TSYS generated revenue of $4.0 billion in 2018, while processing more than 32.3 billion transactions. Okay. But if you step back for a second, you tie us back the overall competitive landscape. Prior to COVID-19, our integrated business consistently delivered double-digit organic revenue growth through market share gains and terrific ongoing execution. Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk We've launched a number of initiatives in our merchant business to realize those synergies today. Yes, Ramsey, we missed the first part of your question, but I think it relates to what we're seeing from a merger synergy standpoint on the revenue side, how that's pacing and what our expectations are as we continue to push forward. We're continuing to see significant uptake of our software as a solution -- software as a service solutions through the point-of-sale system in that channel and could not be more pleased with the progress in the mid-market. $0.822 billion (2018) Net income. Yes. Jason, this is Cameron. Normally, in Q4, merchants, the seasonality of merchant is for revenues to come in a little bit sequentially and margins to be down a bit. That's terrific. Adjusted net revenue for the quarter was $1.75 billion, reflecting growth of 64% over 2019. We delivered $433 million in adjusted net revenue for the third quarter, representing a 2.5% decline from the prior year period on a combined basis. Thank you. We generated roughly $500 million in adjusted free cash flow this quarter, essentially funding our purchase of an additional 29% stake in our joint venture with CaixaBank. Darrin Peller -- Wolfe Research -- Analyst. As I said a minute ago, given what I just said, at current price levels, we believe, buy back our stock is really a compelling opportunity. We also recently executed a new merchant referral agreement with CIBC in Canada, a partnership that began right before our IPO in early 2001. Those revenue synergies are well on track and pacing relatively consistent with our original expectations for them, notwithstanding, obviously, the impacts of the pandemic. We've had our first joint win in Asia, and that's someone going competitive takeaway from someone else from a legacy provider into a cloud-based environment coming in 2021. Jason Kupferberg -- Bank of America -- Analyst. Cameron, do you want to add to that? TSYS' revenue for the quarter fell 20% to $1.02 billion from $1.27 billion last year. So that probably shouldn't surprise anybody. We also completed the rollout of our cloud-based SaaS point-of-sale solution with Dutch Bros, and we are currently installing our POS solutions in all Long John Silver's locations in the United States. But on your first question, listen, our strategy has not changed the company probably over the last number of years, and that is to say that we have three legs to the stool. While we are not providing guidance at this time, we currently expect to have margin expansion and earnings-per-share growth for the fourth quarter, providing us with strong momentum heading into 2021. And I would tell you that we vary the financial return hurdle based on risk, not surprisingly, which includes geographic and country risk and also will reflect the volatility that we see in the capital markets currently, and that may or may not persist, time will tell. For the time being, the best investment, I think, is us, given our performance and where the markets have been. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And that includes both competitive takeaways being brand-new brands, and we have 26 of the top 50 a day, but we don't have all of them. You should be candid at these prices and less inorganic investment. Winnie? And our businesses are growing there absolutely on a domestic basis year-over-year, and I'm thinking about Caixa particularly, and cross border while a piece of our business is a relatively small piece of our business and is nowhere near the driver of revenue growth that you have in Visa and Mastercard. The new venture also validates the types of revenue synergies we anticipated at the time of our TSYS merger. So we mentioned Dutch Bros, we mentioned Long John Silver's today, in previous calls. Finally, the underlying strength of our businesses has enabled us to now return our focus toward the traditional capital allocation priorities that we've employed over the last seven years, return capital to shareholders and select M&A. So as they gain share, we gain share with them. It has been just over one year since we closed our merger, and we have the confidence to again raise our estimate for annual run rate expense synergies from the merger to at least $375 million within three years, up from our previous estimate of $350 million. What should we look for in the full year? The decrease in revenues is the result of adopting ASC 606, the company said. Paul Todd -- Senior Executive Vice President And Chief Financial Officer. In particular, I guess, I'm trying to understand your preference between a scale, kind of a cost synergy versus looking at a growth asset that would supplement your growth rate or even take it higher. In Europe and Asia, overall, I'll just touch on briefly, I think their performance has been very strong, notwithstanding the environment they've been operating in. Global Payments Inc.’s GPN unit Total System Services (TSYS), which is its Issuer Solutions business, has renewed its agreement with Wells Fargo, the fourth largest bank in the United States. Our integrated business, as we noted in our prepared comments, is tracking to budget for the year, notwithstanding the pandemic. As I mentioned previously, Spain returned to volume growth domestically in the quarter, and that has continued in October, even with some reintroduction of restrictions to impact or to combat the coronavirus spread. We are thrilled to have closed in early October on the agreement to purchase an additional 29% of Comercia, increasing our ownership stake to 80%. First Data was founded in Atlanta, Georgia} in 1971. We