FISV - Earnings call transcript Q1 2020

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Operator

Welcome to the Fiserv 2020 First Quarter 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 will turn the call over to Peter Poillon, Senior Vice President of Investor Relations at Fiserv. Thank you.

begin. may You

Peter Poillon

and and call Ivy, Chief everyone. me Operating With Frank Officer. Chief Thank are good Jeff the Officer; Chief and today our and Hau, Yabuki, on our Bisignano, Financial you, President afternoon, Bob our Executive; Chairman

updated and March our are of the Relations and earnings available slides release quarter, fiserv.com. includes targets section presentation on supplemental Our cost the synergy for which on revenue in announced Investor

impact about, Our results, COVID-XX of remarks benefits the will the other today expected strategic financial Data from First expected the statements on and among business, forward-looking and our and pandemic synergies acquisition. matters, include operating initiatives

differ to from risks of statements results and uncertainties. materially a may number are subject and Forward-looking actual

a factors. discussion of refer should You these for to our release risk earnings

for constant First nearest basis. been our by on of the references otherwise, measures. call, all along information. performance a of Please materials explanation year-over-year sum comparisons, supplemental revenue financial and making discussed GAAP quarter adjustments Data include Fiserv financial those call results earnings release currency references in financial have are of applicable this made Also the and reconciliation and to throughout materials non-GAAP today's for measures in note internal first an measures to to GAAP XXXX to the of with measures this Data, growth which call included non-GAAP are for the stated refer that Unless our certain prepared historical First a

the turn to now call Jeff. over I'll And

Jeff Yabuki

times is everyone. To say Peter are afternoon in we Thanks understatement. and interesting living an good

distanced. York are from are home. of I are and separate likely Bob social locations example, an here Peter in New and joining Milwaukee, you at many in and As Frank appropriately

company safe. activated world. normal. We are and your continuity transitory the our and has clients plan number quickly, keeping Fiserv a this around team to Asia as incredibly We starting responded, new time protecting the executing one all priority, while on associates in of approach proud We're how our we adapting business continued

our following rigorous safety working XX% and the about the are team. the of remotely Today associates protocols protect of health to remainder are

associates navigate pay, crisis. be cannot COVID have increase we jobs while hourly performed received a the in XX% Additionally, whose remotely,

are providing leading-edge their to customers. them by supporting We they clients need the solutions with serve

in Our by account sales tech, service the progressing clients sales including changes this of through implementations are world, and and pipeline. individual travel majority year. shy teams in with with We in video up team-based the fact, April adjusting XX% connecting as a were year. are prior prior than sales and our QX The results scheduled, coming new substantial our capabilities. required just quarter of well, for the held more entered the reasonably solid up And over in preliminary

is mission-critical model, the world. strong, resilient We the to and institutions, corporate clients delivery solutions which business of have a financial by buttressed merchants around

navigate We And years having even we these our believe times. events last economic changing navigated matters. the successfully financial of the will of and leadership experienced fair results stronger executives, also have share XX to who contribute global economic more as than

synergy significant cost the the to mitigate And From million. target side, million include that day our by which, one, In synergies we of we at help recall, would potential not adverse of impacts recession. our we does least five-year believe billion, expense our will total increases a interest $XXX early communicated sizable $X.X you targets, a to $XXX XX% as benefits. meaningful March, revenue in on a increase increased our to including

of as worse other weeks two with quite up even for around the got which later. Frank the outside addition to weeks strong, The of the synergies, some quantum, XX U.S. In we speed last weakness results progressively first The discuss restrictions intently the world. financial are and attain those focused were of to on shelter-in-place the the ramped the will limited year all quarter

business transaction growth and downturns. but some businesses, across merchant meaningful circumstances generally several variability the pressure seen late impact with some with the the March incremental not upswing in from payments of and early business, in debit-oriented improvements majority digital. areas, seen the spurred Global displayed by including The transactions largest The resilience also are negative with country, in previous our on merchant with in lows the April. along

March. April been merchant of signs the May the in early week in gradual with including later recovery to-date then, last the transaction transactions double nearly of recovery In continuing low digits we've U.S., seeing down XX% comparative and seen into in Since declining we've in after improvement May.

the were transactions trends. of as March low April. acceleration second further in in month drop early we into in in are substantial of the I and current optimistic also the half improvement with see Overall, saw improvement the quite shelter-in-place and but seeing approximately will we week debit the the about the finishing we the pressured, declines, XX% improvement double-digit from showed last we eased U.S. believe are a April, around are world. U.S. restrictions

QX's are uncertainty previously throughout financial the communicated results half the and outlook. we of withdrawing Given XXXX have trends we meaningful the Consistent our the expect COVID-XX, pressure second anticipate seen, we year. with around on improvements

achieve growth we our see synergy opportunities, of path solid business year. model, earnings adjusted this resilience and again strength to the actionable per significant the double-digit Given a including share

a weakest our the quarter’s the and to You year. of synergies be that the expected throughout of first had ramping will due results we to year recall difficult compare the

internal growth revenue X%, increasing to XX% cash solid free flow Given that, of and of per $XXX the along quarter. with million for COVID-XX, produced share the impact growth earnings adjusted including of we results,

closing allocation the the sale X.X services, merchant million acquisitions force, investment shares small capital of and in including to two full in strategy XX% in through capabilities was interest a Our quarter. our adding repurchasing

financial are progress focus on integration Importantly, operational across value fronts. excellent making strategic, we on a with creation and

output quarter, DNA, such its Credit students an account have assets; continue D'Arc solutions XX clients Jeanne our in DNA existing we including make relationships helping their in adding on processing dreams client expand, possible. Union $X.X in to privileged that in billion mission support selected five businesses and to of as Massachusetts educational with The the Nelnet, new

Clover still volume for started order-ahead the rapidly adoption the XX% add-on new services ended up February, strong, gross to COVID virtual software base. was continues as through up the and XX%, quarter. expand Clover despite across terminal XX% about and and hit, the payment functionality shipped our up devices of such

adding globally, Technologies; the and wine; largest U.S. hair of Salons, retailer including Command; the saw momentum in We the largest Installation Management chain new Regis salon the USA world. important country's clients XX independent fine e-commerce, More, direct & in Wine Total Army

over chain, X,XXX also and Group, We in added consumer chain Europe's Retail the Tegut; German retail countries. XX electronics stores MediaMarktSaturn grocery largest with

remained in up XX% strong the U.S. digital transactions market in in and and the opportunity reflecting commerce. E-commerce XX% quarter, globally, position our

partners in weakness. proposition to expand, growing the the than late Impressively, XX%, face also value of grew payments in integrated continued quarter. March Our revenue more ISV than XX% even more

see We space. important continue strong this grow opportunities in to to

Overall, the total in locations contracted merchant globally grew quarter. XX%

QX stronger new results, environment. April the to of We prior half implementing also had quarter, to up payment for very growth look XX% the skyrocketed, and strong saw this and year in Xx new compared even more as people clients we the nearly ways volumes in pay Zelle second in in

of around see continue significant our at the value scale and world. payments merchant cards, intersection creation opportunity the DDA-based a to We

fully as $XXX opportunities investment. to Importantly, Clover. innovation such e-commerce, million we remain important committed We've digital, card, in deploying merchant our identified areas and enterprise ISV

decisioning fraud the opportunities We horizon, also expanded network and rates, authorization on risk next-generation data across integration. with and including specific emphasis see a innovation

