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    Fiserv Reports Third Quarter 2022 Results

    10/27/22 7:01:00 AM ET
    $FISV
    Business Services
    Consumer Discretionary
    Get the next $FISV alert in real time by email

    GAAP revenue growth of 9% both in the quarter and year to date; GAAP EPS increased 17% in the quarter and 80% year to date; Organic revenue growth of 11% both in the quarter and year to date; Adjusted EPS increased 11% in the quarter and 14% year to date; Company raises 2022 organic revenue growth outlook to 11% and adjusted EPS outlook to $6.48 to $6.55

    Fiserv, Inc. (NASDAQ:FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the third quarter of 2022.

    Third Quarter 2022 GAAP Results

    GAAP revenue for the company increased 9% to $4.52 billion in the third quarter of 2022 compared to the prior year period, with 9% growth in the Acceptance segment, 1% growth in the Fintech segment and 10% growth in the Payments segment. GAAP revenue for the company increased 9% to $13.11 billion in the first nine months of 2022 compared to the prior year period, with 14% growth in the Acceptance segment, 4% growth in the Fintech segment and 7% growth in the Payments segment.

    GAAP earnings per share was $0.75 in the third quarter and $2.68 in the first nine months of 2022, an increase of 17% and 80%, respectively, compared to the prior year periods. The first nine months of 2021 included higher merger and integration costs and certain discrete tax expenses. GAAP operating margin was 18.9% and 19.5% in the third quarter and first nine months of 2022, respectively, compared to 15.3% and 14.7% in the third quarter and first nine months of 2021, respectively. Net cash provided by operating activities was $2.99 billion in the first nine months of 2022 compared to $2.69 billion in the prior year period.

    "We are pleased with our third quarter performance with organic revenue growth at the high-end of the full year outlook, and notable strength in the payments segment of our portfolio," said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. "We credit the strength of our client franchise, industry-leading products and geographic reach for these continued outstanding results."

    Third Quarter 2022 Non-GAAP Results and Additional Information

    • Adjusted revenue increased 8% to $4.27 billion in the third quarter and 9% to $12.41 billion in the first nine months of 2022 compared to the prior year periods.
    • Organic revenue growth was 11% in the third quarter of 2022, led by 14% growth in the Acceptance segment, 1% growth in the Fintech segment and 11% growth in the Payments segment.
    • Organic revenue growth was 11% in the first nine months of 2022, led by 17% growth in the Acceptance segment, 4% growth in the Fintech segment and 8% growth in the Payments segment.
    • Adjusted earnings per share increased 11% to $1.63 in the third quarter and 14% to $4.59 in the first nine months of 2022 compared to the prior year periods.
    • Adjusted operating margin increased 100 basis points to 35.2% in the third quarter and increased 40 basis points to 33.6% in the first nine months of 2022 compared to the prior year periods.
    • Free cash flow was $2.11 billion in the first nine months of 2022 compared to $2.29 billion in the prior year period.
    • The company repurchased 7.6 million shares of common stock for $750 million in the third quarter and 17.9 million shares of common stock for $1.8 billion in the first nine months of 2022.

    Outlook for 2022

    Fiserv raises full year 2022 outlook and now expects organic revenue growth of 11% and adjusted earnings per share of $6.48 to $6.55, representing growth of 16% to 17%.

    "The demonstrated resilience of our business model should position Fiserv well to withstand current uncertainty, as we continue to deliver for our clients and invest for future growth," said Bisignano. "We've outperformed our original growth expectations and have begun to see the benefits of operating leverage and expense management. As a result, we are raising our guidance for organic revenue and adjusted EPS growth."

