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© 2012 Fiserv. All rights reserved.
© 2012 Fiserv. All rights reserved.
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© 2012 Fiserv. All rights reserved.
Jeff YabukiChief Executive Office
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© 2012 Fiserv. All rights reserved.
The information disclosed in this presentation contains “forward-looking statements,” including statements regarding the comrevenue,” “adjusted internal revenue,” “adjusted EPS,” “free cash flow,” “free cash flow per share,” “adjusted operating margi“operational effectiveness;” the future financial performance of certain Fiserv products and services; growth, sales, market anthe impact of new solutions on our financial results, including revenue growth; and expectations regarding the company’s loncharacteristics and revenue growth targets. Statements can generally be identified as forward-looking because they include w
“anticipates,” “expects,” “could,” “should” or words of similar meaning. Statements that describe the company’s future plans,also forward-looking statements. Information provided for full or partial years that end after the date hereof is inherently forwestimated or anticipated amounts. Forward-looking statements are subject to assumptions, risks and uncertainties that may cmaterially from those contemplated by such forward-looking statements.
The factors that may affect the company’s results include, among others: the impact on the company’s business of the currenincluding the risk of reduction in revenue resulting from decreased spending on the products and services that the company oregulatory actions in the United States and internationally, including the impact of the Dodd-Frank Wall Street Reform and Corelated regulations; the company’s ability to successfully integrate recent acquisitions into the company’s operations; changecompany’s products or services; pricing or other actions by competitors; the impact of the company’s strategic initiatives; thecomply with government regulations, including privacy regulations; and other factors included in the company’s filings with tAnnual Report on Form 10-K for the year ended December 31, 2011 and in other documents that the company files with the S
these factors carefully in evaluating forward-looking statements, and are cautioned not to place undue reliance on such stateprovided in this presentation is provided as of the date hereof, and the company assumes no obligation to update any informafter the date hereof.
This presentation includes the following non-GAAP financial measures: “adjusted revenue,” “adjusted internal revenue grow“free cash flow,” “free cash flow per share,” “adjusted operating margin,” “adjusted operating income;” and “EBITDA.” Theseindicators that management uses to provide additional comparisons between current results and prior reported results, and aforecasting future periods. We believe that these measures provide additional insight into our operating performance. Additthese measures and reconciliations to the nearest GAAP financial measures are provided in the appendix to this presentationpresentation are rounded or estimated.
Forward-Looking Statements and Non-GAAP Financial I
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Gro
Execution
Innovation
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Strategy
Market Dynam
Building Growt
Value CreationSummary
Q&A
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$4.3 billion revenue
$734 million free cash flow
26 consecutive years of double-digit EPS growth
Nearly $4 billion returned toshareholders since 2005
B y t h e N u m
b e r s
120 million deposit acc
60 million online bankin
24 million active bill pay
Consumer Reach & Scale
More than
20 billionpayment transactions
More than $1 trillionannually
Money Movement
16,000 clients in more than 80 countries
20,000 associates worldwide
Global Footprint
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#1 onlinebanking– Mercator
Advisory Group
Named one of the
World’s Most Admired Companies – Fortune magazine
Best-in-class
in Financial CrimePrevention
– Aite Group
Best electroniccommerce
provider – Global Finance
magazine
a
Leading provider of billpayand presentment services
– Aite Group
Best-in-class for mobile banking
for the second year in a row– Javelin Strategy & Research
Informa– the
compainforma
i– ann
Leading vendorof Payments Fraud
ManagementSolutions
– IDC Financial Insights
XCB
a
Named one of theTop 50 ServiceProviders
– Mortgage Technology
Best AMLCompliance
SolutionProvider
– Waters
Best PracticesAward for Enterprise DataManagement Strategies
– The Data WarehousingInstitute
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© 2012 Fiserv. All rights reserved. © 2012 Fiserv. All rights reserved.
Strategic FrameworkCulture
Global leader intransaction-basedtechnologysolutions
Vision
To provideintegratedtechnology andservices solutions
that enablebest-in-classresults forour clients
Mission
Earn client trust every
Create with purpose.
Inspire and achieve e
Do the right thing.
Deliver on the promisone Fiserv.
Values
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Key Capabilities
Sales ForceExcellence
Value-BasedPricing
Superior Quality
OptimizedBusiness Model
Market Focus
Own Digital Channels
Win Electronic Payments
Drive Account ProcessingSolutions and Wallet Share
Expand Global Payments
and Channels
Develop Next-GenerationSolutions
Strategic FrameworkGo-to-Market Strategy
Target Segments
Financial Institu
Billers
Consumers
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Market Leadership and Scale
U.S. FinaInstitut
More t
1in
Account PrDigital Channels
#
1
OnlineBanking
Solution
MobileBankingSolution
#1
Bill Pay &E-Bill Network
Top 5
#1P2P, A2A, ACH
Electronic Payments
#1
DebitProvider
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Market Leadership and Scale
60MOnlineBanking
Users
MobileBankingUsers
6M
Digital Channels
Active BillPayment
Users
48MDebitAccounts
24M
Electronic Payments Account Pr
Clien
5,2
Deposit A120
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10%
0%
Strategic Focus Leads to Consistently Strong Results
13
Cumulative total return assumes initial investment of $100 and reinvestment of dividends.