XXXX in we is to invest years market need over are on to ensure to and to continue going several next where win. will We we the what focused the do and that

for announced year, serve which seen, the to with closely elects we have plan Bisignano our you a I Frank transition. succession succeed Executive today, X. me remainder as of the as smooth Frank will on CEO working ensure Lastly, to July earlier Chairman

which on which allocation be heavily the We will our well-honed closely in DNA strategy, together of advancing the to also will work based company. capital the longer-term embedded is discipline continue

my have engaged that conversations and a from the changes in Board succession tenure, been used benefit in XX-year deep of and belief organizations my number I has long-held leadership, Given for years. have It been planning maintain result in and acquisition. including most has my recently, over Data manage conviction fresh current approach to Fiserv, the through My the a lead First pandemic time given need principle differently. at gotten to that and even stronger

and the pleasure I it will perspective foundation playbook. energy will the working announcement Frank the new XX the bring since the Frank closely of and be had last embracing I've fully ultimately two over value with while years when Fiserv's depart. strategic months, of to creation company

including he's integration, being goals our doing fantastic that himself team, working In our with you Data, established addition establish of me with know experience vast accomplished an our with organizations, exceeding foundation things Frank in as and executive First job large and closely future synergies businesses to leading for to as complex the the such a success. our on further CEO

first unanimous our Board The to quarter my his our history. and person Fiserv’s I only has XX-year about next Frank, support for and fourth to privilege for as what your partner of business has lead amounts life. to friend. a been congratulations my and heartfelt him a as happy great he Frank – CEO, and and my I’m an feel family, the now offer honor and company It in incredibly

FinTech you, found have leave while company and we the say And our objective, delivering I building admired I has time, been sustaining objective than some Fiserv ahead. we lie a global transformed into of culture seven and have value that a for named a and it. company years, in for days clients, for most shareholders. that payments to believe leader been consecutive firmly Over associates that stronger all accomplished best while world's My Fiserv when primary the might differentiated

let to that, the Frank. me call With turn

Frank Bisignano

the enjoyed in we're Good tell forward I look much and Thank months these afternoon. I you, you to much do to the here XX future. right all I've Jeff. And going things how how can't

So a leadership elected most first company Jeff with to for a My next of admired to companies. all, how world's bright the create one say of history let Fiserv, the I at honored partnership to be a thanks future. am CEO and and his great as me

serve execute. for invests shareholders, long-term. and clients the to is which allocates Jeff's the from and vision our extremely strategy to associates benefit platform continue will will for the of shareholders well a future company the company continue the for which for capital This growth

innovation our our leading assembled us communities, to great jointly greatest greatly the and our company. appreciate will continue company. allowing the I Board's world-class in have the confidence I planet. a on excellence, me serve to as FinTech this the known and clients, to in privileged humbled team, tremendously We feel drive and shareholders be and Jeff

put have even The changed the to we've focus health business team while lot Now the since made A client COVID-XX of on beautifully. And come and And on ensuring great more call. protecting safety of we the on in business. has and last together our on commitments progress crisis. incredibly continuity proud am associates I of has delivering company. our light integration,

and well proactively tested our to an moving plan remote or work over locations, As ingredients to A Urgency, Jeff clients through leadership are expertise to ways robust risk waits managing credit was alternative XX,XXX introducing and securing well outcome. successful people environments, a mentioned, one, business a merchant seasoned team. certainty continuity acceptance. and XXX Fiserv whether for crisis critical global for serve prepared no experienced and

our Delivering exist. is value clients why we to

innovation. clients with presented serve several number opportunities speed, COVID past a has weeks, the of Over and to agility unique

me share Let funding. processed Clover clients of Through platform enable a loans in solutions both few institution our and navigate how our of financial our to are examples uncharted to we've provide these tens thousands PPP orders. small businesses of our clients, helping

provide those enabling the Project are variety cases our not-for-profits money including in to prepaid enabling National a network, Institute for Health's solution, CXX and need. expedited We supporting of of through use card Research funds

payments across Argentina, to government-owned working the merchants, states partnered bill NIC banks financial outside our enable spend Through with to proprietary business of We've and payment geographies. to subsidy closely and providing distribution to governments we're XX In offer insights services with benefit payments. walk-in and enable data enhance implications segments we economic institutions across government the to solution, understanding of of trend are and a offices.

of restaurants. nearly our which delivery we in launched Clover, by April, the expedited is already used capability, since early order-ahead X,XXX being new At

a in have implementations scheduled as important. clients team's as using Republic example agendas recently virtual period. our migration portfolios MONETA the debit the remain very Vision full a generally Jeff approach, terrific during As quarantine of a Bank One Money Czech for service to technology bank's full and our credit First mentioned, outsourced continued card completed

ways new deliver the great in to Bank Money challenging time. emerging service, this MONETA highlights which are

high is Our deliver services. focus now, more than consistently value ever, to

time all our on $XXX side at moving communicated total Our synergy from is service our third engagement model increases and request the significant daily high resources. targets, client billion by enhanced In $X.X we of prioritizing an cost focus of March, million XX% with or base. to cost a up roughly an

synergy We the million revenue also $XXX out million $XXX target by up took over period. five year to XX%

pleased not work complete. the with the synergy is we were While to progress date,

committed fully possible, where remain and cost planet. vendor additional as replacements, efficiencies, FinTech unlocking include enhanced the both We to infrastructure additional synergies opportunity and we on in contractor the and work folds, The in revenue being cost payment toward leverage. across companies best operational opportunities

have as as working dual results and reducing will new with vendors had cost partners of CapEx. investment which benefit our internal avoiding well we've company, for First, to the capabilities identify efficiencies combined the acquiring great

result, primarily about in million. As $XXX on by expectations technology a our procurement, increased we have

synergy Second, operational generates to The rebadge third-party Fiserv’s we we identifying as First achieve arbitrage, operations existing office outsourced centers improved and most real captive. of from estate, original of cost third-party shifting even benefits back are additional the consolidation converting data no we're to savings expect Data's Last, more and knowledge systems. offshore efficiency loss primary contractors from which important original from savings resources.

