Fiserv Inc. (NASDAQ:FISV)

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Fiserv Inc., adjusted total assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	76,249)	74,619)	77,539)	11,262)	10,289)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	378)	366)
Add: Allowance for doubtful accounts	55)	48)	39)	18)	15)
Less: Noncurrent deferred tax assets (included in Other long-term assets)²	42)	28)	112)	20)	23)
After Adjustment
Adjusted total assets	76,262)	74,639)	77,466)	11,638)	10,647)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax assets (included in Other long-term assets). See details »

A substantial expansion in the asset base occurred between 2018 and 2019, marking a transition from a smaller operational scale to a significantly larger balance sheet. Following this surge, total assets exhibited relative stability, with a minor contraction in 2020 followed by a modest recovery in 2021.

Asset Growth Trajectory: Total assets rose from 10,289 million USD in 2017 to 11,262 million USD in 2018, before experiencing an exponential increase to 77,539 million USD in 2019. This represents a growth of approximately 588% in a single year. Post-2019, the asset base stabilized, ending at 76,249 million USD in 2021.
Analysis of Asset Adjustments: Adjusted total assets followed the general trend of total assets but varied in magnitude. Positive adjustments were observed in 2017 and 2018, adding 358 million USD and 376 million USD respectively. In 2019, the adjustment shifted to a negative value of 73 million USD. By 2020 and 2021, the variance between total and adjusted assets narrowed significantly to 20 million USD and 13 million USD respectively.
Relative Impact of Adjustments: The materiality of adjustments relative to the total asset base diminished as the company's scale increased. In 2017, the adjustment represented approximately 3.5% of total assets. Following the 2019 expansion, the proportional impact of these adjustments became negligible, falling to approximately 0.017% by 2021, indicating a high degree of convergence between reported and adjusted asset values.

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Fiserv Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current liabilities	18,295)	15,637)	15,727)	2,010)	1,938)
Adjustments
Less: Current contract liabilities	585)	546)	492)	380)	552)
After Adjustment
Adjusted current liabilities	17,710)	15,091)	15,235)	1,630)	1,386)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

A significant expansion in short-term obligations is observed between 2017 and 2021, characterized by a substantial increase in both current and adjusted current liabilities. The most notable shift occurs between 2018 and 2019, where current liabilities rose from 2,010 million US$ to 15,727 million US$, representing a nearly eightfold increase within a single fiscal year. This trajectory continued upward through 2021, ending at 18,295 million US$.

Liability Growth and Scale: The scale of current liabilities transitioned from a relatively low baseline of under 2,100 million US$ in the 2017-2018 period to a high-volume baseline exceeding 15,000 million US$ from 2019 onward. This suggests a fundamental change in the company's capital structure or a major corporate transaction during the 2019 fiscal year.
Adjustment Variance Analysis: A consistent gap exists between current liabilities and adjusted current liabilities throughout the reporting period. In 2017, the adjustment was most pronounced in relative terms, with adjusted liabilities being approximately 28.5% lower than nominal liabilities. By 2019, although the absolute difference remained relatively stable (492 million US$), the relative impact of the adjustment diminished significantly to approximately 3.1% of total current liabilities.
Recent Trend Observation: Following the 2019 surge, liabilities remained stable in 2020 before experiencing another increase in 2021. Current liabilities grew by approximately 17% between 2020 and 2021, while adjusted current liabilities followed a nearly identical path, increasing from 15,091 million US$ to 17,710 million US$.

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Fiserv Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	44,299)	41,290)	42,682)	8,969)	7,558)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	378)	366)
Less: Noncurrent deferred tax liabilities²	4,172)	4,389)	4,247)	745)	552)
Less: Contract liabilities	810)	733)	647)	469)	606)
Less: Employee termination costs reserve	36)	27)	14)	—)	—)
After Adjustment
Adjusted total liabilities	39,281)	36,141)	37,774)	8,133)	6,766)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax liabilities. See details »

A significant escalation in both total and adjusted liabilities is observed between 2017 and 2021, characterized by a period of stability followed by a substantial increase in 2019 and subsequent volatility.

Total Liabilities Trend: Total liabilities grew modestly from 7,558 million US$ in 2017 to 8,969 million US$ in 2018. A sharp increase occurred in 2019, with liabilities rising to 42,682 million US$, representing a nearly fivefold increase. This peak was followed by a slight contraction to 41,290 million US$ in 2020 and a further increase to 44,299 million US$ by the end of 2021.
Adjusted Total Liabilities Trend: Adjusted total liabilities mirrored the trajectory of the total liabilities, starting at 6,766 million US$ in 2017 and rising to 8,133 million US$ in 2018. The 2019 period saw a similar spike to 37,774 million US$. This was followed by a dip to 36,141 million US$ in 2020 and a recovery to 39,281 million US$ in 2021.
Analysis of Liability Adjustments: A consistent downward adjustment is applied to the total liabilities across the entire five-year period. In 2017 and 2018, the difference between total and adjusted liabilities remained relatively stable, ranging between 792 million US$ and 836 million US$. Following the expansion in 2019, the adjustment magnitude increased significantly, scaling to approximately 4,908 million US$ in 2019 and remaining above 5,000 million US$ in 2020 and 2021. This suggests that the components being adjusted are proportional to the overall scale of the company's obligations.
Comparative Variance: The ratio of adjusted liabilities to total liabilities remained relatively consistent, generally hovering between 89% and 91% of the total value. This stability in the variance suggests that the criteria for adjusting total liabilities remained uniform despite the massive increase in the absolute volume of debt and obligations starting in 2019.

