Fiserv Inc (FISV) 2020 Q3 法說會逐字稿

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

歡迎參加 Fiserv 2020 年第三季財報電話會議。 （操作說明）提醒您，本次電話會議正在錄音。

At this time, I will turn the call over to Peter Poillon, Senior Vice President of Investor Relations at Fiserv. You may begin.

現在，我將把電話交給 Fiserv 投資者關係高級副總裁 Peter Poillon。您可以開始了。

Thank you, Ivy, and good afternoon, everyone. With me on the call today are Jeff Yabuki, our Executive Chairman; Frank Bisignano, our President and Chief Executive Officer; and Bob Hau, our Chief Financial Officer. Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of fiserv.com.

謝謝Ivy，大家下午好。今天和我一起參加電話會議的有：執行董事長Jeff Yabuki；總裁兼執行長Frank Bisignano；以及財務長Bob Hau。本季度財報及補充資料可在fiserv.com網站的投資者關係頁面查閱。

Our remarks today will include forward-looking statements about, amongst 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. Forward-looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. You should refer to our earnings release for a discussion of these risk factors.

我們今天的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。前瞻性陳述可能與實際結果有重大差異，並受許多風險和不確定因素的影響。有關這些風險因素的討論，請參閱我們的獲利報告。

Please refer to our earnings release and supplemental materials for today's call for an explanation of the non-GAAP financial measures discussed in this call, along with a reconciliation of those measures to the nearest applicable GAAP measures. Unless stated otherwise, performance references made throughout this call are year-over-year comparisons, and all references to internal revenue growth are on a constant currency basis. Also note that the 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.

請參閱我們的獲利報告和今日電話會議的補充資料，以了解本次電話會議中討論的非GAAP財務指標的解釋，以及這些指標與最接近的適用GAAP指標的調節表。除非另有說明，本次電話會議中提及的業績均為年比比較，所有內部收入成長均以固定匯率為基礎。另請注意，我們獲利報告和補充資料中的2019年非GAAP財務指標是透過對收購日之前First Data和Fiserv歷史GAAP財務資訊的總和進行特定調整而編制的。

Lastly, a reminder that we're holding an Investor Day on December 8. Given the current environment and to ensure the health and safety of attendees, we've made the difficult decision to host the event virtually. We look forward to sharing our strategic vision with you at this important event, and we'll share the details of our broadcast on the Investor Relations section of our website.

最後提醒各位，我們將於12月8日舉辦投資者日活動。鑑於當前形勢，為保障與會者的健康與安全，我們不得不做出艱難的決定，將本次活動改為線上舉辦。我們期待在這次重要的活動中與您分享我們的策略願景，屆時我們將在公司網站的投資者關係頁面上公佈直播詳情。

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

現在我把電話交給傑夫。

Thanks, Peter, and good afternoon, everyone. As you can see, we delivered excellent results this quarter and once again are setting the standard for performance in these difficult and uncertain times. Our strong performance is a testament to the collective power of the more than 40,000 Fiserv associates around the world who are committed to serving clients with passion and excellence. Your company has stepped up beautifully and is well down the path to achieving the promise of the transformational combination of Fiserv and First Data, which closed only 15 months ago. We have the strongest solutions, significant synergies, market momentum and a $500 million incremental commitment to innovation which have come together to propel market-leading results in these unprecedented times.

謝謝Peter，大家下午好。如大家所見，我們本季取得了卓越的業績，再次在當前充滿挑戰和不確定性的時期樹立了行業標竿。我們強勁的業績證明了Fiserv全球4萬多名員工的集體力量，他們始終致力於以飽滿的熱情和卓越的服務為客戶提供支援。貴公司表現出色，正朝著實現Fiserv與First Data合併這項變革性舉措所承諾的目標穩步邁進，而此次合併僅在15個月前完成。我們擁有最強大的解決方案、顯著的協同效應、強勁的市場勢頭以及5億美元的創新投入，這些因素共同推動我們在當前前所未有的時期取得了市場領先的業績。

The strength of our business has been front and center in the midst of a global economic turmoil. The model has proven far more resilient than many anticipated as we fully expect to achieve our 35th consecutive year of double-digit adjusted earnings per share growth and are positioned for far stronger performance for years to come. I've been privileged to lead this company for nearly 15 years, and I'm proud of what the team has done to create a platform for future success. I can tell you unequivocally that where we sit today is the best we have ever been positioned to deliver sustained growth and value for our clients, associates and you, our shareholders. Frank and the entire leadership team are the right people at the right time to convert the opportunity ahead into our collective reality. We look forward to sharing much more with you on December 8.

在全球經濟動盪之際，我們業務的強勁實力始終是其核心優勢。事實證明，我們的商業模式比許多人預期的更具韌性，我們完全有信心實現連續第35年調整後每股收益兩位數增長，並已為未來幾年更強勁的業績奠定了基礎。我很榮幸能夠領導這家公司近15年，我為團隊為未來的成功所做的貢獻感到自豪。我可以毫不含糊地告訴大家，我們目前所處的位置是我們有史以來最有利的，能夠為我們的客戶、員工以及各位股東帶來持續成長和價值。弗蘭克和整個領導團隊是此時此刻最合適的人選，他們能夠將眼前的機會轉化為我們共同的現實。我們期待在12月8日與大家分享更多資訊。

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

那麼，我把電話交給弗蘭克吧。

Thanks, Jeff, and good afternoon, everyone. Today, when I said thanks to Jeff, it's for the friendship and partnership. It's also for the 15 years of great leadership and strategic vision for Fiserv. It also represents a thank you from all the constituents, our associates, our clients and our shareholders. Today is Jeff's last earnings call, but his landmark leadership of this great company will last forever. Once again, thank you, Jeff.

謝謝傑夫，大家下午好。今天，我向傑夫表達感謝，不僅是為了感謝我們之間的友誼和合作關係，也是為了感謝他15年來對Fiserv的卓越領導和策略遠見。同時，這也代表了我們所有利害關係人——同事、客戶和股東——的感謝。今天是傑夫最後一次參加財報電話會議，但他對這家偉大公司的里程碑式領導將永載史冊。再次感謝你，傑夫。

When Jeff and I met back in late 2018, one of the benefits we saw in the merger would be the potential power and resiliency of the combined business and the advantages we could expect in the event of a challenging economic environment. Neither one of us contemplated a global pandemic and the resulting economic implications we have faced in 2020. And yet, for the first 9 months of the year, amid one of the worst economic downturns in the past century, we've grown our adjusted EPS by double digits, sustained internal revenue, expanded our adjusted operating margin and generated very significant free cash flow.

2018年底我和傑夫初次見面時，我們認為合併的一大優勢在於合併後企業的潛在實力和韌性，以及在充滿挑戰的經濟環境下我們能夠獲得的優勢。我們倆當時都沒有預料到全球疫情的爆發，以及由此帶來的2020年經濟衝擊。然而，在今年前9個月，即便身處百年一遇的嚴重經濟衰退之中，我們的調整後每股收益依然實現了兩位數的增長，內部收入保持穩定，調整後營業利潤率有所提升，並產生了非常可觀的自由現金流。

For the quarter, internal revenue growth was 3%, led by our Merchant Acceptance segment of a very strong 6%. Adjusted operating margin for the quarter was up 310 basis points and more than 400 basis points sequentially. Adjusted earnings per share in the quarter increased 19% and is now up 11% through September 30. Free cash flow was again excellent, coming in at $939 million in the quarter and totaled $2.6 billion year-to-date.

本季內部營收成長3%，主要得益於商家支付業務部門強勁成長6%。經調整後的營業利益率較上季增加310個基點，較上季成長超過400個基點。經調整後的每股盈餘成長19%，截至9月30日累計成長11%。自由現金流表現依然出色，本季達9.39億美元，年初至今累計達26億美元。

Over the trailing 12 months, we've generated $3.6 billion of free cash flow. To put that in perspective, this is equal to the pro forma combined free cash flow, which included the full run rate value of synergies delivered nearly 4 years earlier than expected. Our ability to both increase and accelerate synergies, along with the overall strength of the business, has combined to deliver these outstanding results.

過去12個月，我們創造了36億美元的自由現金流。為了更直觀地理解這一數字，我們將其與備考合併自由現金流相等，後者包含了協同效應的全部運行價值，而這些協同效應的實現時間比預期提前了近4年。我們提升並加速綜效的能力，以及公司整體的強勁實力，共同促成了這些卓越的業績。

After a terrific second quarter, sales were strong again in the third quarter, up 27%, with great results in our credit processing, merchant acquiring and output solution businesses. Sales year-to-date were up 23%, and the pipeline remains strong going into Q4. Our sales teams have transitioned to the current reality of selling in a virtual environment, and the enhanced value proposition of the merger is resonating incredibly well where it matters the most: in the client's office.

繼第二季取得優異成績後，第三季銷售額再次強勁成長，增幅達27%，其中信用卡處理、商家收單和輸出解決方案業務表現尤為出色。年初至今，銷售額成長23%，且進入第四季後，銷售通路依然保持強勁。我們的銷售團隊已成功適應了當前的線上銷售模式，合併帶來的價值主張在最關鍵的環節——客戶辦公室——獲得了極佳的反響。

As you saw, we kicked off Q4 by signing a long-term agreement with Alliance Data, the fourth largest card issuer in the U.S. by accounts, to outsource processing for their co-branded and private label card programs. This important partnership further validates the differentiated value that we are delivering to the changing credit-issuing landscape across our broad suite of innovative technology solutions, digital leadership and commitment to client partnership. It is an absolute privilege to serve Alliance Data, and we look forward to working together for many years to come.

