環匯 (GPN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Global Payments third-quarter 2025 earnings conference call. (Operator Instructions) And as a reminder, today's conference will be recorded. At this time, I would like to turn the conference over to your host, Head of Investor Relations, Nate Rozof. Please go ahead

女士們、先生們，感謝各位的耐心等待，歡迎參加 Global Payments 2025 年第三季財報電話會議。（操作說明）再次提醒，今天的會議將會錄製。此時，我謹將會議交給主持人、投資人關係主管內特‧羅佐夫先生。請繼續

Good morning. Welcome to Global Payments third-quarter 2025 conference call. My name is Nate Rozof, and I'm Head of Investor Relations. Joining me on today's call is our CEO, Cameron Bready; our President and COO, Bob Cortopassi; and our CFO, Josh Whipple.

早安.歡迎參加 Global Payments 2025 年第三季電話會議。我叫內特‧羅佐夫，我是投資人關係主管。今天和我一起參加電話會議的有我們的執行長卡梅倫·布雷迪；我們的總裁兼營運長鮑勃·科托帕西；以及我們的財務長喬許·惠普爾。

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. I'd like to remind you that some of the comments made during today's conference call will contain forward-looking statements, including expected operating and financial results, among other matters.

您可以在我們網站 www.globalpayments.com 的投資者關係頁面找到我們的獲利報告和本次電話會議的幻燈片。我想提醒各位，今天電話會議中的一些演講將包含前瞻性陳述，包括預期營運和財務表現等。

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.

這些聲明受到風險、不確定性及其他因素的影響，可能導致實際結果與此類前瞻性聲明中明示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 be referring to several non-GAAP financial measures, which we believe are more reflective of our ongoing performance.

我們提醒您不要過度依賴這些說法。本次電話會議中所作的前瞻性陳述僅代表截至本次電話會議當天的觀點，我們不承擔更新這些陳述的義務。我們將參考一些非GAAP財務指標，我們認為這些指標更能反映我們目前的績效。

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 other supplemental material available on the Investor Relations section of our website.

如需了解本次電話會議中討論的非 GAAP 財務指標與根據美國證券交易委員會 (SEC) 規定最可比較的 GAAP 指標的完整對賬信息，請參閱我們今天早上提交的 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其他補充材料。

With that, I'll turn the call over to our CEO, Cameron Bready. Cameron?

接下來，我將把電話交給我們的執行長卡梅倫·布雷迪。卡梅倫？

Thanks, Nate, and good morning, everyone. We are pleased to deliver third quarter adjusted results that accelerated sequentially across our key financial metrics. Our team continues to execute at a high level, driving growth and efficiency across the business as we advance our transformation program.

謝謝你，內特，大家早安。我們很高興地公佈第三季調整後業績，各項關鍵財務指標均較上季加速成長。隨著我們推進轉型計劃，我們的團隊繼續保持高水準的執行力，推動業務成長和效率提升。

Importantly, our year-to-date performance positions us well to deliver on our expectations for the full year, and we are building positive momentum as we prepare for the closing of the Worldpay acquisition. To that end, we recently received approval for our acquisition of Worldpay from the Competition and Markets Authority in the UK, which is a critical regulatory milestone.

重要的是，我們今年迄今為止的業績使我們能夠很好地實現全年的預期目標，並且隨著我們準備完成對 Worldpay 的收購，我們正在積累積極的勢頭。為此，我們最近獲得了英國競爭與市場管理局對我們收購 Worldpay 的批准，這是一個重要的監管里程碑。

Given the strong progress we have made with the regulatory approval process, we now expect to close our acquisition of Worldpay and divestiture of Issuer Solutions in the first quarter of 2026. Naturally, our teams are eager to complete the Worldpay transaction and begin unlocking the compelling opportunities it presents, including accelerating our strategy to transform Global Payments into a pure-play merchant solutions provider with sustainable growth, leading scale, focused investments, and meaningful value creation.

鑑於我們在監管審批流程方面取得了顯著進展，我們現在預計將在 2026 年第一季完成對 Worldpay 的收購和 Issuer Solutions 的剝離。當然，我們的團隊渴望完成 Worldpay 交易，並開始釋放它所帶來的巨大機遇，包括加速我們的策略，將 Global Payments 轉型為純粹的商家解決方案提供商，實現永續成長、領先規模、重點投資和有意義的價值創造。

We are also pleased to have closed the divestiture of our payroll business in September, further simplifying our business and allowing us to return an incremental $500 million of capital to shareholders during the third quarter through an accelerated share repurchase program. Lastly, before turning to the quarter, I am happy to announce that we partnered with Google to enable Agentic Commerce using the Agent Payments Protocol. It will enable us to provide secure, reliable and interoperable agent commerce for our customers and partners.

我們也很高興在 9 月完成了薪資業務的剝離，進一步簡化了我們的業務，並使我們能夠在第三季度透過加速股票回購計劃向股東返還額外的 5 億美元資本。最後，在進入本季度之前，我很高興地宣布，我們與Google合作，利用代理支付協議實現了代理商務。這將使我們能夠為客戶和合作夥伴提供安全、可靠和可互通的代理商務服務。

We are helping our customers and partners to successfully enter this emerging commerce channel by building bridges between protocols to enable our merchants to access all agentic payment types. With this and other agentic AI frameworks, we are also developing the authentication layer that is necessary to verify that AI agents are legitimate to maximize authorization rates and thus maximize revenue for our customers.

我們正在幫助我們的客戶和合作夥伴成功進入這個新興的商業管道，透過建立協議之間的橋樑，使我們的商家能夠存取所有代理商支付類型。借助此框架和其他智慧體人工智慧框架，我們也正在開發必要的身份驗證層，以驗證人工智慧代理的合法性，從而最大限度地提高授權率，進而最大限度地提高客戶的收入。

For the quarter, we reported 6% constant currency adjusted net revenue growth, excluding dispositions, 110 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the same period last year.

本季度，我們公佈的經固定匯率調整後的淨收入（不包括資產處置）年增 6%，利潤率增長 110 個基點，經固定匯率調整後的每股收益同比增長 11%，與去年同期相比。

We also produced adjusted free cash flow of $784 million in the quarter, allowing us to end the quarter at 2.9 times adjusted net leverage below the 3 times target we had committed to and earlier than the year-end date we had previously anticipated. Our merchant business exhibited ongoing momentum with adjusted net revenue growth accelerating to 6% constant currency, excluding dispositions as we continue to execute across the three pillars of our strategy.

本季度我們還實現了調整後的自由現金流 7.84 億美元，使我們能夠以 2.9 倍的調整後淨槓桿率結束本季度，低於我們承諾的 3 倍目標，並且比我們之前預期的年末日期提前。我們的商家業務持續保持成長勢頭，經調整後的淨收入成長加速至 6%（以固定匯率計算，不包括資產處置），我們繼續貫徹執行我們策略的三大支柱。

First, in POS and software, our strategic priority remains on the development and rollout of Genius. Consistent with our focus on front book opportunities, currently more than 90% of Genius sales are to new customers. In the markets where we have launched Genius, sales to new locations increased by more than 20% year-over-year during the third quarter, with new sales ramping nicely throughout the quarter. In fact, monthly recurring revenue from new sales increased 75% from June to September and the average deal size more than doubled. This rapid uplift in new sales demonstrates how well Genius is resonating in the market.

首先，在POS和軟體方面，我們的策略重點仍然是Genius的開發和推廣。與我們對前端銷售機會的關註一致，目前 Genius 超過 90% 的銷售額來自新客戶。在我們已經推出 Genius 的市場中，第三季新地點的銷售額年增超過 20%，整個季度的新銷售額都在穩定成長。事實上，6 月至 9 月，新銷售帶來的月度經常性收入成長了 75%，平均交易額增加了一倍以上。新銷量的快速成長顯示 Genius 在市場上反應良好。

Genius is an incredibly robust business software platform that is architected to be highly modular, configurable, scalable and extensible. As we talk about Genius today and in the future, you will hear us highlight our support across multiple form factors for mobile phone applications to specialized handheld devices, all the way up to our unique countertop, kiosks, digital menu board and kitchen management devices.

Genius 是一個功能極其強大的商業軟體平台，其架構高度模組化、可配置、可擴展且易於擴展。如今以及未來，當我們談論 Genius 時，您會聽到我們強調我們對多種外形尺寸設備的支持，從手機應用程式到專用手持設備，再到我們獨特的桌上型電腦、自助服務終端、數位菜單板和廚房管理設備。

We will also discuss vertically targeted configurations supporting retail, restaurants, campuses, field services, professional services, age restricted and more. We may also comment on go-to-market bundles of specific feature functionality to assist customers with diverse needs at multiple price points designed to allow us to specifically tailor our offerings to meet customers how and where they want to be met.

我們也將討論針對零售、餐飲、校園、現場服務、專業服務、年齡限制等垂直領域的配置。我們也可以對特定功能組合的上市推廣方案發表評論，以幫助滿足不同客戶在多個價格點上的多樣化需求，從而使我們能夠根據客戶希望的方式和地點，量身定制我們的產品和服務。

With all the impact we are driving across the world with Genius, it is important to understand that this is still one Genius platform. We are unlocking capabilities, geographies, configurations and pricing bundles. We are not launching new discrete products or platforms. To that end, having successfully introduced Genius for the restaurant and retail verticals during the second quarter, which are primarily targeted at SMBs, I'm happy to share that we expanded Genius feature set to support enterprise businesses in September and higher education institutions in October.

儘管 Genius 在全球範圍內產生了巨大的影響，但重要的是要明白，這仍然是一個 Genius 平台。我們正在解鎖各種功能、地理、配置和定價方案。我們不會推出新的獨立產品或平台。為此，在第二季成功推出主要面向中小企業的餐飲和零售垂直領域的 Genius 之後，我很高興地宣布，我們在 9 月擴展了 Genius 的功能集，以支援企業業務，並在 10 月擴展了 Genius 的功能集，以支援高等教育機構。

Genius enterprise offering provide a unified modern and modular commerce enablement solution designed to meet the complex needs of multi-location, quick-serve and fast casual restaurants, sports and entertainment venues and food service management environment for enterprise customers.

Genius 企業產品提供統一的現代化模組化商務賦能解決方案，旨在滿足多地點、快餐和休閒快餐餐廳、體育和娛樂場所以及企業客戶的餐飲服務管理環境的複雜需求。

On the heels of this launch, we were pleased to be selected by Harris Blitzer Sports and Entertainment to be the official payment technology provider for the Prudential Center and the New Jersey Devils. We will integrate Genius across all food and beverage locations for the Prudential Center, helping to optimize how fans place, pay for and receive their orders across the venue while optimizing back-end operations.

繼此次發布之後，我們很高興被 Harris Blitzer 體育娛樂公司選中，成為保誠中心和新澤西魔鬼隊的官方支付技術提供者。我們將把 Genius 系統整合到保誠中心的所有餐飲場所，幫助優化球迷在場館內下單、付款和收貨的方式，同時優化後台營運。

While it's still very early for Genius in the enterprise space, we have also already been selected by franchisees of several leading QSR brands to deploy Genius across more than 400 locations. Our expansion of Genius functionality for higher education is ideally suited for a range of campus use cases, including on-campus merchants, dining halls, recreational facilities, departments and clubs, stadiums and more.

雖然 Genius 在企業領域仍處於非常早期的階段，但我們已被幾家領先的 QSR 品牌的加盟商選中，並將在 400 多個地點部署 Genius。我們針對高等教育擴展的 Genius 功能非常適合各種校園使用場景，包括校內商家、食堂、娛樂設施、系所和俱樂部、體育場等等。

Many universities do not have the necessary digital payments infrastructure to support their move away from cash and check. Genius fills that gap with easy-to-use commerce enablement solutions, including campus-wide payment acceptance capabilities and reconciliation. It drives commerce and simplifies back-end processes by centralizing transaction visibility while maximizing revenue streams, minimizing staff time and streamlining compliance.

