- Second quarter GAAP Diluted Earnings Per Share of $0.43 and
Adjusted EPS of $1.36
- Revenue increased 3% on a GAAP basis and 4% on an adjusted
basis to $2.5 billion
- Adjusted EBITDA margin expanded 110 basis points (bps) to
40.1%
- Repurchased $1.1 billion of shares in the second quarter and
announces new $3 billion share repurchase authorization
- Raises full-year revenue outlook, increases low-end of adjusted
EBITDA outlook and raises adjusted EPS outlook
FIS® (NYSE:FIS), a global leader in financial technology, today
reported its second quarter 2024 results.
“Our results reflect the continued positive momentum of the
business as we delivered on our financial commitments for the sixth
consecutive quarter, and are once again raising our full-year
outlook,” said FIS CEO and President Stephanie Ferris. “We are
excited by the new sales momentum we are seeing across the
business. FIS continues to execute on its strategy laid out at
Investor Day to unlock financial technology to the world across the
money lifecycle. We are confident in our ability to deliver on our
full-year outlook and committed to delivering double-digit total
return to our shareholders.”
Financial Reporting Considerations for
Completed Worldpay Sale
On July 6, 2023, the Company announced an acceleration of its
previously announced separation plan to create two highly focused
global companies with greater strategic flexibility. FIS signed a
definitive agreement to sell a 55% stake in its Worldpay Merchant
Solutions business to private equity funds managed by GTCR (the
"Worldpay Sale"). The Worldpay Sale was completed on January 31,
2024.
Unless otherwise noted, all results are presented on a
continuing operations basis and exclude the results of the Worldpay
Merchant Solutions business that was classified as discontinued
operations as of the third quarter of 2023.
Following the close of the Worldpay Sale on January 31, 2024,
FIS retains a non-controlling 45% ownership interest in a new
standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), and
records its proportionate share of Worldpay's earnings (loss) in
the "Equity method investment earnings (loss), net of tax" ("EMI")
line of the income statement.
Capital Allocation
Update
The Company remains committed to shareholder returns and is
reiterating its goal to repurchase approximately $4.0 billion of
shares in 2024. The Company repurchased $1.1 billion of shares in
the second quarter, and has repurchased $2.5 billion of shares year
to date in 2024. Additionally, the Company continues to target a
dividend payout ratio of 35% of adjusted net earnings, excluding
EMI.
On August 1, 2024, FIS' Board of Directors approved a new $3
billion share repurchase authorization. This authorization is in
addition to the current outstanding share repurchase authorization,
which we expect to complete by the end of 2024.
Second Quarter 2024 Financial
Results
On a GAAP basis, revenue increased 3% as compared to the
prior-year period to approximately $2.5 billion. GAAP net earnings
attributable to common stockholders for continuing operations were
$242 million or $0.43 per diluted share.
On an adjusted basis, revenue increased 4% as compared to the
prior-year period primarily driven by 4% adjusted recurring revenue
growth. Adjusted EBITDA margin expanded by 110 basis points (bps)
over the prior-year period to 40.1% primarily driven by the
Company's cost saving initiatives and higher-margin revenue mix.
Adjusted net earnings for continuing operations were approximately
$754 million, and adjusted EPS increased by 79% as compared to the
prior-year period to $1.36 per diluted share.
($ millions, except per share data,
unaudited)
Three Months Ended June
30,
%
Adjusted
Continuing
Operations
2024
2023
Change
Growth
Banking Solutions Revenue
1,710
1,666
3%
3%
Capital Market Solutions Revenue
722
672
7%
7%
Operating Segment Total Revenue
$
2,432
$
2,338
4%
4%
Corporate and Other Revenue
57
86
(33)%
-
Consolidated FIS Revenue
$
2,489
$
2,424
3%
-
Adjusted EBITDA
$
998
$
945
6%
Adjusted EBITDA Margin
40.1
%
39.0
%
110 bps
Net Earnings (Loss) (GAAP)
$
242
$
84
188%
Diluted Earnings (Loss) Per Common Share
(GAAP)
$
0.43
$
0.14
207%
Adjusted Net Earnings
$
754
$
454
66%
Adjusted EPS
$
1.36
$
0.76
79%
Segment Information
- Banking Solutions: Second quarter revenue increased 3%
on a GAAP basis and 3% on an adjusted basis as compared to the
prior-year period to $1.7 billion, including adjusted recurring
revenue growth of 3%. Adjusted EBITDA margin expanded by 140 basis
points as compared to the prior-year period to 44.8% primarily
driven by the Company's cost savings initiatives, and a favorable
revenue mix compared to the prior year, including an increase in
high-margin license revenue.
- Capital Market Solutions: Second quarter revenue
increased by 7% on a GAAP basis and 7% on an adjusted basis as
compared to the prior-year period to $722 million reflecting
adjusted recurring revenue growth of 7%. Adjusted EBITDA margin
expanded by 60 basis points over the prior-year period to 50.8%
primarily due to operating leverage.
- Corporate and Other: Second quarter revenue
decreased by 33% as compared to the prior-year period to $57
million. Adjusted EBITDA loss was $134 million, including $143
million of corporate expenses.
Balance Sheet and Cash
Flows
As of June 30, 2024, debt outstanding totaled $11.2 billion.
Second quarter net cash provided by operating activities was $546
million, and adjusted free cash flow was approximately $504
million. In the quarter, the Company returned $1.3 billion of
capital to shareholders through $1.1 billion of share repurchases
and $200 million of dividends paid.
Third Quarter and Full-Year 2024
Outlook
The Company is introducing its third quarter outlook and, for
the full-year, is raising its outlook for revenue, increasing the
low-end of its adjusted EBITDA outlook and raising its outlook for
adjusted EPS by approximately 3% as compared to the prior outlook
to $5.03 - $5.11. The adjusted EPS outlook reflects 11 months of
EMI contribution for the full-year.
($ millions, except share data)
3Q 2024
FY 2024
Revenue
$2,555 - $2,570
$10,120 - $10,170
Adjusted EBITDA (Non-GAAP)1
$1,035 - $1,045
$4,115 - $4,140
Adjusted EPS (Non-GAAP)1
$1.27 - $1.31
$5.03 - $5.11
1The Company does not provide a
reconciliation for non-GAAP estimates on a forward-looking basis
where it is unable to provide a meaningful or accurate calculation
or estimation of reconciling items and the information is not
available without unreasonable effort. The Company is unable to
address the probable significance of the unavailable
information.
