Fiserv Inc (FISV) 2023 Q2 法說會逐字稿

Welcome to the Fiserv 2023 Second Quarter Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

歡迎參加 Fiserv 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，今天的通話正在錄音。

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

現在，我想將電話轉給 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.

謝謝你，早上好。今天與我一起參加電話會議的是我們的董事長、總裁兼首席執行官弗蘭克·比西尼亞諾 (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 in 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，了解本次電話會議中討論的非 GAAP 財務指標的說明，以及這些指標與最接近的適用 GAAP 指標的調節情況。除非另有說明，業績參考均為逐年比較。

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 our 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.

我們今天的言論將包括有關預期運營和財務業績以及戰略舉措等的前瞻性陳述。前瞻性陳述可能與我們的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。您應該參閱我們的收益報告，了解這些風險因素的討論。

And now I'll turn the call over to Frank.

現在我將把電話轉給弗蘭克。

Thank you, Julie, and thank you all for joining us today to discuss another very good quarter for Fiserv.

謝謝朱莉，也感謝大家今天加入我們討論費瑟又一個非常好的季度。

Our results continue to demonstrate strong performance in revenue and operating income with second quarter organic revenue growth of 10%, led by performance in Merchant Acceptance, particularly in our international regions, and our Payments and Network segment. Adjusted earnings per share of $1.81 was up 16%, and adjusted operating margin of 36.5% was up 300 basis points. All 3 measures are tracking ahead of our previous guidance for the full year.

我們的業績繼續展現出在收入和營業收入方面的強勁表現，第二季度有機收入增長了 10%，這主要得益於商戶受理業務（尤其是我們的國際地區以及支付和網絡部門）的業績。調整後每股收益為 1.81 美元，增長 16%，調整後營業利潤率為 36.5%，增長 300 個基點。所有三項指標均優於我們之前的全年指引。

As we look to the remainder of 2023, we note that economists' expectations have improved for GDP and consumer spending relative to the start of the year. But those economists also forecast a modest macro slowdown from the first half, in part due to higher anticipated unemployment and the reinstatement of student loan repayment. Among our financial institution customers, spending and spending intentions remain healthy even as net interest margins narrow and lending activity eases. Card and non-card payment services, digital banking, IT modernization and data analytics are high-demand services, and financial institutions are looking to us to deliver.

展望 2023 年剩餘時間，我們注意到經濟學家對 GDP 和消費者支出的預期較年初有所改善。但這些經濟學家還預測，宏觀經濟將比上半年小幅放緩，部分原因是預期失業率上升和學生貸款償還的恢復。在我們的金融機構客戶中，即使淨息差收窄且貸款活動放緩，支出和支出意向仍保持健康。卡和非卡支付服務、數字銀行、IT 現代化和數據分析都是高需求服務，金融機構希望我們能夠提供這些服務。

With the outperformance in the second quarter, we are once again raising our outlook for the full year. We now expect 2023 organic revenue growth in the range of 9% to 11%, up from 8% to 9% previously. Adjusted operating margin is now forecast to improve at least 150 basis points this year, up from our prior expectation of greater than 125 basis points.

鑑於第二季度的優異表現，我們再次上調全年預期。我們目前預計 2023 年有機收入增長率將在 9% 至 11% 之間，高於之前的 8% 至 9%。目前預計今年調整後的營業利潤率將提高至少 150 個基點，高於我們之前超過 125 個基點的預期。

With the year-to-date adjusted EPS growth of 14% and the improved revenue and operating margin performance, we are raising our full year adjusted EPS guidance by $0.10 to a new range of $7.40 to $7.50, representing growth of 14% to 16% over 2022. These second quarter results marked our ninth consecutive quarter of double-digit organic revenue growth. We have also repurchased nearly 6% of our shares outstanding over the last 12 months. I am incredibly proud of the strong performance and the hard work, foresight and collaboration that it took to get here.

鑑於年初至今調整後每股收益增長 14%，收入和營業利潤率表現有所改善，我們將全年調整後每股收益指導上調 0.10 美元，達到 7.40 至 7.50 美元的新範圍，即增長 14% 至 16% 2022 年。第二季度的業績標誌著我們連續第九個季度實現兩位數的有機收入增長。在過去 12 個月裡，我們還回購了近 6% 的已發行股票。我對他們的出色表現、辛勤工作、遠見和協作取得了今天的成就感到無比自豪。

Now I'm focused on sustaining this momentum. There are multiple parts of our business that I consider future growth accelerants. I will touch on 5 of these today, and then we'll add and elaborate on them at our Investor Day later this year. Bob will provide more details on this later in the call.

現在我專注於維持這種勢頭。我認為我們業務的多個部分都是未來增長的促進劑。今天我將討論其中的 5 個，然後我們將在今年晚些時候的投資者日上添加並詳細說明它們。鮑勃將在稍後的電話會議中提供更多詳細信息。

The first success story with a continuing growth outlook is Clover, our market-leading cloud-based SaaS operating system for small- and medium-sized businesses. Revenue is growing more than 20% on $267 billion in annualized payment volume. This is a testament not only to the appeal of the product offering, but to the power of our vast distribution network. Clover has only begun to scratch the surface on the opportunity in vertical-specific solutions, horizontal value-added services and software and international markets.

第一個具有持續增長前景的成功案例是 Clover，它是我們面向中小型企業的市場領先的基於雲的 SaaS 操作系統。年化支付額達 2,670 億美元，收入增長超過 20%。這不僅證明了產品的吸引力，也證明了我們龐大的分銷網絡的力量。 Clover 才剛剛開始觸及垂直特定解決方案、水平增值服務和軟件以及國際市場機會的表面。

In the restaurant vertical, we expect to offer the full suite of value-added services and point-of-sale solutions for restaurants and QSRs of all sizes next year. And we've begun to build out vertical specialized software solutions for retail and professional services, including partnerships to manage inventory, improve SKU level analytics and manage appointment scheduling.

在餐廳垂直領域，我們預計明年將為各種規模的餐廳和快餐店提供全套增值服務和銷售點解決方案。我們已經開始為零售和專業服務構建垂直專業軟件解決方案，包括管理庫存、改進 SKU 級別分析和管理預約安排的合作夥伴關係。

We're also continuing to enhance our ISV partner program, giving our ISVs access to Clover hardware and processing alongside our value-added services. This will support our growth among additional verticals, including businesses in our back book. An example of this is our integration with SalonUltimate, a vertical software platform provider focused on the salon and spa industry, that will provide a broader combined offering to its large merchant base.

我們還繼續加強我們的 ISV 合作夥伴計劃，讓我們的 ISV 能夠訪問 Clover 硬件和處理以及我們的增值服務。這將支持我們在其他垂直領域的增長，包括我們後台的業務。這方面的一個例子是我們與 SalonUltimate 的整合，SalonUltimate 是一家專注於沙龍和水療行業的垂直軟件平台提供商，這將為其大型商戶提供更廣泛的組合產品。

Clover now accounts for approximately 25% of our Merchant revenue and remains on track to reach 35% by 2025, in line with our targets for $10 billion in total Merchant revenue and $3.5 billion in Clover revenue by 2025, implying an expected growth acceleration.

Clover 目前約占我們商戶收入的 25%，並有望在 2025 年達到 35%，這符合我們到 2025 年商戶總收入達到 100 億美元、Clover 收入達到 35 億美元的目標，這意味著預期的增長加速。

Following in the footsteps of Clover is Carat, our unified commerce offering for omnichannel merchants. Like Clover, Carat is an operating system that delivers both payments and experiences, but instead of small businesses, Carat is for the world's leading brands and large enterprises. Carat has been posting revenue growth in the mid-teens on the strength of Fiserv's scale, flexibility and customization capability, plus key integrated services and broad payment options.

Carat 緊隨 Clover 的腳步，是我們為全渠道商家提供的統一商務產品。與 Clover 一樣，Carat 是一個既提供支付又提供體驗的操作系統，但 Carat 面向的不是小型企業，而是全球領先的品牌和大型企業。憑藉 Fiserv 的規模、靈活性和定制能力，加上關鍵的集成服務和廣泛的支付選項，凱絡的收入一直在十幾歲左右增長。

We recently released our 2 biggest differentiators for Carat: Commerce Hub, which is the orchestration layer that enables easy client access to our products and services; and a data and insights command center that lets clients manage their data in real time to better engage end customers and improve operating efficiencies. Over time, as with Clover, we'll add more first- and third-party value-added services and payment flows and increase accessibility around the world.

我們最近發布了 Carat 的 2 個最大差異化優勢：Commerce Hub，這是一個編排層，使客戶能夠輕鬆訪問我們的產品和服務；數據和洞察指揮中心可讓客戶實時管理數據，以更好地吸引最終客戶並提高運營效率。隨著時間的推移，與 Clover 一樣，我們將添加更多第一方和第三方增值服務和支付流程，並提高全球範圍內的可訪問性。

A third area of growth is digital payments and the intersection with digital banking. CardHub is our card account product for debit card issuers that offers all of the newest features for cardholders to manage their accounts. It helps out small and midsized bank issuer clients offer their customers the same cutting-edge functionality as the largest independent card issuers.

第三個增長領域是數字支付以及與數字銀行的交叉。 CardHub 是我們為藉記卡發卡機構提供的卡帳戶產品，為持卡人管理其帳戶提供所有最新功能。它幫助中小型銀行發卡機構客戶為其客戶提供與最大的獨立發卡機構相同的尖端功能。

We're about halfway through migrating financial institution clients onto CardHub where they can integrate with our digital mobile banking product, Mobiliti, and with competing digital banking providers. This migration has shown a doubling of customer adoption on CardHub in the first year, which means greater card usage, reduced call center activity and better security. Ensuring new clients to our digital banking solutions, we then tend to bundle our debit processing, debit network and risk services.

