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Here's Why Global Payments Shares Are Trading Higher Premarket

·2 min read
  • Global Payments Inc (NYSE: GPNreported second-quarter FY22 adjusted net revenue growth of 6% year-on-year to $2.06 billion, missing the consensus of $2.07 billion.

  • The adjusted operating margin expanded 200 basis points to 43.8%.

  • Adjusted EPS of $2.36 beat the consensus of $2.35.

  • Global Payments held $1.93 billion in cash and equivalents.

  • Dividend: The board approved a dividend of $0.25 per share, payable September 30, 2022, to shareholders of record on September 16, 2022.

  • The board authorized an increase of the company's share repurchase program to a total available authorization of $1.5 billion.

  • CEO Jeff Sloan said, "Our Merchant and Issuer businesses both exceeded our targets, with our Issuer business delivering significant sequential improvement as expected."

  • GPN agreed to acquire EVO Payments, Inc (NASDAQ: EVOP) for $4.0 billion of enterprise value.

  • The all-cash transaction of $34.00 per share represents a premium of approximately 24% and 40% to EVOP's last closing price and its 60-day average price, respectively, as of July 29, 2022.

  • Silver Lake has committed a $1.5 billion long-term strategic investment in Global Payments in the form of convertible senior notes.

  • GPN agreed to sell Netspend's consumer assets to Searchlight Capital and Rev Worldwide for $1.0 billion.

  • Outlook: Global Payments raised the FY22 adjusted net revenue outlook from $8.42 billion - $8.50 billion to $8.48 billion - $8.55 billion, above the consensus of $8.41 billion.

  • Global Payments increased the adjusted EPS outlook from $9.45 - $9.67 to $9.53 - $9.75, above the consensus of $9.51.

  • Price Action: GPN shares traded higher by 3.01% at $126.00 and EVOP up by 20.74% at $33.01 in the premarket on the last check Monday.

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