許多大學沒有必要的數位支付基礎設施來支持他們逐步淘汰現金和支票支付方式。Genius 透過易於使用的商業賦能解決方案填補了這一空白，包括校園範圍內的支付接受功能和對帳功能。它透過集中交易可見度來推動商業發展並簡化後端流程，同時最大限度地提高收入來源，最大限度地減少員工時間並簡化合規流程。

In terms of new form factors, we recently launched our new handheld device for Genius. It features an advanced 6.5-inch high-definition touchscreen, seamless connectivity across WiFi, Bluetooth and 5G, and an upgraded processor that speeds performance. Demonstrating the power of Genius highly modular and configurable platform, I'm pleased to share that the University of Illinois selected Genius, and we use our new mobile form factor across revenue centers campus-wide.

在新的產品形態方面，我們最近推出了針對 Genius 的新型手持裝置。它配備了先進的 6.5 吋高清觸控屏，可無縫連接 WiFi、藍牙和 5G 網絡，並搭載了升級的處理器，從而提高了性能。為了展示 Genius 高度模組化和可配置平台的強大功能，我很高興地宣布，伊利諾伊大學選擇了 Genius，我們在整個校園的各個收入中心都使用了我們新的移動外形。

After geographic expansion, in addition to offering Genius across North America and the US, Canada and Mexico, we recently launched in the UK and Austria. And our first enterprise win in the UK came within days of our launch with the restaurant chain in [Glasgow] that has ambitious expansion plans.

在地理擴張之後，除了在北美、美國、加拿大和墨西哥提供 Genius 服務外，我們最近還在英國和奧地利推出了服務。我們在英國的第一個企業客戶是格拉斯哥一家雄心勃勃的連鎖餐廳，該公司在公司成立幾天後就取得了成功，並製定了雄心勃勃的擴張計劃。

Before the end of the year, we still expect to introduce Genius in Germany. In early 2026, we will also bring it to Ireland and the Czech Republic, followed by Spain, Romania, Poland and Australia. Lastly, we are actively deploying Genius through all of our distribution channels to help drive penetration across the entirety of our front book.

我們仍然預計在年底前將 Genius 引入德國。2026年初，我們還將把這項服務帶到愛爾蘭和捷克共和國，接著是西班牙、羅馬尼亞、波蘭和澳洲。最後，我們正在積極透過所有分銷管道部署 Genius，以幫助提高其在我們所有暢銷書的滲透率。

In addition to our large direct sales force, we recently launched Genius in our dealer VAR financial institution and ISO channels. The feedback from our partners in these channels has been resoundingly positive. Our digital menu boards and new handheld devices, particularly resonated with our dealers, and our loyalty solution is highly regarded across our partner channels. It is encouraging to see the ramping of new sales and all of our distribution partners invigorated by Genius.

除了我們龐大的直銷團隊外，我們最近還在經銷商加值經銷商 (VAR) 金融機構和獨立銷售機構 (ISO) 通路推出了 Genius 系統。我們來自這些通路合作夥伴的回饋非常正面。我們的數位菜單板和新型手持設備尤其受到經銷商的歡迎，我們的忠誠度解決方案在合作夥伴通路中也備受好評。令人鼓舞的是，新銷售額不斷增長，而且我們所有的分銷合作夥伴都因 Genius 而煥發活力。

In addition to our success with Genius, we have several notable wins across other software businesses, including Alterra Mountain Company, Oakwood University and Stillwater Public Schools. Turning to our Integrated and Embedded business. We had another outstanding quarter for partner signings with nearly 60 new partners added globally.

除了我們在 Genius 專案中取得的成功之外，我們在其他軟體企業中也取得了一些顯著的成功，包括 Alterra Mountain Company、Oakwood University 和 Stillwater Public Sc​​hoolls。接下來談談我們的整合和嵌入式業務。本季我們在合作夥伴簽約方面又取得了優異成績，在全球新增了近 60 家合作夥伴。

To continue to drive partner wins, we are investing in our developer experience, including launching easy-to-use tools, modernized documentation and a unified API platform that makes it easier to integrate and deploy our services. In addition, we are excited to have expanded our long-standing partnership with PayPal, continuing to leverage our technology footprint across North America, Europe, the UK and Asia Pacific.

為了繼續贏得合作夥伴，我們正在投資改善開發者體驗，包括推出易於使用的工具、現代化的文件和統一的 API 平台，更容易整合和部署我們的服務。此外，我們很高興能夠擴大與 PayPal 的長期合作關係，繼續利用我們在北美、歐洲、英國和亞太地區的技術影響力。

This multiyear partnership also expands our relationship into the US market and paves the way for global expansion into new verticals, creating significant opportunity for volume growth with PayPal. As part of our transformation program and sales effectiveness initiatives, we are expanding our distribution for this channel, which has historically been solely served by an inside sales rep team by adding a dedicated outside sales force and enabling integrated referrals to all of our direct sales teams.

這項多年合作關係也將我們的業務拓展到美國市場，並為全球擴張到新的垂直領域鋪平道路，從而為與 PayPal 的業務量成長創造重大機會。作為我們轉型計劃和銷售效率提升計劃的一部分，我們正在擴大該管道的分銷範圍，該管道歷來僅由內部銷售代表團隊提供服務。我們將增加一支專門的外部銷售隊伍，並為我們所有的直銷團隊提供整合的推薦服務。

With the addition of a field sales force targeted towards integrated opportunities, we expect to increase our win rate in complex verticals like automotive, health care, dental and veterinarian where clients continue to prefer to have face-to-face interaction. We also expect this to be a point of differentiation as we compete for new partners going forward.

透過增加一支專注於整合商機的現場銷售隊伍，我們預計在汽車、醫療保健、牙科和獸醫等複雜垂直領域提高成交率，因為客戶仍然更喜歡面對面的互動。我們也希望這能成為我們未來在爭取新合作夥伴時的一個差異化優勢。

As for our core payments business, we achieved several notable wins in high-growth geographies, including MaxiK convenience stores in Chile, Masovian Railways in Poland, Aegean Airlines in Greece, and Le Meridien Kuala Lumpur in Malaysia.

至於我們的核心支付業務，我們在高成長地區取得了一些顯著的成功，包括智利的 MaxiK 便利商店、波蘭的馬佐夫舍鐵路、希臘的愛琴海航空以及馬來西亞吉隆坡的艾美酒店。

In North America, we renewed Verizon Wireless and the State of Illinois extended our relationship for a new 10-year term. United Petroleum was a notable win in Canada, and we are expanding into nearly 200 Pizza Hut locations across Mexico.

在北美，我們與 Verizon Wireless 續簽了合同，伊利諾伊州也與我們續簽了為期 10 年的合作關係。在加拿大，我們成功拿下 United Petroleum，並且正在將業務拓展到墨西哥近 200 家必勝客門市。

I'm also excited to share that we launched our new merchant dashboard that facilitates cross-selling and value-added services. We built and deployed a modular and open dashboard that allows for a common interface supporting multiple client personas to customize the experience of delivering critical data and KPIs, generative AI data discovery interface, access to our robust client experience, engagement and loyalty components, and the ability to purchase and interact with a rich suite of personalized commerce enablement services and embedded finance tools.

我很高興地宣布，我們推出了全新的商家控制面板，該面板可以促進交叉銷售和增值服務。我們建立並部署了一個模組化和開放的儀表板，該儀表板提供了一個通用介面，支援多個客戶角色，以客製化關鍵資料和 KPI 的交付體驗、生成式 AI 資料發現介面、存取我們強大的客戶體驗、互動和忠誠度組件，以及購買和使用豐富的個人化商務賦能服務和嵌入式金融工具套件的能力。

These modern and robust points of interaction deliver the capabilities and experiences that our clients and partners desire and expect. Turning to Issuer Solutions. We again saw accelerating sequential trends with revenue growth increasing to 5% on a constant currency basis this quarter. This was largely driven by continued growth in accounts on file and stable underlying transaction volume trends as well as strong project-related revenue.

這些現代化且強大的互動點能夠提供我們的客戶和合作夥伴所渴望和期望的功能和體驗。轉向發卡機構解決方案。本季營收以固定匯率計算再次加速成長，季成長趨勢加快至 5%。這主要得益於帳戶數量的持續成長、穩定的潛在交易量趨勢以及強勁的項目相關收入。

We recently renewed our partnership with Advanzia, a leading European digital bank and OLB, a leading bank in the German market. We also signed new agreement with Allianz Bank and Brandskart and continue to have a solid pipeline of new business that extends into 2027. Further, we remain on track with our cloud modernization program and moved two more products into production this quarter. We are on schedule with our modernized efforts and expect to make all customer-facing applications commercially available by year-end.

我們最近與歐洲領先的數位銀行 Advanzia 和德國市場領先的銀行 OLB 續簽了合作關係。我們還與安聯銀行和 Brandskart 簽署了新的協議，並繼續擁有穩健的新業務儲備，這些業務將持續到 2027 年。此外，我們的雲端現代化計畫仍在按計畫進行，本季又有兩款產品投入生產。我們的現代化改造工作正按計劃進行，預計將在年底前將所有面向客戶的應用程式投入商業使用。

As I noted in my opening comments, we continue to make great strides on our transformation journey as we streamline Global Payments into a single unified operating company worldwide. At the core of this effort is investment in our technology strategy to unify our capabilities and expose them ubiquitously to customers around the globe. To facilitate this, we have architected a single-end single-app customer and partner experience, leveraging modern API environment, complemented by AI systems to integrate and consume our services.

正如我在開場白中提到的，隨著我們將全球支付業務精簡為一家全球統一的營運公司，我們在轉型之旅中繼續取得巨大進步。這項工作的核心是投資我們的技術策略，以統一我們的能力，並將其普遍地展現給全球客戶。為了實現這一目標，我們建立了單一終端的單一應用程式客戶和合作夥伴體驗，利用現代 API 環境，並輔以 AI 系統來整合和使用我們的服務。

With the orchestration platform capabilities we have discussed in prior quarters, we're enabling the single-in, single-out experience across all of our platforms in all of our geographies on an omnichannel basis. This strategy and architecture allows us to deliver the modern customer experience at clients demand and insulate them from the complexity of our processing environments, while providing us with the ability to simplify our infrastructure by technologies at a more measured pace without a material impact to our customers and partners.

憑藉我們在前幾個季度討論過的編排平台功能，我們正在所有地區的所有平台上以全通路的方式實現單進單出的體驗。這種策略和架構使我們能夠根據客戶的需求提供現代化的客戶體驗，並使他們免受我們處理環境複雜性的影響，同時使我們能夠以更穩健的速度透過技術簡化我們的基礎設施，而不會對我們的客戶和合作夥伴產生實質影響。

For example, this approach has already facilitated our EVO integration by supporting all net new volume and enabling us to migrate clients away from EVO's seven legacy gateways with minimal client impact. Notably, Worldpay is on a similar journey of using orchestration to enable technology and systems consolidation.

例如，這種方法已經透過支援所有新增流量，並使我們能夠以最小的客戶影響將客戶從 EVO 的七個舊式網關遷移出來，從而促進了我們的 EVO 整合。值得注意的是，Worldpay 也走上了類似的道路，利用流程編排實現技術和系統整合。

Our strategy is to align our orchestration capabilities, which gives us confidence in our ability to integrate and consolidate our technology stacks, unlocking more value and growth more quickly than we could have in the past. In addition to enabling cost savings and margin expansion through infrastructure consolidation, our modern orchestration layer also enables us to distribute products more easily across multiple geographies.

