環匯 (GPN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Global Payments third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's call will be recorded.

女士們、先生們，感謝大家的支持，歡迎參加 Global Payments 2024 年第三季財報電話會議。（操作員說明）謹此提醒，今天的通話將被錄音。

At this time, I would like to turn the conference over to your host, Senior Vice President, Investor Relations, Winnie Smith. Please go ahead.

現在，我想將會議交給主持人、投資者關係高級副總裁溫妮史密斯 (Winnie Smith)。請繼續。

Good morning, and welcome to Global Payments' third quarter 2024 conference call. Our earnings release and the slides that accompany this call can be found on the Investor Relations area of our website at www.globalpayments.com.

早安，歡迎參加 Global Payments 2024 年第三季電話會議。我們的收益發布和本次電話會議附帶的幻燈片可以在我們網站 www.global payments.com 的投資者關係部分找到。

Before we begin, I'd like to remind you that some of the comments made by management during today's conference call contain forward-looking statements about, among other things, expected operating and financial results. These statements are subject to risks, uncertainties and other factors, including the impact of economic conditions on our future operations that could cause actual results to differ materially from expectations.

在開始之前，我想提醒您，管理層在今天的電話會議上發表的一些評論包含有關預期營運和財務業績等的前瞻性陳述。這些陳述受到風險、不確定性和其他因素的影響，包括經濟狀況對我們未來營運的影響，這可能導致實際結果與預期有重大差異。

Certain risk factors inherent in our business are set forth in filings with the SEC, including our most recent 10-K and subsequent filings. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them.

我們向 SEC 提交的文件中列出了我們業務固有的某些風險因素，包括我們最近的 10-K 和後續文件。我們提醒您不要過度依賴這些陳述。本次電話會議期間的前瞻性陳述僅代表本次電話會議當日的情況，我們不承擔更新這些陳述的義務。

We will also be referring to several non-GAAP financial measures which we believe are more reflective of our ongoing performance. For a full reconciliation of the non-GAAP financial measures discussed in this call to the most comparable GAAP measure, in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this morning and our supplemental materials available on the Investor Relations section of our website.

我們也將提及多項非公認會計準則財務指標，我們認為這些指標更能反映我們的持續績效。如需根據SEC 規定，將本次電話會議中討論的非GAAP 財務指標與最具可比性的GAAP 指標進行全面協調，請參閱我們今天上午提交的8-K 表格附件中提供的新聞稿以及我們的補充資料請造訪我們網站的投資者關係部分。

Joining me on the call is our CEO, Cameron Bready; and our CFO, Josh Whipple. Now, I'll turn the call over to Cameron.

與我一起參加電話會議的是我們的執行長 Cameron Bready；以及我們的財務長喬許‧惠普爾 (Josh Whipple)。現在，我將把電話轉給卡梅倫。

Thanks, Winnie, and good morning, everyone. We were delighted to host our first investor conference since 2021 last month in New York, where we shared a comprehensive update on our company and the meaningful opportunities we see ahead to create value for our customers, partners and shareholders. We appreciate those of you who took the time to attend in person as well as everyone who participated virtually.

謝謝，溫妮，大家早安。我們很高興上個月在紐約舉辦了自2021 年以來的首次投資者會議，會上我們全面介紹了我們公司的最新情況，以及我們看到的未來​​為客戶、合作夥伴和股東創造價值的有意義的機會。我們感謝那些花時間親自參加的人和所有虛擬參與的人。

As we outlined at that time, we are a market leader operating at the intersection of software and payments, delivering innovative commerce solutions worldwide. We are winning today with an enviable portfolio of leading software and payments capabilities and have a strong track record of best-in-class service.

正如我們當時所概述的那樣，我們是軟體和支付領域的市場領導者，在全球範圍內提供創新的商務解決方案。今天，我們憑藉令人羨慕的領先軟體和支付功能組合贏得勝利，並擁有一流服務的良好記錄。

And we are moving aggressively to build on this foundation to position Global Payments for the next phase of its growth journey. We are refocusing our strategy, streamlining and simplifying our business and unifying our teams and capabilities, allowing us to play to our competitive strengths. We have a rich portfolio of software and payments capabilities with significant untapped TAMs.

我們正在此基礎上積極行動，為 Global Payments 的下一階段成長之旅奠定基礎。我們正在重新調整我們的策略重點，精簡和簡化我們的業務，統一我們的團隊和能力，使我們能夠發揮我們的競爭優勢。我們擁有豐富的軟體和支付功能組合，以及大量尚未開發的 TAM。

Our transformation is unleashing an already successful business to deliver all of our solutions through all of our channels in a more frictionless way and drive higher returns. And we are committed to a shareholder-first capital allocation strategy. As we position the business for the next decade to grow, we strongly believe we are poised to capture and unlock significant value.

我們的轉型正在釋放已經成功的業務，以更順暢的方式透過我們的所有管道提供所有解決方案，並帶來更高的回報。我們致力於股東優先的資本配置策略。當我們將業務定位為未來十年的成長時，我們堅信我們已經準備好捕捉和釋放巨大的價值。

While we have an ambitious transformation agenda in front of us, we are already making progress with our announcement today that we reached a definitive agreement to sell our AdvancedMD business to Francisco Partners. This transaction exemplifies our commitment to simplify our business and accelerate our capital returns for shareholders. I'll discuss this more shortly.

雖然我們面前有一個雄心勃勃的轉型議程，但我們已經取得了進展，今天我們宣布達成一項最終協議，將我們的 AdvancedMD 業務出售給 Francisco Partners。此次交易體現了我們簡化業務並加快股東資本回報的承諾。我將很快討論這個問題。

Turning to our third quarter results. We delivered 6% adjusted net revenue growth, 40 basis points of adjusted operating margin expansion and 12% adjusted earnings per share growth compared to the same period in 2023. Our performance was solid as we continued to execute well against our refocused strategy in operational transformation, particularly in light of the uncertain macro environment.

轉向我們第三季的業績。與 2023 年同期相比，調整後淨收入成長 6%，調整後營業利益率成長 40 個基點，調整後每股盈餘成長 12%。我們的業績穩健，因為我們繼續良好地執行我們重新調整的營運轉型策略，特別是考慮到不確定的宏觀環境。

Our Merchant Solutions business delivered 7% adjusted net revenue growth, largely driven by our POS and software and integrated and embedded businesses. We again saw a strong new POS account growth this quarter, led by our direct channel in North America which grew new SMB and mid-market cloud POS sales by 23%.

我們的商家解決方案業務實現了 7% 的調整後淨收入成長，這主要是由我們的 POS 和軟體以及整合和嵌入式業務推動的。本季我們再次看到新 POS 帳戶的強勁成長，其中北美直接通路的帶動下，新中小型企業和中階市場雲端 POS 銷售額成長了 23%。

Our feature-rich offering that delivers a world-class front-of-house experience, payments, reporting and engagement solutions, continues to resonate with customers. And the breadth of our capabilities and configurations allows us to serve customers of all sizes and complexity, including many of the leading QSR's.

我們功能豐富的產品提供世界一流的前台體驗、付款、報告和參與解決方案，持續引起客戶的共鳴。我們的能力和配置廣泛，使我們能夠為各種規模和複雜程度的客戶提供服務，包括許多領先的快餐店。

We are excited to have achieved a new kiosk and menu board agreement this quarter with Whataburger, expanding our long-standing relationship as its primary technology partner. We are also seeing strong momentum in food service management with bookings growth tracking 25% higher this year compared to 2023.

我們很高興本季與 Whataburger 達成了新的自助服務終端和菜單板協議，擴大了我們作為其主要技術合作夥伴的長期關係。我們也看到餐飲服務管理的強勁勢頭，今年的預訂量成長比 2023 年高出 25%。

Additionally, we are further expanding our POS offerings into markets outside of the US and are pleased to have successfully launched in Germany this quarter. We remain on track to bring our POS solutions to key additional international markets, including Mexico, Ireland, Poland, Austria and Romania in the near future.

此外，我們正在進一步將 POS 產品擴展到美國以外的市場，並很高興本季在德國成功推出。我們仍將在不久的將來將我們的 POS 解決方案引入主要的其他國際市場，包括墨西哥、愛爾蘭、波蘭、奧地利和羅馬尼亞。

We also saw a strong performance in our education business this quarter. In higher education, we recently signed a significant expansion with Brown University, launched a new partnership with the University of British Columbia and signed a new relationship with Swansea University in Wales. Swansea marks our eighth university win in the UK and Ireland in the last 12 months, and we continue to have a strong pipeline of new opportunities globally.

本季我們的教育業務也表現強勁。在高等教育方面，我們最近與布朗大學簽署了重大擴展協議，與不列顛哥倫比亞大學建立了新的合作夥伴關係，並與威爾斯斯旺西大學簽署了新的合作關係。斯旺西是我們過去 12 個月內在英國和愛爾蘭獲得的第八個大學冠軍，我們將繼續在全球範圍內擁有強大的新機會。

In the community verticals, our software solutions powered events with more than 1.3 million registrants and over 8,000 camp programs during the peak summer season. We also signed a new partnership with Bainbridge Island Park & Rec in Washington State, one of the largest in the country.

在社區垂直領域，我們的軟體解決方案在夏季高峰期為超過 130 萬名註冊者和超過 8,000 個營地計畫提供支援。我們也與華盛頓州的班布里奇島公園和休閒中心（美國最大的公園之一）簽署了新的合作關係。

These achievements reinforce that we are winning in the market today with POS and software that provides our customers with the features and service they demand to run and grow their businesses. As we discussed at our investor conference, we see significant opportunities to drive continued growth and share gains as we execute on our key transformation initiatives for this business.

這些成就進一步證明，我們憑藉 POS 和軟體贏得了當今的市場，為我們的客戶提供了營運和發展業務所需的功能和服務。正如我們在投資者會議上討論的那樣，在執行該業務的關鍵轉型舉措時，我們看到了推動持續成長和股票收益的重大機會。

First, we are consolidating our POS assets under the Genius brand, and we'll extend them globally. By harmonizing our capabilities on a common platform, we will enhance our ability to grow, drive efficiency and accelerate value delivery for our partners and clients while improving our return on invested capital.

首先，我們正在將我們的 POS 資產整合到 Genius 品牌下，並將其擴展到全球。透過在一個通用平台上協調我們的能力，我們將增強我們的發展能力，提高效率並加速為我們的合作夥伴和客戶提供價值，同時提高我們的投資資本回報率。

Second, we are concentrating our investments in the assets and verticals that will be most impactful to driving growth and our ability to continue to win share in the market. And third, we are better connecting our leading commerce enablement solutions into our point-of-sale and software environments and pushing our full suite of capabilities through all of our distribution channels globally.

其次，我們將投資集中在對推動成長和繼續贏得市場份額的能力最有影響力的資產和垂直領域。第三，我們將領先的商務支援解決方案更好地連接到我們的銷售點和軟體環境中，並透過我們在全球的所有分銷管道推廣我們的全套功能。

Shifting to the integrated and embedded pillar of our strategy. We continue to see strong growth in new partners to our ecosystem, demonstrating we have the technology, solutions and features that partners desire to monetize payments within their verticals.

轉向我們策略的整合和嵌入式支柱。我們繼續看到我們生態系統的新合作夥伴強勁成長，這表明我們擁有合作夥伴希望在其垂直領域內實現支付貨幣化的技術、解決方案和功能。

Notable wins in North America this quarter include Cleardent in the dental space, Alineops and MatrixCare, both in serving the senior living vertical; and Art Center Canvas, a software solution serving the education vertical. We also successfully signed over 40 international ISV partnerships in the quarter across the United Kingdom, Asia Pacific, Australia and Lat Am.

本季北美地區的顯著勝利包括牙科領域的 Cleardent、服務老年生活垂直領域的 Alineops 和 MatrixCare； Art Center Canvas，一個服務於教育垂直領域的軟體解決方案。本季我們也成功與英國、亞太地區、澳洲和拉丁美洲的 40 多個國際 ISV 建立了合作夥伴關係。

Through our transformation, we are executing on initiatives in this business to further extend our leadership position. We are focused on offering flexible operating models that are not discrete but allow us to work with a partner along the continuum, from pure referral, to payment facilitation, both with payments and our commerce enablement products, to arrive at the dynamic solutions our partners are looking for over the long term.

透過轉型，我們正在該業務中實施舉措，以進一步擴大我們的領導地位。我們專注於提供靈活的營運模式，這些模式不是離散的，而是允許我們與合作夥伴沿著連續體合作，從純粹的推薦到支付便利，無論是支付還是我們的商業支援產品，以獲得我們的合作夥伴所需的動態解決方案尋找長期的。

We're also taking our successful commercialization playbook from the US to international markets, further accelerating our approach to sourcing and securing new ISV partners in these more nascent integrated payment markets.

