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JACKSONVILLE, Fla., Oct 21, 2009 (BUSINESS WIRE) -- FIS (NYSE:FIS), a leading global provider of technology services to
financial institutions, today reported financial results for the quarter
ended September 30, 2009.
Consolidated revenue of $850.7 million declined 3.8% in U.S. dollars and
1.9% in constant currency compared to $884.0 million in the third
quarter of 2008. The adjusted EBITDA margin expanded 250 basis points to
27.7%. Non-GAAP adjusted net earnings per share increased 12.2% to $0.46
per share in U.S. dollars, compared to $0.41 in the prior year, and
increased 14.6% in constant currency. The increase is due primarily to
improved operating performance across all major business lines, which
offset a higher average diluted share count in the third quarter of
2009. GAAP net earnings from continuing operations attributable to
common stockholders totaled $67.6 million, or $0.35 per share, compared
to $0.23 per share in the prior period. Free cash flow (cash from
operations less capital expenditures) was $132.8 million compared with
$118.2 million in the prior year quarter.
FIS completed the acquisition of Metavante Technologies, Inc. (NYSE: MV)
on October 1, 2009. Metavante's operations will be included in the FIS
results prospectively, beginning in the fourth quarter of 2009.
"While revenue growth remains challenging in the current economic
environment, we continue to drive strong margin expansion, double-digit
growth in earnings per share and excellent free cash flow. We are
confident in our ability to drive solid organic top line growth and
realize strong operating leverage when the banking industry recovers,"
stated William P. Foley, II, executive chairman. "With the successful
completion of the Metavante acquisition, FIS will be even better
positioned to compete on a global basis and deliver strong financial
performance."
Frank Martire, president and chief executive officer of FIS added, "We
are very excited about the future of this great company. We remain
highly focused on meeting our customers' needs, driving operational
excellence and building long-term value."
Supplemental Information Consolidated revenue in the third quarter of 2009 was $850.7 million,
compared with $884.0 in the prior year quarter, a decrease of 3.8% in
U.S. dollars. Excluding a $16.8 million unfavorable impact of foreign
currency, consolidated revenue declined 1.9%. The decline was primarily
due to lower license and professional services revenue, coupled with
nonrecurring interchange adjustments and card marketing revenue recorded
in the prior year quarter.
-
Financial Solutions revenue declined 7.3% to $278.2 million compared
to $300.2 million in the prior period, due to lower software license
and professional services revenue.
-
Payment Solutions revenue declined 5.0% to $369.5 million compared to
$389.1 million in the 2008 quarter, due to ongoing weakness in
consumer spending and lower item processing volumes. The growth rate
was also impacted by a nonrecurring interchange adjustment and
particularly strong card marketing revenue in the third quarter of
2008.
-
International Solutions revenue increased 4.1% to $203.5 million in
U.S. dollars, and 12.7% in constant currency compared to $195.4
million in the prior year quarter. Core processing revenue increased
14.3% driven by strong services revenue and volumes in Asia Pacific
and EMEA, while payments revenue increased 11.8% driven by organic
account growth across all regions.
Adjusted EBITDA
increased 5.6% to $235.3 million in the third quarter of 2009 compared
to $222.8 million in the 2008 quarter. The adjusted EBITDA margin
improved 250 basis points to 27.7% compared to 25.2% in the prior-year
quarter, driven by ongoing expense management across all operating
segments.
-
Financial Solutions EBITDA decreased 1.7% to $126.6 million due to
lower software sales and professional services revenue, while the
margin improved 260 basis points to 45.5% compared to 42.9% in the
prior year.
-
Payment Solutions EBITDA increased 2.8% to $108.3 million, and the
margin increased 220 basis points to 29.3% compared to 27.1% in the
prior year.
-
International EBITDA increased 57.1% to $42.9 million. The EBITDA
margin improved 710 basis points to 21.1% compared to 14.0% in the
prior year, as account growth and productivity improvements more than
offset a $3.7 million unfavorable currency impact
The
effective tax rate in the third quarter of 2009 was 34.4% compared to
34.9% in the third quarter of 2008.
Balance Sheet FIS had $205.6 million in cash and cash equivalents at September 30,
2009. The company repaid $153.7 million of debt during the third
quarter, reducing total debt outstanding to $2.1 billion, the majority
of which has been swapped to fixed interest rates. The effective
interest rate was 5.9% as of September, 2009. Total debt outstanding
increased to $3.4 billion in conjunction with the October 1, 2009
acquisition of Metavante.
Capital expenditures totaled $49.4 million in the quarter, compared to
$48.2 million spent in the prior year.
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 depreciation 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 third
quarter 2009 results on Wednesday, October 21, 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 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 November 4, 2009, by dialing 800-475-6701 (USA) or
320-365-3844 (International). The access code will be 117478. To access
a PDF version of this release and accompanying financial tables, go to http://www.investor.fidelityinfoservices.com.
About FIS FIS delivers banking and payments technologies to more than 14,000
financial institutions and businesses in more than 90 countries
worldwide. FIS provides financial institution core processing, and card
issuer and transaction processing services, including the NYCE Network.
FIS maintains processing and technology relationships with 40 of the top
50 global banks, including nine of the top 10. FIS is a member of
Standard and Poor's (S&P) 500(R) Index and has been ranked
the number one overall financial technology provider in the world by The
American Banker newspaper and the research firm Financial Insights
in their annual "FinTech 100" rankings. Headquartered in Jacksonville,
Fla., FIS employs approximately 30,000 on a global basis. FIS is listed
on the New York Stock Exchange under the "FIS" ticker symbol. For more
information about FIS see www.fidelityinfoservices.com.
Forward-Looking Statements This press release contains statements related to FIS' future plans and
expectations, and, as such, constitutes "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
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; 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; failures to adapt our services to changes in
technology or in the marketplace; the failure to achieve some or all of
the benefits that we expect from the acquisition of Metavante, including
the possibility that our acquisition of Metavante may not be accretive
to our earnings due to undisclosed liabilities, management or
integration issues, loss of customers, the inability to achieve targeted
cost savings, or other factors; 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 ("SEC") that are available
on the SEC's web site located at www.sec.gov.
All forward-looking statements included in this document are based on
information available at the time of the document. FIS assumes no
obligation to update any forward-looking statement.
