[October 07, 2015] |
|
Global Payments Reports First Quarter Earnings, Increases Annual Fiscal 2016 Outlook and Declares Two-for-One Stock Split
Global Payments Inc. (NYSE: GPN) today announced results for its fiscal
first quarter ended August 31, 2015.
"We are delighted with our outstanding first quarter results, which
represent an excellent start to the 2016 fiscal year and a continuation
of exceeding our expectations across our markets," said Jeff Sloan,
Chief Executive Officer. "This performance builds on the momentum we
have generated as we continue to invest in our strategy to expand
distribution and create competitive differentiation through technology
by delivering innovative solutions globally."
First Quarter Fiscal 2016 Summary
-
Adjusted net revenue grew 8% to $537.0 million, compared to $495.2
million in the first quarter of fiscal 2015.
-
Cash diluted earnings per share grew 25% to $1.57, compared to $1.26
in the first quarter of fiscal 2015.
-
Cash operating margin expanded to 30.5%, a 150 basis point increase
over the first quarter of fiscal 2015.
-
GAAP revenues grew 6% to $748.8 million, compared to $704.9 million in
the first quarter of fiscal 2015, and diluted earnings per share were
$1.32, compared to $1.10 in the prior year.
Fiscal 2016 Outlook
"As a result of our strong first quarter performance, we are increasing
our outlook for annual fiscal 2016 diluted earnings per share on a cash
basis to a range of $5.77 to $5.92, reflecting growth of 14% to 17% over
fiscal 2015," stated Cameron Bready, Executive Vice President and Chief
Financial Officer. "We also now expect annual fiscal 2016 core cash
operating margins to expand by as much as 50 basis points on a constant
currency basis. We continue to expect adjusted net revenues to range
from $2.06 billion to $2.10 billion, or growth of 6% to 8% over fiscal
2015."
Stock Split and Dividend
Global Payments' Board of Directors has declared a two-for-one stock
split of the company's common stock to be effected in the form of a
stock dividend of one additional share of common stock for each
outstanding share of common stock. The stock dividend will be payable on
November 2, 2015 to all shareholders of record as of October 21, 2015.
A first quarter dividend of $0.01 per share, after giving effect to the
two-for-one stock split, will be payable on November 27, 2015 to
shareholders of record as of November 13, 2015.
Conference Call
Global Payments' management will host a conference call today, October
7, 2015 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 and earnings per share
information determined in accordance with GAAP by providing income and
related earnings per share on a "cash earnings" basis and adjusted net
revenue 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 worldwide provider of
payment technology services that delivers innovative solutions driven by
customer needs globally. Our technologies, partnerships and employee
expertise enable us to provide a broad range of products and services
that allow our customers to accept all payment types across a variety of
distribution channels in many markets around the world.
Headquartered in Atlanta, Georgia with approximately 4,500 employees
worldwide, Global Payments is a Fortune 1000 Company with merchants and
partners in 29 countries throughout North America, Europe, the
Asia-Pacific region and Brazil. For more information about Global
Payments, our Service. Driven. Commerce brand and our technologies,
please visit www.globalpaymentsinc.com.
_________________________
This announcement and comments made by Global Payments' management
during the conference call may contain certain forward-looking
statements within the meaning of the "safe-harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including revenue and earnings estimates and
management's expectations regarding future events and developments, are
forward-looking statements and are subject to significant risks and
uncertainties. Important factors that may cause actual events or
results to differ materially from those anticipated by such
forward-looking statements include our potential failure to safeguard
our data; our ability to maintain Visa and MasterCard registration and
financial institution sponsorship; our reliance on financial
institutions to provide clearing services in connection with our
settlement activities; our potential failure to comply with card network
requirements; increased merchant, referral partner or ISO attrition; our
ability to increase our share of existing markets and expand into new
markets; political, economic and regulatory changes in the foreign
countries in which we operate; system interruptions in service;
increases in credit card network fees; future performance, integration
and conversion of acquired operations; and other risk factors presented
in our most recent Annual Report on Form 10-K and any subsequent SEC
filings, which we advise you to review. We undertake no obligation to
revise any of these statements to reflect future circumstances or the
occurrence of unanticipated events.
