Fidelity National Information Services Inc (FIS) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the FIS first-quarter 2025 earnings call. (Operator Instructions) After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持，歡迎參加 FIS 2025 年第一季財報電話會議。（操作員指示）演講者發言結束後，將進行問答環節。（操作員指示）

I would now like to turn the call over to George Mihalos, Head of Investor Relations. You may begin your conference.

現在我想將電話轉給投資者關係主管喬治·米哈洛斯 (George Mihalos)。您可以開始您的會議了。

Thank you, John. Good morning, everyone. Thank you for joining us today for the FIS First Quarter 2025 Earnings Conference Call. Call is being webcasted. Today's earnings release, corresponding presentation and webcast are all available on our website fisglobal.com.

謝謝你，約翰。大家早安。感謝您今天參加 FIS 2025 年第一季財報電話會議。通話正在進行網路直播。今天的收益報告、相應的簡報和網路廣播都可以在我們的網站 fisglobal.com 上找到。

On the call with me 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, and James will review our financial results.

今天早上與我一起通話的是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並介紹策略和營運最新情況，詹姆斯將審查我們的財務結果。

Turning to Slide 3. Today's remarks will contain forward-looking statements. These statements are subject to risks and uncertainties and as described in the press release and other filings with the SEC. The company undertakes no obligation to date 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 Also, throughout today's 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.

翻到幻燈片 3。今天的演講將包含前瞻性陳述。這些聲明受風險和不確定性的影響，如新聞稿和向美國證券交易委員會提交的其他文件中所述。本公司不承擔任何前瞻性陳述的日期義務，無論是由於新資訊、未來事件或其他原因，除非法律要求，請參閱安全港語言。此外，在今天的電話會議中，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。

Reconciliation of our non-GAAP information to the GAAP financial information is presented in our earnings release. And with that, I'll turn the call over to Stephanie.

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。說完這些，我將把電話轉給史蒂芬妮。

Thank you, George, and thank you, everyone, for joining us. I'm pleased to report that 2025 is off to a strong start. Our laser focus on driving commercial excellence across the enterprise. While simplifying and strengthening our portfolio is delivering results for our shareholders. Our durable business model is underpinned by high levels of recurring revenue, and this allows us to deliver consistent financial results across all economic cycles, and the recently announced strategic acquisition of Global Payments issuer business and the sale of our minority Worldpay stake will strengthen our value proposition to clients while further strengthening our financial profile.

謝謝喬治，也謝謝大家加入我們。我很高興地報告，2025 年將有一個好的開始。我們專注於推動整個企業的商業卓越。簡化和加強我們的投資組合正在為我們的股東帶來成果。我們持久的商業模式以高水準的經常性收入為基礎，這使我們能夠在所有經濟週期中提供一致的財務業績，而最近宣布的對全球支付發行人業務的策略性收購以及出售我們的少數Worldpay股份將加強我們對客戶的價值主張，同時進一步增強我們的財務狀況。

. In the first quarter, we delivered adjusted revenue growth of 4%, ahead of expectations. Recurring revenue growth accelerated meaningfully from 2% last quarter to 4%. We expect to see continued strength over the course of the year as signed deals continue to be implemented on schedule. The 3 client requested delays that we mentioned on our last quarter call are all live and we have not seen any negative impacts from macro factors.

。第一季度，我們的調整後收入成長了 4%，超出了預期。經常性收入成長顯著加速，從上一季的 2% 增至 4%。隨著已簽署的協議繼續按計劃實施，我們預計今年將繼續保持強勁勢頭。我們在上個季度電話會議上提到的 3 個客戶要求的延期均已生效，我們尚未看到任何宏觀因素的負面影響。

First quarter adjusted EBITDA was at the high end of our outlook. While free cash flow conversion exceeded 70%, a very strong start, giving us confidence in delivering on our full year outlook. Adjusted EPS grew 11% to $1.21 at the upper end of our outlook, and we returned $670 million to shareholders across share repurchases and dividends. Our solid start to the year and strong execution leaves us confident in reaffirming our full year outlook.

第一季調整後的 EBITDA 處於我們預期的高點。自由現金流轉換率超過 70%，這是一個非常強勁的開端，讓我們有信心實現全年目標。調整後的每股盈餘成長 11%，達到我們預期的上限 1.21 美元，我們透過股票回購和股利向股東返還了 6.7 億美元。我們今年的良好開局和強勁的執行力使我們有信心重申我們的全年展望。

Now let's turn to Slide 6 for a discussion on new wins and our leading position in the markets we serve. During the first quarter, we signed several new marquee engagements across the money life cycle, and we are seeing momentum building in the second quarter. Beginning with Money at Rest. On the heels of a record year for core wins in 2024, we continue to see strong demand for our core solutions and are expecting another year of solid sales. I'm pleased to announce that our IBS core was selected by a leading East Coast commercial bank with over $15 billion in assets as part of an evaluation following an acquisition.

現在讓我們翻到投影片 6，討論新的勝利以及我們在所服務市場的領先地位。在第一季度，我們簽署了幾項涵蓋資金生命週期的新的重要合同，並且我們看到第二季度的發展勢頭正在增強。從靜止貨幣開始。繼 2024 年核心勝利創下紀錄之後，我們繼續看到對核心解決方案的強勁需求，並預計今年的銷售將再創佳績。我很高興地宣布，我們的 IBS 核心已被一家擁有超過 150 億美元資產的東海岸領先商業銀行選中，作為收購後評估的一部分。

After a highly competitive process, the bank's management team selected FIS for their complex needs as a growing financial institution. This win demonstrates we are well positioned to capitalize on consolidation given our skew towards larger banks and stronger product set.

經過激烈的競爭，該銀行的管理團隊選擇了 FIS 來滿足其作為成長型金融機構的複雜需求。這場勝利表明，鑑於我們傾向於規模更大的銀行和更強大的產品組合，我們已做好準備，充分利用整合帶來的機會。

This is a positive proof point of our strong competitive positioning and much improved retention rates. We anticipate momentum in core wins to continue in the second quarter. with an active pipeline of opportunities we expect to close. Our digital solutions continue to gain traction in the market. During the first quarter, a Midwest community bank with over $15 billion in assets, selected our Digital One product to help the bank transform its branch teller technology.

這是我們強大的競爭地位和大幅提高的保留率的積極證明。我們預計核心業務的勝利勢頭將在第二季度繼續保持。我們期望透過正面的管道抓住機會。我們的數位解決方案在市場上繼續受到青睞。第一季度，一家擁有超過 150 億美元資產的中西部社區銀行選擇了我們的 Digital One 產品來幫助該銀行轉變其分行櫃員技術。

The win represents another competitive takeaway for our digital capabilities, which were recognized by Celent for market momentum and support in their recent reports.

這場勝利代表著我們的數位能力在競爭中又一次提升，Celent 在最近的報告中也認可了我們的數位能力的市場發展勢頭和支持。

Moving to money in motion, where our office of the CFO capabilities are resonating with a broad range of clients. During the quarter, we expanded our relationship with a leading multinational engineering and technology. The company selected FIS' award-winning treasury management solution to assist it with its cash and risk management needs. The company also selected several of our payment solutions, including our payments hub, a connectivity solution that helps corporates centralize, standardize and process payments quickly and at scale. This is a prime example of how Office of the CFO is expanding our addressable market beyond traditional financial institutions to corporate.

轉向資金流動，我們的財務長辦公室的能力得到了廣大客戶的共鳴。本季度，我們擴大了與一家領先的跨國工程和技術公司的合作關係。該公司選擇了 FIS 屢獲殊榮的財務管理解決方案來協助其滿足現金和風險管理需求。該公司還選擇了我們的幾種支付解決方案，包括我們的支付中心，這是一種幫助企業集中、標準化和快速大規模處理支付的連接解決方案。這是財務長辦公室如何將我們的潛在市場從傳統金融機構擴展到企業的典型例子。

We are encouraged by the market reception to our office of the CFO offerings and are well on track to meet our sales goals for the year.

