Fidelity National Information Services Inc (FIS) 2025 Q2 法說會逐字稿

Good day, and welcome to the FIS second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session.

大家好，歡迎參加 FIS 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。

(Operator Instructions)

（操作員指示）

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.

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, Shereen. Good morning, everyone. Thank you for joining us today for the FIS second quarter of 2025 earnings conference call. The call is being webcasted. Today's news release, corresponding presentation, and webcast are all available on our website at fisglobal.com.

謝謝你，Shereen。大家早安。感謝您今天參加 FIS 2025 年第二季財報電話會議。此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, 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 和財務長 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.

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。

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.

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 call, we will be presenting non-GAAP information, including adjusted EBITA, adjusted net earnings per share, and adjusted free cash flow. These are important financial performance measures for the company, but they are not financial measures as defined by GAAP. Reconciliation of our non-GAAP information to the gain financial information 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 EBITA、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，但它們不是 GAAP 定義的財務指標。將我們的非公認會計準則資訊與收益報告中呈現的收益財務資訊進行協調。

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

說完這些，我將把電話轉給史蒂芬妮。

Thank you, George, and good morning everyone. I'm excited to share our second quarter results, which highlight the benefits of transforming FIS into a stronger and highly focused company.

謝謝你，喬治，大家早安。我很高興與大家分享我們第二季的業績，這凸顯了將 FIS 轉變為更強大、高度專注的公司所帶來的好處。

Let me start with the headline. We delivered a strong quarter led by momentum in our banking business. We are executing on our future forward strategy centered around client centricity, operational simplification, and innovation, creating greater value for both our shareholders and our clients.

讓我先從標題說起。在銀行業務強勁發展的帶動下，我們本季業績表現強勁。我們正在執行以客戶為中心、簡化營運和創新為中心的未來前瞻性策略，為我們的股東和客戶創造更大的價值。

The numbers tell the story. We delivered strong 5% revenue growth accelerating from 4% in the first quarter, fueled by our increasing momentum in banking.

數字說明了一切。受銀行業務成長動能的推動，我們實現了強勁的 5% 營收成長，高於第一季的 4%。

Second quarter adjusted EBITDA exceeded our outlook with margins, improving 200 basis points sequentially. An adjusted EPS of $1.36 met our expectations. In April, we announced the strategic acquisition of global payments issuer business and the sale of our Minority Worldpay stake, transactions that align with our operational simplification strategy while strengthening our financial profile and significantly improving our free cash flow generation.

第二季調整後的 EBITDA 超出我們的預期，利潤率較上季提高 200 個基點。調整後的每股收益為 1.36 美元，符合我們的預期。今年 4 月，我們宣布了對全球支付發行業務的策略性收購，並出售我們在 Worldpay 的少數股權，這些交易符合我們的營運簡化策略，同時增強了我們的財務狀況，並顯著提高了我們的自由現金流產生能力。

We returned $460 million to shareholders through share repurchases and dividends in the second quarter and we remain on track to meet our $1.2 billion dollar target for the year. Our strong first half results and implementation pipeline leave us increasingly confident in achieving our increased full year outlook.

我們在第二季透過股票回購和股息向股東返還了 4.6 億美元，我們仍有望實現今年 12 億美元的目標。我們強勁的上半年業績和實施計劃使我們對全年成長的前景越來越有信心。

Now let's turn to slide 6 for a discussion on the momentum we are seeing in the market. Our strategic execution is translating into marketplace success across the complete money life cycle, with several prestigious new engagements including competitive takeaways.

現在讓我們翻到第 6 張投影片來討論我們在市場上看到的勢頭。我們的策略執行正在轉化為整個貨幣生命週期的市場成功，其中包括幾項包括競爭性外賣在內的享有盛譽的新合作。

Beginning with money at rest, we secured a major consolidation win with two premier Northeast financial institutions coming together to form a $25 billion regional banking leader. They selected us as their core provider after a highly competitive evaluation, further validating our position as the partner of choice for bank consolidation.

從靜態資金開始，我們取得了重大的合併勝利，兩家東北地區頂尖金融機構合併成為一家價值 250 億美元的區域銀行業領導者。經過高度競爭的評估後，他們選擇我們作為其核心供應商，進一步驗證了我們作為銀行合併首選合作夥伴的地位。

Our digital solutions continued their strong sales momentum with double-digit ACV growth in the quarter. A Top 20 US bank selected our Digital One offering to assist in streamlining and enhancing its operations. And our Digital One commercial offering was selected by the US subsidiary of a large Asian bank.

我們的數位解決方案持續保持強勁的銷售勢頭，本季 ACV 實現了兩位數的成長。美國排名前 20 的銀行選擇了我們的 Digital One 產品來幫助簡化和加強其營運。我們的 Digital One 商業產品被一家大型亞洲銀行的美國子公司選中。

Moving to Money in Motion. Our Office of the CFO capabilities are resonating across a diverse range of clients. In the second quarter, one of the world's leading energy technology companies selected our award-winning treasury solution for global cash and risk management needs. Additionally, multiple European banks chose our risk and reporting solutions, including Balance Sheet Manager, for regulatory and compliance needs.

轉向 Money in Motion。我們的財務長辦公室的能力得到了不同客戶群的認可。第二季度，一家全球領先的能源技術公司選擇了我們屢獲殊榮的財務解決方案，以滿足其全球現金和風險管理需求。此外，多家歐洲銀行選擇了我們的風險和報告解決方案（包括資產負債表管理器）來滿足監管和合規需求。

Our payments capabilities are also in demand globally. For example, a leading South Asia based bank selected us for its long-term debit processing needs.

我們的支付能力在全球也受到歡迎。例如，一家領先的南亞銀行選擇我們來滿足其長期借記處理需求。

And lastly, in Money at Work, we expanded our relationship with a leading financial services technology company through a multiyear commitment on our private equity platform. Our capability in this domain continued to gain momentum across the trading and asset industry where we are taking our SaaS go-to-market strategy and taking share.

最後，在「Money at Work」專案中，我們透過對私募股權平台的多年承諾，擴大了與一家領先的金融服務科技公司的合作關係。我們在該領域的能力在整個交易和資產行業中繼續獲得發展勢頭，我們正在採用 SaaS 行銷策略並佔領市場份額。

Now let's turn to slide 7 for an update on the product innovation we are driving across FIS. Accelerating the product flywheel through our build-buy partner strategy is strengthening our competitive position. We build what differentiates us and buy and partner what accelerates that and our buy strategy is delivering.

現在讓我們翻到第 7 張投影片，了解我們在 FIS 中推動的產品創新的最新情況。透過我們的自建購買合作夥伴策略加速產品飛輪正在增強我們的競爭地位。我們打造與眾不同的產品，並購買和合作以加速這一目標的實現，而我們的購買策略正在實現這一目標。

The issuer acquisition and Worldpay sale received U.S. regulatory clearance, eliminating any prospect of a lengthy secondary request. We continue to work with international regulators and the acquisition close remains on schedule. This transaction adds best-in-class credit issuing solutions to our end-to-end banking offerings, creating immediate cross-sell opportunity, and complements our broad suite of best-in-class solutions, strengthening our position as the partner of choice with unmatched capabilities across both banking and payments.

發行人收購和 Worldpay 出售均已獲得美國監管機構的批准，從而消除了任何冗長的二次請求的可能性。我們繼續與國際監管機構合作，收購仍按計劃完成。此交易為我們的端到端銀行服務增添了一流的信貸發行解決方案，創造了直接的交叉銷售機會，並補充了我們廣泛的一流解決方案套件，鞏固了我們作為首選合作夥伴的地位，憑藉我們在銀行和支付領域無與倫比的能力。

Additionally, we recently acquired Everlink, a leading provider of integrated payment solutions to Canadian financial institutions, further executing on our international expansion strategy. We have a robust pipeline of M&A opportunities across our key growth vectors with additional acquisitions expected shortly.

