Fiserv Inc (FISV) 2022 Q3 法說會逐字稿

Welcome to the Fiserv Third Quarter 2022 Quarter Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

歡迎參加 Fiserv 2022 年第三季財報電話會議。 （操作說明）提醒您，本次電話會議正在錄音。

At this time, I will turn the call over to Julie Chariell, Senior Vice President of Investor Relations at Fiserv.

此時，我將把電話轉交給 Fiserv 投資人關係資深副總裁 Julie Chariell。

Thank you, and good morning. With me on the call today are Frank Bisignano, our Chairman, President and Chief Executive Officer; and Bob Hau, our Chief Financial Officer.

謝謝，早安。今天和我一起參加電話會議的有我們的董事長、總裁兼執行長弗蘭克·比西尼亞諾，以及我們的財務長鮑勃·豪。

Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of fiserv.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call, along with a reconciliation of those measures to the nearest applicable GAAP measures. Unless otherwise stated, performance references are year-over-year comparisons.

本季度收益報告及補充資料可在 fiserv.com 的投資者關係頁面查閱。請參閱這些資料，以了解本次電話會議中討論的非公認會計準則（非GAAP）財務指標的解釋，以及這些指標與最接近的適用公認會計準則（GAAP）指標的調節表。除非另有說明，業績參考均為年比數據。

Our remarks today will include forward-looking statements about, among other matters, expected operating and financial results and strategic initiatives. Forward-looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. You should refer to our earnings release for a discussion of these risk factors.

我們今天的演講將包含一些前瞻性陳述，涉及預期經營和財務業績以及策略性舉措等事項。前瞻性陳述可能與實際結果有重大差異，並受許多風險和不確定因素的影響。有關這些風險因素的討論，請參閱我們的獲利報告。

And now over to Frank.

現在請法蘭克發言。

Thank you, Julie. Before I begin, let me again welcome Julie to the team. As we announced last quarter, she moved to a new role as the Head of Strategy. Julie joins us from Bloomberg, where she was a senior equity analyst covering the fintech and payment space and has extensive experience as a sell-side analyst and investment product manager. Welcome to your first Fiserv earnings call, Julie.

謝謝朱莉。在正式開始之前，請允許我再次歡迎朱莉加入團隊。正如我們上個季度宣布的那樣，她已調任戰略主管一職。朱莉先前在彭博社擔任高級股票分析師，負責金融科技和支付領域的研究，並擁有豐富的賣方分析師和投資產品經理經驗。歡迎朱莉參加您首次參加 Fiserv 財報電話會議。

Turning to the results. Overall, I am very pleased with yet another quarter of double-digit growth in both organic revenue and adjusted EPS. We continue to demonstrate the strength of our client base, depth of our partnerships and resilience of our businesses. Consumers activated more cards, continue to spend and were issued new credit. Merchants opened up new businesses, offered better experiences and took advantage of more value-added services. Financial institutions upgraded their systems and invested in new products to better compete and capture efficiencies.

接下來談談業績。總體而言，我對公司連續第二季實現兩位數成長感到非常滿意，無論是有機收入還是調整後每股盈餘。我們持續展現了強大的客戶基礎、深厚的合作關係以及業務的韌性。消費者啟動了更多銀行卡，持續消費，並獲得了新的信用額度。商家拓展了新業務，提供了更優質的客戶體驗，並利用了更多加值服務。金融機構升級了系統，並投資開發新產品，以增強競爭力並提高效率。

In the early days of the fourth quarter, we are seeing the same trends continue. We grew adjusted revenue 8% with organic revenue up 11%, at the top end of our full year 2022 guidance range. Adjusted operating margin of 35.2% was up 100 basis points year-over-year, expanded 170 basis points sequentially and was consistent with our internal modeling. Adjusted EPS of $1.63 included an $0.08 foreign exchange headwind versus last year, which is $0.03 more than we anticipated 90 days ago.

第四季開始，我們看到同樣的趨勢仍在延續。調整後的營收成長了8%，其中有機收入成長了11%，達到我們2022年全年業績指引範圍的上限。調整後的營業利益率為35.2%，較去年成長100個基點，較上季成長170個基點，與我們的內部模型預測相符。經過調整後的每股盈餘為1.63美元，其中包含了0.08美元的匯率波動影響，比我們90天前的預期高出0.03美元。

As we look forward, pressure remained from inflation, a still tight [global] market and geopolitical uncertainty. But as a global and diverse business, we are well prepared to capitalize in any market environment. Based on continued momentum, strong execution and near-term visibility, we are raising our revenue guidance to the high end of the range for this year to 11% organic and raising our adjusted EPS to $6.48 to $6.55.

展望未來，通膨、依然緊張的全球市場以及地緣政治不確定性仍將帶來壓力。但作為一家全球化且多元化的企業，我們已做好充分準備，在任何市場環境下都能把握機會。基於持續的成長動能、強勁的執行力和近期前景的明朗化，我們將今年的營收預期上調至區間高端，實現11%的有機成長，並將調整後每股收益預期上調至6.48美元至6.55美元。

Clearly, we're executing well beyond our legacy as a mid-single-digit top line grower. Based on the actions we've taken and the investments we've made, I remain confident that we can achieve faster growth in the high single-digit range or better over the coming years while maintaining our track record of double-digit adjusted EPS growth.

顯然，我們的業績已經遠遠超越了以往中個位數營收成長的水準。基於我們採取的行動和進行的投資，我仍然相信，未來幾年我們能夠實現更高的個位數成長，甚至更高，同時保持兩位數調整後每股收益成長的良好記錄。

When we brought together Fiserv and First Data in July 2019, we envisioned an industry-leading combination with a complete set of strong payments and fintech capabilities that were highly complementary. As we've combined these great companies, we're sometimes asked how being a diversified company that serves merchants and financial institutions, large and small, across all payment types is the winning strategy. We believe we're already demonstrating this through market share gains, faster growth and expanding margins, and the third quarter is another proof point of the power of this team and our set of assets and capabilities.

2019年7月，我們將Fiserv和First Data合併，當時我們設想打造一個業界領先的組合，擁有全面且高度互補的強大支付和金融科技能力。隨著這兩家優秀公司的合併，我們有時會被問到，作為一家服務於各種規模商家和金融機構、涵蓋所有支付類型的多元化公司，這種策略如何能奏效。我們相信，市場份額的成長、更快的成長速度和不斷擴大的利潤率已經證明了這一點，而第三季度的業績再次印證了我們團隊的實力以及我們豐富的資源和強大的能力。

Third quarter highlights the continuing momentum in our Payments and Network segment with organic revenue growth of 11% and adjusted operating margin expanding 190 basis points to 45.9%. Our issuer solutions business, which includes credit processing for large issuers and card and statement services, was particularly strong. Issuer solutions (inaudible) contracts, with 3 of the top 25 North American credit card issuers within the last 2 years, a testament to our single platform that delivers a full suite of digital capabilities.

第三季業績凸顯了我們支付和網路業務部門的持續成長勢頭，有機收入成長11%，調整後營業利潤率提升190個基點至45.9%。我們的發卡機構解決方案業務表現特別強勁，該業務包括為大型發卡機構提供信用卡處理服務以及卡片和帳單服務。過去兩年內，我們與北美排名前25的信用卡發卡機構中的3家簽訂了發卡機構解決方案合同，這充分證明了我們單一平台提供全套數字化功能的強大實力。

We can trace our success here directly to the investment we've made in the business over the last few years. These include a robust set of APIs; AI-based fraud management; cardholder experience technology, being the Ondot acquisition; integrated end-to-end output solutions plus ongoing cloud enablement of our technology stack.

我們所取得的成功直接歸功於過去幾年對業務的投資。這些投資包括：一套強大的API；基於人工智慧的詐欺管理；持卡人體驗技術（即收購Ondot）；整合的端到端輸出解決方案，以及我們技術堆疊的持續雲端化。

Since we began combining Fiserv and First Data, we made a decision to pursue the opportunity in the government vertical with its large TAM and multiple use cases that span merchant, issuer and output services. We began investing in the solutions, people and infrastructure, and the strategy is now playing out. This month, we began issuing roughly 10 million prepaid cards for the State of California under its middle class tax credit program. Since announcing this win last quarter, we were awarded another contract with the California State Controller for cards supporting various disbursement needs. We work with 5 other states to disburse and process their unemployment benefit cards. The pipeline remains large, and this vertical is traditionally quite resilient through the economic cycle.

自從我們開始合併 Fiserv 和 First Data 以來，我們就決定抓住政府垂直領域的機遇，該領域擁有巨大的潛在市場規模 (TAM) 和涵蓋商家、發卡機構和輸出服務的多種應用場景。我們開始投資解決方案、人才和基礎設施，如今這項策略正在逐步發揮作用。本月，我們開始為加州的中產階級稅收抵免計劃發行約 1,000 萬張預付卡。自從上季宣布這一中標以來，我們又與加州州審計長辦公室簽訂了另一份合同，為其提供支持各種支付需求的卡片。我們也與另外 5 個州合作，負責發放和處理他們的失業救濟金卡。目前，我們的業務儲備依然充足，而且該垂直領域歷來具有強大的經濟韌性。

Investing in innovation is a constant across our business, and nowhere are the benefits more evident than in our Merchant Acceptance business. We had another strong quarter for merchant, growing organic revenue 14%, once again outpacing our medium-term guidance of 9% to 12%.

投資創新是我們業務的持續投入，而商戶支付業務的收益尤其顯著。本季商家業務表現強勁，有機營收成長14%，再次超越我們先前9%至12%的中期預期。

At Clover, we rolled out several new products to enhance the merchant experience and customer authorization. This quarter, we'll be piloting an expanded retail vertical offering with additional horizontal value-added services, including an integration with accounting and business software.

在 Clover，我們推出了一系列新產品，旨在提升商家體驗和客戶授權流程。本季度，我們將試點推出一項擴展的零售垂直領域產品，並提供更多橫向增值服務，包括與會計和商業軟體的整合。

Our vertical solutions are resonating. In September, Clover Sport signed an agreement with Caesars Superdome and the Smoothie King Center in New Orleans, adding to its base of over 250 professional- and college-level sports venues. Clover will streamline purchasing at concession stands, premium bars and clubs with digital, contactless and self-service purchasing. We will also provide third-party integration to related services and real-time data insights.

