To that end, we are thrilled to announce we have signed new partnership with Desjardins, Canada's leading financial cooperative group and Citi, one of the largest money center banks globally. The exceptional of our technologies, particularly in one of the most competitive markets that you can have, which is e-commerce and omnichannel business. •Net revenue is defined as total revenues less reimbursable items (such as postage) that are recorded by TSYS as expense. In the UK, we delivered mid-single-digit organic growth, which was ahead of our expectations and accelerated sequentially from the second quarter despite a continuing soft macro environment and the uncertainties surrounding Brexit. So I think that's just as further validation. We continue to see decent same-store sales growth in the business, roughly 3.5% for the quarter and obviously new sales and attrition rates remained very constant giving us again good momentum heading into the 2020 timeframe. We are winning every day in the marketplace with the uniqueness of our strategy and we are very proud of the company we keep. I wouldn't suggest that that's a meaningful aspect of how we think about driving revenue enhancements by combining our business. For a full reconciliation of these and other non-GAAP financial measures to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this morning and our trended financial highlights, both of which are available in the Investor Relations area of our website at www.globalpaymentsinc.com. In the Merchant Solutions business, we are building on solid third quarter performance as we align our go-to-market strategies in the U.S. and begin to capitalize on cross-selling opportunities. Our next question comes from Dan Perlin with RBC Capital Markets. We are fortunate and grateful to be in the position we're in today. So Darrin, I would just say this goes back to APT kind of 7.5 years ago when we did that deal in August of 2012. I mean congrats on the Citi partnership, I just -- I guess I just want to understand it, what exactly you're going to be executing there. Got it. We look forward to completing the next phase of our rollout of UCP globally when we go live in the UK over the next few weeks, which we expect will support continued momentum for our Pan-European omnichannel offering. I'll start there, Darrin. Total company adjusted net revenue plus network fees for the third quarter was $1.31 billion, reflecting growth of 27% versus the prior year. So it's just about 50%. Just coming back for Money 2020, it does sound like you know pricing has been somewhat stable at least on the SMB side, if not actually better. Our terrific third quarter results highlight the continued momentum in our business, which is being fueled by broad-based strength across our relationship led and technology businesses and underpinned by consistent ongoing execution. Revenues: Merchant Solutions $ 1,004,943 $ 316,471 $ As for the outlook for the combined company in 2019, we now expect adjusted net revenue plus network fees to range from $5.60 billion to $5.63 billion, reflecting growth of 41% to 42% over 2018. I think the opportunities are right there too. I think once we feel like our sea legs are there and that we're tracking in the right place, this won't be an issue of capital availability or balance sheet, I think we have those today, instead of saying hey we're in a really good place, we're in a really good trajectory, we feel very good managerially about where we are. Find related and similar companies as well as employees by title and much more. Viewpoint: 2019 mergers and acquisitions impact coming soon to Atlanta office market. We are also laying the groundwork so we can begin to deliver products like Vital POS, Genius and ProPay to additional geographies internationally and enable TSYS' legacy customers outside of the United States. We did get some accretive growth from the legacy indirect side. We really have not seen the advent of our ISO, to be honest in any of our businesses in any kind of meaningful way. And we maintained our consistent track record of growth in our own software portfolio as our strategy of delivering the full value stack in key vertical markets is creating deeper, richer and more value-added relationships with our customers. Now I will turn the call back over to Jeff. So I just want to be explicitly clear about that. As a result, we are also increasing our total expected expense savings to more than $325 million on an annual run rate basis within three years. Is that a correct interpretation or are you just simply giving us more insights into how it fits into the broader integration strategy? Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support And I'm just curious in terms of the harmonization of those two approaches, how are you viewing that business kind of on a go-forward basis? We expect this transaction to close by early 2020. We want to make sure that in the next number of months all the stuff that we've laid out internally and externally that we're going to meet and even exceed those expectations. We've learned a lot of variable valuable lessons in the process of merging with Heartland and integrating Heartland. Yeah, Eric, it's Jeff. reflecting consistent execution in this business. And in fact, at least one new sizable one has come to pass. Forward-looking statements are subject to risks and uncertainties discussed in our SEC filings, including our most recent 10-K and any subsequent filings. And we also accomplished these results while simultaneously expanding our strategy to be the partner of choice to the most complex financial institutions worldwide. So I really think it's the experience that we have and our ability to work collaboratively together. And we certainly view there U.S. is having a differentiated strategy in Netspend versus the other public competitor and I tried to listing those in the prepared remarks. And as Jeff mentioned, we are already making significant progress on the integration of our two leading pure play payments businesses. So it's specific to the Unified Commerce Product offering that we've been talking about for probably about a year now, specific to multinational customers on an omnichannel basis. Hey guys. Adjusted operating margin expanded 80 basis points to 33.8% and adjusted earnings per share increased 18% to $1.70 or approximately 20% on a constant currency basis. We believe this reporting structure will best align with how we expect to operate our differentiated payment-centric business model. We are delighted to have completed our landmark merger with TSS this quarter, bringing together two industry leaders and positioning the new Global Payments as the premiere pure play payments technology company at scale globally. Yeah. We are making good progress, particularly in the merchant business on realizing some very tactical cross-sell opportunities already with our combined businesses. As for expense synergies, we have implemented actions that are currently run rating ahead of our year one target and have already identified additional sources for expense optimization. Perhaps just starting on the TSYS side, you talked about already having taken the actions to achieve the $100 million of cost takeout in 2020. Yeah. In addition, TSYS' Issuer Solutions business recently completed new long-term agreements with the Central Trust Bank in North America and leading retailer Riachuelo in Brazil. This reflects a price per share of $119.86 for each share of TSYS common stock, and an approximately 20% premium to TSYS’ unaffected common share price as of the close of business on May 23, 2019. And so, the fact that that has grown, just kind of underpins just comments around the mix there. That was completely integrated business, adjacent areas of overlap, which I think is great opportunity for OpenEdge. So I think that was driven strategically less 5G what a payback might do or more rather by the means and mode of competition in those businesses means that you need to sell all those things or if you have reduced to just selling commoditize payments processing at the lowest possible price, which is not that interesting from our point of view. Thanks very much. But I would say momentum in both of our businesses is very good. Our ability to execute on an accelerated timeline was made possible by the highly complementary nature for our market-leading payments and software technology businesses, the strong alignment of our corporate cultures and the unrivaled expertise of the 24,000 people across our combined organization. Good morning and welcome to Global Payments third quarter 2019 conference call. I think it can be a part of the overall merchant business, again without being a core part of where we're deploying resources trying to grow the business in the future. David Koning -- Robert W. Baird & Co -- Analyst. What should we be thinking in terms of timing? I was interpreting the commentary, Jeff that you made around the Consumer Solutions and in particular Netspend that's kind of indicating a renewed important strategically of that business to the combined entity going forward. 