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F500 2021-205-Fiserv

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F500-2020_311_Fiserv

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Fiserv is a financial technology company that serves the U.S., Europe, Latin America, the Middle East, the Asia-Pacific region, and Africa. The company provides payment solutions and digital banking services to private businesses, financial institutions, fintech companies, the public sector, and software providers.

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Fiserv (FISV): Company Profile, Stock Price, News, Rankings

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Fiserv

fiserv

Welcome to the Fiserv First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode until the question and answer session begins following the presentation. As a reminder, today's call is being recorded. At this time, I would like to turn the call over to Julie Sherriel, Senior Vice President of Investor Relations at Fiserv.

Thank you, and good morning. With me on the call today are Frank Bettiniano, our Chairman and Chief Executive Officer Mike Lyons, our President and incoming CEO and Bob Howe, our Chief Financial Officer. Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of Fiserv.com. Please refer to these materials for an explanation of the non GAAP financial measures discussed on this call, along with a reconciliation of those measures to the nearest applicable GAAP measures. Unless otherwise stated, performance references are year over year comparisons.

Our remarks today will include forward looking statements about, among other matters, expected operating and financial results and strategic initiatives. Forward looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. You should refer to our earnings release for a discussion of these risk factors. And now for the last time, I'll turn the call over to Frank.

Thank you, Julie, and thank you all for joining us today. It was a particularly active first quarter, but I think you've come to expect that from Fiserv. First, we were steadfast on execution, and that worked out well as we exceeded consensus EPS, expanded our leading client franchise and partner relationships and advanced our new product and market initiatives while making several strategic acquisitions. We also completed our CEO transition. Mike has exceeded all of my expectations.

And as a company, we haven't missed a beat. While the economic landscape remains dynamic, we are focused on executing, driving our growth initiatives and hitting the commitments we set forth in February. As for me, I'll continue to do all I can to extend Pfizer's industry leading position. Pending the outcome of the full Senate vote on my nomination to Social Security Commissioner. You've often heard me talk about the deep bench we have here at Pfizer.

And last month, Mike and I took steps to further advance the organization with the elevation of Takis Georgiacopoulos, our new Chief Operating Officer. Takis was named as a Senior Advisor back in June after a successful career at JPMorgan, most recently as Global Head of Payments. The COO role is a natural next step for Takis, who is an accomplished leader and talented operator with deep expertise in technology and payments around the world. He took the baton from Guy Chiarello, who became Vice Chairman and continues to report directly to Mike. In this role, Guy is focused on developing best in class products, deepening client and partner relationships and guiding our technology strategy.

He is also spearheading our efforts to leverage artificial intelligence and data, both within Fiserv and for our clients. The balance of the management committee remains in place. Lastly, I'd like to wrap up with some reflections. I am extremely proud of what we have built at Fiserv. The company's ability to extend its leadership position is clear.

It comes from scale and profitability, a strong balance sheet, global footprint, marquee clients, broad distribution through a network of partners, vast resources to invest and innovate and a business model that's durable enough to weather shifts in the economy. It is these attributes that led us to outperform on both operating and valuation measures post merger and can extend our track record of thirty nine consecutive years of double digit adjusted EPS growth. The alignment of our ecosystems for merchants and financial institutions is driving our growth now and into the future. As commerce and banking are increasingly interconnected, we are positioned to help clients on both sides to meet their growth aspirations. It is a construct unparalleled in the market today, ripe with opportunity and clearly hard to replicate.

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

Thank you, Frank, for your tireless efforts in guiding Fiserv and me personally through this transition. It is truly an honor and a privilege to lead the company going forward, and I feel fortunate to do so alongside Guy, Bob, Takis and the rest of our established and proven management team. Over the last ninety days, I've had the opportunity to meet many of our talented employees and partners and over 1,000 of our clients. These interactions have only further validated my view that Fiserv has an absolutely outstanding franchise with many attractive growth opportunities, some of which we are actively pursuing and some that have yet to be tapped and would bring incremental TAM. In nearly all of my client discussions, the focus was on what more Fiserv could do for them.

It's clear that we are valued, trusted and that clients recognize our scale, stability and technical prowess. These attributes are even more important in the current environment of macro uncertainty and industry disruption. So for Fiserv, commerce and banking activity carry on and our clients continue to engage with us to explore ways to modernize and digitize, grow their market share and better serve their customers. Turning to first quarter results. Fiserv is off to a strong start for the year with total company organic revenue up 7%, adjusted earnings per share up 14% and our adjusted operating margin up 200 basis points.

