GPN - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Global Payments Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructions] And as a reminder, today’s conference will be recorded. At this time, I would like to turn the conference over to your host, Senior Vice President, Investor Relations, Winnie Smith. Please go ahead.

Winnie Smith

Good morning and welcome to Global Payments fourth quarter and full year 2021 conference call.

the the accompany our Investor www.globalpayments.com. and be call website release on found Relations earnings slides this that can at Our area of

we actual forth These call results factors, and Certain including of contain cause statements. that differ with our statements about materially in not and remind expectations. made Before future could recent subsequent other operations and SEC, including our management to risk subject forward-looking like you COVID-XX financial to these caution our operating conditions to the from uncertainties results. that by conference XX-K impact the We of on are most our business in and place inherent filings. comments on you today’s during factors undue are expected I’d begin, statements set the some economic filings to reliance risks,

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

We referring to ongoing financial more believe non-GAAP will also we reflective our performance. be measures are of which several

non-GAAP an For Form filed accordance measures please materials. full this our regulations, and with the furnished measure to financial comparable our of reconciliation call SEC discussed in in release press our supplemental see exhibit the most to a as this GAAP morning X-K

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

Jeff. Now to I’ll turn call the over

Jeff Sloan

holidays and course to issuer today’s with includes and growth. flow and seamless incremental new all the cutting-edge with and for fourth and XXXX partner commerce successful guidance our earnings expertise; we record across to great AWS, And a solutions XXXX Google unmatched another COVID-XX Mercedes-Benz free on We partnership to that issuing combining its full momentum to transactions advance carrying strategies unique growth, highlighting post-merger distribution that we quarter digital commerce, achieved of to payments capacity. continuing services to capabilities; multi-channel the with into XXXX strong and are our peak for as This gain including our ecosystem. share Zego model. And the our position expansion alliance year deliver during Virgin lead, the delivered XXXX cash with of and advance resilience quarter, business we differentiated worldwide, extending enhancement, of our the collaboration our We deal business acquiring deepening use impact technologies; future our with case competitive preferred worldwide technology manner and our continued leverage to the of our fourth in We conversion our of over a as a the of innovative Winnie. redefine software we record MineralTree variants. to our first with our acquisitions goal enable based Thanks, expectations, a year strategic leadership our moat. Money revenue Stadium accomplished despite margin on expect in executed merchants partnership successfully and exceeded of the results record digital

for million Specifically, cards. in business we company for their finalist selection we announce as CaixaBank issuing have technology the a nearly XX are been comprising chosen delighted by to partner process European that its card

goes into another in the X yet This Europe. opportunities anticipated live, Spain, ago. weeks. We business in is clients of from Caixa range merger bank expect latest of example enhanced is largest attractive recently believe Global with tens Money, our marketplace. derived issuing card a partnership the among years we a full negotiations half entry will announced Payments millions of to revenue we highly next will transformations over of across contract this financial with first TSYS technology achievement coming Virgin technologies and across of among serving with households in institutions expect first the the finalize major domestic this leading our initiative be Together countries Europe. just of back debit to multiple Iberian legacy When and over the year, provider be TSYS as in then the it direct-to-cloud become the

We cloud to Mastercard in embarking multiyear modernize across we settlement. that accelerate excited authorization, and a are also clearing card the are announce to with payments on and partnership

our progressing modernized ecosystem yet AWS leading drive the help to is bring with market. We are payments cloud-enabled how technology to bringing we customers. and example landscape change partners on and next the payments are value differentiated clients this journey This to to another the of of generation

sophisticated was Our of several of the our institutions And winners and well One’s share successful issuer XXXX. Carrefour. multiyear decade. Gap aligning speak the examples Citi, the globally It’s into including as signed Capital portfolio Barclays’ highlighting some Banco that of with our with as with months, well at competitiveness Club BJ’s of contract Wholesale Recent our durable Barclays customers CIBC, of our base. complex strategy XX remainder also worth purchase most the include extensions business last card this over purchase in and to relationships market largest card

are market with financial the are to prime with additional startups. AWS, large together first in announce to and live expect AWS, several We single and time. leading we to in with our pipeline in XX this institution pleased neobanks Asia takeaway expand joint XX instance over And which we a have markets fin-techs, active are a we that prospects of global

the KB Prime Global fourth quarter, to in our the We merger. Payments TSYS reached customer, Bank our from another move our revenue synergy first also platform an agreement to legacy in Czech Republic for issuer

in our Solutions the Issuer takeaways. we X today, of have X competitive Finally, LOIs are business

production new we addition, a that customer move In into takeaway. was win recently also from competitive had LOI another

to next-generation last We lower designed year and to XXXX partnerships faster with a beyond serve. our banking XXx a strategic with broaden cost in XXx addressable cloud-native and new We AWS have been platform announced diversify target as forward and in bring of PwC Banking. expanding development new successful way markets Banking is product distribution. our we a

transaction through collaboration to with product We a with activities. announce their channels. are environment, ecolytiq fintech This traditional proud startups, their with the ESG view to technology new to neobanks announce bring Further, sustainability enables corporate impact supports we a consumers clients and their and to consumers strategies new align with sustainable on banking provides service experiences. personalized by driven partnership are partnership distribution delighted by a payment as Xtend of our and institutions. This to delivering digital commitments a options

banks leading BXB use serving issuance Xtend We and ecolytiq full relationships will services and product. of our virtual will provide agreement card Through Xtend, our infant to we through largest and provide branded enabled a on with over virtual highlighting solutions able million with of commercial worth fintechs and regulated, emerging and a more partnership capabilities TSYS in with to spectrum across support BNPL account private like $XX a be with were we It’s alone, as complete This installment virtual been and XX XXXX And that our now, in customers of installment BNPL Mastercard. for companies, cases. issued transactions BNPL, responsible grows. payments have volume. than cards and technology billion buy And X basis. combined we signing later, retailers label able issuers providing technologies with demand ecosystem Visa referral or deliver pay initiatives products a world’s for market-leading includes while to our we to innovate continue solutions with global decades, many the expanding billion BNPL compliant

that of the we our and digital in pleased merchant business, release the Google’s report integrates our Turning are our the planned. Business with to during our product innovative Run portal Google My environment as solutions quarter to phase of first fourth capabilities Grow

help merchants customer Google Google merchant the services, to Asia-Pacific North customer platform quarter. grow this America end faster to next online phase is the we also digital expect launch to this a by retail including Google additional our merchant a inventory now later expect continue in our year. by in and to We and launch of ordering, to as live reservations connecting

worldwide. across deliver dozens a of continue markets We vertically of fluent full suite solutions to