如您所見，我們在第四季伊始便與美國第四大信用卡發卡機構Alliance Data簽署了一項長期協議，為其聯名卡和自有品牌卡專案提供外包處理服務。這項重要的合作關係進一步印證了我們憑藉一系列創新技術解決方案、數位化領先地位以及對客戶合作的承諾，為不斷變化的信用卡發行市場帶來的差異化價值。能夠為Alliance Data提供服務是我們的榮幸，我們期待在未來多年繼續攜手共進。

As you've heard last quarter, we signed Genesis Financial and Atlanticus Holdings in July, both top 25 issuers. That, combined with Alliance Data, is a clear sign of the very strong momentum in our credit issuer business in the U.S. Globally, our leading VISION platform also continues to win around the world, signing Federal Bank in India, Bank of Queensland in Australia and Up Sí Vale in Mexico.

正如您上個季度所了解的，我們在7月與Genesis Financial和Atlanticus Holdings簽署了合作協議，這兩家公司均位列全球前25強發卡機構。加上與Alliance Data的合作，這清楚地表明了我們在美國信貸發行業務的強勁發展勢頭。在全球範圍內，我們領先的VISION平台也持續贏得客戶的青睞，先後與印度聯邦銀行、澳洲昆士蘭銀行和墨西哥Up Sí Vale簽署了合作協議。

Integration continues to go very well. Although we will provide a full update at Investor Day, let me briefly update you on our synergy results, which are well ahead of original expectations. Through September 30, we've already actioned $875 million of our $1.2 billion cost synergy target. Importantly, we expect to enter 2021 with a run rate of more than $800 million of annual P&L savings. Comparatively, you will recall that we had originally targeted a total of $900 million over a 5-year period. We've also actioned more than $185 million in annualized revenue synergies through September and fully expect to achieve over our $600 million goal. Our network solutions have driven a meaningful percentage of our early success as we lay the groundwork for additional revenue growth over the next several years. The combination of ACCEL and STAR Networks makes us the clear #3 debit network and, when connected to our other market leading solutions, should unlock new areas of growth and innovation for many years.

整合工作進展順利。雖然我們將在投資者日提供全面更新，但在此我想簡要介紹一下我們的協同效應成果，這些成果遠超預期。截至9月30日，我們已完成12億美元成本綜效目標中的8.75億美元。更重要的是，我們預計2021年損益表年度節省將超過8億美元。相較之下，您可能還記得，我們​​最初的目標是在五年內實現9億美元的節省。截至9月，我們已實現超過1.85億美元的年度收入綜效，並完全有信心實現超過6億美元的目標。我們的網路解決方案為我們早期的成功做出了重要貢獻，並為我們未來幾年的收入成長奠定了基礎。 ACCEL和STAR Networks的合併使我們穩居借記卡網絡第三位，並且，結合我們其他市場領先的解決方案，這將為我們未來多年的增長和創新開闢新的領域。

Another of our top synergy opportunities is to deliver our world-class credit processing services to our core account processing clients. In the quarter, we were pleased that Golden One Credit Union, the seventh largest credit union in the U.S., went live with a cards payment bundle, including credit and debit processing, debit network and ATM-managed services, which provides its members a consistent and integrated cardholder experience.

我們另一個重要的綜效機會是向我們的核心帳戶處理客戶提供世界級的信用卡處理服務。本季度，我們很高興地看到，美國第七大信用社 Golden One Credit Union 正式上線了卡支付套餐，其中包括信用卡和借記卡處理、借記卡網絡和 ATM 管理服務，為其會員提供一致且一體化的持卡人體驗。

Our bank merchant synergy program also continues to make strong progress. In October, we signed out 200th financial institution since the merger. In the third quarter, we added 35 new bank merchant clients, bringing the total to more than 130 new clients this year, with about 60% of those as competitive takeaways. We have increased the pipeline to more than 500 financial institutions for one of the most important opportunities for the combined company.

我們的銀行商家協同計畫也持續取得顯著進展。 10月份，我們自合併以來簽約的金融機構數量達到了200家。第三季度，我們新增了35家銀行商家客戶，使今年新增客戶總數超過130家，其中約60%來自競爭對手的收購。我們已將潛在客戶數量增加到500多家金融機構，這對於合併後的公司至關重要。

We are privileged to have both a direct and partner distribution model for our merchant solutions, which allows us to cover the sales landscape across all business types and sizes. Next month, Verizon will begin marketing our new merchant solutions to its large portfolio of SMB customers, utilizing an exclusive Clover Flex terminal integrated with Verizon wireless technology. We also expanded our strategic partnership with Paychex, a leading provider of human capital management solutions, including payroll services, to more than 680,000 businesses in the U.S. to deliver merchant capabilities to their base of clients. This partnership is a perfect complement to Clover as both services are widely used by SMBs.

我們很榮幸能夠同時採用直銷和合作夥伴分銷模式來推廣我們的商家解決方案，這使我們能夠涵蓋各種類型和規模的企業銷售市場。下個月，Verizon 將開始向其龐大的中小企業客戶群推廣我們的全新商家解決方案，將使用與 Verizon 無線技術整合的獨家 Clover Flex 終端。此外，我們還擴大了與領先的人力資本管理解決方案提供商 Paychex 的策略合作夥伴關係，Paychex 提供包括薪資服務在內的多種解決方案，此次合作將涵蓋美國超過 68 萬家企業，旨在為其客戶提供者戶功能。此次合作與 Clover 相得益彰，因為這兩項服務都深受中小企業的青睞。

We continue to see stellar results through our Clover platform with gross payment volume in the quarter of 30% to $33 billion. Momentum continued to be excellent in the digital-enabled segments of our merchant business, which includes e-commerce and ISV solutions. We added 42 new global e-com clients in the quarter and 128 year-to-date, a 41% increase over the prior year. Additionally, we signed more than 130 new ISVs so far this year and have seen a nearly 40% increase in new active merchants through our ISV channel.

我們的 Clover 平台持續取得卓越業績，本季總支付金額成長 30%，達到 330 億美元。我們商家業務中數位化賦能板塊（包括電子商務和獨立軟體開發商 (ISV) 解決方案）的成長勢頭依然強勁。本季我們新增了 42 家全球電子商務客戶，今年迄今新增客戶達 128 家，較去年同期成長 41%。此外，今年迄今為止，我們已簽約超過 130 家新的 ISV，透過 ISV 管道新增活躍商家數量也增加了近 40%。

Global e-commerce transactions were up about 25% both in the quarter and year-to-date. Our e-commerce solutions have continued to grow with a significant focus on our direct business. We will provide you with important insights into the size, scale and reach of our digital-acquiring business at our Investor Day, which we believe will provide important context on both our direct and overall position in the current market structure.

全球電子商務交易量在本季和年初至今均成長約25%。我們的電子商務解決方案持續成長，並專注於發展了我們的直接業務。在投資者日上，我們將詳細介紹我們數位收單業務的規模、範圍和覆蓋面，並相信這將有助於您了解我們在當前市場結構中的直接和整體地位。

We renewed a number of key client relationships in the quarter with household names who value the breadth and depth of our solutions across both physical and digital presence, including Costco, Dunkin' and McDonald's. We continue to expand the number of privileged relationships we have in our account processing business across financial institutions of all sizes and are seeing strong success with financial institutions with assets greater than $1 billion, de novo banks and fintechs. We signed 12 new core account processing clients in the quarter, bringing the total to 41 for the year, including 20 on DNA. We have signed 6 de novo banks this year, including signing First Women's Bank to our Premier platform in the quarter. We're particularly proud of this new relationship as First Women's Bank is a commercial bank with a primary strategic focus on lending to women-owned businesses.

本季度，我們與多家知名企業續簽了重要客戶關係，這些企業高度認可我們涵蓋線上線下管道的廣度和深度解決方案，其中包括 Costco、Dunkin' 和麥當勞。我們持續拓展在帳戶處理業務領域與各類規模金融機構的合作關係，並在資產規模超過 10 億美元的金融機構、新成立的銀行和金融科技公司方面取得了顯著成效。本季度，我們新增了 12 家核心帳戶處理客戶，使全年客戶總數達到 41 家，其中 20 家已加入 DNA 平台。今年，我們新增了 6 家新成立的銀行，包括本季將 First Women's Bank 加入到我們的 Premier 平台。我們尤其為與 First Women's Bank 建立的合作關係感到自豪，因為 First Women's Bank 是一家專注於為女性企業提供貸款的商業銀行。

Lastly, even in these challenging times, we continue to invest for growth, including deploying some of the $500 million innovation commitment we made as part of our combination. We have already delivered solutions in areas such as advanced card fraud, digital disbursements and several unique innovations to support a touchless shopping experience across our digital merchant solutions. We look forward to sharing more on this important topic at our Investor Day.

最後，即便在當前充滿挑戰的時期，我們仍持續投資以促進成長，包括落實合併過程中承諾的5億美元創新投入。我們已在高級信用卡詐欺防範、數位支付等領域推出解決方案，並推出多項創新技術，以支援我們數位商家解決方案中的非接觸式購物體驗。我們期待在投資者日上就這項重要議題分享更多細節。

With that, let me pass the discussion to Bob for more detail on the financial results.

接下來，我將把討論交給鮑勃，讓他詳細介紹財務表現。

Thank you, Frank, and good afternoon, everyone. We turned in a very strong performance in the quarter even as COVID-19 continued to pressure the global economy, demonstrating the strength and resilience of our business.

