First Data Reports Fourth Quarter and Full Year 2018 Financial Results and Provides Full Year 2019 Guidance

  • Q4 results and 2019 guidance in line with preliminary results reported
    on January 16th
  • Q4 consolidated revenue of $2,399 million, down 24%; Full
    year consolidated revenue of $9,498 million, down 21%,
    reflecting the adoption of ASC 606
  • Q4 total segment revenue of $2,185 million, up 3% as reported(a),
    up 2% on a comparable accounting basis(b), up 6% on an
    organic constant currency basis(c); Full year total
    segment revenue
    of $8,657 million, up 7% reported(a),
    up 6% on both a comparable accounting basis(b) and organic
    constant currency basis(c)
  • Q4 net income attributable to First Data diluted EPS of $0.17;
    Full year net income attributable to First Data diluted EPS of
    $1.05
  • Q4 adjusted diluted EPS of $0.38; Full year adjusted diluted
    EPS
    of $1.41
  • Q4 total segment EBITDA of $855 million, up 1% as reported(a),
    up 2% on a comparable accounting basis(b), up 7% on an
    organic constant currency basis(c); Full year total
    segment EBITDA
    of $3,264 million, up 6% reported(a), up
    7% on a comparable accounting basis(b), up 8% on an organic
    constant currency basis(c)
  • Q4 cash flow from operations of $498 million; Full year cash
    flow from operations
    of $2,307 million
  • Q4 free cash flow of $284 million; Full year free cash flow
    of $1,474 million

NEW YORK–(BUSINESS WIRE)–First Data Corporation (NYSE: FDC), a global leader in commerce-enabling
technology, today reported financial results for the fourth quarter and
full year ended December 31, 2018.

On January 16, 2019, First Data and Fiserv, Inc. announced that their
boards of directors unanimously approved a definitive agreement under
which First Data will combine with Fiserv in an all-stock transaction.
Following the close of the transaction, Fiserv shareholders will own
57.5% of the combined company, and First Data shareholders will own
42.5%, on a fully diluted basis. The transaction is subject to customary
closing conditions and is expected to close in the second half of 2019.

“We finished the year with a strong fourth quarter across our global
business lines,” said First Data Chairman and CEO Frank Bisignano. “We
enter 2019 with excellent momentum across our important growth
initiatives and with confidence that our recently announced merger with
Fiserv will position the combined company well to serve its clients
through an expanded set of solutions, drive further innovation, and
ultimately create significant value for shareholders.”

Consolidated revenue for the fourth quarter was $2,399 million, down 24%
compared to the prior year period. Consolidated revenue in 2018 reflects
the impact from the adoption of new accounting standards required under
ASC 606, which negatively affected comparability relative to the prior
year period. Total segment revenue was $2,185 million for the quarter,
up 3% versus the prior year period on a reported basis(a), up
2% on a comparable accounting basis(b), or up 6% on an
organic constant currency basis(c).

Net income attributable to First Data for the fourth quarter of 2018 was
$162 million, or $0.17 per diluted share, down 83% from comparable
figures in the fourth quarter of 2017, primarily driven by the
non-recurrence of significant favorable discrete tax items in the prior
year period and a significant loss on debt extinguishment in the current
quarter, partially offset by improved current quarter operating results.

Adjusted net income, which modifies net income for items such as
gains/losses from divestitures, debt extinguishment charges, stock-based
compensation, amortization of acquisition intangibles, restructuring
costs, certain discrete tax items and other items, was $364 million, or
$0.38 per diluted share, down 13% and 14%, respectively, from comparable
figures in the fourth quarter of 2017. The decrease was primarily driven
by a normalized adjusted effective tax rate and unfavorable foreign
currency movements in the quarter, partially offset by improved current
quarter operating results. Unfavorable year-over-year foreign currency
movements negatively impacted adjusted net income per diluted share by
$0.03 in the quarter.

Total segment earnings before interest, taxes, depreciation, and
amortization (total segment EBITDA) in the fourth quarter of 2018 was
$855 million, up 1% versus the prior year period on a reported basis(a),
up 2% on a comparable accounting basis(b), or up 7% on an
organic constant currency basis(c). Total segment EBITDA
margin was 39.1%, down 20 basis points on a comparable accounting basis(b),
or up 20 basis points on an organic constant currency basis(c).