For customers bookings Denny’s, John its excess Silver’s QSR POS in in Restaurants. went A&W XXXX and business cloud and growth delivered like example, of XX% Long live marquee new our enterprise for services with

prior to omnichannel up of restaurant million combination enabled versus and XX% Burger and innovative share brands, CKE, existing share a our expand than pandemic comparison, omnichannel with XXXX, in in Water COVID-XX. of more which market of today and to continue orders indicative leverage XXXX XXX shift including way to gains. XXXX delivered XX million experiences the also Bojangles, end-to-end We due solutions. we We By

growth bookings and XXXX. is in provider over And AMD full XXXX generated the prior AMD’s pandemic. marking excess the over to it over And XXXX. quarter proud particularly poised year and growth of Our last visits facilitated revenue annually is of XX% am put XXXX. XXX,XXX compared fourth fourth of visits XX% in quarter XX% momentum that to million continue that up and telemedicine increase in to in year, the XX% with the an for the from to from for I enabled XX% roughly the perspective, telemedicine that solution business X.X

of Equity the XXXX in with by have delivered continued and to by one near enterprise success and estate. hit full in high running real base expanding like bookings its enabled growth ground also verticals reached are year, LifeStyles, the stewardship. customers with and date. We all-time an for largest new customers most year partners also to one the XX% delighted in attractive of penetration Zego its Thalhimer under largest existing our Zego’s Managed America ACC new like into its payments and last

of for Investor share wallet, QR technological As beneficiaries are BNPL. share innovation, market gains, we and course, safe XXXX shift the discussed digital continued commerce, codes, at including our we of Conference, and

BNPL, agreements [indiscernible] providers, we and already Affirm Asia States with Speaking solutions including Pacific. Tua to in have the in of place leading in in United addition and the

new fourth win our year-over-year. for our of through leading account-to-account globally. service highlighted businesses, digital methods payroll And our of strategies. each We NFC leading and our the ecosystem, that this we evidence non-bank with delivered which In our solutions, quarter payment fourth partnership XXX card further to to market merchant solutions plus augment in XX% portfolio. ‘XX quarter We largest provides marketplace as already our capitalizing technology Integrated alternate Payments Virgin portfolio. are by ability of deliver launching of one which highlights provides and Further, networks bookings U.S. transfers payments differentiated acceptance Money September, quarter we innovative record in Global our grew merchant across the BNPL the our with and a our

an Our e-commerce and business accelerated omni-channel XXXX. grew basis in on

direct-to-consumer global while Douglas drove across Foot X global Kay commerce also expansion the over with relationship to of Mary the United Europe large course in ESW with on of And XXXX, the full Locker, Google, Uber of provide Eats extending and Asia Uber eShopWorld, Our multinational spectrum longstanding Swatch horizon. Group, new ability the countries payment seamlessly Hunter further wins we with and in solutions partnerships the new reached expanding a quarter, our in States and with or PayPal. the this scope leader with Rides, and and

BXB newest Finally, as our we XXXX. the in of strategy added pillar

strides biometrics. MineralTree making already virtual in doubling includes healthcare vertical, significant deals in quarter are fourth We This card the since completing know-how with the and mid-October. including with dental X spend new and closing the in

for for MineralTree Instruments, also Bimbo, allows or an Supplier its Mexico-based seamless and to National launched payments implementation with executed NI digital with portal, Grupo foodservices quarter, Central company, acceptance its support which greater adoption. This agreement suppliers renewed successfully

in to since strategic pleased successfully are pillars. our early XXXX, billion consistent four invested with M&A $X.X We have

core capital ample We sheet record also have position our balance And execute flow time. priorities. of to our portfolio merchants, same businesses technology including returned leaders. financial with software on composition time, since firepower shareholders to cash our focusing corporate refine $X.X generation to on the billion the to partners seek continue and us we and solid by simplifying institutions, that our and customers, At our of

of business review our BXB a assets. to on our Netspend that strategic of consumer sharpen initiative, focus part commenced we have As our

to solutions incorporated of the traditional our is consumer and a clients. this assets business. TSYS between While base Netspend’s Netspend’s and favorable our corporately, time the limited made our integration profile, with thinking. set there BXB believe largely that appropriate customer into review of is now with completed business is direct-to-consumer BXB Netspend’s an Having We commence pivot attractive overlap towards

with including offerings AWS. As complement a conference in these MineralTree. a suite card, collaboration card unique we offering, at we accounts scale, and assets, of SaaS have September, investor earned-wage payroll, with a said commercial our pay access card We issuance payable BXB at full cloud market-leading now with virtual

very accelerating the proud operational We all merger significant created close X our plus have are have over believe that internationally, since expanding driving value We the and accomplished of TSYS’ last digitization that team valued we years. members under our and NetSpend by efficiencies. of significant ownership

provided margin and Paul? to achieved consumers XXXX. of payments also at We of Revenue, we contribution the all goals. in needed during the Simply faster records put, pandemic. challenging our NetSpend periods most millions much some have of were

Paul Todd

Thanks, Jeff.

the COVID-XX, Delta headwinds despite and from full for our both expectations incremental performance financial Our the XXXX year Omicron including variants. exceeded

Specifically, our to adjusted initial range $X.X of $X.XX billion. the be from we of to net increase for XX% of year delivered adjusted and revenue an billion, net prior a guidance billion solidly of ahead revenue $X.X in

exchange synergies the cost costs business points of related we during is the the the and Importantly, we per believe including points guide the over adverse during impact our of emergence the during would the been to high return for closed from acquisitions rather of earnings offset at margin for by merger, the performance from natural Omicron around midpoint, realization guidance in was of and operating of of which reduced the we the to above continued fourth the than the acquisitions increased the at but XX% of share onset our with our the temporarily expansion XX.X%, XXXX. quarter. We prior XXXX. our recent year. adjusted The the basis also was and result increase XXX foreign the certain This as consistent for of incremental that operating year pandemic margin leverage basis an net XX% of partially of year, $X.XX, have and impact benefited end adjusted adjusted rates were operating XXX

