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Fidelity National Information Services, Inc. (NYSE:FIS)
Q4 2019 Earnings Call
Feb 13, 2020, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the FIS Fourth Quarter 2019 Conference Call. [Operator Instructions] Later, we will conduct a question-and-answer session. [Operator Instructions] And as a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Mr. Nathan Rozof. Please go ahead, sir.

Nathan A. Rozof -- Executive Vice President, Corporate Finance and Investor Relations

Thank you. Good morning, and thanks to everyone for joining us today for the FIS fourth quarter and full year 2019 earnings conference call. The call is being webcasted. And today's news release, corresponding presentation, as well as the webcast link are all available on our website at fisglobal.com.

Gary Norcross, our Chairman, President and CEO, will discuss our recent business trends and describe our operate -- quarterly operating performance. Woody Woodall, our Chief Financial Officer, will then review FIS' financial results and provide first quarter and full year 2020 guidance.

Turning to slide 3. Today's remarks will contain forward-looking statements. These statements are subject to risks and uncertainties as described in the press release and other filings with the SEC. The Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Please refer to the safe harbor language.

Also, throughout this conference call, we will be presenting non-GAAP information, including adjusted EBITDA, adjusted net earnings and adjusted net earnings per share. These are important financial performance measures for the Company but are not financial measures as defined by GAAP. Reconciliation of our non-GAAP information to the GAAP financial information are presented in our earnings release.

With that, I'll turn this call over to Gary who will begin his remarks on slide 5.

Gary Norcross -- Chairman, President and Chief Executive Officer

Thanks, Nate. Good morning, and thank you for joining us today. I'm very pleased to be able to announce our fourth quarter and full year results. 2019 was a transformational year for FIS. We successfully closed and are well down the path on integrating the largest financial technology transaction in our industry. This along with outstanding sales production delivered strong organic revenue growth of 6% for the full year.

All three segments performed exceptionally well for the year as well as the quarter. Our record sales and integration activities position us for an even stronger 2020. Later, I will talk about our strategy of modernization and how that has led to some very large noble wins that exemplify how our strategy is working as well as driving increasing demand for our solution suite. This includes signing three of the largest banks in the country this quarter on our core banking solutions.

In the fourth quarter, our organic growth rate accelerated to 7% resulting a $3.3 billion in revenue. Our new sales results for the largest quarter and year in our history, resulting in an increase of more than 20% in new sales for the year. Our installation backlog as well as pipeline continue to expand. Adjusted EBITDA margins expanded by 470 basis points, primarily driven by the higher contribution margins resulting from the installation of our new sales, growing transaction volumes, as well as the outstanding execution of our team to overdraft performance of cost and revenue synergies.

As we think about integration synergies, we exited the quarter generating $80 million in revenue and $465 million in cost synergies on an annualized run rate basis. When including interest expense savings, we have already exceeded our initial cost synergy target. As a result of our strong performance, we are increasing our future expectations for both revenue and cost synergies, which we will detail later. With our impressive momentum heading into 2020, we expect continued acceleration in organic revenue growth and ramping earnings accretion.

Turning to slide 6, I want to talk about our strong sales results and client value propositions. Several years ago, we embarked on a transformational modernization journey. We began an ambitious new software development cycle, rearchitected our solutions to be open, modular and cloud-based. And we also began modernizing and consolidating our technology delivery platforms. We did this because we believe that the financial services industry was moving toward its own transformation and we wanted to be able to empower our clients in the broader industry to change. Disruptive technologies and new business models are forcing the industry to evolve, by embracing future ready innovations like automation, artificial intelligence and machine learning, cloud native technologies and digital omnichannel.

Client demand as evidenced by our new sales results demonstrate that our thesis about the industry is correct. The investments we've made over the past several years are yielding results for our clients, as well as FIS. In our banking segment, I'm very excited to announce that three of the largest banks in the country with combined total assets of more than $600 billion have embarked on the journey to transform their legacy core banking environment with FIS. This includes a top 10, a top 20 and a top 30 bank.

MUFG Union Bank, a top 20 bank that we recently announced as well as a top 10 bank, both selected our modern banking platform for their transformations. They selected us because of our ability to deliver an innovative, personalized and next-generation solution as well as our ability to consistently execute large-scale complex implementations. The modern banking platform is entirely new and built from the ground up. It was developed with state-of-the-art containers, digital first capability, open APIs and cloud-based delivery through a SaaS model. This next-generation, highly flexible platform enables innovative financial institutions to transform the future of banking, and clearly represents a significant milestone for the industry.

I'm also pleased to announce that we signed an agreement with First Republic, a top 30 bank to power its modernization program with our IBS core banking platform, including our industry-leading open API framework Code Connect. IBS continues to prove why it's the leading SaaS core banking platform for large regionals throughout the US. First Republic is known for its strong growth and outstanding client experience. They chose FIS over the incumbent provider because of our open scalable platform, which will better serve the needs of the bank's existing client base as well as allow them to continue to expand and meet their growing consumer and business clients. These three pivotal wins are the start of what we believe will be a decade-long global transition of core banking systems from legacy in-house applications to cloud native open banking deployments.

Turning to our Merchant segment, we are winning due to our superior client value proposition, strong integrated systems and continued flexibility on deployment. For example, one of our marquee clients, a top global search engine continues to shift share to us after developing a proprietary routing engine that evaluates their processors for authorization and fraud rates, as well as cost of acceptance. We consistently demonstrate exceptional results across these categories leading the client to choose FIS for additional volumes across many of their US businesses.

In addition, a large global retailer who is number one in their category, selected FIS to deploy omnichannel payment technology across Europe, covering both in-store and online payments. The company was looking to consolidate multiple acquirers and turn to FIS because of our unique capabilities and global reach. In our Capital Market segment, our ability to simplify clients' complex needs with our end-to-end solution suite is driving demand. Our modernization strategy has resulted in a very strong sales here and we saw exceptionally strong growth in the fourth quarter.

We continue to see increasing demand for SaaS deployments and the team is doing an outstanding job balancing that demand with our on-premise license business. For example, we entered into a SaaS agreement with one of the world's largest asset managers. In this instance, we will be providing a bundled investment solution with the next generation digital offering and data visualization tools. I'm also excited to announce that one of our premium payback clients, a large oil and gas company is expanding their relationship with us to include our cloud-based solution for their corporate treasury, cash, liquidity and risk management needs. This further proves that our ability to cross-sell and up-sell large enterprise customers to help their business on numerous levels.