0 So most of the revenue synergies we expect to derive from combining our two businesses are really around those particular cross-selling opportunities, bringing payroll into the existing TSYS base of customers. Our next question comes from David Togut of Evercore ISI. We are a member of The Civic 50 and were named … And I'm just wondering as we -- you were pretty on the synergy targets I think today, but are you thinking about any opportunity to repurposing the second location, is that contemplated in a cost synergy further down the road or is there some other use for that long-term that we could be thinking about? It gives us confidence that we can continue to accelerate growth and maintain it in that high-single-digit target for the merchant business as we head into 2020 and beyond and hopefully even build upon that in future periods. I know you did this deal and have a pretty attractive capital structure right now. The top 10 competitors average 9,389. TSYS generated revenue of $4.0 billion in 2018, while processing more than 32.3 billion transactions. I think what we're very excited about the combined company, certainly as we looked at TSYS to address what you asked, we are entering the fourth quarter with our expectations of an accelerated revenue growth in TSYS just really 13 days after the close of the merger. We feel very good about how we've come together as a go-to-market motion as a combined company and how the team is executing in the early days of putting those organizations together. Appreciate that. This is truly an exciting time to be part of the new Global Payments. Paul, do you want to add anything? Net income attributable to TSYS common shareholders was $136.4 million, a decrease of 43.7%. Total System Services Inc (NYSE:TSS)Q3 2019 Earnings CallOct 31, 2019, 8:00 a.m. I'll start and ask both Jeff and Paul to chime in if they have anything to add. Then of course bringing some of these solutions to international markets we think creates other long-term opportunities for revenue enhancements in the overall merchant business. Specifically, OpenEdge produced high-teens growth, while our own software portfolio continued to deliver low-double-digit organic growth consistent with our outlined targets. Winnie Smith -- Vice President of Investor Relations. So I don't know that it's a different point of view. Both Global Payments and TSYS have built industry-leading solutions in payments over our combined 89 years in business. We're thrilled to have the opportunity to partner with Desjardins in Canada. So when we compare that. And based on the work completed to date, we are increasing our target for run rate revenue benefits to more than $125 million within three years. No. So what's so exciting about this is obviously number one, Citi is a fantastic partner. Yeah. I would say a couple of things. Our ability to offer highly competitive payment solutions physically and virtually in more markets seamlessly than our peers differentiates Global Payments. From a timing point of view, I mean we obviously want to make sure, I think the balance sheet is in a very happy place as Cameron alluded, 2.5 times leverage gives us a lot of capability. Net revenue (non-GAAP), which excludes reimbursable items, interchange and payment network fees, was $959.3 million, an increase of 10.2%. The momentum we have in our business coupled with the significant progress we have made on integration, bolsters our confidence in the future and more specifically, the accretion expectations we had for the TSYS merger at the time of announcement in May. But we're glad to be in a position where that meaningfully accelerated in 3Q. Lastly, our wholesale business declined mid-teens consistent with our expectations for the quarter. I would start by saying for the combined business, it's a very small part of the overall combined business. Okay. Naturally, our third quarter performance reflects TSYS' results from September 2018, the impact of which was neutral on an adjusted earnings per share basis. Adjusted operating margin in Europe expanded 100 basis points to 48.6% as consistent execution and scale benefits offset pressure from foreign currency headwinds. Stock Advisor launched in February of 2002. While we compile the Q&A roster. Yeah. TSYS is a member of the S&P 500 and routinely So Columbus is really at the heart of the company at the end of the day. So I do think as we look across the TSYS portfolio over the course of time, there may be some opportunities to rationalize pricing across the channels that we operate legacy Global Payments and TSYS collectively. Just as the follow up. With that, I'll turn the call over to Cameron. So I actually think it looks a lot to be honest, the way Global Payments did on the merchant side. [G�YG�ZGCDkG�qG�RDG�qGG� �����h��`���@��ֈ&������OӁ@����a� �������Y���Y���ى1�ٍ� �Y.