Slide 1: Fourth Quarter 2024 Financial Results
Fourth Quarter 2024 Financial Results February 5, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
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
Slide 3: Fourth Quarter and Full-Year Highlights
Fourth Quarter and Full-Year Highlights • Adjusted Revenue of $4.9 billion for the quarter and $19.1 • Fourth consecutive year of double-digit organic revenue billion for the full-year, up 7% for both periods growth • Organic Revenue Growth of 13% for the quarter and • Announced Mike Lyons as Fiserv
Slide 4: Financial Metric Dashboard
Financial Metric Dashboard Organic Revenue Growth: 4Q24 +13% | Full-Year +16% Adjusted Revenue Adjusted Operating Margin % Adjusted EPS +7% +7% +180bps +170bps +15% +17% $4,884 $4,902 $19,123 42.9% 39.4% $2.51 $8.80 $4,794 $17,865 41.1% 40.2% 37.7% $2.30 38.4% $2.19 $2.13 $7.52 $4,600 35.8% $4,543 $
Slide 5: Full-Year Segment Financial Metric Dashboard
Full-Year Segment Financial Metric Dashboard Merchant Solutions Financial Solutions Organic Growth Organic Growth +27% +6% Adjusted Adjusted Adjusted Revenue Operating Margin Adjusted Revenue Operating Margin +10% +290bps +4% +130bps $9,631 37.0% $9,477 46.0% 47.3% $9,120 $8,722 34.1% FY23 FY24 FY23
Slide 6: Merchant Solutions
Merchant Solutions Adjusted Revenue Adj. Revenue Org. Revenue $2,469 $2,499 4Q FY 4Q FY $2,410 $2,261 $2,253 Business Line $ Growth Growth Growth Growth Small Business $1,638 12% 12% 24% 32% Enterprise $600 15% 12% 31% 31% Processing $261 -5% -1% -3% -1% Total $2,499 11% 10% 23% 27% 4Q23 1Q24 2Q24 3
Slide 7: Transitory Impact on Revenue Growth from Argentina
Transitory Impact on Revenue Growth from Argentina 1Q24 2Q24 3Q24 4Q24 Excess Dolar Excess Dolar Excess Dolar Excess Dolar Inflation/Interest¹ Turista2 FX3 Inflation/Interest Turista FX Inflation Turista FX Inflation Turista FX Merchant Solutions 15% 7% (23%) 10% 2% (19%) 6% 1% (15%) 5% 1% (12%) Tot
Slide 8: Financial Solutions
Financial Solutions Adjusted Revenue Adj. Revenue Org. Revenue $2,412 4Q FY 4Q FY $2,401 $2,379 Business Line $ Growth Growth Growth Growth $2,334 Digital Payments $975 5% 6% 5% 6% $2,285 Issuing $796 0% 3% 3% 7% Banking $630 4% 3% 4% 3% Total $2,401 3% 4% 4% 6% 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Ope
Slide 9: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow Capital Expenditures Free Cash Flow Share Repurchases Investing in growth… while generating healthy cash flow… and returning value to shareholders. Full-Year | $ millions Full-Year | $ millions Full-Year | $ billions $1,569 $5.5 $1,388 $4.7 $5,233 $4,016 1 FY23
Slide 10: 2025 Performance Outlook Key Financial Metrics Guidance
2025 Performance Outlook Key Financial Metrics Guidance Organic Revenue Growth 10% – 12% Adjusted EPS $10.10 – $10.30 (15% – 17% growth) Other Financial Metrics Adjusted Operating Margin Expansion >125bps Free Cash Flow ~$5.5B See Appendix for information regarding non-GAAP financial measures. World
Slide 11: Appendix
Appendix World’s Most Admired CompaniesTM 2025 11 © 2025 Fiserv, Inc. or its affiliates. Fortune® Magazine
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Use of Non-GAAP Financial Measures This presentation includes the following unaudited non-GAAP financial measures: “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjust
Slide 13: 4Q24 Revenue Details
4Q24 Revenue Details Merchant Financial Corporate Total Solutions Solutions and Other Company GAAP revenue $2,499 $2,401 $351 $5,251 Postage reimbursements - - (349) (349) Adjusted revenue $2,499 $2,401 $2 $4,902 Currency impact (FX) 274 20 - 294 Acquisitions and divestitures, net (1) - (2) (3) Orga
Slide 14: Adjusted Revenue and Adjusted Operating Income
Adjusted Revenue and Adjusted Operating Income Total Company 4Q24 3Q24 2Q24 1Q24 4Q23 FY24 FY23 Revenue $ 5,251 $ 5,215 $ 5,107 $ 4,883 $ 4,917 $ 20,456 $ 19,093 Adjustments: Postage reimbursements (349) (331) (313) (340) (320) (1,333) (1,247) Deferred revenue purchase accounting adjustments — — — —
Slide 15: Adjusted Revenue and Adjusted Operating Income by Segment
Adjusted Revenue and Adjusted Operating Income by Segment Merchant Solutions Segment 4Q24 3Q24 2Q24 1Q24 4Q23 FY24 FY23 Revenue $ 2,499 $ 2,469 $ 2,410 $ 2,253 $ 2,261 $ 9,631 $ 8,722 Operating income $ 979 $ 931 $ 882 $ 769 $ 851 $ 3,561 $ 2,974 Operating margin 39.2 % 37.7 % 36.6 % 34.1 % 37.7 % 3
Slide 16: Adjusted Revenue and Adjusted Operating Income by Segment
Adjusted Revenue and Adjusted Operating Income by Segment Financial Solutions Segment 4Q24 3Q24 2Q24 1Q24 4Q23 FY24 FY23 Revenue $ 2,401 $ 2,412 $ 2,379 $ 2,285 $ 2,331 $ 9,477 $ 9,101 Adjustments: Deferred revenue purchase accounting adjustments — — — — 3 — 19 Adjusted revenue $ 2,401 $ 2,412 $ 2,3
Slide 17: Adjusted and Organic Revenue by Segment
Adjusted and Organic Revenue by Segment Three Months Ended December 31, Year Ended December 31, 2024 2023 Growth 2024 2023 Growth Total Company Revenue $ 5,251 $ 4,917 7% $ 20,456 $ 19,093 7% Postage reimbursements (349) (320) (1,333) (1,247) Deferred revenue purchase accounting adjustments — 3 — 19
Slide 18: Adjusted and Organic Revenue by Segment (cont.)
