Global Payments Registers 3% Adjusted Net Revenue Growth In Q3

• Global Payments Inc (NYSE: GPN) reported third-quarter FY22 adjusted net revenue growth of 3% year-on-year (6% Y/Y in constant currency) to $2.06 billion, beating the consensus of $2.04 billion.

• The adjusted operating margin expanded 240 basis points to 45.2%.

• Adjusted EPS of $2.48 missed the consensus of $2.49.

• Global Payments held $2.2 billion in cash and equivalents.

• Dividend: The board approved a dividend of $0.25 per share.

• The board authorized an increase of the company's share repurchase program to a total available authorization of $1.5 billion.

• CEO Jeff Sloan said, "We achieved these results while making substantial progress on our strategic and financing initiatives during the period. We received Hart-Scott-Rodino clearance in the United States for our acquisition of EVO Payments, Inc (NASDAQ: EVOP) and divestiture of Netspend's consumer business, and we have now made regulatory filings in all jurisdictions, foreign and domestic, contemplated by the transactions."

• Outlook: Global Payments continues to expect FY22 constant currency adjusted net revenue growth of 10% to 11% over 2021, excluding dispositions.

• Global Payments reiterated the adjusted EPS outlook of $9.53 - $9.75, above the consensus of $9.51.

• Price Action: GPN shares closed higher by 2.82% at $125.31 on Friday.

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