Fiserv Inc (FISV) 2023 Q1 法說會逐字稿

Welcome to the Fiserv 2023 First Quarter Earnings Conference Call. (Operator Instructions). As a reminder, today's call is being recorded. At this time, I will turn the call over to Julie Chariell, Senior Vice President of Investor Relations at Fiserv.

歡迎參加 Fiserv 2023 年第一季度收益電話會議。 （操作員說明）。提醒一下，今天的通話正在錄音中。此時，我將把電話轉給 Fiserv 投資者關係高級副總裁 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，早上好。今天與我通話的有我們的董事長、總裁兼首席執行官 Frank Bisignano；和我們的首席財務官 Bob Hau。

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 the reconciliation of those measures to the nearest applicable GAAP measures. Unless otherwise stated, performance references are year-over-year comparisons.

我們本季度的收益發布和補充材料可在 fiserv.com 的投資者關係部分獲取。請參閱這些材料，了解本次電話會議上討論的非 GAAP 財務措施的解釋，以及這些措施與最接近的適用 GAAP 措施的調節。除非另有說明，否則性能參考是同比比較。

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.

我們今天的評論將包括有關預期運營和財務結果以及戰略舉措等的前瞻性陳述。前瞻性陳述可能與實際結果存在重大差異，並受到許多風險和不確定性的影響。你應該參考我們的收益發布來討論這些風險因素。

And now over to Frank.

現在輪到弗蘭克了。

Thank you, Julie, and thank you all for joining us today. Fiserv is off to a strong start in 2023 with first quarter adjusted revenue growth of 10% and adjusted earnings per share of $1.58, up 13%. Adjusted operating margin of 33.6% was up 160 basis points. Organic revenue growth was 13%, above our 7% to 9% outlook for the full year, demonstrating our ability to sustain accelerated growth.

謝謝你，朱莉，感謝大家今天加入我們。 Fiserv 在 2023 年開局強勁，第一季度調整後收入增長 10%，調整後每股收益為 1.58 美元，增長 13%。調整後的營業利潤率為 33.6%，上升了 160 個基點。有機收入增長 13%，高於我們全年 7% 至 9% 的預期，表明我們有能力維持加速增長。

Importantly, the growth was multidimensional. It included elevated contributions from card processing, noncard payments and digital banking solutions. Growth was also strong in all 3 of our international regions and in Merchant Acceptance. Investment on behalf of our clients and with our partners is paying off.

重要的是，增長是多方面的。它包括卡處理、非卡支付和數字銀行解決方案的貢獻增加。我們所有 3 個國際區域和商家驗收方面的增長也很強勁。代表我們的客戶和我們的合作夥伴進行的投資正在獲得回報。

We believe that accelerating our investment over the last 3 years, both organic and via M&A, has extended our leadership position among fintechs. This counters the narrative over the last few years that many start-ups in the payments and fintech space would disrupt and potentially replace the legacy companies. Our results show that our strategy to innovate and disrupt on behalf of, not in place of, our long-standing bank and merchant customers was on the mark. These competitors have indeed raised the bar for the tech and fintech, but we've met and, in some cases, exceeded that bar with our own investment and innovation.

我們相信，在過去 3 年中通過有機和併購加速我們的投資，擴大了我們在金融科技領域的領導地位。這反駁了過去幾年的說法，即支付和金融科技領域的許多初創企業將顛覆並有可能取代傳統公司。我們的結果表明，我們代表而不是代替我們長期存在的銀行和商戶客戶進行創新和顛覆的戰略是正確的。這些競爭對手確實提高了技術和金融科技的門檻，但我們已經達到並在某些情況下通過我們自己的投資和創新超越了這個門檻。

The power of our business model is in the virtuous cycle of generating revenue growth across a scaled business, leading to greater operating margins. That profit produces significant cash to reinvest in the business for faster organic growth and value-accretive acquisitions while the remainder is returned to shareholders through share repurchase. The market has shown that legacy companies across many industries with scale and willingness to innovate will offer sustainable value to clients and shareholders.

我們商業模式的力量在於在規模化業務中產生收入增長的良性循環，從而帶來更高的營業利潤率。該利潤產生大量現金，用於對業務進行再投資，以實現更快的有機增長和增值收購，而其餘部分則通過股票回購返還給股東。市場表明，許多行業中具有規模和創新意願的傳統公司將為客戶和股東提供可持續的價值。

Let's talk for a moment about how the benefits of our breadth, scale and investment have driven innovation. For small- and medium-sized businesses, we developed a cloud-based SaaS operating system for their payment needs with Clover. Now we're allowing these businesses to easily accept multiple payment types and we are seamlessly integrating software and services to address their broader business needs.

讓我們談談我們的廣度、規模和投資的好處如何推動創新。針對中小企業的支付需求，我們通過Clover開發了基於雲的SaaS操作系統。現在，我們允許這些企業輕鬆接受多種支付類型，並且我們正在無縫集成軟件和服務以滿足他們更廣泛的業務需求。

For large enterprise businesses, we developed an integrated omnichannel system called Carat to manage payment needs across in-store and online sales channels, and we're adding SaaS-based solutions that improve our clients' efficiency and enhance their customers' experiences.

對於大型企業，我們開發了一個名為 Carat 的集成全渠道系統來管理店內和在線銷售渠道的支付需求，並且我們正在添加基於 SaaS 的解決方案，以提高客戶的效率並增強客戶的體驗。

For debit and credit issuers we've already built the most comprehensive suite of solutions, and we continue to innovate. CardHub was built off of the tools acquired with Ondot and now offers a comprehensive set of modern digital cardholder experiences. More than 1,000 financial institutions are now using CardHub, which can be fully integrated into their mobile banking app, allowing these issuers to offer their customers a unified digital card experience that only a few of the largest financial institutions can provide today.

對於借記卡和貸記卡發行人，我們已經構建了最全面的解決方案套件，並且我們將繼續創新。 CardHub 是在從 Ondot 獲得的工具的基礎上構建的，現在提供了一套全面的現代數字持卡人體驗。超過 1,000 家金融機構現在正在使用 CardHub，它可以完全集成到他們的移動銀行應用程序中，使這些發卡機構能夠為他們的客戶提供目前只有少數幾家最大的金融機構才能提供的統一數字卡體驗。

SpendTrack does for a bank's small- and medium-sized business clients what CardHub does for its retail customers. This differentiated mobile-first platform covers card management and AI-enabled expense management with workflows specific to their business needs. Built from our SpendLabs acquisition, SpendTrack has helped us win more credit, debit and network business with banks and issuers that cater to SMBs.

SpendTrack 為銀行的中小型企業客戶提供的服務就像 CardHub 為其零售客戶提供的服務一樣。這個差異化的移動優先平台涵蓋卡管理和支持 AI 的費用管理，以及特定於其業務需求的工作流程。 SpendTrack 建立在我們收購 SpendLabs 的基礎上，它幫助我們贏得了更多面向中小企業的銀行和發行人的信貸、借記和網絡業務。

For small- and medium-sized banks, we provide a full suite of the digital banking tools that help them compete with the largest banks from mobile apps, to spend management, to Zelle B2B payments. And in July, with the launch of FedNow will help them participate in the new wave of real-time payments, optimized on our NOW Network that connects banks to each other, to all payment rails and to essential applications.

對於中小型銀行，我們提供全套數字銀行工具，幫助他們與最大的銀行競爭，從移動應用程序、支出管理到 Zelle B2B 支付。 7 月，隨著 FedNow 的推出，它們將幫助他們參與實時支付的新浪潮，該浪潮在我們的 NOW 網絡上進行了優化，該網絡將銀行彼此連接起來，連接到所有支付軌道和基本應用程序。

For banks of all sizes, we've built a path to the cloud through both our industry-leading DNA core platform, and now at Finxact, our native cloud solution acquired last year.

對於各種規模的銀行，我們已經通過行業領先的 DNA 核心平台和去年收購的本地雲解決方案 Finxact 建立了通往雲的路徑。

And in support of our biggest investment of all, the combination of First Data and Fiserv, we are finding new opportunities across our client base that are aligned in ways that only Fiserv can enable. Here are just 3 examples of the power of our combined franchise.

為了支持我們最大的投資，即 First Data 和 Fiserv 的結合，我們正在我們的客戶群中尋找新的機會，這些機會以只有 Fiserv 才能實現的方式保持一致。這只是我們聯合特許經營權的 3 個例子。

First, STAR and Accel, the third largest debit network in the country, helps card issuers and merchants realize attractive economics on debit transaction routing and satisfy new Reg II requirements for at least 2 unaffiliated networks on each card to route card-not-present transactions.

首先，STAR 和美國第三大借記網絡 Accel 幫助發卡機構和商戶在藉記交易路由方面實現有吸引力的經濟效益，並滿足新的 Reg II 要求，即每張卡上至少有 2 個獨立網絡來路由無卡交易.

