0000798354false00007983542024-10-222024-10-220000798354us-gaap:CommonStockMember2024-10-222024-10-220000798354fisv:SeniorNotesDue2027Member2024-10-222024-10-220000798354fisv:SeniorNotesDue2030Member2024-10-222024-10-220000798354fisv:SeniorNotesDue2025Member2024-10-222024-10-220000798354fisv:ThreePointZeroPercentSeniorNotesDue2031Member2024-10-222024-10-220000798354fisv:FourPointFivePercentSeniorNotesDue2031Member2024-10-222024-10-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
October 22, 2024
Fiserv, Inc.
(Exact Name of Registrant as Specified in Charter)
Wisconsin1-3896239-1506125
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin 53203
(Address of Principal Executive Offices, Including Zip Code)
(262) 879-5000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFIThe New York Stock Exchange
1.125% Senior Notes due 2027FI27The New York Stock Exchange
1.625% Senior Notes due 2030FI30The New York Stock Exchange
2.250% Senior Notes due 2025FI25The New York Stock Exchange
3.000% Senior Notes due 2031FI31The New York Stock Exchange
4.500% Senior Notes due 2031FI31AThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.Results of Operations and Financial Condition.
On October 22, 2024, Fiserv, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits.


EXHIBIT INDEX
Exhibit
Number		Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FISERV, INC.
Date:October 22, 2024By:/s/ Robert W. Hau
Robert W. Hau
Chief Financial Officer


Exhibit 99.1
News Release
image2a.jpg

For more information contact:
Media Relations:
Sophia Marshall
Head of Communications
Fiserv, Inc.
470-351-9908
sophia.marshall@fiserv.com
Investor Relations:
Julie Chariell
Head of Investor Relations
Fiserv, Inc.
212-515-0278
julie.chariell@fiserv.com
For Immediate Release

Fiserv Reports Third Quarter 2024 Results
GAAP revenue growth of 7% both in the quarter and year to date;
GAAP EPS decreased 37% in the quarter and increased 6% year to date;
Operating cash flow increased 24% to $4.41 billion year to date;
Organic revenue growth of 15% in the quarter and 17% year to date;
Adjusted EPS increased 17% in the quarter and 18% year to date;
Free cash flow increased 23% to $3.34 billion year to date;
Company raises 2024 organic revenue growth outlook to 16% to 17%
and adjusted EPS outlook to $8.73 to $8.80

MILWAUKEE, Wis., October 22, 2024 – Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today reported financial results for the third quarter of 2024.
Third Quarter 2024 GAAP Results
GAAP revenue for the company increased 7% to $5.22 billion in the third quarter of 2024 compared to the prior year period, with 9% growth in the Merchant Solutions segment and 5% growth in the Financial Solutions segment. GAAP revenue for the company increased 7% to $15.21 billion in the first nine months of 2024 compared to the prior year period, with 10% growth in the Merchant Solutions segment and 5% growth in the Financial Solutions segment.
GAAP earnings per share decreased 37% to $0.98 in the third quarter of 2024 and increased 6% to $3.74 in the first nine months of 2024 compared to the prior year periods. The third quarter and first nine months of 2024 included a $570 million non-cash impairment charge related to one of the company’s equity method investments. The third quarter and first nine months of 2023 included a $177 million pre-tax gain related to the sale of the company’s financial reconciliation business.
GAAP operating margin was 30.7% and 27.7% in the third quarter and first nine months of 2024 compared to 30.8% and 25.2% in the third quarter and first nine months of 2023. GAAP operating margin in the Merchant Solutions segment was 37.7% and 36.2% in the third quarter and first nine months of 2024 compared to 34.8% and 32.9% in the third quarter and first nine months of 2023.
1