此外，我們最近收購了為加拿大金融機構提供綜合支付解決方案的領先供應商Everlink，進一步實施了我們的國際擴張策略。我們在關鍵成長領域擁有大量併購機會，預計不久後還會有更多收購。

Our build-and-partner strategy is accelerating innovation. In May, we launched our Money Movement Hub, our solution that simplifies payment acceptance and management for banks of all sizes through a universal API, allowing banks to seamlessly integrate with payment networks and manage multiple payment types.

我們的建設與合作策略正在加速創新。五月，我們推出了資金流動中心，透過通用 API 簡化了各種規模銀行的支付接受和管理，使銀行能夠與支付網路無縫整合並管理多種支付類型。

Last week, we announced we're expanding Money Movement Hub capabilities to include digital assets through our partnership with Circle Internet Group, enabling banks to transact in USDC for both domestic and cross-border payments. This perfectly illustrates how our build-and-partner strategies aligned to enhance the entire money life cycle and position us to expand into digital currency.

上週，我們宣布透過與 Circle Internet Group 合作，擴展 Money Movement Hub 的功能以涵蓋數位資產，使銀行能夠使用 USDC 進行國內和跨境支付。這完美地說明了我們的建設與合作策略如何協調一致，以增強整個貨幣生命週期，並使我們能夠擴展到數位貨幣領域。

We are driving AI innovation throughout the enterprise. Building on the success of TreasuryGPT, we are on track to launch our Banker Assist solution by year-end, the agentic AI platform for commercial banking that embeds intelligent, voice-powered assistance directly into client interaction. The response at our Emerald conference was tremendous, with significant customer interest and pipeline validating the AI investment.

我們正在推動整個企業的人工智慧創新。在 TreasuryGPT 成功的基礎上，我們預計在年底前推出 Banker Assist 解決方案，這是一個商業銀行的代理 AI 平台，可將智慧語音輔助直接嵌入到客戶互動中。我們的 Emerald 會議反應熱烈，大量客戶興趣濃厚，相關管道驗證了 AI 投資的有效性。

In July, we upgraded our TreasuryGPT offering with enhanced risk reporting and liquidity management tools. We now have multiple AI pilots across banking and capital markets with additional product announcements coming throughout the year.

7 月份，我們升級了 TreasuryGPT 產品，增強了風險通報和流動性管理工具。目前，我們在銀行業和資本市場擁有多個人工智慧試點項目，並將於全年發布更多產品公告。

Our build-buy-partner strategy is accelerating innovation, strengthening our market position and expanding our capabilities across the complete money life cycle.

我們的「建構-購買-合作」策略正在加速創新、加強我們的市場地位並擴展我們在整個貨幣生命週期中的能力。

In summary, our strategy is working, and our clients are responding. We're confident in our ability to deliver sustained growth, enhance profitability and increasing shareholder returns.

總而言之，我們的策略正在發揮作用，我們的客戶也做出了回應。我們有信心實現持續成長、提高獲利能力並增加股東回報。

James will now take you through our financials and increased outlook. James?

詹姆斯現在將向您介紹我們的財務狀況和成長前景。詹姆斯？

Thank you, Stephanie, and good morning. I'll begin on slide 9 with an overview of our second quarter results.

謝謝你，史蒂芬妮，早安。我將從第 9 張投影片開始概述我們的第二季業績。

Revenue grew 5% to $2.6 billion, exceeding our outlook, thanks to outperformance from our Banking business. Adjusted EBITDA also grew 5% and exceeded the top end of our outlook range. EBITDA margin was flat year-over-year, but improved sequentially by approximately 200 basis points. Adjusted EPS of $1.36 came in at the midpoint of our range as operational strength was partly offset by higher D&A.

由於銀行業務的出色表現，營收成長 5% 至 26 億美元，超出了我們的預期。調整後的 EBITDA 也成長了 5%，超過了我們預期範圍的最高值。EBITDA 利潤率與去年同期持平，但較上季提高約 200 個基點。調整後的每股收益為 1.36 美元，處於我們預期範圍的中間點，因為營運實力被更高的折舊和攤提費用部分抵消。

Free cash flow was $292 million, with a cash conversion rate of 52%. Cash tax payments were much higher this year, resulting in a 23-point headwind. On a year-to-date basis, cash conversion was 61%, compared to 53% in the prior year period as our working capital improvement programs are starting to drive benefits.

自由現金流為2.92億美元，現金轉換率為52%。今年現金稅額大幅增加，導致稅率下降了 23 個百分點。從年初至今，現金轉換率為 61%，而去年同期為 53%，因為我們的營運資本改善計畫開始帶來效益。

As a reminder, cash flow is seasonally stronger in the second half of the year as first half cash flow includes outflows for bonus and higher tax payments. Importantly, we are reiterating our full year cash conversion target of 82% to 85%.

提醒一下，由於上半年的現金流包括獎金和更高的稅收支出，因此下半年的現金流會因季節性而更加強勁。重要的是，我們重申全年現金轉換率目標為 82% 至 85%。

Capital expenditures were $218 million in the quarter, 8% of revenue and in line with our expectations. Leverage increased modestly quarter-over-quarter to 3 times.

本季資本支出為 2.18 億美元，佔營收的 8%，符合我們的預期。槓桿率環比小幅上升至 3 倍。

(technical difficulty)

（技術難度）

Ladies and gentlemen, please standby. Your conference will begin momentarily. Once again, ladies and gentlemen, please remain on the line. Your conference will resume momentarily.

女士們、先生們，請稍候。您的會議即將開始。女士們、先生們，請再保持通話。您的會議將立即恢復。

Guys, can you redial us in?

夥計們，你們能重撥給我們嗎？

We can hear you again, sir.

先生，我們又能聽到您的聲音了。

Okay. Perfect.

好的。完美的。

Okay. Let me try again. Apologies for the technical issues. I think you last heard me finish on leverage. So I'll just start there.

好的。讓我再試一次。對於技術問題，我們深表歉意。我想您上次聽到我談論的是槓桿。所以我將從那裡開始。

So leverage increased modestly quarter-over-quarter to 3 times. Excluding the impact of currency fluctuations, the leverage ratio was 2.9 times. And we continue to target a long-term ratio of 2.8 times.

因此槓桿率環比小幅上升至 3 倍。剔除匯率波動影響，槓桿率為2.9倍。我們繼續將長期比率目標定為 2.8 倍。

Lastly, we returned $460 million to shareholders, including $246 million of share repurchases. And we're reaffirming our $1.2 billion annual target for share repurchases.

最後，我們向股東返還了 4.6 億美元，其中包括 2.46 億美元的股票回購。我們重申每年 12 億美元的股票回購目標。

Turning now to the segment results on slide 10. Adjusted revenue growth of 5% was driven by recurring revenue growth of 6%, with recurring revenue at 81% of total revenue. Banking grew 6% in the quarter, coming in above the high end of our outlook range.

現在轉到投影片 10 上的分段結果。調整後收入成長 5% 是由經常性收入成長 6% 推動的，經常性收入佔總收入的 81%。本季銀行業務成長了 6%，高於我們預期範圍的高端。

The accelerated growth is primarily driven by an improvement in commercial excellence, including the implementation of previously signed deals and continued strong client retention. The result also includes a 1 percentage point benefit from the shift of some EBT revenue from the third quarter to the second.

加速成長主要得益於商業卓越性的提高，包括先前簽署的交易的實施和持續強勁的客戶保留。該結果還包括將部分 EBT 收入從第三季轉移到第二季所帶來的 1 個百分點的收益。

Recurring revenue growth continued to outpace adjusted revenue, posting a strong growth of 7%. And nonrecurring revenue increased 5%, reflecting growth in license revenue.

經常性收入成長持續超過調整後收入，實現 7% 的強勁成長。非經常性收入增加了 5%，反映了授權收入的成長。

Banking EBITDA margin contracted by 70 basis points, primarily due to a bad debt charge in the quarter. We anticipate a return to margin expansion in the third quarter with further improvement in the fourth quarter, reflecting an easier comparison.

