Fiserv Inc (FISV) 2025 Q2 法說會逐字稿

Welcome to the Fiserv second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. At this time, I will turn the call over to Julie Chariell, Senior Vice President of Investor Relations at Fiserv.

歡迎參加 Fiserv 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。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 Mike Lyons, our Chief Executive Officer; and Bob Hau, our Chief Financial Officer. The 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.

謝謝，早安。今天與我一起參加電話會議的還有我們的執行長 Mike Lyons 和我們的財務長 Bob Hau。本季度的收益報告及補充資料可在 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。

Unless otherwise stated, performance references are year-over-year comparisons. 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. And now I'll turn the call over to Mike.

除非另有說明，否則業績參考均為年比比較。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。現在我將把電話轉給麥克。

Thank you, Julie, and thank you all for joining us today. As you've seen, we had a strong second quarter fueled by our continued focus on executing Fiserv's mission of delivering superior value for our stakeholders through leading technology, innovation, and excellence in everything we do.

謝謝你，朱莉，也謝謝大家今天加入我們。如您所見，我們在第二季度表現強勁，這得益於我們繼續專注於執行 Fiserv 的使命，透過領先的技術、創新和卓越的工作為我們的利益相關者提供卓越的價值。

During the second quarter we grew sales, clients, and our new business pipeline. We announced several exciting new partnerships and acquisitions, introduce innovative capabilities like FIUSD stablecoin. It made solid progress on our key product initiatives including Clover, Commerce Hub, CashFlow Central, and Experience Digital, also known as XD. We did this all despite an uncertain macro environment during the quarter. For the second quarter, we delivered 8% adjusted and organic revenue growth and strong 16% adjusted EPS growth.

在第二季度，我們的銷售額、客戶和新業務管道都有所成長。我們宣布了幾項令人興奮的新合作夥伴關係和收購，並引入了 FIUSD 穩定幣等創新功能。我們的主要產品計劃取得了穩步進展，包括 Clover、Commerce Hub、CashFlow Central 和 Experience Digital（也稱為 XD）。儘管本季宏觀環境不確定，我們還是做到了這一切。第二季度，我們的調整後有機收入成長 8%，調整後每股盈餘強勁成長 16%。

We expanded our adjusted operating margin and generated good free cash flow. Importantly, we returned $2.2 billion to shareholders in the quarter by repurchasing 12.2 million shares, or 26% more than we repurchased in Q1. And as Bob will cover later, we have increased our 2025 share repurchase guidance to approximately 130% of free cash flow. This means we expect to continue actively buying shares in the second half of the year, all while staying within our targeted leverage range.

我們擴大了調整後的營業利潤率並產生了良好的自由現金流。重要的是，本季我們透過回購 1,220 萬股股票向股東返還了 22 億美元，比第一季回購的股票多 26%。正如鮑伯稍後將介紹的那樣，我們已將 2025 年股票回購預期提高至自由現金流的約 130%。這意味著我們預計將在今年下半年繼續積極購買股票，同時保持在我們的目標槓桿範圍內。

Before Bob walks you through our financial performance in more detail, I'd like to provide some color around the refinements we made to our guidance and share some important business highlights from the quarter. The 2025 guidance, which called for 10% to 12% organic revenue growth, on top of the 16% growth we achieved in 2024, had always assumed a significant growth ramp on the back half of the year.

在鮑伯向您詳細介紹我們的財務表現之前，我想先介紹一下我們對指引所做的改進，並分享本季的一些重要業務亮點。2025 年的指引要求在 2024 年實現 16% 的成長基礎上，實現 10% 至 12% 的有機收入成長，並一直假設下半年將出現顯著的成長。

This trajectory was based on the successful launch of a long and granular list of new products and strategic initiatives, as well as a relatively strong macroeconomic outlook. Our updated guidance reflects that the fact that some of those launches and initiatives are taking longer than we had planned. Some of that is on us and some is driven by other factors that we don't fully control. But we are confident that we will capture the full strategic and financial benefits and only the timing of realizing them has been extended.

這一軌跡是基於成功推出一系列新產品和戰略舉措，以及相對強勁的宏觀經濟前景。我們更新後的指南反映出，其中一些發布和計劃所花的時間比我們計劃的要長。其中有些是我們的責任，有些則是由我們無法完全控制的其他因素所驅動的。但我們確信，我們將獲得全部策略和財務利益，只是實現這些利益的時間被延長了。

And to a lesser degree, our update reflects economic conditions that we have seen versus what had been assumed in the plan. As a result, we have refined our full-year organic revenue growth guidance to approximately 10%, which is at the low end of our guidance range.

在較小程度上，我們的更新反映了我們所看到的經濟狀況與計劃中假設的經濟狀況。因此，我們將全年有機收入成長預期調整至約 10%，這處於我們預期範圍的低端。

And to be clear, we are maintaining our guidance for $3.5 billion of Clover revenue this year. With this revised ramp in revenue growth in the back half, continued margin improvement, and the increased share repurchase guidance, we are also refining our adjusted EPS guidance by raising the bottom end of our range by $0.05.

需要明確的是，我們維持今年 Clover 35 億美元營收的預期。隨著下半年收入成長的調整、利潤率的持續提高以及股票回購指引的增加，我們還將透過將範圍的底端提高 0.05 美元來完善調整後的每股盈餘指引。

Looking ahead, I am incredibly energized by the opportunities we have to generate significant shareholder value over time by providing mission-critical software and value-added solutions for merchants, financial institutions, governments, and other yet untapped markets.

展望未來，我為我們有機會透過為商家、金融機構、政府和其他尚未開發的市場提供關鍵任務軟體和增值解決方案來創造巨大的股東價值而感到無比興奮。

The construct of the company. Our many leadership positions, and our size and scale are unmatched, yet we are just scratching the surface of our global opportunities. When we put all these strengths together, the result is deep, long-standing client relationships that can be broadened and and improved over time as we add more value added products and services. This strategy produces highly recurring revenue, strong profits, and substantial free cash flow that allow us to continue prudently and effectively allocating capital and generating double-digit adjusted EPS growth, a virtuous Fiserv cycle.

公司的結構。我們擁有眾多領導職位，我們的規模和範圍無與倫比，但我們才剛剛觸及全球機會的表面。當我們將所有這些優勢結合在一起時，就會產生深厚、長期的客戶關係，隨著我們增加更多增值產品和服務，這種關係可以隨著時間的推移而擴大和改善。這項策略產生了高度經常性的收入、強勁的利潤和大量的自由現金流，使我們能夠繼續審慎有效地配置資本，並實現兩位數的調整後每股收益增長，即良性的 Fiserv 循環。

Now let me turn to some of the highlights from our two business segments. In merchant solutions, we continue to execute on three key growth initiatives and are pleased with the progress we made on each in Q2.

現在讓我來談談我們兩個業務部門的一些亮點。在商家解決方案方面，我們繼續執行三個關鍵成長計劃，並對第二季的進展感到滿意。

The first is driving Clover growth through new products, new markets, new partners, and new geographies. The second is continuing to scale our industry-leading distribution through all channels. And 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。第二是繼續透過所有管道擴大我們行業領先的分銷。第三，將新的和現有的企業商家客戶加入我們的 Commerce Hub 平台並推動廣泛的滲透。

Let's start with Clover, where Q2 volume growth came in line with our expectations at 8% reported and 11%, excluding the gateway conversion. As a reminder, for operational reasons, we converted merchants from a non-Clover payments gateway to Clover ending in 2024. The 11% represents the growth rate of Clover without the converted portfolio.

讓我們從 Clover 開始吧，其第二季的銷售成長符合我們的預期，報告成長率為 8%，不包括網關轉換，成長率為 11%。提醒一下，出於營運原因，我們將於 2024 年將商家從非 Clover 支付網關轉換為 Clover。11%代表不包含轉換投資組合的Clover的成長率。

With respect to the second half of 2025, we expect Clover volume growth, both on a reported basis and excluding the gateway conversion, to accelerate from Q2 levels. These levels are consistent with our plan to reach $3.5 billion in Clover revenue for the year. Clover revenue grew 30% in Q2, highlighting the strength of our full business operating system approach.

對於 2025 年下半年，我們預計 Clover 的銷售成長（無論是按報告基礎還是不包括網關轉換）都將從第二季的水平加速。這些水準與我們今年實現 35 億美元 Clover 收入的計劃一致。Clover 營收在第二季成長了 30%，凸顯了我們全業務作業系統方法的優勢。

There are three key contributors to Clover's revenue. First, vast penetration of 24%, which was up from 20% a year ago. This is in line with Q1 levels and demonstrates good progress towards our year-end goal of 25%.

Clover 的收入主要來自三個方面。首先，普及率高達 24%，高於一年前的 20%。這與第一季的水平一致，顯示我們在實現 25% 的年底目標方面取得了良好進展。

Total VAS revenue grew 52%, driven by both software sales and capital, which includes Clover capital and anticipation in Latin America. Second, hardware sales remained healthy and within the expected long-term range of revenue contribution.

增值服務總收入成長 52%，主要得益於軟體銷售和資本（包括 Clover 資本和對拉丁美洲的預期）。其次，硬體銷售保持健康，並在預期的長期收入貢獻範圍內。

Finally, pricing and other services, including data. We expect our newer initiatives to support Clover revenue and volume growth in the second half of the year, so I'll update you on their progress.

最後，定價和其他服務，包括數據。我們預計我們的新舉措將支持 Clover 下半年的營收和銷售成長，因此我將向您通報其進展。

On the international build out, we are ramping Clover merchants in all the geographies we added this year: Brazil, Mexico, Australia, Singapore, and various countries in Europe as we work to integrate the CCV acquisition. It added Belgium and support sales in Germany and the Netherlands.

在國際擴張方面，我們正在今年新增的所有地區擴大 Clover 商家規模：巴西、墨西哥、澳洲、新加坡以及歐洲各國，同時我們正在努力整合 CCV 收購。它增加了比利時並支持德國和荷蘭的銷售。

The largest of these opportunities is Brazil, where we launch Clover sales in April and are tracking well to play. And I'm excited to add that this morning, we significantly increased our presence in Canada, our largest Clover international market, with the agreement to become the merchant processing provider for TD Bank Canada.

其中最大的機會是巴西，我們在四月在那裡推出了 Clover 銷售，並且進展順利。我很高興地補充說，今天上午，我們透過達成協議成為加拿大道明銀行的商家處理提供商，大大增加了我們在加拿大（我們最大的 Clover 國際市場）的業務。

Going forward, we will jointly serve new TD merchant clients via the Clover platform, driving further processing hardware and VAS revenue. As part of the transaction, we also agreed to purchase a portion of TD Bank's existing merchant processing business, consisting of over 35,000 enterprise and mid-market locations.

展望未來，我們將透過 Clover 平台共同服務新的 TD 商家客戶，進一步推動處理硬體和 VAS 收入。作為交易的一部分，我們也同意購買道明銀行現有的部分商家處理業務，其中包括 35,000 多家企業和中型市場網點。

We've been live with Clover in Canada for over five years and have seen strong growth through direct sales and ISO partnerships. So the opportunity to further strengthen our distribution by aligning with the nation's second largest bank is tremendously exciting. We expect to close the transaction later this year.

