Fiserv Inc (FISV) 2023 Q4 法說會逐字稿

Welcome to the Fiserv Fourth Quarter 2023 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 年第四季財報電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。現在，我將把電話轉交給 Fiserv 投資者關係資深副總裁 Julie Chariell。

Thank you, and good morning. With me on the call today are Frank Bisignano, our Chairman, President and Chief Executive Officer; and Bob Hau, our Chief Financial Officer. Our earnings release and supplemental materials for the quarter and full year are available on the Investor Relations section of fiserv.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call along with a reconciliation of those measures to the nearest applicable GAAP measures. Unless otherwise stated, performance references are year-over-year comparisons.

謝謝，早安。今天與我一起參加電話會議的有我們的董事長、總裁兼首席執行官弗蘭克·比西尼亞諾 (Frank Bisignano) 和首席財務官鮑勃·豪 (Bob Hau)。我們的季度和全年收益報告及補充資料可在 fiserv.com 的投資者關係頁面查閱。請參閱這些資料，以了解本次電話會議中討論的非 GAAP 財務指標的解釋，以及這些指標與最接近的適用 GAAP 指標的調整表。除非另有說明，業績參考均為年比數據。

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

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

And now over to Frank.

現在請法蘭克發言。

Thank you, Julie, and thank you all for joining us today to discuss another double-digit growth year for Fiserv in both organic revenue and adjusted earnings per share. In 2023, we continue to demonstrate our leadership as proven by our financial performance: 12% organic revenue growth, more than 200 basis points of adjusted operating margin expansion, 16% growth in adjusted earnings per share, $4 billion of free cash flow and $4.7 billion returned to our shareholders through share repurchase.

謝謝朱莉，也感謝各位今天蒞臨現場，與我們共同探討Fiserv在有機收入和調整後每股收益方面再次實現兩位數增長的年份。 2023年，我們繼續展現行業領先地位，財務業績印證了這一點：有機收入增長12%，調整後營業利潤率提升超過200個基點，調整後每股收益增長16%，自由現金流達40億美元，並透過股票回購向股東返還了47億美元。

These results are possible because Fiserv possesses a set of assets that's unparalleled in our industry, from a vast and diverse client base, product portfolio and distribution network to technology and capital resources to a deep bench empowered with strategic vision and operational excellence. This combination of assets is how we plan to sustain strong performance.

Fiserv之所以能夠取得這些成果，是因為它擁有業界無與倫比的優勢，包括龐大而多元化的客戶群、豐富的產品組合和分銷網絡，以及技術和資本資源，還有一支具備戰略遠見和卓越運營能力的強大團隊。正是這些優勢的結合，讓我們得以維持強勁的業績。

A fundamental aspect of our culture is that we are not satisfied, and we continue to push for more. We know that great opportunity remains for continued revenue growth and improved productivity. We laid out several growth strategies at our investor conference in November, and we are executing on those everyday. At the same time, we continue to identify ways to drive further productivity.

我們文化的一個基本特徵就是永不滿足，不斷追求卓越。我們深知，持續成長的收入和提升生產力仍有巨大的發展空間。我們在11月的投資者大會上製定了多項成長策略，並且每天都在實際執行。同時，我們也在不斷探索提升生產力的途徑。

Five years ago, we announced the plan to merge First Data and Fiserv. Today, we are a 4.5-year-old company with a 38-year track record of double-digit adjusted earnings per share growth. Under our new structure, half of our company, Merchant Solutions, is a leader in the high-growth payment market where SMBs and enterprises are embracing the benefits of an operating system with seamless integration of value-added solutions.

五年前，我們宣布了First Data和Fiserv的合併計畫。如今，我們已是一家成立4年半的公司，擁有38年兩位數調整後每股收益成長的輝煌業績。在新架構下，我們公司的商家解決方案部門（Merchant Solutions）已成為高成長支付市場的領導者，中小企業和大型企業正在積極擁抱能夠無縫整合增值解決方案的作業系統所帶來的優勢。

The other half, Financial Solutions, is a leader in the high recurring revenue financial IT software and services market, helping small- and medium-sized financial institutions level the playing field with larger banks and helping larger banks migrate to next-generation technology.

另一半業務是金融解決方案，它是高經常性收入金融 IT 軟體和服務市場的領導者，幫助中小型金融機構與大型銀行公平競爭，並幫助大型銀行遷移到下一代技術。

This combination of growth and consistency has served us well, and our business model is even more compelling at the intersection of these 2 businesses. We continue to see a strong opportunity to cross-sell and integrate merchant and financial solutions to help financial institutions better serve their merchant customers and enable merchants to retain customers with new financial services offerings. Fiserv is unique in its positioning at the center of these 2 important ecosystems.

這種成長與穩定性的結合使我們受益匪淺，而我們業務模式在兩大業務領域的交匯點上更具吸引力。我們持續看到交叉銷售和整合商家及金融解決方案的巨大機遇，這將有助於金融機構更好地服務其商家客戶，並幫助商家透過新的金融服務產品留住客戶。 Fiserv 的獨特之處在於其位於這兩大重要生態系的核心位置。

Let's take a step back and review our 2023 results. They highlight another important aspect of our culture, delivering on our commitments. In late 2020, we set formidable financial and operational targets for the subsequent 3 years. We delivered on those and more.

讓我們回顧一下2023年的業績。這些績效凸顯了我們企業文化的另一個重要面向：信守承諾。 2020年底，我們為未來三年設定了雄心勃勃的財務和營運目標。我們不僅實現了這些目標，而且做得更好。

For 2023, we started with organic revenue growth guidance of 7% to 9% and delivered 12%. We started with a goal of at least 125 basis points of adjusted operating margin improvement and delivered 220 basis points. And we started with adjusted EPS guidance of $7.25 to $7.40 or 12% to 14% growth, and we delivered $7.52 or 16% growth.

2023年，我們最初給出的有機收入成長預期為7%至9%，最終實現了12%。我們最初設定的調整後營業利潤率目標為至少提高125個基點，最終實現了220個基點。我們最初給出的調整後每股收益預期為7.25美元至7.40美元，即成長12%至14%，最終實現了7.52美元，即成長16%。

In the fourth quarter, we achieved organic revenue growth of 12% and adjusted operating margin of 40.7%, up 150 basis points from fourth quarter 2022, which itself was an exceptionally strong quarter. Our adjusted earnings per share of $2.19 was ahead of expectations on the strength of our merchant revenue and payments margin. Free cash flow was also very strong at $1.3 billion and we repurchased 8.6 million shares, ending the year with 5% fewer average diluted shares outstanding than last year.

第四季度，我們實現了12%的有機收入成長和40.7%的調整後營業利潤率，較2022年第四季（本身就是一個表現異常強勁的季度）增長了150個基點。由於商家營收和支付利潤率的強勁成長，我們的調整後每股收益為2.19美元，超出預期。自由現金流也十分充裕，達到13億美元。此外，我們回購了860萬股股票，使得年末平均稀釋後流通股數量較前一年減少了5%。

Our Merchant Acceptance segment generated organic revenue growth of 24% and 19% in the quarter and full year, respectively, exceeding our expectations at the start of the year. Clover revenue growth accelerated to 30% in the quarter as SMBs remained healthy, and restaurants, in particular, continuing to outperform.

我們的商家支付業務部門在本季和全年分別實現了24%和19%的有機收入成長，超出年初預期。 Clover的營收成長在本季加速至30%，主要得益於中小企業維持穩健成長，尤其是餐飲業持續表現優異。

Our distribution partners globally continue to embrace our platform. Value-added solutions revenue grew more than 40% in 2023 to end the year at 19% penetration rate. Carat's revenue growth rebounded to 11% in the quarter or 15% excluding the client that's been processing in-house mid last year.

全球分銷合作夥伴持續採用我們的平台。 2023年，增值解決方案營收成長超過40%，年底滲透率達19%。 Carat本季營收成長反彈至11%，若不計入去年中開始自行處理業務的客戶，則成長幅度為15%。

Growth was driven by the ramp of recent wins by key clients, which has continued into this year. We expanded our global acquiring capability by adding India's UPI and Japan's JCB as payment methods for clients in more than 35 markets. In the energy sector, we complemented our leadership position with a new deal to provide seamless unattended payment experiences for drivers using one of the country's largest networks of charging stations.

近期主要客戶的成功簽約推動了業務成長，這一成長勢頭延續至今。我們透過新增印度的UPI和日本的JCB支付方式，拓展了全球收單能力，為超過35個市場的客戶提供服務。在能源領域，我們與一家擁有全國最大充電站網路之一的公司達成合作，為其用戶提供便利的無人支付體驗，進一步鞏固了我們的領先地位。

Outside the U.S., we were pleased to have signed several new deals in EMEA during Q4 and into January. They included a major new merchant acquiring relationship with a leading apparel and equipment retailer and a renewal and extension of business with a leading QSR. Additionally, our Vert joint venture with Deutsche Bank is now beginning to hit its stride with accelerated Clover merchant sign-ups.

在美國以外，我們很高興在第四季及1月份在歐洲、中東和非洲地區簽署了多項新協議。其中包括與一家領先的服裝和設備零售商建立重要的全新商家收單合作關係，以及與一家領先的快餐連鎖店續簽並擴展業務。此外，我們與德意志銀行的合資企業Vert也開始步入正軌，Clover商家註冊量顯著成長。

In Asia Pac, we signed a new merchant acquiring deal with Vistara, a domestic airline in India, and went live with more payout options for consumers in the region. In Latin America, we continue to ramp up merchant acquiring in Brazil for CaixaBank, along with payment acceptance at its BillPay outlets.

在亞太地區，我們與印度國內航空公司Vistara簽署了新的商家收單協議，並為該地區的消費者推出了更多付款選項。在拉丁美洲，我們持續擴大在巴西為CaixaBank提供的商家收單服務，並支援其BillPay分行的支付功能。

We've laid the groundwork to support more fee-based fixed transactions from merchant clients with the acquisition of SLED in Q4. SLED is a software solutions company that will allow Fiserv to operate as a direct payment service provider, expanding our reach into the full Pix instant payments universe.

我們在第四季收購了SLED，為支援更多商家客戶的固定費用交易奠定了基礎。 SLED是一家軟體解決方案公司，收購後Fiserv將能夠作為直接支付服務供應商運營，將我們的業務拓展到整個Pix即時支付領域。

In April, we will be rolling out Clover, which we expect to further advance our leading position in Brazil. In Argentina, we are building on our 4-year Clover lead with acceleration in new merchant growth. With more Clover merchants engaging in more anticipation activity, our growth in Argentina continues beyond the macro factors of high inflation and interest rates.

