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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Global Payments Inc | NYSE:GPN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.83 | 0.75% | 111.37 | 112.575 | 109.84 | 112.00 | 3,191,218 | 01:00:00 |
Georgia
|
|
58-2567903
|
(
State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
3550 Lenox Road, Atlanta, Georgia
|
|
30326
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Name of each exchange
on which registered
|
Common Stock, No Par Value
|
|
New York Stock Exchange
|
|
|
|
Page
|
PART I
|
|||
ITEM 1.
|
|
||
ITEM 1A.
|
|
||
ITEM 2.
|
|
||
ITEM 3.
|
|
||
PART II
|
|||
ITEM 5.
|
|
||
ITEM 6.
|
|
||
ITEM 7.
|
|
||
ITEM 7A.
|
|
||
ITEM 8.
|
|
||
ITEM 9.
|
|
||
ITEM 9A.
|
|
||
PART III
|
|||
ITEM 10.
|
|
||
ITEM 11.
|
|
||
ITEM 12.
|
|
||
ITEM 13.
|
|
||
ITEM 14.
|
|
||
PART IV
|
|||
ITEM 15.
|
|
||
|
|
•
|
OpenEdge
. Through OpenEdge, we offer integrated payment solutions through more than 2,000 technology partners across over 60 different verticals primarily in North America. OpenEdge enables third-party application developers to incorporate payment innovations into their enterprise business solutions.
|
•
|
Ezidebit
. Through Ezi Holdings Pty Ltd ("Ezidebit"), we offer integrated payment solutions in the Asia-Pacific region. Ezidebit focuses on recurring payments verticals and, similar to OpenEdge, markets its services through a network of integrated software vendors and direct channels to numerous vertical markets.
|
•
|
ACTIVE Network
. Through ACTIVE Network, we deliver cloud-based enterprise software, including payment technology solutions, to event organizers in the communities and health and fitness markets.
|
•
|
Education Solutions
. We offer integrated payment solutions specifically designed for all levels of educational institutions. At the university level, we offer integrated commerce solutions, payment services, higher education loan services and open- and closed-loop payment solutions. For kindergarten through 12
th
grade, we provide ecommerce and in-person payments, cafeteria POS solutions and back-office management software, hardware, technical support and training.
|
•
|
Point-of-Sale Solutions
. We offer leading-edge POS software solutions, integrated with our payment services and other adjacent business service applications, which may be on-premise or cloud-based, targeted primarily at the hospitality and retail verticals.
|
•
|
Grow and control our direct distribution by adding new channels and partners, including expanding our ownership of additional enterprise software solutions in select vertical markets;
|
•
|
Deliver innovative services by developing value-added applications, enhancing existing services and developing new systems and services to blend technology with customer needs;
|
•
|
Leverage technology and operational advantages throughout our global footprint;
|
•
|
Continue to develop seamless multinational solutions for leading global customers;
|
•
|
Provide customer service at levels that exceed our competition, while investing in technology, training and enhancements to our service offerings; and
|
•
|
Pursue potential domestic and international acquisitions of, investments in and alliances with companies that have high growth potential, significant market presence, sustainable distribution platforms and/or key technological capabilities.
|
•
|
Global Footprint and Distribution
- Our worldwide presence allows us to focus our investments on markets with promising gross domestic product fundamentals and favorable secular trends, makes us more attractive to merchants with international operations and exposes us to emerging innovations that we can adopt globally, while diversifying our economic risk.
|
•
|
Technology Solutions -
We provide innovative technology-based solutions, including enterprise software solutions, that enable our customers to operate their business more efficiently and simplify the payments process, regardless of the channel through which the transaction occurs. We believe our robust technology solutions will continue to differentiate us in the marketplace and will position us for continued growth.
|
•
|
Scalable Operating Environment and Technology Infrastructure
- We operate as a single, unified international organization, with a multi-channel, global technology infrastructure, which provides scalable and innovative service offerings and a consistent service experience to our merchants and partners worldwide, while also driving sustainable operating efficiencies.
|
•
|
Strong, Long-lasting Partner Relationships
- We have established strong, long-lasting relationships with many financial institutions, enterprise software providers, value-added resellers and other technology-based payment service providers, which facilitate lead generation and enable us to deliver a diverse solutions set to our merchant customers.
|
•
|
Disciplined Acquisition Approach
- Our proven track record for selectively and successfully sourcing, completing and integrating acquired businesses in existing and new markets positions us well for future growth and as an attractive partner for potential acquisition targets.
|
•
|
establish and audit anti-money laundering programs;
|
•
|
establish procedures for obtaining and verifying customer information;
|
•
|
file reports on large cash transactions; and
|
•
|
file suspicious activity reports if the financial institution believes a customer may be violating U.S. laws and regulations.
|
•
|
If we are unable to successfully integrate the benefits plans, duties and responsibilities, and other factors of interest to the management and employees of the acquired business, we could lose employees to our competitors in the region, which could significantly affect our ability to operate the business and complete the integration;
|
•
|
If the integration process causes any delays with the delivery of our services, or the quality of those services, we could lose customers to our competitors, which would reduce our revenues and earnings;
|
•
|
The acquisition may otherwise cause disruption to the acquired company’s business and operations and relationships with financial institution sponsors, customers, merchants, employees and other partners;
|
•
|
The acquisition and the related integration could divert the attention of our management from other strategic matters including possible acquisitions and alliances and planning for new product development or expansion into new electronic payments markets; and
|
•
|
The costs related to the integration of the acquired company’s business and operations into ours may be greater than anticipated.
|
•
|
incur additional indebtedness;
|
•
|
create liens;
|
•
|
consolidate, merge, sell or otherwise dispose of all or substantially all of our assets;
|
•
|
enter into certain lines of business;
|
•
|
enter into certain transactions with affiliates;
|
•
|
pay dividends and repurchase shares of our common stock.
|
•
|
divide our board of directors into three classes, with members of each class to be elected in staggered three-year terms;
|
•
|
limit the right of shareholders to remove directors;
|
•
|
regulate how shareholders may present proposals or nominate directors for election at annual meetings of shareholders; and
|
•
|
authorize our board of directors to issue preferred shares in one or more series, without shareholder approval.
|
|
High
|
|
Low
|
|
Dividend
Per Share
|
||||||
Year Ended December 31, 2017:
|
|
|
|
|
|
||||||
First Quarter (January 2017 - March 2017)
|
$
|
81.63
|
|
|
$
|
69.04
|
|
|
$
|
0.01
|
|
Second Quarter (April 2017 - June 2017)
|
93.52
|
|
|
76.47
|
|
|
0.01
|
|
|||
Third Quarter (July 2017 - September 2017)
|
98.14
|
|
|
87.86
|
|
|
0.01
|
|
|||
Fourth Quarter (October 2017 - December 2017)
|
104.90
|
|
|
95.01
|
|
|
0.01
|
|
|||
|
|
|
|
|
|
||||||
2016 Fiscal Transition Period:
|
|
|
|
|
|
||||||
First Quarter (June 2016 - August 2016)
|
$
|
79.93
|
|
|
$
|
67.04
|
|
|
$
|
0.01
|
|
Second Quarter (September 2016 - November 2016)
|
79.24
|
|
|
64.63
|
|
|
0.01
|
|
|||
June 1, 2016 through December 31, 2016
|
79.93
|
|
|
64.63
|
|
|
0.02
|
|
|||
|
|
|
|
|
|
||||||
Year Ended May 31, 2016
|
|
|
|
|
|
||||||
First Quarter (June 2015 - August 2015)
|
$
|
59.29
|
|
|
$
|
50.69
|
|
|
$
|
0.01
|
|
Second Quarter (September 2015 - November 2015)
|
72.91
|
|
|
54.03
|
|
|
0.01
|
|
|||
Third Quarter (December 2015 - February 2016)
|
74.64
|
|
|
51.29
|
|
|
0.01
|
|
|||
Fourth Quarter (March 2016 - May 2016)
|
78.30
|
|
|
58.11
|
|
|
0.01
|
|
|
|
Global
Payments
|
|
S&P
500 Index
|
|
S&P
Information
Technology Index
|
||||||
May 31, 2012
|
|
$
|
100.00
|
|
|
$
|
100.00
|
|
|
$
|
100.00
|
|
May 31, 2013
|
|
113.10
|
|
|
127.28
|
|
|
115.12
|
|
|||
May 31, 2014
|
|
161.90
|
|
|
153.30
|
|
|
142.63
|
|
|||
May 31, 2015
|
|
246.72
|
|
|
171.40
|
|
|
169.46
|
|
|||
May 31, 2016
|
|
367.50
|
|
|
174.34
|
|
|
174.75
|
|
|||
December 31, 2016
|
|
328.42
|
|
|
188.47
|
|
|
194.08
|
|
|||
December 31, 2017
|
|
474.52
|
|
|
229.61
|
|
|
269.45
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||||||
Income statement data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
3,975,163
|
|
|
$
|
2,202,896
|
|
|
$
|
2,898,150
|
|
|
$
|
2,773,718
|
|
|
$
|
2,554,236
|
|
|
$
|
2,375,923
|
|
Operating income
|
558,868
|
|
|
237,951
|
|
|
424,944
|
|
|
456,597
|
|
|
405,499
|
|
|
357,213
|
|
||||||
Net income
|
494,070
|
|
|
137,683
|
|
|
290,217
|
|
|
309,115
|
|
|
269,952
|
|
|
238,713
|
|
||||||
Net income attributable to Global Payments
|
468,425
|
|
|
124,931
|
|
|
271,666
|
|
|
278,040
|
|
|
245,286
|
|
|
216,125
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings per share
|
$
|
3.03
|
|
|
$
|
0.81
|
|
|
$
|
2.05
|
|
|
$
|
2.07
|
|
|
$
|
1.70
|
|
|
$
|
1.39
|
|
Diluted earnings per share
|
3.01
|
|
|
0.81
|
|
|
2.04
|
|
|
2.06
|
|
|
1.69
|
|
|
1.38
|
|
||||||
Dividends per share
|
0.04
|
|
|
0.02
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance sheet data (at period end):
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets
|
$
|
12,998,069
|
|
|
$
|
10,664,350
|
|
|
$
|
10,509,952
|
|
|
$
|
5,779,301
|
|
|
$
|
4,002,527
|
|
|
$
|
3,114,025
|
|
Settlement lines of credit
|
635,166
|
|
|
392,072
|
|
|
378,436
|
|
|
592,629
|
|
|
440,128
|
|
|
187,461
|
|
||||||
Long-term debt
|
4,659,716
|
|
|
4,438,612
|
|
|
4,515,286
|
|
|
1,740,067
|
|
|
1,390,507
|
|
|
960,749
|
|
||||||
Total equity
|
3,965,231
|
|
|
2,779,342
|
|
|
2,877,404
|
|
|
863,553
|
|
|
1,132,799
|
|
|
1,286,607
|
|
•
|
Consolidated revenues increased by
17.9%
to
$3,975.2 million
for the year ended December 31, 2017 from
$3,371.0 million
for 2016, reflecting growth in each of our operating segments and additional revenues from acquired businesses.
|
•
|
Consolidated operating income was
$558.9 million
for the year ended December 31, 2017 compared to
$356.3 million
for 2016. Our operating margin for the year ended December 31, 2017 was
14.1%
compared to
10.6%
for 2016. The increase in operating income and operating margin was primarily due to the contribution of revenue growth and a decrease in costs associated with acquisition and integration expenses of
$47.5 million
.
|
•
|
Net income attributable to Global Payments was
$468.4 million
for the year ended December 31, 2017 compared to
$201.8 million
for 2016, and diluted earnings per share was
$3.01
for the year ended December 31, 2017 compared to
$1.37
for 2016.
|
•
|
On
December 22, 2017
, the United States enacted the 2017 U.S. Tax Act. As a result, we recorded a provisional net income tax benefit of
$158.7 million
, which increased diluted earnings per share by
$1.02
for the year ended
December 31, 2017
. The 2017 U.S. Tax Act resulted in numerous changes, including a reduction in the U.S. federal tax rate from
35%
to
21%
effective
January 1, 2018
and the transition of the U.S. federal tax system to a territorial regime. As part of this transition, the 2017 U.S. Tax Act imposed a one-time mandatory "transition" tax on foreign earnings not previously subjected to U.S. income tax, payable over
eight years
. We expect that the reduction in the U.S. federal income tax rate and the new territorial tax regime will have a favorable effect on our earnings and cash flows in future periods. A territorial tax regime rather than a worldwide system will generally allow companies to repatriate future foreign source earnings without incurring additional U.S. income taxes by providing a 100% exemption for the foreign source portion of dividends from certain foreign subsidiaries.
