Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Global Payments Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] And as a reminder, today’s conference will be recorded. At this time, I would like to turn the call 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 2022 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

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

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

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

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

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

Jeff. to Now call I will over the turn

Jeff Sloan

a for a successful year worldwide from nearly what billion consumer in fourth with caused enabled Europe holiday rising we resilient in quarter persistent macroeconomic was inflation, rates, impacts over transactions, exchange days. high any the XXXX. a for measure and Thanks, results Winnie. an calendar peak and the volatility, XX record in heightened foreign the We XXXX the Yet significant delivered uncertainties We multiple remained all-time interest pandemic period. dramatically year war by with culminating the results in by early record unprecedented lingering throughout and season delivered strong

in certainly the no New parts in that, seen are like in and metrics change, those limited have said Where discernible any for meaningful some change our quarter in of operating fourth XXXX. and indicate same. the is assumes we United more already it macro it’s Having our While internal of the weakness Year, guidance environments items reflected in geographies results Asia-Pacific. Kingdom

with are results. our preliminary We pleased January

quarter, excluding basis. foreign fourth adjusted delivered For a Issuer revenue revenue growth, net on exchange Merchant our the net our each growth segment neutral X% X% business dispositions achieved and adjusted

financial Importantly, our TSYS performance our Issuer with operating improvement, the consistent generated and merger business core and since expectations best again our XXXX. in with sequential

was our For emerged our that consistent XXXX disruptions with swan despite the year, cycle in full September black guidance performance multiple XXXX.

net currency Our generated growth, each XX% business delivered Issuer constant and our dispositions on a Merchant business growth, basis. excluding adjusted X% revenue

basis again an challenges XX adjusted environment. guidance growth months points XX% adjusted the all For dispositions, cycle calendar share net right our margins with generated XXXX, XXX by from XX% revenue ago on and all produced expanded macroeconomic growth, basis, the total lined per earnings incremental despite raised we excluding FX-neutral of

geared further gaining financial of moat. institutions highlighted return strategy and priorities growth And capital. allocation business our capital At worldwide We detailed we focus and strategic simpler toward enhanced investors conference, technology commitment corporate prospects. competitive and on four-pillar companies, balance building advancing margin our outlined with with a our efficient more customers to we the expand our with leading payments our investor our to that partnerships model leading our software-driven technology-enabled, global share

geographies With quarter. no EVO enhances Payments EVO of reach. scale a this of reinforced global our and position preeminent unmatched further valued acquisition solutions. payments our to our payments, our increases the existing closing addressable extensive provides leadership members BXB augments markets, Payments company team have in anticipate integrated forward and and payments the technology expands new than end We in look presence software with EVO, target We welcoming family. Global in scale we our EVO’s later as to the and

We team track future. quarter, portfolio Consumer We of members of a future to our current key for strategic also Netspend’s this remain luck divestiture will element of best Consumer business transaction best the the success the the in we wish position end pivot. on its close believe by that of Netspend’s the and

portfolio margin a toward to targets. businesses simplify we objectives, our sale our an further and our the corporate our transaction, of our with customers us from business for three reached way businesses. enhanced with refine consistent These is core in Netspend $XXX to Partners Capital confidence Parthenon Additionally, efforts to in This agreement much strategic our growth BXC like Solutions consumer-centric have transactions sell Gaming provide our million. and

close expect grow each from us to for core to them We of businesses years with the many providing March, end of which by to come.

provide to solutions vertical other market differentiated payments software, continues and to resonate customers. technology ability unique with Our

QSR Our market notable standouts. again low in the and double-digit fourth School delivered Solutions vertical quarter growth our segment with businesses,

that technology enhanced Global partner engagement, to and today the select to And Braves the frictionless payment official Global Truist cloud-based chose and Payments that for distinctive and provide increase ranked drive because deliver comprehensive of to future. their Atlanta operational serve to fan We efficiency. Hawks their improve to State data for Atlanta cloud-based software ability they our loyalty, both experiences and the Payments solutions announce the Braves and create have Farm Hawks RFPs commerce provider Park. as chosen Arena The are delighted

partner this We are the And robust. proud to venues. remains and our pipeline Georgia’s sports entertainment in major of technology commerce be channel for all professional

that Restaurants, Jack Hawks in have Express. these the high in A&W customers of pace the recent include to in to fourth they takeaways? such technological the and Xenial those competitive QSR Panda expectations takeaways, change do produced consumer competitive new in quarter revenue for the Box wins uniquely addition Braves chose Recent sports and record XXXX. short, the all the and our In us also markets channels strengths. In of plays and entertainment and What common are in

the customers. more winning Our in restaurants than positive everyday marketplace in XX,XXX experiences countries ecosystems technologies deliver with purpose-built their to are over our back XX to choosing

again and e-commerce the growth Other our standouts fourth in period. mid-teens which worldwide in the delivered include our Merchant omnichannel quarter business for and both businesses, integrated

excited near-term. the We businesses in with combine the activities of these commenced are as to integration best our EVO

North of our initial with relationship of in heels success America are we addition, acquiring Asia-Pacific our the the now In live on XXXX. launch Google in with across

fourth Turning of our to by with performance in XXXX. XXX year sequentially, with as million experienced on increase since record traditional ended last with shows industry-leading we we the account We of accounts business, Issuer market our produced file, driven customers double-digit merger XX in winners, best share million the growth TSYS aligning XXXX a an the quarter AOS strategy of gains. have

its card as business continued to perform with cross-border continued commercial fourth in corporate Our well, travel quarter domestic XX% trajectory. transactions and recovery growing the

service cutting-edge in lead and market the with technologies, We partnership a terrific customer scale, worldwide mentality. issuer

seeking compete marketplace. markets Much and the in technology been we partners businesses the need without business the expect invest where they those to be know issuing to target Merchant will in for like challenged highly digitally investments make market. future the increasingly While that’s will challenged the wherewithal has growth to in issuing to compete. always to not cloud-centric digital Thankfully, our business, competitive, be remain always competitive

that and announce America, to pleased TSYS the multiyear Kingdom. with largest United very in that and America are card customers portfolios relationship consumer spans extension Bank commercial of North We signed our of a and one

