Exhibit 99.1
News Release
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For more information contact:
Media Relations:
Britt Zarling
Corporate Communications
Fiserv, Inc.
414-526-3107
britt.zarling@fiserv.com
Investor Relations:
Julie Chariell
Investor Relations
Fiserv, Inc.
212-515-0278
julie.chariell@fiserv.com
For Immediate Release

Fiserv Reports First Quarter 2023 Results
GAAP revenue growth of 10% and organic revenue growth of 13%;
GAAP EPS decreased 13% and adjusted EPS increased 13%;
Company raises 2023 organic revenue growth outlook to 8% to 9%
and adjusted EPS outlook to $7.30 to $7.40

BROOKFIELD, Wis., April 25, 2023 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the first quarter of 2023.
First Quarter 2023 GAAP Results
GAAP revenue for the company increased 10% to $4.55 billion in the first quarter of 2023 compared to the prior year period, with 12% growth in the Acceptance segment, 2% growth in the Fintech segment and 11% growth in the Payments segment.
GAAP earnings per share was $0.89 in the first quarter of 2023, a decrease of 13% compared to the prior year period. The first quarter of 2022 included a $91 million pre-tax net gain related to certain equity investment transactions. GAAP operating margin was 20.5% in both the first quarter of 2023 and 2022. Net cash provided by operating activities was $1.13 billion in the first quarter of 2023 compared to $815 million in the prior year period.
“Our strong first quarter results reflect our leadership position and focused execution in an uncertain economic environment,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. “Our Merchant business continued to outperform, while our Payments and Fintech segments demonstrated the depth of our financial institution client partnerships, as we provided support and innovation through a volatile period.

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First Quarter 2023 Non-GAAP Results and Additional Information
Adjusted revenue increased 10% to $4.28 billion in the first quarter of 2023 compared to the prior year period.
Organic revenue growth was 13% in the first quarter of 2023, led by 18% growth in the Acceptance segment, 3% growth in the Fintech segment and 13% growth in the Payments segment.
Adjusted earnings per share increased 13% to $1.58 in the first quarter of 2023 compared to the prior year period.
Adjusted operating margin increased 160 basis points to 33.6% in the first quarter of 2023 compared to the prior year period.
Free cash flow was $861 million in the first quarter of 2023 compared to $603 million in the prior year period.
The company repurchased 13.3 million shares of common stock for $1.5 billion in the first quarter of 2023.
The company completed a public offering of $1.8 billion of 5-year and 10-year senior notes with a weighted average coupon rate of 5.525%.
Fiserv was named to Fortune® America’s Most Innovative Companies and Forbes list of America’s Best Large Employers.
Outlook for 2023
Fiserv raises full year 2023 outlook and now expects organic revenue growth of 8% to 9% and adjusted earnings per share of $7.30 to $7.40, representing growth of 12% to 14%.
“We raised our 2023 organic revenue and adjusted EPS guidance based on our strong first quarter results. Our guidance for the year is tempered only by the potential for a weaker, second-half economy,” said Bisignano. “We are proud of the recognition we received as a leading innovator and employer in the first quarter, and remain focused on our clients, pursuing operational excellence, and continuing to innovate.
Earnings Conference Call
The company will discuss its first quarter 2023 results in a live webcast at 7 a.m. CT on Tuesday, April 25, 2023. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one
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of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
Use of Non-GAAP Financial Measures
In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities, with “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” “adjusted earnings per share growth,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders' ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See page 14 for additional information regarding the company’s forward-looking non-GAAP financial measures.
Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; severance costs; net charges associated with debt financing activities; merger and integration costs; gains or losses from the sale of businesses, certain assets or investments; certain discrete tax benefits and expenses; and non-cash deferred revenue adjustments relating to the 2019 acquisition of First Data Corporation. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses.
The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
Management believes organic revenue growth is useful because it presents adjusted revenue growth excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the company’s Output Solutions postage reimbursements and including deferred revenue purchase accounting adjustments. Management believes free cash flow is useful to measure the funds
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generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance.
These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP.
Forward-Looking Statements
This news release 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 and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” or words of similar meaning. Statements that describe the company’s future plans, objectives or goals are also forward-looking statements.
Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the success of the company’s merchant alliances, some of which are not controlled by the company; the continuing impact of the COVID-19 pandemic on the company’s employees, clients, vendors, supply chain, operations and sales; the impact of a security breach or operational failure on the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, a recession, or intensified international hostilities, and the impact they may have on the company and its customers; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s strategic initiatives; the company’s ability to attract and retain key personnel; volatility and disruptions in financial markets that may impact the company’s ability to access preferred sources of financing and the terms on which the company is able to obtain financing or increase its costs of borrowing; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in
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other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.
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Fiserv, Inc.
Condensed Consolidated Statements of Income
(In millions, except per share amounts, unaudited)
Three Months Ended
March 31,
20232022
Revenue
Processing and services$3,673 $3,364 
Product874 774 
Total revenue4,547 4,138 
Expenses
Cost of processing and services1,405 1,436 
Cost of product600 536 
Selling, general and administrative1,604 1,467 
Net loss (gain) on sale of businesses and other assets4 (147)
Total expenses3,613 3,292 
Operating income934 846 
Interest expense, net(202)(168)
Other expense(20)(4)
Income before income taxes and (loss) income from investments in unconsolidated affiliates712 674 
Income tax provision(124)(98)
(Loss) income from investments in unconsolidated affiliates(12)106 
Net income576 682 
Less: net income attributable to noncontrolling interests13 13 
Net income attributable to Fiserv$563 $669 
GAAP earnings per share attributable to Fiserv — diluted$0.89 $1.02 
Diluted shares used in computing earnings per share attributable to Fiserv631.3 657.2 

