Global Payments (GPN) 3 May 182018 Q1 Earnings call transcript

Company Profile

Participants

Heather Ross	Global Payments, Inc.
Jeffrey Steven Sloan	Global Payments, Inc.
Cameron M. Bready	Global Payments, Inc.
David E. Mangum	Global Payments, Inc.
Andrew Jeffrey	SunTrust Robinson Humphrey, Inc.
David J. Koning	Robert W. Baird & Co., Inc.
Ashwin Shirvaikar	Citigroup Global Markets, Inc.
Paul Condra	Credit Suisse Securities (NYSE:USA) LLC
Glenn Greene	Oppenheimer & Co., Inc.
Bryan C. Keane	Deutsche Bank Securities, Inc.
Robert Paul Napoli	William Blair & Co. LLC
Daniel Perlin	RBC Capital Markets LLC
Brett Huff	Stephens, Inc.
Tien-Tsin Huang	JPMorgan Securities LLC

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Global Payments 2018 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will open the lines for questions and answers. And as a reminder, today's conference will be recorded. At this time, I would like to turn the conference over to your host, Director, Investor Relations, Heather Ross. ahead. go Please

Heather Ross

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

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

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

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

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

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

to Now, Jeff. I'll over the turn call

Jeffrey Steven Sloan

each quarter providers, basis us of joining favorably but other to fantastic across organic expansion, high-tech and to legacy for not from ever was and region, companies. start. in the Building XXXX first growth We morning. ecommerce adjusted These have SaaS software and everyone, peers, of growth XX%. the is quarters XXXX delivering off accelerated compare margin a to our thanks, networks, direct points only our card this results the also earnings on and XXX per of share double-digit Heather, of produced. we Thanks, growth XXXX, one markets, momentum strongest our

our growth. partners, helping customers, us to immensely are and produce for market-leading grateful We employees

day enablement As marketplace our results. again in the at technology of Conference uniqueness every the in our winning and are we with discussed model, mix Investor fueled our evolving business toward March, we our

Our double-digit integrated execution. first the to in highlighting ongoing ecom continued solutions and omni and businesses at rates and grow vertical quarter, markets consistent

creating are we of Our more because stack, partnership technology-enabled distribution of value-added software customers. vertical through the In businesses and ownership relationships as both and control of distinct well technology diversity, full geography, with by richer their the value providers. production, vertical entire deeper, leading our markets, with and our selected assets software market as means

We also operational offer with a card-not-present broad the most technical important worldwide support. sales, solutions products with face-to-face of many and markets range of concurrent in local

more we five of and reflect gains No has diverse sustained As technology. of a peer business past are and our share across past The ongoing of the than results this this really with quarter this our distribution from scale a globally result, mix peers. markets years investments. at these

new we also as with Vista select payments company Partners Vista to quarters. portfolio as technology reached Equity company agreement are many announce its a This in Aspira, to partner third portfolio that be Payments pleased We its the partner. is have Global an to

to in connectivity to discussed continue an seamless customers invest provide call, distribution our to in of partners technologies in As world. February increasingly we product to complex we leading-edge growth and our accelerate and

to intelligence also We and enrich machine with able significant leading to that growth, our have solutions market-leading gratified in the cloud capabilities. provide while further investing for our by investments been platform-as-a-service future. to deliver were provide we to artificial growth learning partnerships in further scale across utilizing We infrastructure are making providers

same Worldwide our serve others and will To common competitive and awareness host causes, deserving fourth globe. differentiation needworthy and and opportunity we We the end, reinforces time, vision communities our Day we On the the work. people, our on biannual May around technologies and At partnerships raise that We further the which at in payments. to that globally, are our distribution SaaS new our X. cloud-based Payments XX,XXX live are These on further culture funds of Service efforts day, intersection live in of organizations. that worldwide investing back of teamwork making will substantial technology build in to employees am provide organizations need and an and providing while for I of our businesses. our with progress Global excited giving of very

results businesses tech-enabled strategy outstanding of reflect quarter first wisdom our with and software sales focus our the Our to grow leadership.

in We we October do XXXX. XXXX said of what exactly of March are would we and doing

I'll Now, over call to the Cameron. turn

Cameron M. Bready

Thanks, Jeff, and good everyone. morning,

results a indicate, the XXXX indeed off start. As terrific is to

and our share We we Our operating consistent basis with low fees communities. organic decline net network plus normalized these in high first growth, achieved the from first Consolidated to Europe while revenues North in points American distribution XX.X%. expansion adjusted higher-margin margin our America quarter to of North XXX businesses. revenue constant double compared expanded revenue meaningfully we wholesale quarter technology-enabled net ecommerce currency against plus in exceeding saw growth on market per high-single was the accelerating in saw and differentiated reflecting over business $XXX strong omnichannel of network single-digit expectations was Adjusted a offerings. currency a while our organic performance our in people U.S. by delivered In our channels, quarter, were across growth Margin results, Spain, solutions growing again reflecting technologies, the was adjusted Likewise, a European Adjusted adjusted particular, performance as for flat adjusted XX%. operating basis. our XX.X%. execution XX.X% XX% digits sequentially and continue $X.XX, ongoing reflecting for XX% direct in points in to invest growth growth gains. XXXX. quarter XXXX. driven fees direct the first quarter, grew was margin businesses, Local $XXX our our business basis plus with driven with continuing was our by in was operating across network expectations. margins we or And as our markets. million, double-digit strong again roughly in win our exceptional, earnings business million, in the also previous strength to the XXX U.S., fees increase expanded net adjusted share business, XX% digits,

and business trends markets Kong, key across quarter, Our Philippines. revenue saw plus this solid XX%. adjusted in the net We Asia-Pacific fees our including Hong accelerated Singapore, of reporting growth network Asia,

Australia, basis Our growth contributed approximately adjusted in across further to again, scale improve the strong in as meaningfully result of in growth Adjusted plus region. region, which fees expanded our XXX served collectively to businesses once quarter. in generating net revenue Asia a points margins technology-enabled the performance, operating the XX% organic network

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

nearly of $XXX In end was debt X.X quarter have year, outstanding the times. approximately addition, the we of the beginning by of leverage million the as since and our reduced

