Georgia | 37-1490331 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | Description | |
99.1 | Press release announcing Fidelity National Information Services, Inc. reports first quarter 2014 earnings. |
Fidelity National Information Services, Inc. | ||||
Date May 1, 2014 | By: | /s/ James W. Woodall | ||
Name: | James W. Woodall | |||
Title: | Corporate Executive Vice President and Chief Financial Officer | |||
Fidelity National Information Services, Inc. | ||||
Date May 1, 2014 | By: | /s/ Peter J.S. Smith | ||
Name: | Peter J.S. Smith | |||
Title: | Corporate Senior Vice President and Chief Accounting Officer |
Exhibit | Description | |
99.1 | Press release announcing Fidelity National Information Services, Inc. reports first quarter 2014 earnings. |
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• | Revenue of $1.5 billion, up 4 percent on organic basis |
• | Adjusted EPS from continuing operations of $0.68, up 10 percent |
• | Free cash flow of $158 million |
• | $245 million in share repurchases and cash dividends returned to shareholders |
• | Financial Solutions: |
• | Payment Solutions: |
• | International Solutions: |
• | Corporate/Other: |
• | Organic revenue growth of 4.5 to 6.5 percent |
• | EBITDA, as adjusted, growth of 4.5 to 6.5 percent |
• | EPS from continuing operations of $3.05 to $3.16, as adjusted, an increase of 8 to 12 percent compared to $2.83 per share in 2013 |
• | Free cash flow is expected to approximate adjusted net earnings |
• | changes in general economic, business and political conditions, including the possibility of intensified international hostilities, acts of terrorism, and changes in either or both the United States and international lending, capital and financial markets; |
• | the effect of legislative initiatives or proposals, statutory changes, governmental or other applicable regulations and/or changes in industry requirements, including privacy 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; |
• | 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 the theft of personal information and computer viruses affecting our software or platforms, and the reactions of customers, card associations, government regulators and others to any such events; |
• | the reaction of our current and potential customers to communications from us or our regulators regarding information security, risk management, internal audit or other matters; |
• | competitive pressures on pricing related to our solutions including the ability to attract new, or retain existing, customers; |
• | an operational or natural disaster at one of our major operations centers; |
• | and other risks detailed in “Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and other filings with the SEC. |
Ellyn Raftery, 904.438.6083 | Nancy Murphy, 904.438.6192 | |
Chief Marketing Officer | Senior Vice President | |
FIS Global Marketing and Communications | FIS Investor Relations | |
ellyn.raftery@fisglobal.com | nancy.murphy@fisglobal.com |
Exhibit A | Consolidated Statements of Earnings - Unaudited for the three months ended March 31, 2014 and 2013 |
Exhibit B | Consolidated Balance Sheets - Unaudited as of March 31, 2014 and December 31, 2013 |
Exhibit C | Consolidated Statements of Cash Flows - Unaudited for the three months ended March 31, 2014 and 2013 |
Exhibit D | Supplemental Non-GAAP Financial Information - Unaudited for the three months ended March 31, 2014 and 2013 |
Exhibit E | Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for the three months ended March 31, 2014 and 2013 |