DACH client into timing good including its TSYS our acquiring into recent the Deutsche choice Bank with remains next pending decade through for multiyear card Deutsche portfolios partner longstanding in our P&C for We across the with entry scheme successful of also business region extended business. customers the and in our include their brands, in partnership international commercial Other light branded of Bank, Postbank, EVO. largest Germany extensions also as

process. and intent institutions currently institutions nearly most some the well globally with decade. to well of of this X competitive of remainder with which business takeaway speak relation Our includes of via We RFP. conducted with achieved in Mexico, a a durable worldwide, all for the competitiveness a our timed new complex TSYS LOI in relationships This have recent letters RFP through to competitive into were sophisticated EVO and

further that XX And Another takeaways, of we to a our We both its executed consumer partnership we X market recently opportunities. This retailer, signed and spanning quarter second added Chile the long-term year. Chile, have portfolios. portfolio, market Scotia the have following Entercard our got competitive Scotiabank, across growth a we contract of future which the through in leading recent multiple gone entered commercial contract agreement marks during this to Swedish since with providing a the with being XXXX, contract earlier reached is with agreement LOIs, Americas. beginning markets our including win the Cencosud, with spans

at pipeline confidence well our over a accounts, of post-merger growth the record stands of issuer million conversion future. further into Our XX trajectory providing

of We are CaixaBank, the pleased of technology providers to expect become in implementation, Post one terms reached largest institutions one now of the agreement have Europe. with debit issuing largest we on Europe. business across to we ahead report that

technologies example is and We now, buy for continued are one pay initiatives share decades. the market-leading shift beneficiaries of while for have gains technological we providing innovation, market been share later just

customers We special launching one to and to longstanding robust products by aid BNPL This continue deliver FCA-regulated tracked the grows. BNPL provided term easily to events. purchases to purchases. incorporates with partners, product protections program be This and demand fraud a includes of was payments innovate longer designed our successful installment enable as with NatWest, and

with U.S. for partnership car the the resolution UK. Other owners issuer in than Mastercard, a and digital process more consumer include the Ethoca improve and dispute experiences highlights to leveraging XX new clarity million

use for collaborating lending deposits platform, a We prepaid to range provide across cases, financial of and next-generation services capabilities number Mondu, fintech strategic customers credit also cards a are BNPL, of and cards solutions. with including software-as-a-service

a FIs, well and growth the enabling now have capabilities wallet than organization as excess in more Issuer and Across gains quarter transactions, spend it our over assets Solutions within MineralTree prior is card MineralTree in card Josh? business core year of commercial we TSYS XX%, travel grew the BXB the fourth mobile combined with as the XX% heading unified cross-selling Finally, industry’s a had XXXX. capabilities, and provisioning terrific virtual BXB bringing focus online XXXX total for Netspend’s opportunities. capabilities. business, XXXX we remain on BXB TSYS and into of to card virtual positioned driving single MineralTree our we best on focused into

Josh Whipple

Thanks, Jeff.

We are our which for business durability the full in the and pleased with quarter of fourth performance the our strong model. year, financial highlights

adjusted delivered prior currency we with the results XXXX, Starting year revenue a billion, on the for of of X% $X.XX increase the net from year full an constant basis.

compared basis and Jeff Excluding basis for the with cycle our Adjusted increased impact of were basis. to which highlighted results our margin the Russia earnings investor constant a year revenue the full XXX the of These XX.X%. of our to our year business adjusted consistent of September the quarter. XXXX exit on dispositions, currency the all increase $X.XX, challenges constant from the expectations The on of full XXXX, with result despite net guidance second XX% conference includes net share earlier. an per improved during guidance adjusted points was impact a XX% currency operating

same increase of delivered an the net on $X.XX in X.X% results, the currency period quarter adjusted prior basis. constant we to fourth revenue Moving the year billion, from a of

adjusted dispositions, Excluding basis. The to same share on Adjusted constant XXX of per X% points period XXXX. the earnings XX% adjusted of currency currency increased net compared quarter basis on to net the revenue the basis a operating XX.X%. constant in of $X.XX, was increased for an margin increase result impact a

net strength Merchant adjusted This a closer quarter, of the as for billion performance year-on-year fourth $X.XX benefit revenue was by adjusted of excluding reflecting by at and business margin constant operating segment, segment, X% We of the look mix. Taking in performance growth Solutions continue our ongoing dispositions. an currency led U.S. from our XX.X% of the technology-enabled XX increase basis delivered an we of strength points to underlying the of businesses. achieved

by U.S. along parts mid-teens this ongoing on and the while payroll restrictions softness HCM businesses businesses rates basis in worldwide partially quarter, from with foreign We currency strength also vertical the in constant Asia-Pacific. offset limited adverse This macro in a saw double-digit geographies quarter. including currency and businesses, omnichannel was delivered our the growth our integrated portfolio, solutions like continued number of across exchange of markets headwinds in e-commerce our COVID-related UK and POS and growth channel, a

business core into of pleased and basis Solutions the the well with grew excluding positions are performance quarter. of was impact XXXX. this We the which us fourth quarter, sequentially point an Issuer FX, XX X% Issuer Notably, in acceleration fundamental our heading

traditional portfolio customers. coming Jeff roughly with increased the file by commercial XX single-digits which highlighted, primarily consumer of were Transactions our grew contributions to quarter. million from sequentially, the by fourth up As high transactions, quarter major account strong compared XX% growth strong on card accounts driven for XXXX from also

total Our a the BXB constant delivered net XXXX. including X% a improvement revenue, adjusted Issuer same in million in period $XXX on for currency business basis also

basis. trends pandemic the environment the both impact subsidies, from Excluding PayCard the on constant Solutions business, X.X% currency our due to employment Issuer grew which of faced of lapping headwinds macro and a

points XX.X%, by the business. driving prior operating Finally, margins and from basis accelerated we in delivered our the focus growth XXX an on increase fueled of year, efficiencies adjusted of

cash our capital line for X.X a approximately $XXX research quarter, $XXX $X.X expenditures $XXX for federal we this quarter the repurchased of shares million strong approximately year, with during our for cash, billion And repurchased for year, X% adjusted the our Further, the $X.X into in development quarter adjusted in of target expectations. earnings the year shares XXX% We and excluding million and outstanding. approximately produced $XXX credit. the we expired for and million tax free or our the million. convert full XX.X the we million consistent invested shares flow of available million roughly of flow impact for From cash standpoint, billion of to with

and on Our balance our end. close fourth of during and was strategic of quarter position on sheet Consumer end our X.Xx the remain to the leverage healthy the by remains Netspend’s of basis track progress priorities Payments and divestiture acquisition net quarter made debt our at EVO a further We quarter. assets the on