Segment Results

Global Business Solutions (GBS)

Fourth quarter 2018 GBS segment revenue was $1,421 million, up 9% versus
the prior year period on a reported basis(a), up 6% on a
comparable accounting basis(b), or up 8% on an organic
constant currency basis(c). Within geographic regions, North
America revenue of $1,102 million was up 11% versus the prior year
period on a reported basis(a), up 7% on a comparable
accounting basis(b), or up 5% on an organic constant currency
basis(c). Performance in North America reflected continued
strong growth in the Partner Solutions channel, partially offset by a
modest decline in the JV channel. EMEA revenue was $178 million, up 2%
on both a reported(a) and comparable accounting basis(b),
or up 6% on an organic constant currency basis(c). Latin
America revenue was $87 million, up 12% on a reported basis(a),
flat on a comparable accounting basis(b), or up 45% on an
organic constant currency basis(c). APAC revenue was $54
million, up 13% on a reported basis(a), up 9% on a comparable
accounting basis(b), or up 15% on an organic constant
currency basis(c).

Fourth quarter 2018 GBS segment EBITDA was $514 million, up 4% versus
the prior year period on both a reported(a) and comparable
accounting basis(b), or up 8% on an organic constant currency
basis(c). GBS Segment EBITDA margin was 36.2%, down 50 basis
points on a comparable accounting basis(b), or up 10 basis
points on an organic constant currency basis(c).

Global Financial Solutions (GFS)

Fourth quarter 2018 GFS segment revenue was $375 million, down 9% versus
the prior year period on a reported basis(a), down 8% on a
comparable accounting basis(b), or up 7% on an organic
constant currency basis(c). Within geographic regions, North
America revenue of $226 million was down 6% on both a reported(a)
and comparable accounting basis(b), or up 2% on an organic
constant currency basis(c). EMEA revenue was $87 million,
down 22% versus the prior year period on a reported basis(a),
down 21% on a comparable accounting basis(b), or up 8% on an
organic constant currency basis(c). Latin America revenue was
$33 million, up 1% versus the prior year period on both a reported(a)
and comparable accounting basis(b), or up 27% on an organic
constant currency basis(c). APAC revenue was $29 million, up
19% versus the prior year period on both a reported(a) and
comparable accounting basis(b), or up 26% on an organic
constant currency basis(c).

Fourth quarter 2018 GFS segment EBITDA was $159 million, down 13% versus
the prior year period on a reported basis(a), down 11% on a
comparable accounting basis(b), or up 2% on an organic
constant currency basis(c). GFS Segment EBITDA margin was
42.4%, down 160 basis points on a comparable accounting basis(b),
or down 210 basis points on an organic constant currency basis(c).

Network & Security Solutions (NSS)

Fourth quarter 2018 NSS segment revenue was $389 million, down 4% versus
the prior year period on a reported basis(a), or down 1% on
both a comparable accounting(b) and organic constant currency
basis(c), as modest growth within the EFT business was offset
by modest declines in the Stored Value and Security and Fraud businesses.

Fourth quarter 2018 NSS segment EBITDA was $215 million, up 3% versus
the prior year period on a reported(a), comparable accounting(b)
and organic constant currency basis(c). NSS Segment EBITDA
margin was 55.3%, up 200 basis points on both a comparable accounting
basis(b) and organic constant currency basis(c).

Cash Flow

In the fourth quarter of 2018, cash flow from operations was $498
million, up $33 million compared to $465 million in the prior year
period. Free cash flow, which the Company defines as cash flow from
operations less capital expenditures, distributions to minority
interests and other, was $284 million in the current quarter, compared
to $280 million in the prior year period.

For the full year 2018, cash flow from operations was $2,307 million, up
$260 million compared to $2,047 million in the prior year. Free cash
flow was $1,474 million in full year 2018, up $115 million compared to
$1,359 million in the prior year.

Capital Structure

First Data’s total borrowings at December 31, 2018 decreased by $1,599
million to $17,599 million, from $19,198 million at December 31, 2017.
The decrease was driven by debt paydowns during the year. Net debt at
December 31, 2018 decreased by $1,707 million to $16,914 million, from
$18,621 million at December 31, 2017.

2019 Guidance

Today the Company announced full year 2019 financial guidance in line
with its preliminary guidance provided on January 16, 2019. This
guidance does not include any impact related to the previously announced
merger with Fiserv.