Exhibit A | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
Processing and services revenues | $ | 1,520.3 | $ | 1,478.0 | |||
Cost of revenues | 1,050.0 | 1,008.0 | |||||
Gross profit | 470.3 | 470.0 | |||||
Selling, general and administrative expenses | 186.6 | 194.9 | |||||
Operating income | 283.7 | 275.1 | |||||
Other income (expense): | |||||||
Interest expense, net | (41.1 | ) | (51.7 | ) | |||
Other income (expense), net | (0.5 | ) | 5.1 | ||||
Total other income (expense), net | (41.6 | ) | (46.6 | ) | |||
Earnings from continuing operations before income taxes | 242.1 | 228.5 | |||||
Provision for income taxes | 80.6 | 75.2 | |||||
Earnings from continuing operations, net of tax | 161.5 | 153.3 | |||||
Loss from discontinued operations, net of tax | (0.4 | ) | (3.9 | ) | |||
Net earnings | 161.1 | 149.4 | |||||
Net earnings attributable to noncontrolling interest | (6.6 | ) | (5.3 | ) | |||
Net earnings attributable to FIS common stockholders | $ | 154.5 | $ | 144.1 | |||
Net earnings per share-basic from continuing operations attributable to FIS common stockholders | $ | 0.54 | $ | 0.51 | |||
Net loss per share-basic from discontinued operations attributable to FIS common stockholders | — | (0.01 | ) | ||||
Net earnings per share-basic attributable to FIS common stockholders * | $ | 0.54 | $ | 0.50 | |||
Weighted average shares outstanding-basic | 288.0 | 291.0 | |||||
Net earnings per share-diluted from continuing operations attributable to FIS common stockholders | $ | 0.53 | $ | 0.50 | |||
Net loss per share-diluted from discontinued operations attributable to FIS common stockholders | — | (0.01 | ) | ||||
Net earnings per share-diluted attributable to FIS common stockholders * | $ | 0.53 | $ | 0.49 | |||
Weighted average shares outstanding-diluted | 291.9 | 295.5 | |||||
Amounts attributable to FIS common stockholders: | |||||||
Earnings from continuing operations, net of tax | $ | 154.9 | $ | 148.0 | |||
Loss from discontinued operations, net of tax | (0.4 | ) | (3.9 | ) | |||
Net earnings attributable to FIS common stockholders | $ | 154.5 | $ | 144.1 |
Exhibit B | |||||||
As of | As of | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 737.7 | $ | 547.5 | |||
Settlement deposits | 444.7 | 327.4 | |||||
Trade receivables, net | 987.9 | 987.9 | |||||
Settlement receivables | 257.2 | 178.2 | |||||
Other receivables | 19.4 | 62.1 | |||||
Due from Brazilian venture partner | 34.9 | 35.8 | |||||
Prepaid expenses and other current assets | 153.7 | 154.1 | |||||
Deferred income taxes | 52.8 | 58.9 | |||||
Total current assets | 2,688.3 | 2,351.9 | |||||
Property and equipment, net | 449.2 | 439.0 | |||||
Goodwill | 8,500.0 | 8,500.0 | |||||
Intangible assets, net | 1,288.0 | 1,339.3 | |||||
Computer software, net | 861.1 | 856.5 | |||||
Deferred contract costs, net | 206.9 | 206.8 | |||||
Other noncurrent assets | 277.4 | 266.6 | |||||
Total assets | $ | 14,270.9 | $ | 13,960.1 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 653.2 | $ | 768.0 | |||
Due to Brazilian venture partner | 14.4 | 13.7 | |||||
Settlement payables | 717.0 | 518.6 | |||||
Current portion of long-term debt | 49.7 | 128.8 | |||||
Deferred revenues | 270.1 | 243.6 | |||||
Total current liabilities | 1,704.4 | 1,672.7 | |||||
Deferred revenues | 26.7 | 27.2 | |||||
Deferred income taxes | 810.7 | 823.6 | |||||
Long-term debt, excluding current portion | 4,728.9 | 4,339.8 | |||||
Due to Brazilian venture partner | 36.2 | 34.5 | |||||
Other long-term liabilities | 261.6 | 325.0 | |||||
Total liabilities | 7,568.5 | 7,222.8 | |||||
Equity: | |||||||