銀行 EBITDA 利潤率收縮了 70 個基點，主要原因是本季的壞帳費用。我們預計第三季利潤率將恢復擴張，第四季將進一步改善，以便於進行比較。

Turning now to Capital Markets. Adjusted revenue growth came in at 5%, slightly below our expectations, with recurring revenue growth of 5%. Recurring revenue was negatively impacted by a temporary slowdown in our lending business as we faced lower loan syndication activity as a result of macroeconomic uncertainty. The good news is that we have seen a rebound in July, with lending activity returning more in line with the strong pace we experienced in the first quarter.

現在轉向資本市場。調整後營收成長率為 5%，略低於我們的預期，經常性收入成長率為 5%。由於宏觀經濟不確定性導致銀團貸款活動減少，貸款業務暫時放緩，對經常性收入產生了負面影響。好消息是，我們看到 7 月出現反彈，貸款活動的回升速度與第一季的強勁勢頭更加一致。

Capital Markets adjusted EBITDA margin contracted 50 basis points, primarily reflecting temporary margin dilution from a prior year acquisition. We are projecting a return to margin expansion in the third quarter.

資本市場調整後的 EBITDA 利潤率收縮了 50 個基點，主要反映了上一年收購造成的暫時利潤率稀釋。我們預計第三季利潤率將再次擴大。

Moving now to our year-to-date results on slide 11. We are pleased with our first half financial results. Year-to-date we have delivered steady and consistent results, with both adjusted revenue and recurring revenue growing 5%. Banking growth of 4% is in line with our full year expectation, and we are confident in delivering accelerating revenue growth over the second half of the year.

現在轉到幻燈片 11 上的年初至今的業績。我們對上半年的財務表現感到滿意。今年迄今為止，我們取得了穩定且持續的業績，調整後收入和經常性收入均成長了 5%。4%的銀行業務成長符合我們的全年預期，我們有信心在下半年實現營收加速成長。

In Capital Markets, we are pleased with the strong first half growth of 7%, and anticipate a step-up in recurring revenue growth to underpin the second half performance.

在資本市場，我們對上半年 7% 的強勁成長感到滿意，並預期經常性收入成長將進一步加快，以支撐下半年的業績。

Turning now to our full year outlook on Slide 12. We are raising our full year outlook ranges for revenue, adjusted EBITDA and adjusted EPS to reflect a strong second quarter, our recently closed acquisition and the favorable impact of currencies.

現在來看看第 12 張幻燈片上的全年展望。我們上調了全年收入、調整後 EBITDA 和調整後 EPS 的預期範圍，以反映第二季度的強勁表現、我們最近完成的收購以及貨幣的有利影響。

We are raising our revenue target by $75 million to $85 million, resulting in adjusted revenue growth of 4.8% to 5.3%. We now anticipate Banking revenue growth of 4% to 4.5%, an increase from 3.7% to 4.4% previously. For Capital Markets, we are reaffirming our outlook of 6.5% to 7%, consistent with the performance we have seen in the first half of the year.

我們將營收目標提高 7,500 萬美元至 8,500 萬美元，調整後營收成長率將達到 4.8% 至 5.3%。我們現在預計銀行收入成長率為 4% 至 4.5%，高於先前的 3.7% 至 4.4%。對於資本市場，我們重申 6.5% 至 7% 的預期，與今年上半年的表現一致。

Moving on to adjusted EBITDA. We are raising the low end of our full year EBITDA outlook by $10 million to reflect the second quarter beat. We now expect full year margin expansion of approximately 20 basis points, reflecting the margin dilutive impact of updated currency assumptions.

繼續討論調整後的 EBITDA。我們將全年 EBITDA 預期的低階上調了 1000 萬美元，以反映第二季的業績成長。我們現在預計全年利潤率將擴大約 20 個基點，這反映了更新的貨幣假設對利潤率的稀釋影響。

While currencies had a favorable impact on revenue of about $60 million, the EBITDA impact was neutral, and this creates a margin headwind of 25 basis points. As such, on a constant currency basis, we are tracking in line with our prior margin expansion goal of 40 to 45 basis points, while also absorbing some dilution from closed M&A. We are increasing the low end of our EPS range by $0.02, and this leads to double-digit EPS growth of 10% to 11%.

雖然貨幣對收入產生了約 6,000 萬美元的有利影響，但對 EBITDA 的影響卻是中性的，這造成了 25 個基點的利潤率阻力。因此，以固定匯率計算，我們的利潤率擴張目標為 40 至 45 個基點，同時也吸收了已完成的併購帶來的一些稀釋。我們將每股收益範圍的低端提高 0.02 美元，這將帶來 10% 至 11% 的兩位數每股收益成長。

Consistent with prior quarters, we have provided updated modeling assumptions in the appendix. One item of note is that we have updated our estimate for non-GAAP cash expenses. The increased outlook reflects $75 million of expense related to the issuer acquisition, as well as an additional $45 million of severance expense as we advance rightsizing initiatives in anticipation of the deal close. Importantly, a higher non-GAAP cash expense will have no impact on our previously communicated capital return targets.

與前幾季一致，我們在附錄中提供了更新的模型假設。值得注意的是，我們更新了非公認會計準則現金支出的估計。預期收益的增加反映了與發行人收購相關的 7,500 萬美元費用，以及在我們推進適度規模計畫以期在交易完成前產生的 4,500 萬美元遣散費。重要的是，更高的非公認會計準則現金支出不會對我們先前傳達的資本回報目標產生影響。

Let's now discuss our third quarter expectations on slide 13. For the third quarter, we anticipate revenue growth of 3.8% to 4.4%, with Banking at 3% to 3.5% and Capital Markets at 5.5% to 6.5%.

現在讓我們在第 13 張投影片上討論一下我們對第三季的期望。對於第三季度，我們預計營收成長 3.8% 至 4.4%，其中銀行業務收入成長 3% 至 3.5%，資本市場收入成長 5.5% 至 6.5%。

For Banking, we are projecting moderating growth entirely due to the 100 basis point shift in revenue from the third quarter into the second. This implies a sequential acceleration in fourth quarter revenue growth. But you will recall that we are lapping 200 basis points of negative onetime items and our commercial excellence initiatives continue to drive improved outcomes.

對於銀行業，我們預計成長將放緩，完全是因為收入從第三季度轉移到第二季度，變化了 100 個基點。這意味著第四季營收成長將連續加速。但您會記得，我們正在重疊 200 個基點的負面一次性項目，並且我們的商業卓越計劃將繼續推動成果的改善。

For Capital Markets, we are projecting third quarter growth of 5.5% to 6.5%, with the high end reflecting current lending volumes and the lower end conservatively assuming a return to second quarter levels.

對於資本市場，我們預測第三季成長率為 5.5% 至 6.5%，其中高端反映了當前的貸款量，而低端則保守假設恢復到第二季度的水平。

We are projecting adjusted EBITDA margin expansion of 45 to 80 basis points, and this is fully underpinned by cost actions which have already been executed, and this gives us a high level of confidence. Lastly, we anticipate adjusted EPS of $1.46 to $1.50, representing growth of 4% to 7%, driven entirely by EBITDA growth.

我們預計調整後的 EBITDA 利潤率將擴大 45 至 80 個基點，這完全由已經執行的成本行動支撐，這給了我們高度的信心。最後，我們預計調整後的每股收益為 1.46 美元至 1.50 美元，成長 4% 至 7%，完全由 EBITDA 成長推動。

I'll conclude on slide 14. In summary, our second quarter results were ahead of expectations, thanks to a strong operational performance from Banking. Looking forward, we are confident in our second half projections for revenue growth and margin expansion, and we have increased our total shareholder return goal to 12% to 13%. Capital returns were $460 million in the quarter, and we are on track to achieve our $2 billion annual target. And lastly, the acquisition of the issuer solutions business remains on track.

我將在第 14 張投影片上結束演講。總而言之，由於銀行業務強勁的營運表現，我們的第二季業績超乎預期。展望未來，我們對下半年的營收成長和利潤率擴張預測充滿信心，並且我們已將股東總回報目標提高至 12% 至 13%。本季資本回報率為 4.6 億美元，我們預計將實現 20 億美元的年度目標。最後，發行人解決方案業務的收購仍在按計劃進行。

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

接線員，請開通熱線來回答問題。

(Operator Instructions) Darrin Peller, Wolfe Research.