我們也將我們成功的商業化策略從美國推廣到國際市場，進一步加快我們在這些新興綜合支付市場中尋找並確保新的 ISV 合作夥伴的步伐。

Further, we are simplifying and accelerating the onboarding process and enhancing the partner and customer experience while accelerating speed to revenue across the full suite of our commerce enablement solutions. This includes working with our partners to jointly leverage our embedded commerce capabilities, empowering them to provide more features and services to their end customers, driving additional value and revenue opportunities.

此外，我們正在簡化和加速入職流程，增強合作夥伴和客戶體驗，同時加快我們全套商務支援解決方案的創收速度。這包括與我們的合作夥伴合作，共同利用我們的嵌入式商務功能，使他們能夠向最終客戶提供更多功能和服務，從而推動額外的價值和收入機會。

Moving to core payments. We also saw a strong growth in new partner signings this quarter which will serve to further enhance our distribution in this channel. We also continue to see a significant improvement in the revenue opportunity with new partners as we bring more products and capabilities through these relationships.

轉向核心支付。本季我們也看到新合作夥伴簽約的強勁成長，這將有助於進一步增強我們在該通路的分銷。隨著我們透過這些關係帶來更多產品和功能，我們也繼續看到與新合作夥伴的收入機會顯著改善。

Last quarter, we highlighted the expansion of our direct distribution capabilities and demand generation solutions in the UK as the market continues to evolve beyond traditional bank-based referral channels. And while it remains early days, we are already seeing strong progress adding new merchants as a result of this initiative.

上個季度，我們強調了隨著市場不斷發展超越傳統的銀行為基礎的推薦管道，我們在英國的直接分銷能力和需求生成解決方案的擴展。雖然還處於早期階段，但我們已經看到這項措施帶來的巨大進展，新商家的增加。

We are also making substantial headway in Germany through our new joint venture with Commerzbank and have successfully added over 1,000 merchants since its inception just last quarter. Across Europe, we signed several marquee wins this quarter, including telecommunications leader, Sky TV across multiple geographies, and national highways in Poland.

我們也透過與德國商業銀行的新合資企業在德國取得了重大進展，自上季成立以來已成功增加了 1,000 多家商家。在整個歐洲，我們本季簽署了許多重大勝利，包括電信領導者、跨多個地區的天空電視台以及波蘭的國家高速公路。

Shifting to the LatAm region. We continue to have good momentum in Mexico as we enhance our value proposition in these markets. In addition to double-digit revenue growth, we also had several notable wins in this market, including Petco, Gran Bodega and [Sea Glass].

轉移到拉丁美洲地區。隨著我們增強在這些市場的價值主張，我們在墨西哥繼續保持良好的勢頭。除了兩位數的營收成長外，我們還在這個市場上取得了一些顯著的勝利，包括 Petco、Gran Bodega 和[海玻璃]。

In terms of our transformation, our core payments initiatives are focused on expanding wallet share and client engagement through a growing variety of commerce enablement solutions and business value propositions. We're also pursuing targeted international growth opportunities, prioritizing investments in markets where we have or can attain leadership and scale in the short term.

就我們的轉型而言，我們的核心支付計劃專注於透過越來越多的商業支援解決方案和業務價值主張來擴大錢包份額和客戶參與度。我們也尋求有針對性的國際成長機會，優先投資於我們已經或能夠在短期內獲得領先地位和規模的市場。

We are leveraging our strong financial institution partnerships globally to support our expansion while also continuing to diversify our distribution to ensure we are well positioned for longer-term trends. More broadly, our goal in the core payments channel is to form deeper relationships with commerce enablement and outstanding service.

我們正在利用我們強大的全球金融機構合作夥伴關係來支持我們的擴張，同時繼續實現分銷多元化，以確保我們為長期趨勢做好準備。更廣泛地說，我們在核心支付管道的目標是與商業支援和卓越服務建立更深層的關係。

Providing premium experiences as we solve our clients' evolving and increasingly complex needs will drive higher lifetime customer value. Ultimately, core payments also provides a feeder channel for our POS and integrated businesses as these customers leverage additional solutions from us as they grow.

在解決客戶不斷變化且日益複雜的需求時提供優質體驗將推動更高的終身客戶價值。最終，核心支付也為我們的 POS 和綜合業務提供了支線管道，因為這些客戶在成長過程中會利用我們的其他解決方案。

Finally, it's important to highlight that across all three of our merchant pillars, our transformation will allow us to better leverage our broad base of distribution, including one of the premier direct sales teams in the industry, as well as a broad base of strategic partners, joint ventures, wholesale and indirect relationships.

最後，需要強調的是，在我們的所有三個商業支柱中，我們的轉型將使我們能夠更好地利用我們廣泛的分銷基礎，包括業內最優秀的直銷團隊之一以及廣泛的戰略合作夥伴基礎、合資企業、批發和間接關係。

As we highlighted at the investor conference, in connection with our strategic review, we identified certain assets, markets and lines of businesses that lack alignment with our strategic focus and are looking to divest or exit them as appropriate. As I noted earlier, as part of this work, we reached a definitive agreement to sell our AdvancedMD business. In connection with this transaction, we also executed a multiyear strategic partnership agreement with AdvancedMD to continue to provide integrated payments and commerce enablement solutions to its customers.

正如我們在投資者會議上所強調的那樣，在我們的策略審查中，我們發現了某些與我們的策略重點不一致的資產、市場和業務線，並正在尋求酌情剝離或退出它們。正如我之前指出的，作為這項工作的一部分，我們達成了出售 AdvancedMD 業務的最終協議。在此次交易中，我們還與 AdvancedMD 簽署了一項多年戰略合作夥伴協議，以繼續為其客戶提供整合支付和商業支援解決方案。

Under our ownership, AdvancedMD has been a very successful business. However, as we focus on streamlining and simplifying our business, we made the determination that it was not the best strategic fit for several reasons.

在我們的掌控下，AdvancedMD 是一家非常成功的企業。然而，當我們專注於精簡和簡化我們的業務時，由於多種原因，我們認為這不是最佳的策略選擇。

First, Health care is a bespoke market that requires significant investments in capabilities and compliance programs that are difficult to amplify across other businesses and geographies. Second, there are extensive regulatory requirements in health care that add complexity and create limitations on our ability to integrate it fully into our new operating model. Lastly, post the TSYS merger, we have strong exposure to health care in our integrated and embedded business, increasing the potential for channel conflict with partners.

首先，醫療保健是一個客製化市場，需要對能力和合規計畫進行大量投資，而這些投資很難在其他企業和地區擴大。其次，醫療保健領域存在廣泛的監管要求，這增加了複雜性，並限制了我們將其完全融入新營運模式的能力。最後，在 TSYS 合併後，我們的整合和嵌入式業務在醫療保健領域擁有強大的業務，這增加了與合作夥伴發生管道衝突的可能性。

We want to thank our AdvancedMD team members for all their contributions to Global Payments, and we look forward to continuing to work together through our strategic partnership going forward.

我們要感謝我們的 AdvancedMD 團隊成員對 Global Payments 所做的所有貢獻，我們期待透過我們的策略合作夥伴關係繼續共同努力。

Turning to Issuer Solutions. We are pleased with our execution in the areas we can control. We successfully completed five implementations, including our first cloud conversion for a leading global financial institution in Asia Pacific. We now have two clients in our AWS cloud environment with many others in the pipeline. We also completed conversion of two new portfolios acquired by large existing FI partners, further supporting our strategy of aligning with market share winners.

轉向發行人解決方案。我們對我們在可以控制的領域的執行感到滿意。我們成功完成了五次實施，包括為亞太地區一家領先的全球金融機構進行的首次雲端轉換。現在，我們的 AWS 雲端環境中有兩位客戶，還有許多其他客戶正在籌備中。我們也完成了對現有大型金融合作夥伴收購的兩個新投資組合的轉換，進一步支持我們與市場佔有率獲勝者保持一致的策略。

Today, our implementation pipeline remains at over 65 million accounts after two recent LOIs successfully went to contract during the third quarter. We're also having ongoing success in cross-selling commerce enablement solutions, having signed over 200 product and servicing agreements this year.

如今，在最近的兩本意向書在第三季成功簽訂合約後，我們的實施管道仍保持在超過 6,500 萬個帳戶。我們在交叉銷售商務支援解決方案方面也持續取得成功，今年已簽署了 200 多項產品和服務協議。

Lastly, we recently renewed two of our largest global clients. It is worth noting that over the last few years, we have renewed 15 of our top 20 clients, reflecting the strength of our partnerships and providing us good visibility and stability going forward.

最後，我們最近續約了兩位最大的全球客戶。值得注意的是，在過去的幾年裡，我們已經續約了 20 大客戶中的 15 家，這反映了我們合作夥伴關係的實力，並為我們提供了良好的可見度和穩定性。

Despite our execution, our results this quarter were impacted by softer-than-expected volumes, largely driven by commercial card transactions, which decelerated further from what we experienced during the second quarter. We also saw some product and project investment delays from FI partners as they take a more cautious approach to spending given ongoing macro uncertainty. And we saw softer trends in our Paycard business from incremental sequential weakness in employment trends. We believe we are well positioned to manage these headwinds if they persist as we continue to execute on our transformation and modernization journey.

儘管我們執行得很好，但我們本季的業績受到交易量低於預期的影響，這主要是由商務卡交易推動的，與我們在第二季度的經歷相比，商務卡交易進一步減速。我們也看到金融合作夥伴的一些產品和專案投資出現延遲，因為鑑於持續的宏觀不確定性，他們對支出採取了更謹慎的態度。由於就業趨勢連續疲軟，我們看到支付卡業務出現疲軟趨勢。我們相信，如果這些逆風在我們繼續執行轉型和現代化之旅時持續存在，我們就有能力應對這些逆風。

Our transformation efforts for Issuer are centered on completing our cloud modernization which will further amplify our right to win and grow share across existing and new addressable markets, enhancing the strong leadership position we command today. We are focused on delivering cloud-native products and services across multiple market segments, use cases and regions, and serving our clients with greater speed to market and agility in a secure and compliant manner.

我們對發行人的轉型工作集中在完成我們的雲端現代化，這將進一步增強我們在現有和新的潛在市場中贏得和增加份額的權利，從而增強我們今天所掌握的強大領導地位。我們專注於跨多個細分市場、用例和地區提供雲端原生產品和服務，並以安全、合規的方式以更快的上市速度和敏捷性為客戶提供服務。

This investment also extends our opportunity to differentiate through commerce enablement with tailored products and solutions that address the needs of a diverse range of clients. And with API-enabled solutions, we're able to deliver our platform in individual components or in its entirety, allowing us to support issuers of all sizes, including the community, credit union, fintech and neobank segments. Our cloud-based solutions also allow us to further expand more easily and efficiently in new geographies.

這項投資也擴大了我們透過提供客製化產品和解決方案的商業支援來實現差異化的機會，以滿足不同客戶的需求。借助支援 API 的解決方案，我們能夠以單一元件或整個平台的形式提供我們的平台，使我們能夠支援各種規模的發行人，包括社群、信用合作社、金融科技和新銀行領域。我們基於雲端的解決方案還使我們能夠在新的地區更輕鬆、更有效率地進一步擴展。

We're pleased with the progress we are making on modernization and remain on track to complete the development of our client-facing applications this year. We have initiated a number of customer pilots and continue to expect commercial launch in 2025. Additionally, we will be exclusively selling cloud solutions next year, paving the way for widespread adoption over time.

我們對現代化方面取得的進展感到滿意，並將繼續按計劃完成今年面向客戶的應用程式的開發。我們已經啟動了多個客戶試點，並預計在 2025 年進行商業發布。此外，我們明年將獨家銷售雲端解決方案，為日後廣泛採用鋪路。

Before I turn it over to Josh, I want to express my sincere condolences to all those impacted by the devastation and widespread damage resulting from Hurricanes Helene and Milton. The financial impact from these events to our business pales in comparison to the hardship faced by the Southeast region, where we have a significant presence and operations. Global Payments is supporting a number of organizations providing critical relief to those affected. We will continue to do all we can to support our team members, customers and partners on the road to recovery ahead.

在將其轉交給喬許之前，我想向所有受到颶風海倫和米爾頓造成的破壞和廣泛損害的人們表示誠摯的哀悼。與我們在東南地區擁有重要業務和業務的地區所面臨的困難相比，這些事件對我們業務的財務影響相形見絀。Global Payments 正在支持許多組織為受影響的人提供重要救濟。我們將繼續竭盡全力支持我們的團隊成員、客戶和合作夥伴走上未來的復甦之路。

John?