the sophisticated also Data meaningfully experience. service of center the success including enhanced all agent capabilities, AI-based an virtual We've and had original extending First geared improve self to call operations overall

clients these help capabilities while supplement We revenue delivering us. for our to packaged also have

are moving timing and some quickly to of We the as way offset coronavirus pressure. accelerate to synergy cost a revenue more

year an annualized expectation million savings XXXX. rate $XXX original Our million was expect synergy We this more full more now million than than exit year. with of of entering $XXX $XXX

for great about value. ways and add to our even progress continue look feel more We to we'll

new our strength and we such unique As U.S. continued we target areas disbursements, than our account merchant market much clients. stronger in we outside leading payment mentioned in digital momentum as with raised $XXX or revenue opportunities million, out-performance to side, solution linking seeing Clover relationships create bank initial primarily privileged and anticipated the on value based the We're the XX% on innovation for our expected. in processing

now the XXX end, the quarter, new competitive that with start about wins XX%, bank merchant takeaways February. of and then To XX percentage larger clients program FI the signed the new those end we higher in through since even with We've at in XX of signed the clients space. of bank

has to interest high institutions activity the sales XXX nearly slowed in very due disruption, pipeline. with remains the Although COVID

dollars. expect While XX% current realization, we we $XXX near-term the million will of the moderate revenue raised expectations have current our to pace environment

bank In the our signed the addition, including over institution also of efforts synergy merchant we our non-bank program expansion to another not period, partners. of outside XX

XXXX. economic million synergy situation, in expected timing to revenue revenue we the current million still expecting $XX Although, $XXX the have recalibrated given we of of synergies, our are

is highly you market. unique believe for This an the And provide best leading we the differentiated organization integration is building solutions value. Fiserv critical our a time place is sustainably with for Our associates clients, that and market shareholders. will

pass me Bob the let financial call of a Now view to our for results.

Bob Hau

April Frank, you structure our on included I our and good on Thank filed will X-K everyone. afternoon the new segment reportable Xst. results discuss utilizing

and or acceptance the Data. merchant Acceptance, original First financial and companies issuer the comprises print merchant We finally or processing, the processing software along and digital to services, segment business which Technology account global management of Zelle. acquiring is original Payments services blended and such production refer with Fiserv’s is bill Merchant original may have risk as as debit, payment core Network Biller businesses segments. most three FinTech we business primarily primarily electronic banking, and card credit or is payment, and other prepaid global card between And and solutions. oriented payments and Financial

included decline $XX comparison, difficult with considering quarter in the results very Adjusted the level well XXXX, growth. when As X% our performance even the and revenue. transaction, and revenue above even The includes against that adjusted significant better increased a original quarterly a in two as investment result a operating million grow to strong were internal million $XXX quarter. through had are most you services heard, of margin X% weeks, a periodic with which was over company impact operating in still strong of non-recurring basis synergies Revenue income, XX.X%. last QX expectations the mid-March, high of the to XX achieved the points our

Operating in than margin by million in revenue to due per for revenue, $X.XX this solid of services in offset segment These quarter. payment and the was transaction Adjusted periodic synergies the about the diverse the was quarter. earnings half Internal to second results share compared by XX% breadth, of capabilities. industry closed March X% for lower the that lower the investment to revenue very buoyed in verticals broad expense Acceptance in our adjusted as partially $X.XX expected prior the the anticipated and one-time geographical were growth decline $XX year, quarter. and a Merchant sharp up was

North for America February. growth double-digits internal through revenue was after quarter up being the X%

X% were Our basis, grew international a QX. COVID impacts seen currency in and Europe business as constant in earlier even Asia on

due June. acquiring progress XX% share the growth make joint of consistent continue methodology dissolution BAMS the disillusion of end the revenue great with We excluding plant at quarter, venture, of to we're calculation, revenue on internal beginning from our the our to this revenue internal BAMS the growth

margin this $XXX beginning million decreased points roughly declined important drove we by in in to any amount segment XX% unusual Acceptance transaction. close look to related client. business. quarter primarily volume roughly the led issues quarters of revenue the acquired to very that the We at income to will in of the international Adjusted year continuing Two headwind operating serve adjusted the decline, XXX We and higher BAMS incorporate our from COVID business our XXX post direct with basis decline basis XX.X%. new the operating point would two-thirds end margin one sharp forward growth to as

Next, the ended item pushed assessment comparative fees BAMS, deferred in XXX impact the year down last QX negative basis a of of expiration margin another revenue by with year, in points. which brand XX along

the quarter. the internal Although, the the outgrow the Network revenue to services growth impacts. due X% to remain including and in performance revenue of revenue delivered in led synergy card the served mix in QX, Biller by the compress prepaid, offset pressure the to growth the anticipate COVID-XX in decline under output we resulting Payments were operating operating the negative able of in We The margin Growth March, Solutions quarter. changed, to and segment as well segment as was lower COVID-XX of end by impact benefits, solutions partially quarter. and

the of performed fall a which businesses which the the finish. Transactional in April. weeks double-digit of mid at first Debit carried were transactions impact also in early but saw declines the late quarter, the quarter, well up into significant XX for March, off includes single-digits

improvements April year The Popmoney which up you QX growth, XX% as and U.S. we've sequentially. ago markets of heard, compared their the increased through number and XXXX. some As continued QX is hit both seen versus include a has and up stimulus transactions clients last XX% nearly reopened using to tenfold from Zelle year doubling Zelle, in nearly PXP rapid and payments

decline segment couple basis XX.X%. million over and movement. high operating to from been less operating revenue, primarily performance was in their margin of last $XXX for safe the saw in X% weeks, and revenue Revenue to believe be to of in was gains. quite The The we revenue. quarter growth segment Adjusted secured as internal recurring the and are in the up growing seeing subject macroeconomics. income FinTech expanding productivity and resilient money to also was consumers TransferNow this benefits was XX% We've XXX synergy periodic expected and partially points in variation digital growth excellent, the revenue quality Zelle use the even stronger segment due as offset tends gains of increase quality to high by in

interest the platform solutions million, than users. a subscribers We demand for saw $X.X and in array digital XX% our ASP architect of of a single quarter the strong had to digital million broad quarter. more to year-over-year Mobiliti in increased growth X in X%

The with to $XXX We income flat by XX.X%. quarter. fee a they than digital operating a also use license driven operating appear, functionality. performance million decline Adjusted the was meaningful points higher stronger recurring measurable efficiencies. are quarter cost underlying saw a increase of Core at in revenue was in termination and in revenue greater XX up the with along margin was and underlying and along primarily in given results interactions adjusted operational basis

operating combination rate lower to XX.X% corporate XX% benefits reduce the adjusted improved points the XX current loss up discrete due adjusted stock-based benefits synergies. cost in due in of transaction. $XX of tax The basis to effective The year quarter was Data and the First to the to compensation resulting items from the million, tax

was tax effective settlement quarter. We year. Free X% results an conversion rate headwind flow XXX% full approximate with adjusted million driven was expect of operating year-over-year XX% up Free $XXX flow to in timing. strong to the an associated in $XXX by quarter, cash the despite cash XX% million for merchant continue the to

due X.X million year. the proceeds in of at We the from $XXX quarters We just which repurchasing to majority of the not quarter, shares anticipated shares volatility for included under remainder in anticipate our first repurchased investment the redeploying over the of the XXbX-X million and $XXX sale more do level quarter plan bought million services. than net for the shares