我們的垂直產業解決方案反應熱烈。 9 月，Clover Sport 與新奧爾良的凱撒超級穹頂體育館 (Caesars Superdome) 和 Smoothie King 中心簽署了合作協議，使其合作的職業和大學體育場館數量超過 250 家。 Clover 將透過數位化、非接觸式和自助式支付方式，簡化特許經營攤位、高級酒吧和俱樂部的購買流程。我們還將提供相關服務的第三方整合以及即時數據洞察。

Carat, our enterprise omnichannel operating system, launched new money flows and continued to lead the market in payout choice and flexibility. We launched more instances of our multi-purse wallet, a white-label solution that holds multiple sources of value, including loyalty and prepaid. And we're proud to share that in July, Fiserv was named Merchant Acquirer of the Year by the Merchant Payments Ecosystem Awards in recognition of the highly successful debut of Carat as an omnichannel commerce operating system.

我們的企業級全通路作業系統 Carat 推出了新的資金流，並在支付方式的選擇和靈活性方面繼續引領市場。我們推出了更多多錢包實例，這是一款白標解決方案，可儲存多種價值來源，包括會員積分和預付卡。我們非常榮幸地宣布，Fiserv 憑藉 Carat 作為全通路商務作業系統的巨大成功，榮獲 7 月由商家支付生態系統獎頒發的「年度最佳商家收單機構」稱號。

As I mentioned earlier this year, data is an emerging business for us, and it spans both merchant and financial institution clients. We're excited to announce our new data-as-a-service offering in September, partnering with Snowflake. Fiserv will enable customers to access their payments data in near real time to better inform business decisions. By leveraging Snowflake Secure Data Sharing, customers can now seamlessly and securely access and integrate their data, driving deeper timely insights.

正如我今年稍早提到的，數據業務對我們來說是一個新興領域，它涵蓋了商家和金融機構客戶。我們很高興地宣布，將於9月與Snowflake合作推出全新的數據即服務（DaaS）產品。 Fiserv將使客戶能夠近乎即時地存取其支付數據，從而更好地指導業務決策。透過利用Snowflake安全數據共享（Secure Data Sharing），客戶現在可以無縫、安全地存取和整合其數據，從而獲得更深入、更及時的洞察。

A large energy company is just one type of client already in pilot. Financial institutions are excited by our data-as-a-service offering as well. Carter Bank, a $4 billion Mid-Atlantic community bank, is in an open data pilot with us to consolidate and connect all data across the enterprise. Many banks tell us they spend too much time trying to source, provision and integrate data. Fiserv and Snowflake will make it easier for Carter to use the data across their Fiserv and non-Fiserv systems to fully understand their customers down to the branch level.

大型能源公司只是參與試點計畫的眾多客戶類型之一。金融機構也對我們的數據即服務產品充滿熱情。卡特銀行是一家資產規模達40億美元的中大西洋社區銀行，目前正在與我們開展開放資料試點項目，旨在整合並連接企業內的所有資料。許多銀行告訴我們，他們在資料取得、配置和整合方面花費了太多時間。 Fiserv 和 Snowflake 將幫助卡特銀行更輕鬆地在其 Fiserv 系統和非 Fiserv 系統中使用數據，從而更全面地了解客戶，直到分行層級。

Fintech performance was lower than normal this quarter at 1% organic revenue growth but generated 4% growth year-to-date, and is on track to meet our organic growth guidance of 4% to 6%. This is a consistent business, but timing of product additions, new business implementations and professional services revenue can vary from quarter-to-quarter. Some of this revenue anticipated for September slipped into the fourth quarter, and we have good line of sight to full year revenue in the medium-term guidance range.

本季金融科技業務表現低於往常，有機營收成長僅1%，但年初至今已達到4%的成長，可望達到我們4%至6%的有機成長預期。該業務整體較為穩定，但產品新增、新業務實施和專業服務收入的到帳時間可能因季度而異。部分原定於9月份的營收已延至第四季度，我們對全年營收的中期預期目標保持樂觀。

We remain encouraged by our visibility here after signing 14 core wins in the quarter, with 9 being competitive takeaways spread across large banks, new banks, fintechs, community banks and credit unions. Earlier this year, Webster Bank acquired Fiserv client Sterling Bank to create a $65 billion Northeast regional. In the quarter, Webster chose Fiserv as its core account processing platform with multiple surround spanning our fintech and payments offering. We've talked about the strategic importance of Finxact, a leading cloud banking core today, with 11 clients already in production. After just 6 months under our umbrella, Finxact is attracting strong interest from both new and existing Fiserv clients. With 2 large new client wins in the quarter, Finxact will become the cloud-based core platform for 2 more emerging online banks.

本季我們斬獲14項核心業務，其中9項為競爭性收購，涵蓋大型銀行、新興銀行、金融科技公司、社區銀行和信用社，令我們倍感鼓舞。今年早些時候，韋伯斯特銀行收購了Fiserv的客戶斯特林銀行，打造了一家市值650億美元的東北地​​區銀行。本季度，韋伯斯特選擇Fiserv作為其核心帳戶處理平台，並結合我們涵蓋金融科技和支付領域的多項配套服務。我們曾多次強調Finxact的策略重要性，作為目前領先的雲端銀行核心系統，已有11家客戶投入使用。 Finxact加入我們僅6個月，就吸引了Fiserv新舊客戶的濃厚興趣。本季度，我們又成功拿下兩家大型新客戶，Finxact將成為另外兩家新興線上銀行的雲端核心平台。

And just yesterday, we entered into a new agreement with Zenus to power this global digital bank's first-to-market solution, running Finxact on the Microsoft Azure Cloud.

就在昨天，我們與 Zenus 達成了一項新協議，為這家全球數位銀行的首個市場解決方案提供技術支持，該解決方案在 Microsoft Azure 雲端上運行 Finxact。

Looking forward, there's plenty of uncertainty around what 2023 will bring. We're currently in the planning phase but have already taken steps to ensure we are prepared for a softer macroeconomic environment. We are fortunate to have a well-diversified business with high recurring revenue and a strong balance sheet. Bob will talk more about these factors shortly, but I want to share with you what I am seeing and hearing from clients and where I see opportunity for Fiserv in the coming quarters.

展望未來，2023 年充滿許多不確定性。我們目前正處於規劃階段，但已採取措施確保我們能夠應對較為疲軟的宏觀經濟環境。幸運的是，我們擁有多元化的業務、高額的經常性收入和穩健的資產負債表。鮑伯稍後會詳細說明這些因素，但我想先和大家分享我從客戶那裡了解到的情況，以及我認為 Fiserv 在未來幾季的發展機會。

The Payments segment has successfully capitalized on industry trends that are enabling strong growth. I call out 4 major trends that are responsible not only for the strong growth we are seeing now but a robust pipeline for the coming year. First, cardholders continue to expect better payment experiences, and more issuers look to our platforms to meet this demand. Issuers are also investing in more modern technology solutions such as better digital, broad and loyalty capabilities, all of which offer us attractive cross-sell opportunities.

支付業務板塊成功掌握了推動強勁成長的產業趨勢。我重點指出四大趨勢，它們不僅促成了我們當前的強勁成長，也為來年的發展奠定了堅實的基礎。首先，持卡人持續追求更優質的支付體驗，越來越多的發卡機構選擇我們的平台來滿足這項需求。此外，發卡機構也在投資更先進的技術解決方案，例如更強大的數位化、更廣泛的支付和忠誠度計劃功能，所有這些都為我們提供了極具吸引力的交叉銷售機會。

Second, the addressable market is growing. Segments such as health care, education and government are increasingly looking for new credit processing and disbursement solutions. Nontraditional start-ups and fintechs have also been actively entering the card issuing and lending space. Third, demand for plastic solution remains high as issuers compete heavily for new volume. Finally, the card payments environment has remained active even as we see continued growth in noncard payments, including Zelle and real-time payments.

其次，潛在市場正在成長。醫療保健、教育和政府等領域正日益尋求新的信貸處理和支付解決方案。非傳統新創企業和金融科技公司也積極進軍發卡和貸款領域。第三，由於發卡機構為爭取新增業務量而展開激烈競爭，對實體卡片解決方案的需求依然強勁。最後，儘管我們看到包括Zelle和即時支付在內的非卡片支付方式持續成長，但卡片支付市場仍保持活躍。

Two regulation-led opportunities (inaudible) first, the Fed announced that its real-time network, FedNow, would go live in mid-2023. Fiserv has been part of the FedNow pilot, and we believe that we are well positioned to participate in the rising adoption of real-time payments. We enable financial institutions and, eventually, billers and merchants to integrate with a variety of real-time services and networks through our single connection.

兩項監管驅動的機會（聽不清楚）首先，聯準會宣布其實時支付網路 FedNow 將於 2023 年年中上線。 Fiserv 已參與 FedNow 試點項目，我們相信我們已做好充分準備，參與到即時支付日益普及的浪潮中。我們透過單一連接，使金融機構以及最終的帳單機構和商家能夠與各種即時服務和網路整合。

Second, earlier this month, the Federal Reserve finalized a clarification to Reg II that the dual network requirement for debit applies for all transaction types, including card-not-present. Fiserv believes this will promote market competition, which will ultimately benefit consumers, merchants, issuers and the industry at large. Our debit networks, STAR and Accel, support card-not-present transactions, but many factors will influence our ultimate opportunity, so we will wait to see how issuers implement this rule once it takes effect in July.

其次，本月初，聯準會最終確定了對Reg II的澄清，明確借記卡雙網路要求適用於所有交易類型，包括非接觸式交易。 Fiserv認為這將促進市場競爭，最終惠及消費者、商家、發卡機構以及整個產業。我們的金融卡網絡STAR和Accel支援非接觸式交易，但許多因素會影響我們最終的機遇，因此我們將拭目以待，看看發卡機構在7月該規則生效後如何執行。

In Merchant Acceptance, the uncertain macro environment has merchants, large and small, looking to optimize the value in their operations. In some cases, this has increased their desire for a single full-service provider over fragmented specialists. And that suits us well given our breadth and scale. Their focus on areas like payment optimization, lower-cost payment methods and fraud is presenting more value-added service opportunities as well. In fact, we've won a few deals to enable Pay by Bank, which lowers the cost of acceptance for merchants, is an easy way for consumers to earn rewards. One of our large petro merchants, Sunoco, with 5,500 locations, was just one such win in the third quarter. With the e-commerce penetration returning to a more normal growth trend, card-present solutions are in focus as the more complex problem to solve for integrated omnichannel solutions.