我們對市場對我們財務長辦公室產品的接受度感到鼓舞，並且有望實現今年的銷售目標。

Moving to money at work. We continue to expand our presence in adjacent growth vectors such as private equity and private capital. In the first quarter, Atlas SP, a global investment firm specializing in private credit, selected our commercial solution to help manage its servicing needs on complex loans and investor reporting requirements. The win is a competitive takeaway and represents our first direct lender client for our commercial lending solution. Turning to more traditional capital activity.

轉向工作中的金錢。我們持續擴大在私募股權和私人資本等相鄰成長載體中的影響力。第一季度，專注於私人信貸的全球投資公司 Atlas SP 選擇了我們的商業解決方案來幫助管理其複雜貸款的服務需求和投資者報告要求。這場勝利是我們贏得競爭的勝利，也是我們商業貸款解決方案的第一個直接貸款客戶。轉向更傳統的資本活動。

Our derivatives processing solution was selected by a premier buy-side firm looking to expand its self-clearing capabilities. We continue to see a trend of buy-side firms adopting self-clearing capabilities and are encouraged for the prospects of our derivatives clearing solution.

一家希望擴大自我清算能力的頂級買方公司選擇了我們的衍生性商品處理解決方案。我們繼續看到買方公司採用自我清算能力的趨勢，並對我們的衍生性商品清算解決方案的前景感到鼓舞。

Now turning to Slide 7 for a quick review of our recent milestone transaction. On April 17, we announced 2 transactions that accelerate the strategic repositioning of our portfolio. First, we entered to an agreement to sell our 45% stake in Worldpay to Global Payments for $6.6 billion and pretax value. The sale price represents a premium to the valuation FIS received when it sold its majority stake in 2024 and accelerates the monetization of Worldpay versus pursuing an IPO. Second, we announced the acquisition of the Issuer Solutions business for a net enterprise value of $12 billion, including a $1.5 billion tax benefit.

現在轉到投影片 7，快速回顧我們最近的里程碑交易。4月17日，我們宣布了兩項交易，加速了我們投資組合的策略重新定位。首先，我們達成協議，以 66 億美元稅前價值將我們在 Worldpay 的 45% 股份出售給 Global Payments。此次出售價格高於 FIS 在 2024 年出售多數股權時獲得的估值，並加速了 Worldpay 的貨幣化進程（而非進行 IPO）。其次，我們宣布以 120 億美元的淨企業價值收購發行人解決方案業務，其中包括 15 億美元的稅收優惠。

As a reminder, the transactions are expected to close simultaneously in the first half of 2026. The acquisition of the Issuer Solutions business and the sale of our Worldpay stake strengthens our strategic and financial position.

提醒一下，這些交易預計將於 2026 年上半年同時完成。收購發行人解決方案業務和出售我們的 Worldpay 股份增強了我們的策略和財務地位。

Issuer Solutions complements our existing banking solutions product suite with best-in-class credit processing capabilities at scale and enhances our value proposition to large banks and corporates, unlocking greater cross-sell potential across existing clients. The acquisition is also financially attractive. The transaction is accretive in the first 12 months to adjusted EPS, EBITDA margins and adjusted free cash flow with greater benefits longer term as synergy targets are achieved. It strengthens our financial profile and provides us with greater recurring revenue. And lastly, the transaction allows us to monetize a nonstrategic at and replace it with a growing stream of durable revenue and strong free cash flow.

發行人解決方案透過一流的大規模信貸處理能力補充了我們現有的銀行解決方案產品套件，並增強了我們向大型銀行和企業的價值主張，從而釋放了現有客戶更大的交叉銷售潛力。此次收購從財務角度來看也頗具吸引力。該交易在前 12 個月內將增加調整後每股收益、EBITDA 利潤率和調整後自由現金流，隨著協同效應目標的實現，長期效益將更大。它增強了我們的財務狀況並為我們提供了更大的經常性收入。最後，此次交易使我們能夠將非策略性資產貨幣化，並將其轉化為不斷增長的持久收入流和強勁的自由現金流。

We look forward to closing the transaction and are excited to be partnering with Global Payments going forward. We're confident the transactions will represent a significant win for all companies involved. And with that, I'll turn it over to James for a review of our first quarter financials. James?

我們期待完成交易，並很高興未來能與 Global Payments 合作。我們相信，這些交易對所有參與的公司來說都將是一場重大勝利。接下來，我將把第一季的財務狀況交給詹姆斯進行審查。詹姆斯？

Thank you, Stephanie, and good morning. I'll begin on Slide 9 with an overview of our first quarter results, which we previewed on April 17. We had a great start to the year with adjusted revenue growth of 4%, exceeding the high end of our outlook. We delivered upside from both operating segments, further increasing our confidence in meeting our full year outlook. Adjusted EBITDA came in close to the high end of our outlook at $958 million, leading to an EBITDA margin of 37.8% in the quarter.

謝謝你，史蒂芬妮，早安。我將從第 9 張幻燈片開始概述我們 4 月 17 日預覽的第一季業績。今年我們有一個好的開端，調整後的營收成長了 4%，超過了我們預期的上限。我們的兩個營運部門都取得了成長，進一步增強了我們實現全年預期的信心。調整後的 EBITDA 接近我們預期的高端，為 9.58 億美元，導致本季 EBITDA 利潤率為 37.8%。

Adjusted EPS was $1.21, and it was also near the high end of our outlook, with year-over-year growth of 11%. Cash conversion improved significantly as we rolled out working capital initiatives and lapped a weak prior year. Free cash flow was $368 million in the quarter, compared to $95 million last year, with conversion rate of 71% compared to 18% in the prior year.

調整後的每股收益為 1.21 美元，也接近我們預期的高端，年增 11%。隨著我們推出營運資本計畫並克服上一年的疲軟表現，現金轉換率顯著改善。本季自由現金流為 3.68 億美元，去年為 9,500 萬美元，轉換率為 71%，而去年為 18%。

As a reminder, the first quarter is historically a lower conversion quarter, so we are off to a strong start on our full year target of 82% to 85%. Capital expenditures were $233 million in the quarter or 9% of revenue, consistent with our full year expectation, and we exited the quarter at our target leverage of 2.8x. Lastly, we returned $670 million to shareholders including $450 million of share repurchases, putting us well on track to meeting our $1.2 billion annual target for share repurchases. In summary, a great start to the year with strong execution across all key metrics. Turning now to our segment results on Slide 10.

提醒一下，從歷史上看，第一季的轉換率較低，因此我們在實現 82% 至 85% 的全年目標方面取得了良好的開端。本季的資本支出為 2.33 億美元，佔營收的 9%，與我們的全年預期一致，本季結束時我們的目標槓桿率為 2.8 倍。最後，我們向股東返還了 6.7 億美元，其中包括 4.5 億美元的股票回購，這讓我們有望實現 12 億美元的年度股票回購目標。總而言之，今年開局良好，所有關鍵指標都表現強勁。現在轉到投影片 10 上的分部結果。

Adjusted and recurring revenue growth was 4% with recurring revenue at 81% of total revenue. We continue to emphasize growth in this durable high-margin revenue stream.

調整後經常性收入成長率為 4%，經常性收入佔總收入的 81%。我們將繼續強調這持久的高利潤收入流的成長。

Banking grew 2% in the quarter, coming in ahead of the high end of our outlook. Recurring revenue growth outpaced adjusted revenue growth at 3% in the quarter. Nonrecurring revenue increased 3% and as the anticipated 2 percentage point headwind from termination and license fees was offset by stronger performance from our card production business. Professional services declined 5% as we successfully concluded some large projects at year-end. As Stephanie discussed, client implementations are on track, and we expect accelerating professional services growth over the course of the year.

本季銀行業務成長了 2%，超出了我們預期的最高水準。本季經常性收入成長 3%，超過調整後營收成長。非經常性收入成長了 3%，因為終止費和授權費預計會帶來 2 個百分點的不利影響，但被卡片生產業務的強勁表現所抵消。由於我們在年底成功完成了一些大型項目，專業服務收入下降了 5%。正如史蒂芬妮所討論的，客戶實施正在按計劃進行，我們預計今年專業服務將加速成長。

Banking EBITDA margin contracted to 40.1%, reflecting high license and termination fees last year and the timing of operating expenses. Turning now to capital markets, where we had another strong quarter. Adjusted revenue growth came in ahead of the high end of our outlook at 9% with recurring revenue growth of 6%. Nonrecurring revenue advanced 47% as the team delivered a strong license quarter, including outsized renewal timing. Professional services declined 5% year-over-year, reflecting the completion of some project work and is expected to return to growth in the second quarter.

