Fidelity National Information Services Inc (FIS) 2024 Q4 法說會逐字稿

Good day, and welcome to the FIS fourth-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. George Mihalos, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 FIS 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給發言人、投資者關係主管喬治·米哈洛斯先生。請繼續。

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

謝謝您，接線生。大家早安。感謝您今天參加 FIS 2024 年第四季財報電話會議。本次電話會議正在進行網路直播。今天的新聞稿、相應的簡報和網路廣播都可以在我們的網站 fisglobal.com 上找到。

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.

今天早上與我一起參加電話會議的還有我們的執行長兼總裁 Stephanie Ferris；以及我們的財務長 James Kehoe。史蒂芬妮將主持電話會議，介紹策略和營運最新情況，隨後詹姆斯將回顧我們的財務結果。

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.

翻到幻燈片 3。今天的演講將包含前瞻性陳述。這些聲明受到新聞稿和向美國證券交易委員會提交的其他文件中所述的風險和不確定性的影響。除非法律要求，否則本公司不承擔更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件或其他原因。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 adjusted 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，在整個電話會議期間，我們將提供非 GAAP 信息，包括調整後的 EBITDA、調整後的淨收益、調整後的每股淨收益和調整後的自由現金流。這些是公司的重要財務績效指標，但不是 GAAP 定義的財務指標。我們的非 GAAP 資訊與 GAAP 財務資訊的對帳已在我們的收益報告中呈現。

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. 2024 was a year of continued progress at FIS. We made significant strides executing on the strategy we laid out at Investor Day, to drive commercial excellence across the enterprise, refocused sales on key growth vectors and extend and complement our portfolio of solutions with targeted M&A.

謝謝喬治，也謝謝大家加入我們。 2024年是FIS持續進步的一年。我們在執行投資者日制定的策略方面取得了重大進展，推動整個企業的商業卓越，將銷售重新集中在關鍵成長載體上，並透過有針對性的併購擴展和補充我們的解決方案組合。

We committed to doing this while also focusing on continued profitability and increasing total returns to shareholders. While there is still much work to do. The actions we've taken to refocus the company are driving improved financial outcomes and delivering greater value to all of our stakeholders.

我們致力於實現這一目標，同時也注重持續獲利和增加股東的總回報。儘管還有很多工作要做。我們為重新調整公司重點而採取的行動正在推動財務績效的改善，並為所有利害關係人帶來更大的價值。

Our focus on commercial excellence continues to increase the momentum we are seeing in new sales across core banking and our key growth vectors of digital, payments, and commercial lending positioning us for accelerated growth going forward.

我們對商業卓越的關注繼續增強了我們在核心銀行新銷售中看到的勢頭，而我們數位、支付和商業貸款等關鍵成長載體為我們未來的加速成長奠定了基礎。

I want to thank the entire FIS team for their commitment and dedication to moving the company forward through this period of rapid change. Overall, we delivered a solid set of financial results in 2024, leveraging our strong position across the money life cycle. Revenue growth accelerated from 3% to 4% in 2024. And while this was slightly below our expectations due to some onetime items, growth in new sales, including a 10% increase in Amplify cross sales and improved commercial excellence across our client base, leave us confident in further acceleration in 2025.

我要感謝整個 FIS 團隊的承諾和奉獻，讓公司在快速變化的時期繼續前進。總體而言，我們在 2024 年取得了穩健的財務業績，充分利用了我們在整個資金生命週期中的強勢地位。2024年營收成長率將從3%加速至4%。雖然由於一些一次性項目，這一數字略低於我們的預期，但新銷售額的增長，包括 Amplify 交叉銷售額增長 10% 以及整個客戶群商業卓越性的提高，讓我們對 2025 年的進一步加速充滿信心。

We are pleased with the early returns on our sales transformation, driving new wins and higher margin recurring revenue. For example, we've hired more quota-carrying specialists focused on specific solution sets in key verticals such as payments, digital and treasury and risk. We are confident the specialized sales approach will allow us to better cross-sell solutions into our clients and position us to capitalize on our most attractive and growing markets.

我們對銷售轉型早期的回報感到滿意，這帶來了新的勝利和更高利潤的經常性收入。例如，我們聘請了更多有配額的專家，專注於支付、數位和財務以及風險等關鍵垂直領域的特定解決方案。我們相信，專業化的銷售方式將使我們能夠更好地向客戶交叉銷售解決方案，並使我們能夠充分利用最具吸引力和成長最快的市場。

This focus on profitable growth and business simplification translated into strong margin expansion of 64 basis points for the year. This exceeded our original outlook of 20 basis points to 40 basis points. We are poised to drive further margin expansion in 2025, in line with our Investor Day targets as we execute on the pillars of our future forward strategy.

對獲利成長和業務簡化的關注使得全年利潤率強勁增長 64 個基點。這超出了我們最初預期的 20 個基點至 40 個基點。我們準備在 2025 年進一步提高利潤率，以實現投資者日的目標，並執行未來前瞻性策略的支柱。

The strong execution this year resulted in adjusted EPS growth of 18% on a normalized basis, again, exceeding our full year outlook. Lastly, we returned $4.8 billion to shareholders across share repurchases and dividends, including $1.2 billion in the fourth quarter.

今年的強勁執行力使得調整後每股盈餘在正常基礎上成長了 18%，再次超過了我們的全年預期。最後，我們透過股票回購和股利向股東返還了 48 億美元，其中第四季返還了 12 億美元。

Looking into 2025, we are well positioned to return $2 billion of capital and deliver double-digit total return to shareholders, including 9% to 11% adjusted EPS growth. Turning to slide 6 for a discussion on new sales, key client wins and partnerships.

展望 2025 年，我們預計將返還 20 億美元的資本，並為股東帶來兩位數的總回報，包括 9% 至 11% 的調整後每股盈餘成長。翻到投影片 6，討論新銷售、關鍵客戶贏得和合作關係。

I'm pleased to report that we ended the year on a high note with the sales momentum we generated over the first three quarters of the year continuing into the fourth quarter. The strong close reaffirms our confidence in accelerating revenue growth over the course of 2025 and will provide a solid foundation for continued growth into 2026.

我很高興地報告，我們以高調結束了這一年，今年前三個季度的銷售動能延續到了第四季。強勁的收盤再次堅定了我們對 2025 年加速收入成長的信心，並為 2026 年的持續成長奠定了堅實的基礎。

Beginning with money at rest. We had a record year of core wins with success across all of our strategic banking platforms. This included several competitive takeaways with our core platforms resonating across regional, community and de novo banks.

從靜止的貨幣開始。今年是我們所有策略銀行平台成功並創下核心勝利的新紀錄。這包括我們的核心平台在區域、社區和新銀行中產生共鳴的幾個競爭優勢。

I'm excited to announce that Centennial Bank, a growing regional bank with over $20 billion in assets will be moving to our IBS platform. And as part of this strategic migration, they've also selected our B1 Studio digital bank offering, which will be replacing their current provider. We're thrilled to be working with Centennial and look forward to growing alongside them.

我很高興地宣布，Centennial Bank，一家擁有超過 200 億美元資產的成長型區域性銀行，將轉向我們的 IBS 平台。作為此次策略遷移的一部分，他們還選擇了我們的 B1 Studio 數位銀行產品，以取代他們目前的供應商。我們很高興能與 Centennial 合作，並期待與他們共同成長。

Our IBS platform was also selected by a leading Midwest based community bank. The bank will be migrating FIS from a competitor's solution that have been servicing the bank for decades.

我們的 IBS 平台也被中西部一家領先的社區銀行選中。該銀行將從已經為其服務了數十年的競爭對手的解決方案中遷移 FIS。

Moving to digital. New sales of digital solutions grew 70% year-over-year in 2024. Demand was primarily driven by cross-sales into FIS's core clients. Additionally, we are seeing early traction bundling our digital solutions with new core wins, reducing complexity and cost for banks. We expect the strong digital sales momentum to continue in 2025, aided by the recent Dragonfly acquisition and specialized sales focus.

轉向數位化。2024年數位解決方案新銷售額將年增70%。需求主要由 FIS 核心客戶的交叉銷售所推動。此外，我們看到早期的牽引力將我們的數位解決方案與新的核心優勢捆綁在一起，從而降低了銀行的複雜性和成本。我們預計，在最近收購 Dragonfly 和專業銷售重點的推動下，強勁的數位銷售勢頭將在 2025 年繼續保持。

Moving to money in motion. We signed a number of new wins across domestic and international banks and premier fintech companies. First, I'm pleased to announce that we entered into a strategic partnership with Affirm, enabling our debit processing clients to have access to a firm's market-leading buy now pay later capabilities.

轉向流動資金。我們與國內外銀行以及頂級金融科技公司簽署了多項新合約。首先，我很高興地宣布，我們與 Affirm 建立了策略合作夥伴關係，使我們的借記處理客戶能夠使用該公司市場領先的先買後付功能。

BNPL represents one of the fastest-growing markets in the changing payments landscape, with over 86 million Americans having used the service in 2024. Our partnership with Affirm, the first of its kind to bring together debit processing with pay overtime capabilities demonstrates FIS's commitment to innovation and unique positioning to unlock financial technology across the money life cycle.

BNPL 是不斷變化的支付領域中成長最快的市場之一，2024 年已有超過 8,600 萬美國人使用了該服務。我們與 Affirm 的合作開創了將借記處理與加班費支付功能結合在一起的先河，體現了 FIS 對創新的承諾和獨特的定位，以在整個貨幣生命週期中解鎖金融技術。

During the quarter, we also expanded our relationship with NatWest, a leading UK financial institution. NatWest will utilize several new products across both payments and lending. And we've continued to gain traction beyond financial institutions having signed several new network and processing deals with emerging technology providers. This is a significant opportunity to further diversify our payments business, leveraging our loyalty network and issuing capabilities.

