Fidelity National Information Services (FIS) 10-K risk factor changes: FY2024 vs FY2023

Any of the risks described [removed: herein] [added: herein, as well as risks currently unknown or immaterial,] could result in a significant adverse effect on our business, financial condition or results of operations.

Security breaches, privacy breaches, cyberattacks, unintentional disclosures of confidential information, third-party breaches, [added: service outages,] or a failure to comply with information security laws or regulations, contractual [removed: provisions] [added: provisions,] or industry security requirements by [removed: FIS, or] [added: us,] our vendors, [added: clients,] or technology [removed: partners,] [added: partners] could harm our business by disrupting delivery of services, [added: exposing sensitive or confidential information, or] damaging our [removed: reputation and resulting] [added: reputation, any of which could result] in a breach of one or more client contracts or regulatory investigations, enforcement [removed: actions] [added: actions, fines] or [removed: fines.][added: litigation.]

Cybersecurity is fundamental to [removed: FIS'] [added: our] complex, global business.

[removed: FIS and its vendors] [added: We] and [added: our vendors, service providers,] technology [removed: partners] [added: partners, and clients] electronically receive, process, store and transmit sensitive and confidential information of [removed: FIS' clients,] [added: our business partners, clients and] such clients' [removed: customers and business partners.][added: customers.]

[removed: FIS collects] [added: We collect] consumer personal data, such as names and addresses, Social Security Numbers, driver’s license numbers, financial account numbers, transactional history, cardholder data and payment history records.

Our information systems [added: and networks] are dependent upon hardware, software, [added: communication infrastructure] and other technological components that are both developed by [removed: FIS] [added: us] and provided by third parties.

Implementation challenges in timely completing these tasks can lead to security vulnerabilities that expose [removed: FIS, its] [added: us, our] systems and data to potential compromise or interruption.

The uninterrupted operation of information systems operated by [removed: FIS] [added: us, our vendors] and [removed: others,] [added: service providers, and other third parties,] as well as the confidentiality of the [removed: customer/consumer] [added: customer or consumer] information that resides on such systems, is critical to the successful operation of [removed: FIS.][added: our Company.]

[removed: For that reason, security or privacy breaches are some of the principal operational risks FIS faces as a provider of services to financial institutions and businesses, and, like] [added: Like] other such providers, [removed: FIS is] [added: we are] a regular target of [removed: third-party] attempts to identify and exploit system vulnerabilities and/or penetrate or bypass our security measures [removed: in order] to gain unauthorized access to our networks and systems.

If [removed: FIS fails] [added: we fail] to maintain an adequate security infrastructure, adapt to emerging security threats (such as the use of artificial intelligence by threat actors in furtherance of cyber attacks), [added: regularly] identify security vulnerabilities, prevent unauthorized access, identity theft or other cybersecurity risks (e.g., distributed denial of service, ransomware, and other cyber attacks), manage vendor or supply chain cybersecurity risks, [added: adequately train users of our information systems,] or implement sufficient security standards and technology to protect against security or privacy breaches, [added: then] the [removed: confidentiality] [added: confidentiality, integrity or availability] of the information [removed: FIS][added: we secure could be compromised.]

Unauthorized access [removed: to] [added: to,] or abuse of authorized access [removed: to the] [added: to, our] computer systems or databases [removed: of FIS] or our [removed: vendors] [added: vendors' computer systems or databases] could result in the theft or publication of confidential information and personal data, the deletion or modification of records, disruption of service delivery, installation of malware, and the potential need to pay [removed: ransom,] [added: ransom] or otherwise cause interruptions in [removed: FIS’] [added: our] operations.

These issues [removed: in turn] could give rise to legal actions from clients and/or such clients' customers, regulatory [removed: investigation] [added: investigations] or enforcement activity, losses and expenses associated with such events, and damage to [removed: FIS'] [added: our] reputation.

Because [removed: FIS serves] [added: we serve] a diverse client base with different technology and service needs, we must continue to [removed: work to] enhance our ability to manage the risks from the resulting diversity in potential security attacks.

As a provider of services to financial institutions and businesses, [removed: FIS is] [added: we are] bound by many of the same limitations on disclosure of the information [removed: FIS receives] [added: we receive] from clients [removed: as] [added: that] apply to the clients themselves.

If [removed: FIS fails] [added: we fail] to comply with these regulations and industry security requirements, including those imposed by the payment card industry through its digital security standards and other rules, [removed: it] [added: we] could be exposed to damages from legal actions from clients and/or their customers, governmental proceedings, [removed: governmental notice] [added: public disclosure and consumer notification] requirements, and the imposition of significant fines or prohibitions on providing services.

[removed: FIS is] [added: We operate in] a highly regulated [removed: entity] [added: environment] and [removed: is] [added: are] subject to a myriad of complex, evolving regulations and standards, including cybersecurity and privacy laws, regulations and industry standards.

In addition, if more restrictive privacy laws, data protection rules or industry security requirements are adopted in the future on the federal or state level, or by a non-U.S. jurisdiction in or from which we serve clients, or by a specific industry body, those changes could have an adverse impact on [removed: FIS] [added: our Company] through increased costs or by imposing changes or inefficiencies on business processes.

A material privacy or security incident [removed: may] [added: would] trigger SEC disclosure [removed: obligations,] [added: obligations and could trigger] other applicable disclosure requirements, or be disclosed [removed: publicly] [added: publicly,] even if there is no legally required disclosure.

Incident disclosure may increase the risks of [added: private] lawsuits or government enforcement action related to incidents, increase attention [removed: to] [added: from] malicious actors, and lead to greater regulatory [removed: scrutiny more generally.][added: scrutiny.]

If [removed: FIS is] [added: we are] unable, or appears to be unable, to prevent cybersecurity or privacy breaches, we risk reputational damage.

Our existing clients could lose confidence in [removed: FIS'] [added: our information] systems and [removed: thus] [added: consequently] choose to terminate their agreements with [removed: FIS.][added: us.]

Such reputational harm could also inhibit [removed: FIS'] [added: our] ability to attract new clients; potentially increase government, regulatory, or media scrutiny; or give rise to new regulatory requirements that adversely affect [removed: FIS'] [added: our] ability to do business in one or more parts of the world.

These initiatives carry the risks associated with any new solution development effort, including cost overruns, [removed: delays in delivery and implementation, and performance issues.]

We face direct competition from third parties, and because many of our larger potential clients have historically developed their key applications in-house [removed: and therefore] [added: and, therefore,] view their system requirements from a make-versus-buy perspective, we also often compete against our potential clients' in-house capacities.

In addition, the markets in which we compete have recently attracted increasing competition from smaller start-ups with emerging technologies which are receiving increasing [removed: investments] [added: investments,] as well as global banks (and businesses controlled by combinations of global banks) and global internet companies that are introducing competitive solutions and services into the marketplace, particularly in the payments area.

Emerging technologies and increased competition may also have the effect of unbundling bank solutions and [added: may] result in displacing solutions [added: that] we are currently providing from our legacy systems.

There can be no assurance that we will be able to compete successfully against current or future competitors or that the [added: competitive pressures we face in the markets in which we operate will not materially adversely affect our business, financial condition, or results of operations.]

In addition, the direct and indirect effects of geopolitical conflicts, such as the Russia-Ukraine war and [added: conflicts in] the [removed: conflict between Israel and Hamas,] [added: Middle East,] have adversely [removed: affected, and worsening or future conflicts could materially adversely affect,] [added: affected] global economic activity and transaction processing [removed: volumes.][added: volumes (particularly in our former Merchant segment).]

When there is a slowdown or downturn in the economy, a drop in stock market levels or trading volumes, or an event that disrupts the financial markets, our [removed: business and] [added: business,] financial [added: condition or] results [added: of operations] may suffer for a number of reasons.

Moreover, competitors may respond to market conditions [removed: by lowering prices] and [removed: attempting] [added: attempt] to lure away our customers [removed: to] [added: by lowering prices on existing solutions or by offering new,] lower-cost solutions.

There has [removed: been] [added: been,] and may continue to [removed: be] [added: be,] substantial consolidation activity in the banking and financial services industry.

Further, if our clients or our partners across any of our businesses [removed: fail and/or] [added: fail,] merge with or are acquired by other entities that are not our clients or our partners, or that use fewer of our services, they may discontinue or reduce use of our services.

Larger clients [removed: in particular] may use their negotiating leverage to seek price reductions from us when they renew a contract, when a contract is extended, or when the client's business has significant volume changes.

Our business, financial condition or results of operations could be adversely affected [removed: if we experience] [added: by] business interruptions, errors or [removed: failure] [added: failures] in connection with our or third-party information technology and communication systems and other software and hardware used in connection with our business, [removed: if we experience defects] or [added: by] design errors in the software solutions we offer, or more generally, [removed: if] [added: by] the [added: unavailability of] third-party [removed: vendors we rely upon are unwilling or unable to provide the] [added: vendors'] services [added: that] we need to operate our business effectively.

Finally, our systems and operations [added: have been, and in the future] could [removed: be] [added: be,] exposed to damage or interruption from fire, floods, [removed: hurricanes, earthquakes, tornadoes, typhoons, drought, high-winds,] severe weather events, [removed: other] natural disasters, power loss, telecommunications failure, unauthorized entry and computer viruses.

[removed: Defects in] our technology [removed: solutions,] [added: solutions or those of our third-party partners or elsewhere in the global cyber environment,] errors or delays in the processing of electronic transactions, or other difficulties [added: have resulted, and in the future] could [removed: result] [added: result,] in (i) interruption of business operations; (ii) delay in market acceptance; (iii) additional development and remediation costs; (iv) diversion of technical and other resources; (v) loss of clients; (vi) negative publicity; or (vii) exposure to liability claims.

[removed: Although we attempt to limit our potential liability through controls,] [added: We cannot be certain that control measures,] including system redundancies, security controls, [added: and] application development and testing controls, [removed: and disclaimers and limitation-of-liability provisions in our license and client agreements, we cannot be certain that these measures] will [removed: always] be successful in preventing disruption or limiting our [removed: liability.][added: exposure.]

In our development of updates and enhancements to our software solutions, we may make a major design error that [removed: makes] [added: causes] the solution [added: to] operate incorrectly or less efficiently.

The failure of software to [removed: properly] perform [added: properly] could result in the Company and its clients being subjected to losses or liability, including censures, fines, or other sanctions by the applicable regulatory authorities, and we could be liable to parties who are financially harmed by those errors.

In addition, such errors could cause the Company to lose revenue, lose clients or [added: suffer] damage [added: to] its reputation.

We also collect personal data from our employees and contractors as necessary to support those relationships, comply with legal obligations, manage our workforce, and provide compensation and benefits.

Our information systems are also

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vulnerable to human error as well as malicious insider threats.

Finally, the systems we rely on, which include hardware and software manufactured, developed or operated by third-party vendors and service providers, have in the past been subject to, and may in the future be subject to, cyber attacks or security incidents due to employee error or malfeasance, software bugs, hardware malfunctions or other security vulnerabilities.

For that reason, security or privacy breaches are some of the principal operational risks we face as a provider of services to financial institutions and businesses.

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delays in delivery and implementation, and performance issues.

Worsening, or future, geopolitical conflicts could materially adversely affect global economic activity and our transaction volumes in the future.

Defects in

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rumors about such events, may lead to disruptions in access to our bank deposits or otherwise adversely impact our liquidity and financial performance.

We also have business operations that store, process or transmit consumer information or have direct relationships with consumers.

Further, requirements of these regulations have resulted, and could further result, in changes in our business

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Other states also have data security laws that vary in several respects, including with regard to specificity and detail of requirements and the extent to which such requirements apply to the data we collect from individuals.

Additionally, in some markets in which we operate, our clients will require us to support them in achieving compliance with increasingly complex and prescriptive regulatory requirements relating to digital operational resilience.

For example, under DORA, our E.U. financial entity clients will require us, as a third-party provider of information and communication technology services, to contract with and manage our relationships with such clients (and, where applicable, our relationships with critical third-party technology vendors in our supply chain) in accordance with the requirements of DORA.