銀行 EBITDA 利潤率收縮至 40.1%，反映出去年的高額許可費和終止費以及營運費用的時間性。現在轉向資本市場，我們又經歷了一個強勁的季度。調整後營收成長率達到 9%，超出我們預期的高端水平，經常性收入成長率為 6%。由於團隊在授權季度中表現出色（包括超長的續約時間），非經常性收入成長了 47%。專業服務年減5%，反映出一些專案工作的完成，預計第二季將恢復成長。

Adjusted EBITDA margin expanded 90 basis points, reflecting strong growth in high-margin license revenue and continued favorable operating leverage. Moving now to our outlook on Slide 11. As messaged on our April 17 call, we are reaffirming our outlook for the full year, and we are not changing any of our key assumptions. Implementations are ramping on schedule, and we have good line of sight into the 150 basis points of incremental banking growth that is tied to commercial excellence. For the second quarter, we anticipate adjusted revenue growth of 4.2% to 5%.

調整後的 EBITDA 利潤率擴大了 90 個基點，反映了高利潤許可收入的強勁成長和持續有利的經營槓桿。現在轉到幻燈片 11 上的展望。正如我們在 4 月 17 日電話會議上所傳達的那樣，我們重申了對全年的展望，並且不會改變任何關鍵假設。實施工作正在按計劃進行，我們對與商業卓越相關的 150 個基點的增量銀行成長有著清晰的認識。對於第二季度，我們預計調整後營收成長率為 4.2% 至 5%。

We are targeting banking revenue growth of 3.7% to 4.4%, Consistent with our commentary on the fourth quarter call and in line with our full year outlook. This acceleration will be underpinned by strong and accelerating recurring revenue growth. For Capital Markets, we expect adjusted revenue growth of 6% to 6.7% and combined with a strong first quarter. This puts our first half growth modestly ahead of our full year outlook. We are projecting sequential margin improvement of approximately 200 basis points to around 39.8% to 40% in the second quarter.

我們的目標是銀行營收成長 3.7% 至 4.4%，這與我們在第四季電話會議上的評論一致，也符合我們的全年展望。強勁且不斷加速的經常性收入成長將支撐這一加速。對於資本市場，我們預期調整後的營收成長率為 6% 至 6.7%，且第一季表現強勁。這使得我們上半年的成長略高於全年預期。我們預計第二季利潤率將較上季提高約 200 個基點，達到 39.8% 至 40% 左右。

For the year, we anticipate continued sequential margin improvement over the remaining quarters as we progress to our full year target of 41.3%. We are projecting adjusted EPS of $1.34 to $1.38 with EPS growth ranging from 0% to 3%. The result is held back by 2 items with a combined negative impact of approximately 5 points of growth. Firstly, we are lapping the sizable (inaudible) growover in interest income as we opportunistically invested Worldpay proceeds last year.

對於今年，我們預計剩餘季度的利潤率將繼續環比提高，並有望實現 41.3% 的全年目標。我們預計調整後的每股盈餘為 1.34 美元至 1.38 美元，每股盈餘成長率介於 0% 至 3% 之間。結果受到 2 個項目的阻礙，總共產生約 5 個成長點的負面影響。首先，由於我們去年抓住機會投資了 Worldpay 的收益，因此我們正在獲得可觀的（聽不清楚）利息收入成長。

Secondly, we are facing a tough year-on-year comparison on EMI. Worldpay had a very strong performance last year, including a slower-than-planned buildup of stand-alone operating expenses. Consistent with prior quarters, we have provided our detailed assumptions in the appendix. Let's now wrap up on Slide 12. In summary, our first quarter results were above expectations with strong starts on both revenue growth and cash conversion.

其次，我們面臨 EMI 同比嚴峻的挑戰。Worldpay 去年表現非常強勁，但獨立營運費用的成長速度低於計劃。與前幾季一致，我們在附錄中提供了詳細的假設。現在讓我們結束第 12 張投影片。總而言之，我們的第一季業績超出預期，營收成長和現金轉換均表現強勁。

We are on track for accelerating growth from our banking segment beginning in the second quarter. And we are reaffirming our full year outlook with total shareholder return of 11% to 13%. Capital returns were $670 million in the quarter putting us on schedule for our $2 billion annual capital return target. And lastly, we announced a significant transformation of our financial profile. replacing our noncash minority interest in Worldpay with a durable cash-generating asset in Issuer Solutions.

從第二季開始，我們的銀行業務將加速成長。我們重申全年預期，股東總回報率為 11% 至 13%。本季的資本回報率為 6.7 億美元，使我們按計劃實現了 20 億美元的年度資本回報率目標。最後，我們宣布了財務狀況的重大轉變。將我們在 Worldpay 的非現金少數股權替換為 Issuer Solutions 的持久現金產生資產。

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？

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Good morning, everyone. Just want to -- [Julian], I think Stephanie talked about timely conversions. I know the 3 deals did go live. It sounds like you're not hearing any client decision delays. I'm just curious what other feedback you're giving in terms of decision-making pipeline rebuild and of course, any client feedback that is worth sharing with respect to bringing the Issuer Solutions business on

大家早安。只是想——[朱利安]，我認為史蒂芬妮談到了及時的轉變。我知道這三筆交易確實已經生效。聽起來你沒有聽到任何客戶決策延遲的消息。我只是好奇您在決策流程重建方面還給出了什麼其他反饋，當然，在將發行人解決方案業務引入方面，還有什麼客戶反饋值得分享？

Thanks, Tien-Tsin. So a couple of things. Yes, as we had indicated, those client conversions were going live in first quarter and second quarter, they're all live. So really happy about that. And you're seeing that show up in the banking revenue guide in second quarter and full year.

謝謝，Tien-Tsin。有幾件事。是的，正如我們所指出的，這些客戶轉換將在第一季和第二季上線，它們都是即時的。對此我感到非常高興。您將在第二季和全年的銀行收入指南中看到這一點。

So very good, everything went well, progressing exactly as expected and maybe even slightly positive. In terms of overall pipeline (inaudible) the benefit of FIS is regardless of the economic cycle, we have very highly recurring and were required then not seeing any impact from clients in terms of slowing spend down. In fact, our pipeline is actually increasing very significantly, even as we compare it to year-over-year, feeling really good about pipeline.

非常好，一切都很順利，進展如預期，甚至可能略有積極進展。就整體管道而言（聽不清楚），FIS 的好處在於無論經濟週期如何，我們都有非常高的重複性，並且不需要看到客戶在支出放緩方面受到任何影響。事實上，我們的管道實際上正在大幅增加，即使與去年同期相比，我們對管道的感覺也非常好。

We're obviously keeping a very tight watch on it in terms of tariff and economic activity. But I'd say that's the benefit of FIS. It's very durable, highly recurring and required spend. It's not really discretionary. And then with the last piece on [TSYS], I have to say from a client standpoint, they -- it's been really, really positive.

我們顯然在關稅和經濟活動方面保持密切關注。但我想說這就是 FIS 的好處。它非常耐用，重複性高，而且需要花費。這其實並不是自由裁量的。然後，關於 [TSYS] 的最後一部分，我必須從客戶的角度來看，他們 - 這真的非常非常積極。

So we do a lot of diligence on the TSYS business, we know the team there just from in the market for a long time. We didn't compete against them, but they have such a great brand. And from their clients that are also clients of ours, people we're hearing very strong commitments to them in terms of best-in-class product suite as well as client service, and then consistent with -- didn't really see a value of having acquiring and TSYS together.

因此，我們對 TSYS 業務進行了大量的調查，我們了解那裡的團隊在市場上已經工作了很長時間。我們沒有與他們競爭，但他們擁有如此優秀的品牌。從他們的客戶（也是我們的客戶）那裡，我們聽到人們對他們在最佳產品套件和客戶服務方面做出非常堅定的承諾，然後保持一致 - 並沒有真正看到將收購和 TSYS 結合在一起的價值。

So like the focus with the ultimate acquisition by us in terms of continuing to focus on financial institutions and on that solution set because that customer base is typically not looking at merchant acquiring. So very positive all around.

