Global Payments (GPN) 8 Nov 172017 Q3 Earnings call transcript

Company Profile

Participants

Isabel Janci	Global Payments, Inc.
Jeffrey Steven Sloan	Global Payments, Inc.
Cameron M. Bready	Global Payments, Inc.
David E. Mangum	Global Payments, Inc.
David J. Koning	Robert W. Baird & Co., Inc.
Robert Paul Napoli	William Blair & Co. LLC
Bryan C. Keane	Deutsche Bank Securities, Inc.
Jeff Cantwell	Guggenheim Securities LLC
Ashwin Shirvaikar	Citigroup Global Markets, Inc.
Glenn Greene	Oppenheimer & Co., Inc.
Paul Condra	Credit Suisse Securities (NYSE:USA) LLC
Andrew Jeffrey	SunTrust Robinson Humphrey, Inc.
James Schneider	Goldman Sachs & Co. LLC

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Global Payments 2017 Third Quarter Earnings Conference Call. At this time, all participants are a listen-only mode. Later, we will open the lines for questions and answers.

As a reminder, today's conference call is being recorded. At this time, I would like to turn the conference over to your host, Vice President, Investor Relations, Isabel Janci. ahead. go Please

Isabel Janci

welcome and third XXXX quarter Good to call. conference morning, Global

one is today call hour. scheduled Our for

XX-KT on our not differ filings. materially. Before we today's caution any like you These risks comments forward-looking begin, these I'd which actual and risks made of SEC filings, that and statements, our cause by the uncertainties some discussed management subject during to including are and conference in contain place results reliance to call undue to remind to statements. most recent subsequent uncertainties could We you

Forward-looking of we statements this during undertake this date and call speak them. only call update the as no to obligation of

the our such we share, of to which made net ongoing refer are earnings call non-GAAP as reflective more performance. per Some believe measures of on revenue comments this adjusted and adjusted

of see available the to with For X-K trended Investor both and our and a are most SEC at of press financial in exhibit Relations highlights, this the full morning our our regulations, www.globalpaymentsinc.com. an release measure our comparable reconciliation financial website other as of to accordance which non-GAAP measures area in please filed these GAAP Form furnished

Jeff and Joining Vice call David the are and COO; CEO; me and President CFO. Cameron on Mangum, Executive Senior Bready, Sloan, President

Now I'll Jeff. turn the call over to

Jeffrey Steven Sloan

us us enabled of and our execution growth. payments of yet extension morning. Isabel, and our for I focus organic results. produce joining on double-digit thanks, continued The third revenue another this technology Thanks, everyone, am quarter net delighted with to relentless quarter strategy

world. highest We sales deliver pace significant worldwide grow gains. a solutions done XX%, momentum our are provide closed enterprise operating growth proud points more software share us hard reported history two not also by could performance mission-critical organizers adjusted our efforts of global company adjusted one rates of XXX Never more payment organization per X,XXX-person of the yet. to-date. have and allowed customers cross-selling event of The strong earnings and sustained solutions the Our in not we performance for work more Network, share targeting vertical we the and we to and our margin of to September the expand around basis sell we to And distinctive ACTIVE cloud-based, outstanding be of On capacity to in had colleagues. markets. our and acquisition the X, have

our Vista off We've in realized to already are win in our Equity with fine significant an an combined minutes We a also More with business Europe. start Partners. to few with partnership strategic early partnership those win from come had our early having achievements. on a

omnichannel described our these and years, the for we third have quarter over Each account last e-commerce fundamental gains vertical of there revenue. XX% drivers our markets; (XX:XX) business: at and together, rates businesses are and and, net of roughly the our expansion couple organically grew of of share integrated worldwide our now As two of total double-digit for solutions. in

worldwide differentiate leading of company strategies. provider further the to continue these We payment our technologies through as

with verticals. customers that technology provides specific their Our are business integrated and payment relevant vertical to markets solutions

this We stack channel providers in and the entire own markets are we both in others. certain software in unique partner vertical with in software also that value

virtual omnichannel in and and In addition, physical market-leading the our worlds. e-commerce solutions our worldwide footprint both leverage

and are of breadth We omnichannel channel in this scope our unique coverage. in the

the world. made our as we software-driven technology-enabled progress continue solutions have other products cross-selling and substantial services strategy, we to these around as advance our As well on

XXXX and cross-selling drive highlight markets. initiatives as the of area this ongoing in further I and will differentiate want some technology these which competitors. unified our us well initiatives across our single, accomplishments quickly to us by operating beyond, solutions environment we in and that enables allowing and globe deploy in to around Our seamlessly as believe future opportunities from our

worldwide, we referrals am which resulted First, omnichannel now report customers. region in we new every referrals Heartland these pleased particularly in in that to I successfully have channel. of our closed sales operate Many from

manages resulted other payments omnichannel the market-leading during retailers well extended additional in Paris us just ASO marquee a with Marathon as signing multinational worldwide ACTIVE's their coupled closed quarter, our ASO Tour month, this customer. as de new into offerings, number and addition, omnichannel In of as with a France and expertise events. new Network software customer. the ACTIVE we last And relationship markets.

the metrics received customer of capabilities universities. kind, ticket Western TouchNet announced now restaurant and and the versus solution, are in We We the suite Kong, a Australia which a feedback repeat new is selling in Europe, payment we a and in size. the customers. of the And Like launched Heartland coming months. Analytics, a as also technology international providing of the average customer integrated deploying few its universities our This solutions comparative specialized we on markets Earlier and U.S. hospitality recently we we building our this to look solution and expansion regions. the this We Singapore, changes provides trends, these and international salespeople ground such Kingdom, year, business. by management small Xenial, ago, owners these from business have SaaS-based sophisticated software to full Commerce for on have ACTIVE, colleges key first business capabilities offering and industry, encouraged of introduced very to weeks product the is Brazil. with visits, Hong United Canada, business into Heartland TouchNet in comprehensive sales forward

We to analytic States the XXXX. throughout advanced other in expect world rollout in capabilities are and United regions other solution and around the already this selling this

I am delighted our through also Vista secured with In Equity that announce integrated these relationship to successes, have strategic our addition we to partner first Partners.

that the processes we were payments Vista provider as vertical simplifies is week, workflow. partner solutions technology DealerSocket, automotive a DealerSocket portfolio last the technology for Just selected company. and a for

and integrate offering. already robust platform Our through comprehensive their enhances to seamlessly ability payment extends their solutions

to to continue we strategy, intend wrap around assets our evolve and we to our investments further leverage payment more value As transactions.

provide examples with Network, offerings to few the that analytics have are continue enhancing value-added and our capabilities utilize analytics our and we we ACTIVE we and data that of services a to intend more of addition globally. robust globally, data just customers Software

I and of Innovative the XXX the identifies call companies I'm top Before Champions, announce selected world's that which Global turn over global to Forbes Top one recently Cameron, one XXX was Growth growing of Companies. the delighted fastest worldwide as Payments as Most to by the

and focus We are particularly our given delivering solutions customers for distinctions with creating pleased our on innovative globally. these Cameron?

