Fiserv Inc (FISV) 2025 Q3 法說會逐字稿

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

歡迎參加 Fiserv 2025 年第三季財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

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

此時，我將把電話轉交給 Fiserv 投資人關係資深副總裁 Julie Chariell。

Thank you, and good morning. With me on the call today are Mike Lyons, our Chief Executive Officer; and Paul Todd, Senior Adviser and incoming Chief Financial Officer.

謝謝，早安。今天和我一起參加電話會議的有我們的執行長麥克·萊昂斯，以及高級顧問兼即將上任的財務長保羅·托德。

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

本季度收益報告及補充資料可在fiserv.com網站的投資者關係頁面查閱。請參閱這些資料，以了解本次電話會議中討論的非GAAP財務指標的解釋，以及這些指標與最接近的適用GAAP指標的調節表。除非另有說明，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.

我們今天的發言將包括對預期經營和財務業績以及策略性舉措等事項的前瞻性陳述。前瞻性陳述可能與實際結果有重大差異，並受到許多風險和不確定因素的影響。有關這些風險因素的討論，請參閱我們的獲利報告。

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

現在我把電話交給麥克。

Thank you for joining us today. By now, you've seen our results and revised guidance for the year. While disappointing, the actions we are taking are driven by a rigorous analysis of the company conducted during the third quarter and represent a critical and necessary reset and a revitalizing moment for the company. We are capitalizing on this opportunity to refocus on the pillars that have long distinguished Fiserv, including exceptional client service, world-class execution, value-added technology solutions and cutting-edge innovation.

感謝您今天加入我們。現在，您應該已經看到了我們的業績報告和修訂後的年度業績指引。雖然令人失望，但我們採取的行動是基於第三季對公司進行的嚴格分析，代表公司一次至關重要且必要的調整和復興時刻。我們正利用這一機會，重新聚焦於長期以來讓 Fiserv 脫穎而出的支柱，包括卓越的客戶服務、世界一流的執行力、增值技術解決方案和尖端創新。

Today, I will share with you our plans to build a sustainable, high-quality company that will make our shareholders, clients and employees proud. There are five key messages we want to deliver today. First, the results of our analysis highlighted Fiserv's outstanding SaaS and payment platforms and our robust portfolio of value-added services, uniquely positioned at the intersection of finance and commerce to large, economically critical and rapidly evolving industries. At the same time, we also identified certain competitive and client service gaps, which we are actively working to fill and are confident that with focused investment we can fully address.

今天，我將與大家分享我們打造一家可持續發展的高品質公司的計劃，這將使我們的股東、客戶和員工感到自豪。今天我們想傳達五個關鍵訊息。首先，我們的分析結果突顯了 Fiserv 出色的 SaaS 和支付平台以及我們強大的增值服務組合，這些服務獨特地定位在金融和商業的交匯點，服務於大型、經濟關鍵且快速發展的行業。同時，我們也發現了一些競爭和客戶服務的差距，我們正在積極努力彌補這些差距，並相信透過集中投資，我們可以全面解決這些問題。

Second, we have established a new revenue and earnings baseline, consisting of high-quality, structural, largely recurring revenues, driven by meeting our clients' needs and aspirations. Going forward, we are shifting our strategic focus and our culture to prioritize sustainable client-focused opportunities for short-term initiatives. While this pivot will negatively impact near-term results, our team has embraced this change, and it will best position us for predictable and sustainable growth and margins.

其次，我們建立了一個新的收入和獲利基準，其中包括高品質、結構性、主要為經常性的收入，這些收入的驅動力是滿足客戶的需求和願望。展望未來，我們將轉變策略重點和企業文化，優先考慮以客戶為中心的永續機遇，而非短期舉措。雖然這項轉變會對短期業績產生負面影響，但我們的團隊已經接受了這項變化，這將使我們處於可預測和可持續成長及利潤的最佳位置。

Third, we have a tremendous opportunity to use emerging technology, including generative and Agentic AI to enhance our mission-critical software solutions, ignite our gateways and orchestration layers, facilitate embedded finance and improve our operations. We are pursuing these opportunities and other performance-enhancing initiatives under a new action plan called One Fiserv.

第三，我們有絕佳的機會利用新興技術，包括生成式人工智慧和智慧體人工智慧，來增強我們的關鍵任務軟體解決方案，激發我們的網關和編排層，促進嵌入式金融並改善我們的營運。我們正在根據一項名為「One Fiserv」的新行動計劃，尋求這些機會和其他提升績效的舉措。

Fourth, we're building a world-class leadership team that is united in driving these efforts and establishing a culture that prioritizes integrity, fairness, execution, accountability and client service. Today, I'm excited to announce new co-presidents and a new CFO. We will also be welcoming three new directors to our Board, including new Board and Audit Committee Chairs, all of whom bring tremendous experience and highly relevant skills to Fiserv.

第四，我們正在打造一支世界一流的領導團隊，團結一致地推動這些工作，並建立一種以誠信、公平、執行、問責和客戶服務為優先的文化。今天，我很高興地宣布新的聯合總裁和新的財務長人選。我們還將迎來三位新董事加入我們的董事會，其中包括新的董事會主席和審計委員會主席，他們都為 Fiserv 帶來了豐富的經驗和高度相關的技能。

Fifth, as we move beyond 2026 with a supportable and transparent financial baseline and key investments in place, we are well positioned to return to Fiserv's routes of consistent mid-single-digit revenue growth with clear potential for further acceleration over time.

第五，隨著我們邁入 2026 年以後，擁有可支撐且透明的財務基線和關鍵投資，我們完全有能力重回 Fiserv 持續實現中等個位數收入增長的道路，並且隨著時間的推移，增長速度還有明顯的提升空間。

When combined with operating leverage, significant free cash flow generation and highly disciplined capital allocation, this will ultimately support double-digit adjusted EPS growth and present an attractive constant compounder investment case. I am personally energized and excited to demonstrate what we can accomplish as the world's largest fintech.

結合經營槓桿、大量自由現金流的產生和高度自律的資本配置，這將最終支持兩位數的調整後每股收益增長，並呈現出一個有吸引力的持續複合增長的投資案例。我個人充滿熱情和興奮，迫不及待地想要向大家展示我們作為全球最大的金融科技公司所能取得的成就。

In terms of the agenda, I'll start with a summary of the analysis we have completed, which forms the basis for our One Fiserv action plan; and then Paul Todd, our incoming CFO, will cover the financial results in detail. During the third quarter, my first full quarter as CEO, I worked with a management team and several external advisers to conduct a rigorous analysis of the company's operations, technology, financials and forecasting including thousands of client and employee meetings and external benchmarking.

議程方面，我將首先概述我們已完成的分析，該分析構成了我們「一個 Fiserv」行動計劃的基礎；然後，我們即將上任的財務長 Paul Todd 將詳細介紹財務結果。在擔任執行長的第一個完整季度（第三季），我與管理團隊和幾位外部顧問合作，對公司的營運、技術、財務和預測進行了嚴格的分析，包括數千次客戶和員工會議以及外部基準測試。

As the new CEO, it was natural for me to push our team to think critically about our businesses and objectively assess long-term value drivers, competitive strengths and weaknesses and ultimately, how we communicate with the investment community. The analysis was integrated into our annual strategic planning process, which starts every August and continues into the fall, with ongoing communication and interaction with our Board of Directors.

作為新任首席執行官，我自然而然地敦促我們的團隊對我們的業務進行批判性思考，客觀地評估長期價值驅動因素、競爭優勢和劣勢，以及最終我們如何與投資界溝通。該分析已納入我們的年度策略規劃流程，該流程從每年八月開始，一直持續到秋季，期間我們會與董事會進行持續的溝通和互動。

One of the key takeaways from our analysis is that Fiserv's growth and margin targets need to be reset. This change is driven by a combination of four factors, including slowing cyclical growth in Argentina, the recalibration of optimistic growth assumptions in the original guidance, the impacts of certain deferred investments and the deprioritization of short-term revenue and expense initiatives. I will touch on each of these factors, starting with Argentina, where we have built a highly successful payments business.

我們的分析得出的一個關鍵結論是，Fiserv 的成長和利潤目標需要重新調整。這項變更是由四個因素共同推動的，包括阿根廷週期性成長放緩、對最初指導中樂觀成長假設的重新調整、某些遞延投資的影響以及短期收入和支出計畫的優先順序降低。我將逐一探討這些因素，首先從阿根廷說起，我們在那裡建立了一個非常成功的支付業務。

Fiserv's medium-term organic revenue growth target of 9% to 12% was originally set in 2023, amidst high interest rates and inflation in Argentina, which greatly benefits our anticipation business there and ultimately drove organic revenue growth in Argentina of 257% in 2023 and 329% in 2024.

Fiserv 的中期有機收入成長目標最初設定在 2023 年，當時阿根廷利率和通貨膨脹率居高不下，這極大地有利於我們在阿根廷的預測業務，並最終推動了阿根廷 2023 年 257% 和 2024 年 329% 的有機收入增長。

While we have previously sized the impact of excess Argentinian interest rates and inflation on our organic growth, today, we're providing a holistic view of how Argentina has impacted Fiserv's performance. Specifically, Argentina contributed over 5 percentage points to our 12% organic growth rate in 2023 and roughly 10 percentage points to our 16% organic growth in 2024. This is highlighted on slide 9.

雖然我們之前已經評估了阿根廷過高的利率和通貨膨脹對我們有機成長的影響，但今天，我們將全面分析阿根廷對 Fiserv 業績的影響。具體來說，阿根廷為我們 2023 年 12% 的有機成長率貢獻了 5 個百分點以上，為我們 2024 年 16% 的有機成長率貢獻了約 10 個百分點。這一點在第9張投影片中重點強調。

Therefore, excluding Argentina, the company's overall organic revenue growth rate was in the mid-single digits in both 2023 and 2024. Year-to-date, Argentina's organic growth rate is 56%, adding roughly 2 percentage points to our overall organic growth rate of just over 5%. Notably, in addition to strong organic revenue growth, our Argentinian business comes with adjusted operating income margins that are roughly double overall Fiserv levels.

因此，除阿根廷外，該公司 2023 年和 2024 年的整體有機收入成長率均為個位數中段。今年迄今為止，阿根廷的有機成長率為 56%，比我們整體略高於 5% 的有機成長率提高了約 2 個百分點。值得注意的是，除了強勁的內生性收入成長外，我們在阿根廷的業務調整後營業利潤率約為 Fiserv 整體水準的兩倍。

The second conclusion is that while the company's original 2025 organic revenue growth guidance of 10% to 12%, appropriately anticipated that Argentina's growth would slow some, it also assumed that to compensate for the slowdown, our non-Argentinian businesses would grow significantly faster than their historical mid-single-digit range.

第二個結論是，雖然公司最初對 2025 年有機收入增長的預期為 10% 至 12%，這恰當地預料到阿根廷的增長會有所放緩，但也假設為了彌補這種放緩，我們在阿根廷以外的業務增長速度將遠超其歷史上的個位數中段增長速度。

In July, as part of my transition as CEO, we revised down some of these elevated expectations with a specific focus on critical new product launches, to better reflect what was achievable based on the work we had completed at the time. However, as we pursued a much broader and deeper full company analysis in Q3, it became clear that there were incremental assumptions embedded in our guidance, including outsized business volume growth, record sales activity and broad-based productivity improvements, all of which would have been objectively difficult to achieve even with the right investment and strong execution.

7 月，作為我擔任 CEO 過渡工作的一部分，我們下調了一些過高的預期，尤其關注關鍵的新產品發布，以更好地反映我們當時完成的工作所能達到的目標。然而，隨著我們在第三季度對公司進行更廣泛、更深入的全面分析，我們發現，我們的業績指引中隱含了一些假設，包括超乎尋常的業務量增長、創紀錄的銷售活動和廣泛的生產力提升，而即便有正確的投資和強有力的執行，所有這些客觀上也很難實現。

The third major factor impacting our results is that over the last few years, decisions to defer certain investments and cut certain costs, improved margins in the short term, but are now limiting our ability to serve clients in a world-class way, execute product launches to our standards and grow revenue to our full potential. The good news on this front is that these circumstances are entirely fixable. And with the actions we have taken over the last few months, along with today's announcements, we are making these investments and are on our way back to the highest standards.

