Fidelity National Information Services, Inc. · NYSE:FIS
Fidelity National Information Services — Investor Day (2018)
72 slides from Fidelity National Information Services's investor day presentation, 2018
Slide 1: 2018 Investor Conference
(=| 2018 INVESTOR CONFERENCE EMPOWERING THE FINANCIAL WORLD o ANZ mo |
Slide 2: Disclosures
Disclosures Forward-looking Statements Our discussions today, including this presentation and any comments made by management, contain forward-looking statements within the meaning of the U.S. federal securities laws. Any statements that refer to future events or circumstances, including our future
Slide 3: FIS 2018 Investor Conference
FIS 2018 Investor Conference STRATEGIC BUSINESS SHAREHOLDER OVERVIEW IN FOCUS VALUE Gary Norcross Bruce Lowthers Woody Woodall President & Chief Executive Officer Chief Operating Officer Chief Financial Officer Integrated Financial Solutions Marianne Brown Chief Operating Officer Global Financial So
Slide 4: Why Investors Choose FIS?
Why Investors Choose FIS? Market High-quality Double-digit Strong Compelling Leadership Recurring EPS Growth Cash Flow Investment Revenue Generation Thesis 4
Slide 5: Agenda: Strategic Overview
Agenda STRATEGIC OVERVIEW FIS Today Gary Norcross President & Chief Executive Officer Our Growth Strategy 5
Slide 6: FIS Today
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? FIS Today Recognized market leadership in key geographies across the globe 53K+ EMPLOYEES FIS #1 20K+ CLIENTS 100+ COUNTRIES Industry-leading Solutions 6
Slide 7: Why Investors Choose FIS? Performance driven by growth and scale
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Why Investors Choose FIS? Performance driven by growth and scale INCREASED REVENUE EXCEPTIONAL EBITDA CONSISTENT DOUBLE- ROBUST FREE CASH AND SCALE MARGIN EXPANSION DIGIT EPS GROWTH FLOW $2.2 660
Slide 8: FIS Today: Delivering compelling shareholder value
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? FIS Today Delivering compelling shareholder value 5-Year Return(1) FIS Returns* 1YR 3YR 10YR 86% 2012 2013 2014 2015 2016 2017 FIS S&P 500 *Trailing 12, 36 and 120 month returns as of March 31, 2
Slide 9: Agenda: Strategic Overview
Agenda STRATEGIC OVERVIEW FIS Today Gary Norcross President & Chief Executive Officer Our Growth Strategy 9
Slide 10: Our Growth Strategy
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Our Growth Strategy Consistent and effective BASE BUSINESS UNLOCK VALUE INORGANIC Effectively cross sell, deliver Strategic investment to expand Continue to strategically add or and service new s
Slide 11: Base Business Execution: Market focus
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Base Business Execution Market focus brings FIS’ scale to three growing markets 2018 global financial technology spend 1 ~$300B Forward three-year (2017-2020) CAGR 1 5% BANKING PAYMENTS CAPITAL M
Slide 12: Mission-critical solutions delivered at scale
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Base Business Execution Mission-critical solutions delivered at scale DIGITAL ACCOUNT MOVEMENT OF OPERATIONS ENABLEMENT PROCESSING MONEY / ASSETS EXCELLENCE 35B+ 80M+ 21 150+ Transactions Loans R
Slide 13: Driving revenue, operational and margin efficiencies
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Base Business Execution Driving revenue, operational and margin efficiencies People Technology Tools & Optimized Returns Infrastructure Processes • Best-in-class talent • Speed to market • Consis
Slide 14: Unlocking Value with Innovation
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Unlocking Value with Innovation Modernization and innovation strategy CapEx % of Adjusted Revenue Research and Development Investing capital to fuel future organic 7.1% growth 6.6% 6.8% Venture I
Slide 15: Investment strategy guided by modern design principles
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Unlocking Value with Innovation Our investment strategy is guided by modern design principles Component-based Cloud Ready Unified Client Open API Experience OUTCOMES: LEVERAGE & SECURE INTEGRATED
Slide 16: FIS investing in areas of high demand and return
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Unlocking Value with Innovation FIS is investing in areas of high demand and return Core Code Digital Unified Next Gen Cloud Banking Connect One Payments Trading Infrastructure DEVELOPING THE NEX
