Fiserv Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Fiserv Inc. has filed its 2023 10-K report detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

FISERV INC (FISV) filed a Annual Report (10-K) with the SEC on February 22, 2024. Fiserv Inc. filed its 2023 Form 10-K on February 22, 2024, reporting on its fiscal year ending December 31, 2023. The company is incorporated in Wisconsin and operates in the Business Services sector. Key financial data and segment information for the fiscal years 2021, 2022, and 2023 are included in the filing. The filing details various debt instruments, including Senior Notes due in 2025, 2027, 2030, 2031. Specific financial statement items such as Revenues, Property, Plant and Equipment Net, and Other Liabilities Noncurrent are reported.

Why It Matters

For investors and stakeholders tracking FISERV INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Fiserv's financial health, operational segments, and debt structure for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial information, including revenues by segment and debt maturities, allows for a thorough analysis of the company's business model, growth drivers, and financial commitments.

Risk Assessment

Risk Level: medium — FISERV INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not indicate any immediate or extraordinary risks beyond those typically associated with a company of this size and industry.

Analyst Insight

Review the detailed revenue breakdown by segment and the maturity schedule of the company's senior notes to understand growth trends and financial leverage.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 7389 — SIC Code (Standard Industrial Classification)
• 4148795000 — Business Phone (Contact number)

Key Players & Entities

• FISERV INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• WI (location) — State of incorporation
• 7389 (industry_code) — Standard Industrial Classification
• 4148795000 (phone_number) — Business phone
• Senior Notes Due 2027 (debt_instrument) — Debt instrument mentioned
• Processing and Services (segment) — Revenue segment

FAQ

Risk Factors

• Debt Instruments [medium — financial]: The company has multiple senior notes outstanding with varying maturity dates, including 2025, 2027, 2030, and 2031, which represent significant financial obligations.
• Industry Competition [medium — market]: The financial services technology sector is highly competitive, with evolving technologies and customer demands posing ongoing challenges.
• Technology and Security [medium — operational]: Reliance on complex technology systems and the need to maintain robust data security are critical operational risks.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FI The New York Stock Exchang
• $19.1 billion — ica; and Asia Pacific. In 2023, we had $19.1 billion in total revenue, $5.0 billion in opera
• $5.0 billion — we had $19.1 billion in total revenue, $5.0 billion in operating income and $5.2 billion of
• $5.2 billion — e, $5.0 billion in operating income and $5.2 billion of net cash provided by operating activ

Filing Documents

• fi-20231231.htm (10-K) — 2782KB
• ex41descriptionofsecuritie.htm (EX-4.1) — 145KB
• ex103rsuagreementsenioroff.htm (EX-10.3) — 91KB
• ex104rsuagreementstandard-.htm (EX-10.4) — 91KB
• ex1015psuagreementseniorof.htm (EX-10.15) — 117KB
• ex21112312023.htm (EX-21.1) — 71KB
• ex23112312023.htm (EX-23.1) — 2KB
• ex31112312023.htm (EX-31.1) — 11KB
• ex31212312023.htm (EX-31.2) — 11KB
• ex32112312023.htm (EX-32.1) — 7KB
• ex971fiservinccompensation.htm (EX-97.1) — 31KB
• fi-20231231_g1.jpg (GRAPHIC) — 188KB
• 0000798354-24-000037.txt (&nbsp;) — 17510KB
• fi-20231231.xsd (EX-101.SCH) — 93KB
• fi-20231231_cal.xml (EX-101.CAL) — 150KB
• fi-20231231_def.xml (EX-101.DEF) — 574KB
• fi-20231231_lab.xml (EX-101.LAB) — 1337KB
• fi-20231231_pre.xml (EX-101.PRE) — 908KB
• fi-20231231_htm.xml (XML) — 3044KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23 Information About Our Executive Officers 24 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

[Reserved]

Item 6. [Reserved] 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 43

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 98

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 98

Executive Compensation

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 99

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 99 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 100

Form 10-K Summary

Item 16. Form 10-K Summary 103

Signatures

Signatures 104 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development, outlook, or similar expression, and 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 our future plans, objectives or goals are also forward-looking statements. The forward-looking statements in this report involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, the following: our 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 our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; the success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our 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 our 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 us and our employees, clients, vendors, su

Business

Item 1. Business Overview Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the New York Stock Exchange and part of the S&P 500 Index. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions and corporate clients. We help 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 ("POS") and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are, therefore, non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America ("U.S.") and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific. In 2023, we had $19.1 billion in total revenue, $5.0 billion in operating income and $5.2 billion of net cash provided by operating activities. Processing and services revenue, which in 2023 represented 82% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates. We have operations and offices located both within the U.S. and Canada, and internationally. Revenue from products and services as a percentage of total revenue were as follows: Year Ended December 31, (In millions) 2023 2022 2021 Total revenue $ 19,093 $ 17,737 $ 16,226 Domestic 85 % 86 % 86 % International (1) 15 % 14 % 14 % (1) Represents revenue in the following international regions: EMEA (Europe, Middle East and Africa), LATAM (Latin America) and APAC (Asia-Pacific). We have grown our business organically and through acquisitions by signing new clients,

View Full Filing

View this 10-K filing on SEC EDGAR