Second, our Finxact cloud-native banking core is laying the groundwork as an operating system at scale for financial institutions and merchants looking to offer embedded finance.

其次，我們的 Finxact 雲原生銀行業務核心正在為尋求提供嵌入式金融服務的金融機構和商家的大規模操作系統奠定基礎。

Third, our Output Solutions business offers a full range of capabilities beyond what either a predecessor company had. For example, we are now able to offer communications and card manufacturing solutions to our entire client base from retail private label issuers to general purpose credit issuers, health care providers, banks and governments.

第三，我們的 Output Solutions 業務提供全面的能力，超越任何一家前身公司所擁有的能力。例如，我們現在能夠為我們的整個客戶群提供通信和卡片製造解決方案，從零售自有品牌發行商到通用信貸發行商、醫療保健提供商、銀行和政府。

As we look to the remainder of 2023, we start with a firm foundation of above-plan revenue and earnings. Still, we think it is wise to balance this strong start with the potential for macroeconomic headwinds in the second half of the year. So we are lifting the lower end of our prior 2023 guidance for both organic revenue growth and adjusted EPS and maintaining the upper end at this point. We now anticipate organic revenue growth of 8% to 9% and adjusted earnings per share of $7.30 to $7.40.

展望 2023 年剩餘時間，我們從高於計劃的收入和收益的堅實基礎開始。儘管如此，我們認為明智的做法是在這一強勁開局與下半年宏觀經濟逆風的可能性之間取得平衡。因此，我們提高了之前 2023 年有機收入增長和調整後每股收益指引的下限，並在此時維持上限。我們現在預計有機收入增長 8% 至 9%，調整後的每股收益為 7.30 美元至 7.40 美元。

Let's discuss the trends we are seeing in each of our segments now and for the rest of the year. Merchant Acceptance continues to be a very strong grower, posting 18% organic revenue growth in the first quarter, including significant strength in Latin America and Asia and continued gains in North America. This growth reflects overall consumer spending resilience but is also a testament to our strong distribution channels, ability to develop new products and services that resonate, success in selling more solutions to our existing merchants and the power of diversification across verticals, merchant size and geography.

讓我們討論一下我們現在和今年剩餘時間在每個細分市場中看到的趨勢。 Merchant Acceptance 繼續保持非常強勁的增長勢頭，第一季度實現了 18% 的有機收入增長，其中包括拉丁美洲和亞洲的顯著增長以及北美的持續增長。這種增長反映了整體消費者支出的彈性，但也證明了我們強大的分銷渠道、開發引起共鳴的新產品和服務的能力、成功地向我們現有的商家銷售更多解決方案以及跨垂直、商家規模和地域的多元化力量。

It's not yet clear whether broader macro headwinds are beginning to impact consumer spending, but we did see payment volume growth slow a bit late in the quarter. We continue to see good demand in the grocery vertical as well as in restaurants, especially QSRs. We've started to see consumers rotate towards nondiscretionary spending and reduced basket size. The decline in inflation is impacting volume growth, particularly in the petro vertical. This did not impact Fiserv revenue, which were large petro providers and other enterprise clients is based on transactions, not dollar volume.

目前尚不清楚更廣泛的宏觀逆風是否開始影響消費者支出，但我們確實看到支付量增長在本季度末有所放緩。我們繼續看到垂直雜貨店和餐館的良好需求，尤其是快餐店。我們已經開始看到消費者轉向非自由支配支出和減少購物籃規模。通脹下降正在影響銷量增長，尤其是在石油垂直領域。這並未影響 Fiserv 的收入，這些收入是大型石油供應商和其他企業客戶基於交易，而不是美元數量。

Our important advantages in this environment are our breadth of distribution, businesses both large and small, and a good mix of nondiscretionary spending, about half of our volume. Still, we are mindful that higher interest rates may weigh on consumers. And thus, we anticipate second quarter revenue growth in this segment to ease from the very strong first quarter levels. This, of course, is contemplated in our guidance.

在這種環境下，我們的重要優勢是我們的分銷範圍廣、業務規模大、規模小，以及非自由支配支出的良好組合，大約占我們業務量的一半。不過，我們注意到更高的利率可能會給消費者帶來壓力。因此，我們預計該部門第二季度的收入增長將從非常強勁的第一季度水平放緩。當然，我們的指南中考慮到了這一點。

Clover revenue growth remains strong, up 22% in the quarter. We continue to add merchants at a healthy pace and extended value-added services penetration another point to 17%. Now 1 year since our Merchant Investor Day, we are on track to achieve the targets we set for 2025, $10 billion in Merchant Acceptance revenue; $3.5 billion in Clover revenue; and Clover value-added services penetration of 25%, where [Clover] a consistent average rate of growth over this time period was not in our calculus. Instead, the growth rate should accelerate over the next 3 years as we add more products, increase software penetration, and reach new markets.

Clover 收入增長依然強勁，本季度增長 22%。我們繼續以健康的速度增加商戶，並將增值服務的滲透率提高到 17%。自我們的商家投資者日以來已有 1 年了，我們有望實現我們為 2025 年設定的目標，即 100 億美元的商家承兌收入； Clover 收入 35 億美元； Clover 增值服務滲透率為 25%，其中 [Clover] 在此期間保持一致的平均增長率不在我們的計算範圍內。相反，隨著我們添加更多產品、提高軟件滲透率並進入新市場，未來 3 年的增長率應該會加快。

In the first quarter, for instance, we integrated bill pay and enhanced fraud management into Clover and improved access to Clover Capital via our client dashboard. In the past 12 months, we introduced upgraded Clover Mini and Clover Flex hardware. Later this year, we'll add a low-cost smart POS PIN pad to address the needs of smaller merchants who want simpler access to the Clover operating system and software.

例如，在第一季度，我們將賬單支付和增強的欺詐管理集成到 Clover 中，並通過我們的客戶儀表板改進了對 Clover Capital 的訪問。在過去的 12 個月裡，我們推出了升級版的 Clover Mini 和 Clover Flex 硬件。今年晚些時候，我們將添加一個低成本的智能 POS 密碼鍵盤，以滿足希望更簡單地訪問 Clover 操作系統和軟件的小型商戶的需求。

During the quarter, Fiserv launched support for Apple Tap to Pay on iPhone for SMBs on the Clover platform and for U.S. enterprise clients. This will enable businesses from large enterprises through medium and small businesses down to micro merchants, to securely accept contactless payments on iPhones without the need for additional hardware like an external card reader. As contactless payment usage rises, we are excited to enable new and existing clients to use this seamless and secure solution on iPhone to help run and grow their businesses.

在本季度，Fiserv 為 Clover 平台上的中小企業和美國企業客戶推出了 Apple Tap to Pay on iPhone 支持。這將使從大型企業到中小型企業再到微型商戶的企業能夠安全地接受 iPhone 上的非接觸式支付，而無需外部讀卡器等額外硬件。隨著非接觸式支付使用量的增加，我們很高興能夠讓新客戶和現有客戶在 iPhone 上使用這種無縫且安全的解決方案來幫助運營和發展他們的業務。

On our Carat platform, we continue to expand our capabilities in broad omnichannel solutions for enterprise merchants. We renewed and expanded our contract scope with several large merchants this quarter, including Fanatics and a major hotel chain. We also recently signed a Pay by Bank agreement with Walmart that includes traditional ACH processing and incorporates Fiserv's NOW Network and real-time payments capabilities.

在我們的 Carat 平台上，我們繼續擴展我們為企業商家提供廣泛的全渠道解決方案的能力。本季度我們與幾家大型商戶續簽並擴大了合同範圍，包括 Fanatics 和一家大型連鎖酒店。我們最近還與沃爾瑪簽署了一項銀行支付協議，其中包括傳統的 ACH 處理並結合了 Fiserv 的 NOW 網絡和實時支付功能。

Our Payments and Network segment also had a very strong quarter, posting 13% organic revenue growth that included double-digit gains in all 3 business lines, issuer solutions primarily representing credit card issuing and output services. [Card services], including debit processing and our debit networks STAR and Accel, and our digital payment services, including Zelle and our bill pay business. This strong performance drove growth that was above our medium-term guidance of 5% to 8% and includes a couple of points of growth from a few discrete factors, which Bob will cover in more detail later.

我們的支付和網絡部門也有一個非常強勁的季度，實現了 13% 的有機收入增長，其中包括所有 3 條業務線的兩位數增長，發行方解決方案主要代表信用卡發行和輸出服務。 [卡服務]，包括借記處理和我們的借記網絡 STAR 和 Accel，以及我們的數字支付服務，包括 Zelle 和我們的賬單支付業務。這種強勁的表現推動了高於我們 5% 至 8% 的中期指導的增長，並且包括來自幾個離散因素的幾個增長點，Bob 稍後將對此進行更詳細的介紹。

Positive trends continue and should carry full year growth towards the high end of the range. Several years of large card issuer wins in North America will drive revenue growth in the coming years with the pipeline that includes new win opportunities as well as follow-on sales to existing clients as we extend our value proposition.

