Fiserv Inc (FISV) 2024 Q3 法說會逐字稿

Welcome to the Fiserv third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the call over to Julie Chariell, Senior Vice President of Investor Relations at Fiserv.

歡迎參加 Fiserv 2024 年第三季財報電話會議。（操作員說明）謹此提醒，今天的通話正在錄音。我現在想將電話轉給 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，早安。今天與我一起參加電話會議的是我們的董事長、總裁兼執行長 Frank Bisignano；和我們的財務長 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 non-GAAP financial measures discussed on this call, along with a reconciliation of those measures to the nearest applicable GAAP measures.

我們本季的收益發布和補充資料可在 fiserv.com 的投資者關係部分取得。請參閱這些資料，以了解本次電話會議中討論的非 GAAP 財務指標的說明，以及這些指標與最接近的適用 GAAP 指標的調節情況。

Unless otherwise stated, performance references are year-over-year comparisons. Our remarks today will include these 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 the earnings release for a discussion of these risk factors.

除非另有說明，業績參考均為逐年比較。我們今天的言論將包括有關預期營運和財務表現以及策略舉措等的前瞻性陳述。前瞻性陳述可能與實際結果有重大差異，並受到許多風險和不確定性的影響。您應該參閱收益發布以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. As we share our third quarter results this morning, increasingly quarter that our position at the intersection of merchant and financial solutions is a strategic advantage.

謝謝你，朱莉。感謝大家今天加入我們。當我們今天早上分享第三季業績時，我們在商業和金融解決方案交叉領域的地位越來越成為一種策略優勢。

Fiserv delivered another strong quarter with adjusted earnings per share of $2.30, up 17%, driven by strong revenue growth and further operating margin expansion across our businesses. Adjusted revenue growth was 7% and adjusted operating margin rose 170 basis points to 40.2%. Organic revenue growth was 15%. Our free cash flow was $1.9 billion in the quarter, and $3.3 billion year-to-date. And we returned $1.3 billion to shareholders via share repurchase.

Fiserv 季度業績表現強勁，調整後每股收益為 2.30 美元，成長 17%，這得益於強勁的營收成長和各業務營運利潤率的進一步擴大。調整後營收成長率為 7%，調整後營業利益率上升 170 個基點至 40.2%。有機收入成長率為 15%。本季我們的自由現金流為 19 億美元，年初至今為 33 億美元。我們透過股票回購向股東返還 13 億美元。

Businesses and financial institutions are increasingly interconnected, and Fiserv has a key role to play here, given our unmatched set of assets across software, data, technology, and of course, scale and experience in moving money.

企業和金融機構之間的聯繫日益緊密，Fiserv 在這方面可以發揮關鍵作用，因為我們在軟體、數據、技術方面擁有無與倫比的資產，當然還有資金轉移的規模和經驗。

Here are two examples in just the past month: First, we announced this morning with DoorDash, we began implementing a comprehensive embedded finance application poised to be a best-in-class solution per gig economy company. The solution enables DoorDash to offer its delivery contractors a full range of financial services. within a single app, they can get instant access to wages and rewards as well as deposit accounts, debit cards, and more.

以下是過去一個月的兩個例子：首先，今天早上我們宣布與 DoorDash 一起開始實施一個全面的嵌入式金融應用程序，該應用程式有望成為每個零工經濟公司的一流解決方案。該解決方案使 DoorDash 能夠為其交付承包商提供全方位的金融服務。在一個應用程式中，他們可以即時存取工資和獎勵以及存款帳戶、借記卡等。

Our real-time ledger capability from FinTech manages the transactions and was a key reason why Fiserv was chosen. A Fiserv banking client rounded out the solution as a requisite sponsor.

我們來自金融科技的即時分類帳功能可管理交易，這是選擇 Fiserv 的關鍵原因。Fiserv 銀行客戶作為必要的贊助商完善了此解決方案。

Second, we completed a proof of concept with Walmart, where we enabled a real-time pay by bank transaction at the point of sale over our proprietary Nile network. A growing number of merchants are adding pay by bank capability to maximize choice for consumers and the emerging capacity for handling such payments in real time offers advantages for Fiserv, merchants and consumers.

其次，我們與沃爾瑪完成了概念驗證，透過我們專有的尼羅河網路在銷售點實現了銀行交易即時支付。越來越多的商家正在增加銀行支付功能，以最大限度地為消費者提供選擇，而即時處理此類支付的新興能力為 Fiserv、商家和消費者提供了優勢。

This capability will be more widely available next year via our Nile network. Additionally, we teamed up with Walmart business as a referral partner for Clover as a business management platform, helping Walmart fulfill its goal of helping small businesses and nonprofits to better run their businesses. In a separate, but related testament, our product strength and position as a partner of choice, today, Inc. Magazine named Clover to its 2024 Power Partners List, which recognizes the best B2B providers for SMBs.

明年，這項功能將透過我們的尼羅河網絡得到更廣泛的應用。此外，我們與沃爾瑪業務合作，作為 Clover 作為業務管理平台的推薦合作夥伴，幫助沃爾瑪實現其幫助小型企業和非營利組織更好地經營業務的目標。今天，Inc. 雜誌將 Clover 列入其 2024 年 Power Partners 名單，該名單旨在表彰中小型企業的最佳 B2B 提供者。

Let me share some of the many highlights of the quarter. It was another strong quarter of growth in the merchant solutions segment, with organic revenue up 24%. At Clover, revenue grew 28% and value-added services penetration reached 21%, up a percentage point from Q2. In Latin America, we expanded the friends and family Clover pilots in Brazil and Mexico as planned with the full scale launch coming in December. In Asia Pacific, we went live with our first Clover pilots in Australia in September.

讓我分享本季的一些亮點。這是商業解決方案領域又一個強勁成長的季度，有機收入成長了 24%。Clover的營收成長了28%，增值服務滲透率達到21%，比第二季提高了一個百分點。在拉丁美洲，我們按計劃擴大了巴西和墨西哥的朋友和家人 Clover 試點範圍，並於 12 月全面推出。在亞太地區，我們於 9 月在澳洲與首批 Clover 飛行員一起上線。

We also enabled the enterprise commerce control center which allows merchants to monitor and analyze their business and transaction performance across locations, regions, and operating segments in a single view.

我們還啟用了企業商務控制中心，讓商家在單一視圖中監控和分析跨地點、區域和營運部門的業務和交易績效。

In financial solutions, we posted another quarter of strong organic revenue growth at 6%. The build-out of CashFlow Central was completed in September and we had our first client gearing up to implement the solutions in the next few months. And we continue to migrate clients to experience digital or [Ex-D], our new digital banking solution, as we integrate additional solutions into this unique digital ecosystem, including CashFlow Central, real-time payments, Clover, and more, we expect to see a multiple effect on the average revenue per Ex-D user over time.

在金融解決方案領域，我們又一個季度有機收入實現了 6% 的強勁成長。CashFlow Central 的擴建已於 9 月完成，我們的第一個客戶準備在接下來的幾個月內實施解決方案。隨著我們將其他解決方案整合到這個獨特的數位生態系統中，我們將繼續讓客戶體驗數位化或[Ex-D]，我們的新數位銀行解決方案，包括CashFlow Central、即時支付、Clover 等，我們希望隨著時間的推移，每個 Ex-D 用戶的平均收入會受到多重影響。

It was another quarter of marquee wins that demonstrate the power of Fiserv's integrated and value-added offerings. We were chosen to provide merchant acceptance services for a major e-com marketplace and expanded our long-standing partnership with Costco to launch a stored value digital wallet. The service enables new payment and reward redemption experiences, whether the retailers' customers are shopping online or in the warehouse. We continue to sign other enterprise merchants on to our value-added solutions.

又四分之一的重大勝利證明了 Fiserv 整合和增值產品的力量。我們被選中為一個主要的電子商務市場提供商戶受理服務，並擴大了我們與 Costco 的長期合作夥伴關係，推出了儲值數位錢包。無論零售商的客戶是在網上還是在倉庫購物，該服務都可以提供新的支付和獎勵兌換體驗。我們繼續與其他企業商家簽約使用我們的增值解決方案。

Another longtime enterprise client, Exxon, signed on for a Data-as-a-Service offering. This solution is used to extract insights from integrated vendor, payments, consumer loyalty, and wallet data. And because it runs in a cloud, we can reduce implementation time from months to days.

另一位長期企業客戶埃克森公司則簽約使用數據即服務產品。該解決方案用於從整合的供應商、支付、消費者忠誠度和錢包數據中提取見解。而且由於它在雲端中運行，我們可以將實施時間從幾個月縮短到幾天。

Also in Q3, Ahold Delhaize, a global retailer, whose portfolio includes Stop & Shop in the US selected Fiserv as the provider of Pay by Bank services. [Alex Lee], a large privately owned operator of multiple food companies chose our smart routing technology for debit cost efficiency.