本季度，我們也擴大了與英國領先金融機構 NatWest 的關係。國民威斯敏斯特銀行將在支付和貸款領域推出多種新產品。我們已經與新興技術提供者簽署了多項新的網路和處理協議，從而繼續在金融機構之外獲得發展。這是進一步豐富我們的支付業務、利用我們的忠誠度網絡和發行能力的重要機會。

Moving to money at work. We had another strong sales quarter with continued demand across trade processing and commercial lending. In the fourth quarter, one of the largest regional banks in the US opted for FIS's transfer agency solution. This is another example of how our cross-sell initiative Amplify is resonating with clients.

轉向工作中的金錢。我們又經歷了一個強勁的銷售季度，貿易加工和商業貸款的需求持續成長。第四季度，美國最大的地區性銀行之一選擇了FIS的轉帳代理解決方案。這是我們的交叉銷售計劃 Amplify 如何引起客戶共鳴的另一個例子。

We also continue to see benefit integrating our strategic acquisitions into our global distribution network. During the quarter, Torstone, a specialized SaaS post-trade platform acquired in early 2024, signed one of the largest deals in its history, leveraging FIS's brand and track record in the market, Torstone was able to sell its back-office services to a leading digital brokerage company.

我們也繼續看到將我們的策略收購整合到我們的全球分銷網絡的好處。本季度，2024 年初收購的專業 SaaS 交易後平台 Torstone 簽署了其歷史上最大的交易之一，利用 FIS 的品牌和市場業績記錄，Torstone 能夠將其後台服務出售給一家領先的數位經紀公司。

In the fourth quarter, we also signed a number of new engagements with both traditional and alternative lenders and our pipeline of opportunities remains large. Commercial lending remains a key growth vertical for us with double-digit revenue growth in the quarter and strong new sales. FIS's products and solutions were once again recognized by a number of prestigious advisory and expert firms across the industry.

在第四季度，我們還與傳統和另類貸款機構簽署了多​​項新協議，我們的機會管道仍然很大。商業貸款仍然是我們的主要成長領域，本季營收實現兩位數成長，新銷售額強勁。FIS的產品和解決方案再次獲得業內多家知名諮詢和專家公司的認可。

Our Horizon banking platform was recognized by Celent winning in the advanced technology category. While IDC recognized FIS as a leader in MarketScape's North American digital core banking platforms, and for its outstanding customer satisfaction and treasury management.

我們的 Horizo​​n 銀行平台獲得了 Celent 的認可，榮獲先進技術類別獎項。IDC 認為 FIS 是 MarketScape 北美數位核心銀行平台的領導者，並且擁有出色的客戶滿意度和財務管理能力。

Additionally, Gartner placed Horizon in IBS in the Leaders quadrant of their Magic Quadrant for retail core banking systems. And Affirm also recognized MVP in the Visionaries quadrant. We are pleased to see so many of our products and solutions continue to be recognized as leaders in the market, reaffirming the momentum we are seeing in sales activity.

此外，Gartner 將 Horizo​​n 列入 IBS 零售核心銀行系統魔力像限的領導者象限。而 Affirm 也在遠見者象限中認可了 MVP。我們很高興看到我們的許多產品和解決方案繼續被認可為市場領導者，這再次證明了我們在銷售活動中看到的勢頭。

I'll conclude on slide 7 with an overview of how FIS is capitalizing on the unique market of the office of the CFO. Leveraging our reach across the full money life cycle, FIS is uniquely positioned to tap into one of the most attractive opportunities in enterprise software, helping CFOs turn finance from a cost center into a growth center for their business.

我將在第 7 張投影片上概述 FIS 如何利用 CFO 辦公室的獨特市場。憑藉我們在整個資金生命週期中的影響力，FIS 擁有獨特的優勢，可以挖掘企業軟體中最具吸引力的機會之一，幫助財務長將財務從成本中心轉變為業務成長中心。

The role of the CFO across large enterprises is expanding. Finance leaders are being tasked with improving and automating processes while simultaneously lowering costs and navigating complex tax and regulatory environments. To achieve these goals, CFOs are leaning on trusted technology providers like FIS for help.

大型企業中財務長的職責正在不斷擴大。財務主管的任務是改進和自動化流程，同時降低成本並應對複雜的稅務和監管環境。為了實現這些目標，財務長們依靠 FIS 等值得信賴的技術提供者來提供幫助。

The office of the CFO represents a global market of over $25 billion with double-digit growth and significant runway to further grow our business with enterprise corporate clients. The fragmented competitive landscape in this space works to our advantage. While competitors might be able to offer clients one or two solutions.

財務長辦公室代表著一個價值超過 250 億美元的全球市場，該市場具有兩位數的成長率，並且具有巨大的發展空間，可以進一步發展我們與企業客戶的業務。這個領域分散的競爭格局對我們有利。而競爭對手可能能夠為客戶提供一到兩種解決方案。

FIS delivers a comprehensive suite of end-to-end capabilities across money at rest, in motion and at work. This suite includes award-winning solutions across payments, supply chain management, digital enhancements, and fraud prevention. And we are further extending our lead with the launch of next-generation solutions, such as Treasury GPT, a new tool launched in partnership with Microsoft.

FIS 提供了一套全面的端到端功能，涵蓋靜態資金、動態資金和工作資金。該套件包括支付、供應鏈管理、數位增強和詐欺預防等領域屢獲殊榮的解決方案。隨著下一代解決方案的推出，例如與微軟合作推出的新工具 Treasury GPT，我們將進一步擴大領先地位。

Leveraging AI, corporate treasurers are able to access and synthesize large pools of data, helping them improve their cash management activities. We are also expanding our reach with strategic M&A, including the recent acquisition of UK Fintech Demica, positioning FIS as a leader in supply chain finance capabilities.

利用人工智慧，企業財務主管能夠存取和綜合大量數據，幫助他們改善現金管理活動。我們也透過策略併購擴大業務範圍，包括最近收購英國金融科技公司 Demica，使 FIS 成為供應鏈金融能力的領導者。

This mix of organic and inorganic investments reinforces how we are effectively allocating capital across the company to capitalize on growth opportunities. The office of the CFO is just one example of an attractive and growing market where FIS's unique set of assets, positions the company to win.

這種有機和無機投資的組合強化了我們如何有效地在公司範圍內分配資本以利用成長機會。財務長辦公室只是一個有吸引力且不斷成長的市場的一個例子，FIS 的獨特資產組合使公司能夠贏得勝利。

I stepped into the CEO role at FIS two years ago, a company I am honored and privileged to lead. During this time frame, we initiated one of the largest transformational strategies in the company's history to improve our profitability and financial foundation, enabling us to drive key client outcomes of simplification, innovation, and client centricity as well as investor outcomes of enhanced shareholder value.

兩年前，我擔任了 FIS 的首席執行官，我很榮幸能夠領導這家公司。在此期間，我們啟動了公司歷史上最大的轉型策略之一，以提高我們的盈利能力和財務基礎，使我們能夠推動簡化、創新和以客戶為中心的關鍵客戶成果以及提升股東價值的投資者成果。

The organic and inorganic investments we are making are delivering tangible results. We have successfully completed five acquisitions, driving positive financial returns and extending our solution capabilities in key growth areas such as digital, payments and commercial lending. We established new commercial partnerships with industry leaders like Microsoft, Affirm, and Worldpay, among others.

我們正在進行的有機和無機投資正在產生實際的成果。我們已成功完成五次收購，帶來了積極的財務回報，並擴展了我們在數位、支付和商業貸款等關鍵成長領域的解決方案能力。我們與微軟、Affirm、Worldpay 等產業領導者建立了新的商業合作關係。

These partnerships have enabled us to extend innovative new capabilities to our clients and their customers. We had our strongest year ever in core banking with record new wins, sales momentum across our key growth vectors, including 70% growth in digital sales and continued demand for our commercial lending solutions.

這些合作關係使我們能夠向我們的客戶及其客戶擴展創新的新功能。我們的核心銀行業務經歷了有史以來最強勁的一年，創下了新的紀錄，主要成長載體的銷售勢頭強勁，包括數位銷售額成長 70% 以及商業貸款解決方案的持續需求。

Overall, new sales increased a solid 9% in 2024, showing progress in our commercial excellence transformation and providing us with visibility into future growth as signings convert into revenue over the next few quarters. Our solutions have received dozens of new awards and third-party accolades from prestigious organizations, recognizing us as leaders and visionaries. We are on the right path to accelerate growth expand profitability and increase shareholder value.

總體而言，2024 年新銷售額穩步增長 9%，表明我們的商業卓越轉型取得了進展，並為我們提供了未來增長的可預見性，因為簽約將在未來幾個季度轉化為收入。我們的解決方案已獲得來自知名組織的數十個新獎項和第三方讚譽，認可我們是領導者和有遠見者。我們正走在加速成長、擴大獲利能力和增加股東價值的正確道路上。

And while progress is in to straight line, and we still have more work to do, I'm extremely pleased with the momentum we have and excited about our prospects going forward.

雖然進展順利，我們仍有許多工作要做，但我對我們的發展勢頭感到非常高興，並對我們未來的前景感到興奮。

And with that, I'll turn it over to James for a review of our financials. James?

說完這些，我將把責任交給詹姆斯來審查我們的財務狀況。詹姆斯？

Thank you, Stephanie, and good morning. As Stephanie mentioned earlier, we made continued progress in 2024, laying a strong foundation to achieve our Investor Day goals. The separation of Worldpay was a landmark event, allowing us to increase our growth investments while returning significant cash to shareholders.

謝謝你，史蒂芬妮，早安。正如史蒂芬妮之前提到的，我們在 2024 年取得了持續的進步，為實現投資者日目標奠定了堅實的基礎。Worldpay 的分離是一個里程碑事件，它使我們能夠增加成長投資，同時向股東返還大量現金。

Our financial results in 2024 coupled with strong growth in new ACV sales and improved commercial excellence give us great confidence for the year ahead. Turning now to our share quarter results on slide 10.

