by the way, it's not that we wouldn't be interested in those deals. We're just not relying on them in terms of how to drive kind of core organic recurring revenue growth. So listen when we have those, we'll let you know. I wouldn't necessarily think that there'd be a material impact to the change in the backlog through the modeling. I just think it will take too long given the tenure of the contracts.

很好的問題。我認為並非如此，因為您在積壓訂單中看到的情況 - 組合的挑戰實際上是圍繞我們簽署的大型戰略轉型交易。順便說一句，我們並不是對這些交易不感興趣。我們只是在如何推動核心有機經常性收入增長方面不依賴他們。因此，請聽好，當我們有這些信息時，我們會通知您。我不一定認為通過建模對積壓的變化會有實質性影響。我只是認為考慮到合同期限，這需要太長時間。

Got it. Got it. Okay. That's helpful. And then I guess just related to the change in outlook more generally, especially that you're looking at, have there been any changes in the macro assumptions that you're looking at? And how are you feeling about what you're seeing in the environment more generally? Just thinking about how that may be impacting the formulation of your comments, if at all.

知道了。知道了。好的。這很有幫助。然後我想這與更廣泛的前景變化有關，尤其是您正在考慮的，您正在考慮的宏觀假設是否有任何變化？您對在更廣泛的環境中看到的情況有何感受？只是想想這可能會如何影響你的評論的表達（如果有的話）。

So good to hear from you, James. So taking a step further back. We feel good about the consolidated guide that's gone up broadly. With the results that we have had year-to-date in both Banking and Capital Markets, we feel confident in pulling up the low end of the guide and taking into consideration that we feel the macro is steady.

很高興收到你的來信，詹姆斯。所以退一步說。我們對大幅上漲的綜合指南感到滿意。根據我們今年迄今為止在銀行業和資本市場取得的結果，我們有信心拉高指南的低端，並考慮到我們認為宏觀經濟是穩定的。

And one moment for our next question. That will come from the line of Lisa Ellis with MoffettNathanson.

請稍等一下我們的下一個問題。這將來自麗莎·埃利斯（Lisa Ellis）和莫菲特·內森森（MoffettNathanson）的血統。

I was hoping to dig in and understand a bit better the ongoing commercial arrangements between RemainCo FIS and Worldpay after the partial sale to GTCR. You commented on this a couple of times, Stephanie. Can you just maybe walk through in a little bit more detail what -- how we should think about what commercial arrangements are either already negotiated? In the process of being negotiated? Like what will that arrangement look like on an ongoing basis between the 2 entities?

我希望深入了解並更好地了解在部分出售給 GTCR 後 RemainCo FIS 和 Worldpay 之間正在進行的商業安排。你對此評論過幾次，斯蒂芬妮。您能否更詳細地介紹一下我們應該如何考慮已經協商好的商業安排？正在洽談過程中？兩個實體之間的持續安排會是什麼樣子？

Yes, sure. So happy to. So I think, think about Amplify, which is our cross-sell initiative, where we're trying -- where we're selling, acquiring into Banking and Capital Markets clients. And then on the flip side, where we're selling either issuing NICE loyalty, a lot of those products into our Worldpay clients, so think about the corporate clients there. To date, that has been very successful since the acquisition. However, there hasn't been any revenue share between the segments because we're one company.

是的，當然。很高興。所以我認為，想想 Amplify，這是我們的交叉銷售計劃，我們正在嘗試 - 我們正在銷售，獲取銀行和資本市場客戶。另一方面，我們向 Worldpay 客戶出售許多 NICE 忠誠度產品，因此請考慮一下那裡的企業客戶。迄今為止，自收購以來，這一舉措非常成功。然而，由於我們是一家公司，因此各個部門之間沒有任何收入分成。

So I think as we go into two companies, the way to think about it is a very normal commercial agreement, where whichever distribution channel is selling the other's product, you would expect to get a revenue share to compensate that channel for that product sale on a go-forward basis. We're not going to go back and look at what's been sold and create a revenue share on the historical. It would be a pro forma go-forward only.

