(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Item 2.02. | Results of Operations and Financial Condition. |
Item 8.01. | Other Events. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit Number | Description | |
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
FISERV, INC. | ||||
Date: | April 1, 2020 | By: | /s/ Robert W. Hau | |
Robert W. Hau | ||||
Chief Financial Officer and Treasurer |
Exhibit 99.1 |
Fiserv, Inc. | |||||||||||||||||||
Non-GAAP Financial Results by Segment | |||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||
2019 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Total Company | |||||||||||||||||||
Revenue | $ | 1,502 | $ | 1,512 | $ | 3,128 | $ | 4,045 | $ | 10,187 | |||||||||
First Data revenue 1 | 2,316 | 2,485 | 808 | — | 5,609 | ||||||||||||||
Combined revenue | 3,818 | 3,997 | 3,936 | 4,045 | 15,796 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Intercompany eliminations 2 | (2 | ) | (2 | ) | — | — | (4 | ) | |||||||||||
Output Solutions postage reimbursements 3 | (250 | ) | (243 | ) | (237 | ) | (248 | ) | (978 | ) | |||||||||
Deferred revenue purchase accounting adjustments | — | — | 6 | 12 | 18 | ||||||||||||||
Merchant Services adjustment 4 | (93 | ) | (109 | ) | (88 | ) | (97 | ) | (387 | ) | |||||||||
Adjusted revenue | $ | 3,473 | $ | 3,643 | $ | 3,617 | $ | 3,712 | $ | 14,445 | |||||||||
Operating income | $ | 373 | $ | 384 | $ | 374 | $ | 478 | $ | 1,609 | |||||||||
First Data operating income 1 | 424 | 565 | 99 | — | 1,088 | ||||||||||||||
Combined operating income | 797 | 949 | 473 | 478 | 2,697 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | 64 | 38 | 217 | 148 | 467 | ||||||||||||||
Severance and restructuring costs | 21 | 17 | 37 | 75 | 150 | ||||||||||||||
Amortization of acquisition-related intangible assets | 145 | 144 | 400 | 533 | 1,222 | ||||||||||||||
Merchant Services adjustment 4 | (55 | ) | (66 | ) | (48 | ) | (61 | ) | (230 | ) | |||||||||
(Gain) loss on sale of businesses | (9 | ) | 2 | — | (5 | ) | (12 | ) | |||||||||||
Adjusted operating income | $ | 963 | $ | 1,084 | $ | 1,079 | $ | 1,168 | $ | 4,294 | |||||||||
Operating margin | 24.8 | % | 25.4 | % | 12.0 | % | 11.8 | % | 15.8 | % | |||||||||
Adjusted operating margin | 27.7 | % | 29.7 | % | 29.8 | % | 31.4 | % | 29.7 | % | |||||||||
Acceptance | |||||||||||||||||||
Revenue | $ | — | $ | — | $ | 1,012 | $ | 1,559 | $ | 2,571 | |||||||||
First Data revenue 1 | 1,427 | 1,576 | 511 | — | 3,514 | ||||||||||||||
Combined revenue | 1,427 | 1,576 | 1,523 | 1,559 | 6,085 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Deferred revenue purchase accounting adjustments | — | — | 2 | 2 | 4 | ||||||||||||||
Merchant Services adjustment 4 | (93 | ) | (109 | ) | (88 | ) | (97 | ) | (387 | ) | |||||||||
Adjusted revenue | $ | 1,334 | $ | 1,467 | $ | 1,437 | $ | 1,464 | $ | 5,702 | |||||||||
Operating income | $ | — | $ | — | $ | 296 | $ | 468 | $ | 764 | |||||||||
First Data operating income 1 | 396 | 486 | 144 | — | 1,026 | ||||||||||||||
