Fidelity National Information Services Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings (loss) attributable to FIS common stockholders	(16,720)	417)	158)	298)	846)
Net earnings attributable to noncontrolling interest	12)	7)	6)	5)	35)
Net noncash charges	21,204)	4,850)	3,967)	2,958)	1,551)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency	(557)	(464)	311)	(851)	(439)
Net cash provided by operating activities	3,939)	4,810)	4,442)	2,410)	1,993)
Cash paid for interest, net of tax¹	329)	260)	274)	252)	242)
Additions to property and equipment	(268)	(320)	(263)	(200)	(127)
Additions to software	(1,122)	(931)	(866)	(628)	(495)
Free cash flow to the firm (FCFF)	2,878)	3,819)	3,587)	1,834)	1,613)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Fidelity National Information Services Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Fidelity National Information Services Inc. FCFF increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Fidelity National Information Services Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	21.00%	47.00%	36.00%	24.20%	18.80%
Interest Paid, Net of Tax
Cash paid for interest, before tax	417)	491)	428)	332)	298)
Less: Cash paid for interest, tax²	88)	231)	154)	80)	56)
Cash paid for interest, net of tax	329)	260)	274)	252)	242)

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).

¹ See details »

² 2022 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 417 × 21.00% = 88

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Fidelity National Information Services Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	49,433)
Free cash flow to the firm (FCFF)	2,878)
Valuation Ratio
EV/FCFF	17.17
Benchmarks
EV/FCFF, Competitors¹
Accenture PLC	21.11
Adobe Inc.	29.57
International Business Machines Corp.	15.09
Intuit Inc.	34.54
Microsoft Corp.	51.23
Oracle Corp.	34.75
Palo Alto Networks Inc.	34.17
Salesforce Inc.	26.77
ServiceNow Inc.	53.83
Synopsys Inc.	51.31
EV/FCFF, Sector
Software & Services	42.41
EV/FCFF, Industry
Information Technology	40.34

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Fidelity National Information Services Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	56,149)	74,589)	101,462)	115,683)	42,880)
Free cash flow to the firm (FCFF)²	2,878)	3,819)	3,587)	1,834)	1,613)
Valuation Ratio
EV/FCFF³	19.51	19.53	28.29	63.09	26.58
Benchmarks
EV/FCFF, Competitors⁴
Accenture PLC	16.99	24.76	17.90	18.49	17.18
Adobe Inc.	20.82	33.61	40.43	40.48	31.36
International Business Machines Corp.	16.47	13.10	9.35	12.86	—
Intuit Inc.	32.85	48.64	37.90	33.30	27.69
Microsoft Corp.	32.31	38.37	33.99	26.37	23.99
Oracle Corp.	31.60	16.36	14.99	14.03	11.11
Palo Alto Networks Inc.	29.29	32.74	26.50	20.44	22.33
Salesforce Inc.	35.97	44.91	39.63	41.21	—
ServiceNow Inc.	40.86	60.13	83.74	67.96	—
Synopsys Inc.	30.82	38.59	42.88	33.32	37.07
EV/FCFF, Sector
Software & Services	29.16	31.90	27.10	23.26	—
EV/FCFF, Industry
Information Technology	27.01	27.93	24.12	19.69	—

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).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 56,149 ÷ 2,878 = 19.51

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Fidelity National Information Services Inc. EV/FCFF ratio decreased from 2020 to 2021 and from 2021 to 2022.

Fidelity National Information Services Inc. (NYSE:FIS)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical