Investors

Press Release


FIS Reports Strong Earnings Growth

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--Adjusted EPS of $0.31, up 19.2% --Adjusted EBITDA margin of 22.7%, up 100 basis points --Free cash flow increases to $119 million

JACKSONVILLE, Fla., April 28, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Fidelity National Information Services, Inc. (NYSE: FIS), a leading global provider of technology services to financial institutions, today reported financial results for the quarter ended March 31, 2009.

Consolidated revenue of $797.8 million declined 3.9% in U.S. dollars and increased 0.3% in constant currency compared to $830.3 million in the first quarter of 2008. Non-GAAP adjusted net earnings increased 19.2% to $0.31 per share in U.S. dollars, compared to $0.26 in the prior year, and increased 23.1% in constant currency. The increase is attributable to improved operating performance, lower interest expense and a lower share count, partially offset by a slightly higher tax rate. GAAP net earnings from continuing operations attributable to common stockholders totaled $34.3 million, or $0.18 per share compared to $0.06 per share in the prior period. Free cash flow (cash from operations less capital expenditures) was $119.2 million compared with $4.9 million in the prior year quarter.

"FIS's strong first quarter performance in the midst of ongoing economic uncertainty reflects the continued solid execution of our business plan and the strength of our operating model," stated William P. Foley, II, executive chairman of FIS.

"We are very pleased with the strong growth in earnings, profit margins and free cash flow," stated Lee A. Kennedy, president and chief executive officer. "Despite very difficult market conditions, our disciplined focus on improving efficiency and managing costs drove a 100 basis point improvement in our EBITDA margin, and contributed to the 19.2% increase in earnings per share. Although we expect challenging market conditions to persist throughout 2009, we remain confident in our ability to achieve solid earnings growth and strong free cash flow."

Supplemental Information

Consolidated revenue in the first quarter of 2009 was $797.8 million, compared with $830.3 in the prior year quarter, a decrease of 3.9% in U.S. dollars. Excluding a $34.9 million unfavorable impact of foreign currency resulting from a strengthening of the U.S. dollar, consolidated revenue increased 0.3% driven by strong growth in International.

    --  Financial Solutions revenue declined 3.2% to $271.3 million compared to
        $280.4 million in the prior period, as increased demand for risk
        management and commercial outsourcing services was offset by lower
        software license and professional services revenue;
 
    --  Payment Solutions revenue declined 2.3% to $364.7 million compared to
        $373.3 million in the 2008 quarter, due primarily to a $9.7 million
        decline in the company's retail check guarantee business.
        Excluding Check Services' revenue from both periods, Payment
        Solutions revenue increased 0.4%;
 
    --  International revenue declined 8.3% to $162.3 million in U.S. dollars,
        compared to $176.9 million in the prior year quarter.  International
        revenue increased 11.5% in constant currency, driven by 16.3% growth in
        payments and 4.5% growth in financial solutions.
 

Adjusted EBITDA increased 0.7% to $181.2 million in the first quarter of 2009 compared to $180.0 million in the 2008 quarter. The adjusted EBITDA margin improved 100 basis points to 22.7% compared to 21.7% in the prior-year quarter, driven by increased operating leverage and ongoing expense management.

    --  Financial Solutions EBITDA declined 2.9% to $102.0 million, due
        primarily to a decline in high margin software sales.  The 37.6% margin
        was comparable to the prior period;
 
    --  Payment Solutions EBITDA increased 11.5% to $95.2 million, and the
        margin increased 320 basis points to 26.1%.  The improvement is
        attributable to increased operating efficiency;
 
    --  International EBITDA decreased 8.6% to $23.4 million due to a $5.2
        million unfavorable currency impact.  The International margin of 14.4%
        was comparable to prior year.
 

The effective tax rate in the first quarter of 2009 was 34.5% compared to 33.1% in the first quarter of 2008.

