Fiserv Inc (FISV) 2025 Q4 法說會逐字稿

(audio in progress) Fiserv fourth-quarter 2025 earnings conference call.

（音訊進行中）Fiserv 2025 年第四季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, today's call is being recorded. At this time, I will turn the call over to Walter Pritchard, Senior Vice President and Head of Investor Relations at Fiserv.

再次提醒，今天的通話將會被錄音。此時，我將把電話轉交給 Fiserv 資深副總裁兼投資人關係主管 Walter Pritchard。

Thank you, and good morning. With me on the call today are Mike Lyons, our Chief Executive Officer; and Paul Todd, our 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·萊昂斯和我們的財務長保羅·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 will turn the call over to Mike.

現在我將把電話交給麥克。

Thank you, Walter, and welcome aboard.

謝謝你，沃爾特，歡迎加入。

Good morning, everyone, and thank you for joining us. This quarter marked a decisive and positive step for building the foundation to consistently deliver on the pillars that have long distinguished Fiserv. These include exceptional client service, world-class execution, value-added technology, and cutting-edge innovation. While there remains significant work ahead of us, we are clear on our strategy, laser-focused on our priorities, and are optimistic about our multi-quarter path towards delivering strong, sustainable operating performance and ultimately realizing Fiserv's full potential.

各位早安，感謝各位的參與。本季標誌著在為持續實現 Fiserv 長期以來賴以成名的各項支柱奠定基礎方面邁出了決定性的積極一步。這些優勢包括卓越的客戶服務、世界級的執行力、增值技術和尖端創新。儘管我們面前還有大量工作要做，但我們對自己的策略很明確，對優先事項非常重視，並對未來幾個季度實現強勁、可持續的營運業績並最終發揮 Fiserv 的全部潛力充滿信心。

While Paul will review our financial performance in detail, I would note that our Q4 results demonstrated stable broad-based business activity trends, and there were no major surprises relative to the outlook that we provided in October and that our 2026 guidance is in line with the preliminary view from Q3.

雖然 Paul 將詳細審查我們的財務業績，但我需要指出的是，我們第四季度的業績顯示出穩定的廣泛業務活動趨勢，與我們在 10 月份提供的展望相比，沒有出現任何重大意外，而且我們 2026 年的指導意見與第三季度的初步看法一致。

As we told you in October, our headline results are below our go-forward expectations, and they will remain that way for the first half of 2026 as we invest in the franchise and lap a higher mix of non-recurring revenue. Importantly, we continue to add senior talent, complementing the high-quality team that was in place when I came aboard.

正如我們在 10 月告訴大家的那樣，我們的主要業績低於我們未來的預期，而且由於我們投資於特許經營權並承擔更高比例的非經常性收入，這種情況在 2026 年上半年仍將持續。重要的是，我們不斷引進資深人才，進一步完善了我加入公司時已有的高素質團隊。

In addition to Paul, Walter, and Dhivya, we have added leaders in technology, Clover, and merchant product and sales, among other areas. Overall, I'm encouraged by the team's energy and pleased that our overall employee retention is up with retention of our top talent reaching a multiyear high in 2025.

除了 Paul、Walter 和 Dhivya 之外，我們還增加了技術、Clover 以及商家產品和銷售等領域的領導者。總的來說，我對團隊的活力感到鼓舞，也很高興看到我們的員工整體留任率有所上升，其中頂尖人才的留任率在 2025 年達到了多年來的最高水平。

With the team in place and focused, we were firmly in execution mode in Q4, taking decisive actions across the One Fiserv plan. One Fiserv is at the foundation of our strategy and firmly integrated into our 2026 plan. With this in mind, I want to provide a brief update on the progress we have made across each of the five strategic areas of the plan.

團隊到位並目標明確後，我們在第四季度進入了執行模式，在 One Fiserv 計劃中採取了果斷行動。一個 Fiserv 是我們策略的基礎，並已牢牢融入我們的 2026 年計畫中。有鑑於此，我想簡要介紹一下我們在該計劃的五個戰略領域所取得的進展。

Operating with a client-first mindset, building the pre-eminent small business operating platform through Clover, creating differentiated, innovative platforms and finance and commerce, delivering operational excellence and efficiency enabled by AI and finally, employing disciplined capital allocation for the long term.

秉持客戶至上的理念，透過 Clover 建構卓越的小型企業營運平台，打造差異化、創新的金融和商業平台，透過人工智慧實現卓越營運和效率，最終採用嚴謹的資本配置以實現長期發展。

Under our Client First pillar, we made targeted investments to better align around client needs, especially in our Financial Solutions business. Over time, we expect this shift to enhance client satisfaction and ultimately drive sustainable growth in average revenue per customer, which has been a hallmark of Fiserv. The actions we took this quarter included broadly increasing client-facing resources, revamping, and improving our approach to working with consultants, including closing the Smith transaction.

在「客戶至上」的理念指導下，我們進行了有針對性的投資，以更好地滿足客戶需求，尤其是在我們的金融解決方案業務方面。隨著時間的推移，我們預計這種轉變將提高客戶滿意度，並最終推動每位客戶平均收入的可持續成長，而這正是 Fiserv 的標誌。本季我們採取的行動包括大幅增加面向客戶的資源，改善並改善我們與顧問的合作方式，包括完成與 Smith 的交易。

Delivering against the first phase of product development-related commitments we made at our Fiserv Forum client event. Leveraging innovation, including AI trained on our DNA core to streamline product upgrades and implementations and accelerating our investment to modernize our technology platforms, including additional multisite resiliency measures across most of our consumer-facing payment platforms.

履行了我們在 Fiserv Forum 客戶活動上做出的第一階段產品開發相關承諾。利用創新，包括基於我們 DNA 核心訓練的 AI，來簡化產品升級和實施，並加快投資以實現技術平台的現代化，包括在我們大多數面向消費者的支付平台上增加多站點彈性措施。

We remain on track to complete this effort by mid-2026. We are encouraged by the early positive client response to these efforts and will be steadfast in our focus on delivering great service and value-added solutions to our clients.

我們仍有望在 2026 年年中完成這項工作。我們對客戶對這些努力的早期正面回饋感到鼓舞，並將繼續堅定不移地專注於為客戶提供優質的服務和增值解決方案。

And to this point, corporate sales were up solidly in Q4 versus last year and the prior quarter, with positive contributions from both the Merchant and Financial Solutions segments. Some of the more meaningful wins included new and expansion Commerce Hub agreements with a leading medical device company, a large specialty retail company and AT&T, among others.

到目前為止，第四季度企業銷售額較去年同期和上一季均穩步增長，其中商戶和金融解決方案部門均做出了積極貢獻。其中一些更有意義的成果包括與一家領先的醫療器材公司、一家大型專業零售公司和 AT&T 等公司達成新的和擴展的商業中心協議。

An expansion of our relationship with California-based Mechanics Bancorp now with over $22 billion in assets, which selected Fiserv's core and added our XD digital platform following their merger with HomeStreet Bank. On Optus, we signed a multiyear extension with our client Atlanticus, a leading issuer, which includes converting the accounts they recently added with their Mercury acquisition to Fiserv.

我們擴大了與總部位於加州的 Mechanics Bancorp 的合作關係，該公司目前擁有超過 220 億美元的資產，在與 HomeStreet Bank 合併後，選擇了 Fiserv 的核心系統並添加了我們的 XD 數位平台。在 Optus 方面，我們與客戶 Atlanticus（一家領先的發卡機構）簽署了一份多年續約協議，其中包括將他們最近透過收購 Mercury 而新增的帳戶轉換為 Fiserv 的帳戶。

A new core deal with Republic Bank and Trust Company, a Kentucky-based $7 billion bank moving to DNA, enabling the bank to give their clients faster access to deposited funds through real-time continuous processing and enabling real-time account alerts and an expansion of our credit card relationship with Robinhood to add debit processing.

與總部位於肯塔基州、資產達 70 億美元的 Republic Bank and Trust Company 達成一項新的核心協議，該銀行正在向 DNA 轉型，使該銀行能夠透過即時連續處理，讓客戶更快地獲得存款資金，並實現即時帳戶警報；此外，我們還擴大了與 Robinhood 的信用卡合作關係，增加了借記卡處理功能。

Turning to our second pillar, (inaudible) saw continued momentum toward establishing Clover as the preeminent small business operating platform. In vertical markets, we remain on track to launch our Practice pay health care initiative and our professional services offering this quarter. In restaurant, we continue to see market share gains as we consolidate a number of strong assets to expand our offering under the Clover Hospitality brand and achieve economies of scale. As part of this, we are rolling out new capabilities, including multi-location support, AI-generated menus, streamlined delivery enrollment checklist dining, and new diner engagement tools.

轉向我們的第二個支柱，（聽不清楚）我們看到了將 Clover 確立為卓越的小型企業營運平台的持續勢頭。在垂直市場方面，我們仍按計劃在本季度推出我們的執業付費醫療保健計劃和專業服務產品。在餐飲業，我們不斷鞏固市場份額，整合多項優勢資產，擴大 Clover Hospitality 品牌下的產品和服務，並實現規模經濟。作為其中的一部分，我們正在推出新功能，包括多地點支援、人工智慧生成的菜單、簡化的外帶註冊清單用餐流程以及新的食客互動工具。

Horizontally, we are seeing strong early success in our workforce management partnership with Homebase, and we continued our build-out with ADP, a partnership that is already producing strong sales collaboration and that has significant potential over time. In December, we integrated CashFlow Central, our transformative ARAP product directly into ADP's run platform, allowing small businesses to manage their cash flow more effectively.

在橫向方面，我們與 Homebase 的勞動力管理合作取得了強勁的早期成功，我們繼續與 ADP 建立合作關係，該合作關係已經產生了強大的銷售協作，並且隨著時間的推移具有巨大的潛力。去年 12 月，我們將具有變革意義的 ARAP 產品 CashFlow Central 直接整合到 ADP 的運作平台中，使小型企業能夠更有效地管理其現金流。

And finally, on the horizontal front. Clover Capital grew 30% in 2025 in North America as we continue to see significant upside with this high-value client offering, where we only have mid-single-digit penetration of our eligible client base today. Internationally, our launch in Brazil continues to be highly successful with results tracking ahead of plan and reflecting the importance of partnering with market-leading financial institutions like Caixa, Canada grew strongly in 2025 and should further accelerate as we ramp up our new strategic relationship with TD.