As you know, we had anticipated slower revenue growth to start the year and remain confident that growth will accelerate as the year progresses and we execute on existing contracts and key initiatives. Confidence in our positioning and prospects has us leaning into opportunities presented in this dynamic environment. And in the last sixty days, we announced four strategic acquisitions outside The United States and a new U. S. Operating hub.

In March, we acquired Payfair, a Canadian provider of program management solutions that enhances our growing embedded finance capability and adds two major gig economy companies as clients. Shortly thereafter, we closed the acquisition of CCV Group, a prominent player in omnichannel payment solutions that meaningfully expands our footprint in The Netherlands, Germany and Belgium. TCV will help us accelerate the deployment of Clover across Europe. Earlier this month, we acquired Pinch Payments, a payment facilitator serving merchants in Australia and New Zealand. And finally, earlier this week, we announced the planned acquisition of MoneyMoney in Brazil to enhance our capital offering to merchants based on risk scoring capability and integration with the receivables registry infrastructure regulated by the Central Bank.

This past Monday, we were excited to announce the opening of a new FinTech hub in Overland Park, Kansas. This new location will house 2,000 associates as part of our proven strategy to bring people together in major offices to drive innovation, collaboration and efficiency. Let's shift to our performance at the segment level. Merchant Solutions posted 8% organic revenue growth with a 10 basis point rise in adjusted operating margin to 34.2. Bob will discuss the details, so I'd like to highlight our progress in the quarter on three key near term initiatives.

First is driving Clover growth through new products, new markets, new partners and new geographies. Second is signing more financial institutions as merchant referral partners. And the third is adding new and existing enterprise merchant clients to our Commerce Hub platform and driving vast penetration. Let's dig into these, starting with Clover. Over the last few months, we've made major advances in our international strategy, introducing Clover in four new countries: Mexico, Brazil, Australia and Singapore and entering Belgium through the CCV deal.

This brings the total number of Clover countries to 13. We are particularly excited about the Brazil opportunity given our size, scale and momentum in the country and multiple distribution channels, including direct sales, ISVs through our Software Express unit and our leading financial institutions partners. We spent Q1 training and preparing these partners and they've hit the ground selling in April and we expect results will ramp through the year. In Asia Pac, we launched Clover in Australia on the last day of the quarter with a full cloud based SaaS platform, including hardware, processing and value added solutions. Our deep relationships in Australia mean we are well positioned to scale Clover through partners as well as direct distribution.

Shortly after the launch in Australia, we kicked off a Clover pilot in Singapore. Also in Q1, a leading provider of buy now pay later services, Klarna, signed an agreement to enable its payment options on Clover devices in The U. S. With initial plans to enable over 100,000 merchant locations. Clover Sport continues to win stadiums and arenas with nearly three fifty of them in total and growing.

Denver Broncos as well as six NCAA venues selected Clover Sport in Q1 to streamline payment operations throughout these high traffic locations. In May, we will be introducing Clover Hospitality, a new point of sale system designed to meet the needs of upper market restaurants, broadening our TAM. Our advanced technology across hardware, software and payments will create a unique high end restaurant solution. Clover Hospitality will debut at the National Restaurant Association Conference, and we are thrilled to have Sean Feeney's highly regarded Brooklyn based Lilia as our first client. Our new partnership with ADP is progressing well.

Teams from each company are deeply engaged and working collaboratively, up through Maria and I, who regularly discuss ongoing development. We are seeing strong initial receptivity from small businesses who are increasingly looking for integrated solutions like ours. We are already piloting a two way referral program and expect leads to multiply as we complete our technical integration throughout the year. Our level of optimism for this partnership has only grown as we apply our best of breed brands and distribution to drive compelling value for small businesses. Turning to our second major initiative, we added 33 new financial institutions as merchant partners in The U.

S. In Q1. This marks an acceleration from last year when we added just over 100 in total. Our pipeline is strong and we expect to meaningfully outpace that number in 2025, driven by financial institutions' desire to win in the small business space by using Clover and our broader SMB suite. Along those lines, we extended our joint venture agreement with PNC in Q1, which also included a Clover hardware order.