Capital Jeff Gaming business Partners. we our to As also to sell mentioned, Parthenon reached an agreement

We are HSR filings. all this pleased for approval to submitted have and have regulatory transaction other required received

expect the by We Gaming this end also Solutions divestiture to of close the quarter.

as reflect future As year XXXX will and a state quarters April composition for result, of of business X our mix three our beyond. this of

financial below which to including completion ample flexibility, these billion have facility, following prior $X.XX we undrawn. estimates. net leverage We be currently our the approximately our credit is all of of And X.XXx, our transactions, revolving expect

while current expect levels to continue We leverage to investment-grade existing to ratings. return XXXX by year-end maintaining

expect is We from growth are range XXXX. X% as X% positioned resulting to business adjusted pleased how for and net the enter to with the we over to $X.XXX outlook XXXX our reflecting $X.XXX financial reported year. We billion billion, revenue currently of

offset for by enablement realization. driven to the benefits Netspend, synergy XX forecasting EVO technology of expand from basis are operating of our adjusted XXXX. prior by mix to XXX divestiture our margin above cycle ongoing partially annual shift business This our guidance lower annually, profile up of towards points to the full margin to and for XX by We margin points basis to expansion is

adjusted growth X% level, XX% the full our for revenue to Merchant we acquisition To of Payments to provide the the approximately the XX% report impact roughly segment growth of of EVO of to net expect and at XX%, This dispositions. year. color includes excluding segment

the We current revenue expect transaction of closes calendar end acquisition Payments contribute net quarter. which in XXXX, $XXX at EVO the million of approximately the assumes the to adjusted

in the offset of This We business, Global profile will basis quarter of our dispositions EVO lower the expect than XXXX, margin the the Merchant second of excluding beginning guide. expansion points Payments. ahead cycle more with be expansion than existing adjusted from margin XXX operating more of in absorption Payments

progresses. will impact be realization as this by synergy the expect year mitigated We

forecasting middle in we margin reported in margin result, the a expansion be of in year contraction synergies margin in expansion the result the for QX, The QX as a modest net Merchant total year. business business. our then Merchant are adjusted ramp decline and our will As for operating

Solutions. Issuer to Moving

the conversion in to for BXB revenue full strongest benefit adjusted net merger. TSYS compared the deliver We pipeline we expect since year from XXXX as range, to including Netspend’s growth the X% assets our

and grow expand continues as We to for to benefit to continue MineralTree accelerate, operating XX Issuer and operating X% growth to our grow we up double basis points as in adjusted expect BXB Netspend’s businesses the for margin roughly to BXB in to leverage digits. lower-margin the we from by core anticipate low Specifically, offset somewhat Issuer growth business business faster businesses.

this to Finally, be a forward. transaction year, of while profile disposition the expected the for operating the the naturally growth enhances business overall going and full Solutions margin of Consumer adjusted is business headwind our

several of terms to there quarterly note. In phasing, are items

roughly expect the we to in basis we to year, headwind net to exchange quarter up first second foreign currency up be while in points adjusted for the XXX revenue points to quarter. XXX full headwind rates of and of neutral anticipate the First, a the basis

the of Payments quarter. dispositions expect Netspend We the by the of EVO Consumer first most Consumer and be to of naturally the the EVO, close impact Netspend which disposition acquisition the year. we the Second, anticipate of rates the the growth Gaming timing to during business quarterly addition end at of part for impact we our of and to expect offset the

margin as our divestitures have Given for regarding our rates, of on provided XXXX, greater per posted year on website. revenue, share foreign and slides assumptions by as acquisitions in our we the detail our and the net adjusted impacts for adjusted expectations adjusted well operating quarter earnings exchange and today

expect interest tax rate for XX.X% roughly in couple be We the XX% range a of to of effective expense be year. to the to for to currently Moving and net adjusted items. non-operating million full $XXX

long-term of XXXX. share $XXX earnings in of free around again million cash in be adjusted per to comparable We be our in range XXX% We capital with to XXXX, our adjusted flow a also anticipate expect targets. expenditures consistent

have used excess we minimal we repurchases purposes, pay modeling levels cash share indebtedness until the leverage of in year end the down XXXX our to until assumed current with For to return is towards then.

Putting it XX% in per share earnings range to the of all expect we growth XX% $XX.XX, to of $XX.XX to full over be the together, adjusted for year XXXX. reflecting

dispositions, been to XXXX. share Excluding per XX% XX% have adjusted earnings growth would for

stable calendar and XXXX, throughout the macro year environment. backdrop anticipate in we current the assume Finally, a reflecting worldwide

the Jeff. with And to I’ll back that, over call turn

Jeff Sloan

have the Thanks, at faced we more outlined we investor Josh. in we all that a incremental I challenges in trajectory These accelerated year. not achievements our proud more the XXXX throughout Simply a despite model. us of could growth the conference. increased be accomplished we better, confidence built given durable business put,

Our the sales XXXX we and return are of normalcy a calendar levels. it. manage for XXXX intend closing mean Netspend that our quarters businesses strategic our very expectations are and BXC EVO to The and forth September our and in three of recent the businesses will a we reflected the typical with anticipated acquisition markets results operating for imminent The consumer remains reflect the resilient with much of of the and better of future. in patterns We’ve completed Gaming financial guidance. spending delivering set results to well into the for XXXX, that pivot across

Winnie?