同樣在第三季度，全球零售商 Ahold Delhaize（其產品組合包括美國的 Stop & Shop）選擇 Fiserv 作為銀行付款服務提供者。 [Alex Lee] 是多家食品公司的大型私人營運商，選擇我們的智慧路由技術來提高借記成本效率。

We accelerated our signings of financial institutions as merchant acquirer referral partners. These included banks of all sizes as well as credit unions. Golden One Credit Union and America First Credit Union were two of the larger signings in Q3. In our three regions, we continue to see strong client momentum. We expanded our partnership with Neto, a major grocery chain in Europe. We'll provide several value-added services, including dynamic currency conversion, customer cashback, and encryption solutions, in addition to supplying thousands of new PIN pads to accelerate transaction speed across their 700 stores in [Poland].

我們加快簽約金融機構作為商家收單方推薦合作夥伴。其中包括各種規模的銀行以及信用合作社。Golden One Credit Union 和 America First Credit Union 是第三季簽約規模較大的兩家公司。在我們的三個地區，我們繼續看到強勁的客戶勢頭。我們擴大了與歐洲主要雜貨連鎖店 Neto 的合作夥伴關係。我們將提供多種加值服務，包括動態貨幣兌換、客戶現金回饋和加密解決方案，此外還提供數千個新的密碼鍵盤以加快其 700 家商店的交易速度。[波蘭]。

In Asia-Pac, Fiserv was chosen by Food Panda, a subsidiary of Delivery Hero, and one of the world's leading local delivery companies to provide payment services across multiple markets in Asia. This strategic partnership spans online, mobile, and digital wallets, positioning Fiserv as Food Panda's primary acquirer in Singapore and Hong Kong, processing over $1 billion in annual spend. We launched Clover Sport at Bombonera in Argentina. This is one of the country's largest soccer stadiums and home to one of the top teams in the league.

在亞太地區，Fiserv 被全球領先的當地配送公司之一 Delivery Hero 的子公司 Food Panda 選擇在亞洲多個市場提供支付服務。這項策略合作夥伴關係涵蓋線上、行動和數位錢包，使 Fiserv 成為 Food Panda 在新加坡和香港的主要收購方，每年處理超過 10 億美元的支出。我們在阿根廷的 Bombonera 推出了 Clover Sport。這是全國最大的足球場之一，也是聯盟頂級球隊之一的主場。

Clover's presence there can add to awareness in the region. To optimize the fan experience for fast and easy concession services, the stadium through our ISV partner chose the Clover platform to accept payments in three ways: through QR codes, self-service kiosk, and mobile handheld devices.

Clover 的存在可以提高該地區的知名度。為了優化球迷體驗，提供快速、便捷的特許服務，體育場透過我們的 ISV 合作夥伴選擇了 Clover 平台，以三種方式接受付款：透過二維碼、自助服務亭和行動手持設備。

Moving to the financial solutions segment. Four banks signed on for CashFlow Central in the past three months, including our first credit union for a total of 10 since we announced the initiative a year ago. [Ad Exchange] will be using the check-free biller directory to support faster bill payment on its mid-market B2B exchange.

轉向金融解決方案領域。在過去三個月裡，有四家銀行簽署了 CashFlow Central，其中包括我們的第一家信用合作社，自一年前宣布該計劃以來，已有 10 家銀行簽署了該協議。 [Ad Exchange] 將使用免支票帳單目錄來支援其中端市場 B2B 交易平台更快的帳單支付。

In September, we won a competitive bid with Farm Credit Mid-America, a cooperative that reaches across six states. We'll be converting their loan portfolio to DNA and integrating several other value-added solutions. PNC signed up for our AI-enabled advanced defense product for enhanced fraud detection in their card issuing business. Equidus Small Finance Bank was the latest India issuer to go live on our India processing hub, successfully launching a new retail and corporate card product with a full stack offering, including loyalty, offers, and real-time fraud management as well as credit on UPI, India's real-time account-to-account payment system.

9 月，我們贏得了與 Farm Credit Mid-America 的競標，這是一個覆蓋六個州的合作社。我們將把他們的貸款組合轉換為 DNA 並整合其他幾個增值解決方案。PNC 簽署了我們的人工智慧高級防禦產品，以增強其發卡業務中的詐欺偵測。Equidus Small Finance Bank 是最新一家在我們的印度處理中心上線的印度發卡機構，成功推出了新的零售和公司卡產品，提供全端產品，包括忠誠度、優惠、實時欺詐管理以及 UPI 信用，印度的即時帳戶到帳戶支付系統。

And we continue to build our capability here as a market leader with 7 of the 10 largest credit card issuers in India on our platform. In September, we hosted 3,000 Fiserv clients and prospects at our Annual Client Conference Forum. This group of attendees represent nearly 50% of our North American institutional revenue across the merchant and financial solutions segments and nearly 60% of our new business pipeline through 2025.

我們繼續在我們的平台上建立我們作為市場領導者的能力，印度 10 家最大的信用卡發卡機構中有 7 家都在我們的平台上。9 月，我們在年度客戶會議論壇上接待了 3,000 名 Fiserv 客戶和潛在客戶。到 2025 年，這群與會者將占我們北美機構在商業和金融解決方案領域的收入的近 50%，並占我們新業務管道的近 60%。

After three days of demos across 75 booths in our experience center, over 100 well-attended product and technology information sessions, and thousands of client meetings, we strengthened our relationships and partnerships, expanded our pipeline of opportunities and generated enthusiasm for our offerings, setting the stage for continued strong growth in the future.

經過三天在體驗中心75 個展位上進行的演示、100 多次參加人數眾多的產品和技術資訊會議以及數千次客戶會議，我們加強了我們的關係和合作夥伴關係，擴大了我們的機會管道並激發了人們對我們的產品的熱情，未來持續強勁成長的舞台。

One of the many highlights that form this year was our SMB bundle. The premise behind this suite of products is that small- and medium-sized businesses have a complex landscape to navigate for managing their businesses, and they prefer a single easy-to-use system. With our own products and partnerships, Fiserv is the only financial technology expert with solutions that cut across the entire SMB value chain. Since the products and the clients for our SMB bundle span our merchant and financial solutions segments, we have the unique opportunity to win business through the integration of solutions across both of our ecosystems.

今年的眾多亮點之一是我們的 SMB 捆綁包。這套產品背後的前提是，中小型企業需要在複雜的環境中管理其業務，並且他們更喜歡單一易於使用的系統。憑藉我們自己的產品和合作夥伴關係，Fiserv 是唯一一家擁有跨越整個中小企業價值鏈的解決方案的金融科技專家。由於我們的中小企業捆綁包的產品和客戶涵蓋我們的商業和金融解決方案領域，因此我們擁有獨特的機會透過跨兩個生態系統的解決方案整合來贏得業務。

From our merchant ecosystem, we provide acceptance and processing, the Clover POS platform, Clover Bass, including vertical and horizontal business process software capital, loyalty and gift solutions, and the small business index for localized insights. From our financial ecosystem, we provide CashFlow Central because cash management is a fundamental requirement for business success at SMBs.

在我們的商家生態系統中，我們提供受理和處理、Clover POS 平台、Clover Bass，包括垂直和水平業務流程軟體資本、忠誠度和禮品解決方案，以及用於本地化見解的小型企業指數。我們在金融生態系統中提供 CashFlow Central，因為現金管理是中小型企業業務成功的基本要求。

We also provide Optus for business card issuance, spend track for expense management, Zelle for small business and core banking account management and digital banking. While we sell each of these separately now, next year, they will be integrated on our leading platform. For FIs, the SMB bundle, will integrate into digital banking environment such as Fiserv's Experience Digital or Ex-D platform.

我們還提供用於名片發行的 Optus、用於費用管理的支出追蹤、用於小型企業和核心銀行帳戶管理和數位銀行的 Zelle。雖然我們現在單獨銷售這些產品，但明年它們將整合到我們領先的平台上。對於金融機構來說，SMB 套裝組合將整合到數位銀行環境中，例如 Fiserv 的 Experience Digital 或 Ex-D 平台。

For small businesses, the SMB bundle will integrate into the Clover dashboard and be sold through all Clover channels. Lastly, I want to come back to something I said last quarter. Merchant-related services from Fiserv are back as an opportunity for financial institutions to compete and win. What's old is new again. Based on our innovations across the SMB bundle. It gives FIs a deeper view into an SMB's full financial position. With this knowledge and breadth of product, they can better grow and retain SMB clients and generate deposit and noninterest fees.

對於小型企業，SMB 捆綁包將整合到 Clover 儀表板中，並透過所有 Clover 管道進行銷售。最後，我想回到我上個季度所說的內容。Fiserv 的商家相關服務再次回歸，為金融機構提供了競爭和獲勝的機會。舊的又是新的。基於我們在 SMB 捆綁包中的創新。它使金融機構能夠更深入地了解中小企業的整體財務狀況。憑藉這些知識和廣泛的產品，他們可以更好地發展和留住中小企業客戶，並產生存款和非利息費用。

We couple this capability with tools to help FI's readily by merchant (technical difficulty) and onboard them digitally. Showcasing our integrated SMB capabilities generated a lot of interest and ongoing engagement, and we expect the SMB bundle to start contributing to growth next year. Turning to our guidance for the rest of the year, we are raising organic revenue growth from 15% to 17% to 16% to 17% and raising our guidance for adjusted earnings per share to $8.73 and to $8.80.

