Fiserv Inc. Q3 2024 10-Q Filed

TL;DR

FISERV Q3 2024 10-Q is IN. Revenue & debt details out.

AI Summary

Fiserv Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance for the third quarter and the first nine months of the year, including revenue from its Processing and Services segment and product sales. Specific details on debt instruments like Senior Notes due in 2027, 2030, and 2025 are also provided.

Why It Matters

This filing provides investors with the latest financial performance data for Fiserv Inc., crucial for understanding the company's operational health and future outlook.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt obligations, which can indicate financial risk.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for this filing.)
• 2024-10-23 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FISERV INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241023 (date) — Filing Date
• 600 N. VEL R. PHILLIPS AVENUE (address) — Business and Mail Address
• MILWAUKEE (city) — Business and Mail City
• WI (state) — Business and Mail State
• 53203 (zip_code) — Business and Mail ZIP
• 2628795000 (phone_number) — Business Phone
• Senior Notes Due 2027 (debt_instrument) — Debt Obligation
• Senior Notes Due 2030 (debt_instrument) — Debt Obligation

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-20240930.htm (10-Q) — 1656KB
• ex31109302024.htm (EX-31.1) — 12KB
• ex31209302024.htm (EX-31.2) — 11KB
• ex32109302024.htm (EX-32.1) — 8KB
• 0000798354-24-000190.txt ( ) — 9848KB
• fisv-20240930.xsd (EX-101.SCH) — 59KB
• fisv-20240930_cal.xml (EX-101.CAL) — 86KB
• fisv-20240930_def.xml (EX-101.DEF) — 344KB
• fisv-20240930_lab.xml (EX-101.LAB) — 781KB
• fisv-20240930_pre.xml (EX-101.PRE) — 555KB
• fisv-20240930_htm.xml (XML) — 1732KB

– 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 41

Controls and Procedures

Item 4. Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Processing and services (1) $ 4,237 $ 4,008 $ 12,377 $ 11,605 Product 978 865 2,828 2,571 Total revenue 5,215 4,873 15,205 14,176 Expenses: Cost of processing and services 1,346 1,311 4,043 4,067 Cost of product 661 583 1,951 1,761 Selling, general and administrative 1,606 1,652 5,000 4,952 Net gain on sale of businesses and other assets — ( 176 ) — ( 172 ) Total expenses 3,613 3,370 10,994 10,608 Operating income 1,602 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 affiliates 1,271 1,210 3,322 2,795 Income tax provision ( 74 ) ( 239 ) ( 448 ) ( 544 ) Loss from investments in unconsolidated affiliates ( 626 ) ( 2 ) ( 642 ) ( 11 ) Net income 571 969 2,232 2,240 Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest 7 17 39 42 Net income attributable to Fiserv, Inc. $ 564 $ 952 $ 2,193 $ 2,198 Net income attributable to Fiserv, Inc. per share: Basic $ 0.98 $ 1.57 $ 3.76 $ 3.57 Diluted $ 0.98 $ 1.56 $ 3.74 $ 3.54 Shares used in computing net income attributable to Fiserv, Inc. per share: Basic 573.7 606.2 582.5 616.2 Diluted 576.9 610.3 585.7 620.3 (1) Includes processing and other fees charged to related party investments accounted for under the equity method of $ 35 million and $ 45 million for the three months ended September 30, 2024 and 2023, respectively, and $ 111 million and $ 136 million for the nine months ended September 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 milli

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 nine months ended September 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 nine months ended September 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 t

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