Winnie Smith

Jeff. you. Instructions] Thanks, Thank [Operator

go We questions. will to now

Operator

proceed Instructions] comes Our the question. [Operator Peller Wolfe Research. Please of you. Darrin from with Thank line with first your question

Darrin Peller

lot results. But Nice parts. just still moving thanks. Guys, of look, a

for areas, again, more if how what some profile in, EVO of do these this, parts So more divestiture when the tech-enabled past look Merchant bit the you’re the the think a EVO, in Gaming? of about quarter main Jeff, the importantly, you give question divestiture, moving sense beyond us Merchant – you terms when verticals is of in granularity. of the next Gaming the business, operating year would you growth this again number guess, including can of help But you one, the be including deal, in some I my this businesses, all forward were a can in first look business, going the little us the if – what just or the X? we of understand, – software-centric And the

Jeff Sloan

to jump and Jeff. ask start, in, it’s Darrin, I’ll Cameron too. I’ll

of I think that over we’ve number calls. described the So last

in We’re end the of the press targets and business if where, feel challenges prepared revenue in our BXB our that’s about revenue those an guidance three an aggregate, and going Issuer excluding all in company. in. morning us the of those you – basis, in in Merchant up business better to That’s company back, incremental despite with achieving lot cycle a XX% our September markets expectations, quarters in That that of we’re a the remarks reflected anything, is of the step ‘XX and covered the expectations. of was actually we the makes release uncertainties FX-neutral dispositions this on hit if

end also to a generated but growth, we’ve touched I pieces also future for I that the future all of this have by that this on remarks. and come. volume transactions in I Merchant, my we many announced expect year, I’d I as my Gaming and in to the So of remarks, some XXXX, growth I we the morning the the X% X% prepared three second, the that the that that say quarter, said X% XX% the I’ll the in that expect fantastic also for announced touched of we quarters today the quarter, on Cameron prepared turn – businesses to in announced in now previously the for reflect years closed have will

again of pieces the kind Some grew volumes Mastercard the our e-com that e-comm into excess PayPal integrated the and omni grew businesses. and Visa, course, business, into announced of our excess and which meaningfully of which what namely in reporting, that in mid-teens the like. of in into terms last again night mid-teens, added meaningfully their the of of

merchant we’ve historically expect that the business Cameron, drivers drive last want investor you calls years growth at our detail conference the those provide forward. continue Merchant probably take to business, of do X to to described to or last X I it? on our in think I more So in

Cameron Bready

spend start a then the as bit time I’ll well. Darrin, outlook little on with I’m to. happy I’ll of the quarter and Maybe Yes,

Jeff highlighted highlighted, we the which as double-digit business, was we’re quarter, I the the in growth by think U.S. pretty with growth pleased led saw overall business. Obviously, for that the So produced again of, the ATM also also a the and performance But perspective. our I double digits. businesses in couple from note, the quarter. Jeff think, payroll outstanding a businesses in I’d point-of-sale, grew

grew double the digits. Our in business vertical market

business North was in double we for U.S. digits our Canada, the in what America quarter. overall at exactly was QX. including So did right total, XX%,

So think bit U.S. strength We saw Where the of North of a UK. American our across again, some I good the kind was and from we in headwind little do headwinds businesses. businesses. see Asian macro and European

remarks. think encouraging and I that is be XXXX, we’re as talked prepared to see Asia by see we early of a results starting about to lift, our which into into restrictions, impacted year. reflect those lifting to in And COVID-related heading get obviously continues January the restrictions, we those although

a QX. our largely point QX, headwind really, there QX in QX, of were but tailwind So businesses. in and of same performance as a point in the was They for international were

constant I I think currency what Fiserv. look overall, saw Visa, PayPal, at growth, you from volume you think, when against X% Mastercard, the business fundamentally, favorably very compares

of good feel we momentum the as think underlying XXXX. head the business I So about we Merchant into and fundamental very the performance

we of consistent with for talked consistent be Global expect largely we’ve relatively that morning, for seen we perspective again, X% environment to our a that that guidance to XXXX XXXX. exiting of Payments XX%, what provided this from sort growth about business business kind core start reflecting a with the cycle we highlights at macro As with

expect the really of feel about performing just that. technology-enabled how good we are think drive the business continuing we aspects I parts fundamentally, in do component to to that So the business and the is growth

Jeff Sloan

Cameron, off that to I we just And see Darrin. said, Yes. finish that point on from as trend,

we prepared same the As continue into trends saw I the in said January. remarks,

So really for into are the February. pleased metrics have have into with and results that January that we preliminary we the with January, we

really Cameron consumer. a healthy a really as morning out about change. seen alluded of with comments to, just much haven’t we Bank haven’t this of So – America some came seen

we be are. pleased continue where So to we with

Darrin Peller

great. that’s One quick great, Issuer on the That’s follow-up side.

be You is the the you remember obviously million showed ‘XX of more correctly. file Think maybe fourth scheduled over for, with accounts which Caixa, have I we – if you to for XX come and to acceleration hoped are on on have year course the in the quarter, that great. able

mistaken. And so that seems not like been tailwinds, the – Between all roughly have about a just to thinking was for if it’s conservative? could I X.X% that? Is X.X%, on just it you little guidance it Can Thanks, guys. it the higher? Issuer, think I’m touch

Jeff Sloan

Darrin. Yes. Thanks,

look, pleased So really we’re and business really and Issuer is, think I BXB it’s where the issuer now. with

So of half Issuer particular, quarters. I exceeded the back and calendar you for in tell would for in that the look, expectations certainly XXXX, two we month every our almost

accelerate So will we’ve got what will our further. it fingers better crossed and we that do that

of mentioned very look healthy. results I to ago, minute As February a metrics the January metrics and issuance – preliminary in January also and

revenue. that better basis in do say Darrin, fourth just So itself QX than look, sequentially core we I in though of of points can sequential into XX the Issuer would ‘XX quarter that. hopeful represented of from QX, we’re acceleration terms

that it had tailwinds is the in continue. in the quarter will since Darrin, month that bar, if merger about a look its merger, look, in expect in think business you’re you I to adds and had talking I’m So we quarter in the a December first the hopeful how But was good multiple the got since performance business. that delighted we’ve that say best the of low talk about back but that May can be performance to performance all that

it where about excited really We’re is.

larger. is get goal our BXB of part Obviously, to

prepared to single-digits our of obviously get today, in like plan our that So get as added part business, Josh to growth. about to XX, BXBX in time said over to to that growth his high rate. reflected that’s Paycard bigger remarks, in and We’d XX X.X% the basis but guide points to up that’s mid

got on in year easy of And look the sequential build back how and about to every that acceleration laugh it calendar can we’ve opportunity in think we to saw was. continue the avenue I So later available XXXX. hopefully, Darrin,

Darrin Peller

to great Thanks, It’s guys. Alright. hear.