FIS stockholders’ equity: | |||||||
Preferred stock $0.01 par value | — | — | |||||
Common stock $0.01 par value | 3.9 | 3.9 | |||||
Additional paid in capital | 7,271.5 | 7,247.6 | |||||
Retained earnings | 2,427.6 | 2,341.9 | |||||
Accumulated other comprehensive earnings | 3.2 | (9.9 | ) | ||||
Treasury stock $0.01 par value | (3,172.1 | ) | (3,003.0 | ) | |||
Total FIS stockholders’ equity | 6,534.1 | 6,580.5 | |||||
Noncontrolling interest | 168.3 | 156.8 | |||||
Total equity | 6,702.4 | 6,737.3 | |||||
Total liabilities and equity | $ | 14,270.9 | $ | 13,960.1 |
Exhibit C | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 161.1 | $ | 149.4 | |||
Adjustment to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 152.6 | 153.2 | |||||
Amortization of debt issue costs | 2.6 | 2.8 | |||||
Gain on mFoundry | — | (9.2 | ) | ||||
Stock-based compensation | 13.3 | 13.2 | |||||
Deferred income taxes | (6.7 | ) | (15.4 | ) | |||
Excess income tax benefit from exercise of stock options | (8.5 | ) | (4.0 | ) | |||
Other operating activities, net | (0.6 | ) | — | ||||
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency: | |||||||
Trade receivables | 15.3 | (12.0 | ) | ||||
Settlement activity | 2.5 | (13.9 | ) | ||||
Prepaid expenses and other assets | (13.0 | ) | (35.1 | ) | |||
Deferred contract costs | (16.6 | ) | (19.7 | ) | |||
Deferred revenue | 25.9 | (8.3 | ) | ||||
Accounts payable, accrued liabilities and other liabilities | (105.3 | ) | 6.5 | ||||
Net cash provided by operating activities | 222.6 | 207.5 | |||||
Cash flows from investing activities: | |||||||
Additions to property and equipment | (37.9 | ) | (31.0 | ) | |||
Additions to computer software | (52.0 | ) | (42.7 | ) | |||
Acquisitions, net of cash acquired and equity investments | — | (115.0 | ) | ||||
Other investing activities, net | 8.5 | (7.0 | ) | ||||
Net cash used in investing activities | (81.4 | ) | (195.7 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings | 1,839.0 | 2,206.3 | |||||
Repayment of borrowings and capital lease obligations | (1,529.6 | ) | (1,990.1 | ) | |||
Excess income tax benefit from exercise of stock options | 8.5 | 4.0 | |||||
Proceeds from exercise of stock options | 12.8 | 18.8 | |||||
Treasury stock activity | (203.1 | ) | (105.3 | ) | |||
Dividends paid | (69.5 | ) | (64.8 | ) | |||
Other financing activities, net | (15.7 | ) | (0.7 | ) | |||
Net cash provided by financing activities | 42.4 | 68.2 | |||||
Effect of foreign currency exchange rate changes on cash | 6.6 | (7.0 | ) | ||||
Net increase in cash and cash equivalents | 190.2 | 73.0 | |||||
Cash and cash equivalents, at beginning of period | 547.5 | 517.6 | |||||
Cash and cash equivalents, at end of period | $ | 737.7 | $ | 590.6 |
Exhibit D | |||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||
Financial Solutions | Payment Solutions | International Solutions | Corporate and Other | Consolidated | |||||||||||||||
Processing and services revenue | $ | 586.8 | $ | 619.5 | $ | 314.4 | $ | (0.4 | ) | $ | 1,520.3 | ||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Contract settlement | — | 9.0 | — | — | 9.0 | ||||||||||||||
Adjusted processing and services revenue | $ | 586.8 | $ | 628.5 | $ | 314.4 | $ | (0.4 | ) | $ | 1,529.3 | ||||||||
Operating income (loss) | $ | 187.0 | $ | 235.5 | $ | 39.4 | $ | (178.2 | ) | $ | 283.7 | ||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Contract settlement | — | 9.0 | — | — | 9.0 | ||||||||||||||
Purchase price amortization | — | — | 0.1 | 54.8 | 54.9 | ||||||||||||||
