Fiserv, Inc.

Welcome to the Fiserv fourth quarter 2024 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 Julie Cheriel, Senior Vice President of Investor Relations at Fiserv.

Thank you and good morning. With me on the call today are Frank Busignano, our Chairman and Chief Executive Officer, Bob Howe, our Chief Financial Officer, and Mike Lyons, our new President and next CEO. Welcome to the call, Mike. It's great to have you here. Our earnings release and supplemental materials for the quarter and full year are available on the investor relations section of Fiserv.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call, along with the reconciliation of those measures to the nearest applicable GAAP measures. Unless otherwise stated, performance references are year-over-year comparisons. Our remarks today will include forward-looking statements about, among other matters, expected operating and financial results and strategic initiatives. Forward-looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. You should refer to our earnings release for a discussion of these risk factors. And now I'll turn the call over to Frank.

Thank you, Julie. And thank you all for joining us today. We wrapped up another successful year at Pfizer, and one that we are all very proud of. We set high expectations back at our 2023 investor conference, and we exceeded those commitments. Pfizer delivered adjusted earnings per share of $8.80, up 17%, driven by strong and diverse revenue growth, and further operating margin expansion across our businesses. Adjusted revenue growth was 7%, and adjusted operating margin rose 170 basis points to 39.4%. Total company organic revenue growth was 16%. Our free cash flow was $5.2 billion, and we returned $5.5 billion to shareholders via share repurchase in 2024. Throughout the year, we advanced multiple strategies and product offerings that take advantage of the unique construct of this company with strong assets across merchant and financial solutions. We added large enterprise clients, both traditional and e-commerce merchants, on the strength of our unified offering, modern gateway, and growing value-added solutions portfolio. At Clover, we laid the foundation for continuing our strong growth as we released new software, services, and hardware offerings and added three new countries. We extended merchant acquiring services to more financial institutions focused on winning small business clients. We've built solutions to help SMBs navigate the complexity of running their businesses. Managing cash flow, in particular, is one of the biggest challenges. It's ineffective, time-consuming, and expensive. Cash Flow Central is our solution to this problem. We completed development of this new offering in the fall. Demand from FIs to offer it remains high. Cashflow Central will grow even more compelling as part of our full small business suite. The single integrated easy to use system that SMBs have been looking for. The products and clients for this SMB suite expand our merchant and financial solutions ecosystems, a combination that no single competitor has, and a solution that no single competitor can offer today. From our merchant ecosystem, we provide Clover payments, hardware, and software, Clover VAS, including vertical software solutions, capital, employee, customer, and operations management solutions, and the Small Business Index for localized insights. From our financial ecosystem, we provide Cashflow Central, Optus for business card issuance, SpendTrack for expense management, Zelle for small business, and Core Banking Account Management and Digital Banking. The full SMB suite will be integrated this quarter with XD, our digital banking platform, which is already live for an implementation with hundreds of FIs. It will be available directly on Clover late this year. Lastly, we continue to be a partner of choice in real-time payments enablement with Zelle, PIX, and FedNow, and in our core modernization strategies, which include FINZAC for simplified technology migration for our existing FI clients, as well as new and larger FIs and embedded finance pioneers. We capped off all this progress with the naming of our next CEO. and we did it in trademark Fiserv style, swiftly, efficiently, and with an extremely high-quality result. We announced Mike Lyons as president on a Thursday, and he started work here the following Monday. That's the kind of urgency, focus, and determination that we bring to our work at Fiserv. It's the speed of execution and the operational excellence that I've committed to you for the last few years, and that will continue under Mike's leadership. I know this not only because of what I've seen since he started, but because what I've experienced working with Mike over the last 12 years. As you know, Mike joined us from PNC, a longstanding Fiserv partner. and one of the nation's largest and strongest banks. Since he started, Mike and I and the full leadership team have been working tirelessly to ensure a smooth transition. Let me hand it over to Mike to say a few words.