Global Payments Reports First Quarter Earnings

October 11, 2010
Global Payments Reports First Quarter Earnings

ATLANTA, Oct. 11, 2010 /PRNewswire via COMTEX/ --

Global Payments Inc. (NYSE: GPN) today announced results for its fiscal first quarter ended August 31, 2010. For the first quarter, revenues grew 7% to $440.1 million compared to $409.9 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations were $0.67 compared to $0.68 in the prior year (See schedule 2 Normalized income statement).

 

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Normalized first quarter results exclude one-time, pretax expenses consisting of employee termination and relocation benefits, certain start-up costs related to the company's Global Service Center in Manila, Philippines, and a one-time, non-cash write-down of a deferred tax asset due to a legislated tax rate change in the United Kingdom. (See Schedule 4 for reconciliation details).

On a GAAP basis, the company reported fiscal 2011 first quarter diluted earnings per share from continuing operations of $0.61 compared to $0.68 in the prior quarter (See Schedule 1 for GAAP income statement).

Chairman and CEO, Paul R. Garcia, stated, "Despite a challenging macroeconomic environment, we delivered solid results and are on target to achieve our full year estimates. Our first quarter results reflect strong growth in the U.S. and Asia Pacific, and we continue to execute our plans for long-term growth and operating leverage in all of our businesses.

"Based on our current outlook, we continue to expect fiscal 2011 annual revenue of $1,735 million to $1,770 million, or 6% to 8% growth over fiscal 2010, and 2011 annual diluted EPS expectations of $2.68 to $2.77, reflecting 6% to 9% growth over fiscal 2010 normalized EPS from continuing operations. On a constant currency basis, we expect fiscal 2011 annual revenue growth of 7% to 9% and annual diluted earnings per share growth of 7% to 10% growth over fiscal 2010," said Garcia.

Conference Call

Global Payments will hold a conference call today, October 11, 2010 at 5:00 p.m. ET to discuss financial results and business highlights. Callers may access the conference call via the company's Web site at http://www.globalpaymentsinc.com/ by clicking the "Webcast" button; or callers in North America may dial 1-888-895-3550 and callers outside North America may dial 1-706-758-8809. The pass code is "GPN." A replay of the call may be accessed through the Global Payments' Web site through October 25, 2010.

Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe, and the Asia-Pacific region. Global Payments, a Fortune 1000 company, offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. Visit http://www.globalpaymentsinc.com/ for more information about the company and its services.

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 the following: foreign currency risks which become increasingly relevant as we expand internationally, the effect of current worldwide economic conditions, including a decline in the value of the U.S. dollar, and future performance and integration of recent acquisitions, and other risks detailed in the company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

SCHEDULE 1

 

GAAP UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 
               

(In thousands, except per share data)

 
               
   

Three Months Ended August 31,

     
   

2010

 

2009

 

% Change

 
               

Revenues

 

$ 440,138

 

$ 409,932

 

7%

 
               

Operating expenses:

             

Cost of service

 

151,041

 

141,204

 

7%

 

Sales, general and administrative

 

206,990

 

179,485

 

15%

 
   

358,031

 

320,689

 

12%

 
               

Operating income

 

82,107

 

89,243

 

(8%)

 
               

Other income (expense):

             

Interest and other income

 

1,537

 

690

 

123%

 

Interest and other expense

 

(4,841)

 

(4,141)

 

17%

 
   

(3,304)

 

(3,451)

 

(4%)

 
               

Income from continuing operations before income taxes

 

78,803

 

85,792

 

(8%)

 

Provision for income taxes

 

(24,981)

 

(25,536)

 

(2%)

 

Income from continuing operations

 

53,822

 

60,256

 

(11%)

 

(Loss) income from discontinued operations, net of tax

 

(28)

 

2,188

 

NM

 

Net income including noncontrolling interests

 

53,794

 

62,444

 

(14%)

 

