Remaining performance obligations (USD billions)

Percentage of RPO recognized in next 12 months (percentage)

Percentage of RPO recognized in next 13-24 months (percentage)

2e9d37620b02536e66ce75e158dcadf48b3f1f94e28c318918f31ad0fcb2ce03

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

54d7621778809a34908453e5d06a73bd5bbcfe862689c062e721c72f2a526c96

4b28fe8199aaa46204405f45b2e38e9ae236e5f5d9b022eb393727b311e1ed66

b8c0574751b4eafac5810666fc55820c5b4e4ac3110d9d02acfd7ea9ee43464a

North America

All others

- Revenue from Contracts Executed Outside North America

Total Revenue

fe6a5ffa0ba4afcaf246acb84640fbfaa76da35309b5ffb06bd953b21822adde

d9ca5cb695f4790781f94d32610ff96e748a037695dc5f5f5fe1bb028c3d8dd3

aed34f6e2bbf2b9b4b042d1aa31209e6ede2be5a057da7b146e0ee23bffaaa51

08af40cf67d57696fb2cc87d099a30f5cb89803636ff879f776f7e3a5e85019f

The spike in **Cash and cash equivalents** in Q1 2024 was primarily driven by the proceeds from FIS's **Worldpay Sale**. Specifically, the company divested a **55% stake in its Worldpay Merchant Solutions business**, which generated substantial cash inflows. Additionally, a significant portion of the cash balance related to unused proceeds from this transaction, accompanied by settlement payables and net deposits-in-transit that are typically settled within a few business days.  **[0001136893-24-000063_fis-20240331.htm:13]** **[0001136893-24-000063_fis-20240331.htm:40]** **[0001136893-24-000060_q12024ex991.htm:0]** 

What drove the spike in Cash and cash equivalents in Q1 2024?

**The significant drop in Total assets for Q1 2024 was primarily due to the completion of the Worldpay Sale. FIS sold a **55% equity interest** in its **Worldpay Merchant Solutions business**, resulting in the assets and liabilities related to this segment being classified as held for sale and subsequently removed from the balance sheet on January 31, 2024**.  **[0001136893-24-000060_q12024ex991.htm:9]** **[0001136893-24-000060_q12024ex991.htm:0]** **[0001136893-24-000063_fis-20240331.htm:31]** **[0001136893-24-000063_fis-20240331.htm:5]** 

Why did Total assets drop significantly in Q1 2024?

The sharp decline in **short-term borrowings** in Q3 2024 was primarily caused by a substantial reduction in both its **Euro-commercial paper notes (ECP Notes)** and **U.S. commercial paper notes (USCP Notes)**. Specifically, the reduction was driven by the use of proceeds from the **Worldpay Sale**, which was completed on January 31, 2024, to pay down the outstanding borrowings under these programs.  **[0001136893-24-000139_fis-20240930.htm:21]** **[0001136893-24-000139_fis-20240930.htm:48]** 

What caused the sharp decline in Short-term borrowings in Q3 2024?

20d1bbcd218df03cd91d930383e69b354ddce4b76eb5d2e7f8a84d4b62420ce8

The **operating cash flow** dropped sharply in Q1 2024 primarily due to **changes in the timing of working capital**, which adversely impacted cash flows. This negative impact was not fully offset by an **increase in earnings adjusted for non-cash items**, leading to a significant overall decline in net cash provided by operating activities from continuing operations.  **[0001136893-24-000063_fis-20240331.htm:41]** 

Why did Operating Cash Flow drop so sharply in Q1 2024?

The documents do not indicate a nearly 50% decline in annual operating cash flow for FY 2024. One document shows that the **net cash provided by operating activities from continuing operations** was **$4,335 million in FY 2023**  **[0001136893-24-000015_fis-20231231.htm:84]**  while another indicates it was **$2,175 million in FY 2024**.  **[0001136893-25-000014_fis-20241231.htm:86]**  However, the only detailed discussion explains a modest **$97 million** increase—from **$2,078 million in FY 2023** to **$2,175 million in FY 2024**—attributed to **higher net earnings adjusted for non-cash items** partially offset by **changes in working capital timing**.  **[0001136893-25-000014_fis-20241231.htm:72]**  There is no explanation or discussion in the available documents about a nearly 50% decline.

What factors contributed to the nearly 50% decline in annual Operating Cash Flow in FY 2024?

The unusually high proceeds in Q1 2024 were driven by the completion of the **Worldpay Sale**. FIS sold a **55% stake** in its Worldpay Merchant Solutions business to private equity funds managed by GTCR. The transaction was valued at **$18.5 billion**, and after accounting for closing adjustments, debt restructuring fees, taxes, and transaction costs, FIS received **net cash proceeds of over $12 billion**, leading to the **$12,795 million** reported in Q1 2024.  **[0001136893-24-000060_q12024ex991.htm:10]** **[0001193125-24-118098_d96146ddef14a.htm:43]** 

What drove the unusually high proceeds from the sale of businesses and investments in Q1 2024?

The dramatic swing in Q1 2024 was primarily driven by **$12.8 billion in cash proceeds from the sale of a 55% equity interest in its Worldpay Merchant Solutions business**. This huge inflow was partially offset by the **$3.1 billion cash divested** as part of that transaction, along with relatively smaller outflows for **capital expenditures of $202 million** and **$56 million used for acquisitions**. These factors combined to shift FIS’s investing cash flow from a significant outflow in the previous period to a substantial inflow in Q1 2024.  **[0001136893-24-000063_fis-20240331.htm:41]** **[0001136893-24-000060_q12024ex991.htm:10]** **[0001193125-24-118098_d96146ddef14a.htm:43]** 

How did the investing cash flow swing so dramatically in Q1 2024?

The vast increase in financing cash outflows in Q1 2024 was primarily driven by a combination of factors. **Higher debt repayments** increased significantly (from approximately **$20,538 million** to **$21,379 million**), while **new borrowings decreased** substantially (from about **$20,233 million** to **$13,441 million**). Additionally, there was a marked rise in **treasury stock repurchases** (from around **$14 million** to **$1,342 million**), along with the impact of **dividends paid** at **$209 million**. These factors collectively resulted in the significant net cash outflow experienced in Q1 2024.  **[0001136893-24-000060_q12024ex991.htm:10]** 

What led to the vast increase in financing cash outflows in Q1 2024?

ea731f48950d66583e58af5c77102d720d0d2108f2093056a32f9b47025b2fa1

Revenue (USD, millions)

Cost of revenue (USD, millions)

Gross profit (USD, millions)

Selling, general and administrative expenses (USD, millions)

Asset impairments (USD, millions)

Other operating (income) expense, net - related party (USD, millions)

Operating income (USD, millions)

Interest income (USD, millions)

Interest expense (USD, millions)

Other income (expense), net (USD, millions)

Total other income (expense), net (USD, millions)

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

Provision (benefit) for income taxes (USD, millions)

Equity method investment earnings (loss), net of tax (USD, millions)

Net earnings (loss) from continuing operations (USD, millions)

Earnings (loss) from discontinued operations, net of tax (USD, millions)

Net earnings (loss) (USD, millions)

Net (earnings) loss attributable to noncontrolling interest from continuing operations (USD, millions)

Net (earnings) loss attributable to noncontrolling interest from discontinued operations (USD, millions)

Net earnings (loss) attributable to FIS (USD, millions)

Continuing operations (USD, millions)

Discontinued operations (USD, millions)

Total (USD, millions)

f546790110d197daa08abd3f75cae13607f49041cea40e0116382f73dfe6c944

Fidelity National Information Services Inc (FIS)

Financials