Fintech

  • Increased revenue 3% on a GAAP basis and 5% on an organic basis to $3.6 billion
  • Generated Diluted EPS of $0.41 and Adjusted EPS of $1.74
  • Returned $1.3 billion of capital to shareholders through share repurchases and dividends paid
  • Announcing Enterprise Transformation Program targeting at least $500 million in cash savings

FIS ® (NYSE:FIS), a global leader in financial services technology, today reported its third quarter 2022 results.

"Despite deteriorating macroeconomic conditions, FIS delivered third quarter revenue and earnings in-line with its prior outlook. We are taking actions to ensure the company is well positioned to drive profitable growth as we continue to face an uncertain macro-environment," said Gary Norcross, FIS Chairman and Chief Executive Officer. "I am excited about the future of FIS under the strategic leadership of accomplished executive, Stephanie Ferris, who will assume the CEO role effective January 1, 2023. I look forward to our continued collaboration as I transition to my new role as FIS' Executive Chairman of the Board."

Third Quarter 2022

On a GAAP basis, revenue increased by approximately $100 million, or 3% as compared to the prior-year period, to $3.6 billion. Net earnings attributable to common stockholders were $249 million or $0.41 per diluted share.

On an organic basis, revenue increased 5% as compared to the prior-year period. Adjusted net earnings decreased 1% as compared to the prior-year period to $1.1 billion, and adjusted net earnings per share increased 1% to $1.74 per diluted share.

($ millions, except per share data, unaudited)

Three Months Ended September 30,

%

Constant

Organic

2022

2021

Change

Currency

Growth

Revenue

$

3,604

$

3,507

3%

5%

5%

Banking Solutions

1,680

1,610

4%

6%

6%

Merchant Solutions

1,180

1,161

2%

6%

5%

Capital Market Solutions

671

654

3%

6%

6%

Corporate and Other

73

82

(13)%

(10)%

Adjusted EBITDA

$

1,575

$

1,585

(1)%

Adjusted EBITDA Margin

43.7

%

45.2

%

(150) bps

Net earnings attributable to FIS common stockholders (GAAP)

$

249

$

158

*

Diluted EPS (GAAP)

$

0.41

$

0.26

*

Adjusted net earnings

$

1,054

$

1,070

(1)%

Adjusted EPS

$

1.74

$

1.73

1%

* Indicates comparison not meaningful

Operating Segment Information

  • Banking Solutions:
    Revenue increased by 4% on a GAAP basis, and 6% on an organic basis as compared to the prior-year period to $1.7 billion due to continued strength in recurring revenue and timing of license sales. Adjusted EBITDA margin contracted by 320 basis points as compared to the prior-year period to 42.9% primarily driven by ongoing cost inflation, a reduction in pandemic-related revenue as compared to the prior-year period, and recent onboarding of several large outsourcing contracts.
  • Merchant Solutions:
    Revenue increased by 2% on a GAAP basis, 5% on an organic basis as compared to the prior-year period to $1.2 billion. Adjusted EBITDA margin contracted by 430 basis points to 47.4% primarily due to inflationary cost pressures and accelerated investment in e-commerce and Payrix sales channels to capitalize on developing secular growth trends. In the quarter, global volume increased 3% on a reported basis and 6% on a constant currency basis, as compared to the prior-year period to $544 billion. US volume increased 5% and transactions increased 2% as compared to the prior-year period. Excluding the impact of a large PayFac client, global volume increased 4% on a reported basis and 8% on a constant currency basis, US volume increased 7%, and transactions increased 3% as compared to the prior-year period.

Additional Merchant Disclosure

Three Months Ended September 30,

%

Constant

2022

2021

Change

Currency

Revenue ($M)

$

1,180

$

1,161

2%

6%

Global Volume 1 ($B)

$

544

$

530

3%

6%

US Volume 1 ($B)

$

412

$

392

5%

5%

Transactions 2 (B)

12.2

12.0

2%

2%

1 Volume refers to the total dollar value of the transactions processed during the stated period.

2 Transaction refers to an instance of buying or selling a good or service in exchange for money.

  • Capital Market Solutions:
    Revenue increased by 3% on a GAAP basis and 6% on an organic basis as compared to the prior-year period to $671 million. Adjusted EBITDA increased by 4% as compared to the prior-year period to $330 million. Adjusted EBITDA margin expanded by 90 basis points over the prior-year period to 49.3% primarily due to continued expense management and operating leverage.
  • Corporate and Other:
    Revenue decreased by (13)% as compared to the prior-year period to $73 million due to a divestiture of a non-core business in the third quarter of 2022, as well as client attrition in our non-strategic businesses. Adjusted EBITDA loss was $36 million, including $58 million of corporate expenses.

Balance Sheet and Cash Flows

As of September 30, 2022, debt outstanding totaled $18.9 billion. Third quarter net cash provided by operating activities was $878 million, and free cash flow was $684 million. In the quarter, the Company returned $1.3 billion to shareholders through $1,021 million of share repurchases and $284 million of dividends paid. The Company remains committed to increasing the annual dividend by 20% or greater until reaching a payout ratio of approximately 35% and continues to view share repurchase as the default use of excess free cash flow.

