Fiserv Inc (FISV) 2020 Q4 法說會逐字稿

Welcome to the Fiserv 2020 Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

歡迎參加 Fiserv 2020 年第四季財報電話會議。 （操作說明）提醒您，本次電話會議正在錄音。

At this time, I would now like to turn the conference over to Peter Poillon, Senior Vice President of Investor Relations at Fiserv.

現在，我謹將會議交給 Fiserv 投資者關係高級副總裁 Peter Poillon。

Thank you, Ivy, and good afternoon, everyone. With me on the call today are Frank Bisignano, our President and Chief Executive Officer; and Bob Hau, our Chief Financial Officer.

謝謝艾薇，大家下午好。今天和我一起參加電話會議的還有我們的總裁兼執行長弗蘭克·比西尼亞諾，以及我們的財務長鮑勃·豪。

Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of fiserv.com. Our remarks today will include forward-looking statements about, among other matters, the impact of the COVID-19 pandemic on our business, expected operating and financial results, strategic initiatives and expected benefits and synergies from the First Data acquisition.

我們的季度收益報告和補充資料可在fiserv.com網站的投資者關係欄位中查閱。我們今天的演講將包含一些前瞻性陳述，涉及新冠疫情對我們業務的影響、預期營運和財務業績、策略性舉措以及收購First Data帶來的預期收益和協同效應等事項。

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. Please refer to our earnings release and supplemental materials for today's call 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 stated otherwise, performance references are year-over-year comparisons, and all references to internal revenue growth are on a constant currency basis.

前瞻性陳述可能與實際結果有重大差異，並受多種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。有關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，請參閱我們的盈利報告和本次電話會議的補充資料。除非另有說明，業績參考均為年比比較，所有內部收入成長均以固定匯率為基礎。

Note that the full year 2019 non-GAAP financial measures in our earnings release and supplemental materials have been prepared by making certain adjustments to the sum of historical First Data and Fiserv GAAP financial information for periods prior to the acquisition date.

請注意，我們在獲利報告和補充資料中提供的 2019 年全年非 GAAP 財務指標，是透過對收購日之前的歷史 First Data 和 Fiserv GAAP 財務資訊總和進行某些調整而編制的。

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

現在我把電話交給弗蘭克。

Thank you, Peter, and good afternoon, everyone. 2020 was unprecedented on many levels. We started the year strong. And after entering the pandemic, we continued investing heavily in technology, innovation, our client franchise and our people.

謝謝彼得，大家下午好。 2020年是前所未有的一年。年初我們發展勢頭強勁。疫情爆發後，我們依然大力投資於科技、創新、客戶拓展和人才培育。

We've now entered 2021 with tremendous momentum. Your company performed very well given the circumstances across a number of facets of our business. Our 22% sales growth for the year demonstrates that we're clearly winning in the client's office. We strengthened our client franchise, raising our client satisfaction scores across all measures. We invest in our people platform, resulting in top quartile engagement scores amongst companies in the Fortune 500.

我們以強勁的發展勢頭邁入了2021年。鑑於當前形勢，貴公司在業務的各個方面都表現出色。全年22%的銷售額成長表明，我們在客戶方面取得了顯著的成功。我們鞏固了客戶基礎，並提高了所有客戶滿意度指標。我們對人才平台進行了投資，使我們的員工敬業度得分在財富500強企業中位列前25%。

We made outstanding progress on integration. We accelerated and increased synergy execution while ramping our investment in innovative products and solutions. We delivered 12% adjusted earnings per share growth for the year, marking our 35th consecutive year of double-digit adjusted EPS growth, and we delivered record free cash flow. We are exiting the year stronger than we entered, and we're well positioned to capitalize on our momentum in 2021 and beyond.

我們在整合方面取得了卓越的進展。我們加快並加強了協同效應的執行，同時增加了對創新產品和解決方案的投資。我們全年調整後每股收益成長了12%，連續第35年實現兩位數的調整後每股收益成長，並創下了自由現金流的新紀錄。我們以比年初更強勁的姿態結束了這一年，並已做好充分準備，在2021年及以後繼續保持這一發展勢頭。

Let me provide a brief overview of our financial results in the quarter, and Bob will provide more detail later on the call. Total company internal revenue growth was 1%. That performance was led by our Merchant Acceptance segments, which was up 3%, a strong result in light of the global pandemic.

讓我簡要概述本季的財務業績，鮑伯稍後會在電話會議上提供更詳細的資訊。公司內部總收入成長了1%。這一業績主要得益於商家支付業務板塊，該板塊增長了3%，考慮到全球疫情的影響，這是一個強勁的成績。

Total company adjusted operating margin for the quarter was up 420 basis points and adjusted earnings per share increased 16%. Free cash flow was again excellent, coming in at $1.1 billion in the quarter, bringing free cash flow for the full year to more than $3.6 billion.

本季公司調整後營業利益率成長420個基點，調整後每股盈餘成長16%。自由現金流表現依然出色，本季達到11億美元，使全年自由現金流超過36億美元。

Our sales momentum remains quite strong. Fourth quarter sales were up 19%, with terrific results in our credit processing, merchant acquiring and account processing businesses. Sales for the full year were up an impressive 22%. The combination of robust sales and excellent pipeline into 2021 is evidence that our formula of bringing the strength and breadth of Fiserv's offerings together with our integrated sales model is extremely well received in the client's office and bodes well for the future.

我們的銷售勢頭依然強勁。第四季銷售額成長19%，其中信用卡處理、商家收單和帳戶處理業務表現特別出色。全年銷售額更是實現了令人矚目的22%的成長。強勁的銷售業績和2021年良好的銷售前景表明，我們將Fiserv強大的產品和服務優勢與一體化的銷售模式相結合的策略深受客戶認可，也預示著我們未來發展前景光明。

Now I'd like to update you on how our leading digital-enabled merchant business is performing. Through Clover, our leading SMB platform; Carat, our enterprise omni-channel commerce solution; and Clover Connect, our rich ISV solution set, we continue to drive innovation, expand partnerships and deliver leading solutions to our merchant clients. The momentum within the digital-enabled segments of the merchant business continues to be excellent.

現在我想向大家報告我們領先的數位化商家業務的進展。透過我們領先的中小企業平台 Clover、企業級全通路商務解決方案 Carat 以及功能豐富的獨立軟體開發商 (ISV) 解決方案集 Clover Connect，我們不斷推動創新、拓展合作夥伴關係，並為我們的商家客戶提供領先的解決方案。數位化商家業務板塊的發展動能依然強勁。

Clover's gross payment volume grew 25% to $34 billion in the quarter or $135 billion annualized. We continue to extend the breadth of services to Clover merchants with innovative solutions that enhance convenience, especially in the digital segment. For example, we recently introduced invoicing capabilities that allow Clover merchants, especially those in the services vertical, to build and collect payments from consumers electronically.

本季 Clover 的總支付金額成長 25%，達到 340 億美元，年化支付金額達 1,350 億美元。我們持續拓展服務範圍，為 Clover 商家提供創新解決方案，提升便利性，尤其是在數位領域。例如，我們近期推出了發票功能，使 Clover 商家（特別是服務業的商家）能夠以電子方式建立發票並收取消費者的款項。

Carat. So our continued growth with global e-commerce transaction is up about 25% both in the quarter and for the full year. We saw our omni-channel transactions, such as order-ahead and pick up in store, grow more than 125% year-over-year with some of our best-known quick service restaurant clients seeing excellent growth. We continue to capture market share winning 46 new enterprise-level e-comm clients in the fourth quarter, including digital acquiring for Overstock.com and Wingstop in North America.

Carat。因此，我們全球電子商務交易的持續成長在本季和全年均成長了約25%。我們的全通路交易，例如預訂和門市自提，較去年同期成長超過125%，其中一些知名快餐連鎖客戶實現了卓越的成長。我們繼續擴大市場份額，在第四季度贏得了46家新的企業級電子商務客戶，其中包括為Overstock.com和Wingstop在北美提供數位收單服務。

In Europe, we signed Total, one of the largest energy providers in the world to provide global digital payment acceptance services across more than 100 countries around the world. We also expanded employer relationships, delivering new products and services to key clients such as Lyft, where we are now powering disbursements to drivers. Clover Connect allows us to win new partnerships and drive growth in our partner solutions business.

在歐洲，我們與全球最大的能源供應商之一道達爾公司簽署了合作協議，為其在100多個國家和地區提供全球數位支付服務。此外，我們也拓展了與雇主的合作關係，為Lyft等重要客戶提供新產品和服務，目前我們正為其司機提供支付服務。 Clover Connect協助我們贏得新的合作夥伴關係，並推動合作夥伴解決方案業務的成長。

In the fourth quarter, we signed 44 new ISV partners, bringing us to 176 new ISVs signed for the year. Those new partner relationships are driving strong results in active merchants, up 43% in Q4. And strong revenue growth in the ISV channel. For example, during the quarter, Fiserv signed a strategic partnership agreement with RFMS, the largest provider of software services for floor installation professionals to provide omni-channel payment capabilities to their flooring customers. We also signed one of the largest providers of eye care products and technology to provide payment acceptance services to its more than 7,000 eye care professional customers.