Turning to slide 7. In addition to these new wins, we are also accelerating our achievement of revenue synergies. While initially expecting to reach $100 million of annualized revenue synergies by the end of 2020, we have already achieved $80 million in annual run rate synergies in the first five months after closing. As a result, we are increasing our revenue synergy targets to $200 million, exiting 2020, and $550 million exiting 2022. This reflects the faster than expected ramping of our multiple cross-sell opportunities. During the fourth quarter, we continue to see meaningful volumes ramp across our debit networks, as well as ongoing traction for our Premium Payback solution.

We signed two very large Premium Payback clients during the fourth quarter as we are experiencing significant demand for this innovative solution. First, we will be partnering with PayPal to enable millions of online consumers to redeem earn rewards at checkout by allowing them the pay with points from thousands of US banks. Second, I'm excited to announce that we entered into an agreement with a top three US retailer to help innovate its customer loyalty program with our Premium Payback solution. Together we are enabling this client to deepen its relationships with millions of consumers across its 3,000 locations.

We also signed another large merchant referral agreement during the quarter. We continue to be very pleased with our ability to take share from incumbent providers across our mid-size and regional bank clients. In the first five months, we are well ahead of our expectations regarding merchant referral sales agreements, our pipeline and sales activities continue to grow and we think this sales opportunity will continue to exceed our initial plans. Now that we are well into our integration execution, we continue to discover new opportunities to cross sell and bundle offerings as we go to market, giving a strong confidence in our newly raised targets.

For example, our joint prepaid solutions have emerged as a new cross-selling opportunity into the Worldpay client base. We have already signed a partnership with the global solutions provider to develop reloadable fare cards for transit systems. Together this partnership has already won our first large metro client and expect more to follow. With our very successful achievement of expense as well as revenue synergies, we are running a full 12 months ahead of our original integration schedule. Due to this accelerated timeline, we are also taking earlier steps to further streamline our organization to drive a much more functional operating model.

Some of the changes we have recently implement will allow us to better leverage our go-to-market strategies between our Banking and Merchant segments. We believe this will not only further accelerate our revenue synergies, but also allow us to drive innovation into these markets. We have also consolidated technology development for our Merchant and Banking businesses within our combined Chief Operating Officer organization. This alignment will allow us to increase our speed of development and deployment in this highly dynamic industry, creating what we believe will be a best-in-class software engineering organization.

As you can see, we feel great about how the companies have come together, and this momentum and success gives us great confidence for an even stronger 2020. Moving to slide 8. We have a highly resilient business model that is differentiated by our market-leading solutions across our segments. In Merchant Solutions, we are clearly a leader in global e-commerce and integrated payments. As we continue to grow, these channels have expanded to approximately 45% of our merchant business mix, up from 37% of Worldpay in 2017.

Due to the higher secular growth trends in these markets, we expect them to maintain their high rates of growth and to continue increasing as a percentage of our revenue mix, reinforcing the durability of our organic growth profile. In Banking Solutions, we are differentiated by our comprehensive portfolio of next-generation solutions. These uniquely position us to help large global financial institutions, as well as community banks and credit unions to transform their business models, and to provide seamless customer experiences. Therefore, as the financial services industry continues to evolve, we will be the primary beneficiary of the growing momentum toward outsource cloud-based technology from legacy in-house software.

Finally, in Capital Markets, our investments in Advanced Technology and Reg Tech are paying dividends. We develop bundled offerings to enable our clients to simplify their complex front, middle and back office processes with an end-to-end automated workflow that is helping us to win market share. In addition, by using a SaaS delivery-based model, we have an opportunity to further increase our revenue growth profile by driving an increasing mix of predictable reoccurring revenue streams. In order to reinforce our reporting segments and drive increasing rates of organic growth, our priorities for 2020 are as follows.

First, we will continue to invest in sales, innovation and delivery to capitalize on our growing new sales pipelines. Clearly, our investments over the past five years are driving the landmark new wins and we're going to continue to lean into the strategy in 2020. Second, we will seamlessly execute the Worldpay integration in order to achieve our revenue and cost synergy goals. We are already well ahead of schedule and we'll look to further accelerate our momentum in 2020. Third, we will continue to drive efficiency through our data center consolidation program. Last, we will continue to scale on our high growth sector markets in order to reinforce the durability of our revenue growth profile.

As you can tell by our exciting wins and accelerated synergy realization 2019 was a transformational year and we have line of sight to achieving even more in 2020. I will now turn the call over to Woody to round out the financial discussion before he opens the call to questions. Woody?

James Woodall -- Chief Financial Officer

Thank you, Gary. I would also like to welcome everyone to today's call. This morning I'll cover our 2019 financial results and 2020 outlook, but before I take you through this, I would like to recap some of the financial highlights that we achieved in 2019 beginning with slide 10.

During 2019, we transformed our company and positioned it for continued acceleration in revenue growth and ongoing margin expansion with an eye toward creating superior shareholder returns both now and into the future. First, we accelerated our organic growth profile by executing the most significant and transformational acquisition in our company's history. We also reinforced the durability of our growth profile with record new sales and notable client wins like the ones Gary mentioned earlier. These reflect the outcome of our investments in innovation and technology that we made to benefit our clients.

Given our success, we will continue to make these investments. Second, we expanded margins by aggressively driving cost synergies through our integration efforts as well as ongoing internal expense initiatives that were in place well before the Worldpay acquisition. Third, we enhance these operating savings with disciplined management of our below the line items, for example, we generated $275 million of annualized interest expense savings by strategically managing our capital structure.

Finally, we generated $2.1 billion and free cash flow according to 20% of revenue. We anticipate free cash flow generation to accelerate and expect approximately 24% to 26% conversion to revenue in 2020. We used our strong free cash flow generation to not only pay down $1.4 billion in debt since the transaction closed, but also to fund investments in innovation and integration as well as to continue to pay our dividend. For example, we recently acquired a majority of stake in Virtus Partners. Virtus is a small but strategic tuck-in acquisition within our capital market segment. It provides high value managed services and technology solutions focused on the credit and loan markets, which is an area of rapid growth.

