$FI
Fiserv Inc

2016 Q4 Form 10-Q Financial Statement

#000079835416000022 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.431B $1.380B $1.313B
YoY Change 4.61% 5.1% 3.96%
Cost Of Revenue $561.0M $551.0M $541.0M
YoY Change 1.45% 1.85% 0.74%
Gross Profit $870.0M $829.0M $772.0M
YoY Change 6.75% 7.38% 6.34%
Gross Profit Margin 60.8% 60.07% 58.8%
Selling, General & Admin $295.0M $274.0M $258.0M
YoY Change 6.88% 6.2% 6.17%
% of Gross Profit 33.91% 33.05% 33.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $115.0M $104.0M $106.0M
YoY Change 9.52% -1.89% 4.95%
% of Gross Profit 13.22% 12.55% 13.73%
Operating Expenses $295.0M $274.0M $258.0M
YoY Change 6.88% 6.2% 6.17%
Operating Profit $375.0M $369.0M $342.0M
YoY Change 13.98% 7.89% 8.57%
Interest Expense -$42.00M $41.00M $41.00M
YoY Change 7.69% 0.0% 0.0%
% of Operating Profit -11.2% 11.11% 11.99%
Other Income/Expense, Net
YoY Change
Pretax Income $333.0M $328.0M $301.0M
YoY Change 14.83% 8.97% 9.85%
Income Tax $119.0M $114.0M $117.0M
% Of Pretax Income 35.74% 34.76% 38.87%
Net Earnings $215.0M $214.0M $218.0M
YoY Change 13.76% -1.83% -8.79%
Net Earnings / Revenue 15.02% 15.51% 16.6%
Basic Earnings Per Share $0.98 $0.94
Diluted Earnings Per Share $488.6K $0.96 $0.92
COMMON SHARES
Basic Shares Outstanding 217.1M shares 219.2M shares 232.9M shares
Diluted Shares Outstanding 222.7M shares 237.0M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0M $303.0M $309.0M
YoY Change 9.09% -1.94% -24.45%
Cash & Equivalents $300.0M $303.0M $309.0M
Short-Term Investments
Other Short-Term Assets $526.0M $467.0M $439.0M
YoY Change 22.61% 6.38% 4.03%
Inventory
Prepaid Expenses $141.0M
Receivables $902.0M $830.0M $783.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.728B $1.600B $1.531B
YoY Change 14.74% 4.51% -3.04%
LONG-TERM ASSETS
Property, Plant & Equipment $405.0M $403.0M $397.0M
YoY Change 2.27% 1.51% 30.59%
Goodwill $5.373B $5.375B $5.201B
YoY Change 3.33% 3.35% -0.21%
Intangibles
YoY Change
Long-Term Investments $14.00M $22.00M $20.00M
YoY Change -17.65% 10.0% 0.0%
Other Assets $404.0M $391.0M $352.0M
YoY Change 10.38% 11.08% 16.94%
Total Long-Term Assets $8.015B $8.037B $7.856B
YoY Change 2.31% 2.3% -0.04%
TOTAL ASSETS
Total Short-Term Assets $1.728B $1.600B $1.531B
Total Long-Term Assets $8.015B $8.037B $7.856B
Total Assets $9.743B $9.637B $9.387B
YoY Change 4.31% 2.66% -0.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.0M $73.00M $77.00M
YoY Change 48.65% -5.19% 42.59%
Accrued Expenses $723.0M $669.0M $630.0M
YoY Change 16.61% 6.19% 5.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $95.00M $6.000M $5.000M
YoY Change 1800.0% 20.0% -94.57%
Total Short-Term Liabilities $1.820B $1.548B $1.411B
YoY Change 21.17% 9.71% 1.0%
LONG-TERM LIABILITIES
Long-Term Debt $4.467B $4.624B $4.230B
YoY Change 4.17% 9.31% 12.62%
Other Long-Term Liabilities $153.0M $154.0M $157.0M
YoY Change -6.71% -1.91% 20.77%
Total Long-Term Liabilities $153.0M $154.0M $157.0M
YoY Change -6.71% -1.91% 20.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.820B $1.548B $1.411B
Total Long-Term Liabilities $153.0M $154.0M $157.0M
Total Liabilities $7.202B $7.068B $6.518B
YoY Change 7.81% 8.44% 9.07%
SHAREHOLDERS EQUITY
Retained Earnings $8.994B $8.779B $7.875B
YoY Change 11.53% 11.48% 9.82%
Common Stock $1.024B $1.005B $944.0M
YoY Change 7.11% 6.46% 23500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.401B $7.146B $5.875B
YoY Change 17.74% 21.63% 29.52%
Treasury Stock Shares 180.2M shares 177.9M shares 166.2M shares
Shareholders Equity $2.541B $2.569B $2.869B
YoY Change
Total Liabilities & Shareholders Equity $9.743B $9.637B $9.387B
YoY Change 4.31% 2.66% -0.54%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $215.0M $214.0M $218.0M
YoY Change 13.76% -1.83% -8.79%
Depreciation, Depletion And Amortization $115.0M $104.0M $106.0M
YoY Change 9.52% -1.89% 4.95%
Cash From Operating Activities $389.0M $355.0M $355.0M
YoY Change -0.51% 0.0% -8.97%
INVESTING ACTIVITIES
Capital Expenditures -$67.00M -$78.00M -$89.00M
YoY Change 0.0% -12.36% 18.67%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $0.00 -$4.000M
YoY Change -133.33% -100.0% -180.0%
Cash From Investing Activities -$68.00M -$78.00M -$93.00M
YoY Change 6.25% -16.13% 32.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -324.0M -237.0M -483.0M
YoY Change -10.25% -50.93% 101.25%
NET CHANGE
Cash From Operating Activities 389.0M 355.0M 355.0M
Cash From Investing Activities -68.00M -78.00M -93.00M
Cash From Financing Activities -324.0M -237.0M -483.0M
Net Change In Cash -3.000M 40.00M -221.0M
YoY Change -91.18% -118.1% -376.25%
FREE CASH FLOW
Cash From Operating Activities $389.0M $355.0M $355.0M
Capital Expenditures -$67.00M -$78.00M -$89.00M
Free Cash Flow $456.0M $433.0M $444.0M
YoY Change -0.44% -2.48% -4.52%

