Fidelity National Information Services 10-Q 2022-06-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________

Form 10-Q

_______________________________________________

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

Or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from						to

Commission File No. 001-16427

_______________________________________________

Fidelity National Information Services, Inc.

(Exact name of registrant as specified in its charter)

Georgia									37-1490331
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
601 Riverside Avenue
Jacksonville			Florida						32204
(Address of principal executive offices)									(Zip Code)

(904) 438-6000

(Registrant’s telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
						Trading						Name of each exchange
Title of each class						Symbol(s)						on which registered
Common Stock, par value $0.01 per share						FIS						New York Stock Exchange
0.125% Senior Notes due 2022						FIS22C						New York Stock Exchange
0.750% Senior Notes due 2023						FIS23A						New York Stock Exchange
1.100% Senior Notes due 2024						FIS24A						New York Stock Exchange
0.625% Senior Notes due 2025						FIS25B						New York Stock Exchange
1.500% Senior Notes due 2027						FIS27						New York Stock Exchange
1.000% Senior Notes due 2028						FIS28						New York Stock Exchange
2.250% Senior Notes due 2029						FIS29						New York Stock Exchange
2.000% Senior Notes due 2030						FIS30						New York Stock Exchange
3.360% Senior Notes due 2031						FIS31						New York Stock Exchange
2.950% Senior Notes due 2039						FIS39						New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ☐ NO ☒

As of August 3, 2022, 607,978,556 shares of the Registrant’s Common Stock were outstanding.

FORM 10-Q

QUARTERLY REPORT

Quarter Ended June 30, 2022

INDEX

			Page
Part I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Earnings (Loss)			3
Condensed Consolidated Statements of Comprehensive Earnings (Loss)			4
Condensed Consolidated Statements of Equity			5
Condensed Consolidated Statements of Cash Flows			7
Notes to Condensed Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
Item 3. Quantitative and Qualitative Disclosure About Market Risks			32
Item 4. Controls and Procedures			34
Part II: OTHER INFORMATION
Item 1A. Risk Factors			34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
Item 5. Other Information			35
Item 6. Exhibits			37
Signatures			38

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

**(In millions, except per share am

Showing the first 8K of 113K characters. Open the full section

Unless stated otherwise or the context otherwise requires, all references to "FIS," "we," "our," "us," the "Company" or the "registrant" are to Fidelity National Information Services, Inc., a Georgia corporation, and its subsidiaries.

The following discussion should be read in conjunction with Item 1. Condensed Consolidated Financial Statements (Unaudited) and the Notes thereto included elsewhere in this report. The statements contained in this Form 10-Q or in our other documents or in oral presentations or other management statements that are not purely historical are forward-looking statements within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about anticipated financial outcomes, including any earnings guidance or projections of the Company, projected revenue or expense synergies, business and market conditions, outlook, foreign currency exchange rates, deleveraging plans, expected dividends and share repurchases, the Company's sales pipeline and anticipated profitability and growth, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. In many cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these terms and other comparable terminology. These statements relate to future events and our future results and involve a number of risks and uncertainties. Forward-looking statements are based on management’s beliefs as well as assumptions made by, and information currently available to, management.

Actual results, performance or achievement could differ materially from those contained in these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include the following, without limitation:

• the outbreak or recurrence of the novel coronavirus and any related variants ("COVID-19") and measures to reduce its spread, including the impact of governmental or voluntary actions such as business shutdowns and stay-at-home orders in certain geographies;

• the duration, including any recurrence, of the COVID-19 pandemic and its impacts, including reductions in consumer and business spending, and instability of the financial markets in heavily impacted areas across the globe;

• the economic and other impacts of COVID-19 on our clients which affect the sales of our solutions and services and the implementation of such solutions;

• the risk of losses in the event of defaults by merchants (or other parties) to which we extend credit in our card settlement operations or in respect of any chargeback liability, either of which could adversely impact liquidity and results of operations;

• changes in general economic, business and political conditions, including those resulting from COVID-19 or other pandemics, a recession, intensified international hostilities, acts of terrorism, increased rates of inflation, changes in either or both the U.S. and international lending, capital and financial markets or currency fluctuations;

• the risk that acquired businesses will not be integrated successfully or that the integration will be more costly or more time-consuming and complex than anticipated;

• the risk that cost savings and synergies anticipated to be realized from acquisitions may not be fully realized or may take longer to realize than expected;

• the risks of doing business internationally;

• the effect of legislative initiatives or proposals, statutory changes, governmental or applicable regulations and/or changes in industry requirements, including privacy and cybersecurity laws and regulations;

• the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in, or new laws or regulations affecting, the banking, retail and financial services industries or due to financial failures or other setbacks suffered by firms in those industries;

• changes in the growth rates of the markets for our solutions;

• the amount, declaration and payment of future dividends is at the discretion of our Board of Directors and depends on, among other things, our investment opportunities, results of operations, financial condition, cash requirements, future prospects, the duration and impact of the COVID-19 pandemic, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions;

• the amount and timing of any future share repurchases is subject to, among other things, our share price, our other investment opportunities and cash requirements, our results of operations and financial condition, our future prospects and other factors that may be considered relevant by our Board of Directors and management;

• failures to adapt our solutions to changes in technology or in the marketplace;

• internal or external security breaches of our systems, including those relating to unauthorized access, theft, corruption or loss of personal information and computer viruses and other malware affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events;

