Fidelity National Information Services Inc (FIS) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fidelity National Information Services third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Fidelity National Information Services 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的主講人，投資者關係主管喬治·米哈洛斯先生。請繼續。

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

各位早安。感謝您今天參加 FIS 2025 年第三季財報電話會議。本次通話正在進行網路直播。今天的新聞稿、相關簡報和網路直播都可以在我們的網站 fisglobal.com 上找到。

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

今天早上和我一起參加電話會議的有我們的執行長兼總裁史蒂芬妮·費里斯，以及我們的財務長詹姆斯·基歐。Stephanie 將首先主持電話會議，介紹策略和營運方面的最新情況，隨後 James 將回顧我們的財務表現。

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

翻到第三張幻燈片。今天的演講將包含前瞻性陳述。這些聲明存在風險和不確定性，詳情請參閱新聞稿和提交給美國證券交易委員會的其他文件。除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。請參閱「安全港」條款。

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

此外，在本次電話會議中，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。這些是公司重要的財務績效指標，但並非符合公認會計準則定義的財務指標。我們的獲利報告中列出了非GAAP資訊與GAAP財務資訊的調節。

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

那麼，我就把電話交給史蒂芬妮了。

Thank you, George, and good morning, everyone. I'm very pleased to report we delivered strong third-quarter results that exceeded expectations across our key operating metrics. Our performance demonstrates real momentum across the business with adjusted revenue growth of 6.3%, adjusted EBITDA margins of 41.8% and adjusted EPS of $1.51, up 8% year-over-year. These are great proof points that our Future Forward strategy is working by leveraging our strong foundation, executing to deliver profitable growth and allocating capital with discipline.

謝謝你，喬治，大家早安。我很高興地報告，我們第三季業績強勁，各項關鍵營運指標均超乎預期。我們的業績表明，公司業務發展勢頭強勁，調整後收入增長 6.3%，調整後 EBITDA 利潤率為 41.8%，調整後每股收益為 1.51 美元，同比增長 8%。這些都充分證明了我們的「面向未來」策略正在奏效，該策略透過利用我們強大的基礎、執行以實現盈利增長以及有紀律地配置資本來實現。

Let me walk you through what's driving our strong performance. This quarter's 6.4% recurring growth demonstrates the success of our commercial excellence initiatives. We achieved sequential margin improvement of approximately 200 basis points, driven by strong segment profitability across both Banking and Capital Markets.

讓我來為您詳細介紹一下我們業績強勁的驅動因素。本季 6.4% 的經常性成長顯示了我們卓越商業舉措的成功。在銀行業務和資本市場業務強勁獲利能力的推動下，我們實現了環比利潤率提升約 200 個基點。

Adjusted free cash flow conversion was 142%, enabling us to increase our share repurchase target to $1.3 billion for the year. These results demonstrate the strength of our execution and validate the strategic investments we've been making to position FIS as a technology company at the forefront of financial services innovation.

經過調整後的自由現金流轉換率為 142%，使我們能夠將今年的股票回購目標提高到 13 億美元。這些結果證明了我們執行力的強大，並驗證了我們為將 FIS 定位為金融服務創新前沿的科技公司而進行的策略性投資。

During the quarter, we returned $509 million to shareholders across share repurchases and dividends. Most importantly, we're entering the fourth quarter well positioned to achieve our full year 2025 financial goals and move into 2026 with real momentum. Based on our performance and visibility, we're raising our full year outlook for revenue, EBITDA and cash conversion.

本季度，我們透過股票回購和分紅向股東返還了 5.09 億美元。最重要的是，我們在進入第四季時已做好充分準備，實現 2025 年全年財務目標，並以強勁勢頭邁入 2026 年。根據我們的業績和市場前景，我們上調了全年營收、EBITDA 和現金轉換率的預期。

Turning to slide 6. Now let me talk about what we're seeing in the marketplace. Bank technology spending remains strong, and our clients are prioritizing spend across our high-growth verticals, digital solutions, payments innovation and lending modernization. We anticipated that AI would transform financial services, but the pace and depth of adoption have exceeded our expectations.

翻到第6張投影片。現在讓我來談談我們目前在市場上看到的情況。銀行科技支出依然強勁，我們的客戶優先考慮在高成長垂直領域、數位解決方案、支付創新和貸款現代化方面的支出。我們預料到人工智慧將改變金融服務業，但其應用速度和深度都超出了我們的預期。

In fact, industry surveys indicate that more than three out of four banks have actively launched or piloting Gen AI and Agentic solutions, a marked increase from just a year ago. Our clients are leaning in and asking us to help shape their AI journeys, viewing us as a strategic partner. Data powers the algorithms that underpin AI.

事實上，產業調查顯示，超過四分之三的銀行已經積極推出或試用 Gen AI 和 Agentic 解決方案，與一年前相比有了顯著成長。我們的客戶積極參與，要求我們幫助他們規劃人工智慧發展歷程，並將我們視為策略合作夥伴。數據為支撐人工智慧的演算法提供動力。

And for this reason, FIS holds a foundational advantage with over 200 petabytes of data, powering on average 20-plus products per client across the money life cycle. This advantage will grow significantly post-acquisition of the credit Issuer Solutions business, adding almost 1 billion additional accounts to our platform.

正因如此，FIS 擁有超過 200 PB 的數據，在資金生命週期中平均為每位客戶提供 20 多種產品的支持，從而擁有了基礎性的優勢。收購信貸發行解決方案業務後，這一優勢將顯著增長，為我們的平台增加近 10 億個額外帳戶。

As the operating environment for banks continues to improve, they are investing with confidence. Consumer spending patterns support this optimism. Debit and credit card spending remains resilient year-to-date, and we're seeing strong account growth across our bank clients. Year-to-date, FIS core accounts are up mid-single digits as our clients continue to grow.

隨著銀行經營環境的持續改善，它們正充滿信心地進行投資。消費者支出模式也印證了這種樂觀情緒。今年以來，借記卡和信用卡消費依然保持韌性，我們看到銀行客戶的帳戶數量均實現了強勁增長。今年迄今為止，隨著客戶數量的持續成長，FIS核心帳戶實現了中等個位數的成長。

We are also seeing an acceleration in bank M&A across the market. The third quarter had the highest level of quarterly bank consolidation in four years, driven by a more favorable regulatory backdrop. We expect industry consolidation to continue to be a long-term tailwind for FIS.

我們也看到整個市場的銀行併購活動正在加速進行。受監管環境趨於有利的影響，第三季銀行業整合程度達到四年來的最高水準。我們預期產業整合將持續成為FIS的長期利好因素。

We're the vendor of choice for financial institutions, positioning us to benefit as the industry consolidates and acquirers seek scalable enterprise-grade technology partners. The acquisition of credit Issuer Solutions, which we now expect to close in the first quarter of 2026, will further strengthen our offerings, providing us with scaled credit processing capabilities.

我們是金融機構的首選供應商，這使我們能夠從產業整合和收購者尋求可擴展的企業級技術合作夥伴中受益。收購 Credit Issuer Solutions 預計將於 2026 年第一季完成，這將進一步加強我們的產品和服務，為我們提供規模化的信貸處理能力。

Finally, let me address pricing directly. The pricing environment remains stable. Net pricing has been a tailwind for us year-to-date across both Banking and Capital Markets, supported by a continuous product, feature and functionality enhancements that strengthen our value proposition with clients. We operate in a rational market, and we're confident in our ability to continue to price for value.

最後，讓我直接談談定價問題。物價環境保持穩定。今年以來，淨定價一直是我們在銀行業和資本市場業務的利好因素，這得益於我們不斷改進產品、功能和特性，從而增強了我們為客戶提供的價值主張。我們身處一個理性的市場，我們有信心繼續以價值定價。

Let's turn to slide 7. Our strong execution and laser focus on helping our bank clients is translating into high-quality sales performance across our business. Our sales pipeline annual contract value, or ACV, has expanded 13% annually since 2023. And we're deploying AI early in the marketing sales cycle for lead generation, making our go-to-market motion smarter and more efficient.

讓我們翻到第7張投影片。我們強大的執行力和對幫助銀行客戶的精準關注，正在轉化為我們業務各個環節的高品質銷售業績。自 2023 年以來，我們的銷售通路年度合約價值（ACV）每年成長 13%。我們正在行銷銷售週期的早期階段部署人工智慧以進行潛在客戶開發，使我們的行銷活動更加智慧、更有效率。

Renewal retention has also shown steady improvement of approximately 3% in 2024 and 2025. This is a key driver of the accelerating banking growth we are delivering. Net pricing has contributed 60 basis points of growth on average over the last two years as we continue to price for value. And in 2025, both segments will have a positive pricing contribution for the year.

2024 年和 2025 年續保率也穩定提高，增幅約 3%。這是推動銀行業加速成長的關鍵因素。過去兩年，淨定價平均貢獻了 60 個基點的成長，因為我們繼續堅持價值定價。到 2025 年，這兩個細分市場都將對當年的價格做出正貢獻。

Recurring ACV, the fuel for future revenue growth has compounded annually at 11% with particular strength in verticals such as payments, where our network solutions and Money Movement Hub are driving outsized sales growth. Our strategic investments are paying off. Taken together, all these improvements across our sales engine are fueling the durable recurring revenue growth acceleration we're seeing across our business.

經常性 ACV 是未來營收成長的動力，其年複合成長率達到 11%，在支付等垂直領域表現尤為強勁，我們的網路解決方案和資金流動中心正在推動銷售額的大幅成長。我們的策略投資正在取得成效。綜合來看，我們銷售引擎的這些改進正在推動我們業務中持續的經常性收入成長加速。

Now turning to slide 8. We are translating this market momentum into sustained growth in our Banking segment, which remains the cornerstone of our business. At Investor Day, we outlined three strategic priorities to drive sustainable, accelerating growth: operational excellence, core and digital, and payments.

現在請看第8張投影片。我們將這種市場動能轉化為銀行業務的持續成長，而銀行業務仍是我們業務的基石。在投資者日上，我們概述了推動永續加速成長的三大策略重點：卓越營運、核心業務和數位化、以及支付。

On Operational Excellence, we're maintaining our relentless focus on client experience and sales execution. Happy clients renew, expand and advocate, and the numbers I just shared on retention prove we're getting this right.

