8-KEarnings & ResultsExhibits & Filings

Fidelity National Information Services, Inc. 8-K Report, Financial Results (May 3, 2016)

Filed May 3, 2016For Securities:FIS

Summary

Fidelity National Information Services, Inc. (FIS) filed an 8-K on May 3, 2016, to report its first-quarter 2016 financial results and provide supplemental information related to the recent SunGard acquisition. The report highlights the company's financial performance post-acquisition, with SunGard's results integrated from November 30, 2015. FIS is offering non-GAAP measures like adjusted revenues, adjusted operating income, and adjusted EBITDA to aid investor understanding of the combined entity's performance, particularly when compared to prior periods. Management emphasizes that these supplemental non-GAAP metrics are provided for illustrative purposes to offer a reasonable basis for comparison with post-acquisition periods, acknowledging they do not reflect actual combined performance from the start of the periods presented nor do they account for potential future business model changes or market impacts. The company also details a reclassification of its reporting segments – Integrated Financial Solutions (IFS), Global Financial Solutions (GFS), and Corporate and Other – to better align with the combined business operations, with SunGard's assets largely falling into GFS initially and then reclassified to IFS and Corporate and Other based on their nature.

Key Highlights

  • 1FIS reported its Q1 2016 financial results on May 3, 2016.
  • 2The company is providing supplemental non-GAAP financial data (adjusted revenues, operating income, EBITDA) to help investors understand performance following the SunGard acquisition.
  • 3The SunGard acquisition was completed on November 30, 2015, and its financial results are included in FIS's consolidated statements from that date forward.
  • 4Supplemental data is presented for illustrative purposes and aims to provide a comparable basis with post-acquisition periods.
  • 5FIS has reorganized its reporting segments into Integrated Financial Solutions (IFS), Global Financial Solutions (GFS), and Corporate and Other, re-casting prior periods for consistency.
  • 6Certain SunGard businesses have been reclassified into IFS and Corporate and Other segments following further integration.
  • 7The information furnished in this 8-K is not deemed 'filed' under Section 18 of the Exchange Act.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce Fidelity National Information Services, Inc.'s (FIS) financial results for the first quarter ended March 31, 2016, and to furnish supplemental financial data related to the SunGard acquisition.

FIS is providing non-GAAP measures (adjusted revenues, adjusted operating income, adjusted EBITDA) because of the significant financial impact of the SunGard acquisition. Management believes these supplemental measures enhance investors' understanding of the company's operating performance and provide a reasonable basis for comparison with post-acquisition periods.

The SunGard acquisition was completed on November 30, 2015. SunGard's results of operations and financial position have been included in FIS's consolidated results from and after that date.

FIS finalized a reorganization into three segments: Integrated Financial Solutions (IFS), Global Financial Solutions (GFS), and Corporate and Other. Prior periods have been re-casted for consistency. Following the SunGard acquisition, SunGard's operations were initially placed in GFS but have since been reclassified to IFS and Corporate and Other based on their business activities.