Stock Analysis on Net

Fiserv Inc. (NASDAQ:FISV)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 28, 2022.

Analysis of Reportable Segments

Microsoft Excel

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Segment Profit Margin

Fiserv Inc., profit margin by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Merchant Acceptance (Acceptance)
Financial Technology (Fintech)
Payments and Network (Payments)

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).


The segment profit margin data reveals several trends in the financial performance across three key reportable segments over the period from 2017 through 2021, with some data for the earlier years missing.

Merchant Acceptance (Acceptance)
This segment shows profit margin data starting from 2019. In 2019, the margin was 29.72%, which decreased to 25.84% in 2020. Following this decline, there was a notable recovery in 2021, with the margin increasing to 30.81%, representing the highest value in the available timeframe. The trend indicates some volatility but ends on a positive upward trajectory.
Financial Technology (Fintech)
The profit margin for the Fintech segment is available from 2018 onward. It started at 29.17% in 2018 and showed a steady increase each year, reaching 30.08% in 2019, 34.2% in 2020, and 35.77% in 2021. This consistent upward trend suggests improving profitability and possibly effective growth or operational efficiencies within the Fintech segment.
Payments and Network (Payments)
The Payments segment profit margin data starts in 2018 at 44.89%. The margin then experienced a slight decline to 42.41% in 2019, followed by a relatively stable performance around 42.9% in 2020 and a small increase to 43.84% in 2021. Although there was a decrease after 2018, the margins broadly stabilized over the subsequent years, indicating steady profitability in this segment.

Overall, the data portrays a mixed but generally positive outlook on segment profitability. The Fintech segment shows clear and sustained improvement in profit margins over the years, while Merchant Acceptance demonstrates recovery after a dip. Payments maintain a high yet relatively stable margin level despite a minor decline after 2018.


Segment Profit Margin: Merchant Acceptance (Acceptance)

Fiserv Inc.; Merchant Acceptance (Acceptance); segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss)
Revenue
Segment Profitability Ratio
Segment profit margin1

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 2021 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × ÷ =


Operating Income (Loss)
The operating income for the segment demonstrated a significant upward trend over the analyzed period. Starting from a value of 764 million US dollars at the end of 2019, it increased substantially to 1,427 million US dollars by the end of 2020 and further rose to 1,996 million US dollars by the end of 2021. This progression indicates a strong improvement in operational profitability within the segment during these years.
Revenue
Revenue figures reflected a pronounced growth trajectory. Revenue grew from 2,571 million US dollars at the end of 2019 to 5,522 million US dollars at the end of 2020, more than doubling in size. The upward trend continued, reaching 6,479 million US dollars at the end of 2021. This consistent revenue increase suggests expanding business activities or enhanced market acceptance over this timeframe.
Segment Profit Margin
The segment profit margin showed variability but remained relatively high throughout the available periods. It was 29.72% at the end of 2019, experienced a decline to 25.84% in 2020, and then recovered to 30.81% by the end of 2021. This fluctuation suggests that while profitability as a percentage of revenue was challenged in 2020, it improved significantly the following year, indicating effective cost management or better pricing power.

Segment Profit Margin: Financial Technology (Fintech)

Fiserv Inc.; Financial Technology (Fintech); segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss)
Revenue
Segment Profitability Ratio
Segment profit margin1

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 2021 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × ÷ =


The financial technology segment demonstrated consistent growth in operating income from 2018 through 2021. Operating income advanced from $851 million in 2018 to $1,081 million in 2021, reflecting a steady upward trajectory over the four-year period.

Revenue figures remained relatively stable during the same timeframe. After a modest increase from $2,917 million in 2018 to $2,942 million in 2019, revenue slightly decreased in 2020 to $2,901 million before rising again to $3,022 million in 2021. This pattern indicates some fluctuations but an overall slight growth trend in revenue by the end of the period.

The segment profit margin showed notable improvement, increasing each year from 29.17% in 2018 to 35.77% in 2021. This progressive increase in profit margin suggests enhanced operational efficiency and profitability within the segment, despite the minor revenue fluctuations.

