FISV Fiserv, Inc.

Risks

• We operate in a competitive business environment and may not be able to compete effectively.
• If we fail to keep pace with technological change we could lose clients or have trouble attracting new clients, and our ability to grow may be limited.
• If we are unable to renew client contracts at favorable terms, we could lose clients and our results of operations and financial condition may be adversely affected.
• Our business depends, in part, on our merchant and financial institution relationships and alliances, and if we are unable to maintain these relationships and alliances, our business may be adversely affected.
• Consolidations in the banking and financial services industry could adversely affect our revenue by eliminating existing or potential clients and making us more dependent on fewer clients.
• Security incidents or other technological risks involving our systems and data, or those of our clients, partners or vendors, could expose us to liability or damage our reputation.
• Operational failures and resulting interruptions in the implementation or availability of our products or services could harm our business and reputation.
• Disruptions of operations of other participants in the global financial system could prevent us from delivering our products and services.
• Because we rely on third parties to provide products and services, we could be adversely impacted if they fail to fulfill their obligations.
• Our merchants may be unable to satisfy obligations for which we may also be liable.
• Fraud by merchants or others could have a material adverse effect on our business, results of operations and financial condition.
• Our business may be adversely affected by geopolitical and other risks associated with operations outside of the United States and, as we continue to expand internationally, we may incur higher than anticipated costs and may become more susceptible to these risks.
• A disruptive implementation of the United Kingdom’s exit from the European Union could adversely affect our results of operations.
• Changes in card association and debit network fees or products could increase costs or otherwise limit our operations.
• Our failure to comply with applicable complex laws and regulations could harm our businesses and subject us to liability.
• If we fail to comply with the applicable requirements of the payment card networks and NACHA, they could seek to fine us, suspend us or terminate our registrations, which could adversely affect our business.
• A heightened regulatory environment in the financial services industry may have an adverse impact on our clients and our business.
• Legislative or regulatory initiatives on cybersecurity and data privacy could adversely impact our business and financial results.
• We may be sued for infringing the intellectual property rights of others.
• Misappropriation of our intellectual property and proprietary rights could impair our competitive position.
• We may experience software defects, development delays or installation difficulties, which would harm our business and reputation and expose us to potential liability.
• Acquisitions subject us to risks, including assumption of unforeseen liabilities and difficulties in integrating operations.
• We may be obligated to indemnify the purchasers of businesses pursuant to the terms of the relevant purchase and sale agreements.
• The failure to attract and retain key personnel could have a material adverse effect on our business.
• Our business may be adversely impacted by U.S. and global market and economic conditions.
• Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets would negatively affect our results of operations.
• Existing or future leverage may harm our financial condition and results of operations.
• Our results of operations may be adversely affected by changes in foreign currency exchange rates.
• Potential tariffs or trade wars could increase the cost of our products, which could adversely impact the competitiveness of our products and our financial results.
• We may be unable to integrate the business of First Data successfully or realize the anticipated benefits of the acquisition.
• The synergies attributable to the acquisition may vary from expectations.
• We expect to incur substantial expenses related to the integration.
• Our future results will suffer if we do not effectively manage our expanded operations.
• The First Data transaction may result in a loss of customers, distributors, suppliers, vendors, landlords, joint venture partners or other business partners and may result in the termination of existing contracts.
• New Omaha Holdings L.P. may sell a substantial amount of our common stock as certain restrictions on sales expire, and these sales could cause the price of our common stock to fall.
• New Omaha may have influence over us and its interests may conflict with other shareholders.