All right. Guys, thank you again for being here with us. Good morning, everybody. I'm Darren Peller, cover Payments and IT Services here at Wolfe Research. Really happy to have all of you with us. I'm really happy to have Fiserv with us today. Bob Hau, as many of you know, is the CFO of the company, which I've covered for many, many years now. Really been had a pleasure to work with you all these years. Thank you for being here with us.
Absolutely. Thanks for having me.
We'll just start off, right? Get right into it. I mean, Fiserv obviously had another strong year last year. I think, Bob, maybe it'd be helpful if we just kick in with a few of the biggest milestones you found you were most proud of from last year, the business performance in 2024. Maybe we could also just touch on what you're most excited about for this year ahead in 2025.
Yeah, sure. Interestingly, I think those two go hand in hand, quite honestly. I think 2024 was a good year and a variety of different very positive things going on within the company. From a financial standpoint, we had our 39th consecutive year of double-digit earnings growth, obviously very, very consistent through lots of different macroeconomic environments. We also had our fourth consecutive year of double-digit organic revenue growth, really signaling a pretty significant acceleration of the growth of the company and good progress or benefit from both our Merchant Solutions as well as our Financial Solutions segment contributing to that acceleration of growth. New product investments, new client wins, new logos, all contributing to a pretty significant acceleration of growth. If you recall, pre-merger, Fiserv was a, quote, mid-single digit growth. Sometimes that was more aspirational than practical.
First Data was kind of a mid-single, high single digit, 6-8% grower. We put those two together and we managed an 11-12% organic growth last year, actually on a normalized basis. If you adjust for the transitory nature of the Argentina lift in inflation and interest, even dialing that out, we had 16% growth. Pretty significant acceleration of growth. That is a testament to the investments in new products and solutions that we are making. It is our focus on our client relationships and client service. We saw margin expansion, another 170 basis points last year. If you go back to 2020, that is about 1,000 basis points since 2020 to 2024. Good top-line growth, good investment, but also good operating performance overall. Free cash flow was certainly a highlight. We did $5.2 billion of free cash flow, well ahead of our original guidance.
A bit of a, quote, resurgence after a couple of years of lower conversion rate on net income. We saw that approach 100%, high 90%s, feel good and gave good guidance for this year. Ultimately, I think what I'm probably most proud of is the investments and the growth of the company. I don't mean just the revenue growth, but just the growth of the company. That sets us up for a good 2025 and good 2026 and beyond. New product investments, whether it's the small business suite with CashFlow Central integrated with Experience Digital, which is our digital banking solution we refer to as XD, integrating that into Clover investments and Clover, five new pieces of hardware launched last year.
New vertical software, both in terms of launching value-added services for our three focus verticals, restaurant, retail, and services, as well as horizontal capability for Clover, expanding internationally, which we launched last year and is now headed for full capability as we finish up pilots in the first half, first quarter of this year. We really set ourselves up for, had a great 2024, but set ourselves up for continued growth across the business.
I remember being out in Vegas that Julie invited us to, seeing you and Frank and a ton of your leadership pitching product left and right to the banks in the room. There were like thousands of them in that room. They were really eating a lot of it up because I think their ability to cross-sell. To me, it was hard to almost distill what's most exciting about coming up for 2025. What are you most excited about in terms of the products you're launching now, the new innovation that you see starting to really take hold and resonate this year ahead of us?
Yeah. So what you're referring to is our annual client conference, which we refer to as Forum. This past year, 2024, was the first time we actually invited investors into that. Julie's idea that we think went quite well. I think we're planning to do that again this year. We just announced our client conference will be September of 2025. We're actually seeing an expansion of that client. You saw a little bit of that last year, really for the first time, bringing our merchant clients into it and a little bit more focus on small businesses. It's really where we really started talking to our financial institutions client about the small business suite. Very encouraging conversations across the board. 3,000 clients attend that conference annually and very good reception across the board.
In one of the ballrooms, we have the display essentially of all of our products. You can walk that ballroom and see basically every product that we have available. It is one of the highlights from our client standpoint because they can talk to individual product experts about what that capability is, whether that is, "Hey, I am thinking about adding something," or "B, tell me a little bit more about something I am doing or something I already have and what can I grow?" I think that in itself, that breadth of that room, if you see it, can be a little bit stunning given the breadth of our capability. Oh, by the way, that is really largely the FI channel. There are some merchant activities, and we will expand that again in 2025. The thing that excites me is the breadth of our capability.
