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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________
Form 10-Q
_______________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to

Commission File No. 001-16427
_______________________________________________
Fidelity National Information Services, Inc.
(Exact name of registrant as specified in its charter)
Georgia 37-1490331
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
  
347 Riverside Avenue  
JacksonvilleFlorida 32202
(Address of principal executive offices) (Zip Code)
(904438-6000
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
TradingName of each exchange
Title of each classSymbol(s)on which registered
Common Stock, par value $0.01 per shareFISNew York Stock Exchange
0.125% Senior Notes due 2022FIS22CNew York Stock Exchange
0.750% Senior Notes due 2023FIS23ANew York Stock Exchange
1.100% Senior Notes due 2024FIS24ANew York Stock Exchange
0.625% Senior Notes due 2025FIS25BNew York Stock Exchange
1.500% Senior Notes due 2027FIS27New York Stock Exchange
1.000% Senior Notes due 2028FIS28New York Stock Exchange
2.250% Senior Notes due 2029FIS29New York Stock Exchange
2.000% Senior Notes due 2030FIS30New York Stock Exchange
3.360% Senior Notes due 2031FIS31New York Stock Exchange
2.950% Senior Notes due 2039FIS39New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ☐ NO
As of November 2, 2022, 593,379,456 shares of the Registrant’s Common Stock were outstanding.




FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 30, 2022



1


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
September 30, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$1,932 $2,010 
Settlement assets4,359 4,020 
Trade receivables, net of allowance for credit losses of $78 and $76, respectively
3,373 3,772 
Other receivables293 355 
Prepaid expenses and other current assets636 551 
Total current assets10,593 10,708 
Property and equipment, net839 949 
Goodwill51,014 53,330 
Intangible assets, net9,200 11,539 
Software, net3,131 3,299 
Other noncurrent assets2,549 2,137 
Deferred contract costs, net991 969 
Total assets$78,317 $82,931 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$2,476 $2,864 
Settlement payables5,076 5,295 
Deferred revenue712 779 
Short-term borrowings2,422 3,911 
Current portion of long-term debt2,985 1,617 
Total current liabilities13,671 14,466 
Long-term debt, excluding current portion13,509 14,825 
Deferred income taxes3,691 4,193 
Other noncurrent liabilities1,931 1,915 
Total liabilities32,802 35,399 
Redeemable noncontrolling interest178 174 
Equity:  
FIS stockholders’ equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding as of September 30, 2022, and December 31, 2021
  
Common stock $0.01 par value, 750 shares authorized, 629 and 625 shares issued as of September 30, 2022, and December 31, 2021, respectively
6 6 
Additional paid in capital46,726 46,466 
Retained earnings2,673 2,889 
Accumulated other comprehensive earnings (loss)(392)252 
Treasury stock, $0.01 par value, 31 and 16 common shares as of September 30, 2022, and December 31, 2021, respectively, at cost
(3,685)(2,266)
Total FIS stockholders’ equity45,328 47,347 
Noncontrolling interest9 11 
Total equity45,337 47,358 
Total liabilities, redeemable noncontrolling interest and equity$78,317 $82,931 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
2


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In millions, except per share amounts)
(Unaudited)
 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Revenue$3,604 $3,507 $10,814 $10,205 
Cost of revenue2,148 2,178 6,624 6,431 
Gross profit1,456 1,329 4,190 3,774 
Selling, general, and administrative expenses977 989 3,093 2,972 
Asset impairments17 202 104 202 
Operating income462 138 993 600 
Other income (expense):  
Interest expense, net(76)(46)(166)(169)
Other income (expense), net(41)110 51 (58)
Total other income (expense), net(117)64 (115)(227)
Earnings before income taxes and equity method investment earnings (loss)345 202 878 373 
Provision (benefit) for income taxes91 41 223 246 
Equity method investment earnings (loss)   6 
Net earnings254 161 655 133 
Net (earnings) loss attributable to noncontrolling interest(5)(3)(9)(7)
Net earnings attributable to FIS common stockholders$249 $158 $646 $126 
Net earnings per share-basic attributable to FIS common stockholders$0.41 $0.26 $1.06 $0.20 
Weighted average shares outstanding-basic605 613 608 618 
Net earnings per share-diluted attributable to FIS common stockholders$0.41 $0.26 $1.06 $0.20 
Weighted average shares outstanding-diluted607 619 611 623 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

