before results I transitioning also Thank first wish by to segment will which positively your and families you, our to profile, and welcome continues of like impacted would you and synergies. I cost an the into today's our morning COVID-XX then integration on call margin This provide our to quarter discuss update achievement revenue. our everyone Gary. well. I'll be impact review
we are to wrap-up in We sheet that term response traditionally position. to support liquidity near term costs our in will headwinds, I profitability. strong and balance pulling levers use with also short macro order
have the through remarks the strength substantiate that pandemic. clients wherewithal All we of our our and support will to financial
this the Worldpay. will invest environment an use position even and competitive in products this emerge of stronger as will as time We to a us to accelerate advanced in integration position to well new Gary moment mentioned challenging from as ago. technology, This
recurring a a however consolidated one-time banking The On as COVID-XX. revenues been was little actions associated segments would like-for-like X%, across and Turning no with impact related government lockdown revenue in March, or this in X percentage orders organic majority quarter, particularly see X%. XXXX. became same to headwind did basis, impact the from to have merchant point previously our widespread. revenue Slide XX. On period to transaction expected growth during see and is a our basis, of including benefit received We a growth discussed
during XXX to to the COVID-XX. $X.XX EBITDA in Adjusted synergies, Adjusted expense per levers billion XX.X%. driven Worldpay accelerated I to pulled Margin response just we proactive discipline as was cost our by to share, the margins XX% to the expanded primarily well increased $X.X as quarter, increased and points EPS expansion basis due mentioned.
revenue increase basis year expansion basis, of one representing driven EBITDA Solutions Banking in new Banking period. would a received segments. On benefits to X% organically the the several million, XXX our described XX%. prior margin wins, growth X%. was solutions overcoming have to points grown of Turning was $XXX adjusted sale over as two-points we've time like-for-like by quarters. Revenue past banking
Merchant the quarter. fourth significantly quarter. the growth solutions growth. double-digit in reported this in robust, flat of accelerating performance volumes we organic segment trends The to the pandemic COVID-XX half the transaction of in spread revenue that second impacted maintaining the Prior was reported
have we in trends some recently However, seen areas. improving
representing EBITDA due the primarily to adjusted XX%, was to significant million acquisition. margin $XXX Worldpay Merchant expansion
strong revenue, markets following performance quarter license was driven by capital growing resilience sales, several renewals. organically. X% This exceptional as of recurring growth great continued segment primarily as quarters well strong of showed in new Our
EBITDA adjusted to $XXX XXX XX%. of basis points million expansion representing markets was Capital
FIS As closure by we have or assets either of certain portfolio past, done optimize to continues positioning in non-strategic the businesses sale. for our
assets reclassified revenue. represent banking segment. and result, As the operations less certain than of a into first were merchant These corporate X% and from other quarter
to annualized Turning $XXX increased run rate an Slide XX. Revenue basis. to sequentially XX% on synergies million
reinforce key continue in portfolio see this initiatives, We combination. of which bank of referral our optimization had premium well strength to and power the quarter, We wins agreements, our several as our debit as payback routing. card
Demand solution. technology will development strong First, Worldpay The our the our payback leading innovative stellar U.S. capabilities is clearly and retailer leading is dividends. combination merchants world's of innovative this product with another reputation for among paying implement premium growing.
with agreements adding referral new branches of two our signed we distribution network. institutions hundreds to financial leading Second,
the The with acquired engine. merchant benefits and transactions processor Third, innovative COVID-XX. leading provider. in our solution face healthcare are FIS we using own by as approved Worldpay developed an the of by Even authorization a
achieve XXXX in synergy and are We XXXX revenue these and rapid impressive based progress confident our targets ability our new on to to date. our wins
basis. to annualized $XXX run increased cost XX% sequentially to rate million These Turning on synergies. an also
to continue and progress reducing issuer consolidating duplicative significant make costs. We platforms in and corporate our merchant
facility In we on our of in alignment of this $XXX and driving least to In to functional of now synergies. cost sight addition, the our within footprint end rate million cost by annualized our attainment line accelerate organization we at run rationalizing year. are basis have synergies an total,
Turning to Slide XX.
