Fiserv, Inc. (NYSE:FI) Q1 2024 Earnings Call Transcript

Jamie Friedman: Great. Thanks for the call.

Operator: Thank you. And our final question will come from James Faucette from Morgan Stanley. Please go ahead.

James Faucette: Great. Thank you very much. I’m wondering if we can help us understand not only where you’re seeing success with Clover in the market competitively, but how you’re thinking about continuing to improve its positioning in the market. I mean, it seems like value-added services is a key part of that, but are there other things or aspects we should be thinking about and love to get your sense of what your win rates, if you have any idea of that, versus other competitors in the market? Thank you very much.

Frank Bisignano: Well, I try to be as clear as possible on this, Clover covers the whole SMB market and expands a little further, because you’ve heard about the 1,000s of Clovers we delivered in the quarter to venues, right? You know, it’s a 30% grower today. We have talked very hard and have worked to do to finish the swing on restaurant, but feel very, very clear about our ability there. You know, you’ll see us go deeper in professional services and in retail. Remember, it’s a horizontal platform that we brought vertical expertise to. And then, you know, we have great demand outside the U.S., as you heard us talk about, along with the ability to continue to distribute through our channels like more in our ISV channel. So I think it spans the landscape of SMB.

Obviously, our growth, which is through new business acquisition, has demonstrated at the 30% mark. And, you know, it’s an open platform that we continue to add more software to. And so when you put that all together and where we started with, I like to remind us inside the house and outside the house that we were seven engineers and three patents and now you know we have more than a 1,000 software engineers across the world operating on it [Technical Difficulty] so we’re going to complete rolling and so commensal across the world.

James Faucette: That’s great. Thank you.

Frank Bisignano: Good. And I’d like to thank everyone for their attention today. Please reach out to our IR team with any further questions, and have a great day. Thank you.

Operator: Thank you all for participating in the Fiserv first quarter 2024 earnings conference call. That concludes today’s call. Please disconnect at this time and have a great rest of your day.