我們將此功能與工具結合起來，幫助金融機構輕鬆地透過商家（技術難度）並以數位方式將其納入其中。展示我們的整合 SMB 功能引起了廣泛的興趣和持續參與，我們預計 SMB 捆綁包將在明年開始為成長做出貢獻。談到我們今年剩餘時間的指導，我們將有機收入成長從 15% 提高到 17%，提高到 16% 到 17%，並將調整後每股盈餘指引提高到 8.73 美元和 8.80 美元。

As I look across all the new initiatives we're rolling out, I am pleased with how the vision and investment we put into motion five years ago has brought Fiserv to a strong position today, one that's clearly hard to replicate. The results show that we are executing on mandates for each of our two ecosystem, merchants, and financial institutions. This will continue in many ways as we add to our corporate portfolio, extend services to enterprise merchants, expand issuing to new verticals and geographies, enable more real-time payments, modernize core banking systems, add partners, grow internationally, and continue to use distribution data and more.

當我審視我們正在推出的所有新舉措時，我很高興看到我們五年前實施的願景和投資如何使 Fiserv 今天佔據了強勢地位，這顯然是難以複製的。結果表明，我們正在執行對兩個生態系統、商家和金融機構的要求。隨著我們增加企業投資組合、向企業商家擴展服務、將發行擴展到新的垂直領域和地區、實現更多即時支付、實現核心銀行系統現代化、增加合作夥伴、國際化發展以及繼續使用分佈數據等。

With this foundation of leadership and steady growth firmly established, we are moving to the next generation of solutions that answer the needs across both ecosystems. As the only provider serving both merchants and financial institutions with product breadth and technological scale, we serve at the intersection between merchants and fintechs, issuers and fintechs, acquiring and cash management, digital wallets and card services, spending and banking data, and many other combinations. This is not a vision. It is here today in our initiatives with DoorDash, Apple, Walmart, US Bank, Palanter, and others.

憑藉著牢固建立的領導地位和穩定成長的基礎，我們正在轉向滿足兩個生態系統需求的下一代解決方案。作為唯一一家以產品廣度和技術規模同時為商家和金融機構提供服務的供應商，我們服務於商家和金融科技公司、發行機構和金融科技公司、收單和現金管理、數位錢包和卡片服務、支出和銀行資料以及許多其他領域之間的交叉點。這不是一個願景。今天，我們與 DoorDash、Apple、沃爾瑪、美國銀行、Palanter 等公司合作推出了這項措施。

Of course, these integrated opportunities are in their early stages. As excited as we are about them today, our major success will be strong, sustainable growth for Fiserv over the medium and longer term.

當然，這些整合機會仍處於早期階段。儘管我們今天對它們感到興奮，但我們的主要成功將是 Fiserv 在中長期強勁、可持續的成長。

And now, I'll turn it over to Bob for more detail on our financial performance.

現在，我將把它交給鮑勃，以獲取有關我們財務業績的更多詳細資訊。

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. .

謝謝弗蘭克，大家早安。如果您正在觀看我們的投影片，我將從投影片 4 上的財務指標和趨勢開始，介紹更多有關公司整體和部門績效的詳細資訊。。

Third quarter again demonstrated our capability to maintain strong revenue growth and margin expansion. Third quarter total company adjusted revenue grew 7% to $4.9 billion, and adjusted operating income grew 12% to $2 billion, resulting in adjusted operating margin of 14.2%, an increase of 170 basis points versus the prior year.

第三季再次證明了我們維持強勁營收成長和利潤率擴張的能力。第三季公司調整後總營收成長 7%，達到 49 億美元，調整後營業收入成長 12%，達到 20 億美元，調整後營業利潤率為 14.2%，比上年成長 170 個基點。

Year-to-date adjusted revenue grew 7% to $14.2 billion and adjusted operating income grew 12% to $5.4 billion, resulting in an adjusted operating margin of 38.2%, an increase of 170 basis points versus the prior year. Organic revenue grew 15% in the quarter, driven by strength in both segments. The transitory contribution from excess inflation in Argentina was 3 points to our total organic growth in the quarter, down from 5 points in Q2.

年初至今，調整後營收成長 7%，達到 142 億美元，調整後營業收入成長 12%，達到 54 億美元，調整後營業利潤率為 38.2%，比上年增長 170 個基點。在兩個細分市場實力的推動下，本季有機收入成長了 15%。阿根廷過度通膨對我們本季總有機成長的暫時貢獻為 3 個百分點，低於第二季的 5 個百分點。

As mentioned during last quarter's earnings call, [Della Teresa] extended into Q3 and contributed less than 0.5 point of total company organic growth in the quarter. Third quarter adjusted earnings per share was $2.30 compared to $1.96 in the prior year, up 17% on the high end of our full year guidance provided last quarter of 15% to 17%.

如同上季財報電話會議中所提到的，[Della Teresa] 業務延續到第三季度，對該季度公司總有機成長的貢獻不到 0.5 個百分點。第三季調整後每股收益為 2.30 美元，而去年同期為 1.96 美元，比我們上季提供的全年指引上限 15% 至 17% 成長了 17%。

Year-to-date, our adjusted earnings per share increased 18% to $6.29, compared to $5.34 in the prior year. Free cash flow for the quarter was $1.9 billion, and year-to-date free cash flow was $3.3 billion. As mentioned in prior earnings calls, we expected free cash flow to be much higher in the second half of this year, after a lighter first half, due to the timing of cash flows for the Green Tax Credit program. The related refund came through in the third quarter.

今年迄今為止，我們的調整後每股收益成長了 18%，達到 6.29 美元，而前一年為 5.34 美元。本季自由現金流為 19 億美元，年初至今自由現金流為 33 億美元。正如先前的財報電話會議中所提到的，由於綠色稅收抵免計劃的現金流的時間安排，我們預計今年下半年的自由現金流將大幅增加，而上半年則較輕。相關退款已於第三季完成。

Turning to performance by segment. Starting on slide 5. Organic revenue growth in the merchant solutions segment was 24% in the quarter and 29% year-to-date. This includes a six-point benefit from above-average inflation in Argentina in the quarter and a 10-point benefit year-to-date. While inflation remains high, interest rates in Argentina East in late second quarter and are back to historical averages and therefore did not contribute to excess growth this quarter. The continuation of Della Teresa contributed nearly 1 percentage point to merchant organic revenue growth in the quarter and 3 points year-to-date.

轉向按細分市場劃分的業績。從投影片 5 開始。商業解決方案領域的有機收入本季成長 24%，年初至今成長 29%。這包括阿根廷本季通膨高於平均水平帶來的 6 個百分點的收益和年初至今的 10 個百分點的收益。儘管通膨仍然很高，但阿根廷東部地區的利率在第二季末又回到了歷史平均水平，因此並沒有促成本季的過度成長。Della Teresa 的延續為本季商家有機收入成長貢獻了近 1 個百分點，今年迄今貢獻了 3 個百分點。

On slide 6, we've again included a summary of the impact of excess Argentine inflation interest on total Fiserv and merchant segment revenue, along with the offsetting headwind from currency devaluation, which impacts adjusted revenue. Adjusted revenue growth for Merchant Solutions was 9% in the quarter and 10% year-to-date. The quarterly results include a 15 percentage point currency headwind, largely from the Argentine peso after a sharp devaluation in late December last year.

在投影片 6 中，我們再次總結了阿根廷通膨利息過高對 Fiserv 和商業部門總收入的影響，以及貨幣貶值帶來的抵銷阻力，這會影響調整後的收入。Merchant Solutions 本季調整後營收成長 9%，年初至今成長 10%。季度業績包括 15 個百分點的貨幣逆風，主要來自去年 12 月底大幅貶值後的阿根廷比索。

Similar to Q2, the currency headwind to adjusted revenue growth was much higher than the inflation and interest tailwind in the quarter. 2024 has been an outstanding year for new Clover hardware launches. Earlier this year, we brought to market the Kitchen Display System, or KDS XL to manage orders and improve efficiency in a 24-inch form factor that larger restaurants demand.

與第二季類似，調整後營收成長的貨幣逆風遠高於本季的通膨和利率順風。 2024 年對於新的 Clover 硬體發布來說是出色的一年。今年早些時候，我們將廚房顯示系統 (KDS XL) 推向市場，用於管理訂單並提高效率，其尺寸為 24 英寸，可滿足大型餐廳的需求。

We also launched the kiosk, which allows for self-service ordering, reducing wait times, and increasing average tickets. In Q3, we introduced a new version of the Flex handheld device called the Flex pocket, which is 25% lighter, 50% thinner, and oriented towards restaurant, and wait staff, and retail. And most recently, we launched the Clover Compact, an entry-level solution that will help drive TAM expansion and create new VAS revenue opportunities.