XXXX, $X.XX of fourth and XX%, margins compared XXXX. year a Merchant representing $X.XX, compared improvement, delivered a to per an Compared at compared billion prior was the XX.X% to prior net in Adjusted the a XXXX. in XX our to the of over our operating and and and strength of The international points, earnings adjusted year-on-year basis fourth to China. in an trends result increased an from impact of growth points improvement point benefit operating we the XX.X% the margin for quarter, XX XX% performance markets, delivered revenue benefited net we by margin share underlying XX.X% business Spain, net of basis impact basis adjusted XX% increase closer we continued M&A. improving compared XXXX or as point Notably, this we $X.XX prior improvement segment, year while of the revenue from Central points basis increase by XXXX. adjusted an XX% acquisitions. led the to to basis compared look Solutions mix. adjusted of and of prior the XXX operating excluding Greater was year the points. operating XXX achieved to the continue performance Moving fourth from Taking quarter, improved year Adjusted adjusted basis the a growth XXX a of to including Europe from billion, strength increase for XXX U.S., improvement segment, was XX.X% also This excluding margins of quarter

our revenue It highlighting net years, business high pandemic, on adjusted is for growth integrated adjusted to revenue GPI commerce year-on-year of saw value continues generating last mid-teens e-commerce quarter, customers. net rate that the to produced XX% roughly technology-enabled And over strong our has notwithstanding Focusing worldwide or as with compounded growth term. our XX% target resonate our unified business the another portfolio, range growth omni-channel platform, UCP, proposition, the for and compared XXXX. longer we worth the this including businesses in X also our at

customers serve over and omnichannel and across these our is ability to for growth markets to XX core businesses. our XXX outlook physically Our strategy nearly supports virtually

adjusted XX%. delivered and XX% excess software the grew payroll POS our quarter software, own and to fourth businesses our HCM revenue Turning growth in solutions in net of solutions

positive growth us This for items XXXX. despite the as Jeff’s Issuer bookings would in XX% trends comments overall quarter. the recovered to our and businesses year, impacted growth year tailwind a was we from As seeing roughly revenue, fourth pleased in reiterate target with double-digit markets are for $XXX fully million quarter to progresses. solutions, regarding the we by recovery and were the X.X% across not expect several yet having of delivered Solutions these full for the we delivered our two compared pre-pandemic our market portfolio software portfolio fourth low become businesses of our to the quarter the vertical will a levels. of performance that this adjusted improvement continue vertical prior consistent net XXXX in own I

revenues to business tech Managed enablement center call decreased issuer our Services First, business. as and adjusted and continue we net pivot our less to outsourced lower-margin more

had also for year. net grow-over adjusted XXX business. our term the digits, adjusted margins points expectation Issuer year, of longer two Normalizing the XXXX growth in declined for basis a our items, and mid-single but that was prior points basis the with last line our of from revenue operating with occurred these XX.X% revenue nonrecurring We expanded target. over in XXX consistent

fourth recall, of As operating delivered temporary as the as business you in basis efficiencies cost in XXX on XXXX, XXXX adjusted driving our margin focus Issuer well quarter over reductions. may from the fueled Solutions expansion benefits of points by

high to segment and our year the adjusted this a of with Solutions segment for and revenue XXXX. net growth in range to quarter in X% Finally, fourth on single-digit grow full mid our guidance consistent the delivered basis, Business Consumer X% for

our our in QX due we spend. that volumes elements are going of XX.X% XX% the million. And the cash flow priority. convert flow of positioning shares adjusted million and remains $XXX year, for a to our a repurchase of pleased XXXX. bookings invested year, points annually. full Adjusted for million year to cash QX Quarterly MineralTree’s discussed, Also, shares business our businesses basis BXB Solutions the and in grew the roughly million $X.X of or we has to Jeff the into for of to and our during billion we of shares our XXX% approximately share pleased repurchase had From prior focus relative outstanding. repurchased year, To which the for to declined free the forward margins the are of of of year, XXXX. XXXX. XXX flow consistent approved roughly heading authorization million increase free capital record for largely We quarter for $X.X again our $XXX approximately share quarter end, with Business operating stimulus capital efforts that adjusted in includes billion enhancing with repurchased a we roughly earnings adjusted margin key to lapping in target XX.X in $XXX the from million expenditures benefits line intend as X.X well billion on $X expectations. approximately this As Consumer X% an our have Further, to for $XXX quarter, we cash Board this Directors standpoint, for expanded allocation quarter net

$X after senior neutral acquisition and The of unsecured In to we proceeds period revolver. billion we is notes outstanding X.XX%. credit rate successfully a pay the was in with used healthy, liquidity billion the interest roughly sheet repurchase at $X.X transaction blended with and our down of full funding. extremely balance activity ended issued Our mid-November,

roughly quarter a was at basis on debt end. position leverage Our Xx net

of on for we expect with expect top range billion, trends This headwind with XXXX, year. our XXXX benefit throughout encouraged consistent business continued expected net $X.X target remain the we and or XX% $X.XX recovery a line growth X% throughout X% the is to double-digit growth the the XX% from constant in and seeing upwards revenue reflects long-term currently adjusted of currency currency Looking to from XX% reflecting to ahead roughly outlook basis to a are year. to the billion we over of by

expansion to continued technology cycle points the recent from net basis operating the adjusted synergies the toward the additional recovery, to the expansion, points recovery up our of across acquisitions. low TSYS level, growth enablement excluding which or of in is from adjusted ongoing expect and This shift expansion expect driven at levels to above benefits segment for the we to We margin basis guidance XXX our XXX range, we the XX mix of provide impacts by XX for up Solutions To we continues assumes Merchant compared XXXX margin points to double-digit anticipate expect to annually, our be merger. worldwide. color revenue business related some basis segment

adjusted to Solutions growth full net the range our with We revenue expect growth deliver longer-term year, consistent in mid-single-digit for Issuer the targets.

adjusted lapping growth our XXXX. be to XXXX Business the single and in revenue in we both from net segment segment, and digits Lastly, XXXX, expecting given stimulus Consumer are the this of for the in low benefits in

