Fiserv Inc (FISV) 2026 Q2 法說會逐字稿

Welcome to the Fiserv second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

歡迎參加 Fiserv 2026 年第二季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。

At this time, I would like to turn the call over to Walter Pritchard, Senior Vice President and Head of Investor Relations at Fiserv.

此刻，我想把電話會議交給 Fiserv 投資人關係資深副總裁暨主管 Walter Pritchard。

Thank you, and good morning. With me on the call today are Takis Georgakopoulos, our Chief Executive Officer; and Paul Todd, our Chief Financial Officer. 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.

謝謝，各位早安。今天與我一同出席電話會議的有我們的執行長 Takis Georgakopoulos，以及我們的財務長 Paul Todd。本季的財報新聞稿與補充資料已公布於 fiserv.com 的投資人關係專區。請參閱這些資料，以了解本次電話會議中討論之非 GAAP 財務衡量指標的說明，以及這些指標與最接近之適用 GAAP 指標之調節表。

Unless otherwise noted, performance references are on a year-over-year basis. 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.

除非另有說明，績效相關提及皆以年對年為基準。我們今天的談話將包含前瞻性陳述，其中包括（但不限於）預期的營運與財務結果以及策略性計畫。前瞻性陳述可能與實際結果有重大差異，並受多項風險與不確定性影響。請參閱我們的財報新聞稿，以了解這些風險因素的討論。

And now I will turn the call over to Takis.

接下來我把電話會議交給 Takis。

Thank you, Walter, and good morning, everyone. In stepping into the CEO role, I'm honored by the trust the Board has put in me, deeply committed to our customers, and motivated by what this company can deliver to its clients and shareholders.

謝謝你，Walter，各位早安。在接任執行長一職之際，我很榮幸獲得董事會對我的信任；我對客戶深具承諾，也受到本公司能為客戶與股東創造的成果所激勵。

For those who don't know me, I joined Fiserv in late 2024 and shortly after took on the Chief Operating Officer role before assuming leadership of the Merchant business last fall. Prior to Fiserv, I held a variety of roles at JPMorgan, including running its global payments and merchant businesses, which grew to become one of the largest in the industry during my tenure. And as an engineer by trade and training, I'm energized by solving complex problems and technology has always been central to my career.

對於不認識我的各位，我於 2024 年底加入 Fiserv，不久後接任營運長一職，並在去年秋天接掌商戶（Merchant）業務的領導。加入 Fiserv 之前，我在摩根大通（JPMorgan）擔任過多項職務，包括負責其全球支付與商戶業務；在我任內，該業務成長為業界規模最大的之一。此外，我受過工程背景的訓練並以工程師為本業，我熱衷於解決複雜問題，而科技一直是我職涯的核心。

I have firsthand experience with the complexities of building, modernizing, and running bank cores and payment systems. I also understand the responsibility that comes with operating as a critical infrastructure provider from stability and reliability to cybersecurity and customer experience. Without context, I want to make a few comments. Our second-quarter results are in line with our guidance. Our free cash flow generation was above $1 billion.

我親身經歷過建置、現代化與營運銀行核心系統與支付系統的複雜性。我也理解作為關鍵基礎設施供應商所肩負的責任——從穩定性與可靠性，到資安與客戶體驗。在進入主題之前，我想先做幾點說明。我們第二季的結果符合我們的指引。我們的自由現金流產生超過 10 億美元。

And importantly, our Clover GPV grew at 9% and while Clover revenues grew at 13%, adjusted for anticipation and nonrecurring revenue. Second, while maintaining the growth rates in our medium-term outlook, we are updating our guidance for the second half of the year, which results in full-year guidance for organic revenue to a range of minus 1% to flat and adjusted operating margins to a range of 31% to 31.5%.

更重要的是，我們的 Clover GPV 成長 9%；而 Clover 營收成長 13%，此為在剔除預收（anticipation）與一次性收入後的調整結果。第二，在維持我們中期展望中的成長率之同時，我們正在更新下半年指引，使得全年有機營收指引調整為 -1% 至持平的區間，調整後營業利益率指引調整為 31% 至 31.5% 的區間。

This is driven by three factors: First, weaker macro conditions in Argentina and a slower ramp of client-driven implementation timelines, which were both factors outside of our control. Paul will be providing additional information on Argentina given the volatility of that business.

這主要由三項因素所驅動：第一，阿根廷的總體環境轉弱，以及由客戶主導的導入時程拉長，這兩項因素皆非我們所能控制。鑑於該業務的波動性，Paul 將就阿根廷提供更多資訊。

Second, a slower pace of execution of some of our growth initiatives highlighting the need to further focus our efforts and improve operational excellence. And third, our decision to make incremental investments in technology, infrastructure, and cybersecurity that primarily supports our FS business. We expect these investments will accelerate our pace of progress in platform stability, resiliency, and cybersecurity, which we know is critical for our customers and for our franchise.

第二，我們部分成長計畫的執行速度較慢，凸顯出我們需要進一步聚焦並提升營運卓越。第三，我們決定在科技、基礎設施與資安方面追加投資，主要用以支援我們的 FS 業務。我們預期這些投資將加速我們在平台穩定性、韌性與資安方面的進展；我們知道這對客戶與我們的特許經營（franchise）至關重要。

With that, let me tell you why I'm excited about our prospects to drive sustainable shareholder value. Two months into my tenure as CEO, I'm more confident than ever that Fiserv is one of the most consequential businesses in our space. We process a third of US merchant GPV. We are the number one share in US issuer processing, and we serve 80% of US banks and credit unions with at least one of our products. And as a result, across our company, we interact with virtually all US big consumers and small businesses.

接下來，我想談談為什麼我對我們創造可持續股東價值的前景感到振奮。在我擔任執行長兩個月後，我比以往任何時候都更有信心：Fiserv 是我們領域中最具影響力的企業之一。我們處理美國商戶 GPV 的三分之一。我們在美國發卡機構處理（issuer processing）市占排名第一，且我們以至少一項產品服務美國 80% 的銀行與信用合作社。因此，在全公司範圍內，我們幾乎與所有美國大型消費者與小型企業都有互動。

We also have a fundamentally simple business. We are a critical infrastructure provider to our clients. We have incredible staying power because our products are deeply embedded in complex, highly regulated, and secure workflows, this is really hard to replicate. This business has a consistent history of strong profitable recurring revenue, and that remains intact.

我們的商業模式在本質上也相當簡單。我們是客戶的關鍵基礎設施供應商。我們具備極強的黏著度，因為我們的產品深度嵌入於複雜、高度監管且需要安全性的工作流程中，這確實很難被複製。本業務一向擁有穩健且具獲利性的經常性收入歷史，而這一點依然不變。

Recurring revenue makes up approximately 85% of our total adjusted revenue. The processing side of our business grows at around GPV, but differentiated components with Clover first among them grow at multiples of that. And on top of that, we continue to see a number of significant opportunities that can accelerate our performance beyond the baseline level of recurring revenue we see today.

經常性收入約占我們調整後總營收的 85%。我們業務中的處理（processing）部分大致隨 GPV 成長，但具差異化的組成（其中以 Clover 為首）則以其數倍速度成長。此外，我們仍持續看到多項重大機會，可使我們的表現超越目前所見的經常性收入基準水準。

These include our state-of-the-art modern stack including Commerce Hub, Vision Next, and Finxact, the power of our data and creating solutions that bring our merchant issuing and network platforms together. These are the types of opportunity that brought me to Fiserv to begin with, and AI is the great unlock to getting those to market in compressed time frames. We are energized about pursuing those opportunities to solve problems for our customers, but realize we must deliver the basics first.

其中包括我們最先進的現代化技術堆疊（modern stack），包含 Commerce Hub、Vision Next 與 Finxact；以及我們資料的力量，並打造能將商戶、發卡與網路平台整合在一起的解決方案。這些正是當初吸引我加入 Fiserv 的機會類型，而 AI 是在壓縮時程內將其推向市場的關鍵解鎖力量。我們對追求這些機會、為客戶解決問題充滿動能，但也明白我們必須先把基本功做到位。

This leads me to outlining where I'm focused and driving our teams to operate with increased urgency and accountability, namely capital allocation, focus, and product simplification. To the first point, capital allocation, we are significantly expanding the process to review our mix of businesses and associated capital commitments.

因此，我接著要說明我聚焦的方向，並推動團隊以更高的急迫感與問責來運作，重點包括資本配置、聚焦，以及產品簡化。就第一點資本配置而言，我們正大幅擴充檢視我們業務組合及其相關資本承諾的流程。

To date, the process has resulted in a near-term focus on lower growth noncore businesses and led to our decision to divest our student loan servicing and managed ATM businesses, as well as exiting the unprofitable SMB and fuel segments within our Merchant business in India. These were the right decisions, but this alone do not move the needle.

截至目前，該流程使我們在短期內聚焦於成長較低的非核心業務，並促成我們決定出售學生貸款服務與受託管理 ATM 業務，同時退出我們在印度商戶業務中無獲利的 SMB 與燃料（fuel）細分市場。這些都是正確的決策，但僅靠這些並不足以帶來顯著改變。

Fiserv provides a large number of products to our clients, and we know that they want best-in-class solutions. As part of our expanded review process, together with the Board, we will dispassionately assess how our products compare to best-in-class and whether we have the right to win in each. If we do, we will double down and make sure we execute. And if we don't, we'll evaluate the full range of actions to maximize shareholder value while making it imperative to ensure that we don't do anything that causes disruption for our clients.