在商家受理領域，宏觀環境的不確定性促使大大小小的商家正在尋求優化營運價值。在某些情況下，這促使他們更傾向於選擇單一的全方位服務提供者，而非分散的專業服務商。鑑於我們廣泛的業務範圍和規模，這正符合我們的需求。他們對支付優化、低成本支付方式和反詐騙等領域的關注也為我們帶來了更多增值服務機會。事實上，我們已經成功拿下幾筆交易，為商家提供「銀行支付」服務，這不僅降低了商家的受理成本，也為消費者提供了輕鬆賺取獎勵的途徑。我們的大型石油商家之一－擁有5500家門市的Sunoco，就是我們在第三季贏得的眾多客戶之一。隨著電子商務滲透率恢復到較正常的成長趨勢，實體店刷卡支付解決方案正成為關注焦點，因為它是整合全通路解決方案中需要解決的更為複雜的問題。

Our marquee base of large merchant customers is looking to us here. This includes leading petro and grocery merchants who are more insulated from economic slowdowns due to the nondiscretionary nature of their businesses. In our Fintech business, banks are managing through the macro uncertainty with a focus on serving existing customers and improving operational efficiency, two areas where we provide a number of important products and services that offer a way to grow accounts and enter new markets in a cost-effective manner.

我們龐大的大型商家客戶群正密切關注著我們。這其中包括領先的加油站和食品雜貨商，由於其業務屬於非必需品，因此受經濟放緩的影響較小。在我們的金融科技業務方面，銀行正努力應對宏觀經濟的不確定性，專注於服務現有客戶和提高營運效率。在這兩個領域，我們提供一系列重要的產品和服務，幫助客戶以經濟高效的方式拓展帳戶並進入新市場。

Finxact, our new cloud-native modern banking platform, is being recognized as the best way to conceptualize, create and launch new banking products. And our pipeline is particularly active with pioneering digital banks and big issuers entering the banking market via embedded finance. A leading example is our partnership with One Finance, supporting their growth initiatives in retail. We can offer them faster time to market with greater flexibility and scalability plus the largest product portfolio available.

Finxact 是我們全新的雲端原生現代銀行平台，被公認為構思、創建和推出新銀行產品的最佳途徑。我們與眾多先鋒數位銀行和大型發卡機構的合作尤為活躍，這些機構正透過嵌入式金融進入銀行市場。一個典型的例子是我們與 One Finance 的合作，我們支持他們在零售領域的成長計畫。我們能夠為他們提供更快的上市速度、更高的靈活性和可擴展性，以及最豐富的產品組合。

Now let me pass the discussion to Bob for more detail on our financial results.

現在我把發言權交給鮑勃，讓他詳細介紹我們的財務表現。

Thank you, Frank, and good morning, everyone. If you're following along on our slides, I will cover additional detail on total company and segment performance, starting with our financial metrics and trends on Slide 4. Third quarter results showed continued strength and the benefit of our broad portfolio. Total company organic revenue growth was 11% in the quarter with continued momentum in Merchant Acceptance, a nice step-up in growth in our Payments and Network segment and stable performance in the Fintech segment, considering the impact of some timing of revenue quarter-to-quarter.

謝謝弗蘭克，大家早安。如果您正在觀看我們的投影片，我將從第四張投影片開始，詳細介紹公司整體及各業務板塊的業績，首先是財務指標和趨勢。第三季業績顯示公司持續強勁成長，這得益於我們廣泛的產品組合。本季公司整體有機收入成長11%，其中商戶受理業務保持成長勢頭，支付和網路業務板塊增長顯著，金融科技業務板塊表現穩定，考慮到部分收入的季度間時間差異，這一成績尤為突出。

Year-to-date, total company organic revenue grew 11%, led by the Merchant Acceptance segment, which grew 17%. Third quarter total company adjusted revenue grew 8% to $4.3 billion, and adjusted operating income grew 11% to $1.5 billion, resulting in an adjusted operating margin of 35.2%, an increase of 100 basis points versus the prior year. As Frank mentioned, margins improved sequentially 170 basis points from the second quarter on 1% higher revenue and 2% lower expenses. For the first 9 months of the year, adjusted revenue grew 9% to $12.4 billion, and adjusted operating income increased 10% to $4.2 billion, resulting in an adjusted operating margin of 33.6%, 40 basis points ahead of the prior year period.

今年迄今，公司有機總收入成長11%，其中商戶受理業務部門成長17%，成為主要成長動力。第三季公司調整後總營收成長8%至43億美元，調整後營業利潤成長11%至15億美元，調整後營業利益率為35.2%，較上年同期成長100個基點。正如弗蘭克所提到的，由於收入成長1%和支出下降2%，利潤率則是季增170個基點。今年前九個月，調整後營收成長9%至124億美元，調整後營業利潤成長10%至42億美元，調整後營業利益率為33.6%，較上年同期成長40個基點。

The adjusted operating margin for the quarter was impacted by several factors, including, first, investments related to new acquisitions, including BentoBox and Finxact; second, the significant strengthening of the U.S. dollar, particularly in September; and third, the net impact of inflation on our revenue, offset by costs for both labor and material.

本季的調整後營業利潤率受到多種因素的影響，包括：第一，與新收購相關的投資，例如 BentoBox 和 Finxact；第二，美元大幅走強，尤其是在 9 月；第三，通貨膨脹對我們收入的淨影響，被勞動力和材料成本所抵消。

As we've previously said, we expect significant adjusted operating margin expansion in the fourth quarter. We have 4 factors driving this improvement. First, the benefits of the final ramp-down of prior integration expenses and resulting productivity benefits. Second, in the latter part of the third quarter, we began taking some cost actions to tighten spending in light of the continued uncertain macroeconomic conditions across the globe. Third, as part of our ongoing strategic review, we divested our Korea business and 2 small low-margin nonstrategic units. Finally, we anticipate healthy operating leverage and easier inflation comparisons in the fourth quarter. These factors should deliver our full year guidance for at least 100 basis point improvement and sets us up well for 2023.

正如我們之前所述，我們預計第四季度調整後營業利潤率將顯著提升。推動這項改善的因素有四點。首先，先前整合費用的最終削減以及由此帶來的生產力提升。其次，鑑於全球宏觀經濟情勢持續不明朗，我們在第三季後半段開始採取一些成本控制措施，以收緊支出。第三，作為我們持續策略評估的一部分，我們剝離了韓國業務和兩個利潤率較低、規模較小的非策略性業務單位。最後，我們預期第四季將維持良好的經營槓桿，且通膨基數較低。這些因素應能使我們全年業績至少提升100個基點，並為2023年奠定良好基礎。

Third quarter adjusted earnings per share increased 11% to $1.63 compared to $1.47 in the prior year. Unfavorable foreign exchange impacted adjusted EPS by $0.08 per share year-over-year or 5 points of growth headwind relative to the exchange rates a year ago. Year-to-date through September 30, adjusted earnings per share increased 14% to $4.59. Free cash flow came in at $849 million for the quarter and $2.1 billion for the first 9 months of the year. Free cash flow conversion was 81% of adjusted net income this quarter, well ahead of prior year and first half levels.

第三季調整後每股盈餘較去年同期成長11%至1.63美元，去年同期為1.47美元。不利的匯率波動使調整後每股盈餘較去年同期下降0.08美元，相當於較去年同期匯率水準下降5個百分點。截至9月30日，今年迄今，調整後每股盈餘年增14%至4.59美元。本季自由現金流為8.49億美元，今年前九個月累計自由現金流21億美元。本季自由現金流轉換率為調整後淨利的81%，遠高於去年同期及上半年水準。

Like the fourth quarter of 2021, we expect a significant ramp in free cash flow and free cash flow conversion in the last quarter of the year. Free cash flow conversion of 71% year-to-date reflects a combination of: first, continued organic investment in software and application development to drive higher growth across the business; second, greater working capital investment in both accounts receivable and inventory, driven by accelerated revenue growth; and third, higher capital expenditures associated with the newly acquired capabilities to drive innovation and integration.

與2021年第四季類似，我們預計今年最後一個季度自由現金流和自由現金流轉換率將顯著提升。年初至今71%的自由現金流轉換率反映了以下幾個因素的綜合作用：首先，持續加大對軟體和應用程式開發的內生性投資，以推動業務整體成長；其次，受收入加速成長的推動，增加了對應收帳款和庫存的營運資本投入；第三，與新收購能力相關的資本支出增加，以推動創新和整合。

As we close out the year, the sustained strength in our business gives us confidence to raise our full year organic revenue growth outlook to 11%, the top end of our previous guidance range of 9% to 11%. With this higher organic revenue growth outlook and execution on cost actions that support continued adjusted operating margin expansion, we are raising our full year adjusted EPS guidance range to a new range of $6.48 to $6.55, representing growth of 16% to 17% over 2021, at the high end of our original 15% to 17% guide.

隨著年末臨近，我們業務的持續強勁成長使我們有信心將全年有機收入成長預期上調至11%，達到先前9%至11%預期範圍的上限。基於更高的有機收入成長預期以及支持調整後營業利潤率持續提升的成本控制措施，我們將全年調整後每股收益預期範圍上調至6.48美元至6.55美元，較2021年增長16%至17%，處於此前15%至17%預期範圍的上限。

This includes significant strengthening of the U.S. dollar, which leads to an additional $0.06 of unfavorable foreign exchange impact in the third and fourth quarters relative to our expectations just 90 days ago. While we anticipate greater than 100% conversion of free cash flow in the fourth quarter, we continue to anticipate strong revenue growth as indicated by another increase in our organic revenue outlook. We have real investment opportunities to sustainably grow our top line faster than market and faster than our history of mid-single-digit growth. Therefore, we now expect full year free cash flow conversion to be approximately 85%.

這其中包括美元大幅走強，導致第三季和第四季的不利外匯影響比我們90天前的預期額外增加0.06美元。儘管我們預計第四季度自由現金流轉換率將超過100%，但我們仍然預期營收將強勁成長，這體現在我們再次上調了有機營收預期。我們擁有真正的投資機會，可以實現營收的可持續成長，成長超過市場平均水平，也超過我們以往的中個位數成長速度。因此，我們現在預計全年自由現金流轉換率約為85%。

Now looking to our segment results, starting on Slide 5. Organic revenue growth in the Merchant Acceptance segment was a healthy 14% in the quarter and 17% year-to-date. Adjusted revenue growth in the quarter was 9% and 14% for the first 9 months, well ahead of the medium-term segment guidance of 9% to 12%. Merchant volume and transactions grew 10% and 5%, respectively, excluding the loss of a processing client mid last year. Activity was consistent in North America with some deceleration in Europe. We see new opportunity with the launch of our Deutsche Bank joint venture in the quarter.

