Transcripts
Fiserv, Inc.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q1 2026 Earnings Call — Q1 2026
Where the turnaround actually stands: what is improving operationally, why none of it is in the numbers yet, and the growth algorithm management now owns. · Open the full transcript →
The definition of a transition year — better execution deliberately held back from reported results by nonrecurring comps and new spend.
Michael Lyons (Chief Executive Officer): So our execution is improving across both businesses, but as expected, that progress is not yet visible in our reported financial results as we are still lapping a higher mix of nonrecurring revenue, fueling the lingering impacts from prior client service challenges and absorbing the incremental expense from investments that will drive long-term client-focused growth, all necessary and important elements of our transition year in 2026. We look forward to the second half of the year and 2027 when we expect our operating performance will be more fully visible in our financial results.
p. 2 · Read in context →
Clover decomposed: 6% reported versus mid-teens underlying, and what each end of the 10–15% GPV range actually assumes.
Paul Todd (Chief Financial Officer): Clover revenue grew 6% in Q1. However, excluding higher nonrecurring revenue from the first quarter of 2025, Clover revenue growth would have been in the mid-teens. Clover revenue from Payment Processing grew 10%, more in line with volume trends. As we noted in February, we expect similar trends for Clover in Q2 with this period representing the peak in nonrecurring impacts and also expect that Clover processing revenue will grow in line with Clover GPV. Clover volume grew over 9% on a reported basis and was in line with our expectations as we saw stable growth, both in the U.S. and in key international markets. Clover volume, excluding the previously discussed gateway conversion, grew 12%. As the previously discussed gateway conversion continues to run off, the delta between Clover reported and ex-Gateway growth will converge. We continue to expect Clover revenue growth in the low double-digits for 2026 and GPV growth of 10% to 15% excluding the Gateway conversion. The lower end represents the core growth rate, while the higher end assumes more significant conversion of non-Clover merchants. […] Value-added Services revenue contributed 27% of Clover revenue in Q1, growing 18% from a year ago, driven by software attach and lending, including Clover Capital.
p. 4 · Read in context →
Core-bank attrition answered in full — cause, remedies, and an unforced admission that it is still above target.
Tien-Tsin Huang (JPMorgan); Michael Lyons (Chief Executive Officer): I wanted to ask just on maybe visibility on the Banking side and retention given some of the bank conversions that you're doing. Just any surprise there? I know the trough comments were made, but I'd love to hear a little bit more detail on attrition and retention, that kind of thing. […] I think broadly on Banking, we continue to be, obviously, very proud of the leading market share position we have in the business and all the support across almost 3,000 banks and credit unions on the core side. As we've said and we said again today, core attrition has been above where we want it to be and getting that back to normal is a significant focus for us. That attrition, as you know, is the result of actions taken over the last several years and especially around the client service front. And we're confident we have the right fixes and the way we're addressing it is the right thing to do. […] Contributing to that is we've significantly increased our client coverage efforts, which was an ask that came directly from the clients. From that has come better service, and we're seeing that show up in both our surveys and anecdotal evidence. And then we've really leveraged a number of different forms of AI to help in call centers, enhancing our client portal experience, accelerating our tech modernization and reducing the books of work we have. Obviously, the decision to support all of our cores was an important one for our clients and has removed a significant amount of perceived pressure for them to switch and obviously, pressure on us. […] I wish it was more visible in the results, but when you go through the underlying KPIs that we have, we feel really good about the progress we're making and our ability to get core revenue-related attrition back down to more normal levels. Ideally we'd like to have none, but of course, you've got M&A and the like. We've had some over history, but getting it back to those historical levels, we feel like we're doing all the right stuff and are on the path to do it; it just takes time and work.
p. 5 · Read in context →
Why the back book is not simply migrated to Clover: conversions wait on vertical capability and a customer-side reason to move.
Paul Todd (Chief Financial Officer); Michael Lyons (Chief Executive Officer) — answering Andrew Schmidt (KeyBanc Capital Markets): Yes, Andrew, thanks for the question. And yes, first of all, I wouldn't call out anything unique as it relates to the back book conversion in the first quarter. And certainly, for the year, we don't have any different expectations around what that back book conversion looks like. We've commented for some time now, we're being very mindful about how we approach any of the non-Clover to Clover transition to make sure that we're doing it in a very mindful customer-centric way. And we've had some good tests around that, around the receptivity of those moves when there's a good product fit. But there is a peaking incremental impact. We've talked about it and the overall Clover GPV guide for the year, the low side of the guide assumes very minimal back-book conversion. And the higher side assumes a more meaningful back-book conversion. But right now, everything is on plan as it relates to how we're looking at that. […] I'd just add that we've said in the past that our ability and willingness to pursue conversions of Fiserv customers from one platform onto Clover depends on us doing certain actions, and we're proud this quarter to launch two new verticals in health care and professional services. Each time we build unique capabilities to address a certain vertical, that allows us a greater opportunity to go in and address the back-book with compelling offers. We don't want to just go in and try to move that to Clover without a strong rationale and mutual benefit for the customer. And as Paul said, our efforts to date have been very modest. Takis will talk you through that study, learn and test approach, and then when we have the right capabilities and the right understanding of it, we could pick up the pace of it.
p. 6 · Read in context →
The growth algorithm stated plainly: mid-single-digit company, low-single-digit Financial Solutions, mid-to-high-single-digit Merchant.
Michael Lyons (Chief Executive Officer): It's hard to go through every single recurring revenue item. Broadly, we think, and we'll talk at Investor Day, that we're a mid-single-digit growth company with Financial Solution being a low single-digit growth company, probably operating flattish today on a clean basi and Merchant being mid- to high-single-digit. Our plan is to make the progress visible in the financial results. But to Paul's point, you look at the underlying volumes, they track closely to what we're talking about from a high level and maintaining and growing that volume step—the revenue will come behind it and start to match.
p. 8 · Read in context →
Pressed on whether a flat Financial Solutions can reach the target by 2027, management commits to the actions but not yet to the outcome.
