Fiserv, Inc. ($FISV)

All right. Thank you, everyone. For running a little bit late, it's my fault. My name is Tien-Tsin Huang. I follow the payments and IT services sector at JPMorgan. And I always enjoy talking to Mr. Mike Lyons CEO at Fiserv. He spent a lot of time with us at Investor Day. Walter and team did a great job with that. We learned a ton. So it's for you to come back out and take questions means a lot. So thank you for being here Mike.

Thanks. Thanks for having us.

It wouldn't be -- I've been saying this a lot, but Fiserv has always been a good supporter of the conference, so grateful for that. So what I thought maybe just to kick it off, I don't want to make you repeat everything you talked about at Investor Day. I want to be efficient. And I know you've done a lot of hard work, Mike, in terms of putting together the plan and dissecting some of the things that you talked about when you first joined. But what's the elevator pitch? Give us the elevator pitch of of why and how Fiserv is going to get back to being a steady compounder, something that you and I thought about with Fiserv 15-plus years ago.

The elevator pitch, I feel like I'm giving the post-game MBA interview in this format, but the elevated pitch...

[indiscernible]

Hopefully, people got a chance to listen to Investor Day. But I think at the highest level, start with the fact from a leadership position, we're providing mission-critical services to 2 massive TAMs, banking and commerce that are undergoing what we think is exciting and structural change. Think about digital, embedded real-time and AI-enabled, you do that from a leadership position you've been doing for a long time, a lot of institutional trust and you have 2 sets of customers who want and need our help right now. So it's an incredible backdrop for us to deliver our services into that market. So -- from a broad perspective, I think a really good environment for us to be operating in an exciting times for our customers and to navigate it and -- successfully navigat it, they want and need help, and that's great to start with. Go to the financial model of the company on the elevator pitch for Constant compounder, highly recurring revenue. We talked about the positive operating leverage of the majority of expenses fixed and then strong free cash flow conversion and what we believe is a sharpened and focused capital allocation model, both along how we manage the assets we own but no major changes in how we return capital to shareholders with the majority of it going to share buybacks while staying within that 2.5 to 3x leverage range. So good macro backdrop, good customer backdrop, lots of change that we can serve into and a model that supports a constant compounder case. I'd just add, we talked about last week and sharpened capital intensity, not just how we allocate capital internally, but also how we either stay in businesses or separate businesses, and we talked about the ATM JV last week, which we're excited about, strategic business to us that we think we can better operate in a partnership with Bridgeport to serve our customers better and generate value for shareholders. Yesterday, we sold our education business. It's a student loan processing business, a little bit smaller than the ATM business, very good business but not strategic to what we do overall. So that type of activity, we're going to continue to do to sharpen and make sure we get capital both to the right products for our clients and obviously, back to our shareholders.

Okay. Good. And we were thinking about it. I mean there's so many things to track and you covered a lot there, good elevated pitch by the way.

Well, it had to be a long ride, so.

That's okay. We live in a big building and 270. I think what's the one thing we're deliverable, right? I'm always trying to take it -- I hate to distill it down to one KPI or one outcome or one metric. What's personally most important to you? I mean there's a lot of ways answer. I'm sure revenue growth, attrition, retention, cash flow. What's your -- #1 for you?

This is from Investor Day?

Yes sir.

I think -- just go back for a second, why did we hold the Investor Day now we said when we did the reset in the fall, we talked about coming back and giving our investors a view as to how the company is evolving where we're investing and how the actions we're taking will drive a more durable, sustainable, visible top line growth and return value as compounders. So hopefully, people had a chance to listen today. I thought one highlight was the quality of our team. I was proud listening to them. They're all over what they're doing. They're focused. They're great operators, great visionaries. If you had to be on -- if you had a chance to be on site and see some of their team deliver the demos and new product innovations. I think you would have been impressed and I agree with that. So that was a highlight for us. I think the -- hopefully, people saw similar to the question we just discussed the opportunities for us, if we sharpen our focus and get to where we're in a position to deliver value-added advice, whether it's in a totally new product set like agentOS or all the day-to-day mission critical services to settle, authorize and complete payments for our customers that we're in a great position to do that. So hopefully, people got appreciation for just how broad strong the franchises leadership position we're in and then get to see a plan that we thought was realistic driven by underlying volumes and had some interesting upside in areas like embedded finance, stablecoin and other new TAMs.

