Second Quarter Adjusted EPS of $0.42, up 23.5% Adjusted EBITDA
margin of 25.3%, up 250 basis points Free cash flow of $125 million
JACKSONVILLE, Fla., July 28 /PRNewswire-FirstCall/ -- Fidelity
National Information Services, Inc. (NYSE:FIS), a leading global
provider of technology services to financial institutions, today
reported financial results for the quarter ended June 30, 2009.
Consolidated revenue of $834.8 million declined 4.0% in U.S.
dollars and 0.4% in constant currency compared to $869.7 million in
the second quarter of 2008. Non-GAAP adjusted net earnings
increased 23.5% to $0.42 per share in U.S. dollars, compared to
$0.34 in the prior year, and increased 26.5% in constant currency.
The increase is due to improved operating performance across all
major business lines and lower net interest expense. GAAP net
earnings from continuing operations attributable to common
stockholders totaled $59.6 million, or $0.31 per share, compared to
$0.07 per share in the prior period. Free cash flow (cash from
operations less capital expenditures) was $124.6 million compared
with $86.0 million in the prior year quarter. "FIS reported another
quarter of excellent growth in earnings, margin expansion and
strong free cash flow. Our management team has done an excellent
job navigating through the current difficult market conditions, and
in further strengthening FIS's position as a premier global
organization," stated William P. Foley, II, executive chairman.
"Importantly, despite the difficult market environment, we remain
highly focused on expanding customer relationships, and we continue
to pursue growth opportunities that leverage our existing
operations and drive long-term value for our shareholders." "We are
very pleased with our strong second quarter performance, which
included a 250 basis point improvement in margin and once again,
outstanding free cash flow. The strategic initiatives implemented
over the last several quarters are producing tangible results, and
we remain confident in our ability to continue to generate strong
operating efficiencies and leverage," added Lee A. Kennedy,
president and chief executive officer. "Based on results to date
and our outlook for the remainder of 2009, we are increasing our
full year earnings outlook to $1.71 to $1.75 per share from our
previous guidance of $1.60 to $1.66 per share." Supplemental
Information Consolidated revenue in the second quarter of 2009 was
$834.8 million, compared with $869.7 in the prior year quarter, a
decrease of 4.0% in U.S. dollars. Excluding a $31.2 million
unfavorable impact of foreign currency resulting from a
strengthening of the U.S. dollar, consolidated revenue declined
0.4%. - Financial Solutions revenue declined 1.4% to $277.0 million
compared to $280.8 million in the prior period, as increased demand
for risk management and technology outsourcing services was offset
by lower software license and professional services revenue. -
Payment Solutions revenue declined 0.9% to $380.0 million compared
to $383.4 million in the 2008 quarter, as growth in debit was
offset by declines in item processing, credit card and retail check
services. - International revenue declined 13.7% to $178.4 million
in U.S. dollars, compared to $206.8 million in the prior year
quarter. The decline was driven by the strengthening of the U.S.
dollar and exceptionally strong revenue in the second quarter of
2008. International revenue increased 1.4% in constant currency,
driven by 5.1% growth in payments. Financial solutions revenue
declined 4.3% due to a reduction in license and professional
services revenue related to significant new customer
implementations in the second quarter of 2008. Adjusted EBITDA
increased 6.9% to $211.6 million in the second quarter of 2009
compared to $198.0 million in the 2008 quarter. The adjusted EBITDA
margin improved 250 basis points to 25.3% compared to 22.8% in the
prior-year quarter, driven by increased operating leverage and
ongoing expense management across all operating segments. -
Financial Solutions EBITDA increased 15.0% to $119.4 million, and
the margin improved 610 basis points to 43.1% compared to 37.0% in
the prior year. - Payment Solutions EBITDA increased 8.2% to $105.2
million, and the margin increased 230 basis points to 27.7%. -
International EBITDA increased 29.4% to $29.5 million. Productivity
improvements more than offset a decline in high margin software
sales and a $6.5 million unfavorable currency impact. The EBITDA
margin improved 550 basis points to 16.5% compared to 11.0% in the
prior year. The effective tax rate in the second quarter of 2009
was 34.5% compared to 32.0% in the second quarter of 2008. Balance
Sheet FIS had $227.9 million in cash and cash equivalents at June
30, 2009. The company repaid $168.4 million of debt during the
second quarter, reducing total debt outstanding to $2.3 billion, of
which $2.1 billion has been swapped to fixed interest rates. The
effective interest rate was 5.5% as of June 30, 2009. Capital
expenditures totaled $50.9 million in the quarter, compared to
$52.0 million spent in the prior year. Acquisition Update On April
1, 2009, FIS announced plans to acquire Metavante Technologies,
Inc. (NYSE:MV). FIS expects to complete the transaction in the
fourth quarter of 2009, subject to shareholder and regulatory
approvals and the satisfaction of customary closing conditions.