Operating Income
Displayed consistent growth, rising approximately 27% from 2018 to 2021.
Revenue
Exhibited minor volatility but a general upward movement, with a slight dip in 2020 followed by recovery in 2021.
Segment Profit Margin
Improved steadily each year, indicating increasing profitability and efficiency in the segment’s operations.

Segment Profit Margin: Payments and Network (Payments)

Fiserv Inc.; Payments and Network (Payments); segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss)
Revenue
Segment Profitability Ratio
Segment profit margin1

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 2021 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × ÷ =


The Payments and Network segment exhibits a positive performance trajectory over the five-year period from 2017 through 2021, with data available from 2018 onward.

Operating Income (Loss)
Operating income has shown consistent and substantial growth. Starting at $1,081 million in 2018, it increased to $1,658 million in 2019, further rising to $2,361 million in 2020, and reaching $2,557 million in 2021. This upward trend indicates effective cost management and operational efficiency improvements in conjunction with revenue growth.
Revenue
The segment's revenue demonstrates robust expansion over the period. It grew from $2,408 million in 2018 to $3,909 million in 2019, then to $5,504 million in 2020, and finally to $5,833 million in 2021. The growth rates suggest strong demand and successful market penetration or product offerings enhancement.
Segment Profit Margin (%)
Profit margin has remained relatively stable with slight variations. It was 44.89% in 2018, dipped to 42.41% in 2019, slightly increased to 42.9% in 2020, and further improved to 43.84% in 2021. The margin stability despite rapid revenue growth indicates consistent profitability and operational leverage within the segment.

Overall, the data reveals sustained growth in revenue and operating income with stable profit margins. This pattern suggests effective scaling of operations and solid financial health for the Payments and Network segment.


Segment Capital Expenditures to Depreciation

Fiserv Inc., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Merchant Acceptance (Acceptance)
Financial Technology (Fintech)
Payments and Network (Payments)

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).


The analysis of the capital expenditures to depreciation ratios across three reportable segments over the period from 2017 to 2021 reveals notable trends and variations among the segments. The data indicate shifts in investment and asset consumption patterns within each segment.

Merchant Acceptance (Acceptance)
Data for this segment are available starting in 2019. The ratio begins at 1.01 in 2019, indicating that capital expenditures slightly exceeded depreciation in that year, suggesting investment in asset growth or renewal. In 2020, the ratio decreases to 0.95, falling below one, which implies capital expenditures were less than depreciation, potentially reflecting lower reinvestment relative to asset usage. In 2021, there is a marked increase to 1.28, the highest ratio observed across all segments and years, signifying a significant increase in capital investments relative to asset depreciation.
Financial Technology (Fintech)
This segment shows a progression from 0.83 in 2018 to 0.95 in 2019, indicating a move towards capital expenditures more closely matching depreciation, which may suggest a stabilization or moderate increase in investment activities. In 2020, the ratio dips slightly to 0.91 but then rises to 0.98 in 2021, approaching parity between expenditures and depreciation. This trend implies a cautious or steady capital investment strategy, aiming to maintain asset base without aggressive expansion.
Payments and Network (Payments)
For this segment, the ratio starts at 0.83 in 2018 and climbs steadily each year, moving to 0.96 in 2019, 0.98 in 2020, and reaching 1.07 in 2021. This consistent upward trend reflects increasing capital expenditures relative to depreciation, suggesting an emphasis on growth or asset modernization within the Payments segment.

Overall, the trends reveal that both Financial Technology and Payments segments are moving towards or have achieved capital expenditure levels that meet or moderately exceed depreciation by the end of the period, implying asset base maintenance or gradual expansion. The Merchant Acceptance segment exhibits more variability, with a decrease below one followed by a substantial rise, signaling fluctuating investment strategies but culminating in a significant increase in asset investments in 2021.


