環匯 (GPN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Global Payments fourth-quarter and full-year 2024 earnings conference Call. (Operator Instructions) And as a reminder, today's conference will be recorded.

女士們，先生們，感謝你們的支持，歡迎參加 Global Payments 2024 年第四季和全年收益電話會議。（操作員指示）另外，提醒一下，今天的會議將被錄音。

At this time, I'd 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 fourth-quarter and full-year 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.

早上好，歡迎參加全球支付 2024 年第四季和全年電話會議。我們的收益報告和本次電話會議的幻燈片可在我們網站 www.globalpayments.com 的投資者關係區找到。

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 matters, 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.

在我們開始之前，我想提醒您，管理層在今天的電話會議中發表的一些評論包含前瞻性陳述，其中包括預期營運和財務結果等。這些聲明受風險、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，這些因素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 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.

美國證券交易委員會 (SEC) 列出了我們業務中固有的某些風險因素，包括我們最近的 10-K 報告和後續文件。我們提醒您不要過度依賴這些聲明。本次電話會議中的前瞻性陳述僅代表本次電話會議之日的觀點，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 measures, 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 material available on the Investor Relations section of our website.

我們也將參考幾個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持續的績效。根據美國證券交易委員會 (SEC) 的規定，如需對本次電話會議中討論的非 GAAP 財務指標與最具可比性的 GAAP 指標進行全面對照，請參閱我們今天上午提交的 8-K 表附件中的新聞稿以及我們網站投資者關係部分提供的補充材料。

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

參加電話會議的還有我們的執行長、總裁 Cameron Bready；和首席營運長 Bob Cortopassi；以及我們的財務長 Josh Whipple。現在我將電話轉給卡梅倫。

Thanks, Winnie, and good morning, everyone. Thank you for joining us today. We are proud of all that we accomplished in 2024. It was a pivotal year for Global Payments as we saw our broad transformation agenda to set the future course for our business, while also delivered strong operational and financial performance. We started our transformation journey by reimagining our mission, vision and values, to provide the organization with a clear view of our priority and desired culture, setting the foundation for us to pursue our ambition to be the worldwide partner of choice for commerce solutions.

謝謝，溫妮，大家早安。感謝您今天加入我們。我們為 2024 年所取得的所有成就感到自豪。這是全球支付公司關鍵的一年，因為我們看到了廣泛的轉型議程，為我們的業務確定了未來方向，同時也實現了強勁的營運和財務表現。我們透過重新構想我們的使命、願景和價值觀開始了我們的轉型之旅，為組織提供了我們優先事項和理想文化的清晰​​視角，為我們追求成為全球首選商業解決方案合作夥伴的雄心壯志奠定了基礎。

We then refreshed our strategy to focus our efforts and investments in the area of the business that will drive the most attractive opportunities for growth and where we are best positioned to compete and win. From there, we undertook a holistic review of our business to determine how to best position the organization to execute against a focused strategy and deliver sustainable performance.

然後，我們更新了我們的策略，將我們的努力和投資集中在最有吸引力的成長機會以及我們最有能力競爭和獲勝的業務領域。從那時起，我們對我們的業務進行了全面審查，以確定如何最好地定位組織以執行重點策略並實現可持續的績效。

We used the first principles approach to examining growth drivers, market positioning, go-to-market capabilities, product portfolios and the potential to optimize our assets. This review led to a realignment of our operating model and business structure, as well as the operational transformation program that we described at our investor conference in September.

我們採用第一原理的方法來研究成長動力、市場定位、進入市場能力、產品組合和優化資產的潛力。此次審查導致我們重新調整了營運模式和業務結構，以及我們在九月份投資者會議上描述的營運轉型計劃。

We are continuing to execute against a significant number of initiatives that will create meaningful benefits and provide us with incremental capacity for reinvestment to drive growth and, quite simply, run the business. While executing on our transformation, we have continued to deliver strong financial performance.

我們將繼續執行大量舉措，這些舉措將創造有意義的利益，並為我們提供增量再投資能力，以推動成長，簡單地說，就是經營業務。在實施轉型的同時，我們持續實現強勁的財務表現。

For the fourth quarter, we produced 6.5% constant currency growth, excluding dispositions, including over 7% in the Merchant business and 3% in our Issuer business, an acceleration sequentially from Q3 and consistent with the outlook we provided in October.

第四季度，我們實現了 6.5% 的固定匯率成長率（不包括處置），其中商家業務成長超過 7%，發行人業務成長 3%，與第三季相比有所加速，與我們 10 月給出的預測一致。

And for the full year, we delivered 6% adjusted net revenue growth, record adjusted operating margins and double-digit adjusted earnings per share growth, consistent with our initial outlook detailed at the beginning of 2024 despite the incremental FX headwinds absorbed. We also generated roughly $3 billion of adjusted free cash flow and returned $1.8 billion to shareholders, including proceeds from the recent divestiture of our AdvancedMD business.

就全年而言，我們實現了 6% 的調整後淨收入增長、創紀錄的調整後營業利潤率和兩位數的調整後每股收益增長，儘管吸收了增量外匯逆風，但仍與我們在 2024 年初詳述的初步預期一致。我們還產生了約 30 億美元的調整後自由現金流，並向股東返還了 18 億美元，其中包括最近剝離 AdvancedMD 業務的收益。

Our consistent performance throughout the year highlights the durability of our model and benefits of our sharpened focus as we execute on our strategic priorities. In our Merchant segment, our POS and software business continues to deliver strong results. Our POS solutions are robust and are winning in the restaurant and retail verticals, as evidenced by the high teens new locations growth we achieved in 2024.

我們全年的穩定表現凸顯了我們模式的持久力，以及我們在執行策略重點時集中精力帶來的好處。在我們的商家領域，我們的 POS 和軟體業務持續取得強勁業績。我們的 POS 解決方案非常強大，並且在餐飲和零售垂直領域取得了成功，這從我們在 2024 年實現的新店數量高增長中可見一斑。

Our POS growth benefited from the strong performance of our direct channel in North America, where notably we saw a roughly 25% increase in the annual recurring revenue opportunity with new customers. And we could not be more excited about the significant opportunity ahead as we consolidate our products and platforms under the Genius brand and extend them globally.

我們的 POS 成長受益於北美直銷通路的強勁表現，值得注意的是，我們看到新客戶帶來的年度經常性收入機會成長了約 25%。隨著我們將產品和平台整合到 Genius 品牌下並將其擴展到全球，我們對未來的重大機會感到無比興奮。

Notably, we expanded our relationship with one of the largest multinational QSRs in the fourth quarter to include drive-through solutions in addition to our existing kitchen management partnership that spans several thousand locations in North America. We also expanded our long-standing partnership as the primary technology partner for Warner Burger, which now includes Cloud POS, Kiosk and menu boards.

值得注意的是，我們在第四季度擴大了與最大的跨國 QSR 之一的合作關係，除了現有的覆蓋北美數千個地點的廚房管理合作夥伴關係外，還增加了免下車解決方案。我們也擴大了作為華納漢堡主要技術合作夥伴的長期合作夥伴關係，目前包括雲端 POS、自助服務終端和菜單板。

Additionally, we continue to have success in the stadium and events vertical and are excited to have reached an agreement with Highcatch Sports Park, Hong Kong's new state-of-the-art multipurpose sports and entertainment venue.

此外，我們在體育場和活動垂直領域繼續取得成功，並很高興與香港新的最先進的多功能體育和娛樂場所 Highcatch Sports Park 達成協議。

We also renewed and expanded our POS partnership with a multinational entertainment company to support its major events in the UK and Ireland over a multiyear period. Importantly, our relationship will now include our loyalty solutions, enabling reward offers and personalized experiences for event attendees.

我們還更新並擴大了與跨國娛樂公司的 POS 合作夥伴關係，以在多年期間支持其在英國和愛爾蘭舉辦的重大活動。重要的是，我們的關係現在將包括我們的忠誠度解決方案，為活動參與者提供獎勵和個人化體驗。

Other notable new stadium POS relationships achieved in 2024 include the Newcastle, Birmingham City, Nottingham Farms Football Clubs, as well as an expanded partnership with Black Pool, which now includes PayLink solutions, ticketing services, kiosk and QR code ordering in addition to POS and payments.

2024 年達成的其他值得注意的新體育場 POS 關係包括紐卡斯爾、伯明罕城、諾丁漢農場足球俱樂部，以及與 Black Pool 的擴大合作夥伴關係，現在除了 POS 和支付之外，還包括 PayLink 解決方案、票務服務、自助服務終端和二維碼訂購。

Of course, we executed a new partnership with Diamond Baseball Holdings to serve as the official commerce technology partner for its Minor League Baseball franchises in the United States and Canada earlier in 2024. We remain on track to be fully rolled out with our solutions in an additional 19 ballparks across Diamond Club's portfolio for a total of 32 before the 2025 season opens in April.

當然，我們在 2024 年初與 Diamond Baseball Holdings 建立了新的合作夥伴關係，成為其在美國和加拿大的小聯盟棒球特許經營權的官方商業技術合作夥伴。我們仍計劃在 2025 年 4 月賽季開始前，在 Diamond Club 投資組合中的另外 19 個棒球場全面推廣我們的解決方案，使棒球場總數達到 32 個。

In our education business, new sales with university customers increased more than 30% in 2024, including a number of new significant international wins across the UK and Ireland as well as in Canada. We also added 113 new K-12 adult school districts this year, a roughly 20% increase from 2023. And with the addition of the Los Angeles Unified School District, we now have relationships with the three largest school districts in the United States.

在我們的教育業務中，2024 年來自大學客戶的新銷售額成長了 30% 以上，其中包括在英國、愛爾蘭和加拿大取得的許多新的重大國際勝利。我們今年也增加了 113 個新的 K-12 成人學區，比 2023 年增加約 20%。隨著洛杉磯聯合學區的加入，我們現在與美國最大的三個學區建立了合作關係。

In the real estate vertical, we signed more than 800 new property management customers during the year, while also expanding our partnerships with leading real estate software platform providers, like MRI Software, Rent Manager and AppFolio, which will allow us to cross-sell additional product services to their customers.

在房地產垂直領域，我們在年內簽約了800多家新的物業管理客戶，同時也擴大了與MRI Software、Rent Manager和AppFolio等領先房地產軟體平台供應商的合作夥伴關係，這將使我們能夠向他們的客戶交叉銷售以外的產品服務。

Turning to Integrated embedded, new ISV partner signings increased 34% across our integrated payments offerings in 2024 compared to the prior year. Notably, we also added 165 international ISV partnerships across the UK, Asia, Australia and LatAm, as we seek to better align our activities and capabilities globally.

談到整合嵌入式，2024 年我們整合支付產品中的新 ISV 合作夥伴簽約量與前一年相比增加了 34%。值得注意的是，我們還在英國、亞洲、澳洲和拉丁美洲增加了 165 個國際 ISV 合作夥伴關係，以尋求在全球範圍內更好地協調我們活動和能力。

We also recently expanded our relationship with PayPal to simplify and accelerate the checkout experience by integrating its fast lane solution into our platform, furthering our efforts to deliver embedded commerce solutions. This collaboration extends the payment choices we can offer across the US, allowing our customers to enhance their digital experiences for their consumers.

我們最近也擴大了與 PayPal 的合作關係，透過將其快速通道解決方案整合到我們的平台中來簡化和加速結帳體驗，進一步致力於提供嵌入式商務解決方案。此次合作擴展了我們在全美範圍內提供的支付選擇，使我們的客戶能夠提升其消費者的數位體驗。

Moving to core payments. Our focus on forming deeper relationships with commerce enablement and outstanding services, driving significant opportunities with both new and existing partners globally. We continue to make strong progress with Commerzbank in Germany and have already onboarded over 2,000 merchants since the inception of our joint venture midyear.

轉向核心支付。我們專注於透過商業支援和優質服務建立更深層的關係，為全球新舊合作夥伴帶來重大機會。我們與德國商業銀行的合作持續取得長足進展，自今年年中合資企業成立以來，已經吸收了超過 2,000 家商家。

Additionally, we saw double-digit growth in other key geographies, including Central Europe, Poland and Greece in 2024, as well as in LatAm, where we benefit from strong secular payment trends in Mexico. Shifting to Issuer Solutions, we were pleased with our operational execution throughout the year. We successfully completed 17 customer implementations in 2024 and ended the year with record traditional accounts on file of $885 million.