現在來看看我們各業務區的業績，從第5頁開始。商家受理業務部門的有機收入在本季實現了14%的健康成長，年初至今更是達到了17%。經過調整後，本季營收成長了9%，前9個月的營收成長了14%，遠超9%至12%的中期業績預期。商家交易量和交易筆數分別增加了10%和5%（不包括去年中流失的一家支付處理客戶）。北美地區的業務活動保持穩定，而歐洲地區的業務成長放緩。我們看到了本季與德意志銀行合資成立帶來的新機會。

Turning to our merchant operating systems, Clover and Carat. We continue to see gains across key metrics, including net new merchant adds, value-added services penetration and partner relationships. Clover revenue grew 19%, coming off our toughest comparison against last year when the post-COVID return to normal was in full swing. Payment volume growth was 21%. Software and services penetration reached 15% of total revenue, an increase of over 260 basis points from last year and up 30 basis points sequentially, with strength in assets like Clover Capital.

接下來談談我們的商家作業系統 Clover 和 Carat。我們在各項關鍵指標上持續成長，包括新增商家數量、增值服務滲透率和合作夥伴關係。 Clover 的營收成長了 19%，這得益於去年同期的高基數效應，當時正值後疫情時代經濟全面復甦之際。支付量增加了 21%。軟體和服務滲透率達到總收入的 15%，較去年增長超過 260 個基點，環比增長 30 個基點，這主要得益於 Clover Capital 等資產的強勁表現。

Clover Connect for ISVs built on its momentum with very strong revenue growth in the quarter as we continue to execute on our vertical strategies, adding 37 ISV partners. We won key clients away from competition such as SalonUltimate software, a comprehensive solution for salons and spas. Another PayFac win in the quarter was Tempus, which expands our presence in the health care vertical. We focused on our integration of BentoBox and rounded out our restaurant offering with the acquisition of NexTable for reservations, providing an opportunity to expand ARPU beyond the average increase of 2 to 3x, which we see for merchants using BentoBox and Clover.

Clover Connect for ISV 延續了強勁的發展勢頭，本季營收成長尤為顯著，這得益於我們持續推動垂直產業策略，並新增了 37 家 ISV 合作夥伴。我們從競爭對手手中成功拿下 SalonUltimate 軟體等重要客戶，該軟體為美髮沙龍和水療中心提供全面的解決方案。本季度，我們又成功收購了 Tempus 支付服務商，進一步拓展了我們在醫療保健領域的業務。我們專注於 BentoBox 的整合，並透過收購 NexTable 預訂服務完善了餐飲產品組合，這為我們提供了提升 ARPU 的機會，使其增長幅度有望超過使用 BentoBox 和 Clover 的商家通常 2 至 3 倍的水平。

Carat also had a strong quarter with revenue growing at 18%. We continue to drive accelerated growth in new money flows with third quarter digital transactions up 67% year-over-year and online EBT transactions up 27%. We delivered on our new innovations and signed agreements with Sunoco to launch Pay by Bank and with Subway's digital acquiring business in Puerto Rico via our connected commerce ecosystem, among others. We also continue to show we're a provider of choice for fintechs, this time with [peer lenders there too] for digital disbursements and card-not-present acquiring.

Carat本季業績表現強勁，營收成長18%。我們持續推動新資金流入加速成長，第三季數位交易年增67%，線上EBT交易年增27%。我們兌現了創新承諾，並與Sunoco簽署協議，推出銀行支付服務；此外，我們還透過互聯商務生態系統，與Subway在波多黎各的數位收單業務達成合作。同時，我們也持續展現出作為金融科技公司首選供應商的地位，此次與[當地的P2P借貸平台]合作，提供數位支付和非接觸式收單服務。

Adjusted operating income in Acceptance segment increased 11% to $610 million in the quarter, and adjusted operating margin was up 20 basis points to 32.4%. The improvement was led by operating leverage and cost management more than offsetting the impact of acquisitions and divestitures as well as FX. Year-to-date, adjusted operating income improved 14% to $1.7 billion, and adjusted operating margin grew 20 basis points to 30.8%.

本季度，驗收業務部門的調整後營業收入成長11%至6.1億美元，調整後營業利潤率提升20個基點至32.4%。這一成長主要得益於營運槓桿和成本控制的提升，足以抵銷收購和剝離以及匯率波動的影響。年初至今，調整後營業收入成長14%至17億美元，調整後營業利益率提升20個基點至30.8%。

Turning to Slide 6. On the Payments and Network segment, organic revenue grew 11% in the quarter, above the high end of the 5% to 8% medium-term guidance range. This growth was enabled by a variety of drivers across our business lines. Our North American credit active accounts on file grew 19% versus third quarter of last year. This growth was driven by both new business onboarding and a favorable credit environment. Our international issuing business grew strong double digits, driven by macroeconomic improvement as well as the onboarding of new clients. And our debit business continues to post solid growth, driven by new client wins on our debit networks, STAR and Accel. We are pleased with several wins among fintechs in the quarter as well, including one with Papaya for eBill distribution. Papaya is an app provider that brings billers and consumers together for a better bill pay experience.

請看幻燈片6。在支付和網路板塊，本季有機收入成長11%，高於5%至8%的中期預期區間上限。這一增長得益於我們各業務線的多種驅動因素​​。北美地區活躍信用卡帳戶數量較去年第三季成長19%。這一成長主要得益於新業務拓展和良好的信貸環境。國際發卡業務實現了強勁的兩位數成長，主要得益於宏觀經濟的改善以及新客戶的加入。簽帳卡業務也持續保持穩健成長，這主要得益於我們在藉記卡網路STAR和Accel上贏得的新客戶。本季度，我們也很高興與多家金融科技公司達成合作，其中包括與Papaya合作開展電子帳單分發業務。 Papaya是一家應用程式供應商，致力於連接帳單提供者和消費者，從而提供更優質的帳單支付體驗。

Year-to-date organic revenue grew 8%, and we expect the momentum in this segment to continue through the rest of the year, resulting in full year organic revenue growth at or above the top end of our medium-term outlook range of 5% to 8%. Adjusted operating income for the segment was up 14% to $744 million, and adjusted operating margin was up 190 basis points to 45.9%, driven by strong operating leverage. Year-to-date, adjusted operating income was up 9% to $2 billion, and adjusted operating margin was up 70 basis points versus last year at 44.1%.

今年迄今為止，有機收入增長了8%，我們預計這一增長勢頭將在今年餘下時間裡持續，從而使全年有機收入增長達到或超過我們中期預期範圍5%至8%的上限。該業務部門的調整後營業收入成長了14%至7.44億美元，調整後營業利潤率上升了190個基點至45.9%，主要得益於強勁的經營槓桿作用。今年迄今為止，調整後營業收入成長了9%至20億美元，調整後營業利潤率較去年同期上升了70個基點至44.1%。

Moving to Slide 7. In the Financial Technology segment, we posted 1% organic revenue growth for the quarter and 4% year-to-date, within our 4% to 6% medium-term guidance range. The nonrecurring portions of this business, including new product implementation work and professional services, was impacted by the timing of contracts in September. But we retain good line of sight to this revenue being booked in the fourth quarter. Meanwhile, customer momentum continues, and we had 14 core wins in the quarter, including 9 competitive takeaways.

翻到第7頁。在金融科技板塊，我們本季實現了1%的有機收入成長，年初至今成長了4%，符合我們4%至6%的中期成長預期。該業務的非經常性部分，包括新產品實施工作和專業服務，受到9月份合約簽訂時間的影響。但我們預計這部分收入將在第四季確認。同時，客戶成長動能依然強勁，本季我們贏得了14個核心客戶，其中包括9個競爭對手的收購。

Adjusted operating income was down 5% in the quarter to $261 million and up 3% to $817 million year-to-date. Adjusted operating margin in the segment decreased 190 basis points to 34.1% in the quarter, driven by investment in Finxact and timing of periodic revenue. Year-to-date, the segment's adjusted operating margin declined 50 basis points to 34.8%. The adjusted corporate operating loss was $109 million in the quarter, a slight improvement from the first half run rate and $356 million year-to-date. The adjusted effective tax rate in the quarter was 20.9% and was 19.8% year-to-date. We expect the full year 2022 adjusted effective tax rate to be approximately 20%.

本季調整後營業收入下降5%至2.61億美元，年初至今成長3%至8.17億美元。受對Finxact的投資以及定期收入的時間安排影響，本季該業務部門的調整後營業利潤率下降190個基點至34.1%。年初至今，該業務部門的調整後營業利潤率下降50個基點至34.8%。本季調整後公司營業虧損為1.09億美元，較上半年略有改善，年初至今虧損為3.56億美元。本季調整後實際稅率為20.9%，年初至今為19.8%。我們預計2022年全年調整後實際稅率約為20%。

Total debt outstanding was $21.4 billion on September 30. The debt to adjusted EBITDA ratio dropped another 0.1 turn to 2.9x, reaching our target leverage of being below 3x, which we set when we announced our merger. During the quarter, we stepped up our share repurchases, buying back $750 million worth of our stock. We had 24.5 million shares remaining authorized for repurchase at the end of the quarter. Additionally, we've repurchased a little more than $250 million so far in October.

截至9月30日，未償債務總額為214億美元。債務與調整後EBITDA比率進一步下降0.1個百分點至2.9倍，達到我們宣布合併時設定的低於3倍的目標槓桿率。本季，我們加大了股票回購力度，回購了價值7.5億美元的股票。截至季末，我們仍有2450萬股的授權回購額度。此外，10月份至今，我們已回購了略高於2.5億美元的股票。

We are fully committed to our long-standing capital allocation strategy, which includes investing in our business organically, maintaining a strong balance sheet, repurchasing shares and pursuing high-value and innovative acquisitions. We've included Slide 8 in the presentation to reflect this greater investment while strengthening our balance sheet and returning cash to our shareholders.

我們始終堅持長期以來的資本配置策略，包括對自身業務進行有機成長投資、維持穩健的資產負債表、回購股份以及尋求高價值和創新收購。我們在簡報的第8頁中重點介紹了這項加大投資、增強資產負債表以及向股東返還現金的舉措。

With that, let me turn the call back to Frank.