SCHEDULE 1
|
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended August 31,
|
|
|
2015
|
|
|
2014
|
|
|
% Change
|
|
|
(unaudited)
|
|
|
|
Revenues
|
|
$
|
748,796
|
|
|
|
$
|
704,895
|
|
|
|
6.2
|
|
%
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of service
|
|
272,666
|
|
|
|
259,839
|
|
|
|
4.9
|
|
%
|
Selling, general and administrative
|
|
338,358
|
|
|
|
320,658
|
|
|
|
5.5
|
|
%
|
|
|
611,024
|
|
|
|
580,497
|
|
|
|
5.3
|
|
%
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
137,772
|
|
|
|
124,398
|
|
|
|
10.8
|
|
%
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
1,142
|
|
|
|
1,192
|
|
|
|
(4.2
|
)
|
%
|
Interest and other expense
|
|
(13,243
|
)
|
|
|
(11,010
|
)
|
|
|
20.3
|
|
%
|
|
|
(12,101
|
)
|
|
|
(9,818
|
)
|
|
|
23.3
|
|
%
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
125,671
|
|
|
|
114,580
|
|
|
|
9.7
|
|
%
|
Provision for income taxes
|
|
(32,623
|
)
|
|
|
(30,146
|
)
|
|
|
8.2
|
|
%
|
Net income
|
|
93,048
|
|
|
|
84,434
|
|
|
|
10.2
|
|
%
|
Less: Net income attributable to noncontrolling interests, net of
income tax
|
|
(6,402
|
)
|
|
|
(9,068
|
)
|
|
|
(29.4
|
)
|
%
|
Net income attributable to Global Payments
|
|
$
|
86,646
|
|
|
|
$
|
75,366
|
|
|
|
15.0
|
|
%
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to Global Payments:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.33
|
|
|
|
$
|
1.11
|
|
|
|
19.8
|
|
%
|
Diluted
|
|
$
|
1.32
|
|
|
|
$
|
1.10
|
|
|
|
20.0
|
|
%
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
65,164
|
|
|
|
68,146
|
|
|
|
|
Diluted
|
|
65,573
|
|
|
|
68,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE 2
|
CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended August 31,
|
|
|
2015
|
|
|
2014
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue
|
|
$
|
536,953
|
|
|
|
$
|
495,212
|
|
|
|
8.4
|
|
%
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of service
|
|
231,921
|
|
|
|
221,033
|
|
|
|
4.9
|
|
%
|
Selling, general and administrative
|
|
141,466
|
|
|
|
130,802
|
|
|
|
8.2
|
|
%
|
|
|
373,387
|
|
|
|
351,835
|
|
|
|
6.1
|
|
%
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
163,566
|
|
|
|
143,377
|
|
|
|
14.1
|
|
%
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
1,142
|
|
|
|
1,192
|
|
|
|
(4.2
|
)
|
%
|
Interest and other expense
|
|
(13,243
|
)
|
|
|
(11,010
|
)
|
|
|
20.3
|
|
%
|
|
|
(12,101
|
)
|
|
|
(9,818
|
)
|
|
|
23.3
|
|
%
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
151,465
|
|
|
|
133,559
|
|
|
|
13.4
|
|
%
|
Provision for income taxes
|
|
(41,160
|
)
|
|
|
(36,894
|
)
|
|
|
11.6
|
|
%
|
Net income
|
|
110,305
|
|
|
|
96,665
|
|
|
|
14.1
|
|
%
|
Less: Net income attributable to noncontrolling interests, net of
income tax
|
|
(7,280
|
)
|
|
|
(10,303
|
)
|
|
|
(29.3
|
)
|
%
|
Net income attributable to Global Payments
|
|
$
|
103,025
|
|
|
|
$
|
86,362
|
|
|
|
19.3
|
|
%
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to Global Payments:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.58
|
|
|
|
$
|
1.27
|
|
|
|
24.4
|
|
%
|
Diluted
|
|
$
|
1.57
|
|
|
|
$
|
1.26
|
|
|
|
24.6
|
|
%
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
65,164
|
|
|
|
68,146
|
|
|
|
|
Diluted
|
|
65,573
|
|
|
|
68,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Schedule 6 for a reconciliation of adjusted net revenue and cash
earnings to GAAP.
See "Non-GAAP Financial Measures" discussion on Schedule 8.
SCHEDULE 3
|
SEGMENT INFORMATION
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended August 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
GAAP
|
|
Adjusted Net Revenue and Cash Earnings
|
|
GAAP
|
|
Adjusted Net Revenue and Cash Earnings
|
|
GAAP
|
|
Adjusted Net Revenue and Cash Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
530,857
|
|
|
$
|
340,431
|
|
|
$
|
504,007
|
|
|
$
|
315,276
|
|
|
5.3
|
%
|
|
8.0
|
%
|
Europe
|
|
168,357
|
|
|
146,940
|
|
|
162,787
|
|
|
141,835
|
|
|
3.4
|
%
|
|
3.6
|
%
|
Asia-Pacific
|
|
49,582
|
|
|
49,582
|
|
|
38,101
|
|
|
38,101
|
|
|
30.1
|
%
|
|
30.1
|
%
|
Total revenues
|
|
$
|
748,796
|
|
|
$
|
536,953
|
|
|
$
|
704,895
|
|
|
$
|
495,212
|
|
|
6.2
|
%
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income for segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
83,513
|
|
|
$
|
96,966
|
|
|
$
|
77,937
|
|
|
$
|
89,315
|
|
|
7.2
|
%
|
|
8.6
|
%
|
Europe
|
|
72,733
|
|
|
77,031
|
|
|
67,045
|
|
|
70,310
|
|
|
8.5
|
%
|
|
9.6
|
%
|
Asia-Pacific
|
|
12,233
|
|
|
13,810
|
|
|
6,557
|
|
|
6,827
|
|
|
86.6
|
%
|
|
102.3
|
%
|
Corporate
|
|
(30,707
|
)
|
|
(24,241
|
)
|
|
(27,141
|
)
|
|
(23,075
|
)
|
|
13.1
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
137,772
|
|
|
$
|
163,566
|
|
|
$
|
124,398
|
|
|
$
|
143,377
|
|
|
10.8
|
%
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Schedule 7 for reconciliation of adjusted net revenue and cash
earnings segment information to GAAP.