• the risk that implementation of software, including software updates, for customers or at customer locations or employee error in monitoring our software and platforms may result in the corruption or loss of data or customer information, interruption of business operations, outages, exposure to liability claims or loss of customers;

• the reaction of current and potential customers to communications from us or regulators regarding information security, risk management, internal audit or other matters;

• the risk that policies and resulting actions of the current administration in the U.S. may result in additional regulations and executive orders, as well as additional regulatory and tax costs;

• competitive pressures on pricing related to the decreasing number of community banks in the U.S., the development of new disruptive technologies competing with one or more of our solutions, increasing presence of international competitors in the U.S. market and the entry into the market by global banks and global companies with respect to certain competitive solutions, each of which may have the impact of unbundling individual solutions from a comprehensive suite of solutions we provide to many of our customers;

• the failure to innovate in order to keep up with new emerging technologies, which could impact our solutions and our ability to attract new, or retain existing, customers;

• an operational or natural disaster at one of our major operations centers;

• failure to comply with applicable requirements of payment networks or changes in those requirements;

• fraud by merchants or bad actors; and

• other risks detailed elsewhere in the Risk Factors and other sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, in our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission.

Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on our forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation, and do not intend, to publicly update or review any of our forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world's economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor's 500® Index.

We have grown both organically and through acquisitions. Organic growth has been driven by a number of factors, including growth of our customers’ businesses, our internal development of new solutions that enhance our client offerings, and our sales and marketing efforts to expand our customer base and addressable markets. Acquisitions have contributed additional solutions and services that complement or enhance our offerings, diversify our client base, expand our geographic coverage, and provide entry into new and attractive adjacent markets that align with our strategic objectives. We continue to strategically allocate resources to both organic and inorganic growth initiatives to enhance the long-term value of our business.

FIS reports its financial performance based on the following segments: Merchant Solutions ("Merchant"), Banking Solutions ("Banking"), Capital Market Solutions ("Capital Markets") and Corporate and Other. A description of our segments is included in Note 12 to the consolidated financial statements. Revenue by segment and the Adjusted EBITDA of our segments are discussed below in Segment Results of Operations. Amounts in tables below may not sum or calculate due to rounding.

Business Trends and Conditions

Our revenue is primarily derived from a combination of technology and processing services, transaction fees, professional services and software license fees. 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, Australia, Brazil, India, and Canada. In addition, the majority of our revenue has historically been recurring and has been provided under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These services, in general, are considered critical to our clients' operations. Although Merchant has a lesser percentage of multi-year contracts, substantially all of our Merchant revenue is recurring, derived from transaction processing fees that fluctuate with the number or value of transactions processed, among other variable measures associated with consumer activity.

Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable.

The U.S. and Europe, the two largest geographic areas for our businesses, are experiencing higher rates of inflation and slower growth than in recent years. In the first six months of 2022, we experienced higher growth in wages and benefits than in 2021, 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. Given the nature of our varied businesses, the future effects of inflation and slower growth are difficult to predict, although they have the potential to adversely affect our results of operations. In 2022, the strengthening of the U.S. dollar has had, and is expected to continue to have, a negative impact on our revenue and earnings, and rising interest rates have also had, and are expected to continue to have, a negative impact on our earnings. We have not yet observed any other material impacts of the current macroeconomic environment on our business.

The distribution of vaccines against COVID-19 curtailed the impact of the pandemic in 2021 in many of the larger countries in which we do business, but the timing of a complete recovery remains uncertain as new variants of COVID-19 continue to impact consumer spending. In the fourth quarter of 2021, some governmental restrictions were re-imposed based upon a resurgence of variants of COVID-19 in many areas of the U.S. and Europe, which resulted in an adverse impact on payment volumes and transactions over those anticipated following the easing of restrictions in the prior two quarters. These changes in spending affected our business, results of operations and financial condition throughout 2021; however, the impact has lessened substantially in the first six months of 2022. The magnitude and duration of any further impacts is not possible to predict.

We continue to assist financial institutions in migrating to outsourced integrated technology solutions to improve their profitability and address increasing and ongoing regulatory requirements. 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. We believe our integrated solutions and outsourced services are well-positioned to address this outsourcing trend across the markets we serve.

Over the last five years, we have moved over 80% of our server compute, primarily in North America, to our FIS cloud located in our strategic data centers. This allows us to further enhance security for our clients' data and increases the flexibility and speed with which we can provide solutions and services to our clients, at lesser cost. We have also completed our data center consolidation program in 2021.

Following the successful modernization of our IT infrastructure and consolidation of our data centers, we are now accelerating the modernization of our strategic applications and sunsetting of our redundant platforms. Our multi-year platform modernization initiative is designed to create a componentized, cloud-native set of capabilities that can be consumed by clients as end-to-end business applications or as individual components. Although our platform modernization will result in additional near-term costs, we expect it will result in improvements in our operational efficiencies over time.

We continue to invest in modernization, innovation and integrated solutions and services to meet the demands of the markets we serve and compete with global banks, financial and other technology providers, and emerging technology innovators. We invest both organically and through investment opportunities in companies building complementary technologies in the financial services space. Our internal efforts in research and 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 processing systems and related software applications and risk management platforms. We expect to continue our practice of investing an appropriate level of resources to maintain, enhance and extend the functionality of our proprietary systems and existing software applications, to develop new and innovative software applications and systems to address emerging technology trends in response to the needs of our clients, and to enhance the capabilities of our outsourcing infrastructure.