Cameron M. Bready

is consistency results. quarter execution The our worldwide everyone. third of our evident and in morning, good and Jeff, Thanks, strength

We were our are the increase for we business. million, expectations with Consolidated once XXXX, third quarter our very to as compared pleased driven revenues growth. XX% by a the $XXX performance primarily low again organic net exceeded double-digit for

of million, growth net of approximately $XX on contributed growth to share margin Our North growth which continued revenue quarter American to to $XXX basis or quarter. XX%. net in expansion percentage XXX the synergy closed realization Adjusted Network, and to XX.X%. earnings per ACTIVE $X.XX. million points operating September X revenue revenue strong in reflecting was net of points grew XX% the X, contributed

technology-enabled our the our ACTIVE business currency very declines the quarter organically X%. direct been on approximately low the Network Network, currency to business across business. growth double quarter. our robust in single-digits; more net channels, in in in Canada with our The basis partially organic strong and again, We realization seasonality organic modestly In North of well North to and growing U.S., particular in the was wholesale growth, specifically, XX% distribution saw synergies businesses delivered contributing double-digit expansion underlying has U.S. season. Excluding America mid-single-digit Heartland, of again the by in Canadian strong foreign-currency grew what performance growth and results. mid-single-digit America by to driven XXX higher with while saw favorable the performed Spain constant again from continuation by performance currency tourism the revenue high offset XX.X%. resilient Operating third of digits adding in net Margin margin revenues driven Europe local organic in a local UK adjusted trend ACTIVE expanded margin due basis. points extremely was XX% direct or economies expense a

these double digits the continued share strategy. we in see addition, e-commerce into gains pan-European we our to our Likewise, and well of further markets. both In as business grew solutions omnichannel

expected, flat As now margins the are JV for integration efforts that Erste most operating behind of quarter. at the XX.X% European us, were

XX% in strong this benefits in And margins and growth its improved quarter, in Kong, excess exceeding revenue result We to reporting Ezidebit saw which this performance quarter, net organic expectations including of allows business key basis Asia-Pacific markets across own Asia as trends XXX China. net performance, lofty contributed of across Operating Taiwan, of our Singapore, our a Hong continued points solid growth of again strong Asia, to continue once Our in expanded business. realize region. the the revenue for us scale the XX%.

and million impact generated capital $XXX non-controlling operating Excluding We the and cash the to quarter. Capital integration approximately define net costs, million expenditures interests. as flow excluding cash this less for quarter. cash totaled distributions of free we free assets obligations, flow of flows expenditures $XX settlement

transaction the which shares share stock As borrowings X.X weighted end for approximately shares primarily a count for X.X our times we average consideration which facility, the credit common the September, increased at result of the portion million on X.X through gross of acquisition, quarter. approximately increased in modestly cash Further, Network the revolving the of the our million third leverage quarter. to we funded our ACTIVE issued diluted of by

billion net range million includes result from $XX we to expected $XX the the approximately over for As the revenue expect closing XX% our This again an million our from billion, ACTIVE now transaction, reflecting updating fourth are a quarter. We Network quarter, growth $X.XXX ACTIVE of to guidance. of XXXX. well for to of as XXXX strong performance to the as of XX% third contribution Network $X.XX

to We Network the expansion margin of achieve It XX% transaction XXX we to now target of $X.XX, operating expand continue this adjusted in XXXX earnings to share to XX% points. America otherwise expected the worth range quarter. would to in have business, from overall are ACTIVE we fourth in seasonality that, to expect the growth due North to same. reflecting the Nevertheless, XXXX. up margin over by for remains forecasting We our noting to is margin to reduce basis $X.XX per expect expansion the

to mentioned expect share. immaterial per to last Network's adjusted earnings contribution we ACTIVE we As be quarter, XXXX

now In now with acquisition, tax rate we weighted the Network year. of light share the ACTIVE third we XXX total to approach XX% quarter year also Lastly, XXX the for not our (XX:XX) the for expect million average could to our expect and issuance effective full with associated be in periods. quarter outstanding be We fourth and pleased the respectively. and year-to-date performance more million, shares

As position the XXXX, we in strategy XXXX, objectives to close out we a year. we're technology-enabled, the look the to as to exceed worldwide. our begin to Likewise, for in forward be momentum advance as remain we about excited software-driven business we overall delighted our

the Jeff, XXXX. turn host call to here you our of ask the which to upcoming planning save see there. Jeff? I March to X, investor to are Before in over for date would We I hope we all you conference, on Atlanta

Jeffrey Steven Sloan

Thanks, in the momentum all as year. across continued our strong it third business Cameron. The has quarter,

payments have and to of operational technology on excellence, bottom-line one our our strategy, results on focus top laser deliver emphasis and to-date. strongest us our enabled Our

the with growth, We revenue future merger. described beyond have solid at our also a substantial time achieving Heartland enhancements of progress in for the XXXX laid we and for that foundation

While the take in Payments Isabel? where not can could future. we be we about excited delivering performance exceptional Global today, more

Isabel Janci

questions the to their we with now go ask everyone like in to our to queue. Before questions. limit Thank Operator, begin one we to everyone to session, in order you. follow-up, question-and-answer accommodate I'd will one,

Operator

from our Dave come And line Baird. the of first Thank with Koning you, Please ma'am. question proceed. will

David J. Koning

Yeah. guys. Hey,

great quarter. Another Congrats.

Jeffrey Steven Sloan

Thanks, Dave.

Cameron M. Bready

Dave. Thanks,

David J. Koning

Yes.

getting growth would on remains the continues I So, of to better, kind good bigger? to mix I America, to is bigger? keep on ACTIVE strong. in to even with going first that future, that's really well, maybe the of And good than businesses all, get sustainably this as now just Is the average. growth North kind say imagine your faster guess keep coming as Like, getting get parts fair growth of XX% it back

Cameron M. Bready

Hey, I'll Dave. with to wants start I'll add. Jeff in chime It's he to anything and ask Maybe Cameron.

growth organic So, digits. we're North our first, in to say I would business managing high-single the American

our channels business Your continue right point And America drive have business. in American well, than our to Wholesale nice is tailwind our direct business. as this continues that, American of I year out; a North obviously, growth actually as growth. which shrink a has to to it's a performed in percentage North faster-growing And a result that, don't anticipated want would overall better been our as to Canada leave we little North of