Less: Net income attributable to noncontrolling interests, net of tax

 

(4,426)

 

(4,613)

 

(4%)

 

Net income attributable to Global Payments

 

$ 49,368

 

$ 57,831

 

(15%)

 
               

Amounts attributable to Global Payments:

             

Income from continuing operations

 

$ 49,396

 

$ 55,643

 

(11%)

 

(Loss) income from discontinued operations, net of tax

 

(28)

 

2,188

 

NM

 

Net income attributable to Global Payments

 

$ 49,368

 

$ 57,831

 

(15%)

 
               
               

Basic earnings per share attributable to Global Payments:

             

Income from continuing operations

 

$ 0.62

 

$ 0.69

 

(10%)

 

(Loss) income from discontinued operations, net of tax

 

-

 

0.03

 

NM

 

Net income

 

$ 0.62

 

$ 0.72

 

(14%)

 
               

Diluted earnings per share attributable to Global Payments:

             

Income from continuing operations

 

$ 0.61

 

$ 0.68

 

(10%)

 

(Loss) income from discontinued operations, net of tax

 

-

 

0.03

 

NM

 

Net income

 

$ 0.61

 

$ 0.71

 

(14%)

 
               

Weighted average shares outstanding:

             

Basic

 

79,597

 

80,554

     

Diluted

 

80,339

 

81,298

     
               
               

NM - Not Meaningful

             
             

SCHEDULE 2

 

NORMALIZED INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS

 

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 
               

(In thousands, except per share data)

 
               
   

Three Months Ended August 31,

     
   

2010

 

2009

 

% Change

 
   

Normalized(1)

 

GAAP

     
               

Revenues

 

$ 440,138

 

$ 409,932

 

7%

 
               

Operating expenses:

             

Cost of service

 

150,445

 

141,204

 

7%

 

Sales, general and administrative

 

204,396

 

179,485

 

14%

 
   

354,841

 

320,689

 

11%

 
               

Operating income

 

85,297

 

89,243

 

(4%)

 
               

Other income (expense):

             

Interest and other income

 

1,537

 

690

 

123%

 

Interest and other expense

 

(4,841)

 

(4,141)

 

17%

 
   

(3,304)

 

(3,451)

 

(4%)

 
               

Income from continuing operations before income taxes

 

81,993

 

85,792

 

(4%)

 

Provision for income taxes

 

(23,664)

 

(25,536)

 

(7%)

 

Income from continuing operations including noncontrolling interests

 

58,329

 

60,256

 

(3%)

 

Less: Net income attributable to noncontrolling interests, net of tax

 

(4,426)

 

(4,613)

 

(4%)

 

Net income from continuing operations attributable to Global Payments

 

$ 53,903

 

$ 55,643

 

(3%)

 
               

Basic earnings per share

 

$ 0.68

 

$ 0.69

 

(1%)

 
               

Diluted earnings per share

 

$ 0.67

 

$ 0.68

 

(1%)

 
               

Weighted average shares outstanding:

             

Basic

 

79,597

 

80,554

     

Diluted

 

80,339

 

81,298

     
               

(1) Normalized first quarter results exclude a $2.5 million one-time, non-cash write-down of a deferred tax asset we established in July 2009 when we purchased the remaining 49% of our UK business. The write-down resulted from a legislated reduction to the tax rate of 1%. Results also exclude one-time expenses consisting of employee termination and relocation benefits and $1.1 million of start-up costs related to the company's Global Service Center in Manila, Philippines.