那麼，我把電話轉回給弗蘭克。

Thanks, Bob. Let me wrap up with an update about progress on ESG and our people platform. Since the release of our most recent CSR report in the second quarter, we have seen positive momentum in our ESG ratings at MSCI, Refinitiv and S&P CSA and significant increases in our ISS quality scores. We have submitted our CDP survey for the second year. These improvements are attributable to our improved ESG programming, framework alignment and our 2021 CSR report.

謝謝，鮑伯。最後，我想報告我們在ESG和人才平台方面的進展。自第二季發布最新企業社會責任報告以來，我們在MSCI、Refinitiv和標普CSA的ESG評級均呈現正面態勢，ISS品質評分也顯著提升。我們已連續第二年提交了CDP問卷。這些進步歸功於我們改進的ESG專案、框架調整以及我們發布的2021年企業社會責任報告。

As we look out to what is best described as an uncertain year ahead, Fiserv is well positioned for the long haul. We've made the investments in product, people and infrastructure that will allow us to continue as an industry leader, driving better top line growth and productivity. We've talked about some of the product innovation and TAM expansion that we've achieved.

展望未來一年充滿不確定性，Fiserv 已做好長期發展的充分準備。我們在產品、人才和基礎設施方面進行了投資，這將使我們能夠繼續保持行業領先地位，並推動營收成長和生產力提升。我們已經談到了一些產品創新和市場拓展的成就。

So let me take a minute to discuss our people. We're grateful for our dedicated workforce, especially our essential workers who are present throughout the pandemic. We recognize their commitment both through compensation and career advancement while supporting them by upgrading and expanding our infrastructure. This made it particularly gratifying when we were ranked #6 of the top 250 largest U.S. public companies on the American Opportunity Index earlier this month. The index measures how well these companies foster economic mobility based on real-world outcomes for employees, particularly those without a college degree. This index is one indicator that shows we are well positioned to compete for talent.

所以，我想花一點時間談談我們的員工。我們非常感謝我們敬業的員工，特別是那些在疫情期間堅守崗位的必要崗位員工。我們透過薪資和職業發展來認可他們的付出，並透過升級和擴大基礎設施來支持他們。因此，本月初我們在美國機會指數（American Opportunity Index）中位列美國250家最大上市公司第六名，這讓我們倍感欣慰。該指數衡量這些公司在促進員工（尤其是那些沒有大學學歷的員工）經濟流動性方面所取得的成效。該指數表明，我們在人才競爭中佔據優勢。

Our hybrid workforce strategy is greatly enhanced by world-class facilities and colocated workforces. We began consolidating around large modern hubs and closed over 70 facilities in the past 2 years. This morning, we announced our new location for our global headquarters in Downtown Milwaukee. Last month, we opened the largest fintech hub on the East Coast, our innovation center in Berkeley Heights, New Jersey, where we anticipate LEED Platinum certification. This followed a major upgrade of both our production and office facilities in Omaha, Nebraska. We are opening new and expanded facilities in Dublin, Ireland and Sao Paulo, Brazil and are working towards LEED certification in these facilities after achieving LEED Gold status in New York.

世界一流的設施和集中辦公的員工隊伍大大提升了我們的混合辦公模式。過去兩年，我們圍繞著大型現代化中心進行整合，並關閉了70多家設施。今天上午，我們宣布了位於密爾瓦基市中心的全球總部新址。上個月，我們在新澤西州伯克利高地開設了東海岸最大的金融科技中心——創新中心，並有望獲得LEED鉑金級認證。此前，我們位於內布拉斯加州奧馬哈的生產和辦公設施都已完成重大升級。我們正在愛爾蘭都柏林和巴西聖保羅開設新的或擴建的設施，並正努力使這些設施獲得LEED認證，此前我們在紐約的設施已獲得LEED金級認證。

While this spending will ease in 2023, we are already reaping the rewards through lower operating expenses and increased productivity. I will close by thanking our more than 40,000 hardworking Fiserv associates around the world for working relentlessly to serve our clients and you, our shareholders.

雖然這項支出將在2023年有所放緩，但我們已經透過降低營運成本和提高生產效率獲得了回報。最後，我要感謝Fiserv全球超過4萬名勤奮敬業的員工，感謝他們不懈努力地為我們的客戶和各位股東服務。

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

接線員，請開啟提問頻道。

(Operator Instructions) Our first question will come from Lisa Ellis from MoffettNathanson.

（操作說明）我們的第一個問題來自 MoffettNathanson 公司的 Lisa Ellis。

First one, just, Bob, it's for you on free cash flow. Can you just elaborate a bit on what changed, I guess, relative to 90 days ago that caused you to bring down the free cash flow outlook for the year? And maybe just more broadly, looking forward, how are you thinking about what more of a sustainable level of free cash flow conversion is for Fiserv, realizing that there were some unusual items in this year, in 2022?

鮑勃，第一個問題是關於自由現金流的。你能詳細說說，與90天前相比，是什麼變化導致你下調了今年的自由現金流預期嗎？更廣泛地說，展望未來，考慮到今年和2022年出現了一些特殊情況，你認為Fiserv更永續的自由現金流轉換率應該是多少？

Yes. Lisa, thank you. So I guess a couple of things. One, in terms of the adjustment in our outlook for the full year, I think I would point to a couple of things. One is we continue to see good opportunities to invest for future growth. Obviously, we're seeing an impact in the current year from an 11% growth rate that puts pressure on working capital. As you grow the top line, you have more receivables, but we're also carrying more inventory.

是的，麗莎，謝謝。我想說幾點。首先，關於我們對全年業績展望的調整，我想指出兩點。一是我們仍然看到良好的投資機會，有利於未來的成長。顯然，今年11%的成長率對營運資金造成了壓力。隨著營收成長，應收帳款增加，但我們的庫存也在增加。

One of the things that has persisted longer than we had anticipated just 90 days ago is the supply chain issues/problems in China around getting point-of-sale devices, et cetera. And we continue to ensure that we have availability of product and can support our client base with having a product, point-of-sale product.

90天前我們曾預想，中國供應鏈中關於銷售點設備等產品的供應問題持續時間比預想的要長得多。我們將持續確保產品供應充足，並為客戶提供所需的銷售點產品。

COVID shutdowns in China are actually going on right now, and so protecting ourselves there. We also have some new geographies and new clients that are bringing on Clover and other point-of-sale devices. So we continue to invest in that. You see our capital spending around new product development, software cap. We continue to see good opportunities, so we're driving for sustainable, very high single, perhaps even low double-digit growth investments around the acquisitions of Finxact, Ondot, BentoBox. We've made the decision to keep investing and therefore revised our free cash flow.

目前中國正處於新冠疫情封鎖狀態，因此我們需要保護自己。同時，我們也拓展了一些新的市場，吸引了新的客戶，他們正在使用 Clover 和其他銷售點終端設備。所以我們會繼續加大投資。您可以看到，我們的資本支出主要集中在新產品開發和軟體開發方面。我們持續看到良好的發展機遇，因此我們正致力於透過收購 Finxact、Ondot 和 BentoBox 等公司，實現可持續的、極高的個位數甚至兩位數成長。我們決定繼續投資，因此調整了我們的自由現金流預測。

In terms of long-term sustainability, I'm not prepared to give guidance for 2023. But we've certainly seen in the last 2 years, '21 and '22, a pretty significant step function change in our growth rate, 11% last year, which granted is against the COVID adjusted prior year. But 11% this year, bending that curve, so to speak, from companies that were mid-single digits and perhaps generously mid-single digits pre merger, now double digits. You're going to see something less than 100% free cash flow going forward, I think.

就長期可持續性而言，我目前不打算對2023年做出預測。但過去兩年（2021年和2022年），我們的成長率確實出現了顯著的階躍式成長。去年的成長率為11%，當然，這是與經新冠疫情調整後的前一年相比而言的。但今年的成長率也達到了11%，可以說，這扭轉了成長曲線。合併前，這些公司的成長率只有個位數，甚至可能勉強達到個位數，而現在都達到了兩位數。我認為，未來自由現金流佔比將低於100%。

Okay. Okay. All right. And then my follow-up, Frank, for you. In your prepared remarks commenting in regards to Carat, you highlighted that many merchants find that the in-store, the card-present component of acquiring or omnichannel acquiring is often the more complicated part. Can you just elaborate on this? I think this is a question we get often just sort of related to how to think about omnichannel acquiring and the tricky aspects of executing that for merchants that might currently use different acquirers in-store and online.

好的，好的，好的。接下來，法蘭克，我想問你一個後續問題。在你之前關於凱絡的發言稿中，你提到很多商家都覺得店內刷卡支付環節，也就是全通路收單或全通路收單，往往是最複雜的部分。能詳細解釋一下嗎？我覺得我們經常會遇到這個問題，它涉及到如何看待全通路收單，以及對於那些目前在實體店和線上使用不同收單機構的商家來說，如何才能更有效地執行全通路收單。

Yes. Thanks. I think we always had a very strong in-store presence. And we were always a large processor for e-commerce transactions. And then we geared into the front end of the business and began building out that omnichannel presence. What we see is that our ability to bring, in fact, a single integration point, single reporting structure, connected hardware, connected systems as companies evolve and want many times an easier instance, we are an excellent provider of it.

是的，謝謝。我認為我們一直擁有非常強大的實體店實力，而且一直是電子商務交易的主要處理商。之後，我們開始專注於業務前端，建立全通路佈局。我們發現，隨著企業不斷發展，對更便利的解決方案的需求也日益增長，我們能夠提供單一整合點、單一報告結構、互聯硬體和互聯繫統，而我們正是這方面的優秀供應商。

And when we look at Carat long term, you see us also talking about other features in there where we allow a multi-purse wallet that puts more product in there. It could be loyalty. It could be prepaid. It could be rebates. So how we bring all that capability in a single connection, ultimately even allowing larger players. And ultimately, we think it will drop to mid-market, this capability, the ability for their consumers to build greater loyalty through this single connection and this omnichannel presence. So we're pretty excited. We've built it out. The use cases are there. We feel the winning is occurring and the volume is falling through the system.

