Global Payments Reports Results for Third Quarter 2019 and Increases 2019 Outlook

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Global Payments Reports Results for Third Quarter 2019 and Increases 2019 Outlook

ATLANTA--()--Global Payments Inc. (NYSE: GPN) today announced results for the third quarter ended September 30, 2019.

“We delivered another terrific quarter of double digit growth, continuing our track record of outstanding execution,” said Jeff Sloan, Chief Executive Officer. “We are also delighted to have closed our industry defining partnership with TSYS, and our ongoing integration work provides us with the confidence to now raise our synergy expectations for the combination.”

“And we are further advancing our technology-enabled strategies and solidifying our leadership position in payments globally. Our new partnerships with Desjardins, one of Canada’s leading financial institutions, and Citi, among the largest money center banks globally, validate our pure play payments focus,” Sloan continued. “We look forward to many more successes at the new Global Payments with our colleagues and partners.”

Third Quarter 2019 Summary

  • GAAP revenues were $1.106 billion, compared to $857.7 million in the third quarter of 2018; diluted earnings per share were $0.54 compared to $1.11 in the prior year; and operating margin was 15.7% compared to 26.0% in 2018.
  • Adjusted net revenue plus network fees grew 27.4% to $1.306 billion, compared to $1.025 billion in 2018.
  • Adjusted earnings per share grew 18.1% to $1.70, compared to $1.44 in 2018.
  • Adjusted operating margin expanded 80 basis points to 33.8%.

“We are excited to have successfully finalized our merger with TSYS, our largest transaction to date,” stated Cameron Bready, President and Chief Operating Officer. “We are already making significant progress on the integration of our two leading pure play payments businesses and now expect to realize annual run-rate revenue synergies of at least $125 million and annual run-rate expense synergies of at least $325 million within three years. We could not be more optimistic about the future ahead as we build on our competitive advantages and payments leadership position.”

2019 Outlook

“We are pleased with our outstanding financial results in the third quarter,” said Paul Todd, Senior Executive Vice President and Chief Financial Officer. “We now expect adjusted net revenue plus network fees for 2019 to range from $5.60 billion to $5.63 billion, reflecting growth of 41% to 42% over 2018. We are also increasing our 2019 outlook for adjusted earnings per share to a range of $6.12 to $6.20, reflecting growth of 18% to 20% over 2018,” Todd concluded.

Capital Allocation

Global Payments’ Board of Directors approved a dividend of $0.195 per share payable December 27, 2019 to shareholders of record as of December 13, 2019.

Conference Call

Global Payments’ management will host a conference call today, October 31, 2019 at 8:00 a.m. ET to discuss financial results and business highlights. Callers may access the conference call via the investor relations page of the company’s website at www.globalpaymentsinc.com; or callers in North America may dial 877-674-6428 and callers outside North America may dial 970-315-0457. A replay of the call will be archived on the company's website within two hours of the live call.

Non-GAAP Financial Measures

Global Payments supplemented revenues, income, operating income and earnings per share information determined in accordance with GAAP by providing those measures on an adjusted basis, and other measures, in this earnings release to assist with evaluating performance. In addition to GAAP measures, management uses these non-GAAP measures to focus on the factors the company believes are pertinent to the daily management of our operations.

Reconciliations of the non-GAAP measures to the most directly comparable GAAP measure are included in the schedules to this release.

About Global Payments

Global Payments Inc. (NYSE: GPN) is a leading pure play payments technology company delivering innovative software and services to our customers globally. Our technologies, services and employee expertise enable us to provide a broad range of solutions that allow our customers to operate their businesses more efficiently across a variety of channels in many markets around the world.

Headquartered in Georgia with over 24,000 employees worldwide, Global Payments is a member of the S&P 500 with worldwide reach spanning over 100 countries throughout North America, Europe, Asia Pacific and Latin America. For more information, visit www.globalpaymentsinc.com and follow Global Payments on Twitter (@globalpayments), LinkedIn and Facebook.

Forward-Looking Statements

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Global Payments operates, beliefs of and assumptions made by Global Payments management, and the anticipated outcome and benefits of the merger of Global Payments and TSYS, involve uncertainties that could significantly affect the financial condition, results of operations, business plans and the future performance of Global Payments. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “estimates,” “forecasts,” “projects,” “plans,” “may,” “could,” “should,” “would,” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Such forward-looking statements include, but are not limited to, statements about the strategic rationale and financial benefits of the merger transaction, including expected future financial and operating results and the combined company’s plans, objectives, expectations and intentions. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future —including statements relating to projections of revenue, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; statements of plans and objectives of Global Payments or its management or Board of Directors, including those relating to products or services; and statements of future economic performance — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict.

Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. In addition to factors previously disclosed in Global Payments’ reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the outcome of any legal proceedings that may be instituted against Global Payments or its or TSYS’ current or former directors; difficulties, delays and higher than anticipated costs related to integrating the businesses of Global Payments and TSYS, including with respect to implementing systems to prevent a material security breach of any internal systems or to successfully manage credit and fraud risks in business units; failing to fully realize anticipated cost savings and other anticipated benefits of the merger when expected or at all; business disruptions from the merger or integration that will harm Global Payments’ business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the merger, including as it relates to the businesses’ ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients; failing to comply with the applicable requirements of Visa, Mastercard or other payment networks or card schemes or changes in those requirements; the ability of Global Payments to maintain Visa and MasterCard registration and financial institution sponsorship; the ability of Global Payments to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the long-term value of the common stock of Global Payments following the merger, including the dilution caused by Global Payments’ issuance of additional shares of its common stock in connection with the transaction; the continued availability of capital and financing following the merger; the business, economic and political conditions in the markets in which Global Payments operates; increased competition in the markets in which Global Payments operates and our ability to increase our market share in existing markets and expand into new markets; our ability to safeguard our data; risks associated with our indebtedness, foreign currency exchange and interest rate risks; the impact of new or changes in current laws, regulations, credit card association rules or other industry standards, including privacy and, cybersecurity laws and regulations; and events beyond Global Payments’ control, such as acts of terrorism. Any forward-looking statements speak only as of the date of this communication or as of the date they were made, and Global Payments undertakes no obligation to update forward-looking statements. For a more detailed discussion of these factors, also see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Global Payments’ annual report on Form 10-K for the year ended December 31, 2018, under the caption “Risk Factors” in Global Payments’ Registration Statement on Form S-4 filed in connection with our merger with TSYS and in other documents that Global Payments files with the SEC, which are available at www.sec.gov.

As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections and may be better or worse than projected and such differences could be material. Given these uncertainties, you should not place any reliance on these forward-looking statements.

 

SCHEDULE 1

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

%
Change

 

2019

 

2018

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,105,941

 

 

$

857,670

 

 

28.9

%

 

$

2,924,131

 

 

$

2,485,811

 

 

17.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service

 

427,720

 

 

265,013

 

 

61.4

%

 

1,035,225

 

 

781,943

 

 

32.4

%

Selling, general and administrative

 

504,184

 

 

369,495

 

 

36.5

%

 

1,293,651

 

 

1,133,799

 

 

14.1

%

 

 

931,904

 

 

634,508

 

 

46.9

%

 

2,328,876

 

 

1,915,742

 

 

21.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

174,037

 

 

223,162

 

 

(22.0

)%

 

595,255

 

 

570,069

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

11,232

 

 

3,134

 

 

258.4

%

 

20,342

 

 

17,397

 

 

16.9

%

Interest and other expense

 

(96,161

)

 

(46,356

)

 

107.4

%

 

(220,858

)

 

(139,681

)

 

58.1

%

 

 

(84,929

)

 

(43,222

)

 

96.5

%

 

(200,516

)

 

(122,284

)

 

64.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

89,108

 

 

179,940

 

 

(50.5

)%

 

394,739

 

 

447,785

 

 

(11.8

)%

Income tax benefit (expense)

 

16,623

 

 

6,089

 

 

173.0

%

 

(39,765

)

 

(46,441

)

 

(14.4

)%

Net income

 

105,731

 

 

186,029

 

 

(43.2

)%

 

354,974

 

 

401,344

 

 

(11.6

)%

Net income attributable to noncontrolling interests, net of income tax

 

(10,687

)

 

(9,659

)

 

10.6

%

 

(27,132

)

 

(24,506

)

 

10.7

%

Net income attributable to Global Payments

 

$

95,044

 

 

$

176,370

 

 

(46.1

)%

 

$

327,842

 

 

$

376,838

 

 

(13.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Global Payments:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.54

 

 

$

1.12

 

 

(51.8

)%

 

$

2.00

 

 

$

2.37

 

 

(15.6

)%

Diluted

 

$

0.54

 

 

$

1.11

 

 

(51.4

)%

 

$

2.00

 

 

$

2.36

 

 

(15.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

177,039

 

 

158,168

 

 

 

 

163,846

 

 

158,827

 

 

 

Diluted

 

177,543

 

 

158,706

 

 

 

 

164,331

 

 

159,459

 

 

 

   

SCHEDULE 2

UNAUDITED NON-GAAP FINANCIAL MEASURES

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

   

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

%
Change

 

2019

 

2018

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net revenue plus network fees

 

$

1,305,786

 

 

$

1,024,979

 

 

27.4

%

 

$

3,463,343

 

 

$

2,931,759

 

 

18.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

$

441,753

 

 

$

338,703

 

 

30.4

%

 

$

1,131,079

 

 

$

928,190

 

 

21.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income attributable to Global Payments

 

$

301,106

 

 

$

227,961

 

 

32.1

%

 

$

750,033

 

 

$

614,785

 

 

22.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share attributable to Global Payments

 

$

1.70

 

 

$

1.44

 

 

18.1

%

 

$

4.56

 

 

$

3.86

 

 

18.1

%

----------------------------------------------------------------------------------

See Schedules 6 and 7 for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure and Schedule 10 for a discussion of non-GAAP financial measures.

