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8-K - FORM 8-K - Fidelity National Information Services, Inc. | g20910e8vk.htm |
EX-99.2 - EX-99.2 - Fidelity National Information Services, Inc. | g20910exv99w2.htm |
Exhibit 99.1

News Release
FIS Reports Strong Third Quarter Earnings
Adjusted EPS of $0.46, up 12.2%
Adjusted EBITDA margin of 27.7%, up 250 basis points
Free cash flow of $133 million
Adjusted EBITDA margin of 27.7%, up 250 basis points
Free cash flow of $133 million
JACKSONVILLE, Fla., Oct. 21, 2009 FIS (NYSE:FIS), a leading global provider of technology
services to financial institutions, today reported financial results for the quarter ended
September 30, 2009.
Consolidated revenue of $850.7 million declined 3.8% in U.S. dollars and 1.9% in constant currency
compared to $884.0 million in the third quarter of 2008. The adjusted EBITDA margin expanded 250
basis points to 27.7%. Non-GAAP adjusted net earnings per share increased 12.2% to $0.46 per share
in U.S. dollars, compared to $0.41 in the prior year, and increased 14.6% in constant currency.
The increase is due primarily to improved operating performance across all major business lines,
which offset a higher average diluted share count in the third quarter of 2009. GAAP net earnings
from continuing operations attributable to common stockholders totaled $67.6 million, or $0.35 per
share, compared to $0.23 per share in the prior period. Free cash flow (cash from operations less
capital expenditures) was $132.8 million compared with $118.2 million in the prior year quarter.
FIS completed the acquisition of Metavante Technologies, Inc. (NYSE: MV) on October 1, 2009.
Metavantes operations will be included in the FIS results prospectively, beginning in the fourth
quarter of 2009.
While revenue growth remains challenging in the current economic environment, we continue to drive
strong margin expansion, double-digit growth in earnings per share and excellent free cash flow.
We are confident in our ability to drive solid organic top line growth and realize strong operating
leverage when the banking industry recovers, stated William P. Foley, II, executive chairman.
With the successful completion of the Metavante acquisition, FIS will be even better positioned to
compete on a global basis and deliver strong financial performance.
Frank Martire, president and chief executive officer of FIS added, We are very excited about the
future of this great company. We remain highly focused on meeting our customers needs, driving
operational excellence and building long-term value.
Supplemental Information
Consolidated revenue in the third quarter of 2009 was $850.7 million, compared with $884.0 in the
prior year quarter, a decrease of 3.8% in U.S. dollars. Excluding a $16.8 million unfavorable
impact of foreign currency, consolidated revenue declined 1.9%. The decline was primarily due to
lower license and professional services revenue, coupled with nonrecurring interchange adjustments
and card marketing revenue recorded in the prior year quarter.
Financial Solutions revenue declined 7.3% to $278.2 million compared to $300.2 million in
the prior period, due to lower software license and professional services revenue.
Payment Solutions revenue declined 5.0% to $369.5 million compared to $389.1 million in the
2008 quarter, due to ongoing weakness in consumer spending and lower item processing volumes. The
growth rate was also impacted by a nonrecurring interchange adjustment and particularly strong card
marketing revenue in the third quarter of 2008.
International Solutions revenue increased 4.1% to $203.5 million in U.S. dollars, and 12.7%
in constant currency compared to $195.4 million in the prior year quarter. Core processing revenue
increased 14.3% driven by strong services revenue and volumes in Asia Pacific and EMEA, while
payments revenue increased 11.8% driven by organic account growth across all regions.
Adjusted EBITDA increased 5.6% to $235.3 million in the third quarter of 2009 compared to $222.8
million in the 2008 quarter. The adjusted EBITDA margin improved 250 basis points to 27.7%
compared to 25.2% in the prior-year quarter, driven by ongoing expense management across all
operating segments.
Financial Solutions EBITDA decreased 1.7% to $126.6 million due to lower software sales and
professional services revenue, while the margin improved 260 basis points to 45.5% compared to
42.9% in the prior year.
Payment Solutions EBITDA increased 2.8% to $108.3 million, and the margin increased 220
basis points to 29.3% compared to 27.1% in the prior year.
International EBITDA increased 57.1% to $42.9 million. The EBITDA margin improved 710 basis
points to 21.1% compared to 14.0% in the prior year, as account growth and productivity
improvements more than offset a $3.7 million unfavorable currency impact
The effective tax rate in the third quarter of 2009 was 34.4% compared to 34.9% in the third
quarter of 2008.
Balance Sheet
FIS had $205.6 million in cash and cash equivalents at September 30, 2009. The company repaid
$153.7 million of debt during the third quarter, reducing total debt outstanding to $2.1 billion,
the majority of which has been swapped to fixed interest rates. The effective interest rate was
5.9% as of September, 2009. Total debt outstanding increased to $3.4 billion in conjunction with
the October 1, 2009 acquisition of Metavante.
Capital expenditures totaled $49.4 million in the quarter, compared to $48.2 million spent in the
prior year.
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. 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, the company has
provided non-GAAP financial measures which it believes are useful to help investors better
understand its financial performance, competitive position and prospects for the future. These
non-GAAP measures include earnings before interest, taxes and depreciation and amortization
(EBITDA), adjusted net earnings, and free cash flow. Adjusted EBITDA excludes the impact of merger
and acquisition and integration expenses, LPS spin-off related costs, certain stock compensation
charges and certain other costs. Adjusted net earnings exclude the after-tax impact of merger and
acquisition and integration expenses, LPS spin-off related costs, certain stock compensation
charges, acquisition related amortization and certain other costs. 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 net earnings. Further,
FISs non-GAAP measures may be calculated differently from similarly-titled measures of other
companies. A reconciliation of these non-GAAP measures to related GAAP measures is included in the
press release attachments.
