FIS™
(NYSE:FIS), a global leader in banking and payments technology as well
as consulting and outsourcing solutions, today reported a 2014 revenue
increase of six percent on a GAAP basis to $6.4 billion from $6.1
billion a year earlier. GAAP net earnings from continuing operations
attributable to common stockholders increased to $690.5 million, or
$2.39 per diluted share, compared to $490.0 million, or $1.67 per
diluted share in 2013.
Full year 2014 revenue increased five percent on an organic basis from
the prior year, which adjusts for the impact of acquisitions and changes
in foreign currency. 2014 adjusted EBITDA increased five percent to $1.9
billion from $1.8 billion a year earlier and non-GAAP adjusted net
earnings from continuing operations attributable to common stockholders
increased to $895 million from $830 million in 2013. Adjusted net
earnings per diluted share increased ten percent to $3.10 from $2.82 in
2013. Full year non-GAAP adjusted net earnings from continuing
operations adjusts for costs pertaining to acquisition-related purchase
amortization expense of $0.51 per share, refinancing costs of $0.09 per
share, and acquisition, integration, and severance costs of $0.09 per
share, and includes $0.02 per share related to contract settlement
revenue.
“FIS delivered another year of strong earnings and cash flow allowing us
to return $750 million to our shareholders through share repurchases and
dividends,” said Gary Norcross, president and chief executive officer,
FIS. “Our deep client relationships across the globe delivered key
business wins and growth in 2014. We look to maintain this positive
momentum in 2015 as we continue to deliver value to our clients and
shareholders.”
Fourth Quarter 2014
Revenue increased to $1.7 billion from $1.6 billion in the fourth
quarter of 2013 or seven percent on a reported basis. GAAP net earnings
from continuing operations attributable to common stockholders were
$202.4 million, or $0.71 per diluted share, compared to $74.2 million,
or $0.25 per diluted share in the prior year quarter.
Fourth quarter 2014 revenue increased five percent on an organic basis,
which adjusts for the impact of acquisitions and changes in foreign
currency, from the prior year quarter. Non-GAAP adjusted net earnings
from continuing operations attributable to common stockholders increased
to $249.3 million in the fourth quarter of 2014 from $219.8 million in
the prior year quarter. Adjusted net earnings per diluted share
increased 16 percent to $0.87 per share from $0.75 per share in the
fourth quarter 2013. Fourth quarter 2014 non-GAAP adjusted net earnings
from continuing operations excludes costs pertaining to
acquisition-related purchase amortization expense of $0.12 per share and
acquisition, integration, and severance costs of $0.04 per share.
Adjusted EBITDA increased to $525.6 million in the fourth quarter of
2014, up nine percent from $484.0 million in the prior year quarter,
while adjusted EBITDA margin was 31.1 percent, an increase of 30 basis
points, compared to 30.8 percent in the prior year quarter.
Definitions of non-GAAP financial measures and reconciliations of
non-GAAP measures to related GAAP measures are provided in subsequent
sections of the press release narrative and supplemental schedules.
Segment Information
Fourth quarter 2014 revenue increased four percent on an organic basis
and seven percent on a reported basis to $645.4 million from $603.5
million a year earlier reflecting growth in implementation and
consulting services and risk and compliance solutions. Adjusted EBITDA
increased six percent to $253.2 million from $239.7 million a year ago.
Adjusted EBITDA margin was 39.2 percent compared to 39.7 percent a year
earlier, reflecting a change in revenue mix.
Full year 2014 revenue increased four percent on an organic basis and
six percent on a reported basis to $2.5 billion from $2.3 billion a year
earlier driven by continued growth in consulting, mobile banking and
risk and compliance solutions. Full year adjusted EBITDA increased four
percent to $980.0 million compared to $937.9 million in 2013 and
adjusted EBITDA margin decreased 70 basis points to 39.3 percent
resulting primarily from lower termination fees compared to the prior
period.
Fourth quarter 2014 revenue increased three percent on an organic basis
and five percent on a reported basis to $647.2 million from $618.3
million a year earlier driven by strong transaction growth in network
solutions, increased card production, and payment processing volumes.
Adjusted EBITDA increased five percent to $274.9 million from $261.9
million a year earlier. Adjusted EBITDA margin expanded ten basis points
to 42.5 percent reflecting transaction growth on our fraud and debit
processing platforms.
Full year 2014 revenue increased two percent on an organic and reported
basis to $2.5 billion. Full year adjusted EBITDA increased two percent
to $1.1 billion compared to $1.0 billion in 2013. Adjusted EBITDA margin
decreased 30 basis points to 42.0 percent driven primarily by lower
termination fees in 2014.
Fourth quarter 2014 revenue increased 11 percent on an organic basis and
13 percent on a reported basis to $397.7 million from $351.9 million a
year earlier, primarily driven by growth in implementation and
consulting services. Adjusted EBITDA increased seven percent to $102.9
million from $96.0 million in the prior year period. Adjusted EBITDA
margin was 25.9 percent, compared to 27.3 percent in the prior year
period reflecting incremental consulting and services revenue.
Full year 2014 revenue increased 11 percent on an organic basis and 12
percent on a reported basis to $1.4 billion from $1.3 billion including
strong growth in EMEA, Asia, and professional services. Full year
adjusted EBITDA increased six percent to $319.6 million compared to
$302.8 million in 2013. Adjusted EBITDA margin decreased 140 basis
points to 22.5 percent from 23.9 percent reflecting incremental
consulting and services revenue.
Fourth quarter 2014 corporate costs, as adjusted, were $105.4 million,
down from $113.6 million in the prior year period. For the year,
corporate costs, as adjusted, were $427.3 million down from $445.0
million in the prior year. The decrease for both periods reflects
management’s commitment to aggressive cost management.
Interest expense, net of interest income, decreased to $36.8 million in
the fourth quarter down from $43.4 million a year earlier. Full year
interest expense, net of interest income, decreased to $157.5 million,
or down 16 percent, from $188.2 million in 2013, primarily the result of
lower borrowing costs.
The effective tax rate was 33 percent in the fourth quarter and 32
percent for the full year.
Balance Sheet and Cash Flow
Cash and cash equivalents totaled $492.8 million as of Dec. 31, 2014.
Debt outstanding totaled approximately $5.1 billion compared to $4.5
billion as of year-end 2013.
Net cash provided by operations was $1.2 billion for the year compared
to $1.1 billion in 2013. Capital expenditures increased to $371.2
million from $336.2 million in 2013. Free cash flow was $864.3 million
for the year, compared to $826.2 million in the prior year.
FIS repurchased approximately 8.7 million common shares at a total cost
of approximately $476 million and an average cost of $54.89 per share in
2014. The company paid shareholder dividends totaling $275 million in
2014, or a seven percent increase, compared to $256 million in 2013.
2015 Outlook
FIS’ outlook for revenue growth and earnings per share in 2015 is as
follows:
-
Revenue growth of 5 to 7 percent
-
Adjusted EPS from continuing operations of $3.37 to $3.49, an increase
of 9 to 13 percent compared to $3.10 per share in 2014
-
Free cash flow is expected to approximate adjusted net earnings.