FIS-e
| | | | | | |
Fidelity National Information Services, Inc.
| |
Earnings Release Supplemental Financial Information
| |
October 21, 2009
| |
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
Exhibit A
| | | | |
Consolidated Statements of Earnings for the Three and Nine Months
ended September 30, 2009 and 2008
| | | | | | | |
Exhibit B
| | | | |
Consolidated Balance Sheets as of September 30, 2009 and December
31, 2008
| | | | | | | |
Exhibit C
| | | | |
Consolidated Statements of Cash Flows for the Nine Months Ended
September 30, 2009 and 2008
| | | | | | | |
Exhibit D
| | | | |
Supplemental Non-GAAP Financial Information for the Three and Nine
Months Ended September 30, 2009 and 2008
| | | | | | | |
Exhibit E
| | | | |
Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for the
Three and Nine Months Ended September 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 ended September 30,
| |
Nine months ended September 30,
| | |
2009
| |
2008
| |
2009
| |
2008
| | | | | | | | | | |
Processing and services revenues
| |
$ 850.7
| | |
$ 884.0
| | |
$ 2,483.3
| | |
$ 2,584.0
| | | | | | | | | | | |
Cost of revenues
| |
600.5
| | |
661.8
| | |
1,800.4
| | |
1,984.5
| | |
Selling, general and administrative expenses
| |
92.2
| | |
79.9
| | |
281.5
| | |
308.9
| | |
Research and development costs
| |
22.3
| | |
22.5
| | |
66.4
| | |
61.7
| | | | | | | | | | | |
Operating income
| |
135.7
| | |
119.8
| | |
335.0
| | |
228.9
| | | | | | | | | | | |
Other income (expense):
| | | | | | | | | |
Interest income
| |
1.4
| | |
1.0
| | |
2.7
| | |
5.3
| | |
Interest expense
| |
(33.2
|
)
| |
(47.7
|
)
| |
(97.0
|
)
| |
(130.1
|
)
| |
Other income (expense)
| |
1.4
| | |
(0.1
|
)
| |
8.1
| | |
-
| | |
Total other income (expense)
| |
(30.4
|
)
| |
(46.8
|
)
| |
(86.2
|
)
| |
(124.8
|
)
| | | | | | | | | | |
Earnings from continuing operations before income taxes
| |
105.3
| | |
73.0
| | |
248.8
| | |
104.1
| | |
Provision for income taxes
| |
36.3
| | |
27.0
| | |
85.8
| | |
33.6
| | |
Equity in losses of unconsolidated entities
| |
-
| | |
-
| | |
-
| | |
(0.2
|
)
| | | | | | | | | | |
Net earnings from continuing operations
| |
69.0
| | |
46.0
| | |
163.0
| | |
70.3
| | |
(Loss) earnings from discontinued operations, net of tax
| |
-
| | |
0.4
| | |
(1.7
|
)
| |
119.2
| | | | | | | | | | | |
Net earnings
| |
69.0
| | |
46.4
| | |
161.3
| | |
189.5
| | |
Net earnings attributable to noncontrolling interest
| |
(1.4
|
)
| |
(2.8
|
)
| |
(1.5
|
)
| |
(3.5
|
)
| | | | | | | | | | |
Net earnings attributable to FIS
| |
$ 67.6
| | |
$ 43.6
| | |
$ 159.8
| | |
$ 186.0
| | | | | | | | | | | |
Net earnings per share-basic from continuing operations attributable
to FIS common stockholders *
| |
$ 0.35
| | |
$ 0.23
| | |
$ 0.85
| | |
$ 0.35
| | |
Net earnings (loss) per share-basic from discontinued operations
attributable to FIS common stockholders *
| |
-
| | |
-
| | |
(0.01
|
)
| |
0.62
| | |
Net earnings per share-basic attributable to FIS common stockholders
*
| |
$ 0.35
| | |
$ 0.23
| | |
$ 0.84
| | |
$ 0.97
| | | | | | | | | | | |
Weighted average shares outstanding-basic
| |
191.1
| | |
189.5
| | |
190.5
| | |
192.2
| | | | | | | | | | | | | | | | | | | | |
Net earnings per share-diluted from continuing operations
attributable to FIS common stockholders *
| |
$ 0.35
| | |
$ 0.23
| | |
$ 0.84
| | |
$ 0.35
| | |
Net earnings (loss) per share-diluted from discontinued operations
attributable to FIS common stockholders *
| |
-
| | |
-
| | |
(0.01
|
)
| |
0.61
| | |
Net earnings per share-diluted attributable to FIS common
stockholders *
| |
$ 0.35
| | |
$ 0.23
| | |
$ 0.83
| | |
$ 0.96
| | | | | | | | | | | |
Weighted average shares outstanding-diluted
| |
194.6
| | |
191.8
| | |
193.0
| | |
194.3
| | | | | | | | | | | | Amounts attributable to FIS common stockholders: | | | | | | | | | |
Net earnings from continuing operations, net of tax
| |
$ 67.6
| | |
$ 43.2
| | |
$ 161.5
| | |
$ 67.4
| | |
(Loss) earnings from discontinued operations, net of tax
| |
-
| | |
0.4
| | |
(1.7
|
)
| |
118.6
| | |
Net earnings attributable to FIS common stockholders
| |
$ 67.6
| | |
$ 43.6
| | |
$ 159.8
| | |
$ 186.0
| | | | | | | | | | |
* Amounts may not sum due to rounding.