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Fiserv Inc., adjusted total Fiserv, Inc. shareholders’ equity

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total Fiserv, Inc. shareholders’ equity	30,952)	32,330)	32,979)	2,293)	2,731)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(4,130)	(4,361)	(4,135)	(725)	(529)
Add: Allowance for doubtful accounts	55)	48)	39)	18)	15)
Add: Contract liabilities	810)	733)	647)	469)	606)
Add: Employee termination costs reserve	36)	27)	14)	—)	—)
Add: Redeemable noncontrolling interests	278)	259)	262)	—)	—)
Add: Noncontrolling interests	720)	740)	1,616)	—)	—)
After Adjustment
Adjusted total equity	36,981)	38,498)	39,692)	3,505)	3,881)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Net deferred tax assets (liabilities). See details »

The financial trajectory of the equity accounts reveals a profound shift in capitalization occurring between 2018 and 2019, followed by a period of gradual contraction through 2021. Both total shareholders' equity and adjusted total equity demonstrate a consistent positive variance, where adjusted figures remain systematically higher than the reported total equity across all periods.

Equity Scale and Growth Patterns: A significant escalation in equity levels is observed starting in 2019. Total shareholders' equity rose from 2,293 million USD in 2018 to 32,979 million USD in 2019, representing an increase of approximately 1,338%. Adjusted total equity followed a similar trajectory, ascending from 3,505 million USD to 39,692 million USD in the same interval. This magnitude of change indicates a major structural event, such as a large-scale acquisition or capital restructuring.
Post-Peak Equity Trend: Following the peak in 2019, a consistent downward trend is evident in both metrics. Total shareholders' equity declined to 32,330 million USD in 2020 and further to 30,952 million USD by December 31, 2021. Adjusted total equity mirrored this decline, decreasing to 38,498 million USD in 2020 and 36,981 million USD in 2021. This trend suggests a gradual reduction in the equity base over the final three years of the observed period.
Analysis of Equity Adjustments: The variance between total equity and adjusted total equity shifted in both absolute and relative terms. In 2017 and 2018, the adjustment represented a significant percentage of the total equity, with the gap ranging from 1,150 million USD to 1,212 million USD. From 2019 onward, the absolute variance increased substantially, peaking at 6,713 million USD in 2019 and settling at 6,029 million USD by 2021. Despite the increase in the absolute gap, the relative impact of the adjustment became more stabilized, remaining around 19% to 20% of the total equity from 2019 through 2021.

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Fiserv Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Short-term and current maturities of long-term debt	508)	384)	287)	4)	3)
Long-term debt, excluding current maturities	20,729)	20,300)	21,612)	5,955)	4,897)
Total reported debt	21,237)	20,684)	21,899)	5,959)	4,900)
Total Fiserv, Inc. shareholders’ equity	30,952)	32,330)	32,979)	2,293)	2,731)
Total reported capital	52,189)	53,014)	54,878)	8,252)	7,631)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	378)	366)
Add: Operating lease liabilities, current portion (included within Accounts payable and accrued expenses)²	122)	125)	140)	—)	—)
Add: Operating lease liabilities, noncurrent portion (included within Other long-term liabilities)³	615)	471)	603)	—)	—)
Adjusted total debt	21,974)	21,280)	22,642)	6,337)	5,266)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(4,130)	(4,361)	(4,135)	(725)	(529)
Add: Allowance for doubtful accounts	55)	48)	39)	18)	15)
Add: Contract liabilities	810)	733)	647)	469)	606)
Add: Employee termination costs reserve	36)	27)	14)	—)	—)
Add: Redeemable noncontrolling interests	278)	259)	262)	—)	—)
Add: Noncontrolling interests	720)	740)	1,616)	—)	—)
Adjusted total equity	36,981)	38,498)	39,692)	3,505)	3,881)
After Adjustment
Adjusted total capital	58,955)	59,778)	62,334)	9,842)	9,147)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities, current portion (included within Accounts payable and accrued expenses). See details »

³ Operating lease liabilities, noncurrent portion (included within Other long-term liabilities). See details »

⁴ Net deferred tax assets (liabilities). See details »

A significant structural shift in the company's capitalization is evident between December 31, 2018, and December 31, 2019. During this period, there was a substantial increase in both reported and adjusted debt and equity, indicating a major corporate event that expanded the balance sheet magnitude by several folds.

