0/ On the $FISV earnings call mgmt highlighted the strength of Clover (their SMB platform) & Carat (their enterprise omni-channel commerce solution).

Most impressively they achieved their 35th consecutive year of double-digit EPS growth. How many public co's have done that?

1/ Clover GPV grew 25% to $35B in 4Q & $135B annualized.

This is larger than $SQ's Seller GPV ecosystem and it continues to be under-appreciated within $FISV from the Street.

2/ Clover Connect added 44 new ISV partners in 4Q (to 176 new for the year) driving active merchants up 43% and providing a tailwind to forward revenue growth from ISVs.

They also signed 3 de novo banks in the quarter.

3/ For Zelle they saw a tripling in the number of FI's on Zelle using FISV. Not only is that growing but consumers are choosing a "bank-centric P2P network" and they are seeing more transaction volume from existing clients.

Zelle transaction were up 2x YoY & 18% QoQ.

4/ On the deal front they already actioned over $1.0B of cost savings and expect to surpass $1.2B by the end of the year.

For revenue synergies they achieved $215M in annualized revenue synergies & expect to exceed their $600M target

5/ On capital allocation- "We certainly would tell you that where the share price is today. We're a buyer. And I don't think you'll find many CFOs that tell you otherwise, but we're certainly trading below 52-week high. And given where we see 2021's results and where valuations

6/ have moved, we think there's a real opportunity. And so you'll see us continue to be active...We'll buy back shares or pay down debt, and we'll strategically acquire assets."

7/ $FISV trades at a discount to its historic 5yr avg P/E (20.2x vs 24.0x) & in-line with the broader S&P 500 despite a 5yr avg premium of closer to 5.0x. While 4Q was a mixed bag & there's still some concentrated positioning it's an attractive set-up for the balance of the year.