最後，我們來看水平方面。Clover Capital 預計到 2025 年，其在北美的業務將成長 30%，因為我們繼續看到這項高價值客戶服務具有巨大的成長潛力，而目前我們符合資格的客戶群的滲透率僅為個位數。在國際上，我們在巴西的業務拓展持續取得巨大成功，業績超出預期，這體現了與巴西儲蓄銀行（Caixa）等市場領先的金融機構合作的重要性。加拿大在 2025 年實現了強勁成長，隨著我們與道明銀行（TD）建立新的策略合作關係，成長速度應該會進一步加快。

And we introduced our flagship partnership with SMCC to offer Clover to SMBs in Japan starting later this year. This is a focused market for us given its size and low card penetration. Additionally, we are excited about the special support visas providing in this partnership.

我們與SMCC建立了旗艦合作夥伴關係，將於今年稍後開始向日本的中小企業提供Clover。鑑於該市場的規模和較低的信用卡普及率，對我們來說這是一個重點市場。此外，我們對此次合作中提供的特殊支援簽證感到非常興奮。

We grew and further diversified Clover distribution channels across the board in Q4 and including adding 47 banks to the Clover referral ecosystem, refreshing our merchant relationship with Truist, which will now support businesses of all sizes across the bank's large footprint including 1,900 branches, expanding our industry-leading ISO and agent platforms; continuing to add direct salespeople in North America, where we have over 600 today; launching a new digital tool for our bank partners, which integrates Clover merchant onboarding into the bank's digital banking experience; introducing AI prospecting tools to assist with the identification and conversion of high-value merchants.

第四季度，我們全面發展並進一步多元化了 Clover 的分銷渠道，包括：在 Clover 推薦生態系統中新增 47 家銀行；更新與 Truist 的商戶關係，該銀行現在將在其龐大的業務網絡（包括 1900 家分行）中為各種規模的企業提供支持；擴展我們行業領先的 ISO 和代理平台；多位直銷人員；為我們的銀行合作夥伴推出新的數位工具，將 Clover 商家進駐流程整合到銀行的數位銀行體驗中；引入 AI 潛在客戶開發工具，以協助識別和轉換高價值商家。

And finally, building on the takeaways from prior pilots we began targeting select non-Clover SMB merchants in the US with a Clover offering. While these efforts have been narrow in scope and it's still early, we have seen some promising results with benefits for our clients and higher revenue yield for us. Our efforts here will remain deliberate, ensuring we prioritize the right experience and fit for the client.

最後，我們吸收了先前試辦計畫的經驗，開始向美國部分非 Clover 中小企業商家推廣 Clover 產品。雖然這些努力的範圍還比較狹窄，而且目前還處於早期階段，但我們已經看到了一些令人鼓舞的成果，這些成果不僅為我們的客戶帶來了好處，也為我們帶來了更高的收入。我們將繼續謹慎努力，確保優先考慮為客戶提供合適的體驗和解決方案。

To finish on Clover, we are driving a number of merchant experience improvements, including digital feature enrollment and setup, AI-driven end-to-end merchant life cycle orchestration, a range of automated and high-touch service capabilities and simplification to pricing and billing statements. Next, on the innovation front, we have prioritized appropriately resourcing and completing a focused set of deliverables that are driven by strong demand from our customers.

最後，關於 Clover，我們正在推動一系列商家體驗改進，包括數位功能註冊和設定、人工智慧驅動的端到端商家生命週期編排、一系列自動化和高觸感服務功能以及簡化定價和帳單。其次，在創新方面，我們優先考慮合理配置資源，完成一系列由客戶強烈需求驅動的重點交付成果。

In the quarter, we made significant progress on these strategic priorities. CommerceHub is progressing well towards a fully integrated cloud-native global omnichannel gateway, supporting a best-in-class enterprise value proposition.

本季度，我們在這些策略重點方面取得了顯著進展。CommerceHub 正朝著完全整合的雲端原生全球全通路閘道穩步邁進，為企業提供一流的價值主張。

In Q4, we launched this capability across the Americas and are ramping a leading video streaming service provider client. The platform continues to scale in North America, processing over $200 billion in 2025, a greater than 200% increase year over year. In Financial Solutions, we continued to invest in modernizing our core banking and card issuer processing platforms.

第四季度，我們在美洲地區推出了這項功能，並正在為領先的視訊串流服務供應商客戶加速推進。該平台在北美持續擴大規模，預計到 2025 年將處理超過 2,000 億美元的交易額，年增超過 200%。在金融解決方案領域，我們持續投資核心銀行和發卡機構處理平台的現代化改造。

In banking, we are building cloud-based real-time secure, API-enabled and more open capabilities, a modernization effort that began in 2022. At our Client Forum in September, we made it clear that there will be no forced upgrades or conversions as part of this effort, reflecting feedback we receive from our customers.

在銀行業，我們正在建立基於雲端的即時安全性、支援 API 且更開放的功能，這項現代化工作始於 2022 年。在九月的客戶論壇上，我們明確表示，作為這項工作的一部分，不會強制進行任何升級或轉換，這反映了我們從客戶那裡收到的回饋。

With respect to our newest course, we went live with our first clients on Core Advance and (inaudible) continues to perform exceptionally well and gained broad recognition for innovation. The (inaudible) platform surpassed 30 million total accounts and positions, representing over 80% growth in 2025 and is becoming the ledger of choice for fintechs and digital banks. In card issuer processing, we continue to modernize Optus and build out Vision Next, our next-gen card issuing platform.

關於我們最新的課程，我們已經為首批客戶推出了 Core Advance 課程，並且（聽不清楚）繼續表現出色，並因其創新性而獲得廣泛認可。該平台（聽不清楚）的總帳戶和持倉數量超過 3,000 萬，預計到 2025 年將成長 80% 以上，並正在成為金融科技公司和數位銀行的首選帳簿。在發卡機構處理方面，我們不斷推進 Optus 的現代化，並建立我們的下一代發卡平台 Vision Next。

On Optus, we signed a multiyear extension with PNC and a new mandate with Fidem Financial, a fast-growing credit card asset manager that has acquired over $15 billion in assets. Fiserv will power Fidem's new co-branded credit card programs. We are now live with 5 FI clients on CashFlow Essential with over 100,000 of their SMBs using our transformative all-in-one ARAP payments platform and seeing real value.

在 Optus 方面，我們與 PNC 簽署了一份多年續約協議，並與 Fidem Financial 簽署了一份新的委託協議。 Fidem Financial 是一家快速成長的信用卡資產管理公司，已收購了超過 150 億美元的資產。Fiserv 將為 Fidem 的全新聯名信用卡專案提供技術支援。我們現在已為 5 家金融機構客戶上線了 CashFlow Essential，其超過 10 萬家中小企業正在使用我們變革性的一體化 ARAP 支付平台，並從中獲得了真正的價值。

With over 155 FI signed since launch and a pipeline of over 400 prospects, we are excited about CashFlow Essential's long-term potential. We advanced our efforts in stablecoin through the exploration of pilots with Huntington and several other banks, including use cases in cross-border payments, digital escrow and interbank money movement.

自推出以來，我們已與超過 155 家金融機構簽約，並擁有超過 400 個潛在客戶，我們對 CashFlow Essential 的長期潛力感到興奮。我們透過與亨廷頓銀行和其他幾家銀行開展試點項目，推進了穩定幣領域的發展，包括跨境支付、數位託管和銀行間資金轉移等應用案例。

With the closing of the StoneCastle acquisition, we introduced stablecoin custody capabilities, allowing us to recycle reserves back to financial institutions, a unique capability in the space. We're also excited about StoneCastle's ability to introduce next-gen cash management capabilities to our merchants, including Clover clients.

隨著對 StoneCastle 的收購完成，我們引入了穩定幣託管功能，使我們能夠將儲備金回收給金融機構，這是該領域獨一無二的功能。我們也對 StoneCastle 能夠為我們的商家（包括 Clover 的客戶）引入下一代現金管理功能感到興奮。

Lastly on innovation, we continue to develop agenetic commerce capabilities for our merchants and are particularly excited about our unique position with Clover to bring turnkey Agentic capabilities to small businesses. We see Agentic fundamentally changing the payments landscape and are working with Google, Mastercard and Visa to bring Agentic to mainstream commerce. Additionally, we're exploring arrangements to enable a genetic commerce across the landscape of conversational AI platforms.

最後，關於創新，我們將繼續為我們的商家開發智慧商務能力，並且尤其對我們與 Clover 的獨特合作感到興奮，我們將為小型企業帶來一站式智慧商務能力。我們認為 Agentic 從根本上改變了支付格局，我們正在與 Google、萬事達卡和 Visa 合作，將 Agentic 推向主流商業領域。此外，我們正在探索各種方案，以在對話式人工智慧平台領域實現基因商業化。

Fourth, we are in full swing with Project Elevate, which is a highly structured enterprise-wide evaluation of all of our activities. We are encouraged by the potential here, given we have identified ample room to simplify the business, and execute faster and more efficiently, and we are attacking these opportunities with urgency. This includes a comprehensive review of how we can further deploy AI across Fiserv. We look forward to providing a more fulsome update on Elevate at our Investor Day. Rounding out our One Fiserv plan is our commitment to highly disciplined capital allocation.

第四，我們正在全力推進“提升專案”，這是一項對我們所有活動進行高度結構化的全企業範圍評估的專案。鑑於我們已經發現有很大的空間可以簡化業務，更快、更有效率地執行，我們對這裡的潛力感到鼓舞，我們正在緊急抓住這些機會。這包括對如何在 Fiserv 進一步部署人工智慧進行全面審查。我們期待在投資者日上提供關於 Elevate 的更全面的最新資訊。我們「一體化 Fiserv」計畫的最後環節是我們對高度自律的資本配置的承諾。

As we mentioned on our last call, we continue to evaluate businesses and assets to ensure that they are consistent with our go-forward strategy. This exercise is critical in focusing our time and resources on our most important assets and activities.