Webcast
FIS will announce fourth quarter and full-year 2014 financial results on
Thurs., Feb. 5 prior to market open. The company will sponsor a
live webcast of its earnings conference call with the investment
community, beginning at 8:30 a.m. (EST) on Feb. 5. 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.
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. For these reasons, management also uses these measures
in part to assess its performance.
These non-GAAP measures include organic revenue, adjusted revenue,
EBITDA, adjusted EBITDA and adjusted EBITDA margin, adjusted cash flow
from operations, adjusted net earnings (including per share amounts) and
free cash flow.
Organic revenue includes reported revenue (adjusted revenue for 2014)
plus pre-acquisition revenue for companies acquired during the
applicable reporting periods. Organic revenue excludes the impact of
foreign currency fluctuation in 2014.
Adjusted revenue (2014) includes reported revenue and is increased by $9
million for a negotiated contract cash settlement for the extinguishment
of certain contractual minimums with a reseller. Although the 2014 cash
settlement has no contractual performance obligation, under GAAP the
cash settlement revenue is amortized in this circumstance over the
remaining relationship with the reseller.
EBITDA is earnings from continuing operations before interest, taxes,
depreciation and amortization.
Adjusted EBITDA (2014 comparative data) includes the contract cash
settlement revenue and excludes certain acquisition, integration and
severance costs.
Adjusted EBITDA (2013 comparative data) excludes adjustments related to
the 2010 acquisition of Capco and certain International restructuring
charges.
Adjusted net earnings (2014 comparative data) excludes the after-tax
impact of certain acquisition, integration, severance and refinancing
costs as well as acquisition-related amortization and includes the
after-tax impact of adjusted revenue.
Adjusted net earnings (2013 comparative data) excludes the after-tax
impact of acquisition related amortization, a net benefit related to a
gain on the mFoundry acquisition, certain International restructuring
charges, debt issuance and refinancing costs and adjustments related to
the Capco acquisition.
Adjusted net earnings per diluted share, or adjusted EPS, is equal to
adjusted net earnings divided by weighted average diluted shares
outstanding.
Adjusted cash flow from operations (2014 comparative data) is GAAP cash
flow from operations as adjusted for the net change in settlement assets
and obligations, and excludes certain payments for contingent purchase
price and incentive compensation programs associated with the 2010
acquisition of Capco and the premium paid related to the early
redemption of senior notes.
Adjusted cash flow from operations (2013 comparative data) is GAAP cash
flow from operations as adjusted for the net change in settlement assets
and obligations and excludes the premium paid related to the early
redemption of senior notes.
Free cash flow is adjusted operating cash flow 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 net earnings. 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 are provided in the attached schedules and in the Investor
Relations section of the FIS Web site, www.fisglobal.com.
About
FIS
FIS is a global leader in banking and payments technology as well as
consulting and outsourcing solutions. With a long history deeply rooted
in the financial services sector, FIS serves more than 14,000
institutions in over 130 countries. Headquartered in Jacksonville, Fla.,
FIS employs more than 40,000 people worldwide and holds leadership
positions in payment processing and banking solutions. Providing
software, services and outsourcing of the technology that drives
financial institutions, FIS is 426 on the Fortune 500 and is a member of
Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
Follow FIS on Facebook (facebook.com/FIStoday)
and Twitter (@FISGlobal).
Forward-Looking Statements
This news 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
future revenue, organic revenue, earnings before interest, taxes,
depreciation and amortization (“EBITDA”), earnings per share and margin
expansion, as well as other statements about our expectations, hopes,
intentions, or strategies regarding the future, 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.
Any statements that refer to beliefs, expectations, projections or other
characterizations of future events or circumstances and other statements
that are not historical facts are forward-looking statements.
Actual results, performance or achievement could differ materially from
those contained in these forward-looking statements. The risks and
uncertainties that forward-looking statements are subject to include,
without limitation:
-
changes in general economic, business and political conditions,
including the possibility of intensified international hostilities,
acts of terrorism, and changes in either or both the United States and
international lending, capital and financial markets;
-
the effect of legislative initiatives or proposals, statutory changes,
changes in governmental or other applicable regulations and/or changes
in industry requirements, including privacy regulations;
-
the risks of reduction in revenue from the elimination of existing and
potential customers due to consolidation in, or new laws or
regulations affecting, the banking, retail and financial services
industries or due to financial failures or other setbacks suffered by
firms in those industries;
-
changes in the growth rates of the markets for our solutions;
-
failures to adapt our solutions to changes in technology or in the
marketplace;
-
internal or external security breaches of our systems, including those
relating to the theft of personal information and computer viruses
affecting our software or platforms, and the reactions of customers,
card associations, government regulators and others to any such events;
-
the reaction of our current and potential customers to communications
from us or our regulators regarding information security, risk
management, internal audit or other matters;
-
competitive pressures on pricing related to our solutions including
the ability to attract new, or retain existing, customers;
-
an operational or natural disaster at one of our major operations
centers;
-
and other risks detailed in “Risk Factors” and other sections of the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2013 and other filings with the SEC.
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
February 5, 2015
Exhibit A Consolidated Statements of Earnings - Unaudited for the three
months and years ended December 31, 2014 and 2013
Exhibit B Consolidated Balance Sheets - Unaudited as of December 31,
2014 and 2013
Exhibit C Consolidated Statements of Cash Flows - Unaudited for the
years ended December 31, 2014 and 2013
Exhibit D Supplemental Non-GAAP Financial Information - Unaudited for
the three months and years ended December 31, 2014 and 2013
Exhibit E Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for
the three months and years ended December 31, 2014 and 2013
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FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS — UNAUDITED
(In millions, except per share data)
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Exhibit A
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Three months ended December 31,
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Years ended December 31,
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2014
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2013
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2014
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2013
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Processing and services revenues
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$
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1,689.1
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|
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$
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1,573.3
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$
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6,413.8
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$
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6,063.4
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Cost of revenues
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1,117.2
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1,056.7
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|
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4,332.7
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|
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4,092.7
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Gross profit
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571.9
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|
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516.6
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|
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2,081.1
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|
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1,970.7
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Selling, general and administrative expenses
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220.8
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295.9
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810.5
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907.8
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Operating income
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351.1
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220.7
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1,270.6
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1,062.9
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Other income (expense):
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Interest expense, net
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(36.8
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)
|
|
(43.4
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)
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|
(157.5
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)
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|
(188.2
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)
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Other income (expense), net
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(3.2
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)
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(0.3
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)
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(59.7
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)
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|
(51.2
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)
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Total other income (expense), net
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(40.0
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)
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(43.7
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)
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(217.2
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)
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|
(239.4
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)
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Earnings from continuing operations before income taxes
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311.1
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|
|
177.0
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|
|
1,053.4
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|
|
823.5
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Provision for income taxes
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101.4
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|
|
94.5
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|
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335.1
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|
|
308.9
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Earnings from continuing operations, net of tax
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209.7
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|
|
82.5
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|
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718.3
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|
|
514.6
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Earnings (loss) from discontinued operations, net of tax
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(7.1
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)
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|
(2.3
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)
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(11.4
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)
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3.1
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Net earnings
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202.6
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80.2
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706.9
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517.7
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Net earnings attributable to noncontrolling interest
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(7.3
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)
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(8.3
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)
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(27.8
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)
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(24.6
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)
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Net earnings attributable to FIS common stockholders
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$
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195.3
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$
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71.9
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$
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679.1
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$
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493.1
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Net earnings per share-basic from continuing operations attributable
to FIS common stockholders
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$
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0.72
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$
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0.26
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$
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2.42
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$
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1.69
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Net earnings (loss) per share-basic from discontinued operations
attributable to FIS common stockholders
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(0.03
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)
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(0.01
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)
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(0.04
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)
|
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0.01
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Net earnings per share-basic attributable to FIS common stockholders
*
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$
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0.69
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$
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0.25
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$
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2.38
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$
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1.70
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Weighted average shares outstanding-basic
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282.8
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288.7
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284.8
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289.7
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Net earnings per share-diluted from continuing operations
attributable to FIS common stockholders
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$
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0.71
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$
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0.25
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$
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2.39
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$
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1.67
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Net earnings (loss) per share-diluted from discontinued operations
attributable to FIS common stockholders
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(0.02
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)
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(0.01
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)
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(0.04
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)
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0.01
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Net earnings per share-diluted attributable to FIS common
stockholders *
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$
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0.68
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$
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0.25
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$
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2.35
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$
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1.68
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Weighted average shares outstanding-diluted
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286.5
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293.0
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288.7
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294.2
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Amounts attributable to FIS common stockholders:
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Earnings from continuing operations, net of tax
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$
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202.4
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$
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74.2
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$
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690.5
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$
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490.0
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Earnings (loss) from discontinued operations, net of tax
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(7.1
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)
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(2.3
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)
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(11.4
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)
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3.1
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Net earnings attributable to FIS common stockholders
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$
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195.3
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$
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71.9
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$
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679.1
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$
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493.1
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* Amounts may not sum due to rounding.
