Fiserv, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $4.79 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.55%. This compares to year-ago revenues of $4.54 billion. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commenta ...

© 2025 Fiserv, Inc. or its affiliates 1 © 2025 Fiserv, Inc. or its affiliates. World's Most Admired Companie sTM 2025 Fortune ® Magazine Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share, adjusted earnings per share growth, free cash flow, adjusted op ...

Financial Performance - GAAP revenue increased by 5% to $5.13 billion in Q1 2025, with Merchant Solutions segment growing by 5% and Financial Solutions segment by 6%[2] - GAAP EPS rose by 22% to $1.51 in Q1 2025, with an operating margin of 27.2%, up from 24.2% in Q1 2024[3] - Adjusted revenue increased by 5% to $4.79 billion, with organic revenue growth of 7%, driven by 8% growth in Merchant Solutions and 6% in Financial Solutions[8] - Adjusted EPS grew by 14% to $2.14, with an adjusted operating margin of 37.8%, an increase of 200 basis points year-over-year[8] - Total revenue for Q1 2025 was $5,130 million, an increase from $4,883 million in Q1 2024, representing a growth of 5.05%[27] - Adjusted revenue for Q1 2025 was $4,789 million, up from $4,543 million in Q1 2024, reflecting a growth of 5.43%[27] - Operating income for Q1 2025 was $1,395 million, compared to $1,181 million in Q1 2024, marking an increase of 18.14%[27] - Adjusted operating income for Q1 2025 was $1,808 million, up from $1,629 million in Q1 2024, indicating a growth of 10.98%[27] - Net income for Q1 2025 was $848 million, an increase from $752 million in Q1 2024, representing a growth of 12.79%[30] Cash Flow and Shareholder Returns - Free cash flow was $371 million in Q1 2025, down from $454 million in the prior year period[8] - The company repurchased 9.7 million shares for $2.2 billion in Q1 2025[8] Future Outlook - Fiserv expects organic revenue growth of 10% to 12% and adjusted EPS of $10.10 to $10.30 for 2025, representing growth of 15% to 17%[6] - The company maintains its guidance for 2025, anticipating acceleration in the second half of the year[7] - The company's organic revenue growth outlook for 2025 is projected to be between 10% and 12%[45] - Adjusted earnings per share for 2025 is estimated to be in the range of $10.10 to $10.30, reflecting a growth of 15% to 17% compared to 2024[49] Strategic Initiatives - Four strategic acquisitions were completed in Q1 2025, including Payfare Inc. and CCV Group B.V.[8] - A new 2,000-employee fintech hub is planned to open in Overland Park, Kansas[8] Assets and Liabilities - Total assets as of March 31, 2025, were $80,402 million, an increase from $77,176 million as of December 31, 2024[33] - Total liabilities increased to $53,881 million as of March 31, 2025, compared to $49,490 million as of December 31, 2024[33] Costs and Adjustments - The company incurred $52 million in incremental executive compensation related to the transition of the CEO in Q1 2025[27] - The company incurred merger and integration costs of $81 million and severance costs of $157 million in 2024[49] - The impact of postage reimbursements on revenue is expected to be a decrease of 0.5% for 2025[45] - Currency fluctuations are anticipated to positively impact adjusted revenue by 1.5% for 2025[45] - Acquisition adjustments are expected to reduce revenue growth by 1.0% in 2025[45] - The company estimates a 5% decrease in amortization expense related to acquired intangible assets for 2025 compared to 2024[49] - The tax impact of adjustments is calculated using a tax rate of 20%, reflecting the company's effective tax rate[51]

[Executive Summary & Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Highlights) This section provides an overview of Fiserv's strong first-quarter 2025 financial performance, key growth metrics, and strategic commentary from both the current and incoming CEOs [First Quarter 2025 Key Highlights](index=1&type=section&id=1.1%20First%20Quarter%202025%20Key%20Highlights) Fiserv reported strong first-quarter 2025 results, with GAAP revenue increasing 5% and organic revenue growing 7% Q1 2025 Key Highlights | Metric | Q1 2025 Growth | 2025 Outlook Growth | | :----------------------- | :------------- | :------------------ | | GAAP Revenue | 5% | - | | Organic Revenue | 7% | 10% - 12% | | GAAP EPS | 22% | - | | Adjusted EPS | 14% | 15% - 17% | [CEO Commentary](index=1&type=section&id=1.2%20CEO%20Commentary) Chairman and CEO Frank Bisignano highlighted that first-quarter adjusted EPS exceeded expectations, demonstrating the resilience, consistency, and sustainable growth of Fiserv - Frank Bisignano, Chairman and CEO, noted that adjusted EPS results exceeded expectations, showcasing the resilience, consistency, and sustainable growth of the Fiserv franchise He attributed