我們的策略是協調我們的編排能力，這使我們有信心整合和鞏固我們的技術棧，從而比過去更快地釋放更多價值並實現成長。除了透過基礎設施整合實現成本節約和利潤成長外，我們的現代化編排層還使我們能夠更輕鬆地在多個地區分銷產品。

This accelerates our pace of innovation, making us more nimble and improves our speed to market. With our API environment and the new dashboard I referenced earlier, this architecture works in harmony to deliver our holistic single-in and single-out vision.

這將加快我們的創新步伐，使我們更加靈活，並提高我們向市場推出產品的速度。借助我們的 API 環境和我之前提到的新儀表板，這種架構可以和諧地運作，實現我們整體的單一輸入和單一輸出願景。

To further accelerate product development, we have also aligned our teams around a new product operating model, a foundational shift in how product and technology come together to solve customer challenges at Global Payments. We are already seeing tangible benefits, faster execution, tighter alignment to our priorities and meaningful reductions in churn and waste as well as accelerated delivery of new capabilities. Our Genius rollout is a prime example of this.

為了進一步加快產品開發，我們也圍繞著新的產品營運模式調整了團隊，從根本上改變了產品和技術如何結合起來解決 Global Payments 的客戶挑戰。我們已經看到了切實的好處，執行速度更快，與我們的優先事項更加緊密地契合，人員流失和浪費顯著減少，以及新功能的交付速度加快。我們的 Genius 推廣活動就是一個絕佳的例子。

Further, we're embracing artificial intelligence to improve the productivity of our engineering teams and the experiences of our customers. So far, our teams have used AI to generate nearly 1 million lines of code, saving tens of thousands of hours of manual coding time. AI assisted coding is also reducing defects, which is accelerating testing and integration cycles.

此外，我們正在採用人工智慧來提高工程團隊的生產力，並改善客戶的體驗。到目前為止，我們的團隊已經利用人工智慧產生了近 100 萬行程式碼，節省了數萬小時的手動編碼時間。人工智慧輔助編碼還能減少缺陷，進而加快測試和整合週期。

Overall, the integration of AI is enhancing our end-to-end product development life cycle by enabling faster innovation and improved velocity across our technology portfolio. The power of AI is often dictated by the availability of data to train it.

總體而言，人工智慧的整合增強了我們端到端的產品開發生命週期，實現了更快的創新和更高的技術組合迭代速度。人工智慧的強大程度往往取決於用於訓練它的資料的可用性。

Once we combine with Worldpay, we will process nearly $4 trillion in annual volume across 100 billion transactions and serve millions of merchants and thousands of platforms and software partners. That scale of payments data will help us unlock AI-powered insights for our customers as their trusted partner. For example, we will be able to provide our customers with access to fraud tools, predictive inventory analysis, dynamic pricing models and churn risk analytics, all based on detailed transactional data and delivered in real time.

一旦我們與 Worldpay 合併，我們將處理近 4 兆美元的年交易額，交易量達 1000 億筆，並為數百萬商家和數千個平台及軟體合作夥伴提供服務。如此龐大的支付數據將幫助我們作為客戶值得信賴的合作夥伴，為客戶解鎖人工智慧驅動的洞察。例如，我們將能夠為客戶提供詐欺工具、預測庫存分析、動態定價模型和客戶流失風險分析，所有這些都基於詳細的交易數據，並即時交付。

In addition to the investments we're making in our product and technology environments, we're also investing meaningfully to transform our sales force, which is obviously our primary point of contact with many of our customers. As we previously discussed, during the first half of the year, we transitioned our sellers from our 94 compensation plan, which was 100% commission-based structure to a new compensation program that incorporates base pay plus commissions.

除了在產品和技術環境方面的投資外，我們還在大力投資以改造我們的銷售團隊，這顯然是我們與許多客戶的主要聯繫點。正如我們之前討論過的，在今年上半年，我們將銷售人員的薪酬計劃從 100% 佣金制的 94 薪酬計劃過渡到包含基本工資加佣金的新薪酬計劃。

This change yields multiple benefits for us. First, it enables us to incentivize solution-based selling, which is critical when we are introducing new solutions like Genius, and 100% commission-based plan, sellers will often take a wait-and-see approach to new products, preferring to take the past of least resistance to closing a new sale. Under our new plan, we have targeted our strategic commerce enablement solutions in addition to overall sales quotas.

這項改變為我們帶來了多重好處。首先，它使我們能夠激勵以解決方案為導向的銷售，這在我們推出像 Genius 這樣的新解決方案時至關重要。如果採用 100% 佣金制，銷售人員通常會對新產品採取觀望態度，更傾向於選擇阻力最小的方式來完成新銷售。根據我們的新計劃，除了整體銷售配額之外，我們還重點關注了我們的策略性商業賦能解決方案。

This model also makes it much easier for us to hire strong experienced sellers. As we continue to focus on selling more software and commerce enablement solutions, this structure is more consistent with the market for software sellers, allowing us to attract the right talent to sell our capabilities. With this new structure in place and the early proven results, we are expanding the size of our sales force to improve our engagement in the market. Today, we are actively recruiting for 500 additional field sellers in North America.

這種模式也讓我們更容易聘請到經驗豐富的優秀銷售人員。隨著我們繼續專注於銷售更多軟體和商業賦能解決方案，這種結構與軟體銷售市場的現狀更加一致，使我們能夠吸引合適的人才來銷售我們的能力。隨著新架構的建立和早期成果的驗證，我們正在擴大銷售團隊的規模，以提高我們在市場上的參與度。今天，我們正在北美積極招募 500 名外勤銷售人員。

We have also deployed a consistent sales methodology across our sales force, which improves the portability of new leads across channels and the customer experience. This lead portability is facilitated by the last key pillar of our sales transformation, unifying the technology that enables it.

我們也在整個銷售團隊中推行了一致的銷售方法，這提高了新線索在不同通路間的可移植性，並改善了客戶體驗。這種銷售線索的可移植性得益於我們銷售轉型的最後一個關鍵支柱，即統一實現該目標的技術。

We have mentioned in the past that we are consolidating our CRM systems, which is a critical enabler to passing leads between sales channels and harmonizes how we get to market. Now sales professionals from different channels can see the lead in its entire history through the same CRM system. This also allows for a greater ability to manage the overall inventory leads we receive, recycle unsuccessful leads and ensure that no lead is left behind in our environment.

我們之前提到過，我們正在整合客戶關係管理系統，這對於在銷售管道之間傳遞銷售線索至關重要，並能協調我們進入市場的方式。現在，來自不同管道的銷售人員可以透過同一個 CRM 系統查看銷售線索的完整歷史記錄。這也使我們能夠更好地管理我們收到的所有庫存線索，回收不成功的線索，並確保我們的環境中不會遺漏任何線索。

We are also deploying sales intelligence tools to automate pipeline management as well as AI agents to summarize our sales call in real time and document any need to follow up. While it's still early, our new sales methodology and compensation programs are increasing deal count and size.

我們也正在部署銷售智慧工具來實現銷售通路管理的自動化，並部署人工智慧代理來即時總結我們的銷售電話，並記錄任何需要跟進的情況。雖然現在還處於早期階段，但我們新的銷售方法和薪酬方案正在增加交易數量和規模。

Overall, we are seeing double-digit increases in signed annual revenue per deal and mid-single-digit increases in deal count. We're also seeing speed to first deal increase with our earliest adopting channel improving by almost 40%. Lastly, we've seen attrition in new hires in the first 90 days improved meaningfully. For example, the first sales group to move to this new plan has seen more than a 50% reduction of new hire attrition since adoption.

總體而言，我們看到每筆交易的年度簽約收入實現了兩位數的成長，而交易數量實現了中等個位數的成長。我們也看到，首筆交易的速度也在加快，最早採用通路的轉換率提高了近 40%。最後，我們發現新進員工入職前 90 天的流失率有了顯著改善。例如，第一個採用此新方案的銷售團隊自採用以來，新員工流動率降低了 50% 以上。

Our transformation will be catalyzed by the acquisition of Worldpay and simultaneous divestiture of our Issuer Solutions business, positioning Global Payments as a pure-play merchant solutions provider. With the transactions expected to close during the first quarter of 2026, integration planning for Worldpay is well underway with all critical milestones established.

收購 Worldpay 並同時剝離發卡機構解決方案業務將加速我們的轉型，使 Global Payments 成為純粹的商家解決方案提供者。預計交易將於 2026 年第一季完成，Worldpay 的整合計畫正在順利進行，所有關鍵里程碑都已確定。

Our disciplined approach will ensure alignment with our operating model and drive value creation. Our integration strategy focuses on accelerating growth, enhancing competitiveness, realizing synergies and investing in innovation while unifying under a single brand and leveraging top talent from both organizations.

我們嚴謹的方法將確保與我們的營運模式保持一致，並推動價值創造。我們的整合策略著重於加速成長、增強競爭力、實現綜效和投資創新，同時統一於單一品牌之下，並利用兩個組織中的頂尖人才。

Through our integration, we are striving to be a better version of the companies we have been until now, not just the larger one, one that maximizes scales and prioritizes growth to ensure lasting results for our customers, our shareholders and our team members. And we will do this by leveraging our unmatched global scale, processing nearly $4 trillion annually across 100 billion transactions and a complementary set of capabilities that strengthen our value proposition.

透過整合，我們力求成為比以往更好的公司，而不僅僅是規模更大的公司，最大限度地擴大規模，優先考慮成長，以確保為我們的客戶、股東和團隊成員帶來持久的成果。我們將利用我們無與倫比的全球規模，每年處理近 4 兆美元的交易，涉及 1000 億筆交易，以及一系列互補的能力來增強我們的價值主張。

Together, we will expand distribution, enhance our product suite and scale innovation. Our North Star for integration is growth, growth in M&A from an unrelenting focus on the needs of our customers. This incremental growth will be driven by a number of actionable opportunities that leverage the strength of the combined business.

我們將攜手擴大通路，完善產品組合，並擴大創新規模。我們整合的北極星是成長，透過不懈地關注客戶需求，在併購領域實現成長。這一漸進式成長將由一系列切實可行的機會推動，這些機會將充分利用合併後業務的優勢。

For example, we will immediately begin selling Genius and other software solutions into Worldpay's SMB base, while using their channels to broaden reach. Further, Worldpay's Payrix platform and PayFac capabilities will deepen our support for software partners and platforms. Their enterprise and e-commerce strength will also enhance our omnichannel offerings and diversify our client mix while also providing capabilities we can cross-sell across the breadth of our combined merchant base.

例如，我們將立即開始向 Worldpay 的中小企業客戶群銷售 Genius 和其他軟體解決方案，同時利用他們的管道擴大覆蓋範圍。此外，Worldpay 的 Payrix 平台和 PayFac 功能將加深我們對軟體合作夥伴和平台的支援。他們的企業和電子商務實力也將增強我們的全通路產品，並使我們的客戶組合多樣化，同時也能提供我們可以向合併後的商家群體進行交叉銷售的能力。

We will also extend Worldpay's digital capabilities to SMBs and pursue geographic expansion in the 40 markets where we already operate. As previously noted, we also have a significant opportunity to drive synergies by leveraging a unified orchestration layer to consolidate platforms and reduce technical debt.

我們也將把 Worldpay 的數位化能力擴展到中小企業，並在我們已經經營的 40 個市場尋求地理擴張。如前所述，我們還有很大的機會透過利用統一的編排層來整合平台並減少技術債務，從而推動協同效應。

Further, our ability to deploy approximately $1 billion in annual capital investments to support a cohesive merchant-centric product road map will serve as a powerful catalyst. This strategic alignment is expected to create a flywheel effect accelerating innovation, enhancing efficiency and further strengthening our offerings.

此外，我們每年投入約 10 億美元的資本投資，以支持以商家為中心的統一產品路線圖，這將起到強大的推動作用。這種策略調整可望產生飛輪效應，加速創新，提高效率，並進一步加強我們的產品和服務。

In support of our execution of all these opportunities, in September, we were pleased to announce the appointment of two new independent directors to our Board of Directors, who filled seats vacated by retiring Board members this past April.