While it's too small to have a material impact on our consolidated results, it will further reinforce the Capital Market segment accelerating growth profile. Looking forward, we will continue to prioritize debt repayment in order to reach our 2.7 times leverage target by the end of 2020. Our strong cash flow will allow us to continue investing in technology and innovation to drive new sales and to make strategic tuck-in acquisitions, even as we delever. As we move into 2021 and beyond, our capital allocation priority will shift toward reviewing strategic M&A opportunities that will increase our scale in secular high growth markets.

Absent M&A opportunities, we will return capital to shareholders through ongoing dividends and resuming buybacks. As you can see based on our accomplishments in 2019, we are doing what we said we would do, and even more. First, we initially expected the Worldpay transaction to be modestly dilutive in 2020 before turning accretive in 2021. Today, we announced our formal adjusted EPS guidance for 2020 and the entire range is now accretive. Second, our initial revenue synergy target was $500 million. Today, we increased our revenue synergy target by 10% to $550 million. Further, we increased our 2020 revenue synergy target was $500 million. Today, we increased our revenue synergy target by 10% to $550 million. Further we increased our 2020 revenue synergy target by 33% to $200 million.

Third, we initially expected cost synergies of $400 million, which we raised again today to $675 million. Finally, we continue to see accelerating revenue growth in 2020 and beyond. These accomplishments demonstrate the hard work of the team and further increase my confidence and our strong outlook for 2020. Turning to our results on slide 11, we finished the year on a high note exceeding our revenue and adjusted EPS guidance. In the fourth quarter, revenue increased 7% on an organic basis to $3.3 billion with strong top line performance across all three of our segments, which I'll summarize in a moment.

Adjusted EBITDA increased to $1.5 million during the quarter and our margins expanded by 470 basis points to 45%. Reflecting our strong operating results, adjusted EPS was $1.57 per share. I'll now provide some color on our segment results on slide 12. Merchant Solutions organic growth accelerated sequentially to 10% as expected and e-commerce and integrated payments saw continued strong growth in the mid to high teens. The segment generated EBITDA of $584 million in the quarter, representing a 52% margin. As we look to 2020, we expect this segment to grow in the low double digits as underlying business trends remain robust and we expect revenue synergies to ramp throughout the year.

Our Banking Solutions segment generated 5% organic growth for the quarter, and 6% for the year, primarily driven by continued demand for our market-leading solutions. This segment generated $682 million and adjusted EBITDA for a 44% margin. We expect Banking to continue to generate strong mid-single digit growth in 2020 and our impressive new wins provide increased confidence in the recent trends.

Capital Markets' organic revenue growth was very strong accelerating to 6% when excluding a one-time item that drove approximately 2 percentage points of growth during the fourth quarter. This segment generated $339 million in adjusted EBITDA, representing a 51% margin. For 2020, we project Capital Markets to show modest acceleration over 2019, an improvement from our prior messaging as we continue to drive growth in recurring revenue.

Turning to slide 13. We have made significant progress on our cost synergies as our integration of Worldpay is running ahead of schedule. We exited the fourth quarter generating $465 million in annual run rate cost synergies, including $275 million of interest expense savings and $190 million in reduced operating expenses. We are making substantial progress in reducing duplicative corporate cost, as well as consolidating our merchant and issuer platforms to generate the operating expense savings, which are also running well ahead of plan.

With all of the progress that we've achieved already, we are increasing our 2020 cost synergy target to $600 million in annual run rate cost savings. We are pushing hard to accelerate cost synergy attainment and complete our integration plans as fast as possible. By completing these efforts, along with deleveraging our balance sheet in 2020, we will be able to focus even more of our energy on driving revenue growth and be ready to execute strategic M&A as we enter next year.

Before I provide the details of our 2020 guidance. I would like to set the stage on slide 14. We have significantly accelerated our organic revenue growth profile and expanded our adjusted EBITDA margins over the past three years. Revenue, topped $10 billion for the first time in our company's history in 2019. And we are highly confident in our ability to further accelerate organic revenue growth in 2020 and beyond. Over the past three years, organic revenue growth increased from 2% in 2017% to 3% in 2018 and now 6% in 2019. With the multiple revenue synergy opportunities and accelerating sales momentum that Gary described earlier, we have significant visibility into the year and are increasingly confident in our expectation for organic revenue growth to approach 7% in 2020 before moving higher in the out years.

Turning to margins. We have expanded adjusted EBITDA margins by more than 700 basis points over the past three years, and we project another 300 points of expansion in 2020. This consists of ongoing initiatives and synergy achievement to generate approximately 400 points to 450 points of underlying margin expansion, which will be partially offset by a 100 basis points to 150 basis points of additional investments. We're investing -- we are reinvesting a portion of our below the line interest expense savings back into the business has increased investment in innovation, sales and delivery.

All these investments are targeted at driving continued acceleration of revenue growth. We are making these investments in order to capitalize on the significant momentum that we are seeing in the market right now. Our new sales pipeline is the largest I've ever seen. And I want to make sure we are positioned to win. In addition, we have the largest implementation backlog I've ever seen. As you would expect, following record new sales capped off with the big wins that we announced this quarter. Therefore, I also want to invest in delivery. So we can get our clients utilizing these new capabilities faster and start converting those big wins into revenue.

Finally, I would like to provide details of our first quarter and full-year guidance on slide 15. Based on current business trends, we expect revenue of $13,550 million to $13,675 million and adjusted EPS of $6.17 to $6.35 per share for full year 2020. This represents organic revenue growth of 6% to 7% and adjusted EPS growth of 10% to 13%. We expect to increase our adjusted EBITDA margins to approximately 44% for the full year and we will provide more planning assumptions on the bottom of the slide. Our new sales momentum, substantial backlog and multiple cross-selling opportunities provide significant visibility, which gives me high confidence in achieving our guidance ranges.

Turning to our first quarter guidance, we expect revenue of $3,180 million to $3,210 million and adjusted EPS of $1.30 to $1.34 per share. This represents organic revenue growth of 5% to 6% and adjusted EPS growth of 12% to 16%. As a reminder, we face a tough comp during the first quarter after receiving about a point of one-time benefits during the first quarter of 2019, which we will have to grow over in 2020. After the first quarter, we then expect revenue growth to ramp toward the upper end of our 6% to 7% range for the remainder of the year. Before we open the line up for questions, I'll wrap up our prepared remarks with the following.

