FIRST DATA CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 13, 2018

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EX-99.3 - EXHIBIT 99.3 - FIRST DATA CORPa993partiiitem7managements.htm
EX-99.4 - EXHIBIT 99.4 - FIRST DATA CORPa994partiiitem8financialst.htm
EX-99.1 - EXHIBIT 99.1 - FIRST DATA CORPa991partiitem1business.htm
EX-23.1 - EXHIBIT 23.1 - FIRST DATA CORPa231consentofindependentre.htm
8-K - 8-K - FIRST DATA CORPa0806188-k.htm


ITEM 6. 
SELECTED FINANCIAL DATA
 
The following table sets forth our selected consolidated financial data as of the dates and for the periods indicated. The selected financial data as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016, and 2015 have been derived from our audited consolidated financial statements and related notes appearing in Part II, Item 8 of this Form 10-K, except for items recasted as a result of adopting new accounting pronouncements or change in segment revenue reporting applied retrospectively. The selected consolidated financial data as of December 31, 2015, 2014, and 2013 and for the years ended December 31, 2014 and 2013 have been derived from our audited consolidated financial statements and related notes thereto not included in this Form 10-K.

The results of operations for any period are not necessarily indicative of the results to be expected for any future period. The selected consolidated financial data set forth below should be read in conjunction with, and are qualified by reference to "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and related notes thereto included in Part II, Item 8 of this Form 10-K.
 
The notes to our consolidated financial statements in Part II, Item 8 of this Form 10-K contain additional information about various acquisitions, dispositions, and certain charges and benefits resulting from other operating expenses, and other income (expense) which affect the comparability of information presented. Amounts below include acquisitions since the date acquired.

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December 31,
(in millions, except per share amounts)
 
2017
 
2016
 
2015
 
2014
 
2013
 
Statement of operations data (Year-end):
 
 

 
 

 
 

 
 
 
 

 
Revenues
 
$
12,052

 
$
11,584

 
$
11,451

 
$
11,152

 
$
10,809

 
Total revenues (excluding reimbursables)
 
8,129

 
7,839

 
7,764

 
7,548

 
7,302

 
Operating expenses (a)
 
10,201

 
9,921

 
10,231

 
9,708

 
9,632

 
Other operating expenses, net (b)
 
143

 
51

 
53

 
13

 
56

 
Total expenses (excluding reimbursables)
 
6,421

 
6,227

 
6,597

 
6,117

 
6,181

 
Interest expense, net
 
(931
)
 
(1,078
)
 
(1,534
)
 
(1,721
)
 
(1,853
)
 
Net income (loss)
 
1,664

 
660

 
(1,268
)
 
(265
)
 
(775
)
 
Net income (loss) attributable to First Data Corporation
 
1,465

 
420

 
(1,481
)
 
(458
)
 
(952
)
 
Depreciation and amortization (c)
 
1,073

 
1,061

 
1,133

 
1,163

 
1,212

 
Net income (loss) per share (d):
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.60

 
$
0.47

 
$
(7.70
)
 
$
(458,000
)
 
$
(952,000
)
 
Diluted
 
1.56

 
0.46

 
(7.70
)
 
(458,000
)
 
(952,000
)
 
Weighted-average common shares outstanding (d):
 
 
 
 
 
 
 
 
 
 
 
Basic (f)
 
916

 
902

 
192

 
—

 
—

 
Diluted (f)
 
940

 
921

 
192

 
—

 
—

 
Balance sheet data (As of year-end):
 
 
 
 

 
 

 
 
 
 

 
Total assets
 
$
48,269

 
$
40,292

 
$
34,362

 
$
34,034

 
$
34,962

 
Settlement assets
 
20,363

 
14,795

 
8,150

 
7,557

 
7,553

 
Total liabilities
 
42,183

 
36,088

 
30,625

 
31,434

 
33,318

 
Settlement obligations
 
20,363

 
14,795

 
8,150

 
7,557

 
7,553

 
Long-term borrowings
 
17,927

 
18,131

 
18,737

 
20,697

 
22,499

 
Other long-term liabilities (e)
 
963

 
1,240

 
1,243

 
1,223

 
1,202

 
Redeemable noncontrolling interest
 
72

 
73

 
77

 
70

 
69

 
Total equity
 
6,014

 
4,131

 
3,660

 
2,530

 
1,575

 
Cash flow data (Year-end):
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
2,047

 
$
2,111

 
$
795

 
$
1,035

 
$
715

 
Net cash used in investing activities
 
(1,952
)
 
(361
)
 
(685
)
 
(330
)
 
(354
)
 
Net cash provided by (used in) financing activities
 
9

 
(1,734
)
 
(16
)
 
(743
)
 
(532
)
 
(a) 
Operating expenses include Cost of services; Cost of products sold; Selling, general, and administrative; Depreciation and amortization; and Reimbursable debit network fees, postage and other.
(b) 
Other operating expenses, net includes restructuring, net; impairments; litigation and regulatory settlements; integration cost and other as applicable to the periods presented. See note 10 "Other Operating Expenses" to our consolidated financial statements in Part II, Item 8 of this Form 10-K for details.
(c)
Includes amortization of initial payments for new contracts, which is recorded as a contra-revenue within “Transaction and processing service fees” and amortization related to equity method investments, which is netted within “Equity earnings in affiliates” in our consolidated statements of operations.
(d)
As a result of the HoldCo Merger, all outstanding shares of FDH were converted into Class B common stock, which are entitled to ten votes per share. All of FDC's outstanding common stock was eliminated upon the merger. We accounted for the HoldCo Merger as a transfer of assets between entities under common control and have reflected the transactions impact on net loss per share and weighted-average shares on a prospective basis.
(e)
Other long-term liabilities include Deferred tax liabilities.
(f) Prior to our Initial Public Offering in 2015, we had 1,000 shares of common stock that was eliminated upon the merger with First Data Holdings.


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