GLOB PMTS : Global Payments Reports Fourth Quarter and Year End Earnings
07/27/2010| 04:10pm US/Eastern
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ATLANTA, July 27, 2010 /PRNewswire-FirstCall/ -- Global Payments Inc. (NYSE: GPN) today announced results for its fiscal fourth quarter and year ended May 31, 2010. For the full year, revenues grew 12% to $1,642.5 million compared to $1,462.3 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations grew 21% to $2.54 compared to $2.10 in the prior year.
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For the fourth quarter, revenues grew 16% to $425.1 million compared to $367.9 million in the prior year. Normalized diluted earnings per share from continuing operations grew 35% to $0.58 compared to $0.43 in the prior year quarter.
These results include the favorable impact of foreign currency exchange rates during the quarter and year. On a constant currency basis (See Schedule 7), revenue and normalized diluted earnings per share from continuing operations grew 12% and 21%, respectively for the quarter and 11% and 16%, respectively for the full year.
On a GAAP basis, the company reported full year diluted earnings per share from continuing operations of $2.52 compared to $2.10 in the prior year, and for the fourth quarter GAAP basis, diluted earnings per share from continuing operations of $0.56 compared to $0.43 in the prior year quarter. The fourth quarter and full year results include a one-time, pretax termination benefit of $2.6 million (See Schedule 4 for reconciliation details).
Chairman and CEO, Paul R. Garcia, stated, "Despite a challenging macroeconomic environment, I am pleased with our strong execution in all of our regions this past year. We delivered solid results for the quarter which demonstrates steady growth in our U.S. businesses and continued successful execution in our international businesses.
"Based on our current outlook, we are providing fiscal 2011 annual revenue expectations of $1,735 million to $1,770 million, or 6% to 8% growth over fiscal 2010, and fiscal 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.
Fiscal 2011 diluted earnings per share expectations exclude an estimated $14 million or $0.12 of start-up expenses relating to a new Global Service Center in Manila, Philippines which will support customer and operational functions.
Conference Call
Global Payments will hold a conference call today, July 27, 2010 at 4:30 p.m. ET to discuss financial results and business highlights. Callers may access the conference call via the company's Web site at www.globalpaymentsinc.com by clicking the "Webcast" button; or callers in North America may dial 1-800-289-0544 and callers outside North America may dial 1-913-312-0710. The pass code is "GPN." A replay of the call may be accessed through the Global Payments' Web site through August 17, 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 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 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
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
-------------------------------------
Three Months Ended
May 31,
------------------
%
2010 2009 Change
---- ---- -------
Revenues $425,050 $367,934 16%
-------- -------- -------- ---
Operating expenses:
Cost of service 152,322 130,224 17%
Sales, general and
administrative 201,243 174,048 16%
------- -------
353,565 304,272 16%
------- -------
Operating income 71,485 63,662 12%
---------------- ------ ------ ---
Other income (expense):
Interest and other
income 1,930 651 196%
Interest and other
expense (4,814) (925) 420%
------ ----
(2,884) (274) 953%
------ ----
Income from continuing
operations before
income taxes 68,601 63,388 8%
Provision for income
taxes (17,890) (19,223) (7%)
------- -------
Income from continuing
operations 50,711 44,165 15%
(Loss) income from
discontinued
operations, net of tax (11,679) 2,637 NM
-------
Net income including
noncontrolling
interests 39,032 46,802 (17%)
Less: Net income
attributable to
noncontrolling
interests, net of tax (4,842) (9,243) (48%)
------ ------
Net income attributable
to Global Payments $34,190 $37,559 (9%)
======= =======
Amounts attributable to
Global Payments:
Income from continuing
operations $45,869 $34,922 31%
(Loss) income from