CEO Succession

The Company announced on October 18th that effective January 1, 2023, Gary Norcross will assume a new full-time role as Executive Chairman of the FIS Board of Directors and Stephanie Ferris, President of FIS, will assume the role of FIS President and Chief Executive Officer (CEO). She has also been appointed to the FIS Board of Directors effective as of October 18th.

Updates Fourth Quarter and Full-Year 2022 Guidance

The Company updated its fourth quarter and full-year 2022 guidance to align with changes in the macroeconomic environment, reduced visibility pertaining to non-recurring revenue streams, incremental costs associated with ongoing inflation, and new sales timing.

Fourth Quarter and Full-Year 2022 Guidance

($ millions, except share data)

4Q 2022

FY 2022

Revenue

$3,656 - $3,706

$14,470 - $14,520

Diluted EPS (GAAP)

$0.39 - $0.49

$1.45 - $1.55

Adjusted EPS (Non-GAAP)

$1.66 - $1.72

$6.60 - $6.66

Webcast

FIS will sponsor a live webcast of its earnings conference call with the investment community beginning at 8:30 a.m. (EDT) on Thursday, November 3, 2022. To access the webcast, go to the Investor Relations section of FIS' homepage, www.fisglobal.com . A replay will be available after the conclusion of the live webcast.

About FIS

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world's economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor's 500® Index.

To learn more, visit www.fisglobal.com . Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

FIS Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, we have provided certain non-GAAP financial measures.

These non-GAAP measures include constant currency revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net earnings, adjusted EPS, and free cash flow. These non-GAAP measures may be used in this release and/or in the attached supplemental financial information.

We believe these non-GAAP measures help investors better understand the underlying fundamentals of our business. As further described below, the non-GAAP revenue and earnings measures presented eliminate items management believes are not indicative of FIS' operating performance. The constant currency and organic revenue growth measures adjust for the effects of exchange rate fluctuations, while organic revenue growth also adjusts for acquisitions and divestitures and excludes revenue from Corporate and Other, giving investors further insight into our performance. Finally, free cash flow provides further information about the ability of our business to generate cash. For these reasons, management also uses these non-GAAP measures in its assessment and management of FIS' performance.

Constant currency revenue represents reported operating segment revenue excluding the impact of fluctuations in foreign currency exchange rates in the current period.

Organic revenue growth is constant currency revenue, as defined above, for the current period compared to an adjusted revenue base for the prior period, which is adjusted to add pre-acquisition revenue of acquired businesses for a portion of the prior year matching the portion of the current year for which the business was owned, and subtract pre-divestiture revenue for divested businesses for the portion of the prior year matching the portion of the current year for which the business was not owned, for any acquisitions or divestitures by FIS. When referring to organic revenue growth, revenues from our Corporate and Other segment, which is comprised of revenue from non-strategic businesses, are excluded.

Adjusted EBITDA reflects net earnings before interest, other income (expense), taxes, equity method investment earnings (loss), and depreciation and amortization, and excludes certain costs and other transactions that management deems non-operational in nature, or that otherwise improve the comparability of operating results across reporting periods by their exclusion. It also excludes incremental and direct costs resulting from the COVID-19 pandemic. This measure is reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, adjusted EBITDA, as it relates to our segments, is presented in conformity with Accounting Standards Codification 280, Segment Reporting, and is excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission's Regulation G and Item 10(e) of Regulation S-K.

Adjusted EBITDA margin reflects adjusted EBITDA, as defined above, divided by revenue.

Adjusted net earnings excludes the impact of certain costs and other transactions which management deems non-operational in nature, or that otherwise improve the comparability of operating results across reporting periods by their exclusion. It also excludes the impact of acquisition-related purchase accounting amortization and equity method investment earnings (loss), both of which are recurring. It also excludes incremental and direct costs resulting from the COVID-19 pandemic.

Adjusted EPS reflects adjusted net earnings, as defined above, divided by weighted average diluted shares outstanding.

Free cash flow reflects net cash provided by operating activities, adjusted for the net change in settlement assets and obligations and excluding certain transactions that are closely associated with non-operating activities or are otherwise non-operational in nature and not indicative of future operating cash flows, including incremental and direct costs resulting from the COVID-19 pandemic, less capital expenditures excluding capital expenditures related to the Company's new headquarters. Free cash flow does not represent our residual cash flow available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Further, FIS' non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures, including footnotes describing the specific adjustments, are provided in the attached schedules and in the Investor Relations section of the FIS website, www.fisglobal.com .

Forward-Looking Statements

This earnings release and today's webcast contain "forward-looking statements" within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about anticipated financial outcomes, including any earnings guidance or projections of the Company, projected revenue or expense synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases, the Company's sales pipeline and anticipated profitability and growth, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. These statements relate to future events and our future results and involve a number of risks and uncertainties. Forward-looking statements are based on management's beliefs as well as assumptions made by, and information currently available to, management.

