Fiserv Reports Second Quarter 2022 Results

GAAP revenue growth of 10% both in the quarter and year to date; GAAP EPS increased 130% in the quarter and 128% year to date; Organic revenue growth of 12% in the quarter and 11% year to date; Adjusted EPS increased 14% in the quarter and 17% year to date; Company raises 2022 organic revenue growth outlook to 9% to 11% and adjusted EPS outlook to $6.45 to $6.55, or growth of 16% to 17%

BROOKFIELD, Wis.–(BUSINESS WIRE)–Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the second quarter of 2022.

Second Quarter 2022 GAAP Results

GAAP revenue for the company increased 10% to $4.45 billion in the second quarter of 2022 compared to the prior year period, with 14% growth in the Acceptance segment, 6% growth in the Fintech segment and 7% growth in the Payments segment. GAAP revenue for the company increased 10% to $8.59 billion in the first six months of 2022 compared to the prior year period, with 16% growth in the Acceptance segment, 6% growth in the Fintech segment and 5% growth in the Payments segment.

GAAP earnings per share was $0.92 in the second quarter and $1.94 in the first six months of 2022, an increase of 130% and 128%, respectively, compared to the prior year periods. The second quarter and first six months of 2022 includes a $110 million pre-tax gain from the fair value remeasurement of an equity investment, whereas the second quarter and first six months of 2021 includes certain discrete tax expenses. GAAP operating margin was 19.3% and 19.9% in the second quarter and first six months of 2022, respectively, compared to 15.9% and 14.3% in the second quarter and first six months of 2021, respectively. Net cash provided by operating activities was $1.81 billion in the first six months of 2022 compared to $2.01 billion in the prior year period.

“Our second quarter results were strong, with double digit organic revenue and adjusted earnings per share growth. These results put us above the high end of our full year guidance range for organic revenue growth and at the high end of our adjusted earnings per share range on a year to date basis,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. “We achieved these results while continuing to invest for sustainable growth.”

Second Quarter 2022 Non-GAAP Results and Additional Information

  • Adjusted revenue increased 10% to $4.23 billion in the second quarter and 10% to $8.14 billion in the first six months of 2022 compared to the prior year periods.
  • Organic revenue growth was 12% in the second quarter of 2022, led by 17% growth in the Acceptance segment, 7% growth in the Fintech segment and 8% growth in the Payments segment.
  • Organic revenue growth was 11% in the first six months of 2022, led by 18% growth in the Acceptance segment and 6% growth in both the Fintech and Payments segments.
  • Adjusted earnings per share increased 14% to $1.56 in the second quarter and 17% to $2.96 in the first six months of 2022 compared to the prior year periods.
  • Adjusted operating margin decreased 40 basis points to 33.5% in the second quarter and was flat at 32.7% in the first six months of 2022 compared to the prior year periods.
  • Free cash flow was $1.26 billion in the first six months of 2022 compared to $1.72 billion in the prior year period.
  • The company repurchased 5.1 million shares of common stock for $500 million in the second quarter and 10.2 million shares of common stock for $1.0 billion in the first six months of 2022.
  • In June 2022, the company entered into a new revolving credit facility, increasing available borrowing capacity to $6.0 billion through June 2027.

Outlook for 2022

Fiserv raises full year 2022 outlook and now expects organic revenue growth of 9% to 11% and adjusted earnings per share of $6.45 to $6.55, representing growth of 16% to 17%.

“An unprecedented confluence of macro factors is likely to impact the global economy,” said Bisignano. “The demonstrated resilience of our business model, driven by the strength of our assets, balance sheet and pipeline of innovation, should position us well to withstand potential challenges and deliver value for our clients.”

Earnings Conference Call

The company will discuss its second quarter 2022 results in a live webcast at 7 a.m. CT on Tuesday, July 26, 2022. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.

Use of Non-GAAP Financial Measures

In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income, operating margin, net income attributable to Fiserv, earnings per share and net cash provided by operating activities, with “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” “adjusted earnings per share growth,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See page 15 for additional information regarding the company’s forward-looking non-GAAP financial measures.

Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; restructuring costs; severance costs; net charges associated with debt financing activities; merger and integration costs; gains or losses from the sale of businesses, certain assets or investments; certain discrete tax benefits and expenses; and non-cash deferred revenue adjustments arising from acquisitions. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses.

