Global Payments, Inc. - GPN STOCK NEWS

Global Payments Inc. announces CEO transition as Cameron Bready is named new CEO, replacing Jeff Sloan

Global Payments Inc. raises its outlook for 2023 after reporting strong financial performance in Q1. The company exceeded expectations and saw accelerated growth in its merchant and issuer businesses. They also completed several strategic transactions, including the acquisition of EVO Payments and the divestiture of the Netspend consumer business. Adjusted net revenues increased 5% to $2.05 billion, and adjusted earnings per share increased 16% to $2.40. The company now expects adjusted net revenue growth of 7% to 8% over 2022 and adjusted earnings per share growth of 11% to 12% over 2022. They also anticipate an expansion of up to 120 basis points in adjusted operating margin for 2023.

Global Payments Inc. (NYSE: GPN) will announce its first quarter 2023 financial results on May 1, 2023, before the market opens. The management team will conduct a live audio webcast at 8:00 a.m. EDT on the same day to discuss the financial outcomes. Interested parties can access the webcast on the company's investor relations website. Global Payments, headquartered in Georgia, employs around 27,000 personnel globally and operates in over 170 countries. The company is recognized as a Fortune 500® entity and a member of the S&P 500. It delivers innovative payments technology and software solutions aimed at enhancing operational efficiency for businesses worldwide.

Pavilion Payments has successfully completed its transaction with Global Payments (NYSE: GPN) and Parthenon Capital. Located in Las Vegas, Pavilion Payments focuses on providing advanced omni-channel payment solutions for the gaming industry. The company aims to enhance customer experiences by eliminating friction in the gaming process through innovative products like online bank credentialing and its industry-standard e-check network, VIP Preferred®. This network connects millions of users with over 400 gaming institutions. Global Payments will maintain a long-term partnership to power Pavilion's payment solutions.

Global Payments Inc. (NYSE: GPN) announced that CEO Jeff Sloan will present live at the Wolfe Research FinTech Forum in New York on March 15, 2023, at 11:30 a.m. ET. The event will be accessible via a live webcast on the company's investor relations website, with a replay available afterward. Global Payments is a leading provider of payment technology and software solutions, operating in over 170 countries with approximately 25,000 employees. The company is a Fortune 500 member and part of the S&P 500, committed to delivering innovative solutions that enhance business operations globally.

Parthenon Capital has reached a definitive agreement to acquire Global Payments Inc.'s gaming division, transitioning it into Pavilion Payments, a stand-alone entity. This transaction, expected to close by the end of March 2023 pending regulatory approvals, will allow Pavilion Payments to continue offering a full range of innovative payment solutions tailored for the gaming industry. The existing management team, led by Christopher Justice, will guide Pavilion Payments in enhancing customer experiences in both physical and digital environments. Parthenon aims to leverage its expertise in payments to bolster growth and innovation in this market segment.

Global Payments (NYSE: GPN) has announced partnerships with the Atlanta Braves and Atlanta Hawks, becoming the official Commerce Technology Provider for Truist Park and State Farm Arena.

This expands Global Payments' role in Atlanta's major sports venues, adding to its existing collaboration with Mercedes-Benz Stadium. The technology integrations aim to enhance fan engagement through seamless transactions and operational efficiency. These initiatives align with the company's commitment to community support and technology-driven experiences. Partnership activities commence in Q1 2023.

Global Payments announced strong fourth quarter and full year 2022 results, showcasing a resilient business model amidst economic challenges. The Merchant business achieved 13% adjusted net revenue growth for the year, while the Issuer business saw a 5% increase. For Q4, GAAP revenues were $2.25 billion, with adjusted earnings per share rising to $2.42. Looking ahead, the company anticipates adjusted net revenue between $8.575 billion and $8.675 billion for 2023, reflecting a growth of 6% to 7%. The acquisition of EVO Payments and the sale of the Netspend consumer business are expected to close by the end of March, further streamlining operations.