| Quarter | Q4 FY21 |
|---|---|
| Call date | 2022-02-10 |
| Results reported | 2022-02-10 |
| Length | 66 minutes |
| Speakers | Winnie, Investor Relations; Jeff Sloan, CEO; Paul Todd, CFO |
Results, guidance and Q&A analysis for this call
Winnie (Investor Relations)
Good morning and welcome to Global Payments fourth Quarter and Full year 2021 conference call. Our earnings release and the slides that accompany this call can be found on the Investor Relations area of our website at www.globalpayments.com. Before we begin, I'd like to remind you that some of the comments made by management during today's conference call contain forward-looking statements about expected operating and financial results. These statements are subject to risks, uncertainties and other factors, including the impact of COVID-19 and economic conditions on our future operations that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in filings with the SEC, including our most recent 10K and subsequent filings. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as the date of this call and we undertake no obligation to update them. We will also be referring to several non GAAP financial measures which we believe are more reflective of our ongoing performance. For a full reconciliation of the non GAAP financial measures discussed in this call to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8K filed this morning and our supplemental materials. Joining me on the call are Jeff Sloan, CEO, Cameron Brady, President and CEO, and Paul Todd, Senior Executive Vice President and CFO. Now I'll turn the call over to Jeff.
Jeff Sloan (CEO)
Thanks, Winnie. We delivered record fourth quarter and full year 2021 results that exceeded our expectations, highlighting the resilience of our business model. We achieved record transactions across the business in the fourth quarter, including a new peak during the holidays despite the incremental impact of COVID-19 variants. And we expect another record year in 2022 based on today's guidance. With strong revenue growth, margin enhancement, earnings to free cash flow conversion and leverage capacity, we accomplished a great deal over the course of 2021 as we continue to advance our differentiated strategies for growth. This includes our partnership with Google to deliver innovative and seamless digital services to all manner of merchants worldwide. The expansion of our collaboration with AWS, our preferred issuer technology solutions partner for a unique distribution and cutting edge technologies. Our successful acquisitions of Zego and Mineral Tree to advance our software leadership position with unmatched worldwide payments expertise, A strategic alliance with Virgin Money and our first use case post merger combining issuing and acquiring capabilities and our partnership with Mercedes-Benz Stadium to enable its multi channel commerce ecosystem. And we're carrying that momentum into 2022 as we successfully executed our goal to redefine the future of digital commerce, extending our lead, continuing to gain share and deepening our competitive mode. Specifically, we are delighted to announce that we've been chosen by Kaisha Bank as the finalist company in their selection process for a technology partner for its European card issuing business comprising nearly 30 million cards. We expect to finalize contract negotiations over the coming weeks. Kaisha is the largest domestic bank in Spain, serving 10s of millions of households and a full range of business clients across multiple countries in Europe. This latest achievement is yet another example of the enhanced revenue opportunities derived from a merger with TSYS just over 2 years ago. When this goes live as anticipated in the back half of next year, we expect this initiative to be among the first legacy direct to cloud transformations in card issuing technologies among major financial institutions and it will be the first entry of TSYS into the highly attractive Iberian marketplace. Together with our recently announced partnership with Virgin Money, we believe Global Payments will then become a leading debit technology provider across Europe. We're also excited to announce that we're embarking on a multi year partnership with MasterCard to modernize and accelerate card payments in the cloud across authorization, clearing and settlement. We're on this journey to drive ecosystem change and to help our clients bring differentiated value to the market. This is yet another example of how we're progressing the payments landscape with leading technology partners and bringing the next generation of modernized AWS cloud enable payments to customers. Our durable relationships with some of the most complex and sophisticated institutions globally speak to our competitiveness well into the remainder of this decade. It's worth highlighting that our issuer business signed multi year contract extensions with several of our largest customers over the last 12 months including Citi, CIBC, Barclays and Banco Care for and our strategy of aligning with market share winners was also successful in 2021. Recent examples include Barclays purchase of the Gap card portfolio as well as Capital Ones purchased at BJ's Wholesale Club card base. We have 34 active prospects in the pipeline with AWS, 11 of which are fintechs, neo banks and startups. And we're pleased to announce that we are live with our first joint take away together with AWS, a leading global financial institution in a single large market in Asia. And we expect to expand this prime instance to several additional markets over time. We also reached an agreement for our first legacy global payments issuer customer, KB Bank and the Czech Republic to move to our thesis Prime platform in the fourth quarter, another revenue synergy from our merger. Finally, of the 9 Lois we have in our issuer solutions Business Today, five are competitive takeaways. In addition, we recently had another new customer win move from LOI into production that was also a competitive take away. We've been successful in expanding our target addressable markets in 2021 beyond AWS as we diversify and broaden our distribution. We announced new strategic partnerships last year with PwC and 10X Banking. Tenex Banking is A next generation cloud native platform designed to bring forward a new way of banking with faster product development and a lower cost to serve. We are proud to announce a new collaboration with Ecolytic to bring sustainability as a service to fintech startups, new banks and traditional institutions. This partnership provides consumers with a personalized view of their impact on the environment driven by their payment transaction activities. This technology enables corporate clients to align their digital banking strategies with consumers and supports ESG commitments by delivering sustainable product options and experiences. Further, we are delighted to announce a partnership with Extend to our new distribution channels. We will provide B to B virtual commercial account services to banks and fintechs with Extend serving our instant virtual card issuance product. Through relationships like Ecolitic and Extend, we are able to support a full spectrum of solutions across emerging use cases. And while we've been providing market leading technologies for buy now, pay later or BMPL initiatives for decades, we continue to innovate and deliver instalment payments products as BMPL demand grows. This includes expanding