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Summary
                      Annual Report
                      2006




     FISERV 2.0
THE NEXT GENERATION
FINANCIAL HIGHLIGHTS
                                                                                   2006
                                                                                                Earnings Per Share from
                                                           Income from                                                                             Cash Flow
                     Total Revenues
                                                                                                Continuing Operations*
                                                      Continuing Operations*                                                                    from Operations
                         (In Billions)
                                                                                                            (In Dollars)
                                                                 (In Millions)                                                                        (In Millions)
          $5                                     $500                                     $3.00                                      $800
                                          $4.5                                    $449
                                                                                                                            $2.53      700
                                                                                                                                                                           $635
                                                                                           2.50
            4                                     400
                                                                                                                                       600
                                                                                           2.00
                                                                                                                                       500
            3                                     300

                                                                                           1.50                                        400

            2                                     200
                                                                                                                                       300
                                                                                           1.00
                                                                                                                                       200
            1                                     100
                                                                                           0.50
                                                                                                                                       100

            0                                                                              0.00                                           0
                                                     0
                02    03     04      05   06             02    03     04     05    06              02    03     04     05    06               02    03     04         05    06




                                                                                                              2006                      2005                    % Increase
(Dollars in millions except per share amounts and stock price data)

Total Revenues                                                                                          $ 4,544                     $ 4,059                                 12
Income from Continuing Operations*                                                                          449                         419                                  7
Earnings Per Share from Continuing Operations*                                                             2.53                        2.19                                 16
Cash Flow from Operations                                                                                   635                         601                                  6
Year-end Market Price Per Share                                                                           52.42                       43.27                                 21




* These amounts represent adjusted income from continuing operations and adjusted earnings per share from continuing operations which are non-GAAP financial measures. We
believe that these measures are useful to investors because they exclude the impact of certain transactions or events that we expect to occur infrequently or adjust for items in
order to provide meaningful comparisons between current results and previously reported results. See page 23 for additional information about these non-GAAP financial measures.
Summary
                                                                          Annual Report
                                                                          2006

            WHAT’S NEXT?


  Fiserv 2.0: A transforming blueprint for
      the future, building on what has
       made Fiserv great in the past,
           clearly centered on the
                    client
             with a commitment
         to delivering greater value,
opportunity and growth for our stakeholders.




                         VA L U E . O P P O RT U N I T Y. G R O W T H .
Donald F. Dillon, Chairman of the Board (left) and
    Jeffery W. Yabuki, President and Chief Executive Officer.
2
TO OUR FELLOW SHAREHOLDERS

                                                             Our financial results were led by another strong year      underlies our business model and the value creation
The term that comes to mind as a key
                                                             of revenue and earnings growth in the financial segment.   resulting from the allocation of those dollars. In 2006,
way to describe the past year at Fiserv
                                                             We made continuing progress in developing our              we generated $447 million of free cash flow, resulting
is Renaissance.
                                                             internal revenue growth capabilities in the financial      in a five-year total of more than $2.2 billion. Going
                                                             segment, which has grown by at least 5% in each of         forward, we believe we can enhance free cash flow
During 2006, we took important steps in a business
                                                             the last seven quarters. This performance is indicative    at an even faster pace.
renewal process and saw a resurgence of our already
                                                             of the strength of our financial businesses.
strong company. We designed strategies to revitalize
                                                                                                                        Historically, we’ve used the majority of our free
growth, expand operating margins and further
                                                             These strong financial results came in what some           cash to fund acquisitions. Our strong acquisition
differentiate our client services – building on our market
                                                             would call a transition year. In addition to a new CEO,    competency is a well known part of the company.
leadership position and long-term client relationships.
                                                             we had some difficult growth challenges resulting from     We are primarily interested in two types of acquisitions:
                                                             unusually large contract terminations and the sale of      first, those that add to the breadth of our distribution
The hallmark of the year was the unveiling of Fiserv 2.0,
                                                             our investment in a Canadian joint venture in 2005.        system – across any of our primary client segments;
the next generation of our company. That introduction
                                                             Given the headwinds coming into 2006, we are very          and second, those assets that bring specific
was the culmination of months of work by some of the
                                                             pleased with our financial results.                        add-on capabilities that will be highly valued by
best and the brightest people throughout Fiserv. We
                                                                                                                        our client base.
are committed to Value, Opportunity and Growth – for
                                                             Fiserv’s combination of solid technology and superb
each of our key constituencies – for the next generation
                                                             people continued to deliver on behalf of our more          However, over the last several years, the acquisition
of our company. We intend to honor that promise.
                                                             than 18,000 clients. Our client satisfaction scores        markets have changed dramatically – and for a
                                                             remained very high, and we continued to retain clients     buyer like Fiserv, that change has been troublesome.
Delivering Value for Shareholders Today
                                                             at superior levels. In addition, more than 86% of our      Significant investment capital from private equity and
Early in 2006 we entered the prestigious Fortune 500
                                                             clients told us they are willing to promote our products   hedge funds, combined with access to relatively
for the first time, and we kept growing. Total revenues
                                                             and services, a clear indicator of the service quality     cheap debt financing, have driven pricing to what we
for the year increased 12% to surpass $4.5 billion.
                                                             we are bringing to the market.                             consider unsustainably high levels. Given our industry
Adjusted earnings per share from continuing operations
                                                                                                                        stature, we believe that we are one of the best suited
were strong as well, increasing 16% to $2.53 per
                                                             One of Fiserv’s most important characteristics has         buyers for high quality properties – strategic or
share, which was at the top end of our 2006 guidance
                                                             always been its strong cash flow generation, which         otherwise. As a result, our objective will be to
and in line with our long-term performance outlook.




                                                                                                                             VA L U E . O P P O RT U N I T Y. G R O W T H .         3
MORE 2006
      NUMBERS

    22.3%
                                        monitor acquisition opportunities in a disciplined             seven percentage points. We also outperformed the
                                        way, mindful of current market valuations.                     relevant NASDAQ indices for the year. We believe that
                                                                                                       with our premium business model, leading market
    consolidated adjusted operating
                                        During 2006, we spent $187 million on acquisitions,            position, and our intense commitment to delivering
    margin, up 40 basis points
                                        adding seven companies with product capabilities in            results – that are on average within our long-term
    year-over-year
                                        the insurance and financial segments. The majority             performance outlook – we should produce attractive
                                        of our available capital in 2006 went to repurchase            returns for shareholders.


    86%
                                        shares. We re-acquired 12.7 million shares of
                                        Fiserv stock for $560 million. Given the current               Our strong results this year are due to the efforts of
                                        environment, we anticipate that we will continue to            our more than 23,000 employees around the world
    of clients would recommend
                                        allocate capital to share repurchase and use our               who make Fiserv a great company. For years, a
    Fiserv to other potential clients
                                        debt capacity to fund acquisitions.                            Fiserv credo has been that “people make the
                                                                                                       difference”– and that continued to be true in 2006.


    $282M
                                               Fiserv Stock Price           We recognize that it is    At Fiserv, our people are our key differentiator.
                                                     (as of Dec. 31)
                                                                            our job to deliver value   Thanks to each of you for your efforts and commitment
                                         $60
                                                                            for shareholders each      to making Fiserv its very best.
    spent on product development
                                                                            year, and over time.
                                                                 $52.42
                                                                                                       Providing Opportunities for
                                                                            In 2006, Fiserv’s total

    $447M
                                          50                                                           Shareholders Tomorrow
                                                                            shareholder return was
                                                       $43.27
                                                                            21%, which compared        Our efforts to define our strategic direction culminated
                                                                            favorably to an overall    in September with the introduction of our long-term
                                               $40.19
    in free cash flow generated
                                          40                                strong equity market.      plan branded Fiserv 2.0 – which included our
                                                                            Our shareholder return     renewed vision and mission. Our mission statement

    21%                                                                     exceeded the 14%           captures the essence of Fiserv. Not because it’s on a
                                                                            performance of the S&P     placard, but rather because we believe it. Serving
                                          30
                                                04        05           06
                                                                            500 by approximately       clients is deeply rooted in our organizational DNA.
    increase in share price




4
It’s the essence of what Fiserv has been about since      client success. The theme line neatly communicates           very early in our evolution, we are pleased with our
its founding 22 years ago. The key to our mission is      the essence of our new direction.                            progress and confident that our success will acceler-
enabling more success for our clients. It’s a simple                                                                   ate over time.
                                                                         Your Success.
notion – and therein, elegant. It’s an idea that we
                                                                     That’s the Point of 2.0
believe can serve as a greater purpose for our                                                                         We have also adopted five enterprise themes to unlock
employees around the world.                                                                                            the significant potential we see in the company – and to
                                                          This translates to serving clients differentially. We are    enhance our revenue, earnings and cash flow growth.
                                                          switching to a client segment delivery approach from
“Our mission is to provide integrated
                                                          our more business-unit-centric model. While effec-           •   Active Portfolio Management
technology and services solutions                         tive and often successful, the prior model didn’t            •   Enhanced Client Relationship Value
that enable best-in-class results for                     always allow us to deliver the holistic solutions that       •   Operational Effectiveness
our clients.”                                             many of our clients prefer. At the same time, we             •   Capital Allocation
                                                          don’t intend to adopt a one-size-fits-all approach.          •   Innovation Inside
Our mission requires that we focus on high-quality        Clients and situations are different. We will utilize the
solutions and that we measure our performance             strength of our broad product and platform diversity         We have specific strategies and tactics in place to
not just on financial results, but on the success we      to meet the needs of a dynamic market. While it’s            execute against each of these important areas – with
enable for our clients. Our clients’ success is our
success. Our aspiration is to be the partner that
our clients turn to in helping them be their very best.
While we can’t define success for each particular
client, we will develop solutions that help them
achieve their goals. It’s bold and we mean it.