因此，我們最終收購的重點是繼續專注於金融機構和解決方案集，因為該客戶群通常不關注商家收購。整體來說非常積極。

Great. And just a quick follow-up. I know I've asked before on this call before, Stephanie, but just any updated thoughts on (inaudible) that it's moving a little bit more forward?

偉大的。這只是一次快速的跟進。史蒂芬妮，我知道我之前在這次電話會議上問過，但對於（聽不清楚）有什麼最新的想法嗎？事情正在進一步發展嗎？

No. I mean, I think they had some really positive news. It sounds like it's moving forward. We have a great partnership with them. We had a great partnership with Discover.

不。我的意思是，我認為他們有一些非常積極的消息。聽起來它正在向前發展。我們與他們有著良好的合作關係。我們與 Discover 建立了良好的合作關係。

So we see nothing but positive with them and continue to support them in everything they want to do. It's nice to see them obviously get through their hurdles and get to the other side of it. We think it's going to be a great combination.

因此，我們對他們只有正面的評價，並將繼續支持他們做任何他們想做的事情。很高興看到他們明顯克服了困難並取得了成功。我們認為這將是一個偉大的組合。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

I just wanted to drill in a little bit to the 2Q guide for capital markets, a little bit of a decel. You do have a little bit of a tougher comp. Anything else to call out or (inaudible) anything else there would be helpful.

我只是想稍微深入一下第二季資本市場指南，稍微減速一下。你的對手確實更強一些。還有什麼需要呼籲的或（聽不清楚）其他任何事情都會有所幫助。

Yes. So I think when you think about second quarter, it really is a first quarter, second quarter. If you look at our first quarter results for capital, they had a very high nonrecurring benefit in the first quarter from a renewal, so that was a timing-related benefit in the first quarter. Their recurring revenue first quarter and second quarter is very consistent. And then the license and the renewal activity goes back to more of a normalized.

是的。所以我認為當你想到第二季時，它實際上是第一季、第二季。如果你看我們第一季的資本業績，你會發現，第一季從續約中獲得了非常高的非經常性收益，所以這是第一季與時間相關的收益。他們第一季和第二季的經常性收入非常一致。然後許可證和續約活動就會恢復到更正常化的狀態。

So they were benefiting in the first quarter from that. And so you see our second quarter being very consistent with first quarter excluding that renewal timing.

因此他們在第一季就從中受益。因此，您會發現我們的第二季與第一季非常一致（不包括續約時間）。

Okay. Great. And then just thinking about the banking segment on a pro forma basis, can you help us -- what percentage of that banking segment will now be the combined debit issuing business that you have plus TSYS? And just maybe a rough sense of what is kind of an account on file versus a per transaction fee. Just so we get a sense of any sort of cyclicality with the slowdown from a macro perspective.

好的。偉大的。然後，僅從形式上考慮銀行業務部門，您能幫助我們嗎——現在該銀行業務部門中有多少百分比是您的合併借記卡發行業務加上 TSYS？也許只是粗略地了解存檔帳戶和每筆交易費用的差異。這樣我們就可以從宏觀角度了解經濟放緩的周期性。

Well, those are great questions, John. I don't think I have all that at my fingertips. I think you heard the thing from the TSYS guys on their call that they have -- are seeing consistent strong account on file growth and they're even -- they had positive spend. They are in transaction growth and still a little bit of muted commercial. From our side of the house, debit, just like you would expect, from a consumer spend point, we're seeing consumer spend on debit continuing to be consistent with what you're hearing from everybody else.

嗯，這些都是很好的問題，約翰。我認為我還沒有掌握所有這些。我想您從 TSYS 人員的電話會議中了解到，他們看到文件帳戶持續強勁增長，甚至還有正支出。他們的交易量正在成長，但商業活動仍然有些低迷。從我們這邊來看，借記卡，就像您所期望的那樣，從消費者支出的角度來看，我們看到消費者在藉記卡上的支出與您從其他人那裡聽到的支出保持一致。

We don't see a slowdown. It's also a very resilient part of the business plus we're seeing very strong debit transaction growth. Our credit portfolio is not very big, but we aren't seeing any slowdown there. So hopefully, that's helpful. I don't have the numbers in front of me in terms of accounts on file or transactions.

我們沒有看到任何放緩跡象。這也是業務中非常有彈性的一部分，而且我們看到借記交易成長非常強勁。我們的信貸組合規模不是很大，但我們並未看到任何放緩。希望這會有所幫助。我面前沒有存檔帳戶或交易的數字。

Yes. The only thing we highlighted on the call was just we're adding $2.5 billion to our banking business that's roughly [7], so the scale on banking goes up by -- I think it's about 35%. So it's a $9.4 revenue -- $9.4 billion of revenue. Then we said that overall, the it's additive to margins by about 80 basis points. We didn't give any specifics here, except that we did point out that the strong position in market.

是的。我們在電話會議上唯一強調的事情是，我們的銀行業務將增加 25 億美元，大約是 [7]，所以銀行業務的規模增加了——我認為大約是 35%。所以這是94億美元的收入——94億美元的收入。然後我們說，總體而言，它對利潤率的貢獻約為 80 個基點。我們在這裡沒有給出任何具體細節，只是指出了我們在市場上的強勢地位。

And they have, I think, the beauty of that business, the average tenure of the clients is 25 years. So it's highly durable revenue, which is very consistent with our core banking business. So 80% recurring revenue with margins in the low to mid-40s.

我認為，這個行業的魅力在於，客戶的平均任期為 25 年。因此，這是高度持久的收入，與我們的核心銀行業務非常一致。因此，80% 的經常性收入的利潤率在 40% 左右。

Yes. I think the other thing is it supports what we said at Investor Day in terms of ability to continue to grow payments in a very large scale and durable way, so debit and credit. And it also gives us an opportunity with clients to do more bundling as we think about the cross-sell, whether we have debit and they have credit or they have credit, and we have debit, which is pretty significant.

是的。我認為另一件事是，它支持了我們在投資者日所說的內容，即能夠繼續大規模和持久地增加支付，即藉記卡和信用卡。當我們考慮交叉銷售時，它也為我們提供了與客戶進行更多捆綁銷售的機會，無論是我們有借記卡，他們有信用卡，還是他們有信用卡，我們有借記卡，這都非常重要。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great results there. Really nice to see that. Stephanie, can you maybe give us a sense of how you're feeling about the Worldpay EMI outlook? And how is revenue growth has been tracking there relative to your expectations?

取得了很好的成績。真的很高興看到這一點。史蒂芬妮，您能否告訴我們您對 Worldpay EMI 前景的看法？相對於您的預期，那裡的收入成長情況如何？

Yes. Thanks, Dan. So the Worldpay EMI outlook is very consistent year-over-year with what we've been putting in the guide. We're not seeing any softening there. In fact, we always think, as you know, that [Charles] has strong growth.

是的。謝謝，丹。因此，Worldpay EMI 前景與我們在指南中所述的情況非常一致。我們沒有看到任何軟化跡象。事實上，正如你所知，我們一直認為 [查爾斯] 具有強勁的成長勢頭。

So we're always hoping for outperformance. But nothing negative at all in the EMI outlook very consistent with what they provided to us. In terms of revenue growth, and I think Cameron gave some updates as well on the call this morning, we're really pleased to see the acceleration of revenue in Worldpay last year. separating it was clearly the right decision, bringing back Charles and having growth and focus there and investment, they've really been able to turn that business around, you're seeing the revenue growth in the fourth quarter and then into the first quarter, they obviously have lapping of Easter and leap day like everybody else.

所以我們總是希望取得優異的表現。但 EMI 前景中沒有任何負面因素，與他們提供給我們的資訊非常一致。在收入成長方面，我認為卡梅倫在今天早上的電話會議上也提供了一些更新，我們非常高興看到去年 Worldpay 的收入加速成長。將其分開顯然是正確的決定，讓查爾斯回來並在那裡實現增長和重點投資，他們確實能夠扭轉業務局面，你會看到第四季度的收入增長，然後進入第一季度，他們顯然像其他人一樣，也經歷了復活節和閏日的重疊。

But their revenue growth continues to be consistent with the market, and they're feeling really good about where they're taking it and taking it from when we had it really as a low single-digit grower to back up to mid- to upper. So feeling really good about the performance there. They're highly focused on execution. And I think it will be great asset for Global Payments.