Fiserv 為客戶提供大量產品，而我們知道客戶希望獲得同級最佳（best-in-class）的解決方案。作為擴大檢視流程的一部分，我們將與董事會一起，以客觀不帶情緒的方式評估我們的產品與同級最佳相比表現如何，以及我們是否在各項產品上具備勝出的資格（right to win）。若具備，我們將加碼投入並確保落實執行。若不具備，我們將評估各種行動選項，以在確保不對客戶造成任何干擾的前提下，最大化股東價值。

While the Board and I fully endorse the One Fiserv strategy and the differentiated value we can deliver to clients through our independent integrated model, that does not mean we should be building everything that our clients are buying from us. This is a meaningful shift with defined timelines and goals that I expect will create additional opportunities to drive shareholder value. This is a top priority for me. We are acting with urgency, and we will report back on our progress as we advance this work.

雖然董事會與我完全支持 One Fiserv 策略，以及我們透過獨立且整合的模式所能為客戶提供的差異化價值，但這並不代表我們應該自行打造客戶向我們採購的每一項事物。這是一項具有明確時程與目標的重要轉變，我預期將創造更多推動股東價值的機會。這是我最優先的事項之一。我們正以高度急迫感採取行動，並將在推進這項工作時回報我們的進展。

Moving on to operational and technology excellence. We need to increase our pace of change and simplify in a number of respects. I started driving this as the leader of Merchant, and now I'm driving it across the company as CEO. In Merchant, we completed the move to organize like most leading tech companies with a single integrated product and technology organization at the center.

接下來談營運與技術卓越。我們需要加快變革步伐，並在多個方面進行簡化。我在擔任 Merchant 業務負責人時就開始推動這項工作，如今作為執行長，我正在把它推動到全公司。在 Merchant 業務中，我們已完成組織調整，採用多數領先科技公司常見的模式，以單一整合的產品與技術組織作為核心。

That helped us eliminate duplication and distractions while making swift progress modernizing our infrastructure around a single modern solution anchored on Commerce Hub, which is our gateway. We are following the same approach in our FS business, recognizing, of course, the differences and complexities of our banks, credit unions, and issuing clients.

這幫助我們消除重複與分心事項，同時在以 Commerce Hub（我們的閘道）為核心的單一現代化解決方案上，迅速推進基礎設施現代化。我們在 FS 業務也採取相同做法，當然也認知到我們的銀行、信用合作社與發卡客戶之間存在差異與複雜性。

Just as important, we need to improve coordination across Merchants and Financial Solutions. Going forward, we will look to more consistently leverage foundational capabilities like ledgers, payins and payouts across both businesses. By adopting a common structure, we can consistently improve the client experience, speed up delivery, and lower costs.

同樣重要的是，我們需要改善 Merchant 與 Financial Solutions 之間的協同。未來，我們將更一致地在兩個業務之間運用基礎能力，例如分類帳、收款（payins）與付款（payouts）。透過採用共同架構，我們可以持續改善客戶體驗、加快交付速度並降低成本。

And as we drive simplification, we can move faster on the capabilities that are unique to Fiserv, including embedded finance, stable coins, networks, and settlement. These operational improvements will put us in a position to drive significant cost savings over the medium term, in line with project Elevate targets, and we will be very focused in speedy execution.

而在推動簡化的同時，我們也能更快推進 Fiserv 獨有的能力，包括嵌入式金融、穩定幣、網路與清算。這些營運改善將使我們在中期內實現可觀的成本節省，符合 Elevate 專案目標，我們也將高度聚焦於快速執行。

Finally, on technology, I'm confident that we are moving in the right direction. We have made significant progress with a stable and highly scalable platform in Merchant services, and a 70% reduction in FS client-facing incidents. To continue to advance these priorities, we have chosen to invest over $100 million incrementally into our technology infrastructure in the second half of the year, especially in the Financial Solutions business. We believe this is the right move to position our clients and the company for 2027 and beyond, especially as frontier AI models reduced margins for error.

最後，在技術方面，我有信心我們正朝正確方向前進。我們在 Merchant 服務上已建立穩定且高度可擴展的平台，並將 FS 客戶端事件降低了 70%。為了持續推進這些優先事項，我們決定在今年下半年額外增量投資超過 1 億美元於技術基礎設施，尤其是在 Financial Solutions 業務。我們相信這是正確的舉措，可讓客戶與公司為 2027 年及以後做好準備，特別是在前沿 AI 模型使容錯空間縮小的情況下。

Now moving to some business highlights. First, in Merchant Solutions, we continue to see progress on a number of fronts, especially with Commerce Hub and Clover. The progress that we have made in modernizing our Merchant [text act] in record time under the Commerce Hub gateway is further reflected in a dramatic increase in our enterprise pipeline with both traditional and e-commerce businesses.

接著談一些業務亮點。首先，在 Merchant Solutions 方面，我們在多個面向持續看到進展，尤其是 Commerce Hub 與 Clover。我們在 Commerce Hub 閘道之下，以創紀錄的速度完成 Merchant [text act] 的現代化，這也反映在我們的企業級商機管道大幅增加，涵蓋傳統與電商企業。

We believe this positions us well in the global enterprise wallet against the best competitors in the space, and we look forward to announcing exciting new large deals in the coming quarters. Just this week, Fiserv and Mastercard entered into a strategic partnership that integrates Mastercard's Merchant Cloud into Fiserv's Commerce Hub. This partnership adds value-added services together with global reach to our capabilities.

我們相信，這使我們在全球企業錢包市場中，能與該領域最強競爭者一較高下；也期待在未來幾季宣布令人振奮的大型新交易。就在本週，Fiserv 與 Mastercard 達成策略合作夥伴關係，將 Mastercard 的 Merchant Cloud 整合至 Fiserv 的 Commerce Hub。此合作為我們的能力增添加值服務與全球觸達。

Moving to Clover, I want to highlight Western Alliance Bank going live with Clover bringing nearly 40 of the top 100 banks in the country working with Clover and highlighting one of the key synergies between our FS and MS businesses. Internationally, our partnership with TD in Canada is continuing to scale, bringing Clover to TD clients across their more than 1,000 branches nationwide. Our efforts will now shift to converting the existing TD client portfolio to Fiserv in 2027, extending our capabilities to over 80,000 existing TD merchant clients.

談到 Clover，我想特別提到 Western Alliance Bank 已上線 Clover，使得全國前 100 大銀行中近 40 家與 Clover 合作，並凸顯我們 FS 與 MS 業務之間的一項關鍵綜效。在國際方面，我們與加拿大 TD 的合作持續擴大，將 Clover 帶給 TD 在全國超過 1,000 家分行的客戶。我們接下來的重點將轉向在 2027 年把既有 TD 客戶組合轉換至 Fiserv，將我們的能力延伸至超過 80,000 家既有 TD 商戶客戶。

We also rolled out digital activation to Restaurant Depot, our significant industry partner, reaching thousands of use and touch points with restaurants every month and continue to grow our business with this partner. Lastly, after launching Clover Practice Pay, we continue to see success signing up new merchants and have about 20% higher average volumes than our average SMB merchant and we are expanding this offering into new channels in the second half of the year.

我們也為重要的產業合作夥伴 Restaurant Depot 推出數位啟用，每月觸及數千個與餐廳相關的使用與接觸點，並持續與該夥伴擴大業務。最後，在推出 Clover Practice Pay 之後，我們持續看到成功的新商戶簽約，平均交易量約比我們一般 SMB 商戶高出 20%，並將在今年下半年把此方案擴展到新的通路。

In Financial Solutions, digital payments and issuing businesses fueled our recurring revenue growth. In banking, we are seeing progress with new core wins and related deal value from these wins versus the same period last year, while attrition remained stable.

在 Financial Solutions 方面，數位支付與發卡業務帶動了我們的經常性收入成長。在銀行業務上，我們在新的核心系統得標以及由此帶來的相關交易價值方面，相較去年同期有所進展，而流失率維持穩定。

One notable example was the expansion of our relationship with the UW credit union, where they selected DNA as its future core platform, replacing their previous solution and incorporating additional Fiserv offerings. This significant win reflects the growing confidence customers have in our technology strategy and the progress we have made delivering key product milestones.

一個值得注意的例子是我們與 UW 信用合作社關係的擴展，他們選擇 DNA 作為未來的核心平台，取代先前的解決方案，並納入更多 Fiserv 產品。這項重要勝利反映出客戶對我們技術策略的信心日益提升，以及我們在交付關鍵產品里程碑方面所取得的進展。

We expanded our relationship with Flagstar Bank through the addition of Finxact. Finxact will serve as the foundation of the bank's core modernization strategy, replacing both our legacy core and the competitor's core platform at least $88 billion in assets institution. We are excited about the accelerated timeline of this conversion and the potential for this deal to drive further Finxact momentum with more banks.

我們也透過新增 Finxact 擴大了與 Flagstar Bank 的合作關係。Finxact 將作為該行核心現代化策略的基礎，取代我們的傳統核心系統以及競爭對手的核心平台，該機構資產至少達 880 億美元。我們對此次轉換加速的時程感到振奮，也看好此交易有潛力在更多銀行中進一步推動 Finxact 的動能。

Staying on with Finxact for a minute. We grew positions and accounts over 75% and were selected by a firm as their leisure provider. We also renewed and grew our business with our significant customer OnePay, one of the fastest-growing consumer fintechs in the country. Overall, these proof points are helping maintain our momentum in embedded finance where we continue to see a strong pipeline.

再談 Finxact 一下。我們的部位與帳戶成長超過 75%，並被一家機構選為其休閒服務供應商。我們也與重要客戶 OnePay（全美成長最快的消費金融科技公司之一）完成續約並擴大合作。整體而言，這些佐證有助於維持我們在嵌入式金融的動能，我們在該領域仍持續看到強勁的商機管道。

Our issuing business had a significant win with a US-based provider of investment and retirement services for their debit processing portfolio. We also onboarded new debit and credit portfolios for Huntington National Bank and we further strengthened our strategic issuing partnership with Brett Financial through Advance Defense, our AI-enhanced broad prevention solution.