On April 1, we transitioned our joint venture with Wells Fargo to a processing agreement and we look forward to supporting their SMB growth strategy. We also enhanced our merchant referral agreement as well as our card issuer processing relationship with ICBA Payments, a subsidiary of the Independent Community Bankers of America, whose clients and members together represent $4,000,000,000,000 in assets. Overall, we now have merchant referral partnerships with 40 of the top 100 financial institutions with several other large opportunities in the pipeline. Our merchant FI partnerships also extend beyond The U. S.

In Q1, we won the merchant acquiring business in Austria for UniCredit Bank, one of the top performing banks in Europe, as they look to bring Clover to their small business clients. And finally, we added several new enterprise merchants to Commerce Hub in Q1 and expanded VAS with others. We signed Fanatics Sportsbook, one of the largest and fastest growing online sportsbooks, which will use a range of services from e commerce acquiring to value added solutions, including our authorization optimization tools and digital payouts. Additionally, Sezzle, a leader in buy now pay later services, selected Commerce Hub and has embraced a full suite of Fiserv products for their BNPL payments, including global merchant acquiring and debit routing via our Star and XL networks. Texas Roadhouse, an American steakhouse chain with over 700 locations in 49 states, expanded BaaS by choosing Fiserv's gift solutions and shopper data insights for enhanced customer engagement and operational analytics.

Yum! Brands, a long standing marquee client that renewed its contract during the quarter, expanded VAS by signing on for fraud, network tokens and our authorization optimization tool. Client authorization metrics using the new optimization tool have been encouraging, and we will soon be utilizing our position as the number one merchant acquirer and number one card issuer processor to make it even better. By virtue of these top positions, we have a greater volume and variety of data than other providers. We are combining this wealth of data with our AI in order to continually monitor, interpret and suggest improvements to increase authorization rates for our clients.

During a pilot with one of the magnificent seven tech companies, our AuthOp tool was able to improve the recovery rate on declines by 30% before the enhanced data solution, which will be available later this year. Now let's move to the Financial Solutions segment, which posted organic revenue growth of 6% and a very strong adjusted operating margin of 47.5%, up three forty basis points. Before Bob covers some of the key drivers here, I want to highlight progress on our three key strategies: gaining leadership in issuing and banking driving adoption of Cash Flow Central and XD and advancing cross buy serve solutions. Starting with the issuing business, we converted the Target Circle Card portfolio in Q1, adding one of the largest retailers in The United States to our Optus platform and further cementing our strong lead in the retail issuing space. In EMEA, Banquist Banking Group, a leading specialist bank and a key client for many years, was the first to sign on for our next generation cloud native processing platform, Vision Next, under a new twelve year credit card processing agreement.

This kicked off what we believe will be a new growth phase for our international issuing business. In The U. S, we renewed a number of important relationships, including a leading brand focused issuer, Fred Financial, a servicer and credit card issuer, CardWorks and a fintech lender, Abom. These early renewals and multi year extensions are a testament to the strength of our relationships, offerings and product roadmap and the direct result of our prior and planned investment. With over 1,700,000,000 accounts on file, we are now nearly twice as large as our closest competitor.

In banking, we continue to invest in core modernization. In Q1, we introduced Core Advance, our latest investment in providing modern core technology to the community banking market. With cloud based solutions, Core Advance offers real time processing, including payments, transactions and decisioning, allowing community banks to serve their customers with technology typically available only to the largest banks. For larger financial institutions, D and A remains an attractive upgrade path and we continue to build and expand Finxact as well as Signature NEXT outside The U. S.

In Q1, we signed Republic Bank, a $7,000,000,000 asset institution onto DNA, while Northwest Bank, an existing $14,000,000,000 asset client, will add many new accounts pending its acquisition of $2,000,000,000 Pennwoods Bancorp. Moving to a key growth product for us in the coming years, Cash Flow Central. We are excited to announce that our first client went live just last week, Washington Federal, a $28,000,000,000 asset bank. This is a critical milestone for Cash Flow Central as we look to activate the 53 other financial institutions that have already signed up and accelerate the pace of new wins. In Q1, we secured 15 new mandates for Cash Flow Central, including one for BECU, a $30,000,000,000 asset credit union and one for a large commercial bank with $50,000,000,000 in assets.