四月我們將推出 Clover 平台，預計這將進一步鞏固我們在巴西的領先地位。在阿根廷，我們正憑藉著 Clover 平台四年來的領先優勢，加速拓展新商家。隨著更多 Clo​​ver 商家參與更多預購的活動中，我們在阿根廷的成長動能將持續，不受高通膨和高利率等宏觀因素的影響。

The Payments segment achieved the top end of its medium-term guidance range with 4% organic revenue growth in the quarter and 8% for the year. We added nearly 20 large e-commerce merchants to our debit network, STAR and Accel, in the wake of Reg II, including eBay and HelloFresh in Q4 and Uber, Lyft and others earlier in the year. Several of these are new clients to Fiserv.

支付業務部門實現了中期業績指引的上限，本季有機收入成長4%，全年成長8%。在Reg II監管政策實施後，我們新增了近20家大型電商商家至金融卡網路STAR和Accel，其中包括第四季加入的eBay和HelloFresh，以及年初加入的Uber、Lyft等公司。其中一些是Fiserv的新客戶。

In 2023, we signed well over 200 of our financial institution clients to our NOW Network to expand their payment rails to include FedNow for real-time payments. In BillPay, the biller directory behind our market-leading consumer bill paying business is proving valuable in the SMB space as we complete the build-out of our new small business accounts receivable and payable offering, CashFlow Central.

2023年，我們與超過200家金融機構客戶簽約，將其納入NOW Network，以擴展其支付管道，實現FedNow即時支付。在BillPay領域，我們市場領先的消費者帳單支付業務背後的帳單機構目錄，正隨著我們完善新的小型企業應收應付帳款解決方案CashFlow Central，在中小企業領域展現出巨大的價值。

We won our first client in the fourth quarter, Washington Federal Bank with $23 billion in assets. And just last week, Fiserv expanded its long-standing digital money movement relationship with U.S. Bank to now include CashFlow Central. These 2 important wins came just a few months after formally announcing the product.

我們在第四季贏得了首個客戶——資產規模達230億美元的華盛頓聯邦銀行。就在上週，Fiserv與美國銀行擴大了長期合作的數位資金流動服務範圍，新增了CashFlow Central。這兩項重要勝利距離我們正式發布該產品僅幾個月。

The pipeline is growing rapidly with strong interest and demand from financial institutions, including many of the largest. At our investor conference, we talked about value-added solutions and new verticals in our issuing business. We made significant progress on both during 2023 and early Q1. One of our value-added services, an AI-based fraud prevention tool called Advance Defense grew volume nearly 5x over 2022. Now Synchrony is in the process of upgrading to Advance Defense across its portfolio of more than 70 million accounts.

業務成長迅速，金融機構（包括許多大型金融機構）表現出濃厚的興趣和強勁的需求。在我們的投資者大會上，我們探討了發卡業務中的增值解決方案和新的垂直領域。我們在2023年和第一季初在這兩方面都取得了顯著進展。我們的一項加值服務——基於人工智慧的防詐騙工具「Advance Defense」——在2022年實現了近5倍的成長。目前，Synchrony正在對其超過7000萬個帳戶進行Advance Defense升級。

We're excited to be rolling out the California Employment Development Department plan through our money network prepaid cards. This largest of its kind state program for unemployment and other benefits will go live later this month. We have a pipeline of other opportunities in the government sector to deliver on our strategy to grow in this vertical.

我們很高興能透過我們的預付卡網絡推出加州就業發展部 (EDD) 的計劃。這項規模空前的州級失業救濟及其他福利計畫將於本月稍後正式上線。我們還有許多其他政府部門的合作機會，以推動我們在該領域的成長策略。

This also extends to health care, where we converted a significant portion of HealthEquity's card portfolio onto our platform in the fourth quarter, with the remainder scheduled for later this year. In EMEA, we signed our first global open FX issuer deal with Absa, one of Africa's largest diversified financial services group. This new currency solution enables issuers to take control of their FX, mitigate FX exposure and bring more value to their cardholders.

這同樣適用於醫療保健領域。我們在第四季度將HealthEquity的大部分信用卡組合遷移到了我們的平台上，剩餘部分計劃於今年稍後完成遷移。在歐洲、中東和非洲地區，我們與非洲最大的多元化金融服務集團之一Absa簽署了首個全球開放式外匯發卡機構協議。這項新的貨幣解決方案使發卡機構能夠掌控其外匯，降低外匯風險敞口，並為持卡人創造更多價值。

With Truworths, one of the leading retailers in South Africa, we upgraded to a VisionPLUS license attaching more value-added solutions. In Asia Pac, we added a new India issuer processing client, Equitas Small Finance Bank. They will launch their retail and corporate card programs using our FirstVision India processing hub with the full stack offering that includes UPI, loyalty, offers and real-time fraud management.

我們與南非領先零售商之一 Truworths 合作，升級了 VisionPLUS 許可證，從而獲得了更多增值解決方案。在亞太地區，我們新增了一家印度發卡機構處理客戶－Equitas Small Finance Bank。他們將使用我們的 FirstVision 印度處理中心推出零售和企業信用卡項目，該中心提供包括 UPI、會員積分、優惠活動和即時詐欺管理在內的全端式解決方案。

The Fintech segment recorded a 1% decline in organic revenue for the quarter and a 2% increase for the full year. Organic growth, excluding periodic revenue for the year, was 4%. While we knew we had a very difficult comparison with high periodic revenue in Q4 '22, we had visibility to achieve our growth goal, in large part, from the level of client engagement we saw in Forum, our client conference in June, and those discussions continue.

金融科技部門本季有機收入下降1%，全年有機收入成長2%。若不計入年度週期性收入，全年有機成長率為4%。儘管我們知道2022年第四季週期性收入較高，本季業績將面臨較大挑戰，但我們仍看到了實現成長目標的希望，這主要得益於我們在6月份客戶大會「論壇」上看到的客戶積極參與度，而相關討論仍在繼續。

Separately, the pace of new core wins remains healthy at 12 in Q4 and clients are demonstrating 2 important trends. First, they are migrating from one Fiserv core operating system to another, a positive sign that they are finding the answers to their changing needs right here within the Fiserv portfolio. Second, while M&A activity among financial institutions slowed in 2023, we believe that M&A activity is good for us as we can compete at any level with any institutions with our platforms, and it creates an opportunity to provide more services to the combined institution.

此外，第四季新增核心系統客戶數量保持健康成長，達到12家，且客戶呈現兩個重要趨勢。首先，他們正在從一個Fiserv核心作業系統遷移到另一個，這是一個積極的信號，表明他們正在Fiserv的產品組合中找到滿足其不斷變化的需求的解決方案。其次，儘管2023年金融機構的併購活動有所放緩，但我們認為併購活動對我們有利，因為我們的平台能夠與任何機構在任何層面展開競爭，並且併購也為我們向合併後的機構提供更多服務創造了機會。

Prosperity Bank, a Texas-based regional bank with $38.5 billion in assets, decided in Q4 to migrate to our cloud-enabled DNA Platform and signed up for our CardHub value-added solutions. Old National Bank, a $49 billion bank in Indiana, is a core system client that has been growing with us as it has been making acquisitions. And we continue to grow our relationship with Old National in the fourth quarter with the addition of debit processing, Accel, CardHub and other value-added solutions.

總部位於德州、資產規模達385億美元的區域銀行Prosperity Bank在第四季度決定遷移到我們基於雲端的DNA平台，並簽約使用我們的CardHub增值解決方案。總部位於印第安納州、資產規模達490億美元的Old National Bank是我們的核心系統客戶，隨著其持續進行收購，我們與Old National Bank的合作關係也日益緊密。在第四季度，我們透過新增金融卡處理、Accel、CardHub及其他增值解決方案，進一步深化了與Old National Bank的合作關係。

These are also 2 examples of our Financial Technology segment clients buying our value-added solutions in the Payments segment. This ongoing trend of clients buying services across these 2 segments is a key reason why we are creating a single new segment, Financial Solutions.

以上兩個例子也說明了我們的金融科技客戶購買了我們在支付領域的增值解決方案。客戶在支付和金融科技領域持續購買服務的趨勢，正是我們創造全新業務部門—金融解決方案—的關鍵原因。

Turning to the outlook for 2024, we expect total company organic revenue growth of 15% to 17%, inclusive of an estimated 7 points of growth from excess revenue in Argentina driven by significantly higher inflation and interest in the Argentina merchant business, following the government's steep peso devaluation in mid-December.

展望 2024 年，我們預計公司總有機收入將增長 15% 至 17%，其中包括阿根廷超額收入帶來的約 7 個百分點的增長，這主要得益於阿根廷政府在 12 月中旬大幅貶值比索後，通貨膨脹顯著上升以及人們對阿根廷商戶業務的興趣。

We expect continued margin improvement in 2024 with at least 100 basis points of adjusted operating margin expansion and adjusted earnings per share should grow 14% to 16%, reaching $8.55 to $8.70. This adjusted EPS growth outlook is in the middle of the range we provided at our investor conference in November, and it's meant to be a prudent reflection of the macroeconomic outlook.

我們預期2024年利潤率將持續改善，調整後營業利益率至少提升100個基點，調整後每股盈餘將成長14%至16%，達到8.55美元至8.70美元。這項調整後每股收益成長預期處於我們在11月投資者會議上給出的預期範圍的中位數，旨在審慎反映宏觀經濟前景。

Economist consensus calls for U.S. personal consumption growth and consumer savings to be lower in 2024, creating a modest headwind to the merchant business. Against a potentially softer backdrop, we remain confident in our ability to grow Clover and Carat as we add more merchants, sell more to existing clients and add to our portfolio and penetration of value-added solutions.

經濟學家普遍預測，2024年美國個人消費成長和消費者儲蓄將放緩，這對商家業務構成一定程度的不利影響。儘管市場環境可能趨於疲軟，但我們仍然對Clover和Carat的成長能力充滿信心，我們將透過增加商家數量、提升現有客戶的銷售額以及拓展產品組合和提高增值解決方案的滲透率來實現這一目標。

Our discussions with banks and credit unions indicate that they remain poised to spend to retain and grow deposits. We are meeting their changing needs every day with our operating system approach that offers the most integrated platforms and broader suite of value-added solutions in the business.

我們與銀行和信用社的交流表明，他們仍然願意增加支出以留住並增加存款。我們透過作業系統方法，提供業界最整合的平台和更廣泛的增值解決方案，從而滿足他們不斷變化的需求。

We are encouraged by our newest financial solutions initiatives in SMB payments with CashFlow Central, our new integrated digital banking platform, Experience Digital, and the power of Fintech to win over larger banks and existing clients. We expect all of these to ramp over the course of 2024 and set the stage for stronger growth in subsequent years.