我們將金融機構客戶遷移到 CardHub 的工作已完成一半，他們可以在其中與我們的數字移動銀行產品 Mobiliti 以及競爭的數字銀行提供商集成。此次遷移顯示，第一年 CardHub 的客戶採用率翻了一番，這意味著卡的使用量增加、呼叫中心活動減少以及安全性提高。為了確保新客戶使用我們的數字銀行解決方案，我們傾向於將藉記處理、借記網絡和風險服務捆綁在一起。

The full integration of CardHub and Mobiliti is an investment unique at Fiserv because it spans 2 operating segments, Payments and Fintech, where others don't participate. Our card solution was strengthened by 2 acquisitions, Ondot and SpendLabs, in 2021. And it's just one example of the many cross-selling opportunities specific to Fiserv given our integration work and breadth of capability.

CardHub 和 Mobiliti 的全面整合是 Fiserv 的一項獨特投資，因為它跨越了支付和金融科技 2 個運營部門，而其他公司不參與這兩個部門。我們的卡解決方案通過 2021 年的兩次收購（Ondot 和 SpendLabs）得到了加強。考慮到我們的整合工作和廣泛的能力，這只是 Fiserv 特有的許多交叉銷售機會的一個例子。

A fourth growth area is Latin America. Although we haven't spoken in depth about our international operations, Latin America has been a standout grower in recent quarters, and we believe it can remain so for the long term. We've built a leading franchise across multiple countries and leading financial institutions that spans our product set from merchant acceptance to card issuing to fintech. The region is about 6% of total company adjusted revenue. And in Merchant Acceptance, it's 10% of adjusted revenue.

第四個增長地區是拉丁美洲。儘管我們還沒有深入談論我們的國際業務，但拉丁美洲在最近幾個季度一直是表現出色的增長者，我們相信從長遠來看，這種情況可以保持下去。我們在多個國家和領先的金融機構建立了領先的特許經營權，涵蓋從商戶受理到發卡再到金融科技的產品組合。該地區約占公司調整後總收入的 6%。在商家接受度中，它是調整後收入的 10%。

It's largely driven by Argentina and Brazil followed by Mexico, Colombia and several others. Argentina has garnered attention lately for 100%-plus inflation. And while this has certainly contributed to some of our Merchant segment's strength, a bigger and more sustainable part of the growth comes from anticipation revenue, also known as merchant prepayments. This is where we help merchants navigate the long settlement variance in Argentina, Brazil and Uruguay by funding their payment receivables early at a discounted rate. Businesses get better liquidity, and we receive a spread that carries low risk.

這主要是由阿根廷和巴西推動的，其次是墨西哥、哥倫比亞和其他幾個國家。阿根廷最近因超過 100% 的通貨膨脹而引起人們的關注。雖然這無疑增強了我們商戶部門的一些實力，但增長的更大且更可持續的部分來自預期收入，也稱為商戶預付款。在這裡，我們通過提前以折扣率為他們的應收賬款提供資金，幫助商家應對阿根廷、巴西和烏拉圭的長期結算差異。企業獲得更好的流動性，我們得到的利差風險較低。

Other parts of our LatAm business shows strong momentum as well. We will be expanding our relationship with our partner, Caixa Econômica Federal, enabling card payment for their more than 13,000 bill payment agencies throughout Brazil. Fiserv solution will allow agencies to extend bill payment options from only cash and Caixa debit cards today to all credit, debit and prepaid cards. The opportunity is meaningful when considering that in 2022, this agent network enabled bill payments equal to about 11% of all credit and debit payments in Brazil.

我們拉丁美洲業務的其他部分也顯示出強勁的勢頭。我們將擴大與合作夥伴 Caixa Econámica Federal 的關係，為其遍布巴西的 13,000 多家賬單支付機構提供卡支付服務。 Fiserv 解決方案將允許各機構將賬單支付選項從目前僅限現金和 Caixa 借記卡擴展到所有信用卡、借記卡和預付卡。考慮到到 2022 年，該代理網絡實現的賬單支付相當於巴西所有信用卡和借記卡支付的約 11%，因此這個機會意義重大。

We are also enabling PIX transactions in Brazil in the P2B space, utilizing our Software Express platform and expanding our presence in PIX beyond P2B. We have also made PIX payments capability available in our large acquiring network in Argentina, supporting Brazilians visiting this neighboring country. We're excited for the opportunities presented by PIX, and it has already exceeded total card sales volume in Brazil in a short period of time.

我們還在巴西的 P2B 領域啟用 PIX 交易，利用我們的 Software Express 平台並將我們在 PIX 中的業務擴展到 P2B 以外的領域。我們還在阿根廷的大型收單網絡中提供了 PIX 支付功能，為訪問這個鄰國的巴西人提供支持。我們對 PIX 提供的機會感到興奮，它在短時間內就已經超過了巴西的卡銷售總量。

A fifth opportunity is Finxact. Finxact is the acquisition we made in April of last year to offer a next-generation core banking system that's cloud-native. It gives us the opportunity to compete and win with financial institutions of all sizes and across geographies, expanding our total addressable market. Our three-prong strategy is to win digital-first banks, provide next-generation core banking through our existing FI clients and add larger banks as clients often starting as they launch new products in the cloud.

第五個機會是 Finxact。 Finxact 是我們去年 4 月收購的，旨在提供下一代云原生核心銀行系統。它使我們有機會與各種規模和跨地區的金融機構競爭並獲勝，從而擴大我們的總體目標市場。我們的三管齊下戰略是贏得數字優先銀行，通過我們現有的金融機構客戶提供下一代核心銀行業務，並在雲中推出新產品時添加大型銀行作為客戶。

Another opportunity in Finxact that's coming together now actually started many years ago. We were an initial investor in Finxact when it began raising money in 2017 because we saw value in marrying a merchant processing platform with a back-office banking platform. Today, that's called embedded finance, and we are beginning to tap into the opportunity as merchants look to offer banking services to their customers. Their goal is typically to provide more purchasing power and payment flexibility to their customers while creating deeper relationships.

Finxact 中的另一個機會實際上是多年前就開始了。當 Finxact 於 2017 年開始籌集資金時，我們是它的初始投資者，因為我們看到了將商業處理平台與後台銀行平台結合起來的價值。今天，這被稱為嵌入式金融，隨著商家希望為其客戶提供銀行服務，我們開始利用這個機會。他們的目標通常是為客戶提供更多的購買力和支付靈活性，同時建立更深層次的關係。

Embedded finance will add to the many payment and banking solutions that merchants want to offer and we already provide. Here are some examples. We deliver stored value and gift card solutions to many of the world's leading brands. We're the largest private label credit card provider, and we are the processor behind most HSA and FSA accounts. Finxact is the single ledger and issuing platform for products like debit cards and DDAs. And from here, we're investing in the connectivity between platforms to create a more seamless experience for our clients and their end customers.

嵌入式金融將增加商家想要提供且我們已經提供的許多支付和銀行解決方案。這裡有些例子。我們為許多世界領先品牌提供儲值卡和禮品卡解決方案。我們是最大的自有品牌信用卡提供商，也是大多數 HSA 和 FSA 賬戶背後的處理者。 Finxact 是藉記卡和 DDA 等產品的單一分類賬和發行平台。從這裡開始，我們正在投資平台之間的連接，為我們的客戶及其最終客戶創造更加無縫的體驗。

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

現在讓我將討論轉給鮑勃，以獲取有關我們財務業績的更多詳細信息。

Thank you, Frank, and good morning, everyone. If you're following along on our slides, I'll cover details on total company and segment performance, starting with our financial metrics and trends on Slide 4.

謝謝弗蘭克，大家早上好。如果您正在觀看我們的幻燈片，我將從幻燈片 4 上的財務指標和趨勢開始，介紹公司整體和部門業績的詳細信息。

As Frank said, our second quarter was a very good one and marked our ninth quarter in a row of double-digit organic revenue growth. Total company organic revenue growth was 10% in the quarter with strong growth across Merchant Acceptance and Payments and Network. Year-to-date, total company organic revenue grew 11%, led by the Merchant Acceptance segment which grew 16%.

正如弗蘭克所說，我們的第二季度非常好，標誌著我們連續第九個季度實現兩位數的有機收入增長。本季度公司總有機收入增長 10%，商戶受理、支付和網絡業務增長強勁。今年迄今為止，公司總有機收入增長了 11%，其中商戶受理部門的收入增長了 16%。

Our 3 international regions also continued to perform well, growing 31% organically in the second quarter. We saw strong growth in the issuer solutions revenue across all 3 regions and robust gains in Latin America for our Merchant segment. As Frank explained, while Argentina inflation grabs the headlines, the bigger driver of our growth here is anticipation revenue, reflecting a newer business for us in Merchant prepayments.

我們的 3 個國際地區也繼續表現良好，第二季度有機增長 31%。我們看到所有 3 個地區的發行人解決方案收入均強勁增長，而我們的商戶部門在拉丁美洲也取得了強勁增長。正如弗蘭克解釋的那樣，雖然阿根廷的通貨膨脹成為頭條新聞，但我們增長的更大推動力是預期收入，這反映了我們在商戶預付款方面的新業務。

In the near future, inflation in Argentina may ease, but it's likely to stay persistently high relative to the rest of the world. Our broad franchise, new lines of business and strong growth in the rest of the region should balance out any single country's macroeconomic issues.

在不久的將來，阿根廷的通貨膨脹可能會緩解，但相對於世界其他地區而言，它可能會持續居高不下。我們廣泛的特許經營權、新的業務線以及該地區其他地區的強勁增長應該可以平衡任何單一國家的宏觀經濟問題。

Second quarter total company adjusted revenue grew 6% to $4.5 billion. And adjusted operating income grew 16% to $1.6 billion, resulting in an adjusted operating margin of 36.5%, an increase of 300 basis points versus the prior year.

第二季度公司調整後總收入增長 6%，達到 45 億美元。調整後營業收入增長 16%，達到 16 億美元，調整後營業利潤率為 36.5%，比上年增加 300 個基點。

For the first half of the year, adjusted revenue grew 8% to $8.8 billion. And adjusted operating income increased 16% to $3.1 billion, resulting in adjusted operating margin of 35.1%, an increase of 240 basis points versus last year and tracking ahead of our 2023 guidance.