We're not dependent upon a single product being a home run. We have dozens and dozens of new products and solutions coming out on an annual basis. Cashflow Central or XD or the new Clover solution or building out Commerce Hub or, or, or. Every one of those will contribute to the growth. Maybe one of them will only hit 80% of our expectation, but another will hit 110%, 120% of our expectations. That breadth makes that company, makes our company much, much more resilient and able to perform on that consistent 39 years in a row of double-digit EPS growth.
Yeah, it's really impressive. Shifting gears a little bit, I mean, I think it's been six weeks now since the announcement of Mike Lyons as CEO. So Bob, just anything worth calling out about the strategic direction of the company or management style you think that might be different going forward?
Yeah, so it's actually six weeks since he arrived and six weeks since we announced, i.e., I think we announced on a Thursday and he showed up for work on Monday, which gets at a little bit of the speed of the company, but also the speed of Mike. He transitioned quite quickly. Oh, by the way, we announced Frank's departure. Frank Bisignano, our existing CEO, will be leaving sometime in the near future to head Social Security Administration. Not yet confirmed. Once that happens, we'll actually transition out. That was early December. Less than eight weeks later, we announced the new CEO and Mike hit the ground running, showed up on Monday morning, 7:30 in the morning, right into a management committee meeting. Once a month, we have an all-day management committee meeting, and that was his first day.
I would say probably 10 days into that transition, Frank declared the transition over internally. Management committee meeting was, "Okay, we're done. Mike and I are now leading the company together." Over the last couple of weeks, you've seen more and more Mike doing his own thing and then coming back to Frank, so to speak, as opposed to day one, day two, day three, it was Frank and Mike together side by side. That transition's actually gone quite well. Like any two people, they're different people. Mike has been quite clear both internally and externally. Don't expect a big unveil is his term. He's not changing direction of the company. He came to Fiserv because of his belief in the strategy and the focus and the future of the company. He's a long-term client. As the president of PNC, he operated 92 Fiserv products.
He knows the company quite well. He also happens to be a Clover client. His wife runs a small business and has been using Clover for a decade or so. He knows the company quite well. He knows the leadership team quite well. It has been a pretty smooth transition.
That's very cool. Maybe we could shift and talk about first quarter trends. Maybe just comment if you're seeing any continuation of Q4 trends and just most recently what you're seeing in the market, just given the macro noise we're seeing. If you could even just add on to it, GPV trends in Clover and how we should expect that to play out throughout the year.
Yeah. I would say generally a continuation. We have what we refer to as the Fiserv Small Business Index, the FSBI, that we release the second calendar day of every month. We've been doing that for, I guess, just over a year now. This gives a broad perspective and it's public information. If you Google Fiserv Small Business Index, you'll go right to the website and see that information that we publish. There's a relatively robust set of data that's available publicly and, of course, a more robust set of data that we have internally and we share with some of our clients. That has shown a continued strength in the consumer. The February FSBI did ease a bit off of January. January was 5, 5.1%. February was 2.1%, month over month, roughly flat, but year over year down a little bit.
First two months of the year, 3.5% growth versus the first two months of last year was about 5%. A little bit of easing, but still good growth overall. There is lots of noise in the macro environment. I would consider that noise for right now. We will see how things play out. If you want to be negative, there is a set of headlines out there that say we are headed for a recession and there are really big problems. If you want to be positive, you can see a different set of headlines that say, yeah, there is noise in the system and we will see how things play out. From a Fiserv standpoint, obviously macro matters, but we see good growth. When we gave the guide for the year, we guided organic growth for the company at 10-12%.
We also did upfront, and this is not a macro environment per se. This was an original guidance back in early February with our fourth quarter that we expect the growth to ramp into the second half of the year. We continue to see that. That is really driven by things like Cashflow Central coming into market. The new partnerships we have with ADP, where we're cross-selling each other's products, payroll through the Clover solutions, selling payroll, them selling Clover. Things like some of the new products and new software that got rolled out last year continue to accelerate. We've got new international markets we're entering in for Clover with Brazil, Australia, and Mexico all starting to ramp into the second half of the year.