Webcast
FIS will host a live webcast of its earnings conference call
with the investment community beginning at 8:30 a.m. (EDT) on
Tuesday, August 6, 2024. To access the webcast, go to the Investor
Relations section of FIS’ homepage, www.fisglobal.com. A replay
will be available after the conclusion of the live webcast.
About FIS
FIS is a financial technology company providing solutions to
financial institutions, businesses and developers. We unlock
financial technology to the world across the money lifecycle
underpinning the world's financial system. Our people are dedicated
to advancing the way the world pays, banks and invests, by helping
our clients to confidently run, grow and protect their businesses.
Our expertise comes from decades of experience helping financial
institutions and businesses of all sizes adapt to meet the needs of
their customers by harnessing where reliability meets innovation in
financial technology. Headquartered in Jacksonville, Florida, FIS
is a member of the Fortune 500® and the Standard & Poor’s 500®
Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and X.
FIS Use of Non-GAAP Financial
Information
Generally Accepted Accounting Principles (GAAP) is the term used
to refer to the standard framework of guidelines for financial
accounting in the United States. GAAP includes the standards,
conventions, and rules accountants follow in recording and
summarizing transactions and in the preparation of financial
statements. In addition to reporting financial results in
accordance with GAAP, we have provided certain non-GAAP financial
measures.
These non-GAAP measures include constant currency revenue,
adjusted revenue growth, adjusted EBITDA, adjusted EBITDA margin,
adjusted net earnings, adjusted EPS, and adjusted free cash flow.
These non-GAAP measures may be used in this release and/or in the
attached supplemental financial information.
We believe these non-GAAP measures help investors better
understand the underlying fundamentals of our business. As further
described below, the non-GAAP revenue and earnings measures
presented eliminate items management believes are not indicative of
FIS’ operating performance. The constant currency revenue and
adjusted revenue growth measures adjust for the effects of exchange
rate fluctuations and exclude discontinued operations, while
adjusted revenue growth also excludes revenue from Corporate and
Other, giving investors further insight into our performance.
Finally, adjusted free cash flow provides further information about
the ability of our business to generate cash. For these reasons,
management also uses these non-GAAP measures in its assessment and
management of FIS’ performance.
Constant currency revenue represents reported segment
revenue excluding the impact of fluctuations in foreign currency
exchange rates in the current period.
Adjusted revenue growth reflects the percentage change in
constant currency revenue for the current period as compared to the
prior period. Constant currency revenue is calculated by applying
prior-year period foreign currency exchange rates to current-period
revenue. When referring to adjusted revenue growth, revenue from
our Corporate and Other segment is excluded.
Adjusted EBITDA reflects net earnings (loss) before
interest, other income (expense), taxes, equity method investment
earnings (loss), and depreciation and amortization, and excludes
certain costs that do not constitute normal, recurring, cash
operating expenses necessary to operate our business. This measure
is reported to the chief operating decision maker for purposes of
making decisions about allocating resources to the segments and
assessing their performance. For this reason, adjusted EBITDA, as
it relates to our segments, is presented in conformity with
Accounting Standards Codification 280, Segment Reporting, and is
excluded from the definition of non-GAAP financial measures under
the Securities and Exchange Commission's Regulation G and Item
10(e) of Regulation S-K.
Adjusted EBITDA margin reflects adjusted EBITDA, as
defined above, divided by revenue.
Adjusted net earnings excludes the effect of purchase
price amortization, as well as certain costs that do not constitute
normal, recurring, cash operating expenses necessary to operate our
business. For purposes of calculating Adjusted net earnings, our
equity method investment earnings (loss) ("EMI") from Worldpay is
also adjusted to exclude certain costs and other transactions in a
similar manner.
Adjusted EPS reflects adjusted net earnings, as defined
above, divided by weighted average diluted shares outstanding.
Adjusted free cash flow reflects net cash provided by
operating activities, adjusted for the net change in settlement
assets and obligations and excluding certain transactions that are
closely associated with non-operating activities or are otherwise
non-operational in nature and not indicative of future operating
cash flows, less capital expenditures. Adjusted free cash flow does
not represent our residual cash flow available for discretionary
expenditures since we have mandatory debt service requirements and
other non-discretionary expenditures that are not deducted from the
measure. Adjusted free cash flow as presented in this earnings
release excludes cash flow from discontinued operations, which our
management cannot freely access following the Worldpay
separation.
Any non-GAAP measures should be considered in context with the
GAAP financial presentation and should not be considered in
isolation or as a substitute for GAAP measures. Further, FIS’
non-GAAP measures may be calculated differently from similarly
titled measures of other companies. Reconciliations of these
non-GAAP measures to related GAAP measures, including footnotes
describing the adjustments, are provided in the attached schedules
and in the Investor Relations section of the FIS website,
www.fisglobal.com.
Forward-Looking
Statements
This earnings release and today’s webcast contain
“forward-looking statements” within the meaning of the U.S. federal
securities laws. Statements that are not historical facts, as well
as other statements about our expectations, beliefs, intentions, or
strategies regarding the future, or other characterizations of
future events or circumstances, are forward-looking statements.
Forward-looking statements include statements about anticipated
financial outcomes, including any earnings outlook or projections,
projected revenue or expense synergies or dis-synergies, business
and market conditions, outlook, foreign currency exchange rates,
deleveraging plans, expected dividends and share repurchases of the
Company, the Company’s sales pipeline and anticipated profitability
and growth, plans, strategies and objectives for future operations,
strategic value creation, risk profile and investment strategies,
any statements regarding future economic conditions or performance
and any statements with respect to the future impacts of the
Worldpay Sale or any agreements or arrangements entered into in
connection with such transaction, the expected financial and
operational results of the Company, and expectations regarding the
Company’s business or organization after the separation of the
Worldpay Merchant Solutions business. These statements may be
identified by words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “will,” “should,” “could,” “would,” “project,”
“continue,” “likely,” and similar expressions, and include
statements reflecting future results, statements of outlook and
various accruals and estimates. These statements relate to future
events and our future results and involve a number of risks and
uncertainties. Forward-looking statements are based on management’s
beliefs as well as assumptions made by, and information currently
available to, management.