William Nance (Goldman Sachs); Michael Lyons (Chief Executive Officer): Mike, if I could just follow up on the comment you made. I think you've been pretty clear in sort of telegraphing what you think the right growth rate is for the business and the message you expect to deliver at the Investor Day coming up. I'm wondering, to the comment that maybe the underlying growth in Financial Solutions is more or less flat right now, and obviously, the investments that you're making that are weighing on margins right now. As you look out into next year, you've talked about seeing the benefits of some of the improved execution coming through the numbers. Is it your expectation that the company can actually get to that level of performance exiting the year and into 2027? Or are there lingering performance and attrition issues in Financial Solutions or investments you want to make on the margin front that could delay that? […] I'd say go back to the One Fiserv comments: we are confident we're taking the right actions. We have to execute against those and complete them. The team has rallied around those. We're laser-focused on them. We know the fundamentals we have to get in the right place to be a mid-single-digit grower, and the efforts we need to get there are fully funded and fully resourced. We've brought in great talent to complement existing talent. I feel good about the execution plan. We have to go do it. As you exit 2026, you'll start to see comparables shift and become more favorable into Q4, and 2027 is the first full year where you can see clear visible growth. We'll give you more at Investor Day the underlying volume drivers that support our belief. We've got two great TAMs in Merchant and Banking, both in strong positions and investment modes. Whether it's an enterprise merchant or an FI, there's a lot to work on. The environmental support is there, the fundamental volumes are there, and we must put ourselves in a position where execution resilience and service are much crisper than they've been. That's the path we're on, and I'm confident we're taking the right actions to get to where we need to be to position the business to deliver growth. We have to execute.
p. 8 · Read in context →
A rare plain statement about roughly a fifth of company revenue: non-Clover SMB is not a growth business, it is a conversion pool.
Paul Todd (Chief Financial Officer) — answering Timothy Chiodo (UBS): As it relates to organic growth, we do have comparative dynamics—Argentina creates noise. As I said on our last call, we're expecting our non-Clover SMB business to have slight growth this year. We were down low single digits in the first quarter. So organically, we were down in the low single digits for the first quarter and would expect similar performance in the second quarter if everything holds. For the back half, incremental ISV growth is coming in and some international growth, particularly in Brazil, ramps. Generally speaking, non-Clover SMB is not a growth business for us, but relative to the overall picture, we're managing it in a more systemic way than in the past. We're being mindful about how we approach moving that business to Clover over time in the right way. The end goal is to move as much of that business to Clover where the product an features fit those merchants. Takis and team will cover that in more detail at Investor Day.
p. 10 · Read in context →
Q4 and Full Year 2025 Earnings Call — Q4 2025
The first full year built on the reset baseline — the 2026 guidance architecture, where Clover yield comes from, and how much banking share was lost. · Open the full transcript →
How Clover is actually sold — bank referral, ISO and agent, 600 direct sellers — and the first deliberate targeting of non-Clover merchants.
Michael Lyons (Chief Executive Officer): We grew and further diversified Clover distribution channels across the board in Q4, including adding 47 banks to the Clover referral ecosystem, refreshing our merchant relationship with Truist, which will now support businesses of all sizes across the bank's large footprint including 1,900 branches, expanding our industry-leading ISO and agent platforms, continuing to add direct salespeople in North America, where we have over 600 today, launching a new digital tool for our bank partners, which integrates Clover merchan onboarding into the bank's digital banking experience, introducing AI prospecting tools to assist with the identification and conversion of high-value merchants. […] building on the takeaways from prior pilots we began targeting select non-Clover SMB merchants in the U.S. with a Clover offering. While these efforts have been narrow in scope and it's still early, we have seen some promising results with benefits for our clients and higher revenue yield for us. Our efforts here will remain deliberate, ensuring we prioritize the right experience and fit for the client.
p. 2 · Read in context →
What the reset cost in one quarter: fee eliminations were a 6-point Clover headwind, on top of a soft November in restaurant and retail.
Paul Todd (Chief Financial Officer): Clover revenue grew 12% in Q4, 2 percentage points higher than our guidance. There was a 6-point growth headwind to Q4 Clover revenue from the fee eliminations we called out on our last call. Clover volume grew 6% on a reported basis and 9% excluding the previously discussed gateway conversion. Clover volume growth was below our expectations for the quarter, driven largely by softness we experienced in the month of November in the U.S., particularly in the restaurant and retail sectors where we have a large presence. This softness in the U.S. was consistent with broader industry trends and Clover volumes reaccelerated on a combined basis in December and January to approximately 11% ex the gateway conversion. Value-added services contributed 27% of Clover revenue in Q4, up 5 points from a year ago, driven by anticipation, software attach and Clover Capital. Clover revenue finished the year at $3.3 billion, up 23%, while non-Clover small business revenue ex Argentina was flat in Q4 and up 3% for the year.
p. 4 · Read in context →
The whole 2026 guide in one passage — 1–3% organic, a first-half trough, margin shaped 31–32% then 35–36%, ~90% cash conversion.
Paul Todd (Chief Financial Officer): We expect 2026 organic revenue growth in the range of 1% to 3% with Merchant Solutions revenue growth in the mid-single digits and Financial Solutions flat to slightly down. Reflecting higher nonrecurring revenue a year ago, we expect adjusted revenue growth in both quarters of the first half of 2026 to decline to the low single digits, with Q2 representing the trough in terms of the rate of decline. […] Putting it all together, we expect adjusted EPS of $8 to $8.30. Similar to our expectations around revenue, we expect a different level of operating margins in the first and second halves of the year. In the first half, we expect adjusted operating margin of 31% to 32%, with Q1 representing the low point just below 30%. In the second half of the year, we expect adjusted operating margin of 35% to 36% with Q4 representing the high point in the year. For the year, this translates into approximately 34% adjusted operating margin. To complete our strategic investments, we expect capital expenditures to remain approximately flat with 2025 levels and end the year with a leverage ratio of approximately 3x. We expect free cash flow conversion of approximately 90% of adjusted net income for the year, in line with historical levels. As always, Q1 will be our trough for free cash flow conversion. Finally, to the extent we generate any excess cash from business and asset optimization activities, we intend to deploy this additional cash to share repurchase.
p. 5 · Read in context →
Where Clover yield comes from: a 15–20% revenue target against 10–15% volume implies value-added services, not price.