the company's success to its differentiated structure with two market-leading segments, Merchant and Financial Solutions, which are well-positioned to serve interconnected business and financial institution clients[4](index=4&type=chunk) [Incoming CEO Commentary](index=2&type=section&id=1.3%20Incoming%20CEO%20Commentary) Mike Lyons, President and incoming CEO, reported a strong start to 2025, marked by significant client wins, four strategic acquisitions, and a focus on execution and growth - Mike Lyons, President and incoming CEO, stated that Fiserv had a good start to 2025, characterized by a series of large client wins, four strategic acquisitions, and a strong focus on execution and growth[7](index=7&type=chunk) - The company is maintaining its guidance for 2025, with an anticipated acceleration in the back-half of the year, reflecting the timing of key strategic initiatives[7](index=7&type=chunk) [First Quarter 2025 Financial Performance](index=1&type=section&id=2.%20First%20Quarter%202025%20Financial%20Performance) This section details Fiserv's financial results for the first quarter of 2025, presenting both GAAP and non-GAAP metrics, including revenue, EPS, operating margins, and cash flow performance [GAAP Results](index=1&type=section&id=2.1%20GAAP%20Results) Fiserv's GAAP revenue increased 5% to $5.13 billion in Q1 2025, driven by growth in both Merchant Solutions (5%) and Financial Solutions (6%) Q1 2025 GAAP Financial Highlights | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :-------- | :-------- | :----------- | | Revenue | $5.13B | $4.88B | +5% | | EPS | $1.51 | $1.24 | +22% | | Operating Margin | 27.2% | 24.2% | +300 bps | | Net Cash from Operating Activities | $648M | $831M | -22.1% | Q1 2025 GAAP Segment Performance (Revenue & Operating Margin) | Segment | Q1 2025 Revenue Growth | Q1 2025 Operating Margin | Q1 2024 Operating Margin | | :------------------ | :--------------------- | :----------------------- | :----------------------- | | Merchant Solutions | 5% | 34.2% | 34.1% | | Financial Solutions | 6% | 47.5% | 44.1% | [Non-GAAP Results](index=2&type=section&id=2.2%20Non-GAAP%20Results) In Q1 2025, adjusted revenue grew 5% to $4.79 billion, with organic revenue growth at 7%, led by Merchant Solutions (8%) and Financial Solutions (6%) Q1 2025 Non-GAAP Financial Highlights | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :------------------- | :-------- | :-------- | :----------- | | Adjusted Revenue | $4.79B | $4.54B | +5% | | Organic Revenue Growth | 7% | - | - | | Adjusted EPS | $2.14 | $1.88 | +14% | | Adjusted Operating Margin | 37.8% | 35.8% | +200 bps | | Free Cash Flow | $371M | $454M | -18.2% | Q1 2025 Non-GAAP Segment Performance (Organic Revenue Growth & Adjusted Operating Margin) | Segment | Organic Revenue Growth | Adjusted Operating Margin (Q1 2025) | Adjusted Operating Margin (Q1 2024) | | :------------------ | :--------------------- | :---------------------------------- | :---------------------------------- | | Merchant Solutions | 8% | 34.2% | 34.1% | | Financial Solutions | 6% | 47.5% | 44.1% | [Segment Performance](index=8&type=section&id=3.%20Segment%20Performance) This section analyzes the financial performance of Fiserv's Merchant Solutions, Financial Solutions, and Corporate and Other segments, highlighting revenue growth and operating margin trends [Merchant Solutions Segment](index=8&type=section&id=3.1%20Merchant%20Solutions%20Segment) The Merchant Solutions segment reported a 5% increase in GAAP revenue to $2.37 billion and an 8% organic revenue growth in Q1 2025 Merchant Solutions Segment Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :---------------- | :-------- | :-------- | :----------- | | Revenue | $2,372M | $2,253M | +5% | | Operating Income | $810M | $769M | +5.3% | | Operating Margin | 34.2% | 34.1% | +10 bps | | Organic Revenue Growth | 8% | - | - | [Financial Solutions Segment](index=8&type=section&id=3.2%20Financial%20Solutions%20Segment) The Financial Solutions segment saw a 6% increase in GAAP revenue to $2.42 billion and a 6% organic revenue growth in Q1 2025 Financial Solutions Segment Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :---------------- | :-------- | :-------- | :----------- | | Revenue | $2,417M | $2,285M | +6% | | Operating Income | $1,148M | $1,008M | +13.9% | | Operating Margin | 47.5% | 44.1% | +340 bps | | Organic Revenue Growth | 6% | - | - | [Corporate and Other](index=8&type=section&id=3.3%20Corporate%20and%20Other) The Corporate and Other segment reported revenue of $341 million in Q1 2025, with an adjusted revenue of $0 million after accounting for postage reimbursements Corporate and Other Segment Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------- | :-------- | :-------- | :----------- | | Revenue | $341M | $345M | -1.2% | | Adjusted Revenue | $0M | $5M | -100% | | Operating Loss | $(563)M | $(596)M | +5.5% | | Adjusted Operating Loss | $(150)M | $(148)M | -1.4% | [Business Updates & Strategic Initiatives](index=2&type=section&id=4.