| | | | | | | | |
| | | | | | | | | Exhibit B | | FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES | | CONSOLIDATED BALANCE SHEETS - UNAUDITED | | (In millions) | | | | | | | | | | | | |
As of
| |
As of
| | |
September 30,
| |
December 31,
| | |
2009
| |
2008
| | | | | | | Assets | | | | | |
Current assets:
| | | | | |
Cash and cash equivalents
| |
$ 205.6
| | |
$ 220.9
| | |
Settlement deposits
| |
44.8
| | |
31.4
| | |
Trade receivables, net
| |
518.1
| | |
538.1
| | |
Settlement receivables
| |
39.8
| | |
52.1
| | |
Other receivables
| |
74.4
| | |
121.1
| | |
Receivable from FNF and LPS
| |
7.0
| | |
10.1
| | |
Prepaid expenses and other current assets
| |
89.2
| | |
115.1
| | |
Deferred income taxes
| |
78.4
| | |
77.4
| |
Total current assets
| |
1,057.3
| | |
1,166.2
| | | | | | | | | | | | |
Property and equipment, net of accumulated depreciation and
amortization
| |
263.3
| | |
272.6
| | |
Goodwill
| |
4,205.7
| | |
4,194.0
| | |
Other intangible assets, net of accumulated amortization
| |
902.7
| | |
924.3
| | |
Computer software, net of accumulated amortization
| |
664.3
| | |
617.0
| | |
Deferred contract costs
| |
256.4
| | |
241.2
| | |
Long-term notes receivable from FNF
| |
-
| | |
5.5
| | |
Other noncurrent assets
| |
80.8
| | |
79.6
| | |
Total assets
| |
$ 7,430.5
| | |
$ 7,500.4
| | | | | | | | | | | | | Liabilities and Equity | | | | | |
Current liabilities:
| | | | | |
Accounts payable and accrued liabilities
| |
$ 362.2
| | |
$ 386.2
| | |
Related party payable
| |
71.0
| | |
58.6
| | |
Settlement payables
| |
89.1
| | |
83.3
| | |
Current portion of long-term debt
| |
195.8
| | |
105.5
| | |
Deferred revenues
| |
167.8
| | |
182.9
| | |
Total current liabilities
| |
885.9
| | |
816.5
| | | | | | | |
Deferred revenues
| |
92.3
| | |
86.7
| | |
Deferred income taxes
| |
354.0
| | |
332.7
| | |
Long-term debt, excluding current portion
| |
1,947.9
| | |
2,409.0
| | |
Other long-term liabilities
| |
118.5
| | |
158.5
| | |
Total liabilities
| |
3,398.6
| | |
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
| |
2,909.1
| | |
2,959.8
| | |
Retained earnings
| |
1,207.1
| | |
1,076.1
| | |
Accumulated other comprehensive earnings (loss)
| |
44.6
| | |
(102.3
|
)
| |
Treasury stock
| |
(308.7
|
)
| |
(402.8
|
)
| |
Total FIS stockholders' equity
| |
3,854.1
| | |
3,532.8
| | |
Noncontrolling interest
| |
177.8
| | |
164.2
| | |
Total equity
| |
4,031.9
| | |
3,697.0
| | | | | | | |
Total liabilities and equity
| |
$ 7,430.5
| | |
$ 7,500.4
| |
| | | | | | | | | Exhibit C | | FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES | | CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | | (In millions) | |
| | | | | | | | | | |
Nine months ended September 30,
| | |
2009
| |
2008
| | Cash flows from operating activities: | | | | | |
Net earnings
| |
$ 161.3
| | |
$ 189.5
| | |
Adjustment to reconcile net earnings to net cash provided by
operating activities:
| | | | | |
Depreciation and amortization
| |
278.4
| | |
344.5
| | |
Amortization of debt issue costs
| |
2.5
| | |
16.0
| | |
Net gain on sale of non-strategic businesses
| |
-
| | |
2.5
| | |
Stock-based compensation cost
| |
27.3
| | |
50.6
| | |
Deferred income taxes
| |
(24.6
|
)
| |
3.1
| | |
Income tax benefit from exercise of stock options
| |
(4.5
|
)
| |
(0.1
|
)
| |
Equity in losses of unconsolidated entities
| |
-
| | |
2.3
| | |
Changes in assets and liabilities, net of effects from acquisitions:
| | | | | |
Net decrease (increase) in trade receivables
| |
134.4
| | |
(31.0
|
)
| |
Net decrease (increase) in prepaid expenses and other assets
| |
27.2
| | |
(11.4
|
)
| |
Net additions to deferred contract costs
| |
(40.7
|
)
| |
(54.7
|
)
| |
Net increase (decrease) in deferred revenue
| |
(13.7
|
)
| |
(9.3
|
)
| |
Net increase (decrease) in accounts payable, accrued liabilities and
other liabilities
| |
(42.6
|
)
| |
(103.3
|
)
| | | | | | |
Net cash provided by operating activities
| |
505.0
| | |
398.7
| | | | | | | | Cash flows from investing activities: | | | | | |
Additions to property and equipment
| |
(34.5
|
)
| |
(57.1
|
)
| |
Additions to capitalized software
| |
(111.1
|
)
| |
(146.7
|
)
| |
Collection of related party note
| |
5.9
| | |
-
| | |
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
| |
(143.5
|
)
| |
(192.4
|
)
| | | | | | | Cash flows from financing activities: | | | | | |
Borrowings
| |
2,147.2
| | |
3,796.2
| | |
Debt service payments
| |
(2,517.0
|
)
| |
(3,839.3
|
)
| |
Dividends paid
| |
(30.6
|
)
| |
(28.7
|
)
| |
Income tax benefit from exercise of stock options
| |
4.5
| | |
0.1
| | |
Cash transferred in LPS spin-off
| |
-
| | |
(20.8
|
)
| |
Stock options exercised
| |
11.6
| | |
18.7
| | |
Treasury stock purchases
| |
-
| | |
(236.2
|
)
| | | | | | |
Net cash used in financing activities
| |
(384.3
|
)
| |
(310.0
|
)
| | | | | | |