但他們的收入成長繼續與市場保持一致，並且他們對目前的狀況感到非常滿意，並且從我們最初的低個位數成長回升到中上水準。所以我對那裡的表演感覺非常好。他們高度注重執行。我認為這對 Global Payments 來說將是一筆巨大的財富。

And just as a quick follow-up, can you give us a sense of the EBITDA margin cadence given the timing of the investments in the first quarter?

作為一個快速的後續問題，考慮到第一季的投資時間，您能否讓我們了解 EBITDA 利潤率的節奏？

For Worldpay?

對於 Worldpay？

Yes.

是的。

The EBITDA margin gains for Worldpay. I don't think we externally talk about that. I think all we can show you technically is revenue and EMI. You would expect though that they are making investments in the business. They had some benefits in EMI you saw last year because the investments were a little bit slower to get started, they're fully ramping those. So no change from what we've said historically.

Worldpay 的 EBITDA 利潤率有所提升。我認為我們不會對外談論此事。我認為從技術上來說我們能向您展示的只有收入和 EMI。但你可能期望他們正在對該業務進行投資。他們在 EMI 方面獲得了一些好處，正如您去年所看到的，因為投資起步稍慢一些，他們正在全力增加投資。因此，與我們過去所說的相比沒有任何變化。

(inaudible) Barclays.

（聽不清楚）巴克萊銀行。

This is [Ryan] on for Ramsey. As we start to think about the pro forma business, what would you consider the lowest hanging fruit from a cost synergy standpoint? And any additional color you could provide on the the rate in which you expect to realize these synergies would be helpful.

這是 [Ryan] 代替 Ramsey 上場。當我們開始考慮備考業務時，從成本綜效的角度來看，您認為最容易實現的目標是什麼？如果您能提供關於預計實現這些協同效應的速度的任何其他信息，那將會很有幫助。

Sure. Maybe I'll take the types of cost synergies and I'll default over to James in terms of rate. But I think what we shared was we think the biggest amount of cost synergies. And just as a reminder, we talked about $125 million would be rationalizing duplicate vendor costs, so when you think about bringing the -- both card businesses together, whether it's debit or credit, we use the same set of vendors, think vendors like technology, software, fraud vendors, et cetera. So we think there's quite a bit there.

當然。也許我會採取成本協同效應的類型，並且在費率方面我會默認選擇詹姆斯。但我認為我們所分享的是我們認為最大的成本綜效。提醒一下，我們談到 1.25 億美元將用於合理化重複的供應商成本，因此當您考慮將兩種卡業務整合在一起時，無論是藉記卡還是信用卡，我們都使用同一組供應商，例如技術、軟體、詐欺供應商等。所以我們認為那裡有很多東西。

You would expect us to pull those very quickly. . We also anticipate back office optimization. So when you think about whether you're producing a debit card or a credit card, we have consistent card production, capabilities. We have print mail capabilities.

您可能希望我們能夠非常快速地完成這些工作。。我們也期待後台優化。因此，無論您是生產金融卡還是信用卡，我們都擁有一致的卡片生產能力。我們有列印郵件的能力。

Those can be optimized. You can imagine that the (inaudible) side is bigger than our side, but we don't need all of them. So you would expect us to have back office optimization there. And then to the extent we have operational capabilities that we think we can bring together and quite frankly, use the TSYS expertise because it's much larger than ours on the credit side, we think we could see opportunities there.

這些都可以進行優化。你可以想像（聽不清楚）那邊比我們那邊大，但我們不需要它們全部。所以你會期望我們在那裡進行後台優化。然後，就我們認為可以整合的營運能力而言，坦白說，利用 TSYS 的專業知識，因為在信貸方面，它的規模比我們的要大得多，我們認為我們可以在那裡看到機會。

In terms of cost synergies, you should expect to see us get out the gate very quickly with those. They're obviously the lower-hanging fruit. And so we will use the time frame between now and signing to very organized around that. I don't know that what cadence James we gave a view towards revenue and EBITDA synergies

就成本綜效而言，您應該會看到我們很快就能取得成效。它們顯然是最容易實現的目標。因此，我們將利用從現在到簽署協議之間的時間框架來組織此事。我不知道我們對收入和 EBITDA 協同效應的看法

What we said was, if you look at total synergies of $150 million, we said split it evenly over year 2 and year 3, while we will get some cost synergies in the first year, we will have some (inaudible) from global in the first period. So we'll get our arms around it. But as Stephanie said, we'll go really quickly on cost synergies. I think the upside is bigger than the $150 million longer term. What we did say on the call was that only included $45 million of revenue synergies up in the first 3 years, but we did highlight a long-term potential on revenue synergies of $125 million.

我們所說的是，如果你看一下 1.5 億美元的總協同效應，我們說將其平均分配到第 2 年和第 3 年，雖然我們會在第一年獲得一些成本協同效應，但我們會在第一階段從全球獲得一些（聽不清楚）。所以我們會全力以赴。但正如史蒂芬妮所說，我們很快就會實現成本協同效應。我認為長期來看其收益將大於 1.5 億美元。我們在電話會議上確實說過，前 3 年的收入綜效僅達到 4,500 萬美元，但我們確實強調了 1.25 億美元的長期收入協同效應潛力。

So that $150 million will build as you look further out in the period. But take a 50-50 over year 2 and year 3, and you won't be too far along.

因此，隨著時間推移，這 1.5 億美元將會不斷增加。但如果第二年和第三年的比例是 50-50，你就不會走太遠。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

I know you mentioned that the Issuer Solutions transaction will be accretive in the first 12 months. But I'm wondering if you could just comment on the level of accretion that you expect, we get to low single digit for 12 months and then higher, maybe mid-single, but in 24, months; obviously, there's probably some upside to that depending on timing and favorability and things like that, but any comments there would be helpful. .

我知道您曾提到發行人解決方案交易將在前 12 個月內實現增值。但我想知道您是否可以評論一下您預期的增長水平，我們會在 12 個月內達到低個位數，然後在 24 個月內達到更高，也許是中等個位數；顯然，根據時機、有利條件等因素，這可能有一些好處，但任何評論都會有所幫助。。

I think we're not going to go any further than what we said on the transaction call. We're very happy that it's immediately accretive. And as I said, the what will happen is it's immediately accretive, but it's transforming at the same time. So the EPS accretion, I think, is the least important number because we're losing a fairly, a very accretive Worldpay stake. That also gave us tax benefits, but we're replacing it with a boost to our banking revenue at 35%.

我認為我們不會比交易電話中所說的更進一步。我們很高興它立即實現了增值。正如我所說的，它會立即增值，但同時也會發生轉變。因此，我認為 EPS 增值是最不重要的數字，因為我們正在失去相當可觀、增值潛力很大的 Worldpay 股份。這也為我們帶來了稅收優惠，但我們將以 35% 的銀行收入成長來取代它。

More importantly, our cash flow will go up 35%, so the construction of the company is completely different. The scale is flowing through to cash as opposed to EPS. That's the part I would point to more than anything else. The margins are booster as well, which strengthens our in business. The specific EPS accretion is not the most attractive part of the deal.

更重要的是，我們的現金流量會增加35%，所以公司的架構是完全不同的。該規模流向的是現金，而不是每股盈餘。這是我最想強調的部分。利潤率也得到了提升，從而增強了我們的業務。具體的每股盈餘成長並不是交易最吸引人的部分。

It is solidifying the strength of the banking business. And call it, fortifying our banking business going forward, driving enhanced scale on the total company, but what really plays out for me is on the cash line, which is adding $700 million when the reality is our current cash flow is in the region of $2 billion on an adjusted basis.

它正在鞏固銀行業務的實力。我們可以稱之為加強我們未來的銀行業務，推動整個公司規模的擴大，但對我來說，真正重要的是現金流，我們增加了 7 億美元，而實際情況是，我們目前的現金流在調整後約為 20 億美元。

So that's an incredible boost. And I think we're -- you look at the revenue synergies longer term, and that can only be additive to the attractive financial profile of the company.

