環匯 (GPN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Global Payments first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's conference will be recorded.

各位女士、先生，感謝您稍候，歡迎參加 Global Payments 2026 年第一季財報電話會議。(接線員指示) 提醒您，今天的會議將被錄音。

At this time, I would like to turn the conference over to your host, Executive Lead, Investor Relations, Nate Rozof. Please go ahead.

此刻，我想將會議交給本次主持人——投資人關係執行主管 Nate Rozof。請開始。

Good morning. Welcome to Global Payments first-quarter 2026 conference call. Joining us today is our CEO, Cameron Bready; CFO, Josh Whipple; and COO, Bob Cortopassi.

早安。歡迎參加 Global Payments 2026 年第一季電話會議。今天與會者包括我們的執行長 Cameron Bready、財務長 Josh Whipple，以及營運長 Bob Cortopassi。

Some of the comments made during today's conference call will contain forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied and we caution you not to place undue reliance upon them. They speak only as of this date, and we undertake no obligation to update them.

今天電話會議中的部分評論將包含前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與明示或暗示的內容存在重大差異，我們提醒您不要過度依賴這些陳述。這些陳述僅截至本日有效，我們不承擔更新之義務。

In addition, we will be referring to several non-GAAP financial measures. For a full reconciliation of the non-GAAP financial measures to the most comparable GAAP measure, please see our press release furnished as an exhibit to our Form 8-K filed this morning and the supplemental material available on our Investor Relations website. Finally, the slide presentation that accompanies our prepared remarks is also available on our Investor Relations website, and Cameron's comments will begin on slide 4.

此外，我們將提及若干非 GAAP 財務衡量指標。如需將非 GAAP 財務衡量指標與最可比的 GAAP 指標進行完整調節，請參閱我們今早提交之 Form 8-K 所附之新聞稿（作為附件提供）以及投資人關係網站上的補充資料。最後，配合我們預先準備發言的投影片簡報亦已上傳至投資人關係網站，Cameron 的評論將從第 4 張投影片開始。

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

接下來，我把電話交給我們的執行長。Cameron？

Good morning, and thank you for joining us today. We are very pleased with our financial and operational performance in the first quarter. Overall, our results exceeded our expectations, reinforcing our confidence in the trajectory of the business and demonstrating strong integration progress following the closing of the Worldpay acquisition in January.

早安，感謝各位今天加入我們。我們對第一季的財務與營運表現感到非常滿意。整體而言，我們的結果超出預期，進一步強化我們對業務發展軌跡的信心，並展現出在 1 月完成 Worldpay 收購交割後，整合工作取得強勁進展。

I will begin today's call with an overview of our first-quarter results in key areas of progress, including Worldpay integration activities; our go-to-market execution, the acceleration of our innovation agenda, particularly with our Genius platform; and the increasing application of AI across our business to create new sources of revenue growth, accelerate product velocity and innovation, and improved productivity across the enterprise.

我將以第一季在幾個關鍵進展領域的成果概述作為今天電話會議的開場，包括 Worldpay 整合活動；我們的市場推進（go-to-market）執行；創新議程的加速，特別是 Genius 平台；以及 AI 在全公司日益廣泛的應用，以創造新的營收成長來源、加快產品迭代速度與創新，並提升整體企業生產力。

I will then turn the call over to Josh to review our financial performance and outlook before I conclude our prepared remarks with a discussion of the key strategic initiatives we are executing to drive sustained long-term value creation. As the world's leading pure-play commerce solutions provider, our North Star remains driving sustainable growth through an unwavering focus on our clients, leveraging the strategic advantages that differentiate Global Payments and position us to win over the long term.

接著我會把電話交給 Josh，請他回顧我們的財務表現與展望；之後我將以我們正在執行的關鍵策略性計畫作結，說明我們如何推動可持續的長期價值創造。作為全球領先的純商務解決方案供應商，我們的北極星目標仍是：以對客戶堅定不移的專注來推動可持續成長，並運用使 Global Payments 脫穎而出、且讓我們具備長期致勝定位的策略優勢。

In the first quarter, we delivered normalized adjusted net revenue growth of approximately 5.5% or approximately 4.5% on a constant currency basis. This reflected healthy underlying consumer spending trends throughout the quarter partially offset by the lower Middle East airline volumes and slightly lower IRS payment volumes attributable to tax reforms under the One Big Beautiful Bill Act.

第一季，我們的標準化調整後淨營收成長約 5.5%，若以固定匯率計算約為 4.5%。這反映出本季整體消費支出趨勢健康，但部分被中東航空量較低，以及因《One Big Beautiful Bill Act》稅制改革導致的 IRS 繳稅量略降所抵銷。

Profitability remained strong. Adjusted operating margins expanded 110 basis points on a normalized basis and adjusted earnings per share grew 10% on an as-reported and constant currency basis, which demonstrates the consistency of our operating model and our continued focus on execution discipline. Capital allocation remains key to our strategy.

獲利能力仍然強勁。在標準化基礎上，調整後營業利益率擴張 110 個基點；調整後每股盈餘在報告基礎與固定匯率基礎下皆成長 10%，展現我們營運模式的一致性，以及我們持續聚焦於執行紀律。資本配置仍是我們策略的關鍵。

During the first quarter, we returned more than $600 million to shareholders through dividends and share repurchases, while achieving leverage of 3.5 times exactly as anticipated. Robust free cash flow generation and capital returns are central pillars of our investment thesis. To that end, we continue to target $7.5 billion of capital returns for the period 2025 through 2027.

第一季期間，我們透過股利與庫藏股回購向股東返還超過 6 億美元，同時如預期將槓桿比率達到 3.5 倍。強勁的自由現金流創造能力與資本回饋是我們投資論點的核心支柱。為此，我們仍以 2025 至 2027 年期間合計 75 億美元的資本回饋為目標。

In support of that commitment, we are entering into another accelerated share repurchase program to immediately repurchase $500 million of our shares. Following the completion of this ASR, we expect to resume open market share repurchases during the second quarter as well.

為支持該承諾，我們將再啟動一項加速股份回購（ASR）計畫，立即回購 5 億美元的本公司股票。在完成此 ASR 後，我們也預期將於第二季恢復在公開市場進行股份回購。

Turning to operating performance and execution. I will begin with our most significant accomplishments this quarter, the early closing of Worldpay and the Issuer Solutions transactions. The strong early progress we're making on Worldpay integration is very encouraging. Our teams have moved quickly and with purpose, alignment has been excellent, and execution has reinforced our confidence in the strategic and financial rationale for the transaction. We are off to a strong start as we bring these two organizations together and begin unlocking the value we see ahead.

接著談營運表現與執行。我先從本季最重要的成就談起：Worldpay 與 Issuer Solutions 交易的提前完成交割。我們在 Worldpay 整合方面取得的強勁早期進展令人非常振奮。我們的團隊迅速且有目標地推進，協同一致性極佳，而執行成果也進一步強化我們對該交易策略與財務合理性的信心。在我們將兩個組織整合並開始釋放我們所預見的價值之際，我們已取得良好開局。

As we advance our integration efforts, we are taking a deliberate best-of-both approach across talent, products, and technology. The depth and quality of leadership and expertise we have brought together is exceptional, and we believe that the New Global Payments now has the strongest team in the industry. Importantly, the combined scale of Global Payments in Worldpay is already enabling outcomes that neither organization could have achieved on its own. We are seeing highly attractive commercial opportunities that further enhance our competitive positioning, and enable more differentiated outcomes for our clients.

在推進整合工作的同時，我們在人才、產品與技術方面採取審慎的「雙方取其優」策略。我們匯聚的領導力與專業深度與品質極為出色，我們相信「新 Global Payments」如今擁有業界最強的團隊。重要的是，Global Payments 與 Worldpay 的合併規模已經帶來任何一方單獨都無法達成的成果。我們看見極具吸引力的商業機會，進一步提升我們的競爭定位，並為客戶帶來更具差異化的成果。

Partners, networks, and alternative payment method providers are increasingly eager to access the breadth and depth of our global distribution channels and to leverage the strength of our go-to-market positioning. Execution on the ground has been strong. Worldpay's US direct sales force began selling Genius almost immediately following the close, effectively addressing a long-standing product gap. Further, we are seeing strong early interest in Genus from Worldpay's enterprise restaurant clients, relationships that are opening meaningful cross-sell opportunities we simply could not have accessed previously.

合作夥伴、網路（networks）以及替代支付方式供應商，愈來愈渴望接觸我們全球分銷通路的廣度與深度，並運用我們市場推進定位的優勢。前線執行表現強勁。Worldpay 的美國直銷團隊在交割後幾乎立即開始銷售 Genius，有效補足長期存在的產品缺口。此外，我們也看到 Worldpay 的企業級餐飲客戶對 Genus（原文如此）展現強烈的早期興趣，這些關係正在開啟具實質意義的交叉銷售機會，而這些機會在過去我們根本無法觸及。

Subway is a great example. Already a Worldpay client, Subway recently selected our Genius Kitchen management software deployment across approximately 2,500 locations. We are also seeing momentum in new partner acquisition. During the quarter, Worldpay's business development team signed two new partners that was specifically motivated by access to Genius, wins that are unlikely to have materialized absent the combined platform.

Subway 就是一個很好的例子。Subway 原本就是 Worldpay 的客戶，近期已選擇在約 2,500 個據點部署我們的 Genius Kitchen 廚房管理軟體。我們也看到新合作夥伴拓展的動能。本季，Worldpay 的業務開發團隊簽下兩個新合作夥伴，明確是因為可取得 Genius 而促成；若沒有合併後的平台，這些勝出案很可能不會實現。

As we shared last quarter, we moved quickly to integrate Worldpay's e-commerce solution in Global Payments SMB distribution channels. The results have been compelling with new sales increasing 25% sequentially and more than doubling year over year, clear evidence of the power of the combined distribution.

如同我們上季所分享的，我們迅速將 Worldpay 的電子商務解決方案整合進 Global Payments 的中小企業（SMB）分銷通路。成果相當亮眼：新銷售額較前一季成長 25%，且較去年同期增加逾一倍，清楚證明合併後分銷能力的威力。

Internally, our teams have established executable plans to achieve our synergy objectives. We have implemented our target operating model and go-to-market structure, integrated sales forces, and are finalizing the design and implementation plans for our consolidated technology architecture model. Having only recently crossed the 100-day mark since the close of the transaction, our team has already made remarkable progress. Taken together, these early outcomes strengthen our confidence in the integration and our ability to achieve or exceed our revenue and expense synergy targets.

在內部方面，我們的團隊已建立可執行的計畫，以達成協同效益目標。我們已導入目標營運模式與市場推進架構、整合銷售團隊，並正完成整合後技術架構模型的設計與導入計畫。自交易完成交割至今僅剛跨過 100 天里程碑，我們的團隊已取得顯著進展。綜合而言，這些早期成果強化我們對整合的信心，以及我們達成或超越營收與費用協同效益目標的能力。

Turning to go-to-market execution. Our global distribution footprint remains one of our most significant competitive advantages, and we are expanding that distribution, both geographically and across new channels to support sustained growth. We operate at scale in more international markets than most of our peers, with sales and service professionals in over 40 countries around the world. In addition, we can facilitate payments in 175 countries, creating a powerful platform for continued global expansion.

接著談市場推進（go-to-market）執行。我們的全球分銷版圖仍是最重要的競爭優勢之一，而我們也正擴大該分銷能力，無論在地理覆蓋或新通路方面，以支持可持續成長。相較多數同業，我們在更多國際市場具備規模化營運能力，並在全球超過 40 個國家擁有銷售與服務專業人員。此外，我們可在 175 個國家促成支付，為持續的全球擴張打造強大的平台。

On a combined company basis, bookings increased 8% year over year, an excellent start, particularly given that we are still finalizing our new go-to-market channels. Beginning with the enterprise channel, we delivered strong new sales performance, particularly across North America and Asia Pacific.

以合併後公司口徑計算，預訂量（bookings）年增 8%，開局表現優異，尤其考量到我們仍在完成新的市場進入（go-to-market）通路佈建。從企業通路開始，我們交出強勁的新銷售表現，特別是在北美與亞太地區。

We had several notable wins this quarter, starting with Abercrombie & Fitch & Company, where we signed a long-term agreement to serve as their acquirer for card-based payments in the US. Household brands like this continue to choose Global Payments for our differentiated service model, innovative solutions and consultative approach.

本季我們拿下數個值得一提的勝利案，首先是 Abercrombie & Fitch & Company；我們簽署長期協議，擔任其在美國卡基支付的收單機構。像這樣的家喻戶曉品牌持續選擇 Global Payments，原因在於我們差異化的服務模式、創新解決方案與顧問式服務方法。

Within Software and Information Services, we had meaningful wins with auto books and a large multinational content-driven technology company. And we continue to be a leading provider in the grocery vertical. This quarter, Aldi Süd selected us across both North America and EMEA. Reflecting the strength of our service model, we expect Aldi to begin onboarding volumes as early as the second quarter, an impressive timeline for a retailer of their scale.

在軟體與資訊服務方面，我們在 auto books 以及一家大型跨國、以內容驅動的科技公司取得具意義的勝利案。此外，我們仍是雜貨（grocery）垂直領域的領先供應商。本季，Aldi Süd 在北美與 EMEA 兩個地區都選擇了我們。反映我們服務模式的優勢，我們預期 Aldi 最早可於第二季開始導入交易量（onboarding volumes）；以其規模的零售商而言，這是令人印象深刻的時程。

In addition, Morrisons, a leading supermarket chain and recent signing in the Uk is also ramping their volumes with us. And we expect to have their full migration live this quarter. Lastly, Brazilian cosmetics retailer, [Goold] Cosmeticos is another notable Q1 signing that we expect to have live before the end of Q2.

