Fidelity National Information Services, Inc. (FIS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FIS second quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 FIS 2026 年第二季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I would now like to hand the conference over to your speaker today, George Mihalos, Head of Investor Relations.

現在我想將會議交給今天的講者——投資人關係主管 George Mihalos。

Thank you, operator. Good morning, everyone. Thank you for joining us today for the FIS second quarter 2026 earnings conference call. This call is being webcasted. Today's news release, corresponding presentation and webcast are all available on our website at fisglobal.com.

謝謝，接線員。各位早安。感謝各位今天參加 FIS 2026 年第二季財報電話會議。本次會議將以網路直播方式進行。今天的新聞稿、相關簡報與網路直播皆可於我們的網站 fisglobal.com 取得。

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

今天早上與我一同出席電話會議的有我們的執行長兼總裁 Stephanie Ferris，以及財務長 James Kehoe。Stephanie 將先就策略與營運進行更新，接著由 James 回顧我們的財務結果。請翻到第 3 張投影片。今天的發言將包含前瞻性陳述。這些陳述受新聞稿及向美國證券交易委員會（SEC）提交之其他文件中所述的風險與不確定性影響。

The company undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required by law.

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陳述之義務。

Please refer to the safe harbor language. Also, throughout this call, we will be presenting non-GAAP information, including adjusted EBITDA and adjusted net earnings and adjusted net earnings per share. 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 GAAP financial information is presented in our earnings release.

請參閱安全港聲明。此外，在本次電話會議中，我們將呈現非 GAAP 資訊，包括調整後 EBITDA、調整後淨利以及調整後每股淨利。這些是公司重要的財務績效衡量指標，但並非 GAAP 所定義的財務衡量。我們的非 GAAP 資訊與 GAAP 財務資訊之調節表已載於本次財報新聞稿中。

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

接下來，我把電話交給 Stephanie。

Thanks, George, and good morning, everyone. Several years ago, we laid out a bold multiyear plan to reposition. We committed to reaccelerating growth in our banking business, improving our margins and driving increased cash flow. Every one of those actions was in service of three outcomes: to make FIS more client-centric to simplify how the company runs and to drive shareholder value.

謝謝你，George，各位早安。幾年前，我們提出一項大膽的多年期重塑定位計畫。我們承諾要讓銀行業務的成長重新加速、改善利潤率並推動更高的現金流。上述每一項行動都服務於三個成果：讓 FIS 更以客戶為中心、簡化公司的運作方式，並為股東創造價值。

Our second quarter results demonstrate that this transformation is achieving the outcomes we set out to deliver. Banking grew at the high end of our range with continued strength across banking and payments. Adjusted EBITDA margins expanded and free cash flow more than tripled year-over-year. Our total Issuing Solutions acquisition thesis is playing out as expected with real client wins and revenue growth across the portfolio as well as significantly improved cash flow.

我們第二季的結果顯示，這項轉型正達成我們設定要交付的成果。銀行業務成長落在我們區間的高端，銀行與支付皆持續強勁。調整後 EBITDA 利潤率擴張，自由現金流較去年同期增加逾三倍。我們對 Total Issuing Solutions 的收購投資論點正如預期發展，整體組合不僅有實際的客戶得標與營收成長，現金流也顯著改善。

At the same time, our partnership with Anthropic is progressing. While our overall results reinforce the strategy and priorities we've been executing against for several years, you have seen by now our expectations for capital markets for the remainder of the year. I want to assure you that we are not satisfied with our performance in capital markets and remain focused on improving those results. Both James and I will cover this in our prepared remarks. Turning to slide 5.

同時，我們與 Anthropic 的合作也在推進中。雖然整體結果再次印證我們多年來所執行的策略與優先事項，但各位也已看到我們對今年剩餘期間資本市場業務的預期。我想向各位保證，我們對資本市場業務的表現並不滿意，並將持續專注於改善相關成果。James 和我都會在事先準備的發言中談到這一點。請翻到第 5 張投影片。

Our second quarter results are strong and demonstrate the duality of our business model. We delivered revenue of $3.4 billion up 5.3% on a pro forma basis. Banking grew 6.1% at the high end of our outlook, driven by continued momentum in both banking and payments. Capital Markets grew 3.2% at the low end of our outlook.

我們第二季的結果強勁，並展現我們商業模式的雙重特性。我們實現營收 34 億美元，以備考（pro forma）基礎計算成長 5.3%。銀行業務成長 6.1%，位於我們展望的高端，主要受惠於銀行與支付兩者的持續動能。資本市場業務成長 3.2%，位於我們展望的低端。

Recurring revenue grew 5% across both segments, and recurring sales grew 14%. Adjusted EBITDA grew 7.4%. Margins expanded 113 basis points and adjusted EPS grew 9% toward the high end of the range. reflecting stronger execution across the business. Free cash flow was extremely strong in the quarter increasing more than threefold and leading us to raise our full year free cash flow outlook by $100 million.

經常性收入在兩個事業部門合計成長 5%，經常性銷售成長 14%。調整後 EBITDA 成長 7.4%。利潤率擴張 113 個基點，調整後 EPS 成長 9%，接近區間高端，反映公司整體執行力提升。本季自由現金流極為強勁，增加逾三倍，並促使我們將全年自由現金流展望上調 1 億美元。

These results reflect the financial model we've been intentionally building. Durable revenue expanding margins, disciplined capital deployment, cash generation and to drive shareholder value.

這些結果反映了我們刻意打造的財務模型。具韌性的營收、擴張的利潤率、嚴謹的資本配置、現金創造能力，並以此推動股東價值。

Turning to slide 6. Let me spend a moment on how we've structured FIS because it is central to understanding both this quarter's results and where we're headed. We serve financial services companies of every size the largest and most complex financial institutions in the world to small banks and credit unions. We are central to our clients' day-to-day operations and modernization efforts, and we deliver against that prebuy.

請翻到第 6 張投影片。我想花一點時間說明我們如何架構 FIS，因為這是理解本季結果以及我們未來方向的核心。我們服務各種規模的金融服務公司——從全球最大、最複雜的金融機構，到小型銀行與信用合作社。我們在客戶的日常營運與現代化工作中扮演關鍵角色，並依照該預先採購（prebuy）承諾交付成果。

Post the total Issuing Solutions acquisition, we expanded our total addressable market by $28 billion, significantly increasing the opportunity for our combined solution portfolio. Most importantly, that broader portfolio complements the way clients have always engaged with us. Now 72 of our top 100 clients consumed capabilities across banking, payments and capital markets.

在完成 Total Issuing Solutions 收購後，我們的整體可服務市場（TAM）擴大了 280 億美元，顯著提升我們整合後解決方案組合的機會。更重要的是，更廣的產品組合與客戶一向與我們互動的方式相互補強。目前，我們前 100 大客戶中有 72 家同時使用銀行、支付與資本市場的能力。

We typically enter a client relationship through a core ledgering platform, whether a banking core, a commercial lending core or trading system in capital markets. And once that foundation is established, we expand the relationship by selling payments and other value-added services, executing our cross-sell and expand strategy.

我們通常透過核心帳務平台切入客戶關係，無論是銀行核心、商業放款核心，或資本市場的交易系統。一旦這個基礎建立後，我們便透過銷售支付與其他加值服務來擴大合作關係，落實我們的交叉銷售與擴張策略。

The economics of this model are compelling. On average, clients consuming solutions across all three ecosystems generate nearly twice the revenue of clients using only a single solution.

這種模式的經濟效益相當具吸引力。平均而言，同時使用三大生態系解決方案的客戶，其帶來的營收幾乎是僅使用單一解決方案客戶的兩倍。

A second benefit of our integrated portfolio is AI. Because we run many of our clients core systems, we sit on a rich set of data across banking, payments and capital markets. As AI adoption grows, that data becomes a meaningful advantage and enables us to deliver smarter solutions, automate workflows and improve outcomes for clients. We're already seeing early proof points in areas such as fraud and financial crimes.

我們整合式產品組合的第二個優勢是 AI。由於我們運行許多客戶的核心系統，因此掌握橫跨銀行、支付與資本市場的豐富資料集。隨著 AI 採用增加，這些資料將成為重要優勢，使我們能提供更智慧的解決方案、自動化工作流程並改善客戶成果。我們已在詐欺與金融犯罪等領域看到早期的驗證成果。

We're connecting data across our platform creates value for clients and further differentiates FIS. The third benefit of serving clients across an integrated portfolio is showing up in our commercial performance. As I said earlier, we serve financial service companies of every side.

我們正在把平台上的資料串聯起來，為客戶創造價值，並進一步強化 FIS 的差異化。透過整合式產品組合服務客戶的第三個優勢，也反映在我們的商業表現上。如我先前所說，我們服務各種規模的金融服務公司。

Our consolidated commercial engine continues to gain momentum as we execute our strategy to shift from lower-margin products to higher-margin solutions. Enterprise-wide sales growth increased double digits over the last 12 months, reflecting a more focused portfolio and strengthening commercial motion. One of the best examples of this is in our total issuing business.

隨著我們執行從低利潤產品轉向高利潤解決方案的策略，我們整合後的商業引擎持續累積動能。過去 12 個月，全企業銷售成長達到雙位數，反映更聚焦的產品組合與更強的商業推進動作。其中最好的例子之一，就是我們的 Total Issuing 業務。

Turning to slide 7. Let me remind you of the thesis for this deal. Through the acquisition of TSYS, we gained access to a large and rapidly growing global issuing TAM, a market we did not previously serve at scale, and we did it by acquiring the industry's best, most scaled processor. And importantly, that platform serves the same set of financial institutions, FIS has built its business around.

請翻到第 7 張投影片。我想提醒各位這筆交易的投資論點。透過收購 TSYS，我們得以進入一個龐大且快速成長的全球發卡（issuing）TAM——這是我們過去未能以規模化方式服務的市場——而我們是透過收購業界最佳、規模最大的處理平台來達成。更重要的是，該平台服務的正是 FIS 長期以來建立業務所圍繞的同一批金融機構客群。

The strategic fit was there from Day 1, same clients, complementary capabilities, one integrated value proposition. In the quarter, we won 2 new very large financial institutions, a top 10 Latin American bank and a top 10 private sector commercial bank in India. And on renewal velocity, we continue our momentum of renewals. And since the start of 2025, we've renewed approximately one-third of total issuing revenue with 72% of the portfolio now under contract through 2029 and beyond, up from 65% the last time we spoke.

