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Total System Services, Inc. (NYSE:TSS) Q3 2018 Balance Appointment Alarm October 23, 2018 5:00 PM ET

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Executives

Shawn Roberts – VP, IR

Troy Woods – Chairman, President & CEO

Paul Todd – Senior EVP & CFO

Analysts

Ashwin Shirvaikar – Citigroup

Dan Dolev – Nomura Securities

Darrin Peller – Wolfe Research

Georgios Mihalos – Cowen and Company

Blake Anderson – Stephens Inc.

Steven Kwok – KBW

James Schneider – Goldman Sachs Group

Glenn Greene – Oppenheimer & Co.

James Friedman – Susquehanna Banking Group

Bryan Keane – Deutsche Bank

John Davis – Raymond James & Associates

Thomas McCrohan – Mizuho Securities

Operator

Good day, and acceptable to the TSYS Third Division 2018 Balance Absolution and Appointment Call. [Operator Instructions]. Please agenda this accident is actuality recorded.

I would now like to about-face the appointment over to Shawn Roberts, Vice President of Investor Relations. Please go ahead.

Shawn Roberts

Thank you, Andrea, and welcome, everyone. We’ll activate this evening’s alarm with aperture comments by TSYS’ Chairman, President and CEO, Troy Woods; followed by TSYS’ CFO, Paul Todd, reviewing the third division highlights and circumscribed financials. Troy and Paul will both be referencing a advance presentation during their able remarks. A archetype of this presentation as able-bodied as our balance absolution and added schedules are accessible on our website at investors.tsys.com. Afterwards the able remarks, we’ll accessible the alarm up for Q&A. [Operator Instructions].

I’d now like to alarm your absorption to the actuality that we will be authoritative advanced statements about the approaching operating after-effects of TSYS. These advanced statements absorb risks and uncertainties. Factors that could anniversary TSYS’s absolute after-effects to alter materially from the advanced statements are set alternating in TSYS’s belletrist filed with the SEC, including its 2017 anniversary abode on Form 10-K. I will additionally altercate items that do not accommodate to GAAP. We accommodate those measures to GAAP measures in the addendum of the advance presentation and in the added schedules to the columnist release.

At this point, I’ll about-face the alarm over to Troy Woods.

Troy Woods

Thank you, Shawn. Acceptable afternoon, and acceptable to our third division balance call. Our all-around TSYS aggregation has delivered accession division of solid after-effects as we abide to assassinate on our cardinal goals and accomplish our eyes of actuality a arch all-around acquittal solutions provider. Some of the highlights for the division that I would like to alarm out are: net acquirement added by 13.1%; net assets was up 26.7%; adapted EBITDA added 12.6%; and adapted adulterated balance per allotment added 32% to $1.16.

During the quarter, we bargain our debt accession $175 million, bringing our year-to-date abridgement to $355 million. With this reduction, we accept accomplished our deleveraging charge afterwards our accretion of Cayan one division beforehand than anticipated.

The adeptness to advance our deleveraging charge will acquiesce us to use our able chargeless banknote breeze to resume our allotment repurchase action in the fourth quarter. These able results, accompanying with a actual advantageous abridgement and chump aplomb levels at an best high, enables us to afresh access our advice for the third time this year and ammunition our drive as we go into the final division of 2018. Paul will go into added accommodation on our advice access in his comments.

In acceptance of our performance, during the quarter, we accustomed several important honors. In July, Forbes ranked TSYS #116 on its All-around 2000 Advance Champions List, which recognizes the top 250 performers based on circuitous anniversary advance ante from 2014 to 2017.

In September, TSYS was ranked cardinal eight on All-embracing Abstracts Corporation’s Banking Insights’ 2018 FinTech Top 100 based on banking casework acquirement totals. Finally, I am admiring to advertise that our own CIO, Patty Watson, was alleged one of the 20 Women Who Beggarly Business by the Atlanta Business Chronicle in September. We are actual appreciative of these recognitions and ceremoniousness and acknowledge all of our aggregation associates for their adamantine assignment and dedication.

Now I would like to abode a few key items above our action afresh ask Paul to accommodate added banking highlights.

It was accession actual able division for Issuer Solutions. Some highlights accommodate absolute acceptable accounts on book assured at $594.4 million, up 5.8%. Absolute affairs were up 12%, and net acquirement was $434.3 million, an access of 8.3% on a appear base and 8.8% on a connected bill basis. All of these were new annal for our Issuer Solutions segment.

On the business development front, we alive extensions with Navy Federal Acclaim Union, Barclays, MB Banking and Regions Bank. As allotment of the Regions agreement, TSYS will additionally activate processing Regions bartering acclaim agenda portfolio and will abutment the bank’s bartering ePayables alms through our Virtual Acquittal Precept platform.

In added new business during the quarter, we auspiciously adapted about 4.5 actor accumulated Bass Pro and Cabela’s accounts for Basic One. We additionally accept the charge from Basic One to catechumen two added retail and co-brand portfolios to TSYS in 2019. In accession to the new Regions bartering agenda business and Basic One’s new commitment, we accept a actual solid new business pipeline, which will add new business over the aing 24 months.

On the artefact development front, as we appear the aftermost few quarters, we accept a ample action of new articles in fraud, abstracts and ytics, agenda engagement, chump service, affidavit and our communications platform. All in all, we are actual admiring with our third division after-effects for Issuer Solutions and aflame about our drive affective into the anniversary period.

In our Merchant Solutions segment, we additionally acquaint solid after-effects for the third quarter. Net acquirement was $346.3 million, and we set accession almanac for adapted articulation operating assets of $125.2 million. Top band advance was 22.9%, and amoebic net acquirement advance was afresh bifold digits.

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During the quarter, we auspiciously adapted about 50,000 Cayan merchants to the TSYS belvedere and are on clue to catechumen the accumulated of the actual book of business by year-end. Our added Cayan affiliation efforts accept been completed advanced of schedule, and we still apprehend to accommodated our accustomed synergy targets.

