Fidelity National Information Services, Inc. (NYSE:FIS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:30 am ET

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Fidelity National Information Services, Inc. (NYSE:FIS) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the FIS Second Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Head of Corporate Finance and Investor Relations, Mr. Nathan Rozof. Please go ahead.

Executive
Nathan Rozof

Good morning and thank you for joining us today for the FIS second quarter 2020 earnings conference call. The call is being webcasted. Today's news release, corresponding presentation and webcast are available on our website at fisglobal.com.

Gary Norcross, our Chairman, President and CEO will discuss our quarter operating performance and business strategy, as well as the trends we are seeing with COVID-19. Woody Woodall, our Chief Financial Officer will then review our financial results and the trends we are seeing within our segments.

Turning to Slide 3. Today's remarks will contain forward-looking statements. These statements are subject to risks and uncertainties as described in the press release and other filings with the SEC. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Please refer to the Safe Harbor language.

Also, throughout this conference call, we will be presenting non-GAAP information, including adjusted EBITDA, adjusted net earnings and adjusted net earnings per share. These are important financial performance measures for the company, but are not financial measures as defined by GAAP. Reconciliation of our non-GAAP information to the GAAP financial information are presented in our earnings release.

With that, I'll turn the call over to Gary, who will begin his prepared remarks on Slide 5.

Executive
Gary Norcross

Thank you, Nate. Good morning and thank you for joining us today. The COVID-19 pandemic will be viewed as one of the most challenging times for our country and the world. However, I couldn't be prouder of our response and the execution of our more than 55,000 employees in delivering a very strong quarter, despite all the challenges. The pandemic has been a catalyst driving us to achieve outstanding results, all while maintaining our implementation, processing and product development commitments to our clients and prospects. This is very important, given our strong multi-quarter sales success in converting these wins to revenue as quickly as possible.

COVID-19 has spurred changing consumer behaviors and reinforced the many benefits of automation, artificial intelligence and cloud-native technologies and a true omnichannel experience. Our conversations with clients who wish to adopt our next generation suite of solutions are gaining momentum and that continues to show through our strong quarterly sales results that we will discuss later. These trends and results drive our confidence in the company's ability to accelerate growth.

Turning to Slide 7. I'd like to discuss our strong second quarter. Our revenues grew 40% to almost $3 billion. This exceptional growth was achieved despite the impact of this historic pandemic's impact. Given shelter-in-place restrictions around the globe, revenue decreased 7% on an organic basis. While revenue faced headwinds, we