當我們展望 Carat 的長期發展時，你會發現我們也在探討其他功能，例如打造一個多錢包，讓用戶能夠儲存更多產品。這些產品可能包含會員積分、預付卡或回饋等。我們將所有這些功能整合到一個統一的平台，最終將惠及大型企業。我們認為，這項功能最終會惠及中階市場，讓消費者透過這個統一的平台和全通路體驗建立更強的忠誠度。我們對此感到非常興奮。我們已經完成了開發，應用場景也已就緒。我們相信，用戶正在贏得市場，而交易量也在不斷增長。

So it's been strategic. We came from a different place than others. We came with a great physical presence and a great processing capability. And then building omnichannel front end of Carat is resonating well with our clients. So think about it along with integrated value-added services and embedded finance, and all of that ultimately was using a much larger value prop, that pure omnichannel. I hope that's helpful.

所以，我們的戰略是經過深思熟慮的。我們與其他公司有著不同的背景。我們擁有強大的實體網路和卓越的處理能力。此外，Carat 全通路前端的建置也受到了客戶的正面回應。結合整合的增值服務和嵌入式金融功能，所有這些最終都體現了我們更大的價值主張——純粹的全通路。希望這些解釋對您有幫助。

Next, we'll go to the line of David Togut from Evercore ISI.

接下來，我們將介紹 Evercore ISI 的 David Togut 的生產線。

Bob, could you dig into your commentary around the bridge to 2022 margins, particularly your actions to tighten spending in the third quarter? Can you bracket for us what the annualized cost savings from these actions might be?

鮑勃，你能否詳細解釋一下你對2022年利潤率過渡期的評論，特別是你在第三季度收緊開支的措施？你能否估算一下這些措施可能帶來的年度成本節約額？

Sure, David. So a couple of things from a margin standpoint. If you recall, actually going back to our first quarter earnings call, which we reiterated in the second earning -- second quarter earnings. And we've expected since the beginning of the year that our margin would accelerate into the second half of the year. That acceleration was largely driven by carryover integration spending that we used to back in 2021, just out as merger and integration spending. Our company policy says you do that through the end of last year. And any projects that are continuing no longer get adjusted out of our earnings, and so we had some cost flow into the P&L at the beginning of the year that we knew those projects were going to finish up in the first half, first 9 months of the year.

當然，大衛。從利潤率的角度來看，有幾點需要說明。如果你還記得，實際上，我們在第一季財報電話會議上重申了這一點，我們在第二季財報中也再次強調了這一點。我們從年初就預計下半年利潤率會加速成長。這種加速成長主要是由於我們先前在2021年結轉的整合支出，也就是所謂的併購整合支出。我們公司的政策規定，這項支出要到去年年底才能結轉。任何仍在進行中的項目都不再從我們的收益中扣除，因此，年初時損益表中計入了一些成本，因為我們知道這些項目會在上半年，也就是前九個月完成。

And so that investment, that integration spending would taper off through the year and, in particular, be mostly out by the end of the third quarter. So you see improvement in investment or lower spending on those projects. Plus you get the benefit of the projects being done, i.e., those generate a return, generate productivity. And so you get a double bang in the second half of the year. And in particular, as those projects again have largely been completed at the end of the third quarter, we'll see that come down in Q4 and get the productivity.

因此，這些投資，也就是整合支出，將在年內逐漸減少，尤其是在第三季末基本停止。所以你會看到這些項目的投資減少或支出下降。此外，你還能獲得專案完成帶來的效益，也就是說，這些專案會產生回報，提高生產力。因此，下半年會迎來雙重利好。特別是，由於這些項目在第三季末基本完成，我們將在第四季看到支出下降，並帶來生產力提升。

The second piece of growth in margin is basic productivity, i.e., nonmerger-related nonintegration, what we used to refer to as operational excellence rolling through the business. Some of that is very basic productivity Six Sigma leaning out your spending sort of a thing. Some of it is the fact that we've now reopened our offices, and our associate base is returning to the office, increasing our collaboration. Frank talked about the location work that we've done in creating large hubs like the Berkeley Heights facility in North Central New Jersey that is now open, driving some collaboration and productivity.

利潤成長的第二個來源是基礎生產力，也就是非併購相關的非整合，我們以前稱之為貫穿整個業務的卓越營運。這其中一部分源自於非常基礎的生產力提升，像是六西格瑪精簡開支之類的措施。另一部分則歸功於我們重新開放了辦公室，員工陸續返回辦公室，從而加強了協作。弗蘭克談到了我們在選址方面所做的努力，例如在新澤西州中北部伯克利高地設立的大型中心，該中心現已開放，這促進了協作並提高了生產力。

And then the -- I guess, the final 2 things that will drive margin in the fourth quarter, one is scale. As you know, an incremental dollar of revenue in this company comes through at higher than company average growth given the fixed cost nature of the company. And so we feel good about seeing good operating leverage on revenue growth and scale. And then finally, some of the divestitures, we did those 3 small units that we sold. At the end of the third quarter, you'll see the benefit of fourth.

最後，我想，推動第四季利潤率成長的最後兩件事是規模經濟。如您所知，鑑於公司固定成本的特性，每增加一美元的收入，其成長速度都高於公司平均水準。因此，我們對收入成長和規模經濟帶來的良好營運槓桿效應感到樂觀。最後，我們出售了三個小型業務部門。在第三季末，您將在第四季看到這些業務帶來的收益。

Q3 over Q2, we expanded margins 170 basis points. Obviously, if you do the math, we've got a big expansion expected in the fourth quarter. But quite frankly, if you look over the last 5 or 6 quarters, right in line with what we've done in the past, 300, 400, even 500 basis point margin improvement in a number of quarters in the last 6, 8 quarters. So I feel good about our ability to generate at least 100 basis points for the full year.

第三季度，我們的利潤率較第二季度成長了170個基點。顯然，如果你仔細計算一下，你會發現我們預期第四季利潤率將大幅成長。但坦白說，如果你回顧過去五、六個季度，你會發現，與我們以往的業績一致，在過去六到八個季度中，有好幾個季度的利潤率都提升了300、400甚至500個基點。因此，我對我們全年至少實現100個基點的利潤率成長充滿信心。

Just a quick follow-up on the Clover revenue growth, which stepped down a little bit to 19% but still well above market growth. What's the path to get back on the 5-year growth plan of 27% that you laid out at the March Merchant Acceptance deep dive?

關於 Clover 的營收成長，我有個後續問題。雖然增速略微放緩至 19%，但仍遠高於市場平均。您在三月的商家受理深度研討會上提出的五年 27% 成長計劃，將如何重回正軌？

Sure, David. I guess the fastest thing to think about or the largest thing to think about is the 19% number that we showed in our prepared remarks and in the slides. That's a reported number. Obviously, FX had a pretty significant impact in the entire company, actually in all companies in the third quarter. If you were to currency adjust that number, you'll probably pick up 3 points, maybe even 4 points of growth. Plus, as you recall, in the first quarter of this year, we divested a small joint venture that we had. It was a minority equity interest actually technically, generated about $175 million of cash. So on an organic basis, that Clover growth is actually more in line with the 25% that we've talked about as part of our long-range expectation of growing Clover to at least $3.5 billion.

當然，David。我想最先想到的，或者說最重要的，就是我們在準備好的發言稿和幻燈片中提到的19%這個數字。這是一個公開數據。顯然，匯率波動對整個公司，實際上是對第三季所有公司都產生了相當大的影響。如果對這個數字進行匯率調整，成長率可能會達到3個百分點，甚至4個百分點。此外，正如你所記得的，今年第一季度，我們剝離了一家小型合資企業。嚴格來說，這只是少數股權，但帶來了約1.75億美元的現金。因此，從內生成長的角度來看，Clover的實際成長率更接近我們先前提到的25%，這是我們長期預期中Clover至少成長到35億美元的目標之一。

Yes, I would add there. We talked about $3.5 billion in 2025. We talked about a 9% to 12% for the segment. We're in normal compares, we're at 14% right now for the segment. I also think what we're doing on value-added services and they don't keep inching up and moving up and just saw it's a key driver here. We continue to grow the merchant base, grow the LTV , growth the ARPU, and we feel highly confident in exactly what we said in March. And I think it's playing out right now exactly as planned.

是的，我還要補充一點。我們之前討論過2025年達到35億美元的目標，也討論過該細分市場9%到12%的佔比。現在，我們處於正常水平，該細分市場的佔比已經達到14%。我認為，我們在加值服務方面所做的努力，以及這些服務持續穩定成長，都是關鍵的驅動因素。我們不斷擴大商戶基礎，提高客戶終身價值（LTV）和平均每用戶收入（ARPU），我們對三月的預測充滿信心。我認為，目前一切都在按計劃進行。

Our sequential growth has been very high and I think so. If you look at it ex what Bob talked about and just look at the business case and the driving of it, our confidence level is as high as it was in March, and we're seeing it play out, and the value-added services will continue to grow quarter-by-quarter.

我們的環比成長非常強勁，我認為確實如此。撇開鮑伯剛才提到的，只看商業案例和驅動因素，我們的信心水平和三月份一樣高，而且我們正在看到這些信心轉化為實際成果，增值服務將繼續逐季增長。

Next, we'll go to the line of Darrin Peller from Wolfe Research.

接下來，我們將介紹 Wolfe Research 的 Darrin Peller 的產品線。

If we break down the merchant growth rate again, 14% is obviously somewhat industry-leading growth. And you had the volume growth, I think it was 10%. If you could just remind us, are the components all the same as to what's really driving that outperformance on overall growth? And the spread between revenue and volume, if that's something that you see sustainable and what's driving that? Obviously, Clover and Carat continue to do well. But how is international? How is the SMB versus enterprise? And Frank, just any patterns you're seeing change, if any, in the consumer behavior would be great.

如果我們再次分析商家成長率，14% 顯然是業界領先的成長。銷量成長率我記得是 10%。您能否提醒我們一下，推動整體成長的因素是否都相同？收入和銷售之間的差距是否可持續？其驅動因素為何？顯然，Clover 和 Carat 的表現仍然出色。但國際市場表現如何？中小企業和大型企業市場的情況又如何？ Frank，如果您觀察到消費者行為有任何變化，也請不吝賜教。

Yes. We like to say, hey, we don't really talk about yields, we are talking about revenue. I know you've heard us be consistently beating that drumbeat. We decided to beat that drumbeat when we're on the right side of that curve. So I think we used it as they walk away from commitment on anything. I think the investment you see us putting into this business, and net investments from sales to infrastructure to product development is really driving the number.