%20Business%20Updates%20%26%20Strategic%20Initiatives) This section outlines Fiserv's recent strategic acquisitions and operational initiatives aimed at expanding its market presence and enhancing its fintech capabilities [Strategic Acquisitions](index=2&type=section&id=4.1%20Strategic%20Acquisitions) Fiserv completed four strategic acquisitions in Q1 2025, expanding its capabilities in instant earnings access, point-of-sale solutions, payment facilitation, and small business working capital - In March 2025, Fiserv acquired Payfare Inc., a Canada-based provider of program management solutions for instant access to earnings and banking solutions for workforces[8](index=8&type=chunk) - Also in March 2025, Fiserv acquired CCV Group B.V., a Netherlands-based supplier of point-of-sale payment solutions[8](index=8&type=chunk) - In April 2025, Fiserv reached agreements to acquire Pinch Payments NZ Limited, an Australia-based solutions provider for payment facilitators, and Money Money Serviços Financeiros S.A., a Brazil-based fintech that enables small businesses to access working capital[8](index=8&type=chunk) [Operational Initiatives](index=2&type=section&id=4.2%20Operational%20Initiatives) Fiserv announced plans to open a new 2,000-employee fintech hub in Overland Park, Kansas, as part of its ongoing operational expansion and strategic growth initiatives - In April 2025, Fiserv announced a plan to open a 2,000-employee fintech hub in Overland Park, Kansas[8](index=8&type=chunk) [Financial Outlook for 2025](index=2&type=section&id=5.%20Financial%20Outlook%20for%202025) This section presents Fiserv's reaffirmed full-year 2025 financial guidance, including organic revenue growth and adjusted EPS targets, along with detailed reconciliations of non-GAAP measures [Full Year 2025 Guidance](index=2&type=section&id=5.1%20Full%20Year%202025%20Guidance) Fiserv reaffirmed its full-year 2025 financial guidance, expecting organic revenue growth of 10% to 12% and adjusted earnings per share between $10.10 and $10.30, representing a growth of 15% to 17% Full Year 2025 Financial Outlook | Metric | 2025 Outlook | | :------------------- | :------------- | | Organic Revenue Growth | 10% to 12% | | Adjusted EPS | $10.10 to $10.30 | | Adjusted EPS Growth | 15% to 17% | [Forward-Looking Non-GAAP Measures](index=14&type=section&id=5.2%20Forward-Looking%20Non-GAAP%20Measures) The company provided details on its forward-looking non-GAAP measures for 2025, including organic revenue growth and adjusted EPS 2025 Revenue Growth Components (Outlook) | Metric | Growth | | :-------------------- | :----- | | 2025 Revenue | 10% - 12% | | Postage reimbursements | (0.5)% | | 2025 Adjusted revenue | 9.5% - 11.5% | | Currency impact | 1.5% | | Acquisition adjustments | (1.0)% | | Divestiture adjustments | —% | | 2025 Organic revenue | 10% - 12% | 2024 GAAP to Adjusted EPS Reconciliation and 2025 Outlook | Metric | Amount (in millions, except per share) | | :------------------------------------------ | :----------------------------------- | | 2024 GAAP net income attributable to Fiserv | $3,131 | | Adjustments (net of income taxes): | | | Merger and integration costs | $0.11 | | Severance costs | $0.22 | | Amortization of acquisition-related intangibles | $1.95 | | Non wholly-owned entity activities | $0.14 | | Impairment of equity method investments | $0.85 | | Non-cash settlement charge for pension plans | $0.16 | | 2024 adjusted earnings per share | $8.80 | | 2025 adjusted earnings per share outlook | $10.10 - $10.30 | | 2025 adjusted earnings per share growth outlook | 15% - 17% | - The company estimates that amortization expense in 2025 with respect to acquired intangible assets will decrease approximately 5% compared to the amount incurred in 2024[45](index=45&type=chunk) [Company Information](index=3&type=section&id=6.%20Company%20Information) This section provides essential company information, including its business overview, the rationale for non-GAAP financial measures, and a discussion of forward-looking statements and risk factors [About Fiserv](index=3&type=section&id=6.1%20About%20Fiserv) Fiserv, Inc. is a Fortune 500™ company and a global leader in payments and financial technology, providing solutions to help clients achieve best-in-class results through innovation and excellence - Fiserv, Inc. (NYSE: FI) is a Fortune 500™ company and a global leader in payments and financial technology, aspiring to move money and information to move the world[9](index=9&type=chunk) - The company helps clients achieve best-in-class results through innovation and excellence in areas such as account processing, digital banking, card