On the back cover of this annual report, you will see
an ad from a new Fiserv 2.0 campaign that is
designed to communicate our expanded focus on




                                                                                                          Norm Balthasar (center) talks with John Ozug (left) and Anita Gee.      5
priorities linked to market opportunities. We are            institutions. We are one of only a handful of companies   Internal revenue growth is critical to our future success.
    again pleased with our early progress. We expect             in the S&P 500 with at least 15 consecutive years of      Our internal revenue growth rate is now solidly in the
    only limited impact in 2007, with more noticeable            growth in revenue and earnings. So, what’s the big        mid-single-digit range – led by strong performance in
    benefit in our 2008 results and beyond.                      deal? The big deal is that we have the potential to be    our financial segment. We will build on that success
                                                                 even better.                                              and anticipate revenue growth acceleration coming
    Value Plus Opportunity Equals Growth                                                                                   from four primary areas:
                                                                 The key to our future success is to combine what
                                                                 has made Fiserv strong in the past with the strate-       •   New Sales
    “Our vision is to be a global leader in
                                                                 gies that we have laid out for the future. Together, we   •   Integrated Value
    transaction-based technology solutions.”                     believe this will accelerate growth – profitably – and    •   Additional Scale
                                                                 in a way that builds long-term shareholder value.         •   Network Value
    Is it really an aspiration to say you want to be something   That is the notion of Renaissance. It’s our hope that
    that you already are? We are a global leader today.          this re-birth leads to a “re-formula-tion” of what has    Let’s talk for a moment about Integrated Value.
    For the third year in a row, we were named number            made Fiserv great. By changing the formula just           One of our core strategies is to enhance client
    one on the FINTECH 100 ranking of the top                    enough, we are creating something even more               relationship value by delivering more of our products
    providers of technology services in sales to financial       dynamic for our stakeholders.                             and services to our installed base. As a result of the
                                                                                                                           work we did in 2006, we identified more than
                                                                                                                           $2.4 billon of revenue opportunity in our financial
                                                                                                                           segment client base available today. Although capturing
                                                                                                                           the entire amount would be extremely difficult, we
                                                                                                                           believe we can deliver $360 million of incremental
                                                                                                                           annual revenue over the next six years, which would
                                                                                                                           have a favorable impact on our revenue growth
                                                                                                                           rate. We expect to see the early signs of this
                                                                                                                           revenue lift in 2007, and build gradually over the
                                                                                                                           measurement period.




6                                                                    Tom Hirsch meets with Stephanie Gregor (left).
Accelerating revenue growth is an important element                               to evolving client needs, create an urgency that we
of our overall growth story. We can also boost growth                             appreciate in running your company. We are up to
through better execution, focus on segments of our                                the challenge.
business with higher macro-growth rates and margins,
                                                                                                                                                                                                     Ken Jensen
and proper capital allocation. We have an attractive                              Fiserv has always been a superb company. Our
business model that should produce strong long-term                               renaissance has us focused on an even brighter
results and attractive returns for our shareholders.                              future. We have an attractive market opportunity,
                                                                                                                                                            THANK YOU TO KEN JENSEN
                                                                                  a winning formula, and a committed management
Why Now?                                                                          team to execute the plan.
                                                                                                                                                            Fiserv said goodbye to Ken Jensen when he retired
Over the last year, the question people asked of Jeff
                                                                                                                                                            in July 2006. Ken, who had been with the company
                                                                                  Fiserv 2.0 is the next generation of your company.
most frequently was: “What has been the most surprising
                                                                                                                                                            since its formation in 1984, served as senior executive
thing you have found at Fiserv?” His answer to the
                                                                                                                                                            vice president, chief financial officer, treasurer and
question was simple – the opportunities inside the
                                                                                                                                                            assistant secretary of the company. Ken is also a
company are far greater than he imagined. While most
                                                                                                                                                            member of the Fiserv Board and will retire as a
of us don’t usually like to be wrong, this was one time                                                                                                     director in May 2007.
when he didn’t mind at all!
                                                                                  Jeffery W. Yabuki
                                                                                                                                                            Ken is known as the chief architect of all things financial
                                                                                  President and Chief Executive Officer
While the opportunities are real, they won’t last forever.                                                                                                  in Fiserv and is most famous for his leadership in the
There are several catalysts combining to drive change                                                                                                       acquisition arena. The company completed more
                                                                                                                                                            than 135 acquisitions during his tenure, creating billions
in our industry. We have seen competitors changing
                                                                                                                                                            of dollars of shareholder value. Ken’s intellectual
hands over the last year. Buyers appear to be attracted
                                                                                                                                                            curiosity and challenging queries are legendary
by the allure of our industry structure, strong business
                                                                                                                                                            throughout the company.
model, and consistent cash flows. There are now                                   Donald F. Dillon
several very large payments players, alongside                                    Chairman of the Board
                                                                                                                                                            Perhaps Ken’s greatest strength was his internal
international and domestic competitors, all fighting
                                                                                                                                                            compass. He chose a path and stuck to it. His com-
to get a larger piece of the pie. These factors, added
                                                                                                                                                            mitment to the company – its clients, employees and
                                                                                                                                                            shareholders – produced great results for the
                                                                                                                                                            22 years he called Fiserv home. We are all better for
                                                                                                                                                            the opportunity to have worked with him.

                                                                                                                                                            We thank Ken for his many years of outstanding
                                                                                                                                                            contributions to Fiserv. We wish him and his family all
                                                                                                                                                            the best as they embark on the next phase of their lives.

NOTE: “Adjusted earnings per share from continuing operations,” “internal revenue growth,” “adjusted operating margin,” and “free cash flow” are non-GAAP
financial measures. See page 23 for additional information about these measures and forward-looking statements.
                                                                                                                                                                                                                          7
FISERV 2.0
                                                            THE NEXT GENERATION
                                 Since the inception of Fiserv in 1984, we have          Our vision is to be a global leader in transaction-based
    Fiserv’s new long-term       built our success by generating strong returns and      technology solutions. We expect to achieve this vision by
    strategy places an           delivering consistent cash-driven earnings. Our         providing integrated technology and services solutions
                                 23,000-plus colleagues provide services and solutions   that enable best-in-class results for our clients.
    intense focus on clients –   to more than 18,000 clients worldwide. We have an
                                                                                         Our focus for the long term is to operate businesses
                                 impressive history of growing both internally and
    delivering solutions                                                                 where we have:
                                 through acquisitions.
                                                                                         • Deep industry expertise that enables us to serve
    that are responsive to                                                                 the market with high effectiveness;
                                 “Why change? Because we believe we                      • A strong competitive position and a clear path to
    their needs.                                                                           enhanced leadership in the foreseeable future;
                                 can perform even more impressively –
                                                                                         • Long-term, trusted client relationships;
                                 offering unprecedented value,
                                                                                         • Differentiated solutions that deliver exceptional
                                 opportunity and growth for clients,                       value to our clients through integration
                                 shareholders and employees alike.”                        and innovation; and
                                                                                         • Superior execution of our stategies by committed
                                                                                           management.




8
Consistent with this focus, we are implementing          improved value propositions, and streamlining our            Fiserv as a whole. Among others, these investments
enterprise themes that we believe will help us           processes to meet market needs.                              will include repurchases of our own shares, internal
achieve the promise of Fiserv 2.0:                                                                                    investment or acquisitions.
                                                         “Our focus is to operate businesses
Active Portfolio Management. Key to our long-term                                                                     Innovation Inside. We intend to concentrate on
                                                         where we have a strong competitive
strategy is capturing the right market opportunities                                                                  client focused innovation – merging our internal
                                                         position and a clear path to
at the right inflection points. This involves actively                                                                capabilities with strong market knowledge to provide
                                                         strengthening our leadership
managing our businesses to ensure they are                                                                            differentiated value in our primary markets. We will
                                                         position in the foreseeable future.”
performing up to expectations, and positioned to                                                                      explore domestic and international opportunities as
capture the available market opportunities. Over                                                                      innovation ports.
time, we may add or subtract within our total            Operational Effectiveness. We believe we can
business portfolio – making acquisitions or disposing    improve our performance by effectively harnessing            Simply put, Fiserv 2.0 is the next generation of
of underperforming assets to capitalize on market        the opportunities created by our size and scale,             Fiserv. Those who understand our culture know
and client opportunities.                                effectively using our consolidated buying power and          that this is a challenging, yet inherently rewarding
                                                         shared utility structures to provide further efficiencies.   undertaking. We are excited about our future.
Enhanced Client Relationship Value. We plan to                                                                        Come see what’s next.
grow our existing client relationships by implementing   Capital Allocation. We will make capital allocation
tighter integration across our products and services,    decisions based on investments that offer the best
bundling more products and services to deliver           prospects for long-term growth and profitability for




                                                                                                                                              At far left: Mike Young, division president,
                                                                                                                                              Bank and Thrift, financial segment;

                                                                                                                                              Second from left: Chitra Sundaram, analyst,
                                                                                                                                              Cardinal Capital;

                                                                                                                                              Center: Jorge Diaz, division president,
                                                                                                                                              Fiserv Output Solutions;

                                                                                                                                              Second from Right: Carla Cooper, managing
                                                                                                                                              director, Baird Investment Management
                                                                                                                                              (seated) and Mike Fuerstenau,
                                                                                                                                              assistant VP, Marketing Services, Fiserv;

                                                                                                                                              At far right: Arun Maheshwari, president,
                                                                                                                                              Fiserv Global Services.