Actual results, performance or achievement could differ
materially from these forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject
include the following, without limitation:
- changes in general economic, business and political conditions,
including those resulting from COVID-19 or other pandemics, a
recession, intensified or expanded international hostilities, acts
of terrorism, increased rates of inflation or interest, changes in
either or both the United States and international lending, capital
and financial markets or currency fluctuations;
- the risk that acquired businesses will not be integrated
successfully or that the integration will be more costly or more
time-consuming and complex than anticipated;
- the risk that cost savings and synergies anticipated to be
realized from acquisitions may not be fully realized or may take
longer to realize than expected or that costs may be greater than
anticipated;
- the risks of doing business internationally;
- the effect of legislative initiatives or proposals, statutory
changes, governmental or applicable regulations and/or changes in
industry requirements, including privacy and cybersecurity laws and
regulations;
- the risks of reduction in revenue from the elimination of
existing and potential customers due to consolidation in, or new
laws or regulations affecting, the banking, retail and financial
services industries or due to financial failures or other setbacks
suffered by firms in those industries;
- changes in the growth rates of the markets for our
solutions;
- the amount, declaration and payment of future dividends is at
the discretion of our Board of Directors and depends on, among
other things, our investment opportunities, results of operations,
financial condition, cash requirements, future prospects, and other
factors that may be considered relevant by our Board of Directors,
including legal and contractual restrictions;
- the amount and timing of any future share repurchases is
subject to, among other things, our share price, our other
investment opportunities and cash requirements, our results of
operations and financial condition, our future prospects and other
factors that may be considered relevant by our Board of Directors
and management;
- failures to adapt our solutions to changes in technology or in
the marketplace;
- internal or external security or privacy breaches of our
systems, including those relating to unauthorized access, theft,
corruption or loss of personal information and computer viruses and
other malware affecting our software or platforms, and the
reactions of customers, card associations, government regulators
and others to any such events;
- the risk that implementation of software, including software
updates, for customers or at customer locations or employee error
in monitoring our software and platforms may result in the
corruption or loss of data or customer information, interruption of
business operations, outages, exposure to liability claims or loss
of customers;
- the risk that partners and third parties may fail to satisfy
their legal obligations to us;
- risks associated with managing pension cost, cybersecurity
issues, IT outages and data privacy;
- the reaction of current and potential customers to
communications from us or regulators regarding information
security, risk management, internal audit or other matters;
- risks associated with the expected benefits and costs of the
separation of the Worldpay Merchant Solutions business, including
the risk that the expected benefits of the transaction or any
contingent purchase price will not be realized within the expected
timeframe, in full or at all, or that dis-synergies may be greater
than anticipated;
- the risk that the costs of restructuring transactions and other
costs incurred in connection with the separation of the Worldpay
business will exceed our estimates or otherwise adversely affect
our business or operations;
- the impact of the separation of Worldpay on our businesses,
including the impact on relationships with customers, governmental
authorities, suppliers, employees and other business
counterparties;
- the risk that the earnings from our minority stake in the
Worldpay business will be less than we anticipate;
- competitive pressures on pricing related to the decreasing
number of community banks in the U.S., the development of new
disruptive technologies competing with one or more of our
solutions, increasing presence of international competitors in the
U.S. market and the entry into the market by global banks and
global companies with respect to certain competitive solutions,
each of which may have the impact of unbundling individual
solutions from a comprehensive suite of solutions we provide to
many of our customers;
- the failure to innovate in order to keep up with new emerging
technologies, which could impact our solutions and our ability to
attract new, or retain existing, customers;
- an operational or natural disaster at one of our major
operations centers;
- failure to comply with applicable requirements of payment
networks or changes in those requirements;
- fraud by bad actors; and
- other risks detailed elsewhere in the “Risk Factors” and other
sections of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2023, and in our other filings with the
Securities and Exchange Commission.
Other unknown or unpredictable factors also could have a
material adverse effect on our business, financial condition,
results of operations and prospects. Accordingly, readers should
not place undue reliance on these forward-looking statements. These
forward-looking statements are inherently subject to uncertainties,
risks and changes in circumstances that are difficult to predict.
Except as required by applicable law or regulation, we do not
undertake (and expressly disclaim) any obligation and do not intend
to publicly update or review any of these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Fidelity National Information
Services, Inc.