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||||||
(dollar amounts in thousands)
|
2017
|
|
% of Revenue
(1)
|
|
2016
|
|
% of Revenue
(1)
|
|
Change
|
|
% Change
|
|||||||||
Revenues
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
$
|
2,929,522
|
|
|
73.7
|
%
|
|
$
|
2,475,323
|
|
|
73.4
|
%
|
|
$
|
454,199
|
|
|
18.3
|
%
|
Europe
|
767,524
|
|
|
19.3
|
%
|
|
655,477
|
|
|
19.4
|
%
|
|
112,047
|
|
|
17.1
|
%
|
|||
Asia-Pacific
|
278,117
|
|
|
7.0
|
%
|
|
240,176
|
|
|
7.1
|
%
|
|
37,941
|
|
|
15.8
|
%
|
|||
Total revenues
|
$
|
3,975,163
|
|
|
100.0
|
%
|
|
$
|
3,370,976
|
|
|
100.0
|
%
|
|
$
|
604,187
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated operating expenses
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of service
|
$
|
1,928,037
|
|
|
48.5
|
%
|
|
$
|
1,603,532
|
|
|
47.6
|
%
|
|
$
|
324,505
|
|
|
20.2
|
%
|
Selling, general and administrative
|
1,488,258
|
|
|
37.4
|
%
|
|
1,411,096
|
|
|
41.9
|
%
|
|
77,162
|
|
|
5.5
|
%
|
|||
Operating expenses
|
$
|
3,416,295
|
|
|
85.9
|
%
|
|
$
|
3,014,628
|
|
|
89.4
|
%
|
|
$
|
401,667
|
|
|
13.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income (loss)
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
$
|
457,009
|
|
|
11.5
|
%
|
|
$
|
350,291
|
|
|
10.4
|
%
|
|
$
|
106,718
|
|
|
30.5
|
%
|
Europe
|
272,769
|
|
|
6.9
|
%
|
|
232,882
|
|
|
6.9
|
%
|
|
39,887
|
|
|
17.1
|
%
|
|||
Asia-Pacific
|
81,273
|
|
|
2.0
|
%
|
|
58,709
|
|
|
1.7
|
%
|
|
22,564
|
|
|
38.4
|
%
|
|||
Corporate
(3)
|
(252,183
|
)
|
|
(6.3
|
)%
|
|
(285,534
|
)
|
|
(8.5
|
)%
|
|
33,351
|
|
|
(11.7
|
)%
|
|||
Operating income
|
$
|
558,868
|
|
|
14.1
|
%
|
|
$
|
356,348
|
|
|
10.6
|
%
|
|
$
|
202,520
|
|
|
56.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
15.6
|
%
|
|
|
|
14.2
|
%
|
|
|
|
1.4
|
%
|
|
|
||||||
Europe
|
35.5
|
%
|
|
|
|
35.5
|
%
|
|
|
|
—
|
%
|
|
|
||||||
Asia-Pacific
|
29.2
|
%
|
|
|
|
24.4
|
%
|
|
|
|
4.8
|
%
|
|
|
|
Seven Months Ended December 31,
|
|
Seven Months Ended December 31,
|
|
|
|
|
|||||||||||||
(dollar amounts in thousands)
|
2016
|
|
% of Revenue
(1)
|
|
2015
|
|
% of Revenue
(1)
|
|
Change
|
|
% Change
|
|||||||||
Revenues
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
$
|
1,650,616
|
|
|
74.9
|
%
|
|
$
|
1,227,916
|
|
|
71.0
|
%
|
|
$
|
422,700
|
|
|
34.4
|
%
|
Europe
|
403,823
|
|
|
18.3
|
%
|
|
380,246
|
|
|
22.0
|
%
|
|
23,577
|
|
|
6.2
|
%
|
|||
Asia-Pacific
|
148,457
|
|
|
6.8
|
%
|
|
121,908
|
|
|
7.0
|
%
|
|
26,549
|
|
|
21.8
|
%
|
|||
Total revenues
|
$
|
2,202,896
|
|
|
100.0
|
%
|
|
$
|
1,730,070
|
|
|
100.0
|
%
|
|
$
|
472,826
|
|
|
27.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated operating expenses
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of service
|
$
|
1,094,593
|
|
|
49.7
|
%
|
|
$
|
638,700
|
|
|
36.9
|
%
|
|
$
|
455,893
|
|
|
71.4
|
%
|
Selling, general and administrative
|
870,352
|
|
|
39.5
|
%
|
|
784,823
|
|
|
45.4
|
%
|
|
85,529
|
|
|
10.9
|
%
|
|||
Operating expenses
|
$
|
1,964,945
|
|
|
89.2
|
%
|
|
$
|
1,423,523
|
|
|
82.3
|
%
|
|
$
|
541,422
|
|
|
38.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income (loss)
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
$
|
233,850
|
|
|
|
|
$
|
191,185
|
|
|
|
|
$
|
42,665
|
|
|
22.3
|
%
|
||
Europe
|
145,767
|
|
|
|
|
157,722
|
|
|
|
|
(11,955
|
)
|
|
(7.6
|
)%
|
|||||
Asia-Pacific
|
37,530
|
|
|
|
|
29,564
|
|
|
|
|
7,966
|
|
|
26.9
|
%
|
|||||
Corporate
(3)
|
(179,196
|
)
|
|
|
|
(71,924
|
)
|
|
|
|
(107,272
|
)
|
|
149.1
|
%
|
|||||
Operating income
|
$
|
237,951
|
|
|
10.8
|
%
|
|
$
|
306,547
|
|
|
17.7
|
%
|
|
$
|
(68,596
|
)
|
|
(22.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
14.2
|
%
|
|
|
|
15.6
|
%
|
|
|
|
(1.4
|
)%
|
|
|
|
|||||
Europe
|
36.1
|
%
|
|
|
|
41.5
|
%
|
|
|
|
(5.4
|
)%
|
|
|
|
|||||
Asia-Pacific
|
25.3
|
%
|
|
|
|
24.3
|
%
|
|
|
|
1.0
|
%
|
|
|
|
(dollar amounts in thousands)
|
2016
|
|
% of Revenue
(1)
|
|
2015
|
|
% of Revenue
(1)
|
|
Change
|
|
% Change
|
|||||||||
Revenues
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
$
|
2,052,623
|
|
|
70.8
|
%
|
|
$
|
1,968,890
|
|
|
71.0
|
%
|
|
$
|
83,733
|
|
|
4.3
|
%
|
Europe
|
631,900
|
|
|
21.8
|
%
|
|
615,966
|
|
|
22.2
|
%
|
|
15,934
|
|
|
2.6
|
%
|
|||
Asia-Pacific
|
213,627
|
|
|
7.4
|
%
|
|
188,862
|
|
|
6.8
|
%
|
|
24,765
|
|
|
13.1
|
%
|
|||
Total revenues
|
$
|
2,898,150
|
|
|
100.0
|
%
|
|
$
|
2,773,718
|
|
|
100.0
|
%
|
|
$
|
124,432
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated operating expenses
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of service
|
$
|
1,147,639
|
|
|
39.6
|
%
|
|
$
|
1,022,107
|
|
|
36.8
|
%
|
|
$
|
125,532
|
|
|
12.3
|
%
|
Selling, general and administrative
|
1,325,567
|
|
|
45.7
|
%
|
|
1,295,014
|
|
|
46.7
|
%
|
|
30,553
|
|
|
2.4
|
%
|
|||
Operating expenses
|
$
|
2,473,206
|
|
|
85.3
|
%
|
|
$
|
2,317,121
|
|
|
83.5
|
%
|
|
$
|
156,085
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income (loss)
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
$
|
307,626
|
|
|
|
|
$
|
293,139
|
|
|
|
|
$
|
14,487
|
|
|
4.9
|
%
|
||
Europe
|
244,837
|
|
|
|
|
240,014
|
|
|
|
|
4,823
|
|
|
2.0
|
%
|
|||||
Asia-Pacific
|
50,743
|
|
|
|
|
39,697
|
|
|
|
|
11,046
|
|
|
27.8
|
%
|
|||||
Corporate
(3)
|
(178,262
|
)
|
|
|
|
(116,253
|
)
|
|
|
|
(62,009
|
)
|
|
53.3
|
%
|
|||||
Operating income
|
$
|
424,944
|
|
|
14.7
|
%
|
|
$
|
456,597
|
|
|
16.5
|
%
|
|
$
|
(31,653
|
)
|
|
(6.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
North America
|
15.0
|
%
|
|
|
|
14.9
|
%
|
|
|
|
0.1
|
%
|
|
|
||||||
Europe
|
38.7
|
%
|
|
|
|
39.0
|
%
|
|
|
|
(0.3
|
)%
|
|
|
||||||
Asia-Pacific
|
23.8
|
%
|
|
|
|
21.0
|
%
|
|
|
|
2.8
|
%
|
|
|
|
Payments Due by Future Period
|
||||||||||||||||||
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
5+ Years
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Long-term debt
|
$
|
4,697,677
|
|
|
$
|
108,979
|
|
|
$
|
303,056
|
|
|
$
|
3,201,767
|
|
|
$
|
1,083,875
|
|
Interest on long-term debt
(1)
|
678,440
|
|
|
155,324
|
|
|
295,870
|
|
|
215,340
|
|
|
11,906
|
|
|||||
Settlement lines of credit
|
635,166
|
|
|
635,166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating lease obligations
|
334,284
|
|
|
41,542
|
|
|
64,065
|
|
|
49,382
|
|
|
179,295
|
|
|||||
Purchase obligations
(2)
|
268,951
|
|
|
70,663
|
|
|
110,344
|
|
|
56,433
|
|
|
31,511
|
|
|||||
Transition tax payable under 2017 U.S. Tax Act
(3)
|
63,744
|
|
|
8,022
|
|
|
9,691
|
|
|
9,691
|
|
|
36,340
|
|
|
Year Ended
December 31, |
|
Seven Months
Ended
December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
3,975,163
|
|
|
$
|
2,202,896
|
|
|
$
|
2,898,150
|
|
|
$
|
2,773,718
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of service
|
1,928,037
|
|
|
1,094,593
|
|
|
1,147,639
|
|
|
1,022,107
|
|
||||
Selling, general and administrative
|
1,488,258
|
|
|
870,352
|
|
|
1,325,567
|
|
|
1,295,014
|
|
||||
|
3,416,295
|
|
|
1,964,945
|
|
|
2,473,206
|
|
|
2,317,121
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income
|
558,868
|
|
|
237,951
|
|
|
424,944
|
|
|
456,597
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest and other income
|
8,662
|
|
|
44,382
|
|
|
5,284
|
|
|
4,949
|
|
||||
Interest and other expense
|
(174,847
|
)
|
|
(108,989
|
)
|
|
(69,316
|
)
|
|
(44,436
|
)
|
||||
|
(166,185
|
)
|
|
(64,607
|
)
|
|
(64,032
|
)
|
|
(39,487
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
392,683
|
|
|
173,344
|
|
|
360,912
|
|
|
417,110
|
|
||||
Income tax benefit (provision)
|
101,387
|
|
|
(35,661
|
)
|
|
(70,695
|
)
|
|
(107,995
|
)
|
||||
Net income
|
494,070
|
|
|
137,683
|
|
|
290,217
|
|
|
309,115
|
|
||||
Less: Net income attributable to noncontrolling interests
