環匯 (GPN) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Global Payments' second quarter 2025 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 2025 年第二季財報電話會議。（操作員指示）另外提醒一下，今天的會議將會被錄音。

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 second quarter 2025 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. 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 that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press release and filings with the SEC.

早安，歡迎參加全球支付 2025 年第二季電話會議。我們的收益報告及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」區域找到。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前瞻性陳述，其中包括對預期營運和財務表現的陳述。這些聲明受風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性聲明所表達或暗示的結果有重大差異。有關這些因素的更多信息，請參閱我們的新聞稿和向美國證券交易委員會提交的文件。

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. 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 on 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 material available on the Investor Relations section of our website. Joining me on the call is our CEO, Cameron Bready; our President and COO, Bob Cortopassi; and our CFO, Josh Whipple.

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截至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。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。如需根據美國證券交易委員會 (SEC) 規定對本次電話會議上討論的非 GAAP 財務指標與最具可比性的 GAAP 指標進行全面調節，請參閱我們今天上午提交的 8-K 表格附件中的新聞稿，以及我們網站投資者關係部分提供的補充資料。參加電話會議的還有我們的執行長 Cameron Bready、我們的總裁兼營運長 Bob Cortopassi 以及我們的財務長 Josh Whipple。

Now I'll turn the call over to Cameron.

現在我將把電話轉給卡梅倫。

Thanks, Winnie. Good morning, and thank you for joining us today. I'm excited to have the opportunity to share with you the progress we have made across the business over the last few months. Not only did we deliver solid results that were modestly better than our expectations, but we did so in a quarter when we announced a significant step to reposition our business with the acquisition of Worldpay and divestiture of Issuer Solutions. Transactions that represent a unique opportunity to catalyze our transformation in a more significant way and streamline our business to accelerate longer-term growth and value creation.

謝謝，溫妮。早安，感謝您今天加入我們。我很高興有機會與大家分享過去幾個月我們在整個業務中取得的進展。我們不僅取得了略好於預期的穩健業績，而且在一個季度內，我們宣布了一項重要舉措，即收購 Worldpay 和剝離 Issuer Solutions，重新定位我們的業務。這些交易代表著一個獨特的機會，可以以更重要的方式促進我們的轉型，並簡化我們的業務，以加速長期成長和價值創造。

We also continue to make substantial progress against our operational transformation program that is focused on streamlining and unifying our business globally, while creating meaningful benefits that provide us with incremental capacity for reinvestment to drive growth and run a better business. This quarter, we successfully launched our Genius platform and completed the rollout of our revamped sales compensation plan across our US sales teams as part of our sales force of the future initiative.

我們也繼續在營運轉型計畫方面取得實質進展，該計畫的重點是簡化和統一我們的全球業務，同時創造有意義的利益，為我們提供增量再投資能力，以推動成長和更好地經營業務。本季度，我們成功推出了 Genius 平台，並在美國銷售團隊中完成了改進後的銷售薪酬計劃的推行，這是我們未來銷售團隊計劃的一部分。

Our transformation initiatives are enhancing the commercial effectiveness of the business and enabling us to unlock greater operating income benefits than originally forecasted. Further, in our ongoing commitment to simplifying the business, we recently announced the sale of our payroll business for a total consideration of $1.1 billion, allowing for $500 million of additional shareholder returns through the accelerated share repurchase program we announced today.

我們的轉型措施正在提高業務的商業效率，並使我們能夠獲得比最初預測的更大的營業收入收益。此外，我們一直致力於簡化業務，最近我們宣布以 11 億美元的總價出售我們的薪資業務，並透過我們今天宣布的加速股票回購計畫為股東帶來 5 億美元的額外回報。

And lastly, we are already planning ahead for the close of the Worldpay transaction next year, and have initiated our integration planning and establish critical work streams that will support a successful integration and allow us to begin unlocking the tremendous value embedded in the transaction. Turning to our second quarter results. We are very pleased with our performance, particularly in light of the significant positive change we are currently driving in our organization through our transformation.

最後，我們已經在為明年完成 Worldpay 交易做準備，並且已經啟動了整合規劃並建立了關鍵工作流程，以支持成功的整合，並使我們能夠開始釋放交易中蘊含的巨大價值。談到我們的第二季業績。我們對我們的表現非常滿意，特別是考慮到我們目前透過轉型在組織內推動的重大積極變化。

And while the macro environment continues to be fluid and consumer sentiment remains somewhat muted, spending has been relatively resilient, with trends fairly stable through the period. For the quarter, we reported 5% constant currency adjusted net revenue growth, excluding dispositions, 130 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the same period in 2024.

儘管宏觀環境持續變化，消費者情緒依然低迷，但支出相對具有彈性，在此期間趨勢相當穩定。本季度，我們報告稱，與 2024 年同期相比，按固定匯率調整後的淨收入（不包括處置）增長 5%，利潤率擴大 130 個基點，按固定匯率調整後的每股收益增長 11%。

These results highlight not only the resilience of our business model but also our team's ability to execute at scale and advance a significant number of key initiatives, while remaining focused on delivering business outcomes. In our merchant business, we achieved a number of notable wins and delivered healthy and consistent growth across the three pillars of our strategy, in line with our expectations and outlook.

這些結果不僅凸顯了我們商業模式的彈性，也凸顯了我們團隊大規模執行和推動大量關鍵措施的能力，同時仍專注於實現業務成果。在我們的商家業務中，我們取得了許多顯著的勝利，並在我們的三大策略支柱上實現了健康和持續的成長，符合我們的預期和展望。

Beginning with POS and software, we successfully launched Genius for restaurants and Genius for retail this quarter, delivering on the time line we committed to at the beginning of the year. The launch of Genius marks an important milestone in our journey to streamline our solutions, unifying all the global payments point-of-sale products into an intuitive and highly configurable new platform, while establishing a stronger and more recognizable brand in the market. Our Genius product family is more than simply a marketplace of point solutions.

從 POS 和軟體開始，我們在本季度成功推出了適用於餐廳的 Genius 和適用於零售的 Genius，並按照年初承諾的時間表交付了產品。Genius 的推出標誌著我們簡化解決方案過程中的一個重要里程碑，將所有全球支付銷售點產品統一到直覺且高度可配置的新平台，同時在市場上建立更強大、更知名的品牌。我們的 Genius 產品系列不僅僅是一個點解決方案的市場。

It's a fully integrated and seamless set of capabilities that can be deployed to clients of varying sizes through our modern, scalable cloud-based software. Our solutions are designed with a clean interface, fast checkouts and native workflows without the need and reliance on third-party systems. Genius meets the needs of small businesses, while also delivering enterprise-grade reliability for large chains and complex environments. And we couple our complete commerce enablement solutions with distinctive distribution and full local service and support that is unrivaled in the market. While early days, we are delighted with the initial momentum we are seeing with Genius.

它是一套完全整合且無縫的功能，可以透過我們現代化、可擴展的基於雲端的軟體部署到不同規模的客戶。我們的解決方案具有簡潔的介面、快速的結帳和原生的工作流程，無需依賴第三方系統。Genius 滿足小型企業的需求，同時也為大型連鎖店和複雜環境提供企業級可靠性。我們將完整的商業支援解決方案與獨特的分銷以及市場上無與倫比的全方位本地服務和支援結合在一起。雖然還處於早期階段，但我們對 Genius 的初步發展勢頭感到非常高興。

Feedback has been overwhelmingly positive with customers highlight Genius for its ease of use, intuitive design, convenience and enhanced customer experience. And sellers and dealers are excited about Genius' easy setup, speed, flexible and competitive pricing and increased functionality, allowing them to target a more diverse set of merchants to accelerate sales. Our Genius for restaurants platform launched in late May at the National Restaurant Association Show in Chicago.

客戶回饋非常積極，稱讚 Genius 易於使用、設計直覺、方便且客戶體驗增強。賣家和經銷商對 Genius 的簡易設定、速度、靈活且具有競爭力的定價以及增強的功能感到非常興奮，這使他們能夠瞄準更多樣化的商家來加速銷售。我們的 Genius 餐廳平台於 5 月底在芝加哥全國餐飲協會展會上推出。

In the month of June, post the rollout, new restaurant growth accelerated in the mid-teens sequentially compared to April and May, with that momentum continuing in July. We've also seen early success in our wholesale channel, where monthly net new additions have already doubled since launch as we leverage the full power of our distribution platform to bring our best capabilities to market.

推出後的 6 月份，新餐廳數量與 4 月和 5 月相比連續加速了 15% 左右，7 月份也繼續保持這一勢頭。我們的批發管道也取得了早期的成功，自推出以來，每月淨新增量已經翻了一番，因為我們充分利用分銷平台的全部功能，將我們最好的產品推向市場。

Our Genius retail platform, which officially launched in June has seen strong early demand as well with record sales in our US direct channel, which delivered 37% growth from the prior year period. This momentum from retail customers also continued through July. Additionally, we have now integrated our market-leading soft cause solution with Genius to provide a holistic end-to-end offering under the Genius family., including Tap to Pay functionality. And we have launched this solution into 13 EU markets, including our most recent iOS launch in Spain, which makes us the first acquirer in the market to enable merchants to accept payments directly through their Apple devices.

我們的 Genius 零售平台於 6 月正式推出，初期需求強勁，美國直銷通路的銷售額創下歷史新高，比去年同期成長了 37%。零售客戶的這種勢頭也持續到了7月。此外，我們現在已將市場領先的軟原因解決方案與 Genius 集成，以在 Genius 系列下提供整體的端到端產品，包括 Tap to Pay 功能。我們已將該解決方案推廣到 13 個歐盟市場，包括最近在西班牙推出的 iOS 版本，這使我們成為市場上第一家允許商家直接透過 Apple 裝置接受付款的收單機構。

Unlike many of our competitors, we have a significant opportunity to continue expanding Genius in international geographies and to capitalize on the strong secular growth trends and POS demands in regions like Europe. Given our established local presence and significant distribution capabilities in these markets today. This is one of the most exciting aspects of the Genius growth story. Looking ahead, we will officially introduce the Genius Enterprise restaurant solution next month.

與許多競爭對手不同，我們有很大機會繼續在國際地區擴展 Genius，並利用歐洲等地區強勁的長期成長趨勢和 POS 需求。鑑於我們在這些市場目前已建立的本地業務和強大的分銷能力。這是 Genius 成長故事中最令人興奮的方面之一。展望未來，我們將於下個月正式推出 Genius Enterprise 餐廳解決方案。

But in the interim, we continue to see momentum with both enterprise restaurant chains and sports and entertainment venues. This quarter, we successfully completed the rollout of our POS and kitchen management solutions to over 1,000 A&W restaurant locations in Canada, and achieved a new partnership with one of the fastest-growing coffee franchises in the US, which will also leverage our point-of-sale and kitchen management offerings in addition to payments across locations beginning this quarter.

但同時，我們繼續看到企業連鎖餐廳以及體育和娛樂場所的發展勢頭。本季度，我們成功地向加拿大 1,000 多家 A&W 餐廳推出了 POS 和廚房管理解決方案，並與美國發展最快的咖啡特許經營店之一建立了新的合作夥伴關係，從本季度開始，該連鎖店除了跨店支付外，還將利用我們的銷售點和廚房管理產品。

And we were recently selected as a payments technology provider for food and beverage as part of a multiyear partnership with the Minnesota Twins and Target Field, and extended our relationship for a multiyear period with the Dallas Cowboys and AT&T Stadium. During the period, we also achieved stadium and venue partnerships with the Tampa Bay Lightning, and two Premier League football clubs in the UK. Our proven ability to deliver innovative solutions that enhance speed efficiency and the overall fan experience in large-scale high-traffic environments, have positioned us as the partner of choice for approximately 160 stadiums and venues around the world. Moving to our education business.

我們最近被選為食品和飲料支付技術提供商，這是與明尼蘇達雙城隊和 Target Field 建立多年合作夥伴關係的一部分，並與達拉斯牛仔隊和 AT&T 體育場延長了多年的合作關係。期內，我們也與坦帕灣閃電隊、英國兩個英超足球俱樂部達成了體育場及場館合作協議。我們已證明有能力提供創新解決方案，提高大規模高流量環境中的速度效率和整體粉絲體驗，這使我們成為全球約 160 個體育場和場館的首選合作夥伴。轉向我們的教育業務。

We signed a number of key wins this quarter, including new partnerships in the US with Methods University and the University of Science and Arts of Oklahoma, and a new agreement with Technological University in Dublin. I would note that we have now signed 16 partnerships with universities across the UK and Ireland since expanding into this market a little over a year ago. Our education business, well, this fall, we are introducing a new AI tool in support of cafeteria programs for school customers. The solution builds and optimizes menus, factoring in complex requirements such as nutrition guidelines, labor availability, food costs and inventory.