我們 2024 年的財務業績加上新 ACV 銷售的強勁成長和商業卓越性的提升，讓我們對未來一年充滿信心。現在就來看看投影片 10 的季度業績。

Adjusted revenue growth was 4% in the quarter. We outperformed again in capital mortgage coming in above the high end of our guide. Banking delivered a strong ACV sales quarter but revenue growth lagged expectations due to some onetime items. While these items pressured our fourth quarter results, overall, they will have a positive impact on our 2025 banking revenue growth with a meaningful acceleration beginning in the second quarter.

本季調整後營收成長率為4%。我們在資本抵押貸款方面的表現再次超出我們的預期，超出了我們的預期上限。銀行業務本季的 ACV 銷售額表現強勁，但由於一些一次性項目，收入成長落後於預期。雖然這些因素給我們第四季度的業績帶來了壓力，但總體而言，它們將對我們 2025 年的銀行收入成長產生積極影響，並從第二季開始出現顯著加速。

Our adjusted EBITDA margin came in well ahead of our expectations, expanding more than 100 basis points year-over-year, driven by capital markets and lower corporate costs. Adjusted EPS increased 49% or 9% on a normalized basis, led by strong EBITDA growth of 6%. Total debt was $11.3 billion, with a leverage ratio of 2.65 times, better than our stated goal of 2.8 times.

受資本市場和企業成本降低的推動，我們的調整後 EBITDA 利潤率遠超預期，比去年同期成長超過 100 個基點。調整後每股盈餘成長 49%（以正常化基礎計算成長 9%），其中 EBITDA 成長強勁，達到 6%。總債務為 113 億美元，槓桿率為 2.65 倍，優於我們設定的 2.8 倍的目標。

During the fourth quarter, we returned $1.2 billion of capital to shareholders, including share repurchases of $1 billion. And for the year, we fully delivered on our $4 billion target. Free cash flow was $700 million in the quarter, with a cash conversion rate of 110%.

第四季度，我們向股東返還了 12 億美元的資本，其中包括 10 億美元的股票回購。今年，我們完全實現了 40 億美元的目標。本季自由現金流為 7 億美元，現金轉換率為 110%。

While our cash conversion in the quarter was strong, it did fall short of our expectations due to less favorable working capital performance. This led to a full year cash conversion of 77% and we are taking action to improve our working capital conversion going forward.

雖然本季我們的現金轉換率強勁，但由於營運資本表現不佳，仍未達到我們的預期。這使得全年現金轉換率達到 77%，我們正在採取行動，以提高未來的營運資金轉換率。

Turning now to our segment results on slide 11. Adjusted revenue growth was 4% and with recurring revenue growth at 2%. Banking grew 2% in the quarter, coming in slightly below our outlook; three, unexpected items hit us late in the quarter.

現在轉到投影片 11 上的分部結果。調整後收入成長率為 4%，經常性收入成長率為 2%。本季銀行業成長了 2%，略低於我們的預期；三、本季末我們遭遇了意外事件。

And negatively impacted revenue growth by around 2 percentage-points. Recurring revenue growth of 1% includes a negative impact of approximately 1% and from a contract recognition adjustment. As a reminder, we are growing over an unusually strong 7% recurring growth in the prior year. Non-recurring revenue declined 3%, including two unexpected items. First, a large license deal pushed out of the fourth quarter and is now expected to close later in 2025.

並對收入成長產生了約2個百分點的負面影響。1% 的經常性收入成長包括約 1% 的負面影響和合約確認調整。提醒一下，我們去年的經常性成長率異常強勁，達到 7%。非經常性收入下降 3%，其中包括兩項意外項目。首先，一項大型許可交易被推遲到第四季度，目前預計將於 2025 年稍後完成。

Secondly, the results include the reversal of a $20 million termination fee related to an announced bank merger, which was subsequently abandoned due to regulatory scrutiny. While the reversal of this termination fee was a sizable headwind in the quarter, the retention of this client will benefit recurring revenue in 2025.

其次，業績包括撤銷與一項已宣布的銀行合併案有關的 2000 萬美元終止費，該合併案隨後因監管審查而被放棄。雖然這筆終止費用的逆轉給本季度帶來了巨大的阻力，但保留這位客戶將有利於 2025 年的經常性收入。

Professional services advanced 16% and in line with our prior expectations for acceleration over the second half of 2024. Banking EBITDA margin declined 120 basis points entirely due to unfavorable product mix. Turning now to capital markets, which had another very strong quarter.

專業服務成長了 16%，符合我們先前對 2024 年下半年加速成長的預期。由於產品組合不佳，銀行 EBITDA 利潤率完全下降了 120 個基點。現在轉向資本市場，該市場又經歷了一個非常強勁的季度。

Adjusted revenue growth came in ahead of expectations at 9%, with strong recurring revenue growth of 7%. Other non-recurring revenue advanced 16%, fueled by very strong license sales and professional services increased 5%. Adjusted EBITDA margin expanded 190 basis points reflecting strong growth in high-margin license revenue and favorable operating leverage.

調整後營收成長率超出預期，達到 9%，其中經常性收入成長率強勁，達到 7%。其他非經常性收入成長 16%，這得益於許可證銷售強勁以及專業服務成長 5%。調整後的 EBITDA 利潤率擴大了 190 個基點，反映了高利潤授權收入的強勁成長和有利的經營槓桿。

Turning now to our full year results on slide 12. Adjusted revenue and recurring revenue grew 4%. Banking revenue grew 2% with recurring revenue growth of 3% and inclusive of the share quarter headwinds we discussed earlier.

現在就來看看投影片 12 上的全年業績。調整後收入和經常性收入成長了4%。銀行營收成長 2%，經常性收入成長 3%，其中包括我們之前討論過的季度逆風。

Worldpay related revenue was $140 million for the year compared to $31 million in 2023. And this was more than offset by the loss of $150 million of revenue from federally funded pandemic release. On a normalized basis, Banking's underlying growth was above 3% for the year. And the cost savings and operating leverage led to margin expansion of 88 basis points.

Worldpay 相關收入今年為 1.4 億美元，而 2023 年為 3,100 萬美元。而這筆損失被聯邦政府資助的疫情期間釋放所造成的 1.5 億美元收入損失所抵消，綽綽有餘。以正常標準計算，今年銀行業的基本成長率超過 3%。成本節約和營運槓桿使利潤率擴大了 88 個基點。

Our Capital Markets business had a banner year with 7% growth in both adjusted and recurring revenue, margins expanded 73 basis points benefiting from growth in higher-margin license sales, cost savings and continued operating leverage.

我們的資本市場業務取得了輝煌的一年，調整後收入和經常性收入均增長了 7%，利潤率擴大了 73 個基點，受益於利潤率較高的許可證銷售的增長、成本節約和持續的經營槓桿。

Turning now to slide 13 for 2025 outlook. Our outlook is fully aligned with the goals we set at Investor Day. We expect revenue growth to accelerate to 4.6% to 5.2%, in line with our Investor Day commentary of accelerating revenue growth.

現在翻到第 13 張投影片，了解 2025 年的展望。我們的展望與我們在投資者日設定的目標完全一致。我們預計營收成長將加速至 4.6% 至 5.2%，這與我們在投資者日對營收成長加速的評論一致。

We expect margin expansion of 40 basis points to 45 basis points consistent with our prior guide of 2025 being at the lower end of the 40 basis points to 60 basis points reach. Adjusted EPS growth is projected at 9% to 11%, within our two-year target of 9% to 12%. This is a strong EPS performance given the higher 2024 jump-off point.

我們預計利潤率將擴大 40 個基點至 45 個基點，與我們先前對 2025 年的指導一致，即處於 40 個基點至 60 個基點範圍的下限。調整後的每股盈餘成長率預計為 9% 至 11%，在我們兩年 9% 至 12% 的目標範圍內。考慮到 2024 年更高的起步點，這是一個強勁的每股盈餘表現。

When we provided the guide back in May of last year, 2024 EPS was projected at 10% to 12% growth on a normalized basis. We delivered 18% growth in 2024 and absolute EPS was $0.24 higher than the upper end of our range. Our target leverage is unchanged at 2.8 times, and we expect cash conversion to improve from 77% in 2024 to 82% to 85% in 2025.

當我們在去年 5 月提供指南時，預計 2024 年每股收益將以正常化方式成長 10% 至 12%。我們在 2024 年實現了 18% 的成長，絕對每股收益比我們預期的上限高出 0.24 美元。我們的目標槓桿率保持不變，為 2.8 倍，我們預計現金轉換率將從 2024 年的 77% 提高到 2025 年的 82% 至 85%。

We recently increased our dividend by 11% and we expect to deploy $1 billion of capital toward M&A. Importantly, we are raising our share repurchase goal from around $800 million to $1.2 billion, and this reflects our commitment to return excess cash to shareholders.

我們最近將股息提高了 11%，並預計將投入 10 億美元資金用於併購。重要的是，我們將股票回購目標從約 8 億美元提高到 12 億美元，這反映了我們向股東返還多餘現金的承諾。

In summary, our 2025 outlook is fully aligned with the mid-term goals we set at Investor Day. Let's turn now to our more detailed projections on page 14. We are projecting full year revenue of $10.4 billion to $10.5 billion. This includes an expected $50 million currency headwind as well as the wind-down of a non-strategic business within the Corporate and Other segment.

總而言之，我們對 2025 年的展望與我們在投資者日設定的中期目標完全一致。現在讓我們翻到第 14 頁的更詳細的預測。我們預計全年營收為 104 億美元至 105 億美元。其中包括預計 5000 萬美元的貨幣逆風以及企業和其他部門內非戰略性業務的逐步減少。

Together, these items will reduce reported revenue by approximately $100 million for the year with no impact on adjusted revenue growth. Full year revenue growth of 4.6% to 5.2% is projected to accelerate over the course of the year. Banking growth is projected at 3.7% to 4.4%, consistent with our midterm targets. And we are expecting another year of strong revenue growth from capital markets with a full year range of 6.5% to 7%.