在卓越營運方面，我們將繼續不懈地專注於客戶體驗和銷售執行。滿意的客戶會續約、拓展業務並積極宣傳，我剛剛分享的客戶留存率數據證明我們做對了。

We're achieving this through our investments in AI, which are fundamentally transforming how we operate and improve everything from client support to risk management to product development, modernizing our solutions to help our clients run, grow and protect their businesses more effectively.

我們正在透過對人工智慧的投資來實現這一目標，這些投資從根本上改變了我們的營運方式，並改進了從客戶支援到風險管理再到產品開發的一切，使我們的解決方案現代化，以幫助我們的客戶更有效地運作、發展和保護他們的業務。

We're helping clients run their business through intelligent automation, predictive insights and operational efficiencies of the back office that reduce costs and improve service delivery. We're helping them grow through AI-powered personalization and intelligent decisioning that drives revenue and deepens customer relationships. And we're helping clients protect their business through advanced fraud detection, real-time risk scoring and behavioral analytics that stop threats before they impact customers.

我們正在透過智慧自動化、預測性洞察和後台營運效率來幫助客戶營運業務，從而降低成本並改善服務交付。我們透過人工智慧驅動的個人化和智慧決策幫助他們發展壯大，從而提高收入並加深客戶關係。我們正在透過先進的詐欺偵測、即時風險評分和行為分析來幫助客戶保護其業務，從而在威脅影響客戶之前將其封鎖。

Let me next update you on the progress we're making in two of our key high-growth vectors: Digital and Payments. Beginning with Digital on slide 9. Our digital business is performing very well with growing traction across both our retail and commercial offerings. The US TAM for digital solutions is $10 billion, growing at approximately 12% annually through 2028.

接下來，我將向大家報告我們在兩個關鍵高成長領域——數位化和支付——所取得的進展。從第 9 張投影片上的「數字」部分開始。我們的數位業務表現非常出色，零售和商業產品都獲得了越來越多的關注。美國數位解決方案的潛在市場規模為 100 億美元，預計到 2028 年將以每年約 12% 的速度成長。

Banks are spending aggressively on digital capabilities and open banking adoption is accelerating. We're capitalizing on this by embedding AI-powered capabilities such as predictive insights and hyper-personalized recommendations into our Digital One platform to deliver a more seamless, intelligent digital banking experience.

銀行正大力投資數位化能力，開放銀行的普及速度也正在加快。我們正在利用這一優勢，將人工智慧驅動的功能（例如預測洞察和高度個人化的推薦）嵌入到我們的 Digital One 平台中，以提供更流暢、更智慧的數位銀行體驗。

Clients are also prioritizing solutions with seamless integration and robust API connectivity, which are core strengths of our platforms. We've seen over 30% growth in users across our digital platforms, and we see this as a growth engine for our Banking segment for years to come. We also had significant competitive takeaways this quarter.

客戶也優先考慮具有無縫整合和強大 API 連接性的解決方案，而這正是我們平台的核心優勢。我們看到，我們各個數位平台的用戶數量成長了 30% 以上，我們認為這將成為未來幾年我們銀行業務成長的引擎。本季我們也取得了顯著的競爭優勢。

SMBC MANUBANK, a US subsidiary of Sumitomo Mitsui Bank Corporation, selected our commercial online banking offering, Dragonfly, to help the bank better service enterprise customers. This win displaces a monoline digital competitor and underscores the rationale behind our targeted M&A strategy. As year-to-date, our sales in commercial digital solutions have nearly tripled with our win rates improving by 13 points with Dragonfly.

三井住友銀行株式會社的美國子公司 SMBC MANUBANK 選擇使用我們的商業網路銀行產品 Dragonfly 來幫助該銀行更好地服務企業客戶。這場勝利取代了一家專注於單一業務的數位競爭對手，凸顯了我們定向併購策略背後的合理性。今年迄今為止，我們在商業數位解決方案方面的銷售額幾乎增長了兩倍，而 Dragonfly 的成交率提高了 13 個百分點。

During the quarter, we completed the acquisition of Amount, an AI-powered platform providing seamless unified digital account opening capabilities. This acquisition is a perfect example of how we are using AI to help clients grow their business. Amounts platform fundamentally changes how banks acquire and onboard customers while helping to grow revenue and reduce friction and risk.

本季度，我們完成了對 Amount 的收購，Amount 是一個人工智慧驅動的平台，提供無縫統一的數位帳戶開立功能。此次收購完美詮釋了我們如何利用人工智慧來幫助客戶發展業務。Amounts平台從根本上改變了銀行獲取和吸引客戶的方式，同時幫助增加收入並減少摩擦和風險。

And we've hit the ground running, signing seven new deals since closing the acquisition and expanding our relationship with a top 10 US bank. Now let's turn to slide 10. Payments is the other major growth driver, and the momentum here is equally compelling. We're operating in a $53 billion US TAM that is growing 5% annually. Card issuing debit transactions remain robust at 6%, providing a steady foundation.

收購完成後，我們迅速進入狀態，簽署了七項新協議，並擴大了與美國排名前十的銀行的關係。現在我們來看第10張投影片。支付是另一個主要的成長驅動力，而且這方面的成長勢頭同樣強勁。我們在美國530億美元的潛在市場中運營，該市場每年增長5%。簽帳卡發卡交易量保持強勁，佔 6%，為穩定的基礎提供了保障。

But the real market acceleration is in instant payments and digital currencies, which represent the future of money movement and areas where FIS is strategically invested. The complexity of this growing market is creating new opportunities for FIS as banks increasingly rely on us to help them navigate the changing landscape. And we're seeing this in our sales performance. Our payment sales have been outstanding, 50% recurring sales growth year-to-date and a 5% improvement in win rates.

但真正的市場加速發展體現在即時支付和數位貨幣領域，代表了資金流動的未來，也是FIS進行策略性投資的領域。隨著銀行越來越依賴我們來幫助他們應對不斷變化的市場環境，這個日益複雜的市場也為 FIS 創造了新的機會。這一點在我們的銷售業績中也反映出來了。我們的支付銷售業績非常出色，今年迄今的經常性銷售額成長了 50%，成交率提高了 5%。

In addition to traditional debit and credit offerings, we are leading the way in alternative payments with modernized cloud-native solutions like our Money Movement Hub, which is our core agnostic real-time payment gateway for our clients. Launched just a quarter ago, we're already seeing strong traction with over 40 new clients signed.

除了傳統的金融卡和信用卡產品外，我們還在替代支付領域引領潮流，推出了現代化的雲端原生解決方案，例如我們的資金流動中心，這是我們為客戶提供的核心、與平台無關的即時支付網關。該產品推出僅一個季度，就已經取得了強勁的成長勢頭，簽約了 40 多家新客戶。

Additionally, the NICE network has been a particularly bright spot, with sales more than doubling and a pipeline growth of 3 times versus last year. Here again, AI is a critical differentiator. Fraud is one of the biggest threats facing financial institutions today.

此外，NICE 網路表現特別出色，銷售額比去年翻了一番多，銷售通路成長了 3 倍。同樣，人工智慧是關鍵的差異化因素。詐欺是當今金融機構面臨的最大威脅之一。

We're using machine learning and behavioral analytics to detect and prevent fraud in real time across billions of payment transactions daily. We also continue to expand our capabilities and geographic presence. We recently acquired Everlink to strengthen our payments offering in Canada. And the credit issuer acquisition will add scale in both US and international credit processing, and significantly higher cash flow when we closed that deal in the first quarter.

我們正在利用機器學習和行為分析技術，即時偵測和預防每天數十億筆支付交易中的詐欺行為。我們也不斷拓展自身能力和地域覆蓋範圍。我們最近收購了 Everlink，以加強我們在加拿大的支付業務。收購這家信貸發行機構將擴大我們在美國和國際信貸處理領域的規模，並且在第一季完成這筆交易後，現金流將顯著提高。

In closing, let me bring this all together. FIS delivered a very strong quarter that exceeded expectations. We're seeing favorable market conditions, and we're executing on our strategy as a technology company at the forefront of financial services innovation. This isn't a one-quarter story. We're building sustainable, profitable growth on a foundation of operational excellence, product leadership and client partnership.

最後，讓我總結一下。FIS本季業績表現非常強勁，超乎預期。我們看到了有利的市場環境，作為一家處於金融服務創新前沿的科技公司，我們正在執行我們的策略。這不是一個四分之一的故事。我們正在以卓越營運、產品領先和客戶合作為基礎，建立可持續的獲利成長。

We're confident in our trajectory and are raising our full year outlook.

我們對我們的發展軌跡充滿信心，並提高了全年預期。

With that, I'll turn it over to James to walk through the financial details.

接下來，我將把發言權交給詹姆斯，讓他來詳細介紹財務細節。

Thank you, Stephanie, and good morning. I'll begin on slide 12 with a summary of our financial results. We had a great quarter, exceeding our outlook on revenue, EBITDA and EPS. Revenue grew 6.3% to $2.7 billion, driven by outperformance from our banking business and strong recurring revenue growth across both segments. Adjusted EBITDA grew 7.1% with margins expanding by more than 50 basis points.

謝謝你，史蒂芬妮，早安。我將從第 12 張投影片開始，概述我們的財務表現。本季業績出色，營收、EBITDA 和每股盈餘均超乎預期。營收成長 6.3% 至 27 億美元，主要得益於銀行業務的優異表現以及兩個業務板塊強勁的經常性收入成長。調整後 EBITDA 成長 7.1%，利潤率成長超過 50 個基點。

Margins were up nicely in both segments, led by strong execution across our cost-saving programs. Adjusted EPS increased 7.9% to $1.51, led by strong operating growth. Turning now to free cash flow. Moving forward, we will report on both adjusted and unadjusted cash flow measures, and I'm happy to report that both are performing well.