（操作員指示） Darrin Peller，Wolfe Research。

Nice results. Look, putting aside just the slight pull-forward dynamic, Banking trends on the recurring side continue to look pretty strong. So maybe help us understand, number one, what the key drivers are. And if you really -- if you feel good about the core platforms right now showing sustainability, what's driving the growth and what's driving the growth and what's going to be an acceleration exiting the year beyond just comps?

效果不錯。看看，拋開輕微的拉動動態，銀行的經常性趨勢仍然看起來相當強勁。所以也許可以幫助我們理解，首先，關鍵驅動因素是什麼。如果您真的 - 如果您對目前核心平台的可持續性感到滿意，那麼推動成長的因素是什麼？除了可比較數據之外，今年的加速因素是什麼？

And then maybe add on to that, a little bit more around the tuck-in, I think you mentioned, just -- I don't know if there's anything you could help us with sizing and what it did for guidance. That would be helpful to understand as well. But really looking for the key drivers of what you're seeing underneath the business in the Banking segment.

然後也許可以補充一點，關於塞入的部分，我想您提到過，只是 - 我不知道您是否可以在尺寸方面幫助我們，以及它能給我們什麼指導。這也有助於理解。但真正要尋找的是銀行業務領域中的關鍵驅動因素。

Yeah. Darrin, thank you. I'll take both of them, and then I'll have James add on to the specific dollar amount on the acquisition. You're right, we're very pleased with the recurring growth in Banking. And I think we've been consistent as we came into the fourth quarter and first quarter that 2025 was going to be the pivotal year where we saw a step-up in the recurring Banking growth.

是的。達林，謝謝你。我會接受這兩個，然後我會讓詹姆斯加上收購的具體金額。您說得對，我們對銀行業務的持續成長感到非常高興。我認為，當我們進入第四季和第一季時，我們一直堅信 2025 年將是關鍵的一年，我們將看到銀行業務經常性成長的加速。

I would really attribute it to the focus in our commercial excellence pillar in our Future Forward strategy. So think about net new sales. So we are selling more than we have been over the last couple of years, and the quality of those sales is strong. So we talked about a couple of years ago selling not just professional services and license, but really focusing on selling higher-margin products so think digital, think payments, think software that is recurring, and that really focusing the business on those new sales. And as a result, seeing a mix out of PS and license into recurring. And we're seeing the benefits of that new sales activity really land in '25 and then will continue in '26. That's one piece of net new sales.

我真的將其歸功於我們對未來前進策略中商業卓越支柱的關注。因此考慮一下淨新銷售額。因此，我們的銷量比過去幾年有所成長，而且銷售品質也很好。因此，幾年前我們討論的不僅僅是銷售專業服務和許可證，而是真正專注於銷售利潤率更高的產品，所以要考慮數位化、支付、經常性的軟體，並真正將業務重點放在那些新的銷售上。結果，我們看到 PS 和許可證的混合不斷重複。我們看到新的銷售活動帶來的好處在 2025 年真正顯現，並將在 2026 年繼續顯現。這是淨新增銷售額的一部分。

The other piece is really focused on retention and high, high levels of retention and making sure that our retention and our compression metrics all stay in line. And I'm just extraordinarily pleased with how well that's going.

另一部分真正關注的是保留率和高水準的保留率，並確保我們的保留率和壓縮指標保持一致。我對事情進展如此順利感到非常高興。

So you think about higher-quality new sales into recurring and then doing a much better job in terms of focusing on high levels of client retention, and you start to really see the momentum we are seeing in Banking. And as you know, our sales cycles are fairly long. So we have a lot of visibility into the rest of the year. And we are starting to have a high level of visibility in the first half of 2026.

因此，您可以考慮將更高品質的新銷售轉化為經常性銷售，然後在關注高水平客戶保留方面做得更好，並且您開始真正看到我們在銀行業看到的勢頭。如您所知，我們的銷售週期相當長。因此，我們對今年剩餘時間的走勢有很清楚的了解。2026 年上半年我們將開始擁有較高的知名度。

So we really like where recurring is going in Banking. We're pleased with it. It's exactly where we expected to be. I do think there was some pull forward in the second quarter, as James recommended, but broadly overall, very happy with where recurring is going.

所以我們真的很喜歡銀行業務中經常性業務的發展。我們對此很滿意。這正是我們所期望的。我確實認為第二季度出現了一些拉動，正如詹姆斯所建議的那樣，但總體而言，我對循環的進展感到非常滿意。

In terms of the tuck-in, maybe I'll just talk about the strategic value and James can give you the dollar amount. Again, we remain very committed to our buy-build-partner strategy. It's executing very well for us. both in terms of taking advantage of our global distribution and our marquee client set as we bring different products into the portfolio and lean into them to help us drive growth.

就補貼而言，也許我只會談論戰略價值，詹姆斯可以告訴你具體金額。再次強調，我們仍然堅定地致力於我們的購買-建設-合作策略。對我們來說，它的執行效果非常好。無論是利用我們的全球分銷優勢還是我們的大客戶群，我們都將不同的產品納入產品組合，並依靠它們來幫助我們推動成長。

So very pleased with the acquisition announcement of Everlink. We think it fits very nicely into our payments portfolio. And they're also very excited to be part of the FIS umbrella. We think we can really add distribution and scale for them.

我對 Everlink 的收購公告感到非常高興。我們認為它非常適合我們的支付組合。他們也非常高興能夠成為 FIS 的一部分。我們認為我們確實可以為他們增加分銷和規模。

In terms of the guidance and the numbers included there, I'll send it over to James.

就其中包含的指導和數字而言，我會將其發送給詹姆斯。

Yeah, Darrin. So that's roughly a contribution full year of 20 to 25 bps, so call it -- it's early days yet as we start integrating and we're staring closely at this, so it's in or around $20 million. And then to get back to what Stephanie said, we did guide at the beginning of the year, commercial excellence was about 150 bps of contribution year-on-year, and we did say roughly split between the contribution of new sales and the this significant increase in retention exiting last year and continuing into this year. So both of those are very much on track, but probably retention even slightly higher than our expectations.

是的，達林。因此，這大約是全年貢獻 20 到 25 個基點，所以可以這麼說 - 現在還處於早期階段，因為我們開始整合並且正在密切關注這一點，所以它在 2000 萬美元左右。然後回到史蒂芬妮所說的，我們確實在年初進行了指導，商業卓越性同比貢獻約為 150 個基點，我們確實說過，這大致分為新銷售的貢獻和去年退出並持續到今年的留存率的顯著增長。因此，這兩項指標都進展順利，但保留率可能甚至略高於我們的預期。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Stephanie, I was curious if you're, in your client conversations, if you're hearing any potential change in client decision-making given whether it be the macro or all this talk about stablecoin and AI, are you seeing any shift in spending behavior developing at all?

史蒂芬妮，我很好奇，在您與客戶的談話中，如果您聽到客戶決策中存在任何潛在的變化，無論是宏觀因素還是有關穩定幣和人工智慧的討論，您是否看到消費行為有任何轉變？

Yeah, great question. I think it's definitely -- we view it as an opportunity. Our clients are very interested in it. I think everybody is looking in terms of the use cases. But certainly, every single financial institution is looking at how they serve their clients and make it available. So I would say demand is much higher. TBD in terms of which use cases take effect.

是的，很好的問題。我認為這絕對是——我們將其視為一個機會。我們的客戶對此非常感興趣。我認為每個人都在關注用例。但可以肯定的是，每個金融機構都在關注如何為客戶提供服務並使其可用。所以我想說需求高很多。至於哪些用例生效，則有待確定。

But for us, as we think about FIS, our job is to provide the capabilities out to our clients. And that's why, for us in terms of whether it's a digital currency or ACH or wire or real-time payments, all of that is good for us because we enable all of that.