Earnings Release Supplemental
Financial Information
August 6, 2024
Exhibit A
Condensed Consolidated Statements of Earnings (Loss) - Unaudited
for the three and six months ended June 30, 2024 and 2023 Exhibit B
Condensed Consolidated Balance Sheets - Unaudited as of June 30,
2024, and December 31, 2023 Exhibit C Condensed Consolidated
Statements of Cash Flows - Unaudited for the six months ended June
30, 2024 and 2023
Exhibit D
Supplemental Non-GAAP Adjusted Revenue Growth - Unaudited for the
three and six months ended June 30, 2024 and 2023
Exhibit E
Supplemental Disaggregation of Revenue - Recast and Unaudited for
the three and six months ended June 30, 2024 and 2023 Exhibit F
Supplemental Non-GAAP Adjusted Free Cash Flow Measures - Unaudited
for the three and six months ended June 30, 2024 and 2023 Exhibit G
Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the
three and six months ended June 30, 2024 and 2023 Exhibit H
Supplemental Financial Information - Unaudited for the three and
six months ended June 30, 2024 and 2023
Exhibit I
Supplemental Financial Information of Worldpay Holdco, LLC -
Unaudited for the three and five months ended June 30, 2024
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS (LOSS)— UNAUDITED
(In millions, except per share
amounts)
Exhibit A
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Revenue
$
2,489
$
2,424
$
4,957
$
4,821
Cost of revenue
1,538
1,519
3,091
3,086
Gross profit
951
905
1,866
1,735
Selling, general, and administrative
expenses
609
553
1,182
1,073
Asset impairments
4
1
18
1
Other operating (income) expense, net -
related party
(40
)
—
(73
)
—
Operating income (loss)
378
351
739
661
Other income (expense):
Interest expense, net
(43
)
(160
)
(120
)
(302
)
Other income (expense), net
(13
)
(77
)
(167
)
(113
)
Total other income (expense), net
(56
)
(237
)
(287
)
(415
)
Earnings (loss) before income taxes and
equity method investment earnings (loss)
322
114
452
246
Provision (benefit) for income taxes
89
29
116
65
Equity method investment earnings (loss),
net of tax
10
—
(76
)
—
Net earnings (loss) from continuing
operations
243
85
260
181
Earnings (loss) from discontinued
operations, net of tax
1
(6,679
)
709
(6,634
)
Net earnings (loss)
244
(6,594
)
969
(6,453
)
Net (earnings) loss attributable to
noncontrolling interest from continuing operations
(1
)
(1
)
(1
)
(1
)
Net (earnings) loss attributable to
noncontrolling interest from discontinued operations
—
(1
)
—
(2
)
Net earnings (loss) attributable to FIS
common stockholders
$
243
$
(6,596
)
$
968
$
(6,456
)
Net earnings (loss) attributable to
FIS:
Continuing operations
$
242
$
84
$
259
$
180
Discontinued operations
1
(6,680
)
709
(6,636
)
Total
$
243
$
(6,596
)
$
968
$
(6,456
)
Basic earnings (loss) per common
share
attributable to FIS:
Continuing operations
$
0.44
$
0.14
$
0.46
$
0.30
Discontinued operations
—
(11.28
)
1.25
(11.21
)
Total
$
0.44
$
(11.14
)
$
1.71
$
(10.91
)
Diluted earnings (loss) per common
share attributable to FIS:
Continuing operations
$
0.43
$
0.14
$
0.46
$
0.30
Discontinued operations
—
(11.28
)
1.25
(11.21
)
Total
$
0.44
$
(11.14
)
$
1.71
$
(10.91
)
Weighted average common shares
outstanding:
Basic
554
592
565
592
Diluted
557
592
567
592
Amounts in table may not sum or calculate
due to rounding.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS — UNAUDITED
(In millions, except per share
amounts)
Exhibit B
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
2,131
$
440
Settlement assets
530
617
Trade receivables, net
1,675
1,730
Other receivables
337
287
Receivable from related party
169
—
Prepaid expenses and other current
assets
612
603
Current assets held for sale
997
10,111
Total current assets
6,451
13,788
Property and equipment, net
645
695
Goodwill
16,979
16,971
Intangible assets, net
1,508
1,823
Software, net
2,178
2,115
Equity method investment
4,086
—
Other noncurrent assets
1,591
1,528
Deferred contract costs, net
1,143
1,076
Noncurrent assets held for sale
17
17,109
Total assets
$
34,598
$
55,105
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued and other
liabilities
$
1,854
$
1,859
Settlement payables
541
635
Deferred revenue
864
832
Short-term borrowings
—
4,760
Current portion of long-term debt
578
1,348
Current liabilities held for sale
949
8,884
Total current liabilities
4,786
18,318
Long-term debt, excluding current
portion
10,584
12,970
Deferred income taxes
833
2,179
Other noncurrent liabilities
1,354
1,446
Noncurrent liabilities held for sale
—
1,093
Total liabilities
17,557
36,006
Equity:
FIS stockholders' equity:
Preferred stock $0.01 par value
—
—
Common stock $0.01 par value
6
6
Additional paid in capital
47,024
46,935
(Accumulated deficit) retained
earnings
(22,304
)
(22,864
)
Accumulated other comprehensive earnings
(loss)
(413
)
(260
)
Treasury stock, at cost
(7,276
)
(4,724
)
Total FIS stockholders' equity
17,037
19,093
Noncontrolling interest
4
6
Total equity
17,041
19,099
Total liabilities and equity
$
34,598
$
55,105
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS — UNAUDITED (In millions)
Exhibit C
Six months ended June 30,
2024
2023
Cash flows from operating
activities:
Net earnings (loss)
$
969
$
(6,453
)
Less earnings (loss) from discontinued
operations, net of tax
709
(6,634
)
Net earnings (loss) from continuing
operations
260
181
Adjustment to reconcile net earnings
(loss) from continuing operations to net cash provided by operating
activities:
Depreciation and amortization
859
888
Amortization of debt issuance costs
11
15
Asset impairments
18
1
Loss on extinguishment of debt
174
—
Loss (gain) on sale of businesses,
investments and other
32
(2
)
Stock-based compensation
87
49
Loss from equity method investment
76
—
Deferred income taxes
(118
)
(118
)
Net changes in assets and liabilities, net
of effects from acquisitions and foreign currency:
Trade and other receivables
124
152
Receivable from related party
(169
)
—
Settlement activity
(3
)
1
Prepaid expenses and other assets
(116
)
(126
)
Deferred contract costs
(234
)
(185
)
Deferred revenue
(6
)
(13
)
Accounts payable, accrued liabilities and
other liabilities
(243
)
(76
)
Net cash provided by operating activities
from continuing operations
752
767
Cash flows from investing
activities:
Additions to property and equipment
(43
)
(66
)
Additions to software
(342
)
(305
)
Settlement of net investment hedge
cross-currency interest rate swaps
(8
)
(17
)
Net proceeds from sale of businesses and
investments
12,796
—
Cash divested from sale of business
(3,137
)
—
Acquisitions, net of cash acquired
(56
)
—
Other investing activities, net
(42
)
(28
)
Net cash provided by (used in) investing
activities
9,168
(416
)
Cash flows from financing activities
from continuing operations:
Borrowings
13,441
43,749
Repayment of borrowings and other
financing obligations
(21,396
)
(44,496
)
Debt issuance costs
—
(2
)
Net proceeds from stock issued under
stock-based compensation plans
1
40
Treasury stock activity
(2,522
)
(15
)
Dividends paid
(409
)
(618
)
Purchase of noncontrolling interest
—
(173
)
Other financing activities, net
40
(7
)
Net cash provided by (used in) financing
activities from continuing operations
(10,845
)
(1,522
)
Discontinued operations
Net cash provided by (used in) operating
activities
(345
)
952
Net cash provided by (used in) investing
activities
(39
)
(175
)
Net cash provided by (used in) financing
activities
(65
)
(175
)
Net cash provided by (used in)
discontinued operations
(449
)
602
Effect of foreign currency exchange rate
changes on cash from continuing operations
(19
)
22
Effect of foreign currency exchange rate
changes on cash from discontinued operations
(26
)
95
Net increase (decrease) in cash, cash
equivalents and restricted cash
(1,419
)
(452
)
Cash, cash equivalents and restricted
cash, beginning of period
4,414
4,813
Cash, cash equivalents and restricted
cash, end of period
$
2,995
$
4,361
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL NON-GAAP ORGANIC
REVENUE GROWTH — UNAUDITED
(In millions)
Exhibit D
Three months ended June 30,
2024
2023
Constant
Currency
Adjusted
Revenue
FX
Revenue
Revenue
Growth (1)
Banking Solutions
$
1,710
$
2
$
1,712
$
1,666
3
%
Capital Market Solutions
722
—
722
672
7
%
Operating segment total
2,432
2
2,434
2,338
4
%
Corporate and Other
57
1
58
86
Consolidated FIS
$
2,489
$
3
$
2,492
$
2,424
Six months ended June 30,
2024
2023
Constant
Currency
Adjusted
Revenue
FX
Revenue
Revenue
Growth (1)
Banking Solutions
$
3,394
$
—
$
3,394
$
3,312
2
%
Capital Market Solutions
1,428
(3
)
1,425
1,335
7
%
Operating segment total
4,822
(3
)
4,819
4,647
4
%
Corporate and Other
135
—
135
174
Consolidated FIS
$
4,957
$
(3
)
$
4,954
$
4,821
Amounts in table may not sum or calculate due to rounding.