We are well positioned to continue delivering substantial shareholder value in 2020 and beyond as we continue to increase revenue momentum, expand margins and generate significant free cash flow. 2019 was a transformational year and I'm looking forward to even stronger financial performance in 2020. This concludes our prepared remarks. Operator, you may open the line for questions.

Questions and Answers:

Operator

[Operator Instructions] And we do have something from the line of Jason Kupferberg with Bank of America. Please go ahead.

Jason Kupferberg -- Bank of America Merrill Lynch -- Analyst

Hey, good morning guys. Really nice results here in the quarter. So I just wanted to probe the 2020 EPS guidance a little bit further. It looks like share count maybe a little bit higher than the Street is estimating, which kind of is where it is. But on the margin front, you talked about that 100 bps, 150 bps of additional reinvestment. I just wanted to see if you can elaborate a little bit further, maybe by segment where you're going to be concentrating some of those reinvestment dollars?

James Woodall -- Chief Financial Officer

Yeah, I thought it might be helpful to walk you through the margin bridge we expect for 2020. We closed out 2019 with about a 41% margin. We are seeing synergies both revenue and opex driving a little greater than 200 basis points of improvement. We've got normal operating efficiency and scale in the business driving roughly 50 basis points to 100 basis points of improvement. The data center consolidation efforts are driving about 50 basis points of improvement. And then the impact of having Worldpay in the business for the full year is driving about 100 basis points of improvement. That aggregates to about 400 basis points to 450 basis points.

Then we talked about the investments, roughly 100 basis points to 150 basis points offsetting that to get you to about 300 basis points of expansion or an expectation of about 44% for 2020. When you specifically think about the investments, I think a lot of it's being driven toward delivery. Those are those big wins Gary talked about are significant dollars of revenue sitting in the implementation backlog that we want to get those capabilities in there faster, and get the wins turning into revenue. They would flow across both Banking and Merchant primarily in terms of the incremental investment with incremental sales flowing in banking and merchant as well as we see a very, very robust pipeline, particularly in some large opportunities in the marketplace right now.

Jason Kupferberg -- Bank of America Merrill Lynch -- Analyst

Okay, understood. And just as a follow-up. The $250 million increase in the run rate of cost synergies for 2020, is that mostly all opex, or is there a little bit more interest expense in there too? I think you had that incremental refined in December.

James Woodall -- Chief Financial Officer

We expect it to be almost every dollar opex related.

Gary Norcross -- Chairman, President and Chief Executive Officer

Absolutely.

Jason Kupferberg -- Bank of America Merrill Lynch -- Analyst

Perfect. Yeah. Okay, great, thanks guys.

James Woodall -- Chief Financial Officer

Thank you.

Gary Norcross -- Chairman, President and Chief Executive Officer

Thanks, Jason.

Operator

Thank you. And next we will go to the line of Darrin Peller with Wolfe Research. Please go ahead.

Darrin Peller -- Wolfe Research, LLC -- Analyst

Hey, thanks, guys. Nice results. Look, we saw strong revenue in the quarter, we saw strong revenue trends of about 7% I think it was really driven by Merchant at 10% and Capital Markets really strong at 8%. When we look at the synergies rolling out, notwithstanding the tough comp in the first quarter. Can you just touch on the range, the 6% to 7% versus the fourth quarter run rate, notwithstanding the first quarter tough comp, it just seems like there should be a trend toward the better end of that 7% if not higher. And then maybe if you just give us some scenarios that would be at the high-end and the low end that you could see playing out through the year. Thanks.

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah. I think I even called that in my prepared remarks, after the first quarter, we anticipate to be at the high end of our growth guidance for the remainder of the year. Again consolidated you are placing about a point of growth that's were the 5% to 6% came from. Beyond that, we would expect to be toward the high end of that range.

Darrin Peller -- Wolfe Research, LLC -- Analyst

Okay. I guess what I'm wondering is, if like what specific scenarios could bring you to the high end or potentially the low end beyond just the timing and the cadence, timing on synergies, perhaps. So maybe just some examples of how revenue synergies are going? What led you to raise the revenue synergy targets?

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah. Now we raised the -- it's a great question, Darrin. We raised the revenue synergy guidance just because of our actual cross sell wins. What propels us to the upper end of that will clearly be the -- the timely on boarding of these large implementation that Woody discussed. And as you see, like we have in the past, we're accelerating some investment into this growth curve. As the growth curve accelerates and our backlog builds, obviously, we want to make sure that we have the personnel necessary to install the solutions. But the response to our solution capabilities has just really been tremendous across both Banking and Merchant, we feel -- and Capital Markets so that making sure we highlighted a cross-sell win in Capital Markets with our Premium Payback in prepared remarks. So really across all the segments.

We're just seeing really good solid demand for our next-generation solution suite. Our pipeline continues to grow and our sales more importantly, and we continue to close the business and all of that pushed us to raise our revenue guide. We exited the year with $80 million in run rate, that's installed and producing revenues. So that's well ahead of our initial $100 million target for the end of 2020. So when you just back into that we are already at $80 million through the first five months. When you look at the sales that we even just highlighted in Q4 and as those on board in the first half or through the first three quarters of the year plus with our pipeline, we feel really good about revenue synergies, and to Woody's point, feel very confident about the brand of those guidance ranges.

Darrin Peller -- Wolfe Research, LLC -- Analyst

Thanks guys. If I could just squeeze in, the two big banks that you won, First Republic and Union. Those are really large wins that we don't see often. So can you just give a little quick color on that and then I'll go back to the queue. Thanks.

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, we talked a lot about on this call about, one, there was three significant wins. There was a top 10 that we didn't name, but there was also the top-20 and top 30 that you just mentioned. We've talked a lot about on this call is that there is a tremendous amount of pent-up demand in the marketplace and this is a global statement, very large financial institutions that are tied to extremely old legacy platforms. And we talked a lot about when we'll see that market finally starting to transition to a much more modern and much more open architecture to allow them to continue to compete for the next, the next several decades.

