FIS marks jump in 2019 revenues on the back of Worldpay acquisition

Maria Nikolova

Annual revenues increased 23% to $10,333 million, primarily driven by the acquisition of Worldpay.

Financial services technology provider FIS (NYSE:FIS) has just posted its report for the final quarter and full year 2019, revealing an increase in revenues mainly driven by the acquisition of Worldpay.

In the fourth quarter of 2019, GAAP revenues increased 54% to $3,341 million from $2,167 million in the prior year period, with the acquisition of Worldpay being the main driver of this increase. On the downside, the company reported a net loss attributable to common stockholders of $158 million or $0.26 per diluted share.

Adjusted EBITDA margin expanded by 470 basis points (bps) over the prior year period to 44.6% on the back of the acquisition of Worldpay and associated expense synergies. Adjusted net earnings was $977 million or $1.57 per diluted share.

During full year 2019, on a GAAP basis, FIS saw revenue increase 23% to $10,333 million from $8,423 million in the prior year. This was primarily driven by the acquisition of Worldpay. Net earnings attributable to common stockholders amounted $298 million or $0.66 per diluted share, sharply down from a year earlier.

On an adjusted basis, organic revenue growth was 6% over the prior year. Adjusted EBITDA margin expanded 350 basis points over the prior year to 40.7%.

FIS says it continued to realize revenue and expense synergies during the fourth quarter of 2019. The company achieved annual run-rate synergies exiting the fourth quarter 2019 as follows:

  • Revenue synergies of $80 million;
  • Expense synergies of $465 million, inclusive of $275 million interest expense savings.

The company is increasing its 2020 annual run-rate synergy targets and now expects to achieve the following by the end of the year:

  • Revenue synergies of $200 million, an increase of $50 million;
  • Expense synergies of $600 million, an increase of $250 million.

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