因此，我認為，當我們進入兩家公司時，考慮它的方式是一個非常正常的商業協議，無論哪個分銷渠道銷售對方的產品，您都希望獲得收入分成來補償該渠道的產品銷售前進的基礎。我們不會回過頭來看看已經售出的產品並在歷史上創造收入分成。這只是一個形式上的前進。

And we think that's really required for 2 reasons. One, it will preserve the go-forward synergies between the 2 companies and partnerships, but also really fair in terms of making sure that we are compensating, just like you would in a normal arm's length arrangement, the distribution channel for the product and the product for the distribution channel. So that's how we think about it most simplistically.

我們認為這確實有必要，原因有兩個。第一，它將保留兩家公司和合作夥伴之間的前進協同效應，而且在確保我們提供補償方面也非常公平，就像在正常的公平安排中一樣，產品的分銷渠道和分銷渠道的產品。這就是我們最簡單化的思考方式。

Got it. Okay. And then just maybe as a follow-up related to FedNow. So FIS has been really active in account-to-account networks broadly, globally as well as here in the U.S. Can you just talk a little bit about what you're seeing in terms of opportunities for FIS, either from FedNow or just more broadly across the account-to-account landscape?

知道了。好的。然後可能只是與 FedNow 相關的後續行動。因此，FIS 在全球以及美國的賬戶到賬戶網絡中都非常活躍。您能否簡單談談您所看到的 FIS 機會，無論是來自 FedNow 還是更廣泛的機會跨賬戶到賬戶的格局？

Sure. Yes. It's absolutely a trend. As you know, we're there. We've been there for a long time. We have a significant amount of banks currently testing and certifying for FedNow. We have over 115 banks in the pipeline. We have the ability to ramp hundreds more in the coming quarters, depending upon demand.

當然。是的。這絕對是一種趨勢。如你所知，我們就在那裡。我們已經在那里呆了很長時間了。目前，我們有大量銀行正在對 FedNow 進行測試和認證。我們正在籌備超過 115 家銀行。我們有能力在未來幾個季度根據需求增加數百個。

We're seeing some early momentum probably a bit more than when the Clearing House launched RTP. As you know, the certification is just the first step, and then it continues on from there. I'd say it's early with these things, Lisa. As you know, there's always a lot of hype and promise. And I think we're right there in terms of enablement. TBD in terms of how fast it ramps, what the overall financial impacts are, but I do think it's a really important trend in the market. And FIS is there to enable whomever would like to use it.

我們看到了一些早期的勢頭，可能比清算所推出 RTP 時的勢頭要大一些。如您所知，認證只是第一步，然後才是下一步。我想說這些事情現在還為時過早，麗莎。如您所知，總是有很多炒作和承諾。我認為我們在支持方面已經做到了這一點。就其增長速度、總體財務影響而言，還有待確定，但我確實認為這是市場上一個非常重要的趨勢。 FIS 的存在是為了讓任何想要使用它的人都能使用它。

One moment for our next question. And that will come from the line of John Davis with Raymond James.

請稍等一下我們的下一個問題。這將來自約翰·戴維斯和雷蒙德·詹姆斯的血統。

Erik, just a quick clarification. The $3.9 billion to $4 billion, does that include dis-synergies in Future Forward savings?

埃里克，請快速澄清一下。 39 億至 40 億美元是否包括未來遠期儲蓄的反協同效應？

It does not. So let me just walk it again, John. Thank you for the clarifying question. I referenced $3.9 billion to $4 billion for FIS post transaction, and that is inclusive of the corporate expense estimate for FIS moving forward. From there, we disclosed $200 million of total adjusted EBITDA dis-synergies, split $100 million in revenue, $100 million in incremental operating expense. And then we've also got Future Forward benefit, which is down from $300 million to $215 million as we break Future Forward between FIS and Worldpay.

它不是。那麼讓我再講一遍吧，約翰。感謝您澄清問題。我提到交易後 FIS 的費用為 39 億至 40 億美元，其中包括未來 FIS 的公司費用估計。由此，我們披露了 2 億美元的調整後 EBITDA 協同效應總額，1 億美元的收入，1 億美元的增量運營費用。然後，我們還獲得了 Future Forward 福利，隨著我們打破 FIS 和 Worldpay 之間的 Future Forward 福利，該福利從 3 億美元降至 2.15 億美元。

Okay. And just as a quick follow-up. On Banking margins, I think on the 4Q call, you said about 50 basis points of expansion for the full year, which would imply second half margins are kind of up 300 basis points to 400 basis points. Is that still the right way to think about? Any color on the 3Q, 4Q cadence would be helpful.