our combined installment solutions with Visa and signing a global referral agreement with MasterCard. And through our partnership with leading technology companies, private label branded retailers and many of the world's largest issuers, we will be able to provide our customers with a complete ecosystem of BMPL capabilities on a regulated, compliant and responsible basis. It's worth highlighting that in 2021 alone, TSYS enabled over 2 billion BNPL transactions and issued 55,000,000 virtual cards with more than $31 billion in volume. Turning to our merchant business, we are pleased to report the release of the first phase of our Google Run and Grow My Business product that integrates Google solutions with our innovative capabilities in our digital portal environment. During the fourth quarter as planned, we continue to expect to launch the next phase to help our merchants grow faster by connecting additional Google services, including online ordering, retail inventory and reservations to our digital platform later this year. Google is also now a live merchant customer in Asia Pacific and we expect to launch Google as a merchant customer in North America by the end of this quarter. We continue to deliver a full suite of vertically fluent solutions across dozens of markets worldwide. For example, our enterprise QSR business delivered bookings growth for its cloud POS services in excess of 50% in 2021 and went live with new marquee customers like Denny's, Long John Silver's and A&W restaurants. We also continue to expand with existing brands including Bojangles, Whataburger and CKE, which today leverage a combination of our innovative end to end solutions. We delivered more than 300 million Omni channel restaurant experiences in 2021, up 50% versus 2020 and indicative of share shift due to the pandemic and market share gains. By way of comparison, we enabled 19,000,000 Omni channel orders in 2019 prior to COVID-19. Our AMD business generated revenue growth of over 30% in 2021 and in excess of 35% for the fourth quarter compared to 2019. And that momentum is poised to continue with bookings growth of 40% in the fourth quarter and 26% for the full year over 2020. I am particularly proud that AM DS Telemedicine solution enabled 2.5 million provider visits over the last year, marking an 85% increase from 2020. And to put it in perspective, that is up from the roughly 100,000 telemedicine visits facilitated annually prior to the pandemic. We were also delighted to have hit the ground running in one of the largest and most attractive verticals in 2021. In real estate, ZEGO delivered near 20% bookings growth for the full year, enabled by its continued success with existing enterprise customers like ACC and Thalheimer and by expanding with new partners like Managed America and Equity Lifestyles, one of its largest new customers to date. Ego's payments penetration into its base also reached an all time high last year under our stewardship. As we discussed at our 2021 Investor Conference, we are the beneficiaries of technological innovation, continued share shift and market share gains including QR codes, digital wallet, safe for commerce and of course BNPL. Speaking of BNPL, in addition to the agreements we already have in place with leading solutions providers including a firm and Tua in the United States and Atone in Asia Pacific, we are launching our BNPL as a service marketplace this quarter to augment our 140 plus alternate payment methods portfolio. Further, our new partnership with Virgin Money highlights our ability to deliver non bank card account to account transfers through our digital solutions, capitalizing on our market leading merchant ecosystem which already provides one of the largest NFC acceptance acceptance networks globally. In September, we highlighted that we win by leading with technology and innovative solutions across our merchant portfolio and the fourth quarter provides further evidence of our differentiated strategies. We delivered record bookings in the fourth quarter of 21 for a global payments, integrated and US payments and payroll businesses, each of which grew 20% year over year. Our e-commerce and Omni channel business grew on an accelerated basis in 2021. Our ability to seamlessly provide the full spectrum of payment solutions drove new wins this quarter with large multinational Mary Kay across six countries in Europe and Asia and with ESW or eShop World, a leader in direct consumer global commerce in the United States with further global expansion on the horizon. And over the course of 2021, we also reached new partnerships with Google, Ubereats and Uber Rides, Footlocker, Hunter Douglas and the Swatch Group while extending and expanding the scope of our long standing relationship with PayPal. Finally, we added B to B as the newest pillar of our strategy in 2021. We are already making significant strides with Mineral Tree since the closing in mid-october. This includes doubling virtual card spend in the fourth quarter and completing 9 new deals in the healthcare vertical, including with Noho Dental and Biometrics. This quarter. Mineral Tree also renewed its agreement with NI or National Instruments, successfully executed and implementation with Mexico based food services company Grupo Bimbo and launched its supplier Central portal, which allows for seamless payments acceptance for suppliers to support greater digital adoption. We are pleased to have successfully invested 2 1/2 billion dollars in M&A since early 2020, consistent with our 4 strategic pillars. We also have returned $3.7 billion of capital to shareholders since that time and our record cash flow generation and solid balance sheet position us with ample firepower to continue to execute on our priorities. At the same time, we seek to refine our portfolio by simplifying the composition of our businesses and focusing on our core corporate customers, including merchants, financial institutions, software partners and technology leaders. As part of that initiative, we have commenced A strategic review of our Netspend consumer business to sharpen our focus on our B to B assets. While Netspend's direct to consumer business is an attractive set of solutions with a favorable profile, there is limited overlap between that customer base and our traditional clients. Having largely completed our integration with Thesis, corporately made the pivot toward B to B and incorporated Netspend B to B assets into our thinking, we believe now is the appropriate time to commence this review of Netspend's consumer business. As we said at our investor conference in September, we have a full suite of B to B assets including a market leading commercial card offering, virtual card issuance at scale, payroll, pay card earn wage access and now accounts payable cloud SAS with Mineral Tree. We complement these offerings with a unique collaboration with AWS. We are very proud of all that Netspend and our value team members have accomplished under TCS's ownership over the last 8 plus years. We believe that we have created significant value since the close of our merger by expanding internationally, accelerating digitization and driving significant operational efficiencies. We also provided much needed faster payments to millions of consumers during some of the most challenging periods of the pandemic. Revenue, margin and contribution were all records at Netspend in 2021. Simply put, we have achieved our goals. Paul.
