Date

8-Oct-13

Security Name

Global Payments Network

Security Ticker

GPN US Equity

Market Cap (USD)

Price
Share Outstanding

3996.5 M
54.83
72.9 M

Free Float

72 M

Short Interest

3.8 M

Si% Of Float

5.34 %

Days To Cover

8.2

Dividend Yield

0.15 %

Industry: Consumer Finance

30 Days Volume
Effective Tax Rate

0.914348 M
29.17 %

Ticker
Company
Start Date
End Date
Periodicity
Currency
Filing Status Mnemonic
Filing
Units

GPN US Equity
Global Payments Inc

Field
For the period ending

Mnemonic

Revenue
Cost of Revenue
Gross Profit
Operating Expenses
Operating Income
Interest Expense
Foreign Exchange Losses (Gains)
Net Non-Operating Losses (Gains)
Pretax Income
Income Tax Expense
Income Before XO Items
Extraordinary Loss Net of Tax
Minority Interests
Net Income
Total Cash Preferred Dividends
Other Adjustments
Net Inc Avail to Common Shareholders

SALES_REV_TURN
IS_COGS_TO_FE_AND_PP_AND_G
GROSS_PROFIT
IS_OPERATING_EXPN
IS_OPER_INC
IS_INT_EXPENSE
IS_FOREIGN_EXCH_LOSS
IS_NET_NON_OPER_LOSS
PRETAX_INC
IS_INC_TAX_EXP
IS_INC_BEF_XO_ITEM
XO_GL_NET_OF_TAX
MIN_NONCONTROL_INTEREST_CREDITS
NET_INCOME
IS_TOT_CASH_PFD_DVD
OTHER_ADJUSTMENTS
EARN_FOR_COMMON

Abnormal Losses (Gains)

Tax Effect on Abnormal Items
Normalized Income

IS_ABNORMAL_ITEM
IS_TAX_EFF_ON_ABNORMAL_ITEM
NORMALIZED_INCOME

Basic EPS Before Abnormal Items

Basic EPS Before XO Items
Basic EPS
Basic Weighted Avg Shares
Diluted EPS Before Abnormal Items
Diluted EPS Before XO Items
Diluted EPS
Diluted Weighted Avg Shares

IS_BASIC_EPS_CONT_OPS
IS_EARN_BEF_XO_ITEMS_PER_SH
IS_EPS
IS_AVG_NUM_SH_FOR_EPS
IS_DIL_EPS_CONT_OPS
IS_DIL_EPS_BEF_XO
IS_DILUTED_EPS
IS_SH_FOR_DILUTED_EPS

Reference Items
Accounting Standard
EBITDA
EBITDA Margin
Gross Margin
Operating Margin
Profit Margin
Actual Sales Per Employee
Dividends per Share
Total Cash Common Dividends

ACCOUNTING_STANDARD
EBITDA
EBITDA_MARGIN
GROSS_MARGIN
OPER_MARGIN
PROF_MARGIN
ACTUAL_SALES_PER_EMPL
EQY_DPS
IS_TOT_CASH_COM_DVD

20060531
20140531
A
USD
MR
Most Recent
MLN
FY 2014
5/31/2014
most recent
2578.25
1662.97
441.32

439.86
314.22

280.12

3.57
3.57
3.99

540.68
20.97
64.5
17.12
12.19
0.08

Interest Income
Capitalized Interest Expense
Research & Development Expense
Depreciation Expense

IS_INT_INC
IS_CAP_INT_EXP
IS_RD_EXPEND
IS_DEPR_EXP

FY 2013
FQ1 2013
FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006
5/31/2013
8/31/2012 5/31/2012 5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007 5/31/2006
most recent most recent original
original
original
restated original
original
original
2385
2251.36 2203.847 1859.802 1642.468 1462.306 1274.229 1061.523 908.056
797.61 784.756 665.017 584.609 504.855 475.612 414.837
358.02
1540.88
1453.75 1419.091 1194.785 1057.859 957.451 798.617 646.686 550.036
1066.1 1027.304 863.191
734.58 664.905 545.941 425.509
347.07
408.83
387.65 391.787 331.594 323.279 292.546 252.676 221.177 202.966
16.31
16.848
18.161
17.519
7.282
8.166
8.464
7.144
0
0
0
0
0
0
0
0
99
74.492 -10.774
-4.629
-7.005 -16.893 -13.618
-5.698
404.04
272.35 300.447 324.207 310.389 292.269 261.403 226.331
201.52
72.7
82.881
95.076
87.379
85.252
90.588
73.436
67.522
286.16
199.65 217.566 229.131
223.01 207.017 170.815 152.895 133.998
0
0
0.975
3.901 132.839
0
0
0
28.79
29.405
18.918
15.792
36.961
8.061
9.91
8.474
246.06
170.86 188.161 209.238 203.317
37.217 162.754 142.985 125.524
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
170.86 188.161 209.238 203.317
37.217 162.754 142.985 125.524