Earnings per share is calculated using actual, unrounded amounts.

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Fiserv, Inc.
Reconciliation of GAAP to
Adjusted Net Income and Adjusted Earnings Per Share
(In millions, except per share amounts, unaudited)
Three Months Ended
March 31,
20232022
GAAP net income attributable to Fiserv$563 $669 
Adjustments:
Merger and integration costs 1
48 22 
Severance costs24 52 
Amortization of acquisition-related intangible assets 2
427 475 
Non wholly-owned entity activities 3
38 (56)
Net loss (gain) on sale of businesses and other assets 4
4 (147)
Tax impact of adjustments 5
(108)(94)
Adjusted net income$996 $921 
GAAP earnings per share attributable to Fiserv - diluted$0.89 $1.02 
Adjustments - net of income taxes:
Merger and integration costs 1
0.06 0.03 
Severance costs0.03 0.06 
Amortization of acquisition-related intangible assets 2
0.54 0.57 
Non wholly-owned entity activities 3
0.05 (0.07)
Net loss (gain) on sale of businesses and other assets 4
 (0.21)
Adjusted earnings per share$1.58 $1.40 
GAAP earnings per share attributable to Fiserv decrease(13)%
Adjusted earnings per share growth13 %
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Earnings per share is calculated using actual, unrounded amounts.