2009 Outlook Based on FIS's results in the first six months and the
outlook for the remainder of the year, management expects to
achieve adjusted net earnings of $1.71 to $1.75 per share in 2009,
compared to the previous guidance of $1.60 to $1.66 per share. The
company expects constant currency revenue to increase modestly in
2009 compared to 2008, and expects reported revenue to decline
slightly compared to 2008. Free cash flow is expected to exceed the
high end of management's previous guidance of $410 million to $430
million. This guidance does not include Metavante's operating
results. FIS will update its fiscal 2009 guidance to include
Metavante following the completion of the transaction. 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. 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, the company has provided non-GAAP financial
measures which it believes are useful to help investors better
understand its financial performance, competitive position and
prospects for the future. These non-GAAP measures include earnings
before interest, taxes and amortization (EBITDA), adjusted net
earnings, and free cash flow. Adjusted EBITDA excludes the impact
of merger and acquisition and integration expenses, LPS spin-off
related costs, certain stock compensation charges and certain other
costs. Adjusted net earnings exclude the after-tax impact of merger
and acquisition and integration expenses, LPS spin-off related
costs, certain stock compensation charges, acquisition related
amortization and certain other costs. 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
net earnings. Further, FIS's non-GAAP measures may be calculated
differently from similarly-titled measures of other companies. A
reconciliation of these non-GAAP measures to related GAAP measures
is included in the press release attachments. Conference Call and
Webcast FIS will host a call with investors and analysts to discuss
second quarter 2009 results on Tuesday, July 28, 2009, beginning at
5:00 p.m. Eastern daylight time. To register for the live event and
to access a supplemental slide presentation, go to the Investor
Relations section at http://www.fidelityinfoservices.com/ and click
on "Events and Multimedia." A webcast replay will be available on
FIS' Investor Relations website, and a telephone replay will be
available through August 11, 2009, by dialing 800-475-6701 (USA) or
320-365-3844 (International). The access code will be 106703. To
access a PDF version of this release and accompanying financial
tables, go to http://www.investor.fidelityinfoservices.com/. About
Fidelity National Information Services, Inc. Fidelity National
Information Services, Inc. (NYSE:FIS), a member of the S&P 500
Index, is a leading provider of core processing for financial
institutions; card issuer and transaction processing services; and
outsourcing services to financial institutions and retailers. FIS
has processing and technology relationships with 40 of the top 50
global banks, including nine of the top 10 and was ranked the
number one banking technology provider in the world by American
Banker and the research firm Financial Insights in the 2008 FinTech
100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a
strong global presence, serving more than 14,000 financial
institutions in more than 90 countries worldwide. For more
information on Fidelity National Information Services, please visit
http://www.fidelityinfoservices.com/. Forward-Looking Statements
This press release contains forward-looking statements, including
certain plans, expectations, goals and projections, and statements
about FIS's acquisition of Metavante, which are subject to numerous
assumptions, risks and uncertainties. Statements that are not
historical facts, including statements about our beliefs and
expectations, are forward-looking statements. Forward-looking
statements are based on management's beliefs, as well as
assumptions made by, and information currently available to,
management. Because such statements are based on expectations as to
future economic performance and are not statements of fact, actual
results may differ materially from those projected. The risks and
uncertainties that forward-looking statements are subject to
include, without limitation: changes in general economic, business
and political conditions, including changes in the financial
markets; the effect of governmental regulations, including the
possibility that there are unexpected delays in obtaining
regulatory approvals; the failure to obtain required transaction
approvals from FIS's and Metavante's shareholders; the effects of
our substantial leverage which may limit the funds available to
make acquisitions and invest in our business; the risks of
reduction in revenue from the elimination of existing and potential
customers due to consolidation in the banking, retail and financial
services industries or due to financial failures suffered by firms
in those industries; actions that may be taken by the competitors,
customers and suppliers of FIS or Metavante that may cause the
transaction to be delayed or not completed; failures to adapt our