The guidance provided excludes the impact of previously announced
dispositions and holds foreign exchange rates constant versus the
year-ago comparable period (referred to as “organic constant currency”).

Key metric guidance for full year 2019:

  • Total segment revenue: organic constant currency growth of 5%
    to 6%

    • Reported segment revenue in 2019 will be negatively impacted by
      $135 million from businesses that were divested in 2018
    • Reported segment revenue in 2019 is expected to be negatively
      impacted by approximately $110 million from adverse foreign
      currency movements, based on current foreign exchange projections
  • Total segment EBITDA: organic constant currency growth of 6% to
    8%

    • Reported segment EBITDA in 2019 will be negatively impacted by $35
      million from businesses that were divested in 2018
    • Reported segment revenue is expected to be negatively impacted by
      approximately $65 million from adverse foreign currency movements,
      based on current foreign exchange projections
  • Adjusted diluted EPS: $1.55 – $1.58
  • Free cash flow: $1.5 billion+

The Company expects the impacts to reported segment revenue and EBITDA
from divestitures and adverse foreign currency movements to be more
pronounced in the first half of 2019.

See “2019 Non-GAAP Guidance Reconciliation” in the financial tables of
this press release for reconciliations of non-GAAP guidance measures to
the most directly comparable GAAP measures.

Investor Conference Call

Due to the pending merger with Fiserv, the Company will not host a
conference call/webcast to review the fourth quarter 2018 financial
results.

Non-GAAP Measures

To supplement the Company’s consolidated financial statements presented
in accordance with generally accepted accounting principles, or GAAP,
the Company uses non-GAAP measures of certain financial performance.
These non-GAAP measures include total segment revenue, total segment
expense, total segment EBITDA, adjusted net income, adjusted EPS, free
cash flow and net debt, and growth rates for these metrics compared to
prior periods. The Company has included non-GAAP measures because
management believes that they help to facilitate comparisons of the
Company’s operating results between periods. The Company believes the
non-GAAP measures provide useful information to both management and
users of our financial statements by excluding certain expenses, gains
and losses that may not be indicative of its core operating results and
business outlook. These non-GAAP measures are not in accordance with, or
an alternative to, measures prepared in accordance with GAAP and may be
different from non-GAAP measures used by other companies. In addition,
these non-GAAP measures are not based on any comprehensive set of
accounting rules or principles. These measures should only be used to
evaluate the Company’s results of operations in conjunction with the
corresponding GAAP measures. Additional information about non-GAAP
financial measures, including reconciliations all non-GAAP measures to
the most directly comparable GAAP measure can be found in the tables
included in this press release.

About First Data

First Data (NYSE: FDC) is a global leader in commerce-enabling
technology and solutions, serving approximately six million business
locations and more than 3,700 financial institutions in more than 100
countries around the world. The Company’s 19,000 owner-associates are
dedicated to helping companies, from start-ups to the world’s largest
corporations, conduct commerce every day by securing and processing more
than 3,000 transactions per second and $2.6 trillion per year.

 
(a) GAAP growth rate — Consolidated revenue, segment revenue and
segment EBITDA reflect New Reporting Standards, including the
modified retrospective application of ASC 606 (the New Revenue
Standard). See Form 8-K filed on April 16, 2018, for full
description of the New Reporting Standards and their impact on 2017
results.
(b) Non-GAAP growth rate — Growth rate adjusted to retrospectively
apply ASC 606 to the prior year period, providing a consistent basis
of accounting to both periods.
(c) Non-GAAP growth rate — Organic constant currency growth (“Organic
CC growth”) is defined as reported growth adjusted for the
following: (1) excludes the impacts of year-over-year currency rate
changes in the current period; (2) excludes the results of
significant divestitures in the prior year period; (3) includes the
results of significant acquisitions in the prior year period; and
(4) is adjusted to retrospectively apply ASC 606 to the prior year
period.
 
