Stock Analysis on Net
Stock Analysis on Net

Fidelity National Information Services Inc. (NYSE:FIS)

This company has been moved to the archive! The financial data has not been updated since May 2, 2023.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Fidelity National Information Services Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal 514 220 81 53 169
State 163 68 50 46 50
Foreign 225 172 176 116 105
Current provision 902 460 307 215 324
Federal (299) (118) (53) (47) (95)
State (58) (11) (28) 7 (11)
Foreign (168) 40 (130) (75) (10)
Deferred benefit (525) (89) (211) (115) (116)
Provision for income taxes 377 371 96 100 208

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Current provision Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Fidelity National Information Services Inc. current provision increased from 2020 to 2021 and from 2021 to 2022.
Deferred benefit Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Fidelity National Information Services Inc. deferred benefit increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Fidelity National Information Services Inc. provision for income taxes increased from 2020 to 2021 and from 2021 to 2022.

Effective Income Tax Rate (EITR)

Fidelity National Information Services Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal statutory income tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
State income taxes 2.60% 6.70% 14.60% 2.50% 2.90%
Federal benefit of state taxes -0.50% -1.40% -3.10% -0.50% -0.60%
Foreign rate differential 0.20% -4.50% -10.10% -1.70% 0.00%
Book basis in excess of tax basis for goodwill impairment and disposition -25.10% 0.00% 9.20% 0.00% 3.00%
Tax benefit from stock-based compensation -0.20% -2.20% -18.10% -8.10% -5.20%
U.K. tax rate adjustment 0.00% 23.60% 38.20% 0.00% 0.00%
Non-deductible executive compensation -0.10% 3.50% 9.00% 10.60% 0.40%
Foreign-derived intangible income deduction 0.10% -2.40% -7.20% -3.30% -1.80%
CVR liability fair value and foreign currency adjustment -0.10% 2.00% 8.20% 0.70% 0.00%
Acquisition-related items 0.00% 0.00% -15.90% 1.80% 0.00%
Global intangible low-tax income 0.00% 0.00% 0.00% 0.00% 1.10%
Other -0.20% 0.70% -9.80% 1.20% -2.00%
Effective income tax rate -2.30% 47.00% 36.00% 24.20% 18.80%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Fidelity National Information Services Inc. effective income tax rate increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Components of Deferred Tax Assets and Liabilities

Fidelity National Information Services Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net operating loss carryforwards 233 194 221 177 108
Employee benefit accruals 111 173 155 177 58
Foreign currency translation adjustment 38 — — — —
Other deferred tax assets 126 154 204 142 105
Gross deferred income tax assets 508 521 580 496 271
Valuation allowance (218) (191) (204) (178) (116)
Deferred income tax assets 290 330 376 318 155
Amortization of goodwill and intangible assets (3,261) (3,743) (3,945) (4,123) (1,291)
Foreign currency translation adjustment — (320) (95) (208) —
Deferred contract costs (209) (196) (173) (125) (109)
Other deferred tax liabilities (337) (215) (140) (105) (83)
Deferred income tax liabilities (3,807) (4,474) (4,353) (4,561) (1,483)
Net deferred income tax asset (liability) (3,517) (4,144) (3,977) (4,243) (1,328)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Gross deferred income tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Fidelity National Information Services Inc. gross deferred income tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Deferred income tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Fidelity National Information Services Inc. deferred income tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Net deferred income tax asset (liability) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Fidelity National Information Services Inc. net deferred income tax asset (liability) decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Deferred Tax Assets and Liabilities, Classification

Fidelity National Information Services Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Noncurrent deferred income tax assets (included in Other noncurrent assets) 33 49 40 38 32
Noncurrent deferred income tax liabilities 3,550 4,193 4,017 4,281 1,360

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Noncurrent deferred income tax assets (included in Other noncurrent assets) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Fidelity National Information Services Inc. noncurrent deferred income tax assets (included in Other noncurrent assets) increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Noncurrent deferred income tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Fidelity National Information Services Inc. noncurrent deferred income tax liabilities increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Adjustments to Financial Statements: Removal of Deferred Taxes

Fidelity National Information Services Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported) 63,278 82,931 83,842 83,806 23,770
Less: Noncurrent deferred tax assets, net 33 49 40 38 32
Total assets (adjusted) 63,245 82,882 83,802 83,768 23,738
Adjustment to Total Liabilities
Total liabilities (as reported) 35,872 35,399 34,355 34,350 13,548
Less: Noncurrent deferred tax liabilities, net 3,550 4,193 4,017 4,281 1,360
Total liabilities (adjusted) 32,322 31,206 30,338 30,069 12,188
Adjustment to Total FIS Stockholders’ Equity
Total FIS stockholders’ equity (as reported) 27,218 47,347 49,300 49,440 10,215
Less: Net deferred tax assets (liabilities) (3,517) (4,144) (3,977) (4,243) (1,328)
Total FIS stockholders’ equity (adjusted) 30,735 51,491 53,277 53,683 11,543
Adjustment to Net Earnings (loss) Attributable To FIS Common Stockholders
Net earnings (loss) attributable to FIS common stockholders (as reported) (16,720) 417 158 298 846
Add: Deferred income tax expense (benefit) (525) (89) (211) (115) (116)
Net earnings (loss) attributable to FIS common stockholders (adjusted) (17,245) 328 (53) 183 730

