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($ millions, except per share data, unaudited) | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
% | Organic | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 3,197 | $ | 2,822 | 13% | 1% | |||||||||||||||||||||||||||||||||||||||||||||||
Merchant Solutions | 1,017 | 705 | 44% | —% | |||||||||||||||||||||||||||||||||||||||||||||||||
Banking Solutions | 1,507 | 1,443 | 4% | 3% | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital Market Solutions | 626 | 611 | 2% | (1)% | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | 47 | 63 | (24)% | * | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 1,357 | $ | 1,192 | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Margin | 42.5 | % | 42.2 | % | 30 bps | ||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to FIS common stockholders (GAAP) | $ | 20 | $ | 154 | (87)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS (GAAP) | $ | 0.03 | $ | 0.29 | (90)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net earnings | $ | 887 | $ | 751 | 18% | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 1.42 | $ | 1.43 | (1)% |
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The combination also favorably impacts our business mix with a greater concentration in higher growth and higher margin services.
Adjusted EBITDA increased $138 million, or 7.9%, and adjusted EBITDA margin increased 60 basis points to 42.2%, primarily due to the addition of higher margin revenue from the Worldpay acquisition.
These items were partially offset by (1) a decrease in non-recurring revenue from Latin America payments contributing (0.8%); (2) a decrease in termination fees contributing (0.4%); and (3) an unfavorable foreign currency impact to growth contributing (0.8%), or approximately $31 million, primarily driven by a stronger U.S. Dollar versus the Brazilian Real and Indian Rupee.
In response to COVID-19, we are continuing to take several actions to manage discretionary expenses, including reducing office space, prohibiting most travel and reducing incentive compensation, as well as accelerating automation and functional alignment across the organization.
The increase in Adjusted EBITDA primarily resulted from the incremental revenue from the Worldpay acquisition.
The increase in Adjusted EBITDA...Read more
On July 20, 2017, our...Read more
29 Table of Contents Consolidated...Read more
Selling, General and Administrative Expenses...Read more
The decrease in adjusted EBITDA...Read more
The decrease in adjusted EBITDA...Read more
These expenses were partially offset...Read more
The increase in gross profit...Read more
Adjusted EBITDA margin decreased 10...Read more
We have been providing our...Read more
This increase in extended credit...Read more
The three and nine months...Read more
The primary objectives of Topic...Read more
Total Other Income (Expense), Net...Read more
Banking Solutions revenue was also...Read more
The uniform customer experience extends...Read more
Management temporarily suspended share repurchases...Read more
Revenue was adversely impacted by...Read more
Since the beginning of the...Read more
Debt outstanding totaled $20.2 billion...Read more
Approximately $2.3 billion of plan...Read more
These delays, due largely to...Read more
It is also possible that...Read more
Revenue increased $2,245 million, or...Read more
Recently Accounting Guidance Not Yet...Read more
We have continued to prioritize...Read more
Cash flows from operations were...Read more
The Worldpay acquisition significantly increased...Read more
Banking Solutions Three months ended...Read more
28 Table of Contents Following...Read more
Revenue by segment and the...Read more
Revenue by segment and the...Read more
The Pandemic Plan includes site-specific...Read more
Capital Markets had an unfavorable...Read more
Financial information, including details of...Read more
Nine months ended September 30:...Read more
Other income (expense), net decreased...Read more
Revenue was adversely impacted by...Read more
31 Table of Contents Net...Read more
Of this amount, approximately $220...Read more
Revenue was also positively impacted...Read more
Adjusted EBITDA increased $6 million,...Read more
Adjusted EBITDA increased $63 million,...Read more
Our principal sources of funds...Read more
Other income (expense), net for...Read more
33 Table of Contents Nine...Read more
A regular quarterly dividend of...Read more
The Company's revenue continues to...Read more
Additionally, for its employees, the...Read more
Our innovation efforts have recently...Read more
As merchants and financial institutions...Read more
Demand for our solutions may...Read more
The Company's liquidity continued to...Read more
As part of our business,...Read more
For discussion regarding the impact...Read more
We continue to invest in...Read more
We have grown organically as...Read more
Our consolidation has generated a...Read more
This allows us to further...Read more
Merchant Solutions Three months ended...Read more
Nine months ended September 30:...Read more
To facilitate this expansion, we...Read more
The Worldpay acquisition broadened our...Read more
Adjusted EBITDA margin increased 80...Read more
These costs and adjustments are...Read more
The increase of $10 million...Read more
The decrease 30 Table of...Read more
Financial Statements, Disclosures and Schedules
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Material Contracts, Statements, Certifications & more
Fidelity National Information Services, Inc. provided additional information to their SEC Filing as exhibits
Ticker: FIS
CIK: 1136893
Form Type: 10-Q Quarterly Report
Accession Number: 0001136893-20-000273
Submitted to the SEC: Thu Oct 29 2020 4:17:53 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Business Services