With respect to advancing cross Fiserv solutions, we see ongoing opportunities in three main areas. First is our Star and Accel debit networks, where we provide optimal routing for merchants. We've invested here to become the third largest provider, and we are excited about our opportunity to expand with synergies across our card issuing and merchant businesses. For example, this quarter, Domino's, a merchant gift card client, signed on for routing over Star and Xcel. Second is our SMB integrated suite, which combines multiple products for financial institutions to offer their merchant customers.

The solutions use online banking platforms like XD, our digital banking asset, as the integration and access point for other SMB products, including Clover and Cash Flow Central. In Q1, Teachers Federal Credit Union, a nearly $10,000,000,000 institution, purchased the broadest SMB suite yet, including Cash Flow Central, XD and sell for business after becoming a Clover referral partner in Q4. Our third key cross buy serve initiative is embedded finance. Our marquee win here was DoorDash and our subsequent acquisition of Payfair added a white label mobile app, a cloud native orchestration platform and robust program management. These assets have helped us produce an active and high quality pipeline.

Our embedded finance capabilities allow us to enable banking, lending and payment services in any commerce experience. We achieved this by combining our merchant acquiring and card issuing capabilities with bank grade general ledger processing through Fintech. No other single company offers all of this under one roof, with the scale and resources to manage traditional and emerging payment modalities globally. In Q1, we signed a strategic partnership with Threadbank, a leading provider of embedded and digital banking services nationwide. Thread chose Finxact's cloud based core platform to scale its embedded banking offerings for a broad range of customers, demonstrating Fintech's ability to support not only banking, but also payments and data at scale.

As Bob will detail, we are maintaining our expectations for 2025 with accelerated growth in

With that, I'll turn it over to Bob to take you through the financials.

Thank you, Mike, and good morning, everyone. If you're following along on our slides, I'll cover the detail on total company and segment performance in the first quarter, starting with our financial metrics and trends on Slide four. Our first quarter results were in line with our expectations. As I said during last quarter's call, we anticipated a slower start to the year and are pleased with the progress toward our plan for faster growth in the second half. Total company organic revenue growth was 7% with good growth in each of our segments.

Adjusted revenue growth was 5% including the impact of currency translation, which had a significantly smaller impact compared to Q1 of last year and was in line with historically average levels of just under 2%. Free cash flow of $371,000,000 reflects expected Q1 seasonality, mostly related to timing of working capital and green tax credits. On a trailing twelve months basis, free cash flow was $5,200,000,000 and for 2025 we continue to expect approximately 5,500,000,000 of free cash flow. Revenue growth this year looks dramatically different from 2024 due to the effects of interest and inflation on our business in Argentina. The contribution from excess inflation, interest rates and the interim Dollar TreeStar program to our organic revenue growth is zero this quarter compared to 10 of the 20 percentage points of organic growth in the year ago quarter.

Total company adjusted operating margin was 37.8%, an increase of 200 basis points versus the prior year and an adjusted operating income growth of 11. Adjusted earnings per share for the quarter was $2.14 up 14%. Turning to performance by segment starting on Slide five. Organic and adjusted revenue growth for the Merchant Solutions segment was 85% respectively for the first quarter. This is in line with our expectation and reflects three timing related factors.

First, the impact of leap year which contributed an extra day last Q1. Second, timing of the Easter holiday moving from Q1 last year to Q2 this year and third, a difficult year over year comparison against the large term fee that we discussed in Q1 twenty twenty four. The sum total of these three items impacted our merchant organic revenue growth by roughly three percentage points. Turning to the three business lines of the Merchant Solutions segment. Small business organic and adjusted revenue growth in the quarter was ten percent and seven percent respectively and payment volume growth of 3%.

A slightly slower pace of volume growth reflects the leap year contribution last year and the toughest compare quarter. By sector, we saw declines in discretionary categories in Q1 including travel and hotels as well as restaurants. By contrast, growth at grocery, services and QSR establishments held up relatively well. Through the quarter, we saw a stable January, slightly lighter February in part driven by weather with a rebound in March. For April, small business payment volume is tracking in line with March levels.

For Clover, revenue grew 27% in the first quarter and annualized payment volume growth of 8%. The softer volume growth largely reflects three factors. First leap year in Easter as I just mentioned. Second, a difficult comparison against the gateway conversion that brought new merchants to Clover in Q1 twenty twenty four. And third, a slowdown in spending in Canada particularly on travel.