are pleased to announce our first joined competitive takeaway, a financial institution customer in Asia currently with a legacy competitor to be boarded in our cloud-based solution in 2021. Our next question comes from the line of Bryan Keane with Deutsche Bank. And then one quick follow-up on the Issuer business. We continue to obviously manage our capital expenditures in a very efficient sort of way, while still investing for growth of basic -- the initiatives that we've talked about. Our new collaborations with market-leading technology companies such as AWS, combined with distinctive partnerships with some of the largest and most complex institutions in the world such as HSBC, CIBC and CaixaBank, provide further validation of the wisdom of our differentiated strategies. And I would say our strategy has not changed, and you probably saw this in our release as well as our prepared comments. New partner production is up 70% year-over-year. So you saw our announcement today about our Board, thankfully, increasing our share repurchase authorization. It sort of assumes we're continuing on the pace we're on today. As a result, we are delighted to have returned to earnings growth in the third quarter of 2020. TSYS, which is now a part of Global, has been quick to demonstrate more malfeasance as of late. Market data powered by FactSet and Web Financial Group. These results validate the actions we took at the beginning of the outbreak of COVID-19, both in timing and quantum. We delivered third quarter results that substantially exceeded our expectations because of our differentiated strategy and technology enablement to drive digital growth. The other thing I want to mention in response to your question, as Paul said, is at 2.5 times net leverage and $3 billion of liquidity, we got plenty of financial firepower to do what we need to do on our own. Volumes in this channel grew in the mid-teens during the third quarter compared to the prior year, excluding travel and entertainment. TSYS . We also signed Pentair, a leader in software solutions for field service providers, including Pentair's own 17,000 plus dealers in addition to independent service companies. So if you look at our strategy in Issuer, which is bearing fruit, it's to marry great technology with folks like AWS, to marry that with servicing the largest and most complex financial institutions globally. It doesn't make any sense to push a boulder up a further hill. Year-to-date, we entered into a landmark collaboration with Amazon Web Services, our preferred provider of cloud services for our issuer business, cross the 60% threshold of our business coming from technology enablement, the goal we set in March 2018 for year-end 2020 and purchased an additional 29% of our joint venture in October with CaixaBank in Spain and Portugal, two of the most attractive domestic markets in Europe. And maybe could you review monthly trends in -- especially in merchant, maybe -- I know you did down 6% year-over-year, but did that improve throughout the quarter? Okay. Sales of that were up 26% sequentially from Q2, 20% year-over-year. And the new one with AWS in Asia is also a takeaway from a legacy incumbent. I'd also say, another corollary coming out of what I just said is most of our focus now in our pipeline, as Paul said, most of our focus now is on deals in the United States. So with that, that I think supports our thesis that we're rapidly gaining share in pretty much every one of our businesses as we look at it, especially for these purposes, our merchant business. Adjusted net revenues declined 4% to $1.746 billion, compared to $1.820 billion in the third quarter of 2019 on a combined basis. I'm extremely proud of the financial performance we achieved this quarter that once again exceeded our expectations, driven by strong execution of our differentiated technology-enabled strategy. So it's hard not to look at that and be really pleased with how we're executing. Can you talk to us about the drivers of the beat this quarter and how they'll compare to what we're going to see next quarter? Regarding our issuer business, we announced last quarter a transformational go-to-market collaboration with Amazon Web Services, or AWS, to provide an industry-leading cloud-based issuer processing platform for customers regardless of size, location or processing preference. But there is one theme or any kind of a particular dynamic at play of either speeding up or slowing down kind of the normalized kind of realization of being able to get those opportunities converted into revenue. Given our strong liquidity and balance sheet strength, we are pleased to announce that our Board of Directors has increased our share repurchase authorization to $1.25 billion, while we continue executing against the full pipeline of merger and acquisition opportunities. We currently have 11 letters of intent with financial institutions worldwide, seven of which are competitive takeaways. I think Cameron commented on 30% increase in SaaS sales in that business in the most recent quarter. As of 12/05/2020, Earnings Before Interest Taxes and Depreciation Amortization EBITDA is likely to grow to about 20 M , while Average Assets are likely to drop slightly above 256.9 M . With T&E in there and commercial card, minus 2, whatever it was. We reinvested approximately $120 million of capex back into the business. Certain risk factors inherent in our business are set forth in filings with the SEC, including our most recent 10-K and subsequent filings. What are the odds that this is the “revenue synergy” Jeff Sloan, CEO of Global Payments, talked about in the acquisition? Each market share gains are occurring right now in the midst of a pandemic and prior to full implementation of our cloud native solutions with AWS. I wonder if you could drill down a little bit in the hospitality, where it seems like there's a tremendous amount of tech change, whether it's delivery, order ahead with the QR code. 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