但對我們來說，當我們考慮 FIS 時，我們的工作是向客戶提供這些功能。這就是為什麼，對我們來說，無論是數位貨幣、ACH、電匯還是即時支付，所有這些都對我們有好處，因為我們實現了所有這些。

I do see a lot of interest, and there's a focus in terms of making sure that financial institutions don't fall behind in terms of offerings, large and small. TBD in terms of how much ultimate demand from the end businesses and consumers. But no bank wants to be left behind in terms of not having a capability.

我確實看到很多人感興趣，並且重點關注確保金融機構在提供大大小小的服務方面不會落後。最終企業和消費者的最終需求量仍有待確定。但沒有哪家銀行願意因為缺乏能力而落後。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great results as always. I have a quick question and then a quick follow-up. So we noticed the slight -- or big acceleration in the Worldpay growth. So I just want to make sure before we get over our skis here, obviously, great execution by you guys, to make sure you have some comments on how much of it is organic. And then I have a quick follow-up.

一如既往的出色成果。我有一個簡單的問題，然後有一個快速的後續問題。因此，我們注意到 Worldpay 的成長速度略有加快，或者說大幅加快。因此，在我們結束討論之前，我只是想確保，顯然，你們的執行非常出色，以確保你們對其中有多少是有機的有一些評論。然後我有一個快速的後續問題。

Yeah. Thanks, Dan. Appreciate it. So on Worldpay, they were very pleased with their performance. A couple of things if you think about their growth rates.

是的。謝謝，丹。非常感謝。因此，他們對 Worldpay 的表現非常滿意。如果你考慮一下它們的成長率，你會發現有幾件事。

They're growing over a fairly soft quarter in the second quarter. And so I think it was 2%. So year-over-year, they had an easy comp. But all hats off to them, quite frankly. They have a couple of things going on.

與第二季相比，他們的業績成長相當疲軟。所以我認為是 2%。因此與去年同期相比，他們的業績比較輕鬆。但坦白說，我們向他們致敬。他們有幾件事要做。

One, there's a bit of seasonality in the business because they do do some tax processing payments in the second quarter. But I would say more meaningfully is really them boarding some pretty big e-com clients that for them is driving some pretty significant growth.

首先，業務具有一定的季節性，因為他們在第二季確實會進行一些稅務處理付款。但我想說，更有意義的是，他們確實獲得了一些相當大的電子商務客戶，這對他們來說正在推動相當顯著的成長。

So I think they're very pleased. We're very pleased with their outcomes. I do think it's a seasonally high quarter for them, but they are stepping up their expectations in terms of revenue, and I know we're very pleased with it.

所以我認為他們非常高興。我們對他們的結果非常滿意。我確實認為這對他們來說是一個季節性的高季度，但他們在收入方面提高了預期，我知道我們對此感到非常滿意。

Great. So it looks like a win-win on this deal. Actually, I'll skip my next question. We're good.

偉大的。因此，這筆交易看起來是雙贏的。實際上，我將跳過下一個問題。我們很好。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

Great. I wanted to go back to margins, James, I think the call-out you'd made on banking this quarter, there was a bad debt charge. If you could quantify that? And then even with the lower full year guide, the 20 basis points, it still implies you need margins to be up, I think, just under 150 bps in Q4. Just how we bridge to that? The level of visibility there? I know you mentioned some onetime headwinds on the revenue side, but any more help there would be great.

偉大的。詹姆斯，我想回到利潤率問題，我認為你本季對銀行業務的呼籲是存在壞帳費用。您能量化一下嗎？即使全年指引較低，即 20 個基點，這仍然意味著利潤率需要上升，我認為，第四季度的利潤率將略低於 150 個基點。我們究竟該如何實現這個目標？那裡的可見度如何？我知道您提到了收入方面曾經遇到的一些阻力，但如果能再提供一些幫助就更好了。

Yeah. The bad debt was -- I think it was about $8 million, so maybe 45 bps out of the 70 bps year-on-year. And then there were a couple of allocation changes we didn't mention on the call. So the actual good thing about the Banking in the second quarter is the actual -- you'll recall in the first quarter, we had an adverse mix because we were lapping licenses. The mix in Banking, naturally, in the second quarter, was positive. And it was offset by some of these noisy items in OpEx. So we're actually really pleased with the change in trajectory from Q1 to Q2 on Banking. So full steam ahead.

是的。壞帳——我認為大約是 800 萬美元，所以可能相當於去年同期 70 個基點中的 45 個基點。然後還有一些我們在電話中沒有提到的分配變化。因此，第二季度銀行業務的真正好處是——您會記得，在第一季度，我們的情況並不理想，因為我們正在重疊許可證。當然，第二季銀行業的表現是正面的。但它被營運支出中的一些嘈雜項目所抵消。因此，我們對銀行業務從第一季到第二季的發展軌跡變化感到非常滿意。所以全速前進。

And as we look across the rest of the company, we said on the last call, most of our -- or a large percentage of our cost reduction initiatives are in the second half. We're actually accelerating some of our organizational streamlining, as you saw from our comments on onetime expense. So we have brilliant visibility looking forward on the cost program. So we're really happy there.

當我們審視公司的其他部門時，我們在上次電話會議上表示，我們大部分或很大的成本削減措施都在下半年。正如您從我們對一次性費用的評論中看到的那樣，我們實際上正在加速一些組織精簡。因此，我們對成本計劃有著光明的前景。所以我們在那裡真的很開心。

But to get to your question is, the Q4, yeah, I think the implied margin build is -- how much is it? 200 basis points roughly. You'll recall in the prior year, there were -- there was a true-up of a termination shortage plus some other items, for a total of $33 million. We're lapping an easy comp in the fourth quarter, and that accounts for 100 basis points of the 200 basis points. So actually, if you strip out the easy comp from last year, our implied margin in the fourth quarter is about 100 basis points.

但要回答你的問題是，是的，我認為第四季隱含的利潤率是多少？大約200個基點。您會記得，在前一年，有解僱短缺和其他一些項目的補償，總額為 3300 萬美元。我們在第四季度取得了輕鬆的成績，這佔了 200 個基點中的 100 個基點。因此實際上，如果剔除去年的簡單可比較數據，我們第四季的隱含利潤率約為 100 個基點。

And we have cost programs stacked up that will probably even over-deliver against that kind of 100 basis point run rate. So we have a large degree of flexibility in the second half here. So we're just -- I want to -- really want to hammer that home. We look very carefully at the implied Q4 guide on margins, and we're incredibly comfortable with the cost reduction set up already.

而且，我們已經制定了成本計劃，這些計劃甚至可能超出 100 個基點的運作率。因此，我們在下半年有很大的靈活性。所以我們只是 — — 我想要 — — 真的想要強調這一點。我們非常仔細地研究了隱含的第四季利潤率指南，並且對已經設定的成本削減感到非常滿意。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

I wanted to ask on Capital Markets. So a little bit slower growth in the quarter, but you mentioned, I think it was slower lending syndication and a recovery, I guess, in July. Just how much visibility do you have to the acceleration in the second half? Just talk about conviction in that re-accel. What might preclude a recurrence in slower lending? I'm just trying to get a sense of the confidence there as your forecast in the second half.

我想問一下資本市場。因此本季的成長速度略有放緩，但正如您所提到的，我認為是銀團貸款速度放緩，而且我猜是 7 月的復甦。您對下半年的加速有多大了解？只談重新加速的信念。什麼可以阻止貸款放緩再次發生？我只是想了解您對下半年預測的信心。

Bryan, I'll take that. So I think we were very pleased and continue to be very pleased with Capital Markets. That's why we shared the first half was very strong. If you think -- if you look at it on a year-to-date basis, we have a little bit of ups and downs. So first quarter, if you'll recall, we had a very significant license renewal that drove our nonrecurring up which was strong for us in the first quarter.

布萊恩，我接受。所以我認為我們對資本市場非常滿意，並且將繼續非常滿意。這就是為什麼我們認為上半場表現非常強勁。如果你想想——如果你從今年迄今的情況來看，我們會有一點起伏。因此，如果您還記得的話，第一季度，我們進行了一次非常重要的許可證續簽，這推動了我們的非經常性損益上升，這對我們第一季來說是件好事。

With respect to the second quarter, we did see some softness, temporary softness, in our lending business, largely tied to the slowdown in large financial institutions loan syndication activity in the second quarter specifically related to the macroeconomic uncertainty. We saw that slowdown, as James mentioned. And that's really what drove the recurring slowdown from first quarter to second quarter.

