Global Payments Inc. Q4 FY2023 results: revenue $2.4 billion, up 8.0% on the year

Global Payments Inc. (GPN) reported revenue of $2.4 billion for Q4 FY2023, the quarter ended 31 December 2023, up 8.0% on the same quarter a year earlier. Net income was $361 million, up 44.9% on the year, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$2.4 billionup 8.0%

Net income$361 millionup 44.9%

Diluted EPS$1.37

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,434	2,476	n/a	n/a
Cost of revenue	922	916	n/a	n/a
Gross profit	1,512	1,560	n/a	n/a
Gross margin	62.1%	63.0%	n/a
Selling, general and administrative	1,015	1,002	n/a	n/a
Operating income	499	558	n/a	n/a
Operating margin	20.5%	22.5%	n/a
Interest expense	165	173	n/a	n/a
Pre-tax income	368	418	n/a	n/a
Income tax	9.3	58.9	n/a	n/a
Effective tax rate	2.5%	14.1%	n/a
Net income	361	362	n/a	n/a
Net margin	14.8%	14.6%	n/a
Diluted EPS	$1.37	$1.39	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	657	427	n/a	n/a
Capital expenditure	157	170	n/a	n/a
Free cash flow	500	257	n/a	n/a
Free cash flow margin	20.5%	10.4%	n/a
Depreciation and amortisation	449	459	n/a	n/a
Share-based compensation	35.7	36.6	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	64.8	65.0	n/a	n/a
Dividend per share	n/a	$0.25	n/a	n/a
Diluted shares, weighted	262m	261m	n/a	n/a
Shares outstanding at period end	260m	260m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	50,570	48,925	n/a	n/a
Cash and equivalents	2,089	1,942	n/a	n/a
Receivables	1,120	1,078	n/a	n/a
Goodwill	26,744	26,518	n/a	n/a
Long-term debt	16,368	16,708	n/a	n/a
Long-term debt including finance leases	15,692	16,571	n/a	n/a
Operating lease liabilities	411	n/a	n/a	n/a
Finance lease liabilities	12.5	n/a	n/a	n/a
Shareholders' equity	22,999	22,442	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,476	2,434	2,420	2,569	2,602	2,515	2,412	1,957	2,008	n/a	2,970	3,321
Cost of revenue	916	922	922	938	947	952	921	499	557	n/a	1,274	1,294
Gross profit	1,560	1,512	1,498	1,630	1,655	1,563	1,491	1,458	1,451	n/a	1,696	2,027
Gross margin	63%	62%	62%	63%	64%	62%	62%	75%	72%	n/a	57%	61%
SG&A	1,002	1,015	1,046	1,058	1,179	1,003	1,024	1,031	1,017	n/a	1,712	1,690
Operating income	558	499	452	573	476	833	471	427	778	n/a	-15.6	337
Operating margin	23%	20%	19%	22%	18%	33%	20%	22%	39%	n/a	-1%	10%
Interest expense	173	165	161	154	150	154	147	151	142	n/a	239	261
Pre-tax income	418	368	326	449	375	719	353	310	656	n/a	-224	104
Tax rate	14%	3%	6%	17%	15%	20%	17%	38%	30%	n/a	n/a	-5%
Net income	362	361	313	375	315	567	306	242	635	n/a	-1,800	13.0
Net margin	15%	15%	13%	15%	12%	23%	13%	12%	32%	n/a	-61%	0%
Diluted EPS	$1.39	$1.37	$1.22	$1.47	$1.24	$2.23	$1.24	$0.99	$2.64	n/a	-$6.59	$0.05
Operating cash flow	427	657	416	737	1,726	653	555	818	769	n/a	-289	663
Capital expenditure	170	157	145	179	166	184	128	152	170	n/a	261	236
Free cash flow	257	500	271	558	1,560	469	428	665	599	n/a	-550	427
Buybacks	0.0	0.0	800	100.0	0.0	652	446	245	500	n/a	550	550
Dividends paid	65.0	64.8	63.6	63.4	63.4	62.3	61.1	60.4	58.0	n/a	68.2	66.5
Shares outstanding	260m	260m	255m	254m	254m	249m	245m	242m	237m	237m	273m	266m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001123360-24-000004: the filing on EDGAR. All of Global Payments Inc.'s filings: EDGAR company page.

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