今年上半年，調整後收入增長 8%，達到 88 億美元。調整後營業收入增長 16%，達到 31 億美元，調整後營業利潤率為 35.1%，比去年增加 240 個基點，領先於我們的 2023 年指引。

Adjusted earnings per share for the quarter increased 16% to $1.81 compared to $1.56 in the prior year. Year-to-date through June 30, adjusted earnings per share increased 14% to $3.38, at the high end of our 12% to 14% annual guidance range.

本季度調整後每股收益增長 16%，達到 1.81 美元，而上年同期為 1.56 美元。年初至今，截至 6 月 30 日，調整後每股收益增長 14% 至 3.38 美元，處於我們 12% 至 14% 年度指導範圍的上限。

Free cash flow came in at $608 million for the quarter and $1.5 billion for the first 6 months of the year, up 16% year-to-date. Our free cash flow remains on track to reach $3.8 billion this year, and we've retained line of sight to accelerating cash flow generation in the second half, as is typical for our business.

本季度自由現金流為 6.08 億美元，今年前 6 個月為 15 億美元，年初至今增長 16%。今年我們的自由現金流仍有望達到 38 億美元，並且我們仍致力於在下半年加速現金流的產生，這對我們的業務來說是典型的做法。

Now looking to our segment results starting on Slide 5. Organic revenue growth in the Merchant Acceptance segment was a strong 14% in the quarter and 16% year-to-date. Adjusted revenue growth in the quarter was 9% and 10% for the first half. Merchant volume and transactions grew 1% compared to prior year.

現在從幻燈片 5 開始查看我們的部門業績。商戶受理部門的有機收入增長在本季度強勁 14%，今年迄今增長 16%。調整後本季度收入增長率為 9%，上半年調整後收入增長率為 10%。商戶數量和交易量較去年增長 1%。

This lower volume performance reflects 2 temporary factors. First is the decline in retail fuel prices of 27% on average in the quarter, which creates a tough comparison for petrol merchant volume growth. The second is related to some strategic realignment among large processing clients that's impacting their volumes and represents a large portion of our processing-only volume. Excluding these 2 isolated factors, volume growth would have been 4%.

銷量下降反映了兩個臨時因素。首先是本季度零售燃油價格平均下降 27%，這與汽油商銷量的增長形成了艱難的比較。第二個與大型加工客戶之間的一些戰略調整有關，這影響了他們的數量，並且占我們僅加工數量的很大一部分。排除這兩個孤立因素，銷量增長將為 4%。

It's important to note that volume changes for both petrol and processing-only clients had very little impact on our revenue since petrol clients typically pay per transaction and processing carries very low fees. Nevertheless, they are big contributors to volume and thus the spread between our volume growth and revenue growth is particularly wide now. This should moderate over time.

值得注意的是，汽油和僅加工客戶的數量變化對我們的收入影響很小，因為汽油客戶通常按交易付費，而加工費用非常低。儘管如此，它們仍然是銷量的重要貢獻者，因此我們的銷量增長和收入增長之間的差距現在特別大。隨著時間的推移，這種情況應該會有所緩解。

Other factors contributing to the wider spread are rising penetration of software and services and pricing benefits from both higher inflation and added value. We expect these to be positive contributors to revenue on an ongoing basis.

導致更廣泛傳播的其他因素包括軟件和服務的滲透率不斷上升，以及通貨膨脹和附加值上升帶來的定價優勢。我們預計這些將持續對收入做出積極貢獻。

Clover, our operating system for small- and medium-sized businesses, continues to build on the strength of its growing product offering to attract and retain more merchants and expand our revenue opportunity with them. Clover posted a strong 23% revenue growth for the quarter and 22% year-to-date. Quarterly Clover GPV was $67 billion and $267 billion on an annualized basis, up 15%.

Clover 是我們面向中小型企業的操作系統，繼續以其不斷增長的產品供應為基礎，吸引和留住更多商家，並通過他們擴大我們的收入機會。 Clover 公佈本季度收入強勁增長 23%，年初至今增長 22%。 Clover 季度 GPV 為 670 億美元，按年化計算為 2670 億美元，增長 15%。

Value-added services penetration was 16%, 1 point above year-ago levels and on track to achieve our 25% target by 2025. We signed 40 ISVs this quarter, bringing our total signed to 77 year-to-date. Our momentum is starting to build with PayFac as well with the signing of Waystar and Pay Theory during the second quarter. Clover Sport added a relationship with a large service provider for the Cleveland Browns Stadium and other venues.

增值服務滲透率為 16%，比去年同期水平高出 1 個百分點，並有望在 2025 年實現 25% 的目標。本季度我們簽署了 40 家 ISV，使今年迄今簽署的 ISV 總數達到 77 家。隨著第二季度與 PayFac 以及 Waystar 和 Pay Theory 的簽約，我們的勢頭開始增強。 Clover Sport 與克利夫蘭布朗隊體育場和其他場館的一家大型服務提供商建立了合作關係。

Carat, our omni-commerce operating system for enterprise clients, grew revenue 6% in the second quarter. Excluding the loss of a Latin America processing client that began taking its business in-house, Carat grew 14%. While our relationship with the client remains good, we're focused on growing our higher-value direct business.

Carat 是我們為企業客戶提供的全方位商務操作系統，第二季度收入增長了 6%。不計入開始將業務內部化的拉丁美洲加工客戶的損失，凱絡增長了 14%。雖然我們與客戶的關係仍然良好，但我們專注於發展更高價值的直接業務。

The underlying Carat business remains strong. We've expanded our merchant processing relationship with Inspire Brands, the second-largest restaurant company in the United States, to include several more of their restaurant concepts while continuing our relationship with their Dunkin', Baskin-Robbins and Sonic brands. The agreement will add several thousand additional restaurant locations to our processing portfolio.

凱絡的基礎業務依然強勁。我們擴大了與美國第二大餐飲公司 Inspire Brands 的商業處理關係，納入了更多他們的餐廳概念，同時繼續與他們的 Dunkin'、Baskin-Robbins 和 Sonic 品牌建立關係。該協議將為我們的加工組合增加數千家餐廳地點。

Adjusted operating income in the Acceptance segment increased 21% to $718 million in the quarter, and adjusted operating margin was up 350 basis points to 34.7%. Year-to-date, adjusted operating income improved 20% to $1.3 billion, and adjusted operating margin grew 280 basis points to 32.7%.

本季度承兌業務部門調整後營業收入增長 21%，達到 7.18 億美元，調整後營業利潤率增長 350 個基點，達到 34.7%。年初至今，調整後營業收入增長 20%，達到 13 億美元，調整後營業利潤率增長 280 個基點，達到 32.7%。

Turning to Slide 6. The Payments and Network segment posted organic revenue growth of 9% in the quarter, once again above the high end of the 5% to 8% medium-term guidance range. Notable growth drivers in the segment included active accounts on file in North American credit processing business; the Output Solutions business; our debit networks, STAR and Accel; and Zelle, led by continued growth in both the number of clients and transaction growth.

轉向幻燈片 6。支付和網絡部門本季度的有機收入增長了 9%，再次高於 5% 至 8% 中期指導範圍的上限。該部門的顯著增長動力包括北美信貸處理業務中的活躍賬戶；輸出解決方案業務；我們的借記網絡、STAR 和 Accel；和Zelle，由客戶數量和交易增長的持續增長帶動。

As we've said, we expect tough comparisons through the rest of the year as we anniversary a large new client onboarding completed in mid-2022. Still, we anticipate the full year organic revenue growth rate to be towards the high end of our medium-term outlook of 5% to 8%. Also notable for this segment, 2 new payments initiatives took effect this month, offering incremental revenue opportunities for Fiserv over time.

正如我們所說，隨著我們在 2022 年中期完成大型新客戶入職紀念日，我們預計今年剩餘時間將進行艱難的比較。儘管如此，我們預計全年有機收入增長率將接近中期前景的上限，即 5% 至 8%。該領域同樣值得注意的是，本月生效的兩項新支付舉措為 Fiserv 提供了隨著時間的推移增加收入的機會。

First, July 1 was the effective date of the Fed's final rule clarifying parts of Regulation II to make explicit that at least 2 debit network routing options are required for card-not-present transactions. For our STAR and Accel debit networks, which have been supporting CNP for years, this led to more than 80 of our current issuing clients enabling card-not-present, adding active cards for e-commerce transactions. This is a growth opportunity that we did not previously have.

首先，7 月 1 日是美聯儲最終規則的生效日期，該規則澄清了《條例 II》的部分內容，明確無卡交易至少需要 2 個借記網絡路由選項。我們的 STAR 和 Accel 借記網絡多年來一直支持 CNP，這導致我們當前的 80 多家發卡客戶啟用了無卡支付，為電子商務交易添加了有效卡。這是我們以前沒有的增長機會。

We also won several large e-commerce merchants as clients, including, in the second quarter, Lyft, ADT and T-Mobile. Last week, the Fed launched its real-time payment system, FedNow. So we are now live with 6 banks in the pilot phase and more than 70 committed to go live so far this year.

我們還贏得了幾家大型電商客戶，包括第二季度的 Lyft、ADT 和 T-Mobile。上週，美聯儲推出了實時支付系統FedNow。因此，我們現在有 6 家銀行處於試點階段，今年迄今已有 70 多家銀行承諾上線。

We are encouraged by the opportunity to add more financial institutions since more than 1,000 of them are already connected to our NOW Network for Zelle, providing a single point of integration that could be leveraged by FIs to easily add new rails. That's a major differentiator for Fiserv. But the key to FedNow adoption is compelling use cases, which we think will grow over time, most likely in commercial payments and bill pay spaces.

我們對增加更多金融機構的機會感到鼓舞，因為其中 1,000 多家金融機構已經連接到我們的 Zelle NOW 網絡，提供了金融機構可以利用的單點集成來輕鬆添加新的鐵路。這是 Fiserv 的一個主要差異化因素。但採用 FedNow 的關鍵是引人注目的用例，我們認為這些用例會隨著時間的推移而增長，最有可能在商業支付和賬單支付領域。

Adjusted operating income for the segment was up 17% to $782 million. And adjusted operating margin was up 360 basis points to 47.4% in the quarter, driven by our strong revenue growth and productivity. Year-to-date, adjusted operating income was up 16% to $1.5 billion, and adjusted operating margin was up 240 basis points to 45.6%.