本季我們簽署了多項重要協議，包括與美國方法大學和俄克拉荷馬科學與藝術大學建立新的合作夥伴關係，以及與都柏林理工大學達成新協議。我想指出的是，自從一年多前擴展到這個市場以來，我們現在已經與英國和愛爾蘭的 16 所大學簽署了合作協議。今年秋天，我們的教育業務將推出新的人工智慧工具，以支援學校顧客的自助餐廳計畫。該解決方案建立並優化菜單，考慮到營養指南、勞動力可用性、食品成本和庫存等複雜要求。

With this tool, our customers will be able to unlock significant efficiency benefits, while improving food quality and offerings. In the real estate vertical, we signed a multiyear extension with our largest partner and are excited about the opportunity to expand our relationship to include additional products. In both our communities and real estate vertical market software solutions delivered impressive bookings for the second quarter, with expected annual revenue from new sales increasing 30% and 20%, respectively, compared to the prior year period. Turning to our integrated embedded business. I am pleased to highlight that software partner signings remain strong, in particular in our international markets around the world.

有了這個工具，我們的客戶將能夠獲得顯著的效率效益，同時提高食品品質和供應。在房地產垂直領域，我們與最大的合作夥伴簽署了多年期續約協議，並對擴大我們的合作關係以涵蓋更多產品的機會感到興奮。在我們的社區和房地產垂直市場中，軟體解決方案在第二季度都獲得了令人印象深刻的預訂量，預計新銷售年收入將分別比去年同期增加 30％ 和 20％。轉向我們的整合嵌入式業務。我很高興地強調，軟體合作夥伴簽約依然強勁，特別是在我們遍布全球的國際市場。

In fact, international signings are up more than 30% over the last six months compared to the prior year period, and we continue to have a strong pipeline across the United Kingdom, Asia, Australia and Lat Am, as we benefit from rather aligning our activities and capabilities globally. As for our core payments business, our focus on forming deeper relationships with commerce enablement and outstanding service is driving significant opportunities with both new and existing partners globally.

事實上，與去年同期相比，過去六個月的國際簽約量成長了 30% 以上，我們繼續在英國、亞洲、澳洲和拉丁美洲擁有強大的管道，因為我們受益於在全球範圍內協調我們的活動和能力。至於我們的核心支付業務，我們專注於與商業支援和卓越服務建立更深的關係，這為全球新舊合作夥伴帶來了重大機會。

I'm pleased to note that we recently renewed our strategic partnership with Banamex to bring leading software and payment solutions to the full spectrum of merchants in Mexico for a multiyear period. Mexico has strong secular trends and Benemex is the right partner given its reach and scale. We look forward to continuing to deliver best-in-class commerce solutions together in Mexico.

我很高興地宣布，我們最近與墨西哥國家銀行續簽了戰略合作夥伴關係，將在多年時間內為墨西哥所有商家提供領先的軟體和支付解決方案。墨西哥具有強勁的長期趨勢，鑑於其影響力和規模，Benemex 是合適的合作夥伴。我們期待繼續在墨西哥共同提供一流的商業解決方案。

We achieved a number of notable wins in several key fast growth geographies in Europe this quarter, including Carrefour, IKEA, Intermarche and Brio Comarch in Poland, as well as with appliance leader Experts Hillis and Bazaar Supermarkets in Greece. We also acquired two small product companies at the end of the quarter. These buy versus build opportunities allow us to quickly improve our offerings, bring innovative technology to market more rapidly, control the development road map, reduce costs and streamline our infrastructure, while also enhancing subject matter expertise and talent.

本季度，我們在歐洲幾個關鍵的快速成長地區取得了多項顯著勝利，包括波蘭的家樂福、宜家、Intermarche 和 Brio Comarch，以及希臘的家電領導者 Experts Hillis 和 Bazaar 超市。我們也在本季末收購了兩家小型產品公司。這些購買而非建造的機會使我們能夠快速改進我們的產品，更快地將創新技術推向市場，控制發展路線圖，降低成本並簡化我們的基礎設施，同時也能提高專業知識和人才。

The first is a Hong Kong-based software partner that meaningfully enhances our QR code in digital wallet capabilities. This technology allows us to expand our current capabilities, providing for a more seamless integration with partners like Alipay, WeChat Pay, Octopus and PayMe and greater control over the client experience and development road map support a full spectrum of merchants, including enterprise clients in APAC and beyond.

第一個是香港的軟體合作夥伴，它顯著增強了我們的數位錢包二維碼功能。這項技術使我們能夠擴展當前的能力，與支付寶、微信支付、八達通和PayMe等合作夥伴實現更無縫的集成，並更好地控制客戶體驗和發展路線圖，支援全方位的商家，包括亞太地區及其他地區的企業客戶。

The second is a small fraud technology partner that bolsters our existing capabilities across the dispute management life cycle. This acquisition allows us to provide a more complete end-to-end support to our customers during the chargeback process on a global basis, with a better interface and client experience while demising legacy technology supporting these solutions today. Turning to Issuer Solutions. We delivered solid financial performance consistent with our expectations for the quarter. This was largely driven by continued growth in accounts on file as well as stable underlying transaction volume trends.

第二個是一個小型詐欺技術合作夥伴，它增強了我們在整個爭議管理生命週期中的現有能力。此次收購使我們能夠在全球範圍內的退款流程中為客戶提供更完整的端到端支持，提供更好的介面和客戶體驗，同時放棄目前支援這些解決方案的傳統技術。轉向發行人解決方案。我們實現了穩健的財務業績，符合我們對本季的預期。這主要是由於存檔帳戶的持續成長以及穩定的基礎交易量趨勢所致。

Year-to-date, we have successfully converted over 15 million accounts, allowing us to end the second quarter with traditional accounts on file of more than 900 million. We continue to have a strong pipeline of new business that extends into 2027 and as well as four letters of intent with institutions worldwide. Further, we recently renewed several customer agreements, including our consumer partnership with President Joints Bank and commercial relationships with US Bank, HSBC, and in another leading multinational financial institution based in Continental Europe. We also continue to make steady progress on our modernization program with multiple pilots in validation and approaching completion.

今年迄今為止，我們已成功轉換了超過 1500 萬個帳戶，使我們在第二季結束時擁有超過 9 億個傳統帳戶。我們將繼續擁有強大的新業務管道，並將持續到 2027 年，同時也與全球機構簽署了四份意向書。此外，我們最近續簽了幾項客戶協議，包括與 President Joints Bank 的消費者合作夥伴關係以及與美國銀行、匯豐銀行以及另一家位於歐洲大陸的領先跨國金融機構的商業關係。我們的現代化計劃也繼續穩步推進，多個試點項目正在驗證中，並即將完成。

Importantly, we achieved general availability for our first fully modernized cloud application during the second quarter, and we remain on track for full commercial launch of all customer-facing applications by the end of the year. As I noted, while producing these results, we are also making significant progress on our transformation agenda. We continue to expect a meaningful amount of our transformation work to be complete by the end of this year, and are actually accelerating roughly 10% of our initiatives initially planned for 2026 to better position us to quickly and efficiently integrate Worldpay at close.

重要的是，我們在第二季度實現了第一個完全現代化的雲端應用程式的普遍可用性，並且我們仍有望在今年年底前全面推出所有面向客戶的應用程式的商業版本。正如我所指出的，在取得這些成果的同時，我們的轉型議程也取得了重大進展。我們仍然預計，大量的轉型工作將在今年年底前完成，並且實際上正在加速最初計劃於 2026 年實施的約 10% 的計劃，以便我們能夠更好地快速有效地整合 Worldpay。

Josh will provide more detail, but as a result of the milestones we appeased today, we are raising the value of the operating income benefit we expect from our transformation initiatives in our merchant business and support functions by nearly 20%.

Josh 將提供更多細節，但由於我們今天達成的里程碑，我們將從商家業務和支援職能的轉型措施中預期獲得的營業收入收益價值提高近 20%。

As part of our transformation journey, we are also continuing to focus on streamlining and simplifying the business. As I noted in late May, we announced a definitive agreement to divest our payroll business to Acrisure. This transaction further sharepens our strategic focus and allows us to accelerate capital returns to shareholders. We expect the sale to close in the third quarter. As part of the transaction, we have entered into a mutual referral agreement and commercial partnership with Acrisure, supporting our ability to continue delivering integrated human capital management and payroll offerings to our merchant customers.

作為轉型之旅的一部分，我們也將繼續致力於精簡和簡化業務。正如我在 5 月底指出的那樣，我們宣布了一項最終協議，將我們的工資業務剝離給 Acrisure。此次交易進一步加強了我們的策略重點，並使我們能夠加快向股東的資本回報。我們預計此次出售將在第三季完成。作為交易的一部分，我們與 Acrisure 達成了相互推薦協議和商業合作夥伴關係，支持我們繼續向商家客戶提供全面人力資本管理和薪資服務的能力。

as part of our suite of commerce enablement solutions. With the payroll divestiture, we have now announced transactions to divest over $550 million of revenue, which is consistent with what we outlined at the time of our investor conference. That said, the plans we communicated in September were established well before the opportunity to acquire Worldpay materialized. As a result, we are reevaluating portfolio composition decisions we made at that time in light of the Worldpay acquisition and our expected strategic focus and vertical exposure post closing. Consistent with these from any further divestitures will be returned to shareholders after ensuring leverage neutrality.

作為我們商務支援解決方案套件的一部分。隨著工資業務的剝離，我們現在宣布剝離超過 5.5 億美元收入的交易，這與我們在投資者會議上概述的內容一致。也就是說，我們在 9 月溝通的計畫早在收購 Worldpay 的機會出現之前就已經制定好了。因此，我們正在根據 Worldpay 收購案以及我們預期的策略重點和交易完成後的垂直風險敞口，重新評估當時所做的投資組合構成決策。與此一致，任何進一步的資產剝離將在確保槓桿中性後返還給股東。

We also continue our work stabilities and harmonize our go-to-market strategy across the globe. I already highlighted the successful launch of our Genius restaurant and retail solutions during the quarter in the US and that we remain on track to launch our Genius enterprise restaurant solution next month. We have also begun rolling out Genius international markets, including Canada and Mexico and will launch in the UK this month.

我們也將繼續保持工作穩定性並協調全球行銷策略。我已經強調了我們本季在美國成功推出的 Genius 餐廳和零售解決方案，我們仍將於下個月推出我們的 Genius 企業餐廳解決方案。我們也開始推出 Genius 國際市場，包括加拿大和墨西哥，並將於本月在英國推出。

Before the end of the year, we also expect to introduce Genius in Germany and Austria. And in early 2026, we will bring Venus to Ireland, Spain, the Czech Republic, followed by Romania and Poland and Australia shortly thereafter. In addition to the progress we have made consolidating our 16 POS systems to the Unified Genius platform, we are also executing on a number of other initiatives to improve every inaction we have with our customers. Starting with how we go to market, we are making strides in transforming our sales and marketing organizations with targeted initiatives focused on each component critical to building high-performance sales teams. We are upscaling our talent across all modern sales methodologies and technology.

我們也預計在今年年底前在德國和奧地利推出 Genius。2026 年初，我們將金星帶到愛爾蘭、西班牙、捷克共和國，接著是羅馬尼亞、波蘭和澳洲。除了將我們的 16 個 POS 系統整合到 Unified Genius 平台所取得的進展之外，我們還在執行許多其他舉措，以改善我們與客戶之間的每項行動。從我們如何進入市場開始，我們正在大力轉變我們的銷售和行銷組織，並採取有針對性的舉措，專注於建立高績效銷售團隊的關鍵組成部分。我們正在透過所有現代銷售方法和技術來提升我們的人才。

We have successfully rolled out our revamped sales incentive plan across all of our US sales team. and we are seeing positive results, which includes increases in sales production and sales capacity, lower seller attrition rates and an improved ability to attract incremental high-quality sales talent. We converted over 90% of core payment sellers to the new plan, while a significant portion of those that did not convert have transitioned to our agent model or wholesale program. Importantly, the sales professionals that have moved to the new structure have already increased their productivity, high single digits with improvements in every month.