影響我們績效的第三個主要因素是，過去幾年裡，推遲某些投資和削減某些成本的決定，雖然在短期內提高了利潤率，但現在卻限制了我們以世界一流的方式服務客戶、按照我們的標準執行產品發布以及充分發揮收入潛力的能力。好消息是，這些問題完全可以解決。憑藉著過去幾個月我們採取的行動，以及今天宣布的各項舉措，我們正在進行這些投資，並朝著最高標準邁進。

And the fourth and final factor is that Fiserv's recent results have increasingly relied on short-term initiatives. These initiatives place too much emphasis on pursuing in-quarter results as opposed to building long-term relationships by prioritizing business that both meets our clients' needs and comes with high recurring revenue. As a result, we have made the decision to deprioritize the short-term revenue and expense initiatives which, of course, has some near-term impact on our growth and profitability.

第四個也是最後一個因素是，Fiserv 近期的業績越來越依賴短期舉措。這些舉措過於注重追求季度業績，而忽略了透過優先發展既能滿足客戶需求又能帶來高經常性收入的業務來建立長期合作關係。因此，我們決定降低短期收入和支出計劃的優先級，這當然會對我們的成長和獲利能力產生一些短期影響。

Our Q3 results, updated 2025 guidance and preliminary outlook for 2026 now all reflect current conditions in Argentina, the recalibration of assumptions embedded in our original guidance, all necessary investments and the deprioritization of short-term initiatives. Given the depth and rigor of our analysis, we believe we have addressed the most critical issues and have established an appropriate go-forward baseline.

我們第三季的業績、更新後的 2025 年業績指引和 2026 年的初步展望，現在都反映了阿根廷的當前狀況、我們最初業績指引中隱含假設的重新調整、所有必要的投資以及短期舉措的優先級降低。鑑於我們分析的深度和嚴謹性，我們相信我們已經解決了最關鍵的問題，並建立了一個適當的前進基準。

Another important takeaway from our analysis is that nothing at Fiserv is fundamentally broken. Our businesses are well positioned, the markets we serve are growing. We are expanding into new TAMs and our clients have a near insatiable appetite for innovative technology and payment solutions. This reset is about aligning structural versus cyclical growth and sustainable revenues and expenses versus short-term results, particularly as it relates to the company's original guidance.

我們的分析得出的另一個重要結論是，Fiserv 的一切都沒有根本性的問題。我們的業務定位良好，我們服務的市場正在成長。我們正在拓展新的目標市場，我們的客戶對創新技術和支付解決方案有著近乎永不滿足的需求。此次調整旨在使結構性成長與週期性成長以及永續收入和支出與短期業績保持一致，尤其是在與公司最初的業績指引相關的情況下。

While there are certainly some areas where we are dissatisfied with our recent performance, we found that our challenges are largely driven by our own doing, not the result of a material change in our positioning. We know the issues, and we are already addressing them through investment, more intense focus on operational performance in client service and a significant cultural shift.

雖然我們對近期的表現確實有一些不滿意的地方，但我們發現，我們面臨的挑戰主要是由我們本身造成的，而不是由於我們的市場定位發生了實質變化。我們知道這些問題，我們已經透過投資、更加重視客戶服務的營運績效以及重大的文化轉變來解決這些問題。

Our confidence in addressing these issues was highlighted at the Fiserv Form our Annual Client Conference, where we made specific delivery commitments to our customers. Our analysis also highlighted that we have some of the most innovative platforms in modern finance and payments including Clover, Commerce Hub, Finxact, Star in Excel, Optus Vision Next and our ISV platform, which are all extremely well positioned, growing faster than market rates and continue to generate new client wins.

我們在 Fiserv 年度客戶大會上展現了解決這些問題的信心，並在會上向客戶做出了具體的交付承諾。我們的分析也強調，我們在現代金融和支付領域擁有一些最具創新性的平台，包括 Clover、Commerce Hub、Finxact、Star in Excel、Optus Vision Next 和我們的 ISV 平台，這些平台都佔據著非常有利的地位，成長速度超過市場平均水平，並不斷贏得新客戶。

For example, we recently agreed to bring the Clover solution to Japan through a partnership with a leading local financial institution. Together, we will go to market next year with our platform to drive digital payments transformation for the Japanese SMB market.

例如，我們最近同意透過與一家領先的當地金融機構合作，將 Clover 解決方案引入日本。明年，我們將攜手把我們的平台推向市場，推動日本中小企業市場的數位支付轉型。

A formal announcement will come in the following months. Earlier this month, we signed an exclusive long-term partnership with Nubank, which is one of the world's largest digital banks. We signed our largest health care deal ever in Q3, a key growth vertical for us, with an agreement to provide value-added services to one of our issuing clients.

正式公告將在未來幾個月內發布。本月初，我們與全球最大的數位銀行之一 Nubank 簽署了獨家長期合作協議。我們在第三季簽署了有史以來最大的醫療保健交易，醫療保健是我們的關鍵成長領域，我們與該客戶的一家發行商達成協議，為其提供增值服務。

Our Money Network Prepaid Card business won a significant program with the US Treasury Department as a subcontractor to Fifth Third bank on the Direct Express program. And finally, we recently showcased many of our leading products, services and exciting new innovations at Fiserv Form where we received fantastic feedback from a record crop.

我們的 Money Network 預付卡業務作為 Fifth Third 銀行的轉包商，贏得了美國財政部 Direct Express 專案的一個重要專案。最後，我們最近在 Fiserv Form 上展示了我們的許多領先產品、服務和令人興奮的新創新，並收到了創紀錄的熱烈反響。

The final conclusion from our analysis is that we need to change the way we forecast and communicate about our business and engage with the analysts and investors. Going forward, we will more clearly explain our growth drivers, enhance the rigor in our forecasting, which will allow us to provide high conviction guidance, be more active with the investor community. And along these lines, we look forward to sharing more details on our action plan and new medium-term outlook at an Investor Day that we will host in the first half of next year.

我們的分析得出的最終結論是，我們需要改變我們預測業務、溝通業務以及與分析師和投資者互動的方式。展望未來，我們將更清楚地闡述我們的成長動力，提高預測的嚴謹性，從而提供更有把握的業績指引，並更積極地與投資者群體互動。基於這些理念，我們期待在明年上半年舉辦的投資者日活動上分享更多關於我們的行動計劃和新的中期展望的細節。

With this comprehensive analysis under our belt, we are now laser-focused on execution. Before digging into our specific action plan, a couple of comments on our Q3 results. In the quarter, we reported total organic revenue growth of 1% and adjusted EPS of $2.04, both measures impacted by the various factors mentioned earlier, which Paul will further elaborate on. Total Clover Q3 GPV grew 8% on a reported basis and 11% excluding the 2023, 2024 gateway conversion. In the US, Clover GPV grew approximately 7.5% excluding the gateway conversion, which marked a slight acceleration from the first half of the year.

有了這份全面的分析報告，我們現在將全力以赴地投入執行工作。在深入探討我們的具體行動計劃之前，先對我們的第三季業績做幾點說明。本季度，我們報告稱總有機收入增長了 1%，調整後每股收益為 2.04 美元，這兩個指標都受到前面提到的各種因素的影響，Paul 將對此進行更詳細的闡述。以報告計算，Clover 第三季總 GPV 成長了 8%，如果排除 2023 年和 2024 年的網關轉換，則成長了 11%。在美國，Clover GPV（不包括網關轉換）成長了約 7.5%，這標誌著與上半年相比略有加速。

Relative to the Clover GPV growth expectations provided in July, our results were roughly in line, absent the impact of FX and higher-than-expected runoff from the gateway conversion. While we had assumed no material changes in FX when we made the projections, there was a significant deterioration of the Argentina peso in Q3, which was only partially offset by appreciation of the euro.

相對於 Clover 在 7 月給出的 GPV 成長預期，我們的結果大致符合預期，但未計入匯率的影響以及門戶轉換帶來的高於預期的徑流。雖然我們在進行預測時假設外匯不會發生實質變化，但阿根廷比索在第三季大幅貶值，歐元升值僅部分抵銷了這一影響。

Adjusted for these FX movements, reported Clover GPV grew 9% and 12% after excluding the gateway conversion. For full year 2025, we expect Clover revenue to be $3.3 billion versus the original guidance of $3.5 billion. Q4 Clover revenue growth is expected to be below recent levels at approximately 10%, reflecting the deprioritization of certain short-term revenue initiatives, including the elimination of certain fees in Q4 that were initiated a year ago and are no longer consistent with our business strategy.

經匯率波動調整後，Clover GPV 報告成長 9%，剔除網關轉換費用後成長 12%。我們預計 Clover 2025 年全年營收將達 33 億美元，低於先前預期的 35 億美元。第四季Clover 的營收成長預計將低於近期水平，約為 10%，反映出某些短期收入計畫的優先順序降低，包括取消一年前啟動的某些費用（這些費用在第四季度已不再符合我們的業務策略）。

Adjusting for these, Q4 revenue growth would be in the high teens. The Clover story remains exciting as we pursue structural growth through six major areas, including vertical expansion, where we have seen significant interest in our new Rectangle Health partnership, and we continue to invest in new areas. Horizontal expansion, where we are building a full small business operating system with partners like ADP where we continue to progress well.

剔除這些因素後，第四季營收成長將達到接近10%。Clover 的發展歷程依然令人振奮，我們正透過六大主要領域追求結構性成長，包括垂直擴張。在這一領域，我們看到了人們對我們新的 Rectangle Health 合作關係的濃厚興趣，我們也將繼續投資於新的領域。橫向擴張，我們正在與 ADP 等合作夥伴建立一個完整的小型企業作業系統，並且我們一直在穩步推進。

International expansion like Brazil, where we are tracking well against our forecast, operational excellence, driven by a full redesign of our merchant and partner experience augmented by leveraging AI, expanding TAM by implementing Clover invoicing and Clover Capital into embedded finance use cases and ultimately, integrating Clover into Commerce Hub, and finally, thoughtful back book conversion starting in 2026.

國際擴張，例如我們在巴西的業務進展順利，符合預期；卓越的營運能力，得益於我們對商家和合作夥伴體驗的全面重新設計，並藉助人工智慧技術；透過將 Clover 發票和 Clover Capital 應用於嵌入式金融用例來擴大 TAM，並最終將 Clover 整合到 Commerce Hub 中；最後，從 2026 年開始進行深思熟慮的帳簿。

Turning back to the full year 2025 for Fiserv. We now expect to achieve 3.5% to 4% organic revenue growth based on the revenue-related impacts detailed earlier. We expect full year 2025 adjusted EPS to be $8.50 to $8.60, representing a modest decline year-on-year.

讓我們把目光轉向 Fiserv 的 2025 年全年計畫。根據前面詳細闡述的收入相關影響，我們現在預計有機收入成長將達到 3.5% 至 4%。我們預計 2025 年全年調整後每股收益為 8.50 美元至 8.60 美元，年比略有下降。

We will provide formal 2026 guidance with our Q4 results, but we felt it important to note that we expect 2026 will be a critical investment and transition year for us and will mark our new baseline for growth going forward as we take a series of actions, which I'll cover next, as part of our One Fiserv action plan.

我們將在第四季度業績報告中提供正式的 2026 年業績指引，但我們認為有必要指出，我們預計 2026 年將是我們重要的投資和轉型之年，並將標誌著我們未來增長的新基準，因為我們將採取一系列行動，我將在下一部分介紹這些行動，作為我們「一個 Fiserv」行動計劃的一部分。

On a preliminary basis, we expect organic revenue growth to be in the low single digits and adjusted EPS to be down modestly versus 2025. And of course, we'll be going through the normal financial planning process over the next few months to refine this outlook further.