 

SCHEDULE 3

UNAUDITED SEGMENT INFORMATION

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

September 30, 2019

 

September 30, 2018

 

% Change

 

 

GAAP

 

Non-GAAP

 

Non-GAAP
Adjusted Net
Revenue
Plus
Network Fees

 

GAAP

 

Non-GAAP

 

Non-GAAP
Adjusted Net
Revenue
Plus
Network Fees

 

GAAP

 

Non-GAAP

 

Non-GAAP
Adjusted Net
Revenue
Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

734,841

 

 

$

706,905

 

 

$

877,118

 

 

$

643,715

 

 

$

580,268

 

 

$

755,816

 

 

14.2

%

 

21.8

%

 

16.0%

Europe

 

164,950

 

 

164,950

 

 

204,661

 

 

157,584

 

 

157,584

 

 

193,753

 

 

4.7

%

 

4.7

%

 

5.6%

Asia-Pacific

 

58,680

 

 

59,126

 

 

79,142

 

 

56,371

 

 

56,371

 

 

75,410

 

 

4.1

%

 

4.9

%

 

4.9%

TSYS

 

147,470

 

 

131,236

 

 

144,865

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

$

1,105,941

 

 

$

1,062,217

 

 

$

1,305,786

 

 

$

857,670

 

 

$

794,223

 

 

$

1,024,979

 

 

28.9

%

 

33.7

%

 

27.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

205,728

 

 

$

312,531

 

 

 

 

$

174,012

 

 

$

259,075

 

 

 

 

18.2

%

 

20.6

%

 

 

Europe

 

91,332

 

 

99,441

 

 

 

 

85,781

 

 

92,184

 

 

 

 

6.5

%

 

7.9

%

 

 

Asia-Pacific

 

24,187

 

 

26,797

 

 

 

 

23,692

 

 

25,438

 

 

 

 

2.1

%

 

5.3

%

 

 

Corporate

 

(136,086

)

 

(42,136

)

 

 

 

(60,323

)

 

(37,994

)

 

 

 

125.6

%

 

10.9

%

 

 

TSYS

 

(11,124

)

 

45,120

 

 

 

 

n/a

 

 

n/a

 

 

 

 

n/a

 

 

n/a

 

 

 

 

 

$

174,037

 

 

$

441,753

 

 

 

 

$

223,162

 

 

$

338,703

 

 

 

 

(22.0

)%

 

30.4

%

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

September 30, 2019

 

September 30, 2018

 

% Change

 

 

GAAP

 

Non-GAAP

 

Non-GAAP
Adjusted Net
Revenue
Plus
Network Fees

 

GAAP

 

Non-GAAP

 

Non-GAAP
Adjusted Net
Revenue
Plus
Network Fees

 

GAAP

 

Non-GAAP

 

Non-GAAP
Adjusted Net
Revenue
Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

2,129,182

 

 

$

2,003,290

 

 

$

2,503,989

 

 

$

1,859,545

 

 

$

1,652,014

 

 

$

2,150,895

 

 

14.5

%

 

21.3

%

 

16.4%

Europe

 

468,168

 

 

468,168

 

 

573,551

 

 

456,492

 

 

456,492

 

 

554,798

 

 

2.6

%

 

2.6

%

 

3.4%

Asia-Pacific

 

179,311

 

 

181,003

 

 

240,938

 

 

169,774

 

 

169,774

 

 

226,066

 

 

5.6

%

 

6.6

%

 

6.6%

TSYS

 

147,470

 

 

131,236

 

 

144,865

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

$

2,924,131

 

 

$

2,783,697

 

 

$

3,463,343

 

 

$

2,485,811

 

 

$

2,278,280

 

 

$

2,931,759

 

 

17.6

%

 

22.2

%

 

18.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

547,160

 

 

$

860,918

 

 

 

 

$

446,600

 

 

$

705,811

 

 

 

 

22.5

%

 

22.0

%

 

 

Europe

 

249,638

 

 

274,137

 

 

 

 

239,011

 

 

260,015

 

 

 

 

4.4

%

 

5.4

%

 

 

Asia-Pacific

 

74,718

 

 

83,108

 

 

 

 

67,043

 

 

74,556

 

 

 

 

11.4

%

 

11.5

%

 

 

Corporate

 

(265,137

)

 

(132,204

)

 

 

 

(182,585

)

 

(112,192

)

 

 

 

45.2

%

 

17.8

%

 

 

TSYS

 

(11,124

)

 

45,120

 

 

 

 

n/a

 

 

n/a

 

 

 

 

n/a

 

 

n/a

 

 

 

 

 

$

595,255

 

 

$

1,131,079

 

 

 

 

$

570,069

 

 

$

928,190

 

 

 

 

4.4

%

 

21.9

%

 

 

See Schedules 8 and 9 for a reconciliation of adjusted net revenue, adjusted net revenue plus network fees and adjusted operating income by segment to the most comparable GAAP measures and Schedule 10 for a discussion of non-GAAP financial measures.