Michael Lyons (Chief Executive Officer); Paul Todd (Chief Financial Officer) — answering Andrew Jeffrey (William Blair): I would like to start by expressing our satisfaction with the positive trends we observed in Clover during the fourth quarter. We discussed some of the macroeconomic factors and, more importantly, the advancements we made in line with the Clover business priorities outlined in the One Fiserv action plan. These elements are essential to achieving our aim of establishing what we believe will be the leading small business operating platform. Our goal extends beyond merely facilitating payments; we want to assist small businesses in managing their entire operations. This includes partnerships with Homebase, ADP, and CashFlow Central, and integrating services like Clover Capital to enhance yields for our entire small and medium sized business segment, not solely Clover. We are dedicated to developing our vertical expertise and will be launching initiatives in the healthcare and professional services sectors this quarter. By incorporating more custom and value-added solutions into the Clover platform, we anticipate that yield will increase over time. We are confident in this longterm outlook and are focused on creating a compelling value proposition for the approximately $4 billion in revenue coming from non-Clover small and medium-sized businesses. […] So Andrew, I think it would be fair to say we're very pleased with yield maintenance for 2025 overall, and we don't expect any change really on the yield side in 2026. And you can kind of see that based on our volume growth being in line with our revenue growth on a kind of overall kind of high level. And I think as it relates to go forward, like Mike commented, as we look at like vertical expansions, you would see 15% to 20% kind of growth on the revenue side in the longer term against that 10% to 15% growth, which speaks to a higher yield on a go-forward basis as we penetrate more in Clover Capital, as we do more on the software side. As Mike said, as we do more on the platform side, you'd see kind of that yield maintenance or even slight yield improvement on a go-forward basis so that's consistent with our strategy. And certainly, we'll give more color on that at our upcoming IR Day.
p. 8 · Read in context →
The concrete admission on core banking: the prior forced-conversion strategy cost market share, mostly among smaller credit unions.
Andrew Schmidt (KeyBanc Capital Markets); Michael Lyons (Chief Executive Officer): Just a quick 2-parter on the banking segment. Mike, I hear your comments on the sort of the core client retention. Maybe just a little bit more color on what you're seeing there. It sounds like you've been very proactive in being high touch with clients. And then just beyond the core, can you talk about how you view the portfolio today? Do you need additional capabilities, thinking digital, et cetera? Or do you feel good about where you're at from a capability perspective? […] Thank you for your question. Regarding the core aspect, as mentioned in my opening remarks, we are actively pursuing core modernization. We take pride in our strong market share in core banking and the support we provide to numerous banks and credit unions nationwide. We initiated the core modernization process in 2022, focusing on building a cloud-based, real time, secure API with more open capabilities. This plan is still in effect and is beneficial for all involved. At our Client Forum in September, we made it clear based on client feedback that there are no mandatory conversions in this modernization process. Changes can be made at the clients' convenience. However, due to actions taken over the past couple of years, including previous core conversion strategies, we've lost some market share, particularly among smaller credit unions, which is disappointing in terms of banking segment results. We believe that our new approach discussed at the Forum, along with various client commitment and significant investments in both technology and personnel, will lead to a return to positive growth in banking, which we expect to be in the low single digits. Importantly, we have full control over the solutions and are investing directly to implement them. These are not unsolvable issues; they are necessary steps for our clients.
p. 8 · Read in context →
Why the gateway-conversion drag never cleanly laps, and what the underlying Clover volume growth rate has been through the cycle.
Jason Kupferberg (Wells Fargo); Michael Lyons (Chief Executive Officer): I wanted to come back to Clover for a second. If you can talk about what drove some of the improvement in December, January, you said to 11%. And then the midpoint of your guide for '26 would suggest maybe a little bit more acceleration of this December, January levels so what drove the improvement in December, January? And then what are the drivers of some of the potential further improvement as you go through 2026. And if you can just remind us also when you think we lap the gateway conversion, that would be really helpful. […] Certainly. I’d like to break this down into a few parts. First, December and January returned to our expected performance for the quarter. We anticipated an 11% growth in Q3, but we fell short of that due to the macro weakness we noticed in November, which also affected others in our industry. One of our goals is to improve our yield, but we also want to lessen our reliance on the restaurant and retail sectors, particularly restaurants, which struggled in November. This was a macro anomaly for that month, and we then observed volumes pick up again to what we expected for the quarter, which is encouraging. Looking at the long-term picture, if we exclude the gateway conversion from the past couple of years, our growth has fluctuated between high single digits to low double digits each quarter. In 2025, we maintained growth rates between 9% and 11%, which we believe reflects the core growth of our business, sometimes regardless of macro conditions. Regarding the gateway conversion, it’s important to understand that there isn’t a straightforward anniversary process for it. When we stop converting clients over a gateway, we face ongoing loss over time. As long as we have clients converted to a gateway in the system, any loss from those clients will affect our growth going forward, although the impact will lessen over time. This year, it represented about 3 points, but we expect it to decrease in 2026 and beyond.
p. 9 · Read in context →
Enterprise cleaned up: strip the PayFac network-fee timing and reported −2% revenue becomes +4% against 6% transaction growth.
William Nance (Goldman Sachs); Paul Todd (Chief Financial Officer): I just had a little more here on the enterprise side, you've been calling out the PayFac grow-over issues for a bit now. Just remind us again when those lap and if there's any way of quantifying the magnitude on both revenue and transactions, that would be helpful as well. […] Yes. Will, in my prepared remarks, I mentioned a couple of things about the enterprise. This will be the last quarter we discuss the enterprise transition of this PayFac client, and there was a 6-point differential in the fourth quarter related to this. If you add that to the revenue side, the minus 2% adjusts to about a plus 4%. The 6% transactions figure is a straightforward number on the transaction side, and that 4% revenue growth aligns well wit the 6%. Additionally, that mid-single-digit growth is consistent with what we've observed in the third quarter and what we anticipate for next year. This mid-single-digit transaction growth will also be a good way to view the business moving forward, without the PayFac complications affecting that line.
p. 10 · Read in context →
Q3 2025 Earnings Call — Q3 2025
The reset call. A new CEO rebases growth and margin, quantifies how much of the record was Argentina, and names deferred investment and in-quarter revenue pulls as self-inflicted. · Open the full transcript →
The disclosure that reframed the record: ex-Argentina, organic growth was mid-single digits in both 2023 and 2024, not 12% and 16%.
Michael Lyons (Chief Executive Officer): One of the key takeaways from our analysis is that Fiserv's growth and margin targets need to be reset. This change is driven by a combination of four factors, including slowing cyclical growth in Argentina, the recalibration of optimistic growth assumptions in the original guidance, the impacts of certain deferred investments and the deprioritization of short-term revenue and expense initiatives. I will touch on each of these factors, starting with Argentina, where we have built a highly successful payments business. Fiserv's medium-term organic revenue growth target of 9% to 12% was originally set in 2023 amidst high interest rates and inflation in Argentina, which greatly benefits our anticipation business there and ultimately drove organic revenue growth in Argentina of 257% in 2023 and 329% in 2024. While we have previously sized the impact of excess Argentinian interest rates and inflation on our organic growth, today, we're providing a holistic view of how Argentina has impacted Fiserv's performance. Specifically, Argentina contributed over 5 percentage points to our 12% organic growth rate in 2023 and roughly 10 percentage points to our 16% organic growth in 2024. This is highlighted on Slide 9. Therefore, excluding Argentina, the company's overall organic revenue growth rate was in the mid-single digits in both 2023 and 2024. Year-to-date, Argentina's organic growth rate is 56%, adding roughly 2 percentage points to our overall organic growth rate of just over 5%. Notably, in addition to strong organic revenue growth, our Argentinian business comes with adjusted operating income margins that are roughly double overall Fiserv levels.
p. 1 · Read in context →
The over-earning admission: deferred investment and cost cuts flattered margins, and results leaned on short-term in-quarter initiatives.