In addition, we are investing in the development of new solutions and venture opportunities through FIS Impact Ventures. This group prioritizes development of, and investment in, next-generation technology and innovation.

Since the beginning of the pandemic, the Company has taken several actions related to the health and safety of its employees while maintaining business continuity, including implementing its comprehensive Pandemic Plan. The Pandemic Plan includes site-specific plans as well as travel restrictions, medical response protocols, work-from-home strategies and enhanced cleaning within our locations and a comprehensive internal and external communication strategy.

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. The COVID-19 pandemic has resulted in accelerating digitization of banking and payment services by requiring, in

many cases, banks and bank customers to transact through digital 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. The uniform customer experience extends to support a broad range of financial services including opening new accounts, servicing of existing accounts, money movement, and personal financial management, as well as other consumer, small business and commercial banking capabilities. 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.

We anticipate consolidation within the banking industry will continue, primarily in the form of merger and acquisition activity among financial institutions, which we believe would broadly be detrimental to the profitability of the financial technology industry. However, consolidation resulting from specific merger and acquisition transactions may be beneficial to our business. When consolidations of financial institutions occur, merger partners often operate systems obtained from competing service providers. The newly formed entity generally makes a determination to migrate its core and payments systems to a single platform. When a financial institution processing client is involved in a consolidation, we may benefit by their expanding the use of our services if such services are chosen to survive the consolidation and to support the newly combined entity. Conversely, we may lose revenue if we are providing services to both entities, or if a client of ours is involved in a consolidation and our services are not chosen to support the newly combined entity. It is also possible that larger financial institutions resulting from consolidation may have greater leverage in negotiating terms or could decide to perform in-house some or all of the services that we currently provide or could provide. We seek to mitigate the risks of consolidations by offering other competitive services to take advantage of specific opportunities at the surviving company.

We continue to see demand in the payments market for innovative solutions that will deliver faster, more convenient payment options in mobile channels, internet applications, in-store cards, and the growing area of cryptocurrencies. The payment processing industry is adopting new technologies, developing new solutions and services, evolving new business models, and being affected by new market entrants and by an evolving regulatory environment. As merchants and financial institutions respond to these changes by seeking services to help them enhance their own offerings to consumers, including the ability to accept card-not-present ("CNP") payments in eCommerce and mobile 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. To facilitate this expansion, we believe that payment processors will need to enhance their technology platforms so they can deliver these capabilities and differentiate their offerings from other providers.

We believe that these market changes present both an opportunity and a risk for us, and we cannot predict which emerging technologies or solutions will be successful. However, FIS believes that payment processors, like FIS, that have scalable, integrated business models, provide solutions across the payment processing value chain and utilize broad distribution capabilities will be best positioned to enable emerging alternative electronic payment technologies. Further, FIS believes that its depth of capabilities and breadth of distribution will enhance its position as emerging payment technologies are adopted by merchants and other businesses. FIS' ability to partner with non-financial institution enterprises, such as mobile payment providers and internet, retail and social media companies, continues to create attractive growth opportunities as these new entrants seek to become more active participants in the development of alternative electronic payment technologies and to facilitate the convergence of retail, online, mobile and social commerce applications.

Globally, attacks on information technology systems continue to grow in frequency, complexity and sophistication. This is a trend we expect to continue. Such attacks have become a point of focus for individuals, businesses and governmental entities. The objectives of these attacks include, among other things, gaining unauthorized access to systems to facilitate financial fraud, disrupt operations, cause denial of service events, corrupt data, and steal non-public information. These circumstances present both a threat and an opportunity for FIS. As part of our business, we electronically receive, process, store and transmit a wide range of confidential information, including sensitive customer information and personal consumer data. We also operate payment, cash access and prepaid card systems.

FIS remains focused on making strategic investments in information security to protect our clients and our information systems. These investments include both capital expenditures and operating expense related to hardware, software, personnel and consulting services. We also participate in industry and governmental initiatives to improve information security for our clients. Through the expertise we have gained with this ongoing focus and involvement, we have developed fraud, security, risk management and compliance solutions to target this growth opportunity in the financial services industry.

Critical Accounting Policies and Estimates

There have been no significant changes to our critical accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021. For discussion regarding the impact of the COVID-19 pandemic on our critical and significant accounting estimates subject to risk and uncertainties, see Notes 1, 4 and 8 to the consolidated financial statements.

Related-Party Transactions

We are a party to certain historical related party agreements as discussed in Note 10 to the consolidated financial statements.

Consolidated Results of Operations - Comparisons of three- and six-month periods ended June 30, 2022 and 2021

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
			(In millions)																								(In millions)
Revenue			$	3,719					$	3,475					$	244					7		%				$	7,210					$	6,699					$	511					8		%
Cost of revenue			(2,234)						(2,135)						(99)						5						(4,475)						(4,253)						(222)						5
Gross profit			1,485						1,340						145						11						2,735						2,446						289						12
Gross profit margin			40		%				39		%																38		%				37		%
Selling, general and administrative expenses			(1,082)						(977)						(105)						11						(2,117)						(1,983)						(134)						7
Asset impairments			(29)						—						(29)						NM						(87)						—						(87)						NM
Operating income			$	374					$	363					11						3						$	531					$	463					68						15
Operating margin			10		%				10		%																7		%				7		%

NM = Not meaningful

Revenue

Revenue for the three and six months ended June 30, 2022, increased primarily due to increased Merchant volumes, the ramp up of recent new client wins in Banking and strong new sales in Capital Markets driving recurring revenue growth. Revenue was negatively impacted by unfavorable foreign currency movements, primarily related to a stronger U.S. Dollar versus the the British Pound Sterling and Euro. See Segment Results of Operations below for more detailed explanation.