I mean the midterm outlook really did -- I think we wrote it this way, Mike. It landed well with us. And I think with the market as well. But it is quite different than the prior targets that were set by the prior administration. So can you just -- because I was getting this question quite a bit. Can you unpack or deconstruct for us what the difference is between the current midterm outlook and what the prior outlook was?

I don't know if it makes a ton of sense at the time trying to reconcile the 2. I think at the time that the prior plan came out, which had higher top line growth, there was a significant amount of cyclical tailwinds, whether post-CVA tailwind or outside the United States. The plan we put forth, we tried to make it by business on FS side and MS side, very visible as to what the revenue growth would be driven by the underlying volumes and try to highlight where we're in a very good position today and then where we had some specific challenges, namely in banking on the -- of course overcome, but attach the revenue growth to the underlying volumes that dictate our business and introduce an attractive set of as alongside that try to -- so wherever we came from before, this plan was meant to be very visible very clear and very realistic as to how you can drive revenues off of volume-based businesses.

Yes. No, I thought it was thoughtful, and it was refreshing actually to see it. So -- we'll get into more of the details later. But just on the maintaining of the current year guidance, you did do that. It does imply an acceleration in the second half. Can you give us the building blocks to support that faster growth in the second half?

Yes. I'll do my best imitation to Paul. If not, he spends a bunch of time in this...

Forgive me for all the [indiscernible] questions.

Yes. No, no. He spent a bunch of time on this at Investor Day and go through it. But I think at the highest level, we said we're down a little -- 2 or so in the first quarter. We said a little bit worse than that. In the second quarter, you have a first half down low single digits. We said if you take out and normalized first half of this year, first half of last year, accounting for a variety of nonrecurring events, you're into the low single digits from there. And then we talked different drivers of an accelerated back half growth. One bucket was new signed contracts, significant signed contracts that we've talked about in the past or have been publicized in the last couple of days. coming online, scheduled sign contracts. Second bucket is existing enterprise clients with existing planned client activity ramps of existing products. And the third piece was the ramping of 3 -- of a -- third bucket was the ramping of a variety of different products -- we called out Clover Capital, Clover savings, Clover in general, especially on the international side, XD and CashFlow Central, which are products that we expected to be in market several years ago, they've been low. But since the fall, we've sharpened the focus, turned up the intensity on hitting product deliverables and have accomplished that up until now. If you put each of those pieces through, get you to 60% to the back half 1% to 3% for the year, common question we got today is 68% to the back half and then you go forward 4% to 6%. As much as we'd love to have 2 points of new client contracted ramps every half year. That isn't the norm. You take 60%, you take out the 2 points of that, you're at 4% to 6%, it looks like sort of what the go-forward plan is we'll obviously shoot for 2 points every time, but in a realistic run rate along that front.

And it sounds like you said it earlier, Mike, that the macro is generally supportive. You haven't seen anything, but you do have a great view of the macro across SMB spending and then enterprise with banks, not just here in the U.S., but globally, what signals are you watching? We get questions around energy prices, and of course, the shale. What signals are you watching here that might change the macro equation?

Yes, I think the 2 different -- you called out 2 different macros there. The one we talked about earlier is I think the backdrop for helping providing value-added advice products and services into banks and merchants is as good as it's been in a really long time. Banks are in very good shape. Credit is good. They're all very focused on building the technology capabilities, and we've been a long-term trusted partner in that. And then obviously, the modernization of payments, the use of capital, the use of embedded on the merchant side is accelerating rapidly. So we don't go to a -- I think I've told you before, we don't go into a meeting with an enterprise client on either side where there is a -- where you walk out with a lot to do, and that's a great environment to be selling into. As far as the consumer goes and Fiserv's Small Business Index data for April recently came out, and we talked a little bit on our earnings call, we calling a cautiously optimistic consumer, they still have a job, they're still spending. Than what we saw in the Fiserv FSBI index for April is the nature of that spend is migrating to fuel up significantly year-over-year, where some discretionary categories came down year-over-year, and that's the -- we called that out on our first quarter call, is something we're watching for our business. But our -- then we went through and looked and showed you the Clover data for April, which remained consistent with what it was in the first quarter, which was 12% ex the gateway, which is that's a really strong constructive quarter for us. So watching, obviously, sustainability of some of this stuff is a big factor too.