News Release
image2a.jpg
GAAP operating margin in the Financial Solutions segment was 47.4% and 45.8% in the third quarter and first nine months of 2024 compared to 46.9% and 45.1% in the third quarter and first nine months of 2023. Net cash provided by operating activities increased 24% to $4.41 billion in the first nine months of 2024 compared to $3.57 billion in the prior year period.
“We are pleased with our third quarter performance, which showcases strength across both our Merchant and Financial Solutions segments and several significant new wins,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. “This performance is anchored in the privileged position we hold at the crossroads of two ecosystems – merchants and financial institutions – which are increasingly interconnected.”
Third Quarter 2024 Non-GAAP Results and Additional Information
•Adjusted revenue increased 7% to $4.88 billion in the third quarter and 7% to $14.22 billion in the first nine months of 2024 compared to the prior year periods.
•Organic revenue growth was 15% in the third quarter of 2024, led by 24% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment.
•Organic revenue growth was 17% in the first nine months of 2024, led by 29% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment.
•Adjusted earnings per share increased 17% to $2.30 in the third quarter and 18% to $6.29 in the first nine months of 2024 compared to the prior year periods.
•Adjusted operating margin increased 170 basis points to 40.2% in the third quarter and 170 basis points to 38.2% in the first nine months of 2024 compared to the prior year periods.
•Adjusted operating margin increased 290 basis points to 37.7% in the Merchant Solutions segment and increased 40 basis points to 47.4% in the Financial Solutions segment in the third quarter of 2024, compared to the prior year period.
•Adjusted operating margin increased 330 basis points to 36.2% in the Merchant Solutions segment and 60 basis points to 45.8% in the Financial Solutions segment in the first nine months of 2024, compared to the prior year period.
•Free cash flow increased 23% to $3.34 billion in the first nine months of 2024 compared to $2.72 billion in the prior year period.
•The company repurchased 7.6 million shares of common stock for $1.3 billion in the third quarter and 27.8 million shares of common stock for $4.3 billion in the first nine months of 2024.
•Fiserv was named as the #1 global financial technology provider on the 2024 International Data Corporation (IDC) FinTech Top 100 Rankings for the second consecutive year.
Outlook for 2024
Fiserv raises organic revenue growth outlook to 16% to 17% and adjusted earnings per share outlook to $8.73 to $8.80, representing growth of 16% to 17%, for 2024.
2

News Release
image2a.jpg
“Fiserv continues to demonstrate consistency and sustainability in our top-line growth and margin improvement, leading us to raise the outlook on our 2024 financial commitments,” said Bisignano. “Our unparalleled track record remains intact as we move closer to achieving our 39th consecutive year of double-digit adjusted earnings per share growth.”
Segment Realignment
The company realigned its reportable segments during the first quarter of 2024 to correspond with changes in its business designed to further enhance operational performance in the delivery of its integrated portfolio of products and solutions to its financial institution clients (“Segment Realignment”). The company’s new reportable segments are Merchant Solutions and Financial Solutions. Segment results for the three and nine months ended September 30, 2023 have been recast to reflect the Segment Realignment.
Earnings Conference Call
The company will discuss its third quarter 2024 results in a live webcast at 7 a.m. CT on Tuesday, October 22, 2024. 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. (NYSE: FI), a Fortune 500™ company, 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 and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 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, diluted 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,
3

News Release
image2a.jpg
complexity and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See pages 15-17 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; severance costs; merger and integration costs; gains or losses from the sale of businesses, certain assets or investments; and certain discrete tax benefits and expenses. 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 and dispositions. 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, diluted 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,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, 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
4

News Release
image2a.jpg
others, the following: 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 in the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, a recession, bank failures, or intensified international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; 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, 2023, 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.
5

News Release
image2a.jpg
Fiserv, Inc.
Condensed Consolidated Statements of Income
(In millions, except per share amounts, unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue
Processing and services$4,237 $4,008 $12,377 $11,605 
Product978 865 2,828 2,571 
Total revenue5,215 4,873 15,205 14,176 
Expenses
Cost of processing and services1,346 1,311 4,043 4,067 
Cost of product661 583 1,951 1,761 
Selling, general and administrative1,606 1,652 5,000 4,952 
Net gain on sale of businesses and other assets— (176)— (172)
Total expenses3,613 3,370 10,994 10,608 
Operating income1,602 1,503 4,211 3,568 
Interest expense, net(326)(258)(872)(692)
Other expense, net(5)(35)(17)(81)
Income before income taxes and loss from investments in unconsolidated affiliates1,271 1,210 3,322 2,795 
Income tax provision(74)(239)(448)(544)
Loss from investments in unconsolidated affiliates(626)(2)(642)(11)
Net income571 969 2,232 2,240 
Less: net income attributable to noncontrolling interests7 17 39 42 
Net income attributable to Fiserv$564 $952 $2,193 $2,198 
GAAP earnings per share attributable to Fiserv — diluted$0.98 $1.56 $3.74 $3.54 
Diluted shares used in computing earnings per share attributable to Fiserv576.9 610.3 585.7 620.3 

Earnings per share is calculated using actual, unrounded amounts.

