Quarterly report pursuant to section 13 or 15(d) of the securities exchange act of 1934


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q

 

 

 

 

x

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2014
OR


 

 

 

 

¨

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             
Commission file number: 001-16111



GLOBAL PAYMENTS INC.

(Exact name of registrant as specified in charter)



 

 

 

 

Georgia

 

58-2567903

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)




 

 

 

 

10 Glenlake Parkway, North Tower, Atlanta, Georgia

 

30328

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (770) 829-8000
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ý    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


 

 

 

 

Large accelerated filer x

 

Accelerated filer ¨

Non-accelerated filer ¨ (Do not check if a smaller reporting company)

 

Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


 

 

 

 

 

Yes ¨   No x

 

The number of shares of the issuer’s common stock, no par value, outstanding as of January 5, 2015 was 67,059,785.

Table of Contents
GLOBAL PAYMENTS INC.

FORM 10-Q

For the quarterly period ended November 30, 2014
TABLE OF CONTENTS

 

 

 

 

 

 

 

 

Page

PART I - FINANCIAL INFORMATION

ITEM 1.

 

Unaudited Consolidated Statements of Income for the three months ended November 30, 2014 and November 30, 2013

3

 

 

Unaudited Consolidated Statements of Income for the six months ended November 30, 2014 and November 30, 2013

4

 

 

Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three months ended November 30, 2014 and November 30, 2013

5

 

 

Unaudited Consolidated Statements of Comprehensive Income for the six months ended November 30, 2014 and November 30, 2013

5

 

 

Consolidated Balance Sheets at November 30, 2014 (unaudited) and May 31, 2014

6

 

 

Unaudited Consolidated Statements of Cash Flows for the six months ended November 30, 2014 and November 30, 2013

7

 

 

Unaudited Consolidated Statements of Changes in Equity for the six months ended November 30, 2014 and November 30, 2013

8

 

 

Notes to Unaudited Consolidated Financial Statements

10

ITEM 2.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

26

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

37

ITEM 4.

 

CONTROLS AND PROCEDURES

37

PART II - OTHER INFORMATION

ITEM 1.

 

LEGAL PROCEEDINGS

38

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

38

ITEM 6.

 

EXHIBITS

39

 

 

SIGNATURES

40



2


Table of Contents
PART 1 - FINANCIAL INFORMATION




ITEM 1 - FINANCIAL STATEMENTS



GLOBAL PAYMENTS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

November 30, 2014

 

November 30, 2013

 

 

 

 

Revenues

$

697,291

 

 

$

634,122

 

Operating expenses:

 

 

 

Cost of service

257,796

 

 

235,170

 

Sales, general and administrative

315,511

 

 

294,045

 

 Processing system intrusion



 

 

(7,000

)

 

573,307

 

 

522,215

 

Operating income

123,984

 

 

111,907

 

Other income (expense):

 

 

 

Interest and other income

1,282

 

 

5,288

 

Interest and other expense

(10,350

)

 

(8,025

)

 

(9,068

)

 

(2,737

)

Income before income taxes

114,916

 

 

109,170

 

Provision for income taxes

(29,660

)

 

(29,313

)

Net income

85,256

 

 

79,857

 

Less: Net income attributable to noncontrolling interests, net of income tax

(10,475

)

 

(5,960

)

Net income attributable to Global Payments

$

74,781

 

 

$

73,897

 

 

 

 

 

Earnings per share attributable to Global Payments:

 

 

 

Basic

$

1.11

 

 

$

1.02

 

Diluted

$

1.10

 

 

$

1.02

 

See Notes to Unaudited Consolidated Financial Statements.

 

3


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