此外，我們在其他主要地區也看到了兩位數的成長，包括 2024 年的中歐、波蘭和希臘，以及拉丁美洲，我們受益於墨西哥強勁的長期支付趨勢。轉向發行人解決方案後，我們對全年的營運執行情況感到滿意。我們於 2024 年成功完成了 17 個客戶實施，並在年底創下了 8.85 億美元的傳統帳戶記錄。

We continue to have a strong conversion pipeline of more than 70 million accounts that extends well into 2026, as well as an additional six letters of intent with institutions worldwide. In 2024, we completed 17 multi-year renewals and new customer partnerships. This includes contracts with KeyBank, Foreign Financial and Van City executed in the fourth quarter.

我們繼續擁有超過 7,000 萬個帳戶的強大轉換管道，並將持續到 2026 年，同時也與全球機構簽訂了另外六份意向書。2024年，我們完成了17份多年續約和新客戶合作。其中包括第四季度與 KeyBank、Foreign Financial 和 Van City 簽訂的合約。

In addition to significant agreements with Navy Federal Credit Union, Virgin Money, Citizens, NatWest and several other premier global clients that we announced earlier this year. And over the last few years, we've renewed 15 of our top 20 clients, reflecting the strength of our partnerships and providing us good visibility and stability going forward.

除了我們今年稍早宣布與海軍聯邦信用合作社、維珍金融、公民銀行、NatWest 和其他幾家全球頂級客戶達成的重要協議之外。在過去幾年中，我們與前 20 名客戶中的 15 名續簽了協議，這體現了我們合作夥伴關係的實力，並為我們未來提供了良好的可見性和穩定性。

We also continue to make substantial progress with our technology modernization program. Development of our client-facing applications was completed in the fourth quarter, consistent with our plan, and we remain on track for full commercial launch in 2025. We have more than a dozen pilots in progress with existing customers, and are on track to have 33 client pilots in production this year.

我們的技術現代化計劃也持續取得實質進展。我們的面向客戶的應用程式開發已於第四季度完成，與我們的計劃一致，我們仍有望在 2025 年全面實現商業發布。我們正在與現有客戶進行十多個試點項目，今年預計將有 33 個客戶試點項目投入生產。

We recently achieved certification of our cloud authorization platform with Visa and Mastercard. By the end of 2025, we'll be exclusively selling cloud capabilities, paving the way for widespread adoption of these modernized solutes. Across the business, our ambitious transformation agenda will enable us to deliver our rich portfolio of capabilities and solutions through all of our channels in a more frictionless way. While still early days, we are already making great progress across three primary focus areas.

我們的雲端授權平台最近獲得了 Visa 和 Mastercard 的認證。到 2025 年底，我們將獨家銷售雲端功能，為廣泛採用這些現代化解決方案鋪路。在整個業務範圍內，我們雄心勃勃的轉型議程將使我們能夠以更順暢的方式透過所有管道提供豐富的功能和解決方案。雖然仍處於早期階段，但我們已經在三個主要重點領域取得了巨大進展。

First, as we discussed at our investor conference, we have identified meaningful opportunities to streamline and simplify the business. In December, we successfully closed on the sale of AdvancedMD we announced last quarter. Further, we're in the process of exiting several small markets in Asia Pacific this quarter, where we are subscale and see limited opportunity for expansion.

首先，正如我們在投資者會議上討論的那樣，我們已經發現了精簡和簡化業務的有意義的機會。12 月份，我們成功完成了上個季度宣布的 AdvancedMD 出售。此外，本季我們正在退出亞太地區的幾個小型市場，這些市場的規模較小，擴張機會有限。

With these actions, we have exited a little more than $300 million of the $500 million to $600 million of adjusted net revenue we targeted through our portfolio review. We are pleased with how these initiatives position us to better focus on where we are differentiated and have the right to win, and are continuing to advance other targeted divestitures and exits that will further streamline our business.

透過這些行動，我們已退出了透過投資組合審查設定的 5 億至 6 億美元調整後淨收入目標中的 3 億多美元。我們很高興看到這些舉措使我們能夠更好地專注於我們的差異化和獲勝領域，並將繼續推進其他有針對性的資產剝離和退出，以進一步精簡我們的業務。

We have also completed other initiatives designed to simplify our business structure. During the fourth quarter, we successfully acquired CaixaBank stake in our joint venture with Erste Group. This business has achieved exceptional growth over the past decade, and we are excited about the opportunity to capture more of the economics going forward, while simplifying our pan-European operations and governance.

我們也完成了其他旨在簡化業務結構的措施。第四季度，我們成功收購了與 Erste Group 成立的合資公司 CaixaBank 的股份。這項業務在過去十年中取得了卓越的成長，我們很高興有機會在未來獲得更多的經濟利益，同時簡化我們的泛歐業務和治理。

We also recently reached an agreement to purchase HSBC stake in our joint venture in Mexico. This creates the opportunity to combine our two existing businesses in Mexico, allowing us to harmonize our go-to-market strategy, drive scale, amplify investments and increase efficiencies.

我們最近也達成協議，收購匯豐銀行在墨西哥合資企業的股份。這為我們在墨西哥現有的兩家企業創造了合併的機會，使我們能夠協調我們的市場進入策略、擴大規模、擴大投資並提高效率。

Second, we are working to fully unlock the growth potential of our best capabilities, while leveraging all of our distribution networks across the globe. To accomplish this, we have reoriented our business under a single unified operating model and have successfully consolidated our technology teams under common leadership, centralized our operating functions and have unified our Merchant Solutions business into a homogeneous worldwide organization.

第二，我們正在努力充分釋放我們最佳能力的成長潛力，同時利用我們遍布全球的所有分銷網絡。為了實現這一目標，我們在統一的營運模式下重新定位了我們的業務，並成功地將我們的技術團隊整合到共同的領導下，集中了我們的營運職能，並將我們的商家解決方案業務統一為一個同質的全球組織。

This better positions us to harmonize our best products and capabilities globally, including aligning our point-of-sale solutions under a common brand, Genius. We now completed the full branding work on Genius and will launch our solutions for the restaurant and retail verticals in the US beginning in the second quarter.

這使我們能夠更好地在全球範圍內協調我們的最佳產品和能力，包括將我們的銷售點解決方案納入共同品牌 Genius 之下。我們現已完成 Genius 的全面品牌推廣工作，並將從第二季開始在美國推出餐飲和零售垂直行業的解決方案。

Notably, we will go live with our Genius restaurant solutions for small-to-medium-sized customers this May, in tandem with the National Restaurant Association Conference. Simultaneously, we will also launch our Genius retail solution for SMB businesses.

值得注意的是，我們將於今年 5 月與全國餐飲協會會議同期推出針對中小型客戶的 Genius 餐廳解決方案。同時，我們也將推出針對中小型企業的Genius零售解決方案。

In September, we will extend the retail offering to additional sub-verticals and introduced the Genius enterprise restaurant solution at the Foodservice Technology Conference, which is attended by more than 100 of the leading QSR and restaurant chains. We will begin rolling out Genius international markets in the second half of the year, including in Canada, Mexico, the UK, Germany, Austria and the Czech Republic. In early 2026, we will bring Genius to additional markets, including Ireland and Spain, followed by Romania, Poland and Australia, shortly thereafter.

9 月份，我們將把零售產品擴展到其他子垂直領域，並在食品服務技術會議上推出 Genius 企業餐廳解決方案，超過 100 家領先的 QSR 和餐飲連鎖店參加了此次會議。我們將在今年下半年開始推出 Genius 國際市場，包括加拿大、墨西哥、英國、德國、奧地利和捷克共和國。2026 年初，我們將把 Genius 帶到更多市場，包括愛爾蘭和西班牙，然後是羅馬尼亞、波蘭和澳洲。

We're also making progress converging our technology capabilities across our POS platform. And by the end of the year, solutions such as online ordering and delivery, accounting applications, marketing and loyalty, service vertical functionality, and third-party integrations will be ubiquitously available from a common platform across our Genius offerings.

我們也在 POS 平台技術能力整合方面取得了進展。到今年年底，線上訂購和配送、會計應用程式、行銷和忠誠度、服務垂直功能以及第三方整合等解決方案將透過我們 Genius 產品的通用平台普遍提供。

Additionally, we're already driving synergies by leveraging a number of common capabilities. This includes aligning our hardware platforms, streamlining invoicing, consolidating support functions and reducing SKUs. As we converge our platforms over time, we have set the road map to migrate customers using legacy platforms to Genius.

此外，我們已經透過利用一些常見的能力來推動協同效應。這包括調整我們的硬體平台、簡化發票、整合支援功能和減少 SKU。隨著我們不斷融合我們的平台，我們已經制定了將使用傳統平台的客戶遷移到 Genius 的路線圖。

We defined upgrade paths that will provide for a seamless transition to a best-of-breed cloud solution that will delight merchants and their customers, while also providing us with significant cross-sell and upsell opportunities. We also intend to fully leverage our distribution channels to extend our Genius POS solutions globally.

我們定義了升級路徑，可以無縫過渡到最佳雲端解決方案，讓商家及其客戶滿意，同時也為我們提供重要的交叉銷售和追加銷售機會。我們也打算充分利用我們的分銷管道，在全球推廣我們的 Genius POS 解決方案。

Our sales teams, dealers and FI and wholesale partners have already had extensive opportunities to preview Genius, and the reception has been overwhelmingly positive with significant excitement about the upcoming launch. Another important initiative we are pursuing is our Sales Force of the Future program, which started with our direct sales teams in the US and will extend to international regions later this year.

我們的銷售團隊、經銷商、FI 和批發合作夥伴已經有了大量機會預覽 Genius，並且反應非常積極，人們對即將推出的產品感到非常興奮。我們正在推行的另一項重要舉措是「未來銷售隊伍」計劃，該計劃首先從美國的直銷團隊開始，並將於今年稍後擴展到國際地區。

This includes upscaling and retooling our sales organization, aligning incentives to accelerate cross-selling, reimagining our marketing and lead generation efforts, enhancing underwriting and onboarding process, and improving our approach to provisioning and activating new merchants. As part of this, we have already rolled out a modernized and revamped competition plan in our FI partner channel and to our POS sales organization. We are extending this plan to additional US sales teams over the course of the year.

這包括擴大和重組我們的銷售組織、調整激勵措施以加速交叉銷售、重新構想我們的行銷和潛在客戶開發工作、加強承保和入職流程，以及改善我們為新商家提供和活化的方法。作為其中的一部分，我們已經在我們的 FI 合作夥伴通路和 POS 銷售組織中推出了現代化和改進的競爭計劃。我們將在今年內將該計劃擴展到更多美國銷售團隊。

Our strategic focus on delivering a full suite of differentiated software and commerce enablement solutions across our business. As one example, in Issuer Solutions, we launched several key strategic partnerships in the fourth quarter, including with Engaged People, Blackhawk Network, and one of the largest global technology companies that will serve to advance our loyalty platform capabilities to enhance distribution an extended point accumulation and redemption options.

我們的策略重點是在整個業務範圍內提供全套差異化軟體和商業支援解決方案。舉例來說，在發行人解決方案方面，我們在第四季度建立了多項關鍵策略合作夥伴關係，包括與 Engaged People、Blackhawk Network 以及全球最大的科技公司之一的合作，這將有助於提升我們的忠誠度平台能力，增強分銷、擴展積分積累和兌換選項。

And third, we will leverage our technology leadership to be a more nimble and agile business while increasing our efficiency and effectiveness. As I previously noted, we have consolidated all of our technology organizations and teams under a common leadership. Our technology development and operations were fragmented, resulting in duplication of effort and investments, a lack of standardized tools and practices and a somewhat inefficient operating environment.

第三，我們將利用我們的技術領先地位，使企業變得更加靈活和敏捷，同時提高我們的效率和效力。正如我之前提到的，我們已將所有技術組織和團隊整合在一個共同的領導之下。我們的技術開發和營運分散，導致工作和投資重複，缺乏標準化的工具和實踐，營運環境效率低。

With this change, we're becoming a more nimble and agile organization with a customer and product-centric mindset focused on speed and quality of product development. To support these efforts, we recently completed a small transaction to acquire a modern, real-time processing and orchestration platform. This technology allows us to leverage and distribute products more easily across multiple platforms and geographies seamlessly, increasing our speed to market and accelerating progress towards our target architectural model.