Failure to support our clients in achieving compliance with DORA and similar global regulatory regimes may cause us to lose revenue, clients, and/or result in damage to our reputation, and may also attract scrutiny from regulators.

Regulatory authorities subject our businesses, from time to time, to regulatory investigations, reviews, examinations and

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Incorporating AI technologies into our business offers significant potential to enhance the value of the solutions and services we provide to our clients.

However, AI algorithms may produce unfair, unintended, inaccurate, biased or discriminatory outcomes which could be difficult to detect or explain.

Further, the training data underlying third-party AI models may also inadvertently breach intellectual property, privacy or other rights and result in the unauthorized use of confidential information.

The integration of AI introduces a variety of risks and uncertainties that may harm our reputation, expose us to lawsuits from consumers or other third parties, introduce security vulnerabilities to our information systems, or have other unintended consequences if we are not successful in mitigating such risks.

AI systems may have unintended societal impacts and negative outcomes, such as algorithmic errors that result in inadvertent discrimination or bias.

Ensuring that our AI systems are used ethically and in a way that aligns with societal values is critical to maintaining trust with our clients, their customers, and regulators, and will likely be required under laws and regulations governing AI systems.

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Additionally, AI systems, whether developed internally or integrated from third-party suppliers, may be susceptible to security vulnerabilities.

If these systems are targeted or exploited by cyberattacks, we may face financial and operational costs related to recovery and remediation, required public disclosure, as well as potential reputational damage.

The increased sophistication of bad actors raises the risk of significant disruptions, which could impact our operations, as well as customer trust.

The regulatory landscape surrounding AI is evolving quickly, and the jurisdictions in which we operate are increasingly implementing new, complex and sometimes conflicting compliance requirements.

For instance, the E.U. AI Act imposes a number of requirements (some of which take effect in August 2025, August 2026 and August 2027) that differ depending on the type and use of a particular AI system, but which will at a minimum include extensive documentation and transparency requirements.

These regulatory changes introduce additional risks, including the possibility of failing to meet compliance obligations, which could result in substantial fines, penalties or other regulatory actions.

AI systems are also dependent on strong model governance, which includes the continuous monitoring, auditing and updating of models to reflect the continuous changes in laws, regulations, or legal precedent, and is paramount to managing these ethical and operational concerns.

If we do not maintain an adequate model governance function, we may face regulatory risk, lawsuits, security vulnerabilities or other sources of liability and potentially diminish trust in our brand.

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We may be held liable if they take actions in violation of these laws, even if we do not explicitly authorize them.

secures could be compromised.

competitive pressures we face in the markets in which we operate will not materially adversely affect our business, financial condition, or results of operations.

Lengthening sales cycles observed in 2022, particularly for large Banking transactions with a total contract value in excess of $50 million, persisted during most of 2023, which we believe resulted from economic uncertainty, and have had, and may continue to have, an adverse effect on our results of operations.

regulatory requirements, may result in the need for additional money transmitter licenses.

While we believe AI has the potential to increase the value of the solutions and services we deliver to our clients, we recognize that incorporating AI technologies into our business generates a variety of risks and uncertainties.

In particular, AI algorithms may generate inaccurate, unintended, unfair or discriminatory outcomes, which may not be easily detectable or explainable, and may inadvertently breach intellectual property, privacy or other rights, as well as confidential information.

These outcomes, or the risk of these outcomes, may damage our reputation or have other unintended consequences if we are not successful in mitigating these emerging risks.

These and other AI-related risks may emerge or change on a rapid timeframe that may make it difficult for us to predict or to respond to such risks.

In addition, we may issue credit to consumers, financial institutions or other businesses as part of the funds settlement.

A default on this credit by a counterparty could result in a financial loss to us.

Dollar and Indian Rupee.

FIS continues to expand its international presence.

The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive.

We may not be able to achieve the cost savings target of our Future Forward program.

One of the goals of our ongoing Future Forward initiative is to achieve significant cost savings across the enterprise.

We have reiterated a cash savings target of $1 billion, of which over 75 percent represents run-rate cash savings, on a continuing operations basis exiting 2024.

We may not be able to achieve this cost savings target on our desired timeframe, or at all, for many reasons, including contractual constraints, potential operational disruptions to our business, or unanticipated business costs or inefficiencies.

If we are unable to achieve the financial goals set by Future Forward, or if our efforts as part of Future Forward result in unintended disruptions to our business, our business, financial condition or results of operations could be adversely affected.

On January 31, 2024, we completed the Worldpay Sale.

We may not realize the anticipated strategic, financial, operational or other benefits from the sale within the expected timeframe, in full or at all, and there can be no assurance that the costs or revenue or expense dis-synergies of the sale will not ultimately exceed anticipated amounts.

The anticipated benefits to us from the sale, including our retention of a 45% equity interest in the Joint Venture that owns the assets and liabilities of the Worldpay

Merchant Solutions business, are based on a number of assumptions, some of which may prove incorrect.

While we have certain governance rights in the form of board representation and veto rights over certain significant actions that enable us to exercise some influence, we no longer control the management or policies of the Worldpay business.

To the extent of our investment in Worldpay, we are exposed to all of the business risks applicable to its results of operations and financial condition, many of which are similar to the risks to which our wholly-owned operations are subject, such as risks arising from economic conditions and reductions in consumer spending, as well as to other risks which apply specifically to the merchant acquiring business.

As a result of the sale, our operational and financial profiles have changed.

While the sale has enabled us to focus on our Banking Solutions and Capital Markets Solutions business, it has also made our revenue sources less diversified, and our results of operations, cash flows, working capital and financing requirements will be more exposed to developments affecting financial institutions as a result of the increased concentration of our business on serving such customers.

Additionally, the shares of our common stock now represent an investment in a smaller company than existed prior to the completion of the sale, and our proportionate exposure to the risks inherent in our remaining businesses has increased.

Further, we have incurred and will incur various one-time or ongoing costs in connection with, or as a result of, the sale.

Those costs may exceed our estimates or could negate some of the benefits we expected to realize from the sale.

We plan to use the net proceeds from the sale to retire debt and to return additional capital to shareholders through our existing share repurchase authorization, as well as for general corporate purposes, while maintaining an investment grade credit rating.

These uses of the net proceeds of the sale may not improve our results of operations or cash flows or may not be achieved in the amounts or on the timelines anticipated.

We are also potentially subject to unforeseen costs and expenses following the sale, including additional general and administrative costs, costs of dis-synergies, restructuring costs and other unanticipated costs and expenses.

In addition, we have continuing operational and financial obligations to Worldpay pursuant to the commercial agreements and transition services agreements that were entered into between FIS and Worldpay at closing.

These ongoing arrangements will require significant management and operational resources, will require us to incur costs to provide the transition services and other support we will provide to Worldpay in the near term and may reduce our ability to fully realize cost savings and efficiency initiatives that we would otherwise have been able to implement following the closing of the sale.

There can be no assurance that the commercial arrangements with Worldpay, including those relating to client referrals, will result in revenue to us in anticipated amounts.

We intend to the use a portion of the proceeds from the sale to repay or otherwise retire approximately $9.0 billion of debt during 2024.

However, there can be no assurance that we will be able to complete any such repayment transactions on terms acceptable to us, or at all.

In recent years, our indebtedness denominated in Euro or GBP has significantly increased as a result of our issuance of senior notes of varying maturities and our issuance of Euro-denominated commercial paper.

We expect to reduce the aggregate principal amount of our Euro- and GBP-denominated debt in 2024 as we retire debt with a portion of the proceeds of the Worldpay Sale.

Although we currently have substantial available cash flows in excess of the projected debt service requirements on our existing Euro and GBP-denominated debt, we cannot assure that we will always be able to continue generating earnings in Euros and GBP in amounts sufficient, taking into account the funding requirements and other needs of our business, to make payments of interest and/or repayment of principal on our Euro and GBP senior debt, or to permit us to economically borrow in those currencies if needed to refinance our existing Euro and GBP debt.

The following section discusses management's view of the financial condition and results of operations of FIS and its consolidated subsidiaries as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] unless otherwise noted.

[removed: See "Statement Regarding Forward-Looking Information" and "*Risk Factors*" in Item 1A] of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section.

While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the U.K., Germany, Canada, [added: Australia,] Brazil, [removed: Australia] [added: Switzerland] and [removed: Switzerland.][added: France.]

In addition, the majority of our revenue has historically been recurring [removed: and has been provided] under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream.

[removed: Rising] [added: Relatively high] interest rates have had, and may continue to have, a negative impact on our interest [removed: expense; however, planned debt reduction is expected to decrease our total interest] expense.

See Note [removed: 3] [added: 15] to the consolidated financial statements for further [removed: details on] [added: discussion of] the [removed: goodwill impairments.][added: interest rate swaps.]

On January 31, 2024, the Company completed the [removed: previously announced] Worldpay Sale for cash consideration in a transaction valuing the Worldpay Merchant Solutions business at an enterprise value of $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by Buyer exceeding certain thresholds.

We [removed: intend to use] [added: used a portion of the] proceeds from the sale to retire debt and [added: repurchase shares, and we plan to continue to use the remaining proceeds to] return additional capital to shareholders through our existing share repurchase [removed: authorization,] [added: authorizations,] as well as for general corporate purposes, including acquisitions, while maintaining an investment grade credit rating.

[removed: As] [added: Upon closing] of the [removed: closing,] [added: Worldpay Sale,] we retained a non-controlling 45% [removed: ownership] [added: equity] interest in [removed: a new standalone Joint Venture.][added: Worldpay.]

[removed: In future reports,] FIS' share of the net income of [added: Worldpay subsequent to] the [removed: Joint Venture will be] [added: sale is] reported as [removed: equity] [added: Equity] method investment earnings [removed: (loss).][added: (loss), net of tax.]

In connection with the [removed: sale,] [added: Worldpay Sale,] FIS and Worldpay [removed: have] entered into commercial agreements, preserving a key value proposition for clients of both businesses and minimizing potential dis-synergies.

FIS and Worldpay also entered into additional agreements as described in Note [removed: 24] [added: 4] to the consolidated financial statements.

We continue to invest in modernization, innovation and integrated solutions to meet the demands of the markets we serve and [added: to] compete with global banks, financial and other technology providers, and emerging technology innovators.

Our internal development activities have related primarily to the modernization of our proprietary core systems in each of our segments, design and development of next-generation digital and innovative solutions and development of [removed: processing systems and related software applications and risk management platforms.]

The uniform customer experience extends to support a broad range of financial services including opening new accounts, servicing [removed: of] existing accounts, money movement, and personal financial management, as well as other consumer, small business and commercial banking capabilities.

Consolidation within the banking industry has occurred and may [removed: continue,] [added: continue to occur,] primarily in the form of merger and acquisition activity among financial institutions, which [removed: we believe would broadly be detrimental to the profitability of the] [added: generally increases competition among] financial technology [removed: industry.][added: providers.]

When a financial institution processing client is involved in a consolidation, we may benefit [removed: by their expanding] [added: if] the [removed: use of] [added: client retains] our solutions [removed: if such solutions are chosen to survive] [added: and expands] the [added: use of them following the] consolidation [removed: and] to support the newly combined entity.

Conversely, we may lose revenue if we are providing solutions to both entities, or if a client of ours is [added: involved in a consolidation and our solutions are not chosen to support the newly combined entity.]

The payment processing industry is adopting new technologies, developing new solutions, evolving new business models, and [added: is] being affected by new market entrants and by an evolving regulatory environment.

As financial institutions respond to these changes by seeking solutions to help them enhance their own offerings to consumers, including the ability to accept card-not-present payments in eCommerce and mobile [removed: environments] [added: environments,] as well as contactless cards and mobile wallets at the point of sale, FIS believes that payment processors will seek to develop additional capabilities in order to serve clients' evolving needs.

Cyberattacks on information technology systems and the vendors and technological supply chain [added: on which] they rely [removed: on] continue to grow in frequency, complexity and sophistication.