See "Non-GAAP Financial Measures" discussion on Schedule 8.
SCHEDULE 4
|
CONSOLIDATED BALANCE SHEETS
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
August 31, 2015
|
|
|
May 31, 2015
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
803,309
|
|
|
|
$
|
650,739
|
|
Accounts receivable, net of allowances for doubtful accounts of $398
and $468, respectively
|
|
207,949
|
|
|
|
202,390
|
|
Claims receivable, net of allowances for doubtful accounts of $5,933
and $548, respectively
|
|
7,177
|
|
|
|
548
|
|
Settlement processing assets
|
|
1,658,193
|
|
|
|
2,394,822
|
|
Deferred income taxes
|
|
12,179
|
|
|
|
11,664
|
|
Prepaid expenses and other current assets
|
|
58,231
|
|
|
|
41,416
|
|
Total current assets
|
|
2,747,038
|
|
|
|
3,301,579
|
|
Goodwill
|
|
1,603,593
|
|
|
|
1,491,833
|
|
Other intangible assets, net
|
|
686,852
|
|
|
|
560,136
|
|
Property and equipment, net
|
|
368,795
|
|
|
|
374,143
|
|
Deferred income taxes
|
|
30,375
|
|
|
|
30,578
|
|
Other
|
|
36,265
|
|
|
|
32,846
|
|
Total assets
|
|
$
|
5,472,918
|
|
|
|
$
|
5,791,115
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Lines of credit
|
|
$
|
356,675
|
|
|
|
$
|
592,629
|
|
Current portion of long-term debt
|
|
-
|
|
|
|
61,784
|
|
Accounts payable and accrued liabilities
|
|
303,497
|
|
|
|
312,647
|
|
Settlement processing obligations
|
|
1,699,353
|
|
|
|
2,033,900
|
|
Income taxes payable
|
|
30,711
|
|
|
|
14,228
|
|
Total current liabilities
|
|
2,390,236
|
|
|
|
3,015,188
|
|
Long-term debt
|
|
1,932,028
|
|
|
|
1,678,283
|
|
Deferred income taxes
|
|
216,844
|
|
|
|
214,669
|
|
Other long-term liabilities
|
|
16,667
|
|
|
|
19,422
|
|
Total liabilities
|
|
4,555,775
|
|
|
|
4,927,562
|
|
Commitments and contingencies
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Preferred stock, no par value; 5,000,000 shares authorized and none
issued
|
|
-
|
|
|
|
-
|
|
Common stock, no par value; 200,000,000 shares authorized;
64,941,393 issued and outstanding at August 31, 2015 and 65,278,838
issued and outstanding at May 31, 2015
|
|
-
|
|
|
|
-
|
|
Paid-in capital
|
|
138,212
|
|
|
|
148,742
|
|
Retained earnings
|
|
861,212
|
|
|
|
795,226
|
|
Accumulated other comprehensive loss
|
|
(212,727
|
)
|
|
|
(185,992
|
)
|
Total Global Payments shareholders' equity
|
|
786,697
|
|
|
|
757,976
|
|
Noncontrolling interests
|
|
130,446
|
|
|
|
105,577
|
|
Total equity
|
|
917,143
|
|
|
|
863,553
|
|
Total liabilities and equity
|
|
$
|
5,472,918
|
|
|
|
$
|
5,791,115
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE 5
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands)
|
|
|
|
|
|
Three Months Ended August 31,
|
|
|
2015
|
|
|
2014
|
Cash flows from operating activities:
|
|
|
|
|
|
Net income
|
|
$
|
93,048
|
|
|
|
$
|
84,434
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
Depreciation and amortization of property and equipment
|
|
17,909
|
|
|
|
16,712
|
|
Amortization of acquired intangibles
|
|
20,848
|
|
|
|
17,854
|
|
Share-based compensation expense
|
|
6,467
|
|
|
|
4,066
|
|
Provision for operating losses and bad debts
|
|
4,263
|
|
|
|
4,308
|
|
Deferred income taxes
|
|
3,584
|
|
|
|
3,705
|
|
Other, net
|
|
1,333
|
|
|
|
(755
|
)
|
Changes in operating assets and liabilities, net of the effects of
acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
(7,512
|
)
|
|
|
7,933
|
|
Claims receivable
|
|
(12,261
|
)
|
|
|
(2,742
|
)
|
Settlement processing assets and obligations, net
|
|
402,676
|
|
|
|
(179,462
|
)
|
Prepaid expenses and other assets
|
|
(18,114
|
)
|
|
|
1,625
|
|
Accounts payable and other liabilities
|
|
(14,801
|
)
|
|
|
(22,151
|
)
|
Income taxes payable
|
|
15,952
|
|
|
|
1,000
|
|
Net cash provided by (used in) operating activities
|
|
513,392
|
|
|
|
(63,473
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
Business, intangible and other asset acquisitions, net of cash
acquired
|
|
(241,530
|
)
|
|
|
(4,773
|
)
|
Capital expenditures
|
|
(16,858
|
)
|
|
|
(18,157
|
)
|
Principal collections on financing receivables
|
|
-
|
|
|
|
219
|
|
Net proceeds from sales of investments and business
|
|
-
|
|
|
|
10,528
|
|
Net cash used in investing activities
|
|
(258,388
|
)
|
|
|
(12,183
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
Net (payments) borrowings on short-term lines of credit
|
|
(236,041
|
)
|
|
|
212,029
|
|
Proceeds from issuance of long-term debt
|
|
2,821,425
|
|
|
|
390,000
|
|
Principal payments of long-term debt
|
|
(2,626,925
|
)
|
|
|
(363,679
|
)
|
Payment of debt issuance costs
|
|
(4,934
|
)
|
|
|
-
|
|
Repurchase of common stock
|
|
(34,296
|
)
|
|
|
(132,283