謝謝弗蘭克，大家下午好。儘管新冠疫情持續給全球經濟帶來壓力，但我們本季依然取得了非常強勁的業績，這充分展現了我們業務的實力和韌性。

Total company internal revenue growth was a strong 3% in the quarter, with merchant acceptance leading the way at 6%. Year-to-date internal revenue was flat with the prior year pressured by multiple impacts of the COVID-19 on our business, partially offset by better-than-anticipated growth from revenue synergies, which were $49 million in the quarter and $114 million year-to-date. We now expect about $150 million growth from revenue synergies for the full year, up from nearly $100 million previously expected.

本季公司內部總營收成長強勁，達3%，其中商家受理業務成長最為顯著，達6%。年初至今的內部收入與去年同期持平，去年同期受到新冠疫情對業務的多重影響，但部分被高於預期的收入協同效應所抵消，本季協同效應收入為4900萬美元，年初至今為1.14億美元。我們現在預計全年營收綜效帶來的成長約為1.5億美元，高於先前預期的近1億美元。

During our last call, we shared the trends we were seeing at that time, including strong sequential improvement in transactions each month through the second quarter and into July from the April low. Since August, we've seen transaction growth rates generally stabilize at or around July levels. The current run rate of growth is aligned with our full year expectations for this challenging macroeconomic environment. Although we aren't providing formal internal revenue guidance, we continue to estimate internal revenue to be plus or minus flat for the full year, barring any incremental large-scale economic slowdown.

在上次電話會議上，我們分享了當時觀察到的趨勢，包括交易量從4月份的低點開始，在第二季及7月份持續強勁成長。自8月以來，交易成長率整體穩定在7月的水平或附近。目前的成長率符合我們對當前充滿挑戰的宏觀經濟環境下全年業績的預期。儘管我們目前沒有提供正式的內部營收指引，但我們仍然預計全年內部營收將與去年持平，除非出現任何大規模的經濟放緩。

Third quarter adjusted operating income was up a very strong 9% to $1.2 billion. Year-to-date adjusted operating income decreased by 2% to $3.1 billion impacted by divestitures and negative impact from COVID, partially offset by strong synergy performance.

第三季調整後營業收入強勁成長9%，達到12億美元。受資產剝離和新冠疫情負面影響，年初至今調整後營業收入下降2%至31億美元，但強勁的綜效部分抵銷了這些影響。

Adjusted operating margin increased 310 basis points to 32.9% in the quarter on the strength of $184 million of incremental cost synergies and excellent performance across each of our segments. Consistent with our comments last quarter, Q3 adjusted operating margin improved 410 basis points sequentially. Adjusted operating margin increased 80 basis points to 29.9% through September 30 driven by the strength of our business and excellent synergy execution, which we dramatically accelerated to help mitigate the impact of the pandemic. Our cost actions are largely focused on synergy acceleration and not on actions that deliver short-term benefits, which would bounce back in subsequent years. We expect that our margin improvements are sustainable and should continue into the future.

得益於1.84億美元的增量成本綜效以及各業務部門的優異表現，本季調整後營業利潤率提升310個基點至32.9%。與上季預期一致，第三季調整後營業利益率較上季提升410個基點。截至9月30日，調整後營業利益率提升80個基點至29.9%，主要得益於業務的強勁成長和綜效的優異執行。我們大幅加快了協同效應的實施，以減輕疫情的影響。我們的成本控制措施主要著重於加速綜效的實現，而非追求短期效益，因為短期效益會在未來幾年內反彈。我們預計利潤率的提升具有可持續性，並將持續到未來。

Third quarter adjusted earnings per share was up 19% to $1.20 compared to $1.01 in the prior year as adjusted for the Investment Services transaction that closed in Q1. Adjusted earnings per share through September 30 has increased 11% to $3.12. Given where we are to date, we fully expect to achieve double-digit adjusted EPS growth for the 35th consecutive year.

經第一季完成的投資服務交易調整後，第三季調整後每股收益為1.20美元，較上年同期的1.01美元成長19%。截至9月30日，調整後每股盈餘成長11%，達3.12美元。鑑於目前的業績，我們完全有信心連續第35年達到兩位數的調整後每股盈餘成長。

As you heard, free cash flow in the quarter was excellent, up 12% to $939 million and up 13% to $2.6 billion year-to-date. Free cash flow conversion for the quarter was 115% and is a strong 122% year-to-date.

正如您所聽到的，本季自由現金流表現優異，成長12%至9.39億美元，年初至今成長13%至26億美元。本季自由現金流轉換率為115%，年初至今更是高達122%。

Looking into the segments. Internal revenue growth in the Merchant Acceptance segment was a strong 6% for the quarter. Our results were bolstered by strong performance from our flexible Clover platform, our global suite of e-commerce and omni-channel solutions and our leading suite of ISV solutions. Clover gross payment volume grew 30% to $33 billion in the quarter and more than $130 billion annualized, and active merchant outlets increased nearly 10% sequentially. While the growth rate is not fully recovered to pre-COVID levels, it is impressive given the economic environment and considering that Clover tends to serve small- and medium-sized merchants, which are later in the recovery cycle. We continue to extend the breadth of services to Clover merchants with innovative solutions that enhance convenience like scan-to-order, which was launched recently to allow consumers to scan a QR code to order and pay directly from their table.

從各業務部門來看，商家支付業務部門的內部收入在本季實現了強勁的6%成長。這主要得益於我們靈活的Clover平台、全球電子商務和全通路解決方案以及領先的獨立軟體供應商（ISV）解決方案的出色表現。 Clover本季的總支付金額成長了30%，達到330億美元，年化支付額超過1,300億美元，活躍商家數量較上季成長近10%。儘管成長率尚未完全恢復到疫情前的水平，但考慮到當前的經濟環境以及Clover主要服務於處於復甦後期階段的中小商戶，這一成績依然令人矚目。我們將繼續透過創新解決方案拓展Clover商家的服務範圍，例如近期推出的掃碼點餐服務，該服務允許消費者掃描二維碼即可在餐桌上直接點餐和付款。

Our integrated payments, or ISV business, is performing very well with adjusted revenue growth of nearly 50% in the quarter and is approaching pre-COVID growth rates. Our differentiated solutions for both ISVs and their merchants are driving excellent results, and we expect this business to be a strong grower for many years.

我們的整合支付（ISV）業務表現非常出色，本季調整後營收成長近50%，正逐步恢復到疫情前的成長水準。我們為ISV及其商家提供的差異化解決方案取得了卓越的業績，我們預計該業務將在未來多年保持強勁成長。

Adjusted operating income in the Acceptance segment increased 8% to $425 million in the quarter. Adjusted operating margin was up 180 basis points in the quarter to 29.2%. Year-to-date adjusted operating income was $931 million, and adjusted operating margin was down 370 basis points to 23.5% due to the revenue impact of COVID.

本季度，驗收業務部門的調整後營業收入成長8%至4.25億美元。調整後營業利益率本季上升180個基點至29.2%。年初至今的調整後營業收入為9.31億美元，受新冠疫情對營收的影響，調整後營業利益率下降370個基點至23.5%。

On our second quarter earnings call, I shared our expectations that this segment margin would improve significantly in the second half of 2020 by more than 800 basis points sequentially, with the majority of that benefit expected to come in Q3. The adjusted operating margin in the quarter was up over 1,000 basis points, primarily driven by improved revenue, including the timing reversal of the network assessment fees compared to the first half of the year, which will not be as pronounced in the fourth quarter. Adjusted operating margin improvement was also driven by continued progress in cost synergies and BAMS cost benefits.

在第二季財報電話會議上，我曾表示，我們預計該業務板塊的利潤率將在2020年下半年環比顯著提升800多個基點，其中大部分收益預計將在第三季度實現。本季調整後的營業利潤率提升超過1,000個基點，主要得益於營收成長，包括網路評估費的調整（與上半年相比），但這項調整在第四季的影響將不如上半年顯著。此外，成本綜效和BAMS（生物醫學輔助服務）成本優勢的持續推進也推動了調整後營業利潤率的提升。

The Fintech segment saw internal revenue in line with the prior year's quarters as growth in high-quality recurring revenue was offset by much lower periodic revenue and specifically, termination fees, which created about 300 basis points of headwind to internal revenue growth in the quarter. Importantly, processing revenue was up 5% in the quarter, which demonstrated the scale and leverage in the business. Year-to-date internal revenue is also in line with prior year.

金融科技部門的內部收入與去年同期基本持平，高品質經常性收入的成長被大幅下降的周期性收入（尤其是終止費）所抵消，後者對本季度內部收入增長造成了約300個基點的阻力。值得注意的是，本季處理收入成長了5%，這反映了業務的規模和槓桿效應。年初至今的內部營收也與去年同期持平。

We continue to see strong demand for our broad array of digital solutions. Total mobile subscribers across our leading digital platforms, Mobiliti and Architect, grew 15% in the quarter to more than 11 million users. Despite the pandemic, we implemented more clients on Architect than in any previous quarter, which should help bolster growth into 2021. Adjusted operating income was up a very strong 19% in the quarter to $265 million and is up 11% year-to-date to $721 million. Adjusted operating margin increased 600 basis points in the quarter to 36.4% on a combination of growth in processing revenue, operational effectiveness benefits and cost synergies. Year-to-date adjusted operating margin was up 390 basis points to 33.4%.

