So Ashwin -- yes, this is Paul. And again, any time you have an opportunity to invest further in a joint venture that's been as successful as ours has been with Caixa in Spain, certainly, we jumped at the opportunity to do it. So certainly, as it relates to North America, again, which is 80% of the merchant business, the trends we've seen are positive. Revenue: $4.028 billion (2018) Operating income. But as it relates to how we're executing in the business, the underlying momentum we have from a new sales product and servicing standpoint, I think it just gives us a tremendous amount of confidence as to directionally where the business is heading over time. Well, that's super helpful. Yes. In other words, fake fees galore. As you referenced, we gave additional disclosure today about how that business is performing. But other than that, as I mentioned in the prepared remarks, seven of the 11 are competitive takeaways from existing providers. It sort of assumes we're continuing on the pace we're on today. The Uber agreement was one as a result of the strength of our domestic capabilities. Description. Is that fair just based on the type of differentiation you're seeing versus maybe some of the banks out there? Our new collaborations with market-leading technology companies such as AWS, combined with distinctive partnerships with some of the largest and most complex institutions in the world such as HSBC, CIBC and CaixaBank, provide further validation of the wisdom of our differentiated strategies. So that actually is conversion in-sourcing and outsourcing. As we sit here today, our business is healthy, and we are able to return to our capital allocation priorities. The top 10 competitors average 4.8B. Specifically, our worldwide omnichannel e-commerce volumes, excluding T&E, grew mid-teens as our unique value proposition, including our unified commerce platform, or UCP, continues to resonate with customers. In Europe and Asia, overall, I'll just touch on briefly, I think their performance has been very strong, notwithstanding the environment they've been operating in. That's really helpful, guys. Winnie Smith -- Senior Vice President, Investor Relations. So it's really those three drivers. In vertical markets, we saw a particular strength in AdvancedMD. And our businesses are growing there absolutely on a domestic basis year-over-year, and I'm thinking about Caixa particularly, and cross border while a piece of our business is a relatively small piece of our business and is nowhere near the driver of revenue growth that you have in Visa and Mastercard. And as the facts change, our opinions will change. TeleCommunication Systems, Inc. (TSYS) latest earnings report: revenue, EPS, surprise, history, news and analysis. We also signed Pentair, a leader in software solutions for field service providers, including Pentair's own 17,000 plus dealers in addition to independent service companies. So as they gain share, we gain share with them. Today, we lead with technology and innovative solutions across all of our merchant businesses. Yes. The net result was adjusted earnings per share of $1.71 for the third quarter, which compares to $1.70 in the prior year period, an impressive outcome that highlights the durability and resiliency of our model. So I would say we're very pleased with the early progress we've seen from a revenue synergy standpoint as evidenced at least partly today by our reiterance of our expectation of $125 million of annual run rate synergies by the time we get to three years out from the closing of the merger. As I think Paul pointed out in his commentary and you look at the Visa and Mastercard numbers last night, our business was -- I mean, someone can do the math, but it's 6 times better than the market rates to growth or whatever the math was embedded in the Visa Mastercard commentary last night. I don't have a ton to add. What is your outlook on investing in TeleCommunication Systems In? So Cameron, do you want to talk a little about the second question? That is geared toward what I would characterize as the restaurant mid-market channel. We continue to track well against those synergy targets. Your final question comes from the line of Andrew Jeffrey with Truist Securities. Your next question comes from the line of David Togut with Evercore ISI. As transaction volumes are recovering, traditional accounts on file continue to grow in the mid-single digits and set a new record for the quarter, and our bundled pricing model, including value-added products and services, benefits performance. The decrease in revenues is the result of adopting ASC 606, the company said. And I would say the new sales performance across our businesses have really been exceptional. It was difficult in March to imagine we would be in the position that we are in today. We ended the quarter with roughly $3 billion of liquidity and a leverage position of roughly 2.5 times on a net debt basis. We are humbled by the confidence that our partners place in us every day. And then Asia, again, new sales performance has been very good. And I would say our strategy has not changed, and you probably saw this in our release as well as our prepared comments. Global 2000 2019 Dropped off in 2020 #1287 Profit #784 Market value #116. Founded in 1983, Total System Services (TSYS) is a global payments provider, … I would just add a couple of things. 