Fidelity National Information Services, Inc. (FIS) - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed on August 6, 2019, by Fidelity National Information Services, Inc. (FIS). The filing primarily addresses the completion of the acquisition of Worldpay, Inc. and provides supplemental financial data regarding the combined entity. The financial results referenced cover the three and six months ended June 30, 2019.
Key Financial Metrics and Transaction Details
The filing confirms that FIS completed the acquisition of Worldpay, Inc. on July 31, 2019. Consequently, Worldpay's results of operations and financial position are included in FIS's consolidated results from that date forward. The document lists various senior notes registered on the New York Stock Exchange with maturities ranging from 2021 to 2039.
Note: This 8-K filing serves as a reference to a press release (Exhibit 99.1) and supplemental schedules (Exhibits 99.2 and 99.3). The specific numerical values for revenue, profit, cash flow, margins, debt, and liquidity for the periods ended June 30, 2019, are not contained within the text of this 8-K form itself but are located in the referenced exhibits.
Material Changes
- Acquisition Completion: The most significant material change is the closing of the Worldpay merger on July 31, 2019, fundamentally altering the company's scale and operating segments.
- Reporting Basis: Management has prepared supplemental schedules to recalculate non-GAAP measures on a "combined company basis" for Q1 and Q2 2019, as well as for all quarters in 2018 and the full year 2018, to reflect the pro forma impact of the transaction.
Guidance, Outlook, and Management Commentary
The filing indicates that FIS issued combined company guidance for the full year 2019 in the accompanying press release (Exhibit 99.1). Management expressed a desire to furnish investors with additional information to improve the understanding of the combined company's operating performance. The text explicitly states that the information in Item 2.02 is furnished and not deemed "filed" for purposes of Section 18 of the Exchange Act, limiting its incorporation by reference into other registration statements.
Investor Verification Checklist
- Review Exhibit 99.1: Verify the specific revenue, earnings, and cash flow figures for the three and six months ended June 30, 2019, as well as the full-year 2019 guidance.
- Examine Exhibit 99.3: Analyze the combined company supplemental financial information to understand the pro forma adjustments made to historical FIS and Worldpay data.
- Debt Obligations: Confirm the specific terms and outstanding balances of the various senior notes listed (e.g., FIS21A, FIS22B, FIS39) in the context of the post-acquisition capital structure.
- Integration Risks: Assess the risks associated with integrating Worldpay's operations into FIS, as implied by the need for extensive supplemental reporting.