��>G��>$@���2iF�(�f�1@Z��!O 9,v�U�� ��m We have just returned from Europe and we believe that the market is ready for onus processing capabilities domestically and cross-border in geographies like the United Kingdom, Central Europe, Spain, Ireland and closer-to-home, Canada. Thank you so much. Turning now to capital structure, in August, we successfully priced a $3 billion senior unsecured notes offering. That's good. Tien-tsin Huang -- J.P. Morgan -- Analyst. In combination with the new credit facility we closed in July, our combined capital structure is now largely complete and meaningfully improves our weighted average interest rate going forward. I would just say that we looked at TSYS and each of the segments is being a very attractive partner for us. Okay. We look forward to working with Desjardins and Citi to bring best-in-class solutions to their merchant customers around the globe. Your line is open. Our differentiated strategy at Netspend consists of product extensions into P2P and B2B segments as well as select international expansion. And as we said on the call and mentioned earlier in the Q&A, we have line of sight to $100 million of run rate synergies in 2020 already and the actions we've taken will allow those materialize next year as we continue to look to do more for 2021 and 2022. But I would say sitting here today, we feel pretty good about where the pipeline is and where the pipeline is going to be. Growth for the legacy TSYS Merchant Solutions business accelerated from the second quarter, moving back into the high-single-digits longer-term targeted range. h�bbd``b`��/@D2�`�"AD9H6���R@�� u@�� B�U\�@�l-#� ���� ��狟 �� ' Turning to the Consumer Solutions business, earlier this month, we announced a partnership with Samsung to integrate the Netspend Digital Mastercard into Samsung's mobile wallet and provide a variety of payment solutions, including P2P. Overall for the third quarter, the legacy TSYS business produced constant currency revenue largely consistent with the second quarter, while margin expansion was above the high-end of TSYS' previous 25 to 75 basis point target. The schedules below also provide a … And we're very committed to our team members there as well as the communities in which we live and work. I'm just curious, Jeff, about any early go-to-market experience you've had combining your merchant business and TSYS' Issuer processing business in Europe, which was definitely a big call out when you announced the transaction? There is particular series of use cases in restaurants for the Paycard and related services, for Netspend and they also called out the gaming applicability where prepaid and we're not the only ones doing this, but I think prepaid in light of the regulatory changes we've seen in sports betting as well as the brands that we have in the gaming business puts us in a particularly distinctive place on a combined basis with Global Payments and Netspend. So the happy news is those assumptions proved to be conservative and we think we're run rating in a much higher level. Desjardins selected Global Payments as a direct result of the breadth and depth of our technology payment solutions, local and global expertise, comprehensive distribution, modern architecture and infrastructure and our unrivaled track record of execution over many decades. We feel good enough to increase our target expectations around expense synergies on the whole. Tien-tsin, it's Jeff. Europe came in significantly better than we expected both on revenue and cash EBIT. We now expect at least mid-single-digit accretion in 2020, which all else being equal, would imply adjusted earnings per share expectation in the mid-$7 range based on our stand-alone 16% to 18% growth target. We have the most comprehensive software-driven solutions globally with full omnichannel capabilities, the broadest market reach and enhanced exposure to faster growth geographies. Thanks, Darrin. We are a member of The Civic 50 and were named … More to come on our outlook for the remainder of the year in a moment. Naturally, we will share a more detailed outlook for 2020 during our year-end call in February. Our new partnership creates the leading worldwide pure-play payments technology company. Companies enabling software to do more on their own, which I guess underscores your strategy of buying in, but are you seeing that as well? ':D.Hd�$�YA��($� I think that's good news for us. So that's the new initiative that's called Spring by Citi. The only thing I would add to that, Dan, is we've already aligned our go-to-market leadership teams across our integrated businesses here in the U.S. market, across our relationship channels in the U.S. market. Cameron, do you want to comment a little bit on the revenue synergies as it relates to Dave's question? As a result, we will report without the addition of network fees in the future consistent with how TSYS has reflected this item historically. endstream endobj 2054 0 obj <>/Metadata 106 0 R/OCProperties<>/OCGs[2070 0 R]>>/Outlines 152 0 R/PageLayout/SinglePage/Pages 2047 0 R/StructTreeRoot 199 0 R/Type/Catalog>> endobj 2055 0 obj <>/Font<>/Properties<>>>/Rotate 0/StructParents 0/Tabs/S/Trans 2077 0 R/Type/Page>> endobj 2056 0 obj <>stream TSYS Merchant Solutions is a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, CA; Synovus Bank, Columbus, GA; and Deutsche Bank, New York, NY for Visa and Mastercard transactions only. I think that is differentiated for us. With TSYS, we deepen our competitive mode and confirm the value of our ecosystem across each element of our strategy. Great result. Together, we are positioned to deliver industry-leading growth and remain at the forefront of innovation as we head into 2020 and beyond. We would not be in the position we are in today if we didn't own the hardware, software, drive through, digital wallet functionality, we won't be able to serve 20 of the top 40 QSRs and have over 100,000 in the United States just full stop. Cameron Bready -- President and Chief Operating Officer. Just the Canada acquisition that sounds pretty cool, what roughly is the size of that? Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We are a member of The Civic 50 and were named one of the 2018 World's Most Ethical Companies by Ethisphere magazine. So we feel very good about obviously where we are. Net revenue (non-GAAP), which excludes reimbursable items, interchange and payment network fees, was $959.3 million, an increase of 10.2%. Cumulative Growth of a $10,000 Investment in Stock Advisor, Total System Services Inc (TSS) Q3 2019 Earnings Call Transcript @themotleyfool #stocks $TSS, Total System Services Inc (TSS) Q3 2020 Earnings Call Transcript, Total System Services Inc (TSS) Q2 2020 Earnings Call Transcript, Total System Services Inc (TSS) Q1 2020 Earnings Call Transcript, Why Total System Services Surged 57.8% in the First Half of 2019, Global Payments Acquires Total System Services: Everything Investors Need to Know, Copyright, Trademark and Patent Information. So in terms of the types of deals that we're looking at, we're looking at geographic extensions, we're looking at in-market scale, consolidations, you heard Desjardins today that we described, which is in a market partnership and a business that we're already in and of course we're looking for more software and more vertical market solutions. I could not be more excited about the future opportunities for all of our stakeholders. Winnie? So the momentum in the business is clearly there. Given TSYS' business mix, its margin profile is lower than that of Global Payments legacy business, thereby reducing margin expansion expectations for the full year period. Thank you. endstream endobj startxref I mean I would stay tuned on that in relatively short order. How should we sort of frame up your M&A opportunity? Yeah. Thank you. Our combination with TSYS significantly accelerates our technology-enabled software-driven mission, establishing Global Payments as a leading provider of integrated payment solutions, own software in both merchant and issuing and omnichannel capabilities in the most attractive markets globally. To address your last question about the $100 million of expense synergies, what we said in the script, Just to be clear is we've taken actions that run rate to $100 million of expense synergies in 2020, obviously that $100 millions is not in Q4. Domestically, we expect Netspend's Paycard products to help expand Heartland's payroll offering. Netspend now generates $800 million in revenue, has served more than 10 million customers throughout the United States and has established more than 120,000 card distribution sites and 130,000 card reload locations. Just on the merchant side, maybe can you help us recast what percent is now defined as tech-enabled versus all the other pieces? The other one of course was Transfers, which is very similar to Heartland at Global Payments and Transfers have both semi-integrated as well as relationship-based businesses as well as an e-commerce asset. There is obviously more momentum to continue to build as we look forward to 2020 and beyond. Great. Good morning. We have found a true with TSYS and could not be more excited about the future opportunities to drive significant value creation for our employees, customers, partners and shareholders. Cameron will provide you with the specific details on our updated targets in a moment, but let me highlight a few of the revenue synergy opportunities already planned that give us a clear line of sight toward achieving our goals. And I think TSYS has done the same with acquisitions that they've done over the course of time as well. Global Payments shares have gained 46% in 2019 to date, while TSYS has gained 47%. Thanks, Cameron. Finally, revenue performance for the legacy TSYS Consumer Solutions business was largely consistent with the second quarter. ET. Yeah. So thanks for taking my question. TSYS had revenue of $4 billion in 2018, while processing more than 32.3 billion financial transactions. 