這是一個令人難以置信的推動力。我認為，長期來看，收入綜效只能增強公司有吸引力的財務狀況。

Both on the cash flow and strategic benefits, I appreciate that. If you could just talk about a little more detail, the sales motion with cross-selling credit issuance processing I assume often with large FIs you're talking at enterprise level. So that part of the business can be pulled in. But just curious, just maybe a process question and how you go about the cross-sell motion .

無論是現金流還是戰略利益，我都對此表示讚賞。如果您可以稍微詳細地談談，我認為，交叉銷售信貸發行處理的銷售動作通常與大型金融機構在企業層面進行討論。這樣就可以吸引那部分業務。我只是好奇，也許只是一個流程問題，以及你如何進行交叉銷售動議。

So the reason why this transaction makes just so much sense is the amount of clients that we both support. So on our side, we could be doing core and network and debit as well as trading and lending when you think about these large financial institutions.

因此，這筆交易之所以如此有意義，是因為我們雙方都支持大量客戶。因此，從我們的角度來看，當你考慮這些大型金融機構時，我們可以進行核心和網路和借記以及交易和貸款。

So we already have that cross-sell motion going between the banking and capital markets business and offer out a bundled solution set there. The opportunity has always been having -- not having the credit capabilities up market. So when you think about an ability opportunity to add credit now to credit and debit as well as core network lending and trading.

因此，我們已經在銀行和資本市場業務之間開展了交叉銷售活動，並在那裡提供了一套捆綁解決方案。機會一直存在——但沒有信用能力進入市場。因此，當您考慮現在將信用添加到信用卡和借記卡以及核心網路借貸和交易中時，機會就來了。

We think we're uniquely positioned because we think we're the only player that has that cross section of product sets, and we already have the motion in play. We also think just relationship-wise, if you think about where we play typically with the banking and capital market solution sets, typically back office.

我們認為我們擁有獨特的優勢，因為我們認為我們是唯一一家擁有如此多產品系列的廠商，而且我們已經開始採取行動。我們也從關係角度考慮，如果您想想我們通常在銀行和資本市場解決方案方面發揮的作用，通常是後台辦公室。

So when you think about who we're interacting with Chief Technology Officer, CIOs, when you start to talk about credit issuing, we're now in the front part of the bank because of how much revenue-generating capability it is. So for us, we really think about this as a big unlock of incremental market for us in a large financial institution space, whereby we are already have existing relationships, have cross-sell motion and now we're adding a product set and a set of a team that has significant relationships. So win, win, win there, and very excited about it.

因此，當您考慮我們與技術長、資訊長互動時，當您開始談論信貸發放時，我們現在處於銀行的前線，因為它具有強大的創收能力。因此，對我們來說，我們真的認為這是在大型金融機構領域中對我們增量市場的一次重大解鎖，我們已經擁有現有的關係，有交叉銷售動作，現在我們正在增加一套產品和一套具有重要關係的團隊。所以，我們贏了，贏了，贏了，對此感到非常興奮。

And then as I mentioned to Tien-Tsin in the very beginning of the call, hearing from clients just really positive around both the TSYS products set and team over there in terms of customer service. but also that they like the benefits of dealing with FIS altogether as you think about 1 provider serving them across their ecosystem makes it easier for them from a regulatory standpoint and overall from getting the optimized metrics for them. So that's been very positive as well.

正如我在通話一開始就向 Tien-Tsin 提到的那樣，客戶對 TSYS 產品系列和客戶服務團隊都非常滿意。而且他們也喜歡與 FIS 打交道的好處，因為你可以考慮讓 1 個供應商在整個生態系統中為他們提供服務，從監管的角度和總體上讓他們更容易獲得優化的指標。所以這也是非常積極的。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

I wanted to start on the banking side. It looks like based on the Q2 guide, maybe 200 basis points of acceleration in the second half to get to the midpoint of the full year and I know that's pretty consistent with what you originally anticipated. Now that we're third of the way through the year? Can you hone in on the specific drivers there? I don't know if it's mostly just the ramp of the 3 delayed implementations and just your overall visibility and confidence level on that acceleration?

我想從銀行業開始。根據第二季的指南，看起來下半年可能會加速 200 個基點以達到全年中點，我知道這與您最初的預期非常一致。現在我們已經度過了今年的三分之一了？能詳細了解那裡的具體驅動因素嗎？我不知道這是否主要是因為 3 個延遲實施的增加，以及您對該加速的整體可見度和信心水平？

More numeric. I think as you think about margins for us, it's really 2 things going into second quarter and the back half of the year. The first 1 is just overall mix. So as we talked about the sales and high levels of revenue retention, when we did our guide in the fourth quarter into 2025, we talked about the mix of less lower margin and more higher margin and not really taking hold in the back half of 2025, so we think from a margin standpoint, we would expect, and as you can know, as you can see, we now have really strong visibility to a positive mix driver for that in the back half of this year. .

更加數位化。我認為，當您考慮我們的利潤率時，實際上涉及第二季和下半年的兩件事。第一個只是整體混合。因此，當我們談論銷售額和高水平的收入保留時，當我們在 2025 年第四季度製定指南時，我們談論的是利潤率較低和利潤率較高兩種情況的組合，但這在 2025 年下半年並沒有真正佔據主導地位，因此我們認為從利潤率的角度來看，我們預計，正如您所見，我們現在對今年下半年的積極組合有了很強的驅動因素。。

In addition to that, we, as you know, have been executing against all of our future forward cost programs and continue to significantly ramp those. And so as we sit here today in May, I feel very confident about the activities we've already done and what are yet to be done as we think about going into the rest of the year. We have a lot of muscle around this. We have a lot of programmatic focus on this and have been doing it since the end of 2023. And then probably the last thing I would say is, we just have an easier comp as we go into the second half, if you look at the year-over-year.

除此之外，如您所知，我們一直在執行所有未來的遠期成本計劃，並繼續大幅提升這些計劃。因此，當我們今天五月坐在這裡時，我對我們已經完成的活動以及在我們考慮今年剩餘時間時尚未完成的活動感到非常有信心。我們在這方面擁有強大的力量。我們對此投入了大量的專案精力，並且自 2023 年底以來一直在這樣做。我最後想說的是，如果以年比來看，進入下半年，我們的業績會更容易。

So really focusing on mix, continued of our operating expense programs, which we think we're really good at, at this point and an easier comp makes it where we feel really confident around the margin expansion. I don't know, James, do you want to talk about anything else?

因此，真正專注於組合，繼續我們的營運費用計劃，我們認為我們目前非常擅長這一點，而且更容易的比較使我們對利潤率擴張充滿信心。我不知道，詹姆斯，你還想談些什麼嗎？

No, I would say that this is -- I would say the way it's playing out is very much as we predicted when we put our plans in place at the end of last year. You'll recall back as far as Investor Day, we said we would do roughly annually 175 bps of production. We're actually running ahead of that. The only thing is last year, the first half had the highest proportion of cost reduction relative to the total year, and this year back half has a higher proportion of the total cost reduction. I would say our visibility to the cost reduction initiatives is excellent.

不，我想說的是——我想說事情的進展與我們去年年底制定計劃時預測的非常相似。您會記得，早在投資者日，我們就說過我們每年的產量將達到大約 175 個基點。我們實際上已經領先於此了。只不過去年上半年成本削減佔全年的比例最高，而今年下半年成本削減佔全年的比例更高。我想說，我們對降低成本措施的了解非常出色。

I don't think it could be any higher. All of the initiatives are in full swing. . We actually are probably in the first half doing slightly better. So we're actually very, very comfortable in the first half, second half split.

我認為不可能再高了。各項措施正在全面推進。。實際上，我們上半年的表現可能略好。因此，我們對上半場和下半場的劃分實際上感到非常非常滿意。

Maybe we didn't telegraph it well enough to the market. But as Stephanie said, there's 2 things happening, and I'll double down on this. One is the mix. And the mix is basically a first quarter story is that we're lapping these these exceptionally high margins in the first quarter of last year. That's done.