約翰？

Thanks, Cameron, and good morning, everyone. We delivered adjusted net revenue of $2.36 billion for the third quarter, an increase of 6% from the prior year. Adjusted operating margin increased 40 basis points to 46.1%. And we reported adjusted earnings per share of $3.08, an increase of 12% compared to the same period in 2023.

謝謝卡梅倫，大家早安。第三季調整後淨收入為 23.6 億美元，比上年成長 6%。調整後營業利益率成長 40 個基點，達到 46.1%。我們公佈的調整後每股收益為 3.08 美元，較 2023 年同期成長 12%。

Taking a closer look at our performance by segment. Merchant Solutions achieved adjusted net revenue of $1.84 billion for the third quarter, reflecting growth of 7%. This includes roughly 1 point of contribution from the acquisition of Takepayments, which was partially offset by the impact from unfavorable foreign currency exchange rates during the period.

仔細看看我們按細分市場的表現。Merchant Solutions 第三季調整後淨收入為 18.4 億美元，成長 7%。其中包括收購 Take payment 帶來的約 1 個百分點的貢獻，但該貢獻被期內不利的外幣匯率的影響部分抵消。

As we discussed at our investor conference in September, we are working to unify our global merchant segment around three lines of business: Point of sale and software, integrated and embedded, and in core payments.

正如我們在 9 月的投資者會議上討論的那樣，我們正在努力圍繞三個業務線統一我們的全球商家部門：銷售點和軟體、整合和嵌入式以及核心支付。

Our POS and software business delivered low double-digit growth for the third quarter. We successfully added roughly 3,000 new POS locations during the quarter, as Cameron mentioned, and we have added nearly 10,000 POS locations year-to-date.

我們的 POS 和軟體業務第三季實現了兩位數的低成長。正如 Cameron 所提到的，我們在本季成功增加了約 3,000 個新 POS 分店，今年迄今我們已增加了近 10,000 個 POS 網點。

Additionally, across our software businesses, we achieved 30% new bookings growth for both the third quarter and year-to-date periods. We also saw strong performance in our education businesses, which delivered double-digit adjusted net revenue growth.

此外，在我們的軟體業務中，我們第三季和年初至今的新預訂量均實現了 30% 的成長。我們的教育業務也表現強勁，實現了兩位數的調整後淨收入成長。

Our integrated and embedded payments business achieved high single-digit growth for the third quarter. We continue to win with our differentiated capabilities across our integrated software offerings and added 92 new software partners during the quarter, representing an increase of 60% over the prior year period.

我們的整合和嵌入式支付業務第三季實現了高個位數成長。我們繼續憑藉整合軟體產品的差異化能力贏得勝利，本季新增了 92 個新軟體合作夥伴，比去年同期成長了 60%。

New ISV partner signings also increased 60% on a year-to-date basis, highlighting our consistently strong business development results and further demonstrating the market receptivity to our offerings.

新的 ISV 合作夥伴簽約數量也較年初增加了 60%，凸顯了我們持續強勁的業務發展成果，並進一步證明了市場對我們產品的接受度。

Moving to core payments. We delivered mid-single-digit growth in this channel during the quarter. This was driven by solid growth in the US, which was partially offset by softer trends in Europe and Asia Pacific. Notably, we added 250 new core payments partners this quarter, a 60% increase over the prior year period. This is consistent with our efforts to amplify our distribution channels to sell our full suite of capabilities across markets to address customer needs.

轉向核心支付。本季我們在該通路實現了中個位數成長。這是由美國的強勁成長推動的，但歐洲和亞太地區的疲軟趨勢部分抵消了這一成長。值得注意的是，本季我們新增了 250 個核心支付合作夥伴，比去年同期成長了 60%。這與我們擴大分銷管道以在市場上銷售全套功能以滿足客戶需求的努力是一致的。

Shifting to merchant volumes, SMB volumes grew 5% for the third quarter, which was a slight moderation from the prior quarter due to lower same-store sales, consistent with the trends reported by the banks and our peers. I would highlight that, in September, our volumes were also negatively impacted by the hurricanes in the Southeast region and weather-related events in Central and Eastern Europe.

轉向商家銷量，第三季中小型企業銷量成長了 5%，由於同店銷售額下降，較上一季略有放緩，這與銀行和同業報告的趨勢一致。我要強調的是，九月份，我們的銷售量也受到東南地區颶風以及中歐和東歐天氣相關事件的負面影響。

We delivered an adjusted operating margin of 50% in the Merchant segment, an increase of 90 basis points, reflecting ongoing sequential improvement since completing the acquisition of EVO Payments last year and strong execution on our strategy.

我們的商家業務部門調整後營業利潤率為 50%，成長了 90 個基點，反映出自去年完成收購 EVO Payments 以來持續的連續改善以及我們策略的強勁執行。

Issuer Solutions produced adjusted net revenue of $529 million, reflecting segment growth of 2%, or 3% excluding our Paycard business. We processed nearly 10 billion transactions in the quarter, which is an increase of 3% compared to the prior year period. This marks roughly 1.5 points deceleration in transaction growth sequentially.

Issuer Solutions 的調整後淨收入為 5.29 億美元，反映該部門成長 2%，或不包括 Paycard 業務的 3%。本季我們處理了近 100 億筆交易，比去年同期成長了 3%。這標誌著交易成長季減約 1.5 個百分點。

Consumer transaction volumes slowed, consistent with the trends highlighted by several of our large FI partners, while we also saw further slowing in commercial card volumes. Additionally, we have seen certain bank customers delaying product and service investments in the current environment, as Cameron mentioned. And while we're seeing broader incremental softness, these trends have been more acute with the regional and smaller partners, resulting in an unfavorable revenue mix dynamic.

消費者交易量放緩，與我們的幾個大型金融合作夥伴強調的趨勢一致，同時我們也看到商業卡交易量進一步放緩。此外，正如卡梅倫所提到的，我們看到某些銀行客戶在當前環境下推遲了產品和服務投資。雖然我們看到更廣泛的增量疲軟，但這些趨勢對於區域和較小的合作夥伴來說更為嚴重，導致不利的收入組合動態。

Despite the softer macro trends, we continue to deliver strong execution. We added a total of 30 million traditional accounts on file this quarter, largely driven by our five conversions. Year-to-date, we've completed 13 implementations and added approximately 55 million traditional accounts on file. The strong conversion activity, our near-record implementation pipeline and the completion of our renewal cycle with many of our large customers, gives us confidence in the outlook we have for the business for both the fourth quarter and over the medium term.

儘管宏觀趨勢疲軟，我們仍持續提供強勁的執行力。本季我們總共增加了 3000 萬個傳統帳戶，這主要是由我們的五次轉換推動的。今年迄今為止，我們已完成 13 項實施，並增加了約 5,500 萬個存檔傳統帳戶。強勁的轉換活動、接近創紀錄的實施管道以及與許多大客戶的續約週期的完成，使我們對第四季度和中期的業務前景充滿信心。

Moving to our B2B portfolio. The core mid-market segment for our AP automation solutions continues to generate healthy bookings. Although similar to our commercial card business, we're also seeing AP customers take a more cautious approach, reducing the number of suppliers and their associated spend. Additionally, our Paycard business negatively impacted growth this quarter by roughly a point as we saw incremental headwinds sequentially due to the softer employment trends in the segment of the market we serve.

轉向我們的 B2B 產品組合。我們的 AP 自動化解決方案的核心中階市場持續產生良好的預訂量。儘管與我們的商業卡業務類似，但我們也看到 AP 客戶採取了更謹慎的態度，減少了供應商的數量及其相關支出。此外，我們的支付卡業務對本季的成長產生了大約一個百分點的負面影響，因為我們所服務的市場領域的就業趨勢疲軟，我們連續看到了增量阻力。

Issuer Solutions delivered an adjusted operating margin of 45.4%, a decrease of 210 basis points compared to the prior year. As you may recall, issuer margins saw a strong expansion last year as we pivoted the business to more technology enablement and away from lower-margin managed service offerings. We have now lapped those related margin benefits, while we are also seeing some pressure from the macro trends I just discussed, while continuing to invest in modernization.

Issuer Solutions 的調整後營業利益率為 45.4%，較上年下降 210 個基點。您可能還記得，去年，隨著我們將業務轉向更多的技術支援並遠離利潤率較低的託管服務產品，發行人的利潤率出現了強勁增長。我們現在已經享受了這些相關的利潤收益，同時我們也看到了我剛才討論的宏觀趨勢帶來的一些壓力，同時繼續投資於現代化。

From a cash flow standpoint, we produced strong adjusted free cash flow for the quarter of approximately $722 million, representing roughly 92% conversion rate of adjusted net income to adjusted free cash flow.

從現金流的角度來看，我們本季產生了約 7.22 億美元的強勁調整後自由現金流，相當於調整後淨利潤到調整後自由現金流的轉換率約為 92%。

It's worth noting that adjusted free cash flow this quarter included an adjustment to remove the impact of $847 million of cash inflows from settlement timing. Since the third quarter ended on a weekday while the prior year quarter ended our weekend, we saw the reversal of the impact of settlement prefunding as expected.

值得注意的是，本季調整後的自由現金流包括一項調整，以消除結算時間帶來的 8.47 億美元現金流入的影響。由於第三季在工作日結束，而去年同期在周末結束，因此我們看到結算預籌資金的影響如預期發生逆轉。

We invested $166 million in capital expenditures during the quarter and continuing to expect capital spending to be around $670 million or roughly 7% of revenue in 2024.

我們在本季投資了 1.66 億美元的資本支出，並繼續預期 2024 年資本支出將達到 6.7 億美元左右，約佔營收的 7%。

Our net leverage position decreased to 3.3x at the end of the third quarter, nearly 0.25x lower sequentially. We remain on track for our leverage level to be in the low 3s by year-end, consistent with our long-term targets. Our balance sheet remains healthy and we have $4.4 billion of available liquidity. Our total indebtedness is approximately 100% fixed with a weighted average cost of debt of 3.3%.

截至第三季末，我們的淨槓桿部位下降至 3.3 倍，季減近 0.25 倍。我們仍有望在年底前將槓桿水平降至 3 左右，這與我們的長期目標一致。我們的資產負債表保持健康，擁有 44 億美元的可用流動資金。我們的總債務約為 100% 固定，加權平均債務成本為 3.3%。

As Cameron mentioned, we reached a definitive agreement to sell AdvancedMD for a total purchase price of $1.125 billion. We expect the transaction to close by the year-end subject to regulatory approval. In connection with this transaction, we expect to return up to $700 million to shareholders after addressing taxes and maintaining leverage neutrality. To that end, we have entered into an accelerated share repurchase plan for $600 million and anticipate returning the remainder through open market purchases this quarter.

正如 Cameron 所提到的，我們達成了最終協議，以 11.25 億美元的總收購價出售 AdvancedMD。我們預計該交易將在獲得監管部門批准後於年底前完成。就本次交易而言，我們預計在解決稅務問題並保持槓桿中立後，將向股東返還高達 7 億美元。為此，我們已製定 6 億美元的加速股票回購計劃，並預計本季透過公開市場購買返還剩餘部分。

As we discussed at our investor conference, as part of our strategic review, we identified certain markets, assets and lines of business that lack alignment with our refreshed focus and that we intend to divest or exit. This transaction represents a good first step in that process while also serving to unlock value for our shareholders. We are continuing to execute on additional opportunities, including exiting certain smaller international geographies beginning this quarter.

正如我們在投資者會議上討論的那樣，作為策略審查的一部分，我們確定了某些與我們新的重點不一致的市場、資產和業務線，並且我們打算剝離或退出。這項交易代表了這個過程中良好的第一步，同時也有助於為我們的股東釋放價值。我們將繼續抓住更多機會，包括從本季開始退出某些較小的國際地區。

It's also worth highlighting that our Board of Directors approved an increase in the company's share repurchase authorization capacity to $2.5 billion. As we highlighted at our investor conference, we're targeting returns of $7.5 billion to shareholders over the next three years before contemplating divestitures. To be clear, the $600 million ASR we announced today is incremental to this. We continue to see buying back our shares as a compelling opportunity given our confidence in our strategy and longer-term growth potential.

