Business Context and Reporting Period
This Form 8-K is filed by Certegy Inc. (not Fidelity National Information Services, Inc.) on January 28, 2004. The report announces financial results for the fourth quarter of 2003 and the full year 2003. The detailed financial data is contained in a press release attached as Exhibit 99.1, which is referenced but not included in the provided text.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It confirms that the attached press release presents:
- Operating income, net income, and earnings per share (EPS) measures.
- Non-GAAP measures excluding specific charges (contract termination, asset impairment, severance, litigation settlements, and accounting changes).
- Reconciliations of these non-GAAP measures to GAAP-comparable figures.
Material Changes and Unusual Items
Management highlights specific items excluded from non-GAAP measures to better reflect core operating results:
- 2003 Items: Charges for contract termination, after-tax expenses related to the cumulative effect of an accounting change, asset impairment, severance, and litigation settlements.
- 2002 Items: Similar charges including asset impairment, severance, and litigation settlements.
The filing emphasizes that these exclusions allow for a more consistent comparison of ongoing operations, though non-GAAP measures should not replace GAAP figures.
Guidance, Outlook, and Risks
The provided text contains no specific guidance, forward-looking outlook, or detailed risk factors beyond the standard disclosure that the information is furnished pursuant to Item 12 and is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934. Management commentary is limited to the rationale for presenting non-GAAP financial measures.
Investor Verification Checklist
- Verify the actual numerical values for Q4 and full-year 2003 revenue, net income, and EPS in the attached Exhibit 99.1 press release.
- Review the specific dollar amounts of the excluded charges (contract termination, asset impairment, litigation) to assess their impact on GAAP results.
- Confirm the details of the "cumulative effect of an accounting change" mentioned for 2003.
- Check subsequent filings for any updates on the litigation settlements referenced in the 2002 and 2003 exclusions.