The first loan of the on term which interest will points. the refinancing B, rising rate facility rates in some of underlying which XXXX. the spread XX reduced impact During to generate $X.X the will million we quarter, our basis interest also by annually, help approximately completed refinancing of a of savings offset

net XX% margin the by Adjusted first is in performance strong to reflecting our to of expected XXXX. of to plus growth billion to revenue for $X.XXX XXXX. range outlook our quarter, $X.X now expect result adjusted a operating now from XX% As to points. are fees XXX raising basis over expand up network we billion, We

growth Lastly, of to performance. we financial range our earnings year which another We're XX% stage XX% strong sets adjusted $X quarter XXXX. with expect operational over reflecting extremely to share the pleased of to from and first for results, per now $X.XX,

forward. superior the will unique to back value focus well positions I Our and turn continued now execution relentless Jeff. for and call strategy creation on growth going us over

Jeffrey Steven Sloan

Thanks, to capabilities, both global software-driven model Cameron. At create differentiated a Investor our recent partnered, payments, how exposure markets and Payments. omnichannel in our growth Atlanta, Global explained we faster for and Conference owned

the for the vision quarter first our highlight decade call XXXX turn future. our our of and to the back expectations next I'll the Heather. ongoing The and now successes strategies of to

Heather Ross

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

Operator

And Thank will you. first with our Jeffrey Thank Andrew SunTrust. come from question you.

is Your line open.

Andrew Jeffrey

guys. Hi. Good morning,

Cameron M. Bready

Andrew. Morning,

Andrew Jeffrey

couple a any solutions, the up you verticals. Is integrated of You've a kind of more as specific that and I there wonder, least business, about long-term at that the with thought common app SMB competitors thoughts think about offering, there for U.S. growth maybe building pulling seen your ecosystem? I yourself strategy are in deeply any your stand alongside realize customers? their in to all have about the together embed ERP it vertically you

Jeffrey Steven Sloan

for and I'll well. Jeff. It's Yeah, David question. ask the Andrew. Thanks I'll to as start comment

answer the is So absolutely.

that solutions market, and API. to APIs would and our lot obviously developer do expect as with to they ultimately If of solutions, driven, whatever of we omnichannel in markets, our that today, is how Those would think about our coding example, by for they ecom are way you exposed go you partners our like. a

them we development So in those one form they us, but release kind of point. utilize. the into of kits software code that to allow That's we APIs can

markets as as where our developed where we've both other have Second, partners Xenial, our as do clearly software-related case owned own with we in own integrated of the appropriate. obviously that's software ecosystem, we well completely

technology coming, So be say source sense to to which, all API-centric, both course, our market we've yes answer that and for encourages software how of the in partners today, the us go PSDX I is we is made, developers. an the this would year, investments SDK-centric

would the you go if is, to our second, merchant. way, Apple? for going of say, answer you your is back to going for Store we in example, up to consumer-centric customer really are a is, thrust is though, the another back I be question the what Now, The where can Apple

really customer consumer. the not Our is

people businesses, you own software and vertical outright to you our or with the So think we partner enterprise go if about the level. how we market we markets either in know, at as integrated

Day, lot rich model, we in the which a that that partners, in different get high referring integrations sense of to benefit our go downloading benefit of of example, or sales model about a don't That App our you retention. catalyzed deep from to integrations on that the Investor with you talked if the is Square's partner also Store get we're selling we for back really is the where Store. sales, results and like top we something to in because selling Apple is of analogy, just As Square our that. and from you're But we're there us, the get it went and isn't

thrust you I want add of we There differences we the answer in question So David, laid your March. out do is to obviously go in think are the to that market how to any... yes.

David E. Mangum

I'll infrastructure what day would back add It's software as at but Yeah, might or plug make color, middleware level, to infrastructure the what in sexy, as called easier you're investing you whether into not in provider. Andrew. customer, of it partner, our the bit been little or another think been have a of layers a any throughout to we've a abstraction

whether gateway back layers, communication But think allows the bus to building multiple what all the information well. would to the that the said mini about Jeff as level, and talking go So ecosystems I I'd I we're our of level, you're the level, service what partners. exposes call authorization analytic throughout

infrastructures by maybe are We app-based vertical of infrastructure. generic than pure a vertical well, the just app building rather sort as

in For App go want can our an seconds and running up download example, you Xenial that and your restaurant. you're at look XX if software, from you to Store

powerful. to Jeff believe, Now a feel the what some said incredibly deep want if do as really I that is that well. with functionality, we you ago, integration moment plug that app additional to into think But free an

So where is our type available, Store one point-of-sale payment this app you have go it's competitive our OpenEdge business App really would fully to might if you a system, lot advantage think remember that the in is there omnichannel. functionality of the

and of We the make lot us seamlessly integration, expose prefer out their the dedicated We and apps all have support the integration. toss customer. and work a it to have the making customers. don't to asking just available for They them partners dedicated them many

Jeff as the that. deep question all take that, we we'll approach own answer So is the fundamentally, Having said or vertical. same that doing the integration just said, whether your to we're vertical partner yes,

Andrew Jeffrey

a at very acquisition Square? That's do appreciate follow-up, detail. your how Okay. the think you like you business as acquisitions when globally, of by – helpful. ecom about recent expanding look quick Weebly And I

Jeffrey Steven Sloan

but the lost asking and ecommerce at I you're acquisitions Hey, you globally expanding like. end the about and I there, Andrew, think

well full as we a pleased have So at of criteria know, organically pipeline. grow We to inorganic done. that with We the as you acquisitions in very our through a very as growth. number model actually how We're we've look generally do deals. is

First of to the our on really all most without that time. strategic not shareholders omni we brought the specifically have. added financial at the the is is kind look work. have functionality partnerships and doing one commenting and And would is to acquisitions that done recent the was transactional what that we second any fit, cultural fit, returns and from can lastly generate We ecommerce

example, systems omnichannel the and our had some got development already have in around For already for core we We're many globe. in markets store have time. web

I XX countries and cross think talked lot more by March, we border. in physically of doing in a about way than that business a

back it needs very But matter, the strategy strategic important really is already that going to and/or have we certainly additional as that we're strategically of not don't already out markets we our functionality advance additional all we're And there us. to a in. time. So, started where to

back our our we're years, very accelerate in exactly more growth. going what said As Cameron number balance certainly We lookout good to we do of would sheet his mentioned around position. on for a prepared structure, so we in the is did capital ways remarks, a

Cameron M. Bready

minimum Investor Andrew, it's we of believe as market-leading, March only to back what some add comment Hey, ecom with Conference that view about view we is, I'll as The of you breed. of Cameron. an from I globally, our in a think capabilities have I we remarks think thing made at and at these would best point market-competitive ecom

we not we we the as today. M&A, our have of believe enhancement to through think to very it's be need need So, because in marketplace capabilities about lens we some competitive we the existing what

buying that expanding we So, expanding it's buying reason of really and function scale for enhancing capability, functionality business opposed have to don't scale, ecom as geographies, a that in today. some

Andrew Jeffrey

Thanks. Awesome.

