Business
Fiserv Reports Second Quarter 2022 Results
GAAP revenue growth of 10% both in the quarter and year to date; GAAP EPS increased 130% in the quarter and 128% year to date; Organic revenue growth of 12%
About this update from Fiserv, Inc.
[{"type":"text","content":"\nGAAP revenue growth of 10% both in the quarter and year to date; GAAP EPS increased 130% in the quarter and 128% year to date; Organic revenue growth of 12% in the quarter and 11% year to date; Adjusted EPS increased 14% in the quarter and 17% year to date; Company raises 2022 organic revenue growth outlook to 9% to 11% and adjusted EPS outlook to $6.45 to $6.55, or growth of 16% to 17%\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 2022.\n\nSecond Quarter 2022 GAAP Results\n\nGAAP revenue for the company increased 10% to $4.45 billion in the second quarter of 2022 compared to the prior year period, with 14% growth in the Acceptance segment, 6% growth in the Fintech segment and 7% growth in the Payments segment. GAAP revenue for the company increased 10% to $8.59 billion in the first six months of 2022 compared to the prior year period, with 16% growth in the Acceptance segment, 6% growth in the Fintech segment and 5% growth in the Payments segment.\n\nGAAP earnings per share was $0.92 in the second quarter and $1.94 in the first six months of 2022, an increase of 130% and 128%, respectively, compared to the prior year periods. The second quarter and first six months of 2022 includes a $110 million pre-tax gain from the fair value remeasurement of an equity investment, whereas the second quarter and first six months of 2021 includes certain discrete tax expenses. GAAP operating margin was 19.3% and 19.9% in the second quarter and first six months of 2022, respectively, compared to 15.9% and 14.3% in the second quarter and first six months of 2021, respectively. Net cash provided by operating activities was $1.81 billion in the first six months of 2022 compared to $2.01 billion in the prior year period.\n\n\"Our second quarter results were strong, with double digit organic revenue and adjusted earnings per share growth. These results put us above the high end of our full year guidance range for organic revenue growth and at the high end of our adjusted earnings per share range on a year to date basis,\" said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. \"We achieved these results while continuing to invest for sustainable growth.\"\n\n...