2012 return through September 30, 2012.
$100
2006 2007 2008 2009 2010 20
1986 1990 1995 2000 2005
S&P 500 FISV
50%
25%
-25%
-50%
Cumulative Total Return
Adjusted EPS Growth Rate
S&P 500 FISV
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MARKETDYNAMICS
14
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Applications
ComputingPower
Connectivity
Technology Evolution at the Speed of Light
Always on
Anytime
Anywhere
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Macro Trends Impacting Financial Institution Focus
SocialConsumerism FinancialSector DeviceProliferation PaTra
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Industry Analyst Perspective
Relative size of words reflects the frequency with which they were included in the top 10 list of IT spending priorities
for financial institutions from Aite Group, Celent, CEB TowerGroup, Forrester Research, and IDC Financial Insights.17
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$1.4
$1.3
$3.0
$4.5
$6.6
$5.1
Large and Attractive Technology Market
Relevant IT Spend by Financial Institution Size
North America IT Spend; $ in billions. Excludes hardware and non-relevant categories.
Mega
Large
Medium
Small
Large
Medium
Small
Banks
CreditUnions
EsMa$47B
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2.7%
3.5%
4.1%
4.6%
2012E 2013E 2014E 2015E
2.0%
2.5%
3.0%
3.5%
Moderate Growth in Technology Spend
Estimated Growth in Technology Spendfor Financial Institutions
Bias to outsourcing
Vendor consolidatio
Applications and so
Near-term emphasiand direct benefits
Based on estimates from Celent, Ovum (retail) and IDC Financial Insights.
Analyst Consensus Fiserv Estimates
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Technology Spend is Focused on Near-Term Value
20
Drive Revenue
Gain Efficiency
Strengthen Balance Shee
Enhance Experience
Optimize Payments
Regulatory
Compliance
Security
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Clear strategic direction
Rapidly evolving marke
Multiple growth opport
Capital value
STRATEGIC
CONTEXT
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BUILDING
GROWTH
22
E t di th P f O B i M d l
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High-Quality Revenue
Client Value
Recurring
Scalable
Extending the Power of Our Business ModelKey Attributes of Targeted Revenue
MarginMarket Position
23
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Growth Formula is Working
24
Excerpt from 2011 Investor Conference presentation
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Growth Formula is Working
Existing
Businesses Attain New Normal
25
Existing Business
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Existing BusinessBroad Array of Solution Opportunities
Payments Segment2011
Financial Segm2011
Adjusted revenue in the Payments segment excludes $266 million of postage reimbursementsin our Output Solutions business.
$2.1B Adjusted Revenue $2.0B Adjusted
AccountProcessing
ItemProcessing
LenSoluInvestment
Services
CardServices
OutputSolutions
RiskManagement
ElectronicBanking
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Growth Formula is Working
Innovation-BasedGrowth
Rapid Growth to Scale
Existing
BusinessesAttain New Normal
27
Innovation Based Solutions
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Innovation-Based SolutionsSales Momentum Sets Stage for Growth
New Solution SPercent of Tot
Acumen® Analytics
CommonOriginationPlatform™
DebitNetwork
CashEdge Prepaid
Mobiliti™
RelationshipAdvance™
1%
6%
2010 2011
28
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Growth Formula is Working
StrategicAcquisitions
Execute and Achieve Synergies
Innovation-BasedGrowth
Rapid Growth to Scale
Existing
BusinessesAttain New Normal
29
CashEdge Opportunity is Substantial
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CashEdge Opportunity is SubstantialSocial Payments Has Been Primary Focus
Key Objectives Popmoney®
Other SolutionProduct Integration
Sales Results
Strategic Opportunity
Current Year Revenue
Market Response
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Growth Formula is Working
High-QualityRecurring Revenue
4 - 8% Internal Revenue Growth
StrategicAcquisitions
Execute and Achieve Synergies
Innovation-BasedGrowth
Rapid Growth to Scale
Existing
BusinessesAttain New Normal
31
R G h Al i h R i T k
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Revenue Growth Algorithm Remains on Track
Excerpt from 2011 Investor Conference presentation
32
G th F l i W ki
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Innovation-BasedGrowth
Existing
Businesses
Growth Formula is Working
33
High-QualityRecurring Revenue
4 - 8% Internal Revenue Growth
StrategicAcquisitions
Execute and Achieve Synergies
Account ProcessingElectronic Bill Pay
and Presentm
MobileDebit
NetworkSoci
Payme
CashEdge
B ildi G th
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Building Growth