On the financial institution side, in addition to Cashflow Central, which will go live first half of this year, we've already signed 39 financial institutions. They need to sell that to small business clients, and we'll see the revenue generate from that. We also have new issuing clients going live. Target will go later this month, Verizon into late third quarter, early fourth quarter. All of that gives us confidence into the second half of the year. Of course, last year, we had the benefit of the transitory nature of inflation and interest done in Argentina. If you look quarter over quarter, that was quite significant benefit slash headwind in first quarter of last year. That's now returned to more normal levels. That's a bit of a headwind from a compare standpoint. Q1 of last year, it was a 22% benefit to growth.
By the time we exited fourth quarter, I think it was 5% or 6% growth. That will play dynamics in our growth rates.
You definitely have a lot in your control, obviously, in terms of incremental revenue generation to help support that ramp on revenue. Just sticking for us one more second on GPV on trends, it sounds like you're seeing relative stability, maybe a little bit of macro softness or a little bit of macro nuances impacting February, I guess you called out from the data you showed. You're still trying to see what's noise in the system and what's not.
Yeah. Overall, I see I'm pretty comfortable with the resilience of the consumer and not only those top-line numbers, but looking below that to understand where consumers are spending. They continue to spend. We'll see over the next couple of months how that holds.
Clover again, I mean, in terms of the trajectory you expect for the year ahead, it's just, look, it's coming off of a really strong year. So thinking about comps and just thinking about trajectory going forward.
Yeah. In March of 2022, we laid out our goal for Clover revenue in 2025. In March of 2022, we said we expect to be $3.5 billion of revenue at the end of 2025. That was about a 28%-30% compound annual growth rate to achieve that. Some of you in this room might have thought we were a little bit crazy in laying that goal out. Fast forward now, the last couple of years, we've seen 28%-29% growth. We closed out last year at $2.24-$2.7 billion. To achieve that $3.5 billion, we need to continue that 29% growth. That is the outcome or the benefit of that international expansion, that new products, both in terms of hardware and software, continuing to build out our distribution channel.
We have good visibility into the Clover growth, confidence in that international channel. One of the things we get questions every once in a while is, you're adding into Brazil and Mexico and Australia. What are the chances that that's successful? Remember, those aren't new markets for us. We have a strong merchant position already, and we're bringing Clover into that capability. We have a distribution channel ready-made for that. We are not entering into a new market from the standpoint of the Fiserv name, the merchant acquiring capability, but we're adding a new solution for that client base.
Okay. Actually, let's just stay on that topic. I mean, international is clearly a big driver for your business. You talked about, I think it was, I mean, Germany and Brazil and Australia. There are so many new markets. Argentina is relatively, again, not totally new, but you're doing a lot more with them. Frank had just gotten back from Brazil recently talking about Clover, right? Where are we? What inning are we in in these international opportunities for Clover and then maybe more broadly? What do you have to do to get there? I mean, is it just more sales? Do you have enough distribution with partners?
Yeah. A couple of things. Number one, I'd say to the ultimate question, I think we're still in the early innings. Overall, our merchant, excuse me, our international revenue is about 15% of the company. Tremendous opportunity, growing faster than the company average. Good growth opportunities. The way we operate internationally is actually we have three regions. We do not have an international division. Those three regions have local presidents who run that business locally, who know that market and report direct up to the CEO. We do not have an international region because the reality is those three regions all operate differently. The folks that are running those businesses are quite skilled, not only in our business, but in those local regions and provide good growth opportunities for us.
By the way, merchant is a big part of it as we roll out Clover, but our issuing solutions business is also quite robust. Actually, Finxact will provide some growth. You may have heard in our last earnings call, we announced our first international win with FirstRand, a large bank down in Africa signing up for Finxact. There are a number of different growth vectors in those three regions, EMEA, APAC, and Latin America, all providing growth, whether it's investments we're making in our issuing solution capability, whether it's rolling out new Clover growth, or whether it's building out things like Finxact and selling other Financial Solutions capability, all provide good revenue growth opportunities for us across those three regions.
It's still early days, I guess.
Yeah.
All right. Taking international into account and what that can drive for you guys and in the context of this sort of uncertain macro now, I mean, you still have conviction in back to Clover again? You still have the conviction in the Clover trajectory you guys have talked about?
Yeah, absolutely.
For this year and for next year?