Balance Sheet

FIS had $272.0 million in cash and cash equivalents at March 31, 2009. The company repaid $54.0 million of debt during the first quarter, reducing total debt outstanding to $2.46 billion, of which $2.1 billion has been swapped to fixed interest rates. The effective interest rate was 5.2% as of March 31, 2009.

Continuing an intensive focus on capital spending, capital expenditures totaled $45.3 million in the quarter, which is a 42% reduction from the $78.3 million spent in the prior year.

Acquisition Update

On April 1, 2009, FIS announced plans to acquire Metavante Technologies, Inc. (NYSE: MV). The transaction is subject to approval by FIS and Metavante shareholders, receipt of regulatory approvals and the satisfaction of customary closing conditions. Subject to receiving the required approvals, FIS expects to complete the transaction in the third quarter of 2009.

2009 Outlook

FIS reaffirmed its full year outlook for adjusted net earnings of $1.60 to $1.66 per share. This guidance does not reflect the proposed acquisition of Metavante. FIS will update its fiscal 2009 guidance to include Metavante's results following the completion of the transaction.

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the company has provided non-GAAP financial measures which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and amortization (EBITDA), adjusted net earnings, and free cash flow. Adjusted EBITDA excludes the impact of merger and acquisition and integration expenses, LPS spin-off related costs, certain stock compensation charges and certain other costs. Adjusted net earnings exclude the after-tax impact of merger and acquisition and integration expenses, LPS spin-off related costs, certain stock compensation charges, acquisition related amortization and certain other costs. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FIS's non-GAAP measures may be calculated differently from similarly-titled measures of other companies. A reconciliation of these non-GAAP measures to related GAAP measures is included in the press release attachments.

Conference Call and Webcast

FIS will host a call with investors and analysts to discuss first quarter 2009 results on Wednesday, April 29, 2009, beginning at 8:30 a.m. Eastern daylight time. To register for the live event and to access a supplemental slide presentation, go to the Investor Relations section at www.fidelityinfoservices.com and click on "Events and Multimedia." A webcast replay will be available on FIS' Investor Relations website, and a telephone replay will be available through May 13, 2009, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 996633.

About Fidelity National Information Services, Inc.

Fidelity National Information Services, Inc. (NYSE: FIS), a member of the S&P 500 Index, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10 and was ranked the number one banking technology provider in the world by American Banker and the research firm Financial Insights in the 2008 FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 14,000 financial institutions in more than 90 countries worldwide. For more information on Fidelity National Information Services, please visit www.fidelityinfoservices.com.

Forward-Looking Statements

This press release contains forward-looking statements, including certain plans, expectations, goals and projections, and statements about FIS's acquisition of Metavante, which are subject to numerous assumptions, risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. The risks and uncertainties that forward-looking statements are subject to include, without limitation: changes in general economic, business and political conditions, including changes in the financial markets; the effect of governmental regulations, including the possibility that there are unexpected delays in obtaining regulatory approvals; the failure to obtain required transaction approvals from FIS's and Metavante's shareholders; the effects of our substantial leverage which may limit the funds available to make acquisitions and invest in our business; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in the banking, retail and financial services industries or due to financial failures suffered by firms in those industries; actions that may be taken by the competitors, customers and suppliers of FIS or Metavante that may cause the transaction to be delayed or not completed; failures to adapt our services to changes in technology or in the marketplace; our potential inability to find suitable acquisition candidates or difficulties in integrating acquisitions; competitive pressures on product pricing and services; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available at the time of the document. FIS assumes any obligation to update any forward-looking statement.