另外值得強調的是，我們的董事會批准將公司股票回購授權能力增加至 25 億美元。正如我們在投資者會議上所強調的那樣，在考慮資產剝離之前，我們的目標是在未來三年內為股東帶來 75 億美元的回報。需要明確的是，我們今天宣布的 6 億美元 ASR 是在此基礎上的增量。鑑於我們對我們的策略和長期成長潛力充滿信心，我們仍然認為回購股票是一個令人信服的機會。

Turning to the outlook. Our year-to-date performance highlights the durability of our model and the benefits of our sharpened focus as we execute on our strategic priorities. We continue to expect reported adjusted net revenue to range from $9.17 billion to $9.30 billion, reflecting growth of 6% to 7% over 2023, excluding the impact of the disposition of AdvancedMD. However, given the softer trends we're seeing in our issuer business due to the macroeconomic environment, we now expect to be at the lower end of that range, and we still expect annual adjusted operating margin to expand up to 50 basis points for 2024.

轉向前景。我們今年迄今的表現凸顯了我們模型的耐用性以及我們在執行策略重點時更加專注的好處。我們繼續預期報告的調整後淨收入將在 91.7 億美元至 93 億美元之間，較 2023 年增長 6% 至 7%，不包括處置 AdvancedMD 的影響。然而，鑑於宏觀經濟環境導致我們的發行人業務呈現疲軟趨勢，我們現在預計將處於該範圍的下限，並且我們仍然預計 2024 年調整後的年度營業利潤率將擴大至 50 個基點。

To provide color at the segment level. We continue to expect our merchant business to report adjusted net revenue growth of 9%-plus for the full year. This remains consistent with our prior outlook and excludes the impact of dispositions. We now expect up to 40 basis points of adjusted operating margin expansion for the merchant business in 2024.

在段級別提供顏色。我們繼續預期我們的商家業務全年調整後淨收入將成長 9% 以上。這與我們先前的展望保持一致，並且排除了處置的影響。我們現在預計 2024 年商業業務調整後的營業利潤率將擴大至多 40 個基點。

Moving to Issuer Solutions. We anticipate adjusted net revenue growth in the 4% range for the full year compared to 2023. This is slightly lower than our prior outlook given the unfavorable macro trends I highlighted earlier. We now anticipate adjusted operating margin for the issuer business to expand up to 30 basis points.

轉向發行人解決方案。與 2023 年相比，我們預計全年調整後淨收入成長在 4% 左右。鑑於我之前強調的不利宏觀趨勢，這略低於我們先前的預期。我們現在預計發行人業務調整後的營業利潤率將擴大至 30 個基點。

Moving to a couple of nonoperating items. We still expect net interest expense to be approximately $500 million this year and for our adjusted effective tax rate to be approximately 19%, consistent with our prior outlook.

轉向幾個非營運項目。我們仍預期今年淨利息支出約為 5 億美元，調整後的有效稅率約為 19%，與我們先前預期的一致。

Putting it all together, we continue to expect adjusted earnings per share for the full year to be in the range of $11.54 to $11.70, reflecting growth of 11% to 12% over 2023, albeit likely at the lower end due to the aforementioned macro weakness.

綜上所述，我們繼續預計全年調整後每股收益將在 11.54 美元至 11.70 美元之間，反映出 2023 年增長 11% 至 12%，儘管由於上述宏觀疲軟，可能處於較低水平。

And with that, I'll now turn the call back over to Cameron.

現在，我將把電話轉回給卡梅倫。

Thanks, Josh. We've accomplished a great deal over the last six months. We refreshed our strategy, sharpening our focus to emphasize the markets where we are best positioned to compete and win. We completed a comprehensive review of our organizational structure and internal processes across the company.

謝謝，喬許。過去六個月我們取得了許多成就。我們更新了策略，更專注於我們最有能力競爭和獲勝的市場。我們完成了對整個公司的組織結構和內部流程的全面審查。

We successfully reoriented our business under a single unified operating model globally, addressing our complexity, enhancing our agility and positioning our organization to execute against a clear and well-articulated strategy. And we have begun transforming how we operate to unleash our full potential, fuel our growth, elevate our client experiences and provide market-leading solutions that make everyday commerce better.

我們在全球範圍內成功地在單一統一營運模式下重新定位了我們的業務，解決了我們的複雜性，增強了我們的敏捷性，並使我們的組織能夠執行清晰且明確的策略。我們已經開始改變我們的營運方式，以釋放我們的全部潛力，推動我們的成長，提升我們的客戶體驗，並提供市場領先的解決方案，使日常商務變得更好。

We are doing all the right things to unify and streamline our business, reimagine our distribution and consolidate our platforms to position our business for sustainable growth and success. We will execute and complete much of our transformation agenda in 2025 which will allow us to realize additional benefits in 2026 and beyond.

我們正在做所有正確的事情來統一和簡化我們的業務，重新構想我們的分銷並鞏固我們的平台，以使我們的業務實現可持續增長和成功。我們將在 2025 年執行並完成大部分轉型議程，這將使我們能夠在 2026 年及以後實現更多收益。

This is what we reflected in our medium-term outlook provided at our investor conference last month, and we have a great deal of conviction in our ability to accelerate growth and deliver on our financial targets over the next few years. We are excited about the opportunities we see ahead to create significant value for our customers, partners and shareholders. Winnie?

這就是我們在上個月的投資者會議上提供的中期展望中所反映的內容，我們對未來幾年加速成長和實現財務目標的能力充滿信心。我們對未來為客戶、合作夥伴和股東創造巨大價值的機會感到興奮。溫妮？

(Event Instructions) Operator, we will now go to questions.

（活動說明）接線員，我們現在開始提問。

(Operator Instructions) Will Nance, Goldman Sachs.

（操作員指示）Will Nance，高盛。

Hey, guys. I appreciate you taking the question on. So I wanted to maybe revisit some of the commentary around 2025 and the restructuring initiatives that you just referenced, Cameron. I think a lot of the questions post Investor Day have focused on the degree of confidence that the deceleration to mid-single digits next year provides you guys with enough cushion to execute on some of these initiatives.

嘿，夥計們。我很感謝你提出這個問題。因此，卡梅倫，我可能想在 2025 年左右重新審視一些評論以及您剛才提到的重組舉措。我認為投資者日後的許多問題都集中在明年經濟成長降至中個位數的信心程度上，這為你們提供了足夠的緩衝來執行其中一些舉措。

And so if you look at merchant this quarter, I think you were at 7% with a little bit of a tailwind from Takepayments. So call it kind of 6% organic with the guidance kind of implying something in the low 5s for next year. How do you feel about that level of cushion? And then is there anything you can share about sort of the cadence of some of these restructuring initiatives? And how we should expect the deceleration next year to play out? Thanks .

因此，如果你看看本季度的商家，我認為你的比例為 7%，其中有一點來自 Takepaids 的推動。因此，我們可以稱其為 6% 的有機成長率，而指導意見則暗示明年的成長率將低於 5%。您對這種級別的緩衝感覺如何？那麼，關於其中一些重組舉措的節奏，您有什麼可以分享的嗎？我們該如何預期明年的減速會如何發生？謝謝。

Yes. Will, it's Cameron, I'll kick it off, and I'll ask Josh maybe to comment on the latter part of your question.

是的。威爾，我是卡梅倫，我將開始討論，我會請喬許對你問題的後半部分發表評論。

So Look, I would say at a macro level, we've got a lot of confidence in the medium-term guide that we shared last month. I think as we look at how we're positioning the business for '25 and perhaps as importantly, '26 and '27, the key initiatives that we have in our transformation pipeline, I think, are poised to clearly position us to drive accelerated growth as we work through the '25 into the '26 and '27 time frame.

所以，我想說，從宏觀層面來看，我們對上個月分享的中期指南充滿信心。我認為，當我們考慮如何為「25」以及也許同樣重要的「26」和「27」定位業務時，我認為我們在轉型管道中採取的關鍵舉措將明確定位我們以推動加速發展隨著我們從25 世紀進入26 世紀和27 世紀的時間框架，我們將實現成長。

And I think the way we position '25 is a good, balanced approach. I think we have enough cushion, I think, in terms of a revenue expectation perspective, I think, to allow us the flexibility to do the things we need to do to position the business for long-term sustainable growth. While at the same time, we're returning a significant amount of capital, $2 billion next year to shareholders, and delivering double-digit growth in earnings per share.

我認為我們對 25 的定位是一個很好的、平衡的方法。我認為，從收入預期的角度來看，我們有足夠的緩衝，使我們能夠靈活地做我們需要做的事情，以使業務實現長期可持續增長。同時，我們將在明年向股東返還大量資本，即 20 億美元，並實現每股盈餘兩位數的成長。

So while we're still working through the transformation, I think the return of capital to shareholders and obviously the compounded growth in earnings per share we expect to be able to deliver, I think, is a good, responsible approach to, again, doing what we need to do to position the business while at the same time kind of rewarding our shareholders as we progress through the journey.

因此，雖然我們仍在努力實現轉型，但我認為，向股東提供資本回報，以及我們期望能夠實現的每股收益的複合增長，我認為，這是一種良好、負責任的方法，再次，我們需要做些什麼來定位業務，同時在我們的發展歷程中回報我們的股東。

So short answer is yes. I think we have plenty of flexibility as we think about the 2025 medium-term outlook. We've got a lot of confidence in what we shared last month. And I think we're already starting to see, at least internally, the benefits of a lot of the work we're doing that will start to materialize more fully in our results as we progress through time, certainly as we get into the back half of 2025 and head into 2026, when we call -- are calling for sort of more revenue acceleration in the business.

所以簡短的回答是肯定的。我認為，在考慮 2025 年中期前景時，我們有足夠的彈性。我們對上個月分享的內容充滿信心。我認為，至少在內部，我們已經開始看到我們正在做的許多工作的好處，隨著時間的推移，尤其是當我們進入後台時，這些工作將開始更充分地體現在我們的結果中。年下半年，進入2026 年，我們呼籲業務收入進一步加速成長。

And then, Will, as in relation to some of the restructuring charges. As we talked about at the Investor Day, we plan to deliver more than $500 million of incremental run rate operating income benefit by the first half of 2027. You saw some of those restructuring charges here in Q3.

然後，威爾，關於一些重組費用。正如我們在投資者日談到的那樣，我們計劃在 2027 年上半年實現超過 5 億美元的增量營運收入收益。您在第三季看到了其中一些重組費用。

As we talked about, we expect the onetime cost range and approximately two-third of the benefit that we expect to achieve, and we'll see those over the next, I'd say, six to seven quarters, that some of those restructuring charges start to go ahead and flow through.

正如我們所討論的，我們預計一次性成本範圍和我們預期實現的收益的大約三分之二，我們將在接下來的六到七個季度中看到這些，其中一些重組電荷開始向前流動。

Got it. Appreciate that color. And just if I may, a quick follow-up on the sales. So congrats on getting this announced. AdvancedMD, I think we had pegged at roughly 20% of the owned software portfolio. So I was wondering if you could just confirm roughly $200 million to $250 million of revenues thereabouts.

知道了。欣賞那個顏色。如果可以的話，請快速跟進銷售情況。恭喜您宣布這項消息。AdvancedMD，我認為我們已經鎖定了大約 20% 的自有軟體組合。所以我想知道您是否可以確認大約 2 億至 2.5 億美元的收入。

And any commentary on the margin profile and the strategic agreement, just how we should think about sort of the payments revenues that may sit with you guys post the sale? Thanks.

對利潤狀況和策略協議的任何評論，我們應該如何考慮銷售後可能與你們相關的付款收入？謝謝。

Yes. Good question. So as an aggregate sort of revenue matter, AMD is about -- it's a little north of that 20% number. So for 2024, we forecasted around the $250 million to $260 million range. There is some revenue that will stay with us, obviously, by virtue of the commercial relationship that we had. Most of that revenue sits in the payments business today outside of AdvancedMD, so the revenue going with AdvancedMDs in that range.

是的。好問題。因此，從整體收入來看，AMD 的收入略高於 20% 的數字。因此，對於 2024 年，我們預測約為 2.5 億至 2.6 億美元。顯然，憑藉我們之間的商業關係，我們將保留一些收入。目前，大部分收入來自 AdvancedMD 以外的支付業務，因此 AdvancedMD 的收入處於該範圍內。

And on a cash EBITDA multiple basis, we sort of secured kind of a high teens multiple, which I think is a good premium value for this asset in the marketplace. Cash EBITDA multiples for the business are around 30%. The EBITDA multiple for us -- or the EBITDA for us is a little bit higher than that, but it's around that kind of roughly $70 million range on a cash EBITDA basis.

在現金 EBITDA 倍數基礎上，我們獲得了十幾倍的高倍數，我認為這對於市場上的資產來說是一個很好的溢價。該業務的現金 EBITDA 倍數約為 30%。我們的 EBITDA 倍數——或者說我們的 EBITDA 比這個高一點，但以現金 EBITDA 為基礎，大約在 7000 萬美元的範圍內。

Awesome, appreciate the details. Thanks guys.