|
)
|
Proceeds from stock issued under share-based compensation plans
|
|
2,513
|
|
|
|
12,588
|
|
Common stock repurchased - share-based compensation plans
|
|
(8,154
|
)
|
|
|
(15,105
|
)
|
Tax benefit from share-based compensation plans
|
|
5,760
|
|
|
|
3,154
|
|
Distributions to noncontrolling interests
|
|
(8,158
|
)
|
|
|
(11,249
|
)
|
Dividends paid
|
|
(1,305
|
)
|
|
|
(1,370
|
)
|
Net cash (used in) provided by financing activities
|
|
(90,115
|
)
|
|
|
94,085
|
|
Effect of exchange rate changes on cash
|
|
(12,319
|
)
|
|
|
(4,417
|
)
|
Increase in cash and cash equivalents
|
|
152,570
|
|
|
|
14,012
|
|
Cash and cash equivalents, beginning of the period
|
|
650,739
|
|
|
|
581,872
|
|
Cash and cash equivalents, end of the period
|
|
$
|
803,309
|
|
|
|
$
|
595,884
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE 6
|
RECONCILIATION OF ADJUSTED NET REVENUE AND CASH EARNINGS
ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended August 31, 2015
|
|
|
GAAP
|
|
Net Revenue Adjustment1
|
|
Cash Earnings Adjustments2
|
|
Other3
|
|
Adjusted Net Revenue and Cash Earnings
|
Revenues
|
|
$
|
748,796
|
|
|
$
|
(211,843
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
536,953
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of service
|
|
272,666
|
|
|
(21,417
|
)
|
|
(21,398
|
)
|
|
2,070
|
|
|
231,921
|
|
Selling, general and administrative
|
|
338,358
|
|
|
(190,426
|
)
|
|
(6,466
|
)
|
|
-
|
|
|
141,466
|
|
|
|
611,024
|
|
|
(211,843
|
)
|
|
(27,864
|
)
|
|
2,070
|
|
|
373,387
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
137,772
|
|
|
-
|
|
|
27,864
|
|
|
(2,070
|
)
|
|
163,566
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
1,142
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,142
|
|
Interest and other expense
|
|
(13,243
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(13,243
|
)
|
|
|
(12,101
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(12,101
|
)
|
Income before income taxes
|
|
125,671
|
|
|
-
|
|
|
27,864
|
|
|
(2,070
|
)
|
|
151,465
|
|
(Provision for) benefit from income taxes
|
|
(32,623
|
)
|
|
|
|
(8,968
|
)
|
|
431
|
|
|
(41,160
|
)
|
Net income
|
|
93,048
|
|
|
-
|
|
|
18,896
|
|
|
(1,639
|
)
|
|
110,305
|
|
Less: Net income attributable to noncontrolling interests, net of
income tax
|
|
(6,402
|
)
|
|
-
|
|
|
(878
|
)
|
|
-
|
|
|
(7,280
|
)
|
Net income attributable to Global Payments
|
|
$
|
86,646
|
|
|
$
|
-
|
|
|
$
|
18,018
|
|
|
$
|
(1,639
|
)
|
|
$
|
103,025
|
|
Diluted shares
|
|
65,573
|
|
|
|
|
|
|
|
|
65,573
|
|
Diluted earnings per share
|
|
$
|
1.32
|
|
|
$
|
-
|
|
|
$
|
0.27
|
|
|
$
|
(0.02
|
)
|
|
$
|
1.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended August 31, 2014
|
|
|
GAAP
|
|
Net Revenue Adjustment1
|
|
Cash Earnings Adjustments2
|
|
Other3
|
|
Adjusted Net Revenue and Cash Earnings
|
Revenues
|
|
$
|
704,895
|
|
|
$
|
(209,683
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
495,212
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of service
|
|
259,839
|
|
|
(20,952
|
)
|
|
(17,854
|
)
|
|
-
|
|
|
221,033
|
|
Selling, general and administrative
|
|
320,658
|
|
|
(188,731
|
)
|
|
(4,066
|
)
|
|
2,941
|
|
|
130,802
|
|
|
|
580,497
|
|
|
(209,683
|
)
|
|
(21,920
|
)
|
|
2,941
|
|
|
351,835
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
124,398
|
|
|
-
|
|
|
21,920
|
|
|
(2,941
|
)
|
|
143,377
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
1,192
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,192
|
|
Interest and other expense
|
|
(11,010
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(11,010
|
)
|
|
|
(9,818
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9,818
|
)
|
Income before income taxes
|
|
114,580
|
|
|
|
|
21,920
|
|
|
(2,941
|
)
|
|
133,559
|
|
(Provision for) benefit from income taxes
|
|
(30,146
|
)
|
|
-
|
|
|
(7,336
|
)
|
|
588
|
|
|
(36,894
|
)
|
Net income
|
|
84,434
|
|
|
-
|
|
|
14,584
|
|
|
(2,353
|
)
|
|
96,665
|
|
Less: Net income attributable to noncontrolling interests, net of
income tax
|
|
(9,068
|
)
|
|
-
|
|
|
(1,235
|
)
|
|
-
|
|
|
(10,303
|
)
|
Net income attributable to Global Payments
|
|
$
|
75,366
|
|
|
$
|
-
|
|
|
$
|
13,349
|
|
|
$
|
(2,353
|
)
|
|
$
|
86,362
|
|
Diluted shares
|
|
68,617
|
|
|
|
|
|
|
|
|
68,617
|
|
Diluted earnings per share
|
|
$
|
1.10
|
|
|
$
|
-
|
|
|
$
|
0.19
|
|
|
$
|
(0.03
|
)
|
|
$
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Represents adjustments to revenues for gross-up related
payments (included in operating expenses) associated with certain
wholesale lines of business to reflect economic benefits to the Company.