   

SCHEDULE 4

UNAUDITED CONSOLIDATED BALANCE SHEETS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except share data)

   
   

 

 

September 30, 2019

 

December 31, 2018

 

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

2,127,616

 

 

$

1,210,878

 

Accounts receivable, net

 

868,133

 

 

348,400

 

Settlement processing assets

 

1,556,307

 

 

1,600,222

 

Prepaid expenses and other current assets

 

440,512

 

 

216,708

 

Total current assets

 

4,992,568

 

 

3,376,208

 

Goodwill

 

23,754,450

 

 

6,341,355

 

Other intangible assets, net

 

13,184,391

 

 

2,488,618

 

Property and equipment, net

 

1,423,271

 

 

653,542

 

Deferred income taxes

 

12,477

 

 

8,128

 

Other noncurrent assets

 

1,844,890

 

 

362,923

 

Total assets

 

$

45,212,047

 

 

$

13,230,774

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Settlement lines of credit

 

$

547,624

 

 

$

700,486

 

Current portion of long-term debt

 

33,373

 

 

115,075

 

Accounts payable and accrued liabilities

 

1,849,424

 

 

1,176,703

 

Settlement processing obligations

 

1,852,731

 

 

1,276,356

 

Total current liabilities

 

4,283,152

 

 

3,268,620

 

Long-term debt

 

8,987,704

 

 

5,015,168

 

Deferred income taxes

 

3,352,727

 

 

585,025

 

Other noncurrent liabilities

 

632,746

 

 

175,618

 

Total liabilities

 

17,256,329

 

 

9,044,431

 

Commitments and contingencies

 

 

 

 

Equity:

 

 

 

 

Preferred stock, no par value; 5,000,000 shares authorized and none issued

 

 

 

 

Common stock, no par value; 400,000,000 shares authorized at September 30, 2019 and 200,000,000 shares authorized at December 31, 2018; 300,544,949 issued and outstanding at September 30, 2019 and 157,961,982 issued and outstanding at December 31, 2018

 

 

 

 

Paid-in capital

 

25,904,804

 

 

2,235,167

 

Retained earnings

 

2,297,897

 

 

2,066,415

 

Accumulated other comprehensive loss

 

(428,067

)

 

(310,175

)

Total Global Payments shareholders’ equity

 

27,774,634

 

 

3,991,407

 

Noncontrolling interests

 

181,084

 

 

194,936

 

Total equity

 

27,955,718

 

 

4,186,343

 

Total liabilities and equity

 

$

45,212,047

 

 

$

13,230,774

 

   

SCHEDULE 5

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

   

 

 

Nine Months Ended

 

 

September 30,
2019

 

September 30,
2018

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

354,974

 

 

$

401,344

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization of property and equipment

 

132,043

 

 

105,734

 

Amortization of acquired intangibles

 

345,455

 

 

263,714

 

Amortization of capitalized contract costs

 

47,778

 

 

37,281

 

Share-based compensation expense

 

55,791

 

 

44,937

 

Provision for operating losses and bad debts

 

34,877

 

 

32,309

 

Deferred income taxes

 

(42,990

)

 

(4,973

)

Other, net

 

6,666

 

 

(17,185

)

Changes in operating assets and liabilities, net of the effects of business combinations:

 

 

 

 

Accounts receivable

 

(80,709

)

 

(27,696

)

Settlement processing assets and obligations, net

 

623,985

 

 

(58,693

)

Prepaid expenses and other assets

 

(148,421

)

 

(117,824

)

Accounts payable and other liabilities

 

19,940

 

 

2,058

 

Net cash provided by operating activities

 

1,349,389

 

 

661,006

 

Cash flows from investing activities:

 

 

 

 

Acquisitions, net of cash acquired

 

(334,383

)

 

(769,082

)

Capital expenditures

 

(201,017

)

 

(156,060

)

Other, net

 

29,112

 

 

(2,383

)

Net cash used in investing activities

 

(506,288

)

 

(927,525

)

Cash flows from financing activities:

 

 

 

 

Net (repayments) borrowings from settlement lines of credit

 

(144,473

)

 

49,381

 