我們持續看到市場對我們廣泛的數位化解決方案的強勁需求。本季度，我們領先的數位平台 Mobiliti 和 Architect 的行動用戶總數成長了 15%，超過 1,100 萬用戶。儘管受到疫情影響，我們在 Architect 平台上新增的客戶數量仍超過以往任何一個季度，這將有助於推動 2021 年的成長。本季調整後營業收入強勁成長 19%，達到 2.65 億美元，年初至今累計成長 11%，達到 7.21 億美元。本季調整後營業利潤率提升 600 個基點，達到 36.4%，主要得益於處理收入的成長、營運效率的提升以及成本綜效。年初至今調整後營業利益率提升 390 個基點，達到 33.4%。

We continue to deliver client value across this highly scaled business with increasing efficiency and effectiveness, partially offset by the decline in periodic revenue. We're also pleased with the synergy benefits, which are positively impacting segment performance in areas such as technology infrastructure and procurement.

我們持續為客戶創造價值，在這個高度規模化的業務中不斷提升效率和效益，儘管週期性收入有所下降，但部分抵消了這些正面影響。同時，我們也欣喜地看到綜效帶來的益處，這些益處正在對技術基礎設施和採購等領域的業務表現產生正面影響。

The Payments and Network segment internal revenue growth was 1% in the quarter and up 4 percentage points sequentially. Growth in our card services and output solutions businesses, including the benefit of revenue synergies, was partially offset by COVID-driven weakness in our prepaid, credit processing and biller businesses globally. Internal revenue through September 30 is in line with prior year.

支付與網路業務部門本季內部營收成長1%，季增4個百分點。卡片服務和輸出解決方案業務的成長（包括收入綜效帶來的收益）部分被新冠疫情導致的全球預付卡、信用卡處理和帳單業務疲軟所抵消。截至9月30日的內部營收與去年同期持平。

The revenue improvements we saw throughout the second quarter continued in the third quarter. We were especially pleased to see a normalization in our debit business in the quarter as transaction growth was back to mid-single digits in the quarter and up significantly over the second quarter. We continue to see excellent transaction growth in solutions such as account transfers and P2P, which again were nearly doubled compared to the prior year's quarter and up 21% sequentially. The number of clients live on Zelle grew more than fourfold compared to a year ago, and we expect to see meaningful growth across our electronic money movement solutions as consumers move money in a more real-time world.

第二季營收持續成長的動能延續到了第三季。尤其令人欣喜的是，我們的金融卡業務在本季恢復正常，交易量成長回升至個位數中段，較第二季顯著成長。帳戶轉帳和P2P等解決方案的交易量也持續保持強勁成長，與去年同期相比幾乎翻了一番，較上季成長21%。 Zelle的活躍用戶數量較去年同期成長超過四倍，隨著消費者在更即時化的環境中進行資金轉移，我們預計所有電子資金轉移解決方案都將顯著成長。

Adjusted operating income for the segment was strong, up 8% to $608 million in the quarter and is up 6% to $1.7 billion through September 30. Adjusted operating margin was up 310 basis points to 43.5% in the quarter and was up 280 basis points to 42.3% year-to-date. The positive impact of revenue synergies, operational efficiency and cost synergy performance is driving our strong bottom line performance.

該業務部門經調整後的營業收入表現強勁，本季成長8%至6.08億美元，截至9月30日累計成長6%至17億美元。經調整後的營業利潤率本季成長310個基點至43.5%，年初至今成長280個基點至42.3%。收入綜效、營運效率提升和成本綜效的正面影響推動了我們強勁的獲利表現。

The adjusted corporate operating loss was $117 million in the third quarter, with the year-over-year and sequential increase in the quarter driven primarily by timing of variable compensation and incremental COVID expenses. The adjusted effective tax rate in the quarter increased as expected to about 23% compared to 22% in prior year period. Our adjusted effective tax rate through September 30 is 20.5%, and we continue to expect our full year adjusted effective tax rate to be generally in line with the prior year.

第三季經調整後的公司營業虧損為1.17億美元，較去年同期成長主要受可變薪酬發放時間及新增新冠疫情相關支出的影響。本季經調整後的實際稅率如預期上升至約23%，去年同期為22%。截至9月30日，我們的經調整後的實際稅率為20.5%，我們預計全年經調整後的實際稅率將與去年基本持平。

As we shared last quarter, our capital allocation focus for the second half of the year is debt repayment after repurchasing 14 million shares for $1.4 billion in the first half of the year. We repaid $769 million of debt in the quarter, $1 billion year-to-date, and expect to pay down at least $1.5 billion for the full year. Total debt outstanding was $21.3 billion at September 30, and debt-to-adjusted EBITDA dropped to 3.7x. We are well on track to achieve our leverage target in the second half of 2021 on the basis of both strong adjusted EBITDA growth and debt repayment. We remain fully committed to our long-standing capital strategy, which includes maintaining a strong balance sheet, organic investment in innovation, high-value acquisitions and, most important, share repurchase remains our primary benchmark for capital deployment.

正如我們上季所述，今年下半年的資本配置重點是償還債務，此前我們在上半年回購了1,400萬股股票，總額達14億美元。本季我們償還了7.69億美元的債務，年初至今累計償還10億美元，預計全年至少償還15億美元。截至9月30日，未償還債務總額為213億美元，債務與調整後EBITDA的比率降至3.7倍。基於強勁的調整後EBITDA成長和債務償還，我們預計在2021年下半年實現槓桿目標。我們將繼續堅定執行長期資本策略，包括維持穩健的資產負債表、加大對創新領域的內生性投資、進行高價值收購，以及最重要的——股票回購仍然是我們資本部署的主要基準。

With that, let me turn the call back to Frank for our financial outlook for the rest of the year.

那麼，接下來我將把電話轉回給法蘭克，請他談談我們對今年剩餘時間的財務展望。

Thanks, Bob. As we mentioned, we saw a solid rebound off the trough of April into early August and seeing that consistent level of performance through last week.

謝謝，鮑伯。正如我們之前提到的，我們看到市場從四月份的低谷強勁反彈，並持續到八月初，上週也保持了這種穩定的表現。

Looking at the business environment, our client conversations continue to be quite encouraging and generally centered on helping them grow their business, reducing their operating costs and better serving their customers right in the wheelhouse of what we do. As we had discussed on the last quarterly call, our back-to-business program to help minority and specifically Black-owned small businesses is in full force as we advance our nationwide objective: distributing at least $10 million in grants to qualifying businesses. We continue to see an increased interest in all things digital. Whether it's around e-commerce, more card use at point-of-sale, touchless payments, including digital wallets, or accelerating P2P payments, we are well positioned to provide the capability our merchants, financial institutions and business clients need.

從商業環境來看，我們與客戶的溝通持續令人鼓舞，主要圍繞著如何幫助他們拓展業務、降低營運成本以及更好地服務客戶展開，這正是我們的核心業務。正如我們在上個季度電話會議上討論的那樣，我們旨在幫助少數族裔，特別是黑人擁有的小型企業的“重返商業”計劃正在全面推進，我們正朝著全國性的目標邁進：向符合條件的企業發放至少1000萬美元的補助金。我們持續看到人們對數位化領域的興趣日益濃厚。無論是電子商務、POS機刷卡支付、非接觸式支付（包括數位錢包），或是加速P2P支付，我們都已做好充分準備，為我們的商家、金融機構和企業客戶提供所需的功能。

As you have heard, we are pleased with our results to date. Given the current economic backdrop and our strong financial performance, we are raising our 2020 financial outlook for adjusted earnings per share. We now expect full year adjusted EPS growth of at least 11%, up from the prior guidance of at least 10%, over last year's adjusted level of $3.95 or at least $4.37 per share for the full year.

如您所知，我們對迄今為止的業績感到滿意。鑑於當前的經濟狀況和我們強勁的財務表現，我們上調了2020年調整後每股收益的財務預期。我們現在預計全年調整後每股盈餘將成長至少11%，高於先前至少10%的預期，即較去年的3.95美元調整後水準至少達到4.37美元。

As we've stated previously, our outlook does not contemplate the second wave of shelter orders or other circumstances which creates significant incremental economic duress in the last 2 months of the year. We put our strong financial performance for both the quarter and year-to-date as we navigate these unprecedented times. Our business is showing incredible strength and resilience, leading to what we fully expect will be our 35th consecutive year of double-digit adjusted earnings per share growth, along with the foundation for even stronger results in 2021.

正如我們先前所述，我們的展望並未考慮第二波居家隔離令或其他可能在今年最後兩個月造成顯著額外經濟壓力的因素。我們本季和年初至今的強勁財務業績，讓我們得以應對這項前所未有的挑戰。我們的業務展現出驚人的實力和韌性，我們完全有信心實現連續第35年兩位數的調整後每股收益增長，並為2021年更強勁的業績奠定基礎。

Last, let me thank our more than 40,000 talented associates around the world for their commitment and courage as we stand together to deliver value for clients, our colleagues and you, our shareholders.

最後，我要感謝我們遍佈全球的 4 萬多名才華洋溢的員工，感謝他們的奉獻和勇氣，讓我們能夠團結一致，為客戶、同事以及各位股東創造價值。

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 comes from Dave Koning from Baird.

（操作說明）我們的第一個問題來自 Baird 公司的 Dave Koning。

Remarkable quarter. Great job.

出色的一個季度。幹得好。

Thanks, Dave.

謝謝你，戴夫。

Thank you.

謝謝。

Yes, a nice start, Frank. First of all, maybe as we kind of look at Q4, it seems like you hit easier comps, less periodic revenue headwinds I would imagine, across Payments and Fintech. And in Merchant, it seems like the months have gotten better in the card industry kind of in September, October. Is there any reason, kind of judging where we are today, where we wouldn't see acceleration in Q4 really across the segments?