Actual results, performance or achievement could differ materially from those contained in these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include the following, without limitation:

  • changes in general economic, business and political conditions, including those resulting from COVID-19 or other pandemics, a recession, intensified international hostilities, acts of terrorism, increased rates of inflation or interest, changes in either or both the United States and international lending, capital and financial markets or currency fluctuations;
  • the outbreak or recurrence of the novel coronavirus and any related variants ("COVID-19") and measures to reduce its spread, including the impact of governmental or voluntary actions such as business shutdowns and stay-at-home orders in certain geographies;
  • the duration, including any recurrence, of the COVID-19 pandemic and its impacts, including reductions in consumer and business spending, and instability of the financial markets in heavily impacted areas across the globe;
  • the economic and other impacts of COVID-19 on our clients which affect the sales of our solutions and services and the implementation of such solutions;
  • the risk of losses in the event of defaults by merchants (or other parties) to which we extend credit in our card settlement operations or in respect of any chargeback liability, either of which could adversely impact liquidity and results of operations;
  • the risk that acquired businesses will not be integrated successfully or that the integration will be more costly or more time-consuming and complex than anticipated;
  • the risk that cost savings and synergies anticipated to be realized from acquisitions may not be fully realized or may take longer to realize than expected;
  • the risks of doing business internationally;
  • the effect of legislative initiatives or proposals, statutory changes, governmental or applicable regulations and/or changes in industry requirements, including privacy and cybersecurity laws and regulations;
  • the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in, or new laws or regulations affecting, the banking, retail and financial services industries or due to financial failures or other setbacks suffered by firms in those industries;
  • changes in the growth rates of the markets for our solutions;
  • the amount, declaration and payment of future dividends is at the discretion of our Board of Directors and depends on, among other things, our investment opportunities, results of operations, financial condition, cash requirements, future prospects, the duration and impact of the COVID-19 pandemic, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions;
  • the amount and timing of any future share repurchases is subject to, among other things, our share price, our other investment opportunities and cash requirements, our results of operations and financial condition, our future prospects and other factors that may be considered relevant by our Board of Directors and management;
  • failures to adapt our solutions to changes in technology or in the marketplace;
  • internal or external security breaches of our systems, including those relating to unauthorized access, theft, corruption or loss of personal information and computer viruses and other malware affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events;
  • the risk that implementation of software, including software updates, for customers or at customer locations or employee error in monitoring our software and platforms may result in the corruption or loss of data or customer information, interruption of business operations, outages, exposure to liability claims or loss of customers;
  • the reaction of current and potential customers to communications from us or regulators regarding information security, risk management, internal audit or other matters;
  • the risk that policies and resulting actions of the current administration in the U.S. may result in additional regulations and executive orders, as well as additional regulatory and tax costs;
  • competitive pressures on pricing related to the decreasing number of community banks in the U.S., the development of new disruptive technologies competing with one or more of our solutions, increasing presence of international competitors in the U.S. market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers;
  • the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers;
  • an operational or natural disaster at one of our major operations centers;
  • failure to comply with applicable requirements of payment networks or changes in those requirements;
  • fraud by merchants or bad actors; and
  • other risks detailed in the "Risk Factors" and other sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, in our quarterly reports on Form 10-Q and in our other filings with the Securities and Exchange Commission.

Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.

Fidelity National Information Services, Inc.

Earnings Release Supplemental Financial Information

November 3, 2022

Exhibit A

Condensed Consolidated Statements of Earnings - Unaudited for the three and nine months ended September 30, 2022 and 2021

Exhibit B

Condensed Consolidated Balance Sheets - Unaudited as of September 30, 2022, and December 31, 2021

Exhibit C

Condensed Consolidated Statements of Cash Flows - Unaudited for the nine months ended September 30, 2022 and 2021

Exhibit D

Supplemental Non-GAAP Financial Information - Unaudited for the three and nine months ended September 30, 2022 and 2021

Exhibit E

Supplemental GAAP to Non-GAAP Reconciliations - Unaudited for the three and nine months ended September 30, 2022 and 2021

Exhibit F

Supplemental GAAP to Non-GAAP Reconciliations on Guidance - Unaudited for the three months and full year ended December 31, 2022

FIDELITY NATIONAL INFORMATION SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS — UNAUDITED

(In millions, except per share amounts)

Exhibit A

Three months ended September 30,

Nine months ended September 30,

2022

2021

2022

2021

Revenue

$

3,604

$

3,507

$

10,814

$

10,205

Cost of revenue

2,148

2,178

6,624

6,431

Gross profit

1,456

1,329

4,190

3,774

Selling, general, and administrative expenses

977

989

3,093

2,972

Asset impairments

17

202

104

202

Operating income

462

138

993

600

Other income (expense):

Interest expense, net

(76

)

(46

)

(166

)

(169

)

Other income (expense), net

(41

)

110

51

(58

)

Total other income (expense), net

(117

)

64

(115

)

(227

)

Earnings before income taxes and equity method investment earnings (loss)

345

202

878

373

Provision (benefit) for income taxes

91

41

223

246

Equity method investment earnings (loss)

6

Net earnings

254

161

655

133

Net (earnings) loss attributable to noncontrolling interest

(5

)

(3

)

(9

)

(7

)

Net earnings attributable to FIS common stockholders

$

249

$

158

$

646

$

126

Net earnings per share-basic attributable to FIS common stockholders

$

0.41

$

0.26

$

1.06

$

0.20

Weighted average shares outstanding-basic

605

613

608

618

Net earnings per share-diluted attributable to FIS common stockholders

$

0.41

$

0.26

$

1.06

$

0.20

Weighted average shares outstanding-diluted

607

619

611

623

FIDELITY NATIONAL INFORMATION SERVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED

(In millions, except per share amounts)

Exhibit B

September 30,
2022

December 31,
2021

ASSETS

Current assets:

Cash and cash equivalents

$

1,932

$

2,010

Settlement assets

4,359

4,020

Trade receivables, net

3,373

3,772

Other receivables

293

355

Prepaid expenses and other current assets

636

551

Total current assets

10,593

10,708

Property and equipment, net

839

949

Goodwill

51,014

53,330

Intangible assets, net

9,200

11,539

Software, net

3,131

3,299

Other noncurrent assets

2,549

2,137

Deferred contract costs, net

991

969

Total assets

$

78,317

$

82,931

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

Current liabilities:

Accounts payable, accrued and other liabilities

$

2,476

$

2,864

Settlement payables

5,076

5,295

Deferred revenue

712

779

Short-term borrowings

2,422

3,911

Current portion of long-term debt

2,985

1,617

Total current liabilities

13,671

14,466

Long-term debt, excluding current portion

13,509

14,825

Deferred income taxes

3,691

4,193

Other noncurrent liabilities

1,931

1,915

Total liabilities

32,802

35,399

Redeemable noncontrolling interest

178

174

Equity:

FIS stockholders' equity:

Preferred stock $0.01 par value

Common stock $0.01 par value

6

6

Additional paid in capital

46,726

46,466

Retained earnings

2,673

2,889

Accumulated other comprehensive earnings (loss)

(392

)

252

Treasury stock, at cost

(3,685

)

(2,266

)

Total FIS stockholders' equity

45,328

47,347

Noncontrolling interest

9

11

Total equity

45,337

47,358

Total liabilities, redeemable noncontrolling interest and equity

$

78,317

$

82,931

FIDELITY NATIONAL INFORMATION SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

(In millions)

Exhibit C

Nine months ended September 30,

2022

2021

Cash flows from operating activities:

Net earnings

$

655

$

133

Adjustment to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

2,920

2,981

Amortization of debt issuance costs

23

22

Asset impairments

104

202

Loss (gain) on sale of businesses, investments and other

(13

)

(233

)

Loss on extinguishment of debt

528

Stock-based compensation

198

320

Deferred income taxes

(519

)

(35

)

Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:

Trade and other receivables

161

(229

)

Settlement activity

(38

)

575

Prepaid expenses and other assets

(250

)

(350

)

Deferred contract costs

(314

)

(323

)

Deferred revenue

(59

)

(12

)

Accounts payable, accrued liabilities and other liabilities

(70

)

118

Net cash provided by operating activities

2,798

3,697

Cash flows from investing activities:

Additions to property and equipment

(216

)

(193

)

Additions to software

(867

)

(684

)

Settlement of net investment hedge cross-currency interest rate swaps

684

(24

)

Net proceeds from sale of businesses and investments

12

370

Other investing activities, net

219

(66

)

Net cash provided by (used in) investing activities

(168

)

(597

)

Cash flows from financing activities:

Borrowings

50,006

40,569

Repayment of borrowings and other financing obligations

(49,349

)

(40,644

)

Debt issuance costs

(23

)

(74

)

Net proceeds from stock issued under stock-based compensation plans

53

87

Treasury stock activity

(1,390

)

(2,113

)

Dividends paid

(858

)

(724

)

Other financing activities, net

(329

)

(138

)

Net cash provided by (used in) financing activities

(1,890

)

(3,037

)

Effect of foreign currency exchange rate changes on cash

(782

)

(57

)

Net increase (decrease) in cash, cash equivalents and restricted cash

(42

)

6

Cash, cash equivalents and restricted cash, beginning of period

4,283

4,030

Cash, cash equivalents and restricted cash, end of period

$

4,241

$

4,036

FIDELITY NATIONAL INFORMATION SERVICES, INC.

SUPPLEMENTAL NON-GAAP ORGANIC REVENUE GROWTH — UNAUDITED

(In millions)

Exhibit D

Three months ended September 30,

2022

2021

Constant

Acquisition &

Currency

Divestiture

Adjusted

Organic

Revenue

FX

Revenue

Revenue

Adjustment

Base

Growth

Banking Solutions

$

1,680

$

21

$

1,702

$

1,610

$

$

1,610

6

%

Merchant Solutions

1,180

49

1,230

1,161

16

1,176

5

%

Capital Market Solutions

671

20

691

654

654

6

%

Corporate and Other

73

2

74

82

83

N/A

Total (1)

$

3,604

$

92

$

3,696

$

3,507

$

16

$

3,523

5

%

Nine months ended September 30,

2022

2021

Constant

Acquisition &

Currency

Divestiture

Adjusted

Organic

Revenue

FX

Revenue

Revenue

Adjustment

Base

Growth

Banking Solutions

$

4,988

$

36

$

5,024

$

4,729

$

$

4,729

6

%

Merchant Solutions

3,595

96

3,691

3,303

44

3,347

10

%

Capital Market Solutions

1,992

38

2,030

1,908

1,908

6

%

Corporate and Other

239

5

244

265

265

N/A

Total (1)

$

10,814

$

175

$

10,989

$

10,205

$

44

$

10,249

8

%

Amounts in tables may not sum or calculate due to rounding.