此外，Morrisons（英國領先的連鎖超市）作為近期在英國簽約的客戶，也正在與我們加速提升交易量。我們預期其完整遷移將於本季上線。最後，巴西美妝零售商 [Goold] Cosmeticos 也是第一季另一項值得關注的簽約案，我們預期在第二季結束前上線。

Turning to the integrated and platforms channel. We continue to invest in geographic expansion. Integrated payments relationships are more commonplace in the US, but we are still developing in most other countries, and we are moving quickly to capture this opportunity. In fact, 20% of the new partners we signed in the first quarter are outside the US, demonstrating our ability to scale capabilities across new geographies.

接著談整合式與平台通路。我們持續投資於地理版圖擴張。整合式支付合作在美國更為普遍，但在多數其他國家仍在發展中，我們正快速行動以掌握此機會。事實上，我們第一季新簽的合作夥伴中有 20% 位於美國以外，展現我們將能力擴展至新地理區域的規模化能力。

We recently expanded integrated and platforms into the UK where early results are exceeding expectations. Partner signings are nearly double our planned performance and feedback continues to validate a strong product market fit. We're also integrating Worldpay's Australian business with our Oceania operations, two highly complementary businesses, each growing at attractive rates by winning share in these otherwise mature payments market.

我們近期將整合式與平台業務擴展至英國，早期成果超出預期。合作夥伴簽約數幾乎是我們原先規劃表現的兩倍，回饋也持續驗證產品與市場的高度契合（product-market fit）。我們也正將 Worldpay 的澳洲業務與我們的大洋洲營運整合；兩者高度互補，且各自以在相對成熟的支付市場中贏得市占而維持具吸引力的成長率。

In the US, we recently renewed and expanded our partnership with Lightspeed DMS, a leading dealer management system provider in the recreational industry. Lightspeed will now use Payrix to deliver a fully embedded payment experience that enhances customer engagement and lifetime value.

在美國，我們近期與 Lightspeed DMS（休閒產業領先的經銷商管理系統供應商）續約並擴大合作。Lightspeed 現在將使用 Payrix 提供完全嵌入式的支付體驗，以提升客戶互動與終身價值。

Finally, in our global SMB channel, we are continuing to invest across our footprint to increase capacity and improve productivity of our sales force. In North America, we are making progress building sales capacity, having now onboarded more than 300 of our planned 500 new sales professionals. We continue to be pleased with the quality of these hires with many coming directly from software businesses and POS competitors. They understand the industry, and they understand how compelling our new Genius platform is.

最後，在我們的全球 SMB（中小企業）通路，我們持續在既有版圖內投資，以提升產能並改善銷售團隊生產力。在北美，我們在建立銷售產能方面持續取得進展，目前已完成導入超過 300 位、目標 500 位的新銷售專業人員。我們對這些新進人員的品質仍感到滿意，其中許多人直接來自軟體公司與 POS 競爭對手。他們了解產業，也了解我們全新 Genius 平台的吸引力。

They're selecting Global Payments because of our high-quality on-site service and support, which gives them confidence that clients will be properly installed and onboarded, particularly compared to the self-service models common elsewhere. With these hires, we are also establishing a direct new sales channel in Mexico, complementing our primarily FI based distribution model. Mexico remains an important market for us in terms of future growth opportunities.

他們選擇 Global Payments，是因為我們高品質的到場服務與支援，讓他們有信心客戶能被妥善安裝與導入，特別是相較於其他地方常見的自助式模式。隨著這些招募，我們也正在墨西哥建立一個新的直銷通路，以補強我們主要以金融機構（FI）為基礎的分銷模式。就未來成長機會而言，墨西哥仍是我們的重要市場。

On the partner front, we were recently selected by Peoples Bank, a Massachusetts-based financial institution, further expanding our North American reach and entered Croatia through our partnership with Erste Bank. In the UK and Ireland, we are expanding the size of our successful mid-market and small corporate sales teams and also successfully launched several new products to market.

在合作夥伴方面，我們近期獲 Peoples Bank（總部位於麻薩諸塞州的金融機構）選用，進一步擴大我們在北美的觸及範圍，並透過與 Erste Bank 的合作進入克羅埃西亞。在英國與愛爾蘭，我們正擴編成功的中型市場與小型企業銷售團隊規模，並且也已成功推出多項新產品上市。

First, we introduced Genius Mobile, enabling on-the-go acceptance and expanding our addressable market. Early adoption has been encouraging, surpassing 500 locations in less than 60 days. Second, we launched a first-to-market enhancement to our PayByLink Plus solution in February that enables our clients to run sales campaigns across social media platforms directly from our merchant dashboard and supported by an AI content generation tool. Together, our investments drove several notable wins this quarter.

第一，我們推出 Genius Mobile，支援隨行收款並擴大可服務市場。早期採用情況令人鼓舞，不到 60 天即超過 500 個據點。第二，我們在 2 月推出 PayByLink Plus 解決方案的市場首發（first-to-market）強化功能，使客戶可直接在商戶儀表板上，於各社群媒體平台執行銷售活動，並由 AI 內容生成工具提供支援。綜合而言，我們的投資在本季帶來多個值得關注的勝利案。

In the Americas, CKE Restaurant Holdings, Inc., selected Genius as its exclusive US point-of-sale software and also use Global Payments as its in-store payments provider for its iconic parties and Carl's junior brands, deploying our solutions across more than 2,400 corporate and franchise locations. And Bojangles purchased our digital menu solutions for its corporate-owned stores, expanding our long-standing relationship.

在美洲地區，CKE Restaurant Holdings, Inc. 選擇 Genius 作為其美國獨家 POS 軟體，並同時採用 Global Payments 作為其店內支付供應商，服務其知名的 Hardee's 與 Carl's Jr. 品牌，將我們的解決方案部署至超過 2,400 個直營與加盟據點。此外，Bojangles 為其直營門市採購我們的數位菜單解決方案，擴大我們長期合作關係。

Across EMEA, we secured several major wins. In Spain, we won sporting goods retailer Decathlon, and grocery store chain Lidl. In Poland, we signed electric vehicle charging station provider, ELZAB EcoPower, and parking solutions provider, [DG Park]. In the Czech Republic, we signed home equipment retailer, [Tascama]; and lastly, in Greece, we won the large supermarket change, [Scott Vanitez].

在 EMEA 地區，我們取得數個重大勝利案。在西班牙，我們拿下運動用品零售商 Decathlon，以及連鎖雜貨店 Lidl。在波蘭，我們簽下電動車充電站供應商 ELZAB EcoPower，以及停車解決方案供應商[DG Park]。在捷克，我們簽下居家設備零售商 [Tascama]；最後在希臘，我們拿下大型連鎖超市[Scott Vanitez]。

In Asia Pacific, we were pleased to be selected by KFC and Pizza Hut. We also continued our successful penetration of the hospitality vertical, extending our relationship with Marriott across the region, and we expanded our position in transportation with a leading ride-hailing company, further validating the strength and scalability of our global platform.

在亞太地區，我們很高興獲 KFC 與 Pizza Hut 選用。我們也持續成功滲透旅宿（hospitality）垂直領域，將與 Marriott 的合作擴展至整個區域；同時，我們也與一家領先的叫車公司擴大在交通運輸領域的布局，進一步驗證我們全球平台的實力與可擴展性。

Turning to Genius. We continue to see strong momentum as we expanded footprint, deepen its capabilities, and extend its relevance across an increasingly broad set of use cases and geographies. Genius bookings increased more than 25% sequentially and nearly doubled year over year. In addition to accelerating bookings growth, yields with new clients increased by more than 30% year over year reflecting the growing value new clients and Genius and they're willing to pay for its differentiated capabilities.

接著談 Genius。隨著我們擴大覆蓋範圍、深化能力，並將其適用性延伸至更廣泛的使用情境與地理區域，我們持續看到強勁動能。Genius 的預訂量（bookings）較前一季成長超過 25%，且年增近乎翻倍。除了預訂量成長加速外，新客戶的收益率（yields）年增超過 30%，反映新客戶對 Genius 日益提升的價值認知，並願意為其差異化能力付費。

We are continuing to expand distribution behind Genius. For example, we introduced Genius Days to accelerate adoption with our financial institution partners with on-site hands-on demonstrations designed to deepen engagement and drive conversion. Looking ahead, extending Genius into Worldpay's financial institution partner channel is a key priority and a meaningful revenue synergy opportunity with initial contributions expected to begin in 2027.

我們持續擴大 Genius 的分銷推進力道。例如，我們推出 Genius Days，透過到場、實作式展示，加速金融機構合作夥伴的採用，旨在深化互動並提升轉換率。展望未來，將 Genius 延伸至 Worldpay 的金融機構合作夥伴通路是關鍵優先事項，也是具意義的營收協同機會；預期初步貢獻將於 2027 年開始顯現。

Internationally, we continue to scale Genius across multiple markets, such as Germany and Austria, with additional international launches planned later this year and next. From a product perspective, we made meaningful progress advancing Genius as a scalable enterprise-grade commerce platform with advanced capabilities like kitchen management and digital menu solutions, while preserving the simplicity and speed that matter most to small business owners.

在國際市場方面，我們持續在德國、奧地利等多個市場擴大 Genius 規模，並規劃於今年稍晚及明年進行更多國際上市。在產品面，我們在推進 Genius 成為可擴展、企業級（enterprise-grade）的商務平台方面取得具意義的進展，加入如廚房管理與數位菜單等進階能力，同時保留對小型企業主最重要的簡潔性與速度。

In addition, we continue to strengthen product market fit through vertical-specific functionality that improves day-to-day operations and drives adoption and priority verticals. For example, in age-related retail, Genius now delivers an all-in-one point-of-sale solution supporting compliance, responsible selling, inventory management, vendor workflows and actionable sales insights. We also expanded Genius into the services vertical, delivering a unified operating system that brings together scheduling, invoicing, mobile enablement, and built-in loyalty and marketing capabilities.

此外，我們也透過垂直產業專屬功能持續強化產品與市場契合度（product-market fit），以改善日常營運、推動採用，並聚焦優先垂直領域。例如，在年齡限制商品零售（age-related retail）方面，Genius 現可提供一體化 POS 解決方案，支援法規遵循、負責任銷售、庫存管理、供應商工作流程與可行動的銷售洞察。我們也將 Genius 擴展至服務業垂直領域，提供統一的作業系統，整合排程、開立帳單、行動化支援，以及內建的會員忠誠與行銷能力。

Beyond product enhancements, we are also investing in building Genius brand awareness. We launched a brand campaign in North America during the first quarter, anchored by a national television spot and amplified across digital and out-of-home media. The campaign delivered more than 330 million impressions and reached over 6 million unique consumers supporting awareness and future sales velocity.

除了產品功能的強化之外，我們也在投資建立 Genius 的品牌知名度。我們在第一季於北美推出品牌行銷活動，以全國性電視廣告為主軸，並透過數位媒體與戶外媒體擴大觸及。該活動帶來超過 3.3 億次曝光，觸及逾 600 萬名不重複消費者，支持品牌認知並帶動未來銷售動能。

These development reflects a clear and consistent strategy, rapidly expand Genus' capabilities, distribution and brand awareness while extending enterprise-grade commerce functionality to SMBs globally. Genius remains a central pillar of our growth strategy, and we are highly confident in its ability to drive incremental revenue, deepen client relationships, and create durable long-term value for Global Payments.

這些進展反映出一項清晰且一致的策略：快速擴大 Genius 的能力、通路與品牌知名度，同時將企業級商務功能延伸至全球的中小企業（SMB）。Genius 仍是我們成長策略的核心支柱，我們對其推動增量營收、深化客戶關係並為 Global Payments 創造長期且可持續價值的能力充滿信心。

Lastly, our work in agentic commerce and artificial intelligence continues to accelerate and recent developments across the AI ecosystem reinforced the critical role we play at the center of the next evolution in commerce. OpenAI shift in focus towards AI-driven product discovery and traffic generation while intentionally leaving checkout, payments, risk, and settlement with us plays directly to our strengths and strategy. It elevates the importance of our trusted scalable payments infrastructure and positions Global Payments as a central connected tissue between agents, merchants, networks, and consumers.

最後，我們在代理式商務（agentic commerce）與人工智慧方面的工作持續加速，而 AI 生態系近期的發展也強化了我們在商務下一次演進核心所扮演的關鍵角色。OpenAI 將重心轉向以 AI 驅動的產品探索與流量生成，同時刻意把結帳、支付、風險與清算交由我們處理，這正好切中我們的優勢與策略。這提升了我們可信且可擴展的支付基礎設施的重要性，並使 Global Payments 成為代理、商戶、網路與消費者之間的關鍵連結樞紐。

We are uniquely positioned to shape this emerging channel anchored in our decades of payments expertise and scaled data-driven insights. We are protocol agnostic and prioritized advocating on behalf of our clients. In fact, we are currently activating several enterprise merchants into Google's UCP protocol so that they can be among the first to provide agentic shopping experiences for their customers. We are simultaneously creating end-to-end modular flows with multiple players across the ecosystem, including commerce platforms, checkout partners, and middleware developers, to ensure that we can support our clients across any configuration as protocols and use cases evolve.