Cost of Revenue, Gross Profit and Gross Profit Margin

Cost of revenue for the three and six months ended June 30, 2022, increased primarily due to the revenue variances noted above. Gross profit and gross profit margin for the three and six months ended June 30, 2022, increased primarily due to revenue growth in the Merchant segment. These increases for the three and six months ended June 30, 2022, were partially offset by $59 million and $137 million, respectively, of incremental amortization expense associated with shortened estimated useful lives and accelerated amortization methods for certain software and deferred contract cost assets driven by the Company's platform modernization initiatives.

Selling**,** General and Administrative Expenses

Selling, general and administrative expenses for the three and six months ended June 30, 2022, increased primarily due to higher compensation and incremental Payrix-related expenses. The 2021 six-month 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 9 to the consolidated financial statements.

Asset Impairments

For the three and six months ended June 30, 2022, the Company recorded $29 million primarily related to impairment of a non-strategic business. For the six months ended June 30, 2022, the Company also recorded $58 million of impairments primarily relate to real estate-related assets as a result of office space reductions.

Operating Income and Operating Margin

The change in operating income for the three and six months ended June 30, 2022, resulted from the revenue and cost variances noted above. The operating margin for the three and six months ended June 30, 2022, benefited from a positive shift in revenue mix as compared to prior-year period. This benefit was offset by the asset impairments discussed above resulting in no change to the operating margin percentage.

Total Other Income (Expense), Net

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
Other income (expense):			(In millions)																								(In millions)
Interest expense, net			$	(47)					$	(48)					$	1					(2)		%				$	(90)					$	(122)					$	32					(26)		%
Other income (expense), net			30						324						(294)						NM						92						(170)						262						NM
Total other income (expense), net			$	(17)					$	276					(293)						NM						$	2					$	(292)					294						NM

NM = Not meaningful

The decrease in interest expense, net is primarily due to lower outstanding debt throughout the three and six months ended June 30, 2022, offset in part by higher interest rates on our variable-rate debt.

Other income (expense), net for the three and six months ended June 30, 2022, includes net gains on equity security investments without readily determinable fair values of $6 million and $47 million, respectively (see Note 4 to the consolidated financial statements). Other income (expense), net for the three and six months ended June 30, 2021, includes gain on the sale of our equity ownership interest in Cardinal Holdings of approximately $225 million. Other income (expense), net for the six months ended June 30, 2021, also includes loss on extinguishment of debt of approximately $528 million relating to tender premiums, make-whole amounts, and fees; the write-off of unamortized bond discounts and debt issuance costs; and losses on related derivative instruments. The foregoing loss resulted from the debt refinancing activity we undertook in the first quarter of 2021 (see Note 6 to the consolidated financial statements), which substantially reduces our ongoing interest expense. This loss was partially offset by fair value adjustments on certain non-operating assets and liabilities and foreign currency transaction remeasurement gains.

Provision (Benefit) for Income Taxes

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
			(In millions)																								(In millions)
Provision (benefit) for income taxes			$	77					$	302					$	(225)					NM						$	132					$	205					$	(73)					NM
Effective tax rate			22		%				47		%																25		%				120		%

NM = Not meaningful

The decrease in the effective tax rate for the three and six months ended June 30, 2022, is primarily due to the one-time net

remeasurement of certain deferred tax liabilities during the second quarter of 2021 due to the increase in the U.K. corporate statutory tax rate from 19% to 25% effective April 1, 2023, enacted on June 10, 2021.

Segment Results of Operations - Comparisons of three- and six-month periods ended June 30, 2022 and 2021

FIS reports its financial performance based on the following segments: Merchant Solutions, Banking Solutions, Capital

Market Solutions, and Corporate and Other.

Adjusted EBITDA is defined as net earnings (loss) before net interest expense, net other income (expense), income tax provision (benefit), equity method investment earnings (loss), depreciation and amortization, and excludes certain costs and other transactions that management deems non-operational in nature. This measure is reported to the chief operating decision

maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC Topic 280, Segment Reporting. The non-operational items affecting the segment profit measure generally include purchase price amortization of acquired intangible assets as well as acquisition, integration and certain other costs and asset impairments. Adjusted EBITDA also excludes incremental and direct costs resulting from the COVID-19 pandemic. These costs and adjustments are recorded in the Corporate and Other segment for the periods discussed below. Adjusted EBITDA for the respective segments excludes the foregoing costs and adjustments. Financial information, including details of Adjusted EBITDA, for each of our segments is set forth in Note 12 to the consolidated financial statements.

Merchant Solutions

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
			(In millions)																								(In millions)
Revenue			$	1,302					$	1,177					$	125					11		%				$	2,414					$	2,143					$	271					13		%
Adjusted EBITDA			$	613					$	587					26						4						$	1,136					$	1,038					98						9
Adjusted EBITDA margin			47.1		%				49.9		%																47.0		%				48.4		%
Adjusted EBITDA margin basis points change			(280)																								(140)

Three months ended June 30:

Revenue increased primarily due to the continued global economic recovery from the COVID-19 pandemic, with higher card-present volumes contributing 7% to growth and card-not-present volumes, including those related to our recent Payrix acquisition, contributing 7% to growth. Revenue was negatively impacted by unfavorable foreign currency movements, contributing (3%) to growth primarily related to a stronger U.S. Dollar versus the British Pound Sterling.