我們已成功在整個美國銷售團隊推行了改進後的銷售激勵計劃，並且我們看到了積極的成果，包括銷售產量和銷售能力的提高、銷售人員流失率的降低以及吸引高品質銷售人才的能力的提高。我們已將超過 90% 的核心支付賣家轉換至新計劃，而未轉換的賣家中也有相當一部分已轉換至我們的代理模式或批發計劃。重要的是，轉向新結構的銷售專業人員已經提高了他們的生產力，每月都有高個位數的改進。

In the cohort of new sales professionals hired since January under this model have already been 10% more productive than those under the previous plan. We are also enhancing the integrated digital technologies that support our sales and marketing operations to improve efficiency, effectiveness and customer engagement. As one example, we have invested in increased marketing automation technology to drive higher conversion rates. These investments are delivering strong returns with qualified leads up 13% quarter over quarter, driven by improved targeting and engagement. As an example, our real-time messaging platform is now the top-performing channel for sales qualified leads.

自一月以來，以此模式招募的新銷售專業人員的生產力已經比先前計畫下的人員提高了 10%。我們也正在增強支援銷售和行銷業務的綜合數位技術，以提高效率、效力和客戶參與度。舉個例子，我們投資了更多的行銷自動化技術來提高轉換率。這些投資帶來了豐厚的回報，在目標定位和參與度提高的推動下，合格潛在客戶數量較上季成長了 13%。例如，我們的即時訊息平台現在是銷售合格線索的最佳表現管道。

Additionally, we've made significant progress in consolidation of our over 20 CRM instances leveraging modern infrastructure and common data platform. We're also simplifying the way we onboard merchants by establishing a single provisioning and activating process versus leveraging multiple channels across our business and geographies as we had in the past.

此外，我們利用現代基礎架構和通用資料平台，在整合超過 20 個 CRM 實例方面取得了重大進展。我們也透過建立單一的配置和啟動流程來簡化商家入駐方式，而不是像過去那樣利用整個業務和地區的多種管道。

As part of this program, we have more than doubled our automated approval rate as we now can support a wider range of customers and partner channels, while also effectively managing risk and fraud. We are also making investments to build a single entry point for our customers to access the full suite of capabilities through one marketplace, enhancing our ability to cross-sell our commerce enablement solutions, including loyalty, embedded finance, data analytics and guests. To do so, we will leverage our modern real-time processing and orchestration platform we acquired last year to distribute products across channels and geographies seamlessly.

作為該計劃的一部分，我們的自動批准率提高了一倍以上，因為我們現在可以支援更廣泛的客戶和合作夥伴管道，同時也能有效管理風險和詐欺。我們也正在進行投資，為客戶建立一個單一的入口點，以便透過一個市場存取全套功能，增強我們交叉銷售商業支援解決方案的能力，包括忠誠度、嵌入式金融、數據分析和客人。為此，我們將利用去年收購的現代即時處理和編排平台，跨通路和跨地區無縫分銷產品。

To date, we have connected multiple products and are now successfully leveraging this platform across our European operations. And in our integrated and embedded business, we are transforming our integration experience into an AI-led developer first platform, consolidating all developer documentation, code samples and tools into a single global platform that spans geographies, verticals and partners.

到目前為止，我們已經連接了多種產品，並且正在成功地利用這個平台來覆蓋我們的歐洲業務。在我們的整合和嵌入式業務中，我們正在將我們的整合體驗轉變為以人工智慧為主導的開發人員優先平台，將所有開發人員文件、程式碼範例和工具整合到一個跨越地理、垂直行業和合作夥伴的全球平台中。

This provides developers with access to a unified suite of APIs and a powerful orchestration layer capable of shifting transactions between gateways and dynamically activating value-added services, all without rewriting code. This means faster access to innovation for new and existing partners. We're helping developers to do more with less, which will unlock speed, scale and simplicity across global commerce.

這為開發人員提供了一套統一的 API 和一個強大的編排層，能夠在網關之間轉移交易並動態啟動增值服務，而無需重寫程式碼。這意味著新舊合作夥伴能夠更快獲得創新。我們正在幫助開發人員以更少的資源做更多的事情，這將釋放全球商業的速度、規模和簡單性。

This builds on the work we are already doing to integrate AI across our organization to drive innovation, enhance efficiency and unlock new opportunities. This includes investments in AI applications in areas such as marketing optimization, contract intelligence, customer engagement and software development, each offering promising potential to accelerate product delivery, streamline operations and elevate the way we serve our customers.

這是在我們已開展的工作基礎上進行的，旨在將人工智慧融入整個組織，推動創新、提高效率並釋放新的機會。這包括對行銷優化、合約智慧、客戶參與和軟體開發等領域的人工智慧應用的投資，每個領域都具有加速產品交付、簡化營運和提升我們服務客戶方式的潛力。

We continue to see AI as a key enabler of long-term customer and shareholder value. I'm proud of what our team has accomplished across all of our transformation initiatives, which will position us to successfully integrate Worldpay in 2026. To that end, we are making solid progress on closing both the acquisition of Worldpay and divestiture of our Insurer Solutions business.

我們持續將人工智慧視為長期客戶和股東價值的關鍵推動因素。我為我們的團隊在所有轉型計劃中所取得的成就感到自豪，這將使我們在 2026 年成功整合 Worldpay。為此，我們在完成對 Worldpay 的收購和保險解決方案業務的剝離方面取得了堅實的進展。

This includes significant strides towards receiving the regulatory approvals required for the transactions. We have initiated the approval process with regulators in all required jurisdictions. We are particularly pleased that the transaction cleared antitrust review in the US upon expiry of the HSR waiting period in July. Overall, the regulatory approval process is proceeding as expected, and we remain on track to close in the first half of 2026.

這包括在獲得交易所需的監管批准方面取得重大進展。我們已經與所有需要管轄的監管機構啟動了審批程序。我們特別高興的是，該交易在7月份HSR等待期結束後通過了美國的反壟斷審查。總體而言，監管審批流程正在如預期進行，我們仍有望在 2026 年上半年完成。

Additionally, we are preparing to execute on the Worldpay integration and have identified and established all necessary work streams to ensure a seamless process. We have a proven track record of integrating large acquisitions, delivering on our time lines and exceeding our synergy goals. And we will approach the integration with Worldpay with an uncompromising plan for aligning our operating model and fully unifying our businesses for value creation.

此外，我們正在準備執行 Worldpay 集成，並已確定和建立所有必要的工作流程，以確保無縫流程。我們在整合大型收購、按時完成任務和超越協同目標方面有著良好的記錄。我們將以堅定不移的計劃來實現與 Worldpay 的整合，以調整我們的營運模式並完全統一我們的業務來創造價值。

Our integration strategy will emphasize accelerating growth, enhancing our competitiveness, synergy realization and investing in innovation, while also unifying the combined company under a single brand and leveraging the best talent from both organizations to build the industry's strongest team. We recently held our first integration planning kickoff, bringing together of our 100 leaders from both Global Payments and Worldpay to begin developing our integration road map.

我們的整合策略將強調加速成長、增強競爭力、實現協同效應和投資創新，同時將合併後的公司統一在一個品牌下，並利用兩個組織的最優秀人才打造業內最強大的團隊。我們最近舉行了首次整合規劃啟動會，匯集了 Global Payments 和 Worldpay 的 100 名領導，開始製定整合路線圖。

The team left energized about the future, and we are more excited today than we were at the time of the announcement about the opportunities to accelerate our transformation and long-term strategy. We are positioning the business for a seamless close, and our work to date has further increased our confidence in revenue and expense synergy expectations we outlined in April. Worldpay positions our company with unmatched global scale processing nearly $4 trillion in annual volume across 100 billion transactions and serving millions of merchants and thousands of platform and software partners globally.

團隊對未來充滿信心，今天我們比宣布加速轉型和長期策略的機會更興奮。我們正在為無縫結束業務做好準備，迄今為止的工作進一步增強了我們對 4 月概述的收入和費用協同效應預期的信心。Worldpay 讓我們的公司擁有無與倫比的全球規模，每年處理近 4 兆美元的 1000 億筆交易，並為全球數百萬商家和數千個平台和軟體合作夥伴提供服務。

Importantly, the acquisition combines complementary capabilities that will make our go-to-market business stronger, more scalable, more competitive and more valuable to our clients. We are highly focused on the opportunities to accelerate growth as a combined business through a combination of expanded distribution, a more complete suite of products and solutions to serve merchants and partners of all types and sizes globally and in an ability to invest in innovation at scale.

重要的是，此次收購結合了互補的能力，將使我們的行銷業務更加強大、更具可擴展性、更具競爭力，對我們的客戶更有價值。我們高度重視透過擴大分銷、提供更完整的產品和解決方案來加速合併後的業務成長，以服務全球各種類型和規模的商家和合作夥伴，並具有大規模投資創新的能力。

For example, we already discussed our ability to immediately sell Genius, other software and commerce enablement solutions into Worldpay's existing SMB merchant base and leverage Worldpay's existing distribution channels to bring these capabilities to market. We will also be able to further strengthen the commerce enablement solutions integrated into Genius to support the growth of our restaurants and retailers including enhancing our merchant embedded finance offerings through existing Worldpay solutions.

例如，我們已經討論了立即將 Genius、其他軟體和商業支援解決方案銷售給 Worldpay 現有的 SMB 商家群，並利用 Worldpay 現有的分銷管道將這些功能推向市場的能力。我們也將能夠進一步加強整合到 Genius 中的商業支援解決方案，以支援我們的餐廳和零售商的發展，包括透過現有的 Worldpay 解決方案增強我們的商家嵌入式金融產品。

Worldpay's pay favorite platform and full PayFac capabilities augment our ability to serve software partners, marketplaces and platforms across more regions and operating models. Many of the Worldpay solutions for platforms can enhance our offerings and the experience we deliver for our software partners. Worldpay also brings world-class enterprise and e-commerce capabilities that enhance our payment acceptance solutions and enable us to deliver a seamless and robust omnichannel experience across our combined footprint and a full spectrum of merchant customer.

Worldpay 的支付首選平台和完整的 PayFac 功能增強了我們為更多地區和營運模式的軟體合作夥伴、市場和平台提供服務的能力。Worldpay 的許多平台解決方案可以增強我們的產品以及我們為軟體合作夥伴提供的體驗。Worldpay 還帶來了世界一流的企業和電子商務功能，增強了我們的支付接受解決方案，並使我們能夠在我們的綜合業務範圍和全方位商戶客戶中提供無縫且強大的全通路體驗。

We have identified opportunities to cross-sell existing Worldpay solutions, including fraud and prime routing as well as our Global Payments loyalty data and analytics and other commerce enablement solutions across our combined 5 million merchant customer base. In addition to serving the digital needs of enterprise customers, including best-in-class authorization capabilities, a premier FX platform, prudential management solutions, fraud offerings and leading payout solutions supporting over 100 currencies, stable coins and a robust and rapidly growing list of alternative payment methods, we intend to bring Worldpay's e-com capabilities down market to further differentiate our offering for SMB clients.

我們已經發現了在總計 500 萬商家客戶群中交叉銷售現有 Worldpay 解決方案的機會，包括詐欺和主要路由以及我們的全球支付忠誠度資料和分析以及其他商業支援解決方案。除了滿足企業客戶的數位需求（包括一流的授權功能、一流的外匯平台、審慎管理解決方案、反詐欺產品和支援超過 100 種貨幣的領先支付解決方案、穩定幣以及強大且快速增長的替代支付方式清單）之外，我們還打算將 Worldpay 的電子商務功能推向低端市場，以進一步區分我們為中小企業客戶提供的服務。

We also see tremendous potential for geographic expansion as a combined company, targeting new secular growth markets. In particular, we could not be more excited to bring robust local distribution, functionality and service to complement Worldpay's leading digital offerings across the 40 markets where we have a physical presence today. We are also focused on innovation in new businesses we can grow as a combined company.

我們也看到了合併後的公司在地域擴張方面的巨大潛力，瞄準新的長期成長市場。尤其是，我們非常高興能夠帶來強大的本地分銷、功能和服務，以補充 Worldpay 目前在 40 個有實體業務的市場中領先的數位產品。我們也專注於合併後公司可以發展的新業務的創新。

One such example is in B2B, where both companies possess a variety of assets and capabilities we feel we can better harness and invest in to accelerate our growth in a market where we've been historically underpenetrated. And we will enable all of this by accelerating investment more broadly across the business to further differentiate and compete putting more than $1 billion annually in high priority areas supporting our growth.

其中一個例子是 B2B，兩家公司都擁有各種資產和能力，我們認為我們可以更好地利用和投資這些資產和能力，以加速我們在歷史上滲透不足的市場中的成長。要實現這一切的途徑是，在整個業務範圍內加大投資力度，進一步實現差異化和競爭力提升，每年向支持我們成長的高優先級領域投入超過 10 億美元。

Together, we will be better positioned than ever to deliver the next generation of capabilities from point-of-sale and software and integrated and embedded payments to advanced commerce enablement and omnichannel solutions for merchants of all sizes globally. Lastly, we will ensure that collectively, we continue to meet the highest compliance and regulatory standards globally, which we believe will increasingly be a point of differentiation in the future.