該部門調整後營業收入增長 17%，達到 7.82 億美元。在我們強勁的收入增長和生產力的推動下，本季度調整後的營業利潤率增長了 360 個基點，達到 47.4%。年初至今，調整後營業收入增長 16%，達到 15 億美元，調整後營業利潤率增長 240 個基點，達到 45.6%。

Moving to Slide 7. Organic revenue in the Financial Technology segment declined 1% in the second quarter, resulting in 1% growth for the first half. High periodic revenue in the second quarter of 2022 drove a difficult comparison this quarter, creating a 3-point headwind. We continue to expect organic growth within the guidance range of 4% to 6% this year as in-year revenue is booked and implementation work on prior wins is completed.

轉向幻燈片 7。金融科技領域的有機收入第二季度下降 1%，導致上半年增長 1%。 2022 年第二季度的高週期性收入導致本季度的比較困難，造成了 3 個百分點的阻力。我們繼續預計今年的有機增長將在 4% 至 6% 的指導範圍內，因為年內收入已入賬且先前勝利的實施工作已完成。

Adjusted operating income was up 1% in the quarter to $285 million and up 2% to $565 million year-to-date. Adjusted operating margin in the segment increased 130 basis points to 36.3% in the quarter. For the first half, the segment's adjusted operating margin grew 60 basis points to 35.8%. We added 10 new core account processing clients in the quarter, including 4 wins for DNA, our market-recognized leading modern core banking platform for banks and credit unions.

調整後營業收入本季度增長 1%，達到 2.85 億美元，年初至今增長 2%，達到 5.65 億美元。本季度該部門調整後的營業利潤率增長了 130 個基點，達到 36.3%。上半年，該部門調整後的營業利潤率增長了 60 個基點，達到 35.8%。本季度我們新增了 10 個核心賬戶處理客戶，其中 DNA 贏得了 4 個客戶，DNA 是我們為銀行和信用合作社提供的市場認可的領先現代核心銀行平台。

Fintech showcased its extensibility as an enabler of embedded finance with the win at Pay Theory. This payment facilitator serves the education and the health care sectors and plans to enable a suite of banking-as-a-service and money movement capabilities for its vertical SaaS partners.

金融科技在 Pay Theory 競賽中獲勝，展示了其作為嵌入式金融推動者的可擴展性。該支付服務商為教育和醫療保健行業提供服務，併計劃為其垂直 SaaS 合作夥伴提供一套銀行即服務和資金轉移功能。

We are integrating Fintech with our merchant PFAC platform to enable Pay Theory to extend its vertical SaaS capability to banking and payments. Our goal is to provide a single integration for vertical SaaS providers who want to leverage assets across our banking, payments and merchant businesses.

我們正在將金融科技與我們的商戶 PFAC 平台相集成，以使 Pay Theory 能夠將其垂直 SaaS 功能擴展到銀行和支付領域。我們的目標是為想要利用我們的銀行、支付和商業業務資產的垂直 SaaS 提供商提供單一集成。

The adjusted corporate operating loss was $142 million in the quarter and $264 million year-to-date. The slight increase over the first half last year is largely impacted by expenses tied to our client conference, which we held in-person for the first time since the pandemic. The adjusted effective tax rate in the quarter was 20.6% and was 19.8% for the first half. We continue to expect the adjusted effective tax rate to be approximately 20% for the full year.

本季度調整後的公司運營虧損為 1.42 億美元，年初至今調整後的公司運營虧損為 2.64 億美元。去年上半年的小幅增長主要是受到客戶會議相關費用的影響，這是我們自大流行以來首次親自舉行客戶會議。本季度調整後有效稅率為20.6%，上半年為19.8%。我們仍然預計全年調整後的有效稅率約為20%。

Total outstanding debt was $23.2 billion on June 30, and the debt-to-adjusted-EBITDA ratio was 2.9x. During the second quarter, we issued EUR 800 million of 8-year senior notes to replace notes that matured in early July and reduced our commercial paper program balances. Variable rate debt sits at 13% of total.

截至 6 月 30 日，未償債務總額為 232 億美元，債務與調整後 EBITDA 比率為 2.9 倍。第二季度，我們發行了 8 億歐元的 8 年期優先票據，以取代 7 月初到期的票據，並減少了我們的商業票據計劃餘額。可變利率債務佔總債務的13%。

During the quarter, we continued our disciplined capital allocation strategy, repurchasing 8.6 million shares for $1 billion and 21.8 million shares for $2.5 billion over the last 6 months. We had 70.1 million shares remaining authorized for repurchase at the end of the quarter.

本季度，我們繼續執行嚴格的資本配置策略，在過去 6 個月中以 10 億美元回購 860 萬股，以 25 億美元回購 2180 萬股。截至本季度末，我們仍有 7010 萬股股票獲授權回購。

As we continue to optimize our vast product portfolio for value and strategic fit, yesterday, we completed the sale of 2 financial reconciliation products to Trintech for roughly $230 million. We are fully committed to our long-standing disciplined approach to capital allocation, which includes investing in our businesses organically, maintaining a strong balance sheet, returning cash to shareholders through share repurchase and pursuing high-value and innovative acquisitions.

隨著我們繼續優化龐大的產品組合以實現價值和戰略契合，昨天，我們以約 2.3 億美元的價格完成了向 Trintech 出售 2 種財務對賬產品的交易。我們完全致力於我們長期以來嚴格的資本配置方法，包括對我們的業務進行有機投資、維持強勁的資產負債表、通過股票回購向股東返還現金以及追求高價值和創新收購。

And wrapping up on Slide 8. First half organic revenue growth was well ahead of our prior guidance for the full year, so we are again raising the range from 8% to 9%, to 9% to 11%, which considers economists' range of second half outcomes. Based on the strong second quarter results and higher anticipated organic revenue growth, we are raising our full year adjusted EPS guidance range once again from the previous $7.30 to $7.40 to a new range of $7.40 to $7.50, representing growth of 14% to 16% over 2022. This includes a higher adjusted operating margin now expected to improve at least 150 basis points this year, up from our prior guidance of greater than 125 basis points.

幻燈片 8 已結束。上半年有機收入增長遠遠高於我們之前對全年的指導，因此我們再次將範圍從 8% 提高到 9%，提高到 9% 到 11%，這考慮了經濟學家的範圍下半場的結果。基於強勁的第二季度業績和更高的預期有機收入增長，我們再次將全年調整後每股收益指導範圍從之前的 7.30 美元至 7.40 美元提高到新的 7.40 美元至 7.50 美元，較上年同期增長 14% 至 16%。 2022 年。這包括更高的調整後營業利潤率，預計今年將提高至少 150 個基點，高於我們之前超過 125 個基點的指導。

Lastly, we're excited to announce our upcoming Investor Day in New York City on Wednesday, November 15, so please save the date. We'll spend time going deeper on our growth strategies, and you'll see how they factor into our outlook when we update our medium-term guidance. It will be a great opportunity to get to know our management team and see some of our products in action.

最後，我們很高興地宣布 11 月 15 日星期三即將在紐約市舉行投資者日，所以請預留好日期。我們將花時間更深入地研究我們的增長戰略，當我們更新中期指導時，您將看到它們如何影響我們的前景。這將是一個了解我們的管理團隊並了解我們的一些產品的實際應用的絕佳機會。

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

接下來，讓我把電話轉回給弗蘭克。

Thanks, Bob. I'd like to acknowledge our corporate social responsibility programming because it continues to support better outcomes for our clients, shareholders and associates. You'll find many examples in our annual CSR report published in May.

謝謝，鮑勃。我要感謝我們的企業社會責任計劃，因為它繼續為我們的客戶、股東和員工提供更好的成果。您會在我們五月份發布的年度企業社會責任報告中找到許多例子。

Highlights this quarter include growth in our employee resource groups and internal mobility; additional grants for small business under our back-to-business program; and awards and recognition as a top employer for veterans and National Guard members. We're also in the process of submitting data to the Carbon Disclosure Project, or CDP, for the third straight year.

本季度的亮點包括我們的員工資源群體和內部流動性的增長；根據我們的重返商業計劃為小型企業提供額外補助；以及作為退伍軍人和國民警衛隊成員的最佳雇主的獎勵和認可。我們還連續第三年向碳披露項目 (CDP) 提交數據。

Finally, I'd like to leave you with some important perspective from our annual client conference, Forum, which we hosted in June. For the first time since the pandemic, we were able to meet with thousands of clients and prospects in person. Together, they represented over 50% of our revenue from financial institution clients. We hosted education sessions on real-time payments, embedded finance and cloud modernization, and an experience center that showcased key products like CardHub, Digital Banking, Finxact and the new Clover Kitchen Display System.

最後，我想向您介紹我們 6 月份主辦的年度客戶會議“論壇”的一些重要觀點。自大流行以來，我們第一次能夠親自會見數千名客戶和潛在客戶。它們合計占我們來自金融機構客戶的收入的 50% 以上。我們舉辦了有關實時支付、嵌入式金融和雲現代化的教育課程，並設立了一個體驗中心，展示了 CardHub、數字銀行、Finxact 和新的 Clover 廚房顯示系統等關鍵產品。

As gratifying as this was, the more meaningful takeaways for me can be summed up in 3 themes I heard from clients again and again. One, they love our products and they're ready to spend. Our core banking systems, especially Premier for community banks and DNA, our most modern cloud-enabled core, are coveted by bank and credit union CIOs. Our smaller clients remain largely untouched by the March banking turmoil. And our larger clients have one eye on the regulatory environment and the other on how we can help them accelerate their growth.

