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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 June 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.)
  
601 Riverside Avenue  
JacksonvilleFlorida 32204
(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 August 3, 2022, 607,978,556 shares of the Registrant’s Common Stock were outstanding.




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



1


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
June 30, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$1,688 $2,010 
Settlement assets4,334 4,020 
Trade receivables, net of allowance for credit losses of $99 and $76, respectively
3,520 3,772 
Other receivables251 355 
Prepaid expenses and other current assets913 551 
Total current assets10,706 10,708 
Property and equipment, net881 949 
Goodwill52,004 53,330 
Intangible assets, net10,018 11,539 
Software, net3,176 3,299 
Other noncurrent assets1,876 2,137 
Deferred contract costs, net959 969 
Total assets$79,620 $82,931 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$2,856 $2,864 
Settlement payables5,154 5,295 
Deferred revenue728 779 
Short-term borrowings3,642 3,911 
Current portion of long-term debt3,148 1,617 
Total current liabilities15,528 14,466 
Long-term debt, excluding current portion11,755 14,825 
Deferred income taxes3,786 4,193 
Other noncurrent liabilities1,861 1,915 
Total liabilities32,930 35,399 
Redeemable noncontrolling interest175 174 
Equity:  
FIS stockholders’ equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding as of June 30, 2022, and December 31, 2021
  
Common stock $0.01 par value, 750 shares authorized, 628 and 625 shares issued as of June 30, 2022, and December 31, 2021, respectively
6 6 
Additional paid in capital46,634 46,466 
Retained earnings2,709 2,889 
Accumulated other comprehensive earnings (loss)(200)252 
Treasury stock, $0.01 par value, 20 and 16 common shares as of June 30, 2022, and December 31, 2021, respectively, at cost
(2,643)(2,266)
Total FIS stockholders’ equity46,506 47,347 
Noncontrolling interest9 11 
Total equity46,515 47,358 
Total liabilities, redeemable noncontrolling interest and equity$79,620 $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 (Loss)
(In millions, except per share amounts)
(Unaudited)
 Three months ended June 30,Six Months Ended June 30,
 2022202120222021
Revenue$3,719 $3,475 $7,210 $6,699 
Cost of revenue2,234 2,135 4,475 4,253 
Gross profit1,485 1,340 2,735 2,446 
Selling, general, and administrative expenses1,082 977 2,117 1,983 
Asset impairments29  87  
Operating income374 363 531 463 
Other income (expense):  
Interest expense, net(47)(48)(90)(122)
Other income (expense), net30 324 92 (170)
Total other income (expense), net(17)276 2 (292)
Earnings (loss) before income taxes and equity method investment earnings (loss)357 639 533 171 
Provision (benefit) for income taxes77 302 132 205 
Equity method investment earnings (loss) 5  6 
Net earnings (loss)280 342 401 (28)
Net (earnings) loss attributable to noncontrolling interest(3)(1)(4)(4)
Net earnings (loss) attributable to FIS common stockholders$277 $341 $397 $(32)
Net earnings (loss) per share-basic attributable to FIS common stockholders$0.46 $0.55 $0.65 $(0.05)
Weighted average shares outstanding-basic608 619 609 620 
Net earnings (loss) per share-diluted attributable to FIS common stockholders$0.45 $0.55 $0.65 $(0.05)
Weighted average shares outstanding-diluted611 624 612 620 
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 (Loss)
(In millions)
(Unaudited)

 Three months ended June 30,Six months ended June 30,
 2022202120222021
Net earnings (loss)$280 $342 $401 $(28)
Other comprehensive earnings (loss), before tax:
Unrealized gain (loss) on derivatives$ $ $ $9 
Foreign currency translation adjustments(229)130 (373)315 
Other adjustments1 1 5 1 
Other comprehensive earnings (loss), before tax(228)131 (368)325 
Provision for income tax (expense) benefit related to items of other comprehensive earnings(78)(6)(84)(133)
Other comprehensive earnings (loss), net of tax$(306)(306)$125 125 $(452)(452)$192 192 
Comprehensive earnings (loss)(26)467 (51)164 
Net (earnings) loss attributable to noncontrolling interest(3)(1)(4)(4)
Comprehensive earnings (loss) attributable to FIS common stockholders$(29)$466 $(55)$160 
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 six months ended June 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, March 31, 2022628 (17)$6 $46,536 $2,721 $106 $(2,343)$10 $47,036 
Exercise of stock options— — — 10 — — — — 10 
Purchases of treasury stock— (3)— — — — (300)— (300)
Stock-based compensation— — — 88 — — — — 88 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — — — (289)— — (3)(292)
Net earnings (loss)— — — — 277 — — 2 279 
Other comprehensive earnings (loss), net of tax— — — — — (306)— — (306)
Balances, June 30, 2022628 (20)$6 $46,634 $2,709 $(200)$(2,643)$9 $46,515 