Effect of foreign currency exchange rates on cash
| |
7.5
| | |
(13.1
|
)
| | | | | | |
Net increase (decrease) in cash and cash equivalents
| |
(15.3
|
)
| |
(116.8
|
)
| | | | | | |
Cash and cash equivalents, at beginning of period
| |
220.9
| | |
355.3
| | | | | | | |
Cash and cash equivalents, at end of period
| |
$ 205.6
| | |
$ 238.5
| |
| | | | | | | | | | | | | | | | | Exhibit D | | FIDELITY NATIONAL INFORMATION SERVICES, INC. | | NON-GAAP FINANCIAL INFORMATION - UNAUDITED | | (In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1. Revenue, EBIT and EBITDA | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2009
| | | | | | | | | | | | | | | | | | | |
Financial
| | |
Payment
| | | | | |
Corporate
| | | | | | |
Solutions
| | |
Solutions
| | |
International
| | |
and Other
| | |
Consolidated
| | | | | | | | | | | | | | | | | | |
Revenue from Continuing Operations
|
$ 278.2
| | |
$ 369.5
| | |
$ 203.5
| | |
$ (0.5
|
)
| | |
$ 850.7
| | | | | | | | | | | | | | | | | | |
Operating Income
| |
$ 98.6
| | |
$ 97.7
| | |
$ 26.6
| | |
$ (87.2
|
)
| | |
$ 135.7
| | |
M&A, Restructuring and Integration Costs
|
-
| | |
-
| | |
-
| | |
5.3
| | | |
5.3
| | |
EBIT, as adjusted
| |
$ 98.6
| | |
$ 97.7
| | |
$ 26.6
| | |
$ (81.9
|
)
| | |
$ 141.0
| | | | | | | | | | | | | | | | | | |
Depreciation and Amortization from Continuing
| | | | | | | | | | | | | | | |
Operations, as adjusted
| |
28.0
| | |
10.6
| | |
16.3
| | |
39.4
| | | |
94.3
| | |
EBITDA, as adjusted
| |
$ 126.6
| | |
$ 108.3
| | |
$ 42.9
| | |
$ (42.5
|
)
| | |
$ 235.3
| | | | | | | | | | | | | | | | | | |
EBIT Margin, as adjusted
| |
35.4
|
%
| |
26.4
|
%
| |
13.1
|
%
| |
N/M
| |
%
| |
16.6
|
%
| | | | | | | | | | | | | | | | | |
EBITDA Margin, as adjusted
| |
45.5
|
%
| |
29.3
|
%
| |
21.1
|
%
| |
N/M
| |
%
| |
27.7
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2008
| | | | | | | | | | | | | | | | | | | |
Financial
| | |
Payment
| | | | | |
Corporate
| | | | | | |
Solutions
| | |
Solutions
| | |
International
| | |
and Other
| | |
Consolidated
| | | | | | | | | | | | | | | | | | |
Revenue from Continuing Operations
|
$ 300.2
| | |
$ 389.1
| | |
$ 195.4
| | |
$ (0.7
|
)
| | |
$ 884.0
| | | | | | | | | | | | | | | | | | |
Operating Income
| |
$ 100.3
| | |
$ 93.9
| | |
$ 12.3
| | |
$ (86.7
|
)
| | |
$ 119.8
| | |
M&A, Restructuring and Integration Costs
| |
-
| | |
-
| | |
-
| | |
2.3
| | | |
2.3
| | |
LPS Spin-off Costs
| |
-
| | |
-
| | |
-
| | |
0.8
| | | |
0.8
| | |
EBIT, as adjusted
| |
$ 100.3
| | |
$ 93.9
| | |
$ 12.3
| | |
$ (83.6
|
)
| | |
$ 122.9
| | | | | | | | | | | | | | | | | | |
Depreciation and Amortization from Continuing
| | | | | | | | | | | | | | | | |
Operations, as adjusted
| |
28.5
| | |
11.4
| | |
15.0
| | |
45.0
| | | |
99.9
| | |
EBITDA, as adjusted
| |
$ 128.8
| | |
$ 105.3
| | |
$ 27.3
| | |
$ (38.6
|
)
| | |
$ 222.8
| | | | | | | | | | | | | | | | | | |
EBIT Margin, as adjusted
| |
33.4
|
%
| |
24.1
|
%
| |
6.3
|
%
| |
N/M
| |
%
| |
13.9
|
%
| | | | | | | | | | | | | | | | | |
EBITDA Margin, as adjusted
| |
42.9
|
%
| |
27.1
|
%
| |
14.0
|
%
| |
N/M
| |
%
| |
25.2
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Revenue Growth from Prior Year Period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2009
|
-7.3
|
%
| |
-5.0
|
%
| |
4.1
|
%
| |
N/M
| |
%
| |
-3.8
|
%
| | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2008
|
22.1
|
%
| |
23.1
|
%
| |
34.9
|
%
| |
N/M
| |
%
| |
25.3
|
%
|
| | | | | Exhibit D | | FIDELITY NATIONAL INFORMATION SERVICES, INC. | | NON-GAAP FINANCIAL INFORMATION - UNAUDITED | | (In millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1. Revenue, EBIT and EBITDA | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2009
| | | | | | | | | | | | | | | | | | | |
Financial
| | |
Payment
| | | | | |
Corporate
| | | | | | |
Solutions
| | |
Solutions
| | |
International
| | |
and Other
| | |
Consolidated
| | | | | | | | | | | | | | | | | | |
Revenue from Continuing Operations
|
$ 826.5
| | |
$ 1,114.2
| | |
$ 544.2
| | |
$ (1.6
|
)
| | |
$ 2,483.3
| | | | | | | | | | | | | | | | | | |
Operating Income
| |
$ 262.9
| | |
$ 276.2
| | |
$ 51.7
| | |
$ (255.8
|
)
| | |
$ 335.0
| | |
M&A, Restructuring and Integration Costs
|
-
| | |
-
| | |
-
| | |
14.8
| | | |
14.8
| | |
EBIT, as adjusted
| |
$ 262.9
| | |
$ 276.2
| | |
$ 51.7
| | |
$ (241.0
|
)
| | |
$ 349.8
| | | | | | | | | | | | | | | | | | |
Depreciation and Amortization from Continuing
| | | | | | | | | | | | | | | |
Operations, as adjusted
| |
85.1
| | |
32.5
| | |
44.1
| | |
116.7
| | | |
278.4
| | |
EBITDA, as adjusted
| |
$ 348.0
| | |
$ 308.7
| | |
$ 95.8
| | |
$ (124.3
|
)
| | |
$ 628.2
| | | | | | | | | | | | | | | | | | |
EBIT Margin, as adjusted
| |
31.8
|
%
| |
24.8
|
%
| |
9.5
|
%
| |
N/M
| |
%
| |
14.1
|
%
| | | | | | | | | | | | | | | | | |
EBITDA Margin, as adjusted
| |
42.1
|
