AI English summary of an SEC filing — figures as filed
Fidelity National Information Services FISThe company said it completed the Worldpay Sale on January 31, 2024. It said the enterprise value of the Worldpay Merchant Solutions business was $18.5 billion, including $1.0 billion of contingent consideration, and that the net cash proceeds received by FIS at closing exceeded $12 billion.
Key points
AI summaryThe company said it completed the Worldpay Sale on January 31, 2024. It said the enterprise value of the Worldpay Merchant Solutions business was $18.5 billion, including $1.0 billion of contingent consideration, and that the net cash proceeds received by FIS at closing exceeded $12 billion.
The company said it recognized a goodwill impairment charge of $17.6 billion in 2022 and an additional $6.8 billion in Q2 2023, and that it also recorded a valuation allowance of $1.9 billion against the assets held for sale.
The company said its available liquidity as of December 31, 2023 was $3,053 million, consisting of $440 million in cash and $2,613 million of revolving credit capacity, that its outstanding debt was $19.1 billion, and that its effective weighted average interest rate was 3.5%.
The company said its annualized run-rate Future Forward cash savings as of the end of 2023 exceeded $550 million. It said it continues to expect cash savings of $1.0 billion exiting 2024, and it plans to repurchase at least about $3.5 billion of its shares through the end of 2024.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $9.8B
- Operating income
- $1.5B
- Net income
- −$6.7B
- EPS
- −$11.26
- Gross profit
- $3.7B
- Operating cash flow
- $4.3B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Worldpay Sale completed on January 31, 2024
The company said it completed the Worldpay Sale on January 31, 2024. It said the enterprise value of the Worldpay Merchant Solutions business was $18.5 billion, including $1.0 billion of contingent consideration, and that the net cash proceeds received by FIS at closing exceeded $12 billion.
Source · Based on the MD&A text of the filing
Goodwill and valuation allowance related to Worldpay divestiture
The company said it recognized a goodwill impairment charge of $17.6 billion in 2022 and an additional $6.8 billion in Q2 2023, and that it also recorded a valuation allowance of $1.9 billion against the assets held for sale.
Source · Based on the MD&A text of the filing
2023 liquidity and debt
The company said its available liquidity as of December 31, 2023 was $3,053 million, consisting of $440 million in cash and $2,613 million of revolving credit capacity, that its outstanding debt was $19.1 billion, and that its effective weighted average interest rate was 3.5%.
Source · Based on the MD&A text of the filing
Future Forward cash savings and share repurchase plan
The company said its annualized run-rate Future Forward cash savings as of the end of 2023 exceeded $550 million. It said it continues to expect cash savings of $1.0 billion exiting 2024, and it plans to repurchase at least about $3.5 billion of its shares through the end of 2024.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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