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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fidelity National Information Services Inc | NYSE:FIS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.29 | 1.86% | 70.72 | 70.765 | 69.67 | 69.99 | 3,506,454 | 01:00:00 |
FIS™ (NYSE:FIS), a global leader in financial services technology, today reported its third quarter 2020 results.
Third Quarter 2020 Results
On a GAAP basis, revenue increased 13% to $3,197 million, primarily due to the July 31, 2019 acquisition of Worldpay, Inc. (Worldpay). Net earnings attributable to common stockholders was $20 million or $0.03 per diluted share.
On an organic basis, revenue increased 1% as compared to the prior year period, primarily due to consumer spending trends associated with the ongoing COVID-19 pandemic. Adjusted EBITDA margin expanded by 30 basis points (bps) over the prior year period to 42.5%, primarily due to the achievement of Worldpay cost synergies. Adjusted net earnings were $887 million or $1.42 per diluted share.
“COVID-19 has greatly influenced how businesses must interact with their customers in order to survive and thrive,” said Gary Norcross, FIS chairman, president and chief executive officer. “We are pleased that our unique business model enables us to quickly deliver solutions that are helping our clients adapt to these rapidly shifting market dynamics. Our strong third quarter results demonstrate the momentum we’re building to continue accelerating revenue growth.”
($ millions, except per share data, unaudited)
Three Months Ended September 30,
%
Organic
2020
2019
Change
Growth
Revenue
$
3,197
$
2,822
13%
1%
Merchant Solutions
1,017
705
44%
-
Banking Solutions
1,507
1,443
4%
3%
Capital Market Solutions
626
611
2%
(1)%
Corporate and Other
47
63
(24)%
*
Adjusted EBITDA
$
1,357
$
1,192
14%
Adjusted EBITDA Margin
42.5
%
42.2
%
30 bps
Net earnings attributable to FIS common stockholders (GAAP)
$
20
$
154
(87)%
Diluted EPS (GAAP)
$
0.03
$
0.29
(90)%
Adjusted net earnings
$
887
$
751
18%
Adjusted EPS
$
1.42
$
1.43
(1)%
* Indicates comparison not meaningful
Segment Information
Integration Update
The Company achieved annual run-rate synergies related to the Worldpay acquisition, exiting the third quarter of 2020 as follows:
Balance Sheet and Cash Flows
As of September 30, 2020, the Company had $4,227 million of available liquidity, including $1,826 million of cash and cash equivalents and $2,401 million of capacity available under its revolving credit facility. Debt outstanding totaled $20,189 million with an effective weighted average interest rate of 1.6%.
Third quarter net cash provided by operating activities was $1,411 million, and free cash flow was $866 million or 27% of revenue. Additionally, FIS paid dividends of $217 million during the quarter.
COVID-19 Update
COVID-19 continued to impact our financial results in the third quarter of 2020. In certain locations, where government lockdowns and shelter-in-place orders have been loosened, consumer spending impacting our Merchant Solutions payments volume and transaction revenue have partially recovered, while certain verticals like travel, entertainment and hospitality continue to be significantly impacted. The Company’s revenue continues to be impacted by reduced payment processing volumes within our Merchant Solutions segment and, to a lesser extent transaction volume within our Banking Solutions segment, but both have improved in the third quarter of 2020. In response to COVID-19, we are continuing to take several actions to manage discretionary expenses, including reducing office space, prohibiting most travel and reducing incentive compensation as well as accelerating automation and functional alignment across the organization. The Company’s liquidity remains strong and improved this quarter, as noted above.
As a result of government lockdowns, we have successfully outfitted employees to provide services from home or transferred work to other locations. Nearly 95% of our employees remain in a work-from-home status and have been effectively outfitted to continue to provide all necessary services to our clients. We will continue this work-from-home status in most locations this year, as the safety of our employees is our top priority.
Webcast
FIS will sponsor a live webcast of its earnings conference call with the investment community beginning at 9:00 a.m. (EST) Thursday, October 29, 2020. 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 leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).
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, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net earnings, adjusted EPS, and 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 and organic revenue growth measures adjust for the effects of exchange rate fluctuations, while organic revenue growth also adjusts for acquisitions and divestitures, giving investors further insight into our performance. Finally, 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.
