Page 1

fiserv . Fiserv Reports Third Quarter 2021 Results October 27 , 2021 GAAP revenue increased 10 % in the quarter and 9 % year to date ; GAAP EPS increased 64 % in the quarter and 55 % year to date ; Internal revenue growth was 10 % in the quarter and 11 % year to date ; Adjusted EPS increased 23 % in the quarter and 29 % year to date ; Company now expects 2021 internal revenue growth outlook of 11 % and improves adjusted EPS growth outlook to $ 5.55 to $ 5.60 BROOKFIELD , Wis .-- ( BUSINESS WIRE ) -- Oct . 27 , 2021-- Fiserv , Inc. ( NASDAQ : FISV ) , a leading global provider of payments and financial services technology solutions , today reported financial results for the third quarter of 2021 . Third Quarter 2021 GAAP Results GAAP revenue for the company increased 10 % to $ 4.16 billion in the third quarter of 2021 compared to the prior year period , with 18 % growth in the Acceptance segment , 5 % growth in the Fintech segment and 6 % growth in the Payments segment . GAAP revenue for the company increased 9 % to $ 11.97 billion in the first nine months of 2021 compared to the prior year period , with 17 % growth in the Acceptance segment , 4 % growth in the Fintech segment and 5 % growth in the Payments segment . GAAP earnings per share was $ 0.64 in the third quarter and $ 1.49 in the first nine months of 2021 , an increase of 64 % and 55 % , respectively , compared to the prior year periods . GAAP operating margin was 15.3 % and 14.7 % in the third quarter and first nine months of 2021 , respectively , compared to 14.3 % and 12.1 % in the third quarter and first nine months of 2020 , respectively . Net cash provided by operating activities was $ 2.69 billion in the first nine months of 2021 compared to $ 2.96 billion in the prior year period . " We posted another strong quarter of double - digit adjusted revenue and adjusted EPS growth as we continue to invest in organic and inorganic growth and demonstrate unmatched execution , " said Frank Bisignano , President and Chief Executive Officer of Fiserv . Third Quarter 2021 Non - GAAP Results and Additional Information • Adjusted revenue increased 10 % to $ 3.96 billion in the third quarter and 11 % to $ 11.37 billion in the first nine months of 2021 compared to the prior year periods . • Internal revenue growth ( organic , constant currency ) was 10 % in the third quarter of 2021 , led by 18 % growth in the Acceptance segment , 4 % growth in the Fintech segment and 6 % growth in the Payments segment . • Internal revenue growth was 11 % in the first nine months of 2021 , led by 21 % growth in the Acceptance segment , 4 % growth in the Fintech segment and 5 % growth in the Payments segment . • Adjusted earnings per share increased 23 % to $ 1.47 in the third quarter and 29 % to $ 4.01 in the first nine months of 2021 compared to the prior year periods . • Adjusted operating margin increased 130 basis points to 34.2 % in the third quarter and 330 basis points to 33.2 % in the first nine months of 2021 compared to the prior year periods . • Free cash flow was $ 2.29 billion in the first nine months of 2021 compared to $ 2.59 billion in the prior year period . • The company repurchased 3.2 million shares of common stock for $ 365 million in the third quarter and 13.4 million shares of common stock for $ 1.57 billion in the first nine months of 2021 . • In October 2021 , the company entered into a definitive merger agreement to acquire BentoBox , a digital marketing and commerce platform for restaurants , to accelerate the omni - commerce capabilities of Clover . The company expects the transaction to close during the fourth quarter of 2021 , subject to customary approvals and closing conditions . Outlook for 2021 Fiserv tightens its full year outlook for internal revenue growth to 11 % and improves its adjusted earnings per share outlook to a range of $ 5.55 to $ 5.60 , representing growth of 26 % to 27 % , for 2021 . " Given our strong financial results year to date and increased visibility into the fourth quarter , we are tightening our internal revenue growth and adjusted EPS outlook , " said Bisignano . " The strength of our assets , our agility and our new product launches continue to accelerate our growth . " Earnings Conference Call The company will discuss its third quarter 2021 results in a live webcast at 7 a.m. CT on Wednesday , October 27 , 2021. 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 .