The continued growth in the frequency, complexity and sophistication of [removed: cyberattacks presents] [added: cyberattacks, coupled with the continued interconnection in the global technology ecosystem, present] both a threat and an opportunity for FIS.

Specifically, complex arrangements with nonstandard terms and conditions may require significant contract interpretation in the [added: determination of distinct performance obligations.]

Other judgments may include the evaluation of the standalone selling price for each performance obligation and whether separate contracts [added: with the same customer] should be combined and considered part of one arrangement.

We allocate the purchase price of acquired businesses to the assets acquired and liabilities assumed in [removed: the transaction] [added: business combination transactions] at their estimated fair [removed: values.][added: values, except as otherwise required.]

The estimates used to determine the fair value of long-lived assets, such as [removed: intangible assets] [added: customer relationships] and [removed: software,] [added: software intangible assets,] are complex and require a significant amount of management judgment.

[removed: We typically] [added: When necessary, we] engage third-party valuation specialists to assist us in making [added: these] fair value determinations.

[removed: The third-party valuation specialists] [added: We] generally use discounted cash flow models, which require [removed: internally-developed] [added: internally developed] assumptions, to determine the acquisition fair value of customer relationship intangible assets and developed technology software assets.

We had no [removed: significant] [added: material] business [removed: combinations] [added: combinations, individually or in the aggregate,] during [added: the years ended December 31,] 2023 and 2022.

Our reporting units are the same as our primary operating segments, with additional reporting [removed: units] [added: units, as applicable,] for certain non-strategic businesses within the Corporate and Other segment.

When a quantitative assessment is triggered or elected, we typically engage third-party valuation specialists to assist us in determining the fair value of the reporting unit based on the weighted average of two valuation techniques: an income approach [added: (also known as the discounted cash flow method) and a market approach.]

For [removed: our Banking] [added: 2023] and [removed: Capital Markets reporting units, for which previous third-party valuations have historically indicated substantial excess of fair value over carrying amounts, our 2021] [added: 2024, we performed a] qualitative annual assessment [added: of these reporting units and] concluded that it remained more likely than not that the fair [removed: value of each] [added: values] of [removed: the] [added: these] reporting units continued to exceed their respective carrying amounts.

For [removed: 2022,] [added: our Banking and Capital Markets reporting units,] we performed a quantitative annual assessment [added: in 2022] which [removed: again] concluded that the fair values of these reporting units substantially exceeded their respective carrying amounts.

We are a party to [removed: certain historical] related-party agreements [added: with Worldpay] as discussed in Note [removed: 19] [added: 4] to the consolidated financial statements.

In connection with the closing of the Worldpay Sale, we entered into several agreements with certain Worldpay [removed: entities,] [added: entities and entered into additional agreements with Worldpay during 2024,] as further described in Note [removed: 24] [added: 4] to the consolidated financial statements.

| | | | [added: 2024] | | | | | | [added: 2023] | | | | | | [added: 2022] | | | | | | [removed: 2023 vs] [added: 2023] | | | | | | [removed: 2022 vs] [added: 2022] | | | | | | [removed: 2023 vs] [added: 2023] | | | | | | [removed: 2022 vs] [added: 2022] | | |

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Gross profit margin | | | [removed: 37] [added: 38] | | % | | | | [removed: 36] [added: 37] | | % | | | | 36 | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| Selling, general and administrative expenses | | | [removed: (2,096)] [added: (2,185)] | | | | | | [removed: (2,182)] [added: (2,096)] | | | | | | [removed: (2,115)] [added: (2,182)] | | | | | | [removed: 86] [added: (89)] | | | | | | [removed: (67)] [added: 86] | | | | | | [removed: (4)] [added: 4] | | | | | | [removed: 3] [added: (4)] | | |

| Asset impairments | | | [removed: (113)] [added: (52)] | | | | | | [removed: (103)] [added: (113)] | | | | | | [removed: (194)] [added: (103)] | | | | | | [removed: (10)] [added: 61] | | | | | | [removed: 91] [added: (10)] | | | | | | NM | | | | | | NM | | |

See "Statement Regarding Forward-Looking Information" and "*Risk Factors*" in Item 1A

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Revenue Sources and Markets

Economic Trends

We are experiencing relatively stable sales cycles and levels of client activity across our businesses.

We have experienced, and continue to experience, relatively high inflation in our primary markets over the medium-term cycle.

However, during 2024, we used a portion of the net proceeds from the Worldpay Sale to repay our borrowings under our commercial paper programs and reduce our long-term debt, which has decreased our interest expense from previous levels.

Impacts of foreign currency fluctuations remained slightly favorable during 2024.

Worldpay Sale

As a result of the Worldpay Sale, we recorded an estimated loss on sale of $578 million during 2024.

We also recorded a tax benefit of $1.1 billion, primarily from the release of U.S. deferred tax liabilities that were not transferred in the Worldpay Sale, net of the estimated U.S. tax cost that we expect to incur as a result of the Worldpay Sale.

Completion of remaining purchase agreement provisions in connection with the Worldpay Sale could result in further adjustments to the loss on sale amount and the estimated U.S. tax cost.

Investments in Innovation

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processing systems and related software applications and risk management platforms.

Digital One Platform

Consumer preference, particularly in younger generations, continues to shift from traditional branch banking services to digital-first banking solutions.

It is increasingly clear that a priority for our clients is to provide a unified, engaging and inclusive banking experience powered by digital capabilities across all channels and customer activities.

Our Digital One platform helps our clients, from top-tier large financial institutions with over $10 billion in assets to top-tier and mid-tier community banks, provide a set of modern digital solutions to support all customer types, including retail consumers, sole proprietors, small businesses and large corporations, through any channel, including desktop, tablet, smartphone, and branch.

The Digital One platform is host-agnostic, and our digital suite has been enabled across multiple FIS core banking platforms, including IBS, Horizon, Modern Banking Platform, AffinityEdge, and Systematics, in addition to non-FIS platforms run by banking financial institutions who demand market-leading digital capabilities.

Banking Industry Consolidation

Demand in Payments Market

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

Cybersecurity Threats and Solutions

This is a trend we expect to continue with widespread impacts, including potentially some pertinent to FIS.

Any portion of the purchase price in excess of the recorded amount of the net identifiable assets acquired is recognized as goodwill.

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During the year ended December 31, 2024, we had three acquisitions that were accounted for as business combinations, as discussed in Note 5 to the consolidated financial statements.

Income Taxes

There is inherent uncertainty in quantifying our income tax positions.

Management judgment is required to determine our provision for income taxes and income tax assets and liabilities.

Management assesses our tax positions based on the application of accounting principles to our facts and circumstances and our interpretation of the tax laws, treaties and regulations, which are complex, vary by jurisdiction and may be subject to different interpretation by relevant taxing authorities.

We have various tax filing positions, including the allocation of income among various jurisdictions and the applicability of deductions and credits, which affect the timing and amount of our taxable income.

We record a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized.

We also evaluate and measure uncertain tax

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positions taken or expected to be taken on tax returns and record liabilities for such positions that in our judgment may not be sustained, or only partially sustained, upon examination by taxing authorities.

Our assessment may change based on various factors, including changes in facts or circumstances, changes in tax law and audit activity.

Although we believe that our estimates and judgments are reasonable, actual results may differ from these estimates.

If one or more of the taxing authorities were to successfully challenge a position taken, it could have a material adverse effect on our financial condition, results of operations or cash flows.

The U.S. and Europe, the two largest geographic areas for our businesses, are experiencing slower economic growth than in previous years.

Lengthening sales cycles observed in 2022, particularly for large Banking transactions with a total contract value in excess of $50 million, persisted during most of 2023, which we believe resulted from economic uncertainty.

We also experienced, and continue to experience, higher rates of inflation in these markets, including increasing wage and benefits rates, which management believes is in part due to inflation and in part due to competitive job markets for the skilled employees who support our businesses, as well as increasing non-labor-related costs.

The magnitude of future effects of slower economic growth, including lengthy sales cycles and inflation, is difficult to predict, although these factors have had an adverse effect on our results of operations and, to the extent they persist, may continue to have a negative effect.

In 2022, the strengthening of the U.S. dollar had a negative impact on our revenue and earnings, while in 2023, impacts of foreign currency fluctuations were slightly favorable.

The combined effect of the factors noted above resulted in 2023 revenue growth being slower than in 2022, and 2023 net earnings declined compared to 2022.

Over the longer term, we are targeting improvements in revenue growth and margins to the extent of improving economic conditions and in response to planned management actions, including our Future Forward program discussed below.

Slowing growth trends affecting our discontinued operations observed over the second half of 2022, reflecting both slower economic growth, particularly in the U.K., and competitive pressures, continued over the course of 2023.

In 2022, we recorded a goodwill impairment charge of $17.6 billion related to the held-for-sale reporting unit, reflecting our intermediate-term growth expectations.

In the second quarter of 2023, we recorded an additional $6.8 billion goodwill impairment, reflective of the price at which we agreed to sell a majority interest in the Worldpay Merchant Solutions business to Buyer as discussed further below.

Also as discussed in Note 3, the Company recorded a $1.9 billion valuation allowance against the assets held for sale in the disposal group, primarily as a result of the exclusion of certain deferred tax liabilities that were not transferring to the Joint Venture in the Worldpay Sale.

As of January 31, 2024, the closing date of the Worldpay Sale, the assets held for sale, net of the valuation

allowance, and the liabilities held for sale were derecognized, and any additional gain or loss on sale will be recorded in our discontinued operations for the first quarter of 2024.

The closing adjustments relate to estimated closing levels of the Worldpay Merchant Solutions business' debt, working capital relative to an agreed target and available cash relative to an agreed minimum of not less than $1.5 billion and will be trued-up post-closing.

In November 2022, we launched an enterprise-wide efficiency program, Future Forward, with a focus on streamlining operations, accelerating time to market of new solutions and improving profitability and cash flow.

As of December 31, 2023, on a continuing operations basis, we achieved annualized run-rate Future Forward cash savings of over $550 million exiting the quarter, including over $370 million of operational expense savings and approximately $180 million of capital expense savings.

We continue to expect cash savings exiting 2024 of $1.0 billion, of which over 75 percent represents run-rate cash savings.

As a provider of outsourced solutions, we benefit from multi-year recurring revenue streams, which help moderate the effects of broader year-to-year economic and market changes that otherwise might have a larger impact on our results of operations.

Consumer preference continues to shift from traditional branch banking services to digital banking solutions, and our clients seek to provide a single integrated banking experience through their branch, mobile, internet and voice banking channels.

We have been providing our large regional banking customers in the U.S. with Digital One, an integrated digital banking platform, and are now adding functionality and offering Digital One to our community bank clients to provide a consistent, omnichannel experience for consumers of banking services across self-service channels like mobile banking and online banking, as well as supporting channels for bank staff operating in bank branches and contact centers.

Digital One is integrated into several of the core banking platforms offered by FIS and is also offered to customers of non-FIS core banking systems.

involved in a consolidation and our solutions are not chosen to support the newly combined entity.

Recent U.S. bank failures could negatively impact our results to the extent more of our customers become illiquid; however, our current exposure to recent closures is limited, and we may be a long-term beneficiary of these closures.

As a leading provider of financial technology services to the top 100 U.S. banks by asset size as well as other global financial institutions, FIS boasts a highly diversified customer base, with no single customer accounting for more than approximately 2% of 2023 revenue from continuing operations.

With respect to U.S. financial institution customers that closed during 2023, FIS expects to continue to provide services for the majority of these banks, and our revenue exposure from potential contract terminations related to these banks is not material.

Further, FIS' core banking customer contracts are generally structured with fees that increase based on the number of active accounts or transactions rather than the amount of deposits.

Thus, to the extent account volume increases, we are positioned to benefit from this growth as a leading core banking services provider to large financial institutions.

This is a trend we expect to continue.

determination of distinct performance obligations.

(also known as the discounted cash flow method) and a market approach.

