8-KEarnings & ResultsExhibits & Filings

Fidelity National Information Services, Inc. 8-K Report, Financial Results (Aug 1, 2008)

Filed August 1, 2008For Securities:FIS

Summary

Fidelity National Information Services, Inc. (FIS) has filed an 8-K report on August 1, 2008, primarily to provide investors with supplemental financial information following the spin-off of Lender Processing Services, Inc. (LPS) on July 2, 2008. Due to accounting principles, LPS cannot be presented as a discontinued operation until the third quarter of 2008. To enhance investor understanding of FIS's ongoing business performance, the company is voluntarily furnishing historical financial data that recasts prior periods (2007 quarterly and annual, Q1 2008) to reflect LPS and other exited operations as discontinued operations. The furnished information in Exhibit 99.1 includes non-GAAP measures. FIS management uses these non-GAAP measures, which exclude certain items not considered indicative of core operating results, for internal planning and performance evaluation, believing they provide relevant insights alongside GAAP measures. Investors are advised that these non-GAAP figures should be used in conjunction with, and not as a substitute for, GAAP-reported financial data. This information is furnished, not filed, and therefore does not subject FIS to Section 18 liabilities or incorporation into other filings.

Key Highlights

  • 1FIS completed the spin-off of Lender Processing Services, Inc. (LPS) on July 2, 2008.
  • 2Due to accounting rules, LPS will be formally presented as a discontinued operation in Q3 2008 filings.
  • 3FIS is furnishing supplemental historical financial data to provide clarity on performance prior to the formal discontinued operations presentation.
  • 4The supplemental data recasts 2007 and Q1 2008 results to reflect LPS and other exited businesses as discontinued operations.
  • 5Exhibit 99.1 contains non-GAAP financial measures used by management for performance evaluation and planning.
  • 6Management believes these non-GAAP measures offer relevant insights into core operating results.
  • 7The furnished information is not considered 'filed' under Section 18 of the Exchange Act and has no liability implications.

Frequently Asked Questions

FIS is filing this report to provide investors with supplemental historical financial information that reflects the spin-off of Lender Processing Services, Inc. (LPS). Due to accounting regulations, LPS cannot be formally presented as a discontinued operation until the third quarter of 2008, so FIS is voluntarily furnishing data that recasts prior periods for better investor understanding of ongoing operations.

A 'discontinued operation' refers to a component of an entity that has been divested or is held for sale and represents a separate major line of business or a geographic area of operations. In this case, Lender Processing Services, Inc. (LPS) and other smaller exited businesses are being treated as discontinued operations because they are no longer part of FIS's ongoing business.

The supplemental financial schedules include non-GAAP measures that exclude certain items management believes are not indicative of core operating results. FIS uses these measures for internal planning and performance evaluation, and believes they are relevant and useful for investors to understand the company's ongoing performance. However, these non-GAAP measures should be viewed alongside, and not as a substitute for, financial measures prepared in accordance with GAAP.

Information that is 'furnished' is provided to the SEC for informational purposes but does not carry the same legal implications as 'filed' information. 'Filed' information subjects the company to potential liabilities under Section 18 of the Securities Exchange Act of 1934, and is typically incorporated into other SEC filings like registration statements. The information in this 8-K related to the supplemental financial schedules is 'furnished' and thus does not create such liabilities or incorporation possibilities.