6

News Release
image2a.jpg
Fiserv, Inc.
Reconciliation of GAAP to
Adjusted Net Income and Adjusted Earnings Per Share
(In millions, except per share amounts, unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
GAAP net income attributable to Fiserv$564$952 $2,193$2,198 
Adjustments:
Merger and integration costs 1
—30 59120 
Severance costs1415 7752 
Amortization of acquisition-related intangible assets 2
346388 1,0851,245 
Non wholly-owned entity activities 3
2431 78102 
Impairment of equity method investments 4
610— 610— 
Net gain on sale of businesses and other assets 5
—(176)—(172)
Canadian tax law change 6
—— —27 
Tax impact of adjustments 7
(233)(44)(416)(261)
Adjusted net income$1,325$1,196 $3,686$3,311 
GAAP earnings per share attributable to Fiserv - diluted$0.98$1.56 $3.74$3.54 
Adjustments - net of income taxes:
Merger and integration costs 1
—0.04 0.080.15 
Severance costs0.020.02 0.100.07 
Amortization of acquisition-related intangible assets 2
0.480.51 1.481.60 
Non wholly-owned entity activities 3
0.030.04 0.110.13 
Impairment of equity method investments 4
0.79— 0.78— 
Net gain on sale of businesses and other assets 5
—(0.21)—(0.20)
Canadian tax law change 6
—— —0.03 
Adjusted earnings per share$2.30$1.96 $6.29$5.34 
GAAP earnings per share attributable to Fiserv growth(37)%6 %
Adjusted earnings per share growth17 %18 %
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Earnings per share is calculated using actual, unrounded amounts.
1Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities in the first nine months of 2024 primarily include $13 million of third-party professional service fees and $22 million of share-based compensation and associated taxes. Merger and integration costs associated with integration activities in the third quarter and first nine months of 2023 primarily include $19 million and $52 million of third-party professional service fees, respectively, as well as $39 million of share-based compensation in the first nine months of 2023.
2Represents amortization of intangible assets acquired through acquisition, 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, financing costs and debt discounts. See additional information on page 14 for an analysis of the company's amortization expense.
3Represents 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.
4Represents a non-cash impairment of certain equity method investments during the third quarter of 2024, primarily related to the company’s Wells Fargo Merchant Services joint venture, recorded within loss from investments in unconsolidated affiliates in the consolidated statement of income.
7

News Release
image2a.jpg
5Represents a net gain primarily associated with the sale of the company’s financial reconciliation business during the third quarter of 2023.
6Represents the impact of a multi-year retroactive Canadian tax law change, enacted in June 2023, related to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) treatment of payment card services.
7The tax impact of adjustments is calculated using a tax rate of 20% in both the first nine months of 2024 and 2023, which approximates the company’s anticipated annual effective tax rate, exclusive of actual tax impacts of a $156 million benefit associated with the impairment of certain equity method investments during the first nine months of 2024 and a $49 million provision associated with the net gain on sale of businesses during the first nine months of 2023.
8