For 2023, we performed a qualitative annual assessment of these reporting units and concluded that it remained more likely than not that the fair values of these reporting units continued to exceed their respective carrying amounts.

| Revenue | | | $ | 9,821 | | | | | $ | 9,719 | | | | | $ | 9,339 | | | | | $ | 102 | | | | | $ | 380 | | | | | 1 | | % | | | | 4 | | % |

| Cost of revenue | | | (6,145) | | | | | | (6,216) | | | | | | (5,990) | | | | | | 71 | | | | | | (226) | | | | | | (1) | | | | | | 4 | | |

| Gross profit | | | 3,676 | | | | | | 3,503 | | | | | | 3,349 | | | | | | 173 | | | | | | 154 | | | | | | 5 | | | | | | 5 | | |

| Operating income | | | 1,467 | | | | | | 1,218 | | | | | | 1,040 | | | | | | 249 | | | | | | 178 | | | | | | 20 | | | | | | 17 | | |

Revenue was negatively impacted by unfavorable foreign currency movements, primarily related to a stronger U.S. Dollar versus the British Pound Sterling and Euro.

Cost of revenue for the year ended December 31, 2022, increased due to the revenue variances noted above and cost inflation, partially offset by lower intangible asset amortization resulting primarily from foreign currency movements.

Gross profit increased primarily due to revenue variances noted above.

Gross profit margin was essentially flat when comparing 2022 to 2021.

The 2021 period included accelerated stock compensation expense recorded associated with the establishment of the Qualified Retirement Equity Program that modified our existing stock compensation plans as described in Note 18 to the consolidated financial statements.

Our fixed-rate senior notes (as included in Note [removed: 13] [added: 14] to the consolidated financial statements) represent the majority of our fixed-rate long-term debt obligations as of December 31, [removed: 2023.][added: 2024.]

The carrying value, excluding the fair value basis adjustments due to interest rate swaps described below and unamortized discounts, of our senior notes was [removed: $14.8] [added: $10.7] billion as of December 31, [removed: 2023.][added: 2024.]

The fair value of our senior notes was approximately [removed: $13.7] [added: $9.9] billion as of December 31, [removed: 2023.][added: 2024.]

Our variable-rate risk principally relates to borrowings under our U.S. commercial paper program, Euro-commercial paper [removed: program, Revolving Credit Facility] [added: program] and [removed: Incremental] Revolving Credit Facility (as included in Note [removed: 13] [added: 14] to the consolidated financial statements) (collectively, "variable-rate debt").

[removed: At] [added: As of] December 31, [removed: 2023,] [added: 2024,] our weighted-average cost of debt was [removed: 3.5%] [added: 2.8%] with a weighted-average maturity of [removed: 5.2] [added: 6.2] years; [removed: 77%] [added: 93%] of our debt was fixed rate, and the remaining [removed: 23%] [added: 7%] was variable-rate debt, inclusive of fair value basis adjustments due to interest rate swaps.

A 100 basis-point increase in the weighted-average interest rate on our variable-rate debt would have increased our [removed: 2023] [added: 2024] annual interest expense by [removed: $49] [added: $8] million.

We performed the foregoing sensitivity analysis based solely on the outstanding balance of our variable-rate debt as of December 31, [removed: 2023.][added: 2024.]

For comparison purposes, based on the outstanding balance of our variable-rate debt as of December 31, [removed: 2022,] [added: 2023,] and calculated in the same manner as set forth above, an increase of 100 basis points in the weighted-average interest rate would have increased our annual interest expense by approximately [removed: $75] [added: $49] million.

We manage the exposure to these risks through a combination of normal operating activities and the use of foreign currency forward contracts and non-derivative and derivative [removed: investment hedges.][added: instruments.]

During the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] we generated approximately [removed: $1,261] [added: $1,267] million, [removed: $1,288] [added: $1,261] million and [removed: $1,330] [added: $1,288] million, respectively, in revenue denominated in currencies other than the U.S. Dollar.

The major currencies to which our revenue is exposed are the British Pound Sterling, Euro, Brazilian Real, [added: Australian Dollar,] Swedish Krona, [removed: Australian Dollar] [added: Swiss Franc] and Indian Rupee.

A 10% movement in average exchange rates for these currencies (assuming a simultaneous and immediate 10% change in all of such rates for the relevant period) would have resulted in the following increase or decrease in our reported revenue for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] (in millions):

| Currency | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Pound Sterling | | | | | | $ | 43 | | | | | $ | [removed: 42] [added: 43] | | | | | $ | [removed: 41] [added: 42] | |

| Euro | | | | | | [removed: 25] [added: 27] | | | | | | [removed: 26] [added: 25] | | | | | | [removed: 28] [added: 26] | | |

| Real | | | | | | [removed: 14] [added: 12] | | | | | | [removed: 15] [added: 14] | | | | | | [removed: 14] [added: 15] | | |

| Swedish Krona | | | | | | [removed: 10] [added: 8] | | | | | | [removed: 7] [added: 10] | | | | | | 7 | | |

| [added: Indian] Rupee | | | | | | [removed: 6] [added: 5] | | | | | | [removed: 9] [added: 6] | | | | | | [removed: 11] [added: 9] | | |

| Australian Dollar | | | | | | [removed: 7] [added: 9] | | | | | | 7 | | | | | | [removed: 6] [added: 7] | | |

The Company also utilizes foreign currency-denominated debt and cross-currency interest rate swaps designated as net investment hedges in order to reduce the volatility of the net investment value of certain of its [removed: Euro and Pound Sterling] [added: non-U.S. dollar] functional [added: currency] subsidiaries and utilizes cross-currency interest rate swaps designated as fair value hedges in order to mitigate the impact of foreign currency risk associated with our foreign currency-denominated debt (see Note [removed: 14] [added: 15] to the consolidated financial statements).

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| Swiss Franc | | | | | | 6 | | | | | | 5 | | | | | | 5 | | |

| Total increase or decrease | | | | | | $ | 110 | | | | | $ | 110 | | | | | $ | 111 | |

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[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

As of December 31, 2023, the notional amounts of our fixed-to-variable interest rate swaps no longer contribute to interest rate risk, as described further below.

During the quarter ended September 30, 2023, the Company de-designated its fixed-to-variable interest rate swaps as fair value hedges for accounting purposes and entered into offsetting variable-to-fixed interest rate swaps.

The Company accounts for the de-designated fixed-to-variable and offsetting variable-to-fixed interest rate swaps as economic hedges; as such,

effective as of the de-designation dates, changes in interest rates associated with the variable leg of the interest rate swaps do not affect the interest expense that we recognize, eliminating our variable-rate risk on our fixed-to-variable interest rate swaps.

The de-designation of the fixed-to-variable interest rate swaps resulted in final fair value basis adjustments that are amortized into interest expense over the remaining periods to maturity of the respective debt as described in Note 14 to the consolidated financial statements.

The fair value basis adjustments recorded as a decrease of the long-term debt totaled $594 million, net of amortization, as of December 31, 2023, with $41 million amortized as interest expense for the year ending December 31, 2023.

| Total increase or decrease | | | | | | $ | 105 | | | | | $ | 106 | | | | | $ | 107 | |

FIS is a [removed: leading global provider of] financial [removed: services] technology [added: company providing] solutions [removed: for] [added: to] financial institutions, businesses and developers.

On January 31, 2024, [removed: the Company] [added: we] completed the [removed: previously announced] sale (the "Worldpay Sale") of a 55% equity interest in [removed: its] [added: our] Worldpay Merchant Solutions business to private equity funds managed by [removed: GTCR] [added: GTCR, LLC] (such funds, the "Buyer").

[removed: As of the closing, we retained a non-controlling 45% ownership interest in a new standalone joint venture (the "Joint Venture" or "Worldpay"), which will continue] [added: Worldpay continues] to provide merchant acquiring and related services to businesses of all [removed: size] [added: sizes] and across any industry globally, enabling them to accept, authorize and settle electronic payment transactions.

In connection with the Worldpay Sale, FIS and Worldpay [removed: have] entered into commercial agreements, preserving a key value proposition for clients of both businesses and reducing potential dis-synergies.

FIS and Worldpay also entered into additional agreements as described in Note [removed: 24] [added: 4] to the consolidated financial statements.

- *Extensive Domain Expertise and Portfolio Breadth.* FIS' significant expertise in the markets and domains we serve [removed: has enabled] [added: enables] us to [removed: bring to market] [added: deliver] a broad range of innovative software applications and [added: flexible] service [removed: offerings.][added: offerings, ranging from managed processing arrangements, either at the client site or hosted at an FIS data center or in our private cloud, to traditional license and maintenance arrangements.]

[removed: This broad] [added: Our expansive] solution set allows us to bundle tailored or integrated services to compete effectively.

- *Excellent and Long-term Relationships with Clients.* A significant percentage of our business [removed: with our clients] relates to solutions provided under multi-year, recurring contracts.

[removed: As the breadth of FIS' service offerings has] expanded, we have found that our deep and broad access within our clients' organizations presents greater opportunities for cross-selling and up-selling solutions to our clients.

We have made significant investment in modernizing our platforms and solutions and [removed: in moving] [added: have moved substantially all of] our server compute into our private cloud located in our strategic data centers, supplemented by public clouds in certain regions, to increase speed of delivery to clients and increase solution availability to industry-best levels.

- *Build, Buy, or Partner to Add Solutions to Win New Clients and Cross-sell to Existing Clients.* We continue to invest in our solution portfolio through internal software [removed: development] [added: development,] as well as through [removed: acquisitions and] [added: acquisitions,] equity investments [added: and partnerships] that complement and extend our existing solutions and capabilities, providing us with additional solutions to cross-sell to [removed: existing] [added: current] clients and to capture the interest of new clients.

As clients and prospects evaluate technology, business process changes and vendor risks, our depth of service capabilities [removed: enable] [added: enables] us to become involved earlier in their planning and design process and assist them as they manage these changes.

- *Expand Distribution.* Through our global sales force and strategic commercial partnerships, we drive growth through client additions and [removed: through] the expansion of existing client relationships in support of our clients' growth ambitions.

Our clients [removed: across our strategic global markets reach across the size spectrum] [added: range] from large banks, financial institutions and other enterprises, including [removed: global or] multi-national clients, to [removed: small] community or regional financial institutions and other businesses.

We also continually review our portfolio of assets and businesses to assess their fit with our strategy and [removed: will] [added: will,] from time to [removed: time] [added: time,] decide to wind down or divest businesses or assets to redeploy capital to our areas of strategic focus.

[removed: As a result of the Worldpay Sale, the] [added: The] results of the Worldpay Merchant Solutions business have been recast as discontinued operations for all periods presented.

Accordingly, the Company no longer reports the Merchant Solutions [removed: segment.]

The assets and liabilities of the Worldpay Merchant Solutions business disposal group are presented separately on the consolidated balance sheets, and the operating results have been reflected as discontinued [removed: operations,] [added: operations] for all periods presented.

[removed: In future reports,] FIS' share of the net income of [removed: the Joint Venture will be] [added: Worldpay is] reported as equity method investment earnings (loss).

See also Notes [removed: 5] [added: 6] and 22 to the consolidated financial statements for additional information about our segment revenue.

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Capital Market Solutions | | | [removed: 2,766] [added: 2,979] | | | | | | [removed: 2,631] [added: 2,766] | | | | | | [removed: 2,495] [added: 2,631] | | |

| Corporate and Other | | | [removed: 322] [added: 256] | | | | | | [removed: 464] [added: 322] | | | | | | [removed: 483] [added: 464] | | |

The Banking segment is focused on serving financial institutions [removed: of all sizes] with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software.

Our innovative digital banking capabilities are now available to financial institutions [removed: of all sizes] with continually expanding [removed: functionality.]

[added: Our risk management solutions use our proprietary risk management] models and data sources to assist in detecting fraud and assessing the risk of opening a new account.

We are also a leading provider of prepaid card solutions, which include digital cards, gift cards and reloadable cards, with end-to-end solutions for [added: the] development, processing and administration of stored-value programs, including government benefit programs.

Also through our networks, clients such as financial institutions, retailers and independent ATM operators can capitalize on the efficiency, consumer convenience and security of electronic real-time payments, real-time account-to-account transfers, and strategic [removed: alliances] [added: alliances,] such as surcharge-free ATM network arrangements.