這些項目加起來將使全年報告收入減少約 1 億美元，但不會對調整後收入成長產生影響。預計全年營收成長率為 4.6% 至 5.2%，並將在年內加速成長。預計銀行業成長率為 3.7% 至 4.4%，與我們的中期目標一致。我們預計資本市場收入將再次強勁成長，全年成長率將達到 6.5% 至 7%。

We do, however, anticipate a somewhat slower start to the year with first quarter revenue growth projected at 2.5% to 3.5%. While capital markets will have a strong start to the year with 7% to 8% growth, banking is facing a tough go over of 200 basis points of non-recurring revenue due to exceptionally high license and termination fees in the first quarter of last year.

不過，我們預計今年開局會略微放緩，第一季營收成長預計為 2.5% 至 3.5%。儘管資本市場今年開局強勁，成長率達到 7% 至 8%，但由於去年第一季許可費和終止費異常高昂，銀行業面臨非經常性收入超過 200 個基點的艱難局面。

Excluding this impact, our banking and outlook of 0.5% to 1.5% growth would be closer to 2.5% to 3.5%. Banking growth will accelerate over the course of the year, as we benefit from very strong 2024 recurring ACV sales and the ramp-up of previously signed deals.

排除此影響，我們對銀行業和經濟成長的預期從 0.5% 到 1.5% 更接近 2.5% 到 3.5%。由於我們受益於 2024 年非常強勁的經常性 ACV 銷售額以及先前簽署的交易的成長，銀行業務成長將在今年加速。

On our third quarter call, we highlighted some client requested implementation delays. While these contracts are already signed, the requested delays shifted revenue out of both the fourth quarter of 2024, and the first quarter of 2025.

在第三季的電話會議上，我們強調了一些客戶要求的實施延遲。雖然這些合約已經簽署，但要求的延期導致收入從 2024 年第四季和 2025 年第一季轉移。

And this has shifted over a point of growth from the first quarter into the second quarter. In summary, while the first quarter will be softer than the full year, we expect an immediate pickup in the second quarter. We have good visibility into the drivers, and we are confident our second quarter banking growth will be within the full year outlook range of 3.7% to 4.4%.

而這一增長點已從第一季轉移到第二季。總而言之，雖然第一季的表現將弱於全年，但我們預計第二季將立即回升。我們對驅動因素有很好的了解，並且有信心第二季度的銀行業務成長將在全年預期的 3.7% 至 4.4% 範圍內。

As I mentioned earlier, we anticipate full year margin expansion of 40 basis points to 45 basis points. Strong execution of our established cost management capabilities and favorable operating leverage will more than offset the roll-off of TSA's cost increases and a less favorable revenue mix.

正如我之前提到的，我們預計全年利潤率將擴大 40 個基點至 45 個基點。強有力地執行我們既定的成本管理能力和良好的營運槓桿將足以抵消 TSA 成本增加和不太有利的收入組合的影響。

In summary, accelerating revenue growth continued margin expansion and strong management of below-the-line items will drive adjusted EPS growth of 9% to 11%. Let me now walk you through our revenue building blocks on slide 15. We have clear line of sight into accelerating banking growth over the course of the year.

總而言之，加速收入成長、持續利潤率擴大以及對線下專案的強有力管理將推動調整後每股收益成長 9% 至 11%。現在讓我在第 15 張投影片上向您介紹我們的收入組成要素。我們明確地看到了今年銀行業務加速成長的趨勢。

Strong ACV sales, higher retention and deferred implementations will drive 150 basis points of incremental revenue growth. The recent Dragonfly digital acquisition adds an additional 60 basis points of growth. These improved growth trends will be modestly offset by declining non-recurring revenue. leading to banking adjusted revenue growth of 3.7% to 4.4%. For capital markets, we are projecting consistent high-quality revenue growth of 6.5% to 7%.

強勁的 ACV 銷售、更高的保留率和延期實施將推動增量收入成長 150 個基點。最近對 Dragonfly Digital 的收購又增加了 60 個基點的成長。這些改善的成長趨勢將被非經常性收入的下降所略微抵消。導致銀行調整後營收成長3.7%至4.4%。對於資本市場，我們預計收入將持續高品質成長 6.5% 至 7%。

The growth will be driven by ongoing expansion into faster-growing adjacent verticals with a similar M&A contribution in 2025 as compared to 2024. Let me now cover the below-the-line assumptions on slide 16. We expect interest expense and tax rate to be in line or better than our Investor Day targets. Interest expense will increase to $120 million to around $370 million, reflecting increased leverage and lower interest income. We will reduce our effective tax rate to 12% to 12.5% from above 15% in 2024. And diluted shares outstanding will decline 5%.

成長的動力將來自持續向成長更快的鄰近垂直領域擴張，2025 年的併購貢獻將與 2024 年類似。現在讓我來介紹一下第 16 張投影片中的線下假設。我們預計利息支出和稅率將與投資者日目標一致或更好。利息支出將增加至 1.2 億美元至 3.7 億美元左右，反映出槓桿率上升和利息收入下降。我們將在2024年將有效稅率從15%以上降至12%至12.5%。稀釋後流通股數將減少5%。

Lastly, we anticipate a Worldpay EMI contribution of around $550 million well ahead of our Investor Day outlook and increasing around 7.5% over 2024. Let me now wrap up on slide 17. In summary, our 2025 financial outlook is fully aligned with the goals we set at our Investor Day last year. Banking revenue growth will accelerate to around 4% with recurring revenue growing at a faster pace.

最後，我們預計 Worldpay EMI 貢獻將遠高於投資者日的預期，達到約 5.5 億美元，並且比 2024 年增長約 7.5%。現在讓我總結第 17 張投影片。總而言之，我們的 2025 年財務展望與我們去年投資者日設定的目標完全一致。銀行收入成長將加速至4%左右，經常性收入成長速度更快。

Capital Markets will continue to grow at around 7% and we are targeting margin expansion of 40 basis points to 45 basis points, underpinned by a strong track record on cost management. Lastly, we are targeting $2 billion of capital return in 2025, and we will deliver total returns of 11% to 13%.

資本市場將繼續以 7% 左右的速度成長，我們的目標是將利潤率擴大 40 個基點至 45 個基點，這得益於我們在成本管理方面的良好記錄。最後，我們的目標是到 2025 年達到 20 億美元的資本回報，總回報率達到 11% 至 13%。

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

接線員，請問您能開通熱線來解答疑問嗎？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey guys, appreciate you taking the question today. I wanted to follow up on some of the commentary around the cadence of banking revenue growth. I hear you on some of the moving pieces in the first quarter and some of the deals you referenced last quarter.

嘿夥計們，感謝您今天回答這個問題。我想跟進一些有關銀行收入成長節奏的評論。我聽說了第一季的一些動態以及上個季度您提到的一些交易。

I was just wondering if you could kind of put a finer report on the expectations for the acceleration in recurring over the course of the quarter -- sorry, over the course of the year? And anything that you will call out in terms of cadence of some of the non-recurring headwinds throughout the year. Thanks.

我只是想知道您是否可以對本季（抱歉，是全年）內重複性加速的預期做出更詳細的報告？您也可以根據全年一些非經常性逆風的節奏來指出任何情況。謝謝。

So thanks, Will, maybe I'll kick off at a high level, and I'll let James add on some of the knits around the numbers. I think in third quarter, you heard us talk about some of our strong new sales wins that we had experienced at the end of '23 and the beginning of '24 moving at client request into second half or Q2 and beyond in 2025.

所以謝謝你，威爾，也許我會從高水平開始，然後讓詹姆斯添加一些圍繞數字的細節。我想在第三季度，您聽到我們談論了我們在 23 年底和 24 年初取得的一些強勁的新銷售勝利，並根據客戶的要求將其推進到 2025 年下半年或第二季度及以後。

If you'll recall, we talked about that. And so that move, which is about 100 basis points in terms of signed deals where we have clear visibility is going to really start to take hold, they're implementing in the first quarter, and then you'll see the revenue from those in the second quarter.

如果你還記得的話，我們討論過這個。因此，這項舉措，就簽署的協議而言，大約有 100 個基點，我們清楚地看到，這些協議將真正開始生效，他們將在第一季度實施，然後您將在第二季度看到這些協議帶來的收入。

So the move of those contract implementations, which we previewed in the third quarter is impacting our fourth quarter and our first quarter numbers in terms of being a bit lighter than you would expect. So I would say that. And then also in terms of visibility, as we think about the cadence of quarterly growth and James can talk about the nits and nats in terms of Q4 and Q1.

因此，我們在第三季預覽的這些合約實施措施對我們第四季和第一季的數據的影響比您預期的要小一些。所以我會這麼說。然後就可見性而言，當我們考慮季度成長的節奏時，詹姆斯可以談談第四季和第一季的具體情況。

We also feel really good about our commercial excellence, both in terms of the sales wins we have in 2024 signed our commercial excellence program, giving us a lot of visibility into client retention, core organic wins, and so as we come into 2025 and those implement again, remember, these are core wins, this is digital, et cetera. Those are longer tails.

我們也對我們的商業卓越表現感到非常滿意，無論是在銷售勝利方面，我們在 2024 年簽署了商業卓越計劃，這讓我們對客戶保留、核心有機勝利有了很大的了解，因此當我們進入 2025 年並再次實施這些勝利時，請記住，這些是核心勝利，這是數字化的，等等。那些是較長的尾巴。

We see and feel really confident in terms of visibility coming into Q2 and beyond. So with that, maybe I'll give it over to James in terms of talking about quarters and the difference between recurring and non-recurring.

我們對第二季及以後的可見度充滿信心。因此，也許我會把關於季度以及經常性和非經常性之間的區別的話題交給詹姆斯。

Yeah. Will, yeah, so we did say quite clearly that Q1 will be the low point of the year at 2.5% to 3.5%. And I'll come back to that in a second. And then we were pretty clear that the second quarter will sharply increase to basically in line with the full year growth. And then if you look out to the second half, probably a slight acceleration versus that full year growth number.