|
(25,645
|
)
|
|
(12,752
|
)
|
|
(18,551
|
)
|
|
(31,075
|
)
|
||||
Net income attributable to Global Payments
|
$
|
468,425
|
|
|
$
|
124,931
|
|
|
$
|
271,666
|
|
|
$
|
278,040
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Global Payments:
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
3.03
|
|
|
$
|
0.81
|
|
|
$
|
2.05
|
|
|
$
|
2.07
|
|
Diluted earnings per share
|
$
|
3.01
|
|
|
$
|
0.81
|
|
|
$
|
2.04
|
|
|
$
|
2.06
|
|
|
Year Ended
December 31,
|
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
494,070
|
|
|
$
|
137,683
|
|
|
$
|
290,217
|
|
|
$
|
309,115
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
146,401
|
|
|
(92,229
|
)
|
|
(55,858
|
)
|
|
(220,641
|
)
|
||||
Income tax benefit related to foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
12,152
|
|
||||
Net unrealized gains (losses) on hedging activities
|
4,549
|
|
|
5,532
|
|
|
(12,859
|
)
|
|
(10,116
|
)
|
||||
Reclassification of net unrealized losses on hedging activities to interest expense
|
5,673
|
|
|
4,222
|
|
|
8,240
|
|
|
3,958
|
|
||||
Income tax (provision) benefit related to hedging activities
|
(2,583
|
)
|
|
(3,639
|
)
|
|
1,738
|
|
|
2,284
|
|
||||
Other comprehensive income (loss), net of tax
|
(660
|
)
|
|
1,030
|
|
|
(848
|
)
|
|
(450
|
)
|
||||
Other comprehensive income (loss)
|
153,380
|
|
|
(85,084
|
)
|
|
(59,587
|
)
|
|
(212,813
|
)
|
||||
Comprehensive income
|
647,450
|
|
|
52,599
|
|
|
230,630
|
|
|
96,302
|
|
||||
Less: comprehensive income attributable to noncontrolling interests
|
(39,452
|
)
|
|
(4,335
|
)
|
|
(19,022
|
)
|
|
(2,478
|
)
|
||||
Comprehensive income attributable to Global Payments
|
$
|
607,998
|
|
|
$
|
48,264
|
|
|
$
|
211,608
|
|
|
$
|
93,824
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,335,855
|
|
|
$
|
1,162,779
|
|
Accounts receivable, net of allowances for doubtful accounts of $1,827 and $1,092, respectively
|
301,887
|
|
|
275,032
|
|
||
Settlement processing assets
|
2,459,292
|
|
|
1,546,854
|
|
||
Prepaid expenses and other current assets
|
206,545
|
|
|
131,341
|
|
||
Total current assets
|
4,303,579
|
|
|
3,116,006
|
|
||
Goodwill
|
5,703,992
|
|
|
4,807,594
|
|
||
Other intangible assets, net
|
2,181,707
|
|
|
2,085,292
|
|
||
Property and equipment, net
|
588,348
|
|
|
526,370
|
|
||
Deferred income taxes
|
13,146
|
|
|
15,789
|
|
||
Other noncurrent assets
|
207,297
|
|
|
113,299
|
|
||
Total assets
|
$
|
12,998,069
|
|
|
$
|
10,664,350
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Settlement lines of credit
|
$
|
635,166
|
|
|
$
|
392,072
|
|
Current portion of long-term debt
|
100,308
|
|
|
177,785
|
|
||
Accounts payable and accrued liabilities
|
1,039,607
|
|
|
804,887
|
|
||
Settlement processing obligations
|
2,040,509
|
|
|
1,477,212
|
|
||
Total current liabilities
|
3,815,590
|
|
|
2,851,956
|
|
||
Long-term debt
|
4,559,408
|
|
|
4,260,827
|
|
||
Deferred income taxes
|
436,879
|
|
|
676,472
|
|
||
Other noncurrent liabilities
|
220,961
|
|
|
95,753
|
|
||
Total liabilities
|
9,032,838
|
|
|
7,885,008
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Equity:
|
|
|
|
||||
Preferred stock, no par value; 5,000,000 shares authorized and none issued
|
—
|
|
|
—
|
|
||
Common stock, no par value; 200,000,000 shares authorized; 159,180,317 issued and outstanding at December 31, 2017 and 152,185,616 issued and outstanding at December 31, 2016
|
—
|
|
|
—
|
|
||
Paid-in capital
|
2,379,774
|
|
|
1,816,278
|
|
||
Retained earnings
|
1,597,897
|
|
|
1,137,230
|
|
||
Accumulated other comprehensive loss
|
(183,144
|
)
|
|
(322,717
|
)
|
||
Total Global Payments shareholders’ equity
|
3,794,527
|
|
|
2,630,791
|
|
||
Noncontrolling interests
|
170,704
|
|
|
148,551
|
|
||
Total equity
|
3,965,231
|
|
|
2,779,342
|
|
||
Total liabilities and equity
|
$
|
12,998,069
|
|
|
$
|
10,664,350
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
494,070
|
|
|
$
|
137,683
|
|
|
$
|
290,217
|
|
|
$
|
309,115
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization of property and equipment
|
113,273
|
|
|
53,242
|
|
|
74,192
|
|
|
64,918
|
|
||||
Amortization of acquired intangibles
|
337,878
|
|
|
194,329
|
|
|
113,689
|
|
|
72,587
|
|
||||
Share-based compensation expense
|
39,095
|
|
|
18,707
|
|
|
30,809
|
|
|
21,056
|
|
||||
Provision for operating losses and bad debts
|
48,443
|
|
|
24,074
|
|
|
27,202
|
|
|
14,506
|
|
||||
Amortization of capitalized customer acquisition costs
|
45,098
|
|
|
14,982
|
|
|
1,776
|
|
|
—
|
|
||||
Deferred income taxes
|
(250,670
|
)
|
|
(33,523
|
)
|
|
(18,162
|
)
|
|
81,079
|
|
||||
Gain on sale of investments
|
—
|
|
|
(41,150
|
)
|
|
—
|
|
|
—
|
|
||||
Other, net
|
44,070
|
|
|
32,718
|
|
|
15,370
|
|
|
8,249
|
|
||||
Changes in operating assets and liabilities, net of the effects of acquisitions:
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable
|
(14,096
|
)
|
|
2,189
|
|
|
(14,542
|
)
|
|
1,248
|
|
||||
Settlement processing assets and obligations, net
|
(361,673
|
)
|
|
35,599
|
|
|
218,061
|
|
|
(78,794
|
)
|
||||
Prepaid expenses and other assets
|
(46,439
|
)
|
|
13,997
|
|
|
(52,254
|
)
|
|
5,426
|
|
||||
Capitalized customer acquisition costs
|
(82,988
|
)
|
|
(58,161
|
)
|
|
(11,962
|
)
|
|
—
|
|
||||
Accounts payable and other liabilities
|
146,327
|
|
|
121,140
|
|
|
(81,506
|
)
|
|
(69,513
|
)
|
||||
Net cash provided by operating activities
|
512,388
|
|
|
515,826
|
|
|
592,890
|
|
|
429,877
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Acquisitions, net of cash acquired
|
(562,688
|
)
|
|
(33,865
|
)
|
|
(2,034,406
|
)
|
|
(355,971
|
)
|
||||
Capital expenditures
|
(181,905
|
)
|
|
(88,913
|
)
|
|
(91,591
|
)
|
|
(92,550
|
)
|
||||
Net proceeds from sale of investments
|
—
|
|
|
37,717
|
|
|
—
|
|
|
—
|
|
||||
Net proceeds from sales of property and equipment
|
37,565
|
|
|
—
|
|
|
—
|
|
|
10,597
|
|
||||
Other, net
|
(28,997
|
)
|
|
(1,622
|
)
|
|
(1,251
|
)
|
|
(2,997
|
)
|
||||
Net cash used in investing activities
|
(736,025
|
)
|
|
(86,683
|
)
|
|
(2,127,248
|
)
|
|
(440,921
|
)
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Net proceeds from (repayments of) settlement lines of credit
|
221,532
|
|
|
20,582
|
|
|
(206,009
|
)
|
|
198,884
|
|
||||
Proceeds from long-term debt
|
1,994,324
|
|
|
1,299,000
|
|
|
6,078,230
|
|
|
2,496,842
|
|
||||
Repayments of long-term debt
|
(1,781,541
|
)
|
|
(1,381,161
|
)
|
|
(3,691,608
|
)
|
|
(2,148,907
|
)
|
||||
Payment of debt issuance costs
|
(9,520
|
)
|
|
(9,279
|
)
|
|
(63,382
|
)
|
|
—
|
|
||||
Repurchase of common stock
|
(34,811
|
)
|
|
(178,165
|
)
|
|
(135,954
|
)
|
|
(372,387
|
)
|
||||
Proceeds from stock issued under share-based compensation plans
|
10,115
|
|
|
6,093
|
|
|
8,480
|
|
|
22,550
|
|
||||
Common stock repurchased - share-based compensation plans
|
(31,761
|
)
|
|
(20,390
|
)
|
|
(12,236
|
)
|
|
(15,690
|
)
|
||||
Purchase of subsidiary shares from noncontrolling interest
|
—
|
|
|
—
|
|
|
(7,550
|
)
|
|
—
|
|
||||
Proceeds from sale of subsidiary shares to noncontrolling interest
|
—
|
|
|
—
|
|
|
16,374
|
|
|
—
|
|
||||
Distributions to noncontrolling interests
|
(9,301
|
)
|
|
(12,365
|
)
|
|
(23,308
|
)
|
|
(39,753
|
)
|
||||
Dividends paid
|
(6,732
|
)
|
|
(3,069
|
)
|
|
(5,439
|
)
|
|
(5,340
|
)
|
||||
Net cash provided by (used in) financing activities
|
352,305
|
|
|
(278,754
|
)
|
|
1,957,598
|
|
|
136,199
|
|
||||
Effect of exchange rate changes on cash
|
44,408
|
|
|
(32,338
|
)
|
|
(29,251
|
)
|
|
(56,288
|
)
|
||||
Increase in cash and cash equivalents
|
173,076
|
|
|
118,051
|
|
|
393,989
|
|
|
68,867
|
|
||||
Cash and cash equivalents, beginning of the period
|
1,162,779