3


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings
(In millions)
(Unaudited)

 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Net earnings$254 $161 $655 $133 
Other comprehensive earnings (loss), before tax:
Unrealized gain (loss) on derivatives$ $ $ $9 
Foreign currency translation adjustments(86)(59)(459)256 
Other adjustments6 1 11 2 
Other comprehensive earnings (loss), before tax(80)(58)(448)267 
Provision for income tax (expense) benefit related to items of other comprehensive earnings(112)(35)(196)(168)
Other comprehensive earnings (loss), net of tax$(192)(192)$(93)(93)$(644)(644)$99 99 
Comprehensive earnings62 68 11 232 
Net (earnings) loss attributable to noncontrolling interest(5)(3)(9)(7)
Comprehensive earnings attributable to FIS common stockholders$57 $65 $2 $225 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.






4


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
Three and nine months ended September 30, 2022
(In millions, except per share amounts)
(Unaudited)
   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, June 30, 2022628 (20)$6 $46,634 $2,709 $(200)$(2,643)$9 $46,515 
Issuance of restricted stock1 — — — — — — — — 
Exercise of stock options— — — 39 — — — — 39 
Purchases of treasury stock— (11)— — — — (1,021)— (1,021)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (21)— (21)
Stock-based compensation— — — 53 — — — — 53 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — — — (285)— — (2)(287)
Net earnings— — — — 249 — — 2 251 
Other comprehensive earnings (loss), net of tax— — — — — (192)— — (192)
Balances, September 30, 2022629 (31)$6 $46,726 $2,673 $(392)$(3,685)$9 $45,337 



Amount
FIS Stockholders
Accumulated
Number of sharesAdditionalother
CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, December 31, 2021625 (16)$6 $46,466 $2,889 $252 $(2,266)$11 $47,358 
Issuance of restricted stock4 — — 5 — — — — 5 
Exercise of stock options— — — 57 — — — — 57 
Purchases of treasury stock— (14)— — — — (1,321)— (1,321)
Treasury shares held for taxes due upon exercise of stock awards— (1)— — — — (98)— (98)
Stock-based compensation— — — 198 — — — — 198 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — —  (862)— — (7)(869)
Net earnings— — — — 646 — — 5 651 
Other comprehensive earnings (loss), net of tax— — — — — (644)— — (644)
Balances, September 30, 2022629 (31)6 46,726 2,673 (392)(3,685)9 45,337 
(1)Excludes redeemable noncontrolling interest that is not considered equity.

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
5


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
Three and nine months ended September 30, 2021
(In millions, except per share amounts)
(Unaudited)

   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, June 30, 2021625 (7)$6 $46,274 $2,921 $249 $(1,058)$12 $48,404 
Issuance of restricted stock — — — — — — —  
Exercise of stock options— — — 12 — — — — 12 
Purchases of treasury stock— (9)— — — — (1,196)— (1,196)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (9)— (9)
Stock-based compensation— — — 80 — — — — 80 
Cash dividends declared ($0.39 per share per quarter) and other distributions
— — — — (239)— — (3)(242)
Net earnings— — — — 158 — — 3 161 
Other comprehensive earnings (loss), net of tax— — — — — (93)— — (93)
Balances, September 30, 2021625 (16)$6 $46,366 $2,840 $156 $(2,263)$12 $47,117 

Amount
FIS Stockholders
Accumulated
Number of sharesAdditionalother
CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, December 31, 2020621 (1)$6 $45,947 $3,440 $57 $(150)$13 $49,313 
Issuance of restricted stock4 — — 1 — — — — 1 
Exercise of stock options— — — 98 — — — — 98 
Purchases of treasury stock— (15)— — — — (1,996)— (1,996)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (117)— (117)
Stock-based compensation— — — 320 — — — — 320 
Cash dividends declared ($0.39 per share per quarter) and other distributions
— — — — (726)— — (7)(733)
Net earnings— — — — 126 — — 6 132 
Other comprehensive earnings (loss), net of tax— — — — — 99 — — 99 
Balances, September 30, 2021625 (16)$6 $46,366 $2,840 $156 $(2,263)$12 $47,117 
(1)Excludes redeemable noncontrolling interest that is not considered equity.