是的。我們常說，我們不談收益率，我們談的是營收。我知道你們一直都聽到我們強調這一點。我們決定在業績達到預期目標時就強調這一點。所以我認為，當他們放棄任何承諾的時候，我們就利用了這一點。我認為，你們看到的我們對這項業務的投資，以及從銷售到基礎設施再到產品開發的淨投資，才是真正推動業績成長的因素。

I think you heard us announce partnerships across the board and even more today than as we talk more about Deutsche. But then the ISV is -- I think the business mix which we said at the start of the pandemic that we had this tremendously balanced mix, we had the best distribution in the industry and we had fabulous geographic reach, is still playing out. And that really is what's driving our growth number and our volume numbers.

我想你們都聽到了我們宣布的各項合作計劃，今天我們特別關注與德意志銀行的合作。但就獨立軟體供應商（ISV）而言－我認為我們在疫情初期所說的業務組合非常均衡，擁有業內最佳的分銷管道和卓越的地域覆蓋，這一優勢至今仍在發揮作用。而這正是推動我們成長和銷售成長的真正動力。

We did not have a great quarter in the European theater. But the mix of our business and the strength of our business from the largest retailers to the pizza store in Brooklyn, as you know, I like to talk about my own town, really shows through in the model. I think the work in Clover and the building of the value-added services is definitely also playing into our growth in a way that may not always be just in that but also in our total product set and the ability to deliver it.

我們在歐洲市場的季度業績並不理想。但正如您所知，我喜歡談論我的家鄉——布魯克林的披薩店，我們業務的多元化和實力都體現在我們的商業模式中。我認為，在Clover專案上的工作以及增值服務的構建，無疑也對我們的成長起到了推動作用，這種成長不僅體現在這些方面，也體現在我們整體產品組合以及交付能力的提升上。

So I think we do have the industry-leading franchise. I think Clover, they've always been supportive of it from the start, has proved out its merit and you're seeing it come through. I'd say the only other thing I'd add is our franchises in Brazil, in Argentina continue to win and grow as does our U.S. franchise. So value-added services, omnichannel growth in verticals like restaurants, international, that was our story in the beginning of the pandemic, and that's our story coming out of it. And we're having a margin discussion, and we're fully confident where we're going to be there. I would note that merchant has the largest margin it's ever had this quarter also, and that's a testimony to how leadership in that business is driving it and the outcomes it's getting.

所以我認為我們確實擁有業界領先的特許經營權。 Clover 從一開始就一直支持這項業務，事實證明了它的價值，這一點大家也都看到了。我還要補充一點，我們在巴西、阿根廷的特許經營業務以及美國的特許經營業務都在持續成長。加值服務、餐飲等垂直領域的全通路成長、國際業務，這些都是我們在疫情初期和疫情後的發展重點。我們正在討論利潤率，並且對未來的發展充滿信心。我還想指出，本季商戶業務的利潤率也達到了歷史最高水平，這充分證明了該業務領導層的卓越領導力以及所取得的成果。

Okay. Just a quick follow-up on the Payments segment. Just the strong, strong growth, obviously, the accounts and the issuer side was strong in the credit card and the new wins. But if you could just comment on what's happening in some of the other aspects of the business, whether it's bill payments or it's the network. Just -- and what kind of aspects of that growth is sustainable versus maybe once we anniversary the new wins, is there more to go?

好的。關於支付業務，我再補充一點。顯然，帳戶和發卡機構方面成長非常強勁，信用卡業務和新客戶的加入都取得了顯著成效。但您能否談談業務的其他方面，例如帳單支付或網路方面的情況？這種成長模式的可持續性如何？新客戶達到一定規模後，是否還有成長空間？

Yes. I mean we had talked about this. The wins, the onboarding of the wins, they're growing. I'd like to frequently go back to Investor Day where we talked about this incredible pipeline, which at the time felt like it was a once in a lifetime event, meaning you win 3 of the top 25 issuers. And that part was a onetime event. But that pipeline is the same size and shape as it was back in 2020. And the building out of health care and government verticals, investment in education, all bode very well for performing at the higher end of that guidance range as we go forward here. I'm not giving guidance for anything other than what we're talking about in '22.

是的。我的意思是，我們之前討論過這個問題。我們贏得了不少項目，這些項目的推進和推進都在不斷增長。我經常回顧投資者日，當時我們談到了我們當時擁有的龐大項目儲備，這在當時看來是千載難逢的機會，因為我們贏得了排名前25的發行商中的3家。那確實是一次性的。但這個計畫儲備的規模和結構與2020年時一樣。醫療保健和政府垂直領域的業務拓展，以及對教育的投資，都預示著我們未來有望達到預期目標的高端。除了我們2022年正在討論的內容之外，我不會給出任何其他方面的業績指引。

But the pipeline is very strong. And you hear us talking about the California win. But the reality is we've had multiple government wins with our ability to distribute payments in a card-based fashion and having probably the best capability in the industry around that.

但我們的業務管道非常強大。你們也聽到我們談論在加州的成功。但事實上，憑藉我們以卡片支付方式分發支付的能力，我們已經贏得了多個政府項目，並且我們在這方面擁有業內最強大的技術實力。

Next, we'll go to the line of Dave Koning from Baird.

接下來，我們將介紹 Baird 公司的 Dave Koning 的生產線。

And a couple of things. I guess my first question, kind of a follow-up on David Togut's question. It looks like your sequential EBIT dollars of growth, the way you're guiding is $150 million plus. Your revenue is about $50 million, give or take. So let's say that all goes to EBIT, that's $100 million of extra, right, of extra kind of that cost control. Is that a fair way to think about it? And you kind of said that's sustainable. I mean is that $400 million of run rate cost savings? Because I mean that would be a huge benefit into next year as well. Are we looking at that right?

還有幾個問題。我的第一個問題，算是對David Togut問題的後續。你們的EBIT（息稅前利潤）環比成長，按照你們的預期，將超過1.5億美元。你們的營收大約是5000萬美元左右。假設這些成長全部轉化為EBIT，那就是額外的1億美元，對吧？這算是成本控制方面的額外收益。這樣理解對嗎？您之前說過這是可持續的。我的意思是，這相當於每年節省4億美元的成本嗎？因為這對明年來說也是一筆巨大的收益。我們理解的是這樣嗎？

Yes. David, I'd be a little careful. I have to run through all of your math. You've got some broad assumptions on the sequential growth or the growth year-over-year in fourth quarter. Ultimately, the simple or straight answer is, look, we see some good cost improvement third quarter to fourth quarter. As I talked about earlier, the ramp-down of these integration projects as well as the benefit of the projects driving productivity into the organization now that we've got integration largely behind us, maintaining the productivity model that you've seen from this company for a lot of years. And certainly, incremental revenue drops to the bottom line. The growth in Payments certainly helps. Obviously, that's our highest-margin business, and continuing to see good growth in SMB also helps. So we feel good about the quote, to use a 4-letter word mix, in the fourth quarter. We see good opportunity or a good line of sight towards cost reduction/productivity, divesting a couple of these small nonstrategic units that are low margin and getting that scale really helps into the fourth quarter.

是的，大衛，我得謹慎一點。我得仔細核算一下你的所有計算。你對第四季的環比成長或年成長率做了一些粗略的假設。最終，簡單來說，我們看到從第三季到第四季度，成本控制方面有了顯著改善。正如我之前提到的，這些整合項目的逐步完成，以及這些項目在整合工作基本完成後為公司帶來的生產力提升，都對公司整體業績起到了推動作用，也有助於維持公司多年來一直沿用的生產力模式。當然，新增收入也會直接轉化為利潤。支付業務的成長無疑功不可沒。顯然，這是我們利潤率最高的業務，而中小企業業務的持續良好成長也起到了積極作用。因此，我們對第四季的業績充滿信心。我們看到了降低成本/提高生產力的良好機會，剝離幾個利潤率低的非策略性小型業務單元，擴大規模，對第四季度的業績成長大有裨益。

Got you. And just a quick follow-up. In the Fintech segment, I know Q3 was clearly weak. Is there a way to give kind of a more normalized growth number ex the implementations? And then also, Q4 has been higher than Q2. Every year going back since, I think, '08 was maybe the last time Q4 was below Q2. Is it fair just to think that if everything is kind of normalized that, that pattern would continue?

明白了。還有一個後續問題。我知道金融科技領域第三季表現疲軟。有沒有辦法給出一個更正常的成長數據，例如應用實施量？另外，第四季一直高於第二季。我記得從2008年開始，第四季就很少低於第二季了。如果所有數據都正常化，這種趨勢會持續下去嗎？

No. Obviously, we put up a 7% Q2 number. I would not anticipate us being north of 7% in fourth quarter. We do feel good about the growth of the Fintech segment. If you look over the last several years, there's variation quarter-to-quarter. Some of that is the periodic revenue or license and term fees. We have the additional impact in third quarter of this year for these nonrecurring one-timer type. I hate to use to as one-timer because they're regular. As contracts renew, we get short-term or immediate-term revenue, and some of that's already slipped into fourth quarter, i.e., we started to see some of that rebounds. We feel good about, number one, we're already in the 4% to 6% range, and we'll close the year out that way.

不。顯然，我們第二季的成長率是7%。我預計第四季不會超過7%。我們對金融科技領域的成長感到樂觀。回顧過去幾年，每季的成長率都會有所波動。部分原因是週期性收入或許可費和期限費。今年第三季度，我們也受到這些非經常性一次性收入的影響。我不太喜歡用“一次性”這個詞，因為它們實際上是定期收入。隨著合約續約，我們會獲得短期或即時收入，其中一部分已經延續到第四季度，也就是說，我們已經開始看到一些反彈。我們感到欣慰的是，首先，我們目前的成長率已經達到4%到6%，我們預計今年年底也能維持這個水準。

Yes. I'll just say I thought you had asked about our new Milwaukee headquarters.

是的。我以為您問的是我們位於密爾瓦基的新總部。

Yes, nice. Yes, great.

是的，不錯。是的，很好。

Next, we'll go to the line of Tien-Tsin Huang from JPMorgan.

接下來，我們將介紹摩根大通的黃天進。

Good revenue here. I just wanted to ask on the buybacks here. You're at your target leverage, as you've called out, and you stepped up your buybacks. It looks like, what, 80% of free cash flow is getting allocated to buybacks year-to-date. So just wanted to check your appetite on buying back stock here. It sounds like October was in line with the third quarter run rate. Appetite to buy back stock versus acquisitions?