discontinued
operations, net of tax (11,679) 2,637 NM
------- -----
Net income attributable
to Global Payments $34,190 $37,559 NM
======= =======
Basic earnings per share
attributable to Global
Payments:
Income from continuing
operations $0.56 $0.43 30%
(Loss) income from
discontinued
operations, net of tax (0.14) 0.04 NM
----- ----
Net income $0.42 $0.47 (11%)
===== =====
Diluted earnings per
share attributable to
Global Payments:
Income from continuing
operations $0.56 $0.43 30%
(Loss) income from
discontinued
operations, net of tax (0.14) 0.03 NM
----- ----
Net income $0.42 $0.46 (9%)
===== =====
Weighted average shares
outstanding(1):
Basic 81,203 80,399
Diluted 82,142 80,920
Year Ended May 31,
------------------
%
2010 2009 Change
---- ---- -------
Revenues $1,642,468 $1,462,306 12%
-------- ---------- ---------- ---
Operating expenses:
Cost of service 584,609 504,855 16%
Sales, general and
administrative 734,580 664,905 10%
------- -------
1,319,189 1,169,760 13%
--------- ---------
Operating income 323,279 292,546 11%
---------------- ------- ------- ---
Other income (expense):
Interest and other
income 4,629 7,005 (34%)
Interest and other
expense (17,519) (7,282) 141%
------- ------
(12,890) (277) NM
------- ----
Income from continuing
operations before
income taxes 310,389 292,269 6%
Provision for income
taxes (87,379) (85,252) 2%
------- -------
Income from continuing
operations 223,010 207,017 8%
(Loss) income from
discontinued
operations, net of tax (3,901) (132,839) NM
------ --------
Net income including
noncontrolling
interests 219,109 74,178 195%
Less: Net income
attributable to
noncontrolling
interests, net of tax (15,792) (36,961) (57%)
------- -------
Net income attributable
to Global Payments $203,317 $37,217 446%
======== =======
Amounts attributable to
Global Payments:
Income from continuing
operations $207,218 $170,056 22%
(Loss) income from
discontinued
operations, net of tax (3,901) (132,839) (97%)
------ --------
Net income attributable
to Global Payments $203,317 $37,217 446%
======== =======
Basic earnings per share
attributable to Global
Payments:
Income from continuing
operations $2.56 $2.12 21%
(Loss) income from
discontinued
operations, net of tax (0.05) (1.66) (97%)
----- -----
Net income $2.51 $0.46 446%
===== =====
Diluted earnings per
share attributable to
Global Payments:
Income from continuing
operations $2.52 $2.10 20%
(Loss) income from
discontinued
operations, net of tax (0.04) (1.64) (98%)
----- -----
Net income $2.48 $0.46 439%
===== =====
Weighted average shares
outstanding(1):
Basic 81,075 80,160
Diluted 82,120 81,049
(1) Pursuant to the retrospective adoption of FASB guidance on
participating securities (ASC 260-10-45-40), basic and diluted
weighted average shares outstanding have been increased by 493 and
54, respectively for the three months ended May 31, 2009, and 442
and 57, respectively for the year ended May 31, 2009.
NM - Not Meaningful
SCHEDULE 2
INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Three Months Ended
May 31,
------------------
%
2010 2009 Change
---- ---- -------
Revenues $425,050 $367,934 16%
-------- -------- -------- ---
Operating expenses:
Cost of service 152,322 130,224 17%
Sales, general and administrative 201,243 174,048 16%
353,565 304,272 16%
------- -------
Operating income 71,485 63,662 12%
---------------- ------ ------ ---
Other income (expense):
Interest and other income 1,930 651 196%
Interest and other expense (4,814) (925) 420%
------ ----
(2,884) (274) 953%
------ ----
Income from continuing operations before
income taxes 68,601 63,388 8%
Provision for income taxes (17,890) (19,223) (7%)
------- -------
Income from continuing operations
including noncontrolling interests 50,711 44,165 15%
Less: Net income attributable to
noncontrolling interests, net of tax (4,842) (9,243) (48%)
------ ------
Net income from continuing operations
attributable to Global Payments $45,869 $34,922 31%
======= =======
Basic earnings per share $0.56 $0.43 30%
===== =====
Diluted earnings per share $0.56 $0.43 30%
===== =====
Weighted average shares outstanding:
Basic 81,203 80,399
Diluted 82,142 80,920
NM - Not Meaningful
Year Ended May 31,
------------------
%
2010 2009 Change
---- ---- -------
Revenues $1,642,468 $1,462,306 12%
-------- ---------- ---------- ---