FIS-e

 
 
 
                     Fidelity National Information Services, Inc.
                  Earnings Release Supplemental Financial Information
                                   April 28, 2009
                                     (Unaudited)
 
 
    Exhibit A   Consolidated Statements of Earnings for the Three Months Ended
                March 31, 2009 and 2008
 
    Exhibit B   Consolidated Balance Sheets as of March 31, 2009 and December
                31, 2008
 
    Exhibit C   Consolidated Statements of Cash Flows for the Three Months
                Ended March 31, 2009 and 2008
 
    Exhibit D   Supplemental Non-GAAP Financial Information for the Three
                Months Ended March 31, 2009 and 2008
 
    Exhibit E   Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for
                the Three Months Ended March 31, 2009 and 2008
 
 
 
                                                                   Exhibit A
 
               FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED
                       (In millions, except per share data)
 
 
                                            Three months ended March 31,
                                            ---------------------------
                                                  2009          2008
                                                  ----          ----
 
      Processing and services revenues          $797.8        $830.3
 
      Cost of revenues                           594.3         648.7
      Selling, general and
       administrative expenses                    99.0         111.1
      Research and development costs              22.6          19.3
                                                  ----          ----
 
      Operating income                            81.9          51.2
 
      Other income (expense):
         Interest income                           0.8           2.8
         Interest expense                        (32.0)        (38.8)
         Other income (expense)                    1.2          (1.2)
                                                 -----         -----
               Total other income (expense)      (30.0)        (37.2)
                                                  ----          ----
 
      Earnings from continuing operations
       before income taxes                        51.9          14.0
         Provision for income taxes               17.9           3.3
                                                  ----          ----
 
            Net earnings from
             continuing operations                34.0          10.7
            (Loss) earnings from
             discontinued operations,
             net of tax                           (1.3)         59.6
                                                  ----          ----
 
               Net earnings                       32.7          70.3
               Net loss attributable
                to noncontrolling interest         0.3           0.2
                                                   ---           ---
 
               Net earnings attributable
                to FIS                           $33.0         $70.5
                                                 =====         =====
 
      Net earnings per share-basic
       from continuing operations
       attributable to FIS
       common stockholders *                     $0.18         $0.06
      Net earnings per share-basic
       from discontinued operations
       attributable to FIS
       common stockholders *                     (0.01)         0.30
                                                 -----         -----
      Net earnings per share-basic
       attributable to FIS
       common stockholders *                     $0.17         $0.36
                                                 =====         =====
 
      Weighted average shares
       outstanding-basic                         190.0         194.5
                                                 =====         =====
 
 
      Net earnings per share-diluted
       from continuing operations
       attributable to FIS
       common stockholders *                     $0.18         $0.06
      Net earnings per share-diluted
       from discontinued operations
       attributable to FIS
       common stockholders *                     (0.01)         0.30
                                                  ----          ----
      Net earnings per share-diluted
       attributable to FIS
       common stockholders *                     $0.17         $0.36
                                                 =====         =====
 
      Weighted average shares
       outstanding-diluted                       191.6         196.5
                                                 =====         =====
 
      Amounts attributable to FIS
       common stockholders:
         Net earnings from
          continuing operations,
          net of tax                             $34.3         $10.9
         (Loss) earnings from
          discontinued operations,
          net of tax                              (1.3)         59.6
                                                  ----          ----
         Net earnings                            $33.0         $70.5
                                                 =====         =====
 
    * Amounts may not sum due to rounding.
 
 
 
                                                                   Exhibit B
 
          FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
                                   (In millions)
 
 
                                               As of          As of
                                            March 31,   December 31,
                                                2009           2008
                                          ----------    -----------
                                          (Unaudited)
                               Assets
      Current assets:
         Cash and cash equivalents            $272.0         $220.9
         Settlement deposits                    39.2           31.4
         Trade receivables, net                498.8          538.1
         Settlement receivables                 42.7           52.1
         Other receivables                      86.3          121.1
         Receivable from FNF and LPS            11.2           10.1
         Prepaid expenses and other
          current assets                        99.1          115.1
         Deferred income taxes                  62.3           91.0
                                                ----           ----
               Total current assets          1,111.6        1,179.8
                                             -------        -------
 