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FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In millions, except per share data)
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Exhibit B
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As of December 31,
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2014
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2013
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Assets
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Current assets:
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Cash and cash equivalents
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$
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492.8
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$
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547.5
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Settlement deposits
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393.9
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|
327.4
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Trade receivables, net
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|
1,130.9
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|
|
987.9
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Settlement receivables
|
|
153.7
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178.2
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Other receivables
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|
31.5
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|
|
62.1
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Due from Brazilian venture partner
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33.6
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|
|
35.8
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Prepaid expenses and other current assets
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|
167.0
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|
|
154.1
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|
Deferred income taxes
|
|
67.4
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|
|
58.9
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Assets held for sale
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|
6.8
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|
—
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Total current assets
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|
2,477.6
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|
|
2,351.9
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|
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Property and equipment, net
|
|
483.3
|
|
|
439.0
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|
|
Goodwill
|
|
8,877.6
|
|
|
8,500.0
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|
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Intangible assets, net
|
|
1,268.0
|
|
|
1,339.3
|
|
|
Computer software, net
|
|
893.4
|
|
|
856.5
|
|
|
Deferred contract costs, net
|
|
213.2
|
|
|
206.8
|
|
|
Other noncurrent assets
|
|
311.9
|
|
|
266.6
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|
|
Total assets
|
|
$
|
14,525.0
|
|
|
$
|
13,960.1
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Liabilities and Equity
|
|
|
|
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Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
735.6
|
|
|
$
|
768.0
|
|
|
Settlement payables
|
|
553.1
|
|
|
518.6
|
|
|
Deferred revenues
|
|
283.9
|
|
|
243.6
|
|
|
Current portion of long-term debt
|
|
13.1
|
|
|
128.8
|
|
|
Due to Brazilian venture partner
|
|
13.3
|
|
|
13.7
|
|
|
Liabilities held for sale
|
|
4.4
|
|
|
—
|
|
|
Total current liabilities
|
|
1,603.4
|
|
|
1,672.7
|
|
|
Long-term debt, excluding current portion
|
|
5,054.6
|
|
|
4,339.8
|
|
|
Deferred income taxes
|
|
874.4
|
|
|
823.6
|
|
|
Due to Brazilian venture partner
|
|
29.6
|
|
|
34.5
|
|
|
Deferred revenues
|
|
26.1
|
|
|
27.2
|
|
|
Other long-term liabilities
|
|
245.4
|
|
|
325.0
|
|
|
Total liabilities
|
|
7,833.5
|
|
|
7,222.8
|
|
|
Equity:
|
|
|
|
|
|
|
|
FIS stockholders’ equity:
|
|
|
|
|
|
|
|
Preferred stock $0.01 par value
|
|
—
|
|
|
—
|
|
|
Common stock $0.01 par value
|
|
3.9
|
|
|
3.9
|
|
|
Additional paid in capital
|
|
7,336.8
|
|
|
7,247.6
|
|
|
Retained earnings
|
|
2,746.8
|
|
|
2,341.9
|
|
|
Accumulated other comprehensive earnings (loss)
|
|
(107.2
|
)
|
|
(9.9
|
)
|
|
Treasury stock $0.01 par value
|
|
(3,423.6
|
)
|
|
(3,003.0
|
)
|
|
Total FIS stockholders’ equity
|
|
6,556.7
|
|
|
6,580.5
|
|
|
Noncontrolling interest
|
|
134.8
|
|
|
156.8
|
|
|
Total equity
|
|
6,691.5
|
|
|
6,737.3
|
|
|
Total liabilities and equity
|
|
$
|
14,525.0
|
|
|
$
|
13,960.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit C
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|
|
2014
|
|
2013
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
706.9
|
|
|
$
|
517.7
|
|
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
626.3
|
|
|
614.6
|
|
|
Amortization of debt issue costs
|
|
19.7
|
|
|
19.9
|
|
|
Gain on sale of assets
|
|
—
|
|
|
(31.6
|
)
|
|
Gain on mFoundry
|
|
—
|
|
|
(9.2
|
)
|
|
Stock-based compensation
|
|
55.7
|
|
|
53.4
|
|
|
Deferred income taxes
|
|
(5.5
|
)
|
|
1.5
|
|
|
Excess income tax benefit from exercise of stock options
|
|
(39.5
|
)
|
|
(40.4
|
)
|
|
Other operating activities, net
|
|
20.9
|
|
|
—
|
|
|
Net changes in assets and liabilities, net of effects from
acquisitions and foreign currency:
|
|
|
|
|
|
|
|
Trade receivables
|
|
(115.2
|
)
|
|
(56.1
|
)
|
|
Settlement activity
|
|
(6.3
|
)
|
|
(1.7
|
)
|
|
Prepaid expenses and other assets
|
|
(34.2
|
)
|
|
(41.5
|
)
|
|
Deferred contract costs
|
|
(86.6
|
)
|
|
(67.1
|
)
|
|
Deferred revenue
|
|
32.5
|
|
|
(60.7
|
)
|
|
Accounts payable, accrued liabilities and other liabilities
|
|
(9.8
|
)
|
|
161.5
|
|
|
Net cash provided by operating activities
|
|
1,164.9
|
|
|
1,060.3
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
(148.5
|
)
|
|
(131.7
|
)
|
|
Additions to computer software
|
|
(222.7
|
)
|
|
(204.5
|
)
|
|
Proceeds from sale of assets
|
|
—
|
|
|
26.8
|
|
|
Acquisitions, net of cash acquired and equity investments
|
|
(595.2
|
)
|
|
(150.5
|
)
|
|
Other investing activities, net
|
|
(18.2
|
)
|
|
(4.8
|
)
|
|
Net cash used in investing activities
|
|
(984.6
|
)
|
|
(464.7
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Borrowings
|
|
7,936.1
|
|
|
10,494.4
|
|
|
Repayment of borrowings and capital lease obligations
|
|
(7,364.2
|
)
|
|
(10,421.8
|
)
|
|
Debt issuance costs
|
|
(13.8
|
)
|
|
(18.7
|
)
|
|
Excess income tax benefit from exercise of stock options
|
|
39.5
|
|
|
40.4
|
|
|