透過這項變化，我們將成為一個更靈活、敏捷的組織，以客戶和產品為中心，注重產品開發的速度和品質。為了支持這些努力，我們最近完成了一筆小額交易，以獲取現代化的即時處理和編排平台。這項技術使我們能夠更輕鬆地在多個平台和地區無縫地利用和分發產品，從而加快了我們的產品上市速度並加速了我們實現目標架構模型的進程。

It also allows us to eliminate certain third-party providers and streamline our technology operating environments globally. We are already leveraging the platform in Central Europe and Germany and will extend this technology architecture across all of our European markets over the next 6 to 12 months. Across the company, we are also focused on improving cycle times for new product development and enhancing productivity.

它還使我們能夠消除某些第三方供應商，並在全球範圍內簡化我們的技術營運環境。我們已經在中歐和德國利用這個平台，並將在未來 6 到 12 個月內將這項技術架構擴展到我們所有的歐洲市場。在整個公司，我們也致力於縮短新產品開發的週期並提高生產力。

This evolution includes modernizing developer tools, including GenAI supported software development, as well as standardizing tooling and lending processes changes to better identify customer needs and accelerate product launches. Early results have already shown double-digit productivity improvements in developers leveraging our GenAI Code Assist tool and a near 10% reduction in code employment time utilizing our modernized tool sets.

這項演進包括對開發人員工具進行現代化升級，包括 GenAI 支援的軟體開發，以及對工具和借貸流程進行標準化，以更好地識別客戶需求並加速產品發布。早期結果已經顯示，利用我們的 GenAI Code Assist 工具的開發人員的生產力提高了兩位數，而利用我們現代化的工具集則將程式碼使用時間減少了近 10%。

We anticipate beginning to realize the benefits of these efforts in the second half of the year. The majority of process and technology enhancements in place by year-end to support our identified priorities. Further, we are continuing to invest in driving differentiation through service. We have multiple programs underway that leverage GenAI to enhance support offerings for customers.

我們預計今年下半年將開始實現這些努力的成果。大多數流程和技術改進將在年底前到位，以支援我們確定的優先事項。此外，我們將繼續投資，透過服務實現差異化。我們正在進行多個利用 GenAI 來增強為客戶提供的支援服務的專案。

This includes an initiative to replace our global support center software solution to modernize call flows, expand omnichannel and digital engagements, increase agent routing and incorporate AI-powered knowledge management. This will allow our support center teams to improve response times and enhance customer experience by better leveraging automation.

這包括一項計劃，旨在取代我們的全球支援中心軟體解決方案，以實現呼叫流程的現代化、擴大全通路和數位互動、增加代理路由並納入人工智慧知識管理。這將使我們的支援中心團隊能夠更好地利用自動化來縮短回應時間並增強客戶體驗。

We expect to have the new platform fully implemented by the fourth quarter of 2025. Given the early milestones we've achieved and our ongoing progress, we are now expecting our operational transformation initiatives to unlock more than $600 million of annual run rate operating income benefit by the first half of 2027. This is an increase from our initial outlook of more than $500 million.

我們預計新平台將於 2025 年第四季全面實施。鑑於我們已經實現的早期里程碑和持續的進展，我們現在預計，到 2027 年上半年，我們的營運轉型舉措將帶來超過 6 億美元的年度運行率營運收入收益。這比我們最初預期的 5 億多美元有所增加。

I could not be more pleased with the performance of our team members whose passion, ingenuity and relentless pursuit of excellence enabled our success over the last 12 months. As we begin 2025, I remain confident we were doing all the right things to unify and streamline our business, invigorate our go-to-market equities, leverage our best products and capabilities, and amplify our investments to unlock value and position our business for sustainable growth and success. Josh?

我對我們團隊成員的表現感到非常滿意，他們的熱情、聰明才智和對卓越的不懈追求使我們在過去 12 個月中取得了成功。在進入 2025 年之際，我堅信，我們正在採取一切正確措施，統一和簡化我們的業務、增強我們的市場競爭力、充分利用我們最好的產品和能力，並擴大我們的投資以釋放價值，實現業務可持續增長和成功。喬許？

Thanks, Cameron. We are pleased with our financial performance in the fourth quarter and for the full year, which were consistent with our expectations. I'm particularly proud that we delivered these results while simultaneously executing on our transformation agenda.

謝謝，卡梅倫。我們對第四季度和全年的財務業績感到滿意，這與我們的預期一致。我特別自豪的是，我們在執行轉型議程的同時也取得了這些成果。

Starting with the full year 2024. We delivered adjusted net revenue of $9.15 billion, an increase of 6% from the prior year, which includes slightly less than 1 point headwind from currency and the disposition of AdvancedMD.

從 2024 年全年開始。我們實現調整後淨收入 91.5 億美元，較上年增長 6%，其中包括不到 1 個百分點的貨幣阻力和 AdvancedMD 的處置。

Adjusted operating margin for the full year improved 40 basis points to 45%. The net result was adjusted earnings per share of $11.55, an increase of 11% compared to the full year 2023. For the fourth quarter, we delivered adjusted net revenue of $2.29 billion, an increase of 5%. On a constant currency basis, excluding dispositions, adjusted net revenue increased approximately 6.5%.

全年調整後營業利益率提升40個基點，達45%。淨結果是調整後的每股收益為 11.55 美元，較 2023 年全年增長 11%。第四季度，我們實現調整後淨收入 22.9 億美元，成長 5%。以固定匯率計算，不包括處置，調整後的淨收入增加了約 6.5%。

Adjusted operating margin for the quarter increased 40 basis points to 45.2%. The net result was adjusted earnings per share of $2.95, an increase of 11% or 12% on a constant currency basis. Taking a closer look at performance by segment. Merchant Solutions achieved adjusted net revenue of $1.76 billion for the fourth quarter, reflecting growth of 6% or more than 7% on a constant currency basis, excluding dispositions.

本季調整後營業利益率增加 40 個基點至 45.2%。淨結果是調整後的每股收益為 2.95 美元，以固定匯率計算成長 11% 或 12%。仔細觀察各部分的表現。Merchant Solutions 在第四季實現調整後淨收入 17.6 億美元，以固定匯率計算（不包括處置）成長 6% 或超過 7%。

As Cameron noted, we closed our AdvancedMD disposition in December, which is roughly 1 point of impact in the quarter. This performance represents an acceleration compared to the third quarter, consistent with our expectations, driven by our POS and software and integrated and embedded businesses, both of which achieved high single-digit growth during the period.

正如卡梅倫所指出的，我們在 12 月結束了 AdvancedMD 處置，這大約對本季產生了 1 個影響點。這一業績與第三季度相比有所加速，符合我們的預期，這得益於我們的 POS 和軟體以及整合和嵌入式業務，這兩項業務在本季度都實現了高個位數的成長。

Starting with POS and software, new cloud POS solution from SMB customers that launched midyear and our rebranding of Genius drove a roughly 35% increase and new POS rooftops in the fourth quarter over the prior year period. This strong demand is being driven by the new software bundles, countertop hardware choices and embedded commerce enablement solutions available through the platform, which includes a leading new feature functionality such as our virtual terminal offering, cash discounting surcharging solution, paid by tax elink capabilities, order ahead and invoicing solutions, to name a few.

從 POS 和軟體開始，中小企業客戶在年中推出的新型雲端 POS 解決方案以及我們對 Genius 的品牌重塑推動了第四季度 POS 銷量較去年同期增長約 35%。這種強勁的需求是由平台提供的新軟體包、檯面硬體選擇和嵌入式商務支援解決方案推動的，其中包括領先的新功能，例如我們的虛擬終端產品、現金折扣附加費解決方案、稅收電子連結功能、提前訂購和發票解決方案等等。

Turning to the integrated and embedded channel, our ISV business added 76 new ISV partners during the fourth quarter with 32 of these wins achieved in international regions. Several of the larger software partners we signed this quarter include (inaudible) in the salon vertical, DRX in Pharmacy Management, and Chamber Nation, which provides member management, automation and digital media solutions.

轉向整合和嵌入式管道，我們的 ISV 業務在第四季度增加了 76 個新的 ISV 合作夥伴，其中 32 個是在國際地區取得的。本季我們簽約的幾家較大的軟體合作夥伴包括沙龍垂直領域的（聽不清楚）、藥房管理領域的 DRX 以及提供會員管理、自動化和數位媒體解決方案的 Chamber Nation。

Our core payments business delivered mid-single-digit growth for the fourth quarter on a constant currency basis, with several international businesses notable bright spots. Specifically, Central Europe, Poland, Greece and LatAm achieved double-digit growth as we continue to benefit from the strong secular payment trends in these markets.

以固定匯率計算，我們的核心支付業務在第四季度實現了中等個位數成長，其中幾項國際業務表現突出。具體而言，中歐、波蘭、希臘和拉丁美洲實現了兩位數的成長，因為我們繼續受益於這些市場強勁的長期支付趨勢。

We delivered an adjusted operating margin of 48.3% in the Merchant segment, an increase of 60 basis points compared to the prior year. This performance reflects strong execution on a refocused strategy and ongoing synergy realization from the acquisition of Eagle Payments. We've now executed our targeted expense synergies from EVO and on track to achieve $135 million in annual run rate expense synergies as anticipated.

我們商家業務部門的調整後營業利益率為 48.3%，比前一年增加了 60 個基點。這一業績體現了重新調整策略的強勁執行力和收購 Eagle Payments 後持續實現的協同效應。我們現在已經執行了 EVO 的目標費用協同效應，並有望按預期實現 1.35 億美元的年運行率費用協同效應。

Our Issuer Solutions business produced adjusted net revenue of $542 million for the fourth quarter, reflecting growth of 3% on a constant currency basis, largely driven by a 200 basis point sequential improvement in transaction volumes. This was led by strength in consumer card transactions, consistent with the trends highlighted by several of our large FI partners this quarter.

我們的發行人解決方案業務在第四季度實現了 5.42 億美元的調整後淨收入，按固定匯率計算增長了 3%，這主要得益於交易量環比增長 200 個基點。這是由於消費者卡片交易的強勁成長所致，與我們本季幾家大型金融機構合作夥伴強調的趨勢一致。

Commercial card volumes remain largely consistent with the trends that we saw in the third quarter as corporates continue to take a more cautious approach to spending. Separately, we've seen more of a return to normalcy in terms of product and service investment by bank customers, and continue to have a healthy implementation pipeline in 2025.

由於企業持續採取更謹慎的支出方式，商業卡數量與我們在第三季看到的趨勢基本一致。另外，我們看到銀行客戶在產品和服務投資方面逐漸恢復正常，並且在 2025 年將繼續擁有健康的實施管道。

We added a total of 26 million traditional accounts on file this quarter, largely driven by the growth with the existing customers. Our strategy of aligning with market share winners continues to drive benefits, and our near record implementation pipeline and the completion of our renewal cycle with many of our large customers gives us confidence in the growth outlook for the business going forward.

本季我們新增了 2,600 萬個傳統帳戶，這主要得益於現有客戶的成長。我們與市場佔有率贏家保持一致的策略繼續帶來效益，我們接近創紀錄的實施管道以及與許多大客戶完成的續約週期使我們對未來業務的成長前景充滿信心。

Moving to our B2B portfolio. The core mid-market segment for our AP automation solutions continues to make solid bookings in the quarter, albeit at a slightly moderated pace earlier in the year due to macro trends. Additionally, in our pay card business, we continued to see softer hiring trends in the segments of the market we serve, which again negatively impacted growth this quarter by nearly a point.

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在本季繼續保持穩健的訂單量，儘管由於宏觀趨勢的影響，今年稍早的成長速度略有放緩。此外，在我們的支付卡業務中，我們繼續看到我們所服務的市場領域的招聘趨勢疲軟，這再次對本季度的成長產生了近一個百分點的負面影響。

Finally, Issuer Solutions delivered an adjusted operating margin of 46.9%. This improved sequentially from our third quarter performance, largely driven by better volumes, but represented a modest decline compared to the prior year period, as we continue to lap strong margin expansion we realized in this business last year while also embedding in modernization.

最後，Issuer Solutions 實現的調整後營業利潤率為 46.9%。與第三季的業績相比，這一數字有所改善，主要得益於銷量的提高，但與去年同期相比略有下降，因為我們繼續保持去年該業務實現的強勁利潤率擴張，同時也嵌入了現代化。

From a cash flow standpoint, we've reduced strong adjusted free cash flow for the quarter of approximately $814 million, representing roughly 110% conversion rate of adjusted net income to adjusted free cash flow. For the full year, adjusted free cash flow was $2.7 billion, representing a roughly 95% conversion rate of adjusted net income to adjusted free cash flow, consistent with our guidance.