1Represents acquisition and related integration costs incurred in connection with various acquisitions. Merger and integration costs in the first quarter of 2023 include $20 million of share-based compensation and $14 million of third-party professional service fees associated with integration activities. Merger and integration costs in the first quarter of 2022 include $10 million of share-based compensation attributable to various acquisitions.
2Represents amortization of intangible assets acquired through various acquisitions, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. See additional information on page 13 for an analysis of the company's amortization expense.
3Represents the company’s share of amortization of acquisition-related intangible assets at its unconsolidated affiliates, as well as the minority interest share of amortization of acquisition-related intangible assets at its subsidiaries in which the company holds a controlling financial interest. This adjustment for the first quarter of 2022 also includes a net gain totaling $91 million related to certain equity investment transactions.
4Represents a net loss in the first quarter of 2023 primarily associated with final working capital adjustments related to the sale of Fiserv Costa Rica, S.A. during the fourth quarter of 2022 and a gain on the sale of certain merchant contracts during the first quarter of 2022 in conjunction with the mutual termination of one of the company's merchant alliance joint ventures.
5The tax impact of adjustments is calculated using a tax rate of 20% and 21% in the first quarters of 2023 and 2022, respectively, which approximates the company's anticipated annual effective tax rates, exclusive of the $9 million actual tax impact on the sale of certain merchant contracts during the first quarter of 2022.
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Fiserv, Inc.
Financial Results by Segment
(In millions, unaudited)
Three Months Ended
March 31,
20232022
Total Company
Revenue$4,547 $4,138 
Adjustments:
Output Solutions postage reimbursements (273)(239)
Deferred revenue purchase accounting adjustments6 
Adjusted revenue$4,280 $3,906 
Operating income$934 $846 
Adjustments:
Merger and integration costs 1
48 22 
Severance costs24 52 
Amortization of acquisition-related intangible assets427 475 
Net loss (gain) on sale of businesses and other assets4 (147)
Adjusted operating income$1,437 $1,248 
Operating margin20.5 %20.5 %
Adjusted operating margin33.6 %32.0 %
Merchant Acceptance (“Acceptance”) 2
Revenue$1,847 $1,653 
Operating income$562 $470 
Operating margin30.5 %28.4 %
Financial Technology (“Fintech”) 2
Revenue$792 $778 
Operating income$280 $275 
Operating margin35.4 %35.4 %
Payments and Network (“Payments”)
Revenue$1,629 $1,462 
Adjustments:
Deferred revenue purchase accounting adjustments6 
Adjusted revenue$1,635 $1,469 
Operating income$711 $618 
Adjustments:
Deferred revenue purchase accounting adjustments6 
Adjusted operating income$717 $625 
Operating margin43.6 %42.3 %
Adjusted operating margin43.8 %42.5 %
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Fiserv, Inc.
Financial Results by Segment (cont.)
(In millions, unaudited)
Three Months Ended
March 31,
20232022
Corporate and Other
Revenue$279 $245 
Adjustments:
Output Solutions postage reimbursements (273)(239)
Adjusted revenue$6 $
Operating loss$(619)$(517)
Adjustments:
Merger and integration costs42 15 
Severance costs24 52 
Amortization of acquisition-related intangible assets427 475 
Net loss (gain) on sale of businesses and other assets4 (147)
Adjusted operating loss$(122)$(122)

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Operating margin percentages are calculated using actual, unrounded amounts.
1Includes the deferred revenue purchase accounting adjustments in the Payments segment related to the 2019 acquisition of First Data Corporation. Adjustments for this residual activity will conclude by December 31, 2023.
2For all periods presented in the Acceptance and Fintech segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the GAAP measures presented.
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Fiserv, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions, unaudited)
Three Months Ended
March 31,
20232022
Cash flows from operating activities
Net income$576 $682 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization352 313 
Amortization of acquisition-related intangible assets433 486 
Amortization of financing costs and debt discounts10 11 
Share-based compensation93 61 
Deferred income taxes(87)(183)
Net loss (gain) on sale of businesses and other assets4 (147)
Loss (income) from investments in unconsolidated affiliates12 (106)
Distributions from unconsolidated affiliates11 19 
Other operating activities(1)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable255 (60)
Prepaid expenses and other assets(224)(130)
Contract costs(66)(88)
Accounts payable and other liabilities(336)(78)
Contract liabilities98 32 
Net cash provided by operating activities1,130 815 
Cash flows from investing activities
Capital expenditures, including capitalized software and other intangibles(339)(331)
Net proceeds from sale of businesses and other assets 175 
Distributions from unconsolidated affiliates34 61 
Purchases of investments(5)(8)
Proceeds from sale of investments 
Other investing activities(4)— 
Net cash used in investing activities(314)(100)
Cash flows from financing activities
Debt proceeds2,071 705 
Debt repayments(424)(1,086)
Net (repayments of) proceeds from commercial paper and short-term borrowings(781)218 
Payments of debt financing costs(15)— 
Proceeds from issuance of treasury stock29 43 
Purchases of treasury stock, including employee shares withheld for tax obligations(1,530)(544)
Settlement activity, net(460)(400)
Distributions paid to noncontrolling interests and redeemable noncontrolling interests
(8)(13)
Other financing activities(31)— 
Net cash used in financing activities(1,149)(1,077)
Effect of exchange rate changes on cash and cash equivalents17 (10)
Net change in cash and cash equivalents(316)(372)
Cash and cash equivalents, beginning balance3,192 3,205 
Cash and cash equivalents, ending balance$2,876 $2,833 

