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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 September 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 October 28, 2020, 620,508,824 shares of the Registrant’s Common Stock were outstanding.




FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 30, 2020
INDEX
 Page
Part I: FINANCIAL INFORMATION
 
 
 


1


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
September 30, 2020December 31, 2019
ASSETS  
Current assets:  
Cash and cash equivalents$1,826 $1,152 
Settlement deposits and merchant float2,840 2,882 
Trade receivables, net of allowance for credit losses of $66 and $60 at September 30, 2020 and December 31, 2019, respectively
3,146 3,242 
Contract assets164 124 
Settlement receivables774 647 
Other receivables361 337 
Prepaid expenses and other current assets823 308 
Total current assets9,934 8,692 
Property and equipment, net914 900 
Goodwill52,567 52,242 
Intangible assets, net14,224 15,798 
Software, net3,301 3,204 
Other noncurrent assets1,404 2,303 
Deferred contract costs, net851 667 
Total assets$83,195 $83,806 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$2,586 $2,374 
Settlement payables4,438 4,228 
Deferred revenue775 817 
Short-term borrowings3,144 2,823 
Current portion of long-term debt1,832 140 
Total current liabilities12,775 10,382 
Long-term debt, excluding current portion15,213 17,229 
Deferred income taxes4,172 4,281 
Other noncurrent liabilities1,768 2,406 
Deferred revenue46 52 
Total liabilities33,974 34,350 
Redeemable noncontrolling interest176  
Equity:  
FIS stockholders’ equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding at September 30, 2020 and December 31, 2019
  
Common stock $0.01 par value, 750 shares authorized, 621 and 615 shares issued at September 30, 2020 and December 31, 2019, respectively
6 6 
Additional paid in capital45,821 45,358 
Retained earnings3,556 4,161 
Accumulated other comprehensive earnings (loss)(212)(33)
Treasury stock, $0.01 par value, 1 common shares as of September 30, 2020 and less than 1 as of December 31, 2019, respectively, at cost
(140)(52)
Total FIS stockholders’ equity49,031 49,440 
Noncontrolling interest14 16 
Total equity49,045 49,456 
Total liabilities, redeemable noncontrolling interest and equity$83,195 $83,806 
See accompanying notes to 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,
 2020201920202019
Revenue$3,197 $2,822 $9,236 $6,991 
Cost of revenue2,104 1,838 6,238 4,623 
Gross profit1,093 984 2,998 2,368 
Selling, general, and administrative expenses862 757 2,613 1,435 
Asset impairments 87  87 
Operating income231 140 385 846 
Other income (expense):  
Interest expense, net(84)(95)(252)(242)
Other income (expense), net(4)164 31 (8)
Total other income (expense), net(88)69 (221)(250)
Earnings (loss) before income taxes and equity method investment earnings (loss)143 209 164 596 
Provision (benefit) for income taxes121 48 94 119 
Equity method investment earnings (loss) (5)(9)(18)
Net earnings22 156 61 459 
Net (earnings) loss attributable to noncontrolling interest(2)(2)(7)(3)
Net earnings attributable to FIS common stockholders$20 $154 $54 $456 
Net earnings per share-basic attributable to FIS common stockholders$0.03 $0.30 $0.09 $1.18 
Weighted average shares outstanding-basic620 516 618 388 
Net earnings per share-diluted attributable to FIS common stockholders$0.03 $0.29 $0.09 $1.15 
Weighted average shares outstanding-diluted627 524 626 396 
See accompanying notes to 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,
 2020201920202019
Net earnings$22 $156 $61 $459 
Other comprehensive earnings (loss), before tax:
Unrealized gain (loss) on derivatives$ $ $ $(16)
Adjustment for (gain) loss reclassified to net earnings 1  (3)
Unrealized gain (loss) on derivatives, net 1  (19)
Foreign currency translation adjustments78 81 (306)98 
Minimum pension liability adjustments1  2 (4)
Other comprehensive earnings (loss), before tax79 82 (304)75 
Provision for income tax (expense) benefit related to items of other comprehensive earnings67 (35)125 (36)
Other comprehensive earnings (loss), net of tax$146 146 $47 47 $(179)(179)$39 39 
Comprehensive earnings (loss)168 203 (118)498 
Net (earnings) loss attributable to noncontrolling interest(2)(2)(7)(3)
Comprehensive earnings (loss) attributable to FIS common stockholders$166 $201 $(125)$495 
See accompanying notes to 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, 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, June 30, 2020619 (1)$6 $45,736 $3,753 $(358)$(94)$14 $49,057 
Issuance of restricted stock2 — — — — — — —  
Exercise of stock options — — 35 — — — — 35 
Treasury shares held for taxes due upon exercise of stock options— — — (7)— — (46)— (53)
Stock-based compensation— — — 57 — — — — 57 
Cash dividends declared ($0.35 per share per quarter) and other distributions
— — — — (217)— — (1)(218)
Other— — —  — — — —  
Net earnings— — — — 20 — — 1 21 
Other comprehensive earnings (loss), net of tax— — — — — 146 — — 146 
Balances, September 30, 2020621 (1)$6 $45,821 $3,556 $(212)$(140)$14 $49,045 