 
             

SCHEDULE 3

 

UNAUDITED SEGMENT INFORMATION - CONTINUING OPERATIONS

     

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 
                         

(In thousands)

 
                         
         

Three Months Ended August 31,

     
         

2010

 

2009

 

Normalized

% Change

 
                         
         

Normalized

Non-recurring

Charges (1)

GAAP

 

GAAP

     
                         
 

Revenues:

                 
 

United States

 

$ 255,630

$ -

$ 255,630

 

$ 222,767

 

15%

 
 

Canada

 

81,213

-

81,213

 

81,225

 

-

 
   

North America Merchant Services

 

336,843

 

336,843

 

303,992

 

11%

 
                         
 

Europe

 

73,796

-

73,796

 

80,467

 

(8%)

 
 

Asia-Pacific

 

29,499

-

29,499

 

25,473

 

16%

 
   

International Merchant Services

 

103,295

-

103,295

 

105,940

 

(2%)

 
                         
     

Total Revenues

 

$ 440,138

$ -

$ 440,138

 

$ 409,932

 

7%

 
                         
 

Operating Income:

                 
 

North America Merchant Services

 

$ 68,368

$ -

$ 68,368

 

$ 75,921

 

(10%)

 
 

International Merchant Services

 

31,393

-

31,393

 

28,749

 

9%

 
 

Corporate

 

(14,464)

(3,190)

(17,654)

 

(15,427)

 

6%

 
   

Operating Income

 

$ 85,297

$ (3,190)

$ 82,107

 

$ 89,243

 

(4%)

 
                         
                         

(1) Reflects one-time expenses consisting of employee termination and relocation benefits and $1.1 million of start-up costs related to the company's Global Service Center in Manila, Philippines.

 
                       

SCHEDULE 4

 

RECONCILIATION OF NORMALIZED INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP

 

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 
                         
                         

(In thousands, except per share data)

 
                         
   

Three Months Ended August 31,

 

Year Ended May 31,

 
   

2010

 

2009

 

2010

 
   

Normalized

Non-recurring Charges (1)

Foreign Tax Rate (2)

GAAP

 

GAAP

 

Normalized

Termination Benefits (3)

GAAP

 
                         

Revenues

 

$ 440,138

$ -

$ -

$ 440,138

 

$ 409,932

 

$ 1,642,468

$ -

$ 1,642,468

 
                         

Operating expenses:

                       

Cost of service

 

150,445

596

-

151,041

 

141,204

 

584,609

-

584,609

 

Sales, general and administrative

 

204,396

2,594

-

206,990

 

179,485

 

731,997

2,583

734,580

 
   

354,841

3,190

 

358,031

 

320,689

 

1,316,606

2,583

1,319,189

 
                         

Operating income

 

85,297

(3,190)

-

82,107

 

89,243

 

325,862

(2,583)

323,279

 
                         

Other income (expense):

                       

Interest and other income

 

1,537

-

-

1,537

 

690

 

4,629

-

4,629

 

Interest and other expense

 

(4,841)

-

-

(4,841)

 

(4,141)

 

(17,519)

-

(17,519)

 
   

(3,304)

-

-

(3,304)

 

(3,451)

 

(12,890)

-

(12,890)

 
                         

Income from continuing operations before income taxes

 

81,993

(3,190)

-

78,803

 

85,792

 

312,972

(2,583)

310,389

 

Provision for income taxes

 

(23,664)

1,162

(2,479)

(24,981)

 

(25,536)

 

(88,325)

946

(87,379)

 

Income from continuing operations

 

58,329

(2,028)

(2,479)

53,822

 

60,256

 

224,647

(1,637)

223,010

 

Less: Net income attributable to noncontrolling interests, net of tax

 

(4,426)

-

-

(4,426)

 

(4,613)

 

(15,792)

-

(15,792)

 

Net income from continuing operations attributable to Global Payments

 

$ 53,903

$ (2,028)

$ (2,479)

$ 49,396

 

$ 55,643

 

$ 208,855

$ (1,637)

$ 207,218

 
                         

Diluted shares

 

80,339

-

 

80,339

 

81,298

 

82,120

-

82,120

 

Diluted earnings (loss) per share

 

$ 0.67

$ (0.03)

$ (0.03)

$ 0.61

 

$ 0.68

 

$ 2.54

$ (0.02)

$ 2.52

 
                         
                         
                         

(1) Reflects one-time expenses related to employee termination and relocation benefits and $1.1 million of start-up costs related to our new Global Service Center in Manila, Philippines which will support customer and operational functions and the related income tax benefit.