透過共同努力，我們將比以往任何時候都更有能力為全球各種規模的商家提供下一代功能，從銷售點和軟體、整合和嵌入式支付到先進的商務支援和全通路解決方案。最後，我們將確保我們共同繼續滿足全球最高的合規和監管標準，我們相信這將越來越成為未來的差異化點。

Josh?

喬希？

Thanks, Cameron. Good morning. We're pleased to have reported another solid quarter, highlighted by consistent revenue growth, healthy margin expansion and strong adjusted free cash flow generation. Specifically, we delivered adjusted net revenue of $2.36 billion, an increase of 5% on a constant currency basis, excluding dispositions. Adjusted operating margin for the quarter increased 130 basis points to 44.6%. This translates to 110 basis points of expansion, excluding dispositions.

謝謝，卡梅倫。早安.我們很高興地報告本季業績表現穩健，突出表現為持續的收入成長、健康的利潤率擴張和強勁的調整後自由現金流產生。具體而言，我們的調整後淨收入為 23.6 億美元，以固定匯率計算（不包括處置）成長 5%。本季調整後的營業利潤率增加了 130 個基點，達到 44.6%。除處置外，這相當於擴張 110 個基點。

The net result was adjusted earnings per share of $3.10, an increase of 11% on a reported and constant currency basis. Our adjusted net revenue performance was consistent with our expectations, while adjusted operating margin and EPS came in slightly ahead, driven by strong execution on our refocused strategy and transformation initiatives.

淨結果是調整後的每股收益為 3.10 美元，按報告和固定匯率計算成長 11%。我們的調整後淨收入表現與我們的預期一致，而調整後的營業利潤率和每股收益略有增長，這得益於我們重新調整的戰略和轉型計劃的強勁執行。

Taking a closer look at performance by segment. Merchant Solutions achieved adjusted net revenue of $1.83 billion for the second quarter, reflecting growth of approximately 5.5% and excluding dispositions, which was in line with our expectations. Both our POS and software and our integrated embedded businesses grew in the high single digits range, excluding dispositions.

仔細觀察各個細分市場的表現。Merchant Solutions 在第二季實現調整後淨收入 18.3 億美元，成長約 5.5%（不包括處置），符合我們的預期。不包括處置業務，我們的 POS 和軟體以及整合嵌入式業務均實現了高個位數成長。

We saw a strong growth in new POS locations during the quarter and notably saw demand accelerate following the launch of our Genius restaurant and retail solutions in May and June, respectively. Additionally, we added 85 new ISV partners during the second quarter with strength in international markets as we continue to extend our offerings to new regions.

本季度，我們看到新 POS 分店數量強勁成長，尤其在我們分別於 5 月和 6 月推出 Genius 餐廳和零售解決方案後，需求加速成長。此外，隨著我們繼續將產品擴展到新的地區，我們在第二季度增加了 85 個新的 ISV 合作夥伴，在國際市場上實力雄厚。

Our corporate at the high end of low single digits for the second quarter with several international businesses, notable bright spots. Specifically, Central Europe, LatAm and Asia Pacific all achieved high single digit or greater growth as we continue to benefit from the strong secular payment trends in these markets. We delivered an adjusted operating margin of 50.1% in the Merchant segment, an increase of 130 basis points compared to the prior year or 90 basis points excluding dispositions.

我們的企業在第二季的業績處於低個位數的高位，其中有幾項國際業務是值得注意的亮點。具體而言，中歐、拉丁美洲和亞太地區均實現了高個位數或更高的成長，因為我們繼續受益於這些市場強勁的長期支付趨勢。我們在商家部門實現了 50.1% 的調整後營業利潤率，比前一年增加了 130 個基點，若不包括處置則增加了 90 個基點。

Our Issuer Solutions business produced adjusted net revenue of $547 million for the second quarter, reflecting growth of approximately 3.5% on a constant currency basis. This performance marks an improvement from where we exited the first quarter, largely driven by an increase in accounts on file and overall stable transaction volume trends. We've added a total of 15 million traditional accounts on file year-to-date, driven by new implementations and growth with existing customers as our strategy of aligning with market share wins continues to drive benefits.

我們的發行人解決方案業務第二季的調整後淨收入為 5.47 億美元，以固定匯率計算成長約 3.5%。這一業績較第一季末有所改善，主要得益於存檔帳戶數量的增加和整體交易量趨勢的穩定。今年迄今為止，我們已新增了 1500 萬個傳統帳戶，這得益於新實施和現有客戶的成長，因為我們與市場份額勝利保持一致的策略繼續帶來效益。

We have six more implementations we expect to complete over the balance of the year, and our implementation pipeline and the completion of our renewal cycle with many of our large customers gives us confidence in our outlook for improved growth in this business in the second half. Issuer Solutions delivered an adjusted operating margin of 48.7%, which is a 190 basis points improvement from the prior year.

我們預計在今年餘下時間將完成另外六個實施項目，我們的實施管道以及與許多大客戶完成的續約週期使我們對該業務在下半年實現增長的前景充滿信心。發行人解決方案的調整後營業利潤率為 48.7%，比前一年提高了 190 個基點。

From a cash flow standpoint, we produced strong adjusted free cash flow for the quarter of approximately $800 million, representing a conversion rate of adjusted net income to adjusted free cash flow of approximately 110%. This translates to a roughly 95% conversion rate year-to-date. We invested approximately $150 million in capital expenditures during the quarter and expect capital expenditures to be roughly $750 million in 2025, or approximately 8% of revenue. We executed share repurchases of approximately $230 million in the quarter and more than $690 million during the first half of 2025.

從現金流的角度來看，本季我們產生了強勁的調整後自由現金流，約 8 億美元，調整後淨收入向調整後自由現金流的轉換率約為 110%。這意味著今年迄今的轉換率約為 95%。我們在本季投資了約 1.5 億美元的資本支出，預計 2025 年的資本支出將達到約 7.5 億美元，約佔營收的 8%。我們在本季回購了約 2.3 億美元的股票，2025 年上半年回購了超過 6.9 億美元的股票。

Our net leverage position was 3.15 times at the end of the second quarter. Our balance sheet remains extremely healthy, and we ended the period with approximately $3 billion of available liquidity. Our total indebtedness is 95% fixed with a weighted average cost of debt of 3.5%. Turning to our outlook for the full year 2025. We continue to expect constant currency adjusted net revenue growth of 5% to 6% over 2024, excluding dispositions.

截至第二季末，我們的淨槓桿率為 3.15 倍。我們的資產負債表仍然非常健康，本期末我們擁有約 30 億美元的可用流動資金。我們的總負債為 95% 固定，加權平均負債成本為 3.5%。展望 2025 年全年。我們繼續預計，2024 年固定匯率調整後的淨收入（不包括處置）將成長 5% 至 6%。

We still anticipate dispositions will impact reported adjusted net revenue by over 300 basis points, which does not account for the sale of payroll as we've not yet closed that transaction. We'll provide an update on this impact at close. We now expect a headwind from foreign currency exchange rates to be approximately 50 basis points for the full year compared to the 125 basis points impact we guided to previously, given the weakening of the US dollar that we have seen in the first part of the year. That said, foreign currency exchange rates remain quite volatile, given trade uncertainties.

我們仍然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，這還不包括工資單的銷售，因為我們尚未完成該交易。我們將在結束時提供有關此影響的最新消息。鑑於今年上半年美元的疲軟，我們現在預計全年外匯匯率的阻力約為 50 個基點，而我們先前預測的影響為 125 個基點。儘管如此，鑑於貿易的不確定性，外匯匯率仍然相當不穩定。

We now expect annual adjusted operating margin to expand slightly more than 50 basis points for 2025, excluding the effect of dispositions due to the progress we are making with our transformation agenda. At the segment level, we still expect our merchant business to deliver adjusted net revenue growth of roughly 6% on a constant currency basis, excluding dispositions for the full year.

我們現在預計，到 2025 年，年度調整後營業利潤率將略微擴大 50 個基點，這不包括由於我們轉型議程取得進展而產生的處置影響。在分部層面，我們仍預計，我們的商家業務全年調整後淨收入將成長約 6%（以固定匯率計算，不包括處置）。

However, we now expect adjusted operating margin expansion for this business to be slightly above 50 basis points, excluding dispositions in 2025. Moving to Issuer Solutions. We continue to anticipate adjusted net revenue growth in roughly 4% range on a constant currency basis for the full year compared to 2024.

不過，我們現在預計，不包括 2025 年的處置，該業務的調整後營業利潤率擴張將略高於 50 個基點。轉向發行人解決方案。我們繼續預計，與 2024 年相比，全年調整後淨收入將以固定匯率計算成長約 4%。

And we now expect adjusted operating margin for the Issuer business to also expand by slightly more than 50 basis points in 2025. We continue to anticipate adjusted free cash flow conversion will be greater than 90% for the full year, and we still expect to be approximately 3 times net levered at the end of 2025. Putting it all together, we remain confident in the trajectory of the business for the remainder of the year and now expect adjusted earnings per share growth to be at the high end of the 10% to 11% range for the full year on a constant currency basis.

我們現在預計，到 2025 年，發行人業務的調整後營業利潤率也將擴大 50 個基點以上。我們繼續預計全年調整後的自由現金流轉換率將超過 90%，我們仍然預計到 2025 年底淨槓桿率將達到約 3 倍。綜合起來，我們對今年剩餘時間的業務發展軌跡仍然充滿信心，目前預計以固定匯率計算，全年調整後每股收益成長率將達到 10% 至 11% 的高端。

Regarding capital allocation, Today, we are entering into a $500 million accelerated share repurchase program in connection with the payroll divestiture, which we expect to close this quarter. Further, we expect tax provisions included within the recently passed one big beautiful bill act to modestly improve our cash flow generation going forward and allow us to increase our capital return to shareholders to a total of $7.5 billion between 2025 and 2027.

關於資本配置，今天，我們將進入一項與工資剝離相關的 5 億美元加速股票回購計劃，預計該計劃將於本季度完成。此外，我們預計最近通過的一項重要法案中包含的稅收條款將適度改善我們未來的現金流產生，並使我們能夠在 2025 年至 2027 年期間將股東資本回報提高到總計 75 億美元。

We exactly consistent with the capital allocation plan we outlined at our investor conference last September before the announcement of the Worldpay transaction. It is important to note that any repurchase activity related to divestitures including the ASR announced today is incremental to the $7.5 billion of capital returns we committed to over this three-year period.

我們完全符合去年 9 月在宣布 Worldpay 交易之前在投資者會議上概述的資本配置計劃。值得注意的是，包括今天宣布的 ASR 在內的任何與資產剝離相關的回購活動都是對我們承諾的三年內 75 億美元資本回報的增量。

Finally, given the significant progress we've made regarding our transformation, we are now pleased to be able to raise our annual run rate operating income benefit for the go-forward business to $650 million. This increase translates to $100 million more in benefits in our go-forward business compared to our prior estimate, and also reflects the elimination of run rate benefits related to Issuer Solutions, which represented roughly 10% of the overall transformation benefits previously outlined. We continue to made with our transformation efforts, which will allow us to accelerate the integration of Worldpay post close.

最後，鑑於我們在轉型方面取得的重大進展，我們現在很高興能夠將未來業務的年度運行率營業收入效益提高到 6.5 億美元。與我們先前的估計相比，這一成長意味著我們未來業務的收益將增加 1 億美元，同時也反映了與發行人解決方案相關的運行率收益的消除，這約佔先前概述的整體轉型收益的 10%。我們將繼續進行轉型努力，這將使我們能夠加速 Worldpay 的整合。

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, John. At our investor conference last September, we talked in great detail about our intention to become a more focused organization, recognizing that we can unlock substantially more value in our business through greater clarity of purpose.

謝謝，約翰。在去年 9 月的投資者會議上，我們詳細討論了成為更專注的組織的意圖，並認識到透過更明確的目標，我們可以在業務中釋放更多價值。

To accomplish this, we have reoriented our business under a single unified operating model and launched a significant operational transformation program, driving meaningful efficiencies and operating income benefits, which we now expect to total $650 million as an annual run rate operating income benefit for our merchant business and support functions once complete.

為了實現這一目標，我們在單一統一的營運模式下重新調整了我們的業務，並啟動了一項重大的營運轉型計劃，推動了有意義的效率和營運收入效益，我們預計一旦完成，我們的商家業務和支援職能每年將產生總計 6.5 億美元的營運收入效益。

We also reviewed our portfolio and identified assets for potential divestiture or exit in order to better focus our energy and investments on the most attractive opportunities where we can differentiate in the market. As I highlighted earlier, we have now exited or announced transactions to divest over $550 million of revenue consistent with what we outlined at the time of our investor conference.

我們還審查了我們的投資組合，並確定了可能剝離或退出的資產，以便更好地將我們的精力和投資集中在最具吸引力的機會上，使我們在市場上脫穎而出。正如我之前強調的那樣，我們現在已經退出或宣布了剝離超過 5.5 億美元收入的交易，與我們在投資者會議上概述的內容一致。

Including the payroll divestiture, these portfolio efforts will have allowed us to opportunistically return $1.2 billion to shareholders in less than 12 months. And we are reevaluating the portfolio composition in light of the Worldpay acquisition and remain committed to using proceeds from any additional business exits to return capital to shareholders.

包括工資剝離在內，這些投資組合努力將使我們能夠在不到 12 個月的時間內向股東返還 12 億美元。我們正在根據 Worldpay 收購案重新評估投資組合組成，並將繼續致力於利用任何額外業務退出所得來向股東返還資本。

And further, we now expect to return $7.5 billion in capital, excluding returns associated with dispositions to our shareholders over the 2025 to 2027 period, consistent with what we outlined at our investor conference last year. And as a result of Worldpay and Insurer transactions, by 2028, our annual run rate leverage free cash flow and total capital return expectations will be nearly 50% higher than they would have been previously, providing us with greater flexibility to invest in growth and return meaningfully more capital to shareholders.

此外，我們現在預計在 2025 年至 2027 年期間向股東返還 75 億美元的資本，不包括與處置相關的回報，這與我們去年在投資者會議上概述的內容一致。由於 Worldpay 和保險公司交易，到 2028 年，我們的年度運行率槓桿自由現金流和總資本回報預期將比以前高出近 50%，為我們提供更大的靈活性來投資增長並向股東返還更多資本。

We have even greater conviction today than we did when we announced the Worldpay acquisition, about the potential to enhance our competitive strengths, open new opportunities and accelerate our growth trajectory, while maximizing value expectations.

與宣布收購 Worldpay 時相比，我們今天更加堅信，收購可以增強我們的競爭優勢、開闢新的機會、加速我們的成長軌跡，同時實現價值預期的最大化。

And by diversifying our business across an SMB to enterprise customer base with millions of merchant customers and thousands of platform and software partners, extending our global reach and expanding our comprehensive capabilities spanning physical card-present environments to global e-commerce, we are building a more focused, stronger and more durable model for the long run.

並且，透過跨中小型企業到大型企業客戶群實現業務多元化，擁有數百萬商家客戶和數千個平台和軟體合作夥伴，擴大我們的全球影響力，並拓展從實體卡環境到全球電子商務的綜合能力，我們正在建立一個更專注、更強大、更持久的長期模式。

Winnie?

溫妮？

Thanks, Cameron. Before we begin our question-and-answer session, I'd like to ask everyone to limit their questions to one with one follow-up to accommodate everyone in the queue. Thank you. Operator, we will now go to questions.

謝謝，卡梅倫。在我們開始問答環節之前，我想請大家將他們的問題限制為一個，並進行一次後續提問，以照顧到排隊中的每個人。謝謝。接線員，我們現在開始提問。

(Operator Instructions)

（操作員指示）

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Great momentum. And I guess, first of all, just to kind of understand the sequential pattern through the year now with merchants, it sounds like you have pretty good momentum should we expect pretty normal seasonal patterns in Q3 and Q4? And then maybe layer in there, when should we take out payroll? Is that about $60 million a quarter, just kind of want to understand the momentum of normalized sequential growth.

氣勢很大。我想，首先，只是為了了解商家今年的連續模式，聽起來你們的勢頭相當不錯，我們是否應該預期第三季和第四季的季節性模式相當正常？然後也許再問一下，我們該什麼時候發放薪水？每季大約是 6000 萬美元，只是想了解正常化連續成長的勢頭。

Yeah. Thanks, David. It's Josh. So as we've talked about before, in the first half of the year, we expected growth for merchant to be in approximately that 5.5% range in Q3, Q4, we expect to see some acceleration as the transformation benefits start to go ahead and flow through with Genius. We announced that, and we launched that in the May time frame at the National Restaurant Association and then retail, the following month.

是的。謝謝，大衛。是喬希。正如我們之前所討論的，在上半年，我們預計商家的成長率將在第三季和第四季達到 5.5% 左右，隨著轉型效益的不斷顯現和 Genius 的推廣，我們預計成長率將有所加速。我們宣布了這一消息，並於 5 月在全國餐飲協會推出了該產品，並於次月在零售店推出。

So we expect that to go ahead and contribute to the slightly above that 6% range in the back half of the year and get you to approximately 6% from an overall guide perspective, where we place our guide. And then as it relates to overall payroll, we expect to close that at the end of the -- at the end of the third quarter, and that's about $65 million approximately from an overall revenue perspective per quarter that you can factor into it.

因此，我們預計這將在下半年繼續推進，並略高於 6% 的區間，從整體指導角度來看，這將達到約 6%，這也是我們的指導範圍。然後，由於它與整體工資有關，我們預計將在第三季末結束，從每季整體收入的角度來看，這大約是 6500 萬美元，你可以將其計入其中。

Yeah. Great. And one other just follow-up. Just what's really encouraging, I think you talked about 289 million shares at close. I think you ended the quarter at 243, and I know you're adding another 43 with the purchase. But then taking out maybe six for the payroll ASR, you're going to be down to 280 on my math, well below the 289 million you guided to. Am I kind of on the right track there? And then should we expect some incremental buybacks even through the rest of the year?

是的。偉大的。還有一件事只是後續。真正令人鼓舞的是，我認為您談到了收盤價 2.89 億股。我認為您本季結束時的數量是 243，而且我知道您透過此次購買又增加了 43。但是，如果從薪資 ASR 中扣除 6 個，根據我的計算，這個數字就會降到 2.8 億，遠低於你預測的 2.89 億。我這樣理解對嗎？那麼，我們是否應該期待在今年剩餘時間內進行一些增量回購？

Yeah. That's approximately. I think you're right around that general area. And so look, year-to-date, we bought back approximately $690 million worth of shares. And then we have the $500 million ASR, which you can expect that we'll buy back once we go ahead and close the transaction with payroll.

是的。大約就是這樣。我認為你就在那個大致區域附近。所以，今年迄今為止，我們回購了價值約 6.9 億美元的股票。然後我們有 5 億美元的 ASR，你可以預期，一旦我們繼續進行並完成工資交易，我們就會回購它。

And Dave, it's Cameron. Just to your last point, we commented on the call that the one big beautiful Bill Act obviously has tax provisions that improve our cash flows that's how we're able to increase our overall expectation for share repurchases and capital returns over the 2025 to 2027 range. So that $7.5 billion number, we expect roughly an incremental $0.5 billion of cash flow benefits coming from the one big beautiful Bill Act.

戴夫，我是卡梅倫。關於你的最後一點，我們在電話會議上評論說，一項美麗的大法案顯然包含稅收條款，可以改善我們的現金流，這就是我們能夠提高 2025 年至 2027 年期間股票回購和資本回報的總體預期的方式。因此，對於 75 億美元的數字，我們預計這項美麗的法案將帶來約 5 億美元的增量現金流收益。

So as it relates to the balance of the year, it also gives us a little bit of flexibility in 2025 to consider additional share reports or more leverage pay down to make sure that the balance sheet is in a very healthy place when we get to the close of the Worldpay transaction, while continuing to remain committed to returning as much capital to the shareholders as possible, assuming the balance sheet is in a good place.

因此，就年度餘額而言，它還為我們在 2025 年提供了一些靈活性，可以考慮額外的股票報告或更多的槓桿支付，以確保在 Worldpay 交易結束時資產負債表處於非常健康的狀態，同時繼續致力於向股東返還盡可能多的資本，假設資產負債表處於良好狀態。

Yeah. David, the only thing I'd just reiterate is that we're very focused on getting back to that 3 times leverage point by the end of the year, as Cameron mentioned. So with the payroll divestiture, we'll also remain keep leverage neutrality with that and use the excess proceeds to buy back shares?

是的。大衛，我只想重申的是，正如卡梅倫所提到的，我們非常專注於在年底前回到 3 倍槓桿點。那麼，在剝離薪資資產的同時，我們是否仍將保持槓桿中立，並利用超額收益回購股票？

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I wanted to just circle back on the commentary around additional divestitures and make sure we're kind of aligning ourselves. So obviously, you kind of hit the target that you originally planned. You've got Worldpay now contemplated so that changes the dynamics a little bit here. So are you thinking that there's other businesses specifically or geographies or maybe it's both? But I'm just trying to think as we attempt to identify maybe who those or what those businesses or years are going to be, just which ones maybe wouldn't align with the Worldpay strategy you want to get -- you want to basically monetize near term?

我只是想回顧一下有關額外資產剝離的評論，並確保我們能夠達成一致。所以很明顯，你已經達到了你最初計劃的目標。現在你已經考慮過 Worldpay，因此這裡的動態會稍微改變一下。那麼您是否認為還有其他特定的業務或地區，或者兩者兼而有之？但我只是試著去想，當我們試圖確定那些人或那些企業或年份將會是什麼時，哪些可能與您想要獲得的 Worldpay 策略不一致——您想要在短期內實現貨幣化？

Yeah. Thanks, Dan, it's Cameron. It's -- look, it's a fair question and not surprisingly, my answer is going to be, I can't give you a lot more detail than what we've already shared. I want to protect the integrity of any process that we may look to run and around particular assets that we may choose to divest. So I think -- the main point is when we made our decisions previously and came up with the conclusions that resulted in the actions that we've taken thus far, having hit the target that we laid out at the September investor conference, that was obviously in advance of even thinking about Worldpay as an opportunity.

是的。謝謝，丹，我是卡梅倫。這是——看，這是一個公平的問題，毫不奇怪，我的回答是，我無法給你比我們已經分享的更多的細節。我希望保護我們可能運行的任何流程的完整性以及我們可能選擇剝離的特定資產的完整性。所以我認為——重點是，當我們之前做出決定並得出結論，從而採取迄今為止的行動時，我們已經達到了我們在 9 月份投資者會議上製定的目標，這顯然是在考慮 Worldpay 作為一個機會之前。

As we think about where we're trying to drive the business long-term, we think about the scale, scope of the combined business. We also think about vertical market sort of exposure, given their partner base, our partner base, the combined business, we are just going back and kind of refreshing our thinking around the portfolio composition.

當我們思考如何長期推動業務發展時，我們會考慮合併後業務的規模和範圍。我們也考慮垂直市場類型的風險敞口，考慮到他們的合作夥伴基礎、我們的合作夥伴基礎、合併後的業務，我們只是回過頭來重新思考投資組合的組成。

And we are assessing whether any of the decisions we made prior to our September investor conference, we would take a different view of now in light of where the business is going. So more to come as we take specific actions, but I think it's fair to say that there probably are some incremental things we would choose to do in light of the Worldpay transaction. And consistent with our path thus far to the extent that we're successful in exiting any other assets we would use that capital return to shareholders, again, assuming that we're able to achieve leverage mentality through the transaction.

我們正在評估我們在 9 月投資者會議之前所做的任何決定，是否會根據業務的發展方向而改變。隨著我們採取具體行動，還會有更多舉措，但我認為可以公平地說，根據 Worldpay 交易，我們可能會選擇做一些漸進的事情。與我們迄今為止的路徑一致，只要我們成功退出任何其他資產，我們就會將該資本返還給股東，同樣，假設我們能夠透過交易實現槓桿心態。

That's great. Just a quick follow-up on the Genius brand consolidation. I know when you had originally contemplated putting these things together, there was concerns that there might be some portfolio attrition or some noise in the book. It doesn't sound like that's kind of manifesting, but I would just be interested to hear if there is any friction at least near term, but it sounds like the kind of run rate go forward is certainly more than enough to offset any of that?

那太棒了。這只是對 Genius 品牌整合的快速後續。我知道，當您最初考慮將這些東西放在一起時，有人擔心可能會出現一些投資組合流失或帳簿上出現一些噪音。這聽起來不像是那種表現，但我只是想知道至少在短期內是否有任何摩擦，但聽起來未來的運行率肯定足以抵消任何摩擦？

Yeah. It's a good question, and maybe I'll ask Bob to give a little more detail because he's closer to it, obviously, than I am every day. I would say, I don't think we've seen sort of attrition in the base per se, and that's not something that we're overly concerned about as it relates to the Venus rollout. We did see a little bit of pause in the buying behavior as people knew the new platform was coming and obviously, we saw a little bit of pause kind of leading up to the official launch in May for a restaurant in June for retail.

