Strong global market position as point-of-sale payment solutions provider Increasing competition from alternative payment methods pressures legacy product growth Penetration into integrated point-of-sale solutions presents new growth opportunities, but in more competitive markets Moderate leverage in the 2.5x-3.0x range over the next 12 months Ongoing restructuring costs related to transformation limit ability to repay debt S&P Global Ratings' stable outlook on San Jose, Calif.- based VeriFone Systems Inc. (Verifone) reflects our expectations that Verifone will return to low-single digit percent organic revenue growth in fiscal year 2018 with its penetration into integrated point-of-sale solutions, generate at least $125 million of free cash flow in fiscal year 2018 as restructuring costs decline, and sustain adjusted debt to EBITDA below 3x. We