就第二季而言，我們的貸款業務確實出現了一些疲軟、暫時的疲軟，這主要與第二季大型金融機構銀團貸款活動的放緩有關，具體與宏觀經濟的不確定性有關。正如詹姆斯所提到的，我們看到了這種放緩。這就是導致第一季至第二季經濟反覆放緩的真正原因。

The good news is in July and into August, we've been seeing a very nice rebound in that syndication activity, that's back in line with first quarter levels. And we're also continuing to see strong new sales activity in our lending business.

好消息是，在七月和八月，我們看到聯合活動出現了非常好的反彈，已經回到了第一季的水平。我們的貸款業務也持續呈現強勁的新銷售活動。

So we did see a -- like I said, a downturn in the second quarter. We think it's related to macro -- very much related to macro uncertainty. We're seeing that come back up. So that gives us a lot of confidence as we move into Q3 and Q4 with respect to Capital Markets.

因此，正如我所說，我們確實看到了第二季度的下滑。我們認為這與宏觀有關——與宏觀不確定性密切相關。我們看到它正在回升。因此，當我們進入第三季和第四季的資本市場時，這給了我們很大的信心。

All right. And then James, just a quick one on tax. Is there anything from the One Big Beautiful Bill implications on taxes going forward?

好的。然後詹姆斯，簡單談談稅收問題。《美麗大法案》對未來的稅收有什麼影響嗎？

We're in the early stages of assessing it. But just to clarify, there's no impact whatsoever on the effective tax rate. This is the timing of the cash payments. So there's probably some opportunity in the current year. But I would highlight our prepared comments, our overall tax payments in the current year are about $100 million higher than the prior year. So it might give some slight relief on that.

我們正處於評估的早期階段。但需要澄清的是，這對有效稅率沒有任何影響。這是現金支付的時間。因此今年可能存在一些機會。但我想強調我們準備好的評論，我們今年的整體納稅額比前一年高出約 1 億美元。因此這可能會稍微緩解一下這種情況。

But I think as you look forward, you could see some slight tax benefit this year -- next year, but then it washes itself out of the system, and by 2027 is broadly neutral. But no impact on effective tax rate. And we're confirming the 12% rate that we guided to at the beginning of the year.

但我認為，展望未來，你可能會在今年或明年看到一些輕微的稅收優惠，但隨後它會從系統中消失，到 2027 年基本上保持中性。但對有效稅率沒有影響。我們確認了年初指導的 12% 的利率。

Vasu Govil, KBW.

瓦蘇·戈維爾，KBW。

First one for you, Stephanie. Just on the bank M&A activity that's obviously considered to be a positive for FIS. And we're starting to see some of that play out already with recent bank mergers. Just curious if this pace of M&A activity continues, should we think of that as incremental to your medium-term guide for the Banking segment? Or was that already contemplated?

第一個是給你的，史蒂芬妮。僅就銀行併購活動而言，這顯然被認為對 FIS 有利。從最近的銀行合併中我們已經看到一些這樣的現象。我只是好奇，如果這種併購活動的速度持續下去，我們是否應該將其視為銀行業中期指導的增量？或者這已經是預料之中的事了？

It's a great question, Vasu. I will reiterate what you said. It's been a thesis for FIS for a long time. We serve the larger financial institutions and, by default, they end up being the consolidators. In addition to that, we have fantastic products and solutions that serve larger financial institutions.

這是一個很好的問題，Vasu。我將重申你所說的話。這一直是 FIS 的論點。我們為較大的金融機構提供服務，預設情況下，他們最終成為整合者。除此之外，我們也擁有為大型金融機構提供服務的優質產品和解決方案。

We definitely were thrilled with the announcements that have come through already. We continue to be very optimistic. And I think it continues to prove out the competitiveness of the product set that we have and the focus on clients.

我們對已經發布的公告感到非常興奮。我們仍然非常樂觀。我認為這進一步證明了我們產品系列的競爭力以及對客戶的關注。

In terms of whether it's incremental, I would say, for the rest of the year, it's whatever M&A activity has been completed, and frankly, a lot of it, we have a lot of view to it as we come into the year, is not incremental. However, things continue to unfold, and as we learn of new things and solidify new things, we'll obviously put it in the guide. But we don't have incremental M&A sitting in this guide per se, and we'll continue to keep you updated as things -- if things move up or down on us.

至於是否是增量式的，我想說，在今年剩餘時間內，無論併購活動是否完成，坦白說，隨著我們進入今年，我們對其中的許多活動有很多看法，認為它們不是增量式的。然而，事情繼續發展，隨著我們了解到新事物並鞏固新事物，我們顯然會將其放入指南中。但本指南本身並未包含增量併購，如果情況對我們有利或不利，我們將繼續向您通報最新情況。

That's super helpful. And then just one quick one on just the pricing backdrop in the industry. I know some of your peers have called out headwinds on the pricing front in core processing. Are you seeing the change in trend lines? Or any color around that would be helpful.

這非常有幫助。然後我們再簡單談談該產業的定價背景。我知道你們的一些同行已經指出核心處理在定價方面存在阻力。您看到趨勢線的變化了嗎？或周圍的任何顏色都會有幫助。

Yeah, I've been hearing that. Our pricing is very consistent. So when you think about it in terms of either what we have to price on new wins or compression, I think what you're hearing from a lot of people is likely challenges in terms of quality of products and then corresponding pricing that they have to take.

是的，我一直聽說這個。我們的定價非常一致。因此，當您從我們必須為新勝利或壓縮定價的角度來考慮時，我認為您從許多人那裡聽到的可能是產品品質方面的挑戰，然後是他們必須採取的相應定價。

But from an FIS standpoint, again, we stand very large and scaled. And so we can get pretty price-competitive if we need to. It is not impacting our overall revenue. And in fact, I would say we're winning more new business. I think it's a very competitive industry, and it sounds like people are struggling with making sure that they're as competitive as they need to be with the products and the solutions they have.

但從 FIS 的角度來看，我們的規模非常大。因此，如果需要的話，我們可以獲得相當有競爭力的價格。這不會影響我們的整體收入。事實上，我想說我們正在贏得更多的新業務。我認為這是一個競爭非常激烈的行業，聽起來人們正在努力確保他們的產品和解決方案有足夠的競爭力。

So interesting dialogue, not seeing it show up. But again, I have -- I'm generally larger and have more scale, so can absorb that. And then in combination with a very competitive product set, tends to come in our favor.

如此有趣的對話，卻沒有看到它出現。但同樣，我——我通常更大、規模更大，所以我可以吸收這一點。然後結合極具競爭力的產品組合，往往對我們有利。

Yeah. And just to give you the stats on that. Both businesses had positive net pricing, Banking -- in the quarter. Banking was up slightly and Capital Markets was similar to the historic trends of somewhere between 1% to 2% of net pricing after compression. So we've seen no material change in the direction of travel on either of the businesses.

是的。我只是提供你這方面的統計數據。本季，兩家公司的淨定價均為正值，銀行業務亦然。銀行業略有上漲，資本市場與歷史趨勢相似，壓縮後淨定價在 1% 至 2% 之間。因此，我們沒有看到任何一項業務的發展方向有重大變化。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I want to follow up on Vasu's question or basic question, particularly as it relates to pipeline, et cetera. I'm wondering if we're seeing banks kind of evolve their road map or what they're looking for from FIS. I think one of the things that's always striking about the banking industry is that, for a variety of reasons, we haven't seen the move to cloud and public cloud-type solutions.