The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Management believes organic revenue growth is useful because it presents adjusted revenue growth excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the company’s Output Solutions postage reimbursements and including deferred revenue purchase accounting adjustments. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance.

These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share, adjusted earnings per share growth and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” or words of similar meaning. Statements that describe the company’s future plans, objectives or goals are also forward-looking statements.

Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following, many of which may continue to be amplified by the COVID-19 pandemic: the duration and intensity of the COVID-19 pandemic, including how quickly the global economy recovers from the impact of the pandemic; governmental and private sector responses to the COVID-19 pandemic and the impact of such responses on the company; the impact of the COVID-19 pandemic on the company’s employees, clients, vendors, supply chain, operations and sales; the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the success of the company’s merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company’s business including disruptions caused by other participants in the global financial system; the failure of the company’s vendors and merchants to satisfy their obligations; the successful management of credit and fraud risks in the company’s business and merchant alliances; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, a recession, or intensified international hostilities, and the impact they may have on the company and its customers; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s strategic initiatives; the company’s ability to attract and retain key personnel; volatility and disruptions in financial markets that may impact the company’s ability to access preferred sources of financing and the terms on which the company is able to obtain financing or increase its costs of borrowing; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.

Fiserv, Inc.

Condensed Consolidated Statements of Income

(In millions, except per share amounts, unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

Revenue

 

 

 

 

 

 

 

Processing and services

$

3,696

 

 

$

3,361

 

 

$

7,060

 

 

$

6,415

 

Product

 

754

 

 

 

690

 

 

 

1,528

 

 

 

1,391

 

Total revenue

 

4,450

 

 

 

4,051

 

 

 

8,588

 

 

 

7,806

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Cost of processing and services

 

1,502

 

 

 

1,498

 

 

 

2,938

 

 

 

2,895

 

Cost of product

 

542

 

 

 

469

 

 

 

1,078

 

 

 

979

 

Selling, general and administrative

 

1,546

 

 

 

1,440

 

 

 

3,013

 

 

 

2,813

 

Gain on sale of assets

 

 

 

 

 

 

 

(147

)

 

 

 

Total expenses

 

3,590

 

 

 

3,407

 

 

 

6,882

 

 

 

6,687

 

 

 

 

 

 

 

 

 

Operating income

 

860

 

 

 

644

 

 

 

1,706

 

 

 

1,119

 

Interest expense, net

 

(176

)

 

 

(175

)

 

 

(344

)

 

 

(351

)

Other (expense) income

 

(66

)

 

 

1

 

 

 

(70

)

 

 

22

 

 

 

 

 

 

 

 

 

Income before income taxes and income from investments in unconsolidated affiliates

 

618

 

 

 

470

 

 

 

1,292

 

 

 

790

 

Income tax provision

 

(137

)

 

 

(228

)

 

 

(235

)

 

 

(246

)

Income from investments in unconsolidated affiliates

 

128

 

 

 

42

 

 

 

234

 

 

 

58

 

 

 

 

 

 

 

 

 

Net income

 

609

 

 

 

284

 

 

 

1,291

 

 

 

602

 

Less: net income attributable to noncontrolling interests

 

11

 

 

 

15

 

 

 

24

 

 

 

29

 

 

 

 

 

 

 

 

 

Net income attributable to Fiserv

$

598

 

 

$

269

 

 

$

1,267

 

 

$

573

 

 

 

 

 

 

 

 

 

GAAP earnings per share attributable to Fiserv – diluted

$

0.92

 

 

$

0.40

 

 

$

1.94

 

 

$

0.85

 

 

 

 

 

 

 

 

 

Diluted shares used in computing earnings per share attributable to Fiserv

 

650.8

 

 

 

672.7

 

 

 

654.0

 

 

 

676.3

 

 

 

 

 

 

 

 

 

Earnings per share is calculated using actual, unrounded amounts.

Fiserv, Inc.