Proceeds from exercise of stock options
|
|
61.1
|
|
|
143.0
|
|
|
Treasury stock activity
|
|
(521.9
|
)
|
|
(475.9
|
)
|
|
Dividends paid
|
|
(275.1
|
)
|
|
(256.3
|
)
|
|
Distributions to Brazilian Venture partner
|
|
(34.8
|
)
|
|
—
|
|
|
Other financing activities, net
|
|
(25.0
|
)
|
|
(51.1
|
)
|
|
Net cash used in financing activities
|
|
(198.1
|
)
|
|
(546.0
|
)
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash
|
|
(36.9
|
)
|
|
(19.7
|
)
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(54.7
|
)
|
|
29.9
|
|
|
Cash and cash equivalents, at beginning of period
|
|
547.5
|
|
|
517.6
|
|
|
Cash and cash equivalents, at end of period
|
|
$
|
492.8
|
|
|
$
|
547.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2014
|
|
|
|
Financial
Solutions
|
|
Payment
Solutions
|
|
International
Solutions
|
|
Corporate
and Other
|
|
Consolidated
|
|
Processing and services revenue
|
|
$
|
645.4
|
|
|
$
|
647.2
|
|
|
$
|
397.7
|
|
|
$
|
(1.2
|
)
|
|
$
|
1,689.1
|
|
|
Operating income (loss)
|
|
$
|
210.9
|
|
|
$
|
253.9
|
|
|
$
|
81.0
|
|
|
$
|
(194.7
|
)
|
|
$
|
351.1
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition, integration and severance costs (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.3
|
|
|
14.3
|
|
|
Purchase price amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52.0
|
|
|
52.0
|
|
|
Non-GAAP operating income (loss)
|
|
210.9
|
|
|
253.9
|
|
|
81.0
|
|
|
(128.4
|
)
|
|
417.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization from continuing operations
|
|
42.3
|
|
|
21.0
|
|
|
21.9
|
|
|
23.0
|
|
|
108.2
|
|
|
Adjusted EBITDA
|
|
$
|
253.2
|
|
|
$
|
274.9
|
|
|
$
|
102.9
|
|
|
$
|
(105.4
|
)
|
|
$
|
525.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
|
|
32.7
|
%
|
|
39.2
|
%
|
|
20.4
|
%
|
|
N/M
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
39.2
|
%
|
|
42.5
|
%
|
|
25.9
|
%
|
|
N/M
|
|
31.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2013
|
|
|
|
Financial
Solutions
|
|
Payment
Solutions
|
|
International
Solutions
|
|
Corporate
and Other
|
|
Consolidated
|
|
Processing and services revenue
|
|
$
|
603.5
|
|
|
$
|
618.3
|
|
|
$
|
351.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
1,573.3
|
|
|
Operating income (loss)
|
|
$
|
202.4
|
|
|
$
|
241.5
|
|
|
$
|
45.7
|
|
|
$
|
(268.9
|
)
|
|
$
|
220.7
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capco acquisition adjustments (2)
|
|
(3.2
|
)
|
|
—
|
|
|
22.0
|
|
|
78.2
|
|
|
97.0
|
|
|
International restructuring charges (3)
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
9.1
|
|
|
Purchase price amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58.1
|
|
|
58.1
|
|
|
Non-GAAP operating income (loss)
|
|
199.2
|
|
|
241.5
|
|
|
76.8
|
|
|
(132.6
|
)
|
|
384.9
|
|
|
Depreciation and amortization from continuing operations
|
|
40.5
|
|
|
20.4
|
|
|
19.2
|
|
|
19.0
|
|
|
99.1
|
|
|
Adjusted EBITDA
|
|
$
|
239.7
|
|
|
$
|
261.9
|
|
|
$
|
96.0
|
|
|
$
|
(113.6
|
)
|
|
$
|
484.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
|
|
33.0
|
%
|
|
39.1
|
%
|
|
21.8
|
%
|
|
N/M
|
|
24.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
39.7
|
%
|
|
42.4
|
%
|
|
27.3
|
%
|
|
N/M
|
|
30.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue growth from prior year period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2014
|
|
6.9
|
%
|
|
4.7
|
%
|
|
13.0
|
%
|
|
N/M
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See note (1) for exhibit E.
|
|
(2) See note (4) for exhibit E.
|
|
(3) See note (6) for exhibit E.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit D (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014
|
|
|
|
Financial
Solutions
|
|
Payment
Solutions
|
|
International
Solutions
|
|
Corporate
and Other
|
|
Consolidated
|
|
Processing and services revenue
|
|
$
|
2,494.0
|
|
|
$
|
2,504.8
|
|
|
$
|
1,417.3
|
|
|
$
|
(2.3
|
)
|
|
$
|
6,413.8
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract settlement (2)
|
|
—
|
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|
Adjusted processing and services revenue
|
|
$
|
2,494.0
|
|
|
$
|
2,513.8
|
|
|
$
|
1,417.3
|
|
|
$
|
(2.3
|
)
|
|
$
|
6,422.8
|
|
|
Operating income (loss)
|
|
$
|
815.8
|
|
|
$
|
963.8
|
|
|
$
|
236.0
|
|
|
$
|
(745.0
|
)
|
|
$
|
1,270.6
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition, integration and severance costs (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.5
|
|
|
21.5
|
|
|
Contract settlement (2)
|
|
—
|
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|
Purchase price amortization
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
214.8
|
|
|
214.9
|
|
|
Non-GAAP operating income (loss)
|
|
815.8
|
|
|
972.8
|
|
|
236.1
|
|
|
(508.7
|
)
|
|
1,516.0
|
|
|
Depreciation and amortization from continuing operations
|
|
164.2
|
|
|
82.3
|
|
|
83.5
|
|
|
81.4
|
|
|
411.4
|
|
|
Adjusted EBITDA
|
|
$
|
980.0
|
|
|
$
|
1,055.1
|
|
|
$
|
319.6
|
|
|
$
|
(427.3
|
)
|
|
$
|
1,927.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
|
|
32.7
|
%
|
|
38.7
|
%
|
|
16.7
|
%
|
|
N/M
|
|
23.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
39.3
|
%
|
|
42.0
|
%
|
|
22.5
|
%
|
|
N/M
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2013
|
|
|
|
Financial
Solutions
|
|
Payment
Solutions
|
|
International
Solutions
|
|
Corporate
and Other
|
|
Consolidated
|
|
Processing and services revenue
|
|
$
|
2,344.4
|
|
|
$
|
2,454.9
|
|
|
$
|
1,266.6
|
|
|
$
|
(2.5
|
)
|
|
$
|
6,063.4
|
|
|
Operating income (loss)
|
|
$
|
781.8
|
|
|
$
|
958.4
|
|
|
$
|
196.3
|
|
|
$
|
(873.6
|
)
|
|
$
|
1,062.9
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capco acquisition adjustment (3)
|
|
(3.2
|
)
|
|
—
|
|
|
22.0
|
|
|
128.4
|
|
|
147.2
|
|
|
International restructuring charges (4)
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
9.1
|
|
|
Purchase price amortization
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
232.9
|
|
|
233.1
|
|
|
Non-GAAP operating income (loss)
|
|
778.6
|
|
|
958.4
|
|
|
227.6
|
|
|
(512.3
|
)
|
|
1,452.3
|
|
|
Depreciation and amortization from continuing operations
|
|
159.3
|
|
|
79.7
|
|
|
75.2
|
|
|
67.3
|
|
|
381.5
|
|
|
Adjusted EBITDA
|
|
$
|
937.9
|
|
|
$
|
1,038.1
|
|
|
$
|
302.8
|
|
|
$
|
(445.0
|
)
|
|
$
|
1,833.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
|
|
33.2
|
%
|
|
39.0
|
%
|
|
18.0
|
%
|
|
N/M
|
|
24.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
40.0
|
%
|
|
42.3
|
%
|
|
23.9
|
%
|
|
N/M
|
|
30.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue growth from prior year period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014
|
|
6.4
|
%
|
|
2.4
|
%
|
|
11.9
|
%
|
|
N/M
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See note (1) for exhibit E.