Paul Todd (CFO)
Thanks, Jeff. Our financial performance for the full year 2021 exceeded our expectations despite incremental headwinds from COVID-19, including both the Delta and Omicron variance. Specifically, we delivered adjusted net revenue of 7.74 billion, an increase of 15% from the prior year and solidly ahead of our initial guidance for adjusted net revenue to be in a range of 7.5 to 7.6 billion. Importantly, our adjusted operating margin increased 210 basis points to 41.8% as we benefited from the natural operating leverage in the business and the continued realization of cost synergies related to the merger, which was partially offset by the return of certain costs that were temporarily reduced at the onset of the pandemic and the impact of our acquisitions during the year. This performance is also consistent with our guidance for adjusted operating margin expansion of around 200 basis points for the year, including the impact of acquisitions we closed during 2021. The net result was adjusted earnings per share of $8.16, an increase of 28% from the prior year and 31% / 2019. We believe we would have been at the high end of our recent guide rather than above the midpoint, but for the emergence of Omicron and incremental adverse foreign exchange rates during the fourth quarter. Moving to the fourth quarter, we delivered adjusted net revenue of 1.98 billion, representing 13.3% growth compared to the prior year and 10% growth compared to 2019. Adjusted operating margin for the fourth quarter was 42 percent, A50 basis point improvement from the prior year or a 110 basis point improvement excluding the impact of acquisitions. Compared to 2019, adjusted operating margins increased 370 basis points. The net result was adjusted earnings per share of $2.13, an increase of 18.3% compared to the prior year and an increase of 32% compared to 2019. Taking a closer look at our performance by segment, Merchant Solutions achieved adjusted net revenue of 1.34 billion for the fourth quarter, a 21% improvement from the prior year and a 15.4% improvement compared to 2019. This performance was led by continued strength in the US, while we also benefited from improving trends in international markets, including Spain, Central Europe and Greater China. Notably, we delivered an adjusted operating margin of 48.2% in this segment, an increase of 70 basis points year on year and 130 basis points excluding the impact of M&A. Adjusted operating margins improved 320 basis points over 2019 as we continue to benefit from the underlying strength of our business mix. Focusing on our technology enabled portfolio, our integrated business produced another strong quarter generating adjusted net revenue growth in the high 20% range compared to 2020. It is also worth highlighting that over the last two years, notwithstanding the pandemic, adjusted net revenue growth for this business has compounded at the mid teens rate we target for GPI. Longer term. And our worldwide e-commerce and Omni channel businesses saw growth of roughly 20% year on year as our value proposition, including our unified commerce platform or UCP continues to resonate with customers. Our ability to serve customers across nearly 40 markets physically and over 170 virtually is core to our Omni channel strategy and support our growth outlook for these businesses. Turning to own software, our POS software solutions delivered adjusted net revenue growth in excess of 50% in the fourth quarter and our HCM and payroll businesses solutions grew 32%. As far as vertical market solutions, we were pleased that the overall portfolio delivered growth of roughly 20% compared to the prior year in the fourth quarter and low double digit growth for the full year consistent with our target despite several of these businesses having not yet fully recovered to pre pandemic levels. I would reiterate Jeff's comments regarding the positive bookings trends we are seeing across our vertical markets portfolio and we continue to expect our own software businesses will become a tailwind for us in 2022 as the recovery progresses. Issuer Solutions delivered 463 million in adjusted net revenue, a 1.3% improvement from the fourth quarter of 2020. This performance was impacted by two items this quarter. First, our managed services adjusted net revenues decreased as we continue to pivot our issuer business to more tech enablement and less lower margin and outsourced call center business. We also had a grow over a non recurring revenue that occurred last year. Normalizing for these two items, our adjusted net revenue growth was in the mid single digits, consistent with our longer term target. Issuer adjusted operating margins of 43.4% declined 130 basis points from the prior year, but expanded 320 basis points over 2019 and in line with our expectation for the business. As you may recall, Issuer Solutions delivered adjusted operating margin expansion of 450 basis points in the fourth quarter of 2020 / 2019, fueled by our focus on driving efficiencies in the business as well as benefits from temporary cost reductions. Finally, our Business and Consumer Solutions segment delivered adjusted net revenue growth of 2% for the fourth quarter and 7% on a full year basis, consistent with our guidance for this segment to grow in the mid to high single digit range in 2021. As Jeff discussed, we intend to focus our efforts going forward on enhancing our B to B businesses, which includes elements of Netspend. To that end, we are pleased that Mineral Trees bookings grew 19% this year, positioning the business well heading into 2022. Adjusted operating margin for Business and Consumer Solutions of 21.7% declined 240 basis points in the quarter from the prior year, largely due to lapping the benefits of stimulus volumes in Q4. For 2020, quarterly margins expanded relative to Q4 of 2019. From a cash flow standpoint, we had roughly 609 million of adjusted free cash flow for the quarter and a record 2.5 billion for the year, consistent with our target to convert roughly 100% of adjusted earnings to adjusted free cash flow annually. We invested 142 million in capital expenditures during the quarter and 493,000,000 for the year in line with our expectations. Further, this quarter we repurchased approximately 5.5 million of our shares for approximately 700 million. And for the full year, we are pleased to have repurchased 15.2 million shares for roughly 2 1/2 billion or approximately 5% of our shares outstanding. Also, our Board of Directors has again approved an increase in our share repurchase authorization to 2 billion as share repurchase remains a key capital allocation priority. Our balance sheet is extremely healthy and we ended the period with roughly 2.4 billion of liquidity. After repurchase activity and acquisition funding in mid November, we successfully issued 2 billion in senior unsecured notes at a blended interest rate of 2.27%. The transaction was credit neutral with the full proceeds used to pay down our outstanding revolver. Our leverage position was roughly 3 times on a net debt basis at quarter end. Looking ahead to 2022, we remain encouraged by the trends we are seeing in the business and currently expect adjusted net revenue to range from 8.42 billion to 8.5 billion, reflecting growth of nine to 10% / 2021 or roughly 10 to 11% on a constant currency basis with upwards of 1% of currency headwind expected throughout the year. This outlook is consistent with our long term target for double digit top line growth and reflects the benefit we expect from a continued recovery throughout the year. We expect adjusted operating margin expansion of up to 100 basis points compared to 2021 levels or up to 150 basis points of expansion excluding impacts from our recent acquisitions. This is above our cycle guidance for margin expansion of 50 to 75 basis points annually, driven by the benefits we expect from the ongoing recovery, continued mix shift toward technology enablement across the business and additional synergies we anticipate related to the Thesis merger. To provide some color at the segment level, we expect adjusted net revenue growth for our Merchant Solutions segment to be in the low double digit range, which assumes the recovery continues worldwide. We expect issuer solutions to deliver adjusted net revenue growth in the mid single digit growth range for the full year consistent with our longer term targets. Lastly, in our business and consumer segment, we are expecting adjusted net revenue growth to be in the low single digits for this segment in 2022 given the lapping of the benefits from stimulus in both 2021 and 2020. Lastly, I would highlight that from a quarterly phasing perspective, we expect the recovery from the pandemic will continue throughout the year allowing for a progressive growth picture as we move through 2021. Moving to a couple of non operating items, we currently expect net interest expense to be roughly 375,000,000 and for our adjusted effective tax rate to be approximately 20% for the full year. We also expect our capital expenditures to be around 600 million in 2022. Putting it all together, we expect adjusted earnings per share for the full year to be in the range of $9.45 to $9.67, reflecting growth of 16 to 19% / 2021 on a constant currency basis. This reflects annual growth of roughly 17% to 20% and is consistent with the raised September cycle guidance for adjusted earnings per share growth in the high teens to 20% range. Longer term, I would highlight that the discontinuance of stimulus and unemployment benefits in our business and Consumer segment provides for a tough comparison in the first quarter. As a result, we expect adjusted earnings per share growth to be in the low double digits range in Q1. Finally, we will provide updates on the strategic review process for our Netspend consumer business as the year progresses. In summary, the outstanding performance we delivered across our businesses in 2021 serves as a further proof point that we continue to gain share and that our technology enabled strategy positions as well to capitalize on the accelerating digital trends coming out of the pandemic. We anticipate and assume an improving macroeconomic environment and waning pandemic impact as the year progresses. We could not be more pleased with our outlook entering 2022. And with that, I'll turn the call back over to Jeff.
