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.

Cash Flow Statement 
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Fidelity National Information Services Inc., consolidated cash flow statement (quarterly data)

US$ in millions

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
Net earnings (loss) 141 (17,363) 254 280 121 291 161 342 (370) 103 21 22 18 (156) 155 155 149 310 163 218 190
Depreciation and amortization 895 926 932 975 1,013 1,034 1,057 971 953 954 930 916 914 956 752 368 368 360 354 354 352
Amortization of debt issue costs 8 8 8 8 7 8 7 8 7 7 8 8 8 7 7 6 4 4 4 4 5
Acquisition-related financing foreign exchange (13) (216) 104
Asset impairments 17,605 17 29 58 202 136 87 95
(Gain) loss on sale of businesses, investments and other (40) (8) (5) 6 (3) (229) (1) 6 1 2 1 11 6 2 54 1 (7)
Loss on extinguishment of debt 528 217 1
Stock-based compensation 20 17 53 88 57 63 79 84 157 101 57 69 56 264 95 24 19 18 21 25 20
Deferred income taxes (41) (25) (133) (274) (112) (46) (122) 109 (22) (182) 94 (10) (108) (34) (7) (58) (10) (51) (41) (10) (14)
Trade and other receivables 214 (316) 47 52 62 (323) (58) 48 (219) (153) (27) 9 96 (173) (81) 80 13 (73) (38) 145 44
Settlement activity (189) 325 68 56 (162) 78 565 (112) 122 268 422 540 (368) (330) 192 29 (56) 15 (19) 11 2
Prepaid expenses and other assets (153) (69) (98) (152) (176) (42) (179) (129) (109) 12 (221) 40 (96) 123 (21) (118) (37) 35 27 (41)
Deferred contract costs (118) (165) (124) (117) (73) (130) (111) (99) (113) (119) (102) (102) (150) (121) (84) (68) (106) (68) (61) (54) (65)
Deferred revenue 61 80 (29) (85) 55 35 (47) (54) 89 108 (72) (64) 86 91 (90) (71) 110 22 (120) (71) 69
Accounts payable, accrued liabilities and other liabilities (206) 158 (207) 115 22 273 145 139 (166) 298 68 62 (211) 57 (13) (33) (85) 203 18 (182) (201)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency (391) 13 (245) (77) (248) (243) 452 (257) (416) 293 301 224 (507) (572) 47 (84) (242) 62 (185) (124) (192)
Adjustment to reconcile net earnings (loss) to net cash provided by operating activities 491 18,504 624 744 775 822 1,672 686 1,206 1,315 1,390 1,208 365 825 766 371 145 395 302 251 164
Net cash provided by operating activities 632 1,141 878 1,024 896 1,113 1,833 1,028 836 1,418 1,411 1,230 383 669 921 526 294 705 465 469 354
Additions to property and equipment (48) (52) (43) (65) (108) (127) (50) (74) (69) (77) (76) (55) (55) (65) (78) (20) (37) (12) (32) (29) (54)
Additions to software (231) (255) (288) (275) (304) (247) (214) (241) (229) (214) (195) (206) (251) (219) (181) (120) (108) (146) (116) (115) (118)
Settlement of net investment hedge cross-currency interest rate swaps (10) 42 39 510 135 (7) (17)
Acquisitions, net of cash acquired (767) (67) (402) (3) (6,629)
Net proceeds from sale of businesses and investments 38 12 3 367 6 43 (74) 9 49
Proceeds from sale of Visa preferred stock 269
Other investing activities, net (4) (247) 241 (9) (13) (33) (6) (37) (23) 592 2 (2) 92 (47) (1) (1) (41) (4) (20) (2) (4)
Net cash used in investing activities (293) (205) (39) 161 (290) (1,174) (274) (2) (321) 301 (269) (330) (616) (334) (6,883) (141) (143) (236) (159) (146) (127)
Borrowings 20,233 25,329 19,217 14,887 15,902 13,504 13,600 13,111 13,858 10,570 10,100 16,067 10,958 7,927 6,224 13,249 5,952 18,303 2,365 3,732 1,971
Repayment of borrowings and other financing obligations (20,582) (25,061) (17,991) (14,749) (16,609) (12,796) (12,948) (13,332) (14,364) (11,421) (10,450) (16,805) (10,391) (8,675) (5,969) (4,274) (5,754) (18,423) (2,204) (3,810) (1,711)
Debt issuance costs (2) (23) (74) (30) (71) (6) (24)
Net proceeds from stock issued under stock-based compensation plans 47 4 38 (18) 33 34 11 3 73 30 28 98 176 25 50 24 62 15 70 105 98
Treasury stock activity (14) (548) (1,012) (301) (77) (1) (1,205) (414) (494) (10) (53) (3) (46) (31) 1 (423) (217) (401) (213) (424)
Dividends paid (309) (280) (284) (287) (287) (237) (238) (242) (244) (218) (217) (217) (216) (215) (215) (113) (113) (105) (105) (105) (106)
Payments on contingent value rights (245)
Payments on tax receivable agreement (94) (185)
Purchase of noncontrolling interest (173)
Other financing activities, net (2) 303 (233) (49) (47) (5) (2) (136) (509) (204) (14) (4) (11) (15) (25) 1 (15) (24) (1) (1)
Net cash provided by (used in) financing activities (896) (683) (288) (517) (1,085) 499 (782) (874) (1,381) (1,558) (796) (874) 477 (1,010) 76 8,790 (275) (442) (305) (316) (173)
Effect of foreign currency exchange rate changes on cash 86 319 (390) (289) (103) (191) (26) 9 (40) 34 31 (8) (15) 56 (40) 5 (3) 5 (13) (49) 6
Net change in cash balances classified as assets held-for-sale 39 (39)
Net increase (decrease) in cash, cash equivalents and restricted cash (471) 572 161 379 (582) 247 751 161 (906) 195 377 18 229 (619) (5,926) 9,180 (127) 71 (51) (42) 60