初步來看，我們預計有機收入成長將處於個位數低位，調整後每股收益將比 2025 年略有下降。當然，在接下來的幾個月裡，我們還會依照正常的財務規劃流程，進一步完善這項展望。

Let me now turn to our One Fiserv action plan, which centers on investments in five strategic areas, including operating with a client-first mindset, to win new enterprise clients and grow average revenue per client or ARPC, building the preeminent small business operating platform through Clover, creating differentiated, innovative platforms and finance and commerce, including embedded finance and stablecoin, delivering operational excellence enabled by AI, and finally, employing disciplined capital allocation for the long term.

現在，讓我來談談我們的 One Fiserv 行動計劃，該計劃以五個戰略領域的投資為中心，包括：以客戶至上的理念運營，贏得新的企業客戶並提高每位客戶的平均收入 (ARPC)；透過 Clover 構建卓越的小型企業運營平台；創建差異化、創新的平台以及金融和商業，包括嵌入式金融和穩定貨幣；

First, on ARPC, we are fortunate to serve a diverse and highly attractive client base, including FIs, merchants, SMBs and increasingly digital commerce platforms. Our ability to penetrate these clients and grow ARPC begins with exceptional client coverage, outstanding service and the consistent delivery of innovative value-added technology solutions. To support these objectives, we are expanding staff across sales, relationship management, technical expertise and service functions, in some areas growing while in others building muscle that have been cut.

首先，在 ARPC 上，我們很幸運能夠服務多元化且極具吸引力的客戶群，包括金融機構、商家、中小企業以及日益增長的數位商務平台。我們能夠打入這些客戶市場並發展 ARPC，首先要依靠卓越的客戶覆蓋率、出色的服務以及持續提供創新的增值技術解決方案。為了支持這些目標，我們正在銷售、客戶關係管理、技術專長和服務職能部門擴充人員，在某些領域擴大規模，而在其他領域則補充被削減的人員。

Our recent acquisition of Smith Consulting Group exemplifies this commitment, bringing deep subject matter expertise to our clients as they look to deploy more technology. To further drive operational excellence, we are accelerating our tech platform optimization through targeted initiatives, and we are seeing strong results here so far.

我們最近收購史密斯諮詢集團體現了這一承諾，為尋求部署更多技術的客戶帶來了深厚的專業知識。為了進一步提升營運效率，我們正透過有針對性的措施加速技術平台優化，目前已取得顯著成效。

Second, as discussed earlier, we continue to invest heavily in Clover to make it the go-to operating system for SMBs, a massive critical market where we have the clear right to win. Next, we're investing in modern innovative platforms, including streamlining our banking cores from 16 to 5 and embedding real-time capabilities in AI, led by Finxact.

其次，正如前面討論的那樣，我們繼續大力投資 Clover，使其成為中小企業的首選作業系統，這是一個巨大的關鍵市場，我們顯然有理由贏得勝利。接下來，我們將投資於現代化的創新平台，包括將我們的銀行核心系統從 16 個簡化到 5 個，並將即時功能嵌入人工智慧中，由 Finxact 牽頭。

We're building out our key merchant orchestration layers and payment gateways, including Clover for SMBs, CardPointe for ISVs and Commerce Hub for enterprise clients and platforms. We're accelerating our investment in issuing with the Optus modernization and the launch of our modern card core Vision Next. We're growing our stable coin capabilities with the launch of FIUSD and the recent agreement to acquire a digital currency custody license through StoneCastle. And we're combining many of these capabilities to drive our fast-growing embedded finance business.

我們正在建立關鍵的商家編排層和支付網關，包括中小企業的 Clover、獨立軟體開發商的 CardPointe 以及面向企業客戶和平台的 Commerce Hub。我們正在加快對發卡業務的投資，Optus 也進行了現代化改造，並推出了我們現代化的卡片核心系統 Vision Next。隨著 FIUSD 的推出以及最近透過 StoneCastle 獲得數位貨幣託管許可證的協議，我們正在增強我們的穩定幣能力。我們將這些能力結合起來，以推動我們快速成長的嵌入式金融業務。

Moving to operational excellence. We are excited to announce Project Elevate, a new multiyear transformation agenda powered by AI. We're executing this alongside our long-term partner, IBM, leveraging the same playbook and the same team that helped them successfully transform their own business and deliver significant value for their shareholders through AI.

邁向卓越營運。我們很高興地宣布「提升計畫」（Project Elevate），這是一項由人工智慧驅動的全新多年轉型計畫。我們正在與長期合作夥伴 IBM 一起執行這項計劃，利用同樣的策略和團隊，幫助他們成功地轉型自身業務，並透過人工智慧為股東創造了巨大的價值。

We launched the program in early September with a focus on five major processes, including sales, client onboarding, Clover client service, HR and finance. We'll expand the list of processes as we go and expect the program to last approximately two years. The goal is simple: become a higher quality, more productive business by embedding AI in everything we do, including providing a better experience to our clients.

我們在 9 月初啟動了該計劃，重點關註五個主要流程，包括銷售、客戶入職、Clover 客戶服務、人力資源和財務。我們將逐步完善流程清單，預計該計劃將持續約兩年。目標很簡單：透過將人工智慧融入我們所做的每一件事，包括為客戶提供更好的體驗，從而成為更高品質、更有效率的企業。

While our work is just beginning, early proof points demonstrate the program's strong potential, and we expect compelling returns on our investment. We will provide greater detail on Project Elevate, including associated costs and benefits with our Q4 results and our Investor Day.

雖然我們的工作才剛開始，但早期的證據表明該計劃具有巨大的潛力，我們期待獲得可觀的投資回報。我們將在第四季度業績發布會和投資者日上提供有關 Elevate 項目的更多詳細信息，包括相關成本和收益。

Rounding out our One Fiserv action plan is a commitment to highly disciplined capital allocation. While we look to fully leverage the unique construct of our company, sitting at the intersection of commerce and finance, we are working with McKinsey to optimize our business mix and allocation of capital to maximize execution and performance. As part of this effort, we plan to monetize certain smaller businesses that are not critical for us to own as we execute our go-forward strategy.

我們「一個 Fiserv」行動計畫的最後環節是致力於高度自律的資本配置。我們希望充分利用公司獨特的結構——位於商業和金融的交匯點——同時，我們正在與麥肯錫合作，優化我們的業務組合和資本配置，以最大限度地提高執行力和績效。作為這項工作的一部分，我們計劃將一些規模較小的企業變現，這些企業對於我們執行未來策略並非至關重要。

To support our action plan, today, we are making changes to our leadership team. First, I am incredibly excited to announce two absolutely outstanding leaders as our new Co-Presidents effective December 1 with Takis Georgakopoulos, serving as the Head of Merchant Solutions and Technology and Dhivya Suryadevara, joining the company as Head of Financial Solutions, Sales and Operations.

為了支持我們的行動計劃，今天，我們將對領導團隊進行調整。首先，我非常興奮地宣布兩位傑出的領導者將於 12 月 1 日起擔任我們的新任聯合總裁：Takis Georgakopoulos 將擔任商戶解決方案和技術主管，Dhivya Suryadevara 將加入公司擔任金融解決方案、銷售和營運主管。

Many of you have gotten to know Takis over the last few quarters. He joined Fiserv late last year after a successful career at JPMorgan, where he was most recently Global Head of Payments. Takis recently took over the Merchant business and is already driving impactful change. We were thrilled to attractive you to Fiserv. She has deep experience in payments and financials and is one of the most talented leaders I've met.

在過去的幾個季度裡，你們中的許多人都認識了塔基斯。去年底，他加入 Fiserv，此前他在摩根大通取得了輝煌的職業生涯，最近擔任摩根大通全球支付主管。Takis 最近接管了 Merchant 業務，並已開始推動具有深遠影響的變革。我們非常高興能吸引您加入 Fiserv。她在支付和財務方面擁有豐富的經驗，是我見過的最有才華的領導者之一。

Dhivya was most recently CEO of Optum Financial Services and Optum Insight at UnitedHealth, where she was a Fiserv client. Prior to that, she was the CFO of Stripe, and she started her career at General Motors, eventually becoming their CFO. Dhivya will join us December 1. My expectation is with two high-caliber executives in collaboration across our central functions, we will see strong execution and additional synergies between our merchant and financial institution businesses, further supporting our long-term growth outlook.

Dhivya 最近擔任聯合健康集團旗下 Optum Financial Services 和 Optum Insight 的首席執行官，而她當時是 Fiserv 的客戶。在此之前，她曾擔任 Stripe 的首席財務官，她的職業生涯始於通用汽車，最終成為通用汽車的財務長。Dhivya 將於 12 月 1 日加入我們。我期望兩位高素質的主管能夠通力合作，推動我們各個核心職能部門的高效運作，並進一步增強我們商家和金融機構業務之間的協同效應，從而進一步支持我們的長期成長前景。

Second, we are excited to announce that Paul Todd, who recently joined as a senior adviser will be stepping into the CFO role effective October 31. Many of you may know Paul from his time as the CFO of Global Payments and TSYS. Most recently, Paul was a partner at TTV Capital, where he pursued early-stage investments across fintech.

其次，我們很高興地宣布，最近加入公司擔任高級顧問的保羅·托德將於 10 月 31 日起擔任財務長一職。你們中的許多人可能都認識保羅，因為他曾擔任 Global Payments 和 TSYS 的財務長。最近，Paul 曾是 TTV Capital 的合夥人，主要從事金融科技領域的早期投資。

Paul brings tremendous industry knowledge and a track record of strong execution, integrity and accountability. Among other things, Paul will lead Project Elevate alongside Guy Chiarello, our Vice Chairman and former COO. Bob Hau, our current CFO, will move into a senior adviser role to support a smooth transition, and we'd like to thank Bob for his nearly 10 years with Fiserv.

Paul 擁有豐富的行業知識，並在執行力、誠信和責任感方面有著良好的業績記錄。除此之外，Paul 還將與我們的副董事長兼前營運長 Guy Chiarello 一起領導 Project Elevate 專案。我們現任財務長鮑伯豪將轉任高級顧問，以支持平穩過渡，我們感謝鮑伯在 Fiserv 近 10 年的付出。

We have also made several exceptional hires at the SVP level, each bringing deep subject matter expertise, strong leadership capabilities and fresh perspectives, and we are very encouraged by the strong interest from the outside to join our team.

我們還聘請了幾位非常優秀的副總裁，他們每個人都擁有深厚的專業知識、強大的領導能力和全新的視角，我們對外界加入我們團隊的濃厚興趣感到非常鼓舞。

As we enter our next chapter, our Board is making several important changes, ensuring we have the right skill sets and vision to position the company for long-term success. We are thrilled that Gordon Nixon will be joining the Board and assume the Independent Chairman role.

隨著我們進入下一個篇章，董事會正在做出幾個重要改變，以確保我們擁有合適的技能和願景，使公司能夠取得長期的成功。我們非常高興戈登·尼克森將加入董事會並擔任獨立主席。

Gordon was President and CEO of RBC from 2001 to 2014, with 13 years at the helm of a leading global financial institution, and significant experience as a public company director. Gordon brings deep expertise, perspective and leadership to the Fiserv Board, and I look forward to working with him closely.

戈登於 2001 年至 2014 年擔任加拿大皇家銀行總裁兼首席執行官，執掌這家全球領先的金融機構長達 13 年，並擁有豐富的上市公司董事經驗。Gordon 為 Fiserv 董事會帶來了深厚的專業知識、獨特的見解和卓越的領導力，我期待與他密切合作。

I want to thank Doyle Simons, our current Chairman, who has been a valuable Board member contributing significantly to the company's growth and long-term value creation. Also joining the Board as incoming Chair of the Audit Committee is Gary Shedlin, who served as BlackRock's CFO from 2013 to 2023 and is currently Vice Chair of BlackRock. Gary's experiences and distinguished career will bring valuable knowledge and oversight capabilities to our Board and Audit Committee. Gary will succeed Kevin Moran as Audit Chair. Kevin has been an outstanding Director, and we thank him for his contributions and guidance.