Operating expenses:
Cost of service 584,609 504,855 16%
Sales, general and
administrative 734,580 664,905 10%
1,319,189 1,169,760 13%
--------- ---------
Operating income 323,279 292,546 11%
---------------- ------- ------- ---
Other income (expense):
Interest and other income 4,629 7,005 (34%)
Interest and other expense (17,519) (7,282) 141%
------- ------
(12,890) (277) NM
------- ----
Income from continuing
operations before income taxes 310,389 292,269 6%
Provision for income taxes (87,379) (85,252) 2%
------- -------
Income from continuing
operations including
noncontrolling interests 223,010 207,017 8%
Less: Net income attributable
to noncontrolling interests,
net of tax (15,792) (36,961) (57%)
------- -------
Net income from continuing
operations attributable to
Global Payments $207,218 $170,056 22%
======== ========
Basic earnings per share $2.56 $2.12 21%
===== =====
Diluted earnings per share $2.52 $2.10 20%
===== =====
Weighted average shares
outstanding:
Basic 81,075 80,160
Diluted 82,120 81,049
NM - Not Meaningful
SCHEDULE 3
SEGMENT INFORMATION CONTINUING OPERATIONS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
--------------
Three Months Ended
May 31,
------------------
2010 2009 % Change
--- --- --------
Revenues:
---------
United States $242,975 $206,475 18%
Canada 80,720 68,515 18%
------ ------
North America Merchant Services 323,695 274,990 18%
Europe 72,238 70,240 3%
Asia-Pacific 29,117 22,704 28%
------ ------
International Merchant Services 101,355 92,944 9%
$425,050 $367,934 16%
======== ========
Operating Income:
-----------------
North America Merchant Services $64,966 $59,563 9%
International Merchant Services 25,346 20,627 23%
Corporate (18,827) (16,528) (14%)
------- -------
Operating Income $71,485 $63,662 12%
======= =======
Year Ended May 31,
------------------
2010 2009 % Change
--- --- --------
Revenues:
---------
United States $902,844 $805,557 12%
Canada 317,272 301,294 5%
------- -------
North America Merchant Services 1,220,116 1,106,851 10%
Europe 315,023 265,121 19%
Asia-Pacific 107,329 90,334 19%
------- ------
International Merchant Services 422,352 355,455 19%
$1,642,468 $1,462,306 12%
========== ==========
Operating Income:
-----------------
North America Merchant Services $275,386 $272,972 1%
International Merchant Services 113,699 82,763 37%
Corporate (65,806) (63,189) (4%)
------- -------
Operating Income $323,279 $292,546 11%
======== ========
SCHEDULE 4
INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
Reconciliation to Exclude Termination Benefits from Normalized Results
(In thousands, except per share data)
-------------------------------------
Three Months Ended May 31,
--------------------------
2010 2009
---- ----
Termination
Normalized Benefits(1) GAAP GAAP
---------- ------------ ---- ----
Revenues $425,050 $- $425,050 $367,934
-------- -------- --- -------- --------
Operating expenses:
Cost of service 152,322 - 152,322 130,224
Sales, general and
administrative 198,660 2,583 201,243 174,048
350,982 2,583 353,565 304,272
------- ----- ------- -------
Operating income 74,068 (2,583) 71,485 63,662
---------------- ------ ------ ------ ------
Other income (expense):
Interest and other
income 1,930 - 1,930 651
Interest and other
expense (4,814) - (4,814) (925)
--- ------
(2,884) - (2,884) (274)
------ --- ------ ----
Income from continuing
operations before
income taxes 71,184 (2,583) 68,601 63,388
Provision for income
taxes (18,836) 946 (17,890) (19,223)
------- --- ------- -------
Income from continuing
operations 52,348 (1,637) 50,711 44,165
Less: Net income
attributable to
noncontrolling
interests, net of tax (4,842) - (4,842) (9,243)
------ --- ------ ------
Net income from
continuing operations
attributable to Global
Payments $47,506 $(1,637) $45,869 $34,922
======= ======= ======= =======
Diluted shares 82,142 - 82,142 80,920
Diluted earnings (loss)
per share $0.58 $(0.02) $0.56 $0.43
===== ====== ===== =====
Year Ended May 31,
------------------
2010
----
Termination
Normalized Benefits(1)
---------- ------------
Revenues $1,642,468 $-
-------- ---------- ---
Operating expenses:
Cost of service 584,609 -
Sales, general and administrative 731,997 2,583
1,316,606 2,583
--------- -----
Operating income 325,862 (2,583)
---------------- ------- ------