services to changes in technology or in the marketplace; our
potential inability to find suitable acquisition candidates or
difficulties in integrating acquisitions; competitive pressures on
product pricing and services; and other risks detailed in the
"Statement Regarding Forward-Looking Information," "Risk Factors"
and other sections of the Company's Form 10-K and other filings
with the Securities and Exchange Commission. All forward-looking
statements included in this document are based on information
available at the time of the document. FIS assumes any obligation
to update any forward-looking statement. FIS-e Fidelity National
Information Services, Inc. Earnings Release Supplemental Financial
Information July 28,2009 (Unaudited) Exhibit A Consolidated
Statements of Earnings for the Three and Six Months ended June 30,
2009 and 2008 Exhibit B Consolidated Balance Sheets as of June 30,
2009 and December 31, 2008 Exhibit C Consolidated Statements of
Cash Flows for the Six Months Ended June 30, 2009 and 2008 Exhibit
D Supplemental Non-GAAP Financial Information for the Three and Six
Months Ended June 30, 2009 and 2008 Exhibit E Supplemental GAAP to
Non-GAAP Reconciliation - Unaudited for the Three and Six Months
Ended June 30, 2009 and 2008 Exhibit A FIDELITY NATIONAL
INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF EARNINGS - UNAUDITED (In millions, except per share data) Three
months Six months ended ended June 30, June 30, ------------
---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Processing
and services revenues $834.8 $869.7 $1,632.6 $1,700.0 Cost of
revenues 602.7 674.0 1,199.9 1,322.7 Selling, general and
administrative expenses 93.2 117.9 189.3 229.0 Research and
development costs 21.5 19.9 44.1 39.2 ---- ---- ---- ---- Operating
income 117.4 57.9 199.3 109.1 ----- ---- ----- ----- Other income
(expense): Interest income 0.5 1.5 1.3 4.3 Interest expense (31.8)
(43.6) (63.8) (82.4) Other income (expense) 5.5 1.3 6.7 0.1 --- ---
--- --- Total other income (expense) (25.8) (40.8) (55.8) (78.0)
---- ---- ---- ---- Earnings from continuing operations before
income taxes 91.6 17.1 143.5 31.1 Provision for income taxes 31.6
3.3 49.5 6.6 Equity in losses of unconsolidated entities - (0.2) -
(0.2) --- --- --- --- Net earnings from continuing operations 60.0
13.6 94.0 24.3 (Loss) earnings from discontinued operations, net of
tax (0.4) 59.2 (1.7) 118.8 --- ---- --- ----- Net earnings 59.6
72.8 92.3 143.1 Net earnings attributable to noncontrolling
interest (0.4) (0.9) (0.1) (0.7) --- --- --- --- Net earnings
attributable to FIS $59.2 $71.9 $92.2 $142.4 ===== ===== =====
====== Net earnings per share-basic from continuing operations
attributable to FIS common stockholders * $0.31 $0.07 $0.49 $0.13
Net earnings (loss) per share-basic from discontinued operations
attributable to FIS common stockholders * (0.00) 0.30 (0.01) 0.61
---- ---- ---- ---- Net earnings per share-basic attributable to
FIS common stockholders * $0.31 $0.37 $0.48 $0.74 ===== ===== =====
===== Weighted average shares outstanding-basic 190.3 192.5 190.2
193.5 ===== ===== ===== ===== Net earnings per share-diluted from
continuing operations attributable to FIS common stockholders *
$0.31 $0.07 $0.49 $0.12 Net earnings (loss) per share- diluted from
discontinued operations attributable to FIS common stockholders *
(0.00) 0.30 (0.01) 0.61 ---- ---- ---- ---- Net earnings per
share-diluted attributable to FIS common stockholders * $0.31 $0.37
$0.48 $0.73 ===== ===== ===== ===== Weighted average shares
outstanding-diluted 192.7 194.4 192.2 195.5 ===== ===== ===== =====
Amounts attributable to FIS common stockholders: Net earnings from
continuing operations, net of tax $59.6 $13.3 $93.9 $24.2 (Loss)
earnings from discontinued operations, net of tax (0.4) 58.6 (1.7)
118.2 --- ---- --- ----- Net earnings attributable to FIS common
stockholders $59.2 $71.9 $92.2 $142.4 ===== ===== ===== ====== *
Amounts may not sum due to rounding. Exhibit B FIDELITY NATIONAL
INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (In millions) As of As of June 30, December 31, 2009 2008
---- ---- (Unaudited) Assets Current assets: Cash and cash
equivalents $227.9 $220.9 Settlement deposits 38.0 31.4 Trade
receivables, net 521.8 538.1 Settlement receivables 38.9 52.1 Other
receivables 77.5 121.1 Receivable from FNF and LPS 11.4 10.1
Prepaid expenses and other current assets 98.9 115.1 Deferred
income taxes 80.5 77.4 ---- ---- Total current assets 1,094.9
1,166.2 Property and equipment, net of accumulated depreciation and
amortization 271.4 272.6 Goodwill 4,200.2 4,194.0 Other intangible
assets, net of accumulated amortization 905.4 924.3 Computer
software, net of accumulated amortization 640.5 617.0 Deferred
contract costs 249.0 241.2 Long-term notes receivable from FNF 5.1
5.5 Other noncurrent assets 73.3 79.6 ---- ---- Total assets
$7,439.8 $7,500.4 ======== ======== Liabilities and Equity Current
liabilities: Accounts payable and accrued liabilities $458.1 $444.8
Settlement payables 81.6 83.3 Current portion of long-term debt