也許我們沒有向市場充分傳達這一點。但正如史蒂芬妮所說，有兩件事正在發生，我會加倍努力。一是混合。這一組合基本上是第一季的情況，即我們在去年第一季實現了這些異常高的利潤率。完成了。

It's behind us. There's none of this on a go-forward basis. So the revenue mix contribution improves in the latter 3 quarters. And then as I said, on the cost side, we could not -- I just want to be clear on this. We could not have better visibility to the cost programs.

它就在我們身後。從長遠來看，這些都不存在。因此後三個季度的營收組合貢獻有所改善。正如我所說，在成本方面，我們不能——我只是想清楚這一點。我們對成本計劃的了解非常透徹。

These are just managed extremely tightly. And we got no surprises in the first quarter whatsoever. So fully, fully on track.

這些都受到極為嚴格的管理。第一季我們並沒有遇到任何意外。所以完全、完全步入正軌。

Okay. So comps mix and costs very clear there. So maybe just on the revenue side of Banking. That too, I know the expectation was to be kind of second half footed how you're feeling about the visibility there? When you've got the 3 implementations that are now live, but I don't know to what extent you're -- depending on kind of new sales kind of formulating and ramping in the latter part of the year, just kind of give us some color on the drivers there because I think we need maybe a couple of points of second half versus first half acceleration to get to the midpoint on the full year.

好的。因此，同類產品的組合和成本非常清晰。所以也許只是銀行的收入面。我也知道，期望是後半段的那種，你對那裡的可見度有什麼感覺？當您有 3 個實施方案正在實施時，但我不知道您在多大程度上 - 取決於下半年新銷售的製定和增長，只是給我們一些關於驅動因素的信息，因為我認為我們可能需要下半年相對於上半年的幾個加速點才能達到全年的中點。

I think I'd point out first that the comfort at which we're confirming the second quarter should not be lost on you. We called this out 3 months ago when we gave the full year guide on the second quarter. and we still have just as strong conviction if not even higher. So we have great visibility into the second quarter. What we said on the full year guide is, there is 1 big driver in the banking acceleration.

我想首先指出的是，我們確認第二季業績的欣慰之情不應該被你們忽視。三個月前，我們在發布第二季全年業績指引時就提到了這一點。我們的信念依然堅定，甚至更加堅定。因此，我們對第二季的前景有很好的預見性。我們在全年指南中提到，銀行業加速發展有一個巨大的動力。

It's 150 basis points that's coming from commercial excellence. And this is, as you said correctly on the call, you said it's essentially it's new sales, but any new sales you have in the second half is not going to impact your second half performance? What I mean -- I mean new ACV, you get in the second half has no impact on the second half. This is all stuff that's already being sold and most of it was sold in 2024, which was a very strong year for the banking business.

這 150 個基點源自於商業卓越表現。正如您在電話中正確指出的那樣，您說這本質上是新銷售，但下半年的任何新銷售都不會影響您下半年的業績？我的意思是——你在下半場獲得的新 ACV 對下半場沒有影響。這些都是已經售出的東西，其中大部分是在 2024 年售出的，這一年是銀行業務非常強勁的一年。

And I think we said the total was up 12 -- I think it was 11%, 12% on banking. So all of that, you see it flowing in. The other part that we called out was the incredibly high retention rates that we're seeing, particularly on the banking business. It's actually across the entire business. But banking compared to the past is it's a very, very strong number in the high 90s.

我認為我們說過銀行業務總額增加了 12%——我認為是 11%、12%。所以，你會看到這一切正在流入。我們注意到的另一點是，我們看到了極高的留存率，尤其是在銀行業務方面。它實際上涉及整個業務。但與過去相比，銀行業的表現非常強勁，達到了 90 多歲。

So when you've got this retention and you had a strong sales year in the prior year, that's what's driving the step-up of the 150 basis points. So actually, funny enough, our conviction is extremely high just because it's work that's already done and dusted. And I'll just add on. Last year was a record year for core wins as well. So we have almost -- and then digital was up 50%.

因此，當您擁有這樣的保留率，並且您在前一年有一個強勁的銷售年時，這就是推動 150 個基點上升的動力。所以實際上，有趣的是，我們的信念非常高，因為這項工作已經完成。我再補充一下。去年也是核心勝利創紀錄的一年。所以我們幾乎——數字增加了 50%。

We gave all these data points before. The second half field is stuff that has already been put in place. And now it's just recognizing it as revenue in the second half. So we have a high level of comfort on the full year guide.

我們之前給出了所有這些數據點。下半場的場地是已經準備好的東西。現在它只是將其確認為下半年的收入。因此，我們對全年指南非常放心。

I don't think I could say it any better than that.

我認為我不可能說得比這更好了。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

I wanted to start on free cash flow. Could you just comment on further progress in the net working capital optimization initiatives you have? And then as you think about combining with issuer solutions, appreciate the OpEx leverage commentary you shared earlier. From a CapEx standpoint, may a broader scale give you added flexibility there to drive more favorable terms in areas like infrastructure?

我想從自由現金流開始。您能否評論一下您在淨營運資本優化措施方面取得的進一步進展？然後，當您考慮與發行人解決方案相結合時，請欣賞您之前分享的 OpEx 槓桿評論。從資本支出的角度來看，更大的規模是否可以為您提供更多的靈活性，從而在基礎設施等領域獲得更優惠的條款？

Questions. The thing we're really pleased. We did say it on the last call, we were rolling out working capital initiatives, and we said we weren't going to steer at the problem, we're going to move pretty quickly. So most of the cash flow improvement versus prior year is coming from net working capital. And if you split that in 2, last year was a rocky first quarter and there were some onetime items.

問題。這是我們真正高興的事。我們確實在上次電話會議上說過，我們正在推出營運資金計劃，我們說過我們不會迴避問題，我們會迅速採取行動。因此，與前一年相比，現金流的改善大部分來自淨營運資本。如果你將其分成兩部分，那麼去年第一季就很艱難，並且有一些一次性項目。

I would say of the total improvement year-on-year from 18% to 71%. Half of it is coming from a bad year last year. and slightly more than half is coming from initiatives put in place. I'll give you examples. The procurement organization is -- has worked on the top 50 customers and taking them to -- sorry, vendors and taken them to 90-day turns.

我想說的是，整體年比改善從 18% 上升到了 71%。其中一半是由於去年的糟糕表現造成的。其中略多於一半的收益來自於已實施的措施。我給你舉幾個例子。採購組織已經與前 50 名客戶合作，並將他們帶到——抱歉，是供應商，並帶他們到 90 天的周轉期。

We're not all the way there yet, but we've already locked in a large number for the current year, and we're working now on Tier 2 suppliers. So that's actively in motion and then increased governance around the extension of terms to clients. And sometimes it's the simple stuff that gives you the biggest benefits. What I'm really happy about is we're seeing it early in the year, and we don't have a show-me story in the second half. And just to emphasize this, the Q1 is historically an incredibly lower.

我們還沒有完全實現這一目標，但我們已經鎖定了今年的大量訂單，現在我們正在與二級供應商合作。因此，我們正積極推動這項進程，並加強對客戶條款延伸的治理。有時，簡單的事情可以為你帶來最大的好處。我真正高興的是，我們在年初就看到了這一點，而下半年我們並沒有看到什麼炫耀的故事。為了強調這一點，第一季的業績從歷史來看是低得令人難以置信。

So Q1 of 2023, I think, was 40% and Q1 of 2024 was 18% and this year 71%. This is a great start ahead of the gate that really makes us comfortable on the full year of cash guide. So I'm feeling good about that.

因此，我認為 2023 年第一季的成長率為 40%，2024 年第一季的成長率為 18%，今年的成長率為 71%。這是一個好的開端，讓我們對全年的現金指南感到滿意。所以我對此感覺很好。

Your point on CapEx, if I get my numbers right, I think the issuer business is running at about 8% of revenue, and we we're at 9% this year with a long-term outlook of 8. I think you're right. We will be looking, as Stephanie earlier 1 of the synergy opportunities is we are -- we have bigger scale with with our vendors and suppliers, and we would be expecting more attractive terms. And you're exactly right. You would expect to see a benefit in the P&L in terms of lower OpEx and you would expect to see a benefit in terms of lower CapEx.