   

First Data Corporation

Consolidated Statements of Income

(Unaudited)

(in millions, except per share data)

 
Three months ended December 31, Twelve months ended December 31,
2018   2017 2018   2017
Revenues:
Revenues excluding reimbursable items $ 2,193 $ 2,131 $ 8,679 $ 8,129
Reimbursable items 206   1,019   819   3,923  
Total revenues 2,399   3,150   9,498   12,052  
Expenses:
Cost of revenues (exclusive of items shown below) 734 772 3,005 3,128
Selling, general, and administrative 656 567 2,651 2,178
Depreciation and amortization 256 259 1,009 972
Other operating expenses 13   35   119   143  
Total expenses (excluding reimbursable items) 1,659 1,633 6,784 6,421
Reimbursable items 206   1,019   819   3,923  
Total expenses 1,865   2,652   7,603   10,344  
Operating profit 534   498   1,895   1,708  
Interest expense, net (219 ) (229 ) (917 ) (931 )
Loss on debt extinguishment (150 ) (8 ) (153 ) (80 )
Other income   23   201   16  
Income before income taxes and equity earnings in affiliates 165 284 1,026 713
Income tax expense (benefit) 5 (663 ) 49 (729 )
Equity earnings in affiliates 54   55   221   222  
Net income 214 1,002 1,198 1,664
Less: Net income attributable to noncontrolling interests and
redeemable noncontrolling interest
52   54   193   199  
Net income attributable to First Data Corporation $ 162   $ 948   $ 1,005   $ 1,465  
 
Net income attributable to First Data Corporation per share:
Basic $ 0.17 $ 1.03 $ 1.08 $ 1.60
Diluted $ 0.17 $ 1.00 $ 1.05 $ 1.56
 
Weighted-average common shares outstanding:
Basic 933 919 929 916
Diluted 961 945 957 940
The 2018 results include the impact of adopting ASC 606 (the New
Revenue Standard), while the 2017 results are stated under ASC 605
(the Legacy Revenue Standard).
 
       

First Data Corporation

Selected Consolidated Balance Sheet and Cash Flow Data

(Unaudited)

(in millions)

 
SELECTED CONSOLIDATED BALANCE SHEET DATA
 
As of As of
12/31/2018 12/31/2017
 
Cash and cash equivalents $ 555

$

498

 

Settlement assets 11,423 20,363
Total assets

38,289

48,269
 
Short-term and current portion of long-term borrowings 1,170 1,271
Settlement obligations 11,423 20,363
Long-term borrowings 16,429 17,927
Total liabilities

31,250

42,183
 
Redeemable noncontrolling interest 77 72
 
Total First Data Corporation stockholders’ equity 4,168 3,152
Noncontrolling interests 2,794 2,862
Total equity 6,962 6,014
 

SELECTED CONSOLIDATED CASH FLOW DATA

 

Three months ended
December 31,

Twelve months ended
December 31,

2018 2017 2018 2017
Source/(Use) of cash
Net cash provided by operating activities $ 498 $ 465 $ 2,307 $ 2,047
Net cash used in investing activities (157 ) (892 ) (99 ) (1,952)
Net cash (used in) provided by financing activities (385 ) 419 (2,124 ) 9
Supplemental cash flow data
Cash interest payments(a) $ 217 $ 221 $ 906 $ 889
(a) For purposes of this schedule, cash interest payments excludes
interest on capital leases and interest on foreign lines of credit.
 
   

First Data Corporation

Summary Segment Data

(Unaudited)

(in millions)

 
Three months ended December 31, Twelve months ended December 31,
2018   2017  

%
Change

 

Organic CC
% Change(c)

2018   2017  

%
Change

 

Organic CC
% Change(c)

Consolidated Revenues $ 2,399 $ 3,150 (24)% $ 9,498 $ 12,052 (21)%
Adjustments:
Non wholly owned entities(a) (8 ) (15 ) (47)% (22 ) (64 ) (66)%
Reimbursable items (206 ) (1,019 ) (80)% (819 ) (3,923 ) (79)%
Total Segment Revenues $ 2,185   $ 2,116   3% 6% $ 8,657   $ 8,065   7% 6%
 
 
Segment Revenues:
Global Business Solutions $ 1,421 $ 1,298 9% 8% $ 5,572 $ 4,899 14% 7%
Global Financial Solutions 375 412 (9)% 7% 1,596 1,623 (2)% 4%
Network & Security Solutions 389   406   (4)% (1)% 1,489   1,543   (3)% 2%
Total Segment Revenues $ 2,185   $ 2,116   3% 6% $ 8,657   $ 8,065   7% 6%
 
Three months ended December 31, Twelve months ended December 31,
2018 2017

%
Change

Organic CC
% Change(c)

2018 2017

%
Change

Organic CC
% Change(c)