我要感謝我們現任董事長道爾·西蒙斯，他是一位寶貴的董事會成員，為公司的發展和長期價值創造做出了重大貢獻。同時加入董事會擔任審計委員會主席的還有 Gary Shedlin，他曾於 2013 年至 2023 年擔任貝萊德的首席財務官，目前是貝萊德的副董事長。Gary 的經驗和傑出的職業生涯將為我們的董事會和審計委員會帶來寶貴的知識和監督能力。Gary將接替Kevin Moran擔任審計委員會主席。Kevin是一位傑出的董事，我們感謝他所做的貢獻和提供的指導。

And finally, Céline Dufétel will join the Fiserv Board and be a member of the Audit Committee. Céline currently serves as CFO of Bridgewater Associates, one of the world's leading alternative asset managers. She brings a unique investor perspective from her current role as well as financial and operational experience from her prior roles as the CFO of T. Rowe Price and the CFO and COO of Checkout.com.

最後，Céline Dufétel 將加入 Fiserv 董事會，並成為審計委員會成員。Céline目前擔任全球領先的另類資產管理公司之一——橋水聯合基金的財務長。她憑藉目前的職位帶來了獨特的投資者視角，並憑藉之前擔任 T. Rowe Price 的首席財務官和 Checkout.com 的首席財務官兼首席營運官的財務和營運經驗，積累了豐富的經驗。

We're excited for all three directors to join the Board on January 1. Steps we've taken today are representative of the culture with which we will operate the company, emphasizing integrity, fairness, execution, accountability and client service.

我們非常高興這三位董事將於1月1日加入董事會。我們今天採取的措施代表了我們將秉持的公司文化，強調誠信、公平、執行、責任和客戶服務。

I'll close by reiterating my conviction in our assets, talent, strategy and ability to execute and innovate. We are exceptionally well positioned and know exactly what we need to do to reach our potential by leveraging our outstanding SaaS platforms, gateways, orchestration layers and value-added services across our unique combination of merchant and financial solutions businesses, we can deliver compelling, innovative solutions to our clients, addressing their most critical needs. We are only scratching the surface of our opportunity with low share of existing TAM today and new TAMs emerging.

最後，我重申我對我們公司的資產、人才、策略以及執行和創新能力的信心。我們擁有得天獨厚的優勢，並且非常清楚如何利用我們卓越的 SaaS 平台、網關、編排層和增值服務，以及我們獨特的商家和金融解決方案業務組合，充分發揮我們的潛力，為客戶提供引人注目、創新性的解決方案，滿足他們最關鍵的需求。我們目前所佔的市佔率還很低，而且新的市場潛力還在不斷湧現，所以我們僅僅觸及了機會的冰山一角。

Against these opportunities, we are building a world-class team and creating a customer-centric execution-oriented culture with a high level of accountability. We have reset our revenue and earnings baseline to a level with high-quality, largely recurring revenues and a path to sustainable operating leverage.

抓住這些機遇，我們正在打造一支世界級的團隊，並創造以客戶為中心、以執行為導向、高度負責的企業文化。我們已將營收和獲利基準線調整到高品質、主要為經常性收入的水平，並走上了永續經營槓桿的道路。

As we move beyond 2026, we are well positioned to return to Fiserv's historical consistent mid-single-digit revenue growth with a clear potential for acceleration over time. And as we execute on this model, generate positive operating leverage and employ highly disciplined capital allocation, we aim to deliver double-digit adjusted EPS growth starting in 2027 and established a durable compounder value proposition, company that year in and year out hits its numbers and generates compelling and predictable returns.

展望 2026 年後，我們已做好充分準備，恢復 Fiserv 歷史上持續的中等個位數收入成長，隨著時間的推移，成長速度還有明顯的加速潛力。隨著我們執行此模式，產生積極的經營槓桿並採用高度自律的資本配置，我們的目標是從 2027 年開始實現兩位數的調整後每股收益增長，並建立可持續的複合增長價值主張，成為一家年復一年實現業績目標並產生可觀且可預測回報的公司。

Before turning it over to Paul, I want to recognize and thank our employees, who have been so dedicated to serving our clients. With that, over to you, Paul.

在將發言權交給保羅之前，我想表揚並感謝我們的員工，他們一直盡心盡力為客戶服務。那麼，接下來就交給你了，保羅。

Thank you, Mike, and good morning, everyone. I want to first take a minute to say how excited I am to be part of the Fiserv team. I have known Fiserv for a long time. But after spending the last two years-plus in fintech venture capital, I have a better appreciation for the unique construct of the company, the quality and depth of the assets on this platform and the differentiated value of its unique distribution capabilities.

謝謝你，麥克，大家早安。首先，我想花一分鐘時間表達我加入 Fiserv 團隊的興奮之情。我認識 Fiserv 很久了。但經過兩年多在金融科技創投領域的歷練，我對這家公司的獨特架構、該平台上資產的品質和深度以及其獨特的分銷能力的差異化價值有了更深刻的理解。

I look forward to working alongside the fantastic leadership team that Mike has assembled and playing a role in leveraging the company's unique strengths and market leadership positions to drive compelling, long-term shareholder value. While we have room for improvement, this is truly an exciting time to join an industry-leading company serving large and important industries who are rapidly adopting new technologies.

我期待與麥克組建的優秀領導團隊並肩工作，並在利用公司獨特的優勢和市場領導地位方面發揮作用，從而為股東創造令人矚目的長期價值。雖然我們還有改進的空間，但對於一家服務快速採用新技術的大型重要行業的行業領先公司來說，現在確實是一個令人興奮的時刻。

With that, I will now cover the financial results of the company, starting with financial metrics and trends on slide 5. Total company third quarter adjusted revenue grew 1% to $4.9 billion and adjusted operating income decreased 7% to $1.8 billion, resulting in adjusted operating margin of 37%, a decrease of 320 basis points. Year to date, adjusted revenue grew 5% to $14.9 billion and adjusted operating income grew 5% to $5.7 billion, resulting in an adjusted operating margin of 38.2%, flat versus the prior year.

接下來，我將介紹公司的財務業績，首先從第 5 頁的財務指標和趨勢開始。該公司第三季調整後總營收成長 1% 至 49 億美元，調整後營業收入下降 7% 至 18 億美元，導致調整後營業利潤率為 37%，下降 320 個基點。今年迄今為止，調整後的收入成長了 5%，達到 149 億美元；調整後的營業收入成長了 5%，達到 57 億美元，調整後的營業利潤率為 38.2%，與去年持平。

Organic revenue grew 1% in the quarter, with 5% Merchant Solutions organic growth and a 3% decline in Financial Solutions. On a year-to-date basis, organic revenue for the company is up 5%. Third quarter adjusted earnings per share was $2.04, compared to $2.30 in the prior year, down 11%. There are three unusual dynamics impacting the company's adjusted EPS of $2.04 for the quarter.

本季有機收入成長 1%，其中商家解決方案有機成長 5%，金融解決方案有機下降 3%。今年迄今為止，該公司的有機收入成長了 5%。第三季調整後每股收益為 2.04 美元，而去年同期為 2.30 美元，下降 11%。有三個不尋常的因素影響了該公司本季調整後的每股收益 2.04 美元。

First, the company experienced a $53 million foreign currency expense or a $0.10 headwind to adjusted EPS. Revaluation of certain assets and highly inflationary countries such as Argentina is recorded through the income statement. During the third quarter, the foreign currency exchange rate in Argentina devalued significantly, resulting in this large expense.

首先，該公司遭遇了 5,300 萬美元的外匯支出，這對調整後的每股盈餘造成了 0.10 美元的負面影響。某些資產的重估以及阿根廷等高通貨膨脹國家的情況都會透過損益表進行記錄。第三季度，阿根廷外匯匯率大幅貶值，導致了這筆巨額支出。

Second, Argentina interest rates jumped meaningfully during the quarter, which drove interest expense up about $31 million above last year or a $0.04 headwind to adjusted EPS. Finally, during the third quarter, Fiserv completed the mutual termination of a merchant alliance joint venture. This resulted in a tax-free gain of $89 million recorded in Merchant Solutions' operating income resulting in a $0.16 tailwind to adjusted earnings per share. We continue to provide services to this partner through a processing relationship.

其次，阿根廷利率在本季大幅上漲，導致利息支出比去年同期增加約 3,100 萬美元，對調整後的每股收益造成 0.04 美元的不利影響。最後，在第三季度，Fiserv 完成了與一家商家聯盟合資企業的雙方終止。這使得 Merchant Solutions 的營業收入中記錄了 8,900 萬美元的免稅收益，從而為調整後的每股收益帶來了 0.16 美元的利好。我們將繼續透過合作關係為該合作夥伴提供服務。

The net of these three factors is a slight benefit to adjusted earnings per share in the quarter. Year to date, adjusted earnings per share increased 6% to $6.65 compared to $6.29 in the prior year. Free cash flow for the quarter was $1.3 billion and $2.9 billion for the first nine months of the year. For the full year, CapEx is now expected to be approximately $1.8 billion or roughly 9% of revenue.

這三個因素綜合起來，將使本季調整後的每股盈餘略有提高。今年迄今為止，經調整後的每股收益將成長 6% 至 6.65 美元，而去年同期為 6.29 美元。本季自由現金流為 13 億美元，今年前九個月自由現金流為 29 億美元。預計全年資本支出約 18 億美元，約佔收入的 9%。

Given the revised outlook for earnings and a higher level of capital expenditures, free cash flow for the year is now expected to be approximately $4.25 billion. This higher level of CapEx is directly tied to the start of the One Fiserv initiative Mike mentioned earlier.

鑑於獲利預期有所調整，且資本支出水準有所提高，預計本年度自由現金流約為 42.5 億美元。資本支出水準的提高與 Mike 先前提到的 One Fiserv 計劃的啟動直接相關。

Now turning to performance by segment, starting on slide 6. Organic revenue growth in the Merchant Solutions segment was 5% for the quarter and 7% year-to-date. Adjusted revenue growth for Merchant Solutions was also 5% in the quarter and 7% year-to-date. The inorganic contribution from the CCB acquisition was offset by steep FX headwinds in Argentina.

現在就來看看按細分市場劃分的業績，從第 6 張投影片開始。商家解決方案部門本季有機營收成長 5%，年初至今成長 7%。本季商家解決方案的調整後營收成長率為 5%，年初至今為 7%。CCB 收購帶來的非有機成長被阿根廷嚴峻的外匯逆風所抵消。

Moving to the business lines. Small business organic revenue growth in the quarter was 6%, while adjusted revenue grew 7% on 8% volume growth. This performance was largely driven by strong growth in Clover, in the North America ISV business and in anticipation revenue in Latin America.

接下來進入業務線部分。本季小型企業有機收入成長 6%，而調整後營收成長 7%，銷售成長 8%。這一業績主要得益於 Clover 的強勁成長、北美 ISV 業務的成長以及拉丁美洲的預期收入。

Clover revenue grew 26% in the third quarter and was impacted by approximately 100 basis points due to Argentinian FX headwinds versus expectations on reported gross payment volume or GPV growth of 8%. Revenue growth was driven by value-added solutions and solid GPV growth. SaaS penetration reached 26% due to strength in vertical software sales, Clover Capital and anticipation.

Clover 第三季營收成長了 26%，但由於阿根廷外匯匯率的不利影響，與先前預期的 8% 的總支付額 (GPV) 成長相比，下降了約 100 個基點。營收成長主要得益於增值解決方案和穩健的每筆交易額成長。由於垂直軟體銷售的強勁成長、Clover Capital 的推動以及市場預期，SaaS 滲透率達到了 26%。

As you can see on slide 7, excluding the gateway conversion, volume growth in Q3 was 11%, similar to Q2 growth. Excluding the significant deterioration of the Argentine peso, Clover GPV growth would have been 1 percentage point higher on both the reported and ex gateway basis leaving us in line with our expectations, excluding the gateway conversion.