|
|
|
1,044,728
|
|
|
650,739
|
|
|
581,872
|
|
||||
Cash and cash equivalents, end of the period
|
$
|
1,335,855
|
|
|
$
|
1,162,779
|
|
|
$
|
1,044,728
|
|
|
$
|
650,739
|
|
|
Number of Shares
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Global Payments Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||
Balance at December 31, 2016
|
152,186
|
|
|
$
|
1,816,278
|
|
|
$
|
1,137,230
|
|
|
$
|
(322,717
|
)
|
|
$
|
2,630,791
|
|
|
$
|
148,551
|
|
|
$
|
2,779,342
|
|
Net income
|
|
|
|
|
468,425
|
|
|
|
|
468,425
|
|
|
25,645
|
|
|
494,070
|
|
|||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
139,573
|
|
|
139,573
|
|
|
13,807
|
|
|
153,380
|
|
|||||||||
Stock issued under share-based compensation plans
|
1,350
|
|
|
10,115
|
|
|
|
|
|
|
10,115
|
|
|
|
|
10,115
|
|
|||||||||
Common stock repurchased - share-based compensation plans
|
(338
|
)
|
|
(32,006
|
)
|
|
|
|
|
|
(32,006
|
)
|
|
|
|
(32,006
|
)
|
|||||||||
Share-based compensation expense
|
|
|
39,095
|
|
|
|
|
|
|
39,095
|
|
|
|
|
39,095
|
|
||||||||||
Issuance of common stock in connection with a business combination
|
6,358
|
|
|
572,079
|
|
|
|
|
|
|
572,079
|
|
|
|
|
572,079
|
|
|||||||||
Dissolution of a subsidiary
|
|
|
|
|
7,998
|
|
|
|
|
7,998
|
|
|
(7,998
|
)
|
|
—
|
|
|||||||||
Distributions to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
(9,301
|
)
|
|
(9,301
|
)
|
||||||||||
Repurchase of common stock
|
(376
|
)
|
|
(25,787
|
)
|
|
(9,024
|
)
|
|
|
|
(34,811
|
)
|
|
|
|
(34,811
|
)
|
||||||||
Dividends paid ($0.04 per share)
|
|
|
|
|
(6,732
|
)
|
|
|
|
(6,732
|
)
|
|
|
|
(6,732
|
)
|
||||||||||
Balance at December 31, 2017
|
159,180
|
|
|
$
|
2,379,774
|
|
|
$
|
1,597,897
|
|
|
$
|
(183,144
|
)
|
|
$
|
3,794,527
|
|
|
$
|
170,704
|
|
|
$
|
3,965,231
|
|
|
Number of Shares
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Global Payments Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||
Balance at May 31, 2016
|
154,422
|
|
|
$
|
1,976,715
|
|
|
$
|
1,015,811
|
|
|
$
|
(246,050
|
)
|
|
$
|
2,746,476
|
|
|
$
|
130,928
|
|
|
$
|
2,877,404
|
|
Net income
|
|
|
|
|
124,931
|
|
|
|
|
124,931
|
|
|
12,752
|
|
|
137,683
|
|
|||||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
(76,667
|
)
|
|
(76,667
|
)
|
|
(8,417
|
)
|
|
(85,084
|
)
|
|||||||||
Stock issued under share-based compensation plans
|
549
|
|
|
6,093
|
|
|
|
|
|
|
6,093
|
|
|
|
|
6,093
|
|
|||||||||
Common stock repurchased - share-based compensation plans
|
(267
|
)
|
|
(20,532
|
)
|
|
|
|
|
|
(20,532
|
)
|
|
|
|
(20,532
|
)
|
|||||||||
Tax benefit from employee share-based compensation
|
|
|
13,017
|
|
|
|
|
|
|
13,017
|
|
|
|
|
13,017
|
|
||||||||||
Share-based compensation expense
|
|
|
18,707
|
|
|
|
|
|
|
18,707
|
|
|
|
|
18,707
|
|
||||||||||
Contribution of subsidiary shares to noncontrolling interest related to a business combination
|
|
|
|
|
|
|
|
|
|
|
|
|
25,653
|
|
|
25,653
|
|
|||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
(12,365
|
)
|
|
(12,365
|
)
|
||||||||||
Repurchase of common stock
|
(2,518
|
)
|
|
(177,722
|
)
|
|
(443
|
)
|
|
|
|
(178,165
|
)
|
|
|
|
(178,165
|
)
|
||||||||
Dividends paid ($0.02 per share)
|
|
|
|
|
(3,069
|
)
|
|
|
|
(3,069
|
)
|
|
|
|
(3,069
|
)
|
||||||||||
Balance at December 31, 2016
|
152,186
|
|
|
$
|
1,816,278
|
|
|
$
|
1,137,230
|
|
|
$
|
(322,717
|
)
|
|
$
|
2,630,791
|
|
|
$
|
148,551
|
|
|
$
|
2,779,342
|
|
|
Number of Shares
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Global Payments Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||
Balance at May 31, 2015
|
130,558
|
|
|
$
|
148,742
|
|
|
$
|
795,226
|
|
|
$
|
(185,992
|
)
|
|
$
|
757,976
|
|
|
$
|
105,577
|
|
|
$
|
863,553
|
|
Net income
|
|
|
|
|
|
|
271,666
|
|
|
|
|
|
271,666
|
|
|
18,551
|
|
|
290,217
|
|
||||||
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
|
|
(60,058
|
)
|
|
(60,058
|
)
|
|
471
|
|
|
(59,587
|
)
|
||||||
Stock issued under share-based compensation plans
|
591
|
|
|
8,480
|
|
|
|
|
|
|
|
|
8,480
|
|
|
|
|
|
8,480
|
|
||||||
Common stock repurchased - share-based compensation plans
|
(220
|
)
|
|
(12,193
|
)
|
|
|
|
|
|
|
|
(12,193
|
)
|
|
|
|
|
(12,193
|
)
|
||||||
Tax benefit from share-based compensation plans
|
|
|
7,889
|
|
|
|
|
|
|
|
|
7,889
|
|
|
|
|
|
7,889
|
|
|||||||
Share-based compensation expense
|
|
|
30,809
|
|
|
|
|
|
|
|
|
30,809
|
|
|
|
|
|
30,809
|
|
|||||||
Issuance of common stock in connection with a business combination
|
25,645
|
|
|
1,879,458
|
|
|
|
|
|
|
1,879,458
|
|
|
|
|
1,879,458
|
|
|||||||||
Purchase of subsidiary shares from noncontrolling interest
|
|
|
(11
|
)
|
|
|
|
|
|
(11
|
)
|
|
(7,539
|
)
|
|
(7,550
|
)
|
|||||||||
Sale of subsidiary shares to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
16,374
|
|
|
16,374
|
|
|||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,308
|
)
|
|
(23,308
|
)
|
||||||
Contribution of subsidiary shares to noncontrolling interest related to a business combination
|
|
|
|
3,853
|
|
|
|
|
|
|
|
|
3,853
|
|
|
20,802
|
|
|
24,655
|
|
||||||
Repurchase of common stock
|
(2,152
|
)
|
|
(90,312
|
)
|
|
(45,642
|
)
|
|
|
|
|
(135,954
|
)
|
|
|
|
|
(135,954
|
)
|
||||||
Dividends paid ($0.04 per share)
|
|
|
|
|
|
|
(5,439
|
)
|
|
|
|
|
(5,439
|
)
|
|
|
|
|
(5,439
|
)
|
||||||
Balance at May 31, 2016
|
154,422
|
|
|
$
|
1,976,715
|
|
|
$
|
1,015,811
|
|
|
$
|
(246,050
|
)
|
|
$
|
2,746,476
|
|
|
$
|
130,928
|
|
|
$
|
2,877,404
|
|
|
Number of Shares
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Global Payments Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||
Balance at May 31, 2014
|
137,692
|
|
|
$
|
183,023
|
|
|
$
|
815,980
|
|
|
$
|
(1,776
|
)
|
|
$
|
997,227
|
|
|
$
|
135,572
|
|
|
$
|
1,132,799
|
|
Net income
|
|
|
|
|
278,040
|
|
|
|
|
278,040
|
|
|
31,075
|
|
|
309,115
|
|
|||||||||
Other comprehensive loss
|
|
|
|
|
|
|
(184,216
|
)
|
|
(184,216
|
)
|
|
(28,597
|
)
|
|
(212,813
|
)
|
|||||||||
Stock issued under share-based compensation plans
|
2,065
|
|
|
22,550
|
|
|
|
|
|
|
22,550
|
|
|
|
|
22,550
|
|
|||||||||
Common stock repurchased - share-based compensation plans
|
(197
|
)
|
|
(7,435
|
)
|
|
|
|
|
|
(7,435
|
)
|
|
|
|
(7,435
|
)
|
|||||||||
Tax benefit from share-based compensation plans
|
|
|
5,176
|
|
|
|
|
|
|
5,176
|
|
|
|
|
5,176
|
|
||||||||||
Share-based compensation expense
|
|
|
21,056
|
|
|
|
|
|
|
21,056
|
|
|
|
|
21,056
|
|
||||||||||
Distributions to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
(39,753
|
)
|
|
(39,753
|
)
|
|||||||||||
Noncontrolling interest from business combination
|
|
|
|
|
|
|
|
|
|
|
|
7,280
|
|
|
7,280
|
|
||||||||||
Repurchase of common stock
|
(9,002
|
)
|
|
(75,628
|
)
|
|
(293,454
|
)
|
|
|
|
(369,082
|
)
|
|
|
|
(369,082
|
)
|
||||||||
Dividends paid ($0.04 per share)
|
|
|
|
|
|
(5,340
|
)
|
|
|
|
(5,340
|
)
|
|
|
|
(5,340
|
)
|
|||||||||
Balance at May 31, 2015
|
130,558
|
|
|
$
|
148,742
|
|
|
$
|
795,226
|
|
|
$
|
(185,992
|
)
|
|
$
|
757,976
|
|
|
$
|
105,577
|
|
|
$
|
863,553
|
|
•
|
Measurement of certain income tax effects is complete
. Registrants must reflect the tax effects of the 2017 U.S. Tax Act for which the accounting is complete.
|
•
|
Measurement of certain income tax effects can be reasonably estimated
. Registrants must report provisional amounts for those specific income tax effects of the 2017 U.S. Tax Act for which the accounting is incomplete but a reasonable estimate can be determined. Provisional amounts or adjustments to provisional amounts identified in the measurement period, as defined, should be included as an adjustment to tax expense or benefit from continuing operations in the period the amounts are determined.