(1) Total organic growth excludes Corporate and Other.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

SUPPLEMENTAL NON-GAAP CASH FLOW MEASURES — UNAUDITED

(In millions)

Exhibit D (continued)

Three months ended

Nine months ended

September 30, 2022

September 30, 2022

Net cash provided by operating activities

$

878

$

2,798

Non-GAAP adjustments:

Acquisition, integration and other payments (1)

187

469

Settlement activity

(67

)

38

Adjusted cash flows from operations

998

3,305

Capital expenditures (2)

(314

)

(1,029

)

Free cash flow

$

684

$

2,276

Three months ended

Nine months ended

September 30, 2021

September 30, 2021

Net cash provided by operating activities

$

1,833

$

3,697

Non-GAAP adjustments:

Acquisition, integration and other payments (1)

117

383

Settlement activity

(565

)

(575

)

Adjusted cash flows from operations

1,385

3,505

Capital expenditures (2)

(238

)

(797

)

Free cash flow

$

1,147

$

2,708

Free cash flow reflects adjusted cash flows from operations less capital expenditures (additions to property and equipment and additions to software, excluding capital spend related to the construction of our new headquarters). Free cash flow does not represent our residual cash flows available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure.

(1)

Adjusted cash flows from operations and free cash flow for the three and nine months ended September 30, 2022 and 2021, exclude cash payments for certain acquisition, integration and other costs (see Note 2 to Exhibit E), net of related tax impact. The related tax impact totaled $19 million and $20 million for the three months and $69 million and $65 million for the nine months ended September 30, 2022 and 2021, respectively.

(2)

Capital expenditures for free cash flow exclude capital spend related to the construction of our new headquarters totaling $17 million and $27 million for the three months and $54 million and $80 million for the nine months ended September 30, 2022 and 2021, respectively.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED

(In millions, except per share amounts)

Exhibit E

Three months ended
September 30,

Nine months ended
September 30,

2022

2021

2022

2021

Net earnings attributable to FIS common stockholders

$

249

$

158

$

646

$

126

Provision (benefit) for income taxes

91

41

223

246

Interest expense, net

76

46

166

169

Other, net

46

(107

)

(42

)

59

Operating income, as reported

462

138

993

600

Depreciation and amortization, excluding purchase accounting amortization

324

344

1,035

918

Non-GAAP adjustments:

Purchase accounting amortization (1)

608

714

1,885

2,063

Acquisition, integration and other costs (2)

164

187

574

629

Asset impairments (3)

17

202

104

202

Adjusted EBITDA

$

1,575

$

1,585

$

4,591

$

4,412

See Notes to Exhibit E.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED

(In millions, except per share amounts)

Exhibit E (continued)

Three months ended
September 30,

Nine months ended
September 30,

2022

2021

2022

2021

Earnings before income taxes and equity method investment earnings (loss)

$

345

$

202

$

878

$

373

(Provision) benefit for income taxes

(91

)

(41

)

(223

)

(246

)

Equity method investment earnings (loss)

6

Net (earnings) loss attributable to noncontrolling interest

(5

)

(3

)

(9

)

(7

)

Net earnings attributable to FIS common stockholders

249

158

646

126

Non-GAAP adjustments:

Purchase accounting amortization (1)

608

714

1,885

2,063

Acquisition, integration and other costs (2)

194

247

698

689

Asset impairments (3)

17

202

104

202

Non-operating (income) expense (4)

41

(110

)

(51

)

58

Equity method investment (earnings) loss (5)

(6

)

Tax rate change (6)

178

(Provision) benefit for income taxes on non-GAAP adjustments

(55

)

(141

)

(268

)

(423

)

Total non-GAAP adjustments

805

912

2,368

2,761

Adjusted net earnings

$

1,054

$

1,070

$

3,014

$

2,887

Net earnings per share-diluted attributable to FIS common stockholders

$

0.41

$

0.26

$

1.06

$

0.20

Non-GAAP adjustments:

Purchase accounting amortization (1)

1.00

1.15

3.09

3.31

Acquisition, integration and other costs (2)

0.32

0.40

1.14

1.11

Asset impairments (3)

0.03

0.33

0.17

0.32

Non-operating (income) expense (4)

0.07

(0.18

)

(0.08

)

0.09

Equity method investment (earnings) loss (5)

(0.01

)

Tax rate change (6)

0.29

(Provision) benefit for income taxes on non-GAAP adjustments

(0.09

)

(0.23

)

(0.44

)

(0.68

)

Adjusted net earnings per share-diluted attributable to FIS common stockholders

$

1.74

$

1.73

$

4.94

$

4.63

Weighted average shares outstanding-diluted

607

619

611

623

Amounts in table may not sum or calculate due to rounding.

See Notes to Exhibit E.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS — UNAUDITED

(In millions, except per share amounts)

Exhibit E (continued)

Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliations for the three and nine months ended September 30, 2022 and 2021.

The adjustments are as follows:

(1)

This item represents purchase price amortization expense on all intangible assets acquired through various Company acquisitions, including customer relationships, contract value, technology assets, trademarks and trade names. This item also includes $9 million and $42 million for the three months and $52 million and $42 million for the nine months ended September 30, 2022 and 2021, respectively, of incremental amortization expense associated with shortened estimated useful lives and accelerated amortization methods for certain acquired software driven by the Company's platform modernization. Our platform modernization focuses on accelerating the modernization of our strategic applications and sunsetting of our redundant platforms and creating a componentized cloud-native set of capabilities that can be consumed by clients as end-to-end business applications or as individual components. The Company has excluded the impact of purchase price amortization expense, as such amounts can be significantly impacted by the timing and/or size of acquisitions. Although the Company excludes these amounts from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of assets that relate to past acquisitions will recur in future periods until such assets have been fully amortized. Any future acquisitions may result in the amortization of future assets.