Going forward, I that at high-single-digit level. we say, targeted would remain

Our and tip it in rate growing vertical will integrated they're America, we to additive spear so the that, digits. the XXXX will the for of ACTIVE North overall to be consistent markets are be with of beyond, the In growth. as and growth. double look

business, digits Our the targeted we to It little as well. script. our channel, again, normal more a in high-single wholesale towards that we market, in we this down And was non-integrated, target than direct flat slightly. non-vertical commented quarter, as on

that we back vertical growth to our ability high-single-digit going rate as Canada, more of overall we're towards time. integrated digit to forward businesses, for be that So, a high-single-digit going sustain time. again, it Clearly, growth local confident all in North confidence to we of and obviously, to markets period rate get and continue America, currency, help targeting rate that in over able was America, with single organic to mix to feel shift the continue that achieve our to it longer in in you bolsters of that roll and North that's together

Jeffrey Steven Sloan

to as that position ACTIVE, just partnerships, about strategy, of would clearly, said asked rates it new accretive transactions to to growth. Cameron as certainly that, at and we about add look to M&A organic we our I like our Dave, when since deals revenue what think we on relates you

Of really in omni that as and think, in vertical double and are e-com integrated a our course, fits business, describing thesis. digits, business, the few minutes our was markets ACTIVE, all Cameron squarely I go.

certainly, growth. businesses over of partner add that to rates if So help play you time, accelerate that our and we're looking

will course, that shift So time I think mix time, right the how tell of over in you're quickly happens. but

David J. Koning

have follow-up, Great. turned into especially stayed Thanks tailwind know was then about that. a for Europe strong, And an for a as start just into UK has you ago, strong, while. Or there my actually the I think, year Brexit do I'm I one to wondering, a UK. does well? worry seeing little It to that incredibly are little the of guess a continuing impact? you future the a be Brexit. bit

Jeffrey Steven Sloan

color. and I'll It's Cameron ask add Jeff. Dave. start to some Hey, I'll

I so really, as businesses underestimated I in with the I that. UK So, you say remarks think particularly really Spain. think probably as today that really capture particularly prepared share pleased our the our that in would the year-and-a-half market, reflect we're one Europe, across we our ability or throughout and are, to is and in thing sitting here last

United public they Spain, you look of our in at years competitors those you I Kingdom tale our those the in rates performance their are growing. think particularly course of this our and the you in in And at look at look markets, it's rate growing those one growth what six-and-a-half reported markets for of if to and growing at, those really that peers in share markets what is times the in markets of market. six gaining growth, seven of is the of have

stepping Dave, the thing for say to back get So second, paid I'd is a first worry. we

share makes That our that every matter UK of we say assumptions about doesn't that would fundamental in as feel our the mean worry to ability certainly, is we particularly Brexit. capture course, trajectory if market a and European in there's about about it our that be where continue day. to one That's us is particularly better comfortable you gives us does things forward. but (XX:XX). what Dave, do business where long-term, does change us make are capture bit able we But confidence, little about we what Spain. heading That underestimated markets, share of thing we I the colleagues So in like consistently a that should that going to feel

Cameron M. Bready

Cameron. The only business that Europe well to our is as e-com has Dave, omni would strong. I been And, add it's and particularly thing in

physical in to effective been we've markets strong capabilities the Europe operate. and markets domestic there presence seen to we a e-com overall a which in has Europe, combine growth, around our on of top growth I certain think, very strategy tailwind engine performance very the with brick-and-mortar in been our nice in Our

David J. Koning

Well, you, Got job. great. thanks, guys. Good

Jeffrey Steven Sloan

Thanks, Dave.

Operator

Thank you.

next Our with from will proceed. Napoli William come question the of line Blair. Bob Please

Robert Paul Napoli

you. Thank

Europe, Just following was that up on XX% Dave's the – organic? growth revenue on in constant currency all Europe,

Cameron M. Bready

We all anniversaried entirely JV yeah. Cameron, on That's it's June Erste Bob, organic. organic. X, the QX so Hey, was

growth XX% that's was currency roughly of If you which or QX in QX, with line the at basis. a basically around rate for constant currency, constant compare normalized XX% on XX%

So...

Robert Paul Napoli

you think... Do

Cameron M. Bready

very quarters ...two and just Europe, function strong is Jeff in consistent of which growth what a of described. really I

Robert Paul Napoli

grows? share maintain you that what e-commerce Do key to you there? drivers are the Europe expect organic as double-digit to market And gaining

Cameron M. Bready

Yeah.

we expectation going the So And basis. I'll maybe we that. growth on constant for would I to given forward, a market. remains achieve the we're we That David point. currency say is single-digit very think first outlook of that businesses second. the on well-positioned Europe I to a be have will touch high in think and let comment reasonable our mix on able Jeff

in spending more people Some that has very particular, in in the more season. pound, last staying we the UK several and UK a benefited side over in the British UK. UK, in of quarters the strong going to obviously we the had been Obviously, the benefit from the towards tourism the things the obviously weakness of and

that for business. we're better have UK with sustain we not our that's and would gives which to performance business XXXX, last kind into that than to the and So, to But organic trends the double-digit we in anticipated. look target delighted achieve forward momentum the the managing we've We're not of the good seen growth; us of going for quarter been in year able target business. confidence our overall as we've have obviously,

David E. Mangum

David. Realex That's is out the this roll talked to Spain. Cameron's the describing. We're Europe. those successfully a Recall outsized and in Maybe UK. in about Jeff prepared the tactics of strategies share of some of described and we Bob, gains that growth piece across And, now selling in technology remarks, numbers e-commerce the the big chase the

a wildly expect time more more We've at that You to basis. come. relative had sales can across on the omni-channel and Europe of same successful

with come very to to the So, in second. in happy as for investing university more investment. prepared sales coming more we're our see market. the sales capabilities Solutions on of remarks more TouchNet, solutions Europe that a Pause more about We're our so we're more together direct capability solutions is Jeff cross-sales the his sales, software to sell manage way solutions. technology-enhanced we selling solution well of in and so also because our our university States, talked increasingly Campus in out out direct

well, So, software as more recipe really over course of marketing the numbers and sales Europe which product XXXX we're well sustain and Those direct thinking the so for and eventually all more in platform, about to and Xenial restaurant and as great includes as talked about over retail described a capabilities analytics well them to It's rollout hopefully software time. Cameron that to hospitality as beat has us as Jeff more capabilities. solutions the map more email software. and

Robert Paul Napoli

it. Appreciate you. Thank

Jeffrey Steven Sloan

Thanks, Bob.