Combined operating income | 396 | 486 | 440 | 468 | 1,790 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | — | — | 2 | 2 | 4 | ||||||||||||||
Merchant Services adjustment 4 | (55 | ) | (66 | ) | (48 | ) | (61 | ) | (230 | ) | |||||||||
Adjusted operating income | $ | 341 | $ | 420 | $ | 394 | $ | 409 | $ | 1,564 | |||||||||
Operating margin | n/m | n/m | 29.2 | % | 30.1 | % | 29.7 | % | |||||||||||
Adjusted operating margin | 25.6 | % | 28.6 | % | 27.4 | % | 27.9 | % | 27.4 | % | |||||||||
Fiserv, Inc. | |||||||||||||||||||
Non-GAAP Financial Results by Segment (cont.) | |||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||
2019 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Fintech (5) | |||||||||||||||||||
Revenue | $ | 725 | $ | 731 | $ | 735 | $ | 751 | $ | 2,942 | |||||||||
Operating income | $ | 203 | $ | 221 | $ | 223 | $ | 238 | $ | 885 | |||||||||
Operating margin | 28.0 | % | 30.2 | % | 30.4 | % | 31.6 | % | 30.1 | % | |||||||||
Payments | |||||||||||||||||||
Revenue | $ | 651 | $ | 662 | $ | 1,153 | $ | 1,443 | $ | 3,909 | |||||||||
First Data revenue 1 | 716 | 732 | 240 | — | 1,688 | ||||||||||||||
Combined revenue | 1,367 | 1,394 | 1,393 | 1,443 | 5,597 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Intercompany eliminations 2 | (2 | ) | (2 | ) | — | — | (4 | ) | |||||||||||
Deferred revenue purchase accounting adjustments | — | — | 4 | 10 | 14 | ||||||||||||||
Adjusted revenue | $ | 1,365 | $ | 1,392 | $ | 1,397 | $ | 1,453 | $ | 5,607 | |||||||||
Operating income | $ | 274 | $ | 288 | $ | 476 | $ | 620 | $ | 1,658 | |||||||||
First Data operating income 1 | 249 | 267 | 84 | — | 600 | ||||||||||||||
Combined operating income | 523 | 555 | 560 | 620 | 2,258 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | — | — | 4 | 10 | 14 | ||||||||||||||
Adjusted operating income | $ | 523 | $ | 555 | $ | 564 | $ | 630 | $ | 2,272 | |||||||||
Operating margin | 42.1 | % | 43.4 | % | 41.3 | % | 43.0 | % | 42.4 | % | |||||||||
Adjusted operating margin | 38.4 | % | 39.8 | % | 40.4 | % | 43.4 | % | 40.5 | % | |||||||||
Corporate and Other | |||||||||||||||||||
Revenue | $ | 126 | $ | 119 | $ | 228 | $ | 292 | $ | 765 | |||||||||
First Data revenue 1 | 173 | 177 | 57 | — | 407 | ||||||||||||||
Combined revenue | 299 | 296 | 285 | 292 | 1,172 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Output Solutions postage reimbursements 3 | (250 | ) | (243 | ) | (237 | ) | (248 | ) | (978 | ) | |||||||||
Adjusted revenue | $ | 49 | $ | 53 | $ | 48 | $ | 44 | $ | 194 | |||||||||
Operating loss | $ | (104 | ) | $ | (125 | ) | $ | (621 | ) | $ | (848 | ) | $ | (1,698 | ) | ||||
First Data operating loss 1 | (221 | ) | (188 | ) | (129 | ) | — | (538 | ) | ||||||||||
Combined operating loss | (325 | ) | (313 | ) | (750 | ) | (848 | ) | (2,236 | ) | |||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | 64 | 38 | 211 | 136 | 449 | ||||||||||||||
Severance and restructuring costs | 21 | 17 | 37 | 75 | 150 | ||||||||||||||
Amortization of acquisition-related intangible assets | 145 | 144 | 400 | 533 | 1,222 | ||||||||||||||
(Gain) loss on sale of businesses | (9 | ) | 2 | — | (5 | ) | (12 | ) | |||||||||||
