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Fidelity National Information Services, Inc. (FIS), a leading provider of financial technology solut ions, has released its unaudited condensed consolidated financial statements for the first quarter ended March 31, 2023. The report highlights the company's performance, including its net income and revenue figures.
Net Income/Loss
During the first quarter of 2023, FIS reported a net income of $141 million, showcasing a solid financial performance. This represents an increase compared to the previous year's same period, where the company recorded a net income of $121 million.
Revenue
Fidelity National Information Services achieved substantial revenue of $3.51 billion for the first quarter of 2023. This revenue figure demonstrates the company's ability to sustain its growth and capitalize on market opportunities, even amid challenging economic conditions.
Condensed Consolidated Balance Sheets
As of March 31, 2023, FIS's total assets amounted to $61.08 billion, compared to $63.28 billion at the end of the previous year. The company's current assets, including cash and cash equivalents, settlement assets, trade receivables, and other receivables, totaled $10.97 billion.
In the first quarter of 2023, FIS reported revenue of $3.51 billion, showing a steady performance compared to $3.49 billion in the same period of the previous year. The gross profit for the quarter amounted to $1.34 billion, reflecting an improvement compared to $1.25 billion in the first quarter of 2022. The operating income for Q1 2023 stood at $337 million, marking a notable increase compared to $157 million in the same quarter of the prior year.
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
In the first quarter of 2023, FIS's comprehensive earnings reached $137 million, rebounding from a loss of $25 million in the same period last year. The company's other comprehensive earnings showed a net loss of $4 million, a decrease from a net loss of $146 million in the first quarter of 2022.
The equity section of the financial statements shows that FIS's total equity as of March 31, 2023, was $27.10 billion, compared to $27.22 billion at the end of December 31, 2022.
FIS generated net cash provided by operating activities amounting to $632 million in the first quarter of 2023, indicating a solid cash flow from its core operations. The company invested $293 million in various activities, including property and equipment additions and software development. Additionally, FIS utilized $896 million in financing activities, involving borrowings, repayments, and dividends paid to shareholders.
Fidelity National Information Services, Inc. delivered a strong financial performance in the first quarter of 2023, reporting net earnings of $141 million and revenue of $3.51 billion. The company's balance sheet, cash flows, and equity position reflect its continued growth and commitment to delivering value to its stakeholders.