從第一天起，策略契合度就已具備：相同客戶、互補能力、一個整合的價值主張。本季我們贏得 2 家新的超大型金融機構客戶——一家拉丁美洲前十大銀行，以及一家印度民營部門前十大商業銀行。在續約速度方面，我們也持續保持續約動能。自 2025 年初以來，我們已續約約三分之一的 Total Issuing 營收，目前有 72% 的組合已簽約至 2029 年及以後，高於我們上次通話時的 65%。

That's validation of the platform and the predictability of the revenue base that was our use. Please US banks on opportunities of 1 million accounts or more is above 85%. Further proof that when the deal is big and complex, we win. The most important part thesis though is the Better Together story.

這驗證了平台的價值，以及我們所倚賴之營收基礎的可預測性。美國銀行端針對擁有100萬個以上帳戶之商機的勝率超過85%。進一步證明當交易規模大且複雜時，我們能勝出。不過，最重要的投資論點是「Better Together（更強合力）」的故事。

It's starting to compound. Enterprise-wide ACV sold to joint clients grew 35% year-over-year in the first half. Put simply, strengthen complexity at scale plus a modern road map is driving commercial momentum. This is exactly what we envisioned when we brought these businesses together. Total issuing strengthens FIS.

這股動能正開始產生複利效應。上半年，對共同客戶銷售的企業級ACV（年度合約價值）年增35%。簡而言之，以規模強化複雜度，加上現代化路線圖，正在帶動商業動能。這正是我們將這些業務整合在一起時所設想的。Total Issuing強化了FIS。

FIS strengthens total issuing and clients are choosing the combined proposition. I know there's been some concerns around Visa Pismo entering the space and disrupting our business. You heard from the CEO of Visa last week that their strategy around Pismo is to target small to midsized banks and fintechs, not large banks where we operate.

FIS強化了Total Issuing，而客戶正選擇這項整合後的價值主張。我知道外界對Visa Pismo進入此領域並擾亂我們業務有一些疑慮。你們上週也聽到Visa執行長表示，他們針對Pismo的策略是鎖定中小型銀行與金融科技公司，而非我們所服務的大型銀行。

The complexity and scale needed to win and serve these large clients is the strength and strategy of total issuing solutions. Taken together, client wins, renewal performance, modernization progress and growing cross-sell momentum give us confidence that the acquisition thesis is playing out as expected. The business is performing very well, and we are very much on track to deliver against our synergy targets for 2026 and beyond.

要贏得並服務這些大型客戶所需的複雜度與規模，正是Total Issuing解決方案的優勢與策略所在。綜合來看，客戶贏單、續約表現、現代化進展以及日益增長的交叉銷售動能，使我們有信心收購投資論點正如預期般落地。該業務表現非常出色，我們也完全按計畫在2026年及其後達成協同效益目標。

Let me now turn to Capital Markets on slide 8. We are providing additional detail on this segment because it is important to understand the factors shaping performance through 2026. Capital Markets operates across 3 solution ecosystems. Trading and asset services, lending and treasury and risk. In the first half of the year, the segment generated $1.6 billion in revenue, 74% of which was recurring and delivered a 51.7% adjusted EBITDA margin.

接下來我把焦點轉到第8頁的資本市場（Capital Markets）。我們將提供此分部更多細節，因為理解影響至2026年表現的因素非常重要。資本市場業務橫跨3個解決方案生態系。交易與資產服務、放貸，以及資金管理與風險。上半年，該分部創造16億美元營收，其中74%為經常性收入，並實現51.7%的調整後EBITDA利潤率。

This is a business that is actively transforming.

這是一項正在積極轉型的業務。

In 2026, we leaned in hard to accelerate that transformation across a genuinely tough operating backdrop. We began the year with a known revenue headwind related to UBS's acquisition of Credit Suisse. The resulting client attrition is impacting 2026 revenue growth by approximately 1-percentage-point. That impact has been concentrated within trading and asset services and together with the timing of renewals, negatively affected both recurring and total revenue growth in the business during the first half of the year.

在2026年，我們在極具挑戰的營運環境下大力推進，以加速這項轉型。年初我們已知有一項與瑞銀（UBS）收購瑞士信貸（Credit Suisse）相關的營收逆風。由此造成的客戶流失，約使2026年營收成長率降低1個百分點。該影響主要集中在交易與資產服務，並且與續約時點共同作用，於上半年對該業務的經常性與總營收成長造成負面影響。

We entered the year leaning in hard to accelerating our sales momentum and the conversion of our existing backlog as well as an expectation for organic growth to recover in our lending business from the volatility we saw in 2025. Unfortunately, these expectations did not materialize. We began the year expecting the lending business to drive 1 point of organic growth for the segment.

我們以加速銷售動能與既有訂單積壓（backlog）轉換為目標進入今年，同時也預期放貸業務的有機成長能從2025年的波動中回升。不幸的是，這些預期並未實現。年初我們原本預期放貸業務可為該分部帶來1個百分點的有機成長。

First quarter interest rate pressures weighed on lending volumes, and we now expect growth to be tempered, creating a modest drag on the segment recurring revenue growth. Rest assured, we are actively addressing these misses with actions that we've already taken and with new actions that we're putting in place now. What has not changed is the underlying business fundamentals.

第一季利率壓力拖累放貸量，我們目前預期成長將更為溫和，對分部經常性收入成長造成小幅拖累。請放心，我們正積極因應這些落差，包含已採取的行動，以及目前正在落地的新措施。不變的是該業務的基本面。

The backlog is strong, demand is strong. Client relationships are strong, margin quality, our recurring revenue base and our market position all remain intact. We have confidence in this business going forward. As a result, we're rebasing our capital markets guide to reflect actual first half trends with modest reacceleration in Q4. As part of that same disciplined review, we're also announcing an evaluation of strategic alternatives relating to select products that we're actively managing within our Capital Markets segment, that may not fit the strategic profile of our overall business.

訂單積壓強勁、需求強勁。客戶關係穩固，利潤品質、我們的經常性收入基礎與市場地位也都維持不變。我們對這項業務的未來充滿信心。因此，我們將重設資本市場的指引，以反映上半年實際趨勢，並預期在第四季溫和再加速。在同一套嚴謹檢視下，我們也宣布將評估與資本市場分部內部分我們正積極管理之產品相關的策略替代方案；這些產品可能不符合我們整體業務的策略定位。

That work reflects our commitment to focus this segment on its highest value, highest margin solutions.

這項工作反映我們致力於讓該分部聚焦於最高價值、最高利潤率的解決方案。

James will take you through the shape of the revised outlook in a moment.

James稍後將帶各位了解修訂後展望的輪廓。

Turning to slide 9. AI is becoming an increasingly important driver of growth, innovation and client across FIS and is increasingly a core driver of how we build, sell and serve. Today, we have 10 AI products in market, 200 customers live on those products and a pipeline of more than 500 opportunities. Adoption is showing up across borders of the business.

接著看第9頁。AI正日益成為FIS各業務的成長、創新與客戶價值的重要驅動力，也愈來愈成為我們建置、銷售與服務方式的核心驅動因素。目前我們已有10項AI產品上市，200位客戶已上線使用，且商機管線超過500個。採用情況正跨越各業務邊界持續擴大。

On engineering, our teams are seeing 1.5 times to 2 times throughput and 30% fewer defects. On servicing, we've launched 5 agentic programs with manual tickets down 70% and triage time down nearly 75%. And on the workforce side, we now have more than 40,000 active AI copilot users, generating over 16 million total assisted actions. The partnership we announced with Anthropic earlier this year has moved from conception to execution. Together, we're advancing AI-powered anti-money laundering and agentic fraud capabilities that combine Frontier AI technology with FIS' regulatory-grade infrastructure and deep domain expertise.

在工程研發方面，我們的團隊看到產出吞吐量提升1.5倍到2倍，且缺陷減少30%。在服務方面，我們已推出5個代理式（agentic）計畫，人工工單下降70%，分流（triage）時間下降近75%。在人力端，我們目前有超過40,000名活躍的AI Copilot使用者，累計產生超過1,600萬次的輔助操作。我們今年稍早宣布與Anthropic的合作，已從構想走向執行。我們正共同推進AI驅動的反洗錢與代理式詐欺能力，結合Frontier AI技術與FIS具監管等級的基礎設施及深厚的產業領域專業。

Taken together, our AI investments are compounding in our products, in our productivity and on our client conversations, and they're becoming a differentiator that is showing up in commercial outcomes.

綜合而言，我們對AI的投資正在於產品、效率與客戶對話中產生複利效應，並逐步成為差異化優勢，反映在商業成果上。

Turning to slide 10. Let me leave you with this. The bold multiyear plan we set in motion is delivering the outcomes we committed to, a more client-centric FIS a simpler business and a stronger financial position. Our commercial engine is strong. Our total issuing acquisition thesis is compounding.

接著看第10頁。最後我想留給各位的是：我們啟動的多年期大膽計畫，正交付我們所承諾的成果——更以客戶為中心的FIS、更簡化的業務，以及更強健的財務狀況。我們的商業引擎很強。我們對Total Issuing的收購投資論點正在產生複利效應。

Our investments are in real products, real productivity and real client conversation. We acknowledge the challenges in the capital market segment and are actively addressing them. With that, I'll turn it over to James.

我們的投資落在真實的產品、真實的生產力提升，以及真實的客戶對話上。我們也正視資本市場分部的挑戰，並積極加以處理。接下來我把時間交給James。

Thank you, Stephanie, and good morning. Overall, we delivered solid results in the second quarter with a strong performance on cash flow. Revenue grew 5.3% on a pro forma basis, with banking coming in above the high end of its outlook and capital markets closer to the lower end. Pro forma EBITDA grew 7.4% with margins up 113 basis points, ahead of our outlook of 75 to 110 basis points. Margin expansion was led by favorable product mix and cost savings with a very strong performance from the banking segment.