我們還推出了自助服務終端，可以進行自助訂購，減少等待時間，並提高平均門票數量。在第三季度，我們推出了名為 Flex pocket 的新版本 Flex 手持設備，該設備輕了 25%，薄了 50%，面向餐廳、服務員和零售業。最近，我們推出了 Clover Compact，這是一款入門級解決方案，將有助於推動 TAM 擴張並創造新的增值服務收入機會。

Now moving to the business lines. Small business organic and adjusted revenue growth in the quarter was 25% and 9%, respectively, on payment volume growth of 4%. This volume growth was similar to Q2 levels. According to a variety of external macro indicators, overall consumer spending growth is slower than last year, but appears stable at a comfortable pace. Fiserv's small business performance was ahead of our small business index results, which showed year-over-year sales volume growth of 2.3%, compared to 3.7% for Q2, and 2.8% for Q3 2023. The difference is likely attributable to our international presence and a slightly different mix of business.

現在轉向業務線。本季小型企業有機收入和調整後收入分別成長 25% 和 9%，支付量成長 4%。這一銷量成長與第二季的水平相似。從各種外部宏觀指標來看，整體消費支出成長率低於去年，但呈現穩定、適度的態勢。Fiserv 的小型企業業績領先於我們的小型企業指數結果，該指數顯示銷量年增 2.3%，而 2023 年第二季為 3.7%，第三季為 2.8%。這種差異可能是由於我們的國際業務和業務組合略有不同。

Fiserv is more heavily weighted to nondiscretionary categories such as food and services, which have been growing faster. Clover revenue grew 28% in the third quarter on an annualized payment volume growth of 15%. VAS penetration increased sequentially by 1 point to 21% in Q3, driven by growth in Clover Capital and the Clover SaaS package. In Q4, we will be rolling out new vertical software plans for retail and services. With this progress, we remain on track to achieve our 2026 Clover targets of $4.5 billion in revenue, and VAS penetration of 27%.

Fiserv 更注重非自由裁量類別，例如食物和服務，這些類別的成長速度較快。Clover 第三季營收成長 28%，年化支付量成長 15%。在 Clover Capital 和 Clover SaaS 套餐成長的推動下，第三季 VAS 滲透率季增 1 個百分點，達到 21%。在第四季度，我們將為零售和服務推出新的垂直軟體計劃。憑藉這一進展，我們將繼續實現 2026 年 Clover 收入 45 億美元和增值服務滲透率 27% 的目標。

Enterprise organic and adjusted revenue growth in the quarter was 37% and 17%, respectively, driven by transactions growth of 12% and higher VAS penetration. As with small business, organic growth in enterprise includes some transitory benefit in Argentina. Above average growth in enterprise business reflects the ramping of a large PayFac from a processing customer to a direct client.

在 12% 的交易成長和更高的加值服務滲透率的推動下，本季企業有機收入和調整後收入分別成長 37% 和 17%。與小企業一樣，阿根廷企業的有機成長也包括一些暫時的利益。企業業務高於平均的成長反映了大型 PayFac 從處理客戶轉向直接客戶的轉變。

CommerceHub continues to see ongoing traction and is now processing almost 7 times the daily transactions versus Q1 and 2 times when compared to Q2. And clients are increasingly connected to enhanced solutions. Much of the Commerce Health transaction growth comes from existing clients migrating to the CommerceHub and the fact that they are now on the platform gives us the opportunity to sell more VAS going forward.

CommerceHub 持續受到關注，目前處理的每日交易量幾乎是第一季的 7 倍，是第二季的 2 倍。客戶越來越多地連接到增強的解決方案。Commerce Health 交易成長的大部分來自遷移到 CommerceHub 的現有客戶，他們現在在該平台上的事實使我們有機會在未來銷售更多增值服務。

Finally, processing organic revenue in the quarter declined by 1%, while adjusted revenue decreased 2%. This business represents the back-end processing we do for our bank and certain ISO partners where they own the merchant relationship. Year-to-date, processing organic and adjusted revenue growth were both flat consistent with our expectation.

最後，本季有機加工收入下降 1%，調整後營收下降 2%。該業務代表我們為我們的銀行和某些擁有商業關係的 ISO 合作夥伴進行的後端處理。年初至今，加工有機收入和調整後營收成長均與我們的預期持平。

Adjusted operating income in the merchant solutions segment increased 19% to $931 million in the quarter, with adjusted operating margin up 290 basis points to 37.7%. Year-to-date adjusted operating income increased 22% to $2.6 billion with adjusted operating margin up 330 basis points to 36.2%.

本季商業解決方案部門調整後營業收入成長 19%，達到 9.31 億美元，調整後營業利潤率成長 290 個基點，達到 37.7%。年初至今，調整後營業收入成長 22%，達到 26 億美元，調整後營業利益率成長 330 個基點，達到 36.2%。

As noted in prior quarters, interest expense from anticipation revenue is recorded below the operating income line. If the interest cost from anticipation were included in the operating income, merchant adjusted operating margins would have expanded 190 basis points for the quarter and 260 year-to-date.

正如前幾季所指出的，預期收入的利息支出記錄在營業收入線以下。如果預期利息成本計入營業收入，則本季商家調整後的營業利潤率將擴大 190 個基點，年初至今將擴大 260 個基點。

Turning to slide 7 on the financial solutions segment. Organic revenue grew 6% in the quarter and year-to-date, in line with our full year outlook of 5% to 7%. Looking at the business lines. Digital payments organic and adjusted revenue each grew by 5% in the quarter.

轉向金融解決方案部分的幻燈片 7。本季和年初至今的有機收入成長了 6%，與我們 5% 至 7% 的全年預期一致。看看業務線。本季數位支付有機收入和調整後營收均成長 5%。

Growth in Zelle transactions continue to be strong at 35%. We continue to see demand from clients for digital payments products such as Fed now and our TP integrations. Cash flow Central, our integrated ARAP solution for SMBs and continues to see high interest from financial institutions. In the last three months, we signed two nearly $10 billion institutions: Amarilla National Bank and Tri-County's Bank. In total, we had four wins in the last three months, bringing the total to 10 since product announcement.

Zelle 交易量持續強勁成長 35%。我們繼續看到客戶對數位支付產品（例如 Fed now 和我們的 TP 整合）的需求。Cash flow Central 是我們針對中小型企業的整合式 ARAP 解決方案，並且繼續受到金融機構的高度關注。在過去的三個月裡，我們簽署了兩家價值近100億美元的機構：阿馬里拉國家銀行和三縣銀行。在過去三個月裡，我們總共贏得了 4 場勝利，使自產品發布以來的勝利總數達到 10 場。

In issuing, organic and adjusted revenue grew 7% and 4%, respectively, in the quarter, driven by demand across various verticals, including government and healthcare. During the quarter, we converted the remaining HealthEquity HSA and FSA card accounts to Optus, our issuing processing platform, solidifying our leadership in the healthcare card vertical. Banking organic and adjusted revenue grew 5% in the quarter. Last quarter, we spoke about signing a merchant agreement with Connected online computer center known as COCC, which is a client-owned provider of banking technology.

在發行方面，受政府和醫療保健等各個垂直領域需求的推動，本季有機收入和調整後收入分別成長了 7% 和 4%。本季度，我們將剩餘的 HealthEquity HSA 和 FSA 卡帳戶轉換為我們的發行處理平台 Optus，鞏固了我們在醫療保健卡垂直領域的領導地位。本季銀行業有機收入和調整後收入成長了 5%。上個季度，我們談到與名為 COCC 的互聯線上電腦中心簽署商業協議，COCC 是一家客戶擁有的銀行技術提供者。

In the third quarter, we expanded our relationship to include experienced digital or Ex-D, which is our online and mobile banking solution. Ex-D will now be available to the 150 community banks and credit unions on COCC solution. Third quarter adjusted operating income for the financial solutions segment was up 5% to $1.1 billion, and adjusted operating margin came in strong at 47.4%. Year-to-date adjusted operating income for the segment was up 6% to $3.2 billion, with adjusted operating margin up 60 basis points to 45.8%.

在第三季度，我們擴大了我們的合作關係，納入了經驗豐富的數位或 Ex-D，這是我們的線上和行動銀行解決方案。Ex-D 現在將向 150 家社區銀行和信用合作社提供 COCC 解決方案。金融解決方案部門第三季調整後營業收入成長 5%，達到 11 億美元，調整後營業利益率強勁，達 47.4%。年初至今，該部門調整後營業收入成長 6%，達到 32 億美元，調整後營業利潤率成長 60 個基點，達到 45.8%。

Now let me wrap up with some remaining details on the financials. The corporate adjusted operating loss was $112 million in the quarter, and $394 million year-to-date, in line with our expectations. The adjusted effective tax rate in the quarter was 18.8% and 19.0% year-to-date. We expect the full year rate to be slightly below 20%. Total debt outstanding was $25.3 billion on September 30. Our debt to adjusted EBITDA ratio went down from 2.8 times in the second quarter to 2.7 times in the third quarter, in line with our target leverage range.

