8-KEarnings & ResultsExhibits & Filings

Fidelity National Information Services, Inc. 8-K Report, Financial Results (Nov 30, 2009)

Filed November 30, 2009For Securities:FIS

Summary

Fidelity National Information Services, Inc. (FIS) has filed an 8-K report on November 30, 2009, detailing significant strategic transactions. The most impactful event is the completion of the Metavante Technologies, Inc. merger on October 1, 2009, which has been accounted for as a purchase, integrating Metavante's results into FIS's consolidated statements from that date forward. Additionally, FIS has entered into an agreement to divest its ClearPar automated syndicated loan trade settlement business, with the transaction expected to close by year-end 2009. The company is also providing supplemental financial data to offer investors a more timely and comprehensive understanding of its operating performance, recasting prior periods (Q1-Q3 2009 and full year/Q4 2008) on a pro forma basis to include Metavante and present ClearPar as discontinued operations. Management emphasizes that these supplemental schedules utilize non-GAAP measures for internal planning and performance evaluation, which should be considered alongside, not as a substitute for, GAAP-based reporting.

Key Highlights

  • 1Completion of Metavante acquisition on October 1, 2009, treated as a purchase, with Metavante's financials consolidated from that date.
  • 2Agreement to sell ClearPar business to Markit Group Holdings Limited, with expected closing by Q4 2009.
  • 3ClearPar's results will be reported as discontinued operations starting with the Q4 2009 reporting period.
  • 4FIS is providing supplemental financial schedules to reflect the pro forma impact of the Metavante merger and the discontinued operations of ClearPar for prior periods (Q1-Q3 2009 and 2008).
  • 5The supplemental data uses non-GAAP measures to present a clearer view of core operating performance, as defined by management.
  • 6These non-GAAP measures are used for internal planning and performance comparison and are not a substitute for GAAP reporting.
  • 7The information furnished in this report is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report on significant corporate events: the completion of the Metavante merger and the agreement to sell the ClearPar business. It also serves to provide supplemental financial information to investors reflecting the impact of these transactions.

The Metavante acquisition is treated as a purchase, meaning Metavante's financial results will be included in FIS's consolidated financial statements starting from October 1, 2009. Supplemental pro forma data is provided to show how the combined entity would have performed in prior periods.

FIS has agreed to sell its ClearPar business. The company will begin reporting ClearPar's financial results as discontinued operations in its financial statements starting with the reporting period ending December 31, 2009.

FIS's management is providing this supplemental data, which includes non-GAAP measures, to give investors a more timely and understandable view of the company's operating performance following the significant Metavante merger and the planned divestiture of ClearPar. These measures are used internally for planning and performance evaluation and are believed by management to be relevant for investors to assess core operations, but they should be used in conjunction with GAAP results.