                                                                                                                                                                                             9
DELIVERING INCREASED CLIENT VALUE
                                                THROUGH INTEGRATED SALES
                                                                  Financial institution clients have told us they want:           In the spring of 2006, we responded to our clients’
     The future of Fiserv rests in the
                                                                  • New products at the forefront of industry trends;             requests by developing Paytraxx, a proprietary
     strength and stability of our more than
                                                                  • Bundled products with more features and flexibility;          bill-payment solution that is integrated with our core
     18,000 client relationships.
                                                                  • Better product integration across product portfolios;         banking applications and delivers flexible options for
     The transaction volume we facilitate on behalf of            • Comprehensive solutions, not standalone products;             our clients. Our salespeople brought Paytraxx to
     our clients is staggering – some 18 billion financial        • Scalable solutions that facilitate growth; and                market, and we found success. By the end of 2006,
     transactions in 2006. From core banking and mortgage         • Coordinated sales and account management.                     we signed more than 90 new clients, with sales
     loan processing to Internet banking, electronic imaging,                                                                     across each one of our core platforms. And, with
     insurance technology solutions and processing health         Fiserv 2.0 is the strategic umbrella for delivering             an encouraging pipeline of new prospects, Paytraxx
     savings accounts, we provide the technology backbone         against these expectations.                                     is positioned to deliver exceptional value to our
     for banks, thrifts and credit unions of all sizes.                                                                           clients – and Fiserv.
                                                                  Our new online bill-payment product, Paytraxx, offers an
     We start with a privileged relationship as the core          example of how we are extending our core processing             Paytraxx is but one example of how our integrated
     processing platform for more than 6,000 financial            relationships by offering integrated attachment services.       sales and product delivery strategy is working to
     institution clients. We then add value to the relationship   As more consumers opt to pay their bills electronically,        deliver improved value for our clients.
     by bringing hundreds of products and services to bear        our financial institution clients want a compelling
     in a more cohesive fashion – either as attachments           solution to offer their customers. The technology
     for core clients or as lead attachments to non-core          platforms must be robust so that clients can participate
     account processing clients in the hopes of extending         in this growth opportunity with larger industry participants.
     a core relationship over time.




     Fiserv facilitates connections
     with NBT Bancorp and
     processes nearly 3.5 million
     financial transactions each
     month for this $5 billion bank.



10
As part of the
                                                                                                                                                                           outsourced
                                                                                                                                                                          solutions provided
                                                                                                                                                                         to NBT Bancorp,
                                                                                                                                                                       Fiserv CBS Worldwide
                                                                                                                                                                    assigns an exclusive,
                                                                                                                                                                 experienced team of
                                                                                                                                                                 programmers and business
                                                                                                                                                                 analysts to the bank.
                                                                                                                                                                 Pictured from left: Michelle
                                                                                                                                                                 Avolio, operations associate
                                                                                                                                                                 for NBT Bancorp and
                                                                                                                                                                 Edmee Reyes, Fiserv CBS
                                                                                                                                                                 senior relationship manager
                                                                                                                                                                 for NBT.


                                                                                                                                                                 From left: Joe Stagliano,
                                                                                                                                                                 corporate senior vice
                                                                                                                                                                 president and chief
                                                                                                                                                                 information officer, and
                                                                                                                                                                 Martin A. Dietrich, president
                                                                                                                                                                 and CEO of NBT Bancorp
                                                                                                                                                                 Inc. and NBT Bank; and
                                                                                                                                                                 James Mason, Fiserv CBS
                                                                                                                                                                 project manager.




Outsourcing and Dedicated Fiserv Staff Facilitate NBT Bancorp’s Growth
In 1995, Norwich, N.Y.-based NBT Bancorp had $1.1 billion in assets and 39 branches in   “As we’ve grown and our needs have become more sophisticated,
New York state. Today, the company has more than $5 billion in assets and 119 branches   Fiserv has been right beside us, providing products and services
in New York and Pennsylvania. NBT achieved this impressive growth through a successful   that meet the needs of our personal and business banking
combination of strategic acquisitions and organic expansion – along with outsourced      customers,” says Joe Stagliano, chief information officer of NBT
core processing and services from the CBS Worldwide unit of Fiserv.                      Bancorp. “With Fiserv, it’s easy to add products. And because the
                                                                                         systems are fully integrated, we are achieving significant economies
NBT Bancorp – which celebrated its 150th anniversary in 2006 – uses Fiserv technology    of scale.
to process transactions, automate its business operations and provide ATM, EFT and
other electronic banking services. In 2000, the bank expanded its outsourcing services   “One of the great side benefits,” adds Joe, “is the experienced staff
by adding a team of experienced Fiserv CBS programmers and business analysts             that Fiserv has assigned to NBT. They add value to our business
assigned exclusively to NBT.                                                             every day.”



                                                                                                         VA L U E . O P P O RT U N I T Y. G R O W T H .                               11
HELPING CLIENTS CAPTURE OPPORTUNITIES
                                           IN FAST-GROWING MARKETS
                                                                  payments and decision-support functions. Up to              Fiserv ITI core processing solutions for fully integrated
     In 2005, healthcare spending swelled
                                                                  48 million individuals may participate in the CDH           services, including account and transaction processing,
     to $2 trillion, representing 16%
                                                                  movement by 2009, opening health savings                    financial accounting, document imaging and archiving,
     of U.S. Gross Domestic Product.
                                                                  accounts (HSAs), flexible spending accounts and             and platform automation.
     Current estimates call for nearly $2.8
                                                                  health reimbursement accounts at a financial
     trillion in annual spending by 2010.
                                                                  institution to facilitate payments to doctors, hospitals,   The Huntington National Bank, one of the largest
                                                                  pharmacies and other providers.                             banks in the Midwest, also selected Fiserv to handle
     The burden of that expense is shifting from employers
                                                                                                                              processing of its HSAs. And NASCO, a Fiserv Personix
     to individuals. As that shift occurs, individuals are
                                                                  We’ve recently gained ground in the CDH arena –             client since 2002, has recently enlisted Fiserv unit,
     generating increasing transaction volumes that provide
                                                                  with wins in transaction processing, banking services,      CareGain, to more fully develop its CDH capabilities.
     growth opportunities for our financial institution
                                                                  and sales of proprietary CDH technology. Now, more          [See story on facing page.]
     clients. It also provides opportunities for Fiserv to
                                                                  than 600 of our core financial institution clients use
     generate new sales and enable new technology-based
                                                                  a Fiserv CDH solution.                                      We are committed to achieving a leadership position
     banking and healthcare solutions.
                                                                                                                              in this important growth arena. We are well positioned
                                                                  Recently, Exante Bank, Inc. selected Fiserv to provide      to benefit from the convergence of healthcare and
     Fiserv is well known in healthcare circles for health-plan
                                                                  technology and technology support for the bank’s            banking – and to pursue new sales opportunities that
     administration. In the fast-growing consumer-driven
                                                                  health savings account (HSA) services. Exante Bank,         can leverage our unique combination of strengths
     health (CDH) space, Fiserv brings healthcare and
                                                                  a division of UnitedHealth Group and the leading            into increased growth and profitability.
     banking together with technology solutions for
                                                                  provider of HSA accounts in the United States, will use
     enrollment, account management, claims processing,




     NASCO utilizes Fiserv’s expertise
     in managing both electronic and
     paper-based solutions for more
     than 10 million BlueCross® and
     BlueShield® (BCBS) healthcare
     members.

12
The team that
                                                                                                                                                                             makes the
                                                                                                                                                                            NASCO – Fiserv
                                                                                                                                                                           relationship work
                                                                                                                                                                        includes: (from left)
                                                                                                                                                                     Vanessa Keith, manager,
                                                                                                                                                                   Contract and Document
                                                                                                                                                                   Solutions with NASCO;
                                                                                                                                                                   Steve Quillin, account
                                                                                                                                                                   manager with Fiserv unit,
                                                                                                                                                                   Personix; and Mike Price,
                                                                                                                                                                   director, Consumer and
                                                                                                                                                                   eBusiness Solutions with
                                                                                                                                                                   NASCO.




                                                                                                                                                                   Madan Moudgal, chief
                                                                                                                                                                   operating officer of Fiserv
                                                                                                                                                                   unit, CareGain; Darin
                                                                                                                                                                   McDonald, vice president
                                                                                                                                                                   and chief information officer
                                                                                                                                                                   for NASCO; and Becky
                                                                                                                                                                   West, account director of
                                                                                                                                                                   Fiserv unit, Personix.




Fiserv Units Provide Technology Solutions for NASCO
In 2002, NASCO, a health claims solution provider that markets exclusively to many          “NASCO’s partnership with CareGain is a key component of our
BlueCross and BlueShield Plans, needed a partner to give it an edge in the marketplace.     consumerism strategy,” said Mike Price, director of NASCO
NASCO turned to Personix, a Fiserv business unit, which today provides both electronic      Consumer and eBusiness Solutions. “Integrating with CareGain’s
and paper-based solutions to help NASCO service more than 10 million BlueCross and          CDH platform will enable our systems to more effectively meet the
BlueShield Plan members. In 2006, Personix printed and delivered nearly 40 million          changing needs of our Plan customers and the end consumer, and
print items for NASCO, including checks, benefit forms and statements for medical           integrating that platform with NASCO’s existing capabilities will
providers. It also assembled – and continuously updates – an electronic archive that        enhance our ability to make healthcare data available to consumers.”
provides NASCO plans and members with web-based access to payment information.
                                                                                            quot;We have found Fiserv to be a valuable asset to our business,” said
More recently, in seeking a CDH solution, NASCO tapped Fiserv unit, CareGain, to provide    Darin McDonald, NASCO's CIO. “Our recent decision to partner with
software applications that integrate with NASCO’s processing platforms. Once operational,   CareGain will help ensure that our CDH product offers the best, most
these applications will let NASCO offer its clients end-to-end medical claim and CDH        complete solution for BlueCross and BlueShield Plan customers.”
administration – fully integrated with Personix’s systems to form a seamless solution.
                                                                                                           VA L U E . O P P O RT U N I T Y. G R O W T H .                               13
LEVERAGING THE FISERV DISTRIBUTION NETWORK INTO A VEHICLE
               FOR INTERNAL GROWTH AND CLIENT SAVINGS
                                                               Our opportunity is to further extend this network,        FCN builds on this massive transaction base by
     Fiserv provides the technology
                                                               add innovation, and deliver world-class solutions to      clearing and settling checks for the banks within its
     infrastructure for more than 25,000
                                                               enhance our clients’ ability to offer new services –      network at a lower cost than through traditional
     bank, thrift and credit union branches
                                                               such as Internet banking, health savings accounts         clearing services provided by correspondent banks
     across the United States through
                                                               or electronic bill pay.                                   or the Federal Reserve.
     6,000 “core” client relationships.
     The core account processing solutions we provide          Today, we’re developing payment-based attachment          Currently, more than 500 Fiserv client banks
     allow clients to process customer deposit and loan        products to integrate with our core processing            participate in the network. FCN also paves the
     accounts, general ledgers, central information files      solutions. We’re also honing those solutions for larger   way for exchanging electronic check images as
     and other information. They include extensive security,   financial institutions who may not be core clients.       that technology continues to grow.
     report generation and other features that enable
     clients to address their customers’ needs and             A prime example is our Fiserv Clearing Network            FCN is just one of a series of solutions we are
     meet compliance requirements and information              (FCN), which leverages the growing number of              developing to expand the client network assets we
     management needs.                                         electronic imaging and image exchange opportunities.      have today to increase opportunity for tomorrow.
                                                               In 2006, Fiserv processed more than 3 billion
     We have an unmatched network position that                checks for more than 1,600 clients worldwide.
     provides a strong and stable client base and a
     framework for growth.