從現金流的角度來看，我們本季的調整後自由現金流大幅減少至約 8.14 億美元，相當於調整後淨收入向調整後自由現金流的轉換率約為 110%。全年調整後的自由現金流為 27 億美元，調整後淨收入向調整後自由現金流的轉換率約為 95%，與我們的預期一致。

We invested $184 million in capital expenditures during the quarter, $675 million for the full year, equating to roughly 7% of revenue, which was in line with our guidance. Our net leverage position decreased to 3.2 times at the end of the fourth quarter and is now consistent with our long-term target as forecasted.

我們在本季投資了 1.84 億美元的資本支出，全年投資了 6.75 億美元，約佔營收的 7%，符合我們的預期。我們的淨槓桿率在第四季末下降至3.2倍，目前與我們的預測的長期目標一致。

In connection with the closing of the AdvancedMD transaction in December, we repaid $500 million in senior notes that matured in the quarter and returned $650 million to shareholders through our accelerated share repurchase plan and additional open market purchases. For the full year, we repurchased 12.7 million shares for $1.5 billion or roughly 5% of our shares outstanding.

在 12 月完成 AdvancedMD 交易的同時，我們償還了本季到期的 5 億美元優先票據，並透過加速股票回購計畫和額外的公開市場購買向股東返還了 6.5 億美元。全年我們回購了 1,270 萬股，回購金額達 15 億美元，約占我們已發行股票的 5%。

Our balance sheet remains extremely healthy, and we ended the period with $3.8 billion of available liquidity. Our total indebtedness is 100% fixed, with a weighted average cost of debt of 3.36%. Turning to the outlook for 2025. We are pleased with how our business is positioned as we execute against our refocused strategy and our expectations are consistent with the medium-term outlook we provided at our investor conference in September.

我們的資產負債表依然十分健康，期末我們可用的流動資金為 38 億美元。我們的總債務是 100％固定的，加權平均債務成本為 3.36％。展望2025年。我們對按照重新調整的策略執行時的業務定位感到滿意，我們的預期與我們在九月份的投資者會議上提供的中期展望一致。

Specifically, we currently expect constant currency adjusted net revenue growth of 5% to 6% over 2024, excluding dispositions. We expect dispositions will impact reported adjusted net revenue by over 300 basis points. We are forecasting annual adjusted operating margin to expand approximately 50 basis points for 2025, excluding the effect of dispositions.

具體而言，我們目前預計，不包括處置，2024 年固定匯率調整後的淨收入將成長 5% 至 6%。我們預計處置將對報告的調整後淨收入產生超過 300 個基點的影響。我們預測，到 2025 年，年度調整後營業利潤率將擴大約 50 個基點（不包括處置的影響）。

To provide color at the segment level, we expect our Merchant business to deliver adjusted net revenue growth of roughly 6% on a constant currency basis, excluding dispositions for the full year. We expect roughly 50 basis points of adjusted operating margin expense for the business, excluding dispositions in 2025.

為了在細分層面提供參考，我們預計，以固定匯率計算，不包括全年的資產處置，商家業務的調整後淨收入將成長約 6%。我們預計，不包括 2025 年的處置，該業務的調整後營業利潤率支出約為 50 個基點。

Moving to Issuer Solutions. We're anticipating adjusted net revenue growth in roughly 4% range on a constant currency basis for the full year compared to 2024. We anticipate adjusted operating margin for the Issuer business to expand by approximately 50 basis points in 2025.

轉向發行人解決方案。我們預計，與 2024 年相比，全年調整後的淨收入將以固定匯率成長約 4%。我們預計，發行人業務的調整後營業利潤率將在 2025 年擴大約 50 個基點。

In terms of quarterly phasing, we expect modestly higher growth in the second half relative to the first half of the year as our transformation initiatives ramp and as we lap the renewal cycle with many of our large issuer customers and see increased benefits from conversion activity over the course of 2025.

就季度分階段而言，隨著我們轉型計畫的推進、與許多大型發行人客戶一起度過續約週期，以及在 2025 年期間轉換活動帶來的收益增加，我們預計下半年的成長將略高於上半年。

Moving to a couple of non-operating items. We currently expect net interest expense to be roughly $500 million this year, and for our adjusted effective tax rate to be approximately 19%. We're also planning for our capital expenditures to be around $780 million in 2025 or approximately 8% of revenue, which is consistent with the outlook we provided at our investor conference.

轉向幾個非營運項目。我們目前預計今年的淨利息支出約為 5 億美元，調整後有效稅率約為 19%。我們還計劃在 2025 年將資本支出達到約 7.8 億美元，約佔收入的 8%，這與我們在投資者會議上提供的前景一致。

We anticipate adjusted free cash flow conversion to be greater than 90% for the full year, which again is in line with the expectations we outlined in September. Regarding capital allocation, we expect to return approximately $2 billion to shareholders during the year. To that end, we are entering into an accelerated share repurchase plan for $250 million.

我們預計全年調整後的自由現金流轉換率將超過 90%，這再次符合我們 9 月提出的預期。關於資本配置，我們預計年內向股東返還約20億美元。為此，我們正在製定一項價值 2.5 億美元的加速股票回購計畫。

If we execute additional divestitures in 2025, the proceeds will be used to further enhance shareholder returns. We also plan to further reduce our indebtedness during the year. Putting it all together, we expect adjusted earnings per share growth for the full year to be in the range of 10% to 11% on a constant currency basis. We expect adjusted earnings per share growth to be consistent with the quarterly phasing dynamics I detailed in my earlier remarks.

如果我們在 2025 年執行額外的資產剝離，所得收益將用於進一步提高股東回報。我們也計劃在今年進一步減少債務。綜合考慮所有因素，我們預計以固定匯率計算，全年調整後每股盈餘成長率將在 10% 至 11% 之間。我們預計調整後的每股盈餘成長將與我先前評論中詳述的季度分階段動態一致。

This 2025 guidance is the same as the outlook we provided at our investor conference in September and reflects the strategic initiatives we are undertaking through our transformation in addition to a stable macro environment. With significant recent strengthening of the US dollar, we now expect currency to be a headwind of roughly 175 basis points, both adjusted net revenue and adjusted earnings per share.

2025 年指引與我們在 9 月投資人會議上提供的展望相同，反映了我們在穩定的宏觀環境之外透過轉型採取的策略性舉措。由於近期美元大幅走強，我們預期貨幣匯率將對調整後淨收入和調整後每股盈餘造成約 175 個基點的阻力。

Finally, as you may recall at our investor conference, we mentioned we have been evaluating our reporting structure, including how to treat items like stock-based compensation. Beginning in the first quarter, we will include share-based compensation expense and our adjusted results to better align our convention with our peers.

最後，您可能還記得，在我們的投資者會議上，我們提到我們一直在評估我們的報告結構，包括如何處理股票薪酬等項目。從第一季開始，我們將把股權激勵費用和調整後的結果結合起來，以便更好地與同業保持一致。

We will update our reporting accordingly at that time, however, we do not expect any change to the growth outlook that we provided today. Additionally, we also plan to change the presentation of cash flows for settlement assets and obligations and certain funds held for customers, moving the changes in items from operating to financing cash flows similar to the convention recently adopted by certain of our peers.

我們將在那時相應地更新我們的報告，但我們預計今天提供的成長前景不會有任何變化。此外，我們還計劃改變結算資產和義務以及為客戶持有的某些資金的現金流量的呈現方式，將項目的變化從經營現金流量轉移到融資現金流量，類似於我們的某些同行最近採用的慣例。

In summary, we are pleased with the progress we've made since beginning our transformation. Our focus remains simplifying our operations, strengthening our core businesses, and returning capital to shareholders. And we are confident that we have good forward momentum as we execute against our refocused strategy.

總而言之，我們對轉型以來的進展感到滿意。我們的重點仍然是簡化營運、加強核心業務和向股東返還資本。我們有信心，在執行重新調整的策略時，我們將擁有良好的前進動能。

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

說完這些，我將把電話轉回給卡梅倫。

Thanks, Josh. We accomplished a great deal over the past year and are very much on track with our ambitious transformation journey. In 2025, we will execute and complete much of our transformation agenda, positioning us to accelerate growth and deliver on the medium-term financial goals we established in September.

謝謝，喬希。我們在過去一年裡取得了許多成就，我們雄心勃勃的轉型之路進展順利。2025 年，我們將執行並完成大部分轉型議程，從而加速成長並實現我們 9 月制定的中期財務目標。

We are changing for the better, playing to our competitive strengths, leveraging what we already have and focusing our energy and investments on the most attractive opportunities where we can differentiate in the market. As we enter the next chapter of our growth journey, we strongly believe we are poised to capture and unlock significant value with our renewed strategic focus and clarity.

我們正在朝著好的方向改變，發揮我們的競爭優勢，利用我們現有的資源，並將我們的精力和投資集中在最有吸引力的機會上，以便我們在市場上脫穎而出。當我們進入成長之旅的下一章時，我們堅信，憑藉新的策略重點和清晰度，我們已準備好獲取和釋放巨大的價值。

We have an enviable portfolio of assets delivering sustainable organic top line growth in a significant untapped TAM. Our transformation is unleashing an already successful business to deliver all of our solutions to all of our channels in a more frictionless way and drive higher return on invested capital.

我們擁有令人羨慕的資產組合，在尚未開發的巨大潛在市場中實現可持續的有機營收成長。我們的轉型正在釋放已經成功的業務，以更順暢的方式向所有管道提供所有解決方案，並提高投資資本的回報率。

And we are committed to shareholder value creation, targeting returns of $7.5 billion over the next three years. We're exactly on track with where we want to be in our transformation, and remain as enthusiastic as ever about the future of the business. Winnie?

我們致力於為股東創造價值，目標是在未來三年內實現 75 億美元的回報。我們正沿著我們想要的轉型方向前進，並且對業務的未來仍然充滿熱情。溫妮？

Thanks, Cameron. (Event Instructions) Thank you.

謝謝，卡梅倫。（活動指引）謝謝。

Operator, we'll now go to questions.

接線員，我們現在開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Guys, thanks for the help. Just maybe start off with your early evidence of the progress you're seeing on some of the initiatives you're making. I know you touched on the time line you expect on Genius, that was really helpful. But maybe give us a sense of two things. One is the initiatives you see some evidence of working already. I know it's only been about a quarter or so since the Investor Day, but any progress there?

夥計們，謝謝你們的幫忙。也許可以從您所採取的一些措施所取得的進展的早期證據開始。我知道您提到了您期望的 Genius 時間線，這確實很有幫助。但也許能讓我們了解兩件事。一是，您已經看到了一些發揮作用的跡象。我知道距離投資者日才過去一個季度左右，有什麼進展嗎？

And then really more importantly, the cadence we can expect throughout the year, specifically in the Merchant growth rate, so we can help understand where we expect the trajectory where there's a bottom? And then where you expect the reacceleration?

然後真正更重要的是，我們可以預期全年的節奏，特別是商人的成長率，這樣我們可以幫助了解我們預期的軌跡在哪裡，哪裡是底部？那麼您預計重新加速的情況會如何呢？

Yeah, Darrin, it's Cameron. I'll jump in and start. So it's a great question. Look, I would tell you, from my perspective, I'm pretty pleased with some of the early evidence we're seeing in terms of the benefits that our transformation is driving in our business. I'll start with one of the most obvious areas, which is just the level of collaboration we've been able to drive across the organization.

是的，達林，我是卡梅倫。我就加入開始。這是一個很好的問題。聽著，我想告訴你，從我的角度來看，我對我們所看到的一些早期證據感到非常高興，這些證據顯示了我們的轉型為我們的業務帶來了好處。我將從最明顯的領域之一開始，即我們能夠在整個組織內推動的協作水平。

Certainly, in our Merchant business, more particularly as we've been able to harmonize and create a more homogeneous operating model for the Merchant Solutions segment. We have teams that are now working together, collaborating together, engaging together to unlock, I think, vast opportunities around products and capabilities that exist in different parts of the business that, frankly, some of them didn't have or weren't aware, we can make available in different markets around the globe.

當然，在我們的商家業務中，更具體地說，我們已經能夠協調並為商家解決方案部門創建更同質的營運模式。我認為，我們各個團隊現在正在齊心協力、共同協作、共同參與，以釋放業務各個部分中存在的產品和功能方面的巨大機遇，坦率地說，其中一些人以前沒有或不知道，我們可以將這些機遇提供給全球不同的市場。

So the level of collaboration and the commercial dialogue that that's driving and some of the opportunities that we've been able to already bring to conclusion, as a result of that, I think albeit small, are very encouraging.