儘管這令人高興，但對我來說更有意義的收穫可以總結為我一次又一次從客戶那裡聽到的三個主題。第一，他們喜歡我們的產品並且願意花錢。我們的核心銀行系統，尤其是社區銀行的 Premier 和 DNA（我們最現代化的雲支持核心）受到銀行和信用合作社 CIO 的青睞。我們的小客戶基本上沒有受到三月份銀行業動蕩的影響。我們的大客戶一方面關注監管環境，另一方面關注我們如何幫助他們加速增長。

Two, they are rooting for our innovations. Small and midsized financial institutions see Fiserv as their champion for the latest technology solutions. They're relying on us for their digital and mobile banking, top-tier features in card services, and data and analytics.

第二，他們支持我們的創新。中小型金融機構將 Fiserv 視為最新技術解決方案的擁護者。他們依靠我們提供數字和移動銀行、卡服務的頂級功能以及數據和分析。

Three, they have noted our improved service. We've already made strong progress in client service with our relationship management model over the past year. Most recently, as an example of our operational excellence initiative this year, we launched a commitment tracker where clients can view the deliverables we promised and track their progress. It's the first of its kind in the industry for transparency and accountability, and financial institutions now have one more reason to choose Fiserv.

第三，他們注意到我們改進的服務。過去一年，我們通過關係管理模式在客戶服務方面取得了長足進步。最近，作為我們今年卓越運營計劃的一個例子，我們推出了承諾跟踪器，客戶可以在其中查看我們承諾的可交付成果並跟踪他們的進度。這是業內首個注重透明度和問責制的同類產品，金融機構現在又有了選擇 Fiserv 的理由。

So to conclude, as we approach the anniversary of our merger exactly 4 years ago this week, we are gratified that our vision and execution have proven out with results that exceeded expectations. From here, the combination of our investment, innovation and talented workforce mean the next 4 years tend to be even better.

總而言之，在我們四年前的本週即將迎來合併週年紀念日之際，我們很高興我們的願景和執行力得到了證明，結果超出了預期。從這裡開始，我們的投資、創新和才華橫溢的員工隊伍的結合意味著未來四年會變得更好。

And now, operator, please open the line for questions.

現在，接線員，請打開電話提問。

(Operator Instructions) For our first question, we'll go to the line of Dave Togut from Evercore ISI.

（操作員說明）對於我們的第一個問題，我們將聯繫 Evercore ISI 的 Dave Togut 線路。

Good to see the acceleration in Clover revenue growth. Noting the long-term plan to continue to accelerate Clover revenue growth, if we zoom in a little closer on to the next, let's say, 6 to 12 months, would you expect this trend to continue?

很高興看到 Clover 收入增長加速。注意到繼續加速 Clover 收入增長的長期計劃，如果我們把目光放得更近一點，比如 6 到 12 個月，您預計這種趨勢會持續下去嗎？

Yes. Thanks, Dave. I mean as you've heard us talk over time, we continue to have tons of opportunity, both in the ISV and our day-to-day operating business itself, we expect it to have an acceleration. You'll see us bringing more software into the product set, vertical solutions. We believe we have a long, long opportunity set in front of us.

是的。謝謝，戴夫。我的意思是，正如您所聽到的，隨著時間的推移，我們仍然擁有大量機會，無論是在 ISV 還是我們的日常運營業務本身，我們預計它都會加速。您將看到我們將更多軟件引入產品集、垂直解決方案中。我們相信，我們面前有一個很長很長的機會。

Remember, we haven't gone to the back book at all. That's an opportunity. It's not anywhere in our guide, that back book opportunity. You should expect us also to continue to add services, and that's really driving that penetration. So in our vision and in our visibility, we see a continuing acceleration of Clover growth. And then we also have international.

請記住，我們根本沒有翻到後面的書。這是一個機會。在我們的指南中，沒有任何地方可以提供回書機會。您應該期望我們還會繼續增加服務，這確實推動了滲透率。因此，在我們的願景和可見度中，我們看到 Clover 的增長持續加速。然後我們還有國際。

Just as a quick follow-up, the 80 issuers that you enabled for card-not-present on STAR and Accel, is there any way you can quantify potential volume from those issuers over the next year or so?

作為快速跟進，您在 STAR 和 Accel 上啟用了 80 個無卡發卡機構，有什麼方法可以量化這些發卡機構在未來一年左右的潛在交易量嗎？

Well, I've been super guarded on this item. As I like to say, we're in early innings. We can only get volume without enablement. So step 1 is enablement. Step 2 is also, as you heard us talking about, merchants wanting it. And you heard us talked to a few today of large players there.

嗯，我對這個項目一直非常警惕。正如我想說的，我們正處於早期階段。我們只能在沒有啟用的情況下獲得數量。所以第一步是啟用。正如您聽到我們談論的那樣，第二步也是商家想要的。你聽到我們今天與那裡的一些大公司進行了交談。

I think as we come closer and we talk at Investor Day, you'll get better visibility to this. It's not even early innings, it's the first at bat, really. But we have demand, we have issuer compliance with us on it and we have opportunity in front of us. And fundamentally, I'd like to say, none of this is in today's set of numbers or the guide that we're talking to you about.

我認為，隨著我們在投資者日上的討論越來越接近，您會更好地了解這一點。這甚至不是前幾局，而是第一擊球，真的。但我們有需求，我們有發行人遵守我們的要求，我們面前有機會。從根本上講，我想說，這些都不在今天的一組數據或我們正在與您討論的指南中。

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

接下來，我們將討論沃爾夫研究中心的達林·佩勒 (Darrin Peller) 系列。

Frank, I know you touched on the Forum, but I'd love to just hear your thoughts on demand from the banks right now and just in the context of the environment we're in going into this quarter as well as volume trends in just merchant, more importantly, consumer trends into July, what you're seeing across the ecosystem domestically and maybe internationally also.

弗蘭克，我知道您談到了論壇，但我很想听聽您對銀行目前需求的看法，以及在我們進入本季度的環境以及剛剛發生的交易量趨勢的背景下的想法。商家，更重要的是，進入 7 月份的消費者趨勢，您在國內甚至國際生態系統中看到的情況。

Let me talk about Forum because it was our really first post-merger physical Forum. We had done virtual ones, but demand gen at a virtual conference is not very high. The ability for our leadership team to touch thousands of clients, and we made a point of that, lots of listening sessions, lots of meetings. And that's why I go through those 3 bullets that their desire to engage and spend is very high. Their desire to have us be part of their embedded strategy to help them grow their bank is very high.

讓我談談論壇，因為這是我們合併後真正的第一個實體論壇。我們已經做了虛擬會議，但虛擬會議的需求不是很高。我們的領導團隊有能力接觸成千上萬的客戶，我們強調這一點，進行大量的傾聽會議和大量的會議。這就是為什麼我會通過這 3 個要點來說明他們參與和消費的願望非常高。他們非常希望我們成為他們的嵌入式戰略的一部分，以幫助他們發展銀行。

We watch the response to the commitment tracker. The fact that we want to lead the industry and meeting our commitments, you could hear somebody who is at the conference like Banc of California yesterday talk on their merger call about the strategic partnership they have with us. Their CIO was there. I heard from their CEO yesterday and their CIO.

我們觀察對承諾跟踪器的響應。事實上，我們希望引領行業並履行我們的承諾，您可能會聽到像加州銀行這樣參加會議的人昨天在合併電話會議上談論他們與我們的戰略合作夥伴關係。他們的首席信息官也在場。我昨天收到了他們的首席執行官和首席信息官的來信。

So we're part of our clients' growth strategy. We love driving it. It's not a core-only play, it's everything we bring around it. When you look at the acquisitions we've done, the receptivity to CardHub through Ondot, then I think you'd find the core competency in this company no longer for tuck-ins, but for acquisitions that we could do at a size and then turn it into a completely different capability. So demand is high, super high.

因此，我們是客戶增長戰略的一部分。我們喜歡駕駛它。這不是一個只有核心的遊戲，而是我們帶來的一切。當你看看我們已經完成的收購，以及通過 Ondot 對 CardHub 的接受度時，我想你會發現這家公司的核心競爭力不再是塞進去，而是我們可以進行一定規模的收購，然後將其轉變為完全不同的能力。所以需求很高，非常高。

Finxact, the amount of time Finxact got attention at Forum was off the charts. And it is the industry leader in current instances in the space it plays. I think relative to the consumer, they have a lot weighing on them now. They have the student debt issue. They have rising interest rates, and you've seen a moderation in volume. You've heard it and I think you'll hear it across the industry, our business -- July is similar to what we saw in the quarter. But our business mix has allowed us to deliver so many other services, leading with Clover, following with the other value-added services that allows us to be able to be in a position we are and we think we're fortunate and blessed.

Finxact，Finxact 在論壇上獲得關注的時間是空前的。它是當前所在領域的行業領導者。我認為相對於消費者來說，他們現在承受著很大的壓力。他們有學生債務問題。他們的利率不斷上升，但交易量卻有所放緩。您已經聽說過，而且我認為您會在整個行業、我們的業務中聽到這樣的說法——七月份的情況與我們在本季度看到的情況類似。但我們的業務組合使我們能夠提供如此多的其他服務，其中以 Clover 為首，其次是其他增值服務，這些服務使我們能夠處於現在的位置，我們認為我們是幸運和幸福的。

Darrin, just to add on Forum, as a guy who went to 3 or 4 of them pre-merger, so the last time we had in-person, the tone of the conversation and the depth of the conversations was quite different this time. Deep innovation, partnership conversations, a change in customer service that is being experienced by our clients and echo the -- Frank talked about the commitment tracker, our willingness to be very transparent on what we're doing and why we're doing it and the openness of our solution, enabling much wider breadth of capability, not only stuff that we bring, and that's increased over time with our Payments and Fintech segment both serving financial institutions, but having those open APIs and the Developer Studio that we announced a couple of quarters ago, giving our clients (inaudible) on this.