Mark Ernst
AccountProcessing
Centered onPrivileged
Relationships
Erich Litch
Mobiliti
TurningSmaller
Screens into
LargeOpportunities
Kevin Gregoire
DebitNetwork
Opportunitiesin Real Time
Rahul Gupta
Electronic
Bill Paymentand
Presentment
Growth froma Position of
Strength
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AccountProcessing
Centered onPrivilegedRelationships Mark Ernst
Chief Operating Offic
35
Fiserv is the Market Leader in Account Processing
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Fiserv is the Market Leader in Account Processing
Account Processing Market Share2011
Fiserv
JackHenry
FIS
Harland
OSI
Other
Market share source: Automation in Banking, 2012
5,200 clients
120M account
28,000 branc
36
Strong Business Model Delivers Steady Growth
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Strong Business Model Delivers Steady Growth
Fiserv Adjusted Revenue$4.1 Billion in 2011
AccountProcessing
Mission-critical solu
Recurring revenue
Long-term contracts
High renewal rates
Privileged relations
37
Business Model Mitigates Impact of Consolidation
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17.2
16.3 15.7 15.114.6
16.8
Business Model Mitigates Impact of Consolidation
U.S. Financial Institutions
Account-based rev
Diminishing regula
Growth from client
Contract terminatio
Institutions in thousandsSource: FDIC and CUNA
Banks Credit Unions
$12.6T
Total Assets
$14.9T
38
Market Stability Favors the Incumbent
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In-House Decisions
y
Changes in Account Processing System
Source: Automation in Banking, 2012
Outsourcing Decisions
Trend Toward Outsourcing Continues
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KEY AREASOF FOCUS
Client relationship valu
Innovative solution de
Market share growth
Systems evolution
40
Client Relationship Value
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Historic Account Processing Buying Behavior
Excerpt from 2009 Fiserv Investor Conference presentation
41
Client Relationship Value
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EBPP
Debit
OLB
Mobile
Treasury
Lending
Increasing Demand for Fiserv Integrated Suite
AML
FCRM
AccountProcessing
Lower total cost of
Faster time to mark
Dedicated technolo
Best-of-breed soluti
42
Client Relationship Value
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Significant Expansion of Market-Leading Capabilities
EBPP
OLBAML
FCRM
Treasury
Lending
AccountProcessing
AccountProcessing
Traditional Core Sale2005
Integrated Best-of-Breed 2011
1X Total Contract Value 3X Total Contract
43
Client Relationship Value
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Penetration Within Account Processing Clients
OnlineBanking
Debit BillPayment
44%
29%
13%
0%
50%
100%
44
Client Relationship ValueSt P d S b t ti l R i i O t it
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Strong Progress and Substantial Remaining Opportunity
Penetration Within Account Processing Clients
71%
48%56%
27% 20%
OnlineBanking
Debit BillPayment
SocialPayments
Mobi0%
50%
100%
45
Innovative Solution DeliveryN S l ti D i I t l Cli t V l
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New Solutions Drive Incremental Client Value
Account-to-account transfer
Analytics
Common loan origination
Deposit-based lending
Fraud managementIntegrated marketing
EBPP
Debit
OLB
Mobile
Treasury
Lending
AML
FCRM
AccountProcessing
Integrated sta
Mobile captu
Online accou
Personal fina
Prepaid proceWorkflow too
46
Client Relationship ValueConfidence in Inte ated Sales Ta ets
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Confidence in Integrated Sales Targets
Integrated Sales
2011 2012E 2013E
Cumulative Integra
$ in millions
NoAP
47
Market Share GrowthWin Rates Extend Leadership Position
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Win Rates Extend Leadership Position
Mid-Tier Banks Large Credit Un
Asset size: Mid-tier Banks $1B – $10B; Large Credit Unions > $500M
2011 Market Sh
Fiserv
2011 Market Share
Win Rate
56%
2007 2008 2009 2010 2011
Win Rate
2007 2008 2009
36% 4
0%
33%
0%
48
Account Processing Systems Evolution
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g y
AccountProcessing
49
Systems EvolutionAcumen Reflects Significant Growth Opportunity
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Acumen Reflects Significant Growth Opportunity
Source: The Leading U.S. Core Vendors: Fueling Financial Institutions Initiatives, Aite Group, July 2012
Acumen®
AdvantageState-of-the-art
technology
Innovative functionality
Enhanced memberexperience
Multipledeployment options
TechnologyAward 2012“…sophistication
…interoperability
…tight integration
…browser-based
…speech recognition”
50
Systems EvolutionStrong Demand Drives Near Term Acumen Priorities
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Strong Demand Drives Near-Term Acumen Priorities