謝謝你，Stephanie，大家早安。整體而言，我們第二季交出穩健成果，現金流表現強勁。以備考（pro forma）基礎計，營收成長5.3%，其中銀行業務高於展望區間上緣，資本市場則更接近區間下緣。備考EBITDA成長7.4%，利潤率提升113個基點，優於我們原先預期的75到110個基點。利潤率擴張主要由有利的產品組合與成本節省帶動，銀行分部表現非常強勁。

Adjusted EPS increased 8.8%, led by EBITDA growth. Cash flow was stellar more than tripling to $525 million, reflecting the EBITDA growth, lower cash taxes and accelerated actions to reduce onetime cash expenses. Our leverage ratio decreased to 3.5 times, and we returned $270 million to shareholders, primarily through dividends. Turning now to our segment results on slide 13. Banking Solutions had a good quarter.

調整後EPS成長8.8%，主要由EBITDA成長帶動。現金流表現亮眼，增加至5.25億美元、超過三倍成長，反映EBITDA成長、現金稅負降低，以及加速採取行動以降低一次性現金費用。我們的槓桿比率降至3.5倍，並向股東回饋2.70億美元，主要透過股利。接著看第13頁的分部業績。銀行解決方案（Banking Solutions）本季表現不錯。

Pro forma revenue increased 6.1% with banking up 5.6% and payments growing 6.4%. Recurring revenue grew 5%, steady with the first quarter and in line with our expectations. Nonrecurring revenue grew 21%, primarily led by strong license activity which is skewed more towards the first half of the year. Adjusted EBITDA advanced 10.6% with margins expanding 178 basis points reflecting favorable product mix, continued cost savings and integration synergies. Overall, another strong quarter for banking solutions.

備考營收成長6.1%，其中銀行業務成長5.6%，支付業務成長6.4%。經常性收入成長5%，與第一季持平，符合我們的預期。非經常性收入成長21%，主要由強勁的授權（license）活動帶動，而該活動通常較偏向集中在上半年。調整後EBITDA成長10.6%，利潤率擴張178個基點，反映有利的產品組合、持續的成本節省與整合協同效益。整體而言，銀行解決方案再度交出強勁的一季。

Turning now to Capital Markets on slide 14. Capital markets revenue increased 3.2% with recurring revenue growth accelerating to 5.3% from 3.6% in the first quarter. Nonrecurring revenue grew 12% as the team executed on select license opportunities. Professional services declined by 17% and fell short of expectations due to lower sales and a slower-than-anticipated conversion of backlog. Margins were slightly lower than prior year as the timing of operational expenses more than offset favorable mix.

現在轉到第14頁投影片的資本市場業務。資本市場營收成長3.2%，其中經常性營收成長加速至5.3%，高於第一季的3.6%。由於團隊把握部分授權機會，非經常性營收成長12%。專業服務下滑17%，且因銷售較低以及積壓訂單轉換速度慢於預期而未達預期。由於營運費用的認列時點影響抵銷了有利的組合效應，利潤率較去年同期略低。

We do expect margin expansion in the back half of the year as these timing impacts normalize. To be clear, we believe in the strength of the capital markets business, but we are not pleased with our performance against expectations. As Stephanie laid out, we have taken a number of actions on a number of fronts, and these actions will lead to improving results as we exit 2026. Turning now to slide 15 for a quick update on our year-to-date results. Revenue increased 5.9%, with banking at 6.9% and Capital Markets at 3.1%.

我們確實預期在下半年，隨著這些時點性影響正常化，利潤率將擴張。需要說清楚的是，我們相信資本市場業務的實力，但我們對於未達預期的表現並不滿意。如Stephanie所述，我們已在多個面向採取多項行動，這些行動將在我們邁入2026年末時帶來改善的成果。現在轉到第15頁投影片，快速更新我們年初至今的結果。營收成長5.9%，其中銀行業務成長6.9%，資本市場成長3.1%。

EBITDA margins expanded by almost 100 basis points on a pro forma basis, reflecting favorable revenue mix, cost savings and integration synergies. We generated approximately $1 billion of free cash flow in the first 6 months of the year, bringing our trailing 12-month free cash flow to $2.2 billion and allowing us to increase our outlook for the year. Now let's turn to our full year outlook on slide 16. We are forecasting adjusted revenue growth of 4.5% to 5% as compared to 5.1% to 5.7% previously. We are reiterating our banking revenue growth outlook.

以備考（pro forma）基礎計算，EBITDA利潤率擴張近100個基點，反映有利的營收組合、成本節省與整合綜效。今年前6個月我們產生約10億美元自由現金流，使過去12個月自由現金流達22億美元，並讓我們得以上調全年展望。現在讓我們看第16頁投影片的全年展望。我們預測調整後營收成長4.5%至5%，先前為5.1%至5.7%。我們重申銀行業務營收成長展望。

As expected, second half growth rates will moderate compared to the first half due to a much lower contribution from M&A and a smaller growth contribution from nonrecurring revenue. Overall, we are feeling good about the banking business. We expect steady organic recurring growth in the second half despite more difficult year-over-year comparisons. Capital Markets revenue growth is reduced to 3% to 3.5%. This is a 225 basis point reduction compared to our prior outlook of 5.5% growth and includes a 120 basis point impact from lower professional services, with the remainder coming from slower recurring revenue growth.

如預期，由於併購（M&A）貢獻大幅降低，以及非經常性營收的成長貢獻較小，下半年成長率將較上半年放緩。整體而言，我們對銀行業務的表現感到樂觀。儘管年對年比較更具挑戰，我們仍預期下半年有機的經常性成長將保持穩健。資本市場營收成長下修至3%至3.5%。相較先前預估5.5%成長，這下修225個基點，其中120個基點來自專業服務較低，其餘則來自經常性營收成長放緩。

Both professional services and recurring revenue are negatively impacted by two factors. Firstly, sales are behind plan in the first half of the year. And while we anticipate improvement over the second half, the slow start to the year has and will impact our revenue over the course of the year. Secondly, the team assumed faster implementation of the robust backlog and pipeline that we had and exiting 2025. And we are tracking behind the targeted conversion time lines.

專業服務與經常性營收同時受到兩項因素的負面影響。第一，上半年銷售落後於計畫。雖然我們預期下半年會改善，但年初的慢起步已經並將在全年期間影響我們的營收。第二，團隊原先假設我們在2025年末所擁有的強勁積壓訂單與管線能更快導入實施。但目前我們的轉換時程落後於目標。

Entering the year, we anticipated mid-to-high single-digit recurring growth, and we now anticipate mid-single-digit growth. While we are not providing a formal 2027 outlook, I do want to help frame the key drivers as you think about the future growth trajectory of this business. Recurring revenue is expected to accelerate from 2026 levels, lower attrition and improved conversion will more than offset approximately one point of headwind from the absence of M&A.

年初時我們預期經常性成長為中到高個位數百分比，現在我們預期為中個位數百分比成長。雖然我們不提供正式的2027年展望，但我想協助大家在思考此業務未來成長軌跡時，掌握關鍵驅動因素。經常性營收預期將較2026年的水準加速成長；較低的流失率與更佳的轉換效率，將足以抵銷因缺少併購（M&A）帶來約1個百分點的不利因素。

License and professional services in aggregate is expected to decline as we continue to transition this business to recurring revenue. Overall, we anticipate that Capital Markets adjusted and recurring revenue growth will accelerate modestly in 2027.

授權與專業服務合計預期將下滑，因為我們持續將此業務轉型為以經常性營收為主。整體而言，我們預期資本市場的調整後營收與經常性營收成長在2027年將小幅加速。

Turning now to margins. We have reduced the EBITDA outlook to reflect the lower revenue projections for capital markets. and we now anticipate full year margin expansion of 85 to 105 basis points broadly in line with our prior outlook of 95 to 110 basis points. Adjusted EPS is expected to grow 7% to 8.5% and given our strong execution in the first half, we are raising our free cash flow outlook by $100 million to $2.2 billion for the year. Now let's turn to our cash flow goals on slide 17.

現在轉到利潤率。我們已下調EBITDA展望，以反映資本市場較低的營收預測；目前預期全年利潤率擴張85至105個基點，整體上與先前95至110個基點的展望大致一致。調整後每股盈餘（EPS）預期成長7%至8.5%；鑑於我們上半年的強勁執行力，我們將全年自由現金流展望上調1億美元至22億美元。現在讓我們看第17頁投影片的現金流目標。

Free cash flow is a story of strong execution. First half cash flow is 2.5 times prior year levels, and the latest 12 months is already running at over $2 billion. Strong execution and faster-than-expected reduction in onetime cash expenses have allowed us to raise our free cash flow outlook by $100 million to a range of $2.15 billion to $2.25 billion. This represents year-over-year growth of 36% at the midpoint. A meaningful step-up on the 19% growth we delivered in 2025 and well above our prior outlook of 30% growth.

自由現金流是一個強勁執行力的故事。上半年現金流為去年同期的2.5倍，而最近12個月已超過20億美元。強勁執行力以及一次性現金支出下降速度快於預期，使我們得以將自由現金流展望上調1億美元至21.5億至22.5億美元區間。以中位數計算，這代表年對年成長36%。相較我們在2025年交出的19%成長，這是顯著的提升，也明顯高於先前30%成長的展望。

We have a clear path to greater than $3 billion of free cash flow by 2028 driven by growth in EBITDA dollars and a disciplined reduction in onetime integration and transformation expenses. Our increased guide for 2026 is a positive step in building confidence that a $3 billion in 2028 is well within reach. Turning now to onetime cash expenses on slide 18. We are moving quickly to rationalize non-GAAP cash expenses and the results are evident. We are reducing cash cost by $70 million to $730 million at the midpoint.