兩個業務板塊的利潤率均有顯著提升，這主要得益於我們各項成本節約計劃的強有力執行。經調整後的每股盈餘成長7.9%至1.51美元，主要得益於強勁的營運成長。接下來我們來看自由現金流。接下來，我們將報告調整後和未調整的現金流指標，我很高興地報告，這兩個指標都表現良好。

As we have messaged on prior calls, we are running extensive cash optimization programs, and we drove significant improvements in the third quarter. Free cash flow was $800 million in the quarter and more than doubled year-over-year. Adjusted free cash flow was approximately $930 million with cash conversion coming in at more than 140%.

正如我們在先前的電話會議中所提到的，我們正在實施廣泛的現金優化計劃，並在第三季取得了顯著的改善。本季自由現金流為 8 億美元，年增超過一倍。調整後的自由現金流約 9.3 億美元，現金轉換率超過 140%。

While we anticipated a cash conversion of over 100%, the outperformance was driven by accelerated working capital actions with particularly strong results from our accounts receivable initiatives. Capital expenditures were 7.9% of revenue, in line with our expectations. On a year-to-date basis, cash conversion was 91%, and we now expect full year cash conversion of more than 85%, and we are well positioned to deliver on our 2026 Investor Day goal of 90%.

雖然我們預期現金轉換率將超過 100%，但實際績效超預期主要得益於加快營運資本運作，尤其是應收帳款措施取得了顯著成效。資本支出佔收入的7.9%，符合我們的預期。今年迄今為止，現金轉換率為 91%，我們現在預計全年現金轉換率將超過 85%，我們完全有能力實現 2026 年投資者日 90% 的目標。

Leverage remained steady at 3 times or 2.9 times excluding the impact of currency fluctuations. We returned over $500 million to shareholders, including $300 million of share repurchases, and we recently increased our annual target for share repurchases from $1.2 billion to $1.3 billion. In summary, we outperformed across all key metrics. Strong execution is driving high-quality growth, and this gives us great confidence as we look forward to 2026.

槓桿率維持穩定，為 3 倍，若不計匯率波動的影響，則為 2.9 倍。我們向股東返還了超過 5 億美元，其中包括 3 億美元的股票回購，我們最近將年度股票回購目標從 12 億美元提高到 13 億美元。總而言之，我們在所有關鍵指標上都表現出色。強而有力的執行力推動了高品質的成長，這讓我們對2026年充滿信心。

Turning now to our segment performance on slide 13. Adjusted revenue and recurring revenue both grew 6% with strong recurring revenue growth from both segments. Banking exceeded our expectations in the quarter. Revenue growth of 6.2% was well above the high end of our range, reflecting strong core growth and an M&A contribution of 150 basis points.

現在就來看看第 13 頁投影片中的分部業績。調整後的營收和經常性收入均成長了 6%，其中兩個業務部門的經常性收入均實現了強勁成長。本季銀行業務表現超乎預期。營收成長 6.2%，遠高於我們預期範圍的上限，反映出強勁的核心成長和併購貢獻 150 個基點。

The performance was led by recurring revenue growth of 6% with strong transaction growth across our payments business in addition to strength in digital banking. Nonrecurring revenue increased 8%, mostly due to card personalization and deconversion fee timing. Professional services accelerated the 6% growth and net pricing was positive in the quarter and on a year-to-date basis.

業績成長主要得益於經常性收入成長 6%，支付業務交易量強勁成長，以及數位銀行業務的強勁表現。非經常性收入增加了 8%，主要原因是卡片個人化和取消轉換費的時間安排。專業服務加速了 6% 的成長，本季和年初至今的淨定價均為正值。

Banking EBITDA margin expanded by 68 basis points, primarily due to a rising contribution from cost-saving programs. We expect these positive trends to continue into the fourth quarter and drive even stronger margin expansion. Turning now to Capital Markets. Adjusted revenue growth of 6.4% came in close to the high end of our expectations.

銀行業 EBITDA 利潤率成長了 68 個基點，主要原因是成本節約計畫的貢獻不斷增加。我們預計這些正面趨勢將延續到第四季度，並推動利潤率進一步大幅成長。現在轉向資本市場。經調整後的營收成長率為 6.4%，接近我們預期的高端水準。

M&A contributed 130 basis points, consistent with prior quarters. Recurring revenue grew 7.6% as we saw a rebound of lending activity and stronger momentum in our treasury and risk businesses. Nonrecurring revenue increased 12.6%, reflecting strength in license sales.

併購活動貢獻了 130 個基點，與前幾季持平。由於貸款活動反彈，以及財務和風險業務發展勢頭增強，經常性收入增長了 7.6%。非經常性收入成長12.6%，反映許可證銷售的強勁勢頭。

Lastly, professional services declined 5.6% due to the timing of some engagements. Capital Markets EBITDA margin expanded 60 basis points, reflecting higher cost savings, accelerating growth in high-margin recurring revenue and higher license sales. As with banking, we expect segment margins to expand in the fourth quarter.

最後，由於部分項目的時間安排，專業服務下降了 5.6%。資本市場 EBITDA 利潤率擴大了 60 個基點，反映出成本節約增加、高利潤率經常性收入成長加速以及許可證銷售額增加。與銀行業一樣，我們預計第四季度各業務板塊的利潤率將有所提高。

Moving now to slide 14. Year-to-date results are strong with both adjusted revenue and recurring revenue growing over 5%. Banking growth of 4.8% is in line with our increased outlook, and we are confident in delivering a strong fourth quarter. It's a similar story in Capital Markets with year-to-date growth of 6.6% aligned to our full year outlook.

現在來看第14張投影片。今年迄今的業績表現強勁，調整後營收和經常性收入均成長超過 5%。銀行業成長4.8%符合我們上調後的預期，我們有信心在第四季取得強勁的業績。資本市場的情況也類似，今年迄今的成長率為 6.6%，與我們的全年預期相符。

Overall, we delivered good results across both segments, and we are executing well on the second half revenue acceleration and margin expansion that we guided to earlier in the year. Turning now to our increased full year outlook on slide 15. We are raising our ranges for revenue and adjusted EBITDA to reflect the stronger operating results and the recently closed Amount acquisition. We are raising our revenue range by [$65 million] at the midpoint, resulting in an adjusted revenue growth of 5.4% to 5.7%, well ahead of our Investor Day outlook.

總體而言，我們在兩個業務板塊都取得了良好的業績，並且正在很好地實現年初預測的下半年營收加速成長和利潤率擴張目標。現在請看第 15 頁投影片，了解我們上調後的全年展望。我們將提高營收和調整後 EBITDA 的預期範圍，以反映更強勁的經營業績和最近完成的對 Amount 的收購。我們將營收預期中位數上調 6,500 萬美元，調整後營收成長率為 5.4% 至 5.7%，遠超我們在投資者日的預期。

For Banking, we are increasing our revenue growth range from 4% to 4.5% to 4.9% to 5.3%, an increase of almost 1%. The recently closed Amount acquisition is expected to contribute around 20 basis points of additional growth, with stronger operating performance driving the remaining 65 basis point increase. For Capital Markets, we are updating our outlook to approximately 6.5% to better align with the performance we have seen year-to-date and reflecting a tough comparison in the fourth quarter.

對於銀行業，我們將收入成長範圍從 4% 到 4.5% 到 4.9% 到 5.3% 提高到 5.3%，增幅接近 1%。最近完成的對 Amount 的收購預計將帶來約 20 個基點的額外成長，而更強勁的營運業績將推動剩餘的 65 個基點成長。對於資本市場，我們將預期成長率更新為約 6.5%，以更好地反映今年迄今的業績表現，並反映出第四季同比基數較高。

We are raising our full year EBITDA outlook to reflect our third quarter performance, and we are updating our margin outlook to include the impact of M&A. Importantly, we are confident in delivering margin expansion across both segments in the fourth quarter. Lastly, we are tightening our EPS range by $0.02 and reiterating double-digit growth of 10% to 11%. Consistent with prior quarters, we have provided updated modeling assumptions in the appendix.

我們將上調全年 EBITDA 預期以反映第三季的業績，並將利潤率預期更新為包含併購的影響。重要的是，我們有信心在第四季度實現兩個業務板塊的利潤率成長。最後，我們將每股盈餘預期範圍收窄 0.02 美元，並重申 10% 至 11% 的兩位數成長目標。與前幾季一致，我們在附錄中提供了更新的模型假設。

Before closing, I wanted to reiterate some points related to the coming year. While tuck-in M&A tends to weigh on margins in the short term, the M&A deals signed in 2024 and 2025 will be accretive to FIS margins in 2026, with further margin benefits in the out years. Because of this and combined with the underlying margin profile of the business, we are confident in delivering margin expansion of greater than 60 basis points in 2026.

在結束之前，我想重申一些與來年相關的要點。雖然短期內併購往往會對利潤率造成壓力，但 2024 年和 2025 年簽署的併購交易將在 2026 年提升 FIS 的利潤率，並在未來幾年帶來進一步的利潤率收益。有鑑於此，再加上公司本身的利潤率狀況，我們有信心在 2026 年實現超過 60 個基點的利潤率成長。

As you can see, we are driving improved cash conversion, going from 77% in 2024 to over 85% in 2025, and we are on track to deliver 90% conversion in 2026 as our cash optimization initiatives continue to bear fruit. Overall, we are seeing positive revenue trends across the business, and we have good momentum as we exit the year.

正如您所看到的，我們正在推動現金轉換率的提高，從 2024 年的 77% 提高到 2025 年的 85% 以上，並且隨著我們的現金優化舉措不斷取得成效，我們預計在 2026 年實現 90% 的轉換率。整體而言，我們看到公司各業務的收入趨勢都呈現積極態勢，並且在年底之際保持著良好的發展勢頭。

Lastly, we're excited the credit issuing acquisition is expected to close in the first quarter of 2026 and continue to expect the transaction to be accretive in the first year and add $500 million of free cash flow in 2026 rising to $700 million post integration.

