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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, 2021
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)
(904) 438-6000
(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
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
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

Table of Contents

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 3, 2021, 608,937,161 shares of the Registrant’s Common Stock were outstanding.



FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 30, 2021
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, 2021December 31, 2020
ASSETS  
Current assets:  
Cash and cash equivalents$1,390 $1,959 
Settlement deposits and merchant float3,572 3,252 
Trade receivables, net of allowance for credit losses of $80 and $82, respectively
3,468 3,314 
Settlement receivables761 662 
Other receivables331 317 
Prepaid expenses and other current assets489 394 
Total current assets10,011 9,898 
Property and equipment, net846 887 
Goodwill52,796 53,268 
Intangible assets, net12,040 13,928 
Software, net3,141 3,370 
Other noncurrent assets1,921 1,574 
Deferred contract costs, net935 917 
Total assets$81,690 $83,842 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$2,470 $2,482 
Settlement payables5,342 4,934 
Deferred revenue868 881 
Short-term borrowings3,484 2,750 
Current portion of long-term debt463 1,314 
Total current liabilities12,627 12,361 
Long-term debt, excluding current portion15,833 15,951 
Deferred income taxes4,118 4,017 
Other noncurrent liabilities1,767 1,967 
Deferred revenue52 59 
Total liabilities34,397 34,355 
Redeemable noncontrolling interest176 174 
Equity:  
FIS stockholders’ equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding at September 30, 2021 and December 31, 2020
— — 
Common stock $0.01 par value, 750 shares authorized, 625 and 621 shares issued as of September 30, 2021 and December 31, 2020, respectively
6 6 
Additional paid in capital46,366 45,947 
Retained earnings2,840 3,440 
Accumulated other comprehensive earnings (loss)156 57 
Treasury stock, $0.01 par value, 16 and 1 common shares as of September 30, 2021 and December 31, 2020, respectively, at cost
(2,263)(150)
Total FIS stockholders’ equity47,105 49,300 
Noncontrolling interest12 13 
Total equity47,117 49,313 
Total liabilities, redeemable noncontrolling interest and equity$81,690 $83,842 
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,
 2021202020212020
Revenue$3,507 $3,197 $10,205 $9,236 
Cost of revenue2,178 2,104 6,431 6,238 
Gross profit1,329 1,093 3,774 2,998 
Selling, general, and administrative expenses989 862 2,972 2,613 
Asset impairments202 — 202 — 
Operating income138 231 600 385 
Other income (expense):  
Interest expense, net(46)(84)(169)(252)
Other income (expense), net110 (4)(58)31 
Total other income (expense), net64 (88)(227)(221)
Earnings before income taxes and equity method investment earnings (loss)202 143 373 164 
Provision (benefit) for income taxes41 121 246 94 
Equity method investment earnings (loss)— — 6 (9)
Net earnings161 22 133 61 
Net (earnings) loss attributable to noncontrolling interest(3)(2)(7)(7)
Net earnings attributable to FIS common stockholders$158 $20 $126 $54 
Net earnings per share-basic attributable to FIS common stockholders$0.26 $0.03 $0.20 $0.09 
Weighted average shares outstanding-basic613 620 618 618 
Net earnings per share-diluted attributable to FIS common stockholders$0.26 $0.03 $0.20 $0.09 
Weighted average shares outstanding-diluted619 627 623 626 
See accompanying notes to 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 September 30,Nine months ended September 30,
 2021202020212020
Net earnings$161 $22 $133 $61 
Other comprehensive earnings (loss), before tax:
Unrealized gain (loss) on derivatives$— $— $9 $— 
Foreign currency translation adjustments(59)78 256 (306)
Other adjustments1 1 2 2 
Other comprehensive earnings (loss), before tax(58)79 267 (304)
Provision for income tax (expense) benefit related to items of other comprehensive earnings(35)67 (168)125 
Other comprehensive earnings (loss), net of tax$(93)(93)$146 146 $99 99 $(179)(179)
Comprehensive earnings (loss)68 168 232 (118)
Net (earnings) loss attributable to noncontrolling interest(3)(2)(7)(7)
Comprehensive earnings (loss) attributable to FIS common stockholders$65 $166 $225 $(125)
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, 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 
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 (loss)— — — — 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 (loss)— — — — 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 to 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, 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 awards— — — (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, 2020$621 $(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 awards— (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 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,
 20212020
Cash flows from operating activities: 
Net earnings$133 $61 
Adjustment to reconcile net earnings (loss) to net cash provided by operating activities:  
Depreciation and amortization2,981 2,760 
Amortization of debt issue costs22 24 
Asset impairments202 — 
Loss (gain) on sale of businesses, investments and other(233)3 
Loss on extinguishment of debt528 — 
Stock-based compensation320 182 
Deferred income taxes(35)(24)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:  
Trade and other receivables(229)78 
Settlement activity575 594 
Prepaid expenses and other assets(350)(169)
Deferred contract costs(323)(354)
Deferred revenue(12)(50)
Accounts payable, accrued liabilities and other liabilities118 (81)
Net cash provided by operating activities3,697 3,024 
Cash flows from investing activities:  
Additions to property and equipment(193)(186)
Additions to software(684)(652)
Acquisitions, net of cash acquired— (469)
Net proceeds from sale of businesses and investments370 — 
Other investing activities, net(90)92 
Net cash provided by (used in) investing activities(597)(1,215)
Cash flows from financing activities:  
Borrowings40,569 37,125 
Repayment of borrowings and other financing obligations(40,644)(37,646)
Debt issuance costs(74)— 
Net proceeds from stock issued under stock-based compensation plans87 302 
Treasury stock activity(2,113)(102)
Dividends paid(724)(650)
Other financing activities, net(138)(222)
Net cash provided by (used in) financing activities(3,037)(1,193)
Effect of foreign currency exchange rate changes on cash(57)8 
Net increase (decrease) in cash and cash equivalents6 624 
Cash and cash equivalents, beginning of period4,030 3,211 
Cash and cash equivalents, end of period$4,036 $3,835 
Supplemental cash flow information:  
Cash paid for interest$370 $305 
Cash paid for income taxes$272 $163 
See accompanying notes to unaudited condensed consolidated financial statements.
7
Table of Contents
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," 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, 2020.

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 2020 consolidated financial statements to conform to the classifications used in 2021. Amounts in tables in the financial statements and accompanying footnotes may not sum or calculate due to rounding.

FIS reports its financial performance based on the following segments: Merchant Solutions, Banking Solutions, Capital Market Solutions, and Corporate and Other. The Company regularly assesses its portfolio of assets and reclassified certain non-strategic businesses from the Merchant Solutions, Banking Solutions, and Capital Market Solutions segments into the Corporate and Other segment during the year ended December 31, 2020, and recast all prior-period segment information presented.

(2)       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. Prior-period amounts have been recast to conform to the new reportable segment presentation as discussed in Note 11.


8
Table of Contents
FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

For the three months ended September 30, 2021 (in millions):
Reportable Segments
Capital
MerchantBankingMarketCorporate
SolutionsSolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$803 $1,369 $398 $50 $2,620 
All others358 241 256 32 887 
Total$1,161 $1,610 $654 $82 $3,507 
Type of Revenue:
Recurring revenue:
Transaction processing and services$1,121 $1,200 $297 $77 $2,695 
Software maintenance1 90 128 — 219 
Other recurring22 47 23 3 95 
Total recurring1,144 1,337 448 80