我們與 Clover 在加拿大合作已有五年多，並透過直銷和 ISO 合作實現了強勁成長。因此，透過與全國第二大銀行結盟來進一步加強我們的分銷能力的機會令人非常興奮。我們預計將於今年稍後完成交易。

With respect to further international expansion of Clover, we are having constructive conversations with potential partners in several attractive markets. In Q2, our vertical software offerings got a boost with two market expansion efforts.

關於 Clover 進一步的國際擴張，我們正在與幾個有吸引力的市場中的潛在合作夥伴進行建設性的對話。在第二季度，我們的垂直軟體產品透過兩項市場擴展努力得到了提升。

In May, we launched Clover Hospitality for the upper restaurant market, which doubles our TAM in the sector. The product became available this month and pre-sales activity has been encouraging. And earlier this week, we signed a new partnership with Rectangle Health to integrate a HIPAA-compliant SMB solution called Clover PracticePay for healthcare providers.

五月，我們針對高端餐飲市場推出了 Clover Hospitality，這使我們在該領域的 TAM 翻了一番。該產品已於本月上市，預售活動令人鼓舞。本週早些時候，我們與 Rectangle Health 簽署了新的合作協議，為醫療保健提供者整合一款符合 HIPAA 標準的 SMB 解決方案 Clover PracticePay。

This solution launches in early 2026 and marks a significant milestone for Clover. Extending its reach beyond core verticals of restaurants, retail, and personal services, and into one of the country's largest, most in demand, and most rapidly evolving markets. SMB Healthcare also represents one of the areas of greatest demand from our financial institution merchant partners.

該解決方案將於 2026 年初推出，標誌著 Clover 的一個重要里程碑。其業務範圍已從餐飲、零售和個人服務等核心垂直領域擴展到全國最大、需求量最大、發展最快的市場之一。中小企業醫療保健也是我們金融機構商家合作夥伴需求最大的領域之一。

This agreement reinforces our confidence in the ability to scale Clover into additional verticals where we can use our industry-leading technology or partner to design operating systems for SMBs across industries, creating additional TAM over time.

該協議增強了我們將 Clover 擴展到其他垂直領域的信心，在這些領域，我們可以使用我們行業領先的技術或合作夥伴為各行各業的中小企業設計操作系統，從而隨著時間的推移創造更多的 TAM。

We made further advances with our horizontal software solutions as well, continuing to develop Clover as a full small business operating platform. Since its launch in November, the ADP relationship has been exemplary, as our sales, product, and executive teams continue to find ways to optimize our partnership. We are making it easy for SMBs to access our combined suite of leading solutions on platforms they know and trust: Clover and ADP's RUN solution.

我們的橫向軟體解決方案也取得了進一步的進展，繼續將 Clover 開發為一個完整的小型企業營運平台。自 11 月啟動以來，ADP 合作關係一直堪稱典範，我們的銷售、產品和管理團隊不斷尋找優化合作關係的方法。我們讓中小型企業能夠在他們熟悉和信任的平台上輕鬆存取我們領先的解決方案組合套件：Clover 和 ADP 的 RUN 解決方案。

In May, the ADP run software platform was integrated into Clover, and the sales rollout is ongoing through August. ADP's salesforce is generating clover leads and vice versa, and they will be able to sell CashFlow Central as well by the end of the year.

5 月份，ADP 運行軟體平台被整合到 Clover 中，銷售推廣將持續到 8 月份。ADP 的銷售人員正在產生三葉草線索，反之亦然，他們也將能夠在今年年底前銷售 CashFlow Central。

Earlier this month, we expanded our partnership with Homebase to integrate their market-leading software into our Clover Essentials SaaS package, allowing SMBs to manage employee scheduling, time tracking, and team communication right from the Clover dashboard.

本月初，我們擴大了與 Homebase 的合作夥伴關係，將其市場領先的軟體整合到我們的 Clover Essentials SaaS 套件中，使中小型企業能夠直接從 Clover 儀表板管理員工排班、時間追蹤和團隊溝通。

For our second merchant initiative, we continue to invest in and expand our unmatched set of distribution channels, which is a key differentiator for Fiserv and Clover. This includes continuing to build out our direct sales force and expanding our financial institution merchant-referral partner program.

對於我們的第二個商家計劃，我們將繼續投資並擴展我們無與倫比的分銷管道，這是 Fiserv 和 Clover 的關鍵區別因素。這包括繼續建立我們的直銷隊伍和擴大我們的金融機構商家推薦合作夥伴計畫。

We have roughly 600 direct sales people in the SMB space, and we continue to grow that team, most recently to support Clover Hospitality. Our merchant-referral partner program also continues to grow. We added 49 new financial institutions as merchant partners in Q2, bringing our year-to-date total to 82.

我們在 SMB 領域擁有大約 600 名直銷人員，我們將繼續擴大團隊，最近一次是為了支援 Clover Hospitality。我們的商家推薦合作夥伴計畫也在不斷發展。我們在第二季增加了 49 家新的金融機構作為商家合作夥伴，使年初至今的合作夥伴總數達到 82 家。

In June, we reached an agreement to acquire the remaining 49.9% of AIB merchant services, our longstanding and successful joint venture with AIB Bank in Ireland. We expect this change will open further opportunities for us to grow in both the enterprise space throughout Europe and with Clover. AIB will continue to work exclusively with us through a merchant-referral program.

6 月份，我們達成協議，收購 AIB 商家服務剩餘的 49.9% 股份，這是我們與愛爾蘭 AIB 銀行長期成功的合資企業。我們預計這項變更將為我們在整個歐洲的企業領域以及 Clover 的發展帶來更多機會。AIB 將繼續透過商家推薦計畫與我們進行獨家合作。

In July, we expanded our relationship with Bank of Hawaii through a new revenue-sharing agreement that transitions their merchant portfolio to Fiserv, enhancing our economics while enabling the bank to elevate its merchant capabilities and broaden its client offerings.

7 月份，我們透過一項新的收入分成協議擴大了與夏威夷銀行的關係，將該行的商家組合轉移給 Fiserv，這不僅增強了我們的經濟效益，還使該銀行能夠提升商家能力並拓寬客戶產品服務。

And as of last week, we're excited to announce that Clover is now part of US Foods CHECK Business Tools program, a program that recommends value-added solutions to their client base. Being a recommended technology vendor for US foods further bolsters our Clover distribution and helps accelerate our restaurant strategy, including Clover Hospitality. Our third initiative is in our enterprise business where we were excited to sign UPS as a client in Q2.

截至上週，我們很高興地宣布 Clover 現已成為 US Foods CHECK 商業工具計劃的一部分，該計劃旨在為其客戶群推薦增值解決方案。作為美國食品的推薦技術供應商，進一步增強了我們的 Clover 分銷，並有助於加速我們的餐廳策略，包括 Clover Hospitality。我們的第三項措施是企業業務，我們很高興在第二季簽約 UPS 作為客戶。

We will be providing a suite of payment products operating on our Commerce Hub platform to the UPS store to support their 5,400-plus locations in the United States. As a follow on to our Fanatics sportsbook win last quarter, we've expanded our relationship with Fanatics Commerce, extending our Commerce Hub and value-added services solutions to support their online retail operations.

我們將向 UPS 商店提供一套在我們的 Commerce Hub 平台上運行的支付產品，以支援其在美國 5,400 多個門市。繼上個季度贏得 Fanatics 體育博彩業務後，我們擴大了與 Fanatics Commerce 的合作關係，擴展了我們的 Commerce Hub 和增值服務解決方案，以支持他們的線上零售業務。

On the enterprise BaaS side, we signed a multi-faceted partnership with Adobe, where Fiserv will be utilizing Adobe's industry-leading marketing automation tools to drive lead generation within our commercial mid-market segment.

在企業 BaaS 方面，我們與 Adob​​e 簽署了多方面的合作夥伴關係，Fiserv 將利用 Adob​​e 業界領先的營銷自動化工具來推動我們商業中端市場領域的潛在客戶開發。

Additionally, Fiserv has been named a goal partner in Adobe's partner ecosystem, supporting the rollout of our newly launched Commerce Hub plug-in built on Adobe Commerce. Commerce Hub is now live across North and South America via a single-integration point for multi-regional customers. And we expect our first major client to go live on this platform shortly.

此外，Fiserv 已被任命為 Adob​​e 合作夥伴生態系統中的目標合作夥伴，支援我們基於 Adob​​e Commerce 構建的新推出的 Commerce Hub 插件的推出。Commerce Hub 現已透過單一整合點在北美和南美上線，為多區域客戶提供服務。我們預計我們的第一個主要客戶很快就會在這個平台上上線。

We continue to make progress towards the integration of other international markets behind the Commerce Hub API on our way to a single global platform.

在邁向單一全球平台的道路上，我們將繼續在 Commerce Hub API 背後推進其他國際市場的整合。

And lastly, our biller business is performing well with a growing pipeline. In Q2, we signed a leading insurance provider, Erie Indemnity Company, on the strength of the value-added solutions we've been adding to the platform.

最後，我們的帳單業務表現良好，並且管道不斷擴大。在第二季度，我們與領先的保險提供商 Erie Indemnity Company 簽約，憑藉我們一直在為平台添加的增值解決方案。

Now let's move to the financial solutions segment where we are focused on three key initiatives: gaining leadership and issuing payments and banking, driving adoption of CashFlow Central and XD, and advancing cross-Fiserv solutions.

現在讓我們轉到金融解決方案領域，我們專注於三個關鍵舉措：獲得領導地位並發行支付和銀行業務，推動 CashFlow Central 和 XD 的採用，以及推進跨 Fiserv 解決方案。

On the first initiative, we are pleased with our continued momentum in the issuing business with new clients and data initiatives offsetting a more moderate pace of growth and active accounts relative to the expectations we have built into our guidance. We believe this reflects some macro uncertainty as consumers and issuers effectively manage their risks.

就第一項舉措而言，我們對發行業務的持續發展勢頭感到滿意，新客戶和數據計劃抵消了相對於我們在指導中所預期的更為溫和的增長速度和活躍帳戶。我們認為，這反映了一些宏觀不確定性，因為消費者和發行人有效地管理了他們的風險。

We continued our long-standing partnership with Synchrony, one of the largest consumer finance companies in the US, working to implement their strong pipeline of new products and capabilities, including a new program to become the exclusive issuer of OnePay credit cards at Walmart.

我們繼續與美國最大的消費金融公司之一 Synchrony 保持長期合作夥伴關係，致力於實施其強大的新產品和新功能，包括成為沃爾瑪 OnePay 信用卡獨家發行商的新計劃。

America First Credit Union, a $22 billion Utah-based institution on a journey to modernize and bring the next generation of innovative credit and debit products to its members, selected Fiserv or issuer credit processing, tokenization, and additional services. We also continue to expand our government business as the federal government increases its adoption of card and digital payouts.

