Fiserv Inc (FISV) 2024 Q4 法說會逐字稿

Welcome to the Fiserv fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

歡迎參加 Fiserv 2024 年第四季財報電話會議。（操作員指示）提醒一下，今天的通話正在錄音。

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

現在，我將把電話轉給 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 and Chief Executive Officer; Bob Hau, our Chief Financial Officer; and Mike Lyons, our new President and next CEO. Welcome to the call, Mike. It's great to have you here.

謝謝，早安。今天與我一起參加電話會議的還有我們的董事長兼執行長 Frank Bisignano； Bob Hau，我們的財務長；以及我們的新任總裁兼下一任執行長邁克·里昂斯（Mike Lyons）。歡迎參加電話會議，麥克。非常高興您能來。

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

我們的季度和全年收益報告和補充資料可在 fiserv.com 的投資者關係部分找到。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。除非另有說明，績效參考均為年比比較。

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

我們今天的評論將包括前瞻性陳述，其中包括預期營運和財務表現以及策略舉措等。前瞻性陳述可能與實際結果有重大差異，並受多種風險和不確定性的影響。您應該參考我們的收益報告來了解有關這些風險因素的討論。

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

現在我將電話轉給弗蘭克。

Thank you, Julie, and thank you all for joining us today. We wrapped up another successful year at Fiserv and one that we are all very proud of. We set high expectations back at our 2023 investor conference, and we exceeded those commitments.

謝謝你，朱莉，也謝謝大家今天的到來。我們在 Fiserv 度過了另一個成功的一年，我們對此感到非常自豪。我們在 2023 年投資者會議上寄予厚望，並且超額完成了這些承諾。

Fiserv delivered adjusted earnings per share of $8.80, up 17%, driven by strong and diverse revenue growth and further operating margin expansion across our businesses. Adjusted revenue growth was 7% and adjusted operating margin rose 170 basis points to 39.4%. Total company organic revenue growth was 16%. Our free cash flow was $5.2 billion, and we returned $5.5 billion to shareholders via share repurchase in 2024.

Fiserv 調整後每股收益為 8.80 美元，成長 17%，這得益於強勁而多樣化的收入成長以及各項業務的營業利潤率進一步擴大。調整後營收成長 7%，調整後營業利益率上升 170 個基點至 39.4%。公司整體有機收入成長16%。我們的自由現金流為 52 億美元，2024 年我們透過股票回購向股東返還了 55 億美元。

Throughout the year, we advanced multiple strategies and product offerings that take advantage of the unique construct of this company with strong assets across Merchant and Financial Solutions. We added large enterprise clients, both traditional and e-commerce merchants, on the strength of our unified offering, modern gateway, and growing value-added solutions portfolio.

在這一年中，我們利用該公司在商家和金融解決方案領域的雄厚資產和獨特的結構，推出了多項策略和產品。憑藉統一的產品、現代化的網關和不斷增長的增值解決方案組合，我們增加了包括傳統商家和電子商務商家在內的大型企業客戶。

At Clover, we laid the foundation for continuing our strong growth as we released new software, services and hardware offerings, and added three new countries. We extended merchant acquiring services to more financial institutions focused on winning small business clients. We've built solutions to help SMBs navigate the complexity of running their businesses.

在 Clover，我們發布了新的軟體、服務和硬體產品並增加了三個新的國家，為持續強勁成長奠定了基礎。我們將商家收單服務擴展到更多專注於贏得小型企業客戶的金融機構。我們已經建立了解決方案來幫助中小型企業解決營運業務的複雜性。

Managing cash flow, in particular, is one of the biggest challenges. It's ineffective, time-consuming, and expensive. CashFlow Central is our solution to this problem. We completed development of this new offering in the fall. Demand from FI's to offering remains high. CashFlow Central will grow even more compelling as part of our full small business suite, the single, integrated, easy-to-use system that SMBs have been looking for. The products and clients for this SMB suite span our merchant and financial solutions ecosystems, a combination that no single competitor has and a solution that no single competitor can offer today.

尤其是管理現金流，是最大的挑戰之一。它效率低、耗時、成本高。CashFlow Central 是我們針對此問題的解決方案。我們於秋季完成了這項新產品的開發。金融機構對產品的需求仍然很高。作為我們全套小型企業套件的一部分，CashFlow Central 將變得更具吸引力，它是中小型企業一直在尋找的單一、整合、易於使用的系統。這款 SMB 套件的產品和客戶涵蓋我們的商家和金融解決方案生態系統，這是當今任何單一競爭對手都無法擁有的組合，也是任何單一競爭對手都無法提供的解決方案。

From a merchant ecosystem, we provide Clover payments, hardware and software -- Clover VAS, including vertical software solutions, capital, employee, customer and operations management solutions, and the small business index for localized insights. From our financial ecosystem, we provide CashFlow Central, Optis for business card issuance, SpendTrack for expense management, Zelle for small business and core banking account management and digital banking. The full SMB suite will be integrated this quarter with XD, our digital banking platform, which is already live for an implementation with hundreds of FIs. It will be available directly on Clover late this year.

從商家生態系統來看，我們提供 Clover 支付、硬體和軟體——Clover VAS，包括垂直軟體解決方案、資本、員工、客戶和營運管理解決方案，以及用於本地化洞察的小型企業指數。在我們的金融生態系統中，我們提供 CashFlow Central、用於商業卡發行的 Optis、用於費用管理的 SpendTrack、用於小型企業和核心銀行帳戶管理以及數位銀行的 Zelle。完整的 SMB 套件將於本季與我們的數位銀行平台 XD 集成，該平台已與數百家金融機構合作實施。它將於今年晚些時候在 Clover 上直接上市。

Lastly, we continue to be a partner of choice in real-time payments enablement with Zelle, Pix and FedNow, and in our core modernization strategies, which include Finxact, for simplified technology migration for our existing FI clients, as well as new and larger FIs and embedded finance pioneers. We capped off all this progress with the naming of our next CEO, and we did it in trademark Fiserv style, swiftly, efficiently and with an extremely high-quality results.

最後，我們繼續成為 Zelle、Pix 和 FedNow 即時支付支援的首選合作夥伴，並成為我們核心現代化策略（包括 Finxact）的首選合作夥伴，為我們現有的 FI 客戶以及新的和更大的 FI 和嵌入式金融先驅簡化技術遷移。隨著我們任命下一任首席執行官，我們完成了所有這些進展，我們以標誌性的 Fiserv 風格迅速、高效地完成了這項工作，並取得了極高品質的成果。

We announced Mike Lyons as President on a Thursday, and he started work here the following Monday. That's the kind of urgency, focus, and determination that we bring to our work at Fiserv. It's the speed of execution and the operational excellence that I have committed to you for the last few years, and that will continue under Mike's leadership. I know this not only because of what I've seen since he started, but because we have experienced working with Mike over the last 12 years.

我們在周四宣布了邁克·里昂斯 (Mike Lyons) 擔任總裁一職，並於下週一開始在這裡工作。這就是我們在 Fiserv 工作中所體現的緊迫感、專注力和決心。這是我過去幾年來向你們承諾的執行速度和卓越運營，在麥克的領導下，我們將繼續保持這種狀態。我知道這一點，不僅是因為自他開始工作以來我所見證的一切，還因為我們在過去 12 年裡與麥克共事的經歷。

As you know, Mike joined us from PNC, a long-standing Fiserv partner, and one of the nation's largest and strongest bank. Since he started, Mike and I and the full leadership team have been working tirelessly to ensure a smooth transition.

如你所知，麥克 (Mike) 在加入我們之前曾就職於 PNC，PNC 是 Fiserv 的長期合作夥伴，也是美國最大、最強大的銀行之一。自他上任以來，麥克和我以及整個領導團隊一直在不懈地努力，以確保平穩過渡。

Let me hand it over to Mike to say a few words.

讓我把時間交給麥克講幾句話。

Thanks, Frank. I'm thrilled to be here. I've known Fiserv for a long time wearing a number of different hats, including as an investor, a banker, a large client at BofA and PNC, and a small client at my wife's business, where she has been a Clover customer for years and utilizes it to its fullest. Fiserv is an amazing company with an outstanding track growth, innovation, operating efficiency, and importantly, the proven ability to add value for our clients and create value for our shareholders.

謝謝，弗蘭克。我很高興來到這裡。我認識 Fiserv 很久了，他曾擔任過多個不同的職務，包括投資者、銀行家、美國銀行和 PNC 的大客戶，以及我妻子公司的小客戶。Fiserv 是一家出色的公司，擁有出色的成長、創新和營運效率，更重要的是，它具有為客戶增加價值和為股東創造價值的能力。

After just a week on the job, my excitement in being here has only grown stronger -- the talent and work ethic of the team, the breadth and quality of our clients and partners, the products, the distribution and technology and the ideas and opportunities. I couldn't ask for a better platform to build upon.

工作僅一週後，我對這裡的興奮感便愈發強烈——團隊的才華和職業道德、客戶和合作夥伴的廣度和品質、產品、分銷和技術以及創意和機會。我找不到比這更好的平台來建立我的生活。

Right now, our number one priority is to ensure a smooth leadership transition, keeping everyone laser-focused on executing our plan that Frank and the team laid out in late 2023. I believe strongly in that plan as it offers significant growth opportunity by meeting the needs of our merchant and financial institution clients.

目前，我們的首要任務是確保領導層的順利過渡，讓每個人都專注於執行弗蘭克和團隊在 2023 年底制定的計劃。我堅信該計劃，因為它透過滿足我們的商家和金融機構客戶的需求提供了巨大的成長機會。

Fiserv has a very impressive 39-year track record of double-digit adjusted EPS growth that is matched only by the opportunity that lies in front of us. I look forward to meeting you all to discuss this in the coming months.