憑藉數十年的支付專業與規模化、數據驅動的洞察，我們具備獨特優勢來塑造這個新興通路。我們不依賴特定協定（protocol agnostic），並優先代表客戶發聲。事實上，我們目前正協助多家企業級商戶啟用 Google 的 UCP 協定，使其能成為首批為客戶提供代理式購物體驗的商家之一。同時，我們也正與生態系中的多方（包括商務平台、結帳合作夥伴與中介軟體開發商）共同打造端到端的模組化流程，確保隨著協定與使用情境演進，我們能在任何配置下支援客戶。

Further, our own payments model context protocol is live and production ready. It enables in agent-driven commerce flows with minimal incremental development effort. As agents increasingly initiate transactions autonomously, trust, identity, and risk management become even more crucial. Through Ravelin, our AI native fraud prevention platform, we are advancing a genetic risk capabilities that leverage enriched ecosystem signals based on our scale and diversity of data.

此外，我們自有的支付模型情境協定（payments model context protocol）已上線並可投入正式生產。它可在代理驅動的商務流程中運作，且僅需極少的額外開發投入。隨著代理愈來愈多地自主發起交易，信任、身分與風險管理變得更加關鍵。透過 Ravelin（我們原生 AI 的防詐平台），我們正推進一套通用風險能力，運用基於我們規模與資料多樣性所強化的生態系訊號。

These capabilities help ensure that an agent-driven commerce scale, it does so securely and with the trust at its core for both merchants and customers. Beyond agentic commerce, we are embedding AI directly into our products and client servicing experiences with enterprise-grade discipline, governance, and scale. We are building scalable AI capabilities that generate measurable, repeatable impact across authorizations, fraud mitigation and revenue optimization.

這些能力有助於確保代理驅動的商務在擴大規模時，能以安全為前提，並以信任作為商戶與消費者的核心基礎。除了代理式商務之外，我們也以企業級的紀律、治理與規模，將 AI 直接嵌入產品與客戶服務體驗中。我們正在打造可擴展的 AI 能力，在授權核准、詐欺緩解與營收最佳化等方面產生可衡量、可重複的影響。

Products such as 3DS, FLEX, revenue boost, dynamic routing, and fraud side are already delivering tangible results, improving approval rates, reducing fraud losses and lowering false declines often with no incremental integration required.

例如 3DS、FLEX、Revenue Boost、動態路由（dynamic routing）以及 Fraud Side 等產品，已在交付具體成果：提升核准率、降低詐欺損失並減少誤拒（false declines），且往往不需要額外整合。

Internally, we are also deploying AI to accelerate engineering, DevOps, and quality assurance. Through our proprietary fast-track studio platform, we are standardizing the path from experimentation to production ensuring security, observability, compliance, and repeatability. We're also using agents as first-time responders for common tasks, freeing our teams to focus on higher-value initiatives.

在內部方面，我們也在部署 AI 以加速工程、DevOps 與品質保證。透過我們自有的 Fast-Track Studio 平台，我們正將從實驗到上線的路徑標準化，確保安全性、可觀測性、合規性與可重複性。我們也將代理用作常見任務的第一線回應者，讓團隊能專注於更高價值的計畫。

Our scale provides a clear advantage. We process trillions of dollars in payment volume and billions of transactions each year across geographies, channels, and verticals. This depth and breadth of data creates a uniquely rich training environment, allowing our AI models to learn faster, generalize better, and deliver superior outcomes, all while maintaining the highest standards for privacy, security and regulatory compliance. In short, our scale doesn't just make our AI smarter. It drives better results for our clients and reinforces our position at the center of the future of commerce.

我們的規模帶來明顯優勢。我們每年在不同地區、通路與產業垂直領域處理數兆美元的支付金額與數十億筆交易。如此深度與廣度的資料，創造出獨特且豐富的訓練環境，使我們的 AI 模型能更快學習、更好泛化並交付更優異的成果，同時維持最高標準的隱私、安全與法規遵循。簡而言之，我們的規模不僅讓 AI 更聰明。它也為客戶帶來更好的結果，並鞏固我們在未來商務核心位置的地位。

With that, I'll turn the call over to Josh.

接下來，我把電話會議交給 Josh。

Thanks, Cameron. We are pleased with our financial performance in the first quarter, which exceeded our expectations, thanks to the team's consistently strong execution. In the first quarter, we generated adjusted net revenue of $2.86 billion. Currency exchange rates provided a tailwind of approximately 100 basis points in the quarter, which was approximately 50 basis points lower than the outlook that we shared in February.

謝謝，Cameron。我們對第一季的財務表現感到滿意，結果超出我們的預期，這要歸功於團隊一貫強勁的執行力。第一季，我們創造了 28.6 億美元的調整後淨營收。本季匯率為我們帶來約 100 個基點的順風，但較我們 2 月分享的展望低約 50 個基點。

On a normalized basis, adjusting for the stub period prior to transaction close, adjusted net revenue growth was approximately 5.5% or 4.5% on a constant currency basis. This is consistent with the presentation of our full-year outlook for normalized adjusted net revenue growth of approximately 5% on a constant currency basis.

以常態化口徑計算（調整交易完成前的短期期間影響），調整後淨營收成長約 5.5%，若以固定匯率計算則約為 4.5%。這與我們對全年展望的呈現一致：常態化調整後淨營收在固定匯率基礎下約成長 5%。

During the quarter and through April, we continue to observe resilient consumer spending trends across our business. We continue to monitor sources of macroeconomic uncertainty including the evolving conflict in the Middle East and its potential impact on global travel and inflation. Having said that, we believe the combined company is now more diversified than ever before in terms of geographies, consumer spending categories and merchant sizes, enhancing the durability of our business model across a variety of economic scenarios.

在本季以及截至 4 月期間，我們持續觀察到整體業務的消費支出趨勢具韌性。我們也持續關注宏觀經濟不確定性的來源，包括中東衝突的演變及其對全球旅遊與通膨的潛在影響。儘管如此，我們認為合併後的公司在地理分布、消費支出類別與商戶規模方面比以往更加多元，有助於在各種經濟情境下提升商業模式的韌性。

In our first-quarter operating as a pure-play provider of commerce enablement solutions, we saw strong commercial activity in each of our three go-to-market channels. In our SMB channel, Genius continued to achieve greater awareness and win rates. New Genius locations were approximately 25% higher than in the prior year quarter. And Genius' payment attach rate improved more than 20% versus the prior year period as we continue to deliver more value to our merchants and expand our share of wallet.

作為純粹的商務賦能解決方案供應商（pure-play provider），我們在第一季於三個市場進入（go-to-market）通路皆看到強勁的商務活動。在我們的中小企業（SMB）通路中，Genius 持續提升知名度與得標率。Genius 新增據點數約較去年同期高出 25%。此外，隨著我們持續為商戶創造更多價值並擴大錢包份額（share of wallet），Genius 的支付綁定率（payment attach rate）較去年同期提升超過 20%。

Our sales force transformation continues to drive greater commercial productivity and new sellers time to first deal accelerate across all SMB channels. Additionally, our sales force enhancements and Genius' ease of implementation have reduced time to go alone, which decreased by more than 50% for small business clients this quarter.

我們的銷售團隊轉型持續推動更高的商務生產力，並加速各 SMB 通路中新進銷售人員達成首筆成交（time to first deal）。此外，銷售團隊的強化與 Genius 的易於導入，也縮短了上線時間（time to go live），本季小型企業客戶的上線時間下降超過 50%。

Lastly, our sales force enhancements and early cross-selling success have kept the top of the funnel full. Marketing qualified needs for genius retail and small restaurant opportunities increased 36% year over year. We also continue to focus on bringing Genius' enterprise-grade restaurant capabilities downstream to the mid-market segment where we've already built a pipeline of nearly 2,000 locations.

最後，我們的銷售團隊強化與早期交叉銷售的成功，使得漏斗頂端（top of the funnel）保持充足。針對 Genius 零售與小型餐廳機會的行銷合格需求（marketing qualified needs）年增 36%。我們也持續聚焦將 Genius 的企業級餐飲能力向下延伸至中型市場（mid-market）客群，目前已建立近 2,000 個據點的銷售管線。

We're also pleased with the performance of our enterprise go-to-market channel. Bookings this quarter were ahead of initial expectations and 9% higher than the prior year period. Additionally, [major] signed enterprise merchants expected to go live in the near term, including Aldi Süd, Morrisons, and Goold Cosmetics provide greater visibility for in-year realized revenue in 2026.

我們也對企業市場進入通路的表現感到滿意。本季簽約訂單（bookings）高於初始預期，且較去年同期高出 9%。此外，多家已簽約、預計近期上線的重大企業商戶（包括 Aldi Süd、Morrisons 與 Goold Cosmetics）為 2026 年度內可實現營收提供更高的能見度。

Lastly, we've already had early success selling Heritage Worldpay's value line services into the Global Payments merchant base. Our enterprise e-commerce business saw a double-digit transaction growth this quarter, reflecting the resilient consumer trends we noted. This overall strength in spending volumes was somewhat offset by impacts from the Middle East conflict on our travel portfolio and some softness in our link-to-go tax payments business.

最後，我們已在將 Heritage Worldpay 的加值服務（value line services）銷售給 Global Payments 的商戶客群方面取得早期成功。本季我們的企業電子商務業務交易量呈現雙位數成長，反映了我們先前提到的具韌性的消費趨勢。整體支出量的強勁表現，部分被中東衝突對我們旅遊業務組合的影響，以及我們 Link-to-Go 稅款支付業務的一些疲弱所抵銷。

While we remain very well positioned competitively as the IRS preferred digital payments provider, projected record levels of refund stemming from the One Big Beautiful Bill Act have lower tax payment volumes this year. We also saw continued momentum in our integrated payments go-to-market channel, where we added 44 new ISV partners in the first quarter. Our managed payment facilitation and payback offerings continue to drive exceptional growth with volume increasing more than 20% year over year.

雖然我們作為美國國稅局（IRS）首選的數位支付服務供應商，在競爭上仍具備非常有利的定位，但由於《One Big Beautiful Bill Act》帶來的退稅金額預計創新高，使得今年的稅款支付量下降。我們也看到整合式支付的上市推廣（go-to-market）通路持續保持動能，第一季新增了44家新的ISV合作夥伴。我們的受管理支付促成（managed payment facilitation）與回饋（payback）產品持續帶動卓越成長，交易量年增超過20%。

This underscores the distinctive suite of integrated capabilities that the combined company now brings to market and our ability to meet our software, marketplace, and platform partners where they are and support any operating model. From an integration standpoint, we are progressing well through the initial stages of our finance and accounting work to resegment our business consistent with our new go-to-market channels and expect to be able to share our new reportable segments with our second-quarter earnings announcement.

這凸顯了合併後公司如今帶向市場的獨特整合能力組合，以及我們能在軟體、市集與平台合作夥伴所處的位置與其對接，並支援任何營運模式的能力。從整合角度來看，我們在財務與會計工作的初期階段進展順利，正依據新的上市推廣通路重新劃分業務分部，並預期可在第二季財報公告時分享新的可報導分部。

Moving down the P&L, we generated an adjusted operating margin of 39.9% in the first quarter, reflecting approximately 110 basis points of normalized year-over-year margin expansion, excluding the impact of dispositions, which was in line with our expectations. The net result was adjusted earnings per share of $2.96 in the first quarter, reflecting growth of 10% on a reported and constant currency basis.

往下看損益表（P&L），我們第一季的調整後營業利益率為39.9%，反映在排除處分（dispositions）影響後，常態化年對年利益率擴張約110個基點，符合我們的預期。最終結果為第一季調整後每股盈餘（EPS）2.96美元，以報導與固定匯率基礎計算皆成長10%。

On a normalized basis, adjusted earnings per share were $2.99, an increase of 11% from the prior year period on a reported and constant currency basis. For clarification, that figure includes $0.09 representing the pre-acquisition results of Worldpay and removed $0.06 associated with the results of Issuer Solutions, which is consistent with the presentation of our full-year outlook for normalized adjusted earnings per share between $13.80 and $14.

以常態化基礎計算，調整後每股盈餘為2.99美元，以報導與固定匯率基礎計算較去年同期增加11%。為釐清說明，該數字包含0.09美元，代表Worldpay併購前的業績，並剔除與Issuer Solutions業績相關的0.06美元；此處理方式與我們對2026全年常態化調整後每股盈餘展望（介於13.80至14美元）之呈現一致。

Turning to free cash flow. We generated adjusted free cash flow of $544 million, representing a nearly 70% conversion rate of adjusted net income to adjusted free cash flow, consistent with our typical conversion rate in the first quarter. As a reminder, for both Global Payments and Worldpay, the conversion rate is generally lowest in the first quarter, increasing seasonally as the calendar year progresses. We invested $261 million in capital expenditures during the first quarter, and our balance sheet remains extremely healthy.

接著談自由現金流。我們產生調整後自由現金流5.44億美元，代表調整後淨利轉換為調整後自由現金流的轉換率接近70%，符合我們第一季一貫的轉換率水準。提醒一下，對Global Payments與Worldpay而言，轉換率通常在第一季最低，並會隨著年度推進而呈現季節性上升。第一季我們投入資本支出2.61億美元，而我們的資產負債表仍然極為健全。

As expected, our net leverage was 3.5 times at the end of the first quarter. During the quarter, we issued $1 billion of senior notes on attractive terms to refinance a significant portion of our debt maturing in March. Our indebtedness is now approximately 95% fixed with a weighted average cost of debt of 4%.