2 Represents adjustments to exclude acquisition-related
amortization expense, share-based compensation expense and the related
income tax benefits of each.
3 For the three months ended August 31, 2015, represents
recoveries associated with a U.K. vendor outage and the related
provision for income taxes. For the three months ended August 31, 2014,
represents a gain on sale of a component of our Russia business that
leased ATMs to our sponsor bank in Russia and the related provision for
income taxes.
See "Non-GAAP Financial Measures" discussion on Schedule 8.
SCHEDULE 7
|
RECONCILIATION OF ADJUSTED NET REVENUE AND CASH EARNINGS
SEGMENT INFORMATION TO GAAP
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands)
|
|
|
|
Three Months Ended August 31,
|
|
2015
|
|
2014
|
|
GAAP
|
|
Net Revenue Adjustment1
|
|
Cash Earnings Adjustments2
|
|
Other3
|
|
Adjusted Net Revenues and Cash Earnings
|
|
GAAP
|
|
Net Revenue Adjustment1
|
|
Cash Earnings Adjustments2
|
|
Other3
|
|
Adjusted Net Revenues and Cash Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
$
|
530,857
|
|
|
$
|
(190,426
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
340,431
|
|
|
$
|
504,007
|
|
|
$
|
(188,731
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
315,276
|
|
Europe
|
168,357
|
|
|
(21,417
|
)
|
|
-
|
|
|
-
|
|
|
146,940
|
|
|
162,787
|
|
|
(20,952
|
)
|
|
-
|
|
|
-
|
|
|
141,835
|
|
Asia-Pacific
|
49,582
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
49,582
|
|
|
38,101
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
38,101
|
|
Total revenues
|
$
|
748,796
|
|
|
$
|
(211,843
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
536,953
|
|
|
$
|
704,895
|
|
|
$
|
(209,683
|
)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
495,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income for segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
$
|
83,513
|
|
|
$
|
-
|
|
|
$
|
13,453
|
|
|
$
|
-
|
|
|
$
|
96,966
|
|
|
$
|
77,937
|
|
|
$
|
-
|
|
|
$
|
11,378
|
|
|
$
|
-
|
|
|
$
|
89,315
|
|
Europe
|
72,733
|
|
|
-
|
|
|
6,368
|
|
|
(2,070
|
)
|
|
77,031
|
|
|
67,045
|
|
|
-
|
|
|
6,206
|
|
|
(2,941
|
)
|
|
70,310
|
|
Asia-Pacific
|
12,233
|
|
|
-
|
|
|
1,577
|
|
|
-
|
|
|
13,810
|
|
|
6,557
|
|
|
-
|
|
|
270
|
|
|
-
|
|
|
6,827
|
|
Corporate
|
(30,707
|
)
|
|
-
|
|
|
6,466
|
|
|
-
|
|
|
(24,241
|
)
|
|
(27,141
|
)
|
|
-
|
|
|
4,066
|
|
|
-
|
|
|
(23,075
|
)
|
Operating income
|
$
|
137,772
|
|
|
$
|
-
|
|
|
$
|
27,864
|
|
|
$
|
(2,070
|
)
|
|
$
|
163,566
|
|
|
$
|
124,398
|
|
|
$
|
-
|
|
|
$
|
21,920
|
|
|
$
|
(2,941
|
)
|
|
$
|
143,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Represents adjustments to revenues for gross-up related
payments (included in operating expenses) associated with certain
wholesale lines of business to reflect economic benefits to the Company.
2 Represents adjustments to exclude acquisition-related
amortization expense and share-based compensation expense.