現在讓我總結一些有關財務的剩餘細節。本季公司調整後營運虧損為 1.12 億美元，年初至今為 3.94 億美元，符合我們的預期。年初至今，本季調整後的有效稅率分別為 18.8% 和 19.0%。我們預計全年成長率將略低於 20%。截至 9 月 30 日，未償債務總額為 253 億美元。我們的負債與調整後 EBITDA 比率從第二季的 2.8 倍下降到第三季的 2.7 倍，符合我們的目標槓桿範圍。

During the quarter, we repurchased 8 million shares for $1.3 billion, bringing our total cash return to shareholders for the last 12 months to $5.3 billion and over $16 billion since the 2019 merger. We had 24 million shares remaining authorized for repurchase at the end of the quarter.

本季度，我們以 13 億美元回購了 800 萬股股票，使過去 12 個月股東的現金回報總額達到 53 億美元，自 2019 年合併以來超過 160 億美元。截至本季末，我們仍有 2,400 萬股股票被授權回購。

Turning to slide 9. As Frank said earlier, we are raising our full year adjusted earnings per share outlook to a range of $8.73 to $8.80, up from $8.65 to $8.80. This is an acceleration in forecasted adjusted EPS growth to 16% to 17% from 15% to 17%. This is also a $0.04 raise at the midpoint from prior guidance and $0.14 from our original guidance.

轉到投影片 9。正如 Frank 之前所說，我們將全年調整後每股盈餘預期從 8.65 美元至 8.80 美元上調至 8.73 美元至 8.80 美元。這意味著預測調整後每股收益成長從 15% 至 17% 加速至 16% 至 17%。這也比之前的指導值中位數提高了 0.04 美元，比我們最初的指導值提高了 0.14 美元。

We are raising our 2024 organic revenue growth outlook from 15% to 17% to 16% to 17%. Additionally, we are raising our adjusted margin expansion outlook from more than 135 basis points to at least 150 basis points. Lastly, we are updating our free cash flow guidance from about $4.7 billion to above $4.7 billion, driven by the strong free cash flow in the third quarter and year-to-date.

我們將 2024 年有機收入成長預期從 15% 至 17% 上調至 16% 至 17%。此外，我們還將調整後的利潤率擴張前景從超過 135 個基點上調至至少 150 個基點。最後，在第三季和年初至今強勁的自由現金流的推動下，我們將自由現金流指引從約 47 億美元更新至 47 億美元以上。

Given the current environment in Argentina, we continue to assume 4 points of benefit from excess inflation and interest this year for the total company, and 9 points for merchant solutions. We now see the [Dollar Tristar] program continuing into the fourth quarter but easing through the end of the year.

鑑於阿根廷目前的環境，我們繼續假設今年整個公司將因過度通膨和利息而受益 4 個百分點，商業解決方案將受益 9 個百分點。我們現在看到[美元三星]計劃持續到第四季度，但到年底會有所放鬆。

Our full year outlook of 16% to 17% total company organic growth includes a four-point transitory benefit from inflation and interest in Argentina and just over 1 point of growth from [Dolar turista]. Excluding these combined transitory factors, 2024 organic revenue growth would be 11% to 12% at the upper end of our medium-term guidance of 9% to 12%. The forecasted impact from foreign currency exchange remains 8.5% and we anticipate will continue to be a stronger, though declining, headwind to adjusted revenue growth relative to the tailwind from excess inflation and interest.

我們對全年公司有機成長的預期為 16% 至 17%，其中包括阿根廷通膨和利息帶來的 4 個百分點的暫時性收益以及略高於 1 個百分點的成長。[多拉旅遊]。排除這些綜合暫時性因素，2024 年有機收入成長將為 11% 至 12%，處於我們中期指導 9% 至 12% 的上限。外匯兌換的預測影響仍為 8.5%，我們預期相對於過度通膨和利息的推動力，調整後的營收成長將繼續成為更強勁（儘管有所下降）的阻力。

Finally, in the past month, we made progress on three items that many of you have been asking about over the last month. While these do not have an outsized impact on our financials given the scale of our business, they demonstrate our ability to navigate ongoing change in our business in a way that is not disruptive and always open to opportunity.

最後，在過去的一個月裡，我們在你們許多人上個月一直詢問的三個項目上取得了進展。雖然考慮到我們的業務規模，這些不會對我們的財務產生過大的影響，但它們證明了我們有能力以一種不具破壞性且始終開放機會的方式駕馭業務持續變化。

First, as previously reported, we expect Wells Fargo to take ownership of our 40% owned joint venture, Wells Fargo Merchant Services, on April 1, 2025, at which time we will receive cash or assets for our portion of the business.

首先，正如先前報導的，我們預計富國銀行將於 2025 年 4 月 1 日取得我們持股 40% 的合資企業 Wells Fargo Merchant Services 的所有權，屆時我們將收到我們部分業務的現金或資產。

Fiserv will continue to provide processing services to Well's existing and new merchants, along with other related services. As a result, we see no change to our medium-term outlook of 9% to 12% adjusted revenue growth and 15% to 17% adjusted EPS growth from this transaction.

Fiserv 將繼續為 Well 的現有和新商家提供處理服務以及其他相關服務。因此，我們認為此交易的中期前景不會改變，調整後的營收成長為 9% 至 12%，調整後的每股盈餘成長為 15% 至 17%。

Secondly, we extended our merchant processing joint venture with PNC for the fifth time. The relationship dates back to 1996, supporting PNC small business and enterprise clients with hardware and processing services from Fiserv, and we expect Clover to have a growing presence from here. And third, the state of Georgia approved our application for a merchant acquirer limited purpose bank charter. This approval from the state allows Fiserv to apply for direct acceptance into the card networks, and is anticipated to be operational in 2025.

其次，我們第五次擴大了與 PNC 的商業加工合資企業。這種關係可以追溯到 1996 年，當時為 PNC 小型企業和企業客戶提供 Fiserv 的硬體和處理服務，我們預計 Clover 將從這裡不斷擴大業務。第三，喬治亞州批准了我們的商業收單機構有限目的銀行執照申請。該州的批准允許 Fiserv 申請直接接受卡片網絡，預計將於 2025 年投入營運。

This is a special purpose charter that enables optionality for sponsorship for merchant acquiring. It's important to clarify that Fiserv is not becoming a bank. Fiserv will not open branches, take deposits, or write loans as traditional banks do. We have no intention in doing that. And in fact, the charter itself does not permit these traditional banking activities.

這是一個特殊目的的章程，為商家收單提供贊助的選擇。需要澄清的是，Fiserv 並沒有成為一家銀行。Fiserv 不會像傳統銀行一樣開設分行、吸收存款或發放貸款。我們無意這樣做。事實上，章程本身並不允許這些傳統的銀行活動。

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

接下來，讓我把電話轉回給法蘭克，請他發表一些結束語。

Thanks, Bob. I'd like to take a few minutes to discuss our corporate social responsibility initiatives. Not because these are investment parameters, but because they represent who we are as a company. Hurricane Helene and Milton were devastating for millions of people and businesses, including many Fiserv clients. Our response, as always, is to take action and we quickly set support to the Red Cross and personally deliver supplies to the affected areas.

謝謝，鮑伯。我想花幾分鐘時間討論我們的企業社會責任舉措。不是因為這些是投資參數，而是因為它們代表了我們作為一家公司的身份。颶風海倫和米爾頓給數百萬人和企業帶來了毀滅性的打擊，其中包括許多 Fiserv 客戶。我們的反應一如既往，就是採取行動，我們迅速向紅十字會提供支持，並親自向受影響地區運送物資。

As part of our partnership with the US Chamber of Commerce Foundation and our investment to support its disaster preparedness and recovery efforts for small businesses, we provided the chamber with Fiserv small business index data on the impact of the hurricanes. These granular insights on commerce levels leading up to, during, and after these natural disasters are being used to educate policymakers and stakeholders, guide targeted response investments, and inform philanthropic support efforts that create and boost small business recovery.

作為我們與美國商會基金會合作以及支持其小型企業備災和復原工作的投資的一部分，我們向商會提供了有關颶風影響的 Fiserv 小型企業指數數據。這些關於自然災害發生前、發生期間和發生後的商業水平的細緻洞察，被用來教育政策制定者和利益相關者，指導有針對性的應對投資，並為創造和促進小企業復甦的慈善支持工作提供資訊。

Also in the quarter, Fiserv achieved a score of 100 on the Disability Equality Index, and was recognized as a top veteran-friendly company by US Veterans Magazine, each for the third year in a row.

同樣在本季度，Fiserv 在殘疾平等指數上取得了 100 分的成績，並連續第三年被《美國退伍軍人雜誌》評為頂級退伍軍人友好型公司。

The National Bankers Association, a trade organization that represents all minority depository institutions, presented Fiserv with its Corporate Excellence award, making us the first large-scale tech provider to receive this honor.

代表所有少數存款機構的貿易組織國家銀行家協會向 Fiserv 頒發了企業卓越獎，使我們成為第一家獲此殊榮的大型技術提供商。

Finally, we continue to advance our sustainability and green building design strategy. Our Milwaukee headquarters recently achieved lead gold status following our Dublin, Ireland and New Jersey innovation centers which achieved lead platinum status previously. These are just some examples of how our hard work and dedication show up in many quarters.