正如我們在上次電話會議中所提到的，我們將繼續評估各項業務和資產，以確保它們與我們未來的發展策略保持一致。這項措施對於將我們的時間和資源集中在最重要的資產和活動上至關重要。

In summary, we made good progress in Q4. We are focused and confident in our strategy and ability to execute. No other company has the assets, breadth and scale to connect all parts of the financial ecosystem.

總的來說，我們在第四季度取得了良好的進展。我們目標明確，對我們的策略和執行能力充滿信心。沒有其他公司擁有連接金融生態系統所有環節所需的資產、廣度和規模。

Our unique position at the center of Commerce and Finance, two massive TAMs, strengthens the market position of both our merchant and financial solutions businesses and creates opportunities in areas like embedded finance, stablecoins, networks and merchant liquidity optimization, all expanding the boundaries of how our market is defined today. New technologies, especially AI, further accelerate our ability to capitalize on and scale these opportunities.

我們在商業和金融這兩個巨大的市場中心佔據獨特的地位，這增強了我們商家和金融解決方案業務的市場地位，並在嵌入式金融、穩定幣、網路和商家流動性優化等領域創造了機會，所有這些都拓展了我們當今市場定義的邊界。新技術，尤其是人工智慧，進一步加快了我們掌握和擴大這些機會的能力。

We have scheduled an Investor Day for May 14 and look forward to sharing additional details on our strategy and financial outlook and introducing you to the leadership team responsible for executing on our plan. I'll finish by thanking our employees for their hard work and dedication and our clients for the continued trust they place in us.

我們已安排於 5 月 14 日舉行投資者日活動，期待與您分享有關我們策略和財務前景的更多細節，並向您介紹負責執行我們計劃的領導團隊。最後，我要感謝全體員工的辛勤工作和奉獻精神，以及客戶對我們的持續信任。

I will now pass it off to Paul to go into more detail on Q4 and 2026.

現在我將把發言權交給保羅，讓他更詳細地介紹第四季和 2026 年的情況。

Thank you, Mike, and good morning, everyone. I will cover details on total company and segment performance in the fourth quarter and full year and then review our guidance for 2026.

謝謝你，麥克，大家早安。我將詳細介紹公司和各業務部門在第四季度和全年的整體業績，然後回顧我們對 2026 年的業績展望。

Beginning on slide 6, total company Q4 adjusted revenue of $4.9 billion was flat and adjusted operating income was $1.7 billion, resulting in adjusted operating margin of 34.9%. This results in full year total company adjusted revenue of $19.8 billion, up 4%, with adjusted operating income of $7.4 billion, resulting in an adjusted operating margin of 37.4%, a decrease of 200 basis points, right in line with our guidance.

從第 6 張投影片開始，公司第四季調整後總收入為 49 億美元，與去年同期持平；調整後營業收入為 17 億美元，調整後營業利潤率為 34.9%。這使得公司全年調整後總收入達到 198 億美元，成長 4%；調整後營業收入為 74 億美元；調整後營業利潤率為 37.4%，下降 200 個基點，與我們的預期完全一致。

Total company organic revenue was roughly flat, down approximately 40 basis points in Q4, resulting in annual organic revenue growth of 3.8% in the upper half of the 3.5% to 4% guidance range we gave on our last call.

公司整體有機收入基本持平，第四季度下降約 40 個基點，導致年度有機收入增長 3.8%，處於我們上次電話會議上給出的 3.5% 至 4% 指導範圍的上半部分。

Turning to slide 7. Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2%. Fourth quarter adjusted earnings per share was $1.99, resulting in annual adjusted earnings per share of $8.64, above our guidance range of $8.50 to $8.60. Free cash flow for the quarter was $1.6 billion and $4.44 billion for the year, ahead of our guidance of $4.25 billion, representing approximately 93% conversion. Now I will turn to the performance by segment for Q4, starting on slide 8 on Merchant Solutions.

翻到第7張投影片。商家解決方案業務全年有機成長 6%，而金融解決方案業務成長 2%。第四季調整後每股收益為 1.99 美元，全年調整後每股收益為 8.64 美元，高於我們先前 8.50 美元至 8.60 美元的預期範圍。該季度自由現金流為 16 億美元，全年自由現金流為 44.4 億美元，高於我們先前 42.5 億美元的預期，轉換率約為 93%。現在我將從商家解決方案的第 8 張投影片開始，介紹第四季的各細分市場表現。

Merchant Solutions organic revenue growth was 1% for the quarter, while adjusted revenue grew 2%. Small Business revenue grew 2% on an organic basis in Q4 and 3% on an adjusted basis with the impact of the CCB acquisition slightly greater than the FX headwind. In addition, the Clover fee eliminations we discussed last quarter were a 2-point headwind to small business growth in Q4. Small Business volume grew 7% in the quarter, inclusive of CCB. Clover revenue grew 12% in Q4, 2 percentage points higher than our guidance.

Merchant Solutions 本季有機營收成長 1%，調整後營收成長 2%。第四季小型企業營收以有機成長計算成長了 2%，按調整後計算成長了 3%，其中 CCB 收購的影響略大於匯率不利因素。此外，我們上個季度討論過的 Clover 費用取消，對第四季度小型企業的成長造成了 2 個百分點的不利影響。包括建行在內，小型企業交易量在本季度增長了 7%。Clover 第四季營收成長 12%，比我們預期高出 2 個百分點。

There was a 6-point growth headwind to Q4 Clover revenue from the fee eliminations we called out on our last call. Clover volume grew 6% on a reported basis and 9% excluding the previously discussed gateway conversion. Clover volume growth was below our expectations for the quarter, driven largely by softness we experienced in the month of November in the US., particularly in the restaurant and retail sectors where we have a large presence. This softness in the US was consistent with broader industry trends and Clover volumes reaccelerated on a combined basis in December and January to approximately 11% ex the gateway conversion.

由於我們在上次電話會議上提到的費用取消，Clover 第四季營收成長面臨 6 個百分點的阻力。據報告，Clover 的銷量增長了 6%，如果排除之前討論過的網關轉換，銷量增長了 9%。本季 Clover 的銷售成長低於我們的預期，這主要是由於 11 月我們在美國市場，特別是餐飲和零售業（我們在該行業擁有很大的市場份額）的疲軟表現所致。美國市場的疲軟與更廣泛的行業趨勢一致，12 月和 1 月 Clover 的銷量綜合來看重新加速增長，除網關轉換外，銷量增長約 11%。

Value-added services contributed 27% of Clover revenue in Q4, up 5 points from a year ago, driven by anticipation, software attach and Clover Capital. Clover revenue finished the year at $3.3 billion, up 23%, while non-Clover small business revenue ex Argentina was flat in Q4 and up 3% for the year. Consistent with our preliminary view in October and assuming stable macroeconomic conditions, we expect Clover GPV growth of 10% to 15% in 2026 ex the gateway conversion.

第四季度，增值服務貢獻了 Clover 27% 的收入，比去年同期成長了 5 個百分點，這主要得益於市場預期、軟體附加價值和 Clover Capital 的推動。Clover 全年營收達 33 億美元，成長 23%；而除阿根廷以外的非 Clover 小型企業營收在第四季持平，全年成長 3%。與我們 10 月的初步觀點一致，並假設宏觀經濟條件穩定，我們預期 2026 年 Clover GPV 將成長 10% 至 15%（不包括網關轉換）。

The lower end represents the core growth rate, while the higher end assumes more significant conversion of non-Clover merchants. Based on these volume expectations, the impact of Clover fee eliminations and more moderate growth from Argentina, we expect Clover revenue to grow in the low double digits for 2026.

較低的端代表核心成長率，而較高的端則假設非 Clover 商家的轉換率較高。根據這些銷售預期、Clover 取消費用的影響以及阿根廷較為溫和的成長，我們預計 Clover 2026 年的營收將達到兩位數的低成長。

On a structural basis, our medium-term revenue growth rate target for Clover remains in the 15% to 20% range. Moving on to Enterprise. Our business grew 1% on an organic basis in Q4, while declining 2% on an adjusted basis. Excluding the revenue from network fee timing associated with a large PayFac client that went live in Q3 2024, adjusted revenue for enterprise would have been 6% higher in the quarter and more in line with the 6% transaction growth. Transaction growth slowed sequentially from Q3 due to lapping the ramp of the large PayFac client mentioned earlier.

從結構上看，我們對 Clover 的中期收入成長率目標仍維持在 15% 至 20% 的範圍內。接下來是企業版。第四季度，我們的業務以有機成長計算成長了 1%，但按調整後計算下降了 2%。如果排除與大型支付服務商客戶在 2024 年第三季上線相關的網路費用時間相關的收入，則本季企業調整後的收入將成長 6%，更符合 6% 的交易成長。由於前面提到的大型支付服務客戶的業務成長放緩，交易量成長較第三季下降。

And finally, in processing, organic revenue declined 1%, while adjusted revenue grew 1%, driven by FX tailwinds. Fourth quarter adjusted operating income for the Merchant Solutions segment was $816 million, down 17%, with adjusted operating margin of 32.1%.

最後，在加工業務方面，有機收入下降了 1%，而調整後的收入增加了 1%，這主要得益於匯率利好。第四季商家解決方案部門的調整後營業收入為 8.16 億美元，下降 17%，調整後營業利益率為 32.1%。

For the full year, Merchant Solutions' adjusted operating income was down 2% to $3.5 billion with adjusted operating margin of 34.5%. Now I will cover Financial Solutions starting on slide 9. For the quarter, both organic and adjusted revenue in Financial Solutions declined by 2%.

全年來看，Merchant Solutions 的調整後營業收入下降 2% 至 35 億美元，調整後營業利益率為 34.5%。接下來我將從第9張投影片開始解說金融解決方案。本季度，金融解決方案業務的有機收入和調整後收入均下降了 2%。

In Digital Payments, organic and adjusted revenue declined by 1%. We saw good volume growth in debit processing and network volumes consistent with the growth levels from last quarter. Zelle transactions grew 15% in the quarter as we continue to see a slowing of the growth curve for Zelle as the product matures. Also, we started to ramp revenue from CashFlow Central in the quarter. Finally, ATM Managed Services was an approximate 1 point headwind to revenue growth in digital payments.