Lastly, quarterly a the will I expect highlight throughout allowing as move from XXXX. year, picture for growth from continue through phasing the the would that we perspective, progressive pandemic we a recovery

tax for and a couple expect of expense approximately interest XX% to $XXX million Moving be roughly non-operating rate our year. adjusted the effective we to items, for net be currently to full

to our all $X.XX, growth the currency XX% expenditures Putting XX% share reflects We the quarter. to to a reflecting for comparison the in basis, our XXXX. segment Consumer of first XX% Business the discontinuance full would we per range together, longer to tough to earnings capital in consistent around benefits a the for the year this September high XXXX. million highlight of of raised for with roughly adjusted that growth be $X.XX stimulus also it and of On expect and is cycle I guidance adjusted term. unemployment annual in range share provides in and earnings XX% teens XX% per expect $XXX be over growth to constant and

low per growth we double earnings to the As in be share range in a digits result, adjusted QX. expect

in capitalize assume anticipate strategic on review and for macroeconomic provide that, the performance our the We an proof we year well outstanding serves to not positions point we environment with progresses. will that and businesses pandemic. gain of XXXX. updates a the out the I progresses. to with Finally, Netspend the improving Consumer technology-enabled and business as that XXXX summary, the outlook further us call pandemic back coming across as delivered our trends our could process our strategy continue digital share turn impact In will waning on more as We be the pleased entering And accelerating year over to we Jeff.

Jeff Sloan

year, I Thanks, our challenges all more Paul. the is could we XXXX. in proud not despite accomplished the we’ve brighter be for even an XXXX outlook faced of throughout incremental that and

deliver are a quartile and SaaS emerging with attractive virtual we all tremendous unique presence, an breadth technology provider partnerships, the program As the top and we markets. in multi-nationally leading unmatched across and these we manager physical things September, e-com today highlighted with and acquirer company, issuer developed largest with

commerce in Our the in differentiation and the XXXX throughout software omnichannel digitization, our ahead. catalyze will XXXX record trends start prevalence and performance results for of to these XXXX our growth years the driving Winnie? and our of reaffirm wisdom strategies, enablement, expectations

Winnie Smith

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

Operator

Darrin of line the Research. from from Wolfe comes question first your Peller And Instructions] [Operator

is Your open. line

Darrin Peller

good and volume, incremental Hi, side. able to to especially thanks, on see on really the data performance merchant comparing It’s the guys. the to the see the versus networks. job industry Nice it

of break driven piece. little the being actual of showing, much is could business, you’re when outperformance If a tech-enabled the that you how down we by bit at pieces that software look the your

whatever really, breakdown give what you is through us on as versus there you can anymore resumes? give a recovery in the expecting if and not. quarter And Jeff, can what color you are the geographic you tech-enabled So saw us on even basis,

Cameron Bready

other in I’ll jump with and Darrin, details. and I’ll Jeff Paul Hi, ask any to it’s Cameron. start,

disclosure a data deconstruct we, you are if volume the little providing amount highlighted. maybe good we gave here, you today. So, bit I that as of a think, Obviously,

the ‘XX, is XX% the impacting revenue the the to of that’s software versus So XXXX back as volumes versus versus compare. in growth really year-over-year, XX% XX%. I what’s would quarter our businesses grew growth XX%. And delta of fourth it say relates roughly

merchant XX% they up probably you that businesses pure If growth look versus were at for relative XX%, in to volume. fourth quarter the XX% our XXXX,

little weighing of software the revenue So, XXXX as the businesses a bit of matter. result against a

In terms lot think of gave his script. of things, what’s Paul driving I a detail in

still a growth again, But XXXX It’s of Integrated again. levels. quarter last terrific versus depressed good little market yet We’re software pure obviously as and head seeing recovery bit rate very see couple over businesses, range. starting our been technology-enabled in the to software, obviously a our in businesses are compounded had of years XXXX, in businesses vertical they trends though we into mid-teen even that

point-of-sale see performance in grown XX% quarter as roughly our We businesses, highlighted continue and performance year-over-year, continue to Paul our XX% this good in payroll and good businesses, software HCM in script. to having see his

businesses portfolio nice we we businesses as to overall technology-enabled results. provide, market the businesses head the the overall XXXX, expect expect software our for in we that have clear tailwind in software And our drive pretty into it’s growth in XXXX. to continued year and overall to vertical So provide to the growth a

Jeff Sloan

things. couple Jeff. of Darrin, what just would a Cameron I add said to it’s

is of and the about our did First, in start Paul feel exceeded that in into say to February in year, heading we end the which I’d fourth verticals feel Darrin, good trajectory, his in guide. about our with continued prepared towards volumes we to the the really alluded in we the we strength selected e-com see see obviously, into But in. early forecast a our we’re our good January, in guides certain recovery January quarter pleased remarks, we’re which we year. as business,

versus So tracking guide we to feel with our very like today, of kind nicely pleased and start we’re it’s year. the the

Darrin Peller

And for Great. you but to minute a to hone going about everyone just helpful. whether follow-up, that’s the coming capital of selling is about needed when a great Jeff. I for talked in another selling for it meant that? potentially strategy know you It’s I was That’s if you know – could BXB ask Guys, quick on Netspend, Netspend, not see. purpose, really more really out just or

through it is you you process of of I what were have process Thanks, to again, thought sense, proceeds so there allocation that guys. guess would applying go be kind and And any this makes towards? if

Jeff Sloan

a it’s Darrin. question, Yes, great

just asked. portion of the start you what me let So with strategy

quite So been I pivot really has some incoming. time think the

conference we as the September, the company BXB about October more adding stool has significant with leg for course, even BXB. second, and, BXB of If to really you pre-MineralTree another think positioned investor assets. the in post a Netspend MineralTree significant back the go assets to with business

integration really we a success of and as the very we business well to the in something linchpin our excited set that the in thesis bookings where gave our number, So the And to terms is and our that prepared XX% our about. focus we’re strategic into referred in investor penetration MineralTree, I September conference Paul really remarks of of around the needs as be kind think view payments as

start. to really off So a good we’re

the in through like quarter. think matter think in We point good view, September, was a very predicate execution in shape from we guidance the as good we the So we’re that fourth BXB. of