我們的發卡業務取得一項重大勝利：一家美國投資與退休服務供應商選擇我們處理其簽帳卡處理（debit processing）投資組合。我們也為 Huntington National Bank 導入新的簽帳卡與信用卡投資組合，並透過 Advance Defense（我們以 AI 強化的廣泛防護解決方案）進一步強化與 Brett Financial 的策略性發卡合作夥伴關係。

In FS, we also continue to focus on delivering innovation. Among other initiatives, we expect agentOS to lead the way in showing our FS customers the incremental value we can bring to the investments they made in our core banking platforms. We have seen interest from financial institutions grow significantly to over 100 since the initial announcement, and we look forward to providing further updates at Forum.

在 FS 方面，我們也持續專注於交付創新。在其他計畫之中，我們預期 agentOS 將率先向 FS 客戶展示：我們能為他們在核心銀行平台上的既有投資帶來哪些增量價值。自首次宣布以來，我們看到金融機構的興趣大幅提升，已超過 100 家，並期待在 Forum 上提供更多更新。

We continue to make progress signing new bank partners for CashFlow Central and the pipeline of opportunities is large. We have cut implementation timelines by about 50% for our financial institutions compared with a year ago and see room for further improvement. We are now focusing on helping our banking partners, drive adoption, and use all of the CFC power and its complementarity with Clover to address all the needs of small businesses.

我們在為 CashFlow Central 簽下新的銀行合作夥伴方面持續取得進展，且商機管道龐大。相較一年前，我們已將金融機構的導入時程縮短約 50%，並仍有進一步改善空間。我們目前聚焦於協助銀行合作夥伴推動採用，並運用 CFC 的全部能力及其與 Clover 的互補性，以滿足小型企業的各項需求。

Lastly, I want to thank our employees for their hard work and dedication and our clients for their continued trust. I look forward to spending time with the investment community. With that, I will turn it over to Paul to cover the details of Q2 and our guidance. Thank you.

最後，我要感謝員工的辛勤付出與投入，也感謝客戶持續的信任。我期待與投資界交流。接下來，我將交給 Paul，請他說明第二季的細節以及我們的財測指引。謝謝。

Thank you, Takis, and good morning, everyone. I will cover details on total company and segment performance in the second quarter and our guidance for 2026.

謝謝你，Takis，各位早安。我將說明第二季公司整體與各事業部的表現細節，以及我們對 2026 年的財測指引。

Beginning on slide 5. Total company Q2 adjusted and organic revenue was $4.96 billion, a decrease of 4% and 5%, respectively, compared to the prior year period. As we have said previously, Q2 marks the trough in growth rate for the year and resulted in first-half adjusted revenue decline of 3% within the range of our expectations for first-half adjusted revenue guidance we discussed at our Investor Day.

從第 5 張投影片開始。公司整體第二季調整後與有機營收為 49.6 億美元，較去年同期分別下降 4% 與 5%。如同我們先前所說，第二季是今年成長率的谷底，並使上半年調整後營收下降 3%，落在我們在投資人日所討論的上半年調整後營收指引預期範圍內。

As Takis mentioned, we saw stable underlying transaction volume and account trends across the business, driving recurring revenue growth of 2% in the quarter with recurring revenue representing 84% of our total adjusted revenue. While our Q2 results were in line with our expectations, we had two incremental headwinds to revenue growth that negatively impact our back half revenue expectations.

如 Takis 所提到的，我們看到全公司基礎交易量與帳戶趨勢保持穩定，帶動本季經常性收入成長 2%，且經常性收入占我們總調整後收入的 84%。雖然我們第二季業績符合預期，但我們在收入成長方面遭遇兩項額外逆風，對我們下半年收入預期造成負面影響。

First, macro conditions in Argentina have continued to impact inflation and interest rates in the country that has weakened our anticipation revenue during the quarter. This impact was a 90 basis point year-over-year headwind to adjusted revenue in Q2 and a 60 basis point negative impact to adjusted operating margin.

第一，阿根廷的總體環境持續影響該國通膨與利率，進而在本季削弱了我們的預支（anticipation）收入。此影響在第二季對調整後收入造成 90 個基點的年增逆風，並對調整後營業利益率造成 60 個基點的負面影響。

At the total company level, our first-half adjusted revenue was down 2.8%, excluding the impact from Argentina anticipation. The impact to pretax income and adjusted EPS is minimized as we carry the cost of the anticipation business and the interest expense line.

在全公司層面，若排除阿根廷預支（anticipation）的影響，我們上半年調整後收入下降 2.8%。由於我們在成本端承擔預支業務的成本以及利息費用項目，因此對稅前淨利與調整後每股盈餘（EPS）的影響被降至最低。

Second, we are experiencing incremental headwinds in our hardware revenue in Merchant. This is partly due to the market impacts of higher level of hardware sales over the last two years. Q2 total company adjusted operating income was nearly $1.6 billion, resulting in adjusted operating margin of 31.8% and first-half adjusted operating margin of 30.8%.

第二，我們在商戶（Merchant）業務的硬體收入方面正面臨額外逆風。部分原因是過去兩年硬體銷售較高所帶來的市場影響。第二季全公司調整後營業利益接近 16 億美元，調整後營業利益率為 31.8%，上半年調整後營業利益率為 30.8%。

As I mentioned earlier, these results absorbed a 60 basis point headwind to adjusted operating margin from anticipation. Second-quarter adjusted earnings per share was $1.84. It is worth pointing out that FX rates in LatAm were unfavorable on a year-over-year basis with an impact to adjusted EPS of $0.07 in Q2. Our Q2 results reflect an adjusted effective tax rate of nearly 20%.

如我先前提到，這些結果已吸收了來自預支（anticipation）對調整後營業利益率造成的 60 個基點逆風。第二季調整後每股盈餘為 1.84 美元。值得指出的是，拉丁美洲匯率相較去年同期不利，第二季對調整後每股盈餘的影響為 0.07 美元。我們第二季結果反映的調整後有效稅率接近 20%。

For the year, we expect our adjusted effective tax rate to be approximately 19% with the tax rate higher in the second half of the year than what we saw in Q2. Free cash flow for the quarter was strong at $1.1 billion with a free cash flow conversion of 112% driven by efficient management of our working capital and some favorable timing effects.

就全年而言，我們預期調整後有效稅率約為 19%，且下半年稅率將高於我們在第二季所見水準。本季自由現金流表現強勁，達 11 億美元；自由現金流轉換率為 112%，主要受惠於我們對營運資金的有效管理以及部分有利的時點因素。

Now I will turn to the performance by segment for Q2, starting on slide 6 for Merchant Solutions. Merchant Solutions, both organic and adjusted revenue declined 1% for the quarter. Small Business revenue was flat on an organic basis in Q2 and declined 1% on an adjusted basis. Small Business volume grew 2% in the quarter, which is lower than Q1, largely due to the anniversary of the CCV acquisition.

接下來我將從第 6 頁開始，說明第二季各事業部門表現，先從商戶解決方案（Merchant Solutions）開始。商戶解決方案本季有機與調整後收入皆下降 1%。小型企業（Small Business）收入在第二季以有機口徑持平，以調整後口徑下降 1%。小型企業交易量本季成長 2%，低於第一季，主要是因為 CCV 併購案的周年效應。

Clover revenue grew 2% in the quarter. Excluding higher nonrecurring revenue from the second quarter of 2025, Clover revenue growth would have been 11%. And if we exclude anticipation, Clover revenue would have grown by 13%. Clover GPV grew 9% on a reported basis and 11% excluding the previously discussed gateway conversion. We continue to expect Clover GPV growth of 10% to 15% ex the gateway conversion.

Clover 收入本季成長 2%。若排除 2025 年第二季較高的非經常性收入，Clover 收入成長本可達 11%。若再排除預支（anticipation），Clover 收入將成長 13%。Clover GPV（總支付額）按報告口徑成長 9%，若排除先前提到的閘道（gateway）轉換則成長 11%。我們仍預期在排除閘道轉換影響後，Clover GPV 成長率為 10% 至 15%。

Given the headwinds related to anticipation and hardware, we now expect reported Clover revenue growth in the mid-single digits for 2026. We continue to expect medium-term Clover revenue growth in the range of 15% to 20% growth as trends underlying this view are stable. Value-added services revenue contributed 25% of Clover revenue in Q2, up from 24% and grew 10% from a year ago, driven by software attach and including Clover Capital and offset by anticipation. Our non-Clover SMB revenue was down 5% in Q2.

鑑於與預支（anticipation）及硬體相關的逆風，我們目前預期 2026 年 Clover 報告口徑收入成長為中個位數。我們仍預期中期 Clover 收入成長可維持在 15% 至 20% 的區間，因為支撐此觀點的基礎趨勢仍然穩定。加值服務收入在第二季占 Clover 收入的 25%，高於先前的 24%，且較去年同期成長 10%，主要由軟體附加率提升所帶動，並包含 Clover Capital，但部分被預支（anticipation）所抵銷。我們非 Clover 的 SMB 收入在第二季下降 5%。

Moving on to Enterprise. Adjusted revenue declined 1%, while organic revenue was flat in the quarter. Enterprise transactions grew 8%. And finally, in Processing, organic revenue declined 8%, while adjusted revenue declined 6% in the quarter. Second-quarter adjusted operating income for Merchant Solutions was $781 million, down 14% with adjusted operating margin of 30%.

接著看企業（Enterprise）。調整後收入下降 1%，而本季有機收入持平。企業交易量成長 8%。最後，在處理（Processing）業務方面，本季有機收入下降 8%，調整後收入下降 6%。商戶解決方案第二季調整後營業利益為 7.81 億美元，下降 14%，調整後營業利益率為 30%。

Now I will cover Financial Solutions starting on slide 7. For the quarter, both organic and adjusted revenue declined by 8% in Financial Solutions, driven by higher nonrecurring revenue a year ago. In Digital Payments, both organic and adjusted revenue declined by 6% in the quarter. Our underlying account and volume growth in Financial Solutions was in line with what we expected in our recent history.