|
•
|
Measurement of certain income tax effects cannot be reasonably estimated
. Registrants are not required to report provisional amounts for any specific income tax effects of the 2017 U.S. Tax Act for which a reasonable estimate cannot be determined, and would continue to apply ASC 740 based on the provisions of the tax laws that were in effect immediately prior to the enactment of the 2017 U.S. Tax Act. Registrants would report the provisional amounts of the tax effects of the 2017 U.S. Tax Act in the first reporting period in which a reasonable estimate can be determined.
|
|
Year Ended December 31,
|
|
Seven Months Ended December 31,
|
|
Years Ended May 31,
|
||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||
|
|
|
|
|
|
|
|
||||
|
(in thousands)
|
||||||||||
Basic weighted-average number of shares outstanding
|
154,652
|
|
|
153,342
|
|
|
132,284
|
|
|
134,072
|
|
Plus: Dilutive effect of stock options and other share-based awards
|
876
|
|
|
889
|
|
|
883
|
|
|
850
|
|
Diluted weighted-average number of shares outstanding
|
155,528
|
|
|
154,231
|
|
|
133,167
|
|
|
134,922
|
|
Cash consideration paid to ACTIVE Network stockholders
|
|
$
|
599,497
|
|
Fair value of Global Payments common stock issued to ACTIVE Network stockholders
|
|
572,079
|
|
|
Total purchase consideration
|
|
$
|
1,171,576
|
|
|
Provisional at September 30, 2017
|
|
Measurement- Period Adjustments
|
|
Provisional at December 31, 2017
|
||||||
|
|
|
|
|
|
||||||
|
(in thousands)
|
||||||||||
Cash and cash equivalents
|
$
|
42,866
|
|
|
$
|
47
|
|
|
$
|
42,913
|
|
Property and equipment
|
22,889
|
|
|
(904
|
)
|
|
21,985
|
|
|||
Identified intangible assets
|
471,120
|
|
|
(60,575
|
)
|
|
410,545
|
|
|||
Other assets
|
80,485
|
|
|
6,755
|
|
|
87,240
|
|
|||
Deferred income taxes
|
(26,757
|
)
|
|
(4,886
|
)
|
|
(31,643
|
)
|
|||
Other liabilities
|
(123,047
|
)
|
|
(21,085
|
)
|
|
(144,132
|
)
|
|||
Total identifiable net assets
|
467,556
|
|
|
(80,648
|
)
|
|
386,908
|
|
|||
Goodwill
|
704,020
|
|
|
80,648
|
|
|
784,668
|
|
|||
Total purchase consideration
|
$
|
1,171,576
|
|
|
$
|
—
|
|
|
$
|
1,171,576
|
|
|
Provisional Estimated Fair Values
|
|
Weighted-Average Estimated Amortization Periods
|
||
|
|
|
|
||
|
(in thousands)
|
|
(years)
|
||
Customer-related intangible assets
|
$
|
189,000
|
|
|
17
|
Acquired technology
|
153,300
|
|
|
9
|
|
Trademarks and trade names
|
59,400
|
|
|
15
|
|
Covenants-not-to-compete
|
8,845
|
|
|
3
|
|
Total estimated acquired intangible assets
|
$
|
410,545
|
|
|
13
|
Cash consideration paid to Heartland stockholders
|
|
$
|
2,043,362
|
|
Fair value of Global Payments common stock issued to Heartland stockholders
|
|
1,879,458
|
|
|
Total purchase consideration
|
|
$
|
3,922,820
|
|
|
Provisional at December 31, 2016
|
|
Measurement- Period Adjustments
|
|
Final
|
||||||
|
|
|
|
|
|
||||||
|
(in thousands)
|
||||||||||
Cash and cash equivalents
|
$
|
304,747
|
|
|
$
|
—
|
|
|
$
|
304,747
|
|
Accounts receivable
|
70,385
|
|
|
—
|
|
|
70,385
|
|
|||
Prepaid expenses and other assets
|
103,090
|
|
|
(5,131
|
)
|
|
97,959
|
|
|||
Identified intangible assets
|
1,639,040
|
|
|
—
|
|
|
1,639,040
|
|
|||
Property and equipment
|
106,583
|
|
|
—
|
|
|
106,583
|
|
|||
Debt
|
(437,933
|
)
|
|
—
|
|
|
(437,933
|
)
|
|||
Accounts payable and accrued liabilities
|
(457,763
|
)
|
|
(65
|
)
|
|
(457,828
|
)
|
|||
Settlement processing obligations
|
(36,578
|
)
|
|
(3,727
|
)
|
|
(40,305
|
)
|
|||
Deferred income taxes
|
(518,794
|
)
|
|
18,907
|
|
|
(499,887
|
)
|
|||
Other liabilities
|
(64,938
|
)
|
|
(33,495
|
)
|
|
(98,433
|
)
|
|||
Total identifiable net assets
|
707,839
|
|
|
(23,511
|
)
|
|
684,328
|
|
|||
Goodwill
|
3,214,981
|
|
|
23,511
|
|
|
3,238,492
|
|
|||
Total purchase consideration
|
$
|
3,922,820
|
|
|
$
|
—
|
|
|
$
|
3,922,820
|
|
|
Estimated Fair Values
|
|
Weighted-Average Estimated Amortization Periods
|
||
|
|
|
|
||
|
(in thousands)
|
|
(years)
|
||
Customer-related intangible assets
|
$
|
977,400
|
|
|
15
|
Acquired technology
|
457,000
|
|
|
5
|
|
Trademarks and trade names
|
176,000
|
|
|
7
|
|
Covenants-not-to-compete
|
28,640
|
|
|
1
|
|
Total estimated acquired intangible assets
|
$
|
1,639,040
|
|
|
11
|
Customer-related intangible assets
|
|
$
|
143,400
|
|
Liabilities
|
|
(150
|
)
|
|
Total identifiable net assets
|
|
143,250
|
|
|
Goodwill
|
|
94,250
|
|
|
Total purchase consideration
|
|
$
|
237,500
|
|
Cash
|
|
$
|
4,082
|
|
Customer-related intangible assets
|
|
16,079
|
|
|
Acquired technology
|
|
39,820
|
|
|
Trade name
|
|
3,453
|
|
|
Other intangible assets
|
|
399
|
|
|
Other assets
|
|
6,213
|
|
|
Liabilities
|
|
(3,479
|
)
|
|
Deferred income tax liabilities
|
|
(7,216
|
)
|
|
Total identifiable net assets
|
|
59,351
|
|
|
Goodwill
|
|
66,809
|
|
|
Noncontrolling interest
|
|
(7,280
|
)
|
|
Total purchase consideration
|
|
$
|
118,880
|
|
Cash
|
$
|
45,826
|
|
Customer-related intangible assets
|
42,721
|
|
|
Acquired technology
|
27,954
|
|
|
Trade name
|
2,901
|
|
|
Other assets
|
2,337
|
|
|
Deferred income tax assets (liabilities)
|
(9,788
|
)
|
|
Other liabilities
|
(49,797
|
)
|
|
Total identifiable net assets
|
62,154
|
|
|
Goodwill
|
203,828
|
|
|
Total purchase consideration
|
$
|
265,982
|
|
•
|
Interchange reimbursement
. Our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee.
|
•
|
Receivable from Members.
Our receivable from the Members for transactions in which we have advanced funding to the Members to fund merchants in advance of receipt of funding from networks.
|
•
|
Receivable from networks
. Our receivable from a payment network for transactions processed on behalf of merchants where we are a direct member of that particular network.
|
•
|
Exception items
. Items such as customer chargeback amounts received from merchants.
|
•
|
Merchant Reserves
. Reserves held to minimize contingent liabilities associated with losses that may occur under the merchant agreement.
|
•
|
Liability to Members
. Our liability to the Members for transactions for which funding from the payment network has been received by the Members but merchants have not yet been funded.
|
•
|
Liability to merchants
. Our liability to merchants for transactions that have been processed but not yet funded where we are a direct member of a particular payment network.
|
•
|
Reserve for operating losses and sales allowances
. Our reserve for allowances, charges or losses that we do not expect to collect from the merchants due to concessions, merchant fraud, insolvency, bankruptcy or any other merchant-related reason.