Jeff Sloan (CEO)
Thanks, Paul. I could not be more proud of all that we've accomplished in 2021 despite the incremental challenges we faced throughout the year and our outlook is for an even brighter 2022. As we highlighted in September, we are today a top quartile SAS company, the leading issuer, technology provider and program manager multinationally with unique partnerships, the largest ecom acquirer with an unmatched virtual and physical presence. And we deliver all these things with tremendous breadth across developed and attractive emerging markets. Our record results in 2021 and our expectations for 2022 reaffirm the wisdom of these strategies. The trends of digitization, commerce enablement, software differentiation and Omni channel prevalence driving our performance will start to catalyze our growth throughout 2022 and in the years ahead. Winnie.
Winnie (Investor Relations)
Before we begin our question and answer session, I'd like to ask everyone to limit their questions to one with one follow up to accommodate everyone in the queue. Thank you, operator. We will now go to questions.
Jeff Sloan (CEO)
Yeah. This time, I would like to remind everyone in order to ask a question, press *, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster.
Jeff Sloan (CEO)
And your first question comes from the line of Darren Peller from Wolf Research. Your line is open.
Unknown (Analyst)
Hey, thanks guys. Nice job on the.
Paul Todd (CFO)
Merchant side it's.
Unknown (Analyst)
It's good to see the incremental data on volume, especially comparing it to the industry and really helpful to see the performance versus the networks. If you could break that down a little bit. When we look at the outperformance you're showing, you know how much of that is being driven by the actual software pieces of your business, the tech enabled piece. So whatever breakdown you can give us in the tech enabled versus not and and really even on a geographic basis, Jeff, if there's any more color you can give us on what you saw through the quarter and what you're expecting as recovery resumes? Hey, Darren, it's Cameron. I'll, I'll start and I'll ask Jeff and Paul to jump in with any other details. So maybe if you deconstruct a little bit the volume data that we are providing today, obviously, you know, we I I think gave a good amount of disclosure here as you highlighted. So year over year, our volumes in the fourth quarter grew 24% versus revenue growth of you know roughly 21% and versus 19 that stacks 28%, you know, versus growth of 16%. I would say what's impacting the delta is really the software businesses as it relates to the 2019 compare. If you look at our pure merchant businesses for the fourth quarter versus 2019, they were up probably 2122%, you know, relative to that 28% growth in volume. So a little bit of weighing the software businesses against the 2019 results as a revenue matter in terms of what's driving things. I think Paul gave a lot of detail in his script. We're obviously seeing very good trends in our technology enabled businesses and obviously starting to see recovery in our software pure software businesses, vertical market businesses as we head into 2022 even though they're still a little bit depressed versus 2019 levels. But again integrated had a terrific quarter. Yet again, it's compounded rate of growth over the last couple years been in that mid teen range. We continue to see good performance in our point of sale software businesses having grown 53% this quarter and roughly 50% year over year. Continue to see good performance in our payroll and HCM businesses as Paul highlighted in his script. So it's pretty clear that the technology enabled businesses have dry have continued to drive growth in our overall portfolio and our overall results. And as we head into 2022, you know, the software businesses we expect to provide the vertical market, software businesses we expect to provide a nice tailwind to growth, you know, for the year in overall in 2022.
Jeff Sloan (CEO)
Yeah, Darren, it's Jeff. I would just add said to what Cameron said a couple things. First, we see continued strength in our econ business as Paul do to in his prepared remarks, which are really pleased with in the fourth quarter hanging of the year. The idea I'd say is we exceeded our forecast in January, which we felt good about to start the year off as our guide, as our guide. But you know we feel good about the trajectory and we did see a recovery in volumes toward the end of January into early February in certain selected verticals you know that we're in. So we feel like it's tracking very nicely. You know, versus our guide today, we're kind of pleased with the start of the year.
Unknown (Analyst)
Right. That's really helpful. It's great to see you guys. Just a quick follow up. I know everyone's going to ask about Netspend, but if you could just hone in for a minute more on the B to B strategy that's coming out of that. And I know when you talked about selling, potentially selling Netspend, it was really meant for whether or not you needed capital for another purpose, Jeff. And so is there any thought process of if you were to go through this process and you know, I guess you know have proceeds that that makes sense?
Paul Todd (CFO)
What kind of?
Unknown (Analyst)
Allocation you'd be applying it towards. Thanks again guys.
Jeff Sloan (CEO)
Yeah, it's a great question, Darren. So let me just start with the strategy portion of what you asked. So I really think the pivot has been quite some time in incoming. If you think about the company for a second go back to the investor conference in September, we really positioned the business as adding another leg to the stool with B to B Netspend has significant B to B assets pre mineral tree and of course post October with mineral tree in it even more significant BDB assets. So we really do the September investor conference as kind of a linchpin in terms of our strategic shift and where our focus you know and our thesis you know really, really needs to be. And I think the success of the integration that we refer to in our prepared remarks around Mineral Tree and Paul gave the the 19% bookings number as well as their payments penetration into that business is something we're very excited about. So we're off to a really good start. So we think from that point of view, we laid the predicate in September. The execution was very good through the fourth quarter. Think we're in good shape as a guidance matter in B to B. So I think the right thing to do therefore is to focus on highlighting those assets that are consistent with the long term strategy of the company, which is really on the corporate client focus. And I kind of listed that to my script, you know software companies, technology leaders and we're really not AB to C direct, you know kind of company which is the part we refer to really in the presentation. So I think the strategy shift has been you know sometime in coming. I think September was a big was a big milestone. I think the closing of military in October was a big milestone. I view this is kind of the next milestone. On your question about allocation of proceeds, look it's good to depend where things are. If it when we reach the point where we have something that we would that we would execute. You saw our announcement today about increasing our buyback up to another 2 billion. Just to be clear that amount does not assume any disposition of Netspend. So if that were to happen and if we were to retire more capital than that would be incremental to the 2 billion. We've repurchased about 6% of the company's stock since the 2020. That doesn't include the current 2 billion. Depending on where things shake out over periods of time, that could be another 5%. And then obviously if we reduce something with Netspend along the lines that you asked and if we were to repurchase stock, that would be incremental to that number. So it's just going to depend on the facts and circumstances. You know, at the time that we, you know that we do it, I don't expect it, You know, if this is something we proceed with, it would be later, you know, this year in calendar 22. You know, our guide is our guide and I don't expect it to have an all that significant impact depending on when it happens, you know, in 2022, but that's something we'll address if and when we kind of reach that decision point.
