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Table of Contents


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, 2020
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)


Table of Contents

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
0.400% Senior Notes due 2021FIS21ANew York Stock Exchange
Floating Rate Senior Notes due 2021FIS21BNew York Stock Exchange
0.125% Senior Notes due 2021FIS21CNew York Stock Exchange
1.700% Senior Notes due 2022FIS22BNew 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
2.602% Senior Notes due 2025FIS25ANew 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, 2020, 619,603,482 shares of the Registrant’s Common Stock were outstanding.




FORM 10-Q
QUARTERLY REPORT
Quarter Ended June 30, 2020
INDEX
 Page
 
 
 

1

Table of Contents



FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
June 30, 2020December 31, 2019
ASSETS  
Current assets:  
Cash and cash equivalents$1,183  $1,152  
Settlement deposits and merchant float2,697  2,882  
Trade receivables, net of allowance for credit losses of $65 and $60 at June 30, 2020 and December 31, 2019, respectively
3,104  3,242  
Contract assets150  124  
Settlement receivables834  647  
Other receivables299  337  
Prepaid expenses and other current assets333  308  
Total current assets8,600  8,692  
Property and equipment, net887  900  
Goodwill51,940  52,242  
Intangible assets, net14,589  15,798  
Software, net3,292  3,204  
Other noncurrent assets2,535  2,303  
Deferred contract costs, net799  667  
Total assets$82,642  $83,806  
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$2,063  $2,374  
Settlement payables4,214  4,228  
Deferred revenue846  817  
Short-term borrowings3,217  2,823  
Current portion of long-term debt1,777  140  
Total current liabilities12,117  10,382  
Long-term debt, excluding current portion14,874  17,229  
Deferred income taxes4,091  4,281  
Other noncurrent liabilities2,287  2,406  
Deferred revenue40  52  
Total liabilities33,409  34,350  
Redeemable noncontrolling interest176    
Equity:  
FIS stockholders’ equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding at June 30, 2020 and December 31, 2019
    
Common stock $0.01 par value, 750 shares authorized, 619 and 615 shares issued at June 30, 2020 and December 31, 2019, respectively
6  6  
Additional paid in capital45,736  45,358  
Retained earnings3,753  4,161  
Accumulated other comprehensive earnings (loss)(358) (33) 
Treasury stock, $0.01 par value, 1 common shares as of June 30, 2020 and less than 1 as of December 31, 2019, respectively, at cost
(94) (52) 
Total FIS stockholders’ equity49,043  49,440  
Noncontrolling interest14  16  
Total equity49,057  49,456  
Total liabilities, redeemable noncontrolling interest and equity$82,642  $83,806  
See accompanying notes to unaudited condensed consolidated financial statements.
2

Table of Contents

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In millions, except per share amounts)
(Unaudited)
 Three months ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue$2,962  $2,112  $6,039  $4,169  
Cost of revenue2,046  1,404  4,134  2,785  
Gross profit916  708  1,905  1,384  
Selling, general, and administrative expenses870  317  1,751  678  
Operating income46  391  154  706  
Other income (expense):  
Interest expense, net(88) (72) (167) (147) 
Other income (expense), net74  (120) 34  (172) 
Total other income (expense), net(14) (192) (133) (319) 
Earnings (loss) before income taxes and equity method investment earnings (loss)32  199  21  387  
Provision (benefit) for income taxes4  40  (27) 72  
Equity method investment earnings (loss)(7) (4) (8) (11) 
Net earnings21  155  40  304  
Net (earnings) loss attributable to noncontrolling interest(2) (1) (5) (2) 
Net earnings attributable to FIS common stockholders$19  $154  $35  $302  
Net earnings per share-basic attributable to FIS common stockholders$0.03  $0.48  $0.06  $0.93  
Weighted average shares outstanding-basic618  324  617  323  
Net earnings per share-diluted attributable to FIS common stockholders$0.03  $0.47  $0.06  $0.92  
Weighted average shares outstanding-diluted625  327  625  327  
See accompanying notes to unaudited condensed consolidated financial statements.

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FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings
(In millions)
(Unaudited)
 Three months ended June 30,Six months ended June 30,
 2020201920202019
Net earnings$21  $155  $40  $304  
Other comprehensive earnings (loss), before tax:
Unrealized gain (loss) on derivatives$  $(16) $  $(16) 
Adjustment for (gain) loss reclassified to net earnings  (4)   (4) 
Unrealized gain (loss) on derivatives, net  (20)   (20) 
Foreign currency translation adjustments(176) 11  (384) 17  
Minimum pension liability adjustments    1  (4) 
Other comprehensive earnings (loss), before tax(176) (9) (383) (7) 
Provision for income tax expense (benefit) related to items of other comprehensive earnings(66) 2  (58) 1  
Other comprehensive earnings (loss), net of tax$(110) (110) $(11) (11) $(325) (325) $(8) (8) 
Comprehensive earnings (loss)(89) 144  (285) 296  
Net (earnings) loss attributable to noncontrolling interest(2) (1) (5) (2) 
Comprehensive earnings (loss) attributable to FIS common stockholders$(91) $143  $(290) $294  
See accompanying notes to unaudited condensed consolidated financial statements.






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FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
Three and six months ended June 30, 2020
(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, 2020617  (1) $6  $45,548  $3,952  $(248) $(91) $15  $49,182  
Exercise of stock options2  —  —  118  —  —  —  —  118  
Treasury shares held for taxes due upon exercise of stock options—  —  —  —  —  —  (3) —  (3) 
Stock-based compensation—  —  —  69  —  —  —  —  69  
Cash dividends declared ($0.35 per share per quarter) and other distributions
—  —  —  —  (218) —  —  (2) (220) 
Other—  —  —  1  —  —  —  —  1  
Net earnings—  —  —  —  19  —  —  1  20  
Other comprehensive earnings (loss), net of tax—  —  —  —  —  (110) —  —  (110) 
Balances, June 30, 2020619  (1) $6  $45,736  $3,753  $(358) $(94) $14  $49,057  


Amount
FIS Stockholders
Accumulated
Number of sharesAdditionalother
CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, December 31, 2019615    $6  $45,358  $4,161  $(33) $(52) $16  $49,456  
Issuance of restricted stock—  —  —  (7) —  —  7  —    
Exercise of stock options4  —  —  258  —  —  —  —  258  
Treasury shares held for taxes due upon exercise of stock options—  (1) —  —  —  —  (49) —  (49) 
Stock-based compensation—  —  —  125  —  —  —  —  125  
Cash dividends declared ($0.35 per share per quarter) and other distributions
—  —  —  —  (437) —  —  (4) (441) 
Other—  —  —  2  (6) —  —  —  (4) 
Net earnings—  —  —  —  35  —  —  2  37  
Other comprehensive earnings (loss), net of tax—  —  —  —  —  (325) —  —  (325) 
Balances, June 30, 2020619  (1) $6  $45,736  $3,753  $(358) $(94) $14  $49,057  

(1)Excludes redeemable noncontrolling interest that is not considered equity. See Note 3, Virtus Acquisition, for additional information.



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FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
Three and six months ended June 30, 2019
(In millions, except per share amounts)
(Unaudited)

   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterestequity
Balances, March 31, 2019433  (110) $4  $10,844  $4,558  $(427) $