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Settlement processing assets:
|
|
|
|
||||
Interchange reimbursement
|
$
|
304,964
|
|
|
$
|
150,612
|
|
Receivable from Members
|
104,339
|
|
|
71,590
|
|
||
Receivable from networks
|
2,055,390
|
|
|
1,325,029
|
|
||
Exception items
|
7,867
|
|
|
6,450
|
|
||
Merchant Reserves
|
(13,268
|
)
|
|
(6,827
|
)
|
||
|
$
|
2,459,292
|
|
|
$
|
1,546,854
|
|
|
|
|
|
||||
Settlement processing liabilities:
|
|
|
|
||||
Interchange reimbursement
|
$
|
72,053
|
|
|
$
|
199,202
|
|
Liability to Members
|
(20,369
|
)
|
|
(177,979
|
)
|
||
Liability to merchants
|
(1,961,107
|
)
|
|
(1,358,271
|
)
|
||
Exception items
|
6,863
|
|
|
21,194
|
|
||
Merchant Reserves
|
(133,907
|
)
|
|
(158,419
|
)
|
||
Reserve for operating losses and sales allowances
|
(4,042
|
)
|
|
(2,939
|
)
|
||
|
$
|
(2,040,509
|
)
|
|
$
|
(1,477,212
|
)
|
|
Range of Depreciable Lives
|
|
|
||||||
|
(Years)
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
|
||||
|
|
|
(in thousands)
|
||||||
Land
|
N/A
|
|
$
|
2,742
|
|
|
$
|
6,159
|
|
Buildings
|
25-30
|
|
29,309
|
|
|
61,135
|
|
||
Equipment
|
2-20
|
|
280,774
|
|
|
224,460
|
|
||
Software
|
2-10
|
|
411,975
|
|
|
319,214
|
|
||
Leasehold improvements
|
3-15
|
|
63,154
|
|
|
40,158
|
|
||
Furniture and fixtures
|
3-7
|
|
24,054
|
|
|
15,913
|
|
||
|
|
|
812,008
|
|
|
667,039
|
|
||
Less accumulated depreciation and amortization
|
|
|
(314,336
|
)
|
|
(226,570
|
)
|
||
Work-in-progress
|
|
|
90,676
|
|
|
85,901
|
|
||
|
|
|
$
|
588,348
|
|
|
$
|
526,370
|
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Goodwill
|
$
|
5,703,992
|
|
|
$
|
4,807,594
|
|
Other intangible assets:
|
|
|
|
||||
Customer-related intangible assets
|
$
|
2,078,891
|
|
|
$
|
1,864,731
|
|
Acquired technologies
|
722,466
|
|
|
547,151
|
|
||
Trademarks and trade names
|
247,688
|
|
|
188,311
|
|
||
Contract-based intangible assets
|
171,522
|
|
|
157,882
|
|
||
|
3,220,567
|
|
|
2,758,075
|
|
||
Less accumulated amortization:
|
|
|
|
||||
Customer-related intangible assets
|
685,869
|
|
|
487,729
|
|
||
Acquired technologies
|
210,063
|
|
|
89,633
|
|
||
Trademarks and trade names
|
50,849
|
|
|
24,142
|
|
||
Contract-based intangible assets
|
92,079
|
|
|
71,279
|
|
||
|
1,038,860
|
|
|
672,783
|
|
||
|
$
|
2,181,707
|
|
|
$
|
2,085,292
|
|
|
North America
|
|
Europe
|
|
Asia-Pacific
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at May 31, 2015
|
$
|
779,734
|
|
|
$
|
485,921
|
|
|
$
|
226,178
|
|
|
$
|
1,491,833
|
|
Goodwill acquired
|
3,318,768
|
|
|
—
|
|
|
53,402
|
|
|
3,372,170
|
|
||||
Effect of foreign currency translation
|
(3,872
|
)
|
|
(13,737
|
)
|
|
(15,397
|
)
|
|
(33,006
|
)
|
||||
Measurement-period adjustments
|
(8,200
|
)
|
|
(411
|
)
|
|
7,019
|
|
|
(1,592
|
)
|
||||
Balance at May 31, 2016
|
4,086,430
|
|
|
471,773
|
|
|
271,202
|
|
|
4,829,405
|
|
||||
Goodwill acquired
|
—
|
|
|
28,820
|
|
|
—
|
|
|
28,820
|
|
||||
Effect of foreign currency translation
|
(1,911
|
)
|
|
(45,265
|
)
|
|
(2,160
|
)
|
|
(49,336
|
)
|
||||
Measurement-period adjustments
|
(1,267
|
)
|
|
(28
|
)
|
|
—
|
|
|
(1,295
|
)
|
||||
Balance at December 31, 2016
|
4,083,252
|
|
|
455,300
|
|
|
269,042
|
|
|
4,807,594
|
|
||||
Goodwill acquired
|
784,668
|
|
|
—
|
|
|
—
|
|
|
784,668
|
|
||||
Effect of foreign currency translation
|
5,060
|
|
|
57,838
|
|
|
18,291
|
|
|
81,189
|
|
||||
Measurement-period adjustments
|
23,511
|
|
|
—
|
|
|
7,030
|
|
|
30,541
|
|
||||
Balance at December 31, 2017
|
$
|
4,896,491
|
|
|
$
|
513,138
|
|
|
$
|
294,363
|
|
|
$
|
5,703,992
|
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Credit Facility:
|
|
|
|
||||
Term loans (face amounts of $3,932,677 and $3,728,857 at December 31, 2017 and 2016, respectively, less unamortized debt issuance costs of $37,961 and $46,282 at December 31, 2017 and 2016, respectively)
|
$
|
3,894,716
|
|
|
$
|
3,682,575
|
|
Revolving Credit Facility
|
765,000
|
|
|
756,000
|
|
||
Capital lease obligations
|
—
|
|
|
37
|
|
||
Total long-term debt
|
4,659,716
|
|
|
4,438,612
|
|
||
Less current portion of Credit Facility (face amounts of $108,979 and $187,274 at December 31, 2017 and 2016, respectively, less unamortized debt issuance costs of $8,671 and $9,526 at December 31, 2017 and 2016, respectively) and current portion of capital lease obligations of $37 at December 31, 2016
|
100,308
|
|
|
177,785
|
|
||
Long-term debt, excluding current portion
|
$
|
4,559,408
|
|
|
$
|
4,260,827
|
|
|
|
|
|
Weighted-Average Fixed Rate of Interest at
|
|
Range of Maturity Dates at
|
|
December 31,
|
||||||
Derivative Financial Instruments
|
|
Balance Sheet Location
|
|
December 31, 2017
|
|
December 31, 2017
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
|
|
|
(in thousands)
|
||||||
Interest rate swaps (Notional of $1,300 and $250 million at December 31, 2017 and 2016, respectively)
|
|
Other noncurrent assets
|
|
1.59%
|
|
February 28, 2019 - March 31, 2021
|
|
$
|
9,202
|
|
|
$
|
2,147
|
|
Interest rate swaps (Notional of $0 million and $750 million at December 31, 2017 and 2016, respectively)
|
|
Accounts payable and accrued liabilities
|
|
NA
|
|
NA
|
|
$
|
—
|
|
|
$
|
3,175
|
|
|
Year Ended December 31,
|
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
(in thousands)
|
||||||||||||||
Amount of net unrealized gain (loss) recognized in other comprehensive income
|
$
|
4,549
|
|
|
$
|
5,532
|
|
|
$
|
(12,859
|
)
|
|
$
|
(10,116
|
)
|
Amount of net losses reclassified out of other comprehensive income to interest expense
|
$
|
5,673
|
|
|
$
|
4,222
|
|
|
$
|
8,240
|
|
|
$
|
3,958
|
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Customer deposits
|
$
|
397,085
|
|
|
$
|
303,353
|
|
Compensation and benefits
|
102,187
|
|
|
94,190
|
|
||
Unearned revenue
|
101,029
|
|
|
69,437
|
|
||
Payment network fees
|
97,304
|
|
|
87,591
|
|
||
Trade accounts payable
|
47,391
|
|
|
28,178
|
|
||
Commissions payable to third parties
|
35,855
|
|
|
39,370
|
|
||
Income taxes payable
(1)
|
35,405
|
|
|
16,810
|
|
||
Unclaimed property
|
26,468
|
|
|
15,156
|
|
||
Third-party processing fees
|
24,267
|
|
|
24,971
|
|
||
Current portion of accrued buyout liability
(2)
|
20,739
|
|
|
19,392
|
|
||
Other
|
151,877
|
|
|
106,439
|
|
||
|
$
|
1,039,607
|
|
|
$
|
804,887
|
|
|
Year Ended
December 31,
|
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Current income tax provision (benefit):
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
79,903
|
|
|
$
|
22,859
|
|
|
$
|
26,493
|
|
|
$
|
25,022
|
|
State
|
3,468
|
|
|
3,443
|
|
|
5,454
|
|
|
3,905
|
|
||||
Foreign
|
67,851
|
|
|
42,681
|
|
|
56,689
|
|
|
(10,346
|
)
|
||||
|
151,222
|
|
|
68,983
|
|
|
88,636
|
|
|
18,581
|
|
||||
Deferred income tax provision (benefit):
|
|
|
|
|
|
|
|
||||||||
Federal
|
(266,869
|
)
|
|
(36,447
|
)
|
|
(18,205
|
)
|
|
14,822
|
|
||||
State
|
9,678
|
|
|
(1,842
|
)
|
|
(3,620
|
)
|
|
3,606
|
|
||||
Foreign
|
4,582
|
|
|
4,967
|
|
|
3,884
|
|
|
70,986
|
|
||||
|
(252,609
|
)
|
|
(33,322
|
)
|
|
(17,941
|
)
|
|
89,414
|
|
||||
|
$
|
(101,387
|
)
|
|
$
|
35,661
|
|
|
$
|
70,695
|
|
|
$
|
107,995
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
United States
|
$
|
29,692
|
|
|
$
|
(55,279
|
)
|
|
$
|
59,876
|
|
|
$
|
135,901
|
|
Foreign
|
362,991
|
|
|
228,623
|
|
|
301,036
|
|
|
281,209
|
|
||||
|
$
|
392,683
|
|
|
$
|
173,344
|
|
|
$
|
360,912
|
|
|
$
|
417,110
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||
Federal U.S. statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State income taxes, net of federal income tax benefit
|
1.9
|
|
|
0.6
|
|
|
0.4
|
|
|
1.1
|
|
Federal U.S. transition tax
|
16.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Federal U.S. rate reduction
|
(55.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign income taxes (primarily U.K.)
|
(12.0
|
)
|
|
(12.6
|
)
|
|
(10.1
|
)
|
|
(8.5
|
)
|
Foreign interest income not subject to tax
|
(2.2
|
)
|
|
(2.3
|
)
|
|
(2.6
|
)
|
|
(1.8
|
)
|
Taxes on unremitted earnings
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
Share-based compensation expense
|
(4.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Valuation allowance
|
(3.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
(1.7
|
)
|
|
(0.1
|
)
|
|
0.4
|
|
|
1.0
|
|
Effective tax rate attributable to Global Payments
|
(25.8
|
)
|
|
20.6
|
|
|
19.6
|
|
|
26.8
|
|
Effective tax rate allocated to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
Effective tax rate
|
(25.8
|
)%
|
|
20.6
|
%
|
|
19.6
|
%
|
|
25.9
|
%
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Deferred income tax assets:
|
|
|
|
||||
Basis difference - U.K. business
|
$
|
8,961
|
|
|
$
|
11,145
|
|
Domestic net operating loss carryforwards
|
17,228
|
|
|
12,723
|
|
||
Foreign income tax credit carryforwards
|
—
|
|
|
7,140
|
|
||
Foreign net operating loss carryforwards
|
3,819
|
|
|
2,559
|
|
||
Share-based compensation expense
|
7,856
|
|
|
11,656
|
|
||
Accrued expenses