31.07.2019 - TSYS (NYSE: TSS) today reported results for the second quarter of 2019. "It was a unique relationship with TSYS helping Green Dot get off the ground, but as Green Dot grew so fast, it got to the point where it could handle its own processing," he says. Our technology-enabled portfolio was relatively resilient once again with several of our businesses delivering year-over-year growth in the third quarter on a combined basis. Your next question comes from the line of Ashwin Shirvaikar with Citi. Yes, Ramsey, we missed the first part of your question, but I think it relates to what we're seeing from a merger synergy standpoint on the revenue side, how that's pacing and what our expectations are as we continue to push forward. So clearly, I think we represent the market on issuing. And while we continue to focus on new technologies and markets, we have not lost sight of our long-standing partnerships with some of the largest, most sophisticated and complex financial institutions worldwide. Regarding our issuer business, we announced last quarter a transformational go-to-market collaboration with Amazon Web Services, or AWS, to provide an industry-leading cloud-based issuer processing platform for customers regardless of size, location or processing preference. It's Jeff. So that's a flip from in and out. What should we look for in the full year? Cameron, do you want to talk a little bit about some of the sub detail? The answer to that is yes, there's always this balancing of the realization of cost opportunities with what that does on the revenue side. Facebook; Twitter; LinkedIn; Email ; Copy Link URL Copied! I don't think there's anybody who's got the full stack of vertical capabilities that we do in that business. Yes. TSYS EV-to-Revenue as of today (December 27, 2020) is 0.00. Jeff, I just want to start off with your strategy around acquisitions and really the technologies and capabilities you really think you can use to fill out what's already obviously showing to hold up -- hold its own pretty well. New partner production is up 70% year-over-year. And all of this is kind of wrapped in the overall environment that we're operating in. So we mentioned Dutch Bros, we mentioned Long John Silver's today, in previous calls. And just a follow-up on M&A. I would say, as it relates to fourth quarter and the margin expansion there, specifically talking about the merchant segment when I referenced kind of the expansion there, I would also say, and I mentioned this in the prepared remarks, the margin expansion we would have had this quarter would would've been higher had we not used some of the excess incremental revenue at the incremental margin to set aside for accrual nonexecutive bonuses. And I don't think you have to look further than announcements, for example, that Cap one has made and other folks over time about picking up additional portfolios to see that we're successful when our partners are successful. And just as a quick follow-up. Year-to-date, we entered into a landmark collaboration with Amazon Web Services, our preferred provider of cloud services for our issuer business, cross the 60% threshold of our business coming from technology enablement, the goal we set in March 2018 for year-end 2020 and purchased an additional 29% of our joint venture in October with CaixaBank in Spain and Portugal, two of the most attractive domestic markets in Europe. I mean it sounds like -- and I'll leave it at this, but it sounds like, overall, the technology offerings you have is enabling. We also remain confident in our ability to deliver at least $125 million in annual run rate revenue synergies and the $400 million in additional annual run rate expense savings related to the pandemic, which is incremental to the TSYS merger synergies. Additionally, we recently signed a new multiyear partnership with Uber in Taiwan to provide payment solutions for both Uber Rides and Uber Eats. The strength of our combined integrated offerings allowed this business to achieve its budgeted new sales forecast for the third quarter, with new partner production increasing over 70% versus 2019. Notable new wins include partnerships with CDK Global, a leading provider of automated software solutions to more than 20,000 dealerships around the world as well as with Sandhills, a large private auction software provider focused on the industrial equipment and machinery market. But there isn't anything from a unique kind of onetime standpoint than I would point to in the quarter. I think we've said in our prepared remarks, 11 deals in our pipeline, seven of which are competitive takeaways in the last 18 months, 33 competitive wins. So as you said, for some time, we look at strategic fit, cultural fit and financial returns when we look at new mergers and acquisitions, very few things that we look at actually meet all three of those hurdles. A lot of that focus continues to be on Europe, in markets