最後，我們繼續推動永續發展和綠色建築設計策略。我們的密爾瓦基總部最近獲得了領先金級地位，此前我們的都柏林、愛爾蘭和新澤西創新中心已獲得領先白金級地位。這些只是我們在許多方面的辛勤工作和奉獻精神的一些例子。

But most importantly, it showed up in the strong financial performance you just heard. This put us at the top of the IDC FinTech rankings for a second straight year and our story today is about how we intend to stay there.

但最重要的是，它體現在您剛剛聽到的強勁的財務業績中。這使我們連續第二年位居 IDC 金融科技排名榜首，今天的故事是關於我們打算如何保持這一地位。

I'd like to thank our more than 40,000 employees for their contributions to these significant achievements and for the day-to-day block and tackling that has produced consistently strong results. That's 40 years of building trust, scale, and experience, and 5 years since the merger of achieving innovation through unmatched investment across all merchants and financial ecosystems.

我要感謝我們的 40,000 多名員工為這些重大成就做出的貢獻，並感謝他們透過日常的阻撓和解決工作取得了持續強勁的成果。這是建立信任、規模和經驗的 40 年，也是自合併以來透過對所有商家和金融生態系統進行無與倫比的投資實現創新的 5 年。

So now operator, please open the lines for questions.

現在，接線員，請打開提問線路。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

I want to ask on enterprise. It did accelerate nicely more than the transaction growth that you put up there. So I heard, Bob, you've mentioned it was transitory part of it and then there was a PayFac conversion to a retail relationship, it sounds like. So can you just maybe go through that? And what's a good sustainable level as we think about the fourth quarter?

我想問一下企業。它的加速速度確實比你在那裡提到的交易成長要快得多。所以我聽說，鮑勃，你提到它只是暫時的一部分，然後 PayFac 轉變為零售關係，聽起來像是這樣。那你能經歷一下嗎？當我們考慮第四季時，什麼是良好的可持續水平？

Yeah, Tien-tsin, good morning. So you're right. We did see an increase in transactions -- transaction growth in the quarter was up 12% over prior year that actually matches what we saw in Q1. It's up from the 8% we saw in Q2. We definitely see some variation, particularly when we bring on new clients, some of them in this enterprise space can be quite large. And as I said in my prepared remarks, we did have a large PayFac begin to really ramp in the third quarter.

是的，田津，早安。所以你是對的。我們確實看到了交易量的增加——本季的交易量比去年同期增長了 12%，這實際上與我們在第一季看到的情況相符。這比我們在第二季度看到的 8% 有所上升。我們肯定會看到一些變化，特別是當我們引入新客戶時，其中一些在這個企業領域可能非常大。正如我在準備好的發言中所說，我們確實有一個大型 PayFac 在第三季開始真正成長。

We'll see a little bit of that continue in fourth quarter as they get to full capability or full volume, and then it will return to quote-unquote more normal levels. Overall, for that fine line, we obviously saw a very good organic growth, well ahead of the overall company average on an adjusted basis, which, again, that has also impact from Argentina in it, we feel great about the year-to-date at 11% on an adjusted basis.

當他們達到滿載或滿載時，我們將看到這種情況在第四季度繼續下去，然後它將恢復到更正常的水平。總體而言，對於這條細線，我們顯然看到了非常好的有機增長，遠高於調整後的公司整體平均水平，這也受到了阿根廷的影響，我們對今年的表現感覺很好調整後的日期為11%。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Yeah, thanks, and nice results. Could we just start with overall, the business is showing really strong signs of cross-sell? And I know, Frank, you alluded to that in your prepared remarks and how you're really packaging together more and more between segments. Maybe just some of the very specific examples of where you see that shaping up. And then -- just if you could reiterate your conviction around the financial solutions segment accelerating into '25, I think you said going at 6% to 8% from 5% to 7%. Just reiterate why and what the driving forces and what you're seeing?

是的，謝謝，結果很好。我們能否從整體開始，該業務顯示出非常強烈的交叉銷售跡象？我知道，弗蘭克，您在準備好的演講中提到了這一點，以及您如何真正將各個部分之間越來越多的內容打包在一起。也許只是一些非常具體的例子，你可以看到這種情況的形成。然後，如果您能重申您對金融解決方案領域加速進入 25 世紀的信念，我想您說過從 5% 到 7%，從 6% 到 8%。只需重申原因、驅動力以及您所看到的情況？

So I can go back to -- I'd like to say the construction of the company, right? I always believe that this was a very strategic set of assets we put together that were highly complementary five years ago. And one quick place to think about it is in merchant NFI, just in total, our ability to be the strategic partner of choice to deliver merchant in NFI and put Clover on the front end of that. And then in other is the power of owning a debit network and the ability of what to bring to our largest institutions and through our client base across merchants.

所以我可以回到——我想說的是公司的建設，對吧？我始終相信，這是我們在五年前整合的一套非常具有戰略意義的資產，它們具有很強的互補性。一個快速思考的地方是在商家 NFI 中，總的來說，我們有能力成為在 NFI 中提供商家的首選策略合作夥伴，並將 Clover 置於其前端。另一方面是擁有借記網絡的力量以及為我們最大的機構以及透過我們跨商戶的客戶群帶來什麼的能力。

And then you go a step further and the future of growth initiatives in terms of us talking about the SMB bundle and the ability to take all the assets we have and integrate them technically now, right? You see us on the front line there with Apple Pay, and then you can see us with issuers and other spot and then see if we in the place together in the ability of the crossroads of merchant NFIs, I think Walmart is a great example of it. I think DoorDash is a great example of it. right?

然後你更進一步，我們討論了 SMB 捆綁包以及利用我們擁有的所有資產並在技術上整合它們的能力，對成長計劃的未來，對吧？你可以看到我們在 Apple Pay 的前線，然後你可以看到我們與發卡機構和其他地方一起，然後看看我們是否有能力在商業 NFI 的十字路口共同努力，我認為沃爾瑪就是一個很好的例子它。我認為 DoorDash 就是一個很好的例子。正確的？

And so when you think about okay, you have (technical difficulty) bringing (technical difficulty) in as a handles core to be actually a ledger here for the famous dashers. And then you go, okay, you put Ex-D and Clover together and deliver a capability to every financial institution that runs on us. And you take a look at our international expansion, and you look at the work on CommerceHub now showing up in the enterprise segment.

因此，當你考慮好的時候，你就有（技術難度）將（技術難度）作為手柄核心引入，實際上是著名的破折號的分類帳。然後，好吧，你將 Ex-D 和 Clover 結合在一起，為每個在我們基礎上運作的金融機構提供一種功能。你看看我們的國際擴張，看看 CommerceHub 上現在出現在企業領域的工作。

So I think the construction of the company with financial institutions all the way through from the largest to a credit union or a local community bank, and then you take on top of that the assets we bring to it. So I mean, you're seeing it. And then we brought 3,000 people -- so 4 of them -- and I think you were there too, if I'm right. And I mean, you saw the power of the franchise firsthand. So we think that's why we see such a sustainable growth for the long term. And we always think we can do our job better, too.

因此，我認為公司與金融機構的建設一直貫穿從最大的信用合作社或當地社區銀行，然後你就可以利用我們為其帶來的資產。所以我的意思是，你已經看到了。然後我們帶來了 3,000 人——所以是 4 個人——如果我沒猜錯的話，我想你們也在那裡。我的意思是，你親眼目睹了特許經營權的力量。因此，我們認為這就是我們看到如此長期可持續成長的原因。我們也始終認為自己也可以做得更好。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Frank, can you talk about (technical difficulty), especially given some of the changes happening in the US. Maybe talk about there's been less capabilities at rate, digital capabilities, how start is positioned to grow. Thank you.

弗蘭克，你能談談（技術難度）嗎，特別是考慮到美國正在發生的一些變化。也許可以談談目前的能力較少，數位能力，以及如何開始定位成長。謝謝。

Yeah. So I think one of the things to think about is we always believe that we wanted the capability to compete for transactions for our client benefit, right, for our client benefits. And that window opens up -- (technical difficulty) is clearly a strategic asset to sit at the crossroads of merchants and financial institutions. We believe that capability is strong on (technical difficulty). We have the signature capability. We do have dual messaging capability. And we give our merchants and issuers choices to compete for transactions at every level. So that's the strategy, right?

是的。所以我認為要考慮的事情之一是我們始終相信我們希望有能力為我們的客戶利益而競爭交易，對的，為了我們的客戶利益。這個窗口打開了——（技術難度）顯然是處於商人和金融機構十字路口的戰略資產。我們相信實力雄厚（技術難度）。我們有簽名能力。我們確實有雙重訊息傳送功能。我們為商家和發行人提供在各個層面競爭交易的選擇。這就是策略，對嗎？

The strategy is to support our client base. We believe it too is one of these steady opportunity. You're not going to see this meteoric rise of transactions, but you'll continue to see volume share gains, and we'll continue to have an asset in our repertoire to help both our merchants and our financial institutions.