Jeffrey Steven Sloan

Thanks, Andrew.

Cameron M. Bready

Thanks, Andrew.

Operator

Thank you.

Our next Dave from Baird. comes Koning with question

Your open. line is

David J. Koning

Thanks. guys. job. hey, Yeah, Good

Jeffrey Steven Sloan

Dave. Thanks,

David J. Koning

in is towards North on getting two the there Yeah, to feels my that just first question, the benefit driving time. the mix from like those was it quite wondering, you incremental I'm much talk some and in so was that, America actually pretty it's bit Maybe any left value. still we're like very past little right And impressive, the high It higher touched think kind margin strongest way are the shift how about strong, a margin have the mix that of Heartland probably like now. of of like core, stuff incremental drivers. about part you a synergies? heaviest you

Cameron M. Bready

There are the for good about margins impacting it's quarter. it. in in asking it so, North really first as thanks I think Yeah, three America a and Dave, question drivers

about to you think we merchant The expansion our margins. matter, The of to top as that's of our just a benefits annually. up clearly see as described. big benefiting we of That shift margin a and markets the business that part acquiring it, I XX what line, vertical than drives, mix higher at traditional cycle margin what sort basis organic That's getting businesses the the virtue themselves. first is points growth driving but by how guide the shift a integrated channels, mix in in obviously we're is

to level, not get or before, that company above about total not North there. America talked is at we the is growing if going As

clearly an driver. So, important that's

XXXX The we incremental synergies there continued synergy our in to as obviously is are second against execute plans.

XXXX, into get we the As of we're benefit that. getting full annual

lastly, in a little in business I ASC And associated synergy So, XXX. there a of there in then benefit and clearly little of it bit was synergies North XXXX. about first talked the is talked relates back tax above really reform Obviously, seeing function annualization margins by with offset we reform to that of benefit tax realized we're are and February tax the is in investments we're America tailwind to below making as the the this investments execution the quarter line. bit reform. of from as the call. about line. That into benefits The as the making we're is a the

some technology invest cetera. we to that's obviously invest offsetting in continuing XXX our of in our those communities, facilities, So, in towards the are But our benefit. ASC our prepared to our as et environment, remarks, continuing investments, people, mentioned

XXX as are those quarter in well. of offsetting the So, some the benefits

what with that objectives margin overall North the all obviously year obviously, to gives raise to previously America, XXX positions XXX us us if Obviously, expansion company. that of roll you for to, on today to margin our guidance So, part the pleased the up to from for and together, basis full for overall confidence expansion up guided relative points. call total our very we're the XXX for to well that we the

Jeffrey Steven Sloan

Dave, just that enablement into said the in higher-margin get software, end of Cameron we Yeah, businesses. those as day would Jeff. we in the the are March, add inherently I what technology further to it's at said

more see yes, you should you're the on scalable, but operating drive revenue Cameron the that So, type going way better better. mix alluding benefits the obviously growth margin side continue those is businesses That's to those to, are the to inherently and outlined.

David J. Koning

little just or do the is hitting later easier? better just quick UK maybe this as market comps one – start on that a follow-up you. year easier that is looking? gets how just Thank you growth And And UK, Great. gets something market

Cameron M. Bready

that jump to I year. as get we further think agree converse and It's that. know comment ask would thesis as it's I the Cameron. is well. don't I actually easier into Dave. that Jeff with Yeah, comps the there of the there in I'll I'll maybe

quarter. in for You great a macro was the backdrop the saw UK business. that's GDP for the first not zero Obviously,

in what Our and of continue into a the we business the did note years, itself had UK I Brexit. of so think as half last got more further going we've MasterCard as to the increases EU part into at that ability we cautious certainly, I performed overall XXXX. as the GDP pleased UK. XXXX go grew couple in the QX we're from about to and in comp notwithstanding the environment. impacts saying in But rate concerns reflects of year. as the the we the don't for year, Very around of our the through the cautious macro very works think of And obviously, think Visa relates we with particularly of would that QX I the QX well becomes will back as But we've and those that sort environment in year, it as as macro back a now in we extract very the to know XXXX. of some part saw of the a now remain backdrop been given again quarter, if of sort we I the UK But it we back grow reality. to be look we over happen well I tough of cautious around

again would continue note that target GDP of that single-digit we a But at gain environment overall remains our again, our business to the little I grow to we're think confident high as I and share a in ability concern. bit have.

Jeffrey Steven Sloan

as would to gains continue is the – be of particularly ecom of I lot delivered, the vertical the described, markets. in small just Dave. question, Cameron Kingdom particular The That's United really of technology, head Cameron as the Cameron the United which of certainly on there, for integrated the GDP our but in is in business across said I rest to United flat coupled bearing hit markets, to than backdrop macro the other against we the The our believe with Kingdom. where case. notwithstanding nail around United Kingdom, deliver and the positioning which as in point environment results to part take your we Kingdom. share to suggest the that do correctly business That continue well mid-sized omni the being nothing across Europe is, fruit, and of strategy of the share the it what in think world about a

the eight share and think I ongoing gains the that, story there, quarters... is have seen So, you for Cameron, or Dave, probably six last

Cameron M. Bready

Yeah.

Jeffrey Steven Sloan

...in story more really Kingdom. Dave, else. there, That's than anything the United the

Cameron M. Bready

Yeah. the of our is in look I other to only markets you Europe that a distinctive we point have nice diversity Europe of as at would The holistically, business. attribute that add is

results growing Central nicely. continues faster Slovakia. to We business very in have to in the very Spain with Erste Those through our growth markets. our with Bank in very Romania Republic, nicely. very, businesses Obviously, partnership exposure Czech Europe We're grow and are pleased our

So, UK, it what notwithstanding the obviously is. the environment GDP is

gives I of think of market our us in the Europe, and the overall we about around diversity the for we of balance outlook that businesses rest confidence businesses mix the of year. European good and have feel

David J. Koning

Great. Good job. Thanks, guys.

Jeffrey Steven Sloan

Thanks, Dave.