Our chip access accomplished solid after-effects in all key metrics, announcement double-digit amoebic revenue, accumulated and anniversary advance year-over-year. We additionally renewed several ample ISV ally and alive added than 35 new chip ally during the quarter. The Genius belvedere is both a belvedere on its own and a disciplinarian of advance and adverse in key industry verticals. In the third quarter, the Genius aggregation won 10 new deals and renewed several ample partnerships, demonstrating what the capabilities of Cayan accumulated with the backbone of the TSYS cast can accompany to market.

One of the cogent wins this division is one of the bigger specialty accouterment retailers in the United States with aing to 600 locations, over 3,600 lanes and processing added than 45 actor affairs annually.

Our bloom vertical additionally continues to beat the bazaar trends as we abide to advance in committed sales and abstruse assets focused on amalgam with bloom affliction software companies. Our accomplice access additionally continues to add breadth, calibration and backbone as our ISO relationships are carrying connected and anticipated results.

We renewed three abiding relationships and alive 20 new ISO ally during the quarter. This brings our year-to-date ISO signings to 58. The majority of these wins were aggressive takeaways, solid affirmation afresh that we are the accomplice of best in the industry.

The aberrant access continues to be a solid performer, announcement acceptable after-effects in both acquirement and transaction advance on a after and year-over-year basis. With our contempo iMobile3 acquisition, we’ve apparent able acceptance of our basic POS and exchange solutions, and we apprehend this able acceptance to abide action into 2019. The aggressive dynamics of the merchant industry crave that we excel at artefact development and delivery. This quarter, we took accession cogent footfall to advance innovation, and that has served the needs of our merchants and ally by realigning the absolute merchant engineering alignment beneath the administration of Paul Vienneau, the aloft Chief Technology Officer of Cayan. While at Cayan, Paul played a key role in architecture out the Genius belvedere and cloud-based omni-channel solutions and brings the administration and abstruse adeptness appropriate to advance our aing appearance of merchant innovation.

Merchants are consistently apprenticed to accommodated added ambitious chump expectations for anytime, anywhere in any access payments. Above our Merchant segment, we’re capturing high-value advance with our altered adverse of avant-garde technology accumulated with abysmal industry expertise, anniversary and security. In our Chump Solutions segment, net acquirement grew 8.8% year-over-year to a absolute of about $196 million, and gross dollar accumulated was over $8 billion for the third after quarter. We abide to see able drive in deepening our administration relationships while continuing to augment and advance in our basal technology belvedere and all-embracing artefact suite.

During the quarter, we launched the new white assuming affairs with Albertsons throughout all of their 2,000 abundance locations that I mentioned aftermost quarter. This rollout has been advanced well, and chump acknowledgment has been absolute to the all-embracing artefact proposition.

Also this quarter, in affiliation with 7-Eleven, we launched the [email protected] Family card. This added artefact affection is advised to advice families of all types administer and ascendancy their circadian finances. This family-focused artefact affection will be accessible at about 8,000 7-Eleven locations area Chump Solutions articles are awash and loaded.

This quarter, we additionally connected the rollout of our new point-of-sale platform, NetSpend Connect. This belvedere allows us to bear new sales and reload adventures above abounding of our added than 120,000 distributing locations and administration as able-bodied as abacus adequacy for cardholder servicing, including absolute drop enrollment, SMS alerts acceptance and abounding chump character ysis adequacy at the point-of-purchase. Chump Solutions continues to be on clue with attention to the rollout and antecedent achievement of our DDA proposition.

The cardinal of DDA debit alive cards added to added than 470,000 in the quarter, and we are accretion the availability of our DDA hypothesis to added administration channels, ally and end customers. The able date of the new CFPB rules on prepaid is now aloof six months away, and our affairs for accomplishing are on schedule. Paul will be accouterment some added annotation on our banking expectations apropos the accomplishing of these new rules in his remarks.

The third division was accession actual absolute division for our Chump Solutions segment. Our artefact amplification and about-face action is demography shape, which allows us to access our acquirement and allowance expectations for this articulation for the year. Excellent results, solid execution, affianced aggregation associates and a able-bodied action accommodate us with aplomb and drive affective into the fourth division and 2019.

Now I will about-face it over to Paul to accommodate added abundant banking advice for the quarter. Paul?

Paul Todd

Thank you, Troy. And we are afresh admiring with our after-effects for the third division and to be in a position to already afresh accession our 2018 outlook. I will now awning our circumscribed and articulation achievement starting on Advance 6. Third division GAAP absolute revenues were $1.02 billion, bottomward 18.6% due to the acceptance of ASC 606. And non-GAAP net acquirement was $964.6 million, up 13.1% from 3Q aftermost year. We accept accent the appulse of the acceptance of ASC 606 on our third division after-effects on Page 16 of our columnist release.

Year-to-date absolute revenues were bottomward 17.6% accompanying to the acceptance of ASC 606, while year-to-date net acquirement of $2.86 billion was up 12.9%. GAAP adulterated EPS was $0.85 for the quarter, up 28% over 3Q of 2017. And non-GAAP anniversary adapted adulterated EPS was $1.16, up 32% from 3Q aftermost year. Our third division after-effects were absolutely impacted by some detached tax items that resulted in an able tax amount for the division of 17.8% or about $0.05 of benefit. With these benefits, we now apprehend our able tax amount for the year to be in the 18% to 20% range, bottomward hardly from our antecedent 19% to 21% range. Year-to-date GAAP adulterated EPS was $2.40, an access of 29.3% from this time aftermost year. And non-GAAP adapted adulterated EPS was $3.40, an access of 33.2%. Our non-GAAP anniversary adapted EBITDA added 12.6% to $348.5 million, and our adapted EBITDA allowance of 36.1% was bottomward about 16 base credibility from the third division of aftermost year.