(1)
Adjusted growth excludes Corporate and
Other. The Corporate and Other segment includes certain
non-strategic businesses that we plan to wind down or sell.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL DISAGGREGATION OF
REVENUE — RECAST AND UNAUDITED
(In millions)
Exhibit E
In the following tables, revenue is
disaggregated by primary geographical market and type of revenue.
The tables also include a reconciliation of the disaggregated
revenue with the Company's reportable segments.
For the three months ended June 30, 2024
(in millions):
Banking
Solutions
Capital Market
Solutions
Corporate and Other
Total
Primary Geographical Markets:
North America
$
1,470
$
452
$
23
$
1,945
All others
240
270
34
544
Total
$
1,710
$
722
$
57
$
2,489
Type of Revenue:
Recurring revenue:
Transaction processing and services
(1)
$
1,270
$
366
$
43
$
1,679
Software maintenance
90
143
1
234
Other recurring
68
22
9
99
Total recurring
1,428
531
53
2,012
Software license
37
91
—
128
Professional services
136
99
1
236
Other non-recurring (1)
109
1
3
113
Total
$
1,710
$
722
$
57
$
2,489
For the three months ended June 30, 2023
(in millions):
Banking
Solutions
Capital Market
Solutions
Corporate and Other
Total
Primary Geographical Markets:
North America
$
1,437
$
424
$
47
$
1,908
All others
229
248
39
516
Total
$
1,666
$
672
$
86
$
2,424
Type of Revenue:
Recurring revenue:
Transaction processing and services
(1)
$
1,235
$
346
$
65
$
1,646
Software maintenance
91
130
—
221
Other recurring
62
20
10
92
Total recurring
1,388
496
75
1,959
Software license
19
79
—
98
Professional services
156
97
2
255
Other non-recurring (1)
103
—
9
112
Total
$
1,666
$
672
$
86
$
2,424
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL NON-GAAP
FINANCIAL INFORMATION — RECAST AND UNAUDITED
(In millions)
Exhibit E (continued)
For the six months ended June 30, 2024 (in
millions):
Banking
Solutions
Capital Market
Solutions
Corporate and Other
Total
Primary Geographical Markets:
North America
$
2,902
$
897
$
64
$
3,863
All others
492
531
71
1,094
Total
$
3,394
$
1,428
$
135
$
4,957
Type of Revenue:
Recurring revenue:
Transaction processing and services
(1)
$
2,534
$
736
$
90
$
3,360
Software maintenance
180
286
1
467
Other recurring
132
45
19
196
Total recurring
2,846
1,067
110
4,023
Software license
87
165
—
252
Professional services
268
195
2
465
Other non-recurring (1)
193
1
23
217
Total
$
3,394
$
1,428
$
135
$
4,957
For the six months ended June 30, 2023 (in
millions):
Banking
Solutions
Capital Market
Solutions
Corporate and Other
Total
Primary Geographical Markets:
North America
$
2,857
$
849
$
95
$
3,801
All others
455
486
79
1,020
Total
$
3,312
$
1,335
$
174
$
4,821
Type of Revenue:
Recurring revenue:
Transaction processing and services
(1)
$
2,460
$
686
$
131
$
3,277
Software maintenance
181
260
1
442
Other recurring
116
39
20
175
Total recurring
2,757
985
152
3,894
Software license
30
152
—
182
Professional services
311
197
5
513
Other non-recurring (1)
214
1
17
232
Total
$
3,312
$
1,335
$
174
$
4,821
(1)
December 31, 2023, was the final deadline
for states to complete all benefit issuance under federally funded
pandemic relief programs. Accordingly, revenue associated with
services the Company provided related to these programs has been
classified as Other non-recurring commencing in the fourth quarter
of 2023, and related prior-period amounts have been reclassified
from Transaction processing and services to Other non-recurring for
comparability.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL NON-GAAP CASH
FLOW MEASURES — UNAUDITED
(In millions)
Exhibit F
Three months ended
Six months ended
June 30, 2024
June 30, 2024
Net cash provided by operating
activities
$
546
$
752
Non-GAAP adjustments:
Acquisition, integration and other
payments (1)
126
230
Settlement activity
15
3
Adjusted cash flows from operations
687
985
Capital expenditures
(183
)
(385
)
Adjusted free cash flow
$
504
$
600
Three months ended
Six months ended
June 30, 2023
June 30, 2023
Net cash provided by operating
activities
$
476
$
767
Non-GAAP adjustments:
Acquisition, integration and other
payments (1)
56
136
Settlement activity
3
(1
)
Adjusted cash flows from operations
535
902
Capital expenditures
(177
)
(371
)
Adjusted free cash flow
$
358
$
531
Adjusted free cash flow reflects adjusted cash flows from
operations less capital expenditures (additions to property and
equipment and additions to software). Adjusted free cash flow does
not represent our residual cash flows available for discretionary
expenditures, since we have mandatory debt service requirements and
other non-discretionary expenditures that are not deducted from the
measure. Adjusted free cash flow as presented in this earnings
release excludes cash flows from discontinued operations.