因此，由此推動的合作程度和商業對話，以及我們已經能夠達成的一些機會，我認為，儘管規模很小，但卻非常令人鼓舞。

The second area is as we continue to harmonize operating environments and technology environments, I think the opportunity we see for operating income benefits, as evidenced by the increase in the overall target we provided today, is more meaningful probably than we initially anticipated as we started on this transformation journey.

第二個領域是，隨著我們繼續協調營運環境和技術環境，我認為我們看到的營運收入收益機會（正如我們今天提供的總體目標的增加所證明的那樣）可能比我們在開始這一轉型之旅時最初預期的更有意義。

So as we work to bring our operating environments together, we're finding far more opportunity for efficiencies and scale and the ability to leverage capabilities across all aspects of our business, Merchant and Issuer in particular, to drive better comes for our clients in terms of the experience they're able to have and obviously, our ability to deliver that in an efficient and effective manner.

因此，當我們努力整合我們的營運環境時，我們發現了更多提高效率和規模的機會，以及利用我們業務各個方面（特別是商家和發行商）的能力的能力，從而為我們的客戶提供更好的體驗，顯然，我們有能力以高效和有效的方式提供這些服務。

From a technology perspective, standardizing tools, harmonizing, software development life cycles, how we think about product development and collaboration with the business. All of that is yielding what I think will be a more efficient, more effective and productive technology organization, better able to support the needs of the business, able to deliver new product and software capabilities more quickly.

從技術角度來看，標準化工具、協調、軟體開發生命週期，我們如何考慮產品開發和與企業的合作。我認為，所有這些都將催生出一個更有效率、更有效、更有生產力的技術組織，能夠更好地支援業務需求，並能夠更快地提供新產品和軟體功能。

All of which, ultimately, will drive for, again, a better scaled environment and quicker speed to revenue around new product and software delivery in the business. So I'd say overall, the early evidence is incredibly positive around the things that we're doing. Obviously, it's hard work. And I don't want to lose sight of that as we continue to progress through our transformation journey.

所有這些最終將再次推動業務中圍繞新產品和軟體交付的更好的規模環境和更快的收入速度。因此我想說，總的來說，早期證據對於我們所做的事情是非常積極的。顯然，這是一項艱苦的工作。在我們繼續推進轉型進程的過程中，我不想忽視這一點。

We're making a lot of change in our organization. It is a little bit disruptive at times and it's a tremendous amount of efforts from the leadership team down through the organization to bring about the change that we're trying to drive. But certainly, all evidence thus far would suggest we're on the right path. And the benefits in terms of how we run the business and the benefits economically we expected to achieve from this journey are certainly proving to be real, and the early wins are encouraging.

我們的組織正在發生很多變革。有時，這可能會造成一些混亂，我們需要從領導團隊到整個組織付出巨大的努力來實現我們試圖推動的變革。但可以肯定的是，迄今為止的所有證據都表明我們走在正確的道路上。而我們經營業務的益處以及我們期望從這一歷程中獲得的經濟效益確實被證明是真實的，早期的勝利令人鼓舞。

Cameron, thanks. And just a quick follow-up -- yeah, go ahead on the timing or that's exactly right.

卡梅倫，謝謝。還有一個快速的跟進問題——是的，按照時間進行，或者說完全正確。

Yeah. It's a good question on the timing of revenue. I think as I look at 2025, what we would expect is as we get to the back half of the year, we'll start to see some of the benefits materialize as a top line revenue matter from the initiatives that we're pursuing, particularly in the Merchant segment.

是的。關於收入時機的問題很好。我認為，展望 2025 年，我們預計，到下半年，我們將開始看到我們正在實施的措施所帶來的一些好處轉化為營收，特別是在商家領域。

There's also likely to be a little bit in the Issuer segment as well, more in the back half of 2025 as some of the opportunities start to ramp. In the front half, I would say we've accommodated for a little bit of modest (inaudible) as it relates to just pushing all of these changes through the organization.

發行人領域也可能會有一點機會，但到 2025 年下半年會更多，因為一些機會會開始增加。在前半部分，我想說我們已經適應了一些適度（聽不清楚）因為它與推動組織內所有這些變化有關。

We talked a little bit around the timing of our Genius POS release being second quarter, third quarter. We talked a little bit about the Sales Force of the Future program that we're rolling out, including changes to the comp model. Some of those we rolled out late in 2024. The rest were rolling out in early 2025.

我們稍微談論了一下 Genius POS 的發佈時間，是第二季還是第三季。我們談論了一些我們正在推出的未來銷售團隊計劃，包括對薪酬模式的改變。其中一些我們將於 2024 年底推出。其餘項目將於 2025 年初推出。

So we're obviously accommodating for a little bit of, obviously, disruption in the business as we work these changes through the ecosystem. But that's largely in the first half of the year. As we get to the back half of the year, as we commented in our prepared remarks, the benefits of many of the transformation initiatives that we're pursuing will start to materialize a little bit more in revenue and the outcomes we're able to drive.

因此，當我們透過生態系統進行這些變化時，我們顯然會適應業務中出現的一些幹擾。但這主要發生在上半年。正如我們在準備好的評論中所說，隨著進入下半年，我們正在推行的許多轉型舉措的好處將開始在收入和我們能夠推動的成果中更多地體現出來。

Very humble, Cameron. Guys, thanks very much.

非常謙虛，卡梅倫。夥計們，非常感謝。

Thanks Darrin.

謝謝達林。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Morning guys. Thanks. I wanted to follow up on Merchant and just clarify the 6% guide for the year. I know it excludes currency and dispositions. But just on the acquisition front, I mean, I think segment's closed around the middle of last year. We're thinking it drives maybe 0.5 point of inorganic to Merchant this year. And I know you mentioned a small orchestration platform you bought. So how much are you expecting from acquisitions in that 6%?

早安，大家。謝謝。我想跟進 Merchant 的情況並澄清今年 6% 的指導方針。我知道它不包括貨幣和處置。但僅從收購方面來看，我認為該部門在去年年中左右關閉了。我們認為，今年它可能為 Merchant 帶來 0.5 個百分點的無機成長。我知道您提到過您購買的一個小型編排平台。那麼您預計這 6% 的收購能帶來多少收益呢？

Yeah, so Jason, so cake payments, that anniversaries in the second quarter, and you're right about the 50 basis points of contribution. [GMS], that orchestration layer was -- that was de minimis. So there's very little out of the contribution to the overall growth in 2025

是的，傑森，蛋糕付款，第二季度的周年紀念日，你對 50 個基點的貢獻是正確的。 [GMS]，那個編排層－那是微不足道的。因此，對 2025 年整體成長的貢獻很小

Okay, understood. And then just on the EPS guide, just so that we're on the same page, how should we think about the actual dollar-based EPS guide, I mean, especially with the absorption of the stock-based comp that you're going to be introducing in Q1? Just so we all get our models tuned up here, right at the beginning of the year.

好的，明白了。然後僅在 EPS 指南上，為了讓我們達成共識，我們應該如何看待實際的基於美元的 EPS 指南，我的意思是，特別是在吸收了您將在第一季度推出的基於股票的補償之後？就這樣，我們在年初就對我們的模型進行了調整。

Yeah, so look, we're guiding constant currency in the 10% to 11% range. Stock-based comp this year is going to be about approximately $170 million. So you can go ahead and factor that into your models. As you think about overall EPS growth, in that 10% to 11% range constant currency.

是的，我們指導的恆定匯率在 10% 到 11% 的範圍內。今年的股票薪酬約為 1.7 億美元。因此您可以繼續將其納入您的模型中。當您考慮整體每股收益成長時，其範圍在 10% 到 11% 之間（以固定匯率計算）。

Okay. And then the 175 bps headwind you said, right, on the EPS side from the currency?

好的。那麼您說的 EPS 方面有 175 個基點的逆風，對嗎？

Yeah, for FX. That's correct.

是的，對於 FX 來說。沒錯。

Yeah, okay, cool. Thanks Josh.

是的，好的，很酷。謝謝喬希。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, thanks for taking my question this morning. What is the macro backdrop that you're contemplating in guidance? Are you baking in any conservatism or deterioration in the environment or are you just kind of baking in what we're seeing today?

你好，感謝您今天早上回答我的問題。您在指導中考慮的宏觀背景是什麼？您是否正在承受任何保守主義或環境惡化的後果，還是只是承受著我們今天所看到的一切？

Yeah. I would say from an overall macro perspective -- Ramsey, it's Cameron, and I think we're continuing to forecast, I'd say, a fairly stable macro environment as we head into 2025, largely looking and mirroring kind of what we saw as we ended the year. I think if you look at the macro overall, we continue to see relatively stable labor trends.

是的。我想說，從整體宏觀角度來看——拉姆齊，卡梅倫，我認為我們將繼續預測，當我們進入 2025 年時，宏觀環境將相當穩定，基本上與我們在年底看到的情況類似。我認為，如果從宏觀角度來看，我們仍然會看到相對穩定的勞動趨勢。

Inflation has come down, obviously. It's obviously not entirely tamed as evidenced by the report yesterday, but obviously down from peak levels that we've seen over the last 15 months or so. And obviously, wage growth continues to be reasonably good overall. So I would say the macro backdrop, particularly as it relates to the consumer, is relatively stable.

顯然，通貨膨脹已經下降。從昨天的報告可以看出，顯然它還沒有完全得到控制，但顯然比過去 15 個月左右的峰值水平有所下降。顯然，薪資成長總體上仍然相當良好。因此我想說宏觀背景，特別是與消費者相關的宏觀背景是相對穩定的。

Obviously, there's some level of uncertainty as it relates to what's happening in the US post-election and what economic policies the new administration will implement and how that may manifest itself in the overall macro environment more broadly.

顯然，美國大選後的情況、新政府將實施哪些經濟政策以及這些政策將如何在更廣泛的宏觀環境中體現出來，都存在著一定程度的不確定性。

But I would say sitting here today, we're expecting a fairly stable trend for 2025, and early evidence in January would suggest that we're seeing largely a continuation of what we saw in the fourth quarter.

但我今天想說，我們預計 2025 年的趨勢將相當穩定，而且 1 月份的早期證據表明，我們將看到第四季度基本上延續的趨勢。

Got it. And a quick follow-up for me. Just at Investor Day, you called out winding down some enterprise customer contracts, I believe, in core. Has that process begun? Should we expect any noticeable impact from that in a given -- in any particular quarter this year?

知道了。並對我進行快速跟進。就在投資者日，您呼籲終止一些核心企業客戶合約。這個過程已經開始了嗎？我們是否應該預期在今年的某個特定季度會產生明顯的影響？

Yeah, it's a good question. And we're absorbing that in the guide that we've provided to you today. So there is some of that that's already happened in the fourth quarter, and there will be more of that, that happens as we work through 2025. Some of that's going to be, I'd say, in a few areas. One is wholesale, in particular, we inherited a lot of wholesale relationships through EVO.

是的，這是個好問題。我們正在將這一點融入到今天提供給您的指南中。所以，有些情況在第四季已經發生了，而且到 2025 年，還會出現更多這樣的情況。我想說，其中一些將會發生在幾個領域。一是批發，具體來說，我們透過EVO繼承了許多批發關係。

Some of the economics of those relationships don't necessarily work for us, particularly as we think about the level of effort and support that we have around those relationships and what those resources could be otherwise doing in our business. So we either try to work those to terms that make sense for us, so we'll look to exit those.

這些關係中的一些經濟效益並不一定對我們有利，特別是當我們考慮到我們在這些關係上所付出的努力和支持的程度，以及這些資源本來可以為我們的業務帶來什麼的時候。因此，我們要么嘗試按照對我們有意義的方式處理這些問題，要么尋求退出這些問題。

We talked a little bit around some of the multinational cross-border commerce business that we used to pursue. We're doing less of that. I think we're being far more selective as we think about going upmarket into enterprise and multinational opportunities. We were pursuing some, I would call it, more wholesale indirect FI relationships globally. That's not a business that I want to spend a lot of time and effort on.

我們稍微談論了一下我們曾經從事的一些跨國跨境商務業務。我們這樣做的越來越少了。我認為，當我們考慮進軍高端企業和跨國市場時，我們會更加謹慎。我們正在全球範圍內尋求建立一些我稱之為的批發間接金融機構關係。這不是我想要花費大量時間和精力的生意。

I think it's distracting for us. So there are certainly likely to be some changes around how we think about that aspect of our business as we move forward in time.