And I think this quarter was a significant moment in the industry where we saw as I said, a top 10 institution, a top 20 institution and a top 30 institution, all make that decision to go through a transformation of their core banking. And in many instances there going off very multiple decades old type legacy capabilities to a much more future modern architecture. So we're real excited about what we're seeing in the industry, I can honestly tell you the pipelines as full as I've ever seen for banking on a global basis for next generation capabilities. And we feel very good about the fact we started this investment cycle three years, four years ago. We've been investing heavily into these next-generation capabilities and really feel like we're in a very good spot as far as timing the industry for when that transformation is going to begin.

Darrin Peller -- Wolfe Research, LLC -- Analyst

That's great, thanks guys.

Operator

Thank you. And next we will go to the line of Tim Chiodo with Credit Suisse. Please go ahead.

Timothy Chiodo -- Credit Suisse -- Analyst

Thanks a lot guys. So my question is on the Worldpay e-commerce acquiring business clearly a leader in Global E-commerce acquiring and then also Worldpay in many, many in-store markets sort of a good number of key markets globally. But there does seem to be an opportunity to expand in store acquiring into new international countries. I just wanted to see if you could talk a little bit about how we should think about that expansion, rough timing, what the opportunity is? And just a confirmation that potential upside is not actually in the formal revenue synergies.

Gary Norcross -- Chairman, President and Chief Executive Officer

No, again, that's a great question, and you're exactly right. It's not in the -- it's not in the revenue synergy, it's upside. And we are actively working through those strategies. And we will be pushing into those other markets as you described. We're very excited about the merchant team and how it's come together under FIS. We're very excited about the combinations that we're seeing between our banking relationships and our broader merchant relationships. And so like everything we do, we participate on a global basis. We've already been teeing up the countries that we're focusing on building out those go-to-market strategies aligning our development initiatives to correspond to that and so more will be coming on that, but that's absolutely upside to the future of the company.

Timothy Chiodo -- Credit Suisse -- Analyst

Great, thank you.

Operator

Thank you. And next we will go to the line of Ashwin Shirvaikar with Citi. Please go ahead.

Ashwin Shirvaikar -- Citigroup Inc. -- Analyst

Thank you. Hi guys. Hi, Woody. Goods solid --

James Woodall -- Chief Financial Officer

Hey Ashwin.

Ashwin Shirvaikar -- Citigroup Inc. -- Analyst

Hey, good solid 4Q '19 results here. I'm kind of -- I was hoping that since you stood by the future 8% to 9% growth. I'm hoping you can bridge the 6% to 7% this year. I'm thinking this is going to be closer to 7% like you mentioned in the earlier question. If you could bridge that gap with regards to how much of that flows from incremental synergies versus some of these larger wins, it seem like they are more -- they seem to be longer ramps because they're very large like a top 10 bank for example might take longer. Could you talk a little bit about that?

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, no, I think you're exactly right. Obviously, these larger programs do take a longer period of time to implement. We've talked about that multiple times on the call. So it's not uncommon they go through 12 plus months sales cycle and then you've got a reciprocal 12 plus months implementation cycle. What makes us excited about driving our growth rates beyond 7% and upper single digits is not only the demand that we're seeing on cross sell in revenue synergies. We talked a lot about that and we continue to not only raise the dollar amount of that, we also raised the timing of it being pulling it in earlier than what we thought.

But we also when we talked about this now for multiple, multiple quarters, we're in well over a year now of really rapid sales growth around our newer technologies and that's whether it's on the Banking business, on the Merchant business or on the Capital Market business, the demand we're seeing for our cloud-based deployments, our ability to lower the total cost of ownership of these large institutions and drive a real differentiating value proposition is playing out very well in the market. So you've got this combination of revenue synergies, but more importantly, this combination of being able to compete and take share and drive significant new sales wins across all three of our verticals gives us a lot of confidence that our growth profile is going to continue to accelerate in the out years is what he discussed.

Ashwin Shirvaikar -- Citigroup Inc. -- Analyst

Got it. And I might have missed it, but did you from just clarification perspective provide either the TRA terminations included in the tax rate outlook and I might have missed the e-commerce growth rate if you specifically provided that within merchant.

James Woodall -- Chief Financial Officer

Yeah, I'll touch on both of those. On the e-commerce growth rate. E-commerce and integrated together grew mid to high teens with e-commerce growing higher over the average, and integrated grow slightly lower than the average, rolling back to mid to high teens. With regard to the TRAs, the structure of the deal is only giving an immaterial benefit to EPS in 2020 and 2021 with further EPS benefit in 2022 and 2023 just on the way the deal was actually structured and the timing of actual over ownership of the TRAs, Ashwin.

Ashwin Shirvaikar -- Citigroup Inc. -- Analyst

Got it. Thank you.

Operator

Thank you. Next we will go to the line of David Togut with Evercore. Please go ahead.

David Togut -- Evercore ISI -- Analyst

Thank you. Good morning, Gary and Woody.

Gary Norcross -- Chairman, President and Chief Executive Officer

Good morning, David.

David Togut -- Evercore ISI -- Analyst

Good to see the Merchant Solutions growth return to 10% organic in Q4. If you could break down your expectations for 2020, what do you called out low double-digit organic expected for Merchant. What would, what would your outlook be for e-comm and integrated as kind of one bucket and then sort of the other channels kind of growth rate for 2020?

James Woodall -- Chief Financial Officer

Yeah, if you think about Merchant, I think we would still anticipate e-comm and integrated to be in the mid to high teens from a planning perspective. Growth in the fourth quarter was strong expectation in pipeline is strong. So we still feel very good about that with the profile of the remainder of the business being similar to what you saw in the 4th quarter on the growth profile. Obviously, we're hoping to see some of those synergies flow into both banking and merchant. So you've got a balance of around 2020, our expectation around revenue synergies blends roughly 50:50 going into the Banking segment versus the Merchant segment. But we're still pleased with the overall growth, certainly pleased with the acceleration in to the fourth quarter and are looking for a low double-digits all of 2020.

David Togut -- Evercore ISI -- Analyst

Got it. And then just as a quick follow-up. I think what historically you model in about 150 basis points of revenue headwind annually from consolidation in pricing pressure. Can you kind of share with us your expectations on that front for 2020 and are there any specific consolidations that are kind of baked into your guidance?

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, we would have similar levels of competitive headwinds that we always baked into the model, so no real change there. David, I would say at this point, we don't have anything specifically outlined, other than historical trends.

