Fidelity National Information Services Inc (FIS) 2024 Q3 法說會逐字稿

Good day, and welcome to the FIS third-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加 FIS 2024 年第三季財報電話會議。（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. George Mihalos, Head of Investor Relations. Please go ahead, sir.

現在我想將會議交給您的發言人，投資者關係主管喬治·米哈洛斯先生。請繼續，先生。

Thank you, Sherry. Good morning, everyone. Thank you for joining us today for the FIS third-quarter 2024 earnings conference call. This call is being webcasted. Today's new release, corresponding presentation, and webcast are all available on our website at fisglobal.com

謝謝你，雪莉。大家早安。感謝您今天參加我們的 FIS 2024 年第三季財報電話會議。此次通話正在網路上直播。今天的新版本、相應的簡報和網路廣播均可在我們的網站 fisglobal.com 上取得

Joining me on the call this morning are Stephanie Ferris, our CEO and President; and James Kehoe, our CFO. Stephanie will lead the call with a strategic and operational update, followed by James, who will review our financial results.

今天早上和我一起參加電話會議的是我們的執行長兼總裁 Stephanie Ferris；和我們的財務長 James Kehoe。史蒂芬妮將主持這次電話會議，介紹策略和營運方面的最新情況，隨後詹姆斯將審查我們的財務表現。

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.

轉向投影片 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，否則本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。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，我們將提供非 GAAP 信息，包括調整後 EBITDA、調整後淨利潤、調整後每股淨利潤和自由現金流。這些都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資訊與公認會計原則財務資訊的調節在我們的收益報告中提供。

And now, I'll turn the call over to Stephanie.

現在，我將把電話轉給史蒂芬妮。

Thank you, George, and thank you, everyone, for joining us this morning.

謝謝喬治，也謝謝大家今天早上加入我們。

FIS delivered another quarter of strong results with broad-based outperformance against our financial targets, sales momentum across the enterprise, and success securing a number of strategic partnerships, strengthening our leading position across the money lifecycle. As our third-quarter performance demonstrates, we are executing on our strategy to drive greater shareholder value.

FIS 又取得了一個季度的強勁業績，全面超越我們的財務目標，整個企業的銷售勢頭良好，並成功建立了許多策略合作夥伴關係，鞏固了我們在整個資金生命週期的領先地位。正如我們第三季的業績所表明的那樣，我們正在執行我們的策略，以推動更大的股東價值。

Let me share some key financial results and operational highlights with you. Adjusted revenue grew 4% in the third quarter, fueled by a strong acceleration in recurring revenue growth. Adjusted EBITDA margin of 41.3% exceeded our outlook, with both operating segments posting year-over-year margin expansion. We also continue to focus on driving high-quality recurring sales, with cross-sell activity across the enterprise up over 20% year to date.

讓我與您分享一些重要的財務表現和營運亮點。在經常性收入成長強勁加速的推動下，第三季調整後營收成長了 4%。調整後 EBITDA 利潤率為 41.3%，超出了我們的預期，兩個營運部門的利潤率均較去年同期成長。我們也繼續專注於推動高品質的經常性銷售，今年迄今為止，整個企業的交叉銷售活動成長了 20% 以上。

Adjusted EPS of $1.40 increased 13% year over year on a normalized basis. And we returned a total of $700 million of capital to shareholders in the third quarter across both buybacks and dividends.

調整後每股收益為 1.40 美元，在標準化基礎上年增 13%。第三季度，我們透過回購和股利總共向股東返還了 7 億美元的資本。

We also recently closed a small acquisition in the digital space, Dragonfly Technologies, as we make progress against our M&A goals. Our strong operational performance and disciplined capital allocation allow us to once again raise our outlook for 2024.

隨著我們在實現併購目標方面取得進展，我們最近也完成了數位領域的小型收購，即 Dragonfly Technologies。我們強勁的營運業績和嚴格的資本配置使我們再次提高了 2024 年的前景。

Now turning to slide 6. The sales momentum we saw over the first half of the year continued through the third quarter with strong execution across the entire money lifecycle. Within money at rest, we continue to see solid demand across core banking and digital solutions. In core banking, we've already signed more core engagements through the first three quarters of 2024 than we did in all of 2023.

現在轉到投影片 6。我們在上半年看到的銷售動能持續到第三季度，整個資金生命週期的執行力都很強。在閒置資金中，我們持續看到核心銀行和數位解決方案的強勁需求。在核心銀行業務方面，我們在 2024 年前三個季度簽署的核心協議比 2023 年全年還要多。

During the quarter, we signed new deals across all three of our core platforms, IBS, HORIZON, and Modern Banking Platform, And our pipeline of core opportunities continues to expand with strength in the community bank space.

本季度，我們在 IBS、HORIZON 和現代銀行平台這三個核心平台上簽署了新協議，並且憑藉在社區銀行領域的實力，我們的核心機會管道繼續擴大。

Our digital business continues to see accelerating sales momentum with new sales nearly doubling year over year. We look forward to further capitalized on this momentum with our recent acquisition of Dragonfly. Dragonfly complements our Digital One portfolio, expanding our digital offerings across large financial institutions, including some of the largest regional banks for which we already have significant relationships.

我們的數位業務持續呈現加速的銷售勢頭，新銷售額比去年同期幾乎翻倍。我們期待透過最近收購 Dragonfly 進一步利用這一勢頭。Dragonfly 補充了我們的 Digital One 產品組合，將我們的數位產品擴展到大型金融機構，包括我們已經建立了重要關係的一些最大的區域銀行。

The company provides banks with a full suite of solutions to meet the needs of large, complex commercial customers, including managing liquidity, combating fraud, and handling payments. Dragonfly also services a number of banks not currently using an FIS core, creating attractive cross-sell opportunities for us.

該公司為銀行提供全套解決方案，以滿足大型、複雜的商業客戶的需求，包括管理流動性、打擊詐欺和處理支付。Dragonfly 也為許多目前未使用 FIS 核心的銀行提供服務，為我們創造了有吸引力的交叉銷售機會。

Within money in motion, our differentiated payment offerings, particularly our loyalty solutions, had a strong sales quarter as we signed several new marquee partners. We meaningfully expanded our Premium Payback ecosystem with key new partnerships across a number of sectors including leading technology companies, retailers, and financial institutions. Our ability to partner with these market-leading companies underscores FIS's unique ability to unlock financial technology to the world.

在流動資金中，我們的差異化支付產品，特別是我們的忠誠度解決方案，在我們簽署了幾個新的大型合作夥伴後，在季度銷售表現強勁。我們透過與領先科技公司、零售商和金融機構等多個領域建立重要的新合作夥伴關係，有意義地擴展了我們的溢價回報生態系統。我們與這些市場領先公司合作的能力凸顯了 FIS 向世界開放金融科技的獨特能力。

We continue to execute across treasury and risk with solid sales and risk management and continued product innovation, including soon-to-launch, next-generation treasury solutions in partnership with market-leading AI companies.

我們繼續透過紮實的銷售和風險管理以及持續的產品創新來執行財務和風險業務，包括與市場領先的人工智慧公司合作即將推出的下一代財務解決方案。

Across money at work, we recently launched our digital trading storefront, and we continue to see very strong double-digit growth in commercial lending. In summary, we're executing strongly across all growth sectors and are seeing continued new sales momentum across the enterprise.

在工作資金方面，我們最近推出了數位交易店面，並且我們繼續看到商業貸款出現非常強勁的兩位數成長。總之，我們在所有成長領域都表現強勁，並看到整個企業持續出現新的銷售動能。

Now turning to slide 7. As discussed, we signed a number of marquee client wins and secured several high-profile new partnerships during the quarter. Beginning with money at rest, we continue to see traction with banks below $10 billion in assets with a competitive win of a leading mutual bank, South Shore, who will be migrating to our IBS core. Additionally, we signed a license agreement with a leading global commercial bank in the APAC region for Modern Banking Platform.

現在轉到投影片 7。正如所討論的，我們在本季度贏得了一些大客戶，並獲得了一些備受矚目的新合作夥伴關係。從閒置資金開始，我們繼續看到資產低於 100 億美元的銀行的吸引力，領先的互助銀行 South Shore 在競爭中獲勝，該銀行將遷移到我們的 IBS 核心。此外，我們也與亞太地區一家領先的全球商業銀行簽署了現代銀行平台授權協議。

Digital had another strong sales quarter with a number of new engagements. One example is our expanded relationship with EverBank, a growing Southeast-based bank with nationwide deposit and lending capabilities. With over $35 billion in assets that opted for our Digital One Teller solution. EverBank, as I will discuss shortly, is a leading example of our cross-sell flywheel at work, as the bank is both a banking solutions and capital markets customer, opting for new solutions across both segments this past quarter.