Yeah, mostly. I mentioned the target for 2025 is $3.5 billion, and we've got to grow roughly in line with what we have the last several years to do that, about 29%. Given the new products we rolled out, those new partnerships we've got, we've got good visibility and exactly the building blocks to get there. Like I said, Fiserv isn't dependent upon a single product. Clover isn't dependent upon, geez, we better hit the ball out of the park on the ISV channel or the ISO channel or the direct business channel or growing through the FI channel or the international market or new products and services. It's all six of those and more. Again, good visibility across the board in that. A good degree of confidence in that $3.5 billion.
By the way, in November of 2023, we updated that medium-term guidance to include 2026, where we expect $4.5 billion of Clover revenue and that value-added services penetration to grow from 22% in fourth quarter of last year, 25% by the end of this year, 27% by the end of next year.
I was going to go on that next. The building blocks sound like obviously it's not just volume. It's all of these areas, VASP being a big part of it.
That's right.
Going from 22% of total mix of Clover to something much higher.
Yeah.
Help us understand what's happening there. I mean, what are you actually cross-selling? What kind of value-added service is being adopted and what's the demand for in the market for it?
Yeah. We have got a wide variety of value-added services, and we continue to add to that capability. It is things like building out a deeper portfolio of solutions for the three focus verticals that we have got a primary effort on around restaurant, retail, and services. Last year, we rolled out a number of new value-added services, a number of new capabilities for those three verticals, as well as capabilities that go horizontally across all small businesses. It is things like payroll and timekeeping and inventory management and web services and reservations for services. If you are a nail salon, being able to take a reservation, obviously, if you are a restaurant, having integration of back office and front office in a restaurant.
That's both software capability as well as one of the new products we rolled out is a large-format kitchen display for back office, obviously a more resilient terminal for the back of house at a restaurant, but also having that link to the front of house, all our additional value-added solutions we're providing.
That percentage is supposed to go to what again? What did you guys call for?
We closed out last year at 22% of revenue for Clover. At the end of this year, we'll be at 25%. At the end of next year, 27%.
Just one question we get a lot is the backbook, right? Whether or not you're actually really benefiting from Clover's growth from just converting business over from your existing business. Where are you on that in terms of whether it's a percent number or anything else you can give us?
Yeah. That dialogue has shifted over the last several years. Four or five years ago, we got the question around the backbook from the standpoint of, yeah, great, you're growing Clover, but it's all backbook conversion, so it's not real. Back then, the answer was no. Actually, that Clover revenue is actually driven by new clients to Fiserv. About 10% of the Clover growth back then was from backbook conversion. Yes, we do have merchant clients who are not using Clover convert to Clover, and it provides about a 10% lift. Fast forward today, the question is more of, geez, when are you going to go attack that backbook and provide even more growth? Today, about 10% of our growth comes from backbook.
That is a combination of merchants deciding to move from a, quote, simple dump terminal on their counter to wanting a full-blown operating system and seeing the value of the benefit of having all of those value-added solutions embedded in the extra data and information they can get by running Clover and increase the efficiency of their operation. Deciding to convert. It is also some sales activity. For the most part, our effort is around bringing on new clients and continuing to expand the number of merchants, small businesses that are using our solutions and growing that way.
Bob, Clover has been growing nearly 30%. Before we go to the financial solutions and the fintech side of the business, just make sure we understand the overall merchant mix and the overall growth potential of the business, of the segment, I should say, even beyond Clover, whether it is processing business or enterprise. If we can just hit on all that before we go to the other side.
Yeah. We break our merchant solution segment back up first. We have two large segments: merchant solutions, financial solutions. Both of them represent roughly 50% of the company. Inside of merchant solutions, we have three business lines: small business, enterprise, and processing. Small business makes up about two-thirds of the segment, about 65% of the merchant solution segment. Enterprise is the next largest at about 22%. Then processing makes up the balance of that. That processing line is largely our joint venture clients where we're doing the processing for them, and they're the merchant acquirer. Obviously, enterprise is large businesses, large merchants, and small businesses are small businesses. Clover obviously fits in that small business segment, or excuse me, that small business business line, as well as the non-Clover small business.
As I said, we did about $2.7 billion of Clover revenue last year. There's actually a small piece of that that is processing because we do sell Clover through our joint ventures, as well as actually we have some enterprise clients that are using Clover. For the majority, it's small business.
