Common-Size Income Statement
Quarterly Data
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Fidelity National Information Services Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Sales (P/S) since 2005
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Fidelity National Information Services Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Revenue and Cost of Revenue
- The revenue consistently serves as the baseline at 100% across all quarters from March 2018 to March 2023. The cost of revenue exhibits a generally declining trend as a percentage of revenue over the observed period. It starts at -68.44% in March 2018, fluctuates over quarters, and improves to levels near -59% to -61% in the later years, indicating enhancements in cost management or operational efficiencies.
- Gross Profit
- Gross profit margins show a corresponding increase as a percentage of revenue, starting at 31.56% in March 2018, reaching peaks above 40% in late 2019 and during 2022. This suggests profitability improvements driven by lower relative costs of revenue. Notably, gross profit peaks during certain quarters, highlighting periods of stronger financial performance.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of revenue exhibit considerable volatility. Initially, these expenses are around -17% to -14%, but from mid-2019 to 2021, a notable increase in SG&A proportion is observed, with values exceeding -25% and peaking at almost -37% in December 2019. Following this period, the ratio moderates but remains elevated around -27% to -29%, indicating increased operational costs impacting overall profitability.
- Asset Impairments
- Asset impairments show sporadic negative impacts with varying intensity over the quarters. Significant impairment was recorded in December 2021 at -5.76%, and an extremely large, unusual figure appears in December 2022 at -474.14%, likely reflecting a one-time extraordinary charge. Earlier, impairment amounts were comparatively smaller but persistent in some quarters, which may negatively affect operating results in those periods.
- Operating Income (Loss)
- Operating income percentage relative to revenue fluctuates widely. Initial positive margins around 14% to 21% (2018) decline sharply in late 2019 and early 2020, reaching near zero or negative levels. Recoveries are observed in subsequent quarters, reaching highs around 12% in 2022. However, a dramatic loss of -460.87% occurs in late 2022, likely due to one-off events or impairment, with partial recovery to 9.6% in March 2023.
- Interest Expense, Net
- Interest expense as a percentage of revenue shows a gradual decline through the period, dropping from around -3.5% in 2018 to levels near -1.2% to -1.3% in 2021-2022, with an uptick again in early 2023. This trend suggests lower financing costs or reduced debt levels in mid-period, with some increases later.
- Other Income (Expense), Net
- Other income/expense figures present considerable volatility and alternate between positive and negative impacts without a clear trend. Some quarters show material swings (e.g., -15.3% in early 2021 and 9.32% in mid-2021), reflecting irregular or non-operating income and expenses influencing the profitability metrics in certain quarters.
- Earnings Before Income Taxes and Equity Method Investment Earnings (Loss)
- This metric shows sizeable fluctuations, with relatively strong positive margins in 2018, weakening through 2019 and early 2020, followed by a volatile pattern including large negative spikes in late 2019 and particularly in late 2022 (-463.45%). This suggests earnings before tax are heavily influenced by unusual or non-recurring items over the years.
- Provision for Income Taxes
- Tax provision as a percentage of revenue mostly remains negative (a tax expense), with occasional positives indicating tax benefits. Fluctuations here correspond to underlying earnings volatility and extraordinary items affecting taxable income.
- Equity Method Investment Earnings (Loss)
- These earnings are generally minor in magnitude, with occasional small positive or negative contributions. This suggests limited impact on overall financial performance from equity investments.
- Net Earnings (Loss) and Net Earnings Attributable to Common Stockholders
- Net earnings trends closely mirror operating income, showing growth in profitability during early years (2018), followed by a decline and near breakeven or minor losses in some 2019 and 2020 quarters. Notably, a severe loss is recorded in late 2022 (-467.63%), primarily attributable to common stockholders, reflecting extraordinary losses or charges. Recovery is observed in early 2023, although profit levels remain below earlier peaks.
- Noncontrolling Interest
- Net earnings attributable to noncontrolling interests tend to be small and negative or near zero, reflecting a minimal impact on net income attributable to the parent company’s stockholders.