    Earnings Conference Call

    The company will discuss its third quarter 2022 results in a live webcast at 7 a.m. CT on Thursday, October 27, 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 continuing 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, rising interest rates, 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

    September 30,

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

     

    2022

     

    2021

    Revenue

     

     

     

     

     

     

     

    Processing and services

    $

    3,678

     

     

    $

    3,407

     

     

    $

    10,738

     

     

    $

    9,822

     

    Product

     

    840

     

     

     

    756

     

     

     

    2,368

     

     

     

    2,147

     

    Total revenue

     

    4,518

     

     

     

    4,163

     

     

     

    13,106

     

     

     

    11,969

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

    Cost of processing and services

     

    1,443

     

     

     

    1,530

     

     

     

    4,381

     

     

     

    4,425

     

    Cost of product

     

    553

     

     

     

    521

     

     

     

    1,631

     

     

     

    1,500

     

    Selling, general and administrative

     

    1,547

     

     

     

    1,476

     

     

     

    4,560

     

     

     

    4,289

     

    Net (gain) loss on sale of business and other assets

     

    120

     

     

     

    —

     

     

     

    (27

    )

     

     

    —

     

    Total expenses

     

    3,663

     

     

     

    3,527

     

     

     

    10,545

     

     

     

    10,214

     

     

     

     

     

     

     

     

     

    Operating income

     

    855

     

     

     

    636

     

     

     

    2,561

     

     

     

    1,755

     

    Interest expense, net

     

    (190

    )

     

     

    (172

    )

     

     

    (534

    )

     

     

    (523

    )

    Other (expense) income

     

    (13

    )

     

     

    14

     

     

     

    (83

    )

     

     

    36

     

     

     

     

     

     

     

     

     

    Income before income taxes and income (loss) from investments in unconsolidated affiliates

     

    652

     

     

     

    478

     

     

     

    1,944

     

     

     

    1,268

     

    Income tax provision

     

    (147

    )

     

     

    (54

    )

     

     

    (382

    )

     

     

    (300

    )

    Income (loss) from investments in unconsolidated affiliates

     

    (12

    )

     

     

    22

     

     

     

    222

     

     

     

    80

     

     

     

     

     

     

     

     

     

    Net income

     

    493

     

     

     

    446

     

     

     

    1,784

     

     

     

    1,048

     

    Less: net income attributable to noncontrolling interests

     

    12

     

     

     

    18

     

     

     

    36

     

     

     

    47

     

     

     

     

     

     

     

     

     

    Net income attributable to Fiserv

    $

    481

     

     

    $

    428

     

     

    $

    1,748

     

     

    $

    1,001

     

     

     

     

     

     

     

     

     

    GAAP earnings per share attributable to Fiserv — diluted

    $

    0.75

     

     

    $

    0.64

     

     

    $

    2.68

     

     

    $

    1.49

     

     

     

     

     

     

     

     

     

    Diluted shares used in computing earnings per share attributable to Fiserv

     

    645.0

     

     

     

    669.7

     

     

     

    651.0

     

     

     

    674.1

     

     

     

     

     

     

     

     

     

    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

    September 30,

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

     

    2022

     

    2021

     

     

     

     

     

     

     

     

    GAAP net income attributable to Fiserv

    $

    481

     

     

    $

    428

     

     

    $

    1,748

     

     

    $

    1,001

     

    Adjustments:

     

     

     

     

     

     

     

    Merger and integration costs 1

     

    54

     

     

     

    210

     

     

     

    115

     

     

     

    483

     

    Severance costs

     

    35

     

     

     

    24

     

     

     

    134

     

     

     

    38

     

    Amortization of acquisition-related intangible assets 2

     

    442

     

     

     

    490

     

     

     

    1,388

     

     

     

    1,509

     

    Non wholly-owned entity activities 3

     

    51

     

     

     

    33

     

     

     

    (19

    )

     

     

    40

     

    Net (gain) loss on sale of business and other assets 4

     

    120

     

     

     

    —

     

     

     

    (27

    )

     

     

    —

     

    Tax impact of adjustments 5

     

    (131

    )

     

     

    (174

    )

     

     

    (353

    )

     

     

    (476

    )

    Discrete tax items 6

     

    —

     

     

     

    (24

    )

     

     

    —

     

     

     

    110

     

    Adjusted net income

    $

    1,052

     

     

    $

    987

     