積極的趨勢仍在繼續，全年的增長應該會達到該範圍的高端。隨著我們擴展我們的價值主張，多年來在北美贏得大型發卡機構的勝利將推動未來幾年的收入增長，其中包括新的獲勝機會以及對現有客戶的後續銷售。

Our issuer clients have been active in deploying 3 highly innovative products: Advance Defense, our new AI-based fraud solution; new card controls and alerts developed by Ondot; and point-of-sale loan solutions that help issuers compete with BNPL providers.

我們的發行人客戶一直在積極部署 3 種高度創新的產品：Advance Defense，我們新的基於人工智能的欺詐解決方案； Ondot 開發的新卡控件和警報；和銷售點貸款解決方案，幫助發行人與 BNPL 提供商競爭。

Recently, Citi signed on for our POS loan product and PNC went live. [USAA] is in the process of implementing Advance Defense, while [One] has signed on as well.

最近，花旗簽約了我們的 POS 貸款產品，PNC 上線了。 [USAA] 正在實施 Advance Defense，而 [One] 也已簽署。

International Issuer Solutions was another bright spot in the quarter with wins across all 3 of our regions. In Latin America, a leading Argentine fintech Uala chose Fiserv to provide credit card processing services for its new digital-first credit card product launch. It's already live in Mexico and will go live at Argentina and Colombia in the coming months.

國際發行人解決方案是本季度的另一個亮點，我們在所有 3 個地區都取得了勝利。在拉丁美洲，領先的阿根廷金融科技公司 Uala 選擇 Fiserv 為其新推出的數字優先信用卡產品提供信用卡處理服務。它已經在墨西哥上線，未來幾個月將在阿根廷和哥倫比亞上線。

Uala shows our FirstVision platform for its local presence and global cloud API gateway that maximizes the digital user experience with APIs for instant card issuing, dynamic verification and installment payments among other services. We're excited about additional opportunities as we roll out the next-generation cloud-based FirstVision platform later this year.

Uala 展示了我們的 FirstVision 平台的本地存在和全球雲 API 網關，通過用於即時發卡、動態驗證和分期付款等服務的 API 最大限度地提高數字用戶體驗。隨著我們在今年晚些時候推出基於雲的下一代 FirstVision 平台，我們對更多機會感到興奮。

And in EMEA, we signed a contract with National Bank of Kuwait, the country's largest bank, to process their debit acquiring business on our FirstVision platform. This follows a fourth quarter win with this client for prepaid processing.

在歐洲、中東和非洲，我們與該國最大的銀行科威特國家銀行簽署了一份合同，在我們的 FirstVision 平台上處理他們的借記卡收單業務。這是在第四季度贏得該客戶的預付費處理之後。

Turning to [bank] services, our debit network and processing business. Growth remains strong as we continue to add new issuing business with our core and noncore bank clients and sign merchants for debit transaction routing via our networks. The adoption of Reg II has brought another large merchant, Uber, to our networks. We will provide Uber the benefit of the added choice that comes from the dual network mandate for card-not-present debit routing. We see many more merchants in our debit networks pipeline ahead of the new rules set to take effect July 1.

轉向[銀行]服務，我們的借記網絡和處理業務。隨著我們繼續與我們的核心和非核心銀行客戶增加新的發行業務，並通過我們的網絡與商家簽約進行借記交易路由，增長依然強勁。 Reg II 的採用為我們的網絡帶來了另一家大型商家 Uber。我們將為優步提供更多選擇的好處，這些選擇來自雙網絡授權的無卡借記路由。在 7 月 1 日生效的新規則之前，我們看到更多的商家在我們的借記網絡管道中。

Our digital payments activity continues to grow with Zelle implementations and transactions. We have over 1,200 financial institutions live on Zelle today, with the potential to add hundreds more to our installed base this year. Financial institutions that use us for Zelle services are connected to the Fiserv NOW Network, which also provides easy access to FedNow, the Federal Reserve's real-time payment system. We have 6 banks in the pilot phase and over 20 financial institutions committed to go live post FedNow launch in July. We're encouraged by the opportunity to add many more banks and credit unions, especially since we think our NOW Network as a single integration layer, offers the ideal way to access FedNow.

隨著 Zelle 的實施和交易，我們的數字支付活動繼續增長。今天，我們有超過 1,200 家金融機構在 Zelle 上運行，今年我們的安裝基礎可能會增加數百家。使用我們的 Zelle 服務的金融機構已連接到 Fiserv NOW 網絡，該網絡還可以輕鬆訪問美聯儲的實時支付系統 FedNow。我們有 6 家銀行處於試點階段，20 多家金融機構承諾在 7 月 FedNow 發布後上線。我們對有機會增加更多銀行和信用合作社感到鼓舞，特別是因為我們認為我們的 NOW 網絡作為一個單一的集成層，提供了訪問 FedNow 的理想方式。

NOW is a network of networks connecting financial institutions, billers, consumers and businesses with real-time money and data movement across all rails, including card, ACH, Zelle, FedNow and the clearinghouse.

NOW 是一個連接金融機構、開票人、消費者和企業的網絡網絡，具有跨所有軌道的實時貨幣和數據移動，包括卡、ACH、Zelle、FedNow 和票據交換所。

In Asia, we are working with leading banks across the region on digital transformation initiatives. This includes Bangkok Bank, the largest bank in Thailand, that will expand its mobility digital banking platform into new domains, and BDO, the largest bank in the Philippines, where we are bringing signature core banking micro services to enhance BDO's third-party systems integration. We're also working with National Payments Corporation of India to enable the unified payments interface on RuPay and credit cards for issuers on our India processing hub.

在亞洲，我們正在與該地區的領先銀行合作開展數字化轉型計劃。這包括泰國最大的銀行 Bangkok Bank 將其移動數字銀行平台擴展到新領域，以及菲律賓最大的銀行 BDO，我們將在其中引入標誌性的核心銀行微服務以增強 BDO 的第三方系統集成.我們還與印度國家支付公司合作，在我們的印度處理中心為發卡機構啟用 RuPay 和信用卡的統一支付接口。

Turning to our FinTech segment. Organic revenue growth of 3% was slightly below our medium-term guide of 4% to 6%, which we attribute to timing and a strong first quarter last year, creating a higher comparison point. Implementations from the healthy series of wins over the past few years will provide growth in the second half of this year. We continue to see organic growth in this segment within the guidance range.

轉向我們的金融科技部門。 3% 的有機收入增長略低於我們 4% 至 6% 的中期指導，我們將其歸因於時機和去年第一季度的強勁表現，從而創造了更高的比較點。過去幾年一系列健康勝利的實施將為今年下半年帶來增長。我們繼續在指導範圍內看到該細分市場的有機增長。

Importantly, we have not seen an extended disruption from the banking turmoil that arose in March. Thus far, there are no follow-on effects across our banking client base as we continue to monitor it with our enterprise risk framework. We see the opportunity to sell our regulatory suite to banks who may increasingly need them. And we are well positioned to be a net winner among acquirer banks, should M&A activity heat up. Many larger banks already use a variety of our services, and we've demonstrated the ability to scale our modern platforms.

重要的是，我們沒有看到 3 月份出現的銀行業動盪造成的長期中斷。到目前為止，我們的銀行客戶群沒有後續影響，因為我們繼續使用我們的企業風險框架對其進行監控。我們看到了向可能越來越需要它們的銀行出售我們的監管套件的機會。如果併購活動升溫，我們有能力成為收單銀行中的淨贏家。許多較大的銀行已經在使用我們的各種服務，並且我們已經展示了擴展我們的現代平台的能力。

In April, we marked the 1-year anniversary of the Finxact acquisition and have been very happy with its progress. We've seen strong interest from new and existing clients, which has contributed to meaningful growth in our Fintech pipeline.

4 月，我們迎來了收購 Finxact 一周年，對其進展感到非常高興。我們已經看到新客戶和現有客戶的濃厚興趣，這為我們的金融科技管道的有意義的增長做出了貢獻。

Importantly, in the first quarter Fiserv renewed the Finxact partnership with One, a leading banking fintech backed by Walmart. Finxact will be the system of record for a growing number of One's expanding banking services. Ramping this opportunity will represent a high profile achievement and scale that could attract other banks and merchants to the proven Finxact solution.

重要的是，在第一季度，Fiserv 與沃爾瑪支持的領先銀行金融科技公司 One 續簽了 Finxact 合作夥伴關係。 Finxact 將成為不斷擴展的 One 銀行服務的記錄系統。抓住這個機會將代表一個引人注目的成就和規模，可以吸引其他銀行和商家使用經過驗證的 Finxact 解決方案。

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

現在讓我將討論轉交給鮑勃，以了解有關我們財務結果的更多詳細信息。

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.

