Fiserv Inc (FISV) 2025 Q1 法說會逐字稿

Welcome to the Fiserv first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

歡迎參加 Fiserv 2025 年第一季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。

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

現在，我想將電話轉給 Fiserv 投資者關係高級副總裁 Julie Chariell。

Thank you, and good morning. With me on the call today are Frank Bisignano, our Chairman and Chief Executive Officer; Mike Lyons, our President and incoming CEO; and Bob Hau, our Chief Financial Officer.

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首席執行官弗蘭克·比西尼亞諾 (Frank Bisignano)、我們的總裁兼即將上任的首席執行官邁克·里昂斯 (Mike Lyons) 以及我們的首席財務官鮑勃·豪 (Bob Hau)。

Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of fiserv.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call, along with a reconciliation of those measures to the nearest applicable GAAP measures. Unless otherwise stated, performance references are year-over-year comparisons.

我們的季度財報和補充資料可在 fiserv.com 的「投資者關係」版塊取得。請參閱這些資料，以了解本次電話會議中討論的非 GAAP 財務指標的解釋，以及這些指標與最接近的適用 GAAP 指標的對照表。除非另有說明，否則業績參考均為年比比較。

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.

我們今天的演講將包括前瞻性陳述，其中包括預期的經營和財務業績以及戰略舉措等。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。您應該參考我們的收益報告來了解這些風險因素的討論。

And now for the last time, I'll turn the call over to Frank.

現在最後一次，我將把電話交給弗蘭克。

Thank you, Julie, and thank you all for joining us today. It was a particularly active first quarter, but I think you've come to expect that from Fiserv. First, we were steadfast on execution, and that worked out well as we exceeded consensus EPS, expanded a leading client franchise and partner relationships, and advanced our new product and market initiatives, while making several strategic acquisitions.

謝謝你，朱莉，也謝謝大家今天加入我們。第一季表現特別活躍，但我想您已經對 Fiserv 抱持著期待。首先，我們堅定不移地執行，並且取得了良好的效果，因為我們超越了普遍預期的每股收益，擴大了領先客戶的特許經營權和合作夥伴關係，推進了我們的新產品和市場計劃，同時進行了幾次戰略收購。

We also completed our CEO transition. Mike has exceeded all of my expectations. And as a company, we haven't missed a beat. While the economic landscape remains dynamic, we are focused on executing, driving out growth initiatives and hitting the commitments we set forth in February.

我們也完成了執行長的過渡。麥克已經超越了我的所有期望。作為一家公司，我們沒有錯過任何機會。儘管經濟狀況依​​然充滿活力，但我們仍將專注於執行、推動成長計畫並兌現我們在二月所做的承諾。

As for me, I'll continue to do all I can to extend Fiserv's industry-leading position, pending the outcome of the full Senate vote on my nomination to Social Security Commissioner.

至於我，我將繼續盡我所能擴大 Fiserv 的業界領先地位，等待參議院對我擔任社會安全專員提名的全體投票結果。

You've often heard me talk about the deep bench we have here at Fiserv. And last month, Mike and I took steps to further advance the organization with the elevation of Takis Georgakopoulos, our new Chief Operating Officer. Takis was named as a Senior Adviser back in June after a successful career at JPMorgan, most recently as Global Head of Payments. The COO role is a natural next step for Takis, who is an accomplished leader and talented operator with deep expertise in technology and payments around the world.

您經常聽我談論 Fiserv 的強大人才儲備。上個月，麥克和我採取措施進一步推動公司的發展，任命 Takis Georgakopoulos 為新任營運長。塔基斯在摩根大通取得了成功，最近擔任全球支付主管，今年 6 月被任命為高級顧問。對塔基斯 (Takis) 來說，擔任營運長是理所當然的下一步，他是一位經驗豐富的領導者和才華橫溢的營運商，在全球技術和支付領域擁有深厚的專業知識。

He took the baton from Guy Chiarello who became Vice Chairman and continues to report directly to Mike. In this role, Guy is focused on developing best-in-class products, deepening client and partner relationships, and guiding our technology strategy. He is also spearheading our efforts to leverage artificial intelligence and data, both within Fiserv and for our clients. The balance of the management committee remains in place.

他從蓋伊·奇亞雷洛 (Guy Chiarello) 手中接過接力棒，後者成為副董事長，並繼續直接向麥克匯報工作。在這個職位上，蓋伊專注於開發一流的產品、深化客戶和合作夥伴關係以及指導我們的技術策略。他還帶頭推動我們在 Fiserv 內部和客戶中利用人工智慧和數據的努力。管理委員會的平衡保持不變。

Lastly, I'd like to wrap up with some reflections. I am extremely proud of what we have built at Fiserv. The company's ability to extend its leadership position is clear. It comes from scale and profitability, a strong balance sheet global footprint, more key clients, broad distribution through a network of partners, vast resources to invest and innovate, and a business model that's durable enough to weather shifts in the economy.

最後，我想總結我的一些感想。我對我們 Fiserv 所取得的成就感到非常自豪。該公司擴大其領導地位的能力是顯而易見的。它來自規模和盈利能力、強大的資產負債表全球影響力、更多的關鍵客戶、透過合作夥伴網絡的廣泛分銷、龐大的投資和創新資源，以及足夠持久以抵禦經濟變化的商業模式。

It is these attributes that led us to outperform on both operating and valuation measures post-merger and can extend our track record of 39 consecutive years of double-digit adjusted EPS growth. The alignment of our ecosystems from merchants and financial institutions is driving our growth now and into the future. As commerce and banking are increasingly interconnected, we are positioned to help clients on both sides to meet their growth aspirations. It is a construct unparalleled in the market today, ripe with opportunity and clearly hard to replicate.

正是這些特點使得我們在合併後的營運和估值指標上均表現出色，並延續了我們連續 39 年實現兩位數調整後每股收益成長的記錄。我們的商家和金融機構生態系統的協調正在推動我們現在和未來的成長。隨著商業和銀行業日益緊密地聯繫在一起，我們有能力幫助雙方的客戶實現他們的成長願望。這是當今市場上無與倫比的構造，充滿機遇，顯然難以複製。

And with that, I'll turn the call over to Mike.

說完這些，我將把電話轉給麥克。

Thank you, Frank, for your tireless efforts in guiding Fiserv and me personally through this transition. It is truly an honor and a privilege to lead the company going forward, and I feel fortunate to do so alongside Guy, Bob, Takis and the rest of our established and proven management team.

謝謝你，弗蘭克，謝謝你為指導費瑟夫和我個人完成這一轉變所做出的不懈努力。能夠帶領公司繼續前進，我感到非常榮幸，我很幸運能夠與 Guy、Bob、Takis 以及我們其他成熟且經驗豐富的管理團隊一起做到這一點。

Over the last 90 days, I've had the opportunity to meet many of our talented employees and partners and over 1,000 of our clients. These interactions have only further validated my view that Fiserv has an absolutely outstanding franchise with many attractive growth opportunities, some of which we are actively pursuing and some that have yet to be tapped and would bring incremental TAM.

在過去的 90 天裡，我有幸見到了我們許多才華橫溢的員工和合作夥伴以及 1,000 多名客戶。這些互動進一步證實了我的觀點，即 Fiserv 擁有絕對出色的特許經營權，擁有許多誘人的成長機會，其中一些我們正在積極追求，而另一些則尚未開發並將帶來增量 TAM。

In nearly all of my client discussions, the focus was on what more Fiserv could do for them. It is clear that we are valued, trusted and that clients recognize our scale, stability and technical prowess. These attributes are even more important in the current environment of macro uncertainty and industry disruption.

在與客戶的幾乎所有討論中，焦點都集中在 Fiserv 能為他們做些什麼。顯然，我們受到重視和信任，客戶也認可我們的規模、穩定性和技術實力。在當前宏觀不確定和產業混亂的環境下，這些屬性顯得更為重要。

So for Fiserv, commerce and banking activity carry on and our clients continue to engage with us to explore ways to modernize and digitize, grow their market share and better serve their customers.

因此，對於 Fiserv 而言，商業和銀行業務活動仍在繼續，我們的客戶也繼續與我們合作，探索現代化和數位化的方法，擴大市場份額並更好地服務客戶。

Turning to first quarter results. Fiserv is off to a strong start for the year with total company organic revenue up 7%, adjusted earnings per share up 14% and our adjusted operating margin up 200 basis points. As you know, we had anticipated slower revenue growth to start the year and remain confident that growth will accelerate as the year progresses and we execute on existing contracts and key initiatives.

談到第一季的業績。Fiserv 今年開局強勁，公司總有機收入成長 7%，調整後每股盈餘成長 14%，調整後營業利潤率成長 200 個基點。如您所知，我們預計今年年初的收入成長將會放緩，但我們仍然相信，隨著時間的推移以及我們執行現有合約和關鍵舉措，收入成長將會加速。

Confidence in our positioning and prospects has us leaning into opportunities presented in this dynamic environment.

對我們的定位和前景的信心使我們抓住了這個動態環境中出現的機會。

And in the last 60 days, we announced four strategic acquisitions outside the United States and a new US operating hub. In March, we acquired Payfare, a Canadian provider of program management solutions that enhances our growing embedded finance capability and adds two major gig economy companies as clients.

在過去的 60 天裡，我們宣布了在美國以外的四項策略收購以及一個新的美國營運中心。3 月，我們收購了加拿大專案管理解決方案提供商 Payfare，這增強了我們不斷增長的嵌入式金融能力，並增加了兩家主要的零工經濟公司作為客戶。

Shortly thereafter, we closed the acquisition of CCV Group, a prominent player in omnichannel payment solutions that meaningfully expands our footprint in the Netherlands, Germany and Belgium. CCV will help us accelerate the deployment of Clover across Europe. Earlier this month, we acquired Pinch Payments, a payment facilitator serving merchants in Australia and New Zealand.

此後不久，我們完成了對全通路支付解決方案領域的知名企業 CCV 集團的收購，這顯著擴大了我們在荷蘭、德國和比利時的業務範圍。CCV 將幫助我們加速 Clover 在歐洲的部署。本月初，我們收購了 Pinch Payments，一家為澳洲和紐西蘭商家提供服務的支付服務商。

And finally, earlier this week, we announced the planned acquisition of Money Money in Brazil to enhance our capital offering to merchants based on risk scoring capability and integration with the receivables registry infrastructure regulated by the Central Bank.

最後，本週早些時候，我們宣布計劃收購巴西的 Money Money，以根據風險評分能力以及與中央銀行監管的應收帳款登記基礎設施的整合，增強我們向商家提供的資本。

This past Monday, we were excited to announce the opening of a new fintech hub in Overland Park, Kansas. This new location will house 2,000 associates as part of our proven strategy to bring people together in major offices to drive innovation, collaboration and efficiency.