第四季度，我們新增了 44 家獨立軟體供應商 (ISV) 合作夥伴，使全年新增 ISV 合作夥伴總數達到 176 家。這些新的合作關係顯著提升了活躍商家數量，第四季度增加了 43%。同時，ISV 通路的收入也實現了強勁成長。例如，本季度，Fiserv 與 RFMS（全球最大的地板安裝專業軟體服務供應商）簽署了策略合作協議，旨在為其地板客戶提供全通路支付功能。此外，我們還與一家全球領先的眼科產品和技術提供商簽約，為其超過 7,000 家眼科專業客戶提供支付服務。

To further expand our value-added services for merchants, Fiserv and Citizens Financial Group have partnered to offer merchants a new suite of lending solutions at the point-of-sale through Citizens Pay, providing merchants with flexible payment options for customers to finance purchases at the point of sale. The program expands a partnership we've had with Citizen since 2015 to provide new financing options. And we expect it to drive adoption in the fast-growing buy now, pay later space.

為了進一步拓展我們為商家提供的加值服務，Fiserv 與 Citizens Financial Group 攜手合作，透過 Citizens Pay 為商家提供一套全新的銷售點貸款解決方案，為顧客提供靈活的支付選擇，方便他們在銷售點進行購物融資。該專案是對我們自 2015 年以來與 Citizens 合作的延伸，旨在提供更多融資選擇。我們預計該專案將推動快速成長的「先買後付」模式的普及。

Moving to account processing business. We continue to expand the number of privileged relationships we have in our account processing business across financial institutions of all sizes and types. We signed 19 new core account processing clients in the quarter, including 5 on the DNA platform, bringing the total to 60 for the year with 25 on DNA.

轉向帳戶處理業務。我們持續拓展在帳戶處理業務領域與各類規模和類型的金融機構建立的合作關係。本季我們新增了19家核心帳戶處理客戶，其中5家採用DNA平台，使今年以來的客戶總數達到60家，其中25家採用DNA平台。

I'd like to highlight a few of our recent wins. ServisFirst, a commercial bank with more than $11 billion in assets, signed on for a full suite of Fiserv products including core processing, card services and output solutions. Lakeside Bank, a full-service bank with more than $2 billion in assets, signed on for our core processing, along with a robust suite of solutions that includes CheckFree, debit card services and Zelle. I'm also pleased that just recently, Republic Bank has partnered with Fiserv for core processing plus a rich suite of digital and payment solutions. Republic is a $5 billion asset, full-service retail and commercial bank that was voted the #1 Bank in America for Service by Forbes in 2020.

我想重點介紹一下我們近期取得的一些成果。資產超過110億美元的商業銀行ServisFirst簽約採用Fiserv的全套產品，包括核心處理、銀行卡服務和產出解決方案。資產超過20億美元的全方位服務銀行Lakeside Bank簽約採用我們的核心處理系統，以及一套強大的解決方案，包括CheckFree、金融卡服務和Zelle。我也很高興地宣布，Republic Bank最近也與Fiserv達成合作，採用我們的核心處理系統以及豐富的數位化和支付解決方案。 Republic Bank是一家資產達50億美元的全方位服務零售和商業銀行，在2020年被《富比士》評為美國服務最佳銀行。

All of these illustrative wins were competitive takeaways with a common characteristic. They selected a leading core platform plus multiple surround digital solutions to support their goals of sustained growth and superior customer service.

所有這些成功案例都體現了競爭優勢，並具有一個共同的特徵。他們選擇了領先的核心平台以及多種環繞式數位解決方案，以支援其持續成長和卓越客戶服務的目標。

I'm also pleased to note that we signed 3 more de novo banks in the quarter. In our payment and network segment, we continue to see robust sales activity, including several notable card production and personalization wins. We gained a new agreement with Capital One to add Cap One's more than 1,500 ATMs to Fiserv's MoneyPass ATM network, while offering their customers access to thousands of additional surcharge-free ATMs across the country. And I'm pleased to note that we expanded our long-standing partnership with PayPal, signing a deal in the quarter to integrate PayPal as a bill payment option for 5 share billers, a notable synergy sale.

我很高興地宣布，本季我們新增了三家銀行合作夥伴。在支付和網路業務方面，銷售活動持續強勁，包括幾項重要的卡片製作和個人化客製化業務。我們與 Capital One 達成了一項新協議，將 Capital One 的 1500 多台 ATM 機納入 Fiserv 的 MoneyPass ATM 網絡，同時為其客戶提供在全國範圍內使用數千台免手續費 ATM 機的服務。此外，我很高興地宣布，我們擴大了與 PayPal 的長期合作關係，本季度簽署了一項協議，將 PayPal 整合到五家上市公司的帳單支付選項中，這是一項顯著的協同效應銷售。

With that, let me update you on our integration efforts. At Investor Day, we discussed how our integration continues to go extraordinarily well and our synergy execution is far ahead of original schedule. Through December 31, we've already actioned over $1 billion of cost savings and are well on our way to fully action a $1.2 billion cost synergies by the end of this year.

接下來，我將向各位報告我們的整合工作進度。在投資者日上，我們討論了整合工作進展如何持續取得巨大成功，綜效的實現也遠超原計畫。截至12月31日，我們已實現超過10億美元的成本節約，並預計在今年年底前全面實現12億美元的成本綜效。

We entered 2021 with the majority of the integration work behind us and a focus on driving further growth and sustainable value in the years ahead.

進入 2021 年，我們已經完成了大部分整合工作，並將重點放在未來幾年推動進一步成長和永續價值。

On the revenue side, we're pleased with the level of synergy sales, which accelerated in the fourth quarter. As of year-end, we've already actioned $215 million in annualized revenue synergies, and our synergy sales pipeline is growing robustly. Giving us confidence in meeting or exceeding our $600 million target.

在營收方面，我們對綜效帶來的銷售感到滿意，尤其是在第四季加速成長。截至年底，我們已實現2.15億美元的年度營收綜效，且綜效銷售通路正在強勁成長。這讓我們有信心達到甚至超過6億美元的目標。

Our bank merchant program continues to be one of the larger synergy opportunity and offers financial institutions of all sizes and ability to offer their important merchant clients a modern suite of merchant acquiring capabilities including the innovative Clover platform, along with digital capabilities like loyalty programs and e-comm solutions. In the fourth quarter, we added 45 new bank merchant clients, bringing the total to 231 new clients since the merger, with more than half of those wins competitive takeaways. The pipeline into 2021 remains robust with over 500 financial institutions, prompting our continued confidence in achieving a sizable revenue synergy opportunity.

我們的銀行商家專案仍然是最具協同效應的領域之一，它為各種規模和能力的金融機構提供一套現代化的商家收單服務，使其能夠向重要的商家客戶提供包括創新型 Clover 平台在內的全方位服務，以及忠誠度計劃和電子商務解決方案等數位化功能。第四季度，我們新增了 45 家銀行商家客戶，自合併以來新增客戶總數達到 231 家，其中超過一半的客戶是透過競爭優勢獲得的。 2021 年的業務拓展前景依然強勁，擁有超過 500 家金融機構的潛在客戶，這讓我們對實現可觀的營收綜效充滿信心。

One final point on our digital initiatives before turning it over to Bob. As you've heard us discuss in the past, one of the most important strategic initiatives is to redefine the client experience by utilizing the latest technology to drive innovation and offer digital capabilities across our payments ecosystem.

在把發言權交給鮑伯之前，關於我們的數位化舉措，還有最後一點要補充。正如您之前聽到的，我們最重要的策略舉措之一是利用最新技術重新定義客戶體驗，從而推動創新，並在我們的支付生態系統中提供數位化功能。

We've taken 2 important steps in the last 60 days in this area. First, we acquired Ondot Systems, the leading digital card services platform for financial institutions of all sizes. We're committed to deploying capital, both organically and inorganically, to develop the digital and data next generational solutions that will drive growth long into the future.

過去60天裡，我們在這領域採取了兩項重要措施。首先，我們收購了Ondot Systems，該公司是各種規模金融機構的領先數位卡服務平台。我們致力於透過內部成長和外部收購的方式，投入資金開發下一代數位和數據解決方案，以推動未來的長期成長。

And second, further demonstrating our commitment to leadership in this area, we appointed a Chief Digital and Data Officer to lead these important strategic growth initiatives across all of Fiserv. Now let me pass the discussion to Bob for more detail on the financial results.

其次，為了進一步展現我們在該領域的領導地位，我們任命了一位首席數位和數據官，負責領導Fiserv所有部門的這些重要策略成長計畫。現在，我把發言權交給Bob，讓他詳細介紹財務表現。

Thank you, Frank, and good afternoon, everyone. We had a strong fourth quarter in light of continued pressure from the pandemic across the globe. Total company internal revenue growth was 1% in the quarter, led by the Merchant Acceptance segment, which grew 3%.

謝謝弗蘭克，大家下午好。儘管全球疫情持續帶來壓力，我們第四季業績依然強勁。公司整體內部營收本季成長1%，其中商戶受理業務板塊成長3%，帶動了整體成長。

For the full year, internal revenue was flat versus last year, in line with our expectations that we communicated during our last earnings call. Growth from revenue synergies, which were $46 million in the quarter and $160 million for the year, helps mitigate the impact from continued pressure related to the pandemic.