|
|
(2) See note (3) for exhibit E.
|
|
(3) See note (4) for exhibit E.
|
|
(4) See note (6) for exhibit E.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP ORGANIC REVENUE MEASURES — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit D (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Constant
|
|
|
|
|
|
|
|
Adjusted
|
|
Organic
|
|
|
|
|
|
|
|
|
|
Currency
|
|
|
|
|
In Year
|
|
Base
|
|
Revenue
|
|
|
|
Revenue
|
|
FX
|
|
Revenue
|
|
Revenue
|
|
Acquisitions
|
|
Revenue
|
|
Growth
|
|
Financial Solutions
|
|
$
|
645.4
|
|
|
$
|
1.7
|
|
|
$
|
647.1
|
|
|
$
|
603.5
|
|
|
$
|
17.8
|
|
|
$
|
621.3
|
|
|
4.2
|
%
|
|
Payment Solutions
|
|
647.2
|
|
|
0.6
|
|
|
647.8
|
|
|
618.3
|
|
|
7.7
|
|
|
626.0
|
|
|
3.5
|
%
|
|
International Solutions
|
|
397.7
|
|
|
24.5
|
|
|
422.2
|
|
|
351.9
|
|
|
29.0
|
|
|
380.9
|
|
|
10.8
|
%
|
|
Corporate and Other
|
|
(1.2
|
)
|
|
(0.1
|
)
|
|
(1.3
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
N/M
|
|
Total processing and services revenue
|
|
$
|
1,689.1
|
|
|
$
|
26.7
|
|
|
$
|
1,715.8
|
|
|
$
|
1,573.3
|
|
|
$
|
54.5
|
|
|
$
|
1,627.8
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Constant
|
|
|
|
|
|
|
|
Adjusted
|
|
Organic
|
|
|
|
|
|
|
|
|
|
Currency
|
|
|
|
|
In Year
|
|
Base
|
|
Revenue
|
|
|
|
Revenue (1)
|
|
FX
|
|
Revenue
|
|
Revenue
|
|
Acquisitions
|
|
Revenue
|
|
Growth
|
|
Financial Solutions
|
|
$
|
2,494.0
|
|
|
$
|
3.8
|
|
|
$
|
2,497.8
|
|
|
$
|
2,344.4
|
|
|
$
|
46.9
|
|
|
$
|
2,391.3
|
|
|
4.5
|
%
|
|
Payment Solutions
|
|
2,513.8
|
|
|
1.7
|
|
|
2,515.5
|
|
|
2,454.9
|
|
|
7.7
|
|
|
2,462.6
|
|
|
2.1
|
%
|
|
International Solutions
|
|
1,417.3
|
|
|
32.0
|
|
|
1,449.3
|
|
|
1,266.6
|
|
|
44.1
|
|
|
1,310.7
|
|
|
10.6
|
%
|
|
Corporate and Other
|
|
(2.3
|
)
|
|
(0.1
|
)
|
|
(2.4
|
)
|
|
(2.5
|
)
|
|
—
|
|
|
(2.5
|
)
|
|
N/M
|
|
Total processing and services revenue
|
|
$
|
6,422.8
|
|
|
$
|
37.4
|
|
|
$
|
6,460.2
|
|
|
$
|
6,063.4
|
|
|
$
|
98.7
|
|
|
$
|
6,162.1
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As adjusted. See note (3) for exhibit E.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL NON-GAAP CASH FLOW MEASURES — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
Exhibit D (continued)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ended
|
|
|
|
December 31, 2014
|
|
December 31, 2014
|
|
Net cash provided by operating activities
|
|
$
|
477.8
|
|
|
$
|
1,164.9
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Capco acquisition related payments (1)
|
|
2.0
|
|
|
34.8
|
|
|
Bond premium payment (2)
|
|
—
|
|
|
29.5
|
|
|
Settlement activity
|
|
(24.4
|
)
|
|
6.3
|
|
|
Adjusted cash flows from operations
|
|
455.4
|
|
|
1,235.5
|
|
|
Capital expenditures
|
|
(98.6
|
)
|
|
(371.2
|
)
|
|
Free cash flow
|
|
$
|
356.8
|
|
|
$
|
864.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ended
|
|
|
|
December 31, 2013
|
|
December 31, 2013
|
|
Net cash provided by operating activities
|
|
$
|
384.4
|
|
|
$
|
1,060.3
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Settlement activity
|
|
(1.9
|
)
|
|
1.7
|
|
|
Capco contingent purchase price and executive severance (3)
|
|
48.8
|
|
|
48.8
|
|
|
Bond premium payment (4)
|
|
—
|
|
|
51.6
|
|
|
Adjusted cash flows from operations
|
|
431.3
|
|
|
1,162.4
|
|
|
Capital expenditures
|
|
(97.6
|
)
|
|
(336.2
|
)
|
|
Free cash flow
|
|
$
|
333.7
|
|
|
$
|
826.2
|
|
|
|
|
|
|
|
|
|
|
|
(1) Free cash flow for the three months and year ended December 31, 2014
excludes payments for contingent purchase price and the New Hires and
Promotions Incentive Plan associated with the 2010 acquisition of Capco.
In accordance with the accounting guidance, contingent purchase price
payments are included in other financing activities on the Statement of
Cash Flows only to the extent they represent the original liability
established at the acquisition date. Payments related to subsequent
adjustments to the contingent purchase price are included in the net
cash provided by operating activities.
(2) Free cash flow for the year ended December 31, 2014 is adjusted for
the one time bond premium payment on our 2020 senior notes that were
redeemed in July 2014.
(3) Free cash flow for the three months and year ended December 31, 2013
excludes payments for executive severance and contingent purchase price.