3.12
3.12
3.65

501.57
21.03
64.61
17.14
12
0.08

135.97
-47.71
259.12

99.76
-35.674
252.247

3.3
2.17
2.17
78.6
3.28
2.16
2.16
79.04

3.2
2.39
2.39
78.829
3.18
2.37
2.37
79.431

12.691
1.637
0 #N/A N/A
222.904 208.855
2.79
2.63
2.62
79.837
2.77
2.62
2.6
80.478

2.58
2.56
2.51
81.075
2.54
2.52
2.48
82.12

0
-2.532
0 #N/A N/A
170.056 160.222
2.12
2.12
0.46
80.16
2.1
2.1
0.46
81.049

2.02
2.05
2.05
79.518
1.98
2.01
2.01
80.979

3.088
1.878
-1.002 -0.6573
145.071 126.7447
1.81
1.78
1.78
80.229
1.78
1.75
1.75
81.822

1.61
1.59
1.59
78.874
1.54
1.53
1.53
82.149

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

490.886 413.831 391.946 358.834
296.71 261.542 243.455
22.2741 22.2513 23.8632 24.5389 23.2855 24.6384 26.8106
64.3915 64.2426 64.4067 65.4754 62.6745 60.9206 60.5729
17.7774 17.8295 19.6825 20.0058 19.8297 20.8358 22.3517
8.5378 11.2506 12.3787
2.5451 12.7727 13.4698 13.8234
580570.9 495550.8 457257.2 250223.5 260099.8 226821.2 212311.4
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
9.46
6.3063
6.387
6.497
6.417
6.377
6.442
6.3099

486.43
21.61
65.37
17.7
7.91

9.43
0

9.946
0
0
48.4

10.774
0
0
40.5

4.629
0
0
35.9

7.005
18.21
0 #N/A N/A
0
0
35.4
28.9

16.706
0
0
25.929

7.576
0
0
25.634

FY 2013
5/31/2013
original
2375.923
862.075
1513.848
1119.86
393.988
33.282
0
26.422
334.284
95.571
238.713
0
22.588
216.125
0
0
216.125
36.775
-10.5138
242.3862
3.12
2.78
2.78
77.767
3.1
2.76
2.76
78.227

US GAAP

US GAAP
505.776
21.2876
63.7162
16.5825
9.0965
600891
0.08
6.198

10.353
#N/A N/A
0
55

Ticker
Company
Start Date
End Date
Periodicity
Currency
Filing Status Mnemonic
Filing
Units

GPN US Equity
Global Payments Inc

Field
For the period ending

Mnemonic

20030531
20120531
A
USD
MR
Most Recent
MLN
FY 2012 FY 2011
5/31/2012 5/31/2011
original
original

Assets
Cash & Near Cash Items
Short-Term Investments
Accounts & Notes Receivable
Inventories
Other Current Assets
Total Current Assets
LT Investments & LT Receivables
Net Fixed Assets
Gross Fixed Assets
Accumulated Depreciation
Other Long-Term Assets
Total Long-Term Assets
Total Assets

BS_CASH_NEAR_CASH_ITEM
BS_MKT_SEC_OTHER_ST_INVEST
BS_ACCT_NOTE_RCV
BS_INVENTORIES
BS_OTHER_CUR_ASSET
BS_CUR_ASSET_REPORT
BS_LT_INVEST
BS_NET_FIX_ASSET
BS_GROSS_FIX_ASSET
BS_ACCUM_DEPR
BS_OTHER_ASSET_DEF_CHNG_OTHER
BS_TOT_NON_CUR_ASSET
BS_TOT_ASSET

781.275
0
182.962
9.864
274.638
1248.739
0
305.848
467.759
161.911
1133.556
1439.404
2688.143

1354.285
0
166.54
7.64
319.51
1847.975
0
256.301
403.971
147.67
1246.255
1502.556
3350.531