Adjusted EBITDA increased primarily due to the revenue impacts noted above. Adjusted EBITDA margin decreased primarily due to accelerated investment in e-commerce and Payrix sales channels to capitalize on developing secular growth trends.

Six months ended June 30:

Revenue increased primarily due to the continued global economic recovery from the COVID-19 pandemic, with higher card-present volumes contributing 8% to growth and card-not-present volumes, including those related to our recent Payrix acquisition, contributing 7% to growth. Revenue was negatively impacted by unfavorable foreign currency movements, contributing (2%) to growth primarily related to a stronger U.S. Dollar versus the British Pound Sterling.

Adjusted EBITDA increased primarily due to the revenue impacts noted above. Adjusted EBITDA margin decreased primarily due to accelerated investment in e-commerce and Payrix sales channels to capitalize on developing secular growth trends.

Banking Solutions

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
			(In millions)																								(In millions)
Revenue			$	1,663					$	1,578					$	85					5		%				$	3,308					$	3,119					$	189					6		%
Adjusted EBITDA			$	737					$	720					17						2						$	1,434					$	1,387					$	47					3
Adjusted EBITDA margin			44.3		%				45.6		%																43.4		%				44.5		%
Adjusted EBITDA margin basis points change			(130)																								(110)

Three months ended June 30:

Revenue increased primarily due to recurring revenue contributing 6% to growth, primarily driven by the recent ramp up of several large contracts. Revenue was negatively impacted by unfavorable foreign currency movements, contributing (1%) to growth primarily related to a stronger U.S. Dollar versus the Euro and the British Pound Sterling.

Adjusted EBITDA increased primarily due to the revenue impacts noted above. Adjusted EBITDA margin decreased primarily due to wage inflation and a reduction in non-recurring and stimulus-related revenue as compared to the prior-year period, and recent onboarding of several large outsourcing contracts.

Six months ended June 30:

Revenue increased primarily due to recurring revenue contributing 6% to growth, primarily driven by the recent ramp up of several large contracts.

Adjusted EBITDA increased primarily due to the revenue impacts noted above. Adjusted EBITDA margin decreased primarily due to wage inflation, a reduction in non-recurring and stimulus-related revenue as compared to the prior-year period, and recent onboarding of several large outsourcing contracts.

Capital Market Solutions

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
			(In millions)																								(In millions)
Revenue			$	663					$	630					$	33					5		%				$	1,321					$	1,255					$	66					5		%
Adjusted EBITDA			$	317					$	292					25						8						$	625					$	581					44						8
Adjusted EBITDA margin			47.8		%				46.4		%																47.3		%				46.3		%
Adjusted EBITDA margin basis points change			140																								100

Three months ended June 30:

Revenue increased primarily due to recurring revenue contributing 7% to growth from strong new sales momentum. Revenue was negatively impacted by unfavorable foreign currency movements, contributing (2%) to growth primarily related to a stronger U.S. Dollar versus the British Pound Sterling and the Swedish Krona.

Adjusted EBITDA increased primarily due to the revenue impacts noted above. Adjusted EBITDA margin increased primarily due to continued expense management and operating leverage.

Six months ended June 30:

Revenue increased primarily due to recurring revenue contributing 6% to growth from strong new sales momentum. Revenue was negatively impacted by unfavorable foreign currency movements, contributing (1%) to growth primarily related to a stronger U.S. Dollar versus the British Pound Sterling and the Swedish Krona.

Adjusted EBITDA increased primarily due to the revenue impacts noted above. Adjusted EBITDA margin increased primarily due to continued expense management and operating leverage.

Corporate and Other

			Three months ended June 30,																								Six months ended June 30,
															$						%																		$						%
			2022						2021						Change						Change						2022						2021						Change						Change
			(In millions)																								(In millions)
Revenue			$	91					$	90					$	1					1		%				$	167					$	182					$	(15)					(8)		%
Adjusted EBITDA			$	(68)					$	(79)					11						(14)						$	(179)					$	(179)					—						—

The Corporate and Other segment results consist of selling, general and administrative expenses and depreciation and intangible asset amortization not otherwise allocated to the reportable segments. Corporate and Other also includes operations from certain non-strategic businesses.

Three months ended June 30:

Revenue remained flat as compared to the prior year.

Adjusted EBITDA increased primarily due to foreign currency movements impacting corporate and infrastructure expenses, related to a stronger U.S. Dollar versus the British Pound Sterling and Indian Rupee.

Six months ended June 30:

Revenue decreased primarily due to client attrition in our non-strategic businesses.

Adjusted EBITDA remained flat as compared to prior year, due to foreign currency movements related to a stronger U.S. Dollar versus the British Pound Sterling and Indian Rupee offsetting higher corporate expenses.

Liquidity and Capital Resources

Cash Requirements

Our ongoing cash requirements include operating expenses, income taxes, tax receivable obligations, mandatory debt service payments, capital expenditures, stockholder dividends, regulatory requirements, working capital and timing differences in settlement-related assets and liabilities, and may include discretionary debt repayments, share repurchases and business acquisitions. Our principal sources of funds are cash generated by operations and borrowings, including the capacity under our Revolving Credit Facility, the U.S. commercial paper program and the Euro-commercial paper program discussed in Note 6 to the consolidated financial statements.