outside of the U.S. And I think we're reasonably optimistic that we'll have some positive news to announce on that in the coming months. In depth view into TeleCommunication Systems EV-to-Revenue explanation, calculation, historical data and more But the trends we've seen thus far are encouraging as we continue to grind higher as a recovery matter heading into 2021. As a result, we are delighted to have returned to earnings growth in the third quarter of 2020. But if nothing changes from here, I would expect us to do more repurchase. Once again, execution in these businesses remained very strong this quarter, as evidenced by the new sales performance Jeff highlighted earlier and share gains we have realized. Dave, it's Jeff. We've had really good results in terms of new sales in those business. First Data is TSYS's biggest rival. As it relates to scale versus growth assets, look, our pipeline is still with both of them. New sales remain solid in all those markets. Great. So actually, on a core fundamental basis, margin performance was actually even better than the 250 basis points that we realized. That's terrific. We always have timing, things that kind of flow in and out of a quarter, but nothing that I would specifically call out. We thank our team members for their hard work and dedication to our customers, to each other and to the communities in which we live and work during these most difficult times. No, I think in the environment we're in, we would see some of the decoupling from that normalcy and actually sequential quarter improvement, both from a revenue standpoint and a margin standpoint, particularly on the margin side given the cost actions that we're taking. And I would say the early success we're seeing is very positive. We're having a number of conversations today about new merchant relationships that could come from existing TSYS issuing FI partnerships outside of the U.S. as well. Atlanta Business Chronicle. Having said though, we continue to execute against that pipeline, and we're well capitalized to pursue those opportunities. We have no better partners in CaixaBank, and we believe the combination will offer significant growth opportunities for this business segment in the future. The U.K. has had some significant new wins this quarter that we're particularly pleased with. I think if you look at Q3, we saw obviously continued improvements throughout the quarter. And just in general, as we're getting incremental revenue, the incremental margins of that revenue is coming in at a higher incremental rate than we had originally planned because we kind of locked down the expense base. You made a number of important announcements, both in the current quarter and previously the 11 LOIs with the financial institutions globally. So I think we have better product, better capability, better solutions across the spectrum of the restaurant vertical across all segments of that market. We also recently executed a new merchant referral agreement with CIBC in Canada, a partnership that began right before our IPO in early 2001. I think the pace of recovery, as we've seen over the last couple of months, has begun to slow. Our relationship-led businesses make up the remaining portion and continue to differentiate themselves in the markets we serve based on the strength of our technology offerings. And I think that's pretty consistent with the industry data that has been published as well. About moving the payments industry forward and being involved. And Paul, of course, mentioned this in his prepared comments, is that we sit here today in a healthy position as we've ever been, but particularly much healthier than we would have guessed probably back in March or April. We were also excited to expand our current relationship with global storage solutions company, PODS, beyond North America and Canada into Australia. Are you bullish or bearish? We've also brought that solution to Canada as well. I would say, I don't think there's ever a bad time to extend a relationship with a partner like HSBC, someone that we've worked with over 50 years in our business in some form or fashion. Each of adjusted net revenue, adjusted operating margin and adjusted earnings per share significantly outperformed the targets we put in place post the pandemic outbreak, and we continue to gain share relative to our markets. Sure. Global Payments and TSYS agree to $21.5 billion merger, CEO says more software deals could follow Published: May 29, 2019 at 7:47 a.m. Yes. We are pleased that Netspend customers remain active and are utilizing our products for purchases as we are seeing a shift to cashless spending in this channel as well. Before we begin our question-and-answer session, I'd like to ask everyone to limit their questions to one with one follow-up to accommodate everyone in the queue. This is a more unique year, obviously, given the pandemic and the dynamics that play with the pandemic. For a full reconciliation of these and other non-GAAP financial measures to the most comparable GAAP measures in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this morning and our trended financial highlights, both of which are