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SEC Filings

425
FIDELITY NATIONAL INFORMATION SERVICES, INC. filed this Form 425 on 05/13/2019
Entire Document
 


Results of Operations

The following tables set forth our statements of income in dollars and as a percentage of net revenue for the periods presented (in millions).

 

     Year Ended December 31,                
     2018      2017      $ Change      % Change  

Revenue

   $ 3,925.4      $ 4,026.5      $ (101.1      NM  

Network fees and other costs

     —          1,903.2        (1,903.2      NM  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net revenue(1)

     3,925.4        2,123.3        1,802.1        85

Sales and marketing

     1,131.7        669.5        462.2        69  

Other operating costs

     698.0        318.7        379.3        119  

General and administrative

     662.1        295.1        367.0        124  

Depreciation and amortization

     1,095.0        318.5        776.5        244  
  

 

 

    

 

 

    

 

 

    

 

 

 

Income from operations

   $ 338.6      $ 521.5      $ (182.9      (35 )% 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

For the year ended December 31, 2018 net revenue is equivalent to gross revenue since network fees and other costs are netted against gross revenue as the result of our adoption of ASC 606 on January 1, 2018.

 

As a Percentage of Net Revenue    Year Ended December 31,  
     2018     2017  

Net revenue

     100.0     100.0
  

 

 

   

 

 

 

Sales and marketing

     28.8       31.5  

Other operating costs

     17.8       15.0  

General and administrative

     16.9       13.9  

Depreciation and amortization

     27.9       15.0  
  

 

 

   

 

 

 

Income from operations

     8.6     24.6
  

 

 

   

 

 

 

Fiscal Year Ended December 31, 2018 Compared to Fiscal Year Ended December 31, 2017

The Net Revenue, Sales and Marketing, Other Operating Costs and General and Administrative disclosures below exclude Legacy Worldpay results prior to the January 16, 2018 acquisition date for the year ended December 31, 2018 as well as Legacy Worldpay results for the year ended December 31, 2017.

Net Revenue

Net revenue increased 85% to $3,925.4 million for the year ended December 31, 2018 from $2,123.3 million for the year ended December 31, 2017. The prior year period excludes $1,498.1 million of Legacy Worldpay generated net revenue prior to our acquisition. Additionally, continued strong growth in our Technology Solutions segment also contributed to the increase.

 

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