Slide 17: Market Transformation
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Market Transformation Change has been a consistent theme 1968 1990 2003 2006 2018 FUTURE 1970s 1980s • Mainframe • Software • Mainframe as • Internet & eCommerce • 2008 market crash • Open archit
Slide 18: Growing via Strategic Acquisition
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Growing via Strategic Acquisition Proven track record of delivering value Align with Market Focus Deliver Shareholder Value ✔ • Financial services focused • Logical adjacency to ✔ or enhancing of
Slide 19: Growing via Strategic Divestiture
F I N A N C I A L RFEI VS I ET W ODAY 2019-2021 OUTLOOK O U R G R O WWT H H Y S ITNRVAETSETG IYN F I S ? Growing via Strategic Divestiture Proven track record of delivering value Q1 2017 Q3 2017 Q1 2018 Kingstar Targeted divestitures creating greater focus MARKET SOLUTION GEOGRAPHY for re-investment
Slide 20: In Closing: Strategic Execution Yielding Results
FIS TODAY OUR GROWTH STRATEGY In Closing: Strategic Execution Yielding Results 1 2 3 4 Focused Investing and Predictable Confidence in Plan Modernizing Performance Outlook CONSISTENT, PREDICTABLE SHAREHOLDER VALUE 20
Slide 21: Segment Leadership
Segment Leadership Co-chief operating officers with 55+ years of combined experience BRUCE MARIANNE LOWTHERS BROWN Chief Operating Officer, Chief Operating Officer, Integrated Financial Solutions Global Financial Solutions Market Focus • Continuous Modernization • Optimizing Results 21
Slide 22: Agenda: Markets in Focus
Agenda MARKETS IN FOCUS Bruce Lowthers Chief Operating Officer, Integrated Financial Solutions 22
Slide 23: Integrated Financial Solutions: Positioned for continued growth
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Integrated Financial Solutions Positioned for continued growth ~$4.3B ~90% ~44% 2017 REVENUES RECURRING EBITDA MARGIN REVENUES CONTRIBUTED Predictable Revenue Base Improved Client Demand 286M+ 35B+ $8.4T+ Differentiated Solutions ACTIVE ACCOUNTS TRANS
Slide 24: Current Dynamics and Demand
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Current Dynamics and Demand CLIENT DYNAMICS CLIENT PRIORITIES CLIENT NEEDS New Competition Consumer Expectations Core Modernization Changing Buyer Needs Digital Transformation Finding New Efficiencies Unified Payments Navigating Risk and Legacy Infras
Slide 25: In the Next Five Years Our Clients' Needs
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS In the Next Five Years Our Clients’ Needs Will Be Dramatically Different INDUSTRY DIRECTION FIS TRANSFORMING CUSTOMER BENEFITS • Moving to social banking • Modernized platforms and solutions • Moving to cloud services for • Plug and go integration ope
Slide 26: FIS Is Investing in Areas of High Demand and Return
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS FIS Is Investing in Areas of High Demand and Return CONTINUOUS INNOVATION ONE TO MANY INTEGRATED MULTI-CHANNEL DELIVERY Banking Payments Digital APIs Componentization Unified view Human-centered design Speed to market Real-time insights Omnichannel in
Slide 27: Innovating Financial Solutions to Improve People's Lives
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Innovating Financial Solutions to Improve People’s Lives Mass Enablement Leveraging Existing Products of Functionality into New Solutions SPEED TO MARKET INTUITIVE DIGITAL EXPERIENCES BANKING & PAYMENTS MEET LIFE 27
Slide 28: Positioned to Accelerate Growth and Expand Margins
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Positioned to Accelerate Growth and Expand Margins Sales Transformation Service Delivery Investment Discipline Mass enablement Utilization of technology Align investment to strategic growth areas Align assets to whitespace Targeted process improvement
Slide 29: Integrated Financial Solutions Positioned for Growth
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Integrated Financial Solutions Positioned for Growth Long-term Growth Solution Modernization Pipeline of innovative new products Retain and Cross Sell Retain and deepen client relationships Mass enablement and aligning Sales Transformation assets into
Slide 30: Positioned for Growth
IFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Positioned for Growth Predictable Improved Differentiated Operational Revenue Base Market Demand Solutions Leverage ~90% recurring revenue Prioritized investment spend Modernization of all legacy ~44% EBITDA margins in high-growth areas platforms & di
Slide 31: Agenda: Markets in Focus
Agenda MARKETS IN FOCUS Marianne Brown Chief Operating Officer, Global Financial Solutions 31
Slide 32: Global Financial Solutions: Segment characteristics
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Global Financial Solutions Segment characteristics • Focus on global marketplace • Differentiated presence in Tier 1 and Tier 2 institutions • Leveraged sales force • Higher growth profile with margin expansion MARKETS SERVED Retail & Commercial Banks
Slide 33: Global Financial Solutions: Positioned for continued growth
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Global Financial Solutions Positioned for continued growth MISSION CRITICAL applications ~$4.1B GLOBAL 2017 REVENUES SIGNIFICANTLY IMPROVED revenue quality MARKETS Driving Higher Growth Scale driven by STRATEGIC INVESTMENTS ~70% ~33% Continued evoluti
Slide 34: Capabilities across Global Verticals
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Capabilities across Global Verticals 31T+ Fund Accounting Assets Institutional Banking & Wholesale Payments 150+ Global Trading Venues Investment/Investor Accounting Core Bank Processing Real-Time/Immediate Risk and Compliance Digital Enablement Switc
Slide 35: Current Dynamics and Demand
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Current Dynamics and Demand CLIENT DYNAMICS SPEND DRIVERS CLIENT CHALLENGES Ongoing regulation Reducing technology debt Navigating risk and regulatory demands Buy vs. build evolution Corporate profits Driving efficiency and and tax reform lowering cos
Slide 36: Demand Fueling Innovation
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Demand Fueling Innovation ✔ Multi-asset Class 1 Front-to-back solutions offering cross-asset capabilities, enabling growth and rationalized technology ✔ Lifecycle Holistic, “out-of-the-box” offerings leveraging thought SOLUTION EXPANSION Solutions and
Slide 37: Client Success Stories
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Client Success Stories HOLISTIC ENTERPRISE SOLUTIONS “FUTURE PROOF” TO DRIVE GROWTH RE-IMAGINED CLIENT EXPERIENCES EMPOWERING THE FINANCIAL WORLD 37
Slide 38: Positioned for Growth with Margin Expansion
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Positioned for Growth with Margin Expansion Long-term Growth Go-to-market Enhancements Enhance service offerings and simplify deployment Sales Productivity Optimize top talent with great sales tools/processes Continuous Innovation Drive improved clien
Slide 39: Positioned for Growth
GFS MARKET FOCUS MODERNIZATION OPTIMIZED RETURNS Positioned for Growth Predictable Alignment with Differentiated Operational Revenue Base Market Demand Solutions Leverage Large addressable market Focused portfolio Modernization journey Operational excellence Well established in key Leveraging invest
Slide 40: Agenda: Shareholder Value
Agenda SHAREHOLDER Financial Review VALUE Woody Woodall Chief Financial Officer 2019 - 2021 Outlook Why Invest in FIS? 40
Slide 41: Agenda: Shareholder Value
Agenda SHAREHOLDER Financial Review VALUE Woody Woodall Chief Financial Officer 2019 - 2021 Outlook Why Invest in FIS? 41
Slide 42: Strong, Value-creating Business Model
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Strong, Value-creating Business Model High-quality Expanding Revenue Margins Strong Cash Sustainable Generation EPS Growth 42
Slide 43: 2017 Highlights
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? 2017 Highlights $8.7B +280 bps ~16% ~110% Adjusted EBITDA Margin Adjusted EPS Cash Flow Revenue Expansion Growth Conversion CONSISTENT FINANCIAL PERFORMANCE DRIVES PREDICTABLE AND LONG-TERM SHAREHOLDER RETURNS *Metrics adjusted for impact of ASC
Slide 44: Attractive Fundamentals
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Attractive Fundamentals 1 2 3 4 5 Strengthened Increased IP- Continued margin Exceeded 2018 Achieved portfolio with driven revenue expansion and adjusted EPS leverage goals, focused and effective working capital guidance from creating flexibility
Slide 45: Operating Segments – IFS