數位業務又迎來了一個強勁的銷售季度，並推出了許多新業務。一個例子是我們與 EverBank 擴大了關係，EverBank 是一家不斷發展的東南銀行，擁有全國範圍的存款和貸款能力。超過 350 億美元的資產選擇了我們的 Digital One Teller 解決方案。正如我稍後將討論的，EverBank 是我們交叉銷售飛輪的一個主要例子，因為該銀行既是銀行解決方案也是資本市場客戶，上個季度在這兩個領域選擇了新的解決方案。

Turning to money in motion, our Premium Payback loyalty offering had a standout quarter as we entered into new engagements with a number of leading companies across a wide spectrum of industries. Commerce Bank, a leading regional bank in the Midwest, has selected FIS to provide it with an end-to-end loyalty management platform, including leveraging our Premium Payback loyalty offering. We're excited Commerce Bank has selected FIS to help them differentiate their customer value proposition.

談到流動資金，我們的高級回報忠誠度服務在本季度表現出色，因為我們與各行各業的許多領先公司建立了新的合作關係。商業銀行是中西部領先的區域銀行，已選擇 FIS 為其提供端到端忠誠度管理平台，包括利用我們的高級回報忠誠度產品。我們很高興商業銀行選擇 FIS 來幫助他們區分客戶價值主張。

We're also working with Apple to bring additional payment options to Apple Pay users. In the future, US users checking out with Apple Pay online and in apps on iPhone and iPad, will be able to redeem rewards for purchases across eligible participating Apple Pay issuers with FIS.

我們也與 Apple 合作，為 Apple Pay 用戶提供更多付款選項。未來，使用 Apple Pay 在線上以及在 iPhone 和 iPad 上的應用程式中結帳的美國用戶將能夠透過 FIS 在符合資格的參與 Apple Pay 發卡機構中兌換購買獎勵。

In capital markets, our treasury and risk solutions continue to resonate globally. In the quarter, we renewed and expanded our relationship with one of South Africa's largest financial services provider that relies on FIS's enterprise risk suite to manage the risk exposure.

在資本市場，我們的資金和風險解決方案繼續在全球引起共鳴。本季度，我們更新並擴大了與南非最大的金融服務提供者之一的關係，該提供者依靠 FIS 的企業風險套件來管理風險敞口。

Within money at work, we continued to see strong demand for our commercial lending solutions. As I mentioned earlier, EverBank, a banking solutions client, selected FIS for their commercial loan origination needs, expanding our relationship across the bank. And similarly, [Beobank], a large US based financial institution and banking solutions client, opted for capital markets commercial loan servicing and compliance solutions. This demonstrates the unique value proposition of One FIS, servicing the most complex clients across both our banking and capital markets segment.

在工作資金方面，我們繼續看到對我們的商業貸款解決方案的強勁需求。正如我之前提到的，銀行解決方案客戶 EverBank 選擇 FIS 來滿足其商業貸款發放需求，擴大了我們在整個銀行的關係。同樣，美國大型金融機構和銀行解決方案客戶 [Beobank] 選擇了資本市場商業貸款服務和合規解決方案。這體現了 One FIS 的獨特價值主張，為我們的銀行和資本市場領域最複雜的客戶提供服務。

I'm also pleased to report that FIS has once again recognized as one of the world's best companies by Time Magazine. Also, a number of our solutions received accolades from leading expert advisory firms and prestigious industry journals, including IDC, naming Modern Banking Platform as a leader in its recent North American digital core banking platform support.

我還很高興地向大家報告，FIS 再次被《時代》雜誌評為全球最佳公司之一。此外，我們的許多解決方案還獲得了領先的專家顧問公司和著名行業期刊（包括 IDC）的讚譽，將 Modern Banking Platform 評為其最近的北美數位核心銀行平台支持的領導者。

In Chartis Research, a leading technology research firm, recognizing FIS in its inaugural AI 50 report, highlighting AI adoption in the financial industry. These awards reaffirm our leadership position across the money lifecycle.

領先的技術研究公司 Chartis Research 在其首份 AI 50 報告中認可了 FIS，並強調了人工智慧在金融業的採用。這些獎項重申了我們在整個資金生命週期中的領導地位。

And before I turn it over to James, I want to thank all of our colleagues here at FIS for all of their hard work and welcome our new Dragonfly colleagues to the team. I also want to welcome our two newest Board members, Nicole Anasenes and Kourtney Gibson, to the Board.

在交給 James 之前，我要感謝 FIS 所有同事的辛勤工作，並歡迎蜻蜓隊的新同事加入團隊。我還要歡迎我們的兩位最新董事會成員 Nicole Anasenes 和 Kourtney Gibson 加入董事會。

And with that, James?

那麼，詹姆斯？

Thank you, Stephanie, and good morning. We are very pleased with our performance in the third quarter as we once again exceeded our financial outlook and raised our full-year 2024 projection.

謝謝你，史蒂芬妮，早安。我們對第三季的表現非常滿意，因為我們再次超越了我們的財務預期，並提高了 2024 年全年預測。

Adjusted revenue growth was steady at 4% in the quarter, driven by an acceleration in recurring revenue growth. Adjusted EBITDA margin exceeded our expectations at 41.3%, with margin expansion across both operating segments, offset by a tough year-over-year comparison in corporate expenses. Adjusted EPS was $1.40 in the quarter, up 49% compared to the prior year, and increasing 13% on a normalized basis.

在經常性收入成長加速的推動下，本季調整後營收成長穩定在 4%。調整後的 EBITDA 利潤率超出了我們 41.3% 的預期，兩個營運部門的利潤率均有所增長，但被公司支出的同比嚴峻比較所抵消。本季調整後每股收益為 1.40 美元，比去年同期成長 49%，在正常化基礎上成長 13%。

As described in our earnings release, we made some non-cash adjustments to our previously reported financial statements, primarily reflecting an increase in the cost of revenue in the output solutions business within our banking segment. These revisions has had an immaterial net impact reducing 2022 adjusted EPS by $0.06 and 2023 adjusted EPS by $0.03. For 2024, our adjusted EPS decreased by $0.01 in each of the first two quarters.

正如我們的收益報告中所述，我們對先前報告的財務報表進行了一些非現金調整，主要反映了我們銀行部門輸出解決方案業務收入成本的增加。這些修訂產生了無關緊要的淨影響，使 2022 年調整後每股收益減少 0.06 美元，2023 年調整後每股收益減少 0.03 美元。 2024 年，我們的調整後每股盈餘前兩季各下降 0.01 美元。

Free cash flow was not impacted by these revisions. We have provided a full set of revised financial statements in our earnings materials, and we are confident that the issue has been resolved, and there is no impact on the business going forward. In fact, we are raising our full-year outlook.

自由現金流並未受到這些修訂的影響。我們已在獲利材料中提供了全套修訂後的財務報表，我們有信心該問題已解決，並且不會對未來的業務產生影響。事實上，我們正​​在上調全年展望。

Moving now to our balance sheet and cash flow metrics. Total debt at the end of the quarter was $10.9 billion with a leverage ratio of 2.6 times. We returned $700 million of capital to shareholders including share repurchases of $500 million. Year to date, we have repurchased $3 billion of shares and are well on track to deliver all $4 billion full-year target.

現在轉向我們的資產負債表和現金流量指標。本季末債務總額為 109 億美元，槓桿率為 2.6 倍。我們向股東返還了 7 億美元的資本，其中包括 5 億美元的股票回購。今年迄今為止，我們已回購了 30 億美元的股票，並有望實現 40 億美元的全年目標。

Free cash flow was $530 million with a cash conversion rate of 85%. Cash conversion was impacted by an increase in capital expenditures to 9% in the quarter. We have increased our growth investments and now expect CapEx to be closer to 9% of revenue for the full year.

自由現金流為 5.3 億美元，現金轉換率為 85%。本季資本支出增加至 9%，影響了現金轉換。我們增加了成長投資，現在預計全年資本支出將接近收入的 9%。

Given the higher growth investments, we now expect free cash flow conversion of approximately 85% for the year. We remain confident on meeting all of our capital return commitments for 2024 and over the medium term.

鑑於投資成長較高，我們目前預計今年自由現金流轉換約為 85%。我們仍有信心實現 2024 年及中期的所有資本回報承諾。

Turning now to our segment results on slide 10. Adjusted revenue growth was 4% with recurring revenue accelerating [to] 6%. Banking revenue growth of 3% came in at the higher end of our outlook. Recurring revenue accelerated to 6%, in line with our expectations. Other non-recurring revenue declined 24%, reflecting a tough comparison related to the pandemic relief revenue in the prior year.

現在轉向幻燈片 10 上的細分結果。調整後營收成長率為 4%，經常性收入加速至 6%。銀行業收入成長 3% 處於我們預期的上限。經常性收入加速至 6%，符合我們的預期。其他非經常性收入下降了 24%，反映出與去年的疫情救濟收入的艱難比較。

Lastly, professional services revenue increased 10% year over year, in line with our prior commentary around stabilization and second-half acceleration. Adjusted EBITDA margin expanded 10 basis points, reflecting cost-saving initiatives and operating leverage.