I to listed which client assets focus. the referred technology So to really on a software to that strategy is the kind script, the which of is thing are company, company, the those of we we’re kind not right direct is the long-term I think therefore, BXC consistent the part presentation. that corporate really in with of And do, highlighting leaders. companies, to my really on focus

in the coming. So time been has shift I strategy some think

a milestone. was big I think September

think milestone. On kind view I it’s going milestone. in of where next as point where we of this closing depend question was October things that big when allocation reach of And the a would military the we and the I we execute. process, your something if have about to are look,

up our saw about buyback You announcement another today to our increasing billion. $X

does clear, assume of be that disposition Just to Netspend. not amount any

another company the $X to $X period. stock So, the were that billion XXXX billion periods were reduce incremental with since over along asked, where you on and the That would retire that to we repurchase that could obviously, then line And time more X% repurchased about that Netspend, would stock, and capital, to to out we that we depending to if of if number. the that incremental things if if shake current happen be be the of X%. doesn’t be were include then something

expect circumstances it don’t significant So depending our we the with. guide. our it’s it. later and we ‘XX, that’s we expect time year in all is this this have I it be And we of – something and depend But to do point. when it kind decision proceed It impact something guidance, address that reach on facts at don’t happens that just on the going XXXX. when in I calendar would to that if will

Darrin Peller

makes sense. Thanks Okay, that a lot, guys.

Jeff Sloan

Darrin. Thanks,

Operator

Your of Bank. question comes next the line Keane from Bryan Deutsche from

Your open. line is

Bryan Keane

congrats the and results. guys morning, Good on

side or have that or a assets BXB compares Netspend, what of the little you talk how other the on their to things what bit portfolio? And BXB revenues and in MineralTree keep? follow-up the Just Netspend you’re the a it assets, that going you can us about percent – remind

Jeff Sloan

Sure, Bryan.

our if MineralTree strategic And of lot just of components as of fundamental basis, forward-looking was a we business of on But basis to the as you goes, think, well piece. them certainly high-growth review on the and Both businesses of how and kind pay depend those grew the have think is to to going about company. as what BXB the double quarter at pieces. want kind biggest in guide both Jeff cycle to consistent roughly digits of level, So a kind interest various said, consumer businesses are way the relative buyers’ add-on XX% level a kind I the is in higher what business. it kind the is obviously, to fourth Jeff than just referring that range of that just the on assets a for highlight just characteristics growth an rate two it the that potential is would card business that the and of of the have to. high

it’s have a those fundamentals growth well. the but matter strategically, businesses kind characteristics those So as just of of also

we there the also business card has in BXB overall BXB there business, kind have that nice kind our we but the synergistic to nice we of to a around is fit, set segment obviously, which some of obviously, in fit. do in rate what solution Obviously, it’s business, the mention pay Solutions is the at pandemic. what on what a a As the kind Day, And it in that Investor would our relates commercial Merchant broader payroll benefits side, has that this, And of talked the card we we our with just our about apparatus in in faster on synergistic lot between have fit, MineralTree have environment. obviously, issuer normalized the of a issuer in grows I benefits. a headwind growth been and

Jeff as assets. review mean keeping why BXB kind of in of of yes, I said, kind So look It’s strategically consumer strategy. to the the that’s we’re – that’s kind and those interested assets

Bryan Keane

Got as you it. And know the talked quick just win. about CaixaBank then Jeff, I a follow-up,

is Just want to going come using And market how you you’re differences that. obviously, probably in But understand between from we there this. two the sure more to just unique CaixaBank? the companies. you the to sounds are like like win that make winning you to with highlight It assets deals could get guys

Jeff Sloan

question, Bryan. Yes, it’s great Thanks. a

today. to we’re pleased announce that So really

about as to live deal in is next deal, said, this back year. the it’s direct be prepared And the of big a said said in the it’s is a big in the million next is I XX cards. all This end we expect it’s As and year it in prepared remarks, the to really cloud. comments, of half towards

a XX a of heavily we’re we’ve environment, million cloud-based So as day book of invested institution since is something good a in at business traditional know, very of of going August XXXX. least you which taking with kind live in, and X cards

given in million million, out, number, that to XX XX is size file have slide it today I’d thing This implementation pipeline other accounts Bryan. the in like TSYS Bryan, is today not our of our that’s is another on point show at The – issuer. we said what we

our implementation give a top this you would to sense Europe actually that of or by think of just in customers the we So size. size. of pipeline, double be two And three way would one

in debit the release said the I make us this in press of largest all As providers morning, technology Europe. this will among also

say, So accounts are it’s million XX are live this deal that XXXX. at also it really of I’d file implementation the relates currently XX million TSYS coming existing end on pipeline, year the day. a the big to as at online in

Paul very grow, a year which this So previously Truist, the plus well as is in Issuer, XXXX healthy increment said, and big as as really in adds a throughout we nicely also Virgin announced XXXX, as this very we pipeline Money. in

is. So we’re super positive about where it

extensive As this look, broadly, conducted it that on. Caixa to more is relates something Caixa an RFP

coming imagine would to us. we’ve extensively marketplace of technologies that versus obviously, they kind we and and Europe more that got feedback providers couldn’t pleased in You entrants it. well out selected globally, great as compare our other they new be went And the of in as

a So of growth. lot the in remainder of confidence this it us gives year’s

us pipeline which feel the double into about next months. really year, but heading pipeline next makes XX the good current the Given

Bryan Keane

for Thanks color. Great. the

Jeff Sloan

Thanks, Bryan.

Operator

from line Shirvaikar of comes next the question Ashwin Citi. Your from

Your line is open.

Ashwin Shirvaikar

use decision-making compares the we the your see pipeline it’s what that expect do to Hey, it exhibit Can sales commentary, and you see. Cameron on thank execution. Paul, a ramps a maybe to quicker ago? in opportunities, sense on ‘XX? qualified clients greater translate can And sales congratulations faster you year of the a front the how should morning of urgency including to the first to My expansion cases positive good on good Hi, comment question is Jeff, of you. and with and relationships, regards

Jeff Sloan

Paul, the but and a I’ll them it’s then speaking Ashwin, of start comment lot to Cameron and give I’ll detail and merchant. ask this on ask I’ll Jeff. we bookings Yes, morning, issuer,

you, So listening sales. initial to the cloud surprise listen, to call, no or Ashwin anyone or the