Segment Capital Expenditures to Depreciation: Merchant Acceptance (Acceptance)

Fiserv Inc.; Merchant Acceptance (Acceptance); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures, including capitalized software and other intangibles
Depreciation and amortization expense
Segment Financial Ratio
Segment capital expenditures to depreciation1

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 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures, including capitalized software and other intangibles ÷ Depreciation and amortization expense
= ÷ =


Capital expenditures, including capitalized software and other intangibles
There is a clear upward trend in capital expenditures from 2020 to 2021. Starting at 147 million US dollars in 2020, expenditures increased to 227 million in 2021, and further to 314 million in 2022, indicating significant investment growth in this segment over the analyzed period.
Depreciation and amortization expense
The depreciation and amortization expense also increased notably from 2020 to 2021, rising from 146 million US dollars in 2020 to 239 million in 2021. However, the increase moderated in 2022 with the expense reaching 245 million, suggesting a slowing growth in related asset expenses despite rising capital expenditures.
Segment capital expenditures to depreciation ratio
The ratio of capital expenditures to depreciation showed some fluctuation but ended higher in 2022. It was 1.01 in 2020, slightly decreasing to 0.95 in 2021, and then rising to 1.28 in 2022. This indicates that capital expenditures were slightly less than depreciation in 2021 but then increased to significantly exceed depreciation in 2022, reflecting a possible expansion in asset base or intensified reinvestment within the segment.

Segment Capital Expenditures to Depreciation: Financial Technology (Fintech)

Fiserv Inc.; Financial Technology (Fintech); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures, including capitalized software and other intangibles
Depreciation and amortization expense
Segment Financial Ratio
Segment capital expenditures to depreciation1

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 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures, including capitalized software and other intangibles ÷ Depreciation and amortization expense
= ÷ =


The data reflects the annual financial performance trends of the Financial Technology (Fintech) segment over the period from December 31, 2017, through December 31, 2021. The analysis focuses on capital expenditures, depreciation and amortization expense, and the ratio of capital expenditures to depreciation.

Capital Expenditures
The capital expenditures, including capitalized software and other intangibles, exhibited an overall increasing trend from 2018 to 2021. Beginning at $153 million in 2018, the expenditures rose steadily to $182 million in 2019 and remained stable at $183 million in 2020. A more noticeable increase occurred in 2021, with capital expenditures reaching $222 million. This reflects a growing investment in assets related to the segment's operations over the observed period.
Depreciation and Amortization Expense
The depreciation and amortization expense also showed a continuous upward trajectory. Starting at $185 million in 2018, the expense increased moderately each year to $191 million in 2019, $202 million in 2020, and finally $226 million in 2021. This pattern suggests an expansion in the asset base subject to depreciation and amortization or accelerated amortization policies.
Segment Capital Expenditures to Depreciation Ratio
The ratio of capital expenditures to depreciation fluctuated but generally remained under 1.0 throughout the period. It increased from 0.83 in 2018 to 0.95 in 2019, indicating that capital expenditures were approaching the level of depreciation expense, implying reinvestment nearly matched asset wear and tear. The ratio dipped slightly to 0.91 in 2020, which may suggest a temporary slowdown in reinvestment relative to depreciation. By 2021, the ratio rose again to 0.98, approaching parity, reflecting a near balance between reinvestment and asset depreciation.

Overall, the Fintech segment shows a consistent increase in both capital expenditures and depreciation and amortization expenses. The capital expenditures to depreciation ratio nearing one in recent years indicates a strategic emphasis on maintaining or growing the asset base, positioning the segment for sustained operational capacity or growth.


Segment Capital Expenditures to Depreciation: Payments and Network (Payments)

Fiserv Inc.; Payments and Network (Payments); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures, including capitalized software and other intangibles
Depreciation and amortization expense
Segment Financial Ratio
Segment capital expenditures to depreciation1

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 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures, including capitalized software and other intangibles ÷ Depreciation and amortization expense
= ÷ =