As of June 30, 2022, the Company had $3,247 million of available liquidity, including $1,688 million of cash and cash equivalents and $1,559 million of capacity available under its Revolving Credit Facility. Approximately $1,017 million of cash and cash equivalents is held by our foreign entities, including amounts related to regulatory requirements. The majority of our domestic cash and cash equivalents relates to settlement payables and net deposits-in-transit, which are typically settled within a few business days. Debt outstanding totaled $18.5 billion, with an effective weighted average interest rate of 1.2%.

We believe that our current level of cash and cash equivalents plus cash flows from operations will be sufficient to fund our operating cash requirements, capital expenditures and mandatory debt service payments for the next 12 months and the foreseeable future.

We currently expect to continue to pay quarterly dividends. In January 2022, the Board of Directors approved a quarterly dividend increase of 21% to $0.47 per share beginning with the first quarter of 2022. Consistent with our capital allocation strategy, we plan to increase our annual dividend approximately 20% per year over the next several years, as compared to approximately 10% per year increases in recent years, to gradually increase our dividend payout ratio beginning with the quarterly dividend payable in March 2022. However, the amount, declaration and payment of future dividends is at the discretion of the Board of Directors and depends on, among other things, our investment opportunities (including potential mergers and acquisitions), results of operations, financial condition, cash requirements, future prospects, the duration and impact of the COVID-19 pandemic, and other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions. Additionally, the payment of cash dividends may be limited by covenants in certain debt agreements. A regular quarterly dividend of $0.47 per common share is payable on September 30, 2022, to shareholders of record as of the close of business on September 16, 2022.

In January 2021, our Board of Directors approved a new share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common stock at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans. The new share repurchase program has no expiration date and may be suspended for periods, amended or discontinued at any time. Under the new share repurchase program, approximately 83 million shares remain available for repurchase as of June 30, 2022.

We currently expect to utilize free cash flow through the end of 2023 primarily to return capital to shareholders. During 2022, we expect to repurchase shares worth approximately $3 billion, including approximately $300 million of share repurchased in the six months ended June 30, 2022.

Cash Flows from Operations

Cash flows from operations were $1,920 million and $1,864 million for the six-month periods ended June 30, 2022 and 2021, respectively. Our net cash provided by operating activities consists primarily of net earnings, adjusted to add back depreciation and amortization and other non-cash items. Cash flows from operations increased $56 million in the 2022 six-month period primarily due to working capital timing.

Capital Expenditures and Other Investing Activities

Our principal capital expenditures are for software (purchased and internally developed) and additions to property and equipment. We invested approximately $752 million and $613 million in capital expenditures (excluding other financing obligations for certain hardware and software) during the six-month periods ended June 30, 2022 and 2021, respectively. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business.

During the six-month period ended June 30, 2022, we received approximately $645 million of net cash reflected as investing activities due to the settlement of existing cross-currency interest rate swaps. See Note 7 to the consolidated financial statements.

Financing

For more information regarding the Company's debt and financing activity see Note 6 to the consolidated financial statements.

Contractual Obligations

There were no material changes in our contractual obligations through the six months ended June 30, 2022, in comparison to the table included in our Annual Report on Form 10-K for the year ended December 31, 2021, except as disclosed in Note 6 to the consolidated financial statements.

Recent Accounting Pronouncements

No new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.

Market Risk

We are exposed to market risks primarily from changes in interest rates, foreign currency exchange rates and geopolitical risks. We periodically use certain derivative financial instruments, including interest rate swaps and foreign currency forward contracts, to manage interest rate and foreign currency risk. We do not use derivatives for trading purposes, to generate income or to engage in speculative activity.

Interest Rate Risk

In addition to existing cash balances and cash provided by operating activities, we use fixed-rate and variable-rate debt to finance our operations. We are exposed to interest rate risk on these debt obligations and related interest rate swaps.

Our fixed rate senior notes (as included in Note 6 to the consolidated financial statements) represent the majority of our fixed-rate long-term debt obligations as of June 30, 2022. The carrying value, excluding the fair value of the interest rate swaps described below and unamortized discounts, of our senior notes was $15.1 billion as of June 30, 2022. The fair value of our senior notes was approximately $13.7 billion as of June 30, 2022. The potential reduction in fair value of the senior notes from a hypothetical 10 percent increase in market interest rates would not be material to the overall fair value of the debt.

Our variable-rate risk principally relates to borrowings under our U.S. commercial paper program, Euro-commercial paper program, and Revolving Credit Facility (as included in Note 6 to the consolidated financial statements) and the notional amounts of our interest rate swaps designated as fair value hedges (collectively, "variable-rate debt"). At June 30, 2022, our weighted-average cost of debt was 1.2% with a weighted-average maturity of 5.2 years; 62% of our debt was fixed rate, and the remaining 38% was variable-rate debt, inclusive of fair value adjustments of interest rate swaps. A 100 basis-point increase in the weighted-average interest rate on our variable-rate debt would have increased our annual interest expense by $74 million. We performed the foregoing sensitivity analysis based solely on the outstanding balance of our variable-rate debt as of June 30, 2022. This sensitivity analysis does not take into account any changes that occurred in the prior 12 months or that may take place in the next 12 months in the amount of our outstanding debt. Further, this sensitivity analysis assumes the change in interest rates is applicable for an entire year. For comparison purposes, based on the outstanding balance of our variable-rate debt as of June 30, 2021, 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 $66 million.