為了支持我們掌握所有這些機遇，我們很高興地宣布，9 月任命了兩名新的獨立董事加入我們的董事會，填補了今年 4 月退休的董事會成員留下的空缺。

Our new directors, Patty Watson and Archie Deskus, bringing a wealth of leadership skills, experience and financial technology expertise to our boardroom. Their guidance will be helpful as we continue to execute on our strategic ambition to be the worldwide partner of choice for Commerce Solutions.

我們的新董事 Patty Watson 和 Archie Deskus 為董事會帶來了豐富的領導技能、經驗和金融科技專業知識。他們的指導將對我們繼續實現成為全球首選商務解決方案合作夥伴的策略目標大有裨益。

The Board has also established a new adhoc integration committee to oversee the integration of Worldpay following the close of the acquisition. This committee will represent a governance best practice for Global Payments going forward. While we currently provide the Board with detailed updates on acquisition integration, the formation of a dedicated committee will allow for deeper engagement and more focused oversight. Leveraging the Board's diverse expertise and experience in this area will be invaluable as we execute on this critical initiative.

董事會也成立了一個新的臨時整合委員會，負責監督收購完成後 Worldpay 的整合工作。該委員會將代表全球支付產業未來發展的最佳治理實務。雖然我們目前會向董事會提供收購整合的詳細最新情況，但成立專門委員會將能夠進行更深入的參與和更有針對性的監督。充分利用董事會在該領域的多元化專業知識和經驗，對於我們執行這項關鍵措施將大有裨益。

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

那麼，我把電話交給喬希吧。

Thanks, Cameron, and good morning. We're pleased to have reported another solid quarter, highlighted by accelerating revenue growth, healthy margin expansion and strong adjusted free cash flow generation. Importantly, the performance delivered is exactly consistent with the expectations we outlined at the beginning of the year as we continue to execute against our strategy and transformation agenda.

謝謝你，卡梅倫，早安。我們很高興地宣布又一個穩健的季度業績，亮點包括收入成長加速、利潤率健康擴張以及強勁的調整後自由現金流。重要的是，我們所取得的業績與我們年初制定的預期完全一致，我們將繼續執行我們的策略和轉型計劃。

Specifically, we delivered adjusted net revenue of $2.43 billion for the third quarter, an increase of 6% from the prior year on a constant currency basis, excluding dispositions. Adjusted operating margins expanded 110 basis points to 45% or 80 basis points, excluding dispositions, resulting from strong execution and benefits from the transformation we began executing last year.

具體而言，第三季調整後淨收入為 24.3 億美元，以固定匯率計算比上年增長 6%（不包括資產處置）。經調整後的營業利潤率成長了 110 個基點，達到 45%；若不計資產處置，則成長了 80 個基點，這得益於我們去年開始實施的轉型計畫的強勁執行力和帶來的效益。

The net result was adjusted earnings per share of $3.26, an increase of 12% on a reported basis and 11% on a constant currency basis. Year-to-date, we've generated [$2.1 billion] in adjusted free cash flow, representing a 96% conversion rate from adjusted net income.

最終調整後每股收益為 3.26 美元，按報告匯率計算成長 12%，以固定匯率計算成長 11%。今年迄今，我們已產生[21億美元]的調整後自由現金流，調整後淨收入的轉換率為96%。

Taking a closer look at performance by business. Merchant Solutions produced adjusted net revenue of $1.88 billion for the quarter, reflecting growth of approximately 6% on a constant currency basis, excluding dispositions. This represents a 50 basis point improvement sequentially, consistent with our outlook that we set at the beginning of the year, and the expectations outlined at our investor conference last year.

深入分析各業務部門的績效。Merchant Solutions 本季調整後淨收入為 18.8 億美元，以固定匯率計算成長約 6%（不包括資產處置）。這比上一季提高了 50 個基點，與我們年初設定的預期以及去年投資者大會上概述的預期一致。

Further, the macroeconomic backdrop remains consistent as we continue to see stable volumes supporting our view that the consumer spending remains resilient. Our POS and software business achieved high single-digit growth, excluding dispositions for the third quarter.

此外，宏觀經濟背景依然穩定，銷售持續穩定，這印證了我們關於消費者支出仍具有韌性的觀點。不計第三季資產處置，我們的POS和軟體業務實現了高個位數成長。

We're encouraged by the acceleration in new Genius locations sold having seen a 37% monthly increase since launching in June. We continue to build on this momentum in Q4, we hosted our Genius Dealer and VAR Conference in late September. The conference was well attended with over 200 dealers and key highlights including introducing new Genius handheld along with displaying our enterprise-grade capabilities like digital menu boards to SMBs.

自 6 月推出以來，新 Genius 門市的銷售速度加快，每月成長 37%，這令我們倍感鼓舞。第四季我們繼續保持這一勢頭，並在9月下旬舉辦了天才經銷商和增值經銷商大會。本次大會吸引了 200 多位經銷商參加，主要亮點包括推出新款 Genius 手持設備，以及向中小企業展示我們的企業級功能，例如數位菜單板。

We're excited about the progress we've made in rolling out Genius as our singular point-of-sale technology platform across our business. We'll have much more to share in the coming quarters as we build on these accomplishments.

我們很高興在公司範圍內推廣 Genius 作為我們唯一的銷售點技術平台方面取得了進展。接下來幾個季度，我們將在此基礎上取得更多成就，並與大家分享更多資訊。

Turning to integrated embedded payments. This business also delivered high single-digit growth for the third quarter. We added nearly 60 new partners globally during the quarter, and notably, about half of these new ISV partners were outside North America, underscoring the distinct value we bring as a provider with unmatched global reach.

轉向整合嵌入式支付。該業務第三季也實現了高個位數成長。本季我們在全球新增了近 60 家合作夥伴，值得注意的是，其中約一半的新 ISV 合作夥伴來自北美以外地區，這凸顯了我們作為一家擁有無可比擬的全球覆蓋範圍的供應商所帶來的獨特價值。

And the compounding power of those one to many ISV relationships continues to propel our top line as they ramp. For example, year-to-date, we have seen a 68% year-over-year revenue growth from the cohort of partners that we signed in 2023, while the ramp from new partners signed last year is nearly 15 times their contribution in 2024.

隨著這些一對多 ISV 合作關係的不斷擴大，其複利效應將繼續推動我們的營收成長。例如，截至目前，我們在 2023 年簽約的合作夥伴群體實現了 68% 的同比增長，而去年簽約的新合作夥伴在 2024 年的貢獻幾乎是其 15 倍。

In core payments, we delivered mid-single-digit growth during the quarter. Our international markets demonstrated relative strength with high single-digit constant currency revenue growth across Central Europe and Asia Pacific as we continue to benefit from strong secular payment trends in these markets.

在核心支付業務方面，我們本季實現了中等個位數的成長。我們的國際市場表現相對強勁，中歐和亞太地區的固定匯率收入實現了高個位數成長，我們繼續受益於這些市場強勁的長期支付趨勢。

This reinforces our commitment to expand our foothold to meet strong demand and provide our best-in-class suite of capabilities across geographies. We delivered an adjusted operating margin of 51.1% in Merchant Solutions, an increase of 110 basis points over the prior year or 70 basis points, excluding dispositions, again highlighting the impact of our transformation.

這進一步鞏固了我們擴大市場份額以滿足強勁需求，並在各地提供一流服務的承諾。我們在商家解決方案業務中實現了 51.1% 的調整後營業利潤率，比上一年增長了 110 個基點，如果排除資產處置，則增長了 70 個基點，再次凸顯了我們轉型的影響。

Moving to Issuer Solutions business, we generated adjusted net revenue of $562 million for the third quarter, reflecting growth of over 5% on a constant currency basis. This represents over 150 basis points of acceleration sequentially and also marks an improvement from our performance in the first half of the year as expected.

再來看發行人解決方案業務，我們第三季調整後的淨收入為 5.62 億美元，以固定匯率計算成長超過 5%。這代表著環比成長超過 150 個基點，也標誌著我們上半年業績的改善，正如預期。

Revenue growth was primarily driven by new implementations and growth with existing customers as our strategy of aligning with market share winners continues to drive benefits. We also benefited from the recognition of project and fees for service revenue that we had previously expected in Q4.

收入成長主要得益於新專案的實施和現有客戶的成長，因為我們與市場份額領導者結盟的策略繼續帶來收益。我們也受惠於專案收入和服務費收入的確認，這些收入是我們先前預期在第四季度獲得的。

We added 16 million traditional accounts on file this quarter, bringing us to a record of 917 million traditional accounts in total. We completed two implementations in the quarter, and we continue to see sustained growth in transaction count. Insurer Solutions delivered an adjusted operating margin of 46.9%, which is a 150 basis point improvement from the prior year period.

本季我們新增了 1,600 萬個傳統帳戶，使我們的傳統帳戶總數達到創紀錄的 9.17 億個。本季我們完成了兩項實施工作，交易量持續成長。保險解決方案業務的調整後營業利潤率為 46.9%，比去年同期提高了 150 個基點。

As I mentioned, reported adjusted operating margins expanded by more than 100 basis points in both merchant and issuer. This reflects not only continued cost discipline, but also incremental benefits we've realized from our transformation efforts. In addition to beginning to unlock top line growth, as Cameron described a moment ago, our transformation has yielded significant cost efficiencies as we streamline our businesses and functions.

正如我之前提到的，商家和發卡機構的經調整營業利潤率均成長了 100 多個基點。這不僅體現了我們持續的成本控制，也體現了我們從轉型努力中獲得的逐步效益。正如卡梅倫剛才所描述的那樣，除了開始釋放營收成長潛力之外，我們的轉型還透過精簡業務和職能，帶來了顯著的成本效益。

From a cash flow standpoint, we produced strong adjusted free cash flow for the quarter of approximately $784 million, representing a conversion rate of adjusted net income to adjusted free cash flow of approximately 100%. We invested approximately $170 million in capital expenditures during the quarter and expect capital expenditures to be roughly $700 million or approximately 8% of revenue for the full year, consistent with our previously stated target.

從現金流的角度來看，本季我們實現了強勁的調整後自由現金流，約 7.84 億美元，調整後淨收入與調整後自由現金流的轉換率約為 100%。本季我們在資本支出方面投入了約 1.7 億美元，預計全年資本支出約為 7 億美元，約佔收入的 8%，與我們先前公佈的目標一致。

We continued our commitment to returning capital to shareholders this quarter, repurchasing $500 million through an accelerated share repurchase in connection with the sale of our payroll business, bringing our total share repurchases to approximately $1.2 billion year-to-date. We continue to see buying back our shares as a compelling opportunity given our confidence in our strategy and long-term growth profile.

本季我們繼續履行向股東返還資本的承諾，透過加速股票回購的方式回購了 5 億美元，以配合我們薪資業務的出售，使我們今年迄今為止的股票回購總額達到約 12 億美元。鑑於我們對自身策略和長期成長前景的信心，我們仍然認為回購公司股票是一個極具吸引力的機會。

We're pleased to report that we've reduced our leverage faster than anticipated. Our net leverage position was 2.9 times at the end of the third quarter, down from 3.15 times at the end of the second quarter and below our long-term target of 3 times. Our continued strong free cash flow generation gives us confidence in our ability to delever back to 3 times within 18 to 24 months of closing the Worldpay acquisition.

我們很高興地報告，我們降低槓桿的速度比預期更快。第三季末，我們的淨槓桿率為 2.9 倍，低於第二季末的 3.15 倍，也低於我們 3 倍的長期目標。我們持續強勁的自由現金流產生能力使我們有信心在完成對 Worldpay 的收購後的 18 至 24 個月內將槓桿率降至 3 倍。

Our balance sheet remains extremely healthy, and we ended the period with approximately $4.1 billion of available liquidity. Outstanding indebtedness is almost entirely fixed rate with an attractive weighted average cost of debt of 3.4%.

