Fiserv(FI) - 2024 Q1 - Quarterly Report

PART I – FINANCIAL INFORMATION This section presents Fiserv, Inc.'s unaudited consolidated financial statements, management's discussion, market risk, and controls for Q1 2024 Item 1. Financial Statements (Unaudited) This section presents Fiserv, Inc.'s unaudited consolidated financial statements for Q1 2024, including core statements and detailed accounting notes Consolidated Statements of Income This section provides the consolidated statements of income for Fiserv, Inc. for the three months ended March 31, 2024 and 2023 | Metric | Three Months Ended March 31, 2024 (in millions) | Three Months Ended March 31, 2023 (in millions) | | :-------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Total Revenue | $4,883 | $4,547 | | Processing and services revenue | $4,000 | $3,673 | | Product revenue | $883 | $874 | | Operating income | $1,181 | $934 | | Net income attributable to Fiserv, Inc. | $735 | $563 | | Diluted EPS | $1.24 | $0.89 | Consolidated Statements of Comprehensive Income This section presents Fiserv, Inc.'s consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023 | Metric | Three Months Ended March 31, 2024 (in millions) | Three Months Ended March 31, 2023 (in millions) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Net income | $752 | $576 | | Total other comprehensive (loss) income | $(224) | $147 | | Comprehensive income attributable to Fiserv, Inc. | $528 | $723 | Consolidated Balance Sheets This section details Fiserv, Inc.'s consolidated balance sheets as of March 31, 2024, and December 31, 2023 | Metric | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Total assets | $92,698 | $90,890 | | Cash and cash equivalents | $1,214 | $1,204 | | Settlement assets | $29,711 | $27,681 | | Total liabilities | $63,115 | $60,221 | | Long-term debt | $23,754 | $22,363 | | Total equity | $29,423 | $30,508 | Consolidated Statements of Cash Flows This section outlines Fiserv, Inc.'s consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 | Metric | Three Months Ended March 31, 2024 (in millions) | Three Months Ended March 31, 2023 (in millions) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Net cash provided by operating activities | $831 | $1,130 | | Net cash used in investing activities | $(397) | $(314) | | Net cash used in financing activities | $(189) | $(1,149) | | Net change in cash and cash equivalents | $228 | $(316) | | Cash and cash equivalents, ending balance | $3,191 | $2,876 | Notes to Consolidated Financial Statements This section provides detailed notes supporting Fiserv, Inc.'s unaudited consolidated financial statements for Q1 2024 Note 1. Basis of Presentation and Summary of Significant Accounting Policies This note details the unaudited nature of interim financial statements, segment realignment, and key accounting policies - Segment Realignment: Effective March 31, 2024, the company realigned its reportable segments into Merchant Solutions and Financial Solutions to enhance operational performance. Segment results for Q1 2023 have been recast[21] - Goodwill Impairment: An interim goodwill impairment assessment was performed in Q1 2024 for impacted reporting units due to the Segment Realignment, and no impairment was found[36] - Defined Benefit Pension Plans: The company terminated its U.K. and U.S. defined benefit pension plans effective September 30, 2023. A group annuity insurance contract was entered into in March 2024 for the U.K. plan, resulting in an unrecognized loss of approximately $63 million. A non-cash pre-tax pension settlement charge of approximately $150 million is expected upon settlement of the terminated plans in 2024[41][42] | Metric | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Allowance for doubtful accounts | $69 | $86 | | Merchant collateral available | $692 | $690 | | Aggregate merchant credit loss allowance | $34 | $36 | Note 2. Recent Accounting Pronouncements Fiserv adopted ASU 2022-03 with no material impact and is assessing ASUs 2023-09 and 2023-07 for future disclosures - ASU 2022-03 (Fair Value Measurement): Adopted January 1, 2024, with no material impact on consolidated financial statements[46] - ASU 2023-09 (Income Tax Disclosures): Effective for fiscal years beginning after December 15, 2024; impact on disclosures is being assessed[47] - ASU 2023-07 (Segment Reporting): Effective for fiscal years beginning after December 15, 2023; impact on disclosures is being assessed[48] Note 3. Revenue Recognition Revenue