As of June 30, 2022, the following interest rate swaps converting the interest rate exposure on certain of our senior notes from fixed to variable are outstanding (in millions):

												Weighted						Weighted
Notional Amount by												Average						Average
Currency						Maturities						Receive Rate						Pay Rate
$	1,854					2029 - 2031						2.74		%				3.09		%
£	925					2029 - 2031						3.00		%				3.46		%
€	500					2024						1.10		%				0.43		%

By entering into the aforementioned swap agreements, we have assumed risks associated with variable interest rates based upon LIBOR, or Daily Compounded SONIA as applicable based on the phase-out of LIBOR rates, or Euribor. Changes in the overall level of interest rates affect the interest expense that we recognize. We designated the interest rate swaps as fair value hedges for accounting purposes as described in Note 7 to the consolidated financial statements. A 100 basis-point increase in the 3-month USD LIBOR rate, Daily Compounded SONIA rate (previously 6-month GBP LIBOR rate), and 3-month Euribor rate, as applicable, for the interest rate swaps outstanding as of June 30, 2022 and 2021, would increase our annual interest expense by approximately $35 million and $37 million, respectively.

Foreign Currency Risk

We are exposed to foreign currency risks that arise from normal business operations. These risks include the translation of local currency balances of foreign subsidiaries, transaction gains and losses associated with intercompany loans with foreign subsidiaries and transactions denominated in currencies other than a location's functional currency. 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 investment hedges.

Our exposure to foreign currency exchange risks generally arises from our non-U.S. operations, to the extent they are conducted in local currency. Changes in foreign currency exchange rates affect translations of revenue denominated in currencies other than the U.S. Dollar. We generated approximately $704 million and $696 million during the three months and $1,408 million and $1,337 million during the six months ended June 30, 2022 and 2021, 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, Australian Dollar 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 three and six months ended June 30, 2022 and 2021 (in millions):

						Three months ended June 30,												Six months ended June 30,
Currency						2022						2021						2022						2021
Pound Sterling						$	45					$	44					$	88					$	82
Euro						7						8						14						18
Real						4						3						8						6
Rupee						3						3						5						5
Australian Dollar						3						2						6						5
Total increase or decrease						$	62					$	60					$	121					$	116

While our results of operations have been impacted by the effects of currency fluctuations, our international operations' revenue and expenses are generally denominated in local currency, which reduces our economic exposure to foreign exchange risk in those jurisdictions.

Our foreign exchange risk management policy permits the use of derivative instruments, such as forward contracts and options, to reduce volatility in our results of operations and/or cash flows resulting from foreign exchange rate fluctuations. We do not enter into foreign currency derivative instruments for trading purposes or to engage in speculative activity. We do periodically enter into foreign currency forward contracts to hedge foreign currency exposure to intercompany loans and other balance sheet items. 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 Euro and Pound Sterling functional subsidiaries (see Note 7 to the consolidated financial statements).

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (a) recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms and (b) accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II: OTHER INFORMATION

See Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021, as updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, for a detailed discussion of risk factors affecting the Company. There have been no material changes in the risk factors described therein.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes purchases of equity securities by the issuer during the three-month period ended June 30, 2022:

																								Maximum number
																								of shares that
																		Total cost of shares						may yet be
																		purchased as part of						purchased under
						Total number of												publicly announced						the plans or
						shares purchased (1)						Average price						plans or programs (1)						programs (1)
Period						(in millions)						paid per share						(in millions)						(in millions)
April 1-30, 2022						2.9						$	102.73					$	300.0					82.5
May 1-31 2022						—						$	—					—						82.5
June 1-30, 2022						—						$	—					—						82.5
						2.9												$	300.0

(1)In January 2021, our Board of Directors approved a new share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common stock at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans. The new share repurchase program has no expiration date and may be suspended for periods, amended or discontinued at any time. Under the new share repurchase program, approximately 82.5 million shares remain available for repurchases as of June 30, 2022.

On August 4, 2022, Fidelity National Information Services, Inc. (“Company”) announced that James W. Woodall will step down from his position as Corporate Executive Vice President and Chief Financial Officer, effective November 4, 2022, after over 14 years of distinguished service with the Company. Mr. Woodall joined the Company in 2008 and has been the Chief Financial Officer since 2013. The Company also announced the promotion of its Deputy Chief Financial Officer, Erik Hoag, to succeed Mr. Woodall as Corporate Executive Vice President and Chief Financial Officer, effective November 4, 2022.

Mr. Hoag, age 49, is a 14-year veteran with the Company, who has been instrumental in helping chart the Company’s course through a transformational period of modernization and growth, developing the financial strategy and planning behind several significant mergers, acquisitions and long-term capital spending and investment programs.

Prior to joining the Company, Mr. Hoag held multiple leadership roles in the finance sector including positions at Bank of America, Sun Trust and HSBC. He has also served as a board member of Capco and Reliance Trust.

Mr. Hoag holds dual Bachelor of Science degrees from Florida State University in both finance and economics. He is active in the community as a trustee of Jacksonville’s Museum of Science & History (MOSH) and a member of the University of North Florida’s Business Advisory Council.

