Strong organic growth driven by transaction volume growth and effective sales and distribution strategy Solid international market position and reoccurring revenues Highly competitive and fragmented industry, with relatively low customer switching costs Adjusted leverage in the mid-3x area as of March 31, 2018 Free cash flow of at least $700 million expected in 2018 The stable outlook reflects our expectation that transaction volume growth and modest attrition will result in at least high-single-digit-percent organic revenue growth in 2018, with stable to expanding EBITDA margins, such that leverage declines to the low-3x area in 2018. We could lower the rating if heightened competition resulted in declining EBITDA or if the company adopted a more aggressive financial policy such that adjusted leverage