158.1 105.5 Deferred revenues 184.1 182.9 ----- ----- Total current
liabilities 881.9 816.5 Deferred revenues 89.1 86.7 Deferred income
taxes 331.2 332.7 Long-term debt, excluding current portion 2,134.0
2,409.0 Other long-term liabilities 115.3 158.5 ----- ----- Total
liabilities 3,551.5 3,803.4 ------- ------- FIS stockholders'
equity: Preferred stock $0.01 par value - - Common stock $0.01 par
value 2.0 2.0 Additional paid in capital 2,964.6 2,959.8 Retained
earnings 1,149.2 1,076.1 Accumulated other comprehensive (loss)
earnings (15.7) (102.3) Treasury stock (383.2) (402.8) ----- -----
Total FIS stockholders' equity 3,716.9 3,532.8 Noncontrolling
interest 171.4 164.2 ----- ----- Total equity 3,888.3 3,697.0
------- ------- Total liabilities and equity $7,439.8 $7,500.4
======== ======== Exhibit C FIDELITY NATIONAL INFORMATION SERVICES,
INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS -
UNAUDITED (In millions) Six months ended June 30, ----------------
2009 2008 ---- ---- Cash flows from operating activities: Net
earnings $92.3 $143.1 Adjustment to reconcile net earnings to net
cash provided by operating activities: Depreciation and
amortization 184.1 244.5 Amortization of debt issue costs 1.7 2.9
Net gain on sale of non-strategic businesses - (1.0) Stock-based
compensation cost 18.3 42.2 Deferred income taxes (31.8) 3.0 Income
tax benefit from exercise of stock options (0.1) (0.9) Equity in
losses of unconsolidated entities - 2.3 Changes in assets and
liabilities, net of effects from acquisitions: Net decrease
(increase) in trade receivables 93.8 (58.2) Net decrease (increase)
in prepaid expenses and other assets 19.3 (6.7) Net additions to
deferred contract costs (25.3) (39.5) Net increase in deferred
revenue 2.5 15.7 Net decrease in accounts payable, accrued
liabilities and other liabilities (23.7) (104.6) ---- ----- Net
cash provided by operating activities 331.1 242.8 ----- ----- Cash
flows from investing activities: Additions to property and
equipment (27.1) (43.9) Additions to capitalized software (69.1)
(111.7) Net proceeds from sale of company assets - 33.5
Acquisitions, net of cash acquired (3.8) (17.4) Other investing
activities - (4.7) - ---- Net cash used in investing activities
(100.0) (144.2) ----- ----- Cash flows from financing activities:
Borrowings 1,198.7 2,699.6 Debt service payments (1,420.1)
(2,704.5) Dividends paid (19.1) (19.3) Income tax benefit from
exercise of stock options 0.1 0.9 Stock options exercised 6.0 11.5
Treasury stock purchases - (236.2) - ----- Net cash used in
financing activities (234.4) (248.0) ----- ----- Effect of foreign
currency exchange rates on cash 10.3 1.1 ---- --- Net increase
(decrease) in cash and cash equivalents 7.0 (148.3) Cash and cash
equivalents, at beginning of period 220.9 355.3 ----- ----- Cash
and cash equivalents, at end of period $227.9 $207.0 ====== ======
Exhibit D FIDELITY NATIONAL INFORMATION SERVICES, INC. NON-GAAP
FINANCIAL INFORMATION - UNAUDITED (In millions) 1. Revenue, EBIT
and EBITDA Three Months Ended June 30, 2009
-------------------------------- Corporate Financial Payment Inter-
and Consoli- Solutions Solutions national Other dated ---------
--------- -------- --------- -------- Revenue from Continuing
Operations $277.0 $380.0 $178.4 $(0.6) $834.8 Operating Income
$90.7 $94.4 $14.9 $(82.6) $117.4 M&A, Restructuring and
Integration Costs - - - 2.1 2.1 --- --- --- --- --- EBIT, as
adjusted $90.7 $94.4 $14.9 $(80.5) $119.5 ===== ===== ===== ======
====== Depreciation and Amortization from Continuing Operations, as
adjusted 28.7 10.8 14.6 38.0 92.1 ---- ---- ---- ---- ---- EBITDA,
as adjusted $119.4 $105.2 $29.5 $(42.5) $211.6 ====== ====== =====
====== ====== EBIT Margin, as adjusted 32.7% 24.8% 8.4% N/M% 14.3%
==== ==== === === ==== EBITDA Margin, as adjusted 43.1% 27.7% 16.5%
N/M% 25.3% ==== ==== ==== === ==== Three Months Ended June 30, 2008
-------------------------------- Corporate Financial Payment Inter-
and Consoli- Solutions Solutions national Other dated ---------
--------- -------- --------- -------- Revenue from Continuing
Operations $280.8 $383.4 $206.8 $(1.3) $869.7 Operating Income
$77.9 $87.5 $7.6 $(115.1) $57.9 M&A, Restructuring and
Integration Costs - - - 29.1 29.1 Corporate Costs Non - Disc. Ops -
- - 9.0 9.0 LPS Spin-off Costs - - - 5.6 5.6 --- --- --- --- ---
EBIT, as adjusted $77.9 $87.5 $7.6 $(71.4) $101.6 ===== ===== ====
====== ====== Depreciation and Amortization from Continuing
Operations, as adjusted 25.9 9.7 15.2 45.6 96.4 ---- --- ---- ----
---- EBITDA Margin, as adjusted $103.8 $97.2 $22.8 $(25.8) $198.0
====== ===== ===== ====== ====== EBIT Margin, as adjusted 27.7%
22.8% 3.7% N/M% 11.7% ==== ==== === === ==== EBITDA Margin, as
adjusted 37.0% 25.4% 11.0% N/M% 22.8% ==== ==== ==== === ==== Total
Revenue Growth from Prior Year Period Three Months Ended June 30,
2009 -1.4% -0.9% -13.7% N/M% -4.0% === === ==== === === Three
Months Ended June 30, 2008 13.5% 25.7% 44.3% N/M% 25.1% ==== ====
==== === ==== Exhibit D FIDELITY NATIONAL INFORMATION SERVICES,
INC. NON-GAAP FINANCIAL INFORMATION - UNAUDITED (In millions) 1.