     

    $

    2,986

     

     

    $

    2,705

     

     

     

     

     

     

     

     

     

    GAAP earnings per share attributable to Fiserv

    $

    0.75

     

     

    $

    0.64

     

     

    $

    2.68

     

     

    $

    1.49

     

    Adjustments - net of income taxes:

     

     

     

     

     

     

     

    Merger and integration costs 1

     

    0.07

     

     

     

    0.24

     

     

     

    0.14

     

     

     

    0.55

     

    Severance costs

     

    0.04

     

     

     

    0.03

     

     

     

    0.16

     

     

     

    0.04

     

    Amortization of acquisition-related intangible assets 2

     

    0.54

     

     

     

    0.56

     

     

     

    1.68

     

     

     

    1.72

     

    Non wholly-owned entity activities 3

     

    0.05

     

     

     

    0.04

     

     

     

    (0.06

    )

     

     

    0.05

     

    Net (gain) loss on sale of business and other assets 4

     

    0.19

     

     

     

    —

     

     

     

    (0.03

    )

     

     

    —

     

    Discrete tax items 6

     

    —

     

     

     

    (0.04

    )

     

     

    —

     

     

     

    0.16

     

    Adjusted earnings per share

    $

    1.63

     

     

    $

    1.47

     

     

    $

    4.59

     

     

    $

    4.01

     

     

     

     

     

     

     

     

     

    GAAP earnings per share attributable to Fiserv growth

     

    17

    %

     

     

     

     

    80

    %

     

     

    Adjusted earnings per share growth

     

    11

    %

     

     

     

     

    14

    %

     

     

     

     

     

     

     

     

     

     

    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 third quarter and first nine months of 2022 primarily includes share-based compensation and third-party professional service fees attributable to various acquisitions. First Data integration costs in the third quarter and first nine months of 2021 primarily include $95 million and $210 million, respectively, of third-party professional service fees associated with integration activities; $13 million and $41 million, respectively, of incremental share-based compensation, including the fair value of stock awards assumed by Fiserv; and $60 million and $153 million, respectively, of other integration-related compensation costs.

    2

    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.

    3

    Represents the company's share of amortization of acquisition-related intangible assets and, in 2022, expenses associated with debt refinancing activities 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 for the first nine months of 2022 also includes gains totaling $201 million related to certain equity investment transactions and other net expense of $57 million associated with joint venture debt guarantees. This adjustment for the third quarter and first nine months of 2021 includes net gains totaling $2 million and $75 million, respectively, related to the fair value remeasurement and sale of certain equity investments.

    4

    Represents a loss on the sale of the company's Korea operations during the third quarter of 2022, as well as a gain on the sale of certain merchant contracts during the first nine months of 2022 in conjunction with the mutual termination of one of the company's merchant alliance joint ventures.

    5

    The tax impact of adjustments is calculated using a tax rate of 21% and 23% in the first nine months of 2022 and 2021, respectively, which approximates the company's anticipated annual effective tax rates, exclusive of the $10 million actual tax impacts associated with the net gain on sales of business, other assets and certain equity investment transactions during the first nine months of 2022.

    6

    Represents certain discrete tax items, such as foreign derived intangible income tax benefits from a subsidiary restructuring and 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

    September 30,

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

     

    2022

     

    2021

    Total Company

     

     

     

     

     

     

     

    Revenue

    $

    4,518

     

     

    $

    4,163

     

     

    $

    13,106

     

     

    $

    11,969

     

    Adjustments:

     

     

     

     

     

     

     

    Output Solutions postage reimbursements

     

    (251

    )

     

     

    (209

    )

     

     

    (712

    )

     

     

    (616

    )

    Deferred revenue purchase accounting adjustments

     

    6

     

     

     

    8

     

     

     

    19

     

     

     

    21

     

    Adjusted revenue

    $

    4,273

     

     

    $

    3,962

     

     

    $

    12,413

     

     

    $

    11,374

     

     

     

     

     

     

     

     

     

    Operating income

    $

    855

     