3 For the three months ended August 31, 2015, represents
recoveries associated with a U.K. vendor outage. For the three months
ended August 31, 2014, represents a gain on sale of a component of our
Russia business that leased ATMs to our sponsor bank in Russia.
See "Non-GAAP Financial Measures" discussion on Schedule 8.
SCHEDULE 8
|
|
|
|
|
|
|
|
|
|
OUTLOOK SUMMARY
|
|
|
|
|
|
|
|
|
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
(In billions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2015 Actual
|
|
|
Fiscal 2016 Outlook
|
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
GAAP Revenues
|
|
$
|
2.77
|
|
|
|
$2.87 to $2.95
|
|
|
|
4% to 6%
|
Adjustments1
|
|
(0.82
|
)
|
|
|
(0.83
|
)
|
|
|
|
Adjusted Net Revenue
|
|
$
|
1.95
|
|
|
|
$2.06 to $2.10
|
|
|
|
6% to 8%
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
GAAP Diluted EPS
|
|
$
|
4.12
|
|
|
|
$4.70 to $4.85
|
|
|
|
14% to 18%
|
Acquisition-related amortization expense, share-based compensation
expense and non-recurring items2
|
|
0.92
|
|
|
|
1.07
|
|
|
|
16%
|
Cash EPS
|
|
$
|
5.04
|
|
|
|
$5.77 to $5.92
|
|
|
|
14% to 17%
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Represents adjustments to revenues for gross-up related
payments (included in operating expenses) associated with certain
wholesale lines of business to reflect economic benefits to the Company
and, in fiscal 2015, a revenue adjustment for select U.K. customer
payments related to a vendor outage.
2 Fiscal 2015 reflects acquisition-related amortization
expense of $0.67, share-based compensation expense of $0.19 and
non-recurring items of $0.06, including a revenue adjustment for select
U.K. customer payments related to a vendor outage and expense
adjustments for charges related to employee termination benefits,
non-cash losses from the retirement of property and equipment, a
transaction-related tax associated with the acquisition of Realex,
certain business tax assessments in the U.S. for prior periods, a gain
on the sale of our Russia ATM business, reversal of previously recorded
interest expense associated with a previously uncertain tax position and
the related income tax effects of each.
NON-GAAP FINANCIAL MEASURES
Global Payments supplemented revenues, income and earnings per share
information determined in accordance with GAAP by providing income and
related earnings per share on a "cash earnings" basis and Adjusted Net
Revenue 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 we believe are pertinent to the daily management of
our operations. Management believes Adjusted Net Revenue more closely
reflects the economic benefits to the Company's core business and allows
for better comparisons with industry peers. Management uses these
non-GAAP metrics, together with other metrics, to set goals for and
measure the performance of its business and to determine incentive
compensation. Our Adjusted Net Revenue and income and earnings per share
reported on a cash earnings basis should be considered in addition to,
and not as a substitute for, revenues, income and earnings per share
determined in accordance with GAAP. Our measures of Adjusted Net
Revenue, income and earnings per share on a cash earnings basis 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 wholesale 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.
Income and the related earnings per share on a cash earnings basis
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 Schedule
6, Schedule 7 and Schedule 9. The tax rate used in determining the net
income impact of cash 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.
|
SCHEDULE 9
|
RECONCILIATION OF ADJUSTED NET REVENUE AND CASH EARNINGS
SEGMENT INFORMATION TO GAAP
|
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
August 31, 2014
|
|
|
|
November 30, 2014
|
|
|
|
|
GAAP
|
|
|
Net Revenue Adjustment1
|
|
|
Cash Earnings Adjustments2
|
|
|
Other3
|
|
|
Adjusted Net Revenue and Cash Earnings
|
|
|
|
GAAP
|
|
|
Net Revenue Adjustment1
|
|
|
Cash Earnings Adjustments2
|
|
|
Other3
|
|
|
Adjusted Net Revenue and Cash Earnings
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
$
|
504,007
|
|
|
|
$
|
(188,731
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
315,276
|
|
|
|
|
$
|
488,776
|
|
|
|
$
|
(183,217
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