接下來我將從第 7 頁開始說明金融解決方案（Financial Solutions）。本季金融解決方案的有機與調整後收入皆下降 8%，主要因去年同期非經常性收入較高。在數位支付（Digital Payments）方面，本季有機與調整後收入皆下降 6%。金融解決方案的基礎帳戶與交易量成長符合我們近期歷史所反映的預期。

Within Digital Payments, payment platform transactions grew 5%, driven by stable debit processing and acceleration in debit network volumes. Our consumer payment platforms transactions were down 1% with accelerating growth in Zelle being offset by deceleration in BillPay.

在數位支付內，支付平台交易量成長 5%，主要受惠於簽帳卡處理（debit processing）穩定，以及簽帳卡網路交易量加速成長。我們的消費者支付平台交易量下降 1%，其中 Zelle 成長加速，但被 BillPay 成長放緩所抵銷。

In Issuing both adjusted and organic revenue declined by 10% in the quarter. The decline in year-over-year revenue growth was in line with our expectations and reflects lower nonrecurring revenue this year versus a year ago. On an underlying basis, global accounts on file continue to grow in the range we have seen recently, which is up 4%.

在發卡（Issuing）方面，本季調整後與有機收入皆下降 10%。年增收入成長下滑符合我們的預期，反映今年相較去年非經常性收入較低。就基礎面而言，全球在檔帳戶（accounts on file）持續以我們近期所見的區間成長，增幅為 4%。

Finally, in Banking, revenue decreased 10% on an organic basis and decreased 8% on an adjusted basis in the quarter as we continued to be impacted by attrition from actions taken over the last several years as well as higher nonrecurring revenue in the year ago period. We saw core counts declined 3% year over year, while overall accounts and positions, including Finxact grew 6%. Second-quarter adjusted operating income for the Financial Solutions segment declined 27% to $912 million and adjusted operating margin was 38.7%.

最後，在銀行（Banking）方面，本季收入以有機口徑下降 10%，以調整後口徑下降 8%；我們仍持續受到過去數年所採取行動導致的客戶流失影響，以及去年同期非經常性收入較高的影響。我們看到核心數量（core counts）年減 3%，而整體帳戶與部位（positions）（包含 Finxact）成長 6%。金融解決方案事業部第二季調整後營業利益下降 27% 至 9.12 億美元，調整後營業利益率為 38.7%。

From a leverage standpoint, we finished the quarter with a gross debt to adjusted EBITDA ratio below 3.2 times. We completed a $1.4 billion tender offer and open market repurchase for $1.2 billion total consideration and issued $1 billion in Eurobonds to take advantage of an opportunity to lower our cost of capital and strengthen our balance sheet. For the year, we continue to expect to finish the year at approximately 3 times.

就槓桿而言，我們在本季結束時的總負債對調整後 EBITDA 比率低於 3.2 倍。我們完成了 14 億美元的要約收購（tender offer）以及 12 億美元的公開市場回購（以總對價計），並發行 10 億美元歐元債，以把握降低資本成本並強化資產負債表的機會。就全年而言，我們仍預期年底約為 3 倍。

Turning to slide 8. We repurchased 1.7 million shares during the quarter for approximately $100 million. As we noted during our Investor Day, we are focused on managing our leverage ratio and remain committed to returning any excess capital to shareholders. Following up on the savings opportunity of at least $500 million we identified from our Project Elevate assessment, we have completed the identification phase and have a full inventory of these opportunities. We are currently prioritizing these and moving forward with the most significant initiatives at pace.

接著看第 8 頁。本季我們回購 170 萬股，金額約 1 億美元。如同我們在投資人日所提到的，我們專注於管理槓桿比率，並持續承諾將任何多餘資本回饋給股東。針對我們在 Project Elevate 評估中所辨識、至少 5 億美元的節省機會，我們已完成辨識階段，並建立了完整的機會清單。目前我們正進行優先排序，並加速推進最重要的計畫。

On August 5, we closed one of the two divestitures we announced around Investor Day and expect to close the other in the third quarter. We have accounted for these in our guidance for adjusted revenue growth, which I will review in a moment. There is no impact from these transactions on our organic revenue growth. We intend to use the proceeds for a combination of capital return and delevering.

8 月 5 日，我們完成了在投資人日前後宣布的兩項資產剝離（divestitures）之一，並預期在第三季完成另一項。我們已將這些事項納入調整後收入成長的指引中，我稍後會進行說明。這些交易對我們的有機收入成長沒有影響。我們計畫將所得款項用於資本回饋與去槓桿的組合。

As Takis mentioned, we continue to be focused on divesting and pursuing alternative ownership structures or businesses that are not foundational to our strategy or where we believe we are not well positioned to execute.

如 Takis 所提到的，我們仍持續聚焦於剝離資產，並尋求替代性的所有權架構或業務——這些業務要麼並非我們策略的基石，要麼我們認為自身並不具備良好的執行定位。

Now with slide 9, I'll move on to our 2026 guidance. First, from a revenue perspective, we expect adjusted revenue to grow approximately 2% year over year in the second half of the year with Q3 down low-single digits and Q4 up approximately mid-single digits. Compared to our prior 6% to 8% second-half adjusted revenue growth outlook, we currently expect 2 points of negative impact from delays in newly contracted revenue and enterprise client ramps, 1 point from lower key product and other revenue, 1 point from Argentina anticipation, and 1 point from divestitures.

接著看第 9 張投影片，我將說明我們對 2026 年的指引。首先，從營收角度來看，我們預期下半年調整後營收年增約 2%，其中第三季為低個位數下滑，第四季為約中個位數成長。相較於先前對下半年調整後營收成長 6% 至 8% 的展望，我們目前預期：新簽約營收與企業客戶導入（ramp）延遲帶來約 2 個百分點的負面影響；關鍵產品及其他營收較低帶來 1 個百分點；阿根廷預期因素帶來 1 個百分點；以及資產剝離帶來 1 個百分點。

To be clear, we still expect to recognize the vast majority of this revenue, but it has shifted out in terms of timing. Considering these factors, on an organic basis, we expect 2026 revenue growth in a range of minus 1% to flat. On adjusted revenue, we expect about 1 point of impact from the reduction in revenue from the student loan servicing and ATM services business, offset by lower currency impact. This translate into a range for 2026 adjusted revenue of down 1.5% to down 0.5%.

需要說明的是，我們仍預期將認列其中絕大多數營收，但在時間點上有所遞延。綜合上述因素，以有機基礎計算，我們預期 2026 年營收成長區間為年減 1% 至持平。在調整後營收方面，我們預期學生貸款服務與 ATM 服務業務營收下滑約帶來 1 個百分點影響，但將由較低的匯率影響所抵銷。這將使 2026 年調整後營收落在年減 1.5% 至年減 0.5% 的區間。

As it relates to expenses, as Takis previously mentioned, we have chosen to incrementally invest in technology infrastructure, particularly in Financial Solutions. This higher expense level is consistent with the investments we have made since last fall, and with the principles of One Fiserv. As you have heard throughout the year, we are laser-focused on positioning Fiserv to be able to deliver compelling revenue and adjusted EPS growth rates in 2027 and beyond, and we believe that these investments will best position us to deliver that as we move past this transition year.

在費用方面，如 Takis 先前提到的，我們選擇額外加碼投資於科技基礎設施，特別是在 Financial Solutions。這較高的費用水準與我們自去年秋季以來所進行的投資一致，也符合 One Fiserv 的原則。正如各位今年以來所聽到的，我們高度聚焦於讓 Fiserv 具備在 2027 年及之後交付具吸引力的營收與調整後 EPS 成長率的能力；我們相信，當我們走過這個轉型年度後，這些投資將使我們處於最佳位置以達成上述目標。

We expect adjusted operating margin of approximately 31% to 31.5% for the year. There are three drivers of our lower adjusted operating margin. Approximately 50 basis points is related to our increased technology infrastructure investment, approximately 50 basis points relates to the impact of Argentina anticipation, and the remaining 150 to 200 basis points is a result of the lower revenue I discussed earlier. We expect the divestitures to have negligible impact on our adjusted operating margin.

我們預期全年調整後營業利益率約為 31% 至 31.5%。調整後營業利益率較低主要有三項驅動因素。約 50 個基點與我們增加科技基礎設施投資相關；約 50 個基點與阿根廷預期因素的影響相關；其餘 150 至 200 個基點則源自我先前提到的較低營收。我們預期資產剝離對調整後營業利益率的影響可忽略不計。

We expect that our updated view of annual adjusted revenue and operating margin to drive adjusted EPS to a range of $7.20 to $7.40. We continue to expect capital expenditures to remain in the high-single digits as a percentage of adjusted revenue. We continue to expect free cash flow conversion of approximately 90% for the year, in line with historical levels.

我們預期，對全年調整後營收與營業利益率的最新看法，將推動調整後 EPS 落在 7.20 美元至 7.40 美元的區間。我們仍預期資本支出占調整後營收的比重維持在高個位數百分比。我們也仍預期全年自由現金流轉換率約為 90%，與歷史水準一致。

I want to close with a few key points. First, we remain confident in the path ahead. The change in our second half growth rate is not structural. From here, we expect our adjusted revenue growth rate to improve in Q3 and a further step up in Q4 to an exit rate consistent with our medium-term growth outlook.

最後我想以幾個重點作結。第一，我們對前方道路仍具信心。我們下半年成長率的變化並非結構性。從現在起，我們預期調整後營收成長率將在第三季改善，並在第四季再上一步，期末（exit）成長率將與我們的中期成長展望一致。

Second, our increased technology spend reflects a deliberate choice to strengthen the business for the long term, not a change in our underlying cost discipline. Our ability to drive operating leverage is intact, and we remain committed to approximately 50 basis points of annual adjusted operating margin expansion starting in 2027 and greater than 200 basis points of total adjusted operating margin expansion from Project Elevate by 2029.