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
6


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 Nine months ended September 30,
 20222021
Cash flows from operating activities: 
Net earnings$655 $133 
Adjustment to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization2,920 2,981 
Amortization of debt issuance costs23 22 
Asset impairments104 202 
Loss (gain) on sale of businesses, investments and other(13)(233)
Loss on extinguishment of debt 528 
Stock-based compensation198 320 
Deferred income taxes(519)(35)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:  
Trade and other receivables161 (229)
Settlement activity(38)575 
Prepaid expenses and other assets(250)(350)
Deferred contract costs(314)(323)
Deferred revenue(59)(12)
Accounts payable, accrued liabilities and other liabilities(70)118 
Net cash provided by operating activities2,798 3,697 
Cash flows from investing activities:  
Additions to property and equipment(216)(193)
Additions to software(867)(684)
Settlement of net investment hedge cross-currency interest rate swaps684 (24)
Net proceeds from sale of businesses and investments12 370 
Other investing activities, net219 (66)
Net cash provided by (used in) investing activities(168)(597)
Cash flows from financing activities:  
Borrowings50,006 40,569 
Repayment of borrowings and other financing obligations(49,349)(40,644)
Debt issuance costs(23)(74)
Net proceeds from stock issued under stock-based compensation plans53 87 
Treasury stock activity(1,390)(2,113)
Dividends paid(858)(724)
Other financing activities, net(329)(138)
Net cash provided by (used in) financing activities(1,890)(3,037)
Effect of foreign currency exchange rate changes on cash(782)(57)
Net increase (decrease) in cash, cash equivalents and restricted cash(42)6 
Cash, cash equivalents and restricted cash, beginning of period4,283 4,030 
Cash, cash equivalents and restricted cash, end of period$4,241 $4,036 
Supplemental cash flow information:  
Cash paid for interest$311 $370 
Cash paid for income taxes$664 $272 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
7

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


Unless stated otherwise or the context otherwise requires, all references to "FIS," "we," "our," "us," the "Company" or the "registrant" are to Fidelity National Information Services, Inc., a Georgia corporation, and its subsidiaries.

(1)       Basis of Presentation

The unaudited financial information included in this report includes the accounts of FIS and its subsidiaries prepared in accordance with U.S. generally accepted accounting principles and the instructions to Form 10-Q and Article 10 of Regulation S-X. All adjustments considered necessary for a fair presentation have been included. This report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The inputs into management's critical and significant accounting estimates consider the economic impact of higher rates of inflation, slower economic growth and the outbreak of the novel coronavirus ("COVID-19") and the subsequently declared COVID-19 pandemic ("the pandemic") by the World Health Organization on March 11, 2020. The extent to which the pandemic further affects our results of operations and financial position will depend on future developments, which are highly uncertain and are difficult to predict, including, but not limited to, the duration and spread of the pandemic and any recurrence or new strain of COVID-19, its severity, the success of vaccines or other actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Accordingly, our future results could be materially affected by changes in our estimates.

Certain reclassifications have been made in the 2021 consolidated financial statements to conform to the classifications used in 2022. Amounts in tables in the financial statements and accompanying footnotes may not sum or calculate due to rounding.

(2)       Acquisitions

Payrix Acquisition

On December 23, 2021, FIS acquired 100% of the equity of Payrix Holdings, LLC, and subsidiaries ("Payrix"), previously a privately held fintech company that specializes in embedding and monetizing payments in SaaS platforms to serve the eCommerce needs of small- to medium-sized businesses through a global card-not-present offering. The acquisition was accounted for as a business combination. We recorded an allocation of the $777 million purchase price, primarily paid in cash, to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values, consisting primarily of $131 million in software assets and $631 million in total goodwill.

(3)       Revenue

Disaggregation of Revenue

In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments.


8

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

For the three months ended September 30, 2022 (in millions):
Capital
BankingMerchantMarketCorporate
SolutionsSolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$