$FI
Fiserv Inc

2015 Q1 Form 10-Q Financial Statement

#000119312515174385 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.275B $1.234B
YoY Change 3.32% 7.12%
Cost Of Revenue $542.0M $541.0M
YoY Change 0.18% 3.64%
Gross Profit $733.0M $693.0M
YoY Change 5.77% 10.0%
Gross Profit Margin 57.49% 56.16%
Selling, General & Admin $238.0M $242.0M
YoY Change -1.65% 5.68%
% of Gross Profit 32.47% 34.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $102.0M $100.0M
YoY Change 2.0% 3.09%
% of Gross Profit 13.92% 14.43%
Operating Expenses $238.0M $242.0M
YoY Change -1.65% 5.68%
Operating Profit $314.0M $271.0M
YoY Change 15.87% 28.44%
Interest Expense $41.00M $41.00M
YoY Change 0.0% 0.0%
% of Operating Profit 13.06% 15.13%
Other Income/Expense, Net
YoY Change
Pretax Income $274.0M $230.0M
YoY Change 19.13% 35.29%
Income Tax $96.00M $66.00M
% Of Pretax Income 35.04% 28.7%
Net Earnings $178.0M $168.0M
YoY Change 5.95% 43.59%
Net Earnings / Revenue 13.96% 13.61%
Basic Earnings Per Share $0.75 $0.66
Diluted Earnings Per Share $0.73 $0.65
COMMON SHARES
Basic Shares Outstanding 238.8M shares 254.4M shares
Diluted Shares Outstanding 243.0M shares 258.6M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $296.0M $307.0M
YoY Change -3.58% -13.76%
Cash & Equivalents $296.0M $307.0M
Short-Term Investments
Other Short-Term Assets $437.0M $488.0M
YoY Change -10.45% 34.07%
Inventory
Prepaid Expenses
Receivables $765.0M $752.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.498B $1.547B
YoY Change -3.17% 6.47%
LONG-TERM ASSETS
Property, Plant & Equipment $338.0M $284.0M
YoY Change 19.01% 10.08%
Goodwill $5.204B $5.215B
YoY Change -0.21% -0.31%
Intangibles
YoY Change
Long-Term Investments $21.00M $43.00M
YoY Change -51.16%
Other Assets $321.0M $326.0M
YoY Change -1.53% -11.65%
Total Long-Term Assets $7.837B $7.926B
YoY Change -1.12% -2.27%
TOTAL ASSETS
Total Short-Term Assets $1.498B $1.547B
Total Long-Term Assets $7.837B $7.926B
Total Assets $9.335B $9.473B
YoY Change -1.46% -0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.00M $61.00M
YoY Change -8.2% -35.79%
Accrued Expenses $602.0M $620.0M
YoY Change -2.9% 19.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $95.00M $92.00M
YoY Change 3.26% 4500.0%
Total Short-Term Liabilities $1.501B $1.438B
YoY Change 4.38% 20.84%
LONG-TERM LIABILITIES
Long-Term Debt $3.757B $3.756B
YoY Change 0.03% -7.19%
Other Long-Term Liabilities $139.0M $119.0M
YoY Change 16.81% 0.85%
Total Long-Term Liabilities $139.0M $119.0M
YoY Change 16.81% -97.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.501B $1.438B
Total Long-Term Liabilities $139.0M $119.0M
Total Liabilities $6.117B $6.030B
YoY Change 1.44% -0.59%
SHAREHOLDERS EQUITY
Retained Earnings $7.530B $6.766B
YoY Change 11.29% 11.52%
Common Stock $900.0M $4.000M
YoY Change 22400.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.141B $4.125B
YoY Change 24.63% 24.28%
Treasury Stock Shares 158.0M shares 144.1M shares
Shareholders Equity $3.218B $3.443B
YoY Change
Total Liabilities & Shareholders Equity $9.335B $9.473B
YoY Change -1.46% -0.94%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $178.0M $168.0M
YoY Change 5.95% 43.59%
Depreciation, Depletion And Amortization $102.0M $100.0M
YoY Change 2.0% 3.09%
Cash From Operating Activities $346.0M $292.0M
YoY Change 18.49% 29.78%
INVESTING ACTIVITIES
Capital Expenditures $90.00M $70.00M
YoY Change 28.57% 20.69%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$90.00M -$70.00M
YoY Change 28.57% 79.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $335.0M
YoY Change 400.0%
Debt Paid & Issued, Net $381.0M $62.00M
YoY Change 514.52% -94.6%
Cash From Financing Activities -254.0M -315.0M
YoY Change -19.37% 67.55%
NET CHANGE
Cash From Operating Activities 346.0M 292.0M
Cash From Investing Activities -90.00M -70.00M
Cash From Financing Activities -254.0M -315.0M
Net Change In Cash 2.000M -93.00M
YoY Change -102.15% 4550.0%
FREE CASH FLOW
Cash From Operating Activities $346.0M $292.0M
Capital Expenditures $90.00M $70.00M
Free Cash Flow $256.0M $222.0M
YoY Change 15.32% 32.93%