Proceeds of long-term debt

 

6,704,838

 

 

1,606,214

 

Repayments of long-term debt

 

(6,097,229

)

 

(1,468,505

)

Payments of debt issuance costs

 

(32,637

)

 

(12,544

)

Repurchases of common stock

 

(233,995

)

 

(180,897

)

Proceeds from stock issued under share-based compensation plans

 

22,008

 

 

12,571

 

Common stock repurchased - share-based compensation plans

 

(49,037

)

 

(44,824

)

Preacquisition dividends paid to former TSYS shareholders

 

(23,240

)

 

 

Distributions to noncontrolling interests

 

(31,632

)

 

(5,686

)

Dividends paid

 

(4,727

)

 

(4,750

)

Net cash provided by (used in) financing activities

 

109,876

 

 

(49,040

)

Effect of exchange rate changes on cash

 

(36,239

)

 

(29,692

)

Increase (decrease) in cash and cash equivalents

 

916,738

 

 

(345,251

)

Cash and cash equivalents, beginning of the period

 

1,210,878

 

 

1,335,855

 

Cash and cash equivalents, end of the period

 

$

2,127,616

 

 

$

990,604

 

 

SCHEDULE 6

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

 

 

 

Three Months Ended September 30, 2019

 

 

GAAP

 

Net Revenue
Adjustments(1)

 

Earnings
Adjustments(2)

 

Income
Taxes on
Adjustments(3)

 

Non-GAAP

 

Network
Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,105,941

 

 

$

(43,724

)

 

$

 

 

$

 

 

$

1,062,217

 

 

$

243,569

 

 

$

1,305,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

174,037

 

 

$

4,002

 

 

$

263,714

 

 

$

 

 

$

441,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Global Payments

 

$

95,044

 

 

$

4,002

 

 

$

293,132

 

 

$

(91,072

)

 

$

301,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Global Payments

 

$

0.54

 

 

 

 

 

 

 

 

$

1.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

177,543

 

 

 

 

 

 

 

 

177,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

GAAP

 

Net Revenue
Adjustments(1)

 

Earnings
Adjustments(2)

 

Income
Taxes on
Adjustments(3)

 

Non-GAAP

 

Network
Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

857,670

 

 

$

(63,447

)

 

$

 

 

$

 

 

$

794,223

 

 

$

230,756

 

 

$

1,024,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

223,162

 

 

$

1,196

 

 

$

114,345

 

 

$

 

 

$

338,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Global Payments

 

$

176,370

 

 

$

1,196

 

 

$

112,896

 

 

$

(62,501

)

 

$

227,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Global Payments

 

$

1.11

 

 

 

 

 

 

 

 

$

1.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

158,706

 

 

 

 

 

 

 

 

158,706

 

 

 

 

 

----------------------------------------------------------------------------------

 (1)

 

Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the three months ended September 30, 2019 and September 30, 2018, includes $4.0 million and $1.2 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses.

(2) 

 

For the three months ended September 30, 2019, earnings adjustments to operating income included $145.5 million in cost of service (COS) and $118.2 million in selling, general and administrative (SG&A) expenses.  Adjustments to COS include amortization of acquired intangibles of $135.0 million and acquisition and integration expenses of $10.5 million.  Adjustments to SG&A include share-based compensation expense of $27.9 million and acquisition and integration expenses of $90.4 million.

Net income attributable to Global Payments also reflects the removal of $31.4 million in charges from interest expense associated with the financing of the merger with TSYS.  These include fees related to the bridge facility the company entered into to support the merger financing, the write-off of debt issuance fees in connection with the refinancing of our credit facility and interest expense on new secured senior notes attributable to the period between issuance and merger close, net of interest income earned from these funds while in escrow.

For the three months ended September 30, 2018, earnings adjustments to operating income included $88.6 million in COS and $25.8 million in SG&A.  Adjustments to COS include amortization of acquired intangibles of $88.0 million and other adjustments of $0.6 million.  Adjustments to SG&A include share-based compensation expense of $14.9 million, acquisition and integration expenses of $7.8 million and other adjustments of $3.1 million.

(3)

 

Income taxes on adjustments reflect the tax effect of earnings adjustments to income before income taxes. The tax rate used in determining the tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.  Adjustments also include the removal of a $17.0 million benefit related to remeasuring net deferred liabilities at our new blended state rate as a result of the merger with TSYS.

See "Non-GAAP Financial Measures" discussion on Schedule 10.