我們的資產負債表依然非常健康，期末我們擁有約 41 億美元的可用流動資金。未償債務幾乎全部為固定利率，加權平均債務成本為 3.4%，頗具吸引力。

Moving 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. We anticipate dispositions will impact reported adjusted net revenue growth by approximately 400 basis points for the full year, which now reflects the sale of our payroll business in September.

接下來展望2025年全年。我們繼續預計，2024 年按固定匯率調整後的淨收入將增長 5% 至 6%（不包括資產處置）。我們預計資產處置將使全年報告的調整後淨收入成長下降約 400 個基點，這反映了我們在 9 月出售了工資業務。

As we discussed the past two quarters, the foreign currency exchange rate environment has continued to evolve since we established our initial 2025 guidance. We now expect a modest tailwind of approximately 50 basis points from foreign currency exchange rates in Q4.

正如我們在過去兩個季度中所討論的，自我們最初制定 2025 年業績指引以來，外匯匯率環境一直在不斷變化。我們現在預計第四季外匯匯率將帶來約 50 個基點的溫和利好。

And for the full 2025, we expect foreign currency exchange rates to be broadly neutral to reported revenue and EPS growth. And we expect full year adjusted operating margin to more than 50 basis points, excluding dispositions, which is consistent with the guidance that we provided last quarter. We expect Q4 performance to be generally in line with our year-to-date trends and similar to Q3.

我們預計，到 2025 年全年，外匯匯率對報告的收入和每股盈餘成長將基本保持中性。我們預計全年調整後營業利潤率（不包括資產處置）將超過 50 個基點，這與我們上個季度提供的指導一致。我們預期第四季業績將與年初至今的趨勢基本一致，與第三季類似。

At the segment level, we still anticipate our merchant business to deliver adjusted net revenue growth of roughly 6% on a constant currency basis, excluding dispositions for the full year, and we continue to expect adjusted operating margin expansion for merchants to be greater than 50 basis points, excluding dispositions for the full year.

從業務部門來看，我們仍然預計，在不計資產處置的情況下，全年商戶業務調整後淨收入將增長約 6%（按固定匯率計算），並且我們繼續預計，在不計資產處置的情況下，全年商戶業務調整後營業利潤率將增長超過 50 個基點。

For Issuer Solutions, we continue to expect adjusted net revenue growth of approximately 4% on a constant currency basis for the full year. This implies Q4 growth of roughly 4% due to the pull forward that I mentioned a moment ago. We expect adjusted operating margin expansion for the issuer business to be greater than 50 basis points for the full year.

對於發行人解決方案，我們仍然預計全年調整後的淨收入按固定匯率計算將成長約 4%。這意味著第四季成長率約為 4%，這得益於我剛才提到的提前成長效應。我們預計全年發行人業務的調整後營業利潤率將成長超過 50 個基點。

We continue to anticipate adjusted free cash flow conversion to be greater than 90% for the full year and we expect to end the year at or below our 3 times net leverage target. Altogether, for the year, we remain confident in the trajectory of the business, and we continue to expect adjusted earnings per share growth to be at the high end of the 10% to 11% range on a constant currency basis.

我們繼續預期全年調整後自由現金流轉換率將超過 90%，並預期年底淨槓桿率將達到或低於 3 倍的目標。總的來說，我們對公司今年的發展軌跡仍然充滿信心，並繼續預計以固定匯率計算，調整後的每股盈餘成長率將達到 10% 至 11% 區間的高端。

In sum, we delivered another quarter consistent with expectations and we remain on track to achieve our outlook for the full year for revenue, margins, EPS and free cash flow. And with that, let me turn the call back over to Cameron.

總之，我們又實現了一個符合預期的季度，我們仍有望實現全年收入、利潤率、每股盈餘和自由現金流的預期目標。那麼，現在讓我把電話交還給卡梅倫。

Thanks, Josh. I could not be more proud of our team and the positive impact we are seeing in our business from our transformation. The anticipated closing of the Worldpay acquisition and the concurrent divestiture of Issuer Solutions business early next year represent a pivotal moment in our company's evolution.

謝謝你，喬希。我為我們的團隊感到無比自豪，也為我們轉型後業務所取得的正面成果感到驕傲。預計 Worldpay 收購案將於明年初完成，同時發行解決方案業務也將剝離，這標誌著我們公司發展歷程中的關鍵時刻。

Far from a departure from our strategy, these actions are a natural extension of it, providing unique opportunities to accelerate our transformation. Together, they will crystallize Global Payments position as a pure-play merchant solution provider and a leading provider of commerce enablement solutions with unmatched global scale in an industry where scale matters more than ever.

這些舉措非但不是偏離我們的策略，而是策略的自然延伸，為加速我們的轉型提供了獨特的機會。他們將共同鞏固 Global Payments 作為純粹的商家解決方案提供者和領先的商業賦能解決方案提供者的地位，並在規模比以往任何時候都更加重要的行業中擁有無與倫比的全球規模。

We remain intensely focused on driving sustainable growth through a combination of expanded and more effective distribution, a more comprehensive suite of products and solutions and our ability to invest in innovation at scale. With approximately $1 billion in annual capital investment dedicated exclusively to merchant and commerce enablement solutions, we are uniquely positioned to accelerate our product road map and deliver differentiated value to our customers.

我們將繼續全力以赴，透過擴大和提高分銷效率、提供更全面的產品和解決方案以及大規模投資創新，推動永續成長。我們每年投入約 10 億美元的資本專門用於商家和商業賦能解決方案，這使我們擁有獨特的優勢來加速我們的產品路線圖，並為我們的客戶提供差異化的價值。

These transactions also reinforce our transformational objectives to enhance operational efficiency and maximize cash flow. Leveraging our increased scale and realizing meaningful synergies, we expect to generate significantly more levered free cash flow than what would have been achievable absent these strategic actions.

這些交易也強化了我們提高營運效率和最大化現金流的轉型目標。利用我們不斷擴大的規模並實現有意義的協同效應，我們預計產生的槓桿自由現金流將比如果沒有這些策略行動所能實現的要多得多。

And our commitment to disciplined capital allocation remains unchanged. In addition to the $1.2 billion we have already returned from the disposition of assets, we remain on track to return $7.5 billion to shareholders between '25 and '27 while simultaneously delevering to 3 times within 18 to 24 months of closing the Worldpay transaction.

我們對嚴謹的資本配置的承諾依然不變。除了我們已經透過處置資產收回的 12 億美元之外，我們仍有望在 2025 年至 2027 年間向股東返還 75 億美元，同時在完成 Worldpay 交易後的 18 至 24 個月內將槓桿率降至 3 倍。

By 2028, we expect to generate approximately $5 billion in annual levered free cash flow, which is 50% more than it otherwise would have been. This level of actual generation will provide us with significant flexibility to continue returning capital to shareholders on a sustained basis, while simultaneously investing in innovation to drive sustainable long-term revenue growth and operating leverage.

到 2028 年，我們預計每年將產生約 50 億美元的槓桿自由現金流，比原本應有的水準高出 50%。這種實際發電量將為我們提供相當大的靈活性，使我們能夠持續地向股東返還資本，同時投資於創新，以推動可持續的長期收入成長和營運槓桿。

With that, I'll turn it back to the operator to open the line for questions.

這樣，我就把電話交還給接線員，讓他開通提問線。

(Operator Instructions)

（操作說明）

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Cameron, Josh, great results here. It looks like everything is on track and better than expected. I wanted to touch on your comments, Cameron, on free cash flow. I mean the generation is very impressive, and you're pushing probably $9 billion of return right now. So as we get closer to this 2028, how do you think about capital returns given the massive amount of free cash flow that GPN is throwing?

卡梅倫、喬什，你們取得了很棒的成績。一切似乎都在按計劃進行，甚至比預期還要好。卡梅倫，我想談談你關於自由現金流的評論。我的意思是，這一代產品非常出色，目前可能已經實現了 90 億美元的回報。隨著 2028 年的臨近，考慮到 GPN 正在釋放的大量自由現金流，您如何看待資本回報？

Thank you.

謝謝。

Yeah, thanks, Dan. Thanks for the kind comments. I would say our philosophy remains very consistent. As you highlighted over the course of the '25 to '27 time frame, we expect to return close to $9 billion. That's $1.2 billion from dispositions that we've made and obviously utilized the proceeds from those to return capital, and we're still targeting $7.5 billion from just cash flow that we're generating in the business is capital returns over that same time frame.

謝謝你，丹。感謝您的好評。我認為我們的理念始終如一。正如您在 2025 年至 2027 年期間所強調的那樣，我們預計將獲得近 90 億美元的回報。這其中包括我們透過資產處置獲得的 12 億美元，顯然我們已將這些收益用於資本回報，而且我們仍然計劃在同一時期內，僅透過業務產生的現金流，就實現 75 億美元的資本回報。

As I just commented, we expect to have free cash flow in the neighborhood of $5 billion by the time we get to 2028. And I would say, given where we are today, our priority would remain returning that capital to shareholders.

正如我剛才所說，我們預計到 2028 年，我們的自由現金流將達到 50 億美元左右。鑑於我們目前的處境，我認為我們的首要任務仍然是把資本回饋給股東。

Obviously, we want to be able to continue to invest in the business to drive growth and make sure that we're innovating at the pace that we want to and maintaining our competitiveness in the market, but recognize that our free cash flow expectation is already built in a $1 billion-plus of new investment in innovation annually.

顯然，我們希望能夠繼續投資於業務，以推動成長，並確保我們以我們想要的速度進行創新，並保持我們在市場上的競爭力，但我們也意​​識到，我們每年超過 10 億美元的創新新投資已經包含了我們的自由現金流預期。

So we think we have ample free cash flow in 2028 to return a significant amount of capital to shareholders while still positioning us to be able to invest in the business the way we need to, to drive sustainable long-term growth.

因此，我們認為到 2028 年，我們將擁有充足的自由現金流，可以向股東返還大量資本，同時也能讓我們以所需的方式投資於業務，從而推動可持續的長期成長。

The only thing I would add, Dan, is look, you saw in the quarter, we continue to generate really, really strong free cash flow. Year-to-date, we generated over $2 billion of free cash flow, we converted at 96%. And you also saw that we delevered down to 2.9 times. And just given the cash flow profile of this business, we feel very confident that we'll delever back to 3 times within 18 to 24 months of closing the Worldpay acquisition. So we feel really good about that.

丹，我唯一要補充的是，你看，你也看到了，本季我們繼續產生了非常非常強勁的自由現金流。今年迄今為止，我們產生了超過 20 億美元的自由現金流，轉換率為 96%。而你們也看到了，我們的去槓桿化程度已經降至 2.9 倍。鑑於該業務的現金流狀況，我們非常有信心在完成對 Worldpay 的收購後的 18 至 24 個月內將槓桿率降至 3 倍。所以我們對這一點感到非常滿意。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Good morning guys. Thanks. I wanted to ask on merchant, a two-part question. The first part is on Genius. I wanted to get a sense of what the complexion of some of these initial wins look like? Are you mostly winning restaurants and retailers that are moving to Genius from a non-cloud solution? Are you getting competitive takeaways from the other cloud providers?

各位早安。謝謝。我想就商家問題提問，這個問題分成兩個部分。第一部分在 Genius 上。我想了解這些初步勝利的具體情況？你們主要贏得的是從非雲端解決方案遷移到 Genius 的餐廳和零售商嗎？您是否從其他雲端服務供應商獲得了具有競爭力的收益？

And then the second part of the question is just on pricing and the environment there. Last week, one of your competitors talked about rolling back some fees in parts of its SMB merchant base. So I wanted to get your take there. Just on the overall pricing backdrop, are you seeing any more price aggression in the market since last quarter? Thanks.