美國第一信用合作社是一家總部位於猶他州、資產規模達 220 億美元的機構，致力於現代化並為其成員帶來下一代創新信用卡和借記卡產品，它選擇了 Fiserv 或發行商信用處理、標記化和其他服務。隨著聯邦政府越來越多地採用銀行卡和數位支付方式，我們也將繼續擴大政府業務。

And finally, we were pleased to extend our contract with Jack Henry, a long-standing partner for issuer processing via Valero. Outside the United States, we extended our long-term relationship with DBS, the largest bank in Southeast Asia, signing a multi-year contract extension, including modernizing their credit card technology stacmk.

最後，我們很高興與 Jack Henry 續約，Jack Henry 是透過 Valero 進行發行人處理的長期合作夥伴。在美國以外，我們與東南亞最大的銀行星展銀行延長了長期合作關係，簽署了一份多年的續約合同，包括對其信用卡技術架構進行現代化改造。

We made meaningful progress in Q2 on our card-issuing platform modernization with both Optus and Vision Next. Optus, which serves 25 of the top 50 issuers in the US and many of the leading retail private label players, in the midst of a multi-year upgrade with our first client set to go live later this year with new Phase I capability.

我們在第二季度與 Optus 和 Vision Next 合作，在發卡平台現代化方面取得了重大進展。Optus 為美國前 50 名發卡機構中的 25 家以及許多領先的零售自有品牌企業提供服務，目前正處於多年升級階段，我們的第一位客戶將於今年晚些時候上線新的第一階段功能。

Meanwhile, we expect to launch our next generation, cloud native global issuing platform, Vision Next in Q4. We will integrate Vision Next with Finxact and Payfare, provide a unified next-generation embedded finance solution.

同時，我們預計在第四季推出下一代雲端原生全球發行平台 Vision Next。我們將把 Vision Next 與 Finxact 和 Payfare 整合，提供統一的下一代嵌入式金融解決方案。

In banking, our cloud native open API core platform, Finxact, continues to gain momentum with banks, fintechs, and embedded finance participants.

在銀行業，我們的雲端原生開放 API 核心平台 Finxact 持續受到銀行、金融科技和嵌入式金融參與者的青睞。

In Q2, we signed three significant contracts, including a prominent sponsor bank that supports multiple well-known fintech companies and a large healthcare finance company looking to provide banking services to healthcare payer and provider clients.

在第二季度，我們簽署了三份重要合同，其中包括一家支持多家知名金融科技公司的著名贊助銀行，以及一家希望為醫療保健支付方和提供者客戶提供銀行服務的大型醫療保健金融公司。

Turning to our next initiative around CashFlow Central and XD growth. We remain highly encouraged by client interest, signings, and the size of our pipeline. CashFlow Central signed 23 new clients this quarter after 15 and Q1 for a total of 77 clients added since launch. And we have nearly 500 more in the pipeline.

轉向我們圍繞 CashFlow Central 和 XD 成長的下一個舉措。客戶的興趣、簽約狀況以及我們的通路規模都讓我們深受鼓舞。CashFlow Central 繼第一季簽約 15 名客戶後，本季又簽約 23 名新客戶，自推出以來共新增 77 名客戶。我們還有近 500 個項目正在籌備中。

Earlier this month, our largest clients signed today, US Bank, became the second bank to go live on CashFlow Central. Melio, our key partner for CashFlow Central and a portfolio investment for Fiserv, announced an agreement in June to be acquired by Xero, a popular SMB accounting software provider.

本月初，我們今天簽約的最大客戶美國銀行成為第二家使用 CashFlow Central 的銀行。Melio 是我們在 CashFlow Central 的主要合作夥伴，也是 Fiserv 的投資組合，該公司於 6 月宣布了一項協議，將被流行的 SMB 會計軟體供應商 Xero 收購。

We expect Melio to operate as an autonomous business unit within Xero, with strong alignment and incentives to deepen the Fiserv partnership. Xero has expressed full support and enthusiasm for a shared future with Fiserv, and we are very excited to work alongside them.

我們預計 Melio 將作為 Xero 內部的獨立業務部門運營，並具有強大的一致性和激勵機制來深化與 Fiserv 的合作夥伴關係。Xero 表達了對與 Fiserv 共同未來的全力支持和熱情，我們非常高興能與他們合作。

While demand for XD remains strong, we have not completed as many client implementations as we had planned so far this year. We continue to feel great about the quality of XD. It is just a matter of timing and realizing the revenues as we complete key enhancements and integrations and pursue high-quality implementation.

儘管對 XD 的需求仍然強勁，但今年到目前為止，我們完成的客戶端實施數量還不如計畫的那麼多。我們繼續對 XD 的品質感到滿意。隨著我們完成關鍵的增強和整合並追求高品質的實施，這只是一個時間和實現收入的問題。

For example, in Q2, we integrated merchant-digital acquisition into XD, helping bank partners identify merchant-acquiring leads through online banking and creating a new channel for Clover acquisition in our partner's digital environment. We're seeing great interest in this feature.

例如，在第二季度，我們將商家數位收購整合到XD中，幫助銀行合作夥伴透過網路銀行識別商家收購線索，並在合作夥伴的數位環境中為Clover收購創建新的管道。我們看到人們對此功能非常感興趣。

Our third initiative is to advance cross-Fiserv solutions and our announcement of FIUSD in June is a great example of our capability. FIUSD is a white labeled stablecoin integrated into our banking and payments infrastructure to enable real-time 24/7 settlement and digital asset capabilities.

我們的第三項措施是推動跨 Fiserv 解決方案，我們 6 月宣布的 FIUSD 就是我們能力的一個很好的例子。FIUSD 是一種白標穩定幣，整合到我們的銀行和支付基礎設施中，可實現全天候即時結算和數位資產功能。

To effect this, we combined assets across our businesses, including Finxact, Payfare and Commerce Hub and began working with industry leading partners like PayPal, Mastercard, Circle, and Paxos. The move reflects our broader strategy to support all payment types while helping financial institutions and merchants meet evolving customer needs and technology developments.

為了實現這一目標，我們整合了包括 Finxact、Payfare 和 Commerce Hub 在內的各項業務資產，並開始與 PayPal、Mastercard、Circle 和 Paxos 等行業領先合作夥伴合作。此舉體現了我們更廣泛的策略，即支援所有支付類型，同時幫助金融機構和商家滿足不斷變化的客戶需求和技術發展。

Early client interest has been very encouraging, and we expect to launch a pilot with several clients by the end of 2025. Overall, I'm encouraged by our positioning and opportunity set as I look out over the next several years.

早期客戶的興趣非常令人鼓舞，我們預計到 2025 年底將與多個客戶一起啟動試點。整體而言，展望未來幾年，我對我們的定位和機會感到鼓舞。

We are hard at work fine tuning our strategy, carefully listening to our clients, and investing for where we think the industry is headed.

我們正在努力調整我們的策略，認真傾聽客戶的意見，並根據我們認為的行業發展方向進行投資。

We are privileged to have a leadership position across many of our businesses, and we are confident we can deliver consistent durable growth and value to our shareholders. I look forward to diving into my first annual strategic planning cycle with the Fiserv team in the coming weeks and to sharing more with you on how we'll extend our leadership into the next generation of commerce payments and financial technology.

我們很榮幸能夠在許多業務中佔據領導地位，並且我們有信心為股東帶來持續的成長和價值。我期待在未來幾週與 Fiserv 團隊一起深入我的第一個年度策略規劃週期，並與大家分享更多有關我們如何將我們的領導地位擴展到下一代商業支付和金融科技領域的資訊。

Finally, I want to thank our talented employees for their continued hard work and commitment, which contributed to our achievements this quarter and to Fiserv being named one of Time100 Most Influential Companies.

最後，我要感謝我們才華橫溢的員工，感謝他們持續的辛勤工作和奉獻，這有助於我們本季度取得的成就，並使 Fiserv 被評為《時代》100 強最具影響力的公司之一。

With that, I'll hand the call over to Bob, who will share more on the financials.

說完這些，我將把電話交給鮑勃，他將分享更多有關財務的資訊。

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

謝謝你，麥克，大家早安。如果您一直在關注我們的投影片，我將從投影片 4 上的財務指標和趨勢開始，介紹有關整個公司和各個部門業績的更多詳細資訊。

We delivered another strong quarter highlighting our consistent ability to grow revenue and expand margins. Second quarter total company adjusted revenue grew 8% to $5.2 billion and adjusted operating income grew 12% to $2.1 billion, resulting in an adjusted operating margin of 39.6%, an increase of 120 basis points versus the prior year.

我們又一個季度表現強勁，凸顯了我們持續增加營收和擴大利潤的能力。第二季公司調整後總營收成長 8% 至 52 億美元，調整後營業收入成長 12% 至 21 億美元，調整後營業利潤率為 39.6%，比上年增加 120 個基點。

For the first half of the year, adjusted revenue grew 7% to $10 billion, and adjusted operating income grew 11% to $3.9 billion, resulting in an adjusted operating margin of 38.7%, an increase of 150 basis points versus the prior year.

上半年，調整後營收成長 7% 至 100 億美元，調整後營業收入成長 11% 至 39 億美元，調整後營業利潤率為 38.7%，較上年增加 150 個基點。

Organic revenue grew 8% in the quarter, driven by solid performance in both segments. Through the first six months, organic revenue also grew 8%. Second quarter adjusted earnings per share was $2.47 compared to $2.13 in the prior year of 16%, and in line with our full-year growth guidance of 15% to 17%.

受兩個部門穩健表現的推動，本季有機收入成長了 8%。前六個月，有機收入也成長了 8%。第二季調整後每股收益為 2.47 美元，而去年同期為 2.13 美元，增幅為 16%，與我們預計的全年增長 15% 至 17% 一致。

Year-to-date, our adjusted earnings per share increased 15% to $4.61 compared to $4 in the prior year. Free cash flow for the quarter was $1.2 billion and $1.5 billion for the first half of the year. As we said in previous earnings calls, we expect an increase in free cash flow in the back half of the year, which reflects typical seasonality for us, including the timing of inflows related to the green tax credit initiative. We continue to expect approximately $5.5 billion of free cash flow.

年初至今，我們的調整後每股盈餘較上年同期的 4 美元成長 15% 至 4.61 美元。本季自由現金流為 12 億美元，上半年自由現金流為 15 億美元。正如我們在先前的收益電話會議上所說，我們預計下半年自由現金流將會增加，這反映了我們典型的季節性，包括與綠色稅收抵免計劃相關的資金流入時間。我們繼續預期自由現金流約為 55 億美元。

Turning to performance by segment. Starting on slide 5, organic revenue growth in the merchant solution segment with 9% in both the quarter and year-to-date. This compares to 28% growth in Q2 '24 when excess inflation and interest in Argentina and the Dolar Turista program contributed 12 points of revenue organic growth. Inflation and interest rates in the country are now below the five-year historical average, and the Dolar Turista is much smaller than the prior year.