So any not between. intermediate that direct-to-cloud looking I of example, in kind for gave Caixa, step

means AWS actually overdue announced a kind really of just Mastercard, for today AWS, see look also postings next and the transaction cloud, goes a data and when consumer We with will flows it through your us partnership directly online through and time remainder of which real-time live. put the new cloud that’s you the at live balances into online as with which can of and year the period really with

deal. going the cloud the live Global that the culture which a would in is the announced Asia, customer quickly. So Republic, the moving We are in other in We as direct a the cloud prime look, going in in say I things deal well. which announced to Czech cloud, side, on very KB big also Payments is prime legacy

our So and accelerated first of it when we time as the I market. did say the I the really which relates would say part to would deal phase decision-making place the implementation. was has of cloud, thesis in to

of it topical would you two, buying would the which decomposed model services call what business, one, of off going banks. APIs. center and forward emphasizing CTOs Now the look most that very side really the is large for is say, and in we’re one TSYS Number services place, and deconstructed it’s really Paul alluded micro functionality, kind of I why be? if to historical think I Number at managed

by of drink here, early would So the can seeing the you’re some buy kind us. of decision-making, And you which Ashwin. accelerate with wins

Some have what in but seeing enterprise of we of you’re is the with announced which early whole whole live cloud, the And what kind enterprises to TSX, then the direct is wins around going prime live. cloud today. Caixa, been would

historically. of toward say timeframes the would is short I circuited you have seen some might cloud the So that pivot certainly

Caixa in live will today. that of We that use XXXX, are with Prime with half said and be with cases as we with the live back with obviously,

with feel partnerships So, two our ecolytiq turn neobank, microservices Paul, and merchant ESG Xtend. These issuer certainly Cameron and the all I with focused the new over on it would today it. to on companies. manner into card I the virtual fintech are startup good selling on announced side. we say wave about are I same and Xtend side, They also APIs issuers, kind that before thing of of

would never historically something distribution. into we BXB have able card way TSYS That’s providing technology to been are space. of by the from We do virtual

we We collaboration. XX, when doing are and AWS that Those is and we the announced the AWS here August that back are TAM unique incremental all described Ashwin, PwC. through tripling things

little thesis are with that Cam, agree want acceleration do issuing seeing opportunities in merchants. talk your to sales you So, a I we on about the do side.

Cameron Bready

of strong enablement solutions, base booking strong out execution There Ashwin. is see for is a is seeing with have omnichannel commerce Sure. our a we from for to that and our sales demand demand solutions technology. a demand full right are customer our pandemic strong for we solutions. our morning offset What XXXX few some safer we coming Good and merchant very help really things. positive is the of for the lot into standpoint tailwinds now. there merchant and suggesting would we positive data One plus year obviously, continue provided hiring efficiency commerce there the obviously solutions the is fact for would core business heading that I say, difficult I new is highlight today XX%, for XXXX. momentum

run their our more are businesses we to and business, the traction opportunities to on a help So, the to market. customers sales the effectively from bring them perspective achieving we more find can their than bear more grow new again

terms So, of XXXX, I what as bookings achieved would a our growth roughly new in we XXXX in matter. consistent as targets are for to say,

us payments customers. U.S. payments the relationship matter, GPI against which will unleash is together in confidence GPI allow really business We started will our that as have the have into momentum we brought thing a The our our heading managers XXXX, we a be and able U.S. year I channel execute we partner lot and as on to say that. our business distribution of last will to actually

And unlock partners untapped opportunities, value U.S. a I motion it the us by going that gives attacking here with smoother go-to-market think So, market growth, and vertical think sales force that distribution a to sales we GPI forward. in have a in the I accelerate new business that of this in exists portfolio broader from have perspective

as a we bear matter, execution. think market. the very been group we distribution in technology-enabled the I So, capabilities new that a have lot we distribution of confidence have on and ever perspective, place of the And sales we better simply terms don’t solutions in a and bring around where to are think nor been from we product from particularly place I a have a better can put, in

that saw So, obviously, new we we coming think, of that continue I trends merchant confidence XXXX lot the provided bookings in have a underlies from guide we business. for the well to the of out And our for and ability standpoint. XXXX the sales as

Ashwin Shirvaikar

XQ question for by underlying on revenues But that are could how I overall is assumptions guess great margins on for These Paul, ramps? a more details Maybe details. you provide cadence I appreciate being and the point the high-level toughest you. and Thank the the segment, color cadence well maybe into understood. comp, on step and

Paul Todd

Yes.

stimulus kind to business of the is comparison good call secluded that as as is biggest a that, So, about said, you quarter. would thing impact we the The and largely the consumer. just stimulus that impact just whole the impact be in dynamic, out first would

at just segment in you of in if overall And the kind half. say of the the first kind So, would playing depending in you of first in the quarter. guide and at that other level, just low-double we kind just then comparing that’s that a through kind to that digit low-teens half second that in of have take the comp that don’t dynamics on merchant, of it are quarters. kind the I of largely are we kind and at look

the breakout of of growth digit of have it’s kind first throughout do say, then the more that’s a would more from first the year. card the I occurring kind we kind between growth ramping of more the commercial second and some half. mid-single recovery of and the half somewhat issuer And digit higher-single kind in half, back business, in of So, half,

XQ our the It quarter, and business. see and underlying guides, card pressure did see, that we third quarter. some the second in provides One quarter. in and commercial in improves thing we between kind the deceleration fourth little the did issuer in first quarter of So, a more was this XQ

we recover. And some of take time kind to are that maybe so projecting to now

more higher-single of mid-single back what of of so in line, obviously, of a in goes kind quarter impact card thing to are digit, that half rates see play we do the digit you going in kind that as And I growth level anniversary a year normalized And finally, normalized of year kind to then first the kind to B called that out that the to and the is expect as it the on quarter. first more more environment. C commercial we recover throughout and

we broader will themselves So, that Obviously, next kind play things at context of gives you of how year. a look out.

we how We the right will as now. color give year at are but more looking it that’s progresses,

Ashwin Shirvaikar

you Thank all it. detail. the Got for

Cameron Bready

Thanks Ashwin.