我們對最新的中小企業支付金融解決方案舉措——CashFlow Central、全新的整合式數位銀行平台Experience Digital以及金融科技在贏得大型銀行和現有客戶方面的強大作用感到鼓舞。我們預計所有這些舉措將在2024年全面展開，並為未來幾年的強勁成長奠定基礎。

To summarize, our outlook for 2024 is positive as we anticipate another year of double-digit organic revenue growth and adjusted earnings per share as well as strong adjusted operating margin expansion. Our optimism for sustained growth level is tempered only by the economic backdrop of modestly slower GDP growth and geopolitical tensions.

總而言之，我們對2024年的前景持樂觀態度，預計全年有機營收和調整後每股收益將持續實現兩位數增長，調整後營業利潤率也將大幅提升。我們對持續成長的樂觀情緒僅受到GDP增速略微放緩和地緣政治緊張局勢的影響。

We remain confident in our ability to control our growth trajectory at the top and bottom lines through our strong positioning, innovation, good stewardship of capital and plain hard work, where we rely on our resilient business model with its diverse client mix serving nondiscretionary spending categories and our high recurring revenue to continue investing at a pace that supports our competitive strengths.

我們仍然有信心透過強大的市場定位、創新、良好的資本管理和辛勤工作來控制公司營收和利潤的成長軌跡。我們依靠我們具有韌性的商業模式，該模式擁有多元化的客戶群體，服務於非必需消費品類別，並且我們擁有高額的經常性收入，從而能夠繼續以支持我們競爭優勢的速度進行投資。

For more details on our financial results, I'll pass the discussion on to Bob.

有關我們財務業績的更多詳情，我將把討論轉交給鮑伯。

Thank you, Frank, and good morning, everyone. If you're following along on our slides, I'll cover additional detail on total company and segment performance, starting with our financial metrics and trends on Slide 4. Fourth quarter and full year results reflected our focus on delivering on our commitments with momentum across the business.

謝謝弗蘭克，大家早安。如果您正在觀看我們的投影片，我將詳細介紹公司整體及各業務部門的業績，首先從第四張投影片上的財務指標和趨勢開始。第四季和全年業績體現了我們專注於履行承諾，並在整個業務領域保持強勁發展勢頭。

Total company organic revenue growth was 12% in the quarter with ongoing strength in our Merchants Acceptance and Payments and Network segments, offset by a decline in the Fintech segment against a very difficult compare. For the full year, total company organic revenue also grew 12%, ahead of the guidance we provided in October and November. This performance was led by the Merchant Acceptance segment, which grew 19%.

本季公司整體有機收入成長12%，商家受理與支付以及網路業務部門持續強勁成長，但金融科技類股因去年同期基數較高而下滑，部分抵銷了整體成長。全年來看，公司整體有機收入也成長了12%，高於我們在10月和11月給出的預期。這一成長主要得益於商家受理業務板塊的強勁表現，該板塊實現了19%的成長。

Fourth quarter total company adjusted revenue grew 6% to $4.6 billion and adjusted operating income grew 10% to $1.9 billion, resulting in an adjusted operating margin of 40.7%, an increase of 150 basis points versus the prior year and a sequential improvement of 260 basis points. The 40.7% represents a post-merger high for Fiserv.

第四季公司調整後總營收成長6%至46億美元，調整後營業收入成長10%至19億美元，調整後營業利潤率為40.7%，較上年同期成長150個基點，較上季成長260個基點。 40.7%的營業利益率創下了Fiserv合併後的新高。

Our fourth quarter performance brought the full year adjusted operating margin to 37.3%, an increase of 220 basis points over 2022. Fourth quarter adjusted earnings per share increased 15% to $2.19 compared to $1.91 in the prior year. Full year adjusted earnings per share increased 16% to $7.52. Those adjusted EPS results do not include $0.12 per share in expense relating to the significant devaluation of the Argentine peso as part of the government reform package on December 12 last year.

第四季業績使全年調整後營業利益率達37.3%，較2022年成長220個基點。第四季調整後每股收益成長15%至2.19美元，而去年同期為1.91美元。全年調整後每股收益成長16%至7.52美元。上述調整後每股盈餘不包括去年12月12日阿根廷政府改革方案導致比索大幅貶值而產生的每股0.12美元的費用。

This one-day move led to a nonoperating noncash foreign exchange loss for the revaluation of our local balance sheet as required under GAAP rules for hyperinflation accounting. All other Argentine foreign exchange losses throughout 2023 are included in the adjusted EPS results. Free cash flow came in at $1.3 billion for the quarter and $4 billion for the full year, an increase of 14% over last year.

此次一日調整導致我們根據美國通用會計準則（GAAP）中關於惡性通貨膨脹會計處理的規定，對本地資產負債表進行重估，從而產生非經營性非現金外匯損失。 2023年全年所有其他阿根廷外匯損失已計入調整後的每股盈餘（EPS）。本季自由現金流為13億美元，全年自由現金流為40億美元，較上年增加14%。

Now looking to our segment results, starting on Slide 6. Organic revenue growth in the Merchant Acceptance segment was 24% in the quarter and 19% for the full year, well ahead of our previous medium-term segment guidance of 9% to 12%. This includes an 8-point benefit to the full year organic growth from the transitory revenue driven by above-average interest and inflation in Argentina.

現在來看我們的分部業績，從第6頁開始。商家受理業務分部的有機收入成長率在本季為24%，全年為19%，遠超我們先前9%至12%的中期分部成長預期。這其中包含了阿根廷高於平均的利率和通膨帶來的短期收入成長，該成長對全年有機成長貢獻了8個百分點。

Adjusted revenue growth was 14% in the quarter and 12% for the full year. You can see from the spread between organic and adjusted revenue growth that currency headwinds from the devaluation of the Argentine peso offset the benefit of the country's very high inflation and interest for the full year in adjusted revenue.

經調整後，本季營收成長14%，全年成長12%。從有機營收成長與經調整後營收成長之間的差距可以看出，阿根廷比索貶值帶來的匯率不利因素抵消了該國極高的通貨膨脹和利息對全年經調整後營收帶來的提振作用。

Global merchant volume and transactions in the quarter grew 5% and 8%, excluding wholesale processing, respectively. Clover revenue grew 30% in the fourth quarter, an annualized payment volume growth of 17%. For the full year, Clover revenue was up 25%. The spread between revenue and volume growth comes from higher penetration of value-added solutions, channel mix shifts and some pricing.

本季全球商家交易量和交易筆數（不含批發處理）分別成長了5%和8%。 Clover第四季營收成長了30%，年化支付量成長了17%。全年來看，Clover營收成長了25%。營收成長與交易量成長之間的差距主要源自於增值解決方案滲透率的提高、通路組合的變化以及部分定價策略的調整。

VAS penetration reached 19% in Q4, up from 16% in the year-ago period, and on pace to meet our 27% target by 2026. Carat also had a strong quarter with revenue growing 11%. For the year, Carat revenue grew 9%. Excluding the loss of a Latin American processing client that moved in-house, revenue growth was 15% for both the quarter and the year.

第四季增值服務滲透率達19%，高於去年同期的16%，預計2026年達到27%的目標。凱絡（Carat）本季業績同樣強勁，營收成長11%。全年來看，凱絡營收成長9%。若不計入拉丁美洲處理客戶轉為內部處理業務的影響，本季及全年營收成長率均為15%。

Adjusted operating income in the Merchant Acceptance segment increased 26% to $819 million in the quarter with margin up 400 basis points to 38.8%. Full year adjusted operating income improved 23% to $2.9 billion and margin grew 330 basis points to 35.1%. Over the last couple of quarters, some of you have noted that our revenue includes anticipation in LatAm, but the cost of that anticipation interest is not included in operating margin, as it is reported as interest expense below the operating income line on the income statement.

本季商家受理業務部門的調整後營業收入成長26%至8.19億美元，利潤率提升400個基點至38.8%。全年調整後營業收入成長23%至29億美元，利潤率提升330個基點至35.1%。在過去幾個季度，部分同事注意到我們的收入包含了拉丁美洲地區的預期收入，但該預期收入的利息成本並未計入營業利潤率，而是作為利息支出列示在損益表營業收入項下。

If we were to take that interest from anticipation and pro forma it back to operating income, merchant margins would still have expanded a very strong 220 basis points for the quarter and 260 basis points for the year. Looking at 2024, January's overall volume growth, excluding processing, was similar to December's pace.

如果我們把這部分預期收益計入營業收入，商家利潤率在本季仍將強勁成長220個基點，全年成長260個基點。展望2024年，1月的整體交易量成長（不包括手續費）與12月份的成長速度相近。

Difficult weather throughout large portions of the U.S. did slow volume growth for a 2-week period in mid-January, but we've seen clear improvement in volume growth since then. The Fiserv Small Business Index also points to steady spending in a healthy environment for small businesses in January.

1月中旬，美國大部分地區惡劣天氣導致銷售成長放緩，持續兩週，但此後銷售成長明顯回升。 Fiserv小型企業指數也顯示，1月小型企業支出穩定，經營環境良好。

We reported the index on February 2 with a value of 138, representing year-over-year growth of 1.7% and 1/10 of 1% growth from December on a seasonally adjusted basis. The Fiserv Small Business Index measures U.S. small business activity and is not a direct indicator of Fiserv results, but rather a measure of general pace of activity and health of this key Fiserv client base.

我們在2月2日公佈了該指數，其值為138，年增1.7%，經季節性調整後季增0.1%。 Fiserv小型企業指數衡量美國小型企業的活動，並非Fiserv績效的直接指標，而是衡量Fiserv這個關鍵客戶群的整體活動速度和健康狀況。

Turning to Slide 7 on the Payments and Network segment. Organic revenue grew 4% in the quarter. This growth was enabled by a variety of drivers across our business lines. We have well over 200 financial institutions live or implementing FedNow and saw continued strength in Zelle with transactions and number of clients growing at 44% and 23%, respectively, for the quarter.

接下來是付款和網路板塊的第七張投影片。本季有機收入成長了4%。這一增長得益於我們各業務線的多種驅動因素​​。目前已有超過200家金融機構上線或正在實施FedNow服務，Zelle業務也保持強勁勢頭，本季交易量和客戶數量分別增長了44%和23%。

Full year organic revenue growth of 8% was at the upper end of our medium-term outlook range of 5% to 8%. Fourth quarter adjusted operating income for the segment was up 8% to $877 million and margin was up 250 basis points to 51%, driven by operating leverage and some third-party productivity we had been working on throughout the year that came in through the fourth quarter. For the full year, adjusted operating income was up 13% to $3.2 billion and margin expanded 250 basis points to 47.8%.