我想跟進 Vasu 的問題或基本問題，特別是與管道等相關的問題。我想知道我們是否看到銀行在改進他們的路線圖或他們希望從 FIS 獲得什麼。我認為銀行業一直引人注目的一件事是，由於各種原因，我們還沒有看到向雲端和公有雲類型解決方案的轉變。

Is that something your customers are beginning to talk to you about? And what are the hurdles that we could see or you think we can clear to start to evolve some of the product portfolio even faster on a go-forward rate, especially given all the changes in new technologies (technical difficulty)

您的客戶是否開始與您談論這個主題？我們可以看到哪些障礙，或者您認為我們可以清除哪些障礙，以便開始以更快的速度發展部分產品組合，特別是考慮到新技術的所有變化（技術難度）

Yeah, it's a great question. I would say it depends on the size of bank. So let's start with the smaller banks. So in the smaller bank standpoint, I don't see road map evolution per se, meaning they're looking for FIS to provide them with their modernization journey. We've already put all of our clients generally in the cloud.

是的，這是一個很好的問題。我想說這取決於銀行的規模。那我們就從小型銀行開始吧。因此，從小型銀行的角度來看，我看不到路線圖本身的演變，這意味著他們正在尋求 FIS 來為他們提供現代化之旅。我們已經將所有客戶都放到雲端了。

So that's generally done for us. And then as we think about modernizing them, which modernization generally is about componentization of the core, so pulling out different pieces of the core and hollowing it out is the way banks generally look at it. I think there's been a desire to do that for over the last 7, 10, years. I do think the market is moving, whereby they don't want to do a big bang approach, and this is more larger financial institutions.

所以這通常是為我們完成的。然後，當我們考慮對它們進行現代化改造時，這種現代化改造通常是關於核心的組件化，因此，拉出核心的不同部分並將其掏空是銀行通常看待它的方式。我認為過去 7 年到 10 年來我們一直有這樣的願望。我確實認為市場正在發生變化，他們不想採取大爆炸式增長的方式，而是選擇規模更大的金融機構。

And in the larger financial institution standpoint, there is a desire to do more componentized and come out with products and solutions and deliver value more quickly than a big bang core conversion. So I do think that the large institution business is evolving even from five years ago where they wanted to move everything at once. They want to move things more in pieces and parts and deliver value out to their customer set in smaller chunks. So I think the buying pattern is changing.

從更大的金融機構的角度來看，人們希望實現更多的組件化，推出產品和解決方案，並比大規模核心轉換更快地交付價值。因此我確實認為大型機構業務正在演變，甚至從五年前他們想要一次性轉移一切開始。他們希望將物品分成多個部分，然後以較小的區塊的形式為客戶提供價值。所以我認為購買模式正在改變。

With respect to FIS, as you know, we have a very significant large financial institution base, and so we have the benefit of working with them very directly, and understanding, as they change their road maps from, whether it's one single move to componentization, and our job and where we feel really good about our core strategy is that is overall driving our product road map.

關於 FIS，如您所知，我們擁有非常龐大的金融機構基礎，因此我們可以非常直接地與他們合作，並了解他們如何改變他們的路線圖，無論是從單一的轉向組件化，我們的工作以及我們對核心戰略感到非常滿意的地方在於，它總體上推動了我們的產品路線圖。

So we do have the ability, and the majority of our clients on MBP have different capabilities on MBP, whether it's digital banking, whether it is a checking account, a money movement account, a CD account, we are seeing banks move in this direction, and our core capabilities have the ability to do that. It's obviously all cloud generated.

所以我們確實有能力，而且我們在 MBP 上的大多數客戶在 MBP 上都有不同的功能，無論是數位銀行，還是支票帳戶、資金流動帳戶、CD 帳戶，我們都看到銀行正朝著這個方向發展，我們的核心能力有能力做到這一點。顯然，這都是雲產生的。

I do think the new technology coming in is super interesting. I'm not sure that it's really interesting with respect to how these banks want to move. But more importantly, maybe more around how they serve their clients with GenAI, thinking about digital banking, et cetera. But that's probably a conversation for another day.

我確實認為正在出現的新技術非常有趣。我不確定這些銀行的行動是否真的有趣。但更重要的是，也許更多地圍繞他們如何利用 GenAI 為客戶服務、考慮數位銀行等等。但這可能要留到以後再討論。

So I guess, great question. I think the pipeline remains strong, like I said, which is really helping us drive the momentum in Banking. I think the large financial institution base is taking a different approach. I think our core modernization and banking modernization strategy is delivering on that and continues to give us a bunch of opportunity as we think about '26 and '27.

所以我想，這是一個好問題。正如我所說，我認為通路依然強勁，這確實有助於我們推動銀行業的發展勢頭。我認為大型金融機構正在採取不同的方法。我認為我們的核心現代化和銀行現代化策略正在實現這一目標，並在我們考慮 26 年和 27 年時繼續為我們提供大量機會。

Ken Suchoski, Autonomous Research.

蘇喬斯基（Ken Suchoski），自主研究。

Maybe just one on, I guess, Capital Markets. I mean you heard the lower loan syndication activity, but it looks like the organic growth slowed, I think it was like 3 to 4 percentage points. So I was just curious like how much of the slowdown was due to the lower loan activity versus other factors. It just seems like a pretty big driver there, big business overall, if it was 3 to 4 points of slowdown.

我想，也許只有一個是關於資本市場的。我的意思是，您聽說了銀團貸款活動的減少，但看起來有機增長放緩了，我認為大概是 3 到 4 個百分點。所以我只是好奇，與其他因素相比，經濟放緩在多大程度上是由於貸款活動減少造成的。如果經濟放緩 3 到 4 個百分點，那麼這似乎是一個相當大的推動因素，總體而言，這是一個大生意。

And then just on the 200 basis points of onetime items, I think that was in Banking revenue growth in the prior year. Just trying to understand what that was.

然後，僅根據一次性項目的 200 個基點，我認為這就是去年銀行收入的成長。只是想了解那是什麼。

Yeah. Maybe I'll start on Capital Markets, and I'll let James lean in. On the Capital Markets piece, if you go back and you look at the Q1 to Q2 growth and you really focus on recurring first. Recurring had about 100 basis point slowdown, and that's really related to the loan syndication activity we talked about, which was macro. And the good news is that that is coming back and you can expect to see that recurring growth return in the back half of the year.

是的。也許我會從資本市場開始，然後讓詹姆斯加入。在資本市場部分，如果你回顧第一季到第二季的成長情況，你會發現你首先關注的是經常性成長。經常性支出放緩了約 100 個基點，這實際上與我們談論的貸款銀團活動有關，這是宏觀的。好消息是，這種趨勢正在復甦，你可以預期在今年下半年看到這種持續性成長的回歸。

I think the rest of the difference is around just license activity through Capital Markets. The first quarter, if you look at it, had a very significant license renewal. There's some -- there's just some timing around when license renewals happen each year. So you can see the revenue growth of Capital Markets in total was up significantly, but it was on the back of a really large renewal for license.

我認為其餘的差異僅在於透過資本市場進行的授權活動。如果你看一下，你會發現第一季的許可證續約非常重要。有一些——每年許可證更新時都會有一些時間安排。因此，您可以看到資本市場整體收入成長顯著，但這是基於授權的大規模續約。

So I think as you think about the different pieces, I think that we feel really good about Capital Markets recurring, which is, again, talking about the health of the business. And then there's clearly some lumpiness as we go throughout the year in terms of licenses based on renewals and sales. But even leaning into the back half of this year, the expectations around the license and nonprofessional services are right in line with where we've been historically.

因此，我認為，當你考慮不同的部分時，我們對資本市場的反覆出現感到非常滿意，這再次說明了業務的健康狀況。然後，從續約和銷售情況來看，全年許可證數量明顯存在一些波動。但即使展望今年下半年，對許可證和非專業服務的預期也與我們的歷史水準一致。

James, I don't know if you want to add.

詹姆斯，我不知道你是否想補充。

Yeah. Remember what we said on the first quarter call when we did a 9 on Capital Markets. We said that wasn't the trend rate. And then two is, it was fundamentally, it was coming from a 47% increase in the nonrecurring, which essentially is the license business. And while we're inclined to -- but maybe one way to look at this is the overall year-to-date on Capital Markets is up just south of 7%. And that's probably a good way to look at the remainder of the year.