The Capital Markets segment is focused on serving global financial services clients and corporations with a broad array of [removed: buy-and] [added: buy- and] sell-side, treasury, risk management and lending solutions.

Clients in this segment include asset managers, [added: private equity firms,] sell-side securities brokerage and trading firms, insurers, [removed: private equity firms,] asset and auto financiers and other commercial organizations.

Our solutions include a variety of mission-critical buy- and sell-side applications for recordkeeping, data and analytics, trading and [removed: financing] [added: financing,] as well as corporate treasury and risk management applications.

[added: We have made, and continue to] make, investments in modern platforms, advanced technologies, open APIs, machine learning and artificial intelligence, and regulatory technology to support our Capital Markets clients.

- *Trading and Asset Services.* We offer solutions that support our customers across the buy [removed: side] and sell [removed: side] [added: sides] of the capital markets industry, assisting them to control their front, middle and back office operations through integrated ecosystems.

The overhead and leveraged costs relate to corporate marketing, finance, accounting, human resources, legal, compliance and internal audit [removed: functions] [added: functions,] as well as other costs, such as acquisition, integration and transformation-related expenses and amortization of acquisition-related intangibles, that are not considered when management evaluates revenue-generating segment performance.

Our sales personnel have expertise in particular solutions, geographic markets and industry [removed: verticals] [added: verticals,] as well as across our various client segments.

[removed: We target the] [added: The] majority of our prospects [added: are identified] via direct and/or indirect field sales, as well as inbound and outbound lead generation, telesales and virtual sales efforts.

Our global marketing team develops and leads the execution of global, [removed: industry-specific] [added: role-specific] and [removed: geographic-based] [added: geography-based] strategic marketing plans in support of the segments' reputation and relationship building goals in addition to their revenue and profitability goals.

Key components of our strategic plans include brand amplification and digital enablement; market and competitive research; voice of the customer and client engagement; thought leadership; integrated go-to-market programs; internal communications and readiness; journalists and social media [removed: engagement,] [added: engagement;] industry analyst relations; client events; trade shows; high-touch client programs; demand generation campaigns; account- and deal-based marketing programs; collateral development and management across digital and online channels; and the launch of new products to market.

The markets for our solutions are intensely [removed: competitive.][added: competitive across both established companies and new industry entrants.]

Depending on the business line, our primary competitors include, but are not limited to, internal technology or software development departments within financial institutions or other large [removed: companies,] [added: companies;] global and regional companies providing [removed: payment services, third-party payment processors,] [added: banking,] payment [removed: facilitators,] [added: and capital markets services;] embedded payment solution [removed: providers,] [added: providers;] securities [removed: exchanges,] [added: exchanges;] asset [removed: managers,] [added: managers;] card [removed: associations,] [added: associations;] clearing networks or [removed: associations,] [added: associations;] trust [removed: companies,] [added: companies;] independent computer services [removed: firms,] [added: firms;] companies that develop [removed: and deploy] [added: verticalized] software [removed: applications,] [added: applications;] companies owned by global banks selling competitive [removed: solutions,] [added: solutions;] companies that provide customized development, implementation and support [removed: services,] [added: services;] emerging technology [removed: innovators,] [added: innovators] and business process outsourcing companies.

About FIS

We unlock financial technology to the world across the money lifecycle underpinning the world's financial systems.

Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses.

Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology.

Growth and Strategy Objectives

Worldpay Sale Summary

FIS retained a non-controlling 45% equity interest in a new standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), following the closing of the Worldpay Sale.

As the breadth of FIS' service offerings has

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At the same time, to the extent our businesses generate excess cash, we strategically use it to repurchase shares, repay debt, pay dividends or for other corporate purposes.

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segment.

| Banking Solutions (1) | | | $ | 6,892 | | | | | $ | 6,743 | | | | | $ | 6,625 | |

| Total Consolidated Revenue | | | $ | 10,127 | | | | | $ | 9,831 | | | | | $ | 9,720 | |

(1)During 2024, the Company revised its previously issued consolidated financial statements as of and for the annual periods ended December 31, 2023 and 2022, to correct certain immaterial misstatements.

See Note 24 to the consolidated financial statements for information about our revision of prior-period consolidated financial statements.

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functionality.

We offer a modern, core-agnostic payment hub with real-time fraud monitoring across payment rails.

We own and operate several U.S. domestic debit, prepaid, ATM and credit networks that carry transactions for a variety of transaction modes.

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Our other operating income recorded in connection with our transaction services arrangements with Worldpay is also recorded in Corporate and Other.

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Technology Development

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In some cases, we may be required to support our clients in achieving compliance with certain laws and regulations by virtue of the services that we provide to them.

For example, under the E.U. Digital Operational Resilience Act ("DORA"), which came into force in January 2025, our E.U. financial entity clients will require us, as a third-party provider of information and communication technology services, to contract with and manage our relationships with them (and, where applicable, our relationships with critical third-party technology vendors in our supply chain) in accordance with the requirements of DORA.

Failure to support our clients in achieving compliance with DORA and similar global regulatory regimes may cause us to lose revenue or clients and/or result in damage to our reputation, and may also attract scrutiny from regulators.

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As a provider of solutions to financial institutions, we are required to comply with the

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In addition, our U.K. regulated entity, Platform Securities LLP, is required to comply with the FCA’s Consumer Duty (the "Duty") in connection with its Wealth business.

The Duty sets high standards of consumer protection across financial services and requires firms to put their customers' needs first.

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We improve the digital transformation of our financial economy, advancing the way the world pays, banks and invests.

We provide the confidence made possible when reliability meets innovation, helping our clients run, grow and protect their business.

This broad portfolio of solutions includes a wide range of flexible service arrangements, from managed processing arrangements, either at the client site or hosted at an FIS location, including data centers or our private cloud, to traditional license and maintenance approaches.

We also partner from time to time with other entities to provide comprehensive offerings to our clients and prospects.

The consolidated statement of cash flows continues to include cash flows from both continuing and discontinued operations.

Cash flows from operating, investing and financing activities for discontinued operations are presented in Note 3 to our consolidated financial statements included herein.

| Banking Solutions | | | $ | 6,733 | | | | | $ | 6,624 | | | | | $ | 6,361 | |

| Total Consolidated Revenue | | | $ | 9,821 | | | | | $ | 9,719 | | | | | $ | 9,339 | |

Our risk management solutions use our proprietary risk management

We provide traditional ATM-based debit network access through NYCE, other branded networks, and emerging real-time payment alternatives.

We have made, and continue to

Some of these competitors possess greater financial, sales and marketing resources than we do.

Research and Development

While these

Stock Exchange, also have regulatory or oversight authority over our broker-dealer.

As of February 1, 2024, following the completion of the Worldpay Sale, we had approximately 52,000 employees, including over 33,000 employees principally employed outside of the U.S. and approximately 7,000 employees represented by labor unions or works councils.

This total excludes a number of employees in certain jurisdictions who are providing services exclusively for Worldpay, pursuant to an employee leasing agreement entered into between FIS and Worldpay as part of the transition services arrangements executed at the closing of the Worldpay Sale, for up to five months after the closing, after which they are expected to transfer to Worldpay.

In addition to our employees, we also benefit from the services of independent contractors and consultants.

In 2023, we began offering mental health training to all managers and are expanding the training opportunity to all employees.

Our Board of Directors and senior leaders are united in championing inclusion and diversity within our workforce.

Oversight of the FIS Inclusion & Diversity strategy is led by the Chief Inclusion and Diversity Officer and championed by an Enterprise Inclusion and Diversity Council chaired by the Chief People Officer and includes participation and leadership of senior executives of the Company.

Further, the Company sponsors Inclusion Networks, which are led by employees who share common backgrounds and experiences.

These groups support their members while promoting the Company's overall goal of fostering an inclusive work environment.

Current FIS Inclusion Networks include Women, Asian and Pacific Islander, Black, Hispanic and Latinx, Disability, LGBTQ+, Rising Professionals, Veterans, and Working Families.

We have also invested in our hiring program for recent college graduates, who are critical to building our pipeline of future leaders, and have implemented a program to help eligible participants pay down their college tuition debt.

[removed: In the ordinary course of business, the] [added: The] Company is involved in various pending and threatened litigation matters related to its business and operations, some of which include claims for punitive or exemplary damages.

See Note [removed: 17] [added: 18] to the consolidated financial statements for information about certain legal matters and indemnifications and warranties.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in [added: Rule 12b-2 of the Exchange Act.]

As of June 30, [removed: 2023,] [added: 2024,] the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of the registrant's common stock held by nonaffiliates was [removed: $32,389,069,008] [added: $41,321,625,726] based on the closing sale price of [removed: $54.70] [added: $75.36] on that date as reported by the New York Stock Exchange.

The number of shares outstanding of the registrant's common stock, $0.01 par value per share, was [removed: 576,465,736] [added: 529,691,586] as of February [removed: 22, 2024.][added: 11, 2025.]

The information in Part III hereof is incorporated herein by reference to the registrant’s Proxy Statement on Schedule 14A for the fiscal year ended December 31, [removed: 2023,] [added: 2024,] to be filed within 120 days after the close of the fiscal year that is the subject of this Report.

[removed: 2023] [added: 2024] FORM 10-K ANNUAL REPORT

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| [PART I](#i81679e0eb29045eda5fcc29f384c4f9c_10) | | | | | | | | |

| [Item 1C.](#i81679e0eb29045eda5fcc29f384c4f9c_22) | | | [Cybersecurity](#i81679e0eb29045eda5fcc29f384c4f9c_22) | | | [27](#i81679e0eb29045eda5fcc29f384c4f9c_22) | | |

| [PART II](#i81679e0eb29045eda5fcc29f384c4f9c_34) | | | | | | | | |

| [PART III](#i81679e0eb29045eda5fcc29f384c4f9c_214) | | | | | | | | |

| [PART IV](#i81679e0eb29045eda5fcc29f384c4f9c_220) | | | | | | | | |

| [Signatures](#i81679e0eb29045eda5fcc29f384c4f9c_229) | | | | | | [111](#i81679e0eb29045eda5fcc29f384c4f9c_229) | | |

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

| 1.100% Senior Notes due 2024 | | | | | | FIS24A | | | | | | New York Stock Exchange | | |

Rule 12b-2 of the Exchange Act.

| [PART I](#i1532cef788a64c46a0126e77780221ba_10) | | | | | | | | |

| [Item 1](#i1532cef788a64c46a0126e77780221ba_2263)[C](#i1532cef788a64c46a0126e77780221ba_2263)[.](#i1532cef788a64c46a0126e77780221ba_2263) | | | [Cybersecurity](#i1532cef788a64c46a0126e77780221ba_2263) | | | [27](#i1532cef788a64c46a0126e77780221ba_2263) | | |

| [PART II](#i1532cef788a64c46a0126e77780221ba_31) | | | | | | | | |

| [PART III](#i1532cef788a64c46a0126e77780221ba_202) | | | | | | | | |

| [PART IV](#i1532cef788a64c46a0126e77780221ba_208) | | | | | | | | |

| [Signatures](#i1532cef788a64c46a0126e77780221ba_217) | | | | | | [103](#i1532cef788a64c46a0126e77780221ba_217) | | |

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

As part of our business, [removed: FIS, its vendors] [added: FIS] and [added: its vendors,] technology [removed: partners] [added: partners, and clients] electronically receive, process, store and transmit a wide range of confidential information, including sensitive customer information and consumer personal data.

There is a growing trend of identifying and exploiting vulnerabilities in widely used technologies or vendor systems, allowing a single compromise [added: or failure] to extend unauthorized access to numerous systems.

Our processes include the activities of the FIS Cyber Fusion Center, which provides 24x7x365 cybersecurity [added: threat] monitoring and [removed: incident] response.

Our Chief Information Security Officer has [added: over] 15 years of technology and cybersecurity experience, including previous senior leadership roles at major financial institutions and possesses industry certifications such as the Certified Information Systems Security Professional (CISSP).