Through nine months, adapted EBITDA is up 13.3% to $1.02 billion, and our year-to-date adapted EBITDA allowance of 35.9% is up 11 base credibility from this time aftermost year. We still apprehend circumscribed adapted EBITDA allowance amplification in the 25 to 50 base credibility ambit for the year. Chargeless banknote breeze was $229.6 actor for the quarter, bringing our year-to-date chargeless banknote breeze to $612.5 million, up 11.3%. We abide to apprehend our chargeless banknote breeze for the year to be amid $770 actor to $800 million.

Due to our able chargeless banknote flow, we were able to advance our deleveraging for the division by advantageous bottomward $175 actor of debt, which brings our year-to-date debt paydown to $355 million, advanced of our plans. At these levels, we will activate to alteration abroad from alone deleveraging and plan to resume some b repurchase action in the fourth quarter.

Now I will awning our articulation performance, starting with our Issuer Solutions articulation on Advance 8. First, on growth. The Issuer Solutions articulation grew net acquirement 8.3% on a appear base and 8.8% on a connected bill basis. We saw acceptable advance in both accumulated and nonvolume connected bill net acquirement for the quarter. We had about 170 base credibility of nonrecurring acquirement in the division due to some Achievement Services-related assignment amid added things. Absolute output, managed casework net acquirement grew at 15.1% for the quarter, up from the 8.9% advance we had in the added division and the 7.6% advance we had in the aboriginal quarter.

Next, on margin. Anniversary appear adapted articulation operating allowance of 35.5% is bottomward 136 base credibility from 3Q of aftermost year and bottomward 61 base credibility year-to-date.

Finally, on outlook. For net revenue, we abide to apprehend this articulation to abound net acquirement in the 5% to 7% connected bill ambit for the year, although we now apprehend to be afterpiece to the aerial end of the range. And on margin, I said on our aftermost alarm that while our ambition was still to hardly aggrandize the allowance in this articulation this year, it would depend on the pacing of the investments we accomplish in the aback bisected of the year. As we are pacing our investments with added focus on a circumscribed allowance target, we may accept some allowance abbreviating for this articulation of up to about 50 base credibility for the year.

We are admiring to be in a position to accept able accepted amoebic advance achievement this year as able-bodied as the action action that is acceptance us to advance in the future. The investments in the third division that ramped up accommodate an access in the 401(k) bout for our aggregation members, accretion costs in the build-out of our new abstracts centermost and accretion costs accompanying to aperture a new Managed Casework adeptness to body out accommodation for approaching growth, agnate to the added accommodation that we brought online for our Achievement Casework adeptness over the aftermost year in Columbus, Ohio. These are in accession to some added growth-related costs we are incurring.

We talked for several abode now on advance in this segment, and the advance we are experiencing and accept in the action are enabling us to accomplish these enhancements to our business while still advancement a allowance focus for the articulation and accomplishing our all-embracing accumulated allowance targets.

Now assimilate Advance 9 and our Merchant Solutions segment. First, on growth. Q3 was accession solid division for our Merchant Solutions segment. Net acquirement for the articulation grew at 22.9% for the third division compared to 3Q of aftermost year, appropriate in the boilerplate of the 22% to 24% anniversary ambit we talked about on our aftermost call. The adventure is agnate on a year-to-date base with articulation net acquirement advance of 23%. This advance is a accumulated of able amoebic advance in our pre-Cayan business, accompanying with connected outstanding achievement of Cayan.

On margin, our adapted articulation operating allowance was up hardly on a after division base but bottomward 51 base credibility adjoin Q3 2017 and bottomward 48 base credibility on a year-to-date basis. Excluding the appulse of our 2 acquisitions, our year-to-date margins would accept hardly expanded.

Finally, on outlook. On revenue, we abide to apprehend net acquirement advance in the 22% to 24% ambit for the year. And on margin, connected with my annotation aftermost quarter, we apprehend anniversary allowance amplification for the articulation of up to 50 base points.

In summary, we delivered able after-effects in the third division in the Merchant Solutions segment, demonstrating connected beheading of our cardinal plan and advance for advance in our focus areas.

Now assimilate the Chump Solutions articulation on Advance 10. First, on growth. The key highlight for this articulation is the connected able year-over-year amoebic net acquirement advance of 8.8% on GDV advance of 11.2%. Continuing the trend from the added quarter, third division advance was afresh able above all four of our administration channels. We exited the third division of 2018 with aloof beneath 5 actor debit alive cards, with over bisected of them, 50.6%, on absolute deposit. Absolute drop by cardholders continues to drive college acceptance of our Chump Solutions articles as able-bodied as college lifetime value, and gross dollar accumulated for the division exceeded $8 billion for the third division in a row.

Next on margin. Q3 2018 adapted articulation operating allowance of 25.3% is bottomward 171 base credibility from the 27% in Q3 of aftermost year, absorption burden accompanying to our ample accomplice face-lifting aftermost year, which we accept accent the accomplished few quarters.

And finally, on outlook. We are accretion our apprehension of net acquirement advance for this articulation to the 7% to 9% range, up 100 base credibility from the antecedent ambit of 6% to 8%. And we are additionally accretion our allowance expectations for this articulation to the 23% to 25% range, up 100 base credibility from the antecedent ambit of 22% to 24%.

As Troy mentioned in his beforehand comments, the able date of the CFPB rules on prepaid is now aloof six months away. Assuming no changes to the CFPB prepaid rules and afore because mitigating furnishings from our business amplification and artefact about-face strategies, we currently apprehend with the April 1, 2019, able date that our agenda year 2019 net acquirement will be abnormally impacted by about $60 actor to $65 actor with an estimated abrogating appulse to adapted adulterated EPS of $0.17 to $0.19.

We abide committed to our advancing business amplification and artefact about-face strategies, and we apprehend these initiatives to abate 1/3 to 1/2 of the accepted abrogating banking impacts of the prepaid rules, both from a acquirement and adapted adulterated EPS perspective.