%
| |
27.7
|
%
| |
17.6
|
%
| |
N/M
| |
%
| |
25.3
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2008
| | | | | | | | | | | | | | | | | | | |
Financial
| | |
Payment
| | | | | |
Corporate
| | | | | | |
Solutions
| | |
Solutions
| | |
International
| | |
and Other
| | |
Consolidated
| | | | | | | | | | | | | | | | | | |
Revenue from Continuing Operations
|
$ 861.4
| | |
$ 1,145.8
| | |
$ 579.1
| | |
$ (2.3
|
)
| | |
$ 2,584.0
| | | | | | | | | | | | | | | | | | |
Operating Income
| |
$ 247.7
| | |
$ 252.3
| | |
$ 32.1
| | |
$ (303.2
|
)
| | |
$ 228.9
| | |
M&A, Restructuring and Integration Costs
| |
-
| | |
-
| | |
-
| | |
46.4
| | | |
46.4
| | |
Corporate Costs Non - Disc. Ops
| |
-
| | |
-
| | |
-
| | |
18.0
| | | |
18.0
| | |
LPS Spin-off Costs
| |
-
| | |
-
| | |
-
| | |
9.3
| | | |
9.3
| | |
EBIT, as adjusted
| |
$ 247.7
| | |
$ 252.3
| | |
$ 32.1
| | |
$ (229.5
|
)
| | |
$ 302.6
| | | | | | | | | | | | | | | | | | |
Depreciation and Amortization from Continuing
| | | | | | | | | | | | | | | | |
Operations, as adjusted
| |
90.0
| | |
35.6
| | |
43.6
| | |
129.0
| | | |
298.2
| | |
EBITDA, as adjusted
| |
$ 337.7
| | |
$ 287.9
| | |
$ 75.7
| | |
$ (100.5
|
)
| | |
$ 600.8
| | | | | | | | | | | | | | | | | | |
EBIT Margin, as adjusted
| |
28.8
|
%
| |
22.0
|
%
| |
5.5
|
%
| |
N/M
| |
%
| |
11.7
|
%
| | | | | | | | | | | | | | | | | |
EBITDA Margin, as adjusted
| |
39.2
|
%
| |
25.1
|
%
| |
13.1
|
%
| |
N/M
| |
%
| |
23.3
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Revenue Growth from Prior Year Period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2009
|
-4.1
|
%
| |
-2.8
|
%
| |
-6.0
|
%
| |
N/M
| |
%
| |
-3.9
|
%
| | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2008
|
18.5
|
%
| |
24.9
|
%
| |
36.6
|
%
| |
N/M
| |
%
| |
25.1
|
%
|
| | Exhibit D | | FIDELITY NATIONAL INFORMATION SERVICES, INC. | | RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW
MEASURES - UNAUDITED | | (In millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2009
| |
Nine Months Ended September 30, 2009
| | |
GAAP
| |
Adj
| |
Adjusted
| |
GAAP
| |
Adj
| |
Adjusted
| | | | | | | | | | | | | | | Cash flows from operating activities: | | | | | | | | | | | | | |
Net earnings (2)
| |
$ 69.0
| | |
$ 3.5
| | |
$ 72.5
| | |
$ 161.3
| | |
$ 9.7
| |
$ 171.0
| | |
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash adjustments
| |
106.9
| | |
-
| | |
106.9
| | |
279.1
| | |
-
| |
279.1
| | |
Working capital adjustments (3)
| |
3.8
| | |
(1.0
|
)
| |
2.8
| | |
64.6
| | |
2.0
| |
66.6
| | | | | | | | | | | | | | | |
Net cash provided by operating activities
| |
179.7
| | |
2.5
| | |
182.2
| | |
505.0
| | |
11.7
| |
516.7
| | | | | | | | | | | | | | | |
Capital expenditures
| |
(49.4
|
)
| |
-
| | |
(49.4
|
)
| |
(145.6
|
)
| |
-
| |
(145.6
|
)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Free cash flow
| |
$ 130.3
| | |
$ 2.5
| | |
$ 132.8
| | |
$ 359.4
| | |
$ 11.7
| |
$ 371.1
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2008
| |
Nine Months Ended September 30, 2008
| | |
GAAP
| |
Adj
| |
Adjusted
| |
Pro forma (1)
| |
Adj
| |
Adj Pro forma
| | | | | | | | | | | | | | | Cash flows from operating activities: | | | | | | | | | | | | | |
Net earnings (4)
| |
$ 43.6
| | |
$ 2.0
| | |
$ 45.6
| | |
$ 74.7
| | |
$ 39.1
| |
$ 113.8
| | |
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash adjustments
| |
128.8
| | |
-
| | |
128.8
| | |
361.7
| | |
-
| |
361.7
| | |
Working capital adjustments (3)
| |
(16.6
|
)
| |
8.6
| | |
(8.0
|
)
| |
(160.5
|
)
| |
73.0
| |
(87.5
|
)
| | | | | | | | | | | | | | |
Net cash provided by operating activities
| |
155.8
| | |
10.6
| | |
166.4
| | |
275.9
| | |
112.1
| |
388.0
| | | | | | | | | | | | | | | |
Capital expenditures
| |
(48.2
|
)
| |
-
| | |
(48.2
|
)
| |
(178.7
|
)
| |
-
| |
(178.7
|
)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Free cash flow
| |
$ 107.6
| | |
$ 10.6
| | |
$ 118.2
| | |
$ 97.2
| | |
$ 112.1
| |
$ 209.3
| |
| | | | |
(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
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) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
M&A
| | | | | | | | |
GAAP
| |
Restructuring
| | | | | |
Non-GAAP
| | |
Three Months
| |
And
| | | |
Purchase
| |
Three Months
| | |
Ended
| |
Integration
| | | |
Price
| |
Ended
| | |
September 30, 2009
| |
Costs (1)
| |
Subtotal
| |
Amortization (4)
| |
September 30, 2009
| | |
(Unaudited)
| | | | | | | |
(Unaudited)
| | | | | | | | | | | | |
Processing and services revenue
| |
$ 850.7
| | |
$ -
| | |
$ 850.7
| | |
$ -
| | |
$ 850.7
| | |
Cost of revenues
| |
600.5
| | |
-
| | |
600.5
| | |
(29.1
|
)
| |
571.4
| | |
Gross profit
| |
250.2
| | |
-
| | |
250.2
| | |
29.1
| | |
279.3
| | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
| |
92.2
| | |
(5.3
|
)
| |
86.9
| | |
-
| | |
86.9
| | |
Research and development costs