太棒了，欣賞細節。謝謝你們。

Thanks Will.

謝謝威爾。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hey guys, good morning. Thank you. I wanted to ask on the sales realignment and the point-of-sale brand consolidation, just early feedback and execution there. And just any friction weighing on the third quarter results? Any related client churn from point-of-sale consolidation thus far? Just give us a sense on how those early initiatives are progressing?

嘿夥計們，早安。謝謝。我想詢問有關銷售調整和銷售點品牌整合的問題，以及早期回饋和執行情況。還有任何摩擦會影響第三季的業績嗎？到目前為止，有任何相關客戶因銷售點整合而流失嗎？請讓我們了解一下這些早期舉措的進展？

No, I would say it's a great question. I appreciate you asking it. So certainly on the brand side, there's a lot of positive receptivity to the Genius brand. And there's a lot of internal excitement, I think, about finally aligning all of our POS capabilities under a common platform and a common brand and unifying our go-to-market approach, I think, with a full suite of capabilities that we can deliver in all the key geographies around the globe in which we want to be able to deliver them.

不，我想說這是一個很好的問題。我很感激你這麼問。因此，在品牌方面，Genius 品牌受到了許多積極的歡迎。我認為，最終將我們所有的 POS 功能整合到一個通用平台和一個通用品牌下，並將我們的進入市場方法與我們可以提供的一整套功能統一起來，我認為這讓我們內部感到非常興奮我們希望能夠在全球所有主要地區提供這些服務。

So we're still in early days. As you can imagine, we probably have a dozen different go-to-market brands around POS today. There's a lot of work to do to align those brands over a period of time. But certainly a good deal of enthusiasm around where we see our business going from a point-of-sale perspective, and the impact point of sale and growth in point of sale is going to have on our business over a longer period of time.

所以我們還處於早期階段。正如您可以想像的那樣，今天我們可能有十幾個不同的 POS 市場品牌。在一段時間內，要協調這些品牌還有很多工作要做。但毫無疑問，我們從銷售點的角度看待我們的業務發展，以及銷售點的影響和銷售點的成長將在較長一段時間內對我們的業務產生很大的熱情。

So nothing in the quarter I would call out specifically as it relates to POS. It's actually still a good bookings quarter for our POS business. We will, over the course of time, demise probably some legacy point-of-sale platforms as we look to consolidate our offerings onto a single sort of unified platform going forward. But none of that is really reflected in any sort of Q3 performance.

因此，本季我不會特別指出與 POS 相關的內容。對於我們的 POS 業務來說，實際上仍然是一個很好的預訂季度。隨著時間的推移，我們可能會淘汰一些遺留的銷售點平台，因為我們希望未來將我們的產品整合到單一的統一平台上。但這些都沒有真正反映在第三季的表現。

That will be more in the kind of '25 range -- time frame as we work through the POS consolidation efforts internally. And as I said before, we look to align all of our offerings around a common platform that we can bring to market under the Genius brand. But -- we're certainly very excited about what we're doing from a point-of-sale perspective.

這將更多地在 25 年的範圍內——我們在內部完成 POS 整合工作的時間框架。正如我之前所說，我們希望圍繞一個通用平台調整我們的所有產品，並以 Genius 品牌將其推向市場。但是，從銷售點的角度來看，我們確實對我們正在做的事情感到非常興奮。

Obviously, in restaurant, it's an important market for us today. I would say on balance, we're probably even more excited about the white space we see in retail. We think there's a huge opportunity for us to further differentiate in retail and some of the subsegments in retail that may be less intensely competitive today than what we see in the restaurant channel.

顯然，在餐廳，這對我們來說是一個重要的市場。總的來說，我想說，我們可能對零售業中看到的空白更加興奮。我們認為，我們有一個巨大的機會，可以進一步在零售業和零售業的一些細分市場中實現差異化，這些細分市場目前的競爭可能不如我們在餐廳通路中看到的那麼激烈。

So I think the overall outlook around POS is very exciting, and there's a lot of enthusiasm for the work we're doing here. And I think when we bring our offerings together under the Genius brand, we're going to see a great deal of success in our ability to really scale that business much more rapidly.

因此，我認為 POS 的整體前景非常令人興奮，人們對我們在這裡所做的工作充滿熱情。我認為，當我們將我們的產品整合到 Genius 品牌下時，我們將看到我們能夠真正更快地擴展業務的巨大成功。

Okay. I appreciate that. And then just on issuer, understanding some of these factors are not under your control, commercial volumes and some of the delayed investment here. Can you just dig in further on some of the underlying performance drivers for issuer growth? And do you have line of sight to some of these factors improving?

好的。我很欣賞這一點。然後就發行人而言，了解其中一些因素不受您控制，商業量和一些延遲投資。能否進一步深入探討發行人成長的一些潛在績效驅動因素？您認為其中一些因素是否有所改善？

Yes, it's a good question. I mean, obviously, I think from an execution standpoint, we remain pleased with the work our team is doing. We have a good pipeline of conversion opportunities north of 65 million accounts. We obviously converted a fair amount in Q3 that will slightly positively impact Q4, as Josh highlighted in his comments, which I think positioned us better kind of heading into 2025.

是的，這是一個好問題。我的意思是，顯然，我認為從執行的角度來看，我們對團隊所做的工作仍然感到滿意。我們擁有超過 6500 萬個帳戶的良好轉換機會管道。正如 Josh 在他的評論中所強調的那樣，我們顯然在第三季度進行了相當多的轉換，這將對第四季度產生輕微的積極影響，我認為這使我們能夠更好地進入 2025 年。

The macro environment, to some degree, is what it is. We don't have a lot of control over commercial spend. We are probably on balance more exposed to commercial just given the lion's share of the commercial market that we process for today from an issuer perspective.

宏觀環境在某種程度上就是這樣。我們對商業支出沒有太多控制權。總的來說，考慮到我們今天從發行人的角度處理的商業市場的最大份額，我們可能更多地接觸商業市場。

But I think as it relates to the things we can control, we have a good pipeline of opportunities in our portfolio. We have a good pipeline of conversion accounts that we'll bring on to our platforms over the next 12 to 18 months. We've renegotiated 15 of our 20 to -- our top 20 customers over the course of the last few years, which gives us good line of sight into what revenue will be for those important partners over the next few years as well.

但我認為，由於它與我們可以控制的事情有關，因此我們的投資組合中有很多機會。我們擁有良好的轉換帳戶管道，將在未來 12 到 18 個月內將其引入我們的平台。在過去的幾年裡，我們已經與 20 名至前 20 名客戶中的 15 名重新進行了談判，這使我們能夠很好地了解這些重要合作夥伴在未來幾年的收入。

So I think as we look at the '25, '26 kind of timeframe, we've got good visibility into what the expectations should be for the business. Assuming the macro kind of remains where it is, we obviously see 2025 being in the midterm guidance that we provided last month for the issuer business. And as we continue to work through our modernization journey, we expect to be able to accelerate from there as we move forward into '27 and beyond.

因此，我認為，當我們審視「25」、「26」這樣的時間框架時，我們已經很好地了解了對業務的期望。假設宏觀形勢保持不變，我們顯然會看到 2025 年處於我們上個月為發行人業務提供的中期指導中。隨著我們繼續推進現代化進程，我們期望能夠在此基礎上加速前進，進入 27 年及以後。

All right. Thank you.

好的。謝謝。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi, good morning. Just on AdvancedMD, how fast was the revenue growing in that business? And then is there other assets inside of software that could be up for sale as well? Or is this more likely to be geography-specific in different areas of the merchant business?

嗨，早安。就AdvancedMD 而言，該業務的營收成長速度有多快？那麼軟體內部是否有其他資產也可以出售？或者這更可能是商業業務不同領域的特定地理位置？

Yes, Bryan, good question. So AdvancedMD was kind of growing in that high single-digit range. Good, healthy growth business. Doesn't really impact the growth outlook for our business going forward. Obviously, our midterm guide is our midterm guide, and it contemplated, obviously, our plans around AdvancedMD.

是的，布萊恩，好問題。因此，AdvancedMD 的成長幅度處於較高的個位數範圍內。業務良好、健康成長。並不會真正影響我們業務未來的成長前景。顯然，我們的中期指南是我們的中期指南，顯然，它考慮了我們圍繞 AdvancedMD 的計劃。

So it's a good, healthy growing business. And obviously, we're delighted to be able to partner with Francisco Partners kind of going forward to continue to help drive growth in their business through payments and commerce enablement solutions.

所以這是一項良好、健康發展的業務。顯然，我們很高興能夠與 Francisco Partners 合作，繼續透過支付和商務支援解決方案來幫助推動他們的業務成長。

I think as it relates to what else may be in the mix, as we called out at our investor conference last month, we are planning to divest somewhere in the neighborhood of $500 million to $600 million of revenue as we move forward. These are assets and businesses that we've called out already that we don't think strategically align with our refreshed strategy and where we want to drive the business over a long period of time.

我認為，正如我們在上個月的投資者會議上所呼籲的那樣，這與混合中的其他內容有關，我們計劃在前進的過程中剝離大約 5 億至 6 億美元的收入。我們已經指出，這些資產和業務在策略上不符合我們更新的策略，也不符合我們希望長期推動業務的方向。

So obviously, AdvancedMD was a first step in that process. But as you can imagine, given the guidance we provided, we have more things that we're working on. And to preserve the integrity of the processes we're trying to execute, I don't want to go any further than that.

顯然，AdvancedMD 是這個過程的第一步。但正如您可以想像的那樣，根據我們提供的指導，我們正在做更多的事情。為了保持我們嘗試執行的流程的完整性，我不想再進一步了。

But obviously, just given what we shared last month, there are still things that we're working on that we think have the potential to be value-enhancing, and we would look to execute them much the same way we did with AdvancedMD, with proceeds being returned to shareholders in a very efficient manner.

但顯然，鑑於我們上個月分享的內容，我們仍然正在研究一些我們認為有潛力提升價值的事情，我們希望以與 AdvancedMD 相同的方式執行它們，收益以非常有效的方式返還給股東。

Got it. And just as my follow-up, core payments is still hanging in there despite the economic kind of weakness that we're seeing out there at mid-single digits. I think for next year, given the guidance, it was probably the core that was going to maybe fall to low single digits. Can you just talk about what would be embedded to see core change to low single digit from the mid-single digit where it is today?

知道了。正如我的後續行動一樣，儘管我們看到經濟疲軟，核心支付仍處於中個位數。我認為明年，根據指導，核心可能會降至低個位數。您能談談要嵌入什麼才能看到核心從今天的中個位數變成低個位數嗎？

Yes. I think there's a few things that I think are kind of worth calling out as it relates to that. One is just the general macro environment. I think your point is fair, where that's where some of the more macro-oriented risk and softness may hit our portfolio, and that some of what we saw in Q3 without a doubt, certainly as it relates to the sequential performance relative to Q2.

是的。我認為有一些與此相關的事情值得一提。一是大環境。我認為你的觀點是公平的，這就是一些更宏觀的風險和疲軟可能會影響我們的投資組合的地方，毫無疑問，我們在第三季度看到了一些情況，當然因為它與相對於第二季度的連續表現有關。

But I would say that's also the part of the business where we have the most activities that we're probably going to stop doing as a business. And where we're exiting certain activities and lines of businesses that may not be large divestitures like AdvancedMD, but maybe sort of wind-downs or just exits of activities that we're involved with today. So that's a little bit of what drives I think some of the outlook for core payments as we look to 2025.

但我想說，這也是我們開展最多活動的業務部分，但我們可能會停止開展業務。我們正在退出某些活動和業務線，這些活動和業務線可能不是像 AdvancedMD 這樣的大規模剝離，但可能是我們今天參與的活動的逐步縮減或退出。因此，我認為這在一定程度上推動了我們展望 2025 年核心支付的前景。

I think other things to note is, as we're working to kind of realign distribution activities, that's going to have an impact a little bit on our core payments. I'll give you one very specific example. In the fourth quarter, we're reorienting our compensation program for our FI partner channel which sits in that core payments.

我認為需要注意的其他事情是，當我們正在努力重新調整分銷活動時，這將對我們的核心支付產生一些影響。我給你舉一個非常具體的例子。在第四季度，我們正在重新調整核心支付中的金融合作夥伴通路的薪酬計畫。

Obviously, that might create a little bit of just softness in new production as we work to orient those sales professionals to a new compensation program that we think better aligns incentives with the outcomes we're trying to drive for our business while obviously still creating a good opportunity for our sales professionals to continue to earn good revenue for themselves.