James Woodall -- Chief Financial Officer

Yeah, no, when we, when we think about consolidation in the industry, we think obviously across our client base is primarily impacting the banking capital markets group that's going to continue, but we're not, we're not, we're not projecting that's going to accelerate dramatically from where, from what we saw in 2019. So it's been, it's been a fairly consistent trend. One of the nice things about that FIS' position is because we're typically positioned in the large regional market. Those tend to be the customers that are doing in the consolidating. So we've been in a lot of instances the beneficiary of that, of those combinations. But we'll continue to watch it closely and but modeling pretty well consistent behavior over 2019 on that front.

David Togut -- Evercore ISI -- Analyst

Understood. Thank you very much.

James Woodall -- Chief Financial Officer

Thank you.

Operator

Thank you. And next we will go to the line of Dave Koning with Robert W. Baird. Please go ahead.

David Koning -- Robert W. Baird & Co. -- Analyst

Yeah, guys. Thank you. Good job.

Gary Norcross -- Chairman, President and Chief Executive Officer

Thanks, Dave.

James Woodall -- Chief Financial Officer

Thanks, Dave.

David Koning -- Robert W. Baird & Co. -- Analyst

Yeah. And I guess, first of all you know when you first gave the accretion to the $6.60 number, maybe a few quarters ago or so, I guess since then we've had, what we think maybe $0.30 of benefit from just better synergies, lower refi, tax rate, I think a little better. Is it fair to think of the bridge that that would have maybe brought it up $0.30 or so, put these incremental investments and then what looks like no real use of cash in 2020. It looks like you're not really trying to push the share count down at least in guidance. Those two things maybe are what's bringing it back a little bit down, is that a fair bridge?

James Woodall -- Chief Financial Officer

That's pretty close, yeah. When we guided accretion and I think in the third quarter, we didn't anticipate the second round of refi benefit. We absolutely we're pleased and being able to go back into the market and grab another $135 million or so of interest savings. We saw that as an opportunity along with the sales execution that was delivered in the fourth quarter to reinvest that in sales and delivery, which we kind of described before. We certainly are not buying back shares at this point until we reach our deleveraging targets. So those are primarily your two big deltas, Dave. You got it pretty close.

David Koning -- Robert W. Baird & Co. -- Analyst

Okay, good. And then two really quick modeling ones, the size of that acquisition and when that hits and then, is the tough comp in Q1 is that solely in the banking segment.

James Woodall -- Chief Financial Officer

The tough comp in Q1 is in the banking segment. The small acquisition was roughly revenue contribution of about $75 million in 2019. And we closed it relatively early in Q1.

David Koning -- Robert W. Baird & Co. -- Analyst

All right, great. Thank you.

Operator

Thank you. And next we will go to the line of Georgios Mihalos with Cowen. Please go ahead.

Georgios Mihalos -- Cowen and Company -- Analyst

Hey guys, thanks. Thanks for taking my questions. I guess, Gary and Woody, I'm not sure if I missed it, but did you give what the increase in backlog is year-over-year. I think it was up 9% last quarter. Just curious if you have, if you have an update on that and any color on any specific segment strength that that may have been surprising to you.

James Woodall -- Chief Financial Officer

We didn't give a specific dollar amount of backlog, that will get disclosed in the 10-K. What we did talk about was the implementation backlog component of that overall backlog was the highest I've ever seen. While we didn't give a dollar amount, it certainly connected to the three or four, the three big wins in core banking that Gary described plus some of the big wins in Merchant.

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, we really saw great strength in the quarter. And frankly, for the whole year across all three of our segments really saw great growth in capital markets around our Reg Tech solutions and some of the things we're doing through our SaaS model and cloud-based technologies. The Banking business saw strong sales across our next generation solutions, our next-generation digital, our omnichannel things we're doing there. Obviously, we highlighted, what's going on with our core banking transformation. And then Woody has talked about several times on the call the strength we saw across e-comm and integrated in the merchant business. So we're very pleased with how '19 unfold, and obviously all of that pushes us into 2020 with a lot of, a lot of new sales we have to deliver on, which is good.

Georgios Mihalos -- Cowen and Company -- Analyst

Well that's great. You guys really build up on the opportunity. And just as a quick follow-up, if we can kind of shift gears a little bit just to the merchant side. I'm just curious, your perspective has been some more consolidation in Europe now curious if you think that will have any impact on the business whether competitively or from a partnership standpoint and then Visa looking to adjust interchange and potentially raising it I guess on the e-comm side. Just curious if you think that will have any impact on the legacy Worldpay business. Thank you.

Gary Norcross -- Chairman, President and Chief Executive Officer

Well, look we continually focus on all kind of all the combinations going on, any M&A activity, any partnerships and obviously we watch that very closely. At this point in time, we feel very good about our position across the globe, especially in Merchant and our ability. When you look at our -- when you look at our scale on merchant and our ability to truly be the only global provider of e-comm at scale, we feel very good about our positions, but we'll continue to -- we'll continue to watch those things. As far as these typically we pass on all of those through our fee structure very transparently. So obviously, we're working through those changes. But we don't see any impact at the moment.

Operator

Thank you. And next we will go to the line of Tim Willi with Wells Fargo. Please go ahead.

Timothy Willi -- Wells Fargo -- Analyst

Yes. Thanks to you, and good morning. I had two questions. The first was, again back to the Merchant, a little bit. Thinking about again the capabilities that you talked about with Worldpay and the omnichannel, and over the last four years to five years, whatever it is, retailers have been investing substantially in digital commerce platforms. When you think about pipelines for sales activity, are we at a point where retailers are sort of reevaluating what they've now built sort of focusing on the back-end side, the operational aspect of this. Some of them got to consumer side, correct. And sort of wondering if there is an escalation in RFPs or something you might see coming down the pipe for sort of global omnichannel that might be different now than even a year ago, year and a half ago, so we farther down this journey with the retailers.

Gary Norcross -- Chairman, President and Chief Executive Officer

You know, Tim, it's a good question. What I would tell you is obviously we've only been involved now, a little over five months to six months. What I'm telling you -- what we're seeing in the sales cycle, yeah, I wouldn't say an increase in RFP activity, but what I would say is, we're seeing increased pipeline and increased demand for our capabilities. And so we're obviously leaning into that. Worldpay had made some significant investments around omnichannel leading up to our combination. Obviously, they had made some significant investments in e-commerce. They had also made some, some significant investments in the UK on the new acquiring platform.