(2)

This item represents acquisition and integration costs primarily related to the acquisition of Worldpay as well as certain other costs, including $60 million and $64 million for the three months and $220 million and $64 million for the nine months ended September 30, 2022 and 2021, respectively, primarily associated with the Company's platform modernization described in Note (1). These other costs also included severance and other termination expenses associated with enterprise cost control initiatives and changes in senior management totaling $17 million and $2 million for the three months and $60 million and $17 million for the nine months ended September 30, 2022 and 2021, respectively. These other costs also included stock-based compensation expense, primarily resulting from one-time performance-related awards, totaling $30 million and $42 million for the three months and $94 million and $114 million for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2021, this item also includes $104 million in accelerated stock compensation expense to reflect the impact of establishing a Qualified Retirement Equity Program that modified unvested equity awards outstanding at January 1, 2021. For the three and nine months ended September 30, 2021, this item included costs related to data center consolidation activities totaling $4 million and $32 million and incremental costs directly related to COVID-19 totaling $14 million and $33 million, respectively. For purposes of calculating Adjusted net earnings, this item includes $30 million and $60 million for the three months and $123 million and $60 million for the nine months ended September 30, 2022 and 2021, respectively, of incremental amortization expense associated with shortened estimated useful lives and accelerated amortization methods for certain software and deferred contract cost assets driven by the Company's platform modernization described in Note (1). The incremental amortization expenses are included in the Depreciation and amortization, excluding purchase accounting amortization line item within the Adjusted EBITDA reconciliation.

(3)

For the three months ended September 30, 2022, this item primarily includes impairment of certain software driven by the Company's Platform initiatives described in Note (1). For the nine months ended September 30, 2022, this item also includes impairment of real estate-related assets as a result of office space reductions and $26 million related to the impairment of a non-strategic business. For the three and nine months ended September 30, 2021, this item represents impairment of certain software and deferred contract cost assets driven by the aforementioned Company's Platform initiatives.

(4)

Non-operating (income) expense primarily consists of other income and expense items outside of the Company's operating activities, including fair value adjustments on certain non-operating assets and liabilities and foreign currency transaction remeasurement gains and losses. This item includes the impact of changes in fair value of certain preferred stock assets and related liabilities owed to former legacy Worldpay owners, representing a net change of $14 million and $(3) million for the three months ended and $63 million and $12 million for the nine months ended September 30, 2022 and 2021, respectively. This item also includes net gains on equity security investments without readily determinable fair values of $5 million and $126 million for the three months and $52 million and $214 million for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2021, this item also includes $225 million related to the gain on the sale of our equity ownership interest in Cardinal Holdings, LP and a loss on extinguishment of debt of approximately $528 million relating to tender premiums, make-whole amounts, and fees; the write-off of unamortized bond discounts and debt issuance costs; and losses on related derivative instruments.

(5)

This item represents our equity method investment earnings or loss and was predominantly due to our equity ownership interest in Cardinal Holdings, LP, which was sold on April 29, 2021.

(6)

This item represents the one-time net remeasurement of certain deferred tax liabilities due to the increase in the U.K. corporate statutory tax rate from 19% to 25% effective April 1, 2023, enacted on June 10, 2021.

FIDELITY NATIONAL INFORMATION SERVICES, INC.

SUPPLEMENTAL GAAP TO NON-GAAP RECONCILIATIONS ON GUIDANCE — UNAUDITED

(In millions, except per share amounts)

Exhibit F

Three months ended

Year ended

December 31, 2022

December 31, 2022

Low

High

Low

High

Net earnings per share-diluted attributable to FIS common stockholders

$

0.39

$

0.49

$

1.45

$

1.55

Estimated adjustments (1)

1.27

1.23

5.15

5.11

Adjusted net earnings per share-diluted attributable to FIS common stockholders

$

1.66

$

1.72

$

6.60

$

6.66

(1) Estimated adjustments include purchase accounting amortization, acquisition, integration and other costs, and other items, net of tax impact.

Ellyn Raftery, 904.438.6083
Chief Marketing Officer
FIS Global Marketing and Corporate Communications
Ellyn.Raftery@fisglobal.com

George Mihalos, 904.438.6438
Senior Vice President
Head of Investor Relations
Georgios.Mihalos@fisglobal.com

News Provided by Business Wire via QuoteMedia

FIS
Usha logo

Usha Resources Announces Warrant Extension

Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, announces that subject to the approval of the TSX Venture Exchange (the "Exchange"), it intends to extend the expiration dates by one year on a total of 1,571,135 warrants (the "Warrants") originally issued by the Company on October 21, 2020, November 23, 2020 and December 2, 2020 pursuant to non-brokered private placements.

