Fidelity National Information Services Inc. (NYSE:FIS)

Total revenue exhibited a consistent upward trajectory from 2018 to 2022, increasing from 8,423 million US$ to 14,528 million US$. While growth was most aggressive between 2018 and 2020, the rate of expansion decelerated in 2021 and 2022.

Recurring Revenue Trends

Recurring revenue serves as the primary driver of total growth, rising from 6,886 million US$ in 2018 to 12,510 million US$ in 2022. This growth is almost exclusively attributable to transaction processing and services, which expanded from 5,731 million US$ to 11,251 million US$ over the same period. In contrast, software maintenance and other recurring fees remained relatively stagnant, showing minimal year-over-year fluctuations.

Non-Recurring Revenue Analysis

Non-recurring revenue grew more modestly, moving from 1,537 million US$ in 2018 to 2,018 million US$ in 2022. Professional services remained stable, with a slight increase from 970 million US$ to 1,061 million US$. Software licenses displayed higher volatility, dipping in 2020 to 425 million US$ before recovering to 546 million US$ by 2022.

Revenue Composition Shift

A strategic shift toward a more predictable revenue model is evident. Recurring revenue as a percentage of total revenue increased from 81.8% in 2018 to 86.1% in 2022. Consequently, the reliance on non-recurring fees diminished, falling from 18.2% to 13.9% of the total revenue mix during the five-year period.