     Fiserv’s item processing
     technology infrastructure
     enables clients to capture and
     transmit checks electronically,
     saving them time and letting
     them devote resources to other
     critical tasks.
14
Discussing unique
                                                                                                                                                                     approaches to
                                                                                                                                                                    solving Vineyard
                                                                                                                                                                   Bank’s need for
                                                                                                                                                                 Fiserv’s Remote
                                                                                                                                                             Capture and Fiserv
                                                                                                                                                           Clearing Network solutions
                                                                                                                                                           are from left: Debbie
                                                                                                                                                           Sanchez, senior product
                                                                                                                                                           analyst with Fiserv Account
                                                                                                                                                           Processing Services; Cheryl
                                                                                                                                                           Mitchell, branch operations
                                                                                                                                                           specialist, and Carmen
                                                                                                                                                           Gomez, customer service
                                                                                                                                                           representative, of Vineyard
                                                                                                                                                           Bank.




                                                                                                                                                           From left: Sam Langham,
                                                                                                                                                           president Fiserv - ITI
                                                                                                                                                           Outsourcing Western
                                                                                                                                                           Region; Norman Morales,
                                                                                                                                                           president and CEO of
                                                                                                                                                           Vineyard Bank; and Bill
                                                                                                                                                           Pruitt, senior vice president
                                                                                                                                                           Fiserv Western Region Item
                                                                                                                                                           Processing Operations.




Fiserv Clearing Network Reduces Costs for Vineyard Bank
Vineyard Bank, based in Corona, Calif., has expanded its asset base by twenty times       items and images between FCN clients and the largest
since 2001 to $2.1 billion. With 16 offices throughout California, the bank uses          U.S. banks through industry partnership.
Fiserv branch capture technology to reduce courier fees and improve fund availability.
A related service – merchant capture, also called remote deposit capture – attracts new   “When we first learned about FCN, we analyzed the savings
corporate customers who recognize the benefits of processing deposits directly from       and didn’t need to look further,” says Luana Lopez, senior
their offices instead of traveling to the closest bank branch.                            vice president-chief of operations services for Vineyard Bank.
                                                                                          “The move to FCN has resulted in a 10 to 12 percent savings
From September 2006 to January 2007, Vineyard added 40 new clients, valued at             on clearing costs compared with the Federal Reserve. And the
about $20 million in deposits, with the deployment of merchant capture.                   improved funds availability that FCN provides has an even
                                                                                          greater impact on our bottom line.”
After adopting branch and merchant capture, joining the Fiserv Clearing Network (FCN)
was the next logical step for Vineyard. FCN facilitates the clearing and settlement of

                                                                                                         VA L U E . O P P O RT U N I T Y. G R O W T H .                         15
DRIVING DIFFERENTIATED RESULTS THROUGH
                                       NEXT GENERATION STRATEGIES
                                                               To capitalize more effectively on these opportunities,    Insurance providers – like other industries we serve –
     We’re a trusted partner to thousands of
                                                               we’ve organized around clients and are beginning          have basic administration and information processing
     financial institution and insurance clients.
                                                               to go to market as one company, rather than as a          requirements. We provide these technology services
                                                               collection of individual businesses. This new structure   and solutions to more than 2,400 insurance companies,
     Our client satisfaction ratings support that view.
                                                               will enable us to capitalize on growth opportunities      more than 1,200 employer-sponsored health plans, and
     Last year, 86% of clients surveyed said that they
                                                               across all our segments.                                  more than 5,000 agencies and brokerages. Our health
     would recommend Fiserv as a service provider.
                                                                                                                         solutions include our 2006 acquisition of CareGain,
     Also last year, the American Banker and Financial
                                                               For financial institutions, we’ll deliver solutions to    which allows us to provide flexible and cost-effective
     Insights released the annual FINTECH 100 rankings,
                                                               meet the diverse needs of community banks, credit         administration of consumer-driven health plans. And
     naming Fiserv to the number-one position for the
                                                               unions, and mid-tier and large banks. Many clients        our Innoviant Pharmacy business has pioneered a
     third consecutive year.
                                                               ask us to satisfy all of their data processing needs;     transparent, fixed-fee pricing model that generates
                                                               others desire a more modular approach, with               greater predictability and lowers prescription costs.
     We’re obviously pleased with both the client and
                                                               rich features and functionality. Some of those
     third-party recognition. The challenge is to build on
                                                               modular solutions might include Fiserv’s MortgageServ     Our success is fueled by finding new ways to deliver
     the strong performance that led to those results – next
                                                               product, a premier loan servicing platform; risk          innovative solutions that help clients compete more
     year and every year. How? By continuing to deliver on
                                                               management solutions; or loan products that enable        effectively. Ultimately, the promise of Fiserv 2.0 is
     existing commitments, and by delivering new innovation
                                                               streamlined closing services.                             realized by unlocking the value, opportunity and
     and solutions to the marketplace in high-value areas,
                                                                                                                         growth potential for our clients through these and
     such as payments and consumer-driven health.
                                                                                                                         other unique solutions.




     Fiserv’s core processing
     solutions offer ease-of-use
     and flexibility for call center
     employees and others at
     financial institutions to access
     the technology tools embedded
     in them.
16
Fiserv technology
                                                                                                                                                                                   solutions enable
                                                                                                                                                                                   First National Bank
                                                                                                                                                                                 of Pennsylvania
                                                                                                                                                                               (FNB) to offer its
                                                                                                                                                                           customers the latest
                                                                                                                                                                         products and services.
                                                                                                                                                                         Pictured are Bill Strimbu,
                                                                                                                                                                         president of Strimbu
                                                                                                                                                                         Trucking, working with
                                                                                                                                                                         Debbie Urban, a teller
                                                                                                                                                                         at FNB. Michelle Lisec-
                                                                                                                                                                         Talarico, ITI graphic design
                                                                                                                                                                         manager, and Louise
                                                                                                                                                                         Lowrey, executive vice
                                                                                                                                                                         president, technology
                                                                                                                                                                         center manager of FNB,
                                                                                                                                                                         are in the background.



                                                                                                                                                                         From left: Stephen J.
                                                                                                                                                                         Gurgovits, president and
                                                                                                                                                                         CEO of F.N.B. Corporation;
                                                                                                                                                                         Gary Roberts, president and
                                                                                                                                                                         CEO of First National Bank
                                                                                                                                                                         of Pennsylvania; and
                                                                                                                                                                         Thomas M. Cypher,
                                                                                                                                                                         president, CEO and COO
                                                                                                                                                                         of Fiserv unit, Information
                                                                                                                                                                         Technology, Inc.




A Strong Partnership with First National Bank
When First National Bank of Pennsylvania, headquartered in Hermitage, Penn.,               “Fiserv does a good job of staying on top of the ever-changing
acquired a larger financial institution in 2001, the bank took the unusual step            financial services landscape. Thanks to Fiserv, for example, we were
of converting its core processing to the system used by the bank it acquired.              able to offer health savings accounts in a relatively short amount of time.
That system was the Fiserv solution from Information Technology, Inc. (ITI).               Technology clearly supports our business needs, and once we define a need,
                                                                                           we turn to Fiserv for the technology to make it happen,” he says.
“We were looking for a system that offered more than just core applications for savings,
deposits and loans. The ability to integrate other systems, such as Internet banking,      “We consider Fiserv and ITI to be business partners, not just another
teller and platform applications was also critical, along with seamless integration        vendor. The bottom line is that working with Fiserv has made us more
that is transparent to employees and customers. Scalability was also a big factor in       efficient, profitable and productive,” adds Lellio.
facilitating our steady growth,” says Andy Lellio, senior vice president of IT for First
National Bank, which currently has $5.8 billion in assets.



                                                                                                           VA L U E . O P P O RT U N I T Y. G R O W T H .                                     17
FISERV
      AT A GLANCE
Profile
                                                    FINANCIAL
Fiserv, Inc., a Fortune 500 company, provides
                                                   INSTITUTION
information management systems and services
                                                     SERVICES
to the financial and insurance industries.
Leading services include transaction processing,
outsourcing, business process outsourcing,
software and systems solutions. We are the
leading provider of core processing solutions
for U.S. banks, credit unions and thrifts.

Fiserv operates in three segments: financial
institution services, insurance services and
investment support services. In each segment,
we deliver the technology and support our
clients need to compete and grow in a
competitive marketplace.