305,559
|
|
Europe
|
|
|
|
162,787
|
|
|
|
(20,952
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
141,835
|
|
|
|
|
159,974
|
|
|
|
(20,409
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
139,565
|
|
Asia-Pacific
|
|
|
|
38,101
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
38,101
|
|
|
|
|
48,541
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48,541
|
|
Total revenues
|
|
|
|
$
|
704,895
|
|
|
|
$
|
(209,683
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
495,212
|
|
|
|
|
$
|
697,291
|
|
|
|
$
|
(203,626
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
493,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) for segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
77,937
|
|
|
|
|
-
|
|
|
|
|
11,378
|
|
|
|
|
-
|
|
|
|
|
89,315
|
|
|
|
|
|
74,246
|
|
|
|
|
-
|
|
|
|
|
11,173
|
|
|
|
|
-
|
|
|
|
|
85,419
|
|
Europe
|
|
|
|
67,045
|
|
|
|
-
|
|
|
|
6,206
|
|
|
|
(2,941
|
)
|
|
|
70,310
|
|
|
|
|
64,563
|
|
|
|
-
|
|
|
|
5,832
|
|
|
|
-
|
|
|
|
70,395
|
|
Asia-Pacific
|
|
|
|
6,557
|
|
|
|
-
|
|
|
|
270
|
|
|
|
-
|
|
|
|
6,827
|
|
|
|
|
11,880
|
|
|
|
-
|
|
|
|
1,258
|
|
|
|
-
|
|
|
|
13,138
|
|
Corporate
|
|
|
|
(27,141
|
)
|
|
|
-
|
|
|
|
4,066
|
|
|
|
-
|
|
|
|
(23,075
|
)
|
|
|
|
(26,705
|
)
|
|
|
-
|
|
|
|
5,079
|
|
|
|
-
|
|
|
|
(21,626
|
)
|
Operating income (loss)
|
|
|
|
124,398
|
|
|
|
-
|
|
|
|
21,920
|
|
|
|
(2,941
|
)
|
|
|
143,377
|
|
|
|
|
123,984
|
|
|
|
-
|
|
|
|
23,342
|
|
|
|
-
|
|
|
|
147,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
|
1,192
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,192
|
|
|
|
|
1,282
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,282
|
|
Interest and other expense
|
|
|
|
(11,010
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,010
|
)
|
|
|
|
(10,350
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(10,350
|
)
|
|
|
|
|
(9,818
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(9,818
|
)
|
|
|
|
(9,068
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(9,068
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
114,580
|
|
|
|
-
|
|
|
|
21,920
|
|
|
|
(2,941
|
)
|
|
|
133,559
|
|
|
|
|
114,916
|
|
|
|
-
|
|
|
|
23,342
|
|
|
|
-
|
|
|
|
138,258
|
|
(Provision for) benefit from income taxes
|
|
|
|
(30,146
|
)
|
|
|
-
|
|
|
|
(7,336
|
)
|
|
|
588
|
|
|
|
(36,894
|
)
|
|
|
|
(29,660
|
)
|
|
|
-
|
|
|
|
(7,688
|
)
|
|
|
-
|
|
|
|
(37,348
|
)
|
Net income (loss)
|
|
|
|
84,434
|
|
|
|
-
|
|
|
|
14,584
|
|
|
|
(2,353
|
)
|
|
|
96,665
|
|
|
|
|
85,256
|
|
|
|
-
|
|
|
|
15,654
|
|
|
|
-
|
|
|
|
100,910
|
|
Less: Net income attributable to noncontrolling interests, net of
income tax
|
|
|
|
(9,068
|
)
|
|
|
-
|
|
|
|
(1,235
|
)
|
|
|
-
|
|
|
|
(10,303
|
)
|
|
|
|
(10,475
|
)
|
|
|
-
|
|
|
|
(1,173
|
)
|
|
|
-
|
|
|
|
(11,648
|
)
|
Net income (loss) attributable to Global Payments
|
|
|
|
$
|
75,366
|
|
|
|
$
|
-
|
|
|
|
$
|
13,349
|
|
|
|
$
|
(2,353
|
)
|
|
|
$
|
86,362
|
|
|
|
|
$
|
74,781
|
|
|
|
$
|
-
|
|
|
|
$
|
14,481
|
|
|
|
$
|
-
|
|
|
|
$
|
89,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
68,617
|
|
|
|
|
|
|
|
|
|
|
|
|
68,617
|
|
|
|
|
67,737
|
|
|
|
|
|
|
|
|
|
|
|
|
67,737
|
|
Diluted earnings (loss) per share
|
|
|
|
$
|
1.10
|
|
|
|
$
|
-
|
|
|
|
$
|
0.19
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
1.26
|
|
|
|
|
$
|
1.10
|
|
|
|
$
|
-
|
|
|
|
$
|
0.21
|
|
|
|
$
|
-
|
|
|
|
$
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
February 28, 2015
|
|
|
|
May 31, 2015
|
|
|
|
|
GAAP
|
|
|
Net Revenue Adjustment1
|
|
|
Cash Earnings Adjustments2
|
|
|
Other3
|
|
|
Adjusted Net Revenue and Cash Earnings
|
|
|
|
GAAP
|
|
|
Net Revenue Adjustment1
|
|
|
Cash Earnings Adjustments2
|
|
|
Other3
|
|
|
Adjusted Net Revenue and Cash Earnings
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
$
|
473,063
|
|
|
|
$
|
(179,678
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
293,385
|
|
|
|
|
$
|
503,044
|
|
|
|
$
|
(188,930
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
314,114
|
|
Europe
|
|
|
|
138,378
|
|
|
|
(19,424
|
)
|
|
|
-
|
|
|
|
1,876
|
|
|
|
120,830
|
|
|
|
|
154,827
|
|
|
|
(21,361
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
133,466
|
|
Asia-Pacific
|
|
|
|
53,542
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
53,542
|
|
|
|
|
48,678