是的，開局不錯，弗蘭克。首先，展望第四季度，支付和金融科技領域的業績似乎相對容易比較，週期性的收入阻力也較小。在商家方面，信用卡產業在九月和十月似乎有所改善。就目前的情況來看，是否有任何原因導致我們在第四季看不到各業務板塊的加速成長？

Yes, Dave, a couple of things you pointed out there. One, as we indicated in our prepared remarks upfront, we saw very nice improvement off the bottoms, the low back in April through July and then saw some leveling off into August, September and even through October at this point. And our expectation right now is for that to continue. Obviously, a lot going on in the world, a fair amount of potential variability in that. From a periodic revenue standpoint, we actually do anticipate continued headwind into fourth quarter, both from the standpoint of terminations and licensing revenue, a combination of periodic revenue. It will be more pronounced in the Fintech segment but also we're seeing some of that in the Payments segment.

是的，戴夫，你剛才提到的幾點都很有道理。首先，正如我們事先準備好的發言稿中所述，我們看到市場從4月的低點到7月出現了非常明顯的復甦，並在8月、9月甚至10月都保持了一定的平穩。我們目前的預期是這種復甦勢頭將會持續。當然，全球情勢瞬息萬變，存在相當大的潛在波動。從週期性收入的角度來看，我們預計第四季度仍將面臨持續的阻力，這體現在合約終止和授權收入兩方面，以及其他週期性收入方面。這種情況在金融科技領域會更加明顯，但我們在支付領域也看到了一些類似的跡象。

Okay. Great. And then just one follow-up. When we think about margins in Acceptance, Q3 was really strong. Was there some catch-up, kind of that assessment fees kind of catch up that would make margins go down sequentially? And then into next year, is the baseline level kind of that 28%, 29% from which to grow? Or should we think about the full 2019 as the baseline from which to grow margins next year?

好的，太好了。還有一個後續問題。說到Acceptance的利潤率，第三季表現非常強勁。是否存在某種追趕效應，例如評估費用的上漲，導致利潤率較上月下降？那麼，明年的基準水準是28%或29%嗎？還是應該以2019年全年的利潤率作為明年成長的基準？

So the brand assessment fees, we expected to rebound meaningfully in the second half of the year after we come off that difficult second quarter. We saw that absolutely come through in third quarter. And we expected that to bounce more meaningfully in the third quarter, a bit more to come to us in the fourth quarter. So sequentially, you'll see less of a ramp that we did, that we got the benefit of in the third quarter. In terms of kind of ongoing margin, I'm not quite ready to give you a guidance for 2021, but I will tell you that in the Merchant segment and, quite frankly, across the company, we feel very good about the cost actions we've taken, being permanent improvement. And as we get revenue growth across a very scaled business, we think these margin improvements can hold into the future.

因此，我們預計品牌評估費用在經歷了艱難的第二季後，會在下半年出現顯著反彈。第三季的情況確實如此。我們預計第三季反彈幅度會更大，第四季也會有所成長。因此，從季度來看，成長幅度會比第三季放緩。至於持續的利潤率，我目前還無法給出2021年的業績指引，但我可以告訴大家，在商家業務板塊，坦白說，在整個公司範圍內，我們對已採取的成本控制措施感到非常滿意，這些措施能夠帶來永久性的改善。隨著業務規模的擴大，收入持續成長，我們相信這些利潤率的提升能夠持續下去。

Next, we'll take the question from Tien-tsin Huang from JPMorgan.

接下來，我們將回答摩根大通的黃天進提出的問題。

Really solid results and really like the new sales growth discussion there. I'm curious if -- would you agree that card processing sales activity overall is up? And if so, I'm just -- could you share maybe why? I don't know if you're seeing more off-cycle deals or just clients looking to modernize their systems. And maybe just to add on to that, just the pricing for some of the newer deals like Alliance Data. Anything -- any call-outs on that?

業績確實非常出色，而且我很喜歡你們討論的銷售成長方面。我很好奇—您是否也認為整體信用卡處理業務的銷售額有所成長？如果是的話，您能否分享一下原因？我不知道是因為非週期性交易增多，還是因為客戶希望升級系統。另外，關於一些新合作項目，例如Alliance Data的定價，您有什麼看法或建議嗎？

Yes. I mean we've had these 3 big wins. In a general year, having one of them, would probably be a big deal. I think we spend a lot of time building out our product set. And it's -- I mean ADS was as big a deal as you're going to find. You take by account size, the fourth largest processor issuer. So my view on all of this is we have a great technical stack. We have tremendous surrounds. We've demonstrated a world-class base system and then a bunch of digital around it, and it's very appealing to larger issuers right now. And I think ADS was a very competitive process. But those are very, very long-term, valuable relationships that we cherish. And I think to develop them as having long-term organic growth capabilities and the ability to, given what we have inside our house, have great, great ability to fit within the platforms we run. So competitive processes, we've been fortunate in the wins, really 3 top 25 issuers; one, the fourth largest issuer. And I think it has a lot to do with the investments we made in the business and our maniacal focus on the client.

是的。我的意思是，我們取得了這三項重大勝利。在通常情況下，一年之內能拿下其中一項就已經很了不起了。我認為我們投入了大量時間來建立我們的產品組合。而且——我的意思是，ADS 的合作意義非凡。按帳戶規模來看，它是第四大支付發行機構。所以我的觀點是，我們擁有強大的技術棧，完善的配套設施。我們已經展示了一個世界級的基礎系統，以及圍繞它構建的一系列數位化解決方案，這在目前對大型發行機構來說極具吸引力。我認為 ADS 的合作過程競爭非常激烈。但這些都是我們非常珍惜的、具有長期價值的合作關係。我認為，發展這些合作關係能夠帶來長期的自然成長，並且憑藉我們自身的優勢，能夠很好地融入我們所經營的平台。所以，儘管競爭激烈，但我們很幸運地贏得了這三項合作，其中三家是排名前 25 的發行機構；還有一家是第四大發行機構。我認為這與我們對業務的投資以及我們對客戶的狂熱關注有很大關係。

All right. No, that's great. I know it's -- 3 deals is a lot. That's why I wanted to ask the question. So just my quick follow-up, just on Acceptance. You're back to tracking the Visa, Mastercard volume here, just like you said it would. So I don't know, Frank and team, how would you rank sort of the drivers that have sort of gotten you to this point? Is it net merchant additions? Is it better sales activity, net of attrition? Is it Clover? I know ISV is a big contributor. But I don't know if there's a way to just rank what's sort of gotten you back to this point where you're seeing sort of good performance benchmarking-wise.

好的。太好了。我知道——3筆交易確實很多。所以我才想問這個問題。我再快速跟進一下，關於收款方面。你們又開始追蹤Visa和萬事達卡的交易量了，就像你們之前說的。所以，弗蘭克和團隊，你們會如何評價促成目前業績成長的因素呢？是新增商戶數量嗎？是扣除流失商戶後的銷售業績提升嗎？是Clover嗎？我知道獨立軟體開發商（ISV）貢獻很大。但我不知道有沒有辦法對促成你們業績回升到目前這個水準的因素進行排名，畢竟你們的業績在基準測試方面表現良好。

Yes. I think one way to think about it is we grew 10% in 2019. We actually had an industry-leading position. We came into January and Feb, and we were low double digits. And then COVID hit and we hit to the trough. But when you look at the breadth of our clients, from the SMBs to the largest global enterprises, that diversity, both of client size and the vertical nature of our clients, we're not over-indexed to any one piece. And then we have a tremendous geographic diversity. So you put those, and then you put Clover growing at 30%, and we all recognize all SMBs aren't in business. And as Bob has said, probably more late cycle. So we feel very good, and the Clover platform is gaining tremendous investment in it.

是的。我認為可以這樣理解：我們在2019年成長了10%，實際上我們一度處於行業領先地位。進入1月和2月時，我們的成長率仍維持在兩位數左右。然後新冠疫情爆發，我們的成長跌到谷底。但如果你看看我們客戶的廣度，從中小企業到全球最大的企業，這種多樣性——無論是客戶規模還是垂直行業——都讓我們沒有過度依賴任何單一領域。此外，我們的地域分佈也非常廣泛。所以，考慮到這些因素，再加上Clover平台30%的成長率，我們都知道並非所有中小企業都在正常運作。正如Bob所說，它們可能更多地處於經濟週期的後期階段。因此，我們感覺非常好，Clover平台也獲得了大量的投資。

The e-com business, which is our own direct business that we're winning those deals in and that stack that we built, really is resonating. The global presence of it and the omni-channel presence, us having both physical and electronic capability like e-com given that omni-channel has really resonated in the client's office. And I think our distribution is unparalleled. If you think about even signing up 200 new bank merchants since the deal, the great vision Jeff had around this core processing integrating with bank merchant, is showing up in the client's office in a tremendous way. And then you got Verizon, Paychex, Deluxe, so we're a partner of choice. And we're not at the growth rate we were pre-COVID, but we're achieving the growth rate we are because of the massive scale distribution and multichannel capability and being a partner of choice. And so I think it showed up all 3 quarters of this year just relative to market conditions. I hope that answers it for you.