我認為這會分散我們的注意力。因此，隨著時間的推移，我們對業務這一方面的看法肯定會發生一些變化。

So short answer is, yes, all that has started. We did exit some wholesale relationships in the fourth quarter. We have more activity that will likely exit in 2025. All that's sort of reflected in the guide that we're providing today, absorbing those impacts in our outlook, which is part of the reason for some of the commentary around our medium-term outlook that we provided back in September.

所以簡短的回答是，是的，一切都已經開始了。我們確實在第四季度終止了一些批發關係。我們還有更多活動可能會在 2025 年結束。所有這些都反映在我們今天提供的指南中，將這些影響吸收到我們的展望中，這也是我們在 9 月提供的一些中期展望評論的部分原因。

Great. Thank you so much.

偉大的。太感謝了。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Hey, thanks so much. Good to catch up with everyone. Just on the operational transformation of $100 million. I'm curious, does that change also raised the -- or maybe change the timing of savings recognitions in '25 and '26? Any update there?

嘿，非常感謝。很高興和大家見面。僅就1億美元的營運轉型而言。我很好奇，這種變化是否也提高了——或者可能改變了'25 和'26 年儲蓄確認的時間？有任何更新嗎？

So '25, I would say, is vastly the same, and the majority of the benefits we're going to see in '26 and beyond. So what we said before, Tien-tsin, is that we expect over a little -- approximately $200 million of OI benefit in '26. Now we expect that to be more in '26. And then we said approximately $400 million of OI benefit in '27, and we expect that to be more in '27, with full run rate of $600 million in 2028.

所以我想說，25 年的情況大致相同，而大部分好處我們將在 26 年及以後看到。因此，天津，我們之前說過，我們預計 26 年的 OI 收益將超過 2 億美元。現在我們預計 26 年這數字會更高。然後我們說，27 年的 OI 福利約為 4 億美元，我們預計 27 年的福利將更多，2028 年的全部福利將達到 6 億美元。

Got it. Thank you for that. And then a quick follow-up, if you don't mind. Winnie, just on the buying out of the joint venture here, can we assume that we'll see more of this? And is the Asia wind-down the inverse, meaning you'll maybe get back some of the joint ventures to the banks?

知道了。謝謝你。如果您不介意的話，然後快速跟進。溫妮，僅就收購合資企業而言，我們能否假設我們會看到更多這樣的情況？而亞洲業務的逐漸減少是否正好相反，這是否意味著你可能會將一些合資企業歸還給銀行？

Yeah. It's a good question, Tien-tsin, and I sort of put it in the category of trying to streamline and simplify our business. With the number of joint ventures that we have, particularly in Europe, the complication in operating the business, the governance around the business makes it more difficult to operate the business in the way that we want to from time to time.

是的。這是個好問題，天津，我把它歸類在試圖精簡和簡化我們業務的範疇。由於我們擁有的合資企業數量眾多，特別是在歐洲，業務運營的複雜性以及業務治理使得我們很難以自己想要的方式經營業務。

So certainly, the CaixaBank exit of the Erste JV simplifies that relationship fairly meaningfully. Obviously, exiting HSBC from our joint venture in Mexico allows us to bring together two businesses in Mexico that, by and large, we're competing with each other, given the nature of the relationships we have in that market into a single business.

因此，CaixaBank 退出 Erste JV 無疑會大大簡化這種關係。顯然，退出匯豐在墨西哥的合資企業使我們能夠將墨西哥的兩家企業合併為一家，鑑於我們在該市場的關係性質，這兩家企業總體上是相互競爭的。

Obviously, with good strong referral partners in Banamex and HSBC, but we're able to operate a much more homogeneous and single operating environment in Mexico now, which is certainly a benefit for us. In Asia, we really only have one JV, and that's with Bank of the Philippine Islands in the Philippines. We're very committed to the relationship in that market. We have good scale in that market. We have good growth potential with a strong partner. So that's obviously something that we want to continue with.

顯然，雖然我們擁有墨西哥國家銀行和匯豐銀行等強大的推薦合作夥伴，但我們現在能夠在墨西哥經營一個更同質化和單一的營運環境，這對我們來說無疑是一個好處。在亞洲，我們其實只有一家合資企業，那就是與菲律賓的菲律賓群島銀行合資。我們非常重視與該市場的關係。我們在那個市場擁有良好的規模。有了強大的合作夥伴，我們就有良好的成長潛力。所以這顯然是我們想要繼續做的事情。

The markets that we're seeking to exit in Asia are markets where we own 100% of the business. But they're markets that I would characterize as we're a subscale player today. We don't see a realistic path to being a scale player in a time frame that makes sense for us and we'd rather commit our time, effort and resources to markets where we see better opportunities for us.

我們在亞洲尋求退出的市場是我們擁有 100% 業務的市場。但我認為，我們目前在這些市場上還只是小規模的參與者。我們不認為有一條現實的道路可以在合理的時間範圍內成為規模型企業，我們寧願將時間、精力和資源投入到我們認為更好的機會的市場中。

Got it, no, makes great sense.

明白了，不，很有道理。

Thank you.

謝謝。

Thanks.

謝謝。

Dave Koning with Baird.

戴夫·科寧 (Dave Koning) 和貝爾德 (Baird) 在一起。

Yeah, hey guys. Thank you and great to see just the quality of earnings here getting better cash flow leverage, lower add-backs, all that stuff. So congrats on all that (technical difficulty)

是的，嘿，大家好。謝謝，很高興看到這裡的獲利品質得到了更好的現金流槓桿、更低的附加價值等等。恭喜你（技術難度）

We appreciate the compliment. But operator, maybe we'll move to the next and see if we can get Dave back.

我們非常感謝您的讚揚。但是接線員，也許我們應該轉到下一個，看看是否能讓戴夫回來。

James Faucette, Morgan Stanley

摩根士丹利 James Faucette

Great, good morning, and I'll get straight to my question. So wondering if we can get an update on Issuer segment, and is the assumption for fiscal '25 a continuation of softer trends in the commercial card and pay core that you called out? And how should we think about the growth from the implementation of those 70 million accounts in backlog?

好的，早上好，我會直接回答我的問題。所以想知道我們是否可以獲得有關發行人部分的最新信息，以及對 25 財年的假設是否延續您所提到的商業卡和支付核心的疲軟趨勢？那麼，我們該如何看待這7,000萬個積壓帳戶的實施所帶來的成長呢？

Yeah, sure. I'll go ahead and take that. So look, from -- for Issuer, we expect revenue to be relatively in line with where we exited the year in Q1. We do expect to see modest improvement throughout the year as we see increased benefit from conversion activity and the lapping of the renewal cycle with many of our large issuers.

是的，當然。我會繼續接受它。因此，從發行人的角度來看，我們預計營收將與今年第一季的水平相對一致。我們確實預計全年會出現適度改善，因為我們看到轉換活動帶來的收益增加以及許多大型發行人的續約週期重疊。

And what I'll say is, as it relates to Issuers, just for Q4, we continue to see strong trends in Issuer. We saw four conversions for the year. Cameron commented on 17 conversions for the year. The pipeline stands at over 70 million accounts on file. We saw strong sequential growth in accounts on file.

我想說的是，就發行人而言，僅在第四季度，我們就會繼續看到發行人的強勁趨勢。我們今年見證了四次轉變。卡梅倫對今年的 17 起轉變發表了評論。目前，已有超過 7,000 萬個帳戶被存檔。我們發現存檔帳戶數量連續強勁成長。

And we also saw a sequential improvement as it relates to transactions. So we feel pretty good about the Issuer business going into 2025, and we expect to see modest acceleration in the back half of the year as we lap some of these contract renewals that we talked about in Q3.

我們也看到與交易相關的持續改善。因此，我們對 2025 年的發行人業務前景非常樂觀，我們預計，隨著我們在第三季度談到的一些合約續簽，今年下半年將出現適度加速。

Yeah, and James, this is Cameron. I'll just add a couple of points to that. First of all, I would say from a commercial perspective, the trends we saw in Q4 were pretty consistent with what we saw in Q3. So we expect commercial in 2025 to be relatively similar to what we saw kind of exiting the year.

是的，詹姆斯，這是卡梅倫。我只想補充幾點。首先，我想從商業角度來看，我們在第四季看到的趨勢與第三季看到的趨勢非常一致。因此，我們預計 2025 年的商業化程度將與今年年底的水準相對相似。

We're not expecting a big sort of uptick in commercial volumes we expect businesses to remain fairly restrictive from a spending perspective, and we think that will largely manifests itself on what we expect from commercial.

我們並不預期商業交易量大幅成長，我們預期企業在支出方面仍將保持相當嚴格的限制，我們認為這主要體現在我們對商業的期望上。

We are seeing more normalizing of trends, I would say, around project activity with our large FI customers. Josh called that out as it relates to Q4. And certainly, we have a good pipeline projects that we're implementing for our clients in 2025. So we certainly feel good about that.

我想說，我們看到與大型 FI 客戶的專案活動趨勢更加正常化。Josh 指出這一點與 Q4 有關。當然，我們有一個良好的專案儲備，我們將在 2025 年為客戶實施。因此我們對此感到非常高興。

I think if you step back and look at the Issuer business more broadly, I think we feel very good about the outlook for the next few years. We've renewed 15 of our top 20 clients on multi-year agreements. Our modernization work is progressing very nicely. I mentioned that our client-facing application development work was done late last year. We're piloting all their solutions in 2025, and we'll be selling exclusively sort of cloud-based solutions for client-facing applications by the end of 2025.

我認為，如果你退一步並更廣泛地看待發行人業務，我們對未來幾年的前景感到非常樂觀。我們已與前 20 名客戶中的 15 名續簽了多年協議。我們的現代化工作進展非常順利。我提到，我們的面向客戶的應用程式開發工作是在去年年底完成的。我們將在 2025 年試行他們的所有解決方案，並且到 2025 年底，我們將專門銷售面向客戶的應用程式的基於雲端的解決方案。

So all that is progressing really nicely, which is important to opening up new TAMs, driving more commercial activity and obviously, accelerating the rate of revenue growth for the issuer business over a period of time. So feel good about the stability and predictability of the business heading into '25. And certainly, the trajectory is on through modernization. And obviously, the work we're doing from a transformation perspective, all of which we expect to benefit the Issuer business for the coming years.

所以所有事情都進展得很順利，這對於開闢新的 TAM、推動更多的商業活動以及顯然在一段時間內加速發行人業務的收入增長率都很重要。因此，對於25年業務的穩定性和可預測性，我們感到很滿意。當然，這條軌跡是透過現代化來實現的。顯然，我們從轉型的角度開展工作，我們希望這些工作都能在未來幾年使發行人業務受益。

Great. That's great color. And then quickly just wanted to touch on the ISV channel. It sounds like the quarter growth there is still healthy. How are you thinking about the churn and revenue pricing in that business in '25 and in '26?

偉大的。顏色真棒。然後很快只想觸及 ISV 頻道。聽起來那裡的季度增長仍然健康。您如何看待 1925 年和 1926 年該業務的客戶流失和收入定價？

Yeah, I'll start, and I may ask Bob to chime in on this as well. As you probably are aware, the integrated business very, very well from his history -- and I can give you a little more perspective on what we're seeing the market day in and day out. I would say from my standpoint, I think we continue to compete very well in the market from an integrated perspective.

是的，我先開始，我可能也會請鮑伯參與討論。您可能已經知道，從他的歷史來看，綜合業務做得非常非常好——我可以為您提供更多關於我們日復一日看到的市場情況的看法。我想說，從我的角度來看，我認為從綜合角度來看，我們在市場上繼續保持良好的競爭力。

We obviously have a breadth and depth of operating model and capability that allows us to tailor solutions to the needs of our software partners in ways that I don't think our competitors can. And I think as a result of that, we're able to end up with commercial relationships that are favorable to us, favorable to our clients, but not necessarily at the high watermark in terms of rev share relative to where our competitors may pitch business or try to win business.

我們顯然擁有廣泛而深入的營運模式和能力，這使我們能夠以我認為我們的競爭對手無法做到的方式根據我們的軟體合作夥伴的需求量身定制解決方案。我認為，這樣做的結果是，我們最終能夠建立對我們有利、對我們的客戶有利的商業關係，但就收入份額而言，與我們的競爭對手相比，我們並不一定處於高水準。

I think the other area where we continue to differentiate ourselves is our ability to bring more value to the relationship around our commerce enablement solutions, our ability to expand the revenue opportunity through these relationships. More revenue to share generally means lower rev share overall and a better outcome for us, again, in our ISV partners.