Cameron M. Bready

Bob. Thanks,

Operator

Keane come And of line next Deutsche from will with the question you. Please Bank. Thank Bryan proceed. our

Bryan C. Keane

guys. Hi,

X% Maybe going forward. growth think then but wholesale that decline describe expectations. was solid, a and than Just little organic going ask a outlook seemed what's typical market on North you can about I the in wanted what's the you mid-single said lower to in America,

Cameron M. Bready

strategy maybe business a of Cameron. that it's a U.S. on distribution of been billion time. years. of We're to it's away you, business I'll how smaller part now. reminding start invested it pivoting as touch I to terms over that four few business, going more $X from channel speaks we've Bryan, a a matter, move be obviously, little We've itself I'll for North by American here wholesale north the just in our on years in last see of the to Yes. bit. our probably course to of obviously managing of sort the think played strategy over out that and continue direct

managing to point, rate surprising I rate of a not and business of it's anticipated year-over-year digit down low-single are of would've mid-single the quarter. decline. we that in faster actually digit that kind us outcome. from would So quarter-to-quarter, we the it We slightly to as were your that decline was a be say achieve may than forecasting into

I think the digit portfolio took to we weakness relative being that in mid-single general a it is just the have of to decline would what more anticipated. variables

particular and the impacts Some think were we Texas hurricane exist some of that attributable that's that is across and that those the most that concentration two of probably may driver. to Florida the portfolio biggest think in impacted. jurisdictions, We in

we One was less forecast other XXXX. versus our variables processing one day have of which well, of as the in XXXX is QX course, in

direct with us And us that, but as of an matter. historically. not service So of going point. other moved ISO ISO had are you to were cost level that to say customer it's that I still same the relationship that would indirect part taking they one simply from indirect obviously customer And a the an out as an they of lastly, we gate, as

strength business I the good I factors producing of as business. level we're view that fact point that is So And the our of in we our drove rate to look growths at long-term is those But that for still direct the it the again, speaks to then the we're think described declining, to achieve channel. able of prepared wholesale our really business remarks. my overall,

Bryan C. Keane

to back margin Asia, Okay. margins Helpful. are seeing flat. we're international in And then margins, still significant European expansion now

going congrats same get Asia the bit that more what difficult of the finally we comps Should see on or outlook the forward. go we've we seen that as little the anniversary and we a do about growth much more quarter. in so thinking forward. Just is big Thanks

Cameron M. Bready

Thanks, Bryan. Yes.

particular. in So talk about I'll Europe

is Europe high it's target not margins for margins. expansion think eye and sustain margin significant we Our we're company don't already an a Obviously, margin towards range going to with overall. be XX% driver managing total expansion, meaningful to the with of in those the

there of just the margins given objective level to slight overall Europe, but in a we achieving So remains that our that's region. flat reasonable up think expectation kind in of maybe margins

that of lap As significant will to the the margin the some begin in achieve we think to more expansion about quarters. been we Asia, six of you're able we've probably to course last four right over

Some of that is coming scale. simply improved from

I in joined think XXXX, was Asia business. probably north it's when the year company this million, $XXX of a back I on $XXX $XXX be million and well business, to track million

margins rate that continue in double-digit time, a added we've to of tailwind amount of allowed a achieve to which those to certainly region, growth, across creep to scale us business, to course that low So targeted revenue will reinvesting as been business nice margins. and of significant has the which we up has the which is be drive our over Naturally Asia. for improve

not the in continue last I over expect margins magnitude quarters. to time, over been six the to that to expand able four to So maybe the achieve of course to the do same Asia of course we've

Bryan C. Keane

Thanks.

Cameron M. Bready

Thanks, Bryan.

Operator

Thank you.

from Our with Securities. next Please of Jeff the question line proceed. Guggenheim Cantwell will come

Jeff Cantwell

morning. Good Hi.

Cameron M. Bready

Jeff. Morning,

Jeff Cantwell

seen to that want taking outlook. this back sure Hi. make question. overall getting about what year. I about just we've I operating to like It margins to for talk seems your my consistently I you've firm-wide understand that XX%-ish level. want just talked given Thanks margin

like more Seems adding revenue. declining. been wholesale is tech-enabled revenue You've

other I higher think are Canada, Group, margin. areas adding You've been Erste

we is margins? to more think that perhaps there XX% jumping Thanks. point longer be as Or you operating the do for think that off So beyond go might firm-wide term?

Cameron M. Bready

Jeff, ask So, chime maybe it's as Jeff in I'll well. Cameron. start to and

for medium target mid-XX% good target think business. is in the margin I term the a the

around as we're overall up globe to cycle and to we points. which we XX guidance, basis grow that is managing, margins can of think the look aggregate our at businesses the the I continue

the getting right is for term, Over to a objective we medium think our business. mid-XX%s the

particular, higher, and the level I continue of of that drive in think given And will the a I at to XXXX as strong performance slightly the given continue It's the already. year. rates towards our target to note, $XXX maybe we've throughout margin now start you times also, of have, the increased versus guidance drive couple margins look we originally We've at the the level investing businesses business. likely growth reinvestment in we the would a to to year, at we the up of if $XXX in more want CapEx this we're million we are increase. business year million mix seen achieve

of And we as the opportunity over are business own think in to longer of our rates expectations So taking better growth sustain to reinvest are outperforming the help we periods time. I right that will forward over continue the for think achievable as the the still is time. one to that be target our I in But and plan we term business. move medium mid-XX%

Jeffrey Steven Sloan

second, accomplish in business think in earlier this really what scale XXXX, one man Yes, I I to calls Jeff. mentioned step to wanted we heading is I (XX:XX) our It's for achieve a a really if you year as back this Jeff. would just business. that, add of to into our

million. an of of calendar investments the into scale that as we in do what we've XXXX scale we infrastructure beyond, are relative enough the that underlying in to the built have operating we described that Cameron feel head business scale think $XXX and I in million just really matter, $XXX our as you're we Now incremental. but the seeing Part

limiting are we growth. and rates we're capital earnings investing growth results: from growth, rather consistently our the these now, So business of here attracting than reported, XX% XX% yet producing in future XX%

the the we're that launch, or additional want support sure make next that? I investment, or new that's in and so year-and-a-half the in Investing new a do cloud-based a to and last product go to partnership ops mean new finance additional ready the that we support, investing to do additional strategy market company, existing cloud-first a HR that a infrastructure, whether So what ops by infrastructure, for market at we've and support We and to achieved sure I presented at right, to really call scale, or Heartland think the wanted had by anything of done, the distinct is that that think the I'll now – we enter. what we ACTIVE opportunity of level And we've advantage processing XXXX taken get largely we've not want the by largely make to else. I but exiting XXXX right scale business had from that.

think Cameron some relative million in terms to was I explains alluding $XXX that the million. $XXX to of some of CapEx of that

So exactly to if mean that think margin, I that you peel what for is does Cameron back right.

in also a right we've understand be growth terms to even that of years make that I investments should coming shift, the over made like need we've the there, think we think guidance feel to mix of without given model, with next sustain but I to number our years. the it's the in we we important

Jeff Cantwell

Appreciate you about Canada, you quarters accelerating. initiative. talk I an more spoken That's say you've And about that as little couple think I the heard on past is the growth something then that. a emerging can there? driving growth what's strategic

how far XXXX. could start a very as contributed curious think Thanks just this update maybe to us And much. we So just that as about much expectations revenue to you as quarter. growth set about of reasonable