issuer processing, payments, e-commerce, merchant acquiring, and the Clover cloud-based point-of-sale and business management platform[9](index=9&type=chunk) - Fiserv is a member of the S&P 500 Index and recognized as one of Fortune World's Most Admired Companies™[9](index=9&type=chunk) [Use of Non-GAAP Financial Measures](index=3&type=section&id=6.2%20Use%20of%20Non-GAAP%20Financial%20Measures) Fiserv supplements its GAAP reporting with non-GAAP measures like adjusted revenue, organic revenue, adjusted operating income/margin, adjusted net income/EPS, and free cash flow - Fiserv uses non-GAAP financial measures such as "adjusted revenue," "organic revenue," "adjusted operating income," "adjusted operating margin," "adjusted net income," "adjusted earnings per share," and "free cash flow" to supplement its GAAP reporting[10](index=10&type=chunk) - Management believes these adjustments enhance shareholders' ability to evaluate performance by providing insights into factors and trends affecting the business, excluding items like non-cash intangible asset amortization, impairment charges, severance, and merger and integration costs[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The company stresses that these unaudited non-GAAP measures are not comparable to similarly titled measures reported by other companies and should be considered in addition to, not as a substitute for, GAAP measures[14](index=14&type=chunk) [Forward-Looking Statements & Risk Factors](index=4&type=section&id=6.3%20Forward-Looking%20Statements%20%26%20Risk%20Factors) This news release contains forward-looking statements regarding future financial performance, which are subject to assumptions, risks, and uncertainties that could cause actual results to differ materially - The news release contains forward-looking statements, identifiable by words like "believes," "anticipates," "expects," and similar meanings, regarding future financial performance, including organic revenue growth and adjusted EPS[15](index=15&type=chunk) - These statements are subject to assumptions, risks, and uncertainties that may cause actual results to differ materially, including factors such as competition, customer demand, technology, security breaches, economic conditions (e.g., inflation, interest rates, recession), regulatory actions, intellectual property rights, litigation, successful acquisition integration, and personnel retention[16](index=16&type=chunk) - Investors are cautioned not to place undue reliance on forward-looking statements, and the company assumes no obligation to update them[18](index=18&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=7.%20Condensed%20Consolidated%20Financial%20Statements) This section presents Fiserv's unaudited condensed consolidated financial statements for Q1 2025, including income, cash flow, and balance sheets, along with non-GAAP reconciliations [Condensed Consolidated Statements of Income](index=6&type=section&id=7.1%20Condensed%20Consolidated%20Statements%20of%20Income) The condensed consolidated statements of income show Fiserv's GAAP financial performance for the three months ended March 31, 2025, compared to the prior year Condensed Consolidated Statements of Income (Three Months Ended March 31) | Metric | 2025 (in millions) | 2024 (in millions) | | :------------------------------------------------- | :----------------- | :----------------- | | Revenue: | | | | Processing and services | $4,045 | $4,000 | | Product | $1,085 | $883 | | **Total revenue** | **$5,130** | **$4,883** | | Expenses: | | | | Cost of processing and services | $1,389 | $1,354 | | Cost of product | $684 | $651 | | Selling, general and administrative | $1,682 | $1,697 | | Net gain on sale of other assets | $(20) | — | | **Total expenses** | **$3,735** | **$3,702** | | **Operating income** | **$1,395** | **$1,181** | | Interest expense, net | $(331) | $(261) | | Other expense, net | $(18) | $(7) | | Income before income taxes and loss from investments | $1,046 | $913 | | Income tax provision | $(190) | $(153) | | Loss from investments in unconsolidated affiliates | $(8) | $(8) | | **Net income** | **$848** | **$752** | | Less: net (loss) income attributable to noncontrolling interests | $(3) | $17 | | **Net income attributable to Fiserv** | **$851** | **$735** | | GAAP earnings per share attributable to Fiserv — diluted | $1.51 | $1.24 | | Diluted shares used in computing earnings per share | 564.7 | 594.8 | [Reconciliation of GAAP to Adjusted Net Income and Adjusted Earnings Per Share](index=7&type=section&id=7.2%20Reconciliation%20of%20GAAP%20to%20Adjusted%20Net%20Income%20and%20EPS) This section provides a reconciliation of GAAP net income and EPS to their adjusted non-GAAP counterparts for Q1 2025 and Q1 2024 Reconciliation of GAAP to Adjusted Net Income and EPS (Three Months Ended March 31) | Metric | 2025 (in millions, except per share) | 2024 (in millions, except per share) | | :------------------------------------------ | :----------------------------------- | :----------------------------------- | | GAAP net income attributable to Fiserv | $851 | $735 | | Adjustments: | | | | Merger and integration costs | $15 | $37 | | Severance costs | $15 | $42 | | Amortization of acquisition-related intangibles | $331 | $369 | | Non wholly-owned entity activities | $20 | $28 | | Tax impact of adjustments | $(74) | $(95) | | Incremental executive compensation | $52 | — | | **Adjusted net income** | **$1,210** | **$1,116** | | GAAP earnings per share attributable to Fiserv - diluted | $1.51 | $1.24 | | Adjustments - net of income taxes: | | | | Merger and integration costs | $0.02 | $0.05 | | Severance costs | $0.02 | $0.06 | | Amortization of acquisition-related intangibles | $0.47 | $0.50 | | Non wholly-owned entity activities | $0.03 | $0.04 | | Incremental executive compensation | $0.09 | — | | **Adjusted earnings per share** | **$2.14** | **$1.88** | | GAAP earnings per share attributable to Fiserv growth | 22% | | | Adjusted earnings per share growth | 14% | | [Financial Results by Segment](index=8&type=section&id=7.3%20Financial%20Results%20by%20Segment) This section details the financial results by segment for Q1 2025, including total company, Merchant Solutions, Financial Solutions, and Corporate and Other Financial Results by Segment (Three Months Ended March 31, in millions) | Metric | Total Company | Merchant Solutions | Financial Solutions | Corporate and Other | | :-------------------------------- | :------------ | :----------------- | :------------------ | :------------------ | | **2025 Revenue** | $5,130 | $2,372 | $2,417 | $341 | | Postage reimbursements | $(341) | — | — | $(341) | | **2025 Adjusted revenue** | $4,789 | $2,372 | $2,417 | $0 | | **2025 Operating income** | $1,395 | $810 | $1,148 | $(563) | | Adjustments: | | | | | | Merger and integration costs | $15 | — | — | $15 | | Severance costs | $15 | — | — | $15 | | Amortization of acquisition-related intangibles | $331 | — | — | $331 | | Incremental executive compensation | $52 | — | — | $52 | | **2025 Adjusted operating income** | $1,808 | $810 | $1,148 | $(150) | | **2025 Operating margin** | 27.2% | 34.2% | 47.5% | - | | **2025 Adjusted operating margin** | 37.8% | 34.2% | 47.5% | - | | **2024 Revenue** | $4,883 | $2,253 | $2,285 | $345 | | Postage reimbursements | $(340) | — | — | $(340) | | **2024 Adjusted revenue** | $4,543 | $2,253 | $2,285 | $5 | | **2024 Operating income** | $1,181 | $769 | $1,008 | $(596) | | Adjustments: | | | | | | Merger and integration costs | $37 | — | — | $37 | | Severance costs | $42 | — | — | $42 | | Amortization of acquisition-related intangibles | $369 | — | — | $369 | | Incremental executive compensation | — | — | — | — | | **2024 Adjusted operating income** | $1,629 | $769 | $1,008 | $(148) | | **2024 Operating margin** | 24.2% | 34.1% | 44.1% | - | | **2024 Adjusted operating margin** | 35.8% | 34.1% | 44.1% | - | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=7.4%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Fiserv's condensed consolidated statements of cash flows for Q1 2025 show a decrease in net cash provided by operating activities to $648 million from $831 million in the prior year Condensed Consolidated Statements of Cash Flows (Three Months Ended March 31, in millions) | Cash Flow Activity | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $648 | $831 | | Net cash used in investing activities | $(925) | $(397) | | Net cash provided by (used in) financing activities | $627 | $(189) | | Effect of exchange rate changes on cash | $26 | $(17) | | Net change in cash and cash equivalents | $376 | $228 | | Cash and cash equivalents, beginning balance | $2,993 | $2,963 | | Cash and cash equivalents, ending balance | $3,369 | $3,191 | - Payments for acquisition of businesses, net of cash acquired, amounted to **$316 million** in Q1 2025, contributing to the increase in net cash used in investing activities[30](index=30&type=chunk) - Net borrowings from commercial paper and short-term borrowings were **$2,696 million** in Q1 2025, significantly impacting net cash provided by financing activities[30](index=30&type=chunk) [Condensed Consolidated Balance Sheets](index=11&type=section&id=7.5%20Condensed%20Consolidated%20Balance%20Sheets) Fiserv's condensed consolidated balance sheet as of March 31, 2025, shows total assets increased to $80.40 billion from $77.18 billion at December 31, 2024 Condensed Consolidated Balance Sheets (in millions) | Asset/Liability/Equity | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | **Assets:** | | | | Cash and cash equivalents | $1,177 | $1,236 | | Total current assets | $25,591 | $23,477 | | Property and