Adjusted and Organic Revenue by Segment (cont.) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Corporate and Other Revenue $ 351 $ 325 $ 1,348 $ 1,270 Postage reimbursements (349) (320) (1,333) (1,247) Adjusted revenue $ 2 $ 5 $ 15 $ 23 Divestiture adjustments (2) (5) (1
Slide 19: Adjusted and Organic Revenue by Business Line
Adjusted and Organic Revenue by Business Line Three Months Ended December 31, Year Ended December 31, 2024 2023 Growth 2024 2023 Growth Small Business Revenue 1 $ 1,638 $ 1,463 12% $ 6,357 $ 5,664 12% Currency impact 2 182 — 1,122 — Acquisition adjustments (1) — (10) — Organic revenue 3 $ 1,819 $ 1,
Slide 20: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) Three Months Ended December 31, Year Ended December 31, 2024 2023 Growth 2024 2023 Growth Digital Payments Revenue 1, 4 $ 975 $ 931 5% $ 3,869 $ 3,655 6% Issuing Revenue $ 796 $ 794 1% $ 3,112 $ 3,011 3% Deferred revenue purchase accounting adjus
Slide 21: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) 1 For all periods presented, there were no adjustments to the GAAP revenue presented and thus the adjusted revenue is equal to the GAAP revenue. 2 Currency impact is measured as the increase or decrease in adjusted revenue for the current period
Slide 22: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS 4Q24 3Q24 2Q24 1Q24 4Q23 FY24 FY23 GAAP net income attributable to Fiserv $ 938 $ 564 $ 894 $ 735 $ 870 $ 3,131 $ 3,068 Adjustments: Merger and integration costs 1 22 — 22 37 38 81 158 Severance costs 80 14 21 42 22 157 74 Amortization of acquisition-related inta
Slide 23: Adjusted Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) 4Q24 3Q24 2Q24 1Q24 4Q23 FY24 FY23 GAAP EPS attributable to Fiserv - diluted $ 1.64 $ 0.98 $ 1.53 $ 1.24 $ 1.45 $ 5.38 $ 4.98 Adjustments - net of income taxes: Merger and integration costs 1 0.03 — 0.03 0.05 0.05 0.11 0.21 Severance costs 0.11 0.02 0.03
Slide 24: Free Cash Flow
Free Cash Flow 4Q24 3Q24 2Q24 1Q24 4Q23 FY24 FY23 Net cash provided by operating activities $ 2,221 $ 2,238 $ 1,341 $ 831 $ 1,595 $ 6,631 $ 5,162 Capital expenditures (399) (402) (348) (420) (354) (1,569) (1,388) Adjustments: Distributions paid to noncontrolling interests and (7) (7) (7) (34) (12) (
Slide 25: Additional Information – Amortization Expense
Additional Information – Amortization Expense Total Amortization 4Q24 4Q23 FY24 FY23 Acquisition-related intangible assets $ 334 $ 381 $ 1,423 $ 1,642 Capitalized software and other intangibles 167 133 631 493 Purchased software 57 58 232 225 Financing costs and debt discounts 10 11 43 41 Sales comm
Slide 26: 2025 Performance Outlook - Organic Revenue Growth
2025 Performance Outlook - Organic Revenue Growth Growth 2025 Revenue 9% - 11% Postage reimbursements (0.5%) 2025 Adjusted revenue 8.5% - 10.5% Currency impact 1 1.5% Acquisition adjustments —% Divestiture adjustments 2 —% 2025 Organic revenue 3 10% - 12% See “Non-GAAP Financial Measures” for additi