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48,678
|
|
Total revenues
|
|
|
|
$
|
664,983
|
|
|
|
$
|
(199,102
|
)
|
|
|
$
|
-
|
|
|
|
$
|
1,876
|
|
|
|
$
|
467,757
|
|
|
|
|
$
|
706,549
|
|
|
|
$
|
(210,291
|
)
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
496,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) for segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
66,723
|
|
|
|
|
-
|
|
|
|
|
11,023
|
|
|
|
|
-
|
|
|
|
|
77,746
|
|
|
|
|
|
74,233
|
|
|
|
|
-
|
|
|
|
|
10,967
|
|
|
|
|
300
|
|
|
|
|
85,500
|
|
Europe
|
|
|
|
52,710
|
|
|
|
-
|
|
|
|
5,400
|
|
|
|
1,876
|
|
|
|
59,986
|
|
|
|
|
55,696
|
|
|
|
-
|
|
|
|
5,833
|
|
|
|
4,548
|
|
|
|
66,077
|
|
Asia-Pacific
|
|
|
|
12,192
|
|
|
|
-
|
|
|
|
1,644
|
|
|
|
-
|
|
|
|
13,836
|
|
|
|
|
9,068
|
|
|
|
-
|
|
|
|
1,603
|
|
|
|
-
|
|
|
|
10,671
|
|
Corporate
|
|
|
|
(27,010
|
)
|
|
|
-
|
|
|
|
5,682
|
|
|
|
1,872
|
|
|
|
(19,456
|
)
|
|
|
|
(35,397
|
)
|
|
|
-
|
|
|
|
5,504
|
|
|
|
4,837
|
|
|
|
(25,056
|
)
|
Operating income
|
|
|
|
104,615
|
|
|
|
-
|
|
|
|
23,749
|
|
|
|
3,748
|
|
|
|
132,112
|
|
|
|
|
103,600
|
|
|
|
-
|
|
|
|
23,907
|
|
|
|
9,685
|
|
|
|
137,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
|
1,160
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,160
|
|
|
|
|
1,315
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,315
|
|
Interest and other expense
|
|
|
|
(13,429
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
(13,429
|
)
|
|
|
|
(9,647
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,596
|
)
|
|
|
(13,243
|
)
|
|
|
|
|
(12,269
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(12,269
|
)
|
|
|
|
(8,332
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,596
|
)
|
|
|
(11,928
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
92,346
|
|
|
|
-
|
|
|
|
23,749
|
|
|
|
3,748
|
|
|
|
119,843
|
|
|
|
|
95,268
|
|
|
|
-
|
|
|
|
23,907
|
|
|
|
6,089
|
|
|
|
125,264
|
|
Provision for income taxes
|
|
|
|
(23,031
|
)
|
|
|
-
|
|
|
|
(7,782
|
)
|
|
|
(1,031
|
)
|
|
|
(31,844
|
)
|
|
|
|
(25,158
|
)
|
|
|
-
|
|
|
|
(7,923
|
)
|
|
|
(2,096
|
)
|
|
|
(35,177
|
)
|
Net income
|
|
|
|
69,315
|
|
|
|
-
|
|
|
|
15,967
|
|
|
|
2,717
|
|
|
|
87,999
|
|
|
|
|
70,110
|
|
|
|
-
|
|
|
|
15,984
|
|
|
|
3,993
|
|
|
|
90,087
|
|
Less: Net income attributable to noncontrolling interests, net of
income tax
|
|
|
|
(6,747
|
)
|
|
|
-
|
|
|
|
(1,078
|
)
|
|
|
-
|
|
|
|
(7,825
|
)
|
|
|
|
(4,785
|
)
|
|
|
-
|
|
|
|
(1,043
|
)
|
|
|
-
|
|
|
|
(5,828
|
)
|
Net income attributable to Global Payments
|
|
|
|
$
|
62,568
|
|
|
|
$
|
-
|
|
|
|
$
|
14,889
|
|
|
|
$
|
2,717
|
|
|
|
$
|
80,174
|
|
|
|
|
$
|
65,325
|
|
|
|
$
|
-
|
|
|
|
$
|
14,941
|
|
|
|
$
|
3,993
|
|
|
|
$
|
84,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
67,306
|
|
|
|
|
|
|
|
|
|
|
|
|
67,306
|
|
|
|
|
66,196
|
|
|
|
|
|
|
|
|
|
|
|
|
66,196
|
|
Diluted earnings per share
|
|
|
|
$
|
0.93
|
|
|
|
$
|
-
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.04
|
|
|
|
$
|
1.19
|
|
|
|
|
$
|
0.99
|
|
|
|
$
|
-
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.06
|
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Represents adjustments to revenues for gross-up related
payments (included in operating expenses) associated with certain
wholesale lines of business to reflect economic benefits to the Company.
2Represents adjustments to exclude acquisition-related
amortization expense, stock compensation expense and the related income
tax benefits of each.
3Represents a gain on the sale of a component of our Russia
business that leased ATMs to our sponsor bank in Russia.
4The revenue adjustment represents select U.K. customer
payments related to a vendor outage and the expense adjustment
represents certain business tax assessments in the U.S. for prior
periods.
5The adjustments represent charges related to employee
termination benefits, non-cash losses from the retirement of property
and equipment, a transaction-related tax associated with our acquisition
of Realex, reversal of previously recorded interest expense associated
with a previously uncertain tax position and the related income tax
effects of each.
See "Non-GAAP Financial Measures" discussion on Schedule 8.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151007005455/en/
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