最後，專業服務收入年增 10%，與我們先前關於穩定和下半年加速的評論一致。調整後的 EBITDA 利潤率擴大了 10 個基點，反映了成本節約措施和營運槓桿。

Turning now to capital markets. Adjusted revenue growth was 7%, led by recurring revenue growth of 6%. Excluding the acquisitions, adjusted revenue grew 6%, consistent with the second quarter. Other non-recurring revenue increased 20% with strength in license sales. And professional services increased 4%.

現在轉向資本市場。調整後營收成長 7%，其中經常性收入成長 6%。不計入收購，調整後營收成長 6%，與第二季一致。由於許可證銷售強勁，其他非經常性收入成長了 20%。專業服務成長了 4%。

Adjusted EBITDA margin expanded 90 basis points, reflecting operating leverage and favorable revenue mix. Consistent with prior messaging, we continue to expect full-year margin expansion across both segments.

調整後的 EBITDA 利潤率擴大了 90 個基點，反映了營運槓桿和有利的收入組合。與先前的消息一致，我們繼續預計這兩個細分市場的全年利潤率將擴大。

Turning now to our full-year outlook on slide 11. We are increasing the low end of our revenue range by $20 million and the low end of our EBITDA range by $10 million to reflect our year-to-date performance and confidence in the fourth-quarter outlook. This leads to an EBITDA margin of approximately 40.7%, reflecting year-over-year margin expansion of 50 basis points.

現在轉向幻燈片 11 上的全年展望。我們將收入範圍的下限增加 2000 萬美元，將 EBITDA 範圍的下限增加 1000 萬美元，以反映我們今年迄今的業績以及對第四季度前景的信心。這導致 EBITDA 利潤率約為 40.7%，反映利潤率年增 50 個基點。

We are raising our full year EPS outlook by $0.09 to $0.12, to $5.15 to $5.20, reflecting normalized growth of 16% to 17%. This increase is driven by operational outperformance and continued favorability in below the line items.

我們將全年每股收益預期上調 0.09 美元至 0.12 美元，至 5.15 美元至 5.20 美元，反映了 16% 至 17% 的正常增長。這一增長是由營運表現出色以及線下項目的持續受歡迎所推動的。

Turning now to slide 12, our $20 million increase to the low end of the revenue range reflects confidence in our capital markets achieving the high end of a 6.5% to 7% revenue growth target. For banking, we anticipate coming in closer to the lower to midpoint of the range after adjusting for the higher revenue base in 2023.

現在轉向投影片 12，我們將收入範圍的低端增加了 2000 萬美元，這反映了我們對資本市場實現 6.5% 至 7% 收入成長目標高端的信心。對於銀行業而言，我們預計在針對 2023 年較高的收入基礎進行調整後，將接近該範圍的下限至中點。

We are raising the low end of our adjusted EBITDA range, reflecting our outperformance in the third quarter, and we remain confident in achieving our increased full-year EBITDA range. We are meaningfully increasing our EPS outlook, driven by our operational outperformance and improvements across interest expense and Worldpay EMI.

我們正在提高調整後 EBITDA 範圍的下限，反映我們在第三季度的優異表現，並且我們仍然有信心實現全年 EBITDA 範圍的成長。在我們的營運表現以及利息支出和 Worldpay EMI 方面的改善的推動下，我們正在有意義地提高 EPS 前景。

The interest expense favorability primarily reflects lower levels of debt outstanding given a slower than anticipated level of M&A activity. With that said, our acquisition pipeline remains robust, and we expect to close additional deals in the near future. We are once again increasing our EMI outlook by $35 million to $480 million to $495 million, primarily reflecting a delay in planned operating expense increases.

利息支出優惠主要反映了由於併購活動低於預期水平，因此未償債務水平較低。話雖如此，我們的收購管道仍然強勁，我們預計在不久的將來完成更多交易。我們再次將 EMI 展望上調 3500 萬美元至 4.8 億美元至 4.95 億美元，主要反映了計劃營運費用增加的延遲。

In summary, we are raising our full-year adjusted EPS to $5.15 to $5.20 at 10% increase from the outlook we provided at the beginning of the year.

總之，我們將全年調整後每股盈餘上調至 5.15 美元至 5.20 美元，較年初提供的前景提高 10%。

Let's now wrap up on slide 13. We have delivered another strong quarter, accelerating our recurring revenue growth, and projecting 50 basis points of margin expansion for the year. We are once again raising our 2024 EPS outlook, and we returned $700 million to shareholders and are on track to meet our $4 billion of share repurchase commitment for the year. Lastly, we are confident in delivering strong returns to our shareholders over the foreseeable future.

現在讓我們結束投影片 13。我們又實現了強勁的季度業績，加速了我們的經常性收入成長，並預計今年的利潤率將擴大 50 個基點。我們再次調高 2024 年每股盈餘預期，並向股東返還 7 億美元，並有望實現今年 40 億美元的股票回購承諾。最後，我們有信心在可預見的未來為股東帶來豐厚的回報。

With that, operator, could you please open the line for questions?

那麼，接線員，您可以開通提問線路嗎？

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi, thank you very much for taking my question this morning. Can you help us think through the puts and takes for capital markets growth in Q4 -- the implied expectations in Q4? The year-over-year comparison gets easier. I'm just trying to back into how we get to your applied guide. Thank you.

你好，非常感謝你今天早上回答我的問題。您能否幫助我們思考第四季資本市場成長的賣權和賣權－第四季的隱含預期？同比比較變得更容易。我只是想回顧一下我們如何獲得您的應用指南。謝謝。

Yeah. As we said on the prepared remarks, as we took a look at the business more recently, it had a strong Q3. And then looking out, we recognize that our 6.5% to 7% full-year guide was, call it, a little on the conservative side. So that's why in the verbal commentary, I said we expect to be basically on the high-end of the 6.5% to 7%, and that will result in a pretty strong -- if you do the implied growth rate, that will result in a strong both recurring and total adjusted revenue growth in the quarter.

是的。正如我們在準備好的評論中所說，當我們最近審視該業務時，它的第三季度表現強勁。然後展望未來，我們認識到我們 6.5% 至 7% 的全年指導有點保守。這就是為什麼在口頭評論中，我說我們預計基本上會達到 6.5% 到 7% 的高端，這將導致相當強勁的結果——如果你計算隱含成長率，這將導致本季經常性收入和調整後總營收均強勁成長。

And as a reminder, it's kind of in the bag because you recall in both businesses, we had a relatively weak adjusted revenue in the prior-year quarter. The total company was close to zero, and I think capital markets was up 1%. So we're very, very confident on this capital markets number touching 7% on the full year.

提醒一下，這已經是板上釘釘的事了，因為你還記得在這兩項業務中，我們去年同期的調整後收入相對較弱。公司總數接近零，我認為資本市場上漲了 1%。因此，我們對全年資本市場數字達到 7% 非常非常有信心。

Got it. Okay. And one more for me. On the Dragonfly acquisition, can you comment on the contribution you're expecting as we close out of the year here in the fourth quarter from that deal?

知道了。好的。還有一張給我。關於 Dragonfly 的收購，您能否評論一下您預計交易將在今年第四季結束時帶來的貢獻？

Yeah, it's really pretty small because the deal is basically closing as we speak. I think that number is less than $10 million of revenue in the quarter. The acquisition just in general, at least in the initial 12 months, is probably -- it's dilutive to company margins, but we still see strong synergy of opportunity, both revenue and on the cost side, but principally on revenue. This is a great acquisition and highly strategic.

是的，它確實很小，因為就在我們說話的時候，交易基本上已經完成了。我認為這個數字還不到本季 1000 萬美元的營收。總體而言，至少在最初的 12 個月內，此次收購可能會稀釋公司利潤，但我們仍然看到收入和成本的強大協同效應，但主要是收入方面。這是一次偉大的收購，具有高度的策略意義。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Hey, thank you. Good morning. Happy Monday. Just wanted to ask on visibility going into the fourth quarter in general. Any changes across recurring, non-recurring in both the segments? And it looks like just higher CapEx investments is really the only change. Any other color on that specifically? Thanks.

嘿，謝謝你。早安.週一快樂。只是想問一下第四季的整體能見度。這兩個部分的經常性和非經常性有任何變化嗎？看起來更高的資本支出投資確實是唯一的改變。具體還有其他顏色嗎？謝謝。

Tien-Tsin, maybe I'll start in terms of trends. We continue to see very stable economic trends across banking and capital markets, as James talked about our confidence in the fourth quarter guide, but generally, you see very consistent trend, banks continue to spend, technology continues to be one of their largest spend areas. We're not overly exposed to consumer spend, and that continues to be stable. So nothing causing us concern as we think about the fourth quarter.

Tien-Tsin，也許我會從趨勢開始。我們繼續看到銀行和資本市場的經濟趨勢非常穩定，正如詹姆斯談到我們對第四季度指導的信心一樣，但總的來說，你會看到非常一致的趨勢，銀行繼續支出，技術仍然是他們最大的支出領域之一。我們並沒有過度受到消費者支出的影響，而且這種情況仍然保持穩定。因此，當我們思考第四季時，沒有什麼引起我們擔憂的。

And then maybe I'll turn it over to James for the second half of your question.

