Strong organic growth driven by an effective sales and distribution strategy Solid international market position and a stable, recurring revenue base Highly competitive industry, with relatively low customer switching costs Leverage expected to decline to under 4x by the end of 2017 Free cash flow to debt in the 10%-15% range in 2017 The stable outlook reflects our expectation that the company will generate at least mid-single-digit percent organic net revenue growth over the next two years, and will reduce adjusted leverage (line of credit for settlement processing included as debt) to under 4x by the end of 2017 through EBITDA growth and debt reduction. We could lower the rating if competitive threats result in declining net revenue, EBITDA, and
