fisv-20240331

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to

Commission File Number 1-38962

FISERV, INC.

(Exact Name of Registrant as Specified in Its Charter)


Wisconsin						39-1506125
(State or Other Jurisdiction of Incorporation or Organization)						(I. R. S. Employer Identification No.)

600 N. Vel R. Phillips Avenue, Milwaukee, WI 53203

(Address of Principal Executive Offices and zip code)

(262) 879-5000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

The New York Stock Exchange

1.125% Senior Notes due 2027

FI27

The New York Stock Exchange

1.625% Senior Notes due 2030

FI30

The New York Stock Exchange

2.250% Senior Notes due 2025

FI25

The New York Stock Exchange

3.000% Senior Notes due 2031

FI31

The New York Stock Exchange

4.500% Senior Notes due 2031

FI31A

The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 19, 2024, there were 585,101,873 shares of common stock, $0.01 par value, of the registrant outstanding.

Table of Contents

INDEX


		Page
PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Income	1
	Consolidated Statements of Comprehensive Income	2
	Consolidated Balance Sheets	3
	Consolidated Statements of Cash Flows	4
	Notes to Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	36

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	36

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	36
Item 6.	Exhibits	36

	Exhibit Index
	Signatures

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Fiserv, Inc.

Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2024		2023
Revenue:
Processing and services (1)	$	4,000	$	3,673
Product	883		874
Total revenue	4,883		4,547
Expenses:
Cost of processing and services	1,354		1,405
Cost of product	651		600
Selling, general and administrative	1,697		1,604
Net loss on sale of businesses and other assets	—		4
Total expenses	3,702		3,613
Operating income	1,181		934
Interest expense, net	(261)		(202)

Other expense, net	(7)		(20)
Income before income taxes and loss from investments in unconsolidated affiliates	913		712
Income tax provision	(153)		(124)
Loss from investments in unconsolidated affiliates	(8)		(12)
Net income	752		576
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest	17		13
Net income attributable to Fiserv, Inc.	$	735	$	563

Net income attributable to Fiserv, Inc. per share:
Basic	$	1.24	$	0.90
Diluted	$	1.24	$	0.89

Shares used in computing net income attributable to Fiserv, Inc. per share:
Basic	590.9		626.9
Diluted	594.8		631.3

(1)Includes processing and other fees charged to related party investments accounted for under the equity method of $40 million and $46 million for the three months ended March 31, 2024 and 2023, respectively (see Note 19).

See accompanying notes to consolidated financial statements.

Table of Contents

Fiserv, Inc.

Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)


	Three Months Ended March 31,
		2024		2023
Net income		$	752	$	576
Other comprehensive (loss) income:
Fair market value adjustment on derivatives		1		5
Reclassification adjustment for net realized (gains) losses on cash flow hedges included in cost of processing and services		(1)		1
Reclassification adjustment for net realized losses on cash flow hedges included in net interest expense

SEC Form 10-Q filed by Fiserv Inc.