Name: Fidelity National Information Services Inc. (NYSE:FIS) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Fidelity National Information Services Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenue	14,528)	13,877)	12,552)	10,333)	8,423)
Cost of revenue	(8,820)	(8,682)	(8,348)	(6,610)	(5,569)
Gross profit	5,708)	5,195)	4,204)	3,723)	2,854)
Selling, general and administrative expenses	(4,118)	(3,938)	(3,516)	(2,667)	(1,301)
Asset impairments	(17,709)	(202)	(136)	(87)	(95)
Operating income (loss)	(16,119)	1,055)	552)	969)	1,458)
Interest income	25)	2)	5)	52)	17)
Interest expense	(300)	(216)	(339)	(389)	(314)
Other income (expense), net	63)	(52)	48)	(219)	(57)
Other expense, net	(212)	(266)	(286)	(556)	(354)
Earnings (loss) before income taxes and equity method investment earnings (loss)	(16,331)	789)	266)	413)	1,104)
Provision for income taxes	(377)	(371)	(96)	(100)	(208)
Equity method investment earnings (loss)	—)	6)	(6)	(10)	(15)
Net earnings (loss)	(16,708)	424)	164)	303)	881)
Net earnings attributable to noncontrolling interest	(12)	(7)	(6)	(5)	(35)
Net earnings (loss) attributable to FIS common stockholders	(16,720)	417)	158)	298)	846)

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).

Revenue demonstrated a consistent upward trajectory from 2018 to 2022, increasing from 8,423 million to 14,528 million. This growth was accompanied by a steady rise in gross profit, which grew from 2,854 million in 2018 to 5,708 million in 2022, suggesting an improvement in direct cost management relative to sales growth.

Operational Expense Trends: Selling, general and administrative expenses experienced a significant and sustained increase, rising from 1,301 million in 2018 to 4,118 million in 2022. The pace of this expenditure growth exceeded the rate of revenue growth, which exerted downward pressure on operating margins prior to the impact of extraordinary items.
Operating Income and Asset Impairments: Operating income remained positive but volatile between 2018 and 2021, peaking at 1,458 million in 2018. A critical inflection point occurred in 2022, where a massive asset impairment charge of 17,709 million resulted in an operating loss of 16,119 million, overshadowing the underlying operational gains in gross profit.
Net Earnings Analysis: Net earnings attributable to common stockholders showed a general decline from 846 million in 2018 to 158 million in 2020, followed by a modest recovery to 417 million in 2021. The 2022 fiscal year ended with a substantial net loss of 16,720 million, a result primarily driven by the aforementioned asset write-down rather than a collapse in revenue.
Interest and Other Expenses: Interest expenses remained relatively stable, fluctuating between 216 million and 389 million over the five-year period. Other non-operating expenses showed a general downward trend from a peak of 556 million in 2019 to 212 million in 2022, indicating a reduction in miscellaneous non-core costs.

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