Operator

next the comes Morgan from Your line of question Stanley. from Faucette James

is Your open. line

James Faucette

of And are what How for valuations? thinking about you a Great. the years. very strategic – the change that’s Is couple public looking I Appreciate the guys been highlighted of market acquisitions looking the overall in potential a landscape obviously Thank you that about the you? been at on have different M&A at allocation focus aspects recent the much. wanted you as spent incremental you all business. changing are the details asset on have always talked and and for opportunities to last result? and touch quickly you you

Jeff Sloan

great question. a Jeff. it’s Hi It’s James,

we you say very returns cognizant we buying we opportunities, So, really would the attractive stock. have are what that generating asked. pipeline by to long Look, I a are but back of I things few think a

the day. things that buying the the lot end back get at the returns the own the we of while strategic of a stock pretty we just our side is at looking to have stock, from in could that high So, market bar do are on we

we up on in a billion to as capacity. like are available like billion finishing Xx generated up We ticked $X.X leverage bit Paul thereabouts little free We And a period around $X.X get said. basis, something just a where flow. cash of some debt

of So, continue there can to is really we do. things no shortage

X% back the have one questions, stock pandemic to the As I said of kind since we bought started. earlier of response the already in of

be we big to that or We conditions depending billion were year, X% depending that exhaust the on how another if will that, on back less in. if I mentioned if do could that redeploy Netspend, coming chunk this today. $X occur, redeploy more we another And we

the So, which rate, cash and very about reiterate expansion free very game a is we margins. flow tons nice are conversion of a have good high today and thing we generation we where of

and in think where market stock I side most X period, relative so recent gave we gone aired the $X.X in $X. the I more number side, to of buybacks the the billion. of was fintech, and billion clearly, on given kind of cash So, plenty just The side do free cash pendulum us have of hand, conversion where of you leverage capacity the flow as we invest from more on, clearly, in suggested, on fall we – question capacity dislocations been and to business. our what the rightly the for Clearly, has in buybacks. is have

year, or say which would capital this is November, the leverage X.XX% more end which depend. like Having of will the raise cash billion done it remain do I we So, flow very favorable. attractive rate. less our in recent last at free an day, very was pretax, of Pulp increment markets will year. $X.X a coated

So, of pursue. have we that avenues lot we can done a

we constraint. no have practical So, real

have we $XX cash next capacity in we to conference, September, As cycle. said to available of free leverage billion X-year the flow at over X-year the expect investor

just the billion since release XXXX. You saw press the in $X

track are of of and well But $XX thumb repurchase, you things morning. So, we certainly, today, on is scale the some what that’s are billion. this on our given where on the saw

James Faucette

as appreciate be will you is we as thinking and then we are a that That’s that carrying of how thinking the OpEx just And part line should double-digit that of I XXXX But evolution quick normalized we the that evolution can as growth – lot. as of XXXX that through I year? such through on kind economic assumption about see into persist. XXXX. on about how we behavior follow-up kind the and of And as top great. your you question really detail guess gave planning you for are exit a think that a – Paul, those well are that got footing Thanks we –

Paul Todd

sure. Yes,

double-digit both kind kind to kind answer of kind we is, at the first exiting we your the investor yes, look the of conference and range business. XXXX September growth yes, So that of of in of is part how that about, talked question the our in of

more certainly, the progressively and I preparing – remarks, said So we throughout year. in year a for the as normalized next prepared are, environment

So our that’s way the vision of look we XXXX. yes, at

to expansion and call rollover that relates look obviously, both as with are margin, I points OpEx a segments fundamental of of necessarily ex-M&A up the of this then have of we good to both XXX to level relates kind kind it expectations basis point related relates as basis of between kind to of margin And in of margin basis issuer following stimulus to quarters. to margin and range. As we BMC headwind or same it impact. exception of out all guide kind merchant the don’t given pretty But first that XXX that, kind anything have stimulus. flow-through kind throughout for it those up of the segment that be the would absent three you specifically And points wouldn’t expansion kind of would the quarter XXX as

Operator

America. from from Your Kupferberg the of of comes next Jason question line Bank

Your line is open.

Jason Kupferberg

merchant Thanks just guys. I side. start on the wanted to

we how digit we a segments, sense on kind just are own us we low-double base look about versus in a maybe the if around expectations XX%, give in scenario? down software talking by XXXX. it, case So, process you a guess Can point break for for I of the call it, that might merchant. talking of growth are put finer just other at

Jeff Sloan

some what back that relates of you Cameron that kind of drive I it well, that growth rate it kind wouldn’t But of it to components kind the necessarily of to earlier, rate some relates the growth may level of comments kind to granularity provided right go as as sizing are have of you to of go maybe in just overall there. mentioned as but kind way in play the the he additional kind that and other on the in geographies, growth kind the then various our those and and prepared on businesses be the particularly, about markets, of on businesses kind of through. lower the software their certain or dynamics we higher integrated side pendulum obviously, talked some in of side recovery vertical assets of the would that highlight obviously, tech-enabled depending and of remarks that of would we

of look there And kind on elements one each are with have those. timing We those recovery those the the how year. throughout assumptions some of and of around some

it, the else And growth So, to way growth right of overall to add. that I of if that’s the have would rate. don’t be Cameron, kind know right on tech-enabled anything about higher side. the kind think Certainly, you

Cameron Bready

Yes, call points maybe a specifically. out just few that other I would

that So, a in maybe to there number. start with, about is headwind point of FX of kind

be on going bit little think basis, constant higher. normalized you currency a it’s if So, about to it a

calling continued that expect out. are to Certainly, things, think the U.S., I of trends. So, we few there going a worthy on is see strong in

We in has in that of as have U.S., a from because a of so flowed a recovery, a much through. of seen the tailwind there. XXXX little good But probably tailwind lot quite U.S. recovery still a not bit

a verticals We continue businesses. runway the is vertical as from see into tailwind clearly, of But would that that highlighted little a software a recovery we pandemic gives expect bit well tailwind continue And say, to going market us little earlier, be as standpoint still heading our technology-enabled to have as in have by the more a of internationally been impacted heavily businesses, of I kind see by specific from course, bit pandemic our led of growth the more out we to recovery to overall. XXXX. coming left, of Paul

As Paul have highlighted to strong earlier, for we GPI. continue expectations

etcetera, very saw sales is earlier, demand well front, unleashing on in Obviously, against business a payroll, great customer growth My remain this and additional the solutions our Business software engagement year. and expect and be omnichannel solutions, solutions As our robust be for a from our I to in tailwind XXXX other across e-com And XXXX, starting resources the will we be able that as HCM enablement to drive analytics mentioned to solutions our will year. we Grow Clearly, out Run opportunities out POS and roll incremental well. Google continue standpoint, then by and those a that channel, and commerce platform and those tailwind growth we as there. nice overall to for

into in the we long-term largely again, will, business XXXX. So by I from as of earlier will business we the sort for double-digit XXXX, normalize to see But you growth merchant expectations would into pandemic the continued and of recovery environment to above think, the we heading business, results the produce overall, continue question, the head to that largely have sort XXXX. for benefiting expect