上週一，我們很高興地宣佈在堪薩斯州歐弗蘭帕克開設一個新的金融科技中心。這個新地點將容納 2,000 名員工，這是我們行之有效的策略的一部分，該策略旨在將人們聚集在主要辦事處，以推動創新、協作和效率。

Let's shift to our performance at the segment level. Merchant Solutions posted 8% organic revenue growth with a 10 basis point rise in adjusted operating margin to 34.2%. Bob will discuss the details, so I'd like to highlight our progress in the quarter on three key near-term initiatives.

讓我們轉向細分層面的表現。Merchant Solutions 的有機收入成長了 8%，調整後的營業利潤率上升了 10 個基點，達到 34.2%。鮑伯將討論細節，因此我想強調我們本季在三個關鍵近期舉措上取得的進展。

First is driving Clover growth through new products, new markets, new partners and new geographies. Second is signing more financial institutions as merchant referral partners. And the third is adding new and existing enterprise merchant clients to our Commerce Hub platform and driving vast penetration.

首先是透過新產品、新市場、新合作夥伴和新地區推動 Clover 的成長。二是簽約更多金融機構作為商家推薦夥伴。第三是將新的和現有的企業商家客戶添加到我們的 Commerce Hub 平台並推動廣泛的滲透。

Let's dig into these, starting with Clover. Over the last few months, we've made major advances in our international strategy, introducing Clover in four new countries: Mexico, Brazil, Australia and Singapore, and entering Belgium through the CCV deal. This brings the total number of Clover countries to 13.

讓我們深入研究一下，從 Clover 開始。在過去的幾個月裡，我們的國際策略取得了重大進展，將 Clover 引入了四個新國家：墨西哥、巴西、澳洲和新加坡，並透過 CCV 交易進入比利時。這使得三葉草國家的總數達到 13 個。

We are particularly excited about the Brazil opportunity given our size, scale and momentum in the country and multiple distribution channels, including direct sales, ISVs through our Software Express unit and our leading financial institutions partners.

鑑於我們在巴西的規模、範圍和發展勢頭以及多種分銷管道，包括直銷、透過我們的 Software Express 部門的 ISV 和我們領先的金融機構合作夥伴，我們對巴西的機會感到特別興奮。

We spent Q1 training and preparing these partners and they've hit the ground selling in April, and we expect results will ramp through the year. In Asia Pac, we launched Clover in Australia on the last day of the quarter, with a full cloud-based SaaS platform including hardware, processing and value-added solutions.

我們在第一季對這些合作夥伴進行了培訓和準備，他們已於 4 月開始銷售，我們預計全年業績將會大幅提升。在亞太地區，我們在本季的最後一天在澳洲推出了 Clover，它擁有一個完整的基於雲端的 SaaS 平台，包括硬體、處理和增值解決方案。

Our deep relationships in Australia mean we are well positioned to scale Clover through partners as well as direct distribution. Shortly after the launch in Australia, we kicked off a Clover pilot in Singapore. Also in Q1, a leading provider of buy now, pay later services, Klarna, signed an agreement to enable its payment options on Clover devices in the US with initial plans to enable over 100,000 merchant locations.

我們與澳洲建立了深厚的關係，這意味著我們有能力透過合作夥伴和直接分銷來擴大 Clover 的規模。在澳洲推出後不久，我們在新加坡啟動了 Clover 試點。同樣在第一季度，領先的「先買後付」服務提供商 Klarna 簽署了一項協議，在美國的 Clover 設備上啟用其支付選項，初步計劃覆蓋超過 100,000 個商家。

Clover Sport continues to win stadiums and arenas with nearly 350 of them in total and growing. Denver Broncos as well as six NCAA venues selected Clover Sport in Q1 to streamline payment operations throughout these high-traffic locations. In May, we will be introducing Clover Hospitality, a new point-of-sale system designed to meet the needs of upper market restaurants, broadening our TAM.

Clover Sport 繼續贏得體育場館和競技場，總數已接近 350 個，並且還在不斷增長。丹佛野馬隊以及六個 NCAA 場館在第一季選擇了 Clover Sport，以簡化這些人流量大地點的支付操作。五月份，我們將推出 Clover Hospitality，這是一個新的銷售點系統，旨在滿足高端市場餐廳的需求，擴大我們的 TAM。

Our advanced technology across hardware, software and payments will create a unique high-end restaurant solution. Clover Hospitality will debut at the National Restaurant Association Conference and we are thrilled to have Sean Feeney highly regarded Brooklyn-based LILIA as our first client.

我們在硬體、軟體和支付方面的先進技術將打造獨特的高級餐廳解決方案。Clover Hospitality 將在全國餐飲協會會議上首次亮相，我們很高興 Sean Feeney 備受推崇的布魯克林 LILIA 成為我們的第一位客戶。

Our new partnership with ADP is progressing well. Teams from each company are deeply engaged and working collaboratively up through Maria and I who regularly discuss ongoing development. We are seeing strong initial receptivity from small businesses who are increasingly looking for integrated solutions like ours. We are already piloting a two-way referral program and expect leads to multiply as we complete our technical integration throughout the year.

我們與 ADP 的新合作關係進展順利。每個公司的團隊都深度參與並透過瑪麗亞和我進行協作，我們定期討論正在進行的發展。我們看到小型企業的初步接受度很高，他們越來越多地尋求像我們這樣的整合解決方案。我們已經在試行雙向推薦計劃，預計隨著我們全年完成技術整合，潛在客戶數量將會倍增。

Our level of optimism for this partnership has only grown as we apply our best-of-breed brands and distribution to drive compelling value for small businesses. Turning to our second major initiative. We added 33 new financial institutions as merchant partners in the US in Q1. This marks an acceleration from last year when we added just over 100 in total.

隨著我們運用我們最好的品牌和分銷管道為小型企業創造引人注目的價值，我們對這種合作關係的樂觀程度只會不斷增長。談談我們的第二項重大舉措。我們在第一季在美國增加了 33 家新的金融機構作為商家合作夥伴。與去年相比，今年我們的員工總數增加了 100 多人，這是一個加速。

Our pipeline is strong, and we expect to meaningfully outpace that number in 2025 driven by financial institutions' desire to win in the small business space by using Clover and our broader SMB suite. Along those lines, we extended our joint venture agreement with PNC in Q1, which also included a Clover hardware order.

我們的管道非常強大，我們預計到 2025 年，這一數字將大幅超過這一水平，這得益於金融機構希望透過使用 Clover 和我們更廣泛的 SMB 套件在小型企業領域取得成功。沿著這一思路，我們在第一季延長了與 PNC 的合資協議，其中還包括 Clover 硬體訂單。

On April 1, we transitioned our joint venture with Wells Fargo to a processing agreement and we look forward to supporting their SMB growth strategy. We also enhanced our merchant referral agreement, as well as our card issuer processing relationship with ICBA Payments, a subsidiary of the Independent Community Bankers of America, whose clients and members together represent $4 trillion in assets. Overall, we now have merchant referral partnerships with 40 of the top 100 financial institutions with several other large opportunities in the pipeline.

4 月 1 日，我們將與富國銀行的合資企業轉變為加工協議，我們期待支持他們的中小企業成長策略。我們也加強了與美國獨立社區銀行家協會的子公司 ICBA Payments 的商家推薦協議以及發卡機構處理關係，該協會的客戶和會員總資產達 4 兆美元。總體而言，我們目前已與全球前 100 家金融機構中的 40 家建立了商家推薦合作夥伴關係，並且正在籌備其他幾個大型合作機會。

Our merchant FI partnerships also extend beyond the US In Q1, we won the merchant acquiring business in Austria for UniCredit Bank, one of the top-performing banks in Europe, as they look to bring Clover to their small business clients. And finally, we added several new enterprise merchants to Commerce Hub in Q1 and expanded VAS with others.

我們的商家金融機構夥伴關係也延伸到了美國以外。在第一季度，我們贏得了奧地利聯合信貸銀行 (UniCredit Bank) 的商家收單業務，該銀行是歐洲表現最好的銀行之一，他們希望將 Clover 帶給他們的小型企業客戶。最後，我們在第一季為 Commerce Hub 增加了幾家新的企業商家，並與其他商家一起擴展了 VAS。

We signed Fanatic Sportsbook, one of the largest and fastest-growing online sports books, which will use a range of services from e-commerce acquiring and value-added solutions, including our authorization, optimization tools and digital payouts.

我們與 Fanatic Sportsbook 簽約，它是規模最大、發展最快的線上體育博彩公司之一，它將使用一系列電子商務收購和增值解決方案服務，包括我們的授權、優化工具和數位支付。

Additionally, Sezzle a leader in buy now, pay later services selected Commerce Hub and has embraced a full suite of Fiserv products for their BMPL payments, including global merchant acquiring and debit routing via our STAR and XL networks. Texas Roadhouse, an American steakhouse chain with over 700 locations in 49 states, expanded VAS by choosing Fiserv's gift solutions and shopper data insights for enhanced customer engagement and operational analytics.

此外，作為先買後付服務的領導者，Sezzle 選擇了 Commerce Hub，並採用了全套 Fiserv 產品用於其 BMPL 支付，包括透過我們的 STAR 和 XL 網路進行全球商家收單和借記路由。Texas Roadhouse 是一家美國牛排連鎖店，在 49 個州擁有 700 多家分店，它透過選擇 Fiserv 的禮品解決方案和購物者數據洞察來擴展 VAS，以增強客戶參與度和營運分析。

Yum! Brands, a long-standing marquee client that renewed its contract during the quarter, expanded VAS by signing on for fraud network tokens and our authorization optimization tools. Client authorization metrics using the new optimization tool have been encouraging, and we will soon be utilizing our position as the one merchant acquirer and one card issuer processor to make it even better.

好吃！Brands 是一家長期的知名客戶，在本季度續簽了合同，透過簽署詐欺網路令牌和我們的授權優化工具擴展了 VAS。使用新優化工具的客戶授權指標令人鼓舞，我們很快就會利用我們作為唯一商家收單機構和唯一發卡機構處理商的地位，使其變得更好。

By virtue of these top positions, we have a greater volume and variety of data than other providers. We are combining this wealth of data with our AI in order to continually monitor, interpret and suggest improvements to increase authorization rates for our clients.

憑藉這些領先地位，我們擁有比其他提供者更多的資料量和種類。我們將這些豐富的數據與我們的人工智慧結合，以便持續監控、解釋並提出改進建議，從而提高客戶的授權率。

During a pilot with one of the Magnificent Seven tech companies, our off-off tool was able to improve the recovery rate on declines by 30% before the enhanced data solution, which will be available later this year.

在與七大科技公司之一的試點計畫中，我們的離線工具能夠在增強型數據解決方案推出之前將下降時的採收率提高 30%，該解決方案將於今年稍後推出。

Now let's move to the Financial Solutions segment, which posted organic revenue growth of 6% and a very strong adjusted operating margin of 47.5%, up 340 basis points. Before Bob cover some of the key drivers here, I want to highlight progress on our three key strategies: gaining leadership in issuing and banking, driving adoption of CashFlow Central and XD and advancing cross-Fiserv solutions.

現在讓我們來看看金融解決方案部門，該部門的有機收入成長了 6%，調整後的營業利潤率非常強勁，達到 47.5%，上漲了 340 個基點。在 Bob 介紹一些關鍵驅動因素之前，我想先強調我們三個關鍵策略的進展：在發行和銀行業務中取得領導地位、推動 CashFlow Central 和 XD 的採用以及推進跨 Fiserv 解決方案。

Starting with the Issuing business, we converted the Target Circle card portfolio in Q1, adding one of the largest retailers in the United States to our Optus platform, and further cementing our strong lead in the retail issuing space. In EMEA, Vanquis Banking Group, a leading specialist bank and a key client for many years, was the first to sign on for our next-generation cloud-native processing platform, Vision Next, under a new 12-year credit card processing agreement. This kicked off what we believe will be a new growth phase for our international issuing business.

從發卡業務開始，我們在第一季轉換了 Target Circle 卡組合，將美國最大的零售商之一添加到我們的 Optus 平台，進一步鞏固了我們在零售發卡領域的領先地位。在歐洲、中東和非洲地區，領先的專業銀行和多年來的關鍵客戶 Vanquis Banking Group 率先簽署了我們下一代雲端原生處理平台 Vision Next 的新 12 年信用卡處理協議。我們相信，這將開啟我們國際發行業務的新增長階段。

In the US, we renewed a number of important relationships including a leading brand-focused issuer, Fred Financial, a servicer and credit card issuer CardWorks, and a fintech lender, Abom. These early renewals and multiyear extensions are a testament to the strength of our relationships, offerings and product road map and the direct result of our prior and planned investments. With over 1.7 billion accounts on file, we are now nearly twice as large as our closest competitor.

在美國，我們與多家重要機構續簽了合作關係，其中包括領先的品牌發行商 Fred Financial、服務商和信用卡發行商 CardWorks 以及金融科技貸款機構 Abom。這些提前續約和多年延期證明了我們的關係、產品和產品路線圖的強大，以及我們先前和計劃中的投資的直接結果。我們擁有超過 17 億個帳戶，幾乎是我們最接近的競爭對手的兩倍。

In Banking, we continue to invest in core modernization. In Q1, we introduced CoreAdvance, our latest investment in providing modern core technology to the community banking market. With cloud-based solutions, CoreAdvance offers real-time processing, including payments, transactions and decisioning, allowing community banks to serve their customers with technology typically available only to the largest banks. For larger financial institutions, DNA remains an attractive upgrade path, and we continue to build and expand Finxact as well as Signature Next outside the US

在銀行業務方面，我們繼續投資於核心現代化。在第一季度，我們推出了 CoreAdvance，這是我們為社區銀行市場提供現代核心技術的最新投資。憑藉基於雲端的解決方案，CoreAdvance 提供即時處理，包括支付、交易和決策，使社區銀行能夠使用通常只有大型銀行才能使用的技術為客戶提供服務。對於大型金融機構來說，DNA 仍然是一條相當吸引人的升級途徑，我們將繼續在美國以外建構和擴展 Finxact 以及 Signature Next

In Q1, we signed Republic Bank, a $7 billion asset institution, onto DNA; while Northwest Bank, an existing $14 billion asset client will add many new accounts pending its acquisition of $2 billion Penns Woods Bancorp. Moving to a key growth product for us in the coming years, CashFlow Central. We are excited to announce that our first client went live just last week Washington Federal, a $28 billion asset bank. This is a critical milestone for CashFlow Central as we look to activate the 53 other financial institutions that have already signed up and accelerate the pace of new wins.

在第一季度，我們與資產規模達 70 億美元的共和銀行簽署了 DNA 協議；而現有資產規模達 140 億美元的西北銀行將在收購資產規模達 20 億美元的 Penns Woods Bancorp 後增加許多新帳戶。我們將在未來幾年轉向一個關鍵的成長產品—CashFlow Central。我們很高興地宣布，我們的第一位客戶華盛頓聯邦銀行（一家資產規模達 280 億美元的銀行）上週正式上線。這對 CashFlow Central 來說是一個重要的里程碑，因為我們希望啟動已經簽約的其他 53 家金融機構並加快新勝利的步伐。

In Q1, we secured 15 new mandates for CashFlow Central, including one for BECU, a $30 billion asset credit union, and one for a large commercial bank with $50 billion in assets. With respect to advancing cross-Fiserv solutions, we see ongoing opportunities in three main areas.

在第一季度，我們為 CashFlow Central 獲得了 15 項新授權，其中包括一項針對資產規模為 300 億美元的信用合作社 BECU 的授權，以及一項針對資產規模為 500 億美元的大型商業銀行的授權。在推進跨 Fiserv 解決方案方面，我們看到三個主要領域存在持續的機會。

First is our Star and Excel debit networks where we provide optimal routing for merchants. We've invested here to become the third largest provider and we are excited about our opportunity to expand with synergies across our card issuing and merchant businesses.

首先是我們的 Star 和 Excel 借記網絡，我們為商家提供最佳路由。我們在這裡進行投資，成為第三大供應商，我們很高興有機會透過發卡和商家業務之間的協同效應進行擴張。

For example, this quarter, Domino's a merchant gift card client, signed on for routing over STAR and Excel. Second is our SMB integrated suite which combines multiple products for financial institutions to offer their merchant customers. The solutions use online banking platforms like XD, our digital banking asset, as the integration and access point for other SMB products including Clover and CashFlow Central.

例如，本季度，商家禮品卡客戶 Domino 簽署了透過 STAR 和 Excel 進行路由的協議。第二個是我們的 SMB 整合套件，它結合了多種產品，供金融機構為其商家客戶提供服務。該解決方案使用我們的數位銀行資產 XD 等網路銀行平台作為其他 SMB 產品（包括 Clover 和 CashFlow Central）的整合和存取點。

In Q1, Teachers Federal Credit Union, a nearly $10 billion institution, purchased the broadest SMB suite yet, including CashFlow Central, XD and Sell4 Business after becoming a Clover referral partner in Q4. Our third key cross Fiserv initiative is embedded finance.

在第一季度，資產近 100 億美元的教師聯邦信用合作社在第四季度成為 Clover 推薦合作夥伴後，購買了迄今為止最廣泛的 SMB 套件，包括 CashFlow Central、XD 和 Sell4 Business。我們與 Fiserv 合作的第三個關鍵舉措是嵌入式金融。

Our marquee win here was DoorDash and our subsequent acquisition of Payfare added a white-label mobile app, a cloud-native orchestration platform and robust program management. These assets have helped us produce an active and high-quality pipeline.

我們在這裡最大的勝利是 DoorDash，我們隨後收購了 Payfare，增加了一個白標行動應用程式、一個雲端原生編排平台和強大的程式管理。這些資產幫助我們打造了活躍且高品質的管道。

Our embedded finance capabilities allow us to enable banking, lending and payment services an e-commerce experience. We achieved this by combining our merchant acquiring and card issuing capabilities with bank-grade general ledger processing through Finxact.

我們嵌入式的金融能力使我們能夠為銀行、貸款和支付服務提供電子商務體驗。我們透過將商家收單和發卡能力與 Finxact 的銀行級總帳處理相結合來實現這一目標。

No other single company offers all of this under one roof with the scale and resources to manage traditional and emerging payment modalities globally. In Q1, we signed a strategic partnership with Thread Bank, a leading provider of embedded and digital banking services nationwide.

沒有其他任何一家公司能夠提供所有這些服務，並擁有管理全球傳統和新興支付方式的規模和資源。第一季度，我們與全國領先的嵌入式和數位銀行服務供應商 Thread Bank 簽署了策略合作夥伴關係。

Thread chose Finxact's cloud-based core platform to scale its embedded banking offering for a broad range of customers, demonstrating Finxact's ability to support not only banking but also payments and data at scale.

Thread 選擇了 Finxact 的基於雲端的核心平台來擴展其為廣泛客戶提供的嵌入式銀行服務，證明了 Finxact 不僅能夠支援銀行業務，還能支援大規模支付和資料。

As Bob will detail, we are maintaining our expectations for 2025, with accelerated growth in the back half of the year. With that, I'll turn it over to Bob to take you through the financials.

正如鮑伯所詳述的，我們維持對 2025 年的預期，預計下半年將加速成長。說完這些，我就把麥克風交給鮑勃，請他向你們介紹一下財務狀況。

Thank you, Mike, 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 first quarter, starting with our financial metrics and trends on Slide 4. Our first quarter results were in-line with our expectations.

謝謝你，麥克，大家早安。如果您關注我們的投影片，我將詳細介紹第一季公司和各部門的整體業績，從投影片 4 上的財務指標和趨勢開始。我們第一季的業績符合我們的預期。

As I said during last quarter's call, we anticipated a slower start to the year and are pleased with the progress toward our plan for faster growth in the second half.

正如我在上個季度的電話會議上所說，我們預計今年的開局會比較慢，但我們對下半年更快成長計畫的進展感到滿意。

Total company organic revenue growth was 7%, with good growth in each of our segments. Adjusted revenue growth was 5%, including the impact of currency translation, which had a significantly smaller impact compared to Q1 of last year and was in-line with historically average levels of just under 2%.

公司整體有機收入成長 7%，各部門均實現良好成長。調整後收入成長率為 5%，其中包括貨幣換算的影響，與去年第一季相比，其影響明顯較小，與略低於 2% 的歷史平均值一致。

Free cash flow of $371 million reflects expected Q1 seasonality, mostly related to timing of working capital and green tax credits. On a trailing 12-month basis, free cash flow was $5.2 billion, and for 2025, we continue to expect approximately $5.5 billion of free cash flow.

3.71 億美元的自由現金流反映了預期的第一季季節性，主要與營運資金和綠色稅收抵免的時間有關。在過去 12 個月中，自由現金流為 52 億美元，到 2025 年，我們預計自由現金流仍將達到約 55 億美元。

Revenue growth this year looks dramatically different from 2024 due to the effects of interest and inflation on our business in Argentina. The contribution from excess inflation, interest rates and the interim Dolar Turista program to our organic revenue growth is zero this quarter compared to 10 of the 20 percentage points of organic growth in the year-ago quarter.