The success of our strategies depends on a few key factors, including the amount of acceptance of our new products, both by consumers and our administration partners; and the amount of appliance of the assorted artefact appearance by cardholders as able-bodied as all-embracing bazaar and authoritative dynamics. While these factors actualize some uncertainty, we are committed to our strategies in the Chump Solutions segment. And we plan to busy on specific advance adjoin our affairs on approaching calls. In short, accession solid division and an added absolute angle for Chump Solutions.

Now I appetite to animadversion on our revised abounding year circumscribed advice on Advance 13. We are adjusting our absolute revenues ambit from the antecedent $3.94 billion to $4.04 billion to a $3.99 billion to $4.04 billion ambit and net acquirement ambit from $3.74 billion to $3.84 billion to a $3.79 billion to $3.84 billion range, an 11% to 13% advance amount range, up from the antecedent ambit of 10% to 13%. We are additionally alteration our GAAP EPS ambit advancement from the antecedent $3.02 to $3.12 to a $3.09 to $3.15 range. We are additionally accretion our adapted adulterated EPS ambit from the antecedent $4.30 to $4.40 to a $4.41 to $4.47 range, apery a year-over-year advance amount ambit of 31% to 33%, up from the antecedent ambit of 28% to 31%.

We apprehend our able tax amount to be in the 18% to 20% ambit and apprehend our anniversary circumscribed adapted EBITDA allowance to aggrandize in the 25 to 50 base point ambit and apprehend abounding boilerplate adulterated shares outstanding of about 184 million. Finally, I appetite to blanket up with three callouts from today’s call. The aboriginal callout is on net acquirement advance above our company. While we accept talked about able net acquirement advance all year, the third division was a aerial watermark for us in this important metric.

Each of our segments abide to beat our net acquirement advance expectations with our Issuer Solutions articulation accepted to abound at the aerial end of our 5% to 7% advance range; Merchant Solutions articulation accepted to abound in the 22% to 24% range, up from the 20% to 22% ambit we had accepted alpha of the year; and our Chump Solutions articulation now accepted to abound in the 7% to 9% range, up from the 6% to 8% ambit we commented on our aftermost alarm and up from the 5% to 7% ambit from the antecedent division expectation. We are admiring to be in this position with all three segments accepted to abound net acquirement able-bodied aloft the expectations we had at the alpha of the year.

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The added callout is on margins. While we are admiring with our net acquirement advance picture, we are appropriately admiring with the position it puts us in to advance for the best appellation for our aggregation while still acceptance us to accommodated our circumscribed anniversary adapted EBITDA allowance amplification ambition of 25 to 50 base points. We accept commented for several abode about our admiration to access up investments to advance our calibration and infrastructure, advance in our people, advance to abutment our advance action and to advance in the rollout of new products. While our advance in these areas will continue, we will consistently access these decisions in a margin-conscious appearance with added connected accent on circumscribed allowance targets as we accept altered pacing levels in our segments.

And the third callout is accompanying to capital. The third division was an important one on the basic advanced as we accelerated our deleveraging during the quarter. This allows us to axis from an about aloof deleveraging focus, and we plan to resume allotment repurchases. We’ve additionally been acknowledged in our debt contour with about 80% of our debt in a anchored amount anatomy with the actual almost 20% floating. We abide to embrace a adjustable basic anatomy while actual committed to our investment-grade rating.

In all, accession abundant division for TSYS. Through nine months this year, we accept had able amoebic net acquirement advance accompanying with an broadcast circumscribed adapted EBITDA allowance while authoritative accretion investments in our people, technology and basement and artefact and accomplishing so in a way that still allows for banknote breeze bearing to accomplish our deleveraging goals while accepting a favorable debt position in a ascent amount environment. We are in a able position as we complete the of the year and accessory to the best term. We afresh acknowledge all of our aggregation associates who fabricated these after-effects appear and are accession our aggregation for the future.

And with that, we will accessible it up to questions.

Question-and-Answer Session

Operator

[Operator Instructions]. Our aboriginal catechism comes from Ashwin Shirvaikar of Citi.

Ashwin Shirvaikar

So the aboriginal catechism is on you affectionate of mentioned in the accomplished acutely the ample cardinal of belletrist of absorbed and attractive for an amend on these. Is there any change you apperceive maybe in the spending ambiance or annex to outsource these from your coffer clients? It doesn’t complete like it, but I appetite to check. And additionally in agreement of magnitude, I mean, if you alive them all tomorrow, what adeptness that beggarly for your issuer growth? Could you be at the aerial end of your issuer abiding range?

Troy Woods

Thanks, Ashwin. I’ll abode the aboriginal allotment of it, and Paul may appetite to abode the added part. Well, I anticipate it was appealing accessible during this quarter, announcement a brace of new wins. Some of these are the aftereffect of the LOIs that we’ve been talking about now aback action all the way aback to our Investor Day in New York. I will additionally add that we still accept abounding LOIs as I indicated. I did not accord a number. But in accession to the announcements we fabricated today, we still accept abounding LOIs in the action that will abide to add new business to TSYS and the arising articulation over the aing 24 months. As to magnitude, obviously, we’re not action to size, but we did accord you some faculty of the conversions that we performed against the actual end of the third division with Bass Pro Shops and Cabela’s as far as the cardinal of accounts. Paul, annihilation you appetite to add to that on the allocation or consequence or…

Paul Todd

No. And as it relates to affectionate of the outyears, as far as the aerial end of that range, the alone affair I would say, Ashwin, is acutely on anniversary year, we’ll animadversion on what the factors are in that accurate year. But there wouldn’t be annihilation that we would alarm out at this stage.

Ashwin Shirvaikar

Got it. And I aloof had a description catechism on the chump business. And acknowledge you for allocation arrangement of aing year’s impact, although I affectionate of feel at this point, best bodies should accept it. But the description is absent the CFPB impact, would you apprehend the chump business, accustomed arrangement of the drive you accept in it, to be on par with or conceivably a little bit faster than the clip it’s growing at?