Conference Call and Webcast
FIS will host a call with investors and analysts to discuss third quarter 2009 results on
Wednesday, October 21, 2009, beginning at 5:00 p.m. Eastern daylight time. To register for the
live event and to access a supplemental slide presentation, go to the Investor Relations section at
www.fidelityinfoservices.com and click on Events and Multimedia. A webcast replay will be
available on FIS Investor Relations website, and a telephone replay will be available through
November 4, 2009, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code
will be 117478. To access a PDF version of this release and accompanying financial tables, go to
http://www.investor.fidelityinfoservices.com.
About FIS
FIS delivers banking and payments technologies to more than 14,000 financial institutions and
businesses in more than 90 countries worldwide. FIS provides financial institution core processing,
and card issuer and transaction processing services, including the NYCE Network. FIS maintains
processing and technology relationships with 40 of the top 50 global banks, including nine of the
top 10. FIS is a member of Standard and Poors (S&P) 500® Index and has been ranked the
number one overall financial technology provider in the world by The American Banker newspaper and
the research firm Financial Insights in their annual FinTech 100 rankings. Headquartered in
Jacksonville, Fla., FIS employs approximately 30,000 on a global basis. FIS is listed on the New
York Stock Exchange under the FIS ticker symbol. For more information about FIS see
www.fidelityinfoservices.com.
Forward-Looking Statements
This press release contains statements related to FIS future plans and expectations, and, as such,
constitutes forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including
statements about our beliefs and expectations, are forward-looking statements. Forward-looking
statements are based on managements beliefs, as well as assumptions made by, and information
currently available to, management. Because such statements are based on expectations as to future
economic performance and are not statements of fact, actual results may differ materially from
those projected. The risks and uncertainties that forward-looking statements are subject to
include, without limitation: changes in general economic, business and political conditions,
including changes in the financial markets; the effect of governmental regulations; the effects of
our substantial leverage which may limit the funds available to make acquisitions and invest in our
business; the risks of reduction in revenue from the elimination of existing and potential
customers due to consolidation in the banking, retail and financial services industries or due to
financial failures suffered by firms in those industries; failures to adapt our services to changes
in technology or in the marketplace; the failure to achieve some or all of the benefits that we
expect from the acquisition of Metavante, including the possibility that our acquisition of
Metavante may not be accretive to our earnings due to undisclosed liabilities, management or
integration issues, loss of customers, the inability to achieve targeted cost savings, or other
factors; our potential inability to find suitable acquisition candidates or difficulties in
integrating acquisitions; competitive pressures on product pricing and services; and other risks
detailed in the Statement Regarding Forward-Looking Information, Risk Factors and other
sections of the Companys Form 10-K and other filings with the Securities and Exchange Commission
(SEC) that are available on the SECs web site located at www.sec.gov. All forward-looking
statements included in this document are based on information available at the time of the
document. FIS assumes no obligation to update any forward-looking statement.
FIS-e
SOURCE: Fidelity National Information Services, Inc.
CONTACTS: Mary Waggoner, Senior Vice President, Investor Relations, 904-854-3282,
mary.waggoner@fnis.com; Marcia Danzeisen, Senior Vice President, Marketing and Corporate
Communications, 904-854-5083, marcia.danzeisen@fnis.com.
###
Fidelity National Information Services, Inc.
Earnings Release Supplemental Financial Information
October 21, 2009
(Unaudited)
Earnings Release Supplemental Financial Information
October 21, 2009
(Unaudited)
Exhibit A
|
Consolidated Statements of Earnings for the Three and Nine Months ended September 30, 2009 and 2008 | |
Exhibit B
|
Consolidated Balance Sheets as of September 30, 2009 and December 31, 2008 | |
Exhibit C
|
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2009 and 2008 | |
Exhibit D
|
Supplemental Non-GAAP Financial Information for the Three and Nine Months Ended September 30, 2009 and 2008 | |
Exhibit E
|
Supplemental GAAP to Non-GAAP Reconciliation Unaudited for the Three and Nine Months Ended September 30, 2009 and 2008 |
1
Exhibit A
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS UNAUDITED
(In millions, except per share data)
CONSOLIDATED STATEMENTS OF EARNINGS UNAUDITED
(In millions, except per share data)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Processing and services revenues |
$ | 850.7 | $ | 884.0 | $ | 2,483.3 | $ | 2,584.0 | ||||||||
Cost of revenues |
600.5 | 661.8 | 1,800.4 | 1,984.5 | ||||||||||||
Selling, general and administrative expenses |
92.2 | 79.9 | 281.5 | 308.9 | ||||||||||||
Research and development costs |
22.3 | 22.5 | 66.4 | 61.7 | ||||||||||||
Operating income |
135.7 | 119.8 | 335.0 | 228.9 | ||||||||||||
Other income (expense): |
||||||||||||||||
Interest income |
1.4 | 1.0 | 2.7 | 5.3 | ||||||||||||
Interest expense |
(33.2 | ) | (47.7 | ) | (97.0 | ) | (130.1 | ) | ||||||||
Other income (expense) |
1.4 | (0.1 | ) | 8.1 | | |||||||||||
Total other income (expense) |
(30.4 | ) | (46.8 | ) | (86.2 | ) | (124.8 | ) | ||||||||
Earnings from continuing operations before income taxes |
105.3 | 73.0 | 248.8 | 104.1 | ||||||||||||
Provision for income taxes |
36.3 | 27.0 | 85.8 | 33.6 | ||||||||||||
Equity in losses of unconsolidated entities |
| | | (0.2 | ) | |||||||||||
Net earnings from continuing operations |
69.0 | 46.0 | 163.0 | 70.3 | ||||||||||||
(Loss) earnings from discontinued operations, net of tax |
| 0.4 | (1.7 | ) | 119.2 | |||||||||||
Net earnings |
69.0 | 46.4 | 161.3 | 189.5 | ||||||||||||
Net earnings attributable to noncontrolling interest |
(1.4 | ) | (2.8 | ) | (1.5 | ) | (3.5 | ) | ||||||||
Net earnings attributable to FIS |