| |
22.3
| | |
-
| | |
22.3
| | |
-
| | |
22.3
| | |
Operating income
| |
135.7
| | |
5.3
| | |
141.0
| | |
29.1
| | |
170.1
| | | | | | | | | | | | | |
Other income (expense):
| | | | | | | | | | | |
Interest income
| |
1.4
| | |
-
| | |
1.4
| | |
-
| | |
1.4
| | |
Interest expense
| |
(33.2
|
)
| |
-
| | |
(33.2
|
)
| |
-
| | |
(33.2
|
)
| |
Other income, net
| |
1.4
| | |
-
| | |
1.4
| | |
-
| | |
1.4
| | |
Total other income (expense)
| |
(30.4
|
)
| |
-
| | |
(30.4
|
)
| |
-
| | |
(30.4
|
)
| | | | | | | | | | | |
Earnings from continuing operations before income taxes
| |
105.3
| | |
5.3
| | |
110.6
| | |
29.1
| | |
139.7
| | |
Provision (benefit) for income taxes
| |
36.3
| | |
1.8
| | |
38.1
| | |
10.0
| | |
48.1
| | | | | | | | | | | | | |
Earnings from continuing operations
| |
69.0
| | |
3.5
| | |
72.5
| | |
19.1
| | |
91.6
| | |
Loss from discontinued operations
| |
-
| | |
-
| | |
-
| | |
-
| | |
-
| | |
Net earnings
| |
69.0
| | |
3.5
| | |
72.5
| | |
19.1
| | |
91.6
| | |
Noncontrolling interest
| |
(1.4
|
)
| |
-
| | |
(1.4
|
)
| |
-
| | |
(1.4
|
)
| | | | | | | | | | | | |
Net earnings attributable to FIS
| |
$ 67.6
| | |
$ 3.5
| | |
$ 71.1
| | |
$ 19.1
| | |
$ 90.2
| | | | | | | | | | | | | | Amounts attributable to FIS common stockholders | | | | | | | | | | |
Net earnings from continuing operations, net of tax
| |
$ 67.6
| | |
$ 3.5
| | |
$ 71.1
| | |
$ 19.1
| | |
$ 90.2
| | |
(Loss) earnings from discontinued operations, net of tax
| |
-
| | |
-
| | |
-
| | |
-
| | |
-
| | |
Net earnings attributable to FIS common stockholders
| |
$ 67.6
| | |
$ 3.5
| | |
$ 71.1
| | |
$ 19.1
| | |
$ 90.2
| | | | | | | | | | | | | |
Net earnings per share - diluted from continuing operations
attributable to FIS common stockholders*
| | | | | | | | | | |
$ 0.35
| | |
$ 0.02
| | |
$ 0.37
| | |
$ 0.10
| | |
$ 0.46
| | |
Weighted average shares outstanding - diluted
| |
194.6
| | |
194.6
| | |
194.6
| | |
194.6
| | |
194.6
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information:
| | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization from continuing operations
| | | | |
$ 94.3
| | |
$ (29.1
|
)
| |
$ 65.2
| | | | | | | | | | | | | |
Stock compensation expense from continuing operations, excluding
acceleration charges
| | | | | | | | | | | | | | | | | | |
$ 9.0
| | |
Stock acceleration charges
| | | | | | | | | |
-
| | |
Total stock compensation expense from continuing operations
| | | | | | | | |
$ 9.0
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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
| | | | | |
Non-GAAP
| | |
Nine Months
| |
And
| | | |
Purchase
| |
Nine Months
| | |
Ended
| |
Integration
| | | |
Price
| |
Ended
| | |
September 30, 2009
| |
Costs (1)
| |
Subtotal
| |
Amortization (4)
| |
September 30, 2009
| | |
(Unaudited)
| | | | | | | |
(Unaudited)
| | | | | | | | | | | | |
Processing and services revenue
| |
$ 2,483.3
| | |
$ -
| | |
$ 2,483.3
| | |
$ -
| | |
$ 2,483.3
| | |
Cost of revenues
| |
1,800.4
| | |
-
| | |
1,800.4
| | |
(88.4
|
)
| |
1,712.0
| | |
Gross profit
| |
682.9
| | |
-
| | |
682.9
| | |
88.4
| | |
771.3
| | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
| |
281.5
| | |
(14.8
|
)
| |
266.7
| | |
-
| | |
266.7
| | |
Research and development costs
| |
66.4
| | |
-
| | |
66.4
| | |
-
| | |
66.4
| | |
Operating income
| |
335.0
| | |
14.8
| | |
349.8
| | |
88.4
| | |
438.2
| | | | | | | | | | | | | |
Other income (expense):
| | | | | | | | | | | |
Interest income
| |
2.7
| | |
-
| | |
2.7
| | |
-
| | |
2.7
| | |
Interest expense
| |
(97.0
|
)
| |
-
| | |
(97.0
|
)
| |
-
| | |
(97.0
|
)
| |
Other income, net
| |
8.1
| | |
-
| | |
8.1
| | |
-
| | |
8.1
| | |
Total other income (expense)
| |
(86.2
|
)
| |
-
| | |
(86.2
|
)
| |
-
| | |
(86.2
|
)
| | | | | | | | | | | |
Earnings from continuing operations before income taxes
| |
248.8
| | |
14.8
| | |
263.6
| | |
88.4
| | |
352.0
| | |
Provision (benefit) for income taxes
| |
85.8
| | |
5.1
| | |
90.9
| | |
30.5
| | |
121.4
| | | | | | | | | | | | | |
Earnings from continuing operations
| |
163.0
| | |
9.7
| | |
172.7
| | |
57.9
| | |
230.6
| | |
Loss from discontinued operations
| |
(1.7
|
)
| |
-
| | |
(1.7
|
)
| |
-
| | |
(1.7
|
)
| |
Net earnings
| |
161.3
| | |
9.7
| | |
171.0
| | |
57.9
| | |
228.9
| | |
Noncontrolling interest
| |
(1.5
|
)
| |
-
| | |
(1.5
|
)
| |
-
| | |
(1.5
|
)
| | | | | | | | | | | | |
Net earnings attributable to FIS
| |
$ 159.8
| | |
$ 9.7
| | |
$ 169.5
| | |
$ 57.9
| | |
$ 227.4
| | | | | | | | | | | | | | Amounts attributable to FIS common stockholders | | | | | | | | | | | |
Net earnings from continuing operations, net of tax
| |
$ 161.5
| | |
$ 9.7
| | |
$ 171.2
| | |
$ 57.9
| | |
$ 229.1
| | |
(Loss) earnings from discontinued operations, net of tax
| |
(1.7
|
)
| |
-
| | |
(1.7
|
)
| |
-
| | |
(1.7
|
)
| |