ReduceCustomization
Enhance Multi-ProductIntegration
Gain ImplementationEfficiency
Dethe V
Ac
51
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AccountProcessing
Centered onPrivilegedRelationships
Market-leading scale and
High-quality recurring reve
Significant integrated sale
Driving revenue and efficie
52
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MobilitiTurning SmallerScreens into LargeOpportunities
Erich Litch
Division President
53
Mobile Adoption Exceeding Forecasts
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35
5768
7989
99
2010A 2011A 2012 2013 2014 2015 2
19%
29%33%
38%42%
46%5
U.S. Mobile Banking Adoption
U.S. mobile banking users in millionsSource: Javelin Strategy and Research, 2011
Mobile banking users Mobile phone owners using mobile bank
CompoundGrowth21%
54
Tablet Presents Incremental Opportunity
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16
34
50
64
76
87
2011A 2012 2013 2014 2015 2016
U.S. Mobile Phone Owners Using Tablets
U.S. tablet users in millionsSource: Javelin Strategy and Research, 2011
CompoundGrowth40%
8%
17%
24%
30%
35%
40%
Tablet users Mobile phone owners using tablets
55
Consumer Expectations Involve Multiple Devices
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Historical Data Integration Needs
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AccountProcessing
OtherDirect
IntegrationSolutions
Online Banking Website
Single Sign-On Integrations and Externally Hosted User Interfac
Bill Paymentand
Presentment
Account-to-AccountTransfer
PFM andAggregation
Other HoUser Inte
Solut
57
Proliferation of Devices and Access Modes Breeds Co
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Greater Reliance on and Need for Direct Integration
Online BWebsApps Mobile Website SMS
Bill
PaymentandPresentment
Account-
to-AccountTransfer
Person-
to-PersonPayments
PFM andAggregation AccountProcessing
Remote
DepositCapture
Campaignand Offer
58
Key Digital Financial Services and Capabilities
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Integrated MoneyMovement
Integrated InformManageme
Multi-Device User Experience
Security • Fraud Prevention • Risk Management • Comp
Bill PaymenteBillPerson-to-PersonPayments
elnvoicingRemote DepositCapture
Transfer
Wire
eGift
ACH
Card
Balances
Digital FinancialManagement Tools
Secure Messages
ReportingEntitlements
CamMa
Acc
Act
eSt
59
Fiserv is Positioned to Win
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Intuit resells Fiserv bill payment and presentment, account-to-account transfer and person-to-person payments solutions.FIS resells a number of different mobile solutions, including mFoundry and Monetise.
Proprietary Solutions Fiserv Monetise Kony mFoundry Intuit
Mobile
Online Banking
Personal Financial Management
Bill Payment and Presentment
Person-to-Person Payments
Account-to-Account Transfer
Remote Deposit Capture
SomeMarket Leading Strong Moderate
60
Demand for Mobiliti is Robust
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1.5
3.7
2010 2011
Live Clients End Users
169
360
699
2010 2011 2012YTD
End users in millions
CompoundGrowth125%Compound
Growth134%
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Growing International Presence
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Institutions Focus on Mobile Transaction Capabilities
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Survey of Large U.S. FinaMobile Banking ConsumersFeatures Used in Past Month
25%28%
32%
40%
plan to depremote depby 2012
Sources: 2011 Consumer Trends Survey, Fiserv, Inc. August 2011Mobile Banking and Payments Study, Forrester Custom Research prepared for Fiserv, September 2011
Pay Bills
2010 2011 2010 2011
Transfer Money
7 of 10
7 of
10
plan to depperson-to-ppayments b
64
Rapid Bill Payment Growth Through Mobile Continues
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3.1
6.6
15.0
2009 2010 2011
Mobile Bill Payment ConsumersThousands
Mobile Bill Payment TMillions
169
317
677
904
2009 2010 2011 2012YTD
CompoundGrowth 96% CompoundGrowth120%
65
Revenue Models Vary by Deployment Type
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ASP
License
ProfessionalServices
Maintenance
Licen
ProfessServi
Mainte
Host
ASP
License
ProfessionalServices
Maintenance
Licen
ProfessServi
Mainte
Host
66
Mobiliti Revenue Growth Exceeds Original Targets
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Excerpt from 2011 Fiserv Investor Conference presentation
67
Mobiliti Revenue Growth Exceeds Original Targets
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$22
$45
$70
$110
$140
$20$30
$60
$95
Mobiliti Revenue
$ in millions
2015E2014E2013E2012E2011
2011 Forecast Current Forecast
CompoundGrowth59%
68
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Adoption is ahead of targ
Catalyst for transaction
Mobile and tablet are top
Fiserv is well position
Mobiliti
Turning SmallerScreens intoLargeOpportunities
