$FI
Fiserv Inc

2016 Q1 Form 10-Q Financial Statement

#000079835416000008 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.331B $1.275B
YoY Change 4.39% 3.32%
Cost Of Revenue $553.0M $542.0M
YoY Change 2.03% 0.18%
Gross Profit $778.0M $733.0M
YoY Change 6.14% 5.77%
Gross Profit Margin 58.45% 57.49%
Selling, General & Admin $258.0M $238.0M
YoY Change 8.4% -1.65%
% of Gross Profit 33.16% 32.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0M $102.0M
YoY Change -1.96% 2.0%
% of Gross Profit 12.85% 13.92%
Operating Expenses $258.0M $238.0M
YoY Change 8.4% -1.65%
Operating Profit $339.0M $314.0M
YoY Change 7.96% 15.87%
Interest Expense $40.00M $41.00M
YoY Change -2.44% 0.0%
% of Operating Profit 11.8% 13.06%
Other Income/Expense, Net
YoY Change
Pretax Income $292.0M $274.0M
YoY Change 6.57% 19.13%
Income Tax $149.0M $96.00M
% Of Pretax Income 51.03% 35.04%
Net Earnings $289.0M $178.0M
YoY Change 62.36% 5.95%
Net Earnings / Revenue 21.71% 13.96%
Basic Earnings Per Share $1.30 $0.75
Diluted Earnings Per Share $1.27 $0.73
COMMON SHARES
Basic Shares Outstanding 223.5M shares 238.8M shares
Diluted Shares Outstanding 227.3M shares 243.0M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $283.0M $296.0M
YoY Change -4.39% -3.58%
Cash & Equivalents $283.0M $296.0M
Short-Term Investments
Other Short-Term Assets $388.0M $437.0M
YoY Change -11.21% -10.45%
Inventory
Prepaid Expenses
Receivables $805.0M $765.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.476B $1.498B
YoY Change -1.47% -3.17%
LONG-TERM ASSETS
Property, Plant & Equipment $401.0M $338.0M
YoY Change 18.64% 19.01%
Goodwill $5.380B $5.204B
YoY Change 3.38% -0.21%
Intangibles
YoY Change
Long-Term Investments $190.0M $21.00M
YoY Change 804.76% -51.16%
Other Assets $386.0M $321.0M
YoY Change 20.25% -1.53%
Total Long-Term Assets $8.076B $7.837B
YoY Change 3.05% -1.12%
TOTAL ASSETS
Total Short-Term Assets $1.476B $1.498B
Total Long-Term Assets $8.076B $7.837B
Total Assets $9.552B $9.335B
YoY Change 2.32% -1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.00M $56.00M
YoY Change 17.86% -8.2%
Accrued Expenses $519.0M $602.0M
YoY Change -13.79% -2.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $95.00M
YoY Change -95.79% 3.26%
Total Short-Term Liabilities $1.542B $1.501B
YoY Change 2.73% 4.38%
LONG-TERM LIABILITIES
Long-Term Debt $4.445B $3.757B
YoY Change 18.31% 0.03%
Other Long-Term Liabilities $160.0M $139.0M
YoY Change 15.11% 16.81%
Total Long-Term Liabilities $160.0M $139.0M
YoY Change 15.11% 16.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.542B $1.501B
Total Long-Term Liabilities $160.0M $139.0M
Total Liabilities $6.868B $6.117B
YoY Change 12.28% 1.44%
SHAREHOLDERS EQUITY
Retained Earnings $8.353B $7.530B
YoY Change 10.93% 11.29%
Common Stock $964.0M $900.0M
YoY Change 7.11% 22400.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.564B $5.141B
YoY Change 27.68% 24.63%
Treasury Stock Shares 172.7M shares 158.0M shares
Shareholders Equity $2.684B $3.218B
YoY Change
Total Liabilities & Shareholders Equity $9.552B $9.335B
YoY Change 2.32% -1.46%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $289.0M $178.0M
YoY Change 62.36% 5.95%
Depreciation, Depletion And Amortization $100.0M $102.0M
YoY Change -1.96% 2.0%
Cash From Operating Activities $509.0M $346.0M
YoY Change 47.11% 18.49%
INVESTING ACTIVITIES
Capital Expenditures $72.00M $90.00M
YoY Change -20.0% 28.57%
Acquisitions
YoY Change
Other Investing Activities -$265.0M
YoY Change
Cash From Investing Activities -$337.0M -$90.00M
YoY Change 274.44% 28.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $559.0M $381.0M
YoY Change 46.72% 514.52%
Cash From Financing Activities -164.0M -254.0M
YoY Change -35.43% -19.37%
NET CHANGE
Cash From Operating Activities 509.0M 346.0M
Cash From Investing Activities -337.0M -90.00M
Cash From Financing Activities -164.0M -254.0M
Net Change In Cash 8.000M 2.000M
YoY Change 300.0% -102.15%
FREE CASH FLOW
Cash From Operating Activities $509.0M $346.0M
Capital Expenditures $72.00M $90.00M
Free Cash Flow $437.0M $256.0M
YoY Change 70.7% 15.32%

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CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-09&#8221;), which simplifies several aspects of the accounting for share-based payment awards, including the accounting for income taxes and forfeitures, as well as classification in the statement of cash flows. The standard requires that all tax effects related to share-based payments be recorded as income tax expense or benefit in the income statement at settlement or expiration and, accordingly, excess tax benefits and tax deficiencies be presented as operating activities in the statement of cash flows. For public entities, ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods, with early adoption permitted in any interim or annual period for which financial statements have not yet been issued. The recognition of all excess tax benefits and tax deficiencies in the income statement, as well as related changes to the computation of diluted earnings per share, is to be applied prospectively. Entities may elect to apply the change in presentation in the statement of cash flows either prospectively or retrospectively to all periods presented. The Company is currently assessing the impact that the adoption of ASU 2016-09 will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-02&#8221;), which requires lessees to recognize a lease liability and a right-of-use asset for each lease with a term longer than twelve months. The recognized liability is measured at the present value of lease payments not yet paid, and the corresponding asset represents the lessee&#8217;s right to use the underlying asset over the lease term and is based on the liability, subject to certain adjustments. For income statement purposes, the standard retains the dual model with leases classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. For public entities, ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The standard requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-01&#8221;), which primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements of financial instruments. For public entities, ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for certain provisions of the standard. Entities must apply the standard, with certain exceptions, using a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact that the adoption of ASU 2016-01 will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-09&#8221;), to clarify the principles of recognizing revenue and to create common revenue recognition guidance between U.S. generally accepted accounting principles and International Financial Reporting Standards. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This model involves a five-step process for achieving that core principle, along with comprehensive disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB deferred the effective date of the new revenue standard for one year and will permit early adoption as of the original effective date in ASU 2014-09. For public entities, the standard is effective for annual and interim periods beginning after December 15, 2017. Entities have the option of using either a full retrospective or a modified approach to adopt this new guidance. The Company is currently assessing the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.</font></div></div>

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