     

    $

    636

     

     

    $

    2,561

     

     

    $

    1,755

     

    Adjustments:

     

     

     

     

     

     

     

    Merger and integration costs

     

    54

     

     

     

    206

     

     

     

    115

     

     

     

    479

     

    Severance costs

     

    35

     

     

     

    24

     

     

     

    134

     

     

     

    38

     

    Amortization of acquisition-related intangible assets

     

    442

     

     

     

    490

     

     

     

    1,388

     

     

     

    1,509

     

    Net (gain) loss on sale of business and other assets

     

    120

     

     

     

    —

     

     

     

    (27

    )

     

     

    —

     

    Adjusted operating income

    $

    1,506

     

     

    $

    1,356

     

     

    $

    4,171

     

     

    $

    3,781

     

     

     

     

     

     

     

     

     

    Operating margin

     

    18.9

    %

     

     

    15.3

    %

     

     

    19.5

    %

     

     

    14.7

    %

    Adjusted operating margin

     

    35.2

    %

     

     

    34.2

    %

     

     

    33.6

    %

     

     

    33.2

    %

     

     

     

     

     

     

     

     

    Merchant Acceptance ("Acceptance") 1

     

     

     

     

     

     

     

    Revenue

    $

    1,878

     

     

    $

    1,716

     

     

    $

    5,432

     

     

    $

    4,779

     

     

     

     

     

     

     

     

     

    Operating income

    $

    610

     

     

    $

    552

     

     

    $

    1,673

     

     

    $

    1,463

     

     

     

     

     

     

     

     

     

    Operating margin

     

    32.4

    %

     

     

    32.2

    %

     

     

    30.8

    %

     

     

    30.6

    %

     

     

     

     

     

     

     

     

    Financial Technology ("Fintech") 1

     

     

     

     

     

     

     

    Revenue

    $

    766

     

     

    $

    761

     

     

    $

    2,347

     

     

    $

    2,251

     

     

     

     

     

     

     

     

     

    Operating income

    $

    261

     

     

    $

    275

     

     

    $

    817

     

     

    $

    794

     

     

     

     

     

     

     

     

     

    Operating margin

     

    34.1

    %

     

     

    36.0

    %

     

     

    34.8

    %

     

     

    35.3

    %

     

     

     

     

     

     

     

     

    Payments and Network ("Payments")

     

     

     

     

     

     

     

    Revenue

    $

    1,617

     

     

    $

    1,471

     

     

    $

    4,597

     

     

    $

    4,297

     

    Adjustments:

     

     

     

     

     

     

     

    Deferred revenue purchase accounting adjustments

     

    6

     

     

     

    8

     

     

     

    19

     

     

     

    21

     

    Adjusted revenue

    $

    1,623

     

     

    $

    1,479

     

     

    $

    4,616

     

     

    $

    4,318

     

     

     

     

     

     

     

     

     

    Operating income

    $

    738

     

     

    $

    643

     

     

    $

    2,018

     

     

    $

    1,850

     

    Adjustments:

     

     

     

     

     

     

     

    Merger and integration costs

     

    6

     

     

     

    7

     

     

     

    19

     

     

     

    21

     

    Adjusted operating income

    $

    744

     

     

    $

    650

     

     

    $

    2,037

     

     

    $

    1,871

     

     

     

     

     

     

     

     

     

    Operating margin

     

    45.6

    %

     

     

    43.7

    %

     

     

    43.9

    %

     

     

    43.1

    %

    Adjusted operating margin

     

    45.9

    %

     

     

    44.0

    %

     

     

    44.1

    %

     

     

    43.4

    %

     

     

     

     

     

     

     

     

    Fiserv, Inc.

    Financial Results by Segment (cont.)