Adjusted operating loss | $ | (104 | ) | $ | (112 | ) | $ | (102 | ) | $ | (109 | ) | $ | (427 | ) |
Fiserv, Inc. | |||||||||||||||||||
Non-GAAP Financial Results by Segment (cont.) | |||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||
2018 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Total Company | |||||||||||||||||||
Revenue | $ | 1,440 | $ | 1,420 | $ | 1,412 | $ | 1,551 | $ | 5,823 | |||||||||
First Data revenue 1 | 2,282 | 2,448 | 2,369 | 2,399 | 9,498 | ||||||||||||||
Combined revenue | 3,722 | 3,868 | 3,781 | 3,950 | 15,321 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Intercompany eliminations 2 | (2 | ) | (2 | ) | (2 | ) | (3 | ) | (9 | ) | |||||||||
Output Solutions postage reimbursements 3 | (254 | ) | (252 | ) | (249 | ) | (261 | ) | (1,016 | ) | |||||||||
Deferred revenue purchase accounting adjustments | 2 | 1 | — | — | 3 | ||||||||||||||
Merchant Services adjustment 4 | (92 | ) | (111 | ) | (94 | ) | (100 | ) | (397 | ) | |||||||||
Adjusted revenue | $ | 3,376 | $ | 3,504 | $ | 3,436 | $ | 3,586 | $ | 13,902 | |||||||||
Operating income | $ | 608 | $ | 358 | $ | 356 | $ | 431 | $ | 1,753 | |||||||||
First Data operating income 1 | 347 | 537 | 679 | 529 | 2,092 | ||||||||||||||
Combined operating income | 955 | 895 | 1,035 | 960 | 3,845 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | 22 | 12 | 16 | 5 | 55 | ||||||||||||||
Severance and restructuring costs | 45 | 39 | 40 | 31 | 155 | ||||||||||||||
Amortization of acquisition-related intangible assets | 149 | 149 | 147 | 149 | 594 | ||||||||||||||
Merchant Services adjustment 4 | (43 | ) | (72 | ) | (57 | ) | (60 | ) | (232 | ) | |||||||||
(Gain) loss on sale of businesses | (231 | ) | 4 | (202 | ) | 5 | (424 | ) | |||||||||||
Adjusted operating income | $ | 897 | $ | 1,027 | $ | 979 | $ | 1,090 | $ | 3,993 | |||||||||
Operating margin | 42.2 | % | 25.2 | % | 25.2 | % | 27.8 | % | 30.1 | % | |||||||||
Adjusted operating margin | 26.6 | % | 29.3 | % | 28.5 | % | 30.4 | % | 28.7 | % | |||||||||
Acceptance | |||||||||||||||||||
First Data revenue 1 | $ | 1,355 | $ | 1,495 | $ | 1,419 | $ | 1,465 | $ | 5,734 | |||||||||
Combined adjustments: | |||||||||||||||||||
Merchant Services adjustment 4 | (92 | ) | (111 | ) | (94 | ) | (100 | ) | (397 | ) | |||||||||
Adjusted revenue | $ | 1,263 | $ | 1,384 | $ | 1,325 | $ | 1,365 | $ | 5,337 | |||||||||
First Data operating income 1 | $ | 345 | $ | 492 | $ | 434 | $ | 444 | $ | 1,715 | |||||||||
Combined adjustments: | |||||||||||||||||||
Merchant Services adjustment 4 | (43 | ) | (72 | ) | (57 | ) | (60 | ) | (232 | ) | |||||||||
Adjusted operating income | $ | 302 | $ | 420 | $ | 377 | $ | 384 | $ | 1,483 | |||||||||
First Data operating margin | 25.5 | % | 32.9 | % | 30.6 | % | 30.3 | % | 29.9 | % | |||||||||
Adjusted operating margin | 23.9 | % | 30.3 | % | 28.5 | % | 28.1 | % | 27.8 | % | |||||||||
Fiserv, Inc. | |||||||||||||||||||
Non-GAAP Financial Results by Segment (cont.) | |||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||
