Consolidated revenue for the fourth quarter was $2.9 billion, down 1% versus the prior year period, or up 1% excluding currency impacts. Total segment revenue was $1.8 billion for the quarter, flat over the prior year period, or up 3% excluding the impacts from currency and divestiture of the Australian ATM business that occurred in the third quarter of 2016.

For the fourth quarter 2016, net income attributable to First Data was $192 million (or $0.21 per diluted share), which compares to a net loss of $1.2 billion in the prior year period. The prior year period included debt extinguishment charges and one-time IPO-triggered expenses totaling approximately $1.3 billion. Adjusted net income, which modifies net income for items such as debt extinguishment charges, stock-based compensation, amortization of acquisition intangibles, restructuring costs and other items, was $365 million (or $0.39 per diluted share), up $94 million or 35% versus the prior year period, primarily driven by lower interest expense.

Total segment earnings before interest, taxes, depreciation, and amortization (total segment EBITDA) in the fourth quarter 2016 was $771 million, up 1% versus the prior year period, or up 4% excluding impacts from currency and the Australian ATM divestiture, driven by revenue growth and expense management. Total segment EBITDA margin improved 50 basis points to 42.1% in the quarter.

“First Data delivered a full-year profit, generating a nearly $2 billion improvement from our 2015 net income. We’re proud of that turnaround, but we’re intensely focused on the hard work still ahead," said First Data Chairman and CEO Frank Bisignano. “Throughout this year and beyond, our team is aligned to deliver solid earnings growth, disciplined expense management, strong cash generation, and continued organic deleveraging, all while strengthening service and driving innovation to serve and expand our client base," Bisignano added.

Segment Results

Global Business Solutions (GBS)

Fourth quarter 2016 GBS segment revenue was $1.0 billion, down 1% versus the prior year period, or up 2% excluding the impacts from currency and the Australian ATM divestiture. Within geographic regions, North America revenue of $805 million was flat versus the prior year period as 7% transaction growth was offset by a decline in blended yield. EMEA revenue was $133 million, down 8% versus the prior year period, or flat excluding currency impacts, as transaction growth was largely offset by lower hardware revenue and a prior year interchange pricing benefit. Latin America revenue was $54 million, up 17% versus the prior year period, or up 45% excluding currency impacts, driven by strong results in Brazil and Argentina. APAC revenue was $34 million, down 28% versus the prior year period, or down 3% excluding impacts from currency and the Australian ATM divestiture.

Fourth quarter 2016 GBS segment expenses were $580 million, down 4% versus the prior year period, or flat excluding impacts from currency and the Australian ATM divestiture.

Fourth quarter 2016 GBS segment EBITDA was $446 million, up 2% versus the prior year period, or up 6% excluding impacts from currency and the Australian ATM divestiture. Segment EBITDA margin improved 150 basis points to 43.5% in the quarter.

Global Financial Solutions (GFS)

Fourth quarter 2016 GFS segment revenue was $415 million, up 5% versus the prior year period, or up 10% excluding currency impacts. Within geographic regions, North America revenue of $250 million was up 7% versus the prior year period, largely driven by growth in processing and print revenue partially offset by a decline in card personalization revenue. North America card accounts on file grew 5% year over year. EMEA revenue was $109 million, down 7% versus the prior year period, or up 6% excluding currency impacts, primarily driven by new business and internal growth. Latin America revenue was $33 million, up 32% versus the prior year period, or up 50% excluding currency impacts, driven by growth primarily in Argentina and Colombia. APAC revenue was $23 million, up 28% versus the prior year period, or up 25% excluding currency impacts, primarily driven by growth in Australia.