Net income attributable to First Data Corporation $ 162 $ 948 (83)% $ 1,005 $ 1,465 (31)%
Adjustments:
Non wholly owned entities(a) (6 ) (9 ) (33)% (35 ) (30 ) 17%
Depreciation and amortization 256 259 (1)% 1,009 972 4%
Interest expense, net 219 229 (4)% 917 931 (2)%
Loss on debt extinguishment 150 8 NM 153 80 91%
Other items(b) 13 12 8% (82 ) 132 (162)%
Income tax expense (benefit) 5 (663 ) (101)% 49 (729 ) (107)%
Stock-based compensation 56   62   (10)% 248   245   1%
Total Segment EBITDA $ 855   $ 846   1% 7% $ 3,264   $ 3,066   6% 8%
 
Segment EBITDA:
Global Business Solutions $ 514 $ 494 4% 8% $ 1,995 $ 1,824 9% 9%
Global Financial Solutions 159 182 (13)% 2% 662 680 (3)% 3%
Network & Security Solutions 215 209 3% 3% 778 729 7% 7%
Corporate (33 ) (39 ) 15% 15% (171 ) (167 ) (2)% (2)%
Total Segment EBITDA $ 855   $ 846   1% 7% $ 3,264   $ 3,066   6% 8%
NM represents not meaningful
 
(a) Net adjustment to reflect our proportionate share of the results of
our investments in businesses accounted for under the equity method
and consolidated subsidiaries with noncontrolling ownership
interests. Segment revenue for our significant affiliates is
reflected based on our proportionate share of the results of our
investments in businesses accounted for under the equity method and
consolidated subsidiaries with noncontrolling ownership interests.
For other affiliates, we include equity earnings in affiliates,
excluding amortization expense, in segment revenue.
(b) Includes restructuring, non-normal course litigation and regulatory
settlements, debt issuance expenses, deal and deal integration
costs, Other expense as presented in the unaudited consolidated
statements of income, which includes divestitures, derivative gains
(losses), non-operating foreign currency gains (losses), and other
as applicable to the periods presented.
(c) Organic constant currency growth (“Organic CC growth”) is defined as
reported growth adjusted for the following: (1) excludes the impacts
of year-over-year currency rate changes in the current period; (2)
excludes the results of significant divestitures in the prior year
period; (3) includes the results of significant acquisitions in the
prior year period; and (4) is adjusted to retrospectively apply New
Reporting Standards to the prior year period.
 
 

First Data Corporation

Summary Segment Data

(Unaudited)

(in millions)

 
SEGMENT REVENUE RECONCILIATION
  Three months ended December 31,   Twelve months ended December 31,
2018   2017   % B/(W)(b) 2018   2017   % B/(W)(b)
Reported FDC segment revenue $ 2,185 $ 2,116 3% $ 8,657 $ 8,065 7%
New revenue standard adjustments (ASC 606) 31 103
FDC segment revenue (comparable accounting) 2,185 2,147 2% 8,657 8,168 6%
Currency impact 61 80
FDC CC adjusted segment revenue 2,246 2,147 5% 8,737 8,168 7%
Acquisitions/Divestitures(c)   (25 )   104  
Organic CC FDC segment revenue growth(a) $ 2,246   $ 2,122   6% $ 8,737   $ 8,272   6%
 
Reported GBS segment revenue $ 1,421 $ 1,298 9% $ 5,572 $ 4,899 14%
New revenue standard adjustments (ASC 606) 46 165
GBS segment revenue (comparable accounting) 1,421 1,344 6% 5,572 5,064 10%
Currency impact 48 73
Acquisitions/Divestitures(c)   22     202  
Organic CC GBS segment revenue growth(a) $ 1,469   $ 1,366   8% $ 5,645   $ 5,266   7%
 
Reported GBS NA segment revenue $ 1,102 $ 996 11% $ 4,329 $ 3,814 14%
New revenue standard adjustments (ASC 606) 36 131
GBS NA segment revenue (comparable accounting) 1,102 1,032 7% 4,329 3,945 10%
Currency impact
Acquisitions/Divestitures(c)   23     203  
Organic CC GBS NA segment revenue growth(a) $ 1,102   $ 1,055   5% $ 4,329   $ 4,148   4%
 
