Financial Data and Key Metrics Changes - Total company Q4 adjusted revenue was $4.9 billion, flat year-over-year, with adjusted operating income of $1.7 billion, resulting in an adjusted operating margin of 34.9% [22] - Full year total company adjusted revenue reached $19.8 billion, up 4%, with adjusted operating income of $7.4 billion, resulting in an adjusted operating margin of 37.4%, a decrease of 200 basis points [22] - Q4 organic revenue was roughly flat, down approximately 40 basis points, resulting in annual organic revenue growth of 3.8% [22] Business Line Data and Key Metrics Changes - Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2% [23] - Q4 adjusted earnings per share was $1.99, with annual adjusted earnings per share of $8.64, above the guidance range of $8.50-$8.60 [23] - Clover revenue grew 12% in Q4, 2 percentage points higher than guidance, with Clover volume growth at 6% on a reported basis [24] Market Data and Key Metrics Changes - Clover Capital grew 30% in 2025 in North America, indicating significant upside potential [11] - Internationally, the launch in Brazil was highly successful, with results tracking ahead of plan [11] - Canada experienced strong growth in 2025, expected to accelerate with a new strategic relationship with TD [11] Company Strategy and Development Direction - The company is focused on a client-first mindset, building a preeminent small business operating platform through Clover, and delivering operational excellence enabled by AI [7] - The One Fiserv plan is integrated into the 2026 strategy, emphasizing disciplined capital allocation and operational efficiency [6][18] - The company aims to capitalize on opportunities in embedded finance, stablecoins, and merchant liquidity optimization [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the multi-quarter path towards delivering strong, sustainable operating performance [4] - The company anticipates that Q1 will represent the trough for free cash flow conversion, with expectations for adjusted revenue growth in the range of 1%-3% for 2026 [30][33] - Management acknowledged challenges in the first half of 2026 due to a higher mix of non-recurring revenue but remains confident in the execution of their strategy [5][30] Other Important Information - The company repurchased 3 million shares during the quarter for approximately $200 million and paid down over $1 billion in debt [29] - Project Elevate incurred $73 million in expenses related to the program, with expectations for continued one-time costs in 2026 [29] Q&A Session Summary Question: Can you touch on whether the review of the business has accomplished everything needed? - Management feels confident about the progress made and believes the conclusions from the analysis are fully reflected in the Q4 results and 2026 guidance [36] Question: Can you provide more detail on pricing actions within the digital payments segment? - Management noted satisfaction with the sequential improvement in digital payments and growth in network volumes, with no new developments in Q4 [40][42] Question: How much of the expenses for executing One Fiserv are structural versus one-time? - Management indicated that expenses related to One Fiserv are largely baked in, with some startup-related expenses expected to increase as the project broadens [47][49] Question: What do you expect from the non-Clover part of SMB? - Management expects slight growth in the non-Clover SMB for next year, with Argentina no longer being a growth factor [52][54] Question: Can you discuss the outlook for Clover yield and areas for durable value addition? - Management is optimistic about Clover's growth, emphasizing the importance of partnerships and value-added services to drive higher yield [58][60]