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Fiserv Management Discusses Q2 2012 Results - Earnings Call Transcript

As we shared at the beginning of the year, we are focused on 3 key enterprise priorities in 2012 which more fully represent our formula to create sustainable shareholder value. First, to deliver an increased level of high-quality earnings growth and meet our revenue commitments. Next, to center the Fiserv culture on growth, leading to more clients, deeper relationships and a larger share of our strategic solutions. And third, to deliver innovation that increases differentiation and enhances results for our clients.

Revenue growth in the quarter and year-to-date was driven by steady increases in recurring revenue across a number of our traditional businesses, including debit, account processing and lending. The operating leverage in these recurring revenue businesses combined with the continued progress of our operational effectiveness initiatives resulted in 4% growth in adjusted operating income and 20 basis points in margin expansion in the first half of the year, despite the second quarter impacts I just discussed. Adjusted EPS through June 30 has increased 15%, and we're on track to extend our streak of 26 consecutive years of double-digit adjusted EPS growth.

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