March Total outstanding, billion as times is $XX repurchase. XX% of and million of was remaining was March about fixed authorized shares debt which rate and XXst. debt-to-adjusted XXX we XX As XXst, EBITDA had million outstanding shares over for X.X

debt post leverage to We to XX of growth. our repayment a are Data merger return combination to XX of months historic and level on track within First through EBITDA

million current bond an this $XXX Additionally, maturing debt we some refinancing our quarter. as we have of anticipate

flow repay continue in strong positions free and $X and to sheet significant very even year. downturn. remainder of to We more of balance than repaid the Our are debt in expect will we we economic expect bank million over cash billion the $XXX this the and generate quarter liquidity

results, a strategy, we well-honed with cycle. and uncertain anticipated of allocation near-term impact clients billion and While team that value COVID-XX the resilient shareholders the experienced our sustained of full provides $X.X capital combination are on we a create cost any economic confidence to of model, of a business very management us business will for synergies

that, let With me turn the call back Jeff. to

Thanks, Bob.

we sales limitations crisis, pandemic with only are the the the to quarter, as Given pleased year X% our about results actions stage. down for center prior and travel took

more We seeing see a did slippage normal. deals than are being canceled very deal few but bit

to has pleased see this market selling held engagement our teams and account well are quickly up time. sales adopted have virtual and We how in how unique

solid is of good a into pipeline QX, with visibility Our number including recent opportunities. COVID-related

their clients also in committed completely agendas. to to pipeline are as seeing We our continue progress the remain technology larger deals

growing of we expanded fastest For XXth example, largest Mexico, with chain OXXO, relationship April stores presence our in with Chile and Peru. Colombia, in Americas convenience on the and the

and by is leader product a than more offer used store and Mexico, transfers by payment, with also convenience In millions the bill stores financial inclusion of money OXXO XX,XXX people. far these locations

our card account services relationship processes Mexico-based begin will and FinTech through with significantly Our providing API and solutions. First Vision expanded business first their

very OXXO with We partner to customers. to them excited their serve even are help better

in QX year. results uncertainty pressure the earnings expect given meaningful although we on environment. outlook, quarterly revenue and And XXXX to we our withdrawing compared are provide the don't guidance, the prior we mentioned, As

given achieve COVID-XX and This However, business cost synergies, earnings our year per share path a we incorporates strong growth. model macroeconomic path solid accelerated of XXth generally our to see two double-digit consecutive assumptions. adjusted

QX therefore the subject volume to that and followed a wave points sweeping balance a economic and through second measured and we low social of First the which April that duress. shelter recovery not are further of orders distancing by and create the transaction are year,

directional provide to far at While formal and quarter we further outlook, our enough full outlook. visibility this call financial our second don't we we'll more clarity have year on clarity call expect

company well in a event. of this Your in is the once performing midst century

our regardless already the allow by enhancing for that integration, strategies industry clients of enhancing developing accelerating services are lead to and the will We business resilient environment. economic us

this We invest we ensure not will now, stronger many to and deliver win only emerged transformational positioned for better many, from value time but come. also years that to to

Fiserv, proud, all single – who thank all Fiserv work you. each say have navigating so made every also to time the us at focus with this me a day. clients It's excellence unprecedented serve and you us for thank and honor to to people with of Let commitment XX,XXX an with

With for questions. that, open the let's line

Operator

the any now Instructions] would We lines you. Baird. from like Thank first to for David open [Operator questions. Our from Koning is question

is line open. Your

David Koning

thanks Hey, go, and everybody. Yes. Jeff, congrats you see to sad to but

Jeff Yabuki

Thanks, Dave. Really appreciate it.

David Koning

for running thinking for of I'd you Are President? vote you.

Jeff Yabuki

this I Dave, right now, want quarterly just I want to great on job – to do call. a

David Koning

just merchant kind of revenue. gave trend a question, think were right. of in you're saying felt in segment. – what Is weeks we saying? All well. double go. were doing Well, the of the I last maybe really good of metrics, my kind that low When lot It guess on about the we first some couple you like you There clearly digits

Jeff Yabuki

volume, in transaction the it then end of and has seeing that XXs improvement And by improvement an really started to seeing yesterday. but continued including we're to improvement think towards gradual up of that kind about In about continued we're of really has and since from see happening. kind we've two-thirds. April improved the And

David Koning

Great.

million. that, little talk better follow-up. than more $XX my But – was guess just the in you you merchant a about basis. was flattish think, could organic. Maybe just if I And EBIT year-over-year, Obviously, I grew down, on segment, revenue Okay. a reported pure

also from synergies. a talked You little lot a periodic about benefits There's probably of revenue.

you maybe EBIT was So out so? million or just parse $XX why down could

Bob Hau

Dave, Yes, Bob. it��s

that. a is we Merchant the Data around to color think merchant largely – From synergy try some remarks the I the standpoint, segment is that First recall Acceptance prepared business. give of in comprised original

well as you lot early you – that And synergies of in and not of where all, the as our seeing post stages first of in straight the Network you're merger. natural overlap more of business, Payments in particularly might the see segment so synergies, a corporate

David Koning

Well, Okay. thank you.

Jeff Yabuki

Thanks, Dave.

David Koning

Thanks, Dave.

Operator

Next, we Peller from Research. Darrin have Wolfe

is Your line open.

Darrin Peller

Frank you to Hey, guys. and also, Glad congrats you. doing Jeff thanks and okay, to hear both of

Jeff Yabuki

Thanks, thanks. yes,

Darrin Peller

little the Listen, X% And degree talking segment . for like you're end I guess, shows the Any outperformed can because as more you what seeing then, give across could clearly be give us further Clover, on minute others. versus the you it on. in then on for just us the industry. discretionary clearly you I the a about think it mix trends, well. been quarter, than hone mix. reaccelerating color the about the would know wanted to of we've And on a non. better-for-you curious And color I great. just we When guys to quarter if merchant the was commented some bit

Jeff Yabuki

I would are that – this things factors Darrin, will say is macro a and one Frank at crisis of of that I needed. then it, all there shot in Bob really add let would and matter. as me take most the interesting that's

as where you industries important, operating you is may those then least countries. And have where what and are the what in geographies and concentrations. in which in what you are So serving are you – probably are at going on

the verticals And obviously like same you kinds the you're right? depends it out. say, laid retail, so e-commerce, mix idea, serving a in still than And applies if things. things that, you E-commerce, to are, those airlines, are industry where are thing different in on is you highly of right, concentrated grocery, if even travel, see like it going

it around were where in the we And that this the things even one is world the seeing of stages because we concentrations of important as I think up such beat some some other when starting that's in and early we were are early of that geographically, of around, we sit we getting Asia weren't – moving was our seeing bad as places. in

most areas second think favorable more for vertical coverage in the probably I is thing is us. our the impacted

wins creates to talked then would those areas. XX-or-so had. and And there And aggregate the so that in grow continued we ISV, in have some third I digital the benefit. We continue concentrations. to we we've don't last of all that throw an the had And high in is wins, grow in we e-commerce about that year, piece

