8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 28, 2008

Fiserv, Inc.

(Exact Name of Registrant as Specified in Charter)

Wisconsin	0-14948	39-1506125
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

255 Fiserv Drive, Brookfield, Wisconsin 53045

(Address of Principal Executive Offices, including Zip Code)

(262) 879-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Fiserv, Inc. (the “Company”) has realigned its business operations in connection with its integration of CheckFree Corporation (“CheckFree”) and will begin to report its financial results in the following new operating segments beginning with the first quarter of 2008:

Financial Institution Services. The Financial Institution Services (“Financial”) segment provides core account processing solutions, item processing, deposit automation, loan origination and servicing products, cash management, and consulting services for financial institutions.

Payments and Industry Products. The Payments and Industry Products (“Payments”) segment provides electronic transaction processing services, including EFT and debit processing, internet banking, electronic bill payment and presentment services and biller services. This segment also provides card and print personalization services, risk and transaction management products and investment account processing services.

Insurance Services. The Insurance Services (“Insurance”) segment provides core policy claims and billing administration systems for life and property and casualty insurance carriers and agencies, workers’ compensation transaction processing and administration services for pharmacies and insurance carriers, and flood claims processing and program administration.

Corporate and Other. The Corporate and Other (“Corporate and Other”) segment includes unallocated corporate overhead expenses, amortization expense of acquisition-related intangible assets and intercompany eliminations.

The Company is filing this Current Report on Form 8-K only to provide recasted quarterly historical operating segment information for 2007 and 2006. There are no changes to previously reported consolidated financial information.

Item 9.01 Financial Statements and Exhibits.

Exhibits

The following exhibits are being furnished herewith:

Exhibit No.	Description
99.1	Quarterly Financial Information by Segment for 2007 and 2006 (unaudited)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FISERV, INC.
Date: April 28, 2008	By:	/s/ Thomas J. Hirsch
		Thomas J. Hirsch
		Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Quarterly Financial Information by Segment for 2007 and 2006 (unaudited)

EX-99.1

EXHIBIT 99.1

USE OF NON-GAAP FINANCIAL INFORMATION

In this exhibit, we present two non-GAAP measures – adjusted revenues and adjusted operating income – in addition to total revenues and operating income determined in accordance with GAAP. Management believes that adjustments for certain non-cash items, merger costs and restructuring charges and the exclusion of certain pass-through revenues and expenses enhance our shareholders’ ability to evaluate our performance because such items do not reflect how we manage our day-to-day operations. Therefore, we exclude these items from GAAP revenue and operating income to calculate these non-GAAP measures.

Examples of such non-cash or unusual items include, but are not limited to, non-cash deferred revenue adjustments arising from acquisitions, non-cash intangible asset amortization expense associated with acquisitions and merger and integration expenses, all offset by the income tax impact of these items. We exclude these items to enable our shareholders to more clearly focus on the factors we believe are pertinent to the management of our operations. We regularly report our adjusted operating results to our chief executive officer, who uses this information to allocate resources to our various businesses.

We believe this supplemental information enhances our shareholders’ ability to evaluate and understand our core business performance. These non-GAAP measures should be considered in addition to, and not as a substitute for, revenues and operating income or any other amount determined in accordance with GAAP. These non-GAAP measures reflect management’s judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

DEFINITIONS OF CERTAIN NON-GAAP ADJUSTMENTS

“Prescription product costs” – Revenues in the Insurance segment include workers’ compensation prescription product costs which are recognized on a gross basis to include the prescription cost in both revenues and expenses in accordance with GAAP.

“Output solutions postage reimbursements” – Revenues in the Payments segment include postage reimbursements related to the company’s plastic card manufacturing, personalization, statement production, print and mailing business. These customer reimbursements are pass-through expenses to clients and are included in both revenues and expenses in accordance with GAAP.

“Employee severance, facility shutdown and other” – These charges relate primarily to employee severance and facility shutdown expenses in our lending and insurance businesses totaling $3 million in the second quarter of 2007, $9 million in the fourth quarter of 2007, and $9 million in the fourth quarter of 2006.

“Merger costs and other adjustments” – Merger costs primarily represent expenses associated with the acquisition of CheckFree Corporation in December 2007, including integration project management, employee severance, retention bonuses and other expenses totaling $8 million in the fourth quarter of 2007. In accordance with GAAP, merger and integration costs, such as severance and facility shutdown costs directly related to existing Fiserv operations, are required to be expensed. However, direct merger and certain integration costs related to CheckFree’s operations are recorded in the initial purchase accounting for the acquisition. In addition, in connection with the preliminary purchase price allocation, we estimated the fair value of certain deferred revenue from license fees and other customer payments assumed in connection with the CheckFree acquisition. Revenue in December 2007 totaling $3 million would have been recognized by CheckFree, or companies it acquired, consistent with past practices. However, such revenue was not recorded by us during the period ended December 31, 2007 due to the deferred revenue purchase accounting adjustment recorded in accordance with GAAP.