是的。這是個好問題，也許我會請鮑伯提供更多細節，因為顯然他比我更接近這個問題。我想說的是，我認為我們並沒有看到基地本身的人員流失，而且這並不是我們過於擔心的事情，因為它與金星計劃的推出有關。當人們知道新平台即將推出時，我們確實看到購買行為略有停頓，而且顯然，在 5 月份餐廳正式推出新平台、6 月份零售正式推出新平台之前，我們也看到了一些停頓。

But obviously, as we commented in our script this morning, we've seen very good momentum from a new sales perspective once those launches materialize in the time frame that we had outlined. So -- not surprisingly, buyers were kind of waiting for the new platform, and we did see a little bit of that behavior. But as it relates to the underlying base, I don't think we've seen much from that perspective that is worrying to us. Bob?

但顯然，正如我們今天早上在腳本中評論的那樣，一旦這些產品的發佈在我們概述的時間範圍內實現，我們就從新的銷售角度看到了非常好的勢頭。因此——毫不奇怪，買家正在等待新平台，我們確實看到了一些這樣的行為。但就其與底層基礎的關係而言，我認為從這個角度來看我們並沒有看到太多令我們擔憂的事情。鮑伯？

Yeah. I think it's important to understand that in small business services, in particular, the biggest driver of attrition isn't defection to another product or service frankly, it's a business failure, and that's the largest driver of attrition for us as well as for the industry more broadly. I think the trends that we see to Cameron's point, are consistent with what we've seen historically, and we do feel really good about not only being able to grow through attrition, which we've done over the course of time, but also to accelerate that growth in meaningful ways.

是的。我認為，重要的是要理解，特別是在小型企業服務中，員工流失的最大驅動因素不是轉向其他產品或服務，坦白說，這是企業失敗，而這才是我們以及整個行業員工流失的最大驅動因素。我認為，卡梅倫所指出的趨勢與我們歷史上所見的趨勢是一致的，我們不僅能夠透過人員減員實現成長（這是我們長期以來所做的），而且能夠以有意義的方式加速這種增長，對此我們感到非常高興。

Also, a lot of the greenfield for Genius are in markets that we don't have significant POS penetration today. We may have significant payments penetration, but many of our POS solutions were regional, certainly a higher concentration in the US and Canadian markets than when you get into Latin America, Europe and Asia Pacific. So the growth is not only coming out of our existing kind of mature POS market, but also greenfield opportunities for us. And we think there's a real opportunity to get there in a way that maybe is tougher for competitors given the scale and scope of our distribution, our service capabilities worldwide.

此外，Genius 的許多新領域都位於目前 POS 普及率尚不高的市場。我們的支付滲透率可能很高，但我們的許多 POS 解決方案都是區域性的，在美國和加拿大市場的集中度肯定高於拉丁美洲、歐洲和亞太地區的集中度。因此，成長不僅來自於我們現有的成熟 POS 市場，也來自於我們的新領域機會。我們認為，鑑於我們的分銷規模和範圍以及我們在全球範圍內的服務能力，我們確實有機會以一種對競爭對手來說更艱難的方式實現這一目標。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Excellent results here, looking really good, great job. It sounds looks like the genius going back to the Genius rollout. It looks like it's on a really good trajectory. Cameron, can you maybe talk about the confidence in the acceleration in the second half? Like some of the puts and takes on exiting at 6% to 7% and maybe some comments on sort of recent trends? And then I have a very quick follow-up.

這裡的成果非常出色，看起來非常好，幹得好。這聽起來就像是天才回到了 Genius 的推出。看起來它的軌跡確實很好。卡梅倫，你能談談對下半場加速的信心嗎？例如對 6% 到 7% 的退出利率的一些看法，以及對近期趨勢的一些評論？然後我有一個非常快速的後續問題。

Yeah. Maybe I'll start, sorry, and then I'll ask Bob to comment on the recent trends. Just as it relates maybe to the second part of your question. I think, look, we have a lot of confidence in the outlook that we provided today for the back half of the year. As Josh highlighted, we do expect the growth in the merchant business to be slightly above 6% in the back half of the year with a good exit rate as we head into 2027.

是的。也許我會開始，抱歉，然後我會請鮑伯評論最近的趨勢。這可能與你問題的第二部分有關。我認為，我們對今天提供的下半年前景非常有信心。正如 Josh 所強調的，我們確實預期商家業務的成長率在下半年將略高於 6%，並且在進入 2027 年時將擁有良好的退出率。

A lot of that confidence is bolstered by one, the early success we've seen with Genius, which we commented on in the call. And then two, I think the successful execution of our conversion of our sales force in the US as to our new sales compensation model as part of our salesperson of the future program. So -- with that behind us, we feel good about the momentum we're building from a commercial go-to-market perspective. And obviously, we think that positions us well as we get to the back half of the year.

這種信心很大程度上得益於 Genius 早期的成功，我們在電話會議中對此進行了評論。其次，我認為我們成功地將美國銷售人員轉變為採用新的銷售薪酬模式，這是我們未來銷售人員計畫的一部分。因此，有了這個基礎，我們對從商業上市角度建立的勢頭感到滿意。顯然，我們認為這對我們下半年的前景非常有利。

I wouldn't say like anything else, there's a lot of change that we're driving through the business. We tried to be upfront and transparent about that. And not everything is going perfectly. But I think overall, I'm really proud of our team's ability to balance execution in delivering of business outcomes, particularly our financial performance we're driving the magnitude of positive change that we're trying to put through the organization as we prepare for the closing of Worldpay and the integration program that will begin on the heels of that.

我不會說其他任何事情，我們正在透過業務推動很多變革。我們試圖對此保持坦率和透明的態度。但並非所有事情都進展順利。但我認為總體而言，我為我們團隊在實現業務成果方面平衡執行的能力感到非常自豪，特別是我們的財務業績，我們正在推動我們試圖透過組織實現的積極變化的程度，因為我們正在為關閉 Worldpay 和隨之而來的整合計劃做準備。

So I think we're in a really good place from an execution standpoint, I could not be more proud of the team and the way that they're embracing the change we're driving, but it's a lot, and I think we're doing it well, but it's something we're very cautious about as we head into the balance of the year, just making sure we continue to get that balance right. Bob, do you want to talk about Genius more specifically?

因此，我認為從執行的角度來看，我們處於一個非常好的位置，我為團隊以及他們接受我們所推動的變革的方式感到無比自豪，但這有很多，我認為我們做得很好，但這是我們在進入今年的平衡時非常謹慎的事情，只是確保我們繼續保持正確的平衡。鮑勃，你想更具體地談談天才嗎？

Yeah, I think we've got a lot of confidence, both on the subjective side as well as the objective side. The reception that Genius had both on the retail side as well as on the restaurant side, from all of our distribution partners, that would include our direct sales team, our FI partners, our POS software dealers both domestically and internationally, has been really very encouraging.

是的，我認為我們非常有信心，無論是主觀方面還是客觀方面。Genius 在零售和餐飲領域都獲得了我們所有分銷合作夥伴的認可，其中包括我們的直銷團隊、我們的 FI 合作夥伴以及國內外的 POS 軟體經銷商，這確實非常令人鼓舞。

And look, we recognize that as a market share matter, we're playing a little bit of catch-up in some of these areas, but our teams feel really confident about the strength of solutions, the quality of the new bespoke hardware, the modular architecture that's been developed with our OEM partners and our distribution plans, including the pipeline in each one of those distribution channels.

而且，我們認識到，就市場份額而言，我們在某些​​領域還處於追趕階段，但我們的團隊對解決方案的實力、新定制硬體的品質、與我們的 OEM 合作夥伴共同開發的模組化架構以及我們的分銷計劃（包括每個分銷渠道中的渠道）充滿信心。

On the objective side, a couple of quick metrics that might be interesting. Our US direct sales team is up something close to 30% just in this quarter, if you look at it on a sequential basis. Our dealer channel has been reinvigorated in ways that we haven't seen in a number of quarters, not only with the success of their sales in period, but the momentum and the pipeline that they're building.

從客觀角度來看，有幾個快速指標可能會很有趣。如果以連續數據來看，光是本季我們的美國直銷團隊就成長了近 30%。我們的經銷商通路以我們在過去幾季中未曾見過的方式重新煥發活力，這不僅是因為他們在期內取得了銷售成功，還因為他們正在建立的勢頭和通路。

Our wholesale partners, many of them in the FI space have been craving these sorts of technology solutions to complement their stack of banking, finance, treasury, other sorts of solutions, and they're all very excited as well. You didn't ask about it, but talking about sales transformation relative to POS, we mentioned that we were retooling the sales team. It wasn't just a comp plan change.

我們的批發合作夥伴，其中許多來自金融機構領域，一直渴望這類技術解決方案來補充他們的銀行、金融、財政和其他類型的解決方案，他們也都非常興奮。您沒有問到這個問題，但在談到與 POS 相關的銷售轉型時，我們提到我們正在重組銷售團隊。這不僅是薪酬計畫的改變。

We were upskilling, we were retraining. Every one of our direct sellers has to go through a certification program before we unlock POS sales to them. That demonstrates that they understand the products. They understand the value proposition. They can provide the level of service to customers and prospective customers that we expect, and we've already done that with about 20% of the sales force so far.

我們正在提陞技能，我們正在進行再培訓。我們的每一位直銷商都必須經過認證計劃，然後我們才能向他們開放 POS 銷售。這表明他們了解產品。他們理解價值主張。他們可以為客戶和潛在客戶提供我們期望的服務水平，到目前為止，我們已經有大約 20% 的銷售人員做到了這一點。

So I would say we feel really good about the addressable market, about the receptivity, about the competitiveness of the offerings. We feel very confident about both the excitement and energy as well as the early execution that we're seeing in distribution channels. And that gives us a lot of confidence as we get into the back of the year and think about the synergy opportunities that we have on the other side of closing Worldpay.

所以我想說，我們對目標市場、接受度以及產品的競爭力感到非常滿意。我們對分銷管道中看到的興奮和活力以及早期的執行情況非常有信心。當我們進入年底並思考關閉 Worldpay 後我們所擁有的協同機會時，這給了我們很大的信心。

And I have a very quick follow-up here. We're getting a lot of questions this morning from investors. Can you maybe clarify the capital allocation drivers? It looks like there's a lot of incremental here, which is additive to everything you've said in the past, which looks really good. But can you maybe clarify sort of all the incrementals and how you view capital allocations through 2017, that would be great and again, great results.

我在這裡有一個非常快速的後續問題。今天早上我們收到了很多投資者提出的問題。您能否解釋一下資本配置驅動因素？看起來這裡有很多增量，這是您過去所說的一切的補充，看起來真的很好。但是，您能否澄清一下所有的增量以及您如何看待 2017 年的資本配置，那將會很棒，而且會取得很好的結果。

Yeah, Dan, I'm happy to cover that. Let me hit it and I'll ask Josh if he wants to add any more color to it. I want to be just very clear because I know it can get a little bit confusing. So today, we announced a $500 million ASR that's tied to the sale of our payroll business. As we've always said, any dispositions of assets, we would return capital to shareholders, assuming leverage neutrality.

是的，丹，我很樂意報道這個。讓我打一下，然後我會問喬希是否想為它添加更多顏色。我想說得非常清楚，因為我知道這可能會有點令人困惑。因此今天，我們宣布了一項 5 億美元的 ASR，與我們的工資業務出售掛鉤。正如我們一直所說的那樣，任何資產處置，我們都會將資本返還給股東，假設槓桿中立。

That would be incremental to what we would view as kind of our normal run rate capital returns to shareholders. So let's park that to one side. We also increased our outlook for capital returns, excluding capital returns associated with dispositions to $7.5 billion this quarter as well, which, again, is up from where we were when we announced the Worldpay transaction where we said that number would be $7 billion.

這將是我們所認為的股東正常資本報酬率的增量。因此我們先把它放在一邊。我們也提高了資本回報預期，不包括與處置相關的資本回報，本季也達到了 75 億美元，這比我們宣布 Worldpay 交易時的水平有所上升，當時我們表示這個數字將是 70 億美元。

That incremental $0.5 billion is largely associated with benefits that we expect to see from the one big beautiful Bill Act that was enacted a month or so ago that gives us incremental tax benefits and cash improvement over the three-year horizon, which allows us to raise our total expectation for normal kind of run rate capital returns to shareholders to that $7.5 billion number, which again is exactly consistent with what we were targeting at our investor conference last September. So as we step back and look at the landscape, thus far, we've returned $1.2 billion through asset dispositions to shareholders.