第二，我們增加科技支出反映的是為長期強化業務所做的刻意選擇，而非我們底層成本紀律的改變。我們推動營運槓桿的能力仍然健全；我們也仍承諾自 2027 年起每年調整後營業利益率擴張約 50 個基點，並在 2029 年前透過 Project Elevate 實現累計超過 200 個基點的調整後營業利益率擴張。

This combination of durable revenue growth and margin expansion underpins our confidence in double-digit annual adjusted EPS growth from 2027 to 2029. Finally, our cash generation remains a real strength. We generated over $1 billion in free cash flow this quarter and we continue to target 90% free cash flow conversion for 2026 and beyond. Moving forward, we will continue to evaluate increased capital return to shareholders over time.

這種具韌性的營收成長與利益率擴張的組合，支撐我們對 2027 年至 2029 年調整後 EPS 年增達雙位數的信心。最後，我們的現金創造能力仍是一項真正的優勢。本季我們產生超過 10 億美元的自由現金流，且我們仍以 2026 年及之後自由現金流轉換率 90% 為目標。展望未來，我們將持續評估隨時間提高對股東的資本回饋。

And with that, we will now start the Q&A session.

以上，接下來我們開始問答環節。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

(接線員指示) Tien-Tsin Huang，摩根大通。

I know you went through a lot of the outlook there. Just maybe could you mind decomposing again what changed in the second half outlook after reaffirming on June 15 and why it's not structural. It sounds like a lot of it is the slower client ramps, for example, was that driven by change in leadership and clients wanted to better understand to go forward? I'm just trying to understand why it's not structural.

我知道你剛才已經談了很多展望。能否請你再拆解一下，在 6 月 15 日重申指引之後，下半年展望究竟有哪些變化，以及為什麼這不是結構性的。聽起來很大一部分是客戶導入（ramp）較慢；例如，這是否是由於領導層變動，客戶希望在往前推進前更充分理解？我只是想了解為什麼這不是結構性的。

Yeah. Tien-Tsin, this is Paul, and I'll start, and then I'll turn it over to Takis for any additional comments. As I said in my prepared remarks, there are several things that changed. And after Takis became CEO, Takis and I went through our operating plan, we went through all the initiatives, all the client impacts and/or things emerge from that. And that's what I called out in the prepared remarks that we've got about 2 points of incremental headwind from the contracted revenue and Enterprise ramps that I had called out at Investor Day.

是的。Tien-Tsin，我是 Paul，我先回答，之後再請 Takis 補充。如我在事先準備的發言中所說，有幾件事情發生了變化。在 Takis 成為 CEO 之後，他和我一起檢視了我們的營運計畫，檢視了所有的倡議、所有的客戶影響，以及／或從中浮現的事項。這也就是我在準備稿中提到的：相較於我在投資人日所提到的內容，已簽約營收與企業客戶導入（ramp）帶來約 2 個百分點的額外逆風。

We have about 1 point of headwind from product and other things, specifically hardware. And then we have 1 point from Argentina anticipation and 1 point from divestitures. So if you think of a point from divestitures, that's just mechanical. The point roughly from Argentina, anticipation is macro related to just Argentina. And then the first two buckets, those aren't structural changes, they are timing-related changes that we expect to see the vast majority of that revenue, it is just moved out from a time standpoint, and that's reflected in the guidance that we provided at this point.

我們還有約 1 個百分點的逆風來自產品及其他因素，特別是硬體。另外有 1 個百分點來自阿根廷預期因素，以及 1 個百分點來自資產剝離。因此，如果你把資產剝離的 1 個百分點單獨看待，那只是機械性的影響。阿根廷預期因素約 1 個百分點，則是與阿根廷本身的總體環境相關。至於前兩個項目，它們不是結構性變化，而是與時點相關的變化；我們預期將看到其中絕大多數營收，只是從時間角度往後遞延，而這也反映在我們目前提供的指引中。

Yeah. Thank you, Paul, and just to add on just a couple of thoughts from my side. This, unfortunately, is a transition year with noise. Hopefully, it will be behind us soon. As Paul said, he and I review every initiative, every budget. And in the case of some of these large deals actually spoke to the clients to understand what changed in terms of the timeline. And this is our most accurate assessment of what's going to happen.

是的。謝謝你，Paul，我也補充幾點我的看法。很不幸地，這是一個充滿雜訊的轉型年度。希望很快就能把它拋在腦後。如 Paul 所說，他和我檢視每一項倡議、每一筆預算。而且針對其中一些大型交易，我們實際與客戶對話，以了解時程上有哪些變化。這是我們對未來將發生情況所做的最精準評估。

To give you an example, one of the clients, one of our largest deals, the clients going through an M&A we were supposed to go live in September, October, they need more time because of that M&A. So there's nothing fundamentally changing in terms of the deal, in terms of the size of the deal, just the timing moves out by quarter. So we believe that these numbers that we have is an accurate assessment, de-risked, and does not impact the momentum that we see in 4Q and beyond.

舉例來說，其中一位客戶、也是我們最大的一筆交易之一，該客戶正處於併購（M&A）過程；我們原本預計在 9 月、10 月上線，但因為這起併購，他們需要更多時間。因此，交易本身、交易規模並沒有任何根本性的改變，只是時程往後延了一個季度。所以我們相信目前這些數字是精準的評估、已去風險（de-risked），且不會影響我們在第四季及之後所看到的動能。

Good. Thank you.

好的。謝謝。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

Great. I want to see if we could talk a little bit about some of the core banking efforts and outreach to some of the clients. I know that that was something that we talked about a little bit at the Investor Day. I want to see how that's going, the approach, maybe how it might have changed with some of the leadership changes?

很好。我想看看我們是否可以稍微談一下核心銀行業務的一些推動工作，以及對部分客戶的外展。我知道這是我們在投資人日稍微談到的事情。我想了解目前進展如何、採取的方式，以及在一些領導層變動之後，這個方式可能有哪些改變？

And then a related topic, if you could -- just talk a little bit about some of the advantages that Fiserv has, whether it's product or relationships that would help Fiserv to compete with the potential greater entrance of Pismo into the core banking market in issuer processing in the US. I appreciate that this isn't really something very, very near term. But as we think about over maybe a five or maybe even longer term time period than that.

然後一個相關的主題，如果可以的話——請再談談 Fiserv 擁有哪些優勢，無論是產品或關係面，能幫助 Fiserv 在美國發卡處理（issuer processing）的核心銀行市場，面對 Pismo 可能更大規模進入時進行競爭。我理解這並不是非常、非常短期內會發生的事。但當我們把時間拉長到大約五年、甚至更長的期間來思考時。

Timothy, maybe I can start. And I thought that was two questions. So on the first one, obviously, one of the things that I've done and spent most of my time over the past few weeks is to the (inaudible) clients, and this is not new, I've been doing that since I came here. And at the end of the day, what they say is, in my mind, both pretty simple, pretty straightforward and pretty reasonable. They want platforms that work.

Timothy，也許我可以先開始。我想那是兩個問題。先回答第一個，顯然，我在過去幾週做的、也花了最多時間的事情之一，就是去（聽不清）客戶；這不是新鮮事，我自從來到這裡就一直在做。歸根結底，他們說的在我看來都很簡單、很直接，也很合理。他們想要能運作的平台。

They want us to deliver what we promised. They want good customer service, and they want us to help them prepare for the future, but not force our priorities on that. These are not new things. These are the things that this company has been working on and we've been making progress on. And by the way, these are customers that have been with us now for months or years, they've been with us for decades.

他們希望我們交付我們承諾的內容。他們要好的客戶服務，也希望我們幫助他們為未來做準備，但不要把我們的優先事項強加在他們身上。這些都不是新要求。這些正是公司一直在努力的方向，而且我們也在取得進展。順帶一提，這些客戶有的跟我們合作了幾個月或幾年，也有的已經合作了幾十年。

So we are working on those things. I think we mentioned the 70% reduction in incidents. We mentioned the $100 million extra in infrastructure technology. These are all things that are in direct response to the things that they are looking for. We are also maintaining continuity. We announced that Cerner and are going to be running the FS business.

所以我們正在推進這些事情。我想我們提到過事件（incident）減少了 70%。我們也提到在基礎設施技術上額外投入了 1 億美元。這些都是直接回應他們所期待的事項。我們也在維持延續性。我們宣布 Cerner 將負責營運 FS 業務。

Both of them have been with those clients for more than a decade each. And then our Vice Chairman, I've been with those clients for multiple decade each. So that will continue. It's BAU. It's no change in terms of what we are trying to do. But hopefully, it will be an acceleration of how quickly we deliver it and coming from the bank, I know what those expectations look like.

他們兩位各自都已與那些客戶合作超過十年。另外，我們的副董事長也與那些客戶合作了數十年。因此這會持續下去。這是 BAU（照常運作）。就我們想做的事情而言沒有改變。但希望能加速交付的速度；而且我來自銀行業，我知道那些期待長什麼樣子。

On your question of Pismo, I think we have a very broad set of solutions in the market. Some solutions are geared towards credit unions, some are geared towards community banks, some are geared towards large banks, and some are geared more towards fintechs, neo banks, et cetera.

至於你問到 Pismo，我認為我們在市場上有非常廣泛的一套解決方案。有些方案是針對信用合作社，有些是針對社區銀行，有些是針對大型銀行，還有一些更偏向金融科技、數位原生銀行（neo banks）等等。

When we look side by side at Pismo versus our own capabilities, not just with Finxact, but how Finxact is complemented by everything else that we have, think of digital banking, think of payments, think of embedded finance, think of issuing, we believe that we have a very complete. And the size and growth of Finxact has been quite spectacular, especially over the past couple of quarters.

當我們把 Pismo 與我們自身能力並列比較時，不只是 Finxact 本身，還包括 Finxact 如何與我們其他所有能力互補——例如數位銀行、支付、嵌入式金融、發卡（issuing）——我們相信我們的方案非常完整。而且 Finxact 的規模與成長相當亮眼，尤其是在過去幾個季度。

So I feel very good about our competitive position, both in the traditional space and in kind of the newer, more modern cloud native space. And we've seen the momentum. [Flexa] is a great example of that. So I'm actually very excited about what's coming ahead.