顯然，這可能會在新的生產中造成一點疲軟，因為我們努力讓這些銷售專業人員適應新的薪酬計劃，我們認為該計劃可以更好地將激勵措施與我們試圖推動業務的結果結合起來，同時顯然仍在創造一個為我們的銷售專業人員提供繼續為自己賺取豐厚收入的好機會。

But obviously, that's work that we feel like we need to do around that channel, and we're doing that this quarter. So those are the kind of things that we're working on as it relates to our transformation that may have an impact on our core payments business. And part of the reason as we look to '25, that's the area that we would expect perhaps a touch of slowdown that gets us to that mid-single-digit growth range as we look to reaccelerate in '26 and '27.

但顯然，我們認為我們需要圍繞該管道開展這項工作，並且我們將在本季度進行這項工作。這些都是我們正在努力的事情，因為它與我們的轉型有關，可能會對我們的核心支付業務產生影響。我們展望 25 年的部分原因是，我們預計該領域可能會出現一定程度的放緩，使我們在 26 年和 27 年重新加速時達到中等個位數的成長範圍。

Okay, very helpful. Thanks for taking the questions.

好的，非常有幫助。感謝您提出問題。

Thanks, Bryan

謝謝，布萊恩

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks. Hey, I just have a question, really kind of a point of follow-up here. But the midpoint of the range, the 5% revenue growth that you're talking about for '25, just to be clear, are you like rebasing '24 and pulling out the $250 million to $260 million from AdvancedMD and then growing off of that base? Or are you keeping the existing base and then telling us 5% growth?

謝謝。嘿，我只是有一個問題，確實是一個後續問題。但這個範圍的中點，即您所說的25 年5% 的收入增長，需要明確的是，您是否喜歡重新調整24 年的基礎，從AdvancedMD 中提取2.5 億至2.6 億美元，然後以此為基礎進行增長根據？或者你會保持現有的基礎，然後告訴我們 5% 的成長嗎？

Yes. Dan, I think the easiest way to think about it is the 5% is organic. We called out at the investor conference, we're looking to exit somewhere in the neighborhood of $500 million to $600 million of revenue. Obviously, AdvancedMD was the first step in that process. So as we think about organic growth, as we head into 2025, we're targeting that mid-single-digit range as we highlighted at our investor conference last month. So that's the easiest way to think about it as a revenue matter.

是的。丹，我認為最簡單的思考方式是 5% 是有機的。我們在投資者會議上呼籲，我們希望在收入約 5 億至 6 億美元的地方退出。顯然，AdvancedMD 是這個過程的第一步。因此，當我們考慮有機成長時，當我們進入 2025 年時，我們的目標是實現中個位數範圍，正如我們在上個月的投資者會議上所強調的那樣。因此，這是將其視為收入問題的最簡單方法。

Earnings are earnings. We're going to deliver double-digit growth in earnings next year. Obviously, that assumes use of proceeds from any asset divestitures, et cetera. But as a revenue matter, just think about that as an organic number. It will be impacted -- overall aggregate revenue will be impacted by whatever divestitures we're successful with, obviously, AdvancedMD being one we have clear line of sight to. So the numbers that we're providing for our medium-term guide, they were all sort of organic numbers.

收益就是收益。明年我們將實現兩位數的獲利成長。顯然，這假設使用任何資產剝離等的收益。但作為收入問題，只需將其視為一個有機數字即可。它將受到影響——無論我們成功地進行什麼剝離，總收入都會受到影響，顯然，AdvancedMD 是我們有清晰視野的剝離之一。因此，我們為中期指南提供的數字都是有機數字。

Yes. That's helpful. And then just a follow-up here on kind of the fourth quarter exit rate implied. I mean, it does seem to imply kind of its holding steady relative to the third quarter to get you to that 9%. And I just -- I don't know. I feel like that's a hard sell given the sales force pivot, the rebranding, it's got to have some attrition potentially in it. And as you said, there's some macro headwinds that are kind of falling heavy on core.

是的。這很有幫助。然後是關於第四季度退出率暗示的後續行動。我的意思是，這似乎確實意味著相對於第三季保持穩定，才能達到 9%。我只是——我不知道。我覺得考慮到銷售團隊的重點和品牌重塑，這是一個很難推銷的事情，其中​​肯定會有一些潛在的消耗。正如您所說，一些宏觀阻力對核心造成了沉重打擊。

So it -- just anything else you could say about why you have such confidence that, that exit rate can actually hold similar to what you're seeing despite the fact that you're doing all these things to the business? Obviously for the better, longer term. But it would just seem like there should be more disruption into the fourth quarter exit.

那麼，您還能說些什麼來解釋為什麼您如此有信心，儘管您正在為企業做所有這些事情，但退出率實際上可以保持與您所看到的相似嗎？顯然是為了更好、更長遠的目標。但第四季退出似乎應該會出現更多幹擾。

Yes. I don't know that I would say that it's going to be sort of incrementally more disruption in the fourth quarter. A couple of things that I would note in particular, one, is we've seen October by and large. And obviously, October looks a little better than September.

是的。我不知道我會說第四季會出現越來越多的干擾。我要特別指出的幾件事，其中之一是我們已經看到了 10 月的情況。顯然，十月看起來比九月好一些。

I think that's largely due to some of the weather impacts that we saw at the end of September, whether it's hurricanes Helene and Milton and the impact that had in the Southeast of the US, or storm Boris, which probably most of you have never heard of, but certainly had a pretty detrimental impact in Central Europe, which is an important market for us, also in the September time frame. So we're seeing a little bit of just the lack of kind of weather disruption, obviously, in October, that's given us a little better trend relative to what we saw in September.

我認為這很大程度上是由於我們在九月底看到的一些天氣影響，無論是颶風海倫和米爾頓以及對美國東南部的影響，還是風暴鮑里斯，這可能是你們大多數人從未聽所說的，但肯定對中歐產生了相當不利的影響，中歐對我們來說是一個重要的市場，而且在 9 月的時間範圍內也是如此。因此，我們看到 10 月沒有出現天氣幹擾，這使我們的趨勢相對於 9 月有所改善。

And I think we have good line of sight to merchant looking, by and large, fairly consistent with what we saw in Q3, perhaps a little bit better. Some of that driven by, again, a lack of storms, some of it driven by lack of FX headwinds. And -- but by and large, as we look to the fourth quarter expectations for the business, we've got good confidence in our ability to kind of exit around the same level, maybe slightly better than what we saw for Q3.

我認為我們對商家有良好的視野，總的來說，與我們在第三季度看到的情況相當一致，也許更好一點。其中一些是由於缺乏風暴造成的，另一些則是因為缺乏外匯逆風造成的。但總的來說，當我們展望第四季度的業務預期時，我們對以相同水平退出的能力充滿信心，也許比我們在第三季度看到的略好。

For issuer, it's largely the same macro trends. But obviously, we are expecting a little bit of a bump up from the late sort of Q3 conversion cycle that we were able to execute successfully. No improvement really in the macro, but just given that we expect a little better performance on issuer for Q4 kind of exiting the year heading into 2025.

對發行人來說，宏觀趨勢基本上相同。但顯然，我們預期我們能夠成功執行的第三季轉換週期後期會出現一些提升。宏觀層面確實沒有改善，但考慮到我們預計發行人在進入 2025 年的第四季會有更好的表現。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hey, just to follow up on that for a minute. So if we -- I mean, that was very helpful for fourth quarter, Cameron. If we exit the year, which it sounds like maybe I don't know, 0.5 point or 1 point better than third quarter in terms of total revenue growth. And then I guess, organically, we're running somewhere closer to 6% versus the 5% organic this quarter.

嘿，只是跟進一下。所以，如果我們——我的意思是，這對第四季度非常有幫助，卡梅倫。如果我們結束這一年（聽起來也許我不知道），總收入成長將比第三季高 0.5 個百分點或 1 個百分點。然後我想，從有機率來看，我們本季的有機率接近 6%，而有機率是 5%。

Just thinking about that setup for 2025, which I know you were trying to incorporate a little macro conservatism along with the maybe a point or so of disruption to the business given the transformation. If you're exiting the year at that 6% range, maybe just remind us the building blocks that are positives and negatives in '25.

想想 2025 年的設置，我知道你試圖將一點宏觀保守主義與轉型過程中可能對業務造成的一點破壞結合起來。如果你以 6% 的範圍結束這一年，也許只是提醒我們 25 年積極和消極的組成部分。

The negatives we know could be the transformation, maybe macro. But starting off at roughly 6%, I guess, are there positives that offset those negatives to give us the conviction? It's just sort of revisiting a question from earlier on this -- on the '25 confidence on mid-single-digit, 5%

我們知道的負面因素可能是轉型，也許是宏觀轉型。但我想，從大約 6% 開始，是否有正面因素可以抵消這些負面因素，從而讓我們有信心？這只是重新審視之前的問題——關於 25 年對中位數的信心，5%

Yes, it's a fair question, Darrin. I would say a few things. One is we're already working on our transformation initiative. So as we think about the things we're executing today, some of those, we start -- expect to start to have positive impacts for our business as we head into 2025, certainly as we get to the back half of 2025. As we continue to execute initiatives in our pipeline, we expect to see the benefits of those starting to flow through performance.

是的，這是一個公平的問題，達林。我想說幾句話。一是我們已經在致力於我們的轉型計劃。因此，當我們思考今天正在執行的一些事情時，我們開始期望在進入 2025 年時，特別是在 2025 年下半年時，開始對我們的業務產生積極影響。隨著我們繼續執行管道中的計劃，我們期望看到這些計劃的好處開始體現在績效上。

So that gives us some confidence, obviously, that as we head into the year, we're executing on initiatives that are going to be positive to the performance even while we continue to work on other things, to your point, which may have a little bit of disruption to the business as we continue to work through transformation and position ourselves for kind of a reacceleration in '26 and '27.

因此，顯然，這給了我們一些信心，當我們進入這一年時，我們正在執行對業績產生積極影響的舉措，即使我們繼續致力於其他事情，就您的觀點而言，這可能會產生積極的影響。

So as I look at it, it's largely -- there are probably 600 initiatives that we're working on in this business today as part of our transformation program. And many of those have short-term kind of life cycles to execute, many of them have longer-term life cycles to execute. But as you look at the balance of activities that we have planned for our transformation initiatives, many of them are going to start to materialize in the 2025 time frame and start to provide value for the business as we get certainly to the back half of 2025 and start to head into 2026.

因此，據我觀察，作為我們轉型計劃的一部分，我們今天在該業務中正在實施的舉措在很大程度上可能有 600 項。其中許多有短期的生命週期要執行，其中許多有較長的生命週期要執行。但是，當您查看我們為轉型計劃計劃的活動平衡時，您會發現其中許多活動將在 2025 年時間範圍內開始實現，並在 2025 年下半年到來時開始為業務提供價值並開始邁入2026年。

So I think we've given ourselves -- just going back to my response to the earlier question. I think we've given ourselves flexibility. There's enough sort of cushion in terms of how we're positioning 2025 to be able to execute on the transformation, deliver on the performance I described, return $2 billion of capital to shareholders and deliver double-digit growth in kind of earnings per share, again, while still positioning the business in the right way to kind of reaccelerate in '26 and '27.

所以我認為我們已經做出了自己的貢獻——回到我對先前問題的回答。我認為我們已經給了自己靈活性。就我們如何定位 2025 年而言，有足夠的緩衝，能夠執行轉型，實現我所描述的業績，向股東返還 20 億美元的資本，並實現每股收益兩位數的增長，再次，同時仍然以正確的方式定位業務，以便在26 和27 年重新加速。

Okay. Actually, on the topic of capital return. I mean, your free cash conversion was clearly better this quarter, and it's good to see the conversion still continuing is what you're expecting for fourth quarter. So when we think about the free cash that you have, and if you could just remind us of the timing of what you're going to be utilizing that for from a buyback standpoint?

好的。其實就是關於資本回報的話題。我的意思是，本季度您的自由現金轉換明顯更好，很高興看到轉換仍在繼續，這正是您對第四季度的預期。因此，當我們考慮您擁有的自由現金時，您能否提醒我們從回購的角度來看您將使用這些現金做什麼？

Like when? The accelerated share buyback is helpful, but just maybe even into next year's $2 billion buyback. And then just revisiting the leverage targets, you're still planning on being, what, at 3 times by the end of the year?

例如什麼時候？加速股票回購是有幫助的，但甚至可能只是明年 20 億美元的回購。然後重新審視槓桿目標，您仍然計劃在年底前達到 3 倍？

Yes. So Darrin, this is Josh. Yes. So look, for the balance of the year, we obviously have the $600 million accelerated share repurchase which we announced this morning. And then we have some additional capacity, which we'll be buying shares in the open market. We expect our leverage point to get back down to the low 3 times leverage point by the end of the year.