    (In millions, unaudited)

     

     

     

     

     

     

     

     

     

    Three Months Ended

    September 30,

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

     

    2022

     

    2021

    Corporate and Other

     

     

     

     

     

     

     

    Revenue

    $

    257

     

     

    $

    215

     

     

    $

    730

     

     

    $

    642

     

    Adjustments:

     

     

     

     

     

     

     

    Output Solutions postage reimbursements

     

    (251

    )

     

     

    (209

    )

     

     

    (712

    )

     

     

    (616

    )

    Adjusted revenue

    $

    6

     

     

    $

    6

     

     

    $

    18

     

     

    $

    26

     

     

     

     

     

     

     

     

     

    Operating loss

    $

    (754

    )

     

    $

    (834

    )

     

    $

    (1,947

    )

     

    $

    (2,352

    )

    Adjustments:

     

     

     

     

     

     

     

    Merger and integration costs

     

    48

     

     

     

    199

     

     

     

    96

     

     

     

    458

     

    Severance costs

     

    35

     

     

     

    24

     

     

     

    134

     

     

     

    38

     

    Amortization of acquisition-related intangible assets

     

    442

     

     

     

    490

     

     

     

    1,388

     

     

     

    1,509

     

    Net (gain) loss on sale of business and other assets

     

    120

     

     

     

    —

     

     

     

    (27

    )

     

     

    —

     

    Adjusted operating loss

    $

    (109

    )

     

    $

    (121

    )

     

    $

    (356

    )

     

    $

    (347

    )

     

     

     

     

     

     

     

     

    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)

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

    Cash flows from operating activities

     

     

     

    Net income

    $

    1,784

     

     

    $

    1,048

     

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

     

     

     

    Depreciation and other amortization

     

    982

     

     

     

    861

     

    Amortization of acquisition-related intangible assets

     

    1,416

     

     

     

    1,554

     

    Amortization of financing costs and debt discounts

     

    33

     

     

     

    41

     

    Share-based compensation

     

    244

     

     

     

    190

     

    Deferred income taxes

     

    (402

    )

     

     

    (266

    )

    Net gain on sale of business and other assets

     

    (27

    )

     

     

    —

     

    Income from investments in unconsolidated affiliates

     

    (222

    )

     

     

    (80

    )

    Distributions from unconsolidated affiliates

     

    58

     

     

     

    17

     

    Non-cash impairment charges

     

    —

     

     

     

    6

     

    Other operating activities

     

    (2

    )

     

     

    (26

    )

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

     

     

     

    Trade accounts receivable

     

    (521

    )

     

     

    (298

    )

    Prepaid expenses and other assets

     

    (203

    )

     

     

    (242

    )

    Contract costs

     

    (230

    )

     

     

    (210

    )

    Accounts payable and other liabilities

     

    105

     

     

     

    97

     

    Contract liabilities

     

    (30

    )

     

     

    (1

    )

    Net cash provided by operating activities

     

    2,985

     

     

     

    2,691

     

     

     

     

     

    Cash flows from investing activities

     

     

     

    Capital expenditures, including capitalized software and other intangibles

     

    (1,148

    )

     

     

    (814

    )

    Net proceeds from sale of business and other assets

     

    218

     

     

     

    —

     

    Payments for acquisition of businesses, net of cash acquired

     

    (682

    )

     

     

    (495

    )

    Distributions from unconsolidated affiliates

     

    110

     

     

     

    91

     

    Purchases of investments

     

    (45

    )

     

     

    (250

    )

    Proceeds from sale of investments

     

    13

     

     

     

    503

     

    Net cash used in investing activities

     

    (1,534

    )

     

     

    (965

    )

     

     

     

     

    Cash flows from financing activities

     

     

     

    Debt proceeds

     

    1,450

     

     

     

    5,177

     

    Debt repayments, including debt financing costs

     

    (2,945

    )

     

     

    (6,515

    )

    Net proceeds from commercial paper and short-term borrowings

     

    2,020

     

     

     

    1,388

     

    Proceeds from issuance of treasury stock

     

    96

     

     

     

    105

     

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

     

    (1,909

    )

     

     

    (1,768

    )

    Settlement activity, net

     

    114

     

     

     

    386

     

    Distributions paid to noncontrolling interests and redeemable noncontrolling interests