營收不錯。我只是想問一下股票回購的情況。正如您所說，您的槓桿率已經達到目標水平，而且您也加強了回購力度。看起來，今年迄今為止，大約80%的自由現金流都用於回購了。所以我想了解一下您對股票回購的意願。聽起來10月份的回購量與第三季的水平基本持平。您更傾向於回購股票還是進行收購？

Tien-Tsin, I guess, first, yes, obviously, we've been buying back shares. We are always in the market. Every once in a while there's some ebbs and flows, and we've been -- we were strong in the third quarter and certainly strong so far in fourth quarter. I feel good about our ability to continue to buy back shares. It's a balanced capital deployment approach that we've always had and continue to have around investing in organic growth. If you look at that new slide, we added a significant increase in CapEx, which is obviously putting pressure on free cash flow. But we did that while also paying down some debt or delevering down to our targeted leverage rate that gives us lots of flexibility to ultimately do both M&A and share purchase.

天心，我想首先，是的，顯然，我們一直在回購股票。我們始終活躍在市場上。市場偶爾會有起伏，而我們在第三季表現強勁，第四季至今也保持著強勁勢頭。我對我們繼續回購股票的能力充滿信心。這是一種平衡的資本配置策略，我們一直堅持這種策略，並繼續圍繞內生成長進行投資。如果你看一下新的投影片，我們會發現我們大幅增加了資本支出，這顯然會對自由現金流造成壓力。但我們同時也在償還部分債務，或者說降低槓桿率，使其達到我們的目標水平，這讓我們擁有了很大的靈活性，最終可以進行併購和股票回購。

I see it obviously, as a bit of a trade-off. If I spend $1 in M&A, I don't have that dollar available on -- for share repurchase. But we have good capacity to do both. We look at acquisitions through the lens of a share repurchase. We're certainly interested in continuing to add to our portfolio.

我當然認為這是一種權衡。如果我在併購上花費1美元，那麼我就沒有這1美元可以用來回購股票了。但我們有能力同時進行這兩項業務。我們會從股票回購的角度來審視收購。我們當然有興趣繼續擴大我們的投資組合。

As I've said in the past, I don't wake up in the morning saying, "Geez, I really need to go get x capability given the breadth of our existing portfolio." There are lots of things that we can add, whether it's NexTable that we did recently or it's BentoBox or Finxact. We did all of that while also buying back a lot of shares.

正如我之前所說，我不會早上醒來就想：「哎呀，鑑於我們現有的產品組合如此豐富，我真的需要再去獲取X功能。」我們可以增加很多東西，無論是最近推出的NexTable，還是BentoBox或Finxact。我們在完成所有這些工作的同時，也回購了大量股票。

Yes. No, I think I'd just say that we have an appetite. You see our appetite across the segments. We are highly selective, Bento, Finxact. And then we come back and invest heavily, Ondot, in those as we had done on Clover. So we feel good about our balanced approach. I think you can see that, obviously, we invest in the business organically or invest in the business inorganically. And then we feel good about buying back of stock and returning that to shareholders too. You should imagine that we're going to have that continued balance mentality. And obviously, we like to integrate companies and grow them.

是的。不，我想我只能說我們確實有投資意願。您可以看到我們在各個領域的投資意願。我們非常注重選擇，例如 Bento 和 Finxact。然後我們會像投資 Clover 一樣，對 Ondot 等公司進行大量投資。所以我們對這種平衡的投資策略感到滿意。我想您可以看到，我們既會透過有機成長來發展業務，也會透過非有機成長來發展業務。同時，我們也樂於回購股票，並將收益回饋給股東。您可以想像，我們會繼續保持這種平衡的投資理念。當然，我們也喜歡整合公司並促進其發展。

Good. My quick follow-up, if you don't mind. Just on the -- you mentioned STAR and Accel supporting card-not-present transactions. I know I've asked about this in the past, and I hear you that you want to wait for how issuers want to implement the new rule in July. But the readiness for STAR and Accel, is there still a lot of investment required to attack that? And I guess, I'll ask how aggressive will Fiserv be in that pursuit.

好的。如果您不介意的話，我想快速跟進。關於您提到的STAR和Accel支援非接觸式交易。我知道我之前問過這個問題，也理解您想等到發卡機構在7月如何實施新規後再做決定。但是，STAR和Accel的準備工作是否還需要大量的投入？另外，我想問Fiserv在這方面會採取多積極的措施。

I'd say readiness is high. I think we made a comment that they are designed to be dual network capable. And our ability to execute, we think, is very high. Obviously, we always felt that this would create more competition, and we like that. Obviously, we weren't competing for those transactions before. And you should expect us to behave like we do in every other business line, which is try to grow at the best possible rate.

我認為我們的準備工作已經非常充分。我們之前提到過，這些產品是為雙網路設計的。而且我們認為，我們的執行能力也非常強。顯然，我們一直認為這將帶來更多競爭，而我們樂見這種競爭。顯然，在此之前，我們並沒有參與這些​​交易的競爭。你們可以期待我們像在其他所有業務領域一樣，努力實現盡可能快的成長。

So I think we're in the planning stage. Obviously, it is up to issuers. But we think that this was a very good outcome, and we continue to expect ourselves to participate as we would given our size and scale and the nature of the business we have.

所以我認為我們目前還處於規劃階段。當然，最終決定權在於發行方。但我們認為這是一個非常好的結果，鑑於我們的規模、體積和業務性質，我們預計會繼續參與其中。

Our last question will come from Jason Kupferberg from Bank of America.

最後一個問題來自美國銀行的傑森·庫柏伯格。

Just wanted to go back to Bob, your answer to Lisa's question in the Q&A. The free cash flow conversion, I think you said likely to remain below 100% going forward. But I'm just trying to think about this in the context of the Analyst Day in 2020. I think the target there was 105% plus, and that was with a 7% to 9% revenue growth rate. So just wanted to kind of calibrate this. I mean if revenue growth moves back to the high single-digit range from the current low double-digit run rate, does that mean that free cash flow conversion goes back north of 100%? Or have some other things changed in the business around CapEx or other factors that we should just be thinking about?

鮑勃，我想再跟你說說你在問答環節對麗莎問題的回答。你當時說自由現金流轉換率未來可能仍會低於100%。但我現在是在思考2020年分析師日的情況。我記得當時的目標是105%以上，而且是在7%到9%的營收成長率下設定的。所以我想確認一下。我的意思是，如果營收成長率從目前的兩位數低點回落到個位數高位，這是否意味著自由現金流轉換率會重新超過100%？還是說公司在資本支出或其他方面發生了一些變化，而我們需要考慮這些變化？

Yes. One, I'll have to go back and check the transcript. I don't think I said it was likely. I said to see a business growing at this level. I try not to give guidance or an outlook or adjust what we've said previously. Obviously, in today's world, the view of 2023, '24, '25, '26 is just a little bit cloudy, and we'll continue to evaluate. Some of it is what are our investment opportunities to either be at the top end of that range and/or perhaps even accelerate from that.

是的。首先，我得回去查一下文字記錄。我不認為我說過「可能」。我說的是看到一家企業以這種速度成長。我盡量不給任何指導意見或預測，也不修改我們之前說過的話。顯然，在當今世界，2023、2024、2025、2026年的前景還不太明朗，我們會繼續評估。其中一部分是，我們有哪些投資機會能夠達到這些成長區間的頂端，甚至可能在此基礎上加速成長。

When we gave -- when we did our earnings, looks to me our investment call, investor conference back in December of '20, we hadn't yet closed the Finxact transaction. We've talked about how that acquisition may give us an opportunity to bend the curve, so to speak, yet again on the Fintech segment, which today hitting at a 4% to 6% rate is above what we've been able to do traditionally. And as Finxact continues to grow, we'll see some opportunity there. Building out Clover and growing our merchant business at perhaps even the high end of that 9% to 12%, the March of '22 investor conference talked about perhaps better growth in that segment. So lots of opportunities for us, and we're going to make sure that we are making good investment decisions to grow the top and bottom line and generating good returns for our shareholders.

當我們發布財報（在我看來，也包括2020年12月的投資電話會議）時，我們尚未完成Finxact的收購。我們曾討論過，此次收購或許能讓我們有機會再次扭轉金融科技領域的成長頹勢。目前，該領域的成長率已達到4%至6%，高於我們以往的傳統水準。隨著Finxact的持續成長，我們將看到更多機會。此外，我們還將拓展Clover業務，並有望實現9%至12%的更高成長率。在2022年3月的投資人會議上，我們也曾討論過該領域可能會取得更好的成長。因此，我們擁有許多機遇，並將確保做出正確的投資決策，以提升營收和利潤，並為股東創造豐厚的回報。

And just a quick follow-up. Just given all the momentum in the Payments segment, do you feel more bullish on your ability to be near the higher end of the 5% to 8% target range there, not just for this year but beyond this year?

最後再補充一點。鑑於支付業務目前的強勁勢頭，您是否更有信心實現5%至8%目標區間的上限，不僅是今年，還包括未來幾年？

Look, I think we've seen some very nice progress in the growth this year. We're getting some great feedback from our clients. The $120 million worth of wins that we talked about back in December of '20 now all implemented and growing, many of them actually outperforming that $120 million worth of ACV. We have a continued strong backlog. Building out that government vertical that we've talked about, certainly an opportunity. Again, we're not prepared to give an outlook or guidance for 2023, but we feel quite good about how that segment is performing right now.

你看，我認為我們今年的成長取得了非常可觀的進展。我們從客戶那裡也獲得了許多正面的回饋。我們在2020年12月提到的價值1.2億美元的項目現在全部已經實施並持續增長，其中許多項目的年度合約價值（ACV）實際上已經超過了1.2億美元。我們目前仍有大量積壓訂單。拓展我們之前提到的政府垂直領域無疑是個機會。再次強調，我們目前不打算對2023年做出展望或指引，但我們對該領域目前的表現感到非常滿意。

Thank you for your attention today. Please feel free to reach out to our IR team with any questions, and have a great day. Thanks a lot, guys and girls, ladies.

感謝各位今天的關注。如有任何疑問，請隨時聯繫我們的投資者關係團隊，並祝您有美好的一天。非常感謝各位！

Thank you all for participating in the Fiserv Third Quarter 2022 Earnings Conference Call. That concludes today's call. Please disconnect at this time, and have a great rest of your day.

感謝各位參加 Fiserv 2022 年第三季財報電話會議。今天的會議到此結束。請斷開連接，祝您餘下的時間愉快。