達林（Darrin），只是在論壇上補充一下，作為一個在合併前參加過其中三四個的人，所以上次我們面對面時，這次談話的語氣和談話的深度有很大不同。深度創新、合作夥伴對話、我們的客戶正在經歷的客戶服務的變化以及呼應——弗蘭克談到了承諾跟踪器，我們願意對我們正在做的事情以及我們這樣做的原因保持高度透明，我們解決方案的開放性，實現了更廣泛的功能，不僅是我們帶來的東西，而且隨著時間的推移，我們的支付和金融科技部門都為金融機構提供服務，而且擁有那些開放的 API 和我們宣布的開發者工作室幾個季度前，向我們的客戶（聽不清）提供了這一點。

Yes, there's probably -- I'll just add one other item, maybe 2. One is our clients' willingness to want to engage and talk to us about their innovation needs. It can only -- I've said for a long time, innovation happens in the client's office, not in our Sunnyvale office. And two, needless to say, when you're in that environment, your pipeline build opportunity in the current and the future is very, very strong, and the amount of follow-up meetings are ever off the charts.

是的，可能——我只想添加另外一項，也許是兩項。其中之一是我們的客戶願意與我們互動並討論他們的創新需求。它只能——我已經說過很長一段時間了，創新發生在客戶的辦公室，而不是我們桑尼維爾的辦公室。第二，不用說，當你處於那種環境中時，你在當前和未來的管道建設機會非常非常強大，而且後續會議的數量也超乎想像。

That's great. Guys, when we -- just my quick follow-up is just back to the spread between volume and revenue at Merchant. If we just took out the things out of your control like gas prices and process and the inflation, for example, and we just focused on pricing and software as a penetration, maybe even just focusing on the customers that are -- you're just processing for and have low revenue, how do we think about sustainability of those factors driving better revenue and for how long?

那太棒了。伙計們，當我們——我的快速跟進回到商家的銷量和收入之間的利差。例如，如果我們只是去掉你無法控制的事情，比如天然氣價格、流程和通貨膨脹，我們只專注於定價和軟件作為滲透，甚至可能只關注客戶——你只是處理和收入較低，我們如何考慮這些因素推動收入增加的可持續性以及持續多長時間？

Look, obviously, we believe the opportunity to continue to add value-added services and deepen that penetration. In our Merchant investor call, geez, a little more than a year ago now, we talked about Clover mass penetration reaching 25% by 2025. We're off to a good start. We continue to focus on it. We continue to develop new capabilities there, and so we see that as an ongoing growth engine.

顯然，我們相信有機會繼續增加增值服務並加深滲透。天哪，一年多前，在我們的商業投資者電話會議上，我們談到了到 2025 年 Clover 的大眾滲透率將達到 25%。我們有了一個良好的開端。我們繼續關注它。我們繼續在那裡開發新功能，因此我們將其視為持續的增長引擎。

And in terms of pricing, it's about value-add pricing. It's delivering the value to the client and then getting paid for that. So value-add pricing is sustainable. There's certainly an element of a benefit of inflation in a different environment today. But we're, quite frankly, we're much more focused on creating that value for our clients and then being paid for it.

在定價方面，這是關於增值定價。它為客戶提供價值，然後為此獲得報酬。因此增值定價是可持續的。在當今不同的環境下，通貨膨脹肯定有一定的好處。但坦率地說，我們更專注於為客戶創造價值，然後獲得報酬。

Yes. And I mean just a very simple way of thinking here, we like to add merchants and we like to add them with multiple products and continue to sell products into our back book also.

是的。我的意思是這裡只是一種非常簡單的思維方式，我們喜歡添加商家，我們喜歡向他們添加多種產品，並繼續將產品銷售到我們的後台簿中。

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

接下來我們要講的是來自摩根大通的黃天欽。

Nice results here. Frank, I know you called out LatAm as a standout. You guys have had good results there. I mean just love your thoughts on some of the recent M&A in the region with Visa buying Pismo. I think EVERTEC also bought a fintech platform. Is there anything going on there that might change things competitively?

這裡的結果很好。弗蘭克，我知道您稱拉丁美洲為佼佼者。你們在那裡取得了很好的成績。我的意思是，我很喜歡您對該地區最近通過 Visa 收購 Pismo 進行的一些併購的看法。我認為 EVERTEC 還購買了一個金融科技平台。那裡發生了什麼可能會改變競爭的事情嗎？

Well, I'd go back to our Brazil business, which really is the largest business in Latin America and the rest of the region [keys off of], in many ways, was created from scratch organically. And we built that business organically and then done some strategic things. I mean you hear us talking about Software Express, that was a very, very small acquisition that we believe could transcend our business throughout Latin America.

好吧，我想回到我們的巴西業務，它確實是拉丁美洲和該地區其他地區最大的業務，在很多方面都是從頭開始有機創建的。我們有機地建立了該業務，然後做了一些戰略性的事情。我的意思是，你聽到我們談論 Software Express，這是一次非常非常小的收購，我們相信它可以超越我們在整個拉丁美洲的業務。

We added tremendous banking franchises. I mean you look at what we talked about on Caixa here, right, we talked about the first leg of that, which was a very large deal that put us in fundamentally every city in Brazil with the leading bank in terms of size and scale. And then we came back -- because of such a good job that we did, right, they came back and we went to work on what fundamentally are, call it, their lottery agencies. And BillPay is taking it and came up with a strategy that would take us to 11% of the payments.

我們增加了巨大的銀行特許經營權。我的意思是，你看看我們在 Caixa 上談論的內容，對吧，我們談論了第一階段，這是一項非常大的交易，使我們基本上在巴西的每個城市都擁有規模和規模領先的銀行。然後我們回來了——因為我們做得很好，對吧，他們回來了，我們開始研究他們的彩票機構。 BillPay 正在接受這一點，並提出了一項策略，使我們能夠獲得 11% 的付款。

So we have great organic capability in Latin America. We brought Clover to Argentina. And we spent a lot of time, and the Argentinian platform changed and allowed it to be a dual acquirer as opposed to a single acquirer. And so those are all strategic things that happened there.

因此，我們在拉丁美洲擁有強大的有機能力。我們把三葉草帶到了阿根廷。我們花了很多時間，阿根廷平台發生了變化，並允許它成為雙重收購方，而不是單一收購方。所以這些都是那裡發生的戰略性事情。

So I guess what I'm really saying at the core is when we came into Brazil, we were actually the only U.S. player because everybody had retreated. And we had a deep belief with good leadership on the ground would in fact -- remember, we don't run an international business. We run 3 regional businesses, and then we dropped down to a model where country hedge drives the P&L there, but we run global business solutions.

所以我想我真正想說的是，當我們進入巴西時，我們實際上是唯一的美國球員，因為每個人都撤退了。我們堅信，在當地擁有良好的領導力實際上會——記住，我們經營的不是國際業務。我們經營 3 個區域業務，然後我們下降到國家對沖驅動當地損益的模型，但我們經營全球業務解決方案。

So I think our model is strong. I think that the action in these countries has always been going on, Darrin (sic) [Tien-Tsin]. And I think we like our hand, and we believe that these are strategic and will be opportunities for more, Tien-Tsin. So thank you.

所以我認為我們的模型很強大。我認為這些國家的行動一直在進行，Darrin（原文如此）[Tien-Tsin]。我認為我們喜歡我們的手，我們相信這些都是戰略性的，並且將成為更多人的機會，Tien-Tsin。所以謝謝。

No, I appreciate that answer, and I know you guys have really upsold Caixa, so it's a great case study. My quick follow-up then for Bob, just thinking about the raised revenue and the margins, but no raise in the free cash flow, is this a timing issue given the higher working capital, the CAPI software investments in some of these growth areas? And can we expect free cash conversion to improve beyond fiscal '23?

不，我很欣賞這個答案，而且我知道你們確實對 Caixa 進行了推銷，所以這是一個很好的案例研究。我對鮑勃的快速跟進，只考慮增加的收入和利潤，但自由現金流沒有增加，考慮到較高的營運資金、CAPI 軟件在其中一些增長領域的投資，這是否是一個時機問題？我們能否期望自由現金轉換在 23 財年之後有所改善？

Yes, Tien-Tsin, you hit it right on the head. Obviously, we've raised the revenue guidance, and so that will bring additional working capital. And of course, as we continue to see opportunities to grow the top line with now 9 quarters of consecutive double-digit growth, there's investment opportunity out there. So we continue to feel quite good at delivering the approximately $3.8 billion and see the benefit of that as working capital comes in and gets collected.

是的，田津，你說得很對。顯然，我們提高了收入指導，這將帶來額外的營運資金。當然，隨著我們繼續看到收入增長的機會，目前已連續 9 個季度實現兩位數增長，因此存在投資機會。因此，我們仍然對交付約 38 億美元感到非常滿意，並看到隨著營運資金的流入和收集所帶來的好處。

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

接下來，我們將轉到 MoffettNathanson 的 Lisa Ellis 線路。

I wanted to ask about Carat. You highlighted Carat was up 6% as reported, 14% excluding the one client roll-off there. Can you give us a little additional color, one, on just how we should be thinking about the scale of Carat within the Merchant business, either on sort of a revenue or a volume basis? I know it's like a subset of the enterprise segment, which you've disclosed.

我想問一下克拉的情況。您強調，據報導，Carat 上漲了 6%，其中不包括一名客戶流失，上漲了 14%。您能否給我們提供一些額外的信息，一是我們應該如何考慮 Carat 在商業業務中的規模，無論是在收入還是數量的基礎上？我知道這就像您所披露的企業部門的一個子集。

And then also just elaborate a little bit on competitively how you see this platform is differentiated and whether or not Carat is -- what this -- is this mostly like new client sales? Or is a lot of this migrating existing enterprise clients onto an omni-platform? Just a little bit of elaboration there would be great.

然後還要詳細闡述一下您如何看待這個平台的競爭優勢，以及 Carat 是否——這是什麼——這主要是新客戶銷售嗎？或者很多現有企業客戶正在遷移到全方位平台上？只要稍微詳細說明一下就太好了。

Thanks, Lisa. Thank you very much. I think, first of all, think of Carat as a go-to-market product for both our current book coming over, but that has not been where we've focused the growth effort. Sitting under it is an orchestration layer, which is created as Commerce Hub. And those first migrations will begin probably in the fourth quarter through the rest of time. And those will be new client migrations, right? This is a customized solution for the client that gives them total flexibility.