The whole segment expectation is still, I mean, when you put Clover into context from a growth rate standpoint, the rest of the business has generally been what, mid-single digits, more or less?
Yeah. Overall, merchant will grow 12-15% this year, with small business growing better than company average, enterprise slightly below that. Obviously, processing has been relatively flat the last several years. In fact, as we grow the overall merchant business, we generally think that processing will be relatively flat. We'll see some growth this year.
That's helpful. What was the latest disclosure on discretionary versus non-discretionary, just given the macro dynamics going on? Do you remember any data points you guys have provided on that?
Yeah. Roughly half of our small business merchant is discretionary and half non-discretionary. We have a very good balance that's served us quite well for a lot of years. It means that we don't have super growth when there's big non-discretionary spending, but it also means that we don't get crushed when markets turn soft. You saw that play out most recently in the pandemic with COVID.
Okay. Let's shift gears to Financial Solutions. I mean, you've talked about it accelerating this year from what was, I think, about a six, let's call it five to seven last year, right, to a 6-8% growth rate in 2025.
Yeah.
A lot of new business coming on an issuer processing, but you're also cross-selling into this great distribution channel you have, whether that's Cashflow Central or other offerings. Just help us walk through the building blocks of the acceleration from last to this year.
Yeah. As you said, last year, beginning of 2024, we guided the full year to be 5-7% growth, and our medium-term guide was 5-7% for 2024 and then growing to 6-8% for 2025 and 2026. We ended up delivering 6% growth for 2024 and guided 6-8% for this year. A slight acceleration at the midpoint and above in that range. There is really a variety of different solutions. Within the Financial Solutions segment, again, we have three business lines: Digital payments, Issuing, and Banking. Of those three, we will see good growth, better than company average or segment average in digital banking and in issuing, below that in banking, given the nature of that business. That is really, that is where our core account processing sits.
Financial institutions do not change cores rapidly, and so you do not see as much change in the growth rate in that space. Good opportunities across the board in all three business lines. I have talked about many of them already: Cashflow Central being the digital payment solution as that product rolls out, good sales activity, good high level of interest in our financial institutions. We have signed up 39 financial institutions already, 29 of those signed up in the fourth quarter alone. We will go live the first half of this year with our first financial institution. That revenue will accelerate throughout the year. Last week, I think roughly 100 clients, financial institutions, participated in a deep dive in Milwaukee around our small business suite, our overall capability, merchant acquiring, as well as things like Cashflow Central and our small business suite. Pretty excited about that.
That Cashflow Central integrated with Experience Digital or XD, which is our digital banking solution, relatively new into the market, a very strong backlog of implementations as we go live with that solution. Finxact, still very early innings. We see some real opportunity there. We acquired that a couple of years ago. In the fourth quarter, we announced landing our first large international client, FirstRand down in Africa. They will go live and provide some lift there. We've got several large clients on Finxact already, giving us some growth opportunity there. Actually, late third quarter, early fourth quarter, we announced the win with DoorDash, our new embedded finance capability, which is run on Finxact, but a broad capability managing several million DoorDashers and the instant payment capabilities, cash disbursements to those Dashers, giving us a nice startup in the embedded finance world. We see significant opportunity for that.
That is a broad set of capabilities that we bring to that market. It is not just one solution. We think unique capability for Fiserv to bring things like issuing capability, digital banking, the core solution, et cetera, gives us some nice opportunity. Finally, in the issuing business, we announced several big wins in the last 12, 18, 24 months. Those now going live. Target will go live later this quarter. Verizon will go live late third quarter, early fourth quarter.
Yeah. Some of those are pretty material contributions to your accounts on file, right?
Yeah.
I mean, there's so many we can go after, but just in the interest of time, Cashflow Central is one we've written about quite a bit, and we've done work on it. It seems like an exciting opportunity that banks could use to leverage to generate more non-interest income for themselves.
Yeah.
When do you expect to see that start contributing to you guys in terms of P&L? I know you've mentioned, what, 2020 or 2029, I think, right? How many banks did you mention again?
Thirty-nine so far.
Sorry, 39 banks that have already agreed to work with it and adopt it. Really, it's up to the small businesses to take it on.