我們有清晰路徑在2028年前將自由現金流提升至30億美元以上，動能來自EBITDA金額成長，以及有紀律地降低一次性整合與轉型費用。我們上調2026年指引，是建立信心的正向一步，顯示2028年達成30億美元完全在可及範圍內。現在轉到第18頁投影片的一次性現金費用。我們正快速推動非GAAP現金費用的合理化，成果已相當明顯。我們將現金成本下調7,000萬美元，使中位數降至7.3億美元。

Legacy FIS non-GAAP cash expenses are reduced by 17% compared to our original guide, reflecting disciplined cost management. And let's be clear, we intend to build on this success over the rest of this year and into 2027.

相較我們最初的指引，傳統FIS的非GAAP現金費用下調17%，反映有紀律的成本管理。而且要說清楚，我們打算在今年剩餘期間以及進入2027年後，持續在此成功基礎上再接再厲。

Looking further out, we are confident in our ability to significantly reduce onetime cash expenses. Combined with EBITDA growth and strong execution, this improved trajectory underpins our confidence in delivering free cash flow of greater than $3 billion in 2028.

展望更長期，我們對於大幅降低一次性現金費用的能力充滿信心。結合EBITDA成長與強勁執行力，這條改善的軌跡支撐我們對於在2028年交付30億美元以上自由現金流的信心。

Now let's turn to slide 19 for an update on our integration synergies. The total issuing solutions business is performing very well and we are very much on track to deliver against our synergy targets for 2026 and beyond. We've captured $13 million of cost savings year-to-date and we are tracking close to the high end of our $30 million to $40 million full year target. We are reiterating our goal of over $150 million in EBITDA benefit by 2028, with cost synergies of $125 million and revenue synergies of $45 million. Lastly, we have an extensive pipeline of revenue synergies and we have a long runway with over $125 million of revenue synergies across our global footprint.

現在轉到第19頁投影片，更新我們的整合綜效。整體發卡解決方案（issuing solutions）業務表現非常出色，我們也完全按進度達成2026年及之後的綜效目標。年初至今我們已實現1,300萬美元的成本節省，且全年3,000萬至4,000萬美元目標的達成進度接近區間高端。我們重申在2028年前帶來超過1.5億美元EBITDA效益的目標，其中成本綜效1.25億美元、營收綜效4,500萬美元。最後，我們擁有龐大的營收綜效管線，且在全球版圖中仍有很長的成長跑道，營收綜效機會超過1.25億美元。

Turning now to our third quarter outlook on slide 20. We are projecting pro forma revenue growth of 2.9% to 3.7%. In banking, we expect pro forma growth of 3% to 4% as we lose around 100 basis points of M&A contribution compared to the second quarter. In addition to lower M&A, the outlook reflects more moderate nonrecurring revenue growth compared to the first half in line with our expectations.

現在轉到第20頁投影片的第三季展望。我們預估備考（pro forma）營收成長2.9%至3.7%。在銀行業務方面，我們預期備考成長3%至4%，因相較第二季，併購（M&A）貢獻將減少約100個基點。除併購貢獻降低外，此展望亦反映非經常性營收成長相較上半年將更為溫和，符合我們的預期。

In capital markets, we are projecting growth of 2.5% to 3% with M&A contributing 105 basis points. Recurring revenue growth is expected to pace ahead of adjusted revenue growth. Company EBITDA margin will expand by 80 to 100 basis points with margin expansion across both segments and adjusted EPS is expected to grow 4.6% to 7.3%.

在資本市場方面，我們預估成長 2.5% 至 3%，其中併購（M&A）貢獻 105 個基點。經常性收入成長預期將快於調整後收入成長。公司 EBITDA 利潤率將擴張 80 至 100 個基點，兩個事業部門皆有利潤率擴張，調整後 EPS 預期成長 4.6% 至 7.3%。

In summary, we had a solid quarter across most metrics. We are reiterating our banking growth outlook but reducing our projections for capital markets to reflect current performance. EBITDA margins are projected to expand by 85 to 105 basis points, broadly in line with our prior outlook. Finally, we delivered excellent cash flow results, and we are increasing our full year outlook to $2.2 billion at the midpoint, reflecting growth of 36%.

總結來說，我們本季在多數指標上表現穩健。我們重申銀行業務的成長展望，但下調資本市場的預測以反映目前的表現。EBITDA 利潤率預計擴張 85 至 105 個基點，大致符合我們先前的展望。最後，我們交出優異的現金流成果，並將全年展望的中位數上調至 22 億美元，反映 36% 的成長。

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

接下來，接線員，麻煩請開放提問線路？

(Operator Instructions)

（接線員指示）

Tien-Tsin Huang, JPMorgan.

黃天賜（Tien-Tsin Huang），摩根大通。

I appreciate you going through the puts and takes here. I just want to better understand the capital markets piece, if you don't mind, just the weakness in the professional services. Was that broad-based? Are the clients choosing cheaper forms of delivery? Are they prioritizing other tech projects to ramp instead.

感謝你們說明這裡的利多與利空因素。我想更了解資本市場這一塊，如果你不介意的話，主要是專業服務的疲弱。這是全面性的嗎？客戶是否在選擇更便宜的交付方式？或是他們改為優先推進其他科技專案？

Just again, trying to better understand what drove the change in expectations from your delivery team?

再問一次，想更了解是什麼驅動你們交付團隊對預期的改變？

I think I'll start, and then James can potentially quantify it. No, we think this is on us. We don't see any trends in market that are changing here. we had expected, we had come into the year with a strong backlog in professional services, and we had leaned in hard to continuing to accelerate both sales and professional services and the conversion of that backlog.

我先回答，然後 James 可能可以量化說明。不，我們認為這是我們自己的問題。我們沒有看到市場上有任何趨勢在改變。我們原本預期——我們在年初帶著強勁的專業服務在手訂單（backlog）進入年度，並且大力投入，持續加速銷售與專業服務，以及將該在手訂單轉化為收入。

So the miss is on us. It's not a market condition. What I would say broadly, though, is we don't expect our nonrecurring professional services items to be growth on a go-forward basis. We are focused on recurring, but we're acknowledging this miss in PS because we did plan for it to grow, and we do think the miss is operationally on us.

所以這次未達標是我們的問題。不是市場狀況所致。不過我想整體而言，我們不預期未來非經常性的專業服務項目會成長。我們聚焦在經常性收入，但我們也承認專業服務（PS）這次未達標，因為我們原本規劃它要成長，而我們確實認為這次落差在營運執行上是我們的問題。

Okay. I appreciate you on that. Then on the just on the you're reviewing some of the products within Capital Markets, Stephanie, you mentioned that. Can you share a little bit more on how this will work? Are these stand-alone products within capital markets.

了解。謝謝你坦白說明。那再問一下，你們正在檢視資本市場內的一些產品，Stephanie 你提到過。你能多分享一點這會怎麼運作嗎？這些是資本市場內的獨立產品嗎？

I assume some of that might be bundled with some of your other contracts or perhaps these are just stand-alone, just give us a little more flavor?

我猜其中一些可能會和你們其他合約綁在一起，或是這些就是獨立產品；請再多給我們一些細節？

Yeah. That's a great question, Tien-Tsin. Thanks for asking. So within that as I talked about broadly, just taking a step back, capital markets is primarily serves large financial institutions. And so when you think about it, it isn't a stand-alone business.

好的。這是個很好的問題，Tien-Tsin。謝謝你提問。就像我剛才整體提到的，先退一步看，資本市場主要服務大型金融機構。因此從這個角度來看，它並不是一個獨立的業務。

And that's what we really tried to express here in terms of within FIS, our largest financial institutions consume across banking payments and capital markets.

這也是我們在這裡想表達的：在 FIS 之內，我們最大的金融機構客戶會同時使用銀行、支付與資本市場的服務。

So when you think about whether you're a large financial institution, you're taking our trading and asset services products as well as our commercial lending products as well as our consumer lending products, as well as our banking cores and our payments capabilities. So important to understand that being said, within the capital markets portfolio, there are products, not businesses, but there are several products that don't strategically fit with our business.

所以當你是一家大型金融機構時，你會採用我們的交易與資產服務產品、商業放款產品、消費放款產品，以及我們的銀行核心系統與支付能力。因此理解這點很重要。話雖如此，在資本市場產品組合中，有些是產品（不是事業），但有幾項產品在策略上與我們的業務不相符。

And what I mean by that is they may not serve that set of large financial institutions or they may be products that don't meet the strategic fit of what we're trying to accomplish, like risk management solutions or we have some data analysis products that we may not sell to that existing FI base or if we do this set of products isn't within the natural solution ecosystems, we've really focused the business around.

我的意思是，它們可能不是服務那一群大型金融機構，或是它們不符合我們想達成的策略定位，例如某些風險管理解決方案，或我們有一些資料分析產品，可能不會賣給既有的金融機構（FI）客群；即便有賣，這組產品也不在我們所聚焦、自然形成的解決方案生態系之內。

So we're going to really focus we've always been focusing on them, by the way, and harvesting them to the extent it makes sense. We're going to double down on that. I just want to be clear, though, it's not a capital market segment sale. It is looking at products within the segment that don't fit the overall company's strategic profile.

因此我們會真正聚焦——順帶一提，我們一直都在聚焦，並在合理的範圍內對其進行收割（harvesting）。我們會加倍投入這件事。但我想澄清，這不是出售資本市場事業部。而是檢視該事業部內不符合公司整體策略輪廓的產品。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗。

Great progress on the banking and lowering the cost base and specifically on raising the free cash flow guide. I have two questions, Stephanie. More on the banking side. So how did like TSYS performed this quarter? What are you seeing on the competitive landscape here?

銀行業務進展很大、成本基礎下降，尤其是上調自由現金流指引，做得很好。我有兩個問題，Stephanie。先談銀行端。TSYS 這一季表現如何？你們在競爭態勢上看到了什麼？

And then I have a quick follow-up.

然後我有個簡短的追問。

Really pleased with the Total Issuing Solutions business, Dan. And by the way, thanks for the comments. It performed in line with the payments growth for the quarter. As you know, it is a significant part of that growth. I mean we're really, really pleased with how the Total Issuing Solutions business is growing organically.

Dan，我們對 Total Issuing Solutions 業務非常滿意。順帶一提，也謝謝你的評論。它的表現與本季支付業務的成長一致。如你所知，它是該成長的重要組成部分。我們對 Total Issuing Solutions 業務的有機成長表現真的、真的非常滿意。

And then we're seeing how well it fits inside the FIS ecosystem.