Paul Todd (CFO)
OK. That makes sense. Thanks a lot, guys. Thanks there.
Jeff Sloan (CEO)
Your next question comes from the line of Brian Keane from Deutsche Bank. Your line is open.
Paul Todd (CFO)
Good morning guys and Congrats on the results. Just a follow up on Netspend, what what can you remind us what percent of of their revenues or assets or the B to B side that you're going to keep and.
Unknown (Analyst)
Talk a little bit about that.
Paul Todd (CFO)
B to B Netspend's assets, how I compares the mineral tree and the other things you have in the portfolio? Sure, Brian. So if you kind of thinking a lot of it's just going to depend on you know, how the strategic review goes, what potential buyers, you know, interest level is in in the various pieces. But just at a high level, the way to kind of think about it is roughly 15% of the business is kind of the B to B assets that that Jeff was just referring to. And and obviously the two biggest components of that are our pay card business as well as the mineral tree business. I would highlight just as an add on to what you have said, both of those businesses have high growth characteristics to them and certainly higher than the consumer piece. Both businesses on a fundamental basis grew double digits in the fourth quarter and have that consistent kind of growth rate on a forward-looking basis relative to kind of the cycle guide range that we that we want for the company. So the the fundamentals of those businesses, you don't have those those kind of characteristics strategically, but also it's just a growth matter as well. You know, as it relates to the fit, the overall fit, we talked about this obviously in the Investor Day, but there's a lot of kind of synergistic benefits with the commercial card business. Obviously B to B that we have in our issue or business, which also grows at a faster rate in a normalized environment. Obviously, it's been a headwind to our growth during the pandemic and kind of between what mineral tree has and what we have in that solution set around the broader B to B apparatus that we have an issuer is a nice fit. And I would just mention on the pay card side, obviously what we do on our payroll business and our merchant solutions kind of segment has some nice synergistic benefits. So, yeah, I mean that's as Jeff said, that's kind of the strategy of why we're interested in keeping those kind of B to B assets and and look to kind of strategically review the the consumer assets. Got it. And then just as a quick follow up, Jeff, I know you you talked about the Kaiser bank win. Just want to make sure we understand how you guys are going to market with that. It sounds like you're using the unique assets between the the two companies and obviously there's probably more to come from from winning deals like.
Unknown (Analyst)
This but but.
Paul Todd (CFO)
Could you just highlight the differences to get you that win at Kaiser Bank?
Jeff Sloan (CEO)
Yeah, it's a great question Brian. Thanks. So we're really pleased to announce that today as I said in the prepared remarks, it's 30 million cards. This is a really big deal and we expect to be live in the back half of next year toward the end of next year. As I said, this is said the prepared comments definitely it's a big deal about it is it's direct to the cloud. So we're taking a traditional institution with a good book of business, the 30 million cards and going live kind of day one in a cloud based environment, which is you know something we've invested very heavily in at least since August of 2020. The other thing I'd like to point out Brian, given the size of it is we said in our slideshow today is we have 31 million accounts on file in our implementation pipeline today at thesis issuer. This is another 30 million. That's not that number Brian. So that would actually double the implementation pipeline just to give you a sense of size. And we think this would be one of our top two or three customers in Europe by way of size, as I said in the press release this morning, this will also make us among the largest debit technology providers in in all of Europe. So it's, it's really, you know, it's a really big deal at the end of the day. I'd also say as it relates to the 31 million existing accounts on file that are currently implementation pipeline, 22 millionaire coming online, coming along online live this year thesis in 2022. So this is a really big increment and also very nicely as we grow as Paul said throughout the year in 2022 initial were this has a very healthy pipeline plus Truest which we previously announced in 2023 as well as Virgin Money. So we're super positive about where it is. As relates to Kaisha more broadly, look, this is something that Kaisha conducted an extensive RFP on. You would imagine that they went extensively to kind of compare our technologies versus a new entrance as well as other providers in the marketplace in Europe and globally. And we couldn't be more pleased that they selected us. And honestly, we've got great feedback coming out of it. So it gives us a lot of confidence in the remainder of this year's growth given the current pipeline, but double S the pipeline heading into next year, which makes us feel really good about the next 18 months.
Paul Todd (CFO)
Great. Thanks for the color. Thanks, Brad.