然後也許我會把你問題的後半段交給詹姆斯。

Yeah, no, there's -- we don't see any particular concern. I'll just add onto that on margins as well, we see a strong outlook for margins in the fourth quarter. And as you saw from our prepared remarks, the total year margin expansion is now 50 basis points. So we're seeing strong benefits from our cost programs and our operating leverage.

是的，不，我們沒有看到任何特別的擔憂。我還要補充利潤率，我們看到第四季的利潤率前景強勁。正如您從我們準備好的評論中看到的那樣，年度總利潤率擴張現在為 50 個基點。因此，我們看到我們的成本計劃和營運槓桿帶來了巨大的好處。

On capital, yeah, we -- two big drivers here as we were working through it over the last couple of months. One is, we took select decisions to invest in the business to stimulate and continued to drive revenue growth. But then there's another factor that we have some technology suppliers who have been dramatically ramping up their price list. And these are pretty exorbitant increases, 50%, 60%, 70%. And essentially these companies are owned by private equity, and they're placing us in a position where we were facing high levels of inflation across some of our capital programs.

在資本方面，是的，我們——過去幾個月我們一直在努力解決這個問題，我們有兩個重要的推動者。一是，我們做出了選擇性的投資業務的決定，以刺激並持續推動收入成長。但還有另一個因素，我們的一些技術供應商一直在大幅提高他們的價格表。這些增幅相當高，50%、60%、70%。從本質上講，這些公司由私募股權公司擁有，它們使我們的一些資本計劃面臨高通膨的情況。

We're working through this, and you can be sure we will take action against it. But it's put some pressure on our capital spend over the finish of the year. But I do want to emphasize, this is all incredibly manageable within the free cash flow conversion. As we look forward into next year, we're fairly comfortable on cash conversion.

我們正在解決這個問題，您可以確信我們會採取行動反對它。但這給我們年底的資本支出帶來了一些壓力。但我確實想強調，在自由現金流轉換中，這一切都是非常容易管理的。當我們展望明年時，我們對現金轉換相當滿意。

Capital will probably remain at current levels, but we're very, very confident on any guide we gave in the past concerning return of capital to shareholders. I just wanted to emphasize that. So think of this as temporary, some suppliers have ratcheted up prices higher than we would think are acceptable. And we just got to manage through this over the coming months.

資本可能會保持在當前水平，但我們對過去提供的有關向股東資本回報的任何指導都非常非常有信心。我只是想強調這一點。因此，請將此視為暫時的，一些供應商已將價格提高到高於我們認為可接受的水平。我們必須在接下來的幾個月解決這個問題。

Great. Very clear. Thank you both for that. Just quickly, what's driving the prior period accounting revision again? And given the new baseline, should we consider any adjustments to the longer-term outlook as well? Thank you.

偉大的。非常清楚。謝謝你們倆。很快，是什麼因素再次推動前期會計修正？鑑於新的基準，我們是否也應該考慮對長期前景進行調整？謝謝。

Yeah, good question. This was -- first of all, I would say it's relatively immaterial. And I gave you some numbers on the call. If you think about it, it was one $0.01 in each of the first two quarters of this year. That's the first thing, it was pretty immaterial to EPS.

是的，好問題。首先，我想說這相對無關緊要。我在通話中給了你一些號碼。如果你想一想，今年前兩季每季都是 0.01 美元。這是第一件事，它對每股收益來說並不重要。

Two is it didn't have an impact on cash flows. So it was basically a non-cash adjustment. And we've completely worked through this. We've resolved the issue, which was about a small -- it was around a small output solutions business, which essentially is card production and print and mail. So a very, very small business.

二是它對現金流沒有影響。所以這基本上是一個非現金調整。我們已經完全解決了這個問題。我們已經解決了這個問題，這是一個小問題 - 它是圍繞著一個小型輸出解決方案業務，本質上是卡片製作、列印和郵件。所以這是一家非常非常小的企業。

And then a final comment is, it has no impact on future operations. And you've seen from the quarter, we had a solid beat in the EBITDA, and we're calling up the full year on EPS, and we have good confidence in the future as well. So this is very much behind us, and we're very encouraged by current business results.

最後的評論是，它對未來的營運沒有影響。從本季你可以看到，我們的 EBITDA 強勁成長，我們正在展望全年的每股盈餘，我們對未來也充滿信心。所以這一切已經過去了，我們對目前的業務成果感到非常鼓舞。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey, guys. Great results again. Quick question on banking, looks like growth is expected to accelerate organically in the fourth quarter. Can you maybe give us some color on how you're tracking versus different customer types? And we're hearing some chatter that you're doing really well in the down market versus the incumbent? So maybe, Stephanie, if you can elaborate on that, that would be great. Thank you.

嘿，夥計們。再次取得了很好的成績。關於銀行業的快速問題，看起來第四季的成長預計將有機加速。您能給我們一些關於您如何追蹤不同客戶類型的資訊嗎？我們聽到一些議論說，與現有企業相比，你們在低端市場做得非常好？所以，史蒂芬妮，如果你能詳細說明這一點，那就太好了。謝謝。

Yeah. Thanks, Dan. Appreciate your comments. So as James mentioned, we feel confident on banking. As you know, we're coming up a fairly easy comp from last year. We're driving some higher growth. We are pleased with the progress we're making in terms of competitively around core and digital in particular.

是的。謝謝，丹。感謝您的評論。正如詹姆斯所說，我們對銀行業充滿信心。如您所知，我們將推出去年相當簡單的比賽。我們正在推動更高的成長。我們對我們在核心競爭力和數位競爭力方面取得的進展感到高興。

As you know, we span the large FI market and in the community bank. We don't really go below the $2 billion mark. So we were focusing where we think our sweet spot is. We were pleased with selling cores in all three of our strategic cores Modern Banking Platform, IBS, and HORIZON.

如您所知，我們橫跨大型金融市場和社區銀行。我們並沒有真正低於 20 億美元大關。所以我們把重點放在我們認為最佳位置的地方。我們對所有三個策略核心（現代銀行平台、IBS 和 HORIZON）的核心銷售感到滿意。

We've obviously made a big push as I've come into the chair to ensure that we fortify our existing customer base and then go after the banks that we think we can win, and we've been really successful with that. So continuing to keep our heads down and be very competitive there.

當我就任主席時，我們顯然做出了巨大的努力，以確保我們鞏固現有的客戶群，然後追隨我們認為可以贏得的銀行，我們在這方面確實取得了成功。因此，我們要繼續保持低調，保持競爭力。

As you know, we think we have the best-in-class product suite across the board. And so we leveraged that as well as the scale of the distribution channel and are feeling really good about where we're going. Still have work to do and we'll continue to focus but feel good about the progress we've made thus far.

如您所知，我們認為我們擁有全面一流的產品套件。因此，我們利用了這一點以及分銷管道的規模，並對我們的發展方向感到非常滿意。仍有工作要做，我們將繼續關注，但對迄今為止所取得的進展感到滿意。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Good morning, guys. Thanks. I wanted to start on the banking segment. I think you said you expect to be in the lower to middle part of the full-year guidance range. So I know last quarter you had talked about doing at least 5% growth in the fourth quarter for banking. So see maybe if you can clarify if you're down-ticking a little bit there, and just put a finer point on what you do now expect for Q4 in banking and maybe what changed around the margin in the last three months? Thanks.

早安，夥計們。謝謝。我想從銀行業開始。我想你說過你預計會處於全年指導範圍的中下部分。所以我知道上個季度您曾談到銀行業第四季至少 5% 的成長。因此，看看您是否可以澄清一下您是否在這方面有所下調，並更好地闡述您現在對銀行業第四季度的預期，以及過去三個月的利潤率發生了什麼變化？謝謝。

(technical difficulty) and then maybe I'll ask Stephanie to weigh (technical difficulty). As we looked at the banking guide, just to be clear, we're confirming the total company guide, and we're very comfortable with that. We called up capital markets. We were doing some clean-up of the forecast, because capital markets was overly conservative for fourth quarter.

（技術難度）然後也許我會請史蒂芬妮稱重（技術難度）。當我們查看銀行指南時，需要明確的是，我們正在確認整個公司指南，我們對此感到非常滿意。我們致電資本市場。我們正在對預測進行一些清理，因為資本市場對第四季度過於保守。

And looking into banking, we have two things, and this is kind of unusually hard to explain. When we did the accounting revision, it increased the revenue last year, there was a slight revenue impact. So the fourth quarter has an impact, call it you're lapping a higher number. And this pulled down our overall growth expectation by 15 basis points -- 15 basis points to 20 basis points.

就銀行業而言，我們有兩件事，這是異常難以解釋的。當我們進行會計修正時，去年的收入增加了，對收入有輕微的影響。所以第四季會產生影響，可以說你的圈數更高了。這將我們的整體成長預期降低了 15 個基點——15 個基點到 20 個基點。

So as we looked at the full-year guide, we said just to be conservative, let's pull that back, because it actually changed the base on us. So that's called it a non-comparability adjustment of 15 bps to 20 bps.