所以我對我們的競爭地位非常有信心，無論是在傳統領域，或是在較新的、更現代的雲原生領域。而且我們也看到了動能，[Flexa] 就是一個很好的例子。因此我其實對接下來的發展非常期待。

Thanks, Takis.

謝謝，Takis。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Now just given the management changes, how you're ensuring that everyone is aligned properly. And then as when you think through this portfolio review and the potential for incremental changes or divestitures, maybe give a little bit more color into what you're looking at? What types of size businesses you might want to think about? Or if there are businesses of meaningful size that could potentially be carved out to keep the business more streamlined and what we should expect timeline-wise around this?

那麼，鑑於管理層的變動，你們如何確保所有人都能正確對齊？另外，當你們思考這次投資組合檢視，以及可能的增量調整或剝離時，能否再多提供一些細節，說明你們在看哪些方向？你們可能會考慮哪些規模的業務？或者是否有具一定規模、可能被切割出去以讓業務更精簡的單位？以及就時程而言，我們應該期待什麼？

Yeah. So again, two questions. So let me start with the second one. So we did a very kind of detailed portfolio review of our business. And the lens that we took is, are we in places that are not growing, that are don't have the kind of profitability profile that we like, et cetera.

是的。所以同樣是兩個問題。我先從第二個開始。我們對業務做了一次非常詳細的投資組合檢視。我們採用的視角是：我們是否身處一些不成長的領域、是否有不符合我們偏好的獲利能力輪廓（profitability profile）等等。

And that's why we ended up with the three that we ended up. My approach is a little bit different, which is in addition to all of that, I want to look at what our clients need and what we make. And take each one of those things that we make and say, do we have a best-in-class product. We know our clients want best-in-class, can we deliver best-in-class? And by the way, can we deliver them in an integrated and simple-to-use way?

這也是為什麼最後會落在那三項。我的做法稍微不同：除了上述之外，我還想看客戶需要什麼，以及我們在做什麼。把我們做的每一項拿出來問：我們是否擁有同級最佳（best-in-class）的產品？我們知道客戶想要同級最佳，我們能否交付同級最佳？順帶一提，我們能否以整合且易用的方式交付？

If the answer is yes, we have a best-in-class product, then we just keep on doing what we are doing, just trying to do it better. If we are not best-in-class, then we will look at what are the alternatives. And we can obviously understand what the alternatives may look like, and we're going to look at each and every one of them focusing on areas where we have not been able to meet our expectations over time, where there are other solutions in the market that are actually really good because we know our clients want the best they don't necessarily care who manufactures that in.

如果答案是肯定的——我們有同級最佳的產品——那我們就繼續做我們正在做的事，只是努力做得更好。如果我們不是同級最佳，那我們就會看看有哪些替代方案。我們當然能理解替代方案可能長什麼樣子，我們會逐一檢視每一個，聚焦在那些我們長期以來未能達到自身期待的領域；而市場上確實有一些其他方案非常好，因為我們知道客戶要的是最好的，他們不一定在乎是誰製造的。

So that's what we are going to do. I don't want to get into details of the size because I've only been here for like -- I mean, I get here longer, but I've only been doing the job for five weeks. So I want to give myself a little bit more time to work with the team and get to the bottom of those questions, but we are going to do that with a very high sense of urgency that we will report back as we make progress.

所以這就是我們要做的。我不想深入談規模細節，因為我在這裡——我的意思是，我來這裡更久，但我正式做這份工作才五週。所以我想再給自己多一點時間，和團隊一起把這些問題追到最底層；但我們會以非常高的緊迫感來推進，並在取得進展時回來向各位報告。

And there is no kind of preconceived notion as to whether these are going to be small or large. They are going to be in every place where we can't effectively compete. And obviously, we're going to prioritize areas where we can compete and where we are expanding a lot of technology resources to deliver those products. So I need to come back to you with more specifics. I think we are not ready yet.

而且我們並沒有任何先入為主的想法，認定這些會是小的或大的。它們會出現在任何我們無法有效競爭的地方。當然，我們會優先處理那些我們能競爭、且我們正在投入大量技術資源以交付產品的領域。所以我需要之後再帶著更具體的內容回覆你。我想我們現在還沒準備好。

In terms of the continuity and the management team, we have continuity in the Merchant business, remains the Merchant business. The priorities are the same. We have a new team that we hired over the past year or largely a new team that we hired over the last year. It's a very simple org structure. It's people that have decades of experience in doing what we need them to do and they'll just continue to execute.

就延續性與管理團隊而言，我們在商戶業務方面具備延續性，仍然是商戶業務。優先事項不變。我們在過去一年聘用了新團隊，或說在過去一年大致上是一個新團隊。組織架構非常簡單。這些人擁有數十年相關經驗，能完成我們需要他們做的事，他們將持續執行。

And then on the FS side, Srini and Gelb have been here against more than a decade each. They know the business, they know the clients, they know the priorities, they will keep executing. There are a couple of areas where I'm going to be focusing on. One is obviously that portfolio review that I just talked about. The second one is the speed and focus of execution.

然後在 FS 這邊，Srini 和 Gelb 各自在這裡已超過十年。他們了解業務、了解客戶、了解優先事項，他們會持續執行。有幾個領域我會著重投入。第一個顯然是我剛剛提到的投資組合檢視。第二個是執行的速度與聚焦。

And the third one is technology excellence. Again, these are no different things from before. I just want to bring more urgency into execution and more focus to make sure that we do those things as quickly as possible.

第三個是技術卓越。同樣地，這些與以前並無不同。我只是希望在執行上帶來更強的緊迫感與更聚焦，確保我們能盡快把這些事情做完。

Thank you.

謝謝。

Harshita Rawat, Bernstein.

Harshita Rawat，Bernstein。

So your implied OpEx guidance for second half has gone up. What changed versus the Investor Day and also the June reiteration of the guide? I know, Paul, you talked about $100 million in technology infrastructure. Can you give more color on what are the incremental areas you're investing in? It's a pretty steep ramp in second-half expenses.

所以你們對下半年隱含的 OpEx 指引上調了。相較於投資人日以及 6 月重申指引時，發生了什麼變化？我知道 Paul 你提到在技術基礎設施上有 1 億美元。能否更具體說明你們額外投資的增量領域是哪些？下半年費用的爬升幅度相當陡。

And then also, maybe talk about SMB volume growth. That's the weakest we've seen in a while in a strong US spending environment. I know you talked about CCV lapping, but is the SMB is slowly deteriorating?

另外，也請談談 SMB 交易量成長。在美國支出環境強勁的情況下，這是我們一段時間以來看到最弱的表現。我知道你提到 CCV 的基期因素，但 SMB 是否正在緩慢惡化？

Yeah, Harshita, two things. As it relates to the total expense, if you just look at it at a basis, the total expense now versus what we were expecting before is approximately $100 million, which we called out. And that is our technology infrastructure area, particularly in the areas of cyber, it's just overall infrastructure, which we believe are in the right interest of both our clients, particularly on the Financial Solutions side. We also believe our best position us for the longer-term success certainly as we go into '27 and beyond.

是的，Harshita，有兩點。就總費用而言，如果你以同一基礎來看，現在的總費用相較於我們先前的預期大約多了 1 億美元，我們也已經點出來了。這主要是在我們的技術基礎設施領域，特別是資安等整體基礎設施，我們相信這符合我們客戶的最佳利益，尤其是在金融解決方案（Financial Solutions）這一側。我們也相信，這能讓我們在更長期的成功上處於最佳位置，尤其是邁向 2027 年及之後。

Obviously, our expense base is largely fixed year. So when we have revenue that doesn't show up at a high incremental margin, that flow through is what's impacting the large position. But that would be the biggest thing from an expense standpoint that I would call out.

顯然，我們的費用基礎在一年內大多是固定的。因此當收入沒有以高增量利潤率呈現時，流入（flow through）的效果就會影響到較大的幅度。但就費用面而言，我會特別點出的最大項目就是這個。

As it relates to the SMB side, yes, you're right. And I mentioned in the prepared remarks that the biggest thing on a sequential basis between the SMB volume in 1Q and 2Q is the anniversary of CCV. So the level that we're at right now is roughly what we would expect to be for the remaining part of the year.

至於 SMB 這邊，是的，你說得對。我在事先準備的發言中也提到，SMB 交易量在第一季與第二季之間按季變化最大的因素，是 CCV 的周年比較基期。所以我們目前的水準，大致就是我們預期今年剩餘期間會維持的水準。

And I would just highlight that as it relates to SMB, the thing that we're obviously most focused on is the Clover SMB volume and the growth that we have seen in Clover consistent with our expectation, certainly for the second quarter in that double-digit range and also consistent with the outlook that we have for the remaining part of the year as well as our longer-term outlook on GPV volume.

我也想強調，談到 SMB，我們最關注的顯然是 Clover 的 SMB 交易量，以及我們在 Clover 上看到的成長，這與我們的預期一致；第二季確實在雙位數區間，同時也符合我們對今年剩餘期間的展望，以及我們對 GPV 交易量的長期展望。

All right. We'll take that question, but let's stick with one question, please.

好的。我們會回答那個問題，但請先維持一次只問一題，謝謝。

Dan Dolev, Mizuho Securities.

Dan Dolev，Mizuho Securities。

Lots of good things actually with Clover. So congrats here. Question, Takis, on some of the divestitures that you talked about. I think your debit network is a good example of something that some of the large banks could value a lot more, and it's probably not priced into your stock multiple. I mean, there has been some news, I think, in the journal about this. Could one of these assets be something that you would consider making changes to?