Okay. Good. So let's get to the segments. And I thought we believe with financial. You were a client on the financial side. And even thinking back to Fiserv Forum, you really emphasized the importance of client service. That was something that really stood out to me, Mike, when you stood up on stage and you spoke to your partners and your clients. What have you done to improve that. It feels like it's in a good place. I know you've invested quite a bit, right, to get it to a good place. What's left to do? And is there a higher cost to get to where you want to be?

Yes. we said, obviously, 4% to 6% for the company. We said FS is on the 2% to 4% side. Banking is on the low end of that, issuing in payments are on the high end of that. So specifically, the issues around customer service are focused on that banking segment, which does have a nice surround attached to it. And when we look back and meet with our clients and take their feedback and understand where we are. There's really 3 things that we've talked about: one, basic day-to-day service, they fell short of what their expectations were. The second was product delivery, whether it be XD, especially but some other products, which were set to come to market. 23-ish, 24-ish have been delayed and the final piece was the decision to go from 16 to 5 cores, which caused an unexpected event for some of them that they would have to think about switching their core. So if you go back and what we've done on the service side, and we talked about it last week, we've rebuilt a lot of the day-to-day service. That was a significant investment for us, not just people on the ground, but reembracing the consultant community, acquiring Smith Consulting, helping drive value-added services and products to our customers. I think we're getting -- we think that investment has been made. We've run with it now, and we have to execute on it. It's a relatively short period of time in our customer eyes after several years of where they are, but the feedback they're giving us is you're doing the right stuff. And I said a strong challenge of sustainability around that rate. We like what you're saying. We like where Fiserv is going, keep it up. So that's on the customer service side. On the product delivery side, we stood up before in September and said we'd hit the deadlines, we reset the deadlines on an expedited basis. proud of the team, what they've done against that. We've hit every major milestone since Forum and XD is in implementation mode CashFlow Central in implementation mode the enhancements to certain cores are being completed, core advances on time. So everything we said we do and even since the fall, the power of what AI has done for us there and accelerating those developments to complete that has been tremendous, but a lot of credit to the team for appropriately resourcing the products and then driving execution the way it should be driven. And then obviously, on the final piece, we stopped. There are no forced conversions. And we were happy last week and proud to introduce this journey approach to core conversions. It doesn't have to be a major event as it has been in the past. We can help clients modernize along the way by taking a more modular approach. So I would say, a completely revamped approach to what it was before and happy with the progress we're making all that but recognize where we are in clear eyed about what we have to do.

Yes. I think open architecture and modularizing seems like a reasonable sort of compromise to address some of the attrition. You talked about in '27 in improving or getting back to the attrition levels that -- you previously were at. How much line of sight do you have to that? Is what you've done enough to say, hey, we think we're going to get there based on the feedback you're getting, including this modularization piece?

Yes. What we said was gross attrition has roughly doubled, presenting 75 basis to 100 basis points of headwind to the FS business. And between today and the end of the medium-term plan in '29, we returned to a more normalized level of gross attrition. I think the activities we just went through, plus a broader body of work, whether it's delivering our clients valuable deposits through the StoneCastle acquisition, whether it's helping them embrace AI through the agentOS product. Just a general approach is matching all of what they are asking us for plus more. And we ran the business along. The company ran the business for a long way at that time in those numbers. So there's nothing we're not doing that the clients are saying, we'd really like you to do. including building resilience in the products and continuing to modernize data centers like that wouldn't lead you to believe that we could get back to what we're doing. But it's -- these are long tails on these contracts. So we are suffering today from certain events that happened maybe 2, 3, 4 years ago as these contracts mature, and we'll have to play it through the cycle. But we are -- the very first pillar of one Fiserv is operate with a client-first mindset, and we're going right at this in the most direct way as you can on the core side. And you have to believe that the returns are behind it. And we're getting good -- as I said, we're getting good anecdotal feedback of keep doing what you're doing, we like what you're doing.

Good. No, I respect it. So the just to round out financial, Mike, the 2% to 4% segment growth, what gets you the land at the top versus bottom? And I know it's a very simple, probably lazy question, but it does feel important because, right, the you're banking on the low end to put taps below. You're attacking it with a clear plan to improve attrition. And it feels like the core modernization on the tech side for the rest of it, that could drive some upside as well. So what's the tipping point for you to say, "Hey, we're closer to 4 versus we're closer to 2? Is it that simple to think about it that way, service and tech between the 2 -- or the 3 segments within that?