is recognized upon performance obligation satisfaction, disaggregated by Merchant and Financial segments, with total revenue increasing in Q1 2024 | Revenue by Business Line (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Small Business | $1,488 | $1,285 | | Enterprise | $463 | $437 | | Processing | $302 | $274 | | Total Merchant segment revenue | $2,253 | $1,996 | | Digital Payments | $920 | $873 | | Issuing | $761 | $731 | | Banking | $604 | $619 | | Total Financial segment revenue | $2,285 | $2,223 | | Corporate and Other | $345 | $328 | | Total Revenue | $4,883 | $4,547 | - Revenue from EMEA, LATAM, and APAC regions comprised approximately 15% of total revenue for Q1 2024, up from 13% in Q1 2023[50] - The company recognized $285 million of revenue in Q1 2024 that was included in the contract liabilities balance at the beginning of the period[53] Note 4. Acquisitions and Dispositions Fiserv acquired Skytef and Sled in late 2023, expanding its Merchant segment, and sold its financial reconciliation business in July 2023 - Acquisitions: Acquired Skytef and Sled in late 2023 for an aggregate of $17 million, expanding the Merchant segment's distribution network, POS applications, and instant payment capabilities in Latin America[56] - Dispositions: Sold financial reconciliation business in July 2023 for $235 million cash, recognizing a pre-tax gain of $172 million[57] Note 5. Intangible Assets Identifiable intangible assets decreased to $10,926 million net at March 31, 2024, with amortization expense also decreasing in Q1 2024 | Identifiable Intangible Assets (in millions) | March 31, 2024 Net Book Value | December 31, 2023 Net Book Value | | :----------------------------------------- | :------------------------------ | :------------------------------- | | Customer relationships | $6,747 | $7,075 | | Acquired software and technology | $941 | $1,000 | | Trade names | $269 | $285 | | Purchased software | $596 | $567 | | Capitalized software and other intangibles | $2,373 | $2,283 | | Total | $10,926 | $11,210 | - Amortization expense for identifiable intangible assets decreased to $534 million in Q1 2024 from $595 million in Q1 2023[58] Note 6. Investments in Unconsolidated Affiliates Fiserv holds equity method investments, primarily in merchant alliances, valued at $1.9 billion, and other equity investments totaling $174 million - Merchant Alliances: Investments in unconsolidated merchant alliances totaled $1.9 billion at both March 31, 2024, and December 31, 2023[60] - Other Equity Investments: Investments without readily determinable fair value increased to $174 million at March 31, 2024, from $156 million at December 31, 2023. Gains or losses from sales or fair value changes are included within other expense, net[61] Note 7. Derivatives and Hedging Instruments Fiserv uses derivatives to hedge interest rate and foreign currency risks, with net investment hedges yielding significant gains in Q1 2024 - Cash Flow Hedges: Forward exchange contracts hedge Indian Rupee exposure ($447 million notional at March 31, 2024). Estimated $3 million in gains expected in cost of processing and services over next 12 months[63] - Net Investment Hedges: Used fixed-to-fixed cross-currency rate swaps (475 million Euros, 751 million Singapore Dollars notional) and foreign currency-denominated debt to hedge net investments[66][67] | Foreign Currency Transaction Gains (Losses), Net of Income Tax, Related to Net Investment Hedges (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------------------------------------------------------------------- | :---------------------------------- | :---------------------------------- | | Cross-currency rate swap contracts | $16 | $(2) | | Foreign currency-denominated debt | $77 | $(64) | | Total | $93 | $(66) | Note 8. Fair Value Measurements Certain assets and liabilities are measured at fair value, including derivatives and debt guarantees, with total debt's fair value at $22.7 billion | Fair Value Measured Assets (in millions) | March 31, 2024 | December 31, 2023 | | :------------------------------------- | :--------------- | :---------------- | | Forward exchange contracts (Level 2) | $3 | $2 | | Cross-currency rate swap contracts (Level 2) | $2 | $3 | | Fair Value Measured Liabilities (in millions) | | | | Cross-currency rate swap contracts (Level 2) | $44 | $62 | | Contingent consideration (Level 3) | $3 | $2 | | Contingent debt guarantee (Level 3) | $22 | $23 | - Debt Guarantees: Fiserv guarantees debt for Lending Joint Ventures (Sagent M&C, LLC and defi SOLUTIONS Group, LLC), with aggregate outstanding borrowings of $437 million in senior unsecured debt and $52 million on revolving credit facilities at March 31, 2024. The company maintains a contingent liability of $22 million for expected credit losses[74][78] - Fair Value of Debt: Estimated fair value of total debt (excluding finance leases) was $22.7 billion at March 31, 2024, compared to a carrying value of $23.5 billion[73] Note 9. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses decreased to $3,957 million at March 31, 2024, primarily due to reduced tax credits and compensation | Accounts Payable and Accrued Expenses (in millions) | March 31, 2024 | December 31, 2023 | | :------------------------------------------------ | :--------------- | :---------------- | | Trade accounts payable | $540 | $449 | | Client deposits | $950 | $931 | | Transferable federal tax credits | $307 | $804 | | Accrued compensation and benefits | $289 | $344 | | Accrued interest | $222 | $298 | | Other accrued expenses | $977 | $880 | | Total | $3,957 | $4,355 | Note 10. Debt Total debt increased to $24,425 million at March 31, 2024, following a $2.0 billion senior notes issuance and significant foreign lines of credit | Debt (in millions) | March 31, 2024 | December 31, 2023 | | :------------------------------------------ | :--------------- | :---------------- | | Short-term and current maturities of long-term debt | $671 | $755 | | Long-term debt | $23,754 | $22,363 | | Total Debt | $24,425 | $23,118 | - Senior Notes Issuance: Issued $2.0 billion of senior notes in March 2024 (5.150% due 2027, 5.350% due 2031, 5.450% due 2034) for general corporate purposes, including commercial paper repayment and share repurchases[82] - Commercial Paper: No outstanding U.S. dollar commercial paper at March 31, 2024 (vs. $418 million at Dec 31, 2023). Euro commercial paper outstanding was $1.3 billion at March 31, 2024, with a weighted average interest rate of 4.016%[85] | Foreign Lines of Credit (in millions) | Outstanding Borrowings (March 31, 2024) | Weighted-Average Interest Rate (March 31, 2024) | | :------------------------------------ | :-------------------------------------- | :---------------------------------------------- | | Argentina | $155 | 83.821% | | Brazil | $120 | 12.628% | | Uruguay | $65 | 10.695% | | Other | $40 | 3.658% | | Total | $380 | 40.354% | Note 11. Redeemable Noncontrolling Interest The redeemable noncontrolling interest, primarily from a merchant alliance joint venture, remained stable at $160 million at March 31, 2024 | Redeemable Noncontrolling Interest Activity (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------------------ | :---------------------------------- | :---------------------------------- | | Balance at beginning of period | $161 | $161 | | Distributions paid to redeemable noncontrolling interest | $(7) | $(8) | | Share of income | $6 | $7 | | Balance at end of period | $160 | $160 | Note 12. Equity Fiserv, Inc. shareholders' equity decreased to $28,801 million at March 31, 2024, due to treasury stock purchases and other comprehensive loss | Fiserv, Inc. Shareholders' Equity (in millions) | March 31, 2024 | December 31, 2023 | | :-------------------------------------------- | :--------------- | :---------------- | | Common Stock | $8 | $8 | | Additional Paid-In Capital | $22,861 | $23,103 | | Accumulated Other Comprehensive Loss | $(994) | $(783) | | Retained Earnings | $21,179 | $20,444 | | Treasury Stock | $(14,253) | $(12,915) | | Total Fiserv, Inc. Shareholders' Equity | $28,801 | $29,857 | - Treasury Stock Purchases: $1,512 million in Q1 2024[91] - Net Income Attributable to Fiserv, Inc.: $735 million in Q1 2024[91] - Other Comprehensive Loss: $(211) million in Q1 2024[91] Note 13. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss increased to $(994) million at March 31, 2024, driven by foreign currency translation and pension plan losses | Accumulated Other Comprehensive Loss (in millions) | March 31, 2024 | December 31, 2023 | | :----------------------------------------------- | :--------------- | :---------------- | | Derivatives | $(75) | $(78) | | Foreign Currency Translation | $(839) | $(688) | | Pension Plans | $(80) | $(17) | | Total | $(994) | $(783) | Note 14. Share-Based Compensation Share-based compensation expense decreased to $86 million in Q1 2024, with $558 million in unrecognized cost remaining | Share-Based Compensation (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------- | :---------------------------------- | :---------------------------------- | | Share-based compensation expense | $86 | $93 | - Total remaining unrecognized compensation cost for share-based awards is $558 million, to be recognized over a weighted-average period of 2.2 years[94] Note 15. Income Taxes The income tax provision increased to $153 million in Q1 2024, while the effective tax rate slightly decreased, benefiting from transferable federal tax credits | Income Tax (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------- | :---------------------------------- | :---------------------------------- | | Income tax provision | $153 | $124 | | Effective income tax rate | 16.7% | 17.4% | - Transferable Federal Tax Credits: Purchased at negotiated discounts, resulting in an income tax benefit[98] - Unrecognized Tax Benefits: Potential liability of $88 million at March 31, 2024, with a possible decrease of up to $5 million over the next twelve months[99] Note 16. Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc. Diluted weighted-average common shares outstanding decreased by 6% in Q1 2024, contributing to increased diluted EPS | Shares (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------------------------------------------------------- | :---------------------------------- | :---------------------------------- | | Weighted-average common shares outstanding used for basic EPS | 590.9 | 626.9 | | Weighted-average common shares outstanding used for diluted EPS | 594.8 | 631.3 | Note 17. Cash Flow Information Supplemental cash flow shows increased interest and income taxes paid, along with higher capital expenditures in Q1 2024 | Supplemental Cash Flow Information (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------------------- | :---------------------------------- | :---------------------------------- | | Interest paid | $335 | $222 | | Income taxes paid | $700 | $291 | | Capital expenditures, including capitalized software and other intangibles | $420 | $339 | Note 18. Commitments and Contingencies The company maintains a $34 million accrual for legal proceedings, with subscriber funds totaling $1.0 billion not on the balance sheet - Legal Proceedings: Accrual of $34 million at March 31, 2024, for legal proceedings, primarily related to merchant acquiring business and tax matters. Estimated possible exposure range is $0 million to $100 million[103] - Subscriber Funds: Funds received from electronic payments transactions, invested in short-term, highly liquid investments, totaled approximately $1.0 billion at March 31, 2024, and $3.5 billion at December 31, 2023. These are not included in the consolidated balance sheets[104] Note 19. Related Party Transactions Fiserv recognized $40 million in processing and service fees from equity method merchant alliances in Q1 2024 | Related Party Transactions (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------- | :---------------------------------- | :---------------------------------- | | Processing and other service fees from equity method alliances | $40 | $46 | - Amounts due from unconsolidated merchant alliances were $38 million at both March 31, 2024, and December 31, 2023[107] Note 20. Business Segment Information Following realignment, Fiserv operates with Merchant and Financial segments, both showing revenue and operating income growth in Q1 2024 - Segment Realignment: Operations are now comprised of Merchant Solutions and Financial Solutions segments, effective Q1 2024[108] - Merchant Segment: Provides commerce-enabling products (merchant acquiring, digital commerce, mobile payments, security/fraud, stored-value, pay-by-bank) to businesses of all sizes, including Clover and Carat platforms[108][109] - Financial Segment: Provides products and services (debit/credit card processing, digital payments, banking, financial/risk management) to financial institutions, corporate, and public sector clients[109] | Segment Operating Results (in millions) | Merchant (Q1 2024) | Merchant (Q1 2023) | Financial (Q1 2024) | Financial (Q1 2023) | Corporate and Other (Q1 2024) | Corporate and Other (Q1 2023) | Total (Q1 2024) | Total (Q1 2023) | | :------------------------------------ | :----------------- | :----------------- | :------------------ | :------------------ | :---------------------------- | :---------------------------- | :-------------- | :-------------- | | Total revenue | $2,253 | $1,996 | $2,285 | $2,223 | $345 | $328 | $4,883 | $4,547 | | Operating income (loss) | $769 | $592 | $1,008 | $943 | $(596) | $(601) | $1,181 | $934 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on Fiserv's financial condition and results for Q1 2024 Overview Fiserv is a leading global provider of payments and financial services technology, focused on growth through integrated solutions and disciplined capital allocation - Company Background: Leading global provider of payments and financial services technology solutions, serving merchants, banks, credit unions, and corporate/public sector clients[114][115] - Strategic Focus: Driving growth and value through a high-performing team, integrated solutions, operational excellence, disciplined capital allocation (including share repurchase and M&A), and breakthrough innovation[115] - Segment Realignment: Effective Q1 2024, reportable segments are Merchant Solutions and Financial Solutions, aimed at enhancing operational performance[116] Acquisitions and Dispositions Fiserv acquired Skytef and Sled to expand its Merchant segment and sold its financial reconciliation business in 2023 - Acquisitions: Skytef (distributor for EFT payments software) and Sled (instant payment solutions provider) acquired in late 2023 for $17 million, enhancing Merchant segment capabilities in Latin America[121] - Dispositions: Financial reconciliation business sold in July 2023 for $235 million cash, recognizing a $172 million pre-tax gain[122] - Other Transactions: Acquired remaining 49% ownership in European Merchant Services B.V. for $56 million in September 2023[123] Industry Trends The global payments landscape is evolving with rapid technology advancements, digital payments, and e-commerce, intensifying competition and driving demand for integrated solutions - Global Payments Landscape: Evolving with rapid technology advancements, digital payments, e-commerce, and real-time payments infrastructure, leading to intensified competition[124] - Merchant Demands: Merchants require simpler, integrated, and flexible systems for payment acceptance, cash flow management, and business operations, driving demand for end-to-end solutions and direct, digital-only acquisition channels[125] - Financial Institution Needs: Financial institutions are investing in solutions to win/retain customers, generate revenue, comply with regulations, and enhance operating efficiency, with a focus on tailored digital solutions and integrated customer experiences[128][130] Recent Market Conditions Global macroeconomic conditions, including rising interest rates and foreign currency fluctuations, could adversely affect Fiserv's business and financial results - Macroeconomic Impact: Global conditions (rising interest rates, inflation, supply chain disruptions, international hostilities) could adversely affect business, results, and financial condition[133] - Foreign Currency Risk: Fluctuations in exchange rates (Euro, British Pound Sterling, Argentine Peso) negatively impact revenue and earnings, with significant devaluation of the Argentine Peso potentially offsetting transitory revenue benefits from inflation[134][135] Changes in Critical Accounting Policies and Estimates No material changes to critical accounting policies and estimates were reported from the 2023 Annual Report on Form 10-K - No material changes to critical accounting policies and estimates from the Annual Report on Form 10-K for the year ended December 31, 2023[137] Results of Operations Fiserv reported increased total revenue, operating income, and diluted EPS in Q1 2024, driven by segment growth and expense management | Metric | Three Months Ended March 31, 2024 (in millions) | Three Months Ended March 31, 2023 (in millions) | Change ($) | Change (%) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :--------- | :--------- | | Total Revenue | $4,883 | $4,547 | $336 | 7% | | Operating income | $1,181 | $934 | $247 | 26% | | Operating margin | 24.2% | 20.5% | 370 bps | | | Net income attributable to Fiserv, Inc. | $735 | $563 | $172 | 31% | | Diluted EPS | $1.24 | $0.89 | | | - Revenue Growth Drivers: Merchant segment revenue increased 13% ($257 million), driven by Small Business (Clover operating system, value-added services) and contributions from Enterprise and Processing. Financial segment revenue increased 3% ($62 million), driven by Digital Payments (transaction volume) and Issuing (active accounts), partially offset by a decrease in Banking license/termination fees[142][143] - Expense