In connection with Mr. Woodall's transition, on August 1, 2022, Mr. Woodall and the Company entered into a Transition Agreement (the “Transition Agreement”), pursuant to which Mr. Woodall will provide transition services on a part-time basis with the title of Chief Financial Officer Emeritus from November 4, 2022 (the “Transition Date”) through March 31, 2025 (the “Transition Period”) in order to ensure a smooth transition of the Chief Financial Officer responsibilities. During the Transition Period, Mr. Woodall will be paid a fixed amount of $20,834 per month ($250,000 per year). His transition services during the Transition Period will include supporting Mr. Hoag’s transition into the Chief Financial Officer role (including with respect to quarterly earnings preparation, budgeting, preparation for board meetings and investors calls), serving on the board of directors or managers of up to four of the Company’s subsidiaries, as designated by the Chairman of the Company’s Board of Directors, and acting as a strategic adviser to the Chairman of the Company’s Board of Directors, with his time commitment with respect to such services not to exceed 20% of the average level of services he performed over the 36-month period immediately preceding the Transition Date.

During the Transition Period, if Mr. Woodall’s employment is terminated for any reason, he will be eligible for continued vesting of any unvested equity awards in accordance with the terms of, and dates specified in, the applicable grant agreements, in each case, subject to his (or his personal representative’s or beneficiary’s, as applicable) execution and non-revocation of the Company’s standard form of a general release of claims and his compliance with the restrictive covenants in the applicable grant agreements and his employment agreement. If such termination of Mr. Woodall’s employment was by the Company for a reason other than “cause” or his death or disability, all of his outstanding stock options that are then vested or that vest following the termination date in accordance with the terms of, and dates specified in, the applicable grant agreements will remain exercisable until the expiration date set forth in the applicable grant agreements, while in all other termination scenarios, such options will remain exercisable for 90 days following the effective date of termination or for 90 days following the date such options vest, whichever is earlier. In addition, if Mr. Woodall’s employment is terminated during the Transition Period due to his death or disability, subject to his (or his personal representative’s or beneficiary’s, as applicable) execution and non-revocation of the Company’s standard form of a general release of claims, he will receive a lump sum amount equal to three months’ salary ($62,502 in total).

In connection with the contemplated transition upon the Transition Date, the Compensation Committee of the Board of Directors determined that the payment of certain benefits under his employment agreement with the Company was warranted, including the right to receive severance payments and continued vesting of any equity awards that are unvested as of the Transition Date. Such severance payments and benefits consist of: (i) a lump sum amount representing 200% of the sum of Mr. Woodall’s annual base salary in effect immediately prior to the Transition Date, and the highest annual bonus paid to him by the Company within the three years preceding the Transition Date (or if higher, the target annual bonus in 2022); (ii) a lump sum amount representing the sum of 36 months’ medical and dental COBRA premiums based on the level of coverage in effect on the Transition Date and 36 months’ life insurance premiums based on the monthly premiums that would be due assuming conversion of the Company’s life insurance coverage in effect on the Transition Date into an individual policy; (iii) contingent upon the Company’s achievement of the financial targets set by the Compensation Committee for fiscal year 2022 under the Company’s Annual Bonus Plan, a pro-rated annual bonus based upon the actual annual bonus that would have been earned by him for fiscal year 2022, multiplied by the number of days in the 2022 calendar year preceding the Transition Date over 365; and (iv) subject to his payment of full monthly premiums for COBRA coverage, continued medical and dental coverage on the

same basis as provided to the active executives and their dependents until the earlier of 18 months after the Transition Date and the date he becomes eligible for medical and dental coverage with a subsequent employer. The Company’s obligation to provide the benefits under the employment agreement is contingent on Mr. Woodall’s execution and non-revocation of the Company’s standard form of a general release of claims against the Company within 60 days of the Transition Date and his compliance with the restrictive covenants in the applicable grant agreements and his employment agreement. In addition, if he remains employed until the end of the Transition Period, he will be eligible for benefits under the Company’s Qualified Retirement Equity Program, subject to Mr. Woodall’s execution and non-revocation of the Company’s standard form of a general release of claims against the Company within 60 days following the end of the Transition Period and his compliance with the restrictive covenants in the applicable grant agreements and his employment agreement.

The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by reference to the Transition Agreement, a copy of which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

						Incorporated by Reference
Exhibit									SEC File									Filed/ Furnished
No.			Exhibit Description			Form			Number			Exhibit			Filing Date			Herewith
10.1			Transition Agreement, dated August 1, 2022, by and between Fidelity National Information Services, Inc. and James W. Woodall. (1)															*
31.1			Certification of Gary A. Norcross, President and Chief Executive Officer of Fidelity National Information Services, Inc., pursuant to rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.															*
31.2			Certification of James W. Woodall, Corporate Executive Vice President and Chief Financial Officer of Fidelity National Information Services, Inc., pursuant to rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.															*
32.1			Certification of Gary A. Norcross, President and and Chief Executive Officer of Fidelity National Information Services, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.															*
32.2			Certification of James W. Woodall, Corporate Executive Vice President and Chief Financial Officer of Fidelity National Information Services, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.															*
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.															*
101.SCH			Inline XBRL Taxonomy Extension Schema Document.															*
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document.															*
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.															*
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document.															*
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.															*

(1) Management contract or compensatory plan or arrangement.

• Filed or furnished herewith

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			FIDELITY NATIONAL INFORMATION SERVICES, INC.
Date: August 4, 2022			By:			/s/ JAMES W. WOODALL
						James W. Woodall
						Corporate Executive Vice President and Chief Financial Officer (Principal Financial Officer )

			FIDELITY NATIONAL INFORMATION SERVICES, INC.
Date: August 4, 2022			By:			/s/ THOMAS K. WARREN
						Thomas K. Warren
						Chief Accounting Officer (Principal Accounting Officer)