數位支付業務的有機收入和調整後收入下降了 1%。我們看到借記卡處理量和網路交易量均實現了良好的成長，與上季度的成長水準保持一致。Zelle 交易量在本季成長了 15%，隨著產品日趨成熟，我們繼續看到 Zelle 的成長曲線放緩。此外，本季我們開始逐步提高 CashFlow Central 的營收。最後，ATM 管理服務對數位支付收入成長造成了約 1 個百分點的不利影響。

In Issuing, revenue declined 1% on both an organic and adjusted basis, as global active accounts on file grew in the low single digits. Finally, in banking, Revenue decreased 4% on an organic basis and was down 3% on an adjusted basis as we continue to be impacted by certain actions taken over the last several years. While an improvement sequentially, we are still facing comparative headwinds, and we'll continue to face these throughout the first half of next year, after which we expect a return to stability.

發行業務方面，由於全球活躍帳戶數量僅實現個位數低成長，有機和調整後的收入均下降了 1%。最後，在銀行業務方面，由於過去幾年採取的某些措施持續對其產生影響，收入以有機成長計算下降了 4%，按調整後計算下降了 3%。雖然環比有所改善，但我們仍然面臨相對不利的因素，而且在明年上半年我們將繼續面臨這些不利因素，之後我們預計情況將恢復穩定。

As Mike mentioned earlier, this is a significant area of investment and focus for us. Fourth quarter adjusted operating income for the Financial Solutions segment declined 20% to $997 million and adjusted operating margin was 42.2% versus 51.7% in the prior year.

正如麥克之前提到的，這是我們重點投資和關注的領域。第四季金融解決方案部門的調整後營業收入下降 20% 至 9.97 億美元，調整後營業利潤率為 42.2%，而去年同期為 51.7%。

The most significant impact on margins in Q4 was related to incremental vendor spend and headcount investments to improve client experience. For the year, adjusted operating income for the segment was down 2% to $4.4 billion with adjusted operating margin of 45.3%. At the corporate level, our adjusted effective tax rate was 19.3% for the quarter and 18.6% for the year. From a leverage standpoint, we finished the year with a debt-to-adjusted-EBITDA ratio of 3x, in line with our expectations. We continue to target long-term leverage at 2.5 to 3x.

第四季利潤率受到的最大影響與供應商支出增加和為改善客戶體驗而進行的人員投入有關。該年度，該部門的調整後營業收入下降 2% 至 44 億美元，調整後營業利潤率為 45.3%。公司層面，本季調整後的實際稅率為 19.3%，本年度調整後的實際稅率為 18.6%。從槓桿率的角度來看，我們年底的負債與調整後 EBITDA 比率為 3 倍，符合我們的預期。我們繼續將長期槓桿目標設定在 2.5 至 3 倍。

Turning to Slide 10. We also repurchased 3 million shares during the quarter for approximately $200 million and paid down over $1 billion in debt after funding the acquisitions of StoneCastle and a portfolio of TD merchant contracts. With respect to Project Elevate in Q4, we incurred $73 million of expenses related to this program, and we will continue to have related onetime costs in 2026.

翻到第10張投影片。本季我們也回購了 300 萬股股票，耗資約 2 億美元，並在為收購 StoneCastle 和 TD 商家合約組合提供資金後，償還了超過 10 億美元的債務。關於第四季度的“提升項目”，我們產生了與該項目相關的 7300 萬美元費用，並且我們將在 2026 年繼續產生相關的一次性費用。

Now with slide 11, I'll move on to 2026 guidance, which is in line with the preliminary view we gave on our last call. First, on revenue. We are continuing to provide guidance regarding our organic revenue growth for 2026, and we plan to supplement this with additional information about our assumptions to help investors and analysts arrive at adjusted revenue.

現在，根據第 11 張投影片，我將繼續介紹 2026 年的指導意見，這與我們上次電話會議上給出的初步觀點一致。首先，從營收方面來看。我們將繼續提供有關 2026 年有機收入增長的指導意見，併計劃補充有關我們假設的更多信息，以幫助投資者和分析師得出調整後的收入。

Also, to provide further insight, we are giving growth expectations for the Merchant and Financial Solutions segments. We expect 2026 organic revenue growth in the range of 1% to 3% with Merchant Solutions revenue growth in the mid-single digits and Financial Solutions flat to slightly down. Reflecting higher nonrecurring revenue a year ago, we expect adjusted revenue growth in both quarters of the first half of 2026 to decline to the low single digits, with Q2 representing the trough in terms of the rate of decline.

此外，為了提供更深入的見解，我們也給出了商家和金融解決方案領域的成長預期。我們預計 2026 年有機收入成長將在 1% 至 3% 之間，其中商戶解決方案收入成長將達到中等個位數，而金融解決方案收入將持平或略有下降。鑑於去年同期非經常性收入較高，我們預計 2026 年上半年兩季的調整後營收成長將下降至個位數低位，其中第二季下降速度將達到最低點。

In our Financial Solutions business, we expect a more pronounced grow-over trend in the first half, resulting in a decline at the high end of mid-single digits. As we get to the second half of the year, we expect our adjusted revenue growth to be more tightly correlated to underlying drivers such as volume, transaction, and account growth. We expect offsetting FX and M&A impacts for 2026 driving our expectation for adjusted revenue growth that is also in the range of 1% to 3%.

在我們的金融解決方案業務中，我們預計上半年成長趨勢將更加明顯，導致中個位數百分比的下降幅度接近上限。隨著我們進入下半年，我們預計調整後的營收成長將與銷售量、交易量和帳戶成長等潛在驅動因素更加緊密相關。我們預計 2026 年匯率和併購的影響將相互抵消，這將推動我們對調整後營收成長的預期，該預期也將在 1% 至 3% 的範圍內。

As a reminder, Q1 is the last quarter of impact from the CCB acquisition and thus, we expect an approximate 1 point difference between organic and adjusted revenue in this period. We expect Argentina will have a modest positive impact to organic revenue growth in 2026, while having a slightly larger negative impact to adjusted revenue growth. As compared to prior years, based on our current expectations, this is a much more modest contribution from Argentina.

提醒一下，第一季是 CCB 收購影響的最後一個季度，因此，我們預計在此期間有機收入和調整後收入之間將有大約 1 個百分點的差異。我們預計阿根廷將在 2026 年對有機收入成長產生適度的正面影響，但對調整後的收入成長產生稍大的負面影響。與往年相比，根據我們目前的預期，阿根廷的貢獻要小得多。

We expect our effective tax rate to be in the range of approximately 19% to 19.5% for the full year and weighted average share count to be approximately 530 million. Putting it all together, we expect adjusted EPS of $8 to $8.30. Similar to our expectations around revenue, we expect a different level of operating margins in the first and second halves of the year. In the first half, we expect adjusted operating margin of 31% to 32%, with Q1 representing the low point just below 30%. In the second half of the year, we expect adjusted operating margin of 35% to 36% with Q4 representing the high point in the year.

我們預計全年實際稅率將在 19% 至 19.5% 之間，加權平均股份數約為 5.3 億股。綜合所有因素，我們預計調整後每股收益為 8 美元至 8.30 美元。與我們對營收的預期類似，我們預計今年上半年和下半年的營業利潤率將有所不同。上半年，我們預計調整後的營業利潤率為 31% 至 32%，其中第一季為最低點，略低於 30%。預計下半年調整後營業利潤率為 35% 至 36%，其中第四季將是全年最高點。

For the year, this translates into approximately 34% adjusted operating margin. To complete our strategic investments, we expect capital expenditures to remain approximately flat with 2025 levels and end the year with a leverage ratio of approximately 3x. We expect free cash flow conversion of approximately 90% of adjusted net income for the year, in line with historical levels. As always, Q1 will be our trough for free cash flow conversion.

本年度調整後營業利益率約 34%。為了完成我們的策略投資，我們預計資本支出將與 2025 年的水平基本持平，年底槓桿率約為 3 倍。我們預計本年度自由現金流轉換率約為調整後淨收入的 90%，與歷史水準一致。像往常一樣，第一季將是我們自由現金流轉換率的低谷期。

Finally, to the extent we generate any excess cash from business and asset optimization activities, we intend to deploy this additional cash to share repurchase. And with that, I will turn the call back to the operator to start the Q&A session.

最後，如果我們透過業務和資產優化活動產生任何多餘的現金，我們打算將這些額外的現金用於股票回購。接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Darrin Peller, Wolfe Research.

（操作說明）達林‧佩勒，沃爾夫研究公司。

Mike, can you just touch on whether you believe the review you've taken in the business has really accomplished (inaudible) you need? And do you fully see what you needed to see that you feel confident on the numbers going forward.

麥克，你能簡單談談你是否認為你對公司所做的評估真的達到了（聽不清楚）你想要的效果嗎？你是否完全了解了你需要看到的內容，從而對未來的數字充滿信心？

Yes. Thank you for the question. And we feel great as went through in the prepared comments that we feel great about the progress we're making and the piece that we're moving at a relative to the conclusions that we outlined from the analysis we did in Q3, there is nothing new, and that's fully reflected in hitting up what we thought we'd do for Q4 and introducing guidance for '26, in line with the preliminary view we provided back in October.

是的。謝謝你的提問。正如我們在準備好的評論中所述，我們對目前取得的進展感到非常滿意，並且相對於我們在第三季度分析中概述的結論，我們正朝著正確的方向前進，沒有什麼新內容，這完全體現在我們實現了第四季度的目標，並推出了 2026 年的業績指引，這與我們去年 10 月份提供的初步觀點一致。

So as I said at the multi-quarter path, feel great about the progress. We're fully aware of what we need to do to position our business as this constant compounder, both -- we have 100% of our focus is on executing against the pillars we put forth in the 150 plan, and I went through that.

正如我在多季度計劃中所說，我對目前的進展感到非常滿意。我們完全清楚我們需要做什麼才能將我們的業務定位為持續成長的複合型成長點，我們 100% 的精力都集中在執行我們在 150 計畫中提出的支柱上，而我也經歷過這個過程。

And as you saw and Paul talked about in his comments, we just have to -- there's a difficult compare in the first half of the year as we pivoted the strategy in the third quarter to focus on more recurring revenue. So overall, we feel good. The quarter was about execution, and that's where we go from here.