Jeff Sloan

Darrin. Thanks,

Operator

you. Thank

Faucette with James question. Morgan with Our line next proceed of question Stanley. comes from your the Please

James Faucette

quickly you to for wage And around wonder Great. help margin a And you’re expecting Thanks. expense just of if can contribute expansion. detail I little to labor. on I to have the is wondering margin expansion? like that and expectations wanted just there, particularly if part give pressures what side point? this touch at subsided more largely

Jeff Sloan

it’s of give of James, a Josh you wanted detail. I I’ll to start in I’ll kind and bit a jump Yes, to level. little micro ask too more macro the Jeff. at

business. operating of the look, our to job company. So part Wage rent the manage is inflation, inflation, that’s

not that for to is blame job misses. Our

are ‘XX, that’s little Our to admittedly, or fourth market and last employment members And over market, we just and move I in was versus for more. think would company in The that there doubt our or is wage changed. job time expectations was similarly we’ve and was the James wouldn’t speaking value seen a I of team even layoffs the in our need is say, I headcount bit and think folks years. competitive. looked, is or be team company people quarter comp not a to XX% been from tech what tech market us, certainly I say more probably up little we but number bit absorb perspective. of last do, guide which ago, would around able and broadly to on. our as the though in changed no come the And the the in I inflation that’s you’ve valued members. the other up been around world, has country a I just change say, the the there that

done. what numbers, job move which kind our them As those is we’ve I still ago, of mentioned is a and manage minute absorb on, to

wage ongoing inflation with margin for margin expansion year. everything growth, offset want we our else. expectations in actual was with expansion reflected it margin So, the specific this stuff? that reflected our we you year. is some results It to offset and last on of obviously, Josh, more leverage be And for in good

Josh Whipple

absolutely. Yes,

realize guide. which to points, we basis margin levels balance we basis expansion year. expand said I shift is we basis approximately expect in mix of about and we normalized enablement XX you basis the if the cycle say similar which is that synergies. I this partially in the the And technology business in expect which more offset we be of see as to saw to about, expect is at that to expansion And margin XX to our of my and of think James, So in is margins talked then see prepared expansion go towards which to profile that QX ahead cycle before primary of had ahead we our of points points QX, by XXX really to EVO points, the a approximately of to start XXX would XXXX, we XXX driver and divestiture that guide remarks the of the lower benefits margin expect Netspend, outsized

bit So that’s for a more little relates color to outlook it margin as XXXX.

James Faucette

insight didn’t I If doing heard basing job Are SMB I’ve my be try appreciate I outlook guys a of seeing you of of it Thanks. give are bit e-commerce? in kind at some other Really segments, little your exposure, on you the you e-commerce, of weakness, of mixed feedback little Can from seeing look in be that that. relatively you’re kind SMB? test the bit. similarly just space. a obviously whether and I macro if etcetera, in pressure wouldn’t recently we into And then – companies on stable environment. to what whether guess points your the

Jeff Sloan

I’ll I’ll Cameron and detail. Yes. James, more then ask give start, to

remarks, we as is markets, our of think macroeconomic-related. that a moved our say, said a this, they I United quarter the headwind. Pacific, said just in from and Asia prepared Cameron look, lot would of certain tailwind a to Kingdom, I So And in fourth

out. we’ve obviously those that alluded expectations. our disruption make to, fourth COVID, quarter is certainly from metrics in Cameron results remarks, want my of continuing, macro seen guide rates, is so results coming FX, you call from shifted was of trending of already whatever UK, appear it, the January and But to kind and our kind January the whatever higher from from in mentioned COVID, of trying in to results as the our and that prepared are we and that see doesn’t I annual favorable James, and that Some quarter. I before kind fourth point preliminary

where the early to cake, SMB you on we So in are. I as be kind of Cameron, bit and a so say speak, want of that’s we about would kind more to little think detailed mix?

Cameron Bready

I kind the of sales to. what had the see new and we to I a is it was best can U.S. businesses we’re Merchant I booking best example And that’s in to our I’m XXXX XXXX, our exiting right Yes, business our seeing in just second overall. barometer of mean overall health think market. sales we business as provide into trends time. stand I where best across our vertical the probably not, Believe of it And in year happy December. SMB month we good now it relates Merchant stability as relative we or that the where our is markets because target think market and that heading all

So think I the towards momentum continue new we results. again, – good we sales, all coal our businesses, vertical large. see XX% is XXXX. here had market in what and the market omni SMB think really good payroll of targeted to E-comm near to continues anticipate the We by the in largely growth obviously, for in from in which a segments and U.S., a that I and bookings in month December, perspective, produce a we’re across mine sales seeing good good record very canary

solve I to again virtual we again, I on As world. from physical we in to those think the customers, globe our we adoption But growth merchants we benefit, are our mid-teens highlighted this positioned we digitization today. from markets of think virtually quarter, merchant for and all complexity see in operating uniquely that and capabilities help the yet trends blend around this the call, obviously are which continue great

we can the perfect are we confident year. that head fairly as perfect highlighted. XXXX Jeff of we think assuming into Obviously, think to the I today. as the don’t macro QX, we I evolve in see over look, course guide macro are provided So, macro. We didn’t

think some the of So, reflected in obviously today. guide I is that

I confident in results better are. ability our guide from that meaningfully we our we it the I morning. gets meaningfully deliver it in worse does And this again, assume on think call feel earlier we to it the gets forecasted where doesn’t assume think nor

James Faucette

everybody. Thanks

Jeff Sloan

James. Thanks

Operator

Thank you.

with question next America. of from Kupferberg question. Please Our comes Bank of line the Jason your proceed with

Jason Kupferberg

Good morning guys. Thanks.

to to pulled see are don’t XX, in I X.X% acquisition. together talking try XX% about where I organic I adjustment the the divestiture here. X% to pieces some we just I explicitly you there, anything of Slide growth about wonder if issuer. the X.X% see EVO in understand So, merchant, but talking

So, you showed X% to X% here.

am I the guess organic still for we EVO? don’t overall? that, So, I know, I the that is don’t see adjustment confused essentially

Jeff Sloan

Jason, Yes. it’s Jeff.