全年來看，內部收入與去年持平，符合我們在上次財報電話會議的預期。收入綜效帶來的成長（本季為 4,600 萬美元，全年為 1.6 億美元）有助於緩解疫情持續帶來的壓力。

During our last earnings call, we shared that we saw transaction growth rates stabilize at or around July levels. In the fourth quarter, our transaction and payment volume growth rates remain relatively in line with what we saw in the third quarter. Fourth quarter adjusted operating income was up a strong 10% to $1.3 billion and adjusted operating margin increased by a very strong 420 basis points to 35.6%, driven by our rigorous cost synergy, execution, which produced $177 million of incremental cost synergies in the quarter as well as strong operating performance.

在上次財報電話會議上，我們提到交易成長率已穩定在7月的水平附近。第四季度，我們的交易量和支付量成長率與第三季基本持平。第四季調整後營業收入強勁成長10%至13億美元，調整後營業利潤率也大幅提升420個基點至35.6%，這主要得益於我們嚴格的成本協同效應執行，該季度實現了1.77億美元的額外成本協同效應，以及強勁的營運業績。

For the full year, adjusted operating income increased by 2% to $4.4 billion, and adjusted operating margin increased 170 basis points to 31.4%, benefiting from $581 million of incremental cost synergies in the year and excellent operational performance.

全年調整後營業收入成長 2% 至 44 億美元，調整後營業利潤率成長 170 個基點至 31.4%，這得益於本年度 5.81 億美元的增量成本協同效應和出色的營運績效。

The fact that we improved our margin by 170 basis points to the worst economic cycle in memory is a strong validation of the robust quality and resilience of our business. And since most of the cost actions in 2020 were focused on permanent synergy achievement, not short-term cost savings, we believe our adjusted operating margin improvements are sustainable and expect continued strong improvements in 2021 and beyond.

在記憶中最糟糕的經濟週期中，我們仍能將利潤率提高170個基點，這有力地證明了我們業務的穩健性和韌性。由於2020年的大部分成本控制措施都著眼於實現永久性協同效應，而非短期成本節約，我們相信調整後的營業利潤率提升是可持續的，並預計2021年及以後將繼續保持強勁增長。

Fourth quarter adjusted earnings per share increased 16% to $1.30 compared to $1.12 in the prior year, as adjusted for divestitures. Adjusted earnings per share for the full year increased 12% to $4.42, ahead of our prior expectations. Free cash flow in the quarter was once again very strong at $1.1 billion. For the full year, free cash flow increased 11% to more than $3.6 billion. Free cash flow conversion was also very strong at 119% for the fourth quarter and 121% for the full year.

經資產剝離調整後，第四季調整後每股盈餘較去年同期成長16%至1.30美元，而上年同期為1.12美元。全年調整後每股盈餘年增12%至4.42美元，超乎預期。本季自由現金流表現強勁，達11億美元。全年自由現金流年增11%至超過36億美元。第四季和全年自由現金流轉換率也十分出色，分別為119%和121%。

Turning to each of the segments. Internal revenue growth in the Merchant Acceptance segment was 3% in the quarter, an impressive result given the headwinds faced from economy that was hampered by the pandemic. Our results were once again driven by strong performances in our portfolio SMB clients, supported by our Clover platform, enterprise clients supported by Carat and another strong quarter from our ISV business.

接下來我們來看各個業務區。商家支付業務部門本季內部營收成長3%，考慮疫情對經濟造成的衝擊，這一成績令人矚目。我們的業績再次得益於中小企業客戶的強勁表現（得益於我們的Clover平台）、企業客戶的出色業績（得益於Carat平台）以及獨立軟體開發商（ISV）業務的又一個強勁季度表現。

For the full year, internal revenue is in line with the prior year. As Frank discussed, our Clover GPV continues to grow very nicely, up 25% in the quarter despite the difficult macroeconomic environment for SMBs. We feel great about the strength of that portfolio in 2020 and even better about its performance in the months and quarters ahead as we get beyond the pandemic.

全年內部收入與上年持平。正如弗蘭克所說，儘管中小企業面臨嚴峻的宏觀經濟環境，我們的 Clover GPV 依然保持了良好的成長勢頭，本季成長了 25%。我們對該投資組合在 2020 年的表現充滿信心，隨著疫情逐漸消退，我們對未來幾個月和幾季的表現更加樂觀。

Our integrated payments, or ISV business, continues to perform extremely well with continued strong revenue growth in the quarter. As we discussed at our Investor Day, we recently rolled out Clover Connect, a Clover integrated solution for ISVs. We believe that this solution will further extend our differentiation for ISVs and their merchant customers and continue to drive excellent growth in the future. Adjusted operating income in the aerospace -- excuse me, in the Acceptance segment increased 8% to $443 million in the quarter. Adjusted operating margin was up 280 basis points in the quarter to 30.7% and increased 150 basis points sequentially.

我們的整合支付業務（ISV）表現依然非常出色，本季營收持續強勁成長。正如我們在投資者日上所討論的，我們近期推出了 Clover Connect，這是一款針對 ISV 的 Clover 整合解決方案。我們相信，此解決方案將進一步提升我們為 ISV 及其商家客戶提供的差異化優勢，並在未來繼續推動業務的卓越成長。本季度，航空航太（抱歉，應該是受理業務）的調整後營業收入成長 8%，達到 4.43 億美元。調整後營業利潤率本季成長 280 個基點，達到 30.7%，季增 150 個基點。

On our Q2 earnings call, after reporting our COVID impact at low point for our Acceptance financial results, we said the segment's adjusted operating margin was expected to improve by more than 800 basis points in the second half of 2020 compared to the first half. We're pleased to achieve that with our second half acceptance margin of nearly 1,000 basis points, bringing our full year margin to 25.4%.

在第二季財報電話會議上，我們報告了受新冠疫情影響，驗收業務的財務表現跌至谷底。當時我們預計，該業務部門2020年下半年的調整後營業利潤率將比上半年提高800多個基點。我們很高興看到，下半年驗收利潤率接近1000個基點，全年利潤率達到25.4%，實現了這個預期。

The Fintech segment internal revenue declined 1% in the fourth quarter compared to the prior year as growth in high-quality recurring revenue was again offset by much lower periodic revenue, most prominently, termination fees, which created approximately 350 basis points of headwind to internal revenue growth in the quarter.

與去年同期相比，金融科技部門第四季度的內部收入下降了 1%，原因是高品質經常性收入的增長再次被大幅下降的周期性收入所抵消，其中最突出的是終止費，這給該季度的內部收入增長帶來了約 350 個基點的阻力。

For the full year, internal revenue was in line with the prior year. The shift towards digital banking took a strong step forward in 2020 with lockdowns leading consumers and businesses alike to consider new ways of banking, and we continue to see strong demand for a broad array of digital solutions as a result. For example, total mobile subscribers across our leading digital platforms, mobility and architect, grew 15% in the quarter.

全年內部收入與上年持平。 2020年，隨著疫情封鎖措施促使消費者和企業重新審視銀行業務模式，數位化銀行業務轉型取得了顯著進展，因此，我們對各類數位化解決方案的需求依然強勁。例如，本季我們領先的數位平台——行動平台和架構平台——的行動用戶總數增加了15%。

Architect implementations continue at a strong pace. In fact, during the second half of the year, we completed more architect implementations than in all of 2019, an excellent indicator for future growth.

架構師實施工作持續保持強勁勢頭。事實上，今年下半年我們完成的架構師實施專案數量就超過了2019年全年，這無疑是未來成長的絕佳訊號。

Fiserv offerings such as remote data capture, have allowed our FI clients to offer safe, convenient and fast self-service check deposits for their consumer and commercial clients, while improving efficiency in their own results. Mobile deposits in Q4 grew 33% over prior year and were up more than 30% for the full year, while self-service ATM deposits grew more than 50% in both the quarter and full year.

Fiserv提供的遠端資料收集等解決方案，使我們的金融機構客戶能夠為其個人和商業客戶提供安全、便利、快速的自助支票存款服務，同時提升自身營運效率。第四季行動存款年增33%，全年增幅超過30%；自助ATM存款在第四季和全年均成長超過50%。

Adjusted operating income was up a strong 14% in the quarter to $271 million and grew 12% in the full year to $992 million. Adjusted operating margin in the segment increased a robust [490] (corrected by the company after the call) basis points in the quarter to 36.5% on a combination of growth in processing revenue, operational effectiveness benefits and cost synergies.

經調整後的營業收入在本季強勁成長 14% 至 2.71 億美元，全年成長 12% 至 9.92 億美元。該業務部門的經調整營業利潤率在本季度大幅增長 [490] 基點（公司在電話會議後進行了更正），達到 36.5%，這主要得益於加工收入的增長、運營效率的提升以及成本協同效應。

For the year, adjusted operating margin was up an impressive [410] (corrected by the company after the call) basis points to 34.2%. And as the benefits of growth in processing revenue in our highly scaled business and the combination of both synergy and productivity gains more than offset the impact from lower periodic revenue.