如預期，第一季末我們的淨槓桿倍數為3.5倍。本季我們以具吸引力的條件發行10億美元的優先票據（senior notes），以再融資（refinance）3月到期債務中的相當大一部分。目前我們的負債約95%為固定利率，加權平均債務成本為4%。

We made significant progress against our commitment to return capital to shareholders in the quarter, repurchasing approximately 7.3 million shares to a $515 million accelerated share repurchase program, including dividends, we returned nearly $620 million of capital to shareholders year to date.

本季我們在履行回饋股東資本的承諾方面取得重大進展，透過5.15億美元的加速庫藏股回購計畫（accelerated share repurchase program）回購約730萬股；包含股利在內，今年迄今我們已向股東返還近6.2億美元資本。

Turning now to our 2026 outlook. We are reaffirming our full-year outlook for the adjusted net revenue growth, adjusted operating margin expansion, and adjusted earnings per share. Starting with the second quarter, we currently expect the potential impacts from the conflict in the Middle East and softer tax payment volumes to be up to a 100-basis point headwind to adjusted net revenue growth. We also expect currency impact to be roughly neutral for the second quarter.

接著談我們對2026年的展望。我們重申全年對調整後淨營收成長、調整後營業利益率擴張，以及調整後每股盈餘的展望。從第二季開始，我們目前預期中東衝突與較疲弱的稅款支付量所帶來的潛在影響，對調整後淨營收成長的拖累最多可能達100個基點。我們也預期第二季匯率影響大致為中性。

For the full year, we continue to expect normalized constant currency adjusted net revenue growth of approximately 5%. Our outlook assumes a stable macro environment with a continuation of similar spending trends that we observed in the first quarter, and that travel begins to normalize by the end of the second quarter. Given the recent strengthening of the US dollar, we now expect currency exchange rates to be less than a 50-basis point tailwind to reported net revenue growth for the full year.

就全年而言，我們仍預期以常態化固定匯率計算的調整後淨營收成長約為5%。我們的展望假設總體環境穩定，支出趨勢延續第一季所觀察到的類似水準，且旅遊在第二季末開始回歸常態。鑑於近期美元走強，我們現在預期匯率對全年報導淨營收成長的助益將低於50個基點。

We continue to expect our normalized adjusted operating margin to expand by approximately 150 basis points for the full-year 2026, driven by additional operating efficiencies from our transformation and realized cost savings from the Worldpay integration, particularly in the second half of the year. Putting it all together, we continue to expect adjusted earnings per share in the range of $13.80 to $14 for the full-year 2026.

我們仍預期2026全年常態化調整後營業利益率將擴張約150個基點，主要由轉型帶來的額外營運效率，以及Worldpay整合所實現的成本節省所驅動，尤其是在下半年。綜合而言，我們仍預期2026全年調整後每股盈餘介於13.80至14美元。

Regarding cash flow, we continue to expect the conversion rate of adjusted net income to adjusted free cash flow to exceed 90% for the full-year 2026. Because of the one-time transaction costs to effectuate the Worldpay acquisition, and issuer disposition were reflected in the first quarter, we also expect that adjustments to free cash flow will moderate as 2026 progresses.

關於現金流，我們仍預期2026全年調整後淨利轉換為調整後自由現金流的轉換率將超過90%。由於為完成Worldpay併購以及發行人業務處分（issuer disposition）所產生的一次性交易成本已在第一季反映，我們也預期隨著2026年推進，自由現金流的調整項目將趨於緩和。

Our capital allocation plans for 2026 and beyond remain unchanged. We continue to target capital expenditures of approximately $1 billion or 8% of adjusted net revenue for the full-year 2026. Furthermore, we remain committed to preserving our investment-grade credit ratings and achieving our 3 times net leverage target by the end of 2027. We continue to expect to return more than $2 billion to shareholders in 2026 through repurchases and dividends.

我們對2026年及以後的資本配置計畫維持不變。我們仍以2026全年資本支出約10億美元（或調整後淨營收的8%）為目標。此外，我們仍致力於維持投資等級信用評等，並在2027年底前達成淨槓桿3倍的目標。我們仍預期在2026年透過回購與股利向股東返還超過20億美元。

With the closing of the Worldpay and Issuer Solutions transactions now behind us, I'm proud of the solid foundation the team has established for new Global Payments. While the business environment has evolved since February, we remain intensely focused on execution and delivering on our commitments to unlock the benefits of the ongoing initiatives and drive durable top-line growth, robust free cash flow generation, and ongoing return of capital to shareholders.

隨著Worldpay與Issuer Solutions交易的完成已告一段落，我為團隊為全新Global Payments所建立的穩固基礎感到自豪。儘管自2月以來商業環境有所演變，我們仍高度聚焦於執行，並履行承諾，以釋放持續推動之各項計畫的效益，帶動具韌性的營收成長、強勁的自由現金流創造，以及持續向股東返還資本。

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

接下來，我把電話會議交回給Cameron。

Thanks, Josh. As you have heard, we are executing at a high level on all the initiatives within our control exactly as we had planned. We are continuing to monitor the conflict in the Middle East but expect its impact to be modest and transitory, underscoring the diversity of our revenue streams and the power of our scale. As anticipated, our pure-play focus is allowing us to move faster, deploy resources more effectively, and serve customers and partners in a truly client-centric way. And with the addition of Worldpay, our combined scale is creating opportunities that neither organization could have accessed previously.

謝謝，Josh。如各位所聽到的，我們正以高水準執行所有在我們可控範圍內的計畫，完全依照原先規劃推進。我們持續關注中東衝突，但預期其影響將屬溫和且短暫，這也凸顯我們營收來源的多元性以及規模的力量。如預期，我們聚焦純支付業務（pure-play）的策略使我們能更快速行動、更有效配置資源，並以真正以客戶為中心的方式服務客戶與合作夥伴。隨著Worldpay加入，我們合併後的規模正創造出過去任何一方都無法觸及的機會。

The breadth and depth of our global distribution network is a powerful competitive advantage. We're uniquely positioned to help clients and partners expand into new markets around the world, supported by local expertise, deep client relationships, and disciplined execution. We continue to differentiate through feature-rich products, distinctive service and support, and a reputation for delivering outcomes that exceed expectations.

我們全球分銷網路的廣度與深度是一項強大的競爭優勢。在在地專業、深厚的客戶關係與嚴謹的執行力支持下，我們具備獨特優勢，能協助客戶與合作夥伴拓展至全球新市場。我們持續以功能豐富的產品、獨特的服務與支援，以及交付超越預期成果的聲譽來形成差異化。

From best-in-class enterprise payment solutions to platforms like Genius, Global Payments is at the forefront of modern commerce technology. And with approximately $1 billion in annual investment, we're also one of the few companies in our industry capable of innovating at this scale, anticipating and delivering solutions ahead of demand.

從同級最佳的企業支付解決方案到Genius等平台，Global Payments站在現代商務科技的最前沿。此外，憑藉每年約10億美元的投資，我們也是本產業少數能以此規模進行創新的公司之一，能預判需求並在需求出現前提供解決方案。

At the same time, we remain focused on shareholder value creation and disciplined capital deployment. We are a proven compounder with substantial and durable free cash flow generation and remain committed to our capital return plans. We believe this combination of strategic focus, operational execution, and capital discipline positions Global Payments to deliver attractive long-term value.

同時，我們仍聚焦於創造股東價值與紀律性的資本配置。我們是經驗證的複利成長者（compounder），具備可觀且持久的自由現金流創造能力，並持續致力於我們的資本回饋計畫。我們相信，這種策略聚焦、營運執行與資本紀律的組合，使Global Payments能夠提供具吸引力的長期價值。

With that, we will open the line for questions. Operator?

那麼，我們將開放電話線進行提問。接線員？

(Operator Instructions) Dan Dolev, Mizuho.

(接線員指示) Dan Dolev，瑞穗。

Congrats. This is really, really strong first quarter, and it looks like the year is shaping up really well. Congrats again. I wanted to ask you about genius. I caught that you said that the yields were up 30%, if I remember that correctly. I mean, that's a huge positive sign in our view. Just wanted to get a sense of the progress on Genius and the yields because it looks pretty good.

恭喜。第一季表現真的、真的非常強勁，看起來今年的走勢也相當不錯。再次恭喜。我想問一下 Genius。我聽到你說良率提高了 30%，如果我沒記錯的話。我的意思是，從我們的角度來看，這是一個非常重大的正面訊號。只是想了解一下 Genius 的進展以及良率的情況，因為看起來相當不錯。

Yeah, Dan, thanks for the comments, and thanks for the question. So look, as I take a big step back, we're obviously delighted with the progress that we're making with Genius. The metrics across the board continue to be very, very encouraging. And I would remind you, we're not even a year into Genius yet. So the enormous amount of progress we've made over the last 12 months in expanding Genius across new verticals, expanding Genius across new geographies, expanding Genius across different segments of the market where we think we can compete and win effectively.

是的，Dan，謝謝你的評論，也謝謝你的提問。所以你看，從更宏觀的角度來看，我們顯然對 Genius 的進展感到非常滿意。各項指標持續都非常、非常令人鼓舞。我也提醒你，我們推出 Genius 還不到一年。因此，在過去 12 個月裡，我們在將 Genius 擴展到新的垂直領域、擴展到新的地理區域、以及擴展到我們認為能有效競爭並取勝的不同市場區隔方面，都取得了巨大的進展。

Again, just very proud of the team and the amount of work that they put into bringing Genius to life. We're also now starting to see a little bit better brand recognition around Genius, which we think is a good forward sign as it relates to future sales velocity is relates to the product overall. As it relates to the take rates, maybe I'll provide just a couple of comments, and I'll ask Bob to go a little bit deeper on those. I would call out three things in particular.

再次強調，我們對團隊以及他們為讓 Genius 落地所投入的大量工作感到非常自豪。我們也開始看到 Genius 的品牌辨識度有所提升，我們認為這是一個良好的前瞻性訊號，關係到未來的銷售速度，也關係到整體產品。至於抽成率（take rates），我先提供幾點評論，然後請 Bob 再深入說明。我特別想點出三件事。

One is, and this may feel obvious, Genius is just a much more feature-rich platform than anything that we've been selling historically. So the capabilities we're able to bring to bear with Genius are just more superior than historical products we have brought to market, and we certainly see that resonating with the market more broadly. Two, and Bob talked about this in the past, as we revamped our sales plan, we put a much more significant emphasis on cross-selling and our ability to bundle other value-added services within the suite of solutions we're selling as part of Genius.

第一點，而且這可能聽起來很直觀：Genius 是一個功能更豐富的平台，勝過我們過去歷來銷售的任何產品。因此，透過 Genius 我們能提供的能力，明顯優於我們過去推向市場的產品，我們也確實看到這在更廣泛的市場上引起共鳴。第二點，Bob 之前也談過，當我們重塑銷售計畫時，我們更大幅度地強調交叉銷售，以及我們在 Genius 方案中，將其他加值服務打包進我們所銷售的解決方案組合的能力。

And obviously, we're seeing some effectiveness there, which is resulting in, again, slightly higher yields with net new front book customers as we're selling Genius into the market. And then the third thing I would say is we're seeing better penetration of payments through our dealer channel.

而且很明顯，我們在這方面看到了一些成效，這使得當我們把 Genius 推向市場、面向全新前端客戶（net new front book customers）時，良率再次出現些微提升。第三點是，我們看到透過經銷商通路的支付（payments）滲透率更高。

Historically, if I'm being honest, we made it a little bit hard for our dealers to sell payments. We're trying to ease the process by which our dealers are able to attach payments to Genius when they're selling the solution into market -- and obviously, that's creating overall better yields with the portfolio of customers that we're selling through the dealer channel more broadly.

坦白說，過去我們讓經銷商銷售支付服務變得有點困難。我們正試圖簡化流程，讓經銷商在把解決方案推向市場時，能更容易把支付功能附加到 Genius 上——而這顯然也讓我們透過經銷商通路所銷售的整體客戶組合，帶來更好的整體良率。

So those are the three specific things I would kind of call out at a macro level. I'll ask Bob if he has any color that he would want to add to that.

以上是我在宏觀層面會特別點出的三件事。我請 Bob 看看是否還有任何補充說明。

I think Cameron really nailed it, Dan. There's a couple of things maybe I would add. Number one, Cameron talked about the more robust solution we're bringing to market and cross-selling. What I think that means is not just cross sales in the traditional sense where we're bringing new value-added services to back book clients. But really, the bundled selling of Genius that targets a robust set of core capabilities, but then also wraps additional value around both the software and the transaction processing.

我認為 Cameron 說得非常到位，Dan。我可能再補充幾點。第一，Cameron 談到我們帶到市場上更強健的解決方案以及交叉銷售。我認為這不只是傳統意義上的交叉銷售，也就是把新的加值服務帶給既有存量客戶（back book clients）。而是 Genius 的「打包式銷售」：以一套強健的核心能力為目標，同時在軟體與交易處理兩方面再包裹進額外的價值。

That's helping to drive material improvements in the value of each deal as clients recognize the incremental value we're bringing and are willing to pay for those capabilities.

這有助於推動每筆交易價值的顯著提升，因為客戶認知到我們帶來的增量價值，並願意為這些能力付費。

The other thing that I'll mention is really not product or technology related directly, but the sales transformation journey we've been on the last 1.5 years or so. We've talked about this in multiple calls in the past. But that's led to better sales talent with better training and better tooling and capabilities for our sales team. So this is both a product and technology improvement as well as an execution improvement of our sales organization.