Liabilities & Shareholders' Equity

Accounts Payable
Short-Term Borrowings
Other Short-Term Liabilities
Total Current Liabilities
Long-Term Borrowings
Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
Total Preferred Equity
Minority Interest
Share Capital & APIC
Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity

BS_ACCT_PAYABLE
BS_ST_BORROW
BS_OTHER_ST_LIAB
BS_CUR_LIAB
BS_LT_BORROW
BS_OTHER_LT_LIABILITIES
NON_CUR_LIAB
BS_TOT_LIAB2
BS_PFD_EQY
MINORITY_NONCONTROLLING_INTEREST
BS_SH_CAP_AND_APIC
BS_RETAIN_EARN
TOTAL_EQUITY
TOT_LIAB_AND_EQY

316.313
291.811
229.161
837.285
236.565
168.95
405.515
1242.8
0
273.159
358.728
813.456
1445.343
2688.143

241.578
356.547
846.239
1444.364
268.217
166.275
434.492
1878.856
0
287.14
502.993
681.542
1471.675
3350.531

Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
Pension Obligations
Operating Leases
Capital Leases - Short Term
Capital Leases - Long Term
Capital Leases - Total

ACCOUNTING_STANDARD
BS_SH_OUT
BS_NUM_OF_TSY_SH
BS_AMT_OF_TSY_STOCK
BS_PENSION_RSRV
BS_FUTURE_MIN_OPER_LEASE_OBLIG
ST_CAPITAL_LEASE_OBLIGATIONS
LT_CAPITAL_LEASE_OBLIGATIONS
BS_TOTAL_CAPITAL_LEASES

US GAAP US GAAP
78.5513 80.3348
0
2.7277
0
112.98
#N/A N/A #N/A N/A
54.338
60.727
0
0
0
0
0
0

Options Granted During Period

Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Cash Conversion Cycle
Inventory - Raw Materials
Inventory - Work in Progress
Inventory - Finished Goods
Other Inventory
Pure Retained Earnings
Goodwill
Number of Employees

BS_OPTIONS_GRANTED
BS_OPTIONS_OUTSTANDING
NET_DEBT
NET_DEBT_TO_SHRHLDR_EQTY
TCE_RATIO
CUR_RATIO
CASH_CONVERSION_CYCLE
INVTRY_RAW_MATERIALS
INVTRY_IN_PROGRESS
INVTRY_FINISHED_GOODS
BS_OTHER_INV
BS_PURE_RETAINED_EARNINGS
BS_GOODWILL
NUM_OF_EMPLOYEES

0
0.325
2.148
2.453
-252.899 -729.521
-17.4975 -49.5708
9.4013 -18.0211
1.4914
1.2794
-96.6256 -80.244
0
0
0
0
0
0
9.864
7.64
843.456 715.202
724.687 779.637
3796
3753

FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 FY 2004 FY 2003

5/31/2010 5/31/2009 5/31/2008 5/31/2007 5/31/2006 5/31/2005 5/31/2004 5/31/2003
original
restated original
original
original
original
original
original
769.946 426.935
456.06 308.872 218.475
0
0
0
0
0
131.817 122.831 100.179
76.168
67.476
9.74
5.914
3.821
3.435
3.3
56.761
39.508
57.35
55.954
59.155
968.264 595.188
617.41 444.429 348.406
0
0
0
0
0
183.938 176.226 141.415 118.495 107.977
303.34 297.415 287.386 284.551 252.793
119.402 121.189 145.971 166.056 144.816
887.124 905.407 687.082 637.705 562.295
1071.062 1081.633 828.497
756.2 670.272
2039.326 1676.821 1445.907 1200.629 1018.678

48.979 #N/A N/A

0 #N/A N/A
54.932 #N/A N/A
2.625 #N/A N/A
83.454 #N/A N/A
189.99 #N/A N/A
0 #N/A N/A
104.173 #N/A N/A
218.332 #N/A N/A
114.159 #N/A N/A
559.342 #N/A N/A
663.515 #N/A N/A
853.505 #N/A N/A

38.01
0
44.929
0
45.264
128.203
0
51.785
121.138
69.353
304.246
356.031
484.234

173.575
167.7 138.243 115.671
99.383
227.356
39.567
1.527
6.589
0.746
271.54
128.91
77.982
20.617
49.526
672.471 336.177 217.752 142.877 149.655
272.965
167.61
0
0
0
119.701
95.414
86.613
85.043
85.804
392.666 263.024
86.613
85.043
85.804
1065.137 599.201 304.365
227.92 235.459
0
0
0
0
0
112.925
410.19
14.724
14.933
12.996
460.747 405.241 380.741 430.166 389.366
400.517 262.189 746.077
527.61 380.857
974.189 1077.62 1141.542 972.709 783.219
2039.326 1676.821 1445.907 1200.629 1018.678