So when you look at all of those things, what they had done on the consolidation between Vantiv and Worldpay, all of that is playing in very nicely into our sales success and allowing us to compete on a global very effectively. So we're seeing very good strong pipeline growth and good solid sales success especially across the e-commerce and omnichannel as I highlighted, one in Europe in my prepared remarks.

Timothy Willi -- Wells Fargo -- Analyst

Great. And then my follow-up and I'll hop back in the queue is on sales, you talked a lot about cross-sell on this call and I know you guys are always looking at the sales force and optimization and making through your cross selling and selling effectively, has there been any changes as you move through this integration with Worldpay in terms of sales structure compensation for cross-selling. Anything along those lines that maybe is kicking in and help think to elevate the performance that you highlighted on this call.

Gary Norcross -- Chairman, President and Chief Executive Officer

You know on prior calls, we actually highlighted the fact that we didn't want to change any commission plans. We want to make sure that everybody was very focused and prepared to execute and got the same credit they got before the combination pulled together. That's always been an important step for us because the last thing we want to do is create any confusion across our sales force. So I think the cost of those because we haven't made any changes and because we're now giving everybody an opportunity to pull these other products. That's helped to increase our pull-through. I think the other side of it and we highlighted it on the call in the prepared remarks is we're just finding more and more capabilities across the two companies that resonate with those existing customers.

So I highlighted our prepaid opportunity. That was something we really didn't identify during due diligence. But what that came out of a cross-sell into an existing Worldpay customer that [indecipherable] allowed us to create a whole new opportunity and we see a lot of growth in that opportunity now as we've built that out. So I think those two things just pulling the teams together because we're a full 12 months ahead of where we thought we'd be on integration. The benefits of the team coming together and working as a team and identifying those opportunities, you're just really seeing that pay through in the cross sells.

Timothy Willi -- Wells Fargo -- Analyst

Great, thank you so much.

Operator

Thank you. And next we will go to the line of Craig Maurer with Autonomous. Please go ahead.

Craig Maurer -- Autonomous Research LLP -- Analyst

Good morning, thanks for taking the questions. First is, I wanted to understand what's assumed in underlying UK trends to allow you to hit the guidance this year as we've seen some significant call-outs of the weaker UK from Visa Barclaycard etc. And just secondly, there was a meaningful uptick or at least significantly more than higher than our expectation in stock-based compensation, and I wanted to understand the trend there. Thank you.

Gary Norcross -- Chairman, President and Chief Executive Officer

Well, on the UK front, as we talked about in prior calls, we've modeled -- frankly our UK volumes are already pretty much at recessionary levels. We saw a little softness in quarter on the UK, but we've modeled that end. We've really modeled in no recovery. But we've also modeled in the volumes at about where they were in Q4. In other words, we're not modeling them to -- to fall off a significant amount. We feel very comfortable though with our, with the business that we are signing. We've also got some new leadership in the UK. So we think there is an opportunity that really grow our share in the UK as well. So we're pretty excited of what the team is coming together on that front. But the quick answer is for 2020 we pretty much modeled the UK consistent with what we saw in 2019.

James Woodall -- Chief Financial Officer

On the stock compensation comment, the vast majority of it is around accelerations related to severance activity in the fourth quarter.

Craig Maurer -- Autonomous Research LLP -- Analyst

Thank you.

Operator

Thank you. And next we will go to Ramsey El-Assal with Barclays. Please go ahead.

Ramsey El-Assal -- Barclays -- Analyst

All right, thanks for taking my question. I guess dovetailing with Craig's question just before mine, can you comment on external and macro factors that you have baked in the guidance, obviously we've been hearing a lot of that for coronavirus but also the IT spending environment and we have the election year impacts on bank budgets just what are you presuming in the context of your guidance.

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, let me take a few of these and then will let Woody get into the details. But the quick answer is we've modeled a fairly consistent 2019. I would say it that way and our pandemic taskforce is obviously very focused on the coronavirus. Right now we don't see any material impact for us throughout the Asian region. If we do have any impact at all, it would just be a matter of a few million dollars in Q1, but we're monitoring it very closely and frankly we're very comfortable that but that's not going to be an issue. So we continue to watch those things. But as far as when we look at the growth rates around the world we are minor modeling consistency through 2020. Any other comments, Woody?

James Woodall -- Chief Financial Officer

Yeah. As we've talked about in the last quarter, we continue to see a model softness in the UK and Europe broadly. We have not put anything in our 2020 plan with regard to some outcome from the election. The remainder of it has been relatively status quo in terms of the underlying health of the global economy.

Ramsey El-Assal -- Barclays -- Analyst

Okay. And then secondly, and lastly from me, could you give us kind of a status report on some of the key revenue synergy buckets. I think you mentioned that the [indecipherable] debit opportunity was now at scale. I think that was introduced in the press, in the presentation, which I presume is somewhat fully executed upon. What about the other key synergy buckets, what inning are you in terms of the Premium Payback realization of synergies and maybe also on the card-not-present authorization rates progress there. I think you mentioned that a little bit on your prepared remarks but --

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah. No, no, Ramsey it's great questions. I would say we're just, obviously we're just getting started with our revenue synergies. While we're excited about $80 million, we've got a long way to go to reach our range targets. We feel great about our targets and obviously we feel great about the sales success we've had. I would tell you, I even put in my prepared remarks, our debit routing has done very well and so that continues to contribute. We actually saw good volumes, additional volumes incoming through in the quarter.

So I would say we are not completely finished there, but as you highlighted in late innings and those were some very early wins. Premium Payback, we're just getting started. I mean we had some very significant signings. You don't want to trivialize a top 3 merchant and PayPal. I mean those are, those are just huge opportunities. Obviously, we got to deploy those next year. So we haven't started seeing revenue growth but more important than that we're seeing really large pipeline and additional sales around Premium Payback. So that's, those aren't the only two that we've signed.