 
   

(2) Represents a one-time, non-cash write-down of a deferred tax asset we established in July 2009 when we purchased the remaining 49% of our UK business. The write-down resulted from a legislated reduction to the tax rate of 1%.

 
   

(3) Termination benefits represent amounts due to our former President and Chief Operating Officer pursuant to his termination agreement dated April 21, 2010 and the related income tax benefit.

 
   

We supplemented our reporting of income from continuing operations and earnings per share information determined in accordance with GAAP by reporting income from continuing operations and earnings per share for the three months ended August 31, 2010 on a "normalized" basis in this earnings release as a measure to help evaluate performance.We calculated income from continuing operations and earnings per share on a normalized basis by excluding non-recurring charges related to employee termination and relocation benefits, certain one-time costs related to our new Global Service Center and the legislated tax rate reduction. We exclude the impact of non-recurring charges in order to more clearly focus on the factors we believe are pertinent to the daily management of our operations.Our income from continuing operations and earnings per share reported on a normalized basis should be considered in addition to, and not as a substitute for, income from continuing operations and earnings per share determined in accordance with GAAP. Our measures of income from continuing operations and earnings per share on a normalized basis reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

 
                       

SCHEDULE 5

 

CONSOLIDATED BALANCE SHEETS

 

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 

(In thousands)

 
           
   

August 31,

 

May 31,

 
   

2010

 

2010

 
   

(Unaudited)

     

ASSETS

         

Current assets:

         

Cash and cash equivalents

 

$ 578,213

 

$ 769,946

 

Accounts receivable, net of allowances for doubtful accounts of $384 and $269, respectively

 

150,777

 

131,817

 

Claims receivable, net of allowance for losses of $4,618 and $4,208, respectively

 

921

 

664

 

Settlement processing assets

 

43,333

 

13,741

 

Inventory, net of obsolescence reserves of $887 and $908, respectively

 

6,731

 

9,740

 

Deferred income taxes

 

4,028

 

2,752

 

Prepaid expenses and other current assets

 

21,266

 

39,604

 

Total current assets

 

805,269

 

968,264

 
           

Property and equipment, net of accumulated depreciation of $130,407 and $119,402, respectively

 

202,928

 

183,938

 

Goodwill

 

582,252

 

569,090

 

Other intangible assets, net of accumulated amortization of $153,820 and $145,076, respectively

 

202,908

 

205,110

 

Deferred income taxes

 

93,838

 

90,470

 

Other

 

21,550

 

22,454

 
           

Total assets

 

$ 1,908,745

 

$ 2,039,326

 
           

LIABILITIES AND SHAREHOLDERS' EQUITY

         

Current liabilities:

         

Lines of credit

 

$ 84,135

 

$ 79,187

 

Notes payable - current portion

 

137,898

 

148,169

 

Accounts payable and accrued liabilities

 

180,059

 

173,575

 

Settlement processing obligations

 

105,686

 

265,110

 

Income taxes payable

 

233

 

6,430

 

Total current liabilities

 

508,011

 

672,471

 
           

Notes payable

 

238,248

 

272,965

 

Deferred income taxes

 

89,858

 

88,265

 

Other long-term liabilities

 

35,317

 

31,436

 

Total liabilities

 

871,434

 

1,065,137

 
           

Commitments and contingencies

         
           

Redeemable noncontrolling interest

 

105,154

 

102,672

 
           

Shareholders' equity:

         

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

 

-

 

-

 

Common stock, no par value; 200,000,000 shares authorized; 82,414,198 issued

         

and 79,686,461 outstanding at August 31, 2010 and 82,028,945 issued and

         