Canada is currently the largest international market for Clover. Excluding these specific factors, Clover volume grew at a healthy double digit pace. Clover revenue growth was a solid 27% against the highest growth quarter last year. There are several reasons for the spread between revenue and volume growth including a two point gain sequentially in the penetration rate of Clover value added services to 24%. Roughly one third of the spread came from strong Clover hardware sales.

As Mike mentioned, banks in particular added Clover hardware as part of a strategic focus to address the SMB acquiring market. Such sales bode well for our processing and BaaS revenue going forward. Another nearly one third came from growth in anticipation in Clover Capital. As we added more Clover merchants in Argentina late last year, their anticipation revenue is now ramping in Clover Bass and we continue to see overall strength in other Clover Bass as well. Enterprise organic and adjusted revenue growth in the quarter was 128% respectively, driven by transactions growth of 13%.

Enterprise organic revenue growth was mostly driven by new clients and fast penetration, which continues to ramp in part helped by new offerings such as data as a service and our new authorization optimization tool. Finally, processing organic revenue growth in the quarter declined by 7%. Excluding the impact on revenue growth from a termination fee received in the first quarter of last year, processing organic revenue growth would have been up 4%. Adjusted operating income in the Merchant Solutions segment increased 5% for the quarter. Merchant adjusted operating margin expanded 10 basis points to 34.2% compared to a particularly strong result in Q1 twenty twenty four.

Over the past two years, Merchant adjusted operating margin increased four fifty basis points. Turning to Slide six, the Financial Solutions segment, both organic and adjusted revenue grew 6% in the quarter in line with our 2025 and medium term outlook of 6% to 8%. Growth was led by strength in digital payments and issuing. Looking at business lines, digital payments organic and adjusted revenue each grew by 8% in the quarter and growth in Zelle transactions of 22% and initial revenue from the sale of data. You've heard us talk about the vastness of our data in the past.

Now as clients have started to experience the power of that data, we are seeing new revenue streams. This long term initiative is just beginning to bear fruit after years of investment in data science capabilities and governance. We expect revenue to grow meaningfully over time, though the near term won't be a steady upward track. For Zelle, we continue to expand our leading role as an enabler and our client base has grown to represent two thirds of financial institutions on the Zelle network, including six of the top 10 credit unions and seven of the top 18 non owner banks. In issuing, organic and adjusted revenue grew 87% respectively.

The strong performance in issuing was driven by high growth in the international business and continued momentum in North America. Our vertical growth focus continues with positive contributions from healthcare and loan accounts. Verizon will begin to contribute to revenue in the second half of the year and embedded finance related revenue should contribute to growth in this business line as well as in the banking business line. Banking organic and adjusted revenue each grew 1% in the quarter. Fintech revenue was a positive contributor with more revenue under contract to contribute later this year.

We expect accelerated growth from experienced digital clients as we now have a more automated migration solution in place that will significantly reduce the implementation time. This is expected to help turn recent sales into revenue faster and help close new sales as the year progresses. Functionality within XD continues to advance. In Q1, we integrated Cash Flow Central and Clover behind XD as the front door and began offering digital merchant acquiring to automate a merchant's onboarding to Clover through XD. Adjusted operating income for the Financial Solutions segment was up 14% for the quarter with adjusted operating margin of 47.5%, a three forty basis point improvement.

The increase in adjusted operating margin resulted from a higher mix of discrete data and license sales and improved operational efficiency. Now let me wrap up our Q1 discussion with some remaining details on the financials. The adjusted effective tax rate was 17.9%. First quarter is historically our lowest tax rate of the year and this was largely in line with Q1 twenty twenty four. We continue to expect our full year adjusted tax rate to be approximately 19.5%.

Total debt outstanding was $28,300,000,000 on March 31. Our debt to adjusted EBITDA ratio increased to 2.9 times in the first quarter on timing of free cash flow and share repurchase volume. This remains in line with our targeted leverage range of 2.5 to three times leverage. During the quarter, we repurchased nearly 10,000,000 shares for $2,200,000,000 bringing our total cash returned to shareholders for the past twelve months to $6,200,000,000 Average shares outstanding declined 5% since Q1 of last year as a result. We had 68,000,000 shares remaining authorized for repurchase at the end of the quarter and our robust share repurchase activity demonstrates both confidence in the outlook for our business and our commitment to returning value to shareholders.