Revenue, EBIT and EBITDA Six Months Ended June 30, 2009
------------------------------------------------- Corporate
Financial Payment Inter- and Consoli- Solutions Solutions national
Other dated --------- --------- -------- --------- -------- Revenue
from Continuing Operations $548.3 $744.7 $340.7 $(1.1) $1,632.6
Operating Income $164.3 $178.5 $25.1 $(168.6) $199.3 M&A,
Restructuring and Integration Costs - - - 9.4 9.4 --- --- --- ---
--- EBIT, as adjusted $164.3 $178.5 $25.1 $(159.2) $208.7 ======
====== ===== ======= ====== Depreciation and Amortization from
Continuing Operations, as adjusted 57.1 21.9 27.8 77.3 184.1 ----
---- ---- ---- ----- EBITDA, as adjusted $221.4 $200.4 $52.9
$(81.9) $392.8 ====== ====== ===== ====== ====== EBIT Margin, as
adjusted 30.0% 24.0% 7.4% N/M% 12.8% ==== ==== === === ==== EBITDA
Margin, as adjusted 40.4% 26.9% 15.5% N/M% 24.1% ==== ==== ==== ===
==== Six Months Ended June 30, 2008 ------------------------------
Corporate Financial Payment Inter- and Consoli- Solutions Solutions
national Other dated --------- --------- -------- ---------
-------- Revenue from Operations $561.2 $756.7 $383.7 $(1.6)
$1,700.0 Operating Income $147.4 $158.4 $19.8 $(216.5) $109.1
M&A, Restructuring and Integration Costs - - - 44.1 44.1
Corporate Costs Non - Disc. Ops - - - 18.0 18.0 LPS Spin-off Costs
- - - 8.5 8.5 --- --- --- --- --- EBIT, as adjusted $147.4 $158.4
$19.8 $(145.9) $179.7 ====== ====== ===== ======= ======
Depreciation and Amortization from Continuing Operations, as
adjusted 61.5 24.2 28.6 84.0 198.3 ---- ---- ---- ---- -----
EBITDA, as adjusted $208.9 $182.6 $48.4 $(61.9) $378.0 ======
====== ===== ====== ====== EBIT Margin, as adjusted 26.3% 20.9%
5.2% N/M% 10.6% ==== ==== === === ==== EBITDA Margin, as adjusted
37.2% 24.1% 12.6% N/M% 22.2% ==== ==== ==== === ==== Total Revenue
Growth from Prior Year Period Six Months Ended June 30, 2009 -2.3%
-1.6% -11.2% N/M% -4.0% ==== ==== ===== === ==== Six Months Ended
June 30, 2008 16.7% 26.3% 36.3% N/M% 25.0% ==== ==== ==== === ====
Exhibit D FIDELITY NATIONAL INFORMATION SERVICES, INC.
RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW
MEASURES - UNAUDITED (In millions) Three Months Six Months Ended
Ended June 30, 2009 June 30, 2009 ---------------------
--------------------- GAAP Adj Adjusted GAAP Adj Adjusted ---- ---
-------- ---- --- -------- Cash flows from operating activities:
Net earnings (2) $59.6 $1.0 $60.6 $92.3 $6.0 $98.3 Adjustments to
reconcile net earnings to net cash provided by operating
activities: Non-cash adjustments 69.0 - 69.0 172.2 - 172.2 Working
capital adjustments (3) 39.9 6.0 45.9 66.6 3.0 69.6 ---- --- ----
---- --- ---- Net cash provided by operating activities 168.5 7.0
175.5 331.1 9.0 340.1 Capital expenditures (50.9) - (50.9) (96.2) -
(96.2) ---- --- ---- ---- --- ---- Net free cash flow $117.6 $7.0
$124.6 $234.9 $9.0 $243.9 ====== ==== ====== ====== ==== ======
Three Months Six Months Ended Ended June 30, 2008 June 30, 2008
--------------------- --------------------- Pro Adj Pro Pro Adj Pro
forma (1) Adj forma forma (1) Adj forma -------- --- --------
--------- --- ------- Cash flows from operating activities: Net
earnings (4) $15.0 $29.0 $44.0 $31.0 $37.0 $68.0 Adjustments to
reconcile net earnings to net cash provided by operating
activities: Non-cash adjustments 119.0 - 119.0 233.0 - 233.0
Working capital adjustments (3) (43.0) 18.0 (25.0) (145.0) 65.0
(80.0) ----- ---- ----- ------ ---- ----- Net cash provided by
operating activities 91.0 47.0 138.0 119.0 102.0 221.0 Capital
expenditures (52.0) - (52.0) (130.0) - (130.0) ---- --- ---- -----
--- ----- Net free cash flow $39.0 $47.0 $86.0 $(11.0) $102.0 $91.0
===== ===== ===== ====== ====== ===== (1) Pro forma cash flows are
presented as if the LPS spin-off was completed on January 1, 2008
and represents FIS on a post-spin basis. (2) Adjustments to Net
Earnings reflect the elimination of the after-tax impact of
non-recurring M&A and related integration costs. (3)
Adjustments to working capital reflect elimination of settlement of
various acquisition related liabilities and for the 2009 period,
the elimination of current accruals related to the announced
acquisition of Metavante. (4) Adjustments to Net Earnings reflect
the elimination of the after-tax impact of non-recurring M&A
and related integration costs, costs associated with the LPS
spin-off, restructuring costs and the elimination of corporate
costs attributable to LPS. Exhibit E FIDELITY NATIONAL INFORMATION
SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION - UNAUDITED (in
millions, except per share data) GAAP Non-GAAP Three Months M&A
Three Months Ended Restructuring Purchase Ended June 30, And Price
June 30, 2009 Integration Sub- Amortiza- 2009 (Unaudited) Costs (1)