2018 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Fintech | |||||||||||||||||||
Revenue | $ | 736 | $ | 717 | $ | 706 | $ | 758 | $ | 2,917 | |||||||||
Combined adjustments: | |||||||||||||||||||
Deferred revenue purchase accounting adjustments | 2 | 1 | — | — | 3 | ||||||||||||||
Adjusted revenue | $ | 738 | $ | 718 | $ | 706 | $ | 758 | $ | 2,920 | |||||||||
Operating income | $ | 204 | $ | 211 | $ | 199 | $ | 237 | $ | 851 | |||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | 1 | 1 | — | — | 2 | ||||||||||||||
Adjusted operating income | $ | 205 | $ | 212 | $ | 199 | $ | 237 | $ | 853 | |||||||||
Operating margin | 27.6 | % | 29.5 | % | 28.1 | % | 31.3 | % | 29.2 | % | |||||||||
Adjusted operating margin | 27.7 | % | 29.6 | % | 28.1 | % | 31.3 | % | 29.2 | % | |||||||||
Payments | |||||||||||||||||||
Revenue | $ | 582 | $ | 581 | $ | 587 | $ | 658 | $ | 2,408 | |||||||||
First Data revenue 1 | 755 | 773 | 771 | 757 | 3,056 | ||||||||||||||
Combined revenue | 1,337 | 1,354 | 1,358 | 1,415 | 5,464 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Intercompany eliminations 2 | (2 | ) | (2 | ) | (2 | ) | (3 | ) | (9 | ) | |||||||||
Adjusted revenue | $ | 1,335 | $ | 1,352 | $ | 1,356 | $ | 1,412 | $ | 5,455 | |||||||||
Operating income | $ | 262 | $ | 257 | $ | 260 | $ | 302 | $ | 1,081 | |||||||||
First Data operating income 1 | 244 | 265 | 261 | 283 | 1,053 | ||||||||||||||
Combined operating income | $ | 506 | $ | 522 | $ | 521 | $ | 585 | $ | 2,134 | |||||||||
Operating margin | 45.1 | % | 44.2 | % | 44.3 | % | 45.8 | % | 44.9 | % | |||||||||
Adjusted operating margin | 37.8 | % | 38.6 | % | 38.4 | % | 41.4 | % | 39.1 | % | |||||||||
Corporate and Other | |||||||||||||||||||
Revenue | $ | 122 | $ | 122 | $ | 119 | $ | 135 | $ | 498 | |||||||||
First Data revenue 1 | 172 | 180 | 179 | 177 | 708 | ||||||||||||||
Combined revenue | 294 | 302 | 298 | 312 | 1,206 | ||||||||||||||
Combined adjustments: | |||||||||||||||||||
Output Solutions postage reimbursements 3 | (254 | ) | (252 | ) | (249 | ) | (261 | ) | (1,016 | ) | |||||||||
Adjusted revenue | $ | 40 | $ | 50 | $ | 49 | $ | 51 | $ | 190 | |||||||||
Operating (loss) income | $ | 142 | $ | (110 | ) | $ | (103 | ) | $ | (108 | ) | $ | (179 | ) | |||||
First Data operating loss 1 | (242 | ) | (220 | ) | (16 | ) | (198 | ) | (676 | ) | |||||||||
Combined operating loss | (100 | ) | (330 | ) | (119 | ) | (306 | ) | (855 | ) | |||||||||
Combined adjustments: | |||||||||||||||||||
Merger and integration costs | 21 | 11 | 16 | 5 | 53 | ||||||||||||||
Severance and restructuring costs | 45 | 39 | 40 | 31 | 155 | ||||||||||||||
Amortization of acquisition-related intangible assets | 149 | 149 | 147 | 149 | 594 | ||||||||||||||
(Gain) loss on sale of businesses | (231 | ) | 4 | (202 | ) | 5 | (424 | ) | |||||||||||
Adjusted operating loss | $ | (116 | ) | $ | (127 | ) | $ | (118 | ) | $ | (116 | ) | $ | (477 | ) |
1 | Represents the financial results of First Data prior to the date of acquisition. For the year ended December 31, 2018, this includes the results of First Data from January 1, 2018 through December 31, 2018. For the year ended December 31, 2019, this includes the results of First Data from January 1, 2019 through July 28, 2019. |