Net earnings attributable to FIS common stockholders
| |
$ 159.8
| | |
$ 9.7
| | |
$ 169.5
| | |
$ 57.9
| | |
$ 227.4
| | | | | | | | | | | | | |
Net earnings per share - diluted from continuing operations
attributable to FIS common stockholders*
| | | | | | | | | | | |
$ 0.84
| | |
$ 0.05
| | |
$ 0.89
| | |
$ 0.30
| | |
$ 1.19
| | |
Weighted average shares outstanding - diluted
| |
193.0
| | |
193.0
| | |
193.0
| | |
193.0
| | |
193.0
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information:
| | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization from continuing operations
| | | | | |
$ 278.4
| | |
$ (88.4
|
)
| |
$ 190.0
| | | | | | | | | | | | | |
Stock compensation expense from continuing operations, excluding
acceleration charges
| | | | | | | | | | | | | | | | | | | |
$ 27.3
| | |
Stock acceleration charges
| | | | | | | | | |
-
| | |
Total stock compensation expense from continuing operations
| | | | | | | | |
$ 27.3
| | | | | | | | | | | | | | | | | | | | | | | | |
* 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
| | | | | | | |
Non-GAAP
| | |
Three Months
| |
And
| |
Costs
| |
LPS
| | | |
Purchase
| |
Three Months
| | |
Ended
| |
Integration
| |
Non-Disc
| |
Spin
| | | |
Price
| |
Ended
| | |
September 30, 2008
| |
Costs (1)
| |
Ops (2)
| |
Costs (3)
| |
Subtotal
| |
Amortization (4)
| |
September 30, 2008
| | |
(Unaudited)
| | | | | | | | | | | |
(Unaudited)
| | | | | | | | | | | | | | | | |
Processing and services revenue
| |
$ 884.0
| | |
$ -
| | |
$ -
| |
$ -
| | |
$ 884.0
| | |
$ -
| | |
$ 884.0
| | |
Cost of revenues
| |
661.8
| | |
(1.4
|
)
| |
-
| |
-
| | |
660.4
| | |
(35.4
|
)
| |
625.0
| | |
Gross profit
| |
222.2
| | |
1.4
| | |
-
| |
-
| | |
223.6
| | |
35.4
| | |
259.0
| | | | | | | | | | | | | | | | | |
Selling, general and administrative
| |
79.9
| | |
(0.9
|
)
| |
-
| |
(0.8
|
)
| |
78.2
| | |
-
| | |
78.2
| | |
Research and development costs
| |
22.5
| | |
-
| | |
-
| |
-
| | |
22.5
| | |
-
| | |
22.5
| | |
Operating income
| |
119.8
| | |
2.3
| | |
-
| |
0.8
| | |
122.9
| | |
35.4
| | |
158.3
| | | | | | | | | | | | | | | | | |
Other income (expense):
| | | | | | | | | | | | | | | |
Interest income
| |
1.0
| | |
-
| | |
-
| |
-
| | |
1.0
| | |
-
| | |
1.0
| | |
Interest expense
| |
(47.7
|
)
| |
-
| | |
-
| |
12.4
| | |
(35.3
|
)
| |
-
| | |
(35.3
|
)
| |
Other income, net
| |
(0.1
|
)
| |
-
| | |
-
| |
-
| | |
(0.1
|
)
| |
-
| | |
(0.1
|
)
|
Total other income (expense)
| |
(46.8
|
)
| |
-
| | |
-
| |
12.4
| | |
(34.4
|
)
| |
-
| | |
(34.4
|
)
| | | | | | | | | | | | | | | |
Earnings from continuing operations before income taxes
| |
73.0
| | |
2.3
| | |
-
| |
13.2
| | |
88.5
| | |
35.4
| | |
123.9
| | |
Provision (benefit) for income taxes
| |
27.0
| | |
0.8
| | |
-
| |
4.2
| | |
32.0
| | |
11.3
| | |
43.3
| | | | | | | | | | | | | | | | | |
Earnings from continuing operations
| |
46.0
| | |
1.5
| | |
-
| |
9.0
| | |
56.5
| | |
24.1
| | |
80.6
| | |
Earnings from discontinued operations
| |
0.4
| | |
-
| | |
-
| |
-
| | |
0.4
| | |
-
| | |
0.4
| | |
Net earnings
| |
46.4
| | |
1.5
| | |
-
| |
9.0
| | |
56.9
| | |
24.1
| | |
81.0
| | |
Noncontrolling interest
| |
(2.8
|
)
| |
-
| | |
-
| |
-
| | |
(2.8
|
)
| |
-
| | |
(2.8
|
)
| | | | | | | | | | | | | | | | |
Net earnings attributable to FIS
| |
$ 43.6
| | |
$ 1.5
| | |
$ -
| |
$ 9.0
| | |
$ 54.1
| | |
$ 24.1
| | |
$ 78.2
| | | | | | | | | | | | | | | | | | Amounts attributable to FIS common stockholders | | | | | | | | | | | | | | | |
Net earnings from continuing operations, net of tax
| |
$ 43.2
| | |
$ 1.5
| | |
$ -
| |
$ 9.0
| | |
$ 53.7
| | |
$ 24.1
| | |
$ 77.8
| | |
(Loss) earnings from discontinued operations, net of tax
| |
0.4
| | |
-
| | |
-
| |
-
| | |
0.4
| | |
-
| | |
0.4
| | |
Net earnings attributable to FIS common stockholders
| |
$ 43.6
| | |
$ 1.5
| | |
$ -
| |
$ 9.0
| | |
$ 54.1
| | |
$ 24.1
| | |
$ 78.2
| | | | | | | | | | | | | | | | | |
Net earnings per share - diluted from continuing operations
attributable to FIS common stockholders*
| | | | | | | | | | | | | | | |
$ 0.23
| | |
$ 0.01
| | |
$ -
| |
$ 0.05
| | |
$ 0.28
| | |
$ 0.13
| | |
$ 0.41
| | |
Weighted average shares outstanding - diluted
| |
191.8
| | |
191.8
| | |
191.8
| |
191.8
| | |
191.8
| | |
191.8
| | |
191.8
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization from continuing operations
| | | | | | | | | |
$ 99.9
| | |
$ (35.4
|
)
| |
$ 64.5
| | | | | | | | | | | | | | | | | |
Stock compensation expense from continuing operations, excluding
acceleration charges
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ 8.4
| | |
Stock acceleration charges
| | | | | | | | | | | | | |
-
| | |
Total stock compensation expense from continuing operations
| | | | | | | | | | | | | |
$ 8.4
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* 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
