Obviously, EVO markets as well. We’re going to bring it into Mexico through our, obviously, recent acquisition of EVO’s business in Mexico. We think there’s great opportunities to grow and scale our POS business there as well. So as we see the strategy for the business, obviously, there’s fantastic opportunities here in the U.S. to continue to grow, but there’s even better, more active opportunities kind of outside the U.S. where the competitive landscape is different. And obviously, we think we’re well positioned through a combination of great distribution, local presence and support to be able to grow POS businesses at a pretty healthy pace for a long period of time.
Ashwin Shirvaikar: Understood. And then I do have to sort of go back to the stock nine times earnings. Use of capital at these levels does become sort of interesting question, because I would imagine you need to have a very high return bar on an acquisition or any kind of M&A to prefer that to buying back your own stock. How are you thinking, just heading into 2024 when you kind of hit your leverage targets and such, about capital return and use of capital?
Cameron Bready: Yes, Ashwin it’s Cameron. I’ll start and I’ll ask Josh to chime in with his perspective as well. So obviously, no one is more frustrated with the multiple than I am. I think the dislocation we’ve seen, particularly around payment stocks, is rather unwarranted notwithstanding the uncertainty that exists in the overall macroeconomic environment. That being said, I think your point is exactly right. We’re very value oriented. And as we think about getting back to kind of more normal capital allocation heading into 2024, given our leverage ratio is going to be at our target by the end of the year, obviously, we’re very focused on driving value for our shareholders. And obviously, at this multiple, like M&A, it’s going to have to be pretty compelling from a return perspective to be able to compete with the risk-adjusted returns of buying back our stock at these multiples.
So obviously, there’s still a good amount of time between now and as we get into 2024. And we hope certainly the multiple landscape changes for the better over that period of time. But as I said at the outset, we’re going to be very focused on driving returns for our shareholders. And I think we’ve done a good job of that over the course of time, with a balanced capital allocation strategy. And I would like to continue to have that going forward, but that presupposes we can find M&A opportunities that really fit our criteria strategically, fit culturally, and obviously drive the kind of returns that we think our shareholders expect. And certainly, those are competitive with buying back stock. So Josh, I don’t know if you want to add anything.
Josh Whipple: Yes. So Ashwin, great question. I think as you think about the balance of the year here, we’re focused on paying down debt. That’s as Cameron mentioned, I think as we go into 2024, we’ll get back on a normal capital allocation strategy where we’ll focus on balancing reinvestment in the business and returning capital to shareholders. What I would say is that from an overall M&A perspective, I would say, our pipeline is very, very full. We’re continuing to go ahead and build that pipeline. But there is a balance as it relates to returns, a balance between M&A and buying back our own stock. So that’s something that we’ll closely monitoring. And at these levels, it’s something that we’ll focus on.
Ashwin Shirvaikar: Thank you.
Cameron Bready: Thanks Ashwin.
Operator: Thank you. Our next question comes from the line of Jason Kupferberg with Bank of America. Please proceed with your questions.
Jason Kupferberg: Good morning guys. Wanted to start on the merchant side of things. Can you tell us what the organic volume growth in the quarter was relative to the 9% revenue growth there and for Q4, are you thinking a similar organic revenue growth rate as the 9% you saw in Q3? Thanks.
Cameron Bready: Yes, good morning Jason. Both great questions. So the organic “volume growth” same as last quarter, that’s high single digit, 9% kind of number, again, aligning with the overall rate of revenue growth we saw in the Global Payments business, ex EVO, ex dispositions. And I would tell you, when we talk about consistency of execution, I can’t give you probably any better example between what we’ve seen in Q2, Q3 and what our expectations are for Q4. So we had 9% growth kind of ex-EVO, ex-dispositions in Q2, same thing in Q3, that is our forecast for Q4. The difference is, obviously, between Q3 and Q4 are really the fact that we saw more FX tailwinds. Even though it was less than we anticipated back in August, we did have FX tailwinds in the quarter.
And obviously, seasonally, EVO contributes a little bit more revenue in Q3, just tracking with the overall seasonal profile of their business, which is consistent about Global Payments merchant business as well. So in Q4, we’re expecting a little bit less FX tailwind. It’s a slight tailwind, very slight based on current expectations. And EVO obviously contributes a little bit less in Q3, just given the seasonal trends of the business. But when I talk about consistency of execution, that’s exactly what I’m driving at, which is that sort of consistency we’ve seen from Q2, Q3, and what our expectations are now for Q4 as well.
Jason Kupferberg: Okay. And on the issuer side, I wanted to come back to that new U.S. client that you mentioned having won that was already working with you on the merchant side of the business. Any color you can just give us in terms of accounts on file, is this a needle mover for you, and when do you expect to convert that new win?
Cameron Bready: It’s a good account. It’s not certainly a top five in the U.S., but it is a good account. I can’t give you more specifics at this point around number of accounts on file, etcetera. But it’s an attractive win for us because I think it does demonstrate the strength of having issuer and acquiring capabilities under one roof. Obviously, we’ve seen many instances where we’ve been able to leverage issuer customers into, obviously, the Global Payments relationship. Virgin Money is a good example of that. We’ve seen good instances where we’ve been able to leverage Global Payments relationships internationally into issuer customers. [Indiscernible] is a good example of that. It’s nice now to have an example here domestically when we’ve been able to leverage a Global Payments relationship on the FI side into a new issuer opportunity as well.
So it is — needle mover may be a bit strong, but it is a nice win. It’s one we’re really proud of. It’s a great customer and a great partner, and obviously continues to add to that pipeline of new opportunities to support growth in the issuer business over a longer period of time.
Jason Kupferberg: Thanks Cameron.
Cameron Bready: Thanks Jason.
Operator: Thank you. Our next question comes from the line of Dan Perlin with RBC Capital Markets. Please proceed with your questions.
Daniel Perlin: Thanks, good morning. I wanted to just touch base on the comment that you had in and around kind of tempered economic environment. I’m wondering what — kind of what areas in particular you’re most concerned about, I know you called out UK and Canada but I’m just wondering, are there other areas that you have your eye on that we need to be focused on that could turn quickly?