So, start. I will

our guide, GAAP and the the the That’s headwind. which net got row, we with said start We it’s a to is The normal adjustments report, point to home which is was will X% we XX roughly get we second have our revenue. row, then So, GAAP the X%. truth adjusted is first what neutral. adjustments, currency basis

know basis and think worth to We what going trying out out to based didn’t just really absorb that. points calling we is time. on anyone’s that back are XX We

if The net that’s things. manage we EVO. net it Our reason those call divestiture, of is to job

in mentioned similar So, on day. and minute our roughly a are the close, around to as BXC is expectation, size. Netspend ago, They EVO are same going I

more of would say a So, there leakage. is I of timing little no those less, bit or there is discontinuity things. Those offset

there XX business but gaming, year, Netspend then Jason, revenue-dilutive. XX of points And period. Russia revenue April we on remember, basis sale announced for the the of which we earnings-neutral, from EVO. acquisition last a But forced obviously obviously Consumer exit also today to of have XXth, overlap So, a leakage point of we then to there so is might of were be points, relative basis something the sale like the

net the of minus X.X%. is effect So, that

acquisition Russia, get EVO, you of net divestiture the gaming X.X%. the If sale of lot of does the of Netspend to the sale forced Consumer, together, the minus

get point, is core if get X% XX, what we you says is business core net the to back add our there currency your net which back to call and here. which doing. it and the really the you of effect, That’s to So, view X%, on why Slide it

in you want If his quote earnings, and press take that actually in put release. to to Josh this

back cycle you divestiture the doesn’t divestitures. our out it’s – our include guide If not because

accretion correlates we we X last look run guide to the there year only you August full from run year. But what for of incremental of X% is well, to run would are not if back earnings you this from XX% Xst, But to what at get going is in that guiding free at out, because synergies, EVO’s we what own expense points about it we If rate – at if not have year. Xst because were the been say, to, X core X% or full of XX%. because XX%. X% full to rate accretion August XX% to of you That’s point our growth synergies phase expense of that’s only report. the Then rate another EPS to which nine-twelfth

XX% are guide. at in, earnings actually put You and XX% to that we

Jason, of the the X% the what is quarter X% it, doing. about to think is So, way rate we is run

the to what X, are We we of to guiding does. core it’s revenue do, X%. of really company, on, it whatever are going not X, phase rate confusion. XX% We growth EVO the X release to core are press company, and growth who report with it’s the our XX% XX% What’s X% what’s to XX%. for which in it’s your full that to earnings is, what’s synergies, want going But have any Pages those to don’t because interested what is in

so it’s of uncertainties the right all So, right on Josh the again said, on margin, and despite top our on world. guide cycle again XXX of the already top –

Jason Kupferberg

clarify a from And housekeeping do is expect potentially Okay. year you pops quick sheet Understood. room do solid you can primary follow-up, up? just something then of Netspend this year down deals use And to then balance this interest interesting income just you as but to know a side? just how thing, much see benefit Thanks the the financing the guys. I if on debt, pay particularly

Josh Whipple

absolutely. Yes,

pay and down go to primary ahead this our year focus debt. is So,

focus And balance to paying expect – close, our year, are debt then on at we we EVO with X.XXx levered. leverage end be so And current get the we Today, for once currently year. we of the of back levels about the levered. X.XXx will to and will down the the

for income, $XX about If the year. million interest it’s you approximately think

Jason Kupferberg

Thanks.

Jeff Sloan

you. Thank

Operator

Thank you.

Our the Please next Keane Bank. Deutsche question. proceed your of with Bryan from question comes line with

Bryan Keane

Hi lot A the looking the merchant of results. Jeff, guys. and side. ask solid on yields. chatter morning I to Good about on congrats wanted at

favorably Others look comments about they yields are guys merchant you how If going peers. in increases. at give business? forward on your are volumes, look you showing Can the think yields and large some very flat. versus you you just about On yields,

Cameron Bready

to. jump Bryan, and to add it’s I Cameron. any will if in, I Yes. Maybe would he like additional Jeff other will ask comments

pricing providing do say So, would of our to hasn’t fairly philosophy aligned We I service to pricing we are getting are much. customers for this. will and very just level and paid look, around capabilities are and our we want changed I ensure generally the say, our with really appropriately strategies,

are ourselves We provider be to really the the market. in low-cost positioning not

on that deliver based benefit capabilities we the service customers that have obviously, competitive. in we and strive are differentiate the think serving our But marketplace. of the we to price the to we I ourselves

continues towards are vertical spreads that more see to technology we our expect have So, like around business, of omni to call, in as your general. business, talked continue relatively technology, to I as we revenue services, higher would of we say, in e-comm earlier everybody merchant spreads to continue we our have All etcetera. growth growth. remained over be to to tailwind pressures we more our the inflationary than with increase the market obviously, and to point-of-sale selling point, consistently And in pivot have as for scale continues businesses growth. traditional generally track kind would we Obviously, absorb else, wage, reflected goods, I that about say, I we But accordingly. this on spreads pricing have we to volume mean to plans our relatively have consistent. overall acquiring enablement those because grow, overall continue continue sort our businesses time, a

say, So, been we we pricing I been have I spreads of volume in able business our strategies the lot globe. growth generate as there relates time. in the a on revenue But is have as across growth back around fundamental move really our the sanguine as tailwinds fairly good forward we to of would it think solid to

Bryan Keane

about renew Got I kind it. of have worry basis, the always significant is Great. to guess of renewals, will on And those renewals. the take larger just in on bit or because obviously, sounded the pricing about it of a bit you just signed business, Jeff renewal environment. little like talk Cameron, could quite cycle the thinking some renewal a others, with have you BofA there. to Thanks. just a discounts a and you businesses competitive

Jeff Sloan

Yes. Thanks Bryan.

think you what said accurate. is I

for guidance, renewal it’s our this just and our in That January BofA largest period. a They look, customers. of one Xst, year right. multiyear is renewed started So,

X% that. X.X% reflects our on at X.X% So, the midpoint, the all to page

would those we through right things. I are growing, generally So, growing say and