Jeff Sloan (CEO)
Your next question comes from a line of Ashwin Shrivekar from Citi. Your line is open. Thank you. Hey Jeff, Karen, Paul, good morning and congratulations on the execution. Hey, my, my first question is with regards to positive sales commentary, including the, you know, the expansion of use cases and relationships. It's good to see. Can you comment on the qualified pipeline of opportunities, how it compares to a year ago? And do you see your clients exhibit maybe a greater sense of urgency that can translate to, I don't know, faster decision making, quicker ramps? What should we expect of the sales front in 22? Yeah, actually it's Jeff. I'll start speaking the issuer and then I'll ask Cameron and Paul and we give a lot of booking detail this morning, but I'll ask them to comment on on merchants. So listen, no surprise to you Ashford are listening to the call. Anyone listening to the call initial were the cloud sells. So I gave that example of Kaisha direct to cloud, not looking for any kind of intermediate step in between. We also announced today a new partnership with MasterCard, which will put online transaction data directly into cloud AWS, which means as a consumer, you can actually look online live at your postings and overdue balances and see really kind of real time flows through AWS and the cloud. And that's really just with us for for the next period of time through the main of the year when it goes, when it goes live. So look, I would say then on the cloud side, things are moving very quickly. We announced the KB deal in the Czech Republic, which is a legacy Global payments customer going direct to Prime in the cloud, which is a big deal. We announced the other customer in, in Asia also going live in prime in the cloud as well. So I would say as it relates to decision making and phase of implementation, I would say the cloud, which is part of our thesis when we did the deal in the 1st place, has really accelerated the time to market. Now why would that be #1 I think it's very topical for most CT OS at large banks #2 I would say if you look at the historical thesis model of kind of buying it off one place. And Paul alluded to the managed services side of the of the business business, which is really call center functionality. But we're really emphasizing going forward is micro services and decomposed as deconstructed API. So you can kind of buy by the drink with us. And you're seeing some of the early wins here, which would accelerate decision making, Ashwin, some of the early wins around prime live in the cloud, which is what we kind of announced today. And then with Kaiser, you're seeing whole enterprises, what would have been TS2, but whole enterprises going direct to the cloud live. So I would say that the pivot toward cloud is certainly short served marketed some of the time frames you might have seen historically. We're live with that with use cases with Prime and obviously with Kaisha, we'll be live with that in, in the back half of 2023 as we said today. So, so on the issuer side, I feel good about it. I'd also say before I turn over to Cameron and Pawn Merchant that we announced today, 2 partnerships with Equilitic and Extend. These are neobank fintech startup, you know, kind of companies that are focused on selling ESG micro services and APIs into all matter of new wave issuers. The same thing would extend on the virtual card side. We're providing virtual card technology from thesis into the B to B space. That's something we never would have be able to do historically by way of distribution. We're doing that here through AWS and PwC. Those are all incremental and things that we described as tripling the Tam back when we announced Ashwin, the August 20 AWS unique collaboration. So I do agree with your thesis that we're seeing acceleration operation in sales opportunities on the issuing side, Cameron talk a lot about Merchant.
Unknown (Analyst)
Sharon, good morning, Ashwin. I would say obviously, we provided some booking data today for the merchant business for the full year 2021 + 20%, obviously suggesting we have a lot of positive momentum from a new sales and execution standpoint heading into 2022. I'd highlight a few things. One is we continue to see positive tailwinds coming out of the pandemic for our safer commerce solutions, our Omni channel solutions and our commerce enablement solutions. What we're really seeing with our core merchant customer base is there strong demand for technology, there's strong demand for efficiency and their strong demand for solutions that help offset the fact that hiring is very difficult right now. So the more we can bring to bear on our customers to help them again run their businesses more effectively and find opportunities to grow their business, the more traction we're achieving from a sales perspective in the new market. So our targets for 20/22 I would say are roughly consistent in terms of growth as to what we achieved in 2021. As a new bookings matter, we have a lot of confidence and momentum heading into the year that we'll be able to execute against that. The last thing I'll say is as we started 2022, we've actually brought our US payments business and our GPI business together as a distribution matter, which will allow us to really unleash our relationship managers in the US payments channel on our GPI partner customers. So this gives us new opportunities I think to accelerate growth, have a smoother go to market motion from a sales and distribution perspective here in the US and I think unlock untapped value that exist in that portfolio of vertical market partners that we have in the GPI business by attacking it with a broader sales force going forward. So I think we have a lot of confidence around where we are from a new sales and execution. And very Simply put, I don't think we've ever been in a better place as a distribution matter, particularly from a technology enabled distribution perspective. Nor have we been in a better place in terms of the product cool solutions and capabilities that we can bring to bear on the market. So we have a lot of confidence in our ability to continue the trends we saw coming out of 2021 from a new sales and booking standpoint. And I think obviously that underlies the the guide that we provided for 20/22 as well for the merchant business.
Jeff Sloan (CEO)
Thank you. These are great details. Maybe a question for Paul, you know appreciate the the the high level color on overall cadence and the you know, point on one Q being the toughest comp, I guess is is well understood, but could you maybe step into and provide more details on underlying assumptions for cadence, revenues and margins by segment, you know how that ramps?
Paul Todd (CFO)
Yeah. So you know just as you said, the biggest kind of impact you know that we would call out would be the whole stimulus impact in the in the business and consumer. The good thing about that just as a comparison dynamic is the stimulus impact is largely secluded to that first quarter. So we don't have that kind of plane through the other quarters. I would say it a segment level. You know, if you just kind of take the overall guy and just looked at it first at Merchant, you know, we're in that kind of low teens in the first half and then that kind of low double digit kind of the second-half. And that's largely just depending on the comp that you're, you know, kind of comparing to in the dynamics in that quarter. So that's kind of somewhat of a breakout between the first half and the second-half. And then I would say, you know, from the issuer business, it's you know, kind of more higher single digit growth in the back half, more kind of mid single digit growth, you know, more in the first half. And and and we do have some kind of ramping of commercial card recovery occurring throughout the year. So that provides a little more pressure in the first quarter. It it kind of improves in the second quarter, the third quarter and fourth quarter. You know, one thing we did see, and this was underlying the guys, we did see some deceleration between 3 Q and four Q and commercial card, you know, when our in our issuer business. And so we're kind of now projecting that maybe to take some time to recover. And so you're going to kind of see that thing play throughout the year is as we do expect commercial card to kind of recover to a, to a more normalized level in a more normalized environment. And finally, on that B&C line, you know, obviously I called out what the impact is, you know, when the in the in the first quarter. And then you know, kind of goes to that more mid single digit, higher single digit kind of growth rates in the in the back half of the year was as as we anniversary that first quarter. So that kind of gives you a broader context of of how we look at next this year. Obviously, you know, things will will play themselves out. We'll get more color as the year progresses, but that's how we're looking at it right now.
Jeff Sloan (CEO)
Got it. Thank you all for the detail. Yeah, thanks, Aston. Your next question comes from the line of James Fossett from Morgan Stanley. Your line is open.
Paul Todd (CFO)
Great. Thank you very much. Appreciate all the the details on on the different aspects of the business. Wanted to to touch on quickly asset allocation and and strategic, you know you guys have always talked about looking at acquisitions and and that's been obviously been a a focus and you highlighted what you've spent the last couple of years. How are you thinking about the recent change in the overall public market valuations? Is that changing the the potential landscape for M&A for you and and are you looking at incremental opportunities as a result?