Facts In Submission

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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 August 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2016-15&#8221;), which adds or clarifies guidance on the presentation and classification of eight specific types of cash receipts and cash payments in the statement of cash flows, with the intent of reducing diversity in practice. For public entities, ASU 2016-15 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. Entities must apply the guidance retrospectively to all periods presented; however, entities may apply prospectively if retrospective application is impracticable. The Company is currently assessing the impact that the adoption of ASU 2016-15 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 June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326) </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2016-13&#8221;), which prescribes an impairment model for most financial assets based on expected losses rather than incurred losses. Under this model, an estimate of</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> expected credit losses over the contractual life of the instrument is to be recorded as of the end of a reporting period as an allowance to offset the amortized cost basis, resulting in a net presentation of the amount expected to be collected on the financial asset. </font><font style="font-family:inherit;font-size:10pt;">For public entities, ASU 2016-13 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For most instruments, entities must apply the standard 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 2016-13 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 March 2016, the FASB issued ASU 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 impact of adopting this standard on the Company&#8217;s consolidated financial statements is dependent upon the intrinsic value of share-based compensation awards at the time of exercise or vesting and may result in more variability in effective tax rates and net earnings and may also impact the dilution of common stock equivalents. During the three and nine months ended September 30, 2016 and 2015, the Company recorded </font><font style="font-family:inherit;font-size:10pt;">$5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4 million</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">$42 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$38 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, to consolidated equity as excess tax benefits from share-based compensation awards. The Company expects to adopt ASU 2016-09 in January 2017.</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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