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Applied UV Installs Patented LumiCide Surface Disinfection Solution into NYC's Mt. Sinai Medical Center Morningside

Applied UV Installs Patented LumiCide Surface Disinfection Solution into NYC's Mt. Sinai Medical Center Morningside

One of The World's Prestigious Hospitals

Applied UV, Inc. (NasdaqCM: AUVI ) ("Applied UV" or the "Company"), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light ("UVC") for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, announces that its wholly owned subsidiary SteriLumen has just installed its patented LumiCide Surface and Drain UVC Disinfecting Systems initially, in 17 patient rooms within the world renowned Mt. Sinai Medical Center Morningside. Mount Sinai Morningside , formerly known as Mount Sinai St. Luke's, is a teaching hospital located in the Morningside Heights neighborhood of Manhattan in New York City.

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Wellteq Digital Health Inc. Announces Release of the IoMT HealthHub

Wellteq Digital Health Inc. Announces Release of the IoMT HealthHub

  • WellteQ Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF) has released the Company's internet of medical things (IoMT) HealthHub into device integrations with Beta research partners for testing purposes.
  • The wellteq HealthHub is the result of an extensive internal development effort to produce an open standard and scalable IoMT platform for distributed virtual care deployments in enterprise health, clinic, pharmacy, and remote locations.
  • The wellteq HealthHub connects, manages, and monitors both standardized medical and non-medical devices for a completely integrated IoMT/IoT intelligent edge solution, allowing for control of any standardized commercial, industrial, residential, or medical smart device - an industry first and must-have for next generation virtual care deployments.
  • The initial market for the wellteq HealthHub will be B2B for both in-market and new-to-market virtual care solutions.
  • wellteq will soon offer its baseline B2B virtual care platform integrating the wellteq HealthHub, wellteq Clinical Vitals Wearable and the wellteq Virtual Care Coaching APP.
  • The IoMT market is projected to grow from $30.79 billion in 2021 to $187.60 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%1. While annual digital health spending is projected to reach $660 billion by 20252.

WellteQ Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF), (the "Company" or wellteq"), which supplies digital health and wellness solutions to customers in 12 languages across 32 countries is pleased to announce the Beta release of its new internet of medical things (IoMT) HealthHub, targeting commercial release later this year.

Based on a survey2of physicians in the United States who serve predominantly Medicare fee-for-service (FFS) and Medicare Advantage (MA) patients, McKinsey estimates that up to $265 billion (about $820 per person in the US) worth of care services - which represents up to 25% of the total cost of care - for Medicare FFS and MA beneficiaries could shift from traditional facilities to the home by 2025, without a reduction in quality or access.

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East Side Games Group to Develop Star Trek-Themed Mobile Game in Partnership with ViacomCBS Consumer Products

East Side Games Group to Develop Star Trek-Themed Mobile Game in Partnership with ViacomCBS Consumer Products

East Side Games Group (TSX: EAGR) (OTC: EAGRF) (" ESGG " or the " Company "), Canada's leading free-to-play mobile game group, announces that it has entered into a multi-year partnership with ViacomCBS Consumer Products (" VCP ") for the worldwide release of a Star Trek: Lower Decks -themed mobile game on iOS and Android.

east side games logo (CNW Group/East Side Games Group)

In addition to the storylines and characters from Star Trek: Lower Decks , the mobile game will include characters and stories from across the franchise, reimagining them for fans through the lens of Star Trek: Lower Decks . The Star Trek: Lower Decks -themed game will be developed by East Side Games (" ESG "), in partnership with VCP, utilizing ESGG's proven Game Kit-Idle technology, and will be published by ESG. Australian-based video game company Mighty Kingdom Limited (" MK ") will be co-developing the game alongside ESG, providing the project with MK's franchise knowledge and development expertise. The Star Trek: Lower Decks -themed idle game is expected to launch worldwide in 2022.

The free-to-play mobile game will feature the Star Trek: Lower Decks style and humour to transport players into the Star Trek Universe and will feature characters and settings from across the entire Star Trek library. Be the first to know about the new game by signing up here .

"The Star Trek franchise has had an unmistakable influence on adults and children alike for over 50 years. Being able to bring such a storied franchise to mobile in our trademark idle-game style is an honour for us here at ESGG," said Darcy Taylor , Chief Executive Officer of ESGG. "We're looking forward to sharing this new experience in the Star Trek franchise with everyone from new audiences to Star Trek super fans. This new mobile game is another top tier IP franchise that will only add to an already exciting launch slate in 2022."

ABOUT East Side Games Group

East Side Games Group (formerly operating under the name "LEAF Mobile Inc.") is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: Archer: Danger Phone, Bud Farm Idle Tycoon, Cheech & Chong Bud Farm , The Goldbergs: Back to the 80s, It's Always Sunny: The Gang Goes Mobile and Trailer Park Boys Grea$y Money , RuPaul's Drag Race Superstar and T he Office: Somehow We Manage .

We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. For further information, please visit: www.eastsidegamesgroup.com and join our online communities at LinkedIn , Twitter , Facebook , and Instagram .

Additional information about the Company continues to be available under its legal name, LEAF Mobile Inc., at www.sedar.com .