     

    (30

    )

     

     

    (41

    )

    Payments of acquisition-related contingent consideration

     

    —

     

     

     

    (36

    )

    Other financing activities

     

    7

     

     

     

    (2

    )

    Net cash used in financing activities

     

    (1,197

    )

     

     

    (1,306

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    (84

    )

     

     

    (11

    )

    Net change in cash and cash equivalents

     

    170

     

     

     

    409

     

    Cash and cash equivalents, beginning balance

     

    3,205

     

     

     

    2,569

     

    Cash and cash equivalents, ending balance

    $

    3,375

     

     

    $

    2,978

     

     

     

     

     

    1

    The company revised, for comparable purposes with the current period's presentation, the consolidated statement of cash flows presentation for the nine months ended September 30, 2021 to include cash and cash equivalents within settlement assets as a component of total cash and cash equivalents.

    Fiserv, Inc.

    Condensed Consolidated Balance Sheets

    (In millions, unaudited)

     

     

     

     

     

    September 30,

     

    December 31,

     

    2022

     

    2021

    Assets

     

     

     

    Cash and cash equivalents

    $

    893

     

    $

    835

    Trade accounts receivable – net

     

    3,303

     

     

    2,860

    Prepaid expenses and other current assets

     

    1,484

     

     

    1,523

    Settlement assets

     

    14,195

     

     

    13,652

    Total current assets

     

    19,875

     

     

    18,870

     

     

     

     

    Property and equipment – net

     

    1,924

     

     

    1,742

    Customer relationships – net

     

    8,464

     

     

    9,991

    Other intangible assets – net

     

    3,992

     

     

    4,018

    Goodwill

     

    36,241

     

     

    36,433

    Contract costs – net

     

    886

     

     

    811

    Investments in unconsolidated affiliates

     

    2,390

     

     

    2,561

    Other long-term assets

     

    1,868

     

     

    1,823

    Total assets

    $

    75,640

     

    $

    76,249

     

     

     

     

    Liabilities and Equity

     

     

     

    Accounts payable and accrued expenses

    $

    3,456

     

    $

    3,550

    Short-term and current maturities of long-term debt

     

    528

     

     

    508

    Contract liabilities

     

    545

     

     

    585

    Settlement obligations

     

    14,195

     

     

    13,652

    Total current liabilities

     

    18,724

     

     

    18,295

     

     

     

     

    Long-term debt

     

    20,847

     

     

    20,729

    Deferred income taxes

     

    3,766

     

     

    4,172

    Long-term contract liabilities

     

    216

     

     

    225

    Other long-term liabilities

     

    944

     

     

    878

    Total liabilities

     

    44,497

     

     

    44,299

     

     

     

     

    Redeemable noncontrolling interests

     

    161

     

     

    278

     

     

     

     

    Fiserv shareholders' equity

     

    30,326

     

     

    30,952

    Noncontrolling interests

     

    656

     

     

    720

    Total equity

     

    30,982

     

     

    31,672

    Total liabilities and equity

    $

    75,640

     

    $

    76,249

     

     

     

     

     

    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,

     

    2022

     

    2021

     

    Growth

     

    2022

     

    2021

     

    Growth

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted revenue

     

    $

    4,273

     

     

    $

    3,962

     

     

     

     

    $

    12,413

     

     

    $

    11,374

     

     

     

    Currency impact 2

     

     

    100

     

     

     

    —

     

     

     

     

     

    191

     

     

     

    —

     

     

     

    Acquisition adjustments

     

     

    (10

    )

     

     

    —

     

     

     

     

     

    (32

    )

     

     

    —

     

     

     

    Divestiture adjustments

     

     

    (6

    )

     

     

    (20

    )

     

     

     

     

    (18

    )

     

     

    (62

    )

     

     

    Organic revenue

     

    $

    4,357

     

     

    $

    3,942

     

     

    11

    %

     

    $

    12,554

     

     

    $

    11,312

     

     

    11

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Acceptance

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted revenue

     