Fiserv 擁有令人印象深刻的 39 年兩位數調整後每股收益成長記錄，而我們面前的機會也同樣如此。我期待在接下來的幾個月與大家見面討論此事。

As Frank mentioned, we've worked closely and effectively together for the last 12 years. And I've had a front row seat watching him and the Fiserv leaders build this incredible company. I thank both Frank and the Board for the opportunity to lead Fiserv into its next year. And of course, we all thank Frank for his future service to our country.

正如弗蘭克所說，過去 12 年來，我們一直密切而有效地合作。我坐在前排親眼目睹他和 Fiserv 的領導人們如何創建這家令人難以置信的公司。我感謝弗蘭克和董事會給我機會帶領 Fiserv 邁入新的一年。當然，我們都感謝弗蘭克未來為我們的國家所做的服務。

Thanks, Mike. Now I'd like to cover some highlights from the fourth quarter and full year, and then I'll turn the call over to Bob to discuss the numbers.

謝謝，麥克。現在我想介紹第四季度和全年的一些亮點，然後我將把電話轉給鮑伯討論這些數字。

The growing connections between businesses and financial institutions are a key part of the Fiserv story, and our ability to address them makes Fiserv unique. Embedded finance is the most complete use case from merchant, issuing, and banking assets combined. And last quarter, we announced our first large scale win here with DoorDash to offer its delivery contractors full banking services from within a single app.

企業和金融機構之間日益密切的聯繫是 Fiserv 故事的重要組成部分，而我們解決這些聯繫的能力使得 Fiserv 與眾不同。嵌入式金融是商家、發行和銀行資產結合的最完整的用例。上個季度，我們宣布與 DoorDash 合作首次取得大規模合作，透過一個應用程式為其送貨承包商提供全方位的銀行服務。

Our cross platform capability and Finxact as a real-time ledger are true differentiators for us here. We've been executing with speed and quality and have already onboarded a significant number of accounts and cards since the October announcement, and our pipeline of other embedded finance opportunities continue to grow.

我們的跨平台能力和 Finxact 作為即時分類帳是我們真正的差異化因素。自去年 10 月宣布這一消息以來，我們一直快速、高品質地執行任務，已經擁有大量帳戶和卡，而且我們的其他嵌入式金融機會管道也在不斷增加。

We reinforced our position as a partner of choice with the Q4 signing of a key strategic partnership with ADP. Together, we serve millions of small businesses and now we'll bring them a full solution that includes Clover, our cloud-based point-of-sale and business management platform; and CashFlow Central, our accounts payables and receivables management platform, integrated with ADP's RUN, its industry-leading small business payroll and HR solution.

我們在第四季度與 ADP 簽署了重要的策略合作夥伴關係，鞏固了我們作為首選合作夥伴的地位。我們共同為數百萬小型企業提供服務，現在我們將為他們提供完整的解決方案，其中包括 Clover，我們的基於雲端的銷售點和業務管理平台；我們的應付帳款和應收帳款管理平台 CashFlow Central 與 ADP 的 RUN（其業界領先的小型企業薪資和人力資源解決方案）整合。

Essentially, ADP will be the integrated payroll solution on Clover, and ADP will resell Clover and CashFlow Central. The integrated solution will make it easier than ever for small businesses to manage the flow of money into and out of their businesses, whether they are selling to customers, paying bills or managing payroll. In Q4, we initiated mutual client referrals to our respective offerings as our teams work to deliver the fully integrated solution in coming months.

本質上，ADP 將成為 Clover 上的整合薪資解決方案，並且 ADP 將轉售 Clover 和 CashFlow Central。此整合解決方案將使小型企業比以往更輕鬆地管理企業的資金流入和流出，無論是向客戶銷售產品、支付帳單或管理工資。在第四季度，我們開始讓客戶互相推薦我們各自的產品，我們的團隊將致力於在未來幾個月內提供完全整合的解決方案。

For the last few quarters, you've heard me recount how us old is new again, as financial institutions are reinvesting in the merchant acquiring business, especially for SMB merchants, right in our sweet spot. To address their needs, we've seen acceleration of outsigning of financial institutions as merchant acquiring referral partners.

在過去的幾個季度裡，你們已經聽過我講述我們如何從舊變新，因為金融機構正在對商家收單業務進行再投資，特別是針對中小企業商戶，這正是我們的最佳時機。為了滿足他們的需求，我們看到金融機構作為商家收單推薦合作夥伴的外包速度加快。

In 2024, we added 65% more bank partners than we did in 2023, including NBT, a $14 billion New York-based bank. We're approaching 1,000 financial institutions as merchant partners, with significant opportunity to drive further penetration within our existing FI partners.

2024 年，我們新增的銀行合作夥伴比 2023 年增加了 65%，其中包括總部位於紐約、資產規模 140 億美元的銀行 NBT。我們正在與 1,000 家金融機構接洽，作為商家合作夥伴，有很大機會進一步滲透到我們現有的 FI 合作夥伴。

While others offer merchant acquiring solutions, only Fiserv can deliver a higher SMB integrated solution, including Clover. The full suite gives FIs a deeper view into an SMB's full financial position. With the knowledge and breadth of product, they can better grow and retain SMB clients and generate deposit and noninterest fees. This year, we'll couple this capability with tools to help FIs readily find merchant customer leads and onboard them digitally.

雖然其他公司也提供者戶收單解決方案，但只有 Fiserv 可以提供更高的 SMB 整合解決方案，包括 Clover。全套軟體可以讓金融機構更深入了解中小企業的整體財務狀況。憑藉產品知識和廣度，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。今年，我們將把此功能與工具結合起來，幫助金融機構輕鬆找到商家客戶線索並以數位方式納入他們。

We had several other key wins in each of our businesses in Q4. In Merchant Solutions, Clover Sport nudged multiple venue wins -- one with TD Garden, home of the Boston Celtic and Bruins; and another with the Milwaukee Brewers. We placed over a dozen Clover kiosks in TD Garden that have increased speed of sales and improved the stands' self-checkout experience.

我們在第四季度的各個業務中都取得了其他幾項關鍵勝利。在商家解決方案方面，Clover Sport 贏得了多個場館冠軍——其中一個是 TD Garden，它是波士頓凱爾特人隊和棕熊隊的主場；另外一場是與密爾瓦基釀酒人。我們在 TD Garden 放置了十幾個 Clover 售貨亭，提高了銷售速度並改善了攤位的自助結帳體驗。

At Clover Restaurant, a major hotel operator, chose custom website solutions from BentoBox for their 2,000 hotel-based restaurants in the US. This is the fourth large hotel chain to sign on for the Bento digital and e-commerce package.

大型飯店營運商 Clover Restaurant 選擇了 BentoBox 為其位於美國的 2,000 家飯店餐廳提供客製化網站解決方案。這是第四家簽約 Bento 數位和電子商務套餐的大型連鎖飯店。

In the enterprise space, clients continue to sign up for Commerce Hub, our API-based orchestration layer that connects businesses to our enterprise product suite and value-added solutions. In Q4, AT&T decided to add our data as a service offering, while a large petrol company signed on to add Pay by Bank and TransArmor fraud protection. Merchants overall are increasingly recognizing the importance of payment data to drive business decisions, and Fiserv is uniquely positioned to deliver cross-platform data sets to support their business intelligence, security, and AI needs.

在企業領域，客戶繼續註冊 Commerce Hub，這是我們基於 API 的編排層，可將企業與我們的企業產品套件和增值解決方案連接起來。在第四季度，AT&T 決定將我們的資料作為一項服務產品添加，而一家大型石油公司簽約添加銀行支付和 TransArmor 詐欺保護功能。總體而言，商家越來越認識到支付資料對於推動業務決策的重要性，而 Fiserv 具有獨特的優勢，可以提供跨平台資料集來支援他們的商業智慧、安全和人工智慧需求。

We are driving our enterprise solutions further into government with Tyler Technologies, an integrated software provider. We signed a strategic expansion of our relationship that supports processing for state governments to include full omnichannel solutions, more devices, including Clover, and value-added solutions such as digital wallets, broad mitigation, and authorization optimization.

我們正在與綜合軟體供應商 Tyler Technologies 合作，進一步將我們的企業解決方案推向政府領域。我們簽署了一份戰略擴展協議，支持州政府的處理，包括完整的全通路解決方案、更多設備（包括 Clover）以及數位錢包、廣泛緩解和授權優化等增值解決方案。

E-commerce providers are increasingly coming to Fiserv as well. We fully ramped a US relationship with PayPal in the fourth quarter and went on to sign PayPal in Latin America for payment processing and other VAS. We also landed Leap Financial, a fintech firm focused on international remittances and embedded payments that will add Commerce Hub, and we'll be providing card not present acquiring and debit routing optimization for the mortgage operations they've built, the loyalty rewards platform for housing payment.

越來越多的電子商務供應商開始加入Fiserv。我們在第四季度全面加強了與 PayPal 在美國市場的合作關係，並繼續與 PayPal 在拉丁美洲市場簽約，以處理支付和其他增值服務。我們還與專注於國際匯款和嵌入式支付的金融科技公司 Leap Financial 達成合作，該公司將增加 Commerce Hub，並為他們構建的抵押貸款業務、住房支付的忠誠度獎勵平台提供無卡收單和借記路由優化服務。

And finally, Curb Mobility, leading taxing and mobility services company, decided to migrate to Commerce Hub. They will be our first client to deploy Android Tap to Pay, enabling drivers to use the Android devices that run their driver app as payment-accepted devices as well. This will significantly reduce their costs for dedicated in-taxi terminals, hardware, and maintenance.

最後，領先的稅務和行動服務公司 Curb Mobility 決定遷移到 Commerce Hub。他們將成為我們第一個部署 Android Tap to Pay 的客戶，這使得司機能夠將運行其司機應用程式的 Android 裝置用作接受付款的裝置。這將大大降低他們在計程車專用終端、硬體和維護上的成本。

In EMEA, Fiserv reached a first-of-a-client opportunity in Spain with Unicaja, one of the country's leading banks. We signed a strategic agreement to work together to develop advanced solutions in payments and e-commerce, including tools for omnichannel processing and point-of-sale systems in response to growing market demand in Spain from merchants of all sizes and in all verticals. There was a further traction in Spain in January with RIU Hotels, where we will be providing Clover Flex terminals and [Card Present] acquiring across their hotels in the US and Canada.