87.537 #N/A N/A

61.648 #N/A N/A
33.618 #N/A N/A
182.803 #N/A N/A
0.746 #N/A N/A
75.266 #N/A N/A
76.012 #N/A N/A
258.815 #N/A N/A
0 #N/A N/A
16.34 #N/A N/A
347.431 #N/A N/A
230.919 #N/A N/A
594.69 #N/A N/A
853.505 #N/A N/A

58.781
4.08
0
62.861
3.251
28.455
31.706
94.567
0
23.241
286.786
79.64
389.667
484.234

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

79.6461
80.445 79.6366 80.8777 79.8139 78.1952 #N/A N/A
75.648
2.3829
0
0
0
0
0 #N/A N/A
0
100
0
0
0
0
0 #N/A N/A
0
4.181
2.485
0.622
0.661
1.813
3.154 #N/A N/A
1.412
20.133
39.937
67.446
68.081
81.835
70.565 #N/A N/A
38.03
0
0
0
0
0.746
1.695 #N/A N/A
1.456
0
0
0
0
0
0.746 #N/A N/A
3.251
0
0
0
0
0.746
2.441 #N/A N/A
4.707

0.285
3.042
-269.625
-27.6769
6.8818
1.4399
-72.6631
0
0
0
9.74
544.772
569.09
3592

0.26
0.281
0.695
1.8491
0.2009 #N/A N/A
1.424
4.293
4.536
5.892
5.8926
0.4262 #N/A N/A
5.988
-219.758 -454.533 -302.283 -217.729
13.415 #N/A N/A
-30.679
-20.3929 -39.8175 -31.0764 -27.7992
2.2558 #N/A N/A
-7.8731
-27.1903 58.7279 57.6738 46.4786
10.008 #N/A N/A
41.5652
1.7705
2.8354
3.1106
2.3281
1.0393 #N/A N/A
2.0395
-78.7873 -69.5004 -66.9197 -67.4811 #N/A N/A #N/A N/A #N/A N/A
0 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A
0 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A
0 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A
5.914 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A
273.09 621.875 466.417 329.874 210.686 #N/A N/A
67.582
625.12 497.136 451.244
387.28 372.744 #N/A N/A
161.216
5844
4899
4680
4277
3900
3500
1700

FY 2013
5/31/2013
original
680.47
0
189.435
11.057
333.53
1214.492
0
348.064
505.012
156.948
1562.5
1910.564
3125.056

262.89
259.796
181.428
704.114
891.134
243.201
1134.335
1838.449
0
140.522
202.396
943.689
1286.607
3125.056

US GAAP
75.4261
0
0
0
57.096
0
0
0

0
1.765
470.46
36.5659
-80.1249
1.7249
-89.4134
0
0
0
11.057
958.751
1044.222
3954

Ticker
Company
Start Date
End Date
Periodicity
Currency
Filing Status Mnemonic
Filing
Units

GPN US Equity
Global Payments Inc

Field
For the period ending

Mnemonic

20040531
20120831
A
USD
MR
Most Recent
MLN
FQ1 2013
FY 2012
8/31/2012 5/31/2012
most recent original

Cash From Operating Activities

Net Income
Depreciation & Amortization
Other Non-Cash Adjustments
Changes in Non-Cash Capital
Cash From Operations

CF_NET_INC
CF_DEPR_AMORT
CF_OTHER_NON_CASH_ADJUST
CF_CHNG_NON_CASH_WORK_CAP
CF_CASH_FROM_OPER

Cash From Investing Activities

Disposal of Fixed Assets
Capital Expenditures
Increase in Investments
Decrease in Investments
Other Investing Activities
Cash From Investing Activities

CF_DISP_FIX_ASSET
CF_CAP_EXPEND_PRPTY_ADD
CF_INCR_INVEST
CF_DECR_INVEST
CF_OTHER_INV_ACT
CF_CASH_FROM_INV_ACT

0
0
-126.96 -109.876
0
0
0
0
-40.59 -40.557
-167.55 -150.433

Cash from Financing Activities

Dividends Paid
Change in Short-Term Borrowings
Increase in Long-Term Borrowings
Decrease in Long-term Borrowings
Increase in Capital Stocks
Decrease in Capital Stocks
Other Financing Activities
Cash from Financing Activities
Net Changes in Cash