如投影片 7 所示，不包括網關轉換，第三季銷售成長 11%，與第二季成長相似。如果排除阿根廷比索的大幅貶值，Clover GPV 的成長在報告的基礎上和不計入門戶網站匯率的情況下都會高出 1 個百分點，這符合我們的預期，但不包括門戶網站匯率轉換。

In Enterprise, organic and adjusted revenue growth in the quarter was 9% and 4%, respectively, driven by transaction growth of 12%. Organic and adjusted growth would have each been 6 percentage points higher excluding the transitory revenue from network fees associated with a large PFAC client that went live in Q3 2024. While this client continues to drive transaction growth for us, the timing of these network fees will continue to pose a grow-over challenge to fourth quarter and first half 2026 enterprise revenue.

在企業業務方面，本季有機收入和調整後收入分別增長了 9% 和 4%，這主要得益於交易量增長了 12%。如果排除與大型 PFAC 客戶相關的網路費用所帶來的過渡性收入（該客戶於 2024 年第三季上線），有機成長和調整後成長都將提高 6 個百分點。雖然該客戶繼續為我們帶來交易成長，但這些網路費用的收取時間仍將對 2026 年第四季和上半年的企業收入構成成長挑戰。

And finally, in processing, organic and adjusted revenue in the quarter declined 8% and 6%, respectively. Processing results this quarter were impacted by more difficult comparisons to last year, which included professional services revenues from a processing client and lower hardware sales. Year to date, processing organic and adjusted revenue are down 4% and 3%, respectively.

最後，在加工業務方面，本季有機收入和調整後收入分別下降了 8% 和 6%。本季加工業務的業績受到與去年同期相比更困難的比較影響，其中包括來自加工客戶的專業服務收入和硬體銷售額下降。今年迄今為止，加工有機收入和調整後收入分別下降了 4% 和 3%。

Third quarter adjusted operating income for the Merchant Solutions segment was up 3% to $962 million, and adjusted operating margin was 37.2%, down 50 basis points from the prior year. The largest detractor to margins in Q3 were higher sales and marketing and distribution expenses, along with higher data processing costs and depreciation and amortization expenses partially offset by a gain on the merchant alliance joint venture change I mentioned earlier. Year to date, adjusted operating income for the segment was up 4% to $2.7 billion with adjusted operating margin down 90 basis points to 35.3%.

第三季商家解決方案部門的調整後營業收入成長 3% 至 9.62 億美元，調整後營業利潤率為 37.2%，比上年下降 50 個基點。第三季利潤率的最大拖累因素是銷售、行銷和分銷費用增加，以及資料處理成本和折舊攤提費用增加，這些因素被我之前提到的商家聯盟合資企業變更帶來的收益部分抵銷。今年迄今為止，該部門的調整後營業收入成長 4% 至 27 億美元，調整後營業利潤率下降 90 個基點至 35.3%。

Turning to slide 8 for the Financial Solutions segment. Organic revenue declined 3% in the quarter and grew 3% year-to-date. Our third quarter revenue was negatively impacted by lower periodic license revenue, which impacted the segment's organic growth by 2 points.

接下來請看第 8 張投影片，了解金融解決方案部分。本季有機收入下降了 3%，但今年迄今成長了 3%。第三季營收受到定期授權收入下降的負面影響，導致該業務板塊的自然成長率下降了 2 個百分點。

Looking at the business line level, in digital payments, organic and adjusted revenue each declined 5% due to industry dynamics in the quarter, while the company experienced healthy debit processing, debit network and Zelle transaction growth. In issuing, organic and adjusted revenue grew 1% and 2%, respectively, in the quarter.

從業務線層面來看，在數位支付領域，由於本季度行業動態的影響，有機收入和調整後收入均下降了 5%，而公司在藉記卡處理、借記卡網絡和 Zelle 交易方面實現了健康的增長。本季度，發行收入的有機成長和調整後收入分別成長了 1% 和 2%。

Fiserv generated solid accounts on file growth. However, revenue growth was muted largely due to grow over challenges in the output business. And in banking, organic and adjusted revenue declined 7% in the quarter, primarily due to lower periodic license activity.

Fiserv在文件成長方面取得了穩健的業績。然而，由於產出業務成長面臨挑戰，收入成長較為緩慢。銀行業方面，本季有機收入和調整後收入下降了 7%，主要原因是定期許可證業務活動減少。

Third quarter adjusted operating income for the Financial Solutions segment was down 13% to $991 million and adjusted operating margin was 42.5%, down 490 basis points from the prior year. The adjusted operating margin decline results from lower, higher-margin periodic license revenue coupled with the ongoing investment in implementation and professional services and technology spend. Year to date, adjusted operating income for the segment was up 4% to $3.4 billion, with adjusted operating margin up 50 basis points to 46.3%.

金融解決方案部門第三季調整後營業收入下降 13% 至 9.91 億美元，調整後營業利潤率為 42.5%，比去年同期下降 490 個基點。調整後的營業利潤率下降是由於利潤率較高的定期許可收入減少，以及對實施、專業服務和技術支出的持續投資所致。今年迄今為止，該部門的調整後營業收入成長 4% 至 34 億美元，調整後營業利潤率成長 50 個基點至 46.3%。

Now let me wrap up with some remaining details. The corporate adjusted operating loss was $131 million in the quarter and $380 million year-to-date. The adjusted effective tax rate in both the quarter and first nine months was 18.4% and Fiserv continues to expect the full year rate to be approximately 19%. Total debt outstanding was $30.2 billion on September 30 and Fiserv's debt-to-adjusted EBITDA ratio increased slightly to 3 times. Fiserv continues to target long-term leverage at 2.5 to 3 times.

現在讓我補充一些剩餘的細節。該季度公司調整後營業虧損為 1.31 億美元，年初至今虧損為 3.8 億美元。本季和前九個月的調整後實際稅率均為 18.4%，Fiserv 繼續預計全年稅率約為 19%。截至 9 月 30 日，Fiserv 的未償債務總額為 302 億美元，其債務與調整後 EBITDA 的比率略微上升至 3 倍。Fiserv 繼續將長期槓桿率目標設定在 2.5 至 3 倍。

During the quarter, Fiserv repurchased 7 million shares for approximately $1 billion, and had 49 million shares remaining authorized for repurchase at the end of the quarter. In addition, aligned with the priorities of the One Fiserv action plan that Mike laid out Fiserv announced three acquisitions during the quarter, focused on client service, value-added services and our stable coin growth opportunity.

本季度，Fiserv 回購了 700 萬股股票，價值約 10 億美元，截至季末，該公司仍有 4,900 萬股股票獲準回購。此外，為了配合麥克制定的「一個 Fiserv」行動計畫的優先事項，Fiserv 在本季宣布了三項收購，重點是客戶服務、增值服務和我們的穩定幣成長機會。

The acquisition of Smith Consulting Group, which closed in Q3 brings deep subject matter expertise in-house to better serve our clients. The agreement to acquire StoneCastle Cash Management, which is expected to close by 1Q 2026, provides us with a digital currency custody license and unique investment and liquidity services for our merchants and financial institutions. And finally, we acquired CardFree, an all-in-one platform empowering merchants with customized order, pay and loyalty solutions.

第三季完成的史密斯顧問集團的收購，為公司內部帶來了深厚的專業知識，從而更好地為客戶服務。預計將於 2026 年第一季完成的收購 StoneCastle Cash Management 的協議，將為我們提供數位貨幣託管許可證，並為我們的商家和金融機構提供獨特的投資和流動性服務。最後，我們收購了 CardFree，這是一個一體化平台，可為商家提供客製化的訂單、支付和忠誠度解決方案。

And with that, I'll turn the call back to the operator to start the Q&A session.

接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions)

（操作說明）

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Hey. Thanks a lot. Lots to ask here. Just maybe, Mike, I'll ask it this way. How long was Fiserv over-earning with deferred investments and this focus on short-term revenue and expense initiatives that you called out? And of course, it's early. But how long will it take?

嘿。多謝。這裡有很多問題要問。或許，麥克，我換個方式問吧。Fiserv 透過遞延投資和專注於您提到的短期收入和支出計劃來獲取超額收益的情況持續了多久？當然，現在還早。但這需要多長時間？

And at what cost for Fiserv to reverse this and get back to what I call a hallmark of double-digit EPS growth, you did call that out double-digit EPS growth. And of course, I'm getting the question to you, given your analysis and over the last few months, is double-digit EPS growth, the right target? And why are you confident that that's the case? Thanks.

那麼，Fiserv 要付出多大的代價才能扭轉局面，重新達到我所說的兩位數 EPS 成長的標誌性水準呢？你確實提到了兩位數 EPS 成長。當然，根據您的分析以及過去幾個月的情況，我想問您的問題是：兩位數的每股盈餘成長是否是正確的目標？為什麼確信情況就是這樣？謝謝。

Yeah. So thank you. And I'll start -- I don't know how much history I can go back and give you, but in the 6 months I've been here, obviously, we've made some recalibrations last quarter, which were more focused on some of the big projects being relatively new in the seat.

是的。所以謝謝你。我先來說說——我不知道我能回顧多少歷史，但在我來這裡的這六個月裡，顯然，上個季度我們進行了一些調整，這些調整更多地集中在一些相對較新的大項目上。

Some of the stuff we saw coming out of Q2 prompted the analysis that we did, which was a much broader and more rigorous analysis included a broader group of people here and external advisers, and we looked at every part of the company and as I said in the remarks, we've got a great company with great assets and great growth opportunities, and we want to run the heck of it. It is an unbelievable engine, and we got to go do it.

第二季度出現的一些情況促使我們進行了分析，這是一項範圍更廣、更嚴謹的分析，涉及公司內部更多人員和外部顧問，我們考察了公司的各個方面。正如我在演講中所說，我們擁有一家偉大的公司，擁有巨大的資產和巨大的成長機會，我們想全力以赴地經營它。這是一台不可思議的引擎，我們一定要去試試。

As I said, there are four things that we found, obviously, noise from Argentina, which by the way, is an outstanding business. We're talking about clarifying our growth numbers for how good Argentine has been, but it's important to clarify that to understand the rest of Fiserv. We talked about the short-term initiatives. It just showed a short-term focus versus doing what our clients want, helping them achieve objectives and aspirations.

正如我所說，我們發現了四件事，很明顯，來自阿根廷的噪音，順便說一句，那是一家非常優秀的企業。我們正在討論如何澄清阿根廷的成長數據，以說明阿根廷的業務有多出色，但澄清這一點對於了解 Fiserv 的其他業務也很重要。我們討論了短期舉措。這正好說明我們過於注重短期利益，而忽略了滿足客戶的需求，幫助他們實現目標和願望。

Some deferred investment, which we think is totally addressable, as I said in the earlier part, and then just making sure that we're accurately reflecting what the business is capable of when we give guidance to you all. So I think we're trying to give you a couple of different approaches to understand this, and we'll keep going through this with you, if it's helpful.

一些延期投資，我們認為完全可以解決，正如我前面所說，然後我們只是要確保在向大家提供指導時，能夠準確地反映出公司的能力。所以我覺得我們正在嘗試用幾種不同的方法來幫助你理解這一點，如果對你有幫助的話，我們會繼續和你一起探討這個問題。

But the first is if you take Argentina out, which we did in the slides, and you look at '23/'24 and year-to-date '25, it's 6% growth, 6% growth, 3% growth. Yes, there's a little bit of puts and takes in each of those numbers because of short-term initiatives and like, but I think it's representative of where we came out of the analysis that today, we have a mid-single-digit growth company as we are today, maybe at the low end of that mid-single-digit range.

但首先，如果你把阿根廷排除在外（我們在幻燈片中已經這樣做了），然後看看 2023/2024 年和 2025 年至今，成長率分別為 6%、6% 和 3%。是的，由於短期舉措等原因，這些數字都會有一些波動，但我認為這代表了我們分析得出的結論，即我們目前是一家中個位數增長的公司，或許處於中個位數增長範圍的低端。

There's some stuff we identified in the businesses where we think we could do a better job, and we're attacking those already with investment. We went in front of 4,500 clients at Fiserv for a specific commitments around those things. And we mostly found those to be still inflicted type stuff, and we're all over it. We know what to do with it.