同時我們也看到它在 FIS 生態系中契合度很高。

I think in terms of the competitiveness we're thrilled with how competitive we are here. I gave some of those key insights here because I know there's been a lot of concerns around Visa Pismo. I mean, guys, we serve the largest financial institutions here we win 80% of the time. We are very competitive. We are the large-scale player.

就競爭力而言，我們對自身的競爭力感到非常振奮。我在這裡分享了一些關鍵洞見，因為我知道市場對 Visa Pismo 有很多疑慮。各位，我們在這裡服務的是最大的金融機構，我們有 80% 的勝率。我們非常有競爭力。我們是大規模的玩家。

I think you heard from the CEO of Visa. This is not where he's focused. This isn't where big banks are looking to bring things internal. This is a scale game and we continue to win very strongly here. So feel really good.

我想你們也聽到 Visa 的 CEO 說了。這不是他關注的重點。這也不是大型銀行想把事情內製的領域。這是一場規模的競賽，而我們在這裡持續非常強勢地贏得案子。所以感覺非常好。

And then as you think about us bringing this together and putting it together underneath an FIS ecosystem, on a year-over-year basis, I also shared some of the key wins. We're selling more together than we did individually. So really pleased with the performance here.

另外，當你思考我們如何把這些整合起來、放到 FIS 生態系之下時，我也分享了一些年對年（year-over-year）的關鍵勝案。我們現在的整體銷售（一起賣）比過去各自單獨銷售更多。所以對這裡的表現非常滿意。

Great. And then just a quick follow-up. I noticed about 30 million new accounts on file converted over the last 12 months in the presentation. How should we think about this KPI going forward? And what can you do to reaccelerate this down the road?

很好。那再簡短追問一下。我注意到簡報中提到，過去 12 個月已完成轉換的新增在檔帳戶約 3,000 萬個。我們未來應該如何看待這個 KPI？你們能做些什麼，讓它之後重新加速？

Yeah. No, it's a great point. The team here is pretty fantastic at converting accounts. You can imagine there was a very large player in the US who bought another player in the US, and we heavily have converted a significant amount of those accounts.

是的。這點說得很好。我們的團隊在帳戶轉換方面相當出色。你可以想像，美國有一家非常大的業者收購了另一家美國業者，而我們已經大幅度地轉換了其中相當大一部分帳戶。

Quite frankly, it's been the biggest conversion I've ever seen, and I've been around fintech a long time, and it's gone. We've done a couple of tranches, a couple more to go, and it's gone absolutely flawlessly. So huge shout out to the total issuing teams there. I think as we go forward, you should expect to see. I'm not going to comment on a number of accounts but this is we win in the US, in the large space. And then globally, I don't want to discount our prime product because it wins not just large but also up and down the stack and is quite competitive.

坦白說，這是我見過最大的一次轉換，我在金融科技領域待了很久，而它已經完成了。我們做了幾個批次，還有幾個要做，而且整個過程完全順利無瑕。所以要特別向那邊整個發卡團隊致上最高敬意。我認為隨著我們往前走，你們應該會看到。我不會評論帳戶數量，但這就是我們在美國大型市場的勝利。而在全球範圍內，我不想低估我們的 prime 產品，因為它不僅在大型客戶中勝出，也能在各個層級上下通吃，而且競爭力很強。

So this is an important metric for us as we continue to move forward, and it continues to grow across the platform. I'm extremely pleased.

因此，隨著我們持續向前推進，這對我們而言是一項重要指標，而且它在整個平台上持續成長。我非常滿意。

Vasu Govil, KBW.

Vasu Govil，KBW。

I guess, Stephanie, just first on the strategic review within Capital Markets. Could you provide any parameters around the size of assets under consideration? And when should investors expect more clarity on the outcomes of the review?

我想，Stephanie，先談資本市場內部的策略性檢視。你能否提供一下正在考量中的資產規模相關參數？投資人何時應該期待對檢視結果有更清楚的資訊？

Yeah. Thanks, Vasu. No, not yet. I mean, obviously, transparently, we look inside the portfolio of the entire company. You've seen us move on assets.

是的。謝謝你，Vasu。不，現在還沒有。我的意思是，很明顯、也很透明地說，我們會檢視整家公司整個投資組合的內部狀況。你們也看到我們對資產做了調整。

So we're always looking from a rationalization standpoint. I think with respect to capital markets, though we're going to do a deeper dive. I don't have a number for you, and we'll come back to you as soon as we have something.

所以從精簡與合理化的角度來看，我們一直都在檢視。不過就資本市場而言，我們會做更深入的盤點。我目前沒有數字可以提供，一旦有進展我們會盡快回覆你。

Got it. And then I guess a quick. One on AIS that continues to be a big topic in the industry. I wanted to ask, AI is also driving sophistication of cyber threats across the financial ecosystem. So are you seeing a need to reaccelerate your investments in security and fraud prevention?

了解。接著我想快速問一個。關於 AIS，這在產業內仍然是個熱門話題。我想問的是，AI 也正在推升整個金融生態系中網路威脅的複雜度。所以你們是否看到需要重新加速在資安與防詐方面的投資？

Or do you feel like those requirements have already been contemplated in your long-term outlook?

還是你們覺得這些需求已經納入你們的長期展望之中？

Yeah, as that's a great question. Cyber is one of our biggest technology spend. It has been and it continues to be. We don't see a need to invest more. We continue to prioritize our investment around cyber and resiliency is absolutely critical to us.

是的，這是個很好的問題。資安是我們最大的科技支出項目之一。過去是如此，現在也仍然如此。我們不認為需要再額外加大投資。我們會持續把投資優先放在資安與韌性上，這對我們至關重要。

I do see significant amount of investment broadly across the industry. And so when you think about us as compared to a smaller player, I think we're much better positioned given how much you have to invest here. I also think being in Project Glasswing gives us an opportunity to fortify our defenses much more deeply as we think about being a scaled player here. We take our position in the industry very seriously. We do spend a lot on it, and it is continuing to be the biggest threat we have.

我確實看到整個產業在這方面有大量投資。因此，當你把我們和較小的業者相比，我認為我們的定位要好得多，因為在這裡你必須投入相當多資源。我也認為參與 Project Glasswing 讓我們有機會在成為具規模的業者時，更深層地強化防禦。我們非常重視我們在產業中的角色。我們在這方面花了很多錢，而且它仍然是我們面臨的最大威脅。

It will continue to be a prioritized effort for us. The good news for us is we have a significant amount of technologists. So when we find the vulnerabilities, it is not all going through one team. So it's not sitting in a funnel. We can allocate those we have the vulnerabilities we can clear pretty quickly.

這將持續是我們的優先工作。對我們而言的好消息是，我們擁有大量技術人員。所以當我們發現弱點時，不需要全部都經由同一個團隊處理。因此不會卡在單一漏斗裡。我們可以分配資源；一旦有弱點，我們能很快清除。

Also, my cyber team has done a fantastic job in terms of using AI itself to once we find the vulnerability or have the attack to be able to be more productive with clearing the vulnerability or identifying and moving on the attack by identifying our own capabilities. So really pleased with our cyber team who continue to work for us 24/7.

另外，我的資安團隊在運用 AI 本身方面做得非常出色：一旦我們發現弱點或遭遇攻擊，就能更有效率地修補弱點，或透過辨識我們自身能力來識別並處置攻擊。因此我對我們的資安團隊非常滿意，他們持續 24/7 為我們工作。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Stephanie, could you just revisit the comments you touched on with regard to Pismo and the competitive landscape for a moment. And just just to sort of set the record streak given how many questions we get about it. Maybe help us understand the bundling and the cross-sell and just why you have a right to win, both the core banking side but also the issuer processing side.

Stephanie，你能否再回到你剛才提到的、關於 Pismo 以及競爭格局的評論，稍微多談一下。也就是，鑑於我們收到很多相關問題，想請你協助釐清。也許幫我們理解一下綑綁（bundling）與交叉銷售（cross-sell），以及為什麼你們有「勝出的正當性」，不僅在核心銀行端，也在發卡處理端。

Yeah. So maybe I'll refresh some of the conversations that I had in the prepared remarks. Just to be clear, we serve the largest financial institutions globally. And we have just in terms of evidencing the competitive market, we have continued to renew our clients, evidencing competitively. We're continuing to keep share.

好的。那我可能先重申一下我在事先準備的發言中談過的一些內容。先說清楚，我們服務的是全球最大的金融機構。而且就競爭市場的佐證而言，我們持續完成客戶續約，並且在競爭中證明我們的能力。我們也持續維持市占。

We're winning new business at significant pace. Our win rate is over 85% when you're competing for large financial institutions with over 1 million accounts on file. We were pleased to announce new net sorry, completely new top 10 banks around the world. So when we are competing, we are winning. How are we winning?

我們正以相當快的速度贏得新業務。當你在大型金融機構（檔案中超過 100 萬個帳戶）之間競爭時，我們的得標率超過 85%。我們也很高興宣布新增淨新增——抱歉，是完全全新的——全球前十大銀行客戶。所以當我們參與競爭時，我們正在勝出。我們是怎麼贏的？

We have the scale and the products and the capabilities. We are the only known processor that can convert accounts at scale and size. We've never had a failed deconversion or migration. Above and beyond that, I think it's important to understand and highlight the comments the CEO of Visa said, he's not focused in this area where we play at all. So I think the notion of Visa Pismo is going to disrupt total issuing solutions is very challenging to prove given our renewal velocity, given our net new wins and given that the fact that Visa has told you very clearly, they're not competing there.

我們具備規模、產品與能力。我們是唯一已知能以規模與體量完成帳戶轉換的處理商。我們從未發生過一次失敗的反轉換（deconversion）或遷移。除此之外，我認為也很重要的是理解並強調 Visa 執行長的評論：他並不聚焦在我們所參與的這個領域。因此，認為 Visa Pismo 會顛覆整體發卡解決方案（total issuing solutions）的說法，很難成立——考量到我們的續約速度、我們的淨新增勝利，以及 Visa 已非常清楚地告訴你們，他們並未在那裡競爭。

The competitive market is perfectly aligned for us to continue to win.