And then others. top to our they merchants, maybe basis a look you at or lastly, resilient less larger some impacted relative more if merchants, tend of be than our on

to think, of better By similar were Clover, all same that we up results. others. that I added impacted were SMB so to token, obviously us has in ways And the have having that, exposure in we

feels day. way it's like sometimes closely, book. that's see I you up, last what inside how tracking improvements might over seeing it the better places were coming some we see slightly trending. weeks. it's certain knowing think We hearing, back not in every And to our at We're were that open And day be they benefit together. every the it's our are we're looking And where speculation, of literally based we can of we're before, like closely when what's lights and pretty it very we again, minute come what's countries all to very the absolutely on people's about few a not But books. or seeing states in numbers. of on on other

Darrin Peller

FinTech just what would those out offerings when or you Yes. side, inbound and I technology All versus follow-up come before this mean, on demand gained FinTech, where right, When again you makes pandemic think of Thanks we the core your share where mean you sense. even – pandemic. I quick think on on the that’s structural. of really Clover, guys. I e-com, at market have of integrated touch my do of for a is differentiation? And seen the because we you maybe lot look the banking just some

Jeff Yabuki

well that as I a is not think things other one the Fiserv about to as just would are that very not were of say we well-structured invest in We basis. a prior We happen RDC. differentiating Zelle. to we versus believe continuing very a that, growing those the seeing some we leading to in seeing We April, companies of because each the we're of just TransferNow. end geographic we Darrin. are payments. towards business, and presence we were seeing most a in crisis, were thanks, FinTech, merchant market are And believe have back we we seeing a a – Sure, to that's pickup come is just not verticals significantly. on going this were But pickup of and a in we was that positions pickup

found are So we things have oriented, digitally that all of valuable. these to be quite

like most. The little idea going other microcosm like and of on a there's companies would what's through make in about about much customers – the how idea, way in manage merchant fact whether other they service scale, but or smaller about brand time on, this been ability a FinTech business, new is are when innovators the are us create the about certainty, lately that's love for sure important. if decisions interesting, and which the very to thing because a there more cases, long-established that FinTechs our ISOs the good do discussion that like our is all very that and innovators, we're very clients onboarding, business those take needed to of that's to it's not with I meant risk and that fragmented continuing aspersions others cast you this, say matters, making independent discussion providers, of scale organizations, you we all peers, scale, on

including we time, gainer, is happens. year, think shelf. focused team we that will we or us maybe assets, that the we one money share the gainer, the in which That's be place share think of back very a we've sure assembled, why the important with this we to $XXX committed this And a we're are on spending the putting and a be going money of others leave combined million when making that in is where on reasons innovation, certainly remain to should

Darrin Peller

All right. That’s great. guys, thank Appreciate you. and

Jeff Yabuki

too, Thank Thanks. Darrin. you

Bob Hau

Darrin. Thanks,

Operator

Next, we have Evercore ISI. David Togut from

is open. line Your

David Togut

on Good year XX you. congratulations and afternoon, a run. great Jeff Thank

Jeff Yabuki

you, Thank David.

David Togut

the you've start if XX for I to do you has company worked you think just Obviously, I'd what would of differently on or leadership there, like take you congrats from as together Jeff as well, big months to done And you promotion. could. Frank historically? the so. Frank, do what

Frank Bisignano

in that, world's XX% most I admired been too. fourth bunch history. I've it sunk we've the that And look, company this is seen think storied the if CEO a here Well, learned And of whole and a most of I'm in decade before – and what you of things.

we So I driving. very $XXX we're item any committed see million. us that don't veering were innovation, The to strategically that from

strategy, came tried I true, aspirational when really and capital fully something companies Our most was that for closely I subscribed Jeff saw and which here it. have is and to I is allocation really, together. worked and

brought we the team think well. very I together

and And I think the being client's really innovate. the in initiatives, office continue it's continuing to about client

Our is clients. coming our innovation really from

– So honor it bittersweet I been this not – an a to is with to be with there's look, and you. don't doing be Jeff, moment has honest

say to I and do to this fabulously. so come never here other, we're has don't each sit we're just once well, going continue. said more And together really how It's to that different. and about said, team And going

in days – our So I really think of us. best are front it's going to kind

– there's no happening big don't So here. I changes

David Togut

Thanks for that.

follow-up, to be the trends put of should around as I historically Technology, two think Financial QX for a How you you're defensive Payments revenue think segments a going guardrails around downturn. Network seeing and these outcomes date? in being could Just more as about range these in would forward? seen growth possible the we some segments

Jeff Yabuki

a – people is things. or we or was use ability versus phones that And economic a their it dislocation I've in in cliff. which this slanted in line, It occurred, career wasn't pay would seen a my dislocation say that I the difference their an cards slant have for to use an inability anything seen what the at right? the David, never is least big to So for manner economic

than the impact any would and "normal", And there's normal thing way not is did see debit this recession, we seen we seen there as say the have space expected. we I up probably think hold to unfair previously. credit an had had So in we such have that, been that would more it, that which normal

earlier working weeks, us and largely have here my we're primarily or again, it. area, because seeing that don't you talking drive when we last same I been in recovery that this that's at fill about I very happening the if were home of tank up most And – much for but don’t gas seven six

it's credit a use their their just that the things cards bit opportunities less. And cards have people like little so to debit don't that, and maybe

getting Technology we're transactions, transactionally a they're using business. the we've Financial is segment, – GL. still that's seen, processing that. that seeing So their In still segment, exactly you posted you and have the financial or – what always still are to People David, things the oriented

I boarded are PPP XXXs think X,XXXs of and – there interestingly, of our been – I a in quick think core we loans did literally just scan, have systems.

accounts. new part – the that And will those of be are That ecosystem.

to continue come So all of those the will things stability, will back. debit create

feel of XXXX business think the a resilient, we still So the days. back substantial business very comfortable to is majority the have highly of that we XXXX, which

David Togut

Understood. Thanks congrats again. so much, and

Jeff Yabuki

Thank you.