因此，當我們查看全年指南時，我們說只是保守一點，讓我們撤回這一點，因為它實際上改變了我們的基礎。所以這就是所謂的 15 bps 至 20 bps 的非可比性調整。

The other piece was, we've signed a bunch of -- you've seen we're getting a lot of traction on new signings. We signed a lot of activity recently. We've just seen a couple of conversions -- just the physical conversion, not the contract. The physical conversion has slipped into the first half of next year. So this is purely a shift, and it's no impact on business as usual.

另一件事情是，我們已經簽下了很多——你已經看到我們在新簽約方面獲得了巨大的吸引力。最近我們簽了很多活動。我們剛剛看到了一些轉換——只是物理轉換，而不是合約。實體轉換已延後到明年上半年。所以這純粹是轉變，對平常的業務沒有影響。

The contracts were actually signed. They're in the bank. That just -- it's getting the work programmed out there. So I would think of this adjustment to banking, the guide as housekeeping. One is correcting this accounting revision and the other one is just some housekeeping around timing of executions.

合約確實簽訂了。他們在銀行。那隻是——它正在將工作編程出來。所以我認為銀行業的這種調整，指引就像內務管理一樣。一個是糾正這項會計修訂，另一個只是圍繞執行時間進行一些內務處理。

Yeah. The only thing I would add is the -- on the timing, it's client requested. So we have the resources available and are ready to go. It's more being client requested and when they're ready to go. And as we get closer to the end of the year, as you know, people do freezes. And so they weren't quite ready, so pushing into the first half of next year.

是的。我唯一要補充的是──在時間上，這是客戶要求的。因此，我們擁有可用資源並準備就緒。更多的是根據客戶的要求以及他們準備好時進行。正如你所知，當我們接近年底時，人們確實會凍結。所以他們還沒完全準備好，所以要延到明年上半年。

Okay. But it's actually a good segue to my second question. I know at the Investor Day earlier this year, you talked about banking growing 3.5% to 4.5% next year and in 2026, and then 7.5% to 8.5% on cap markets. So just as we start to tune the models for 2025, what should we be considering in terms of factors that maybe land you more at the lower end versus the higher end? Both implied there will be a little bit of acceleration versus 2024. Thank you.

好的。但這實際上是我的第二個問題的一個很好的延續。我知道在今年稍早的投資者日上，您談到銀行業明年和 2026 年將成長 3.5% 至 4.5%，然後資​​本市場成長 7.5% 至 8.5%。因此，當我們開始調整 2025 年的車型時，我們應該考慮哪些因素可能會讓您更處於低端而不是高端？兩者都暗示與 2024 年相比將會有一些加速。謝謝。

Yeah. So, Jason, I think what we would say is we haven't changed anything with respect to the commitments we made in Investor Day, but we're not quite ready to give a guide in 2025. But you can see that banking solutions is accelerating, capital market's accelerating in the second half, so those are good data points, but not yet ready to call 2025. We'll be back to you in early first quarter.

是的。所以，傑森，我認為我們要說的是，我們在投資者日做出的承諾沒有任何改變，但我們還沒有準備好在 2025 年提供指導。但你可以看到銀行解決方案正在加速，資本市場在下半年加速，所以這些都是很好的數據點，但還沒準備好迎接 2025 年。我們將在第一季初回覆您。

Yeah, Jason, the only thing I would add is, after the call, maybe take a look at first half versus second half on banking. And there's quite an acceleration both in recurring and in the adjusted revenue. And I think we would feel very comfortable with the second-half growth. And then we'll get back to you guys in early February with the full-year guide. But we're very comfortable as we look out in the growth drivers on the banking business.

是的，傑森，我唯一要補充的是，在電話會議之後，也許看看銀行業的上半場和下半場。經常性收入和調整後收入都有相當大的成長。我認為我們會對下半年的成長感到非常滿意。然後我們會在二月初回覆大家全年指南。但當我們關注銀行業務的成長動力時，我們感到非常放心。

Darrin Pelle, Wolfe Research.

達林佩爾，沃爾夫研究中心。

Hey, thanks, guys. Nice job. Just to quickly touch on M&A for a minute. I think you had talked about doing about $1 billion for the year, and if you didn't get stuff done, you would be focused on returning capital to shareholders.

嘿，謝謝，夥計們。幹得好。快速談一下併購。我想你曾談到今年要做大約 10 億美元，如果你沒有完成工作，你將專注於向股東返還資本。

And so with having done a relatively small amount so far, maybe just give us a quick update on thoughts around what you foresee doing maybe in the next couple of quarters that you'd save capital for versus buybacks or if it can be expected to be share repurchase. And then really just remind us the strategy of what you're looking for to add onto the business?

因此，到目前為止，我們所做的金額相對較小，也許只是給我們一個關於您預計在接下來的幾個季度中可能會做什麼的想法的快速更新，您將為回購節省資金，或者是否可以預期股份回購。然後真的只是提醒我們您想要為業務添加什麼的策略嗎？

Yeah, thanks, Darrin. So maybe I'll start with the strategy. I think the strategy is consistent. We're looking at small tuck-in acquisitions that can advance our growth verticals -- so digital payments, commercial lending, treasury, et cetera -- risk. So the areas that have higher growth, higher margin for us. So looking at tuck-in activities across that universe.

是的，謝謝，達林。所以也許我會從策略開始。我認為策略是一致的。我們正在考慮進行小型收購，以推動我們的垂直成長——例如數位支付、商業貸款、財務等等——風險。因此，成長較高的領域對我們來說利潤率較高。因此，看看整個宇宙中的塞入活動。

The universe continues to be fairly robust, and we think valuations are fair. We're really focused as we look at those in terms of returns and return on invested capital. You're right. We've been fairly light as we've been looking.

宇宙仍然相當強勁，我們認為估值是公平的。當我們從回報率和投資資本回報率的角度來看這些問題時，我們確實非常關注。你說得對。正如我們一直在尋找的那樣，我們相當輕。

I'm very excited about the Dragonfly acquisition. That's about $300 million we'll spend this year. And excited about that in the digital space right in line with being accretive to revenue. As James mentioned, I do think these will be margin dilutive in the first year or two as we put the synergies into them. But we'll be back to you more on that.

我對 Dragonfly 的收購感到非常興奮。今年我們將花費約 3 億美元。我們對數位領域的收入成長感到興奮。正如詹姆斯所提到的，我確實認為當我們將協同效應投入其中時，這些將在前一兩年內稀釋利潤。但我們會就此向您提供更多資訊。

Obviously, if we do not spend through the end of this year, the $1 billion, we would look to return it to you in 2025 in the form of share repurchase but -- and we'll be happy to talk more about that as we come out in 2025. But we wouldn't be looking to keep the cash on our balance sheet if we can't successfully find the M&A transaction that we like.

顯然，如果我們在今年年底之前不花掉這 10 億美元，我們希望在 2025 年以股票回購的形式將其返還給你們，但是——我們很樂意在我們2025年問世。但如果我們無法成功找到我們喜歡的併購交易，我們就不會尋求將現金保留在我們的資產負債表上。

All right. That's really helpful, Stephanie. Thanks. Guys, just to reiterate again, the acceleration in the recurring banking growth, I know comps were easy, but the trends do sound like there's some strength being seen by the -- on the core side. So can you just remind us sort of rank order the top three drivers that are really giving you confidence in the recurring revenue on the banking side, having accelerated in the second half and probably into the first half a little bit?

好的。這真的很有幫助，史蒂芬妮。謝謝。夥計們，再次重申一下，銀行經常性增長的加速，我知道比較很容易，但趨勢聽起來確實在核心方面看到了一些力量。那麼，您能否提醒我們對真正讓您對銀行業經常性收入充滿信心的三大驅動因素進行排序，這些驅動因素在下半年有所加速，並且可能在上半年有所加速？

Yeah. In recurring, I think as you think about it, as we've talked about generally organic growth in banking is driven by transactions across debit and all of our issuer capabilities as well as accounts. And we've talked to you about it in Investor Day in terms of thinking about that in a 3% range.

是的。重複一遍，我認為正如您所思考的那樣，正如我們所討論的那樣，銀行業的有機增長通常是由借記卡交易以及我們所有發行人能力以及帳戶驅動的。我們在投資者日與您討論了 3% 範圍內的情況。

And then as we look to add new cores and add new sales, net new sales, you would expect that to go up. So you can see us having a better second half than first half as that equation starts to work out for us. And as we put on a bit of more new sales than we had historically, and we grow over some of the non-recurring -- I know you asked about recurring -- but we do have some of the non-recurring to headwind trends.

然後，當我們尋求添加新核心並增加新銷售額、新淨銷售額時，您會期望該數字會上升。所以你可以看到我們的下半場比上半場更好，因為這個方程式開始為我們發揮作用。隨著我們的新銷售量比歷史上多一些，我們的成長超過了一些非經常性的——我知道你問過經常性的——但我們確實有一些非經常性的逆風趨勢。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey, good morning, guys. Just want to circle back to CapEx. I think you said 9% this year, the medium-term guide is 7% to 8%. So is that more near term? Or how should we think about CapEx on the next couple of years?