增加的 5 億美元主要與我們預計從大約一個月前頒布的一項重要法案中獲得的收益有關，該法案為我們在三年內帶來了增量稅收優惠和現金改善，這使我們能夠將對股東的正常資本回報率的總體預期提高到 75 億美元，這與我們去年 9 月在投資者會議上設定的目標完全一致。因此，當我們回顧整個情況時，到目前為止，我們已經透過資產處置向股東返還了 12 億美元。

We're targeting an incremental $7.5 billion of capital returns to shareholders over the '25 to '27 time frame, and executing the Worldpay transaction positions us by the time we get to 2028 with roughly 50% more levered free cash flow and capacity to return capital to shareholders as we get to that time frame. So in terms of how we're positioned from a capital allocation perspective, we couldn't be more pleased with where we are. We're delivering on exactly what we said we would do at the investor conference, while also doing the Worldpay acquisition and issuer divestiture and positioning the business for better more and more capital flexibility and capacity to return incremental amounts in the future.

我們的目標是在 2025 年至 2027 年期間向股東增加 75 億美元的資本回報，而執行 Worldpay 交易將使我們在 2028 年擁有約 50% 的額外槓桿自由現金流和向股東返還資本的能力。因此，就我們的資本配置角度而言，我們對目前的狀況感到非常滿意。我們正在嚴格履行投資者會議上的承諾，同時進行 Worldpay 收購和發行人資產剝離，並為業務定位，以獲得更好的資本靈活性和未來返還增量資金的能力。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

I just want to touch on the sales force realignment again and then a quick follow-up on the financial side, I'll ask after. But really quickly on the sales force. It sounds like -- I think you said 90% of core payment sellers have now converted to the new plan, and there's been a lot more productivity as we just heard from Bob as well. And so -- maybe just help us understand exactly where you are now in terms of what needs to be done between now? Are you really almost done already?

我只是想再談一下銷售隊伍的調整，然後再快速跟進一下財務方面的問題，我會稍後再問。但對銷售團隊來說確實很快。聽起來——我想您說過，90% 的核心支付賣家現在已經轉換到新計劃，而且生產力也提高了很多，正如我們剛才從鮑勃那裡聽到的那樣。那麼——也許只是幫助我們準確地了解您現在所處的位置以及從現在開始需要做什麼？你真的快完成了嗎？

Is it actually almost that full run rate of where you want it to be? Because obviously, that was a question that investors had whether or not there's going to be disruption around that, and it sounds like it's coming along pretty well. And then just quickly also on Genius, what percent of your total merchant portfolio actually is addressed by the newer POS potential?

它實際上是否幾乎達到了您想要的最大運行率？因為顯然，投資人有一個疑問，那就是這是否會帶來混亂，而聽起來進展得相當順利。然後同樣快速地談談 Genius，您認為您的全部商家組合中有多少百分比實際上可以透過較新的 POS 潛力得到滿足？

Darren, it's Bob. Let me jump in on the sales transformation. So -- it's important to understand that we view the sales transformation holistically, but it's really built of multiple individual initiatives. The first one that's gotten kind of the most conversation to date has been around the compensation plan changes, and that's 100% complete. The 90% comment that Cameron made in his prepared remarks prepared remarks really has to do with the retention of sales talent through that transition.

達倫，我是鮑伯。讓我來談談銷售轉型。因此，重要的是要理解我們從整體上看待銷售轉型，但它實際上是由多個單獨的舉措所建構的。到目前為止，最受關注的議題是薪酬計畫的變更，目前變更已 100% 完成。卡梅倫在準備好的發言中所說的 90% 的評論實際上與在過渡期間保留銷售人才有關。

I think there was the reality that we acknowledge not every seller was going to come along on that journey with us, part related to comp and part related to new expectations and all the rest of that. So roughly 10% or so of the sales force turned over as part of that exercise that we embarked upon. Some of those, as Cameron mentioned, converted to other ways of continuing our relationship with Global Payments. They're no longer full-time employees on our sales team, but they've converted to an agent program or more of a wholesale program. So all of that 10% in terms of productivity is not lost.

我認為，現實情況是，我們承認並不是每個賣家都會與我們一起踏上這段旅程，部分原因與競爭有關，部分原因與新的期望有關，等等。因此，在我們進行這項工作的過程中，大約有 10% 左右的銷售人員流失。正如卡梅倫所提到的，其中一些已經轉變為繼續與 Global Payments 保持關係的其他方式。他們不再是我們銷售團隊的全職員工，而是轉而加入代理商計劃或更多批發計劃。因此，就生產力而言，這 10% 並沒有全部損失。

It switched from direct to more indirect distribution. The second thing is that the comp plan was really designed to do two primary things. One was to drive the right sort of behavior as we seek to distribute comprehensive bundled solutions, not point solutions. And so the comp plan directly in sense bundled selling where the unit economics can be really disparate. But there's a lot of value to the client as well as the global payments and having them adopt more holistic solutions.

它從直接分銷轉向間接分銷。第二件事是，補償計畫實際上是為了做兩件主要的事情而設計的。一是推動正確的行為，因為我們尋求分發全面的捆綁解決方案，而不是點解決方案。因此，補償計劃直接意味著捆綁銷售，其中單位經濟效益可能存在很大差異。但對於客戶和全球支付來說，採用更全面的解決方案具有很大的價值。

So the comp plan is structured to do that. The second thing it was really targeted to do, frankly, was to increase our ability to recruit and retain high-caliber sales talent. When we began the journey, the comp plan of the sales team was on was called 94 comp. And that wasn't a catchy code name that referred to the year that the 94 comp plan was rolled out. And now 30 years later, the needs of the market, the expectations of the sales team, our go-to-market motions, those have all evolved.

因此，補償計劃的結構就是為了實現這一點。坦白說，我們真正想做的第二件事是提高我們招募和留住高素質銷售人才的能力。當我們開始這段旅程時，銷售團隊的薪酬計畫被稱為 94 薪酬。這不是一個朗朗上口的代號，它指的是 94 補償計劃實施的年份。如今 30 年過去了，市場的需求、銷售團隊的期望以及我們的行銷舉措都發生了變化。

And so an ability to attract top talent to have them be successful in early days and want to stay with global payments as they build a successful career, that was a core component of that. And on both of those fronts, the bundled selling, the seller productivity as well as our ability to recruit and retain talent, we're seeing the benefits that we expected from that on all fronts.

因此，吸引頂尖人才，讓他們早期取得成功，並願意在建立成功的職涯過程中繼續從事全球支付業務，這是其中的核心要素。在捆綁銷售、賣家生產力以及我們招募和留住人才的能力這兩個方面，我們都看到了我們期望在各個方面獲得的好處。

And Darren, the only thing -- sorry, the only thing I would add to that is, one, I don't think we're at run rate today. We finished the conversion in the second quarter. There's still some ramp that's obviously occurring as people one get used to the new plan. We continue to roll out training and certifications, as Bob highlighted earlier. So there is still more work to do, I think, to ramp the productivity levels of the sales force under the new model to the levels that we like to see.

達倫，唯一一件事——抱歉，我唯一想補充的是，第一，我認為我們今天的運行速度還沒有達到。我們在第二季完成了轉換。隨著人們逐漸適應新計劃，顯然仍會出現一些增長。正如鮑勃之前強調的那樣，我們將繼續推出培訓和認證。因此，我認為，要將新模式下銷售隊伍的生產力水平提升到我們希望看到的水平，還有很多工作要做。

But obviously, the early signs are, I think, quite effective on that front. The second thing I would say in response to the back part of your question. I really view it in two ways. One, yeah, we have an embedded book of customers today using our quote unquote, I hate to use this term legacy sort of point-of-sale solutions. Naturally, that is a target for us to be able to convert them to our new cloud-based Genius offering over time.

但顯然，我認為早期跡像在這方面是相當有效的。我想說的第二件事是回答你問題的後半部。我確實從兩個方面來看待它。首先，是的，我們今天有一本嵌入式客戶名冊，使用我們的引文，我不喜歡使用這個術語，即傳統的銷售點解決方案。當然，我們的目標是隨著時間的推移，將他們轉換為我們新的基於雲端的 Genius 產品。

That's not a huge population of the portfolio today. We also have a number of restaurant and retail clients in our portfolio today that are using some other point-of-sale environment, whether it's legacy or perhaps even newer where we're providing, but not the point of sale. Obviously, that creates an incremental opportunity for us to pursue. But the more important opportunity is obviously the front book. There's still a substantial portion of market in the US and even more so internationally that ultimately will convert to cloud-based restaurant and modern sort of retail point-of-sale platforms over time.

這對於今天的投資組合來說並不是一個很大的比例。我們目前的投資組合中還有很多餐廳和零售客戶正在使用其他銷售點環境，無論是傳統的還是較新的，我們都在提供，但不是銷售點。顯然，這為我們創造了一個不斷追求的機會。但更重要的機會顯然是前面的書。隨著時間的推移，美國乃至國際上仍有相當一部分市場最終將轉向基於雲端的餐廳和現代零售銷售點平台。

We're very focused on making sure that we're highly competitive for that front book offering in ensuring that net new wins are tied to our point-of-sale offerings. We all know that the mode of competition in restaurant and retail for payments is through the point of sale, and having our Genius platform, which is a highly competitive solution in the marketplace, gives us a lot of confidence around our ability to win more front book opportunity going forward.

我們非常注重確保我們在前台書籍產品方面具有高度競爭力，以確保淨新勝利與我們的銷售點產品掛鉤。我們都知道，餐飲和零售業的支付競爭模式是透過銷售點，而我們的 Genius 平台是市場上極具競爭力的解決方案，這讓我們對未來贏得更多前台預訂機會的能力充滿信心。

And of course, as Bob highlighted well, the international opportunity is something we're particularly excited about because the competitive intensity in the international markets is certainly less than it is here in the US. And Obviously, we're well positioned as a scale distribution and capability in these markets to be able to, I think, get a lot of traction with Genius as we roll it out over the balance of '25 and into '26 as we commented on in our prepared remarks.

當然，正如鮑伯所強調的那樣，我們對國際機會特別感到興奮，因為國際市場的競爭強度肯定低於美國國內。顯然，我們在這些市場中擁有良好的規模分銷和能力，我認為，正如我們在準備好的評論中所評論的那樣，隨著我們在 25 年和 26 年推出 Genius，我認為 Genius 將獲得很大的發展。

That's great to hear you guys. Josh, just a quick financial question. The inorganic contribution, putting aside divestitures, but the M&A contribution from, I think, take payments, but was there anything else also, I think we just looked at the kind of cash flow and it looks like about $150 million of inorganic. So I'm just curious if that's about right? And what was that from?

很高興聽到你們的消息。喬希，我只想問一個簡單的財務問題。無機貢獻，撇開資產剝離不談，但我認為併購貢獻來自於支付，但還有其他貢獻嗎，我想我們只是看了現金流，看起來大約有 1.5 億美元的無機貢獻。所以我只是好奇這是否正確？那是什麼？

Yeah. So thanks, Darren. So a couple of things. I'd say, the first with the two small product companies that Camera mentioned in his prepared remarks, I was about half of what you see there in the cash flow. And then the other half was deferred consideration and from a prior acquisition and investment and venture partners fund that we invest in periodically.

是的。所以謝謝你，達倫。有幾件事。我想說的是，首先是 Camera 在他的準備好的演講中提到的兩家小型產品公司，我的現金流大約只有你們看到的一半。另一半是遞延對價，來自我們定期投資的先前收購和投資以及風險合作夥伴基金。

Yeah. Darren, it's Cameron. The contribution ex pay payments is de minimis. So take Payments anniversary earlier in the quarter. So that is -- that's really the only thing notable, I would say, in Q2. For the balance of the year, we commented that we did two small product deals that Josh just noted. We closed those around the end of the quarter. those contribute a relatively deminus amount for the balance of the year. So it's really organic.

是的。達倫，我是卡梅倫。工資支付前的貢獻是微不足道的。因此，請在本季度早些時候慶祝支付週年紀念日。所以，我想說，這是第二季唯一值得注意的事情。對於今年的餘額，我們評論說我們做了兩筆喬希剛才提到的小產品交易。我們在本季末關閉了這些業務。這些業務對全年餘額的貢獻相對較小。所以它確實是有機的。

[Ken Suchoski], Autonomous Research.

[Ken Suchoski]，自主研究。

I'll ask one since it's getting late here. Maybe you could talk about scaling Genius in some of these international markets. I mean, how do you bring the brand into these markets? Do you have to sort of partner on that side on the distribution side? And any comments regarding the reinvestment required to stand up Genius in these markets, just because it feels like a bit of a land grab right now. So I'm curious how that's -- how you're thinking about that.