最後，我們很高興信貸發行收購預計將於 2026 年第一季完成，並繼續預期該交易將在第一年帶來收益成長，並在 2026 年增加 5 億美元的自由現金流，整合後將增至 7 億美元。

I'll conclude on slide 16. In summary, our third quarter results were ahead of expectations, driven by strong recurring revenue and margin expansion from both segments, and we are increasing our revenue and EBITDA outlook for the year for the second time. Free cash flow was exceptional in the quarter, and we are increasing our 2025 cash conversion target to over 85%. We returned over $500 million to our shareholders, and we've increased our full year target to $2.1 billion.

我將在投影片16上結束今天的分享。總而言之，由於兩個業務部門的經常性收入和利潤率均大幅增長，我們第三季度的業績超出預期，因此我們第二次提高了今年的收入和 EBITDA 預期。本季自由現金流表現優異，我們將 2025 年現金轉換率目標提高到 85% 以上。我們向股東返還了超過 5 億美元，並將全年目標提高到 21 億美元。

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

接線員，那麼請您開通提問頻道好嗎？

(Operator Instructions)

（操作說明）

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Good morning guys. Nice to see these numbers. Your commentary clearly on the health of the end markets for banking sounds quite positive across the subsegments, both from a demand and pricing perspective, definitely reassuring. So I'm wondering if that translates to a more bullish view on how fast you can grow the Banking segment structurally over the next couple of years. I think at the Analyst Day, we talked about approximately, call it, 3% organic growth for banking as a medium-term target. But clearly, you're performing above that level currently.

各位早安。很高興看到這些數據。您對銀行業終端市場健康狀況的評論顯然相當積極，從需求和定價的角度來看都是如此，這無疑令人放心。所以我想知道這是否意味著你對未來幾年銀行業結構性成長的速度持更樂觀的態度。我認為在分析師日上，我們討論了銀行業中期有機成長目標約為 3%。但很顯然，你目前的表現已經超過了這個水準。

Yeah, thanks, Jason. Yeah, we are feeling very good about technology spend in banking, as I talked about. Banks are spending money on technology in the places that are important to them. And we've been very focused on ensuring that our product sets and solutions are in those right places like digital, for example, like payments, like bank modernization.

謝謝你，傑森。是的，正如我剛才所說，我們對銀行業在科技方面的支出感到非常樂觀。銀行正在對它們而言重要的領域投入資金用於技術研發。我們一直非常注重確保我們的產品組合和解決方案出現在正確的領域，例如數位化領域，例如支付領域，例如銀行現代化領域。

You're exactly right. We are exactly on or actually ahead in our banking business from an organic basis and with M&A in 2025. It gives us a lot of confidence as we go into 2026 around the banking business. Not sure I'm ready yet to call a higher midterm guidance on banking, but it certainly gives us a lot of confidence as we go into 2026 in terms of the step change we've seen in revenue in banking. And that's multiple things happening at the same time. The end markets are very strong.

你說得完全正確。從有機成長和併購的角度來看，我們的銀行業務在 2025 年完全符合甚至超過了預期。這讓我們對2026年的銀行業務充滿信心。雖然我還不確定是否應該提高銀行業中期業績預期，但就銀行業收入的顯著成長而言，這無疑讓我們對2026年的前景充滿信心。這是多件事同時發生的情況。終端市場非常強勁。

We're the beneficiaries of large-scale M&A, but most importantly, around commercial excellence and we gave some of the stats here of how important and how successful that's been as we really have changed our sales force, not in terms of -- not only in terms of the leader, but also how we're focusing and where we're focusing there in terms of recurring, highly profitable revenue, which is driving both our banking revenue growth as well as helping us change the mix on our margins.

我們是大規模併購的受益者，但最重要的是，我們圍繞著商業卓越性獲得了成功。我們在這裡列舉了一些數據，說明這一點的重要性以及取得的成功，因為我們確實改變了我們的銷售團隊，不僅是領導者，還有我們關注的重點以及我們關注的重點領域，即經常性、高利潤的收入，這既推動了我們銀行業務的收入增長，也幫助我們改變了利潤率的組成。

So overall, feeling really good about 2026, but I'm not yet ready to call higher midterm guidance there.

總的來說，我對 2026 年的前景感覺非常好，但我還不打算提高中期預測。

Okay. Well, fair enough. But let me ask a follow-up on 2026 specifically. You touched on margins going up over 60 basis points. But from a revenue perspective, should we feel comfortable modeling the numbers consistent with the medium-term guide from the Investor Day? And just, James, any one-off headwinds or tailwinds on revenue we need to be mindful of either at the segment level or for total company for 2026?Thanks guys.

好的。好吧，這說得有道理。但我想具體問一下關於 2026 年的問題。您提到了利潤率上升超過 60 個基點的情況。但從收入角度來看，我們是否可以放心地按照投資人日中期指引制定的數位模型進行計算？詹姆斯，還有，關於2026年各業務部門或公司整體的營收，我們是否需要注意任何可能影響營收的一次性不利因素或有利因素？謝謝。夥計們。

No, I think as Stephanie said, our banking is sizably outperforming and capital markets. The only thing I think you should consider is our guide longer term included the impact of acquisitions. So effective once credit issuer closes, we won't be doing any tack-on acquisitions. So that will kind of pull down a little bit the capital markets. But I think you hit the nail on the head.

不，我認為正如史蒂芬妮所說，我們的銀行業務表現遠超資本市場。我認為你唯一需要考慮的是，我們的長期指南已經包含了收購的影響。因此，一旦信貸發行機構完成交易，我們將不會進行任何附加收購。所以這會在某種程度上拖累資本市場。但我認為你一語中的。

The banking business right now is clearly outperforming, and we've now had three quarters of above. I would say on an organic basis, the recurring is around 4.5%-plus, so that's a really positive one. And I think -- so I think, overall, we're super comfortable on the revenue trajectory. I think capital markets is probably a little lighter and banking just generally stronger.

目前銀行業績明顯優於其他產業，我們已經連續三個季度維持了這樣的業績。我認為，從自然成長率來看，經常性成長率在 4.5% 以上，這是一個非常正面的訊號。所以我覺得，總的來說，我們對營收成長軌跡非常有信心。我認為資本市場可能略顯疲軟，而銀行業整體表現則更為強勁。

And I think the overall business, what I think you will see is, our recurring revenue is much, much stronger. And Stephanie has covered it in prior occasions. There's a big shift in quality as we work through driving the ACV in the current year. So think about a business model now that is -- we're currently above 80% recurring.

而且我認為，從整體業務來看，你們將會看到，我們的經常性收入強勁得多。史蒂芬妮之前也曾報道此事。在今年推動ACV成長的過程中，品質發生了很大的變化。所以現在要考慮商業模式——我們目前的經常性收入佔比超過 80%。

The focus going forward is more and more recurring, less nonrecurring and professional services. And then within the recurring a much greater tilt to higher margin products such as the payments category, digital, the core business. So I think it's a strong quality discussion for next year.

未來發展重點將更多放在經常性服務、減少一次性服務和專業服務。然後，在經常性支出中，利潤率較高的產品（如支付類、數位類、核心業務）的比例要高得多。所以我認為這將是一個值得明年深入探討的高品質議題。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey guys, thanks. It's good to see the organic banking trends in that mid-4s, mid- to high 4s range we're seeing now this quarter, and I think embedded in your guide for next quarter, if I'm not mistaken. Maybe just Stephanie and James, if you could just give us a little more on the building blocks. You started touching on it in your slides around issuing and digital payments and then core.

嘿，夥計們，謝謝。很高興看到本季銀行業有機成長趨勢處於 4 倍中段到 4 倍中高段的區間，而且我認為，如果我沒記錯的話，這已經體現在你們下個季度的業績指引中了。或許只需要史蒂芬妮和詹姆斯，如果你們能再多介紹一下基本要素就好了。你在幻燈片中開始談到發行和數位支付，然後是核心部分。

A little more color on what you're seeing in each of them, specifically in terms of growth that's driving that trajectory, just to ensure we know that's somewhat sustainable going forward would be helpful.

如果能更詳細地介紹一下你在每個專案中看到的情況，特別是推動這一發展趨勢的成長因素，以確保我們知道這種成長趨勢在未來是可持續的，那就很有幫助了。

Sure. You're exactly right. We're feeling really good about the organic banking revenue in the mid-to-high 4s in Q3 and then the guide expresses that in the fourth quarter. And like we talked about, feel good about that going into 2026. I think the way to think about it is really around making sure that we are selling. So our net new sales is delivering about 100 basis points every year of growth for us.

當然。你說得完全正確。我們對第三季銀行業有機收入在 4% 到 4% 之間感到非常樂觀，而第四季的業績指引也表達了同樣的看法。正如我們之前討論過的，對2026年充滿信心。我認為思考這個問題的關鍵在於確保我們能夠賣出去。因此，我們的淨新增銷售額每年為我們帶來約 100 個基點的成長。

As we think about where that growth comes from, we're really taking advantage of our investments that we've made, both in terms of organic and inorganic and driving new sales into the higher quality. So I think bank modernization and continuing to drive growth out of our core business, really leaning into our digital business as banks continue to invest in their digital capabilities to drive both new business into the bank as well as service and then in payments.

當我們思考成長的來源時，我們真正利用了我們所做的投資，無論是有機成長還是無機成長，並推動更高品質的新銷售。所以我認為，銀行現代化並繼續從核心業務中推動成長，真正重視我們的數位業務，因為銀行將繼續投資於其數位能力，以推動銀行的新業務、服務和支付業務。

So if we focus there, and we think about that on an annual basis on a net new sales perspective, driving about 100 bps in those categories, then it fully supports what we would typically see around organic, the organic overall base of the banking business, which, as you know, is a combination of transactions going across the platform from a payments perspective and then accounts on file, so think about more accounts coming across on core and digital.

因此，如果我們關注這一點，並從年度淨新增銷售額的角度來考慮，在這些類別中推動約 100 個基點，那麼它完全支持我們通常在有機增長方面看到的情況，即銀行業務的有機整體基礎，正如您所知，它是從支付角度來看跨平台進行的交易以及存檔帳戶的組合，因此請考慮更多透過核心和數位管道獲得的帳戶。

And that gives us a lot of confidence around what we've historically seen with organic in terms of [2 to 3 points] of growth every year. So you start with your new sales and make sure you're selling in the categories that are higher quality, higher recurring with higher organic growth in them. And you get a net new sales number of about 100 basis points, you get organic growing for you on 2 to 3 points per year.