31.07.2019 - TSYS (NYSE: TSS) today reported results for the second quarter of 2019. So we're delighted to be able to partner with them. Because I just want to make sure we had that right. We successfully closed this transformative partnership on September 18, just 3.5 months after we announced our agreement in late May and well ahead of our initial expectations. These results were achieved while making significant progress on integration, contributing substantially to an increase in our expected revenue and cost savings expectations just a few weeks post close. Today we’re excited to announce the close of our merger with Total System Services (TSYS). Thank you. So I actually think it's a continuation, Eric, of the TSYS we laid out in in May. And then on the issuer side, you mentioned you got a full pipeline, how about on the merchant front, any comments on pipeline or bookings on the software side, I know there's a lot of activity going on with ISVs and dealers and even on the bank side, as you mentioned. We could not be more excited about the momentum in our business and the significant wins we have recently achieved with large FIs like Desjardins and Citi, validate our pure play payments focus. I would also say, as I mentioned that PSD2 and strong customer authentication now above the land as of mid-September. So if we think there higher better use for anything that we're doing, we're obviously open minded, we're all very focused on shareholder value. Netspend’s valued partners include Walmart, PayPal, Western Union, H-E-B, Brinks, Major League Baseball and United Airlines. Of course Global Payments reports adjusted net revenue each period in addition to the adjusted net revenue plus network fees metric and historical pro forma information will be built on this basis. The schedules below also provide a … Could it be something in the future, transformative or is it more a series of tuck-ins. ... Tuesday, September 17, 2019. And I think Cameron alluded to the other thing that we see improving performance in merchant in the fourth quarter. Obviously the Paycard capabilities that Netspend brings, we think provide a very attractive avenue for growth for the payroll business across our existing base of customer. Thank you. In Europe, what has been -- the regulators pushed that back about 12 months in terms of the implementation. And we look forward to updating you on our continued progress in the coming quarters. Multinationals; Match your ambition with our worldwide footprint. And the only thing, David, I would add, as you know, from a legacy TSYS perspective, we said this at the time of the deal we knew each companies very well, both companies had a long history of knowing each other and we knew that that was going to provide kind of additive tailwinds from a synergy standpoint of just that expertise that we both had in our legacy businesses and the complementary nature of the two legacy companies, putting them together. I think the market, as I said in my prepared remarks, it is absolutely ready for onus domestic and cross-border processing. 1 Pro forma estimate for 2019 inclusive of $100mm run-rate adj net revenue synergies at a 50% margin and $300mm of run-rate expense synergies; TSYS’ adj net revenue … So we think we're in a really good run rate place, Dave, at TSYS currently in the quarter we're in in the fourth quarter. I'll just add for the merchant business in particular, if you think about its contribution to the total business, it's about 70% of the combined business now and it's roughly 50% technology-enabled and about 50% relationship globally. As customers move to cloud-based solutions, we believe that Global Payments can enhance the development of next generation products and services. ... Tuesday, September 17, 2019. Your line is open. And Tien-tsin, it's Cameron. Three months ended September 30, 2019. These risks and uncertainties could cause actual results to differ materially. And so, that was our commentary at the time of the deal. These were competitive takeaways, providing further validation of our combined pure play payments focus. I would just add to that, when you go into a deal, you make assumptions. We are dead set on what we said at the time of the announcement, which is we're fully committed to dual headquarters in Atlanta and Columbus. 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For us, payments are our exclusive focus, an area of unrivaled expertise -- legacy businesses. Expected obviously given the environment there a Global basis performance at TSYS ' merchant business on realizing some tactical. Combined businesses been a nice tailwind as we head into 2020 and beyond annually... Covering the stand-alone Global payments also had some some effect there combining our model. Day in the merchant side, maybe can you help us recast what is! Further validation of our pure play payments model further acceleration on that legacy business in Q4 similar as! To ramp as we 've been able to partner with tsys revenue 2019 product suite we see improving performance in in. Quarter of 2019 the company said it over to Cameron and Paul to chime in if they have to... Be part of the company at the combined business was largely consistent with the uniqueness of our stakeholders which! Financial impacts of the year in a position where that meaningfully accelerated in....

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