CF_DVD_PAID
CF_INCR_ST_BORROW
CF_INCR_LT_BORROW
CF_REIMB_LT_BORROW
CF_INCR_CAP_STOCK
CF_DECR_CAP_STOCK
CF_OTHER_FNC_ACT
CF_CASH_FROM_FNC_ACT
CF_NET_CHNG_CASH

-6.28
-6.311
-101.82 -55.354
125.34 146.374
-170.02 -184.235
12.887
-99.604
-51.27 -62.859
-216.1 -249.102
117.38 -573.01

Reference Items
EBITDA
EBITDA Margin
Cash Paid for Taxes
Cash Paid for Interest
Net Cash Paid for Acquisitions
Tax Benefit from Stock Options
Free Cash Flow
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow per Basic Share
Price to Free Cash Flow
Cash Flow to Net Income

EBITDA
EBITDA_MARGIN
CF_CASH_PAID_FOR_TAX
CF_ACT_CASH_PAID_FOR_INT_DEBT
CF_NET_CASH_PAID_FOR_AQUIS
CF_TAX_BENEFIT_FRM_STOCK_OPTIONS
CF_FREE_CASH_FLOW
CF_FREE_CASH_FLOW_FIRM
FREE_CASH_FLOW_EQUITY
FREE_CASH_FLOW_PER_SH
PX_TO_FREE_CASH_FLOW
CASH_FLOW_TO_NET_INC

170.86 188.161
98.78
99.099
45.82
45.94
185.57 -506.675
501.03 -173.475

486.43
21.61

490.886
22.2741
74.199
13.631
44.46
44.274
1.75
1.441
374.07 -283.351
385.74 -271.1507
227.57 -376.566
4.77 -3.5945
8.69 #N/A N/A
1.47 -0.9219

FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 FY 2004

5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007 5/31/2006 5/31/2005 5/31/2004
original
original
restated original
original
original
original
original
209.238
82.237
71.56
346.737
709.772

0
-98.537
0
0
-168.483
-267.02

203.317
68.667
88.364
105.413
465.761

37.217
66.288
234.283
45.183
382.971

0
0
-56.054
-40.94
0
0
0
0
30.85 -518.317
-25.204 -559.257

-6.388
-6.497
191.558
69.013
205.298 305.744
-280.198 -75.205
27.505
37.434
-14.9
-98.08
18.712 -329.955
141.587 -97.546
584.339 343.011

-6.417
8.647
200
-16.734
9.93
0
-48.265
147.161
-29.125

162.754
44.034
85.631
-20.005
272.414

142.985
40.365
32.877
-25.095
191.132

125.524
40.489
37.899
30.861
234.773

92.896
45.306
30.791
60.566
229.559

62.443
35.54
30.529
-36.342
92.17

0
0
-44.974 -35.374
0
0
0
0
-18.247 -81.261
-63.221 -116.635

0
-25.038
0
0
-4.917
-29.955

0
0
-34.305 -24.564
0
0
0
0
-30.773 -122.276
-65.078 -146.84

-6.377
-6.442
1.527
0
0 #N/A N/A
0
-0.746
24.956
26.827
-87.02
0
4.909
-3.739
-62.005
15.9
147.188
90.397

-6.336
-6.205
-6.03
-58.606 -146.503
0
0
0 171.209
-3.042
-11.208 -117.082
23.922
21.225
5.433
0
0
0
8.74
-7.283
-2.398
-35.322 -149.974
51.132
169.496
14.507
-3.538

413.831 391.946 358.834

296.71 261.542 243.455 209.133 158.089
22.2513 23.8632 24.5389 23.2855 24.6384 26.8106 26.6639 25.1206
0
72.649
87.591
72.827
75.207
44.522
38.683
34.232
0
12.728
10.425
6.339
6.686
3.858
5.071
3.699
167.968
29.513 525.205
18.247
81.261
4.917
30.773 122.276
9.141
7.186
0.88
7.571
7.495 #N/A N/A #N/A N/A #N/A N/A
611.235 409.707 342.031
227.44 155.758 209.735 195.254
67.606
624.0702 422.2941 347.1889 232.7761 161.4757 214.4853 200.728 71.8923
727.893 709.259 533.944 228.967 155.012 148.087 #N/A N/A #N/A N/A
7.656
5.0534
4.2669
2.8602
1.9414
2.6591
2.532
0.9006
6.7868
8.3488
8.4278 16.5091 20.6241 17.5171 13.6851 25.9044
3.3922
2.2908 10.2902
1.6738
1.3367
1.8703
2.4711
1.4761