$ | 67.6 | $ | 43.6 | $ | 159.8 | $ | 186.0 | ||||||||
Net earnings per share-basic from continuing operations attributable to FIS common stockholders * |
$ | 0.35 | $ | 0.23 | $ | 0.85 | $ | 0.35 | ||||||||
Net earnings (loss) per share-basic from discontinued operations attributable to FIS common stockholders * |
| | (0.01 | ) | 0.62 | |||||||||||
Net earnings per share-basic attributable to FIS common stockholders * |
$ | 0.35 | $ | 0.23 | $ | 0.84 | $ | 0.97 | ||||||||
Weighted average shares outstanding-basic |
191.1 | 189.5 | 190.5 | 192.2 | ||||||||||||
Net earnings per share-diluted from continuing operations attributable to FIS common stockholders * |
$ | 0.35 | $ | 0.23 | $ | 0.84 | $ | 0.35 | ||||||||
Net earnings (loss) per share-diluted from discontinued operations attributable to FIS common stockholders * |
| | (0.01 | ) | 0.61 | |||||||||||
Net earnings per share-diluted attributable to FIS common stockholders * |
$ | 0.35 | $ | 0.23 | $ | 0.83 | $ | 0.96 | ||||||||
Weighted average shares outstanding-diluted |
194.6 | 191.8 | 193.0 | 194.3 | ||||||||||||
Amounts attributable to FIS common stockholders: |
||||||||||||||||
Net earnings from continuing operations, net of tax |
$ | 67.6 | $ | 43.2 | $ | 161.5 | $ | 67.4 | ||||||||
(Loss) earnings from discontinued operations, net of tax |
| 0.4 | (1.7 | ) | 118.6 | |||||||||||
Net earnings attributable to FIS common stockholders |
$ | 67.6 | $ | 43.6 | $ | 159.8 | $ | 186.0 | ||||||||
* | Amounts may not sum due to rounding. |
2
Exhibit B
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS UNAUDITED
(In millions)
CONSOLIDATED BALANCE SHEETS UNAUDITED
(In millions)
As of | As of | |||||||
September 30, | December 31, | |||||||
2009 | 2008 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 205.6 | $ | 220.9 | ||||
Settlement deposits |
44.8 | 31.4 | ||||||
Trade receivables, net |
518.1 | 538.1 | ||||||
Settlement receivables |
39.8 | 52.1 | ||||||
Other receivables |
74.4 | 121.1 | ||||||
Receivable from FNF and LPS |
7.0 | 10.1 | ||||||
Prepaid expenses and other current assets |
89.2 | 115.1 | ||||||
Deferred income taxes |
78.4 | 77.4 | ||||||
Total current assets |
1,057.3 | 1,166.2 | ||||||
Property and equipment, net of accumulated depreciation and amortization |
263.3 | 272.6 | ||||||
Goodwill |
4,205.7 | 4,194.0 | ||||||
Other intangible assets, net of accumulated amortization |
902.7 | 924.3 | ||||||
Computer software, net of accumulated amortization |
664.3 | 617.0 | ||||||
Deferred contract costs |
256.4 | 241.2 | ||||||
Long-term notes receivable from FNF |
| 5.5 | ||||||
Other noncurrent assets |
80.8 | 79.6 | ||||||
Total assets |
$ | 7,430.5 | $ | 7,500.4 | ||||
Liabilities and Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 362.2 | $ | 386.2 | ||||
Related party payable |
71.0 | 58.6 | ||||||
Settlement payables |
89.1 | 83.3 | ||||||
Current portion of long-term debt |
195.8 | 105.5 | ||||||
Deferred revenues |
167.8 | 182.9 | ||||||
Total current liabilities |
885.9 | 816.5 | ||||||
Deferred revenues |
92.3 | 86.7 | ||||||
Deferred income taxes |
354.0 | 332.7 | ||||||
Long-term debt, excluding current portion |
1,947.9 | 2,409.0 | ||||||
Other long-term liabilities |
118.5 | 158.5 | ||||||
Total liabilities |
3,398.6 | 3,803.4 | ||||||
FIS stockholders equity: |
||||||||
Preferred stock $0.01 par value |
| | ||||||
Common stock $0.01 par value |
2.0 | 2.0 | ||||||
Additional paid in capital |
2,909.1 | 2,959.8 | ||||||
Retained earnings |
1,207.1 | 1,076.1 | ||||||
Accumulated other comprehensive earnings (loss) |
44.6 | (102.3 | ) | |||||
Treasury stock |
(308.7 | ) | (402.8 | ) | ||||
Total FIS stockholders equity |
3,854.1 | 3,532.8 | ||||||
Noncontrolling interest |
177.8 | 164.2 | ||||||
Total equity |
4,031.9 | 3,697.0 | ||||||
Total liabilities and equity |
$ | 7,430.5 | $ | 7,500.4 | ||||
3
Exhibit C
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED
(In millions)
CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED
(In millions)
Nine months ended September 30, | ||||||||
2009 | 2008 | |||||||
Cash flows from operating activities: |
||||||||
Net earnings |
$ | 161.3 | $ | 189.5 | ||||
Adjustment to reconcile net earnings to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
278.4 | 344.5 | ||||||
Amortization of debt issue costs |
2.5 | 16.0 | ||||||
Net gain on sale of non-strategic businesses |
| 2.5 | ||||||
Stock-based compensation cost |
27.3 | 50.6 | ||||||
Deferred income taxes |
(24.6 | ) | 3.1 | |||||
Income tax benefit from exercise of stock options |
(4.5 | ) | (0.1 | ) | ||||
Equity in losses of unconsolidated entities |
| 2.3 | ||||||
Changes in assets and liabilities, net of effects from acquisitions: |
||||||||
Net decrease (increase) in trade receivables |
134.4 | (31.0 | ) | |||||
Net decrease (increase) in prepaid expenses and other assets |
27.2 | (11.4 | ) | |||||
Net additions to deferred contract costs |
(40.7 | ) | (54.7 | ) | ||||
Net increase (decrease) in deferred revenue |
(13.7 | ) | (9.3 | ) | ||||
Net increase (decrease) in accounts payable, accrued
liabilities and other liabilities |
(42.6 | ) | (103.3 | ) | ||||
Net cash provided by operating activities |
505.0 | 398.7 | ||||||
Cash flows from investing activities: |
||||||||
Additions to property and equipment |
(34.5 | ) | (57.1 | ) | ||||
Additions to capitalized software |
(111.1 | ) | (146.7 | ) | ||||
Collection of related party note |
5.9 | | ||||||
Net proceeds from sale of company assets |
| 33.5 | ||||||
Acquisitions, net of cash acquired |
(3.8 | ) | (17.4 | ) | ||||
Other investing activities |
| (4.7 | ) | |||||
Net cash used in investing activities |
(143.5 | ) | (192.4 | ) | ||||
Cash flows from financing activities: |
||||||||
Borrowings |
2,147.2 | 3,796.2 | ||||||
Debt service payments |
(2,517.0 | ) | (3,839.3 | ) | ||||
Dividends paid |
(30.6 | ) | (28.7 | ) | ||||
Income tax benefit from exercise of stock options |
4.5 | 0.1 | ||||||
Cash transferred in LPS spin-off |
| (20.8 | ) | |||||
Stock options exercised |
11.6 | 18.7 | ||||||
Treasury stock purchases |
| (236.2 | ) | |||||
Net cash used in financing activities |
(384.3 | ) | (310.0 | ) | ||||
Effect of foreign currency exchange rates on cash |
7.5 | (13.1 | ) | |||||
Net increase (decrease) in cash and cash equivalents |
(15.3 | ) | (116.8 | ) | ||||
Cash and cash equivalents, at beginning of period |
220.9 | 355.3 | ||||||
Cash and cash equivalents, at end of period |
$ | 205.6 | $ | 238.5 | ||||
4
Exhibit D
FIDELITY NATIONAL INFORMATION SERVICES, INC.
NON-GAAP FINANCIAL INFORMATION UNAUDITED
(In millions)
NON-GAAP FINANCIAL INFORMATION UNAUDITED
(In millions)
1. Revenue, EBIT and EBITDA
Three Months Ended September 30, 2009 | ||||||||||||||||||||
Financial | Payment | Corporate | ||||||||||||||||||
Solutions | Solutions | International | and Other | Consolidated | ||||||||||||||||
Revenue from Continuing Operations |
$ | 278.2 | $ | 369.5 | $ | 203.5 | $ | (0.5 | ) | $ | 850.7 | |||||||||
Operating Income |
$ | 98.6 | $ | 97.7 | $ | 26.6 | $ | (87.2 | ) | $ | 135.7 | |||||||||
M&A, Restructuring and Integration Costs |
| | | 5.3 | 5.3 | |||||||||||||||
EBIT, as adjusted |
$ | 98.6 | $ | 97.7 | $ | 26.6 | $ | (81.9 | ) | $ | 141.0 | |||||||||
Depreciation and Amortization from Continuing
Operations, as adjusted |
28.0 | 10.6 | 16.3 | 39.4 | 94.3 | |||||||||||||||
EBITDA, as adjusted |
$ | 126.6 | $ | 108.3 | $ | 42.9 | $ | (42.5 | ) | $ | 235.3 | |||||||||
EBIT Margin, as adjusted |
35.4 | % | 26.4 | % | 13.1 | % | N/M | % | 16.6 | % | ||||||||||
EBITDA Margin, as adjusted |
45.5 | % | 29.3 | % | 21.1 | % | N/M | % | 27.7 | % | ||||||||||
Three Months Ended September 30, 2008 | ||||||||||||||||||||
Financial | Payment | Corporate | ||||||||||||||||||
Solutions | Solutions | International | and Other | Consolidated | ||||||||||||||||
Revenue from Continuing Operations |
$ | 300.2 | $ | 389.1 | $ | 195.4 | $ | (0.7 | ) | $ | 884.0 | |||||||||
Operating Income |
$ | 100.3 | $ | 93.9 | $ | 12.3 | $ | (86.7 | ) | $ | 119.8 | |||||||||
M&A, Restructuring and Integration Costs |
| | | 2.3 | 2.3 | |||||||||||||||
LPS Spin-off Costs |
| | | 0.8 | 0.8 | |||||||||||||||
EBIT, as adjusted |
$ | 100.3 | $ | 93.9 | $ | 12.3 | $ | (83.6 | ) | $ | 122.9 | |||||||||
Depreciation and Amortization from Continuing
Operations, as adjusted |
28.5 | 11.4 | 15.0 | 45.0 | 99.9 | |||||||||||||||
EBITDA, as adjusted |
$ | 128.8 | $ | 105.3 | $ | 27.3 | $ | (38.6 | ) | $ | 222.8 | |||||||||
EBIT Margin, as adjusted |
33.4 | % | 24.1 | % | 6.3 | % | N/M | % | 13.9 | % | ||||||||||
EBITDA Margin, as adjusted |
42.9 | % | 27.1 | % | 14.0 | % | N/M | % | 25.2 | % | ||||||||||
Total Revenue Growth from Prior Year Period |
||||||||||||||||||||
Three Months Ended September 30, 2009 |
-7.3 | % | -5.0 | % | 4.1 | % | N/M | % | -3.8 | % | ||||||||||
Three Months Ended September 30, 2008 |
22.1 | % | 23.1 | % | 34.9 | % | N/M | % | 25.3 | % | ||||||||||
5
Exhibit D
FIDELITY NATIONAL INFORMATION SERVICES, INC.
NON-GAAP FINANCIAL INFORMATION UNAUDITED
(In millions)
NON-GAAP FINANCIAL INFORMATION UNAUDITED
(In millions)
1. Revenue, EBIT and EBITDA
Nine Months Ended September 30, 2009 | ||||||||||||||||||||
Financial | Payment | Corporate | ||||||||||||||||||
Solutions | Solutions | International | and Other | Consolidated | ||||||||||||||||
Revenue from Continuing Operations |
$ | 826.5 | $ | 1,114.2 | $ | 544.2 | $ | (1.6 | ) | $ | 2,483.3 | |||||||||
Operating Income |
$ | 262.9 | $ | 276.2 | $ | 51.7 | $ | (255.8 | ) | $ | 335.0 | |||||||||
M&A, Restructuring and Integration Costs |
| | | 14.8 | 14.8 | |||||||||||||||
EBIT, as adjusted |
$ | 262.9 | $ | 276.2 | $ | 51.7 | $ | (241.0 | ) | $ | 349.8 | |||||||||
Depreciation and Amortization from Continuing
Operations, as adjusted |
85.1 | 32.5 | 44.1 | 116.7 | 278.4 | |||||||||||||||
EBITDA, as adjusted |
$ | 348.0 | $ | 308.7 | $ | 95.8 | $ | (124.3 | ) | $ | 628.2 | |||||||||
EBIT Margin, as adjusted |
31.8 | % | 24.8 | % | 9.5 | % | N/M | % | 14.1 | % | ||||||||||
EBITDA Margin, as adjusted |
42.1 | % | 27.7 | % | 17.6 | % | N/M | % | 25.3 | % | ||||||||||
Nine Months Ended September 30, 2008 | ||||||||||||||||||||
Financial | Payment | Corporate | ||||||||||||||||||
Solutions | Solutions | International | and Other | Consolidated | ||||||||||||||||
Revenue from Continuing Operations |
$ | 861.4 | $ | 1,145.8 | $ | 579.1 | $ | (2.3 | ) | $ | 2,584.0 | |||||||||
Operating Income |
$ | 247.7 | $ | 252.3 | $ | 32.1 | $ | (303.2 | ) | $ | 228.9 | |||||||||
M&A, Restructuring and Integration Costs |
| | | 46.4 | 46.4 | |||||||||||||||
Corporate Costs Non Disc. Ops |
| | | 18.0 | 18.0 | |||||||||||||||
LPS Spin-off Costs |
| | | 9.3 | 9.3 | |||||||||||||||
EBIT, as adjusted |
$ | 247.7 | $ | 252.3 | $ | 32.1 | $ | (229.5 | ) | $ | 302.6 | |||||||||
Depreciation and Amortization from Continuing
Operations, as adjusted |
90.0 | 35.6 | 43.6 | 129.0 | 298.2 | |||||||||||||||
EBITDA, as adjusted |
$ | 337.7 | $ | 287.9 | $ | 75.7 | $ | (100.5 | ) | $ | 600.8 | |||||||||
EBIT Margin, as adjusted |
28.8 | % | 22.0 | % | 5.5 | % | N/M | % | 11.7 | % | ||||||||||
EBITDA Margin, as adjusted |
39.2 | % | 25.1 | % | 13.1 | % | N/M | % | 23.3 | % | ||||||||||
Total Revenue Growth from Prior Year Period |
||||||||||||||||||||
Nine Months Ended September 30, 2009 |
-4.1 | % | -2.8 | % | -6.0 | % | N/M | % | -3.9 | % | ||||||||||
Nine Months Ended September 30, 2008 |
18.5 | % | 24.9 | % | 36.6 | % | N/M | % | 25.1 | % | ||||||||||
6
Exhibit D
FIDELITY NATIONAL INFORMATION SERVICES, INC.
RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW MEASURES UNAUDITED
(In millions)
RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW MEASURES UNAUDITED
(In millions)
Three Months Ended September 30, 2009 | Nine Months Ended September 30, 2009 | |||||||||||||||||||||||
GAAP | Adj | Adjusted | GAAP | Adj | Adjusted | |||||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||||||||||
Net earnings (2) |
$ | 69.0 | $ | 3.5 | $ | 72.5 | $ | 161.3 | $ | 9.7 | $ | 171.0 | ||||||||||||
Adjustments to reconcile net earnings
to net cash provided by operating activities: |
||||||||||||||||||||||||
Non-cash adjustments |
106.9 | | 106.9 | 279.1 | | 279.1 | ||||||||||||||||||
Working capital adjustments (3) |
3.8 | (1.0 | ) | 2.8 | 64.6 | 2.0 | 66.6 | |||||||||||||||||
Net cash provided by operating activities |
179.7 | 2.5 | 182.2 | 505.0 | 11.7 | 516.7 | ||||||||||||||||||
Capital expenditures |
(49.4 | ) | | (49.4 | ) | (145.6 | ) | | (145.6 | ) | ||||||||||||||
Free cash flow |
$ | 130.3 | $ | 2.5 | $ | 132.8 | $ | 359.4 | $ | 11.7 | $ | 371.1 | ||||||||||||
Three Months Ended September 30, 2008 | Nine Months Ended September 30, 2008 | |||||||||||||||||||||||
GAAP | Adj | Adjusted | Pro forma (1) | Adj | Adj Pro forma | |||||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||||||||||
Net earnings (4) |
$ | 43.6 | $ | 2.0 | $ | 45.6 | $ | 74.7 | $ | 39.1 | $ | 113.8 | ||||||||||||
Adjustments to reconcile net earnings
to net cash provided by operating activities: |
||||||||||||||||||||||||
Non-cash adjustments |
128.8 | | 128.8 | 361.7 | | 361.7 | ||||||||||||||||||
Working capital adjustments (3) |
(16.6 | ) | 8.6 | (8.0 | ) | (160.5 | ) | 73.0 | (87.5 | ) | ||||||||||||||
Net cash provided by operating activities |
155.8 | 10.6 | 166.4 | 275.9 | 112.1 | 388.0 | ||||||||||||||||||
Capital expenditures |
(48.2 | ) | | (48.2 | ) | (178.7 | ) | | (178.7 | ) | ||||||||||||||
Free cash flow |
$ | 107.6 | $ | 10.6 | $ | 118.2 | $ | 97.2 | $ | 112.1 | $ | 209.3 | ||||||||||||
(1) | Pro forma cash flows are presented as if the LPS spin-off was completed on January 1, 2008 and represents FIS on a post-spin basis. | |
(2) | Adjustments to Net Earnings reflect the elimination of the after-tax impact of non-recurring M&A and related integration costs. | |