David E. Mangum

quite simply tell that start simple. Yes, Cameron, sure. It's year pass just I'll I then it's outlook for a to us. XXXX. Jeff, the having Canada around particularly you, and David. over is fantastic can it for really

strategies year. are we there a colleagues very the the at They're beginning great well executing sales the on job. Our of doing described

Canada selling You're solutions have and tech-enabled quite are to we ever the as Canada, payments. do now earlier in that we to than integrated ability products OpenEdge in correct analogy tech-enabled Europe that live in sell before. there's more We more described an

more that just trends added TouchNet software Canada. very time, in solutions to able really nice last to We have, point-of-sale several in benefited quarters same increasingly the as be really sell sold selling in our software and the well we've two through XXXX. some you'll from At of dealers have in Canada. as We're recall, dealers macro

is quality Although GDP still I there. very credit to which mover, not nice had growth, solid speaks think underlying portfolio credit have a we growth, we've the

great spend presence, in restaurant portfolio. consumers bit a little retail we've great across presence, the As great portfolio, more presence, national got a healthcare

spending. little So really in a when bit core look better terms in almost benefit we just things immediately of consumer Canada,

that the turn in of by those won't execution to situation for a play XXXX, in, team I'll Cameron reason execute out. great continue great XXXX. there pause all expectations for terms in but No to So, really in to think how Canada, and we

Cameron M. Bready

I'll course highlighted. to the just the point. above Canada is delighted we're our in local currency growth last The we've in Yes, the obviously Cameron. performance year, Jeff, with business, it's over mid-single-digit add, of David seen as David's performance for that expectation obviously

I over that, we've the course one is is the ones margin; our on sell that it of environment the several better probably product, economic differentiated think, some of in years. the of Canada different solutions, of last ability to seen is an Some

hope our low-single local in growth is our with, But X.XX% in think growth GDP for QX realistic look remains that our currency, range, GDP the for market. targets, very given, low those. say, digit our growth relates we're expectation single-digit remains business, of out rate that time just the market, was starts course over for a I'd all can that's that and the the history I as is because a business, exceed in in our it in been and always that which nice we in local target tailwind that operating. to business market that's think I the in of appropriate, of for individual as underlying very Obviously, high currency. target and what's we which particular,

to a Canada rates fundamental think going that premature suggest little over I in growth it's different be the medium-term. to are

Jeff Cantwell

very Great. much. I appreciate that. Thanks

Jeffrey Steven Sloan

Thanks, Jeff.

Cameron M. Bready

Thanks, Jeff.

Operator

with question Thank from Please Citi. come Shirvaikar our proceed. the And Ashwin you. next will of line

Ashwin Shirvaikar

good Thanks. but I DealerSocket, question. have it from think, and you you've two-phased sign also, I One then like deals like, go pipeline is, sort quarter. looks obviously, Congratulations, Vista, to Hey, a work got to guys. as with about at what of to the I DealerSocket like of to ask like with especially well. works can believe of DealerSocket, help their to a an And, out customers figure company get name arrangement sort sort agreement a how two-phase co-pay. does that have which us wanted you like,

Details exclusivity? this like is there So, situation? coexist that. a Is

Cameron M. Bready

It's market with we really up then Maybe go I'll Vista, get get to to with partner David start it our how I'll specifics customer. and to as about work, I'll and to over a into and to Cameron. interactions software the frame particular with Ashwin. we how that process how more turn Hey, try

that the that correct one, we're us, that, for commercial with our group in to with structure individual solution then frankly, pipeline We for So as own identify as our Vista work you're would that's it's that, meet also absolutely benefit companies payment particular make I and of today. Vista to today needs; that to working Vista with go number company portfolio a think, something XX, they the work their matter, portfolio need technology hand-in-hand from companies a good identify a partners do entity two and that I think the would like to Once arrangement solutions. bespoke we there's us opportunity, then going going matter. in portfolio

have as want to would because sustain appreciate, assets, is owner have the they of so whatever that really can you long-term the Vista portfolio individual not but world the Vista the life company, a have may relationship with a Vista, relationship we at tate we in to (XX:XX). want we As best expectancy relationship

a with companies, portfolio have we nice work of And building, that's other We drive It ongoing this pipeline anticipated. we greater opportunities there. good more already take number a even going have forward from which I than through our we're does a expectations, we objective signed, the relative own and not is to frankly, be think, that pleased continue would time. to one discussion to So that could have to process. of

David E. Mangum

color, more Ashwin. little David. Yeah, then. A

is, last sale. when bringing go So, there's warm someone lead the if or even live a deal, start them think with quarter in I which about you're something of nothing better than you the for I'll trying said to a process closing

the those were we our able weeks process a of DealerSocket, in the them. described accelerated just a close that of case actually wildly business it actually transaction of with Cameron the the with being to result which a sign fantastic, we there. hopefully To expect in us just to we already It or were ACTIVE, So via maybe actually companies sales to we a is a as move pipelines pipeline an to more so hope or are described, quickly handful DealerSocket so let's speak bring the see, Of and in go processes use directly again, customer as hopefully portfolio post before, accelerated end of forward. matter about already relationship example. in sale moment the live, our ago, XX how through ability see, to Cameron

really solution, provide automotive really So what a sort DealerSocket Middleware engine, for vertical. the of does, they CRM

you're take the deals that why technical do maybe X,XXX to sales well. dealers. about sale, mostly why experience with deep campaigns, to you our we independent their integration. much semi-integrated to it's force end can sure as create Part get is, why run in dealer, days marketing solution. to automation months integration pretty a a don't so that month. growth the This at they or a potential valuable the independent as just you salesperson the tend It's six might on They run system, technology order about It's are have and see as days but nine (XX:XX) this the they they To material of is we excited that XX add It's integrated drives, not seamless a outsize from X,XXX can live, payments call is big just solution, the of can made a pricing as that deal. it So actually talk talking a businesses. is, us. full franchises so sales technology in create also That'll we're this our There we working this for payments CRM CRM to simplifies independent and dealers. them think as a so make it the a solution, partner integrate so – as opportunity. But you of is of our deeply into marketing about, get some target is huge a marketing. dealers, part well, about

going does So to these the four we of almost right? months. weren't little close sales force next a Vista as a up over or as time of to can pile though, think in number These, six three We DealerSockets companies extras, bit our we're expecting anyway. of

We'll says. it. we Now whether do our what that's see pipeline

folks really this every Cameron earn business our charged businesses for of happy to and As to earn time. because us pretty series correctly but day, looks are have again of we're up, leads real like that portfolio we it said, opportunity warm over have that then and sales