Michael Lyons (Chief Executive Officer): The third major factor impacting our results is that over the last few years, decisions to defer certain investments and cut certain costs improved margins in the short term, but are now limiting our ability to serve clients in a world-class way, execute product launches to our standards and grow revenue to our full potential. The good news on this front is that these circumstances are entirely fixable. And with the actions we have taken over the last few months, along with today's announcements, we are making these investments and are on our way back to the highest standards. […] And the fourth and final factor is that Fiserv's recent results have increasingly relied on short-term initiatives. These initiatives place too much emphasis on pursuing in-quarter results as opposed to building long-term relationships by prioritizing business that both meets our clients' needs and comes with high recurring revenue. As a result, we have made the decision to deprioritize these short-term revenue and expense initiatives, which, of course, has some near-term impact on our growth and profitability.
p. 1 · Read in context →
The counterweight management wants held alongside the cut — the problems are described as self-inflicted rather than positional.
Michael Lyons (Chief Executive Officer): Another important takeaway from our analysis is that nothing at Fiserv is fundamentally broken. Our businesses are well positioned. The markets we serve are growing. We are expanding into new Total Addressable Markets (TAM) and our clients have a near insatiable appetite for innovative technology and payment solutions. This reset is about aligning structural versus cyclical growth and sustainable revenues and expenses versus short-term results, particularly as it relates to the company's original guidance. While there are certainly some areas where we are dissatisfied with our recent performance, we found that our challenges are largely driven by our own doing, not the result of a material change in our positioning. We know the issues, and we are already addressing them through investment, more intense focus on operational performance and client service and a significant cultural shift.
p. 1 · Read in context →
The new baseline in numbers: 2025 cut to 3.5–4% organic, and 2026 pre-announced as low-single-digit growth with EPS down modestly.
Michael Lyons (Chief Executive Officer): Turning back to the full year 2025 for Fiserv. We now expect to achieve 3.5% to 4% organic revenue growth based on the revenue-related impacts detailed earlier. We expect full year 2025 adjusted EPS to be $8.50 to $8.60, representing a modest decline year on-year. We will provide formal 2026 guidance with our Q4 results, but we felt it important to note that we expect 2026 will be a critical investment and transition year for us and will mark our new baseline for growth going forward as we take a series of actions, which I'll cover next, as part of our One Fiserv action plan. On a preliminary basis, we expect organic revenue growth to be in the low single digits and adjusted EPS to be down modestly versus 2025. And of course, we'll be going through the normal financial planning process over the next few months to refine this outlook further.
p. 4 · Read in context →
Project Elevate introduced — a two-year AI-led cost and process program run with IBM, with costs and benefits deferred to a later call.
Michael Lyons (Chief Executive Officer): Moving to operational excellence. We are excited to announce Project Elevate, a new multiyear transformation agenda powered by AI. We're executing this alongside our long-term partner, IBM, leveraging the same playbook and the same team that helped them successfully transform their own business and deliver significant value for their shareholders through AI. We launched the program in early September with a focus on five major processes, including sales, client onboarding, Clover client service, HR, and finance. We'll expand the list of processes as we go and expect the program to last approximately two years. The goal is simple: become a higher quality, more productive business by embedding AI in everything we do, including providing a better experience to our clients. While our work is just beginning, early proof points demonstrate the program's strong potential, and we expect compelling returns on our investment.
p. 4 · Read in context →
Three one-offs inside a single EPS print — Argentine devaluation, Argentine interest, and a JV termination gain that nearly offset both.
Paul Todd (Chief Financial Officer): There are three unusual dynamics impacting the company's adjusted EPS of $2.04 for the quarter. First, the company experienced a $53 million foreign currency expense or a $0.10 headwind to adjusted EPS. Revaluation of certain assets and highly inflationary countries such as Argentina is recorded through the income statement. During the third quarter, the foreign currency exchange rate in Argentina devalued significantly, resulting in this large expense. Second, Argentina interest rates jumped meaningfully during the quarter, which drove interest expense up about $31 million above last year or a $0.04 headwind to adjusted EPS. Finally, during the third quarter, Fiserv completed the mutual termination of a merchant alliance joint venture. This resulted in a tax-free gain of $89 million recorded in Merchant Solutions' operating income resulting in a $0.16 tailwind to adjusted earnings per share. We continue to provide services to this partner through a processing relationship. The net of these three factors is a slight benefit to adjusted earnings per share in the quarter.
p. 6 · Read in context →
Asked how long Fiserv had been over-earning, management gives the ex-Argentina series: 6%, 6%, then 3% year-to-date.
Tien-Tsin Huang (JPMorgan); Michael Lyons (Chief Executive Officer): Lots to ask here. Just maybe, Mike, I'll ask it this way. How long was Fiserv over-earning with deferred investments and this focus on short-term revenue and expense initiatives that you called out? And of course, it's early. But how long will it take? And at what cost for Fiserv to reverse this and get back to what I call a hallmark of double-digit EPS growth, you did call that out double-digit EPS growth. And of course, I'm getting the question to you, given your analysis and over the last few months, is double-digit EPS growth the right target? And why are you confident that that's the case? […] Removing Argentina from the analysis, if we look at the growth rates for 2023, 2024, and year-to-date in 2025, we see 6% growth, 6% growth, and 3% growth, respectively. While there are some fluctuations in these figures due to the short-term initiatives, they reflect our current position as a company that is capable of mid-single-digit growth, likely on the lower end of that range. We've also recognized specific areas for improvement within our businesses, and we are already addressing these with targeted investments. We recently presented to 4,500 clients and made commitments to enhance our focus on these issues. We realized many of the challenges were self-imposed, but we know how to resolve them. We've made leadership changes to better manage these businesses, bringing in two highly effective leaders with proven track records. Our perspective is that we currently have low mid-single-digit growth, with a clear path through our investments to achieve more solid mid-single-digit growth and the potential for further acceleration. We'll provide updated medium-term guidance during our Investor Day, but our free cash flow generation remains strong. Our capital management strategy hasn't changed; we plan to invest organically and make selective acquisitions, and we'll continue to buy back shares as needed. We're maintaining our leverage guidelines, which together support our objective of achieving double-digit EPS growth. We're focused on operating the business effectively, maintaining high execution standards, serving our clients well, and ensuring long-term value for our shareholders. That's the overview I wanted to share.
p. 8 · Read in context →
Financial Solutions rebuilt from the parts: core banking low-single-digit, issuing low-to-mid, adding to mid-single digits over time.