(3) | Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities and for the 2009 period, the elimination of current accruals related to the acquisition of Metavante. | |
(4) | Adjustments to Net Earnings reflect the elimination of the after-tax impact of non-recurring M&A and related integration costs, costs associated with the LPS spin-off, restructuring costs and the elimination of corporate costs attributable to LPS. |
7
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP | M&A | Non-GAAP | ||||||||||||||||||
Three Months | Restructuring | Three Months | ||||||||||||||||||
Ended | And | Purchase | Ended | |||||||||||||||||
September 30, 2009 | Integration | Price | September 30, 2009 | |||||||||||||||||
(Unaudited) | Costs (1) | Subtotal | Amortization (4) | (Unaudited) | ||||||||||||||||
Processing and services revenue |
$ | 850.7 | $ | | $ | 850.7 | $ | | $ | 850.7 | ||||||||||
Cost of revenues |
600.5 | | 600.5 | (29.1 | ) | 571.4 | ||||||||||||||
Gross profit |
250.2 | | 250.2 | 29.1 | 279.3 | |||||||||||||||
Selling, general and administrative |
92.2 | (5.3 | ) | 86.9 | | 86.9 | ||||||||||||||
Research and development costs |
22.3 | | 22.3 | | 22.3 | |||||||||||||||
Operating income |
135.7 | 5.3 | 141.0 | 29.1 | 170.1 | |||||||||||||||
Other income (expense): |
||||||||||||||||||||
Interest income |
1.4 | | 1.4 | | 1.4 | |||||||||||||||
Interest expense |
(33.2 | ) | | (33.2 | ) | | (33.2 | ) | ||||||||||||
Other income, net |
1.4 | | 1.4 | | 1.4 | |||||||||||||||
Total other income (expense) |
(30.4 | ) | | (30.4 | ) | | (30.4 | ) | ||||||||||||
Earnings from continuing operations before income taxes |
105.3 | 5.3 | 110.6 | 29.1 | 139.7 | |||||||||||||||
Provision (benefit) for income taxes |
36.3 | 1.8 | 38.1 | 10.0 | 48.1 | |||||||||||||||
Earnings from continuing operations |
69.0 | 3.5 | 72.5 | 19.1 | 91.6 | |||||||||||||||
Loss from discontinued operations |
| | | | | |||||||||||||||
Net earnings |
69.0 | 3.5 | 72.5 | 19.1 | 91.6 | |||||||||||||||
Noncontrolling interest |
(1.4 | ) | | (1.4 | ) | | (1.4 | ) | ||||||||||||
Net earnings attributable to FIS |
$ | 67.6 | $ | 3.5 | $ | 71.1 | $ | 19.1 | $ | 90.2 | ||||||||||
Amounts attributable to FIS common stockholders |
||||||||||||||||||||
Net earnings from continuing operations, net of tax |
$ | 67.6 | $ | 3.5 | $ | 71.1 | $ | 19.1 | $ | 90.2 | ||||||||||
(Loss) earnings from discontinued operations, net of tax |
| | | | | |||||||||||||||
Net earnings attributable to FIS common stockholders |
$ | 67.6 | $ | 3.5 | $ | 71.1 | $ | 19.1 | $ | 90.2 | ||||||||||
Net earnings per share diluted from continuing operations
attributable to FIS common stockholders* |
$ | 0.35 | $ | 0.02 | $ | 0.37 | $ | 0.10 | $ | 0.46 | ||||||||||
Weighted average shares outstanding diluted |
194.6 | 194.6 | 194.6 | 194.6 | 194.6 | |||||||||||||||
Supplemental Information: |
||||||||||||||||||||
Depreciation and amortization from continuing operations |
$ | 94.3 | $ | (29.1 | ) | $ | 65.2 | |||||||||||||
Stock compensation expense from continuing operations,
excluding acceleration charges |
$ | 9.0 | ||||||||||||||||||
Stock acceleration charges |
| |||||||||||||||||||
Total stock compensation expense from continuing operations |
$ | 9.0 | ||||||||||||||||||
* | Amounts may not sum due to rounding. |
See accompanying notes.
8
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP | M&A | Non-GAAP | ||||||||||||||||||
Nine Months | Restructuring | Nine Months | ||||||||||||||||||
Ended | And | Purchase | Ended | |||||||||||||||||
September 30, 2009 | Integration | Price | September 30, 2009 | |||||||||||||||||
(Unaudited) | Costs (1) | Subtotal | Amortization (4) | (Unaudited) | ||||||||||||||||
Processing and services revenue |
$ | 2,483.3 | $ | | $ | 2,483.3 | $ | | $ | 2,483.3 | ||||||||||
Cost of revenues |
1,800.4 | | 1,800.4 | (88.4 | ) | 1,712.0 | ||||||||||||||
Gross profit |
682.9 | | 682.9 | 88.4 | 771.3 | |||||||||||||||
Selling, general and administrative |
281.5 | (14.8 | ) | 266.7 | | 266.7 | ||||||||||||||
Research and development costs |
66.4 | | 66.4 | | 66.4 | |||||||||||||||
Operating income |
335.0 | 14.8 | 349.8 | 88.4 | 438.2 | |||||||||||||||
Other income (expense): |
||||||||||||||||||||
Interest income |
2.7 | | 2.7 | | 2.7 | |||||||||||||||
Interest expense |
(97.0 | ) | | (97.0 | ) | | (97.0 | ) | ||||||||||||
Other income, net |
8.1 | | 8.1 | | 8.1 | |||||||||||||||
Total other income (expense) |
(86.2 | ) | | (86.2 | ) | | (86.2 | ) | ||||||||||||
Earnings from continuing operations before income taxes |
248.8 | 14.8 | 263.6 | 88.4 | 352.0 | |||||||||||||||
Provision (benefit) for income taxes |
85.8 | 5.1 | 90.9 | 30.5 | 121.4 | |||||||||||||||
Earnings from continuing operations |
163.0 | 9.7 | 172.7 | 57.9 | 230.6 | |||||||||||||||
Loss from discontinued operations |