在歐洲、中東和非洲地區，Fiserv 與西班牙領先的銀行之一 Unicaja 達成了第一個客戶合作機會。我們簽署了一項策略協議，共同開發支付和電子商務領域的先進解決方案，包括全通路處理工具和銷售點系統，以滿足西班牙各種規模和各個垂直行業商家日益增長的市場需求。今年 1 月，我們與 RIU Hotels 進一步加強了在西班牙的合作，將為該品牌在美國和加拿大的酒店提供 Clover Flex 終端機和 [Card Present] 收銀服務。

In the Financial Solutions segment, we saw several large core banking wins. South State Bank, a now $65 billion Florida-based regional bank, on our premier core, plans to add approximately 20 billion assets to the platform following its recent acquisition of Independent Bank. Modernization via our DNA core continues as well with our new relationship with Third Federal Savings & Loan, a $17 billion asset bank headquartered in Cleveland.

在金融解決方案領域，我們取得了幾項大型核心銀行業務的勝利。南方州立銀行 (South State Bank) 是一家總部位於佛羅裡達州的地區性銀行，目前資產規模達 650 億美元，是我們的主要核心銀行，在最近收購獨立銀行 (Independent Bank) 後，該銀行計劃為該平台增加約 200 億美元的資產。我們透過 DNA 核心進行現代化改造的進程也持續，同時我們與第三聯邦儲蓄貸款公司（總部位於克利夫蘭、資產規模 170 億美元的銀行）建立了新的合作關係。

Finxact momentum is clearly building. According to analysis performed by a prominent global consulting firm, Finxact has more accounts in production and clients in the US than all other next-generation competitors combined. Speed to market is one important reason we win. In just 10 months, we powered the US Super App of Brazil-based, Banco Inter, to support international debit and money movement, investing loyalty points and cash back. And for DoorDash, we enabled access to sponsor bank accounts and real-time payment for DoorDash delivery personnel in just a few months.

Finxact 的勢頭顯然正在增強。根據一家全球著名顧問公司的分析，Finxact 在美國擁有的生產帳戶和客戶數量比所有其他下一代競爭對手的總和還要多。上市速度是我們成功的一個重要原因。在短短 10 個月內，我們就為巴西 Banco Inter 的美國超級應用程式提供支持，以支持國際借記和資金流動、投資忠誠度積分和現金回饋。對於 DoorDash，我們在短短幾個月內就為 DoorDash 送貨人員提供了存取贊助商銀行帳戶和即時支付的功能。

Finxact was chosen by FirstRand Group to power its digital transformation and ongoing growth objectives. FirstRand is one of the largest banks in Africa, with over $130 billion in assets, and will become the first financial institution outside of the US to select our cloud native, real-time banking platform that offers enhanced access to data.

Finxact 被 FirstRand Group 選中來支持其數位轉型和持續成長目標。FirstRand 是非洲最大的銀行之一，資產超過 1,300 億美元，將成為美國以外第一家選擇我們的雲端原生即時銀行平台以提供增強資料存取的金融機構。

CashFlow Central had a very strong Q4, signing 29 banking clients for a total of 39 since we launched. Some of the biggest in Q4 included BMO Harris Bank, Affinity Federal Credit Union, UMB Bank, and City National Bank of Florida. CashFlow Central is starting to pull through other product sales, including CheckFree and XD.

CashFlow Central 在第四季度表現非常強勁，簽署了 29 家銀行客戶，自推出以來客戶總數達到 39 家。第四季最大的銀行包括 BMO 哈里斯銀行 (BMO Harris Bank)、Affinity Federal Credit Union、UMB 銀行和佛羅裡達州城市國家銀行 (City National Bank of Florida)。CashFlow Central 開始透過其他產品銷售來拉動，包括 CheckFree 和 XD。

Overall, 2024 was a strong year with important signs of continuing success based on development and early uptake of many new products designed to be easy for clients to adopt and integrate on our leading platforms. Compared to the guidance we had laid out at the start of 2024, our final results have beaten on adjusted operating margin, adjusted EPS, and free cash flow based on strong execution, while we met expectations with 16% total company full-year organic revenue growth.

總體而言，2024 年是一個強勁的一年，基於許多新產品的開發和早期採用，具有繼續取得成功的重要跡象，這些新產品旨在方便客戶在我們領先的平台上採用和整合。與我們在 2024 年初制定的指引相比，基於強勁的執行力，我們的最終業績在調整後的營業利潤率、調整後的每股收益和自由現金流方面均超出預期，同時我們達到了預期，公司全年有機收入增長率達到 16%。

If we exclude transitory factors from Argentina, total company organic revenue growth in 2024 was 11%, a healthy and sustainable level. For the full year 2024, we returned value to shareholders in the form of share repurchases worth $5.5 billion or 34 million shares, contributing to a nearly 5% decline in average shares outstanding for the year.

如果排除阿根廷的暫時性因素，2024 年公司總有機收入成長率為 11%，這是一個健康且可持續的水平。2024 年全年，我們以價值 55 億美元或 3,400 萬股的股票回購形式向股東返還價值，導致全年平均流通股下降近 5%。

Today, we are sharing a plan that continues down the path we set at our investor conference in November 2023. For 2025, we are guiding to 10% to 12% organic revenue growth, greater than 125 basis points of adjusted operating margin expansion, 15% to 17% adjusted EPS growth, and roughly $5.5 billion of free cash flow. This guidance assumes zero contribution from transitory factors as Argentina's economy stabilizes.

今天，我們將分享一項計劃，該計劃將繼續按照我們在 2023 年 11 月投資者會議上製定的路線實施。預計 2025 年，有機收入將成長 10% 至 12%，調整後營業利潤率將擴大 125 個基點以上，調整後每股盈餘將成長 15% 至 17%，自由現金流將達到約 55 億美元。隨著阿根廷經濟趨於穩定，指引假設暫時性因素的貢獻為零。

With 85% recurring revenue in our model, natural operating leverage, ongoing efficiencies, new products, continuing investment, and healthy cash flow, we are well positioned to extend our lead and to shareholder value, and deliver our 40th consecutive year of double-digit adjusted earnings share growth. So with that, I'll turn it over to Bob to cover the numbers for the quarter and full year 2024, and some details behind the 2025 guidance.

我們的模型中有 85% 的經常性收入、自然的經營槓桿、持續的效率、新產品、持續的投資和健康的現金流，我們完全有能力擴大領先地位和股東價格，並連續 40 年實現兩位數的調整後收益份額增長。因此，我將把話題交給鮑勃，讓他介紹 2024 年本季和全年的數據，以及 2025 年指引背後的一些細節。

Thank you, Frank, and good morning, everyone. If you're following along on our slides, I'll cover the detail on total company and segment performance in the fourth quarter and full year, starting with our financial metrics and trends on slide 4. The fourth quarter capped off a year of strong revenue growth, whether you look at the numbers as reported or on an organic basis, or even if you exclude the transitory benefit of inflation and interest in Argentina. The quarter also featured significant ongoing margin expansion and improved free cash flow.

謝謝你，弗蘭克，大家早安。如果您關注我們的投影片，我將詳細介紹第四季度和全年的整個公司和部門業績，從投影片 4 上的財務指標和趨勢開始。無論是按報告數字還是按有機基礎來看，或者即使排除通貨膨脹和阿根廷利息的暫時好處，第四季度都為這一年的強勁收入增長畫上了句號。本季也出現了利潤率持續大幅擴大和自由現金流改善的情況。

Total company adjusted revenue grew 7%, while organic growth was 13%, driven by strong double-digit growth in the Merchant segment and mid-single-digit growth in Financial Solutions. The spread between these growth rates reflects currency translation. Excluding the transitory effects of excess inflation and the Dólar turista program in Argentina, total company organic revenue growth would have been 11% in the quarter.

公司調整後總營收成長 7%，有機成長率為 13%，這得益於商家部門強勁的兩位數成長和金融解決方案的中等個位數成長。這些成長率之間的差距反映了貨幣換算。排除過度通貨膨脹和阿根廷旅遊美元計畫的暫時影響，本季公司整體有機收入成長率將達到 11%。

Total company adjusted operating margin reached 42.9%, an increase of 180 basis points versus the prior year on an adjusted operating income growth of 11%. Adjusted earnings per share for the quarter was $2.51, up 15%.

公司調整後總營業利益率達 42.9%，較前一年增加 180 個基點，調整後營業收入成長 11%。本季調整後每股收益為 2.51 美元，成長 15%。

For the full year, on an adjusted basis, revenue grew 7% to $19.1 billion. Total company organic revenue growth was 16%, representing our fourth consecutive year of double-digit organic revenue growth. Most of the difference between adjusted and organic growth rates came from the sharp devaluation of the Argentine peso through September and broader dollar strength in Q4.

經調整後，全年營收成長 7% 至 191 億美元。公司整體有機收入成長率為 16%，這是我們連續第四年實現兩位數的有機收入成長。調整後成長率和有機成長率之間的大部分差異來自於 9 月阿根廷比索的大幅貶值以及第四季度美元的普遍走強。

For the full year, if you were to exclude the transitory items in Argentina, organic revenue growth would have been 11% for the year. Adjusted earnings per share was $8.80 at the top end of our guidance range, which we raised every quarter last year.

就全年而言，如果排除阿根廷的暫時性項目，全年有機收入成長率將達到 11%。調整後每股收益為 8.80 美元，處於我們預期範圍的最高端，去年我們每季都上調了這一預期。

Free cash flow for the quarter was $1.9 billion and $5.2 billion for the year. This very strong free cash flow included a positive impact from a working capital improvement project that we kicked off in Q3. We improved processes around both payables and receivables, and the benefit accrued sooner than expected. We expect this improvement to be sustained in the future.