Michael Lyons (Chief Executive Officer) — answering Darrin Peller (Wolfe Research): Yes, I’ll address the last part first and then Paul will provide specific numbers. We have completed our review and while we continue to learn, the pace of learning has stabilized. We are very confident that the figures and baseline we are providing today accurately represent the current state of the company. We are assembling a leadership team to complement our existing team, enabling us to execute effectively. I have strong confidence in the numbers we are sharing today. We have thoroughly evaluated the company and sought external insights. While we recognize that not everything is perfect, there are areas needing improvement. However, at the moment, we are focused on sustainable growth beyond cyclical factors. For instance, despite cyclical influences like those seen in Argentina, we believe that we can grow faster than mid-single digits. In terms of our two business segments, it's important to analyze them separately. We have a top-tier issuing business within banking that is gaining market share and is foundational to our strategy in the fast-evolving embedded finance sector. With platforms like Finxact, Commerce Hub, and the Payfare acquisition, we see substantial potential in the digital commerce and payment landscape. Regarding our core banking segment, there are certain areas performing exceptionally well, while others, as we discussed at the forum, have not met our execution standards. We need to consolidate our core systems from sixteen to five; this is crucial for modernizing our technology for our clients, and while we haven’t executed this perfectly, we’ve corrected our course. Currently, this should yield low single-digit growth in that segment. There are promising developments with our surrounding offerings, like XD and CashFlow Central, but we need to improve our execution to bring these products to market more effectively. In summary, our core banking business is expected to grow in low single digits, and our progress with Finxact is strong as we gain new customers. The issuing business is also performing well in that low to mid-single-digit range. When we combine these components, we project a mid-single-digit growth trajectory over time.
p. 9 · Read in context →
The hardest question on the call — how a recurring-revenue segment broke two months after the July reset — and the direct answer.
Harshita Rawat (Bernstein); Michael Lyons (Chief Executive Officer): Mike, I would like to follow up on the Financial Solutions business. I acknowledge the recent expectations reset and the deprioritization you mentioned. However, I want to inquire about the third quarter. You reduced the full-year guidance three months ago when the quarter had just begun. Back then, I believe we learned that the team had re-evaluated everything. I’m trying to understand how things could change so dramatically in just two months in a segment that is essentially recurring. Additionally, I’m curious about the lack of visibility regarding this significant level of revenue weakness during the quarter. […] I appreciate the question and understand it. This was not a reset I anticipated. In July, about 10 weeks into my role, I focused on underwriting some key projects that were contributing to the company's original 10% to 12% growth guidance. We successfully reevaluated those larger projects, and their performance has generally stayed on track since then. However, as we faced unexpected financial surprises at the start of Q3, it led to a more thorough review of our financials, prompted by feedback from our clients. This analysis revealed some additional assumptions that needed reassessment, including factors that were largely beyond our control, such as macroeconomic conditions and industry trends that we initially expected to behave differently. We also identified various assumptions outside of the major projects that, even with effective execution, would have made it challenging to accomplish everything concurrently. Along with significant productivity initiatives and sales activities, there were numerous shorter-term initiatives driven by our clients' businesses that were crucial for meeting our guidance. Gaining a deeper understanding of these factors led to some dissatisfaction with our processes, resulting in leadership changes. Today, I believe we have established a solid baseline for growth. The original 10% to 12% guidance has been thoroughly examined over the past five to six months. I am confident that the numbers we have now accurately reflect our company's structure, and we've provided an outlook from which we can grow, backed by a team ready to effectively execute the business, which is an excellent operation to manage.
p. 12 · Read in context →
Q2 2025 Earnings Call — Q2 2025
The first crack, before the full reset — guidance cut to the low end and called a timing issue, plus the clearest account of Clover unit economics in the corpus. · Open the full transcript →
The July framing, withdrawn one quarter later: the initiatives are fine, only the timing of realising them has moved out.
Michael Lyons (Chief Executive Officer): The 2025 guidance, which called for 10% to 12% organic revenue growth on top of the 16% growth we achieved in 2024, had always assumed a significant growth ramp on the back half of the year. This trajectory was based on the successful launch of a long and granular list of new products and strategic initiatives as well as a relatively strong macroeconomic outlook. Our updated guidance reflects the fact that some of those launches and initiatives are taking longer than we had planned. Some of that is on us and some is driven by other factors that we don't fully control, but we are confident that we will capture the full strategic and financial benefits, and only the timing of realizing them has been extended. And to a lesser degree, our update reflects economic conditions that we have seen versus what had been assumed in the plan. As a result, we have refined our full year organic revenue growth guidance to approximately 10%, which is at the low end of our guidance range. And to be clear, we are maintaining our guidance for $3.5 billion of Clover revenue this year. With this revised ramp in revenue growth in the back half, continued margin improvement, and the increased share repurchase guidance, we are also refining our adjusted EPS guidance by raising the bottom end of our range by $0.05.
p. 1 · Read in context →
Clover revenue broken into its three sources — value-added services penetration, hardware, and pricing — against 8% reported volume.
Michael Lyons (Chief Executive Officer): Let's start with Clover, where Q2 volume growth came in line with our expectations at 8% reported and 11% excluding the gateway conversion. As a reminder, for operational reasons, we converted merchants from a non-Clover payments gateway to Clover ending in 2024. The 11% represents the growth rate of Clover without the converted portfolio. With respect to the second half of 2025, we expect Clover volume growth, both on a reported basis and excluding the gateway conversion, to accelerate from Q2 levels. These levels are consistent with our plan to reach $3.5 billion in Clover revenue for the year. Clover revenue grew 30% in Q2, highlighting the strength of our full business operating system approach. There are three key contributors to Clover's revenue. First, VAS penetration of 24%, which was up from 20% a year ago. This was in line with Q1 levels and demonstrates good progress towards our year-end goal of 25%. Total VAS revenue grew 52%, driven by both software sales and capital, which includes Clover Capital and anticipation in Latin America. Second, hardware sales remained healthy and within the expected long-term range of revenue contribution. And finally, pricing and other services, including data.
p. 2 · Read in context →
Clover Capital under-penetration framed as a deliberate risk-appetite choice, not a capability gap — less risk taken than competitors.