全年調整後的營業利潤率大幅成長[410]（公司在電話會議後進行了更正）個基點，達到34.2%。這得益於我們高度規模化業務中加工收入的成長，以及綜效和生產力提升所帶來的效益，足以抵銷週期性收入下降的影響。

The payments and network segment saw internal revenue decline 1% in the fourth quarter compared to the prior year as growth in our international issuer, card services and output solutions businesses, including the benefit of revenue synergies, was more than offset by COVID-driven impacts elsewhere in this segment.

由於國際發卡機構、卡片服務和輸出解決方案業務的成長（包括收入協同效應帶來的收益）被新冠疫情對該業務其他領域的影響所抵消，支付和網路部門第四季度的內部收入比上年同期下降了 1%。

Internal revenue for the year was in line with the prior year. Debit transactions continue to show very stable levels of growth in the mid-single-digit range. We've seen this consistent mid- to high-single-digit transaction growth since June. And remain confident that this level is sustainable going forward.

本年度內部收入與上年度持平。借記卡交易量持續保持非常穩定的成長，維持在中個位數水準。自6月以來，我們一直看到這種持續的中高個位數交易量成長。我們仍然相信，這一成長水準能夠持續下去。

We continue to see excellent transaction growth in solutions, such as account-to-account and P2P. Zelle transactions in the quarter more than doubled compared to prior year and were up 18% sequentially. The number of clients live on Zelle has grown significantly this year, nearly tripling our client count compared to a year ago, and we expect continued strong growth in 2021 and beyond.

我們持續看到帳戶間轉帳和P2P等解決方案的交易量顯著成長。本季Zelle的交易量較上年同期成長超過一倍，較上季成長18%。 Zelle的活躍客戶數量今年大幅成長，幾乎是去年同期的三倍，我們預計2021年及以後將持續保持強勁成長動能。

Adjusted operating income for the segment was strong, up 5% to $660 million in the quarter, and was up 6% to $2.4 billion for the year. Adjusted operating margin was up 300 basis points to 46.4% in the quarter and was up 280 basis points to 43.3% for the year. The positive impact of both revenue and cost synergies drove our solid adjusted operating income results, both in the quarter and the full year.

該業務部門經調整後的營業收入表現強勁，本季成長5%至6.6億美元，全年成長6%至24億美元。經調整後的營業利益率本季成長300個基點至46.4%，全年成長280個基點至43.3%。營收和成本綜效的正面影響推動了我們本季和全年經調整後營業收入的穩健成長。

The adjusted corporate operating loss was $87 million in the fourth quarter and $404 million for the full year, a 5% improvement over last year. This improvement was driven by a combination of cost synergies and productivity as well as lower variable compensation, partially offset by incremental COVID costs.

經調整後，該公司第四季營業虧損為8,700萬美元，全年虧損為4.04億美元，較上年同期改善5%。這項改善主要得益於成本綜效、生產效率提升以及變動薪資降低，但部分被新增新冠疫情相關成本所抵銷。

The adjusted effective tax rate in the quarter was 21.7% and 20.9% for the full year, down slightly from the prior year. For 2021, we expect the full year adjusted effective tax rate fairly consistent with the 2020 rate in the range of 21% to 22%. However, we do expect some variability in the rates by quarter, given different comparison points and the timing of discrete tax items. As such, we expect our Q1 2021 effective tax rate will be higher than Q1 last year.

本季調整後實際稅率為21.7%，全年為20.9%，較上年略有下降。我們預計2021年全年調整後實際稅率將與2020年基本持平，維持在21%至22%的區間內。然而，考慮到不同的比較基數以及各項稅項的生效時間，我們預期各季度稅率會有所波動。因此，我們預計2021年第一季的實際稅率將高於去年同期。

As previously communicated, our capital allocation priority for the second half of the year was to focus primarily on debt repayment. We repaid $740 million of debt in the quarter and $1.8 billion in the year. We also repurchased 1.8 million shares of stock for $200 million in the fourth quarter, bringing total capital allocated to share repurchase to $1.6 billion for the full year. We have 65.7 million shares authorized for repurchase as of December 31.

如同先前所述，我們下半年的資本配置重點是償還債務。本季我們償還了7.4億美元的債務，全年共償還了18億美元。此外，我們在第四季回購了180萬股股票，耗資2億美元，使全年用於股票回購的總資本達到16億美元。截至12月31日，我們已獲準回購6,570萬股股票。

In rounding out our top capital allocation priorities, as Frank mentioned earlier, in December, we announced the acquisition of the Ondot Systems and closed that acquisition in January. Total debt outstanding was $20.7 billion at December 31 and debt-to-adjusted EBITDA dropped to 3.6x. We are well on track to achieve our targeted leverage in the second half of 2021 as we anticipate both strong adjusted EBITDA growth and some further debt repayment this year.

正如弗蘭克之前提到的，為了完善我們的首要資本配置計劃，我們在12月宣布收購Ondot Systems，並在1月完成了收購。截至12月31日，未償還債務總額為207億美元，債務與調整後EBITDA比降至3.6倍。我們預計今年調整後EBITDA將強勁成長，並進一步償還部分債務，因此我們預計在2021年下半年實現既定的槓桿目標。

As you heard us emphasize throughout our Investor Day in December, we are fully committed to our long-standing capital strategy, which includes maintaining a strong balance sheet, organic investment in innovative solutions and high-value acquisitions like Ondot. Importantly, share repurchase remains our benchmark for capital deployment.

正如我們在12月投資者日上反覆強調的那樣，我們始終堅持長期資本策略，包括保持穩健的資產負債表、對創新解決方案進行內生性投資以及收購像Ondot這樣的高價值公司。重要的是，股票回購仍然是我們資本部署的基準。

With that, let me turn the call back to Frank.

那麼，我把電話轉回給弗蘭克。

Thanks, Bob. We expect 2021 internal revenue growth to be 8% to 12% for the full year. This is modestly better at the bottom end of the range than our preliminary outlook we shared at our recent Investor Day. Given our current view of economic conditions, including the second stimulus in late December, and the prospect of a third stimulus package later this quarter, the significant growth rate acceleration relative to 2020 is driven by the multi-pronged impacts of our current expectations for an improving global economy, the overall continuing strength in our global Merchant Business, the cumulative impact of sales and implementation and continued achievement of in-year revenue synergies.

謝謝，鮑伯。我們預計2021年全年內部收入成長率為8%至12%。這比我們近期投資者日上公佈的初步預期略好於預期區間的下限。鑑於我們目前對經濟情勢的看法，包括12月底的第二輪刺激計劃以及本季度晚些時候可能出台的第三輪刺激計劃，與2020年相比，增長率的顯著提升主要得益於多方面因素的共同作用：我們對全球經濟持續改善的預期、全球商戶業務的持續強勁增長、銷售和實施的協同效應以及年內累積收入效應的持續實現。

We expect 2021 adjusted earnings per share in the range of $5.30 to $5.50, which is $0.05 above the range we provided at our Investor Day in December. The improvement is driven by the stronger exit rate from 2020 and the benefit of stimulus programs in the U.S.

我們預計2021年調整後每股盈餘將在5.30美元至5.50美元之間，比我們在12月投資者日上給出的預期範圍高出0.05美元。這一增長主要得益於2020年經濟復甦的加速以及美國刺激計劃的利多。

We expect adjusted operating margin to expand by at least 250 basis points. And free cash flow conversion will be greater than 108% for the year. Our internal revenue and adjusted EPS growth rate assumptions are grounded in our internal assumptions of when and how the economy will recover from the pandemic in 2021. The midpoint of our guidance generally assumes improvement of the pandemic and increased vaccinations throughout the first half of the year, leading to economic recovery in the second half. There are several factors that we believe will impact the quarterly cadence of the year-over-year growth rates, largely driven by lapping our 2020 performance, which included pre-pandemic performance for much of the first quarter, the depth of the impact in Q2 and then the start of improvement in the second half.

我們預計調整後營業利潤率將至少成長250個基點。全年自由現金流轉換率將超過108%。我們內部的收入和調整後每股盈餘成長率假設是基於我們對2021年經濟何時以及如何從疫情中復甦的內部預期。我們業績指引的中位數通常假設疫情在上半年有所好轉，疫苗接種率不斷提高，從而在下半年實現經濟復甦。我們認為有幾個因素會影響同比增速的季度節奏，這主要是由於我們2020年的業績數據涵蓋了第一季大部分時間的疫情前表現、第二季度疫情的嚴重影響以及下半年開始的復甦。

Quarterly results may vary, including rates that may fall outside of the full year guidance range both on the low and high end for a particular quarter. We expect Q1 to be our toughest comparison and Q2, the most favorable comparison, then see more normalized comparisons for the second half of the year.

季度業績可能有所波動，包括個別季度的利率可能超出全年預期範圍（無論高低）。我們預計第一季將是同比基數最大的季度，第二季度則是最有利的季度，下半年的年比基數將更加正常化。

Throughout this past year, every Fiserv associate was challenged to work differently, to reimagine how we do our jobs to serve our clients, who in turn were learning how to serve their customers. Faced with these challenges, I'm proud of our results. Across a number of measures, 2020 was a successful year. Our client satisfaction scores improved measurably during a time when our clients needed us the most. We saw our employee engagement scores improve even as we executed against a complex integration and through a pandemic.

