Volumes in this channel grew in the mid-teens during the third quarter compared to the prior year, excluding travel and entertainment. And so new opportunities are kind of being paced into that pipeline with that full nature. But there is one theme or any kind of a particular dynamic at play of either speeding up or slowing down kind of the normalized kind of realization of being able to get those opportunities converted into revenue. So we're pretty optimistic in that business. Sales of that were up 26% sequentially from Q2, 20% year-over-year. And our businesses are growing there absolutely on a domestic basis year-over-year, and I'm thinking about Caixa particularly, and cross border while a piece of our business is a relatively small piece of our business and is nowhere near the driver of revenue growth that you have in Visa and Mastercard. In depth view into TeleCommunication Systems EV-to-Revenue explanation, calculation, historical data and more It has been just over one year since we closed our merger, and we have the confidence to again raise our estimate for annual run rate expense synergies from the merger to at least $375 million within three years, up from our previous estimate of $350 million. I'm curious why move forward on both of these initiatives now. So listen, those businesses are both performing really well in the current environment. As we talked about, we raised our synergy target to $375 million. In Xenial, our QSR enterprise business. As just one example, we are seeing rapid adoption of our TIPs solution with a number of customer locations using us for disbursement of fivefold since the beginning of the pandemic. I would say it has changed a little bit, and this is very good news for us and valuation of our strategy is that in the last six months or so, we've been getting a lot of RFPs from either folks who are never customers of ours or exchange in that pipeline. Paul, do you want to comment on that? The net result was adjusted earnings per share of $1.71 for the third quarter, which compares to $1.70 in the prior year period, an impressive outcome that highlights the durability and resiliency of our model. We're seeing uptake of that being particularly good as we integrate our online ordering capabilities into our traditional point-of-sale software solution for the small end of the market. Normally, in Q4, merchants, the seasonality of merchant is for revenues to come in a little bit sequentially and margins to be down a bit. Yes. Global payments integrated GPI returned to growth in the third quarter because of the unliable breadth of our partnership portfolio with over 4,000 ISVs in the most attractive vertical markets. For the end of this year, we crossed that threshold in the third quarter. Also, global payments integrated delivered adjusted net revenue growth in the quarter on a combined basis, while the leading scale and scope of our ecosystem has this business on pace to deliver another record year for new partner production. So I'd say pretty much all the deals that we look at fall into one or more of those three buckets. I want to actually start with something that you guys didn't quite dwell on your adjusted free cash flow, almost $0.5 billion, quite impressive -- are there one timers in there that help? The decrease in revenues is the result of adopting ASC 606, the company said. Spain continues to be a strong performer for us. It doesn't make any sense to push a boulder up a further hill. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. I would say, I don't think there's ever a bad time to extend a relationship with a partner like HSBC, someone that we've worked with over 50 years in our business in some form or fashion. Good comments here. And yes, we have, obviously, one set of plans as it relates to our cost initiatives. Businesses well in Spain, for example, we're growing absolutely year-over-year into October on a domestic basis. That's great. Operator, we will now go to questions. So now we have market validation from a customer base as to how we're doing. The [Indecipherable] kind of how we've described them. We're having a number of conversations today about new merchant relationships that could come from existing TSYS issuing FI partnerships outside of the U.S. as well. And would you do a deal that actually dilutes your organic revenue growth even if it gives you a lot of year one EPS accretion? So I think what you said is exactly right. Paul Todd -- Senior Executive Vice President And Chief Financial Officer. So we're delighted with the overall performance of that business. Your first question comes from the line of Darrin Peller with Wolfe Research. And I think it goes to show the length of differentiation, the unique value play that we have the value-added services like fraud analytics and loyalty in our businesses, and that stuff, obviously, is winning. As I said a minute ago, given what I just said, at current price levels, we believe, buy back our stock is really a compelling opportunity. Through our merger with TSYS, we meaningfully increased the scale of the partner portfolio and enhanced our capabilities with additional assets like Genius and ProPay. All right. But as it relates to the next year, that's kind of the best indicator we can give you as to our thinking of what next year might look like, assuming a much more normalized and kind of more normal operating environment. I would just add a couple of things. First we’ll look at TSYS statements. We did $62 million, I think, online orders as well as $1 billion of volume coming out of that business in the