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 stock2 — — (7)— — 7 —  
Exercise of stock options4 — — 293 — — — — 293 
Treasury shares held for taxes due upon exercise of stock options— (1)— (7)— — (95)— (102)
Stock-based compensation— — — 182 — — — — 182 
Cash dividends declared ($0.35 per share per quarter) and other distributions
— — — — (653)— — (5)(658)
Other— — — 2 (6)— — — (4)
Net earnings— — — — 54 — — 3 57 
Other comprehensive earnings (loss), net of tax— — — — — (179)— — (179)
Balances, September 30, 2020621 (1)$6 $45,821 $3,556 $(212)$(140)$14 $49,045 

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



5


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
Three and nine months ended September 30, 2019
(In millions, except per share amounts)
(Unaudited)
   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterestequity
Balances, June 30, 2019433 (109)$4 $10,887 $4,599 $(438)$(5,067)$7 $9,992 
Worldpay acquisition180 109 2 34,040 — — 5,042 11 39,095 
Issuance of restricted stock1 — — — — — 2 — 2 
Exercise of stock options1  — 42 — — 3 — 45 
Treasury shares held for taxes due upon exercise of stock options— — — (1)— — (1)— (2)
Stock-based compensation— — — 95 — — — — 95 
Cash dividends declared ($0.35 per share per quarter) and other distributions
— — — — (215)— — (3)(218)
Net earnings— — — — 154 — — 2 156 
Other comprehensive earnings (loss), net of tax— — — — — 47 — — 47 
Balances, September 30, 2019615  $6 $45,063 $4,538 $(391)$(21)$17 $49,212 

Amount
FIS Stockholders
Accumulated
Number of sharesAdditionalother
CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
sharessharesstockcapitalearningsearnings (loss)stockinterestequity
Balances, December 31, 2018433 (106)$4 $10,800 $4,528 $(430)$(4,687)$7 $10,222 
Worldpay acquisition180 109 2 34,040 — — 5,042 11 39,095 
Issuance of restricted stock1 — — — — — 2 — 2 
Exercise of stock options1 1 — 86 — — 46 — 132 
Treasury shares held for taxes due upon exercise of stock options— — — (1)— — (24)— (25)
Purchases of treasury stock— (4)— — — — (400)1 (399)
Stock-based compensation— — — 138 — — — — 138 
Cash dividends declared ($0.35 per share per quarter) and other distributions
— — — — (441)— — (5)(446)
Other— — — — (5)— — — (5)
Net earnings— — — — 456 — — 3 459 
Other comprehensive earnings (loss), net of tax— — — — — 39 — — 39 
Balances, September 30, 2019615  $6 $45,063 $4,538 $(391)$(21)$17 $49,212 

See accompanying notes to 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,
 20202019
Cash flows from operating activities: 
Net earnings$61 $459 
Adjustment to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization2,760 1,488 
Amortization of debt issue costs24 17 
Acquisition-related financing foreign exchange (112)
Asset impairments 87 
Loss (gain) on sale of businesses, investments and other3 18 
Stock-based compensation182 138 
Deferred income taxes(24)(75)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:  
Trade and other receivables78 12 
Contract assets(41)(14)
Settlement activity594 165 
Prepaid expenses and other assets(128)(2)
Deferred contract costs(354)(258)
Deferred revenue(50)(51)
Accounts payable, accrued liabilities and other liabilities(81)(131)
Net cash provided by operating activities3,024 1,741 
Cash flows from investing activities:  
Additions to property and equipment(186)(135)
Additions to software(652)(409)
Acquisitions, net of cash acquired(469)(6,629)
Net proceeds from sale of businesses and investments 49 
Other investing activities, net92 (43)
Net cash provided by (used in) investing activities(1,215)(7,167)
Cash flows from financing activities:  
Borrowings37,125 25,425 
Repayment of borrowings and other financing obligations(37,646)(15,997)
Debt issuance costs (71)
Proceeds from stock issued under stock-based compensation plans302 136 
Treasury stock activity(102)(422)
Dividends paid(650)(441)
Other financing activities, net(222)(39)
Net cash provided by (used in) financing activities(1,193)8,591 
Effect of foreign currency exchange rate changes on cash8 (38)
Net increase (decrease) in cash and cash equivalents624 3,127 
Cash and cash equivalents, beginning of period3,211