In accordance with the accounting guidance, contingent purchase price
payments are included in other financing activities on the Statement of
Cash Flows only to the extent they represent the original liability
established at the acquisition date. Subsequent contingent purchase
price payments are reported in the net cash provided by operating
activities.
(4) Free cash flow for the year ended December 31, 2013 is adjusted for
the one time bond premium payment on our 2017 senior notes that were
redeemed in May 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Years ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations attributable to FIS
|
|
$
|
202.4
|
|
|
$
|
74.2
|
|
|
$
|
690.5
|
|
|
$
|
490.0
|
|
Plus provision for income taxes
|
|
101.4
|
|
|
94.5
|
|
|
335.1
|
|
|
308.9
|
|
Interest expense, net
|
|
36.8
|
|
|
43.4
|
|
|
157.5
|
|
|
188.2
|
|
Other, net
|
|
10.5
|
|
|
8.6
|
|
|
87.5
|
|
|
75.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
351.1
|
|
|
220.7
|
|
|
1,270.6
|
|
|
1,062.9
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition, integration and severance costs (1)
|
|
14.3
|
|
|
—
|
|
|
21.5
|
|
|
—
|
|
Contract settlement (2)
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|
—
|
|
Capco acquisition adjustment (3)
|
|
—
|
|
|
97.0
|
|
|
—
|
|
|
147.2
|
|
International restructuring charges (4)
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
9.1
|
|
Purchase price amortization
|
|
52.0
|
|
|
58.1
|
|
|
214.9
|
|
|
233.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
417.4
|
|
|
384.9
|
|
|
1,516.0
|
|
|
1,452.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization from continuing operations
|
|
108.2
|
|
|
99.1
|
|
|
411.4
|
|
|
381.5
|
|
Adjusted EBITDA
|
|
$
|
525.6
|
|
|
$
|
484.0
|
|
|
$
|
1,927.4
|
|
|
$
|
1,833.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See note (1) for exhibit E.
|
|
(2) See note (3) for exhibit E.
|
|
(3) See note (4) for exhibit E.
|
|
(4) See note (6) for exhibit E.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit E (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2014
|
|
|
|
|
|
|
Acquisition,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integration,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
Severance
|
|
Refinance
|
|
|
|
|
Price
|
|
|
|
|
|
|
GAAP
|
|
Costs (1)
|
|
Costs (2)
|
|
Subtotal
|
|
Amort. (8)
|
|
Non-GAAP
|
|
Processing and services revenue
|
|
$
|
1,689.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,689.1
|
|
|
$
|
—
|
|
|
$
|
1,689.1
|
|
|
Cost of revenues
|
|
1,117.2
|
|
|
—
|
|
|
—
|
|
|
1,117.2
|
|
|
(52.0
|
)
|
|
1,065.2
|
|
|
Gross profit
|
|
571.9
|
|
|
—
|
|
|
—
|
|
|
571.9
|
|
|
52.0
|
|
|
623.9
|
|
|
Selling, general and administrative
|
|
220.8
|
|
|
(14.3
|
)
|
|
—
|
|
|
206.5
|
|
|
—
|
|
|
206.5
|
|
|
Operating income
|
|
351.1
|
|
|
14.3
|
|
|
—
|
|
|
365.4
|
|
|
52.0
|
|
|
417.4
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
(36.8
|
)
|
|
—
|
|
|
—
|
|
|
(36.8
|
)
|
|
—
|
|
|
(36.8
|
)
|
|
Other income (expense), net
|
|
(3.2
|
)
|
|
1.2
|
|
|
2.1
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
Total other income (expense)
|
|
(40.0
|
)
|
|
1.2
|
|
|
2.1
|
|
|
(36.7
|
)
|
|
—
|
|
|
(36.7
|
)
|
|
Earnings (loss) from continuing operations before income taxes
|
|
311.1
|
|
|
15.5
|
|
|
2.1
|
|
|
328.7
|
|
|
52.0
|
|
|
380.7
|
|
|
Provision for income taxes
|
|
101.4
|
|
|
5.1
|
|
|
0.7
|
|
|
107.2
|
|
|
16.9
|
|
|
124.1
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
209.7
|
|
|
10.4
|
|
|
1.4
|
|
|
221.5
|
|
|
35.1
|
|
|
256.6
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
(7.1
|
)
|
|
—
|
|
|
—
|
|
|
(7.1
|
)
|
|
—
|
|
|
(7.1
|
)
|
|
Net earnings (loss)
|
|
202.6
|
|
|
10.4
|
|
|
1.4
|
|
|
214.4
|
|
|
35.1
|
|
|
249.5
|
|
|
Net (earnings) loss attributable to noncontrolling interest
|
|
(7.3
|
)
|
|
—
|
|
|
—
|
|
|
(7.3
|
)
|
|
—
|
|
|
(7.3
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
195.3
|
|
|
$
|
10.4
|
|
|
$
|
1.4
|
|
|
$
|
207.1
|
|
|
$
|
35.1
|
|
|
$
|
242.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to FIS common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
$
|
202.4
|
|
|
$
|
10.4
|
|
|
$
|
1.4
|
|
|
$
|
214.2
|
|
|
$
|
35.1
|
|
|
$
|
249.3
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
(7.1
|
)
|
|
—
|
|
|
—
|
|
|
(7.1
|
)
|
|
—
|
|
|
(7.1
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
195.3
|
|
|
$
|
10.4
|
|
|
$
|
1.4
|
|
|
$
|
207.1
|
|
|
$
|
35.1
|
|
|
$
|
242.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share — diluted from continuing
operations
attributable to FIS common stockholders*
|
|
$
|
0.71
|
|
|
$
|
0.04
|
|
|
$
|
—
|
|
|
$
|
0.75
|
|
|
$
|
0.12
|
|
|
$
|
0.87
|
|
|
Weighted average shares outstanding — diluted
|
|
286.5
|
|
|
286.5
|
|
|
286.5
|
|
|
286.5
|
|
|
286.5
|
|
|
286.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
$
|
160.2
|
|
|
(52.0
|
)
|
|
$
|
108.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts may not sum due to rounding.