News Release
image2a.jpg
Fiserv, Inc.
Financial Results by Segment
(In millions, unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Total Company
Revenue$5,215 $4,873 $15,205 $14,176 
Adjustments:
Postage reimbursements (331)(307)(984)(927)
Deferred revenue purchase accounting adjustments— 5 — 16
Adjusted revenue$4,884 $4,571 $14,221 $13,265 
Operating income$1,602 $1,503 $4,211 $3,568 
Adjustments:
Merger and integration costs 1
— 30 59 120 
Severance costs14 15 77 52 
Amortization of acquisition-related intangible assets346 388 1,085 1,245 
Net gain on sale of businesses and other assets— (176)— (172)
Canadian tax law change— — — 27 
Adjusted operating income$1,962 $1,760 $5,432 $4,840 
Operating margin30.7 %30.8 %27.7 %25.2 %
Adjusted operating margin40.2 %38.5 %38.2 %36.5 %
Merchant Solutions (“Merchant”) 2
Revenue$2,469 $2,259 $7,132 $6,461 
Operating income$931 $786 $2,582 $2,123 
Operating margin37.7 %34.8 %36.2 %32.9 %
Financial Solutions (“Financial”)
Revenue$2,412 $2,302 $7,076 $6,770 
Adjustments:
Deferred revenue purchase accounting adjustments— 5 — 16 
Adjusted revenue$2,412 $2,307 $7,076 $6,786 
Operating income$1,143 $1,079 $3,244 $3,050 
Adjustments:
Deferred revenue purchase accounting adjustments— 5 — 16 
Adjusted operating income$1,143 $1,084 $3,244 $3,066 
Operating margin47.4 %46.9 %45.8 %45.1 %
Adjusted operating margin47.4 %47.0 %45.8 %45.2 %
9

News Release
image2a.jpg
Fiserv, Inc.
Financial Results by Segment (cont.)
(In millions, unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Corporate and Other
Revenue$334 $312 $997 $945 
Adjustments:
Postage reimbursements (331)(307)(984)(927)
Adjusted revenue$3 $5 $13 $18 
Operating loss$(472)$(362)$(1,615)$(1,605)
Adjustments:
Merger and integration costs— 25 59 104 
Severance costs14 15 77 52 
Amortization of acquisition-related intangible assets346 388 1,085 1,245 
Net gain on sale of businesses and other assets— (176)— (172)
Canadian tax law change— — — 27 
Adjusted operating loss$(112)$(110)$(394)$(349)

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Operating margin percentages are calculated using actual, unrounded amounts.
1Includes deferred revenue purchase accounting adjustments within the Financial segment related to the 2019 acquisition of First Data Corporation. Adjustments for this residual activity concluded as of December 31, 2023.
2For all periods presented in the Merchant segment, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the GAAP measures presented.
10

News Release
image2a.jpg
Fiserv, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions, unaudited)
Nine Months Ended
September 30,
20242023
Cash flows from operating activities
Net income$2,232 $2,240 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization1,248 1,093 
Amortization of acquisition-related intangible assets1,089 1,261 
Amortization of financing costs and debt discounts33 30 
Share-based compensation273 275 
Deferred income taxes(539)(344)
Net gain on sale of businesses and other assets— (172)
Loss from investments in unconsolidated affiliates642 11 
Distributions from unconsolidated affiliates29 42 
Non-cash impairment charges14 — 
Other operating activities79 (2)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable(136)119 
Prepaid expenses and other assets(503)(506)
Contract costs(189)(180)
Accounts payable and other liabilities134 (303)
Contract liabilities4 3 
Net cash provided by operating activities4,410 3,567 
Cash flows from investing activities
Capital expenditures, including capitalized software and other intangibles(1,170)(1,034)
Net proceeds from sale of businesses and other assets— 232 
Merchant cash advances, net
(645)— 
Distributions from unconsolidated affiliates59 110 
Purchases of investments(37)(15)
Proceeds from sale of investments53 — 
Other investing activities— (3)
Net cash used in investing activities(1,740)(710)
Cash flows from financing activities
Debt proceeds6,141 5,188 
Debt repayments(4,665)(1,652)
Net borrowings from (repayments of) commercial paper and short-term borrowings345 (2,032)
Payments of debt financing costs(28)(38)
Proceeds from issuance of treasury stock79 68 
Purchases of treasury stock, including employee shares withheld for tax obligations(4,491)(3,790)
Settlement activity, net487 (630)
Distributions paid to noncontrolling interests and redeemable noncontrolling interest
(48)(22)
Payment to acquire noncontrolling interest of consolidated subsidiary
— (56)
Payments of acquisition-related contingent consideration(3)(33)
Other financing activities(2)(39)
Net cash used in financing activities(2,185)(3,036)
Effect of exchange rate changes on cash and cash equivalents25 (8)
Net change in cash and cash equivalents510 (187)
Cash and cash equivalents, beginning balance2,963 3,192 
Cash and cash equivalents, ending balance$3,473 $3,005 
11