正如你所看到的，保羅在他的評論中也談到了，我們不得不——由於我們在第三季度調整了戰略，專注於更多經常性收入，因此今年上半年的業績比較比較困難。總的來說，我們感覺良好。本季重點在於執行力，這也是我們接下來的工作重點。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

I want to touch on digital payments, so that subsegment within the Financial Solutions segment. That is the largest bucket there. I believe it's about $4 billion or so in annual revenues. And correct me if I'm wrong, but I think starting to sell the debit networks make up about maybe 1/4 of that to say, $1 billion or so of that $4 billion of revenue within digital payments. Last quarter, you called out some pricing actions within that subsegment, and I believe some of them related to the debit networks as well and maybe some other portions of that subsegment.

我想談談數位支付，也就是金融解決方案領域的一個子領域。那是那裡最大的桶子。我認為它的年收入大約在40億美元左右。如果我錯了請糾正我，但我認為，出售借記卡網路的收入大約佔數字支付 40 億美元收入的四分之一，也就是 10 億美元左右。上個季度，您指出了該細分市場中的一些定價措施，我相信其中一些也與借記卡網絡有關，或許還與該細分市場的其他一些部分有關。

Maybe you could just add some more detail on those price changes and maybe an update or a response to what you saw in the market, whether it brought on additional volume and protected volume that might have been lost. And anything else you can provide around really Star and a cell as the focus? I know you mentioned that things are pretty consistent, but anything else you could add would be appreciated.

或許您可以補充一些關於這些價格變動的細節，以及對您在市場上觀察到的情況的更新或回應，例如是否帶來了額外的交易量，以及是否保護了可能損失的交易量。關於以恆星和細胞為研究對象，您還能提供其他資訊嗎？我知道您提到情況相當穩定，但如果您還能補充其他信息，我們將不勝感激。

Sure, Tim. Thanks for the question. And yes, we did make comments on the last quarter call with regard to that. I wouldn't add anything new to that. There wasn't any new development in Q4 related to any of those actions.

當然可以，提姆。謝謝你的提問。是的，我們在上個季度的電話會議上確實就此發表了評論。我不會再補充任何新內容了。第四季與上述任何行動相關的新進展都沒有出現。

I would say we were very pleased not only with the sequential improvement in digital payments, but also what we saw on the volume side, particularly on the network side, we did see growth on the network volumes. And in that overall digital space, we also saw good transactions in our debit processing area as well. And I think that's what was the underpinning of the performance there. Just like with all the segments, we do have comparative headwinds that will continue in digital payments for the first half of next year, but there wouldn't be anything else I would add on the network side.

我認為我們不僅對數位支付的持續成長感到非常滿意，而且對交易量方面，特別是網路交易量方面的成長也感到非常滿意。在整個數位領域，我們的金融卡處理業務也取得了良好的交易表現。我認為這就是那場比賽表現的根本原因。就像其他所有領域一樣，明年上半年數位支付領域也面臨相對不利的因素，但在網路方面，我不會再補充什麼了。

I would just add, strategically, we continue to be very pleased with both Star and Excel and the value we add on both sides of our business, classic synergy play between (inaudible) MS side of the business, and we continue to try to look for all ways that we can fully leverage those networks.

我還要補充一點，從戰略角度來看，我們對 Star 和 Excel 以及它們為我們業務的兩個方面帶來的價值仍然非常滿意，這是（聽不清）微軟業務方面經典的協同效應，我們將繼續努力尋找各種方法，充分利用這些網絡。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

It seems like you got some good line in sight into the business, which is great. I want to better understand the expenses required to execute on Fiserv, Specifically, how much is structural versus onetime like consulting or a T staff augmentation, that kind of thing. Looks like you're going to exit the year at 36% margin, how clean is that 36%?

看來你已經找到了進入這個行業的有效途徑，這很棒。我想更了解執行 Fiserv 專案所需的費用，特別是結構性費用和一次性費用（如諮詢或 T 人員擴充等）。看起來你今年的利潤率將達到 36%，這 36% 的利潤率乾淨嗎？

Yes. So Tien-Tsin, thanks. I would speak to the overall margin first and the expense. We don't see any material kind of expense ramp up. As we've kind of said on our last call, we have largely baked in the expenses related to one Fiserv and particularly around the infrastructure and some of the resiliency investments and such.

是的。田心，謝謝你。我會先談談整體利潤率和費用。我們沒有看到任何實質的支出成長。正如我們在上次電話會議中提到的，我們基本上已經將與 Fiserv 相關的費用，特別是基礎設施和一些彈性投資等方面的費用計入了成本。

So just as an operating margin standpoint, there is an increase year-over-year on expenses from an operating standpoint, but it's in line with exactly what we were expecting when we gave the guidance, hence, the margin guide is in line. As it relates to the transformation, Project Elevate expenses, particularly, we didn't call out the size of those.

因此，僅從營業利潤率的角度來看，營運支出較去年同期有所增加，但這與我們給予指引時的預期完全一致，因此，利潤率指引是合理的。至於轉型項目「提升計畫」的費用，特別是相關費用，我們沒有具體說明其規模。

There was start-up-related expenses, particularly around professional services in there. We did have some infrastructure expenses as well. And that is about the right kind of cadence of what we expect quarterly expenses related to Project Elevate to be, they will increase some as we move forward and broaden the project as we focus now on process efficiencies and other efficiencies that we expect to get out of the business.

其中有一些與創業相關的費用，特別是專業服務的費用。我們也確實有一些基礎建設的支出。這大致符合我們對「提升專案」季度支出的預期節奏，隨著我們推進專案並擴大專案規模，支出還會增加，因為我們現在專注於流程效率以及我們希望從業務中獲得的其他效率。

And those will then be more kind of technological related expenses as opposed to more professional services related.

這些費用將與技術相關，而不是與專業服務相關。

David Koning, Baird.

David Koning，貝爾德。

And I guess my question is on the SMB portion of the Acceptance segment. You mentioned the Clover part will probably grow revenue low double digits. But I'm also wondering, what do you expect from the non-Clover part of SMB that's been declining, maybe flattish ex Argentina. But then as a corollary to it, Argentina, the merchant cash advances look like they were down dramatically, like there's a lot less. So is that creating a little bit of a headwind in that in that non-Clover part.

我的問題是關於驗收環節中的中小企業部分。您提到 Clover 部分的收入可能會實現兩位數的低成長。但我同時也想知道，對於SMB中除Clover以外的那些一直在下滑、可能略顯平淡的部分（例如阿根廷），你有什麼期望？但由此推論，阿根廷的商家現金預支似乎大幅下降，好像少了很多。所以，這是否在非 Clover 部分造成了一些不利影響？

So I guess kind of multiple layer question just on how SMB is going to do in '26.

所以我想問的是一個多層次的問題，就是關於中小企業在 2026 年的發展。

Yes. So overall, we did comment on the Clover part of SMB. We do expect slight growth in the non-Clover SMB for next year, just would be kind of talked about that as being kind of flat to maybe just a little bit of growth on the non-Clover SMB. You're right. Dave, as it relates to Argentina in general, it's now really not a growth factor at all relative to the go-forward expectations in 2026.

是的。總的來說，我們確實對 SMB 的 Clover 部分發表了評論。我們預計明年非 Clover SMB 市場將略有成長，但可能會比較平穩，甚至略有成長。你說得對。戴夫，就阿根廷整體而言，相對於 2026 年的未來預期，它現在真的不再是一個成長因素了。

And so we do had an impact in 2025 that we called out that if you took out Argentina, we actually did grow the non-Clover piece. But as you look forward in 2026, we expect roughly a flat to a slightly growth non-Clover SMB picture that's embedded in our guidance.

因此，我們在 2025 年確實產生了影響，我們指出，如果排除阿根廷，我們實際上確實成長了非 Clover 部分。但展望 2026 年，我們預計非 Clover 中小企業市場將保持穩定或略有成長，這已體現在我們的業績指引中。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Mike, I'd like to dig in a little bit on your outlook for Clover yield. The medium-term revenue guidance in Clover obviously implies some nice share gains relative to at least the U.S. market. And yield growth, obviously, given the fee changes has slowed quite a bit. But can you talk about the areas where you think you have the ability to add sort of durable value with value-added services and what the yield progression in that business looks like over time? Just trying to get a little more clarity on the outlook for accelerating Clover revenue growth.

麥克，我想深入了解你對三葉草產量的預期。Clover 的中期營收預期顯然意味著，至少在美國市場，其市佔率將會取得不錯的成長。顯然，考慮到費用變化，收益率成長已經大幅放緩。但是，您能否談談您認為在哪些領域可以透過增值服務創造持久價值，以及隨著時間的推移，該業務的收益成長情況如何？我只是想更清楚地了解一下 Clover 營收成長加速的前景。

So the -- I just started at the highest level is we were very pleased with the underlying trends we saw in Clover in Q4 that we talked about some of the macro factors. And then more importantly, with the progress we made against the Clover business priorities that we highlighted as part of the One Fiserv action plan in Pillar 2. And those are critical to reaching this goal of creating, I think, a little bit to where you're going is what we believe will be the preeminent small business operating platform.

所以——我剛剛從最高層面說起，我們對 Clover 在第四季度展現的潛在趨勢非常滿意，我們也討論了一些宏觀因素。更重要的是，我們在實現 Clover 業務優先事項方面取得了進展，這些優先事項是我們作為 One Fiserv 行動計劃第二支柱的一部分而重點強調的。我認為，這些對於實現創建這一目標至關重要，而你們正在努力的方向，正是我們相信將會成為卓越的小型企業營運平台。

That's obviously our goal, not just the payments box, but help small businesses run their full operations from there, and that goes to the partnerships on the horizontal side with Homebase, with ADP with CashFlow Central, obviously, (inaudible) ADP over capital. And then really to get after and drive higher yield for the overall SMB book, not just focusing on over our entire SMB book is to continue to build out our vertical expertise and mentioned in the opening comments that we'll launch this quarter on the health care side and the professional services side.

