FIS Reaffirms Second Quarter Outlook
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Fidelity National Information Services, Inc. (“FIS”) (NYSE: FIS), one of the world’s largest providers of banking and payments technology, today reaffirmed its outlook for the second quarter of 2010 for low single digit growth in adjusted revenues compared to $1.26 billion pro forma revenues in the second quarter of 2009, and adjusted EBITDA margin expansion of approximately 100 basis points compared to the pro forma EBITDA margin of 28.5% in the prior year period. In addition, the company announced that it expects to report second quarter adjusted earnings per share of $0.45 to $0.47.FIS will announce second quarter financial results after the close of regular market trading on Tuesday, July 20, 2010. The company will also sponsor a live webcast of its quarterly earnings conference call with the investment community beginning at 5:00 p.m. EDT on the same day. To access the webcast, go to the Investor Relations section of FIS’ homepage, www.fisglobal.com. A replay will be available after the conclusion of the live webcast.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted revenue, adjusted earnings before interest, taxes and depreciation and amortization (EBITDA), adjusted net earnings, and adjusted free cash flow. Adjusted revenue excludes the impact of deferred revenue purchase accounting. Adjusted EBITDA excludes the impact of merger and acquisition and integration expenses, accelerated stock compensation charges associated with merger and acquisition activity, costs associated with the proposed recapitalization plan, asset impairment charges and certain other costs. Adjusted net earnings exclude the after-tax impact of merger and acquisition and integration expenses, accelerated stock compensation charges associated with merger and acquisition activity, costs associated with the proposed recapitalization plan, acquisition related amortization and certain other costs. Adjusted free cash flow is GAAP operating cash flow less capital expenditures and acquisition related cash items. Non-GAAP adjustments are recorded in the Corporate and Other segment and do not impact operating segment results. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FIS’ non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided in the attached schedules and in the Investor Relations section of the FIS Web site, www.fisglobal.com.