 
      Property and equipment, net of
       accumulated depreciation
       and amortization                       269.6          272.6
      Goodwill                              4,190.1        4,194.0
      Other intangible assets,
       net of accumulated amortization        893.1          924.3
      Computer software,
       net of accumulated amortization        613.0          617.0
      Deferred contract costs                 237.2          241.2
      Long-term notes receivable from FNF       5.3            5.5
      Other noncurrent assets                  72.1           79.6
                                               ----           ----
               Total assets                $7,392.0       $7,514.0
                                           ========       ========
 
 
              Liabilities and Stockholders' Equity
      Current liabilities:
         Accounts payable and
          accrued liabilities                $370.7         $480.5
         Settlement payables                   82.4           83.3
         Current portion of long-term debt    132.8          105.5
         Deferred revenues                    192.5          182.9
                                              -----          -----
               Total current liabilities      778.4          852.2
                                              -----          -----
 
      Deferred revenues                        87.9           86.7
      Deferred income taxes                   326.6          346.3
      Long-term debt, excluding
       current portion                      2,327.7        2,409.0
      Other long-term liabilities             147.5          122.8
                                              -----          -----
               Total liabilities            3,668.1        3,817.0
                                            -------        -------
 
      Stockholders' equity:
         FIS stockholders' equity:
            Preferred stock $0.01 par value       -              -
            Common stock $0.01 par value        2.0            2.0
            Additional paid in capital      2,961.6        2,959.8
            Retained earnings               1,099.6        1,076.1
            Accumulated other
             comprehensive (loss) earnings   (111.3)        (102.3)
            Treasury stock                   (391.4)        (402.8)
                                             ------         ------
               Total FIS stockholders'
                equity                      3,560.5        3,532.8
         Noncontrolling interest              163.4          164.2
                                              -----          -----
               Total stockholders' equity   3,723.9        3,697.0
                                            -------        -------
 
               Total liabilities and
                stockholders' equity       $7,392.0       $7,514.0
                                           ========       ========
 
 
 
 
                                                                   Exhibit C
 
                FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
                                      (In millions)
 
 
                                               Three months ended March 31,
                                               ---------------------------
                                                     2009       2008
                                                     ----       ----
    Cash flows from operating activities:
      Net earnings                                  $33.0      $70.5
      Adjustment to reconcile net earnings
       to net cash provided by operating activities:
        Depreciation and amortization                92.0      124.1
        Amortization of debt issue costs              0.9        1.4
        Net gain on sale of non-strategic businesses    -       (4.0)
        Stock-based compensation cost                 9.5       26.4
        Deferred income taxes                         1.3        6.8
        Income tax benefit from exercise of stock
         options                                     (0.1)      (0.4)
        Equity in loss of unconsolidated entities       -        2.0
        Noncontrolling interest                      (0.3)       0.1
        Changes in assets and liabilities,
         net of effects from acquisitions:
          Net decrease (increase) in trade
           receivables                               68.9       (8.1)
          Net decrease (increase) in prepaid
           expenses and other assets                 19.1      (12.0)
          Additions to deferred contract costs      (10.9)     (22.0)
          Net increase in deferred revenue           16.0        4.6
          Net decrease in accounts payable, accrued
           liabilities and other liabilities        (66.5)     (21.2)
                                                    -----      -----
 
          Net cash provided by operating activities 162.9      168.2
                                                    -----      -----
 
    Cash flows from investing activities:
      Additions to property and equipment           (15.0)     (24.3)
      Additions to capitalized software             (30.3)     (65.3)
      Net proceeds from sale of company assets          -        6.0
      Acquisitions, net of cash acquired             (3.0)      (1.9)
                                                     ----       ----
 
          Net cash used in investing activities     (48.3)     (85.5)
                                                    -----      -----
 
    Cash flows from financing activities:
      Borrowings                                    541.7    1,283.6
      Debt service payments                        (595.9)  (1,381.4)
      Dividends paid                                 (9.5)      (9.7)
      Income tax benefit from exercise
       of stock options                               0.1        0.4
      Stock options exercised                         3.7        6.0
      Treasury stock purchases                          -       (9.9)
                                                    -----      -----
 