轉向按部分劃分的表現。從第 5 張投影片開始，商家解決方案部門的有機收入成長率在本季和年初至今均為 9%。相較之下，2024 年第二季的成長率為 28%，當時阿根廷的過度通貨膨脹和利息以及 Dolar Turista 計畫貢獻了 12 個百分點的收入有機成長。目前，該國的通貨膨脹率和利率低於五年歷史平均水平，旅遊收入也比前一年少得多。

Adjusted revenue growth in the merchant solutions segment was 10% in the quarter and 8% year-to-date. This growth includes $55 million in inorganic revenue from the CCV acquisition in Europe, partially offset by an FX headwind.

本季商家解決方案部門的調整後營收成長率為 10%，年初至今的調整後營收成長率為 8%。這一增長包括來自歐洲 CCV 收購的 5,500 萬美元無機收入，但部分被外匯逆風所抵消。

Moving to the business lines. Small business organic revenue growth in the quarter was 9%, while adjusted revenue grew 11% and 9% volume growth, which includes volume from our recent acquisition. This performance was largely driven by continued strength in Clover, supported by direct and partner sales, expanded vertical coverage, and continued strength in the adoption of value-added services that reinforced Clover's role as a full business operating system.

轉向業務線。本季小型企業有機收入成長 9%，調整後營收成長 11%，銷售成長 9%，其中包括我們最近收購的銷售量。這一業績很大程度上得益於 Clover 的持續強勁表現，這得益於直接銷售和合作夥伴銷售、擴大的垂直覆蓋範圍以及增值服務的持續強勁應用，這些都鞏固了 Clover 作為完整業務操作系統的地位。

Clover revenue grew 30% in the second quarter on annualized reported payment volume growth of 8%. Excluding the gateway conversion, the volume growth in Q2 '25 was 11%.

Clover 營收在第二季成長了 30%，年化報告支付量成長了 8%。不計入網關轉換，2025 年第二季的銷售成長率為 11%。

On slide 6, as Mike said earlier, we expect volumes to accelerate in the second half, driven by a number of strategic initiatives, putting us on track to deliver at least 9% reported volume for the full year and at least 11% growth excluding the gateway.

在第 6 張投影片上，正如 Mike 之前所說，我們預計在一系列策略舉措的推動下，下半年的銷量將會加速成長，這將使我們有望實現全年至少 9% 的報告銷量和至少 11% 的成長率（不包括網關）。

The gateway impact to reported volume growth was a little over 3 points in Q2 and is expected to decline gradually through the second half and beyond, with the magnitude dependent upon retention of the converted merchant base.

入口網站對報告的交易量成長的影響在第二季度略高於 3 個百分點，預計在下半年及以後將逐漸下降，具體幅度取決於轉換商家群的保留情況。

VAS penetration stayed constant sequentially at 24%, and it was driven by our working capital products, Clover Capital, rapid deposit, and anticipation. We remain on track to meet our 2025 target of 25%.

加值服務滲透率持續維持在 24% 不變，這得益於我們的營運資金產品、Clover Capital、快速存款和預期。我們仍有望實現 2025 年 25% 的目標。

Non-Clover SMB revenue grew at a low-single digit pace. Enterprise organic and adjusted revenue growth in the quarter was 12% and 8% respectively, driven by transactions growth of 14% and continued traction with Commerce Hub.

非 Clover SMB 收入以低個位數速度成長。本季企業有機營收和調整後營收分別成長 12% 和 8%，這得益於交易量成長 14% 以及 Commerce Hub 的持續推動。

We continue to advance e-commerce capabilities within the platform. For instance, this quarter, we delivered a hosted checkout experience which redirects a customer to a secure, branded checkout page. Merchants can customize the page design using the checkout configurator tool.

我們不斷提昇平台內的電子商務能力。例如，本季度，我們提供了託管結帳體驗，將客戶重新導向到安全的品牌結帳頁面。商家可以使用結帳設定工具自訂頁面設計。

We also expanded our optimization via AI and machine learning, helping our clients to recover declines and increase savings through intelligent routing.

我們還透過人工智慧和機器學習擴展了優化，幫助我們的客戶透過智慧路由恢復下滑並增加節省。

Finally, processing organic and adjusted revenue in the quarter grew 5% and 7% respectively, driven in part by hardware sales, as well as an easier comparison as we start to lap the impact of strategic changes by clients who exited certain types of business. Year-to-date, processing organic and adjusted revenue are both down 1%, similar to our guidance for roughly flat organic revenue over the medium term.

最後，本季處理有機收入和調整後收入分別成長了 5％ 和 7％，部分原因是硬體銷售的推動，同時也更容易進行比較，因為我們開始了解退出某些類型業務的客戶策略變化的影響。年初至今，加工有機收入和調整後收入均下降了 1%，與我們對中期有機收入基本持平的預期相似。

Second quarter adjusted operating income for the merchant solution segment was up 4% to $914 million and adjusted operating margin was 34.6%, down 200 basis points from the prior year.

第二季商家解決方案部門調整後營業收入成長 4% 至 9.14 億美元，調整後營業利潤率為 34.6%，較上年下降 200 個基點。

Year-to-date, adjusted operating income for the segment was up 4% to $1.7 billion with adjusted operating margin down 100 basis points to 34.4%. The decline in Q2 adjusted operating margin reflects multiple factors including investments in marketing and sales and distribution, the impact of the CCV acquisition, and increased investments in new software and hardware.

年初至今，該部門調整後的營業收入成長 4% 至 17 億美元，調整後的營業利潤率下降 100 個基點至 34.4%。第二季調整後營業利潤率的下降反映了多種因素，包括對行銷、銷售和分銷的投資、CCV 收購的影響以及對新軟體和硬體的投資增加。

Turning to slide 7 on the financial solution segment, organic revenue grew 7% in the quarter and 6% year-to-date, in line with our full-year outlook of 6% to 8%. The quarter's results were driven by strong growth in issuing and digital payments business lines.

我們來看第 7 張投影片中的金融解決方案部門，有機收入在本季成長了 7%，年初至今成長了 6%，與我們 6% 至 8% 的全年預期一致。本季的業績得益於發行和數位支付業務的強勁成長。

Looking at the business lines, digital payments, organic and adjusted revenue each grew by 6% in the quarter. Results were driven by strong growth in Zelle transactions, up 19%, partially offset by lighter debit card spending.

從業務線來看，本季數位支付、有機收入和調整後收入均成長了 6%。業績成長主要得益於 Zelle 交易量的強勁成長（成長 19%），但藉記卡消費的減少部分抵銷了這一成長。

Demand for real-time payments continues to rise and our STAR and ACCEL debit networks are seeing increasing transaction volumes as they continue to add cards. In issuing, organic and adjusted revenue grew 13% and 14% respectively in the quarter. This above-average growth was driven by sales of our data and analytics, which is relatively new offering in its early stages of commercialization.

即時支付的需求持續上升，隨著我們的 STAR 和 ACCEL 借記網路不斷添加卡，交易量也不斷增加。在發行方面，本季有機收入和調整後收入分別成長了 13% 和 14%。這種高於平均的成長是由我們的數據和分析的銷售所推動的，這是在商業化早期階段相對較新的產品。

While we're excited about our long-term prospects here, revenue is expected to be instrumented as this project-based market matures and will not drive this level of consistent revenue growth each quarter. New verticals such as healthcare and government continue to ramp, while our education loans business just completed a migration cycle for a new portfolio of accounts.

雖然我們對我們的長期前景感到興奮，但隨著這個基於專案的市場逐漸成熟，預計收入將會受到影響，並且不會每個季度都帶來這種持續的收入成長。醫療保健和政府等新垂直行業繼續蓬勃發展，而我們的教育貸款業務剛剛完成了新帳戶組合的遷移週期。

As a reminder, while Q2 represented our first full quarter of revenue since converting the Target Circle Card portfolio in March. That growth was offset by the loss of a large retail card portfolio as that client was required to move to its bank's processing partner.

提醒一下，第二季度是我們自 3 月轉換 Target Circle Card 產品組合以來的第一個完整季度的收入。由於客戶被要求轉向其銀行的處理合作夥伴，這一增長被大量零售卡組合的損失所抵消。

Banking organic and adjusted revenue was flat in the quarter, reflecting three primary trends. First, some slower than expected implementations. Second, less activity in the market. And third, some greater pricing competition in particular areas, which has been heightened by slower activity.

本季銀行有機收入和調整後收入持平，反映了三個主要趨勢。首先，有些實施速度比預期慢。二是市場活躍度降低。第三，特定領域的價格競爭加劇，而經濟活動放緩又加劇了這種競爭。

We continue to make progress on our core strategy. With Finxact, we see strong growth opportunities in embedded finance, international banking, and the potential for a large bank core upgrade cycle. And as we've said in the past, the nature of this business line is such that it will be slower than average segment growth, but drive growth in other business lines.

我們的核心策略不斷取得進展。借助 Finxact，我們看到了嵌入式金融、國際銀行業務的強勁成長機會以及大型銀行核心升級週期的潛力。正如我們過去所說的那樣，這條業務線的性質決定了它的成長速度將低於平均水平，但會推動其他業務線的成長。

Second quarter adjusted operating income in the financial solution segment was up 14% to $1.2 billion and adjusted operating margin was 48.7%. Year-to-date, adjusted operating income for the segment was up 14% to $2.4 billion with adjusted operating margin of 310 basis points to 48.1%, reflecting the high-margin data and analytics projects, mostly in Q2, as well as cost and efficiency actions.

金融解決方案部門第二季調整後營業收入成長 14% 至 12 億美元，調整後營業利益率為 48.7%。年初至今，該部門調整後的營業收入成長 14% 至 24 億美元，調整後的營業利潤率成長 310 個基點至 48.1%，這反映了高利潤率數據和分析項目（主要在第二季度）以及成本和效率行動。

Now, let me wrap up with some remaining details on the financials. The corporate adjusted operating loss was $99 million in the quarter and $249 million year-to-date, in line with our expectations.

現在，讓我總結一下財務方面的一些剩餘細節。本季公司調整後的營業虧損為 9,900 萬美元，年初至今的營業虧損為 2.49 億美元，符合我們的預期。

The adjusted effective tax rate in the quarter was 18.9% and 18.5% for the first half of the year. And we continue to expect the full-year rate to be approximately 19.5%. Total debt outstanding was $29.6 billion on June 30.

本季調整後有效稅率為18.9%，上半年調整後有效稅率為18.5%。我們繼續預計全年成長率約為 19.5%。截至 6 月 30 日，未償還債務總額為 296 億美元。

Our debt to adjusted EBITDA ratio was steady at 2.9 times, within our target leverage range of 2.5 to 3 times. During the quarter, we repurchased 12 million shares for $2.2 billion, bringing our total cash return to shareholders for the last 12 months to nearly $6.9 billion. We had 56 million shares remaining authorized for repurchase at the end of the quarter.