Additional leaders and key contributors composing the cybersecurity leadership team possess specific expertise, certifications, and previous work experience aligned to their assigned [removed: domains.][added: responsibilities.]

For a full discussion of risks from cybersecurity threats, see the section entitled [removed: "Risk Factors"] [added: "*Risk Factors*"] in Item 1A.

See "*Risk Factors*" in Item 1A.

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

See "Risk Factors."

In addition, FIS owns or leases support centers, data processing facilities and other facilities at approximately [removed: 80] [added: 85] locations.

Our common stock trades on the New York Stock Exchange under the ticker symbol "FIS." As of January 31, [removed: 2024,] [added: 2025,] there were approximately [removed: 9,580] [added: 9,024] shareholders of record of our common stock.

In [removed: February 2024,] [added: January 2025,] the Board of Directors approved a quarterly dividend of [removed: $0.36] [added: $0.40] per share beginning with the first quarter of [removed: 2024.][added: 2025.]

A regular quarterly dividend of [removed: $0.36] [added: $0.40] per common share is payable on March [removed: 22, 2024,] [added: 25, 2025,] to shareholders of record as of the close of business on March [removed: 8, 2024.][added: 11, 2025.]

We currently expect to continue to pay quarterly dividends at a target payout ratio consistent with our capital allocation [removed: strategy (without] [added: strategy, without] regard to [removed: net] [added: our equity method investment] earnings (loss) attributable to [removed: the non-controlling] [added: our] interest [removed: that the Company] retained in Worldpay [removed: post-separation).][added: post-separation.]

In January 2021, our Board of Directors approved a share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common [removed: stock at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans.][added: stock.]

[added: Neither of these repurchase programs has an expiration date, and either program] may be suspended for periods, amended or discontinued at any time.

Under the [removed: share repurchase] [added: January 2021] program, the Company repurchased approximately [removed: 9] [added: 54] million shares for an aggregate of [removed: $0.5] [added: $4.0] billion in [removed: 2023,] [added: 2024,] approximately [removed: 21] [added: 9] million shares for an aggregate of [removed: $1.8] [added: $0.5] billion in [removed: 2022,] [added: 2023,] and approximately [removed: 15] [added: 21] million shares for an aggregate of [removed: $2.0] [added: $1.8] billion [removed: during 2021.][added: in 2022.]

The following table summarizes the shares repurchased by the Company [added: under the January 2021 program] during the three-month period ended December 31, [removed: 2023,] [added: 2024,] and the number of shares remaining authorized for repurchase by the [removed: Company:][added: Company.]

The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from [removed: 12/31/2018] [added: 12/31/2019] to [removed: 12/31/2023.][added: 12/31/2024.]

][added: FIS 2024.jpg](https://www.sec.gov/Archives/edgar/data/1136893/000113689325000014/fis-20241231_g1.jpg)]

In August 2024, our Board of Directors approved a separate, incremental share repurchase program authorizing the repurchase of up to $3.0 billion in aggregate value of shares of our

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

common stock.

Repurchases under these programs will be made at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans.

Approximately 1 million shares remained available for repurchase under the January 2021 program as of December 31, 2024, and the Company will exhaust its authorization under this program in the first quarter of 2025, after which it will repurchase shares under the 2024 authorization.

As of December 31, 2024, the Company had not repurchased any shares under the August 2024 program.

| October 1-31, 2024 | | | | | | 4.3 | | | | | | $ | 87.89 | | | | | $ | 373.6 | | | | | 8.9 | | |

| November 1-30, 2024 | | | | | | 3.5 | | | | | | $ | 87.16 | | | | | 308.8 | | | | | | 5.4 | | |

| December 1-31, 2024 | | | | | | 4.0 | | | | | | $ | 83.25 | | | | | 333.0 | | | | | | 1.4 | | |

| | | | | | | 11.8 | | | | | | | | | | | | $ | 1,015.4 | | | | | | | |

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

| | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | | 12/23 | | | 12/24 | | |

| Fidelity National Information Services, Inc. | | | $ | 100.00 | | $ | 102.76 | | $ | 80.26 | | $ | 51.00 | | $ | 46.83 | | $ | 64.14 | |

| S&P 500 | | | $ | 100.00 | | $ | 118.40 | | $ | 152.39 | | $ | 124.79 | | $ | 157.59 | | $ | 197.02 | |

| S&P Supercap Data Processing & Outsourced Services | | | $ | 100.00 | | $ | 124.60 | | $ | 120.19 | | $ | 100.28 | | $ | 118.52 | | $ | 126.45 | |

The share repurchase program has no expiration date and

Approximately 55 million shares remain available for repurchase as of December 31, 2023.

| October 1-31, 2023 | | | | | | — | | | | | | $ | — | | | | | $ | — | | | | | 64.5 | | |

| November 1-30, 2023 | | | | | | 6.4 | | | | | | $ | 54.43 | | | | | 347.0 | | | | | | 58.2 | | |

| December 1-31, 2023 | | | | | | 2.7 | | | | | | $ | 59.40 | | | | | 162.9 | | | | | | 55.4 | | |

| | | | | | | 9.1 | | | | | | | | | | | | $ | 509.9 | | | | | | | |

| | | | 12/18 | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | | 12/23 | | |

| Fidelity National Information Services, Inc. | | | 100.00 | | | 137.17 | | | 140.96 | | | 110.09 | | | 69.96 | | | 64.24 | | |

| S&P 500 | | | 100.00 | | | 131.49 | | | 155.68 | | | 200.37 | | | 164.08 | | | 207.21 | | |

| S&P Supercap Data Processing & Outsourced Services | | | 100.00 | | | 144.59 | | | 180.16 | | | 173.78 | | | 144.99 | | | 171.36 | | |

| [Report of Independent Registered Public Accounting Firm on Internal Control over Financial [removed: Reporting](#i1532cef788a64c46a0126e77780221ba_97)] [added: Reporting](#i81679e0eb29045eda5fcc29f384c4f9c_100)] KPMG LLP, Jacksonville, Florida, Auditor Firm ID: 185 | | | [removed: [44](#i1532cef788a64c46a0126e77780221ba_97)] [added: [46](#i81679e0eb29045eda5fcc29f384c4f9c_100)] | | |

| [Report of Independent Registered Public Accounting Firm on the Consolidated Financial [removed: Statements](#i1532cef788a64c46a0126e77780221ba_100)] [added: Statements](#i81679e0eb29045eda5fcc29f384c4f9c_103)] KPMG LLP, Jacksonville, Florida, Auditor Firm ID: 185 | | | [removed: [45](#i1532cef788a64c46a0126e77780221ba_100)] [added: [47](#i81679e0eb29045eda5fcc29f384c4f9c_103)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 202](#i1532cef788a64c46a0126e77780221ba_103)[3](#i1532cef788a64c46a0126e77780221ba_103) [and 202](#i1532cef788a64c46a0126e77780221ba_103)2] [added: 2024 and 2023](#i81679e0eb29045eda5fcc29f384c4f9c_106)] | | | [removed: [48](#i1532cef788a64c46a0126e77780221ba_103)] [added: [50](#i81679e0eb29045eda5fcc29f384c4f9c_106)] | | |

| [Consolidated Statements of Earnings (Loss) for the years ended December 31, [removed: 202](#i1532cef788a64c46a0126e77780221ba_106)[3](#i1532cef788a64c46a0126e77780221ba_106)[, 202](#i1532cef788a64c46a0126e77780221ba_106)[2](#i1532cef788a64c46a0126e77780221ba_106) [and 202](#i1532cef788a64c46a0126e77780221ba_106)[1](#i1532cef788a64c46a0126e77780221ba_106)] [added: 2024, 2023 and 2022](#i81679e0eb29045eda5fcc29f384c4f9c_109)] | | | [removed: [49](#i1532cef788a64c46a0126e77780221ba_106)] [added: [51](#i81679e0eb29045eda5fcc29f384c4f9c_109)] | | |

| [Consolidated Statements of Comprehensive Earnings (Loss) for the years ended December 31, [removed: 202](#i1532cef788a64c46a0126e77780221ba_109)[3](#i1532cef788a64c46a0126e77780221ba_109)[, 202](#i1532cef788a64c46a0126e77780221ba_109)[2](#i1532cef788a64c46a0126e77780221ba_109) [and 202](#i1532cef788a64c46a0126e77780221ba_109)[1](#i1532cef788a64c46a0126e77780221ba_109)] [added: 2024, 2023 and 2022](#i81679e0eb29045eda5fcc29f384c4f9c_112)] | | | [removed: [50](#i1532cef788a64c46a0126e77780221ba_109)] [added: [52](#i81679e0eb29045eda5fcc29f384c4f9c_112)] | | |

| [Consolidated Statements of Equity for the years ended December 31, [removed: 202](#i1532cef788a64c46a0126e77780221ba_112)[3](#i1532cef788a64c46a0126e77780221ba_112)[, 202](#i1532cef788a64c46a0126e77780221ba_112)[2](#i1532cef788a64c46a0126e77780221ba_112) [and 202](#i1532cef788a64c46a0126e77780221ba_112)[1](#i1532cef788a64c46a0126e77780221ba_112)] [added: 2024, 2023 and 2022](#i81679e0eb29045eda5fcc29f384c4f9c_115)] | | | [removed: [51](#i1532cef788a64c46a0126e77780221ba_112)] [added: [53](#i81679e0eb29045eda5fcc29f384c4f9c_115)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#i1532cef788a64c46a0126e77780221ba_115)[3](#i1532cef788a64c46a0126e77780221ba_115)[, 202](#i1532cef788a64c46a0126e77780221ba_115)[2](#i1532cef788a64c46a0126e77780221ba_115) [and 202](#i1532cef788a64c46a0126e77780221ba_115)[1](#i1532cef788a64c46a0126e77780221ba_115)] [added: 2024, 2023 and 2022](#i81679e0eb29045eda5fcc29f384c4f9c_118)] | | | [removed: [52](#i1532cef788a64c46a0126e77780221ba_115)] [added: [54](#i81679e0eb29045eda5fcc29f384c4f9c_118)] | | |

[removed: | [Notes to Consolidated Financial Statements](#i1532cef788a64c46a0126e77780221ba_118) | | | [53](#i1532cef788a64c46a0126e77780221ba_118) | | |][added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)]

We have audited Fidelity National Information Services, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings (loss), comprehensive earnings (loss), equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 26, 2024] [added: 13, 2025] expressed an unqualified opinion on those consolidated financial statements.

We have audited the accompanying consolidated balance sheets of Fidelity National Information Services, Inc. and subsidiaries (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings (loss), comprehensive earnings (loss), equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: Company's] [added: Company’s] internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 26, 2024] [added: 13, 2025] expressed an unqualified opinion on the effectiveness of the [removed: Company's] [added: Company’s] internal control over financial reporting.

As disclosed in Note [removed: 5] [added: 2] to the consolidated financial statements, the [removed: Company's] [added: Company’s] revenue consists of the following types of revenue streams: i) transaction processing and services, ii) software maintenance, iii) software license, iv) professional services, and v) other recurring and non-recurring fees.

- assessed the recorded revenue by selecting a sample of transactions and comparing the amounts recognized for consistency with the [removed: Company's] [added: Company’s] accounting policies and underlying documentation, including contracts with customers and other relevant and reliable third-party [removed: data.][added: data]

As discussed in Notes 1 and 3 to the consolidated financial statements, on January 31, 2024, the Company completed the [removed: previously announced] sale [added: (Worldpay Sale)] of a 55% equity interest in its Worldpay Merchant Solutions business (the Disposal [removed: Group).][added: Group) to private equity funds managed by GTCR, LLC.]

During the third quarter of fiscal year 2023, [removed: management] [added: the Company analyzed quantitative and qualitative factors relevant to the Worldpay Merchant Solutions disposal group in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 205-20 and] determined that the [removed: proposed sale met the] [added: accounting] criteria [removed: for the Disposal Group] to be classified as [removed: held-for-sale and the associated results of operations were presented as discontinued operations] [added: held] for [removed: all periods presented in accordance with Accounting Standard Codification 205-20, Discontinued Operations (ASC 205-20).][added: sale were met, when a definitive purchase agreement was signed.]