該策略是支持我們的客戶群。我們相信這也是這些穩定的機會之一。您不會看到交易量急劇上升，但您將繼續看到交易量份額的增長，並且我們將繼續擁有一項資產來幫助我們的商家和金融機構。

Jason Kupferberg, Bank of America Merrill Lynch.

賈森·庫普弗伯格，美銀美林。

Good morning, guys. Just a couple of questions on Clover. I know revenue growth was steady here. Volume growth ticked down a little bit. Just any thoughts on Q4 expectations for those metrics. I think the volume comps get a little bit harder revenue also next quater. So just wanted to get a sense of how we should be thinking about near-term trajectory there? I know you've got some new country launches, product launches to support it.

早安，夥計們。關於 Clover 有幾個問題。我知道這裡的收入成長穩定。成交量成長略有下降。只是對第四季度這些指標的預期的任何想法。我認為下個季度銷量比較的收入也會增加。所以只是想了解我們該如何考慮近期的發展軌跡？我知道你們有一些新的國家發布、產品發布來支持它。

Yes, Jason. So yes, we continue to see good overall revenue and volume growth out of our Clover solution. As you know, we've got a target to be $4.5 billion by 2026. That gets us were needed about a 28% compound growth rate to achieve that exactly where we were for the quarter. It's where we are on a year-to-date basis. A key part of that is continuing to add value-added services that ticked up 1 point to 21% of revenue.

是的，傑森。所以，是的，我們繼續看到我們的 Clover 解決方案帶來良好的整體收入和銷售成長。如您所知，我們的目標是到 2026 年達到 45 億美元。這使得我們需要大約 28% 的複合成長率才能實現本季的目標。這是我們今年迄今為止的情況。其中一個關鍵部分是持續增加增值服務，使營收成長 1 個百分點，達到 21%。

Overall volume remains good. It obviously isn't as strong as it was last year. Some of that is very strong last year. So a little bit of a difficult comp, but also the consumer while still strong, still spending has certainly eased a bit. We saw that last quarter. We saw that continue again this quarter, but we feel good about where that spending is right now and what we see going into the future.

整體成交量依然良好。顯然沒有去年那麼強勁。其中一些去年的表現非常強勁。因此，競爭有點困難，但消費者雖然仍然強勁，但支出肯定有所緩解。我們上個季度就看到了這一點。我們看到這種情況在本季度再次持續，但我們對目前的支出狀況以及我們對未來的展望感到滿意。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

I guess my question in the SMB segment, for many quarters, you had teens growth, 13% to 17%. And this quarter was 9% despite Clover being in the high 20%s for many quarters in a row. So maybe kind of what's happening outside of Clover? And then how should we -- should we expect that to reaccelerate going forward? Or maybe just talk through that.

我想我的問題是在中小型企業領域，在許多季度中，成長率都是青少年的，即 13% 到 17%。儘管 Clover 連續多個季度處於 20% 的高位，但本季的成長率為 9%。那麼也許 Clover 之外正在發生什麼？那麼我們應該如何——我們應該期望這種情況能夠重新加速前進嗎？或者也許只是談談這個。

Yeah. So there's a number of things going on. Obviously, Argentina tailwind has eased quite meaningfully since last year, beginning of this year even where we saw in first quarter, 15% benefit to the Merchant segment, easing down in second quarter to 10%, now down to 6%. And that impacts both -- actually all three of our segments, but certainly a good portion of SMB volume (technical difficulty), SMB revenue.

是的。所以有很多事情正在發生。顯然，自去年以來，阿根廷的順風已經明顯減弱，今年年初，即使我們在第一季度看到商業部門受益 15％，第二季度下降至 10％，現在下降至 6％。這會影響到兩者——實際上是我們的所有三個細分市場，但肯定會影響中小企業銷售（技術難度）和中小企業收入的很大一部分。

The other thing that does play out is anticipation has been quite strong. And there is a mix differential between or benefit differential between SMB and enterprise. We've seen particular strength out of the large enterprises down in Argentina. We see that shifting a bit into the next couple of quarters, a bit difficult to predict exactly what's going to happen into Argentina in the future. I'll tell you, I think we've gotten it pretty right over the last several quarters and we see that excess or that tailwind continuing to ease.

另一件確實發生的事情是預期非常強烈。中小企業和企業之間存在混合差異或利益差異。我們看到了阿根廷大型企業的特殊實力。我們看到這種情況會在接下來的幾個季度發生一些變化，很難準確預測阿根廷未來會發生什麼。我告訴你，我認為過去幾季我們已經做得非常好，我們看到過度或順風繼續緩解。

You may have noticed in our presentation in our charts, inflation continues to be a tailwind, although easing meaningfully, but interest has actually returned back to more normal or historic levels. And so that tailwind is subsiding quite meaningfully. And of course, if you get to an adjusted revenue basis, FX continues to be a real headwind for us in the quarter for the segment -- for the merchant segment, we saw a 15-point impact -- negative impact to our adjusted revenue from FX. So all of those play out in SMB, both in Clover and non-Clover.

您可能已經注意到，在我們的圖表演示中，通貨膨脹仍然是順風，儘管有意義地緩解，但興趣實際上已恢復到更正常或歷史水平。因此，順風正在消退，意義重大。當然，如果你考慮到調整後的收入基礎，外匯在本季度仍然是我們該細分市場的真正阻力——對於商家細分市場，我們看到了15 個百分點的影響——對我們調整後的收入產生了負面影響來自外匯。因此，所有這些都在 SMB 中發揮作用，無論是在 Clover 中還是在非 Clover 中。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

I also want to revisit the financial solutions revenue guidance for next year, which is set to slightly accelerate so from 5% to 7% this year to 6% to 8% next year. When we think about the reasons, there appears to be a good long list of very clear bullets. So there's the target business there stainers Verizon. I believe all of those are expected to go live with their incremental revenue streams next year.

我還想重新審視明年的金融解決方案收入指導，預計會略有加速，從今年的 5% 至 7% 增加到明年的 6% 至 8%。當我們思考原因時，似乎有一長串非常清晰的要點。所以這就是 Verizon 的目標業務。我相信所有這些都有望在明年實現增量收入流。

And then, of course, there's the CashFlow Central. So I was hoping you could touch on or maybe elaborate on any of those particular projects and/or maybe just talk a little bit about the confidence that you have in that reacceleration for next year?

當然，還有現金流中心。因此，我希望您能談談或詳細闡述任何這些特定項目和/或只是談談您對明年重新加速的信心？

Yeah. So I think we were greatly reinforced. Only a couple of weeks ago at our client conference where you heard me talk about the added pipe, the added interest, and the amount of opportunity to grow our client base. That was not unexpected. That was exactly what we expected for the outcome. Today, year-to-date basis, we're a 6% grower as we were in the quarter. I think when you think about the repertoire, fintech is growing clients right now, and that will continue to add.

是的。所以我認為我們得到了極大的加強。就在幾週前，在我們的客戶會議上，您聽到我談論增加的管道、增加的興趣以及擴大客戶群的機會。這並不意外。這正是我們所期望的結果。今天，從年初至今來看，我們與本季相比成長了 6%。我認為，當你考慮到所有業務時，金融科技現在正在增加客戶，而且這個數字還會繼續增加。

You saw us talk about what we're doing with DoorDash that's creating another fundamental as I use in my simple language bundle, which has embedded (technical difficulty), right? Then you look at this SMB bundle, which I am being deep in every other week reviews for over a year, so my conviction on the depth of that pipeline, we'll be bringing that online and will be within the numbers.

您看到我們談論了我們正在使用 DoorDash 所做的事情，這正在創建另一個基礎，就像我在我的簡單語言包中使用的那樣，它已經嵌入了（技術難度），對嗎？然後你看看這個 SMB 捆綁包，一年多來我每隔一周就深入審查一次，所以我對這條管道的深度深信不疑，我們將把它帶到網上，並將在數字之內。

We talk about merchant and FI, but -- and that merchant part shows up in the merchant P&L. But the reality is that also is bringing along other opportunity within the banking segment. And then we do -- and we'll continue to have opportunities even within the banking segment outside the US that we see more than we did before because of the nature and the construct of this company and you asked on the items that you touched on the items that we're bringing in, I'd add one other one.

我們談論商家和金融機構，但是 - 商家部分出現在商家損益表中。但現實是，這也為銀行業帶來了其他機會。然後我們會這樣做 - 即使在美國以外的銀行部門，我們也會繼續擁有機會，由於這家公司的性質和結構，我們看到的機會比以前更多，而且您詢問了您提到的項目對於我們要帶進來的物品，我會再增加一件。

We believe our long-term opportunity around AI and data for our financial institutions. What I've said to medium-sized to smaller banks, we need to be their data and AI engine. And that's our natural position with them. Now that's not in a forecast today. We don't have a number in a box. But we have demand, and we have the best data in the industry and data drives AI.

我們相信人工智慧和數據為我們的金融機構帶來了長期機會。我對中小型銀行說過，我們需要成為他們的數據和人工智慧引擎。這就是我們對他們的自然立場。現在這不在今天的預測中。我們的盒子裡沒有號碼。但我們有需求，我們有業界最好的數據，數據驅動人工智慧。

So I would think about it that the fact that we're posting (technical difficulty) and we have these engines behind us as such conviction of what we could do. And we can do all of it better, as I say, every day, just in the base business. So that's why we've been able to produce at the level we have, even if you look at our five-year margin look, what we've done there, and I'm not saying we're going to have never-ending margin expansion, but I should work on it regularly.