全年有機營收成長8%，處於我們5%至8%中期預期範圍的上限。第四季該業務板塊調整後營業收入成長8%至8.77億美元，利潤率提升250個基點至51%，主要得益於營運槓桿效應以及我們全年持續推進的第三方生產力提升，這些成果在第四季度得以體現。全年調整後營業收入成長13%至32億美元，利潤率提升250個基點至47.8%。

Moving to Slide 8 in the Financial Technology segment. We posted a 1% organic revenue decline for the quarter and 2% growth for the full year. Organic revenue, excluding periodic revenue, grew 4% for the full year, and client momentum continued with 12 core wins in the quarter, reaching 42 wins for the year. We had expected some strong license sales in the quarter to reach the bottom end of our full year guidance, but in several cases, these did not materialize as clients instead chose our application service provider or ASP model.

接下來是金融科技部門的第8張投影片。本季有機收入下降1%，全年有機收入成長2%。剔除週期性營收後，全年有機營收成長4%，客戶成長動能強勁，本季新增12個核心客戶，全年新增客戶總數達42個。我們原本預期本季部分許可證銷售額將達到全年預期下限，但由於部分客戶選擇了我們的應用服務供應商（ASP）模式，因此部分授權銷售並未實現。

This is where we host the software in our data centers instead of clients purchasing their own software licenses. It had the effect of lowering in-quarter revenue in Q4 and instead spreading it out as monthly payments over multiple years. Adjusted operating income was down 11% in the quarter to $303 million and flat at $1.2 billion for the year.

我們選擇將軟體託管在自己的資料中心，而不是讓客戶自行購買軟體授權。這導致第四季當季營收下降，並將收益分攤到未來幾年，以每月付款的形式發放。經調整後的營業收入本季下降11%至3.03億美元，全年與上年持平，為12億美元。

Adjusted operating margin in the segment decreased 340 basis points to 37.9% in the quarter. Full year margin increased 10 basis points to 36.6%, with the lower periodic revenue. The corporate adjusted operating loss was $110 million in the quarter and $494 million for the full year. The adjusted effective tax rate in the quarter was 18.7% and was 19.3% for the year.

本季該業務部門的調整後營業利潤率下降340個基點至37.9%。受當期收入下降的影響，全年利潤率上升10個基點至36.6%。本季公司調整後營業虧損為1.1億美元，全年虧損為4.94億美元。本季調整後實際稅率為18.7%，全年實際稅率為19.3%。

We expect the 2024 adjusted effective tax rate will be approximately 20% for the full year. Total debt outstanding was $23.1 billion on December 31. The debt to adjusted EBITDA ratio dropped another tenth of a turn to 2.7x, within our target leverage range. We have approximately 10% of our debt in variable rate instruments.

我們預計2024年全年調整後實際稅率約為20%。截至12月31日，未償債務總額為231億美元。債務與調整後EBITDA比率進一步下降0.1個百分點至2.7倍，處於我們目標槓桿率範圍內。我們約有10%的債務為浮動利率債券。

During the quarter, we repurchased 8.6 million shares for $1 billion, bringing our total 2023 share repurchase to $4.7 billion and nearly $10 billion in the last 3 years. The diluted average share count fell 5% from 2022 levels. We had 52 million shares remaining authorized for share repurchase at the end of the quarter. Our long-standing capital allocation strategy will continue in 2024, defined by a strong balance sheet, share repurchases and complementary and innovative acquisitions.

本季度，我們回購了860萬股股票，總額達10億美元，使2023年股票回購總額達到47億美元，過去三年累計回購總額接近100億美元。稀釋後平均股數較2022年下降了5%。截至本季末，我們仍有5,200萬股的授權回購額度。我們長期奉行的資本配置策略將在2024年繼續實施，該策略以穩健的資產負債表、股票回購以及互補性和創新性的收購為特徵。

Turning to Slide 9. As Frank said earlier, we expect organic revenue growth of 15% to 17%, with adjusted operating margin expansion of more than 100 basis points. This translates to adjusted earnings per share of $8.55 to $8.70 or 14% to 16% growth over 2023 and would represent our 39th consecutive year of double-digit adjusted EPS growth.

請看投影片9。正如弗蘭克之前所說，我們預計有機收入將成長15%至17%，調整後營業利潤率將提升超過100個基點。這意味著2023年調整後每股收益將達到8.55美元至8.70美元，年增14%至16%，這將是我們連續第39年實現兩位數的調整後每股收益成長。

In Merchant Solutions, we anticipate organic revenue growth in the 25% to 28% range, including 14 percentage points of transitory revenue growth in Argentina. This is higher than the outlook given at our investor conference in November due to the effects of the steep devaluation of the Argentine peso mid-December.

在商家解決方案業務方面，我們預計有機收入成長將達到 25% 至 28%，其中包括阿根廷市場帶來的 14 個百分點的暫時性收入成長。由於阿根廷比索在 12 月中旬大幅貶值的影響，這一預期高於我們在 11 月投資者會議上給出的預測。

For Financial Solutions, we continue to expect 5% to 7% organic revenue growth this year. We continue to estimate approximately $4.5 billion of free cash flow for 2024. In the second half of 2023, we launched a new initiative to purchase green tax credits where we buy tax credits at a discount from companies who earned but cannot use them. This reduces the net cash tax paid and in many cases, defers the cash payment by a quarter or 2.

對於金融解決方案業務，我們仍預期今年有機收入將成長5%至7%。我們繼續預計2024年自由現金流約為45億美元。 2023年下半年，我們啟動了一項新的綠色稅收抵免購買計劃，即以折扣價從已獲得但無法使用的公司購買稅收抵免。這可以減少公司淨繳納的現金稅款，並且在許多情況下，可以將現金支付推遲一個季度或兩個季度。

A recent new rule codified this practice for 10 years, so we expect to continue to benefit from it. This will bring more variability to our quarterly cash flows. In 2024, there will be a headwind in the first quarter and first half when we paid for the credits and a tailwind in the second half when some of the tax refunds are received. While we do anticipate some shifts in timing, we continue to expect full year free cash flow of approximately $4.5 billion.

近期一項新規將這種做法正式確立為一項政策，有效期為10年，因此我們預計將繼續從中受益。這將使我們的季度現金流更具波動性。 2024年，由於我們需要支付稅收抵免費用，第一季和上半年將面臨不利影響；而下半年，隨著部分退稅款項的到賬，則將迎來利好。儘管我們預計到帳時間會有一些變化，但我們仍然預計全年自由現金流約為45億美元。

With that, let me turn the call back to Frank for some closing remarks.

那麼，現在讓我把電話交還給法蘭克，請他做些總結發言。

Thanks, Bob. I'd like to spend a few minutes highlighting Fiserv's commitment to corporate social responsibility, which we align with business operations and employee engagement to maximize impact. Our next CSR report will be published in the second quarter and will demonstrate continued development of our employee resource groups, the Fiserv Cares Foundation, and our back-to-business program that awards grants to small businesses.

謝謝，鮑伯。我想花幾分鐘時間重點介紹 Fiserv 對企業社會責任的承諾，我們將企業社會責任與業務運營和員工參與相結合，以最大限度地發揮其影響力。我們的下一份企業社會責任報告將於第二季發布，其中將展示我們員工資源小組、Fiserv Cares 基金會以及為小型企業提供資助的「重返商業計劃」的持續發展。

To better serve our minority depository institution clients and their communities, we formed an MDI Advisory Council, which includes 8 clients and other members. The council in part of our efforts to better collaborate and deliver value through our MDI clients and the communities they serve.

為了更好地服務我們的少數族裔存款機構客戶及其所在社區，我們成立了少數族裔存款機構諮詢委員會，該委員會由8家客戶及其他成員組成。該委員會是我們致力於加強合作、為少數族裔存款機構客戶及其所服務的社區創造價值的措施之一。

Institutional Investor recognized Fiserv for its CSR efforts as the top ESG performer in the payments, processing and IT services sector, a first for the company. Our programmatic efforts earned recognition from prestigious indices like Bloomberg's Gender-Equality Index and the Human Rights Campaign's Equality Index. We also ranked #1 on the Military Times Best for Vets Employers list.

《機構投資者》雜誌將 Fiserv 評為支付、處理和 IT 服務業 ESG 表現最佳的公司，這在 Fiserv 歷史上尚屬首次。我們的計畫性措施也獲得了彭博性別平等指數和人權運動平等指數等權威機構的認可。此外，我們也榮登《軍事時報》「最佳退伍軍人雇主」榜首。

And just last week, we were named one of Fortune's World's Most Admired Companies for 2024, marking the 9th time in 10 years that we received this honorable distinction. While we scored highly in many categories, among the highest was innovation. We are particularly proud of this category recognition as well as other standouts for people leadership, product and service quality, global competitiveness and long-term investment value.

就在上週，我們榮登《財星》雜誌2024年全球最受讚賞公司榜單，這是我們十年來第九次獲此殊榮。我們在諸多類別中都獲得高分，其中創新能力特別突出。我們對在這一類別中獲得認可感到無比自豪，同時也為公司在人才領導力、產品和服務品質、全球競爭力以及長期投資價值等方面的卓越表現感到驕傲。

As we look ahead to what's coming in 2024, the ongoing advancement of AI is not driven solely by the expanding capabilities of technology but also by the underlying proliferation of data to feed that generative engine. For Fiserv, our data and AI-powered intelligence put us on a path to be an effective user and enabler of AI.

展望2024年，人工智慧的持續發展不僅源自於技術的不斷進步，也離不開海量資料的湧現，這些資料為人工智慧的生成引擎提供了源源不絕的動力。對於Fiserv而言，我們的數據和人工智慧驅動的智慧技術將引領我們成為人工智慧的高效用戶和推動者。

We're in the early innings of using it to optimize our own operations and deliver actionable insights for our clients as well with significant benefits to come in quality, productivity and growth. Fiserv already manages one of the most valuable information stores in the industry, and we start from a position of strength based simply on the sheer amount of data that runs through our systems each year.

我們正處於利用這項技術優化自身營運並為客戶提供切實可行的洞察的初期階段，未來有望在品質、生產力和成長方面獲得顯著收益。 Fiserv 已經管理著業界最有價值的資訊庫之一，而我們每年系統處理的資料量之大，更讓我們擁有了強大的優勢。

Over $4 trillion of payment volume globally across more than 6 million merchant locations, plus 1.6 billion card accounts on file, 325 million deposit loan accounts and 20 million BillPay users across nearly 10,000 financial institutions. The power of our data fueling AI applications is already helping us throughout our business in areas such as enhanced customer service, analytics on the Clover and Carat dashboards and fraud mitigation tools.