是的。達林，這是喬許。是的。因此，就今年剩餘時間而言，我們今天早上宣布了 6 億美元的加速股票回購。然後我們還有一些額外的產能，我們將在公開市場上購買股票。我們預計我們的槓桿點將在年底前回落至低3倍槓桿點。

And then as we go into next year, next year, we'll be buying back approximately $2 billion worth of shares next year. And continuing to go ahead and maintain that leverage point right around the 3 times -- time period.

然後，當我們進入明年，明年，我們將回購價值約 20 億美元的股票。並繼續前進並將槓桿點維持在 3 倍左右的時間內。

And then what I'd also say, Darrin, as you think about the $7.5 billion that we said that we were going to go ahead and return to shareholders over the medium-term outlook. Obviously, the proceeds from AdvancedMD is incremental to that as well. So again, that's kind of how we're thinking about capital allocation over the near term and longer term.

然後我還要說的是，Darrin，當你想到我們所說的 75 億美元時，我們將繼續在中期前景中向股東回報。顯然，AdvancedMD 的收益也是增量的。再說一次，這就是我們思考短期和長期資本配置的方式。

And I would just add, Darrin, to that. As we think about 2025, I mean, obviously, we'll be at our targeted leverage ratio by the time we exit 2024, which I think is good news. We're on target to do that. And as we highlighted this morning, we obviously reduced leverage kind of Q2 to Q3 at around 3.3 times kind of for the end of Q3. So we're on the trajectory that we called out that we would be to get leverage to where we want it by the end of the year.

達林，我想補充一點。當我們考慮 2025 年時，我的意思是，顯然，到 2024 年退出時，我們將達到目標槓桿率，我認為這是個好消息。我們的目標就是做到這一點。正如我們今天早上所強調的那樣，我們明顯將第二季至第三季的槓桿率降低到第三季末的 3.3 倍左右。因此，我們正走在我們所說的軌道上，我們將在今年年底前將槓桿作用達到我們想要的水平。

Our base case for 2025 is that $2 billion of return will kind of be ratable, but we'll obviously take into consideration market conditions as we get into 2025 and think about the best and most efficient way to return capital to shareholders.

我們對 2025 年的基本預期是，20 億美元的回報將是可評估的，但在進入 2025 年時，我們顯然會考慮市場狀況，並考慮向股東返還資本的最佳、最有效的方式。

As I step back and think about it maybe from a more macro perspective, if you look at the $7.5 billion that we've committed to over the next three years, plus obviously the $600 million ASR that we announced this morning, we're somewhere in the neighborhood of 30% of our market cap, 33% of our market cap over the next few years kind of getting returned to shareholders through capital returns, which I think is a pretty attractive opportunity to create value for shareholders over that time frame.

當我退一步思考時，也許從更宏觀的角度來看，如果你看看我們在未來三年內承諾的75 億美元，再加上我們今天早上宣布的6 億美元ASR，我們已經在某個地方了。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

My quick follow-up, I just wanted to ask on the commercial spend. I'm just curious how broad-based some of the softness is. Is this all about just weaker T&E volume? Or are you seeing any change in cards in force? Again, just trying to figure out what's going on with the cycle.

我的快速跟進，我只是想問一下商業支出。我只是好奇一些軟性的基礎有多廣泛。這是否只是差旅娛樂量下降所致？或者您發現有效的卡有任何變化嗎？再次強調，只是想弄清楚這個週期發生了什麼事。

Yes, Tien-Tsin. Look, I think it's just businesses being cautious in the macro environment we're in. I mean it's kind of across the board from a commercial perspective. Certainly, T&E, which you see in our commercial card volumes in our issuer business, but also we called out a little bit even in our B2B business, we're seeing a little bit of just reduced flows. We make money on both software and flows, and we're seeing a little bit of reduced flows just around spend overall from a business perspective.

是的，田津。看，我認為這只是企業在我們所處的宏觀環境中保持謹慎。我的意思是，從商業角度來看，這是全面的。當然，T&E，你可以在我們的發行人業務中看到我們的商業卡數量，而且我們甚至在我們的 B2B 業務中也提到了一點，我們看到流量有所減少。我們在軟體和流量上都賺錢，而且從業務角度來看，我們發現整體支出的流量減少。

So I think it's pretty broad-based. We have a significant portion of the commercial market in the US in our issuer business, and so we are kind of the bellwether for how that market is faring. And certainly, what we're seeing is an overarching kind of slowdown, I would say, overall in business spending that's kind of materializing in our results.

所以我認為它的基礎非常廣泛。我們的發行人業務在美國商業市場佔有很大一部分，因此我們是該市場表現的領導者。當然，我想說的是，我們看到的是整體業務支出的整體放緩，這在我們的業績中得到了體現。

We haven't lost any customers in that space. We continue to have the same book of business we had previously. So there's no change, I would say, from our perspective, it's really just the volume of flows that we're seeing in the overall market.

我們在該領域沒有失去任何客戶。我們仍然保留之前的相同業務簿。所以我想說，從我們的角度來看，沒有任何變化，這實際上只是我們在整個市場中看到的流量。

Got it. No, no, I figured that was the case. Just trying to understand some of the macro factors here. Always trying to learn, Cameron. On the -- my quick follow-up, just on the commercial agreement here with Francisco on AdvancedMD. You'll still be the payment provider exclusively with AdvancedMD as PayFac? And is there still room to drive payments penetration given how long you held it?

知道了。不不不，我想是這樣的。只是想了解一些宏觀因素。一直在努力學習，卡梅倫。關於——我的快速跟進，只是關於與 Francisco 在 AdvancedMD 上的商業協議。您仍將是僅使用 AdvancedMD 作為 PayFac 的付款提供者嗎？考慮到您持有支付的時間，是否仍有提升支付滲透率的空間？

Yes, absolutely. I think there's going to be opportunities to drive more payment penetration in the business. We're not fully penetrated in the portfolio today. So we still have work to do to try to continue to penetrate the existing base of business. We did convert the model over time to more of an integrated, embedded sort of PayFac offering, and we've seen good traction around that in the last, call it, a year or so in terms of being able to cross-sell on net new wins in the AMD business and sort of go after the existing back book of business.

是的，絕對是。我認為將有機會推動支付業務的進一步滲透。今天我們還沒有完全滲透到投資組合中。因此，我們仍有工作要做，試圖繼續滲透現有的業務基礎。隨著時間的推移，我們確實將該模型轉變為更多集成的、嵌入式的PayFac 產品，並且在過去一年左右的時間裡，我們看到了圍繞該模型的良好牽引力，能夠在網絡上進行交叉銷售AMD 業務中的新勝利以及對現有業務的追趕。

And obviously, Francisco has its own growth aspirations for the business. So as they're adding new customers, we have to be able to partner with them with an embedded payment offering that will be relatively seamless as a new sales perspective.

顯然，弗朗西斯科對業務有自己的成長願望。因此，當他們增加新客戶時，我們必須能夠透過嵌入式支付產品與他們合作，作為新的銷售視角，這種產品將相對無縫。

So we still see a good runway for growth. I think AdvancedMD, if you recall, was an integrated partner of ours prior to us acquiring it, and will remain an integrated partners of ours sort of post the divestiture. And we'll continue to look to grow and scale with them as they move forward and execute on their own initiatives.

因此，我們仍然看到良好的成長跑道。如果您還記得的話，我認為 AdvancedMD 在我們收購之前是我們的綜合合作夥伴，並且在剝離後仍將是我們的綜合合作夥伴。隨著他們的前進和執行自己的計劃，我們將繼續尋求與他們一起成長和擴大規模。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

I wanted to go back to the merchant growth in the quarter. It looks like, on an organic constant currency basis, growth slowed by at least 1 point, and it sounds like weather was probably the biggest impact in there. But if you guys could put some more detail just around the moving pieces, second to third quarter. And then Cameron, based on what you're saying about October, if Q4 is a little bit better, I mean, anything more specific on order of magnitude there for merchant?

我想回到本季的商業成長。看起來，在有機不變的貨幣基礎上，成長至少放緩了 1 個百分點，而且聽起來天氣可能是其中最大的影響。但如果你們能在第二到第三季的移動部分提供更多細節。然後卡梅倫，根據你所說的十月份的情況，如果第四季度稍微好一點，我的意思是，對於商家來說，有什麼更具體的數量級嗎？

Yes, it's a good question. So I think your math is roughly right. I think from Q2 to Q3, it's about a point. Yes, weather was some of it. But I would say there was, even before the weather impacts, kind of in September, there was a little bit of macro softness Q2 to Q3 sequentially.

是的，這是一個好問題。所以我認為你的數學大致上是正確的。我覺得從Q2到Q3，大概就是一個點。是的，天氣是其中的一部分。但我想說的是，即使在天氣影響之前，也就是九月份，第二季到第三季的宏觀經濟也連續出現了一些疲軟。

And I think you've seen that sort of borne out in some of the other commentary by others who have reported this quarter already. So that's largely the driver as we look at kind of Q2 to Q3, and it's about in that ballpark. So I think 6% kind of organic growth in the quarter versus a little north of 7% in Q3.

我認為您已經在本季度報告的其他人的一些其他評論中看到了這一點。因此，當我們觀察第二季到第三季時，這在很大程度上是驅動因素，大約在這個範圍內。因此，我認為本季的有機成長為 6%，而第三季的有機成長略高於 7%。

As we look at Q4, we're expecting a little bit better. So I wouldn't get ahead of my skis too far here. But certainly, as it relates to what we saw in Q3, we're expecting obviously not to see the same weather impacts that we saw in Q3 and Q4. And we expect a little bit less kind of FX headwind in Q4 relative to Q3. So we are expecting a little bit of sequential improvement there. But again, it's not -- I wouldn't say it's going to be significant.

當我們回顧第四季度時，我們預計情況會好一些。所以我不會在這裡把滑雪板超前太多。但當然，由於這與我們在第三季度看到的情況有關，我們顯然預計不會看到與第三季和第四季相同的天氣影響。我們預計第四季的外匯逆風相對於第三季會稍微少一些。因此，我們預計會有一些連續的改進。但再說一次，我不會說這會很重要。

Okay. Got it. And then, Cameron, any updated view on Cap One-Discover, assuming that closes? And ultimately, how that could impact you guys, if there's even a potential accounts on file tailwind for you there over time? And then just curious, within the medium-term outlook, what you guys have assumed for that relationship.

好的。知道了。然後，卡梅倫，如果第一章發現結束的話，有什麼更新的觀點嗎？最終，如果隨著時間的推移，那裡甚至有一個潛在的帳戶順風順風，這會對你們產生什麼影響？然後只是好奇，在中期前景中，你們對這段關係的假設。

Yes, it's a great question. Obviously, Capital One is a long-standing partner of ours, and we just renewed our agreement with them just prior to them announcing their Discover transaction.

是的，這是一個很好的問題。顯然，第一資本是我們的長期合作夥伴，我們剛剛在他們宣布 Discover 交易之前與他們續簽了協議。

So Look, I can't get too far into that conversation. But all I can say is they've been a long partner -- a long-standing partner of ours. We have a great relationship with those guys. We're clearly aware of what it is they're trying to accomplish, I think, through the merger with Discover. And ultimately expect that they'll be successful with that endeavor.

所以聽著，我不能在談話中談太多。但我只能說，他們是我們的長期夥伴。我們和這些人有著很好的關係。我認為，我們清楚地意識到他們試圖透過與 Discover 的合併來實現什麼目標。最終期望他們的努力會成功。

And the last thing I would just say is they've built their entire sort of ecosystem around our capability. So as we think about the future in the combined sort of Capital One-Discover world, we think that's positive news for our business.

我要說的最後一件事是，他們已經圍繞著我們的能力建立了整個生態系統。因此，當我們思考第一資本與發現結合的世界的未來時，我們認為這對我們的業務來說是一個積極的消息。

But it's a little premature for us to be sort of forecasting things into our outlook around that, just given that they are obviously still in the regulatory approval process. But longer term, to the extent we're successful, we think it will be a positive for our ongoing relationship with Capital One.

但考慮到它們顯然仍處於監管審批過程中，因此對我們的前景進行預測還為時過早。但從長遠來看，只要我們取得成功，我們認為這將對我們與第一資本的持續關係產生正面影響。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Good morning, guys. I wanted to ask on the merchant segment margins. It looked like you were up 90 bps in the quarter, which I think was better than expected, and you ticked up the full year guide there by a hair. So curious, just what drove some of the outperformance.