2 | Represents the elimination of intercompany revenue and expense between First Data and the Company. |
3 | Adjustment reflects the conformity of historical amounts to be consistent with the combined company's Output Solutions postage reimbursements. |
4 | Represents an adjustment primarily related to the Company's joint venture with Bank of America. The Company and Bank of America jointly announced the dissolution of the Banc of America Merchant Services joint venture ("BAMS"), to be effective June 2020. The Company owns 51% of BAMS and BAMS' financial results are 100% consolidated into the Company's financial statements for GAAP reporting purposes. Upon dissolution of the joint venture, the Company is entitled to receive a 51% share of the joint venture's value via an agreed upon contractual process. In addition, Bank of America has the right to require the Company to continue providing merchant processing and related services to the joint venture clients allocated to Bank of America in the dissolution of the joint venture through June 2023 at current pricing. The Company anticipates an ongoing relationship with Bank of America to provide processing and other support services to other Bank of America merchant clients following the joint venture's dissolution. The non-GAAP adjustment reduces adjusted revenue and adjusted operating income by Bank of America's share of ownership, net of processing and support services revenue. This results in adjusted revenue and adjusted operating income which represents the Company's share of the joint venture that is expected to be retained by the Company upon dissolution. |
5 | For all periods presented in the Fintech segment during 2019, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the GAAP measures presented. |
Fiserv, Inc. | |||||||||||||||||||||||||||||||||||||||
Internal Revenue Growth by Segment | |||||||||||||||||||||||||||||||||||||||
(In millions, unaudited) | |||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Total Company | |||||||||||||||||||||||||||||||||||||||
Adjusted revenue | $ | 3,473 | $ | 3,376 | $ | 3,643 | $ | 3,504 | $ | 3,617 | $ | 3,436 | $ | 3,712 | $ | 3,586 | $ | 14,445 | $ | 13,902 | |||||||||||||||||||
Currency impact 1 | 77 | — | 73 | — | 43 | — | 38 | — | 231 | — | |||||||||||||||||||||||||||||
Acquisition adjustments | (48 | ) | — | (54 | ) | — | (49 | ) | — | (27 | ) | — | (178 | ) | — | ||||||||||||||||||||||||
Divestiture adjustments | (9 | ) | (102 | ) | (9 | ) | (58 | ) | (10 | ) | (48 | ) | (53 | ) | (75 | ) | (81 | ) | (283 | ) | |||||||||||||||||||
Internal revenue | $ | 3,493 | $ | 3,274 | $ | 3,653 | $ | 3,446 | $ | 3,601 | $ | 3,388 | $ | 3,670 | $ | 3,511 | $ | 14,417 | $ | 13,619 | |||||||||||||||||||
2019 Internal revenue growth 2 | 7 | % | 6 | % | 6 | % | 5 | % | 6 | % | |||||||||||||||||||||||||||||
Acceptance | |||||||||||||||||||||||||||||||||||||||