過去一年，Fiserv 的每一位員工都面臨著改變工作方式的挑戰，需要重新構想我們服務客戶的工作模式，而客戶們也在學習如何更好地服務他們的客戶。面對這些挑戰，我為我們所取得的成果感到自豪。從多項指標來看，2020 年都是成功的一年。在客戶最需要我們的時候，我們的客戶滿意度評分顯著提升。即使在應對複雜的整合工作和疫情挑戰的同時，我們的員工敬業度評分也得到了提升。

We meaningfully increased our synergy targets and accelerated the time to achieve those targets and then regress the integration of First Data to the verge of completion in 2021. And at the end of the day, your company achieved its 35th consecutive year of double-digit adjusted EPS growth.

我們大幅提高了綜效目標，加快了實現這些目標的速度，並將First Data的整合工作推進到2021年接近完成。最終，貴公司實現了連續第35年兩位數的調整後每股盈餘成長。

Among the most important initiatives your company undertook was the creation of our Forward Together plan to be a force for positive change in our communities. Our Forward Together plan is a 4-part commitment to support and empower underrepresented associates, business owners and not-for-profits. A pillar of our Forward Together plan, the Back2Business program was launched last summer.

貴公司最重要的舉措之一是製定了「攜手共進」計劃，旨在為社區帶來積極變革。 「攜手共進」計畫包含四個面向，致力於支持和賦能弱勢員工、企業主和非營利組織。作為「攜手共進」計畫的重要組成部分，「重返商業」計畫於去年夏天啟動。

As part of Back2Business, we committed to invest $10 million to support black and minority-owned business owners and entrepreneurs. We are well into that monetary commitment and are now meaningfully increasing it to $50 million.

作為「重返商業」（Back2Business）計畫的一部分，我們承諾投資1000萬美元，用於支持黑人和少數族裔擁有的企業主和創業者。我們已基本履行了這項資金承諾，現在正大幅增加投資額至5,000萬美元。

As a further indication of our commitment to continued progress in this important initiative, we recently appointed a senior executive as Head of Corporate Social responsibility to lead these efforts for Fiserv as well as oversee sustainability efforts for the organization.

為了進一步表明我們對這項重要舉措持續推進的承諾，我們最近任命了一位高階主管擔任企業社會責任主管，領導 Fiserv 的這些工作，並監督組織的永續發展工作。

Fiserv was once again named a World's Most Admired company for the eighth consecutive year with excellent scores in people management, social responsibility and a host of other categories. This is well-deserved recognition of the more than 40,000 hardworking and caring Fiserv associates around the world. I will close by thanking all of them, for working relentlessly to serve our clients and you, our shareholders.

Fiserv連續第八年榮膺「全球最受尊敬公司」稱號，在人員管理、社會責任及其他諸多領域均獲得卓越評分。這是對全球超過4萬名勤奮敬業、關懷客戶的Fiserv員工的實至名歸的認可。最後，我要衷心感謝所有員工，感謝他們為服務我們的客戶以及各位股東所做的不懈努力。

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

好了，接線員，我們現在開始接受提問。

(Operator Instructions) Our first question is from Lisa Ellis from MoffettNathanson.

（操作說明）我們的第一個問題來自 MoffettNathanson 公司的 Lisa Ellis。

First question for me is on Carat. You called out 46 new enterprise wins in Merchant Acceptance this quarter. Can you describe how the launch of Carat is improving your value proposition in the enterprise space, and maybe give some color on some of the customer feedback you're getting on that offering?

我的第一個問題是關於Carat的。您提到本季在商家支付領域新增了46位企業客戶。您能否介紹一下Carat的推出如何提升您在企業領域的價值主張，並簡要介紹一下您從客戶那裡收到的關於該產品的一些回饋？

Well, I think the strategic point around Carat is that we've integrated for ease of access globally so although it could be utilized in many currencies in many countries, its multinational capabilities is resonating very, very well in the client's office. And that ease of access, its ability to optimize acceptance is really what's driving a very high win rate there. And the engineering underneath it was bringing to a single platform a single instance and ability to execute globally.

我認為Carat的戰略要點在於，我們實現了全球範圍內的便捷訪問，因此儘管它可以在許多國家/地區使用多種貨幣，但其跨國功能在客戶公司引起了極大的共鳴。這種便利的存取方式以及優化接受率的能力，正是其高成交率的關鍵。而其底層工程技術則實現了在單一平台上實現單一實例和全球執行能力。

And as you've heard us talk about through the course of the year, the hundreds of wins that we've had institutionally and those are in active, big names that are leaning into the commerce and economy. So it's resonated very well in the client's office, a lot of work done by the team to build it out and get it to be the platform that's winning in the market.

正如您在過去一年中聽到的，我們取得了數百項機構客戶的成功合作，這些客戶都是活躍在商業和經濟領域的知名企業。因此，該平台在客戶部門引起了強烈的反響，這離不開團隊的辛勤付出，他們努力將其打造成為市場上領先的平台。

Good stuff. My follow-up quick one is for Bob. Could you just give a little color on the segment level outlooks for 2021, and also what type of transaction growth or unit growth you're anticipating or is embedded in your outlook?

不錯。我還有一個後續問題想問鮑伯。您能否簡單介紹一下2021年各業務部門的展望，以及您預期或已納入展望的交易量成長或銷售成長？

Sure, Lisa. We don't give specific guidance by our individual segments, but let me try to give you a little bit of color to get you, kind of, directionally. Obviously, if you look at our Merchant Acceptance segment, it represents about 40% of the overall company revenue. We had given during Investor Day an expectation of mid-term or medium-term growth of about 9% to 12%. And we certainly expect in 2021 to be above even the high end of that as we rebound/recover from what has certainly been a pretty difficult year and, in particular, in second quarter of 2020.

當然可以，麗莎。我們不提供各個業務板塊的具體業績指引，但我可以簡單介紹一下，幫您大致了解一下方向。顯然，如果您看一下我們的商家支付業務板塊，它約占公司總收入的40%。我們在投資者日上曾預期該板塊中期成長率約為9%至12%。我們預計2021年的成長速度將超過預期上限，因為我們將從過去一年，特別是2020年第二季的困境中復甦。

Frank laid out a little bit of some of the key assumptions that we've got in our overall revenue and EPS growth for that matter. And it certainly plays a key part in the improvement, accelerated growth in the Merchant segment, things like having a large number of folks vaccinated, seeing some of the restrictions that are in place, particularly in Europe, but even across the United States, being lifted and seeing a recovery -- a general economic recovery in the second half of the year.

弗蘭克簡要闡述了我們對整體營收和每股盈餘成長的一些關鍵假設。這無疑對商家業務的改善和加速成長起到了關鍵作用，例如大量民眾接種疫苗，部分限制措施（尤其是在歐洲，甚至包括美國）的解除，以及經濟在下半年的復甦。

If you look at the Fintech segment, very much impacted this year by periodic revenue. We've seen that really across the year, in particular, in the second half of the year, but even a little bit in the first half and overall impact this year.

如果你觀察金融科技領域，你會發現它今年受到週期性收入的嚴重影響。我們已經看到這種情況貫穿全年，尤其是在下半年，但上半年也略有體現，並且對全年整體都產生了影響。

As we look to 2021, we see some of that persisting in Q1 and a bit into the second quarter. But by the time we get to the second half of the year, we see that headwind subsiding such that we would expect the Fintech segment, which has medium-term outlook of about 4% to 6%, to be in that range for the full year 2021. And we're not counting on a recovery or a rebound of a periodic revenue/termination fees. It's really that we lap the pretty significant decline we've had over the last several quarters, and it doesn't continue. And so we'll see benefit really in the second half of 2021.

展望2021年，我們預期部分不利因素將在第一季持續到第二季​​。但到了下半年，這些不利因素將會減弱，我們預期金融科技類股（中期前景約4%至6%）在2021年全年也將維持在這一區間。我們並不指望週期性收入/終止費用能夠復甦或反彈。我們真正關注的是，過去幾季出現的顯著下滑能夠得到緩解，並且不會持續下去。因此，我們將在2021年下半年真正看到利好。

And then the final segment, the Payments segment, again, about the other 40% of the overall company. Medium-term guidance here was 5% to 8%. I would expect this segment to probably be at the upper end of that range in 2021, as we see transaction growth improve kind of post-COVID, in particular, in our bill pay business, some of our prepaids and, of course, as you know, we have a leading position in retail private label. And as those retailers improve, again, particularly in the second half of the year, we'll see some improvement.

最後是支付業務板塊，約占公司整體業務的40%。中期預期為5%至8%。我預計2021年該板塊的成長率可能會達到預期區間的上限，因為隨著疫情後交易成長的改善，尤其是在我們的帳單支付業務、部分預付卡業務以及零售自有品牌業務方面，我們預計該板塊的成長率將有所提升。如您所知，我們在零售自有品牌領域佔據領先地位。隨著這些零售商的業績改善，尤其是在下半年，我們將看到業績的提升。

And of course, you certainly heard us talk about some very significant wins in our issuer processing business in this segment. The very large ones that we talked about during the last earnings call really won't provide much lift in 2021. But there are quite a few below those top 3. It don't take quite as long to implement, and you'll see some of those come on into 2021, and again, provide some nice growth into that business, into that segment. And the last driver of that business, I'd probably point to is Zelle.