Jeff Sloan (CEO)
Yeah, James, it's Jeff. It's a great question. So I'd say a few things to what you you asked. Look, we have a long pipeline of opportunities, but I think we're very cognizant that we're generating really attractive returns by buying back the stock. So while we have a lot of things that we could do on the strategic side to get the returns that we're looking at in the stock market from buying back our own stock, the bar is just pretty high. At the end of the day, we're just finishing a period where we generate something like 2 1/2 billion thereabouts in free cash flow. We ticked up leverage a little bit up to around 3 times on a debt, debt basis, as Paul said, and get some like 2 1/2 billion of available capacity. So there's really no shortage of things we can continue to do. As I said in response to one of the earlier questions, we've already bought back 6% of the stock, you know, since the pandemic kind of started. We'll do another 5% more or less this year depend on conditions. If we exhaust the 2 billion that mentioned today and if we redeploy Netspend, if that were to occur, depending on how we redeploy that, that could be another big chunk, you know coming back in. So the nice thing about where we are, James, is we have tons of free cash flow generation and a very high conversion rate, which we reiterate today and a very good expansion of margin. So in plenty of capacity from cash on hand, free cash flow conversion and leverage capacity to invest in our business. The question for us is where is what side of pendulum do you kind of fall on? And clearly, as we just suggested, we've been more on the side. I think the number I gave was 3.7 million of buybacks relative to 2 1/2 of MA. Clearly the most recent period given where the stock has gone on the market and the dislocations in fintech, clearly we've erred, rightly so, more in the side of buybacks. So it will depend. I would say at the end of the day leveraged markets remain very favorable. Paul quoted our recent capital raise in November which was like 2.27% pre tax which is a very attractive rate having done 2 1/2 billion more or less of free cash last year. We'll do an increment you know this year. So we've got a lot of avenues that we can pursue. So we have no real practical constraint. As we said in September at the investor conference, we expect you 30 billion of available free cash flow leverage capacity of the next three to five year cycle. You saw the 6 billion in the press release just since 2020. We're well on track on the 30 billions, but certainly give them where things are today. You know, our thumb is on the scale of repurchase and that's what you saw some of this morning.
Paul Todd (CFO)
That's great. And then just a quick follow up for for Paul. You know, I appreciate the detail you gave on how you're thinking about the top line evolution of through 2022. But you know, as we were you thinking that as we exit 2022 that and is your planning assumption that will be on kind of a normalized behavior and and economic footing such that we're really carrying kind of those that double digit growth into 2023. And and you know, we can see that persistent. And I guess as part of that question as well as how we how should we think about OpEx evolution through the year? Thanks a lot. Yeah, sure. So yes, the the, the answer to your first part of the question is yes, kind of the exiting of of of 2022 is in that, you know, kind of double digit kind of growth range that that we talked about both in our September investor conference and and and you know, kind of how we we look at the business. So and, and certainly we are, as I said in the prepared remarks, preparing for a more progressively normalized environment, you know, throughout the year next year. So yes, that's the, that's our, our, our vision of, of, of the way we look at at 2022 as it relates to OpEx and kind of margin. You know, I wouldn't necessarily call out anything with the exception of, you know, that first quarter, you know, we would have kind of margin headwind related to the, the flow through of all the stimulus kind of impact. But absent that, you know, we've this 100 basis point kind of fundamental margin expansion up to 100 basis points or up to 150 basis points XM and a, you know, kind of would be a, a pretty good guide as you look throughout the the the following 3/4. And, and you know, as it relates to specifically kind of segment level between both merchant and issuer, you know, both of those segments are in that range. And then obviously we don't have the same kind of margin expansion expectations for BNC given that you know, roll over as it relates to stimulus.
Jeff Sloan (CEO)
Our next question comes from the line of Jason Kupferberg from Bank of America. Your line is open.
Paul Todd (CFO)
Thanks guys. I'm just wanted to start on the merchant side. So we're talking about low double digit growth for 20/22. I guess if we just look at the expectations for the other segments to put a finer point on it, maybe we're talking around 12% call it in merchant. Can you give us a sense of how that might break down by processing versus own software in kind of a base case scenario? You know, I wouldn't necessarily kind of go to that kind of level of granularity. You know, as it relates to, you know kind of the growth, you're all right in that kind of overall sizing of the growth rate that that you that you mentioned there. But you know, as it relates to the componentry, I would kind of just maybe go back to what Cameron provided early, he may have some additional comments as well. But that, you know, our tech enabled and particularly we'd highlight kind of integrated and, and, and obviously some of the software assets that we talked about in the prepared marks would be, you know, on the higher side of that kind of growth pendulum. And then you know, on the on the lower side or some of the other businesses and certain geographies vertical markets, obviously depending on the recovery dynamics in in those various businesses kind of play their way through. We have kind of assumptions on each one of those around the recovery and how those look throughout the year. And there's some timing elements with some of those. So you know, that would be the right way to kind of think about it higher growth on the tech enabled side, certainly that's the right kind of overall growth rate. And Cameron, I don't know if you have anything else to add.
Unknown (Analyst)
Yeah. Maybe just a few other points that I would call out specifically. So maybe to start with, there's about a point of FX headwind kind of in that number. So if you think about it on a normalized constant currency basis, it's going to be a little bit higher. So there's a few things I think going on that are worthy of calling out. Certainly in the US, we expect to see, you know, continue strong trends. We've seen a good recovery in the US, so probably not quite as much of a tailwind in 2022 from AUS recovery because a lot of that is flowed through, but still a little bit of tailwind there. We expect to see more tailwind coming out of our vertical market software businesses, of course, as Paul highlighted earlier, as we continue to see recovery in the specific verticals that have been more heavily impacted by the pandemic kind of heading into 2022. And we still have a little bit of runway left, I would say internationally with recovery standpoint from the pandemic as well. That gives us a little bit of a tailwind overall, but clearly growth is going to continue to be led by our technology enabled businesses. As Paul highlighted earlier, we continue to have strong expectations for GPI. As I mentioned earlier, by unleashing additional sales resources against that Channel, we expect to be able to drive incremental opportunities there. Clearly, ECOM and our Omni channel solutions remain very robust from a demand standpoint. We saw great growth in those in 2021 and 2022 is starting out well on that front and will continue to be a tailwind for the business as well. And then our other software and commerce enablement solutions across ATM and payroll solutions etcetera, our analytics and customer engagement platform as we roll out our Google run and grow my business solutions this year, obviously those will be a nice tailwind to growth overall for the year. So again, overall the business will I think produce results above the long term sort of expectations we have for the business largely benefiting by continued recovery from the pandemic in 2022. But to the earlier question, as we head into 2023, we would expect that environment to largely normalize and you'll continue to see sort of double digit growth for the merchant business heading into 2023.