由於利息和通貨膨脹對我們在阿根廷的業務的影響，今年的收入成長與 2024 年相比有很大不同。本季度，過度通貨膨脹、利率和臨時 Dolar Turista 計劃對我們有機收入增長的貢獻為零，而去年同期有機收入增長為 20 個百分點，其中 10 個百分點來自過度通貨膨脹、利率和臨時 Dolar Turista 計劃的貢獻。

Total company adjusted operating margin was 37.8%, an increase of 200 basis points versus the prior year and an adjusted operating income growth of 11%. Adjusted earnings per share for the quarter was $2.14, up 14%. Turning to performance by segment, starting on Slide 5. Organic and adjusted revenue growth for the Merchant Solutions segment was 8% and 5%, respectively, for the first quarter. This is in-line with our expectation and reflects 3 timing-related factors.

公司調整後總營業利益率為 37.8%，較前一年增加 200 個基點，調整後營業收入成長 11%。本季調整後每股收益為 2.14 美元，成長 14%。從投影片 5 開始，轉向按部分劃分的表現。第一季商家解決方案部門的有機收入和調整後收入成長率分別為 8% 和 5%。這符合我們的預期，並反映了3個與時間相關的因素。

First, the impact of leap year, which contributed an extra day last Q1. Second, timing of the Easter holiday moving from Q1 last year to Q2 this year. And third, a difficult year-over-year comparison against the large term fee that we discussed in Q1 '24. The sum total of these three items impacted our merchant organic revenue growth by roughly 3 percentage points.

首先，閏年的影響，導致去年第一季多出一天。第二，復活節假期時間從去年第一季提早到今年第二季。第三，與我們在 2024 年第一季討論的巨額定期費用相比，同比變化很困難。這三項總和對我們的商家有機收入成長產生了約 3 個百分點的影響。

Turning to the three business lines of the Merchant Solutions segment. Small Business organic and adjusted revenue growth in the quarter was 10% and 7%, respectively on payment volume growth of 3%. A slightly slower pace of volume growth reflects the leap year contribution last year and the toughest compare quarter.

轉向商家解決方案部門的三條業務線。本季小型企業有機收入和調整後營收分別成長 10% 和 7%，支付量成長 3%。銷售成長速度略有放緩反映了去年閏年的貢獻以及最艱難的季度。

By sector, we saw declines in discretionary categories in Q1, including travel and hotels as well as restaurants. By contrast, volume growth at grocery, services and QSR establishments held up relatively well. Through the quarter, we saw a stable January, slightly lighter February, in part driven by weather with a rebound in March.

從業界來看，第一季旅遊、飯店和餐飲等非必需品類別均出現下滑。相較之下，雜貨店、服務和快餐店的銷售成長相對較好。整個季度，我們看到 1 月表現穩定，2 月略有好轉，部分原因是受天氣影響，3 月反彈。

For April, Small Business payment volume is tracking in-line with March levels. For Clover, revenue grew 27% in the first quarter and annualized payment volume growth of 8%. The softer volume growth largely reflects three factors: first, leap year and Easter, as I just mentioned.

四月份，小型企業支付量與三月份水準相當。Clover 第一季營收成長 27%，年化支付量成長 8%。交易量成長放緩主要反映了三個因素：第一，正如我剛才提到的閏年和復活節。

Second, a difficult comparison against the gateway conversion that brought new merchants to cover in Q1 '24. And third, a slowdown in spending in Canada, particularly on travel. Canada is currently the largest international market for Clover.

其次，與 2024 年第一季吸引新商家的網關轉換相比，這是一個困難的比較。第三，加拿大的支出放緩，尤其是旅遊支出。加拿大目前是 Clover 最大的國際市場。

Excluding these specific factors, Clover volume grew at a healthy double-digit pace. Clover revenue growth was a solid 27% against the highest growth quarter last year. There are several reasons for the spread between revenue and volume growth including a 2-point gain sequentially in the penetration rate of Clover value-added services to 24%. Roughly one-third of the spread came from strong Clover hardware sales.

除去這些特定因素，Clover 的銷售量以健康的兩位數速度成長。與去年最高成長季度相比，Clover 的營收成長了 27%。營收和銷售成長之間的差距有幾個原因，其中包括 Clover 增值服務的滲透率連續 2 個百分點上升至 24%。大約三分之一的利潤來自強勁的 Clover 硬體銷售。

As Mike mentioned, banks in particular added Clover hardware as part of a strategic focus to address the SMB acquiring market. Such sales bode well for our processing and VAS revenue going forward. Another nearly one-third came from growth in Anticipation and Clover Capital.

正如 Mike 所提到的，銀行特別添加了 Clover 硬體作為解決中小企業收單市場的策略重點的一部分。這樣的銷售業績對我們未來的加工和加值服務收入來說是一個好兆頭。另外近三分之一來自 Anticipation 和 Clover Capital 的成長。

As we added more Clover merchants in Argentina late last year, their Anticipation revenue is now ramping in Clover VAS, and we continue to see overall strength in other Clover VAS as well.

隨著我們去年年底在阿根廷增加了更多的 Clover 商家，他們的預期收入現在在 Clover VAS 中不斷攀升，而且我們也繼續看到其他 Clover VAS 的整體實力。

Enterprise organic and adjusted revenue growth in the quarter was 12% and 8%, respectively, driven by transactions growth of 13%. Enterprise organic revenue growth was mostly driven by new clients and VAS penetration, which continues to ramp, in part helped by new offerings such as Data-as-a-Service and our new authorization optimization tool.

本季企業有機收入和調整後營收分別成長 12% 和 8%，這得益於交易量成長 13%。企業有機收入成長主要受到新客戶和加值服務滲透率的推動，這部分得益於資料即服務和我們的新授權優化工具等新產品的推動。

Finally, Processing organic revenue growth in the quarter declined by 7%. Excluding the impact on revenue growth from a termination fee received in the first quarter of last year, processing organic revenue growth would have been up 4%.

最後，本季加工有機收入成長下降了 7%。如果不考慮去年第一季收到的終止費用對收入成長的影響，處理有機收入成長將達到 4%。

Adjusted operating income in the Merchant Solutions segment increased 5% for the quarter. Merchant adjusted operating margin expanded 10 basis points to 34.2%, compared to a particularly strong result in Q1 2024. Over the past two years, merchant adjusted operating margin increased 450 basis points.

本季商家解決方案部門的調整後營業收入成長了 5%。與 2024 年第一季的強勁業績相比，商家調整後的營業利潤率擴大了 10 個基點，達到 34.2%。過去兩年，商家調整後的營業利益率增加了450個基點。

Turning to Slide 6, the Financial Solutions segment. Both organic and adjusted revenue grew 6% in the quarter, in-line with our 2025 and medium-term outlook of 6% to 8%. Growth was led by strength in Digital Payments and Issuing. Looking at business lines. Digital Payments organic and adjusted revenue each grew by 8% in the quarter on growth in Zelle transactions of 22% and an initial revenue from the sale of data.

轉到投影片 6，即金融解決方案部分。本季有機營收和調整後營收均成長 6%，與我們對 2025 年和中期 6% 至 8% 的預期一致。成長主要得益於數位支付和發行業務的強勁成長。查看業務線。本季度，數位支付的有機收入和調整後收入分別成長了 8%，這得益於 Zelle 交易量增加了 22%，以及數據銷售帶來的初始收入。

You've heard us talk about the vastness of our data in the past. Now as clients have started to experience the power of that data, we are seeing new revenue streams. This long-term initiative is just beginning to bear fruit after years of investment in data science capabilities and governance.

您過去曾聽我們談論過數據的海量。現在，隨著客戶開始體驗數據的力量，我們看到了新的收入來源。經過多年對數據科學能力和治理的投資，這項長期計畫才剛開始取得成果。

We expect revenue to grow meaningfully over time, though the near-term won't be a steady upward track. For Zelle, we continue to expand our leading role as an enabler, and our client base has grown to represent two-thirds of the financial institutions on the Zelle network, including 6 of the top 10 credit unions and seven of the top 18 non-owner banks.

我們預計收入將隨著時間的推移而大幅增長，儘管短期內不會穩定上升。對於 Zelle，我們繼續擴大我們作為推動者的主導作用，我們的客戶群已經發展到代表 Zelle 網路上三分之二的金融機構，其中包括前 10 家信用合作社中的 6 家和前 18 家非業主銀行中的 7 家。

In Issuing, organic and adjusted revenue grew 8% and 7%, respectively. The strong performance in Issuing was driven by high growth in the international business and continued momentum in North America. Our vertical growth focus continues with positive contributions from health care and loan accounts.

在發行業務方面，有機收入和調整後收入分別成長了 8% 和 7%。發行業務的強勁表現得益於國際業務的高速成長和北美業務的持續成長動能。我們繼續專注於垂直成長，醫療保健和貸款帳戶做出了積極貢獻。

Verizon will begin to contribute to revenue in the second half of the year and Embedded Finance related revenue should contribute to growth in this business line, as well as in the Banking business line. Banking organic and adjusted revenue each grew 1% in the quarter.

Verizon 將從今年下半年開始貢獻收入，嵌入式金融相關收入將促進該業務線以及銀行業務線的成長。本季銀行有機收入和調整後營收均成長 1%。

Finxact revenue was a positive contributor, with more revenue under contract to contribute later this year. We expect accelerated growth from experienced digital clients, as we now have a more automated migration solution in place that will significantly reduce the implementation time. This is expected to help turn recent sales into revenue faster and help close new sales as the year progresses.

Finxact 的收入是一個積極的貢獻者，根據合同，今年稍後將貢獻更多收入。我們預計經驗豐富的數位客戶將加速成長，因為我們現在擁有更自動化的遷移解決方案，這將大大縮短實施時間。預計這將有助於更快地將近期銷售轉化為收入，並有助於在年內完成新的銷售。

Functionality within XD continues to advance. In Q1, we integrated CashFlow Central and Clover behind XD as the front door and began offering digital merchant acquiring to automate our merchants onboarding to Clover through XD.

XD 內的功能不斷進步。在第一季度，我們將 CashFlow Central 和 Clover 整合到 XD 後面作為前門，並開始提供數位商家收單服務，以透過 XD 自動化我們的商家加入 Clover。

Adjusted operating income for the Financial Solutions segment was up 14% for the quarter with adjusted operating margin of 47.5%, a 340 basis point improvement. The increase in adjusted operating margin resulted from a higher mix of discrete data and license sales and improved operational efficiency. Now let me wrap up our Q1 discussion with some remaining details on the financials.