這讓我們對過去有機成長每年達到 2 到 3 個百分點充滿信心。所以，你要從新的銷售管道著手，確保你在那些品質更高、復購率更高、自然成長更快的類別中進行銷售。這樣一來，你的淨新增銷售額將達到約 100 個基點，每年自然成長 2 到 3 個基點。

And then you come down to a net pricing capability, which we've been talking about anywhere from [0 to 50 basis points] per year, and we're really starting to see a tailwind in that.

然後就歸結為淨定價能力，我們一直在討論每年 [0 到 50 個基點] 的淨定價能力，而且我們真的開始看到這方面出現了有利因素。

So overall, if you think about the basic building blocks of banking to support kind of a 3.5% to 4.5% range, that's how we think about it. And for us, it's really been about making sure we focus on the mix of what we're selling so we can get that really strong organic growth and we can deliver the profitable margins that go down at the segment level.

所以總的來說，如果你想想銀行業的基本組成部分，以支持 3.5% 到 4.5% 的利率範圍，那就是我們的想法。對我們來說，關鍵在於確保我們專注於所售產品的組合，從而獲得強勁的內生成長，並實現細分市場層面的利潤率。

Okay. Stephanie, that's helpful. I guess one quick follow-up, James, on free cash. You're talking constructively about what we're seeing now and into next year, 90%-plus. Obviously, that's adjusted when you consider the deal you're going to be closing soon in first quarter.

好的。史蒂芬妮，這很有幫助。詹姆斯，我想快速補充一個關於免費現金的問題。你對我們現在以及明年將要看到的情況，90%以上的人都在進行建設性的討論。顯然，考慮到你即將在第一季完成的交易，情況需要調整。

And so just help us understand how you're going to think about segmenting out what, I guess, will be some restructuring charges and how close we can get to that, let's call it, 80%-plus even with some of those restructuring? Just want to know the quality of free cash that we're hoping for next year. Thanks.

所以，請您幫我們了解一下，您打算如何分割重組費用，以及即使進行一些重組，我們能否達到 80% 以上的目標？只想知道我們明年有望獲得的自由現金流的品質如何。謝謝。

Yeah. I think it's a little bit early to give precise numbers on the acquisition, we didn't give them before. But the way I think about it is, we -- on the core business, we're going to exit this year. And I think if we hit the 85% guide, we're talking about free cash flow growing roughly 15% to 16% year-on-year, so outpacing EPS. And on a GAAP basis, it's the same number.

是的。我認為現在給出收購的具體數字還為時過早，我們之前也沒有給出過。但我的想法是，就核心業務而言，我們今年將退出。我認為，如果我們達到 85% 的目標，那麼自由現金流將年增約 15% 至 16%，超過每股盈餘的成長速度。以公認會計準則計算，數字也相同。

So GAAP is trending in line with adjusted. So that's the first thing. And we'll exit with a healthy 85% conversion. And then I'll get into some building blocks on the base FIS, so I'll cover that first. One is a slightly lower capital intensity next year will drive incremental cash conversion. And then the other thing is this year, we've been hampered all year by higher cash taxes in the current year compared to last year, but pulled down conversion. That normalizes next year.

因此，GAAP 的發展趨勢與調整後的發展趨勢一致。這是第一點。我們將以85%的健康轉換率結束。接下來我會介紹一些基礎 FIS 的組成部分，所以我先講這部分。一是明年資本密集度略有下降將推動現金轉換率的提高。還有一點就是，今年我們一直受到現金稅高於去年的阻礙，導致轉換率下降。明年情況就會恢復正常。

So literally, by addressing capital intensity and the tax rate just naturally flows through, we're really comfortable about a 90% cash conversion. There is probably even slight upside to that because our working capital programs, you've see in the third quarter, we significantly outperformed. We pulled a little bit from prior quarters, and we executed strongly against the programs themselves. So we're feeling really, really comfortable on the deal on the base.

所以實際上，透過解決資本密集度問題，稅率自然會隨之降低，我們對 90% 的現金轉換率感到非常滿意。這甚至可能還有輕微的上漲空間，因為正如你們在第三季所看到的，我們的營運資金計畫表現顯著優於預期。我們從前幾季吸取了一些經驗，並嚴格執行了各項計劃。所以我們對基地協議感到非常非常滿意。

During diligence, we went through their business. They're roughly at a 90% conversion as well. So we're going to add two 90s together. I think it's a little bit early on the onetime expense, but think about, you could take our cash flow today on an adjusted basis. You increase it probably at a faster pace, increase it at a faster pace than the EPS growth.

在盡職調查期間，我們仔細審查了他們的業務。他們的轉換率也大約在 90% 左右。所以我們要把兩個90加在一起。我認為現在討論一次性支出還為時過早，但想想看，你可以看看我們今天的現金流，並進行調整。你可能會以更快的速度提高它，以比每股收益成長更快的速度提高它。

You add on $500 million of adjusted cash flow coming from the issuer business. And you're going to get a substantial step-up in cash flow. We do need to absorb some incremental onetime expenses coming from the integration. It's too early to call that number. So but I think you will see a strong year on both adjusted and GAAP free cash flow next year.

再加上發行人業務的 5 億美元調整後現金流。你的現金流將會大幅提升。我們確實需要承擔一些因整合而產生的一次性額外費用。現在下結論還為時過早。所以，我認為明年無論按調整後或是按GAAP準則計算，自由現金流都會表現強勁。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great, thank you for taking the question. I think the two of the key numbers, at least for next year, the 60 bps plus on the margin expansion and then the free cash flow conversion, both on the adjusted and the non-adjusted. I think we just covered the free cash flow quite well. Maybe we could dig into the margin expansion a little bit in terms of the moving parts. We know there's kind of a lower exit run rate of costs this year. There's the TSA headwind this year, which I believe is 70 bps or so to margins.

太好了，謝謝你回答這個問題。我認為至少對明年來說，兩個關鍵數字是：利潤率擴張超過 60 個基點，以及自由現金流轉換率（包括調整後和未調整後的自由現金流轉換率）。我認為我們已經很好地涵蓋了自由現金流。或許我們可以從各個環節著手，更深入探討利潤率擴張的原因。我們知道今年的退出成本運行率相對較低。今年存在 TSA 帶來的不利影響，我認為這將對利潤率造成約 70 個基點的影響。

That will be a lesser headwind next year. Maybe you could give an update on that and then the associated cost savings. And then you already mentioned, but maybe dig into a little more on the accretion from the past few years, smaller M&A deals and starting to contribute a little bit more to EPS -- or sorry, to EBITDA next year.

明年這方面的阻力將會減少。或許您可以介紹一下這方面的最新進展，以及相關的成本節省。然後，您已經提到了，但或許可以更深入地探討一下過去幾年的增值、規模較小的併購交易，以及這些交易開始對每股收益（EPS）——或者抱歉，是明年的息稅折舊攤銷前利潤（EBITDA）——做出更多貢獻的情況。

Yeah. So thanks, Tim. I'll start, and then I'll let James kind of get into the nitty-gritty of the numbers. You're exactly right. So in 2025, we have had some dilution overall on an EBITDA margin standpoint, even though we've been able to care for it in the absolute dollar from M&A, which we've been very clear about, and we feel really good about that becoming accretive in 2026.

是的。謝謝你，提姆。我先開始，然後讓詹姆斯深入研究具體的數字。你說得完全正確。因此，從 EBITDA 利潤率的角度來看，2025 年我們整體上出現了一些稀釋，儘管我們能夠透過併購在絕對金額上彌補這一點（我們對此已經非常明確），並且我們非常有信心，這在 2026 年將會帶來增益。

So we will not have that headwind feeling really good about that. So that's number one. The second is, you're right, the TSA this year for us, and both of these were very well known as we went into the year, the impact of [Worldpay] separation and the TSA revenue going down is impacting our margin because as those revenues go away from us and the costs go away from us, we have -- it takes us a little bit of time to get the cost out of the system.

所以，我們不會受到逆風的影響，對此我們感到非常滿意。這是第一點。第二點，你說得對，就是今年的 TSA 對我們造成了影響。這兩點在年初的時候就已經眾所周知了，[Worldpay] 的分離和 TSA 收入的下降正在影響我們的利潤率，因為隨著這些收入和成本的減少，我們需要一些時間才能將成本從系統中消除。

So we're going to benefit as we move into 2026 from no longer having those grow-overs. We'll have moved the M&A into an accretive position. We'll have taken the cost out from a TSA standpoint. And then you can see in the third and fourth quarter, we've moved significantly in terms of margin expansion in both the banking and the capital markets businesses in Q3 and what we're guiding for Q4, which is exactly what we had expected as we're executing against our Future Forward savings in terms of both making sure that we're selling high-margin recurring revenue.

因此，隨著我們進入 2026 年，不再需要這些生長過渡期，我們將從中受益。我們將把併購活動調整到增值階段。從美國運輸安全管理局（TSA）的角度來看，我們已經扣除了這部分費用。然後，您可以看到，在第三和第四季度，我們在銀行業務和資本市場業務的利潤率擴張方面都取得了顯著進展。第三季和第四季度，我們的利潤率成長預期與預期完全一致，因為我們正在執行「未來展望」的節約計劃，確保我們銷售高利潤率的經常性收入。

So we have quality of revenue and then also making sure that we are taking out cost as we reposition the company as we have separated on Worldpay. So those are very strong tailwinds for us as we move into 2026.

因此，我們既要保證收入質量，又要確保在公司重新定位的過程中降低成本，因為我們已經將 Worldpay 分拆出來了。因此，這些都將是我們邁向 2026 年的強勁順風。

James, any other comments you might make?