嘿，早上好，夥計們。只是想回到資本支出。我想你說今年9%，中期指導是7%到8%。那麼這是更近期的事嗎？或者我們應該如何考慮未來幾年的資本支出？

Yeah. I think if you think about it longer term, we're still pretty confident that the run rate of the business is 7%, 8%, probably closer to 8%, which is pretty much where the competitive set is sitting. There might be, as I said, this temporary -- we're getting a lot of pressure driven by some aggressive positions by technology providers plus some scale up and investments. And in our investments, in general, are very consistent with the strategy. It is -- we're spending -- probably entering the year, we're spending more on the digital business. Most of what was in the plan were continued to spend there. And that's probably one of our most strategic category.

是的。我認為，如果你從長遠來看，我們仍然非常有信心業務的運作率為 7%、8%，甚至可能接近 8%，這幾乎是競爭對手的水平。正如我所說，這可能是暫時的——由於技術提供者的一些激進立場以及一些規模擴大和投資，我們面臨著很大的壓力。而且我們的投資，整體來說，是非常符合策略的。我們正在支出——可能進入今年，我們將在數位業務上投入更多資金。計劃中的大部分資金繼續在那裡花費。這可能是我們最具戰略意義的類別之一。

And then after that, you got cards and money management. Again, it's a significant increase versus the budgeted spend as we drive the growth factors more aggressively. So we're spending it in the right places.

之後，你就得到了卡片和資金管理。同樣，隨著我們更積極地推動成長因素，與預算支出相比，這是一個顯著的成長。所以我們把錢花在正確的地方了。

That being said, we don't want to get into giving guidance now. But we expect that this 9% pressure is like a 12-month kind of thing as we work through it 12 to 18 months. If you look out longer, there's no reason why we should be trending higher than an 8%, no reason.

話雖如此，我們現在不想提供指導。但我們預計這個 9% 的壓力會持續 12 個月，因為我們需要 12 到 18 個月的時間來應對。如果你觀察得更久，我們的趨勢沒有理由高於 8%，沒有理由。

So we'll have to work through this. As I said, some of this game in the last six to eight weeks with the supplier pressure. And we just, for an abundance of caution, called up the short-term CapEx outlook. But we gave you a longer guidance.

所以我們必須解決這個問題。正如我所說，這場比賽的一些內容在過去六到八週內受到了供應商的壓力。我們只是出於謹慎的考慮，調出了短期資本支出前景。但我們給了你更長的指導。

The one thing I'm more comfortable on, we have a lot of levers on cash conversion that traditionally we haven't pulled. That's one piece.

我更滿意的一件事是，我們在現金轉換方面擁有許多傳統上我們沒有使用過的槓桿。那是一件。

I want to reaffirm what we were saying previously that we have good line of sight to return a capital to shareholders, either through dividends or through share repurchase. And we have ample capacity on the balance sheet. And I'm sure you saw we were up 2.6 times. That's because we're not doing acquisitions, and our stated leverage target is 2.8. So we have large degrees of comfort here. So I hope that helps.

我想重申我們之前所說的，我們有良好的視野，可以透過股息或股票回購的方式向股東返還資本。我們的資產負債表上有充足的產能。我相信您已經看到我們上漲了 2.6 倍。這是因為我們不進行收購，我們規定的槓桿目標是 2.8。所以我們在這裡有很大程度的舒適感。所以我希望這會有所幫助。

Yeah, that's helpful. Thanks, James. And then, there's been a lot of chatter recently on international tax changes with Pillar Two. You guys are obviously guiding to tax rate will step down next year. Any impact for you guys? Anything to call out with the tax changes?

是的，這很有幫助。謝謝，詹姆斯。然後，最近有很多關於第二支柱的國際稅收變化的討論。你們顯然正在指導明年稅率將會降低。對大家有影響嗎？稅收變化有什麼需要注意的嗎？

No, based on current legislation, we see absolutely no risk to the either 12 to 13 guide that we gave for the next couple of years. We have all the elements in place or are actively working on them. So the only potential risk we see on the horizon is something that would impact the entire -- all industries in the US, but our specific circumstances are well under control and strong visibility.

不，根據現行立法，我們認為我們在未來幾年提供的 12 至 13 指南絕對不存在風險。我們已具備所有要素或正在積極致力於這些要素。因此，我們看到的唯一潛在風險是會影響美國所有產業的風險，但我們的具體情況得到了很好的控制和強烈的可見性。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

Hi. Thank you for taking my questions. Maybe first one for Stephanie. Core signing seemed to be picking up with banks below $10 [million], and that's really great to see. I was just curious what your discussions are looking like with larger banks and if there's a pipeline there and if there's any catalysts on the horizon you would think that could drive more momentum with larger banks?

你好。感謝您回答我的問題。也許是史蒂芬妮的第一個。低於 10 [百萬] 美元的銀行的核心簽約似乎有所增加，這真是太好了。我只是很好奇你們與大型銀行的討論是什麼樣的，是否有管道，是否有任何催化劑即將出現，您是否認為這可以推動大型銀行的發展動力？

Yeah. Thanks, Vasu. So I think there's two different things. One is we've been having a lot of success with our IBS core, which is really focused on banks in a $20 billion in assets above. It's a marquee core, it's a winning core. We talked about it with respect to a couple of wins today, because it has specialization for our commercial customers. So as you become bigger, you obviously have more than just the retail bank, you have a commercial bank, and it has those commercial banking capabilities that's needed.

是的。謝謝，瓦蘇。所以我認為有兩件事不同。一是我們的 IBS 核心取得了巨大成功，核心真正專注於資產規模超過 200 億美元的銀行。這是一個大核心，一個致勝核心。我們今天談論了一些勝利，因為它為我們的商業客戶提供了專業化。因此，當你變得更大時，你顯然不僅擁有零售銀行，你還擁有一家商業銀行，並且它擁有所需的商業銀行能力。

So that continues to be a very strategic core for us that we win with. I think as you get above that and you get into their regional, super-regional, and above, we have our Modern Banking Platform that continues to be a very large operating platform. I'm pretty sure it has the largest amount of bank account transactions going across it. We are very focused and in various stages of implementation with several large super regionals. They're all in market with different parts of the offering.

因此，這仍然是我們獲勝的戰略核心。我認為，當你超越這一點並進入他們的區域、超區域和更高層次時，我們擁有我們的現代銀行平台，它仍然是一個非常大的營運平台。我很確定它擁有最大數量的銀行帳戶交易。我們非常專注，並與幾個大型超級區域處於不同的實施階段。它們都在市場上提供不同的產品。

And then as you heard us, we signed a pretty large Modern Banking Platform customer in the Asia-Pac region. We're seeing a lot of demand for MBP outside the US. And so we will continue to focus there and drive growth there. So feeling good about where we are with core.

然後，正如您所聽到的，我們在亞太地區簽署了一個相當大的現代銀行平台客戶。我們看到美國以外地區對 MBP 的需求很大。因此，我們將繼續關注那裡並推動那裡的成長。所以對我們的核心地位感覺良好。

Again, a lot of work to do, and these core conversions tend to take a bit of time in terms of getting them up and running but feel really good about our strategic cores and the pillars there. And as you know, once you get the core, you get all the surround. So feeling good about the progress we're making.

同樣，還有很多工作要做，這些核心轉換往往需要一些時間來啟動和運行，但我們對我們的策略核心和支柱感覺非常好。如您所知，一旦獲得了核心，您就獲得了所有環繞聲。因此，我們對我們所取得的進展感到滿意。

Thank you for the color there. And just a quick follow-up on the Worldpay. The equity income there continues to outperform. Just any color on what's driving that outperformance. And then as we look at the base, it is much higher for 2024, but is the 7.5% to 9.5% growth outlook in outer years still the right algorithm for us to think about?

謝謝你那裡的顏色。這是對 Worldpay 的快速跟進。那裡的股權收入繼續跑贏大盤。任何推動這種優異表現的因素都可以。然後，當我們查看基數時，2024 年的基數要高得多，但外部年份 7.5% 至 9.5% 的成長前景仍然是我們考慮的正確演算法嗎？

(technical difficulty) the first one, and then I'll let James talk about the out. So I think that, Worldpay, you can see from our results, is performing better under the direction of Charles Drucker and the GTCR team in terms of revenue growth being stronger than we had it, kind of underpinning the thesis as far as separating it.

（技術難度）第一個，然後我就請James講out。因此，我認為，從我們的結果中可以看出，Worldpay 在 Charles Drucker 和 GTCR 團隊的指導下表現更好，收入成長比我們強，這在一定程度上支撐了這一論點的分離。

We continue to see positive outperformance of their forecast, quite frankly, as they have better revenue growth, but also as they're looking to stand up their operations going a bit slower than they expected, not because there's any problems, but there's just realistic -- in reality as to how many people you can hire in any particular point in time.