是的。威爾，是的，我們確實明確表示，第一季的成長率將是今年的最低點，達到 2.5% 至 3.5%。我馬上就會回到這個問題。然後我們非常清楚，第二季將大幅成長，基本上與全年成長持平。如果你展望下半年，可能會發現與全年成長數字相比略有加速。

But I really want to emphasize that we're kind of working our way through this Q1 were actually, if you strip back the pieces is decently positive. So here's one way to think about it. If you take the high end of the guide in Q1 for banking, it's [1.5%]. We did say there were large termination and license headwinds versus prior year, call it, 200 basis points. On top of that, we also said you got 100 basis points that's basically shifting contract closures between Q1 and Q2.

但我真的想強調的是，我們正在努力度過第一季度，實際上，如果你剝離各個部分，你會發現這是相當積極的。這裡有一個方法可以思考這個問題。如果你選擇第一季銀行業指南的高端，那麼[1.5%]。我們確實說過，與前一年相比，終止和許可的阻力較大，大約是 200 個基點。除此之外，我們還表示，您獲得了 100 個基點，基本上是在第一季和第二季之間轉移合約結算。

So we kind of get to -- and if you take out M&A out of the number and try to get to a clean number on what the core business is doing on a run rate, we got to around 4%. And that's why we're pretty confident that we can ramp up to that kind of full number on a reported basis in the second quarter.

因此，我們得到——如果你從數字中剔除併購，並嘗試得到核心業務運作率的清晰數字，我們得到的結果約為 4%。這就是為什麼我們非常有信心我們可以在第二季報告的基礎上達到這樣的數字。

We're not -- this is not a second half story at the second quarter. And unfortunately, the first quarter is held back by these contract delays we'll work through those. I think the thing I feel best about here is, it's what Stephanie said in the prepared comments, the ACV sales were up 9% on the year.

我們不是——這不是第二季的下半場故事。不幸的是，第一季因合約延遲而受到阻礙，我們會努力解決這些問題。我認為這裡讓我感覺最好的事情是，正如史蒂芬妮在準備好的評論中所說的那樣，ACV 的銷售額同比增長了 9%。

And as we look into the 2025 year and the new sales we're counting on in the income statement, and a little over 80% of the new sales are already signed. So this gives us decent visibility, particularly on the quarterly cadence.

當我們展望 2025 年以及我們在損益表中預測的新銷售額時，我們發現超過 80% 的新銷售額已經簽約。因此，這為我們提供了良好的可見性，特別是季度節奏。

Appreciate that. That's clear. I appreciate the -- some of the math in the first quarter as well. That's a helpful bridge. And then maybe following up a different topic.

非常感謝。這很清楚。我也很欣賞第一季的一些數學計算。這是一座有用的橋樑。然後也許會討論不同的話題。

I wanted to ask about the technology outage in 1Q. Is there any impact from this in the numbers here, either in top line revenue loss or in terms of incremental spending on business continuity. And in practice, just how are you dealing from the fallout of that event? Thanks.

我想問一下第一季的技術故障狀況。這對這裡的數字有什麼影響嗎，無論是營業收入損失還是業務連續性支出的增加？那麼實際上，您是如何處理該事件的後果的呢？謝謝。

Yeah, thanks, Will. So yeah, we did experience a partial system outage temporarily disrupted operations. To be clear, it was not a cyberattack or malicious conduct and no data breaches, et cetera. We did get our clients back up and running really quickly and have been working with them.

是的，謝謝，威爾。是的，我們確實經歷了部分系統中斷，導致營運暫時中斷。需要明確的是，這不是網路攻擊或惡意行為，也沒有資料外洩等等。我們確實讓客戶很快恢復了正常運行，並且一直與他們合作。

We don't believe the incident will have a material impact on FIS results or our operations. So feel fine about the fallout of that in terms of -- we were back online very quickly and don't believe there's any material impact for us either now or going forward.

我們認為該事件不會對 FIS 業績或我們的營運產生重大影響。因此，就其後果而言，我們感覺很好——我們很快就恢復了正常運營，並且相信現在或將來都不會對我們提供任何實質影響。

Thank you.

謝謝。

Tien-tsin Huang, JPMorgan.

摩根大通 (JPMorgan) 的黃天津 (Tien-tsin Huang)。

Hey, thank you so much. Just on the ACV question, it was up 9% in '24. Stephanie, what are you thinking for '25? Can you do better than that? Is the composition going to be more larger deals or could we see a bigger contribution from shorter projects, that kind of thing?

嘿，非常感謝。僅就 ACV 問題而言，24 年 ACV 上漲了 9%。史蒂芬妮，你對 25 年有什麼想法？你能做得更好嗎？其組成是否會包含更多規模更大的交易，或者我們是否可以看到短期專案做出更大的貢獻，諸如此類？

Yeah, great question, Tien-tsin. Of course, it's more than 9%, absolutely. We think we are on a growth trajectory here. And if you remember from Investor Day, we talked about how we were going to focus on sales.

是的，Tien-tsin，這個問題問得很好。當然，絕對超過9%。我們認為我們正處於成長軌道。如果您還記得投資者日，我們討論如何專注於銷售。

So we were getting back to our knitting in terms of core and our base business. We had record core wins in 2024. We're on the same track in 2025. We're really getting our mojo back there, I feel really good about that, both in terms of wins and client excellence. As we think about our 2025 sales consistent with Investor Day, we're focused on digital sales, we're focused on payment sales.

因此，就核心業務和基礎業務而言，我們又回到了原來的狀態。我們在 2024 年取得了創紀錄的核心勝利。2025年我們仍將走在同一條軌道上。我們真的恢復了活力，我對此感到非常高興，無論是在勝利方面還是在客戶卓越方面。當我們考慮與投資者日一致的 2025 年銷售時，我們專注於數位銷售，我們專注於支付銷售。

We're focused on lending sales, the places where we really plan to accelerate growth because of the size of the TAM, our product set and how much growth is there. Really pleased with the digital growth we saw in '24, but lots of runway there. We talked about 10% growth in Amplify. So I still think we're in early innings in terms of our sales growth. And as we said on the call, we have increased the number of sales folks in the field for us.

我們專注於貸款銷售，這是我們真正計劃加速成長的領域，因為 TAM 的規模、我們的產品組合以及成長幅度很大。我們對 24 年看到的數位成長感到非常高興，但仍有許多發展空間。我們討論了 Amplify 的 10% 成長。因此我仍然認為我們的銷售成長還處於早期階段。正如我們在電話中所說，我們已經增加了現場銷售人員的數量。

We feel like we've got our mojo back in core, but we are increasing specialty in these high-growth areas, whether it's commercial lending, digital, we see demand. We also see big demand in office of the CFO. So that's where you're seeing us focus significantly this year, and we would expect to see incrementally more growth in sales in terms of 2025.

我們感覺我們在核心業務上已經恢復了活力，但我們正在增加這些高成長領域的專業性，無論是商業貸款還是數位貸款，我們都看到了需求。我們也發現財務長職位的需求很大。這就是我們今年重點關注的領域，我們預計到 2025 年銷售額將進一步成長。

Yeah, so I thought that office of the CFO -- my follow-up as office of CFO news and hearing some of the wins that you've talked about. Is there an impact on -- specifically within banking, is there an impact on EBITDA margin that we can expect for some of the upcoming ACV and deals that are converting because I heard in the fourth quarter that there was unfavorable product mix. So what can we expect there?

是的，所以我認為財務長辦公室——我作為首席財務官辦公室的後續新聞以及聽到您談到的一些勝利。這是否會對銀行業產生影響？是否會對 EBITDA 利潤率產生影響？我們可以預期，即將到來的 ACV 和正在轉換的交易是否會受到影響，因為我聽說第四季的產品組合不利。那我們能期待什麼呢？

Yeah, I'll do high level and James can hit me a little bit. I think the margins we're expecting is continued focus on all of our cost programs. I think we've been largely successful there, which is across the entire business. So we expect to see banking margins expand I think the product mix he was referring to was really the reversal of the termination fee. So if you think about that, that comes straight out of revenue and profit is more around what he was talking about with respect to product mix.

是的，我會發揮高水平，詹姆斯可以稍微打我一下。我認為，我們預期的利潤率將繼續關注我們所有的成本計劃。我認為我們在整個業務領域都取得了很大成功。因此，我們預期銀行利潤率將會擴大，我認為他所指的產品組合實際上是終止費用的逆轉。所以如果你考慮一下，這直接來自於收入和利潤，更多的是圍繞著他所談論的產品組合。

So I think from a margin standpoint, we're continuing to be focused on very strong cost discipline. As you know, we're battling through the Worldpay dissynergies as they come off and feel really good about where we ended in '24. And we feel like our guide for margins in 2025 is right in line with what we said at Investor Day, which is us significantly focusing on both top line and bottom line.

因此我認為從利潤率的角度來看，我們將繼續專注於非常嚴格的成本控制。如您所知，我們正在努力克服 Worldpay 的不協同效應，並且對 24 年結束時的狀況感到非常滿意。我們認為，2025 年的利潤率指南與我們在投資者日所說的完全一致，即我們高度關注營收和利潤。

Thank you.

謝謝。

Darrin Peller, Wolf Research.

達林佩勒，沃爾夫研究公司。

Hey, thanks guys. James, maybe just a financial question to start off. Can you just remind us of the moving parts on the free cash conversion side from the trend line of what occurred throughout the last year. I know we talked about some of the vendors. But more importantly, just the conviction in the trend getting going in the right way for the next few quarters and into the end of '25 and where you really look to see that exit rate going forward?

嘿，謝謝大家。詹姆斯，也許首先只是想問一個財務問題。您能否從去年發生的趨勢線來提醒我們自由現金轉換的變動情況。我知道我們討論了一些供應商。但更重要的是，您確信未來幾季以及 25 年底的趨勢將朝著正確的方向發展，您真正希望看到未來的退出率是多少？

Yeah, so we come in at [77], and that was below our target of about [85]. You'll recall on the last call, we called out a number of unusually aggressive suppliers. And just as you look forward over an 18-month period, that generates about 50 basis points of pressure on capital expenditures, so call it, $50 million a year.