Turning to Slide eight. We are maintaining our full year 2025 guidance of organic revenue growth of 10% to 12% and adjusted earnings per share in a range of $10.1 to $10.3 representing 15% to 17% adjusted EPS growth. The forecast impact from foreign currency exchange remains 1.5% for 2025. This outlook contemplates an environment where tariffs remain at current levels and consumer spending remains stable. The cost impact of tariffs at current levels is expected to be minimal relative to the size of the cost base of the company and thus manageable within our guidance range.

As Mike mentioned, we continue to expect revenue growth to be weighted toward the second half of the year with some anticipated revenue already under contract and being implemented. Additionally, we have a number of newer products and markets that are on track to contribute. Our adjusted operating margin expansion outlook of at least 125 basis points is also unchanged and is ahead of our medium term target of at least 100 basis points annually. From a segment perspective, we continue to see Merchant Solutions organic revenue growth of 12% to 15% in 2025 driven in large part by Clover and its international expansion efforts, new product development and increase in VAS penetration as well as Commerce Hub with its expanding demand and VAS capability. We remain on track to achieve our targets of $3,500,000,000 in revenue for Clover and 25% BaaS penetration by year end.

In Financial Solutions, we continue to anticipate organic revenue growth of 6% to 8% with a healthy pipeline of implementations to drive revenue from Cash Flow Central, XD, Fintech, issuing and real time payment products in the back half. Overall, the guidance range does account for some variability. And as you have seen from us over many years, we manage well through economic cycles and have a strong capacity to invest in our people and products. Because we can support our clients at a time when others may be struggling, we are leaning in. With that operator, let's open the line for questions.

Thank you. We would now like to open the phone lines for questions. As a reminder for today's call, please limit yourself to one question to ensure ample time to answer as many questions as possible. For our first question, we'll go to the line of Darrin Peller from Wolfe Research. Please go ahead.

Hey guys, thanks. Maybe we could just start off on the trajectory of the merchant business. Obviously, the Clover growth was very strong at the 27% we're seeing. And so when we build that in, if you could just remind us some of the trends we're seeing and maybe a little bit more quantification of what we'd expect volume growth to look like in Clover as the year progresses? And then more importantly, as we build out in Brazil and Australia and we add these VaaS, what kind of revenue growth you see in terms of a voyage between volume and revenue growth for Clover?

Finally, just overall merchant trajectory as the year progresses would be great from a sequential standpoint.

Yes, Darren. Good morning and thanks for the question. Overall, feel good about the 27% revenue growth for the Clover business, FAS moving up to 24% as we continue our March and we reaffirmed our commitment to delivering the $3,500,000,000 for the full year and 25% VAS for the full year of this year. And Q1 results were right in line with our path towards doing that. We certainly continue to expect growth in the latter part of the year both in terms of further VAS penetration reaching that 25% as well as overall volume growth.

We mentioned in the prepared remarks this morning, Q1 was really impacted by a couple of key things. Obviously, leap year gave us an extra point of growth last year. Easter was in March. It's in actually very late April this year. And so we see some acceleration of volume and therefore the revenue growth.

Adding to that things like Clover Hospitality rolling out, the continued acceleration of our international regions both in Latin America and in Asia Pacific with new countries going live during the first quarter and early second quarter. And then we'll also see some benefit from CCB, the new acquisition, continued distribution channel expansion in Europe and actually essentially adding a new country with Belgium having a good distribution channel through CCV and being able to sell Clover through that distribution channel. So there's a number of good things ahead of us that give us confidence and the ability to deliver that $3,500,000,000 of revenue and that includes the performance in Q1.

Yes. I think, Bob, we continue to in terms of distribution, the merchant financial institution partnerships, we continue to see good growth on that front. And then we continue to enhance we talked about it and we'll build throughout the year, continue to enhance the merchant experience whether that be with the partnership with ADP, the rollout of Cash Flow Central and the integration of that and into Clover over time, leveraging AI into Clover's and the merchant opportunities for new leads, gift loyalty, lots of different things around merchant experience.

Next, we'll go to the line of Tien Tsin Huang from JPMorgan. Please go ahead.

Thanks. Thank you so much. I had to ask a parting question for Frank, because I'd love to hear, Frank, your thoughts on the Global Payments, FIS asset swap and how they're unbundling merchant and choosing depth there over breadth and that's clearly in contrast to what Fiserv has done and what you guys have built. So does that change your thinking on that bet and the strategic sort of view on the sum of the parts for Fiserv?