坦白說，我們繼續看到他們的表​​現超出預期，因為他們有更好的收入成長，但也因為他們希望讓他們的營運速度比他們預期的慢一些，不是因為存在任何問題，而是因為現實——實際上，在任何特定時間點你可以僱用多少人。

So a lot of the benefits we've seen throughout the year around that, as well as they successfully refinanced their debt, which is also delivering some nice EMI savings for them. So it's been a -- what I would say some of the benefit or a large portion of the benefit is just them not necessarily hiring in and standing up everything they need to stand up.

因此，我們在這一年中看到了許多好處，以及他們成功地為債務進行了再融資，這也為他們帶來了一些不錯的 EMI 節省。所以，我想說的一些好處或大部分好處只是他們不一定僱用並支持他們站起來所需的一切。

As far as coming into next year and thinking about the growth rate, I'll turn it over to James.

至於明年的成長率，我會把它交給詹姆斯。

Okay. No, I think it's far too early to start developing hypothesis on this. As Stephanie said, if you look back to the beginning of the year, they had large beats across EBITDA, some of it from revenue, some of it from OpEx.

好的。不，我認為現在開始對此進行假設還為時過早。正如史蒂芬妮所說，如果你回顧今年年初，他們的 EBITDA 大幅成長，其中一些來自收入，有些來自營運支出。

Some of this OpEx was coming off -- it was setting up a standalone structure. They had benefits across -- and large benefits cost interest expense. So to me, a bunch of this will carry forward into the future. There might be some timing differences on OpEx, so we see no reason to be massively concerned about the 7.5% to 9.5%.

其中一些營運支出正在消失——它正在建立一個獨立的結構。他們有各種好處——而龐大的好處會耗費利息費用。所以對我來說，其中很多都會延續到未來。營運支出可能存在一些時間差異，因此我們認為沒有理由過度關注 7.5% 至 9.5%。

But we got to work through this with our Worldpay compatriots. And as you know, we have to agree the long-term forecasts with them. So they basically committed to these 7.5%, 9.5% targets.

但我們必須與 Worldpay 同胞一起解決這個問題。如您所知，我們必須與他們就長期預測達成協議。所以他們基本上承諾了這7.5%、9.5%的目標。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, thanks for taking the question this morning. Nice job today. Maybe just dovetailing off that last question a little bit. I was wondering if you had any thoughts on just margin cadence next year and particularly as it relates to the TSA with Worldpay. Just how are you thinking about kind of the cadence of that rolling off as well as any associated kind of cost efficiency actions that you might take to offset that? I know you've kind of spoken about feeling good about finding the offsets to that. But is there anything we should be considering from a cadence perspective next year?

嘿，謝謝你今天早上提出這個問題。今天幹得好。也許只是稍微吻合最後一個問題。我想知道您是否對明年的保證金節奏有任何想法，特別是因為它與 TSA 和 Worldpay 相關。您如何考慮這種滾動的節奏以及您可能採取的任何相關的成本效率行動來抵消這種影響？我知道你曾經說過，找到彌補這一點的方法感覺很好。但明年從節奏的角度來看，我們有什麼該考慮的嗎？

No, I think we're pretty much in the direction of travel of the margin guide we gave for the medium term. That was 40 bps to 60 bps. And I think at the time we said that we would be at the lower end because of TSA roll offs. So we're not seeing anything that places us at any risk. And as you've seen from our full-year guide for this year, we're delivering 50 bps. So yes, we got to work through a headwind, which is the call it the TSA dis-synergy.

不，我認為我們基本上符合我們為中期提供的利潤指南的方向。那是 40 bps 到 60 bps。我想當時我們說過，由於運輸安全管理局 (TSA) 的縮減，我們將處於較低水平。因此，我們沒有看到任何使我們面臨任何風險的情況。正如您從我們今年的全年指南中看到的，我們將提供 50 個基點。所以，是的，我們必須克服逆風，這就是所謂的 TSA 不協同。

And remember in Investor Day, we said that was 95 bps a year. But conversely, we also said that savings over 165 bps to 175 bps, so a large number. The good news on that is we have a lot of activity ongoing. We're probably well within -- I would say ahead to well on track on the cost program. So we have no -- we have very good visibility on cost programs.

請記住，在投資者日，我們說這是每年 95 個基點。但反過來說，我們也說過儲蓄超過165個基點到175個基點，所以是一個很大的數字。好消息是我們正在進行大量活動。我想說，我們的成本計畫可能已經步入正軌。所以我們沒有——我們對成本計劃有很好的了解。

The TSAs are not within our control. It is Worldpay that ultimately needs to take the decision. There is a strong working relationship between the two parties. The good news is, here we won't get surprised by anything, because we talk regularly and everybody is aligned. So this will be a manageable and orderly transition with no surprises for the market on the overhead side.

TSA 不在我們的控制範圍內。最終需要由 Worldpay 做出決定。雙方之間有著牢固的工作關係。好消息是，在這裡我們不會對任何事情感到驚訝，因為我們定期交談並且每個人都是一致的。因此，這將是一個可管理且有序的過渡，在管理費用方面不會對市場造成意外。

Got it. That's super helpful. And just maybe a little bit more strategically. You had the MBP win in APAC and also the South African sale that you mentioned in the prepared remarks. We've heard some chatter that you guys are just been very active recently and international. So we'd love to hear about kind of where -- what you're most excited about where you're seeing the most momentum across the business in international markets. Thanks.

知道了。這非常有幫助。也許更具戰略意義。您在亞太地區贏得了 MBP，並在準備好的發言中提到了南非的銷售。我們聽到一些傳言說你們最近在國際上非常活躍。因此，我們很想聽聽您在國際市場上看到業務最具發展勢頭的地方最令您興奮的地方。謝謝。

Yeah. So from an international standpoint, you're right, we're seeing a lot of success across the capital markets business, and banking. In terms of capital markets, I'm seeing a lot of our products resonate across Europe and Asia-Pac with respect at the treasury, risk, security, even the training and processing. So really, really strong demand outside the US for those products.

是的。因此，從國際角度來看，你是對的，我們在資本市場業務和銀行業看到了許多成功。在資本市場方面，我看到我們的許多產品在財務、風險、安全、甚至培訓和處理方面引起了歐洲和亞太地區的共鳴。美國以外地區對這些產品的需求確實非常強勁。

And then with respect to banking, we did announce the MBP win. We also see strong demand from international payments. So continue to see that as a very healthy growth area for us outside the US and are going to continue -- you'll see us continue to push there, especially as we look at, again M&A whereby we can look at verticals, possibly that are outside the US that we could bring inside the US or vice versa. So we feel very positive about the momentum we're seeing there and the capital markets team leading the way for us.

然後在銀行業方面，我們確實宣布了 MBP 獲勝。我們也看到國際支付的強勁需求。因此，繼續將其視為我們在美國以外的一個非常健康的成長領域，並將繼續下去——你會看到我們繼續推動那裡，特別是當我們再次審視併購時，我們可以考慮垂直領域，可能是是在美國境外，我們可以將其帶入美國，反之亦然。因此，我們對在那裡看到的勢頭以及為我們引領的資本市場團隊感到非常積極。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. Thank you. I want to talk a little bit about bank M&A, both recent, what you've been seeing and also expectations ahead, really in highlighting that mean benefit that you get a lot around the 00 ;basically the acquisition of more accounts on file, more transactions, support your growth with the larger bank customers that you serve.

偉大的。謝謝。我想談談銀行併購，包括最近的、你所看到的以及未來的期望，真正強調你在 00 左右獲得的平均收益；基本上是收購更多的存檔帳戶，更多的資金。您與您所服務的大型銀行客戶的發展。

And then it's a minor benefit, literally maybe less impactful you guys, but the term fees that you receive when some of your smaller customers are also acquired. So was hoping you could touch around bank M&A in general and the impact to your P&L.

然後，這是一個小好處，從字面上看，對你們的影響可能較小，但是當您也獲得了一些較小的客戶時，您會收到定期費用。因此，我們希望您能大致了解銀行併購及其對損益表的影響。

Happy to. So I think that the bank M&A market, I would say, is still fairly suppressed. It's been more active in the smaller environment. I think from a regulatory standpoint, it's still a challenge in the larger space other than some of the activity we saw last year with respect to some of the large banks getting put together with other banks. So we're not seeing a ton in the larger space, to be honest.

很高興。因此，我認為銀行併購市場仍然受到相當程度的抑制。它在較小的環境中更加活躍。我認為，從監管的角度來看，除了我們去年看到的一些大型銀行與其他銀行合併的一些活動之外，這在更大的領域仍然是一個挑戰。所以說實話，我們在更大的空間裡並沒有看到太多東西。

We continue to see activity in the smaller space. We win there and lose there. We're very focused in terms of where we win is around when, again, it's a bank that has a commercial set of customers that's combining with a smaller bank; that's where we have just a much better value prop in terms of being able to serve both the commercial bank and the retail bank. But generally seeing a lot of the M&A activity being much further down market than up market.