(1)
Adjusted free cash flows from operations
and free cash flow for the three and six months ended June 30, 2024
and 2023, exclude cash payments for certain acquisition,
integration and other costs (see Note 2 to Exhibit G), net of
related tax impact. The related tax impact totaled $21 million and
$9 million for the three months and $39 million and $22 million for
the six months ended June 30, 2024 and 2023, respectively.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP
RECONCILIATIONS — UNAUDITED
(In millions, except per share
amounts)
Exhibit G
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net earnings (loss) attributable to FIS
from continuing operations
$
242
$
84
$
259
$
180
Provision (benefit) for income taxes
89
29
116
65
Interest expense, net
43
160
120
302
Equity method investment (earnings) loss,
net of tax
(10
)
—
76
—
Other, net
14
78
168
114
Operating income (loss), as reported
378
351
739
661
Depreciation and amortization, excluding
purchase accounting amortization
262
264
525
535
Non-GAAP adjustments:
Purchase accounting amortization (1)
168
175
334
351
Acquisition, integration and other costs
(2)
186
113
344
213
Asset impairments (3)
4
1
18
1
Indirect Worldpay business support costs
(4)
—
41
14
83
Adjusted EBITDA from continuing
operations
$
998
$
945
$
1,974
$
1,844
Net earnings (loss) attributable to FIS
from discontinued operations
$
1
$
(6,680
)
$
709
$
(6,636
)
Provision (benefit) for income taxes
—
43
(991
)
55
Interest expense, net
—
(7
)
(1
)
(11
)
Other, net
1
(23
)
470
(48
)
Operating income (loss)
2
(6,667
)
187
(6,640
)
Depreciation and amortization, excluding
purchase accounting amortization
—
74
1
150
Non-GAAP adjustments:
Purchase accounting amortization (1)
—
373
—
745
Acquisition, integration and other costs
(2)
—
27
13
54
Asset impairments (3)
—
6,840
—
6,840
Indirect Worldpay business support costs
(4)
—
(41
)
(14
)
(83
)
Adjusted EBITDA from discontinued
operations
$
2
$
606
$
187
$
1,066
Adjusted EBITDA
$
1,000
$
1,551
$
2,161
$
2,910
See Notes to Exhibit G.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP
RECONCILIATIONS — UNAUDITED
(In millions, except per share
amounts)
Exhibit G (continued)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Earnings (loss) attributable to FIS from
continuing operations
$
242
$
84
$
259
$
180
Equity method investment (earnings) loss,
net of tax
(10
)
—
76
—
Earnings (loss) attributable to FIS from
continuing operations, excluding equity method investment earnings
(loss)
232
84
335
180
Non-GAAP adjustments from continuing
operations:
Purchase accounting amortization (1)
168
175
334
351
Acquisition, integration and other costs
(2)
186
120
344
230
Asset impairments (3)
4
1
18
1
Indirect Worldpay business support costs
(4)
—
41
14
83
Non-operating (income) expense (5)
13
77
167
113
Non-GAAP tax (provision) benefit (6)
(11
)
(44
)
(77
)
(79
)
Total non-GAAP adjustments from continuing
operations
360
370
800
699
Adjusted net earnings attributable to FIS
from continuing operations, excluding equity method investment
earnings (loss)
592
454
1,135
879
Equity method investment earnings (loss),
net of tax (7)
10
—
(76
)
—
Non-GAAP adjustments on equity method
investment earnings (loss), net of related (provision) benefit for
income taxes (7) (8)
152
—
331
—
Adjusted equity method investment earnings
(loss) (7)
162
—
255
—
Adjusted net earnings attributable to FIS
from continuing operations
$
754
$
454
$
1,390
$
879
Earnings (loss) attributable to FIS from
discontinued operations, net of tax
$
1
$
(6,680
)
$
709
$
(6,636
)
Non-GAAP adjustments from discontinued
operations:
Purchase accounting amortization (1)
—
373
—
745
Acquisition, integration and other costs
(2)
—
33
13
69
Asset impairments (3)
—
6,840
—
6,840
Indirect Worldpay business support costs
(4)
—
(41
)
(14
)
(83
)
Amortization on long-lived assets held for
sale (9)
—
—
(30
)
—
Non-operating (income) expense (5)
1
(24
)
7
(49
)
Loss on sale of disposal group (10)
—
—
466
—
Non-GAAP tax (provision) benefit (6)
—
(34
)
(1,015
)
(78
)
Total non-GAAP adjustments from
discontinued operations
1
7,147
(573
)
7,444
Adjusted net earnings attributable to FIS
from discontinued operations
$
2
$
467
$
136
$
808
Adjusted net earnings attributable to FIS
common stockholders
$
756
$
921
$
1,526
$
1,687
See Notes to Exhibit G.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP
RECONCILIATIONS — UNAUDITED
(In millions, except per share
amounts)
Exhibit G (continued)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Earnings (loss) attributable to FIS from
continuing operations
$
0.43
$
0.14
$
0.46
$
0.30
Equity method investment (earnings) loss,
net of tax
(0.02
)
—
0.13
—
Earnings (loss) attributable to FIS from
continuing operations, excluding equity method investment earnings
(loss)
0.42
0.14
0.59
0.30
Non-GAAP adjustments from continuing
operations:
Purchase accounting amortization (1)
0.30
0.29
0.59
0.59
Acquisition, integration and other costs
(2)
0.33
0.20
0.61
0.39
Asset impairments (3)
0.01
—
0.03
—
Indirect Worldpay business support costs
(4)
—
0.07
0.02
0.14
Non-operating (income) expense (5)
0.02
0.13
0.29
0.19
Non-GAAP tax (provision) benefit (6)
(0.02
)
(0.07
)
(0.14
)
(0.13
)
Total non-GAAP adjustments from continuing
operations
0.65
0.62
1.41
1.18
Adjusted net earnings attributable to FIS
from continuing operations, excluding equity method investment
earnings (loss)
1.06
0.76
$
2.00
$
1.48
Equity method investment earnings (loss)
(7)
0.02
—
(0.13
)
—
Non-GAAP adjustments on equity method
investment earnings (loss), net of related (provision) benefit for
income taxes (7) (8)
0.27
$
—
0.58
—
Adjusted equity method investment earnings
(loss) (7)
0.29
—
0.45
—
Adjusted net earnings attributable to FIS
from continuing operations
$
1.36
$
0.76
2.45
1.48
Earnings (loss) attributable to FIS from
discontinued operations, net of tax
$
—
$
(11.25
)
1.25
(11.19
)
Non-GAAP adjustments from discontinued
