...November 8, 2024 NEW YORK (S&P Global Ratings) Nov. 8, 2024--S&P Global Ratings said today that it raised its 2024 EBITDA margin forecast for Fidelity National Information Services Inc. (FIS) about 50 basis points (bps) after the company posted strong results for the quarter ended Sept. 30, 2024. EBITDA exceeded our expectations because of better-than-expected operating leverage, realizing cost savings, and much lower Worldpay separation costs. FIS is establishing a pattern of consistency and predictability under CEO Stephanie Ferris, as this marks the seventh consecutive quarter the company has met or beat its guidance and revenue growth continues to improve. Despite higher EBITDA, we modestly lowered our free cash flow forecast; the company's capital expenditures were higher than we expected in the quarter, and we expect they will remain high for at least the next few quarters. Management stated this is due to larger growth investments and significantly higher prices from some of its...