Reported GBS EMEA segment revenue $ 178 $ 176 2% $ 706 $ 639 10%
New revenue standard adjustments (ASC 606) 5
GBS EMEA segment revenue (comparable accounting) 178 176 2% 706 644 10%
Currency impact 7 (26 )
Acquisitions/Divestitures(c)   (1 )   (1 )
Organic CC GBS EMEA segment revenue growth(a) $ 185   $ 175   6% $ 680   $ 643   6%
 
Reported GBS APAC segment revenue $ 54 $ 48 13% $ 201 $ 173 16%
New revenue standard adjustments (ASC 606) 1 2
GBS APAC segment revenue (comparable accounting) 54 49 9% 201 175 15%
Currency impact 3 1
Acquisitions/Divestitures(c)        
Organic CC GBS APAC segment revenue growth(a) $ 57   $ 49   15% $ 202   $ 175   16%
 
Reported GBS LATAM segment revenue $ 87 $ 78 12% $ 336 $ 273 23%
New revenue standard adjustments (ASC 606) 9 27
GBS LATAM segment revenue (comparable accounting) 87 87 —% 336 300 12%
Currency impact 38 98
Acquisitions/Divestitures(c)        
Organic CC GBS LATAM segment revenue growth(a) $ 125   $ 87   45% $ 434   $ 300   45%
 
Reported GFS segment revenue $ 375 $ 412 (9)% $ 1,596 $ 1,623 (2)%
New revenue standard adjustments (ASC 606) (1 ) (7 )
GFS segment revenue (comparable accounting) 375 411 (8)% 1,596 1,616 (1)%
Currency impact 13 7
Acquisitions/Divestitures(c)   (47 )   (77 )
Organic CC GFS segment revenue growth(a) $ 388   $ 364   7% $ 1,603   $ 1,539   4%
 
   

First Data Corporation

Summary Segment Data

(Unaudited)

(in millions)

 
Three months ended December 31, Twelve months ended December 31,
2018   2017   % B/(W)(b) 2018   2017   % B/(W)(b)
Reported GFS NA segment revenue $ 226 $ 242 (6)% $ 920 $ 949 (3)%
New revenue standard adjustments (ASC 606) (2 )
GFS NA segment revenue (comparable accounting) 226 242 (6)% 920 947 (3)%
Currency impact
Acquisitions/Divestitures(c)   (20 )   (31 )
Organic CC GFS NA segment revenue growth(a) $ 226   $ 222   2% $ 920   $ 916   1%
 
Reported GFS EMEA segment revenue $ 87 $ 112 (22)% $ 430 $ 444 (3)%
New revenue standard adjustments (ASC 606) (1 ) (2 )
GFS EMEA segment revenue (comparable accounting) 87 111 (21)% 430 442 (2)%
Currency impact 3 (16 )
Acquisitions/Divestitures(c)   (27 )   (46 )
Organic CC GFS EMEA segment revenue growth(a) $ 90   $ 84   8% $ 414   $ 396   5%
 
Reported GFS APAC segment revenue $ 29 $ 26 19% $ 113 $ 98 15%
New revenue standard adjustments (ASC 606) (9 )
GFS APAC segment revenue (comparable accounting) 29 26 19% 113 89 28%
Currency impact 2 2
Acquisitions/Divestitures(c)        
Organic CC GFS APAC segment revenue growth(a) $ 31   $ 26   26% $ 115   $ 89   30%
 
Reported GFS LATAM segment revenue $ 33 $ 32 1% $ 133 $ 132 1%
New revenue standard adjustments (ASC 606) 6
GFS LATAM segment revenue (comparable accounting) 33 32 1% 133 138 (4)%
Currency impact 8 21
Acquisitions/Divestitures(c)        
Organic CC GFS LATAM segment revenue growth(a) $ 41   $ 32   27% $ 154   $ 138   12%
 
Reported NSS segment revenue $ 389 $ 406 (4)% $ 1,489 $ 1,543 (3)%
New revenue standard adjustments (ASC 606) (14 ) (55 )
NSS segment revenue (comparable accounting) 389 392 (1)% 1,489 1,488 —%
Currency impact
Acquisitions/Divestitures(c)       (21 )
Organic CC NSS segment revenue growth(a) $ 389   $ 392   (1)% $ 1,489   $ 1,467   2%
 

Contacts

Peter Poillon
Investor Relations
First Data
212-266-3565
Peter.Poillon@firstdata.com

Michael Schneider
Corporate Communications
First Data
212-515-0290
Michael.Schneider@firstdata.com

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