因為時間已經很晚了，所以我要問一個。也許您可以談談在一些國際市場上擴展 Genius 的規模。我的意思是，您如何將品牌帶入這些市場？您是否必須在分銷方面尋找合作夥伴？任何關於在這些市場上支持 Genius 所需的再投資的評論，只是因為現在感覺有點像土地掠奪。所以我很好奇你是怎麼想的。

Yeah, Ken, it's Bob again. So I think, first and foremost, it doesn't require incremental distribution partnerships to bring Genius into those markets. So we're not thinking about at least not today, we're not thinking about brand new markets de novo that global payments doesn't already have a presence. So we're really thinking about our established businesses across UK and Ireland, Continental Europe, Asia Pacific, Latin America, the places that we've already got distribution and business at scale today.

是的，肯，又是鮑伯。因此我認為，首先，不需要增加分銷合作夥伴關係來將 Genius 帶入這些市場。因此，至少在今天，我們不會考慮全球支付尚未存在的全新市場。因此，我們真正考慮的是英國和愛爾蘭、歐洲大陸、亞太地區、拉丁美洲的既有業務，這些地方我們目前已經擁有分銷和規模業務。

As you probably already know, some of those are through partnerships, whether they're joint ventures, whether they're bank referral partnerships, but in all of those geographies, kind of regardless of the construct, we also have direct sales teams. We have digital customer acquisition capabilities. And those combination of distribution modes, whether it's our direct sales force, our direct digital customer acquisition or partnerships, referral partnerships, joint ventures, other sorts of things.

您可能已經知道，其中一些是透過合作夥伴關係實現的，無論是合資企業，還是銀行推薦合作夥伴關係，但在所有這些地區，無論結構如何，我們也有直銷團隊。我們擁有數位客戶獲取能力。這些分銷模式的組合，無論是我們的直銷隊伍、直接數位客戶獲取或合作夥伴關係、推薦合作夥伴關係、合資企業，或是其他類型的東西。

All of those are vehicles through which we can deploy and distribute Genius. The great news, I think, is that the core components of Genius, as we mentioned before, part of -- part of the strategy around Genius was consolidating and collapsing the 16 different POS as we had into a common retail and restaurant platform and we've already experienced success with less feature-rich and less fully integrated versions of the Genius stack in those markets. So we don't have any question.

所有這些都是我們部署和分發 Genius 的工具。我認為，好消息是，正如我們之前提到的，Genius 的核心組件是將我們擁有的 16 種不同的 POS 整合並折疊成一個通用的零售和餐飲平台，而我們已經在這些市場上通過功能較少、集成度較低的 Genius 堆疊版本獲得了成功。所以我們沒有任何疑問。

There's not a lot of speculative research around the receptivity of the market or the fit for purpose and nature of the product capabilities, we feel really confident about that. In fact, really, every one of our business leaders internationally is chomping at the bit to be able to go full speed ahead with Genius, whether that's the mobile -- the tap on mobile capabilities that Cameron mentioned in the soft pause commentary in his script, or the full Genius retail and restaurant stack, whether that's for shops or for enterprise, all of those are getting a lot of early pipeline build and the rollout pace is pretty rapid, largely because much of the architecture underneath Genius was built to be international from the start. So we don't have to rearchitect the solution in every market.

關於市場接受度或產品功能的適用性和性質的推測性研究並不多，我們對此非常有信心。事實上，我們國際上的每一位商業領袖都迫不及待地希望能夠全速推進 Genius，無論是移動端——卡梅隆在腳本的軟停頓評論中提到的移動功能，還是完整的 Genius 零售和餐飲堆棧，無論是針對商店還是企業，所有這些都獲得了大量的早期管道建設，而且推出的速度非常快，主要是因為 Genius 下為國際化的大部分架構從一開始。因此我們不必在每個市場重新設計解決方案。

It's easy to add multilingual capabilities to adopt to multiple currencies to deal with the fiscalization requirements in each of those geographies. There is a lift, no doubt you've got to do fiscalization work, you've got to do some language work. but it's not a large -- rearchitecting of the platform, it's really kind of incremental to the regular way product road map. We continue to look for ways to accelerate that, but we feel really good about the aggressive pace that we're taking that to market in Europe into Latin America and the other regions that Cameron mentioned in his prepared remarks.

可以輕鬆添加多語言功能以適應多種貨幣，從而滿足每個地區的財政化要求。毫無疑問，你必須做一些財務化工作，你必須做一些語言工作。但這不是一個大的——重新建構平台，它實際上是對常規產品路線圖的一種增量。我們將繼續尋找加速這一進程的方法，但我們對將這一進程從歐洲市場推進到拉丁美洲以及卡梅倫在準備好的演講中提到的其他地區感到非常高興。

And Ken, the only thing I would add, we're a well-recognized brand in these markets already, either Global Payments or the joint venture that we might be running with a partner in these markets. So we have good brand recognition, and I think we have the trust of the market to be able to bring Genius to that market, scale would effectively push it through our distribution and to your point, capture as much of the land as possible in markets, again, where the competitive intensity, I think, is less significant than it is here in the US around point of sale. So we talked about the international quite a bit, largely because we think it's such an attractive opportunity and a little bit of a distinct development of our story versus some of our peers who also brand point-of-sale capabilities to market.

肯，我唯一想補充的是，我們已經是這些市場上知名的品牌，無論是全球支付還是我們可能與合作夥伴在這些市場上運營的合資企業。因此，我們擁有良好的品牌認知度，而且我認為我們擁有市場的信任，能夠將 Genius 帶入該市場，規模將有效地透過我們的分銷管道推動它的發展，正如您所說，在競爭激烈程度不如美國這樣的市場中，我們在銷售點方面也佔據盡可能多的市場份額。因此，我們談論了很多國際問題，主要是因為我們認為這是一個非常有吸引力的機會，與我們的一些也將銷售點功能推向市場的同行相比，這是我們的故事的一個獨特發展。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Just wanted to quickly dig into the answer that you gave. I think to Darren's question on the initial momentum behind Genius. Is it -- is it coming more from net new versus converting existing customers? Just wanted to clarify that. And then also on the issuer side, you mentioned I know on the merchant front, some pause in decision-making in front of the Genius launch, any similar behavior on the Issuer side for prospects and I presume implementations and backlogs and things like that are still on time. Sorry for other questions. I just want to be efficient.

只是想快速深入了解您給出的答案。我想到 Darren 提出的問題是關於 Genius 背後的最初動力。它是——它更多地來自於新客戶還是來自現有客戶的轉換？只是想澄清一下。然後，在發行方方面，您提到我知道在商家方面，在 Genius 發布之前，有些人暫停了決策，發行方方面對潛在客戶的任何類似行為，我認為實施和積壓等事情仍在按時進行。抱歉，還有其他問題。我只是想提高效率。

No, no, no problem, Tien-tsin. So I'll hit them, and I'll ask Bob to jump in with any commentary as well. I think on the Genius side, it's really front book, new opportunity. That's where our focus is right now. Obviously, if we have a client who is ready to make a transition from one of our existing point-of-sale environment to Genius, we're going to pursue that and create easy pathways for them to be able to make that conversion without having to think about a different solution.

不，不，沒問題，田津。所以我會打擊他們，我會要求鮑伯也加入進來發表評論。我認為從 Genius 方面來說，這確實是一本好書，一個新的機會。這就是我們現在關注的重點。顯然，如果我們的客戶準備好從我們現有的銷售點環境過渡到 Genius，我們就會遵循這一原則，並為他們創建簡單的途徑，使他們能夠進行轉換，而無需考慮其他解決方案。

That's clearly front and center for us. But a lot of the emphasis that we're talking about today is on the front book opportunity and our ability to win net new clients by virtue of bringing Genius to market and pushing it through the distribution platforms as we've commented on, I think, pretty extensively today. Over time, we'll continue to work the back book. We'll create pathways for existing clients. We have that relationship.

這顯然是我們最關心的問題。但今天我們談論的重點很多都集中在封面書機會以及透過將 Genius 推向市場並透過分銷平台推廣來贏得新客戶的能力上，正如我們今天相當廣泛地評論過的那樣。隨著時間的推移，我們將繼續寫後面的書。我們將為現有客戶創建途徑。我們有這種關係。

We've talked about that multiple times, I think, over the course of several calls now. We think we have the right to earn their business when they're ready to make a transition to a new cloud-native environment. We have a good relationship with them today. They like the product that they're using with us. we're serving those clients well, and we think we'll obviously be able to convert them as they're ready to do that.

我想，我們已經在幾次通話中多次討論過這個問題。我們認為，當他們準備好過渡到新的雲端原生環境時，我們有權贏得他們的業務。今天我們與他們的關係良好。他們喜歡我們所使用的產品。我們為這些客戶提供了良好的服務，我們認為，當他們準備好這樣做時，我們顯然能夠幫助他們轉變。

But we're very focused on building net new customers and using Genius as a means by which to win more front book opportunity domestically here in the US and internationally as well. I think as it relates to Issuer just switching gears, everything very much remains on track for the business to deliver on sort of the expectations that we had for the full year. And as we head into 2026, we think the business is well positioned for the future. Modernization continues on the right path.

但我們非常注重開發新客戶，並利用 Genius 作為一種手段，在美國國內和國際上贏得更多的書單機會。我認為，就發行人而言，一切都將保持正常運轉，業務將達到我們對全年的期望。當我們邁入 2026 年時，我們認為該業務已為未來做好了準備。現代化繼續沿著正確的道路前進。

As we talked about, we will be complete with all the customer-facing applications, and those will be ready for general availability by the end of the year and we're obviously on track with the implementations that we're doing. We talked about 15 million cards in the first half. I think we have six that we're still completing for the balance of the year. We have four LOIs in place. And I think where we've seen good momentum in the Issuer business is around cross-selling our products.

正如我們所說的，我們將完成所有面向客戶的應用程序，這些應用程式將在年底前準備好全面上市，而且我們的實施工作顯然正在按計劃進行。我們談論的是上半年的 1500 萬張卡。我認為我們還有六個項目需要在今年餘下時間內完成。我們已經簽署了四份意向書。我認為，我們在發行人業務中看到的良好勢頭是圍繞交叉銷售我們的產品。

I think our teams have done a really nice job getting better penetration with our existing client base around incremental product, which obviously positions the business well for future growth potential also. So everything with the Insurer business is on track with the expectations we have as we prepare for closing of that transaction and the divestiture to FIS, the business continues to be in a healthy place.

我認為我們的團隊在增量產品方面做得非常出色，在現有客戶群中取得了更好的滲透率，這顯然也為業務未來的成長潛力奠定了良好的基礎。因此，保險業務的一切都按照我們的預期進行，當我們準備完成交易和剝離給 FIS 時，業務繼續處於健康狀態。

And the only thing I'd add to what Cameron already said accurately depicting how we think about the back book in our POS and software space. There are a lot of cross-sell opportunities that the team is working on our existing payments customers who are excited to take Genius. They may be using a legacy solution from another provider, a competitor. But that part of the customer base is also excited about Genius, and we are getting traction there. We feel real good about that as well as the front book opportunities.

我唯一要補充的是卡梅倫已經說過的話，準確地描述了我們如何看待 POS 和軟體領域的後台書籍。我們的團隊正在為那些對 Genius 感到興奮的現有支付客戶提供大量交叉銷售機會。他們可能正在使用來自其他供應商或競爭對手的遺留解決方案。但那部分客戶群也對 Genius 感到興奮，而且我們在那裡獲得了關注。我們對此以及封面書機會感到非常高興。

But to Cameron's point, the kind of legacy POS conversions we're here when they're ready, but we're not putting a gun to anybody's head. We're not forcing conversions. We're not doing anything unnatural around that other than continuing the relationship and being prepared when our customers are.

但正如卡梅倫所說，當傳統 POS 轉換準備就緒時，我們就會進行轉換，但我們不會拿槍指著任何人的頭。我們不會強迫改變。除了繼續保持關係並在客戶需要時做好準備之外，我們並沒有做任何不自然的事情。

And with that, that concludes our Q2 2025 earnings call. Thank you very much for joining us this morning, and thanks for your interest in Global Payments. Have a great day.

至此，我們的 2025 年第二季財報電話會議結束。非常感謝您今天上午加入我們，也感謝您對全球支付的關注。祝你有美好的一天。

Thank you, ladies and gentlemen. This concludes today's program, and we appreciate your participation. You may disconnect at any time.

謝謝各位，女士們、先生們。今天的節目到此結束，感謝您的參與。您可以隨時斷開連線。