Capital expenditures, including capitalized software and other intangibles
The capital expenditures for the segment exhibited a consistent upward trend over the analyzed period from 2018 to 2021. Starting at 67 million US dollars in 2018, expenditures increased substantially to 196 million in 2019, followed by further growth to 242 million in 2020, and reaching 272 million in 2021. This steady increase indicates a growing investment in capital assets and intangible software development within the segment.
Depreciation and amortization expense
The depreciation and amortization expense also showed significant growth from 81 million US dollars in 2018 to 204 million in 2019. The expense continued to ascend, though at a slower rate, reaching 248 million in 2020 and 254 million in 2021. The sharp increase between 2018 and 2019 aligns with the rise in capital expenditures during the same period, suggesting timely recognition of amortization related to newly capitalized assets.
Segment capital expenditures to depreciation ratio
This ratio measures the relationship between the segment’s capital expenditures and its depreciation expense. The ratio began at 0.83 in 2018, indicating capital spending was somewhat lower than the depreciation charge at that time. It then rose progressively, nearing parity with a ratio of 0.96 in 2019 and 0.98 in 2020. By 2021, the ratio exceeded one, reaching 1.07, which suggests that capital expenditures outpaced depreciation expense. This trend reflects a growth-oriented investment strategy likely focused on asset expansion or substantial enhancements.

Revenue

Fiserv Inc., revenue by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Merchant Acceptance (Acceptance)
Financial Technology (Fintech)
Payments and Network (Payments)
Corporate and Other
Total

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).


The data reveals distinct trends across various reportable segments over the reported periods.

Merchant Acceptance (Acceptance)
This segment shows a notable upward trajectory from 2020 to 2022. Beginning at 2,571 million USD in 2020, revenues more than doubled by 2021, reaching 5,522 million USD, and increased further to 6,479 million USD in 2022. This indicates robust growth in this area during the period where data is available.
Financial Technology (Fintech)
This segment demonstrates relatively stable revenue figures across the available timeline. Starting at 2,917 million USD in 2018, it experienced minor fluctuations—2942 million USD in 2019, a slight dip to 2,901 million USD in 2020, followed by a moderate recovery to 3,022 million USD in 2021. Overall, Fintech revenues remained consistent with marginal variability.
Payments and Network (Payments)
The Payments segment displays strong growth from 2018 onwards. Revenues rose from 2,408 million USD in 2018 to 3,909 million USD in 2019, representing a significant increase. This growth accelerated to 5,504 million USD in 2020 and continued upward to 5,833 million USD in 2021. The sustained increase points to an expanding market or improved business performance within this segment.
Corporate and Other
Revenues in the Corporate and Other category exhibit a steady upward trend from 2018 through 2020, increasing from 498 million USD to 925 million USD. However, there was a slight decline to 892 million USD in 2021. This suggests relatively stable revenues, with a minor retraction in the most recent period.
Total Revenues
The consolidated total revenues show substantial growth over the available years. From 5,823 million USD in 2018, total revenues nearly doubled by 2019 to 10,187 million USD, then increased notably to 14,852 million USD in 2020, and further climbed to 16,226 million USD in 2021. This consistent rise indicates overall strong business expansion across the reportable segments.

Operating income (loss)

Fiserv Inc., operating income (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Merchant Acceptance (Acceptance)
Financial Technology (Fintech)
Payments and Network (Payments)
Corporate and Other
Total

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).


Merchant Acceptance (Acceptance)
The operating income for this segment has shown significant growth from 2019 to 2021. Starting at 764 million USD in 2019, it increased to 1,427 million USD in 2020 and further to 1,996 million USD in 2021. This represents a strong upward trend, indicating rapid expansion or improved profitability in this segment over the three-year period.
Financial Technology (Fintech)
This segment experienced moderate growth from 2018 through 2021. Operating income progressed from 851 million USD in 2018 to 885 million USD in 2019, climbed to 992 million USD in 2020, and reached 1,081 million USD in 2021. The pace of growth is steady, reflecting consistent performance improvements in this area.
Payments and Network (Payments)
The Payments segment displayed robust expansion during the available periods. Operating income rose substantially from 1,081 million USD in 2018 to 1,658 million USD in 2019, then increased further to 2,361 million USD in 2020 and 2,557 million USD in 2021. This trend highlights continuous and significant gains in operating profitability within this segment.
Corporate and Other
This category reflects operating losses throughout the periods, with a notable deepening of losses over time. The loss amounted to 179 million USD in 2018, which widened sharply to 1,698 million USD in 2019, then further increased to 2,928 million USD in 2020 and 3,346 million USD in 2021. The increasing negative figures suggest growing expenses or challenges in this segment or related areas.
Total
Total operating income shows some variation over the five-year span. From 1,753 million USD in 2018, the total decreased slightly to 1,609 million USD in 2019, then rebounded to 1,852 million USD in 2020, and further increased to 2,288 million USD in 2021. Overall, the total operating income trend is positive, driven largely by increases in the Merchant Acceptance, Fintech, and Payments segments despite rising losses in Corporate and Other.

