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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.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Fidelity National Information Services Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Trade accounts payable and other accrued liabilities 2.56 2.21 1.88 1.65 2.89
Salaries and incentives 0.65 0.49 0.31 0.49 0.92
Taxes other than income tax 0.61 0.36 0.28 0.26 0.24
Accrued benefits and payroll taxes 0.16 0.16 0.18 0.14 0.28
Current operating lease liabilities 0.19 0.18 0.18 0.15 0.00
Accrued interest payable 0.18 0.06 0.12 0.13 0.30
Accounts payable, accrued and other liabilities 4.35% 3.45% 2.96% 2.83% 4.62%
Settlement payables 10.67 6.38 5.88 5.04 4.09
Deferred revenue 1.25 0.94 1.05 0.97 3.11
Short-term borrowings 6.00 4.72 3.28 3.37 1.12
Current portion of long-term debt 3.37 1.95 1.57 0.17 0.20
Current liabilities 25.64% 17.44% 14.74% 12.39% 13.15%
Long-term debt, excluding current portion 22.45 17.88 19.03 20.56 36.47
Deferred income taxes 5.61 5.06 4.79 5.11 5.72
Noncurrent operating lease liabilities 0.46 0.46 0.54 0.56 0.00
Tax Receivable Agreement liability 0.11 0.32 0.53 0.63 0.00
CVR liability 0.54 0.58 0.48 1.00 0.00
Deferred revenue 0.26 0.21 0.07 0.06 0.28
Derivatives 1.01 0.20 0.00 0.00 0.00
Other 0.60 0.55 0.79 0.68 1.37
Other noncurrent liabilities 2.99% 2.31% 2.35% 2.87% 1.37%
Noncurrent liabilities 31.05% 25.24% 26.23% 28.60% 43.85%
Total liabilities 56.69% 42.68% 40.98% 40.99% 57.00%
Redeemable noncontrolling interest 0.28 0.21 0.21 0.00 0.00
Preferred stock, $0.01 par value, none issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.02
Additional paid in capital 73.86 56.03 54.80 54.12 45.44
Retained earnings (accumulated deficit) -23.66 3.48 4.10 4.97 19.05
Accumulated other comprehensive earnings (loss) -0.57 0.30 0.07 -0.04 -1.81
Treasury stock, $0.01 par value, at cost -6.62 -2.73 -0.18 -0.06 -19.72
Total FIS stockholders’ equity 43.01% 57.09% 58.80% 58.99% 42.97%
Noncontrolling interest 0.01 0.01 0.02 0.02 0.03
Total equity 43.03% 57.11% 58.82% 59.01% 43.00%
Total liabilities, redeemable noncontrolling interest and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure exhibits a notable shift over the five-year period, characterized by an initial reduction in total liabilities followed by a significant increase by the end of 2022. Total liabilities declined from 57.00% of the total balance sheet in 2018 to a low of 40.98% in 2020, before rising sharply to 56.69% in 2022.

Current Liabilities Trends
Current liabilities demonstrate a consistent upward trajectory, increasing from 13.15% in 2018 to 25.64% in 2022. This growth is primarily driven by settlement payables, which rose from 4.09% to 10.67%, and short-term borrowings, which escalated from 1.12% to 6.00%. Additionally, the current portion of long-term debt saw a marked increase from 0.20% in 2018 to 3.37% in 2022, indicating a higher concentration of near-term financial obligations.
Noncurrent Liabilities Trends
Noncurrent liabilities decreased from 43.85% in 2018 to 25.24% in 2021, before rebounding to 31.05% in 2022. The primary driver of this volatility is long-term debt (excluding the current portion), which dropped from 36.47% in 2018 to 17.88% in 2021, subsequently increasing to 22.45% in 2022. Other noncurrent liabilities remained relatively stable, while derivative liabilities emerged and grew to 1.01% by 2022.
Stockholders' Equity Analysis
Total equity followed an inverse pattern to total liabilities, peaking at 59.01% in 2019 before declining to 43.03% in 2022. A critical divergence is observed within the equity components: additional paid-in capital grew steadily from 45.44% in 2018 to 73.86% in 2022. Conversely, retained earnings experienced a severe decline, moving from 19.05% in 2018 to a significant accumulated deficit of -23.66% by the end of 2022.
Treasury Stock and Other Equity Items
Treasury stock as a percentage of the total balance sheet showed significant volatility, starting at -19.72% in 2018, nearly neutralizing by 2019, and ending at -6.62% in 2022. This indicates active management of shares outstanding. Noncontrolling interests remained negligible throughout the period, consistently representing 0.03% or less of the total structure.

The overall financial position as of December 31, 2022, reflects a higher reliance on liabilities and a diminished equity base compared to the 2019-2021 period. The transition of retained earnings into a substantial deficit, coupled with the increase in current liabilities and short-term borrowings, suggests a shift in the company's funding strategy and capital allocation during the final year of the analysis.

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