          Net cash used in financing activities     (59.9)    (111.0)
                                                    -----     ------
 
      Effect of foreign currency exchange rates
       on cash                                       (3.6)       1.0
 
          Net increase (decrease) in cash and
           cash equivalents                          51.1      (27.3)
 
    Cash and cash equivalents, at beginning
     of period                                      220.9      355.3
                                                    -----      -----
 
    Cash and cash equivalents, at end of period    $272.0     $328.0
                                                   ======     ======
 
 
 
                                                                   Exhibit D
 
                   FIDELITY NATIONAL INFORMATION SERVICES, INC.
                    NON-GAAP FINANCIAL INFORMATION - UNAUDITED
                                 (In millions)
 
    1. Revenue, EBIT and EBITDA
                                       Three Months Ended March 31, 2009
                                       ---------------------------------
 
                      Financial   Payment     Inter-  Corporate
                      Solutions  Solutions   national and Other Consolidated
                      ---------  ---------   -------- --------- ------------
 
        Revenue from
         Continuing
         Operations      $271.3     $364.7     $162.3     $(0.5)     $797.8
 
          Operating
           Income         $73.6      $84.1      $10.2    $(86.0)      $81.9
          M&A, Restruct-
           uring and
           Integration
           Costs              -          -          -       7.3         7.3
                          -----      -----      -----     -----       -----
            EBIT, as
             adjusted     $73.6      $84.1      $10.2    $(78.7)      $89.2
                          =====      =====      =====    ======       =====
 
          Depreciation and
           Amortization from
           Continuing
           Operations, as
           adjusted        28.4       11.1       13.2      39.3        92.0
                           ----       ----       ----      ----        ----
            EBITDA, as
             adjusted    $102.0      $95.2      $23.4    $(39.4)     $181.2
                         ======      =====      =====    ======      ======
 
            EBIT Margin,
             as adjusted   27.1%      23.1%       6.3%      N/M%       11.2%
                           ====       ====        ===       ===        ====
 
            EBITDA Margin,
             as adjusted   37.6%      26.1%      14.4%      N/M%       22.7%
                           ====       ====       ====       ===        ====
 
 
                                        Three Months Ended March 31, 2008
                                        ---------------------------------
 
                      Financial   Payment     Inter-  Corporate
                      Solutions  Solutions   national and Other Consolidated
                      ---------  ---------   -------- --------- ------------
 
        Revenue from
         Continuing
         Operations      $280.4     $373.3     $176.9     $(0.3)     $830.3
 
          Operating
           Income         $69.5      $70.9      $12.2   $(101.4)      $51.2
          M&A,
           Restructuring
           and Integration
           Costs              -          -          -      15.0        15.0
          Corporate Costs
           Non-Disc. Ops      -          -          -       9.0         9.0
          LPS Spin-off
           Costs              -          -          -       2.9         2.9
                          -----      -----      -----     -----       -----
            EBIT, as
             adjusted     $69.5      $70.9      $12.2    $(74.5)      $78.1
                          =====      =====      =====    ======       =====
 
          Depreciation and
           Amortization from
           Continuing
            Operations, as
             adjusted     35.6       14.5        13.4      38.4       101.9
                          ----       ----        ----      ----       -----
            EBITDA, as
             adjusted   $105.1      $85.4       $25.6    $(36.1)     $180.0
                        ======      =====       =====    ======      ======
 
            EBIT Margin,
             as adjusted  24.8%      19.0%        6.9%      N/M%        9.4%
                          ====       ====         ===       ===         ===
 
            EBITDA Margin,
             as adjusted  37.5%      22.9%       14.5%      N/M%       21.7%
                          ====       ====        ====       ===        ====
 
 
      Total Revenue Growth from Prior Year Period
 
          Three Months
           Ended
           March 31,
           2009           -3.2%      -2.3%       -8.3%      N/M%       -3.9%
                          ====       ====        ====       ===        ====
 