So, is somewhat to technology, I changed. the with in issuer right, hasn’t think changed comment Jason’s that What Cameron response think right. in leading has described, really we business, are I

are get there. we the a needle don’t the not So, cloud-centric not is RFPs the don’t now world And centric. most think have if it’s the cloud solution, in really I if pricing going – cloud-native I you move all of think then to

size is course, double Deutsche closing is in Post, was Mexico our – we they biggest Germany Post. with doubles with today Europe, obviously announced acquiring peers. probably already in on TSYS think and the LOI. takeaway of of but Mexico, in side. And the imminent, I That are new one competitive from our customer BofA, it EVO, in the announced was takeaway So, the that Deutsche Germany. our we think that’s we of business that what Deutsche size in Well a which timed Bank, but

We are RFPs, those too. are very takeaways. excited all Those competitive are about that

competitive stakes. has in on I be leading the But become table So, to would say you business issuer price. technology have

in have compete. you think I So, not a it’s AWS, very cloud-centric, are do to we partner like difficult if you

acceleration else from the is, the a end all the and BofA, on the discount quarter And pretty x P&C, in basis you year percent So, is in In that we of other the more commercial back more math to give XXXX. term, it volume Mexico is and me in issuer our we Citi experience that and fourth predates growth the And are accelerated worked win of years. forever. XX the is that’s I your points way And within third with can at is over and if way the for renewal a fact question merchant, months answer business, doing everything sequentially think the recent in the quarter. side, expectation surpassed XX go these the it’s you are yes, our the first ago XX place. things in day, in X-year the Bryan, been first an merchant works our seeing much growth versus

and on me want comment So, maybe you that XXs it’s the XXs certainly, – Cameron, do my I in merchant? and issuer can’t the to predates been speak merchant. side. And on experience that’s

Cameron Bready

are It’s was We thing add that, and the be only a that all the merchant people. are as to like all going we and trying to business see they market, perspective to card it issuer. acquiring Bryan, business growth I to of growing, their things renewals to little not No, in bit relates and are the good we segments market. winners issuers very today. organic in are a targeting specific they more really target Those deployment from the who portfolios,

renewals because to of can point. you Jeff’s going those to are some time, afford you grow short So, over discounts to a them to period degree, through give, on

a issuer a organizations the we bit market from perspective. in marketplace, speaks the target And like So, we business how winning around growth with, to the time. over little and us to again, a we those the it are give of position sort that partner grow to the opportunity any on to provide may marketplace discount have through renewal us the in for

Jeff Sloan

the the are stuff it with providers. all with existing Falcons, we states, new are Look, those announced are like Those RFPs Braves, the entrants. Hawks, RFPs fintech RFPs, the like sounds today, with the too. Those

too. those winning are We

NBA, at MLS right, of Some NFL, RFPs know etcetera. run the how to guys the those

we not technology leading would and what So, with say cells. are I is that’s

quality tech care of that said, don’t and you of the about the support, the quality quality elsewhere. If look as service go would you Cameron probably

Bryan Keane

Thanks guys. helpful. Very it. Got

Jeff Sloan

Thanks Bryan.

Cameron Bready

Bryan. Thanks

Operator

you. Thank

line comes question Govil the proceed KBW. question. with Vasu next Please of Our your from with

Vasu Govil

my and a macro just guess bit of book question. slowdown, on question defensiveness taking acquiring the does are would you with EVO? business the the on And if of macro could Hi. how that first little I My your you all? EVO for at accretion the extent business. talk is Thanks change the to about outlook there, the

Cameron Bready

jump to I Vasu, ask will will in. start it’s I Cameron. and Jeff

I we think the their EVO what overall the to markets is globe. faster around about growth exposure portfolio like

those macro I card where environment and payments obviously, EVO, may Obviously, of that’s environment have in geographies underlying in have with of us as secular notwithstanding one So, with to it strategy part the those exposures strong pursued be. they over the digitization see favorable trends. that it’s growth consistent relates we think time, what macro adoption, good markets to is to

XXX, So, we in longer our that. three time. macro the it million opportunities periods from which I think consistent run I that that are environment create we they provided for markets. secular for XXX, a obviously year, but EVO view continue to Obviously, and have of rates reflects – guide is which we obviously, about that some feel, Payments, over tailwinds to degree, XXXX of does, That of grow Global today, think for growth $XXX us benefit the to around obviously globally that today to at like something for pretty the here good fact quarters

secular bit growth leave again, in us of apples-to-apples trends think well So, of the softness to a and of see years I as year-over-year, But markets. may strong little yes, see you that XXXX macro positioned more EVO than underlying as offset for in good the some these as beyond. well growth business kind

Jeff Sloan

over at EVO XXX, Vasu, growth like Yes. in year number, is, as for the the double-digit Josh reflects XXXish, which remarks, period-over-period. I that whatever math full that his point, XXX is prepared mean

showed on what we Xst was you for response the that’s if fully ready. with earnings synergies as That today really is question, Then X% a of said think I nine-twelfth I the on phased change. X% in in, to for year EVO, question, fully number no consistent to of what your for we you EVO. So, accretion said, James’ phased as August the

Vasu, That’s nothing the to get guided has X%, ‘XX. of would offsets BXC Consumer in said, we Netspend Xst completely disposition. X% what to to You basically which changed. we August

Vasu Govil

you are already. about very you And seems digits. we But And something of on trending of portfolio a towards or this help cycle on Thank that’s the it the follow-up commercial issuer. medium-term forward? or high that? was my what’s if that mid-single years. for for questions think is a more know weighing guide it couple just now quick end rate just still beyond going of growth got you us sustainable in guide the that I low business your think Can a visit was sort And lot you level, sort much. of on

Jeff Sloan

Josh Vasu can jump take that and I in. Yes. will

today. I guide, news to right, for guide TSYS X%. So, our in was X.X%, good X% look, think has is go to our we up cycle business been, that The X%,