total tion (4) (Unaudited)
----------------------------------------------------- Processing
and Services revenue $834.8 $- $834.8 $- $834.8 Cost of revenues
602.7 - 602.7 (29.2) 573.5 ----- - ----- ----- ----- Gross profit
232.1 - 232.1 29.2 261.3 ----- --- ----- ---- ----- Selling,
general and administrative 93.2 (2.1) 91.1 - 91.1 Research and
development costs 21.5 - 21.5 - 21.5 ---- --- ---- --- ----
Operating income 117.4 2.1 119.5 29.2 148.7 ----- --- ----- ----
----- Other income (expense): Interest income 0.5 - 0.5 - 0.5
Interest expense (31.8) - (31.8) - (31.8) Other income, net 5.5 -
5.5 - 5.5 --- - --- - --- Total other income (expense) (25.8) -
(25.8) - (25.8) ---- --- ---- - ---- Earnings from continuing
operations before income taxes, 91.6 2.1 93.7 29.2 122.9 Provision
(benefit) for income taxes 31.6 0.7 32.3 10.1 42.4 ---- --- ----
---- ---- Earnings from continuing operations 60.0 1.4 61.4 19.1
80.5 Loss from discontinued operations (0.4) - (0.4) - (0.4) ----
--- --- --- --- Net earnings 59.6 1.4 61.0 19.1 80.1 Noncontrolling
interest (0.4) - (0.4) - (0.4) ---- --- --- --- --- Net earnings
attributable to FIS $59.2 $1.4 $60.6 $19.1 $79.7 ===== ==== =====
===== ===== Amounts attributable to FIS common stockholders Net
earnings from continuing operations, net of tax $59.6 $1.4 $61.0
$19.1 $80.1 (Loss) earnings from discontinued operations, net of
tax (0.4) - (0.4) - (0.4) --- --- --- --- --- Net earnings
attributable to FIS common stockholders $59.2 $1.4 $60.6 $19.1
$79.7 ===== ==== ===== ===== ===== Net earnings per share - diluted
from continuing operations attributable to FIS common stockholders
* $0.31 $0.01 $0.32 $0.10 $0.42 ===== ===== ===== ===== =====
Weighted average shares outstanding - diluted 192.7 192.7 192.7
192.7 192.7 ===== ===== ===== ===== ===== Supplemental Information:
Depreciation and amortization from continuing operations $92.1
$(29.2) $62.9 ===== ====== ===== Stock compensation expense from
continuing operations, excluding acceleration charges $8.8 Stock
acceleration charges - - Total stock compensation expense from
continuing operations $8.8 ==== * Amounts may not sum due to
rounding. See accompanying notes. Exhibit E FIDELITY NATIONAL
INFORMATION SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION -
UNAUDITED (in millions, except per share data) GAAP Non-GAAP Six
Months M&A Six Months Ended Restructuring Purchase Ended June
30, And Price June 30, 2009 Integration Sub- Amortiza- 2009
(Unaudited) Costs (1) total tion (4) (Unaudited)
----------------------------------------------------- Processing
and services revenue $1,632.6 $- $1,632.6 $- $1,632.6 Cost of
revenues 1,199.9 - 1,199.9 (59.3) 1,140.6 ------- - ------- -----
------- Gross profit 432.7 - 432.7 59.3 492.0 ----- --- ----- ----
----- Selling, general and administrative 189.3 (9.4) 179.9 - 179.9
Research and development costs 44.1 - 44.1 - 44.1 ---- --- ---- ---
---- Operating income 199.3 9.4 208.7 59.3 268.0 ----- --- -----
---- ----- Other income (expense): Interest income 1.3 - 1.3 - 1.3
Interest expense (63.8) - (63.8) - (63.8) Other income, net 6.7 -
6.7 - 6.7 --- - --- - --- Total other income (expense) (55.8) -
(55.8) - (55.8) ---- --- ---- --- ---- Earnings from continuing
operations before income taxes 143.5 9.4 152.9 59.3 212.2 Provision
(benefit) for income taxes 49.5 3.2 52.7 20.5 73.2 ---- --- ----
---- ---- Earnings from continuing operations 94.0 6.2 100.2 38.8
139.0 Loss from discontinued operations (1.7) - (1.7) - (1.7) ---
--- --- --- --- Net earnings 92.3 6.2 98.5 38.8 137.3
Noncontrolling interest (0.1) - (0.1) - (0.1) ---- --- --- --- ---
Net earnings attributable to FIS $92.2 $6.2 $98.4 $38.8 $137.2
===== ==== ===== ===== ====== Amounts attributable to FIS common
stockholders Net earnings from continuing operations, net of tax
$93.9 $6.2 $100.1 $38.8 $138.9 (Loss) earnings from discontinued
operations, net of tax (1.7) - (1.7) - (1.7) ---- --- --- --- ---
Net earnings attributable to FIS common stockholders $92.2 $6.2
$98.4 $38.8 $137.2 ===== ==== ===== ===== ====== Net earnings per
share - diluted from continuing operations attributable to FIS
common stockholders * $0.49 $0.03 $0.52 $0.20 $0.72 ===== =====
===== ===== ===== Weighted average shares outstanding - diluted
192.2 192.2 192.2 192.2 192.2 ===== ===== ===== ===== =====
Supplemental Information: Depreciation and amortization from
continuing operations $184.1 $(59.3) $124.8 ====== ====== ======
Stock compensation expense from continuing operations, excluding
acceleration charges $18.3 Stock acceleration charges - - Total
stock compensation expense from continuing operations $18.3 ===== *
Amounts may not sum due to rounding. See accompanying notes.