| | | | | | | |
Non-GAAP
| | |
Nine Months
| |
And
| |
Costs
| |
LPS
| | | |
Purchase
| |
Nine Months
| | |
Ended
| |
Integration
| |
Non-Disc
| |
Spin
| | | |
Price
| |
Ended
| | |
September 30, 2008
| |
Costs (1)
| |
Ops (2)
| |
Costs (3)
| |
Subtotal
| |
Amortization (4)
| |
September 30, 2008
| | |
(Unaudited)
| | | | | | | | | | | |
(Unaudited)
| | | | | | | | | | | | | | | | |
Processing and services revenue
| |
$ 2,584.0
| | |
$ -
| | |
$ -
| | |
$ -
| | |
$ 2,584.0
| | |
$ -
| | |
$ 2,584.0
| | |
Cost of revenues
| |
1,984.5
| | |
(25.4
|
)
| |
-
| | |
-
| | |
1,959.1
| | |
(107.4
|
)
| |
1,851.7
| | |
Gross profit
| |
599.5
| | |
25.4
| | |
-
| | |
-
| | |
624.9
| | |
107.4
| | |
732.3
| | | | | | | | | | | | | | | | | |
Selling, general and administrative
| |
308.9
| | |
(21.0
|
)
| |
(18.0
|
)
| |
(9.3
|
)
| |
260.6
| | |
-
| | |
260.6
| | |
Research and development costs
| |
61.7
| | |
-
| | |
-
| | |
-
| | |
61.7
| | |
-
| | |
61.7
| | |
Operating income
| |
228.9
| | |
46.4
| | |
18.0
| | |
9.3
| | |
302.6
| | |
107.4
| | |
410.0
| | | | | | | | | | | | | | | | | |
Other income (expense):
| | | | | | | | | | | | | | | |
Interest income
| |
5.3
| | |
-
| | |
-
| | |
-
| | |
5.3
| | |
-
| | |
5.3
| | |
Interest expense
| |
(130.1
|
)
| |
2.7
| | |
-
| | |
12.4
| | |
(115.0
|
)
| |
-
| | |
(115.0
|
)
| |
Total other income (expense)
| |
(124.8
|
)
| |
2.7
| | |
-
| | |
12.4
| | |
(109.7
|
)
| |
-
| | |
(109.7
|
)
| | | | | | | | | | | | | | | |
Earnings from continuing operations before income taxes
| |
104.1
| | |
49.1
| | |
18.0
| | |
21.7
| | |
192.9
| | |
107.4
| | |
300.3
| | |
Provision (benefit) for income taxes
| |
33.6
| | |
17.6
| | |
5.5
| | |
7.3
| | |
64.0
| | |
36.6
| | |
100.6
| | |
Equity in earnings (losses) of unconsolidated entities
| |
(0.2
|
)
| |
-
| | |
-
| | |
-
| | |
(0.2
|
)
| |
-
| | |
(0.2
|
)
| | | | | | | | | | | | | | | | |
Earnings from continuing operations
| |
70.3
| | |
31.5
| | |
12.5
| | |
14.4
| | |
128.7
| | |
70.8
| | |
199.5
| | |
Earnings from discontinued operations
| |
119.2
| | |
-
| | |
-
| | |
-
| | |
119.2
| | |
-
| | |
119.2
| | |
Net earnings
| |
189.5
| | |
31.5
| | |
12.5
| | |
14.4
| | |
247.9
| | |
70.8
| | |
318.7
| | |
Noncontrolling interest
| |
(3.5
|
)
| |
-
| | |
-
| | |
-
| | |
(3.5
|
)
| |
-
| | |
(3.5
|
)
| | | | | | | | | | | | | | | | |
Net earnings attributable to FIS
| |
$ 186.0
| | |
$ 31.5
| | |
$ 12.5
| | |
$ 14.4
| | |
$ 244.4
| | |
$ 70.8
| | |
$ 315.2
| | | | | | | | | | | | | | | | | | Amounts attributable to FIS common stockholders | | | | | | | | | | | | | | | |
Net earnings from continuing operations, net of tax
| |
$ 67.4
| | |
$ 31.5
| | |
$ 12.5
| | |
$ 14.4
| | |
$ 125.8
| | |
$ 70.8
| | |
$ 196.6
| | |
(Loss) earnings from discontinued operations, net of tax
| |
118.6
| | |
-
| | |
-
| | |
-
| | |
118.6
| | |
-
| | |
118.6
| | |
Net earnings attributable to FIS common stockholders
| |
$ 186.0
| | |
$ 31.5
| | |
$ 12.5
| | |
$ 14.4
| | |
$ 244.4
| | |
$ 70.8
| | |
$ 315.2
| | | | | | | | | | | | | | | | | |
Net earnings per share - diluted from continuing operations
attributable to FIS common stockholders*
| | | | | | | | | | | | | | | |
$ 0.35
| | |
$ 0.16
| | |
$ 0.06
| | |
$ 0.07
| | |
$ 0.65
| | |
$ 0.36
| | |
$ 1.01
| | |
Weighted average shares outstanding - diluted
| |
194.3
| | |
194.3
| | |
194.3
| | |
194.3
| | |
194.3
| | |
194.3
| | |
194.3
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization from continuing operations
| | | | | | | | | |
$ 298.2
| | |
$ (107.4
|
)
| |
$ 190.8
| | | | | | | | | | | | | | | | | |
Stock compensation expense from continuing operations, excluding
acceleration charges
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ 24.8
| | |
Stock acceleration charges
| | | | | | | | | | | | | |
16.7
| | |
Total stock compensation expense from continuing operations
| | | | | | | | | | | | | |
$ 41.5
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* Amounts may not sum due to rounding.
| | | | | | | | | | | | | | | | |
See accompanying notes.
|
| | | | | | | | | Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliation
for the Three-Month and | | Nine-Month Periods ended September 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 nine months ended September 30, 2009, the amounts represent
incremental transaction costs incurred by the Company related to
the recently completed 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.
|
SOURCE: Fidelity National Information Services, Inc.
Fidelity National Information Services, Inc.
Mary Waggoner
Senior Vice President, Investor Relations
904-854-3282, mary.waggoner@fnis.com
or
Marcia Danzeisen
Senior Vice President, Marketing and Corporate Communications
904-854-5083, marcia.danzeisen@fnis.com
Copyright Business Wire 2009
|
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