Debt Trends: Total reported debt increased from US$ 4,900 million in 2017 to a peak of US$ 21,899 million in 2019, before stabilizing at US$ 21,237 million by 2021. Adjusted total debt followed a mirrored trajectory, maintaining a consistent premium over reported figures and reaching US$ 21,974 million by the end of the period.
Equity Trends: Shareholders' equity experienced an exponential increase in 2019, rising from US$ 2,293 million in 2018 to US$ 32,979 million. Following this surge, a gradual downward trend is observed, with reported equity declining to US$ 30,952 million by the end of 2021. Adjusted equity remained consistently higher than reported equity, peaking at US$ 39,692 million in 2019.
Capitalization Adjustments: A persistent variance exists between reported and adjusted capitalization figures. The gap between reported and adjusted total capital widened significantly from US$ 1,516 million in 2017 to US$ 6,766 million in 2021. This indicates that the adjustments applied to the capitalization table grew in absolute terms as the company's overall capital base expanded.
Total Capital Stability: After the dramatic increase in 2019, total reported capital transitioned to a period of slight contraction, moving from US$ 54,878 million in 2019 to US$ 52,189 million in 2021. Similarly, adjusted total capital decreased from US$ 62,334 million to US$ 58,955 million over the same three-year window.

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Fiserv Inc., adjusted revenue

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Revenue	16,226)	14,852)	10,187)	5,823)	5,696)
Adjustment
Add: Increase (decrease) in contract liabilities	77)	86)	178)	(161)	69)
After Adjustment
Adjusted revenue	16,303)	14,938)	10,365)	5,662)	5,765)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Revenue trajectories indicate a period of rapid expansion between 2017 and 2021, with a marked increase in scale beginning in 2019. Both reported and adjusted revenue figures follow a consistent upward trend, reflecting a significant growth phase in the company's operations.

Revenue Growth Dynamics: Reported revenue increased from US$ 5,696 million in 2017 to US$ 16,226 million in 2021. The most substantial growth occurred between 2018 and 2020, where revenue grew from US$ 5,823 million to US$ 14,852 million, indicating a substantial expansion of the revenue base.
Comparison of Reported and Adjusted Revenue: Adjusted revenue remained closely aligned with reported revenue throughout the analyzed period. Positive adjustments were observed in 2017, 2019, 2020, and 2021, suggesting that certain non-standard items were added back to the top line. In contrast, 2018 presented a negative adjustment, with adjusted revenue being US$ 161 million lower than reported revenue.
Variance Sensitivity: The relative impact of revenue adjustments decreased as the total volume of revenue increased. While the absolute difference between reported and adjusted revenue reached a peak of US$ 178 million in 2019, the variance in 2021 was reduced to US$ 77 million, despite the significantly higher overall revenue base.

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Fiserv Inc., adjusted net income attributable to Fiserv, Inc.

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net income attributable to Fiserv, Inc.	1,334)	958)	893)	1,187)	1,246)
Adjustments
Add: Deferred income tax expense (benefit)¹	(262)	71)	47)	133)	(247)
Add: Increase (decrease) in allowance for doubtful accounts	7)	9)	21)	3)	—)
Add: Increase (decrease) in contract liabilities	77)	86)	178)	(161)	69)
Add: Increase (decrease) in employee termination costs reserve	9)	13)	14)	—)	—)
Less: Income from discontinued operations, net of income taxes	—)	—)	—)	—)	14)
Add: Other comprehensive income (loss)	(397)	(172)	(121)	(13)	22)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	30)	52)	13)	—)	—)
After Adjustment
Adjusted net income	798)	1,017)	1,045)	1,149)	1,076)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Deferred income tax expense (benefit). See details »

Analysis of income figures between 2017 and 2021 reveals divergent trajectories between reported net income and adjusted net income. While reported figures show a recovery to peak levels by the end of the period, adjusted figures exhibit a contrary downward trend in the final year.

Reported Net Income Trend: Reported net income experienced a decline from 1,246 million USD in 2017 to a low of 893 million USD in 2019. Following this trough, a consistent recovery was observed, with figures rising to 958 million USD in 2020 and peaking at 1,334 million USD in 2021.
Adjusted Net Income Trend: Adjusted net income demonstrated relative stability between 2017 and 2020, fluctuating between 1,017 million USD and 1,149 million USD. However, a sharp decline occurred in 2021, where income dropped to 798 million USD, marking the lowest point within the analyzed period.
Income Variance and Divergence: The relationship between reported and adjusted income shifted significantly over the five-year span. Between 2018 and 2020, adjusted net income consistently exceeded reported net income, implying the presence of non-recurring expenses or accounting charges that negatively impacted the reported figures. This pattern reversed sharply in 2021, where reported net income exceeded adjusted net income by 536 million USD. This suggests that the reported growth in 2021 was driven by significant non-operational gains or adjustments that were excluded from the adjusted net income calculation.

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