As described below, our Adjusted EBITDA and Adjusted Net Earnings measures also exclude incremental and direct costs resulting from the COVID-19 pandemic. Management believes that this adjustment may help investors understand the longer-term fundamentals of our underlying business.
Constant currency revenue represents reported revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period.
Organic revenue growth is constant currency revenue, as defined above, for the current period compared to an adjusted revenue base for the prior period, which is adjusted to add pre-acquisition revenue of acquired businesses for a portion of the prior year matching the portion of the current year for which the business was owned, and subtract pre-divestiture revenue for divested businesses for the portion of the prior year matching the portion of the current year for which the business was not owned, for any acquisitions or divestitures by FIS.
Adjusted EBITDA reflects net earnings before interest, other income (expense), taxes, equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs and other transactions that management deems non-operational in nature, the removal of which improves comparability of operating results across reporting periods. It also excludes incremental and direct costs resulting from the COVID-19 pandemic. 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 impact of certain costs and other transactions which management deems non-operational in nature, the removal of which improves comparability of operating results across reporting periods. It also excludes the impact of acquisition-related purchase accounting amortization and equity method investment earnings (loss), both of which are recurring. It also excludes incremental and direct costs resulting from the COVID-19 pandemic.
Adjusted EPS reflects adjusted net earnings, as defined above, divided by weighted average diluted shares outstanding.
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, including incremental and direct costs resulting from the COVID-19 pandemic, less capital expenditures. 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.
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 specific 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, including statements about anticipated financial outcomes, including any earnings guidance or projections of the Company, projected revenue or expense synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases, the Company’s sales pipeline and anticipated profitability and growth, 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. 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 those contained in these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include the following, without limitation:
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
October 29, 2020
Exhibit A
Condensed Consolidated Statements of Earnings - Unaudited for the three and nine months ended September 30, 2020 and 2019
Exhibit B
Condensed Consolidated Balance Sheets - Unaudited as of September 30, 2020 and December 31, 2019
Exhibit C
Condensed Consolidated Statements of Cash Flows - Unaudited for the nine months ended September 30, 2020 and 2019
Exhibit D
Supplemental Non-GAAP Financial Information - Unaudited for the three and nine months ended September 30, 2020 and 2019
Exhibit E
Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three and nine months ended September 30, 2020 and 2019
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS — UNAUDITED
(In millions, except per share amounts)
Exhibit A
Three months ended September 30,
Nine months ended September 30,
2020
2019
2020
2019
Revenue
$
3,197
$
2,822
$
9,236
$
6,991
Cost of revenue
2,104
1,838
6,238
4,623
Gross profit
1,093
984
2,998
2,368
Selling, general, and administrative expenses
862
757
2,613
1,435
Asset impairments
—
87
—
87
Operating income
231
140
385
846
Other income (expense):
Interest expense, net
(84
)
(95
)
(252
)
(242
)
Other income (expense), net
(4
)
164
31
(8
)
Total other income (expense), net
(88