全球支付交易額超過4兆美元，覆蓋超過600萬家商戶，此外還擁有16億個已登記的信用卡帳戶、3.25億個存款貸款帳戶以及遍布近1萬家金融機構的2000萬帳單支付用戶。我們強大的數據驅動人工智慧應用，已在許多業務領域為我們帶來益處，例如提升客戶服務、在Clover和Carat儀表板上進行分析以及使用反詐騙工具。

Let me share with you 3 ways we are turning data into an increasingly potent AI asset. First, we're creating better service and insights for our clients by helping them harness data in actionable ways. As an example, 85% of technical service calls were resolved unassisted through the use of data and AI with high client satisfaction rates.

讓我來和大家分享我們如何將數據轉化為日益強大的AI資產的三種方式。首先，我們透過幫助客戶以切實可行的方式利用數據，為他們創造更優質的服務和更深刻的洞察。例如，85%的技術服務電話都透過數據和AI的輔助解決，客戶滿意度很高。

Additionally, over the last year, more than 2 million of the highest-level technical support inquiries resolved online through AI assisted learning. Second, we're embedding our data and AI capabilities into value-added solutions such as Advance Defense being used to combat fraud and other security risks. And third, we're packaging our rich data assets to build next-gen products.

此外，過去一年中，超過200萬個最高級的技術支援諮詢透過人工智慧輔助學習在線上解決。其次，我們將資料和人工智慧能力嵌入到增值解決方案中，例如用於打擊詐欺和其他安全風險的高階防禦系統。第三，我們正在打包豐富的數據資產，以建立下一代產品。

Earlier this year, for instance, we launched the Fiserv Small Business Index, a real-time assessment of consumer spending at SMBs published monthly, enabling new valuable insights for financial institutions, policymakers, investors and businesses of all sizes. Bob discussed the results of our January index, which we released on February 2, making it an extremely timely measure of the current environment.

例如，今年早些時候，我們推出了 Fiserv 小型企業指數，該指數每月發布，即時評估中小企業的消費者支出，為金融機構、政策制定者、投資者和各種規模的企業提供新的寶貴見解。鮑伯討論了我們於 2 月 2 日發布的 1 月指數的結果，這使其成為衡量當前環境的極其及時的指標。

As Bob and I like to say, intellectual honesty with analytical rigor is how we run the company. Data is the enabler for us to apply this in all that we do: serving our clients; choosing our partners; assessing our competition; prioritizing our investments; understanding our performance and communicating it to investors.

正如我和鮑伯常說的，秉持嚴謹的分析和誠實的學術態度是我們公司的經營之道。數據是我們實踐這一理念的基石，它貫穿我們所做的每一件事：服務客戶、選擇合作夥伴、評估競爭對手、確定投資優先事項、了解自身績效並與投資者溝通。

With the many assets I discussed on this call, including our data, along with our dedicated associates worldwide adopting this fundamental practice of intellectual honesty with analytical rigor, I'm confident that Fiserv will continue to extend its reach and sustain our leadership through 2024 and beyond.

憑藉我在本次電話會議中討論的眾多優勢，包括我們的數據，以及我們遍布全球的敬業員工秉持的這種以嚴謹分析為基礎的誠實學術精神，我相信 Fiserv 將繼續擴大其影響力，並在 2024 年及以後保持我們的領先地位。

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

接線員，請開啟提問頻道。

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

（操作說明）對於我們的第一個問題，我們將諮詢 Evercore ISI 的 David Togut。

Good to see the continued acceleration of Clover growth. I'll ask my question and the follow-up both upfront. So first, in the 4 ppt increase in the organic revenue growth guide for 2024, it looks like about 3 points of that relates specifically to an increase in Argentina inflation. So if that's correct, could you walk through how your operating organic revenue growth assumptions have changed by segment versus the initial guide in -- at the November Investor Day?

很高興看到 Clover 的成長持續加速。我先提出我的問題以及後續問題。首先，在 2024 年有機收入成長預期中，4 個百分點的成長似乎與阿根廷通貨膨脹上升有關，其中約 3 個百分點似乎與此有關。如果情況屬實，能否請您詳細說明一下，與 11 月投資者日上的初始預期相比，您按業務板塊劃分的有機收入增長預期發生了哪些變化？

Yes, David, your assessment is right on the mark, the total company organic revenue growth went up from -- back in November, we said 11% to 13%. We now expect 15% to 17%. We've previously indicated the impact -- the favorable impact of higher-than-normal interest and inflation in Argentina would drive about 6 points of growth to the merchant segment or about 3 points to the total company.

是的，David，你的評估非常準確。公司整體有機收入成長率從去年11月我們預測的11%到13%上升到了現在的15%到17%。我們先前已經指出，阿根廷高於正常水準的利率和通膨帶來的有利影響，將為商家業務帶來約6個百分點的成長，或為公司整體帶來約3個百分點的成長。

We now expect that, that excess inflation and interest is about 7 points of growth to the total company. So essentially, the growth -- the increase in organic revenue growth is really attributed to higher inflation and interest expense out of Argentina. The underlying "more normal organic growth" of the Merchant segment and of the company remain consistent with what we expected and saw back in November.

我們現在預計，過高的通膨和利息支出將為公司整體成長帶來約7個百分點的成長。因此，本質上，有機收入成長的提升主要歸因於阿根廷更高的通膨和利息支出。商家業務板塊和公司整體「更為正常的有機成長」與我們11月份的預期和觀察結果一致。

The other element, of course, as we talked about in November, is there is a natural counterbalance in our adjusted revenue and in our income statement that higher excess inflation and interest rate also drives a higher currency variation or FX headwind, and that also increased about 4 points from the November. So net our adjusted revenue, our EPS, our operating margins very consistent isolating out just that Argentina impact.

當然，正如我們在11月份討論的那樣，另一個因素是，更高的通膨和利率也會導致更大的匯率波動或外匯不利影響，這在我們的調整後收入和損益表中存在天然的平衡，而且這一影響也比11月份增加了約4個百分點。因此，剔除阿根廷的影響後，我們的調整後營收、每股盈餘和營業利益率仍然非常穩定。

And then just a quick follow-up. What are your expectations for Clover revenue growth in 2024? Would you expect continued acceleration? And then if so, any call outs? I know, Frank, you mentioned Brazil rollout in April.

最後還有一個小問題。您對 Clover 在 2024 年的營收成長有何預期？您認為成長會持續加速嗎？如果是，您有什麼需要特別注意的地方嗎？我知道，Frank，您提到過四月在巴西的上線計畫。

Yes. From a Clover standpoint, you saw the acceleration of revenue in the fourth quarter to 30%. We've talked quite a bit about the Clover growth rate accelerating into our Investor Day commitment actually bought back in our March of 2022 call out where we really focused in on Clover overall, where we gave an outlook to 2025. We updated that back in November to 2026.

是的。從 Clover 的角度來看，第四季營收成長速度加快至 30%。我們在投資者日上多次談到 Clover 的成長率將會加快，這實際上在我們 2022 年 3 月的電話會議上就已有所體現，當時我們重點關注了 Clover 的整體發展，並給出了到 2025 年的展望。我們在去年 11 月將展望更新至 2026 年。

So adding another year of our outlook, we continue to believe, obviously, that we'll deliver against that $10 billion for the total company and $3.5 billion for Clover in 2025 and then $4.5 billion for Clover in 2026. We feel good about the trajectory. I wouldn't suggest that we're going to get 30% every single quarter, but there's a lot of elements that are driving that growth and we feel good about the overall trajectory.

因此，在展望未來一年後，我們仍然相信，到2025年，公司整體營收將達到100億美元，Clover公司營收將達到35億美元，2026年Clover公司營收將達到45億美元。我們對這一發展軌跡充滿信心。我並不認為我們每季都能實現30%的成長，但推動成長的因素很多，我們對整體發展軌跡感到滿意。

And I would just say, we talked about Brazil. We worked on that for a long time. You should expect us to have further country rollouts. You've heard us talk about the Deutsche Bank JV Vert, which has begun to hit some stride and getting traction. You've always heard us talk about beginning to proliferate the ISV channel. And that fundamentally, there was nothing about our back book in that set of numbers in there, of course, we have a natural 90% new add and some back book that just converts centrally.

我想說的是，我們討論過巴西市場，也為此努力了很久。你們應該會期待我們在更多國家推出服務。你們也聽我們說過德意志銀行的合資企業Vert，它已經開始步入正軌並取得進展。你們也一直聽到我們說要開始拓展獨立軟體開發商（ISV）通路。當然，從根本上來說，那組數據裡並沒有包含我們之前的客戶群，我們自然成長了90%的新客戶，還有一些先前的客戶群透過集中轉換的方式成長。

I also would highlight the pen rate is the number we talked about. We definitely were about growing ARPU. And you see that pen rate up at 19%, which kind of tracks exactly we'll be playing out to the path we believe we're on. So Clover continues to do its job, the distribution networks we have are unparalleled and we're bringing more function into it and more geographies into it. So thanks, David.

我還要強調一下我們之前討論過的轉換率。我們當時的目標確實是提高每位用戶平均收入（ARPU）。您可以看到轉換率已經上升到 19%，這與我們目前的發展方向完全吻合。 Clover 繼續發揮它的作用，我們擁有無與倫比的分銷網絡，而且我們正在不斷擴展其功能，覆蓋更多地區。謝謝，David。

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

接下來，我們將介紹摩根大通的黃天進。

I wanted to follow on with David's question just on the merchant side with volume and transaction growth. The spread there is really still quite favorable, both total and with Clover. So looking out, should we expect some kind of cyclical mean reversion with that tightening plus under this value-added services promotions and you mentioned pricing as well. So what can we assume there since we're all trying to do the benchmarking exercise?

我想就David提出的商戶方面交易量和交易成長的問題繼續探討。目前來看，無論是整體或透過Clover平台，利差仍然相當有利。那麼展望未來，考慮到市場趨緊以及增值服務促銷活動（您也提到了定價），我們是否應該預期會出現某種週期性均值回歸？既然我們都在進行基準測試，我們可以做出哪些假設呢？

Yes, Tien-Tsin, I think certainly, we've continued to see that spread between volume and revenue, and it's something that is actually part of our strategic plan to grow to that $3.5 billion and $4.5 billion in Clover and $10 billion to $12 billion for Merchant by '25 and '26. I think ultimately what it comes down to is, as we continue to sell more software, more value-added services, more additional capabilities to our merchants, you're going to see revenue grow faster than volume.