Yes. We -- 3 major segments in FS. We put -- obviously, we're in the middle of an important transformation year for the company, and we put together a plan reflective of where we are currently as a company, not where we love the FS business to be in 10 years or something, so you have to live in a moment. we said banking on the low end of that issuing in payments on the high end. And if you go through each of the segments, we said in banking. Obviously, we just spent 10 minutes on it. You've got to get -- address the core attrition issue and make that a great experience for our clients. And as part of that and highly tied to it, is complete the launch. We've accelerated the implementation of XT. It's going well. We've got hundreds of banks to finish on this year. That's an important part of it and then continue to build out the vast there. On the payment side, lots of exciting things going on there, obviously, important secular changes in payments, and we're on the front end of almost every part of that, the one headwind in that business, we talked about as traditional bank bill pay is going to the other side of our business with merchant and/or potentially through instant payments, pay by bank or via ACH or some other form. Everything else there is going great, account-to-account or commercial payments businesses all back to the start of the presentation, all ripe for opportunity with our clients who want to build in those areas, grow in those areas and deliver products. So excited about what's going on in payments. And then issuing is sort of the old standby with Optus gross accounts on files at a nice rate year in, year out, good pipeline on the Optus front. And then we're excited about the launch of Vision Next, which think of that as the [indiscernible] of card cores and something we can take internationally to be really competitive on that front, and we talked about a very healthy pipeline in that business and some exciting best. If there's an upside to it, there's a bunch of stuff we talked about at Investor Day, Embedded Finance, which very much ties to both Finxact our prepaid platform with Payfare and to the issuing business that we didn't really embed anything into the plan for that stablecoin and other straight tie into that. So if something develops there more quickly or those emerging areas emerge faster than we could do better. Of course, the plan -- any plan like as you would expect, involves a lot of execution on -- if you think about the ups and downs, you got to execute, and there's some stuff that we left out of the plan that would be interesting optionality.

Okay good. No look, you've given the pieces, what we think those things to track. So it seems very clear and again, reasonable, which is the most important piece. Let's pivot to merchant. I know we're speeding along here. I like the chart that you guys showed with the Fiserv Commerce OS and how that's the interface layer to access Clover enterprise platform, right? And it got me thinking I didn't ask it at the event, but I'm going to ask you now, if you don't mind. Just we've heard from specialized players like Toast here at the conference, and you've got the full spectrum here. And so does this breadth versus depth debate. And so the importance of scale and breadth, as you see it, why is it important, right, for Fiserv to compete in all of these areas. Can you realistically win against very sharp competitors in each of these buckets?

Yes. I think -- I mean I thought [indiscernible] did a really good job outlining the future strategy. We talked about $4.6 trillion of processing volume. And going into what we're building from a series of different gateways today and it's live with CommerceHub as a single unified gateway for enterprise clients, platform clients and Clover. In each of these areas, we believe we have a very competitive platform, enterprise clients. We talked about mostly historically has been point-of-sale in less e-com. And when you look against some of the modern players, that's the big difference. But we see a clear path especially given our data and the like to go compete on the e-com side, once you have a single stack. Clover, obviously, we've been competitive for a long time, and there are pockets of it where we know we need to build and want to build capabilities, whether it's health care, professional services, upper end restaurant. And then on the platforms, it's a totally emerging new TAM that -- where we think a lot of commerce will happen in the future and is the -- probably the best set of clients that embody the full synergies of our business because they were going to want banking services, they are going to want embedded. They're going to pay in, payouts, massive money movement and they need back-end processing, and it's a highly global business point of sale and omnichannel. So our view is we've got the hard piece of enterprise down, which is the point of sale, a very sophisticated long-standing point-of-sale system building enterprise capabilities single gateway. We own its live, it's $200 billion of volume on it, 40 countries, modernized VAS, a single switch, which we already have, single modern ledger, which we already have with Finxact and then the largest back-end processing platform in the world. There's nothing in there we have to go get. So if there's an advantage to our size and scale is we have everything you need to compete in a modern stack. And then we think we have some stuff primarily and unmatched stay, we showed 1.5 billion cards on file and the capabilities to take that data and compete effectively e-commhighest lowest fraud rates if you solve that piece of it, a big piece. So super exciting to us to get this built. There's work to do to get there. But I think we said count on hand, who else can compete with that type of platform. So we're excited about it.