)
69
(221
)
(250
)
Earnings (loss) before income taxes and equity method investment earnings (loss)
143
209
164
596
Provision (benefit) for income taxes
121
48
94
119
Equity method investment earnings (loss)
—
(5
)
(9
)
(18
)
Net earnings
22
156
61
459
Net (earnings) loss attributable to noncontrolling interest
(2
)
(2
)
(7
)
(3
)
Net earnings attributable to FIS common stockholders
$
20
$
154
$
54
$
456
Net earnings per share-basic attributable to FIS common stockholders
$
0.03
$
0.30
$
0.09
$
1.18
Weighted average shares outstanding-basic
620
516
618
388
Net earnings per share-diluted attributable to FIS common stockholders
$
0.03
$
0.29
$
0.09
$
1.15
Weighted average shares outstanding-diluted
627
524
626
396
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In millions, except per share amounts)
Exhibit B
September 30,
2020
December 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
1,826
$
1,152
Settlement deposits and merchant float
2,840
2,882
Trade receivables, net
3,146
3,242
Contract assets
164
124
Settlement receivables
774
647
Other receivables
361
337
Prepaid expenses and other current assets
823
308
Total current assets
9,934
8,692
Property and equipment, net
914
900
Goodwill
52,567
52,242
Intangible assets, net
14,224
15,798
Software, net
3,301
3,204
Other noncurrent assets
1,404
2,303
Deferred contract costs, net
851
667
Total assets
$
83,195
$
83,806
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
Current liabilities:
Accounts payable, accrued and other liabilities
$
2,586
$
2,374
Settlement payables
4,438
4,228
Deferred revenue
775
817
Short-term borrowings
3,144
2,823
Current portion of long-term debt
1,832
140
Total current liabilities
12,775
10,382
Long-term debt, excluding current portion
15,213
17,229
Deferred income taxes
4,172
4,281
Other noncurrent liabilities
1,768
2,406
Deferred revenue
46
52
Total liabilities
33,974
34,350
Redeemable noncontrolling interest
176
—
Equity:
FIS stockholders’ equity:
Preferred stock $0.01 par value
—
—
Common stock $0.01 par value
6
6
Additional paid in capital
45,821
45,358
Retained earnings
3,556
4,161
Accumulated other comprehensive earnings (loss)
(212
)
(33
)
Treasury stock, at cost
(140
)
(52
)
Total FIS stockholders’ equity
49,031
49,440
Noncontrolling interest
14
16
Total equity
49,045
49,456
Total liabilities, redeemable noncontrolling interest and equity
$
83,195
$
83,806
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In millions)
Exhibit C
Nine months ended September 30,
2020
2019
Cash flows from operating activities:
Net earnings
$
61
$
459
Adjustment to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
2,760
1,488
Amortization of debt issue costs
24
17
Acquisition-related financing foreign exchange
—
(112
)
Asset impairments
—
87
Loss (gain) on sale of businesses, investments and other
3
18
Stock-based compensation
182
138
Deferred income taxes
(24
)
(75
)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:
Trade and other receivables
78
12
Contract assets
(41
)
(14
)
Settlement activity
594
165
Prepaid expenses and other assets
(128
)
(2
)
Deferred contract costs
(354
)
(258
)
Deferred revenue
(50
)
(51
)
Accounts payable, accrued liabilities and other liabilities
(81
)
(131
)
Net cash provided by operating activities
3,024
1,741
Cash flows from investing activities:
Additions to property and equipment
(186
)
(135
)
Additions to software
(652
)
(409
)
Acquisitions, net of cash acquired
(469
)
(6,629
)
Net proceeds from sale of businesses and investments
—
49
Other investing activities, net
92
(43
)
Net cash provided by (used in) investing activities
(1,215
)
(7,167
)
Cash flows from financing activities:
Borrowings
37,125
25,425
Repayment of borrowings and other financing obligations
(37,646
)
(15,997
)
Debt issuance costs
—
(71
)
Proceeds from stock issued under stock-based compensation plans
302
136
Treasury stock activity
(102
)
(422
)
Dividends paid
(650
)
(441
)
Other financing activities, net
(222
)
(39
)
Net cash provided by (used in) financing activities
(1,193
)
8,591