I think let's talk about what Fiserv is for a second. You have Clover on the front end and now you watch it rolling out globally. So we then have this partnership model that's unparalleled. You heard us talking about where we stand at top 100 banks, but equally as important as over 1,000 bank partners and we consider that something we could continue to grow. We're at the intersection here of merchants and FIs.

And even you'll get PayFair, that's going end up being a home run for us. You don't see any of that right now in the numbers, but you'll see it in the future. I mean, I think they're the best talented management team in the industry. I think it put together the company. I never thought there were three deals that were actually the same.

Everybody laughed them in. We have a debit network. We have an issuing business that's unparalleled. I love our international franchise. Yes, we leverage the ability to cross sell through the best distribution network.

I feel that market opportunity has opened up across the board, and that would include in the debit space with deals that were done. I mean, I think Mike will have his own point of view after ninety days. But and I know he's happy to talk about it. But if you think about it, we issue a strength at 1,700,000,000 accounts on file, that's 2x the largest competitor. And we got Finx X coming up.

You're going to continue to watch that win. Our hand, in my opinion, is unparalleled. And the reason we did the First DataVisor deal was because that was the deal to do, right? They weren't comparable. Debit networks were not the same size.

The issuing business was not the same size. Our ability to understand how to sell into banks or across both companies. I mean I could go on for the whole call. I won't. But I love the hands, I love the company.

I would just add, in the earlier comments, I said met with over 1,000 clients in the last ninety days and all of those conversations are about how to do more with them and a lot of those conversations are at the intersection of commerce and banking. And whether it be transactions in the market, noise around tariffs, noise around the equity raising markets or M and A markets, whatever it may be size, scale, resilience, continued investment, consistency of strategy, these are all resonating with our clients and you could feel that come through the quarter as people may look at a certain function that they've relied on a smaller FinTech without access to capital to provide and then turn to us on the trust front. Again goes back to size, scale and just continuous consistency of strategy that Frank laid over the last several years since that deal. So we see it as a huge advantage for us and like we do every day, are out in the market trying to win share by adding value to our clients. If we get greater ability from disruption in these deals, then that's great.

Next, we'll go to the line of Ramsey El Assal from Barclays. Please go ahead.

Hi, thanks for taking my question this morning. On Clover volumes, Bob mentioned some Canada headwinds. I'm just curious, were those headwinds do you interpret those headwinds as being kind of idiosyncratic to Canada? Are they sort of ring fenced in Canada? Or is there a risk that we see similar dynamics emerge either here in The U.

S. Or in other international markets? Think you called out travel, for example.

Yes, Ramsey, where we really saw it was in the travel aspect. And for I would say based on the data we have, it does feel like it is Canadian specific. It's certainly discretionary spending and we saw that come down. We did talk generally in our prepared remarks that broadly across our merchant base, we did see discretionary I. E.

Travel, hotels and restaurant come down. But given the mix of our overall business having the non discretionary growth in groceries and services and QSR holding up gives us a nice overall balance. We saw that in the first quarter. We saw that in the last many years and we expect that will continue to bode well for us in any economic outcome.

Next, we'll go to the line of Tim Chioda from UBS. Please go ahead.

Great. Thank you for taking the question. Bob, I think you did a great job outlining some of the delta between the Clover volume growth and the revenue growth. You touched on hardware, Clover Capital anticipation. I want to dig into some of the other areas.

So I think the laundry list is pricing and mix, some of the SaaS packages, there's rapid deposit. But then there's one that you've mentioned on a few of the past earnings calls around increasing direct mix. And I was wondering if you could talk a little bit about how you expect direct mix to play a role in reaching that eventual $4,500,000,000 revenue number for 2026 for Clover?

Yes. Tim, I would say overall we've got a very broad deep distribution set of distribution channels. And the direct channel which lastly is our newest overall channel. We will continue to add sales people, which we refer to as business consultants or VCs and growing that channel out. We're also seeing great growth in our FI merchant partnerships.

So I wouldn't necessarily call any one channel out in particular. We see good opportunities in all of those and the direct channel mix is benefiting overall revenue and margin as we grow that because it's the newest and fastest expanding channel.

Next we'll go to the line of Jason Kupferberg from Bank of America. Please go ahead.

Good morning guys. Thanks. I wanted to come back to the Merchant segment for a minute. So I know we were at 8% organic in the quarter. You said that was in line with plan.