available in the Investor Relations area of our website at www.globalpaymentsinc.com. So we're pretty optimistic in that business. You can also find the top Fortune 500 companies as a subset of this listing. And we're going to need the next, obviously, several months to kind of play itself out relative to the overall operating environment, and we'll seek the cost base relative to that operating environment. As it relates to timing, there's been any really unique timing items in the quarter that I point to. These statements are subject to risks, uncertainties and other factors, including the impact of COVID-19 and economic conditions on our future operations that could cause actual results to differ materially from our expectations. On the Issuer Solutions business, it seems like it's trending well and came in kind of a little bit ahead of where we were looking for. Global payments integrated GPI returned to growth in the third quarter because of the unliable breadth of our partnership portfolio with over 4,000 ISVs in the most attractive vertical markets. I think we gave you a little bit of a framework to think about our thinking as it relates to 2021 with the adjusted earnings per share target that we have right now on our budgeting process of roughly $8. There's a lot of people trying to speculate on what deals you guys would look at. Should we need access to additional capital and we have a use of proceeds for it, then obviously we'll revisit the composition of our businesses. We caution you not to place undue reliance on these statements. What I would tell you at the end of the day, though, is I think it's unlikely in the immediate term that we do something outside the United States. Great detail. Most of Macroaxis users are at this time bullish on TeleCommunication Systems In. And some of these we mentioned initially, our AWS collaboration, which is unique to us, really starting to bear fruit. We are pleased to be in a position to begin to reward our team members around the world who continue to deliver the highest standard of service to our customers. Our omnichannel, partner software and owned software vertical markets businesses collectively represent nearly 60% of merchant revenue. Intercontinental Exchange annual/quarterly revenue history and growth rate from 2006 to 2020. Before we begin, I'd like to remind you that some of the comments made by management during today's conference call contain forward-looking statements about expected operating and financial results. TeleCommunication reported last year Revenue Per Employee of 371,133. I think we're certainly -- our opinion, you look at Visa and Mastercard just right there, which on a combined basis, I view as kind of the market, and these numbers obviously are multiples better than those numbers. This will be a remarkable year regardless of the macroeconomic environment, but it is all the more notable in the face of a 100-year pandemic. TSYS should easily be able to absorb the loss of Green Dot's business because of the fairly small revenue stream it provided, says Gil Luria, an analyst with Los Angeles-based Wedbush Securities. We delivered third quarter results that substantially exceeded our expectations because of our differentiated strategy and technology enablement to drive digital growth. But obviously, some of that depends on some stability, of course, in the capital markets. And as the macro continues the recovery, obviously, that will bear out in the financial results that we produce. That's a continuing theme, obviously, we touched on throughout the pandemic. Read More. And if you look over kind of the last three quarters, we're playing right in that zone. So I'd say pretty much all the deals that we look at fall into one or more of those three buckets. We're also bringing that to Canada. We also signed a new strategic relationship with Austin Football Club, the newest MLS franchise, and we are working with the team in the stadium to develop a cashless payment account and processing ecosystem while also leveraging brand sponsorship opportunities. Businesses well in Spain, for example, we're growing absolutely year-over-year into October on a domestic basis. So our business is in those markets, which is to say Western Europe or the U.K. and Spain and Portugal, have a very heavy domestic component in those markets. Obviously, some of that depends on the macro. That scale and reach, particularly in many of the hardware served markets we operate in today, is a significant competitive advantage. In particular, I guess, I'm trying to understand your preference between a scale, kind of a cost synergy versus looking at a growth asset that would supplement your growth rate or even take it higher. We are delighted to announce that we have renewed our relationship with HSBC in the United Kingdom for merchant services. Us doing deals that we look for in the prepared Remarks, seven the... Would n't mean anything else there integration, which we drove by disciplined focus expense. For these offerings during the pandemic quarter with roughly $ 3 billion of liquidity and a leverage of! 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