Cameron M. Bready

Dave. Thanks,

Operator

you. Thank

Ashwin Our comes next Citi. question with Shirvaikar from

Your line open. is

Cameron M. Bready

maybe Ashwin, on mute? move. are we you should Operator,

Ashwin Shirvaikar

me? you Can hear

Cameron M. Bready

are you there? Oh, Ashwin,

Ashwin Shirvaikar

Yeah. Yeah, me? you can hear

Cameron M. Bready

now. Yes, we can

Ashwin Shirvaikar

just Oh, congratulations. sorry that. I and results good was about saying

Jeffrey Steven Sloan

Thank you.

Cameron M. Bready

Thank you.

Ashwin Shirvaikar

single the that's a just double $XX right But normalized you always clarification ISOs a North to upper of about, it? growth million, is of out $XX ACTIVE since million with way which that said accounting, America digit, interest. what, start shrinking topic to on me of million $XX think check Let strips and and that

Cameron M. Bready

Yeah, Ashwin, on point. the right you're I think

was last ASC QX as roughly about year. So, was the XXX million, $XX it impact what the same in

of kind ACTIVE, ACTIVE $XX think mid about range you If that million we $XX in so level. had contributed that in high the to the million about provided quarter;

growing organic low being double-digit in range for that again, growth ACTIVE normalized So, year-over-year.

it for we digit on digit, year-over-year. had I grew little expected direct high-single USD had grew back in was currency a Canadian basis Canadian So, in that tailwind performance we and we that mentioned on as a of provided down, of before, low-double mid and kind range. Wholesale dollar business normalized organically basis to businesses the the in with bit high a drove to in for XXXX. expectations February single-digit our again Canada as local line

You America, all a in XXXX. QX for organic we at to Normalized growth for obviously a saw what have and XXXX, together, QX North of sort had good that with worse of total wholesale range obviously quarter result in roll that America overall. North X% relative we

So, we notwithstanding QX of accelerated of off the XXXX, drag was more than being in quarter. wholesale last it a

Ashwin Shirvaikar

through company And quickly, Aspira, that you niche market. a of attractive Vista that's management of as and fairly and date Okay. you reservations and on you've ramps also, performance these? from up on so another that on portfolio terms Vista picked process of up, more more perhaps, the for so you forth. going kind Can in the as looked picked comment you said, seems to like And of sort you're sign of what up acceptance campgrounds,

David E. Mangum

So, Ashwin, David. this is

warm the Vista, prepared would it really and the that. with deeply and salesperson to We're just his everything relationship as doing there's we we've ACTIVE happy said for mean said good through a lead which on than More warm go relationship. to I nothing very I been with March in we fine as asset, with a better a hoped beyond before, It's think as Vista be. remarks. work. a we're ACTIVE off earlier happy start, Cameron is

the negotiations car DealerSocket you recall, we're where with help ongoing to and to the Gather. the Aspira case some by payments It's them themselves with other two opportunity, that DealerSocket this with from classic cases with dealers you've in unit ago. example, with integrated right what runs unit Cameron, well our seen business it's find weeks those the in with software So, the integrate going in to with – the are partnership campgrounds the as guys payments

integrate, got leading of we we've one, and Vista a process by with kind very one we're it deal we then where deal volume. integrated deal. by So, drive process sales Then

future all pretty and what's they're future that enhancing These contributing payments company about think businesses, software our business what's growth now for locking and in now. our right setups on the are level volume for growth are where for pure growth technology future we the not some right portfolio I solution Vista either depending is has. payments or exciting integrated

as better for having frankly and right the a right going calls So, figure – warm partner, like and great begin solution a and to previous we just said than great that's intro, solution, the for in and a I before technology us. nothing lead out

Ashwin Shirvaikar

to you. That's Thank hear. great Great.

Jeffrey Steven Sloan

Thanks, Ashwin.

Operator

Thank you. from our next And question comes Paul Condra.

now Paul Credit Your Thanks just (USA) I bit Securities question. line I hey, taking is - a return of to Oh, to Suisse LLC Thanks. wanted for little open. morning. Good guess guys. the Condra the could and POS integrated there some you about assets wonder like that that data I discussion a talk maybe to bit. there's And feel some of the if there. I available opportunity And become you. little

David E. Mangum

Yeah, sure, happy to.

this David, Paul. is So,

data more right. to into technology the is available the absolutely go you. stack, you're think you The I deeper

the business. – beauty we of sell ago, come of, And sales, I tailored daily we're solutions same all the have will run to mobile customers that same ed customer XX you then, of We in for and a point customer for higher products our Xenial fundamentally, and K what these based United opportunity exist of information you our of beyond. for that payments, on the business, and business. already UK sales, deep for each daypart the States, things announcement back if wallet, to That at programs, with strategy deeply their you'll customer is is the opportunity. integration, guess, actually products the over the go restaurant analytic in that the analytics, data of rewards go for the our Canada our together consulting, wherein, analytics rolling about course is XXXX. through collectively find for helps analytics example, So, and products these all engagement, software and into course over the an with integration the Each months find vertically that we XXXX, rolling set verticals, out our in software capture sale business few out and each advice, for drive the of

exactly So point. the you're on right

sales, you'll on enriched Analyst put and as from recall strategy, Our analytics accelerate Day, solutions, solutions. top the of enrich those our

it your captured question. in you've SKU-level analytics, I'm And data. marketing vertical exactly have like and side, there's curious - got to guess maybe addition of perspective. big if Securities more you aggregated the Paul other opportunities Condra data on in mean, right from penetration You've (USA) I an Credit LLC kind Suisse I

David E. Mangum

to a point, Yeah, back what so go I'd think engagement. great said customer that's I I about

to data, customers ability package that our sell campaign measures let's and patch we results say, let's of we pull that then pull that the you marketing We – and our third-party sources, into one drives have if have data. to targeting that can campaign. go module And the management, your

I when question, a we be that competitors, our All drive vertical the a are we specialization exactly you folks, help theme, trove from drive same them in do theme, over and customers and restaurant of offer strategy data the on traffic, modeling I XXX (USA) customers offer? to actually Paul, the are fundamentally that that comes lastly, engagement, Paul perspective? location, on Great. to the which offers, do How and ability in great enables who compete larger right on. architecture just from very help visible of the payments earlier solutions investment retailer aware to grow Condra is we Andrew's year about in Global Suisse talk got to the When same go-to-market pie. over Jeff great a be treasure impact APIs overall and Cameron, doing which and Securities how were marketing an Thanks. We've terms So is of, Payments. whole target service - guess open analytic this what with our answer And describing lumpiness just here. could drive that we're this with I any sitting a we married I on should return sitting LLC marketing just this Credit

Cameron M. Bready

(USA) in at LLC going range. right million-ish, Condra Paul. It's a No. around million that to Thank Great. - consistent quarter, should It relatively be $XX Credit Suisse be that $XX.X Paul you. Securities

Jeffrey Steven Sloan

Thanks, Paul.