Paul Todd

Ashwin, it’s acutely – as we allocution about ’19, we’ll awning that in our advice alarm aback we allocution about ’19 guidance. I would say that it would be, as we’re sitting actuality today, to affectionate of accessory at aing year and affectionate of archetypal it based on what affectionate of happened this year from a advance standpoint is the appropriate way of cerebration about that. And as it relates to this impact, aloof to accomplish abiding we’re bright on that, if you were attractive at clay aing year, we affectionate of took these ranges, affectionate of the net impact, if you’re aggravating to affectionate of aces a assertive number, it would be about demography the advance amount of this year, applying it for aing year and afresh abetment out about $35 actor almost of net acquirement and about $25 actor or so of operating assets and on an EPS basis, about amid $0.09 and $0.12 on an EPS basis. So aloof from a allocation appulse of the headwind of CFPB, that would be the appropriate way to affectionate of be cerebration about it.

Operator

Our aing catechism comes from Dan Dolev of Nomura.

Dan Dolev

I accept a catechism on the Merchant Solutions segment. You mentioned the advance in the ISO business. And can you maybe anatomize out arrangement of how abundant of the advance that you’re seeing of that double-digit amoebic advance is advancing from those ISOs that you’re signing up?

Paul Todd

Dan, we wouldn’t breach that out. We don’t go bottomward to affectionate of the chump akin or alike that affectionate of breach bottomward on the all-embracing growth. I anticipate Troy commented beforehand about the abundant assignment – advance we’re seeing on the chip side. But alfresco of that, we don’t accord that specific of advance numbers.

Dan Dolev

Got it. And alive apparatus to article else, the CapEx spend. What we’ve noticed actuality is that your CapEx absorb has been absolutely badly college this year. I anticipate 3Q was up 19% on a actual boxy CapEx comp. Are we advancing accession above conversion? Or what is the annual for this access in CapEx?

Paul Todd

Yes, Dan. I anticipate there would be a brace of things there. We are spending more. I mean, I talked about, obviously, the absorb accompanying to architecture out our infrastructure, and so that has several apparatus to it. Typically, aback we accept a pipeline, if you go aback into our 2015 time anatomy and accessory at affectionate of the CapEx allocation there, alike in ’14 and ’15, that gives you a barometer about to the admeasurement of the aggregation of what we were spending on CapEx aback then. And you accessory at it now, and we’re not at those levels. And so we are action to absorb added from aftermost year. Aftermost year was a advance from 2016. But there isn’t annihilation altered above that, that I would alarm out.

Operator

Our aing catechism comes from Darrin Peller of Wolfe Research.

Darrin Peller

Look, on the issuer processing ancillary first, I mean, aloof to aftereffect on that. The advance rate, obviously, at the aerial end of your range. I mean, as you mentioned, you’re still abacus a ton of new business on the LOI front. So aback we anticipate about 2019 or aloof action forward, your – what would be the acumen why your AOF advance would not be materially college than, alarm it, the 6% ambit we’re seeing now? Or is there annihilation we’re missing about arrangement of onetime items this year or this quarter? Aloof to be clear. And afresh likewise, I mean, on the acquirement front, you were at a 5% to 7% ambit now. I mean, if we were to add a cardinal of these new wins, is there annihilation advancing out that would annual that for actuality materially college in ’19?

Paul Todd

So as it relates to the quarter, I alleged out in my able remarks, we accept 170 base credibility of arrangement of affectionate of added onetime accompanying items that I accurately acicular to. Also, if you accessory at the output, managed casework aloof as a alignment of acquirement and you affectionate of took that aback to the advance that we saw aftermost quarter, I anticipate that gets you to a abundant added normalized than the normalized 5% to 7% ambit as you accessory at that. As you go into approaching years, as I said earlier, there is consistently assets and minuses in any accustomed year. In this quarter, we had some specific Achievement Services-related action that doesn’t echo itself and added will be a boxy atone as we accessory at aing year comparing aback to it. So there is – some of this new business plays into actuality accretion for aing year, although there is timing elements of that. And so aback we get to the ’19 call, we’ll acutely allocution about the specifics of the ins and the outs like we do on any year. But there isn’t annihilation abroad that I would alarm out at this date accompanying to that.

Darrin Peller

Okay. All right. And aloof a quick aftereffect afresh on the merchant side. I mean, overall, while still actual able in your range, 22% to 24%, well, it did decel a little bit. It looks like partly accompanying to the acquirement per transaction advance actuality a little lower, although still up 1%. I mean, what’s accident in the business there? Is there annihilation specific that we should accumulate in apperception in agreement of the mix of business? Or – and afresh did that accept an appulse on the margins at all? Or was it absolutely the investments that you’re authoritative now?

Paul Todd

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Yes, so there wasn’t annihilation on the allowance that I would alarm out there. As it relates to acquirement per transaction, that’s added of a seasonality thing. As you did alarm out, we were up 1% growth. I anticipate this time aftermost year, we were at about 0.2% growth. So we had accretion advance there, but we had seasonality that affectionate of played itself. The Merchant articulation performed appropriate in band with our expectations, absolutely hardly bigger in a few areas than we had expected. So there isn’t annihilation either on the acquirement advance ancillary or on the allowance ancillary that played through in 4Q. We had good, able amoebic advance on the pre-Cayan business, acceptable able amoebic advance on the Cayan business. So it’s a acceptable adventure all the way about there.

Operator

Our aing catechism comes from George Mihalos of Cowen.

Georgios Mihalos

Just capital to alpha off on the issuer ancillary again. I anticipate if we accessory over arrangement of the aftermost four abode comparing anniversary advance to articulation acquirement growth, the anniversary advance has historically exceeded the connected bill acquirement growth. That wasn’t the case this quarter. The acquirement advance was stronger than the account-on-file growth. And alike if I arrangement of acclimatize 170 base credibility for output, it’s still higher. So is there annihilation to apprehend into that? Annihilation altered this time about maybe on the value-added casework ancillary that contributed to the strength?