本季金融解決方案部門的調整後營業收入成長 14%，調整後營業利潤率為 47.5%，提高了 340 個基點。調整後營業利潤率的增加源自於離散數據和許可證銷售組合的增加以及營運效率的提高。現在，讓我用一些有關財務的剩餘細節來結束我們第一季的討論。

The adjusted effective tax rate was 17.9%. First quarter is historically our lowest tax rate of the year, and this was largely in-line with Q1 2024. We continue to expect our full year adjusted tax rate to be approximately 19.5%.

調整後有效稅率為17.9%。從歷史上看，第一季的稅率是我們一年中最低的，這與 2024 年第一季的稅率基本一致。我們繼續預計全年調整後的稅率約為 19.5%。

Total debt outstanding was $28.3 billion on March 31. Our debt to adjusted EBITDA ratio increased to 2.9 times in the first quarter on timing of free cash flow and share repurchase volume. This remains in-line with our targeted leverage range of 2.5 to 3 times leverage.

截至 3 月 31 日，未償還債務總額為 283 億美元。由於自由現金流量和股票回購量的增加，我們的負債與調整後 EBITDA 比率在第一季增加到 2.9 倍。這與我們 2.5 至 3 倍的目標槓桿範圍一致。

During the quarter, we repurchased nearly 10 million shares for $2.2 billion, bringing our total cash returned to shareholders for the past 12 months to $6.2 billion. Average shares outstanding declined 5% since Q1 of last year as a result. We had 68 million shares remaining authorized for repurchase at the end of the quarter. And our robust share repurchase activity demonstrates both confidence in the outlook for our business and our commitment to returning value to shareholders.

本季度，我們以 22 億美元回購了近 1,000 萬股股票，使過去 12 個月返還給股東的現金總額達到 62 億美元。因此，自去年第一季以來，平均流通股數下降了 5%。截至本季末，我們仍有 6,800 萬股授權回購。我們強勁的股票回購活動既顯示了我們對業務前景的信心，也顯示了我們致力於為股東帶來價值的承諾。

Turning to Slide 8. We are maintaining our full year 2025 guidance of organic revenue growth of 10% to 12% and adjusted earnings per share in the range of $10.10 to $10.30, representing 15% to 17% adjusted EPS growth. The forecast impact from foreign currency exchange remains 1.5% for 2025.

翻到幻燈片 8。我們維持 2025 年全年有機收入成長 10% 至 12% 的預期，調整後每股收益在 10.10 美元至 10.30 美元之間，相當於調整後每股收益成長 15% 至 17%。預計到 2025 年外匯匯率的影響仍為 1.5%。

This outlook contemplates an environment where tariffs remain at current levels and consumer spending remains stable. The cost impact of tariffs at current levels is expected to be minimal relative to the size of the cost base of the company and thus manageable within our guidance range.

這一前景考慮的是關稅維持在當前水準且消費者支出保持穩定的環境。預計目前水準的關稅對成本的影響相對於公司成本基礎的規模而言是微乎其微的，因此在我們的指導範圍內是可控的。

As Mike mentioned we continue to expect revenue growth to be weighted towards the second half of the year, with some anticipated revenue already under contract and being implemented. Additionally, we have a number of newer products and markets that are on track to contribute. Our adjusted operating margin expansion outlook of at least 125 basis points is also unchanged and is ahead of our medium-term target of at least 100 basis points annually.

正如麥克所提到的，我們仍然預計收入成長將集中在下半年，一些預期收入已經簽訂合約並正在實施。此外，我們還有許多新產品和新市場有望做出貢獻。我們調整後的營業利潤率擴張前景至少為 125 個基點，也保持不變，並且高於我們每年至少 100 個基點的中期目標。

From a segment perspective, we continue to see Merchant Solutions organic revenue growth of 12% to 15% in 2025, driven in large part by Clover and its international expansion efforts, new product development and increase in VAS penetration, as well as Commerce Hub with its expanding demand and VAS capability.

從細分市場來看，我們預計 Merchant Solutions 的有機收入將在 2025 年繼續成長 12% 至 15%，這主要得益於 Clover 及其國際擴張努力、新產品開發和 VAS 滲透率的提高，以及 Commerce Hub 不斷擴大的需求和 VAS 能力。

We remain on track to achieve our targets of $3.5 billion in revenue for Clover and 25% VAS penetration by year-end. In Financial Solutions, we continue to anticipate organic revenue growth of 6% to 8% with a healthy pipeline of implementations to drive revenue from CashFlow Central, XD, Finxact, Issuing in real-time payment products in the back half.

我們仍有望實現 Clover 年底前 35 億美元營收和 25% 增值服務滲透率的目標。在金融解決方案方面，我們繼續預期有機收入將成長 6% 至 8%，並擁有健康的實施方案，以推動下半年 CashFlow Central、XD、Finxact 和即時支付產品發行的收入。

Overall, the guidance range does account for some variability. And as you have seen from us over many years, we managed well through economic cycles and have a strong capacity to invest in our people and products. Because we can support our clients at a time when others may be struggling, we are leaning in.

總體而言，指導範圍確實考慮了一些變化。正如大家多年來所看到的，我們很好地度過了經濟週期，並且擁有強大的投資能力，可以投資我們的員工和產品。因為我們可以在其他人陷入困境時為我們的客戶提供支持，所以我們會伸出援手。

With that, operator, let's open the line for questions.

接線員，現在讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Darrin Peller from Wolf Research. Please go ahead.

來自 Wolf Research 的 Darrin Peller。請繼續。

Hi guys. Thanks. Maybe we could just start off on the trajectory of the Merchant business. Obviously, the Clover growth was very strong at the 27% we are seeing. And so when we build that in, if you could just remind us some of the trends we're seeing and maybe a little bit more quantification of what we'd expect volume growth to look like in Clover as the year progresses.

嗨，大家好。謝謝。也許我們可以從商家業務的軌跡開始。顯然，我們看到 Clover 的成長非常強勁，達到了 27%。因此，當我們將其納入其中時，如果您可以提醒我們一些我們看到的趨勢，並進一步量化我們預計隨著時間的推移 Clover 的銷售成長。

And then more importantly, as we build out in Brazil and Australia, we add these VAS, what kind of revenue growth you see in terms of a bridge between volume and revenue growth for Clover? Finally, just overall Merchant trajectory as the year progresses would be great from a sequential standpoint.

更重要的是，隨著我們在巴西和澳洲的業務拓展，我們增加了這些增值服務，您認為 Clover 的銷售和營收成長之間會帶來什麼樣的營收成長？最後，從連續的角度來看，隨著時間的推移，商家的整體發展軌跡將會很棒。

Yeah, Darrin, good morning and thanks for the question. Overall, feel good about the 27% revenue growth for the Clover business, VAS moving up to 24%, as we continue our march and we reaffirmed our commitment to delivering the $3.5 billion for the full year and 25% VAS for the full year of this year. And Q1 results were right in-line with our path towards doing that.

是的，達林，早安，謝謝你的提問。總體而言，我們對 Clover 業務 27% 的收入成長感到滿意，增值服務 (VAS) 上升至 24%，我們將繼續前進，並重申我們的承諾，即實現全年 35 億美元的收入和 25% 的全年增值服務。第一季的業績與我們實現這一目標的路徑完全一致。

We certainly continue to expect growth in the latter part of the year, both in terms of further VAS penetration reaching that 25%, as well as overall volume growth. We mentioned in the prepared remarks this morning, Q1 was really impacted by a couple of key things. Obviously, leap year gave us an extra point of growth last year.

我們當然會繼續預期今年下半年的成長，無論是增值服務滲透率進一步達到 25%，還是整體銷售的成長。我們在今天早上的準備好的發言中提到，第一季確實受到了一些關鍵因素的影響。顯然，閏年為我們去年帶來了額外的成長點。

Easter was in March last year, it's in actually very late April this year. And so we see some acceleration of volume and, therefore the revenue growth. Adding to that, things like Clover Hospitality going out, the continued acceleration of our international regions, both in Latin America and in Asia Pacific, with new countries going live during the first quarter and early second quarter.

去年的復活節是在三月，而今年的復活節實際上是在四月下旬。因此，我們看到銷量有所加速，營收也隨之成長。除此之外，Clover Hospitality 的推出，以及我們在拉丁美洲和亞太地區的國際區域持續加速發展，第一季和第二季初將有新的國家上線。

And then I -- we'll also see some benefit from CCV, the new acquisition, continued distribution channel expansion in Europe, and actually essentially adding a new country with Belgium having a good distribution channel through CCV and being able to sell Clover through that distribution channel.

然後，我們還將看到 CCV 帶來的一些好處，新的收購，歐洲分銷管道的持續擴張，以及實際上增加了一個新的國家，比利時透過 CCV 擁有良好的分銷管道，並能夠透過該分銷管道銷售 Clover。

So there is a number of good things ahead of us that give us confidence in the ability to deliver that $3.5 billion of revenue, and that includes the performance in Q1.

因此，我們面前有許多好事，讓我們有信心實現 35 億美元的收入，其中包括第一季的業績。

Yes, I think, Bob, we continue to, in terms of distribution, the merchant, financial institution partnerships, we continue to see good growth on that front. And then we continue to enhance -- we talked about it in a bill throughout the year, continue to enhance the merchant experience, whether that be with the partnership with ADP, the rollout of CashFlow Central and the integration of that and to Clover over time, leveraging AI through Clover's -- and the merchant opportunities for new leads, get royalty, lots of different things around the merchant experience.

是的，鮑勃，我認為，在分銷、商家、金融機構合作方面，我們將繼續看到這方面的良好成長。然後，我們將繼續增強——我們在全年的一項法案中討論了這個問題，繼續增強商家體驗，無論是與 ADP 合作，推出 CashFlow Central 並將其與 Clover 進行整合，透過 Clover 利用人工智慧——以及商家獲得新線索的機會，獲得特許權使用費，圍繞商家體驗的許多不同的事情。

Tien-Tsin Huang from JPMorgan.

來自摩根大通的黃天欽。

Thank you so much. I had to ask a parting question for Frank because I'd love to hear, Frank, your thoughts on the Global Payments-FIS asset swap and how they are unbundling merchant and choosing depth there over breadth. And that's clearly in contrast to what Fiserv has done and what you guys have built. So does that change your thinking on that bet and the strategic sort of view on the sum of the parts for Fiserv?