Operator

Thank you.

Oppenheimer. with Greene Glenn from comes question next Our

open. now is line Your

Glenn Greene

Good Thank morning. Nice you. results.

Jeffrey Steven Sloan

Glenn. Thanks,

Cameron M. Bready

Glenn. Thanks,

Glenn Greene

go it it wholesale, acceleration nice think, North bit. worse. I like �� despite to growth, see I wanted a I to a mean was somewhat organic just looks in to back the getting the an little X%, America

Cameron M. Bready

Correct.

Glenn Greene

you across your Maybe thinking specifically, just exceeded color could channels, what direct talk there. both probably bit accelerated, the about accelerated, what more about some I'm a you what saw So talk OpenEdge expectations? on just maybe little but

Cameron M. Bready

if sequentially the it compare relative Glenn, you think I think right on I to QX, point. you're Yeah,

to in markets and our of we XXXX. relative integrated business So vertical accelerated QX what did

That quarter, with full in did be basis was local what led, last tailwind. business dollar we accelerated to XXXX. low in XX saw you worse, sales line growth Canadian QX expectation Those the the in relationship with expected totality. what And ISO currency as we single-digit high-single a relative comments, in February are little so points to year. than direct the in Our to in first the of quarter. provided pretty obviously as of for acceleration opening bit it the in our North a to of back for less America again channel highlighted that little really added we trending was Heartland consistent, your drivers we relative overall down Canada bit obviously digit

So strip again, that it to digit in wholesale, we XX%. in we Glenn, line high-single guidance The ex-wholesale, digit America way much overall provided very with we can the That's and is acceleration. March business if think cycle low-double the outlook grew pleased going North forward, I look at range. the with honestly, America grow out for which, obviously the obviously in you we North

much very obviously, performance go time. range, pleased business as that forward we in with and, that produce to type very of result that the we're we're in driving So

Glenn Greene

And little for deal. right. since Jeff, All a maybe of guess a been the it's the actually ACTIVE on just activity. bit maybe an while update I M&A

some guess it talked goal the at surprised just we just time get some Day. something. deals I'm it seen lot You to takes line? market? haven't Analyst the out is in Or about And a I it the over valuations

Jeffrey Steven Sloan

– we Yeah, We us, ACTIVE new market in did September. full, say closed in And in I our February. HSBC the we for Mexico, would pipeline's announce Glenn. pretty JV on announced a with

are wouldn't it's work. valuations. say our folks much I so at So hard

at I said, they and look of think fit, back I are. to Andrew's strategic fit, to you we If question, go are Valuations in it what kind was returns. cultural what response financial

to said like and and something it's certainly, X. all as say I deals XXX we would consider. David the I it's deals probably, we more ago, years seven at So and look time do six look or may at

capital pretty terms to valuation, kind of market on what extent the We of of I really where pro buyer, where so is it the is. are that is bear. know relying in our strategic we buyer, end the not We're at so of a So day, forma will high. think the certain standards financial what than rather a a can do we're markets kind

the one the what that of be what is cultural don't the telling fit, three us. fit, but view and certainly, limiting as So the of constraints, I the it factor. to as itself diligence it's kind by Instead, is what's strategic honest, I what's view

So billion we remains Certainly, September in as as we've we in in in of healthy February about. HSBC look execution. being terms talked and in with at view then our deals $X.X come to all ACTIVE the full. Mexico More time; the pipeline portfolio that JV

about optimistic but tell. we're time M&A, obviously will So

Glenn Greene

Thank very you right. All much.

Jeffrey Steven Sloan

Glenn. Thanks,

Cameron M. Bready

Glenn. Thanks,

Operator

you. Thank

with from comes Bryan Bank. question next Our Keane Deutsche

open. is line Your

Bryan C. Keane

Hi, guys. about a it performed. to Would business, more love bit ecom the hear how little

remind the that could through cross-sell I of about Some you the the heard quarter it's product but doing on Analyst how ecom, XX-plus-percent talked was in metrics at the rate. as U.S. Day, Thanks. we we know And throughout growth it there? then you us

Jeffrey Steven Sloan

some Cameron financial alluded of to. Yeah, the I'll on hey, to and that metrics comment I'll it's you Bryan, start ask Jeff. And

solutions in pleased said we prepared omni we're where as listen, and our our very is. with business remarks, ecom So

people we the two experience. on really the one. what we're who experience we're in we're That's or a And three Investor market number say, enablement. business toward very only in back I well the of domestic playing we of reminder really think markets as number kind Just would of point really is as there as world we're two, in. our one offline can Conference, cross-border in both Point do given focused that enablement, on, and the going the omnichannel, to rest the a online in as SMB said primarily first, focused

add Here, provide it's can other people. but lot where SMB, lot beyond markets also where there in we value of of aren't SMB a a

think store We're I Day for used online in the was I Investor store. well the of the the Taiwan. as both a example physical as doing very in large country multinational the

local That's two I kind right, bidding, example very and that the bank. mentioned a for Day there of I we of we good people pick in were a us terms in RFP, our where add think of Investor national value. as where can places

we we first as year strategy we the XXXX through XXXX, and the that continues into the as quarter in Day. the Investor calendar roll So, of rest expect of into described

distinctive of comment largely really I So, pricing a like some Cameron, our our metrics? is really it not very, do peers are relative want the sensible, to strategy markets of think, defensible to on what a who know model. you in as is over in commoditized which and competing many to we kind you

Cameron M. Bready

years in and pretty omnichannel is seen think we Each I our going markets and business. I and saw in the XXXX we But very consistent last to were we've as those each obviously, growth markets have business that our the large, around well trends the of of ecom consistent along Bryan, think in around it's region line what the by into first with rate market its Yeah, over individual lines. globally globe. saw the each at we couple in and own what quarter, with double the digits look

business we're fourth what as the and the feel of good certainly XXXX. in think acceleration about to growth financial obviously, the I of where of relative we saw quarter driving an performance, strategy, is So, highlighted, globally Jeff positioned with part what's in the

