Item 2.02 Results of Operations and Financial Condition
Certegy Australia
On October 13, 2008, Fidelity National Information Services, Inc. ("FIS")
completed the sale of the operating assets of Certegy Australia, Ltd. FIS will
begin reporting Certegy Australia, Ltd. as a discontinued operation beginning
with the results of operations for the three and twelve month periods ended
December 31, 2008.
Reclassifications
During the first quarter of 2008, the Company reclassified certain revenues
from the eFunds acquisition from the International revenue channel to the
Integrated Financial Solutions and Enterprise Solutions revenue channels.
Accordingly, certain revenues related to eFunds in the third and fourth quarters
of 2007 have been reclassified to conform with our current presentation.
Because the operating results of Certegy Australia, Ltd. will not be formally
reported as discontinued operations until the completion of the 2008 fourth
quarter, management desires to furnish more timely information to investors to
improve the understanding of the Company's operating performance. Management is
separately furnishing information which reflects the operations of Certegy
Australia, Ltd. as a discontinued operation and the reclassification of certain
eFunds revenues noted above.
The purpose of the schedules included in Exhibit 99.1 is to recast the 2007
results by quarter and on an annual basis, along with the first, second and
third quarters of 2008 in a manner consistent with how FIS will report results
beginning in the fourth quarter of 2008. These schedules report the operating
results of Certegy Australia, Ltd., which we have sold as discontinued
operations. Additionally, Exhibit A reflects the reclassifications of certain
eFunds revenues from the International revenue channel to the Integrated
Financial Solutions and Enterprise Solutions revenue channels. Revenues and
expenses associated with Certegy Australia, Ltd., are presented as discontinued
operations in the consolidated statements of earnings. Discontinued operations
are reflected separately, net of tax, below net earnings from continuing
operations.
The exhibit included with this filing contains financial information
determined by methods other than in accordance with generally accepted
accounting principles ("GAAP"). FIS's management uses non-GAAP measures for
planning purposes, including the preparation of annual operating budgets, and to
evaluate the operating performance of its businesses and to compare its
operating performance with that of its competitors. Therefore, management
believes non-GAAP measures to be relevant and useful information for investors.
The non-GAAP measures exclude certain items, which management believes are not
indicative of core operating results, however, these items do impact our income
statement, and management therefore utilizes non-GAAP measures as an operating
performance measure in conjunction with GAAP measures, such as operating income
or other income statement data prepared in accordance with GAAP. The non-GAAP
measures should not be used in isolation or as a substitute for other measures
of financial performance reported in accordance with GAAP.
The information included in Items 2.02 and 9.01 within this Current Report
are being furnished and shall not be deemed "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended or otherwise
subject to the liabilities of that Section. The information included in Items
2.02 and 9.01 within this Current Report shall not be incorporated by reference
into any registration statement or other document pursuant to the Securities Act
of 1933, as amended.
A copy of the historical financial data is attached as Exhibit 99.1.
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