關於資本支出，如果我的數字正確的話，我認為發行人業務約佔收入的 8%，今年我們將達到 9%，長期前景為 8%。我認為你是對的。正如史蒂芬妮早些時候所說，我們將尋找協同機會之一——我們與供應商的規模更大，我們期待更具吸引力的條款。你說得完全正確。您希望看到損益表中營運支出降低的好處，並且您希望看到資本支出降低的好處。

But we still got to approve all this stuff out. It's well in front of us, but your point is not -- is well taken.

但我們仍然必須批准所有這些內容。它就在我們面前，但你的觀點並不完全正確。

It is. The only thing I would add is, just to be a little bit cautious on that. Remember, TSYS is in the middle of a modernization program. So while we would look to definitely get savings from joint vendors, we also don't want to take away and continue to have in our model, consistent with their model, the work we need to do to continue their modernization efforts. So that could be what would keep us at higher levels of capital while we finish out that program with them.

這是。我唯一想補充的是，對此要稍微謹慎一點。請記住，TSYS 正處於現代化計劃之中。因此，雖然我們希望從聯合供應商那裡獲得節省，但我們也不想帶走並繼續在我們的模型中與他們的模型保持一致，我們需要做的工作是繼續他們的現代化努力。因此，當我們與他們一起完成該計劃時，這可能會讓我們保持較高的資本水準。

Yes. I think we said on the transaction call actually, we said that we would anticipate a continued rate at about 8% for the foreseeable future because of exactly what Stephanie just said. So I wouldn't go building in any major changes in trajectory until we're well past the modernization of systems.

是的。我認為我們在交易電話會議上實際上說過，我們預計在可預見的未來利率將繼續保持在 8% 左右，正如史蒂芬妮剛才所說的那樣。因此，在我們徹底完成系統現代化之前，我不會對軌跡進行任何重大改變。

All right. That's clear. On the capital markets side, can you just comment on how sales are progressing in [traditional] and non traditional verticals .

好的。這很清楚。在資本市場方面，您能否評論一下[傳統]和非傳統垂直領域的銷售進度？。

So I think we mentioned -- as we mentioned on the call, and let's start with the nontraditional guided about things we are seeing as opportunities both in the pipeline as well as closing on nontraditional private credit, hedge funds using our capabilities as we see the markets emerge across traditional and nontraditional. In addition to that, on the traditional side, continue to see a lot of opportunities in trading and processing, especially as we bring in capabilities and add additional capabilities like (inaudible)

所以我認為我們提到過——正如我們在電話會議上提到的那樣，讓我們從非傳統的指導開始，看看我們所看到的機遇，包括渠道中的機會以及非傳統私人信貸的結束，對沖基金利用我們的能力，因為我們看到市場跨越傳統和非傳統領域出現。此外，在傳統方面，我們繼續看到貿易和加工領域的大量機會，特別是當我們引入並增加其他功能時，例如（聽不清楚）

And cross-sell those products into our existing base. So capital markets continues to execute at very high levels the products they continue to bring to market are driving a lot of increased pipeline and ultimate sales, and we're not slowing down in terms both the increased number of products that are being brought to market as well as that pipeline and close sales. So feeling really good about both traditional and our opportunity in the non-traditional.

並將這些產品交叉銷售到我們現有的客戶群中。因此，資本市場繼續以非常高的水平執行，他們不斷推向市場的產品正在推動大量增加的通路和最終銷售，而且我們在增加推向市場的產品數量以及通路和最終銷售方面並沒有放慢腳步。因此，我對傳統領域和非傳統領域的機會感到非常高興。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Can you talk a little bit about any potential dis-synergies that may be tied to the sale of your Worldpay business? And any potential offsets to it?

您能否談談出售 Worldpay 業務可能帶來的任何潛在的負面效應？還有什麼潛在的抵銷作用嗎？

We don't have any dissynergies from the Worldpay business. I mean I think we already took all of that as we separated the 55%. So there aren't any.

我們與 Worldpay 業務沒有任何不協同效應。我的意思是，我認為我們在劃分 55% 時已經把所有這些都拿走了。所以沒有。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

Apologies if I missed this in the prepared remarks, Stephanie, but can you comment on the ACV growth this quarter? I know historically, you've given us that number.

史蒂芬妮，如果我在準備好的發言中遺漏了這一點，請原諒，但您能評論一下本季度的 ACV 增長嗎？我知道，從歷史上看，你們已經給了我們這個數字。

I don't think we've historically given them. I think we talked about it for a full year basis. I think we feel good about ACV coming into the year. First quarter is typically our lowest quarter in terms of sales, and that's consistent year-over-year. See very strong growth across the business in cores, digital, consistent with the way we talked about it on a year-over-year basis.

我認為我們歷史上沒有給予過他們。我想我們已經討論了一整年了。我認為我們對今年 ACV 的前景感到十分樂觀。第一季通常是我們銷售額最低的季度，與去年同期相比也持平。我們看到核心業務和數位業務都呈現非常強勁的成長勢頭，這與我們去年同期談論的情況一致。

As James mentioned, our products continue to drive increased ACV in sales, but we also are seeing the incremental benefits of the product investments in high levels of revenue retention, we talked about as we come into the fourth quarter, our level of confidence and then James just reiterated it in the first quarter in both sales that we saw at the end of the fourth quarter and in the first quarter, as well as high levels of revenue retention, both of those were part of the commercial excellence program I put in place since I started as CEO because as James mentioned, it's not just about new, it's about making sure we can cross-sell into the existing base and that we have high levels of renewal rates.

正如詹姆斯所提到的，我們的產品繼續推動 ACV銷售額的成長，但我們也看到了產品投資在高水平收入保留方面帶來的增量收益，我們談到了進入第四季度時我們的信心水平，然後詹姆斯在第一季度重申了這一點，我們在第四季度末和第一季度看到的銷售額以及高水平的收入保留率，這兩者都是我自擔任首席執行官以來實施的商業卓越計劃的一部分，因為正如詹姆斯提到的，這不僅僅是新產品，而是要確保我們擁有的企業。

And we think that's significantly as well, underpinning the confidence we have as we go into the back half of the year. And then we'll continue that program as we think about continuing to activate sales as well as recurring revenue or high renewal rates into 2026. So feel very good about the activity.

我們認為這也具有重要意義，鞏固了我們進入下半年的信心。然後，我們將繼續該計劃，因為我們考慮在 2026 年繼續啟動銷售以及經常性收入或高續約率。所以對這次活動感覺非常好。

But as I mentioned, first quarter always is our lowest quarter, but things continue to go well.

但正如我所提到的，第一季始終是我們業績最低的季度，但情況仍然進展良好。

And I know you alluded to this a little bit before, but with the [GAAP 1] and Discover deal now approved, just curious of that unlocks any additional opportunities for you in addition to what you've already implemented for both of them and like the time it look for to hear any such announcements .

我知道你之前提到過這一點，但是現在[GAAP 1]和Discover的交易已經獲得批准，我只是好奇除了你已經為他們兩家公司實施的計劃之外，這是否還會為你帶來其他機會，就像它期待聽到任何此類公告一樣。

Yes. So we -- as I mentioned, we are on both sides of that transaction, very excited to partner with Capital One and help them meet all of their expectations as they look to close on that transaction. It's always an opportunity for us. I think as we think about being a good partner to them in terms of whatever they want to do, it would be part of our sales goals for the year. And obviously, that getting closed is important to us like it is important to them.

是的。因此，正如我所提到的，我們站在該交易的雙方，非常高興與 Capital One 合作，並幫助他們滿足所有期望，以完成該交易。這對我們來說始終是一個機會。我認為，無論他們想做什麼，只要我們考慮成為他們的良好合作夥伴，這就會成為我們今年銷售目標的一部分。顯然，關閉對我們很重要，就像對他們一樣。

I don't know that materially moves the needle for us as we think about what we need to do for them. But it's a very active and very important relationship.

當我們思考需要為他們做些什麼時，我不知道這是否會為我們帶來實質的改變。但這是一種非常活躍且非常重要的關係。

Ladies and gentlemen, that concludes today's question-and-answer session in today's conference call. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議問答環節到此結束。現在您可以斷開線路。感謝您的參與。