 

SCHEDULE 7

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

 

 

 

Nine Months Ended September 30, 2019

 

 

GAAP

 

Net Revenue
Adjustments(1)

 

Earnings
Adjustments(2)

 

Income
Taxes on
Adjustments(3)

 

Non-GAAP

 

Network
Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

2,924,131

 

 

$

(140,434

)

 

$

 

 

$

 

 

$

2,783,697

 

 

$

679,646

 

 

$

3,463,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

595,255

 

 

$

12,643

 

 

$

523,181

 

 

$

 

 

$

1,131,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Global Payments

 

$

327,842

 

 

$

12,643

 

 

$

551,508

 

 

$

(141,960

)

 

$

750,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Global Payments

 

$

2.00

 

 

 

 

 

 

 

 

$

4.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

164,331

 

 

 

 

 

 

 

 

164,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

GAAP

 

Net Revenue
Adjustments(1)

 

Earnings
Adjustments(2)

 

Income
Taxes on Adjustments(3)

 

Non-GAAP

 

Network Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

2,485,811

 

 

$

(207,531

)

 

$

 

 

$

 

 

$

2,278,280

 

 

$

653,479

 

 

$

2,931,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

570,069

 

 

$

7,065

 

 

$

351,056

 

 

$

 

 

$

928,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Global Payments

 

$

376,838

 

 

$

7,065

 

 

$

341,921

 

 

$

(111,039

)

 

$

614,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Global Payments

 

$

2.36

 

 

 

 

 

 

 

 

$

3.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

159,459

 

 

 

 

 

 

 

 

159,459

 

 

 

 

 

--------------------------------------------------------------------------------

(1) 

 

Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the nine months ended September 30, 2019 and September 30, 2018, includes $12.6 million and $7.1 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses.

(2) 

 

For the nine months ended September 30, 2019, earnings adjustments to operating income included $359.4 million in cost of service (COS) and $163.7 million in selling, general and administrative (SG&A) expenses.  Adjustments to COS include amortization of acquired intangibles of $347.1 million and acquisition and integration expenses of $12.4 million.  Adjustments to SG&A include share-based compensation expense of $55.8 million and acquisition and integration expenses of $107.9 million.

Net income attributable to Global Payments also reflects the removal of $34.3 million in charges from interest expense associated with the financing of the merger with TSYS.  These include fees related to the bridge facility the company entered into to support the merger financing, the write-off of debt issuance fees in connection with the refinancing of our credit facility and interest expense on new secured senior notes attributable to the period between issuance and merger close, net of interest income earned from these funds in escrow.

For the nine months ended September 30, 2018, earnings adjustments to operating income include $269.6 million in COS and $81.4 million in SG&A.  Adjustments to COS include amortization of acquired intangibles of $265.4 million and other adjustments of $4.2 million.  Adjustments to SG&A include share-based compensation expense of $44.9 million, acquisition and integration expenses of $33.2 million and other adjustments of $3.3 million. Also, earnings adjustments to net income attributable to Global Payments include the removal of a $9.6 million gain recognized on the reorganization of Interac Association of which we were a member through one of our Canadian subsidiaries, and a charge of $5.2 million associated with the refinancing of our corporate credit facility.

(3) 

 

Income taxes on adjustments reflect the tax effect of earnings adjustments to income before income taxes. The tax rate used in determining the tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.  Adjustments also include the removal of a $17.0 million benefit related to remeasuring the net deferred liabilities at our new blended state rate as a result of the merger with TSYS.

See "Non-GAAP Financial Measures" discussion on Schedule 10.

 
SCHEDULE 8

UNAUDITED RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

 

 

 

Three Months Ended September 30, 2019

 

 

GAAP

 

Net Revenue
Adjustments (1)

 

Earnings
Adjustments(2)

 

Non-GAAP

 

Network Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

734,841

 

 

$

(27,936

)

 

$

 

 

$

706,905

 

 

$

170,213

 

 

$

877,118

 

Europe

 

164,950

 

 

 

 

 

 

164,950

 

 

39,711

 

 

204,661

 

Asia-Pacific

 

58,680

 

 

446

 

 

 

 

59,126

 

 

20,016

 

 

79,142

 

TSYS

 

147,470

 

 

(16,234

)

 

 

 

131,236

 

 

13,629

 

 

144,865

 

 

 

$

1,105,941

 

 

$

(43,724

)

 

$

 

 

$

1,062,217

 

 

$

243,569

 

 

$

1,305,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

205,728

 

 

$

3,556

 

 

$

103,247

 

 

$

312,531

 

 

 

 

 

Europe

 

91,332

 

 

 

 

8,109

 

 

99,441

 

 

 

 

 

Asia-Pacific

 

24,187

 

 

446

 

 

2,164

 

 

26,797

 

 

 

 

 

Corporate

 

(136,086

)

 

 

 

93,950

 

 

(42,136

)

 

 

 

 

TSYS

 

(11,124

)

 

 

 

56,244

 

 

45,120

 

 

 

 

 

 

 

$

174,037

 

 

$

4,002

 

 

$

263,714

 

 

$

441,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

GAAP

 

Net Revenue
Adjustments(1)