詹姆斯，你還有什麼要補充的嗎？

Yeah. I think, Stephanie kind of covered them. So principle one, and it's easy to conceptualize the M&A tack-ons this year, that cost -- that pulled us down by about 45 bps to 50 bps this year. Rough numbers, it will probably be slightly accretive next year, probably 10 bps. So a headwind disappears completely, and that gives you a lot of confidence in next year because we're not doing tack-on M&A next year.

是的。我覺得，史蒂芬妮已經基本上涵蓋了這些問題。所以，原則一，而且很容易理解今年的併購附加成本——這導致我們今年的收益率下降了大約 45 到 50 個基點。粗略估計，明年可能會略有成長，大概成長 10 個基點。因此，不利因素完全消失了，這讓你對明年充滿信心，因為我們明年不會進行額外的併購。

The TSA is like 50 bps negative this year. That's not going to change very much next year -- sorry, this year was 50 bps. It's roughly the same number next year. So that doesn't change anything. Where the change is coming from is what Stephanie said, it's the quality of the mix of the ACV that sold already this year has substantially pivoted, and there is a stronger pivot to core digital and the payments business, and those margins are north of 50 compared to some of the categories that are growing slower.

今年美國運輸安全管理局（TSA）的利率大約是負50個基點。明年情況不會有太大變化——抱歉，今年是 50 個基點。明年這個數字大致相同。所以這並不會改變任何事情。正如史蒂芬妮所說，這種變化源於今年已售出產品的 ACV 組合品質發生了顯著變化，核心數位業務和支付業務的轉型力度更大，這些業務的利潤率超過 50%，而一些成長較慢的類別則不然。

So we're going to see a natural favorability coming from revenue mix. And I want to emphasize that the banking margins are -- you've seen it in Q3, the banking margins have recovered strongly. It will be even stronger in Q4. And then the final one, the biggest lever we actually have and the one that's been pulled quite strongly in the second half of this year. And what we said this at the beginning of the year would have been a first half, second half story.

因此，我們將看到收入結構帶來的自然優勢。我想強調的是，銀行業利潤率——你們在第三季已經看到了，銀行業利潤率已經強勁復甦。第四季將會更加強勁。最後，也是我們擁有的最大槓桿，是今年下半年我們大力使用的槓桿。我們在年初所說的，原本應該是上半年、下半年的故事。

You're seeing it come true now. There's a reason why the margins are up in both segments in Q3, and we're projecting in Q4, that's the strength of the cost programs. So they're second half loaded, which means we'll start next year very strongly out of the gate with the level of cost reduction.

現在你正在親眼見證這一切的發生。第三季兩個業務部門的利潤率均有所上升，我們預計第四季也將如此，這是有原因的，那就是成本控制計畫的優勢。所以他們已經為下半年做好了準備，這意味著明年我們將以非常強勁的勢頭開始降低成本。

So three drivers: The M&A less dilutive, the natural product mix and the quality of the ACV sold this year. And then the third one is the cost programs will probably give you even more tailwind next year compared to this year.

因此，有三個驅動因素：併購稀釋作用較小、天然產品組合以及今年銷售的蘋果醋品質。第三點是，與今年相比，明年的成本控制計畫可能會為你帶來更大的利多。

Great, thank you, Stephanie and James, if you don't mind just a brief comment on any of the debit network pricing environment, just given it's been a little bit of an investor topic over the past week or so, if there's anything you could comment around pricing environment related to NICE?

太好了，謝謝 Stephanie 和 James。如果您不介意的話，能否就簽帳卡網路定價環境簡單談談您的看法？鑑於過去一周左右，這一直是投資者關注的話題。關於 NICE 的定價環境，您有什麼想說的嗎？

Well, I would say on a pricing standpoint broadly, you heard me say, and I do want to reiterate that we live in a rational pricing environment. I know there's been a lot of commentary around it. And I really -- we really tried to give some good stats from us. I think overall, we are in a rational pricing environment, whether it's new business and whatever product. We obviously -- and we have some great competitors.

嗯，從定價的角度來看，總的來說，正如你剛才聽到的，而且我也想重申，我們生活在一個理性的定價環境中。我知道圍繞這件事已經有很多評論了。我真的——我們真的努力提供了一些好的統計數據。我認為總體而言，我們處於一個合理的定價環境中，無論是新業務還是任何產品。當然，我們也有一些非常強大的競爭對手。

And we obviously all compete with each other. But I don't see an irrational pricing environment, whether it's in any of the products and in particular, in NICE. So we're happy with NICE's performance. Generally, as we've talked about the strong performance for us, it's been more around adding more account volume to the platform, which is about winning more merchants onto the NICE network.

我們之間顯然存在著競爭關係。但我認為，無論是任何產品，特別是 NICE 產品，都沒有出現不合理的定價環境。我們對NICE的表現很滿意。總的來說，正如我們之前討論過的，我們取得的強勁業績更多地體現在為平台增加更多帳戶數量上，也就是吸引更多商家加入 NICE 網路。

That's not a pricing per se issue. That's how do you deliver value out to those merchants and least-cost routing. So the pricing comment, I can't really make in terms of what's going on in the competitor. But I can tell you, we feel really good with where we are with NICE, the value prop it provides out to the merchant community and the issuer community in terms of delivering value there.

那並不是定價本身的問題。這樣才能為這些商家提供價值，並實現最低成本路由。所以關於定價方面，我無法就競爭對手的情況發表意見。但我可以告訴你，我們對 NICE 目前的發展狀況感到非常滿意，它為商家群體和發卡機構群體提供了實際的價值。

And it's not something that you can just immediately drive price up or down and create a onetime benefit, but I'll leave it there.

而且，這不是可以立即透過提高或降低價格來獲得一次性收益的事情，但我就說到這裡吧。

Trevor Williams, Jefferies.

特雷弗威廉斯，傑富瑞集團。

Great, thanks very much. I wanted to ask on some of the competitive dynamics in core processing. One of your major competitors is consolidating the number of cores they're running down by about two-third. With a process like that, is that potentially a catalyst for banks to open up to an RFP where I'm just wondering how much of a potential opportunity that's either presenting -- could present for you guys to win new business. Thanks very much.

太好了，非常感謝。我想請教一下核心處理器領域的一些競爭動態。你的一個主要競爭對手正在整合其運作的核心數量，減少了大約三分之二。透過這樣的流程，是否有可能促使銀行接受 RFP？我只是想知道這究竟能為你們帶來多大的潛在機會，從而贏得新業務。非常感謝。

Yeah. So I think overall, you've seen across the industry a bank modernization trend. And this is really being driven by the end markets who are really looking for banks to modernize, drive digital capabilities, account open capabilities, real-time transaction capabilities. And these capabilities in order for them to deliver new products and services need to be able to be delivered in a componentized way. So that bank modernization trend is in market and continues to be really important.

是的。所以我覺得整體而言，整個產業都呈現出銀行現代化的趨勢。這實際上是由終端市場推動的，他們真的希望銀行現代化，提升數位化能力、開戶能力和即時交易能力。而為了能夠交付新產品和服務，這些能力需要以組件化的方式交付。因此，銀行現代化趨勢在市場上已經出現，並將繼續保持其重要性。

And everybody in the industry is at different places in where they are delivering their products and solutions there. Yeah, we have heard about the platform consolidation. As you guys know, we went through that several years ago. We have effectively three strategic platforms, and we're really happy with how those are performing. Spent a bunch of money to make that modernization happen.

業內每個人在提供產品和解決方案的地點都不盡相同。是的，我們聽說過平台整合的事情。你們也知道，我們幾年前經歷過那件事。我們實際上擁有三個戰略平台，我們對它們的表現非常滿意。為了現代化改造，花了一大筆錢。

We saw that in increased capital, and we've brought that down over time. Obviously, anytime anyone does anything in the market, it becomes a competitive opportunity. But as you know, overall, there's not a lot of core transitioning every year. It's pretty small.

我們看到資本增加，但隨著時間的推移，我們已經降低了資本支出。顯然，任何人在市場上的任何舉動都會帶來競爭機會。但如你所知，總體而言，每年並沒有太多核心人員變動。它很小。

There's a lot of stickiness in this business. So we're really happy with our renewal rates. I think we talked about those in the year and increasing how much we've been able to retain our existing clients. So do we think it's an opportunity? Of course, we do.

這個行業有很多棘手的問題。所以我們對續約率非常滿意。我想我們今年討論過這些問題，以及如何提高現有客戶的留存率。所以我們認為這是一個機會嗎？當然，我們有。

Do we think it's a -- we expect to see a massive swing? It's a competitive market, and I think it's a place where there's a lot of renewals and a lot of stickiness to it. So we're happy to compete and continue to focus for our own clients on our bank modernization journey. But we are at the tail end of that in terms of going from many too few and really investing now in terms of making sure that what we're doing is focused on helping our banks deliver products to their clients faster.

我們認為這是——我們預計會看到大幅波動嗎？這是一個競爭激烈的市場，我認為這是一個續約率很高、客戶黏性很強的市場。因此，我們樂於參與競爭，並將繼續專注於為我們自己的客戶提供銀行現代化服務。但我們已經到了從多到少轉變的尾聲，現在我們真正開始投資，確保我們所做的一切都專注於幫助我們的銀行更快地向客戶提供產品。

Okay. All right. Thanks Stephanie. And then just for my quick follow-up, I wanted to ask on the EBT exposure that you have within banking, if it's possible to give us a rough sense for how big that revenue pool is and if the shutdowns having any impact on that in Q4? And then with the changes in eligibility requirements that are being made at the federal level, just how you guys are potentially thinking about the downstream impact in '26 and beyond to that revenue pool? Thanks.

好的。好的。謝謝你，斯蒂芬妮。最後，我想快速跟進一下，關於您在銀行業面臨的 EBT 風險敞口，能否大致估算一下該收入池的規模，以及停工停產是否會對第四季度的收入池產生任何影響？此外，隨著聯邦層級資格要求的變化，你們認為這些變化可能會對 2026 年及以後的收入池產生哪些後續影響？謝謝。

Yeah. I don't think we've ever given the size of the EBT revenue. It's not overall material to FIS. It is a nice piece of business for us. We don't expect the shutdown to have an impact on the EBT business. And if it does, we would expect to care for it within the guide we provided. We generally get paid on a number of cards, and so it's not necessarily how much is funded on a card.