我們的負債與調整後 EBITDA 比率穩定在 2.9 倍，處於我們 2.5 至 3 倍的目標槓桿範圍內。本季度，我們以 22 億美元回購了 1,200 萬股股票，使過去 12 個月我們向股東支付的現金總額達到近 69 億美元。截至本季末，我們仍有 5,600 萬股授權回購。

As Mike said, we now expect to return more cash to shareholders this year through share repurchases, reflecting our strong balance sheet and cash flow in a discipline evaluation of the opportunities in front of us.

正如麥克所說，我們現在預計今年將透過股票回購向股東返還更多現金，這反映了我們強勁的資產負債表和現金流，對我們面臨的機會進行了嚴格的評估。

We previously expected to return approximately 110% of free cash flow back to shareholders to share repurchase. And we now expect to return approximately 130%, which aligns to the upper end of our targeted leverage range.

我們先前預計將把約 110% 的自由現金流返還給股東用於股票回購。我們現在預計回報率約為 130%，這與我們的目標槓桿範圍的上限一致。

We are raising the bottom end of our adjusted earnings per share guidance range to $10.15 from $10.10 while maintaining the high end of the range at $10.30.

我們將調整後每股盈餘預期範圍的下限從 10.10 美元上調至 10.15 美元，同時將該範圍的上限維持在 10.30 美元。

The change reflects the refining of our organic revenue growth expectations to the bottom of our prior-guidance range offset by the benefit of higher share repurchase activity. We continue to expect an acceleration in organic revenue growth for the second half of the year, particularly in the merchant solution segment.

這項變更反映了我們對有機收入成長預期的調整，使其降至先前指引範圍的底部，但股票回購活動增加帶來的好處被抵消。我們繼續預期下半年有機收入成長將加速，特別是在商家解決方案領域。

Based on this, we expect both segments to grow toward the low end of their guidance ranges for organic revenue growth, with merchant solutions towards the low end of the 12% to 15% organic revenue growth outlook for the year and financial solutions organic revenue growth at the low end of the 6% to 8% range.

基於此，我們預計這兩個部門的有機收入成長都將接近其指導範圍的低端，其中商家解決方案的有機收入成長將接近今年 12% 至 15% 的有機收入成長預期的低端，而金融解決方案的有機收入成長將接近 6% 至 8% 的低端。

The net effect will be expected total company organic revenue growth of approximately 10% at the bottom end of our original guidance of 10% to 12%.

預計淨效應是公司整體有機收入將成長約 10%，處於我們最初預測的 10% 至 12% 的下限。

Lastly, we're modifying our adjusted operating margin guidance by 25 basis points, guiding to approximately 100 basis points rather than at least 125 basis points of adjusted operating margin expansion this year. The change reflects the projected impact of the four recently completed acquisitions, the refined organic revenue growth rate, and investments to support new product launches and implementations.

最後，我們將調整後的營業利益率指引修改了 25 個基點，指引今年調整後的營業利益率擴張至約 100 個基點，而不是至少 125 個基點。這項變更反映了最近完成的四次收購的預期影響、精細化的有機收入成長率以及支持新產品發布和實施的投資。

We anticipate marginal improvement on these acquisitions as we work through integration and synergies that will benefit next year and beyond.

我們預計這些收購將略有改善，因為我們將透過整合和協同效應使明年及以後受益。

With that I'll turn the call back to the operator to start Q&A session. Operator, let's open the line for questions.

說完，我將把電話轉回給接線生，開始問答環節。接線員，讓我們打開熱線來回答問題。

(Operator Instructions) Timothy Chiodo, UBS.

（操作員指示）瑞銀 (UBS) 的 Timothy Chiodo。

Great, thank you for taking the question. I want to start by digging into Clover Capital a little bit more. So you've talked about being meaningfully underpenetrated versus some of the peers when we look at Toast and Square, we would agree that you are well below their penetration levels in capital.

太好了，謝謝你回答這個問題。首先我想對 Clover Capital 進行更深入的了解。因此，您談到與一些同行相比，您的滲透率明顯不足，當我們看 Toast 和 Square 時，我們會同意您的資本滲透率遠低於他們的水平。

Could you talk a little bit about some of the activities that you're doing to unlock that TAM. In other words, we gather that with some of the wholesale ISOs or potentially bank partners. You're not able to access the full set of merchants to sell them Clover Capital. And we gather there are things that are happening to help unlock some of that. Maybe you could put some context around that level of penetration today and where you could see it getting to over the medium term. Thanks.

您能否簡單談談您為解鎖 TAM 所做的一些活動？換句話說，我們與一些批發 ISO 或潛在的銀行合作夥伴收集這些資訊。您無法存取全套商家向他們出售 Clover Capital。我們知道，正在發生的一些事情有助於解決其中的一些問題。或許您可以對當今的滲透水平進行一些了解，並可以預見它在中期內會達到什麼程度。謝謝。

Yeah, thank you for the questions, It's Mike. First of all, we were pleased with the progress we made in Clover this quarter continue to be on pace for $3.5 billion of revenue this year and the growth plan around that, as we said over the last several months, is a combination of horizontal expansion. Added home base this quarter vertical expansion. We did rectangle, which we're thrilled with to take us in to the healthcare space, launched Clover Hospitality earlier in the quarter, geographic expansion, the market's there, and then building out the distribution channels.

是的，謝謝你的提問，我是麥克。首先，我們對本季度 Clover 的進展感到滿意，今年的收入將繼續保持 35 億美元的勢頭，而圍繞這一目標的增長計劃，正如我們在過去幾個月所說的那樣，是橫向擴張的結合。本季增加了本壘垂直擴展。我們做了矩形，我們很高興能將我們帶入醫療保健領域，並在本季度早些時候推出了 Clover Hospitality，進行了地域擴張，市場就在那裡，然後建立了分銷渠道。

We talked about US Foods, the agreement with TD, and then it's in and around operational excellence within the products where we think we're the most underpenetrated. As you pointed out, is Clover Capital. And the essence there is if you go into both our non-Clover SMB based and Clover SMB based very low penetration we take.

我們討論了美國食品公司 (US Foods) 和 TD 的協議，然後討論了我們認為滲透程度最低的產品的卓越運作。正如您所指出的，是 Clover Capital。其本質在於，如果你同時研究非基於 Clover 的 SMB 和基於 Clover 的 SMB，我們的滲透率都非常低。

We're very prudent with our risk management there. And then there are a number of practices that we put in both on the behaviors and on the -- in and around Clover Capital in terms of how we go about making the offers operationally, how do we negotiate with our merchants, how do we present those, and how do we price those, made a number of refinements beginning this quarter. We're just at the beginning stages of a much more holistic thought process around Clover Capital. And ultimately we think there's a lot of ground to take within our current risk appetite and then over time whether you can expand that risk appetite some way obviously given the penetration rates we are taking less risk today than our competitors are.

我們對那裡的風險管理非常謹慎。然後，我們在行為和 Clover Capital 內部及周圍實施了許多實踐，包括我們如何在營運上提供報價、如何與商家談判、如何呈現這些報價以及如何定價，從本季度開始做出了許多改進。我們正處於圍繞 Clover Capital 進行更全面的思考過程的開始階段。最終，我們認為，在我們目前的風險偏好範圍內還有很大的發展空間，隨著時間的推移，你是否可以以某種方式擴大這種風險偏好，顯然，考慮到滲透率，我們今天承擔的風險比競爭對手要小。

So we think it's a value-added product to our merchants they they like it, they depend on it. We think the TAM there is significant and we're going to make a series of operational pricing and risk management decisions over the next coming months and quarters, and we think the progress will be good there. But what came into this quarter was -- we're just at the very beginning efforts of that.

因此我們認為它對我們的商家來說是一種增值產品，他們喜歡它，他們依賴它。我們認為那裡的 TAM 非常重要，我們將在接下來的幾個月和幾個季度內做出一系列營運定價和風險管理決策，我們認為那裡的進展將會很好。但本季的情況是——我們才剛開始努力。

Thank you, Mike.

謝謝你，麥克。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Thanks, guys. But the overall growth rates on the business continue to be sound, but I think there's an expectations change occurring that investors are digesting right now. So maybe just help us understand a little bit more specifically what changed from the beginning of the year until now on the merchant growth rate. And again, just reiterate, Bob, if you can, the merchant margins?

謝謝大家。但業務的整體成長率仍然保持良好，但我認為預期正在發生變化，投資者現在正在消化這一變化。因此，也許可以幫助我們更具體地了解從年初到現在商家成長率發生了哪些變化。再說一遍，鮑勃，如果可以的話，商家的利潤率是多少？

And just help us understand the building blocks for Clover growth and overall merchant growth both if you look at the Clover volume side. Why is the adjusted versus reported volume still different in the second half?

如果您從 Clover 數量方面來看，這將幫助我們了解 Clover 成長和整體商家成長的基石。為什麼下半年調整後的交易量與報告的交易量仍然不同？

And then more importantly, just looking at Clover revenue, if you could break down hardware, VAS payments for the rest of the year growth-rate wise, and the conviction you have around the guy for the rest of the year? Thank you guys.

然後更重要的是，只看一下 Clover 的收入，您是否可以細分硬體、今年剩餘時間的 VAS 付款增長率，以及您對今年剩餘時間的信心？謝謝你們。

Yeah. It's Mike. I'll start. Just on the overall organic growth rate for the company, we have refined to approximately 10% from 10% to 12%.

是的。我是麥克。我先開始。僅就公司的整體有機成長率而言，我們已從10%到12%調整至約10%。

Just a couple comments there. I've been in the seat for about 10 weeks now. I've had the opportunity to better understand the key drivers of our business, the status on the strategic initiatives, and then what was embedded in the full-year guidance, and that full-year guidance always anticipated a big ramp in growth in the back half of the year based on the rollout of a whole bunch of projects and initiatives.

僅此幾條評論。我已經在這個職位上待了大約 10 週了。我有機會更了解我們業務的關鍵驅動因素、策略性舉措的現狀以及全年指引中的內容，並且全年指引始終預期在推出一系列項目和舉措的基礎上，下半年將出現大幅增長。

It was a granular list. It's a very strong list that we had the ability to re-underwrite study all of our initiatives and they're great initiatives. It's just a matter of the timing of getting them to market. So as I said a minute ago, we're still confident we'll get the full financial and strategic benefits of all those initiatives. And it's just a matter of timing, and again, we feel very good about it. The pipelines around the products that we're coming to market with are very strong. The clients want them. The technology is good, so we feel very good about it.

這是一個詳細的清單。這是一個非常強大的清單，我們有能力重新承保研究我們所有的舉措，它們都是很棒的舉措。這只是將它們推向市場的時間問題。因此，正如我剛才所說，我們仍然相信我們將從所有這些舉措中獲得全部財務和策略利益。這只是時間問題，而且我們對此感到非常高興。我們即將推出的產品的管道非常強大。客戶想要它們。這項技術很好，所以我們感覺很好。

So the refinement from 10% to 12% to 10% is just having the benefit of 6.5 months into the year, understanding where we are in those product rollouts. And then importantly understanding how we want to roll them out with the quality which we want to roll them out.