是的，所以我們的成績是 [77]，低於我們的目標。[85]。您會記得，在上次電話會議中，我們召集了一些異常激進的供應商。展望未來 18 個月，這將對資本支出產生約 50 個基點的壓力，也就是每年 5,000 萬美元。

So that's the first bit of pressure we had. The second pressure is we've seen probably we haven't been attentive enough on net working capital. We spend an awful lot of time on capital allocation. We spent a lot of time on governance around capital budget, return on investment, return on the acquisitions. We're shifting the guns now to -- we are, frankly, painter suppliers too quickly.

這是我們面臨的第一個壓力。第二個壓力是我們可能對營運淨資本關注不夠。我們在資本配置上花費了大量的時間。我們花了大量時間進行資本預算、投資回報和收購回報的治理。我們現在正在將重點轉向——坦白說，我們是油漆供應商，速度太快了。

Our terms are down in the 40s, and many companies are running at [90s]. And then two is, we did over the last six months, see some extension on payment terms with customers. We need to get a little more vigilant on that. And to our collection has not been in line with my expectations. So the slippage towards the end of the year is we understand it, and we've set up programs.

我們的條款已經降到了 40 多歲，許多公司都在[90年代]。其次，在過去六個月中，我們確實看到客戶的付款條件有所延長。我們需要對此提高警覺。而我們的收藏也沒有達到我的期待。因此，我們了解年底的下滑情況，並且已經制定了計劃。

We're going through contract by contract overdue by over dues. We will be extending payments. And I want to be crystal clear on this. We have clear line of sight to the guide we've given you the [82 to 85]. The only reason there is a range is just we saw this volatility at the end of the year.

我們正在逐一審查逾期合約。我們將延長付款期限。我想把這一點講得非常清楚。我們清楚地看到了我們給你的指南[82至85]。存在這個範圍的唯一原因是我們在年底看到了這種波動。

I'm trying to target to the higher end of that. I believe in 2016, we're back to business as usual and the 90%-plus we've got a bunch of opportunity here. The CapEx is going to run at 9% in 2025. So as I mean, that's about a percentage point higher than the guide that we would have given 12 months ago. So we said about 8% or below.

我正努力將目標定為更高的水平。我相信在 2016 年，我們的業務將恢復正常，並且 90% 以上的業務都充滿了機會。2025 年資本支出將達 9%。我的意思是，這比我們 12 個月前給出的指導高出約一個百分點。所以我們說大約8%或以下。

It's running at this 9%, and that's what's given us the pressure on the 85% versus 90%. So you have our conviction here will be back on 90% in 2026.

它以 9% 的速度運行，這給我們帶來了 85% 與 90% 的壓力。因此，我們相信到 2026 年這一比例將恢復到 90%。

Okay. Very helpful, James. Stephanie, just a quick one. The -- again, understanding there's been delays, but the specific types of contracts and revenue that you're seeing demand for in the banking side to show the -- on just the timing dynamic, what are you seeing the most excitement for customers right now on the banking side for new business?

好的。非常有幫助，詹姆斯。史蒂芬妮，我只想問一個簡單的問題。再次，我們了解到存在延遲，但您看到銀行方面對特定類型的合約和收入的需求表明——僅從時間動態來看，您看到目前銀行方面客戶對新業務最興奮的是什麼？

Definitely continue to see a lot of demand around our core. We've made some significant investments. You heard us highlight IBS. Digital, digital, digital, digital, every financial institution is focused on their digital experience, which is why we continue to invest very significantly both organically and then from an acquisition standpoint, so we can serve everybody commercial lending continues to be a very big demand across the board, not just with banks but with private credit -- and asset managers, et cetera.

我們的核心領域肯定會繼續出現大量需求。我們進行了一些重大投資。您聽到我們重點介紹了 IBS。數位化、數位化、數位化、數位化，每個金融機構都專注於他們的數位化體驗，這就是為什麼我們繼續在有機和收購方面進行大量投資，以便我們可以為所有人提供服務，商業貸款仍然是一個非常大的需求，不僅僅是銀行，還有私人信貸——以及資產管理者等等。

And then the last one, which is what we highlighted office of the CFO. We think we're uniquely positioned there. We see a huge amount of demand, and we see mainly niche players. And we think bringing together our products and putting them into an office of the CFO solution is we're taking the market by storm there. Again, winning a lot of awards in that scenario.

最後一個，也就是我們強調的財務長辦公室。我們認為我們在那裡具有獨特的地位。我們看到了巨大的需求，我們看到的主要是利基市場參與者。我們認為，將我們的產品整合在一起並將它們放入 CFO 辦公室解決方案中，我們將在那裡席捲市場。再次，在這種情況下贏得很多獎項。

We think that's just early days, and that's a place we're really carving out for ourselves. So overall, I would say that's where I see a significant amount of demand. Thanks Darrin.

我們認為這只是個開始，這才是我們真正為自己開拓的領域。所以總的來說，我認為那裡存在大量需求。謝謝達林。

Thank you.

謝謝。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey guys. Great job here on capital markets. hopefully, you guys will get credit for that performance. I do have a question about unpacking 4Q banking growth. So starting at 2%, there's Worldpay. Like can you unpack, James, for us what's the underlying growth, we think for M&A, Worldpay dis-synergies, and all the factors that you called out like all in? And then I have a quick follow-up. Thank you.

嘿，大家好。資本市場做得很好。希望你們能因這次表演而獲得讚譽。我確實有一個關於解讀第四季度銀行業成長的問題。從 2% 開始，就有 Worldpay。例如，詹姆斯，您能否為我們解釋一下潛在的成長是什麼，我們認為是併購、Worldpay 的協同效應以及您提到的所有因素？然後我有一個快速的跟進。謝謝。

Yeah. Okay. So hopefully, this won't come across as too complicated. But Worldpay, yeah, that contributed in the quarter, that was about $34 million. So call it about 200 basis points. M&A and then dis-synergies. We see M&A and dis-synergy as the same bucket. And the net positive impact was 30 basis points. So the result in the fourth quarter had a positive contribution coming from those two.

是的。好的。所以希望不會顯得太複雜。但 Worldpay 在本季的貢獻約為 3,400 萬美元。所以稱為約 200 個基點。併購，然後失去協同效應。我們認為併購和不綜效應是同一回事。淨正面影響為30個基點。因此，第四季的業績有來自這兩方面的正面貢獻。

And you'll recall from the prior calls, the negatives against this pandemic revenue 160 basis points. It almost entirely offsets the contribution in the quarter from Worldpay Commercial Services. And then the final one, I would add is the contract recognition items in the quarter pulled down the revenue by above -- because the term fee is a switch between the third quarter and the fourth quarter.

您可能還記得，從先前的電話會議中得知，此次疫情對收入的負面影響為 160 個基點。它幾乎完全抵消了 Worldpay 商業服務本季的貢獻。最後，我想補充的是，本季的合約確認項目拉低了收入，因為期限費用是第三季和第四季之間的轉換。

So these recognition items pulled down the result by about 180 basis points. So we step back from this and we look at the positives from Worldpay and M&A negatives from pandemic dis-synergy and the contract recognition.

因此，這些認可項目將結果拉低了約 180 個基點。因此，我們退一步來看看 Worldpay 的正面因素以及疫情協同效應和合約確認帶來的併購負面影響。

And we're getting to a core growth, if you want to call it, like core growth of around 3% in the quarter. So -- and then if you look at the recurring, that was growing slightly ahead of that, probably a little north of 3%.

如果你願意的話，我們將實現核心成長，例如本季核心成長率約為 3%。所以 — — 如果你看一下經常性收入，你會發現這個數字成長略高於這個數字，可能略高於 3%。

Got it. And maybe Stephanie, a little more strategic question. Like how do you feel about the portfolio today? Obviously, there's been a lot of like cheddar about potential changes in the competitive landscape. So if you think about your two businesses, how happy are you with the current portfolio? And what else do you think you could need to boost client overlap et cetera? Thank you.

知道了。也許史蒂芬妮，這是一個更具策略性的問題。例如，您對今天的投資組合有何感想？顯然，人們對競爭格局的潛在變化有許多擔憂。那麼，如果您考慮一下您的兩家公司，您對目前的投資組合有多滿意？您認為還需要做些什麼來提高客戶重疊度等等？謝謝。

Yeah, so I think we're very pleased with how we are executing against what we set out at Investor Days, which is getting back to focusing on our core business wins there. You're seeing that in trading and processing growth as well as core banking growth. Then we are focusing both organically and inorganically in the places we think there's a lot of growth opportunity for us. Digital payments, lending, treasury and risk.

是的，所以我認為我們對我們在投資者日制定的計劃的執行情況感到非常滿意，那就是重新專注於我們在那裡取得的核心業務勝利。您會在交易和處理成長以及核心銀行業務成長中看到這一點。然後，我們會以有機和無機的方式關注那些我們認為有很多成長機會的地方。數位支付、借貸、財務和風險。

And so as we look at those and think about where we can position ourselves uniquely where no one else is, and so we have a bit less competition is really think about commercial lending as a big space, again, like I said, taking advantage of opportunities in private credit, hedge funds, et cetera and then office of the CFO, where we've pulled together a set of products across banking and capital markets where we think we're uniquely positioned, and you don't see a lot of our competitors.

因此，當我們審視這些並思考我們可以在哪裡將自己定位為別人所沒有的獨特之處時，我們的競爭就會少一些，我們真正將商業貸款視為一個巨大的空間，就像我說的，利用私人信貸、對沖基金等方面的機會，然後是首席財務官辦公室，我們整合了一套跨銀行和資本市場的產品，我們認為我們在這些方面具有獨特的優勢，你不會看到很多競爭對手。

So I think that what you're seeing us do with the company post Investor Day and the separation of Worldpay, while we're still very much going to market in conjunction with Worldpay and the commercial agreements there, and we think that will continue to be strategic for us. You're seeing us really carve out a niche with the assets we have that are really differentiated from everybody else that you would normally compare us to. We're not a payments company that isn't what we're doing.