我認為我們繼續脫穎而出的另一個領域是我們有能力為我們的商業支援解決方案之間的關係帶來更多價值，以及我們有能力透過這些關係擴大收入機會。通常來說，更多的收入份額意味著更低的整體收入份額，這對我們來說，以及對我們的 ISV 合作夥伴來說，將帶來更好的結果。

So I think we continue to see large lease stability around our business, largely because of our approach to market, the capabilities we have. And the breadth and depth of relationships that we have in that business spans well over a decade now with Global Payments ownership, and going back far more than that through the acquisitions we've made in integrated space over time. But Bob may be able to add a little bit of color to that as well.

因此，我認為我們業務的租賃將繼續保持較高的穩定性，這主要是因為我們的市場方法和我們的能力。我們在該業務中與 Global Payments 的合作關係已持續了十多年，而且透過我們在綜合領域的收購，我們與該公司的關係已經持續了更長時間。但鮑伯也許能夠為其添加一點色彩。

Yeah, thanks, Cameron. Great question, James. We continue to see partners across the spectrum, whether they're ISVs or whether they're other flavors of new tech, fintech, FI relationships with different integration needs, who continue to think about integrated as a departure from the last two pendulum swings we saw over the prior decade, which was coming from integrated to us, send a lead, we'll cut your referral check, to everyone in the world needs to be a PayFac and become a payments company.

是的，謝謝，卡梅倫。很好的問題，詹姆斯。我們繼續看到各種各樣的合作夥伴，無論他們是 ISV，還是具有不同集成需求的其他類型的新技術、金融科技、FI 關係，他們都繼續認為集成與我們在過去十年中看到的最後兩次鐘擺擺動不同，即從集成到我們，發送線索，我們將開出您的推薦支票，世界上每個人都需要成為 PayFac 並成為支付公司。

They continue to want to differentiate at the customer experience level, what does it look like to acquire and board new accounts. And it continues to be important to them to drive, to Cameron's point, additional value into the relationship beyond core payment acceptance.

他們繼續希望在客戶體驗層面上差異化，即取得和接納新帳戶是什麼樣的。正如卡梅倫所言，對他們來說，除了核心支付接受之外，為雙方關係創造額外價值仍然非常重要。

And I think the work that we've done over the prior decade and that we continue to accelerate at the back half of '24 and into '25 as part of our transformation, seeks to make those capabilities available and make it easy to consume and integrate ways across the spectrum of our capabilities. So that our partners can go to market really in a very tailored way without having to create a bespoke program or a bespoke integration for every one of them.

我認為，我們在過去十年中所做的工作以及我們在24年下半年和25年繼續加速的工作，作為我們轉型的一部分，旨在使這些功能可用，並使其易於利用和整合到我們所有功能中。這樣，我們的合作夥伴就可以真正以非常客製化的方式進入市場，而不必為每個合作夥伴創建定製程式或客製化整合。

We continue to see that being received very well in the market. We think we're positioned well against competition. And it also helps us defend the partnerships that we already have as they seek to evolve their own business model and their own software and distribution platforms.

我們持續看到該產品在市場上受到熱烈歡迎。我們認為我們在競爭中處於有利地位。當他們尋求發展自己的商業模式和軟體及分銷平台時，它還可以幫助我們捍衛現有的合作夥伴關係。

Appreciate that Bob.

感謝鮑勃。

Bryan Bergin with TD Cowen.

TD Cowen 的 Bryan Bergin。

Great, thanks so much for taking the questions. This is Harrison Vivas on for Bryan. Just wanted to double click on the POS free platforming. Obviously still early, but could you just offer any early feedback on what you're hearing from clients? And then maybe put a finer point on what you're expecting from a churn level as you really start that -- as you launch Genius into the second half of the year?

非常好，非常感謝您回答這些問題。哈里森·維瓦斯 (Harrison Vivas) 代替布萊恩 (Bryan)。只是想雙擊 POS 免費平台。顯然還為時過早，但您能否根據從客戶那裡聽到的信息提供任何早期反饋？然後，當您真正開始這樣做時——當您在下半年推出 Genius 時——您是否可以更詳細地說明您對客戶流失程度的期望？

Yeah, I'll start, and then ask Bob to jump in on this question as well. Again, because he's very close to the details. I would say, as I mentioned in my prepared remarks, early feedback is very positive from our direct sellers, our dealers, our FI partners and wholesale partners who we look to sell Genius as well.

是的，我先開始，然後請鮑伯也參與回答這個問題。再次，因為他非常注重細節。我想說，正如我在準備好的發言中提到的那樣，我們的直銷商、經銷商、FI 合作夥伴以及我們也希望銷售 Genius 的批發合作夥伴的早期反饋都非常積極。

And certainly from our international businesses and some of our partnerships there, the feedback around the platform, the capability, the richness of the feature functionality is very positive around what we expect to be the flagship kind of Genius restaurant and Genius retail platforms going forward.

當然，從我們的國際業務和一些合作夥伴的角度來看，圍繞該平台的反饋、能力、功能的豐富性都非常積極，我們預計它將成為未來 Genius 餐廳和 Genius 零售平台的旗艦產品。

So I would say early signs are encouraging. And we continue to have good momentum just around POS sales more broadly even as we work to bring the rebranded Genius, the re-platformed Genius to market over the course of 2025 and beyond.

因此我想說早期跡像是令人鼓舞的。即使我們致力於在 2025 年及以後將重新品牌化的 Genius、重新平台化的 Genius 推向市場，我們在 POS 銷售方面仍繼續保持良好的發展勢頭。

So I'm very encouraged. This continues to be one of the areas of investing most in our business. It's one of the areas that we're most excited about in terms of opportunity to drive better growth outcomes over time. And I think the capabilities that we have across the probably nearly 15, 16 POS platforms we have today, finally harnessing that into what will be Genius for restaurant, Genius or retail platforms going forward, I think, is going to have a really positive effect on our business, our ability to win new opportunities in the marketplace.

所以我感到非常鼓舞。這仍然是我們業務投資最多的領域之一。就長期來看，這是我們最興奮的領域之一，因為它有機會推動更好的成長結果。我認為，我們今天擁有的近 15、16 個 POS 平台的功能，最終將其融入未來的餐廳、Genius 或零售平台的 Genius 中，我認為這將對我們的業務、我們在市場上贏得新機會的能力產生真正積極的影響。

And obviously, as I said before, the growth outcomes that we think we can deliver. I'll let Bob maybe jump in on the second part of your question around how we envision creating paths for existing merchants to upgrade and how we plan to manage sort of the attrition associated -- or attrition risk associated with those opportunities.

顯然，正如我之前所說，我們認為我們能夠實現成長成果。我請鮑伯來回答你問題的第二部分，關於我們如何設想為現有商家創建升級途徑，以及我們計劃如何管理與這些機會相關的人員流失或人員流失風險。

Yeah, Harrison, as we think about churn in the POS space, I think there's a couple of components at play here. One is, obviously, we respect the competitive environment that we're operating in, and we have fierce competition who is aggressive in their own right.

是的，哈里森，當我們考慮 POS 領域的客戶流失時，我認為這裡有幾個因素在起作用。一是，顯然，我們尊重我們經營所處的競爭環境，我們的競爭對手非常激烈，而且他們本身就很有進取心。

But we also have long and successful relationships with these customers, not only anchored in the solutions that we've delivered to them in the past, but the way that we've differentiated around the service experience and the continued rollout of additional value-added services that we're bringing to the relationship beyond just the core business operating software in a restaurant or a retail environment.

但是，我們與這些客戶也保持了長期而成功的關係，這不僅基於我們過去為他們提供的解決方案，還基於我們在服務體驗方面的差異化以及我們為這種關係持續推出的額外增值服務，而不僅僅是餐廳或零售環境中的核心業務運營軟體。

Second, as customers begin to think about what's the next phase of their technology growth, as I mentioned before, we've got a strong relationship. So it's our belief and it's our historical experience that they think about us first. And we want to be there as they're thinking about the evolution of their business and providing ramps for them to migrate to new solutions that we're going to deliver.

其次，正如我之前提到的，當客戶開始思考他們的技術發展的下一個階段時，我們已經建立了牢固的關係。因此，他們首先想到的是我們，這是我們的信念，也是我們的歷史經驗。我們希望在他們思考業務發展時能夠提供幫助，並為他們遷移到我們將要提供的新解決方案提供平台。

And then finally, we didn't invent Genius de novo, a fair bit of what we're rolling out in both the retail and the restaurant verticals are anchored in solutions that we have in market today, and this is the next generation of those platforms. So there's a very natural upgrade path for a large share of these customers who don't require things like a data conversion. In many cases, may not even require new hardware.

最後，我們並沒有發明 Genius de novo，我們在零售和餐飲垂直領域推出的相當一部分產品都是以我們目前在市場上已有的解決方案為基礎的，而這是這些平台的下一代。因此，對於大部分不需要資料轉換之類的客戶來說，這是一條非常自然的升級途徑。在許多情況下，甚至可能不需要新硬體。

So I think we feel really good about the opportunity to retain our existing customers while growing the relationship and delivering them more value, as well as our competitive positioning to acquire new accounts over the next period of time.

因此，我認為我們對保留現有客戶、發展關係並為他們提供更多價值以及在未來一段時間內獲取新客戶的競爭地位感到十分高興。

No, great. That's helpful. And then just a quick follow-up on incremental asset sales. Cameron, I know you talked about exiting some subscale APAC businesses in the quarter. Just any commentary on potential additional processes that might be underway.

不，太好了。這很有幫助。然後只是對增量資產銷售的快速跟進。卡梅倫，我知道您談到了本季度退出一些規模較小的亞太地區業務。只是對可能正在進行的潛在額外流程的任何評論。

Should we expect maybe more subscale geographic trimming or are you potentially looking at vertical software platforms to monetize? Just any commentary there would be great. Thanks.

我們是否應該期待更多規模較小的地理分佈，或者您有可能尋找垂直軟體平台來獲利？任何評論都很棒。謝謝。

Yeah, it's a fair question, Harrison. I don't want to get ahead of my skis on this, obviously, just to sort of protect the integrity of the processes that we're currently involved in and contemplating. I think as I step back and look at where we are, we've divested assets today that represent a little north of $300 million of the $500 million to $600 million target that we provided at our investor conference. We still think $500 million to $600 million is the target that we are likely to achieve over the course of time.

是的，這是一個公平的問題，哈里森。顯然，我不想在這個問題上操之過急，只是為了保護我們目前正在參與和考慮的進程的完整性。我想，當我回顧並看看我們目前的情況時，我們今天剝離的資產價值略高於 3 億美元，而我們在投資者會議上提出的目標為 5 億至 6 億美元。我們仍然認為，5 億到 6 億美元是我們可能隨著時間的推移實現的目標。

I think about it largely through the lens of a couple of things. One is we've talked about it in the context of the Asian businesses. Are we a scale player in these markets with good prospects to grow meaningfully? And is the market worth our time, effort and resources? And do we have a path?

我主要從幾個方面來思考這個問題。一是我們是在亞洲業務的背景下討論這個問題的。我們是否是這些市場中的規模參與者，並且具有良好的成長前景？這個市場值得我們投入時間、精力和資源嗎？我們有路嗎？

If we're not a scale player today, do we have a path to being a scale player over time? So obviously, places where we're not and don't feel like we have that path or clearly on our mind in terms of how to think about that business being a Global Payments going forward.

如果我們今天還不是規模型企業，那麼隨著時間的推移，我們是否有辦法成為規模型企業？顯然，在那些我們還沒有並且不覺得我們有這條道路的地方，或者在如何看待這項業務未來成為全球支付業務方面，我們還沒有明確的想法。

And then secondly, I look at all of our businesses today through the lens of, is it better to be a part of Global Payments? Are we delivering value incrementally to that business as with it being a component of our company? Or can the business be self-sustained outside of Global Payments without creating a lot of disruption for it? So there are a few businesses that we're assessing, I would say, on that front, and we'll continue to provide updates as and when there is information to share around potential outcomes that we're able to achieve.