Yeah. Actually, I should clarify, it was 39 through the end of fourth quarter. We haven't announced the first quarter wins, but we continue to sign new ones on a pretty regular basis. Again, it was a key topic of conversation at this Milwaukee conference we had last week. We continue to see that the revenue driver, of course, is not signing up the bank. It's signing up those small businesses within the bank channel. Oh, by the way, it's not just through the bank channel. It'll also be integrated into Clover and sold that way. That gives us a powerful pull-through with the banks that want to sell both Cashflow Central as well as merchant acquiring. It's that small business suite capability. It's a revenue generator for those financial institutions.
It is a revenue generator with a very important client base of theirs and helps them grow and deepen their relationship with that client base. We are seeing very high interest and uptick. We will see that again start revenue. It will add, it will be part of the growth drivers to get us to that 6-8%. I think it is meaningful over the next several years. We expect it to be a nine-digit number.
That's great. Just shifting gears in interest of time to margins. You expanded another good year. I think you said 100 or better than 125 basis points, which is already after several years of margin expansion. Help us understand how you're actually achieving that. What do you expect to see this year? Is it how much is operating leverage versus expense management?
Yeah. Our guidance for 2025 is at least 125 basis points. That's after 170 basis points last year and since 2019, just under 1,000 basis points, 970 if anybody's keeping track. That really is a combination of operating leverage as well as managing expenses. It's the nature of our company. You've heard me talk about this in a variety of different investor conferences, the virtuous cycle of growth at Fiserv. An incremental dollar of revenue comes to us because we're a scaled company at better than company average. That allows us to take that incremental margin, reinvest it back into the company for more revenue growth while also expanding operating margins. We've got this great cycle of growth. Incremental revenue allows us to invest incremental expense, capital, innovation, development that gets us more revenue while we see margins grow.
The nature of the company is operating excellence. We're constantly managing our expenses and always has been and always will be.
Yeah. Just to wrap it up, you're generating strong free cash, as you mentioned, and you only have, I think, around two and a half turns of leverage now coming out of last year. Maybe just remind us your capital allocation thoughts going forward. If we have time, guys, I think we'll take one or maybe one question from the audience.
Our strategy has been consistent for a number of years. We'll invest in the company to grow organically. Last year, we did about $1.6 billion in CapEx. That's up pretty meaningfully from about three or four years ago. We continue to think that's about the right level of spending, and we'll continue to innovate and bring new products and services to market. We look to grow the business inorganically. We're constantly looking at acquisitions. I have an M&A team that reports to me that is incredibly busy studying dozens and dozens and dozens of different companies. As I've said a lot of times, we're an incredibly interested buyer at the right price. The magic to M&A is finding a willing seller at that same price. That dynamic ebbs and flows.
We certainly have the capacity and the interest, but only where we see real value, a creative opportunity. Very strong free cash flow, $5.2 billion last year. Our guide for this year is $5.5 billion. We closed out 2024 at 2.6 times debt/EBITDA leverage. We have a long-term goal of being between two and a half and three times with a stated range within that, typically midpoint and above, and capacity to go above that if the right opportunity materializes, typically in an acquisition, and then quickly delever, just like we did with the Fiserv First Data merger, levered up to almost four times, came back down to three times relatively quickly, and have been back in that range of two and a half to three times for the last couple of years, and we'll maintain that focus.
Guys, maybe time for one question if there is? Question over here.
Yeah. Just to touch on CashFlow Central again, you mentioned adopted by 39 banks, but how are they implementing it into their customer base?
That is in process right now. We're not yet live. We'll be live later this half of the year. We think we'll probably go live with some pretty good succession, meaning banks will come online. Ultimately, once they have that integrated into their capability, they then sell it to their small businesses. In a couple of instances, we've signed up with clients, financial institutions that have consumer bill pay capability already from us. In many cases, those consumers, quote unquote, our consumers, are actually small businesses. You'll see some quick adoption where those consumer bill pay clients will actually become Cashflow Central clients. It's a deeper capability for a small business. You'll see succession from that standpoint and then selling it into their small businesses.
It is not only selling it through those financial institutions, integrating it into XD, which is our digital banking capability, but later this year, integrating it into Clover and selling it through the Clover solution.
Absolutely.
Congrats on a great year last year and hopefully another one this year. Thank you for being with us.
Thanks, Darren. Appreciate it.
Thanks, guys.
Thanks, everyone.
Guys, next up, we have Visa CFO starting at 10:50.