Global Payments Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Global Payments Inc. filed its Q1 2024 10-Q report, detailing financial position and equity changes.</b>

AI Summary

GLOBAL PAYMENTS INC (GPN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Global Payments Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial statement data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023, are included. The report details changes in common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. Information regarding parent and noncontrolling interests is also presented for the specified periods.

Why It Matters

For investors and stakeholders tracking GLOBAL PAYMENTS INC, this filing contains several important signals. This filing provides stakeholders with the latest financial performance and balance sheet information for Global Payments Inc. as of the end of the first quarter of 2024. Understanding the changes in equity components like retained earnings and additional paid-in capital is crucial for assessing the company's financial health and growth trajectory.

Risk Assessment

Risk Level: low — GLOBAL PAYMENTS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed balance sheet and equity changes in the 10-Q to understand the company's financial position and any significant shifts in capital structure.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01)
• 2023-01-01 — Prior Year Quarter Start Date (2023-01-01)

Key Players & Entities

• GLOBAL PAYMENTS INC (company) — FILER
• 3550 LENOX ROAD (address) — BUSINESS ADDRESS
• ATLANTA (location) — BUSINESS ADDRESS CITY
• GA (location) — BUSINESS ADDRESS STATE
• 30326 (postal_code) — BUSINESS ADDRESS ZIP
• 7708298030 (phone_number) — BUSINESS PHONE
• EVP Payments Inc (company) — segment

FAQ

Industry Context

Global Payments Inc. operates in the financial technology sector, providing payment processing and related services to businesses.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the consolidated balance sheets for March 31, 2024, December 31, 2023, and March 31, 2023.
2. Examine the statements of changes in equity for the three-month periods ended March 31, 2024, and March 31, 2023.
3. Review any notes to the financial statements for further details on accounting policies and significant transactions.

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which financial data is reported.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• gpn-20240331.htm (10-Q) — 1051KB
• ex101formofrestrictedstock.htm (EX-10.1) — 40KB
• ex102formofrestrictedstock.htm (EX-10.2) — 40KB
• ex103formofperformanceunit.htm (EX-10.3) — 94KB
• ex104formofstockoptionawar.htm (EX-10.4) — 53KB
• ex106shannonjohnstonemploy.htm (EX-10.6) — 252KB
• ex31103312024.htm (EX-31.1) — 13KB
• ex31203312024.htm (EX-31.2) — 13KB
• ex32103312024.htm (EX-32.1) — 8KB
• gpn-20240331_g1.jpg (GRAPHIC) — 1162KB
• 0001123360-24-000014.txt (&nbsp;) — 10676KB
• gpn-20240331.xsd (EX-101.SCH) — 56KB
• gpn-20240331_cal.xml (EX-101.CAL) — 91KB
• gpn-20240331_def.xml (EX-101.DEF) — 315KB
• gpn-20240331_lab.xml (EX-101.LAB) — 732KB
• gpn-20240331_pre.xml (EX-101.PRE) — 515KB
• gpn-20240331_htm.xml (XML) — 922KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Unaudited Consolidated Statements of Income for the three months ended March 3 1 , 202 4 and 20 23

ITEM 1. Unaudited Consolidated Statements of Income for the three months ended March 3 1 , 202 4 and 20 23 4 Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 4 and 20 23 5 Consolidated Balance Sheets at March 3 1 , 202 4 (unaudited) and December 31, 202 3 6 Unaudited Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 7 Unaudited Consolidated Statements of Changes in Equity for the three months ended March 3 1 , 202 4 and 20 2 3 8 Notes to Unaudited Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

ITEM 4. Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 37

Risk Factors

ITEM 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Other Information

ITEM 5. Other Information 37

Exhibits

ITEM 6. Exhibits 38

Signatures

Signatures 39 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

—FINANCIAL STATEMENTS

ITEM 1—FINANCIAL STATEMENTS GLOBAL PAYMENTS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Three Months Ended March 31, 2024 March 31, 2023 Revenues $ 2,420,187 $ 2,292,447 Operating expenses: Cost of service 922,390 947,753 Selling, general and administrative 1,045,545 1,043,126 Loss on business disposition — 244,833 1,967,935 2,235,712 Operating income 452,252 56,735 Interest and other income 35,928 11,153 Interest and other expense ( 162,147 ) ( 122,945 ) ( 126,219 ) ( 111,792 ) Income (loss) before income taxes and equity in income of equity method investments 326,033 ( 55,057 ) Income tax expense (benefit) 19,382 ( 31,399 ) Income (loss) before equity in income of equity method investments 306,651 ( 23,658 ) Equity in income of equity method investments, net of tax 16,411 19,238 Net income (loss) 323,062 ( 4,420 ) Net income attributable to noncontrolling interests ( 9,755 ) ( 6,621 ) Net income (loss) attributable to Global Payments $ 313,307 $ ( 11,041 ) Earnings (loss) per share attributable to Global Payments: Basic earnings (loss) per share $ 1.22 $ ( 0.04 ) Diluted earnings (loss) per share $ 1.22 $ ( 0.04 ) See Notes to Unaudited Consolidated Financial Statements. 4 Table of Contents GLOBAL PAYMENTS INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2024 March 31, 2023 Net income (loss) $ 323,062 $ ( 4,420 ) Other comprehensive income (loss): Foreign currency translation adjustments ( 84,360 ) 37,450 Income tax (expense) benefit related to foreign currency translation adjustments 2,694 ( 187 ) Net unrealized gains (losses) on hedging activities 29,116 ( 48,051 ) Reclassification of net unrealized (gains) losses on hedging activities to interest expense ( 2,662 ) 1,386 Income tax (expense) benefit related to hedging activities ( 6,388 ) 10,950 Other, net of tax — ( 22 ) Other comprehensive income (loss) ( 61