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Fiserv, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
March 31,December 31,
20232022
Assets
Cash and cash equivalents$1,046 $902 
Trade accounts receivable – net3,340 3,585 
Prepaid expenses and other current assets1,762 1,575 
Settlement assets14,141 21,482 
Total current assets20,289 27,544 
Property and equipment – net2,002 1,958 
Customer relationships – net7,973 8,424 
Other intangible assets – net4,021 3,991 
Goodwill37,017 36,811 
Contract costs – net912 905 
Investments in unconsolidated affiliates2,362 2,403 
Other long-term assets1,972 1,833 
Total assets$76,548 $83,869 
Liabilities and Equity
Accounts payable and accrued expenses$3,569 $3,883 
Short-term and current maturities of long-term debt461 468 
Contract liabilities692 625 
Settlement obligations14,141 21,482 
Total current liabilities18,863 26,458 
Long-term debt21,943 20,950 
Deferred income taxes3,520 3,602 
Long-term contract liabilities273 235 
Other long-term liabilities995 936 
Total liabilities45,594 52,181 
Redeemable noncontrolling interests160 161 
Fiserv shareholders' equity30,077 30,828 
Noncontrolling interests717 699 
Total equity30,794 31,527 
Total liabilities and equity$76,548 $83,869 


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Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information
(In millions, unaudited)
Organic Revenue Growth 1
Three Months Ended
March 31,
20232022Growth
Total Company
Adjusted revenue
$4,280 $3,906 
Currency impact 2
109 — 
Acquisition adjustments
(17)— 
Divestiture adjustments
(6)(39)
Organic revenue
$4,366 $3,867 13%
Acceptance
Adjusted revenue
$1,847 $1,653 
Currency impact 2
86 — 
Acquisition adjustments
(14)— 
Divestiture adjustments
 (23)
Organic revenue
$1,919 $1,630 18%
Fintech
Adjusted revenue
$792 $778 
Currency impact 2
2 — 
Acquisition adjustments
(3)— 
Divestiture adjustments
 (10)
Organic revenue
$791 $768 3%
Payments
Adjusted revenue
$1,635 $1,469 
Currency impact 2
21 — 
Organic revenue
$1,656 $1,469 13%
Corporate and Other
Adjusted revenue
$6 $
Divestiture adjustments
(6)(6)
Organic revenue
$ $— 

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Organic revenue growth is calculated using actual, unrounded amounts.
1Organic revenue growth is measured as the change in adjusted revenue (see pages 8-9) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositions.
2Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
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Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information (cont.)
(In millions, unaudited)

Free Cash Flow
Three Months Ended
March 31,
20232022
Net cash provided by operating activities
$1,130 $815 
Capital expenditures
(339)(331)
Adjustments:
Distributions paid to noncontrolling interests and redeemable noncontrolling interests
(8)(13)
Distributions from unconsolidated affiliates included in cash flows from investing activities
34 61 
Severance, merger and integration payments
55 102 
Tax payments on adjustments
(11)(21)
Other
 (10)
Free cash flow
$861 $603 


