Fidelity National Information Services, Inc.

Thank you for standing by and welcome to the FIES first quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star again. Thank you. I would now like to turn the call over to George Mihalos, head of investor relations. You may begin your conference.

Thank you, John. Good morning, everyone. Thank you for joining us today for the FIS first quarter 2025 earnings conference call. Call is being webcasted. Today's earnings release, corresponding presentation, and webcast are all available on our website, fisglobal.com. On the call with me this morning are Stephanie Farris, our CEO and President, and James Kyo, our CFO. Stephanie will lead the call with a strategic and operational update, and James will review our financial results. Turning to slide three, today's remarks will contain forward-looking statements. These statements are subject to risks and uncertainties, as described in the press release and other filings with the SEC. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. please refer to the Safe Harbor language. Also, throughout today's call, we will be presenting non-GAAP information, including adjusted EBITDA, adjusted net earnings, adjusted net earnings per share, and adjusted free cash flow. These are important financial performance measures for the company, but are not financial measures as defined by GAAP. Reconciliation of our non-GAAP information to the GAAP financial information is presented in our earnings release. And with that, I'll turn the call over to Stephanie.

Thank you, George, and thank you everyone for joining us. I'm pleased to report that 2025 is off to a strong start. Our laser focus on driving commercial excellence across the enterprise, while simplifying and strengthening our portfolio, is delivering results for our shareholders. Our durable business model is underpinned by high levels of recurring revenue, And this allows us to deliver consistent financial results across all economic cycles. And the recently announced strategic acquisition of global payments issuer business and the sale of our minority world pay stake will strengthen our value proposition to clients while further strengthening our financial profile. In the first quarter, we delivered adjusted revenue growth of 4% ahead of expectations. recurring revenue growth accelerated meaningfully from 2% last quarter to 4%. And we expect to see continued strength over the course of the year as signed deals continue to be implemented on schedule. The three client requested delays that we mentioned on our last quarter call are all live, and we have not seen any negative impacts from macro factors. First quarter adjusted EBITDA was at the high end of our outlook. while free cash flow conversion exceeded 70%, a very strong start, giving us confidence in delivering on our full-year outlook. Adjusted EPS grew 11% to $1.21 at the upper end of our outlook, and we returned $670 million to shareholders across share repurchases and dividends. Our solid start to the year and strong execution leaves us confident in reaffirming our full-year outlook. Now let's turn to slide six for a discussion on new wins and our leading position in the markets we serve. During the first quarter, we signed several new marquee engagements across the money lifecycle, and we are seeing momentum building in the second quarter, beginning with money at rest. On the heels of a record year for core wins in 2024, we continue to see strong demand for our core solutions and are expecting another year of solid sales. I'm pleased to announce that our IBS core was selected by a leading East Coast commercial bank with over $15 billion in assets as part of an evaluation following an acquisition. After a highly competitive process, the bank's management team selected FIS for their complex needs as a growing financial institution. This win demonstrates how we are well positioned to capitalize on consolidation given our skew towards larger banks and stronger product sets. This is a positive proof point of our strong competitive positioning and much improved retention rates. We anticipate momentum and core wins to continue in the second quarter with an active pipeline of opportunities we expect to close. Our digital solutions continue to gain traction in the market. During the first quarter, a Midwest community bank with over $15 billion in assets selected our Digital One product to help the bank transform its branch teller technology. The win represents another competitive takeaway for our digital capabilities, which were also recognized by CELENT for market momentum and support in their recent reports. Moving to Money in Motion, where our Office of the CFO capabilities are resonating with a broad range of clients. During the quarter, we expanded our relationship with a leading multinational engineering and technology firm. The company selected FIS's award-winning treasury management solution to assist it with its cash and risk management needs. The company also selected several of our payment solutions, including our Payments Hub, a connectivity solution that helps corporates centralize, standardize, and process payments quickly and at scale. This is a prime example of how Office of the CFO is expanding our addressable market beyond traditional financial institutions to corporates. We are encouraged by the market reception to our Office of the CFO offerings and are well on track to meet our sales goal for the year. Moving to money at work. We continue to expand our presence in adjacent growth vectors such as private equity and private capital. In the first quarter, Atlas SP, a global investment firm specializing in private credit, selected our commercial lending solution to help manage its servicing needs on complex loans and investor reporting requirements. The win is a competitive takeaway and represents our first direct lender client for our commercial lending solution. Turning to more traditional capital markets activity, our derivatives processing solution was selected by a premier buy-side firm looking to expand its self-clearing capabilities. We continue to see a trend of buy-side firms adopting self-clearing capabilities and are encouraged for the prospects of our derivatives clearing solution. Now turning to slide seven for a quick review of our recent milestone transaction. On April 17th, we announced two transactions that accelerate the strategic repositioning of our portfolio. First, we entered into an agreement to sell our 45% stake in WorldPay to global payments for $6.6 billion in pre-tax value. The sale price represents a premium to the valuation FIS received when it sold its majority stake in 2024. and accelerates the monetization of WorldPay versus pursuing an IPO. Second, we announced the acquisition of the issuer solutions business for a net enterprise value of $12 billion, including a $1.5 billion tax benefit. As a reminder, the transactions are expected to close simultaneously in the first half of 2026. The acquisition of the issuer solutions business and the sale of our WorldPay stake strengthens our strategic and financial position. Issuer Solutions complements our existing banking solutions product suite with best-in-class credit processing capabilities at scale and enhances our value proposition to large banks and corporates, unlocking greater cross-sell potential across existing clients. The acquisition is also financially attractive. The transaction is accretive in the first 12 months to adjusted EPS, EBITDA margins, and adjusted free cash flow, with greater benefits longer term as synergy targets are achieved. It strengthens our financial profile and provides us with greater recurring revenue. And lastly, the transaction allows us to monetize a non-strategic asset and replace it with a growing stream of durable revenue and strong free cash flow. We look forward to closing the transactions and are excited to be partnering with Global Payments going forward. We're confident the transactions will represent a significant win for all companies involved. And with that, I'll turn it over to James for a review of our first quarter financials. James?