顯然，我們的目標不僅僅是支付，而是幫助小型企業以此為基礎開展全面運營，這涉及到與 Homebase、ADP 和 CashFlow Central 等橫向合作夥伴的合作，顯然還有（聽不清楚）ADP 的資本支持。然後，為了真正追求並提高整個中小企業業務的收益，不僅僅是關注我們所有的中小企業業務，而是要繼續發展我們的垂直領域專業知識，正如我們在開場白中提到的，我們將在本季度推出醫療保健和專業服務方面的業務。

And the more custom solutions and value-added solutions we can embed inside the platform of Clover. Obviously, yield will grow with that. And we're optimistic on that over the long term. There's hard work being done to create a value proposition to the $4 billion or so of revenue we have sitting in non-Clover SMB. But more specifically, in the guidance stuff.

我們能夠在 Clover 平台內嵌入更多客製化解決方案和增值解決方案。顯然，產量也會隨之成長。我們對此長期前景持樂觀態度。我們正在努力創造價值，以吸引我們目前在非 Clover 中小企業市場獲得的約 40 億美元的收入。但更具體地說，是在指導性內容方面。

I'll let Paul comment on yields.

關於收益率的問題，就讓保羅來評論吧。

Yes. So Andrew, I think you would be fair to say we're very pleased with yield maintenance for 2025 overall, and we don't expect any change really on the yield side in 2026. And kind of see that is on our volume growth being in line with our revenue growth on a kind of overall kind of high level.

是的。所以安德魯，我認為你可以公平地說，我們對 2025 年的整體產量維持情況非常滿意，而且我們預計 2026 年的產量方面不會有任何變化。而且，我們的銷售成長與營收成長在整體上保持著較高的水平。

And I think as it relates to go forward, like Mike commented, as we look at like vertical expansions, you would see 15% to 20% kind of growth on the revenue side in the longer term against that 10% to 15% growth, which speaks to a higher yield on a go-forward basis. as we penetrate more in Clover Capital as we do more on the software side.

我認為，就未來發展而言，正如麥克所說，當我們著眼於垂直擴張時，從長遠來看，收入成長幅度將達到15%到20%，高於目前的10%到15%，這意味著未來收益率會更高。隨著我們在Clover Capital的滲透率不斷提高，以及我們在軟體領域的投入不斷增加，這種情況也會更加明顯。

As Mike said, we do more on the platform side, you'd see kind of that yield maintenance or even slight yield improvement on a go-forward basis that's consistent with our strategy. And certainly, we'll give more color on that at our upcoming IR day.

正如麥克所說，我們在平台方面投入更多精力，你會看到收益維持甚至在未來略有提高，這與我們的策略是一致的。當然，我們會在即將舉行的投資者關係日上對此進行更詳細的闡述。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Just a quick two-parter on the banking segment. Mike, I hear your comments on the sort of the core client retention. Maybe just a little bit more color on what you're seeing there. It sounds like you've been very proactive in being high touch with clients? And then just beyond the core, can you talk about how you view the portfolio today? Do you need additional capabilities, thinking digital et cetera? Or do you feel good about where you're at from a capability perspective?

關於銀行業板塊，這裡簡單介紹兩個部分。麥克，我明白你對核心客戶留存的看法。或許可以為你看到的景象增添一些色彩。聽起來你一直非常積極主動地與客戶保持密切聯繫？除了核心內容之外，您能否談談您目前對投資組合的看法？您是否需要其他功能，例如數位化功能等等？或者，從能力角度來看，你對自己目前的狀況感到滿意嗎？

Thanks for the question. First, on the core part, as I said in the opening comments, we're going down the path of core modernization. We're -- first of all, we're proud of our leading market share position broadly for banking, and we support a lot of banks and credit unions across the country on our various platforms. And we're proud of that. We began that core modernization process in 2022 building cloud-based, real-time, secure API and really more open capabilities from our perspective.

謝謝你的提問。首先，在核心部分，正如我在開場白中所說，我們正在走核心現代化的道路。首先，我們為我們在銀行業廣泛的市場份額地位感到自豪，我們透過各種平台為全國各地的許多銀行和信用社提供支持。我們為此感到自豪。我們從 2022 年開始了核心現代化進程，建構了基於雲端的即時安全 API，從我們的角度來看，也建構了更開放的功能。

That plan remains in place and is a good thing for everyone. As we rolled out tag on our platform in September and talked about on the last call, based on some feedback we got from clients, we were explicitly clear that there are no forced conversions as part of this modernization. So if a client wants to make a change, it's totally on their time line.

該計劃仍然有效，這對每個人都有好處。我們在 9 月推出了平台上的標籤功能，並在上次電話會議上進行了討論。根據我們從客戶那裡得到的一些回饋，我們明確表示，作為此次現代化的一部分，不會強制進行任何轉換。所以如果客戶想要做出改變，完全由他們自己決定時間。

All that said, as a result of some actions taken over the last couple of years, including the prior core conversion approach, we have lost some market share, especially you see it on the smaller credit union side of our business and have been disappointed, obviously, in the results that have come through in the banking segment from those actions. Our view is given the pivot we made (inaudible) on the conversion approach as well as a series of other client commitments we made at forum.

儘管如此，由於過去幾年採取的一些措施，包括先前的核心轉換方法，我們失去了一些市場份額，尤其是在我們規模較小的信用合作社業務方面，顯然，我們對這些措施在銀行業務領域的成果感到失望。鑑於我們對轉換方法所做的轉變（聽不清楚）以及我們在論壇上做出的一系列其他客戶承諾，我們的觀點是這樣的。

And a whole series of investments that I talked about earlier, both on the technology side and on the people side, day-to-day people side, we think we're on the right path to having banking return to positive growth of which we've talked about in the low single digits.

我之前提到的一系列投資，包括技術方面和人員方面，以及日常營運方面，我們認為我們正走在正確的道路上，銀行業將恢復正成長，我們之前也提到過，成長率將達到個位數。

And I think, most importantly, what we feel good about is the fixes are really 100% in our control, and we're investing directly against them. These are things we can't solve. These are things that we need to do and are the right things for our clients to do. Specifically on core client attrition in 2025, it was above where we wanted to be, but stable with where it was in 2024 and 2023, we didn't see any change on that front.

而且我認為，最重要的是，我們感到欣慰的是，這些解決方案完全在我們掌控之中，我們正在直接投資解決這些問題。這些問題我們無法解決。這些是我們必須做的事情，也是我們的客戶應該做的事情。具體來說，2025 年核心客戶流失率高於我們的預期，但與 2024 年和 2023 年相比保持穩定，我們在這方面沒有看到任何變化。

And the very near term and how we went into the planning for next year, we are realistic about the impact of past decisions and how fast we can bend the curve and that's all included in our plan. But we look -- our goal is to serve all our great clients appropriately and compete strongly every day in the market. And on top of the course -- to the second part of your question, we feel really good about the portfolio solutions we're adding.

至於近期計劃以及我們為明年所做的規劃，我們對過去決策的影響以及我們能夠多快扭轉局面都保持著務實的態度，這些都已納入我們的計劃之中。但我們的目標是——我們的目標是妥善服務所有尊貴的客戶，並在市場上每天展開激烈的競爭。除了課程本身——關於您問題的第二部分，我們對新增的投資組合解決方案感到非常滿意。

And we continue to listen to what banks and credit unions are focused on, which includes generating core deposits, which the StoneCapital capability helped us with how do you address the emerging value or threat of stablecoin and feel great about what we've done there, launching our own stablecoin on behalf of the bank's FI USD, and then creating what we think is the first closed-loop stablecoin deposit network by acquiring the custody capabilities through StoneCastle this year. And we think out more and more around AI in a box and other types of solutions around that cash flow center goes directly to the desire to build small businesses.

我們持續關注銀行和信用社的關注點，包括如何取得核心存款。 StoneCapital 的能力幫助我們應對了穩定幣的新興價值或威脅，我們對此感到非常滿意。我們代表銀行的固定收益美元發行了自己的穩定幣，然後透過今年收購 StoneCastle 的託管能力，創建了我們認為的第一個閉環穩定幣存款網路。我們越來越多地思考「人工智慧即服務」和其他類型的解決方案，圍繞著現金流中心，這直接滿足了人們建立小型企業的願望。

So we feel great about the portfolio of solutions around it. If we have to add small capabilities. You've seen us do it with stuff like StoneCastle. But we're anxious to get our day-to-day service commitment levels in our clients back to one of that pillar of great client service and then focus on this great portfolio of value-added capabilities we have.

因此，我們對圍繞它構建的解決方案組合感到非常滿意。如果我們必須添加一些小功能。你們已經看過我們用StoneCastle之類的產品做過類似的事情了。但我們渴望將我們日常對客戶的服務承諾水平恢復到優質客戶服務的支柱水平，然後專注於我們擁有的這些強大的增值能力。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

I wanted to come back to Clover for a second. If you can talk about what drove some of the improvement in December, January, you said to 11%. And then the midpoint of your guide for '26 would suggest maybe a little bit more acceleration of this December, January levels. what drove the improvement in December, January? And then what are the drivers of some of the potential further improvement as you go through 2026. And if you can just remind us also when you think we lap the gateway conversion, that would be really helpful. Yes.

我想再回到克洛弗那裡一會兒。如果你能談談是什麼推動了 12 月和 1 月的改善，你說改​​善幅度達到了 11%。那麼，你們2026年預測的中點似乎表明，12月和1月的水平可能會進一步加快。是什麼推動了12月和1月的成長？那麼，到 2026 年，哪些因素會推動一些潛在的進一步改進呢？如果您還能提醒我們一下，您認為我們何時會超越網關轉換，那就太好了。是的。

A couple of parts there. First, I'd start is December, January went back to where we thought we'd be for the quarter. We had said 11% in Q3 came in under that, obviously. We cited November as being macro weakness. We saw that in the other people participate in our industry.

那裡有幾個部分。首先，我想說的是12月，1月份的情況又回到了我們預期的季度水準。我們先前預測第三季為 11%，但顯然實際結果低於這個數字。我們認為11月份宏觀經濟疲軟。我們看到，其他參與我們行業的人也做到了這一點。

And part of our vertical build is to drive yield higher to the prior point, but it's also to reduce some of our concentration in the restaurant and retail areas, especially restaurants and that had a weaker November. So macro anomaly in the month and then we saw volumes reaccelerate back to where we thought they'd be for the quarter.