Troy Woods

George, acknowledge you for your comments on the quarter. Maybe two things to alarm out and maybe booty them in about-face order. Yes, amount added absolutely was a contributor to the division with a strong, I think, 13% growth. It’s one of the accomplished contributions that we’ve had in amount added at 20.2%, so it continues to be a above contributor. I anticipate the better affair to alarm out on the anniversary advance that you mentioned, we had a cogent cardinal of accounts that were purged during the division on a net basis. It brings that cardinal down. By way of example, that was about bifold the cardinal of accounts that we had purged in the third division of 2017 and about 40% added than we had purged in the aftermost quarter, 2Q ’18. So already I anticipate you put those two in there, you affectionate of get aback to the accustomed numbers.

Georgios Mihalos

Okay, that’s helpful. And aloof quick follow-up. Attractive at the backbone in the disinterestedness and balance line, annihilation to alarm out there with the CUP Abstracts accord or affectionate of what collection that backbone in the quarter?

Paul Todd

Yes, George. On the CUP and disinterestedness and assets side, we did accept a auto there. Aback I talked about this over the aftermost brace of quarters, we had said we apprehend this to affectionate of be a added normalized double-digit growth. And if you accessory at what we had for the division on a year-to-date base now, I anticipate we’re up about 14%. And so that’s accepting us added in line. We’ve got some timing things in there. We accept some clandestine disinterestedness affectionate of pickups there as well. But CUP continues to do well, growing at a acceptable able bifold chiffre and is now glide-pathing to area we accepted it to be for the year.

Operator

Our aing catechism comes from Brett Huff of Stephens.

Blake Anderson

This is Blake on for Brett. Can you allocution about the issuer margins in the fourth quarter? You bargain that advice a little bit for the year. Can you – are these added incremental investments, or I anticipate it’s added of the cull forward? And if it is the cull forward, do you anticipate we could see a acknowledgment on that advance eventually in aing year than we advanced expected?

Paul Todd

Blake, as it relates to the investments, I alleged out several of them in the able animadversion affectionate of on the accretion side. We did activate to access up those, and we commented on our aftermost division call. But we had added ramping in the third quarter, decidedly about the abstracts center, the aperture of our Managed Casework or architecture out of our Managed Casework new center. Also, the 401(k) bout I mentioned, and afresh we had some added investments there. So those are the buckets. And like I said, those affectionate of started aftermost quarter, but they’re now on added of a ramping up basis. As far as the timing of those, we don’t absolutely necessarily affectionate of artifice out the exact affectionate of timing of what those are. But it’s like I said earlier, we’re accomplishing this in a actual margin-conscious fashion. We’re accomplishing it in a actual advised arrangement of way. And we’re captivated to be in a position to both accept the amoebic advance in the accepted aeon as able-bodied as the action to accord us the aplomb to accomplish these investments for the continued term.

Blake Anderson

Great. And afresh my aftereffect is on – aloof on the acclaim arising cycle. How would you characterize the appeal you’re audition from banks adjoin contempo quarters? Any amend there?

Troy Woods

Well, allotment of what I said a minute ago Blake covers that, we accept apparent aloof a little bit of arrest in the newer accounts aback you booty into application we had like 7 abode of 10 actor net accounts. I wouldn’t necessarily accessory at this division afresh as I’ve said as some cogent dropoff aback you anticipate about the appealing cogent aition of abeyant accounts we had during the third quarter. In our – what we alarm our anniversary business ysis affairs with our top customers, we’re not absolutely seeing annihilation of any acceptation that would anniversary us to anticipate it’s action to be a slowdown. Delinquencies are still active acutely good. We haven’t apparent a – we’ve apparent maybe a plateau of absolute mailings but absolutely not a decline. So all in all, our barter still feel appealing bullish about the agenda business.

Operator

Our aing catechism comes from Steven Kwok of KBW.

Steven Kwok

Just a quick aftereffect about the Regions win. Aloof wondering, is there a way you could advice us quantify what the cardinal of accounts on book that will be advancing on and timing about aback that alteration would be?

Troy Woods

Well, two genitalia to that, I guess, Steven. One, on the cardinal accounts, no, we’re not action to admeasurement that. I anticipate you can apparently go out to added publications and get some faculty of the admeasurement of Regions Coffer renewal. Really, the aforementioned acknowledgment for the bartering agenda portfolio. It is a aggressive takeaway. We’re actual appreciative to be able to aggrandize that accord with Regions and accompany in their bartering agenda business. But again, it’s not article we’re action to size.

Steven Kwok

Got it. And afresh aloof afterward on the Merchant Casework segment. The ISO channel, you guys assume to be acceptable business there. Can you advice us anticipate through like what’s active that? We’ve apparent added aeon area it seems like they’re deemphasizing it. Is that what’s happening, area you’re demography allotment away? And afresh about the margins, aloof aback we accessory at year-to-date, the allowance seems to be bottomward almost about like 50 base points. But you guys are allegorical to potentially up 50 base points. How should we anticipate about fourth division for the margin? Is there a actual accession to get to there?

Troy Woods

Thank you, Steven. I’ll booty the aboriginal part, and Paul will abode the added part. As I adumbrated in my able remarks, we’re actual admiring with the adeptness to abound our division and ISO business. I anticipate I mentioned in the able animadversion that we’ve alive up over 50 to 60, I anticipate it was 58 absolutely year-to-date on the ISO side. I anticipate there are a brace of reasons. I think, as I additionally adumbrated in the able remarks, that with the TSYS cast and now that we accept the TransFirst business and the Cayan business, we’re proving in the bazaar that we’re alpha to be that accomplice of choice, the trusted adviser, if you will, to the ISO business. We additionally accept an arrangement of new artefact offerings, aperture and acquittal facilitator archetypal that we’re bringing to the market. I anticipate our sales abutment absolutely does a acceptable job of allowance our ISOs abound their own business. And as we’ve had for a continued time, we accept a acceptable acceptability for acceptable chump anniversary delivery. So I anticipate all of those things are allowance us in the exchange to win and assurance up new ISOs.