Operator

Bryan from we have Bank. Deutsche Next, Keane

line is open. Your

Bryan Keane

guys. Hi,

Any probably impact especially controls. second where margins, additional the to will cost about in you ask to want the be Just this the controls place putting greatest? manage guys are in quarter

Frank Bisignano

was think think match, in as have a I every the about we example, filing more we've mean, it's which you go And a we've effort company. on tremendous as come significant able the still the stock company. this And But But talked horrible inside synergies synergies. saw taken them lot the I during the stopped you'll of on other us an on of been – importantly, doing mean crisis, we focus plan. element probably what to obviously I through I measures have we're acceleration we Yes. forward. company. XXX-k and see

to spend So innovate. to we're continuing

in see I we'll in but them development a more very, client a less, going or manner. different going on, on way, we think the hours, for very – not delivering measured

good had a we'll you the know, cost, eye as I always and on So have and both Jeff that. continue

confidence The And could those. very hear build. you committed see to about us as forever, very, we're talk you to them, continue synergies we and how – are

So clients to revenue. one, I think see very And you'll and do number stay, well. on both continue us our focused

Jeff Yabuki

economy needed QX, a there sense. business And they think against have will doing of to, slower better Frank said, that places that the align we make right that for as is up, that but a as think evaluated, your are opportunity because that would quarter, I'm makes redirect you see be But quarter. that may to a steps only don't better of to and rough now things sure damage potentially we that make discretionary back going that we try we a we doing the lot point, to is would in are we effort, I sure things But sense. believe gradual reallocate Bryan, future. opens opportunity take to the And say improvement. kind a QX should we

adjusted see a per year. Again, we earnings share path double-digit to very on actionable this solid balance, growth

we're for taking being so economic kind that recovery. to And the the center and steps ready of on

Bob Hau

echo And Bryan, kind of Frank's one I thing comment. to would and on follow add

million, do not a have the permanent $XXX opportunity synergies resources. ahead damaging One That opportunity that, expectation is harder. given of to of bit a having recession, is is and months integration about little million billion executing the an levers six had of last with to $XXX in $XXX that planned, us synergies, And cost-out. we've you us now exit now rate million faster us that's the plan cost pull heard initially things of cost of an than should talk run reallocate talked to That end we we up we $X.X an original business. about grown the gives of

XXXX good our crisis COVID more the and downside come quite feel beyond. the we side mitigate we and So stronger XXXX as importantly, much about ability exit but, exit to during up other the on

Bryan Keane

merchant follow-up the it. on that a segment. Got And is just to

more the as thinking Just in back, get come margins as stable we can just margins. of to to that as Is future? improving cadence simple about improving volumes potentially the

Jeff Yabuki

you're to when little, want or to to metaphor The process a this that you are – down But business add in bulk. you whatever business is to short, economics next answer that buying need easy you It's take that very need costs or there to use, technology a in cloud mainframe more yes. fixed whatever, cost bytes – where nano intriguingly transaction. is you a

a from will on, that through – I'm from revenue so so perspective, And comes we've back high got it make that sure as very our flow level. perspective, the sorry, at to

I talked of in points last very, think very about quarter Bob off-the-cliff the that impact from decline. sharp basis XXX

that quarter these aren't there. reasons other So that, We It's had of was we of items – be the we had knew given the that and guidance, said, we thing an was first over. grow one going is onetime won't kind weaker." the we issue. Bryan, to – knew it have things why onetime is And that to QX we was the assessment "Hey, knew other When coming.

just And one so other as see things would in I come the back, we thing throw will there. benefit. absolutely

we have of We conversation right? can cost lots and that we structure, leverage the transformational do manage, and short-term in lots get what around the flexibility can had to things do way, but systemically what in are better to not better a

And this time, that ways we more The of of wasting see do so different bigger for long cost even which, long, what some over long-term accretion, Fiserv we things fixed which learn. in switch that, to but comes not revenue as has time an know, a pickup we'll – can beauty think you structure this XXXX margin time. a is been we that seeing from variable, back, thing, for, in famous – crisis is over can are you the of when something is not the a

Bryan Keane

and Great. stay healthy. Thanks and safe so much

Jeff Yabuki

Thank you, Bryan, too. you

Frank Bisignano

you. Thank

Operator

from we George Company. Mihalos & Next, Cowen have

open. is line Your

George Mihalos

taking guys. thanks questions to of And my and Frank. both you, congrats Hey, for Jeff

Jeff Yabuki

thank you. Hey,

Frank Bisignano

you. Thank

George Mihalos

of from the impact way think, I about to would can versus I think, revenue that merchant a right a sort volume so in to Is if now go given somewhat big I than merchants commentary down down, that revenue be a there. transaction guess around back double-digits, way of the be low to larger of to that it? more sort about think the will higher appropriate that to thinking SMBs? we that, Bob, off, that start Is there's improvement shift

Bob Hau

two is over And – longer weeks with of saw nominally that last I decline relative higher, Yes. dealing the would where QX just period the improvement close. was rapid relatively we're course, impact a other the QX. of in say QX time. to

bounce just two weeks. So didn't back after we right

Although low nice we're that double-digits the improvement, we've in seen still some down quarter.

Jeff Yabuki

think George, out merchants the the you about what think less for I all volume. we the recovery that growth. impact you'd think where transaction a is only the achieve about when play because at large do way. and EPS But takes to that's to what maybe between see are differential priced in how on accounted more puts line be are we I to different in see that very going might do more structured and as double-digit And think margin need is these again, and we

George Mihalos

push issuer signs purge very very of more or One steady as are guys or within account may, I'm a impressive, That’s on helpful any go? old Okay. if of processing First frankly. are early the an they just pushing of you sort just FI going of and your card of business curious, Data. partners I kind question, seeing on? any Or things just sort

Jeff Yabuki

have we purges George, Yes. seen in places. going different on

mean, not than at good I But As mean, are. tightly, their usually expect, just if this. we FIs pretty managing as bankers more banks structure you would are tightly, are again, cost I and

to more going we see right away for less start last purge thing a now we make the I because bit expect want do far. at that so see is that you're to think the not for is what not money. increment And to that substantial, least an we've seen as to little FI stability, you of

George Mihalos

it. you. Got Appreciate guys. Thanks

Jeff Yabuki

Thank you.

Operator

Next, America. we Bank of from Kupferberg Jason have

open. line Your is

Jason Kupferberg

what doing the you to of EPS a guys. little try to afternoon, to comes talk about good the rough that Hope algorithm yield. absorb sight prepared growth us bit us of a of get guess range I both revenue those words, growth laid base to can Hey, algorithm, top the line sense wanted would give much line near come and sort can how it rough just and we pressure you back still that to those levels? assumptions this other get the commentary the of well. the around case are you. there. double-digit Maybe out this I kind just of Congratulations of remarks. to And the year. end to back In macro

