Fidelity National Information Services
Q1 2022 Earnings Call
May 03, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by and welcome to the FIS first quarter 2022 earnings call. [Operator instructions]. Please be advised that today's conference is being recorded. [Operator instructions] I would now like to hand the conference over to your speaker, Mr.
Nate Rozof, head of investor relations. Please go ahead, sir.
Nathan Rozof -- Head of Investor Relations
Thanks, Sherry. Good morning, and thank you all for joining us today for the FIS first quarter 2022 earnings conference call. The call is being webcasted. Today's news release, corresponding presentation, and webcast are all available on our website at fisglobal.com.
Gary Norcross, our chairman and CEO, will provide the business and strategy update. Stephanie Ferris, our president, will discuss our operating performance. Woody Woodall, our chief financial officer, will then review our financial results and provide forward guidance. And finally, Eric Hoag, our deputy CFO, will also be joining the call for the Q&A portion.
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, and adjusted net earnings per share, and free cash flow. These are important financial performance measures of the company but are not financial measures as defined by GAAP. Reconciliation of our non-GAAP information to the GAAP financial information are presented in our earnings release.
With that, I'll turn the call over to Gary.
Gary Norcross -- Chairman and Chief Executive Officer
Thanks, Nate, and thank you for joining us today. Starting on Slide 5. We had a strong start to the year, significantly exceeding our revenue expectations and achieving the high end of our EPS guidance. Revenue increased 9% organically to $3.5 billion and adjusted EPS increased 13% to $1.47 per share.
All of our segments beat our organic growth expectations in the quarter. Banking grew 7%, exceeding our 6% expectation; merchant grew 15% versus our low double-digit expectation; and capital markets grew 6%, with 8% growth in recurring revenue. New sales increased our backlog 8% organically to $22.5 billion. This consistent strength in backlog aligns with our midterm outlook for 7% to 9% organic growth, and our sales pipelines remain strong.