GPN - Global Payments Inc. (GPN) Q1 2024 Earnings Call Transcript

2024-05-01 11:53:04 ET

Global Payments, Inc. (GPN)

Q1 2024 Earnings Conference Call

May 1, 2024, 8:00 am ET

Company Participants

Winnie Smith - SVP, IR

Cameron Bready - President & CEO

Josh Whipple - Senior EVP & CFO

Conference Call Participants

Bryan Keane - Deutsche Bank

Darrin Peller - Wolfe Research

Tien-tsin Huang - J.P. Morgan

Dan Perlin - RBC Capital Markets

Dave Koning - Baird

Trevor Williams - Jefferies

Will Nance - Goldman Sachs

Presentation

Operator

Ladies and gentlemen, thank you for standing by and welcome to Global Payments' First Quarter 2024 Earnings Conference Call.

At this time, all participants are in a listen-only mode. Later, we will open the lines for questions and answers. [Operator Instructions]. And as a reminder, today's call is being recorded.

At this time, I would like to turn the conference over to your host, Senior Vice President, Investor Relations, Winnie Smith. Please go ahead.

Winnie Smith

Good morning and welcome to Global Payments first quarter 2024 conference call.

Our earnings release and the slides that accompany this call can be found on the Investor Relations area of our website at www.globalpayments.com.

Before we begin, I'd like to remind you that some of the comments made by management during today's conference call contain forward-looking statements about, among other matters, expected operating and financial results. These statements are subject to risks, uncertainties and other factors, including the impact of economic conditions on our future operations that could cause actual results to differ materially from expectations. Certain Risk Factors inherent in our business are set forth in filings with the SEC, including our most recent 10-K and subsequent filings. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them.

We will also be referring to several non-GAAP financial measures which we believe are more reflective of our ongoing performance. For a full reconciliation of the non-GAAP financial measures discussed in this call to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this morning and our supplemental material available on the Investor Relations section of our website.

Joining me on the call are Cameron Bready, President and CEO; and Josh Whipple, Senior Executive Vice President and CFO.

Now, I'll turn the call over to Cameron.

Cameron Bready

Thanks, Winnie, and good morning, everyone.

We are pleased with our first quarter results, which were ahead of our expectations as we saw strong execution across our businesses in resilient consumer trends, despite the uncertain macroeconomic environment. Specifically, we achieved 7% adjusted net revenue growth and delivered adjusted earnings per share growth of 8% or mid-teens adjusted earnings per share growth, excluding the impact of the divestiture of Netspend's consumer assets. We also expanded margins 40 basis points....

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