謝謝你，弗蘭克，大家早上好。如果您正在關注我們的幻燈片，我將從幻燈片 4 上的財務指標和趨勢開始介紹有關公司整體和部門績效的更多詳細信息。

First quarter results largely outpaced both internal and external expectations. Total company organic revenue growth was 13% in the quarter with strong performance in the Payments and Network segment and continued momentum in our Merchant Acceptance segment.

第一季度業績在很大程度上超出了內部和外部預期。本季度公司總有機收入增長 13%，支付和網絡部門表現強勁，我們的商戶驗收部門繼續保持增長勢頭。

Growth is tracking well ahead of initial guidance for the full year, so we are raising the lower end and now anticipate growth of 8% to 9%, which considers economist forecasts for slower consumer spending and bank lending in the second half of this year. We note, however, that we are not seeing signs that these measures are slowing meaningfully at this time.

增長遠遠超過全年的初步指導，因此我們提高了下限，現在預計增長 8% 至 9%，這考慮了經濟學家對今年下半年消費者支出和銀行貸款放緩的預測。然而，我們注意到，我們目前沒有看到這些措施正在顯著放緩的跡象。

First quarter total company adjusted revenue grew 10% to $4.3 billion and adjusted operating income grew 15% to $1.4 billion, resulting in adjusted operating margin of 33.6%, an increase of 160 basis points.

第一季度公司調整後總收入增長 10% 至 43 億美元，調整後營業收入增長 15% 至 14 億美元，調整後營業利潤率為 33.6%，增長 160 個基點。

First quarter adjusted earnings per share increased 13% to $1.58 compared to $1.40 in the prior year. Free cash flow came in at $861 million for the quarter, up 43%, driven by improved working capital. We remain confident in achieving our outlook of $3.8 billion in free cash flow this year. Based on higher organic revenue growth, coupled with our focus on operational excellence, which supports our margin expansion outlook of more than 125 basis points, we are raising our full year adjusted EPS guidance range from the previous $7.25 to $7.40 to a new range of $7.30 to $7.40, representing growth of 12% to 14% over 2022.

第一季度調整後每股收益增長 13% 至 1.58 美元，而去年同期為 1.40 美元。在營運資金改善的推動下，本季度自由現金流為 8.61 億美元，增長 43%。我們仍然有信心實現今年 38 億美元的自由現金流。基於更高的有機收入增長，加上我們對卓越運營的關注，支持我們超過 125 個基點的利潤率擴張前景，我們將全年調整後的每股收益指導範圍從之前的 7.25 美元提高到 7.40 美元，新範圍為 7.30 美元至 7.40 美元，比 2022 年增長 12% 至 14%。

Now looking to our segment results starting on Slide 5. Organic revenue growth in the Merchant Acceptance segment was a strong 18% in the quarter, well ahead of our medium-term segment guidance of 9% to 12%. Adjusted revenue growth in the quarter was 12%. Merchant volume and transactions each grew 5%.

現在從幻燈片 5 開始查看我們的部門業績。本季度商家驗收部門的有機收入增長強勁 18%，遠高於我們 9% 至 12% 的中期部門指導。本季度調整後的收入增長率為 12%。商戶數量和交易量各增長 5%。

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.

轉向我們的商家操作系統，Clover 和 Carat。我們繼續看到關鍵指標的增長，包括淨新增商家、增值服務滲透率和合作夥伴關係。

Clover revenue grew 22%, coming off one of our toughest comparisons with last year when the post-COVID return to normal was in full swing. Payment volume growth was 17%. Software and services penetration reached 17% of total Clover revenue, an increase of 150 basis points from a year ago and up 80 basis points sequentially with continued strength in services such as Clover Capital.

Clover 收入增長了 22%，這是我們與去年進行的最艱難的比較之一，當時 COVID 後恢復正常如火如荼。支付量增長了 17%。軟件和服務滲透率達到 Clover 總收入的 17%，較上年同期增長 150 個基點，隨著 Clover Capital 等服務的持續走強，環比增長 80 個基點。

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 also delivered new client wins following product introductions last quarter for the payment facilitator or PayFac market.

隨著我們繼續執行我們的垂直戰略，增加了 37 個 ISV 合作夥伴，獨立軟件開發商的 Clover Connect 建立在本季度非常強勁的收入增長的勢頭上。在上個季度為支付服務商或 PayFac 市場推出產品後，我們還贏得了新客戶。

Carat also had a strong quarter with revenue growing 16%. International merchant operations represented 22% of segment revenue in the first quarter and grew 39% organically, led by Latin America. Adjusted operating income in the Acceptance segment increased 20% to $562 million and adjusted operating margin was up 210 basis points to 30.5%. The improvement reflects strong operating leverage and cost management.

Carat 也有一個強勁的季度，收入增長了 16%。國際商戶業務佔第一季度分部收入的 22%，有機增長 39%，其中拉丁美洲為首。驗收業務調整後營業收入增長 20% 至 5.62 億美元，調整後營業利潤率增長 210 個基點至 30.5%。這一改善反映了強大的運營槓桿和成本管理。

Turning to Slide 6 on the Payments and Network segment. Organic revenue grew 13% in the quarter and adjusted revenue growth was 11%. Organic growth was well above the high end of the 5% to 8% guidance range. As Frank mentioned, a few discrete items contributed a couple of points of growth.

轉到關於支付和網絡部分的幻燈片 6。本季度有機收入增長 13%，調整後收入增長 11%。有機增長遠高於 5% 至 8% 指導範圍的上限。正如 Frank 提到的，一些獨立的項目貢獻了幾個增長點。

These included additional revenue carryover from state government stimulus work, above-average digital bank transfers in March and a slightly easier comparison against first quarter of last year. Even as year-over-year comparisons get tougher in the second half, we still expect 2023 growth to be at the high end of the segment's guidance range for the full year.

其中包括州政府刺激工作帶來的額外收入結轉、3 月份高於平均水平的數字銀行轉賬以及與去年第一季度相比略為輕鬆的情況。即使下半年的同比比較變得更加艱難，我們仍然預計 2023 年的增長將處於該部門全年指導範圍的高端。

The remaining growth was driven by a variety of impacts across our business lines.

其餘的增長是由我們業務線的各種影響推動的。

Our North American credit active accounts on file grew 12%, driven by both new business onboarding and a favorable credit environment. Our international issuing business continues to grow above segment average driven by macroeconomic improvement as well as onboarding of new clients.

在新業務入職和有利的信貸環境的推動下，我們的北美信貸活躍賬戶增長了 12%。在宏觀經濟改善和新客戶加入的推動下，我們的國際發行業務繼續增長高於細分市場平均水平。

And our debit business continues to post solid growth, supported by new solutions and new client wins across processing and network. Adjusted operating income for the segment was up 15% to $717 million and adjusted operating margin was up 130 basis points to 43.8%. Operating leverage and a favorable mix shift towards debit network revenue helped drive the margin improvement, along with cost management.

在新解決方案的支持下，我們的借記業務繼續實現穩健增長，並贏得了處理和網絡方面的新客戶。該部門調整後營業收入增長 15% 至 7.17 億美元，調整後營業利潤率增長 130 個基點至 43.8%。運營槓桿和向借記網絡收入的有利組合轉變有助於推動利潤率的提高以及成本管理。

Moving to Slide 7. In the Financial Technology segment, we posted 3% organic growth for the quarter, just below our 4% to 6% medium-term guidance range. We expect to achieve growth within that guidance range this year as implementation work on prior wins is completed in the second half. Meanwhile, new customer momentum continues and we had 12 core wins in the quarter.

轉到幻燈片 7。在金融技術領域，我們公佈了本季度 3% 的有機增長，略低於我們 4% 至 6% 的中期指導範圍。我們預計今年將在該指導範圍內實現增長，因為先前勝利的實施工作將在下半年完成。與此同時，新客戶的勢頭仍在繼續，我們在本季度贏得了 12 項核心業務。

Adjusted operating income was up 2% to $280 million. Adjusted operating margin in the segment was flat at 35.4% as we continue to invest in Finxact. We expect margin expansion to resume as we anniversary the Finxact acquisition in the second quarter.

調整後營業收入增長 2% 至 2.8 億美元。由於我們繼續投資 Finxact，該部門調整後的營業利潤率持平於 35.4%。我們預計，隨著我們在第二季度對 Finxact 的收購週年紀念，利潤率擴張將恢復。

The adjusted corporate operating loss was $122 million, in line with the prior year. The adjusted effective tax rate in the quarter was 18.9%. We continue to expect full year 2023 adjusted effective tax rate to be approximately 20%.

調整後的公司運營虧損為 1.22 億美元，與上年持平。本季度調整後的有效稅率為 18.9%。我們繼續預計 2023 年全年調整後的有效稅率約為 20%。

Total debt outstanding was $22.4 billion on March 31. The debt to adjusted EBITDA ratio increased [0.1 of a turn] to 2.9x and remains in our target range of less than 3x leverage.