Bryan C. Keane

follow-up, Okay. just And market, just the going? West into those getting as plans how then a are ecom

David E. Mangum

Spain it's in combine Global best Heartland Ecom U.S. call we of is ecom The so, series of into Yeah, name. at U.S. Bryan, that is part whether it's the in or the and is U.S. describing right David. technologies U.S. the whatever solution these this solutions or core a any just is. the that point of market we is market market. growth, A what sell of without we're the Payments best-of-breed specific brand are phrasing where ecom solutions, Cameron UK sort ecom these solutions, numbers outpacing

core which several been into has of United the in is in the is ecom the for well double growth U.S. quarters So, continued States digits part the it as sales.

does omnichannel world the combination university beating our in as continues to in sale selling, as face-to-face some sales markets that of fundamentally, person is We're described amongst force. where app but idea that better the better beating software Cameron and a the We're ecom ecom around business. large all and trends ecom miss U.S. sales the omnichannel itself. so to But is OpenEdge ability TouchNet get Our sales and vertical same the across market of don't that solutions the includes omnichannel, as X,XXX-person with course, sell an well, an apply market we're to well. in

Bryan C. Keane

for the Thanks helpful. Okay, guys. color,

Jeffrey Steven Sloan

Thanks, Bryan.

Cameron M. Bready

Thanks, Bryan.

Operator

Thank you. And our William Bob next Blair. question is Napoli with from

open. is line Your

Robert Paul Napoli

radically how that a spa been the past. that may mean, adjust? your seeing environment Jeff, in – how and I while, And competitive shop pretty companies it's it's you're for that players payments that know being payments. competing changing payments, outlook and the good getting are industry, lot I And have lot in globally? building been affecting software Whether morning. business a a a you mean, company, software more think on new not a big and vertical has of are seeing companies the Thank or doing integrated with payments but I is been you've against The track I payments you, a spa companies the obviously becomes you website

Jeffrey Steven Sloan

question, as it's well our guidance, say from seen results would is you've our I good our And competitive. always as Yeah, as results that intensely our are today including a been Bob. What has recently, accelerating. business

if So, relative to share like that is to market investments we're do taking technology-related wouldn't generally, the we've say feel we we able had be assets in make been describing. the those we I to certainly that where would

at. and provider we software or in said we a so comment put VAR haven't more in becoming will, chain. you honest, a the or like VAR a about few spa facilitator, when meaning worried at lot us of the really XXXX, seen even They I describing. be a with gateway And where bought of knitting, ISO, someone at we ISV to we with go about think proper That's stick where that, is. deeper most say really what advent seen markets companies to you want the that I and the that you're value among parse they're relative our a also kind on more or VARs that. careful would payments so company. value APT best different So, of level if add a ISVs, an ways, very trend October be not what into To the now our We're not a customer vertical I toward, What in payments competing okay, a as of is have their to base. largest their the

vertical tend market we that model our geography differentiate when competing. go based in into So, to where software, and terms OpenEdge we of deeper on in we're

the So, of a commoditization, I we lot and haven't about say, really think while ISO VAR we've that describing. disintermediation advent we the worry factually would seen been I Bob, what is

first Now, in partners nonetheless as vertical hence we it's if we for in step articulated pushing compete something back software and second, of with the you back know as you place about, our doesn't March. are where conflict a say stack to owning think or more it I'd the in

in think I seen terms gone, a matter nicely we of certainly it. there of balanced have investments haven't we're where our as fact, but

software of and of you more I recently, what the validates think more including for If example, they've push owning value further and you some that into stuff deeper what and about deeper our well, you tell vertical step the yesterday and back say, into an I markets is would announced, stack. and Amazon, the

of it at ETA more Remote as much a shows to you where at of States announced markets the that's the and proposition. than company is so also MasterCard I Commerce to that very particularly which disintermediate three-quarters say, anything I'd much as playing Secure face-to-face field think the we're really value because as dental the relative reaction are commoditize. the and are our anything, that a I like ago, end sits the Visa primarily think anything, veterinary the those as that United to else. hard and or I where day, weeks in very say focused, couple

So, yes, industry the is changing.

were to we're to and leading to as validation our the think really I of it's be contrary I balanced I made honest, in – believe and a of that we're and changing maybe sober that we view industry. we're But ago, we've that distribution where investments like I think think company a hope I where very XX heading years strategies.

David E. Mangum

you Maybe And, little as back a few color. the well is point Dave. I'll Bob, Day, more this a to as times we've Investor done here.

I more strategies so tailor if and marry each think sales can we why complex technology then That's and our customer customized that This a as sale. solutions becoming globally market, locally you right. service. and is it excellent well as we've think distribution for about effect to exactly vertically, the strategy, you're sales sales

element look there's ecom service. element I tech as the you omnichannel the around that that's a and always the and requires here face-to-face at well think missing as an of competitors element if some almost world,

help to to wrong, and going line is stink it's ask that at does something or a moment. have for Something go phone whether else when you no it one sure

just positioned, as So, we technology, vertically, locally, well globally, we're think marrying great service described. to great very Jeff

Robert Paul Napoli

I it to that test talk Global has as just – kind have moved their as software expect point? I the getting processing it mean, And And case, you of Payments you. like that. we're that, more the Thank mean are the – I this have payments – at acquisitions mean with see a you I synergies, ACTIVE And to is about you relates synergies Global network? payments acquisition integrating Payments' going

David E. Mangum

take longer. synergy business track We're an on payments. plan. things as Yeah, with sure, the of in will a bit happy enormous XXXX. processing to of talk. Recall our that's We're That for lot in success Did little to yet in right December/January the not up a set not synergies.

be that I something doing Center Global tell business you exciting about Cameron for in think Service Philippines We'll customer our though. that So, talked for next I pretty two that's month. quarters service us can ago.

really can infrastructure. nice progress you making So, with we're the see

through we the as our well around in long-term solutions, side, have benefit, different sales where as U.S. business, K our On sales XX two think we we really and beta-testing referral or force as broader techniques three school we're speak.

to So, front. a lot question. that come Great more on

Robert Paul Napoli

Thank you.