No doubt, the scale and the breadth is absolutely there. So a popular question I got from investors to ask you here was just to drill down on Clover, not to make this another exercise on stage. But 10% to 15% GP growth. So when we -- Mastercard talks about global carded growth being in that zone, that's about 2x faster than U.S. market growth. So what needs to happen for Clover to grow at that global carded level? Is it more international expansion? Is it channel penetration? There was a lot of talk about going after ISVs and of course, ISOs, you have a lot of strength there? Is it white labeling the product because you are now detaching it from the hardware. What should we expect to get you to that 10% to 15%?

I think -- so what we said specifically was 10% is the organic growth of the business, 15% would reflect a lot of success in converting none Clover, Clover -- none- Clover to Clover. On the 10%, excluding the gateway conversion, if you go back '22, '23, '24, '25 almost by quarter, very, very consistently 8%, 9%, 10%, 11%, 12%, and 10% is what we've been doing and doing it for a long time. So start from -- it's not an acceleration of any historical level. And then on top of the 10%, we're doing, there are sort of 5 things that we've been consistently focused on, which is expanding horizontal as vertical VAS. We talked about practice pay and health care, I talked about professional services, talked about consolidating all of the restaurant offerings at the upper end to complement the traditional strength in restaurant talked about international. We said it's north of 20% of total volume now for Clover and seeing great growth in several countries there with Japan coming online later this year and into '27. Talked about broadening and continuing to expand what is, I think, hard to argue the best distribution platform so 3,000 ISOs, the ISV channels, numbers are great partners, 1,000-plus banks, direct sales force. And then we talked about enhancing the experience. This is all on the organic side where we see a -- we've had a strong front door, but we haven't like -- there's room for improvement we have on the attrition side and have a whole team and a whole series of efforts focused on the back end. All that would be to support a level of growth that we've already been doing, so you guys can do what you want with that. But we think each of those are additive to an important to it. And then the 6 thing or 5 Asterix, which as you think about the 10% to 15% is can we put forth a compelling offer to greater than 50% of a $4 billion revenue base that make -- that would be compelling for them to move or adopt incremental VAS or new Vas from Clover or come over fully as a non-Clover customer to a Clover customer. We talked there about starting very simply with Clover savings and Clover capital, which can be pulled off the Clover dashboard, and you don't have to do a big box and hardware shift and the like. And we'll be very careful around that because generally, those are happy Fiserv customers today. They've been Fiserv customers for a long time. If we can increase yields of processing volume by putting more faster, then we'll go do that, but we're going to do it in a very measured, thoughtful pace.

Okay. Yes. So that's where the actual 5 points comes from. It's some of the capital...

If we are successful. Yes, if we're successful in doing that, but we think about 10% is the base and some option on adding more value to the non-Clover book over to get between the 10% and the 15%.

Okay. Good. So we're almost out of time. I want to make sure we hit a few of these things. So enterprise, you kind of alluded to, we talked about e-com already. So if we have time, I'll come back to it, the other 50% within merchant, there wasn't a lot of time spent on that enterprisingly at the event. But the 50% that's not growing. Is there a risk of a faster roll off? Would you encourage that? I'm sure there's very high contribution margins in that book? How confident are you in that being stable?

I start by stablish for a long time, and there's 2 pieces to that. It's the non-Clover booked is the vast, vast majority of it, and then there's the processing book start the processing book, that includes a lot of the JVs, the partnerships with the large banks. They control those customers. We provide processing services, so a little less control over the business, but it showed a very steady, predictable path for a long time. obviously, some customers shift in and out of there, and we'll make sure we call that out. On the non-Clover book, we just talked about it. They are generally happy customers. Sometimes there's a perception that there's like -- that they're locked in a room and they can't get out as a non-Clover SMB but they're running their businesses, they have payment processing needs, and we think there's an opportunity in a very targeted approach to enhance their experience with Fiserv by introducing some value-added services, obviously, providing capital and enhanced yield on potentially idle cash or not fully yield returning cash is a great way to start that, and that's what the teams are focused on it. But that customer base has been stable for a long time and starts to look -- if you don't move them out into Clover, it start -- it looks and feels like the U.S. economy, it's a low single-digit 0 type number.