Non-GAAP operating income (loss) | 187.0 | 244.5 | 39.5 | (123.4 | ) | 347.6 | |||||||||||||
Depreciation and amortization from continuing operations | 39.9 | 19.9 | 19.5 | 18.4 | 97.7 | ||||||||||||||
Adjusted EBITDA | $ | 226.9 | $ | 264.4 | $ | 59.0 | $ | (105.0 | ) | $ | 445.3 | ||||||||
Non-GAAP operating margin | 31.9 | % | 38.9 | % | 12.6 | % | N/M | 22.7 | % | ||||||||||
Adjusted EBITDA margin | 38.7 | % | 42.1 | % | 18.8 | % | N/M | 29.1 | % | ||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||
Financial Solutions | Payment Solutions | International Solutions | Corporate and Other | Consolidated | |||||||||||||||
Processing and services revenue | $ | 575.3 | $ | 611.8 | $ | 291.6 | $ | (0.7 | ) | $ | 1,478.0 | ||||||||
Operating income (loss) | $ | 188.4 | $ | 238.5 | $ | 40.3 | $ | (192.1 | ) | $ | 275.1 | ||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Purchase price amortization | — | — | 0.1 | 60.2 | 60.3 | ||||||||||||||
Non-GAAP operating income (loss) | 188.4 | 238.5 | 40.4 | (131.9 | ) | 335.4 | |||||||||||||
Depreciation and amortization from continuing operations | 39.2 | 19.8 | 18.7 | 15.2 | 92.9 | ||||||||||||||
Adjusted EBITDA | $ | 227.6 | $ | 258.3 | $ | 59.1 | $ | (116.7 | ) | $ | 428.3 | ||||||||
Non-GAAP operating margin | 32.7 | % | 39.0 | % | 13.9 | % | N/M | 22.7 | % | ||||||||||
Adjusted EBITDA margin | 39.6 | % | 42.2 | % | 20.3 | % | N/M | 29.0 | % | ||||||||||
Total revenue growth from prior year period | |||||||||||||||||||
Three months ended March 31, 2014 | 2.0 | % | 2.7 | % | 7.8 | % | N/M | 3.5 | % |
Exhibit D (continued) | ||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Constant | Adjusted | Organic | ||||||||||||||||||||||||
Currency | In Year | Base | Revenue | |||||||||||||||||||||||
Revenue (1) | FX | Revenue | Revenue | Acquisitions | Revenue | Growth | ||||||||||||||||||||
Financial Solutions | $ | 586.8 | $ | 1.2 | $ | 588.0 | $ | 575.3 | $ | 3.8 | $ | 579.1 | 1.5 | % | ||||||||||||
Payment Solutions | 628.5 | 0.5 | 629.0 | 611.8 | — | 611.8 | 2.8 | % | ||||||||||||||||||
International Solutions | 314.4 | 14.0 | 328.4 | 291.6 | 5.8 | 297.4 | 10.4 | % | ||||||||||||||||||
Corporate and Other | (0.4 | ) | — | (0.4 | ) | (0.7 | ) | — | (0.7 | ) | N/M | |||||||||||||||
Total processing and services revenue | $ | 1,529.3 | $ | 15.7 | $ | 1,545.0 | $ | 1,478.0 | $ | 9.6 | $ | 1,487.6 | 3.9 | % |
Exhibit D (continued) | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
Net cash provided by operating activities | $ | 222.6 | $ | 207.5 | |||
Non-GAAP adjustments: | |||||||
Capco acquisition related payments (1) | 28.0 | — | |||||
Settlement activity | (2.5 | ) | 13.9 | ||||
Adjusted cash flows from operations | 248.1 | 221.4 | |||||
Capital expenditures | (89.9 | ) | (73.7 | ) | |||
Free cash flow | $ | 158.2 | $ | 147.7 |
(1) | Free cash flow for the three months ended March 31, 2014 excludes payments for contingent purchase price and the New Hires and Promotions Incentive Plan associated with the 2010 acquisition of Capco. In accordance with the accounting guidance, contingent purchase price payments are included in other financing activities on the Statement of Cash Flows only to the extent they represent the original liability established at the acquisition date. Payments related to subsequent adjustments to the contingent purchase price are included in the net cash provided by operating activities. |
Exhibit E | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net earnings from continuing operations attributable to FIS | $ | 154.9 | $ | 148.0 | ||||
Plus provision for income taxes | 80.6 | 75.2 | ||||||
