A lot of words on this site lamenting the good ole days of ofs…hard to believe anyone objectively could make this comparison…ofs business worked until it didn’t and in today’s environment ofs would be out of business. The new Fiserv just printed 11% revenue increase and we lost share price. Ofs meager 4% growth rate would of out them out of business.
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"OFS Losers" would've kept the two datacenters running in Texas during that ice storm that was out for 2-3 weeks :) OFD sets fire to everything cause that's what KKR wants them to do. Cut the company, gut the assets, harvest tax credits from any government body you can--lather, rinse, repeat.
As another commenter said, OFS was healthy enough to purchase all of OFDs billions in debt. There's a reason the new company kept Fiserv's name. FirstData had too much baggage, and still does. Firstdata didn't even come up with Clover, they had to buy out the company. Frank wouldn't know how to innovate if his Xanax-riddled life depended on it. The only tactic he knows is M&A.
In the old OFS, the stock would have split AND doubled by now... old OFS also posted double digit growth for years. so. YAWN.
Frank has the control, and you can support him, however, he will never be regarded as a fine human being or a leader, he will always be regarded a loser.
Frank is going to dominate. This company will rid itself finally of OFS losers and then the talent takes over
From a high level, sure sounds easy to talk. But in reality, in the trenches, it is crazy here since the two companies joined.
I think people were accepting change but how can one be productive - teams are constantly in turmoil, people are literally, and I mean literally, coming and going within months. A decision gets made in a project, then the management leaves and the new ones have another direction. Or they are waiting to hire bodies do to the work because the money is on hold. Realistically, not productive and pieces are lost.
And the people that are constant - get overloaded and burned out.
You are correct there were other factors but again I am not criticizing the ofs just making the point that today’s expectations are much more intense requiring everyone to embrace change to a greater degree…
The market didn't react to the 11% revenue increase. They reacted to the reduced free cash flow. Also to Fiserv losing key customers. And to 'muted' expectations for Q4.
OFS business worked until it didn't? Gee, it worked well enough to assume all of First Data's debt.
Look at the trajectory of the stock price under Jeff. Then look at it over the last two years.
Not only does change happen, it MUST happen for new problems to be solved and for economies and people to thrive.
I guess time will tell if Frank the operator can actually create wealth, or just cut costs and extract value existing business lines.
Do we really understand how the revenue increased or is that a jumbling of numbers, coupled with staff layoffs?