謝謝，麗莎。非常感謝。我認為，首先，將 Carat 視為我們即將出版的兩本書的上市產品，但這並不是我們重點關注的增長工作。它下面是一個編排層，它被創建為 Commerce Hub。第一次遷移可能會在第四季度開始，一直持續到其餘時間。這些將是新的客戶端遷移，對吧？這是為客戶定制的解決方案，為他們提供了完全的靈活性。

I mean, look, we think it's a double-digit -- clear double-digit growth engine for us. We think it will scale over time. You should think about it, as we talked about over time, what type of e-com business we have total, obviously, enterprise piece is smaller than our total piece that we've talked about to you all. And I think you should think about it as a business that will continue to be powerful, call it several hundred millions of dollars growing double digits. And so hopefully, that frames the size of the opportunity. We have a large pipeline on it. We're in execution mode. And we think, much like we believe Clover has become an industry leader, we believe Carat will be the industry leader.

我的意思是，看，我們認為這對我們來說是一個兩位數的增長引擎。我們認為它會隨著時間的推移而擴大。您應該考慮一下，正如我們一直以來所討論的那樣，我們總共擁有什麼類型的電子商務業務，顯然，企業業務比我們與大家討論過的總業務要小。我認為你應該將其視為一項將繼續強大的業務，稱其為數億美元的兩位數增長。希望這能夠確定機會的大小。我們上面有一條很大的管道。我們正處於執行模式。我們認為，就像我們相信 Clover 已成為行業領導者一樣，我們相信 Carat 將成為行業領導者。

Great. And then my follow-up, also just staying within Merchant for a second. If I think back to the deep dive you did on Merchant 1.5 years ago, I think you were expecting the processing piece of Merchant to be sort of flattish through 2025. In light of what you called out today, the sort of roll-off of one of -- or at least a portion of one of your big processing clients, does that sort of change that outlook? Or maybe taking a step back sort of strategically, how are you thinking about the role of your processing business within Merchant going forward as you're seeing such strong growth from Clover?

偉大的。然後我的後續行動，也只是在商人中停留了一秒鐘。如果我回想一下您 1.5 年前對 Merchant 所做的深入研究，我認為您預計 Merchant 的處理部分到 2025 年將保持平穩。根據您今天所說的，您的一個大型加工客戶之一——或者至少是您的一個大型加工客戶的一部分，這是否會改變這種前景？或者也許從戰略上退後一步，當您看到 Clover 如此強勁的增長時，您如何看待 Merchant 中處理業務的角色？

Yes. I think nothing has changed in our point of view. And maybe we could step back here to the day that Stripe left us. Maybe I remember it more, I announced to you that Stripe is leaving as a processing client within a JV. And I think people really thought, wow, but it ended up fine. If you think back, we continue to add processing clients. In many cases, sometimes we help processing clients grow and they leave other services with us.

是的。我認為我們的觀點沒有任何改變。也許我們可以回到 Stripe 離開我們的那一天。也許我記得更清楚，我向你們宣布 Stripe 將作為一家合資企業的處理客戶離開。我認為人們真的想，哇，但結果很好。如果你回想一下，我們還在繼續增加加工客戶。在許多情況下，有時我們幫助加工客戶成長，而他們將其他服務留給了我們。

So I treat processing like it's that $1 billion business and it's fundamentally flat, and there's been adds. And you have large scale [to lease], but it has very little processing revenue impact because of how you all -- why I always try to talk us off this volume versus revenue issue because we have a lot of processing volume, but it's not the largest part of our business. So I would think about it exactly how we presented it. We will have volume leave on a quarter and we add volume back at other points in time. Does that make sense?

因此，我對待加工業務就像對待 10 億美元的業務一樣，它基本上持平，而且有所增加。你有很大的規模[租賃]，但它對處理收入的影響很小，因為你們所有人——為什麼我總是試圖說服我們不要處理這個數量與收入問題，因為我們有很多處理量，但它不是我們業務的最大部分。所以我會仔細考慮我們如何呈現它。我們將在一個季度留出交易量，並在其他時間點增加交易量。那有意義嗎？

Yes.

是的。

Next, we'll go to the line of Jason Kupferberg from Bank of America.

接下來，我們將接聽來自美國銀行的 Jason Kupferberg 的電話。

Just wanted to stay on Merchant to start. Can you put a finer point on where you expect Merchant revenue growth to land for the full year? And just as we start tuning back half of the year models, how much will this spread between revenue growth and volume growth potentially shrink in Q4 as you lap some of the discrete pricing actions you have taken?

只是想留在商人開始。您能否更詳細地說明您預計全年商戶收入增長的情況？正如我們開始調整下半年模型一樣，當您採取一些離散的定價行動時，第四季度收入增長和銷量增長之間的差距可能會縮小多少？

Yes, Jason, from an overall standpoint outlook for the balance -- or for the full year, we previously guided 10% to 13% for 2023 on an organic basis. Now given the strength that we've seen in the first half and an improved outlook for the second half of the year and people still talking about recession, but more people are talking about a recession in 2024, the term soft landing is starting to come into lexicon periodically. I'm not sure we're quite there yet, but we'll see what the Fed does today. But things have certainly modestly improved in terms of the expectation for the second half of the year.

是的，傑森，從平衡或全年的總體前景來看，我們之前指導 2023 年有機增長 10% 至 13%。現在，鑑於我們在上半年看到的強勁勢頭以及下半年前景的改善，人們仍在談論衰退，但更多人在談論 2024 年的衰退，“軟著陸”一詞開始出現定期進入詞典。我不確定我們是否已經做到這一點，但我們將看看美聯儲今天會做什麼。但就今年下半年的預期而言，情況肯定略有改善。

So we now think the full year will be in the, call it, the 14% to 17% organic growth rate for our Merchant business. Continue to see good performance across the gamut with Clover continuing to perform quite well in terms of continuing the value-added service capability and the penetration of BaaS into the Clover portfolio and some of the things you've heard us talk about, both in the prepared remarks and earlier in the Q&A around the Carat and international growth providing a nice lift there.

因此，我們現在認為全年我們的商戶業務有機增長率將達到 14% 至 17%。繼續看到整個領域的良好表現，Clover 在繼續增值服務能力和 BaaS 滲透到 Clover 產品組合以及您聽到我們談論的一些事情方面繼續表現良好，無論是在準備好的評論和早些時候圍繞克拉和國際增長的問答提供了良好的提升。

And just on that spread narrowing potentially in Q4, just any modeling help you want to give us on that, so we don't get caught offside there?

就第四季度可能縮小的差距而言，您想為我們提供的任何模型都可以幫助我們，這樣我們就不會陷入越位的情況？

In terms of volume versus revenue spread?

就數量與收入分佈而言？

Yes, exactly, just because some of the discrete pricing actions you took last year, I believe, in Q4.

是的，正是因為你去年第四季度採取了一些離散的定價行動。

Yes. And obviously, there's lots of puts and takes, and then we continue to try to drive folks into focusing on revenue. There's more and more revenue that is not tied directly to volume, and we've now been showing that quarter in and quarter out. So I think I'll stick to the 14% to 17% full year outlook, and I feel pretty good about that.

是的。顯然，有很多的調整和調整，然後我們繼續努力促使人們關注收入。越來越多的收入與銷量沒有直接關係，我們現在已經逐季度地展示了這一情況。所以我認為我會堅持全年 14% 到 17% 的預期，我對此感覺很好。

And just as a follow-up on Fintech, just the visibility on the second half acceleration, I guess, implied in the reiteration of the full year guide and maybe some color on how you see Q3 versus Q4 because I know the comps are pretty lumpy during the back half of the year.

就像金融科技的後續行動一樣，我想，下半年加速的可見性暗示在全年指南的重申中，也許還有一些關於你如何看待第三季度和第四季度的顏色，因為我知道比較相當不穩定今年下半年。

Yes, definitely. And so we do have good visibility into this space. And to your point, there's lumpy quarters, as you may recall, and this will play in this -- the third quarter and the fourth quarter. On a comparison this year, we had a what was felt by many as a difficult third quarter last year. And during the third quarter earnings call, we reiterated our full year outlook at 4% to 6% then. Fully expected the fourth quarter to rebound given the timing of both periodic revenue and some "onetime type" nonrecurring revenue that we see, what we refer to as in-year activity, particularly when clients are implementing. And we obviously have good visibility into the backlog of our implementation cycle.

當然是。所以我們確實對這個領域有很好的了解。就你的觀點而言，正如你可能還記得的那樣，有一些不穩定的季度，這將在第三季度和第四季度發揮作用。與今年相比，我們去年的第三季度被很多人認為是困難的。在第三季度財報電話會議上，我們重申了全年 4% 至 6% 的預期。鑑於我們看到的定期收入和一些“一次性類型”非經常性收入（我們稱之為年內活動）的時間安排，特別是在客戶實施時，我們完全預計第四季度將出現反彈。我們顯然對實施週期的積壓工作有很好的了解。

So we feel good about being able to deliver that 4% to 6%. We recovered and delivered last year quite well. That will drive different comparisons. First half was actually a more difficult comparison than second half last year. And then within the second half, third quarter will be an easier compare than fourth quarter, and so you'll see some continued lumpiness there. But we feel good about the overall visibility and our ability to deliver that range.

因此，我們對能夠實現 4% 到 6% 的目標感到很高興。去年我們恢復並交付得很好。這將帶來不同的比較。上半年實際上比去年下半年更困難。然後在下半年，第三季度將比第四季度更容易比較，因此您會看到那裡持續存在一些波動。但我們對整體可見性以及我們提供該範圍的能力感到滿意。

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

接下來，我們將轉到貝爾德 (Baird) 的戴夫·科寧 (Dave Koning) 線路。

Congrats on 4 years. Great job.

恭喜4週年。做得好。

Thanks, Dave.

謝謝，戴夫。

And yes, I guess one of the key highlights to me in the quarter, the margins in Merchant, you had one of the best probably ever incremental margins, both year-over-year and sequentially, about 75% of the revenue growth hit the profit line. And I'm just wondering if -- is that sustainable? And what exactly drove that -- what drove such -- is it mix? Or what was that?