是的，田進，我認為我們確實持續看到交易量和收入之間的差距，而這實際上是我們戰略計劃的一部分，目標是到2025年和2026年，Clover的收入達到35億至45億美元，Merchant的收入達到100億至120億美元。我認為最終，隨著我們不斷向商家銷售更多軟體、更多增值服務以及更多附加功能，收入的成長速度將會超過交易量的成長速度。

The spread will ebb and flow across different quarters, but we continue to see good opportunity to sell value-added services. That penetration reached 19% in the quarter, up about of 3 full points from a year ago as we march towards the 27% by 2026, you'll continue to see great revenue growth overall. And certainly, there's a channel mix more direct and ISV relative to where we are today, that will continue to benefit that.

不同季度的市佔率會有波動，但我們仍然看到銷售加值服務的良好機會。本季市場滲透率達19%，比去年同期成長了約3個百分點。隨著我們朝著2026年27%的目標邁進，整體營收將持續保持強勁成長。當然，與目前相比，通路組合中直銷和獨立軟體開發商（ISV）的比例有所增加，這將繼續有利於業務成長。

Right, right. Glad to hear revenue faster than volume. Just a quick follow-up and just -- I mean Frank and Bob, you both talked about a lot of good wins across all the lines here. Just thinking about the outlook for new deal activity in 2024, should we expect or do you see a lot of large deals? Or is it more of cross-selling wins with some of the new products? What do you see for this coming year?

好的，好的。很高興聽到營收成長速度超過了銷售成長速度。還有一個後續問題——弗蘭克和鮑勃，你們都提到了各個產品線都取得了不少好成績。我想問2024年的新交易前景，你們認為會有很多大單嗎？還是說更多的是新產品交叉銷售帶來的效益？你們對明年有什麼看法？

Well, I mean, I think it's all of the above. I mean I suppose you might be also referring to those CashFlow Central wins we talked about. New product rollout, tremendous opportunity there. It's another area where we're helping our banks generate revenue, deliver better technology product to their client base. And then we also believe that we have a lot of cross-sell opportunity, but we have a very large pipeline of just play on new wins. And you should expect us to continue doing what we've been doing and our expectation is we'll always do more.

嗯，我覺得以上所有因素都包含在內。我想您可能也指的是我們之前提到的CashFlow Central專案。新產品的推出蘊藏著巨大的商機。這是我們幫助銀行創造收入、為其客戶提供更優質科技產品的另一個領域。此外，我們相信交叉銷售的機會也很多，但我們還有大量新客戶正在洽談中。您可以期待我們繼續保持目前的勢頭，而且我們的目標是不斷取得更大的成就。

And Tien-Tsin, I mean the term cross-sell is obviously something we use internally quite a bit and we talk to you folks about. Ultimately, we have a very wide swath of clients. The U.S. Bank deal that we announced this morning on CashFlow Central, that's a big transaction with a large bank but it's a cross-sell. They are a large client of ours. They currently use CheckFree for their consumers. They'll now expand to CashFlow Central for their businesses and merchants. And so we'll continue to see lots of opportunities. It will sometimes be "new logos" but also selling additional capabilities to our existing client base.

田進，我的意思是，交叉銷售這個詞顯然是我們內部經常使用，也經常跟你們討論的。歸根結底，我們的客戶群非常廣泛。今天早上我們宣布的與美國銀行在CashFlow Central上的合作，雖然是一筆與大型銀行的大交易，但它本質上就是一次交叉銷售。他們是我們的重要客戶。他們目前為消費者使用CheckFree，現在他們將把業務拓展到CashFlow Central，服務他們的企業和商家。因此，我們將繼續看到很多機會。有時是“新客戶”，有時是向現有客戶群銷售更多功能。

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

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

It's great to see the merchant strength. I do want to touch on a couple of the other segments real quickly. And on the Fintech side, just to start, I know you expected tough comps and you obviously called out the software license sales to the ASP side impacting revenues.

很高興看到商家實力強勁。我想快速談談其他幾個板塊。首先，關於金融科技板塊，我知道您預料到同期比較數據會比較低，而且您也明確指出軟體授權銷售對平均售價（ASP）收入的影響。

When we think about what that means in terms of spreading out revenues across a period of time now in terms of more recurring revenues, maybe just help us understand your anticipation for that segment again. I know you had initially raised the combined Payments and Fintech outlook a little bit when you had your Investor Day. So is that still on track? And if you could just revisit the drivers giving you confidence really in both segments.

當我們思考將收入分散到一段時間內，增加經常性收入意味著什麼時，能否請您再次闡述您對該領域的預期。我知道您在投資者日上曾略微上調了支付和金融科技業務的綜合預期。那麼，目前情況是否仍然如此？能否請您再次談談真正讓您對這兩個領域充滿信心的驅動因素？

Yes, Darrin, so a couple of things. One, when we sign a license deal, typically, that's a 3- or a 5-year license, you get a large license transaction. December is always a pretty high month for license activity, and you get ongoing maintenance, but license is certainly the big chunk.

是的，達林，有幾點需要說明。第一，當我們簽署許可協議時，通常是3年或5年的許可協議，你會收到一筆數額較大的許可交易。 12月通常是許可交易的高峰期，除了持續維護費用外，許可費用無疑是最大的開支。

When you convert or when a client instead goes to an ASP contract, you book that over the 5-year period, every single month on a per account basis or a per transaction, per user basis, depending on the product and depending on the client contracting. We feel good. Ultimately, that's actually a better economic transaction for us. So we like that transition.

當您進行轉換或客戶轉而簽訂ASP合約時，我們會根據產品和客戶合約的具體情況，按帳戶或交易、按用戶，在五年期限內按月收取費用。我們對此感到滿意。最終，這對我們來說實際上是一筆更划算的交易。因此，我們樂見這種轉變。

If you look at 2023's results and you combine the 2, bank and credit union facing segments, Fintech and Payments and Network, we did about 6% organic growth on a combined basis. If you look at our outlook for 2024, we reiterated what we said back in November, we expect that combined segment or the new segment, Financial Solutions, which is largely a combination of the existing Fintech and Payment, to be in that 5% to 7% range and actually accelerate into 2025 and beyond up to 6% to 8%.

如果回顧2023年的業績，並將面向銀行和信用社的金融科技和支付網絡兩大業務板塊合併來看，我們實現了約6%的綜合有機增長。展望2024年，我們重申了去年11月的觀點，預計合併後的金融科技和支付網絡業務板塊（即新的金融解決方案業務板塊）的增長率將達到5%至7%，並在2025年及以後加速增長至6%至8%。

So feel good about the overall growth of that business, the product portfolio, adding things like CashFlow Central, selling more payment solutions, benefits of Fintech as that goes live and gets deeper into the marketplace, we feel good about overall our ability to continue to grow our capability selling into the banks and credit unions.

因此，我們對該業務的整體成長、產品組合、新增的 CashFlow Central 等產品、銷售更多支付解決方案、金融科技帶來的益處以及其上線並深入市場所帶來的益處都感到樂觀。我們對自身能力的持續提升，以及向銀行和信用社銷售產品的能力，都充滿信心。

Okay. That's helpful. And then just a quick follow-up on the merchant side again. Frank, you talked a lot about the VAS side having a big penetration opportunity up to the mid-20% plus range. I think you had a nice jump this quarter. So maybe just touch on what drove that, combined with, if you think you have the right assets now or there's a lot more chatter over potential for tuck-ins and M&A again this year as rates may change. So anything on the horizon for you guys?

好的，這很有幫助。那麼，關於商戶方面，我再快速跟進。法蘭克，你之前多次提到加值服務（VAS）方面有很大的滲透機會，可以達到20%以上。我認為你們這季度業績成長顯著。那麼，能否談談推動業績成長的原因，以及你們目前是否擁有合適的資產，或者考慮到利率可能的變化，今年是否會再次出現收購和併購的討論？你們未來有什麼計畫嗎？

Yes. I mean we really do like our hands across the board in the company. You've seen us add things like Fintech, which I think really complements our ability to compete anywhere, anyhow along with DNA, which has really proved itself. If you go to the merchant business, we're still largely focused on building out more verticals, that would be retail and services and continuing complements what we're doing in Bento.

是的。我的意思是，我們確實希望在公司各個領域都有涉足。您也看到了，我們新增了金融科技等業務，我認為這確實增強了我們在任何領域、任何情況下競爭的能力，再加上DNA業務，後者已經證明了自身的價值。就商家業務而言，我們仍主要專注於拓展更多垂直領域，例如零售和服務，這與我們在Bento領域的業務相輔相成。

I think our software stack is strong, and we're continuing to add functionality to it. We think our pen rate will continue to do what we've forecasted. Obviously, we're always looking at opportunities to invest as a minority investor and you've seen us do that in things like Bento and Fintech and others. Ondot, which ended up being in more than 1,000 institutions tagged to our mobility product to give an unbelievable experience to 1,000 banks.

我認為我們的軟體架構非常強大，而且我們還在不斷為其添加新功能。我們相信用戶滲透率會持續保持預期水準。當然，我們一直在尋找以少數股東身份進行投資的機會，您也已經看到我們對 Bento、Fintech 等公司進行了投資。例如 Ondot，最終有超過 1000 家機構接入了我們的行動產品，為 1000 家銀行帶來了卓越的用戶體驗。

So I think we feel good about our hand. We're always looking at can we add software functionality. And you should expect us to continue to be great stewards of capital deployment as I hope you all feel we have been.

所以我覺得我們對目前的情況很有信心。我們一直在思考如何增加軟體功能。你們可以期待我們繼續妥善管理資金，希望你們也能一直這麼認為。

Next, we'll go to the line from Timothy Chiodo from UBS.

接下來，我們將聽聽瑞銀集團的蒂莫西·奇奧多 (Timothy Chiodo) 的演講。

You mentioned in the prepared remarks a little bit of channel mix shift for Clover. I was hoping you could provide some directional color broad strokes across the 2023 cohort of new merchants or volume that came on to Clover, whether it be just kind of order of magnitude across direct sales, bank partners, whether they be JV or non-JV, and then, of course, wholesale and retail ISO.

您在準備好的發言稿中提到了Clover頻道組合的一些變化。我希望您能就2023年加入Clover的新商家或交易量提供一些大致的方向性分析，例如直接銷售、銀行合作夥伴（包括合資和非合資企業）以及批發和零售ISO通路的交易量規模。

And I ask, partially because clearly, the differentiation is partially due to the distribution here, but also so that we could get a better sense on the portion of revenues that are hitting adjusted revenue versus maybe being netted out or coming below the line in the equity income line.