太感謝了。我不得不問弗蘭克一個臨別問題，因為弗蘭克，我很想聽聽你對全球支付-FIS 資產互換的看法，以及他們如何拆分商家並選擇深度而不是廣度。這顯然與 Fiserv 所做的事情以及你們所建構的形成了鮮明對比。那麼，這是否會改變您對那次賭注的看法以及對 Fiserv 各部分總和的策略觀點？

I think -- let's talk about what Fiserv is for a second. You have Clover on the front end and now you watch it rolling out globally. So we then have this partnership model that's unparalleled. You heard us talk about where we are standing in the top 100 banks, but equally as important is over 1,000 bank partners, and we consider that something we could continue to grow.

我想——讓我們來討論一下 Fiserv 是什麼。您在前端擁有 Clover，現在您可以看到它在全球範圍內推出。因此，我們擁有這種無與倫比的合作模式。您聽到我們談論我們在前 100 家銀行中的地位，但同樣重要的是超過 1,000 家銀行合作夥伴，我們認為這是我們可以繼續發展的。

With the intersection here of merchants and FIs, and even you'll get Payfare, that's going to end up being a home run for us. You don't see any of that right now in the numbers, but you'll see it in the future. I mean, I think this is the best talented management team in the industry. I think it put together the company.

隨著商家和金融機構的交匯，甚至還有 Payfare，這對我們來說最終會是一支全壘打。你現在在數字中看不到這些，但將來你會看到。我的意思是，我認為這是業界最優秀的管理團隊。我認為它使公司團結起來。

I never thought there were three deals that were actually the same. Everybody laughed at me. And we have a debit network, we have an issuing business that's unparalleled. I love our international franchise. Yes, we leverage the ability to cross-sell through the best distribution network. I feel that market opportunity has opened up across the board, and that would include in the debit space with deals that were done.

我從來沒有想過實際上有三筆交易是相同的。大家都笑我。我們擁有借記網絡，擁有無與倫比的發卡業務。我喜歡我們的國際特許經營權。是的，我們利用最佳分銷網絡進行交叉銷售的能力。我認為市場機會已經全面打開，其中包括已完成交易的借記卡領域。

I mean, I think Michael will have his own point of view after 90 days, but -- and I know he's happy to talk about it. But if you think about it, issuer strength, that 1.7 billion accounts on file, that's 2 times our largest competitor.

我的意思是，我認為邁克爾在 90 天後會有自己的觀點，但是——而且我知道他很樂意談論這件事。但如果你仔細想想，發行人的實力，存檔的 17 億個帳戶，是我們最大競爭對手的 2 倍。

And we got fintechs coming up. You're going to continue to watch that win. Our hand, in my opinion, is unparalleled. And we -- the reason we did the First Data-Fiserv deal was because that was the deal to do, right? They weren't comparable. Debit networks were not the same size. The issuing business was not the same size. Our ability to understand Zelle and the bank for across both companies. I mean I could go on for the whole call. I won't. But I love the hand, I love the company.

我們迎來了金融科技的崛起。你將繼續觀看這場勝利。在我看來，我們的手牌是無與倫比的。我們之所以進行 First Data-Fiserv 交易是因為這是我們應該做的交易，對嗎？它們沒有可比性。借記網絡的規模並不相同。發行業務規模並不相同。我們有能力了解 Zelle 和兩家公司的銀行。我的意思是我可以繼續整通通話。我不會。但我喜歡這雙手，我喜歡這家公司。

I would just add, in earlier comments, I said met with over 1,000 clients in the last 90 days, and all of those conversations are about how to do more with them. And a lot of those conversations are at the intersection of commerce and banking.

我只想補充一點，在之前的評論中，我說在過去 90 天內會見了超過 1,000 名客戶，所有這些對話都是關於如何與他們做更多的事情。其中許多對話都涉及商業和銀行業的交叉領域。

And whether it be transactions in the market, noise around tariffs, noise around the equity raising markets or M&A markets, whatever it may be, size, scale, resilience, continued investment, consistency of strategy, these are all resonating with our clients, and you could feel that come through the quarter as people may look at a certain function that they've relied on a smaller fintech without access to capital to provide, and then turn to us on the trust front.

無論是市場交易、關稅噪音、股權融資市場或併購市場的噪音，無論是什麼，規模、範圍、彈性、持續投資、戰略一致性，這些都與我們的客戶產生共鳴，你可以感覺到，在整個季度，人們可能會看到他們依賴小型金融科技公司提供的某項功能，而這些功能沒有資本來提供，然後在信託方面轉向我們。

Again, it goes back to size, scale and just continuous consistency of strategy that, frankly, over the last several years since that deal. So we see it as a huge advantage for us, and like we do every day, we are out in the market trying to win share by adding value to our clients. If we get greater ability from disruption in these deals, then that's great.

再次，這又回到了規模、範圍和策略的持續一致性的問題，坦白說，自那筆交易以來的幾年裡一直如此。因此，我們認為這對我們來說是一個巨大的優勢，就像我們每天所做的那樣，我們在市場上試圖透過為客戶增加價值來贏得份額。如果我們能從這些交易的中斷中獲得更大的能力，那就太好了。

Ramsey El-Assal from Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, thanks for taking my questions. Good morning. On Clover volumes, Bob mentioned some Canada headwinds. I'm just curious, were those headwinds -- do you interpret those headwinds as being kind of idiosyncratic to Canada? Are they sort of ring-fenced in Canada? Is there a risk that we see similar dynamics emerge either here in the US or in other international markets? I think you called out travel, for example.

你好，謝謝你回答我的問題。早安.關於 Clover 銷量，鮑伯提到了一些加拿大的不利因素。我只是好奇，這些是逆風嗎——您是否認為這些逆風是加拿大特有的？他們在加拿大受到保護嗎？我們是否有可能在美國或其他國際市場看到類似的動態出現？例如，我認為您提到了旅行。

Yeah, Ramsey where we really saw it was in the travel aspect. And for – I’d say, based on the data we have, it does feel like it is Canadian specific. It is certainly discretionary spending, and we saw that come down. We did talk generally in our prepared remarks that, broadly across our merchant base, we did see discretionary, i.e., travel, hotels and restaurants come down.

是的，我們真正看到拉姆齊在旅行方面。而對於——我想說，根據我們掌握的數據，它確實感覺像是加拿大特有的。這當然是可自由支配的開支，而且我們看到這一數字有所下降。我們在準備好的發言中確實概括地談到，在我們的商家群體中，我們確實看到可自由支配的開支，即旅遊、酒店和餐館的開支下降了。

But given the mix of our overall business, having the non-discretionary growth in groceries and services and QSR holding up, gives us a nice overall balance. We saw that in the first quarter. We saw that in the last many years and we expect that will continue to bode-well for us in any economic outcome.

但考慮到我們整體業務的組合，雜貨和服務的非自由支配成長以及 QSR 的維持，為我們帶來了良好的整體平衡。我們在第一季就看到了這一點。我們在過去的許多年裡看到了這一點，我們預計無論經濟結果如何，這都將繼續對我們有利。

Tim Chiodo from UBS.

瑞銀的 Tim Chiodo。

Great. Thank you for taking the question. Bob, I think you did a great job outlining some of the delta between the Clover volume growth and the revenue growth. You touched on hardware, Clover capital in anticipation, I want to dig into some of the other areas.

偉大的。感謝您回答這個問題。鮑勃，我認為你很好地概括了 Clover 銷售成長和收入成長之間的差異。您提到了硬體、Clover 資本，我想深入探討其他一些領域。

So I think the laundry list is pricing and mix, some of the SaaS packages, there's rapid deposit. But then there's one that you've mentioned on a few of the past earnings calls around the increasing direct mix. And I was wondering if you could talk a little bit about how you expect direct mix to play a role in reaching that eventual $4.5 billion revenue number for 2026 for Clover.

所以我認為清單是定價和組合，一些 SaaS 包，有快速存款。但是，您在過去的幾次財報電話會議上提到增加直接銷售組合的問題。我想知道您是否可以稍微談談您預計直接混合將如何在 Clover 實現 2026 年 45 億美元的最終收入目標中發揮重要作用。

Yeah, Tim, I would say, overall, we've got a very broad, deep distribution -- a set of distribution channels. And the direct channel with [indiscernible] is our newest overall channel. We will continue to add salespeople, which we refer to as business consultants, or BCs, and growing that channel out. We are also seeing great growth in our FI merchant partnerships.

是的，提姆，我想說，總的來說，我們有非常廣泛、深入的分銷——一套分銷管道。與 [音訊不清晰] 的直接管道是我們最新的整體管道。我們將繼續增加銷售人員（我們稱之為業務顧問或 BC），並擴大該管道。我們也看到 FI 商家合作夥伴關係正在大幅成長。

So I wouldn't necessarily call any one channel out in particular. We see good opportunities in all of those, and the direct channel mix is benefiting overall revenue and margin, as we grow that because it's the newest and fastest expanding channel.

因此，我不一定會特別指出任何一個頻道。我們在所有這些方面都看到了良好的機遇，而直接通路組合正有利於整體收入和利潤，因為它是最新、擴展最快的管道，所以我們正在實現成長。

Jason Kupferberg from Bank of America.

美國銀行的 Jason Kupferberg。

Good morning guys. Thanks. I wanted to come back to the merchant segment for a minute. So I know we were at 8% organic in the quarter. You said that was in-line with plan. You had 3 points, I believe, of headwind related to some of those calendar factors, the term fee comp. So if we adjust for that, I guess, we're at 11%. We are still a little below the full year range.

大家早安。謝謝。我想暫時回到商家部分。所以我知道我們本季的有機成長率為 8%。你說這符合計畫。我認為，您遇到了 3 點不利因素，這些因素與一些日曆因素以及費用補償一詞有關。因此，如果我們對此進行調整，我想我們的比例是 11%。我們仍略低於全年水準。

So just help us kind of reconcile from that into, let's say the middle of the full year range in a stable macro scenario. I know you've got some Clover geographies and products ramping. But also wanted to get a sense there in terms of how much of this is coming from the new acquisitions. If you could give us a sense of 2025 revenue contribution from those. Thank you.

因此，請幫助我們將其與穩定的宏觀情景中的全年中期範圍進行協調。我知道你們已經在一些 Clover 地區和產品上取得了進展。但也想了解其中有多少來自新的收購。如果您能告訴我們這些因素對 2025 年收入的貢獻情況的話。謝謝。

Yes, Jason, I would say, first, broadly, it would not be from a contribution of the acquisitions. Those are certainly -- will benefit us. Those are brand new into the company. You see very, very, very little impact in Q1. Those will accelerate. It is really -- it's a late 2025, 2026, 2027 opportunity for those. We'll continue to see good VAS penetration growth.