當然，您肯定也聽到了我們在這個板塊的發卡機構處理業務中取得的一些重大進展。我們在上次財報電話會議上提到的那些規模非常大的項目，在2021年可能不會帶來太大的提振。但還有不少項目，它們規模小於那三大項目。這些專案的實施週期相對較短，您將會在2021年看到其中一些專案陸續上線，並再次為該業務板塊帶來可觀的成長。而推動該業務發展的最後一個因素，我認為是Zelle。

As I mentioned on my prepared remarks, nearly a tripling number of FIs on Zelle through Fiserv and not only do we see that continuing to grow, but also more and more consumers choosing a bank-centric P2P network and seeing more transaction volume. So that gives us some confidence that we'll be kind of in the upper end of the mid-term range of 5% to 8%.

正如我在事先準備好的發言稿中提到的，透過 Fiserv 使用 Zelle 的金融機構數量幾乎增長了兩倍，而且我們不僅看到這一數字持續增長，還看到越來越多的消費者選擇以銀行為中心的 P2P 網絡，交易量也隨之增加。因此，我們有信心，中期成長率將達到 5% 到 8% 的上限。

And the last thing I'd point, Lisa, is we're going to see some probably unique variation in the growth rates by quarter. Again, Frank talked a little bit about this in his prepared remarks. Q1, as you recall, in 2020, was essentially COVID-free for, call it, roughly 10 of the 13 weeks of the first quarter. And we had, had a very strong first quarter until COVID hit really at the latter part of March and, obviously, very significantly in Q2. So I would expect Q1 to not only be our lowest point in the quarter in terms of growth rate year-over-year, but actually probably be below the guidance range with a rebound and the opposite take place in the second quarter when you have much easier comps, will be on the -- above the upper end of our guidance range. Such that by the time we exit the first half of the year, we're trading in that -- within the overall internal revenue growth and EPS guidance range on the first half basis and be set nicely for the second half.

麗莎，最後一點我想指出的是，我們預計各季度的成長率可能會出現一些獨特的波動。弗蘭克在事先準備好的發言稿中也略有提及這一點。如你所知，2020 年第一季度，大約有 10 週的時間（總共 13 週）基本上沒有受到新冠疫情的影響。在第一季度，我們的業績表現非常強勁，直到 3 月下旬新冠疫情真正爆發，並在第二季度受到顯著衝擊。因此，我預計第一季不僅會是同比增速最低的季度，而且很可能低於預期範圍，之後還會出現反彈。而第二季的情況則恰恰相反，由於基數較小，成長率將高於預期範圍的上限。這樣一來，到上半年結束時，我們的整體內部營收成長和每股盈餘都將處於預期範圍內，並為下半年的發展奠定良好的基礎。

Our next question comes from Dave Koning from Baird.

我們的下一個問題來自 Baird 公司的 Dave Koning。

I guess first of all, I guess, sort of a similar question just on margin expansion by segment. I know you don't give a lot of color on this, but the Merchant segment was the one that was actually still down year-over-year for margins in 2020, where the other 2 nicely expanded. So should we expect as revenues come back in that segment for that one probably to be the most benefited by margin expansion than the other 2 closer to the guidance range?

首先，我想問一個類似的問題，是關於各業務板塊的利潤率擴張。我知道您在這方面沒有提供太多細節，但實際上，2020年商戶業務板塊的利潤率同比仍然下降，而其他兩個板塊的利潤率則實現了顯著增長。那麼，隨著該板塊收入的回升，我們是否應該預期它比其他兩個板塊（更接近預期範圍）更能受益於利潤率的擴張？

Yes, you're probably not too far off in that thinking. You hit the issue right on the head. Obviously, we had an extremely difficult second quarter. Both in terms of revenue and margin in that segment, really nice recovery sequentially in the second half of the year. And so we head into 2021 in much better position than we did in the first half, so we'll see some nice improvement. Again, you'll get the benefit of the comparison point in second quarter of 2021.

是的，你的想法很可能沒錯。你一針見血地指出了問題的關鍵。顯然，我們第二季的業績非常糟糕，無論是營收還是利潤率，都受到了影響。不過，下半年環比回升，情況相當不錯。因此，我們進入2021年時的情況比上半年好得多，預計會有顯著改善。此外，2021年第二季的業績將具有一定的參考價值。

Overall, I would say, when we closed the books, 12 months from now, we're on this call, I would expect margin expansion in all 3 segments and probably a bigger lift out of Merchant Acceptance business.

總的來說，我認為，12 個月後，當我們結束帳目時，也就是我們再次進行這次電話會議時，我預計所有 3 個業務板塊的利潤率都會有所提高，而且商家受理業務的利潤率可能會有更大的提升。

Got you. And then just a follow-up, one thing you don't talk a lot about is the equity income line. It's about 5% of total profits. But I would imagine that got hit pretty hard this year, just the bank JVs and stuff and might correlate more with the Merchant segment, so it would probably be up more than just the average business. I don't know if that's a good way to think about it, but I just wonder if there's any context around the equity income line.

明白了。還有一個後續問題，您很少提到權益收益這一項。它大約佔總利潤的5%。但我估計今年這部分受到的衝擊很大，主要是因為銀行合資企業之類的項目，而且可能與商家業務的相關性更高，所以它的增長幅度應該會高於一般企業。我不知道這樣理解是否恰當，但我只是想了解權益收益這一項的具體情況。

No, actually, I think that's exactly the way to think about it. And you're right, that's the largest portion of that is the Merchant joint ventures. And as we see the Merchant business overall recover, I'd expect to see the joint ventures participate in that and help with that equity line.

不，實際上，我認為正是這樣想的。你說得對，其中最大的一部分是商戶合資企業。隨著商家業務整體復甦，我預期這些合資企業會參與其中，並為股權融資做出貢獻。

Our next question comes from Andrew Jeffrey from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

My question is really around a couple of, I guess, tech-enabled initiatives, generally in Merchant. I'm thinking about e-comm and the enterprise e-comm business and also omni generally, great KPIs in terms of volume.

我的問題主要圍繞在幾個技術驅動型措施展開，尤其是在商家領域。我指的是電子商務、企業級電子商務以及全通路零售，這些舉措在交易量方面都具有顯著的KPI。

Bob, can you speak to yield contribution, and also maybe even Clover? I assume these are higher-yielding transactions. And given the growth rates should blend up acceptance organic revenue growth, all things considered, I'm just trying to think about order of magnitude and impact from your tech-enabled business generally.

鮑勃，你能談談收益貢獻嗎？還有 Clover 平台？我假設這些都是高收益交易。考慮到成長率應該涵蓋了接受度和自然收入成長，總而言之，我只是想了解你們這家技術驅動型企業的整體規模和影響。

Yes. Certainly, you're on the right track. Clover, with obviously heavy exposure in SMBs, generally has higher yield. And in general, tech-enabled does. Certainly, the thing to consider though is that was a big element of the growth in 2020. And so you don't necessarily see a massive acceleration of that because that was actually one of the things that helped the overall growth rate of the Merchant segment. As small businesses and retail broadly shut down again, particularly in the second quarter, people moved to tech-enabled e-commerce type transactions. And you heard us report very strong growth throughout the year in overall Clover volume. We'll obviously see that continue.

是的，您肯定理解正確。 Clover 在中小企業客戶中佔有相當大的份額，因此通常收益率更高。而且，一般來說，技術賦能型平台的報酬率也較高。當然，需要考慮的是，這在 2020 年的成長中發揮了重要作用。因此，您不一定會看到這種成長速度大幅加快，因為這實際上是推動商家板塊整體成長的因素之一。隨著小型企業和零售業再次大規模停業，尤其是在第二季度，人們轉向了技術賦能的電子商務交易。正如您所聽到的，我們報告稱 Clover 全年的整體交易量都實現了強勁增長。我們顯然會看到這種成長勢頭繼續下去。

But as a percent of the overall share of activity within the Merchant segment, you won't necessarily see a big change overall. So the margin improvement really is driven by continued productivity, scale business benefit as well as synergy benefits.

但就商家業務整體份額而言，您可能不會看到顯著變化。因此，利潤率的提升主要得益於持續的生產力提高、規模效益以及綜效。

Okay. That's helpful. And just as a quick follow-up, Frank, you called out the bank channel, which is a part of your distribution network that I know you know very well, spent a lot of time on. Lots of new banks, do you feel like you can get adequate productivity out of that channel long term, especially as it relates to SMB merchant acquiring or acceptance?

好的，這很有幫助。法蘭克，我再補充一點，你提到了銀行管道，我知道你對這個管道非常了解，也投入了很多時間，它是你分銷網絡的重要組成部分。有很多新的銀行加入，你覺得長遠來看，這個管道能帶來足夠的效率嗎？尤其是中小企業商家收單或受理方面？

Yes. I think yes. It's 100% yes. And I would think about it in multiple ways. One, I would think about the bank channel itself. The other I think about distribution partners also. You've seen us announce Verizon, Paychex, Deluxe. So these are contact points where, in fact, they're touching SMBs, and they think they'll enhance their relationship with the SMB through a Clover offering. I mean you see Verizon packaging us in their offering now. So I'd like to take a broader perspective on the partnership, and then we could drop down to what we're doing with our bank partners.