(1.7 | ) | | (1.7 | ) | | (1.7 | ) | ||||||||||||
Net earnings |
161.3 | 9.7 | 171.0 | 57.9 | 228.9 | |||||||||||||||
Noncontrolling interest |
(1.5 | ) | | (1.5 | ) | | (1.5 | ) | ||||||||||||
Net earnings attributable to FIS |
$ | 159.8 | $ | 9.7 | $ | 169.5 | $ | 57.9 | $ | 227.4 | ||||||||||
Amounts attributable to FIS common stockholders |
||||||||||||||||||||
Net earnings from continuing operations, net of tax |
$ | 161.5 | $ | 9.7 | $ | 171.2 | $ | 57.9 | $ | 229.1 | ||||||||||
(Loss) earnings from discontinued operations, net of tax |
(1.7 | ) | | (1.7 | ) | | (1.7 | ) | ||||||||||||
Net earnings attributable to FIS common stockholders |
$ | 159.8 | $ | 9.7 | $ | 169.5 | $ | 57.9 | $ | 227.4 | ||||||||||
Net earnings per share diluted from continuing operations
attributable to FIS common stockholders* |
$ | 0.84 | $ | 0.05 | $ | 0.89 | $ | 0.30 | $ | 1.19 | ||||||||||
Weighted average shares outstanding diluted |
193.0 | 193.0 | 193.0 | 193.0 | 193.0 | |||||||||||||||
Supplemental Information: |
||||||||||||||||||||
Depreciation and amortization from continuing operations |
$ | 278.4 | $ | (88.4 | ) | $ | 190.0 | |||||||||||||
Stock compensation expense from continuing operations,
excluding acceleration charges |
$ | 27.3 | ||||||||||||||||||
Stock acceleration charges |
| |||||||||||||||||||
Total stock compensation expense from continuing operations |
$ | 27.3 | ||||||||||||||||||
* | Amounts may not sum due to rounding. |
See accompanying notes.
9
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP | M&A | Non-GAAP | ||||||||||||||||||||||||||
Three Months | Restructuring | Corporate | Three Months | |||||||||||||||||||||||||
Ended | And | Costs | LPS | Purchase | Ended | |||||||||||||||||||||||
September 30, 2008 | Integration | Non-Disc | Spin | Price | September 30, 2008 | |||||||||||||||||||||||
(Unaudited) | Costs (1) | Ops (2) | Costs (3) | Subtotal | Amortization (4) | (Unaudited) | ||||||||||||||||||||||
Processing and services revenue |
$ | 884.0 | $ | | $ | | $ | | $ | 884.0 | $ | | $ | 884.0 | ||||||||||||||
Cost of revenues |
661.8 | (1.4 | ) | | | 660.4 | (35.4 | ) | 625.0 | |||||||||||||||||||
Gross profit |
222.2 | 1.4 | | | 223.6 | 35.4 | 259.0 | |||||||||||||||||||||
Selling, general and administrative |
79.9 | (0.9 | ) | | (0.8 | ) | 78.2 | | 78.2 | |||||||||||||||||||
Research and development costs |
22.5 | | | | 22.5 | | 22.5 | |||||||||||||||||||||
Operating income |
119.8 | 2.3 | | 0.8 | 122.9 | 35.4 | 158.3 | |||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||
Interest income |
1.0 | | | | 1.0 | | 1.0 | |||||||||||||||||||||
Interest expense |
(47.7 | ) | | | 12.4 | (35.3 | ) | | (35.3 | ) | ||||||||||||||||||
Other income, net |
(0.1 | ) | | | | (0.1 | ) | | (0.1 | ) | ||||||||||||||||||
Total other income (expense) |
(46.8 | ) | | | 12.4 | (34.4 | ) | | (34.4 | ) | ||||||||||||||||||
Earnings from continuing operations before income taxes |
73.0 | 2.3 | | 13.2 | 88.5 | 35.4 | 123.9 | |||||||||||||||||||||
Provision (benefit) for income taxes |
27.0 | 0.8 | | 4.2 | 32.0 | 11.3 | 43.3 | |||||||||||||||||||||
Earnings from continuing operations |
46.0 | 1.5 | | 9.0 | 56.5 | 24.1 | 80.6 | |||||||||||||||||||||
Earnings from discontinued operations |
0.4 | | | | 0.4 | | 0.4 | |||||||||||||||||||||
Net earnings |
46.4 | 1.5 | | 9.0 | 56.9 | 24.1 | 81.0 | |||||||||||||||||||||
Noncontrolling interest |
(2.8 | ) | | | | (2.8 | ) | | (2.8 | ) | ||||||||||||||||||
Net earnings attributable to FIS |
$ | 43.6 | $ | 1.5 | $ | | $ | 9.0 | $ | 54.1 | $ | 24.1 | $ | 78.2 | ||||||||||||||
Amounts attributable to FIS common stockholders |
||||||||||||||||||||||||||||
Net earnings from continuing operations, net of tax |
$ | 43.2 | $ | 1.5 | $ | | $ | 9.0 | $ | 53.7 | $ | 24.1 | $ | 77.8 | ||||||||||||||
(Loss) earnings from discontinued operations, net of tax |
0.4 | | | | 0.4 | | 0.4 | |||||||||||||||||||||
Net earnings attributable to FIS common stockholders |
$ | 43.6 | $ | 1.5 | $ | | $ | 9.0 | $ | 54.1 | $ | 24.1 | $ | 78.2 | ||||||||||||||
Net earnings per share diluted from continuing operations
attributable to FIS common stockholders* |
$ | 0.23 | $ | 0.01 | $ | | $ | 0.05 | $ | 0.28 | $ | 0.13 | $ | 0.41 | ||||||||||||||
Weighted average shares outstanding diluted |
191.8 | 191.8 | 191.8 | 191.8 | 191.8 | 191.8 | 191.8 | |||||||||||||||||||||
Supplemental Information: |
||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations |
$ | 99.9 | $ | (35.4 | ) | $ | 64.5 | |||||||||||||||||||||
Stock compensation expense from continuing operations,
excluding acceleration charges |
$ | 8.4 | ||||||||||||||||||||||||||
Stock acceleration charges |
| |||||||||||||||||||||||||||
Total stock compensation expense from continuing operations |
$ | 8.4 | ||||||||||||||||||||||||||
* | Amounts may not sum due to rounding. |
See accompanying notes.