我這樣問，部分原因是，很明顯，這種差異部分是由於這裡的分配造成的，但也是為了更好地了解哪些收入計入了調整後的收入，哪些收入可能被抵消或低於權益收入線。

Yes. I think we've tried to give pretty significant transparency around the last part of that question with excess inflation and interest on in Argentina, just as a side note, our LatAm business and Argentina business is a great business. Obviously, we've got this variation going on, on the "excess", but that's a tremendous business. LatAm overall growth in Clover as we bring Clover down to Brazil, we'll add Mexico later in the year. So we feel very good about our overall capabilities there.

是的。我認為我們已經盡力就問題的最後一部分——阿根廷的通貨膨脹和利率過高——做到了相當透明。順便提一下，我們在拉丁美洲和阿根廷的業務都非常出色。顯然，我們目前面臨著「過高」通膨帶來的一些波動，但這仍然是一項巨大的業務。隨著我們將Clover業務拓展到巴西，並在今年稍後將業務擴展到墨西哥，我們在拉丁美洲的整體成長勢頭良好。因此，我們對我們在該地區的整體能力非常有信心。

To the first part of the question, I would say, broadly, we continue to expand our distribution capabilities. We have a long track record of ISO and ISV partners, bank channel partners. We have traditionally not had a big direct business, that is -- that continues to grow, but we also continue to grow pretty meaningfully in the ISV channels with expansion of ISV capability into Clover.

對於問題的第一部分，總的來說，我們會持續拓展通路。我們與獨立銷售機構 (ISO)、獨立軟體開發商 (ISV) 和銀行通路合作夥伴有著長期的合作關係。我們傳統的直接業務規模並不大——儘管這部分業務仍在成長，但隨著 Clover 平台 ISV 能力的擴展，我們在 ISV 管道也實現了顯著成長。

And having that Clover asset makes us a pretty significant partner of choice, not only for ISVs, but also the bank channels. So we see growth there. As a percent of growth, our direct business is probably growing the fastest but a little bit of -- it's a smaller -- smallest piece. It's the newest piece of the organization, but we're seeing good growth across the board.

擁有 Clover 這項資產使我們成為重要的合作夥伴，不僅對獨立軟體開發商 (ISV) 而言如此，對銀行通路也是如此。因此，我們看到了這方面的成長。就成長百分比而言，我們的直接業務成長速度可能最快，但它所佔比例較小。它是公司最新成立的業務部門，但我們看到整體業務都在成長良好。

Next, we'll go to the line of Dan Dolev from Mizuho Securities.

接下來，我們將連線瑞穗證券的丹‧多列夫。

Guys, great results here. My quick first question is on, again, back to the value-added services, really impressive 40% growth. Can you maybe talk a little bit about the split in '23 between software and capital?

各位，業績很棒。我的第一個問題是關於增值服務的，40%的成長確實令人印象深刻。能否談談2023年軟體和資本業務的佔比情況？

You're asking about 2023?

你問的是2023年的情況嗎？

Yes, the 40% growth that you mentioned in '23.

是的，就是您提到的 2023 年 40% 的成長。

So I wouldn't necessarily have a split for you at my finger tips. So we can look to get that for you. And I think I would tell you that it's been pretty consistent. Obviously, we always have a relatively large software capital software spending, given the nature of our business, and I think that remains relatively consistent.

所以我未必能馬上提供具體的拆分數據。不過我們可以幫您查一下。我認為數據一直相當穩定。顯然，鑑於我們業務的性質，我們的軟體資本支出一直相對較大，而且我認為這個數字也保持相對穩定。

Dan, were you asking, if you look at the 40%, what component was largely software and what component was Clover capital? Was that the question you're asking?

丹，你是想問，如果看那40%的資金，其中哪一部分主要是軟體，哪一部分是Clover Capital的資金？你是不是想問這個問題？

Yes, exactly on the value added services.

是的，正是加值服務方面。

Yes, it's software dominated. I mean it would be, I'd call it, large majority software.

是的，軟體佔主導地位。我的意思是，我會說，軟體佔了絕對多數。

Sorry, Dan, I heard you -- I heard CapEx spending.

抱歉，丹，我聽到了──我聽到了資本支出。

Oh, I'm sorry, yes, it's my Israeli accent.

哦，對不起，是的，這是我的以色列口音。

That's okay. Yes. That's why we got 4 ears here.

沒關係。是的。所以我們才有四隻耳朵。

And then just my quick follow-up, really impressed by the opportunities in Reg II. I mean, one of the networks commented that this was a drag. I would imagine this is a big benefit for Fiserv. Can you maybe talk about the size of the opportunity here for STAR and Accel?

然後我再快速問一個問題，Reg II 的機會真的讓我印象深刻。我的意思是，有一家網路業者評論說這是個拖累。我想這對 Fiserv 來說應該是個巨大的利好。您能否談談 STAR 和 Accel 在這裡的機會規模？

Well, as I continue to say, we have been committed to our debit networks, STAR and Accel, they're strategic assets within the company. As Reg II turns into reality, you've heard us talk about nearly 20 wins. Obviously, we compete at every level. There's fabulous competition out there for these transactions.

正如我一直強調的，我們一直致力於發展借記卡網絡，包括STAR和Accel，它們是公司的策略資產。隨著Reg II的逐步實施，我們已經取得了近20項成功。顯然，我們在各個層面都面臨激烈的競爭。這些交易領域的競爭非常激烈。

But embedded in what we're looking at is obviously more opportunity than we had before Reg II and the fact that some of those household names that you heard like HelloFresh or Lyft or others give us that opportunity. So I think it's off to a decent start. It remains to be determined over the longer haul, but we feel good about the Reg II opportunity.

但顯然，我們所看到的機會比Reg II實施前要多得多，像HelloFresh、Lyft等一些家喻戶曉的公司也為我們提供了這些機會。所以我認為這是一個不錯的開端。長遠來看結果如何還有待觀察，但我們對Reg II帶來的機會充滿信心。

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

接下來，我們將連線美國銀行的傑森·庫柏伯格。

I just wanted a follow up on the Fintech segment and the dynamic you saw there where you switched kind of from the -- or the clients wanted to switch kind of from the license model to more the recurring ASP model. Do you see this as kind of a one-off development with a handful of clients? Is this a broader trend? Just anything you can give us maybe around where that segment sits now in terms of percentage of revenue that's kind of more periodic versus recurring and what you're projecting on that front going forward.

我想就金融科技領域以及您觀察到的動態進行後續探討，即客戶希望從授權模式轉向更偏向於經常性ASP模式。您認為這只是少數客戶的個別現象，還是更廣泛的趨勢？您能否就目前該領域在周期性收入和經常性收入中所佔的比例，以及您對未來該領域的預測提供一些資訊？

Yes, I think there's a series of factors. I'd go back on the full year 4% but nonperiodic revenue. And clearly, we ultimately signed a number of transactions, but they became ASP instead of license, which we thought we had visibility to license. We also like to remind everybody that fourth quarter historically is where -- fourth quarter in the last month is where these things have been going down to the wire, like it would with any software sale, as I know, having been a forced buyer of software for years and jobs I have done.

是的，我認為這其中有很多因素。我同意全年4%的成長預期，但指的是非週期性收入。顯然，我們最終簽署了一些交易，但它們最終變成了平均售價（ASP），而不是我們原本以為能夠預估的授權費。我們也要提醒大家，歷史上第四季——尤其是最後一個月——往往是所有交易最難敲定的時候，就像任何軟體銷售一樣，我深有體會，因為我多年來一直被迫購買軟體，也做過很多相關的工作。

So I think that -- it's not necessarily a trend, but it does have clients, and we saw it last year, too, in different ways, clients who believe that given regulatory, given cyber, given a series of factors, the ASP model will help their P&L and their ability to perform better than the license would have. I think it's an institution-by-institution choice. It's not the first time we've seen it. And I think a lot remains to be determined.

所以我認為——這未必是一種趨勢，但確實有一些客戶採用了這種模式，而我們去年也以不同的方式看到了這一點。這些客戶認為，考慮到監管環境、網路安全以及其他一系列因素，應用服務供應商（ASP）模式比授權模式更能幫助他們改善損益，提升績效。我認為這是各機構的具體選擇。這也不是我們第一次看到這種情況。而且我認為還有很多問題有待解答。

Okay. Good color. Just on a separate note, we saw last month, Fiserv applied for a bank charter in Georgia. Can you just talk about the steps, potential timeline to get that application approved, what the benefit to Fiserv would potentially be, whether that's on the cost side or ability to provide additional solutions to merchants?

好的。顏色不錯。另外，我們上個月看到 Fiserv 在喬治亞州申請了銀行執照。您能否談談申請流程、可能的審批時間表，以及 Fiserv 可能獲得的利益，例如成本方面的收益或為商家提供更多解決方案的能力？

Well, yes, let me bring pure clarity to what that is because there's clearly lots of questions about why Fiserv is applying for a bank license. And obviously, before we did that, we talked to the ABA, we communicate to our clients. It's a very specific purpose license that allows for sponsorship of merchant acquiring.

是的，讓我來徹底解釋一下，因為顯然很多人對 Fiserv 申請銀行牌照的原因有很多疑問。顯然，在此之前，我們已經與美國銀行家協會 (ABA) 溝通過，也與我們的客戶進行了交流。這是一種用途非常明確的牌照，允許 Fiserv 贊助商家收單業務。

Historically, you needed a bank and that's within the Visa and Mastercard rules. And our ability to be able to have an institution for that sole purpose that will allow us to be a sponsor for our own merchant acquiring in certain instances will be valuable as we can control more of the outcome than we could before. Very specific purpose. Very clear to our banks, we're not competing with them.

從歷史上看，你需要一家銀行，這符合Visa和萬事達卡的規定。而我們現在能夠擁有一家專門用於此目的的機構，在某些情況下，它允許我們作為我們自己的商家收單機構的擔保人，這將非常有價值，因為我們可以比以前更好地掌控結果。目的非常明確。我們的銀行也非常清楚，我們並非與他們競爭。

We have great bank partners, probably the largest bank portfolio in the world when you take merchant business and all our other businesses, and we're a business to help our banks grow. This ultimately supports our smaller banks who do not have sponsorship and we can bring it. It became more clear in the merger when we were able to cross-sell to our community banks and others, which we would have not had at First Data, that our ability to sponsor them ourselves would be very valuable.

我們擁有優秀的銀行合作夥伴，如果將商家業務和其他所有業務都算在內，我們可能擁有全球最大的銀行投資組合。我們致力於協助合作銀行發展壯大。這最終惠及那些缺乏支持、而我們又能提供支持的小型銀行。在合併過程中，我們能夠向社區銀行和其他機構交叉銷售產品，這讓我們更清楚地認識到，我們自身提供的支援能力將非常有價值。而這在First Data時期是無法實現的。

Our next question comes from Dave Koning from Baird.