我們繼續看到較小空間的活動。我們在那裡贏，在那裡輸。我們非常關注我們的勝利所在，再次強調，一家擁有商業客戶群的銀行與一家規模較小的銀行合併；這就是我們在能夠為商業銀行和零售銀行提供服務方面擁有更好的價值支撐的地方。但整體而言，許多併購活動都發生在下游市場，而不是上游市場。

Yeah, we welcome (technical difficulty) we are in a net beneficiary because of our market position, market share in larger-sized banks. We tend to be the acquirer. We get more of the consolidation benefit over time, and that's generally a positive. So we welcome.

是的，我們歡迎（技術困難），因為我們的市場地位、在大型銀行中的市場份額，我們成為淨受益者。我們傾向於成為收購方。隨著時間的推移，我們會獲得更多的整合效益，這通常是正面的。所以我們歡迎。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah. Hey, guys, nice job. Maybe first of all, I know you answered a lot of questions about banking recurring revenue, but one other way to look at it -- sequentially was up $50 million this Q3. The last couple of years was pretty flat sequentially. Was that -- was there macro or pricing or maybe just revenues coming out from new signings? What was so different this year and then into Q4 -- will Q4 be different? Was there anything in Q3 that was a little elevated because of this that comes out in Q4? Or maybe you can just go through the sequentials.

是的。嘿，夥計們，幹得好。也許首先，我知道您回答了很多有關銀行經常性收入的問題，但從另一個角度來看，第三季連續收入增長了 5000 萬美元。過去幾年的業績連續成長相當平穩。是不是有宏觀或定價，或只是新簽約帶來的收入？今年和第四季有何不同——第四季會有所不同嗎？第三季是否有任何事情因為第四季出現的情況而有所提高？或者也許你可以只瀏覽順序。

I think I'll take the broad-based and then see if James feels like he needs to add on. I think, Dave, if you look across the years, we have a transaction processing business that has some seasonality to it. If you look last year, recurring revenue was high in the fourth quarter. That's when a lot of that transaction processing went through. This year, it's higher in the third quarter. Again, that's where that transaction processing is going through.

我想我會採取廣泛的基礎，然後看看詹姆斯是否覺得他需要補充。我想，戴夫，如果你回顧這些年來，我們的交易處理業務有一定的季節性。如果你看看去年，第四季的經常性收入很高。那是很多交易處理完成的時候。今年第三季更高。同樣，這就是事務處理進行的地方。

So it's more a notion of when that transaction processing is having its big push. It generally is pretty consistent in a full-year basis, but it does have seasonality driven by the end client in terms of when they're going to put out the cards in the transaction processing. So I think it's just -- it's more of a seasonality thing. Last year, it was in the fourth quarter. This year, it's in the third quarter. But overall, it really normalizes itself out.

因此，這更多的是一個交易處理何時得到大力推動的概念。一般來說，全年的情況相當一致，但它確實具有由最終客戶驅動的季節性，即何時在交易處理中發放卡片。所以我認為這更多是季節性的事情。去年是第四季。今年是第三季。但總的來說，它確實已經正常化了。

Yeah, we did guide to this when -- on previous calls. We did say we would expect a strong recurring in the third quarter. And then we pointed out to the fact that Q4 of last year was up I think 7% in banking. So it will be lower this year, year on year, because you're lapping a strong number. But we will have much stronger non-recurring and professional services this year because you're lapping a weak number. I know confusing you probably, but it all literally shifts between the two quarters in terms of seasonality.

是的，我們在之前的電話會議中確實對此進行了指導。我們確實說過，我們預計第三季會有強勁的經常性。然後我們指出，去年第四季銀行業成長了 7%。所以今年它會比去年更低，因為你的成績很高。但今年我們將擁有更強大的非經常性和專業服務，因為你的數字很弱。我知道您可能會感到困惑，但就季節性而言，這一切實際上都在兩個季度之間發生變化。

The one thing I would point out, though, if you take first half versus second half, there's a strong, roughly 100 basis point acceleration between first-half recurring growth and second-half recurring growth. And similarly on total adjusted in banking, first half is about 100 bps lower than the second.

不過，我要指出的一件事是，如果對比上半年和下半年，上半年經常性增長和下半年經常性增長之間存在大約 100 個基點的強勁加速。同樣，銀行業調整後的總額，上半年比下半年低約 100 個基點。

So this is essentially the commitment we took entering the year that we would see accelerating growth as we went through the year. And next year, that's the job at hand, we need to accelerate off the 2024 guide.

因此，這本質上是我們在進入這一年時所做的承諾，即我們將在這一年中看到加速成長。明年，這就是我們手頭上的工作，我們需要加速實現 2024 年指南。

Got you. Thanks for that. And just quick follow-up on interest expense. I think that interest expense Q4 implied is about $100 million. Is that about how to think about the quarters of 2025 as well, just about a $100 million a quarter?

明白你了。謝謝你。並快速跟進利息支出。我認為第四季的利息支出約為 1 億美元。這是否也與如何看待 2025 年的季度有關，每季約 1 億美元？

I'm not sure. We'll have to wait on the guide on this. It's starting to normalize in the fourth quarter, because we are making some assumption on M&A. So this is a little bit tricky, because most of the beats that came out of interest expense over the first nine months was we plan conservatively that we would buy acquisitions every quarter and probably too conservative. So it's not that.

我不知道。我們必須等待有關這方面的指南。第四季開始正常化，因為我們正在對併購做出一些假設。所以這有點棘手，因為前九個月利息支出的大部分錶現是我們保守地計劃每季都會進行收購，但可能太保守了。所以不是那樣的。

So it's essentially every saving year to date. That's just coming from the fact we didn't do an acquisition. Fourth quarter, we are assuming a step up and acquisitions, but we're already in Q4, right? So I don't think it's a true run rate. So would be -- I would mislead you if I told you to use that as a run rate. We'll give a guide for this and when we get into February of next year.

所以到目前為止，基本上每個儲蓄年都是如此。這只是因為我們沒有進行收購。第四季度，我們假設會進行升級和收購，但我們已經進入第四季度了，對嗎？所以我認為這不是真實的運行率。所以，如果我告訴你用它作為運行率，我會誤導你。當我們進入明年二月時，我們將為此提供一個指南。

Andrew Schmidt, Citigroup.

安德魯‧施密特，花旗集團。

Hey, Stephanie. Hey, James. Thanks for taking my questions. Go back to just the core banking pipeline. Can you just talk about the implementation pipeline for next year? It sounds like that's a better tail on that we've seen in prior years. And then on the sales pipeline, separately, can you talk about -- I know you mentioned expansion in the pipeline, what you're seeing there, whether that supports a higher bookings number for 2025. Thanks so much.

嘿，史蒂芬妮。嘿，詹姆斯。感謝您回答我的問題。回到核心銀行管道。能談談明年的實施計畫嗎？聽起來這是我們前幾年看到的更好的尾巴。然後，關於銷售管道，您能否單獨談談——我知道您提到了管道的擴張，您在那裡看到了什麼，這是否支持 2025 年更高的預訂量。非常感謝。

Sure. I think we are filling up our core banking pipeline; that's our goal. Can't really comment yet in terms of how that all lays out in '25 and '26. As you might expect, the core banking conversions, we tend to take time on those. And we don't typically do those are in a fourth-quarter, first-quarter big window, because we were all frozen for that period of time. So as you think about this set of core banking wins, I would expect for them to come online primarily in the back half of next year in 2025, but those are all in the process of being populated now.

當然。我認為我們正在填補我們的核心銀行管道；這就是我們的目標。目前還不能真正評論 25 和 26 年的情況。正如您所預料的那樣，我們傾向於在核心銀行業務轉型上花費時間。我們通常不會在第四季、第一季的大窗口中這樣做，因為那段時間我們都處於凍結狀態。因此，當你考慮這一系列核心銀行業務的勝利時，我預計它們主要會在 2025 年下半年上線，但這些現在都在填充過程中。

In terms of the sales pipeline, continue to feel very good there in particularly, as I mentioned, in the prepared remarks around our loyalty, our Premium Payback product, our digital products that continue to take -- there's a lot of demand for in the marketplace. And then in addition to that, our core.

就銷售管道而言，繼續感覺非常好，特別是，正如我所提到的，在圍繞我們的忠誠度、我們的溢價回報產品、我們的數位產品的準備好的評論中，我們的數位產品繼續佔據著很大的需求市場。除此之外，還有我們的核心。

So seeing those pipelines fill up, we obviously are very focused on those high-growth verticals in the payments digital on the capital market side, in treasury, in risk, in commercial lending. So get very excited when we see those sales pipeline fill up. They have differing close rates in differing implementation cycles. So we'll be back to you more in terms of as we think about laying those in as 2025 but feel very good about where the pipeline is.

因此，看到這些管道填滿，我們顯然非常關注資本市場方面、財務、風險和商業貸款方面的數位支付領域的高成長垂直領域。因此，當我們看到這些銷售管道填滿時，請感到非常興奮。它們在不同的實施週期中有不同的完成率。因此，我們將更多地與您聯繫，因為我們考慮在 2025 年實施這些項目，但對管道的位置感到非常滿意。

Thank you. That does conclude today's program. Thank you all for participating. You may now disconnect.

謝謝。今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。