另外我想提到的一點，其實不直接與產品或技術相關，而是我們在過去大約一年半所進行的銷售轉型旅程。我們在過去多次電話會議中都談過。這帶來了更優秀的銷售人才、更好的訓練，以及更好的工具與能力，賦能我們的銷售團隊。因此，這同時是產品與技術的改善，也是銷售組織執行力的提升。

Bryan Keane, Citigroup.

Bryan Keane，花旗集團。

Congrats on these results. I got two questions, I'll ask them upfront. Happy to see the accelerated repurchase plan of $500 million. So trying to get a sense of what that means for share buyback for the rest of this year and into 2027 as I know you're committed to the 3.0 net leverage by the end of '27. And then the second question, just a follow-up on Genius.

恭喜這些成果。我有兩個問題，我先一起問。很高興看到 5 億美元的加速回購計畫（ASR）。因此想了解，這對今年剩餘時間以及到 2027 年的股票回購意味著什麼，因為我知道你們承諾在 2027 年底把淨槓桿降到 3.0。第二個問題是，關於 Genius 的追問。

What percentage of the market does Genius cover today and when the rollout is complete, how much of total SMB or total GPN sales will be coming from Genius because I know you're rolling out into the financial institutions and then Germany and Austria. So just trying to get a sense of where we are on coverage and where we're going to be and congrats.

Genius 目前覆蓋了市場的百分之多少？等到全面推出完成後，在整體 SMB 或整體 GPN 銷售中，有多少會來自 Genius？因為我知道你們正在推進到金融機構，然後是德國與奧地利。所以只是想了解目前覆蓋進度以及未來會到哪裡，再次恭喜。

Thanks, Brian. I'll take -- and appreciate the questions. I'll take the first one. Look, we're obviously very focused on returning capital to shareholders. That's a big part of the overall narrative.

謝謝，Brian。也謝謝你的提問。我先回答第一個。你看，我們顯然非常專注於把資本回饋給股東。這是整體敘事中的重要一環。

And look, at these levels, there is no single better investment than in ourselves. And as we talked about in our prepared remarks, in Q1, we bought back $550 million worth of shares. We returned approximately $620 million of capital to shareholders. And today, we obviously announced another ASR for $500 million, and we have plenty of capacity in Q2 to continue to buy back shares in the open market, which we plan to do after executing the ASR.

而且你看，在目前這些水準下，沒有任何一項投資比投資我們自己更好。正如我們在事先準備的發言中提到的，第一季我們回購了 5.5 億美元的股票。我們向股東回饋了約 6.2 億美元的資本。而今天，我們也宣布了另一筆 5 億美元的 ASR；同時在第二季，我們也有充足的額度可以持續在公開市場回購股票，我們計畫在執行 ASR 之後進行。

And look, by the end of the second quarter, we expect to return more than 50% of what we committed to return in 2026. And look, I'd say, we're well on our path to go ahead and return approximately $7.5 billion to shareholders by the end of 2027. So we feel very good about that. And we also feel very good about getting back to our leverage point of 3 times by the end of 2027.

而且你看，到第二季末，我們預期回饋的金額將超過我們承諾在 2026 年回饋總額的 50%。並且我會說，我們正穩步走在路徑上，預計在 2027 年底前向股東回饋約 75 億美元。所以我們對此感到非常有信心。同時，我們也對在 2027 年底前把槓桿回到 3 倍的目標感到非常有信心。

On your second comment, Brian, I think it's a very interesting one. I might start at the macro level and ask Bob to go a little bit deeper. But as I step back and think about the long-term strategy of the business. As we think about restaurant and retail, the mode of competition is the point of sale. And obviously, Genius is a highly competitive solution that we think allows us to compete enormously effectively in restaurant and retail and all the sub verticals they're under with our capabilities to continue to win share in that market going forward.

至於你的第二點，Brian，我認為這是個非常有意思的問題。我可能先從宏觀層面談起，然後請 Bob 再深入一些。但當我退一步思考公司的長期策略時，在餐飲與零售領域，競爭的核心是銷售點（POS）。而很明顯，Genius 是一個高度具競爭力的解決方案，我們認為它讓我們能在餐飲與零售，以及其下所有子垂直領域中，以我們的能力非常有效地競爭，並在未來持續在該市場贏得市占。

Over time, the rest of the market will continue to drive towards being more software enabled, which means more and more of our sort of sales will come through our integrated channel for channels where we don't own our own software. And this is a very US-centric comment, of course, but over time, I expect the rest of the world is going to move in a similar direction, which is restaurant and retail will largely attack through Genius. That is our competitive, obviously, differentiation from a product and capability perspective to win in those channels.

隨著時間推移，市場其餘部分將持續朝向更軟體化的方向發展，這意味著在那些我們並不擁有自有軟體的通路中，越來越多我們這類的銷售將透過我們的整合式通路來完成。當然，這是一個非常以美國為中心的評論，但隨著時間推移，我預期世界其他地區也會朝類似方向發展，也就是餐飲與零售將在很大程度上透過 Genius 來切入。從產品與能力的角度來看，這顯然是我們在那些通路中取勝的競爭差異化所在。

And then more and more of the rest of our business will migrate towards our integrated and platform businesses as we attack other vertical markets through the partnership relationships, the deep relationships we have in that channel. So that's kind of an overarching view of where I see the business trending over time. I'll let Bob maybe go a little deeper around some of the specifics of your question.

接著，隨著我們透過合作夥伴關係、以及我們在該通路中所建立的深厚關係來攻入其他垂直市場，我們其餘業務也將愈來愈多地移轉到我們的整合式與平台業務上。以上大致就是我對業務長期趨勢的整體看法。我讓 Bob 也許就你問題中的一些細節再深入說明。

Yeah, Brian, I think it's an interesting question as Cameron noted. Clearly, retail and restaurant is the most obvious in direct application for Genius in kind of the core verticals that we serve. But we've also announced releases around service-oriented businesses with scheduling and invoicing capabilities. We've also launched Genius Mobile, which is a version that is slightly slimmer in terms of both of its device footprint and its feature functionality that's designed to be easier to use and more general purpose.

是的，Brian，我認為這是個很有意思的問題，正如 Cameron 所提到的。很明顯，零售與餐飲是在我們所服務的核心垂直領域中，Genius 最直接、最顯而易見的應用場景。但我們也已宣布針對服務導向型企業推出版本，具備排程與開立發票等功能。我們也推出了 Genius Mobile，這是一個在裝置占用與功能特性上都更精簡的版本，設計上更易於使用、用途也更通用。

The other thing I would consider is as you move outside of the largest markets in the world for software, the US certainly being at the top of that -- in international markets, merchant segments tend to be less hyper verticalized than here, and there's not quite as many software providers with niche solutions. And so we think Genius covers more of the horizontal approach to the market than maybe in the largest markets.

另外一點可以考量的是，當你走出全球最大的軟體市場（美國當然位居首位）之後——在國際市場中，商戶客群往往不像這裡那樣高度垂直化，也沒有那麼多提供利基解決方案的軟體供應商。因此我們認為，相較於在最大型市場中，Genius 在其他市場更能以較偏「水平型」的方式覆蓋市場需求。

So if you think about the composition of Global Payments merchant revenue today with something like 50%-ish being driven by the SMB channel. I think over a period of time, very close to 100% of that SMB base can be addressed by a version of Genius that's not being served by our integrated and platforms business with another core software offering that's operating their business.

如果你看看 Global Payments 目前的商戶營收組成，大約有 50% 左右是由 SMB 通路所驅動。我認為隨著時間推移，這個 SMB 基礎中非常接近 100% 都可以由某個版本的 Genius 來服務——前提是這些商戶並非已由我們的整合式與平台業務、搭配另一個核心營運軟體來支撐其業務運作。

So in the US today, it's largely retail restaurant, age-restricted verticals and service oriented. In our international markets, it's covering probably 75% or 80% of the MCC codes that we're serving across Europe and Latin America. So we're very bullish about its ability as a platform to scale from the smallest clients to the largest enterprise and to serve horizontally across multiple verticals without having to proliferate kind of point software solutions.

因此在美國目前主要是零售、餐飲、年齡限制型垂直領域，以及服務導向型產業。在我們的國際市場，Genius 大概能覆蓋我們在歐洲與拉丁美洲所服務的 MCC 代碼中的 75% 或 80%。所以我們對它作為一個平台的擴展能力非常樂觀——能從最小型客戶一路擴展到最大型企業，並且能以水平方式服務多個垂直領域，而不必不斷擴增各種點狀的軟體解決方案。

Darrin Peller, Wolfe.

Darrin Peller，Wolfe。

All right. Great. You highlighted some notable wins, including Subway and Abercrombie, among others. So what do you see driving those wins? And then just focusing for a moment also on sales adds and the integration of your sales.

好的。很棒。你提到一些值得注意的勝利案例，包括 Subway 和 Abercrombie 等。那你認為是什麼在推動這些勝利？另外也請你稍微聚焦談一下新增銷售人員，以及你們銷售團隊的整合。

I mean, it looks like you're well on your way you're adding. I think you had 300-plus adds you said -- just touch on the integration and how it's going with those sales what type of impact do you expect to see post onboarding and really some timing if you can, in terms of the follow-through from adding in terms of new revenue and new opportunities.

我的意思是，看起來你們進展很順利、正在持續增加人手。我想你說你們新增了 300 多位——請談談整合情況，以及這些銷售人員的整合進展如何；在完成到職/上線（onboarding）之後，你預期會看到什麼樣的影響；如果可以的話，也請提供一些時程，說明從新增人力到帶來新營收與新機會之間的落地節奏。

Yeah. Thanks, Darrin. Great question. I'll start. And again, I'll ask Bob maybe to add a little bit more color to my answer. As I step back and look at the commercial productivity of the business in the first quarter, I'd say it's very encouraging. As we called out on the call, we saw 8% overall bookings growth. We had 9% in enterprise and integrated and platforms. We added 44 new partners and obviously called out strong volume growth on both Parex and our traditional payment facilitation capabilities.

好的。謝謝你，Darrin。很好的問題。我先回答。同樣地，我也請 Bob 之後在我的回答上補充一些細節。當我退一步看第一季業務的商業生產力時，我會說這是非常令人鼓舞的。正如我們在電話會議中提到的，我們整體簽約（bookings）成長 8%。企業端以及整合式與平台業務成長 9%。我們新增了 44 個新合作夥伴，並且也特別指出 Parex 與我們傳統支付促成（payment facilitation）能力在交易量上都有強勁成長。

Genius sales nearly doubled year over year, obviously being the flagship sort of product than our SMB portfolio driving, obviously, the commercial activity, the lion's share of the commercial activity we're seeing in that business, dovetailing with Bob's comments a moment ago. So I think from my vantage point, what I see is we're building a very strong commercial engine that we can continue to scale and drive as a go-forward matter.

Genius 的銷售額年增幾乎翻倍；它顯然是我們 SMB 產品組合中的旗艦產品，推動了我們所看到的商業活動——也就是該業務中我們所見商業活動的最大部分，這也呼應了 Bob 剛才的評論。因此從我的角度來看，我看到的是：我們正在打造一個非常強的商業引擎，未來可以持續擴大規模並推動成長。

And then two, we have the product and capabilities to win competitively in the market. Our strategy at an overarching level is to continue to compete on product differentiation and capability. We want to lead with the solutions that we have that we think are differentiated. We want to lean into the feature functionality that we think really resonates with our clients, which is going to be slightly different across the three channels of the market that we go to market through, but we certainly feel like we have an ability to compete and win based on the strength of our product and capabilities across these three go-to-market channels.

第二，我們具備在市場上具競爭力取勝的產品與能力。我們在更高層次的策略是持續以產品差異化與能力來競爭。我們希望以我們認為具差異化的解決方案作為主打。我們希望加大投入在我們認為真正能引起客戶共鳴的功能特性上；這些功能在我們進入市場的三個通路中會略有不同，但我們確實相信，憑藉我們在產品與能力上的優勢，我們有能力在這三個 go-to-market 通路中競爭並取勝。

Secondly, I think service and support is increasingly becoming a point of differentiation and distinction in the market. We're seeing more and more that our clients are looking for a more intimate for lack of better term, sales and service experience. They're looking for someone who can solution around their very specific needs. I think we have the DNA. We have the scale, and I think we have the expertise to be able to deliver that in much better ways than the vast majority of our competitors.

其次，我認為服務與支援正日益成為市場上的差異化與區隔點。我們越來越看到客戶在尋求一種更貼近、姑且這麼說的銷售與服務體驗。他們希望有人能針對其非常具體的需求提供解決方案設計。我認為我們具備這樣的 DNA。我們具備規模，也具備專業能力，能以遠優於絕大多數競爭對手的方式交付這些服務。

And I think over time, that ability to bundle highly feature-rich product and capability with a service experience that feels unique and distinctive to Global Payments is a real competitive tailwind for us in the business as we go forward.

而且我認為，隨著時間推移，能將功能非常豐富的產品與能力，與一種讓人感覺獨特、且具有 Global Payments 特色的服務體驗打包在一起，將會成為我們未來業務的一股真正的競爭順風（tailwind）。

On the sales force front, what I would say is, first, from an integration perspective, things are going very, very well. We've aligned the vast majority of our new -- of all of our sellers against the new sort of go-to-market channels that we're leveraging, enterprise, integrated and platform in SMB. We're obviously kind of working through some of the, what I would call the plumbing of that, which is aligning sales compensation plans, quotas, go-to-market channels, et cetera, across the different sales resources.