    $

    1,878

     

     

    $

    1,716

     

     

     

     

    $

    5,432

     

     

    $

    4,779

     

     

     

    Currency impact 2

     

     

    72

     

     

     

    —

     

     

     

     

     

    136

     

     

     

    —

     

     

     

    Acquisition adjustments

     

     

    (7

    )

     

     

    —

     

     

     

     

     

    (26

    )

     

     

    —

     

     

     

    Divestiture adjustments

     

     

    —

     

     

     

    (14

    )

     

     

     

     

    —

     

     

     

    (36

    )

     

     

    Organic revenue

     

    $

    1,943

     

     

    $

    1,702

     

     

    14

    %

     

    $

    5,542

     

     

    $

    4,743

     

     

    17

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fintech

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted revenue

     

    $

    766

     

     

    $

    761

     

     

     

     

    $

    2,347

     

     

    $

    2,251

     

     

     

    Currency impact 2

     

     

    4

     

     

     

    —

     

     

     

     

     

    8

     

     

     

    —

     

     

     

    Acquisition adjustments

     

     

    (3

    )

     

     

    —

     

     

     

     

     

    (6

    )

     

     

    —

     

     

     

    Organic revenue

     

    $

    767

     

     

    $

    761

     

     

    1

    %

     

    $

    2,349

     

     

    $

    2,251

     

     

    4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Payments

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted revenue

     

    $

    1,623

     

     

    $

    1,479

     

     

     

     

    $

    4,616

     

     

    $

    4,318

     

     

     

    Currency impact 2

     

     

    24

     

     

     

    —

     

     

     

     

     

    47

     

     

     

    —

     

     

     

    Organic revenue

     

    $

    1,647

     

     

    $

    1,479

     

     

    11

    %

     

    $

    4,663

     

     

    $

    4,318

     

     

    8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate and Other

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted revenue

     

    $

    6

     

     

    $

    6

     

     

     

     

    $

    18

     

     

    $

    26

     

     

     

    Divestiture adjustments

     

     

    (6

    )

     

     

    (6

    )

     

     

     

     

    (18

    )

     

     

    (26

    )

     

     

    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.

    1

    Organic 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.

    2

    Currency 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.

    Fiserv, Inc.

    Selected Non-GAAP Financial Measures and Additional Information (cont.)

    (In millions, unaudited)

     

    Free Cash Flow

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

     

     

     

     

     

    Net cash provided by operating activities

     

    $

    2,985

     

     

    $

    2,691

     

    Capital expenditures

     

     

    (1,148

    )

     

     

    (814

    )

    Adjustments:

     

     

     

     

    Distributions paid to noncontrolling interests and redeemable noncontrolling interests

     

     

    (30

    )

     

     

    (41

    )

    Distributions from unconsolidated affiliates included in cash flows from investing activities

     

     

    110

     

     

     

    91

     

    Severance, merger and integration payments

     

     

    211

     

     

     

    414

     

    Tax payments on adjustments

     

     

    (44

    )

     

     

    (95

    )

    Tax payments on gain on sale of assets and investments in unconsolidated affiliates

     

     

    37

     

     

     

    44

     

    Other

     

     

    (11

    )

     

     

    —

     

    Free cash flow

     

    $

    2,110

     

     

    $

    2,290

     

     

     

     

     

     

    Total Amortization 1

     

    Three Months Ended

    September 30,

     

    Nine Months Ended

    September 30,

     

    2022

     

    2021

     

    2022

     

    2021

     

     

     

     

     

     

     

     

     

    Acquisition-related intangible assets

     

    $

    450

     

    $

    509

     

    $

    1,416

     

    $

    1,554

    Capitalized software and other intangibles

     

     

    91

     

     

    76

     

     

    258

     

     

    202

    Purchased software

     

     

    67

     

     

    57

     

     

    180

     

     

    181

    Financing costs and debt discounts

     

     

    11

     

     

    16

     

     

    33

     

     

    41

    Sales commissions

     

     

    27

     

     

    24

     

     

    79

     

     

    72

    Deferred conversion costs

     

     

    16

     

     

    13

     

     

    49

     

     

    37

    Total amortization

     

    $

    662

     

    $

    695

     

    $

    2,015

     

    $

    2,087

     

     

     

     

     

     

     

     

     

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

    1

    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 (see corresponding adjustment on page 7). The adjustment for acquired First Data software/technology excludes only the incremental amortization related to the fair value purchase accounting allocation. 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.