Clover 其實有很多好消息。所以先恭喜。Takis，我的問題是關於你提到的一些資產剝離。我認為你們的簽帳金融卡網路（debit network）就是一個很好的例子，一些大型銀行可能會給出更高的價值，而這可能沒有反映在你們股票的估值倍數中。我想《華爾街日報》上也有一些相關消息。這些資產之中，是否有任何一項是你們會考慮做出調整的？

Yeah. So when I said we are going to do a holistic review of everything. Obviously, the debit networks will be part of that review as well. We have two debit networks. They are critical to our clients, very important to our business, but that will be part of the review again. I don't want to comment on anything specifically until I have a few more weeks in the job.

是的。所以當我說我們會對所有事情做全面性的檢視時，顯然簽帳金融卡網路也會納入檢視範圍。我們有兩個簽帳金融卡網路。它們對我們的客戶至關重要，對我們的業務也非常重要，但同樣會納入檢視。在我到任再多幾週之前，我不想對任何具體事項發表評論。

Fair enough.

合理。

Will Nance, Goldman Sachs.

Will Nance，Goldman Sachs。

Takis, I know a big part of your vision for the Merchant business revolves around Commerce Hub and scaling omnichannel offering to enterprise clients. I wondered if you could talk about the partnership with Mastercard and just how you see that unfolding? And how you think about timelines there?

Takis，我知道你對商戶業務的願景很大一部分圍繞著 Commerce Hub，以及把全通路（omnichannel）方案擴展到企業客戶。我想請你談談與 Mastercard 的合作夥伴關係，以及你如何看待它的推進？以及你對時間表的看法？

Sure. Thank you. I would say one thing first to clarify, when I'm thinking of Commerce Hub I'm thinking of an end-to-end modern stack for all of the merchant business. It's a gateway, it's a back end, it's a set of added services, which, by the way, will include Clover, meaning it will all be one in the greater technology stack.

當然。謝謝。我先澄清一點：當我談到 Commerce Hub 時，我指的是針對整個商戶業務的一套端到端現代化技術堆疊。它包含閘道（gateway）、後端（back end）、一系列加值服務；順帶一提，也會包含 Clover，意思是它們都會整合在更大的技術堆疊之中。

We've made a record or progress in record time on Commerce Hub. I've been very impressed with the team, which is a testament to really base to what this company can do when all of the resources are focused without any distractions or a single and simple strategy that we are trying to execute. That said, it's a big leap and it's a big effort to try to compete with the best-in-class on the enterprise side, and we still have gaps that we're working on.

我們在 Commerce Hub 上以破紀錄的速度取得了破紀錄的進展。我對團隊印象非常深刻，這也證明了當所有資源都能聚焦、沒有任何分心因素，並且我們只執行一個單純清晰的策略時，這家公司能做到什麼。話雖如此，要在企業端與同級最佳（best-in-class）競爭是一個很大的跨越，也是一項巨大的工程，我們仍有一些缺口正在補強。

And conversely, MasterCard has a great merchant business, and they have a number of capabilities that we bought are very complementary to ours. When we look at, for example, the geographic coverage they have when we look at the clients, they have, et cetera. And we compare that to ours, we also a lot of capabilities that are complementary and we saw an opportunity to go to market together and win business together.

相對地，Mastercard 擁有很強的商戶業務，也具備多項我們認為與我們高度互補的能力。例如他們的地理覆蓋範圍、他們的客戶群等等。而與我們相比，我們也有許多互補的能力，因此我們看到了共同推向市場、一起贏得業務的機會。

So the teams are working now. There is an integration component, which is going to take a couple of quarters to bring those capabilities together, but I think that will incrementally improve our collective capability to win new business. So we are very excited. MasterCard has been a great partner of ours.

所以團隊目前正在合作。其中有整合的部分，將需要幾個季度把這些能力整合在一起，但我認為這將逐步提升我們整體贏得新業務的能力。因此我們非常興奮。Mastercard 一直是我們很棒的合作夥伴。

Thank you.

謝謝。

Bryan Keane, Citi.

Bryan Keane，花旗。

Paul, I was hoping you could help us bridge the gap from kind of where we are this quarter and the third quarter to getting back to more normalized growth in the fourth and then into 2027. I guess my question is the delays in client implementations, slower pace of growth initiatives, you got some hardware, Argentina issues. It just doesn't seem like we're going to turn that quickly as we get in the fourth quarter, but obviously, you have some visibility there. Maybe you could highlight.

Paul，我希望你能幫我們把從本季到第三季、再回到第四季較為正常化的成長，並延伸到 2027 年之間的落差串起來。我想我的問題是：客戶導入延遲、成長計畫推進較慢，你們還有一些硬體、阿根廷的問題。看起來我們不太像能在進入第四季時就那麼快轉好，但顯然你們對此有一定能見度。也許你可以說明一下。

Yeah. Bryan, a couple of things. So I would route you just what we've called out about our recurring revenue growing at 2%, and that represents obviously the vast majority of the revenue of the company. So foundationally, that's kind of the right way to think about the growth rate there. And then as we had talked about at Investor Day, even the ramping of the bucket that I provided are the key drivers of the fourth-quarter growth rate between where we sit today and where that fourth quarter is.

好的。Bryan，有幾點。我會先請你回到我們提到的經常性收入成長 2%，而這顯然代表公司收入的絕大部分。所以從基礎面來看，這大概是思考成長率的正確方式。另外，正如我們在投資人日所談到的，即使是我所提供的那個「桶」的爬坡（ramping），也是介於我們目前位置與第四季之間、推動第四季成長率的關鍵驅動因素。

And we have -- as we move forward, that exit growth rate is exactly in line with the medium-term guidance that we provided as well. So the components are there, the structural growth rate of organic revenue which will improve in the third quarter and continuing to improve in the fourth quarter with that vast majority of revenue kind of starts there and then the things that we talked about are additive on top of that. And then obviously, as we move into next year, the noise around Argentina and the noise around the headwind of hardware began to down.

而且隨著我們往前走，那個期末（exit）成長率也完全符合我們所提供的中期指引。所以各個組成要素都在：有機收入的結構性成長率會在第三季改善，並在第四季持續改善；而收入的絕大部分是從這裡開始，然後我們談到的其他因素是在此之上額外加成。再者，進入明年後，阿根廷相關的雜音，以及硬體逆風的雜音也會開始減弱。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Takis, I wanted to ask, I think one of the priorities you outlined was moving faster. Maybe you could just drill down on this, just given kind of the technology stack as it sits today in the culture, how do you act change at scale? Obviously, we've seen product velocity picking up the pace picking up in this space, particularly in merchant but across the board. Maybe just a little bit in terms of how you drive that change in Fiserv?

Takis，我想問一下，我記得你提到的優先事項之一是「加快速度」。也許你可以再深入談談：以目前的技術堆疊與文化來看，你要如何在大規模下推動變革？顯然我們看到這個領域的產品迭代速度在加快、節奏在加快，尤其是在商戶端，但其實是全面性的。能否談談你如何在 Fiserv 推動這樣的改變？

Yeah. Thank you. I think, first of all, this is not new. I've seen real progress in that space over the last couple of quarters. I think it started with hiring a strong product organization, which I think we've done on both the MS and the FS side.

好的。謝謝。我想首先，這不是新鮮事。過去幾個季度我已經看到在這方面有實質進展。我認為起點是招募一個強而有力的產品組織，而我認為我們在 MS 與 FS 兩邊都做到了。

And then it comes from a clear and consistent view of where we are trying to go, from an agglomeration of products and capabilities to a coherent end-to-end strategy. This was relatively easy -- not easy, but it is comparatively easy to do on the MS side. And that's why we've anchored on one platform, end to end, one set of capabilities globally, and we've diverted all of the resources that we're working on anything else on to that. And when you do that, you can make a lot of progress.

接著是要對我們要往哪裡去有清楚且一致的觀點：從產品與能力的拼湊集合，走向一個連貫的端到端策略。這在 MS 端相對比較容易做到——不是說容易，但相對而言比較容易。因此我們以單一平台作為錨點，端到端、全球一致的一套能力，並把原本投入在其他事情上的所有資源都轉移到這上面。當你這麼做時，就能取得很大的進展。

And I think it's the same approach on the FS side, and that's why I'm talking about our portfolio review to make sure that there is nothing that we are spending time, resources, energy, and tech dollars on that we don't have a very clear path to deliver in the near term. So I think that's one.

我認為在 FS 端也是同樣的方法，這也是為什麼我提到我們的產品組合檢視（portfolio review），以確保我們不會把時間、資源、精力與技術預算花在那些在短期內沒有非常清晰交付路徑的事情上。所以我想這是第一點。

The second one is around the collaboration across the two sides of the business. We have products that fit on one side or on the other side that actually have value to both. Our network is a prime example of that. Embedded finance is a prime example of that. StoneCastle is a prime example of that. Digital currency is a prime example of that.

第二點是關於兩個業務端之間的協作。我們有一些產品，表面上屬於某一端或另一端，但其實對兩邊都有價值。我們的網路（network）就是最典型的例子。嵌入式金融（embedded finance）也是典型例子。StoneCastle 也是典型例子。數位貨幣也是典型例子。

So I want to make sure in all of those, we work as one company, leveraging the impact to financial institutions and the benefit of financial institutions as well as the benefit to the merchandise. And I think there, we have -- we can do better, we can move faster and we can be more efficient.

所以我希望確保在所有這些領域，我們能以「一家公司的方式」運作，發揮對金融機構的影響力與金融機構所獲得的效益，同時也帶來對商戶端的效益。我認為在這方面，我們——可以做得更好、可以更快、也可以更有效率。

And then the last component is technology, a big driver of our expense base comes from technology infrastructure, maintaining multiple platforms, maintaining multiple versions, maintaining multiple data centers. And part of that acceleration that we are making now in terms of our investments is to move out of those things with an enhanced base, which does not only mean better customer experience and better stability in cybersecurity, but it also means a fundamentally different cost base going forward as we get rid of all of that legacy.