ABOUT STAR TREK: LOWER DECKS

Developed by Emmy Award winner Mike McMahan ("Rick and Morty," "Solar Opposites"), STAR TREK: LOWER DECKS focuses on the support crew serving on one of Starfleet's least important ships, the U.S.S. Cerritos , in 2380. Ensigns Mariner, Boimler, Rutherford and Tendi have to keep up with their duties and their social lives, often while the ship is being rocked by a multitude of sci-fi anomalies. The Starfleet crew residing in the "lower decks" of the U.S.S. Cerritos , includes Ensign Beckett Mariner, voiced by Tawny Newsome , Ensign Brad Boimler , voiced by Jack Quaid , Ensign Tendi, voiced by Noël Wells, and Ensign Rutherford, voiced by Eugene Cordero . The Starfleet characters that comprise the ship's bridge crew include Captain Carol Freeman , voiced by Dawnn Lewis , Commander Jack Ransom , voiced by Jerry O'Connell , Doctor T'Ana, voiced by Gillian Vigman , Lt. Shaxs voiced by Fred Tatasciore , Lt. Billups voiced by Paul Scheer and Lt. Kayshon voiced by Carl Tart .

The series is produced by CBS' Eye Animation Productions, CBS Studios' new animation arm; Secret Hideout; and Roddenberry Entertainment. Secret Hideout's Alex Kurtzman and Heather Kadin , Roddenberry Entertainment's Rod Roddenberry and Trevor Roth , and Katie Krentz (219 Productions) serve as executive producers alongside creator and showrunner Mike McMahan . Aaron Baiers (Secret Hideout), who brought McMahan to the project, also serves as an executive producer. Titmouse ("Big Mouth"), the Emmy Award-winning independent animation production company, serves as the animation studio for the series.

STAR TREK: LOWER DECKS streams exclusively on Paramount+ in the U.S. and Latin America and is distributed concurrently by ViacomCBS Global Distribution Group on Amazon Prime Video in Australia , New Zealand , Europe , Japan , India and more and in Canada , airs on Bell Media's CTV Sci-Fi Channel and streams on Crave.

ABOUT VIACOMCBS CONSUMER PRODUCTS

ViacomCBS Consumer Products (VCP) oversees all licensing and merchandising for ViacomCBS Inc. (Nasdaq: VIACA, VIAC), a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, VCP's portfolio includes a diverse slate of brands and content from BET, CBS (including CBS Television Studios and CBS Television Distribution), Comedy Central, MTV, Nickelodeon, Paramount Pictures and Showtime. With properties spanning animation, live-action, preschool, youth and adult, VCP is committed to creating the highest quality product for some of the world's most beloved, iconic franchises. Additionally, VCP oversees the online direct-to-consumer business for CBS and Showtime programming merchandise, as well as standalone branded ecommerce websites for Star Trek, SpongeBob, South Park, and MTV.

ABOUT MIGHTY KINGDOM LIMITED

Mighty Kingdom delights more than 7 million players every month and designs game experiences with the world's most recognised brands such as LEGO, Disney, Mattel, Funcom, Moose Toys, Spinmaster and more, as well as developing its own original games. Our portfolio of games is crafted from our Adelaide headquarters, with a diverse team of more than 140 developers from across Australia . Led by a desire to engage and delight players, we make exceptional experiences that connect our diverse talent with millions of people around the world. We make games with heart. We Love Fun. We want to share it with the world. We want you to be part of it.

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2022/23/c2574.html

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Jazz Resources Reports Additional Drill Holes Intersecting Visible Gold in Multiple Vein System on the Vila Nova Project in Amapa State, Brazil

(TheNewswire)

October 28 2021 TheNewswire - Vancouver, British Columbia, Canada - Jazz Resources Inc. (the " Company " or " JZR ") (TSXV:JZR) is pleased to report that drilling undertaken on the bedrock portion of the Vila Nova gold project, Amapa State, Brazil has intersected multiple veins with visible gold in all four drill holes, including the previously reported veins totaling 23.09 meters grading 31.58 gt (one ounce per tonne) at a vertical depth of 74.47 meters in Hole VN-3 (Cord. 44.416N, 418.157W).

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TurboTax Launches its Tax Year 2022 Products and Services

TurboTax Live Full Service tax experts can now fully prepare, finish, and file taxes in one meeting

TurboTax Online delivers new and enhanced experiences for crypto investors, creators, and self-employed individuals

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Small Business and Self-Employed Group Revenue Grew 38 percent, 19 percent excluding Mailchimp

INTUit Inc. (Nasdaq: INTU) the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the first quarter of fiscal 2023, which ended October 31.

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Intuit Mailchimp Launches "Give Where You Live" in Partnership with NFL Players Across the Country on Giving Tuesday

Give Where You Live movement galvanizes holiday giving toward local nonprofit organizations

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Intuit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , together with the Suh Family Foundation, co-founded by Ndamukong and Katya Suh, today announced a partnership to bring financial literacy education to high school students in some of the nation's largest school districts in Dallas, Los Angeles, and Oakland.

The program follows a successful pilot serving students in the Portland Public Schools through a partnership with Self Enhancement, Inc., where Intuit and the Suh Family Foundation provided workshops and training to staff to deliver personal finance education to students. Through the program expansion, Intuit will equip teachers with a financial literacy curriculum and skills-building resources, providing students across the country with a stronger financial foundation.

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Intuit Renews NFL Partnership Through 2026 as the League's Official Financial and Accounting Software Sponsor and Email Marketing and Automation Sponsor

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(all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)

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