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Fidelity National Information Services Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Fidelity National Information Services Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net Profit Margin
Reported net profit margin -115.09% 3.00% 1.26% 2.88% 10.04%
Adjusted net profit margin -118.70% 2.36% -0.42% 1.77% 8.67%
Total Asset Turnover
Reported total asset turnover 0.23 0.17 0.15 0.12 0.35
Adjusted total asset turnover 0.23 0.17 0.15 0.12 0.35
Financial Leverage
Reported financial leverage 2.32 1.75 1.70 1.70 2.33
Adjusted financial leverage 2.06 1.61 1.57 1.56 2.06
Return on Equity (ROE)
Reported ROE -61.43% 0.88% 0.32% 0.60% 8.28%
Adjusted ROE -56.11% 0.64% -0.10% 0.34% 6.32%
Return on Assets (ROA)
Reported ROA -26.42% 0.50% 0.19% 0.36% 3.56%
Adjusted ROA -27.27% 0.40% -0.06% 0.22% 3.08%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Fidelity National Information Services Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Fidelity National Information Services Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Fidelity National Information Services Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Fidelity National Information Services Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Fidelity National Information Services Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Fidelity National Information Services Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to FIS common stockholders (16,720) 417 158 298 846
Revenue 14,528 13,877 12,552 10,333 8,423
Profitability Ratio
Net profit margin1 -115.09% 3.00% 1.26% 2.88% 10.04%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to FIS common stockholders (17,245) 328 (53) 183 730
Revenue 14,528 13,877 12,552 10,333 8,423
Profitability Ratio
Adjusted net profit margin2 -118.70% 2.36% -0.42% 1.77% 8.67%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Net profit margin = 100 × Net earnings (loss) attributable to FIS common stockholders ÷ Revenue
= 100 × -16,720 ÷ 14,528 = -115.09%

2 Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to FIS common stockholders ÷ Revenue
= 100 × -17,245 ÷ 14,528 = -118.70%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Fidelity National Information Services Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Revenue 14,528 13,877 12,552 10,333 8,423
Total assets 63,278 82,931 83,842 83,806 23,770
Activity Ratio
Total asset turnover1 0.23 0.17 0.15 0.12 0.35
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue 14,528 13,877 12,552 10,333 8,423
Adjusted total assets 63,245 82,882 83,802 83,768 23,738
Activity Ratio
Adjusted total asset turnover2 0.23 0.17 0.15 0.12 0.35

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 14,528 ÷ 63,278 = 0.23

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 14,528 ÷ 63,245 = 0.23

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Fidelity National Information Services Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets 63,278 82,931 83,842 83,806 23,770
Total FIS stockholders’ equity 27,218 47,347 49,300 49,440 10,215
Solvency Ratio
Financial leverage1 2.32 1.75 1.70 1.70 2.33
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 63,245 82,882 83,802 83,768 23,738
Adjusted total FIS stockholders’ equity 30,735 51,491 53,277 53,683 11,543
Solvency Ratio
Adjusted financial leverage2 2.06 1.61 1.57 1.56 2.06

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Financial leverage = Total assets ÷ Total FIS stockholders’ equity
= 63,278 ÷ 27,218 = 2.32

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total FIS stockholders’ equity
= 63,245 ÷ 30,735 = 2.06

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Fidelity National Information Services Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to FIS common stockholders (16,720) 417 158 298 846
Total FIS stockholders’ equity 27,218 47,347 49,300 49,440 10,215
Profitability Ratio
ROE1 -61.43% 0.88% 0.32% 0.60% 8.28%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to FIS common stockholders (17,245) 328 (53) 183 730
Adjusted total FIS stockholders’ equity 30,735 51,491 53,277 53,683 11,543
Profitability Ratio
Adjusted ROE2 -56.11% 0.64% -0.10% 0.34% 6.32%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROE = 100 × Net earnings (loss) attributable to FIS common stockholders ÷ Total FIS stockholders’ equity
= 100 × -16,720 ÷ 27,218 = -61.43%

2 Adjusted ROE = 100 × Adjusted net earnings (loss) attributable to FIS common stockholders ÷ Adjusted total FIS stockholders’ equity
= 100 × -17,245 ÷ 30,735 = -56.11%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Fidelity National Information Services Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to FIS common stockholders (16,720) 417 158 298 846
Total assets 63,278 82,931 83,842 83,806 23,770
Profitability Ratio
ROA1 -26.42% 0.50% 0.19% 0.36% 3.56%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to FIS common stockholders (17,245) 328 (53) 183 730
Adjusted total assets 63,245 82,882 83,802 83,768 23,738
Profitability Ratio
Adjusted ROA2 -27.27% 0.40% -0.06% 0.22% 3.08%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROA = 100 × Net earnings (loss) attributable to FIS common stockholders ÷ Total assets
= 100 × -16,720 ÷ 63,278 = -26.42%

2 Adjusted ROA = 100 × Adjusted net earnings (loss) attributable to FIS common stockholders ÷ Adjusted total assets
= 100 × -17,245 ÷ 63,245 = -27.27%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Fidelity National Information Services Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.