Fiserv, Inc.

Revenue from government clients recently surpassed $500 million. Now let me wrap up with some remaining details on the financials. The corporate adjusted operating loss was $148 million in the quarter, largely in line with our expectations. The adjusted effective tax rate in the quarter was 18.2%. The Q1 tax rate is traditionally below the full-year rate, And we continue to expect the 2024 adjusted effective tax rate to be approximately 20% for the full year. Total debt outstanding was $24.4 billion on March 31st. Our debt to adjusted EBITDA ratio slightly increased to 2.8 times within our targeted leverage range. And we have approximately 7% of our debt in variable rate instruments. During the quarter, we repurchased 10.2 million shares for $1.5 billion, bringing our total cash return to shareholders for the last 12 months to $4.7 billion. We had 42 million shares remaining authorized for repurchase at the end of the quarter. Our longstanding capital allocation strategy will continue in 2024, defined by a strong balance sheet, share repurchases, and complementary and innovative acquisitions. As Frank said earlier, we continue to expect organic revenue growth of 15 to 17 percent for the full year. One quarter into the year, we are maintaining our 2024 organic revenue growth rate outlook. While the interest in inflation tailwind from Argentina eased faster than we expected, further moves in the balance of the year remain unclear while our overall business remains strong. For the full year, we now expect adjusted operating margin expansion to be more than 125 basis points, up from our previous outlook of at least 100 basis points. This translates to adjusted earnings per share of $8.60 to $8.75, a 5-cent increase in our outlook at the midpoint, which is 14 to 16 percent growth over 2023. This performance for 2024 would represent our 39th consecutive year of double-digit adjusted EPS growth. With that, let me turn the call back to Frank for some closing remarks.

Thanks, Bob. Last week, we published our fourth corporate social responsibility report. In it, we highlight the ways we execute on our four strategic pillars, empower people, advanced communities and society, champion responsible business practices, and invest in sustainable systems. In summary, we believe that doing good is good for business. We are committed to diverse representation at all levels of the organization, including leadership positions. We continue to engage with communities where we live and work including small businesses and minority depository institutions. We recognize the importance of strong governance as part of our overall strategy, and we continue to invest in sustainability. For the first time, our CSR report includes a greenhouse gas reduction goal. Later this year, we will be celebrating two important milestones for Fiserv, our 40th year in business and our fifth year since merging with First Data. On these occasions, you naturally reflect on what it means to come of a certain age. For Fiserv, 40 years old means proven, resilient, and experienced to deliver on our commitments, And we've done just that. It also means scaled, savvy, and well capitalized to sustain strong top and bottom line growth. We are doing that as well. But when you consider the significant change created by the merger, we're also a lot like a young five-year-old company. Five means a fresh foundation to support investment. We have used our cash to invest in products, services, and people, and that's driving higher growth. Five also means a longer-term opportunity ahead, fueled by innovation. And therefore, we see continued, strong, further top- and bottom-line growth at Vicer. The proven strength of 40. combined with the opportunistic growth of five, puts Pfizer in a distinguished position to both lead and drive innovation. And that's exactly what we're doing. All of this is possible because of our over 40,000 employees. I would like to thank them for what they do for our clients, shareholders, and each other. Thank you for your time today. And now, operator, please open the line for questions.

Thank you. We would now like to open the phone lines for questions. If you would like to ask a question, you may press star 1 on your phone. If you would like to withdraw your question, press star 2. Our first question comes from David Toggett from Evercore ISI. Please go ahead.