是的。還記得我們在第一季電話會議上對資本市場給予 9 分的評價時所說的話嗎？我們說這不是趨勢率。其次，從根本上來說，這是由於非經常性支出（本質上是授權業務）成長了 47%。雖然我們傾向於這樣做 — — 但也許看待這個問題的一種方式是，今年迄今為止資本市場的整體漲幅略低於 7%。這或許是展望今年剩餘時間的好方法。

As you look at it, rest of year recurring will accelerate somewhat, because we saw a dramatic rebound actually in July in the lending business. The business almost doubled versus prior year. So we've recovered very, very strongly. So that will add 1 point in the successive quarter.

從這個角度來看，今年剩餘時間的經常性支出將會加速，因為我們實際上看到 7 月貸款業務出現了大幅反彈。與去年相比，業務量幾乎翻了一番。因此，我們的恢復非常強勁。因此這將在下一季增加 1 分。

And then licenses will continue to grow in the second half, but at a slower pace. We're not going to be repeating the 47% because that had a lot of renewals in the quarter. And then professional services will probably accelerate slightly. We have a good line of sight to the implementation schedule. So we're very comfortable with the full year outlook on Capital Markets.

下半年許可證數量將持續成長，但速度將有所放緩。我們不會重複 47% 的增幅，因為本季有許多續約。然後專業服務可能會略微加速。我們對實施時間表有很好的了解。因此，我們對資本市場的全年前景非常滿意。

And then, Ken, maybe repeat your Banking --

然後，肯，也許重複你的銀行業務--

Your Banking question then, what were these items that we're lapping. So this was fourth quarter, there were two items. There was a termination fee reversal, and that was $20 million. And the other one was an adjustment relating to customer contracts of $13 million. So a total of $33 million. So as you look at the fourth quarter, it's a 200 basis point, call it, tailwind on revenue, and it's 105 bps on margins. And both of these items are 100% margin -- they're at 100% margin.

那麼，您的銀行問題是，我們正在重疊的這些項目是什麼。這是第四季度，有兩項內容。終止費用被撤銷，金額為 2000 萬美元。另一項是與客戶合約相關的 1300 萬美元調整。所以總計 3,300 萬美元。因此，當您查看第四季度時，您可以發現營收成長了 200 個基點，利潤率增加了 105 個基點。這兩項都是 100% 的利潤——它們的利潤率為 100%。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Stephanie, you mentioned the Everlink acquisition. Can you just give us an update on the international strategy?

史蒂芬妮，您提到了 Everlink 收購。您能否向我們介紹國際戰略的最新情況？

Sure. That's a great point. So Everlink obviously, is a natural extension for us in payments right in line with what we do in Canada. I think as you think about our international strategy, there's really 2 things that are going to significantly continue to advance it. One is the Everlink acquisition, but then also as you think about the issuer acquisition from Global Payments.

當然。這是一個很好的觀點。因此，Everlink 顯然是我們在支付領域的自然延伸，與我們在加拿大的業務完全一致。我認為，當你思考我們的國際策略時，有兩件事確實會顯著地繼續推動它的發展。一是收購 Everlink，二是收購 Global Payments 的發行人。

Both are quite international and will advance our international footprint, in specifically adding payments capabilities internationally. So that's really good for us as we think about broadening out and building momentum in our payments business, both in terms of the U.S., but also rest of world where we continue to see a lot of momentum, a lot of demand and where we're not nearly as concentrated. And so both of these, again, are great products and solutions that can come in and really take advantage of our really scaled distribution channel. So very excited about both.

兩者都相當國際化，並將擴大我們的國際影響力，特別是增加國際支付能力。所以，當我們考慮擴大和建立我們的支付業務勢頭時，這對我們來說真的很好，不僅在美國，而且在世界其他地區，我們繼續看到很大的發展勢頭，很大的需求，而且我們的集中度並不那麼高。因此，這兩者都是出色的產品和解決方案，可以真正利用我們真正規模化的分銷管道。我對這兩者都非常興奮。

Matt Coad, Truist.

馬特·科德（Matt Coad），Truist。

I just wanted to go back to the capital markets question a bit just in light of the weaker lung syndication activity impacting recurring revenue growth. Could you guys remind us, right, of the revenue drivers there? Whether it's based on loan activity, whether it's SaaS related and whether it's based on, say, the level of AUM? Just a reminder of what's driving revenue growth would be helpful.

我只是想回到資本市場的問題，因為較弱的肺部聯合活動影響了經常性收入的成長。你們能否提醒我們那裡的收入驅動因素？它是否基於貸款活動，是否與 SaaS 相關，是否基於 AUM 水平？只要提醒一下推動營收成長的因素就會有所幫助。

Yeah. So there's nothing AUM-related here at all. And the majority of the revenue growth is really from net new sales. So think about new sales added each year, recurring revenue, and then net of any attrition, which is very low in capital markets. Then incremental to that, you have net pricing, which James talked about has been very consistent, and then you have some license activity.

是的。所以這裡根本就沒有任何與 AUM 相關的東西。大部分收入成長實際上來自於淨新銷售額。因此，想想每年新增的銷售額、經常性收入，然後扣除任何流失，這在資本市場上是非常低的。然後逐漸增加，你就有了淨定價，詹姆斯談到的淨定價一直非常一致，然後你就有一些許可活動。

Generally, there isn't a significant amount of what we would call transaction or organic growth activity here. It's been maybe around 100 basis points, whether it's from transactions or those types of things. It's not AUM. However, there was a very big swing, given the macroeconomic uncertainty, you can kind of go back and look at the large financial institutions, all mentioned it, loan syndication just throws up.

一般來說，這裡並沒有大量的我們所謂的交易或有機成長活動。它可能在 100 個基點左右，無論是來自交易還是諸如此類的事情。這不是 AUM。然而，由於宏觀經濟的不確定性，出現了很大的波動，你可以回頭看看大型金融機構，它們都提到了這一點，銀團貸款就此出現。

So there is a bit of organic growth that we get from transactions, it's not generally material. However, when it swings from generally positive to almost negative to 0, it can't impact us. As James said, the good news is it's back in July and August. We feel really good about recurring growth going back up to a 6% range. And so overall, this business does not have a significant amount -- there's no AUM at all, and it doesn't have a significant amount of transaction activity.

因此，我們從交易中獲得了一些有機成長，但通常並不重要。然而，當它從普遍正值轉變為幾乎負值甚至為 0 時，它就不會對我們產生影響了。正如詹姆斯所說，好消息是它會在七月和八月回歸。我們對經常性成長回升至 6% 左右感到非常高興。因此總體而言，這項業務的規模並不大——根本沒有 AUM，也沒有大量的交易活動。

There is maybe 100 bps. James, do you have anything you want to add?

大概有 100 bps。詹姆斯，你還有什麼要補充的嗎？

No, this was -- this business has been performing incredibly strongly. And to give you some context, we were growing the business at a kind of low teens kind of number in the first quarter. Kind of fell off to a 35% decline. And since then, it's back closer to the -- it's actually above the Q1 performance. So there was a market reduction in loan syndication activity in the quarter.

不，這是——這項業務的表現一直非常強勁。為了讓您了解一些背景信息，我們在第一季的業務成長率達到了百分之十幾。下降了 35%。從那時起，它又回到了接近——實際上高於第一季的表現。因此本季銀團貸款市場活動減少。

We've now had, I think, it's 7 or 8 weeks where it's up again versus prior year. It's one of the very few businesses within the Capital Markets portfolio that is exposed at times to these -- the loan activity. But it's a $6 million impact on our $3 billion business. That's what's pulled down our recurring in the quarter. And it will bounce back quite strongly in the second half.

我認為，與去年相比，我們已經有 7 或 8 週的時間再次上漲了。它是資本市場投資組合中極少數有時會接觸到這些貸款活動的企業之一。但這對我們 30 億美元的業務造成了 600 萬美元的影響。這就是導致我們本季經常性收入下降的原因。下半年它將強勁反彈。

Ladies and gentlemen, thank you all for participating. This concludes today's program. You may now disconnect.

女士們、先生們，感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。