- Revenue growth of 7.6%, as adjusted, for the quarter; 4.2%, as adjusted, for the year
- EPS of $0.64, as adjusted, for the quarter; $2.02, as adjusted, for the year
- Free cash flow of $222 million, as adjusted, for the quarter; $791 million, as adjusted, for the year
JACKSONVILLE, Fla.--(BUSINESS WIRE)--FIS™ (NYSE:FIS), one of the world’s largest global providers dedicated to banking and payments technologies, today reported financial results for the quarter and full year ended December 31, 2010.
“It was a strong quarter and a very good year for our company. Full year revenue growth and earnings per share exceeded our expectations, and we are excited about the momentum we have as we enter 2011”
Fourth Quarter 2010
Consolidated GAAP revenue in the fourth quarter of 2010 was $1.4 billion, compared to $1.3 billion in the fourth quarter of 2009. GAAP net earnings from continuing operations attributable to common stockholders totaled $121.3 million, or $0.40 per diluted share, in the fourth quarter of 2010, compared to a loss of $52.3 million, or $0.14 per diluted share, in the prior year quarter.
Adjusted revenue increased 7.6% to $1.4 billion compared to adjusted revenue of $1.3 billion in the fourth quarter of 2009 and increased 6.1% organically. The foreign currency impact was not material in the quarter. Adjusted EBITDA increased 14.4% to $444.6 million in the fourth quarter of 2010, compared to adjusted EBITDA of $388.7 million in the 2009 quarter. The adjusted EBITDA margin expanded 190 basis points to 31.8%. Adjusted net earnings from continuing operations totaled $196.9 million, or $0.64 per diluted share, compared to adjusted net earnings from continuing operations of $168.9 million, or $0.45 per share, in the fourth quarter of 2009. Adjusted free cash flow totaled $221.6 million in the fourth quarter 2010 compared to $236.7 million in the 2009 quarter. Definitions of non-GAAP financial measures and reconciliations of non-GAAP measures to related GAAP measures are provided in subsequent sections of the press release narrative and supplemental schedules.
Full Year 2010
GAAP revenue for the full year 2010 was $5.3 billion compared to $3.7 billion for full year 2009. Net earnings from continuing operations attributable to common stockholders was $447.6 million, or $1.27 per diluted share, for the full year 2010, compared to $106.4 million, or $0.44 per diluted share, in the prior year.
For the full year 2010, adjusted revenue increased 4.2% to $5.2 billion, compared to adjusted pro forma revenue of $5.0 billion in 2009. Adjusted revenue increased 3.2% for full year 2010 excluding a $26.4 million foreign currency benefit and $23.4 million in acquired revenue. Adjusted EBITDA increased 13.9% to $1.6 billion, compared to pro forma adjusted EBITDA of $1.4 billion in the prior year. The adjusted EBITDA margin expanded 270 basis points to 31.3% compared to 28.6% in 2009. Adjusted net earnings from continuing operations totaled $711.1 million, or $2.02 per diluted share, compared to adjusted net earnings from continuing operations of $395.2 million, or $1.65 per share, in 2009. Adjusted free cash flow totaled $790.8 million for the full year 2010 compared to $607.5 million in 2009. Definitions of non-GAAP financial measures and reconciliations of non-GAAP measures to related GAAP measures are provided in subsequent sections of the press release narrative and supplemental schedules.
“It was a strong quarter and a very good year for our company. Full year revenue growth and earnings per share exceeded our expectations, and we are excited about the momentum we have as we enter 2011,” stated Frank Martire, president and chief executive officer of FIS. “Our management team and employees have done an excellent job executing the business plan and the Metavante integration, while remaining focused on serving our clients. These efforts have placed FIS in an even stronger position to focus on continued growth and expansion.”
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