69
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Debit Network
Opportunitiesin Real Time
Kevin GregoirDivision President
70
Debit Business Continues Strong Growth
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Debit Transaction GrowthFinancial Institution Issuers
Recurring revenue m
Scale business
Integrated debit val
Long-term client rel
Source: First Annapolis, internal analysis
18%
21% 22%19%
18%
11% 12% 12%
9% 9%
2008 2009 2010 2011 2012E
Fiserv Market
71
Consistent Integrated Sales SuccessSignificant Growth Opportunity Remains
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Debit Sales by YearClients
204 201215 218
196
2007 2008 2009 2010 2011
2,
2,500
Account Processing RClients
WithDebit
Durbin Risk to Existing Business is Minimal
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Total Debit Revenue by Type2011
Processing
NetworkProcessing business rema
Majority of clients exempinterchange caps
70% of network revenue ffull-service clients
73
Network Reach is Expanding
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48MCardholders
3,100Financial
Institutions
325,000
ParticipatingATMs
3MeLoc
74
Network Drives New Value Opportunities
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SocialPayments
BillPayments
Small BusinPayment
75
Poised to Deliver a Real-Time Experience
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SocialPayments
BillPayments
Small BusinPayment
Leading Payment Applications
76
Social PaymentsReal Time Drives Adoption
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AvailaACCEL/E
Decem
77
Electronic Bill PaymentsExpedited Payments Provide Value for Consumers
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67%$5.79
$Source: Javelin Strategy & Research, 2011
Online banking users who want tomake expedited bill payments at a
financial institution’s website
Average price paid by consumersfor an expedited payment
Total late fees avoided annuallyby expedited payments
78
Electronic Bill PaymentsExpedited Payments Create Significant Opportunity
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100M expedited
bill payments
$500Mopportunfor financ
institution
79
Small Business PaymentsImproved Cash Flow Strengthens Relationships
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Source: Small Business Administration 2008, First Annapolis Consulting
27M small
businesses
$4.8B paid toacquirers toaccept cards
20M small
businesses donot accept cards
Today: Card
2013: Chec
Rea
TBD: eBilBill P
80
Fiserv Best Positioned to Deliver Real-Time DDA PaymeIntegration and Scale are Critical Capabilities for Success
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Required Capabilities Fiserv
Account Access
Real-Time Payee Integration
Consumer Directory
User Experience
Proprietary Applications
Real-Time Payments Network
Multi-Tiered Risk Management
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Debit Network
Opportunitiesin Real Time
Attractive growth p
Integration with le
payments applications
Real time creates valu
82
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EBPP
Growth froma Positionof Strength Rahul Gupta
Group President
83
Market Leadership Across Key Stakeholders
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Financial
InstitutionsBillers Consu
8 of theTop 10U.S. banks
10Bdata-fed
eBills available
24Mactive bill
use
4,300 clients
25,000
walk-in paymentlocations
Best-of-solut
84
Growth in a Challenging Environment
Electronic Bill Payment and Presentment
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$ in millions
2007 20
$575
Wamu /Wachovia
($45)
VAR andRemitLosses
($10) NetOrganicGrowth
$110 $
Float
($40)
Electronic Bill Payment and PresentmentRevenue Bridge
85
Substantial Market Opportunity RemainsMultiple Sources of Economic Value
Estimated Bill Payments by Type Estimated Bill Presentm
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Numbers in billionsOffline channel includes walk-in, phone and auto debit.
Estimated Bill Payments by Type2011
3.44.6
4.3 3.0
15.7
0.
$3-4B Opportunity
Estimated Bill Presentm2011
$2-3B Oppo
Bill Pay
BillerDirect
Checks
Offline
PaperBills
eBills
86
Favorable Trends Provide New Opportunities
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M
k G
Devices(Mobile and Tablet)
Segments(Millennials and Underbanked)
Payment Services(Social Payments and Mobile Deposit)
87
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Maintain product superio
Leverage distribution adv
Grow market share
Expand eBill network
Increase adoption and us
GROWTH
STRATEGIES
88
Maintain Product Superiority Leading Capabilities Deliver Client Value
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Network Based
ASP or Web Services
Fraud Management
Flexible Deployment
Market LeadingEnd-to-End Experience
Next-day delivery is available for a significant majority of payments.