     2006 Total Revenues
                        3%                         INSURANCE
                                                    SERVICES


            34%
                        63%




        Financial Institution Services
        Insurance Services
        Investment Support Services




                                                   INVESTMENT
                                                     SUPPORT
                                                     SERVICES

18
Products and Services                                   Market Reach
Financial Institution Services
                                                       Core account processing for banks, thrifts and credit   • U.S market leader with 35% core penetration
Profile
                                                       unions, offered via:                                    • Leading Internet banking services provider,
Fiserv provides outsourcing, systems and
                                                       • Service bureaus, or                                     serving more than 3,000 client institutions
services tailored to the needs of financial
                                                       • In-house licensed software systems                    • Top-five processor of ATM and debit cards, with
institutions, including banks, savings institutions,
                                                       Payments and financial industry products                  6.8 billion transactions processed annually
credit unions, leasing companies and mortgage
                                                       • Internet banking and bill payment services            • Mortgage services provided to 27 of the top 30
lenders. Primary service offerings include core
                                                       • Risk management products                                U.S. lenders
processing for banks, thrifts and credit unions;
                                                       • Electronic funds transfer services                    • Relationships with all of the top 100 U.S. banking
Internet banking and bill payment services;
                                                       • Plastic card production and services                    institutions (51 have more than 5 relationships
electronic payments and check processing;
                                                       • High-volume laser printing and mailing                  with Fiserv)
mortgage and home equity loan processing;
                                                       • Electronic document presentment                       • Largest independent U.S. check processor with
and industry and risk management products.
                                                       • Cash management products                                10% market share
                                                       Lending and item processing solutions                   • Provider of network clearing services through the
                                                       • Real estate settlement services                         Fiserv Clearing Network to more than 500 client
                                                       • Mortgage loan servicing                                 institutions
                                                       • Imaging & check / image processing
                                                       • Remittance / lock box services


                                                       Products and Services                                   Market Reach
Insurance Services
                                                       • Regulatory and compliance support                     • More than 2,400 insurance company and more than
Profile
                                                       • Administration, financial and billing systems           5,000 agency and brokerage client relationships
Fiserv provides outsourced services for insurance
                                                       • Education and licensing                               • Leading independent health plan administrator to
companies, agents and brokers, their affiliates, and
                                                       • Outsourced services for medical, dental, vision         self-insured employers
self-funded employers. These offerings include:
                                                         and disability plans                                  • More than 33 million health claims processed in
application software, hosted services, business
                                                       • Health plan administration                              2006, for more than $6.8 billion
process outsourcing, point solutions, education and
                                                       • Pharmacy benefit management                           • More than 3.5 million lives covered
licensing, and complete administration. We provide
                                                       • Consumer-driven health solutions, including health    • More than 1,200 third-party administrator client
our services to the life, health, and property and
                                                         savings accounts, health reimbursement accounts         relationships
casualty sectors within the insurance industry.
                                                         and flexible spending accounts                        • Provider of services to more than 360,000
                                                       • Workers’ compensation services                          consumer-driven health plan members




                                                       Products and Services                                   Market Reach
Investment Support Services
                                                       • IRA and qualified plan administration                 • $46 billion in retirement trust assets
Profile
                                                       • Custody and trading                                     under administration
Fiserv provides services for individual retirement
                                                       • Independent financial advisor services                • More than 320,000 self-directed retirement
plans and trustee and custodial accounts including
                                                                                                                 and custodial accounts serviced annually
recordkeeping, back-office investment support and
tax reporting.



                                                                                                                    VA L U E . O P P O RT U N I T Y. G R O W T H .    19
CONSOLIDATED STATEMENTS OF INCOME
     (In thousands, except per share data)
     YEARS ENDED DECEMBER 31,                                                                                                                                              2006                     2005                      2004
     REVENUES:
       Processing and services                                                                                                                                        $ 3,026,460              $ 2,891,552              $ 2,739,732
       Product                                                                                                                                                          1,517,691                1,167,926                  990,014
          TOTAL REVENUES                                                                                                                                                4,544,151                4,059,478                3,729,746

     EXPENSES:
       Cost of processing and services                                                                                                                                    1,959,255                1,855,247                1,822,733
       Cost of product                                                                                                                                                    1,251,261                  942,708                  795,965
       Selling, general and administrative                                                                                                                                  589,354                  516,127                  451,488
          TOTAL EXPENSES                                                                                                                                                  3,799,870                3,314,082                3,070,186

     OPERATING INCOME                                                                                                                                                      744,281                  745,396                  659,560
     Interest expense                                                                                                                                                      (40,995 )                (27,828 )                (24,902)
     Interest income                                                                                                                                                         6,999                   13,561                    6,708
     Realized gain from sale of investments                                                                                                                                      –                   86,822                        –

     INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                                                                                                                 710,285                  817,951                  641,366
     Income tax provision                                                                                                                                                  267,060                  306,594                  246,468

     INCOME FROM CONTINUING OPERATIONS                                                                                                                                     443,225                  511,357                  394,898
     INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES                                                                                                         6,689                    5,081                  (17,256)
     NET INCOME                                                                                                                                                       $    449,914             $    516,438             $    377,642

     NET INCOME (LOSS) PER SHARE - BASIC:
       Continuing operations                                                                                                                                                 $ 2.53                   $ 2.71                   $ 2.03
       Discontinued operations                                                                                                                                                 0.04                     0.03                    (0.09)
       TOTAL                                                                                                                                                                 $ 2.57                   $ 2.74                   $ 1.94

     NET INCOME (LOSS) PER SHARE - DILUTED:
       Continuing operations                                                                                                                                                 $ 2.50                   $ 2.68                   $ 2.00
       Discontinued operations                                                                                                                                                 0.04                     0.03                    (0.09)
       TOTAL                                                                                                                                                                 $ 2.53                   $ 2.70                   $ 1.91

     SHARES USED IN COMPUTING NET INCOME (LOSS) PER SHARE:
       Basic                                                                                                                                                               174,989                  188,807                  194,981
       Diluted                                                                                                                                                             177,529                  190,967                  197,287




     Note: Our Annual Report on Form 10-K, which includes Management’s Discussion and Analysis, Financial Statements and related Footnotes, is available online under “For Investors” on our website, www.fiserv.com.




20   FISERV, INC. AND SUBSIDIARIES
fiserv annual reports 2006
fiserv annual reports 2006
fiserv annual reports 2006
fiserv annual reports 2006
fiserv annual reports 2006
fiserv annual reports 2006