 

Earnings
Adjustments(2)

 

Non-GAAP

 

Network Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

643,715

 

 

$

(63,447

)

 

$

 

 

$

580,268

 

 

$

175,548

 

 

$

755,816

 

Europe

 

157,584

 

 

 

 

 

 

157,584

 

 

36,169

 

 

193,753

 

Asia-Pacific

 

56,371

 

 

 

 

 

 

56,371

 

 

19,039

 

 

75,410

 

 

 

$

857,670

 

 

$

(63,447

)

 

$

 

 

$

794,223

 

 

$

230,756

 

 

$

1,024,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

174,012

 

 

$

1,196

 

 

$

83,867

 

 

$

259,075

 

 

 

 

 

Europe

 

85,781

 

 

 

 

6,403

 

 

92,184

 

 

 

 

 

Asia-Pacific

 

23,692

 

 

 

 

1,746

 

 

25,438

 

 

 

 

 

Corporate

 

(60,323

)

 

 

 

22,329

 

 

(37,994

)

 

 

 

 

 

 

$

223,162

 

 

$

1,196

 

 

$

114,345

 

 

$

338,703

 

 

 

 

 

----------------------------------------------------------------------------------

(1) 

 

Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the three months ended September 30, 2019 and September 30, 2018, includes $4.0 million and $1.2 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses.

(2) 

 

For the three months ended September 30, 2019, earnings adjustments to operating income included $145.5 million in cost of service (COS) and $118.2 million in selling, general and administrative (SG&A) expenses.  Adjustments to COS include amortization of acquired intangibles of $135.0 million and acquisition and integration expenses of $10.5 million.  Adjustments to SG&A include share-based compensation expense of $27.9 million and acquisition and integration expenses of $90.4 million.

For the three months ended September 30, 2018, earnings adjustments to operating income include $88.6 million in COS and $25.8 million in SG&A.  Adjustments to COS include amortization of acquired intangibles of $88.0 million and other adjustments of $0.6 million.  Adjustments to SG&A include share-based compensation expense of $14.9 million, acquisition and integration expenses of $7.8 million and other adjustments of $3.1 million.

See "Non-GAAP Financial Measures" discussion on Schedule 10.

 

SCHEDULE 9

UNAUDITED RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

 

 

 

Nine Months Ended September 30, 2019

 

 

GAAP

 

Net Revenue
Adjustments (1)

 

Earnings
Adjustments(2)

 

Non-GAAP

 

Network Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

2,129,182

 

 

$

(125,892

)

 

$

 

 

$

2,003,290

 

 

$

500,699

 

 

$

2,503,989

 

Europe

 

468,168

 

 

 

 

 

 

468,168

 

 

105,383

 

 

573,551

 

Asia-Pacific

 

179,311

 

 

1,692

 

 

 

 

181,003

 

 

59,935

 

 

240,938

 

TSYS

 

147,470

 

 

(16,234

)

 

 

 

131,236

 

 

13,629

 

 

144,865

 

 

 

$

2,924,131

 

 

$

(140,434

)

 

$

 

 

$

2,783,697

 

 

$

679,646

 

 

$

3,463,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

547,160

 

 

$

10,951

 

 

$

302,807

 

 

$

860,918

 

 

 

 

 

Europe

 

249,638

 

 

 

 

24,499

 

 

274,137

 

 

 

 

 

Asia-Pacific

 

74,718

 

 

1,692

 

 

6,698

 

 

83,108

 

 

 

 

 

Corporate

 

(265,137

)

 

 

 

132,933

 

 

(132,204

)

 

 

 

 

TSYS

 

(11,124

)

 

 

 

56,244

 

 

45,120

 

 

 

 

 

 

 

$

595,255

 

 

$

12,643

 

 

$

523,181

 

 

$

1,131,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

GAAP

 

Net Revenue
Adjustments(1)

 

Earnings
Adjustments(2)

 

Non-GAAP

 

Network Fees

 

Non-GAAP
Adjusted Net
Revenue Plus
Network Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

1,859,545

 

 

$

(207,531

)

 

$

 

 

$

1,652,014

 

 

$

498,881

 

 

$

2,150,895

 

Europe

 

456,492

 

 

 

 

 

 

456,492

 

 

98,306

 

 

554,798

 

Asia-Pacific

 

169,774

 

 

 

 

 

 

169,774

 

 

56,292

 

 

226,066

 

 

 

$

2,485,811

 

 

$

(207,531

)

 

$

 

 

$

2,278,280

 

 

$

653,479

 

 

$

2,931,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

446,600

 

 

$

7,065

 

 

$

252,146

 

 

$

705,811

 

 

 

 

 

Europe

 

239,011

 

 

 

 

21,004

 

 

260,015

 

 

 

 

 

Asia-Pacific

 

67,043

 

 

 

 

7,513

 

 

74,556

 

 

 

 

 

Corporate

 

(182,585

)

 

 

 

70,393

 

 

(112,192

)

 

 

 

 

 

 

$

570,069

 

 

$

7,065

 

 

$

351,056

 

 

$

928,190

 

 

 

 

 

----------------------------------------------------------------------------------

(1) 

 

Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the nine months ended September 30, 2019 and September 30, 2018, includes $12.6 million and $7.1 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses.