我們發現，在某些業務領域，我們可以做得更好，我們已經開始透過投資來改進這些領域。我們面向 Fiserv 的 4500 位客戶，就這些事項做出了具體承諾。我們發現這些大多是人為造成的，我們已經全面調查了這些問題。我們知道該怎麼處理它。

But as I said, there were some areas, and we weren't thrilled with how the businesses were being run. So we made changes at the leadership level of the business is now we have two unbelievable leaders over our businesses that will have long great track record of execution. Obviously, subject matter expertise and the way we've set up the structure, they will collaborate heavily to bring together the best of both of these businesses.

但正如我所說，有些地區的企業經營方式讓我們不太滿意。因此，我們對公司的領導層進行了調整，現在我們有兩位非常優秀的領導者來管理我們的業務，他們擁有長期卓越的執行力。顯然，憑藉各自的專業知識和我們所建立的組織架構，他們將密切合作，將兩家公司的優勢結合起來。

So our view is low end of mid-single-digit growth today, clear path through the investments we're making to get into the solid part mid-single digits and then a clear path to acceleration from there, we'll let you know what that new long-term -- medium-term guidance is when we do the Investor Day and do it appropriately, but you can sort of see the class in there.

因此，我們目前的看法是，成長幅度在個位數中段偏低，透過我們正在進行的投資，我們有清晰的路徑來實現穩健的個位數中段成長，然後在此基礎上實現加速成長。我們將在投資者日上以適當的方式告知大家新的中長期指導方針，但你們可以從中大致看出一些端倪。

And then there's no change in the free cash flow generation capabilities of the company. And if it's run right for the long term, the conversion is very, very attractive. There is absolutely no change in our capital management plan. We're going to invest organically if we see attractive acquisitions, and Paul mentioned a couple that we did this quarter.

而且，公司的自由現金流生成能力也沒有改變。如果長期營運得當，這種轉變將非常非常有吸引力。我們的資本管理計劃絕對沒有任何改變。如果發現有吸引力的收購目標，我們將進行有機成長投資，保羅提到了我們本季完成的幾項收購。

We'll add those to the organic growth of the business. And the rest will buy back. No change in our leverage guidance and you put that together, as you know, you followed the company for a long time, (inaudible) that the recipe there drives double-digit EPS growth. And that's what we're focused on, a company that year in, year out, guide sufficiently runs the heck out of the business, high class execution takes care of our clients run to the long-term approach and produces results for our shareholders. So I think that's how I address it at the highest level.

我們將把這些成長計入業務的自然成長中。其餘的會回購。我們的槓桿率預期沒有變化，而且如你所知，你長期關注這家公司，（聽不清楚）你把這些因素綜合起來，就能得出這樣的結論：該公司的策略能夠推動兩位數的每股收益成長。這就是我們所關注的，一家能夠年復一年地有效指導業務運作、高水準執行力保障客戶長期發展並為股東創造收益的公司。所以我覺得這就是我在最高層次解決這個問題的方式。

That covers it well. Thank you, Mike.

這樣就解釋清楚了。謝謝你，麥克。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Yeah. Thanks, guys. And Paul, congrats and welcome. I guess I just want to understand a little bit more in detail what changed specifically in the Financial Solutions segment from last couple of quarters of the growth trajectory, given that segment was one that we always thought it was more stable. And I know the banking side, you talked about consolidating your cores a bit more, but when we see that growth rate drop to negative 1% without the periodic, from what was a mid-single-digit algorithm, it just brings questions of what's really going on under the surface and what you think that segment truly can be.

是的。謝謝各位。保羅，恭喜你，歡迎你。我想更詳細地了解一下，在過去幾季的成長軌跡中，金融解決方案板塊究竟發生了哪些具體變化，因為我們一直認為該板塊比較穩定。我知道銀行業務方面，您談到要進一步整合核心業務，但是當我們看到增長率從個位數中段的演算法下降到負 1%（不包括週期性調整）時，這不禁讓人質疑表面之下究竟發生了什麼，以及您認為該領域真正的潛力是什麼。

And then just one quick add-on to Tien-Tsin's question around the overall algorithm long term. The merchant side, I know, Mike, you just mentioned a mid-single-digit growth rate. Do you -- are you confident that your experts and you guys have screened everything properly to ensure that any price actions or anything else that you needed to take is already done? Or is there more to go? Are you fully done with the review? Thanks, guys.

最後，針對田進提出的問題，我想快速補充一點演算法長期發展的問題。我知道，麥克，你剛才提到商家方面的成長率是中等個位數。你們——你們是否確信你們的專家和團隊已經對所有事項進行了妥善審查，以確保任何價格調整或其他需要採取的措施都已經完成？還是還有更多路要走？你的評論全部完成了嗎？謝謝各位。

Yeah. I'll go with the last part first, then work back and then let Paul give you some specific numbers. We've completed our review. Obviously, you learn more every day, but the rate of learning has plateaued some time ago, and we're -- the numbers in the baseline we're giving you today, we are highly confident reflect where the company is today. We're bringing a leadership team to complement existing leadership team where we feel we can execute on.

是的。我先從最後一部分說起，然後倒推，最後讓保羅給你一些具體的數字。我們已完成審查。顯然，你每天都在學習更多，但學習速度在一段時間前就已經停滯不前了，我們——我們今天向你們提供的基準數據，我們非常有信心反映了公司目前的狀況。我們正在組建一支新的領導團隊，以補充現有的領導團隊，我們認為我們可以在現有領導團隊中發揮作用。

So highly confident in the numbers we're giving you today. We've taken a great look at the company. We've gotten outside -- an outside perspective on that part of it. And it wasn't all -- it's not -- we're not saying everything is perfect. We're saying we have work to do it structurally Today, we're takeaway cyclical growth. And certainly, obviously, we showed you with cyclical factors, certain the Argentina highlighting a fine degree certainly to grow faster than mid-single digits.

我們對今天提供的數據非常有信心。我們對這家公司進行了深入研究。我們已經跳脫固有思維，從外部視角看待這個問題。而且，事情並非總是——我們並不是說一切都很完美。我們說，我們需要從結構上著手解決這個問題。今天，我們正努力擺脫週期性成長。當然，很明顯，我們已經向您展示了周期性因素，阿根廷的某些表現尤其突出，其成長速度肯定會超過個位數中段。

But if you take out cyclical and focus on structural long-term sustainable growth, that's where we are today. When you go into the two businesses, I think you have to look at different pieces of it. We have a world class within banking, we have a world-class issuing business that continues to gain share and really has formed the basis when combined with merchants, for how we go to market in the fast-growing embedded finance world, and we're incredibly excited about opportunities there as you take the issuing platforms the Finxact platform, the Commerce Hub platform, the Payfare acquisition with the orchestration layer, and we think we can offer something to digital commerce and payment platforms it really reflects how the world is evolving in payments. So you have that business in there.

但如果你剔除週期性因素，專注於結構性的長期可持續成長，這就是我們今天所處的境地。我認為，當你涉足這兩個行業時，你需要從不同的角度去看待它們。我們在銀行業擁有世界一流的實力，我們的發卡業務也世界一流，市場份額持續增長，並且與商家相結合，真正奠定了我們在快速增長的嵌入式金融領域進入市場的基礎。我們對這方面的機會感到無比興奮，因為我們擁有 Finxact 平台、Commerce Hub 平台、收購 Payfare 並整合了編排層等發卡平台，我們認為我們可以為數位商務和支付平台提供一些東西，這真正反映了世界支付領域的發展趨勢。所以你那裡有這項業務。

And then -- you go back to our core banking business, there are parts of our core banking business that are performing very, very well. And then there are parts, which we talked about at the forum where we've not executed at the highest level. And in there, I'd say we have to consolidate our floors from 16 to 5. It's the right thing to do for our customers in terms of modernizing technology, and we haven't executed that perfectly. We post corrected that. You're seeing some impact of that in there now. But that should be a low single-digit growth business for a long time.

然後——當你回到我們的核心銀行業務時，你會發現我們核心銀行業務的某些部分錶現得非常好。還有一些部分，我們在論壇上討論過，我們還沒有達到最高水準。而且，我認為我們必須把樓層數從 16 樓減少到 5 樓。從科技現代化的角度來看，這對我們的客戶來說是正確的做法，但我們在這方面做得還不夠完美。我們已在帖子中更正了這一點。現在你已經能看到一些影響了。但在很長一段時間內，這應該會是一個成長率僅為個位數的業務。

And then we see a great opportunity with our surrounds both what we're building with XD cash flow central summer repayments business. I would they feel them like to complement a core business that's low single digits with additional growth on top of that, but we've been slow to get XD to market. We've been -- CashFlow Central is proceeding well.

然後，我們看到了我們周圍的巨大機遇，包括我們正在與 XD 現金流中心夏季還款業務一起建立的業務。我希望他們覺得可以以此來補充一個成長率僅為個位數的核心業務，並在此基礎上實現額外成長，但我們在將 XD 推向市場方面進展緩慢。現金流中心進展順利。

And -- but as I said last quarter, these aren't products that don't have a lot of interest for clients. We have to execute better and get them to market. And part of the investments that we are doing right now is much stronger on the implementation side and the customer service side on that front.

但是——正如我上個季度所說，這些產品並非沒有引起客戶的極大興趣。我們必須提高執行力，盡快將產品推向市場。我們目前正在進行的部分投資，重點放在實施方面和客戶服務方面。

So if you think about banking, you've got the core business, which you know is going to grow. And I would say our core for business is going to grow in the low single digits, fintech. We couldn't be more pleased with the progress we're making on fintech continues to win new customers in the space a little bit separate within the core world.

所以，如果你考慮銀行業，你會發現核心業務一定會成長。我認為我們的核心業務——金融科技——將以較低的個位數成長率成長。我們對在金融科技領域的進展感到無比滿意，我們在這個與核心世界略有不同的領域繼續贏得新客戶。

The issuing business is very strong in that low end to mid-single-digit range. And you put those together and -- we think that's -- over time, we'll go through the details of it, but that's a mid-single-digit growth business, maybe at the low end of it with the size, of course.

發行業務在該低至中等個位數範圍內表現非常強勁。把這些因素綜合起來——我們認為——隨著時間的推移，我們會詳細說明，但這是一個中等個位數成長的業務，當然，考慮到其規模，成長速度可能處於較低水平。

And you go on the merchant side, we've got a fabulous business, obviously, in terms of card present. We were the leaders around the world in that business, and we're investing heavily in Commerce Hub to build the omni-channel global capabilities there. And then Clover, we've got an incredible asset. And we talked about, to your other question, we talked about some of the pricing changes that we implemented, and we don't feel like they're appropriate for our business model now we're reversing those.

而從商家的角度來看，我們在刷卡支付方面顯然擁有非常棒的業務。我們曾是全球該領域的領導者，我們正在大力投資 Commerce Hub，以在那裡建立全通路全球能力。還有 Clover，我們擁有了一項了不起的資產。至於你的另一個問題，我們討論過我們實施的一些定價調整，但我們現在覺得這些調整不適合我們的商業模式，所以我們正在撤銷這些調整。

But there are not -- what we've taken in and around Clover today and what we -- the other adjustments that we've made in both the fourth quarter guidance, the full year guidance and the 2026 preliminary outlook, reflect all the changes we want to make to get us in a position to run a high-quality, sustainable business built for and driven by the needs and aspirations of our customers.

但是，我們今天在 Clover 及其周邊地區所採取的措施，以及我們在第四季度業績指引、全年業績指引和 2026 年初步展望中所做的其他調整，都反映了我們希望做出的所有改變，以便我們能夠運營一家高質量、可持續發展的企業，這家企業是為滿足客戶的需求和願望而建立和驅動的。

Yeah. Darren, I would just add, I've spent a good bit of time on this financial side. Obviously, given my background, this is an area I know really well. And I would just say in the quarter, a lot of things happening across kind of the three business there. On the digital side, obviously, we had strong debit volume growth.

是的。達倫，我還要補充一點，我在財務方面花了不少時間。顯然，鑑於我的背景，我對這個領域非常熟悉。我想說的是，本季這三個業務領域都發生了很多事情。在數位支付方面，顯然我們的金融卡交易量實現了強勁增長。

We did take some actions to position us competitively for the longer term in that side. So that's reflected in kind of the quarterly results. On the issuing side, good account on file growth fundamentally strong there. We had some comparisons to last year in the output services area that didn't repeat and how those can be somewhat kind of project-related in the output services area.