The Worldpay Merchant Solutions business [removed: includes] [added: included] the former Merchant Solutions segment in addition to [removed: an insignificant non-strategic] [added: a] business previously included in the Corporate and Other [removed: segment.][added: segment, which have been reflected as discontinued operations for all periods presented.]

The Company's presentation of [added: earnings (loss) from] discontinued operations excludes general corporate overhead costs [removed: which] [added: that] were historically allocated to the Worldpay Merchant Solutions business.

Evaluating the sufficiency of audit evidence required subjective auditor judgment due to the manual process and volume of financial information used to [removed: determine the assets and liabilities of] [added: deconsolidate] the Disposal [removed: Group, and] [added: Group’s financial information from] the [removed: related results] [added: continuing operations] of [removed: operations, cash flows,] [added: the Company] and [removed: disclosures.][added: recognize the retained equity interest in the equity method investment.]

We applied auditor judgment to determine the nature and extent of procedures to be performed over the [removed: reporting] [added: deconsolidation and recognition] of [removed: discontinued operations.][added: the equity method investment.]

- evaluated the design and tested the operating effectiveness of certain internal controls [removed: within] [added: related to] the Company's [removed: discontinued operations process,] [added: deconsolidation of the Disposal Group and recognition of the retained equity interest,] including controls over the amounts [removed: recorded and] disclosed

- obtained and read the purchase and sale agreement for the [removed: proposed sale] [added: Worldpay Sale] and compared the terms of that agreement to the identification of the assets and liabilities included in the Disposal Group

- assessed the Company's [removed: identification of] [added: manual process to deconsolidate certain] assets and liabilities [removed: and the related results] of [removed: operations and cash flows of] the Disposal Group by testing [removed: the] completeness and accuracy of [removed: the Company's] [added: certain] accounting data and schedules [removed: that segregate] [added: of] the [added: Company used to deconsolidate the] Disposal [removed: Group] [added: Group’s financial information] from the continuing operations of the Company

December 31, [removed: 2023] [added: 2024] and [removed: 2022][added: 2023]

| | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and cash equivalents | | | $ | [removed: 440] [added: 834] | | | | | $ | [removed: 456] [added: 440] | |

| Settlement assets | | | [removed: 617] [added: 479] | | | | | | [removed: 592] [added: 617] | | |

| Trade receivables, net of allowance for credit losses of $31 [removed: and $31, respectively] | | | [added: | | | $ |] 1,730 | | | | | [added: $] | [removed: 1,834] [added: 8] | | | [added: | | $ | 1,738 | |]

| Other receivables | | | [added: | | |] 287 | | | | | | [removed: 437] [added: (178)] | | | [added: | | | 109 | | |]

| Prepaid expenses and other current assets | | | [added: | | |] 603 | | | | | | [removed: 509] [added: 38] | | | [added: | | | 641 | | |]

| Current assets held for sale | | | [removed: 10,111] [added: 1,115] | | | | | | [removed: 8,990] [added: 10,111] | | |

| Total current assets | | | [added: | | |] 13,788 | | | | | | [removed: 12,818] [added: (132)] | | | [added: | | | 13,656 | | |]

| Property and equipment, net | | | [removed: 695] [added: 646] | | | | | | [removed: 709] [added: 695] | | |

| Goodwill | | | [removed: 16,971] [added: 17,260] | | | | | | [removed: 16,816] [added: 16,971] | | |

| Intangible assets, net | | | [removed: 1,823] [added: 1,318] | | | | | | [removed: 2,468] [added: 1,823] | | |

| Software, net | | | [removed: 2,115] [added: 2,526] | | | | | | [removed: 2,055] [added: 2,115] | | |

| Other noncurrent assets | | | [removed: 1,528] [added: 1,749] | | | | | | [removed: 1,675] [added: 1,528] | | |

| Deferred contract costs, net | | | [removed: 1,076] [added: 1,241] | | | | | | [removed: 973] [added: 1,076] | | |

| [Notes to Consolidated Financial Statements](#i81679e0eb29045eda5fcc29f384c4f9c_121) | | | [55](#i81679e0eb29045eda5fcc29f384c4f9c_121) | | |

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

- performed a software-assisted data analysis to test relationships among certain revenue transactions.

For a selection of transactions, we compared the amounts recognized by the Company with underlying documentation, including contracts with customers and cash receipts.

*Evaluation of the accounting for income taxes*

As discussed in Note 17 to the consolidated financial statements, the Company’s provision for income taxes for the year ended December 31, 2024 was $362 million.

The Company has deferred tax liabilities, net of $849 million (including a valuation allowance of $505 million) as of December 31, 2024.

The Company has international operations and is subject to the tax laws and regulations of foreign jurisdictions.

We identified the evaluation of the Company’s accounting for income taxes as a critical audit matter.

Challenging auditor judgment, and the involvement of tax professionals with specialized skills and knowledge, was required to evaluate the Company’s interpretation and application of income tax regulations in certain foreign jurisdictions and the accounting for income taxes attributable to an internal legal entity restructuring.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s income tax process.

This included certain controls related to the Company’s interpretation and application of foreign tax regulations and the accounting for income taxes attributable to an internal legal entity restructuring.

We involved tax professionals with specialized skills and knowledge in certain tax jurisdictions, who assisted in:

- assessing the Company’s organization chart, correspondence and agreements with certain tax authorities, intercompany documentation, and correspondence with third parties

- evaluating the Company’s interpretation and application of foreign jurisdictional tax regulations and the impact of these regulations on the Company’s tax positions related to an internal legal entity restructuring

- evaluating the Company’s accounting for income taxes attributable to an internal legal entity restructuring.

*Sufficiency of audit evidence over the Sale of the Worldpay Merchant Solutions business*

The assets and liabilities of the Disposal Group were deconsolidated, and the retained 45% equity interest is accounted for as an equity method investment.

The Company recorded a $3,858 million

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

equity method investment as of December 31, 2024, and a $578 million loss on the sale for the year ended December 31, 2024.

The results of the Disposal Group's operations prior to the sale were presented as discontinued operations.

We identified the sufficiency of audit evidence over the deconsolidation of the Worldpay Merchant Solutions business and the recognition of the equity method investment as a critical audit matter.

The following are the primary procedures we performed to address this critical audit matter.

- assessed the Company's manual process to recognize the retained equity interest by agreeing certain inputs to third party documentation and testing the completeness and accuracy of certain accounting data and schedules.

February 13, 2025

[Table of](#i81679e0eb29045eda5fcc29f384c4f9c_7) [Contents](#i81679e0eb29045eda5fcc29f384c4f9c_7)

| Trade receivables, net of allowance for credit losses of $35 and $31, respectively | | | 1,876 | | | | | | 1,738 | | |

| Other receivables | | | 160 | | | | | | 109 | | |

| Receivables from related party | | | 84 | | | | | | — | | |

| Prepaid expenses and other current assets | | | 638 | | | | | | 641 | | |

| Total current assets | | | 5,186 | | | | | | 13,656 | | |

| Equity method investment | | | 3,858 | | | | | | — | | |

| Total assets | | | $ | 33,784 | | | | | $ | 54,973 | |

| Deferred revenue | | | 902 | | | | | | 829 | | |

| Total current liabilities | | | 6,094 | | | | | | 18,229 | | |

| Total liabilities | | | 18,084 | | | | | | 35,917 | | |

| (Accumulated deficit) retained earnings | | | (22,257) | | | | | | (22,905) | | |

February 26, 2024

*Sufficiency of audit evidence over the reporting of discontinued operations*

The assets and liabilities of the Disposal Group were $27,220 million and $9,977 million as of December 31, 2023 and $34,754 million, and $8,737 million as of December 31, 2022, respectively.

The Earnings (loss) from discontinued operations, net of tax, were $(7,157) million, $(17,328) million, and $97 million, respectively, for each of the years in the three-year period ended December 31, 2023.

We identified the evaluation of the sufficiency of audit evidence over the reporting of discontinued operations as a critical audit matter.

- assessed the completeness and accuracy of the presentation and disclosures related to the discontinued operations under ASC 205-20.

| | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gross profit | | | 3,676 | | | | | | 3,503 | | | | | | 3,349 | | |

| Continuing operations | | | $ | 503 | | | | | $ | 608 | | | | | $ | 320 | |

| Total | | | $ | (6,654) | | | | | $ | (16,720) | | | | | $ | 417 | |

| Total | | | $ | (11.26) | | | | | $ | (27.68) | | | | | $ | 0.68 | |

| Total | | | $ | (11.26) | | | | | $ | (27.68) | | | | | $ | 0.67 | |

(In millions)

| Balances, December 31, 2020 | | | 621 | | | | | | (1) | | | | | | $ | 6 | | | | | $ | 45,947 | | | | | $ | 3,440 | | | | | $ | 57 | | | | | $ | (150) | | | | | $ | 13 | | | | | $ | 49,313 | |

| Net earnings | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 417 | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 424 | | |

| Net earnings (loss) | | | $ | (6,647) | | | | | $ | (16,708) | | | | | $ | 424 | |

| Additions to software | | | (980) | | | | | | (1,122) | | | | | | (931) | | |

| Proceeds from sale of Visa preferred stock | | | — | | | | | | 269 | | | | | | — | | |

| Borrowings | | | 93,119 | | | | | | 75,335 | | | | | | 54,073 | | |

| Repayment of borrowings and other financing obligations | | | (94,513) | | | | | | (74,410) | | | | | | (53,440) | | |

| Payments on contingent value rights | | | — | | | | | | (245) | | | | | | — | | |

| Payments on tax receivable agreement | | | (197) | | | | | | (185) | | | | | | (85) | | |

During the third quarter of fiscal year 2023, the Company analyzed quantitative and qualitative factors relevant to the Worldpay Merchant Solutions disposal group in accordance with ASC 205-20 and determined that the accounting criteria to be classified as held for sale were met, when a definitive purchase agreement was signed.

The Company's cash flows are presented inclusive of discontinued operations on the consolidated statement of cash flows for all periods presented.

The Worldpay Merchant Solutions business included the former Merchant Solutions segment in addition to a business previously included in the Corporate and Other segment, which have been recast as discontinued operations for all periods presented.

additional information is obtained.

During 2023, the Company used foreign currency forward contracts as economic hedges to reduce the foreign currency risk associated with foreign currency-denominated debt expected to be paid off with U.S. dollar proceeds received from the Worldpay Sale during the first quarter of 2024 (see Note 1).

gross basis in the accompanying consolidated balance sheets in Prepaid expenses and other current assets; Other noncurrent assets; Accounts payable, accrued and other liabilities; or Other noncurrent liabilities, as appropriate.

The allowance for credit losses is separate from the chargeback liability described in Note 3.

Note 12.

Goodwill represents the excess of cost over the fair value of identifiable assets acquired and liabilities assumed in business combinations.

over periods ranging up to five years.

Contract lengths for

For certain of its business units, the Company will provide a software license through a rental model wherein the customer generally pays for the software license and maintenance in monthly or quarterly installments as opposed to an upfront software license fee.

Revenue recognition under these arrangements follows the same recognition pattern as the arrangements outlined above.

Judgment is required to determine whether these arrangements contain a significant financing component.

The Company evaluates whether there is a significant difference between the amount of promised consideration over the rental term and the cash selling price of the software license, the degree to which financing is the reason for any such difference, and the overall impact of the time value of money on the transaction.

If we conclude a significant financing component exists, then the transaction price is adjusted for the time value of money at the Company's incremental borrowing rate by recording a contract asset and interest income.

Based on our evaluation under this framework, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

During the quarter ended December 31, [removed: 2023,] [added: 2024,] Mr. Jeffrey Goldstein, Independent Chair of the Company’s Board of Directors, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c).

Under the plan, which was adopted on November [removed: 16, 2023,] [added: 18, 2024,] Mr. Goldstein instructed his broker to purchase shares of FIS common stock each quarter in an amount approximately equal to his cash director fees, which are paid quarterly in equal installments.