Jason Kupferberg

Can center then And year-over-year the tough in there follow-up quick just know then the you it mentioned I on I services and talked elaborate piece down in was of a just that. Right. you about call you issuer, know a mentioned was part comp, you on the deemphasizing quarter. managed

in from the mid-single to Thanks for second you that hoping Just out rest and managed of or tell the on elaborate you to range. to relative could kind services that are us what XXXX expecting guys. piece a

Cameron Bready

Yes.

commented, this managed talked is services, on. we too, managed And So, prepared cloud had that you quarter, as of to of to I Jeff at we business as One of in play. the are all one remarks. are dynamics three, kind right. we and kind kind three not continue the certainly, business fourth pivot more the services lower In the about margin focused have human enablement, tech was interactive

continues that of a to are that compressed is have in margin this business, margins. lower business more We and very kind margin tenant

So, it’s one that kind of re-deemphasizing.

it, to good to the We business a in we get when stay are for continuing certainly but offering we do margin and are business. going it the

a that fourth of quarter fourth piece did recur meet this of the some one quarter. of play kind of kind didn’t some have is few through One things We that quarter things had So, in headwind customer in just last and to in of the the year. other that minimums year. the kind particularly of

we for where on quarter, in Omicron, digit of found talking that’s So, like say have to had the range. in back that saw, I side then kind solidly that that as mid-single of comp account that we on that’s volume-based relative tougher see I business the expectations, piece also revenue that And trajectory would commented continued that about. would to range. digit kind for But that deceleration was our that for we revenue, was card on, impact the fourth anticipated. solidly fourth our quarter of mid-single I transaction commercial the

kind forward, year. go compression managed to So, of on it’s next the we side as going for continued yes, services be

will see there. kind the play that had we So, quarter, once again, comp some out in we of first more

see mid-single We so what seeing the improvement file the and side. transactions the pipeline we as as are solid or conversion solidly progressive certainly projecting transactions, a seeing commercial from will far on year. throughout on And about growth both account Jeff what card with we transaction talked on and our forecast are revenue digit what and revenue saw really that we in with well

digit for growth think with it’s picture few mentioned, year a of year year that line for. – this And mid-single for you solid but kind kind of in are provides the – things pretty that expectation. us next I the looking of I So kind

Jason Kupferberg

Very you. helpful. Thank

Operator

of comes from your And final question line Vasu the Govil from KBW.

open. Your line is

Vasu Govil

you in Hi. you the the I merchants here. just Thanks could a parts your exciting base efforts have drill into first that was that I with into. announced squeezing of when you bit into for cross-sell MineralTree. know BXB large me this wanted to existing one entry little of more BXB

with for what merchants? and are been to existing has market you your the looking Just color how going appetite on any

Cameron Bready

ideal into MineralTree a but ask Jeff of In their X,XXX number and particular, overall in size customers, good already not automation merchant it’s kind will is the to for of given a their Yes, Paul to we I our GPI we will in and solution software is cross-sell to I I of existing to channel, help well. manage their partners say our significant with business seen have ability payment companies. the BXB would as great question. only Cameron. in requirements software MineralTree solution jump of have and the of traction This the partners. base start, roughly whom

fully a we ability importantly, base in solution traction becomes business. it have we integrated BXB long-term to foundational And that an our component into be But digital of think a about automation, will customers we we think ecosystem. merchant So, our deployed as companies, acceptance good MineralTree end-to-end an standalone is seamless our and underlying and existing that of it be more sort able cross-sell to core fantastic. think solution to seen through the AR end-to-end in platform in point of both what automation, AP disbursements as proposition, our capabilities

So, with capabilities strategy, about think as what ledger looking BXB integrations AP end-to-end for. environments, that. money-in, really AR we long-term customers automation, think really are is I it’s automation, the capabilities building that our general which It’s with money-out into with

own we end-to-end has important foundational long-term, as as capability element as continue we a its into But on becomes to capability. more product been the MineralTree that So, build tailwind out look out strategy BXB it cross-sell to new the to build merchant and great base. the

Jeff Sloan

would in Vasu, partners some said X,XXX issuer that Yes, side the on Cameron what Jeff. bank I we like to it’s add have issuer.

October. XX I the did in think MineralTree when like to had we XX deal

from are the the they we us. is about no company was always and of of One institutions the Cameron there sheet of similar worried very with things thing. concerns of financial balance kind that MineralTree, size product said, being is about banks Well, where exposure to but that that the the terrific, heard and

side only United MineralTree announce here we traction So, not U.S. with on the business, we some predominantly them and a is just globally, today. the that did great overseas with States although see by stuff issuing customers in

us States about. I we it and So, in to United that to export think, our it’s something ability that and expand attractive very is super globally, excited are the

Vasu Govil

coming of the That looking improvement a at seems relative Great. flatter were that Mastercard what specifically a was giving great was And Visa, volume quick saw North volume I very bit all follow-up, That’s it the the versus color. the out Visa, trends just trends. Thanks. Mastercard. to thanks am us America, trends – helpful. But for for if we

call-outs I So, would but any just be differences, any assuming there, it’s helpful? mix am color

Cameron Bready

Yes.

you hit the think I head. nail the on

mix just is together. that be you think to differences. honest really it’s are with appreciable I think when of you, don’t data an there aggregating I level difference,

trends globe, I think sequentially saw the of out network. sort coming it if of the we think very you at are look our across consistent I what with

look, always The going mix business. So in we are the networks noise running markets. there more be of because represent is a to particular data the of

of benefiting are would are things that So, There from is out mix network we not to it we the in QX are businesses. that from are that saw of benefiting our relates perspective, generally there the as QX. is with trend they I to are we But line that things from not. the sequentially coming what sort of characterize

Vasu Govil

Great. Thank you.

Jeff Sloan

On for this morning. behalf us Global thank of joining you Payments,

Operator

you participation. This for concludes conference Thank call. your today’s

may now You disconnect.

Global Payments (GPN) 10 Feb 222021 Q4 Earnings call transcript