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Fidelity National Information Services Inc. (FIS+0.60%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including total revenue of $10.1 billion, an increase from $9.8 billion in the previous year. This growth was attributed to new sales and increased transaction processing volumes.
The company reported a gross profit of $3.8 billion, with a gross profit margin of 38%, up from 37% in the previous year. Operating income was $1.7 billion, reflecting an operating margin of 17%.
Fidelity National Information Services completed the sale of a 55% equity interest in its Worldpay Merchant Solutions business on January 31, 2024. The company retained a 45% non-controlling equity interest in Worldpay, which is accounted for using the equity method.
The company recorded a loss on the sale of the Worldpay disposal group amounting to $578 million. A tax benefit of $1.1 billion was recognized, primarily due to the release of U.S. deferred tax liabilities.
Net earnings from continuing operations were $790 million, while earnings from discontinued operations, net of tax, were $663 million. The total net earnings attributable to FIS were $1.45 billion.
FIS reported $2.2 billion in cash flows from operating activities, an increase from $2.1 billion in the previous year. The company used a portion of the proceeds from the Worldpay Sale to repay debt and repurchase shares.
The company announced a quarterly dividend of $0.40 per share, payable on March 25, 2025.
FIS continues to focus on its core segments: Banking Solutions and Capital Market Solutions. Banking Solutions revenue increased by 2% to $6.9 billion, while Capital Market Solutions revenue increased by 8% to $3.0 billion.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
FIS is subject to various legal proceedings, including a class action lawsuit related to disclosures concerning its former Merchant Solutions segment. The company intends to vigorously defend against these claims.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fidelity National Information Services Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.