Fidelity National Information Services, Inc. (NYSE:FIS) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 08:30 am ET
expanded margins by 150 basis points as we continue to drive down our cost structures through the Worldpay integration initiatives, as well as ongoing benefits from investments in technology and automation. We generated a $1.15 in EPS and over $650 million in free cash flow, reflecting the durability of our business model. Given the ongoing strength in our sales channel, our sold backlog increased 7% organically to $21 billion, giving us clear line-of-sight to continued acceleration of revenue growth. Given these results, it is clear our resilient business model ensures we can deliver strong results, given our breadth and diversity of our solutions.
Turning to Slide 8. Last week marked the one-year anniversary of our acquisition of Worldpay. It was a significant milestone for our company and the industry as two of the pre-eminent teams and financial technology came together. Worldpay brought us world-class merchant-acquiring with its high-value global e-commerce and integrated payment capabilities. In Banking, we have continued our investment in the new products and services that are transforming the market, including Modern Banking Platform, Code Connect, and Digital One. And in Capital markets, we brought investments in technology to enable us to be more agile with the movement of money across the world. We certainly have a track record of success when it comes to advancing the way the world pays, banks and invest. We're thrilled with the traction that we've seen over the past year by creating a company that is significantly differentiated in the market.
The subset list of accomplishments that we have achieved on Slide 9, since last July, is extensive and covers every aspect of the new combined company. When we closed the Worldpay acquisition, the teams on both sides immediately came together in very collaborative ways with the focus of creating something unique in the industry. We continue to outpace expectations on our synergy goals and are well ahead of schedule to meet our aggressive three-year synergy targets. At the end of the quarter, our teams have achieved more than $700 million in annual cost synergies and $115 million in annual revenue synergies. We have an additional $60 million in revenue synergies that we are in the process of implementing now, and we have a growing pipeline of cross-sell opportunities that will continue to drive additional growth. Our ability to exceed our synergy goals so early is a testament to the value our colleagues are creating by winning as one team.
On Slide 10, we recognized early the changing dynamics of the industry and decided to pivot the company to growth by investing in next generation technology that would allow us to successfully compete for the next 10 to 15 years. We launched our journey over four years ago by investing in data center consolidation and network modernization to position us to be the leader in cloud-based technology. Fast forward to today, we have significantly smaller data center and network footprint. We will reduce over $250 million in cost and have 80% of