本季的自由現金流為 19 億美元，全年自由現金流為 52 億美元。這非常強勁的自由現金流包括我們在第三季啟動的營運資本改善計畫所帶來的正面影響。我們改進了應付帳款和應收帳款的流程，收益比預期的更快產生。我們預計這種改善將在未來持續下去。

Turning to our performance by segment, starting on slide 6. Organic revenue growth in the Merchant Solutions segment was 23% in the quarter and 27% for the full year. Excluding the transitory effects of excess inflation and the Dólar turista program in Argentina, organic growth would have been 17% in the quarter and 16% for the year.

從第 6 張投影片開始，介紹我們各部分的表現。商家解決方案部門有機收入在本季成長了 23%，全年成長了 27%。若不考慮通貨膨脹過度和阿根廷旅遊美元計畫的暫時影響，本季的有機成長率將達到 17%，全年的有機成長率將達到 16%。

On slide 7, we have again included a summary of the contribution from excess Argentine inflation and interest and the temporary Dólar turista program, along with the offsetting headwind from currency devaluation, which impacts adjusted revenue for both the company and merchant segment revenue. Small business organic and adjusted revenue growth in the quarter was 24% and 12%, respectively, on payments volume of 4%.

在投影片 7 中，我們再次總結了阿根廷過度通膨和利息以及臨時 Dólar turista 計畫的貢獻，以及貨幣貶值帶來的抵銷阻力，這些都影響了公司和商家部門的調整後收入。本季小型企業有機收入和調整後收入分別成長 24% 和 12%，支付量成長 4%。

Clover revenue reached $2.7 billion in 2024 with nearly 90% in our small business line reporting. Clover revenue grew 29% in both the quarter and full year on Q4 annualized payment volume growth of 14%. This spread reflects growth in value-added solutions, some targeted value-based pricing actions, and strong hardware sales. In 2024, we rolled out five new hardware products that gained traction, particularly in our ISO channel and among bank partners investing in the merchant acquiring businesses. VAS penetration continued along its path of roughly 3 points of growth per year, reaching 22% in Q4, driven by continued growth in Clover Capital and the enhanced Clover SaaS package.

2024 年，Clover 的營收將達到 27 億美元，其中近 90% 來自我們的小型企業報告。由於第四季年化支付量成長 14%，Clover 本季和全年營收均成長了 29%。這種差距反映了增值解決方案的成長、一些有針對性的基於價值的定價行動以及強勁的硬體銷售。2024 年，我們推出了五款新的硬體產品，並獲得了廣泛關注，尤其是在我們的 ISO 管道和投資商家收單業務的銀行合作夥伴中。增值服務滲透率繼續沿著每年約 3 個百分點的成長路徑成長，第四季達到 22%，這得益於 Clover Capital 的持續成長和 Clover SaaS 套件的增強。

Enterprise organic and adjusted revenue growth in the quarter was 31% and 15%, respectively, driven by transactions growth of 17%. As with small business, organic growth in Enterprise included a transitory benefit from Argentina in the fourth quarter. Above-average enterprise growth also reflects the ramping of a large PayFac from a processing customer to a direct client, which started in earnest in Q3. For the full year, enterprise growth of 31% organic and 12% adjusted includes the impact of ramping growth from the large PayFac client we mentioned last quarter as well as the transitory effects from Argentina.

本季企業有機收入和調整後營收分別成長 31% 和 15%，這得益於交易量成長 17%。與小型企業一樣，企業的有機成長也包括第四季度來自阿根廷的暫時利益。高於平均的企業成長也反映了大型 PayFac 從處理客戶轉變為直接客戶的進程，這一進程在第三季度開始真正啟動。就全年而言，企業有機成長 31%，調整後成長 12%，其中包括我們上個季度提到的大型 PayFac 客戶的成長影響以及來自阿根廷的暫時性影響。

Commerce Hub continued its positive momentum with roughly 250 clients and daily transactions up tenfold since Q1 of 2024. Through a single API integration, Commerce Hub clients can access a variety of solutions, including fraud and security, routing optimization, Pay by Bank, and data analytics, and we continue to add to this portfolio. We found that on average, after one year, Commerce Hub clients take over four BaaS products or 60% more than non-Commerce Hub proportions. For our largest Commerce Hub clients, product attach is even higher, approaching five solutions per merchant.

Commerce Hub 繼續保持良好勢頭，自 2024 年第一季以來擁有約 250 個客戶，每日交易量增長了 10 倍。透過單一 API 集成，Commerce Hub 客戶可以存取各種解決方案，包括詐欺和安全性、路由最佳化、銀行支付和資料分析，我們也將繼續擴充此產品組合。我們發現，平均而言，一年後，Commerce Hub 客戶會採用超過四種 BaaS 產品，比非 Commerce Hub 的比例高出 60%。對於我們最大的 Commerce Hub 客戶，產品附加價值甚至更高，每個商家接近五種解決方案。

Finally, processing organic revenue in the quarter declined by 3%, partially reflecting the relocation of the large PayFac to our Enterprise segment as a direct client. For the full year, processing organic revenue declined 1%, consistent with our expectation of roughly flat growth over the medium term.

最後，本季處理有機收入下降了 3%，部分反映了大型 PayFac 作為直接客戶遷至我們的企業部門。全年加工有機收入下降 1%，與我們對中期大致持平的成長預期一致。

Adjusted operating income in the Merchant Solutions segment increased 15% for the quarter and 20% for the year. Merchant adjusted operating margin expanded 290 basis points to 37% in 2024. 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 operating income, Merchant adjusted operating margins would have expanded 120 basis points for the quarter and 230 basis points for the full year.

商家解決方案部門的調整後營業收入本季成長了 15%，全年成長了 20%。2024 年商家調整後營業利益率將擴大 290 個基點，達到 37%。如前幾季所述，預期收入的利息支出記錄在營業收入線以下。如果將預期的利息成本計入營業收入，Merchant 調整後的營業利潤率本季將擴大 120 個基點，全年將擴大 230 個基點。

Turning to slide 8 on the Financial Solutions segment, organic revenue grew 4% in the quarter and 6% for the full year, at the midpoint of 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 and 6% for the year.

我們來看第 8 張投影片中的金融解決方案部門，該季度有機收入成長了 4%，全年成長了 6%，處於我們全年預期 5% 至 7% 的中間值。從業務線來看，數位支付的有機收入和調整後收入在本季分別成長了 5%，全年成長了 6%。

Growth in Zelle revenue reached a strong 28% for the year, and we are now supporting Early Warning Services newest offering, the digital wallet pays. This is a clear example of the value Fiserv can bring at the integration of Financial and Merchant Solutions. We both enable banks to offer pays to customers and integrate the Pays Wallet as a payment option on our Enterprise and Clover merchant platforms.

Zelle 的營收全年成長強勁，達到了 28%，目前我們支援預警服務的最新產品——數位錢包支付。這是 Fiserv 在整合金融和商家解決方案時所能帶來的價值的一個明顯例子。我們都支援銀行向客戶提供支付服務，並將 Pays Wallet 作為支付選項整合到我們的 Enterprise 和 Clover 商家平台上。

We also continue to see demand for our integration on the FedNow for real-time payments, with nearly 400 of our FI clients enabled or in process. Many seamlessly, thanks to our existing integration with our Now network. In issuing, organic revenue grew 3% in the quarter and 7% for the year. Below trend growth in Q4 mostly reflects the timing of plastic and [payments] volume. Banking, organic and adjusted revenue each grew 4% in the quarter and 3% for the year, in line with our expectations. Adjusted operating income for the Financial Solutions segment was up 10% for the quarter and 7% for the year, with full-year adjusted operating margin reaching 47.3%, a 130-basis-point improvement.

我們也繼續看到對我們與 FedNow 整合以實現即時支付的需求，其中近 400 個 FI 客戶已啟用或正在使用中。由於我們與 Now 網路的現有集成，許多功能均無縫集成。在發行方面，本季有機收入成長了 3%，全年成長了 7%。第四季低於趨勢的成長主要反映了信用卡的使用時機和（支付）量。銀行業務、有機業務和調整後營收本季分別成長 4%，全年成長 3%，符合我們的預期。金融解決方案部門調整後營業收入本季成長 10%，全年成長 7%，全年調整後營業利潤率達到 47.3%，提高了 130 個基點。

Now let me wrap up our 2024 discussion with some remaining details on the financials. The adjusted effective tax rate was 18.8% for the full year. This came in slightly lower than expected on benefits of our green tax credit program. Total debt outstanding was $24.8 billion on December 31. Our debt to adjusted EBITDA ratio edged a bit lower to 2.6 times in the fourth quarter, in line with our targeted leverage range.

現在，讓我用一些有關財務的剩餘細節來結束我們關於 2024 年的討論。全年調整後有效稅率為18.8%。這比我們綠色稅收抵免計劃的收益預期略低。截至 12 月 31 日，未償還債務總額為 248 億美元。我們的負債與調整後 EBITDA 比率在第四季度略有下降，至 2.6 倍，與我們的目標槓桿範圍一致。

During the quarter, we repurchased 6 million shares for $1.3 billion, bringing our total cash return to shareholders for the full year to $5.5 billion. Average shares outstanding declined nearly 5% in 2024 as a result, and we had 18 million shares remaining authorized for repurchase at the end of the year.

本季度，我們以 13 億美元回購了 600 萬股，使我們全年向股東帶來的現金總回報達到 55 億美元。因此，2024 年平均流通股數下降了近 5%，截至年底，我們仍有 1,800 萬股授權回購。

Turning to slide 10, we're setting our full-year 2025 adjusted earnings per share guidance to a range of $10.10 to $10.30, representing 15% to 17% adjusted EPS growth. Our organic revenue growth guidance of 10% to 12% is at the high end of our medium-term target range and consistent with our organic growth in 2024, excluding the transitory contributions from Argentina last year.