因此，從 10% 到 12% 再到 10% 的改進只是利用了今年 6.5 個月的時間，讓我們了解了我們在這些產品推出中所處的位置。然後重要的是了解我們希望如何以我們想要的品質推出它們。

So forecast from here indicates back half of the year growth of 12%, which led us to the at the original range at the lower end of that original range. And that's the type of transparency we want to give you as we go through the year and see stuff and are able to narrow the range and the variability around it. So go into a couple of products.

因此，從這裡預測，今年下半年的成長率將達到 12%，這使我們處於原始範圍的低端。這就是我們希望在回顧這一年並觀察事物的過程中為您提供的透明度，並且能夠縮小其範圍和變化性。因此，請介紹幾種產品。

Yeah, Darren. You got a multi-layer question. I think first, I'll attack the question around the Clover growth rate. And we reported 30% growth rate in terms of revenue and 8% reported volume adjusting for the gateway at 11%. So continue to see good overall revenue growth and that certainly supported by an acceleration of volume.

是的，達倫。你的問題涉及多個層次。我認為首先要解決的是有關 Clover 成長率的問題。我們報告的收入成長率為 30%，而網關調整後的交易量成長率為 8%，為 11%。因此，整體營收將繼續保持良好的成長勢頭，而這無疑受到銷售加速成長的支持。

As you know, Clover is a hardware and software solution. It's a business operating system. Volume certainly is an important part of it, but there's lots of revenue in addition to that. And that's where we get into that spread, so to speak, between volume and revenue.

如您所知，Clover 是一種硬體和軟體解決方案。它是一個商業作業系統。數量當然是其中的重要因素，但除此之外還有很多收入。這就是我們所說的銷售量和收入之間的差距。

Volume continued to grow this year, actually this quarter. We also see increasing benefit of value-added services at 24% VAS penetration. It's actually a greater than a 50% growth rate just on the VAS line, and that VAS, as is software plus our working capital. We continue to see good growth in our working capital solutions, and that's rapid deposits, Clover Capital is anticipation.

今年，實際上是本季度，銷量持續成長。我們也看到加值服務的效益不斷增加，加值服務的滲透率已達到 24%。實際上，僅在 VAS 線上，成長率就超過了 50%，而且 VAS 包括軟體加上我們的營運資本。我們的營運資金解決方案持續保持良好的成長勢頭，這就是 Clover Capital 所期待的快速存款。

And so we're seeing good opportunity there. We expect that to continue. We're certainly focused on growing volume, signing up more merchants, but we're also focused on selling the full operating system. That's hardware and the value-added services, and we're seeing the benefit of that.

因此，我們看到了良好的機會。我們預計這種情況將會持續下去。我們當然專注於擴大銷售量、簽約更多商家，但我們也專注於銷售完整的作業系統。這就是硬體和增值服務，我們看到了它的好處。

In terms of merchant margin in the second quarter, we did see -- excuse me, we did see margins come down about 200 basis points. First and foremost, that's against a pretty tough comp last quarter -- excuse me, Q2 of last year was up quite meaningfully. And if you look at Q2 2025 margin at 34.6%, that's up 90 basis points from where we were two years ago.

就第二季的商家利潤率而言，我們確實看到——對不起，我們確實看到利潤率下降了約 200 個基點。首先，這是與上個季度相當艱難的競爭相比的——對不起，去年第二季的成長相當顯著。如果你看一下 2025 年第二季的利潤率為 34.6%，這比兩年前的水準高出 90 個基點。

We continue to see opportunities to to grow marching to grow the merchant business. And we continue to invest in that business. Again, in my prepared remarks I talked about some of the investments we made in the current quarter around marketing and sales distribution.

我們繼續看到擴大商戶業務成長的機會。我們將繼續投資該業務。再次，在我準備好的發言中，我談到了我們在本季圍繞行銷和銷售分銷所做的一些投資。

We're seeing good growth in our ISV business as well as our direct business as we build our capabilities there. Certainly, an impact of the acquisition of CCV, that one just closed at the very tail end of Q1. And as you know, the vast majority of our acquisitions that we do over time, they come in at below company average margin. We bring them into the business. We grow them on a scale across the scale business. We improve them through integration and synergies, and those margins expand. But we're essentially 90 to 120 days into that acquisition. That's certainly an impact from the overall merchant margin in the quarter.

隨著我們能力的不斷增強，我們的 ISV 業務和直接業務都取得了良好的成長。當然，這是對 CCV 收購的影響，該收購在第一季末剛剛完成。如您所知，我們長期以來進行的絕大多數收購的利潤率都低於公司平均利潤率。我們將他們納入我們的業務。我們在整個規模業務範圍內大規模發展它們。我們透過整合和協同作用來改進它們，並且利潤率也隨之擴大。但我們基本上已經完成了 90 到 120 天的收購。這肯定是本季整體商家利潤的影響。

And then last thing I'd talk about is an increase in investments in both software and hardware. We talked a little bit about some of the new vertical software we launched last year. We've got Clover Hospitality. If you think just about the announcements today of things that have transpired over the last 90 days, a new partnership with Homebase, which is an expansion of our horizontal software capability, a new announcement with Rectangle Health, adding a new vertical in healthcare, the TD partnership, the partnership with Adobe. All of those take investments both in product development, implementations, and go-to market. And so we're investing behind that those new growth opportunities.

最後我想談的是增加對軟體和硬體的投資。我們稍微談論了一下去年推出的一些新的垂直軟體。我們有 Clover Hospitality。如果您只考慮今天宣布的過去 90 天發生的事情，那麼與 Homebase 的新合作夥伴關係將擴展我們的橫向軟體能力，與 Rectangle Health 的新公告將在醫療保健領域增加新的垂直領域，TD 合作夥伴關係以及與 Adob​​e 的合作夥伴關係。所有這些都需要在產品開發、實施和進入市場方面進行投資。因此，我們正在投資這些新的成長機會。

Thanks guys.

謝謝大家。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Hi, thanks a lot. I just want to get a little more detail on what initiatives are being extended exactly. And I think Mike, you mentioned that some of it was on Fiserv. Can you elaborate on that and and what you're doing to address it? Is it a budgeting issue or is there you know something more specific to that just trying to like Darren ask, get a little bit more understanding on your conviction on the on the new outlook.

你好，非常感謝。我只是想更詳細地了解正在擴展的舉措的具體內容。我認為 Mike，你提到過其中一些內容與 Fiserv 有關。您能詳細說明一下這個問題以及您正在採取什麼措施來解決這個問題嗎？這是預算問題嗎？還是您知道一些更具體的事情，只是想像 Darren 所問的那樣，進一步了解您對新觀點的信念。

Yeah. As I was just saying, we went into the year. The year was built on the back half of the year plan with a lot of granular, very attractive, very compelling initiatives. No major one or two items, but a very long list of initiatives. And as you go through the planning and have the benefit of half the year and you look at where the roll out of those initiatives are in terms of timing and how we want to do it in terms of quality for the clients scalability and the client-first mindset.

是的。正如我剛才所說，我們已經進入了新的一年。今年的計劃是在下半年計劃的基礎上製定的，其中包含許多細緻、有吸引力且令人信服的舉措。沒有一兩項重要事項，但有一份很長的措施清單。當你完成規劃並利用半年的時間時，你可以看看這些計畫的推出時間，以及我們希望如何在品質方面為客戶實現可擴展性和客戶至上的理念。

And then you roll forward the rest of the year. It puts us at the bottom end of the original 10% to 12% range just in getting those products to market and realizing the revenues. There isn't a quality issue with them, it's not products that have gone to market and not generated the revenues we thought it's just getting the products to market.

然後你就可以繼續度過今年剩下的時間。這使得我們在將這些產品推向市場並實現收入的過程中處於原始 10% 至 12% 範圍的底端。它們不存在品質問題，產品進入市場後並沒有產生收入，我們認為這只是將產品推向市場而已。

And as I said, some of that we control, we can execute faster, better, greater sense of urgency. And some of it we don't because we're integrating with partners, contract signings, how do people respond to an uncertain macro in the second quarter. Obviously, more clear now. So lots of factors that go in there.

正如我所說，我們可以控制一些事情，從而可以執行得更快、更好，並且更有緊迫感。有些我們沒有，因為我們正在與合作夥伴整合，簽訂合同，人們如何應對第二季度不確定的宏觀經濟。顯然，現在更加清楚了。其中涉及很多因素。

What we did with this is we said when you look at our most current plan in the rest of the year, we're confident that we've captured what we will roll out and realize in revenues this year. And then importantly, as you go forward, all of those initiatives that I said we've had a great chance to re-underwrite them, re-study them. And they're good. They're really great products whether we're redefining how small businesses manage cash with CashFlow Central, we're resetting the -- all parts of how small businesses run their businesses off the Clover platform and the attributes we're going into there.

我們這樣做的目的是，當你看到我們今年剩餘時間的最新計劃時，我們有信心我們已經掌握了今年將推出並實現的收入。然後重要的是，隨著你們的前進，我所說的所有這些舉措我們都有很大機會重新支持它們、重新研究它們。而且它們都很好。它們確實是優秀的產品，無論我們是透過 CashFlow Central 重新定義小型企業如何管理現金，還是重置小型企業如何在 Clover 平台上運營業務的所有部分以及我們在此涉及的屬性。

We're introducing a digital payment trail, FIUSD. These are all great products resetting our digital platform and banking. So we like all the products. It's just we're giving you the most updated look on timing and obviously, when we started the year, you give a wider range. And as you go through the year and get a better sense of where things are, we're able to narrow the range little.

我們正在推出數位支付方式 FIUSD。這些都是重塑我們的數位平台和銀行業務的優秀產品。所以我們喜歡所有的產品。我們只是為您提供最新的時間安排，顯然，當我們開始新的一年時，您會得到更廣泛的範圍。隨著您度過這一年並更好地了解情況，我們能夠稍微縮小範圍。

I think, to a lesser extent, we started the year with some macro assumptions around certain activity levels in parts, more so in the FIUSD business where card accounts on file would rebound off the cyclical low. You'd see greater activity in certain of the digital payment, maybe a faster and more robust upgrade cycle in certain parts of core and surround bank technology. And obviously, that while it's strong today, the economy's taking an uneven path to get here and we just factor that into the future outlook. Hopefully that helps.

我認為，在較小程度上，我們在年初對部分地區的某些活動水平做出了一些宏觀假設，尤其是在 FIUSD 業務中，存檔的卡帳戶將從週期性低點反彈。您會看到某些數位支付領域的活動更加活躍，也許核心和周邊銀行技術的某些部分的升級週期更快、更強勁。顯然，儘管目前經濟表現強勁，但發展之路並不平坦，我們只是將這一點納入未來展望。希望有幫助。

Tien-Tsin, I think the way I think about it is our original guidance at 10% to 12% our quote baseline plan was midpoint, 11%. To get to 12%, we factored in the opportunity for a slightly better macro environment, a little bit faster business, some of the credit and course surrounds that Mike just talked about that would have gotten us a little bit faster, stronger, would have gotten us to the top end.