Consumer Control
Data Fed
Next Day
Same Day
Risk-Managed Funding Model
eBills
Payment Speed
Expedited Payments
89
Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles
Account Processing Bundle
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AccountProcessing
Account Processing Bundle
EBPP
90
Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles
Account Processing Bundle
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Channels Bundle
Account Processing Bundle
EBPP
Online Bankin
Mobile
Online Bankin
Mobile
91
Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles
Account Processing Bundle
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Channels Bundle
Account Processing Bundle
Payments Bundle
EBPP
Account-to-Account
Transfer
Remote DepositCapture
Social Payments
92
Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles
Account Processing Bundle
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Channels Bundle
Account Processing Bundle
Payments BundleDigital Bundle
EBPP
Account-to-Account
Transfer
Remote DepositCapture
Social Payments Online Bankin
Mobile
Online Bankin
Mobile
93
Grow Market ShareRecent Momentum Expands Consumer Reach
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Se
“The continued leadership Fiserv h
digital payments, coupled with t
the future of money movement, confidence to choose them as a
long-term partner.” $53BAssets
Source: FDIC call reports as of June 30, 2012
94
Grow Market ShareRecent Momentum Expands Consumer Reach
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14M Deposit Accounts
Source: FDIC call reports as of June 30, 2012
$53B $208B Assets Assets Assets
95
Expand eBill NetworkBuilding on Our Leadership Position
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Current Focus
Verticals Tools Self Se
LargeBillers
MediumBillers
SmBille
96
Expand eBill NetworkCritical Mass Driving Adoption
eBills DeliveMilli
eBills AvailableBilli
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eBills delivered through financial institutions exclude MyCheckFree.com volume. Total eBills delivered,including MyCheckFree.com volume, grew at a compound annual rate of 7% over the same period.
Millions
161
2007
CompoundGrowth 12%
Billions
7
10
2007 2012E
7%Compound
Growth
97
Increase Adoption and Usage Initiatives to Grow Transaction Volume
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Consumer marketing and education
Streamlined enrollment and activation
Expedited payments
Integrated channels and payments experience
98
Increase Adoption and UsageRecent Campaigns Yield Promising Results
Impact of U.S. Bank Campaignon Bill Pay Activation
Impact of EZ Acton eBill Penetr
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on Bill Pay Activation
3 4 5 6 7 8 9 10 11 12
Months
on eBill Penetr
After CampaignBaseline
CampaignLift 29% Average
Lift 55%
28% 26%
40%
Biller 1 Bi
Baseline After E
99
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Popmoney
Buildingthe LeadingSocial PaymentsNetwork
Sanjeev DheeDivision President
101
Social Payments are Personal and Have Emotion
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“$’s we borrowed for t
& Redskins game on Thanks for getting th
“For our part of the sphouse rental.
Thanks!”
“For your U of Pitt expensesand tuition.
Have a great semester.”
“Emily, here’s allowance
from mom.Love you!”
102
More Than Splitting the Dinner Bill
DiningBirthdayBoat
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Source: 12 months of Popmoney transactional data. Size of words reflects the relativefrequency of each indicated payment type.
Rent
GiftsDining
Loan
PhonTravel
School
y
Party
Furniture
Grocerie
BabysittinAllowanc
Dentist
Auto
RepairsChurch
Wedding
Utilities
TicketsFlowers
RecreationGas
Pets
Childcare
© 2012 Fiserv. All rights reserved. 103
Consumers Want
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To conduct transactions electronically
104
Consumers Don’t Want
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To use separate accounts
To pay with a retrofitted e-commerce so
To pay merchant-based fees
105
Social Payments Includes Small Businesses
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Household
Individual
Group
ConsumerPayments
Consumers
Employees
Vendors
Small BusinessPayments
106
Large and Attractive Market Opportunity
U.S. Payment Transactions2011
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9
16
12
C2C
C2B
B2B
B2C
Transactions in billions
7
6
2
1
Initially Addressable TransactionsTotal Transactions
16BPoteTran
107
Financial Institutions Can Monetize Social PaymentsExpedited and Small Business Payments Lead the Opportu
High
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~$6B
$.5B
~$1B
Size of circle represents the relative economic value of the end-market opportunity.
Value to FIs
Value toUsers
Low High
Low
~$3B
Sta
Cocol
Sman
Ex
108
Fiserv Provides the Preferred Solution
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A single-brand network centefinancial institutions
Designed for social payments
Integrated value proposition
109
Financial Institution-Centric NetworkSingle Brand and Common Experience
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917.555.1212facebook.com/joe.consumer
Joe Consumer
110
Designed for Social PaymentsFeature-Rich and Evolving
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Send and ReceiveRequest and CollectGift Cards
Consumer
Invoice anPay Vendo
Small
111
Integrated Value PropositionBroad Reach Through Fiserv Relationships
Deposit120M
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Bill PaymentUsers24M
Online BankingUsers60M
DebitCards48M
DepositAccounts120M
CreditCards
7M
25K
MobileUsers6M
112
Drive Usag
Building the Popmoney Network
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Drive Usag
Grow Awareness
and AdoptionEstablishNetwork Footprint
2011 - 2014
2013 - 2016
2014 - 201
Registered UsersInstitutions
TransactionPer User
113
Established Social Payments Network FootprintContinued Strong Momentum
Cumulative SalesClients
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5
776
1,389
1,704
2009 2010 2011 2012YTD
5 of the top 10
14 of the top 3
114
Drive Usage Through InnovationProduct Development Priorities
R l Ti M bil C
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Real Time Mobile Car
115
Grow Awareness and AdoptionActive Marketing by Financial Institution Partners
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P i d t revolut
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Popmoney
Buildingthe LeadingSocial PaymentsNetwork
Poised to revolutconsumer payments
Has emerged as the
market leade
Delivers a compellin
economic opp
© 2012 Fiserv. All rights reserved. 117
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CreatingShareholderValue
Tom HirschChief Financial Office
118
BUSINESS
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BUSINESSMODEL Scalable businesses
Significant recurring re
Expanding operating m
Exceptional free cash f
119
Business Model Leads to Value Creation
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High-Quality Revenue Acceleration
Adjusted Internal Revenue Growth
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-2%
0%
2%
4%
6%
2007 2008 2009 2010 2011
2012E reflects the midpoint of the company’s annual guidance.