Capital expenditures, including capitalized software and other intangibles

Fiserv Inc., capital expenditures, including capitalized software and other intangibles by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Merchant Acceptance (Acceptance)
Financial Technology (Fintech)
Payments and Network (Payments)
Corporate and Other
Total

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).


The capital expenditures for the reportable segments exhibit notable growth over the examined periods, reflecting an increasing investment in various segments.

Merchant Acceptance (Acceptance)
Capital expenditures in this segment were absent until 2020, after which there is a clear upward trend. The expenditures increased from $147 million in 2020 to $227 million in 2021, followed by a further significant rise to $314 million in 2022. This indicates a strategic emphasis on expanding or enhancing this area.
Financial Technology (Fintech)
This segment shows a steady increase in expenditure over the years. Starting at $153 million in 2018, expenditures rose to $182 million in 2019, maintained a similar level in 2020 at $183 million, and then increased to $222 million in 2021. The incremental growth suggests continuous investment with a moderate acceleration in the last recorded period.
Payments and Network (Payments)
Expenditures in this segment have grown consistently and appreciably, from $67 million in 2018 to $196 million in 2019, then rising further to $242 million in 2020 and $272 million in 2021. This pattern indicates expanding capital commitments, likely to support payment infrastructure and network capabilities.
Corporate and Other
This category shows a robust increasing trend, starting at $140 million in 2018, increasing to $196 million in 2019, then to $248 million in 2020, and reaching $352 million in 2021. The sharp rise over time suggests substantial investment in corporate-level initiatives or other strategic projects.
Total Capital Expenditures
Total capital expenditures for the segments increased markedly, from $360 million in 2018 to $721 million in 2019. The upward trajectory continued, reaching $900 million in 2020 and culminating at $1.16 billion in 2021. This overall trend highlights significant scaling in capital deployment across the company’s segments, likely reflecting strategic growth and modernization efforts.

Depreciation and amortization expense

Fiserv Inc., depreciation and amortization expense by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Merchant Acceptance (Acceptance)
Financial Technology (Fintech)
Payments and Network (Payments)
Corporate and Other
Total

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).


The data reveals significant growth in the depreciation and amortization expenses across all reportable segments over the periods observed, with some fluctuations in magnitude.

Merchant Acceptance (Acceptance)
Starting from no reported values in the initial years, this segment shows a noticeable increase beginning in 2020, with expenses of $146 million, rising to $239 million in 2021 and further to $245 million in 2022. This indicates a growing allocation of depreciation and amortization costs, reflecting possibly increased investments or asset base expansion.
Financial Technology (Fintech)
This segment demonstrates a steady and moderate upward trend over the five-year span. Beginning at $185 million in 2018, expenses increased annually to $191 million, $202 million, and $226 million by 2022. The consistent growth suggests continuous investment or increased asset utilization within this segment.
Payments and Network (Payments)
The Payments segment shows substantial growth beginning from 2018 at $81 million, more than doubling to $204 million in 2019. This upward trajectory continued with $248 million in 2020 and reached $254 million in 2021. The pattern indicates accelerated depreciation and amortization expenses, possibly due to asset acquisition or technology upgrades.
Corporate and Other
This segment exhibits the most dramatic changes, with expenses surging from $290 million in 2018 to $1,237 million in 2019, then more than doubling again to $2,568 million in 2020, followed by a slight decrease to $2,523 million in 2021. The sharp increases suggest a significant expansion in capitalized assets or restructuring-related amortization charges during this period, with the minor decline in the last year potentially indicating stabilization.
Total
Overall, total depreciation and amortization expenses expanded markedly, from $556 million in 2018 to $1,778 million in 2019, then nearly doubling to $3,257 million in 2020, and slightly decreasing to $3,248 million in 2021. The aggregate trend mirrors the substantial growth observed in the Corporate and Other segment, which constitutes a large portion of total expenses, while other segments contribute steady increases.