我們自主開發的電商業務，也就是我們贏得這些訂單的直接業務，以及我們所建構的這套系統，確實產生了正面的影響。它的全球佈局和全通路佈局，以及我們兼具線上線下電商能力的優勢，都讓客戶非常滿意。我認為我們的分銷管道是無與倫比的。想想看，自從達成交易以來，我們新增了200家銀行商戶，傑夫關於核心處理與銀行商戶整合的遠見卓識，如今正在客戶的實際工作中得到顯著體現。此外，我們也與Verizon、Paychex、Deluxe等公司建立了合作關係，因此我們成為了客戶的首選合作夥伴。雖然我們的成長速度沒有達到疫情前的水平，但我們仍然保持著目前的成長速度，這得益於我們龐大的分銷網絡、多通路能力以及作為首選合作夥伴的地位。我認為，就市場環境而言，我們今年的三個季度都取得了顯著的業績。希望我的回答能解答您的疑問。

It does. Glad to hear. Appreciate it, Frank. And Jeff, all the best again.

確實如此。很高興聽到這個消息。謝謝你，弗蘭克。傑夫，再次祝你一切順利。

Our next question comes from Tim Chiodo from Crédit Suisse.

下一個問題來自瑞士信貸的提姆·奇奧多。

My question is around the e-commerce business, and fully appreciate that you mentioned we'll dig into this a little bit more at the Investor Day. But the business did quite well in the recent Forrester Wave Report, placing really just behind Stripe and Adyen, which were listed as the leaders, and really alongside Worldpay, you guys were both named strong performers. They gave you high scores in global acquiring and payouts in disbursement and a little bit weaker in APIs and architecture and updates and release cadence. I was just hoping you could dig into that ranking a little bit more and talk about the strengths and the weaknesses and some of the things maybe to improve some of the areas that weren't as strong but with an overall really strong showing.

我的問題是關於電子商務業務的，非常感謝您提到我們將在投資者日上更深入地探討這個問題。貴公司在最近的 Forrester Wave 報告中表現出色，排名僅次於被列為領導者的 Stripe 和 Adyen，與 Worldpay 並列為表現強勁的公司。報告給予貴公司全球收單和支付方面的高分，但在 API、架構、更新和發布節奏方面略有不足。我希望您能更詳細地分析這個排名，談談貴公司的優勢和劣勢，以及一些可以改進的方面，尤其是在那些相對薄弱的領域，但貴公司整體表現仍然非常出色。

Yes. Thank you. I mean, look, I guess the best way to think about it is the competitive wins we have. And we still are building technology. We'll be building it forever. We're iterating always on it. And we're using the power of our data and information and all the other assets we have inside the house. I think the best way for us to cover it all is at Investor Day where we'll walk you through the full stack, give you a full look at really where we sit in the market structure and understand really how strong the e-com product is that we have and why we're winning the business that we're winning. So I think that would do it the most justice. But we feel good, we go head-to-head every day and we win more than we lose by a lot.

是的，謝謝。我的意思是，你看，我想最好的理解方式就是看我們所取得的競爭優勢。我們仍在不斷研發技術，而且會一直研發下去。我們一直在迭代改進。我們也正在利用我們自身的數據、資訊以及公司內部的所有其他資源。我認為，要全面展示這一切，最好的方式是在投資者日上，屆時我們會帶您了解我們的全端技術，讓您全面了解我們在市場結構中的定位，並讓您真正理解我們強大的電商產品以及我們贏得這些業務的原因。所以，我認為這才是最恰當的方式。但我們感覺很好，我們每天都在激烈的競爭中奮力拼搏，而且勝多負少。

All right. Great. And the quick follow-up, and I apologize if I missed it, but the 300 basis point headwind to margins in the Acceptance segment last quarter from the timing of the assessment fees, when that was, I assume, reversed to a tailwind in Q3, did you put a number on what that boost was to margins in Q3? And I'm assuming, to your point, we should see a little bit less of that boost in Q4.

好的，太好了。還有一個後續問題，如果我錯過了，請見諒。上季由於評估費的收取時間，驗收業務的利潤率受到了300個基點的負面影響。我假設第三季這種情況已經逆轉，轉為利好。您有沒有具體說明第三季利潤率的提升幅度？而且，正如您所說，我估計第四季度這種提升幅度會略有下降。

Yes. We didn't actually cite it in the opening remarks. I would say we probably picked up about 2/3 of that in the third quarter.

是的。我們開場白裡並沒有提到它。我估計我們在第三節大概拿到了其中三分之二的分數。

Okay. Really helpful. Okay, so roughly 200 basis points or so.

好的，很有幫助。好的，大概200個基點左右。

Next, we have David Togut from Evercore ISI.

接下來，我們請到了來自 Evercore ISI 的 David Togut。

In the fourth quarter and in 2021, would you expect the gap between the mid-single-digit debit transaction growth and the 1% revenue growth in Payments and Network segment to start to close?

您是否預期在第四季和 2021 年，簽帳卡交易的個位數中段成長率與支付和網路部門 1% 的收入成長率之間的差距會開始縮小？

I wouldn't necessarily think about it that way. But if I think about -- remember, that has multiple businesses in it, right? So you also have businesses right this moment that are affected by foot traffic. You got the prepaids, like gift, you have our TeleCheck business, and you have elements of RPL that are affected, that are negatively affected, by COVID. If you look at sequentially, that business improved 400 basis points. And so I think we believe that our business is very strong. We love the network. We talked about all the characteristics of being the #3 network. So I would think about it that, yes, we're going to grow more. And I think we're going to talk -- that's why when we get to Investor Day, we'll take you through '21 and medium-term outlook. And we feel very, very strong about the Payments segment and all the innovation we have going on in the Payments segment and why our clients on both the merchant and the issuer side are so motivated by it.

我未必會那樣想。但如果我仔細想想——記住，這其中包含多個業務，對吧？所以目前也有一些業務受到客流量的影響。例如預付卡業務，像禮品卡，還有我們的TeleCheck業務，以及RPL業務中受新冠疫情影響的部分，這些都受到了負面影響。如果以環比來看，這項業務成長了400個基點。所以我認為我們相信我們的業務非常強大。我們熱愛我們的網路。我們討論了作為排名第三的網路的所有優勢。所以我認為，是的，我們會繼續成長。而且我認為我們會談到——這就是為什麼在投資者日上，我們會向大家介紹2021年和中期展望。我們對支付業務以及我們在支付業務領域進行的所有創新都充滿信心，也明白為什麼我們的商家和發卡機構客戶都對此如此感興趣。

Got it. Looking at the 12 core wins in Q3 and that followed 17 core wins in Q2, for what percentage of those wins was payment capability a significant component of the decision for the client?

明白了。考慮到第三季贏得的12個核心項目，以及第二季贏得的17個核心項目，在這些項目中，支付能力是客戶決策的重要因素的佔比是多少？

Yes. I think the clients are looking at the holistic nature now, the integrated nature. And we've moved to -- which was always there, but even driving it even further, how we deliver an integrated bundle and how that integrated bundle makes it easier for the client to service their clients and, in fact, how we serve our client better. So they really are completely integrated. It'd be very odd not to see that right now given the fact that no one else offers the modern core we have: Debit, credit, merchant solutions and the digital suite. Those digital products are huge in this offering.

是的。我認為客戶現在更關注整體性和整合性。我們已經轉向——其實一直都有，但現在我們更進一步——如何提供整合方案，以及這個整合方案如何讓客戶更輕鬆地服務他們的客戶，實際上也讓我們更好地服務我們自己的客戶。所以，他們的方案真正做到了完全整合。考慮到目前沒有其他公司提供我們這樣現代化的核心服務：借記卡、信用卡、商家解決方案和數位化套件，如果現在看不到集成，那才奇怪呢。這些數位化產品在我們的產品組合中佔據著舉足輕重的地位。

Got it. Quick final question on Zelle. Just going forward, since Fiserv was an early innovator in the P2P space, do you see Zelle becoming more of an ecosystem over time as we've seen, let's say, with Venmo and CashApp?

明白了。關於Zelle，最後一個問題。鑑於Fiserv是P2P領域的早期創新者，您認為Zelle會像Venmo和CashApp一樣，隨著時間的推移發展成一個生態系統嗎？

100%. I mean, look, we have a very long tail of opportunity in Zelle and then how we bring Zelle into the ecosystem and giving the assets within this company, how we utilize them across the payment spectrum. And I think you'll hear some of these things at Investor Day and see how we put this together with our bank partners to deliver them best-in-class payment capability.

百分之百。我的意思是，你看，Zelle 蘊藏著巨大的發展機遇，關鍵在於如何將 Zelle 融入整個生態系統，以及如何利用公司內部的資源，在整個支付領域進行有效利用。我想在投資者日上，你會聽到一些相關內容，並看到我們如何與銀行合作夥伴攜手，為他們提供一流的支付服務。

All the best to you, Jeff.

祝你一切順利，傑夫。

Thank you -- oh, that's Jeff. I answered for him a lot.

謝謝——哦，那是傑夫。我常替他回答問題。

Next, we have Matt O'Neill from Goldman Sachs.

接下來，我們請到了高盛的馬特·奧尼爾。

Yes. I was just curious, when we think about the extremely impressive pace of cost synergy realization to date since the close of the deal, understanding you've already increased the target once, we're quickly closing in on the original target that was sort of slated for 5 years after, you guys pointed out, less than, I think, even 1.5 years into the deal, so how do we think about that going forward? Are there longer-term incremental cost saves to be realized in the business vis-à-vis data center consolidation, incremental technology, et cetera? Or would that quantifiable synergy target raise of $1.2 billion somewhat of an upper bound before getting back to a more normalized level of operating margin expansion following the complete integration of the businesses? And I understand I might be jumping the gun a bit on Investor Day, so I apologize in advance.