79,646,055 outstanding at May 31, 2010

 

-

 

-

 

Treasury stock, 2,727,737 and 2,382,890 shares at August 31, 2010 and May 31, 2010, respectively

 

(112,980)

 

(100,000)

 

Paid-in capital

 

462,874

 

460,747

 

Retained earnings

 

592,439

 

544,772

 

Accumulated other comprehensive loss

 

(20,413)

 

(44,255)

 

Total Global Payments Inc. shareholders' equity

 

921,920

 

861,264

 

Noncontrolling interest

 

10,237

 

10,253

 

Total equity

 

932,157

 

871,517

 
           

Total liabilities and equity

 

$ 1,908,745

 

$ 2,039,326

 
         

SCHEDULE 6

 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 
   

(In thousands)

 
                   
           

Three Months Ended August 31,

 
           

2010

 

2009

 
                   

Cash flows from operating activities:

         
 

Net income including noncontrolling interests

 

$ 53,794

 

$ 62,444

 
 

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

         
   

Depreciation and amortization of property and equipment

 

9,030

 

9,002

 
   

Amortization of acquired intangibles

 

7,674

 

7,920

 
   

Share-based compensation expense

 

3,492

 

3,004

 
   

Provision for operating losses and bad debts

 

5,246

 

6,769

 
   

Deferred income taxes

 

3,518

 

1,596

 
   

Other, net

 

(676)

 

(158)

 
 

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

         
   

Accounts receivable

 

(18,960)

 

(2,883)

 
   

Claims receivable

 

(4,390)

 

(4,137)

 
   

Settlement processing assets and obligations, net

 

(190,129)

 

608,711

 
   

Inventory

 

3,096

 

(7,381)

 
   

Prepaid expenses and other assets

 

(2,796)

 

(58)

 
   

Payables to money transfer beneficiaries

 

-

 

(4,465)

 
   

Accounts payable and accrued liabilities

 

11,353

 

1,379

 
   

Income taxes payable

 

15,371

 

14,765

 
     

Net cash (used in) provided by operating activities

 

(104,377)

 

696,508

 
                   

Cash flows from investing activities:

         
 

Business and intangible asset acquisitions, net of cash acquired

 

(2,489)

 

(249)

 
 

Capital expenditures

 

(24,785)

 

(11,101)

 
 

Net decrease in financing receivables

 

454

 

-

 
 

Proceeds from sale of investment and contractual rights

 

-

 

253

 
     

Net cash used in investing activities

 

(26,820)

 

(11,097)

 
                   

Cash flows from financing activities:

         
 

Net borrowings on lines of credit

 

4,948

 

1,948

 
 

Proceeds from issuance of notes payable

 

1,661

 

300,487

 
 

Principal payments under notes payable

 

(49,467)

 

(27,487)

 
 

Acquisition of redeemable noncontrolling interests

 

-

 

(307,675)

 
 

Proceeds from stock issued under share-based compensation plans, net of repurchases

(474)

 

4,048

 
 

Tax benefit from share-based compensation plans

 

118

 

2,599

 
 

Repurchase of common stock

 

(14,900)

 

-

 
 

Dividends paid

 

(1,586)

 

(1,616)

 
 

Distribution to noncontrolling interests

 

(2,075)

 

(13,998)

 
     

Net cash used in financing activities

 

(61,775)

 

(41,694)

 
                   

Effect of exchange rate changes on cash

 

1,239

 

1,697

 
                   

(Decrease) increase in cash and cash equivalents

 

(191,733)

 

645,414

 

Cash and cash equivalents, beginning of period

 

769,946

 

426,935

 

Cash and cash equivalents, end of period

 

$ 578,213

 

$ 1,072,349

 
                   

Reconciliation of operating cash flow to free cash flow:

         
           

Q1 FY11

 

Fiscal 2010

 
                   

Net cash (used in) provided by operating activities

 