Ashwin Shirvaikar

good. you the a Sounds time. then get all pricing, Heartland question And that's

Are out pricing? forms, you You but have value-added talked like about pricing, point of beginning almost, you that? that? pricing where to beginning And I roll you do Can you in I all its are mean about at when fees, basis on you're pricing a sort case-by-case speak say a that. do things to

Cameron M. Bready

Yeah. It's a great question, Ashwin.

broad-based saying the So any let pricing Heartland portfolio are by of not doing across we me start or our portfolios. initiatives

economic look to value. create where continue match to we We we can value to

infrastructure We that. we provide simply should believe service the for we continue to We quite best to think customers. infrastructure our paid and available be

higher-quality we possibly. So there? are we adjust ideas we surgical continue to the Yes, like providing economics where services. be quite Should with

closed our of along to you sales you to price, which of higher the reps point burden them success. coming if price a are market. that back that think train bring a to closing sell CRM before. higher-value higher the working later, initial a had hard So can deal obviously, relieves we to service, that needing our to the in systems great We at rep at if that we someone's next sell show That's literally week deal the deal

So things like well. that are working

way terminal have as the an We pricing tweaked we example. approach

know solutions simple out new have we compliance, but doing are is We rolled the not answer that we've pricing that portfolio. across for the broad-based

value. try we create surgically We continue and to value match where

Ashwin Shirvaikar

Thank much. That's great. clarity. very that appreciate you Really

David E. Mangum

Thanks, Ashwin.

Cameron M. Bready

Ashwin. Thanks,

Operator

Oppenheimer. next Please from come our the line Greene And you. proceed. of will Glenn question with Thank

Glenn Greene

quarter. Good morning. Good Thanks.

David E. Mangum

Thanks, Glenn.

Cameron M. Bready

Thanks.

Glenn Greene

could just the low aggregate. think direct, The description bit a North thinking seeing sort But bit e-com. on the in rates of down you parameters channels bit about the the by gave parse across decline integrated, of America. was in wholesale, channel, little of more you're overall the growth distribution on a traditional mid little to realize helpful relative America but a single-digit you in growth just North of faster-growing I more were drill double-digits I thinking wanted the sort if channels and I growth, more on little maybe the distribution

Cameron M. Bready

to I'd that. Glenn. be do Sure, It's Cameron. happy

grew double-digits just quarter of with let But same led low aggregate other again in second and vertical that in the also That vertical in by integrated So grew start low sort business. markets businesses range. me the in our markets double-digit the OpenEdge.

that QX. And, double-digit XXXX, companies. business, to overall we're frankly think seeing and performance out the portfolio throughout we've in of growth So performance calendar frankly, business, we're consistent with QX I that pleased that again, seen of very

to will said I of continue growth the America our going and North in the As that's earlier, be tip for spear forward.

at our Our distribution single-digits the channel, particular channel at high high think again, us of channel forward a produced again traditional can overall going grower this for distribution around single-digit and that for consistent that the high so quarter. for X%, sales right grew of end right we North it sales the channel, be America. quarter sort That in that's what expectations average direct business, Heartland direct our at

were quarter. things business really QX had and in that of were transacting impact those bit jurisdictions combination the to period last we're year. be the obviously improvement material importantly, those during during new would down a that. We to of I'd Now of attrition that hurricane with perhaps little saw in in a there us say who revenue obviously lap of time. that had in candid, not that in We was this probably And markets couple relative we starting period a QX time. achieve we summer. now professionals periods those Glenn, To is sales what one weren't merchants that bit more contributing able in of of be starting A third in to really driving

XX%. been probably historically to down XX% probably to go XX% to going recall, X%. That's able that attrition to have as or XX% you'll down to from in we not So portfolio take

that So downward for significant trends be in begin lap as those obviously over we going to grow a business. that's to tougher attrition,

this to outcome single-digit terrific high a them. achieve business to for was continue that rates think I of So for growth period

So that's in U.S. really the our market direct business in QX.

single-digit X.X%, talked double-digit. those as that Canada added collectively in they talked kind grew mid down the were about single-digit. well. a the roll from mid dollar already together, little about, a of Wholesale channels had quarter. Canadian you low It bit If tailwind channels we two I in of We different North Heartland to probably probably the headwinds businesses I including campus we that well. of in offset more bps as in direct growth by would the hurricane channel, schools XX than our quarter. say number that was also and American but a roughly faced

disproportionately probably hurricane. businesses I think were impacted by those the actually

well We and businesses. number larger right school markets back-to-school at in as which for and storms two of districts as campuses have a two for both unfortunately is our our hit Florida of those university are season school Those districts seasonally at Texas. those seasons the level, highest

by the impacted is third to in those somewhat were job we as they very grow hurricanes as I say So would effectively quarter. and but think management that well, the did our through things, I

Glenn Greene

think that been goal, focus. But what about you be? for and of of looking X-year and you thematic sort that's it software of of about the of when my then Or longer-term for technology obviously the proportion as that? Jeff, a follow businesses, been revenue, XX% how the But think question. you've And phrasing sort sort up I is midterm Okay. you more think have business do to X, you're

Jeffrey Steven Sloan

number XX% it. for getting Well, preview Day we Cameron and not thunder March But ahead talked take that X, on we'd where as is to sneak that March of Investor the you're like our I'll now give stealing Glenn, X. shockingly business. you're think about probably the you a

were aggregate think that in back October in go we had is businesses we probably we those were point I our Investor at together, Day said really to last where were at what the when XX you would or we go. Today the XX% plus has any is and that to of target ACTIVE our if know XX%. there's talk as closed, minus XX% our revenue. where don't limit XX% about I now candidly If

Obviously we'll is I billion describing. your opportunities combine you revenue coming that what our north back U.S. like. March think the what market, more our which mix of Cameron that talking X. with strategies where largest just from basis you our $X step was second, well about a a in business, question lot these that of on answered for if strategy, But depends a Cameron on annual to is previous be on are, take it an looks

think about actually we're business but distribution to we we of the how so a as So distinctive up, defensible that a that the for much percentage think time business a where method we're taking come. setting is not long

as sustain to United come going given been of morning, yes, margin, on terms share, omni-channels March in side, but which or makes it, job good believe that that it you talked in like continue, bit I've e-com on in to into press to the UK, I pleasantly our you'll tech-enablement (XX:XX) David we also baking us XX% kind I number. the done into release that well as our gains. the into we describing of now said in forward surprised and the what also pretty higher on say those I markets. the key great to think share preview by the but the helping contributor momentum about think of X. a But X. of as alluded this But more us number our we've and So still top business, bringing we'd of March some North I we've those that things Kingdom, the in hope as of OpenEdge feel into and Spain and United to bringing undoubtedly integrated we're a Canada little Canada, what do generate those we Realex are the America a continue think Kingdom ability about the I'd at to ability

Glenn Greene

to take your thunder. away Sorry

Jeffrey Steven Sloan

to in about November, I to knew we'll Yeah, New early someone was headed. in we're more be ask but I that yeah. Year. talking here going lot was X going – about March the though where think I Obviously ask do that's a to that. (XX:XX)

Glenn Greene

Great. Thanks a lot.