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Operating Segments – IFS ~$4.3B • Predictable and low risk top- 2017 REVENUES ONE-TO- line growth trajectory MANY Driving Higher Incremental Margins • Highly scalable operating model continues to drive margin expansion ~90% ~44% RECURRING EBITDA
Slide 46: Operating Segments – GFS
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Operating Segments – GFS ~$4.1B • Global scale provides 2017 REVENUES GLOBAL differentiated market MARKETS opportunity Driving Higher Growth • Exceptional margin expansion and operational ~70% ~33% rationalization RECURRING EBITDA MARGIN REVENUES
Slide 47: Exceptional EBITDA Margin Expansion
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Exceptional EBITDA Margin Expansion KEY DRIVERS 36% - 37% Higher margin IP-centric 1 660 bps revenue composition 2015 - 2018 34.4% Benefits of data center 2 consolidation program 31.6% 29.9% Acquisition integration and 3 focused divestitures 4 On
Slide 48: Premium Free Cash Flow Conversion
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Premium Free Cash Flow Conversion NEARLY ~22% KEY DRIVERS DOUBLING EBITDA margin Cash Flow as a Percentage 1 expansion of Revenue 18% 17% Focused portfolio with 2 higher cash generating 14% assets Continued focus on working 3 capital management 2
Slide 49: Strong Balance Sheet
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Strong Balance Sheet 3.3% $11.4 2.8X $10.5 Weighted Average Interest Rate 2017 Leverage $8.8 Ratio 6 Years Weighted Average Maturity $4.8 $5.1 $4.4 $4.5 ~95% Percentage of Fixed Rate Debt 2011 2012 2013 2014 2015 2016 2017 Total Debt Leverage Rat
Slide 50: 2016 Investor Day Report Card
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? 2016 Investor Day Report Card ✔ ✔ ✔ ✔ 2% - 3% 13% - 18% ~2% ~6% ✔ 3% - 7% Organic Revenue Margin Expansion Debt Paydown Effective Tax Rate Adjusted EPS Growth (BAU + Synergies) Reduction Growth Refer to www.investor.fisglobal.com or the appendix
Slide 51: 2018 EPS Guidance
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Previous Investor Day 2018 EPS outlook vs. 2018 guidance LOW ESTIMATE HIGH ESTIMATE 2016 Investor Day EPS Outlook $4.70 $5.10 2018 EPS Guidance $5.14 $5.34 Outperformed Our Original Outlook Refer to www.investor.fisglobal.com or the appendix atta
Slide 52: Agenda: 2019-2021 Outlook
Agenda SHAREHOLDER Financial Review VALUE Woody Woodall Chief Financial Officer 2019 - 2021 Outlook Why Invest in FIS? 52
Slide 53: Improving Organic Revenue Growth
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Improving Organic Revenue Growth Predictable Improving Market Differentiated Revenue Base Spend Solutions Recurring revenue tied to Improving sentiment Innovation and integration long-term contracts with in markets served solution suites signific
Slide 54: Strong Margin Expansion
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Strong Margin Expansion Operational Data Center Enterprise Leverage Consolidation Excellence High incremental margins Modernizing networks Efficiencies through process automation Global delivery platform Reducing overall geographic footprint Cont
Slide 55: Data Center Consolidation Update
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Data Center Consolidation Update 53 ~$250M Annual <15 Savings Strategic Data Centers ~$250 million Target $ of Annual Run-Rate Cost Reduction >$700 million $100 Total Projected Savings over <15 the Life of the Program 2015 2016 2017 2018e 2019e 2
Slide 56: Capital Allocation Principles
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Capital Allocation Principles Investing for Return Capital Value Creating Organic Growth to Shareholders M&A Consistent and Proven Capital Allocation Framework 56
Slide 57: Proven M&A Strategy
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Proven M&A Strategy 1 2 Strategic Rationale Targeted Financial Measures Accelerate cross-sell and up-sell Attractive risk-adjusted returns opportunities into existing client base Identifiable and actionable Expand market opportunities and synergy
Slide 58: 2019 - 2021 Consolidated Outlook
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? 2019 - 2021 Consolidated Outlook IMPROVING ORGANIC REVENUE GROWTH STRONG MARGIN EXPANSION ~4% +75-125 bps 10%-13% Organic Revenue Adj. EBITDA Margin Adj. Earnings Growth Expansion Per Share Growth DOUBLE-DIGIT EPS GROWTH 2021 Projected EPS of $7.
