Filing Summary: Fidelity National Information Services, Inc.
Business Context and Reporting Period
This Form 8-K, dated May 9, 2018, serves as a current report to recast prior period financial statements for Fidelity National Information Services, Inc. The filing addresses the retrospective application of the new revenue accounting standard, ASU No. 2014-09 ("Revenue from Contracts with Customers" or Topic 606), effective January 1, 2018. The recasting covers the three-year period ended December 31, 2017.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references updated exhibits (99.1 through 99.6) which contain the recast financial data, including Selected Financial Data, Management's Discussion and Analysis, and Financial Statements. The filing explicitly states it does not reflect events occurring after the 2017 Annual Report was filed.
Material Changes Versus Prior Period
The primary material change is the accounting methodology. The Company has adopted ASU 2014-09 using the full retrospective method with certain practical expedients. Consequently, comparative results for the years ended December 31, 2014, 2015, 2016, and 2017 have been recast to align with the new standard. This filing updates the 2017 Annual Report on Form 10-K to reflect these changes.
Guidance, Outlook, and Risks
This report does not contain new guidance, outlook, or management commentary regarding future performance. It strictly addresses the historical recasting of financial data. Updated risk factors and quantitative disclosures regarding market risks are included in the referenced exhibits (99.2 and 99.5) but are not detailed in the body of this 8-K. Investors are directed to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, for developments subsequent to the 2017 Annual Report.
Key Facts for Investor Verification
- Verify the specific impact of ASU 2014-09 on historical revenue and earnings by reviewing Exhibits 99.3 and 99.6 attached to this filing.
- Confirm that the recasting applies to the three-year period ended December 31, 2017, using the full retrospective method.
- Note that this filing does not update disclosures for events occurring after the February 22, 2018, filing of the 2017 Annual Report.
- Refer to the Form 10-Q filed on May 2, 2018, for the most recent operational and financial developments.