10
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP TO NON-GAAP RECONCILIATION UNAUDITED
(in millions, except per share data)
GAAP | M&A | Non-GAAP | ||||||||||||||||||||||||||
Nine Months | Restructuring | Corporate | Nine Months | |||||||||||||||||||||||||
Ended | And | Costs | LPS | Purchase | Ended | |||||||||||||||||||||||
September 30, 2008 | Integration | Non-Disc | Spin | Price | September 30, 2008 | |||||||||||||||||||||||
(Unaudited) | Costs (1) | Ops (2) | Costs (3) | Subtotal | Amortization (4) | (Unaudited) | ||||||||||||||||||||||
Processing and services revenue |
$ | 2,584.0 | $ | | $ | | $ | | $ | 2,584.0 | $ | | $ | 2,584.0 | ||||||||||||||
Cost of revenues |
1,984.5 | (25.4 | ) | | | 1,959.1 | (107.4 | ) | 1,851.7 | |||||||||||||||||||
Gross profit |
599.5 | 25.4 | | | 624.9 | 107.4 | 732.3 | |||||||||||||||||||||
Selling, general and administrative |
308.9 | (21.0 | ) | (18.0 | ) | (9.3 | ) | 260.6 | | 260.6 | ||||||||||||||||||
Research and development costs |
61.7 | | | | 61.7 | | 61.7 | |||||||||||||||||||||
Operating income |
228.9 | 46.4 | 18.0 | 9.3 | 302.6 | 107.4 | 410.0 | |||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||
Interest income |
5.3 | | | | 5.3 | | 5.3 | |||||||||||||||||||||
Interest expense |
(130.1 | ) | 2.7 | | 12.4 | (115.0 | ) | | (115.0 | ) | ||||||||||||||||||
Total other income (expense) |
(124.8 | ) | 2.7 | | 12.4 | (109.7 | ) | | (109.7 | ) | ||||||||||||||||||
Earnings from continuing operations before income taxes |
104.1 | 49.1 | 18.0 | 21.7 | 192.9 | 107.4 | 300.3 | |||||||||||||||||||||
Provision (benefit) for income taxes |
33.6 | 17.6 | 5.5 | 7.3 | 64.0 | 36.6 | 100.6 | |||||||||||||||||||||
Equity in earnings (losses) of unconsolidated entities |
(0.2 | ) | | | | (0.2 | ) | | (0.2 | ) | ||||||||||||||||||
Earnings from continuing operations |
70.3 | 31.5 | 12.5 | 14.4 | 128.7 | 70.8 | 199.5 | |||||||||||||||||||||
Earnings from discontinued operations |
119.2 | | | | 119.2 | | 119.2 | |||||||||||||||||||||
Net earnings |
189.5 | 31.5 | 12.5 | 14.4 | 247.9 | 70.8 | 318.7 | |||||||||||||||||||||
Noncontrolling interest |
(3.5 | ) | | | | (3.5 | ) | | (3.5 | ) | ||||||||||||||||||
Net earnings attributable to FIS |
$ | 186.0 | $ | 31.5 | $ | 12.5 | $ | 14.4 | $ | 244.4 | $ | 70.8 | $ | 315.2 | ||||||||||||||
Amounts attributable to FIS common stockholders |
||||||||||||||||||||||||||||
Net earnings from continuing operations, net of tax |
$ | 67.4 | $ | 31.5 | $ | 12.5 | $ | 14.4 | $ | 125.8 | $ | 70.8 | $ | 196.6 | ||||||||||||||
(Loss) earnings from discontinued operations, net of tax |
118.6 | | | | 118.6 | | 118.6 | |||||||||||||||||||||
Net earnings attributable to FIS common stockholders |
$ | 186.0 | $ | 31.5 | $ | 12.5 | $ | 14.4 | $ | 244.4 | $ | 70.8 | $ | 315.2 | ||||||||||||||
Net earnings per share diluted from continuing operations
attributable to FIS common stockholders* |
$ | 0.35 | $ | 0.16 | $ | 0.06 | $ | 0.07 | $ | 0.65 | $ | 0.36 | $ | 1.01 | ||||||||||||||
Weighted average shares outstanding diluted |
194.3 | 194.3 | 194.3 | 194.3 | 194.3 | 194.3 | 194.3 | |||||||||||||||||||||
Supplemental Information: |
||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations |
$ | 298.2 | $ | (107.4 | ) | $ | 190.8 | |||||||||||||||||||||
Stock compensation expense from continuing operations,
excluding acceleration charges |
$ | 24.8 | ||||||||||||||||||||||||||
Stock acceleration charges |
16.7 | |||||||||||||||||||||||||||
Total stock compensation expense from continuing operations |
$ | 41.5 | ||||||||||||||||||||||||||
* | Amounts may not sum due to rounding. |
See accompanying notes.
11
Notes
to Unaudited Supplemental GAAP to Non-GAAP Reconciliation for the Three-Month and Nine-Month Periods ended September 30, 2009 and 2008
The adjustments are as follows:
(1) | This column represents charges for restructuring and integration costs relating to merger and acquisition activities. For the three and nine months ended September 30, 2009, the amounts represent incremental transaction costs incurred by the Company related to the recently completed acquisition of Metavante Technologies, Inc. | |
(2) | This column represents corporate costs attributable to LPS as previously reported in our investor package furnished on Form 8-K on May 28, 2008. These amounts are not allocable to discontinued operations under U.S. Generally Accepted Accounting Principles. | |
(3) | This column represents incremental transaction costs incurred by the Company directly related to the LPS spin-off. | |
(4) | This column represents purchase price amortization expense on intangibles assets acquired through various Company acquisitions. |
12