Global Payments Inc. Files Q3 2024 10-Q

Ticker: GPN · Form: 10-Q · Filed: 2024-10-31T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

GPN Q3 2024 10-Q filed. Financials look solid, check the details.

AI Summary

Global Payments Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details financial performance across various segments, including its Merchant Solutions and Issuer Solutions businesses. Specific financial figures and comparative data from prior periods are presented, offering insight into the company's operational and financial standing.

Why It Matters

This filing provides investors and analysts with the official financial performance data for Global Payments Inc. for the third quarter of 2024, crucial for evaluating the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial data, not indicating any immediate or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The conformed period of report is 20240930, indicating the third quarter of 2024.

What is the company's name and Central Index Key (CIK)?

The company is GLOBAL PAYMENTS INC, with a Central Index Key of 0001123360.

Where is Global Payments Inc. headquartered?

The company's business and mail address is 3550 LENOX ROAD, ATLANTA, GA 30326.

When was this 10-Q filing submitted to the SEC?

The filing was submitted on 20241031.

What is the Standard Industrial Classification (SIC) code for Global Payments Inc.?

The SIC code is 7389, categorized under SERVICES-BUSINESS SERVICES, NEC.

Filing Stats: 4,407 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-31 17:22:36

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023

ITEM 1. Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Balance Sheets at September 30, 2024 (unaudited) and December 31, 2023 7 Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 8 Unaudited Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023 9 Notes to Unaudited Consolidated Financial Statements 11

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 31

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

ITEM 4. Controls and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 46

Risk Factors

ITEM 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Other Information

ITEM 5. Other Information 47

Exhibits

ITEM 6. Exhibits 47

Signatures

Signatures 48 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 September 30, 2024 September 30, 2023 Revenues $ 2,601,552 $ 2,475,691 Operating expenses: Cost of service 946,945 915,531 Selling, general and administrative 1,179,026 1,001,964 2,125,971 1,917,495 Operating income 475,581 558,196 Interest and other income 55,338 35,732 Interest and other expense ( 155,905 ) ( 176,094 ) ( 100,567 ) ( 140,362 ) Income before income taxes and equity in income of equity method investments 375,014 417,834 Income tax expense 57,378 58,936 Income before equity in income of equity method investments 317,636 358,898 Equity in income of equity method investments, net of tax 15,897 17,707 Net income 333,533 376,605 Net income attributable to noncontrolling interests ( 18,408 ) ( 14,775 ) Net income attributable to Global Payments $ 315,125 $ 361,830 Earnings per share attributable to Global Payments: Basic earnings per share $ 1.24 $ 1.39 Diluted earnings per share $ 1.24 $ 1.39 See Notes to Unaudited Consolidated Financial Statements. 4 Table of Contents GLOBAL PAYMENTS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Nine Months Ended September 30, 2024 September 30, 2023 Revenues $ 7,590,508 $ 7,220,607 Operating expenses: Cost of service 2,807,819 2,805,237 Selling, general and administrative 3,282,232 3,058,605 Net loss on business dispositions — 139,095 6,090,051 6,002,937 Operating income 1,500,457 1,217,670 Interest and other income 126,572 74,830 Interest and other expense ( 477,210 ) ( 490,463 ) ( 350,638 ) ( 415,633 ) Income before income taxes and equity in income of equity method investments 1,149,819 802,037 Income tax expense 154,593 199,748 Income before equity in income of equity method investments 995,226 602,289 Equity in income of equity method investments, net of tax 50,644 54,10

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