競爭市場的態勢完全有利於我們持續勝出。

Just on the Bing segment. Can you just highlight what are you seeing right now, A, in the top few areas of demand from your customers? And then when you think about decision-making, just given we've heard some checks that institutions are holding back on decisions given AI and whatnot. I mean it sounds like you're not seeing that in capital markets, so at least it was more self-inflicted, I suppose. But on the banking side, you're going looks like results were strong.

再談一下銀行（Banking）這個分部。你能否說明一下目前你從客戶端看到的、需求最強的前幾個領域是哪些？另外談到決策制定，我們聽到一些調查顯示機構因為 AI 等因素而延後決策。我的意思是，聽起來你們在資本市場那邊沒有看到這種情況，至少更像是自我因素造成的，我想。但在銀行端，你們看起來表現很強。

So what are you seeing there in terms of both what areas are the most demand and then decision-making timing?

所以你們在那邊看到的情況是什麼——包括需求最強的領域，以及決策時程？

Yeah. I mean I think I've talked about this before. The banking demand environment is really strong. So when they're talking to us, they're talking to us about wanting to make sure that they can continue to compete in the payment space whether it's with digital currencies or debit and credit capabilities serving not only consumers and commercial, large commercial customers, but also SMBs. So payments continues to be a very big place where there's a lot of demand.

是的。我想我之前談過這點。銀行端的需求環境非常強勁。因此，當他們和我們對話時，主要是在談他們希望確保自己能在支付領域持續競爭——不論是數位貨幣，或是簽帳卡與信用卡能力——服務的不僅是消費者與商業客戶、大型商業客戶，也包括中小企業（SMB）。所以支付仍然是需求非常大的領域。

We see a lot of demand around fraud and data. Fraud cost in the bank is escalating at very, very high pieces. So there's a lot of demand in our fraud ecosystems. There's a lot of demand for data and data capabilities as banks want to ingest this data so that they can start to utilize AI internally. There's a lot of demand around lending and lending capabilities.

我們也看到在防詐與數據方面有很大的需求。銀行的詐欺成本正以非常、非常高的速度攀升。因此我們的防詐生態系統需求很強。在數據與數據能力方面也有很大需求，因為銀行希望匯入這些數據，以便開始在內部運用 AI。在放款與放款能力方面也有很大的需求。

There's a lot of demand around modernization and wanting to modernize and we don't see banks putting decisions on hold, not in the areas that we're working on. We've been having a lot of conversations with banks as well in terms of cyber and making sure that they and we are already for cyber rely on us that's very important. It's not necessarily a product, but it's a capability. They know that we need to have and they need to have and we work together very closely. So we don't see the decision the delayed decision-making.

市場對現代化的需求很大，也希望能夠現代化；而我們沒有看到銀行在我們所涉足的領域把決策暫緩。我們也一直與銀行進行大量對話，特別是在資安方面，確保他們以及我們都已為資安做好準備，並且他們仰賴我們，這非常重要。這不一定是一項產品，而是一種能力。他們知道我們需要具備、他們也需要具備，而我們彼此非常緊密合作。所以我們沒有看到決策、或決策延宕的情況。

Now again, they don't buy hardware from us. So if they are reallocating capital somewhere, it's not from the areas that we're focused in.

再說一次，他們不會向我們購買硬體。所以如果他們把資本重新配置到其他地方，也不會是從我們所聚焦的領域挪走。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Stephanie, James. Maybe just ask about just technology strategy within the banking segment so you have the, obviously, emphasis on the core and the digital surrounds. But there's been a renewed focus on hollowing out the core. Maybe just talk about position in that environment. Obviously, the core remains important.

Stephanie、James。我想問一下銀行業務部門內的科技策略：你們顯然強調核心系統以及周邊的數位能力。但最近又重新聚焦在把核心「掏空」（hollowing out）。能否談談你們在這樣的環境中的定位？顯然核心仍然很重要。

And I think you made an acquirer recently about with an orchestration platform, kind of a core light strategy. But talk about maybe the strategy when it comes to FIS ability to adapt if things abstract beyond the core.

而且我想你們最近做了一筆收購，與一個編排（orchestration）平台有關，有點像是「輕核心」（core light）策略。但如果未來抽象化（abstract）到超越核心之外，談談FIS在策略上如何因應與調整。

Yeah, Andrew, thanks for the question. This is a very interesting and found an exciting time for FIS. As you know, we hold the unique position in cores up and down the stack.

是的，Andrew，謝謝你的問題。對FIS來說，這是一個非常有意思、也令人振奮的時刻。如你所知，我們在核心系統的整個技術堆疊上下游都擁有獨特的定位。

So our strategy really aligns with how banks want to modernize the banks. It's less about hauling out the core and how do they want to modernize and what do they modernize first. And so if you're in the very largest financial institutions and really, really, really large banks, they'll start talking to you about wanting to hollow out their core because they're running their own cores. And so they're starting to think about, do I want to have a ledger do I want to have an orchestration layer? Or do I want to have a customer master.

因此，我們的策略其實與銀行想要如何讓銀行現代化高度一致。重點不太在於「掏空核心」，而在於他們想怎麼現代化、以及先現代化哪些部分。如果你面對的是最大的金融機構、非常非常大的銀行，他們會開始跟你談想要把核心掏空，因為他們在跑自建核心。因此他們開始思考：我是否要有一個總帳（ledger）？我是否要有一個編排層（orchestration layer）？或者我是否要有一個客戶主檔（customer master）。

And as you know, we run very large cores today. And we have done an Aqua hire, and we're very excited about it. It brings a set of capabilities and frankly, a leadership and a leader and a team inside FIS that helps really start to put those capabilities in and around our existing cores, such that we can now start to modernize our core from the inside out. Our customers don't have to modernize their own cores or if they want to modernize their core and go to a full hollowout strategy, we have those capabilities. So very excited.

而如你所知，我們目前也在運行非常大型的核心系統。我們也做了一筆人才併購（acqui-hire），對此非常興奮。它帶來一套能力，更坦白說，也帶來一位領導者以及一個團隊進入FIS，協助把這些能力導入並圍繞在我們既有核心系統的內外，讓我們現在可以從內而外地開始現代化我們的核心。我們的客戶不必自己去現代化他們的核心；或者如果他們想要現代化核心、並採取完整的掏空策略，我們也具備那些能力。所以我們非常興奮。

More to come on this topic, Andrew. We think we're uniquely positioned because we do serve these largest banks generally, and we're a much safer bet in terms of moving from an existing core and hollowing out your core with us. We have, as you know, all the surrounds, as you think about hauling out the core, including payments and all your value-added services. But this is a topic that we're looking to start talking to you about by the end of the year, we're hoping to have some pretty significant wins so more to come on this. But we think we're uniquely positioned given that we have our existing cores.

Andrew，這個主題後續還會有更多內容。我們認為我們具備獨特優勢，因為我們通常服務這些最大的銀行，而且就從既有核心遷移、並與我們一起把核心掏空而言，我們是更安全的選擇。如你所知，當你思考掏空核心時，我們也擁有所有周邊能力（surrounds），包括支付以及所有加值服務。但這是我們希望在今年底前開始與你們更深入溝通的主題；我們也希望能拿下一些相當重要的勝利，後續會再分享。但我們認為，鑑於我們擁有既有核心系統，我們的定位非常獨特。

We have our modern banking platform, and now we have capabilities that we brought internal that will allow banks to either modernize on their existing core or completely hollow out their existing core with capabilities we have.

我們有現代銀行平台（modern banking platform），而現在我們也把一些能力內部化，讓銀行可以選擇在既有核心上進行現代化，或是利用我們具備的能力，徹底把既有核心掏空。

Got it. Yes, those are really interesting pickup. Stephanie. Maybe just double down on cap markets for a second. Just, I heard the comments on mid-single-digit recurring and then modest acceleration of 27%.

了解。是的，那些確實是很有意思的補強。Stephanie。我想再追問一下資本市場（cap markets）。我聽到你提到經常性收入是中個位數，然後到2027年有溫和加速到7%。

Maybe just dig a little bit into those assumptions, just confidence that we can attain those. And I don't want to use it were derisked, but maybe just how you feel about those assumptions going forward.

能否再深入談談這些假設，以及你們對達成它們的信心？我不想用「已去風險化」（derisked）這個詞，但想了解你們對這些假設未來走向的看法。

Yeah. Maybe I'll comment qualitatively and then James can add on if he thinks I've missed anything. I think as you think about and this is why we wanted to try and provide some detail on the prepared remarks, as we came into 2026, we man with strong new sales momentum, and we knew we were going to have a point of attrition as a headwind as UBS closed and deconverted the CS capabilities in our treasury and asset services business. So we came in with a strong new sales outlook, but new attrition was going to increase a point on us. So as you thought 2027, we're going to get -- we'll grow over that and have attrition go back to more normalized rates.

好的。我先做一些定性的評論，然後如果James覺得我漏了什麼再補充。我想，這也是為什麼我們在事先準備的講稿中想提供一些細節：當我們進入2026年時，我們帶著強勁的新銷售動能進來，同時我們也知道會有一個流失（attrition）的逆風，因為UBS完成交易並在我們的財資與資產服務業務中，將CS的能力下線並轉出（deconvert）。所以我們進來時對新銷售展望很強，但新的流失會讓我們承受增加1個點的壓力。因此當你看2027年，我們會在此基礎上成長，而流失也會回到較正常的水準。

I think the other thing that we expected as we came into 2026, that frankly just didn't occur was we thought about the lending portfolio that had historically driven an organic growth an organic point of growth inside our segment which really struggled, as you know, in 2025, we expected that growth to reoccur.

我認為我們在進入2026年時，原本預期但坦白說沒有發生的另一件事是：我們想到放款（lending）產品組合過去曾在我們部門內帶來有機成長、貢獻一個有機成長點；但如你所知，它在2025年表現很吃力，我們原本預期那個成長會再出現。

Unfortunately, as we came into 2026, we're not seeing that organic growth, and we're not banking on it for '26. And I wouldn't bank on it for '27 either. So I think as you think about going into 2027, we should benefit from a stronger recurring number as we exit the year in the mid-single-digit range and then we should get a point benefit from attrition grow over.