Jeffrey Steven Sloan

Glenn. Thanks,

Cameron M. Bready

Glenn. Thanks,

Operator

Thank you.

you of next specifically, Paul for anything Condra. wondered And integrated ACTIVE I of our from go attention just kind LLC paying of kind the question about Credit for Paul call the Suisse (USA) question. Please out? to? just to in days, Condra Heartland Condra have we and kind my Securities Credit with talk Thanks proceed just should Suisse. of guys. line morning, come just then taking will you Our can processing Hey. models - benefit that as from seasonality now of that to Cameron, Good XQ we XXXX, XQ calendar

Cameron M. Bready

I Yes. Probably want be to single would the ACTIVE thing out would seasonality. biggest call

a in that see Now closed, can business. give have seasonality we transaction that of how more to color bit the little we you as I kind

I mentioned forecasting my As in to prepared somewhere million $XX ACTIVE remarks, in we're to contribute between million $XX QX.

and QX their QX at QX quarter. strongest wider seasonally a to look and QX, be business you a from of QX revenue it's point If seasonally view. overall, tend strongest in being

different would that produce to about the $XXX line calendar million we And based revenue business gets the if then declines? channel, And (USA) Got point to business then I And earlier indicated revenue bit we growing that there for and can quickly annual than as million business LLC of our that QX. little had. is to there to for ACTIVE reason a the to take target range. business profile Thanks. given expect a $XX matter, I would $XXX before, of $XX as largely double-digit in see is overall is a a more of approach rest mean as and legacy for has our the more on model look specific the I'm Securities million in say direct enough business XXXX, Condra I Payments both XXXX it. talked little - in right for wondering all I'd say you Global now on be becomes a XXXX commentary we you as around a million that that it So of the into business. million factor calendar a would've have Paul seasonality seasonal million a $XXX trends the which is be business where you would million experienced that so pre-ACTIVE that you to $XXX forecast we Okay. don't the that more just just a that that QX for ACTIVE seasonal lift? $XXX exit XXXX begin Credit Suisse small ISO with little where it expectation bit on of to that

Cameron M. Bready

have quite no business good we're profitable still we it's for say a a would think us, to ISO it reason and there's of rapidly a to We number good very so I them. frankly. still Well, exit partner partners

nothing there's the with business. wrong So inherently

different part mean, less still customers our no more but in be resources time. rapidly. over it continues direct where increasingly we growth Our become it. down, We're strategy exit low focusing single-digit I and the headwind will scale then It a part business of American XX to it's good overall We channel part direct see of customer. as so that long mathematical go matter and I can on to real that it we course focused I the with business. to mid course not a of ISO our the reason if our for will over into it manage the of obviously and some business, as of a there's profitable it probably our have North through and is business, of think control of grow needs business, and a over to continue we to where and we to is does of time, smaller business, flat lot the time course that an the to can would that's as add go our relationship become to it does distribution shrink, think term to want to

in partners Paul you. not our us. LLC Great. focus Credit a but Condra channel for it's supporting Suisse are strategic well, certainly Securities (USA) Okay. Thank - We that

Jeffrey Steven Sloan

Thanks, Paul.

Operator

come next will Please of our proceed. Andrew the SunTrust. question And from with line you. Thank Jeffrey

Andrew Jeffrey

Hi, guys. Good morning.

Cameron M. Bready

Andrew. morning, Good

Andrew Jeffrey

but what there When Sort David, competition? can there? Jeff talk you you where omnichannel specifically guess have you sophisticated Europe. UK Eastern the stands It characterize look the of about over you continent kind particular, Europe think I a and kind a that of the at Global qualitative competitive the the seeing most think I'm you're about and strong Europe Is of you there I multi-year maybe and question, competitively? you thinking you kind lead like of performance sounds sustains think. do think your in market growth is in lead

Jeffrey Steven Sloan

acceptance. about like, or historically world really focused online or Many are at low the if part on very of more even Jeff. our with one could the combine the physical Adyen least for levels prices distinctive level as PayPal the Obviously, businesses growing competitive, got Braintree, it's Stripe yes, but and think or that we're think Listen, about I do across acceptance acceptance is Andrew, online primarily Yes. because of thing faster we've but is so of competition (XX:XX) which day high online think volumes. course earn remarks, focused to business believe low that in I of we peers I there our said it's we of acceptance, you that's is every our Europe. there on with prepared us at of intense service

very small really or think the to company States, Europe we a I folks the a lot globally breadth of United what's really a environments, of and trajectories almost virtual second at say SMB, bring that us in physical fact growth our bring That's who Europe. to that's the a a we as is in mentioned are about our of that remarks say very in large squarely coverage Payments, world I broad That market not focus. different different before we across and on But think can the world significant is think is thing of to where we SMB adding than we high-level, deals and good first, don't mid we markets volume very is in competitors prepared at most primarily of Global to that in already either – provide get price. pursue but for many bread-and-butter the value. number have I is, They are midmarket in we're our as self-service we focused rest it low as the world in involved. of our

for to So sell have angle pretty I I does, history, and the do companies. really well very our think a based we right on do good tend there that think group of

which Spain, is, The provider leading Europe, in minute, other our thing say comment Caixa, is on multinational can in out Spain just partnered services in also where in for a I we're Spain, for customers partnerships David of but with in coming the technology, I'd distinctive not us. particularly with very of financial think

beneficiary in of bring examples can who of... what very you has it to give So I and I think David, the omni-channel and Caixa the there's don't want to anyone fortunate has some around we're really their be what strategy. to think markets,

David E. Mangum

happy I'd to. Yeah, be

marry face-to-face, sales piece, think say I get take for the announced the of sense we the thing we what upstream to build years to for any in targeted okay, do successfully, key you XX% sell of faster is quarter comments. the in But six we do results? the go competitor think the to And do obviously. prepared solutions what grown upscale when married this share – a e-com than the Realex-solution on to when market, distribution business UK, MNCs as in Spain quite last and to that I market sort just happening where can then same accelerate in and we've already SMBs. we distinctive saw large a you The number it the in some can we Spain's you and can an is we growth European a take

double-digits on in UK based just on grow level. can't You at the going in macro the a what's

you to You frankly to in have have be market. taking be small medium to share, taking and share

to Erste, as have merchants. honest. as stage to Eastern wonderful Caixa, either, Spain, of Slovakia, we Romanias, real grow trying large drive kind is also in partner, that a Caixa that and targeting as is partnership to Czech capabilities a this we've combination we small You to take seen Europe, by Republic, earlier is omni same central see Eastern Caixa, brings in don't that outsized in Hungary, Europe your well with unique perfectly we're your can targeted so as businesses. distribution beautifully. success if Note that do with in well medium markets to be it customers partner omni-solutions With That growth Europe; banking way issuing, with services, the works and at distinctive then our of certain take who