我們垂直建設的一部分是為了將收益率提高到之前的水平，但同時也是為了降低我們在餐飲和零售領域的集中度，尤其是餐飲業，因為餐飲業在 11 月表現疲軟。所以當月出現了宏觀異常，然後我們看到交易量重新加速回升到我們預期的季度水準。

So we feel good about that. I think just longer term, if you exclude the gateway conversion over the last couple of years, we've been -- we bounced around quarter to quarter from the high single digits to the low double digits. The 4 quarters of '25 are between 9% and 11%, and that's sort of where we see the core growth rate of the business, sometimes independent of macro factors.

所以我們對此感到很滿意。我認為從長遠來看，如果排除過去幾年網關轉換的影響，我們的季度成長率一直在個位數高點到兩位數低點之間波動。2025 年的四個季度成長率在 9% 到 11% 之間，大致就是我們看到的業務核心成長率，有時與宏觀因素無關。

So I think that's a good view to lead -- a good area to lead around that. Just to be careful on the gateway conversion, remember that there's not a technical lapping of the gateway conversion. You start converting over a gateway and then there's continuous runoff over time. So it's not a traditional anniversarying thing that will -- as long as there are gateway diverted clients on the system. If one of those runs off, it will impact growth going forward.

所以我認為這是一個很好的領導視角——一個值得圍繞它進行領導的領域。要注意的是，網關轉換過程中沒有技術上的「疊合」機制。你開始透過網關進行轉換，然後隨著時間的推移，就會持續流失。所以這不是傳統的周年紀念活動——只要係統上有網關重新導向客戶端。如果其中一隻動物跑掉，將會影響未來的成長。

But obviously, the magnitude of that will go down and we have it going with 3 points for most of -- 3-point differential for us this year, and it will go down in '26 and going forward. So hopefully, that's helpful. Anything to add.

但很顯然，這種差距會縮小，我們今年大部分時間都保持著 3 分的差距——3 分的差距，而且在 2026 年及以後還會繼續縮小。希望這能有所幫助。還有什麼要補充的嗎？

Yeah. The only thing I would add is -- it's Jason, we feel good about where we sit. When we saw what December did, when we see what January did as it relates to that overall guide that we gave. And the things that we talked about in the prepared remarks around business development, expansion some of the verticals expansion. Those are all just kind of tailwinds that help us get very confident about the overall guide of GPV.

是的。我唯一要補充的是──他是傑森，我們對自己的位置很滿意。當我們看到 12 月份的表現，以及 1 月份的表現，並將它們與我們給出的整體指導方針聯繫起來時。我們在準備好的演講稿中談到了業務發展、擴張以及一些垂直領域的擴張。這些都是利好因素，讓我們對 GPV 的整體指導方針充滿信心。

And as Mike said earlier, the overall macro, we're assuming kind of a normalized macro and we also commented in the prepared remarks that the lower side of that guide is reflective of less kind of non-Clover transition and the higher side reflects kind of more on non-Clover transition.

正如麥克之前所說，總體而言，我們假設宏觀經濟處於一種正常化狀態，我們在準備好的發言稿中也提到，該指南的下限反映了非 Clover 過渡較少，而上限則反映了非 Clover 過渡較多。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Lots of good things, improvements across the board, great job here. Mike, it's been a few months now. I mean, is anything that surprised you most? Any new surprises here? Anything you're seeing that hasn't been appreciated that you would like to highlight, that would be great.

很多方面都很好，各方面都有所改進，做得非常棒。麥克，已經過去幾個月了。我的意思是，有沒有什麼事情讓你最感到驚訝？有什麼新的驚喜嗎？如果你發現任何尚未被重視且你想重點指出的地方，那就太好了。

As I mentioned earlier, with respect to new developments or surprises with the negative connotation from the -- from what we said in the third quarter, there are none. And our focus is all on execution. I think all the things -- the surprises on the positive side are the capability and potential for this company to not only deliver on the pillars that we've delivered on historically, to serve two massive TAMs who are eager and have a high appetite for advice and advanced technology from us. That just continues to grow. And so we're anxious to get these investments made and be able to focus on exciting things similar to what I talked about in the in the banking core place.

正如我之前提到的，就第三季我們所說的而言，沒有任何新的進展或意外情況帶有負面意義。我們所有的精力都集中在執行上。我認為所有的事情——積極的方面是驚喜，這家公司不僅有能力和潛力繼續履行我們過去一直履行的各項承諾，還能服務於兩個龐大的潛在客戶群體，他們渴望並對我們的建議和先進技術有著很高的需求。這個數字還在不斷增加。因此，我們迫切希望完成這些投資，並能夠專注於令人興奮的事情，就像我在銀行核心領域談到的那樣。

Our courses are great. They meet a lot of different needs with a lot of different institutions. We want to make sure the service is great on that. So then we can talk to the banks about how do you grow small business customers, how do you deal with modern forms of payments? How do you bring -- how can we add an execution and orchestration layer on behalf of them bringing AI into their businesses.

我們的課程很棒。它們滿足了許多不同機構的許多不同需求。我們希望確保這項服務非常出色。那我們就可以和銀行談談如何發展小型企業客戶，如何處理現代支付方式？如何為他們引入人工智慧——我們如何代表他們添加執行和編排層，從而將人工智慧引入他們的業務？

And the same thing on the merchant side, where Agentic capabilities, our ability to democratize that for small businesses across the country and allow them to participate in a similar way is right in front of us. So lots of positive surprises is the things that people have known about Fiserv for a long time, but as modern technology accelerates our ability to capitalize on those just gets greater and greater.

在商家方面也是如此，Agentic 的功能，即我們有能力讓全國各地的小型企業都能以類似的方式參與其中，就擺在我們眼前。因此，人們早就知道 Fiserv 會帶來許多正面的驚喜，但隨著現代科技的快速發展，我們利用這些驚喜的能力也越來越強。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

I just had a little line here. On the enterprise side, you've been calling out the PayFac over issues for a bit now. Just remind us again when those lap and if there's any way of quantifying the magnitude on both revenue and transactions, that would be helpful as well.

我剛才在這裡畫了一小段線。在企業方面，你已經就支付服務商的問題提出批評一段時間了。請再次提醒我們這些圈速何時達到，如果能量化收入和交易量方面的變化幅度，那也將很有幫助。

Yes. So Will, we did -- in the prepared remarks, I made a couple of comments, particularly around enterprise. As I talked about, this will be the last quarter that we talk about enterprise. -- transition of this PayFac client, and we had about 6 points of differential that existed in the fourth quarter related to this. If you kind of add that to the revenue side, the minus 2% goes to kind of more of a plus if you look at the transactions of 6%, which is kind of a clean number on the transaction side, that 4% revenue growth is very in line with the 6%.

是的。所以威爾，我們確實——在準備好的演講稿中，我發表了一些評論，特別是關於企業方面。正如我之前提到的，這將是我們最後一個季度討論企業級業務——支付服務客戶的轉型，而我們在第四季度與此相關的差異約為6個百分點。如果把這部分加到收入方面，-2% 就變成了正數，因為交易量為 6%，這是一個比較清晰的交易量數字，4% 的收入增長與 6% 非常吻合。

And then that kind of 4% or kind of mid-single-digit growth is consistent with what we've had in the third quarter and also consistent with roughly what we expect as we look forward to next year. And that mid-single-digit transaction growth would also be the right way to think about the business on a go-forward basis without takes back noise in that line.

這種 4% 或中等個位數的成長與我們第三季的成長一致，也與我們對明年的預期大致一致。而且，在不考慮任何不利因素的情況下，以個位數中段的交易成長率來看待未來的業務發展也是正確的方式。

Got it. Okay. So converging in the first quarter. Appreciate it.

知道了。好的。因此，第一季趨於收斂。謝謝。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Just a follow-up on that, Paul. How do we think about the mid-single-digit growth for the -- organic growth for the year in merchants? You just went through enterprise small business, though, with Clover, it looks like it will be about the same growth rate we saw in the fourth quarter. So going from 1% organic growth in the fourth quarter to mid-single digits we get a lift from enterprise, but do we also get any lift from SMB and processing?

保羅，我再補充一下。我們如何看待商家今年的自然成長率達到個位數中段水準？不過，您剛剛經歷了企業小型企業階段，但就 Clover 而言，看起來成長率將與我們在第四季度看到的成長率大致相同。因此，從第四季度 1% 的有機成長率到個位數中段的成長率，企業客戶的成長起到了推動作用，但中小企業和處理業務的成長是否也起到了推動作用？

Yes, Bryan. So I gave some comments on that in my prepared remarks around the overall mid-single-digit growth expectations. We have for merchant next year. I would say, I think your comment related to Clover specifically is accurate when we gave the overall Clover revenue growth guidance of the low double digits. And so I think that kind of holds.

是的，布萊恩。因此，我在事先準備好的發言稿中，就整體中位數個位數成長預期發表了一些評論。我們明年將為商家提供服務。我認為，就我們給出的 Clover 整體營收成長預期為兩位數低段時，你針對 Clover 發表的評論是準確的。所以我覺得這種說法基本上成立。

And if you try to add back kind of the headwinds that we had in the fourth quarter, you get back to that mid-single-digit growth rate for merchant in the fourth quarter. So if you looked at it from a third quarter and a fourth quarter how merchant has performed overall, that gives you line of sight into roughly how we will perform in that range roughly for next year.

如果把第四季遇到的不利因素考慮進去，你會發現第四季商家的成長率只有個位數中段。因此，如果你從第三季和第四季來看商家的整體表現，就能大致了解我們明年在這個範圍內的表現。

I would just highlight that we do have the comparative dynamics in the first half of the year in merchant like we do in Financial Solutions. It's not as dramatic. And so we obviously called out more dramatic FX headwinds, comparative headwinds in the first half.

我只想強調，與金融解決方案領域一樣，我們在上半年也看到了商家領域的相對動態。情況並沒有那麼戲劇性。因此，我們顯然指出了上半年較為劇烈的外匯逆風，相對而言的逆風。

But I think the third quarter fourth quarter adjusted run rate, if you want to call it, that gives confidence of what the overall merchant solutions looks like for next year.