          Three Months
           Ended
           March 31,
           2008           20.0%      27.0%       28.0%      N/M%       24.9%
                          ====       ====        ====       ===        ====
 
 
 
                                                                   Exhibit D
 
                 FIDELITY NATIONAL INFORMATION SERVICES, INC.
     RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW MEASURES -
                                UNAUDITED
                              (In millions)
 
 
                                           Quarter Ended March 31, 2009
                                           ----------------------------
                                           GAAP       Adj      Adjusted
                                           ----       ---      --------
 
    Cash flows from
     operating activities:
    Net earnings (2)                      $33.0      $4.8         $37.8
    Adjustments to reconcile
     net earnings to net cash
     provided by operating activities:
      Non-cash adjustments                103.2         -         103.2
      Working capital adjustments (3)      26.7      (3.2)         23.5
                                           ----      ----          ----
 
        Net cash provided by
         operating activities             162.9       1.6         164.5
 
    Capital expenditures                  (45.3)        -         (45.3)
                                          -----     -----         -----
 
    Net free cash flow                   $117.6      $1.6        $119.2
                                         ======      ====        ======
 
 
                                          Quarter Ended March 31, 2008
                                          ----------------------------
                                       Pro forma (1)   Adj   Adj Pro forma
                                       -------------   ---   -------------
 
    Cash flows from
     operating activities:
    Net earnings (4)                      $15.4      $8.3         $23.7
    Adjustments to
     reconcile net earnings
     to net cash provided by
     operating activities:
      Non-cash adjustments                114.0         -         114.0
      Working capital adjustments (3)    (100.8)     46.3         (54.5)
                                         ------      ----         -----
 
        Net cash provided by
         operating activities              28.6      54.6          83.2
 
    Capital expenditures                  (78.3)        -         (78.3)
                                          -----     -----         -----
 
    Net free cash flow                   $(49.7)    $54.6          $4.9
                                         ======     =====          ====
 
    (1) Pro forma cash flows are presented as if the LPS spin-off was
        completed on January 1, 2008 and represents FIS on a post-spin basis.
 
    (2) Adjustments to Net Earnings reflect the elimination of the after-tax
        impact of non-recurring M&A and related integration costs.
 
    (3) Adjustments to working capital reflect elimination of settlement of
        various acquisition related liabilities and for the 2009 period, the
        elimination of current accruals related to the announced acquisition
        of Metavante.
 
    (4) Adjustments to Net Earnings reflect the elimination of the after-tax
        impact of non-recurring M&A and related integration costs, costs
        associated with the LPS spin-off, restructuring costs and the
        elimination of corporate costs attributable to LPS.
 
 
 
                                                                   Exhibit E
 
                  FIDELITY NATIONAL INFORMATION SERVICES, INC.
                   GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
                      (in millions, except per share data)
 
 
                                 M&A
                                 Restruc-
                     GAAP        turing                         Non-GAAP
                     Three       And                Purchase    Three
                     Months      Integra-           Price       Months
                     Ended       tion       Sub-    Amorti-     Ended
                     March 31,   Costs(1)   total   zation(4)   March 31,
                     2009                                       2009
                    (Unaudited)                                (Unaudited)
                     ---------   -------    -----   --------    ---------
 
    Processing and
     services revenue $797.8       $-       $797.8       $-       $797.8
    Cost of revenues   594.3        -        594.3    (30.1)       564.2
                       -----     ----        -----    -----        -----
    Gross profit       203.5        -        203.5     30.1        233.6
                       -----     ----        -----     ----        -----
 
 
    Selling, general and
     administrative     99.0     (7.3)        91.7        -         91.7
    Research and
     development costs  22.6        -         22.6        -         22.6
                        ----     ----         ----     ----         ----
    Operating income    81.9      7.3         89.2     30.1        119.3
                        ----      ---         ----     ----        -----
 