問題的第二部分是關於定價和當地環境的。上週，你們的一位競爭對手談到要降低部分中小企業商戶的費用。所以我想聽聽你的看法。就整體定價而言，您是否觀察到自上個季度以來市場上的價格戰加劇？謝謝。

Yeah, Jason, it's Cameron. Thanks for the question. I'll start and maybe ask Bob to provide a little more color on specifically what we're seeing with Genius. But to maybe answer your question very quickly, I think it's a little bit of all of the above. We're delighted with the progress that we're seeing with Genius.

是的，傑森，我是卡梅隆。謝謝你的提問。我先來，也許可以請鮑伯更詳細地介紹我們在 Genius 上看到的情況。但要快速回答你的問題，我認為以上所有因素都有一點關係。我們對 Genius 目前的進展感到非常高興。

We called out some stats, obviously, in our prepared remarks, but certainly, the momentum we're building around Genius is palpable. I think the reception of the market is highly constructive as it relates to the product, the capabilities, the form factors, in all the feature functionality that we're able to bring to bear through the platform.

當然，我們在事先準備好的演講稿中提到了一些統計數據，但毫無疑問，我們圍繞 Genius 所建立的勢頭是顯而易見的。我認為市場對產品、功能、外形以及我們透過該平台所能提供的所有特性都給予了高度評價。

So as we commented, we're already live in a number of markets internationally. We have plans to bring it to more markets. 90% of our new sales are to new customers, which is really encouraging, and it aligns with our focus, as we've described before, on front book opportunities.

正如我們之前提到的，我們已經在多個國際市場上線運作。我們計劃將產品推廣到更多市場。 90%的新銷售額來自新客戶，這非常令人鼓舞，也與我們先前提到的專注於開拓新市場機會的策略相符。

We saw new locations increase kind of 20% quarter-over-quarter and a 37% increase since we launched in June and new ARR, importantly, not only are we selling more locations, but the value of those locations is increasing as well as new ARR is up almost 75% since we launched in June with an average deal size, it's greater than 50% what it was prior to launching Genius.

我們看到新店數量較上季增加了約 20%，自 6 月推出以來成長了 37%。更重要的是，我們不僅銷售了更多店面，而且這些店面的價值也在成長。自 6 月推出以來，新的 ARR 成長了近 75%，平均交易規模比 Genius 推出前成長了 50% 以上。

So I think as it relates to the early sort of proof points around how Genius is resonating with the market, we feel very enthusiastic about the reception we've received and obviously, the momentum we're building. I'll let Bob talk a little bit more about specifically kind of what we're seeing on the wind front.

所以我覺得，就 Genius 如何引起市場共鳴的早期證據而言，我們對所受到的反響感到非常興奮，顯然，我們對正在建立的勢頭也感到非常興奮。我請鮑伯再詳細談談我們目前在風方面看到的情況。

Yeah. Thanks, Cameron. Jason, the way that we think about -- the way that I think about the front book opportunities that we're winning is that the motive competition really varies by geography. And that's less about the intensity of competition or what the product market fit is, and it's more about the maturity of the market sort of inherently. So as you think about where we've got Genius rolled out so far over the last few months, it's primarily North America-based although I think we mentioned that we're live in the UK.

是的。謝謝你，卡梅倫。傑森，我們思考的方式——或者說我思考我們正在贏得的封面圖書機會的方式是，競爭的動機因地域而異。這與其說是競爭的激烈程度或產品與市場的契合度的問題，不如說是市場本身成熟度的問題。所以，想想我們過去幾個月來 Genius 的推廣範圍，它主要集中在北美，不過我想我們之前也提到過，我們在英國也已經上線了。

now as well. And across North America, the US is a very different market than Mexico in terms of the penetration of POS technology systems as opposed to kind of legacy payment methods themselves. And that's the primary driver of the source of the wins. When we go head to head in a market like the US.

現在也是如此。而就北美而言，美國與墨西哥在 POS 技術系統的普及程度上，以及傳統支付方式本身的普及程度上，是一個截然不同的市場。這就是他們取得勝利的主要動力。當我們在美國這樣的市場上展開正面競爭時。

that's fairly mature, deep competitive landscape, a lot of established software providers there. We feel very confident about how our software and capabilities stack up against them, and we're winning a lot of those head-to-head battles as well as competitive takeaways. We're also winning in markets where software adoption is less than it is in the United States. And some of those wins are coming from head-to-head and competitive takeaways. Some of those are coming from people who are leaning into a full POS software stack to manage their business for the first time.

這是一個相當成熟、競爭激烈的市場格局，有許多成熟的軟體供應商。我們對我們的軟體和能力與他們相比非常有信心，我們在許多正面交鋒以及競爭中都取得了勝利。我們在軟體普及率低於美國的市場也取得了成功。其中一些勝利來自於正面交鋒和競爭中的勝利。其中一些用戶是第一次使用全套 POS 軟體來管理他們的業務。

But regardless of geography of distribution method, whether that's dealers or direct and regardless of kind of who the competition is, today, I wouldn't say that there's one spot we're winning in a spot that we're concerned, we feel really strongly about our opportunity to win when we get in deals. You didn't ask this, and I probably shouldn't volunteer it, but if you ask like where are you struggling?

但無論分銷方式的地域性如何，無論是經銷商還是直銷，也無論競爭對手是誰，今天，我不會說我們在某個我們關注的領域已經佔據了優勢，但我們對達成交易時獲勝的機會充滿信心。你沒問這個問題，我可能也不該主動回答，但如果你問我，你遇到什麼困難呢？

Where do you have challenges today? It's not about product, and it's not about customer demographic, it's frankly about mind share. Some of what we're doing is new to our clients and new to our prospective clients and we're competing against people who've got some established mind share.

你目前面臨哪些挑戰？這與產品無關，也與客戶群無關，坦白說，這關乎的是品牌認知。我們正在做的一些事情對我們的客戶和潛在客戶來說都是全新的，而且我們正在與那些已經擁有一定市場地位的人競爭。

So we're being very aggressive about how we think about the marketing opportunities to get the Genius name and the Global Payments brand in front of our prospective customer base. We're thinking a lot about how to leverage our existing distribution and maximizing the performance of that channel. An example of the thing that we've done this quarter has come alongside some of our FI or other indirect distribution partners, not only offering Genius to them, but offering sales assistance with Genius.

因此，我們正在積極思考如何利用各種行銷機會，將 Genius 的名稱和 Global Payments 的品牌推廣到我們的潛在客戶群面前。我們正在認真思考如何利用我們現有的分銷管道，並最大限度地提高該管道的績效。本季我們所做的一件事的一個例子是，我們與一些金融機構或其他間接分銷合作夥伴合作，不僅向他們提供 Genius，還為他們提供 Genius 的銷售協助。

So we've got a number of, for example, FI partners who are really excited about the opportunity to service their customers with more technology solutions, but they don't always feel like they've got the sales expertise inside of the bank to go and sell software as software. And so we're coming alongside them and offering to partner them up either with our direct sales team or in some cases, with regional dealers where they can go to market jointly.

例如，我們有許多金融機構合作夥伴，他們對有機會透過更多技術解決方案為客戶提供服務感到非常興奮，但他們並不總是覺得銀行內部有足夠的銷售專業知識來銷售軟體。因此，我們與他們並肩作戰，提出與他們合作，要么與我們的直銷團隊合作，要么在某些情況下，與區域經銷商合作，讓他們可以共同開拓市場。

And Jason, I want to circle back on the second part of your sneaky two-part question there. So on the pricing environment, what I would say is it remains fairly constructive. And our philosophy, I think, from a pricing standpoint, really hasn't changed. We want to price our services and solutions given the level of value and capability we're bringing to our clients.

傑森，我想再談談你剛才那個偷偷摸摸的兩部分問題的第二部分。所以就定價環境而言，我認為它仍然相當具有建設性。我認為，從定價的角度來看，我們的理念並沒有真正改變。我們希望根據我們為客戶帶來的價值和能力來定價我們的服務和解決方案。

We don't strive to be the low-cost provider in the market, and we want to be paid fairly and appropriately for the level of value and service that we think we can deliver. So we're not leading with price. But obviously, we must be price competitive and we are price competitive for our solutions. I think the reference that you made was really as it relates to more of a back book pricing sort of action as opposed to front book opportunities.

我們並不追求成為市場上價格最低的供應商，我們希望獲得與我們所提供的價值和服務水準相符的公平合理的報酬。所以我們並非以價格為先導。但很顯然，我們必須具備價格競爭力，而我們的解決方案也確實具備價格競爭力。我認為你所提到的其實是指針對後期發行的定價策略，而不是針對新發行的發行機會。

And as I said, we're always price competitive as we think about sort of new front book opportunities in the business. The last thing I would just leave you with is with the Worldpay, obviously, acquisition and the significant scale that we will bring to the competitive landscape as we move forward, I don't worry about being price competitive really with anybody.

正如我所說，我們在考慮業務中新的前沿市場機會時，始終保持價格競爭力。最後我想和大家分享的是，隨著我們收購 Worldpay，以及我們未來發展將為競爭格局帶來的巨大規模，我並不擔心價格上會與任何人競爭。

We want to make sure we're differentiating our capabilities based on the future functionality and level of service that we bring. And will always be price competitive, but we think we bring something distinctive from a functionality and service standpoint, and we want to be paid fairly and appropriately for that.

我們希望確保我們能夠根據未來所提供的功能和服務水準來展現我們自身的差異化優勢。我們始終會在價格上保持競爭力，但我們認為我們在功能和服務方面具有獨特性，我們希望為此獲得公平合理的報酬。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Thanks. Good morning, guys. Cameron, I'm going to have a very unsneaky two-parter here for you. If you could just provide some color on the primary components of the organic growth number and specifically call out some pricing increases to the back book, which are channel checks have suggested some pretty significant ones in recent months.

謝謝。各位早安。卡梅倫，我接下來要跟你講一個非常直白的兩部分故事。如果您能詳細說明有機成長數據的主要組成部分，並特別指出一些針對庫存商品的定價上漲情況（通路調查顯示，近幾個月來這些上漲幅度相當大），那就太好了。

And then the second one on the sales force expansion, super interesting. What kind of companies are you sourcing from the most and where do you see the most opportunity? Thanks

第二篇是關於銷售團隊擴張的，非常有趣。您主要從哪些類型的公司採購？您認為哪裡有最大的機會？謝謝

Yes, Adam, I'll take the first part and I may ask Bob to jump in on the second part just in terms of where we're sourcing kind of new sales professionals and the success we've seen on that front. I would say there's nothing sort of out of the ordinary in terms of organic growth for the business in this quarter. We're continuing to see much of that driven from new sales productivity.

是的，亞當，我會負責第一部分，至於第二部分，我可能會請鮑伯參與進來，談談我們從哪裡招募新的銷售專業人員，以及我們在這一方面取得的成功。我認為本季公司有機成長方面並沒有什麼異常之處。我們看到，這主要得益於銷售效率的提升。

And actually, as we've called out, we're seeing better productivity from a new sales standpoint and better results from a new sales standpoint in the quarter, which obviously is a little bit of a tailwind to the overall growth in the business. And then secondly, obviously, we're seeing fairly stable same-store sales trends across the business as well, which are the two biggest drivers, obviously, our organic growth and the performance we're seeing in the business.