Reconciliation of GAAP to

Adjusted Net Income and Adjusted Earnings Per Share

(In millions, except per share amounts, unaudited)

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

GAAP net income attributable to Fiserv

$

598

 

 

$

269

 

 

$

1,267

 

 

$

573

 

Adjustments:

 

 

 

 

 

 

 

Merger and integration costs 1

 

39

 

 

 

148

 

 

 

61

 

 

 

273

 

Severance costs 2

 

47

 

 

 

4

 

 

 

99

 

 

 

14

 

Amortization of acquisition-related intangible assets 3

 

471

 

 

 

513

 

 

 

946

 

 

 

1,019

 

Non wholly-owned entity activities 4

 

(14

)

 

 

7

 

 

 

(70

)

 

 

7

 

Gain on sale of assets 5

 

 

 

 

 

 

 

(147

)

 

 

 

Tax impact of adjustments 6

 

(128

)

 

 

(154

)

 

 

(222

)

 

 

(302

)

Discrete tax items 7

 

 

 

 

134

 

 

 

 

 

 

134

 

Adjusted net income

$

1,013

 

 

$

921

 

 

$

1,934

 

 

$

1,718

 

 

 

 

 

 

 

 

 

GAAP earnings per share attributable to Fiserv

$

0.92

 

 

$

0.40

 

 

$

1.94

 

 

$

0.85

 

Adjustments – net of income taxes:

 

 

 

 

 

 

 

Merger and integration costs 1

 

0.05

 

 

 

0.17

 

 

 

0.07

 

 

 

0.31

 

Severance costs 2

 

0.06

 

 

 

 

 

 

0.12

 

 

 

0.02

 

Amortization of acquisition-related intangible assets 3

 

0.57

 

 

 

0.59

 

 

 

1.14

 

 

 

1.16

 

Non wholly-owned entity activities 4

 

(0.04

)

 

 

0.01

 

 

 

(0.11

)

 

 

0.01

 

Gain on sale of assets 5

 

 

 

 

 

 

 

(0.21

)

 

 

 

Discrete tax items 7

 

 

 

 

0.20

 

 

 

 

 

 

0.20

 

Adjusted earnings per share

$

1.56

 

 

$

1.37

 

 

$

2.96

 

 

$

2.54

 

 

 

 

 

 

 

 

 

GAAP earnings per share attributable to Fiserv growth

 

130

%

 

 

 

 

128

%

 

 

Adjusted earnings per share growth

 

14

%

 

 

 

 

17

%

 

 

 

 

 

 

 

 

 

 

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.

Earnings per share is calculated using actual, unrounded amounts.

1

Represents acquisition and related integration costs incurred in connection with various acquisitions, including those in 2021 related to the First Data acquisition. Merger and integration costs in the second quarter and first six months of 2022 primarily include share-based compensation attributable to various acquisitions. First Data integration costs in the second quarter and first six months of 2021 primarily include $63 million and $115 million, respectively, of third-party professional service fees associated with integration activities; $10 million and $28 million, respectively, of incremental share-based compensation, including the fair value of stock awards assumed by Fiserv; and $48 million and $93 million, respectively, of other integration-related compensation costs.

2

Represents severance costs associated with the achievement of expense management initiatives.

3

Represents amortization of intangible assets acquired through various acquisitions, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, and financing costs and debt discounts. See additional information on page 14 for an analysis of the company’s amortization expense.

4

Represents the company’s share of amortization of acquisition-related intangible assets at its unconsolidated affiliates, as well as the minority interest share of amortization of acquisition-related intangible assets at its subsidiaries in which the company holds a controlling financial interest. This adjustment during the second quarter and first six months of 2022 also includes gains totaling $110 million and $201 million, respectively, related to certain equity investment transactions. In addition, the second quarter and first six months of 2022 includes other expense of $59 million associated with joint venture debt guarantees. This adjustment during the second quarter and first six months of 2021 also includes gains totaling $33 million and $73 million, respectively, related to the fair value remeasurement and sale of certain equity investments.

5

Represents a gain associated with the sale of certain merchant contracts in conjunction with the mutual termination of one of the company’s merchant alliance joint ventures.

6

The tax impact of adjustments is calculated using a tax rate of 21% and 23% in the first six months of 2022 and 2021, respectively, which approximates the company’s anticipated annual effective tax rates, exclusive of the $16 million actual tax impacts associated with the gain on sale of assets and certain equity investment transactions in the first six months of 2022.

7

Represents discrete tax items related to the revaluation of deferred taxes due to a change in the respective statutory tax rates in the United Kingdom and Argentina.

Fiserv, Inc.