Exhibit E FIDELITY NATIONAL INFORMATION SERVICES, INC. GAAP TO
NON-GAAP RECONCILIATION - UNAUDITED (in millions, except per share
data) M&A GAAP Restructuring Corporate Three Months And Costs
LPS Ended Integration Non-Disc Spin June 30, 2008 Costs Ops Costs
(Unaudited) ---------- ---------- -------- ------ Processing and
services revenue $869.7 $- $- $- Cost of revenues 674.0 (24.0) - -
---------- ---------- -------- ------ Gross profit 195.7 24.0 - -
Selling, general and administrative 117.9 (5.1) (9.0) (5.6)
Research and development costs 19.9 - - - ---------- ----------
-------- ------ Operating income 57.9 29.1 9.0 5.6 ----------
---------- -------- ------ Other income (expense): Interest income
1.5 - - - Interest expense (43.6) 2.7 - - Other income, net 1.3 - -
- ---------- ---------- -------- ------ Total other income
(expense) (40.8) 2.7 - - ---------- ---------- -------- ------
Earnings before income taxes 17.1 31.8 9.0 5.6 Provision (benefit)
for income taxes 3.3 11.3 2.7 2.0 Equity in earnings (losses) of
unconsolidated entities (0.2) - - - ---------- ---------- --------
------ Earnings from continuing operations 13.6 20.5 6.3 3.6
Earnings from discontinued operations 59.2 - - - ----------
---------- -------- ------ Net earnings 72.8 20.5 6.3 3.6
Noncontrolling interest (0.9) - - - ---------- ---------- --------
------ Net earnings attributable to FIS $71.9 $20.5 $6.3 $3.6
========== ========== ======== ====== Amounts attributable to FIS
common stockholders Net earnings from continuing operations, net of
tax $13.3 $20.5 $6.3 $3.6 (Loss) earnings from discontinued
operations, net of tax 58.6 - - - ---------- ---------- --------
------ Net earnings attributable to FIS common stockholders $71.9
$20.5 $6.3 $3.6 ========== ========== ======== ====== Net earnings
per share - diluted from continuing operations attributable to FIS
common stockholders* $0.07 $0.11 $0.03 $0.02 ========== ==========
======== ====== Weighted average shares outstanding - diluted 194.4
194.4 194.4 194.4 ========== ========== ======== ====== Non-GAAP
Three Purchase Months Price Ended Subtotal Amortization June 30,
2008 (Unaudited) -------- ------------ --------- Processing and
services revenue $869.7 $- $869.7 Cost of revenues 650.0 (35.5)
614.5 -------- ------------ --------- Gross profit 219.7 35.5 255.2
-------- ------------ --------- Selling, general and administrative
98.2 - 98.2 Research and development costs 19.9 - 19.9 --------
------------ --------- Operating income 101.6 35.5 137.1 --------
------------ --------- Other income (expense): Interest income 1.5
- 1.5 Interest expense (40.9) - (40.9) Other income, net 1.3 - 1.3
-------- ------------ --------- Total other income (expense) (38.1)
- (38.1) -------- ------------ --------- Earnings before income
taxes 63.5 35.5 99.0 Provision (benefit) for income taxes 19.3 12.4
31.7 Equity in earnings (losses) of unconsolidated entities (0.2) -
(0.2) -------- ------------ --------- Earnings from continuing
operations 44.0 23.1 67.1 Earnings from discontinued operations
59.2 - 59.2 -------- ------------ --------- Net earnings 103.2 23.1
126.3 Noncontrolling interest (0.9) - (0.9) -------- ------------
--------- Net earnings attributable to FIS $102.3 $23.1 $125.4
======== ============ ========= Amounts attributable to FIS common
stockholders Net earnings from continuing operations, net of tax
$43.7 $23.1 $66.8 (Loss) earnings from discontinued operations, net
of tax 58.6 - 58.6 -------- ------------ --------- Net earnings
attributable to FIS common stockholders $102.3 $23.1 $125.4
======== ============ ========= Net earnings per share - diluted
from continuing operations attributable to FIS common stockholders*
$0.22 $0.12 $0.34 ======== ============ ========= Weighted average
shares outstanding - diluted 194.4 194.4 194.4 ========
============ ========= Supplemental Information: Depreciation and
amortization from continuing operations $96.4 $(35.5) $60.9
======== ============ ========= Stock compensation expense from
continuing operations, excluding acceleration charges $8.6 Stock
acceleration charges 2.5 --------- Total stock compensation expense
from continuing operations $11.1 ========= * Amounts may not sum
due to rounding. See accompanying notes. Exhibit E FIDELITY
NATIONAL INFORMATION SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION
- UNAUDITED (in millions, except per share data) M&A GAAP
Restructuring Corporate Six Months And Costs LPS Ended Integration
Non-Disc Spin June 30, 2008 Costs Ops Costs (Unaudited)
------------ ---------- ----------- -------- Processing and
services revenue $1,700.0 $- $- $- Cost of revenues 1,322.7 (24.0)
- - ------------ ---------- ----------- -------- Gross profit 377.3
24.0 - - ------------ ---------- ----------- -------- Selling,
general and administrative 229.0 (20.1) (18.0) (8.5) Research and
development costs 39.2 - - - ------------ ---------- -----------
-------- Operating income 109.1 44.1 18.0 8.5 ------------
---------- ----------- -------- Other income (expense): Interest
income 4.3 - - - Interest expense (82.4) 2.7 - - Other income, net