see business weather Given of our from some majority is Most the provide wanted revenues On transparency ability no to which our impact the comfort extremely from business expected seen impact or our little recurring our gives which us basis, periods. the additional are I’ve the challenging I to supported COVID-XX. macro in environment, by of current areas to consolidated on revenue, a pandemic. of
based business moving financial insulated institutions and is Banking to and our Solutions our economy. COVID-XX. recurring portion than revenue predictable. of critical of is anticipate which model, We More resilient this remain infrastructure continue Banking fuel from segment, money to fairly the on this In Solution rely on mission XX%
new a Gary build next outsourcing. technologies demand strong our for discussed, been to and and generation As have continues sales pipeline heightened with
XX% more Segments changes exposure mix Approximately to revenue of has and the environment. the is macro in transaction Banking related recurring
volumes and the network as orders around globe. example, shelter-in-place declined debit, For credit expanded
professional an done our has services job modifying excellent have services these teams also provide our processes banking While revenue, remotely. to
Based on short-term in actually as long these we and remote benefit implement I expect modest these rapid impact processes. term innovations, new the
growth revenue ongoing in business to short-term. to highly expect banking our flat the impacts While trends pandemic is in And sustain down from to we resilient, would the this push April. slightly growth trajectory
in a business segment, and is technology by driven diversity Solutions a of acquirer solutions our our we we spending. sophisticated global globally and includes brands, innovative based portfolio, are leading everything and Merchant transactional which on between. differentiated by leading consumer our are In clients, enabled This revenue, multinational startups, primarily
acquiring start orders see caused and we down volumes return volumes as begin are to to COVID-XX to eased, to reopen. expect businesses deteriorate, Although to locked these
January. quarter, revenue These restrictions started Asia. verticals stabilizing Beginning was vertical our volume growth at reached organic and before and in XX% Looking February, volume, in low merchant following adoption solution by airlines levels. at in drop a during trends various travel the countries declines, eventually in travel these seeing plus XX% the initially
and Non-discretionary shelter-in-place volume As retail orders global spread widespread. distancing social policies, and impact our began verticals, including many and lock became across restaurant point-of-sale increasingly the see down of stabilizing some have with April. to consumer We year-over-year and in such experienced during drug recessionary down XX%. verticals resilient approximately are There's strong recently periods, XX% demand spots. bright nearly as grocery growing traditional
we e-commerce. are addition, In seeing in strength
with primarily transactions organic and are Excluding more spending declining than for quarter consumer XX% volumes airlines merchant solutions digital revenue in the depressed based strong with travel approximately XX% on and online second down total, retail. In and volumes. about by increasing driven growth April, in trends year-over-year, XX% trending April growth
of of July process the tax quarter our we millions consumer direct volumes the into quarter. between XX primarily We the out Based should the of The filing trends, April with delay April from associated deadline [XX-point to delta] current third and revenue analysis U.S. by pushing second the XX. caused our is of tax be revenue the on and watermark. low biller solution, believe payments
are have relaxed. stabilization point-of-sale during across segment, and in We and improvement last shelter-in-place, We even transaction in lockdown of seen and some further signs few anticipate the ordinances the volumes traditional weeks. improvement volumes
due the growth to markets In relatively capital markets recurring Finally, COVID-XX quarter, during our base. revenue were growing organic April, of flat. was revenue the impact shielded from and capital primarily large
short-term. trajectory and we to began As license this sales in professional growth to sustain see expect the services and impact
XXXX, to business, as We recovers pandemic. which positioned growth in this is XXXX global of the from accelerating are economy trajectory our long-term resume in the confident and growth
are Slide to long-term. we to the XX, the to of future growth for Turning commitment accelerating our profile the our we as invest maintaining for continue drive business
Our are to retrenching. while XXXX innovation in this others capital and time to plans spending invest enabling use unchanged technology, remain further us gen next in
revenue disruption. invest to impressive to continue global enhancing capture implementation market We for our and sales capabilities as well wins delivery our will our to into as solutions, without demand new in the convert force our
than of by in cost We've more will XXXX. that billion identified savings we execute end the initiatives $X total
$XXX and that end the and accelerating achieve cost measures our to year earnings actions addition the at permanent are party by These In in generating also protect Worldpay roles proactive reducing are non-revenue $XXX generating and will of least cash to reduction flow. cost million short-term in a million restricting travel actions of to us savings synergies expense more in taking enable expenditures, through than we reduction bonuses, expenses. short-term third significant hiring additional
future impact minimize growth. These actions and designed the of employees to are
material these loss not and a and full-year initiatives of margin fully second impact offset immediate XXXX While quarter profile, very margin. will have related these transaction streams significant revenue contribution revenue they high carry to our an as the
the anticipate the impacts would we Given today, second in margin contraction quarter.
business However, our based other synergy we levels. continue margin over year anticipate of model, actions, on attainment XXXX for the XXXX strength and full expansion to expense
ample liquidity of includes Turning our and of maturities of XXXX. bond maturity have in to which billion XXX we euros any and Slide X.X million as X.X of XXXX revolver March next have quarter during equivalents available $X billion XX, XX, of the cash first We billion with capacity. of cash don't
an million in free XXX more XXX flow, XXX% increase the cash of to compared generated also period year-over-year. of We million than representing prior
be $XXX Our approximately of dividend paid that June board on an will XX. million directors approved
sheet. capital allocation priorities focused remain the Our on balance de-leveraging
ratio pandemic, extend target result is now a into times leverage of expected As to our the X.X XXXX.
which continue flow us innovation delivery. allow and to and in investments ongoing on free generation, are will focused debt make repayment We cash
to continue invest our As committed Gary growth. strategy described, for will remain and we to
confidence and into the future. of our model and business Our our This prepared gives strong in the now concludes remarks. me durable FIS execution resiliency
questions. the open for may you line Operator,