因此，我認為，您看到我們在投資者日和 Worldpay 分離之後對公司所做的一切，雖然我們仍然會與 Worldpay 及其商業協議一起進入市場，但我們認為這對我們來說仍具有戰略意義。您會看到，我們利用所擁有的資產真正開闢出一片天地，而這些資產與您通常會拿來比較的其他人相比，確實存在差異。我們並不是一家支付公司，我們所做的並不是支付。

We have large amounts of payments capabilities. We're not in SMB payments. That's not what we do. We're in -- we serve large corporates across the globe, and we serve large financial institutions. And we're looking to take advantage of that scale, global distribution, and marquee product set in a different way. And you're going to continue to see us with our M&A strategy, put the assets down that we think can help us grow in those high-growth areas.

我們擁有大量支付能力。我們不從事中小企業支付業務。這不是我們所做的。我們為全球的大型企業和大型金融機構提供服務。我們希望以不同的方式利用這種規模、全球分銷和大牌產品的優勢。您將繼續看到我們實施併購策略，投入我們認為可以幫助我們在高成長領域實現成長的資產。

Thank you.

謝謝。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good morning guys. I just wanted to start on the banking outlook for '25 again. I know we've got the 3.7% to 4.4%. James, can you just put a finer point on the recurring versus the non-recurring growth rate for '25 and just what the Worldpay revenues and banking look like in '25 versus 2024.

大家早安。我只是想再次開始討論 25 年的銀行業前景。我知道我們已經達到 3.7% 到 4.4%了。詹姆斯，你能否更詳細地說明 2025 年經常性成長率與非經常性成長率，以及 2025 年與 2024 年 Worldpay 收入和銀行業務的狀況。

Yeah. So as we said, we're accelerating to 3.7% to 4.4%. It's mostly coming from the 150 basis points of acceleration coming from a strong sales and execution. And I said earlier that about 80% of the new sales is already signed, sealed and delivered. When you think about recurring, we want to avoid start getting into a guide on recurring.

是的。正如我們所說，我們的增速將加速至 3.7% 至 4.4%。這主要得益於強勁的銷售和執行帶來的 150 個基點的加速。我之前說過，大約 80% 的新銷售已經簽約、蓋章並交付。當您考慮重複時，我們希望避免開始進入重複指南。

Recurring I think, will generally be in line with our prior comments. Now recurring will be slightly ahead all the adjusted. So you can assume as you build out your models, your recurring and banking will be growing slightly ahead of the adjusted and the sum of the professional services and non-recurring will be growing slower. So not by much. So it will be a percentage point or less.

我認為，反覆出現的情況總體上與我們先前的評論一致。現在循環將略微提前全部進行調整。因此，您可以假設，在建立模型時，經常性業務和銀行業務的成長速度將略高於調整後的成長速度，而專業服務和非經常性業務的總和的成長速度將較慢。所以差別不大。因此它將是一個百分點或更少。

When you get into Worldpay, the growth of the core business ex Worldpay would be faster. So said another way, of the $140 million of Worldpay business this year, some of that was non-recurring, and I'll get the numbers wrong. We didn't give the split. So I think we're currently projecting the Worldpay next year will be slightly -- will be below the [$140 million]. So actually, Worldpay will be a slight headwind in next year as opposed to a tailwind, not by much, not by much, 20 basis points, 30 basis points kind of number.

當你進入Worldpay時，Worldpay以外的核心業務的成長會更快。換句話說，今年 Worldpay 的 1.4 億美元業務中，有一部分是非經常性的，而且我的數字可能有點錯誤。我們沒有給出分成。因此，我認為我們目前預測明年 Worldpay 的收費將略低於[1.4億美元]。因此實際上，Worldpay 明年將略微處於逆風而非順風狀態，幅度不會太大，不會很大，大概是 20 個基點或 30 個基點左右。

So Worldpay is not contributing next year. In fact, it's actually pulling the banking growth rate down slightly.

因此，Worldpay 明年不會做出貢獻。事實上，它實際上正在稍微拉低銀行業成長率。

I would also add, just to put a finer point on this, because I think there was a lot of hub up about this after the third quarter. The way to think about the Worldpay revenue is, it is a commercial strategic partnership. We talked about it when we were separating the business. We will continue to have a commercial relationship, just like we do with the firm, just like we do with Microsoft, we go to market, it's very important. It has not been a growth driver in 2024 because it's completely offset by the pandemic revenue.

我還要補充一點，只是為了更詳細地說明這一點，因為我認為在第三季之後，關於這一點的討論非常多。看待 Worldpay 收入的方式是，它是一種商業策略合作夥伴關係。我們在分離業務時討論過這個問題。我們將繼續維持商業關係，就像我們與公司、與微軟一樣，我們進入市場，這非常重要。它並沒有成為 2024 年的成長動力，因為它完全被疫情收入所抵消。

And it will not be a growth driver in 2025 because it's -- we're expecting it to be slightly down. So Worldpay revenue, while very important from a market standpoint is not contributing to growth in either 2024 or 2025.

而且它不會成為 2025 年的成長動力，因為我們預計它會略有下降。因此，Worldpay 的營收雖然從市場角度來看非常重要，但它不會對 2024 年或 2025 年的成長做出貢獻。

Okay. That's really clear and helpful. And then I just wanted to ask on the capital markets side, nice solid outlook there for 2025, although I do think it's a touch below the Investor Day target. So just curious if there's any call out there? And if you can just clarify the Demica acquisition contribution to cap markets this year? Thanks guys.

好的。這確實很清晰並且很有幫助。然後我想問資本市場方面，2025 年的前景非常穩健，儘管我確實認為它略低於投資者日的目標。所以只是好奇那裡是否有任何呼叫？您能否解釋一下 Demica 收購對今年資本市場的貢獻？謝謝大家。

Yeah, I think I'll cover the last piece first. The total contribution of acquisitions in Capital Markets in '24 was about 140 basis points. And we're expecting, including that, Demica, we're expecting roughly the same number. So call it, [140] next year.

是的，我想我會先講最後一部分。1924 年資本市場收購的總貢獻約為 140 個基點。我們預計，包括 Demica 在內，我們的數字大致相同。那就這麼說定了，[140] 明年。

Yeah, if you look at the guide, that's slightly below because we were calling out about 150 bps to 200 bps coming from acquisitions on an ongoing basis. So the plan as currently constructed only has [140] in there. So that explains some. But also, I would say, at the end of the year, capital markets came in quite a bit stronger than we expected. Like it's not a huge number.

是的，如果你看一下指南，你會發現這個數字略低，因為我們預計持續的收購將帶來約 150 個基點到 200 個基點的收益。因此，目前建置的計劃中只有 [140]。這解釋了一些。但我想說，到今年年底，資本市場的表現比我們預期的要強勁得多。好像這不是一個龐大的數字。

About $10 million that was kind of was mostly licenses, very profitable licenses at the last minute. It pulled up the base year, if you like, and we didn't adjust the license target for 2025, because we said, okay, we have a line of sight to a license started for '25. So call it, the base came in higher by 40 bps and a pull down year-on-year growth rate. It could signal a little bit of opportunity there.

大約 1000 萬美元，其中大部分是許可證，是最後一刻獲得的非常有利可圖的許可證。如果你願意的話，它提高了基準年，我們沒有調整 2025 年的許可目標，因為我們說，好吧，我們已經看到了從 25 年開始的許可。可以這麼說，基數高出了 40 個基點，拉低了年成長率。這可能預示著那裡存在一些機會。

But we love the capital markets business. It is entirely consistent over a multiyear period. This is a business that is growing 7%. It's starting the year strong. I hope you saw that it's running at 7% to 8%. You could almost put it across the next three quarters and it will grow almost the same amount each quarter, very predictable quarter in, quarter around high-quality revenue industry-leading margins.

但我們熱愛資本市場業務。它在多年的時間內是完全一致的。這是一個成長 7% 的業務。這是一個強勁的新年開端。我希望您看到它的運行速度為 7% 到 8%。你幾乎可以把它放在接下來的三個季度，它每個季度的成長量幾乎相同，每個季度都非常可預測，每個季度都圍繞著高品質的收入和行業領先的利潤率。

So we're very happy with this. So -- and by the way, just to point out to everybody on the call, we haven't built in any unannounced acquisitions in the guide.

所以我們對此感到非常高興。所以——順便說一句，只是想向電話中的每個人指出，我們沒有在指南中加入任何未公佈的收購。

Thank you.

謝謝。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, thanks for taking my question. It feels like the 2025 banking guide is pretty contingent on getting that deal backlog implemented on schedule, could the timing shift further at this point? I guess, how much visibility or confidence do you have that these deals will get turned on now when you expect?

你好，謝謝你回答我的問題。感覺 2025 年銀行業指南很大程度上取決於交易積壓能否按時實施，現在時間安排會進一步改變嗎？我想，您對這些交易能否如您預期的那樣順利完成有多大了解或信心？

Yeah, Ramsey, great question. I'll take that. So it's about 100 basis points we're really confident. The only thing that moves is potential acquisitions closing in first quarter versus second quarter as an example of one of them. And then we're already starting to see another one implementing in the back half of first quarter. So we're very, very confident. These aren't signings. These are implementations. And so feel really good about that 100 basis points.

是的，拉姆齊，這個問題問得好。我會接受的。因此，我們對 100 個基點左右的成長率非常有信心。唯一變化的是第一季與第二季完成的潛在收購就是其中之一。然後，我們已經開始看到另一個計劃在第一季後半段實施。所以我們非常非常有信心。這些不是簽名。這些是實現。所以對這 100 個基點感到非常滿意。

Now might an acquisition close in terms of when regulatory approval goes because it's very large, possibly --but at this point, we're feeling very good. And if it does, it might cross a quarter. But we feel really good about those implementations. Like I said, one of them is already in motion as we speak.