3 月 31 日，未償還債務總額為 224 億美元。債務與調整後 EBITDA 的比率增加 [0.1 倍] 至 2.9 倍，並保持在我們槓桿率低於 3 倍的目標範圍內。

During the quarter, we issued $1.8 billion of 5- and 10-year senior notes to replace notes coming due later this year and reduce our commercial paper program balances. Variable rate debt sits at 14% of total.

本季度，我們發行了 18 億美元的 5 年期和 10 年期優先票據，以取代今年晚些時候到期的票據，並減少我們的商業票據計劃餘額。可變利率債務佔總額的 14%。

During the quarter, we significantly stepped up our share repurchases, buying back nearly $1.5 billion worth of stock. After receiving Board approval to repurchase up to an additional 75 million shares, we had 78.7 million shares remaining authorized for repurchase at the end of the quarter. We are fully committed to our long-standing capital allocation strategy, which includes investing in our business organically, maintaining a strong balance sheet, returning cash to shareholders through share repurchase and pursuing high-value and innovative acquisitions.

本季度，我們大幅加強了股票回購，回購了價值近 15 億美元的股票。在獲得董事會批准回購最多 7500 萬股股票後，截至本季度末，我們還有 7870 萬股股票可供回購。我們完全致力於我們長期的資本配置戰略，包括對我們的業務進行有機投資、保持強勁的資產負債表、通過股票回購向股東返還現金以及進行高價值和創新的收購。

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

有了這個，讓我把電話轉回弗蘭克。

Thanks, Bob. Before wrapping up, I want to discuss our ESG efforts. Our approach to corporate, social, responsibility and ESG is one of the ways our business produces better outcomes for our clients, shareholders and associates. Let me share some highlights of our soon-to-be published annual CSR report.

謝謝，鮑勃。在結束之前，我想討論一下我們在 ESG 方面所做的努力。我們處理企業、社會、責任和 ESG 的方法是我們的業務為我們的客戶、股東和員工創造更好成果的方式之一。讓我分享我們即將發布的年度企業社會責任報告的一些亮點。

First, our ongoing dedication to the progress of our associates through professional development. In 2022, we filled 45% of exempt roles with internal Fiserv associates.

首先，我們通過專業發展不斷致力於員工的進步。 2022 年，我們 45% 的豁免職位由內部 Fiserv 員工擔任。

Second, our continued investment in minority, women, veteran, ethnically diverse, LGBTQ+ and disability-owned businesses through our back-to-business program in the U.S. and U.K. We have awarded more than 1,600 grants to eligible merchants since the inception of the program.

其次，我們通過美國和英國的重返企業計劃繼續投資於少數族裔、女性、退伍軍人、多元種族、LGBTQ+ 和殘障人士擁有的企業。自該計劃啟動以來，我們已向符合條件的商家提供了 1,600 多項贈款.

Third, our commitment to continue to improve our collection and disclosure of greenhouse gas emissions and energy data. Not only have we aligned our 2022 CSR report with the Task Force on Climate-related Disclosures framework, but we have also provided 3 areas of data and a foundation for measuring the impact of our ongoing GHG and energy initiatives. These factors are reflected and being named to Forbes List of America's Best Large Employers, which is based on a poll of employee recommendations released in the first quarter.

第三，我們承諾繼續改進我們對溫室氣體排放和能源數據的收集和披露。我們不僅將 2022 年企業社會責任報告與氣候相關披露框架工作組保持一致，而且還提供了 3 個領域的數據和衡量我們正在進行的溫室氣體和能源舉措影響的基礎。這些因素反映併入選福布斯美國最佳大型雇主榜單，該榜單基於第一季度發布的員工推薦投票結果。

We are equally proud of another recognition received in the first quarter as one of America's Most Innovative Companies by Fortune. I started off this discussion by highlighting the importance of the investment in innovation, and this is another proof point on just how seriously we take technology innovation on behalf of customers and our future.

我們同樣感到自豪的是，我們在第一季度又一次被《財富》雜誌評為美國最具創新力的公司之一。我通過強調創新投資的重要性來開始本次討論，這再次證明了我們為客戶和我們的未來認真對待技術創新的重要性。

This time of year is often marked by the release of ranking figures tabulated for the prior year. And my time in banking left me with an affinity for league tables that I know you also share. I'm pleased to report that Fiserv has retained its #1 position in 8 categories: core account processing; merchant acquiring; mobile banking; online banking; issuer processing; bill payment; person-to-person payments; and account transfers.

每年的這個時候通常以發布上一年的排名數據為標誌。我在銀行業的經歷讓我對排行榜產生了濃厚的興趣，我知道你也有這種感覺。我很高興地報告 Fiserv 在 8 個類別中保持了第一的位置：核心賬戶處理；商戶收單；手機銀行；網上銀行業務;發行人處理；繳費;個人對個人的支付；和賬戶轉賬。

And that brings me back to where we started our discussion today. The importance of scale in sustaining investment and driving innovation. I thank the 41,000 employees of Fiserv who helped get and keep us here. I know that I speak for all of them when I say, we intend to maintain the privileged position we hold.

這讓我回到我們今天開始討論的地方。規模在維持投資和推動創新方面的重要性。我感謝 Fiserv 的 41,000 名員工，是他們幫助我們成立並留在這裡。我知道當我說我們打算保持我們所擁有的特權地位時，我代表了他們所有人。

And now operator, please open the line for questions.

現在接線員，請打開問題線路。

(Operator Instructions) Our first question comes from Tien-Tsin Huang from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Tien-Tsin Huang。

Just wanted to maybe ask you to elaborate a little bit more on the month-to-month trends, including April. I heard some of the commentary on consumer spend and gas. But also curious around bank IT spending. I know you lifted the lower end of your outlook. Sounds like you feel confident in the timing of implementations on deals. So if you could just maybe elaborate on that and a little bit more on the consumer side, that would be great.

只是想請您詳細說明每月的趨勢，包括 4 月。我聽到了一些關於消費者支出和汽油的評論。但也對銀行 IT 支出感到好奇。我知道你提高了你前景的低端。聽起來您對交易的實施時間充滿信心。因此，如果您可以詳細說明這一點，並在消費者方面再多說一點，那就太好了。

I'd say as much turmoil as we had in March, volumes were very high. You hear us talk about what I call a backlog, meaning our books told that being implemented right now, we expect that to be very strong, [wouldn't] in the second half.

我想說的是我們在 3 月份遇到的動盪，交易量非常高。你聽到我們談論我所說的積壓，這意味著我們的書告訴我們現在正在實施，我們預計它會非常強大，[不會] 在下半年。

Demand, still very high from financial institutions. I've spent a lot of time with our client base. And the demand for digital, you heard us talk about the demand for Finxact, also our clients are building bigger businesses than trying to gain share also. So we feel good about the bank IT spend. And we feel good about our position with our client base right now. Hope that answers your question.

金融機構的需求仍然很高。我花了很多時間與我們的客戶群打交道。以及對數字的需求，你聽到我們談論對 Finxact 的需求，而且我們的客戶正在建立更大的業務，而不是試圖獲得份額。因此，我們對銀行 IT 支出感到滿意。我們現在對我們在客戶群中的地位感到滿意。希望這能回答你的問題。

Just my follow-up then, if you don't mind just -- I know you've called out the Uber win on the STAR and Accel networks for CNP routing. We've been -- I think, I've asked you a few times, Frank, on Reg II. So you mentioned a strong pipeline. You see a burst in potential deals and revenue leading up to that? Or is this going to trickle into the second half of the year? Just trying to understand the...

那麼我的後續行動，如果你不介意的話——我知道你已經在 CNP 路由的 STAR 和 Accel 網絡上宣布優步獲勝。我們一直——我想，我已經問過你幾次了，弗蘭克，關於 Reg II。所以你提到了一個強大的管道。您看到潛在交易和收入的激增嗎？或者這會在今年下半年開始嗎？只是想了解...

I think it's second half and beyond. I think it's probably more a '24 than a '23. We should see some of it in '23, but I think you'll see more of it in '24.

我認為這是下半年及以後。我認為它可能更像是 24 年而不是 23 年。我們應該在 23 年看到一些，但我認為你會在 24 年看到更多。

Next, we'll go to the line of Ramsey El-Assal from Barclays.

接下來，我們將前往巴克萊銀行的Ramsey El-Assal 線。

I wanted to ask you about the spread between merchant volume and revenues, which widened a little bit this quarter. If you could just update us on the primary drivers of that spread, product mix, geographic mix, pricing, other factors. And also just on the sustainability of those drivers in terms of driving revenue over the year.