X.X% is X.X% to cycle guide. historical also. X.X%. X% X% Obviously, X% notice the So, the relative the But X% midpoint, X% we have to to in X.X% the to X% of to midpoint

think So, good that’s news. I

I that native would which described, I things to think in what in wouldn’t I One, cloud business, working if mentioned have the business we been – weren’t we technology we I think won that as of our we in advent other cloud-centricity have AWS. in August XXXX response we we deal would CaixaBank in have the announcement obviously is Mexico. and twofold. since think is Bryan’s business, new don’t with question, the and the I the of won and look, won on have difference really know cloud-centric

right, with technology it’s I made thing of point are but one. obviously, and That’s think people as and always are I minute Point always BXB ago price we said look, we the now should of the as I Netspend in BXB. with competitive. talking too, am September MineralTree issue, is buying, becomes point. assets X% bigger going about take mentioned of Cameron now is in So, to think two, on this x price item. kind the which think that’s higher changed time, is pivot we first is XXXX is what of number last with new a think half of including kind mix BXB BXB, I a back I year, and really from Vasu, elements what the takes number and over an And a that and that That I you to you X% to it’s the

which said in prepared his more think it. I today, of sensitive As Josh remarks subsidies macro and Paycard, is had COVID in excluding lot

out, if the back added that BXB XX to core. employment, bps you For

to bps, just So, it if you to quarter to an high, said traditional close enhancement now mid through over X% we I X% going to XX change mixes X%. burn the And If the we in is pipeline, quarter. was is is that get growing X%. as the mid X%, the BXB are growing think are X% growing quarter the fourth and obviously you to to you as those are and which with adding

guide end But is now healthy our place. higher in So, We obviously, the the That’s a of right over continues X.X%. very high hope, X%. business time. that than is

As expectations I don’t signs of changing. I currently issuer any our had record the my peak in record And in in business. said during particular, prepared after we remarks, see our

Vasu Govil

Great. very for Thank was color. the That you helpful.

Operator

Will gentlemen, morning come question Thank line with your with and of Nance Goldman our the this proceed question. Ladies you. will Sachs. Please last from

Will Nance

two kind mean, am of earlier wanted are the kind sum appreciate as needs of segment on you of kind and/or just or And exiting a I what low-double GPN kind on you to kind to of bridge issuer. standalone digit to top the Slide cycle the mid-single towards rates improve line? how of what those guide of do from those the standalone guys taking to guess X% on of in I Jeff, merchant you growth I digits run XX% X a Hey kind basis on you of follow-up growth question to I guys. I product and question. the gets the at the looking get growth to Thanks. sort X% year. on X% here just rate at numbers? ask

Jeff Sloan

Yes.

say to and I just would guide, with I is our would reverse. what like cycle So, that start in Will work

cycle So, our it. guide of M&A low-double in digits includes

capital historically, for For the And ‘XX, example, expense deployment side the And kind a historically on it’s have or gets whether else. couple what generally deployment a ‘XX, and M&A as anything back in of we growth basis revenue been has or company, is going any as even of period. said to probably up points before ‘XX, revenue buybacks side, for part. has a X to given to well always add can M&A, of points example, X hundred earnings that capital Will,

overall that’s go if question, the and XX. generality. to you So, Then your on Pages X

revenue have of coming to XXXX, are company, doesn’t guide a our Obviously, we So, cycle the we have the three XXXX. is get selling of in what disposition we EVO is the are which quarters what’s in in assume XX% we where trying disposition. of only at

you a X% as And mentioned X%. give period there headwind assumption, a a So, and the we has a obviously, the is year. sense of better currency currency I the ago, exit that of also over back then to bit a out to tried to minute

accelerate we answer to question we EVO, the is expect merger XXX, Will, to your is see as think I with number. just So, revenue acceleration, integration expense an

you EVO ago that X to X% of XX% a just at you XX% going to Jason’s the end over question to when XX%. is to opportunities, revenue. So, to it’s as opportunities a ex currency we and exiting and X%, mentioned in closes earnings to expense guide X% response at I if X are points, to X% year bit EVO double revenue add our of back of of minute digits a thing the the XX%, year as Obviously, there, beyond those were were integrate to we EVO it add look X dispositions cycle are on the X on last alone, to Page to which cycles, points, towards this you number get year, X. on

on a I it’s at what to issuer Vasu’s in our of the X.X% think So, ex just of full the would is mix towards sharing kind conference, think And X.X% are X.X% But BXB, high X% we we I more end say, we business lastly, revenue of the in that year with on alluded we the of this of are the ago a the number minute line towards question, shifting side. the response obviously, said effect X%. I think mentioned kind right EVO I disposition. Then earnings the distance business I investor to with in historically. middle, in to within

it’s have obviously, it X.X%. to And ‘XX most like number ‘XX and like at would it year So, still we of here for X%, to X% said up was in a X%. end is lower the

etcetera. XX roll coming to That to like continues points, continue business we the BXB in XX should see as mix points basis that As CaixaBank, from basis shift, another wins from things accelerate.

to are of is XX% guide you with XX%, top our cycle which in Now, on it. M&A

and a So, of where to this we say, also from track view. we like would dispositions. as sight today, I ‘XX, Will, currency in guide hit let’s for that, remarks we exiting ex I be to not be and cycle kind point of constant we would sight release think prepared right on both year, press said of the calendar are lose neutral the our

in So, environment. think despite I macro we current all are be right, we we the want are at the to uncertainties

Will Nance

Appreciate Got detail there. all it. the

quick details So, all I very in very BXB M&A acceleration and appreciate business, I towards on core shift slide the follow-up. helpful. the deck, very have clear. the way, the that’s some a issuer maybe by guess I that’s mix

you business, On to gaming so XXXX could number have the that just business the we clean a there? on any just provide results, of details contribution

Cameron Bready

of I million business or that a Yes. sold around sort color a it would bit kind The It’s little of about at And sense year a Will. we $XXX Xx think got Can multiple business can of Xx. gaming of that contribution EBITDA give X.Xx, an the you level, I you Cameron. there, give so. deliver.

at the revenue. have as one-quarter $XX will business, so about XXXX, look we million of we of So,

will disclosures kind from You highlighted X relative revenue we about Page of our today. had plus of million lose see that And then can we what on $XX-ish of that to XXXX business. in

Will Nance

questions helpful. Very Appreciate you it. the guys. Got taking

Jeff Sloan

Will. Thanks

Cameron Bready

Thanks will.

Jeff Sloan

thank on a very day. of us Global behalf Have Payments, great this morning. for joining much you Well,

Operator

This conference. Thank today’s concludes you.

You this for time. may disconnect your lines participation. your at Thank you

Global Payments (GPN) 10 Feb 232022 Q4 Earnings call transcript