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).


Net Earnings (Loss)
The net earnings experienced notable volatility over the analyzed periods. Starting with positive earnings around $190 million in early 2018, the company saw fluctuations including a substantial loss of $-156 million at the end of 2019 and a significant loss of $-17,363 million in early 2023. Periods of recovery with positive earnings followed these losses, reflecting episodic gains and downturns without a consistent long-term upward or downward trend.
Depreciation and Amortization
Depreciation and amortization steadily increased from 2018 through 2019, peaking at around $956 million in late 2019 and maintaining a high range above $900 million thereafter. This suggests an expanding asset base and related amortization expense consistent over time.
Stock-Based Compensation
Stock-based compensation rose sharply around mid-2019, reaching a peak of $264 million by the end of 2019, likely tied to acquisition-related expenses or strategic incentives. Post-2019, the figures steadily decreased, stabilizing between $17 million and $88 million, indicating a normalization after peak highs.
Asset Impairments
Asset impairments appeared intermittently with spikes in late 2018, 2020, and especially in 2023 where a large impairment of $17,605 million occurred, dramatically impacting earnings and reflecting a major write-down or restructuring event.
Deferred Income Taxes
The deferred tax figures were predominantly negative, implying deferred tax assets or timing differences. There were some irregular positive spikes, but overall, deferred income taxes contributed as a fluctuating non-cash adjustment to earnings and cash flow.
Receivables and Payables
Trade and other receivables showed inconsistent movements, alternating between positive and negative changes, indicating variability in collection cycles or sales timing. Accounts payable and accrued liabilities similarly fluctuated, reflecting changing operational payables and working capital management dynamics with no consistent trend.
Settlement Activity
Settlement activity demonstrated high variability, with negative spikes notably in late 2019 and early 2020, followed by significant positive cash flow impacts mid to late 2020 and again in 2021 through early 2023. This irregular pattern suggests episodic settlement gains or payments impacting cash flow substantially in certain quarters.
Operating Cash Flow
Net cash provided by operating activities exhibited growth from 2018 through 2021, with some notable recovery periods after losses. Peaks occurred in late 2020 and 2021, followed by variability and a decrease in 2023, likely influenced by extraordinary charges and asset impairments.
Investing Activities
Net cash used in investing activities consistently reflected investment in property, equipment, and software. Capital expenditures in software showed a clear upward trend starting from approximately $118 million early 2018, peaking around $304 million in 2021, indicating ongoing investment in technology development. Acquisition-related cash outflows were sporadic but significant, as seen in late 2019 with large cash outflows, reflecting major strategic transactions.
Financing Activities
Financing cash flows varied widely, with substantial borrowings and repayments. The company exhibited aggressive debt management, with borrowings and repayments occurring in large and fluctuating amounts each quarter. Dividend payments increased gradually over time, reflecting a consistent shareholder return policy. Treasury stock activity was notable, with large purchases in some periods balancing smaller amounts in others.
Overall Liquidity and Cash Balances
Net change in cash balances fluctuated, with significant increases, for example in mid-2019, likely driven by large borrowings and financing inflows, and decreases at other points linked to substantial asset impairments or investing outflows. The liquidity position appears highly variable, influenced by strategic financing, investing activities, and episodic impairments.
Foreign Currency and Other Adjustments
Changes due to foreign currency exchange rates had a mixed impact, with both positive and negative effects, especially notable in some quarters such as early 2022 with a $-390 million impact. Other non-operating items such as loss on extinguishment of debt and gains or losses on sales of investments affected reported earnings sporadically.