$ (104,337)

 

$ 465,761

 
                   

Adjustments:

             

Settlement processing assets and obligations, net

 

190,129

 

(140,962)

 

Payable to money transfer beneficiaries

 

-

 

6,107

 

Capital expenditures

 

(24,785)

 

(56,054)

 

Distribution to noncontrolling interests

 

(2,075)

 

(20,484)

 
           

163,269

 

(211,393)

 
                   

Free cash flow

   

$ 58,932

 

$ 254,368

 
                   

We supplemented our reporting of operating cash flow information determined in accordance with GAAP by reporting free cash flow for the three months ended August 31, 2010 and the fiscal year ended May 31, 2010. We believe free cash flow is a useful measure of performance and an indication of the strength of our company and our ability to generate cash. We define free cash flow as net cash (used in) provided by operating activities exluding the impact of settlement processing assets and obligations, less capital expenditures and distributions to noncontrolling interests. Fiscal 2010 also excludes the impact of amounts payable to money transfer beneficiaries reported in our disposed money transfer segment. Free cash flow should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measured used by other companies.

 
                 

SCHEDULE 7

 

CONSTANT CURRENCY SUMMARY

 

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

 
                           

(In millions, except per share data)

 
                           
       

Q1 FY11

 

% change

 

Fiscal 2010

 

Fiscal 2011

 

% Change

 
       

Actual

 

Q1 FY10

 

Actual

 

Outlook

 

FY10

 
                           
 

Revenues

                     
 

Constant currency (1)

 

$ 439

 

7%

 

$ 1,625

 

$1,740 to $1,775

 

7% to 9%

 
 

Foreign currency impact (2)

 

1

 

0%

 

17

 

---

 

---

 
   

Revenues

 

$ 440

 

7%

 

$ 1,642

 

$1,735 to $1,770

 

6% to 8%

 
                           
                           
 

Diluted Earnings Per Share

                     
 

Constant currency (1)

 

$ 0.66

 

(3%)

 

$ 2.44

 

$2.71 to $2.79

 

7% to 10%

 
 

Foreign currency impact (2)

 

0.01

 

2%

 

0.10

 

---

 

---

 
 

Normalized diluted EPS from continuing operations

 

0.67

 

(1%)

 

2.54

 

$2.68 to $2.77

 

6% to 9%

 
 

Non-recurring charges (3)

 

(0.06)

 

(9%)

 

(0.02)

 

---

 

---

 
   

Diluted EPS from continuing operations

 

$ 0.61

 

(10%)

 

$ 2.52

 

$2.68 to $2.77

 

6% to 10%

 
                           
                           
                           

(1) Reflects current period results on a pro forma basis as if foreign currency rates did not change from the comparable prior year period.

 
   

(2) Reflects the impact of changes in foreign currency rates from the comparable prior year period.

 
   

(3) See Schedule 4 for detail of non-recurring charges.

 
   

We supplemented our reporting of total revenues and earnings per share information determined in accordance with GAAP by reporting revenues and earnings per share for the three months ended August 31, 2010 on a "constant currency" basis in this earnings release as a measure to help evaluate performance.We calculated revenues and earnings per share on a constant currency basis by converting our fiscal 2011 actual revenues and expenses at fiscal 2010 exchange rates.We exclude the impact of exchange rate fluctuations in order to more clearly focus on the factors we believe are pertinent to the daily management of our operations,and our management uses constant currency measures to evaluate the impact of operational business decisions.Our revenues and earnings per share reported on a constant currency basis should be considered in addition to, and not as a substitute for, revenues and earnings per share determined in accordance with GAAP. Our measures of revenues and earnings per share on a constant currency basis reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

 
                             

Contact:

Jane M. Elliott

 
 

770-829-8234 Voice

 
 

770-829-8267 Fax

 
 

investor.relations@globalpay.com

 
   

SOURCE Global Payments Inc.