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fiserv annual reports 2006

  • 1. Summary Annual Report 2006 FISERV 2.0 THE NEXT GENERATION
  • 2. FINANCIAL HIGHLIGHTS 2006 Earnings Per Share from Income from Cash Flow Total Revenues Continuing Operations* Continuing Operations* from Operations (In Billions) (In Dollars) (In Millions) (In Millions) $5 $500 $3.00 $800 $4.5 $449 $2.53 700 $635 2.50 4 400 600 2.00 500 3 300 1.50 400 2 200 300 1.00 200 1 100 0.50 100 0 0.00 0 0 02 03 04 05 06 02 03 04 05 06 02 03 04 05 06 02 03 04 05 06 2006 2005 % Increase (Dollars in millions except per share amounts and stock price data) Total Revenues $ 4,544 $ 4,059 12 Income from Continuing Operations* 449 419 7 Earnings Per Share from Continuing Operations* 2.53 2.19 16 Cash Flow from Operations 635 601 6 Year-end Market Price Per Share 52.42 43.27 21 * These amounts represent adjusted income from continuing operations and adjusted earnings per share from continuing operations which are non-GAAP financial measures. We believe that these measures are useful to investors because they exclude the impact of certain transactions or events that we expect to occur infrequently or adjust for items in order to provide meaningful comparisons between current results and previously reported results. See page 23 for additional information about these non-GAAP financial measures.
  • 3. Summary Annual Report 2006 WHAT’S NEXT? Fiserv 2.0: A transforming blueprint for the future, building on what has made Fiserv great in the past, clearly centered on the client with a commitment to delivering greater value, opportunity and growth for our stakeholders. VA L U E . O P P O RT U N I T Y. G R O W T H .
  • 4. Donald F. Dillon, Chairman of the Board (left) and Jeffery W. Yabuki, President and Chief Executive Officer. 2
  • 5. TO OUR FELLOW SHAREHOLDERS Our financial results were led by another strong year underlies our business model and the value creation The term that comes to mind as a key of revenue and earnings growth in the financial segment. resulting from the allocation of those dollars. In 2006, way to describe the past year at Fiserv We made continuing progress in developing our we generated $447 million of free cash flow, resulting is Renaissance. internal revenue growth capabilities in the financial in a five-year total of more than $2.2 billion. Going segment, which has grown by at least 5% in each of forward, we believe we can enhance free cash flow During 2006, we took important steps in a business the last seven quarters. This performance is indicative at an even faster pace. renewal process and saw a resurgence of our already of the strength of our financial businesses. strong company. We designed strategies to revitalize Historically, we’ve used the majority of our free growth, expand operating margins and further These strong financial results came in what some cash to fund acquisitions. Our strong acquisition differentiate our client services – building on our market would call a transition year. In addition to a new CEO, competency is a well known part of the company. leadership position and long-term client relationships. we had some difficult growth challenges resulting from We are primarily interested in two types of acquisitions: unusually large contract terminations and the sale of first, those that add to the breadth of our distribution The hallmark of the year was the unveiling of Fiserv 2.0, our investment in a Canadian joint venture in 2005. system – across any of our primary client segments; the next generation of our company. That introduction Given the headwinds coming into 2006, we are very and second, those assets that bring specific was the culmination of months of work by some of the pleased with our financial results. add-on capabilities that will be highly valued by best and the brightest people throughout Fiserv. We our client base. are committed to Value, Opportunity and Growth – for Fiserv’s combination of solid technology and superb each of our key constituencies – for the next generation people continued to deliver on behalf of our more However, over the last several years, the acquisition of our company. We intend to honor that promise. than 18,000 clients. Our client satisfaction scores markets have changed dramatically – and for a remained very high, and we continued to retain clients buyer like Fiserv, that change has been troublesome. Delivering Value for Shareholders Today at superior levels. In addition, more than 86% of our Significant investment capital from private equity and Early in 2006 we entered the prestigious Fortune 500 clients told us they are willing to promote our products hedge funds, combined with access to relatively for the first time, and we kept growing. Total revenues and services, a clear indicator of the service quality cheap debt financing, have driven pricing to what we for the year increased 12% to surpass $4.5 billion. we are bringing to the market. consider unsustainably high levels. Given our industry Adjusted earnings per share from continuing operations stature, we believe that we are one of the best suited were strong as well, increasing 16% to $2.53 per One of Fiserv’s most important characteristics has buyers for high quality properties – strategic or share, which was at the top end of our 2006 guidance always been its strong cash flow generation, which otherwise. As a result, our objective will be to and in line with our long-term performance outlook. VA L U E . O P P O RT U N I T Y. G R O W T H . 3
  • 6. MORE 2006 NUMBERS 22.3% monitor acquisition opportunities in a disciplined seven percentage points. We also outperformed the way, mindful of current market valuations. relevant NASDAQ indices for the year. We believe that with our premium business model, leading market consolidated adjusted operating During 2006, we spent $187 million on acquisitions, position, and our intense commitment to delivering margin, up 40 basis points adding seven companies with product capabilities in results – that are on average within our long-term year-over-year the insurance and financial segments. The majority performance outlook – we should produce attractive of our available capital in 2006 went to repurchase returns for shareholders. 86% shares. We re-acquired 12.7 million shares of Fiserv stock for $560 million. Given the current Our strong results this year are due to the efforts of environment, we anticipate that we will continue to our more than 23,000 employees around the world of clients would recommend allocate capital to share repurchase and use our who make Fiserv a great company. For years, a Fiserv to other potential clients debt capacity to fund acquisitions. Fiserv credo has been that “people make the difference”– and that continued to be true in 2006. $282M Fiserv Stock Price We recognize that it is At Fiserv, our people are our key differentiator. (as of Dec. 31) our job to deliver value Thanks to each of you for your efforts and commitment $60 for shareholders each to making Fiserv its very best. spent on product development year, and over time. $52.42 Providing Opportunities for In 2006, Fiserv’s total $447M 50 Shareholders Tomorrow shareholder return was $43.27 21%, which compared Our efforts to define our strategic direction culminated favorably to an overall in September with the introduction of our long-term $40.19 in free cash flow generated 40 strong equity market. plan branded Fiserv 2.0 – which included our Our shareholder return renewed vision and mission. Our mission statement 21% exceeded the 14% captures the essence of Fiserv. Not because it’s on a performance of the S&P placard, but rather because we believe it. Serving 30 04 05 06 500 by approximately clients is deeply rooted in our organizational DNA. increase in share price 4
  • 7. It’s the essence of what Fiserv has been about since client success. The theme line neatly communicates very early in our evolution, we are pleased with our its founding 22 years ago. The key to our mission is the essence of our new direction. progress and confident that our success will acceler- enabling more success for our clients. It’s a simple ate over time. Your Success. notion – and therein, elegant. It’s an idea that we That’s the Point of 2.0 believe can serve as a greater purpose for our We have also adopted five enterprise themes to unlock employees around the world. the significant potential we see in the company – and to This translates to serving clients differentially. We are enhance our revenue, earnings and cash flow growth. switching to a client segment delivery approach from “Our mission is to provide integrated our more business-unit-centric model. While effec- • Active Portfolio Management technology and services solutions tive and often successful, the prior model didn’t • Enhanced Client Relationship Value that enable best-in-class results for always allow us to deliver the holistic solutions that • Operational Effectiveness our clients.” many of our clients prefer. At the same time, we • Capital Allocation don’t intend to adopt a one-size-fits-all approach. • Innovation Inside Our mission requires that we focus on high-quality Clients and situations are different. We will utilize the solutions and that we measure our performance strength of our broad product and platform diversity We have specific strategies and tactics in place to not just on financial results, but on the success we to meet the needs of a dynamic market. While it’s execute against each of these important areas – with enable for our clients. Our clients’ success is our success. Our aspiration is to be the partner that our clients turn to in helping them be their very best. While we can’t define success for each particular client, we will develop solutions that help them achieve their goals. It’s bold and we mean it. On the back cover of this annual report, you will see an ad from a new Fiserv 2.0 campaign that is designed to communicate our expanded focus on Norm Balthasar (center) talks with John Ozug (left) and Anita Gee. 5
  • 8. priorities linked to market opportunities. We are institutions. We are one of only a handful of companies Internal revenue growth is critical to our future success. again pleased with our early progress. We expect in the S&P 500 with at least 15 consecutive years of Our internal revenue growth rate is now solidly in the only limited impact in 2007, with more noticeable growth in revenue and earnings. So, what’s the big mid-single-digit range – led by strong performance in benefit in our 2008 results and beyond. deal? The big deal is that we have the potential to be our financial segment. We will build on that success even better. and anticipate revenue growth acceleration coming Value Plus Opportunity Equals Growth from four primary areas: The key to our future success is to combine what has made Fiserv strong in the past with the strate- • New Sales “Our vision is to be a global leader in gies that we have laid out for the future. Together, we • Integrated Value transaction-based technology solutions.” believe this will accelerate growth – profitably – and • Additional Scale in a way that builds long-term shareholder value. • Network Value Is it really an aspiration to say you want to be something That is the notion of Renaissance. It’s our hope that that you already are? We are a global leader today. this re-birth leads to a “re-formula-tion” of what has Let’s talk for a moment about Integrated Value. For the third year in a row, we were named number made Fiserv great. By changing the formula just One of our core strategies is to enhance client one on the FINTECH 100 ranking of the top enough, we are creating something even more relationship value by delivering more of our products providers of technology services in sales to financial dynamic for our stakeholders. and services to our installed base. As a result of the work we did in 2006, we identified more than $2.4 billon of revenue opportunity in our financial segment client base available today. Although capturing the entire amount would be extremely difficult, we believe we can deliver $360 million of incremental annual revenue over the next six years, which would have a favorable impact on our revenue growth rate. We expect to see the early signs of this revenue lift in 2007, and build gradually over the measurement period. 6 Tom Hirsch meets with Stephanie Gregor (left).
  • 9. Accelerating revenue growth is an important element to evolving client needs, create an urgency that we of our overall growth story. We can also boost growth appreciate in running your company. We are up to through better execution, focus on segments of our the challenge. business with higher macro-growth rates and margins, Ken Jensen and proper capital allocation. We have an attractive Fiserv has always been a superb company. Our business model that should produce strong long-term renaissance has us focused on an even brighter results and attractive returns for our shareholders. future. We have an attractive market opportunity, THANK YOU TO KEN JENSEN a winning formula, and a committed management Why Now? team to execute the plan. Fiserv said goodbye to Ken Jensen when he retired Over the last year, the question people asked of Jeff in July 2006. Ken, who had been with the company Fiserv 2.0 is the next generation of your company. most frequently was: “What has been the most surprising since its formation in 1984, served as senior executive thing you have found at Fiserv?” His answer to the vice president, chief financial officer, treasurer and question was simple – the opportunities inside the assistant secretary of the company. Ken is also a company are far greater than he imagined. While most member of the Fiserv Board and will retire as a of us don’t usually like to be wrong, this was one time director in May 2007. when he didn’t mind at all! Jeffery W. Yabuki Ken is known as the chief architect of all things financial President and Chief Executive Officer While the opportunities are real, they won’t last forever. in Fiserv and is most famous for his leadership in the There are several catalysts combining to drive change acquisition arena. The company completed more than 135 acquisitions during his tenure, creating billions in our industry. We have seen competitors changing of dollars of shareholder value. Ken’s intellectual hands over the last year. Buyers appear to be attracted curiosity and challenging queries are legendary by the allure of our industry structure, strong business throughout the company. model, and consistent cash flows. There are now Donald F. Dillon several very large payments players, alongside Chairman of the Board Perhaps Ken’s greatest strength was his internal international and domestic competitors, all fighting compass. He chose a path and stuck to it. His com- to get a larger piece of the pie. These factors, added mitment to the company – its clients, employees and shareholders – produced great results for the 22 years he called Fiserv home. We are all better for the opportunity to have worked with him. We thank Ken for his many years of outstanding contributions to Fiserv. We wish him and his family all the best as they embark on the next phase of their lives. NOTE: “Adjusted earnings per share from continuing operations,” “internal revenue growth,” “adjusted operating margin,” and “free cash flow” are non-GAAP financial measures. See page 23 for additional information about these measures and forward-looking statements. 7