好的。就像快速跟進一樣。關於銀行業利潤率，我認為在第四季度電話會議上，您提到全年擴張約 50 個基點，這意味著下半年利潤率將上升 300 個基點到 400 個基點。這仍然是正確的思考方式嗎？ 3Q、4Q 節奏上的任何顏色都會有幫助。

Well, the sequencing through the year for Banking margins would continue to improve. I think we get to flat full year Banking margins under the current forecast based on some of the mix shift that we've seen of high-margin onetime revenues coming down.

嗯，今年銀行業利潤率的排序將繼續改善。我認為，根據我們所看到的高利潤率一次性收入下降的一些組合變化，根據當前的預測，我們全年銀行業利潤率將持平。

We do have time for one final question, and that will come from the line of Vasu Govil with KBW.

我們確實有時間回答最後一個問題，該問題將來自 Vasu Govil 和 KBW 的線路。

First one for you, Stephanie, on the Banking side. Understanding that you're not relying on for the larger end of the market anymore to sort of get back to your normalized 3% to 5% revenue growth. But what do you think needs to happen to get that going again? Is it mostly a macro issue at this point? Or is there something else that can be done to get signing those deals again?

斯蒂芬妮，第一個是銀行業方面的。了解您不再依賴較大的市場來恢復正常的 3% 至 5% 收入增長。但你認為需要發生什麼才能讓這種情況再次發生？目前這主要是一個宏觀問題嗎？或者是否可以採取其他措施來再次簽署這些協議？

Okay. So let me make sure I clarify because I've gotten 2 questions, and I want to make sure. We are not stepping away from the large financial institution market. I think what we've called out historically is there have been some large strategic transactions like a T. Rowe Price, for example, where that is a transformative type deal for the institution. Those are not normal backlog type sales. So we're not stepping away from large financial institutions.

好的。所以讓我確保我澄清一下，因為我收到了兩個問題，我想確定一下。我們不會放棄大型金融機構市場。我認為我們歷史上曾指出過一些大型戰略交易，例如 T. Rowe Price，這對於該機構來說是一次變革型交易。這些不是正常的積壓銷售。因此，我們不會放棄大型金融機構。

What I think we've been trying to say is we're not going to rely on those large strategic transactions as a driver for the underlying medium-term cycle guidance for the company of 3% to 5%. We are still absolutely interested in those and pipelining those. We would call them out more specifically. But those were contributors, if you look back at the last couple of years to a couple of percentage points of growth overall in Banking. And so as you think about those normalizing out, and you're coming down from a mid- to upper single-digit number, we would think about, like we said, for FIS RemainCo, the 3% to 5% cycle guide on more of -- a more normalized backlog that doesn't include those.

我認為我們一直想說的是，我們不會依賴這些大型戰略交易作為公司 3% 至 5% 的基本中期週期指導的驅動力。我們仍然對這些和管道化感興趣。我們會更具體地稱呼他們。但如果你回顧過去幾年銀行業總體增長幾個百分點的情況，這些都是貢獻者。因此，當你考慮這些正常化時，你會從中到高個位數下降，我們會考慮，就像我們所說的，對於 FIS RemainCo，更多的 3% 至 5% 週期指南的——更規範化的積壓工作，不包括這些。

Now to the extent we continue to absolutely participate in those in terms of sales processes, and as we think about those and those opportunities and should we win one of those, which does come with a different margin profile, most of the time, we'd be very transparent in terms of that and wouldn't expect to have it as part of our normal recurring backlog activity. So hopefully, that clarifies. I apologize if I created any confusion with that.