Slide 59: Agenda: Why Invest in FIS?
Agenda SHAREHOLDER Financial Review VALUE Woody Woodall Chief Financial Officer 2019 - 2021 Outlook Why Invest in FIS? 59
Slide 60: Very Attractive Returns
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? Very Attractive Returns Annualized Total Shareholder Returns of FIS* 1 Year 5 Year 10 Year 23% 21% 18% S&P 500 2012 2013 2014 2015 2016 2017 FIS S&P 500 *Annualized 1, 5, and 10 year total shareholder returns as of March 31, 2018. 60
Slide 61: The Formula Works
FINANCIAL REVIEW 2019-2021 OUTLOOK WHY INVEST IN FIS? The Formula Works Market High-quality Double-digit Strong Compelling Leadership Recurring EPS Growth Cash Flow Investment Revenue Generation Thesis Q&A Session 61
Slide 62: Appendix
HIS Y APPENDIX. 62
Slide 63: 2019 – 2021 Segment Outlook: Organic Growth
APPENDIX 2019 – 2021 Segment Outlook: Organic Growth METRICS 2019 – 2021 Outlook (Annual) Integrated Financial Solutions (IFS) 3.0% - 4.0% Organic Revenue Growth Global Financial Solutions (GFS) 4.0% - 5.0% Organic Revenue Growth 63
Slide 64: Forward-Looking Statements
APPENDIX Forward-Looking Statements This presentation and today’s webcast contain “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
Slide 65: Forward-Looking Statements
APPENDIX Forward-Looking Statements •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 unauthorized access, theft, corrupti
Slide 66: Non-GAAP Financial Information and Reconciliation
APPENDIX Non-GAAP Financial Information and Reconciliation Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in record
Slide 67: Definitions of Non-GAAP Financial Measures
APPENDIX Definitions of Non-GAAP Financial Measures Adjusted revenue consists of revenue, increased to reverse the purchase accounting deferred revenue adjustment made upon the acquisition of SunGard. The deferred revenue adjustment represents revenue that would have been recognized in the normal co
Slide 68: Definitions of Non-GAAP Financial Measures
APPENDIX Definitions of Non-GAAP Financial Measures Adjusted EBITDA margin reflects adjusted EBITDA divided by adjusted revenue. Adjusted net earnings excludes the impact of certain costs and other transactions which management deems non-operational in nature, the removal of which improves comparabi
Slide 69: Reconciliation of GAAP to Non-GAAP Financial Measures
APPENDIX Reconciliation of GAAP to Non-GAAP Financial Measures ($ Millions) Years ended December 31, 2017 2016 2015 Processing and services revenue $ 9,123 $ 9,241 $ 6,596 Non-GAAP adjustments: Acquisition deferred revenue adjustment 7 192 48 Adjusted revenue $ 9,130 $ 9,433 $ 6,644 Topic 606 adjust
Slide 70: Reconciliation of GAAP to Non-GAAP Financial Measures
APPENDIX Reconciliation of GAAP to Non-GAAP Financial Measures ($ Millions) Years ended December 31, 2017 2016 2015 Net earnings from continuing operations attributable to FIS $ 1,261 $ 524 $ 631 Provision (benefit) for income taxes (321) 291 375 Equity method investment earnings 3 - - Interest expe
Slide 71: Reconciliation of GAAP to Non-GAAP Financial Measures
APPENDIX Reconciliation of GAAP to Non-GAAP Financial Measures ($ Millions, except per share data) Years ended December 31, 2017 2016 2015 Earnings from continuing operations before income taxes and equity method investment earnings $ 976 $ 837 $ 1,025 Provision (benefit) for income taxes (321) 291
Slide 72: Reconciliation of GAAP to Non-GAAP Financial Measures
APPENDIX Reconciliation of GAAP to Non-GAAP Financial Measures ($ Millions) Years ended December 31, 2017 2016 2015 Net cash provided by operating activities $ 1,741 $ 1,925 $ 1,131 Non-GAAP adjustments: Acquisition, integration and severance payments 101 168 80 Tax payments on divestitures 315 - -
Fidelity National Information Services — Investor Day (2018) on 6ix