我們確實採取了一些措施，以使我們在長期競爭中佔據優勢。所以這一點也反映在了季度業績中。發行方面，文件成長基本面強勁，帳戶狀況良好。在產出服務領域，我們與去年進行了一些比較，但有些比較結果並沒有重現，而這些比較結果在某種程度上與產出服務領域的項目相關。

And then on banking, and we called this out. We had a license compare that was pretty hefty for this quarter. But fundamentally, it's strong. We're going to -- in the fourth quarter, we expect kind of a similar -- it won't be as dramatic because of the sequential kind of change. But fundamentally, we'll kind of see a similar kind of result in the fourth quarter.

然後談到銀行業，我們也指出了這一點。本季我們的許可證費用比較相當高。但從根本上來說，它很強大。我們預期第四季的情況會類似，但由於是循序漸進的變化，所以不會像之前那麼劇烈。但從根本上講，我們在第四季度將會看到類似的結果。

On a nominal basis, it will be about the same. But on a longer-term outlook, is it fundamentally strong, yes. The answer is yes. The volumes are holding. Each one of those businesses, we've taken actions to make sure that we're competitively strong. And I know the sequential quarter moved kind of is bigger than you would have expected, but underneath that is a strong business.

名義上，兩者大致相同。但從長遠來看，它的基本面是否強勁？是的。答案是肯定的。成交量保持穩定。我們已經對每項業務都採取了措施，以確保我們在競爭中保持強大。我知道本季環比成長幅度可能比你預期的要大，但這背後是一家實力雄厚的公司。

As we mentioned earlier that there are some businesses in there that aren't as well positioned. They're relatively small in terms of revenues that we're not going to be in any longer, and there's others in the market who want to be in those businesses. So again, part of the analysis and the actions we take from it.

正如我們之前提到的，那裡有一些企業的定位不太理想。從收入角度來看，這些業務規模相對較小，我們不會再涉足其中，而且市場上還有其他公司想要進入這些業務領域。所以，這又是分析的一部分，也是我們根據分析結果所採取的行動的一部分。

Thank you.

謝謝。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Good morning, guys. Thanks for all the candor here. I did want to ask a little bit about Clover. I know you mentioned 10% revenue growth there for the fourth quarter, wondering if that's a decent proxy for next year until you anniversary some of these actions to deprioritize some of the short-term revenue initiatives. And then just as part of that, I mean, you can give us your latest assessment just your competitive positioning across merchant, both from a Clover and non-Clover perspective? Thank you.

各位早安。感謝大家的坦誠。我想稍微了解一下 Clover 的情況。我知道您提到第四季度營收成長了 10%，我想知道這是否可以作為明年的合理參考，直到您完成一些措施並降低一些短期營收計畫的優先事項為止。然後，作為其中的一部分，我的意思是，您能否向我們提供您最新的評估，即您在商家方面的競爭地位，包括從 Clover 平台和非 Clover 平台兩個角度來看？謝謝。

I'll start with the second part, Paul can go into the numbers. I think certainly, and I just mentioned it the prior answer. But if you -- Clover an unbelievable asset, we continue to feel great about our competitive positioning. There are great competitors in the market, but we continue to see significant opportunities to bring an all-in-one business operating platform to small businesses. There's a desire for that, there's a need for that.

我先從第二部分開始，保羅可以負責具體數字。我覺得當然可以，在之前的回答中也提到了。但如果您——Clover 是一項了不起的資產，我們仍然對我們的競爭地位感到非常滿意。市場上的競爭對手實力強勁，但我們仍然看到為小型企業提供一體化業務營運平台的巨大機會。人們有這種渴望，也有這種需求。

And so we continue to build Clover in the areas that talked about vertical expansion. We're traditionally very, very strong in core restaurants in retail, build that out to health care, professional services, higher end restaurants, a horizontal expansion, super excited about our partnerships in Homebase and ADP and we'll bring on others there. International expansion is going well. Brazil is obviously the highlight of that.

因此，我們繼續在先前討論過垂直擴張的地區建設 Clover。我們傳統上在零售業的核心餐飲領域實力非常強勁，我們將把這種優勢擴展到醫療保健、專業服務、高端餐飲等領域，以實現橫向擴張。我們對與 Homebase 和 ADP 的合作感到非常興奮，並將繼續拓展其他合作。國際擴張進展順利。巴西顯然是其中的亮點。

I think if there's a place that we were most focused on Clover and where Takis and his team are doing the most amount of work is really a full overhaul of the client experience as they engage with us operationally, we can be more excellent. And especially, we see just a tremendous opportunity across Clover and really across our platforms in gateways and organization layers to apply AI in an effective way, and that's really what the project with IBM is about.

我認為，如果我們最關注 Clover 的地方，也是 Takis 和他的團隊投入最多精力的地方，那就是徹底改造客戶與我們營運互動時的體驗，這樣我們才能做得更好。尤其值得一提的是，我們看到了 Clover 以及我們在網關和組織層等各個平台中應用人工智慧的巨大機遇，而這正是我們與 IBM 合作專案的意義所在。

But that's probably the greatest area that we're doing work there. The opportunity to expand TAM, we continue to see. And then as we talked about for a long time now, we'll introduce very thoughtful and paced back book conversion going into next year.

但這可能是我們在那裡開展工作的最大領域。我們持續看到擴大TAM的機會。然後，正如我們之前討論過的，明年我們將推出經過深思熟慮且穩步推進的圖書轉換計劃。

On the enterprise, side. And I guess the other small business platform, we're very, very happy within our merchant business is our ISV business, which continues to grow rapidly. I think we're very, very well positioned there. And our customers need both -- in many times be both online and a physical presence to the ability to introduce Clover into that world or other of our assets, super excited about that business.

企業方面。我想說，我們商家業務中另一個令我們非常非常滿意的小型企業平台是我們的 ISV 業務，它持續快速成長。我認為我們在那裡佔據了非常非常有利的地位。我們的客戶很多時候都需要線上和線下兩種管道，以便將 Clover 引入他們的世界或其他資產中，並對這項業務感到非常興奮。

On the enterprise side, again, awesome core business continue to build out a global omnichannel integration platform with Commerce Hub, and there's a lot of ongoing work on that front. So overall, feel very good about the merchant business in terms of where we can grow at Clover. Obviously, the growth highlighted there along with the ISV business. I'll let Paul go through the numbers on Q4 and next year and then long -- some indication of longer term.

在企業方面，核心業務方面，我們繼續與 Commerce Hub 合作建立全球全通路整合平台，這方面還有很多工作正在進行中。總的來說，我對 Clover 在商家業務方面的發展前景感到非常樂觀。顯然，ISV業務的成長也反映了這一點。我會讓保羅來分析第四季和明年的數據，以及更長遠的未來數據──一些關於長期前景的指標。

Yeah. So Jason, yeah, obviously, we highlighted what we expected in the fourth quarter. And we would see a tick up into kind of the low teens roughly range is our expectation is we're in the early stages of planning for 2026. So there is a little bit of kind of comparative dynamic that exists there.

是的。所以傑森，是的，很顯然，我們重點介紹了我們對第四季的預期。我們預計，2026 年的規劃將略微上升到十幾個百分點左右。目前我們正處於 2026 年規劃的早期階段。所以，這裡存在著某種比較性的動態關係。

And then we would expect that to get better on the 2027 and beyond to kind of move up into the more higher teens kind of level as we get into the '27-time frame. So again, there's sales noise as a 2026 comp, but it is a pickup and acceleration from the fourth quarter growth rate. And we do see, once we get past that compare in 2026 for an additional pickup going in '27 and beyond.

然後我們預計，到 2027 年及以後，情況會有所好轉，隨著我們進入 2027 年的時間範圍，情況會上升到十幾個百分點的水平。所以，雖然與 2026 年的同期數據相比存在銷售噪音，但與第四季的成長率相比，這是一個回升和加速的過程。我們確實看到，一旦我們度過了 2026 年的比較期，2027 年及以後將會有額外的皮卡推出。

And as said in the prepared remarks, 10% in Q4 reflects the pricing reversals at high teens. Without it, a fair amount of noise, as Paul said, still going into 2026 as we rightsize the baseline. And going from there, we continue to see similar to what we've being excluding the gateway conversion, 10% plus GPV growth and mid- to high teens closing 20% long-term revenue growth.

正如事先準備好的發言稿中所述，第四季度 10% 的成長反映了接近 10% 的價格逆轉。如果沒有它，正如保羅所說，會有相當多的噪音，直到 2026 年我們調整基準線時，噪音仍然會存在。由此看來，除了網關轉換之外，我們繼續看到類似的情況，GPV 成長超過 10%，長期營收成長達到 20% 到 15% 不等。

And again, that you go back to the opening, that reflects the normalization of Argentina, a normalization of short-term initiatives and the appropriate levels of investment into the business around the operational excellence thing. But Clover continues to be just an awesome mass and couldn't be more excited about what we can do with it for small businesses across the world.

再說，回到開篇，這反映了阿根廷的正常化，短期舉措的正常化以及圍繞卓越運營對業務進行適當投資的正常化。但 Clover 仍然是一款非常棒的產品，我們非常興奮能用它為世界各地的小型企業做很多事情。

It sounds like Q4 is the trough. Got it. Thank you.

聽起來第四季是低谷期。知道了。謝謝。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah. Hey, guys. Thanks for all the details. I guess my question is on margins and how that works into the first half. When we look at Q4, it looks like margins will be down about 800 bps or $400 million of lower EBIT, is that the peak investment quarter that $400 million down? And maybe how does that progress through the first half of next year? And what's invested in? Like what are you doing in Q4? And then maybe how does that dissipate into the first half of next year?

是的。嘿，大家好。謝謝你提供的所有細節。我想問的是關於利潤率以及它在上半部是如何運作的。當我們觀察第四季時，利潤率似乎會下降約 800 個基點，或者息稅前利潤減少 4 億美元，這是否意味著投資額在第四季度下降了 4 億美元？那麼，明年上半年情況又將如何發展呢？投資都投向了哪些面向？例如，你第四季在做什麼？那麼，這種情況又將如何延續到明年上半年？

Yeah. So Dave, I'll start, and Mike may want to add. But obviously, we -- you can kind of impute by our guidance at what fourth quarter looks like. And then we do trough out on the margin in the first half, particularly in the first quarter, where we've got the biggest kind of comp challenge there.

是的。那麼，戴夫，我先來，麥克可能也想補充。但很顯然，你可以根據我們對第四季的預測來推斷情況。然後我們在上半場，尤其是在第一節，在邊線附近徘徊，因為我們面臨最大的競爭挑戰。

And so we kind of -- if you're kind of saying the mid-30s is where we would expect to be roughly next year right around that kind of, call it, 33% to 35% kind of range for next year. The trough would be the first quarter, and then we would continue to kind of buildup to be back roughly at a run rate level by the end of next year kind of back to just roughly where we would end up this year.

所以，如果你說我們預計明年大概會在 30% 到 35% 之間，那麼我們大概會認為明年會在 33% 到 35% 的範圍內。低谷期將出現在第一季度，然後我們將繼續逐步恢復，到明年年底大致恢復到先前的運行水平，大致恢復到今年的水平。

So we clearly have a plan to restore kind of the margin back to the levels that we would expect here in 2025 and then build beyond that in kind of a more kind of consistent way on a go-forward basis. So trough kind of in first quarter, it will kind of continue to then build as the comps get more kind of normalized as we progress through 2026. And then obviously, from there on, we would expect margin expansion to kind of more normalize.