是的。我只是好奇，考慮到自交易完成以來，成本協同效應的實現速度非常驚人，而且你們已經提高了一次目標，我們很快就要接近最初設定的五年目標了。正如你們所指出的，交易完成還不到一年半，那麼我們該如何看待未來的發展呢？在資料中心整合、技術升級等方面，業務中是否還有長期的增量成本節約空間？或者說，12億美元的可量化綜效目標是否只是上限，在業務完全整合後，營運利潤率的成長才會恢復到更正常的水平？我知道在投資人日這天問這些問題可能有點操之過急，所以提前致歉。

That's okay. That's good. Investor Day would be part of the answer. But look, we have -- that's $1.2 billion, of which we've actioned $875 million. And you heard us talk about the effect of our synergies on the P&L next year. I think what you can go back to is think about both these companies premerger were very good at operational effectiveness. And there will be a moment where we will continue to drive operational effectiveness and it will -- it's part of the DNA, whether it's using artificial intelligence, whether it's using RPA, we continue to bring AI in through many of our service elements. And both companies had dimensions of it, and we've had the benefit to bring both together.

沒關係，很好。投資者日會是解答部分問題的方式。但是，我們擁有──12億美元，其中我們已經落實了8.75億美元。你們也聽到了我們談到綜效對明年損益表的影響。我認為，你們可以回顧一下，合併前的這兩家公司在營運效率方面都非常出色。未來，我們將繼續提升營運效率，這已經融入了我們的基因，無論是使用人工智慧還是RPA（機器人流程自動化），我們都將繼續在眾多服務環節中引入人工智慧。兩家公司都具備這方面的優勢，而我們很幸運地將它們整合到了一起。

I mean the standard work of closing data centers and consolidating, which we've done more than 20 so far, that will wind down in synergy, but we will always drive an operational effectiveness program. And you could count on us talking about that as a regular way, all right? That will be through -- and we have a deep belief that we are able to improve service, improve quality while, in fact, being more efficient. And that -- I think it resonates our client's office. They feel it, and it's the way that we'll run the company going forward.

我的意思是，關閉資料中心和整合這些常規工作（我們目前已經完成了20多個），這些工作最終會逐步結束，但我們會始終推進營運效率提升計畫。您可以放心，我們會定期討論這個問題，好嗎？我們會一直這樣做——我們深信，我們能夠在提高效率的同時，提升服務和品質。我認為這一點也引起了客戶方的共鳴。他們感受到了這一點，而這正是我們未來營運公司的方式。

Our next question is from Darrin Peller from Wolfe Research.

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

So the top line result on Merchant was clearly stronger than expected. I guess just on the Fintech side, to be clear, when we back out, it's fair to back out 300 basis points from term fees, right? And so that would have been a 3% growth rate. You guys have all these wins coming on from new business in DNA and some other platforms. If you could just talk through the tech positioning in that segment since we get asked about that a fair amount, if you really see Fiserv of taking share from -- given all the digital banking initiatives. And with these wins and bookings, when should -- could we see that actually show further acceleration from the, I guess, normalized 3% run rate?

所以，商家業務的整體業績明顯強於預期。我想就金融科技方面而言，需要明確的是，如果我們扣除300個基點的期限費用，應該沒問題吧？這樣算下來，成長率應該是3%。你們在DNA和其他一些平台的新業務方面都取得了不少進展。鑑於我們經常被問到這個問題，能否請你們談談你們在該領域的技術定位？考慮到所有數位銀行的舉措，你們是否真的認為Fiserv能夠搶佔市場份額？有了這些新業務和訂單，我們什麼時候才能看到成長速度超過3%的正常水平？

Yes. I mean you've got the issue of the periodic revenue, so we don't have to go through that again. But I think what you see us is winning in the client's office. And I think a good way to think about it is we had a third-party consultant, FedFis, come out and basically say -- if you look at where we sit, we have 40% share, in the mid- to lower end of the market, right, which we are very, very good at and committed to. Now we've had bigger wins. We just boarded NYCB, which is a huge client. But I think we view ourselves over the long haul as being a market-share gainer. And I think the company was a market-share gainer and is a market-share gainer in various segments.

是的。我的意思是，我們已經解決了定期收入的問題，所以我們不必再重複討論這個問題了。但我認為，您看到的是我們贏得了客戶的信任。我認為一個很好的例子是，我們請了第三方顧問公司 FedFis 來評估，他們基本上是這麼說的——看看我們目前的市場地位，我們在中低端市場佔據了 40% 的份額，而這正是我們非常擅長並致力於發展的領域。現在我們取得了更大的成功。我們剛剛拿下 NYCB，這是一個大客戶。但我認為，從長遠來看，我們把自己定位為市場份額的成長者。而且我認為，公司過去是、現在也是各個細分市場的市佔率成長者。

So I think -- and I want to go back to how we're winning. We're winning cause of the bundle. We're winning because of the integrated solution. We're winning because of the digital assets that come along with it. You heard Bob talking about the amount of Architect installs we did and the amount of Architect wins we're having, which all drive ultimately future revenue growth for us. So I think you're going to see a lot over the next few years. You'll see a lot on Investor Day of why these businesses are so strong in Fintech.

所以我覺得──我想再回到我們制勝之道上來。我們制勝的原因在於捆綁銷售。我們制勝的原因在於整合解決方案。我們制勝的原因在於它所附帶的數位資產。你們也聽到了鮑伯談到我們完成的 Architect 安裝量以及我們贏得的 Architect 客戶數量，這些最終都會推動我們未來的收入成長。所以我認為在未來幾年你們會看到很多。在投資者日上，你們會看到很多關於這些金融科技企業為何如此強大的原因。

All right. And then just quickly on the Merchant side. Look, that obviously surprised folks, up 6%. And I know you touched on Clover, up 30%; and e-com, up 25%. Can you just touch on international? How did that do? And maybe if there's anything on integrated payments you can comment on. And really, Frank, the bigger question is, if you're seeing the top of the funnel filled with new businesses enough to offset the kinds of attrition that some might be seeing in this kind of market, I guess, in other words, if you're taking market share from the banks or anyone else despite some of the pandemic headwinds.

好的。然後我們快速聊聊商戶方面。顯然，這個數字讓大家感到意外，成長了6%。我知道您提到了Clover，成長了30%；還有電商，成長了25%。能簡單談談國際業務嗎？表現如何？關於整合支付，您有什麼想說的嗎？弗蘭克，更重要的是，您是否看到漏斗頂端湧入了足夠多的新企業，足以抵消某些市場可能出現的流失率？換句話說，儘管面臨疫情帶來的一些不利因素，您是否仍在從銀行或其他機構手中奪取市場份額？

Yes, I mean, look, international has a lot of countries in it, and every country is different. So I don't ever think about international. I always think about regions, and that's how we run it, and then down to countries. And different countries have different lockdown situations. But we're winning in the market outside the U.S., and we have strong growth in many cases and innovation both in the electronic space and in the physical space. And then if you look at Clover and you look at e-com, what you see is that they have had tremendous investments in their technology. We've had big changes in go-to-market strategy fundamentally in the client's office. We're running a very direct business now across the enterprise, and we are taking share.

是的，我的意思是，國際市場包含許多國家，每個國家的情況都不一樣。所以我從來不考慮國際市場。我總是先考慮區域市場，我們也是這樣做的，然後再細化到各國。不同國家的疫情封鎖情況也各不相同。但我們在美國以外的市場取得了成功，在許多情況下都實現了強勁成長，無論是在電子領域還是實體領域，我們都在不斷創新。如果你看看Clover，再看看他們的電商業務，你會發現他們在技術方面投入了大量資金。我們在客戶辦公室的市場推廣策略上也進行了根本性的變革。現在，我們在整個企業範圍內開展著非常直接的業務，並且不斷擴大市場份額。

Next, we have Ashwin Shirvaikar from Citi.

接下來是來自花旗銀行的 Ashwin Shirvaikar。

Jeff, Frank, Bob, congratulations on the quarter. Good to hear from all of you. So is Peter, not to have him left out. Jeff, it's been a pleasure and hope to stay in touch. My first question is with regards to -- when we look at Fintech, what are your bank clients telling you about their ability to incrementally invest in their business? In other words, as they pivot faster towards digital offerings, what do you get from the digital offerings? Is that going to be incrementally enough to have you accelerate meaningfully versus the traditional stuff that you might have done, like the other stuff that you might have done? And there's 2 parts to it as well. There's a sales part of it, which you talked about, but also the ramps. We hear mixed feedback about the pace of signed contracts actually ramping, so if you could comment on that as well.

傑夫、法蘭克、鮑勃，恭喜你們本季業績優異。很高興收到你們的消息。當然，彼得也一樣，不能忽略他。傑夫，很高興與你交流，希望我們能保持聯繫。我的第一個問題是關於金融科技的──你們的銀行客戶是如何評估他們逐步投資業務的能力的？換句話說，隨著他們加速轉向數位化產品，你們能從這些數位化產品中獲得什麼？這些收益是否足以讓你們的業務實現顯著成長，相較於你們之前可能從事的傳統業務？這個問題包含兩個面向。一方面是銷售方面，你剛才已經提到了，另一方面是業務成長速度。我們聽到了一些關於已簽約合約實際成長速度的不同回饋，所以如果你也能談談這方面的話。

I can tell you what I hear once or twice a day from a bank CEO or somebody who runs the retail division of a financial institution. Digital transformation speed is one of the most important things we have going on. And so I think from a market structure standpoint, we feel that our digital assets in our core coming together in a client's office and transforming them and bringing all the other -- bringing the debit capability, bringing the credit capabilities, I mean one of the great synergies that Jeff and I knew we had was the capability of bringing credit to smaller institutions, and we're seeing it happen. We're converting them every week. So I think it's a digital transformation on all products. It's bigger than just the core and fintech, but it's how do they integrate together.