    Other income (expense):
    Interest income      0.8        -          0.8        -          0.8
    Interest expense   (32.0)       -        (32.0)       -        (32.0)
    Other income, net    1.2        -          1.2        -          1.2
                         ---      ---          ---      ---          ---
    Total other income
     (expense)         (30.0)       -        (30.0)       -        (30.0)
                       -----    -----        -----    -----        -----
 
    Earnings from
     continuing
     operations
     before income
     taxes,             51.9      7.3         59.2     30.1         89.3
    Provision (benefit)
     for income taxes   17.9      2.5         20.4     10.4         30.8
                        ----     ----         ----     ----         ----
 
    Earnings from
     continuing
     operations        34.0       4.8         38.8     19.7         58.5
    Loss from
     discontinued
     operations        (1.3)        -         (1.3)       -         (1.3)
                       ----      ----         ----     ----         ----
    Net earnings       32.7       4.8         37.5     19.7         57.2
    Noncontrolling
     interest           0.3         -          0.3        -          0.3
                        ---       ---          ---      ---          ---
 
    Net earnings
     attributable
     to FIS           $33.0      $4.8        $37.8    $19.7        $57.5
                      =====      ====        =====    =====        =====
 
    Amounts
     attributable
     to FIS common
     stockholders
      Net earnings
       from continuing
       operations,
       net of tax    $34.3       $4.8       $39.1     $19.7        $58.8
      (Loss) earnings
       from discontinued
       operations,
       net of tax     (1.3)         -        (1.3)        -         (1.3)
                      ----       ----        ----      ----         ----
      Net earnings   $33.0       $4.8       $37.8     $19.7        $57.5
                     =====       ====       =====     =====        =====
 
    Net earnings per
     share - diluted
     from continuing
     operations
     attributable
     to FIS common
     stockholders*   $0.18      $0.03       $0.20     $0.10        $0.31
                     =====      =====       =====     =====        =====
    Weighted average
     shares
     outstanding -
     diluted         191.6      191.6       191.6     191.6        191.6
                     =====      =====       =====     =====        =====
 
    Supplemental Information:
 
    Depreciation and
     amortization from
     continuing operations                  $92.0    $(30.1)       $61.9
                                            =====    ======        =====
 
    Stock compensation expense
     from continuing operations,
     excluding acceleration charges                                 $9.5
    Stock acceleration charges                                         -
                                                                    ----
    Total stock compensation
     expense from continuing
     operations                                                     $9.5
                                                                    ====
 
    * Amounts may not sum due to rounding.
 
    See accompanying notes.
 
 
 
                                                                   Exhibit E
 
                       FIDELITY NATIONAL INFORMATION SERVICES, INC.
                      GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
                          (in millions, except per share data)
 
 
                       M&A
                       Restruc- Corp-
             GAAP      turing   orate                           Non-GAAP
             Three     And      Costs                 Purchase  Three
             Months    Integra- Non-   LPS            Price     Months
             Ended     tion     Disc   Spin     Sub-  Amorti-   Ended
             March 31, Costs(1) Ops(2) Costs(3) total zation(4) March 31,
             2008                                               2008
            (Unaudited)                                        (Unaudited)
             --------- -------  -----  -------  ----- --------  ---------
 
    Processing
     and services
     revenue  $830.3     $-     $-     $-     $830.3     $-     $830.3
    Cost of
     revenues  648.7      -      -      -      648.7  (36.5)     612.2
               -----   ----   ----   ----      -----  -----      -----
    Gross
     profit    181.6      -      -      -      181.6   36.5      218.1
               -----   ----   ----   ----      -----   ----      -----
 
    Selling,
     general and
     adminis-
     trative   111.1  (15.0)  (9.0)  (2.9)      84.2      -       84.2
    Research and
     development
     costs      19.3      -      -      -       19.3      -       19.3
                ----   ----   ----   ----       ----   ----       ----
    Operating
     income     51.2   15.0    9.0    2.9       78.1   36.5      114.6
                ----   ----    ---    ---       ----   ----      -----
 