Management: Total expenses as a percentage of total revenue decreased 370 basis points to 75.8%, favorably impacted by operating leverage and reduced amortization of acquisition-related intangible assets[145] - Interest Expense: Increased $59 million (29%) due to higher outstanding borrowings and increased variable rate borrowings in Latin America[153] - Diluted EPS: Increased to $1.24 from $0.89, also benefiting from a 6% reduction in diluted weighted average outstanding shares due to share repurchases[158] Liquidity and Capital Resources Net cash from operating activities decreased, while capital expenditures and share repurchases remained significant uses of capital | Liquidity and Capital Resources (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change ($) | Change (%) | | :------------------------------------------ | :---------------------------------- | :---------------------------------- | :--------- | :--------- | | Net cash provided by operating activities | $831 | $1,130 | $(299) | (26)% | | Capital expenditures | $420 | $339 | $81 | 24% | | Share repurchases | $1,500 | $1,500 | $0 | 0% | - Liquidity Sources: Cash and cash equivalents ($1.2 billion), commercial paper proceeds, and $2.7 billion available capacity under revolving credit facility[159] - Operating Cash Flow Decrease: Primarily due to higher working capital use and $409 million increase in income taxes paid[160] - Share Repurchase Authorization: Approximately 41.7 million shares remaining under the existing repurchase authorization as of March 31, 2024[163] Item 3. Quantitative and Qualitative Disclosures About Market Risk Fiserv is exposed to interest rate and foreign currency risks, managed with derivatives, with no significant changes in Q1 2024 - Primary Market Risks: Fluctuations in interest rates and foreign currency exchange rates[180] - Major Currency Exposures: Argentine Peso, Brazilian Real, British Pound, Euro, and Indian Rupee[181] - No Significant Changes: No significant changes to quantitative and qualitative analyses about market risk during Q1 2024[182] Item 4. Controls and Procedures Management concluded Fiserv's disclosure controls were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Disclosure Controls and Procedures: Management concluded that disclosure controls and procedures were effective as of March 31, 2024[183] - Internal Control Over Financial Reporting: No material changes occurred during Q1 2024[184] PART II – OTHER INFORMATION This section covers legal proceedings, equity security sales, other information, exhibits, and signatures for Fiserv, Inc Item 1. Legal Proceedings Management does not expect liabilities from legal proceedings to have a material adverse effect on consolidated financial statements - Management does not expect liabilities from legal proceedings to have a material adverse effect on consolidated financial statements[185] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Fiserv repurchased over 10 million shares in Q1 2024 at an average price of $145.62, with 41.7 million shares remaining under authorization | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | :----------------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------------- | | January 1-31, 2024 | 3,095,000 | $137.47 | 48,884,234 | | February 1-29, 2024 | 2,831,280 | $146.63 | 46,052,954 | | March 1-31, 2024 | 4,316,788 | $152.75 | 41,736,166 | | Total (Q1 2024) | 10,243,068 | $145.62 (avg) | | - The board of directors authorized the purchase of up to 75.0 million shares of common stock on February 22, 2023, with no expiration[186] Item 5. Other Information No directors or Section 16 officers adopted or terminated Rule 10b5-1 trading plans or non-Rule 10b5-1 arrangements during Q1 2024 - No directors or Section 16 officers adopted or terminated a Rule 10b5-1 Trading Plan or non-Rule 10b5-1 trading arrangement during Q1 2024[187] Item 6. Exhibits This section lists the exhibits filed as part of the Form 10-Q, including supplemental indentures, CEO/CFO certifications, and Inline XBRL documents - Exhibits include Thirty-Second, Thirty-Third, and Thirty-Fourth Supplemental Indentures, CEO and CFO certifications (Sarbanes-Oxley Act), and Inline XBRL documents for consolidated financial statements and notes[191] Signatures The report is duly signed by Fiserv, Inc.'s Chief Financial Officer and Chief Accounting Officer on April 24, 2024 - Report signed by Robert W. Hau (CFO) and Kenneth F. Best (Chief Accounting Officer) on April 24, 2024[196]