Jeff Yabuki

think to we difficult of detail would or I'm throw – he that. slap be gave I would something It though Yes. social distanced at even algorithm. the me Bob, appropriately that me if I'm kind from do in

place we'll to better we I that July think in But QX in I qualitative. be some a give you provide data. when announced will

since been looking very we April. have at scenarios So early

we was And a you XX little now – probably trend the our thought scenarios down it that why reasons – I up why pushed where and call going pushed one up two see time until But XX primary come be seeing you'd in and would And and tentative together. to up to was we reason weeks by have stayed And was fairly see got started the we constant of fact, as have call improvements, down. that and started recent as our out, days, ago. wanted outperformed the last XX, to the we you days to we data we're the say probably April even where out, everyone together. April as

like also will I revenue say living realistic all to feel we in times. how we perspective, taking us our from so trend we are in. the a unpredictable And come would are But to caution

we not are that think near terms down. and right? we the and It's conservative. year in year, we think gradual assumptions right? improvement last where near of growth nowhere we the So they in that first nowhere So right rates, imply stay the moderate, We where now kind were we level XX of that are we don't were us gets of incredibly weeks where but aggressive, taken way that of of it's for a the remainder that have fair we've fair year

took than and on and we But we're that synergies million lot $XXX the a of work not at it's mentioned the basis, cost able from that team for had March. nontemporary with $XXX at to targets recreate continue as work rate of to we on is, this why to, working not our while us hard up a that And $XXX mentioned, was while, up exit team, to did million, the for real run we million been in the an our new. do $XXX quite take reason to a going million Bob synergy took take And wheel. Frank hard more

continue we And the at. plans, as make done. All we in that the to doing. sure another our them think we we accelerate cost sure as things will were we evolves, looking We're be world maybe do we'd do We snapped And do. that extent of to make mentioned, did the everything line. need to we'll moderating do don't that or layer things our was we're power took the like picture. structure have synergy they Frank We that our we doing things that But should doing, that. to we be are to a revenues not

didn't longer made have it we philosophically. a Jason, actionable we had path like wouldn't answer. an statement about to the for solid get feel path we thinking the again, apologize, I So there. But if way we're that's the at least And and good,

Jason Kupferberg

answer. a That's Okay. thoughtful good,

at if you're be risk there observations would or significant Clover. uptick about seeing think any of great. terms churn low quick any Wondering a in chargeback quantitative for the prospects follow-up very the Just Thanks. qualitative on you end, as

Frank Bisignano

risk. a I also us of to satisfaction expertise out you you app have chargeback the to the had in using won't us we mean, pretty March. high restaurant end terms it. that and to heard mean don't. I is I grow think what level. what you us technical right But nicely Clover, I see Clover tremendous what should we relative expect quick. growth to continue think see of continuing did about saw And get prior clients in No, talk to we with very invest And at there that to in we've you'll

– see period. don't we struggling, difficult to them commitment, bring functionality and small continuing helped that look this businesses full a at we're So through

Jeff Yabuki

of in been and you this in our of I And so would a one incredibly also have not to add, that who through our me around incredible able exposures brought back have his to prepared word from very to through have Rolodex but Frank, but powerful Jason, the cycles. we people we is the And who today, probably – his – people bit kinds I'm the us for company. people use powerful through the heartening arms all work incredible think only we too get were things do was heard quickly we perspective, remarks, little experience, who old that – Rolodex, very and have GX

what's refund in And are a Clover. we we And attention today, of have very those to be they been around paying levels, reserved on, especially for verticals, kinds going things. we where of whether lot we feel are appropriately industry chargebacks, like

meaningful delivery of does as now a Clover you areas the kind you very near-end like would what in that In right are kind on is service or deferred most terms kind delivery. in of that are nearly merchant have of acquiring exposures for a of of not as industries basis. And

Jason Kupferberg

guys. okay. Yes, you, Thank

Jeff Yabuki

you. Thank

Operator

Inc. from Brett have we Next, Stephens Huff

open. is line Your

Brett Huff

guys. be leadership. And your Good looking evening, Frank, forward you’ll to we are missed. Jeff,

Jeff Yabuki

Thank you, Brett.

Frank Bisignano

Thanks.

Brett Huff

Jeff, is, have an you alluded kind of about one race, pot to have. the that as of few million questions, only that this, $XXX of of arms a kind gold Two it think and select you I FinTechs

all terms changed? we're You those. some in mentioned of anything and with familiar has priorities think investments, I But really

this this? about going has and the and really we're and the of there can our where just in Or press big it said, throw where most change? this effort whatever, thing because you out we Frank some of more money after Is and talking product, this time more really needle new coming to of vertical, popped this a the kind move X anything said, same? is that's advantage in you Or up environment,

Jeff Yabuki

say, least at seen we shift but focus not this now, yet have unfair, our be innovations this to I say, we right that new this would bit from may a innovations new basket. would – little basket let's

that to there's are working at little think Day, been are However, have Investor I really bit excited about we significant that that had about areas we that things opportunity. a we we there say but quite several planned talk that on would

right And to Brett, to there we that it this we'll we – but would don't able be about be think second. at do But some point, talk prudent it, necessarily are some in about have value. client could really impact talked but things the interesting probably revenue, shades out a before but, opportunities there, margin real growth we've on of importantly, overall, that most

Brett Huff

but That's helpful. days in I'm April sure now, not you days thought XX and XX follow-up, what versus And if as about outperforming you just this then is you ago. last answerable, talked stand

and range now, et the you – do and fall kind cetera, base describe from Knowing V you swoosh? where to would So pretty had lot you of changes that clients and we of between remarkable guys then Clover on know Do you data now. have in big versus what where your great recovery? versus that of W case, U fall if to versus a

Jeff Yabuki

would not it there moderate the over would for probably I exactly a we're of would recovery gradual, others. it the swoosh – slow, I time, any be than model. say stands more what in kind if say a of But sure economic we is variability

I is it going is be stair to stepped. difference the However, likely more think

I to jurisdictions see think you're going open.

us and just will will will feel know will wave. And more It was You'll feel it don't of V, feel about other then a a a think it and small yet see – don't amount and plateau. stair-oriented we it it'll a like like plateau, kind V, examples. then lift-up. I I a second the any think of this than any comment And buy and of yet to going where we how understand they'll are that that back stop they'll people get to work, do one they'll might and work, us probably how they believe will this to out. maybe might ultimately are place will the But eat even convenience people probably vacations. take at we going day, something, gasoline, right. impact if And fall a store, of

but So new that none is over we to get to what normal know think be. we're back, going of us going time, yet

Brett Huff

guys. Appreciate the it. Great, Stay for time, thanks safe.