See accompanying notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit E (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014
|
|
|
|
|
|
|
Acquisition,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integration,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
|
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
Severance
|
|
Refinance
|
|
Contract
|
|
|
|
|
Price
|
|
|
|
|
|
|
GAAP
|
|
Costs (1)
|
|
Costs (2)
|
|
Settlement (3)
|
|
Subtotal
|
|
Amort. (8)
|
|
Non-GAAP
|
|
Processing and services revenue
|
|
$
|
6,413.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9.0
|
|
|
$
|
6,422.8
|
|
|
$
|
—
|
|
|
$
|
6,422.8
|
|
|
Cost of revenues
|
|
4,332.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,332.7
|
|
|
(214.9
|
)
|
|
4,117.8
|
|
|
Gross profit
|
|
2,081.1
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|
2,090.1
|
|
|
214.9
|
|
|
2,305.0
|
|
|
Selling, general and administrative
|
|
810.5
|
|
|
(21.5
|
)
|
|
—
|
|
|
—
|
|
|
789.0
|
|
|
—
|
|
|
789.0
|
|
|
Operating income
|
|
1,270.6
|
|
|
21.5
|
|
|
—
|
|
|
9.0
|
|
|
1,301.1
|
|
|
214.9
|
|
|
1,516.0
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
(157.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(157.5
|
)
|
|
—
|
|
|
(157.5
|
)
|
|
Other income (expense), net
|
|
(59.7
|
)
|
|
17.4
|
|
|
37.5
|
|
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
(4.8
|
)
|
|
Total other income (expense)
|
|
(217.2
|
)
|
|
17.4
|
|
|
37.5
|
|
|
—
|
|
|
(162.3
|
)
|
|
—
|
|
|
(162.3
|
)
|
|
Earnings (loss) from continuing operations before income taxes
|
|
1,053.4
|
|
|
38.9
|
|
|
37.5
|
|
|
9.0
|
|
|
1,138.8
|
|
|
214.9
|
|
|
1,353.7
|
|
|
Provision for income taxes
|
|
335.1
|
|
|
12.4
|
|
|
11.7
|
|
|
3.0
|
|
|
362.2
|
|
|
68.4
|
|
|
430.6
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
718.3
|
|
|
26.5
|
|
|
25.8
|
|
|
6.0
|
|
|
776.6
|
|
|
146.5
|
|
|
923.1
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
(11.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.4
|
)
|
|
—
|
|
|
(11.4
|
)
|
|
Net earnings (loss)
|
|
706.9
|
|
|
26.5
|
|
|
25.8
|
|
|
6.0
|
|
|
765.2
|
|
|
146.5
|
|
|
911.7
|
|
|
Net (earnings) loss attributable to noncontrolling interest
|
|
(27.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27.8
|
)
|
|
—
|
|
|
(27.8
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
679.1
|
|
|
$
|
26.5
|
|
|
$
|
25.8
|
|
|
$
|
6.0
|
|
|
$
|
737.4
|
|
|
$
|
146.5
|
|
|
$
|
883.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to FIS common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
$
|
690.5
|
|
|
$
|
26.5
|
|
|
$
|
25.8
|
|
|
$
|
6.0
|
|
|
$
|
748.8
|
|
|
$
|
146.5
|
|
|
$
|
895.3
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
(11.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.4
|
)
|
|
—
|
|
|
(11.4
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
679.1
|
|
|
$
|
26.5
|
|
|
$
|
25.8
|
|
|
$
|
6.0
|
|
|
$
|
737.4
|
|
|
$
|
146.5
|
|
|
$
|
883.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share — diluted from continuing
operations
attributable to FIS common stockholders*
|
|
$
|
2.39
|
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.02
|
|
|
$
|
2.59
|
|
|
$
|
0.51
|
|
|
$
|
3.10
|
|
|
Weighted average shares outstanding — diluted
|
|
288.7
|
|
|
288.7
|
|
|
288.7
|
|
|
288.7
|
|
|
288.7
|
|
|
288.7
|
|
|
288.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
626.3
|
|
|
(214.9
|
)
|
|
$
|
411.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
55.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts may not sum due to rounding.
See accompanying notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit E (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2013
|
|
|
|
|
|
|
Capco
|
|
International
|
|
|
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Restructuring
|
|
|
|
|
Price
|
|
|
|
|
|
|
GAAP
|
|
Adjustments (4)
|
|
Charges (6)
|
|
Subtotal
|
|
Amort. (8)
|
|
Non-GAAP
|
|
Processing and services revenue
|
|
$
|
1,573.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,573.3
|
|
|
$
|
—
|
|
|
$
|
1,573.3
|
|
|
Cost of revenues
|
|
1,056.7
|
|
|
(9.8
|
)
|
|
—
|
|
|
1,046.9
|
|
|
(58.1
|
)
|
|
988.8
|
|
|
Gross profit
|
|
516.6
|
|
|
9.8
|
|
|
—
|
|
|
526.4
|
|
|
58.1
|
|
|
584.5
|
|
|
Selling, general and administrative
|
|
295.9
|
|
|
(87.2
|
)
|
|
(9.1
|
)
|
|
199.6
|
|
|
—
|
|
|
199.6
|
|
|
Operating income
|
|
220.7
|
|
|
97.0
|
|
|
9.1
|
|
|
326.8
|
|
|
58.1
|
|
|
384.9
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
(43.4
|
)
|
|
—
|
|
|
—
|
|
|
(43.4
|
)
|
|
—
|
|
|
(43.4
|
)
|
|
Other income (expense), net
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
Total other income (expense)
|
|
(43.7
|
)
|
|
—
|
|
|
—
|
|
|
(43.7
|
)
|
|
—
|
|
|
(43.7
|
)
|
|
Earnings (loss) from continuing operations before income taxes
|
|
177.0
|
|
|
97.0
|
|
|
9.1
|
|
|
283.1
|
|
|
58.1
|
|
|
341.2
|
|
|
Provision for income taxes
|
|
94.5
|
|
|
(5.2
|
)
|
|
3.2
|
|
|
92.5
|
|
|
20.6
|
|
|
113.1
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
82.5
|
|
|
102.2
|
|
|
5.9
|
|
|
190.6
|
|
|
37.5
|
|
|
228.1
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
(2.3
|
)
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|
—
|
|
|
(2.3
|
)
|
|
Net earnings (loss)
|
|
80.2
|
|
|
102.2
|
|
|
5.9
|
|
|
188.3
|
|
|
37.5
|
|
|
225.8
|
|
|
Net (earnings) loss attributable to noncontrolling interest
|
|
(8.3
|
)
|
|
—
|
|
|
—
|
|
|
(8.3
|
)
|
|
—
|
|
|
(8.3
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
71.9
|
|
|
$
|
102.2
|
|
|
$
|
5.9
|
|
|
$
|
180.0
|
|
|
$
|
37.5
|
|
|
$
|
217.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to FIS common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
$
|
74.2
|
|
|
$
|
102.2
|
|
|
$
|
5.9
|
|
|
$
|
182.3
|
|
|
$
|
37.5
|
|
|
$
|
219.8
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
(2.3
|
)
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|
—
|
|
|
(2.3
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
71.9
|
|
|
$
|
102.2
|
|
|
$
|
5.9
|
|
|
$
|
180.0
|
|
|
$
|
37.5
|
|
|
$
|
217.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share — diluted from continuing
operations
attributable to FIS common stockholders*
|
|
$
|
0.25
|
|
|
$
|
0.35
|
|
|
$
|
0.02
|
|
|
$
|
0.62
|
|
|
$
|
0.13
|
|
|
$
|
0.75
|
|
|
Weighted average shares outstanding — diluted
|
|
293.0
|
|
|
293.0
|
|
|
293.0
|
|
|
293.0
|
|
|
293.0
|
|
|
293.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
$
|
157.2
|
|
|
(58.1
|
)
|
|
$
|
99.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts may not sum due to rounding.