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 stock3 — —  — — — —  
Exercise of stock options— — — 18 — — — — 18 
Purchases of treasury stock— (3)— — — — (300)— (300)
Treasury shares held for taxes due upon exercise of stock awards— (1)— — — — (77)— (77)
Stock-based compensation— — — 145 — — — — 145 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — — 5 (577)— — (5)(577)
Net earnings (loss)— — — — 397 — — 3 400 
Other comprehensive earnings (loss), net of tax— — — — — (452)— — (452)
Balances, June 30, 2022628 (20)6 46,634 2,709 (200)(2,643)9 46,515 
(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 six months ended June 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, March 31, 2021624 (4)$6 $46,152 $2,823 $124 $(645)$14 $48,474 
Issuance of restricted stock1 — — — — — — —  
Exercise of stock options— — — 38 — — — — 38 
Purchases of treasury stock— (3)— — — — (400)— (400)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (13)— (13)
Stock-based compensation— — — 84 — — — — 84 
Cash dividends declared ($0.39 per share per quarter) and other distributions
— — — — (243)— — (3)(246)
Net earnings— — — — 341 — — 1 342 
Other comprehensive earnings (loss), net of tax— — — — — 125 — — 125 
Balances, June 30, 2021625 (7)$6 $46,274 $2,921 $249 $(1,058)$12 $48,404 

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— — — 85 — — — — 85 
Purchases of treasury stock— (6)— — — — (800)— (800)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (108)— (108)
Stock-based compensation— — — 241 — — — — 241 
Cash dividends declared ($0.39 per share per quarter) and other distributions
— — — — (487)— — (4)(491)
Net earnings (loss)— — — — (32)— — 3 (29)
Other comprehensive earnings (loss), net of tax— — — — — 192 — — 192 
Balances, June 30, 2021625 (7)$6 $46,274 $2,921 $249 $(1,058)$12 $48,404 
(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)
 Six months ended June 30,
 20222021
Cash flows from operating activities: 
Net earnings (loss)$401 $(28)
Adjustment to reconcile net earnings (loss) to net cash provided by operating activities:  
Depreciation and amortization1,988 1,924 
Amortization of debt issuance costs15 15 
Asset impairments87  
Loss (gain) on sale of businesses, investments and other(5)(230)
Loss on extinguishment of debt 528 
Stock-based compensation145 241 
Deferred income taxes(386)87 
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:  
Trade and other receivables114 (171)
Settlement activity(106)10 
Prepaid expenses and other assets(250)(308)
Deferred contract costs(190)(212)
Deferred revenue(30)35 
Accounts payable, accrued liabilities and other liabilities137 (27)
Net cash provided by operating activities1,920 1,864 
Cash flows from investing activities:  
Additions to property and equipment(173)(143)
Additions to software(579)(470)
Settlement of net investment hedge cross-currency interest rate swaps645 (17)
Net proceeds from sale of businesses and investments 367 
Other investing activities, net(22)(60)
Net cash provided by (used in) investing activities(129)(323)
Cash flows from financing activities:  
Borrowings30,789 26,969 
Repayment of borrowings and other financing obligations(31,358)(27,696)
Debt issuance costs (74)
Net proceeds from stock issued under stock-based compensation plans15 76 
Treasury stock activity(378)(908)
Dividends paid(574)(486)
Other financing activities, net(96)(136)
Net cash provided by (used in) financing activities(1,602)(2,255)
Effect of foreign currency exchange rate changes on cash(392)(31)
Net increase (decrease) in cash, cash equivalents and restricted cash(203)(745)
Cash, cash equivalents and restricted cash, beginning of period4,283 4,030 
Cash, cash equivalents and restricted cash, end of period$4,080 $3,285 
Supplemental cash flow information:  
Cash paid for interest$241 $287 
Cash paid for income taxes$323 $170 
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 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 a provisional 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. We also recorded adjustments to our provisional allocation of the purchase price as of March 31, 2022, resulting in $631 million in total goodwill. Our purchase price allocation is provisional as of June 30, 2022, and we expect to finalize as soon as practicable but no later than one year from the date of acquisition.

(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 June 30, 2022 (in millions):
Reportable Segments
Capital
MerchantBankingMarketCorporate
SolutionsSolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$955 $1,427 $388 $64 $2,834 
All others347 236 275 27 885 
Total$1,302 $1,663 $663 $91 $