Adjusted revenue | $ | 1,334 | $ | 1,263 | $ | 1,467 | $ | 1,384 | $ | 1,437 | $ | 1,325 | $ | 1,464 | $ | 1,365 | $ | 5,702 | $ | 5,337 | |||||||||||||||||||
Currency impact 1 | 58 | — | 54 | — | 30 | — | 30 | — | 172 | — | |||||||||||||||||||||||||||||
Acquisition adjustments | (2 | ) | — | (9 | ) | — | (9 | ) | — | (11 | ) | — | (31 | ) | — | ||||||||||||||||||||||||
Divestiture adjustments | — | (2 | ) | — | (2 | ) | — | (2 | ) | — | (8 | ) | — | (14 | ) | ||||||||||||||||||||||||
Internal revenue | $ | 1,390 | $ | 1,261 | $ | 1,512 | $ | 1,382 | $ | 1,458 | $ | 1,323 | $ | 1,483 | $ | 1,357 | $ | 5,843 | $ | 5,323 | |||||||||||||||||||
2019 Internal revenue growth 2 | 10 | % | 9 | % | 10 | % | 9 | % | 10 | % | |||||||||||||||||||||||||||||
Fintech | |||||||||||||||||||||||||||||||||||||||
Adjusted revenue | $ | 725 | $ | 738 | $ | 731 | $ | 718 | $ | 735 | $ | 706 | $ | 751 | $ | 758 | $ | 2,942 | $ | 2,920 | |||||||||||||||||||
Currency impact 1 | 3 | — | 2 | — | 2 | — | — | — | 7 | — | |||||||||||||||||||||||||||||
Divestiture adjustments | (3 | ) | (54 | ) | (3 | ) | (3 | ) | (3 | ) | (3 | ) | (11 | ) | (15 | ) | (20 | ) | (75 | ) | |||||||||||||||||||
Internal revenue | $ | 725 | $ | 684 | $ | 730 | $ | 715 | $ | 734 | $ | 703 | $ | 740 | $ | 743 | $ | 2,929 | $ | 2,845 | |||||||||||||||||||
2019 Internal revenue growth 2 | 6 | % | 2 | % | 4 | % | — | % | 3 | % | |||||||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||||||||||||||||
Adjusted revenue | $ | 1,365 | $ | 1,335 | $ | 1,392 | $ | 1,352 | $ | 1,397 | $ | 1,356 | $ | 1,453 | $ | 1,412 | $ | 5,607 | $ | 5,455 | |||||||||||||||||||
Currency impact 1 | 16 | — | 17 | — | 11 | — | 8 | — | 52 | — | |||||||||||||||||||||||||||||
Acquisition adjustments | (46 | ) | — | (45 | ) | — | (40 | ) | — | (16 | ) | — | (147 | ) | — | ||||||||||||||||||||||||
Divestiture adjustments | — | (46 | ) | — | (46 | ) | — | (37 | ) | — | (3 | ) | — | (132 | ) | ||||||||||||||||||||||||
Internal revenue | $ | 1,335 | $ | 1,289 | $ | 1,364 | $ | 1,306 | $ | 1,368 | $ | 1,319 | $ | 1,445 | $ | 1,409 | $ | 5,512 | $ | 5,323 | |||||||||||||||||||
2019 Internal revenue growth 2 | 4 | % | 4 | % | 4 | % | 3 | % | 4 | % | |||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||||||
Adjusted revenue | $ | 49 | $ | 40 | $ | 53 | $ | 50 | $ | 48 | $ | 49 | $ | 44 | $ | 51 | $ | 194 | $ | 190 | |||||||||||||||||||
Divestiture adjustments | (6 | ) | — | (6 | ) | (7 | ) | (7 | ) | (6 | ) | (42 | ) | (49 | ) | (61 | ) | (62 | ) | ||||||||||||||||||||
Internal revenue | $ | 43 | $ | 40 | $ | 47 | $ | 43 | $ | 41 | $ | 43 | $ | 2 | $ | 2 | $ | 133 | $ | 128 | |||||||||||||||||||
1 | Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods. |
2 | Internal revenue growth is measured as the increase in adjusted revenue (see pages 3-7 of Exhibit 99.1) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions (except for revenue attributable to First Data which is presented on a combined company basis) and dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositions. Revenue attributable to dispositions includes transition services revenue. |