News Release
image2a.jpg
Fiserv, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
September 30,December 31,
20242023
Assets
Cash and cash equivalents$1,228 $1,204 
Trade accounts receivable – net3,714 3,582 
Prepaid expenses and other current assets2,749 2,344 
Settlement assets17,434 27,681 
Total current assets25,125 34,811 
Property and equipment – net2,377 2,161 
Customer relationships – net6,218 7,075 
Other intangible assets – net4,104 4,135 
Goodwill37,133 37,205 
Contract costs – net985 968 
Investments in unconsolidated affiliates1,585 2,262 
Other long-term assets2,265 2,273 
Total assets$79,792 $90,890 
Liabilities and Equity
Accounts payable and other current liabilities$4,161 $4,355 
Short-term and current maturities of long-term debt1,200 755 
Contract liabilities770 761 
Settlement obligations17,434 27,681 
Total current liabilities23,565 33,552 
Long-term debt24,085 22,363 
Deferred income taxes2,526 3,078 
Long-term contract liabilities255 250 
Other long-term liabilities958 978 
Total liabilities51,389 60,221 
Redeemable noncontrolling interest
— 161 
Fiserv shareholders' equity27,751 29,857 
Noncontrolling interests652 651 
Total equity28,403 30,508 
Total liabilities and equity$79,792 $90,890 


12

News Release
image2a.jpg
Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information
(In millions, unaudited)
Organic Revenue Growth 1
Three Months Ended
September 30,		Nine Months Ended
September 30,
20242023Growth20242023Growth
Total Company
Adjusted revenue
$4,884 $4,571 $14,221 $13,265 
Currency impact 2
371 — 1,327 — 
Acquisition adjustments
(3)— (9)— 
Divestiture adjustments
(3)(7)(13)(41)
Organic revenue
$5,249 $4,564 15%$15,526 $13,224 17%
Merchant
Adjusted revenue
$2,469 $2,259 $7,132 $6,461 
Currency impact 2
344 — 1,225 — 
Acquisition adjustments
(3)— (9)— 
Organic revenue
$2,810 $2,259 24%$8,348 $6,461 29%
Financial
Adjusted revenue
$2,412 $2,307 $7,076 $6,786 
Currency impact 2
27 — 102 — 
Divestiture adjustments
— (2)— (23)
Organic revenue
$2,439 $2,305 6%$7,178 $6,763 6%
Corporate and Other
Adjusted revenue
$3 $5 $13 $18 
Divestiture adjustments
(3)(5)(13)(18)
Organic revenue
$— $— $— $— 

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Organic revenue growth is calculated using actual, unrounded amounts.
1Organic revenue growth is measured as the change in adjusted revenue (see pages 9-10) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositions.
2Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
13

News Release
image2a.jpg
Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information (cont.)
(In millions, unaudited)

Free Cash FlowNine Months Ended
September 30,
20242023
Net cash provided by operating activities
$4,410 $3,567 
Capital expenditures
(1,170)(1,034)
Adjustments:
Distributions paid to noncontrolling interests and redeemable noncontrolling interest
(48)(22)
Distributions from unconsolidated affiliates included in cash flows from investing activities
59 110 
Severance, merger and integration payments
116 121 
Tax payments on adjustments
(23)(24)
Other
— 5 
Free cash flow
$3,344 $2,723 


Total Amortization 1
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Acquisition-related intangible assets$345 $393 $1,089 $1,261 
Capitalized software and other intangibles164 133 464 360 
Purchased software57 53 175 167 
Financing costs and debt discounts11 10 33 30 
Sales commissions29 28 84 83 
Deferred conversion costs33 21 82 61 
Total amortization$639 $638 $1,927 $1,962 

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1The 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 the 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. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
14

News Release
image2a.jpg
Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures
Reconciliations of 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 these items that are excluded from the non-GAAP outlook measures. The company’s forward-looking non-GAAP financial measures for 2024, including organic revenue growth, adjusted earnings per share and adjusted earnings per share growth, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business.
Organic Revenue Growth - The company's organic revenue growth outlook for 2024 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company's postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
Growth
2024 Revenue7.5% - 8.5%
Postage reimbursements(0.5)%
2024 Adjusted revenue7% - 8%
Currency impact8.5%
Acquisition adjustments0.0%
Divestiture adjustments0.5%
2024 Organic revenue16% - 17%