Interest expense, net | 41.1 | 51.7 | ||||||
Other, net | 7.1 | 0.2 | ||||||
Operating income | 283.7 | 275.1 | ||||||
Non-GAAP adjustments: | ||||||||
Contract settlement | 9.0 | — | ||||||
Purchase price amortization | 54.9 | 60.3 | ||||||
Non-GAAP operating income | 347.6 | 335.4 | ||||||
Depreciation and amortization from continuing operations | 97.7 | 92.9 | ||||||
Adjusted EBITDA | $ | 445.3 | $ | 428.3 |
Exhibit E (continued) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Purchase | ||||||||||||||||||||
Contract | Price | |||||||||||||||||||
GAAP | Settlement (1) | Subtotal | Amort. (3) | Non-GAAP | ||||||||||||||||
Processing and services revenue | $ | 1,520.3 | $ | 9.0 | $ | 1,529.3 | $ | — | $ | 1,529.3 | ||||||||||
Cost of revenues | 1,050.0 | — | 1,050.0 | (54.9 | ) | 995.1 | ||||||||||||||
Gross profit | 470.3 | 9.0 | 479.3 | 54.9 | 534.2 | |||||||||||||||
Selling, general and administrative | 186.6 | — | 186.6 | — | 186.6 | |||||||||||||||
Operating income | 283.7 | 9.0 | 292.7 | 54.9 | 347.6 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income (expense), net | (41.1 | ) | — | (41.1 | ) | — | (41.1 | ) | ||||||||||||
Other income (expense), net | (0.5 | ) | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||
Total other income (expense) | (41.6 | ) | — | (41.6 | ) | — | (41.6 | ) | ||||||||||||
Earnings (loss) from continuing operations before income taxes | 242.1 | 9.0 | 251.1 | 54.9 | 306.0 | |||||||||||||||
Provision for income taxes | 80.6 | 3.0 | 83.6 | 18.4 | 102.0 | |||||||||||||||
Earnings (loss) from continuing operations, net of tax | 161.5 | 6.0 | 167.5 | 36.5 | 204.0 | |||||||||||||||
Earnings (loss) from discontinued operations, net of tax (4) | (0.4 | ) | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||
Net earnings (loss) | 161.1 | 6.0 | 167.1 | 36.5 | 203.6 | |||||||||||||||
Net (earnings) loss attributable to noncontrolling interest | (6.6 | ) | — | (6.6 | ) | — | (6.6 | ) | ||||||||||||
Net earnings (loss) attributable to FIS common stockholders | $ | 154.5 | $ | 6.0 | $ | 160.5 | $ | 36.5 | $ | 197.0 | ||||||||||
Amounts attributable to FIS common stockholders | ||||||||||||||||||||
Earnings (loss) from continuing operations, net of tax | $ | 154.9 | $ | 6.0 | $ | 160.9 | $ | 36.5 | $ | 197.4 | ||||||||||
Earnings (loss) from discontinued operations, net of tax (4) | (0.4 | ) | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||
Net earnings (loss) attributable to FIS common stockholders | $ | 154.5 | $ | 6.0 | $ | 160.5 | $ | 36.5 | $ | 197.0 | ||||||||||
Net earnings (loss) per share — diluted from continuing operations attributable to FIS common stockholders* | $ | 0.53 | $ | 0.02 | $ | 0.55 | $ | 0.13 | $ | 0.68 | ||||||||||
Weighted average shares outstanding — diluted | 291.9 | 291.9 | 291.9 | 291.9 | 291.9 | |||||||||||||||
Effective tax rate | 33 | % | 33 | % | ||||||||||||||||
Supplemental information: | ||||||||||||||||||||
Depreciation and amortization | $ | 152.6 | (54.9 | ) | $ | 97.7 | ||||||||||||||
Stock compensation expense, excluding acceleration charges | $ | 13.3 | ||||||||||||||||||
Stock acceleration charges | — | |||||||||||||||||||
Total stock compensation expense | $ | 13.3 |
Exhibit E (continued) | ||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Stock and Other | Purchase | |||||||||||||||||||
Gain on | Price | |||||||||||||||||||
GAAP | mFoundry (2) | Subtotal | Amort. (3) | Non-GAAP | ||||||||||||||||
Processing and services revenue | $ | 1,478.0 | $ | — | $ | 1,478.0 | $ | — | $ | 1,478.0 | ||||||||||
