Fiserv Inc. (NASDAQ:FISV)

The financial data reveals several notable trends over the period analyzed. Revenue experienced substantial growth, increasing from approximately $5.7 billion in 2017 to over $16.2 billion in 2021. This growth was driven primarily by significant increases in both the "Processing and services" and "Product" segments. The "Processing and services" revenue nearly tripled, rising from about $4.8 billion to $13.3 billion, while the "Product" revenue more than tripled from approximately $0.86 billion to $2.9 billion.

Correspondingly, the cost of revenue rose significantly across the same period. The combined costs of processing, services, and product grew from roughly $3 billion in 2017 to over $8.1 billion by 2021. Despite this, gross profit displayed a strong upward trend, improving from $2.7 billion to approximately $8.1 billion, indicative of the company's ability to maintain and slightly improve its gross margin despite higher operational costs.

Selling, general, and administrative expenses increased notably, particularly between 2018 and 2020, peaking at around $5.8 billion in 2021. This sharp rise suggests increased investments or expenditures, which may be related to scaling operations or strategic initiatives. Operating income demonstrated modest growth overall, remaining within a range of approximately $1.5 billion to $2.3 billion and peaking in 2021, reflecting effective management of operating expenses relative to revenue growth.

Interest expense rose substantially from 2017 to 2020 but showed a slight decline in 2021. Despite higher expenses, interest income remained minimal throughout. The net interest expense followed a similar pattern, increasing significantly until 2020 before decreasing slightly. This suggests increased borrowing or debt servicing costs during the middle of the period with some alleviation by the end.

Other income and gains on the sale of businesses demonstrated volatility, with notable spikes in 2018 and 2020. The gain on sale of businesses was particularly impactful in 2018 and 2020, contributing to fluctuations in non-operating income components. Income from continuing operations before income taxes and investments grew moderately but inconsistently, with a dip in 2019 followed by a recovery in later years.

The income tax provision varied without a clear trend, generally increasing proportionally with pre-tax income but also reflecting fluctuations in profitability and effective tax rates. Income from continuing operations closely mirrored net income trends, both declining from 2017 to 2019, then recovering through 2021. The net income attributable to the company showed a similar pattern, indicating overall profitability improvement in the later years after a period of slower growth or decline.

Net income attributable to noncontrolling interests turned negative starting in 2019, reflecting losses or distributions from minority interests or subsidiary operations. The absence of reported income from discontinued operations after 2017 suggests divestitures or cessation of such activities early in the period.

In summary, the company exhibited strong revenue growth and corresponding increases in gross profit, driven by substantial expansion in core business segments. Cost increases and administrative expenses rose significantly, which somewhat constrained operating income growth. Interest expenses grew until 2020 before easing, while gains from the sale of businesses contributed to financial performance intermittently. Overall profitability showed resilience with recovery and growth after mid-period declines, reflecting successful adaptation to changing operational and financial conditions.