但我認為，第三季和第四季的調整後運作率（如果你願意這麼稱呼的話）可以讓人對明年整體商家解決方案的發展前景充滿信心。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I wanted to follow up on some of the fee changes that you've made. And -- any color you can give there in terms of merchant response. I'm sure they're happy about it, but things that you can measure like changes in churn or retention? And how long do you think you'll see some of those impacts for.

我想就您所做的一些費用調整跟進一下。而且－你可以用任何顏色來描述商家的反應。我相信他們對此感到高興，但是像客戶流失率或留存率的變化這類可以衡量的指標呢？你認為這些影響會持續多久？

So (inaudible), the changes what we talked about last quarter with respect to the specific clover fees, they were implemented, and we've received positive feedback from our partners. I don't know if you can directly attributed to import any specific in quarter movements. We just thought it was the right thing to do on behalf of our customers, partners and the business, and that's the way we'll continue to run the business.

所以（聽不清楚），我們在上個季度討論的關於 Clover 具體費用的變更已經實施，並且我們收到了合作夥伴的正面回饋。我不知道你是否能直接將季度內的任何特定變動歸因於進口。我們認為這樣做對我們的客戶、合作夥伴和公司都是正確的，我們也將繼續以這種方式經營業務。

(inaudible), Susquehanna.

（聽不清楚），薩斯奎哈納。

A more general question on the Financial Solutions segment. Obviously, posted negative organic growth in the quarter. I'm just wondering what from your perspective, needs to change for that segment to reaccelerate and grow. What indicators are you looking at? And what sort of investors watch in terms of the opportunity overall for Financial Solutions.

關於金融解決方案領域的一個更普遍的問題。顯然，本季有機成長率為負。我只是想知道，從您的角度來看，這個領域需要做出哪些改變才能重新加速成長。你們關注哪些指標？哪些類型的投資人會關注金融解決方案領域的整體機會？

Overall, again, we think we have a great platform. We talked about some of the investments in and around client service and special around the core customer service platform that we have to make. We're making those. We're closely monitoring the progress of those. Obviously, there's EV KPIs for those in terms of client satisfaction and the like and average revenue per client.

總而言之，我們認為我們擁有一個很棒的平台。我們討論了在客戶服務方面以及圍繞核心客戶服務平台的一些投資，這些投資我們必須進行。我們正在製作這些。我們正在密切關注這些進展。顯然，對於這些客戶，有相應的企業價值指標 (EV KPI)，例如客戶滿意度和每位客戶的平均收入。

So we continue to watch out. I would say broadly, the impact of comparable periods and you have to continue to monitor that. If we look at the underlying volume growth across almost all aspects of the financial service business, it remains in trend areas that it's been in for a long time and we feel good about. It's not just purely translating to a period-on-period revenue growth as you go over the comparables from a prior period.

所以我們會繼續保持警惕。總的來說，我認為要考慮可比較時期的影響，並且需要持續關注這一點。如果我們觀察金融服務業務幾乎所有方面的潛在交易量成長，我們會發現它仍然處於長期以來一直存在的趨勢領域，我們對此感到滿意。這不僅僅是簡單地將收入成長轉化為與前一時期相比的環比成長。

So one of the most important things we watched and Paul mentioned in his comments is, what are those underlying volume growth rates. And again, we feel good about those. We told you in the banking space that we're not happy with where we are in performance. Last quarter, we remain there, but we know what we have to do to fix it, and we're addressing it.

因此，我們觀察到的最重要的事情之一，也是保羅在他的評論中提到的，就是潛在的銷售成長率是多少。我們再次對這些結果感到滿意。我們在銀行業已經告訴你們，我們對目前的業績並不滿意。上個季度，我們的情況依然如此，但我們知道該如何解決這個問題，我們正在著手解決。

Yes. And the only thing I would add on to that Jenny, would be that we do expect to see in the back half of next year growth in all three of these areas of Financial Solutions based on those volume underpinnings that Mike just mentioned, these are very volume-driven businesses. We like the volumes as they're growing across those businesses.

是的。珍妮，我唯一要補充的是，基於麥克剛才提到的那些銷售支撐，我們預計明年下半年金融解決方案的這三個領域都會實現成長，這些都是非常依賴銷售的業務。我們很高興看到這些業務的銷量都在成長。

For 2026, we have these comparative -- nonrecurring kind of comparative headwinds. And so we will see expected growth across the board in the back half of the year. And we've talked about Financial Solutions being a low single-digit kind of growth business, and that's what we expect on a go-forward basis after we get past this year.

2026 年，我們將面臨這些相對而言——非重複性的相對不利因素。因此，我們預計下半年各方面都將預期成長。我們已經討論過金融解決方案業務的成長速度將保持在個位數低位，這也是我們預計在今年之後未來一段時間內的成長速度。

Kenneth Suchoski, Autonomous Research.

Kenneth Suchoski，自主研究。

Just one on the non-Clover SMB part. I think you mentioned you're assuming slight growth in that business in 2026. We estimated it was down slightly in 2025 and maybe a little bit more of a decline in the second half. So maybe just talk about the drivers of the acceleration and how you get to that slight growth in that business in '26?

只有一個非 Clover SMB 部分的問題。我想你曾經提到過，你預計該業務在 2026 年將略有成長。我們估計到 2025 年會略有下降，下半年可能會下降更多。那麼，或許可以談談推動業務加速成長的因素，以及2026年該業務如何達到小幅成長？

Yes. And I would start off by saying you're right in that rough estimation of slightly down overall. And as we said, ex Argentina, I would say we've got a very strategic approach as it relates. And I think Mike made some comments on this earlier around testing the non-Clover merchants as they move over to Clover. And just a greater attention on just this book in general and how we go about that.

是的。首先我想說，你對整體略微下降的粗略估計是正確的。正如我們之前所說，就阿根廷而言，我認為我們在這方面採取了非常戰略性的方法。而且我認為 Mike 之前也發表過一些關於測試非 Clover 商家遷移到 Clover 的評論。而且，我們應該更加關注這本書本身以及我們撰寫這本書的方式。

But we are very focused on growing the Clover business. But we are also very focused on the transition of non-Clover merchants and the retention of non-Clover merchants as well. So I'd say all of the things that we're doing across the board are collaborative in nature. They're more clover focused, but we're also focused on this side of the business as well.

但我們目前專注於發展 Clover 業務。但我們也十分關注非 Clover 商家的過渡以及非 Clover 商家的留存。所以我認為，我們目前所做的所有事情本質上都是協作性的。他們更專注於三葉草，但我們也同樣關注這方面的業務。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Just two quick ones. On the Clover 10% to 15% volume growth for the year, Paul, what drives the pace of back book conversion that could land you at the high end of the range in volumes? And then Mike, I just want to follow up on your conversation with your banking customers, there's been some satisfaction with the service and product levels that you talked about and also address the forum. You talked about the elevated churn. My question is, as you go on and change the organizational mindset and these investments, what are you hearing currently from the customers?

就兩個簡單的問題。Paul，關於 Clover 今年 10% 到 15% 的銷量成長，是什麼因素推動了舊書轉換率的提升，從而使銷量達到這一範圍的高端？然後，麥克，我想跟進一下你與銀行客戶的談話，他們對你提到的服務和產品水平表示了一些滿意，也想談談論壇上的情況。你提到了客戶流失率上升的問題。我的問題是，隨著你們不斷改變組織思維模式並進行這些投資，你們目前從客戶那裡聽到了什麼？

Yes. On the 10% to 15% GPV, as I said earlier, the business on a core basis excluding any non-Clover to Clover transitions has been growing in high single digits, low double digits. That's the formation of 10%.

是的。正如我之前所說，在 10% 到 15% 的 GPV 範圍內，核心業務（不包括任何非 Clover 到 Clover 的過渡）一直保持著高個位數或低兩位數的成長。這就是10%的組成。

You should think of that as the organic growth rate, assuming economic conditions staying relatively constant form, over time, and we also mentioned that we're taking a very deliberate and thoughtful approach to any back book conversion, making sure that there's a right value proposition for the merchant because today, it's -- again, it's all Fiserv revenue, and we want to make sure if we do anything, it's very thoughtful with a clear value proposition. That would have to be working in a very significant way, more than we contemplated in the near term to get to the high end of the range.

你應該把它看作是自然增長率，假設經濟狀況保持相對穩定，隨著時間的推移，我們也提到過，我們對任何賬簿轉換都採取了非常謹慎和周全的方法，確保為商家提供正確的價值主張，因為如今，這——再說一遍，這都是 Fiserv 的收入，我們希望確保我們所做的任何事情都是經過深思熟慮的，並具有清晰的主張。要達到預期的高端水平，那必須取得非常顯著的成效，遠超我們近期的預期。

And if we have some success in that, again, we're being very deliberate and very thoughtful as we do it, making sure we have the right vertical capabilities, the right paths to add value to those clients. So anything we do and we're successful there would bring it above that core line of growth.

如果我們在這方面取得了一些成功，那麼我們也會非常謹慎、非常周全地去做，確保我們擁有正確的垂直能力和正確的途徑，為這些客戶創造價值。所以，我們所做的任何事情，只要我們成功了，就能使其成長超過核心成長線。

On the banking side, I think it's reflective of what I said for the first quarter of a multi-quarter effort. We are out doing the right things, making the right investments and the anecdotal feedback we're getting from clients as they like what they see, but they want to see it sustained and delivery on the commitments we made and that's 100% what we're focused on.

就銀行業務而言，我認為這反映了我在第一季所做的工作，而這只是一個多季度努力的一部分。我們正在做正確的事情，進行正確的投資，我們從客戶那裡得到的反饋也表明，他們喜歡他們所看到的，但他們希望看到這種狀態能夠持續下去，並履行我們所做出的承諾，而這正是我們百分之百關注的重點。

(inaudible)

（聽不清楚）

Thank you all for joining us today, and now we look forward to seeing at the various conferences and different meetings over the course of the quarter.

感謝各位今天蒞臨，我們期待在本季舉行的各種會議和會晤中與大家見面。

Thank you all for participating in the Fiserv fourth-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 年第四季財報電話會議。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。