我們的下一個問題來自 Baird 公司的 Dave Koning。

Guys, great year. And I guess my question on merchant. So you guided 25% to 28% organic. And then you talked about 14% benefit from FX and inflation. So you're down to a core of kind of 11% to 14%. Do both North America and international grow in that range, which presumably is taking quite a bit of share?

各位，今年很棒。我想問一下關於商家方面的問題。你們之前預測有機成長會達到 25% 到 28%。然後你們又提到匯率和通膨帶來的收益為 14%。所以你們的核心成長大概在 11% 到 14% 之間。北美和國際市場的成長都在這個範圍內嗎？畢竟它們佔據了相當大的市場份額。

Yes. So the merchant business overall, obviously, good growth. Our international regions: Europe, Latin America, APAC, all growing very nicely. EMEA larger than Latin America, growing a bit slower from an organic standpoint. Broadly our North American business, very high single-digit growth rate.

是的。所以，整體而言，商家業務顯然成長良好。我們的國際區域：歐洲、拉丁美洲和亞太地區，成長都非常可觀。歐洲、中東和非洲地區的規模大於拉丁美洲，但從自然成長的角度來看，成長速度略慢。北美業務整體而言，實現了非常高的個位數成長率。

And obviously, the international business is growing meaningfully higher than that given the size of the business and the opportunity to continue to grow and add merchants and sell more services there also. But good business, most definitely in all 4 regions.

顯然，考慮到公司規模以及持續成長、增加商家和拓展服務業務的潛力，國際業務的成長速度遠高於此。但毫無疑問，所有四個地區的業務都發展良好。

Got you. And just a quick follow-up. FX losses, will you not add those back again through 2024? I know Q4 seems like the anomaly, you won't add those back. And maybe how big do you expect that to be in interest expense in 2024?

明白了。還有一個後續問題。外匯損失，您不會在2024年之前重新計入嗎？我知道第四季的情況比較特殊，您不會把這些損失重新計入。另外，您預計2024年的利息支出會有多大？

Yes. So let me make sure we're clear. What we adjusted out was actually not fourth quarter, not December, it was December 12. It was the 1-day devaluation that the new President of Argentina put into place, a little more than a 50% deval, and it was only the impact of revaluing the balance sheet, which in most currencies stays on the balance sheet. But because Argentina is hyperinflation or highly inflationary, the accounting rules require you to revalue the balance sheet through the income statement.

是的。讓我確認一下我們是否理解正確。我們調整的其實不是第四季度，也不是12月份，而是12月12日。那是阿根廷新總統實施的為期一天的貨幣貶值，貶值幅度略高於50%。這只是資產負債表重估的影響，在大多數貨幣中，這種影響會保留在資產負債表上。但由於阿根廷正處於惡性通膨或高度通膨狀態，會計準則要求透過損益表來重估資產負債表。

We did that every day of 2022. We did it every day of 2023 with the exception of the onetime significant transact or significant move that we felt was really non-normal course, nonoperational. So we dialed that piece out only. All of the other 364 days went through the income statement, and in fact, were larger than what we took in that one day. We have that, that will occur in 2024.

我們在2022年每天都這樣做。 2023年我們也每天都這樣做，除了我們認為屬於非常規、非經營性的一次性重大交易或重大變動。所以我們只剔除了那部分。其餘364天都計入了損益表，而且實際上，這些天的收入比我們那一天的收入還要多。我們預計那部分收入將在2024年產生。

Obviously, if there's other -- another significant deval, we may evaluate that. We're not anticipating that. We think things are "stabilizing" in Argentina, remains to be seen. It's a unique economy. We've got some great leadership down there that are running our Latin America business that have been through these cycles multiple times over decades of leadership. So we feel very good about being able to handle the kind of ongoing normal things. This onetime one-day deval is what we dialed out.

顯然，如果出現其他——另一次重大下跌——我們會進行評估。我們預計不會發生這種情況。我們認為阿根廷的局勢正在“穩定”，但最終結果仍有待觀察。阿根廷的經濟狀況比較特殊。我們在那裡擁有一群優秀的領導團隊，負責管理我們在拉丁美洲的業務，他們幾十年來多次經歷過類似的經濟週期。因此，我們非常有信心能夠應對這種持續的正常情況。我們只是暫時忽略了這次一次性的、為期一天的下跌。

Got you. Great job.

收到。幹得好。

Thank you.

謝謝。

And for our final question, we'll go to the line of Ashwin Shirvaikar from Citi.

最後一個問題，我們請花旗銀行的 Ashwin Shirvaikar 來解答。

I guess my question is with regards to the cadence of segment revenues and segment margins, what should we expect through the year? Because there are, I think, a couple of factors at least with regards to how, I guess, Argentina impact plays out? Does it reduce through the course of the year? And then Carat, I would imagine, much better back half of the year because of the lack of comp -- tough comp, factors like that. I mean, how should we think of cadence through the course of the year?

我想問的是，關於各業務板塊的收入和利潤率，我們該如何預測全年的發展趨勢？因為我認為，至少有幾個因素會影響阿根廷業務的影響程度。阿根廷業務的影響會隨著時間而減弱嗎？至於凱絡業務，我估計下半年會好得多，因為沒有像阿根廷這樣競爭激烈的競爭對手。我的意思是，我們應該如何看待全年的發展趨勢？

Yes. I think, first off, broadly, across the company, I don't see a big variation from quarter-to-quarter or first half to second half. There are obviously some specific comparisons within individual segments or individual margins. But broadly, generally in line across the board with the one nuance in our Merchant Acceptance business.

是的。首先，我認為，總體而言，就整個公司而言，我並沒有看到季度之間或上半年與下半年之間有太大的波動。當然，在各個業務板塊或利潤率方面，肯定會有一些具體的比較。但整體而言，除了商家受理業務的一個細微差別外，其他方面基本上一致。

I would expect organic revenue to be higher in the first half of the year than in the second half of the year because we do anticipate some improvement in interest rates and inflation in the second half relative to what's going on there as the economy deals with some of the things that the government is putting in place hopefully with their expectation that they ease inflation and interest rates remains to be seen. But of course, that's offset by FX.

我預計上半年的有機收入將高於下半年，因為我們預期下半年利率和通膨情況會有所改善，屆時經濟將逐步適應政府正在實施的一些措施，希望這些措施能夠緩解通膨和利率，但具體效果還有待觀察。當然，匯率波動會抵銷部分影響。

So on an adjusted revenue basis, from a margin standpoint and EPS, relatively stable. The other thing I would just reiterate, we talked a bit about it in our prepared remarks. Cash flow will definitely have some variation with tailwinds in the second half of the year after some headwinds in the first half. But again, we have a good degree of confidence in the $4.5 billion for the full year.

因此，從調整後的收入來看，無論從利潤率或每股盈餘來看，都相對穩定。另外，我想重申一下，我們在事先準備好的發言稿中也略有提及。現金流一定會有一些波動，上半年面臨一些不利因素，下半年則會迎來一些利多。但我們仍然對全年45億美元的現金流目標充滿信心。

Got it. And then the quick follow-up is Fiserv's Small Business Index, I guess, how indicative is it of the health of Fiserv's own client base? And can you comment, generally speaking, on small business health? It seemed to me like your economic assumptions call for more or less a soft landing, but I just want to clarify.

明白了。接下來想問的是Fiserv的小企業指數，它對Fiserv自身客戶群的健康狀況有多大參考價值？您能否就小型企業的整體健康狀況發表一下看法？在我看來，您的經濟假設似乎傾向於經濟軟著陸，但我還是想確認一下。

Yes. First off, the latter part, yes, I would agree. We are anticipating, I think, like the rest of the world at this point, a soft landing. Things seem to be on track for that. A bit softer macro environment, modestly slower GDP in 2024. The FSBI is based upon a very broad set of data that we have across our company that we then extrapolate to the entire U.S. market. So it is not a direct indication of Fiserv activity.

是的。首先，關於後半部分，我同意。我認為，目前我們和世界其他地區一樣，都預期經濟將實現軟著陸。目前看來，一切進展順利。宏觀經濟環境略微寬鬆，2024年GDP成長將略微放緩。 FSBI（Fiserv業務指數）是基於我們公司內部廣泛的數據，然後我們將其推斷至整個美國市場。因此，它並不能直接反映Fiserv的業務活動。

If there are differences in region mix of we're very strong in restaurant, we might have more restaurants than we do nail salons or so we go through the NAICS codes across the country, different industry weightings, different regions, but we take our data and extrapolate it across the U.S. So it's very much a very real-time indicator of the health of small businesses.

如果不同地區的行業組成有差異，例如，我們某個地區的餐飲業非常發達，餐廳數量可能比美甲沙龍多，所以我們會查閱全國各地的北美行業分類系統 (NAICS) 代碼，不同的行業權重，不同的地區，但我們會收集數據並將其推算到全美範圍內。因此，這可以非常即時地反映小型企業的健康狀況。

Now relative to our performance, we're the largest merchant acquirer in the country. So if there's variation in the FSBI, you're likely to see variation in Fiserv's results relative to some nuances of different regions, industry weightings, et cetera. But certainly, a strong FSBI indicator index would be good for us, a weaker index would be a headwind for us.

就我們的業績而言，我們是全國最大的商家收單機構。因此，如果FSBI指數出現波動，Fiserv的表現也可能因不同地區、產業權重等因素的細微差別而有所波動。但可以肯定的是，強勁的FSBI指數對我們有利，而疲軟的指數則會對我們造成不利影響。

We're actually quite proud of that capability. Not only is it using all of the data we have, by the way, including cash transactions, which obviously don't manifest themselves in our numbers for merchant acquiring, but we have the data, and it's very real time. We're able to provide that information 2 days after the month ends. It's not a perfect proxy, but it's a proxy.

我們對這項功能感到非常自豪。順便一提，它不僅利用了我們掌握的所有數據，包括現金交易（顯然，現金交易不會體現在我們的商家收單數據中），而且我們擁有這些數據，並且是即時更新的。我們可以在月底兩天內提供這些資訊。雖然它並非完美無缺，但確實可以作為參考。

Well, thank you, everyone, for your attention today. Please feel free to reach out to IR team with any questions, and have a great day.

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

Thank you all for participating in the Fiserv Fourth Quarter 2023 Earnings Conference Call. That concludes today's call. Please disconnect at this time, and have a great rest of your day.

感謝各位參加 Fiserv 2023 年第四季財報電話會議。今天的會議到此結束。請斷開連接，祝您餘下的時間愉快。