轉到第 10 頁，我們將 2025 年全年調整後每股收益預期設定為 10.10 美元至 10.30 美元之間，代表調整後每股收益增長 15% 至 17%。我們對有機收入成長的預期為 10% 至 12%，處於我們中期目標範圍的高端，並且與我們 2024 年的有機成長一致，不包括去年來自阿根廷的暫時性貢獻。

Given the current macro environment in Argentina, we are assuming no contribution from excess inflation or interest in 2025 and an end to the Dólar turista program in the first quarter of 2025. The forecasted impact from foreign currency exchange is 1.5% in 2025 compared to 9% in 2024 since the Argentine peso devaluation is expected to slip as is the recent US dollar strength. This will bring adjusted revenue growth much closer to organic growth in 2025 and similar to a historical average spread.

鑑於阿根廷目前的宏觀環境，我們假設 2025 年不會出現過度通膨或利息的影響，並且 Dólar turista 計畫將於 2025 年第一季結束。預計外匯影響在 2025 年將為 1.5%，而在 2024 年將為 9%，因為預計阿根廷比索貶值將放緩，並且近期美元走強。這將使調整後的收入成長更接近2025年的有機成長，並與歷史平均值相似。

Our adjusted operating margin expansion outlook of at least 125 basis points is ahead of our prior target of at least 100 basis points annually through 2026. And we expect our free cash flow to be about $5.5 billion.

我們調整後的營業利潤率擴張預期為至少 125 個基點，高於我們先前到 2026 年每年至少 100 個基點的目標。我們預計自由現金流約為 55 億美元。

Drilling down by segment, for Merchant Solutions, we see organic revenue growth of 12% to 15% in 2025, driven mostly by strong growth in Clover, as we reach our $3.5 billion revenue target, including an increase in vast penetration to the 25% outlook. Our ability to achieve these goals is supported by opportunities we advanced in 2024 with five new hardware rollouts; new features and functionality for our three focused verticals of restaurant, services and retail; and three new geographies: Brazil, Mexico and Australia.

細分市場來看，對於 Merchant Solutions，我們預計 2025 年有機收入將成長 12% 至 15%，主要得益於 Clover 的強勁成長，因為我們實現了 35 億美元的營收目標，其中包括廣闊滲透率提高至 25% 的預期。我們實現這些目標的能力得益於我們在 2024 年推出的五款新硬體所帶來的機會；針對我們餐廳、服務和零售三大重點垂直領域的新功能和功能；以及三個新地區：巴西、墨西哥和澳洲。

We expect the small business line to grow above segment average driven by Clover. Enterprise should be slightly below the segment average to more normal levels following the end of transitory benefits in Argentina and some onetime revenues associated with the large PayFac win.

我們預計，在 Clover 的推動下，小型業務線的成長將高於行業平均。在阿根廷的臨時福利和與 PayFac 巨額勝利相關的一些一次性收入結束後，企業的收入應該會略低於該行業的平均水平，達到更正常的水平。

In the processing line, we see modest positive growth as we anniversary strategic shifts of certain clients in 2024. We will see an impact of the reduction of the Argentina transitory contributions more prominently in the first and second quarter this year as they are tougher compares to higher benefits in the first and second quarter of last year.

在加工線上，隨著 2024 年某些客戶的策略轉變，我們看到了適度的正成長。我們將在今年第一季和第二季更明顯地看到阿根廷臨時繳款減少的影響，因為與去年第一季和第二季的較高福利相比，這更為嚴格。

In Financial Solutions, we anticipate organic revenue growth of 6% to 8%. All parts of this business are expected to contribute, with new revenue as we go live with Target and Verizon in issuing, embedded finance with DoorDash, several Finxact clients, XD migrations, and early adopters of CashFlow Central. The issuing and digital payments business lines should grow at or slightly ahead of the segment growth levels, while banking grows a bit slower than average, given the nature of the business line.

在金融解決方案方面，我們預計有機收入成長率將達到 6% 至 8%。預計該業務的所有部分都將做出貢獻，隨著我們與 Target 和 Verizon 合作發行新債券、與 DoorDash 合作提供嵌入式融資、與多個 Finxact 客戶合作、進行 XD 遷移以及使用 CashFlow Central 的早期採用者，我們將創造新的收入。考慮到業務線的性質，發卡和數位支付業務線的成長速度應與分部的成長速度持平或略高於分部的成長速度，而銀行業務的成長速度將略低於平均水準。

While we don't give quarterly guidance, I think it's instructive to consider the quarterly cadence this year. Overall, we expect growth to be weighted towards the second half of the year. Several reasons for this.

雖然我們沒有提供季度指導，但我認為考慮今年的季度節奏是有益的。總體而言，我們預計成長將集中在今年下半年。造成這種情況的原因有幾個。

First, we've had multiple new product rollouts in late 2024 that we expect will gain traction over time in the market from Clover vertical software to CashFlow Central and the SMB suite. Second, we had several important new wins that will take time to implement and generate revenue, including Target expected to go live in late March and Verizon in September. Third, we entered three new countries with pilots in the fourth quarter and full-scale go-to-market efforts just getting underway this year. And lastly, the contribution from transitory items in Argentina was highest in the first half of 2024, creating tough year-over-year comparisons for the first half of 2025.

首先，我們在 2024 年底推出了多款新產品，我們預計這些產品將隨著時間的推移在市場上獲得關注，從 Clover 垂直軟體到 CashFlow Central 和 SMB 套件。其次，我們取得了幾個重要的新成果，但需要一些時間來實施和創造收入，其中包括預計 3 月底上線的 Target 和預計 9 月上線的 Verizon。第三，我們在第四季進入了三個新的國家進行試點，並且今年才剛開始全面推行行銷工作。最後，阿根廷的臨時計畫貢獻在 2024 年上半年最高，這使得 2025 年上半年的年比數據難以比較。

Q1 is a particularly difficult growth comparison from onetime Dólar turista revenue and a LatAm processing client term in Q1 2024. So while we see better second half than first=half growth, we have strong visibility and has confidence in the drivers of our full-year organic revenue growth.

與一次性旅遊收入和 2024 年第一季的拉丁美洲處理客戶期限相比，第一季的成長尤其困難。因此，雖然我們預計下半年的成長會好於上半年，但我們對全年有機收入成長的驅動力具有很強的預見性，並且充滿信心。

Lastly, on guidance. Both Merchant and Financial Solutions are expected to contribute to the at least 125 basis points of adjusted operating margin expansion that we are forecasting for the total company this year. Below the line, we see a higher interest expense in 2025 due to refinancing and ongoing growth in the merchant cash advances. Our adjusted effective tax rate should be roughly 19.5%, and we expect to continue our share repurchase program with spending ahead of free cash flow.

最後，關於指導。我們預計，商家解決方案和金融解決方案今年都將為整個公司的調整後營業利潤率成長貢獻至少 125 個基點。低於這一水平，我們預計由於再融資和商家現金預付的持續成長，2025 年的利息支出將會更高。我們的調整後有效稅率應約為 19.5%，並且我們預計將繼續我們的股票回購計劃，並在自由現金流之前進行支出。

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

說完這些，請允許我把電話轉回給弗蘭克，請他做一些結束語。

Thanks, Bob. Those of you who know us know that we are passionate about small businesses. In Q4, we partnered with the US Chamber of Commerce Foundation providing valuable insights on the impacts of Hurricanes Helene and Milton, to guide response investments and aid in small business recovery.

謝謝，鮑伯。認識我們的人都知道，我們對小企業充滿熱情。第四季度，我們與美國商會基金會合作，就颶風海倫和米爾頓的影響提供了寶貴的見解，以指導應對投資並幫助小型企業復甦。

We are undertaking similar efforts in Los Angeles as we speak, all based on the data captured in the Fiserv Small Business Index. We also have people on the ground offering assistance to all of our clients, including small businesses. And to readily address this and future disasters, we have created a $10 million relief fund to support clients and employees as needed.

我們正在洛杉磯進行類似的努力，所有這些都基於 Fiserv 小型企業指數中獲取的數據。我們還有工作人員在當地為所有客戶（包括小型企業）提供援助。為了隨時應對這次災難和未來的災難，我們設立了 1,000 萬美元的救濟基金，以在必要時為客戶和員工提供支援。

Last week, Fiserv was again named a World's (technical difficulty) this is our 10th in the last 11 years, and we are proud to have moved higher in our ranking, specifically in the areas of quality of product and service and quality of management. We're gratified to consistently rank highly on two other measures: innovation and long-term investment value, which I believe are inextricably linked. In reality, a single ranking or even multiple awards and recognitions that we've earned [can't] capture the true value of our company.

上週，Fiserv 再次被評為世界（技術難度），這是我們過去 11 年裡第 10 次獲此殊榮，我們很自豪我們的排名有所提升，特別是在產品和服務品質以及管理品質方面。我們很榮幸能夠在另外兩個指標上持續保持高排名：創新和長期投資價值，我認為這兩個指標是密不可分的。事實上，我們獲得的單一排名、甚至多個獎項和認可不足以體現我們公司的真正價值。

You've also heard me speak about the unparalleled assets of Fiserv: our scale, broad product set, vast distribution, innovative technology, global presence, deep bench, and unique combination of diverse merchant and FI clients and solutions. I'm very proud of the strong returns we have delivered on these assets and grateful to the team around me to their talent and support -- the Board, our Management Committee and Fiserv associates, as well as our clients, partners, and investors who I have had the privilege of sitting down with over the years.

