Business Context and Reporting Period
This Form 8-K was filed by Fidelity National Information Services, Inc. (FIS) on September 5, 2008. The report addresses the completion of the spin-off of Lender Processing Services, Inc. (LPS) on July 2, 2008. While GAAP does not permit the presentation of LPS as a discontinued operation until the third quarter of 2008 results are reported, management is voluntarily furnishing supplemental schedules to recast 2007 and first-half 2008 results excluding LPS to improve investor understanding of continuing operations.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a disclosure of the methodology for presenting supplemental financial data rather than a report of specific financial results. The actual financial figures are contained in the attached Exhibit 99.1, which is referenced but not included in the provided text.
Material Changes
- Spin-off Completion: FIS completed the separation of LPS on July 2, 2008.
- Reporting Methodology: Management is providing recasted financial schedules that exclude LPS and other smaller operations from continuing operations, aligning with how results will be reported starting in the third quarter of 2008.
Guidance, Outlook, and Management Commentary
Management utilizes non-GAAP measures for planning, budgeting, and evaluating operating performance against competitors. These measures exclude items deemed not indicative of core operating results. Management emphasizes that non-GAAP measures should not be used in isolation or as a substitute for GAAP measures. The filing explicitly states that the information in Items 2.02 and 9.01 is "furnished" and not "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be incorporated by reference into other registration statements.
Investor Verification Checklist
- Review Exhibit 99.1 for the specific recasted financial schedules excluding LPS operations.
- Verify the reconciliation between GAAP and non-GAAP measures provided in the supplemental schedules.
- Confirm the impact of the LPS spin-off on the company's future revenue streams and cost structure.
- Note that the supplemental data is not subject to the liabilities of Section 18 of the Exchange Act.