  • 10. FISERV 2.0 THE NEXT GENERATION Since the inception of Fiserv in 1984, we have Our vision is to be a global leader in transaction-based Fiserv’s new long-term built our success by generating strong returns and technology solutions. We expect to achieve this vision by strategy places an delivering consistent cash-driven earnings. Our providing integrated technology and services solutions 23,000-plus colleagues provide services and solutions that enable best-in-class results for our clients. intense focus on clients – to more than 18,000 clients worldwide. We have an Our focus for the long term is to operate businesses impressive history of growing both internally and delivering solutions where we have: through acquisitions. • Deep industry expertise that enables us to serve that are responsive to the market with high effectiveness; “Why change? Because we believe we • A strong competitive position and a clear path to their needs. enhanced leadership in the foreseeable future; can perform even more impressively – • Long-term, trusted client relationships; offering unprecedented value, • Differentiated solutions that deliver exceptional opportunity and growth for clients, value to our clients through integration shareholders and employees alike.” and innovation; and • Superior execution of our stategies by committed management. 8
  • 11. Consistent with this focus, we are implementing improved value propositions, and streamlining our Fiserv as a whole. Among others, these investments enterprise themes that we believe will help us processes to meet market needs. will include repurchases of our own shares, internal achieve the promise of Fiserv 2.0: investment or acquisitions. “Our focus is to operate businesses Active Portfolio Management. Key to our long-term Innovation Inside. We intend to concentrate on where we have a strong competitive strategy is capturing the right market opportunities client focused innovation – merging our internal position and a clear path to at the right inflection points. This involves actively capabilities with strong market knowledge to provide strengthening our leadership managing our businesses to ensure they are differentiated value in our primary markets. We will position in the foreseeable future.” performing up to expectations, and positioned to explore domestic and international opportunities as capture the available market opportunities. Over innovation ports. time, we may add or subtract within our total Operational Effectiveness. We believe we can business portfolio – making acquisitions or disposing improve our performance by effectively harnessing Simply put, Fiserv 2.0 is the next generation of of underperforming assets to capitalize on market the opportunities created by our size and scale, Fiserv. Those who understand our culture know and client opportunities. effectively using our consolidated buying power and that this is a challenging, yet inherently rewarding shared utility structures to provide further efficiencies. undertaking. We are excited about our future. Enhanced Client Relationship Value. We plan to Come see what’s next. grow our existing client relationships by implementing Capital Allocation. We will make capital allocation tighter integration across our products and services, decisions based on investments that offer the best bundling more products and services to deliver prospects for long-term growth and profitability for At far left: Mike Young, division president, Bank and Thrift, financial segment; Second from left: Chitra Sundaram, analyst, Cardinal Capital; Center: Jorge Diaz, division president, Fiserv Output Solutions; Second from Right: Carla Cooper, managing director, Baird Investment Management (seated) and Mike Fuerstenau, assistant VP, Marketing Services, Fiserv; At far right: Arun Maheshwari, president, Fiserv Global Services. 9
  • 12. DELIVERING INCREASED CLIENT VALUE THROUGH INTEGRATED SALES Financial institution clients have told us they want: In the spring of 2006, we responded to our clients’ The future of Fiserv rests in the • New products at the forefront of industry trends; requests by developing Paytraxx, a proprietary strength and stability of our more than • Bundled products with more features and flexibility; bill-payment solution that is integrated with our core 18,000 client relationships. • Better product integration across product portfolios; banking applications and delivers flexible options for The transaction volume we facilitate on behalf of • Comprehensive solutions, not standalone products; our clients. Our salespeople brought Paytraxx to our clients is staggering – some 18 billion financial • Scalable solutions that facilitate growth; and market, and we found success. By the end of 2006, transactions in 2006. From core banking and mortgage • Coordinated sales and account management. we signed more than 90 new clients, with sales loan processing to Internet banking, electronic imaging, across each one of our core platforms. And, with insurance technology solutions and processing health Fiserv 2.0 is the strategic umbrella for delivering an encouraging pipeline of new prospects, Paytraxx savings accounts, we provide the technology backbone against these expectations. is positioned to deliver exceptional value to our for banks, thrifts and credit unions of all sizes. clients – and Fiserv. Our new online bill-payment product, Paytraxx, offers an We start with a privileged relationship as the core example of how we are extending our core processing Paytraxx is but one example of how our integrated processing platform for more than 6,000 financial relationships by offering integrated attachment services. sales and product delivery strategy is working to institution clients. We then add value to the relationship As more consumers opt to pay their bills electronically, deliver improved value for our clients. by bringing hundreds of products and services to bear our financial institution clients want a compelling in a more cohesive fashion – either as attachments solution to offer their customers. The technology for core clients or as lead attachments to non-core platforms must be robust so that clients can participate account processing clients in the hopes of extending in this growth opportunity with larger industry participants. a core relationship over time. Fiserv facilitates connections with NBT Bancorp and processes nearly 3.5 million financial transactions each month for this $5 billion bank. 10
  • 13. As part of the outsourced solutions provided to NBT Bancorp, Fiserv CBS Worldwide assigns an exclusive, experienced team of programmers and business analysts to the bank. Pictured from left: Michelle Avolio, operations associate for NBT Bancorp and Edmee Reyes, Fiserv CBS senior relationship manager for NBT. From left: Joe Stagliano, corporate senior vice president and chief information officer, and Martin A. Dietrich, president and CEO of NBT Bancorp Inc. and NBT Bank; and James Mason, Fiserv CBS project manager. Outsourcing and Dedicated Fiserv Staff Facilitate NBT Bancorp’s Growth In 1995, Norwich, N.Y.-based NBT Bancorp had $1.1 billion in assets and 39 branches in “As we’ve grown and our needs have become more sophisticated, New York state. Today, the company has more than $5 billion in assets and 119 branches Fiserv has been right beside us, providing products and services in New York and Pennsylvania. NBT achieved this impressive growth through a successful that meet the needs of our personal and business banking combination of strategic acquisitions and organic expansion – along with outsourced customers,” says Joe Stagliano, chief information officer of NBT core processing and services from the CBS Worldwide unit of Fiserv. Bancorp. “With Fiserv, it’s easy to add products. And because the systems are fully integrated, we are achieving significant economies NBT Bancorp – which celebrated its 150th anniversary in 2006 – uses Fiserv technology of scale. to process transactions, automate its business operations and provide ATM, EFT and other electronic banking services. In 2000, the bank expanded its outsourcing services “One of the great side benefits,” adds Joe, “is the experienced staff by adding a team of experienced Fiserv CBS programmers and business analysts that Fiserv has assigned to NBT. They add value to our business assigned exclusively to NBT. every day.” VA L U E . O P P O RT U N I T Y. G R O W T H . 11
  • 14. HELPING CLIENTS CAPTURE OPPORTUNITIES IN FAST-GROWING MARKETS payments and decision-support functions. Up to Fiserv ITI core processing solutions for fully integrated In 2005, healthcare spending swelled 48 million individuals may participate in the CDH services, including account and transaction processing, to $2 trillion, representing 16% movement by 2009, opening health savings financial accounting, document imaging and archiving, of U.S. Gross Domestic Product. accounts (HSAs), flexible spending accounts and and platform automation. Current estimates call for nearly $2.8 health reimbursement accounts at a financial trillion in annual spending by 2010. institution to facilitate payments to doctors, hospitals, The Huntington National Bank, one of the largest pharmacies and other providers. banks in the Midwest, also selected Fiserv to handle The burden of that expense is shifting from employers processing of its HSAs. And NASCO, a Fiserv Personix to individuals. As that shift occurs, individuals are We’ve recently gained ground in the CDH arena – client since 2002, has recently enlisted Fiserv unit, generating increasing transaction volumes that provide with wins in transaction processing, banking services, CareGain, to more fully develop its CDH capabilities. growth opportunities for our financial institution and sales of proprietary CDH technology. Now, more [See story on facing page.] clients. It also provides opportunities for Fiserv to than 600 of our core financial institution clients use generate new sales and enable new technology-based a Fiserv CDH solution. We are committed to achieving a leadership position banking and healthcare solutions. in this important growth arena. We are well positioned Recently, Exante Bank, Inc. selected Fiserv to provide to benefit from the convergence of healthcare and Fiserv is well known in healthcare circles for health-plan technology and technology support for the bank’s banking – and to pursue new sales opportunities that administration. In the fast-growing consumer-driven health savings account (HSA) services. Exante Bank, can leverage our unique combination of strengths health (CDH) space, Fiserv brings healthcare and a division of UnitedHealth Group and the leading into increased growth and profitability. banking together with technology solutions for provider of HSA accounts in the United States, will use enrollment, account management, claims processing, NASCO utilizes Fiserv’s expertise in managing both electronic and paper-based solutions for more than 10 million BlueCross® and BlueShield® (BCBS) healthcare members. 12
  • 15. The team that makes the NASCO – Fiserv relationship work includes: (from left) Vanessa Keith, manager, Contract and Document Solutions with NASCO; Steve Quillin, account manager with Fiserv unit, Personix; and Mike Price, director, Consumer and eBusiness Solutions with NASCO. Madan Moudgal, chief operating officer of Fiserv unit, CareGain; Darin McDonald, vice president and chief information officer for NASCO; and Becky West, account director of Fiserv unit, Personix. Fiserv Units Provide Technology Solutions for NASCO In 2002, NASCO, a health claims solution provider that markets exclusively to many “NASCO’s partnership with CareGain is a key component of our BlueCross and BlueShield Plans, needed a partner to give it an edge in the marketplace. consumerism strategy,” said Mike Price, director of NASCO NASCO turned to Personix, a Fiserv business unit, which today provides both electronic Consumer and eBusiness Solutions. “Integrating with CareGain’s and paper-based solutions to help NASCO service more than 10 million BlueCross and CDH platform will enable our systems to more effectively meet the BlueShield Plan members. In 2006, Personix printed and delivered nearly 40 million changing needs of our Plan customers and the end consumer, and print items for NASCO, including checks, benefit forms and statements for medical integrating that platform with NASCO’s existing capabilities will providers. It also assembled – and continuously updates – an electronic archive that enhance our ability to make healthcare data available to consumers.” provides NASCO plans and members with web-based access to payment information. quot;We have found Fiserv to be a valuable asset to our business,” said More recently, in seeking a CDH solution, NASCO tapped Fiserv unit, CareGain, to provide Darin McDonald, NASCO's CIO. “Our recent decision to partner with software applications that integrate with NASCO’s processing platforms. Once operational, CareGain will help ensure that our CDH product offers the best, most these applications will let NASCO offer its clients end-to-end medical claim and CDH complete solution for BlueCross and BlueShield Plan customers.” administration – fully integrated with Personix’s systems to form a seamless solution. VA L U E . O P P O RT U N I T Y. G R O W T H . 13