FY 2013
5/31/2013
original
216.125
111.788
90.908
-178.275
240.546

0
-98.59
0
0
-429.977
-528.567

-6.198
-27.93
1135.327
-482.349
12.406
-175.297
-268.743
187.216
-100.805

505.776
21.2876
55.218
29.677
434.016
1.863
141.956
165.7228
767.004
1.8254
26.2737
1.113

COMPANY INFORMATION
Name:

Global Payments Network

Price Local:

Ticker:

GPN US

Price USD:

54.38

30 D Volume (#mm):

54.38

30 D Volume ($MM):

Exchange:

NYSE

TSO/FF (mm):

72.9 / 72

Date:
LTM:

10/8/2013

Mkt Cap (US$mm):

Mkt Cap Local:

3,996.5
3,996.5

Index:

S&P400 Mcap/InfoTech

EV Local

4,467.0

0.91 Div Yield:

Segmental sales

Europe
Asia
Operating Income
North America
ROW

EBITDA
EBIT
Interest Expenses
FX, Other extra ords
Minority Interest
PAT
Sales per employee (US$)
Profit per employee (US$)
CASH FLOW
PAT
+ D&A
- / + W/C, dfd tax, impair
OCF
CAPEX
Others
ICF
- Debt Finance
- Equity Finance (buyback)
- Dividends
FCF
Cash Generated

May-08

Historical
May-09

May-10

May-11

May-12

May-13

5 year CAGR

998
60
72

1107
265
90

903
315
107

1032
360
137

1234
489
147

1395
523
148

7%
54%
15%

275
18

273
83

275
114

268
143

281
196

259
211

1%
82%

May-08
1,274

May-09
1,462

May-10
1,642

May-11
1,860

May-12
2,204

May-13
2,376

May-14
2,578

297
253
8
17
8

359
293
7
(126)
37

392
323
18
1
16

414
332
18
10
19

491
392
17
(74)
29

506
394
33
23

541
441
33
29

Fixed Assets

163
260,100
51,577

37
250,223
50,059

203
457,257
90,000

209
495,551
88,354

188
580,571
103,210

216
600,891
99,643

280
-

Net D/TC
Net Debt/Equity

May-08

May-09

May-10

May-11

May-12

May-13

May-14

162.8
44.0
65.6

37.2
66.3
279.5

203.3
68.7
193.8

209.2
82.2
418.3

188.2
99.1
(460.7)

216.1
111.8
(87.4)

280.1
119.6
(96.1)

Analyst:

Pyari

Effective Tax Rate

29.17

Inventory days
Receivable days
Payable days

May-08
1.1

May-09
1.5

Historical
May-10
2.2

May-11
1.5

May-12
1.6

May-13
4.7

May-14
2.2

29
40

31
42

29
39

33
47

30
52

29
40

28

Cash

May-08
456

May-09
427

May-10
770

May-11
1,354

May-12
781

May-13
680

May-14
871

141
4
100
2
1,127

176
6
123
207
667

184
10
132
500
861

256
8
167
625
1,185

306
10
183
528
1,172

348

Inventories
Receivables

335

11
189
1,151

12
199
1,151

Total Debt
Shareholders Equity

1,287

1,560

0%
-40%

49%
-33%

65%
-31%

46%
-62%

68%
-22%

169%
37%

132%
18%

May-08

May-09

May-10

May-11

May-12

May-13

May-14

Miscellaneous

272

383

466

710

(173)

241

304

(45.0)
(18.2)
(63.2)
6.4
(62.1)

(40.9)
(518.3)
(559.3)
143.6
9.9

(56.1)
30.9
(25.2)
(30.4)
(60.6)

(98.5)
(168.5)
(267.0)
135.4
12.6

(109.9)
(40.6)
(150.4)
(156.1)
(86.7)

(98.6)
(430.0)
(528.6)
625.0
(162.9)

(106.5)
(106.5)
-

(6.4)
(62)
147

(6.4)
147
(29)

(6.5)
(98)
343

(6.4)
142
584

(6.3)
(249)
(573)