我想問你關於商家數量和收入之間的差距，這個差距在本季度有所擴大。如果你能告訴我們這種價差的主要驅動因素、產品組合、地理組合、定價和其他因素。而且還只是關於這些驅動因素在推動全年收入方面的可持續性。

Yes, Ramsey. As you've heard us talk about, there's lots of variation quarter-to-quarter in terms of that spread that you talk about. There's a combination of things like mix of small businesses versus enterprise of hardware versus processing.

是的，拉姆齊。正如您聽到我們談論的那樣，就您所談論的價差而言，每個季度都有很多變化。有一些事情的組合，比如小型企業與企業的硬件與處理的混合。

As you heard, we introduced some new hardware in the last few months. We've got some more coming in the balance of the year. That will drive it mix of international -- there are 3 regions, LatAm, EMEA and APAC with particular strength in LatAm and in APAC right now.

如您所知，我們在過去幾個月推出了一些新硬件。在今年餘下的時間裡，我們還會有更多。這將推動它的國際化——目前有 3 個地區，拉美、歐洲、中東和非洲和亞太地區，在拉美和亞太地區具有特別的實力。

More penetration of value-added services. You heard us talk about that stepping up 150 basis points to 17% in the quarter. Mix of PayFacs and ISVs and ISOs. So lots of different elements, which is why we try to push on tracking our overall revenue growth.

增值服務滲透率更高。你聽到我們談論在本季度將 150 個基點提高到 17%。 PayFacs 與 ISV 和 ISO 的混合。這麼多不同的元素，這就是為什麼我們試圖推動跟踪我們的整體收入增長。

And as you've heard us say, we're focused on getting more merchants and selling more to those merchants. And we're seeing that benefit the last several quarters, and we expect that to continue as we march towards our goal of $10 billion of revenue in this segment by 2025.

正如您聽到我們所說的那樣，我們專注於吸引更多商家並向這些商家銷售更多產品。我們在過去幾個季度看到了這種好處，我們預計隨著我們朝著到 2025 年在該領域實現 100 億美元收入的目標邁進，這種情況將繼續下去。

Okay. So quite a few different factors contributing there. A follow-up for me is just on the international growth and merchant. It seemed just incredibly impressive. What are the kind of common threads between the different markets where -- that are helping to drive that growth? Is there anything that's going on outside the U.S. that's sparking that kind of growth?

好的。所以有很多不同的因素在那裡起作用。我的後續行動只是關於國際增長和商人。這似乎令人印象深刻。不同市場之間有哪些共同點 - 有助於推動這種增長？美國以外有什麼事情正在引發這種增長嗎？

Well, I think you've watched us build out our international business for years. I mean, there was a point in time where we didn't have a business. In Brazil as an example, and then we've built it out. You heard us talk about Caixa. That's still ramping up.

好吧，我想你已經看到我們多年來建立了我們的國際業務。我的意思是，有一段時間我們沒有生意。以巴西為例，然後我們將其構建出來。你聽到我們談論 Caixa。那還在升溫。

When you look across Asia Pac, you could see us winning business there. So I think it's a tried and true as having our feet completely embedded on the ground in terms of our capability. In some cases, Clover leads. But it's always been an investment for us in innovation, running a global franchise. And I think on top of it, it's beyond the merchant. It's issuer along with it, which allows the payment segment also to get the benefit of our geographic dispersity. So it's a continuation of our strategy we laid out going back to 2020. And we'll continue to invest in those markets. We like the growth in those markets. We run those regions separately, and we feel great about our leadership on the ground there, too.

當你放眼整個亞太地區時，你會看到我們在那裡贏得了業務。因此，我認為就我們的能力而言，讓我們的腳完全紮根在地面上是一個久經考驗的事實。在某些情況下，四葉草領先。但這一直是我們在創新、經營全球特許經營方面的投資。而且我認為最重要的是，它超出了商人的範圍。它是發行人，這使得支付部門也能從我們的地理分散中獲益。因此，這是我們早在 2020 年就制定的戰略的延續。我們將繼續投資這些市場。我們喜歡這些市場的增長。我們分別管理這些地區，我們也對我們在當地的領導能力感到滿意。

Ramsey, I think that's one of the distinctions for us, and it's been one of the keys to our success. We have local leadership. We don't have an international business. We have 3 regions, and those 3 regions are run by local leaders who are physically present in those regions and know those regions. We operate as a global business, and so products and solutions. Clover is a global solution but it's brought to those regions through those local regional leaders. And of course, across all of the regions, we continue to be the full partner of choice, and bank partners are one of the key methods.

Ramsey，我認為這是我們與眾不同的地方之一，也是我們成功的關鍵之一。我們有地方領導。我們沒有國際業務。我們有 3 個區域，這 3 個區域由當地領導人管理，他們親自到場並了解這些地區。我們作為一家全球企業運營，產品和解決方案也是如此。 Clover 是一個全球解決方案，但它是通過當地的區域領導者帶到這些地區的。當然，在所有地區，我們仍然是首選合作夥伴，銀行合作夥伴是關鍵方法之一。

Frank talked about Caixa. In Europe, we announced our Deutsche Bank joint venture. We've got partnerships in Asia Pac, in Singapore and in India, et cetera. So it's a global reach with a very local leadership.

弗蘭克談到了 Caixa。在歐洲，我們宣布成立德意志銀行合資企業。我們在亞太地區、新加坡和印度等地建立了合作夥伴關係。因此，這是一個具有非常本地領導力的全球影響力。

Next, we'll go to the line of Lisa Ellis from MoffettNathanson.

接下來，我們將轉到來自 MoffettNathanson 的 Lisa Ellis 的台詞。

Good stuff here. Frank, you highlighted Fiserv's ongoing readiness efforts related to the rollout of FedNow coming in a few months. Can you just elaborate a bit on how you anticipate and I guess maybe how quickly you expect FedNow to begin impacting Fiserv's business and where we'll see that benefit?

好東西在這裡。 Frank，您強調了 Fiserv 正在為幾個月後推出的 FedNow 所做的持續準備工作。您能否詳細說明一下您的預期，我猜您希望 FedNow 以多快的速度開始影響 Fiserv 的業務，以及我們將在哪裡看到這種好處？

Yes. I mean, we've always had a philosophy that we are a commerce enabler, right? So as new payment types and changes to payment types, just how we do with Zelle. If you go back to places like Apple Pay, it's just a philosophical belief that we are here to help our clients grow their business. We are here on purpose-driven method to help them run their business better. And when new initiatives like FedNow come along, and we have thousands of banks and credit unions across the country that are looking for different payment methodologies to allow them to deliver for their clients who are going to enable it.

是的。我的意思是，我們一直有這樣一種理念，即我們是商業推動者，對嗎？因此，作為新的支付類型和支付類型的變化，我們如何處理 Zelle。如果你回到 Apple Pay 這樣的地方，那隻是一種哲學信念，我們在這裡是為了幫助我們的客戶發展他們的業務。我們在這里以目標為導向的方法來幫助他們更好地開展業務。當像 FedNow 這樣的新舉措出現時，我們全國有數千家銀行和信用合作社正在尋找不同的支付方法，以便他們能夠為將要啟用它的客戶提供服務。

So we partner obviously with the Fed on this. I see it as another payment type. I think it's good for our large institutions and our smallest. And I suspect it will get volume. It's -- for us, it's a very good choice to enable payments, just like Zelle was a very good choice to enable payments. So we're pretty excited. Adoption will drive all. It will be a single integrated interface to allow our clients to be able to come in seamlessly through our network and I look forward to reporting on it when we talk next quarter.

因此，我們顯然在這方面與美聯儲合作。我將其視為另一種付款方式。我認為這對我們的大型機構和我們最小的機構都有好處。而且我懷疑它會增加音量。它——對我們來說，這是啟用支付的一個很好的選擇，就像 Zelle 是啟用支付的一個很好的選擇一樣。所以我們很興奮。採用將推動一切。它將是一個單一的集成界面，讓我們的客戶能夠通過我們的網絡無縫進入，我期待在我們下個季度談話時報告它。

Terrific. And then maybe just for my follow-up, I'll ask about investment areas because you did call out how Finxact, Ondot and some of your other recent acquisitions are having a very noticeable positive impact on Fiserv. So just looking forward, what are some of your priority investment areas like sort of the hot areas right now, [yielding] either for organic or inorganic investment?

了不起。然後也許只是為了我的後續行動，我會詢問投資領域，因為你確實提到了 Finxact、Ondot 和你最近的一些收購對 Fiserv 產生了非常顯著的積極影響。因此，展望未來，您的優先投資領域有哪些，例如目前的熱門領域，[收益] 有機投資還是無機投資？

Well, I would say you have to start with a series of items. Carat, Clover, we're leaning heavily on both of those. I think we've grown them organically very well. But we've also added BentoBox, Merchant One, Nextable. So you'll see us do both. I think we have a very, very strong track record.