其次，我透過這個視角來審視我們今天的所有業務，成為全球支付的一部分是否更好？我們是否像其作為我們公司的一部分一樣，逐步為該業務創造價值？或者該業務是否可以在全球支付之外自我維持，而不會對其造成太大的干擾？所以我想說，在這方面我們正在評估一些企業，並且我們會繼續提供更新信息，以便分享我們能夠實現的潛在成果。

Dan Perlin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Dan Perlin。

Thanks. Good morning, everyone. I'm wondering if you're willing to put a little bit of a finer point on this '25 revenue growth cadence. I know you got the five to six bogey out there if you're talking about second half to be stronger than the first half. But I guess what I'm trying to get at is, as you think about that commentary, are you suggesting that we're at the low end of the range in kind of the first half and then you accelerate at the high end?

謝謝。大家早安。我想知道您是否願意更詳細地闡述這個‘25’收入成長節奏。我知道，如果你說下半場比上半場更強，那你已經打出了五到六個柏忌。但我想我想表達的是，當您思考該評論時，您是否認為我們在上半部分處於範圍的低端，然後您在高端加速？

Or are we going to be maybe potentially below the range in the first half and then a reacceleration? Even outside of that range in the second half, which kind of does support an exit rate or run rate to jump up into '26 with reacceleration. Thanks.

或者我們可能在上半年低於該範圍然後重新加速？即使在下半年超出該範圍，這也確實支持退出率或運行率隨著重新加速躍升至 26'。謝謝。

Yeah, Dan, it's Cameron, I'll start, and I'll ask Josh to jump in if he wants to put a finer point on any of the commentary. To answer your question very pointedly, no, you shouldn't assume the first half of the year is below the range, the back half of the year is above the range. I'd say the whole year is in the range.

是的，丹，我是卡梅倫，首先，然後我會請喬什加入，如果他想對任何評論提出更細緻的見解。非常尖銳地回答你的問題，不，你不應該假設上半年低於該範圍，而下半年高於該範圍。我想說全年都在這個範圍內。

We talked a little bit before about the shaping and why the shaping exists around the year, but you shouldn't expect the range to be different for the first half versus back half. Both halves are in the range. And I think generally, if I'm being candid, we're talking about tens of basis points of difference, probably first half, back half in terms of just the overall shaping.

我們之前討論過這種塑造以及為什麼這種塑造會在全年存在，但你不應該期望上半年和下半年的範圍會有所不同。兩半都在這個範圍內。而且我認為總體而言，如果我坦率的話，我們談論的是數十個基點的差異，就整體形態而言，可能是上半年，下半年。

So I wouldn't put an expectation in your mind that first half is below the range, second half is above the range. I think it's largely first half is a little lower in the range and the second half is likely to be higher in the range, with a good exit rate heading into 2026.

因此，我不會讓您期望上半年低於該範圍，下半年高於該範圍。我認為，整體而言，上半年的退出率會略低一些，而下半年的退出率可能會更高，到 2026 年，退出率將會很高。

Yeah. I guess what I would say is that we're going to see a slight acceleration as we go into the back half of the year. And as Cameron mentioned in his prepared remarks and earlier on this call, we are factoring in a little bit of a slowdown in the first half as it relates to just transformation activities that we talked about, retooling the sales force, revamping compensation structure and exiting some markets and consolidating platforms.

是的。我想說的是，進入今年下半年，我們將看到略微的加速。正如卡梅倫在他的準備好的演講中以及早些時候的電話會議上所提到的，我們考慮到上半年會出現一些放緩，因為這與我們談到的轉型活動有關，包括重組銷售隊伍、改革薪酬結構、退出部分市場和整合平台。

But again, we're very much within the range, and I would expect to see acceleration in the back half like we talked about at investor conference going into '26 and beyond.

但是，我們再次重申，我們完全處於這個範圍內，而且我預計下半年會出現加速，就像我們在投資者會議上談到的26年及以後的情況一樣。

That's great and very clear. Thank you for that. Just quickly, Cameron, and it's kind of, again, up a little bit high level. In terms of your conviction level and visibility into the organization now, you're doing a lot of things as you call out the homogeneity of the platforms and internal organization. I'm just wondering how much of an impact that's having on your ability to forecast? And then again, the visibility and conviction in these numbers? Thank you.

這很好，而且非常清楚。謝謝你。卡梅倫，很快，而且，再次，有點高水平了。就您目前的信念水平和對組織的知名度而言，您正在做很多事情，因為您強調了平台和內部組織的同質性。我只是想知道這對你的預測能力有多大的影響？那麼，這些數字的可見性和可信度如何？謝謝。

Yeah, look, we obviously have a lot of confidence, I think, in the outlook for the business that we are providing today. We have a lot of confidence in the interim outlook that we provided back in September. I think our visibility around it is, arguably, better today than it was in September when we obviously provided our medium-term outlook.

是的，我認為，我們顯然對我們今天提供的業務前景充滿信心。我們對九月提供的中期展望非常有信心。我認為，今天我們對它的了解可以說比九月我們明確提供中期展望時要好。

We've seen the early results of much of the transformation work that we're pursuing in our business, the outcomes we've been able to drive and certainly how the organization has responded to those changes.

我們已經看到了我們在業務中推行的大部分轉型工作的早期成果、我們能夠推動的結果以及組織對這些變化的反應。

And as I said in earlier comments today, I'm very encouraged about what we've seen that thus far. I don't want to, again, minimize the amount of work that it takes, and certainly how proud I am of our teams as they've been able to navigate these changes in the organization in terms of how we're structured, how we're operating, the tools and systems that we're using, and how we're bringing together the best parts of Global Payments around the globe to try to drive to better outcomes and create a better business for the long term.

正如我今天早些時候的評論中所說，我對我們迄今為止看到的情況感到非常鼓舞。我不想再低估這其中所需的工作量，當然我為我們的團隊感到自豪，因為他們能夠駕馭組織中的這些變化，包括我們的結構、運作方式、我們使用的工具和系統，以及我們如何整合全球支付的最佳部分，以努力實現更好的結果，並為長期創造更好的業務。

It takes a toll on our teams and they've reacted admirably I think, to the amount of work and stress and change that we're trying to push through the ecosystem to get to the outcomes that we have committed to as part of our medium-term outlook back in September. So long answer to a relatively simple question.

這對我們的團隊造成了影響，我認為他們的反應令人欽佩，我們正試圖透過生態系統推動大量的工作、壓力和變化，以實現我們在 9 月中期展望中所承諾的成果。對於一個相對簡單的問題，我回答得這麼長。

But yes, we have competence in the outcomes that we're going to be able to drive. I think we have good visibility around the benefits that we are generating through our operational transformation initiatives. We track those dollar per dollar through a very intensive process.

但是的，我們有能力實現我們能夠推動的成果。我認為，我們對透過營運轉型措施所產生的效益有著清楚的認知。我們透過非常密集的流程來追蹤每一美元的支出。

And obviously, I think we have probably greater visibility and excitement around the opportunities to deliver better outcomes for the business from a growth -- a sustainable organic growth perspective and the outcomes we're able to drive for our clients and shareholders over that period of time.

顯然，我認為我們可能對從成長——可持續有機成長的角度以及我們在那段時期內能夠為我們的客戶和股東帶來成果的角度，為業務帶來更好的結果的機會有更大的可見性和興奮感。

Great thank you so much.

太好了，非常感謝。

Thanks, Dan.

謝謝，丹。

Vasu Govil, KBW.

瓦蘇戈維爾，KBW。

Hi, thanks for taking my questions. And Cameron, you covered a fair amount, but I just wanted to get a finer point on it. I think when you guys guided to 2025 at the Investor Day, it was mid-single digits. So if I'm characterizing that correctly, 4% to 6% and now you're guiding to 5% to 6%, so it's slightly better. Just if you could help pinpoint like what exactly is trending better in the business, that would be great. And then I have a quick follow-up.

你好，謝謝你回答我的問題。卡梅倫，你已經談論了相當多的內容，但我只是想更詳細地闡述一下。我認為，當你們在投資者日展望 2025 年時，這個數字是中等個位數。因此，如果我的描述正確的話，那是 4% 到 6%，而現在您的指導價格是 5% 到 6%，所以情況稍微好一些。如果你能幫助指出業務中究竟哪些趨勢更好，那就太好了。然後我有一個快速的後續問題。

Yeah, Vasu, it's Cameron. I'll just comment quickly. First of all, I appreciate you calling that out. I would say, arguably, it is slightly better than what we guided to and provided in the medium-term outlook in September. On the margin, of course, it's still mid-single digits, but it's at the upper half of mid-single digits. And I think, again, some of it goes back to the conviction we have around how we see the operational transformation manifesting itself and performance in the business.

是的，瓦蘇，我是卡梅倫。我會快速發表評論。首先，我很感謝您提出這一點。我想說，可以說，它比我們 9 月在中期展望中預測的要略好一些。當然，從邊緣來看，它仍然是中等個位數，但它處於中等個位數的上半部。我認為，這在一定程度上可以追溯到我們對營運轉型如何體現及其在業務中的表現的信念。

Obviously, as we're closer now and actually into 2025, I think we have better visibility around how we'll be able to navigate the level of change in the business without creating disruptions that will have a more meaningful impact on growth, certainly in the short term as we look to drive better longer-term outcomes.

顯然，隨著我們現在已經越來越接近 2025 年，我認為我們對如何駕馭業務變化水平而不造成對增長產生更重大影響的干擾有了更好的了解，當然是在短期內，因為我們希望推動更好的長期結果。

So I think a lot of it is, again, early success and confidence around the work we're doing and how that positions us in our ability to manage as a leadership team and an organization, more broadly, the change that we're driving through the ecosystem to drive to the outcomes for 2025 as we position for, again, a better outcome in '26 and '27.

因此，我認為，很大程度上取決於我們對所做工作的早期成功和信心，以及這使我們作為領導團隊和組織能夠更廣泛地管理我們透過生態系統推動的變革，以推動 2025 年的成果，同時為 2026 年和 2027 年取得更好的成果做好準備。

Thank you for that. And just a quick one on tech modernization in the Issuer business and the launch of the cloud-based apps. Like would that mean anything from a revenue standpoint?

謝謝你。我只想簡單介紹一下發行人業務的技術現代化和基於雲端的應用程式的推出。從收入角度來看這意味著什麼？

Well, it does certainly over time. Because as we talked about before, the cloud modernization program for Issuer really expands our TAM for that business fairly extensively. It allows us to go down market with smaller FIs relative to where we have traditionally played in our Issuer business. It allows us to expand more easily into new markets without a lot of fixed cost and investment to be able to line up a few clients in new markets around the globe.

嗯，隨著時間的推移它確實會如此。因為正如我們之前談到的，針對發行人的雲端現代化計劃確實相當廣泛地擴展了我們該業務的 TAM。它使我們能夠與規模較小的金融機構一起進入低端市場，相對於我們傳統上在發行人業務中所處的領域而言。它使我們能夠更輕鬆地擴展到新市場，而無需大量的固定成本和投資，就可以在全球新市場中找到一些客戶。

I think it makes our capabilities more consumable by fintechs and other players who are looking to be able to consume and utilize our services, perhaps differently than having to consume the entirety of the platform that we operate today that is still more mainframe oriented and requires almost a full consumption of everything to get to the feature functionality that some of these fintechs really want to be able to utilize.

我認為，它使我們的能力更容易被金融科技公司和其他希望使用和利用我們服務的參與者所利用，這可能不同於必須使用我們今天運營的整個平台，該平台仍然更加面向大型機，需要幾乎完全使用所有內容才能獲得一些金融科技公司真正希望利用的功能。

So from our perspective, the modernization is critical to unlocking better growth opportunities for the Issuer business longer term by accessing these new TAMs and creating better opportunities to expand the pool of revenue that we can play in.

因此，從我們的角度來看，現代化對於透過獲取這些新的 TAM 並創造更好的機會來擴大我們可以參與的收入池，為發行人業務長期釋放更好的成長機會至關重要。

We know we have the best feature functionality. We know we have the best issuer capabilities. Being able to unlock those into new markets globally as well as new segments of the markets that we played in, in the geographies that we're active today, is certainly meaningful from a growth potential for the business longer term.

我們知道我們擁有最好的功能。我們知道我們擁有最好的發行人能力。能夠將這些資源開拓到全球新市場以及我們目前活躍的地區中所涉及的市場的新領域，從長期的業務成長潛力來看無疑具有重要意義。

Thank you very much for the color.

非常感謝你提供的顏色。

Thanks for the question. And with that, that concludes our Q4 earnings call this morning. I want to thank everyone for joining us again today, and I wish everyone a great day.

謝謝你的提問。今天上午的第四季財報電話會議到此結束。我感謝大家今天再次加入我們，並祝福大家有個愉快的一天。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。