most recent period. "It was a unique relationship with TSYS helping Green Dot get off the ground, but as Green Dot grew so fast, it got to the point where it could handle its own processing," he says. One follow-up from me. We also recently executed a new merchant referral agreement with CIBC in Canada, a partnership that began right before our IPO in early 2001. View All Upcoming Events. Okay. Global Payments Inc.’s GPN unit Total System Services (TSYS), which is its Issuer Solutions business, has renewed its agreement with Wells Fargo, the fourth largest bank in the United States. Global 2000 2019 Dropped off in 2020 #1287 Profit #784 Market value #116. As a result, we are delighted to have returned to earnings growth in the third quarter of 2020. You guys can gain share to a degree that you come out of the pandemic potentially larger or in line or larger than you could have been before. Are they being pushed out, maybe even pull forward given sort of strategic urgency? But if nothing changes from here, I would expect us to do more repurchase. So he can give you more detail, but we're very pleased about where that business is. As we continue to gain share through our unique collaboration, we will capitalize on the broad and deep pipeline we have the good fortune to have in our issuer business. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. TeleCommunication Revenue Per Employee is relatively stable at the moment as compared to the past year. Adjusted net revenues declined 4% to $1.746 billion, compared to $1.820 billion in the third quarter of 2019 on a combined basis. And then finally, we're doing all that in an environment where we're investing in modernization, as Jeff just talked about. The answer to that is yes, there's always this balancing of the realization of cost opportunities with what that does on the revenue side. Today, we lead with technology and innovative solutions across all of our merchant businesses. So clearly, I think we represent the market on issuing. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them. I am very proud of all that we have accomplished thus far in 2020 as we execute on our strategic initiatives. Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk If you exclude those, our merchant business for the quarter in the U.S. was roughly flat, down a point or so. We are also pleased to announce that we have secured long-term extensions with Arvest Bank as well as with Banco Popular in Puerto Rico, and that we have finalized an agreement with Scotiabank to convert its Canadian consumer credit card and loan accounts. Second, it triples our target addressable market by extending our geographic footprint and transforming our technologies to attract new market entrants while dramatically expanding our distribution assets with AWS' sales force globally on a unique basis. So it's very good to hear the competitive wins continue. So I would say it's a real bright spot, as you said, sequentially, pretty significant improvement, return to better growth in the third quarter, ex the commercial card, which is largely corporate travel related, as Paul described in his prepared remarks. Got it. Aug 21, 2019 . ET A number of those are really focused on our ability to cross-sell our issuing solutions into our base of existing merchant-FI relationships outside of the U.S. For example, in our Heartland business, nearly 2/3 of new sales are technology-driven, including our leading POS software and online ordering solutions. We're also bringing that to Canada. And I think as a result of that, we continue to win and we continue to take share in that channel. And we did all this during a once-in-a-century pandemic, while meaningfully expanding market share by signing marquee competitive takeaways, including Truist, the sixth largest bank in the United States, and by extending relationships with some of the largest, most sophisticated and complex financial institutions worldwide, including HSBC, CIBC, TD Bank and Wells Fargo. But that compares to whatever they've done last time, minus 7% and minus 12% or wherever the revenue was, minus 14% and minus 17%. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. TSYS is owned by the Global Payments group that is a member of the S&P 500. First Data was founded in Atlanta, Georgia} in 1971. So we've got enormous pipeline in that business. So Ashwin -- yes, this is Paul. We're very pleased with the success of that strategy. TSYS had revenue of $4 billion in 2018, while processing more than 32.3 billion financial transactions. January 24, 2012, 6:12 p.m. EST Facebook; Twitter; LinkedIn; Email; Print; Show more sharing options; Share Close extra sharing options. But on your first question, listen, our strategy has not changed the company probably over the last number of years, and that is to say that we have three legs to the stool. To sum up, Fortune 1000 companies generated $15.9 trillion in revenues and $1.34 trillion in profits in 2020. Our business and consumer segment delivered high single-digit growth, achieving record third quarter revenues in a challenging macroeconomic environment and well after the April stimulus. So we are seeing kind of better realization on the synergies front. Should we need access to additional capital and we have a use of proceeds for it, then obviously we'll revisit the composition of our businesses. So we mentioned Dutch Bros, we mentioned Long John Silver's today, in previous calls. Obviously, the pandemic has had some impact on the pace of those conversations, but we remain very optimistic and bullish as it relates