|
34,582
|
|
|
54,030
|
|
||
Other
|
18,502
|
|
|
9,101
|
|
||
|
90,948
|
|
|
108,354
|
|
||
Less valuation allowance
|
(16,550
|
)
|
|
(16,611
|
)
|
||
|
74,398
|
|
|
91,743
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Acquired intangibles
|
410,563
|
|
|
663,922
|
|
||
Property and equipment
|
77,481
|
|
|
86,548
|
|
||
Other
|
10,087
|
|
|
1,956
|
|
||
|
498,131
|
|
|
752,426
|
|
||
Net deferred income tax liability
|
$
|
(423,733
|
)
|
|
$
|
(660,683
|
)
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Noncurrent deferred income tax asset
|
$
|
13,146
|
|
|
$
|
15,789
|
|
Noncurrent deferred income tax liability
|
(436,879
|
)
|
|
(676,472
|
)
|
||
|
$
|
(423,733
|
)
|
|
$
|
(660,683
|
)
|
Balance at May 31, 2014
|
$
|
(7,199
|
)
|
Utilization of foreign net operating loss carryforwards
|
3,387
|
|
|
Other
|
(11
|
)
|
|
Balance at May 31, 2015
|
(3,823
|
)
|
|
Allowance for foreign income tax credit carryforward
|
(7,140
|
)
|
|
Allowance for domestic net operating loss carryforwards
|
(4,474
|
)
|
|
Allowance for domestic net unrealized capital loss
|
(1,526
|
)
|
|
Release of allowance of domestic capital loss carryforward
|
1,746
|
|
|
Other
|
98
|
|
|
Balance at May 31, 2016
|
(15,119
|
)
|
|
Allowance for domestic net operating loss carryforwards
|
(1,504
|
)
|
|
Release of allowance of domestic net unrealized capital loss
|
12
|
|
|
Balance at December 31, 2016
|
(16,611
|
)
|
|
Allowance for foreign net operating loss carryforwards
|
(6,469
|
)
|
|
Allowance for domestic net operating loss carryforwards
|
(3,793
|
)
|
|
Allowance for state credit carryforwards
|
(685
|
)
|
|
Rate change on domestic net operating loss and capital loss carryforwards
|
3,868
|
|
|
Utilization of foreign income tax credit carryforward
|
7,140
|
|
|
Balance at December 31, 2017
|
$
|
(16,550
|
)
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at the beginning of the year
|
$
|
17,916
|
|
|
$
|
7,803
|
|
|
$
|
2,559
|
|
|
$
|
67,576
|
|
Additions based on income tax positions related to the current year
|
7,537
|
|
|
4,626
|
|
|
287
|
|
|
6,311
|
|
||||
Additions related to acquisition
|
13,061
|
|
|
6,149
|
|
|
6,151
|
|
|
—
|
|
||||
Additions for income tax positions of prior years
|
411
|
|
|
247
|
|
|
753
|
|
|
512
|
|
||||
Effect of foreign currency fluctuations on income tax positions
|
27
|
|
|
(3
|
)
|
|
2
|
|
|
(5,713
|
)
|
||||
Reductions for income tax positions of prior years
|
(7,285
|
)
|
|
(906
|
)
|
|
(123
|
)
|
|
(32
|
)
|
||||
Settlements with income tax authorities
|
(449
|
)
|
|
—
|
|
|
(1,826
|
)
|
|
(504
|
)
|
||||
Changes in judgment regarding tax position
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,591
|
)
|
||||
Balance at the end of the year
|
$
|
31,218
|
|
|
$
|
17,916
|
|
|
$
|
7,803
|
|
|
$
|
2,559
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Share-based compensation expense
|
$
|
39,095
|
|
|
$
|
18,707
|
|
|
$
|
30,809
|
|
|
$
|
21,056
|
|
Income tax benefit
|
$
|
13,849
|
|
|
$
|
6,582
|
|
|
$
|
9,879
|
|
|
$
|
6,907
|
|
|
|
Shares
|
|
Weighted-Average
Grant-Date Fair Value |
|||
|
|
(in thousands)
|
|
|
|||
Unvested at May 31, 2014
|
|
1,754
|
|
|
$
|
22.72
|
|
Granted
|
|
954
|
|
|
36.21
|
|
|
Vested
|
|
(648
|
)
|
|
23.17
|
|
|
Forfeited
|
|
(212
|
)
|
|
27.03
|
|
|
Unvested at May 31, 2015
|
|
1,848
|
|
|
28.97
|
|
|
Granted
|
|
461
|
|
|
57.04
|
|
|
Vested
|
|
(633
|
)
|
|
27.55
|
|
|
Forfeited
|
|
(70
|
)
|
|
34.69
|
|
|
Unvested at May 31, 2016
|
|
1,606
|
|
|
37.25
|
|
|
Granted
|
|
348
|
|
|
74.26
|
|
|
Vested
|
|
(639
|
)
|
|
31.38
|
|
|
Forfeited
|
|
(52
|
)
|
|
45.27
|
|
|
Unvested at December 31, 2016
|
|
1,263
|
|
|
49.55
|
|
|
Granted
|
|
899
|
|
|
79.79
|
|
|
Vested
|
|
(858
|
)
|
|
39.26
|
|
|
Forfeited
|
|
(78
|
)
|
|
59.56
|
|
|
Unvested at December 31, 2017
|
|
1,226
|
|
|
$
|
78.29
|
|
|
Options
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
|
|||||
|
(in thousands)
|
|
|
|
(years)
|
|
(in millions)
|
|||||
Outstanding at May 31, 2014
|
1,532
|
|
|
$
|
20.36
|
|
|
3.8
|
|
$
|
21.3
|
|
Granted
|
306
|
|
|
35.78
|
|
|
|
|
|
|||
Forfeited
|
(48
|
)
|
|
27.42
|
|
|
|
|
|
|||
Exercised
|
(896
|
)
|
|
20.15
|
|
|
|
|
16.6
|
|
||
Outstanding at May 31, 2015
|
894
|
|
|
25.47
|
|
|
5.2
|
|
23.9
|
|
||
Granted
|
145
|
|
|
55.92
|
|
|
|
|
|
|||
Forfeited
|
(8
|
)
|
|
16.10
|
|
|
|
|
|
|||
Exercised
|
(220
|
)
|
|
22.46
|
|
|
|
|
9.4
|
|
||
Outstanding at May 31, 2016
|
811
|
|
|
31.81
|
|
|
5.8
|
|
36.8
|
|
||
Granted
|
73
|
|
|
74.66
|
|
|
|
|
|
|||
Forfeited
|
(1
|
)
|
|
22.93
|
|
|
|
|
|
|||
Exercised
|
(124
|
)
|
|
22.26
|
|
|
|
|
6.5
|
|
||
Outstanding at December 31, 2016
|
759
|
|
|
37.51
|
|
|
6.0
|
|
24.5
|
|
||
Granted
|
124
|
|
|
79.45
|
|
|
|
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(160
|
)
|
|
23.50
|
|
|
|
|
10.1
|
|
||
Outstanding at December 31, 2017
|
723
|
|
|
$
|
47.79
|
|
|
6.4
|
|
$
|
37.9
|
|
|
|
|
|
|
|
|
|
|||||
Options vested and exercisable at December 31, 2017
|
502
|
|
|
$
|
36.60
|
|
|
5.4
|
|
$
|
31.9
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||
Risk-free interest rate
|
1.99
|
%
|
|
1.05
|
%
|
|
1.62
|
%
|
|
1.57
|
%
|
Expected volatility
|
30.00
|
%
|
|
31.58
|
%
|
|
28.65
|
%
|
|
23.65
|
%
|
Dividend yield
|
0.06
|
%
|
|
0.06
|
%
|
|
0.10
|
%
|
|
0.13
|
%
|
Expected term (years)
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Income taxes paid (refunded), net
|
$
|
97,002
|
|
|
$
|
(3,680
|
)
|
|
$
|
89,684
|
|
|
$
|
66,726
|
|
Interest paid
|
$
|
154,200
|
|
|
$
|
93,624
|
|
|
$
|
58,730
|
|
|
$
|
36,537
|
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Net income attributable to noncontrolling interests
|
$
|
25,645
|
|
|
$
|
12,752
|
|
|
$
|
18,551
|
|
|
$
|
31,075
|
|
Foreign currency translation attributable to noncontrolling interests
|
13,807
|
|
|
(8,417
|
)
|
|
471
|
|
|
(28,597
|
)
|
||||
Comprehensive income attributable to noncontrolling interests
|
$
|
39,452
|
|
|
$
|
4,335
|
|
|
$
|
19,022
|
|
|
$
|
2,478
|
|
|
Foreign Currency Translation
|
|
Unrealized Losses on Hedging Activities
|
|
Other
|
|
Accumulated Other Comprehensive Loss
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at May 31, 2014
|
$
|
1,583
|
|
|
$
|
—
|
|
|
$
|
(3,359
|
)
|
|
$
|
(1,776
|
)
|
Other comprehensive loss, net of tax
|
(179,892
|
)
|
|
(3,874
|
)
|
|
(450
|
)
|
|
(184,216
|
)
|
||||
Balance at May 31, 2015
|
(178,309
|
)
|
|
(3,874
|
)
|
|
(3,809
|
)
|
|
(185,992
|
)
|
||||
Other comprehensive loss, net of tax
|
(56,329
|
)
|
|
(2,881
|
)
|
|
(848
|
)
|
|
(60,058
|
)
|
||||
Balance at May 31, 2016
|
(234,638
|
)
|
|
(6,755
|
)
|
|
(4,657
|
)
|
|
(246,050
|
)
|
||||
Other comprehensive income (loss), net of tax
|
(83,812
|
)
|
|
6,115
|
|
|
1,030
|
|
|
(76,667
|
)
|
||||
Balances at December 31, 2016
|
(318,450
|
)
|
|
(640
|
)
|
|
(3,627
|
)
|
|
(322,717
|
)
|
||||
Other comprehensive income (loss), net of tax
|
132,594
|
|
|
7,639
|
|
|
(660
|
)
|
|
139,573
|
|
||||
Balances at December 31, 2017
|
$
|
(185,856
|
)
|
|
$
|
6,999
|
|
|
$
|
(4,287
|
)
|
|
$
|
(183,144
|
)
|
|
Year Ended
December 31, |
|
Seven Months Ended December 31,
|
|
Year Ended May 31,
|
||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Revenues
(1)
:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
2,929,522
|
|
|
$
|
1,650,616
|
|
|
$
|
2,052,623
|
|
|
$
|
1,968,890
|
|
Europe
|
767,524
|
|
|
403,823
|
|
|
631,900
|
|
|
615,966
|
|
||||
Asia-Pacific
|
278,117
|
|
|
148,457
|
|
|
213,627
|
|
|
188,862
|
|
||||
Consolidated revenues
|
$
|
3,975,163
|
|
|
$
|
2,202,896
|
|
|
$
|
2,898,150
|
|
|
$
|
2,773,718
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss)
(1)
:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
457,009
|
|
|
$
|
233,850
|
|
|
$
|
307,626
|
|
|
$
|
293,139
|
|
Europe
|
272,769
|
|
|
145,767
|
|
|
244,837
|
|
|
240,014
|
|
||||
Asia-Pacific
|
81,273
|
|
|
37,530
|
|
|
50,743
|
|
|
39,697
|
|
||||
Corporate
(2)
|
(252,183
|
)
|
|
(179,196
|
)
|
|
(178,262
|
)
|
|
(116,253
|
)
|
||||
Consolidated operating income
|
$
|
558,868
|
|
|
$
|
237,951
|
|
|
$
|
424,944
|
|
|
$
|
456,597
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
(1)
:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
379,953
|
|
|
$
|
208,198
|
|
|
$
|
128,618
|
|
|
$
|
81,051
|
|
Europe
|
46,928
|
|
|
26,178
|
|
|
40,194
|
|
|
39,910
|
|
||||
Asia-Pacific
|
16,466
|
|
|
10,385
|
|
|
13,935
|
|
|
9,973
|
|
||||
Corporate
|
7,804
|
|
|
2,810
|
|
|
5,134
|
|
|
6,571
|
|
||||
Consolidated depreciation and amortization
|
$
|
451,151
|
|
|
$
|
247,571
|
|
|
$
|
187,881
|
|
|
$
|
137,505
|
|
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
United States
|
$
|
451,436
|
|
|
$
|
413,499
|
|
Foreign countries
|
136,912
|
|
|
112,871
|
|
||
|
$
|
588,348
|
|
|
$
|
526,370
|
|
|
Operating Leases
|
|
Purchase Obligations
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Years ending December 31:
|
|
|
|
||||
2018
|
$
|
41,542
|
|
|
$
|
70,663
|
|
2019
|
35,916
|
|
|