您也聽過我談論 Fiserv 無與倫比的資產：我們的規模、廣泛的產品組合、廣泛的分銷、創新的技術、全球影響力、深厚的員工隊伍、以及多樣化商家和 FI 客戶與解決方案的獨特組合。我為我們在這些資產上取得的豐厚回報感到非常自豪，並感謝我身邊團隊的才華和支持——董事會、管理委員會和 Fiserv 員工，以及多年來我有幸與之坐在一起的客戶、合作夥伴和投資者。

Ultimately, Fiserv's success comes down to one thing. You've heard me say it over and over again -- the construction of the company that can endure and transcend CEOs. On December 5, I told you we would name a great CEO in a short period of time and that I'd be working every day to meet financial commitments. Now, two months later, you can see that we've delivered. I'll give you my full commitment to be working side by side with Mike pending the outcome of my nomination.

最終，Fiserv 的成功可以歸結為一件事。你們已經聽我一遍又一遍地說過──公司的結構能夠經得起 CEO 的考驗，也超越 CEO。12 月 5 日，我告訴你們，我們將在短時間內任命一位出色的首席執行官，我每天都會努力履行財務承諾。現在，兩個月過去了，你可以看到我們已經實現了目標。我將全心全意地與麥克並肩工作，等待我的提名結果。

So now operator, please open the line for questions.

現在請接線員打開熱線來回答問題。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

(操作員指示) 摩根大通 (JPMorgan) Tien-Tsin Huang。

I have to ask a question for Mike. Glad to have him on the call, of course. Just I'm curious to hear your response to what surprised you about Fiserv as you did your diligence to join the company? What was different from maybe what you thought looking at it as an investor and of course, as a client and partner?

我要問麥克一個問題。當然，我很高興他能來接聽電話。我只是好奇，當您努力加入 Fiserv 公司時，您對這家公司感到驚訝的是什麼？從投資人、客戶和合作夥伴的角度來看，這與您想像的有何不同？

Yeah. Thanks for the question. Great to hear from you. It's been a long time. My relationship with the company goes back many years, as I said, as both an investor and as a significant client.

是的。謝謝你的提問。很高興收到您的來信。已經過去好久了。正如我所說，我與該公司的關係可以追溯到很多年前，我既是投資者，也是重要客戶。

And then as a partner, with all the work we did at Zelle and Pays. It's an unbelievable company, obviously performing at a very, very high level, as you can see today, with visible revenue, cash flow, and earnings growth. So there weren't a lot of surprises. It's a terrific franchise. I understand it. I understand the plan that we have in place. I firmly believe in that plan. And our big focus internally with the team, and we've been going hard since last week, is to make sure we don't miss a beat on the execution of the strategic priorities.

然後作為合作夥伴，我們在 Zelle and Pays 做了所有的工作。這是一家令人難以置信的公司，顯然其業績表現非常出色，正如大家今天所看到的，其收入、現金流和盈利都在增長。因此並沒有太多的驚喜。這是一個很棒的特許經營權。我明白。我了解我們所製定的計劃。我堅信該計劃。我們團隊內部的重點關注點，以及我們從上週開始就一直在努力的目標，就是確保我們不會錯過策略重點的執行。

It's a long list of really exciting growth opportunities both on the merchant side of the business and the financial side of the business. The scope and potential of that set of opportunities and the ability to cross-sell across the two platforms is probably -- if there's anything in the last eight days, still early, it's probably that. That's an unparalleled opportunity that I had full appreciation of I've gotten here.

這是一份長長的清單，其中列出了商戶業務和金融業務方面一系列真正令人興奮的成長機會。這群機會的範圍和潛力以及在兩個平台上交叉銷售的能力可能是——如果過去八天有什麼事情發生的話，現在還為時過早，那可能就是那樣了。這是一個無與倫比的機會，我非常感激我在這裡得到的。

What we have, the potential on international was also a surprise. And then I've had over -- again, it's only been eight days, but I have a chance to spend time with the team deeper into the organization, incredibly impressed by the talent and innovation, especially the amount of people focused on innovation. You talked about 13,000 engineers, most of them who have reached out and expressed their excitement for the future.

我們所擁有的國際潛力也令人驚訝。然後我已經 — — 再說一次，雖然只有八天，但我有機會與團隊一起深入了解這個組織，他們的才華和創新給我留下了深刻的印象，尤其是專注於創新的人數之多。您剛才提到了 13,000 名工程師，其中大多數人都伸出了援手並表達了對未來的興奮。

And even over the last 7 or 8 days have had 10 or 12 client meetings, and we've got incredible clients. And our ability to help them navigate both an evolving and exciting payments world is against unparalleled. So as I said high-level stuff, obviously, we have more as we go to --

甚至在過去的 7 到 8 天內，我們已經舉行了 10 到 12 次客戶會議，我們擁有令人難以置信的客戶。我們幫助他們駕馭不斷發展和令人興奮的支付世界的能力是無與倫比的。正如我所說的高層次的東西，顯然，隨著我們--

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Mike, congrats. And it's been a while, but welcome. I guess we'll just start off with Clover. I mean, the sustainability of growth has been outstanding. And so when you look at the trend line into next year, even against enough comps, just remind us of what you expect the more nuanced building blocks that can keep that afloat at that level, which I know it kind of needs to be to meet your targets.

麥克，恭喜。雖然已經有一段時間了，但還是歡迎您。我想我們就從 Clover 開始。我的意思是，成長的可持續性一直都非常出色。因此，當您查看明年的趨勢線時，即使與足夠多的同類產品相比，也只需提醒我們，您期望更細微的構建模組能夠保持這一水平，我知道這需要達到您的目標。

And then just thinking about that in the cross-sell, when considering what you have in terms of new direct sales and new international markets, how is that going to contribute? So maybe just once again revisit the build blocks to the sustainability. Thanks guys.

然後想想交叉銷售，當考慮到你在新的直銷和新的國際市場方面所擁有的東西時，這會帶來什麼貢獻？因此也許只是再次審視永續發展的建構模組。謝謝大家。

Yeah. Maybe I'll take it, right? I'd start with -- like I told you all, I was going to Brazil. I was on my way back from the launch in Brazil and the President then has no doubt. So we just (inaudible) and I spent time in -- with the President of Brazil. He was so enthused about how small -- business efforts. So you go Brazil, Mexico, Australia, all coming online.

是的。也許我會接受它，對吧？首先——就像我告訴你們的，我要去巴西。我當時正從巴西的記者會返回，總統對此毫不懷疑。因此，我們只是（聽不清楚）和我一起度過了一段與巴西總統在一起的時間。他對小型商業努力非常熱心。因此，巴西、墨西哥、澳洲都已上線。

I think the ADP partnership, Maria Black gotten a job in a year ago, we spent time. She's a fabulous leader. She saw the opportunity. We saw the opportunity. You think about -- when you want to talk about a back book, let's think about ADP's back book, right? That's a hell of a back book and front book.

我認為 ADP 合作夥伴關係，瑪麗亞布萊克一年前就找到了一份工作，我們花了一些時間。她是一位出色的領導者。她看到了機會。我們看到了機會。您想想 - 當您想談論後期書籍時，讓我們想想 ADP 的後期書籍，對嗎？這真是一本非常棒的前後書。

We talk about these nearly 1,000 FI partners, we -- kind of what I love saying, that was old but it's new. I mean, we're -- with the integrated suite of CashFlow Central, bringing all the other tools, expense management and spend trend, attach it to XD, it just gives us this unbelievable opportunity to continue. We think we're the heavyweight champ of the world at partnership, as I always say partner of choice, whether it's ABV, whether it's -- we were with the great top 10 bank last night, Mike and I.

我們談論了近 1,000 名 FI 合作夥伴，我喜歡說的是，這雖然是舊的，但也是新的。我的意思是，我們 - 透過 CashFlow Central 整合套件，將所有其他工具、費用管理和支出趨勢附加到 XD，這為我們提供了繼續下去的難以置信的機會。我們認為我們是世界合作領域的重量級冠軍，正如我常說的首選合作夥伴，無論是 ABV，還是——昨晚我們和十大銀行在一起，邁克和我。

So demand is super high. And I think every FI partner, we're building tools to increase penetration in every FI partner. And then you look at all the things that we're bringing in, new software besides CashFlow Central, ADP, more website management, more employee management, more capital. We rolled out, we did a great year, rolling out five new products.

所以需求非常高。我認為我們正在針對每個 FI 合作夥伴建立工具來提高其滲透率。然後你看看我們引入的所有東西，除了 CashFlow Central、ADP 之外的新軟體，更多的網站管理，更多的員工管理，更多的資本。我們推出了五款新產品，這是偉大的一年。

So we're all gas and no break on this, baby, and that's kind of how we're playing it and we love it. And like I will just -- I'll make a statement. I'll make the statement. I make the statement everywhere. Mike is crushing it, so there's no pivots going on here. We're not rethinking, but he's going to better than me. He's going to be better than me for 15 reasons, including not a pandemic and not a merger and all gas, no break, fully integrated team. Everybody loves Mikey. That's it.

所以我們對這個遊戲全力以赴，寶貝，這就是我們的遊戲方式，我們喜歡這樣。就像我會做的一樣——我會發表一個聲明。我會發表聲明。我到處都發表這項聲明。麥克正在粉碎它，因此這裡沒有什麼轉折點。我們不會重新考慮，但他會比我更好。他會比我更好，原因有 15 個，包括沒有疫情、沒有合併、全速前進、不間斷、完全整合的團隊。人人都愛 Mikey。就是這樣。

Timothy Chiodo, UBS.

瑞銀的提摩西‧奇奧多 (Timothy Chiodo)。

Great. Thank you, and congratulations to Mike as well. On DoorDash, so big contract and certainly supports the acceleration in Financial Solutions this year, and you mentioned a pipeline of other embedded finance opportunities. So I was hoping that you could talk a little bit about the PayFare acquisition and how that plays into that.

偉大的。謝謝你，也恭喜麥克。對於 DoorDash 來說，如此大的合約無疑支持了今年金融解決方案的加速發展，您也提到了其他嵌入式金融機會的管道。所以我希望您能談談 PayFare 收購以及對公司有何影響。

I gather that it brings on program management capabilities and previously, Fiserv was working smaller third-party program managers and now you have that in-house. Maybe just talk about what this means for the revenue opportunity, not only with your existing clients but also might help you help you with some of those RFPs, particularly in light of those comments around the pipeline.