to our ability to be successful in cross-selling issuer into those relationships and vice versa. Spain and Portugal are two of the most attractive domestic markets in Spain -- or excuse me, in Europe. The decrease in revenues is the result of adopting ASC 606, the company said. But I would say sitting here today, we think we're particularly well capitalized to execute on our strategies. [Operator Instructions]. But I would tell you, the one thing that we tried to do during the midst of the pandemic is focused on the things that we can control, and that starts with new sales. We see particular strength in that market as well. Our next question comes from the line of Bryan Keane with Deutsche Bank. Turning to Issuer Solutions. Yes, they're largely the former, Andrew. Cameron talked about the bookings totals in some of our markets. Additionally, assuming the recovery continues to progress and we see a more normal environment in 2021, we are currently targeting adjusted earnings per share of roughly $8 for next year. Here's how TSYS delivered digital payment solutions when they needed it most. Together, this year’s Fortune 1000 companies have 34.6 million employees worldwide. I will comment, obviously, that the integration with Cayan really opens up the avenue for cross-selling payments into that channel. TSYS should easily be able to absorb the loss of Green Dot's business because of the fairly small revenue stream it provided, says Gil Luria, an analyst with Los Angeles-based Wedbush Securities. Well, that's super helpful. I think if you look at Q3, we saw obviously continued improvements throughout the quarter. And I would say our strategy has not changed, and you probably saw this in our release as well as our prepared comments. Adjusted earnings per share increased 1% to $1.71, compared to $1.70 in the third quarter of 2019. And I'll be happy to. Even in our businesses that have been more impacted by the pandemic, including active in our K-12 primary education and gaming businesses, we are seeing sequential improvement, giving us increased confidence for 2021. But other than that, as I mentioned in the prepared remarks, seven of the 11 are competitive takeaways from existing providers. So that's why our focus is where it is. Those legs to the stool include owned and partnered software, include e-commerce and omnichannel businesses and exposure to faster growth market. Prior to COVID-19, our integrated business consistently delivered double-digit organic revenue growth through market share gains and terrific ongoing execution. That's a continuing theme, obviously, we touched on throughout the pandemic. We said that they will be we announced with our script this morning. I agree with that, Dave. You see in there, differentiated results, which are multiples better than networks last night. Is it just operating leverage as the business comes back online? It was difficult in March to imagine we would be in the position that we are in today. Regarding our issuer business, we announced last quarter a transformational go-to-market collaboration with Amazon Web Services, or AWS, to provide an industry-leading cloud-based issuer processing platform for customers regardless of size, location or processing preference. You've got the AWS partnership, the Truist win which you announced earlier this year. So that kind of normal kind of seasonality doesn't necessarily hold this year given the pandemic. We've mentioned NENs and the folks that inspire our focused brands. Hence, the announcement today of the share repurchase increment authorization and a return on capital allocation, which we put on hold in March when COVID initially started. Importantly, our adjusted operating margin increased an impressive 250 basis points to 41.1% as we benefited from the broad expense actions we took to address the impact of the pandemic and the realization of cost synergies related to the merger, which continue to track ahead of plan. But the trends we've seen thus far are encouraging as we continue to grind higher as a recovery matter heading into 2021. And Asia is -- September, essentially flat. So clearly, the valuation that underpinned and the forecast has underpinned the valuation for that business reflects the environment that we're in today. Description. The only thing I would add to that is it obviously assumes that the path run as it relates to recovery continues. Compared to TSYS… As for our own software portfolio, AdvancedMD remained a bright spot, producing strong adjusted net revenue growth and once again delivering record bookings during the third quarter. We are pleased to announce our first joined competitive takeaway, a financial institution customer in Asia currently with a legacy competitor to be boarded in our cloud-based solution in 2021. Yes. And all of this is kind of wrapped in the overall environment that we're operating in. All right. What I would tell you at the end of the day, though, is I think it's unlikely in the immediate term that we do something outside the United States. And obviously, that's a strong sequential improvement over where we were in the second quarter. I don't see us shedding in the assets to do that absent the distinct use of proceeds, which we don't have today. Been quick to demonstrate more malfeasance as of late Data that has been published as well, is more! What are your latest thoughts on a cloud basis ) operating income sub detail a unique of... Grind higher as a subset of this is kind of optimization from the pandemic Q3 2020 Conference! 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