在銷售團隊方面，我想說的是，首先，就整合而言，進展非常、非常順利。我們已將絕大多數的新加入——也就是我們所有的銷售人員——對齊到我們正在採用的新 go-to-market 通路：企業端、整合式與平台，以及 SMB。我們當然也正在處理一些我稱之為「管線工程（plumbing）」的工作，也就是在不同銷售資源之間對齊銷售獎酬方案、配額、go-to-market 通路等等。

But I would say, overall, the progress there is quite good, and I would expect by the end of this quarter, we'll have the vast majority of that iron out and the go-to-market motion will be pretty smooth across the combined business.

但我會說，整體而言，這方面的進度相當不錯；我預期到本季末，我們就能把其中絕大部分問題理順，合併後的業務在 go-to-market 的運作方式上會相當順暢。

To your point around the new sales heads we're adding, again, continuing to see very good quality of new sellers into our ecosystem. Many of those, as we called out in our prepared remarks, are coming from other software companies or point-of-sale competitors. I think they're attracted to the feature-rich platform that Genius offers as well as our ability to deploy, install and service relationships in a way, again, that I feel is distinctive relative to many of our competitors.

至於你提到我們新增的銷售主管（sales heads），我們持續看到非常高品質的新銷售人員加入我們的生態系。其中許多正如我們在事先準備的講稿中提到的，是來自其他軟體公司或 POS 競爭對手。我認為他們被 Genius 所提供的功能豐富平台所吸引，同時也被我們在部署、安裝與服務客戶關係方面的能力所吸引——再次強調，相較於許多競爭對手，我認為這點非常具有差異化。

We're seeing metrics across those new sales professionals continue to improve just in terms of their productivity, in terms of their speed to first deal ones in our environment. It's also allowed us to expand distribution in places like Mexico that we think is important as it relates to long-term growth trajectories in that market.

我們看到這些新進銷售專業人員的各項指標持續改善，無論是在生產力方面，或是在我們的環境中達成第一筆交易的速度方面。這也讓我們得以在像墨西哥這樣的地區擴大通路布局；我們認為這對該市場的長期成長軌跡而言相當重要。

So overall, we feel I would say very good about the commercial engine that we are building as a combined company. And I think the thing that is most important to me is we're winning at strong levels, which demonstrates the product capability and service offering that we bring to market is truly competitive and allows us to win share. Bob, I don't know if you'd add any other color around that?

整體而言，我會說我們對作為合併後公司所打造的商業引擎感到非常良好。而我認為對我來說最重要的是，我們以很高的水準持續贏單，這證明我們推向市場的產品能力與服務方案確實具備競爭力，並讓我們能夠贏得市占。Bob，我不確定你是否要再補充一些說明？

Maybe just two quick things. One, I think that the sales transformation we've been undertaking has given us a lot of confidence in the plans that we've built and the execution results that those deliver. So as we bring the businesses together, rolling out the very best of breed of tools, systems, training and sales enablement across the combined organization gives us a lot of confidence that the early wins Cameron highlighted are durable and lead to long-term competitive advantage of front book opportunities.

也許就兩點簡短補充。第一，我認為我們正在推動的銷售轉型，讓我們對所建立的計畫以及其帶來的執行成果更有信心。因此，當我們把兩個業務整合在一起時，將最一流的工具、系統、訓練與銷售賦能在合併後的組織全面推行，讓我們非常有信心，Cameron 所提到的早期勝利是可持續的，並能在前端業務機會上帶來長期競爭優勢。

The second thing, more macro, I would say, is in an environment where countries are experiencing a resurgence of nationalism, Global Payments is not a US company with worldwide distribution. We're a true global company. We've said in the past that we bring global scale and local expertise.

第二點，較偏宏觀來看，我會說，在各國民族主義再度抬頭的環境下，Global Payments 並不是一家在全球發行/分銷的美國公司。我們是一家真正的全球公司。我們過去也說過，我們帶來的是全球規模與在地專業。

And I think that is a market differentiator for us outside of the US borders, whether it's in Canada or in Germany or in Poland or the Uk or Australia or country in Asia, we're showing up with local teams embedded in the local community with local market knowledge and the ability to put feet on the ground and hands on keyboards to get business done, to help clients be successful and to grow as a part of the local economy.

我認為這是我們在美國以外市場的差異化優勢。無論是在加拿大、德國、波蘭、英國、澳洲或亞洲各國，我們都以在地團隊深入在地社群、具備在地市場知識，並能夠真正到現場、實際操作系統把業務做成，協助客戶成功，並作為在地經濟的一部分共同成長。

So it's maybe a little more abstract, but I think both of those concepts are leading to like I said, near-term wins and long-term durable scale and benefit.

所以這可能稍微抽象一些，但我認為這兩個概念都如我所說，正在帶來短期的勝利，以及長期可持續的規模與效益。

Adam Frisch, Evercore ISO.

Adam Frisch，Evercore ISI。

I wanted to dovetail a little bit on Darrin's question on the revenue synergies. You guys have obviously disclosed a ton of data and color around this. But just to make sure we're getting the right message, specifically on cross-sell, when do you expect that to start contributing more meaningly to revenue growth? Is that a '26 expectation or more into '27.

我想延伸一下 Darrin 關於營收綜效的問題。你們顯然已經披露了大量數據與細節。但為了確認我們理解到正確訊息，特別是在交叉銷售方面，你們預期何時會開始對營收成長做出更有意義的貢獻？這會是 2026 年的預期，還是更偏向 2027 年？

And then also on AI, obviously, a big tool for cost reduction that you're leveraging would also ask you to expand how you're leveraging it to drive product acceleration and future revenue growth. And if you're using it to bring Genius up to some of the -- up to scale more quickly as well?

另外關於 AI，顯然你們正在運用它作為降本的重要工具；也想請你們擴大說明如何運用它來推動產品加速與未來營收成長。以及你們是否也在用它讓 Genius 更快達到——更快擴大到規模？

All right. Thanks, Adam. It's Josh. Let me -- I'll take the first question that you have. Look, as we talked about repeatedly, revenue synergies is really kind of the North Star and our big focus in 2026 is really laying the foundation and the groundwork to deliver the $200 million in revenue synergies that we've committed to.

好的。謝謝你，Adam。我是 Josh。我先回答你的第一個問題。你看，正如我們反覆談到的，營收綜效其實是我們的北極星；而我們在 2026 年的重點，就是打好基礎與地基，以交付我們承諾的 2 億美元營收綜效。

I'd say that the bigger opportunities around growth will really start to come in the 2027 time frame, but more so in 2028. And we would expect to realize approximately $100 million in revenue synergies in 2028 and then really exiting the year run rating at $200 million. Look, we've talked about these before. Some of the big things that we're focused on, obviously, is enabling the direct sales force to go ahead and sell Genius.

我會說，較大的成長機會會在 2027 年的時間框架開始顯現，但更主要是在 2028 年。我們預期在 2028 年實現約 1 億美元的營收綜效，並在年底以年化運行率（run rate）達到 2 億美元。你看，我們之前談過這些。我們聚焦的一些大項目，顯然包括讓直銷團隊能夠開始銷售 Genius。

We've already started to go ahead and roll that out with the heritage Worldpay direct sales force, selling e-commerce down market into our SMB channel, we have more than 5 million small and medium-sized merchants on the Heritage Global Payments side. We obviously have a physical presence in 175 countries around the globe. And so again, taking their leading e-commerce capabilities and enabling more of an omnichannel solution in those markets. That's a big opportunity.

我們已經開始推行，讓既有 Worldpay 的直銷團隊在我們的 SMB 通路中，向下沉市場銷售電商方案；在既有 Global Payments 這一側，我們有超過 500 萬家中小型商戶。我們在全球 175 個國家都有實體據點。因此，再次強調，把他們領先的電商能力帶進來，並在這些市場提供更多全通路（omnichannel）解決方案，這是一個很大的機會。

And then really, the final point I'd say is it's really unlocking the full power of our distribution channels to sell Genius through the ISO channel, other indirect channels. And then obviously, Worldpay, the heritage Worldpay side had 6,000 bank branches. And so that's an area of focus of ours. And we've talked about Genius Day in our prepared remarks and how we're facilitating that FI channel. So those are really some of the bigger rocks as it relates to revenue synergies.

然後我想最後一點是，真正釋放我們通路的全部力量，透過 ISO 通路及其他間接通路來銷售 Genius。此外，既有 Worldpay 這一側有 6,000 家銀行分行。因此這也是我們的重點領域。我們在事先準備的講稿中也提到 Genius Day，以及我們如何促進該金融機構（FI）通路。以上就是與營收綜效相關的一些主要重點。

Yeah. I'll add just maybe one point to that, Adam, and then I'll dovetail into the second part of your question. So I think the way I view the revenue synergies is we have tactical plans today to achieve the $200 million of sort of run rate synergies we expect over the first three years post closing of the transaction to Josh's earlier comment. The other thing we're sort of leaning into is where are the areas of investment that we really want to focus on that I would characterize as bigger beds.

是的。Adam，我再補充一點，然後我也會接著回答你問題的第二部分。我看待營收綜效的方式是：我們目前已有戰術性計畫，來達成我們預期在交易完成後前三年可實現的 2 億美元左右年化運行率綜效，呼應 Josh 先前的評論。另外，我們也在加大投入思考：有哪些投資領域是我們真正想聚焦的，我會把它們形容為更大的押注（bigger bets）。

These are opportunities to maybe drive more meaningful sort of uplift for the business over a longer period of time. So these would be kind of incremental opportunities outside of the more tactical, I think, opportunities that come from putting Global Payments and Worldpay together.

這些機會可能在更長的時間維度上，為業務帶來更有意義的提升。因此，這些會是一些增量機會，位於較偏戰術性的機會之外；後者主要來自把 Global Payments 與 Worldpay 結合在一起所帶來的效益。

So our teams are starting to give some light to where do we think about investing in sort of bigger bets that may have more meaningful opportunity long term for the business as we think about bringing the companies together and perhaps the things that we can uniquely unlock given the size, scale, scope of resources that we have worldwide. So that's more to come on that as we get further down that path.

因此，我們的團隊開始釐清：在把公司整合在一起的過程中，我們應該在哪些「更大的押注」上投資，這些押注長期可能為業務帶來更有意義的機會；以及考量到我們在全球擁有的規模、量體、資源範圍，我們或許能夠獨特地解鎖哪些事情。隨著我們在這條路上走得更深入，後續會有更多內容可以分享。

But very clear line side on the tactical plans that give rise to the numbers we've articulated. And we're also looking at things that we think we can uniquely do because of our positioning in the market and the scale that we bring I think on the AI front, as I step back and look at it again at a macro level, we're really focused across three primary sort of vectors for AI.

但就我們已經闡述的數字而言，支撐它們的戰術性計畫脈絡非常清楚。同時，我們也在看一些我們認為能因市場定位與我們帶來的規模而獨特做到的事情。至於 AI 方面，當我退一步以更宏觀的角度來看，我們主要聚焦在三個核心向量（vectors）。

The first is Agentic commerce, and I provided a lot of commentary in my prepared remarks around our positioning there and how we see the market trending, quite frankly, in a way that aligns completely well with our strategy and approach. And we feel very good about how we're positioned, again, to continue to help shape that evolving sort of channel of commerce for the future.

第一是 Agentic commerce（代理式商務），我在事先準備的講稿中已就我們在這方面的定位，以及我們如何看待市場趨勢做了很多評論；坦白說，市場的走向與我們的策略與方法完全一致。我們對自身的定位感到非常良好，並且有信心能持續協助塑造這個正在演進、面向未來的商務通路。

The second is embedding AI capabilities more broadly into our products and solutions. We called out a number of areas where we're already embedding AI capabilities to improve the feature richness of the products and solutions we bring to market. Genius is obviously a great example of that. And I don't want to get ahead of myself, but we have some exciting announcements that we'll be making in the context of the NRA coming up here in the next couple of weeks that certainly, I think, fit very nicely in the category of sort of how we can better leverage AI to enhance the capabilities around Genius and help grow and scale Genius more effectively going forward.

第二是更廣泛地把 AI 能力嵌入到我們的產品與解決方案中。我們點出了多個領域，說明我們已經在嵌入 AI 能力，以提升我們推向市場的產品與解決方案的功能豐富度。Genius 顯然就是一個很好的例子。我不想說得太早，但在接下來幾週即將到來的 NRA 場合，我們會發布一些令人振奮的公告；我認為這些公告非常符合「如何更好地運用 AI 來強化 Genius 的能力，並在未來更有效地推動 Genius 成長與規模化」這一類別。

And then the last area of AI, of course, is around productivity improvements that we see in the business. And I think we have kind of a very unique position around this given the merger and integration with Worldpay as we're building out the new organization going forward, if we're aligning all of our functional areas, across the two business, and we're building new workflows and processes for the combined business.

然後，當然，AI 的最後一個領域，是我們在業務中看到的生產力提升。我認為，鑑於我們與 Worldpay 的合併與整合、以及我們正在打造未來的新組織，我們在這方面具備相當獨特的優勢：我們正把兩個業務的所有職能領域對齊，並為合併後的業務建立新的工作流程與流程。

Obviously, we're building them in a way that we believe we can integrate AI to enable those workflows, those processes, the delivery of services to the business in a much more efficient and effective way. And I think that is a unique opportunity. In many ways, it comes out of the integration process is the ability to redesign process workflow with an AI-centric mindset to build better efficiency, scalability, productivity into the operating environment of the company.