Andrew Jeffrey

important help Okay. a Xenial regard And how That's you helpful. U.S., And generally can comment gateways Thank in the are maybe business? in move you to you. restaurants? the in on with that up-market restaurant-acquiring think

Cameron M. Bready

a question. Yeah, great

in can't are start in talking probably when chain. the national think with think point-of-sale really Gateway but about from all us should Andrew. solutions. of now about the you you, usually software help either U.S. Xenial we're with they're helping What up for I'm to Xenial, I little now. up-market, is about if can I actually talk begin, is small Right major note someone way integrated around yes, it the a I maybe we the ones size business you And but name a we pick our move of valuable software now, of right going semi-integrated a about the products any to so, corner customers our can that on to And up-market solutions and businesses. as gateway, bit.

as who from back someone targeted the software. of as and might we products modules want Heartland those burrito combination a individuals, areas around the wage around QSRs young shop an proprietors, people all force, deliver expediting, folks major marry our you, who Xenial's can to sales those we're pieces of U.S., of of of to the who payments metropolitan kitchen X,XXX blanketing up are to do do And all quite component gateway, then is dealers brands, is the corner So gateway example, types we what are those a all software piece correct, Not to modules, sort core so simple a inventory way from what you're the but all the is point-of-sales way any of think brands. the big software. be We of for there, what who the working as providing. to way sell the

Heartland combined globally used businesses sell So one period was the of which on something we called to cloud-based some software engine Xenial is point-of-sale that can over small play time. growth that building Commerce, be to

of QSRs, the So on analytics, at the and focus combination UK, the globalize of that, of table retail. in across as out on it likes back worse runs States, late e-mail payment, comments, with analytics across business, take think with are products XXXX. also as case, it marketing. live this table we Xenial the U.S.; Spain, the tested going XXXX, in United Xenial the reporting, speak, live U.S., in plus again, well these All Xenial prepared start the analytics XXXX, in of a plus we we service, products the as that announced Asia, as at going across end in a things I terms the being, the XXXX restaurant to Jeff in in world and software the the into

pause on run global software will cloud-based Xenial's big summarize, upstream. So, whether to help talking restaurants, play it for to us Yes. a you're moment enterprise-level, about or further proprietors small us for a take

Andrew Jeffrey

Thanks. Awesome.

Jeffrey Steven Sloan

Andrew. Thanks,

Operator

Thank the you. come Sachs. proceed. Please Jim Schneider Goldman with of And line question our last from will

James Schneider

versus on into additional in any on as the more idea geography side, of side, product market? beyond JVs, my maybe Maybe seeing Thanks you very of changes of think question. comment how on, the and Jeff. the Good you're I broadly, you're that strategy thinking pricing about kind in taking for whether kind you was expanding expanding follow if the European countries wondering Europe could about organically morning. asset

Jeffrey Steven Sloan

Jim. Yes. Thanks,

we've both but which So, is in JVs way Europe, Continental Erste, with. with history in in look, and Caixa other that expanding described, in think we're Continental great in is got business comfortable Europe. I just obviously Vienna, Certainly is which four a doing by that of of based additional Spain something countries David very

past, I this talked Jim. I our the and the we've quite think, given of know size in bit a about business,

resident size partner. we're operating is. not almost our very somebody additional that we're We I business, distribution and infrastructure. we're product, sales, technologies, Given good not the bringing these be in prefer markets of let's honest, else think to a But always find that at in,

for been HSBC day. Asia, used been time, to did at the a partnership the HSBC when for Paul in we've say there As there we with had years; XXX

more context, sometimes say with think and bring a that in we it's to detours. I that we pleased lot those have I understand So to our how are that partners us, will be going. important couldn't

Vienna. with So for based Erste, in is example, our partnership Erste

expanding lot into in largest We've is of on existing Austria, we're a have Austria. they is de working For we them which of novo acquiring which don't the with and time services reasons, have from organically, Republic, been an some our on them the historical doing. portfolio Jim, organically Czech something planning with market for

from approach someone would PCI, is in in which, of back GPDR and you Europe look [GDPR] you the is that's an the existing if where if EMV goes at a it. think a if have But additional to it, about markets, our think about you and obviously, rule, these way particularly effect before much of how you I That's asked behind that just which in Realex because us; market you PSDX; also I you of unusual don't that about think from you think the when it's of us, (X:XX:XX), exception kind since regulation about home (sic) if our and omnis driving you proves into by about everything are typically in else. of you in how get an technology business. come step things bring find trend think SEPA, that to we book and privacy XXXX; all their even DCC bit think Caixa, not partners are potential to, toward cross-sell can e-com they products

de going to Jim, like way for to it's Austria, prefer will wants opportunities those we're doing find into obviously, partnership, we're Erste, so to But things continue we at. So, Europe. the shortage novo those accelerate, any bang our seeing not buck go geographies, something by in someone us We to of who of the of including it. do just look

James Schneider

following your characterize yield the be then, helpful. at corporate the which that maybe of portfolio, portfolio? accretive in follow-up, And Can net any the as a yield portfolios? game Vista come the your big those pipeline? to of kind relative maybe kind That's on you on And of also would some might quick Thanks. terms portfolios of hunting you're on on, that comments doing just

Cameron M. Bready

I a most some momentarily. particularly Yeah, their in very form Vista in portfolio; some say Jim. has on interesting large would large. maybe say or are not that that would different variety them and Cameron. It's touch portfolio of I'll of companies I a some relationship of for and and every technology of obviously that Most sort company has fashion sort their that do, but some we're have today. us payment really direct-to-consumer portfolio some looking at expertise. do businesses require of are they we're hashing not, through would

in would and As economics, I'll bringing say in, use it I the they'll relates come partner. as traditional DealerSocket to as example, a integrated

is product, the relationship of partners similarly that drive end-use to that very today. to of David obviously, the brings nicely we're that articulated the think like today. to economics to will very with So as from integration have a feel we just we a premium existing their that and go-to-market and going earlier, level standpoint that relationships We, price commercial value to have product work market able the OpenEdge that warrants a other customers at premium place that OpenEdge in DealerSocket most look and a of relationship we is obviously have structures premium that

commercial market-competitive deals to those to companies. the And able us partner our their we're and economics and as with them, these is describe not agreements what's we overall to to think getting we We're would with offering drive disproportionate with strike the don't to allowing I today, with through product we're the and portfolio So entities, deliver differentiated doing improve ability market look of Vista day. relationship the solutions deals. win

James Schneider

Great. you. Thank

Jeffrey Steven Sloan

Thanks, Jim.

Jeffrey Steven Sloan

Thank thank Well, your morning. much for and appreciate you you us interest this you. in Global Payments, very we joining

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.