我認為它帶來了專案管理能力，之前，Fiserv 與規模較小的第三方專案經理合作，而現在他們在內部擁有了這個專案。也許只是談論這對收入機會意味著什麼，不僅對您現有的客戶而言，而且可能會幫助您處理其中一些 RFP，特別是考慮到圍繞管道的那些評論。

Yeah, Tim, it's Bob. Thanks for the question. And you're right on the mark. Obviously, we feel great about landing and very rapidly accelerating our position with DoorDash getting up to a full ramp in just a few months. That's going quite well.

是的，提姆，我是鮑伯。謝謝你的提問。你說得非常正確。顯然，我們很高興能夠登陸並非常迅速地提升我們的地位，DoorDash 在短短幾個月內就全面崛起。一切進展順利。

Program management is certainly part of the overall program with DoorDash and with embedded finance clients. We do some of that in-house. We partner with third parties. It's a combination. And PayFare will bring some additional capability to us around that aspect.

專案管理無疑是 DoorDash 和嵌入式金融客戶整體計畫的一部分。我們在內部做了一些這樣的工作。我們與第三方合作。這是一個組合。PayFare 將為我們帶來一些額外的功能。

That transaction is not yet closed, but we feel like that's a good add to the overall capability that we have. And if you think about what an embedded finance client would need, we really don't think there's another company that has all the assets available within our own shop to really wholly serve those clients. We think that's why DoorDash selected us and why we feel like we're in a great position to continue to see that space grow for us.

該交易尚未完成，但我們認為這對我們的整體能力有很大的增強。如果你考慮一下嵌入式金融客戶需要什麼，我們真的不認為有其他公司擁有我們自己的商店內的所有資產來真正全面地服務這些客戶。我們認為這就是 DoorDash 選擇我們的原因，也是我們覺得自己處於有利位置，可以繼續看到這個空間為我們成長的原因。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特（Harshita Rawat）、伯恩斯坦。

Congratulations, Mike. Bob, can you talk about January trends? Are you seeing continuation of what you saw in December and the fourth quarter? And then separately, can you also expand upon your comments in Clover GPV growth? It kind of decelerated a little bit. We've seen some acceleration in US volume growth by the network. So if you can maybe unpack the growth for us and comment on US versus international dynamics there. Thank you.

恭喜你，麥克。鮑勃，你能談談一月份的趨勢嗎？您是否看到 12 月和第四季的情況繼續延續？然後另外，您能否詳細闡述您對 Clover GPV 成長的評論？它有點減速了。我們看到網路的美國流量成長有所加速。因此，如果您能為我們解析一下成長情況並對美國與國際的動態進行評論的話。謝謝。

Sure. I would say that, obviously, what, we're 33 days into the first quarter, in line with our expectations, off to a good start from an overall consumer spending standpoint. Consumer continues to do well and remain resilient. We certainly benefit from having the breadth of our capability, serving discretionary as well as nondiscretionary categories, a lot of folks talking about experiences. And obviously, we participate in that also.

當然。我想說，顯然，第一季已經過去 33 天，我們的業績符合預期，從整體消費者支出的角度來看，開局良好。消費市場持續表現良好並保持彈性。我們當然受益於我們廣泛的能力，服務於可自由支配的以及不可自由支配的類別，很多人都在談論經驗。顯然，我們也參與其中。

So generally feel good about our ability to continue to grow nicely as we see consumer spend going on and leveraging a very broad distribution channel and variety of verticals that we serve. Obviously, I like going on in the world, and we've seen FX ease quite a bit -- or see that going on in 2025. We just talk in our prepared remarks that '25 outlook is much lower.

因此，我們看到消費者支出不斷增加，並利用了我們所服務的非常廣泛的分銷管道和各種垂直行業，我們總體上對我們繼續良好增長的能力感到滿意。顯然，我喜歡在這個世界裡前進，我們已經看到外匯市場有了很大程度的放鬆——或者看到這種情況在 2025 年繼續下去。我們只是在準備好的演講中提到，25 年的前景要低得多。

That, of course, does play into that volume. That volume is a reported number. We don't adjust it for FX. We also don't adjust it for the inflation and interest rate dynamic that we saw down in Argentina in 2024, and looking forward to not talking about that in 2025 as that has now returned to more normal levels.

當然，這確實對該卷有影響。該數量是報告的數字。我們不會根據 FX 進行調整。我們也不會根據 2024 年阿根廷出現的通膨和利率動態對其進行調整，並且預計 2025 年也不會再談論這個問題，因為現在已經恢復到更正常的水平。

So bottom line, feel good about where we are. January is continuing with similar trends we saw in the fourth quarter and excited to get the year going. Thanks, Harshita.

所以，總而言之，對我們所處的境況感到滿意。一月份延續了我們在第四季度看到的類似趨勢，我們很高興迎來了新的一年。謝謝，Harshita。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Great year. And I guess my question is within Financial Solutions, issuer slowed, you talked about that a little bit. I guess, was that because Financial Solutions product revenue was really strong in Q2, Q3, that fall in issuer, and maybe that's why it slowed a little? And then when does that pick up? When does like Verizon, et cetera, target kind of hit in 2025 to reaccelerate that?

偉大的一年。我想我的問題是在金融解決方案中，發行人放緩了，你談到了這一點。我猜，是不是因為金融解決方案產品收入在第二季和第三季非常強勁，導致發行人數量下降，也許這就是成長放緩的原因？那麼什麼時候才會恢復呢？像 Verizon 等公司什麼時候會在 2025 年實現目標以重新加速這一進程？

Yeah. Overall, fourth quarter, I would probably attribute the slowdown you saw particularly in the issuer space. That's where our print and plastic business reports, and we saw some slower volume in that space. And I think that's tied to the overall credit environments.

是的。總體而言，第四季度，我可能會將這一現象歸因於發行人領域的放緩。這是我們的印刷和塑膠業務報告，我們發現該領域的銷量有所放緩。我認為這與整體信貸環境有關。

For next year, for 2025, we see Target coming on in very late first quarter, late March. Verizon will come in in September. And the other product, large project that we've been talking about in the past is Desjardins. That will actually come to fruition in 2026. So we'll see an uptick late March, obviously, as that ramps throughout the second half of the year, and Verizon will benefit us as it ramps into the fourth quarter.

對於明年，也就是 2025 年，我們預計目標將在第一季末，也就是三月下旬實現。Verizon 將於九月加入。我們過去一直在談論的另一個產品、大型專案是 Desjardins。這一目標將於 2026 年真正實現。因此，顯然，我們將在 3 月下旬看到一個上升趨勢，因為這一趨勢將在整個下半年不斷上升，而隨著 Verizon 進入第四季度，它將為我們帶來好處。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great results. Great year. Congrats again, Frank. So can we talk strategically a little bit about your Walmart partnership? Like how do you envision this very exciting, using the Now network and FedNow and all these things, to actually maybe change the way people pay? Any early observations from your conversations there would be really helpful. Thank you.

效果非常好。偉大的一年。再次恭喜，弗蘭克。那我們可以從策略角度稍微談談您與沃爾瑪的合作關係嗎？例如，您如何設想這項非常令人興奮的事情，使用 Now 網路和 FedNow 以及所有這些東西，實際上可能改變人們支付的方式？從你們的談話中得到的任何早期觀察都會非常有幫助。謝謝。

Let's take the macro. I mean, I got the first data in 2013, and Walmart, at that point, was thinking about multiple providers and other things. And we've had a tremendous partnership. We continue doing more with them. I mean, look at us running their GV of one financial on Finxact, which I always believe we are able to service Walmart on Finxact that -- and you hear us talk about what's going on. You see First Rand as a client there coming on.

我們來看一下宏。我的意思是，我在 2013 年獲得了第一批數據，當時沃爾瑪正在考慮多家供應商和其他事情。我們之間的合作夥伴關係非常好。我們將繼續與他們進行更多合作。我的意思是，看看我們在 Finxact 上運行他們的一家金融公司的 GV，我一直相信我們能夠在 Finxact 上為沃爾瑪提供服務——你可以聽我們談論正在發生的事情。您將看到 First Rand 成為那裡的客戶。

So we continue to have an extraordinary relationship. Remember, we have a team that sits [in venting], right? I mean, that's an extent of that relationship. We have one executive in charge of it. We meet all the time. I meet with the leadership of our owned payments who might obviously understand -- Mike Lyons understand Walmart inside and out also.

因此，我們繼續保持著非凡的關係。記住，我們有一個專門負責（發洩）的團隊，對吧？我的意思是，這就是這種關係的程度。我們有一位高階主管負責此事。我們經常見面。我會見了我們自有支付部門的領導層，他們顯然了解——邁克·里昂斯 (Mike Lyons) 也對沃爾瑪瞭如指掌。

And we're generally working side by side with them on any initiatives they have in the space of payments or Fintech. We're generally focused on our clients. And certainly, our clients -- we are not really selling things to our clients. We're partnering with a client Walmart to line up with their strategic initiatives way before a rollout.

我們通常會與他們並肩合作，進行支付或金融科技領域的任何措施。我們始終以客戶為中心。當然，我們的客戶—我們實際上並不是向客戶銷售東西。我們正在與客戶沃爾瑪合作，在產品推出之前就與他們的策略計劃保持一致。

So I mean, I can't say enough about them as a client. But I'd say no, our client base is unparalleled, right? I mean, from -- we could go to the client base and it could be even a small community bank or a good community bank somewhere in America. We have lots of them. And we partner with them. It's why we have a structure of coverage the way we do, why we strongly believe in relationship management. Walmart's a 27-year relationship.