好吧，我會說你必須從一系列項目開始。 Carat、Clover，我們非常依賴這兩者。我認為我們已經很好地有機種植了它們。但我們還添加了 BentoBox、Merchant One、Nextable。所以你會看到我們兩者都做。我認為我們有非常非常好的記錄。

Starting with Clover, moving to Ondot, moving to BentoBox, Finxact of bringing founders in and helping them grow their business at a different level, right? I think you can see a vertical focus. You see us with driving value-added services. So I would say that's a large part of the merchant story, and that will happen in the U.S. and within our regions also.

從 Clover 開始，轉向 Ondot，轉向 BentoBox，Finxact 將創始人引入並幫助他們在不同層面發展業務，對吧？我想你可以看到垂直焦點。您看到我們推動增值服務。所以我想說這是商人故事的很大一部分，這將在美國和我們的地區內發生。

I think when you think about Finxact, you think about what I feel is the best next-generation platform out there. And both Finxact and DNA are very, very strong assets. We do have great assets like Signature also, but when you think about the buildout, you should think about us taking Finxact and DNA to the next level, to the best cloud platform in the industry between the 2 by far.

我想當你想到 Finxact 時，你會想到我認為最好的下一代平台。 Finxact 和 DNA 都是非常非常強大的資產。我們確實也擁有像 Signature 這樣的偉大資產，但是當你考慮擴建時，你應該考慮我們將 Finxact 和 DNA 提升到一個新的水平，成為迄今為止行業中介於兩者之間的最佳雲平台。

And when you see the investment we're making to bring Walmart up, and they're up and running in the early stages, that will industrialize us in that platform beyond anyone's expectations when we acquired it.

當你看到我們為推動沃爾瑪的發展而進行的投資，並且它們在早期階段已經啟動並運行時，這將使我們在該平台上實現工業化，超出我們收購它時的任何人的預期。

If you look at our payments areas, we will continue to bring in the issuing area a lot of digital innovation. We're cloud enabling those platforms to take them to the next level. I think you've seen that we've been hugely successful in the issuing area even as late as Desjardins and Target coming on.

如果你看看我們的支付領域，我們將繼續在發行領域帶來很多數字創新。我們在雲中使這些平台能夠將它們提升到一個新的水平。我想你已經看到我們在發行領域取得了巨大的成功，甚至在 Desjardins 和 Target 出現時也是如此。

So we'll continue to invest in those platforms, growing out and bring more value-added services there, more digital capability there also. I think along with that, what we're doing with things like SpendLabs and -- is we're opening up a whole new SMB opportunity within our portfolio that we think will transfer itself whole -- our whole organization. And we believe deeply in SMB and the combo of SpendLabs and Clover and other assets that we brought onboard, and it will really allow us to even have more wallet from our SMB population.

因此，我們將繼續投資於這些平台，發展壯大並在那裡帶來更多增值服務，以及更多數字功能。我認為，與此同時，我們正在使用 SpendLabs 之類的東西做的事情——我們正在我們的產品組合中開闢一個全新的 SMB 機會，我們認為這將轉移整個組織——我們的整個組織。我們深信 SMB 以及 SpendLabs 和 Clover 的組合以及我們帶來的其他資產，它真的會讓我們的 SMB 人群擁有更多的錢包。

And then Ondot, you saw us take something that was a card control, card access capability and bring it into the mobile banking platforms of over 1,000 institutions. So I think you also look at the speed in which we ramp these products, the way we integrate them into the company. We think we have a pretty strong expertise in that and you can count on that, continually driving future growth for the company.

然後是 Ondot，你看到我們採用了卡控制、卡訪問功能，並將其帶入 1,000 多家機構的移動銀行平台。所以我想你也會看看我們推出這些產品的速度，以及我們將它們整合到公司的方式。我們認為我們在這方面擁有非常強大的專業知識，您可以指望這一點，不斷推動公司未來的發展。

Next, we'll go to the line of Timothy Chiodo from Credit Suisse.

接下來，我們將轉到來自瑞士信貸的Timothy Chiodo 的線。

Great. I want to dig in a little bit more on the recent STAR and Accel wins. So you mentioned numerous of those, the Uber, the large merchant acquirer last quarter and more in the pipeline. I want to just recap the value proposition. When you're speaking with these acquirers and merchants, I'm assuming part of it is lower interchange, network fees. There might be a bundled sales approach. There might be an authorization angle. If you could recap those and maybe add to the list.

偉大的。我想深入了解最近 STAR 和 Accel 的勝利。所以你提到了很多這樣的公司，優步，上個季度的大型商業收單機構以及更多正在籌備中的公司。我只想回顧一下價值主張。當你與這些收單機構和商家交談時，我假設其中一部分是較低的交換和網絡費用。可能會有捆綁銷售方式。可能有一個授權角度。如果你能回顧一下這些，也許可以添加到列表中。

And then lastly, if at all possible, if you could just comment directionally in terms of market share goals. Is the goal for U.S. online debit for STAR and Accel to be in a similar position to your share for the in-store debit market in the U.S.

最後，如果可能的話，如果你可以就市場份額目標進行定向評論。 STAR 和 Accel 的美國在線借記卡的目標是否與您在美國店內借記卡市場的份額相似？

So first, I think you did a pretty good job. So thank you, in describing the opportunity. And I would say, yes, we're in the client's office every day, right? Large institutions, and we're talking to them about our full capability.

所以首先，我認為你做得很好。所以謝謝你，在描述這個機會。我會說，是的，我們每天都在客戶辦公室，對嗎？大型機構，我們正在與他們討論我們的全部能力。

I'd say we get a lot of imbalance from large institutions because if you're the third debit network, I think it's a very strong position. And the combo of STAR and Accel is very, very powerful. It's good for our merchants, it's good for our issuers. And I don't want to lose that, it's a 2-sided benefit.

我想說我們從大型機構那裡得到了很多不平衡，因為如果你是第三個借記網絡，我認為這是一個非常強大的位置。 STAR 和 Accel 的組合非常非常強大。這對我們的商家有好處，對我們的發行人也有好處。我不想失去它，這是一個雙方面的好處。

That benefit is us having invested in these products for a long time and consistently felt that it was a value-add to our clients, both large and small. It is about technical capability, not just about a lower price, right? Of course, every one of our businesses as the industry would call them merchants, I think of them as businesses. And always working on how to get a better client experience and how to lower the cost of acceptance.

這種好處是我們對這些產品進行了長期投資，並始終認為這對我們的客戶（無論大小）都是一種增值。這是關於技術能力，而不僅僅是更低的價格，對吧？當然，我們每個企業作為行業都會稱他們為商人，我認為他們是企業。並始終致力於如何獲得更好的客戶體驗以及如何降低接受成本。

We're here to provide them the enablement they need. When you think about market share, you hear us rattle off those #1s and then we rattle off #3 in debit. I think that's a pretty privileged position. Those are formidable and fabulous institutions, 1 and 2.

我們在這里為他們提供他們需要的支持。當你考慮市場份額時，你會聽到我們喋喋不休地說出那些#1s，然後我們在藉方中喋喋不休地說出#3。我認為這是一個非常有特權的職位。 1 和 2 是令人生畏和美妙的機構。

So our job is to give our client choice, right? And if we give them choice, we do come with an all-inclusive capable set of assets that we deliver to clients. It could be a cost debit routing. It's the capabilities of Reg II. It's also the pay by bank capability that you heard about. Over time, it will potentially be things like FedNow and Zelle capability.

所以我們的工作是給我們的客戶選擇，對吧？如果我們給他們選擇，我們確實會為客戶提供一套包羅萬象的有能力的資產。它可能是成本借記路由。這是 Reg II 的功能。這也是您聽說過的銀行能力支付。隨著時間的推移，它可能會成為 FedNow 和 Zelle 等功能。

Our job is to have the bundle, have the capability, help both issuers and merchants be able to get a better outcome. And I think we're uniquely positioned out of everybody in the industry. It's really the power of having a merchant business and issuing business, a banking business. And we're a horizontal company that allows us to partner cross-sell businesses to give the best solution for the clients.

我們的工作是擁有捆綁，擁有能力，幫助發行人和商家能夠獲得更好的結果。而且我認為我們在行業中的每個人中都處於獨特的位置。這真的是擁有商業業務和發行業務、銀行業務的力量。我們是一家橫向公司，允許我們與交叉銷售業務合作，為客戶提供最佳解決方案。

And that's why sometimes when we look at it, we look at it, how did we deliver on the top in total? And how did we deliver in margin in total and making sure we're doing the best job for our clients and our shareholders.

這就是為什麼有時當我們看著它時，我們看著它，我們是如何在總體上達到最高水平的？以及我們如何提供總利潤並確保我們為我們的客戶和股東做最好的工作。

Our next question comes from Dave Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Dave Togut。

Within the Fintech segment, the 12 core wins are certainly good to see. Can you talk about decision cycles, sales cycles and how they might be evolving post the regional bank crisis from early March?