早安，夥計們。我想問一下商業部門的利潤率。看起來你在這個季度上漲了 90 個基點，我認為這比預期的要好，而且你比全年指引高了一點點。很好奇，到底是什麼推動了一些出色的表現。

Yes. Thanks, Jason. So well, look, so what I would say is Q3 performance is slightly better than our initial expectations. We benefited in the quarter from better revenue mix, EVO synergies were flowing in, and then we saw some strong execution. We do expect margin expansion to be more consistent with the overall outlook in Q4. So we do expect that to be in the 50 basis points range. But as you rightly pointed out, we did go ahead and raise our margin expectation for merchant, up to 40 basis points for the full year.

是的。謝謝，傑森。那麼，我想說的是，第三季的表現略優於我們最初的預期。本季我們受惠於更好的營收組合，EVO 協同效應不斷湧入，然後我們看到了一些強勁的執行力。我們確實預計利潤率擴張將與第四季的整體前景更加一致。因此，我們確實預期該漲幅將在 50 個基點範圍內。但正如您正確指出的那樣，我們確實將全年商家的利潤預期提高至 40 個基點。

And the only other comment I would say, Jason. If you think about -- if you go back to Q2 of 2023, where we saw margin compression of 170 basis points. Over the last five or six quarters, we've done exactly what we said we were going to do. And we've seen continued sequential margin improvement quarter-over-quarter if you go back.

我要說的唯一的其他評論是，傑森。如果你想一想，如果你回到 2023 年第二季度，我們看到利潤率壓縮了 170 個基點。在過去的五、六個季度裡，我們完全按照我們所說的去做。如果你回顧過去，我們會看到利潤率逐季度持續改善。

So we're really pleased with the margin performance in Q3. And as I said, it gave us a lot of confidence in raising the guidance for the full year of up to 40.

因此，我們對第三季的利潤率表現非常滿意。正如我所說，這給了我們很大的信心，將全年指引提高到 40。

And the only thing I would add, Jason, just obviously, execution there remains strong. And where we're seeing growth in our business are more sort of attractive growth in the business are areas where we have room to sort of expand margins further as well. So we think the margin tailwinds for merchants, particularly now that we've largely worked through kind of the EVO integration.

我唯一要補充的是，傑森，很明顯，那裡的執行力仍然很強。我們看到業務成長更具吸引力的成長是我們還有進一步擴大利潤空間的領域。因此，我們認為利潤對商家來說是有利的，特別是現在我們已經基本上完成了 EVO 整合。

Obviously, we're pleased with the performance in Q3, and very much on track to deliver that slightly higher expectation kind of for the full year.

顯然，我們對第三季的表現感到滿意，並且非常有望實現全年略高的預期。

Okay. And then just on the point of sale in software bookings. I think I saw that was up 30% in the quarter. I think the number you had given at Investor Day on an LTM basis was that it had been up about 10%. So I'm sure it can be lumpy in a given quarter, but based on the pipeline you're seeing, I mean, what's kind of a reasonable ZIP code going forward? Just obviously, this is a key growth engine for the overall segment.

好的。然後就在銷售點進行軟體預訂。我想我看到這個季度成長了 30%。我認為您在投資者日給出的基於 LTM 的數字是上漲了約 10%。因此，我確信在給定的季度內可能會出現波動，但根據您所看到的管道，我的意思是，未來合理的郵遞區號是什麼樣的？顯然，這是整個細分市場的關鍵成長引擎。

Yes. It's a fair question. We had a strong bookings quarter, obviously. And I think what that suggests, as much as anything else, is we have the right products and capabilities and solutions to win in the marketplace across our point of sale and vertical market software businesses. So we've got a lot of confidence in our capabilities, and we have a lot of belief, obviously, that we have the right solutions for the marketplace.

是的。這是一個公平的問題。顯然，我們的預訂季度表現強勁。我認為，這表明我們擁有正確的產品、能力和解決方案，可以在我們的銷售點和垂直市場軟體業務的市場中獲勝。因此，我們對自己的能力充滿信心，並且顯然我們堅信我們擁有適合市場的解決方案。

To your very good point, they can be lumpy quarter-over-quarter. So I wouldn't read too much into one quarter performance or another positively or negatively for that matter as it relates to bookings growth. The overall trend we're looking to see is obviously strong double-digit bookings growth across that portfolio of businesses.

就你的觀點而言，季度與季度之間的情況可能會很不穩定。因此，我不會過度解讀一個季度的業績或另一個季度的業績，因為這與預訂成長有關。我們希望看到的整體趨勢顯然是該業務組合的預訂量出現強勁的兩位數成長。

On an LTM basis, it was 12%. That's what we called out at the investor conference. We had a very strong Q3, obviously, that we reported this morning from a bookings perspective. But we want to see that well into the double digits. And I think that reflects kind of good, healthy commercial productivity and that we have the right products and solutions to win in the marketplace.

以 LTM 計算，該比例為 12%。這就是我們在投資者會議上所呼籲的。顯然，我們第三季的表現非常強勁，這是我們今天早上從預訂角度報告的。但我們希望看到這數字達到兩位數。我認為這反映了良好、健康的商業生產力，並且我們擁有在市場上獲勝的正確產品和解決方案。

And if we keep delivering at that level, obviously, that is what underscores kind of the outlook that we have. And particularly, the acceleration in merchant as we get into '26 and '27 is going to be driven by our ongoing success in that channel.

如果我們繼續保持這個水平，顯然，這就會凸顯我們的前景。特別是，隨著我們進入'26和'27，商家的加速將由我們在該管道的持續成功推動。

Thanks Cameron.

謝謝卡梅倫。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Hey, thanks very much. I just want to follow up on that last question around the POS, specifically on that replatforming and that lumpiness. How -- just wondering if you can help sensitize us to the rollout of that. What that -- what we should think about, at least anecdotally, what may happen with attritions, any disruption that's there? And then how we should be thinking about that lumpiness kind of normalizing over time just so we have a good sense of what that sales motion looks like.

嘿，非常感謝。我只想跟進有關 POS 的最後一個問題，特別是平台重組和塊狀問題。怎麼樣——只是想知道你是否可以幫助我們了解這一點的推出。那是什麼——我們應該考慮什麼，至少從傳聞來看，人員流失可能會發生什麼，是否有任何干擾？然後，我們應該如何考慮隨著時間的推移，這種不穩定的現象會逐漸正常化，這樣我們就能很好地了解銷售動作是什麼樣的。

Yes. Look, it's a fair question. And when I talk about lumpiness, I kind of talk about lumpiness of bookings that may sort of vary from one quarter to the next. I don't know that I would say the overall performance of the business, I would expect to be lumpy. There are conversion time frames to bring new people on, there are implementation time frames.

是的。看，這是一個公平的問題。當我談論不穩定性時，我指的是預訂的不穩定性，每季到下一個季度可能會有所不同。我不知道我會說業務的整體表現，我預期會很不穩定。引進新人有轉換時間框架，也有實施時間框架。

So as we think about managing the portfolio within POS in particular, I would expect performance to be more consistent even if bookings may vary a little bit from one quarter to the next. I would say as a replatforming matter, obviously, we're trying to strike the right balance here. We want to move to a consolidated platform.

因此，當我們特別考慮管理 POS 內的產品組合時，我預期業績會更加一致，即使每季的預訂量可能會略有不同。我想說，作為一個平台重組問題，顯然我們正在努力在這裡取得適當的平衡。我們希望轉向一個整合的平台。

We want to be able to bring all the best capabilities we have across the variety of point-of-sale environments that we're operating today into one common unified platforms, so we can deliver that in all the different markets around the globe we want to deliver it. But at the same time, we want to continue to grow the business and scale the business effectively.

我們希望能夠將我們目前運營的各種銷售點環境中擁有的所有最佳功能整合到一個通用的統一平台中，這樣我們就可以在我們想要的全球所有不同市場中提供這項服務交付它。但同時，我們希望繼續發展業務並有效擴大業務規模。

So we're trying to strike that right balance as we move forward in time. We'll continue to go to market with the capabilities we have as we work to align brands and align platforms. At some point, obviously, we're going to demise kind of existing legacy platforms and solely focus on selling kind of our net new consolidated platforms as a go-to-market matter. But that's largely, again, what's implied in the '25, '26 and '27 outlook that we shared last month.

因此，隨著時間的推移，我們正在努力取得適當的平衡。我們將繼續利用我們擁有的能力進入市場，努力調整品牌和平台。顯然，在某個時候，我們將淘汰現有的遺留平台，並只專注於銷售我們的淨新整合平台，作為進入市場的事宜。但這在很大程度上也是我們上個月分享的「25」、「26」和「27」展望中所暗示的內容。

Some of the impact in '25 is from doing the work that I just described, so I don't know that we would see the same level of performance in '25 that we'd expect to see in '26 and '27 as we get the realignment done, the replatforming done, and we go to market with that more unified motion around a common platform and capabilities, I expect to see the benefits of that start to flow through in '26 and '27.

'25 的一些影響來自於我剛才描述的工作，所以我不知道我們會在 '25 中看到我們期望在 '26 和 '27 中看到的相同水平的性能。然後我們圍繞著通用平台和功能以更統一的行動進入市場，我希望看到其好處在26 和27 年開始顯現。

Got it. Appreciate that. That's great. And then I wanted to ask -- and sorry if I kind of missed this. But on the SMB volume growth of 5%, can you remind us what that was last quarter? And then are you seeing a softening trend there that kind of maybe matches up with some of the commercial activity that you see? And -- I'm just trying to get, I guess, more of your view on the macro on both sides of what could be happening there.

知道了。很欣賞這一點。那太棒了。然後我想問——如果我錯過了這個，我很抱歉。但關於 SMB 銷售成長 5%，您能否提醒我們上個季度是多少？那麼您是否看到那裡的疲軟趨勢可能與您看到的一些商業活動相符？而且——我想，我只是想更多地了解你們對可能發生的事情的雙方的宏觀看法。

Yes, it's a good question. I would say in Q3 -- in Q2, excuse me, it was 6%. So it's about 1 point relative to Q2 performance. I think overall, it's more the broader economy. And then to a lesser degree, as we talked about before, some of the specific weather-related impacts we kind of called out in the September time frame.

是的，這是一個好問題。我想說的是，在第三季度——在第二季度，對不起，是 6%。所以相對於第二季的表現來說大約是 1 個百分點。我認為總體而言，更重要的是更廣泛的經濟。然後，正如我們之前談到的，在較小程度上，我們在 9 月的時間範圍內提到了一些與天氣相關的具體影響。

As I said already, October looks a little better than September, and I think that's largely the absence of the weather impacts kind of in the month in a fairly stable macro environment relative to what we saw in the broader sort of Q3 time frame. So I don't know that I would read too much into it.

正如我已經說過的，十月看起來比九月好一點，我認為這很大程度上是因為相對於我們在更廣泛的第三季度時間範圍內看到的情況而言，在相當穩定的宏觀環境中，本月沒有天氣影響。所以我不知道我會讀太多。

As it relates to what we're seeing from a commercial activity and issuer versus what we're seeing in terms of trends in SMB, if you think about commercial for issuer, that's going to be largely skewed towards larger businesses that are running commercial card programs and spend programs.

因為它涉及到我們從商業活動和發行人那裡看到的情況，以及我們在中小企業趨勢方面看到的情況，如果您考慮發行人的商業，那麼這將在很大程度上偏向於運行商業卡的大型企業計劃和支出計劃。

Yes, there is some SMB in there, but I think it's more reflective of just where businesses are today relative to their willingness to spend just given the overall macro uncertainty that we're operating in. I think the SMB volume that we're seeing largely just reflects kind of the broader trends we're seeing in the marketplace, both here in the US, and to some degree, in markets outside the US as well.

是的，其中有一些中小企業，但我認為，考慮到我們所處的整體宏觀不確定性，這更能反映企業目前相對於他們的支出意願的狀況。我認為我們看到的中小企業數量很大程度上反映了我們在市場上看到的更廣泛的趨勢，無論是在美國，還是在某種程度上，在美國以外的市場。

Thanks, Cameron.

謝謝，卡梅倫。

Well, on behalf of Global Payments, thank you very much for joining us this morning. I hope everyone has a great rest of your day.

好的，我代表 Global Payments 非常感謝您今天早上加入我們。我希望每個人都度過愉快的一天。

Ladies and gentlemen, thank you for your participation. You may disconnect your lines at this time or log off the webcast, and enjoy the rest of your day.

女士們、先生們，感謝您的參與。此時您可以斷開線路或退出網路廣播，然後享受剩下的一天。