所以我的意思是，作為客戶，我對他們說不完。但我想說不，我們的客戶群是無與倫比的，對嗎？我的意思是，從——我們可以接觸到客戶群，它甚至可以是美國某個地方的小型社區銀行或一個好的社區銀行。我們有很多。我們與他們合作。這就是我們建立這樣的覆蓋結構的原因，也是我們堅信關係管理的原因。我們與沃爾瑪已有 27 年的合作關係。

So I can't -- I mean, it's not about one initiative, it's about -- and it's not about one client. But they are a fabulous client. Great partner. And they're also a strong client. They don't -- they want and deserve superior product and superior service. And we meet regularly. It's a great relationship. Thanks for asking.

所以我不能 — — 我的意思是，這不是關於一項倡議，而是關於 — — 這不是關於一個客戶。但他們是一位出色的客戶。很棒的合作夥伴。他們也是一個強大的客戶。他們不會－他們想要並且值得擁有更優質的產品和更優質的服務。我們也定期會面。這是一種很好的關係。謝謝你的提問。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Congrats, Mike. Congrats, Frank. I wanted to ask on Clover. Just, Bob, you mentioned that spread between the revenue volume growth. It did widen out a little bit. And I know you talked about the VAS penetration, the pricing and the hardware sales. I was hoping you could maybe break down the contribution to the spread among those three and then any thoughts on how that spread may evolve in 2025. Thank you.

恭喜，麥克。恭喜，弗蘭克。我想在 Clover 上問。剛才，鮑勃，您提到了收入量成長之間的差距。它確實寬了一點。我知道您談到了增值服務滲透率、定價和硬體銷售。我希望您能分析這三者對利差的貢獻，然後談談您對 2025 年利差將如何演變的看法。謝謝。

Sure. Thanks, Jason. I think overall, the list that you just had is where we are from a ranking standpoint. VAS is certainly continuing to improve, expand. We'll see that absolutely continue into 2025, where we expected a 25% VAS penetration. Good growth in 2024, 3 points over the previous year.

當然。謝謝，傑森。我認為總體而言，您剛剛列出的清單就是我們從排名的角度所處的位置。VAS 肯定會不斷改進和擴大。我們將看到這種趨勢絕對會持續到 2025 年，屆時我們預計增值服務滲透率將達到 25%。2024年成長良好，較上年成長3個百分點。

Hardware, given the fact that we rolled out five new pieces of hardware, we saw a very nice uptick in that space, the Kiosk, the Clover Flex, Flex Pocket, et cetera, all participated in helping drive additional hardware. We're also seeing more uptick in that from financial institution clients investing in the Clover capability. And then from an overall mix standpoint, more direct is giving us a great opportunity going forward.

硬件，鑑於我們推出了五款新硬件，我們看到該領域出現了非常好的上升趨勢，Kiosk、Clover Flex、Flex Pocket 等都參與了幫助推動更多硬件的發展。我們也看到金融機構客戶對 Clover 功能的投資呈現進一步成長的動能。然後從整體組合的角度來看，更直接的結合為我們提供了巨大的發展機會。

Jim Faucette, Morgan Stanley.

摩根士丹利的吉姆‧福塞特 (Jim Faucette)。

Good morning. Congrats to Mike and Frank. Wanted to ask quickly about the go-to-market on a lot of these new offerings. It seems like a lot of attractive potential for your financial partners to engage with small businesses further with the new offerings. We're pretty excited about those. But wondering how we should think about go-to-market support for those, what the implications for operating expenses are, and what kind of proof points we should be watching to see as your financial partners start to engage and roll out? Thanks.

早安.祝賀邁克和弗蘭克。想快速詢問一下這些新產品的上市情況。對於您的金融合作夥伴來說，透過新的產品進一步與小型企業合作似乎具有很大的吸引力。我們對此感到非常興奮。但問題是，我們應該如何考慮對這些產品的上市支持，這對營運費用有何影響，當您的金融合作夥伴開始參與和推出產品時，我們應該關注什麼樣的證明點？謝謝。

Yeah. (inaudible) when we lay all this out, obviously, we're adding to our sales force, right? And we love to add to our sales force. So that's a real positive. We also have world-class distribution. So our ability to get product out, we have a very, very structured way to deal with our partners that's been tried and true.

是的。 （聽不清楚）當我們把所有這些都列出來時，顯然我們正在擴大我們的銷售隊伍，對嗎？我們也樂意擴充我們的銷售團隊。這確實是一件正面的事情。我們也擁有世界一流的分銷能力。因此，我們有能力推出產品，我們有一個非常結構化的方式來與我們的合作夥伴打交道，這個方式已經得到證實。

Start with how much distribution we got at a Clover, right? Like that was really a distribution channel and distribution partners, right? So it -- as we'd like to say, what's old is new. We're just coming back to using our distribution capability, add more sales. Obviously, we are also going to have more digital capability of distribution this year than we had last year. And we're adding more sales people, feet on the [Street] across the board.

從我們在 Clover 獲得的分銷量開始吧？那真的是一個分銷管道和分銷合作夥伴，對嗎？所以 — — 正如我們想說的，舊的就是新的。我們只是想重新利用我們的分銷能力來增加銷售額。顯然，今年我們的數位分銷能力也將比去年更強。我們正在全面增加銷售人員，讓更多人參與銷售活動。

So I think there is -- it sounds like a lot, but a lot of it's incident. A lot of it's technically integrated. We're doing a very good job, whether it's on ADP or CashFlow Central, to have deep technical integration. And ultimately, our bank partners want to help because all these things is more revenue for that, right?

所以我認為──聽起來很多，但很多都是偶然事件。其中很多都是技術整合的。無論是在 ADP 還是 CashFlow Central 上，我們都做得很好，實現了深度的技術整合。最終，我們的銀行夥伴願意提供協助，因為所有這些都能帶來更多收入，對嗎？

So when you think about Clover growth, when you think about CashFlow Central growth, when you think about ADP, deeply technically integrated. We're adding feet on the Street. Bank partners love it because it's revenue to them. All our partners, the ADP, these are revenue sharing agreement. Everybody is incented to grow these products. So nothing really new there, except more technically integrated than ever before.

因此，當您考慮 Clover 成長時，當您考慮 CashFlow Central 成長時，當您考慮 ADP 時，深度技術整合。我們正在增加在華爾街的業務。銀行合作夥伴喜歡它，因為這可以為他們帶來收入。我們所有的合作夥伴 ADP 都是收入分享協議。每個人都受到激勵去種植這些產品。所以這裡並沒有什麼新鮮事，只是技術整合度比以前更高。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

And nice to meet you, Mike, over the phone. I wanted to ask about CashFlow Central. Could you give us your latest thoughts, Frank or Bob, on when it will become a material contributor to the P&L? Will it gain enough momentum to be felt in 2025? And also just help us understand the sort of economic model there? Is it bps on volume, fixed fee, subscription fee? How do you actually price the thing? Thank you.

很高興透過電話認識你，麥克。我想問有關 CashFlow Central 的問題。弗蘭克或鮑勃，您能否告訴我們您的最新想法，它何時會成為損益表的重要貢獻者？它是否會獲得足夠的動力以在 2025 年顯現出來？也能幫助我們了解那裡的經濟模式嗎？它是按數量收費的基點、固定費用還是訂閱費用？您實際上如何為這個物品定價？謝謝。

Meaningful in a $20-plus billion company has a lot of variability on how people mean meaningful. But well, in the second half of this year, our clients are going to be online and we expect to be looking at revenue. I think if you said meaningful in a way (inaudible) thinks about meaningful, it's more like '26, not '25. But this has a long-term sustainability, durability.

對於一家價值 200 多億美元的公司來說，意義的多樣性取決於人們對意義的定義。但是，今年下半年，我們的客戶將會上線，我們預計將看到收入。我認為，如果您說有意義（聽不清楚）認為有意義，那麼它更像是'26，而不是'25。但這具有長期的可持續性、持久性。

And like Mike and I, we sit around and talk. And (inaudible), we're doing this with him because he's under the hood for eight days. And most of us, we believe that our ability to grow the company in total is just as much as we can consume because we're continuing to -- well, I said this a long time ago to you all when we laid out targets a long time ago. We can continue to add TAM opportunities.

就像麥克和我一樣，我們坐在一起聊天。而且（聽不清楚），我們之所以對他這樣做，是因為他已經在醫院待了八天。我們大多數人都相信，我們推動公司整體成長的能力，取決於我們能夠消費多少，因為我們在繼續——好吧，很久以前，當我們設定目標時，我就對你們說過這個。我們可以繼續增加TAM機會。

So I think on the specific question, it's -- you'll see numbers starting to run up in the second half. I would consider it, in my language, meaningful, right, in '26. And I think we're not limited to that opportunity, always [to have] so many growth drivers in the company. And you heard from Mike, his own words and when he sat in an all-day management meeting on the first -- on -- last Monday, and we go through the business plans and look at the opportunities, and that's why we're able to post the numbers we post. It's a land of opportunity. I hope that's helpful.

所以我認為，關於具體問題，你會看到下半年數字開始上升。用我的語言來說，我會認為它在'26 年是有意義的。我認為我們並不局限於這樣的機會，公司始終擁有如此多的成長動力。你們也聽到了麥克親口說的話，上週一他參加了一整天的管理會議，討論了商業計劃，尋找機會，這就是我們能夠發布這些數字的原因。這是一片充滿機會的土地。我希望這有幫助。

So thank you for your attention today. Reach out to our IR team. I hope to talk to all of you. And like I like to say, I'll be here until I'm not. But Mike and I are side by side. They won't let me say that earlier, but I'm saying it now. Have a great day. Bye.

非常感謝大家今天的關注。聯絡我們的 IR 團隊。我希望和大家交談。就像我想說的，我會一直在這裡，直到我離開為止。但麥克和我並肩作戰。他們之前不讓我說這些，但我現在要說。祝你有美好的一天。再見。

Thank you all for participating in the Fiserv fourth-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 年第四季財報電話會議。今天的電話會議到此結束。請立即斷開連接，並享受剩餘的美好時光。