在金融科技領域，12 項核心勝利當然值得一看。您能否談談決策週期、銷售週期以及它們在 3 月初發生區域性銀行危機後可能如何演變？

Yes. I mean, first of all, I don't -- I didn't see a regional bank crisis. I saw tremendous turmoil. I think we have banks of all sizes from the largest in the world to 13-person credit unions, and there was not across -- and this is me talking to you about my interaction with my client base.

是的。我的意思是，首先，我沒有——我沒有看到區域性銀行危機。我看到了巨大的混亂。我認為我們擁有各種規模的銀行，從世界上最大的銀行到 13 人的信用合作社，而且沒有交叉——這是我在和你談論我與客戶群的互動。

In their office, during this period of time, while I was on the road, whether it was Topeka, Kansas, we saw that Missouri -- Springfield, Missouri, Raleigh, North Carolina, all across, we have very, very sound banks across this country that really performed very, very well and have always ran their asset and liability structure in a manner that I've seen through my career.

在他們的辦公室裡，在這段時間裡，當我在路上時，無論是堪薩斯州的托皮卡，我們都看到密蘇里州 - 密蘇里州斯普林菲爾德，北卡羅來納州羅利，我們都有非常非常穩健的銀行這個國家確實表現得非常非常好，並且一直以我在職業生涯中所見的方式運行他們的資產和負債結構。

So little bit -- I'm sorry for that take off, but I wouldn't want to name it as a banking crisis. There was turmoil, I see demand very high. Every one of those were creating opportunity that I rattled off during that week. I still -- I've been consistent on demand is high, opportunity to sell all products is very high. I mean, if you step back and look at of 2, FI-facing segments, you look at it over the past 3 quarters. Third quarter at 7.7% growth, fourth quarter '22 at 9.2% growth and first quarter of 23% at 9.4% growth. Those feel good to us. Our pipeline is strong both in traditional products and then in our new opportunities like Finxact and Ondot and others.

這麼一點點——我為那次起飛感到抱歉，但我不想將其命名為銀行業危機。有動盪，我看到需求非常高。每一個都在創造機會，我在那一周喋喋不休。我仍然 - 我一直認為需求很高，銷售所有產品的機會非常高。我的意思是，如果你退後一步，看看 2 個面向 FI 的細分市場，你就會看到過去 3 個季度的情況。第三季度增長 7.7%，22 年第四季度增長 9.2%，第一季度增長 23%，增長 9.4%。那些讓我們感覺很好。我們的管道在傳統產品和我們的新機會（如 Finxact 和 Ondot 等）方面都很強大。

So I feel very, very good about -- yes, there was maybe, as I called it, a little coastal problem. But I felt throughout the country, it's been very, very strong. And baseline to us, we were all over, how to help them through it and deliver what they needed during that turmoil. And I feel good about how the org performed.

所以我感覺非常非常好——是的，正如我所說，可能存在一點沿海問題。但我覺得在全國范圍內，它一直非常非常強大。對我們來說，底線是我們已經結束了，如何幫助他們度過難關並在動盪期間提供他們需要的東西。我對組織的表現感到滿意。

Appreciate that. And just as a follow-up, perhaps, Bob, can you talk about the key drivers of operational effectiveness or operational excellence that will sustain margin expansion in your midterm range.

感謝。作為後續行動，鮑勃，您能否談談運營效率或卓越運營的關鍵驅動因素，這些驅動因素將在您的中期範圍內維持利潤率擴張。

Sure. And Dave, this is quite frankly, it's just old-fashioned productivity. This is really what has been at the core of our company for a lot of years.

當然。戴夫，坦率地說，這只是老式的生產力。這確實是我們公司多年來的核心。

The last couple of years have been focused on integration and cost synergies. And so this is returning back to basics with integration synergy behind us from the large merger back in middle of '19 and getting into productivity, reevaluating how we do everything and why we do what we do. It's things like implementing our new SAP system and streamlining the process and getting more information out of the hands of our business leaders more quickly so that we can make decisions faster.

過去幾年一直專注於整合和成本協同效應。因此，從 19 世紀中期的大型合併中，我們回到了整合協同作用的基礎，並開始提高生產力，重新評估我們如何做每件事以及為什麼我們做我們所做的事情。就像實施我們的新 SAP 系統和簡化流程以及更快地從我們的業務領導手中獲取更多信息，以便我們可以更快地做出決策。

And it is, like I said, evaluating what we do on a day-to-day basis and streamlining that process so we can be quicker, more nimble, satisfy our clients and serve them in the way they need to be served with greater speed and efficiency.

就像我說的那樣，評估我們每天所做的工作並簡化該流程，以便我們可以更快、更靈活地滿足我們的客戶，並以他們需要的方式更快地為他們服務和效率。

And for our final question, we'll go to Dave Koning from Baird.

對於我們的最後一個問題，我們將請來自 Baird 的 Dave Koning。

Great job. And maybe just my 2 questions on merchant. First one, ex Clover, it seems like you still did mid- to upper teens revenue growth in Acceptance. So I guess my question really is, are you taking sure -- even without Clover, it seems like you're taking a lot of share in the industry. Is that fair to say?

做得好。也許只是我關於商家的 2 個問題。第一個，前 Clover，似乎您在 Acceptance 中的收入增長仍然處於中上層。所以我想我的問題真的是，你確定嗎——即使沒有 Clover，你似乎也在這個行業中佔據了很多份額。這樣說公平嗎？

Yes, David, I think we had yet another very strong merchant quarter across the board. Contributions, yes, Clover continues to do well. We continue to serve our enterprise clients and gain there. Our international business, as you heard, hitting on all cylinders. So this is -- Clover is a big part of this segment, no doubt about it, and a big part of growth. But we laid out our intent, our goal to get to $10 billion by 2025.

是的，大衛，我認為我們還有另一個非常強大的商業區。貢獻，是的，Clover 繼續做得很好。我們將繼續為我們的企業客戶提供服務並在那裡獲得收益。正如您所聽到的，我們的國際業務正在全力以赴。所以這是——三葉草是這一領域的重要組成部分，毫無疑問，也是增長的重要組成部分。但我們制定了我們的意圖，我們的目標是到 2025 年達到 100 億美元。

Clearly, Clover is part of that. But our enterprise clients, our non-Clover SMB clients, our international region is all part of that. And all are contributing to the growth in first quarter, and last year for that matter.

顯然，Clover 是其中的一部分。但是我們的企業客戶，我們的非 Clover SMB 客戶，我們的國際區域都是其中的一部分。所有這些都為第一季度和去年的增長做出了貢獻。

Yes. Great. And just as a follow-up, I think there might be a little misconception on the Street, just that volume growth being mid-single digits seems to be losing momentum. But when I look at it, I think over 1/3 of your volume comes from bank JVs that generate almost no revenue. And I mean, I think those -- that all could almost go away, and you still probably would have beaten consensus this quarter. Is it fair to say is that maybe where some of the slowness is where it's the very high-yielding stuff actually is growing volume quite fast?

是的。偉大的。作為後續行動，我認為華爾街可能存在一些誤解，只是認為數量增長為中等個位數似乎正在失去動力。但是當我看它時，我認為你們超過 1/3 的交易量來自幾乎沒有收入的銀行合資企業。我的意思是，我認為那些 - 幾乎所有這些都可能消失，而且本季度你仍然可能會擊敗共識。公平地說，也許一些緩慢的地方是非常高產的東西實際上增長速度非常快？

Yes. Overall, it's hard to be concerned in my mind with 18% top line when we did 17% for the full year last year, and to your earlier question, and taking share across the board. There's lots of different elements to that volume. It did ease a bit, and certainly the bank joint ventures are part of that.

是的。總的來說，當我們去年全年達到 17% 以及你之前的問題並全面分享時，我很難擔心 18% 的收入。該卷有很多不同的元素。它確實有所緩解，當然，銀行合資企業是其中的一部分。

We have some processing revenue -- processing volume that doesn't drive big revenue and big profitability for us. And obviously, we continue to focus on that. And as we talked about, geez, a little more than a year ago now. And we think that, that holds going forward from a revenue standpoint but isn't a big growth driver for us.

我們有一些加工收入——加工量不會為我們帶來大收入和大利潤。顯然，我們繼續關注這一點。正如我們所說的那樣，哎呀，一年多以前了。我們認為，從收入的角度來看，這會持續下去，但對我們來說並不是一個很大的增長動力。

Yes, I'd like to thank everybody for their attention today. Please feel free to reach out to our IR team with any questions. Have a great day, and I look forward to talking to you. Thank you.

是的，我要感謝大家今天的關注。如有任何問題，請隨時聯繫我們的 IR 團隊。祝你有美好的一天，我期待著與你交談。謝謝。

Thank you all for participating in the Fiserv first quarter earnings conference call. That concludes today's conference. Please disconnect at this time, and have a great rest of your day.

感謝大家參加 Fiserv 第一季度收益電話會議。今天的會議到此結束。此時請斷開連接，祝您一天愉快。