(6.2)
456
168

(6.8)
(7)
190

May-08
15.1

May-09
12.4

May-10
11.4

May-11
10.8

May-12
9.1

May-13
8.8

May-14
8.3

ROIC

27.3%

42.8%

39.0%

51.5%

29.6%

15.9%

16.8%

ROE
P/E
EBITDA Margin
EBIT Margin
Net Margin

14.4%
24.6
23%
20%
13%

5.6%
107.4
25%
20%
3%

23.6%
19.7
24%
20%
12%

19.5%
19.1
22%
18%
11%

22.3%
21.2
22%
18%
9%

17.6%
18.5
21%
17%
9%

19.7%
14.3
21%
17%
11%

3.5

6.0

4.6

3.4

3.4

3.1

2.6

P/B

8.2
Consumer Finance

BALANCE SHEET

ADDITIONAL INFORMATION
EV/EBITDA

5.2%

DTC:
Industry:

Inventory and payable days

INCOME STATEMENT (US$m)

Sales

3.80

Short Interest % TSO

http://www.globalpaymentsinc.com

Reporting Currency: US$

Accounting: US GAAP

Revenue
North America

0.2%

49.72 Short Interest (mm):

Comments
Global Presence, number 2 in independent processors - one of few with global footprint
Increasing focus on Asia Pacs - ROW is now over 40% of sales
Risks include cyber security, fraud, reversal of payments
Acquisitions has been a driver of growth
Resilient even in downturns (volumes globally were up 8% even in 2009)
Value adds potential: fraud management and business intelligence
Large banks have either outsourced or disposed off their non-core acquiring businesses to card processors.
Potential margin squeeze versus benefits of scale. Focus on smaller merchants have helped it keep up margins
Added sales force - pushed up SG&A benefits will flow through over next 2 years
Worldwide shift from cash to electronic payments
Negative WC
International margins much higher compared to US margins

Markest share of GPN

Asia Pacs
Russia
UK and Spain

Market Size (transaction volum

Americas
Europe
Asia
World

25%
25%
20%

2010
146
90

2020 10yr CAGR

65

316
156
213

8%
6%
13%

306

750

9%

Ticker
Company
Start Date
End Date
Periodicity
Currency
Filing Status Mnemonic
Filing
Units

GPN US Equity
Global Payments Inc
20050531
20130531
A
USD
MR
Most Recent
MLN

Field
For the period ending
Revenue
Merchant Services
Domestic Direct
Central and Eastern Europe
Canada
Asia-Pacific
Domestic Indirect and Other
Money Transfer
Domestic
Europe
Operating Income
Merchant Services
North America merchant services
International merchant services
Corporate
Restructuring and Other
Money Transfer
Depreciation and Amortization
Merchant Services
International merchant services
North American merchant services
Corporate
Discontinued operations

Mnemonic

FY 2005 %
FY 2006 %
5/31/2005
5/31/2006
784.33
100
908.06
100
687.87 87.7
788.5 86.83
410.05 52.28
481.27
53
40.6 5.18
47.11 5.19
175.19 22.34
208.13 22.92
62.03 7.91
96.46 12.3
91.45 11.66
5.02 0.64
160.1
100
183.97 93.46

51.99 5.73
119.56 13.17
109.07 12.01
10.49 1.16
201.09
100
224.22 93.01

-36.75
-3.73 -1.89
16.6 8.43
45.31
100
39.92 89.15

-40
-1.88 -0.78
18.74 7.77
40.49
100
34.7 87.03

0.53
4.86 10.85

0.62
5.17 12.97

FY 2007 %
FY 2008 %
FY 2009 %
FY 2010 %
FY 2011 %
FY 2012
5/31/2007
5/31/2008
5/31/2009
5/31/2010
5/31/2011
5/31/2012
1061.52
100 1274.23
100 1462.31
100 1642.47
100
1859.8
100 2203.85
929.14 87.53 1130.61 88.73 1462.31
100 1642.47
100
1859.8
100 2203.85
558.03 52.57
687.07 53.92
805.56 55.09
902.84 54.97
1032 55.49 1234.82
51.22 4.83
59.78 4.69
265.12 18.13
315.02 19.18
359.57 19.33
489.3
224.57 21.16
267.25 20.97
301.29 20.6
317.27 19.32
330.87 17.79
332.43
48.45 4.56
72.37 5.68
90.33 6.18
107.33 6.53
137.37 7.39
147.3
46.87 4.42
44.15 3.46
132.38 12.47
143.62 11.27
115.42 10.87
119.02 9.34
16.97
1.6
24.6 1.93
218.09
100
251.36
100
292.55
100
323.28
100
331.59
100
307.35
259.67 95.8
293.03 95.97
355.74
100
389.09
100
412.14
100
477.44
272.97 76.73
275.39 70.78
268.23 65.08
281.31
82.76 23.27
113.7 29.22
143.91 34.92
196.14
-52.97
-53.99
-63.19
-65.81
-80.55
-170.09
-3.09 -1.14
-1.32 -0.43
14.48 5.34
13.64 4.47
40.37
100
44.03
100
66.29
100
68.67
100
82.24
100
99.1
35.17 88.24
38.38 88.09
61.52 93.52
66.79
98
80.71
100
95.94
38.07 57.88
40.56 59.52
48.1 59.6
60.46
23.44 35.64
26.22 38.48
32.61 40.4
35.48
0.51
0.46
0.51
0.52
1.53
3.16
4.69 11.76
5.19 11.91
4.26 6.48
1.36
2