顯然，我們在建置這些流程時，是以我們相信能夠整合 AI 的方式來設計，讓這些工作流程、這些流程、以及對業務提供服務的交付，能以更高效率、更有效的方式完成。我認為這是一個獨特的機會。在很多方面，這源自整合過程：能夠以 AI 為核心的思維重新設計流程工作流，將更好的效率、可擴展性與生產力導入公司的營運環境。

The other thing we're doing, and I called this out in my prepared remarks as well, is we've created our own proprietary fast track studio platform. And effectively, that allows us to massively accelerate product from experimentation to production. So it improves not only kind of the speed to market for new product and capability.

我們正在做的另一件事——我在事先準備的發言中也提到——是我們打造了自有的專有 fast track studio 平台。實際上，它讓我們能大幅加速產品從實驗到上線（production）的進程。因此，它不僅提升新產品與新能力的上市速度。

It also includes the overall product velocity and our ability to obviously innovate at a much quicker pace going forward, which again we think competitively positions us very well and something that, again, comes out at the massive scale and innovation budget that we're able to bring to bear as a combined company.

它也涵蓋整體產品速度，以及我們未來顯然能以更快節奏進行創新的能力；我們認為這再次讓我們在競爭上處於非常有利的位置。而且這同樣得益於合併後公司所具備的龐大規模與創新預算，使我們能夠投入並發揮效益。

Bob, I don't know if there's anything you would maybe touch on a little bit deeper.

Bob，我不確定你是否還想再更深入補充一些。

The only thing I might add, Adam, are really around some things we've talked about before. not just AI alone, but some of the incremental investments we've made in the technology stack and the product and technology operating model that are accelerating the velocity of delivery and innovation.

Adam，我唯一想補充的是一些我們之前談過的內容：不只是 AI 本身，還包括我們在技術堆疊以及產品與技術營運模式上所做的一些增量投資，這些都在加速交付與創新的速度。

We talked, I don't know, a few quarters ago about orchestration capability that Global both acquired and was building in-house. We're using that orchestration capability heavily as part of the target architecture model and the integration of the two tech stacks. It's what's quickly enabling us to unlock the cross-sell of capabilities across the divergent platforms.

我記得在幾個季度前我們談到過編排（orchestration）能力，Global 既透過收購取得、也在內部自行建置。我們正大量使用這個編排能力，作為目標架構模型的一部分，以及兩套技術堆疊整合的一部分。它正在快速幫助我們解鎖跨不同平台的能力交叉銷售。

It's also allowing us to collapse platforms and reduce our overall technology footprint to amplify the impact of the investment dollars we're putting behind CapEx, technology, et cetera. The other thing is the organizational redesign that leads to this kind of an in a box model where you have engineering leaders, partnered up with product leaders, partnered up with business and commercial leaders all operating as one team with a shared set of goals, objectives, OKRs.

它也讓我們能夠整併平台並縮減整體技術足跡，從而放大我們在資本支出（CapEx）、技術等方面投入資金的影響力。另一件事是組織重設計，導向這種「盒裝（in a box）」模式：工程領導與產品領導、以及業務與商務領導結成夥伴關係，作為一個團隊運作，並共享一套目標、目的與 OKR。

And it really democratizes decision-making a little bit and it distributes it lowering the organization. What that allows us to do is leverage leverage technology that we've acquired and that we've built and then leverage our operating model to respond quickly innovate at a faster pace and move more content into production more quickly. So we feel real good about how we're positioned to innovate at scale and at pace to continue to lead the market.

這確實在一定程度上讓決策更民主化，並把決策權下放到更低的組織層級。這讓我們能夠運用我們收購與自建的技術，再結合我們的營運模式，快速回應、以更快節奏創新，並更快把更多內容推進到上線環境。因此，我們對自身在規模化、加速創新並持續引領市場方面的定位感到非常有信心。

Andrew Schmidt, KeyBanc.

KeyBanc 的 Andrew Schmidt。

Good job on the steady results here. I hope I could drill down just on your comments on AI-related revenue. Obviously, there's a few sources. I don't want to part run in the announcement. It sounds like you have some interesting things rolling out.

這次穩健的業績表現做得很好。我希望能更深入問一下你們關於 AI 相關營收的評論。顯然來源有幾個。我不想搶先跑在公告前面。聽起來你們有一些很有意思的東西正在推出。

But if you could just talk about kind of the agent front, what you can do sort of capturing those flows and also what you can bring to merchants. And also, when we think about that fraud is also a big topic, obviously, recently, and you guys have an opportunity to bring that from a value-added services perspective. Just wondering just to get some more comments on the related revenue piece.

但如果可以的話，請談談代理（agent）端這一塊：你們如何捕捉這些交易流（flows），以及你們能為商戶帶來什麼。另外，當我們想到詐欺也是近期很大的議題，而你們也有機會從加值服務的角度切入。想請你們再多評論一些與此相關的營收部分。

And then we work in one more question just on the technology environment and harmonization. Can you give us an update on where you're at in the major milestones. It seems like you're already increasing product velocity. But when you get that work done, it seems like catalysts to further unlock product velocity. So any more details there in terms of the transformation would also be helpful.

然後我再加問一題，關於技術環境與整合協調（harmonization）。你能否更新一下目前主要里程碑的進度？看起來你們已經在提升產品速度。但當你們把那項工作完成後，似乎會成為進一步釋放產品速度的催化劑。所以若能提供更多轉型方面的細節也會很有幫助。

Yeah. Thanks for the comments, Andrew, and great questions on both fronts. So I'll -- without repeating myself, I'll try to touch on some of the AI-centric sort of questions that were embedded in your overall narrative there. I would say, first and foremost, on the revenue front, what we're seeing right now is predominantly related to existing products that we have in the market where we've been able to enrich their capabilities and enhance their effectiveness by virtue of applying obviously, more AI capabilities around them.

好的。謝謝你的評論，Andrew，也謝謝你在兩個面向提出的好問題。所以我會——在不重複我先前說法的前提下——嘗試回應你整體敘述中所包含的一些以 AI 為核心的問題。我會說，首先在營收面，目前我們看到的主要仍與既有、已在市場上的產品相關；我們透過在其周邊導入更多 AI 能力，得以豐富其功能並提升其有效性。

So products such as 3DS Flex, revenue boost, dynamic routing, fraud side are already leveraging AI capabilities that are allowing us, again, I think, to drive differentiation and their effectiveness in the market, which is allowing us to win more cross-sells with those value-added services, particularly within our enterprise base. And we're seeing better results for our clients, which obviously improves our share of wallet and improves the stickiness of relationships that we have on that front.

因此，像是 3DS Flex、revenue boost、動態路由（dynamic routing）、以及防詐（fraud）等產品，已經在運用 AI 能力；我認為這讓我們能在市場上形成差異化並提升其效果，進而讓我們在這些加值服務上贏得更多交叉銷售，特別是在我們的企業客群基礎中。我們也看到客戶取得更好的成果，這顯然提升我們的錢包份額（share of wallet），並提高我們在這方面關係的黏著度。

I would say on the pure agent commerce side, it's very nascent, right? Most of what you're seeing right now is AI-generated discovery with human in the loop transactions, which really rely on traditional kind of payment rails, checkout processes, et cetera to effectuate what is Agentic commerce today. At the same time, we're obviously building all the connected tissue that would allow for fully agentic commerce to move forward at scale.

至於純粹的代理商務（agent commerce）面向，現在還非常早期，對吧？你目前看到的大多是 AI 生成的探索（discovery）加上有人在迴圈中的交易（human in the loop transactions），而這其實仍仰賴傳統的支付軌道、結帳流程等，來完成當前所謂的代理式商務（Agentic commerce）。同時，我們也正在建置所有的連結組織（connected tissue），以便讓完全代理式商務能夠在規模化的情況下向前推進。

As I mentioned earlier and also commented on in my prepared remarks, we're seeing the industry really trend in a direction that we think is positive for us and our competitive positioning and strategic positioning around a genetic commerce.

如我先前提到、也在事先準備的發言中評論過，我們看到產業確實正朝著一個方向發展，而我們認為這對我們以及我們在代理式商務上的競爭定位與策略定位是正面的。

In particular, it just reinforces, I think, the critical role that we will continue to play around checkout, payment, risk and settlement, within Agentic commerce that allows us again to be the connective tissue that allows our merchants to be able to participate at scale in a very ubiquitous way across models and protocols, et cetera, to be able to take advantage of the promise that I think Agentic Commerce has, particularly in retail going forward.

特別是，這再次強化了我認為我們將持續扮演的關鍵角色：在代理式商務中，圍繞結帳、支付、風險與清算（settlement）。這讓我們能再次成為「連結組織」，使我們的商戶能以規模化、且在各種模型與協定等之間高度普及的方式參與其中，從而把握我認為代理式商務所帶來的承諾，尤其是在未來的零售領域。

Lastly, to your point around fraud, I think it's an excellent call out. As I look at our capabilities, (inaudible) is a best-in-class sort of market-leading capability. that obviously is leveraging AI and I would say the scale of data that we have with inside of our ecosystem that I think is unique to Global Payments with $4 trillion of payment volume and over 100 billion transactions a year. sort of our own internal data, coupled with the data sources that we have available to us that I think are unique allow us to continue to grow and scale Ravelin as a fraud-related solution that can power a number of our products and capabilities. that I think, again, allows us to competitively differentiate in the market around our ability to manage fraud, particularly in an Agentic world.

最後，關於你提到的詐欺，我認為這點提醒得非常好。就我對我們能力的看法，（聽不清）是一項同級最佳、且具市場領先地位的能力；它顯然正在運用 AI，我也會說，我們在生態系內所擁有的數據規模——對 Global Payments 而言是獨一無二的：每年 4 兆美元的支付量與超過 1,000 億筆交易。我們自身的內部數據，加上我們可取得、我認為同樣獨特的外部數據來源，使我們能持續成長並擴大 Ravelin 作為防詐解決方案的規模，進而為我們多項產品與能力提供動力。我認為這也再次讓我們在市場上，特別是在代理式世界中，於防詐管理能力方面形成競爭差異化。

And we're excited about the things that we're going to be able to do on that front and the progress that we're making. And I think, again, it puts us in a very strong position as this new channel continues to evolve over time.

我們對於在這方面將能夠做到的事情，以及我們正在取得的進展，感到非常振奮。而且我認為，再次強調，隨著這個新通路隨時間持續演進，這讓我們處於非常有利的強勢位置。

I think on your second question, the way I would characterize it is we are in the middle of sort of developing what we characterized as our target architectural model currently. This is a very important part of the integration because we're making decisions across the heritage Worldpay business and the Heritage Global Payments business around the platforms that we want to support, grow and scale as a combined going forward. as well as what platforms do we want to demise, what technology assets do we want a sunset over a period of time.

我想就你的第二個問題，我會這樣描述：我們目前正處於開發我們所稱的目標架構模型的過程中。這是整合中非常重要的一環，因為我們正在就我們希望在未來作為合併後公司所要支援、成長並擴展的平台，在傳承自 Worldpay 的業務與傳承自 Global Payments 的業務之間做出決策；同時也包括我們希望淘汰哪些平台、以及哪些技術資產要在一段時間內逐步退場。

So we make sure that the business is best positioned with the technology capability, solutions and capability to continue to compete effectively in the market, while minimizing the technology footprint that we're having to manage that allowed for quicker product velocity as a go-to-market matter. It allows us, I think, to better compete effectively in the market. It makes it easier to secure the environments that we're managing day-to-day has a lot of downstream benefits for the client -- for our company as well as for our clients as well.

因此，我們要確保業務在技術能力、解決方案與相關能力上處於最佳位置，能夠在市場上持續有效競爭，同時將我們必須管理的技術版圖降到最低，從而在上市推進（go-to-market）層面帶來更快的產品迭代速度。我認為這也讓我們能更有效地在市場上競爭。這也讓我們更容易保護我們日常所管理的環境安全，並為客戶帶來許多下游效益——對我們公司以及我們的客戶皆然。

I would say in the short term, Worldpay and Global Payments had a very similar strategy, which is very client centric in our approach. We want to create orchestration layers that allow our clients to be able to easily integrate into our environments to gain access to the full product suite and capabilities we're able to bring to bear on the market as a front book matter.

我會說，短期內，Worldpay 與 Global Payments 的策略非常相似，也就是以客戶為中心的做法。我們希望建立編排層（orchestration layers），讓客戶能夠輕鬆整合進入我們的環境，取得我們能在市場前端提供的完整產品套件與能力。

I think we both have made great strides in allowing easy integration into our environments as well as providing consolidated data settlement and reporting out of the back end. I think those are the features that our clients are most looking for today in terms of how we deliver our capabilities in a more seamless, ubiquitous way globally. Both of us, again, have made enormous progress on that front.

我認為我們雙方都在讓客戶更容易整合進入我們的環境，以及在後端提供整合式的資料清算與報表方面，取得了很大進展。我認為就我們如何以更無縫、全球一致的方式交付能力而言，這些正是客戶目前最想要的特性。我們雙方在這方面也都再次取得了巨大的進展。

So our short-term strategy is really to combine the orchestration layers in a way that allows the client to be able to gain access to the complete suite of capabilities that Global Payments and Worldpay can bring to bear on the market. While over time, we work to simplify behind the scenes, again, what I would characterize as the plumbing of our technology environment to minimize our technology footprint position us to be able to invest in our best go-forward platforms to support the combined needs of the business on a global scale and obviously minimize the amount of technology investments we're having to make to maintain those assets as a go-forward matter.