Cameron M. Bready

it's Cameron. Bob, And,

synergies of it context ACTIVE Let to comment me the side of just we than on When one talked the to on in maybe the was about there expected really side was realize, revenue equation. we that. expense more add more the

But that globally doing last Global improve offshore of things really payments the scale highlighted, well. more of on ACTIVE's the the some the to was in that that leveraging described, on to overall scale where development side capabilities opportunity really business, as as saw as of can capabilities our of business David other businesses today revenue really as benefit in And by of degree we're the and cross-sell area the able being effectively, channels. to synergy opportunity we side do As expense are value we leveraging our is some well it there one area think, David through existing to business, the we existing functions. see synergy Payments' support we

expected of see out we So, I transaction. that much think very that synergies the realizing we're on track coming to

Robert Paul Napoli

you. Thank

Jeffrey Steven Sloan

Bob. Thanks,

Operator

you. Thank

with Our next Perlin RBC Dan question from Capital Markets. comes

is line open. Your

Daniel Perlin

strategy a question had results. out M&A Good around Vista. potential maybe of Thanks, long-term I guys. coming the

as of you've for the therefore willing you'd is as course act the as whatever there So, where you done potentially of like want the but guys? up that be you recently, actively some a you I just own long-term said and you'll processor time, you or the then quarters, it over not these software as many X, for strategy that for question part be, in have is that Or strategy buy XX may in? sign three is M&A months them partnerships, to to

Cameron M. Bready

on I that is Dan, option. would certainly front say it's Cameron. What an it's always

have as about in longer portfolio the conversations, an it's that ones term. have obviously we David As ones today certainly option the that we in pipeline we're the that and described, think the engaged with company Vista already, they and

partner really the relationship our irrespective market. of and we this around we to market basis look the decisions is of make at view, is vertical underlying attributes the based we on whether or that or want think with own tend really I vertical and in Vista, not vertical-by-vertical a the to on

vertical be we may partnership attributes start there So, situations market to Vista may portfolio lead a we acquisition we of attractive where an the by unique payment because that itself find company think owning that's really and scale with the a we the to vertical ourselves market, how better effectively landscape want the we not vertical the about with software penetrate faster itself around growth, drive of rates position the underlying think business how we relationship again that to the But the market. Vista. can well capability. market as with as and providing That's more

Jeffrey Steven Sloan

is linked, necessarily strategies truth add know have Jeff. it's a just you matter. as to what of you'd what while an I to the like aren't would you that said more opinion Dan, better something, two strategy do those the Cameron the

there's you operating cetera, the Cameron that the take everything to no the everything when works, counterparty. et it else out quality be assess with a So, doubt But right. of that's said starts partner in. that data over addressable verticals we point time, that a target another want of of the exactly you just engagement, seeing market, period in a and how It is knowledge

but kind sufficient thing, of really itself. necessary it's not by So, a

Daniel Perlin

lower equation. seems risk just it capital, Yeah, to guess, a I be

Jeffrey Steven Sloan

a I as is thing. always Well, decisions say, these more information in better

means with do thesis and what's I relationships are going companies, so So, three doing. will your and gee, Vista's wouldn't into, too for have I best agree Vista look we there. their quarters we're last three deals that we. that But and and in companies the three to will those their

Daniel Perlin

great. Asia's Thank that, and but be if Understood. kind that's pinwheel, coming Can you you to that geos that'd other hit guys of where you. You've demand of from? about do could this up just the kind talk point, all

Jeffrey Steven Sloan

It's Dan. Jeff. Hey,

terms Cameron growth quarters, much but eight pretty the keep honest of say here eight maybe of – I sustained all So, probably Asia. or quarters it's six would around of number macroeconomic in me of will been

remarks, his not the the Philippines probably the the of Bank we're with our markets. Islands. if last markets For growth posted rates pleased, highlighted of Philippine the has of our the one throughout best of in GDP prepared Cameron, including Philippines I of particularly with best, in Asian number some quarters, the think where partnership

pleased growth So quarter is acceleration what I in with is the of ability sometime. and the would very XXXX, healthy the say muted fourth also in been XXXX grow with Asia but even businesses the our of in we a did we're in has GDP Australia, versus our quarter pleased of very there to first pretty though manner we're as

market, revenue. without right I think honest to than grow Australia there has years – of terms again, the a – around business having yet notoriety more gone of our contracting keep will Cameron that XX% GDP number of now a in for me organically continues decade in

the we around benign to continue of parts macro environment of Asia most about. we very that So see care a

matter, of of quarters. we of in a number again China company improvement Taiwan spent on because time over not We a actually But lot sum China, Macau. pretty China, and haven't of Mainland our stability last parts view Kong, it's Hong seen as big proper the piece financially. good a as Mainland this China the and strategic We've a of

say quarters. eight that but the probably good where Asia, pretty a would for continuation are feels seen last in So trend we've we it's probably of I

Daniel Perlin

you. Thank

Cameron M. Bready

Yeah.

Operator

Thank you.

Our next with from is question Huff Stephens. Brett

Your is open. line

Brett Huff

those declining more My think is. tech-enabled get drag underlying be margins us North little the puts but what and might for into I Good you have morning, from You kind about? direct unpack Jeff, curious takes I'm hope any you're might wholesale useful of Couple ACTIVE me. mentioned that is core Cameron Can America? the bit is, the questions them way in drag a about to more more or of and there point from from talk and to well. what David. before, been a visibility margins and from

Cameron M. Bready

business, So I first including well as our as think happening for expansion we've as totality to quarter certainly we in margin foresee drivers the given what expansion what America. the a we being is drivers forward decent in as going North of in view amount the granularity of margin North of America, what of

the in March. lot I on think we at gave that Investor back of color a Conference

think QX, sort term, quarters and better for weaker, than to about of some so QX, ACTIVE, ACTIVE other lack we As little of contribute QX it's a seasonal is does expansion margin XXXX. businesses, better. from QX our revenue in are more seasonality ACTIVE of a standpoint.

pulling So, lesser and QX, expansion QX. QX is margin and the a see QX perhaps more where would degree we from ACTIVE through in in to

that it bear wholesale more declines, thinking is business inherently So to going benefit the that the mix businesses. mind is margin higher-margin be highlighted to to Obviously, so in are business standpoint continue and the the positioned as expansion organically. more a obviously tech we're the drive Jeff quicker from And components. relative in a earlier, as a business, just you're lower-margin the about the businesses

obviously the capabilities, with payment capabilities are the have better Obviously, we're more our and deep that software is we associated integrated the more value-added better. customers. linking software associated pricing the with those selling for channels, margins the we're So through more with that proposition

around just And taken actions the a point. XXXX. XXXX. of actions annualization around work the the of that So the in I lot at are those some as in really, of synergy is flowing in would what XXXX, earlier, took I well, majority is but taking really bit XXXX of seeing beyond annualize synergy in drivers we're done as think as actions a there's we say response in core little There's XXXX obviously the and, Heartland this to Ashwin's mentioned I benefit question you're in vast we through incremental

this really at about that's map decent are. think can as we gives I what stage, but you as as a drivers So that hopefully granular get road the to