Timothy Edward Chiodo (UBS); Michael Patrick Lyons (Chief Executive Officer): I want to start by digging into Clover Capital a little bit more. So you've talked about being meaningfully underpenetrated versus some of the peers when we look at Toast and Square. We would agree that you are well below their penetration levels in capital. Could you talk a little bit about some of the activities that you're doing to unlock that TAM? In other words, we gather that with some of the wholesale ISOs or potentially bank partners, you're not able to access the full set of merchants to sell them Clover Capital, and we gather there are things that are happening to help unlock some of that. Maybe you could put some context around that level of penetration today and where you could see it getting to over the medium term. […] Penetration is very low in both our non-Clover SMB base and our Clover SMB base. We are careful with our risk management and have implemented various practices regarding offer operations, merchant negotiations, presentation, and pricing for Clover Capital. We have begun making refinements this quarter but are still in the early stages of developing a comprehensive approach to Clover Capital. We believe there is significant potential for growth within our current risk appetite, and perhaps we can expand that appetite over time. Given our current penetration rates, we are taking less risk than our competitors. We see Clover Capital as a valuable product for our merchants; they appreciate it and rely on it. The total addressable market is significant, and we plan to make several operational, pricing, and risk management decisions in the coming months and quarters, expecting positive progress.
p. 7 · Read in context →
Ten weeks into the job, the CEO explains the cut; the CFO then walks the merchant margin down through CCV dilution and sales investment.
Michael Patrick Lyons (Chief Executive Officer); Robert W. Hau (Chief Financial Officer) — answering Darrin Peller (Wolfe Research): Yes, it's Mike. I'll begin by discussing the overall organic growth rate for the company, which we have adjusted to approximately 10% from 10% to 12%. I’ve been in this role for about 10 weeks, and I’ve had the chance to gain a clearer understanding of the main drivers of our business, the status of our strategic initiatives, and what was included in our full year guidance. This guidance always expected significant growth in the latter half of the year due to the rollout of several projects and initiatives. We have a comprehensive and strong list that we have thoroughly evaluated, and these initiatives are promising. It is mainly about the timing of bringing them to market. As I mentioned earlier, we remain confident in achieving the full financial and strategic benefits of these initiatives; it’s just a matter of when they will be implemented. The product pipelines we are about to introduce are robust, our clients are interested, and the technology is sound, which gives us a lot of confidence. The adjustment from 10% to 12% down to 10% reflects our insights gained after 6.5 months into the year regarding our product rollouts and our emphasis on quality during these rollouts. The forecast indicates growth of 12% in the latter half of the year, leading us back to the lower end of our original guidance range. […] Regarding merchant margin, in the second quarter, we experienced a decline of about 200 basis points, primarily due to a challenging comparison with last year's second quarter, which saw significant growth. However, the margin for Q2 2025 is at 34.6%, representing a 90 basis point increase from two years ago. We still see avenues for margin growth and business expansion, and we continue to invest in that area. In my prior comments, I mentioned some investments made this quarter in marketing, sales, and distribution, which are contributing to solid growth in both our ISV and direct businesses as we enhance our capabilities. The recent acquisition of CCV, which closed at the end of Q1, is also influencing our overall merchant margin this quarter. Typically, acquisitions begin with below-average company margins, but we aim to scale and improve them through integration and synergies over time. We are about 90 to 120 days into this acquisition, which has definitely impacted the quarter’s margins. Additionally, I want to highlight our increased investments in software and hardware. We recently launched new vertical software like Clover Hospitality and have made several announcements, including partnerships with Homebase, Rectangle Health in healthcare, TD, and Adobe. All of these initiatives involve investments in product development, implementation, and market strategies, and we are committed to supporting these new growth opportunities.
p. 8 · Read in context →
Guidance philosophy laid bare: the 12% top end always assumed a better macro, so a choppier one lands the year at the bottom of the range.
Tien-Tsin Huang (JPMorgan); Michael Patrick Lyons (Chief Executive Officer); Robert W. Hau (Chief Financial Officer): Just wanted to get a little more detail on what initiatives are being extended exactly. And I think, Mike, you mentioned that some of it was on Fiserv. Can you elaborate on that and what you're doing to address it? Is it a budgeting issue? Or is there something more specific to that? Just trying to like Darrin ask, give a little bit more understanding on your conviction on the new outlook. […] Yes. As I was just saying, we went into the year, the year was built on a back half of the year plan with a lot of granular, very attractive, very compelling initiatives, no major one or two items, but a very long list of initiatives. And as you go through the planning and have the benefit of half the year and you look at where the rollout of those initiatives are in terms of timing and how we want to do it in terms of quality for the client, scalability, and a client-first mindset. And then you roll forward the rest of the year, it puts us at the bottom end of the original 10% to 12% range just in getting those products to market and realizing the revenues. There isn't a quality issue with them. It's not products that have gone to market and not generated the revenues we thought it's just getting the products to market. And as I said, some of that we control. We can execute faster, better, greater sense of urgency, and some of it we don't because we're integrating with partners, contract signings, how do people respond to an uncertain macro in the second quarter, obviously, more clear now. […] Tien-Tsin, I think the way I think about it is our original guidance at 10% to 12%, our baseline plan was midpoint, 11%. To get to 12%, we factored in the opportunity for a slightly better macro environment, a little bit faster business, some of the credit and course surrounds that Mike just talked about that would have gotten us a little bit faster, stronger would have gotten us to the top end. And now that we've seen a bit choppier recovery in the macro economy, a little bit slower on the initiatives, again, both on things inside and outside of things in our control and outside our control, a little bit slower, puts us at the bottom end of the range, which is what we're guiding to at this point.
p. 9 · Read in context →
The Clover revenue targets restated — $3.5bn for 2025, set three years earlier, $4.5bn for 2026 — and what must keep working to hit them.