equipment – net | $2,427 | $2,374 | | Customer relationships – net | $5,737 | $5,868 | | Other intangible assets – net | $4,765 | $4,072 | | Goodwill | $36,983 | $36,584 | | **Total assets** | **$80,402** | **$77,176** | | **Liabilities:** | | | | Total current liabilities | $23,293 | $22,157 | | Long-term debt | $27,016 | $23,730 | | Deferred income taxes | $2,427 | $2,477 | | **Total liabilities** | **$53,881** | **$49,490** | | **Total equity** | **$26,521** | **$27,686** | [Selected Non-GAAP Financial Measures and Additional Information](index=12&type=section&id=7.6%20Selected%20Non-GAAP%20Financial%20Measures%20and%20Additional%20Information) This section provides detailed calculations for key non-GAAP financial measures, including organic revenue growth, free cash flow, and total amortization [Organic Revenue Growth](index=12&type=section&id=7.6.1%20Organic%20Revenue%20Growth) This subsection details the calculation of organic revenue growth for the total company and its segments, adjusting for currency impact and acquisition/divestiture effects Organic Revenue Growth (Three Months Ended March 31, in millions) | Metric | Total Company | Merchant | Financial | Corporate and Other | | :-------------------- | :------------ | :------- | :-------- | :------------------ | | 2025 Adjusted revenue | $4,789 | $2,372 | $2,417 | $0 | | Currency impact | $77 | $69 | $8 | — | | Acquisition adjustments | $(11) | $(8) | $(3) | — | | Divestiture adjustments | — | — | — | — | | **2025 Organic revenue** | **$4,855** | **$2,433** | **$2,422** | **$0** | | **2024 Adjusted revenue** | $4,543 | $2,253 | $2,285 | $5 | | Divestiture adjustments | $(5) | — | — | $(5) | | **2024 Organic revenue** | **$4,538** | **$2,253** | **$2,285** | **$0** | | **Organic Revenue Growth** | **7%** | **8%** | **6%** | **—** | [Free Cash Flow](index=13&type=section&id=7.6.2%20Free%20Cash%20Flow) This subsection reconciles net cash provided by operating activities to free cash flow, detailing adjustments for capital expenditures, distributions, and severance payments Free Cash Flow (Three Months Ended March 31, in millions) | Metric | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $648 | $831 | | Capital expenditures | $(335) | $(420) | | Adjustments: | | | | Distributions paid to noncontrolling interests | — | $(34) | | Distributions from unconsolidated affiliates | — | $22 | | Severance, merger and integration payments | $69 | $68 | | Tax payments on adjustments | $(11) | $(13) | | **Free cash flow** | **$371** | **$454** | [Total Amortization](index=13&type=section&id=7.6.3%20Total%20Amortization) This subsection presents a breakdown of total amortization expenses, including acquisition-related intangibles, capitalized software, and financing costs Total Amortization (Three Months Ended March 31, in millions) | Amortization Type | 2025 | 2024 | | :-------------------------------- | :--- | :--- | | Acquisition-related intangible assets | $331 | $373 | | Capitalized software and other intangibles | $176 | $144 | | Purchased software | $52 | $59 | | Financing costs and debt discounts | $11 | $11 | | Sales commissions | $28 | $28 | | Deferred conversion costs | $27 | $24 | | **Total amortization** | **$625** | **$639** | - The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets due to their inconsistent amount and frequency, which are significantly impacted by the timing and size of acquisitions[40](index=40&type=chunk)

Core Insights - Fiserv, Inc. is a backend payment solutions company that has shown resilience during market turmoil, with its stock performing better than the Zacks Tech sector over the past 20 years [1][12] - The company is currently trading approximately 14% below its all-time highs, presenting a potential buying opportunity for investors seeking stability amid economic uncertainties [2][14] Company Overview - Fiserv operates in two main segments: Financial Solutions and Merchant Solutions, focusing on supporting the digital transformation of financial services [4] - The company has a diverse portfolio that includes digital banking solutions, payment processing, card issuer processing, and cloud-based point-of-sale systems [1][3] Growth and Performance - Fiserv has experienced significant growth, with its Clover POS platform driving a 29% revenue increase in Q4 [6] - The company has maintained a track record of double-digit organic revenue growth for four consecutive years and has achieved 39 consecutive years of double-digit adjusted earnings per share growth [6][11] - Fiserv's revenue growth averaged 8% over the past four years, with projections of 9% sales growth in 2025 and 2026, aiming to reach nearly $23 billion [11] Financial Stability - The company reported an operating cash flow of $6.63 billion in the previous year, marking a 29% year-over-year increase, which facilitated a $5.5 billion stock repurchase in 2024 [12] - Fiserv's recurring revenue model, supported by long-term contracts, provides predictable cash flows and reduces exposure to tariff risks [8][7] Market Position - Over the past 20 years, Fiserv's stock has increased by 1,800%, significantly outperforming the S&P 500 and the Tech sector [12][13] - In the last 12 months, Fiserv's stock has risen by 38%, while the Tech sector has only increased by 3% [13] - Despite recent market fluctuations, Fiserv's core digital payment business remains insulated from tariff impacts, making it a potential safe haven for investors [14]

