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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.

Common-Size Income Statement
Quarterly Data

Fidelity National Information Services Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -61.79 -59.14 -59.60 -60.07 -64.20 -61.30 -62.10 -61.44 -65.72 -63.62 -65.81 -69.07 -67.87 -59.46 -65.13 -66.48 -67.14 -63.54 -65.45 -67.14 -68.44
Gross profit 38.21% 40.86% 40.40% 39.93% 35.80% 38.70% 37.90% 38.56% 34.28% 36.38% 34.19% 30.93% 32.13% 40.54% 34.87% 33.52% 32.86% 36.46% 34.55% 32.86% 31.56%
Selling, general, and administrative expenses -28.60 -27.58 -27.11 -29.09 -29.64 -26.31 -28.20 -28.12 -31.21 -27.24 -26.96 -29.37 -28.62 -36.86 -26.82 -15.01 -17.55 -14.81 -13.58 -16.10 -17.33
Asset impairments 0.00 -474.14 -0.47 -0.78 -1.66 0.00 -5.76 0.00 0.00 -4.10 0.00 0.00 0.00 0.00 -3.08 0.00 0.00 0.00 -4.56 0.00 0.00
Operating income (loss) 9.60% -460.87% 12.82% 10.06% 4.50% 12.39% 3.93% 10.45% 3.07% 5.04% 7.23% 1.55% 3.51% 3.68% 4.96% 18.51% 15.31% 21.64% 16.41% 16.76% 14.23%
Interest expense, net -3.90 -2.94 -2.11 -1.26 -1.23 -1.25 -1.31 -1.38 -2.30 -2.47 -2.63 -2.97 -2.60 -2.84 -3.37 -3.41 -3.65 -3.32 -3.84 -3.47 -3.48
Other income (expense), net -0.31 0.35 -1.14 0.81 1.75 0.19 3.14 9.32 -15.30 0.51 -0.13 2.50 -1.27 -6.31 5.81 -5.68 -2.53 0.09 -2.78 -0.19 0.15
Other income (expense), net -4.22% -2.59% -3.25% -0.46% 0.52% -1.06% 1.82% 7.94% -17.59% -1.96% -2.75% -0.47% -3.87% -9.16% 2.45% -9.09% -6.17% -3.23% -6.62% -3.66% -3.34%
Earnings (loss) before income taxes and equity method investment earnings (loss) 5.38% -463.45% 9.57% 9.60% 5.01% 11.33% 5.76% 18.39% -14.52% 3.08% 4.47% 1.08% -0.36% -5.48% 7.41% 9.42% 9.14% 18.41% 9.79% 13.11% 10.89%
(Provision) benefit for income taxes -1.37 -4.17 -2.52 -2.07 -1.55 -3.40 -1.17 -8.69 3.01 -0.03 -3.78 -0.14 0.97 0.60 -1.70 -1.89 -1.56 -3.97 -1.78 -2.42 -1.65
Equity method investment earnings (loss) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.14 0.03 0.06 0.00 -0.24 -0.03 0.18 -0.18 -0.19 -0.34 -0.14 -0.19 -0.33 -0.05
Net earnings (loss) 4.02% -467.63% 7.05% 7.53% 3.47% 7.92% 4.59% 9.84% -11.48% 3.11% 0.69% 0.71% 0.58% -4.70% 5.53% 7.34% 7.24% 14.31% 7.82% 10.35% 9.20%
Net earnings attributable to noncontrolling interest -0.03 -0.08 -0.14 -0.08 -0.03 0.00 -0.09 -0.03 -0.09 0.03 -0.06 -0.07 -0.10 -0.03 -0.07 -0.05 -0.05 -0.55 -0.43 -0.28 -0.39
Net earnings (loss) attributable to FIS common stockholders 3.99% -467.71% 6.91% 7.45% 3.44% 7.92% 4.51% 9.81% -11.57% 3.14% 0.63% 0.64% 0.49% -4.73% 5.46% 7.29% 7.19% 13.75% 7.39% 10.07% 8.81%

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).

The financial performance of the entity over the analyzed period is characterized by expanding gross margins offset by increasing operational overhead and a significant non-recurring impairment event in late 2022.

Gross Profitability and Cost Management
Gross profit margins exhibited a general upward trend, rising from 31.56% in March 2018 to a peak of 40.86% by December 2022. This improvement is mirrored by a gradual reduction in the cost of revenue, which decreased from levels near 68% in early 2018 to approximately 59% in late 2022. Although a slight increase in cost of revenue to 61.79% occurred in March 2023, the overall trajectory indicates enhanced production efficiency or a shift toward higher-margin revenue streams.
Operating Expenses and Efficiency
Selling, general, and administrative (SG&A) expenses demonstrated significant volatility and a long-term increase as a percentage of revenue. While early 2018 figures were between 13% and 17%, expenses spiked to 36.86% by December 2019. In subsequent periods, SG&A stabilized within a higher range of 26% to 31%, suggesting a permanent increase in the operational cost base relative to revenue growth.
Analysis of Operating Income and Asset Impairments
Operating income remained positive for the vast majority of the period, typically ranging between 3% and 21%. However, a severe anomaly is observed in December 2022, where a massive asset impairment of 474.14% of revenue resulted in an operating loss of 460.87%. Excluding this outlier, the operating margin showed signs of recovery through 2021 and 2022, returning to 9.60% by March 2023.
Financial Costs and Net Earnings
Net interest expenses showed a general decline from 2018 through early 2022, dropping from 3.48% to 1.23%, before rising again to 3.90% by March 2023. Net earnings attributable to common stockholders were highly erratic, with strong performance in 2018 (peaking at 13.75% in December) followed by a period of compressed margins in 2020. The bottom line was most severely impacted in December 2022, reporting a net loss of 467.71% of revenue, primarily driven by the aforementioned asset impairment.

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