Fidelity National Information Services, Inc. Q3 FY2023 results: revenue $2.5 billion, down 30.9% on the year

Fidelity National Information Services, Inc. (FIS) reported revenue of $2.5 billion for Q3 FY2023, the quarter ended 30 September 2023, down 30.9% on the same quarter a year earlier. Net income was -$449 million, and diluted earnings per share $-0.76. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$2.5 billiondown 30.9%

Net income-$449 million

Diluted EPS$-0.76

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,489	n/a	n/a	n/a
Cost of revenue	1,523	n/a	n/a	n/a
Gross profit	966	n/a	n/a	n/a
Gross margin	38.8%	n/a	n/a
Selling, general and administrative	484	n/a	n/a	n/a
Operating income	475	n/a	n/a	n/a
Operating margin	19.1%	n/a	n/a
Pre-tax income	335	n/a	n/a	n/a
Income tax	74.0	n/a	n/a	n/a
Effective tax rate	22.1%	n/a	n/a
Net income	-449	n/a	n/a	n/a
Net margin	-18.0%	n/a	n/a
Diluted EPS	-$0.76	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,091	n/a	n/a	n/a
Capital expenditure	215	n/a	n/a	n/a
Free cash flow	876	n/a	n/a	n/a
Free cash flow margin	35.2%	n/a	n/a
Depreciation and amortisation	463	n/a	n/a	n/a
Share-based compensation	52.0	n/a	n/a	n/a
Buybacks	1.0	n/a	n/a	n/a
Dividends paid	308	n/a	n/a	n/a
Dividend per share	$0.52	n/a	n/a	n/a
Diluted shares, weighted	592m	n/a	n/a	n/a
Shares outstanding at period end	592m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	53,174	n/a	n/a	n/a
Cash and equivalents	466	n/a	n/a	n/a
Receivables	1,719	n/a	n/a	n/a
Goodwill	16,811	n/a	n/a	n/a
Long-term debt	14,061	n/a	n/a	n/a
Long-term debt including finance leases	12,741	n/a	n/a	n/a
Shareholders' equity	19,477	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	2,489	2,510	2,467	2,489	2,570	2,599	2,532	2,616	2,717	2,812	3,295	3,377
Cost of revenue	1,523	1,542	1,552	1,538	1,593	1,640	1,653	1,664	1,689	1,735	2,187	2,203
Gross profit	966	975	915	951	977	977	879	952	1,028	1,076	1,108	1,174
Gross margin	39%	39%	37%	38%	38%	38%	35%	36%	38%	38%	34%	35%
SG&A	484	-425	573	609	521	482	558	572	584	549	605	684
Operating income	475	331	361	378	490	494	347	408	457	529	423	507
Operating margin	19%	13%	15%	15%	19%	19%	14%	16%	17%	19%	13%	15%
Interest expense	n/a	n/a	77.0	43.0	64.0	167	80.0	110	90.0	111	197	200
Pre-tax income	335	79.0	130	322	388	457	230	139	375	432	259	295
Tax rate	22%	19%	20%	28%	28%	30%	35%	7%	23%	20%	41%	21%
Net income	-449	251	724	243	224	281	77.0	-470	264	511	2,366	231
Net margin	-18%	10%	29%	10%	9%	11%	3%	-18%	10%	18%	72%	7%
Diluted EPS	-$0.76	$0.42	$1.25	$0.44	$0.41	$0.51	$0.15	-$0.90	$0.50	$0.98	$4.58	$0.45
Operating cash flow	1,091	1,525	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital expenditure	215	34.0	27.0	183	243	18.0	37.0	39.0	59.0	19.0	50.0	26.0
Free cash flow	876	1,491	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	1.0	506	1,342	1,180	510	1,013	537	287	308	293	67.0	52.0
Dividends paid	308	305	209	200	199	192	220	212	208	207	232	228
Shares outstanding	592m	576m	556m	546m	538m	530m	525m	522m	518m	514m	517m	516m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001136893-23-000148: the filing on EDGAR. All of Fidelity National Information Services, Inc.'s filings: EDGAR company page.

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