operations:
Purchase accounting amortization (1)
—
0.63
—
1.26
Acquisition, integration and other costs
(2)
—
0.06
0.02
0.12
Asset impairments (3)
—
11.52
—
11.53
Indirect Worldpay business support costs
(4)
—
(0.07
)
(0.02
)
(0.14
)
Amortization on long-lived assets held for
sale (9)
—
—
(0.05
)
—
Non-operating (income) expense (5)
—
(0.04
)
0.01
(0.08
)
Loss on sale of disposal group (10)
—
—
0.82
—
Non-GAAP tax (provision) benefit (6)
—
(0.06
)
(1.79
)
(0.13
)
Total non-GAAP adjustments from
discontinued operations
—
12.03
(1.01
)
12.55
Adjusted net earnings attributable to FIS
from discontinued operations
$
—
$
0.79
0.24
1.36
Adjusted net earnings attributable to FIS
common stockholders
$
1.36
$
1.55
2.69
2.84
Weighted average shares
outstanding-diluted
557
594
$
567
593
Amounts in table may not sum or calculate
due to rounding.
See Notes to Exhibit G.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP
RECONCILIATIONS — UNAUDITED
(In millions, except per share
amounts)
Exhibit G (continued)
Notes to Unaudited - Supplemental GAAP to Non-GAAP
Reconciliations for the three and six months ended June 30, 2024
and 2023.
(1)
This item represents purchase price
amortization expense on all intangible assets acquired through
various Company acquisitions, including customer relationships,
contract value, technology assets, trademarks and trade names. The
Company has excluded the impact of purchase price amortization
expense as such amounts can be significantly impacted by the timing
and/or size of acquisitions. Although the Company excludes these
amounts from its non-GAAP expenses, the Company believes that it is
important for investors to understand that such intangible assets
contribute to revenue generation. Amortization of assets that
relate to past acquisitions will recur in future periods until such
assets have been fully amortized. Any future acquisitions may
result in the amortization of future assets.
(2)
This item represents costs comprised of
the following:
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Continuing operations:
Acquisition and integration
$
24
$
5
$
49
$
11
Enterprise transformation, including
Future Forward and platform modernization
56
74
129
145
Severance and other termination
expenses
9
19
27
42
Separation of the Worldpay Merchant
Solutions business
80
2
109
2
Incremental stock compensation directly
attributable to specific programs
15
4
26
4
Other, including divestiture-related
expenses and enterprise cost control and other initiatives
2
9
4
9
Subtotal
186
113
344
213
Accelerated amortization (a)
—
7
—
17
Total from continuing operations
$
186
$
120
$
344
$
230
Discontinued operations:
Acquisition and integration
$
—
$
4
$
—
$
7
Enterprise transformation, including
Future Forward and platform modernization
—
4
1
9
Severance and other termination
expenses
—
4
1
9
Separation of the Worldpay Merchant
Solutions business
—
18
8
29
Incremental stock compensation directly
attributable to specific programs
—
2
—
2
Other, including divestiture-related
expenses and enterprise cost control and other initiatives
—
(5
)
3
(2
)
Subtotal
—
27
13
54
Accelerated amortization (a)
—
6
—
15
Total from discontinued operations
$
—
$
33
$
13
$
69
Total consolidated
$
186
$
153
$
357
$
299
Amounts in table may not sum due to
rounding.
(a)
For purposes of calculating Adjusted net
earnings, this item includes incremental amortization expense
associated with shortened estimated useful lives and accelerated
amortization methods for certain software and deferred contract
cost assets driven by the Company's platform modernization. The
incremental amortization expenses are included in the Depreciation
and amortization, excluding purchase accounting amortization line
item within the Adjusted EBITDA reconciliation.
(3)
For the three and six months ended June
30, 2024, this item includes impairments primarily related to the
termination of certain internally developed software projects. For
the three and six months ended June 30, 2023, the Company recorded
a $6.8 billion impairment of goodwill related to the Merchant
Solutions reporting unit in its earnings from discontinued
operations.
(4)
This item represents costs that were
incurred in support of the Worldpay Merchant Solutions business
prior to the separation but are not directly attributable to it and
thus were not recorded in discontinued operations. The Company
expects that it will be reimbursed for these expenses as part of
Transition Services Agreements with the purchaser or eliminate them
post separation; therefore, the expenses have been adjusted out of
continuing operations and added to discontinued operations.
(5)
Non-operating (income) expense primarily
consists of other income and expense items outside of the Company's
operating activities, including fair value adjustments on certain
non-operating assets and liabilities and foreign currency
transaction remeasurement gains and losses. For the six months
ended June 30, 2024, earnings from continuing operations also
includes loss on extinguishment of debt of approximately $174
million relating to tender discounts and fees; the write-off of
unamortized bond discounts, debt issuance costs and fair value
basis adjustments; and gains on related derivative instruments.
(6)
This adjustment is based on a normalized
adjusted earnings tax rate of 14.5% and 14.0% for the periods ended
June 30, 2024 and 2023, respectively. For the six months ended June
30, 2024, the Company recorded a tax benefit of $991 million in its
earnings from discontinued operations primarily from the write-off
of U.S. deferred tax liabilities that were not transferred in the
Worldpay Sale, net of the estimated U.S. tax cost that the Company
expects to incur as a result of the Worldpay Sale. This adjustment
includes the removal of the impact of this tax benefit from our
earnings from discontinued operations for this period.