Core Insights - Snowflake (SNOW) and MongoDB (MDB) are prominent cloud-native data platform providers, with Snowflake focusing on enterprise data warehousing and analytics, while MongoDB is favored for flexible database solutions [1] - The database market is projected to grow from $150.38 billion in 2025 to $292.22 billion by 2030, with a CAGR of 14.21%, presenting significant growth opportunities for both companies [2] Snowflake (SNOW) Analysis - Snowflake has a net revenue retention rate of 126% as of January 31, 2025, indicating strong customer adoption and usage [3] - The number of customers generating over $1 million in revenue increased from 455 to 580 between January 31, 2024, and 2025 [3] - New products like Apache Iceberg and ML functions are attracting new clients, with features such as interoperability gaining traction [4] - In April 2025, Snowflake enhanced its AI Data Cloud by integrating with Apache Iceberg, improving query performance and security [5] - Over 4,000 customers utilize Snowflake's AI and ML technology weekly, supported by partnerships with major companies like Amazon and Microsoft [6] MongoDB (MDB) Analysis - MongoDB's growth is driven by strong product innovation and the adoption of its Atlas platform, which accounted for 71% of total revenues in Q4 2025 [7] - The company is enhancing its offerings with AI-driven applications and integrating vector and text search capabilities [8] - The acquisition of Voyage AI in February 2025 bolsters MongoDB's AI capabilities [9] - MongoDB's customer base grew to over 54,500 by the end of Q4 2025, adding approximately 1,900 customers in that quarter [10] Stock Performance and Valuation - Year-to-date, SNOW shares have declined by 5.3%, while MDB shares have dropped by 31.8%, attributed to a challenging macroeconomic environment [11] - SNOW shares are trading at a forward Price/Sales ratio of 10.25X, compared to MDB's 5.47X, indicating that both stocks are currently overvalued [14] - The Zacks Consensus Estimate for SNOW's fiscal 2026 earnings is $1.14 per share, reflecting a 37.35% year-over-year increase, while MDB's estimate is $2.66 per share, showing a 27.32% year-over-year decrease [17] Conclusion - Snowflake's expanding client base and robust portfolio make it attractive for long-term investors, while MongoDB faces near-term challenges despite its innovation and growth [18]

Group 1 - Fiserv has acquired payment facilitator Pinch Payments and its management platform Glassbox, enhancing its capabilities in the local payments market [1][2] - Pinch Payments, founded in 2017, serves approximately 2,000 merchants in Australia and New Zealand, providing tools for efficient payment facilitation at scale [1] - The acquisition allows Fiserv to integrate its digital payment solutions with Pinch's technology, aiming to empower merchants across the APAC region [2][3] Group 2 - The deal provides Fiserv with a payment orchestration platform that supports flexible service options and accelerates market entry for various payment facilitators and vendors [3] - Paul Allen, co-founder and CEO of Pinch Payments, expressed confidence in expanding into new markets through the partnership with Fiserv [4] - This acquisition is part of a series of strategic purchases by Fiserv, including the recent acquisition of CCV, a payment solutions provider in Europe [4][5] Group 3 - The acquisition of CCV will enable Fiserv to expedite the deployment of its Clover point-of-sale platform across Europe [5] - Fiserv is also acquiring Payfare, an earned wage access provider, to enhance its embedded finance solutions [6] - A recent collaboration with PYMNTS Intelligence revealed that 73% of retailers plan to increase their investments in GenAI this year [6]

ASHBURN, Va., April 2, 2025 /PRNewswire/ - DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, today announced the appointment of Sandeep Bhanote as the Financial Services Industry Leader for DXC's Consulting & Engineering Services - Powered by AI (CES), effective immediately. Bhanote will report directly to Howard Boville, DXC President of CES."Sandeep brings a rare blend of entrepreneurial spirit, commercial acumen, and the ability to connect strategy, product, and go-to ...