Paul Todd

And aloof to add on to that on the allowance side. I think, Steven, if you accessory at area we’ve been over the aftermost two abode from a allowance standpoint and you affectionate of advance that aforementioned accepted ambit out to the fourth quarter, it is action to be a appealing ample lift on a year-over-year base that puts us into that ambit of up to 50 base credibility of amplification on a abounding year basis. I would additionally admonish that our allowance is growing on an amoebic basis. But we accept that accretion impacts of the two acquisitions that’s affairs this allowance bottomward to a abrogating position on a year-to-date basis. So that would be a way to anticipate about the margin.

Operator

Our aing catechism comes from Jim Schneider of Goldman Sachs.

James Schneider

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Maybe aboriginal on the Issuer Solutions business. Troy, can you maybe affectionate of yze for us with annual to the top 20 issuers you talked about at the Analyst Day, accept all those been appear at this point? Or are there still added to be appear in agreement of the action you mentioned before? And afresh is the apprehension – with annual to Basic One, you talked about some conversions they are doing. Would you additionally apprehend that any approaching business that Basic One adeptness win would additionally be after adapted to you?

Troy Woods

Jim, acknowledge you. Well, on the top 20 that we mentioned, action all the way aback to Investor Day in New York, it’s absolutely a alloyed bag. We accept not appear all of those, so still some to come. And as it relates to Cap One, I absolutely can’t add annihilation above what I accumulated with you during our able remarks, that Cap One has committed to accompany to TSYS in 2019, two added retail and co-brand portfolios that will catechumen to TSYS in ’19.

James Schneider

Okay, that’s helpful. And afresh maybe one for you, Paul. On the allowance front, with annual to investments, you’ve been calling that out for some time now. Do you feel you’re now affectionate of at the abounding run amount of advance in OpEx? And aback would you apprehend to affectionate of get aback to, like on a run amount basis, year-over-year allowance expansion? Is it ancient in the aboriginal bisected of ’19 at this point? Or are there headwinds from CFPB that will be mitigating that?

Paul Todd

Well, we are action to abide to accomplish investments. As this new business comes on, some of the characteristics of that will change. As it relates to the allowance expansion, we said at Investor Day that it’s our ambition on our longer-term base to accept 25 to 75 base credibility of circumscribed allowance amplification in a multiyear affectionate of period. Obviously, for ’19, the CFPB does comedy into the allowance in a cogent way because of the headwind that I outlined, but I quantified that. And if you affectionate of accessory at that and pulled that to the side, afresh obviously, we would be targeting allowance amplification affectionate of with the barring of that CFPB impact.

Operator

Our aing catechism comes from Glenn Greene of Oppenheimer.

Glenn Greene

I assumption conduct bottomward on merchant a little bit. Could you aloof arrangement of accord us a little bit of blush and amend on how TransFirst performed in the quarter, and similarly, Cayan on a stand-alone basis, aloof arrangement of degrees of growth.

Paul Todd

So Glenn, we don’t – TransFirst, obviously, there is no TransFirst blemish anymore. You apperceive that business, our Merchant Solutions segment, is all chip from that acquisition. So there isn’t a – you would aloof accessory at the absolute to affectionate of get the affectionate of appearance there. As it relates to Cayan, as I said, we had acceptable double-digit advance in Cayan. It absolutely was convalescent from what we saw in the added quarter. And so affectionate of as I said before, acceptable advance in the pre-Cayan and additionally Cayan had acceptable advance as well.

Glenn Greene

Is there a way maybe to brazier in accumulated your chip business, how that grew? And what allotment of merchant chip now is?

Paul Todd

Yes. So our chip business is about 36% almost of the absolute business. So that’s affectionate of the integrated. As far as the allotment advance of that, we’ve – it’s been in that able double-digit assuming and that hasn’t changed, that didn’t change in the third division as well.

Operator

Our aing catechism comes from Jamie Friedman of Susquehanna.

James Friedman

I assumption I’ll ask the two together. Troy, in agreement of your comments about value-added services, aback you allocution in agreement of action on issuer, is that all anniversary on file? Or is there a action for value-added services? So that’s one thing. And afresh aloof a housekeeping question. In agreement of taxes, Paul, you alluded to some of this, but how should we be – the tax amount came in lower than we had thought. Maybe it’s our fault. But how should we be cerebration about taxes action forward? So one on amount added, the added on tax.

Troy Woods

Yes, Jamie, I’ll booty the aboriginal part. As I anticipate Paul and I both accept indicated, aback you anticipate about our pipeline, it’s both new business. It’s takeaway wins in the marketplace. It’s launches. It’s bringing up bodies de novo in the business. And clearly, it’s product. We talked on several abode about bringing on some of our bogus intelligence anticipation business, abstracts and ytics. We talked about our agenda and communications platforms and all the barter that are advancing on board. They are in accession to like our new chump anniversary platform. So it’s absolutely above the board. I will say, though, aback we accept talked about LOIs, we’re not talking about an LOI for a product. And so those LOIs are for new pieces of business advancing to TSYS, be it consumer, commercial, retail, et cetera. Paul, do you appetite to allocution about the tax?

Paul Todd

Yes. So on taxes, two things. And obviously, as I alleged out, we did accept the detached items that pushed us lower for the quarter. I talked about our ambit for the year actuality at 18% to 20%. And obviously, if you accessory at us from a year-to-date basis, the fourth division is action to be college than that to affectionate of get to that beggarly of that range. So you do accept to affectionate of archetypal a college tax amount in the fourth division to get to the boilerplate of that 18% to 20% range. As it relates to taxes on a longer-term basis, that 21% to 23% ambit that we talked about at the alpha of the year is the appropriate way to be cerebration about the tax amount from a longer-term basis.

Operator

Our aing catechism comes from Bryan Keane of Deutsche Bank.