現在，收購可能需要等待監管部門批准才能完成，因為規模非常大，有可能——但目前，我們感覺非常好。如果確實如此，它可能會超過四分之一。但我們對這些實施感到非常滿意。正如我所說的，其中一個已經在我們說話的時候開始行動了。

Got it. Okay. Super helpful. And then a follow-up for me. The 2025 free cash flow conversion guidance definitely higher than '24, a bit below the medium-term guide set out at Analyst Day. What are the levers that you have, James, to basically get that into the longer-term range from where it will sit in 2025, if all goes as planned?

知道了。好的。超有幫助。然後對我來說是後續行動。2025 年的自由現金流轉換指引肯定高於 24 年，略低於分析師日所製定的中期指引。詹姆斯，如果一切按計劃進行，你有什麼手段可以將其從 2025 年的水平提升到更長期的範圍？

I think the number one is -- what I said before, capital in 2025 is projected at 9% of revenue and the long-term goal is 8%. So that will drive about $100 million of improvement versus the $85 million range going to $90 million. And then accounts payable, we pay too early. We should be running at 90 days, and we're down at [45] to [50] depending on the type of supplier. And then third one is we have some late collections that, in reality, we shouldn't have at all.

我認為第一點是——我之前說過，2025 年的資本預計佔收入的 9%，長期目標是 8%。因此，這將推動約 1 億美元的改善，而不是 8,500 萬美元到 9,000 萬美元的範圍。然後是應付帳款，我們支付得太早了。我們的運行週期應該是 90 天，但根據供應商的類型，我們的週期會縮短到 [45] 到 [50] 天。第三，我們的一些收款延遲了，但實際上，我們根本不應該這樣做。

And this is just -- we have a lot of improvement opportunities in end-to-end process on the collection side. So we see good line of sight and obviously, EBITDA. So the number one driver of cash flow in any company is the quality of earnings and the quality of EBITDA. And we have good line of sight to the flow of EBITDA over the next three years.

這只是——我們在收集方面的端到端流程中有很多改進機會。因此，我們看到了良好的前景，顯然還有 EBITDA。因此，任何公司現金流的首要驅動力是獲利品質和 EBITDA 品質。我們對未來三年的 EBITDA 流量有很好的預測。

Thank you.

謝謝。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

Hi, thanks for taking my question. I guess the first one I had was on the EMI contribution from Worldpay. It's a pretty healthy number despite the outperformance this year. And just wanted to see how you've guided to that for '25 and if there's room for upward bias this year as well or were done with the easy upside at this point? And I know Worldway revenues were also better this quarter. So any color on that would be helpful as well.

你好，謝謝你回答我的問題。我想我得到的第一個答案是 Worldpay 的 EMI 貢獻。儘管今年的表現優異，但這仍然是一個相當健康的數字。我只是想看看您對 25 年的預期如何，以及今年是否還有上行空間，或者目前是否已經完成了輕鬆上行？我知道 Worldway 本季的收入也有所增加。因此任何顏色都會有幫助。

Worldpay had a very good fourth quarter. I believe the revenue was up 7% or something. So the beat we had in the base here versus the last guide we gave was pretty much all coming from EBITDA. So they had a strong finish. As we're giving a 7.5% guide, that's obviously agreed with Worldpay management.

Worldpay 第四季表現非常好。我相信收入成長了7%左右。因此，與我們給出的上一個指南相比，我們在此基礎上取得的進展幾乎全部來自 EBITDA。所以他們取得了圓滿的結局。由於我們給出了 7.5% 的指導，這顯然得到了 Worldpay 管理層的同意。

I think most of the forecast in the upside and a lot of the upside in the base here was at a strong start in Q1, good finish through the end of the year. They refinanced debt once last year. They have refinanced again this year, that is built into the guide.

我認為，大部分的上行預測和基礎的上行都體現在第一季的強勁開局和年底的良好收尾。他們去年進行了債務再融資。他們今年再次進行了再融資，這已包含在指南中。

And just in general, some of the upside last year came from building out -- they didn't build out all the stand-alone structure in line with the original plans, and that's a bit of a headwind in 2025. So we're pretty comfortable with the guide that the business is doing very, very well, and we have good line of sight to it.

總體而言，去年的一些上漲來自於建設——他們沒有按照原計劃建造所有獨立結構，這對 2025 年來說是一個阻力。因此，我們對該指南感到非常滿意，即業務表現非常非常好，並且我們對此有很好的了解。

Thank you. And just a quick one for you, Stephanie. I know bank M&A seems to be picking up and wanted to get your temperature check. On that, I know in the past, you've said it's a net positive for you guys. Just any additional thoughts around that? And if anything related to that is baked into the outlook today?

謝謝。史蒂芬妮，我只想快速地問你一句話。我知道銀行併購似乎正在升溫，我想了解一下情況。關於這一點，我知道你們過去曾說過，這對你們來說是一件好事。對此您還有其他想法嗎？那麼，與此相關的任何內容是否已融入今天的展望中？

No. I would say in terms of outlook, it's -- we have normal M&A contributions. We've baked in what we know. We don't bake in what we don't know. We have an unknown number, of course, but we have a lot of visibility into that at this point.

不。我想說，就前景而言，我們有正常的併購貢獻。我們已經將我們所知道的知識融入其中。我們不會烘烤我們不知道的東西。當然，我們有一個未知的數字，但目前我們對此有很大的了解。

we view M&A like everybody does in terms of being an opportunity. Some go our way, some don't. But generally, we serve larger financial institutions who tend to be consolidated tours. So we feel really good about that.

我們和其他人一樣，將併購視為一種機會。有些人按照我們的意願行事，有些人則不然。但一般來說，我們服務的是規模較大的金融機構，這些機構往往傾向合併旅遊。因此我們對此感到非常高興。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey, good morning guys. Just on the buyback, good to see the $1.2 billion, but I thought it might be a little bit bigger given the lack of M&A last year. So is that more a function of conservatism or there's something bigger in the pipe, is there any comments there?

嘿，大家早安。就回購而言，很高興看到 12 億美元的回購金額，但考慮到去年缺乏併購，我認為回購金額可能會更大一些。那麼，這更多的是保守主義的功能還是管道中存在更大的東西，對此有什麼評論嗎？

So I think when we -- at Investor Day, we said the range will be $800 million to $1.2 billion with 2025 at the --we basically said it was going to be $800 million. So we've scaled up by about $400 million, which effectively is pretty close to the underspend in 2024. We anticipate '24, [$1 billion]. I think we came in at $550 million -- $550 million, $600 million roughly. So we see that we almost gave back all of it.

所以我認為，當我們在投資者日上說範圍將是 8 億美元到 12 億美元，到 2025 年時——我們基本上說的是它將達到 8 億美元。因此，我們增加了約 4 億美元，這實際上非常接近 2024 年的支出缺口。我們預計 24 年將達到 10 億美元。我認為我們的收入大約是 5.5 億美元到 6 億美元。所以我們看到，我們幾乎把一切都還清了。

Okay. And then just as a quick follow-up. Obviously, we've talked a lot about the banking guide and the shape of the year. But you do need a further acceleration beyond 2Q in the back half. And Stephanie, is that really just all the new wins you've been talking about implementation? And then is there any risk that those implementations slip similar to what happened in Q4 of '24.

好的。然後只是進行快速跟進。顯然，我們已經討論了很多關於銀行指南和年度情況的問題。但在後半段，你確實需要超越 2Q 的進一步加速。史蒂芬妮，您所說的實施真的就是所有新的勝利嗎？那麼，這些實施是否會出現類似 2024 年第四季發生的情況的風險？

Yeah, it's a great question, John. So like I said, I think there were really three large implementations that moved one related to an M&A, one related and then two others at client requests. One of those is already starting to implement. The M&A is very close to closing. So we feel good about it.

是的，這是一個很好的問題，約翰。所以就像我說的，我認為實際上有三個大型實施，一個與併購有關，一個相關，然後另外兩個應客戶要求。其中一項已開始實施。此次併購即將完成。因此我們對此感到滿意。

But I'm never going to tell you could it slip again. But again, these are signed deals these -- we are working on the implementations as we speak. So I feel very good about those. We also -- as we come into 2025, feel much stronger about the overall sales. So that's implementations of 100 basis points.

但我永遠不會告訴你它是否會再次滑落。但再次強調，這些都是已經簽署的協議——我們正在努力實施。所以我對此感覺很好。隨著我們進入 2025 年，我們對整體銷售的信心也更加強勁。這就是 100 個基點的實作。

I feel really good about that. We have 80% like we said in our prepared remarks of the overall [150], where we've already sold these clients, and we need to implement -- so very -- feeling very good about that, have a high line of visibility there. These are less around being very large. So it's more of a big pipeline of implementation, and we've done a really nice job with that. Again, these are the record core wins we keep talking about.

我對此感覺非常好。正如我們在準備好的發言中所說的那樣，我們已經向總體 [150] 的客戶銷售了 80%，我們需要實施 — — 對此感覺非常好，在那裡具有很高的知名度。這些不太會變得很大。因此，它更像是一個大型實施管道，我們在這方面做得非常出色。再說一次，這些都是我們一直在談論的創紀錄的核心勝利。

And so our pipeline for implementation is really full in '25 and '26. We have room for more. We'll always take more, but those are longer to implement. So in terms of -- I know the frustration in terms of fourth quarter, first quarter were equally as frustrated but we feel really good about the Q2 and back half acceleration. It's a Q2 story to James's point, and we don't have to do a lot of selling to hit that.

因此，我們在 25 年和 26 年的實施計畫已經排滿了。我們還有更多空間。我們總是會採取更多措施，但實施起來需要更長的時間。所以就——我知道第四季和第一季的挫敗感同樣令人沮喪，但我們對第二季和下半年的加速感到非常滿意。對於詹姆斯來說，這是一個第二季的故事，我們不需要做大量的銷售來實現這一點。

We will continue to sell and accelerate a lot but we feel really confident about our line of sight into hitting our numbers in 2025.

我們將繼續銷售並大幅加速，但我們對在 2025 年實現目標充滿信心。

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

非常感謝。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。