因此，我們顯然有一個計劃，要將利潤率恢復到我們預期在 2025 年達到的水平，然後在此基礎上，以更穩定的方式繼續發展。因此，在第一季度，隨著比較數據的逐漸正常化，這種情況會持續發展，直到 2026 年。然後很顯然，從那時起，我們預計利潤率擴張將逐漸趨於正常化。

Yeah. You're getting a double WACC in Q4 because Q4 of last year was sort of peak in terms of short-term initiatives, and then we've reversed a lot of that taking the pricing changes. So again, I think it's -- we're trying to get you forward to a baseline rather than take the noise out of every single item for every single period in historical numbers. And I think the guidance we've given you source at that baseline and again, baseline, we're confident.

是的。第四季的加權平均資本成本 (WACC) 翻了一番，因為去年第四季是短期舉措的高峰期，而我們透過價格調整扭轉了許多局面。所以，我認為——我們試圖讓你回到一個基準線，而不是消除歷史資料中每個時期每個項目的噪音。我認為我們給你的指導是基於這個基準的，而且再次強調，在這個基準線上，我們很有信心。

In terms of where we're going to invest in the really two things that core investment in the company, which we talked about, some which is streamlining the core's modernizing and getting to market our surrounds, again, which are getting unbelievable client interest and receptivity. We have hundreds in the pipeline for our XD and approaching that on cash flow central.

至於我們將要投資的領域，真正的兩件事是公司的核心投資，正如我們之前討論過的，包括精簡核心業務、現代化以及拓展市場，這些都獲得了客戶難以置信的興趣和接受度。我們有數百個 XD 專案正在籌備中，現金流量中心也即將完成這些專案。

So we've got great things we want to get those to market, continue to invest heavily e-commerce hub. We talked about Clover and building the platform there and enhancing operational excellence. We're super excited on the issuing side, both in the modernization of Optus, our current platform and the introduction of Vision Next which will be the platform for embedded finance alongside Finxact and sell to the platform will go to market with internationally totally modernized, cloud-based API-driven issuing core excited about what we're doing on the stable point front, including the acquisition -- pending acquisition of StoneCastle.

所以我們有很多很棒的產品想要推向市場，並將繼續大力投資電子商務中心。我們討論了 Clover 平台的搭建以及如何提升營運效率。我們對發行方面感到非常興奮，包括Optus（我們目前的平台）的現代化改造，以及Vision Next的推出。 Vision Next將成為嵌入式金融平台，與Finxact一起銷售，並將透過該平檯面向市場，採用國際化的完全現代化、基於雲端的API驅動的發行核心。我們對穩定點方面所做的工作感到興奮，包括收購——對StoneCastle的收購正在進行中。

And then the modernization and the enhancement and excellence of our core technology has been a huge focus this year and a bulk of where the incremental capital spend this year has gone you take the project we're going to do with IBM that will also dictate based on the returns and investments that we'll get there, that also dictate the nature of our spend next year.

今年，我們專注於核心技術的現代化、增強和卓越性，今年新增資本支出的大部分都投入了這個項目。例如，我們將與 IBM 合作的項目，該項目的回報和投資也將決定我們明年的支出方向。

Again, we're early in that project but are very, very optimistic about what we can do not only from what we've learned in the first five or six weeks, but working with the IBM team who did the same exercise to themselves in a very successful way, which you go through on almost every one of our business applications are primed for the use of -- we're already using it, but for even greater use of AI and then taking a hard look at all of our internal functions and applying AI and modernization to structurally change the cost base and how we do business internally in both employee and client enhancing way.

再次強調，我們目前還處於該專案的早期階段，但我們對未來充滿信心，這不僅是因為我們在前五到六週學到了東西，還因為我們與 IBM 團隊合作，他們也成功地完成了同樣的練習。我們幾乎所有業務應用程式都已準備好使用人工智慧——我們已經在使用，但我們希望更廣泛地利用人工智慧，然後認真審視我們所有的內部職能，應用人工智慧和現代化技術，從結構上改變成本基礎和我們內部的業務運作方式，從而提升員工和客戶的體驗。

So those are the major areas. Most of what we've done this year, it's not like we've been just doing the analysis, we've been going after some of the footfall we've seen most of the stuff we've done this year, we covered at Fiserv Form to address our clients' needs.

以上就是主要領域。今年我們所做的大部分工作，不僅是進行分析，我們還積極爭取一些客流量。我們今年所做的大部分工作，都是在 Fiserv Form 上進行的，旨在滿足客戶的需求。

Thanks, guys.

謝謝各位。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good morning. Mike, I want to follow up on the Financial Solutions business. And I understand kind of the forward-looking expectations reset and kind of the deprioritization you talked about, but I want to ask about the third quarter. You trimmed the full year guide three months ago when you were one month into the quarter. At the time, I think we heard that the team kind of under -- re-underwrote everything.

您好，早安。麥克，我想跟進一下金融解決方案業務的情況。我理解您所說的對未來預期進行調整和降低優先順序的做法，但我也想問一下第三季的情況。三個月前，也就是季度開始一個月的時候，你們精簡了全年指南。當時，我們聽說團隊對所有內容進行了重新核算。

So trying to kind of figure out, and I know you talked about many of the drivers here, like how could things change so dramatically in two months in a segment, which is by definition, somewhat of a recurring segment. So also trying to figure out kind of the -- why wasn't there like that much visibility into this level of revenue weakness intra quarter? Thank you.

所以，我想弄清楚，我知道你在這裡談到了很多驅動因素，例如在一個細分市場中，事情怎麼會在兩個月內發生如此巨大的變化，而這個細分市場從定義上來說，在某種程度上是一個週期性的細分市場。所以，我也在試著弄清楚──為什麼季度內營收疲軟的程度沒有得到足夠的重視？謝謝。

Sure. It's a appreciate question, and I understand it, obviously, as well as the reset I wanted or expected. But in July, roughly 10 weeks into the job, no excuses, but I focused on underwriting some of the major projects. We talked about those that were driving growth in the company's original 10% to 12% guidance, some of the bigger projects we talked about.

當然。這是一個值得思考的問題，我當然理解，也明白我想要或期待的重置效果。但到了7月份，也就是上任大約10週後，我沒有任何藉口，而是專注於承保一些重大項目。我們討論了推動公司實現最初 10% 至 12% 成長預期的項目，以及我們討論的一些大型項目。

We've successfully re-underwrote those and their performance since then has largely remained on track as more financial surprises emerged over the -- in the start of Q3, that prompted not just the annual strategic planning process, but this much more rigorous review into our financials. And that was also driven by some of the stuff we're hearing from our clients.

我們已經成功地對這些債務進行了重新核保，自那以後，它們的業績基本上保持正常，儘管在第三季度初出現了更多財務意外，這不僅促使我們啟動了年度戰略規劃流程，還促使我們對財務狀況進行了更加嚴格的審查。這也受到了我們從客戶那裡聽到的一些回饋的影響。

That analysis not only uncovered some additional assumptions that needed to be revisited either stuff that was either out of our control, the macro stuff, industry stuff that we had assumed in the company's original guidance to go one way in a pretty deliberate manner. Then there are a whole bunch of embedded assumptions away from the major projects that even with strong execution would have been hard to do all of them simultaneously and successfully broad-based productivity initiatives, significant record -- embedded record sales activities and then stretch revenue numbers on top of it.

該分析不僅揭示了一些需要重新審視的其他假設，包括我們無法控制的宏觀因素、行業因素，而我們在公司最初的指導意見中曾相當刻意地假設這些因素會朝著某個方向發展。此外，還有許多與主要項目無關的內嵌假設，即使執行力很強，也很難同時成功地完成所有這些項目，包括廣泛的生產力提升計劃、重大記錄——內嵌記錄銷售活動，然後在此基礎上擴大收入數字。

And then there were a series of initiatives. Again, we've gone through it, but there were a series of initiatives that were client customers businesses always have these that were more short term driven in nature, that were a big part of the back half of the year to get to the guidance. And as I got a more fulsome understanding of those that obviously prompted some dissatisfaction with the way we do the process, and we've made leadership changes around that and giving you today what we believe is a solid tangible baseline to grow from.

然後，又推出了一系列措施。我們已經回顧過，但有一系列舉措，這些舉措是客戶企業經常會有的，其性質更偏向短期驅動，這些舉措在下半年取得了很大進展，最終促成了業績指引。隨著我對那些顯然引起人們對我們工作流程不滿的因素有了更全面的了解，我們圍繞這些因素進行了領導層調整，並於今天為大家呈現了我們認為可以以此為基礎的堅實可靠的發展基線。

So what was in the original 10% to 12% guidance that have worked through it. It took me five or six months, but I'm confident today the numbers you have represent who we are structurally as a company, and we've given you the outlook from which we can grow at and put together a team that's going to execute the hell out of the business, and it's a great business to run.

那麼，最初 10% 到 12% 的指導方針中哪些內容已經落實？雖然花了五、六個月的時間，但我今天確信，你們看到的這些數字代表了我們公司的結構，我們也向你們展示了我們未來的發展前景，並組建了一支能夠把業務做得非常出色的團隊，而且經營這家公司是一件很棒的事情。

And I'll just add to that as it relates to just financial specifically, if you look at that business and you look at kind of the first half, at the 7% to kind of 8% growth rate, those are at a higher level of growth rates for the collection of business this year than you kind of typically see given kind of the underlying fundamentals around some of the TAM growth rates for those business areas.

我還要補充一點，就財務方面而言，如果你看一下這項業務，看看上半年，7%到8%的增長率，考慮到這些業務領域TAM增長率的基本面，今年的業務增長率通常要高一些。

And so I think when you kind of look at it on a full year basis, when you look at our expectations on a full year basis next year for this business, it's kind of in that more lower single digit range at that kind of higher level maybe of that lower single-digit range. But that's more of the normal kind of growth if you look at what accounts all file grow at what debit transaction is kind of growing at the mid-single digit.

所以我覺得，如果你從全年的角度來看，如果你看看我們明年對這項業務的全年預期，它大概會在個位數較低的範圍內，或者說，在個位數較低的範圍內。但如果你看所有帳戶的成長率，你會發現借記交易的成長率都在個位數中段，這才是更正常的成長方式。

If you look at kind of what banking does. And so that's kind of a more normalized way to look at the business. We just have some variability because of all the things Mike just described, that's presenting this kind of sequential move or first half versus back half move, we'll have the similar dynamic in the first half of next year as we kind of normalize everything, and then you'll start seeing that more normalized stable growth that you would expect out of this line of business starting in the back half of next year and continuing throughout 2027.

如果你看看銀行業究竟在做什麼。所以這是一種比較正常的看待商業的方式。由於麥克剛才描述的所有因素，我們目前存在一些波動，呈現出這種順序性的變化，或者說上半年與下半年的變化。明年上半年，隨著一切逐漸正常化，我們將面臨類似的動態。然後，從明年下半年開始，您將會看到該業務線所期望的更加正常、穩定的成長，並持續到 2027 年。

And then from there, we'll take -- we've got these incredible assets Vision Next, Finxact, core ledger system deep systems of records for banks that we can expand to new sectors that grow much faster than that, whether it's embedded finance or something but you got to go execute on that. You got to invest in it.

然後，我們將利用這些令人難以置信的資產——Vision Next、Finxact、核心帳簿系統以及銀行的深度記錄系統——將其擴展到成長速度更快的新領域，無論是嵌入式金融還是其他領域，但你必須去執行它。你必須投資它。

You got to be deliberate about how you operate on it. And that's the part we can't wait to get to. And today, we -- that sets the baseline and that's the starting point to that. So we're excited about the -- and that's the long-term structural growth rate we can drive.

你必須認真考慮如何操作它。而這正是我們迫不及待想要看到的部分。今天，我們──這設定了基準線，也是一切的起點。所以我們對——以及我們可以實現的長期結構性成長率——感到興奮。

Thank you.

謝謝。

And that was our final question for this call.

這是我們這次通話的最後一個問題。

Thanks, everyone, for joining. I appreciate talking with you more this quarter.

謝謝大家的參與。我很感激這季能和您多交流。

Thank you all for participating in the Fiserv third-quarter 2025 earnings conference call. That concludes today's call. Please disconnect at this time, and have a great rest of your day.

感謝各位參加 Fiserv 2025 年第三季財報電話會議。今天的電話會議到此結束。請暫時斷開連接，祝您今天餘下的時間愉快。