FY 2013 %
5/31/2013
100 2375.92
100
100 2375.92
100
56.03 1394.67 58.7
22.2
522.59
22
15.08
311 13.09
6.68
147.66 6.21

100
100
58.92
41.08

357.21
100
470.15
100
258.91 55.07
211.24 44.93
-112.94

100
100
63.02
36.98

111.79
100
106.4
100
57.52 54.06
48.88 45.94
5.39

Ticker
Company
Start Date
End Date
Periodicity
Currency
Filing Status Mnemonic
Filing
Units

GPN US Equity
Global Payments Inc
20050531
20130531
A
USD
MR
Most Recent
MLN

Field
For the period ending
Revenue
United States
Europe
Canada
Asia-Pacific
Long-Term Assets
United States
Europe
Canada
Asia-Pacific
Latin America

Mnemonic

FY 2005 %
FY 2006 %
FY 2007 %
5/31/2005
5/31/2006
5/31/2007
784.33
100
908.06
100 1061.52
100
562.48 71.71
641.36 70.63
719.33 67.76
46.67 5.95
58.57 6.45
69.18 6.52
175.19 22.34
208.13 22.92
224.57 21.16
48.45 4.56
662.44
100
745.36
100
404.45 61.05
413.28 55.45
95.98 14.49
98.28 13.19
160.18 24.18
161.23 21.63
69.96 9.39
1.83 0.28
2.61 0.35

FY 2008 %
FY 2009 %
FY 2010 %
FY 2011 %
FY 2012 %
FY 2013
5/31/2008
5/31/2009
5/31/2010
5/31/2011
5/31/2012
5/31/2013
1274.23
100 1462.31
100 1642.47
100
1859.8
100 2203.85
100 2375.92
850.23 66.73
805.56 55.09
902.84 54.97
1032 55.49 1234.82 56.03 1394.67
84.38 6.62
265.12 18.13
315.02 19.18
359.57 19.33
489.3 22.2
522.59
267.25 20.97
301.29 20.6
317.27 19.32
330.87 17.79
332.43 15.08
311
72.37 5.68
90.33 6.18
107.33 6.53
137.37 7.39
147.3 6.68
147.66
814.19
100 1059.44
100
958.14
100 1377.44
100 1320.72
100 1793.13
427.89 52.55
302.05 28.51
263.38 27.49
291.3 21.15
352.42 26.68
826.97
136.41 16.75
516.09 48.71
447.68 46.72
812.94 59.02
715.51 54.18
719.99
173.77 21.34
158.98 15.01
165.86 17.31
181.84 13.2
167.02 12.65
162.37
74.23 9.12
80.98 7.64
81.21 8.48
91.36 6.63
85.59 6.48
82.54
1.88 0.23
1.35 0.13
0
0.18 0.01
1.26

%
100
58.7
22
13.09
6.21
100
46.12
40.15
9.06
4.6
0.07

Operating data by segment

North America Merchant Services Revenues
International Merchant Services Revenues
North America Merchant Services Operating Income (cash basis)
International Merchant Services Operating Income (cash basis)
North America Merchant Services Operating Income Margin (cash basis)
International Merchant Services Operating Income Margin (cash basis)
Total Company Operating Margin (Excluding Corporate)
Total Company Operating Margin (Including Corporate)

451
179
79
69
17.60%
38.40%
23.50%
19.70%

448
182
78
66
17.40%
36.00%
22.80%
18.80%

434
185
67
65
15.50%
35.00%
21.30%
17.80%

477
184
82
66
17.30%
36.00%
22.50%
19.20%