58,494
|
|
||
2020
|
28,149
|
|
|
51,850
|
|
||
2021
|
25,436
|
|
|
42,699
|
|
||
2022
|
23,946
|
|
|
13,734
|
|
||
Thereafter
|
179,295
|
|
|
31,511
|
|
||
Total future minimum payments
|
$
|
334,284
|
|
|
$
|
268,951
|
|
|
Year Ended December 31,
|
|
Seven Months Ended December 31,
|
||||
|
2016
|
|
2015
|
||||
|
|
|
|
||||
Revenues
|
$
|
3,370,976
|
|
|
$
|
1,730,070
|
|
Operating expenses:
|
|
|
|
||||
Cost of service
|
1,603,532
|
|
|
638,700
|
|
||
Selling, general and administrative
|
1,411,096
|
|
|
784,823
|
|
||
|
3,014,628
|
|
|
1,423,523
|
|
||
|
|
|
|
||||
Operating income
|
356,348
|
|
|
306,547
|
|
||
|
|
|
|
||||
Interest and other income
|
46,780
|
|
|
2,886
|
|
||
Interest and other expense
|
(146,156
|
)
|
|
(32,149
|
)
|
||
|
(99,376
|
)
|
|
(29,263
|
)
|
||
|
|
|
|
||||
Income before income taxes
|
256,972
|
|
|
277,284
|
|
||
Provision for income taxes
|
(36,267
|
)
|
|
(70,089
|
)
|
||
Net income
|
220,705
|
|
|
207,195
|
|
||
Less: Net income attributable to noncontrolling interests
|
(18,952
|
)
|
|
(12,351
|
)
|
||
Net income attributable to Global Payments
|
$
|
201,753
|
|
|
$
|
194,844
|
|
|
|
|
|
||||
Earnings per share attributable to Global Payments:
|
|
|
|
||||
Basic earnings per share
|
$
|
1.38
|
|
|
$
|
1.50
|
|
Diluted earnings per share
|
$
|
1.37
|
|
|
$
|
1.49
|
|
|
Quarter Ended
|
||||||||||||||
|
March 31, 2017
|
|
June 30, 2017
|
|
September 30, 2017
|
|
December 31, 2017
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
919,762
|
|
|
$
|
962,240
|
|
|
$
|
1,038,907
|
|
|
$
|
1,054,253
|
|
Operating income
|
104,970
|
|
|
131,852
|
|
|
172,471
|
|
|
149,575
|
|
||||
Net income
|
52,959
|
|
|
72,443
|
|
|
118,362
|
|
|
250,305
|
|
||||
Net income attributable to Global Payments
|
48,813
|
|
|
66,909
|
|
|
110,740
|
|
|
241,962
|
|
||||
Basic earnings per share attributable to Global Payments
|
0.32
|
|
|
0.44
|
|
|
0.72
|
|
|
1.52
|
|
||||
Diluted earnings per share attributable to Global Payments
|
0.32
|
|
|
0.44
|
|
|
0.71
|
|
|
1.51
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
Quarter Ended
|
||||||||||||||
|
March 31, 2016
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
626,259
|
|
|
$
|
842,644
|
|
|
$
|
951,885
|
|
|
$
|
950,187
|
|
Operating income
|
94,573
|
|
|
61,161
|
|
|
120,389
|
|
|
80,226
|
|
||||
Net income
|
63,447
|
|
|
67,133
|
|
|
62,224
|
|
|
27,902
|
|
||||
Net income attributable to Global Payments
|
59,911
|
|
|
62,233
|
|
|
55,510
|
|
|
24,101
|
|
||||
Basic earnings per share attributable to Global Payments
|
0.46
|
|
|
0.42
|
|
|
0.36
|
|
|
0.16
|
|
||||
Diluted earnings per share attributable to Global Payments
|
0.46
|
|
|
0.42
|
|
|
0.36
|
|
|
0.16
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
||||||||
Description
|
|
Balance at
Beginning of Period
|
|
Additions: Charged to
Costs and
Expenses
|
|
Deductions: Uncollectible
Accounts
Write-Offs
(Recoveries)
|
|
Balance at
End
of Period
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
|
|
|
|
|
|
|
||||||||
May 31, 2015
|
|
$
|
401
|
|
|
$
|
324
|
|
|
$
|
257
|
|
|
$
|
468
|
|
May 31, 2016
|
|
468
|
|
|
515
|
|
|
630
|
|
|
353
|
|
||||
December 31, 2016
(2)
|
|
353
|
|
|
4,283
|
|
|
3,544
|
|
|
1,092
|
|
||||
December 31, 2017
|
|
$
|
1,092
|
|
|
$
|
6,113
|
|
|
$
|
5,378
|
|
|
$
|
1,827
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for operating losses-merchant card processing
(1)
|
|
|
|
|
|
|
|
|
||||||||
May 31, 2015
|
|
$
|
1,724
|
|
|
$
|
4,928
|
|
|
$
|
5,366
|
|
|
$
|
1,286
|
|
May 31, 2016
|
|
1,286
|
|
|
3,729
|
|
|
2,555
|
|
|
2,460
|
|
||||
December 31, 2016
(2)
|
|
2,460
|
|
|
4,629
|
|
|
4,810
|
|
|
2,279
|
|
||||
December 31, 2017
|
|
$
|
2,279
|
|
|
$
|
14,893
|
|
|
$
|
13,712
|
|
|
$
|
3,460
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for sales allowances-merchant card processing
(1)
|
|
|
|
|
|
|
|
|
||||||||
May 31, 2015
|
|
$
|
601
|
|
|
$
|
7,974
|
|
|
$
|
3,646
|
|
|
$
|
4,929
|
|
May 31, 2016
|
|
4,929
|
|
|
3,571
|
|
|
7,450
|
|
|
1,050
|
|
||||
December 31, 2016
(2)
|
|
1,050
|
|
|
2,637
|
|
|
3,027
|
|
|
660
|
|
||||
December 31, 2017
|
|
$
|
660
|
|
|
$
|
3,874
|
|
|
$
|
3,954
|
|
|
$
|
580
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reserve for operating losses-check guarantee processing
|
|
|
|
|
|
|
|
|
||||||||
May 31, 2015
|
|
$
|
2,998
|
|
|
$
|
9,578
|
|
|
$
|
9,892
|
|
|
$
|
2,684
|
|
May 31, 2016
|
|
2,684
|
|
|
22,827
|
|
|
20,643
|
|
|
4,868
|
|
||||
December 31, 2016
(2)
|
|
4,868
|
|
|
15,204
|
|
|
14,286
|
|
|
5,786
|
|
||||
December 31, 2017
|
|
$
|
5,786
|
|
|
$
|
28,064
|
|
|
$
|
28,112
|
|
|
$
|
5,738
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deferred income tax asset valuation allowance
|
|
|
|
|
|
|
|
|
||||||||
May 31, 2015
|
|
$
|
7,199
|
|
|
$
|
(3,376
|
)
|
|
$
|
—
|
|
|
$
|
3,823
|
|
May 31, 2016
|
|
3,823
|
|
|
11,296
|
|
|
—
|
|
|
15,119
|
|
||||
December 31, 2016
(2)
|
|
15,119
|
|
|
1,492
|
|
|
—
|
|
|
16,611
|
|
||||
December 31, 2017
|
|
$
|
16,611
|
|
|
$
|
7,079
|
|
|
$
|
7,140
|
|
|
$
|
16,550
|
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise
price of outstanding options, warrants and rights
(b)
|
|
Number of securities
remaining available for
future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
|
||||
Equity compensation plans approved by security holders
|
722,431
|
|
|
$
|
47.79
|
|
|
11,810,191
|
|
Equity compensation plans not approved by security holders
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
722,431
|
|
|
$
|
47.79
|
|
|
11,810,191
|
|
|
Page
Number
|
Reports of Independent Registered Public Accounting Firm
|
|
Consolidated Statements of Income for the year ended December 31, 2017, the seven months ended December 31, 2016 and the years ended May 31, 2016 and 2015
|
|
Consolidated Statements of Comprehensive Income for the year ended December 31, 2017, the seven months ended December 31, 2016 and the years ended May 31, 2016 and 2015
|
|
Consolidated Balance Sheets as of December 31, 2017 and 2016
|
|
Consolidated Statements of Cash Flows for the year ended December 31, 2017, the seven months ended December 31, 2016 and the years ended May 31, 2016 and 2015
|
|
Consolidated Statements of Changes in Equity for the year ended December 31, 2017, the seven months ended December 31, 2016 and the years ended May 31, 2016 and 2015
|
|
Notes to Consolidated Financial Statements
|
|
Page Number
|
Schedule II, Valuation and Qualifying Accounts
|
Exhibit No.
|
Description
|
2.1++
|
|
2.2++
|
|
2.3++
|
|
2.4++
|
|
3.1
|
|
3.2
|
4.1
|
|
10.1
|
|
10.2
|
|
10.3
|
|
10.4
|
|
10.5
|
|
10.6
|
|
10.7+
|
|
10.8+
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|
10.9+
|
|
10.10+
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|
10.11+
|
|
10.12+
|
|
10.13+
|
|
10.14+
|
|
10.15+
|
|
10.16+
|
|
10.17+
|
|
10.18+
|
|
10.19+
|
|
10.20+
|
10.21+
|
|
10.22+
|
|
10.23+
|
|
10.24+
|
|
10.25+
|
|
10.26+
|
|
10.27+
|
|
10.28+
|
|
10.29+
|
|
10.30+
|
|
21.1*
|
|
23.1*
|
|
24.1*
|
|
31.1*
|
|
31.2*
|
|
32.1*
|
|
101.1*
|
The following financial information from the Annual Report on Form 10-K for the year ended December 31, 2017, formatted in XBRL (eXtensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Cash Flows; (v) the Consolidated Statements of Changes in Equity; and (vi) the Notes to Consolidated Financial Statements.
|
|
Page
Number
|
Index to Exhibits
|
GLOBAL PAYMENTS INC.
|
|
|
|
By:
|
/s/ Jeffrey S. Sloan
|
|
Jeffrey S. Sloan
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
By:
|
/s/ Cameron M. Bready
|
|
Cameron M. Bready
|
|
Senior Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
|
By:
|
/s/ David M. Sheffield
|
|
David M. Sheffield
|
|
Senior Vice President and Chief Accounting Officer
|
|
(Principal Accounting Officer)
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
/s/ William I Jacobs *
|
|
Chairman of the Board
|
|
February 22, 2018
|
|
William I Jacobs
|
||||
|
|
|
|
|
|
|
/s/ Robert H.B. Baldwin, Jr.*
|
|
Director
|
|
February 22, 2018
|
|
Robert H.B. Baldwin, Jr.
|
||||
|
|
|
|
|
|
|
/s/ John G. Bruno*
|
|
Director
|
|
February 22, 2018
|
|
John G. Bruno
|
||||
|
|
|
|
|
|
|
/s/ Mitchell L. Hollin*
|
|
Director
|
|
February 22, 2018
|
|
Mitchell L. Hollin
|
||||
|
|
|
|
|
|
|
/s/ Ruth Ann Marshall *
|
|
Director
|
|
February 22, 2018
|
|
Ruth Ann Marshall
|
||||
|
|
|
|
|
|
|
/s/ John M. Partridge *
|
|
Director
|
|
February 22, 2018
|
|
John M. Partridge
|
||||
|
|
|
|
|
|
|
/s/ William B. Plummer *
|
|
Director
|
|
February 22, 2018
|
|
William B. Plummer
|
||||
|
|
|
|
|
|
|
/s/ Alan M. Silberstein *
|
|
Director
|
|
February 22, 2018
|
|
Alan M. Silberstein
|
||||
|
|
|
|
|
|
|
/s/ Jeffrey S. Sloan
|
|
Director
|
|
February 22, 2018
|
|
Jeffrey S. Sloan
|
||||
|
|
|
|
|
|
*By:
|
/s/ Jeffrey S. Sloan
|
|
Attorney-in-fact
|
|
February 22, 2018
|
|
Jeffrey S. Sloan
|
1 Year Global Payments Chart |
1 Month Global Payments Chart |
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