(7)
FIS completed the separation of Worldpay
on January 31, 2024, retaining a non-controlling 45% ownership
interest that is recorded under the equity method of accounting.
FIS' share of Worldpay's results under the equity method of
accounting reflects activity beginning on February 1, 2024.
(8)
This item represents FIS' proportionate
share of Worldpay's non-GAAP adjustments on its earnings (loss)
consistent with FIS' non-GAAP measures and is comprised of the
following:
Three months ended June 30,
2024
Five months ended June 30,
2024
FIS' share of Worldpay:
Purchase accounting amortization
$
174
$
309
Acquisition, integration and other costs
(a)
26
111
Non-operating (income) expense
(11
)
(19
)
Non-GAAP tax (provision) benefit
(37
)
(70
)
Non-GAAP adjustments on equity method
investment earnings (loss), net of related (provision) benefit for
income taxes
$
152
$
331
Amounts in table may not sum due to
rounding.
(a)
Worldpay acquisition, integration, and
other costs for the three months and five months ended June 30,
2024, consist primarily of transaction and transition costs related
to the separation from FIS.
(9)
The Company stopped recording depreciation
and amortization on the long-lived assets classified as held for
sale beginning July 5, 2023. The amount of depreciation and
amortization that would have been recorded in discontinued
operations had these assets not been classified as held for sale
has been deducted from adjusted net earnings for comparability
purposes.
(10)
We closed the sale of Worldpay on January
31, 2024. Loss on sale of disposal group of $466 million reflects
the impact of the excess of the carrying value of the disposal
group to the estimated fair value less estimated cost to sell.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION — UNAUDITED
(In millions)
Exhibit H
The Company completed the Worldpay Sale on
January 31, 2024. The results of the Worldpay Merchant Solutions
business prior to the completion of the Worldpay Sale have been
presented as discontinued operations. The following table
represents a reconciliation of the major components of Earnings
(loss) from discontinued operations, net of tax, presented in the
consolidated statements of earnings (loss), reflecting activity
through January 31, 2024 (the date the Worldpay Sale closed) (in
millions). The Company's presentation of earnings (loss) from
discontinued operations excludes general corporate overhead costs
that were historically allocated to the Worldpay Merchant Solutions
business. Additionally, beginning on July 5, 2023, the Company
stopped amortization of long-lived assets held for sale in
accordance with ASC 360.
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Major components of earnings (loss) from
discontinued operations before income taxes:
Revenue
$
4
$
1,322
$
406
$
2,435
Cost of revenue
(2
)
(670
)
(64
)
(1,270
)
Selling, general, and administrative
expenses
—
(479
)
(155
)
(965
)
Asset impairments
—
(6,840
)
—
(6,840
)
Interest income (expense), net
—
7
1
11
Other, net
(1
)
23
(4
)
48
Earnings (loss) from discontinued
operations related to major components of pretax earnings
(loss)
1
(6,637
)
184
(6,581
)
Loss on sale of disposal group (1)
—
—
(466
)
—
Earnings (loss) from discontinued
operations
1
(6,637
)
(282
)
(6,581
)
Provision (benefit) for income taxes
(1)
—
43
(991
)
55
Earnings (loss) from discontinued
operations, net of tax attributable to FIS
$
1
$
(6,680
)
$
709
$
(6,636
)
(1)
Loss on sale of disposal group of $466
million reflects the impact of the excess of the carrying value of
the disposal group over the estimated fair value less cost to sell.
Upon closing of the Worldpay Sale, the Company also recorded a tax
benefit of $991 million primarily from the write-off of U.S.
deferred tax liabilities that were not transferred in the Worldpay
Sale, net of the estimated U.S. tax cost that the Company expects
to incur as a result of the Worldpay Sale. The estimated U.S. tax
cost remains unchanged based on available data and management
determinations as of June 30, 2024. Post-closing selling price
adjustments and completion of other purchase agreement provisions
in connection with the Worldpay Sale could result in further
adjustments to the loss on sale amount and the estimated U.S. tax
cost.
FIDELITY NATIONAL INFORMATION
SERVICES, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION OF WORLDPAY HOLDCO, LLC — UNAUDITED
(In millions)
Exhibit I
Summary Worldpay Holdco, LLC financial
information is as follows:
Three months ended June
30, 2024
Five months ended June
30, 2024 (1)
Revenue
$
1,349
$
2,181
Gross profit
$
668
$
1,053
Earnings (loss) before income taxes
$
3
$
(227
)
Net earnings (loss) attributable to
Worldpay Holdco, LLC
$
(28
)
$
(271
)
FIS share of net earnings (loss)
attributable to Worldpay Holdco, LLC, net of tax (2)
$
10
$
(76
)
The following is a GAAP to Non-GAAP
reconciliation of Adjusted EBITDA for Worldpay Holdco LLC.
Three months ended June
30, 2024
Five months ended June
30, 2024 (1)
Net earnings (loss) attributable to
Worldpay Holdco, LLC
$
(28
)
$
(271
)
Provision (benefit) for income taxes
30
42
Interest expense, net
148
264
Other, net
(24
)
(41
)
Operating income (loss)
126
(6
)
Depreciation and amortization, excluding
purchase accounting amortization
19
29
Non-GAAP adjustments:
Purchase accounting amortization
386
687
Transition, acquisition, integration and
other costs (3)
58
246
Adjusted EBITDA
$
589
$
956
(1)
FIS completed the separation of Worldpay on January 31, 2024.
Accordingly, Worldpay's results reflects activity beginning on
February 1, 2024.
(2)
Amount includes our share of the net
income attributable to Worldpay and our investor-level tax benefit
of $22 million and $45 million for the three and five months ended
June 30, 2024, respectively, and is reported as equity method
investment earnings (loss), net of tax on our consolidated
statement of earnings.
(3)
This item represents primarily transaction
and transition costs associated with the separation of Worldpay
from FIS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806347639/en/
Ellyn Raftery, 904.438.6083 Chief Marketing & Communications
Officer FIS Global Marketing & Corporate Communications
Ellyn.Raftery@fisglobal.com
George Mihalos, 904.438.6438 Senior Vice President FIS Investor
Relations Georgios.Mihalos@fisglobal.com
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