121
Strong Margin Performance
Adjusted Operating Margin
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26.1%
27.6%
28.7% 29.4% 29.2%
2007 2008 2009 2010 2011
2012E reflects the midpoint of the company’s annual guidance.
bps
improvement350
122
Attractive Margin Profile
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Excerpt from 2011 Fiserv Investor Conference presentation
Operating Leverage
OperationalEffectiveness
Favorable Mix Shift
Scaling of NewSolutions
123
Key Drivers Grade
2012 Operating Margin Progress
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Operating Leverage
Operational Effectiveness
B
A
124
Operational Effectiveness ProgramStrong Performance to Date
$50
Operational Effectiveness Results
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$25
$40
$45$50
2011 2012E
$ in millions
Target Attainment
On trackto achiev
$250b
125
Key Drivers Grade
2012 Operating Margin Progress
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Operating Leverage
Operational Effectiveness
Favorable Mix Shift
Scaling of New Solutions
B
A
A
C
Long-Term Outlook
126
Strong Performance in all Market Conditions
Adjusted EPS
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2007 2008 2009 2010 2011
Compound
Growth15%
$2.64$3.33
$3.66
$4.05$4.58
coy
doEP
2
127
Business Model Drives Strong Free Cash Flow
Free Cash Flow Per Share
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2012E reflects current company guidance.
2007 2008 2009 2010 2011 2
>
$2.54
$3.70
$4.30$4.85
$5.09Compound
Growth18%
128
CAPITAL
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ALLOCATION
129
Capital Allocation Framework
ShareRepurchase
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Acquisition
Focus on payments,digital and uniquecapabilities in linewith our strategy
Repurchase
The capitalallocation
benchmark
De
Repay
Maintainflexibiliinvestgrade
130
Capital Deployment Discipline Creates Value
2009 to Q2-2012
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Share Repurchase Debt Repayment Acquisition
$ in billions
$1.5
$1.0
$0.5
131
Significant Capital Returned to Shareholders
Shares Outstanding
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Shares in millions
Nearlyreturned toshareholderssince 2005
$4B
01/01/05 06/30/12
132
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2009 Debt Structure
Debt Maturity Schedule
$3.6
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$ in billions; total debt and debt maturities as of December 31, 2009
$0.5
$2.5
$0.6
$3 6
12/31/09 1-2 yrs 3-4 yrs 5-6 yrs 7-8 yrs
Debt MaturityTotal Debt
134
$3 4
2012 Debt Structure
Debt Maturity Schedule
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$3.4
$0.9$1.1
$0.4
$ in billions; total debt and debt maturities as of September 30, 2012Proforma assuming a $500M paydown of the senior term loan using the revolving credit facility as of September 30, 2012.
1-2 yrs 3-4 yrs 5-6 yrs 7-8 yrs9/30/2012
Debt MaturityTotal Debt
135
Less than 5% average interest rate
Long-Term Focus Creates Optimized Debt Structure
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g
Next principal payment of $0.3 billion due in 2015
85% fixed-rate debt
6-year weighted average maturity
Current leverage ratio of 2.4x EBITDA
136
Long-Term Performance Characteristics
Key Financial Metrics Growth Range
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Actual average annual performance should be within the range over any three-year period.