    Other income
     (expense):
    Interest
     income     2.8       -      -      -        2.8      -        2.8
    Interest
     expense  (38.8)      -      -      -      (38.8)     -      (38.8)
    Other
     income,
     net       (1.2)      -      -      -       (1.2)     -       (1.2)
               ----    ----   ----   ----       ----   ----       ----
    Total
     other
     income
     (expense)(37.2)      -      -      -      (37.2)     -      (37.2)
              -----    ----   ----   ----      -----   ----      -----
 
    Earnings
     before
     income
     taxes    14.0     15.0    9.0    2.9       40.9   36.5       77.4
    Provision
     (benefit)
     for income
     taxes     3.3       5.5    2.8    1.1       12.7   12.9       25.6
               ---       ---    ---    ---       ----   ----       ----
 
    Earnings from
     continuing
     opera-
     tions    10.7       9.5    6.2    1.8       28.2   23.6       51.8
    Earnings from
     discontinued
     opera-
     tions    59.6         -      -      -       59.6      -       59.6
              ----      ----   ----   ----       ----   ----       ----
    Net
    earnings  70.3       9.5    6.2    1.8       87.8   23.6      111.4
    Noncontrolling
     Interest  0.2         -      -      -        0.2      -        0.2
               ---       ---    ---    ---        ---    ---        ---
 
    Net earnings
     Attributable
     to FIS  $70.5      $9.5   $6.2   $1.8      $88.0  $23.6     $111.6
             =====      ====   ====   ====      =====  =====     ======
 
    Amounts attributable
     to FIS common stockholders
      Net earnings
       from continuing
       operations,
       net of
       tax   $10.9      $9.5   $6.2   $1.8      $28.4  $23.6      $52.0
      (Loss)
       earnings from
       discontinued
       operations,
       net of
       tax   59.6          -      -      -       59.6      -       59.6
             ----       ----   ----   ----       ----   ----       ----
      Net
       earn-
       ings $70.5       $9.5   $6.2   $1.8      $88.0  $23.6     $111.6
            =====       ====   ====   ====      =====  =====     ======
 
    Net earnings
     per share -
     diluted from
     continuing
     operations
     attributable
     to FIS common
     stock-
     hold-
     ers*   $0.06      $0.05  $0.03  $0.01      $0.14  $0.12     $0.26
            =====      =====  =====  =====      =====  =====     =====
    Weighted
     average
     shares
     outstanding -
     dilut-
     ed    196.5       196.5  196.5  196.5      196.5  196.5     196.5
           =====       =====  =====  =====      =====  =====     =====
 
    Supplemental Information:
 
    Depreciation and amortization
     from continuing operations                $101.9 $(36.5)    $65.4
                                               ====== ======     =====
 
    Stock compensation expense
     from continuing operations,
     excluding acceleration charges                               $7.8
    Stock acceleration charges                                    14.2
                                                                  ----
    Total stock compensation expense
     from continuing operations                                  $22.0
                                                                 =====
 
    * Amounts may not sum due to rounding.
 
    See accompanying notes.
 
 
    Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliation for the
    Three Month Periods ended March 31, 2009 and 2008
 
    The adjustments are as follows:
 
    (1) This column represents charges for restructuring and integration costs
        relating to merger and acquisition activities.  For the period
        ended March 31, 2009, the amounts represent incremental transaction
        costs incurred by the Company related to the previously announced
        acquisition of Metavante Technologies, Inc.
 
    (2) This column represents corporate costs attributable to LPS as
        previously reported in our investor package furnished on form 8-K
        on May 28, 2008.  These amounts are not allocable to discontinued
        operations under U.S. Generally Accepted Accounting Principles.
 
    (3) This column represents incremental transaction costs incurred by the
        Company directly related to the LPS spin-off.
 
    (4) This column represents purchase price amortization expense on
        intangibles assets acquired through various Company acquisitions.
 

SOURCE Fidelity National Information Services, Inc.

http://www.fidelityinfoservices.com