是的。我認為我們從未公佈過 EBT 收入的規模。這對國際滑雪聯合會來說並非實質問題。這對我們來說是一筆不錯的生意。我們預計此次停工不會對 EBT 業務產生影響。如果發生這種情況，我們希望按照我們提供的指導方針進行照顧。我們通常會透過多張卡片收款，所以關鍵不在於每張卡里有多少錢。

And generally, thus far, we're seeing cards continue to be active. I think as we think about 2026 and the criterion, it's a wait and see in terms of how much that really impacts the overall business. Again, it's based on number of cards. So if there's fewer cards, we'd obviously earn less revenue. But at this point, we're sizing that out and don't expect it to be a material impact for 2026.

總的來說，到目前為止，我們看到信用卡交易仍然活躍。我認為，當我們考慮 2026 年及相關標準時，我們需要拭目以待，看看這會對整體業務產生多大的影響。同樣，這是根據卡片的數量來計算的。所以如果卡片數量減少，我們的收入顯然也會減少。但目前我們正在評估其影響，預計不會對 2026 年產生實質影響。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Hey guys. Stephanie, great results here as always. Stephanie, you initiated your Future Forward strategy three years ago. And I want to know like how much confidence do you have in your investing strategy and rationalizing the business appropriately? And maybe just as a follow-up to that is like how is AI shaping into the investment road map that you put together? And then I have a very quick follow-up. Thanks.

嘿，大家好。史蒂芬妮，一如既往，成績斐然。史蒂芬妮，你三年前啟動了「展望未來」策略。我想知道，您對自己的投資策略以及合理化業務運作有多大信心？或許可以進一步探討一下，人工智慧將如何融入您所製定的投資路線圖？然後我還有一個非常簡短的後續問題。謝謝。

Yeah. Thanks, Dan. So we're very pleased with our Future Forward strategy. You've seen the benefit of it, both in terms of commercial excellence and you're seeing -- we're seeing really strong pivoting there in terms of driving high-value recurring revenue, so been focused there. Continue to focus on making the commercial excellence part of the company even better with AI.

是的。謝謝你，丹。因此，我們對「未來向前」策略非常滿意。你已經看到了它的好處，無論是在商業卓越性方面，而且我們看到——我們看到在推動高價值經常性收入方面，它正在發生非常強勁的轉變，所以我們一直專注於此。繼續專注於利用人工智慧進一步提升公司的商業卓越性。

We spent a little bit of time in the prepared remarks talking about how Nasser and his team are using AI to not only increase top of funnel and the sales pipeline, but also to deliver higher productivity in terms of the sales teams. So I feel really good about the commercial excellence pillar.

我們在準備好的演講稿中花了一些時間討論納賽爾和他的團隊如何利用人工智慧，不僅增加銷售漏斗頂端和銷售管道，而且還提高了銷售團隊的生產力。所以我對商業卓越這方面感到非常滿意。

Then when you come to the client pillar around making sure that we're doing a better job serving our clients and making it easier to do business with us, we are using AI there. So our Chief Client Officer is very focused on in the back half of this year, using AI to make a much better experience, not only internally for our folks who serve our clients, but also putting tools into the hands of our clients so they can self-serve.

然後，在客戶支柱方面，為了確保我們更好地服務客戶，讓客戶更容易與我們開展業務，我們正在使用人工智慧。因此，我們的首席客戶長在今年下半年非常注重利用人工智慧來創造更好的體驗，不僅是為了我們內部服務客戶的員工，也是為了向客戶提供自助服務的工具。

And with that, we're obviously getting not only cost savings, and we're feeling really good about those coming into '25, but also really levering up in 2026, but more importantly, much better outcomes for our clients and making happier clients, and we're seeing the returns of that in higher levels of retention. And then finally, around innovation, we are really pivoting hard in terms of our overall investment strategy around where we see the opportunities in AI from a product standpoint.

這樣一來，我們顯然不僅可以節省成本，而且我們對 2025 年的成果感到非常滿意，並有望在 2026 年取得更大的成就，但更重要的是，我們為客戶帶來了更好的結果，讓客戶更加滿意，我們也在更高的客戶留存率中看到了回報。最後，在創新方面，我們正大力調整整體投資策略，並專注於人工智慧在產品方面的機會。

And just to spend a little bit of time thinking about that, the base level of AI and what everybody is wanting to do with AI is you do need to have access to your underlying data. And as you know, given our base systems are primarily ledgers, we do -- and then with the payment systems that have tons and tons of data in them and then very excited about adding the credit issuing business. We're working with our bank customers who really want continued access to their data faster, cleaner and more secure.

花點時間思考一下，人工智慧的基礎以及每個人想要用人工智慧做的事情，都是你需要存取底層資料。如您所知，鑑於我們的基礎系統主要是帳簿，我們確實——然後是支付系統，其中包含大量數據，因此我們非常興奮地增加信貸發行業務。我們正在與銀行客戶合作，他們真心希望能夠更快、更清晰、更安全地繼續存取自己的資料。

So we're spending a bunch of time there in terms of investing in our underlying data infrastructure and piloting out capabilities in terms of how we deliver that data infrastructure up and down the stack. I think when you go to regional community banks, we're working with them and really turning our focus on Agentic workflows to help them automate their back-office operations.

因此，我們投入了大量時間，投資於我們的底層資料基礎設施，並試行各種能力，以探索如何將資料基礎設施從底層到底層進行交付。我認為，當我們與區域社區銀行合作時，我們會真正專注於 Agentic 工作流程，以幫助他們實現後台營運的自動化。

We have a major product launch that we're planning at Emerald, which is incremental to our banking assist solution that we rolled out last year. So focused on helping our banks automate and really drive down back-office costs.

Emerald 正在籌劃一項重大產品發布，這是我們去年推出的銀行輔助解決方案的補充。因此，我們專注於幫助銀行自動化，並真正降低後台營運成本。

And then in the capital markets space, focused in our treasury business, we see a significant amount of clients adopting our neural treasury product with almost 700 clients live now, which is bringing AI to cash forecasting, risk management, payment optimization. So we're seeing through our Future Forward strategy, both -- or all around in terms of commercial excellence, client excellence and then really making sure that we can innovate and deliver best-in-class products. And we're seeing AI through -- we're using AI through all of that.

在資本市場領域，尤其是在我們的財務業務方面，我們看到大量客戶正在採用我們的神經財務產品，目前已有近 700 家客戶正在使用該產品，該產品將人工智慧應用於現金預測、風險管理和支付優化。因此，透過我們的「未來向前」策略，我們看到，無論是在商業卓越性、客戶卓越性方面，還是在各個方面，我們都在努力確保我們能夠創新並提供一流的產品。我們正在見證人工智慧的進步——我們正在將人工智慧應用於所有這些領域。

Admittedly, we're at the beginning stages of that. And so it also makes us really confident in terms of how we end the year and where we're focusing in terms of our investment strategies, whether it's in making the back office more seamless, creating more capacity in technology for us to invest or to make some significant investments in continuing to make our products AI-enabled, we're feeling really good about where we are right now.

誠然，我們還處於起步階段。因此，這也讓我們對今年的收官之戰以及我們在投資策略方面的重點方向充滿信心，無論是讓後台運營更加順暢，創造更多技術投資能力，還是繼續為我們的產品注入人工智能，進行一些重大投資，我們都對目前的狀況感到非常滿意。

That's great. Amazing. And really quick follow-up, maybe just housekeeping and sorry if this is redundant for James. Like we're getting a lot of questions about M&A contribution, like organic, inorganic towards the end of the year and then into '26. Can you maybe help just make some order there in terms of what to expect from stuff that's been acquired thus far, that would be great.

那太棒了。驚人的。還有一點後續，可能只是些瑣事，如果這對 James 來說太重複了，我深感抱歉。就像我們收到了很多關於併購貢獻的問題，例如今年年底的有機成長和無機成長，以及到 2026 年的情況。您能否幫忙整理一下目前已購入的物品的預期用途，那就太好了。

Yeah. We added some disclosure to the current charts that have laid out what's the impact in the quarter and on the full year in both of the businesses. So just to reemphasize that the banking contribution from M&A was 150 basis points in the quarter, and it's 110 basis points on the full year. And I believe we gave the Q4 guide as well for M&A contribution in banking. That a 120 basis points. So capital markets then full year is 130 basis points and roughly the same in Q3 and Q4.

是的。我們在現有圖表中添加了一些披露信息，這些圖表列出了本季度和全年對兩項業務的影響。所以再次強調一下，本季銀行業併購貢獻了 150 個基點，全年貢獻了 110 個基點。我相信我們也發布了第四季度銀行業併購貢獻的指導意見。那可是120個基點。因此，資本市場全年為 130 個基點，第三季和第四季大致相同。

So we've increased the disclosure going forward. And then as you look at on the -- our call on the guide, so we called up 85 bps midpoint versus midpoint. The impact of the Amount acquisition, which wasn't in the previous guide was about 20 bps. So the majority of the increase on the full year guide in banking, 65 bps, that's coming from operational execution and strong execution, particularly in the third quarter.

因此，我們今後將加強資訊揭露力道。然後，正如你所看到的——我們對指南的預測，所以我們預測中點對中點會上漲 85 個基點。先前指南中並未提及的 Amount 收購案的影響約為 20 個基點。因此，銀行業全年業績指引成長 65 個基點，其中大部分成長來自於營運執行和強勁的執行力，尤其是在第三季。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Great, thanks. A bunch of good quarter here. Just wanted to ask about the bank consolidation. Stephanie, you mentioned it's going to be -- there's quite a bit there. Do you have pretty good visibility or line of sight into being on the right side of the larger deals here? When do you expect to get more clarity on that? Could it be enough to impact growth next year, that kind of thing?