是的，我想這個季度對我來說最重要的亮點之一是 Merchant 的利潤率，無論是同比還是環比，您都擁有可能是有史以來最好的增量利潤率之一，大約 75% 的收入增長來自於利潤線。我只是想知道這是否可持續？到底是什麼推動了這一趨勢——是什麼推動了這一趨勢——是混合因素嗎？或者那是什麼？

Yes, we've definitely had a good fall-through on that incremental. We saw similar levels fourth quarter of last year and definitely had continuing good fall-through over the last several years as we continue to expand margin pretty meaningfully. And it's the benefit of overall volume and a scaled business, a very scaled business. And it's the benefit of productivity, and we continue to drive productivity.

是的，我們在增量方面確實遇到了很大的失敗。去年第四季度我們看到了類似的水平，並且隨著我們繼續大幅擴大利潤率，過去幾年肯定持續出現良好的下滑。這是整體規模和規模化業務的好處，規模非常大的業務。這是生產力的好處，我們將繼續提高生產力。

Back in '19 and '20, we used the term synergy, which really is a synonym to productivity in many cases, particularly inside the Merchant business that didn't have a lot of direct cost synergy as we merged. We drove real productivity, and we continue to do that. So we feel good about margin expansion overall, delivering 150 basis points margin expansion or better this year, up from the 125, and we think there's continued opportunity here going forward.

早在 19 世紀和 20 世紀，我們就使用了“協同”一詞，在很多情況下，它實際上是生產力的同義詞，特別是在我們合併時沒有很多直接成本協同作用的商戶業務內部。我們提高了實際生產力，並將繼續這樣做。因此，我們對總體利潤率擴張感到滿意，今年的利潤率擴張從 125 個基點上升到 150 個基點或更好，我們認為未來仍有持續的機會。

Great. And just a quick follow-up. Clover revenue, about 8% above volume growth. So that's part of the spread. Is that both product and pricing? And is that sustainable, too?

偉大的。只是快速跟進。 Clover 收入比銷量增長約 8%。這就是傳播的一部分。產品和定價都是如此嗎？這也是可持續的嗎？

Yes, absolutely. Again, we have a long path of continued penetration of value-added services that very much adds to that "spread" between revenue and volume at 16% this quarter, headed to 25% in 2025. And as we continue to provide value to our business customers and allow them to focus on running their business versus handling the payments and all of the ancillary services that are available on our Clover software operating system, that value translates into pricing opportunity and margin for us.

是的，一點沒錯。同樣，我們在持續滲透增值服務方面還有很長的路要走，這極大地增加了本季度收入和銷量之間的“差距”，達到 16%，到 ​​2025 年將達到 25%。企業客戶，讓他們專注於經營業務，而不是處理付款和我們的 Clover 軟件操作系統上提供的所有輔助服務，這種價值轉化為我們的定價機會和利潤。

Next, we'll go to the line of Bryan Keane from Deutsche Bank.

接下來，我們將接聽德意志銀行的布萊恩·基恩 (Bryan Keane) 的電話。

And let me echo, congratulations on the strong results. Frank, one of the secrets has been the growth you guys have gotten through acquisitions and value-added services and especially looking at the Merchant segment. What's the pipeline look like for M&A? And are there deals out there you want to make to continue to add and push up revenue growth above volume growth through acquisitions and value-added services?

讓我附和一下，祝賀我們取得的優異成績。弗蘭克，秘密之一是你們通過收購和增值服務，特別是在商戶領域獲得的增長。併購渠道是什麼樣的？您是否希望達成一些交易，通過收購和增值服務繼續增加並推動收入增長超過銷量增長？

Well, I mean we've been looking at our history, whether it's BentoBox, whether it's Finxact, whether it's Ondot, right, Software Express, right? That's why I made my comment, they're no longer tuck-ins, they're more horizontal leverage. We have lots of minority investments that we hang out with, we get to know. I think that's why our success rate. So if you went to the people at Ondot, they're so delighted on how they integrated into a mobile banking platform that would have never been where they were headed. They were card control only. If you want to get BentoBox, their ability to come across in total.

嗯，我的意思是我們一直在回顧我們的歷史，無論是 BentoBox、Finxact、Ondot，對吧，還是 Software Express，對吧？這就是我發表評論的原因，它們不再是折疊式的，而是更多的橫向槓桿。我們有很多少數股權投資，我們經常參與，我們會了解。我想這就是我們成功率高的原因。因此，如果你去找 Ondot 的人員，他們會非常高興地發現他們如何集成到移動銀行平台中，而這本來是他們從未想過的。他們只是卡牌控制。如果你想得到BentoBox，他們的能力總能碰到。

So we stay close to a lot of start-ups. We make minority investments in start-ups. We get to know them and then we get a really good shot at turning them into way more value. We have a fabulous track record of keeping founders. I'm darn proud of that. They become part of the fabric of the company. So yes, I think you should expect us to do more of those, [less talk] goes on here.

因此，我們與許多初創企業保持著密切的聯繫。我們對初創企業進行少數股權投資。我們逐漸了解它們，然後我們就有機會將它們轉化為更大的價值。我們在留住創始人方面擁有出色的記錄。我為此感到非常自豪。他們成為公司結構的一部分。所以是的，我認為你應該期待我們做更多這樣的事情，[少說話]繼續在這裡。

And our last question comes from Ashwin Shirvaikar from Citi.

我們的最後一個問題來自花旗銀行的 Ashwin Shirvaikar。

Let me add my congratulations as well on the good quarter. If I can ask, Frank, you mentioned a couple of times over the last few quarters, Clover isn't necessarily being applied to the back book. Could you talk about the opportunity there? It seems to me, the yield that you're increasingly getting from Clover, as the capability set increases, is better and better. So if you could talk through that plan, that would be great.

讓我對這個季度的良好業績表示祝賀。弗蘭克，如果我可以問一下，您在過去幾個季度中多次提到過，三葉草不一定會應用於後面的書。您能談談那裡的機會嗎？在我看來，隨著功能集的增加，您從 Clover 獲得的收益越來越好。因此，如果您能討論該計劃，那就太好了。

Yes. I mean, first of all, I think what you're asking -- you broke up a little bit, but I want to make sure I understood. Are you asking about what we're going to do at Clover into the back book?

是的。我的意思是，首先，我想你問的是——你們分手了一點，但我想確保我理解。你是在問我們在《四葉草》後面的書裡要做什麼嗎？

Yes, that's what I'm asking, Frank.

是的，這就是我要問的，弗蘭克。

What's the size of that prize? Well, start at a, when we did our March Investor Day on the Merchant business, there was no Clover back book consideration into that. There was consideration from going into the back book and selling more value-added services. But you should expect us, at some point, to strategically lean in, but that's an opportunity in front of us.

該獎品的大小是多少？好吧，首先，當我們在商戶業務上舉辦三月份投資者日時，沒有考慮到這一點。有考慮進入後台並銷售更多增值服務。但你應該期望我們在某個時候會戰略性地傾斜，但這是我們面前的一個機會。

I think we see the ability to actually go into our current Clover client base and bring more software services. And we think, obviously, that continues driving the spread between volume and revenue growth in Clover. But I've been on the Clover journey 10 years back to -- maybe it's really heading to 11-plus years, but really counted right, sorry about that, and that started with a few engineers and a few patents.

我認為我們看到了真正進入我們當前的 Clover 客戶群並帶來更多軟件服務的能力。我們認為，顯然，這將繼續推動 Clover 銷量和收入增長之間的差距。但我已經踏上了 10 年前的 Clover 之旅——也許真的要過去 11 年多了，但確實算對了，對此感到抱歉，這始於一些工程師和一些專利。

I still believe we're in the super early innings in the amount of real estate we have that we can utilize with Clover and the amount of real estate we have inside our client base that can allow us to bring Clover. But go back to it's fundamentally not in our guide that we gave in last year, and you should expect us to give you a super-duper deep dive on this at Investor Day.

我仍然相信，在我們可以利用 Clover 的房地產數量以及我們的客戶群中可以讓我們帶來 Clover 的房地產數量方面，我們正處於超級早期階段。但回到我們去年提供的指南中，它基本上並不存在，你應該期待我們在投資者日為你提供一個超級深入的探討。

Great. And then a quick question with regard to the sale of the financial reconciliation business. I might have missed it, but what's the revenue and profit impact of that? I did see the proceeds, $230 million.

偉大的。然後是關於財務調節業務出售的一個簡單問題。我可能錯過了，但這對收入和利潤有何影響？我確實看到了收益，2.3 億美元。

Yes. Let me make a point on that. You will always look at us looking at our strategic position. We believe we're an industry leader. We have to be a top 3 player. We want to be prudent about capital allocation and where we deploy our internal capital. And for us and our clients, we were not the industry leader. We did a good job for them. It is not a future growth engine of the company. And so that's fundamentally how that decision gets made, right? And you will continue to see us do this. You saw us do that with Korea. So I want you to have that framework.

是的。讓我談談這一點。您將始終關注我們的戰略地位。我們相信我們是行業領導者。我們必須成為前三名的球員。我們希望謹慎對待資本配置和內部資本的配置。對於我們和我們的客戶來說，我們並不是行業領導者。我們為他們做得很好。它不是公司未來的增長引擎。所以從根本上來說，這就是做出決定的方式，對吧？您將繼續看到我們這樣做。你看到我們對韓國就是這樣做的。所以我希望你有這個框架。

And Ashwin, in terms of size, this is a very small business. Order of magnitude, it's less than 0.2% of last year's revenue.

而 Ashwin，就規模而言，這是一家非常小的企業。這個數量級還不到去年收入的 0.2%。

Well, thank you, everyone. Thank you for your attention today. Please feel free to reach out to our IR team with any questions. Look forward to talking to you in the future, and have a great day.

嗯，謝謝大家。感謝您今天的關注。如有任何問題，請隨時聯繫我們的 IR 團隊。期待將來與您交談，祝您有美好的一天。

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

感謝大家參加今天的第二季度收益電話會議。今天的電話會議到此結束。請此時斷開連接，好好休息一下。