Effect of foreign currency exchange rate changes on cash
8
(38
)
Net increase (decrease) in cash and cash equivalents
624
3,127
Cash and cash equivalents, beginning of period
3,211
703
Cash and cash equivalents, end of period
$
3,835
$
3,830
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ORGANIC REVENUE GROWTH — UNAUDITED
(In millions)
Exhibit D
Three months ended September 30,
2020
2019
Constant
Currency
In Year
Adjusted
Organic
Revenue
FX
Revenue
Revenue
Adjustments (1)
Base
Growth
Merchant Solutions
$
1,017
$
(12
)
$
1,005
$
705
$
298
$
1,003
—
%
Banking Solutions
1,507
7
1,513
1,443
29
1,473
3
%
Capital Market Solutions
626
(5
)
621
611
18
630
(1
)%
Corporate and Other
47
—
47
63
—
63
(24
)%
Total
$
3,197
$
(10
)
$
3,187
$
2,822
$
346
$
3,168
1
%
Nine months ended September 30,
2020
2019
Constant
Currency
In Year
Adjusted
Organic
Revenue
FX
Revenue
Revenue
Adjustments (1)
Base
Growth
Merchant Solutions
$
2,764
$
(3
)
$
2,761
$
852
$
2,171
$
3,023
(9
)%
Banking Solutions
4,447
31
4,479
4,173
200
4,373
2
%
Capital Market Solutions
1,886
2
1,887
1,778
57
1,836
3
%
Corporate and Other
139
—
139
188
—
188
(26
)%
Total
$
9,236
$
30
$
9,266
$
6,991
$
2,429
$
9,420
(2
)%
Amounts in tables may not sum or calculate due to rounding. (1) In year adjustments primarily include adding revenue from the Worldpay and Virtus acquisitions.FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP CASH FLOW MEASURES — UNAUDITED
(In millions)
Exhibit D (continued)
Three months ended
Nine months ended
September 30, 2020
September 30, 2020
Net cash provided by operating activities
$
1,411
$
3,024
Non-GAAP adjustments:
Acquisition, integration and other payments (1)
140
438
Settlement activity
(422
)
(594
)
Adjusted cash flows from operations
1,129
2,868
Capital expenditures (2)
(263
)
(808
)
Free cash flow
$
866
$
2,060
Three months ended
Nine months ended
September 30, 2019
September 30, 2019
Net cash provided by operating activities
$
921
$
1,741
Non-GAAP adjustments:
Acquisition, integration and other payments (1)
171
260
Tax payments on divestitures (3)
—
10
Settlement activity
(193
)
(165
)
Adjusted cash flows from operations
899
1,846
Capital expenditures
(259
)
(544
)
Free cash flow
$
640
$
1,302
Free cash flow reflects adjusted cash flows from operations less capital expenditures (additions to property and equipment and additions to software, excluding capital spend related to the construction of our new headquarters). 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.
(1)
Adjusted cash flows from operations and free cash flow for the three and nine months ended September 30, 2020 and 2019 exclude cash payments for certain acquisition, integration and other costs (see Note 2 to Exhibit E), net of related tax impact. The related tax impact totaled $23 million and $30 million for the three months and $70 million and $51 million for the nine months ended September 30, 2020 and 2019, respectively.
(2)
Capital expenditures for free cash flow for the three and nine months ended September 30, 2020 exclude $9 million and $30 million, respectively, in capital spend related to the construction of our new headquarters.
(3)
Adjusted cash flows from operations and free cash flow exclude tax payments made in 2019 related to the sale of Reliance Trust Company of Delaware and the unwinding of the Brazilian Venture recognized during 2018.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit E
Three months ended
September 30,
Nine months ended
September 30,
2020
2019
2020
2019
Net earnings attributable to FIS common stockholders
$
20
$
154
$
54
$
456
Provision (benefit) for income taxes
121
48
94
119
Interest expense, net
84
95
252
242
Other, net
6
(157
)
(15
)
29
Operating income, as reported
231
140
385
846
Depreciation and amortization, excluding purchase accounting amortization
238
206
705
594
Non-GAAP adjustments:
Purchase accounting amortization (1)
693
546
2,055
894
Acquisition, integration and other costs (2)
195
213
616
293
Asset impairments
—
87
—
87
Adjusted EBITDA
$
1,357
$
1,192
$
3,761
$
2,714
See Notes to Exhibit E.