FISERV, INC. AND SUBSIDIARIES

QUARTERLY FINANCIAL INFORMATION BY SEGMENT

(In millions, unaudited)

	First Quarter 2007			Second Quarter 2007			Third Quarter 2007			Fourth Quarter 2007			Full Year 2007
Total Company
Revenues	$	944		$	939		$	929		$	1,110		$	3,922
Prescription product costs		(98	)		(100	)		(99	)		(152	)		(449	)
Output solutions postage reimbursements		(44	)		(35	)		(37	)		(42	)		(158	)
Deferred revenue adjustment		—			—			—			3			3
Adjusted revenues	$	802		$	804		$	793		$	919		$	3,318
Operating income	$	177		$	182		$	190		$	181		$	730
Employee severance, facility shutdown and other		—			3			—			9			12
Merger costs and other adjustments		—			—			—			11			11
Amortization of acquisition-related intangible assets		7			8			8			18			41
Adjusted operating income	$	184		$	193		$	198		$	219		$	794
Operating margin		18.8	%		19.4	%		20.5	%		16.3	%		18.6	%
Adjusted operating margin		23.0	%		24.0	%		25.0	%		23.8	%		23.9	%
Financial
Revenues	$	510		$	515		$	503		$	522		$	2,050
Operating income	$	124		$	132		$	133		$	126		$	515
Employee severance, facility shutdown and other		—			—			—			7			7
Adjusted operating income	$	124		$	132		$	133		$	133		$	522
Operating margin		24.3	%		25.6	%		26.4	%		24.1	%		25.1	%
Adjusted operating margin		24.3	%		25.6	%		26.4	%		25.6	%		25.5	%
Payments
Revenues	$	250		$	233		$	245		$	342		$	1,070
Output solutions postage reimbursements		(44	)		(35	)		(37	)		(42	)		(158	)
Adjusted revenues	$	206		$	198		$	208		$	300		$	912
Operating income	$	56		$	50		$	56		$	91		$	253
Operating margin		22.4	%		21.5	%		22.9	%		26.6	%		23.6	%
Adjusted operating margin		27.2	%		25.3	%		26.9	%		30.4	%		27.8	%
Insurance
Revenues	$	190		$	197		$	187		$	255		$	829
Prescription product costs		(98	)		(100	)		(99	)		(152	)		(449	)
Adjusted revenues	$	92		$	97		$	88		$	103		$	380
Operating income	$	16		$	18		$	18		$	20		$	72
Employee severance, facility shutdown and other		—			3			—			2			5
Adjusted operating income	$	16		$	21		$	18		$	22		$	77
Operating margin		8.4	%		9.1	%		9.6	%		7.8	%		8.7	%
Adjusted operating margin		17.5	%		21.6	%		20.4	%		20.9	%		20.1	%
Corporate and Other
Revenues	$	(6	)	$	(6	)	$	(6	)	$	(9	)	$	(27	)
Deferred revenue adjustment		—			—			—			3			3
Adjusted revenues	$	(6	)	$	(6	)	$	(6	)	$	(6	)	$	(24	)
Operating income	$	(19	)	$	(18	)	$	(17	)	$	(56	)	$	(110	)
Merger costs and other adjustments		—			—			—			11			11
Amortization of acquisition-related intangible assets		7			8			8			18			41
Adjusted operating income	$	(12	)	$	(10	)	$	(9	)	$	(27	)	$	(58	)

NOTE: Operating margin percentages are calculated using actual, unrounded amounts.

FISERV, INC. AND SUBSIDIARIES

QUARTERLY FINANCIAL INFORMATION BY SEGMENT

(In millions, unaudited)

	First Quarter 2006			Second Quarter 2006			Third Quarter 2006			Fourth Quarter 2006			Full Year 2006
Total Company
Revenues	$	872		$	866		$	898		$	930		$	3,566
Prescription product costs		(81	)		(88	)		(98	)		(99	)		(366	)
Output solutions postage reimbursements		(32	)		(30	)		(30	)		(40	)		(132	)
Adjusted revenues	$	759		$	748		$	770		$	791		$	3,068
Operating income	$	172		$	163		$	169		$	161		$	665
Employee severance, facility shutdown and other		—			—			—			9			9
Amortization of acquisition-related intangible assets		6			6			7			7			26
Adjusted operating income	$	178		$	169		$	176		$	177		$	700
Operating margin		19.7	%		18.8	%		18.8	%		17.3	%		18.6	%
Adjusted operating margin		23.5	%		22.6	%		22.9	%		22.4	%		22.8	%
Financial
Revenues	$	488		$	499		$	498		$	502		$	1,987
Operating income	$	103		$	110		$	112		$	96		$	421
Employee severance, facility shutdown and other		—			—			—			9			9
Adjusted operating income	$	103		$	110		$	112		$	105		$	430
Operating margin		21.1	%		22.0	%		22.5	%		19.1	%		21.2	%
Adjusted operating margin		21.1	%		22.0	%		22.5	%		20.9	%		21.6	%
Payments
Revenues	$	201		$	201		$	219		$	242		$	863
Output solutions postage reimbursements		(32	)		(30	)		(30	)		(40	)		(132	)
Adjusted revenues	$	169		$	171		$	189		$	202		$	731
Operating income	$	43		$	47		$	53		$	59		$	202
Operating margin		21.4	%		23.4	%		24.2	%		24.4	%		23.4	%
Adjusted operating margin		25.5	%		27.4	%		28.0	%		29.1	%		27.6	%
Insurance
Revenues	$	183		$	168		$	186		$	191		$	728
Prescription product costs		(81	)		(88	)		(98	)		(99	)		(366	)
Adjusted revenues	$	102		$	80		$	88		$	92		$	362
Operating income	$	45		$	22		$	22		$	21		$	110
Operating margin		24.6	%		13.1	%		11.8	%		11.0	%		15.1	%
Adjusted operating margin		44.3	%		27.6	%		24.9	%		22.9	%		30.4	%
Corporate and Other
Revenues	$	—		$	(2	)	$	(5	)	$	(5	)	$	(12	)
Operating income	$	(19	)	$	(16	)	$	(18	)	$	(15	)	$	(68	)
Amortization of acquisition-related intangible assets		6			6			7			7			26
Adjusted operating income	$	(13	)	$	(10	)	$	(11	)	$	(8	)	$	(42	)

NOTE: Operating margin percentages are calculated using actual, unrounded amounts.