Bryan Keane

Just a brace of clarifications. I guess, the aboriginal on issuer accounts on file, it decelerated a bit to 5.8%. Aloof ytical if annihilation acquired that slowdown. Maybe I was cerebration you guys anniversaried some applicant wins.

Paul Todd

Well, no. I mean, as Troy commented – and you may appetite to add something, Troy. We talked purges was the affectionate of the distinct better affair to affectionate of comedy through that was some aition activity. So that’s why it didn’t accept any affectionate of acquirement appulse of any significance. So Troy, I mean, you talked about it a little bit earlier.

Troy Woods

No. Nothing…

Paul Todd

That’s the better affair we…

Troy Woods

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Nothing to add. We do abode those – that advance anniversary quarter, Bryan, on a net basis. So as I indicated, we accept a cogent cardinal of acceptable accounts on book that were purged in the third quarter, abeyant accounts, bifold the cardinal that were purged in 3Q ’17. So net-net, you get that affectionate of number.

Bryan Keane

Yes. I assumption it was aloof abnormal that – why it happened in the third division adjoin added quarters. But I assumption it’s aloof timing. And then…

Troy Woods

Well – go ahead.

Bryan Keane

No, go ahead. You go ahead.

Troy Woods

I was aloof action to say, if you accessory over a aeon of years, some of our barter aition quarterly. Some of our barter aition aback they get acceptable and ready. Aloof some of them run purges to apple-pie up files. There’s no beat or acumen sometimes. So it will fasten sometimes. Sometimes, it will go 2 to 3 or 4 abode to be almost consistent. But I anticipate the capital affair to accumulate in apperception and booty away, these are abeyant accounts. So they’re not accomplishing our chump or us a accomplished lot of good.

Bryan Keane

Okay. And afresh I aloof capital to ask Paul aloof on the investments in issuer. I apperceive we’ve asked this before, but aloof ytical if there’s a way to quantify how abundant of these is onetime adjoin some of these investments will be in the abiding run amount action forward.

Paul Todd

Yes. We don’t breach that out. There are apparatus to both, and so some of the costs affectionate of accompanying to some of the about-face activity, has added of an in-and-out acidity to it, and some of the ones that are added basement buildout affectionate of has added of a abiding attributes to it. So we don’t anatomize that out.

Operator

Our aing catechism comes from John Davis of Raymond James.

John Davis

Just appetite to blow on the Achievement Services. Paul, I anticipate you alleged out the 170 base points. Does that accept annihilation to do about assembly of tap-and-go cards? And if not, do you see any appeal on the border from the banks starting to album cards as Visa – some of the issuers advance the NFC-enabled acclaim cards?

Paul Todd

John, I’ll booty the aboriginal allotment of that, and maybe Troy can acknowledgment as it relates to the affectionate of added the appeal blueprint there. Look, I appetite to be clear. The 170 base credibility I alleged out did accept an Achievement Casework basic to it of some specific affectionate of nonrecurring assignment in the Achievement Services. It had a few added things in there that are nonrecurring about some projects and some added things. And so that brazier is both an Achievement Casework as able-bodied as some added affectionate of added nonrecurring items that accomplish up that 170 base points. In addition, if you accessory at achievement and managed casework on a accumulated basis, that was area I was calling out the accretion advance that has both the onetime aspect as able-bodied as some added elements that were outsized advance about to our accustomed advance amount and decidedly on the Managed Casework ancillary of the accretion advance that we got there. So aloof to be clear, the 170 base credibility affectionate of stands on one vector, and the output, managed casework allegory on a allotment advance about to what we’ve apparent in the accomplished two abode is affectionate of on accession vector. And Troy, you may appetite to animadversion on the appeal ancillary of the…

Troy Woods

Yes, I’ll be animated to. From time to time, John, we do see some of our barter go through a rebranding exercise that adeptness fasten up some issuance. We did accept one of our all-embracing barter go through a almost apparent copy about some rebranding. Best of the EMV assignment for all applied purposes has been done, so we don’t absolutely see that affectionate of boost like we were in the aftermost brace of years. And so really, annihilation above that to alarm out at all on appeal of Achievement Services.

John Davis

Okay, helpful. And afresh aloof quickly, Paul, on the amoebic advance in merchant. I guess, bifold chiffre was a little bit college than I was accepting to. Annihilation in Cayan to alarm out from a seasonality? Or is there an ASC 606 appulse that’s bigger this division than it has been in accomplished quarters? Annihilation there account calling out?

Paul Todd

So a brace of things. On Cayan particularly, we’ve been growing in the double-digit ambit all three abode there. And so the auto I commented on there was aloof about to 2Q that we saw some advance dispatch if you looked at it on a year-over-year like-for-like basis. We did see some advance dispatch on a after division base amid 3Q and 2Q. If you accessory at our all-embracing net acquirement growth, the amoebic advance of that, that’s aloof adequate with affectionate of the advance we saw aftermost quarter. We did accept a tad bit little added ASC 606 affectionate of headwind impact, but there isn’t annihilation I would alarm out cogent there. So the advance annual absolutely above the lath is actual agnate in 3Q than what we saw in 2Q, and for that matter, alike in the aboriginal quarter.

Operator

Our aing catechism comes from Tom McCrohan of Mizuho.

Thomas McCrohan

Just a quick clarification. The margins on the output-related casework about to affectionate of appear margins, are they about college or lower than the appear margins for issuer?

Paul Todd

Yes. So they are. Both in Managed Casework and in Achievement Services, the allowance of those two businesses is lower. And so there is some affectionate of allowance headwind accompanying to the outsized advance that we saw there.

Operator

This concludes our question-and-answer session. I would like to about-face the appointment aback over to Shawn Roberts for any closing remarks.

Shawn Roberts

Thank you, Andrea. Not absolutely any closing remarks. Aloof appetite to acknowledge everybody for your absorption in our aggregation and acquaint you that we’re actuality if you charge annihilation and accord me call.

Operator

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The appointment is now concluded. Acknowledge you for accessory today’s presentation. You may now disconnect.

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