是的，我認為是的，百分之百是的。我會從多個方面來考慮這個問題。首先，我會考慮銀行通路本身。其次，我也會考慮分銷合作夥伴。您已經看到我們宣布與 Verizon、Paychex 和 Deluxe 合作。這些都是他們接觸中小企業的管道，他們希望透過 Clover 的產品來加強與中小企業的關係。我的意思是，您現在可以看到 Verizon 已經將我們的產品整合到他們的產品組合中。所以我想從更廣泛的角度來看這段合作關係，然後再深入探討我們與銀行合作夥伴的合作。

And because we have these privileged relationships in the core, the ability to brand feels very, very good and very strong. Will it have the same margin as our fabulous Carat offering? The answer would be no. But if you think about our ability to deliver and grow merchants throughout the country, it's very, very high and very powerful. In some of the cases, it's just penetrating their base. It gives them a new offering into their base.

正因為我們與核心客戶建立了這些特殊的合作關係，所以品牌推廣能力非常強，效果也非常好。它能達到我們卓越的Carat產品的利潤率嗎？答案是否定的。但如果你考慮到我們為全國各地的商家提供服務和發展的能力，你會發現它的利潤率非常高，影響力也非常強大。在某些情況下，它甚至能幫助他們滲透現有客戶群，為他們帶來新的產品和服務。

Our ability to do it digitally is much higher than it would have been 2 or 3 years ago. So completely accretive and is fundamentally our responsibility with our bank partners to do this, to bring them the possibility. And it's actually a revenue generator for them also. So from that perspective, it's good for our partnerships. It deepens it. We're building integrated stacks that caused them to have a better relationship with their client also.

我們現在的數位化能力比兩三年前強得多。這完全有利於我們自身發展，也是我們與銀行夥伴的根本責任，我們要提供他們這樣的機會。而且，這實際上也能為他們帶來收入。所以從這個角度來看，這對我們的合作關係大有裨益，它加深了彼此的連結。我們正在建立整合平台，這也有助於他們與客戶建立更良好的關係。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

I want to circle back to Clover for a minute because we've done a lot of work on it recently. Again, it was up 25%, as you guys said. And combined with other KPIs, like the omni KPI, I think, 100%, it would seem that your market share position is up year-over-year. And so I'm curious if you can give us a sense of the -- like the growth, if there was growth in the number of mids -- or the number of the merchant count year-over-year, when you couple that in the SMB side together with the -- with both domestic and international and even the enterprise side sounded strong. So really just more than volume growth and revenue growth. I'd be curious to hear anything you can share about number of merchants and the experience in the SMB side versus enterprise.

我想再回到 Clover 的話題，因為我們最近在這方面做了很多工作。正如你們所說，它增長了 25%。如果結合其他關鍵績效指標（KPI），例如全通路 KPI，我認為成長了 100%，那麼你們的市佔率似乎比去年同期成長了。所以我很想知道，你們能否介紹一下——比如，中型企業（Mide）的數量是否有增長——或者商家數量是否同比增長，尤其是在將中小企業（SMB）市場與國內、國際市場以及企業市場（聽起來都很強勁）結合起來考慮時。所以，我真正想了解的不僅僅是交易量和收入的成長。我很想聽聽你們關於商家數量以及中小企業和企業市場經驗的任何資訊。

Well, why don't I talk to you a little bit about the strategy behind it and why that growth is happening. And it really is about market share gains. It's market share gains in the ISV space. It's market share gains in the e-comm space. And then it's market share gains on the SMB. And really, Clover has played a significant role in that.

那我不妨跟您談談背後的策略以及成長的原因。這其實與市場佔有率的提升有關。包括在獨立軟體開發商 (ISV) 領域的市佔率提升，在電子商務領域的市佔率提升，以及中小企業 (SMB) 領域的市佔率提升。而 Clover 在其中發揮了至關重要的作用。

I mean back to the question about bank partnerships and bank distributions, that's 1 avenue for us. So what we've seen is growth in all of those. And if you think about what's happened and the question one might ask is how has your business performed as it has. It's because of the fabulous client base we have in general. And then secondarily, us having invested heavily before we got here, actually in '17, '18 and through '19, we had a good strong industry-leading growth rate through '19.

回到之前關於銀行合作和銀行分銷的問題，這是我們的一條途徑。我們看到這些方面都實現了成長。如果你仔細想想，你可能會問，你們的業務為何能有如此佳績？這主要歸功於我們擁有龐大的優質客戶群。其次，我們在成立之前，尤其是在2017、2018和2019年，進行了大量投資，並在2019年實現了強勁的行業領先成長率。

And then the combination of the 2 companies allowed us to be able to grow all facets of this. And I would say, when you look at it, it's growth across all of it: Across SMB in every manner, shape and form; across ISVs as we didn't have a big position, and we continue to grow that out, and that will continue, that pipeline is strong; and then bringing us into really Carat offering to our large institutional clients. So it is about market share gains.

兩家公司的合併使我們能夠全面發展。我認為，從整體來看，成長體現在各個方面：中小企業客戶（涵蓋各種類型和規模）；獨立軟體開發商（ISV）客戶（我們之前在該領域的份額並不大，但我們正在持續拓展，而且這一趨勢還將持續下去，我們的業務管道非常強勁）；以及真正意義上為大型機構客戶提供 Carat 服務。因此，關鍵在於市場佔有率的提升。

Okay. And then just my quick follow-up is on the capital allocation. I know we left your Investor Day looking forward to maybe $5 billion potential or even $5 billion to $6 billion of potential capital allocation potential per year.

好的。接下來我想快速問一下關於資本配置的問題。我知道在投資者日活動結束後，我們都對每年可能達到50億美元，甚至50億至60億美元的潛在資本配置額度充滿期待。

When we think about your appetite right now, Frank or Bob, when we think about coming out of this blackout period pre earnings, should we expect that you guys see the stock as undervalued like many of your investors do that you'd be proactive about it now going forward from here? And just to remind us, is that right, the right way to think about it where there's maybe as much as $4 billion to $6 billion or $5 billion to $6 billion of potential? Or maybe just between buybacks and deleveraging.

弗蘭克或鮑勃，考慮到你們目前的投資意願，以及在財報發布前的這段靜默期，我們是否可以預期你們會像許多投資者一樣，認為這支股票被低估了，並會積極採取行動？再提醒一下，這種想法是否正確？即這支股票的潛在回購規模可能在40億到60億美元，或50億到60億美元之間？還是光是回購和去槓桿化就能達到這個規模？

Yes, Darrin, I think the $5 billion to $6 billion, I assume you're getting we -- during Investor Day, talked about $30 billion of capital available over the next 5 years. We certainly expect very good free cash flow into 2021. We had a great 2020 and see that continuing this year. And certainly, we continue to focus on capital deployment through the eyes or through the lens of share repurchase.

是的，達林，我認為你說的50億到60億美元，我猜你指的是我們在投資者日上提到的未來五年內可用的300億美元資金。我們預計2021年自由現金流將非常可觀。 2020年我們取得了不錯的成績，並預計今年將繼續保持這股勢頭。當然，我們將繼續專注於透過股票回購來部署資本。

We certainly would tell you that where the share price is today. We're a buyer. And I don't think you'll find many CFOs that tell you otherwise, but we're certainly trading below 52-week high. And given where we see 2021's results and where valuations have moved, we think there's a real opportunity. And so you'll see us continue to be active. We pretty much are in the market every quarter. I think we have been, for the 5 years I've been here, other than when we suspended for a couple of quarters post announcing the merger with First Data, and we'll continue to do that.

我們當然會告訴您，就目前的股價而言，我們是買家。我想您很難找到哪個財務長會持相反觀點，但我們目前的股價確實低於52週高點。考慮到我們對2021年業績的預期以及估值的變化，我們認為這是一個真正的機會。因此，您會看到我們繼續積極參與市場。我們幾乎每季都會進行交易。在我任職的這五年裡，除了在宣布與First Data合併後的幾個季度暫停交易之外，我們一直都是如此，而且我們將繼續這樣做。

We do have some debt to pay down with the balance of this year. But I'm a big believer of "the genius of the and." And like we did in 2020, we'll pay down some debt, we'll buy back some shares, and we'll do some acquisitions. And we'll continue to do that aggressively across the company. Frank, you want to add anything?

今年剩餘時間裡，我們確實需要償還一些債務。但我非常相信「兼顧」的理念。就像我們在2020年所做的那樣，我們會償還一些債務，回購一些股票，並進行一些收購。我們將繼續在公司內部積極推動這些舉措。法蘭克，你還有什麼要補充的嗎？

No. I think as we laid out in Investor Day, and even if you look at what we've done over the past year and changed, you see a very balanced approach. We'll buy back shares or pay down debt, and we'll strategically acquire assets.

不。我認為正如我們在投資者日上闡述的那樣，即使你回顧過去一年我們所做的工作和調整，你也會發現我們採取的是非常平衡的策略。我們會回購股票或償還債務，同時也會進行策略性資產收購。

Our next question comes from Jeff Cantwell from Guggenheim Securities.