因此，我們的短期策略，確實是以一種能讓客戶取得 Global Payments 與 Worldpay 可在市場上提供的完整能力套件的方式，來整合編排層。同時，隨著時間推進，我們會在幕後持續簡化——我會把它形容為我們技術環境的「管線工程」——以縮小技術版圖，使我們能投資於最佳的未來核心平台，來支援合併後業務在全球規模下的整體需求，並且顯然也要把為了維持這些資產而必須投入的技術投資降到最低，作為未來推進的一部分。

I expect that technology architecture plan to be complete, call it, midyear and we'll begin to work towards our execution plans around that as we get into the back half of '26 and move forward into '27 and beyond.

我預期這份技術架構計畫將在年中左右完成；當我們進入 2026 年下半年，並邁向 2027 年及之後，我們就會開始推進相應的執行計畫。

Jeff Cantwell, Seaport.

Jeff Cantwell，Seaport。

It's good to hear about the early momentum you're seeing with Genius and Worldpay. And I was hoping you could talk to us more about that. What are the boots on the ground saying about customer feedback? And can you just talk to us more about the sales momentum as it relates to Genius. It seems like enterprise clients are showing good demand.

很高興聽到你們在 Genius 與 Worldpay 上看到的早期動能。我也希望你們能多談談這部分。第一線的人員對客戶回饋怎麼說？另外也請你們多談談與 Genius 相關的銷售動能。看起來企業客戶的需求相當不錯。

I thought those were called out in the prepared remarks. So my other question is, which nets -- are you gaining greater confidence in with Genius. I'm trying to see if we can anticipate which areas, what we hear more about as the year progresses.

我想這些在事先準備的發言中已經提到。所以我另一個問題是：就 Genius 而言，你們對哪些「網路」（nets）更有信心？我想看看我們是否能預期隨著今年進展，哪些領域會被提到得更多。

And then lastly, I mean, clearly, we're all focused on synergies, even though it's early days here, do you feel at all that the ceiling being raised on the synergy targets as you think about the longer term because some of these early numbers look encouraging. I just wanted to ask for your fresh thoughts there now that your 100 days in.

最後，顯然我們都聚焦在協同效益上，雖然現在還在早期階段；但從長期來看，基於一些早期數字看起來令人鼓舞，你們是否覺得協同目標的上限有機會被上調？你們上任 100 天後，我想聽聽你們最新的想法。

Yeah. Good question, Jeff. I'll start with the first part of your question and try to frame it. And I'm going to let Bob maybe provide a little more color around what we're hearing specifically, where we're winning and why, but as I step back and think about just the Genius platform as it relates to your questions around Worldpay and what we're seeing on that front. So as a reminder, we enabled Worldpay direct sellers to be able to sell Genius immediately kind of post-closing of the transaction.

是的。好問題，Jeff。我先從你問題的第一部分開始，並試著做個框架。我也會讓 Bob 可能補充一些更具體的細節，說明我們聽到什麼、我們在哪些地方贏、以及為什麼；但當我退一步思考 Genius 平台，並把它放在你關於 Worldpay 以及我們在這方面所看到的情況的問題脈絡下。提醒一下，我們在交易完成後不久，就讓 Worldpay 的直銷團隊能夠立即銷售 Genius。

Now in fairness, Worldpay is direct sellers in the US, it's not a huge population of sellers, but it was a good early win for the organization and obviously, a good early win around incremental momentum behind Genius. The bigger opportunity with Worldpay, quite frankly, is being able to unlock their FI channel, as Josh called out earlier, roughly 6,000 branches in the US as well as selling into their existing sort of ISO partner channel as we are looking to do in the Heritage Global Payments portfolio as well.

當然公平地說，Worldpay 在美國的直銷人員數量並不算龐大，但這對組織而言是一個很好的早期勝利，也顯然是 Genius 增量動能的一個早期勝利。坦白說，Worldpay 更大的機會在於能夠解鎖他們的 FI 通路，如 Josh 先前提到的，美國約 6,000 家分行；以及在我們也希望在傳承自 Global Payments 的產品組合中推動的同時，向他們既有的 ISO 夥伴通路銷售。

So I think about that as, quite frankly, pushing genius through all the distribution channels that we have today and obviously driving greater penetration and saturation of the market. leveraging the immense distribution that we have within the four walls of the combined Global Payments today.

所以我把這看作是——坦白說——透過我們今天擁有的所有分銷通路去推動 Genius，並且顯然提升市場滲透率與覆蓋度；運用我們在合併後的 Global Payments 內部所擁有的龐大分銷能力。

I think the second area that's really interesting from a Worldpay perspective, and I appreciate you calling this out is what we're seeing on the enterprise front. We specifically called out that Subway has committed to purchasing some of our Genius technology.

我認為從 Worldpay 的角度來看，第二個非常有意思的領域——也謝謝你點出來——是我們在企業端所看到的情況。我們特別提到 Subway 已承諾採購我們部分的 Genius 技術。

Subway is an existing payment relationship of Worldpay that we're able to tap into very early post-closing of the transaction to unlock this new opportunity to sell our software solutions into existing Worldpay enterprise payments customers. We think there's more of that forthcoming in the market as we continue to bring the businesses together and unlock opportunities as a combined company.

Subway 是 Worldpay 既有的支付合作關係；我們在交易完成後很早期就能切入，藉此解鎖這個新機會，把我們的軟體解決方案銷售給既有的 Worldpay 企業支付客戶。我們認為，隨著我們持續整合兩家業務並以合併後公司身分解鎖機會，市場上還會有更多這類案例出現。

The other comment I would just make about the enterprise market more broadly is we're seeing really strong receptivity to the embedded suite of capabilities that we can deliver across the Genius Enterprise solution from, obviously, point-of-sale, kitchen management software, digital menu solutions, drive-thru technology. We have an enormous array of capabilities that we can bring to bear on the enterprise space. And we're seeing strong, obviously, receptivity and excitement around what we're doing with Genius from an enterprise perspective.

另外我想對更廣泛的企業市場補充的是，我們看到市場對於 Genius Enterprise 解決方案所能提供的內嵌式能力套件反應非常熱烈，涵蓋了當然包括 POS、廚房管理軟體、數位菜單解決方案、得來速（drive-thru）技術等。我們有非常龐大的能力組合可以在企業領域發揮。而且我們看到市場對於我們在 Genius 企業端所做的事情，明顯有很強的接受度與興奮感。

As it relates to synergies, and I'm going to turn it over to Bob to obviously allow him to give a little more color around what we're seeing with Genius, but I'll just tackle the last part of your question, so we don't go back and forth. Look, we're delighted with the early progress we're making. I commented to our Board last week that the way our certainly executive leadership team and first couple of layers of management have come together to drive integration over the first. I think we're going on 120 days now is really remarkable. The way this organization is kind of come together over that period of time is very, very encouraging.

至於協同效益，我會把話題交給 Bob，讓他就我們在 Genius 上看到的情況提供更多細節；但我先回答你問題的最後一部分，這樣我們就不用來回切換。你看，我們對目前取得的早期進展感到非常高興。我上週向董事會提到，我們的高階管理團隊以及前幾層管理者在前期推動整合時的凝聚方式——我想我們現在大概已經 120 天了——確實非常了不起。這個組織在這段期間的整合程度非常、非常令人鼓舞。

I don't want to get ahead of myself as it relates to where we are with synergies. We have a great deal of confidence in being able to deliver on the commitments that we've already established. And we continue to work every day to try to maximize the value proposition that we see in putting the two businesses together. As we move through time, we'll continue to update you on our progress on that front.

就協同效益目前的進展而言，我不想操之過急。我們對於能夠履行先前已經確立的承諾非常有信心。我們也每天持續努力，盡可能把兩項業務結合所帶來的價值主張最大化。隨著時間推進，我們會持續就這方面的進展向各位更新。

But I would say, I certainly sitting here today, I'm very, very encouraged by the progress we're making from an integration standpoint and have a great deal of conviction in our ability to deliver on the commitments we've established.

但我想說，至少就我今天坐在這裡而言，我對我們在整合面向所取得的進展感到非常、非常振奮，也對我們履行既定承諾的能力抱持高度信念。

Bob, do you want to maybe go a little bit deeper on Genius?

Bob，你要不要就 Genius 再深入談一點？

Sure. So Jeff, back to the enterprise versus SMB part of your question, I think it's probably patently obvious that we call out some of the enterprise wins because they're names that people would recognize. But they're really overshadowed by the vast number of Marcellus pizzerias and Joe's local bar and the Atlanta hub or whatever the people may not recognize but are adopting Genius at an even more rapid clip than what we're seeing in the enterprise space.

當然。Jeff，回到你問題中企業端與 SMB（中小企業）那一段，我想很明顯的是，我們會特別點出一些企業端的贏單，因為那些是大家認得的名字。但其實，相較之下更引人注目的是大量像 Marcellus 的披薩店、Joe 的在地酒吧、亞特蘭大某個據點之類的客戶——大家可能不認得——卻以比我們在企業端看到的更快速度採用 Genius。

So, we feel really bullish, frankly, about both ends of the spectrum. In terms of where we're winning specifically, look, I think in restaurant, particularly in the US, there are certain sub verticals within restaurant that we have had some historical strength, and we've certainly doubled down on that with incremental functionality capabilities around Genius.

所以坦白說，我們對光譜兩端都非常看多。至於我們具體在哪些地方取勝，我想在餐飲領域，尤其在美國，餐飲內部有一些次垂直領域是我們歷來較有優勢的，而我們也確實在 Genius 相關的增量功能與能力上加碼投入。

We're also beginning to win competitive takeaways at a pretty consistent clip. I know there was some discussion some quarters ago about whether our approach was going to be back book related or front book related and certainly, we're seeing a blend of both. Our dealer network is going back to service clients that they sold historically with a very, very high percentage of close ratios on upgrades to Genius technology, whether that's around the new hardware, the new software and the value-added services we mentioned before.

我們也開始以相當穩定的節奏贏得競品替換（competitive takeaways）。我知道在幾個季度前曾有人討論，我們的做法會偏向既有客戶（back book）還是新客（front book），而目前我們確實看到兩者兼具。我們的經銷商網路正回頭服務他們過去銷售過的客戶，在升級到 Genius 技術方面有非常、非常高的成交率，不論是新的硬體、新的軟體，或是我們先前提到的加值服務。

We're also having a lot of success around stadium and event venues, foodservice management, both of those are complicated environments that often bring together the breadth of capabilities we have across device form factors and software technologies. So in one environment, you may need kiosks and digital menu boards and mobile access and kitchen management solutions, and we really feel very strongly about our capabilities in those complex environments not to mention things that were historical enterprise strength for us around drive-through and quick service restaurants.

我們在體育場館與活動場地、以及餐飲服務管理（foodservice management）方面也取得很大成功；這兩種都是複雜的環境，往往需要整合我們在不同裝置形態與軟體技術上的廣泛能力。因此在同一個場域，你可能需要自助點餐機、數位菜單看板、行動存取、以及廚房管理解決方案；我們對於在這些複雜環境中的能力非常有信心，更不用說我們在得來速與速食餐廳等領域原本就具備的企業端歷史優勢。

On the retail side, I think we continue to have, frankly, very broad success retail Genius solution isn't really targeted at enterprise, whether that's inside or outside of the US. But in the small and mid-market kind of retail shops, counter service, coffee shops, things like that, we're experiencing really broad interest in the US, obviously, that's our largest market for that. But even internationally, we're finding, in some cases, 50%, 60%, 70%, 80% of new opportunities are interested in taking the Genius retail, Genius sort of shops environment.

在零售端，我認為我們持續取得非常廣泛的成功；坦白說，零售 Genius 解決方案並不是以企業端為主要目標，不論是在美國境內或境外。但在小型與中型市場的零售店、櫃檯式服務、咖啡店等，我們在美國看到非常廣泛的興趣，當然美國是我們在這方面最大的市場。但即使在國際市場，我們也發現，在某些情況下，50%、60%、70%、80% 的新商機都對採用 Genius 零售、也就是 Genius 的店鋪環境方案感興趣。

So I would say the -- the excitement is broad. It's across enterprise and SMB. We feel real good about our approach and our positioning in both retail and restaurant, while acknowledging particularly in restaurant in the United States, we've got strong competition, and we've got work to do here to continue to build out our functionality, build our distribution. And as I've highlighted before, to establish the brand recognition that leads to those kind of automatic sales when you become one of the first names that people think about when they think about restaurant technology.

所以我會說——這份興奮感是全面性的。涵蓋企業端與 SMB。我們對於在零售與餐飲兩端的策略與定位感覺非常好；同時也必須承認，特別是在美國餐飲市場，我們面臨強勁競爭，仍有工作要做，必須持續擴充功能、建立通路。而且如我先前強調的，要建立品牌辨識度，才能帶來那種「自動成交」的銷售效果——當人們想到餐廳科技時，你成為他們第一時間想到的品牌之一。

And the campaign that we've run in the last quarter has demonstrated our ability to move public perception and awareness of the brand that we think is going to lead to future success at the top of the funnel and in terms of take rates.

而我們在上一季度所執行的行銷活動，已展現出我們有能力改變大眾對品牌的觀感與認知度；我們認為這將帶來未來在漏斗頂端以及採用率（take rates）方面的成功。

This concludes the Q&A. I will now turn the call over to Cameron Bready for closing remarks.

問答環節到此結束。我現在把電話會議交給 Cameron Bready 做結語。

On behalf of Global Payments, thank you very much for joining us today. We appreciate your interest in our company, and I hope everyone has a great day. Thank you very much.

我謹代表 Global Payments，非常感謝各位今天參與。我們感謝各位對本公司的關注，並祝大家今天一切順利。非常感謝。