Business
Fiserv Reports Second Quarter 2020 Results
GAAP revenue growth of 129% in the quarter and 140% year to date; GAAP EPS decrease of 100% in the quarter and 49% year to date; Internal revenue decline of
About this update from Fiserv, Inc.
[{"type":"text","content":"\nGAAP revenue growth of 129% in the quarter and 140% year to date;\n\n\nGAAP EPS decrease of 100% in the quarter and 49% year to date;\n\n\nInternal revenue decline of 7% in the quarter and 2% year to date;\n\n\nAdjusted EPS decrease of 4% in the quarter and increase of 6% year to date;\n\n\nOperating cash flow up 400% in the quarter and 231% year to date;\n\n\nFree cash flow up 23% in the quarter and 13% year to date;\n\n\nCompany expects 2020 adjusted EPS growth of at least 10%\n\n BROOKFIELD, Wis.--(BUSINESS WIRE)--\nFiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the second quarter of 2020.\n\n\nSecond Quarter 2020 GAAP Results\n\n\nOn a GAAP basis, the financial results of First Data Corporation (\"First Data\") are included in the consolidated results of Fiserv from July 29, 2019, the date of acquisition. GAAP revenue for the company increased 129% to $3.47 billion in the second quarter and increased 140% to $7.23 billion in the first six months of 2020 compared to the prior year periods. GAAP revenue in the second quarter and first six months of 2020 included $1.22 billion and $2.62 billion, respectively, from the acquired First Data businesses within the Acceptance segment, 2% decline in both periods in the Fintech segment, and 99% and 106% growth in the second quarter and first six months, respectively, in the Payments segment including revenue from acquired First Data businesses.\n\n\nGAAP net income was $2 million and $394 million in the second quarter and first six months of 2020 and GAAP earnings per share was $0.00 in the second quarter and $0.57 in the first six months of 2020, a decrease of 100% and 49%, respectively, compared to the prior year periods. GAAP earnings per share in the second quarter and the first six months of 2020 included integration costs and acquired intangible asset amortization from the application of purchase accounting associated with the First Data acquisition. GAAP earnings per share in the first six months of 2020 also included a gain from the sale of a 60% interest of the company's Investment Services business (\"Investment Services Transaction\").\n\n\nGAAP operating margin was 4.7% and 11.0% in the second quarter and first six months of 2020, respectively, compared to 25.4% and 25.1%...