$FI
Fiserv Inc

2015 Q4 Form 10-Q Financial Statement

#000162828015007937 Filed on October 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $1.368B $1.313B $1.263B
YoY Change 3.95% 3.96% 5.16%
Cost Of Revenue $553.0M $541.0M $537.0M
YoY Change -0.18% 0.74% 3.27%
Gross Profit $815.0M $772.0M $726.0M
YoY Change 6.96% 6.34% 6.61%
Gross Profit Margin 59.58% 58.8% 57.48%
Selling, General & Admin $276.0M $258.0M $243.0M
YoY Change 11.74% 6.17% 2.53%
% of Gross Profit 33.87% 33.42% 33.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $105.0M $106.0M $101.0M
YoY Change 0.96% 4.95% 0.0%
% of Gross Profit 12.88% 13.73% 13.91%
Operating Expenses $276.0M $258.0M $243.0M
YoY Change 11.74% 6.17% 2.53%
Operating Profit $329.0M $342.0M $315.0M
YoY Change 3.79% 8.57% 12.5%
Interest Expense -$39.00M $41.00M $41.00M
YoY Change -4.88% 0.0% 0.0%
% of Operating Profit -11.85% 11.99% 13.02%
Other Income/Expense, Net
YoY Change
Pretax Income $290.0M $301.0M $274.0M
YoY Change 5.07% 9.85% 14.64%
Income Tax $98.00M $117.0M $120.0M
% Of Pretax Income 33.79% 38.87% 43.8%
Net Earnings $189.0M $218.0M $239.0M
YoY Change 4.42% -8.79% 50.31%
Net Earnings / Revenue 13.82% 16.6% 18.92%
Basic Earnings Per Share $0.94 $0.96
Diluted Earnings Per Share $407.9K $0.92 $0.95
COMMON SHARES
Basic Shares Outstanding 228.5M shares 232.9M shares 247.6M shares
Diluted Shares Outstanding 237.0M shares 251.8M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.0M $309.0M $409.0M
YoY Change -6.46% -24.45% 27.41%
Cash & Equivalents $275.0M $309.0M $409.0M
Short-Term Investments
Other Short-Term Assets $429.0M $439.0M $422.0M
YoY Change 21.88% 4.03% -4.52%
Inventory
Prepaid Expenses $146.0M
Receivables $802.0M $783.0M $748.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.506B $1.531B $1.579B
YoY Change 4.29% -3.04% 3.41%
LONG-TERM ASSETS
Property, Plant & Equipment $396.0M $397.0M $304.0M
YoY Change 24.92% 30.59% 17.37%
Goodwill $5.200B $5.201B $5.212B
YoY Change -0.17% -0.21% -0.1%
Intangibles
YoY Change
Long-Term Investments $17.00M $20.00M $20.00M
YoY Change -19.05% 0.0%
Other Assets $366.0M $352.0M $301.0M
YoY Change 9.25% 16.94% 10.26%
Total Long-Term Assets $7.834B $7.856B $7.859B
YoY Change -0.38% -0.04% -0.88%
TOTAL ASSETS
Total Short-Term Assets $1.506B $1.531B $1.579B
Total Long-Term Assets $7.834B $7.856B $7.859B
Total Assets $9.340B $9.387B $9.438B
YoY Change 0.34% -0.54% -0.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.00M $77.00M $54.00M
YoY Change 21.31% 42.59% -11.48%
Accrued Expenses $620.0M $630.0M $596.0M
YoY Change 6.35% 5.7% 1.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M $92.00M
YoY Change -94.57% -94.57% 4500.0%
Total Short-Term Liabilities $1.502B $1.411B $1.397B
YoY Change 1.08% 1.0% 13.76%
LONG-TERM LIABILITIES
Long-Term Debt $4.288B $4.230B $3.756B
YoY Change 15.95% 12.62% -4.4%
Other Long-Term Liabilities $164.0M $157.0M $130.0M
YoY Change 27.13% 20.77% -16.67%
Total Long-Term Liabilities $164.0M $157.0M $130.0M
YoY Change 27.13% 20.77% -16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.502B $1.411B $1.397B
Total Long-Term Liabilities $164.0M $157.0M $130.0M
Total Liabilities $6.680B $6.518B $5.976B
YoY Change 11.09% 9.07% -0.33%
SHAREHOLDERS EQUITY
Retained Earnings $8.064B $7.875B $7.171B
YoY Change 9.68% 9.82% 12.45%
Common Stock $956.0M $944.0M $4.000M
YoY Change 6.1% 23500.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.286B $5.875B $4.536B
YoY Change 28.42% 29.52% 22.99%
Treasury Stock Shares 170.4M shares 166.2M shares 150.4M shares
Shareholders Equity $2.660B $2.869B $3.462B
YoY Change
Total Liabilities & Shareholders Equity $9.340B $9.387B $9.438B
YoY Change 0.34% -0.54% -0.19%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $189.0M $218.0M $239.0M
YoY Change 4.42% -8.79% 50.31%
Depreciation, Depletion And Amortization $105.0M $106.0M $101.0M
YoY Change 0.96% 4.95% 0.0%
Cash From Operating Activities $391.0M $355.0M $390.0M
YoY Change 12.68% -8.97% 39.78%
INVESTING ACTIVITIES
Capital Expenditures -$67.00M -$89.00M -$75.00M
YoY Change 0.0% 18.67% 22.95%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$4.000M $5.000M
YoY Change -180.0% -138.46%
Cash From Investing Activities -$64.00M -$93.00M -$70.00M
YoY Change -4.48% 32.86% -5.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -361.0M -483.0M -240.0M
YoY Change -8.61% 101.25% 17.65%
NET CHANGE
Cash From Operating Activities 391.0M 355.0M 390.0M
Cash From Investing Activities -64.00M -93.00M -70.00M
Cash From Financing Activities -361.0M -483.0M -240.0M
Net Change In Cash -34.00M -221.0M 80.00M
YoY Change -70.43% -376.25% 7900.0%
FREE CASH FLOW
Cash From Operating Activities $391.0M $355.0M $390.0M
Capital Expenditures -$67.00M -$89.00M -$75.00M
Free Cash Flow $458.0M $444.0M $465.0M
YoY Change 10.63% -4.52% 36.76%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;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:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No.&#160;2015-16, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Accounting for Measurement-Period Adjustments</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2015-16"), which eliminates the requirement to restate prior period financial statements for measurement period adjustments related to a business combination. The standard requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 also requires companies to disclose the portion of the adjustment recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date, either separately in the income statement or in the notes. For public entities, ASU 2015-16 will be effective prospectively for annual and interim periods after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No.&#160;2015-03, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Presentation of Debt Issuance Costs</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2015-03&#8221;). 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 will 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&#160;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.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued ASU No.&#160;2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation (Topic 810): Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2015-02&#8221;), 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&#8217;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&#160;15, 2015; early adoption is allowed, including in any interim period. The Company does not expect the adoption of ASU 2015-02 to have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No.&#160;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 will be effective for annual and interim periods beginning after December&#160;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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