Okay. I know there's a lot of history there, but I felt like it was still important to ask. So we Skipping enterprise, I did want to ask about STAR maybe just going into STAR. I think you and I have had conversations about this in the past. You own the third largest debit network. We call it give the consulting speed, right? The connective tissue between the merchant and financial. Why is STAR valuable to Fiserv relative to it being independent or being a part of a bank, right? We've seen some activity there. I think Discover Capital One Pulse is the most obvious case study. How do you view that asset? It feels like a hidden gem inside of Fiserv to me.

Yes, it is. And we're not trying to hide it. And it's a great example of the synergies between the merchant and the financial services businesses. We have 2 debit networks, STAR and Excel combined third largest player, both top 5. And we sell that product as a issuing to our issuers on the debit side, which is thousands of banks. And then we obviously go to the merchants to get it accepted. And as the acquirer, we can route the payments and it's a great example of synergies between the businesses, great returning asset. Our customers and merchants find value from it. And I think we -- it is a very good asset within Fiserv that if there was ever something else to do with it, that made it a better asset, we would do it. But today, it's a great asset for us and a great example of the synergies between the businesses.

Yes. And you talked about the On-Us network...

On-Us that were strategic optionality, we've got some global optionality does it play something in the future of payments as you settle from a DDA account to a merchant, could you do. So it's a great strategic optionality with it. So it's a good asset, I agree with you, and it's been a great returner for us for a long time, and we'll make sure it's not hidden.

So it sounds like more to come in terms of extracting value on the STAR side. So we'll keep asking questions around that. So back to the construction of the company, I know you talked about at Investor Day and the decision to keep the merchant and financial pieces together after your strategic review the synergies in terms of being realized here in the short, medium, long term. Is that something that will be able to measure something that you'll be able to report back to us. You gave us nuggets here and there about where we'll see it, but it must be compelling enough for you to want to obviously keep it together.

Yes. On the back end of the business, obviously, in consolidated platforms and technology and the like. And then on the front end of the business, we wake up every day and the businesses run with great synergies between them without anybody thinking about it, right? Clover's thousands, 1,100 banks, small business bankers are out selling Clover today, huge distribution channel for us. The acquiring networks are going back and forth, the biller products go back and forth. The fraud data goes back and forth, obviously, in a responsible way. So all of those exist today. And if you didn't put them together, obviously, would be dis-synergies or have to be realized in some other way. And then I think, hopefully, you got a sense as we went through the day, especially with Dhivya talk to us his joint presentation, whether it's stable coin, especially embedded finance on a settlement and 4 or 5 other areas where the -- where our customers are talking about going where the industry is going, think platforms is driving those businesses closer and closer together. Banks all want to do more in payments. All of our payments customers want to do more banking and you bring them together, and we think we're in a unique position to solve that. So unless that didn't play out and we weren't able to execute and get those synergies on big secular changes, then you would do something different. But as long as that's headed in that direction, as I said in the review, and we'll keep reviewing it. It makes the sense and greater upside through those synergies, and we'll try to call out as many as we can for you as we have been.

Okay. Good. It's an important subject. We have 20 seconds left. I didn't ask you about AI. Am I in trouble?

No. It's the -- we were proud last week and I think we've gotten tremendous reception over the last week to -- obviously, Agentic Commerce was more on the radar, and I think people are excited to see what Clover can do from an agent perspective, and then what we can do on the enterprise side, but the tremendous receptivity to agentOS, which is the operating system...

Yes, the demo's great.

For banks, and we've gotten a great outreach from everyone involved in the banking ecosystem or wants to be involved in the banking ecosystem. And I'll just finish with. This is -- the banks want to use AI, but they run highly regulated, highly compliant PII data, and it's really hard for them to figure out how to get agents into that in a safe and controlled way. And agents and LMs and others in the industry want to penetrate into the banking sector to provide solutions. But they don't really want to have PII be regulated overseen or be supervised or. So our operating system is simply to bridge 2 obvious needs, and we think it can create tremendous value for our customers and TAMs that we're never on the Fiserv radar screen, helping people process alone was one of the examples we showed about. So we're excited about it and got good feedback on it.

Yes. And Fiserv being the operating layer for banks on the ad front, I think, makes a lot of sense from a positioning standpoint. So yes, we'll save that conversation for the next time, Mike. Thank you. We covered a lot. Forgive me for going through so much of it so quickly, but thanks for being here.

Thanks.

Thank you. Thank you.