事實上，正如我們之前提到的，從新的銷售角度來看，本季的生產力有所提高，銷售業績也有所改善，這顯然對公司的整體成長起到了一定的推動作用。其次，很顯然，我們看到整個業務的同店銷售趨勢也相當穩定，這顯然是兩個最大的驅動因素，即我們的自然成長和我們在業務中看到的業績。

As it relates to pricing, we're continuing to exercise the same philosophy that we've had over a long period of time, as I mentioned in my answer to the earlier question, we focus on pricing our services and solutions based on the value of the services and capabilities that we're bringing to our client base. What we have been doing through our transformation is looking to harmonize all of our pricing sort of structures across all the different portfolios that we've acquired over a long period of time.

至於定價方面，我們將繼續秉持長期以來的理念，正如我在對先前問題的回答中所提到的，我們專注於根據我們為客戶群帶來的服務和能力的價值來定價。我們轉型過程中所做的，就是努力協調我們長期以來收購的所有不同投資組合的定價結構。

So as part of that, obviously, we are looking to harmonize kind of the pricing structures and capabilities that we're utilizing to make sure that we're getting paid fairly and appropriately for the level of value and service that we're delivering. But I would say on the pricing front, there was certainly nothing unusual in the quarter as it relates to how we think about pricing our solutions and actions that we may take from a back book perspective, as we're looking to harmonize those pricing structures kind of across our portfolios.

因此，很顯然，作為其中的一部分，我們正在尋求協調我們正在使用的定價結構和能力，以確保我們能夠獲得與我們提供的價值和服務水平相符的公平合理的報酬。但就定價方面而言，本季並沒有什麼不尋常之處，這與我們對解決方案定價的思考以及從現有訂單角度可能採取的行動並無二致，因為我們正在尋求協調我們所有產品組合中的定價結構。

Yeah. And in terms of where we're sourcing kind of sales talent and the pipeline for that, I would say, again, it's very broad. Obviously, we're targeting software salespeople who've got experience doing that motion. Whether they're coming from fintech or whether they're coming from other types of kind of core business management software.

是的。至於我們從哪裡獲取銷售人才以及相關的人才儲備，我想再次強調，這方面的範圍非常廣泛。顯然，我們的目標客戶是那些有相關經驗的軟體銷售人員。無論他們來自金融科技領域，還是來自其他類型的核心業務管理軟體領域。

But I think the differentiating point here, as you think about kind of a legacy sales rep and a new sales rep, if you will, is that this is a much more consultative sale process than sort of commodity purchasing. Some people, particularly younger folks want to be able to interact digitally and acquire through that sort of methodology, but not everybody feels comfortable fully articulating their needs, understanding the complexities that may be associated with large-scale implementations and rollouts, and we find it very constructive to have consultative sales talent and sales engineers, certainly as the enterprise space to come alongside them and be able to deliver those capabilities at scale for both SMBs as well as enterprise clients.

但我認為，如果你把傳統銷售代表和新銷售代表區分開來，你會發現，這種銷售過程更注重諮詢而非商品採購。有些人，尤其是年輕人，希望能夠透過數位化方式進行互動和獲取訊息，但並非每個人都能自如地表達自己的需求，理解大規模實施和推廣可能帶來的複雜性。我們發現，擁有諮詢型銷售人才和銷售工程師，尤其是在企業領域，與他們並肩作戰，能夠為中小企業和企業客戶大規模地提供這些能力，是非常有建設性的。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah, hey guys. Nice job across the board. And I guess, my question, Genius, you talked a lot about new sales to new clients, but the back book, about 10%, it sounds like sales are coming through. I'm wondering what's the, I guess, experience so far with attrition in yield when you do move the back book? And if that's good, are you going to more aggressively kind of push into that?

嗨，大家好。各方面都做得很好。我想問的是，天才，你談了很多關於向新客戶銷售新產品的事情，但是積壓訂單（約佔 10%），聽起來銷售情況正在好轉。我想知道，當您將滯後訂單轉移時，收益率方面的損耗情況目前為止如何？如果這是好事，你會更積極地推進這件事嗎？

Yeah. Thanks, Dave. We talked about this a number of times, and I think our strategy is relatively consistent, and that is to be in front of our customers and leverage the relationships that we have, ensure that they're aware of the capabilities that Genius brings to bear and be prepared to help them migrate at a time that is comfortable and convenient for them to do so.

是的。謝謝你，戴夫。我們已經多次討論過這個問題，我認為我們的策略相對一致，那就是走到客戶面前，利用我們已有的關係，確保他們了解 Genius 所提供的能力，並做好準備，在他們感到舒適和方便的時候幫助他們進行遷移。

As a reminder, Genius is not a new from the ground up brand new technology stack, much of Genius core capabilities comes from existing solutions that we already had in the market. So as we think about customer migrations, in many cases, this isn't really a migration per se. This is simply unlocking the incremental capabilities that we've built over the past 18 months or so as we've been working to bring Genius to market across the globe.

需要提醒的是，Genius 並不是一個從零開始建立的全新技術棧，Genius 的許多核心功能都來自我們市場上已有的現有解決方案。因此，當我們考慮客戶遷移時，在許多情況下，這實際上並不是真正的遷移。這只是解鎖我們在過去 18 個月左右的時間裡逐步建立的功能，因為我們一直在努力將 Genius 推向全球市場。

The second thing related to sort of yield and average revenue per customer, as Cameron mentioned, the overall deal size is increasing. A little bit of that has to do with the sorts of customers that we're able to target with Genius as a solution, but part of it is also about the breadth of capabilities we have to monetize.

第二點與收益率和每位客戶的平均收入有關，正如卡梅倫所提到的，整體交易規模正在增加。這其中一部分原因與我們能夠透過 Genius 解決方案瞄準的客戶類型有關，但部分原因也與我們能夠實現盈利的能力範圍有關。

We have to provide to deliver incremental value to those clients. So as we think about a migration experience, there is not any meaningful price compression associated with that. I would say it's neutral to slightly enhanced given the take rate on some of the incremental capabilities.

我們必須為這些客戶提供遞增的價值。因此，當我們考慮遷移體驗時，並不會有任何有意義的價格壓縮。考慮到某些新增功能的普及率，我認為它處於中性到略微增強的狀態。

As we think about the strategy against the back book, look, there's a time and a place for that. But as I mentioned earlier on one of the responses about mind share, we're very focused on getting Genius in front of as many prospective clients as possible, and establishing a footprint so that all of you on this call, when you walk into anywhere you do business in your normal life, you begin to see more and more of the Genius brands.

當我們考慮針對後盤的策略時，要知道，這需要時間和場合。但正如我之前在關於心智份額的回復中提到的那樣，我們非常注重讓 Genius 接觸到盡可能多的潛在客戶，並建立影響力，以便各位在座，在日常生活中，無論你們走進哪裡，只要你們有生意要做，就會開始看到越來越多的 Genius 品牌。

So we're very aggressively focused on front book opportunities. We're prepared and we're here for our back book clients as they migrate. And in most cases, as I mentioned, that's not a full-scale data conversion, migration that's simply unlocking incremental capabilities on the new unified platform.

因此，我們非常積極地專注於前期發行機會。我們已做好準備，隨時為老客戶提供遷移服務。而且正如我所提到的，在大多數情況下，這並不是一次全面的資料轉換或遷移，而只是在新統一平台上解鎖一些增量功能。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Yeah, good morning guys, and solid results here. Cameron, I just want to ask you a little bit more directly about that peer that we talked about that reduced the guidance. In particular, they talked about short-term revenues that were unsustainable and driving higher revenues and margins. Is that something that's common practice in the industry? Can you maybe talk a little bit about the yields that you see versus volume?

是的，各位早安，我們取得了不錯的成績。卡梅倫，我想更直接地問你一下我們之前談到的那位減少了指導的同學的情況。他們特別談到了不可持續的短期收入，以及由此帶來的更高收入和利潤率。這是業界普遍做法嗎？您能否談談您觀察到的產量與收益率之間的關係？

You guys have been pretty consistent on that. And then any kind of ability for you guys to competitively take away some business as a result of that? Thanks.

你們在這方面一直都很穩定。那麼，你們是否有能力藉此機會搶佔一些市場份額呢？謝謝。

Yeah, Bryan, thanks for the question. Look, it's hard for me to comment too much on another company or another competitor. I certainly don't have perfect visibility into everything that's happening with their business. I'm really intensely focused on the things we're doing and how we're executing as a business. I wouldn't say that the things that they called out were common in sort of practices.

是的，布萊恩，謝謝你的提問。你看，我很難對其他公司或競爭對手發表太多評論。我當然不可能完全了解他們公司發生的一切。我非常專注於我們正在做的事情以及我們作為一家企業是如何執行的。我不會說他們指出的那些事情在某種做法中很常見。

And I think much of the commentary, particularly around merchant related to one specific international market and some idiosyncratic sort of issues there that were propping up kind of growth, of FX rates and inflation, et cetera.

我認為很多評論，特別是關於與某個特定國際市場相關的商人的評論，以及支撐外匯匯率和通貨膨脹等增長的一些特殊問題。

So as I look at kind of the business more broadly, as I said before, I'm really focused on the things that we're doing, and I can't get too far down the path in terms of commenting on someone else. To that end, I would tell you, I'm really pleased with what we're seeing in our business and how effective our transformation is in terms of positioning us for a better sustainable growth and value-creation future as a business.

所以，從更廣泛的角度來看待這個行業，正如我之前所說，我真正關注的是我們正在做的事情，所以我不能過多地評論其他人。為此，我想告訴大家，我對我們公司目前的發展狀況以及轉型在幫助我們實現更永續的成長和價值創造方面所取得的成效感到非常滿意。

And I'm really pleased with the momentum we're building in the business. We've been at our transformation journey now for about 15 months, and I'm really pleased again with the success that we've seen and the direction of travel as it relates to all the key initiatives that we have really been investing against over that period of time.

我對我們公司目前的發展勢頭感到非常滿意。我們的轉型之旅已經進行了大約 15 個月，我對我們所取得的成功以及我們在這段時間裡大力投資的所有關鍵舉措的發展方向感到非常滿意。

We reoriented our operating model to make sure that we are well positioned for the growth future that I described before. We've had terrific success with Genius, which we spend a lot of time talking about today. Our sales effectiveness initiatives are progressing really well, and we're seeing a lot of positive trends coming out of those.

我們調整了營運模式，以確保我們能夠為我之前描述的成長前景做好充分準備。我們在 Genius 上取得了巨大的成功，今天我們花了很多時間談論它。我們的銷售效率提升計劃進展非常順利，我們看到了許多正面的趨勢。

And the technology strategy that we outlined today, we think strikes the right balance between delivering client experiences that are modern and contemporary and aligned with what customers are looking for in the marketplace, while positioning us to be able to deprecate infrastructure and streamline and harmonized technology environments over a longer period of time that will drive additional cost savings and margin uplift in the business without creating a lot of customer distraction.

我們今天概述的技術策略，我們認為在提供符合市場需求、現代化且與時俱進的客戶體驗的同時，也實現了恰當的平衡，使我們能夠在更長的時間內淘汰基礎設施，簡化和統一技術環境，從而在不給客戶造成過多幹擾的情況下，為業務帶來額外的成本節約和利潤提升。

And of course, as we thought about our business and the market more broadly in the competitive landscape, we obviously put that into context as we thought about the transactions to acquire Worldpay and the best our Issuer Solutions business.

當然，當我們思考我們的業務和更廣泛的市場競爭格局時，我們顯然會將這些因素納入考慮，以便進行收購 Worldpay 和我們發卡機構解決方案業務的交易。

We think these transactions further catalyze everything that we're doing from a transformation perspective and obviously, will position us going forward as a pure-play merchant solution provider really with unmatched global scale in an industry, as I said before, where scale matters more than ever.