Financial Results by Segment

(In millions, unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

Total Company

 

 

 

 

 

 

 

Revenue

$

4,450

 

 

$

4,051

 

 

$

8,588

 

 

$

7,806

 

Adjustments:

 

 

 

 

 

 

 

Output Solutions postage reimbursements

 

(222

)

 

 

(202

)

 

 

(461

)

 

 

(407

)

Deferred revenue purchase accounting adjustments

 

6

 

 

 

6

 

 

 

13

 

 

 

13

 

Adjusted revenue

$

4,234

 

 

$

3,855

 

 

$

8,140

 

 

$

7,412

 

 

 

 

 

 

 

 

 

Operating income

$

860

 

 

$

644

 

 

$

1,706

 

 

$

1,119

 

Adjustments:

 

 

 

 

 

 

 

Merger and integration costs

 

39

 

 

 

148

 

 

 

61

 

 

 

273

 

Severance costs

 

47

 

 

 

4

 

 

 

99

 

 

 

14

 

Amortization of acquisition-related intangible assets

 

471

 

 

 

513

 

 

 

946

 

 

 

1,019

 

Gain on sale of assets

 

 

 

 

 

 

 

(147

)

 

 

 

Adjusted operating income

$

1,417

 

 

$

1,309

 

 

$

2,665

 

 

$

2,425

 

 

 

 

 

 

 

 

 

Operating margin

 

19.3

%

 

 

15.9

%

 

 

19.9

%

 

 

14.3

%

Adjusted operating margin

 

33.5

%

 

 

33.9

%

 

 

32.7

%

 

 

32.7

%

 

 

 

 

 

 

 

 

Merchant Acceptance (“Acceptance”) 1

 

 

 

 

 

 

 

Revenue

$

1,901

 

 

$

1,666

 

 

$

3,554

 

 

$

3,063

 

 

 

 

 

 

 

 

 

Operating income

$

593

 

 

$

524

 

 

$

1,063

 

 

$

911

 

 

 

 

 

 

 

 

 

Operating margin

 

31.2

%

 

 

31.4

%

 

 

29.9

%

 

 

29.7

%

 

 

 

 

 

 

 

 

Financial Technology (“Fintech”) 1

 

 

 

 

 

 

 

Revenue

$

803

 

 

$

754

 

 

$

1,581

 

 

$

1,490

 

 

 

 

 

 

 

 

 

Operating income

$

281

 

 

$

273

 

 

$

556

 

 

$

519

 

 

 

 

 

 

 

 

 

Operating margin

 

35.0

%

 

 

36.2

%

 

 

35.2

%

 

 

34.9

%

 

 

 

 

 

 

 

 

Payments and Network (“Payments”)

 

 

 

 

 

 

 

Revenue

$

1,518

 

 

$

1,421

 

 

$

2,980

 

 

$

2,826

 

Adjustments:

 

 

 

 

 

 

 

Deferred revenue purchase accounting adjustments

 

6

 

 

 

6

 

 

 

13

 

 

 

13

 

Adjusted revenue

$

1,524

 

 

$

1,427

 

 

$

2,993

 

 

$

2,839

 

 

 

 

 

 

 

 

 

Operating income

$

662

 

 

$

629

 

 

$

1,280

 

 

$

1,207

 

Adjustments:

 

 

 

 

 

 

 

Merger and integration costs

 

6

 

 

 

7

 

 

 

13

 

 

 

14

 

Adjusted operating income

$

668

 

 

$

636

 

 

$

1,293

 

 

$

1,221

 

 

 

 

 

 

 

 

 

Operating margin

 

43.6

%

 

 

44.3

%

 

 

42.9

%

 

 

42.7

%

Adjusted operating margin

 

43.8

%

 

 

44.6

%

 

 

43.2

%

 

 

43.0

%

 

 

 

 

 

 

 

 

Fiserv, Inc.

Financial Results by Segment (cont.)