William Alfred Nance (Goldman Sachs); Robert W. Hau (Chief Financial Officer): You've expressed a lot of confidence in the ability to hit the $3.5 billion revenue target in 2025. I know that you guys had some targets out for 2026 as well. I don't think you've addressed those. And if I look at where the Street is, Street, I think, is still comfortably below those targets, roughly 24% revenue growth next year. So just wondering if you can maybe address that and talk to the confidence in hitting that? And if not, the Street numbers are already kind of below it. Like what do you think is a reasonable revenue growth rate for a kind of low double-digit volume growth dynamic in Clover, given some of the initiatives you've got on the VAS and the capital side, but also maybe considering what seems to be a pretty strong year for hardware sales, which may be less recurring as we look forward? […] Yes. Thanks, Will. So certainly not updating 2026 guidance at this point, but I would certainly point to a couple of key things. First and foremost, we laid out the $3.5 billion goal for 2025 about three years ago, and we are exactly on track to deliver just that. We need to continue to do what we did in the first half to deliver the second half to get to $3.5 billion. Obviously, there's continued growth to get to the $4.5 billion. That's a number we put out about 1.5 years ago or so. But the things that we are doing now that help us deliver the $3.5 billion put us in a good position to deliver the $4.5 billion next year. Things like the horizontal expansion with Homebase, adding ADP and CashFlow Central capabilities into Clover, the vertical expansion, adding Clover Hospitality, Rectangle Health for what we're calling PracticePay and a new health care vertical. The international expansions, we talked about the benefit of Brazil. We continue to see growth across all five of the new international regions. It's very early stages. So you're getting a little bit of benefit this year. That continues to accelerate into 2026 and beyond. And then we're also expanding our distribution channels with the announcement of the US Foods, for example, a new sharing partner, TD Bank, building out our direct channel. So absolutely online to deliver $3.5 billion, a number we set out three years ago and things that we're doing this year help us grow the balance of this year, second half as well as into 2026.
p. 11 · Read in context →
Clover framed as a business operating system with under 10% U.S. share, and a flat rejection of the idea that hardware is a loss leader.
Michael Patrick Lyons (Chief Executive Officer); Robert W. Hau (Chief Financial Officer): We are focused on developing the Clover platform across several key areas to create a comprehensive business operating platform rather than just a point-of-sale payments device. As we advance Clover and enhance our solutions for businesses, we continue to introduce new capabilities each quarter. We are only beginning to explore the potential of Clover, with numerous work streams aimed at elevating the platform. There is considerable excitement about integrating more AI into Clover, such as for inventory optimization, smart menu builders, and better staffing management, all of which enhance service delivery. It's an evolutionary process, and it's crucial to recognize that we are constructing a business operating system. In the United States, we have less than 10% market penetration, and virtually none internationally. Our goal is to help businesses operate more effectively, rather than competing in the point-of-sale software and hardware space. This is our strategic direction, and we find it very promising. Clover is an outstanding platform. […] And Will, just to add to that, overall, we talk about Clover's operating system. It's a payments, it's a software, it's a hardware solution. Your question about hardware being good growth this year, absolutely. Your comment about that will not likely reoccur, I'll generally disagree with. This is a hardware business with software and payments. First of all, we make good margin on our hardware. It is not something we give away. It's not a loss leader. And our hardware, if you look at the hardware revenue as a percent of overall Clover revenue, it's been relatively consistent in kind of the mid-teens range for a few years. We continu to invest in developing new hardware. We think we've got a best-in-class, world-class hardware, and we continue to build out that capability and provide that best-in-class hardware to our client base. So we think that continues to sell into the future.
p. 11 · Read in context →
Q4 and Full Year 2023 Earnings Call — Q4 2023
The pre-reset framework in its original terms — how the two halves of Fiserv are meant to fit together, where the Clover targets came from, and how much of the headline was Argentina. · Open the full transcript →
The company described in two halves, and why the intersection of merchant and financial solutions is the whole argument for owning both.
Frank Bisignano (Chairman, President & Chief Executive Officer): Under our new structure, half of our company, Merchant Solutions, is a leader in the high growth payments market where SMBs and enterprises are embracing the benefits of an operating system with seamless integration of value-added solutions. The other half, Financial Solutions, is a leader in the high recurring revenue financial IT software and services market, helping small and medium sized financial institutions level the playing field with larger banks and helping larger banks migrate to next generation technology. This combination of growth and consistency has served us well. And our business model is even more compelling at the intersection of these two businesses. We continue to see strong opportunity to cross-sell and integrate merchant and financial solutions to help financial institutions better serve their merchant customers and enable merchants to retain customers with new financial services offerings. Fisery is unique in its positioning at the center of these two important ecosystems.
p. 1 · Read in context →
The 2024 guide as originally set — 15–17% organic with 7 points of it named up front as Argentine inflation and interest.
Frank Bisignano (Chairman, President & Chief Executive Officer): Turning to the outlook for 2024, we expect total company organic revenue growth of 15% to 17%, inclusive of an estimated 7 points of growth from excess revenue in Argentina, driven by significantly higher inflation and interest in the Argentina merchant business, following the government's steep peso devaluation in mid-December. We expect continued margin improvement in 2024 with at least 100 basis points of adjusted operating margin expansion. And adjusted earnings per share should grow 14% to 16%, reaching $8.55 to $8.70. This adjusted EPS growth outlook is in the middle of the range we provided at our investor conference in November, and it's meant to be a prudent reflection of the macroeconomic outlook.
p. 1 · Read in context →
Merchant mechanics: Argentine inflation offset by peso devaluation in adjusted revenue, with anticipation interest below operating income.
Robert Hau (Chief Financial Officer): Organic revenue growth in the Merchant Acceptance segment was 24% in the quarter and 19% for the full year, well ahead of our previous medium-term segment guidance of 9% to 12%. This includes an 8 point benefit to the full year organic growth from the transitory revenue driven by above-average interest and inflation in Argentina. Adjusted revenue growth was 14% in the quarter and 12% for the full year. You can see from the spread between organic and adjusted revenue growth that currency headwinds from the devaluation of the Argentine peso offset the benefit of the country's very high inflation and interest for the full year in adjusted revenue. Global merchant volume and transactions in the quarter grew 5% and 8%, excluding wholesale processing respectively. Clover revenue grew 30% in the fourth quarter, an annualized payment volume growth of 17%. For the full year, Clover revenue was up 25%. The spread between revenue and volume growth comes from higher penetration of value-added solutions, channel mix shifts and some pricing. VAS penetration reached 19% in Q4, up from 16% in the year-ago period and on pace to meet our 27% target by 2026. […] Over the last couple of quarters, some of you have noted that our revenue includes anticipation in LatAm, but the cost of that anticipation interest is not included in operating margin, as it is reported as interest expense below the operating income line on the income statement. If we were to take that interest from anticipation and pro forma it back to operating income, merchant margins would still have expanded a very strong 220 basis points for the quarter and 260 basis points for the year.
p. 4 · Read in context →
The Argentina walk done in public: the entire 4-point guidance raise is inflation, with adjusted revenue, margin and EPS unchanged.