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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>Recent Accounting Pronouncements</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In April 2015, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&#xA0;2015-03,&#xA0;<i>Simplifying the Presentation of Debt Issuance Costs</i>&#xA0;(&#x201C;ASU 2015-03&#x201D;). ASU 2015-03 requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability rather than as an asset. The standard does not affect the recognition and measurement of debt issuance costs; therefore, the amortization of such costs shall continue to be reported as interest expense. ASU 2015-03 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2015, with early adoption permissible for financial statements that have not been previously issued. The new guidance is to be applied on a retrospective basis to all prior periods. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In February 2015, the FASB issued ASU No.&#xA0;2015-02,&#xA0;<i>Consolidation (Topic 810): Amendments to the Consolidation Analysis</i>&#xA0;(&#x201C;ASU 2015-02&#x201D;), which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 clarifies how to determine whether equity holders as a group have power to direct the activities that most significantly affect the legal entity&#x2019;s economic performance and could affect whether it is a variable interest entity. ASU 2015-02 will be effective for annual periods beginning after December&#xA0;15, 2015; early adoption is allowed, including in any interim period. The Company is currently assessing the impact that the adoption of ASU 2015-02 will have on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In May 2014, the FASB issued ASU No.&#xA0;2014-09,&#xA0;<i>Revenue from Contracts with Customers</i>&#xA0;(&#x201C;ASU 2014-09&#x201D;), 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. ASU 2014-09 will be effective for annual and interim periods after December&#xA0;15, 2016; early application is not permitted. In April 2015, the FASB issued a proposed ASU to defer for one year the effective date of the new revenue standard and to permit entities to early adopt the standard as of the original effective date in ASU 2014-09. Comments on the proposed ASU are due by May 29, 2015. 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.</p> </div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
25.41
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2015Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1100000 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2015Q1 dei Amendment Flag
AmendmentFlag
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CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
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CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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CY2015Q1 dei Document Fiscal Period Focus
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CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2015Q1 us-gaap Comprehensive Income Net Of Tax
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CY2015Q1 us-gaap Investment Income Interest And Dividend
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CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2015Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2015Q1 us-gaap Other Noncash Income Expense
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CY2015Q1 us-gaap Revenues
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CY2015Q1 us-gaap Net Income Loss
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CY2015Q1 us-gaap Interest Paid
InterestPaid
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CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2015Q1 us-gaap Sales Revenue Services Net
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CY2015Q1 us-gaap Allocated Share Based Compensation Expense
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CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2015Q1 us-gaap Interest Expense
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CY2015Q1 us-gaap Selling General And Administrative Expense
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CY2015Q1 us-gaap Cost Of Services
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CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2015Q1 us-gaap Cost Of Goods Sold
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CY2015Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015Q1 us-gaap Other Depreciation And Amortization
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CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
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CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
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CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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0
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2015Q1 fisv Treasury Stock Purchases Settled After Balance Sheet Date
TreasuryStockPurchasesSettledAfterBalanceSheetDate
12000000
CY2015Q1 fisv Amortization Of Acquired Intangible Assets1
AmortizationOfAcquiredIntangibleAssets1
49000000
CY2015Q1 fisv Payments For Repurchase Of Common Stock And Payments Related To Tax Withholding For Share Based Compensation
PaymentsForRepurchaseOfCommonStockAndPaymentsRelatedToTaxWithholdingForShareBasedCompensation
331000000

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