The aggregate purchase price for shares to be purchased under the plan is [removed: $220,000.][added: $241,000.]

The trading plan will expire on the earlier of January [removed: 31, 2025] [added: 30, 2026] or the date on which all purchases under the plan have been completed.

Within 120 days after the close of its fiscal year, the Company intends to file with the [removed: Securities and Exchange Commission] [added: SEC] a definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, which will include the matters required by these items and is incorporated herein by reference.

| 2.1 | | | [Purchase and Sale Agreement, dated as of July 5, 2023, by and among Fidelity National Information Services, Inc., New Boost Holdco, LLC, GTCR W Aggregator LP, GTCR W Merger Sub LLC and GTCR W-2 Merger Sub [removed: LLC.](http://www.sec.gov/Archives/edgar/data/1136893/000119312523185369/d514907dex21.htm)] [added: LLC.](https://www.sec.gov/Archives/edgar/data/1136893/000119312523185369/d514907dex21.htm)] | | | 8-K | | | 001-16427 | | | 2.1 | | | 7/11/2023 | | | | | |

| 2.2 | | | [Amendment No. 1 to Purchase and Sale Agreement, dated as of January 30, 2024, by and among Fidelity National Information Services, Inc., New Boost Holdco, LLC, GTCR W Aggregator LP, GTCR W Merger Sub LLC, and GTCR W-2 Merger Sub [removed: LLC.](http://www.sec.gov/Archives/edgar/data/1136893/000119312524021392/d761353dex22.htm)] [added: LLC.](https://www.sec.gov/Archives/edgar/data/1136893/000119312524021392/d761353dex22.htm)] | | | 8-K | | | 001-16427 | | | 2.2 | | | 2/1/2024 | | | | | |

| 3.1 | | | [Amended and Restated Articles of Incorporation of Fidelity National Information Services, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1136893/000110465906006239/a06-3827_2ex3d1.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1136893/000110465906006239/a06-3827_2ex3d1.htm)] | | | 8-K | | | 001-16427 | | | 3.1 | | | 2/6/2006 | | | | | |

| 3.2 | | | [Amendment To Articles of Incorporation of Fidelity National Information Services, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1136893/000113689313000011/exhibit32amendmenttoarticl.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1136893/000113689313000011/exhibit32amendmenttoarticl.htm)] | | | 10-K | | | 001-16427 | | | 3.2 | | | 2/26/2013 | | | | | |

| 3.3 | | | [Amendment To Articles of Incorporation of Fidelity National Information Services, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1136893/000113689314000038/exhibit31fnisamendmentto.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1136893/000113689314000038/exhibit31fnisamendmentto.htm)] | | | 10-Q | | | 001-16427 | | | 3.1 | | | 8/7/2014 | | | | | |

| 3.4 | | | [Articles of Amendment to the Articles of Incorporation of Fidelity National Information Services, Inc., Effective as of July 31, [removed: 2019.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519208224/d777638dex31.htm)] [added: 2019.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519208224/d777638dex31.htm)] | | | 8-K | | | 001-16427 | | | 3.1 | | | 7/31/2019 | | | | | |

| 3.5 | | | [removed: [Fifth] [added: [Sixth] Amended and Restated Bylaws of Fidelity National Information Services, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1136893/000113689322000086/fifthamendedandrestatedbyl.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1136893/000113689322000086/fifthamendedandrestatedbyl.htm)] | | | [removed: 8-K] [added: 10-K] | | | 001-16427 | | | 3.1 | | | [removed: 4/22/2022] [added: 11/4/2024] | | | | | |

| 4.1 | | | [Form of certificate representing Fidelity National Information Services, Inc. Common [removed: Stock.](http://www.sec.gov/Archives/edgar/data/1136893/000110465906006244/a06-4171_1ex4d3.htm)] [added: Stock.](https://www.sec.gov/Archives/edgar/data/1136893/000110465906006244/a06-4171_1ex4d3.htm)] | | | S-3ASR | | | 333-131593 | | | 4.3 | | | 2/6/2006 | | | | | |

| 4.2 | | | [Indenture, dated as of April 15, 2013, among FIS, the Guarantors and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312513154805/d520857dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312513154805/d520857dex41.htm)] | | | 8-K | | | 001-16427 | | | 4.1 | | | 4/15/2013 | | | | | |

| 4.3 | | | [Eleventh Supplemental Indenture, dated as of August 16, 2016 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312516683053/d229205dex43.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312516683053/d229205dex43.htm)] | | | 8-K | | | 001-16427 | | | 4.3 | | | 8/16/2016 | | | | | |

| [removed: 4.4] [added: 4.21] | | | [removed: [Thirteenth] [added: [Thirty-Ninth] Supplemental Indenture, dated as of July [removed: 10, 2017] [added: 13, 2022] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312517226133/d423875dex42.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312522192902/d219846dex44.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.4] | | | [removed: 7/11/2017] [added: 7/13/2022] | | | | | |

| [removed: 4.5] [added: 4.4] | | | [Fifteenth Supplemental Indenture, dated as of May 16, 2018 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex41.htm)] | | | 8-K | | | 001-16427 | | | 4.1 | | | 5/16/2018 | | | | | |

| [removed: 4.6] [added: 4.5] | | | [Sixteenth Supplemental Indenture, dated as of May 16, 2018 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex42.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex42.htm)] | | | 8-K | | | 001-16427 | | | 4.2 | | | 5/16/2018 | | | | | |

| [removed: 4.7] [added: 4.6] | | | [Nineteenth Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex43.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex43.htm)] | | | 8-K | | | 001-16427 | | | 4.3 | | | 5/21/2019 | | | | | |

| [removed: 4.8] [added: 4.7] | | | [Twentieth Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex44.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex44.htm)] | | | 8-K | | | 001-16427 | | | 4.4 | | | 5/21/2019 | | | | | |

| [removed: 4.9] [added: 4.8] | | | [Twenty-First Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex45.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex45.htm)] | | | 8-K | | | 001-16427 | | | 4.5 | | | 5/21/2019 | | | | | |

| [removed: 4.10] [added: 4.9] | | | [Twenty-Fourth Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex48.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex48.htm)] | | | 8-K | | | 001-16427 | | | 4.8 | | | 5/21/2019 | | | | | |

| [removed: 4.11] [added: 4.10] | | | [Twenty-Fifth Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex49.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex49.htm)] | | | 8-K | | | 001-16427 | | | 4.9 | | | 5/21/2019 | | | | | |

| [removed: 4.12] [added: 4.11] | | | [Twenty-Seventh Supplemental Indenture, dated as of December 3, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex42.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex42.htm)] | | | 8-K | | | 001-16427 | | | 4.2 | | | 12/3/2019 | | | | | |

| [removed: 4.13] [added: 4.12] | | | [Twenty-Eighth Supplemental Indenture, dated as of December 3, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex43.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex43.htm)] | | | 8-K | | | 001-16427 | | | 4.3 | | | 12/3/2019 | | | | | |

| [removed: 4.14] [added: 4.13] | | | [Twenty-Ninth Supplemental Indenture, dated as of December 3, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex44.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex44.htm)] | | | 8-K | | | 001-16427 | | | 4.4 | | | 12/3/2019 | | | | | |

| 4.15 | | | [removed: [Thirty-First] [added: [Thirty-Third] Supplemental Indenture, dated as of March 2, 2021 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex42.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex44.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.4] | | | 3/2/2021 | | | | | |

| [removed: 4.16] [added: 4.14] | | | [Thirty-Second Supplemental Indenture, dated as of March 2, 2021 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex43.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex43.htm)] | | | 8-K | | | 001-16427 | | | 4.3 | | | 3/2/2021 | | | | | |

| 4.17 | | | [removed: [Thirty-Third] [added: [Thirty-Fifth] Supplemental Indenture, dated as of March 2, 2021 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex44.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex46.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.4] [added: 4.6] | | | 3/2/2021 | | | | | |

| [removed: 4.18] [added: 4.16] | | | [Thirty-Fourth Supplemental Indenture, dated as of March 2, 2021 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex45.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex45.htm)] | | | 8-K | | | 001-16427 | | | 4.5 | | | 3/2/2021 | | | | | |

| 4.19 | | | [removed: [Thirty-Fifth] [added: [Thirty-Seventh] Supplemental Indenture, dated as of [removed: March 2, 2021] [added: July 13, 2022] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex46.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312522192902/d219846dex42.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.6] [added: 4.2] | | | [removed: 3/2/2021] [added: 7/13/2022] | | | | | |

| [removed: 4.20] [added: 4.18] | | | [Thirty-Sixth Supplemental Indenture, dated as of July 13, 2022 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312522192902/d219846dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312522192902/d219846dex41.htm)] | | | 8-K | | | 001-16427 | | | 4.1 | | | 7/13/2022 | | | | | |

| [removed: 4.21] [added: 4.20] | | | [removed: [Thirty-Seventh] [added: [Thirty-Eighth] Supplemental Indenture, dated as of July 13, 2022 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312522192902/d219846dex42.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1136893/000119312522192902/d219846dex43.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.3] | | | 7/13/2022 | | | | | |

| [removed: 4.24] [added: 4.22] | | | [Description of the Company's Common Stock registered pursuant to Section 12 of the Securities Exchange Act of [removed: 1934.](http://www.sec.gov/Archives/edgar/data/1136893/000113689320000032/exhibit425commonstock1.htm)] [added: 1934.](https://www.sec.gov/Archives/edgar/data/1136893/000113689320000032/exhibit425commonstock1.htm)] | | | 10-K | | | 001-16427 | | | 4.25 | | | 2/20/2020 | | | | | |

| [removed: 4.25] [added: 4.24] | | | [Description of the Company's [removed: 1.100%] [added: 0.625%] Senior Notes [removed: due 2024] [added: Due 2025, 1.000% Senior Notes Due 2028 and 2.250% Senior Notes Due 2029,] registered pursuant to Section 12 of the Securities Exchange Act of [removed: 1934.](http://www.sec.gov/Archives/edgar/data/1136893/000113689323000028/exhibit427fisexhibitxdescr.htm)] [added: 1934.](https://www.sec.gov/Archives/edgar/data/1136893/000113689323000028/exhibit429fisexhibitxdescr.htm)] | | | 10-K | | | 001-16427 | | | [removed: 4.27] [added: 4.29] | | | 2/27/2023 | | | | | |

| [removed: 4.26] [added: 4.23] | | | [Description of the Company's 1.500% Senior Notes Due 2027, 2.000% Senior Notes Due 2030, 2.950% Senior Notes Due 2039 and 3.360% Senior Notes Due 2031 registered pursuant to Section 12 of the Securities Exchange Act of 1934.](https://www.sec.gov/Archives/edgar/data/1136893/000113689324000015/exhibit426descriptionof202.htm) | | | [added: 10-K] | | | [added: 001-16427] | | | [added: 4.26] | | | [added: 2/26/2024] | | | [removed: *] | | |

| 10.1 | | | [Certegy Inc. Deferred Compensation Plan, effective as of June 15, [removed: 2001.](http://www.sec.gov/Archives/edgar/data/1136893/000095014402002688/g74736ex10-25.txt)] [added: 2001.](https://www.sec.gov/Archives/edgar/data/1136893/000095014402002688/g74736ex10-25.txt)] (1) | | | 10-K405 | | | 001-16427 | | | 10.25 | | | 3/25/2002 | | | | | |

| 10.2 | | | [Grantor Trust Agreement, dated as of July 8, 2001, between Certegy Inc. and Wachovia Bank, [removed: N.A.](http://www.sec.gov/Archives/edgar/data/1136893/000095014402002688/g74736ex10-15.txt)] [added: N.A.](https://www.sec.gov/Archives/edgar/data/1136893/000095014402002688/g74736ex10-15.txt)] (1) | | | 10-K405 | | | 001-16427 | | | 10.15 | | | 3/25/2002 | | | | | |