Total Amortization 1
Three Months Ended
March 31,
20232022
Acquisition-related intangible assets$433 $486 
Capitalized software and other intangibles108 80 
Purchased software54 58 
Financing costs and debt discounts10 11 
Sales commissions28 25 
Deferred conversion costs20 16 
Total amortization$653 $676 

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
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Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures
Reconciliations of unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non-GAAP outlook measures. The company’s forward-looking non-GAAP financial measures for 2023, including organic revenue growth, adjusted earnings per share and adjusted earnings per share growth, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business.
Organic Revenue Growth - The company's organic revenue growth outlook for 2023 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company's Output Solutions postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
Growth
2023 Revenue6% - 7%
Output Solutions postage reimbursements(1.0)%
2023 Adjusted revenue5% - 6%
Currency impact2.5%
Acquisition adjustments(0.5)%
Divestiture adjustments1.0%
2023 Organic revenue8% - 9%

Adjusted Earnings Per Share - The company's adjusted earnings per share outlook for 2023 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; gains or losses from the sale of businesses, certain assets and investments; and certain discrete tax benefits and expenses. The company estimates that amortization expense in 2023 with respect to acquired intangible assets will decrease approximately 10% compared to the amount incurred in 2022.
Other adjustments to the company’s financial measures that were incurred in 2022 and for the three months ended March 31, 2023 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred in the remainder of 2023 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items.
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Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures (cont.)
The company's adjusted earnings per share growth outlook for 2023 is based on 2022 adjusted earnings per share performance.
2022 GAAP net income attributable to Fiserv$2,530 
Adjustments:
Merger and integration costs 1
173 
Severance costs209 
Amortization of acquisition-related intangible assets 2
1,814 
Non wholly-owned entity activities 3
Net gain on sale of businesses and other assets 4
(54)
Tax impact of adjustments 5
(476)
2022 adjusted net income$4,205 
Weighted average common shares outstanding - diluted647.9 
2022 GAAP earnings per share attributable to Fiserv - diluted$3.91 
Adjustments - net of income taxes:
Merger and integration costs 1
0.21 
Severance costs 0.25 
Amortization of acquisition-related intangible assets 2
2.21 
Non wholly-owned entity activities 3
(0.02)
Net gain on sale of businesses and other assets 4
(0.06)
2022 adjusted earnings per share$6.49 
2023 adjusted earnings per share outlook$7.30 - $7.40
2023 adjusted earnings per share growth outlook12% - 14%

In millions, except per share amounts, unaudited. Earnings per share is calculated using actual, unrounded amounts.
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.



















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Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures (cont.)
1Represents acquisition and related integration costs incurred in connection with various acquisitions. Merger and integration costs primarily includes share-based compensation and third-party professional service fees attributable to various acquisitions.
2Represents amortization of intangible assets acquired through various acquisitions, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts.
3Represents the company’s share of amortization of acquisition-related intangible assets and expenses associated with debt refinancing activities at its unconsolidated affiliates, as well as the minority interest share of amortization of acquisition-related intangible assets at its subsidiaries in which the company holds a controlling financial interest. This adjustment also includes gains totaling $201 million related to certain equity investment transactions and other net expense of $43 million associated with joint venture debt guarantees.
4Represents an aggregate net gain on the sale of Fiserv Costa Rica, S.A., the company’s Systems Integration Services operations, the company’s Korea operations and certain merchant contracts in conjunction with the mutual termination of one of the company’s merchant alliance joint ventures.
5The tax impact of adjustments is calculated using a tax rate of 21%, which approximates the company's annual effective tax rate, exclusive of the $16 million actual tax impacts associated with the net gain on sale of businesses, other assets and certain equity investment transactions.
FISV-E
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