是的，傑森，我想說，首先，從廣義上講，它不會來自收購的貢獻。這些肯定會使我們受益。這些都是公司新加入的。您會發現第一季的影響非常非常小。這些將會加速。對這些人來說，這確實是 2025 年末、2026 年、2027 年的機會。我們將繼續看到良好的增值服務滲透率成長。

The expansion internationally is certainly a big element for us, Brazil, Mexico, Australia, Singapore, there is an element of CCV giving us international growth.

國際擴張對我們來說無疑是一個重要因素，巴西、墨西哥、澳洲、新加坡，CCV 都為我們的國際成長提供了動力。

The new product, Clover Hospitality, that rolls out, what -- in a couple of weeks now, for high-end restaurants, and generally broad capabilities and continued growth in a variety of VAS capabilities in new software both in terms of restaurant, as well as service and retail that we continue to build out, give us good opportunities to deliver the $3.5 billion this year and $4.5 billion next year.

新產品 Clover Hospitality 將在幾週內推出，適用於高端餐廳，並且我們將繼續在餐廳、服務和零售方面開發各種新軟體，其功能廣泛且各種 VAS 功能持續增長，這為我們在今年實現 35 億美元的收入、明年實現 45 億美元的收入提供了良好的機會。

Bryan Keane from Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi, guys. Thanks for taking the question. I wanted to ask about the 33 signings in the FI and the financial institution side. I guess what's happening in the market that's driving that number higher for you guys to be landing that many financial institutions, because I guess I would have thought that most FIs would have already decided who they are partnering with. So I just want to understand the market dynamics that's driving that. Thanks.

嗨，大家好。感謝您回答這個問題。我想問一下金融機構和金融機構的 33 份簽約。我想，市場上發生的事情會推動這個數字不斷上升，讓你們獲得如此多的金融機構的支持，因為我想我會認為大多數金融機構已經決定要與誰合作了。所以我只是想了解推動這項進程的市場動態。謝謝。

I think with respect to -- like anything we do when we approach it, we want to be a great partner and help our clients achieve their objectives. And serving the small business bases of the banks is a very profitable and rich area for the bank, especially in deposits and cash flow transactions.

我認為，就像我們做任何事情一樣，我們希望成為一個優秀的合作夥伴，幫助我們的客戶實現他們的目標。而服務銀行的小型業務基礎對於銀行來說是一個非常有利可圖且利潤豐厚的領域，特別是在存款和現金流交易方面。

So both with our abilities and products to help them do that, highlighted by Clover and the merchants' appreciation for Clover, we are seeing an increasing interest from banks across the country. The pipeline is huge here for additional banks to come into the fold.

因此，憑藉我們的能力和產品來幫助他們做到這一點，以 Clover 為代表的商家對 Clover 的讚賞，我們看到全國各地銀行的興趣日益濃厚。這裡有巨大的管道，可以容納更多銀行加入。

And again, we are simply helping our clients achieve their objectives by bringing them great products and services. And you go to -- this is the classic place to go to for CashFlow Central, which is -- I spent most of my life in banking, it is hard to get a scalable AP, an effective AP/AR product into a small business integrated in with their acquiring solutions, and that's exactly what CashFlow Central is. Making great progress on it.

再次強調，我們只是透過為客戶提供優質的產品和服務來幫助他們實現目標。然後你會發現——這是 CashFlow Central 的經典去處，我一生大部分時間都在銀行業工作，很難將可擴展的 AP、有效的 AP/AR 產品融入小型企業的收購解決方案中，而 CashFlow Central 正是如此。取得了很大進展。

We talked about Washington Federal, the first to go live, continue to build out great functionality with our partners at Melio, and think we have a solution that can help banks achieve their objectives. And that's what our goal is to be, the greatest partner that we can be in the FI and merchant markets.

我們討論了華盛頓聯邦銀行，這是第一個上線的銀行，我們將繼續與 Melio 的合作夥伴一起建立強大的功能，並認為我們有一個可以幫助銀行實現其目標的解決方案。這就是我們的目標，成為金融機構和商家市場上最優秀的合作夥伴。

And this really at the center of it. So we are very optimistic about the growth we can put on here and what that will do for Clover distribution.

這確實是問題的核心。因此，我們對這裡的成長以及這對 Clover 分銷的影響非常樂觀。

Will Nance from Goldman Sachs.

高盛的威爾·南斯。

Hi, thanks for taking the question. Mike, one for you. There's been a lot of data points on the macro environment about a lot of large enterprises going pencils down on large CapEx investments. But I know banks tend to beat to their own drum.

你好，謝謝你回答這個問題。麥克，給你一個。宏觀環境中有許多數據點顯示許多大型企業正在減少大額資本支出投資。但我知道銀行往往會自吹自擂。

And I was wondering if you could maybe put your PNC hat back on for a second and talk a little bit how the macro environment we entered a month ago may impact the way banks think about technology and deployments.

我想知道您是否可以再次站在 PNC 的角度，談談我們一個月前進入的宏觀環境可能會如何影響銀行對技術和部署的看法。

And maybe what I'm getting at, at a higher level is how would you expect implementation pipelines in a business like Fiserv to perform in a weaker macro environment versus maybe a typical enterprise software company? Thanks.

也許我想從更高層面上理解的是，與典型的企業軟體公司相比，您認為像 Fiserv 這樣的企業的實施流程在較弱的宏觀環境中會表現如何？謝謝。

Yeah, I think I mentioned it in the earlier comments, at least in the conversations we've had throughout the quarter, it is a question about doing more. And those just aren't banks, it's probably an even split between merchants and banks. What we generally provide again is mission critical systems and capabilities that help them generate revenues, facilitate sales at our merchants and serve clients and grow clients at the bank.

是的，我想我在之前的評論中提到過，至少在我們整個季度的對話中，這是一個關於做更多事情的問題。而這些根本不是銀行，這可能是商家和銀行的均分。我們通常提供的是關鍵任務系統和功能，幫助他們創造收入、促進商家的銷售、為客戶提供服務並增加銀行客戶。

So we have not seen anything of that nature so far this quarter. In fact, at the point that with a little disruption in the market, we've seen a flight to quality if you will, in terms of people coming to us around size, scale, stability, consistency of model.

因此，本季度到目前為止我們還沒有看到任何此類情況。事實上，在市場出現一些波動的情況下，我們已經看到了向品質的飛躍，就人們為了規模、範圍、穩定性和模型的一致性而來找我們而言。

Some institutions have over-relied on a multiple of fintech solutions patching together different things, whereas we can bring an end-to-end solution significant balance sheet, great capabilities and consistency. So, so far, we’ve seen the opposite. The question is about doing more.

有些機構過度依賴多種金融科技解決方案來拼湊不同的事物，而我們可以帶來端到端的解決方案、重要的資產負債表、強大的功能和一致性。所以，到目前為止，我們看到的是相反的情況。問題在於做更多的事情。

Jamie Friedman from Susquehanna.

來自薩斯奎哈納的傑米·弗里德曼。

Hi, good morning. Bob, I wanted to ask about merchant as well. My math is that small business and enterprise organic grew 10.3% combined ex-processing. And I realized you had messaged last quarter in prior transcripts the challenges in processing.

嗨，早安。鮑勃，我也想問商人的狀況。我的計算是，小型企業和大型企業的有機成長率（不包括加工量）總計為 10.3%。我意識到您上個季度在之前的成績單中提到了處理過程中遇到的挑戰。

But if you could revisit where we are in the processing journey, because it sounds like you are expecting that to improve. But if you could talk through why it is and what the logic is, I think that will be helpful to understand the trajectory. Thank you.

但是如果您可以重新審視我們在處理過程中所處的位置，因為聽起來您希望情況有所改善。但如果你能解釋為什麼會這樣以及其中的邏輯是什麼，我認為這將有助於理解這一軌跡。謝謝。

Sure. First off, the processing line certainly was impacted by a periodic revenue item that we had, if you recall, Q1 of last year, we disclosed we had a large periodic revenue item that accelerated Q1's growth. So we are now growing over that. If you take the organic revenue growth and adjust for that periodic item in Q1 of last year, actually grew about 4% for the quarter.

當然。首先，加工線肯定受到我們定期收入項目的影響，如果你還記得的話，去年第一季度，我們披露了一項大型定期收入項目，加速了第一季的成長。所以我們現在正在不斷成長。如果將有機收入成長與去年第一季的定期專案進行調整，則該季度的實際成長約為 4%。

And we generally believe that the processing line will be roughly flat, slightly positive over an extended period of time. It's what we've seen over the last several quarters and we expect to see going forward. And we see great opportunities to grow the overall merchant segment. Processing is an element of that. It's obviously the smallest of the three business lines.

我們普遍認為，在較長一段時間內，加工線將大致持平，略微呈正成長。這是我們在過去幾個季度所看到的，我們期望未來仍能看到這樣的情況。我們看到了整體商家市場成長的巨大機會。處理是其中的一個要素。它顯然是三條業務線中最小的一條。

And our overall growth as we grow the Merchant Solutions business processing is a small part of that.

隨著商家解決方案業務處理的成長，我們的整體成長只是其中的一小部分。

Dan Dolev from Mizuho Securities.

瑞穗證券的 Dan Dolev。

Hi guys. Great results, and congrats again Frank and Mike. So really quick on -- I know you called out Dolar Turista impact in tandem with interest rates and excess inflation. But can you maybe quantify just specifically the Dolar Turista impact?

嗨，大家好。取得了很好的成績，再次恭喜弗蘭克和麥克。那麼很快——我知道您提到了 Dolar Turista 與利率和過度通貨膨脹共同產生的影響。但是您能否具體量化 Dolar Turista 的影響？

Dan from a first quarter standpoint, Argentina broadly, and that's really all three elements: inflation, interest in Dolar Turista was zero impact to the growth in Q1 of this year. Q1 of last year, overall Argentina was about 22 points of growth in the merchant segment, and Dolar Turista was 7 points of that.

丹，從第一季的角度來看，阿根廷總體而言，這實際上包括三個因素：通貨膨脹、對美元旅遊的興趣，對今年第一季的成長沒有任何影響。去年第一季度，阿根廷整體商家市場成長了約 22 個百分點，其中 Dolar Turista 成長了 7 個百分點。

But now that Argentina inflation interest has returned to more normal levels, and Dolar -- while we did see some Dolar Turista revenue in the first quarter, it actually was down a bit from Q1 of last year. And we expect that program to likely go away this quarter.

但現在阿根廷的通膨利率已經恢復到更正常的水平，儘管我們在第一季確實看到了一些 Dolar Turista 收入，但實際上比去年第一季略有下降。我們預計該計劃可能會在本季取消。

As you may have seen Argentina reached an agreement with the IMF for a large loan. Their currency peg has expanded or lengthened, and we anticipate Dolar Turista to go away this year -- or excuse me, this quarter.