(In millions, unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

Corporate and Other

 

 

 

 

 

 

 

Revenue

$

228

 

 

$

210

 

 

$

473

 

 

$

427

 

Adjustments:

 

 

 

 

 

 

 

Output Solutions postage reimbursements

 

(222

)

 

 

(202

)

 

 

(461

)

 

 

(407

)

Adjusted revenue

$

6

 

 

$

8

 

 

$

12

 

 

$

20

 

 

 

 

 

 

 

 

 

Operating loss

$

(676

)

 

$

(782

)

 

$

(1,193

)

 

$

(1,518

)

Adjustments:

 

 

 

 

 

 

 

Merger and integration costs

 

33

 

 

 

141

 

 

 

48

 

 

 

259

 

Severance costs

 

47

 

 

 

4

 

 

 

99

 

 

 

14

 

Amortization of acquisition-related intangible assets

 

471

 

 

 

513

 

 

 

946

 

 

 

1,019

 

Gain on sale of assets

 

 

 

 

 

 

 

(147

)

 

 

 

Adjusted operating loss

$

(125

)

 

$

(124

)

 

$

(247

)

 

$

(226

)

 

 

 

 

 

 

 

 

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.

Operating margin percentages are calculated using actual, unrounded amounts.

1

For all periods presented in the Acceptance and Fintech segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the GAAP measures presented.

Fiserv, Inc.

Condensed Consolidated Statements of Cash Flows 1

(In millions, unaudited)

 

Six Months Ended

June 30,

 

2022

 

2021

Cash flows from operating activities

 

 

 

Net income

$

1,291

 

 

$

602

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and other amortization

 

642

 

 

 

560

 

Amortization of acquisition-related intangible assets

 

966

 

 

 

1,050

 

Amortization of financing costs and debt discounts

 

22

 

 

 

25

 

Share-based compensation

 

155

 

 

 

127

 

Deferred income taxes

 

(317

)

 

 

(69

)

Gain on sale of assets

 

(147

)

 

 

 

Income from investments in unconsolidated affiliates

 

(234

)

 

 

(58

)

Distributions from unconsolidated affiliates

 

41

 

 

 

13

 

Non-cash impairment charges

 

 

 

 

5

 

Other operating activities

 

3

 

 

 

(22

)

Changes in assets and liabilities, net of effects from acquisitions:

 

 

 

Trade accounts receivable

 

(363

)

 

 

(154

)

Prepaid expenses and other assets

 

(224

)

 

 

(56

)

Contract costs

 

(154

)

 

 

(150

)

Accounts payable and other liabilities

 

111

 

 

 

171

 

Contract liabilities

 

13

 

 

 

(31

)

Net cash provided by operating activities

 

1,805

 

 

 

2,013

 

 

 

 

 

Cash flows from investing activities

 

 

 

Capital expenditures, including capitalized software and other intangibles

 

(718

)

 

 

(494

)

Proceeds from sale of assets

 

175

 

 

 

 

Payments for acquisition of businesses, net of cash acquired

 

(668

)

 

 

(493

)

Distributions from unconsolidated affiliates

 

78

 

 

 

52

 

Purchases of investments

 

(30

)

 

 

(235

)

Proceeds from sale of investments

 

3

 

 

 

472

 

Net cash used in investing activities

 

(1,160

)

 

 

(698

)

 

 

 

 

Cash flows from financing activities

 

 

 

Debt proceeds

 

1,191

 

 

 

4,343

 

Debt repayments, including debt financing costs

 

(1,610

)

 

 

(5,415

)

Net proceeds from commercial paper and short-term borrowings

 

869

 

 

 

1,047

 

Proceeds from issuance of treasury stock

 

72

 

 

 

60

 

Purchases of treasury stock, including employee shares withheld for tax obligations

 

(1,078

)

 

 

(1,361

)

Settlement activity, net

 

(189

)

 

 

166

 

Distributions paid to noncontrolling interests and redeemable noncontrolling interests

 

(22

)

 

 

(21

)

Payments of acquisition-related contingent consideration

 

 

 

 

(28

)

Other financing activities

 

13

 

 

 

(2

)

Net cash used in financing activities

 

(754

)

 

 

(1,211

)

Effect of exchange rate changes on cash and cash equivalents

 

(33

)

 

 

(2

)

Net change in cash and cash equivalents

 

(142

)

 

 

102

 

Cash and cash equivalents, beginning balance

 

3,205

 

 

 

2,569

 

Cash and cash equivalents, ending balance

$

3,063

 

 

$

2,671

 

 

 

 

 

Contacts

Media Relations:
Britt Zarling

Corporate Communications

Fiserv, Inc.

414-526-3107

britt.zarling@fiserv.com

Investor Relations:
Shub Mukherjee

Investor Relations

Fiserv, Inc.

212-266-3565

shub.mukherjee@fiserv.com

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