太好了，謝謝。這裡有不少好東西。我想問一下關於銀行合併的事情。史蒂芬妮，你提到過會是——那裡有很多東西。你是否對如何參與這些大型交易有相當清晰的了解或掌握？您預計何時能更清楚地了解狀況？這是否足以影響明年的成長，諸如此類？

Yes. Great question. I mean, clearly, everyone's seen bank consolidation has certainly picked up in 2025. We tend to be, as you know, we serve the larger financial institutions. So when we are the -- with the bank that's being consolidated, we have a very high win rate where they pick us in terms of consolidating over to us.

是的。問得好。我的意思是，很明顯，大家都看到了，2025年銀行業整合的步伐一定會加快。如您所知，我們主要服務於大型金融機構。所以，當我們與正在合併的銀行合作時，我們的成功率非常高，他們往往會選擇我們進行合併。

And then we have a really good win rate as well when we're battling with the incumbent provider on the other side. I think we have a pretty good visibility in terms of the 2026 M&A. But to be fair, Tien-Tsin, it feels like every Monday, we have a new announcement. So I say that, but I don't have a crystal ball into what's going to happen through the rest of the year with M&A, but I think we're feeling pretty good as we sit here today.

而且，當我們與對方的現有供應商競爭時，我們的勝率也相當高。我認為我們對 2026 年的併購市場有相當清晰的了解。但公平地說，田進，感覺每個星期一我們都會收到新的公告。所以我這麼說，但我無法預知今年剩餘時間併購市場的發展趨勢，但我認為就目前而言，我們感覺相當不錯。

Yes. Well, history says you guys are usually on the right side. I know you got it. A couple of questions on AI. So going to different conferences, Stephanie, I just want to ask you on digital assets and deposit tokens, things like that. Any interest in investing more there or doing more there buying infrastructure? Is that on the road map for FIS in the near term? I know there's a lot on your plate with the deal coming soon. Thanks.

是的。歷史表明，你們通常站在正確的一邊。我知道你明白了。關於人工智慧，我有幾個問題。史蒂芬妮，我去參加各種會議，我想問你關於數位資產和存款代幣之類的問題。是否有意加大在當地的投資或購買更多基礎建設？這是否在FIS的近期發展規劃中？我知道你最近有很多事情要忙，因為這筆交易很快就要完成了。謝謝。

Yeah. No, I'm glad you asked that. We're doing a lot in digital assets and stablecoin. So in just a couple of comments. One is, in money motion -- Money in Motion, as you know, we announced last quarter a strategic partnership with Circle, which is enabling money to move across the Circle platform, and it's connected into our Money Movement Hub.

是的。不，我很高興你問了這個問題。我們在數位資產和穩定幣領域做了很多工作。所以，就簡單說幾句吧。一是資金流動——正如您所知，我們在上個季度宣布與 Circle 建立戰略合作夥伴關係，這使得資金能夠在 Circle 平台上流動，並且它與我們的資金流動中心相連。

Our Money Movement Hub continues to have and take a lot -- has a lot of demand in the market. We view ourselves to be agnostic there in terms of whether you want to move money across Circle or a payment network, ACH real-time payments, et cetera.

我們的資金流動中心持續獲得大量資金，並且在市場上有著很大的需求。對於您是否想透過 Circle 或支付網路、ACH 即時支付等方式轉移資金，我們持中立態度。

So that capability is driving a ton of demand, and we tend to be agnostic there in terms of -- we're not a part of a digital asset. And per se, our job is really to enable financial solutions and financial technology. So we've done that in Money in Motion. Money at Work, in terms of tokenizing assets in the commercial loan and securitization space, we have a first pilot going on with a client to move close to about [$0.5 billion] on chain to create balance sheet capacity for them via some new technology.

因此，這種能力正在推動巨大的需求，而我們在這方面往往持中立態度——我們不是數位資產的一部分。從本質上講，我們的工作是推動金融解決方案和金融科技的發展。所以我們在《貨幣流動》一書中就做到了這一點。在商業貸款和證券化領域，Money at Work 正在與一位客戶進行首次試點，將近 5 億美元的資產轉移到鏈上，透過一些新技術為他們創造資產負債表容量。

So around tokenizing assets, we're investing there and spending some time in terms of how to make that happen for our clients. Again, we're not looking to do something for us ourselves only. And then in terms of tokenized deposits, lots of activity there. We're spending a bunch of time there. And we're actively working through what our tokenized deposit solution needs to be in conjunction with various of our clients. We are hearing a lot of demand here, and we see -- we're looking to figure out how to enable that capability again.

因此，在資產代幣化方面，我們正在進行投資，並花一些時間研究如何為我們的客戶實現這一點。再次強調，我們並非只想為自己做點什麼。此外，在代幣化存款方面，也非常活躍。我們在那裡待了很久。我們正積極與各客戶合作，探討我們的代幣化存款解決方案需要哪些條件。我們聽到了很多這樣的需求，我們也正在想辦法再次啟用這項功能。

So our strategy in the digital space is really around enablement. You're not going to see us take a position in terms of issuing a stablecoin, FIS issuing a stablecoin. We're not going to compete with our banks in that way. We want to make sure that we're creating and providing the technology, whether we partner for it, buy it or build it to make sure that we have the capabilities we can deliver out to our financial services clients to enable it. We're not going to take a competitive position there. But lots going on, and we have a lot of folks that are keeping a close eye on it.

因此，我們在數位領域的策略其實是圍繞著賦能展開的。你不會看到我們，也不會看到FIS發行穩定幣。我們不會以這種方式與銀行競爭。我們希望確保我們能夠創造和提供所需的技術，無論是透過合作、購買或自主研發，以確保我們擁有能夠交付給金融服務客戶的能力，從而使他們能夠實現這一目標。我們不會在那裡採取競爭立場。但有很多事情正在發生，我們有很多人密切關注此事。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hey, good morning. Thank you. So cap markets looks like it's back on track here. Can you comment on what you've seen in the loan syndication area and then the latest in some of the nontraditional vertical demand? I'm curious if you're seeing the underlying backdrop in those areas as healthy as banking or somewhat more mixed?

嘿，早安。謝謝。所以看來資本市場已經重回正軌了。您能否談談您在銀團貸款領域以及一些非傳統垂直領域需求的最新情況？我很好奇，您認為這些地區的潛在經濟環境是否像銀行業一樣健康，還是情況比較複雜？

Yeah. We're pleased to see the capital markets loan syndication is back on track as we had expected in the second quarter. So that's good. So don't see significant trends negative there as we move into the end of the year.

是的。我們很高興看到資本市場貸款銀團業務在第二季度恢復正常，正如我們預期的那樣。那很好。因此，隨著年底臨近，我們預計不會有明顯的負面趨勢。

In terms of nontraditional demand, we're seeing the same thing that you're seeing. Private credit continues to be in high demand. The underlying markets, the nontraditional markets continue to be strong. Overall, we see strength in all of the non-traditionals.

就非傳統需求而言，我們看到的情況與你們所看到的一樣。私人信貸需求依然旺盛。基礎市場和非傳統市場持續保持強勁勢頭。總體而言，我們看到所有非傳統領域都展現了實力。

And as you know, it's been really important for us to make sure that we have our capabilities enabled there, whether you're traditional or nontraditional. So nothing new, Bryan, really to report there. Demand remains healthy.

如您所知，對我們來說，確保我們能夠發揮自身能力至關重要，無論您是傳統的還是非傳統的。布萊恩，所以沒什麼新的消息要報告。需求依然旺盛。

Okay. Understood. And then in advance of the Issuer Solutions acquisition, can you just comment on how prospective banking client conversations are trending? I'm just curious if there's any updated views on the potential pipeline opportunities just as you bring broader credit into the fold. And particularly if you're seeing any incremental opportunities amid other challenges to move quickly on those opportunities post-close?

好的。明白了。在 Issuer Solutions 被收購之前，您能否談談與潛在銀行客戶的溝通趨勢？我只是好奇，隨著信貸範圍的擴大，對於潛在的管道機會是否有任何最新的看法。尤其是當在其他挑戰中發現任何新增機會時，是否應該在交易完成後迅速抓住這些機會？

Yeah. We continue to remain very excited about the opportunities. I would say, we're, in particular, excited about enabling a couple of products at the time that we closed the transaction that can really excite the existing base in terms of cross-sell. But as you know, we know each other's clients really well. We think there's a lot of opportunity to cross-sell.

是的。我們依然對各種機會感到非常興奮。我想說，我們尤其感到興奮的是，在我們完成交易的同時，我們推出了幾款產品，這些產品在交叉銷售方面能夠真正激發現有客戶群的興趣。但你也知道，我們彼此的客戶都非常了解。我們認為交叉銷售的機會很多。

And we're getting a lot of positive feedback about Issuer Solutions. They like the team there. They think it's a great product. It served these financial services very well. And as you know, this has been a product for us that we have not had. So people are pretty excited about what we can do with it.

我們收到了很多關於發行方解決方案的正面回饋。他們很喜歡那裡的球隊。他們認為這是一款很棒的產品。它為這些金融服務機構提供了非常好的服務。正如您所知，我們一直缺少這種產品。所以大家對我們能用它做什麼都感到非常興奮。

And just to share a little bit, if you think about the number of accounts that come on file, thinking about bringing it back to AI enablement and doing something with Agentic commerce, et cetera, it's pretty exciting the amount of accounts and transactions we'll be able to see going across credit debit in all of our cores.

再簡單分享一下，想想我們存檔的帳戶數量，想想如何利用人工智慧賦能，以及如何利用智慧商務等等，想想我們將能夠在所有核心系統中看到信用卡和金融卡之間的帳戶和交易數量，真是令人興奮。

So we're really bullish about that opportunity as well. And then on their modernization program, excited about getting our hands on that and what that can deliver for clients. So all positive. Looking forward to getting them on board with us and getting them in the team and getting going, but feeling really good about it.

所以我們也對這個機會非常看好。然後是他們的現代化項目，我們很興奮能參與其中，並了解它能為客戶帶來什麼。所以一切都是正面的。期待他們加入我們，成為團隊的一員，然後開始工作，我對此感到非常滿意。

That is all the time we have today for question and answers. This concludes today's program. Thank you all for participating. You may now disconnect.

今天問答環節的時間就到此為止了。今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。