We've now signed a number of customers. The one that has surprised us is merchant referral program across our regional banks. We actually didn't predict the response that we're seeing on that base in our larger institutions, which is a very pleasant surprise. As far as the authorization rates and fraud rates, we've talked about that on prior calls, really just working on the models, working on the data consolidation. So I would argue those results have not even started at this point and we're doing the work, leading up to doing the work that will then drive the results in late 2020 and 2021. So very early stages on a lot of these things, but feel really good about the early results, the signings to date in the pipeline.

Ramsey El-Assal -- Barclays -- Analyst

That's super helpful. Thank you very much.

Operator

Thank you. And next we will go to the line of Brett Huff with Stephens. Please go ahead.

Brett Huff -- Stephens, Inc. -- Analyst

Good morning, guys. Congrats on a nice quarter.

James Woodall -- Chief Financial Officer

Thanks, Brent.

Brett Huff -- Stephens, Inc. -- Analyst

I know we're getting near the end of the game here on the Q&A. So I'll just ask one, a little more detail on the core wins. So we've been doing this a long time, and we've been hearing about the big banks going to do their core transformations for what 15 years. Is it just really the beginning of that? And you guys got three of the big ones but I guess my question really is, if we're finally at that tipping point, what is your visibility into the other big banks that you serve also doing the same thing?

James Woodall -- Chief Financial Officer

Yeah. I'll add some color, Brent. And then let Gary follow on. Even if you go back to the Investor Day, a couple of years ago, we had one of the questions in the audience was, will you ever see a top 20 or a top 30 bank outsource to a company like FIS. This quarter we saw three. So I want to say it's really important that we're seeing some of this as a tipping point as I've described, the pipeline is very full and we're feeling very optimistic about it.

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, no, I really do. I think it's just a matter, we talked about it in the past. We're really seeing a transformation around technology that frankly none of us have seen in our careers. And so with this transformation in technology, a lot of people talk about the fourth Industrial Revolution. But the reality is these newer technologies are going to require a replacement. You're not going to be able to iterate your legacy technologies, you're going to have to go through a conversion that really take the advantage of these new open standards, this new scaled standards, this new availability standards. And so, yeah, Brett, I think we really have as I said in our prepared remarks, we are seeing a significant milestone in the industry when you've got a top 10, a top 20 and a top 30 bank all making their decision to go through that transformation.

Woody's points are dead on. We've had a lot of early success with our next generation core banking system, modern banking platform but what we are. But now frankly that's one of the reasons why we're investing so much in delivery. We've got a very, very strong pipeline and active discussions going on. So we don't expect these to be the only big deals announced. So we're excited about it, and we do believe this is a global issue. I was just over in Asia earlier in January, and every customer I met with and even in Q4, when I was outside of the country, every CEO, I was meeting with is talking about this issue. And so this is a global opportunity for FIS and I just think we're very well positioned and just getting started. And I think for the next 10 years, you're going to see this kind of transformation is going to occur across core banking.

Brett Huff -- Stephens, Inc. -- Analyst

That's all I needed, thanks guys.

Operator

Thank you. And our last question comes from James Friedman with Susquehanna. Please go ahead.

James Friedman -- Susquehanna -- Analyst

Hi, thank you and let me echo the congratulations. I'll just ask my two upfront in the interest of time. So with regard to the 100 basis points and 150 basis points of reinvestment related to delivery, what should we think about that is one-time in nature or will it go away in '21? And then while we're making our models on a quarterly basis, thank you for the call-outs about Q1, are there any other call-outs that we should remember about the other quarters in terms of non-recurring? Thank you.

James Woodall -- Chief Financial Officer

Yeah, I think your second question first. I think the only other call-out would be fourth quarter 2019, we called out about 2 points of benefit in capital markets that we don't anticipate. We actually normalize and set the underlying growth of 6% versus 8% that you see on some of the charts. Beyond that no other call-outs. If you go back to the original question would we continue to invest or is this one time? I certainly hope we continue to invest here. If we continue to see sales, particularly in some of these larger institutions outsourcing their core banking, I'd certainly be happy to continue to make this investment in delivery.

Gary Norcross -- Chairman, President and Chief Executive Officer

Yeah, look, we want to make sure, James, whatever we do is that we continue to invest behind our growth to continue to accelerate that growth curve. So like we've seen in the, we've got a real unique opportunity here where we really do see the market moving through our sales results and our sales channels across all of our segments. So they need to have ability to invest in that and deliver on these capabilities and get them in market and help further accelerate our sales team, we're investing in sales resources, as well. So Woody talked about that, it is not just all delivery. Right now we've got a tremendous amount of demand, we want to make sure that we have the necessary people in markets that can capture and capitalize on these opportunities.

Operator

Thank you. And we will now go back to Gary Norcross with any closing remarks.

Gary Norcross -- Chairman, President and Chief Executive Officer

Thank you. I'm proud of our outstanding results in 2019. I also want to recognize the work our team has done to accelerate our integration timeline by a full 12 months. I would also like to thank all of our associates across the globe who are working hard every day to advance the way the world pays banks and invest. If you have any questions, following today's call, please reach out to our Investor Relations team. I want to thank you for joining us today. Thank you. And ladies and gentlemen, this conference will be available for replay after February 14 at 11:00 AM Eastern until midnight March 13. You may access the AT&T replay system at any time by dialing 1 (866) 207-1041 and entering the access code 1596394. International participants, please dial (402) 970-0847. Those numbers again are (866) 207-1041 and (402) 970-0847 with an access code of 1596394. [Operator Closing Remarks]

Duration: 65 minutes

Call participants:

Nathan A. Rozof -- Executive Vice President, Corporate Finance and Investor Relations

Gary Norcross -- Chairman, President and Chief Executive Officer

James Woodall -- Chief Financial Officer

Jason Kupferberg -- Bank of America Merrill Lynch -- Analyst

Darrin Peller -- Wolfe Research, LLC -- Analyst

Timothy Chiodo -- Credit Suisse -- Analyst

Ashwin Shirvaikar -- Citigroup Inc. -- Analyst

David Togut -- Evercore ISI -- Analyst

David Koning -- Robert W. Baird & Co. -- Analyst

Georgios Mihalos -- Cowen and Company -- Analyst

Timothy Willi -- Wells Fargo -- Analyst

Craig Maurer -- Autonomous Research LLP -- Analyst

Ramsey El-Assal -- Barclays -- Analyst

Brett Huff -- Stephens, Inc. -- Analyst

James Friedman -- Susquehanna -- Analyst

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