See accompanying notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATION — UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit E (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2013
|
|
|
|
|
|
|
Capco
|
|
Long-term
|
|
International
|
|
|
|
|
|
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Debt
|
|
Restructuring
|
|
Gain on
|
|
|
|
|
Price
|
|
|
|
|
|
|
GAAP
|
|
Adjustments (4)
|
|
Refinance (5)
|
|
Charges (6)
|
|
mFoundry (7)
|
|
Subtotal
|
|
Amort. (8)
|
|
Non-GAAP
|
|
Processing and services revenue
|
|
$
|
6,063.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,063.4
|
|
|
$
|
—
|
|
|
$
|
6,063.4
|
|
|
Cost of revenues
|
|
4,092.7
|
|
|
(16.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,076.6
|
|
|
(233.1
|
)
|
|
3,843.5
|
|
|
Gross profit
|
|
1,970.7
|
|
|
16.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,986.8
|
|
|
233.1
|
|
|
2,219.9
|
|
|
Selling, general and administrative
|
|
907.8
|
|
|
(131.1
|
)
|
|
—
|
|
|
(9.1
|
)
|
|
—
|
|
|
767.6
|
|
|
—
|
|
|
767.6
|
|
|
Operating income
|
|
1,062.9
|
|
|
147.2
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
1,219.2
|
|
|
233.1
|
|
|
1,452.3
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
(188.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(188.2
|
)
|
|
—
|
|
|
(188.2
|
)
|
|
Other income (expense), net
|
|
(51.2
|
)
|
|
—
|
|
|
60.9
|
|
|
—
|
|
|
(9.2
|
)
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
Total other income (expense)
|
|
(239.4
|
)
|
|
—
|
|
|
60.9
|
|
|
—
|
|
|
(9.2
|
)
|
|
(187.7
|
)
|
|
—
|
|
|
(187.7
|
)
|
|
Earnings (loss) from continuing operations before income taxes
|
|
823.5
|
|
|
147.2
|
|
|
60.9
|
|
|
9.1
|
|
|
(9.2
|
)
|
|
1,031.5
|
|
|
233.1
|
|
|
1,264.6
|
|
|
Provision for income taxes
|
|
308.9
|
|
|
4.9
|
|
|
18.3
|
|
|
3.2
|
|
|
(3.0
|
)
|
|
332.3
|
|
|
77.6
|
|
|
409.9
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
514.6
|
|
|
142.3
|
|
|
42.6
|
|
|
5.9
|
|
|
(6.2
|
)
|
|
699.2
|
|
|
155.5
|
|
|
854.7
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
|
Net earnings (loss)
|
|
517.7
|
|
|
142.3
|
|
|
42.6
|
|
|
5.9
|
|
|
(6.2
|
)
|
|
702.3
|
|
|
155.5
|
|
|
857.8
|
|
|
Net (earnings) loss attributable to noncontrolling interest
|
|
(24.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24.6
|
)
|
|
—
|
|
|
(24.6
|
)
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
493.1
|
|
|
$
|
142.3
|
|
|
$
|
42.6
|
|
|
$
|
5.9
|
|
|
$
|
(6.2
|
)
|
|
$
|
677.7
|
|
|
$
|
155.5
|
|
|
$
|
833.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to FIS common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations, net of tax
|
|
$
|
490.0
|
|
|
$
|
142.3
|
|
|
$
|
42.6
|
|
|
$
|
5.9
|
|
|
$
|
(6.2
|
)
|
|
$
|
674.6
|
|
|
$
|
155.5
|
|
|
$
|
830.1
|
|
|
Earnings (loss) from discontinued operations, net of tax (9)
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
|
Net earnings (loss) attributable to FIS common stockholders
|
|
$
|
493.1
|
|
|
$
|
142.3
|
|
|
$
|
42.6
|
|
|
$
|
5.9
|
|
|
$
|
(6.2
|
)
|
|
$
|
677.7
|
|
|
$
|
155.5
|
|
|
$
|
833.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share — diluted from continuing
operations
attributable to FIS common stockholders*
|
|
$
|
1.67
|
|
|
$
|
0.48
|
|
|
$
|
0.14
|
|
|
$
|
0.02
|
|
|
$
|
(0.02
|
)
|
|
$
|
2.29
|
|
|
$
|
0.53
|
|
|
$
|
2.82
|
|
|
Weighted average shares outstanding — diluted
|
|
294.2
|
|
|
294.2
|
|
|
294.2
|
|
|
294.2
|
|
|
294.2
|
|
|
294.2
|
|
|
294.2
|
|
|
294.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
614.6
|
|
|
(233.1
|
)
|
|
$
|
381.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
53.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts may not sum due to rounding.
See accompanying notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliation for
the three months and years ended December 31, 2014 and 2013.
The adjustments are as follows:
(1) This column represents non-recurring transaction and other costs,
including integration activities, related to recent acquisitions and
other severance costs. The adjustment to Other income (expense), net for
the three months ended December 31, 2014 includes the integration
related write off of certain assets. The adjustment to this line for the
year ended December 31, 2014 includes the loss on a foreign exchange
hedge associated with the Euro based purchase price for our Clear2Pay
acquisition.
(2) This column represents the write-off of certain previously
capitalized debt issuance costs associated with debt refinancing
transactions in both the third and fourth quarters of 2014. For the year
ended December 31, 2014, this column includes the payment of a $29.5
million bond premium associated with the early redemption of certain
debt.
(3) The revenue adjustment in this column represents a cash settlement
for the extinguishment of certain contractual minimums with a reseller.
Although the 2014 cash settlement has no contract performance
obligation, revenue is amortized in this circumstance over the remaining
relationship with the reseller.
(4) The adjustment in this column represents an increase in the
liability established at the acquisition of Capco for contingent
payments based on expected operating performance in 2013 through 2015.
(5) This column represents the write-off of certain previously
capitalized debt issuance costs and transaction expenses related to
refinancing activities undertaken in the second quarter of 2013,
including a $51.6 million bond premium incurred as a result of the early
redemption of certain debt.
(6) Severance and other charges related to cost management initiatives
undertaken in certain international markets.
(7) This column reflects the gain resulting from the purchase of the
remaining shares of mFoundry, Inc., representing the difference between
the fair value and carrying value of the minority interest investment
previously held.
(8) This column represents purchase price amortization expense on
intangible assets acquired through various Company acquisitions.
(9) During the 2014 and 2013 periods, certain operations were classified
as discontinued. Reporting for discontinued operations classifies
revenues and expenses as one line item net of tax in the consolidated
statements of earnings. The table below outlines the components of
discontinued operations for the periods presented, net of tax. During
the second quarter of 2014, management committed to a plan to sell our
primary business operations in China because they do not align with our
strategic plans. The activity for Fidelity National Participacoes Ltda.
("Participacoes"), our former item processing and remittance services
business in Brazil, relates to the ongoing settlement of labor claims as
a result of the dismissal of employees in that business. In the second
quarter of 2013, we received an earn-out payment related to the 2010
sale of our ClearPar business. During 2012, we sold our Healthcare
Benefit Solutions Business and accordingly have classified its results
as discontinued operations.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China business line
|
|
$
|
(3.1
|
)
|
|
$
|
2.2
|
|
|
$
|
(5.1
|
)
|
|
$
|
1.2
|
|
|
|
ClearPar
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.7
|
|
|
|
Healthcare Benefit Solutions Business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
|
Participacoes
|
|
(4.0
|
)
|
|
(4.5
|
)
|
|
(6.3
|
)
|
|
(14.9
|
)
|
|
|
Total discontinued operations
|
|
$
|
(7.1
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(11.4
|
)
|
|
$
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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