Adjusted Earnings Per Share - The company's adjusted earnings per share outlook for 2024 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; non-cash pension plan termination charges; merger and integration costs; severance costs; gains or losses from the sale of businesses, certain assets and investments; and certain discrete tax benefits and expenses. The company estimates that amortization expense in 2024 with respect to acquired intangible assets will decrease approximately 15% compared to the amount incurred in 2023.
Other adjustments to the company’s financial measures that were incurred in 2023 and for the three and nine months ended September 30, 2024 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred throughout the remainder of 2024 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items.
15

News Release
image2a.jpg
Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures (cont.)
The company's adjusted earnings per share growth outlook for 2024 is based on 2023 adjusted earnings per share performance.
2023 GAAP net income attributable to Fiserv$3,068 
Adjustments:
Merger and integration costs 1
158 
Severance costs74 
Amortization of acquisition-related intangible assets 2
1,623 
Non wholly-owned entity activities 3
133 
Net gain on sale of businesses and other assets 4
(167)
Canadian tax law change 5
27 
Tax impact of adjustments 6
(355)
Argentine Peso devaluation 7
71 
2023 adjusted net income$4,632 
Weighted average common shares outstanding - diluted615.9 
2023 GAAP earnings per share attributable to Fiserv - diluted$4.98 
Adjustments - net of income taxes:
Merger and integration costs 1
0.21 
Severance costs 0.10 
Amortization of acquisition-related intangible assets 2
2.11 
Non wholly-owned entity activities 3
0.17 
Net gain on sale of businesses and other assets 4
(0.19)
Canadian tax law change 5
0.04 
Argentine Peso devaluation 7
0.12 
2023 adjusted earnings per share$7.52 
2024 adjusted earnings per share outlook
$8.73 - $8.80
2024 adjusted earnings per share growth outlook
16% - 17%

In millions, except per share amounts, unaudited. Earnings per share is calculated using actual, unrounded amounts.
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.














16

News Release
image2a.jpg
Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures (cont.)
1Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include $35 million of share-based compensation and $70 million of third-party professional service fees.
2Represents amortization of intangible assets acquired through acquisition, 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, financing costs and debt discounts.
3Represents 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.
4Represents a net gain primarily associated with the sale of the company’s financial reconciliation business.
5Represents the impact of a multi-year retroactive Canadian tax law change, enacted in June 2023, related to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) treatment of payment card services.
6The tax impact of adjustments is calculated using a tax rate of 20%, which approximates the company's annual effective tax rate, exclusive of actual tax impacts of $48 million associated with the net gain on sale of businesses.
7On December 12, 2023, the Argentina government announced economic reforms, including a significant devaluation of the Argentine Peso. This adjustment represents the corresponding one-day foreign currency exchange loss from the remeasurement of the company’s Argentina subsidiary’s monetary assets and liabilities in Argentina’s highly inflationary economy.
FI-G
# # #

17

v3.24.3
Cover Page
Oct. 22, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 22, 2024
Entity Registrant Name Fiserv, Inc.
Entity Incorporation, State or Country Code WI
Entity File Number 1-38962
Entity Tax Identification Number 39-1506125
Entity Address, Address Line One 600 N. Vel R. Phillips Avenue
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53203
City Area Code 262
Local Phone Number 879-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000798354
Amendment Flag false
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol FI
Security Exchange Name NYSE
1.125% Senior Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.125% Senior Notes due 2027
Trading Symbol FI27
Security Exchange Name NYSE
1.625% Senior Notes due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 1.625% Senior Notes due 2030
Trading Symbol FI30
Security Exchange Name NYSE
2.250% Senior Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 2.250% Senior Notes due 2025
Trading Symbol FI25
Security Exchange Name NYSE
Three Point Zero Percent Senior Notes Due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 3.000% Senior Notes due 2031
Trading Symbol FI31
Security Exchange Name NYSE
Four Point Five Percent Senior Notes Due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 4.500% Senior Notes due 2031
Trading Symbol FI31A
Security Exchange Name NYSE
Fiserv (NYSE:FI)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Fiserv Charts.
Fiserv (NYSE:FI)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Fiserv Charts.