下一個問題來自古根漢證券的傑夫·坎特韋爾。

I wanted to ask you about the Ondot acquisition. Can you talk a little bit about the fit there now that Ondot is part of the team? It sounds like it's a very nice business, have some good scale to it. It sounds like it's a modern platform. So it seems like it's going to be a nice addition. Can you tell us a little bit more about that?

我想問您關於收購 Ondot 的事。 Ondot 加入團隊後，您能談談它與我們團隊的契合度嗎？聽起來 Ondot 是一家非常不錯的公司，規模也相當可觀。而且它似乎是一個現代化的平台。所以，它的加入應該會是一個不錯的補充。能詳細介紹一下嗎？

And then how can Ondot be enhanced, if that's the right word for it, by becoming part of Fiserv full time? In other words, what are the future synergies or the future opportunities you see there on a combined basis now that it's onboard? Any color there would be great.

那麼，如果用「增強」這個詞合適的話，Ondot 完全併入 Fiserv 後，將如何提升？換句話說，您認為合併後的未來綜效或發展機會是什麼？任何見解都將不勝感激。

Yes. First of all, we know Ondot very well for a long time, had a great relationship. And the -- one of the founders actually came over to our company earlier. And so we -- and then we had always had a deep relationship with management. So I'd consider this a company we knew very well. And we could strategically think about how to integrate platforms. I think we always view it as the leading card-enablement platform for virtual access.

是的。首先，我們與Ondot的合作由來已久，關係非常密切。而且，他們的一位創辦人之前就加入了我們公司。所以，我們一直與他們的管理階層保持著深厚的合作關係。因此，我認為我們非常了解這家公司。我們可以從策略角度思考如何整合平台。我認為我們始終將Ondot視為領先的虛擬訪問卡賦能平台。

But when you bring it inside to the company, our excitement and the founder's excitement are that we can do something much larger than they could have done on their own. And if you think about the Clover acquisition and what it turned into, there's great similarities. Of course, this is a much larger enterprise. We definitely increased our digital DNA inside the company. It will be a complement to our Sunnyvale -- large Sunnyvale presence with Clover and then with us sitting up a Chief Digital and Data Officer, the ability to ultimately take debit, credit, core banking and give our financial institutions the opportunity to have one click for their clients to get to all of that data is really where we're taking it.

但當我們把這個想法帶到公司內部時，我們和創辦人的興奮之處在於，我們可以做一件比他們單打獨鬥所能做到的更大的事情。想想 Clover 的收購以及它最終的發展，兩者有很多相似之處。當然，我們現在是一家規模更大的企業。我們無疑增強了公司內部的數位化基因。這將與我們在桑尼維爾的業務形成互補——Clover 在桑尼維爾擁有龐大的業務，而我們設立了首席數字和數據官，最終目標是將借記卡、信用卡、核心銀行系統等數據整合起來，讓我們的金融機構能夠讓客戶只需點擊一下即可獲取所有數據。這才是我們真正的發展方向。

We've already inked a first win as a new company, a large name institution. So we feel great about it. I think we knew it well, so it was easy to integrate, and we are deep in integration meetings weekly and driving the top line. And I think you could look forward to us having large growth and digital presence through its acquisition.

作為一家新公司，我們已經拿下了第一個大單，而且是拿下了一個知名機構。我們對此感到非常自豪。我認為我們對這家機構非常了解，所以整合過程很順利。我們每週都會召開深入的整合會議，並努力推動營收成長。我相信，透過這次收購，我們將實現巨大的成長，並在數位化領域佔有一席之地。

Our next question comes from David Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Looking at the $500 million innovation fund you announced at the time of acquiring First Data, could you address how much of that innovation spending you expect to occur this year? What's built into the adjusted operating margin expansion target of at least 250 basis points? And then are there any call-outs on specific new product innovations that we should watch out for in the next 12 months?

鑑於您在收購First Data時宣佈設立的5億美元創新基金，您能否說明一下預計今年將有多少創新支出會落實到位？至少250個基點的調整後營業利益率成長目標包含了哪些內容？此外，在未來12個月內，是否有任何值得我們關注的具體新產品創新？

Well, thank you for that. And so we had talked about a year ago or so, we had created a number of working groups within the company to begin the generation of where these next ideas for innovation would come. And the output product of that actually was the ending up of creating a Chief Digital and Data Officer within the company. And that would have a structure to allow us to deploy the $500 million. Of course, we already have begun that, and begin to do it in a way that will accelerate growth as we go forward.

非常感謝。大約一年前，我們曾討論過，公司內部成立了多個工作小組，旨在探索下一代創新理念的來源。最終，我們決定在公司內部設立首席數位與數據長一職。這個職位將幫助我們建立一個能夠有效利用這5億美元的架構。當然，我們已經開始實施，並致力於以加速未來發展的方式推進相關工作。

Now if you go back to Investor Day, we had talked about the $500 million was in our outlook that we had given you. But there was nothing on the top line for it and we're already spending it.

回顧投資者日，我們當時提到過，我們給出的預期目標包含5億美元。但當時營收方面並沒有這筆錢，而我們現在已經開始支出了。

So I think what you can find today is a set of initiatives, a series of projects being deployed, a structure built inside the company with a Chief Digital and Data Officer to be able to help it move forward in a manner that is across the whole company. And so I would think as we get into the second half of this year and you move into next year, you'll start seeing these digital and data initiatives, which ultimately will roll into the P&L on the top.

所以我認為，如今我們可以看到一系列舉措，一系列正在部署的項目，以及公司內部建立的架構，其中包括首席數位和數據官，旨在推動公司整體數位轉型。因此，我認為隨著今年下半年和明年的到來，您將會看到這些數位化和數據措施的逐步落實，最終這些舉措將體現在公司的損益表中。

And so Ondot isn't viewed as part of the 500, but the capability it brings will allow us to move at a faster rate on many of the digital and data innovations. And what I'd say, connecting the white space between the 4 pillars of our business to allow us to unlock opportunity for our clients. Bob, anything you want to add?

因此，Ondot雖然不被視為500強企業之一，但它帶來的能力將使我們能夠在許多數位化和數據創新方面更快地前進。我想說的是，它將彌合我們業務四大支柱之間的空白，從而為我們的客戶釋放更多機會。鮑勃，你還有什麼要補充的嗎？

Yes, Dave, in terms of spending this year, certainly fully encompassed in our overall guidance and gets us still the 20% or 24% EPS growth and at least 250 basis point margin improvement. There will be some incremental spend this year, of course, recall this is a fair amount of development. And so a portion of this gets capitalized, drawn on the balance sheet and comes over time. And so it isn't necessarily a big increase year-over-year and, again, certainly fully encompassed in our overall guidance.

是的，戴夫，就今年的支出而言，當然已經完全包含在我們的整體業績指引中，這仍然能夠確保我們實現20%或24%的每股收益增長，以及至少250個基點的利潤率提升。當然，今年會有一些額外的支出，畢竟這是一個相當大的研發項目。因此，其中一部分會被資本化，計入資產負債表，並隨著時間的推移逐步實現。所以，與去年相比，這部分支出並不一定大幅成長，而且，再次強調，這完全包含在我們的整體業績指引中。

And our last question comes from Tien-Tsin Huang from JPMorgan.

最後一個問題來自摩根大通的黃天進。

Just one question on new sales. I know up 19% I think, in the fourth quarter, 22% for the year. I'm curious how you feel about the new sales outlook? Or what kind of targets you set internally for fiscal '21? Do you feel good about compounding at that SMO level?

關於新銷售額，我有一個問題。我知道第四季成長了19%，全年成長了22%。我想問您對新的銷售前景有何看法？或者說，您內部為2021財年設定了什麼樣的目標？您對目前的銷售成長速度有信心嗎？

Yes. I mean we had talked about during the course of last year and through Investor Day that we see ourselves being close to a 20% sales growth company in terms of institutional sales because that's what we're really talking about there. So -- and January is off to a really good start. So I feel really good about January. So that's where I got to start thinking about it. And the pipeline of opportunities is robust. So I mean, it is a very well-received integrated model in the client's office. And so -- and then with our client stats going up, I think that bodes very well.

是的。我的意思是，去年我們一直在討論，包括投資者日，我們預計機構銷售額將接近20%，因為這才是我們真正關注的重點。而且，一月份的開局非常好。所以我對一月的前景非常樂觀。這就是我開始考慮這個問題的原因。而且，我們有很多潛在的合作機會。我的意思是，這種整合模式在客戶公司非常受歡迎。而且，隨著客戶數據的上升，我認為這是一個非常好的兆頭。

Our employee engagement going up inside the company while we protected them in this very tough time, so I think we feel very good about what's going to happen during the course of this year around that.

在公司這個非常艱難的時期，我們保護了員工，同時員工敬業度也不斷提高，所以我認為我們對今年接下來的發展充滿信心。

Well, I'd like to thank everybody for joining us this afternoon. We tremendously appreciate your support. If you have any further questions, please don't hesitate to contact us, and have a great evening. Thank you for your time.

好的，非常感謝各位今天下午的到來。我們衷心感謝大家的支持。如果您還有任何疑問，請隨時與我們聯繫，祝您晚上愉快。謝謝您抽出時間。

Thank you all for participating in today's conference. You may disconnect your line, and enjoy the rest of your day.

感謝各位參加今天的會議。您可以掛斷電話，祝您今天剩下的時間愉快。