Fiserv Inc. Q2 2024 10-Q Filed

TL;DR

FISERV 10-Q FILED: Q2 RESULTS IN, DEBT DETAILS OUT.

AI Summary

Fiserv Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and the first half of the year, including revenue from its Processing and Services segment. Specific details on debt instruments like Senior Notes due 2027 and 2030 are also provided.

Why It Matters

This filing provides investors with an update on Fiserv's financial health and operational performance, crucial for understanding the company's trajectory in the business services sector.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt obligations, which can indicate financial leverage and associated risks.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of the fiscal year for financial reporting.)
• 2024-04-01 to 2024-06-30 — Second Quarter Period (Covers the financial performance for the second quarter of 2024.)

Key Players & Entities

• FISERV INC (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 600 N. VEL R. PHILLIPS AVENUE (address) — Company's business and mail address
• MILWAUKEE (city) — Company's headquarters city
• WI (state) — Company's headquarters state
• 4148795000 (phone_number) — Company's business phone number
• fisv:SeniorNotesDue2027Member (debt_instrument) — Specific debt mentioned
• fisv:SeniorNotesDue2030Member (debt_instrument) — Specific debt mentioned
• fisv:ProcessingAndServicesMember (segment) — Key business segment reported

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FI The New York Stock Exchang

Filing Documents

• fisv-20240630.htm (10-Q) — 1616KB
• ex10106302024.htm (EX-10.1) — 7KB
• ex31106302024.htm (EX-31.1) — 12KB
• ex31206302024.htm (EX-31.2) — 11KB
• ex32106302024.htm (EX-32.1) — 8KB
• 0000798354-24-000156.txt ( ) — 9639KB
• fisv-20240630.xsd (EX-101.SCH) — 59KB
• fisv-20240630_cal.xml (EX-101.CAL) — 84KB
• fisv-20240630_def.xml (EX-101.DEF) — 334KB
• fisv-20240630_lab.xml (EX-101.LAB) — 767KB
• fisv-20240630_pre.xml (EX-101.PRE) — 541KB
• fisv-20240630_htm.xml (XML) — 1702KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 40 Exhibit Index

Signatures

Signatures Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Fiserv, Inc. Consolidated Statements of Income (In millions, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Processing and services (1) $ 4,140 $ 3,924 $ 8,140 $ 7,597 Product 967 832 1,850 1,706 Total revenue 5,107 4,756 9,990 9,303 Expenses: Cost of processing and services 1,343 1,351 2,697 2,756 Cost of product 639 578 1,290 1,178 Selling, general and administrative 1,697 1,696 3,394 3,300 Net loss on sale of businesses and other assets — — — 4 Total expenses 3,679 3,625 7,381 7,238 Operating income 1,428 1,131 2,609 2,065 Interest expense, net ( 285 ) ( 232 ) ( 546 ) ( 434 ) Other expense, net ( 5 ) ( 26 ) ( 12 ) ( 46 ) Income before income taxes and (loss) income from investments in unconsolidated affiliates 1,138 873 2,051 1,585 Income tax provision ( 221 ) ( 181 ) ( 374 ) ( 305 ) (Loss) income from investments in unconsolidated affiliates ( 8 ) 3 ( 16 ) ( 9 ) Net income 909 695 1,661 1,271 Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest 15 12 32 25 Net income attributable to Fiserv, Inc. $ 894 $ 683 $ 1,629 $ 1,246 Net income attributable to Fiserv, Inc. per share: Basic $ 1.53 $ 1.11 $ 2.78 $ 2.01 Diluted $ 1.53 $ 1.10 $ 2.76 $ 1.99 Shares used in computing net income attributable to Fiserv, Inc. per share: Basic 582.7 615.4 586.8 621.2 Diluted 585.4 619.2 590.1 625.3 (1) Includes processing and other fees charged to related party investments accounted for under the equity method of $ 36 million and $ 45 million for the three months ended June 30, 2024 and 2023, respectively, and $ 76 million and $ 91 million for the six months ended June 30, 2024 and 2023, respectively (see Note 19). See accompanying notes to consolidated financial statements. 1 Table of Contents Fiserv, Inc. Consolidated Statements of Comprehensive Income (In millions) (Unaudited) Three Months

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements for the three and six months ended June 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual consolidated financial statements and accompanying notes of Fiserv, Inc. (the "Company"). These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Segment Realignment Effective in the first quarter of 2024, the Company realigned its reportable segments 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 (the "Segment Realignment"). The Company's new reportable segments are the Merchant Solutions ("Merchant") segment and the Financial Solutions ("Financial") segment. Segment results for the three and six months ended June 30, 2023 have been recast to reflect the Segment Realignment. See Note 20 for additional information. Principles of Consolidation The consolidated financial statements include the accounts of Fiserv, Inc. and its subsidiaries in which the Company holds a majority controlling financial interest. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. Control is typically est

View Full Filing

View this 10-Q filing on SEC EDGAR