我可以告訴你，我每天都會從銀行CEO或金融機構零售部門負責人那裡聽到一兩次這樣的說法：數位轉型的速度是我們目前面臨的最重要挑戰之一。因此，我認為從市場結構的角度來看，我們核心系統中的數位資產在客戶辦公室整合並進行轉型，並引入所有其他功能——例如借記卡功能和信用卡功能——這非常重要。我和傑夫都意識到，我們擁有的巨大協同效應之一就是為小型機構提供信貸服務，而我們正在見證這一轉變。我們每週都在完成轉型。所以我認為，這是一場涵蓋所有產品的數位轉型。它不僅限於核心系統和金融科技，而是關乎它們如何整合。

And to me, I don't think this is about banks deciding how much they're going to spend. It's banks figuring out with us how much they could transform how they operate with their clients, which is way more valuable for them to grow and compete than it is the cost of what they need to pay to us. And that's how they see it. This is no longer a luxury, the digital transformation, it's a way of life. And so I think we are in a fabulous position. Our clients feel good about it. We have the resource availability. We showed a fabulous conversion and implementation machine. And I think all my interactions with people who run financial institutions, which happen every day, is they're highly motivated to get as much of digital opportunity. And that's what I think about when you think about long-term growth in Fintech.

在我看來，這並非銀行決定投入多少資金的問題，而是銀行與我們共同探索如何才能最大程度地改變其客戶服務方式的問題。這種變革對於銀行的成長和競爭力而言，遠比支付給我們的費用更有價值。他們也正是這樣看待的。數位轉型不再是奢侈品，而是一種生活方式。因此，我認為我們處於非常有利的地位。我們的客戶對此感到滿意。我們擁有充足的資源。我們展示了一套高效率的轉換和實施機制。而且，我每天都與金融機構的管理人員交流，我發現他們都積極尋求盡可能多的數位化機會。這正是我在思考金融科技長期發展時所關注的。

Just quickly, to add to that, this is an area that we're absolutely investing in: in digital matters, payments, risk, capabilities to bring to those financial institutions in our fintech space, and we continue to bring additional products and services, and that's helping us win those cores as well as win digital users that you head us talk about.

簡單補充一下，這是我們絕對會投資的領域：數位化、支付、風險，以及我們為金融科技領域的金融機構提供的能力。我們將繼續推出更多產品和服務，這有助於我們贏得核心客戶，以及您提到的數位用戶。

Got it. And you talked about your revenue and the economic assumptions in the near term for 4Q. What about the cost assumptions? At what pace are you bringing cost back? And the cost that you took out incrementally just like many other companies, have you taken a shot yet at determining how many of those and what percent of those costs or what dollar value of those costs are sort of now in the permanent bucket versus temporary that will come back?

明白了。您談到了第四季的營收和近期經濟預期。那麼成本預期呢？成本恢復的速度如何？像許多其他公司一樣，您逐步削減了一些成本，您是否已經嘗試確定其中有多少成本、佔比多少或金額多少是永久性的，哪些是暫時性的、將會恢復的成本？

Yes, absolutely. And I made comments about this upfront. The cost -- the margin improvement that we're seeing this year, including the 300 basis point expansion that we had in the third quarter, is absolutely driven by permanent cost-out. It's one of the things that we actually talked about a year ago when we frequently got the question of how will you perform in an economic downturn, never anticipating that it would be driven by a pandemic in 2020. What we said was, look, you know what, if we're headed for an economic downturn in the near term, we will have, at the time, $900 million, now $1.2 billion worth of cost synergies. And we've been working since the beginning of the year, particularly as the pandemic hit and we saw the economic downturn coming, to accelerate those cost synergies.

是的，絕對是這樣。我之前就提到過這一點。我們今年看到的利潤率提升，包括第三季300個基點的成長，完全是由永久性成本削減所推動的。事實上，一年前我們就討論過這個問題，當時我們經常被問到在經濟衰退時期公司將如何應對，但我們從未預料到2020年的經濟衰退會是由疫情引發的。我們當時的回答是，如果短期內經濟衰退不可避免，我們將擁有當時9億美元、現在已達12億美元的成本綜效。從年初開始，尤其是在疫情爆發、我們預見到經濟衰退即將到來之際，我們就一直在努力加速這些成本綜效的實現。

And in fact, back in mid-March is when we announced the increase from $900 million to $1.2 billion. So the cost actions that we're taking are permanent cost actions. They are not in reaction to the COVID dynamic that you are seeing from a number of places. So we're not doing pay cuts or furloughs or things like that, that naturally come back into the business when the economy comes back. That's why we believe the margin improvement is sustainable, and we have future opportunity ahead of us as we continue to drive our cost synergies and then move to operational effectiveness into the future.

事實上，早在三月中旬，我們就宣布將預算從9億美元增加到12億美元。因此，我們採取的成本控制措施是永久性的，並非像許多人看到的那樣，是應對新冠疫情動態而採取的應對措施。所以我們不會採取降薪、裁員或其他類似措施，這些措施會在經濟復甦後自然恢復。正因如此，我們相信利潤率的提升是可持續的，並且隨著我們繼續推進成本協同效應，並最終提升營運效率，未來我們仍擁有巨大的發展機會。

And our final question comes from Dan Dolev from Mizuho.

最後一個問題來自瑞穗銀行的 Dan Dolev。

So really nice results in Acceptance and definitely ahead of our expectations. Frank, I know this is something that might be for the Analyst Day, but can you maybe give us a very broad sense of sort of the run rates, organic run rates, by segment heading into next year for the 3 segments? Even ballpark numbers, just to help us model, would be great.

驗收業績確實非常出色，遠遠超出預期。弗蘭克，我知道這可能要等到分析師日才能討論，但您能否大致介紹一下明年三大業務板塊的自然增長率？就算只是個大概數字，幫助我們建立模型，也十分感謝。

Yes. I mean, look, we are probably, I don't know -- it's good to talk to you, Dan. Thanks for being on the call. We're probably like, I don't know, how many days out, Bob, are we from Investors Day?

是的。我的意思是，你看，我們可能，我不知道——很高興和你聊聊，丹。謝謝你參加電話會議。我們可能，我不知道，鮑勃，距離投資者日還有幾天？

Probably about 5, 6 weeks.

大概需要5到6週。

5, 6 weeks, and we'll look at -- on Investor Day, we're going to take you through the inside and out, every business, the strength of our e-com business, right, how our segments operate, why our technology prowess is so strong, why we win in the client's office. We're going to talk to you about our long-established capital allocation strategy, with share repurchase as the primary benchmark for capital deployment. So I mean it's not -- I apologize because you know how well I think you guys, but this isn't the time to do segment guidance, if I may. But I'll answer another question if you got one.

再過五、六週，我們會在投資者日當天，帶大家深入了解我們公司的方方面面，包括每一項業務，我們電商業務的優勢，各個業務板塊的運作方式，我們強大的技術實力，以及我們在客戶面前取勝的原因。我們也會和大家探討我們長期以來奉行的資本配置策略，其中股票回購是資本部署的主要基準。所以，我的意思是──我知道你們了解我對你們的信任，但我得先道個歉，現在還不是給出業務板塊業績指引的時候。如果你們還有其他問題，我會回答的。

Yes, I actually had another question, really quick one. We did some work on the BofA attrition. Can you maybe give us a very quick update on how it's trending? I think last quarter, about the majority of the decline was due to COVID, and then about $10 million of that adjustment was due to BofA. How is that trending now in terms of that $20 million-or-so decline year-over-year in the BofA adjustment in terms of the split?

是的，我其實還有一個問題，很簡單。我們之前做過一些關於美國銀行（BofA）人員流失的工作。能否簡單介紹一下目前的趨勢？我記得上個季度，人員流失的大部分是由於新冠疫情造成的，其中約1000萬美元的調整是由於美國銀行造成的。現在，就美國銀行調整造成的年比2000萬美元左右的下降幅度而言，目前的趨勢如何？

Yes. I think if you COVID-adjust, which is a little hard not to say these days, we find our attrition rates to be fundamentally at an outperform against the industry right now given the stack of technology that we're providing for clients. So we feel really, really strong about what we're doing in the client's office and the product set and the stickiness of our clients.

是的。我覺得，如果考慮到新冠疫情的影響（現在很難不去想這個問題），鑑於我們為客戶提供的技術組合，我們的客戶流失率目前遠低於行業平均水平。因此，我們對在客戶辦公室進行的工作、產品組合以及客戶的黏性都非常有信心。

Got it. Well, great quarter. Appreciate it.

明白了。嗯，這季度業績很棒。謝謝。

Good to talk to you, Dan. I'll see you soon. Thank you.

很高興和你聊天，丹。回頭見。謝謝。

And look, if I would like to take this moment to thank everyone for joining the call. I do look forward to us having a great virtual Investor Day with you, and Bob and I look tremendously forward. I would like one more time to -- I mean Jeff Yabuki has been a legend running this company, and I think you've all been fortunate to follow him, and I'm fortunate to follow him on his footsteps. So you guys have a fabulous, fabulous night. Thank you.

好了，我想藉此機會感謝各位參加這次電話會議。我非常期待與大家一起度過一個精彩的線上投資者日，我和鮑伯也同樣充滿期待。我想再次強調──傑夫‧矢吹先生一直是這家公司的傳奇人物，我認為大家都很幸運能追隨他的腳步，而我也很榮幸能繼承他的事業。祝大家今晚愉快！謝謝。

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。