Adjusted Internal Revenue 4 – 8%
Adjusted EPS 11 – 18%
Other Metrics Growth Range
Free Cash Flow Per Share > 11%
Adjusted Operating Margin 50 – 100 bps
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2012 Guidance
Key Financial Metrics Growth Range
Adjusted Revenue 4 – 6%
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j
Adjusted Internal Revenue
3.0 – 4.5%
Adjusted EPS 11 – 14%
Other Metrics Growth Range
Free Cash Flow 8 – 12%
Free Cash Flow Per Share > $5.70
Adjusted Operating Margin 30 – 60 bps
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Business model strength
Accelerating
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Creating
ShareholderValue
Accelerating revenue g
Margin expansion oppo
Significant free cash flo
Capital discipline and f
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SummaryJeff YabukiChief Executive Offic
Building Growth
AccountM biliti
DebitElectronic
Bill Payment
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Mark Ernst
Processing
Centered onPrivileged
Relationships
Erich Litch
Mobiliti
TurningSmaller
Screens intoLarge
Opportunities
Kevin Gregoire
DebitNetwork
Opportunitiesin Real Time
Rahul Gupta
Bill Paymentand
Presentment
Growth froma Position of
Strength
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Innovation
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Gro
Execution
Innovation
Strategic clarity
P b i d l
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Proven business model
Payments transformacreates opportunity
Focus on shareholder va
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Appendix
146
Adjusted Earnings Per Share2007 2008 2009
GAAP EPS - continuing operations $2.44 $2.20 $3.04
Adjustments - net of tax:
Merger costs and merger-related tax items 1 0.05 0.22 (0.02)
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Severance costs 0.03 - 0.06
Acquisition intangible amortization 0.12 0.57 0.58 Other losses 2 - 0.34 -
Adjusted EPS $2.64 $3.33 $3.66
1 Merger costs include integration project management, retention bonuses and other expenses associated with acquisitions, certai
the achievement of the company’s operational effectiveness initiatives, deferred revenue adjustments based on the purchase priceCheckFree acquisition for which the company estimated the fair value of deferred revenue from license fees and other client paym
adjustment for a GAAP income tax benefit recognized in conjunction with the final settlement of a CheckFree purchase accounting2009. The deferred revenue adjustments represent revenue that would have been recognized by CheckFree or companies it acquirpractices, which the company did not record due to GAAP purchase accounting requirements.
2 Other losses primarily reflect the premium paid and other costs related to the early extinguishment of debt in 2010 and 2011 and t
51% interest in Fiserv Insurance in 2008.
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Adjusted Revenue and Operating Income
2007 2008 2009
Revenue $3,677 $4,587 $4,077
Fiserv Insurance (804) (513) -
Output Solutions postage reimbursements (158) (203) (211)
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$ in millions. Operating margin percentages are calculated using actual, unrounded amounts.1 See footnote 1 on adjusted earnings per share GAAP to adjusted reconciliation.
Deferred revenue adjustment 1 3 22 5
Adjusted revenue $2,718 $3,893 $3,871
Operating income $736 $908 $946
Fiserv Insurance (78) (44) -
Merger costs and other adjustments 1 11 59 6
Severance costs 7 - 15
Acquisition intangible amortization 33 150 145
Adjusted operating income $709 $1,073 $1,112
Operating margin 20.0% 19.8% 23.2%
Adjusted operating margin 26.1% 27.6% 28.7%
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2007 2008 2009
Net cash provided by operating activities $547 $766 $850
Capital expenditures (152) (198) (198)
Dividends from unconsolidated affiliate 1
Free Cash Flow
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Dividends from unconsolidated affiliate - - -
Other adjustments 2
34 35 16
Free cash flow $429 $603 $668
Diluted shares 168.8 163.1 155.4
Free cash flow per share $2.54 $3.70 $4.30
$ in millions, except per share amounts
1In 2010 and 2011, the company received cash dividends from StoneRiver Group, L.P., a company in which Fiserv owns a 49% interdividends that represent a return on the company’s investment are reported in cash flows from operating activities. Managementto exclude these dividends from the calculation of free cash flow because they may not be indicative of the future free cash flow o
2 Other adjustments include payments related to after-tax severance, merger and integration costs, certain one-time liabilities assu
balance sheets of acquired companies, the settlement of treasury lock hedge contracts, the net change in settlement assets and obbenefits from losses on early debt extinguishment. Management believes it is appropriate to exclude these items from the calculflow because they may not be indicative of the future free cash flow of the company.
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Adjusted EPS Growth Rate
With respect to the adjusted EPS growth rate depicted on slide 13
• S&P figures reflect operating earnings per share growth from 192011 and as reported earnings per share growth from 1986 throu
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2011 and as reported earnings per share growth from 1986 throu
• Fiserv figures reflect adjusted earnings per share growth as repoFiserv’s annual reports for the period presented.
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Adjusted Internal Revenue Growth
• Adjusted internal revenue growth is measured as the increase inrevenue, excluding all acquired revenue, for the current period dadjusted revenue from the prior period. Acquired revenue was $$3 million and $27 million in 2011 2010 and 2009 respectively
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$3 million, and $27 million in 2011, 2010, and 2009, respectively.
• Adjusted internal revenue growth is a non-GAAP financial measucompany believes is useful to investors because it presents intergrowth excluding postage reimbursements in the company’s Oubusiness, deferred revenue purchase accounting adjustments andisposition revenue from Fiserv Insurance.
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