David Togut (Evercore ISI); Robert Hau (Chief Financial Officer): Thank you. Good morning. Good to see the continued acceleration of Clover growth. I'll ask my question in the follow-up, both upfront. So first is a 4 PPT increase in the organic revenue growth guide for 2024, it looks like about three points of that relate specifically to an increase in Argentina inflation. So if that's correct, could you walk through how your operating organic revenue growth assumptions have changed by segment versus the initial guide at the November Investor Day? […] Yes, David, good morning. And your assessment is right on the mark. The total company organic revenue growth went up from back in November. We said 11% to 13%. We now expect 15% to 17%. We previously indicated the impact, the favorable impact of higher than normal interest and inflation in Argentina, would drive about six points of growth to the Merchant segment, or about three points to the total company. We now expect that excess inflation and interest is about seven points of growth to the total company. So essentially, the increase in organic revenue growth is really attributed to higher inflation and interest out of Argentina. The underlying, more normal organic growth of the Merchant segment and of the company remain consistent with what we expected and saw back in November. The other element, of course, as we talked about in November is, there is a natural counterbalance in our adjusted revenue, and in our income statement that higher excess inflation and interest rate also drives a higher currency variation, or FX headwind. And that also increased about four points from the November. So net, our adjusted revenue, our EPS, our operating margins, very consistent, isolating out just that Argentina impact.
p. 7 · Read in context →
Where the $3.5bn and $4.5bn Clover targets come from, and the caution that 30% growth will not repeat every quarter.
David Togut (Evercore ISI); Robert Hau (Chief Financial Officer); Frank Bisignano (Chairman, President & Chief Executive Officer): Thanks for that. And then just a quick follow-up. What are your expectations for Clover revenue growth in 2024? Would you expect continued acceleration? And then if so, any callouts? I know, Frank, you mentioned Brazil rollout in April? […] Yes. From a Clover standpoint, you saw the acceleration of revenue in the fourth quarter to 30%. We've talked quite a bit about the Clover growth rate, accelerating into our Investor Day commitment. Actually, both back in our March of 2022 call-out where we really focused in on Clover overall, where we gave an outlook to 2025. We updated that back in November to 2026. So adding another year of our outlook, we continue to believe, obviously, that we'll deliver against that $10 billion for the total company and $3.5 billion for Clover in 2025. And then $4.5 billion for Clover in 2026. We feel good about the trajectory. I wouldn't suggest that we're going to get 30% every single quarter, but there's a lot of elements that are driving that growth, and we feel good about the overall trajectory. […] I also would highlight the penetration rate is the number we talked about. We are focused on growing ARPU, and you see that penetration rate up at 19%, which tracks the path we believe we're on. So Clover continues to do its job. The distribution networks we have are unparalleled, and we're bringing more function into it, and more geography into it.
p. 7 · Read in context →
A revenue-model change explained, not excused: banks choosing hosted ASP contracts over licences defers revenue but improves economics.
Darrin Peller (Wolfe Research); Robert Hau (Chief Financial Officer): Guys, thanks. It's great to see the merchant strength. I do want to touch on a couple of the other segments real quickly. On the Fintech side, just to start, I know you expected tough comps, and you obviously called out the software license sales shifting to the ASP side impacting revenues. When we think about what that means in terms of spreading out revenues across a period of time now, in terms of more recurring revenues, maybe just help u understand your anticipation for that segment again. I know you had initially raised the combined Payments and Fintech outlook a little bit when you had your Investor Day. So is that still on track? And if you could just revisit the drivers giving you confidence in both segments. […] Darrin, good morning. When we sign a license deal, typically that's a three or five-year license and you get a large license transaction. December is always a pretty high month for license activity, and you get ongoing maintenance, but license is certainly the big chunk. When a client instead goes to an ASP contract, you book that over the multi-year period monthly. We feel good; ultimately that's actually a better economic transaction for us, so we like that transition.
p. 9 · Read in context →
Why a payments company applied for a bank charter — sponsorship of its own merchant acquiring, and what that does not mean.
Jason Kupferberg (Bank of America); Frank Bisignano (Chairman, President & Chief Executive Officer): Okay. Good color. Just on a separate note, we saw last month Fiserv applied for a bank charter in Georgia. Can you talk about the steps, potential timeline to get that application approved, what the benefit to Fiserv would potentially be, whether that's on the cost side or ability to provide additional solutions to merchants? Thanks. […] Let me bring clarity to that. There's lots of questions about why Fiserv is applying for a bank license. Before we did that, we talked to the ABA and communicated to our clients. It's a very specific purpose license that allows for sponsorship of merchant acquiring.
Historically you needed a bank for that within Visa and Mastercard rules. Our ability to have an institution for that sole purpose that will allow us to be a sponsor for our own merchant acquiring in certain instances will be valuable because we can control more of the outcome than we could before. This is very specific and we are not competing with our bank partners. We have great bank partners and a large bank portfolio. This ultimately supports smaller banks who do not have sponsorship and we can bring it to them. It became clearer in the merger when we were able to cross-sell to our community banks, and having the capability ourselves will be valuable.
p. 11 · Read in context →
More calls
Q1 2025 Earnings Call — Q1 2025 · 14 pages · The handover call: Bisignano's last, Lyons' first, with the 10–12% organic and 15–17% EPS guidance still fully intact — the baseline the October reset was measured against. · Open →
Q4 and Full Year 2024 Earnings Call — Q4 2024 · 11 pages · Where the 2025 plan was set — 10–12% organic, 125bp of margin expansion, a fortieth straight year of double-digit EPS — with 2024 growth restated ex-Argentina at 11%. · Open →
Q3 2024 Earnings Call — Q3 2024 · 11 pages · The DoorDash embedded-finance win explained end to end, and the last guidance raise of the old era (organic to 16–17%). · Open →
Q2 2024 Earnings Call — Q2 2024 · 12 pages · The CashFlow Central build-out at its most detailed, and the value-added-services penetration path holding at 20% without the usual seasonal dip. · Open →
Q1 2024 Earnings Call — Q1 2024 · 10 pages · The five drivers management said would deliver the November 2023 Investor Day targets, including the $12 billion 2026 merchant revenue goal. · Open →
Q3 2023 Earnings Call — Q3 2023 · 11 pages · The last call before the November 2023 investor conference that set the medium-term targets, with 2023 organic growth raised to the top of its range. · Open →
Q4 and Full Year 2021 Earnings Call — Q4 2021 · 32 pages · The First Data integration era in the old segment language — useful for the pre-2023 base rates, though the page text is a third-party web capture with heavy page furniture. · Open →