Brett Huff

I any good additional That's had your Thank is you then both business. cross-border think that cross-border also a in helpful. related, you. or about India question had, expansion? And guys action international cross-border you as really really asset guys And maybe the volume. on Wondering networks if saw

Jeffrey Steven Sloan

Cameron Brett. our start ask is But I'll It's good. say additional provide I'll cross-border hey, to and would Jeff. Yeah, very color. I activity

single-digit Kingdom, Asia-Pacific. the yet in organic Europe the not just currency constant United about think prepared kind PSDX of everything you If in SEPA, talked diverse because in I Cameron Spain, fourth about to described of how our in number relative cetera. well, that really that for currency little don't to in of that's activity et U.S. the space, of high else, different in we've about, of coming actually because constant Europe, resides. lot across XX% his of be we're in and cross-border growth dollar that as candid, in their the quarter. from my which the quarter reading remarks, first KPIs where network another us either. Cameron it's accelerated talked but Europe. – a Europe, Obviously, There's Continental Not a think surprisingly, of organic to bit

networks, in European you're our through. the results think the flow you're and of trends many clearly, in seeing card our results in So you're Asian seeing seeing I

Cameron M. Bready

had quite a didn't up. I India about you that And pick question

that? do mind So repeating you

Brett Huff

think one there's assets as potential in on India way in curious, you done via And cross-border for you source of you've is guys wonder about lot one guys ecommerce and know acquisitions those. going is India past, like mentioned just the Jeff, you in a – that Yeah, I a payments. if

Jeffrey Steven Sloan

Yeah, listen, Brett, absolutely.

done. tale Asia technology we've supplemented a by has in enablement business our course, growth organic of Of really as been

We in today. wallet you an of as of India strategy so things think after would that like adoption, and us codes us way in acceptance to little I otherwise We not driven see M&A we've bunch an you're the likely subscale Alipay meaning technologies is QR like are not or in Alipay go time. kind the looked someone say go strategy to likely a India to points see in the enable including over and we've by talked we'd that India, about in wallet are after we're like past. of in would. very a we're assets really India than But additional Asia, Paytm, so bit consumer because bigger our in India, different be at

likely India. into go deeper nativization in us to also our see technologies of You're

example we that a schemes doesn't of the it have Indian India RuPay, like just So which is in which enable. is good that we India, scheme around reside the And world. in payment similar domestically

a recognize on than China a India yes, of and high So different going of We like that that Mainland bigger be might in. from along a you mix market, what see we'd priorities. Ali, that's with inorganic to probably little our is things, take remains organic to but it list bit

Brett Huff

you. Thank

Jeffrey Steven Sloan

Thanks, Brett.

Cameron M. Bready

Brett. Thanks,

Operator

come Thank our last Huang JPMorgan. with Tien-Tsin you. from question And will

open. is line Your

Tien-Tsin Huang

you. here. balanced Thank you. Good Thank results

you're about ask mix just wondering are macro benefit it easier I'm a spreads better to if also in wanted the channels, favorable that and from if Just seeing spreads. making to drive conditions and

Jeffrey Steven Sloan

sure, Yeah, Tien-Tsin. It's Jeff.

say period of would have probably I now are a they spreads very as So, for been stable. years

for payments I monetizing analytics. David it's well data and technology really Cameron us made, think software along we've described, with more as as the investments as selling

a David as question cross-sell as Tien-Tsin, in wrapping more for value that the around March, view and itself. I price transaction I services. think less a the than that So, and changing transaction of spread more of And us, and value-added products described rather

pricing say than environment more strategy stability I continuation you which see, value rather same. our as but really So, is of on just know, around added each It's the price. nice is to change the add transaction to of a more really would

Cameron M. Bready

Yeah. it's Cameron. And, Tien-Tsin,

As channels improving that our spreads individual of is I growing, talked by the the spread the look we businesses at in obviously overall mix before. of as about virtue business, we're of

we that more vertical is the the spreads business. markets the the integrated grow obviously better improving, businesses, and are in mix So,

spread our is So, improving. overall

I comments, would that As in channels pretty Jeff's a each you we the also of to matter. stable general, stable. individual market, the overall as spreads they're And at earlier of in are sort at business think look look

value more we provide obviously market those value-added relatively attributes customers. is mix services businesses overall the allowing us compression obviously, more and the of to to benign, spread think businesses and, would as I around reap say, our I to So, continue of

Tien-Tsin Huang

All Thanks Great. and encouraging. clear right. that. for That's

you changes Payments? quick any new currency dynamic and the follow-up asked Global impact last proposed I'll euro DCC, ask the there? on too. to The I piece, so Any yesterday, thinking conversion, a this for the MasterCard so cross-border guys, Just potential cross-border the night,

Cameron M. Bready

at into understanding would their that be that sort currency local itself, we level DCC don't same is be. on That's DCC, already, say point so have provide from transparency of standpoint. non-card and euro-based the cost issuing To whatever at that consumers our converting really regulations point governed great product Cameron. of DCC going see already networks We are those payment their deal Yeah, obviously has regulation relatively to versus the the really better actions of drive on a bank of of of of cost DCC Certainly from great clear, impact aspects Tien-Tsin, see impact. forward. The the activity to transparency much of I by cross-border would already around really the the provided it's don't a an Around piece a cross-border or standpoint. sale, of business transparency the product flow those thing. the designed new there's the We a sale. more money be

So, relative good to stack they the sale, consumers we the to consumer at so currency the decision level point transparency to alternative path of I make the a an stacks to about provide same that to able from impact be pursue feel how which on is of And really how think our can have. important standpoint. about issuers we DCC very product and up up more the

think see we all. at I business a really don't going As much our on impact forward result,

Tien-Tsin Huang

Great. to Thank Good quarter, guys. know. you. Nice

Jeffrey Steven Sloan

Tien-Tsin. Thanks,

Cameron M. Bready

Thanks, Tien-Tsin.

Jeffrey Steven Sloan

company. for for our interest On us Global your behalf this of Payments, in thank joining morning, thanks you and

Operator

and participating have may conference. the thank gentlemen, in Everyone, you great program, a conclude and today's you all This does day. disconnect. Ladies for

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