0.1 - - - ------------ ---------- ----------- -------- Total other
income (expense) (78.0) 2.7 - - ------------ ---------- -----------
-------- Earnings before income taxes 31.1 46.8 18.0 8.5 Provision
(benefit) for income taxes 6.6 16.8 5.5 3.1 Equity in earnings
(losses) of unconsolidated entities (0.2) - - - ------------
---------- ----------- -------- Earnings from continuing operations
24.3 30.0 12.5 5.4 Earnings from discontinued operations 118.8 - -
- ------------ ---------- ----------- -------- Net earnings 143.1
30.0 12.5 5.4 Noncontrolling interest (0.7) - - - ------------
---------- ----------- -------- Net earnings attributable to FIS
$142.4 $30.0 $12.5 $5.4 ============ ========== ===========
======== Amounts attributable to FIS common stockholders Net
earnings from continuing operations, net of tax $24.2 $30.0 $12.5
$5.4 (Loss) earnings from discontinued operations, net of tax 118.2
- - - ------------ ---------- ----------- -------- Net earnings
attributable to FIS common stockholders $142.4 $30.0 $12.5 $5.4
============ =========== =========== ======== Net earnings per
share - diluted from continuing operations attributable to FIS
common stockholders* $0.12 $0.15 $0.06 $0.03 ============
=========== =========== ======== Weighted average shares
outstanding - diluted 195.5 195.5 195.5 195.5 ============
=========== =========== ======== Non-GAAP Purchase Six Months Price
Ended Subtotal Amortization June 30, 2008 (Unaudited) ---------
---------- ----------- Processing and services revenue $1,700.0 $-
$1,700.0 Cost of revenues 1,298.7 (72.0) 1,226.7 ---------
---------- ----------- Gross profit 401.3 72.0 473.3 ---------
---------- ----------- Selling, general and administrative 182.4 -
182.4 Research and development costs 39.2 - 39.2 ---------
---------- ----------- Operating income 179.7 72.0 251.7 ---------
---------- ----------- Other income (expense): Interest income 4.3
- 4.3 Interest expense (79.7) - (79.7) Other income, net 0.1 - 0.1
--------- ---------- ----------- Total other income (expense)
(75.3) - (75.3) --------- ---------- ----------- Earnings before
income taxes 104.4 72.0 176.4 Provision (benefit) for income taxes
32.0 25.3 57.3 Equity in earnings (losses) of unconsolidated
entities (0.2) - (0.2) --------- ---------- ----------- Earnings
from continuing operations 72.2 46.7 118.9 Earnings from
discontinued operations 118.8 - 118.8 --------- ----------
----------- Net earnings 191.0 46.7 237.7 Noncontrolling interest
(0.7) - (0.7) --------- ---------- ----------- Net earnings
attributable to FIS $190.3 $46.7 $237.0 ========= ==========
=========== Amounts attributable to FIS common stockholders Net
earnings from continuing operations, net of tax $72.1 $46.7 $118.8
(Loss) earnings from discontinued operations, net of tax 118.2 -
118.2 --------- ---------- ----------- Net earnings attributable to
FIS common stockholders $190.3 $46.7 $237.0 ========= ==========
=========== Net earnings per share - diluted from continuing
operations attributable to FIS common stockholders* $0.37 $0.24
$0.61 ========= ========== =========== Weighted average shares
outstanding - diluted 195.5 195.5 195.5 ========= ==========
=========== Supplemental Information: Depreciation and amortization
from continuing operations $198.3 $(72.0) $126.3 =========
========== =========== Stock compensation expense from continuing
operations, excluding acceleration charges $16.4 Stock acceleration
charges 16.7 ----------- Total stock compensation expense from
continuing operations $33.1 =========== * Amounts may not sum due
to rounding. See accompanying notes. Notes to Unaudited -
Supplemental GAAP to Non-GAAP Reconciliation for the Three-Month
and Six-Month Periods ended June 30, 2009 and 2008 The adjustments
are as follows: (1) This column represents charges for
restructuring and integration costs relating to merger and
acquisition activities. For the three and six months ended June 30,
2009, the amounts represent incremental transaction costs incurred
by the Company related to the previously announced acquisition of
Metavante Technologies, Inc. (2) This column represents corporate
costs attributable to LPS as previously reported in our investor
package furnished on form 8-K on May 28, 2008. These amounts are
not allocable to discontinued operations under U.S. Generally
Accepted Accounting Principles. (3) This column represents
incremental transaction costs incurred by the Company directly
related to the LPS spin-off. (4) This column represents purchase
price amortization expense on intangibles assets acquired through
various Company acquisitions. DATASOURCE: Fidelity National
Information Services, Inc. CONTACT: CONTACT: Mary Waggoner, Senior
Vice President, Investor Relations, +1-904-854-3282, , or Marcia
Danzeisen, Senior Vice President, Marketing and Corporate
Communications, +1-904-854-5083, both of Fidelity National
Information Services, Inc. Web Site:
http://www.fidelityinfoservices.com/
Copyright
Grafico Azioni Metavante Hlds (NYSE:MV)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Metavante Hlds (NYSE:MV)
Storico
Da Giu 2023 a Giu 2024