最後一個組成部分是技術。我們費用基礎的一大驅動因素來自技術基礎設施：維護多個平台、維護多個版本、維護多個資料中心。而我們現在在投資上所做的加速，其中一部分就是要從這些事情中抽離，建立一個更強化的基礎；這不僅意味著更好的客戶體驗與更穩定的資安防護，也意味著當我們淘汰所有這些舊系統後，未來的成本基礎將會從根本上不同。

Thank you, Takis. Appreciate the comments.

謝謝你，Takis。感謝你的說明。

James Friedman, Susquehanna.

James Friedman，Susquehanna。

Takis, Paul, a question on Financial Solutions. The organic revenue was down 8%. At the same time, looking at the Finxact and core accounts grew pretty nicely, mid-single digits, was up 23%. So I'm just trying to understand what's driving the disconnect and when do the comps get easier for Financial Solutions?

Takis、Paul，我有一個關於 Financial Solutions 的問題。有機收入下滑 8%。同時，從 Finxact 與核心帳戶來看，成長相當不錯，中個位數，且年增 23%。所以我想了解是什麼造成這種落差？以及 Financial Solutions 何時比較基期會變得更容易？

Yeah. Jamie, the Financial Solutions volumes really across the board are very pleased with in the digital space, whether it was what we saw on the debit network side of volumes, our debit processing volumes, our issuer council file, growth, the transaction growth in issuer was very strong. And then we -- as we called out, the Finxact growth was strong as well.

好的。Jamie，Financial Solutions 的量（volumes）其實各方面我們都很滿意，尤其在數位領域：不論是我們在簽帳金融卡網路端看到的交易量、我們的簽帳金融卡處理量、我們的發卡機構 council file 的成長，發卡端的交易成長都非常強勁。另外，正如我們提到的，Finxact 的成長也很強。

We do have a preponderance of the nonrecurring revenue headwind is in Financial Solutions in the second quarter. And so if you kind of peel that back and look at the fundamental growth rate of the business in the second quarter, and remove out the noise, we grew that segment in the low-single digits in the first quarter.

我們確實有相當大比例的非經常性收入逆風是在第二季的 Financial Solutions。因此如果你把這部分剝離，看看第二季業務的基本成長率、把雜音去除，我們在第一季該部門其實是低個位數成長。

So fundamentally, going back to the comment I made earlier about referring revenue growth. If you take out the noise, Financial Solutions grew and we were very satisfied to see that the growth rate that we have seen in the underlying volumes of Financial Solutions that we had talked about in the first half of the year, continue to strengthen or certainly stabilize in the third quarter.

所以從根本上來說，回到我先前提到的經常性收入成長的評論。如果把雜音拿掉，Financial Solutions 是有成長的；而且我們很滿意看到：我們在上半年談到的 Financial Solutions 底層交易量成長率，在第三季持續走強，或至少是趨於穩定。

Makes sense. Thank you, Paul. I'll get back in queue.

了解。謝謝你，Paul。我回到隊列後面。

James Faucette, Morgan Stanley.

James Faucette，Morgan Stanley。

Appreciate all the comments this morning. I wanted to ask about pricing. I know that there were some few rollbacks from Fiserv for particularly Clover customers last year. Just want to get a sense of -- just remind us, a, when do we fully lap those or take the full impact of those? And more importantly, what are you seeing in the pricing environment now? Do you feel like things are steady and customers are responsive to where you have pricing now? And are you seeing much in the way of price competition?

感謝今天早上的所有說明。我想問一下定價。我知道去年 Fiserv 對部分 Clover 客戶做了一些回調（rollback）。我想了解——提醒我們一下，(a) 我們何時會完全消化（lap）這些影響或承受其完整影響？更重要的是，你們現在看到的定價環境如何？你們覺得情況是否穩定、客戶對你們目前的定價是否有反應？你們是否看到明顯的價格競爭？

Yeah. So just a couple of things there. I'll start off with, and then Takis want to add. So as it relates to the lapping, the fourth quarter is the lapping of those pricing moves that we've talked about last year. So we will have that comparative dynamic outside of the fourth quarter on that front.

是的。所以這裡有幾點。我先開始，然後 Takis 可能會補充。就「對比基期」而言，第四季是在對比我們去年談到的那些定價調整。因此，在這方面，除了第四季之外，我們都會面臨那樣的同比比較動態。

On the yield front, things are stable. If we look at both our yield for the quarter as well as what we expect for the rest of the year, the yield environment is very stable, either overall from a merchant standpoint or Clover specifically. So we like what we see from an overall deal standpoint.

在收益率方面，情況穩定。如果我們看本季的收益率以及我們對今年剩餘期間的預期，收益率環境非常穩定，無論是從商戶端的整體角度，或是就 Clover 而言皆是如此。所以從整體交易條件的角度來看，我們對目前所見感到滿意。

Yeah. Thanks, Paul. The only thing that is, obviously, we are monitoring pricing changes that our competitors are announcing, et cetera. We are very focused on delivering value to our clients. And we are very focused on improving customer satisfaction, customer service.

是的。謝謝你，Paul。唯一要說的是，顯然我們正在監控競爭對手所宣布的定價變動等等。我們非常專注於為客戶提供價值。我們也非常專注於提升客戶滿意度與客戶服務。

You've also seen at Investor Day, all of the new initiatives, the new features, the new capabilities that we are all in now on Clover, which are coming out kind of now like Clover Agency is now in pilot, Clover Practice Pay is out there, each one of those things adds incremental value to our clients in a differentiated way. So as we deliver those things, we improve customer service, our customers are happy we will have more ability to generate higher yield. But right now, we are focusing on those things.

你們也在投資人日看到，我們在 Clover 上全力推進的所有新計畫、新功能、新能力；這些現在正陸續推出，例如 Clover Agency 目前正在試點，Clover Practice Pay 也已推出，而這些每一項都以差異化的方式為客戶帶來額外價值。因此，當我們交付這些內容、改善客戶服務、讓客戶滿意時，我們就會有更大的能力去創造更高的收益率。但目前我們專注在這些事情上。

We'll take our last question here. Go ahead, [Ivy].

我們在這裡接最後一個問題。請說，[Ivy]。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，富國銀行。

I know you mentioned that the hardware part of the Merchant business was one of the reasons for the second half revenue cut. So I wanted to see if you could size that impact and just clarify, is that because of lower new customer acquisition or other drivers? I know you mentioned comping against some higher hardware sales over the last couple of years, but it seems like that's something that we would have already known about before today. So any more color there would be great.

我知道你提到商戶業務中的硬體部分，是下半年營收下修的原因之一。所以我想了解你能否量化這個影響，並釐清一下：這是因為新客戶獲取較少，還是其他驅動因素？我知道你提到過去幾年硬體銷售較高的比較基期，但看起來這應該是我們在今天之前就已經知道的事情。所以如果能再多提供一些細節就太好了。

Yeah. So maybe I'll start and Takis may want to talk about the environment. The one thing that has changed on our hardware expectations is in the back half, but we are seeing a tougher environment of just hitting our hardware sales targets that we had previously. And a lot of that, I think, has to do with the elevated amount of hardware sales that have been made in the past and just kind of the market dynamics related to that.

是的。所以也許我先說，Takis 可能會談談環境。我們對硬體預期中改變的一點是在下半年，但我們看到要達成先前設定的硬體銷售目標，環境變得更具挑戰。而其中很大一部分，我認為，是因為過去已經售出的硬體數量偏高，以及與此相關的市場動態。

We certainly, on a go-forward basis, I would expect that this comparative kind of headwind or market kind of headwind would change as we get further away from the period of elevated hardware a comparative basis if you just look at the numbers. So that's what's changed is the environment of future hardware sales has changed versus what we had expected.

當然，往前看，我預期這種同比比較的逆風或市場逆風，會隨著我們逐漸遠離硬體銷售偏高的期間而有所改變；如果你只看數字，就會看到這一點。所以改變之處在於：未來硬體銷售的環境，相較於我們先前的預期已經改變。

And it is a meaningful headwind to our expected growth when I called out about the Clover headwinds that we have there between both anticipation and hardware. Hardware makes up about half of that headwind, and then the anticipation makes up roughly the other half --

而當我提到我們在 Clover 面臨的逆風（包括預期與硬體）時，這對我們預期的成長是一個顯著的逆風。硬體約占該逆風的一半，而預期約占另一半--

Yeah. No, I see that as a temporary headwind driven, as Paul said, by previous sales, we have not seen any material change in the number of new merchants and things like that. Over time, as we shift the focus of Clover more towards software, more towards larger clients like we are doing. We are seeing with rectangle and hopefully, we'll see with target, you will see probably a different shift of SMBs over time. But right now, what we are seeing is really just the headwind from the past.

是的。不，我認為那是暫時性的逆風，如 Paul 所說，是由先前的銷售所驅動；我們沒有看到新商戶數量等方面有任何重大變化。隨著時間推進，當我們把 Clover 的重點更多轉向軟體、更多轉向我們正在做的那種較大型客戶。我們在 rectangle 已經看到，並希望在 target 也能看到，隨著時間推移，你可能會看到中小企業（SMB）出現不同的轉變。但就目前而言，我們看到的確實主要是來自過去的逆風。

Thank you.

謝謝。

We want to thank you for joining us on the call today, and we look forward to following back up with all the investors on a go-forward basis. And thanks for your time this morning.

感謝各位今天參與本次電話會議，我們也期待在未來持續與所有投資人進一步跟進。也謝謝各位今天早上的時間。

Thank you.

謝謝。

Thank you all for participating in the Fiserv second-quarter 2026 earnings conference call. That concludes today's call. Please disconnect at this time and have a great rest of your day.

感謝各位參與 Fiserv 2026 年第二季財報電話會議。今天的會議到此結束。請於此時掛線，祝各位今天剩餘時間愉快。