不幸的是，進入2026年後，我們沒有看到那樣的有機成長，我們在2026年也不把它納入預期。而我在2027年也不會把它納入預期。所以當你思考進入2027年時，我們應該會受惠於更強的經常性收入基礎——在年底退出時落在中個位數區間——然後流失回落也會帶來1個點的正面貢獻。

And then maybe I'll turn it over to James on how to think about kind of the rest of the pieces.

接著我把時間交給James，談談其餘部分該如何看待。

Yeah. Just to repeat, this year we'll end somewhere in the mid-single digit, call it, 5-ish kind of range. And there'll be no M&A next year. So we take that out. And as Stephanie said, you're asking about the level of confidence the attrition this year was really pushed up by that one client consolidation.

好的。再重申一次，今年我們會在中個位數結束，大概可說是接近5%左右的區間。而明年不會有任何併購（M&A）。所以我們把那一塊排除。如Stephanie所說，你問的是信心程度；今年的流失主要是被那一個客戶整併事件推高。

So that will disappear next year and that back 1 point.

所以那個因素明年會消失，等於回補1個點。

And then the other piece is conversion. And we have, I would say, medium to high confidence on that. Essentially, the recurring NPS that wasn't converted in the current year or due to the late time lines will come back next year. So it gives pretty high levels of confidence to that. As we talk through this, I would not ascribe any upside on lending.

另外一塊是轉換（conversion）。我會說我們對此有中到高的信心。基本上，今年未轉換的經常性NPS（或因時程延後而未轉換）會在明年回來。因此對這一點有相當高的信心。在我們討論這些時，我不會把放款視為任何上行空間。

The interest rates are incredibly they're just stuck where they are right now and we can't count on any improvement on that.

利率非常——它們就是卡在目前的位置，我們無法指望那方面有任何改善。

So we are looking for acceleration overall in recurring. And we do anticipate Q3 to be mid-single digit with some acceleration in Q4. So you don't have to wait until well into 2027 see improving prospects. And then on PS and license. This is a business that is in the low 70s in terms of percentage of recurring and our banking business is 85%.

所以我們預期整體經常性收入會加速。我們也預期第三季會是中個位數，第四季會有一些加速。因此你不必等到2027年很後面才會看到前景改善。另外在PS與授權（license）方面：這項業務的經常性占比大約在70%出頭，而我們的銀行業務是85%。

Over time, we want to more aggressively grow and step up the recurring growth rate and deemphasize license and PS. So expect those to be flat to down next year.

隨著時間推移，我們希望更積極地擴張並提高經常性收入的成長率，同時降低對授權（license）與專業服務（PS）的比重。因此，預期明年這兩項將持平至下滑。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，富國銀行。

I wanted to start on the Payments business. I mean it's actually now the largest of your three businesses. You were up 6% for the second straight quarter. Is that level of growth sustainable in the second half just based on the account conversion backlog that you're seeing and pipeline of new opportunities?

我想先從支付（Payments）業務談起。我的意思是，它現在其實已經是你們三大業務中規模最大的一塊。你們已連續第二個季度成長6%。僅就你們看到的帳戶轉換積壓（backlog）以及新機會管線而言，這樣的成長水準在下半年是否可持續？

Wow, that's a specific question, Jason. I think, yes, just weighing through that. I'll let James shuffle through his paper so he can try to get to an answer, but maybe I'll talk about it. We're really pleased with payments. You're right.

哇，Jason，這問題很具體。我想，是的，我們來權衡一下。我先讓James翻一下他的資料，看看能不能給出答案，但我也可以先談談。我們對支付業務非常滿意。你說得沒錯。

It is the biggest part of our business, which is why what gives us confidence around FIS continuing to maintain mid-single digit to be a mid-single-digit grower. As you know, in order to do that, we needed to have the total issuing solutions business inside the FIS ecosystem because payments in general the credit issuing side adds some pretty nice growth for us. In terms of total issuing, it is growing at the same pace as the overall payments business.

它是我們業務中最大的一部分，這也是為什麼我們對FIS能持續維持中個位數成長、成為中個位數成長型公司有信心。如你所知，為了做到這點，我們需要在FIS生態系中擁有完整的發卡解決方案（issuing solutions）業務，因為支付領域中，信用卡發卡端能為我們帶來相當不錯的成長。就整體發卡（total issuing）而言，其成長速度與整體支付業務相同。

I don't have in front of me the expectations of payments as we go in the back half of the year. And I'm not sure that we guide to it.

我手邊沒有我們對今年下半年支付業務的預期數字。而且我也不確定我們是否會對此提供指引。

We want to avoid guiding to it. What we would say is the we do expect it to continue at similar levels two is it will outpace banking just in general and longer term. And it definitely will stay in this mid-single-digit range. So we're incredibly happy with it, and we're incredibly happy with the position of thesis within that portfolio is doing well as well.

我們希望避免對此提供指引。我們能說的是，我們確實預期它會以相近水準持續；第二，它整體而言、長期來看會跑贏銀行業務。而且它肯定會維持在中個位數區間。所以我們對此非常滿意，也很高興TSYS在該投資組合中的定位同樣表現良好。

Okay. Yes. No, that's good color. That's what I was looking for. And I just wanted to circle back on capital markets as well because it sounds like we're talking about company-specific kind of execution related challenges.

好的。是的。不，這些補充很有幫助。這正是我想了解的。另外我也想回到資本市場（capital markets）這塊，因為聽起來我們談的是公司自身、偏執行面的挑戰。

So just on the professional services side, any issues in terms of not having sufficient resources to perform implementations of the backlog? Or has there been just some mis-scoping? Or do you think in hindsight just some of the projections on timing were a little too aggressive? I just wanted to kind of unpack what you think some of the root cause is here?

所以就專業服務（PS）而言，在執行積壓專案的導入（implementations）方面，是否存在資源不足的問題？或者是範疇界定（scoping）有誤？又或者事後看來，某些時程預估過於積極？我想更深入拆解一下，你認為根本原因是什麼？

Yeah. I'd be clear on one thing. It's principally the PS call down, which is call it half the overall capital market is about $90 million in revenue. A little bit more than half is PS. The principal issue is actually.

是的。我先把一點講清楚。主要是PS的下修（call down），大概占整體資本市場業務的一半；資本市場整體約9,000萬美元營收。其中略多於一半是PS。主要問題其實是——

It's not really the conversion, it's sales in PS. We had a pretty large miss in the first half in terms of call it, ACV sales. And unfortunately, that is a disproportionate impact on the P&L because anything sold in the first half converts at about 75% in the current year.

其實不太是轉換（conversion）問題，而是PS的銷售。我們在上半年所謂ACV銷售方面出現了相當大的落差。不幸的是，這對損益表（P&L）的影響不成比例，因為上半年賣出的任何東西，在當年度大約會有75%轉為收入。

So unfortunately, this is already sold. And so I would say, the largest part of the PS is actually lower ACV sales and then there is a conversion part to it, but it's not the biggest amount. And conversion was a little bit different. We said bulls on the timing and conversion of an existing pretty strong backlog and pipeline, and we've just missed against the execution of those. So it's purely on that.

所以不幸的是，這已經賣出去了。因此我會說，PS下滑最大的一部分其實是較低的ACV銷售；另外也有一部分是轉換，但不是最大宗。而轉換方面又稍有不同。我們先前對既有、相當強勁的積壓與管線在時程與轉換上偏樂觀，但在執行上沒有達標。所以純粹是這個原因。

But I would say probably predominantly a sales issue in PS.

但我會說，主要還是PS的銷售問題。

Will Nance, Goldman Sachs.

Will Nance，高盛。

James, I appreciate some of the color that you provided next year in capital markets. I wanted to dig through some of the dynamics on the banking side. So the two-part question. I guess, first on the nonrecurring revenue growth in banking, what's driving that 21% growth in the first half of the year on a or in this recent quarter on a pro forma basis? And then I guess more importantly, as we look out into 2027 what kind of grow over does that represent?

James，我很感謝你對明年資本市場的補充說明。我想深入了解一下銀行端的一些動態。所以是兩個部分的問題。首先，銀行業務的非經常性收入成長，按擬制（pro forma）基礎來看，今年上半年或最近這一季的21%成長是由什麼驅動的？然後更重要的是，展望到2027年，這代表什麼樣的延續性成長（grow over）？

Is that going to be a headwind to overall banking revenue growth and then the second part is on the large bank issuing conversion that you mentioned. It seems like TSYS is running around 6-ish percent kind of in line with the overall payments revenue growth on a pro forma basis this quarter. So just how are you thinking about some of the puts and takes as that normalizes and as the nonrecurring revenue growth normalizes into 2027?

這會不會對整體銀行收入成長造成逆風？第二部分是你提到的大型銀行發卡轉換。看起來TSYS本季按擬制基礎大約是6%左右，與整體支付收入成長大致一致。所以，當這些因素正常化、以及非經常性收入成長在2027年趨於正常化時，你們如何看待其中的利多與利空（puts and takes）？

Two big pieces as you look at term fees because I think you're looking at the year-to-date. I think in the second quarter, we had some term fees. These are probably pretty well known in the market, Huntington, Cadence and Genius Bank so they drove up. That's kind of brought to 12% above a normalized growth rate. And then you'll recall in the first quarter of the year, we signed some large strategic deals that had a onetime license contribution in the first quarter, but drive recurring revenue over a five-year horizon.

如果你看的是年初至今（year-to-date），有兩大塊，先從終止費（term fees）談起。我想在第二季我們有一些終止費。市場上應該都相當熟悉：Huntington、Cadence和Genius Bank，這些推升了數字。這大概讓成長率比正常化水準高出12%。另外你也會記得，在第一季我們簽下了一些大型策略性交易，第一季有一次性的授權（license）貢獻，但會在五年期間帶動經常性收入。

We didn't get into the specifics of with whom but these are large deals will become part of the business model going forward, more engagement with third parties to become alternative sales channels. And we're saying in the second half is we're returning to a normal level of license activity and the bigger deals and term fees are behind us.