我們認為這些交易將進一步推動我們正在進行的一切轉型工作，而且顯然，這將使我們未來成為一家真正的、純粹的商家解決方案提供商，擁有無與倫比的全球規模，正如我之前所說，在這個行業中，規模比以往任何時候都更加重要。

So as I look at the things that we're doing, we're incredibly enthusiastic about the progress that we're making. We feel very good about how we're building a sustainable growth-oriented engine here that's based on healthy growth fundamentals and obviously, positioning the business competitively. And with the Worldpay combination, obviously, we think we'll bring a level of scale to the industry that positions us extraordinarily well, continue to grow, continue to innovate and continue to generate significant cash flow, obviously, that allows us to invest for the future while rewarding shareholders with significant capital returns.

所以，當我審視我們正在做的事情時，我們對所取得的進展感到無比興奮。我們對目前建構的可持續成長引擎感到非常滿意，這個引擎建立在健康的成長基本面之上，並且顯然也使業務具有競爭力。顯然，透過與 Worldpay 的合併，我們認為我們將為行業帶來規模優勢，使我們處於非常有利的地位，繼續成長，繼續創新，並繼續產生可觀的現金流，這顯然使我們能夠為未來投資，同時為股東帶來可觀的資本回報。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Hey guys. Thanks for taking the questions. Good to see the consistent results here. Maybe you could ask just about Merchant Services or Merchant Solutions organic growth. It looks like the exit rate pretty consistent with what you guys had outlined previously, slightly above 6%. Maybe talk about just the progression into 2026. And whether any thinking has changed there, particularly in terms of drivers?

嘿，大家好。謝謝您回答問題。很高興看到這裡取得了持續穩定的成果。或許您可以詢問一下商家服務或商家解決方案的自然成長。看起來退出率與你們之前概述的情況基本一致，略高於 6%。或許可以談談到 2026 年的發展。那方面的思考方式是否有所改變，尤其是在司機方面？

I know POS and software is obviously a big driver, Salesforce is a big driver and a number of things going on. But just -- maybe just if you think about just the progression into 2026 and some of the key drivers, that would be great. Thanks so much.

我知道POS和軟體顯然是一個重要的驅動因素，Salesforce是一個重要的驅動因素，還有很多其他因素在運作。但是——也許如果你考慮到 2026 年的發展進程以及一些關鍵驅動因素，那就太好了。非常感謝。

Yeah, I'll start. I'll maybe ask Josh to add a little bit of commentary as well. I think, look, 2026 is right around the quarter. So the drivers as we think about the business organically heading into 2026 are really centered around the things that you just described. Obviously, Genius continues to be a very significant focal point for us in terms of driving growth in our business.

好的，我先來。我或許還會請喬希補充一些評論。我認為，你看，2026 年差不多就是那個季度了。因此，當我們思考公司在 2026 年的有機發展時，驅動因素實際上都圍繞著你剛才描述的事情。顯然，Genius 仍然是我們推動業務成長的一個非常重要的焦點。

We have incremental market expansion opportunities in 2026 that we're looking to deliver. Obviously, we continue to build momentum in the markets where we've already rolled it out, and we're seeing strong progress on that front.

我們在 2026 年擁有逐步擴大的市場機遇，我們正努力實現這些機會。顯然，我們在已經推出產品的市場中繼續保持成長勢頭，並且在這方面取得了顯著進展。

And then, of course, our initiatives around sales effectiveness, the incremental sales force professionals we're looking to hire and bring to bear on the market. Their ability to be productive more quickly and obviously drive a level of productivity -- that's superior than what we've been able to see historically under our old sort of plans, I think, gives us a lot of optimism around the direction of travel, relates to organic growth heading into 2026.

當然，還有我們圍繞銷售效率提升的各項舉措，以及我們正在招募並引入更多銷售專業人員到市場上的計劃。他們能夠更快地提高生產力，並且顯然能夠推動生產力水平的提升——我認為這比我們過去在舊計劃下所看到的要好得多，這讓我們對未來的發展方向充滿信心，也讓我們對2026年的有機增長充滿信心。

So I don't think the underlying theme as it relates to how the business is positioned heading into next year has really changed. And I would just note also that they're very consistent with what we called our conference a little over a year ago.

所以我認為，就公司明年的發展定位而言，其根本主題並沒有真正改變。我還要指出，他們的說法與我們一年多前召開的會議的名稱非常一致。

Obviously, as we highlighted on the call today, we're poised to close the Worldpay transaction early in 2026. And I think as we look at the combination of the two business heading into next year, we're obviously comfortable with the direction of travel of the global payments business.

顯然，正如我們在今天的電話會議上所強調的那樣，我們準備在 2026 年初完成對 Worldpay 的收購。我認為，展望明年兩項業務的合併，我們顯然對全球支付業務的發展方向感到滿意。

We're very comfortable with the direction of travel of the world estate business in terms of their organic growth as we look to wrap up '25 and head into '26. In the outlook for the combined business next year, I would just, ask you to reflect on what we shared in Q1 of this year around the medium term outlook for the combined business that remains kind of our outlook as we sit here today for the combined business as we get into 2026.

展望 2025 年即將結束，2026 年即將到來之際，我們對世界房地產產業的自然成長方向感到非常滿意。展望明年合併後的業務，我只想請大家回顧一下我們在今年第一季分享的關於合併後業務中期展望的內容，這仍然是我們今天對合併後業務在 2026 年的展望。

Yes, Andrew, the only thing I'd add is, I think if you go back to the beginning of the year, we're doing exactly what we said we were going to do. You go back in the first three quarters, the shaping of merchant is right in line with what we see acceleration in the back half, and that's primarily related to the transformation initiatives as Cameron and Bob called out around Genius and sales effectiveness.

是的，安德魯，我唯一要補充的是，我認為如果你回顧一下年初的情況，我們正在完全按照我們所說的去做。回顧前三個季度，商家的塑造與我們在後半段看到的加速發展完全一致，這主要與卡梅倫和鮑勃所指出的圍繞 Genius 和銷售效率的轉型舉措有關。

And then to Cameron's point, we gave our medium-term outlook for '26 and '27 for the pro forma business on our Q1 call. So I would point you back to that where you can see kind of what we're expecting for the business in 2026.

然後，正如卡梅倫所指出的，我們在第一季電話會議上給出了 2026 年和 2027 年的中期業務展望（按備考情況）。所以我想請您回顧那篇文章，在那裡您可以了解我們對公司在 2026 年的發展預期。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey guys, thanks. Look, when we see some of these data points like the sales revamp showing us increases on deal counts and even the Genius stats are obviously strong, looking at some of these with 90% sales to new customers, increases, et cetera. I guess our question would just be when we would start to see that play out in volume growth?

嘿，夥計們，謝謝。你看，當我們看到一些數據點，例如銷售改革顯示交易數量增加，甚至 Genius 統計數據也明顯強勁，其中一些 90% 的銷售額來自新客戶，等等。我想我們的問題就是，什麼時候才能看到銷售成長反映出這一點？

I know it's early now in some of these initiatives, but your 5% growth rate, I would like to see that show some traction and acceleration. Do you expect acceleration in volume growth, specifically the KPI you've been disclosing in the same manner as we go into next year as a result of these initiatives? And then sort of related, but a follow-up would be the Worldpay SMB segment, I know is an area that you should be able to really capitalize your Genius program with post close.

我知道現在這些舉措還處於早期階段，但我希望看到你們5%的成長率能夠取得一些進展並加速發展。您是否預期，隨著這些措施的實施，銷售成長（特別是您一直以來揭露的關鍵績效指標）會在明年加速成長？然後，雖然有點相關，但後續內容是 Worldpay 的中小企業板塊，我知道這是您應該能夠在交易完成後真正利用 Genius 計劃獲利的領域。

And so just how are you thinking about integrating that, rationalizing the two SMB go-to-market organizations and the uplift potential that we can see in volume overall as a result of that as well. Thanks guys.

那麼，您打算如何整合這兩家中小企業市場推廣機構，以及由此帶來的整體銷售提升潛力呢？謝謝各位。

Yeah, Darrin, good question. So on the first question, we did see, obviously, volume uplift from Q2 to Q3. And obviously, that's reflected in the metrics and the disclosures we provided today. But I think the longer answer to your question is, of course, over time, as we continue to make progress with Genius, we expect to be able to drive incremental uplift in volume all else being equal across what's happening in the macro environment.

是的，達林，問得好。所以關於第一個問題，我們確實看到了從第二季到第三季的銷售成長。顯然，這一點在我們今天提供的指標和揭露資訊中都有所體現。但我認為，對於你的問題，更長遠的答案當然是，隨著時間的推移，隨著我們在 Genius 方面不斷取得進展，我們期望能夠在宏觀環境保持不變的情況下，逐步提升銷量。

As you can imagine, a lot of different factors sort of shape the ultimate sort of volume growth we see in the business. But certainly, we are seeing new sales of Genius driving incremental volume to the business, which is obviously driving overall volume trajectory in the right direction.

可以想像，很多不同的因素都會影響我們在業務中看到的最終銷售成長。但可以肯定的是，我們看到 Genius 的新銷售額正在為公司帶來增量銷量，這顯然正在推動整體銷售朝著正確的方向發展。

And obviously, as we continue to move forward and make progress against expanding our footprint with Genius to Bob's point, growing mind share around Genius and having more success with front book opportunities, we expect that to continue to drive margin opportunity -- excuse me, volume opportunity and growth in volume in the business over a period of time.

顯然，隨著我們繼續前進，並在擴大 Genius 的業務版圖方面取得進展（正如 Bob 所說），不斷提高 Genius 的知名度，並在前台業務機會方面取得更大的成功，我們預計這將繼續推動利潤機會——抱歉，是銷量機會和業務量在一段時間內的增長。

I think as it relates to the Worldpay opportunity, certainly, we think the overlap and complementary nature of the distribution platforms in SMB is really attractive. Today, Worldpay really lacks a product suite that we have that's really geared towards serving the SMB segment of the market. And we think that our ability to leverage that product suite across our distribution channels is going to be really powerful.

我認為就 Worldpay 的機會而言，我們認為中小企業分銷平台的重疊性和互補性確實很有吸引力。目前，Worldpay 確實缺少一套真正面向中小企業市場的產品組合。我們認為，利用我們所有的分銷管道來推廣這套產品組合的能力將會非常強大。

The other thing I would say is their distribution platforms, again, are largely complementary to what we do today. Their FI channel is, again, incremental largely to what we do from a distribution standpoint. Their wholesale relationships are largely complementary to the relationships that we have.

我還要補充一點，他們的分銷平台與我們目前所做的工作在很大程度上是互補的。從分銷的角度來看，他們的 FI 管道在很大程度上是對我們現有業務的補充。他們的批發關係與我們現有的關係在很大程度上是互補的。

They don't have a significant direct sales force in the US, they do in the UK. But the FI channel and the wholesale channels in the US are very much complementary to our distribution channel. So our ability to leverage those channels to get greater breadth and depth of product expansion into the marketplace across SMBs, I think, is a really powerful part of the proposition of putting Worldpay and Global Payments together, and we're excited to be able to bring those distribution channels to life as a combined business going forward.

他們在美國沒有龐大的直銷隊伍，但在英國有。但是美國的金融機構通路和批發通路與我們的通路非常互補。因此，我認為，我們能夠利用這些管道，將產品更廣泛、更深入地推廣到中小企業市場，這是 Worldpay 和 Global Payments 合併後的一個非常強大的優勢，我們很高興能夠將這些分銷管道作為合併後的企業，在未來繼續發揮作用。

Thank you. This does conclude the Q&A portion of today's program. So I'd like to turn the call back over to the speakers for any closing or additional remarks.

謝謝。今天的問答環節到此結束。所以，我想把電話交還給發言者，請他們作總結發言或補充說明。

Well, on behalf of Global Payments, thank you very much for joining us today, and I wish everyone a very happy Tuesday. Thanks for your interest in our company.

我謹代表環球支付公司，非常感謝各位今天蒞臨，並祝大家週二快樂。感謝您對我們公司的關注。

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

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