(2) 

 

For the nine months ended September 30, 2019, earnings adjustments to operating income include $359.4 million in cost of service (COS) and $163.7 million in selling, general and administrative (SG&A) expenses.  Adjustments to COS include amortization of acquired intangibles of $347.1 million and acquisition and integration expenses of $12.4 million.  Adjustments to SG&A include share-based compensation expense of $55.8 million and acquisition and integration expenses of $107.9 million.

For the nine months ended September 30, 2018, earnings adjustments to operating income include $269.6 million in COS and $81.4 million in SG&A.  Adjustments to COS include amortization of acquired intangibles of $265.4 million and other adjustments of $4.2 million.  Adjustments to SG&A include share-based compensation expense of $44.9 million, acquisition and integration expenses of $33.2 million and other adjustments of $3.3 million.

See "Non-GAAP Financial Measures" discussion on Schedule 10. 

   

SCHEDULE 10

UNAUDITED OUTLOOK SUMMARY

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In billions, except per share data)

   

 

 

2018 Actual

 

2019 Outlook(1)

 

% Change

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

GAAP revenues

 

$3.37

 

 

$4.87 to $4.90

 

 

45% to 46%

Adjustments(2)

 

(0.27

)

 

(0.27

)

 

 

Adjusted net revenue

 

$3.10

 

 

$4.59 to $4.62

 

 

48% to 49%

 

 

 

 

 

 

 

Network fees

 

0.87

 

 

1.01

 

 

 

Adjusted net revenue plus network fees

 

$3.97

 

 

$5.60 to $5.63

 

 

41% to 42%

 

 

 

 

 

 

 

Earnings Per Share (EPS):

 

 

 

 

 

 

GAAP diluted EPS

 

$2.84

 

 

$2.59 to $2.67

 

 

(9)% to (6)%

Adjustments(3)

 

2.35

 

 

3.53

 

 

 

Adjusted diluted EPS

 

$5.19

 

 

$6.12 to $6.20

 

 

18% to 20%

----------------------------------------------------------------------------------

 (1)

 

Outlook includes projected financial results for TSYS from the close of the merger to the fiscal year-end or December 31, 2019.

 (2)

 

Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefit to the company. Amounts also include adjustments to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses.

 (3)

 

Adjustments to 2018 GAAP diluted EPS include software-related contract liability adjustments described above of $0.06, acquisition related amortization expense of $1.85, share-based compensation expense of $0.28, acquisition and integration expense of $0.28, employee termination benefits of $0.01, asset abandonment charges associated with technology integrations of $0.04 and the removal of an income tax benefit of $0.17 associated with tax reform. Also, adjustments to 2018 GAAP diluted EPS include the effect of these adjustments on noncontrolling interests and income taxes, as applicable.

NON-GAAP FINANCIAL MEASURES

Global Payments supplements revenues, income and EPS information determined in accordance with U.S. GAAP by providing these measures, and other measures, with certain adjustments (such measures being non-GAAP financial measures) in this document to assist with evaluating our performance. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations. Management believes adjusted net revenue and adjusted net revenue plus network fees more closely reflect the economic benefits to the company's core business and, in the case of adjusted net revenue, allows for better comparisons with industry peers. Management uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation. Adjusted net revenue, adjusted net revenue plus network fees, adjusted operating income, adjusted operating margin, adjusted net income and adjusted EPS should be considered in addition to, and not as substitutes for, revenues, operating income, net income and EPS determined in accordance with GAAP. The non-GAAP financial measures reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

Adjusted net revenue excludes gross-up related payments associated with certain lines of business to reflect economic benefits to the company. On a GAAP basis, these payments are presented gross in both revenues and operating expenses. Adjusted operating income, adjusted net income and adjusted EPS exclude acquisition-related amortization expense, share-based compensation and certain other items specific to each reporting period as more fully described in the accompanying reconciliations in Schedules 6 and 7. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenue plus network fees. The tax rate used in determining the net income impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.

Contacts

Investor contact:
investor.relations@globalpay.com
Winnie Smith
770-829-8478

Media contact:
media.relations@globalpay.com
Emily Edmonds
404-985-5576

Contacts

Investor contact:
investor.relations@globalpay.com
Winnie Smith
770-829-8478

Media contact:
media.relations@globalpay.com
Emily Edmonds
404-985-5576