  • 16. LEVERAGING THE FISERV DISTRIBUTION NETWORK INTO A VEHICLE FOR INTERNAL GROWTH AND CLIENT SAVINGS Our opportunity is to further extend this network, FCN builds on this massive transaction base by Fiserv provides the technology add innovation, and deliver world-class solutions to clearing and settling checks for the banks within its infrastructure for more than 25,000 enhance our clients’ ability to offer new services – network at a lower cost than through traditional bank, thrift and credit union branches such as Internet banking, health savings accounts clearing services provided by correspondent banks across the United States through or electronic bill pay. or the Federal Reserve. 6,000 “core” client relationships. The core account processing solutions we provide Today, we’re developing payment-based attachment Currently, more than 500 Fiserv client banks allow clients to process customer deposit and loan products to integrate with our core processing participate in the network. FCN also paves the accounts, general ledgers, central information files solutions. We’re also honing those solutions for larger way for exchanging electronic check images as and other information. They include extensive security, financial institutions who may not be core clients. that technology continues to grow. report generation and other features that enable clients to address their customers’ needs and A prime example is our Fiserv Clearing Network FCN is just one of a series of solutions we are meet compliance requirements and information (FCN), which leverages the growing number of developing to expand the client network assets we management needs. electronic imaging and image exchange opportunities. have today to increase opportunity for tomorrow. In 2006, Fiserv processed more than 3 billion We have an unmatched network position that checks for more than 1,600 clients worldwide. provides a strong and stable client base and a framework for growth. Fiserv’s item processing technology infrastructure enables clients to capture and transmit checks electronically, saving them time and letting them devote resources to other critical tasks. 14
  • 17. Discussing unique approaches to solving Vineyard Bank’s need for Fiserv’s Remote Capture and Fiserv Clearing Network solutions are from left: Debbie Sanchez, senior product analyst with Fiserv Account Processing Services; Cheryl Mitchell, branch operations specialist, and Carmen Gomez, customer service representative, of Vineyard Bank. From left: Sam Langham, president Fiserv - ITI Outsourcing Western Region; Norman Morales, president and CEO of Vineyard Bank; and Bill Pruitt, senior vice president Fiserv Western Region Item Processing Operations. Fiserv Clearing Network Reduces Costs for Vineyard Bank Vineyard Bank, based in Corona, Calif., has expanded its asset base by twenty times items and images between FCN clients and the largest since 2001 to $2.1 billion. With 16 offices throughout California, the bank uses U.S. banks through industry partnership. Fiserv branch capture technology to reduce courier fees and improve fund availability. A related service – merchant capture, also called remote deposit capture – attracts new “When we first learned about FCN, we analyzed the savings corporate customers who recognize the benefits of processing deposits directly from and didn’t need to look further,” says Luana Lopez, senior their offices instead of traveling to the closest bank branch. vice president-chief of operations services for Vineyard Bank. “The move to FCN has resulted in a 10 to 12 percent savings From September 2006 to January 2007, Vineyard added 40 new clients, valued at on clearing costs compared with the Federal Reserve. And the about $20 million in deposits, with the deployment of merchant capture. improved funds availability that FCN provides has an even greater impact on our bottom line.” After adopting branch and merchant capture, joining the Fiserv Clearing Network (FCN) was the next logical step for Vineyard. FCN facilitates the clearing and settlement of VA L U E . O P P O RT U N I T Y. G R O W T H . 15
  • 18. DRIVING DIFFERENTIATED RESULTS THROUGH NEXT GENERATION STRATEGIES To capitalize more effectively on these opportunities, Insurance providers – like other industries we serve – We’re a trusted partner to thousands of we’ve organized around clients and are beginning have basic administration and information processing financial institution and insurance clients. to go to market as one company, rather than as a requirements. We provide these technology services collection of individual businesses. This new structure and solutions to more than 2,400 insurance companies, Our client satisfaction ratings support that view. will enable us to capitalize on growth opportunities more than 1,200 employer-sponsored health plans, and Last year, 86% of clients surveyed said that they across all our segments. more than 5,000 agencies and brokerages. Our health would recommend Fiserv as a service provider. solutions include our 2006 acquisition of CareGain, Also last year, the American Banker and Financial For financial institutions, we’ll deliver solutions to which allows us to provide flexible and cost-effective Insights released the annual FINTECH 100 rankings, meet the diverse needs of community banks, credit administration of consumer-driven health plans. And naming Fiserv to the number-one position for the unions, and mid-tier and large banks. Many clients our Innoviant Pharmacy business has pioneered a third consecutive year. ask us to satisfy all of their data processing needs; transparent, fixed-fee pricing model that generates others desire a more modular approach, with greater predictability and lowers prescription costs. We’re obviously pleased with both the client and rich features and functionality. Some of those third-party recognition. The challenge is to build on modular solutions might include Fiserv’s MortgageServ Our success is fueled by finding new ways to deliver the strong performance that led to those results – next product, a premier loan servicing platform; risk innovative solutions that help clients compete more year and every year. How? By continuing to deliver on management solutions; or loan products that enable effectively. Ultimately, the promise of Fiserv 2.0 is existing commitments, and by delivering new innovation streamlined closing services. realized by unlocking the value, opportunity and and solutions to the marketplace in high-value areas, growth potential for our clients through these and such as payments and consumer-driven health. other unique solutions. Fiserv’s core processing solutions offer ease-of-use and flexibility for call center employees and others at financial institutions to access the technology tools embedded in them. 16
  • 19. Fiserv technology solutions enable First National Bank of Pennsylvania (FNB) to offer its customers the latest products and services. Pictured are Bill Strimbu, president of Strimbu Trucking, working with Debbie Urban, a teller at FNB. Michelle Lisec- Talarico, ITI graphic design manager, and Louise Lowrey, executive vice president, technology center manager of FNB, are in the background. From left: Stephen J. Gurgovits, president and CEO of F.N.B. Corporation; Gary Roberts, president and CEO of First National Bank of Pennsylvania; and Thomas M. Cypher, president, CEO and COO of Fiserv unit, Information Technology, Inc. A Strong Partnership with First National Bank When First National Bank of Pennsylvania, headquartered in Hermitage, Penn., “Fiserv does a good job of staying on top of the ever-changing acquired a larger financial institution in 2001, the bank took the unusual step financial services landscape. Thanks to Fiserv, for example, we were of converting its core processing to the system used by the bank it acquired. able to offer health savings accounts in a relatively short amount of time. That system was the Fiserv solution from Information Technology, Inc. (ITI). Technology clearly supports our business needs, and once we define a need, we turn to Fiserv for the technology to make it happen,” he says. “We were looking for a system that offered more than just core applications for savings, deposits and loans. The ability to integrate other systems, such as Internet banking, “We consider Fiserv and ITI to be business partners, not just another teller and platform applications was also critical, along with seamless integration vendor. The bottom line is that working with Fiserv has made us more that is transparent to employees and customers. Scalability was also a big factor in efficient, profitable and productive,” adds Lellio. facilitating our steady growth,” says Andy Lellio, senior vice president of IT for First National Bank, which currently has $5.8 billion in assets. VA L U E . O P P O RT U N I T Y. G R O W T H . 17
  • 20. FISERV AT A GLANCE Profile FINANCIAL Fiserv, Inc., a Fortune 500 company, provides INSTITUTION information management systems and services SERVICES to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing, software and systems solutions. We are the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv operates in three segments: financial institution services, insurance services and investment support services. In each segment, we deliver the technology and support our clients need to compete and grow in a competitive marketplace. 2006 Total Revenues 3% INSURANCE SERVICES 34% 63% Financial Institution Services Insurance Services Investment Support Services INVESTMENT SUPPORT SERVICES 18
  • 21. Products and Services Market Reach Financial Institution Services Core account processing for banks, thrifts and credit • U.S market leader with 35% core penetration Profile unions, offered via: • Leading Internet banking services provider, Fiserv provides outsourcing, systems and • Service bureaus, or serving more than 3,000 client institutions services tailored to the needs of financial • In-house licensed software systems • Top-five processor of ATM and debit cards, with institutions, including banks, savings institutions, Payments and financial industry products 6.8 billion transactions processed annually credit unions, leasing companies and mortgage • Internet banking and bill payment services • Mortgage services provided to 27 of the top 30 lenders. Primary service offerings include core • Risk management products U.S. lenders processing for banks, thrifts and credit unions; • Electronic funds transfer services • Relationships with all of the top 100 U.S. banking Internet banking and bill payment services; • Plastic card production and services institutions (51 have more than 5 relationships electronic payments and check processing; • High-volume laser printing and mailing with Fiserv) mortgage and home equity loan processing; • Electronic document presentment • Largest independent U.S. check processor with and industry and risk management products. • Cash management products 10% market share Lending and item processing solutions • Provider of network clearing services through the • Real estate settlement services Fiserv Clearing Network to more than 500 client • Mortgage loan servicing institutions • Imaging & check / image processing • Remittance / lock box services Products and Services Market Reach Insurance Services • Regulatory and compliance support • More than 2,400 insurance company and more than Profile • Administration, financial and billing systems 5,000 agency and brokerage client relationships Fiserv provides outsourced services for insurance • Education and licensing • Leading independent health plan administrator to companies, agents and brokers, their affiliates, and • Outsourced services for medical, dental, vision self-insured employers self-funded employers. These offerings include: and disability plans • More than 33 million health claims processed in application software, hosted services, business • Health plan administration 2006, for more than $6.8 billion process outsourcing, point solutions, education and • Pharmacy benefit management • More than 3.5 million lives covered licensing, and complete administration. We provide • Consumer-driven health solutions, including health • More than 1,200 third-party administrator client our services to the life, health, and property and savings accounts, health reimbursement accounts relationships casualty sectors within the insurance industry. and flexible spending accounts • Provider of services to more than 360,000 • Workers’ compensation services consumer-driven health plan members Products and Services Market Reach Investment Support Services • IRA and qualified plan administration • $46 billion in retirement trust assets Profile • Custody and trading under administration Fiserv provides services for individual retirement • Independent financial advisor services • More than 320,000 self-directed retirement plans and trustee and custodial accounts including and custodial accounts serviced annually recordkeeping, back-office investment support and tax reporting. VA L U E . O P P O RT U N I T Y. G R O W T H . 19
  • 22. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) YEARS ENDED DECEMBER 31, 2006 2005 2004 REVENUES: Processing and services $ 3,026,460 $ 2,891,552 $ 2,739,732 Product 1,517,691 1,167,926 990,014 TOTAL REVENUES 4,544,151 4,059,478 3,729,746 EXPENSES: Cost of processing and services 1,959,255 1,855,247 1,822,733 Cost of product 1,251,261 942,708 795,965 Selling, general and administrative 589,354 516,127 451,488 TOTAL EXPENSES 3,799,870 3,314,082 3,070,186 OPERATING INCOME 744,281 745,396 659,560 Interest expense (40,995 ) (27,828 ) (24,902) Interest income 6,999 13,561 6,708 Realized gain from sale of investments – 86,822 – INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 710,285 817,951 641,366 Income tax provision 267,060 306,594 246,468 INCOME FROM CONTINUING OPERATIONS 443,225 511,357 394,898 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES 6,689 5,081 (17,256) NET INCOME $ 449,914 $ 516,438 $ 377,642 NET INCOME (LOSS) PER SHARE - BASIC: Continuing operations $ 2.53 $ 2.71 $ 2.03 Discontinued operations 0.04 0.03 (0.09) TOTAL $ 2.57 $ 2.74 $ 1.94 NET INCOME (LOSS) PER SHARE - DILUTED: Continuing operations $ 2.50 $ 2.68 $ 2.00 Discontinued operations 0.04 0.03 (0.09) TOTAL $ 2.53 $ 2.70 $ 1.91 SHARES USED IN COMPUTING NET INCOME (LOSS) PER SHARE: Basic 174,989 188,807 194,981 Diluted 177,529 190,967 197,287 Note: Our Annual Report on Form 10-K, which includes Management’s Discussion and Analysis, Financial Statements and related Footnotes, is available online under “For Investors” on our website, www.fiserv.com. 20 FISERV, INC. AND SUBSIDIARIES