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    Global Payments Inc (GPN)

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    Business Description

    Global Payments Inc. (GPN) is a leading payments technology company that specializes in providing innovative solutions for both merchants and issuers. The company operates primarily through two segments: Merchant Solutions and Issuer Solutions, with a strong emphasis on integrated payments and software-driven services . Global Payments also has a significant presence in vertical market software businesses, serving industries such as education and healthcare, and is actively expanding its B2B payments business .

    1. Merchant Solutions - Focuses on integrated payments, B2B, and faster-growth markets, with software playing a central role. Includes point-of-sale (POS) and software businesses, integrated and embedded payments, and core payments channels.
      • Integrated and Embedded Payments - Represents nearly half of the merchant revenue, providing seamless payment solutions within software applications.
    2. Issuer Solutions - Provides issuer processing technology and functionality, serving financial institutions with services such as credit card processing. Holds a strong market position in scheme-based credit cards in the U.S., Canada, U.K., and Ireland, and is expanding into Latin America and Asia Pacific .
    3. Vertical Market Software - Operates across seven markets, including education, property management, healthcare, and quick-service restaurants, generating significant revenue and growing annually .
    4. B2B Payments - Spans both Merchant and Issuer Solutions segments, forming a core part of the company's strategic focus .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Cameron M. BreadyPresident and Chief Executive OfficerJune 2023Cameron M. Bready is the President and Chief Executive Officer of Global Payments Inc. He assumed this role in June 2023. Previously, he was the President and COO from 2019 to 2023 .
    Joshua J. WhippleSenior Executive Vice President and Chief Financial OfficerJuly 2022Joshua J. Whipple is the Senior Executive Vice President and Chief Financial Officer at Global Payments Inc. since July 2022. He was previously the Chief Strategy and Enterprise Risk Officer from 2015 to 2022 .
    David L. GreenSenior Executive Vice President, Chief Administrative and Legal OfficerJune 2023David L. Green is the Senior Executive Vice President, Chief Administrative and Legal Officer, and Corporate Secretary at Global Payments Inc. since June 2023. He joined the company in August 2007 .
    Shannon JohnstonSenior Executive Vice President and Chief Information OfficerJanuary 2024Shannon Johnston is the Senior Executive Vice President and Chief Information Officer at Global Payments Inc. She assumed this role in January 2024. Previously, she was the EVP, Chief Digital Officer from June 2023 to January 2024 .
    Andréa CarterSenior Executive Vice President and Chief Human Resources OfficerJanuary 2021Andréa Carter is the Senior Executive Vice President and Chief Human Resources Officer at Global Payments Inc. since January 2021. She has been with the company in various HR roles since 2017 .
    Robert CortopassiPresident and Chief Operating OfficerAugust 1, 2024Robert Cortopassi is the President and Chief Operating Officer of Global Payments Inc. since August 1, 2024. He has been with the company for 12 years, previously serving as SEVP and President of International and Vertical Markets .

    Questions to Ask Management

    1. Given the unstable macroeconomic environment, how is Global Payments managing its exposure to discretionary versus nondiscretionary merchant volumes, and what proportion of your portfolio is exposed to credit versus debit transactions?

    2. In your pursuit of efficiencies and streamlining, can you provide specifics on any incremental actions being taken in the second half of the year, how they will contribute to margin improvement targets for this year, and the expected spillover effects into 2025?

    3. With the recent momentum in new partner signings in the ISV channel, how have revenue share agreements and economics evolved compared to historical trends, and are you experiencing increased competitive pressures affecting these arrangements?

    4. Merger and integration costs are at their lowest in five years this quarter; do you expect these costs to continue decreasing, and when do you anticipate eliminating add-backs entirely from your adjusted earnings?

    5. Given the improvement in free cash flow and your plans for debt reduction, do you intend to maintain the current level of share repurchases in the second half, and how are you balancing this against other potential uses of cash, such as M&A opportunities?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateOctober 24, 2024
    End Date/DurationPrior to December 31, 2024
    Total additional amount$2.5 billion
    Remaining authorization amount$1,371.9 million
    DetailsAccelerated share repurchase agreement entered on October 30, 2024

    Debt Maturity Schedule

    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20240.526 1.500% Senior Notes1.500 3.1% = (0.526 / 16.860) * 100
    20251.052 2.650% Senior Notes2.650 6.2% = (1.052 / 16.860) * 100
    20261.888 1.200% & 4.800% Senior Notes1.200, 4.800 11.2% = (1.888 / 16.860) * 100
    20272.788 2.150% & 4.950% Senior Notes2.150, 4.950 16.5% = (2.788 / 16.860) * 100
    20280.464 4.450% Senior Notes4.450 2.8% = (0.464 / 16.860) * 100
    20293.250 3.200%, 5.300%, 1.000% Notes3.200, 5.300, 1.000 19.3% = (3.250 / 16.860) * 100
    20300.464 2.900% Senior Notes2.900 2.8% = (0.464 / 16.860) * 100
    20311.052 2.900%, 4.875%, 1.500% Notes2.900, 4.875, 1.500 6.2% = (1.052 / 16.860) * 100
    20320.464 5.400% Senior Notes5.400 2.8% = (0.464 / 16.860) * 100
    20490.464 4.150% Senior Notes4.150 2.8% = (0.464 / 16.860) * 100
    20520.464 5.950% Senior Notes5.950 2.8% = (0.464 / 16.860) * 100
    Total16.860 100.0%

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Fiserv, Inc. - Competes in the Merchant Solutions and Issuer Solutions segments .
    • Worldpay, LLC - Competes in the Merchant Solutions segment .
    • Chase Paymentech Solutions, LLC - Competes in the Merchant Solutions segment .
    • Elavon, Inc. - A subsidiary of U.S. Bancorp, competes in the Merchant Solutions segment .
    • Bank of America Merchant Services - Competes in the Merchant Solutions segment .
    • Wells Fargo Merchant Services - Competes in the Merchant Solutions segment .
    • Toast, Inc. - Competes in the Merchant Solutions segment .
    • Stripe, Inc. - Competes in the Merchant Solutions and Issuer Solutions segments .
    • Shopify Inc. - Competes in the Merchant Solutions segment .
    • Block Inc. - Competes in the Merchant Solutions and Issuer Solutions segments .
    • Worldline - Competes internationally in the Merchant Solutions and Issuer Solutions segments .
    • Nexi - Competes internationally in the Merchant Solutions and Issuer Solutions segments .
    • Adyen - Competes internationally in the Merchant Solutions and Issuer Solutions segments .
    • FIS - Competes in the Issuer Solutions segment .
    • Marqeta - Competes in the Issuer Solutions segment .
    • i2c - Competes in the Issuer Solutions segment .
    • Bill.com - Competes in the Issuer Solutions segment .
    • AvidExchange - Competes in the Issuer Solutions segment .
    • Billtrust - Competes in the Issuer Solutions segment .
    • Zeta - Competes in the Issuer Solutions segment .

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor