Fidelity National Information Services, Inc. (NYSE:FIS) Q4 2023 Earnings Conference Call February 26, 2024 8:30 AM ET

Company Participants

George Mihalos - Head, Investor Relations

Stephanie Ferris - President & Chief Executive Officer

James Kehoe - Chief Financial Officer

Conference Call Participants

Tien-Tsin Huang - JPMorgan

Ramsey El-Assal - Barclays

David Koning - Baird

Darrin Peller - Wolfe Research

Jason Kupferberg - Bank of America

Dan Dolev - Mizuho

Vasu Govil - KBW

Ashwin Shirvaikar - Citi

Operator

Good day, and welcome to the FIS Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Mr. George Mihalos, Head of Investor Relations. Please go ahead, sir.

George Mihalos

Thank you. Good morning, everyone. Thank you for joining us today for the FIS fourth quarter 2023 earnings conference call. This call is being webcasted. Today's news release, corresponding presentation and webcast are all available on our website at fisglobal.com.

On the call with me this morning are Stephanie Ferris, our CEO and President; and James Kehoe, our CFO. Stephanie will lead the call with a strategic and operational update, followed by James, who will review our financial results.

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, adjusted net earnings per share and free cash flow. 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 is presented in our earnings release.

And with that, I'll turn the call over to Stephanie.

Stephanie Ferris

Thank you, George, and thank you everyone for joining us.

2023 was a year of significant positive momentum at FIS. When I stepped in as CEO, we were facing an uncertain economy, a banking crisis, inflation and a market where new capital was scarce. And while FIS was a statured company with over 50 years of market success, it had lost its focus in recent years. Simply put, the company was not meeting expectations. It was missing financial commitments and growth opportunities. It was slow in the delivery of products, too complex for clients to navigate and selling in areas that didn't contribute to the bottom-line.