Fiserv (FISV) FY2020 results: revenue $14.9 billion, up 45.8% on the year
Fiserv Inc. (FISV) reported revenue of $14.9 billion for fiscal 2020, the year ended 31 December 2020, up 45.8% on the year before. Net income was $958 million, up 7.3%, and diluted earnings per share $1.40. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.
Revenue
$14.9 billion
+45.8% on the year
FY2013FY2020
Operating margin
12.5%
15.8% a year earlier
FY2013FY2020
Net income
$958 million
+7.3% on the year
FY2013FY2020
Diluted EPS
$1.40
-18.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
14,852
10,187
5,823
+45.8%
Cost of revenue
n/a
n/a
3,069
Gross profit
n/a
n/a
2,754
Gross margin
n/a
n/a
47.3%
Selling, general and administrative
5,652
3,284
1,228
+72.1%
Operating income
1,852
1,609
1,753
+15.1%
Operating margin
12.5%
15.8%
30.1%
Interest expense
716
507
193
+41.2%
Pre-tax income
1,171
1,083
1,555
+8.1%
Income tax
196
198
378
-1.0%
Effective tax rate
16.7%
18.3%
24.3%
Net income
958
893
1,187
+7.3%
Net margin
6.5%
8.8%
20.4%
Diluted EPS
$1.40
$1.71
$2.87
-18.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,147
2,795
1,552
+48.4%
Capital expenditure
900
721
360
+24.8%
Free cash flow
3,247
2,074
1,192
+56.6%
Free cash flow margin
21.9%
20.4%
20.5%
Cash from investing
-341
-15,680
-663
Cash from financing
-3,431
14,373
-842
Depreciation and amortisation
3,257
1,778
556
+83.2%
Share-based compensation
369
229
73.0
+61.1%
Buybacks
n/a
n/a
1,946
Diluted shares, weighted
683m
523m
414m
+30.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
32,330
32,979
2,293
-2.0%
Non-controlling interest
740
1,616
0.0
-54.2%
Redeemable equity
259
262
0.0
-1.1%
Debt
20,684
21,899
5,955
-5.5%
Operating lease liabilities
471
603
n/a
-21.9%
Finance lease liabilities
271
144
n/a
+88.2%
Other liabilities
19,864
20,036
3,014
-0.9%
Total liabilities and equity
74,619
77,539
11,262
-3.8%
Fixed assets
1,628
1,606
398
+1.4%
Goodwill
36,322
36,038
5,702
+0.8%
Intangible assets
15,358
17,642
2,143
-12.9%
Cash and equivalents
906
893
415
+1.5%
Receivables
2,482
2,782
1,049
-10.8%
Other assets
17,923
18,578
1,555
-3.5%
Total assets
74,619
77,539
11,262
-3.8%
10-K for the year ended 31 December 2020, filed 23 February 2023: the filing.