GAAP revenue in the fourth quarter was $1.37 billion compared with $1.32 billion in the fourth quarter of 2014. Adjusted revenue was $1.28 billion in the fourth quarter compared with $1.23 billion in the fourth quarter of 2014, an increase of 5 percent. For the full year, GAAP revenue was $5.25 billion compared with $5.07 billion in 2014. Adjusted revenue was $4.95 billion for the full year compared with $4.74 billion in 2014, an increase of 4 percent.

GAAP earnings per share from continuing operations in the fourth quarter was $0.81 compared with $0.73 in the fourth quarter of 2014. GAAP earnings per share from continuing operations for the full year was $2.99 in both 2015 and 2014. The full year 2015 GAAP earnings per share included debt extinguishment and refinancing costs of $0.25 per share. The full year 2014 GAAP earnings per share included a $0.20 per share gain on the sales of subsidiary businesses at StoneRiver Group, L.P. (“StoneRiver”), a joint venture in which the company owns a 49% interest.

Adjusted earnings per share from continuing operations increased 12 percent in the quarter to $1.00 compared with $0.89 in the fourth quarter of 2014. Adjusted earnings per share from continuing operations for the year grew 15 percent to $3.87 compared with $3.37 in 2014.

“We delivered solid results in 2015 including internal revenue growth within our long-term outlook and our 30th consecutive year of double-digit adjusted earnings per share growth,“ said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “The organization generated record financial performance while delivering value for clients, associates and shareholders.”

Fourth Quarter and Full Year 2015

• Adjusted revenue increased 5 percent in the quarter to $1.28 billion and 4 percent for the full year to $4.95 billion over the prior year periods.
• Internal revenue growth in the quarter was 5 percent for the company, driven by 6 percent growth in the Payments segment and 4 percent growth in the Financial segment. Foreign currency negatively impacted internal revenue growth by approximately 50 basis points in the fourth quarter.
• Internal revenue grew 4 percent for the full year, led by 5 percent growth in the Payments segment and 3 percent growth in the Financial segment. Foreign currency negatively impacted internal revenue growth by approximately 50 basis points in 2015.
• Adjusted earnings per share increased 12 percent in the quarter to $1.00 and 15 percent for the full year to $3.87 compared with the prior year periods.
• Adjusted operating margin increased 10 basis points to 30.7 percent in the quarter and expanded 120 basis points for the year to 31.7 percent compared to the prior year periods.
• Free cash flow for the year was $1.01 billion, an increase of 4 percent over the prior year.
• The company repurchased 17.4 million shares of common stock for $1.47 billion in 2015, which included 4.5 million shares of common stock in the fourth quarter for $422 million. The company announced a new 15 million share repurchase authorization in the quarter, and had 17.4 million remaining shares authorized for repurchase as of December 31, 2015.

Recent Developments: January

• The company received a $140 million cash distribution from StoneRiver funded from the recent sale of a business interest.
• The company entered into a definitive agreement with ACI Worldwide to acquire certain assets of its Community Financial Services business in a transaction valued at $200 million, which does not include related tax benefits of approximately $50 million. This transaction, which adds a suite of digital banking and payments solutions, is subject to regulatory approval and other customary closing conditions and is anticipated to close in the first quarter of 2016.

Outlook for 2016

Fiserv expects internal revenue to grow in a range of 5 to 6 percent. The company also expects adjusted earnings per share in a range of $4.32 to $4.44, which would represent growth of 12 to 15 percent over $3.87 in 2015.

“We expect to deliver accelerated internal revenue growth in 2016 consistent with our strategic focus on high-quality revenue and innovation-based growth,” said Yabuki.