You had three points I believe of headwind related to some of those calendar factors. The term fee comp. So if we adjust for that, I guess we're at 11%. We're still a little below the full year range. So just help us kind of reconcile from that into let's say the middle of the full year range and a stable macro scenario.

I know you've got some Clover geographies and products ramping, but also wanted to get a sense there in terms of how much of this is coming from the new acquisitions, if you could give us a sense of 2025 revenue contribution from those? Thank you.

Yes. Jason, would say, first broadly, it would not be from contribution of the acquisitions. Those are certainly, will benefit us. Those are brand new into the company. You see very, very, very little impact in Q1.

Those will accelerate. It's really it's a late twenty twenty five, '20 '20 '6, '20 '20 '7 opportunity for those. We'll continue to see good vast penetration growth. The expansion internationally is certainly a big element for us. Brazil, Mexico, Australia, Singapore, there is an element of CCB giving us international growth.

The new product Clover Hospitality that rolls out, what, in a couple of weeks now for high end restaurants and generally broad capabilities and continued growth in a variety of vast capabilities in new software both in terms of restaurant as well as service and retail that we continue to build out give us good opportunities to deliver the $3,500,000,000 this year and 4,500,000,000.0 next year.

Next we'll go to the line of Brian Keane from Deutsche Bank. Please go ahead.

Hi guys. Thanks for taking the question. I wanted to ask about the 33 signings in the FI in the financial institution side. I guess what's happening in the market that's driving that number higher for you guys to be landing that many financial institutions because I guess I would have thought that most FIs would have already decided who they're partnering with. So I just want to understand the market dynamics that's driving that.

I think with respect to like anything we do and when we approach it, we want to be a great partner and help our clients achieve their objectives and serving the small business basis of the banks is a very profitable and rich area for the banks especially in deposits and cash flow transactions. So with our ability and products to help them do that highlighted by Clover and the merchants appreciation for Clover. We are seeing an increasing interest from banks across the country. The pipeline is huge here for additional banks to come in to the fold. And again, we're simply helping our clients achieve their objectives by bringing them great products and services.

You go to this is a classic place to go to for cash flow central, which is I spent most of my life in banking. It's hard to get a scalable AP an effective AP AR product into a small business integrated in with their acquiring solutions and that's exactly what Cash Flow Central is. Making great progress on it. We talked about Washington Federal, the first to go live, continue to build out great functionality with our partners at Emilio. I think we have a solution that can help banks achieve their objectives and that's what our goal is to be the greatest partner that we can be in the FI and merchant markets and this really at the center of it.

So we're very optimistic about the growth we can put on here and what that will do for global distribution.

Next we'll go to the line of Will Nance from Goldman Sachs. Please go ahead.

Hey, thanks for taking the question. Mike, one for you. There have been a lot of data points on the macro environment about a lot of large enterprises going pencils down on large CapEx investments. But I know banks tend to beat to their own drum. I was wondering if you could maybe put your P and C hat back on for a second and talk a little bit how the macro environment we entered a month ago, it may impact the way banks think about technology and deployments.

And maybe what I'm getting at at a higher level is, how would you expect implementation pipelines in a business like Fiserv to perform in a weaker macro environment versus maybe a typical enterprise software company? Thanks.

the conversations we've had throughout the quarter, it's a question about doing more and those just aren't banks. It's probably an even split between merchants and banks. What we generally provide in is mission critical systems and capabilities that help them generate revenues, facilitate sales at our merchants and serve clients and grow clients at the bank. So we have not seen anything of that nature so far this quarter. In fact, I made the point that with a little disruption in the market, we've seen a flight to quality if you will in terms of people coming to us around size, scale, stability, consistency of model.

Some institutions have over relied on a multiple of FinTech solutions patching together different things whereas we can bring an NGEN solution, significant balance sheet, great capabilities and consistency. So, so far, we've seen the opposite of the question about doing more.

Next we'll go to the line of Jamie Friedman from Susquehanna. Please go ahead.

Hi, good morning. Bob, I wanted to ask about Merchant as well. My math is that Small Business and Enterprise organic grew 10.3% combined ex Processing. And I realize you had messaged last quarter in prior transcripts the challenges in Processing. But if you could revisit where we are in the Processing journey because it sounds like you're expecting that to improve.

But if you could talk through why it is and what the logic is, think that would be helpful to understand the trajectory. Thank you.

Fiserv (FISV) Q1 2025 Earnings Call Transcript

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