    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 2022, 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 2022 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company's Output Solutions postage reimbursements and includes deferred revenue purchase accounting adjustments. 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

     

     

     

    2022 Revenue

     

    9%

    Output Solutions postage reimbursements

     

    (0.5)%

    2022 Adjusted revenue

     

    8.5%

     

     

     

    Currency impact

     

    2%

    Acquisition adjustments

     

    (0.5)%

    Divestiture adjustments

     

    1%

    2022 Organic revenue

     

    11%

     

     

     

    Adjusted Earnings Per Share - The company's adjusted earnings per share outlook for 2022 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment 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, and includes non-cash deferred revenue purchase accounting adjustments. The company completed First Data acquisition-related integration activities as of December 31, 2021, and therefore does not expect to incur additional costs associated with the achievement of cost synergies related to the First Data acquisition, resulting in lower merger and integration costs in 2022. The company estimates that amortization expense in 2022 with respect to acquired intangible assets will approximate the amount incurred in 2021.

    Other adjustments to the company's financial measures that were incurred in 2021 and for the three and nine months ended September 30, 2022, are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred in the remainder of 2022 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.

    Fiserv, Inc.

    Full Year Forward-Looking Non-GAAP Financial Measures (cont.)

     

    The company's adjusted earnings per share growth outlook for 2022 is based on 2021 adjusted earnings per share performance.

     

    2021 GAAP net income attributable to Fiserv

    $

    1,334

     

    Adjustments:

     

    Merger and integration costs 1

     

    865

     

    Severance costs 2

     

    81

     

    Amortization of acquisition-related intangible assets 3

     

    1,982

     

    Non wholly-owned entity activities 4

     

    51

     

    Tax impact of adjustments 5

     

    (685

    )

    Discrete tax items 6

     

    118

     

    2021 adjusted net income

    $

    3,746

     

     

     

    Weighted average common shares outstanding - diluted

     

    671.6

     

     

     

    2021 GAAP earnings per share attributable to Fiserv

    $

    1.99

     

    Adjustments - net of income taxes:

     

    Merger and integration costs 1

     

    0.99

     

    Severance costs 2

     

    0.09

     

    Amortization of acquisition-related intangible assets 3

     

    2.27

     

    Non wholly-owned entity activities 4

     

    0.06

     

    Discrete tax items 6

     

    0.18

     

    2021 adjusted earnings per share

    $

    5.58

     

     

     

    2022 adjusted earnings per share outlook

    $6.48 - $6.55

    2022 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.

    Fiserv, Inc.

    Full Year Forward-Looking Non-GAAP Financial Measures (cont.)

     

    1

    Represents acquisition and related integration costs incurred in connection with various acquisitions, primarily related to the First Data acquisition. First Data integration costs primarily include $370 million of third-party professional service fees associated with integration activities; $44 million of incremental share-based compensation, including the fair value of stock awards assumed by Fiserv; and $277 million of other integration-related compensation costs.

    2

    Represents severance costs associated with the achievement of expense management initiatives, including those related to the First Data acquisition.

    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.

    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 also includes net gains totaling $98 million related to the fair value remeasurement and sale of certain equity investments.

    5

    The tax impact of adjustments is calculated using a tax rate of 23%, which approximates the company's annual effective tax rate.

    6

    Represents certain discrete tax items, such as foreign-derived intangible income tax benefits from a subsidiary restructuring and the revaluation of deferred taxes due to a change in the respective statutory tax rates in the United Kingdom and Argentina.

    FISV-E

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