我們沒有具體說明是哪些客戶，但這些都是大型交易，未來會成為商業模式的一部分，也就是更多與第三方合作，作為替代性的銷售通路。而我們所說的下半年，是授權活動將回到正常水準，較大的交易與終止費已經在上半年發生了。

The other thing I might add is recurring. So as you know, license and term fees can be a little bit volatile quarter-to-quarter which is why it's tough to guide this business on a quarterly basis. But if you look at recurring and banking, feeling really good about that staying nice and steady for us. I think his comments in the prepared remarks talk about obviously, as we get into Q3 and Q4, we're not we're lapping the M&A contribution, but it's still staying up there and even against tougher comps from the prior year. So banking recurring continues to be really strong.

我還想補充的是經常性收入。如你所知，授權與終止費在季度之間可能會有些波動，這也是為什麼很難以季度為基礎對這項業務提供指引。但如果你看銀行業務的經常性收入，我們對它能保持良好且穩定感到非常有信心。我想他在事先準備的講稿中也提到，顯然進入第三季與第四季時，我們不再享有併購（M&A）貢獻的比較基期，但即便面對前一年更具挑戰的比較基期，它仍維持在高位。所以銀行業務的經常性收入仍然非常強勁。

And as you mentioned, payments continues to be a big contributor of that. On expectations, I think you keep asking us to guide on payments. We'll come back to you as we come into 2027 in terms of how to think about the segment. But broadly, I think banking, in general, if you think about banking from a core and digital standpoint, typically would be a lower single-digit grower and payments would be more to a mid-single-digit grower. That isn't guidance for 27%.

如你所提到的，支付業務也持續是其中的重要貢獻者。至於預期，我想你一直希望我們對支付提供指引。我們會在接近2027年、開始對2027年提供指引時，再回來跟你說明如何看待該事業群。但大方向來說，如果你把銀行業務拆成核心與數位（core and digital），通常會是較低個位數成長；而支付則更偏向中個位數成長。這不是對2027年的指引。

That's just how to think about the pieces of the segment as you think about market growth. Obviously, we're driving a lot of synergies across both banking and payments as we bring total issuing into the solution. So there'll be some acceleration there. But we'll come back to you in as we guide for 2027.

這只是提供你在思考市場成長時，如何看待該事業群各組成部分。顯然，隨著我們把完整發卡（total issuing）納入解決方案，我們正在銀行與支付之間推動大量協同效益。因此那裡會有一些加速。但我們會在對2027年提供指引時再回來跟你說明。

It's really a tale of two stories here as well. While we had execution issues in capital market sales the actual sales performance in the banking business is super strong. And I want to emphasize that it's actually the recurring is in line with plan in the first half of the year, and actually, PS was slightly ahead. So it really is down to execution. And then when you look at growth versus prior year, we've had double-digit growth in the banking total banking solutions ACV for quarters in a row but actually, the second quarter being high double-digit growth in banking ACV.

這裡其實也同樣是一個「兩個故事」的情況。雖然我們在資本市場銷售的執行上出現問題，但銀行業務的實際銷售表現非常強勁。我想強調的是，實際上，上半年經常性收入是符合計畫的，而且PS還略微超前。所以這真的歸結於執行力。再看相較去年同期的成長，我們的銀行端「整體銀行解決方案」ACV已連續好幾個季度維持雙位數成長，而第二季的銀行ACV更是高雙位數成長。

So we're super happy about the sales performance in banking. I'm not happy at all about the capital markets performance in sales.

所以我們對銀行業務的銷售表現非常滿意。但我對資本市場在銷售端的表現一點也不滿意。

And then just a quick one on the strategic alternatives for capital markets might be another one for James. I know you talked about just some of the considerations around asset sales tax leakage, stranding costs and leverage levels overall. Just how are you thinking about feasibility and the puts and takes of profitably offloading businesses in capital markets? And I guess, how does that weigh into the decision to either offload or keep a business?

另外，關於資本市場的策略替代方案，可能再請James快速回應一下。我知道你提到了一些考量，包括資產出售的稅負流失（tax leakage）、擱置成本（stranding costs）以及整體槓桿水準。你們如何看待在資本市場中有利可圖地卸載（offload）業務的可行性，以及其中的取捨？我想問的是，這些因素如何影響你們決定要卸載或保留某項業務？

Yeah, it's tough because the businesses are all highly integrated in the core infrastructure. So every time you take it out, you don't see, you don't see a proportionate reduction in the fixed cost, and that's what we always struggle with. But I think we need to take decisions that are creating the right portfolio to drive back quickly to sustainable mid-single-digit growth in the capital markets business. And we probably have to take some choices on lower growth products and address the cost structure appropriately. It is tough to make it work.

是的，這很棘手，因為這些業務都與核心基礎設施高度整合。所以每次你把它拆出去時，你看不到固定成本按比例下降，而這正是我們一直在掙扎的地方。但我認為我們需要做出決策，打造正確的產品組合（portfolio），以便讓資本市場業務能更快回到可持續的中等個位數成長。而且我們可能必須在低成長產品上做一些取捨，並相應地調整成本結構。要讓它運作起來確實很難。

They all will have leakage on all will have leakage, but we just got to work through that.

都會有流失，全部都會有流失，但我們只能把這些問題逐一處理。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

So my first one is just a clarification on the capital markets view. So to offset the trading in the asset services headwind, you mentioned an expectation of lending contributing to offset that. But was the 1Q weakness in the loan syndication area is expected to reverse? Or are you holding that constant at lower 1Q levels. And for the rebased 2026 outlook.

我第一個問題是想釐清一下你們對資本市場的看法。為了抵消資產服務（asset services）交易面帶來的逆風，你提到預期放款（lending）會有所貢獻來抵消。但第一季在貸款聯貸（loan syndication）領域的疲弱，是否預期會反轉？還是你們在重置後的2026年展望中，將其維持在第一季較低的水準不變？以及針對重置後的2026年展望。

I think you mentioned an assumed acceleration in 4Q. If that's the case, is that just based on lapping comps or something else you have visibility to?

我想你提到第四季假設會加速。如果是這樣，那只是因為比較基期（lapping comps），還是你們對其他因素有更明確的能見度？

The acceleration in 4Q, I think, is a more general comment across all of capital markets that the attrition starts you start lapping the attrition. So that is less of a pull down. and there's more of a contribution from sales sold earlier in the year. So that's where the acceleration is coming from, and we have pretty good line of sight to it. What we said about 2027 is in our remarks is we're not counting on a rebound on the lending business.

我認為第四季的加速，是對整個資本市場更一般性的說法：客戶流失（attrition）開始進入「比較基期」的階段。因此下拉效應會變小，而且會有更多來自年初較早售出的銷售案的貢獻。所以加速主要來自這些因素，我們對此有相當不錯的能見度。至於我們對2027年的說法，在我們的發言中也提到：我們並沒有把放款業務的反彈納入假設。

Those businesses that were small businesses that were impacted by the volatility of interest rates. that's the only comment.

那些業務是小型業務，受到利率波動的影響。這就是唯一的補充說明。

I think in general, if you look back for time, lending was a huge contributor to the overall growth rate and the overall growth rate lending is down in the current year. So it has pulled down versus the long-term trend rate, the business quite a bit.

我想整體而言，如果回頭看一段時間，放款曾是整體成長率的重要貢獻來源，而今年放款的成長率是下滑的。因此相較於長期趨勢成長率，這項業務被拉低了不少。

Got it. Okay. Understood. And then my follow-up just as it relates to AI productivity. Can you comment on your progress adopting AI internally, particularly with efficiencies in engineering and customer support?

了解。好。明白。那我的追問是關於AI生產力。你能否談談你們在內部採用AI的進展，特別是在工程效率與客戶支援方面的效率提升？

Just any KPIs you can share as far as resource intensity, product velocity, things like that?

在資源投入強度、產品開發速度（product velocity）等方面，有沒有任何KPI可以分享？

Yeah. I think that we're at beginning innings. That being said, I think we've been really focused on productivity in general. And you can see that really coming through as we've expanded margins on a year-over-year basis. So we're using our cost programs plus AI, but what I would say is we've leaned in hard to AI in 2026.

是的。我認為我們還在起步階段。話雖如此，我們一直非常專注於整體生產力提升。你也可以看到，隨著我們的利潤率在年對年基礎上擴張，這點確實反映出來。所以我們同時運用成本計畫與AI；但我要說的是，我們在2026年大力投入AI。

I think we gave some of the stats on slide 9, 1.5 times to 2 times throughput we're seeing in AI engineering, 30% fewer defects. We're certainly getting a more productive and better quality technology organization. In the servicing side of things, we have put in some agentic capabilities that have allowed us to take our manual tickets down by 70% and our triage time down by 75%. I think at this point, yes, it is driving productivity, but probably more importantly, it's driving a better client experience as well as faster product delivery for our clients. And so while we feel like AI is a great opportunity for us internally, we focus on it being productive as well as creating a better client outcome and client experience, and we think we're seeing both of those.

我想我們在第9頁投影片提供了一些數據：在AI工程方面，我們看到1.5倍到2倍的產出吞吐量（throughput），缺陷（defects）減少30%。我們的技術組織確實變得更高產、品質也更好。在服務（servicing）端，我們導入了一些代理式（agentic）能力，使人工工單（manual tickets）降低70%，分流/初步判別（triage）時間降低75%。我認為目前是的，它正在帶動生產力，但更重要的是，它也帶來更好的客戶體驗，以及更快的產品交付給客戶。因此，雖然我們認為AI對內部而言是很好的機會，但我們的重點是：既要提升生產力，也要創造更好的客戶成果與客戶體驗，而我們認為兩者都正在實現。

And that's an unlock, I think we'll expect to see as we go into '27 and '28. pretty excited about what we can do here.

我認為這是一個「解鎖」的契機，我們預期在進入2027與2028年時會更明顯地看到。對我們能在這裡做到的事情感到相當振奮。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以中斷連線。