Paul Todd (CFO)
Right. And then just a quick follow up on issuer, I know you managed the, I know you mentioned the managed services piece was was down year over year in the quarter. Can you just elaborate on, I know you mentioned there was a tough comp and then you talked about it think deemphasizing the call center part of that. Just hoping you can elaborate on that for a second and tell us what you're expecting from the managed services piece in 2022 relative to the rest where to kind of of that mid single range? Thanks, guys. Yeah, so you're right. You know that in the in the fourth quarter we kind of had three dynamics at play and certainly I've I've talked about all three, two in the prepared remarks, 1 was managed services as Jeff commented, as we continue to pivot this business to the cloud and more tech enablement, the lower margin kind of human interactive kind of. Managed services business is not one that we're focused on. We're very kind of margin attentive in this business and that is a lower margin business that continues to have more compressed margin. So it's one that kind of we're de emphasizing. We're certainly continuing to stay in the business and offering it, but we're going to do it when we get a good margin for the business. So that is kind of 1, you know kind of piece of the headwind in in the quarter. We did have some things in fourth quarter of last year, 1 customer particularly had to meet some minimums and a few other things that kind of play through that just didn't recur, you know, in in the fourth quarter of this year. So that's kind of the tougher comp piece I was talking about. And then as I commented on, you know, we saw relative to our expectations kind of that deceleration on the commercial card side that had that continued trajectory like we would have anticipated. But for the impact of Omicron, you know, that's back where we are. We we see that business solidly in that, in that mid single digit range. I would say also that for fourth quarter, you know the volume based revenue, our account on file transaction revenue for that fourth quarter was solidly in that mid single digit range. So it's as we go forward, yes, it's going to be continued kind of compression on the managed services side for next year. So we'll see that kind of play out once again in the first quarter. We have some some more comp there. We'll see a progressive improvement on the commercial card side and we're seeing solid or certainly projecting both with what Jeff talked about on the conversion pipeline as well as what we saw from transactions and our forecast so far. And what we're seeing in transactions, probably mid single digit growth with that account on file revenue and transaction revenue really throughout the year. So, but for kind of the the the few things I mentioned, it's a, you know, a pretty solid kind of mid single digit growth year for us next year or this year in line with that expectation. And and and I think that kind of, you know, provides the picture you're looking for. Very helpful. Thank you.
Jeff Sloan (CEO)
And your final question comes from the line of Vasu Govil from KBW. Your line is open.
Winnie (Investor Relations)
Hi, thanks for squeezing me in here. I just wanted to drill a little bit more into the B2B efforts with Mineral Tree. I know one of the exciting parts when you first announced, you know, your entry into B2B was that you have this large base of existing merchants that you could cross that and do. Just looking for any color on what the appetite has been and how you're going to market with your existing merchants.
Unknown (Analyst)
Yeah, it's, it's, it's a great question. This is Cameron. I'll start and I'll ask Jeff and Paul to to jump in as well. I would say we've seen good traction already in our ability to cross sell mineral tree into our existing base of not only merchant customers, but partners in particular in the GPI channel. We have a significant number of roughly 6000 software partners for whom the Mineral Tree solution is the ideal solution given the size of their business to manage kind of their AP automation and to help with their overall B to B payment requirements as software company. So as we think about the long term proposition and we think Mineral Tree as a standalone sort of point solution is fantastic. We've seen good traction in our ability to cross sell it into our existing base of business. But more importantly, it becomes a core underlying foundational component of what we think will be an end to end B to B solution that in companies both IP automation, AR sauce automation disbursements and acceptance capabilities in the end to end platform that seamless, fully integrated and able to be deployed to our merchant customers through our digital ecosystem. So as we think about the long term B2B strategy, I think it's really that it's building that end to end capabilities with money in money out capabilities with AP automation, AR automation with integrations into general Ledger environments, which is really what our customers are looking for. So mineral tree on its own has been a a a great tailwind as we look to cross sell new product and capability into the merchant base. But as we continue to build out the B to B strategy, long term, it becomes more important as that foundational element to build out the end to end capability.
Jeff Sloan (CEO)
If I ask you as Jeff, I would ask what Cameron said on the issuer side that we have similar like 1300 bank partners in issuer. I think mineral tree had like 20 to 30 when they, when we did the deal in October, one of the things that we heard from banks was the product of mineral tree be very similar to Cameron said, it's terrific. But you know, financial institutions being where they are always worry about the size of the company and the balance sheet and exposure that kind of thing. Well, there's no concerns about that, you know, with us. So we see great traction on the issuing side with that 5 customers globally, not just here in the United States and Mineral Trees predominantly AUS only business, although we've given now some overseas stuff with them today. So our ability to expand that in the United States and export it globally, I think is very attractive to us and it's something that we're super excited about.
Winnie (Investor Relations)
Great. Thanks. That's great color. And just a quick follow up. Thanks for giving us all the volume trends. That was very helpful. But if I'm looking at the volume trends relative to Visa MasterCard specifically for North America, it seems that the trends were the improvement was a bit flatter versus what we saw coming out of Visa MasterCard. So any call out there, I'm just assuming it's mixed differences, but any color would be helpful.
Unknown (Analyst)
Yeah, I think he hit the nail on the head. I think it's really just mixed differences. I don't think there's an appreciable difference, to be honest with you when you're aggregating that level of data together. I think if you look at it across the globe, I think our trends are very consistent sort of sequentially with what we saw coming out of the network. So look, there's always going to be noise in the data because we're running a particular mix of business. The networks represent more the market. So they're things that we're benefiting from that they're not. There's things they're benefiting from that we're not as it relates to the mix of businesses, but I would characterize from our perspective the trends generally in line with what we saw coming out of the network sort of sequentially Q3 to Q4.
Paul Todd (CFO)
Great. Thank you on.
Jeff Sloan (CEO)
Behalf of Global Payments, thank you for joining us this morning. This concludes today's conference call. Thank you for your participation. You may now.
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