現在，就我們繼續絕對參與銷售流程而言，當我們考慮這些和那些機會，以及我們是否應該贏得其中一個（它確實具有不同的利潤狀況）時，大多數時候，我們會“在這方面我們會非常透明，並且不會期望將其作為我們正常的經常性積壓活動的一部分。希望這能夠澄清。如果我對此造成任何混淆，我深表歉意。

No, that's absolutely clear. I guess I was just wondering like what do you think it takes for you to start winning some of those deals again? Because we just haven't -- because I think end of last year, you started to callout an elongation in sales cycle for those large types of deals. And I was just wondering if that's more of a macro issue at that point that we aren't just making those decisions? Or there's something that could be done to drive that, I guess.

不，這絕對清楚。我想我只是想知道您認為需要什麼才能再次開始贏得其中一些交易？因為我們還沒有——因為我認為去年年底，你開始呼籲那些大型交易的銷售週期延長。我只是想知道這是否更像是一個宏觀問題，我們不只是做出這些決定？或者我想可以採取一些措施來推動這一點。

Yes. No. Yes. Sorry. Sorry. Thanks for clarifying. Those are macro. Those large transformative deals where banks are making strategic decisions, whether they want to be in businesses, whether they want to use an outsourced partner or whether they want to be in a hybrid part of that partnership, we saw those slow down at the end of last year. They're all still looking at them. Those cycles are still elongated, as you can imagine.

是的。不，是的。對不起。對不起。感謝您的澄清。這些都是宏觀的。銀行正在做出戰略決策的那些大型變革性交易，無論他們是否想要開展業務，是否想要使用外包合作夥伴，或者是否想要成為該合作夥伴關係的混合部分，我們看到這些交易在2019年底放緩了。去年。他們都還在看著他們。正如你可以想像的那樣，這些週期仍然很長。

With the focus on deposits, the banks have really refocused a lot in terms of deposit gathering, although they still have a very keen eye towards profitability. So those types of transactions typically do drive profitability. But broadly, I'd say the banks are really focused on deposits and deposit gathering as their primary activity and are moving into profitability. So I think -- again, I think it's more macro. And I think Tien-Tsin mentioned, if you're hearing from IT outsourced providers, a lot of those big transformative deals are slowing down from a macro standpoint.

隨著對存款的關注，銀行確實在存款方面重新調整了很多重點，儘管它們仍然對盈利能力非常敏銳。因此，這些類型的交易通常確實會提高盈利能力。但總的來說，我認為銀行確實將存款和存款收集作為其主要活動，並且正在轉向盈利。所以我認為——再說一遍，我認為這更宏觀。我認為 Tien-Tsin 提到，如果您從 IT 外包提供商處聽到，從宏觀角度來看，許多大型變革性交易正在放緩。

That's super helpful. And a quick -- if I may ask a quick follow-up to Erik. You've laid out the $200 million of dis-synergies on the FIS side. I just wanted to make sure that we were backing into the right number on the Worldpay side as well, as we sort of think about the minority interest that will flow back to Worldpay. And we were backing into something like $250 million on the Worldpay side. Is that sort of in the ballpark? And how would you split that between revenues and costs?

這非常有幫助。請快速跟進埃里克的情況。您已經列出了 FIS 方面 2 億美元的反協同效應。我只是想確保我們在 Worldpay 方面也投入了正確的數字，因為我們在某種程度上考慮了將流回 Worldpay 的少數股權。我們在 Worldpay 方面投入了大約 2.5 億美元。這是在球場上嗎？您將如何分配收入和成本？

Yes. Good question. The Worldpay side, it would be $200 million for OpEx dis-synergies and roughly $100 million of revenue dis-synergies for a total EBITDA impact of $300 million.

是的。好問題。 Worldpay 方面，運營支出的反協同效應將達到 2 億美元，收入的反協同效應將達到約 1 億美元，EBITDA 總影響將達到 3 億美元。

Thank you all for participating in today's question-and-answer session. I would now like to turn the call back over to Mr. George Mihalos for any closing remarks.

感謝大家參加今天的問答環節。現在我想將電話轉回給喬治·米哈洛斯先生，讓他發表結束語。

Thank you, everyone, for joining us. Please feel free to reach out with any questions to Investor Relations. And we'll speak with you soon.

謝謝大家加入我們。如有任何問題，請隨時聯繫投資者關係部。我們很快就會與您交談。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝大家的參與。今天的節目到此結束。您現在可以斷開連接。