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED
(In millions, except per share amounts)
Exhibit E (continued)
Three months ended
September 30,
Nine months ended
September 30,
2020
2019
2020
2019
Earnings (loss) before income taxes and equity method investment earnings (loss)
$
143
$
209
$
164
$
596
(Provision) benefit for income taxes
(121
)
(48
)
(94
)
(119
)
Equity method investment earnings (loss)
—
(5
)
(9
)
(18
)
Net (earnings) loss attributable to noncontrolling interest
(2
)
(2
)
(7
)
(3
)
Net earnings attributable to FIS common stockholders
20
154
54
456
Non-GAAP adjustments:
Purchase accounting amortization (1)
693
546
2,055
894
Acquisition, integration and other costs (2)
195
213
622
358
Asset impairments (3)
—
87
—
87
Loss (gain) on sale of businesses and investments (4)
—
—
—
6
Debt financing activities (5)
—
(5
)
—
98
Non-operating (income) expense (6)
4
(164
)
(31
)
(164
)
Equity method investment (earnings) loss (7)
—
5
9
18
Tax rate change (8)
103
—
103
—
(Provision) benefit for income taxes on non-GAAP adjustments
(128
)
(85
)
(405
)
(200
)
Total non-GAAP adjustments
867
597
2,353
1,097
Adjusted net earnings
$
887
$
751
$
2,407
$
1,553
Net earnings per share-diluted attributable to FIS common stockholders
$
0.03
$
0.29
$
0.09
$
1.15
Non-GAAP adjustments:
Purchase accounting amortization (1)
1.11
1.04
3.28
2.26
Acquisition, integration and other costs (2)
0.31
0.41
0.99
0.90
Asset impairments (3)
—
0.17
—
0.22
Loss (gain) on sale of businesses and investments (4)
—
—
—
0.02
Debt financing activities (5)
—
(0.01
)
—
0.25
Non-operating (income) expense (6)
0.01
(0.31
)
(0.05
)
(0.41
)
Equity method investment (earnings) loss (7)
—
0.01
0.01
0.05
Tax rate change (8)
0.16
—
0.16
—
(Provision) benefit for income taxes on non-GAAP adjustments
(0.20
)
(0.16
)
(0.65
)
(0.51
)
Adjusted net earnings per share-diluted attributable to FIS common stockholders
$
1.42
$
1.43
$
3.85
$
3.92
Weighted average shares outstanding-diluted
627
524
626
396
Amounts in table may not sum or calculate due to rounding.
See Notes to Exhibit E.
FIDELITY NATIONAL INFORMATION SERVICES, INC. |SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED (In millions, except per share amounts)
Exhibit E (continued)
Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliations for the three and nine months ended September 30, 2020 and 2019.
The adjustments are as follows:
(1)
This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions, including customer relationships, contract value, trademarks and tradenames, and technology assets. The Company has excluded the impact of this 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 acquisition and integration costs primarily related to the acquisition of Worldpay and certain other costs including those associated with data center consolidation activities of $20 million and $25 million for the three months and $60 million and $50 million for the nine months ended September 30, 2020 and 2019, respectively, and incremental charges directly related to COVID-19 of $41 million and $56 million for the three and nine months ended September 30, 2020, respectively.
(3)
For the three and nine months ended September 30, 2019 this item primarily represents asset impairments for certain software resulting from the Company's net realizable value analysis.
(4)
This item represents the net pre-tax loss (gain) on sale of businesses and investments during the nine months ended September 30, 2019.
(5)
This item primarily represents the non-cash foreign currency impact of non-hedged Euro- and Pound Sterling-denominated notes issued during the three months ended June 30, 2019 to finance the Worldpay acquisition.
(6)
Non-operating (income) expense consists of other income and expense items outside of the Company's operating activities. For the three and nine months ended September 30, 2020 this item primarily represents the fair value adjustment on certain assets and liabilities offset by foreign currency transaction remeasurement losses and the pending settlement of the Reliance Trust claims described in our Commitments and Contingencies note in our quarterly reports on Form 10-Q. For the three and nine months ended September 30, 2019, this item primarily represents the non-cash foreign currency gain on non-hedged Euro- and Pound Sterling-denominated notes to finance the Worldpay acquisition.
(7)
This item represents our equity method investment earnings or loss and is predominantly due to our equity ownership interest in Cardinal Holdings, LP.
(8)
This item represents the one-time net remeasurement of certain deferred tax liabilities due to the increase in the U.K. corporate statutory tax rate from 17% to 19% enacted on July 22, 2020.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005274/en/
Ellyn Raftery, 904.438.6083 Chief Marketing Officer FIS Global Marketing and Corporate Communications Ellyn.Raftery@fisglobal.com
Nathan Rozof, CFA, 904.438.6918 Executive Vice President FIS Corporate Finance and Investor Relations Nathan.Rozof@fisglobal.com
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