正如您可能已經看到的，阿根廷與國際貨幣基金組織達成了一項大額貸款協議。他們的貨幣掛鉤已經擴大或延長，我們預計「遊客美元」將在今年（或對不起，是本季）消失。

Andrew Jeffrey from William Blair.

威廉布萊爾的安德魯傑弗裡。

Hi, appreciate taking the question. Mike, and maybe for Frank too, recognizing that Fiserv's offerings for banks have improved and expanded dramatically over the last few years, can you just comment on sort of the nature of that distribution channel compared to the historical JVs? Maybe just qualitatively.

您好，感謝您回答這個問題。麥克，也許弗蘭克也一樣，認識到 Fiserv 為銀行提供的服務在過去幾年中得到了顯著改善和擴展，您能否評論一下與歷史合資企業相比，該分銷渠道的性質如何？也許只是從品質上來說。

Have the partnerships improved along with product? Is it people in the bank partnerships? Because I know that's an area that had sort of been a little choppy historically, but it sounds like now it's really turning to important growth drivers. So I'm wondering if you could sort of compare and contrast today with five or seven years ago perhaps.

合作關係是否隨著產品的改進而改善？是銀行合夥企業的人嗎？因為我知道從歷史上看，這個領域有點不穩定，但現在聽起來它確實正在轉向重要的成長動力。所以我想知道您是否可以將今天與五年或七年前進行比較和對比。

Yeah, I could definitely compare and contrast from five years to seven years ago. I think that was a much different company. So you got to go back to why we love this franchise, and I like to say, the construction of the company, right? So with any of these bank partners, many of them were providing account processing, the core base system.

是的，我絕對可以比較和對比五年前和七年前的情況。我認為那是一家非常不同的公司。所以你必須回想為什麼我們喜歡這個系列，我想說的是，公司的建設，對吧？因此，對於這些銀行合作夥伴，其中許多都提供帳戶處理，即核心基礎系統。

We've got their bill pay. That allows us then ultimately to have CFC, then deliver Clover. I think we've done a great thing, the team's been unbelievable in building this SMB bundle and then that's why you see people like ADP coming. And you'll see more of those.

我們已經收到他們的帳單了。這使我們最終能夠擁有 CFC，然後交付 Clover。我認為我們做了一件很棒的事情，團隊在建造這個 SMB 捆綁包方面表現得令人難以置信，這就是為什麼你會看到像 ADP 這樣的人出現。你會看到更多這樣的情況。

And so I think the bottom-line is we had these great JVs with great bank partners, but we've now taken it through the premise of the deal. I always said the synergies went way on way beyond the reported. We are still getting the benefit of bank partnership.

所以我認為最重要的是我們與優秀的銀行夥伴建立了優秀的合資企業，但現在我們已經通過了交易的前提。我總是說協同效應遠遠超出了報導的範圍。我們仍在享受銀行合作帶來的好處。

And if you go anywhere from a First Citizens to other banks across the country, our ability to just bring them more is very, very strong. And I think you are going to continue to see it. So it's a completely different model. It's the model of the company. It's the construction of the company. Seven years ago, I was debating with you guys whether Clover would be the heavyweight champion. That's probably been a good battle and we loved it.

如果你去 First Citizens 銀行或全國各地的其他銀行，你會發現我們為他們帶來更多服務的能力非常強大。我認為你將會繼續看到它。所以這是一個完全不同的模型。這是公司的模型。這是公司的建設。七年前，我曾與你們爭論克洛弗是否會成為重量級冠軍。這可能是一場精彩的戰鬥，我們很喜歡它。

Now you got a much bigger platform. So -- and Mike can talk about the opportunities we have around expanding TAM. We built this. We executed. We got through the consolidation. But we are still optimizing the construction of the company and adding more capability.

現在你擁有了一個更大的平台。所以——麥克可以談談我們在擴大 TAM 方面所擁有的機會。我們建造了這個。我們執行了。我們完成了合併。但我們仍在優化公司結構，增加更多能力。

I I would that the success or lack thereof of these partnerships does not depend on the structure as much as it depends on our ability to help the bank partners serve their clients with their needs. So that means quality of product into it. What the small businesses were saying, they increasingly want a bundled solution. So that's how we are thinking about the global SaaS dashboard and platform.

我希望這些合作關係的成功或失敗並不取決於結構，而是取決於我們幫助銀行合作夥伴滿足客戶需求的能力。這意味著產品的品質。小型企業表示，他們越來越想要一個捆綁解決方案。這就是我們對全球 SaaS 儀表板和平台的看法。

That's how you think about ADP. That's how you think about CashFlow Central, bring coordinated simple to turn on value-added capabilities to small businesses and distribute them through our great banking partners. But it’s less the structure, it’s more the content and our ability to help our banking partners deliver.

這就是您對 ADP 的看法。這就是您對 CashFlow Central 的看法，它為小型企業帶來協調簡單的增值功能，並透過我們優秀的銀行合作夥伴分發它們。但重要的不是結構，而是內容以及我們幫助銀行夥伴實現目標的能力。

And for our final question, we'll go to the line of James Faucette from Morgan Stanley. Please go ahead.

我們的最後一個問題，請摩根士丹利的詹姆斯·福塞特 (James Faucette) 回答。請繼續。

Thanks very much. Appreciate all the color today. I wanted to ask about the evolution of margins. You, at least relative to our estimates, continue to put up very good operating margins. At the same time, we are seeing the increased contribution of growth from international markets, especially as you roll out over to those markets. How should we think about the maturity of profitability in those markets? And how can that change over time as you continue to grow footprint outside the US.? Thanks.

非常感謝。欣賞今天所有的色彩。我想問一下利潤的演變。至少相對於我們的估計，您繼續保持著非常好的營業利潤率。同時，我們看到國際市場對成長的貢獻不斷增加，特別是當您擴展到這些市場時。我們該如何看待這些市場的獲利能力成熟度？隨著你們在美國以外地區的業務不斷擴大，這種情況又會如何改變？謝謝。

Yes, James, we've certainly seen tremendous operating margin expansion over the last several years. We guided or provided a medium-term outlook back in our last Investor Day November of 2023 that we expected margins to expand 100 basis points. Obviously, very strong growth last year, 170 basis points over the prior year. That was on top of 230 a year before that.

是的，詹姆斯，過去幾年我們確實看到了巨大的營業利潤率擴張。我們在 2023 年 11 月的上一次投資者日中指導或提供了中期展望，我們預計利潤率將擴大 100 個基點。顯然，去年的成長非常強勁，比前一年增長了 170 個基點。而此前一年，這數字為 230。

Our guide for this year is at least 125 basis points. So certainly exceeding our outlook there. We continue to see real opportunity to see that continue into '26 and beyond. We've talked about the virtuous cycle of growth in this company where investment brings growth, growth brings very high fall-through on a very scaled global business, that allows us to expand operating margins while reinvesting some of that operating income back into the company to provide additional growth.

我們今年的指導是至少 125 個基點。因此肯定超出了我們的預期。我們繼續看到真正的機會，看到這種情況持續到26年及以後。我們討論過這家公司的良性成長循環，即投資帶來成長，成長為規模龐大的全球業務帶來非常高的回報，這使我們能夠擴大營業利潤率，同時將部分營業收入重新投資於公司以提供額外的成長。

We've seen that for the last many years. It is been the secret sauce to 39 consecutive years of double-digit earnings growth. And we think we've got some meaningful runway. Our international businesses are certainly part of that. As you enter new markets with new products, those certainly don't immediately add to margin in a way that a scaled business can.

我們已經看到這種情況很多年了。這是該公司連續39年實現兩位數獲利成長的秘訣。我們認為我們已經獲得了一些有意義的跑道。我們的國際業務當然是其中的一部分。當你帶著新產品進入新市場時，這些產品肯定不會像規模化企業那樣立即增加利潤。

But given the breadth of the company, seeing Clover grow meaningfully in the US gives you great margin expansion while you accelerate things like Brazil. And so the power of the scale of our business, the global breadth of the business allows us to expand margin while investing both in new products as well as new markets. So we continue to see great opportunity ahead of us.

但考慮到公司的廣度，看到 Clover 在美國實現有意義的成長，將為您帶來巨大的利潤擴張，同時加速巴西等市場的發展。因此，我們業務規模的力量和全球業務廣度使我們能夠在投資新產品和新市場的同時擴大利潤率。因此，我們繼續看到我們面前的巨大機會。

I think that when we talk at those client conversations we've had and wanting to do more with us, the ability to consistently invest, increasingly invest, in products and services through the franchise, the most important consideration whether they continue to do incremental business with us.

我認為，當我們與客戶交談並希望與他們開展更多合作時，透過特許經營持續投資、不斷增加對產品和服務的投資的能力，是他們是否繼續與我們開展增量業務最重要的考慮因素。

So we think that's important. We think it is especially important amid disruption in the industry, whether it be tariffs or mergers, the like, continued investment in high-quality products wins more customers.

所以我們認為這很重要。我們認為，在產業動盪的情況下，無論是關稅還是合併等，持續投資高品質產品以贏得更多客戶尤其重要。

And then there's still, I'm only 90 days in, but there is still plenty of opportunity at the core to continue to increase the efficiency of the company. And we'd point to the investment in Kansas City fintech hub this week has a great opportunity to bring our employees together, make them more effective, more efficient, more focused.

雖然我才上任 90 天，但仍有許多機會可以繼續提高公司的效率。我們要指出的是，本週對堪薩斯城金融科技中心的投資為我們的員工提供了一個絕佳的機會，讓他們更加團結，更加高效，更加專注。

And there is opportunities like that across the company. Frank's been incredible at getting after a lot of those, but we still have opportunities to be more efficient as a company. So lots of runway ahead for margins.

整個公司都有這樣的機會。弗蘭克在實現這些目標方面做得非常出色，但我們公司仍有機會提高效率。因此，未來利潤空間龐大。

All right. Thank you, everyone, to all those on the call today for your interest, and a special thanks to 38,000 associates at Fiserv who are driving our success every day. Our IR team is available for any further questions. And we wish you all a great day.

好的。感謝大家，感謝今天參加電話會議的所有人對我們的關注，並特別感謝 Fiserv 的 38,000 名員工，他們每天都在推動我們的成功。我們的 IR 團隊可以解答任何其他問題。我們祝福大家有個愉快的一天。

Thank you all for participating in the first quarter 2025 earnings conference call that concludes today's call. Please disconnect at this time, and we hope you have a great rest of your day.

感謝大家參加今天的 2025 年第一季財報電話會議。請立即斷開連接，我們希望您今天過得愉快。