Tien-Tsin，我認為我的想法是，我們最初的指導價是 10% 到 12%，而我們的報價基準計劃是中點，即 11%。為了達到 12% 的目標，我們考慮到了稍微好一點的宏觀環境、稍微快一點的業務、麥克剛才提到的一些信貸和課程環境，這些會讓我們更快、更強大，會讓我們達到最高水平。

And now, that we've seen a bit choppier recovery in the in the macroeconomy, a little bit slower on the initiatives again. Both on things inside and outside of things in our control and outside our control a little bit slower puts us at the bottom end of the range, which is what we're guiding to at this point.

現在，我們看到宏觀經濟的復甦有些不穩定，各項措施也稍微放緩。無論是在我們控制範圍內還是範圍外，速度稍慢一點都會讓我們處於範圍的底端，這就是我們目前的指導方針。

Really quick. Sounds like it's not just one or two initiatives, several initiatives and you're just lowering the curve of growth expectations across all of that. Thank you. If I got that right, thank you,

真的很快。聽起來這不只是一兩項舉措，而是幾項舉措，你只是降低了所有這些舉措的成長預期曲線。謝謝。如果我理解正確的話，謝謝

Yeah, that's right.

是的，沒錯。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good morning, Bob, Mike. I want to follow up on merchant operating margins. I know you talked about some of the drivers there on the list with respect to this and marketing investments, CCV, and product investments. The margins was a bit of a surprise. So it would be very helpful if you can quantify some of the drivers and maybe also talk about cadence from here. And also, was this merchant margins in line with your expectations for the quarter as you were thinking about it from let's say three months ago? Thank you.

嗨，早上好，鮑勃，麥克。我想追蹤商家的營業利潤率。我知道您談到了清單中與此相關的一些驅動因素以及行銷投資、CCV 和產品投資。利潤率有點令人驚訝。因此，如果您可以量化一些驅動因素並從這裡討論節奏，那將會非常有幫助。此外，正如您三個月前所想，這個商家的利潤率是否符合您對本季的預期？謝謝。

Yeah, Harshita. From a total company margin outlook, as you heard, we've revised our guidance for the full year previously at least 125 basis points to now approximately 100 basis points. Certainly, an impact. Again, this impacted merchant margin in the quarter. But also impacted full-year outlook as we get 9, 10 months of revenue from those acquisitions.

是的，哈爾希塔。從整個公司的利潤率前景來看，正如您所聽到的，我們已將全年利潤預期從之前的至少 125 個基點修訂為現在的約 100 個基點。當然有影響。這再次影響了本季的商家利潤。但也影響了全年前景，因為我們從這些收購中獲得了 9,10 個月的收入。

I specifically talked to an earlier question about CCV, but we have three other acquisitions, that just recently closed call it the last 90 days. And as you add that business call it order magnitude $200 million-plus of revenue at below company average that certainly weighs on the overall margin. Add to that, we're now at a 10% organic growth, so we don't have quite as much volume to help override or offset some of that external, some of that M&A activity caused us to take the full year down from that 125 to 100 basis points for the full year.

我之前特別提到了 CCV，但我們還有其他三項收購，最近 90 天內剛完成。而且，當您添加該業務時，其訂單量級為 2 億美元以上的收入低於公司平均水平，這肯定會對整體利潤率產生影響。除此之外，我們現在的有機成長率為 10%，因此我們沒有足夠的交易量來幫助覆蓋或抵消部分外部因素，部分併購活動導致我們全年的成長率從 125 個基點下降到 100 個基點。

In terms of merchant margin, in particular, I'd say generally in line with what we expected again when you layer in the acquisitions. Look at some of the investments we're making, obviously those were intentional decisions, both in terms of marketing, distribution and investments in new products and services. So overall in line with this we expected other than, obviously, taking the full year in terms of, fully factoring in the acquisitions.

特別是就商家利潤率而言，我認為總體上與我們在分層收購時預期的一致。看看我們正在進行的一些投資，顯然這些都是有意為之的決定，包括行銷、分銷以及對新產品和服務的投資。因此，總體而言，除了顯然將全年的收購完全考慮在內之外，我們的預期與此一致。

Okay.

好的。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah. Hey guys, thank you, and you know just looking at merchant again just the the pure math of revenue growth of 9% in the first half and 12% guidance for the full year puts the second half at mid-teens. And I'm just wondering I guess, there's anything unnaturally low in the 9% for the first half, and if there's anything unnaturally high in the second half, really, what's driving that 6% acceleration and is that the starting point really into next year? I mean, that would be phenomenally good if that's kind of the beginning point into next year.

是的。嘿，夥計們，謝謝你們，你知道，再看一下商家，單純計算上半年收入增長 9%，全年收入增長 12%，那麼下半年的收入增長率將達到十五六個百分點。我只是想知道，上半年 9% 的成長速度是否存在不自然的低點，而下半年是否存在不自然的高點，那麼，究竟是什麼推動了 6% 的成長速度，這是否真的是明年的起點？我的意思是，如果這是明年的起點，那會非常好。

Yeah, David, I think a couple I wouldn't necessarily point to anything quote unnatural. One of the biggest drivers, of course, is last year we had the impact of the transitory benefit of inflation and interest in Argentina. And that transitory benefit eased quite meaningfully throughout the four quarters last year and is actually now gone in 2025. And so on a comparison basis, each of the four quarters becomes an easier compare. And in fact, at this point, if you look at current inflation and interest rates in Argentina, they're actually below the five-year average.

是的，大衛，我認為我不會指出任何不自然的事情。當然，最大的驅動因素之一是去年我們受到阿根廷通貨膨脹和利息的暫時影響。而這種暫時性的好處在去年四個季度中明顯減弱，實際上到 2025 年就已經消失了。因此，從比較的角度來看，四個季度中的每一個季度都變得更容易比較。事實上，目前，如果你看看阿根廷目前的通貨膨脹率和利率，它們實際上低於五年平均值。

Things have improved quite meaningfully. Ultimately, that's a good thing for us. A good macro environment in Argentina is good and things look generally positive there. Obviously, they're still in a difficult economic condition in terms of recession and whatnot, but that is a positive for us on a on a transitory benefit going away, but overall economy going away.

情況已經有了相當顯著的改善。最終，這對我們來說是一件好事。阿根廷的宏觀環境良好，整體狀況向好。顯然，他們仍然處於經濟衰退等困難的經濟狀況，但這對我們來說是積極的，因為暫時的好處正在消失，但整體經濟正在衰退。

Secondly, if you look at first half to second half, Clover becomes a bigger piece of the merchant business as well as continues to grow. The second quarter was at a 30%, revenue growth. We need approximately 30% on full year to get to the $3.5 billion. That's a nice growth rate because it was growing last year and so that gives an extra lift overall to the merchant segment on a first half, second half basis just by continuing to grow at that 30%-plus given good.

其次，如果從上半年到下半年來看，Clover 在商家業務中所佔的份額越來越大，而且還在持續成長。第二季度營收成長了30%。我們需要全年約 30% 的資金才能達到 35 億美元的目標。這是一個不錯的成長率，因為去年就已經在成長，因此，只要繼續以 30% 以上的速度成長，這將為上半年和下半年的商家部門帶來額外的提振。

Fast and other benefits. The second half we'll get more international expansion. Brazil is going well. That continues to grow nicely. That one of our five new countries that we expanded Clover to -- you heard some of the partnerships, some of the ADP benefits, et cetera. All give accelerated growth. And then that's on the Clover side.

快速等優點。下半年我們將進一步拓展國際業務。巴西進展順利。這一增長勢頭持續良好。這是我們將 Clover 擴展到的五個新國家之一——您聽說過一些合作夥伴關係、一些 ADP 福利等等。所有這些都加速了成長。那是在 Clover 方面。

In the enterprise space and merchant, Commerce Hub continues to do well. We've got a number of very large enterprise clients that are expanding their use of, and they've sold up for sold, up for Commerce Hub. They're now ramping that and as they add more capabilities, more, stores in Commerce Hub, that expands.

在企業領域和商家方面，Commerce Hub 繼續表現良好。我們有許多非常大的企業客戶正在擴大他們的使用範圍，並且他們已經出售了 Commerce Hub。他們現在正在加大力度，隨著他們在 Commerce Hub 中添加更多功能、開設更多商店，業務規模也在擴大。

We talked a little bit in our prepared remarks around the international expansion or the globalization of Commerce Hub. And in Latin America, we've got the first large enterprise client going live shortly on that expanded Commerce Hub capability and so we feel good about the opportunity to accelerate both in merchant as well as in financial solutions to get us from 8% in the first half of the year to 10% for the full year.

我們在準備好的演講中稍微談論了 Commerce Hub 的國際擴張或全球化。在拉丁美洲，我們的第一個大型企業客戶即將上線擴展的 Commerce Hub 功能，因此，我們對在商家和金融解決方案方面加速發展的機會感到高興，這將使我們的成長率從上半年的 8% 提高到全年的 10%。

Thanks, guys.

謝謝大家。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey guys, thank you for taking the question. Bob, I just wanted to ask another question here on the Clover side, you expressed a lot of confidence in the ability to hit the $3.5 billion revenue target in 2025. I know that you guys had had some targets out for 2026 as well. I don't think you've addressed those. And if I look at where the street is -- street, I think, is still comfortably below those targets, roughly 24% revenue growth next year.

嘿夥計們，謝謝你們回答這個問題。鮑勃，我只是想就 Clover 方面問另一個問題，您對 2025 年實現 35 億美元收入目標的能力表示了很大的信心。我知道你們也為 2026 年訂定了一些目標。我認為你還沒有解決這些問題。如果我看一下街道的情況——我認為街道仍然遠低於這些目標，明年的收入成長約為 24%。

So just wondering if you can maybe address that and talk to the confidence in hitting that. And if not, the street numbers are already kind of below it, like what do you think is a reasonable revenue growth rate for a low double-digit volume growth dynamic in Clover given some of the initiatives you've got on the VAS and the capital side? But also maybe considering what seems to be a pretty strong year for hardware sales, which may be less reoccurring as we look forward? Thanks.

所以我只是想知道您是否可以解決這個問題並談談實現這一目標的信心。如果不是，那麼街道數字已經低於這個數字了，那麼考慮到您在增值服務和資本方面採取的一些舉措，您認為對於 Clover 的低兩位數銷售增長動態來說，合理的收入增長率是多少？但也許考慮到今年硬體銷售似乎相當強勁，我們展望未來這種情況可能不會再發生？謝謝。

Yeah, thanks Will. So certainly not updating 2026 guidance at this point. But I would certainly point to a couple of key things. First and foremost, we laid out the $3.5 billion goal for 2025 about three years ago, and we're exactly on track to deliver just that.