因此，我會考慮我們發布的事實（技術難度），我們有這些引擎來支持我們，因為我們堅信我們可以做到這一點。正如我所說，我們每天都可以在基礎業務中做得更好。因此，這就是為什麼我們能夠以我們現有的水平生產，即使你看看我們的五年利潤率，我們在那裡所做的事情，我並不是說我們將永無止境。定期進行工作。

Dan Dolev, Mizuho Securities.

丹‧多列夫，瑞穗證券。

Great results again. Frank, Clover Go and Clover Compact they look like great solutions from micro sellers. Can you maybe give us a little bit of an update on the strategy and in terms of initial traction that you see on these new products? Thank you.

再次取得了很好的成績。Frank、Clover Go 和 Clover Compact 看起來像是來自微型賣家的出色解決方案。您能否向我們介紹一下該策略的最新情況以及您在這些新產品上看到的最初吸引力？謝謝。

Yeah. We also see those products an augmentation products for our client base, right? So I just want you to think about that way. We talk about our ability to expand TAM in our own client base vibrating more. We definitely see a compact plan in the food space. Obviously, we're early, but you should also think about international, right, that we're going to be bringing those products outside the US, if any cases, where, yes, we will still have software invest on top of them, but they may be catering to a different market.

是的。我們也認為這些產品是我們客戶群的增強產品，對嗎？所以我只是想讓你這樣思考。我們談論我們在我們自己的客戶群中擴大 TAM 的能力，讓我們的客戶群更加振動。我們確實在食品領域看到了一個緊湊的計劃。顯然，我們還很早，但你也應該考慮國際化，對吧，我們將把這些產品帶到美國境外，如果有的話，是的，我們仍然會在它們之上進行軟體投資，但他們可能正在迎合不同的市場。

And we're going to have different forms of channel distribution. So it gets us more software coming down a little bit stale in terms of merchants, but also augmenting our current client base to have a product that can work a little more mobile for them at times too.

我們將有不同形式的通路分銷。因此，它為我們提供了更多對商家來說有點陳舊的軟體，但也擴大了我們目前的客戶群，讓他們有時也能擁有一種更移動的產品。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

I wanted to follow up on the SMB bundle and this ties a little bit into Dan's question, but it seems like there's a lot of capability expansion that's happening within the Clover ecosystem and then looking at new ways to go to market.

我想跟進 SMB 捆綁包，這與 Dan 的問題有些聯繫，但 Clover 生態系統內似乎正在進行大量功能擴展，然後正在尋找進入市場的新方法。

How should we be thinking about -- I know you gave some targets for back book and some of those things to get to the $4.5 billion target. But -- how should we be thinking about like the roles that those will play? And if there's been any change in your thinking in terms of mix or type of customers and sets within that Clover target? Thank you.

我們應該如何考慮 - 我知道您給出了一些回帳目標以及其中一些目標以實現 45 億美元的目標。但是──我們該如何思考這些人將扮演的角色？您對客戶組合或類型以及 Clover 目標設定的想法是否有任何變化？謝謝。

Yeah. I know, there's only one question allowed, but that's all like five. Good job, James. Let me try it, like first of all, -- in some ways, they're not really inside this company that there's a ton of new thoughts. We always have a lot of R&D going on that historically, and the IR team don't always love me for it, but more apt to talk to you about when we're getting to market than what's in the R&D shop.

是的。我知道，只允許問一個問題，但總共有五個問題。幹得好，詹姆斯。讓我嘗試一下，首先，在某些方面，他們並不是真正在這家公司內部有大量的新想法。歷史上我們總是進行大量的研發工作，IR 團隊並不總是因此而喜歡我，但他們更願意與您談論我們何時進入市場，而不是研發部門的內容。

So there's an idea about us bringing more capability to the SMB space has always been there. I think if you go back to our acquisition of Ondot and us inventing it in mobility and then it became let think about Ex-D and a new product.

因此，我們一直有一個想法，為中小企業領域帶來更多功能。我想，如果你回顧一下我們對 Ondot 的收購以及我們在行動領域的發明，那麼就讓我們來思考一下 Ex-D 和一款新產品。

But then you start saying to yourself we could deliver this way beyond Clover and Ex-D, we can integrate it all. We can put out spend labs acquisition there, oh boy, we can end up helping LSIs grow and other channel partners and future partners to be signed up. That's why we are ultimately a partner of choice for people who want to partner in the SMB space because of our capability.

但隨後你開始對自己說，我們可以透過這種方式提供超越 Clover 和 Ex-D 的服務，我們可以將這一切整合起來。我們可以在那裡進行實驗室收購，天哪，我們最終可以幫助 LSI 成長，並簽署其他通路合作夥伴和未來合作夥伴。這就是為什麼我們最終成為那些希望在中小企業領域合作的人們的首選合作夥伴，因為我們的能力。

So I think you got to think about it that, yes, there may be more back book swept up in there because there's a reason beyond switching out your FD 150 for a Clover Station, now you have a much broader capability. None of this back book, if it happened, would ever more than our natural rate, which we talked about of merchant churn going from an older device to a newer. But I think you're seeing the size of the opportunity to actually impact Clover more than we might have because of the full capability set.

所以我認為你必須考慮一下，是的，可能會有更多的舊書被掃入其中，因為除了將 FD 150 換成 Clover Station 之外還有其他原因，現在你擁有更廣泛的功能。如果這本書發生的話，它不會超過我們的自然率，我們談到了商家從舊設備轉向新設備的流失率。但我認為，由於擁有完整的功能集，您會看到對 Clover 產生實際影響的機會比我們可能擁有的更大。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

On Clover International expansion, how long does it take to ramp a new country or region from the time you enter the market to when you reach peak run rate? And also, should we expect a steady rhythm of new markets for a while here? Or are you going to -- should we expect some pauses where you build out and sort of spool up in the countries you've already launched in?

在三葉草國際的擴張中，從進入一個新的國家或地區到達到最高運行率需要多長時間？此外，我們是否應該期待新市場在一段時間內保持穩定的節奏？或者您打算——我們是否應該期待您在已經推出的國家/地區進行一些暫停？

Yeah. So I'm a funny guy. I think we're going to get to peak run rate never because we're just going to keep driving more -- so -- and that's the journey we're on. But if you want to pick a country like Brazil, right, I'll be down there on the kick off of it in December for the launch in Brazil and Mexico. I remember us launching Argentina call it, four years ago. So first of all, it's a full build to get to market.

是的。所以我是一個有趣的人。我認為我們永遠不會達到峰值運行率，因為我們只是要繼續更多地行駛——所以——這就是我們正在進行的旅程。但如果你想選擇像巴西這樣的國家，對吧，我會在 12 月啟動時前往那裡，在巴西和墨西哥推出。我記得四年前我們推出了「阿根廷稱之為」。因此，首先，這是一個進入市場的完整版本。

As we launch it, we expect it in Brazil, perfect example, to capture more merchants and more revenue opportunity than we do today immediately. Now our ability to scale it to peak, we have great partners. I think if you were sitting with a head of Latin America, he would say (technical difficulty) is very motivated. Well, that's a huge distribution. Now we're going to get them trained. They are doing that right now and ready to distribute.

當我們推出它時，我們預計它會在巴西（完美的例子）立即吸引比我們今天更多的商家和更多的收入機會。現在我們有能力將其擴展到頂峰，我們有很棒的合作夥伴。我想如果你和拉丁美洲的一位負責人坐在一起，他會說（技術難度）很有動力。嗯，這是一個巨大的分佈。現在我們要對他們進行培訓。他們現在正在這樣做並準備分發。

So it affects growth rate in '25, but I see Brazil as a multiyear build and a multiyear ramp, not because we weren't able to get all the ziop codes or towns, if you want to say about it, but adoption and then so it's a multiyear ramp. But much like CashFlow Central, Brazil is in next year's number at some level, nowhere near where it will be three years from now.

所以它會影響 25 年的成長率，但我認為巴西是一個擁有多年建設和多年增長的國家，不是因為我們無法獲得所有 ziop 代碼或城鎮（如果你想說的話），而是因為採用，然後所以這是一個多年的斜坡。但與現金流中心類似，巴西明年的數字在某種程度上與三年後的水平相去甚遠。

So I'd like to thank everybody for the attention today. Please reach out to IR team with any further questions. And have a great day, and thanks for your participation.

所以我要感謝大家今天的關注。如有任何其他問題，請聯絡 IR 團隊。祝您有美好的一天，感謝您的參與。

Thank you all for participating in the Fiserv third quarter 2024 earnings conference call. That concludes today's call. Please disconnect at this time, and have a great rest of your day.

感謝大家參加 Fiserv 2024 年第三季財報電話會議。今天的電話會議到此結束。請此時斷開連接，好好休息一下。