Core Insights - Snowflake (SNOW) shares have increased by 5.7% year to date, attributed to a strong portfolio and an expanding partner base, which has been crucial for client growth [1] - As of January 31, 2025, Snowflake had 11,159 customers, up from 9,384 a year earlier, with 745 of these being part of the Forbes Global 2000, contributing to 45% of fiscal 2025 revenues of $3.6 billion, a 29% increase from fiscal 2024 [1] Customer Growth and Retention - The company has a net revenue retention rate of 126% as of January 31, 2025, indicating strong customer loyalty and increased spending [2] - The number of customers generating over $1 million in trailing 12-month product revenue rose from 455 to 580 between January 31, 2024, and January 31, 2025 [2] Product Innovation - Snowflake has introduced over 400 new product capabilities in fiscal 2025, more than double the previous year's launches, with over 4,000 customers utilizing its AI and machine learning technologies weekly [3] Strategic Partnerships - The company has established a robust partner ecosystem, including major players like Amazon, Microsoft, and NVIDIA, which enhances its market position [10] - A partnership with Microsoft has led to the creation of a Snowflake Power Platform connector, facilitating data interoperability between Microsoft's services and Snowflake's AI Data Cloud [11] Acquisitions - The acquisition of Datavolo enhances Snowflake's platform by improving support for structured and unstructured data and simplifying data engineering tasks [12] - The buyout of Night Shift strengthens Snowflake's presence in the federal sector [12] Financial Guidance - For Q1 of fiscal 2026, Snowflake anticipates product revenues between $955 million and $960 million, reflecting a year-over-year growth of 21-22% [13] - The Zacks Consensus Estimate for fiscal 2026 revenues is $4.46 billion, indicating a year-over-year growth of 23.11% [15] Valuation Concerns - Snowflake's shares are considered overvalued, with a Price/Sales ratio of 11.69X compared to the industry average of 5.08X [6] - The stock is currently trading below the 50-day moving average, suggesting a bearish trend [19][20]

Financial Data and Key Metrics Changes - Product revenue for Q4 was $943 million, representing a 28% year-over-year increase [11] - Remaining performance obligations totaled $6.9 billion, with a year-over-year growth of 33% [12] - Net revenue retention was reported at 126% [12] - Non-GAAP operating margin increased to 9% in Q4, while non-GAAP adjusted free cash flow margin was 43% [12][37] - For FY '25, product revenue grew 30% year-over-year to reach $3.5 billion [32] Business Line Data and Key Metrics Changes - New products, particularly Snowpark, contributed 3% of FY '25 product revenues, indicating strong adoption of new data engineering and AI features [32] - Technology customers outperformed, while financial services remained the top vertical [33] Market Data and Key Metrics Changes - EMEA was identified as a source of strength in Q4 [33] - Several large customers ran out of capacity before their contract end date, indicating strong consumption patterns [34] Company Strategy and Development Direction - The company aims to deliver the world's best end-to-end data platform powered by AI, focusing on operational rigor and efficiency while investing in growth [9][10] - The company is expanding its product offerings, including new connectors and capabilities for data integration and collaboration [27] - The focus on AI and machine learning is expected to drive future growth, with over 4,000 customers using AI and ML technology weekly [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong core business and the potential for new product features to contribute to growth in the second half of FY '26 [40][41] - The company anticipates stable growth within its core business, with new product features expected to enhance year-over-year growth rates [40] Other Important Information - The company plans to host an Investor Day in conjunction with its Summit conference in June 2026 [42] - The CFO announced plans to retire once a successor is in place, indicating a transition in leadership [44] Q&A Session Summary Question: Insights on large customers exhausting commitments - Management expects large customers to sign new commitments after exhausting their capacity, which is a common occurrence [50][52] Question: Adoption trends within the data engineering portfolio - Management noted robust adoption of technologies like Snowpark and emphasized the importance of new product features in driving customer engagement [56][58] Question: Interpretation of recent partnerships in the data space - Management highlighted the importance of partnerships with companies like ServiceNow and Salesforce, emphasizing the value of data integration and customer choice [67][72] Question: Adjacent opportunities for the company's offerings - Management acknowledged the significance of streaming and ingestion as critical areas for investment and development [82][84] Question: Guidance for the upcoming year - Management expressed confidence in the guidance provided, indicating that it reflects a thoughtful approach to revenue expectations [88][130]