是的，謝謝威爾。因此現在肯定不會更新 2026 年的指導。但我肯定會指出幾個關鍵點。首先，大約三年前，我們設定了 2025 年 35 億美元的目標，我們正按計畫實現這一目標。

We need to continue to do what we did in the first half to deliver the second half to get to $3.5 billion. Obviously, there's continued growth to get to the $4.5 billion. That's the number we put out about a year and a half ago or so. But the things that we are doing now that help us deliver the $3.5 billion put us in a good position to deliver the $4.5 billion next year? Things like the horizontal expansion with Homebase, adding ADP and CashFlow Central capabilities into Clover, the vertical expansion. Adding Clover Hospitality, Rectangle Health for what we're calling practice pay and a new healthcare vertical.

我們需要繼續上半年所做的事情，以實現下半年 35 億美元的目標。顯然，該數字還會持續成長，達到 45 億美元。這是我們大約一年半前公佈的數字。但是，我們現在所做的事情有助於我們實現 35 億美元目標，這是否讓我們在明年實現 45 億美元目標時處於有利地位？例如透過 Homebase 進行橫向擴展，在 Clover 中加入 ADP 和 CashFlow Central 功能，以及縱向擴展。加上 Clover Hospitality 和 Rectangle Health，以實現我們所謂的實踐薪酬和新的醫療保健垂直領域。

The international expansions, we talked about the benefit of Brazil. We continue to see growth across all five of the new international regions. It's very early stages, so you're getting a little bit of benefit this year that continues to accelerate in 2026 and beyond. And then we're also expanding our distribution channels with the announcement of the US Foods, for example, a new sharing partner, TD Bank, building out our direct channel. So absolutely online to deliver $3.5 billion the number we set out three years ago, and things that we're doing this year help us grow the balance of this year, second half as well as into 2026.

在國際擴張中，我們談到了巴西的好處。我們繼續看到五個新國際地區的成長。現在還處於非常早期的階段，所以今年你會獲得一點好處，而且這種好處會在 2026 年及以後繼續加速。然後，我們還將擴大我們的分銷管道，例如，宣布與美國食品公司、新的共享合作夥伴道明銀行 (TD Bank) 合作，建立我們的直接管道。因此，我們絕對可以實現 35 億美元的目標，這是我們三年前設定的目標，而我們今年所做的事情有助於我們增加今年、下半年以及 2026 年的餘額。

I think, if you go back to Tien-Tsin's point, there's we are doing lots of things on the Clover platform across these five or six major areas to drive a business operating platform, not a point of sale payments device and. That's the mindset we're operating around it.

我認為，如果你回顧 Tien-Tsin 的觀點，我們在 Clover 平台上的五到六個主要領域做了很多事情，以推動業務營運平台，而不是銷售點支付設備。這就是我們運作的思維模式。

So as we continue down the path of maturing Clover and bringing a solution to businesses to help them run their businesses better, every every quarter we go, there's new and more interesting things that we can do around it? And we're just scratching the surface of there's a whole bunch of work streams as you think about the next level of Clover and the excitement around bringing more AI to Clover, whether it's in inventory optimization, smart menu builders helping, businesses manage optimally manage their staffing, how do you deliver better service and support to them.

那麼，隨著我們不斷完善 Clover 並為企業提供解決方案以幫助他們更好地經營業務，我們每個季度都能圍繞它做一些新的、更有趣的事情嗎？我們只是觸及了皮毛，當您考慮 Clover 的下一個層次以及為 Clover 帶來更多人工智慧時，還有一大堆工作流程，無論是在庫存優化、智能菜單構建器幫助、企業管理最佳人員管理、如何為他們提供更好的服務和支援方面。

So it's an evolution, but I think the important takeaway is we're building a business operating system, TAM in the United States were less than 10% penetrated there. We're almost zero internationally, and we're going after an opportunity to help businesses run that or not. Some type of race to on a point of sale software to the point of sale. Hardware software device, so that that's the approach we're coming at it with, and it's exciting. Clover's an incredible platform.

所以這是一個演變過程，但我認為重要的一點是我們正在建立一個商業作業系統，而美國 TAM 的滲透率還不到 10%。我們在國際上幾乎為零，我們正在尋求機會幫助企業開展業務。某種類型的競爭是在銷售點軟體上進行銷售。硬體軟體設備，這就是我們採用的方法，這很令人興奮。Clover 是一個令人難以置信的平台。

And well, just to add to that, overall we talk about Clover's operating system, it's a payments, it's a software, it's a hardware solution, your question about hardware being good growth this year, absolutely, your comment about that will not likely reoccur. I'll generally disagree with. This is a hardware business with software and payments.

好吧，補充一點，總的來說，我們談論的是 Clover 的操作系統，它是一種支付方式，是一種軟體，是一種硬體解決方案，你關於硬體今年是否會良好增長的問題，絕對的，你對此的評論不太可能再次出現。我一般不同意。這是一家兼具軟體和支付功能的硬體企業。

First of all, we make good margin on our hardware. It is not something we will give away. It's not a loss leader. And our hardware, if you look at the hardware revenue as a percent of overall Clover revenue, it's been relatively consistent in the mid-teens range for a few years. We continue to invest in developing new hardware. We think we've got a best in class, world class hardware, and we continue to, build out that capability and provide that, best-in-class hardware to our client base. So we think that continues to sell into the future.

首先，我們在硬體上獲得了良好的利潤。這不是我們會放棄的東西。這不是虧本銷售。而我們的硬件，如果你將硬體收入佔 Clover 整體收入的百分比來看，幾年來一直相對穩定在十幾歲的範圍內。我們繼續投資開發新硬體。我們認為我們擁有一流的、世界一流的硬件，我們將繼續增強這種能力並為我們的客戶群提供一流的硬體。因此我們認為未來銷量還會繼續。

Got it, that's helpful color. Appreciate it. Thanks, guys.

明白了，這是有用的顏色。非常感謝。謝謝大家。

Thanks, Will.

謝謝，威爾。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Thank you, good morning, appreciate it. A question on Clover value-added services and maybe just the the competitive environment, Bob, as you see, more international expansion, some of the growth initiatives gain traction and Clover. Is it possible that that value added services attach maybe dips before going back up again and just so adoption of those services and then. Just generally in the US, any commentary on the software-integrated competitive environment, is it stable? Is it changing a little bit at the margin any help there'd be great thanks.

謝謝，早安，非常感謝。關於 Clover 增值服務和競爭環境的問題，鮑勃，正如您所見，更多的國際擴張，一些增長計劃獲得了牽引力，Clover 也獲得了牽引力。加值服務附加價值是否有可能先下降，然後再回升，然後再採用這些服務。整體來說，在美國，軟體整合競爭環境是否穩定？它是否會在邊緣處發生一點點變化，如果能提供任何幫助，我將非常感謝。

If my boss Bob can come back in on it. Obviously, youknow what I just talked about is the continuing to serve as a business platform. We have to continue to build value added services within the vast book, and there's a tremendous amount of focus around that internationally in the markets we've gone into so far internationally, it's a less robust VAS portfolio, so it's both expanding internationally and building. And building out the VAS on the international side, so hopefully we see both of those grow over time. They should if as the efficacy of the platform plays out with small businesses. So we're very excited not just in the US but to really bring back to the external markets versus where it is today.

如果我的老闆鮑伯能回來的話。顯然，我剛才談到的是繼續充當商業平台。我們必須繼續在龐大的帳簿中建立增值服務，而且在我們迄今為止進入的國際市場上，國際上對此給予了極大的關注，這是一個不太強大的增值服務組合，因此它既在國際上擴張，也在建設。並在國際層面建立增值服務，因此我們希望看到這兩項服務隨著時間的推移而成長。他們應該這樣做，因為該平台的功效在小型企業中得到充分發揮。因此，我們不僅對美國市場感到非常興奮，而且對外部市場也真正恢復到目前的水平也感到非常興奮。

And that's the hallmark of what Clover is on the competitive landscape we've got great competitors. I think, our focus is going after businesses and helping businesses run their businesses better versus some type of competitive dynamic. There's great other platforms out there, whether in specific verticals or more broadly. And we think we've got a platform that can go globally and there's plenty of TAM to go after on that front. So again, less than 10% share in the US, 0% share in the external market. So the ability to penetrate and bring value added to small businesses is we just feel like we're barely scratching the surface of that opportunity.

這就是 Clover 在競爭格局中的標誌，我們擁有強大的競爭對手。我認為，我們的重點是追求企業並幫助企業更好地經營業務，而不是某種競爭動態。還有其他很棒的平台，無論是在特定垂直領域還是更廣泛的領域。我們認為我們已經擁有一個可以走向全球的平台，並且在這方面有足夠的 TAM 可供利用。因此，在美國的市佔率不到 10%，在外部市場的市佔率為 0%。因此，我們感覺，滲透到小型企業並為其帶來附加價值的能力，僅僅只是觸及了這個機會的表面。

Seems like a big --

看起來像一個大--

I think, in terms of the VAS US versus global certainly the US business US market is more mature in terms of the value added services and and software operating system capability, and it varies by country by region across the globe as well as varies in our offering.

我認為，就增值服務而言，美國與全球相比，美國業務在增值服務和軟體作業系統能力方面更加成熟，並且全球各個國家和地區的情況有所不同，我們提供的產品也有所不同。

So we've talked about this a little bit. Australia being one of our new, Clover international markets is probably the the most, furthest along in terms of richness of the software available on Clover and other markets, we continue to develop that capability. And I think, it is a market that will continue to expand as we bring more capability.

我們已經討論過這個問題了。澳洲是我們新的 Clover 國際市場之一，就 Clover 和其他市場上可用的軟體豐富性而言，澳洲可能是最領先的，我們將繼續開發這種能力。我認為，隨著我們能力的增強，市場將會繼續擴大。

Today, you don't see a lot of that taking place because it's not available. And so we see that as an opportunity going forward if you think about, software maybe a little less so but working capital support is much more of a global opportunity for us.

如今，你看不到很多這樣的情況發生，因為還沒有這樣的機會。因此，我們認為這是一個未來的機遇，如果你想想的話，軟體可能不那麼重要，但營運資金支援對我們來說更像是一個全球性的機會。

The comparable other market is Canada, and again we're excited this morning to a partnership with TD to really build out and distribute, Clover further in that market where we've, as I said, we've generated really good growth over the last five years of being there with the constant increasing availability of that.

另一個可比較的市場是加拿大，今天早上我們再次很高興與 TD 建立合作夥伴關係，進一步在該市場拓展和分銷 Clover，正如我所說，過去五年來，隨著 Clover 可用性的不斷提高，我們在該市場取得了非常好的增長。

Thank you. I appreciate it. Alright.

謝謝。我很感激。好吧。

Thank you, and, to all those on the call today, thank you for your interest and our IR team is available for any further questions. Have a great day.

謝謝大家，也感謝今天參加電話會議的所有人，感謝你們的關注，我們的 IR 團隊隨時準備回答您的任何其他問題。祝你有美好的一天。

Thank you all for participating in the Fiserv 2nd quarter 2025 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 2025 年第二季財報電話會議。今天的電話會議到此結束。請立即斷開連接並享受美好的一天。