Other income (expense):
Interest and other income 4,629 -
Interest and other expense (17,519) -
---
(12,890) -
------- ---
Income from continuing operations
before income taxes 312,972 (2,583)
Provision for income taxes (88,325) 946
------- ---
Income from continuing operations 224,647 (1,637)
Less: Net income attributable to
noncontrolling interests, net of tax (15,792) -
------- ---
Net income from continuing operations
attributable to Global Payments $208,855 $(1,637)
======== =======
Diluted shares 82,120 -
Diluted earnings (loss) per share $2.54 $(0.02)
===== ======
Year Ended May 31,
------------------
2010 2009
---- ----
GAAP GAAP
---- ----
Revenues $1,642,468 $1,462,306
-------- ---------- ----------
Operating expenses:
Cost of service 584,609 504,855
Sales, general and administrative 734,580 664,905
1,319,189 1,169,760
--------- ---------
Operating income 323,279 292,546
---------------- ------- -------
Other income (expense):
Interest and other income 4,629 7,005
Interest and other expense (17,519) (7,282)
-------
(12,890) (277)
------- ----
Income from continuing operations
before income taxes 310,389 292,269
Provision for income taxes (87,379) (85,252)
------- -------
Income from continuing operations 223,010 207,017
Less: Net income attributable to
noncontrolling interests, net of tax (15,792) (36,961)
------- -------
Net income from continuing operations
attributable to Global Payments $207,218 $170,056
======== ========
Diluted shares 82,120 81,049
Diluted earnings (loss) per share $2.52 $2.10
===== =====
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 fiscal 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
termination benefits. 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.
(1) Termination benefits represent amounts due to our former
President and Chief Operating Officer pursuant to his termination
agreement dated April 21, 2010. Also reflects the related income
tax benefit.
SCHEDULE 5
CONSOLIDATED BALANCE SHEETS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
--------------
May 31, May 31,
2010 2009
---- ----
ASSETS
Current assets:
Cash and cash equivalents $769,946 $426,935
Accounts receivable, net of allowances for
doubtful accounts of $269 and $553,
respectively 131,817 122,831
Claims receivable, net of allowance for
losses of $4,208 and $4,026, respectively 664 607
Settlement processing assets 13,741 6,675
Inventory, net of obsolescence reserves of
$908 and $653, respectively 9,740 5,914
Deferred income taxes 2,752 3,789
Prepaid expenses and other current assets 39,604 28,437
Total current assets 968,264 595,188
------- -------
Property and equipment, net of accumulated
depreciation of $119,402 and $121,189,
respectively 183,938 176,226
Goodwill 569,090 625,120
Other intangible assets, net of accumulated
amortization of $145,076 and $189,560,
respectively 205,110 258,094
Deferred income taxes 90,470 -
Other 22,454 22,193
------ ------
Total assets $2,039,326 $1,676,821
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Lines of credit $79,187 $10,174
Notes payable - current portion 148,169 29,393
Payables to money transfer beneficiaries - 12,343
Accounts payable and accrued liabilities 173,575 167,700
Settlement processing obligations 265,110 106,934
Income taxes payable 6,430 9,633
Total current liabilities 672,471 336,177
------- -------
Notes payable 272,965 167,610
Deferred income taxes 88,265 76,405
Other long-term liabilities 31,436 19,009
Total liabilities 1,065,137 599,201
--------- -------
Commitments and contingencies
Redeemable noncontrolling interest 102,672 399,377
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; 82,028,945 issued
and 79,646,055 outstanding at May 31, 2010
and 80,445,009 issued and
outstanding at May 31, 2009 - -
Paid-in capital 460,747 405,241
Retained earnings 544,772 273,090
Treasury stock; 2,383,890 shares at May 31,
2010 (100,000) -
Accumulated other comprehensive loss (44,255) (10,901)
Total Global Payments Inc. shareholders'
equity 861,264 667,430
------- -------
Noncontrolling interest 10,253 10,813
Total equity 871,517 678,243
------- -------
Total liabilities and equity $2,039,326 $1,676,821
========== ==========
Presentation of prior year amounts have been adjusted to
retrospectively conform with FASB guidance on noncontrolling
interests.
SCHEDULE 6
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
--------------
Year Ended May 31,
------------------
2010 2009
---- ----
Cash flows from operating activities:
Net income including noncontrolling
interests $219,109 $74,178
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization of
property and equipment 35,864 35,434
Amortization of acquired intangibles 32,803 30,854
Share-based compensation expense 18,072 14,570
Provision for operating losses and bad
debts 25,025 25,595
Deferred income taxes 2,722 5,457
Loss on disposal of discontinued
operations 24,310 -
Impairment of goodwill and identified
intangible assets - 147,664
Other, net 2,443 4,036
Changes in operating assets and
liabilities, net of the effects of
acquisitions:
Accounts receivable (11,689) (25,077)
Claims receivable (14,936) (17,201)
Settlement processing assets and
obligations, net 140,962 60,700
Inventory (4,727) (1,653)
Prepaid expenses and other assets (13,710) 4,438
Payables to money transfer
beneficiaries (6,107) 3,067
Accounts payable and accrued
liabilities 18,803 23,251
Income taxes payable (3,183) (2,342)
------ ------
Net cash provided by operating
activities 465,761 382,971
------- -------
Cash flows from investing activities:
Business and intangible asset
acquisitions (29,513) (525,205)
Net proceeds from disposition of
business 60,231 -
Capital expenditures (56,054) (40,940)
Net increase in financing receivables (179) -
Proceeds from sale of investment and
contractual rights 311 6,888
--- -----
Net cash used in investing activities (25,204) (559,257)
------- --------
Cash flows from financing activities:
Net borrowings on lines of credit 69,013 8,647
Proceeds from issuance of notes
payable 305,744 200,000
Principal payments under notes payable (75,205) (16,734)
Acquisition of redeemable
noncontrolling interests (307,675) -
Proceeds from stock issued under
share-based compensation plans 30,248 9,050
Tax benefit from share-based
compensation plans 7,186 880
Repurchase of common stock (98,080)
Dividends paid (6,497) (6,417)
Contribution from noncontrolling
interest holder - 358
Distribution to noncontrolling
interests (20,484) (34,299)
------- -------
Net cash (used in) provided by
financing activities (95,750) 161,485
------- -------
Effect of exchange rate changes on
cash (1,796) (14,324)
------ -------
Increase (decrease) in cash and cash
equivalents 343,011 (29,125)
Cash and cash equivalents, beginning
of period 426,935 456,060
Cash and cash equivalents, end of
period $769,946 $426,935
-------- --------
Presentation of prior year amounts have been adjusted to
retrospectively conform with FASB guidance on noncontrolling
interests.
SCHEDULE 7
CONSTANT CURRENCY SUMMARY
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In millions, except per share data)
------------------------------------
Q4 FY10 % change YTD FY10
Actual Q4 FY09 Actual
------ ------- ------
Revenues
--------
Constant currency(1) $411 12% $1,625
Foreign currency impact(2) 14 4% 17
--- --- ---
Revenues from continuing operations $425 16% $1,642
==== === ======
Diluted Earnings Per Share
--------------------------
Constant currency(1) $0.52 21% $2.44
Foreign currency impact(2) 0.06 14% 0.10
---- --- ----
Normalized diluted EPS from
continuing operations 0.58 35% 2.54
Termination benefits(3) (0.02) (5%) (0.02)
----- ---- -----
Diluted EPS from continuing
operations $0.56 30% $2.52
===== === =====
%
% change Fiscal 2011 Change
YTD FY09 Outlook FY10
-------- ------- ----
Revenues
--------
7% to
Constant currency(1) 11% $1,740 to $1,775 9%
Foreign currency impact(2) 1% --- ---
--- --- ---
6% to
Revenues from continuing operations 12% $1,735 to $1,770 8%
=== ================ ======
Diluted Earnings Per Share
--------------------------
7% to
Constant currency(1) 16% $2.71 to $2.79 10%
Foreign currency impact(2) 5% --- ---
--- --- ---
Normalized diluted EPS from 6% to
continuing operations 21% $2.68 to $2.77 9%
Termination benefits(3) (1%) --- ---
---- --- ---
Diluted EPS from continuing 6% to
operations 20% $2.68 to $2.77 10%
=== ============== ======
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 fiscal 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 2010 actual
revenues and expenses at fiscal 2009 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.
(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) Termination benefits represent amounts due to our former
President and Chief Operating Officer pursuant to his termination
agreement dated April 21, 2010. Also reflects the related income
tax benefit.
Contact: Jane M. Elliott
770-829-8234 Voice
770-829-8267 Fax
investor.relations@globalpay.com
SOURCE Global Payments Inc.
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