Cost of revenues | 1,008.0 | — | 1,008.0 | (60.3 | ) | 947.7 | ||||||||||||||
Gross profit | 470.0 | — | 470.0 | 60.3 | 530.3 | |||||||||||||||
Selling, general and administrative | 194.9 | — | 194.9 | — | 194.9 | |||||||||||||||
Operating income | 275.1 | — | 275.1 | 60.3 | 335.4 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income (expense), net | (51.7 | ) | — | (51.7 | ) | — | (51.7 | ) | ||||||||||||
Other income (expense), net | 5.1 | (9.2 | ) | (4.1 | ) | — | (4.1 | ) | ||||||||||||
Total other income (expense) | (46.6 | ) | (9.2 | ) | (55.8 | ) | — | (55.8 | ) | |||||||||||
Earnings (loss) from continuing operations before income taxes | 228.5 | (9.2 | ) | 219.3 | 60.3 | 279.6 | ||||||||||||||
Provision for income taxes | 75.2 | (3.0 | ) | 72.2 | 19.8 | 92.0 | ||||||||||||||
Earnings (loss) from continuing operations, net of tax | 153.3 | (6.2 | ) | 147.1 | 40.5 | 187.6 | ||||||||||||||
Earnings (loss) from discontinued operations, net of tax (4) | (3.9 | ) | — | (3.9 | ) | — | (3.9 | ) | ||||||||||||
Net earnings (loss) | 149.4 | (6.2 | ) | 143.2 | 40.5 | 183.7 | ||||||||||||||
Net (earnings) loss attributable to noncontrolling interest | (5.3 | ) | — | (5.3 | ) | — | (5.3 | ) | ||||||||||||
Net earnings (loss) attributable to FIS common stockholders | $ | 144.1 | $ | (6.2 | ) | $ | 137.9 | $ | 40.5 | $ | 178.4 | |||||||||
Amounts attributable to FIS common stockholders | ||||||||||||||||||||
Earnings (loss) from continuing operations, net of tax | $ | 148.0 | $ | (6.2 | ) | $ | 141.8 | $ | 40.5 | $ | 182.3 | |||||||||
Earnings (loss) from discontinued operations, net of tax (4) | (3.9 | ) | — | (3.9 | ) | — | (3.9 | ) | ||||||||||||
Net earnings (loss) attributable to FIS common stockholders | $ | 144.1 | $ | (6.2 | ) | $ | 137.9 | $ | 40.5 | $ | 178.4 | |||||||||
Net earnings (loss) per share — diluted from continuing operations attributable to FIS common stockholders* | $ | 0.50 | $ | (0.02 | ) | $ | 0.48 | $ | 0.14 | $ | 0.62 | |||||||||
Weighted average shares outstanding — diluted | 295.5 | 295.5 | 295.5 | 295.5 | 295.5 | |||||||||||||||
Effective tax rate | 33 | % | 33 | % | ||||||||||||||||
Supplemental information: | ||||||||||||||||||||
Depreciation and amortization | $ | 153.2 | (60.3 | ) | $ | 92.9 | ||||||||||||||
Stock compensation expense, excluding acceleration charges | $ | 13.2 | ||||||||||||||||||
Stock acceleration charges | — | |||||||||||||||||||
Total stock compensation expense | $ | 13.2 |
(1) | The revenue adjustment in this column represents a cash settlement for the extinguishment of certain contractual minimums with a reseller. Although the 2014 cash settlement has no contract performance obligation, revenue is amortized in this circumstance over the remaining relationship with the reseller. |
(2) | Gain resulting from the purchase of the remaining shares of mFoundry, Inc., representing the difference between the fair value and carrying value of the minority interest investment previously held. |
(3) | This column represents purchase price amortization expense on intangible assets acquired through various Company acquisitions. |
(4) | During the third quarter of 2010, we determined that Fidelity National Participacoes Ltda. ("Participacoes"), our item processing and remittance services business in Brazil, should be treated as a discontinued operation. Participacoes had losses of $(0.4) million and $(3.9) million during the three months ended March 31, 2014 and 2013, respectively, related to ongoing labor claim settlements that were not transferred with other assets and liabilities in the disposal. |