Jeff Yabuki

Brett. you, Thank

Operator

we Next, SunTrust. Jeffrey Andrew have from

open. is line Your

Andrew Jeffrey

the times, me and some beyond – merchant at up squeezing Can seems Appreciate ways pretty the sale, bring software end. point of you be guys. Hi, discount, to able that to Clover of towards the you given perhaps owning thinking changing technology? in brought quickly. stickier the the – be other to a of may you about I few you of driving up here solutions the you're revenue world, bear, talk Frank, offerings sort about bring and advantage

Frank Bisignano

one we to about. is I ways Well, it think think the specifically of talked what about

a a example, in SaaS and very to such we've do As like fees. software I you apps in things we bring in been great think adding ahead, it, apps and dine successful see perfect that's very, pickup

skill we've a lot information powerful. great clients' is the But there. find very, desire. ability So I power and our what hone and We of you that use over to it, time, more there's and data a built think also very

I that be think to Clover a point-of-sale of much be more only. was a platform So than designed always

good We've very feel very rate, take-up more about very, we application So and it. we invested there, high. see the

is I that pretty you're think think powerful. And change. change I watching a

You very, virtual expansion see high. our terminal very

ever conversion move to continue. You're that ability And seen on and seeing we've businesses it. than I more before. good you'll our strength And physical to online see be think very, very

Jeff Yabuki

we're quite that I mean, we merchant. is and ecosystems the partnerships have we things assets interested we that we of create is, that we Clover that more see would are thing real – for the I given – value opportunities the the to one have, say other the create doing

a beyond So to panel the starting expanding, of of run business. idea going control point-of-sale the owner overall SMB and create kind the to their for or better business

over them of expect Clover have PPP, to things, the that. allow access went we bills, the proprietary solutions for reasons move there, to – help we It's opportunity apply think that one which, to to interesting things Clover there's to ecosystem program direct customers of we So and time, to why users we to grow. see, like PPP pay as transfer, an money, kinds all we

as retention think about a just as both basis. terminal in well be ecosystem. incremental think an there value there real as on could revenue it per So We

Andrew Jeffrey

have And an a Okay. sense their I FinTechs, to urgency urgency see accelerating especially to That's investments bank be as – accelerate PPP, if technology? around customers perhaps of in what sense of your helpful. also a feeling and may, might from transition you do we stimulus

Jeff Yabuki

Yes. question, a good It's Andrew.

the the see think gauge do time it's if back think people, last weeks, – especially to answer I few you We over to yes. is hard anymore.

or half very of really on lot what the there matter If size to and institution, things on you hit, experiences, in focus digital March a focused week think the call right, third that. back when the started was a was to third, it, everyone mid-March no

we've mobile see of And more more we've of usage continue. Zelle. of that usage seen seen seen more digital deposit, we We've transfer, usage

this At we are that rates, in so more turn So at year all will – incremental a revenue into look that FIs, there's a turn of to demand do you and stage, the desire can this see because institutions being little there's the that, balance. I stokes measured pressure you for at will if that bit think, necessarily more. believing interest real

to aren't to their see decide And so level the on I people people hard-pressed agendas; one hand, really other technology increase we substantially abandon am hand, investment. their on of seeing

that So technologies for more like an things We're virtually. expense us able structure interesting to could watching. change there. we're actually projects the way faster. are but, We a our quite That be implement fact lot installed importantly, learning to get going. We're

and we'll on. what's keep monitoring watching going just So

Andrew Jeffrey

Great, it. appreciate

Jeff Yabuki

Thank you.

Operator

Citi. Ashwin question And our from Shirvaikar with last comes

open. is line Your

Ashwin Shirvaikar

to Thanks. Maybe Hi Jeff, state hi and congratulations I you can Frank. questions my And you. hear Hi both Bob. Good upfront. Jeff both to all. of Frank,

kind The that various of And does question hits as each look and given, later then things you of was, I had the synergies, kind for like growth hit just normalized of I first what you've nearer what this of in look segment? versus, on is, as we think here, the time of one this that's you terms sort five-year like the me, bottom exit at as in other frame? out that say, the are in further timing year categorization term that there of versus kind

Jeff Yabuki

take the let that, the and me take question Frank add and can we'll to question. Ashwin, on Frank then Bob So Bob timing have and normalized synergy growth then and

this balance. that going the on think it's way – premature saw is I we that to rates be. think growth I that the going think answer the be like have probably I normalized to what to call the is when normal year will and things to is short belief year On normal, feel normal don't we any growth, last

we've think likely not given all it's will in at I that I QX seen what already that think happen.

mean we going out macro to it's for kinds a testing? execute to normal. be to be we and Do call say, us good see knowledgeable, time, that Do to, that I have to than protections execute be do think I control or just we people win well. perspective, I to those able hard a going From think we from – are over And share our – will we turn to things – see solid continue on into depend just in our until better continue standpoint. growth vaccine? allow think antibody I a I'll expect that company. a expect of place good as more it's of to have

synergy timing you don't the why Frank, take question?

Frank Bisignano

you. thank Yes,

Jeff the large, get very, the from and and all, through our that – we with a even approach has here the probably path teams very, very the done I I say saw over and came than actually ability together, stuff start the maybe to were really XXX, we peel I talking very you to think should think, And we path we and many of and made I'd with opportunity, onion, I as it and team we the opportunities to clearly of players. and group Jeff all to time. the more – saw first been clear saw team more as initial

And bring And capability people that bringing going how both we best many this times to the were but really that is together. we're of companies that where together. say also was

it it We captive. early. quite it is. and around didn't as go Jeff as that would And heard the one that know You well I really knew

to tools We company. manage also think we the the about have

centers. the about call You heard

other at look even You tools.

our as the be opportunity you that us to allowed able keeps and team hear voice in they've to accelerate to us to recognize, and more in. digging there's also allow as And could increase

So we that. feel very very, good about

of in to of recognize a Clover as side revenue as as us on the think see merchant, the that at because I people one bank most see partner generally opportunity. tremendous see choice, it look it's important that have gets to you that you the picked situations and and

bringing about again, once digging even But of get expand what think to together to the are teams, continuing on in, is company is seeing more the we're us I would opportunity. there that. cross-section the And

us set larger. a do So And very, in is to we time of getting teams is committed. have front and opportunities leadership compressed going our The gone see very our able opportunities because of good that, are forward. very

Bob Hau

Yes.

thing the see duplicative synergies our corporate example, would projections, We five-year I both year-over-year. I is to we've along "easiest" saw would the at. corporate think down million the over certainly seen, only of $X.X kind up and add billion And we've that. quickly quite we improvements. the assumed results, as the be you you that expense in March seen when revenue structure ratcheted in for is period, all the our XX% get announced And in the back from results move in $XXX to early QX

in as We've technology the well seen in efficiencies. and nice improvement as acceleration operational

today, already at synergies. we we've actioned $XXX in included If you of the executed, look million that our slides release cost

getting at opportunity hold team the as quickly three half hard, almost really quickly. that's the opportunity is all crisis, comment, driving The can. particularly COVID of buckets, wasting the and light across the in of leadership actioned, as Jeff's earlier and not that grabbing crisis, of billion So the to we getting $X.X

Jeff Yabuki

final question. you, that bit is obviously place your Well, thank look call I this we you, healthy. Thanks world and know talking Ashwin, little to forward and safe Thank and for you talk the everyone. good Be for went There's evening. long. a to with lots to support, about the in. the it Have soon. a

Operator

Thanks for support. your joining us this afternoon. We appreciate

team, Investor not questions, a contact further do please have hesitate you Relations our If and to evening. have good

Fiserv (FI) 8 May 202020 Q1 Earnings call transcript