Fiserv, Inc. (NASDAQ:FISV) Q2 2019 Earnings Conference Call Transcript

Jul 25, 2019 • 05:00 pm ET

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Fiserv, Inc. (NASDAQ:FISV) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the Fiserv 2019 Second Quarter 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 Tiffany Willis, Vice President of Investor Relations at Fiserv.

Executive
Tiffany Willis

Thank you, and good afternoon. With me today for the call are Jeff Yabuki, our Chief Executive Officer, and Bob Hau, our Chief Financial Officer. Please note that our earnings release and supplemental presentation for the quarter are available on the Investor Relations section of fiserv.com.

Our remarks today will include forward-looking statements about, among other matters, expected operating and financial results, strategic initiatives and the anticipated combinations with First Data, including expected benefits, financial projections, synergies, financing and timing of and the ability to complete the transaction. Forward-looking statements may differ materially from actual results and are subject to a number of risk and uncertainties. Please refer to our earnings release for a discussion of these risk factors.

You should also refer to our materials for today's call for an explanation of the non-GAAP financial measures discussed in this call, along with the reconciliation of those measures to the nearest applicable GAAP measures. These non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results and as a basis for planning and forecasting for future periods. Unless stated otherwise, performance references made throughout this call are assumed to be year-over-year comparisons.

As a reminder, the prior year's year-to-date adjusted earnings and adjusted earnings per share amounts in the press release, supplemental materials and comments are adjusted for the sale of a majority interest of our Lending Solutions business, which closed in March 2018.

And with that, let me turn the call over to Jeff.

Executive
Jeffery W. Yabuki

Thanks, Tiffany, and good afternoon everyone. We're pleased with our financial performance in the second quarter against our most difficult comparison of the year. We delivered better-than-anticipated results in the quarter and the first half, and are well on our way to meet our full year financial targets.

Now, before we talk about the financial results, let me provide a brief update on the First Data transaction. We've received all required regulatory approvals and plan to close the transaction on July 29, well within our original expectations of closing in the second half of the year.

As anticipated, we received all of our approvals without any conditions. We continue to prepare for day one and are focused on moving from integration planning to actual integration. We've announced a number of our senior leadership roles and the entire organization is ready to kick off the new Fiserv. Clients and prospects are excited about the opportunities they see for us to deliver differentiated value and build their businesses in new and unique ways.

We've been working on meaningful incremental growth opportunities such as bank merchant, credit solutions, biller services, network and international. We believe that integrating the