Global Payments : Presentation Q1 2024

1Q 2024

Earnings

	Innovation that delivers.
5/1/2024

Forward-Looking Statements

This presentation contains certain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of and assumptions made by our management, involve risks and uncertainties that could significantly affect the financial condition, results of operations, business plans and the future performance of Global Payments. Actual events or results might differ materially from those expressed or forecasted in these forward-looking statements. Accordingly, we cannot guarantee that our plans and expectations will be achieved. Examples of forward-looking statements include, but are not limited to, statements we make regarding guidance and projected financial results for the year 2024; the effects of general economic conditions on our business; statements about the benefits of acquisitions or divestitures, including future financial and operating results, and the successful integration of our acquisitions or completion of anticipated benefits or strategic initiatives; statements regarding our success and timing in developing and introducing new services and expanding our business; and other statements regarding our future financial performance and the company's plans, objectives, expectations and intentions. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "intends," "plan," "forecast," "could," "should," or words of similar meaning. Although we believe that the plans and expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our plans and expectations will be attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

In addition to factors previously disclosed in Global Payments' reports filed with the SEC and those identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the effects of global economic, political, market, health and social events or other conditions; foreign currency exchange, inflation and rising interest rate risks; difficulties, delays and higher than anticipated costs related to integrating the businesses of acquired companies, including with respect to implementing controls to prevent a material security breach of any internal systems or to successfully manage credit and fraud risks in business units; the effect of a security breach or operational failure on our business; failing to comply with the applicable requirements of Visa, Mastercard or other payment networks or card schemes or changes in those requirements; the ability to maintain Visa and Mastercard registration and financial institution sponsorship; the ability to retain, develop and hire key personnel; the diversion of management's attention from ongoing business operations; the continued availability of capital and financing; increased competition in the markets in which we operate and our ability to increase our market share in existing markets and expand into new markets; our ability to safeguard our data; risks associated with our indebtedness; our ability to meet environmental, social or governance targets, goals and commitments; the potential effect of climate change, including natural disasters; the effects of new or changes in current laws, regulations, credit card association rules or other industry standards on us or our partners and customers, including privacy and cybersecurity laws and regulations; and other events beyond our control, and other factors included in the "Risk Factors" in our most recent Annual Report on Form 10-K and in other documents that we file with the SEC, which are available at https://www.sec.gov.

These cautionary statements qualify all of our forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date they are made and should not be relied upon as representing our plans and expectations as of any subsequent date. While we may elect to update or revise forward-looking statements at some time in the future, we specifically disclaim any obligation to publicly release the results of any revisions to our forward-looking statements, except as required by law.

Use of Non-GAAP Financial Measures

The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. Reconciliations of each of the non-GAAP financial measures to the most directly comparable GAAP measure are included in the appendix attached hereto, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the items that are excluded from the non-GAAP outlook measures.

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Strong financial performance

1Q 2024

Adjusted Net Revenue

$2.18B

+7%

+14% excluding

dispositions

Adjusted Operating Margin

43.5%

+40 bps

Adjusted EPS

$2.59

+8%

+16% excluding

dispositions

See appendix for information regarding non-GAAP financial measures.

Comparisons are to 1Q23 unless otherwise noted.	C O P Y R I G H T G L O B A L P A Y M E N T S 2 0 2 4 A L L R I G H T S R E S E R V E D	3

Merchant Solutions

	Adjusted	Adjusted
	Net Revenue	Operating Margin
1Q 2024	$1.68B	47.0%
	+16%	-30 bps

Outlook +>9%	+up to
2024	30 bps

• Excludes impact from dispositions.

See appendix for information regarding non-GAAP financial measures.

1Q 2024 Highlights

8% adjusted net revenue growth ex. EVO & dispositions

30% increase in US Merchant partners

20%+ POS growth

16% volume growth1

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Issuer Solutions

	Adjusted	Adjusted
	Net Revenue	Operating Margin
1Q 2024	$516M	46.8%
	+5%	+290 bps

2024	+5-6%	+up to
Outlook		50 bps

• Core Issuer business excludes Netspend B2B assets and MineralTree.

See appendix for information regarding non-GAAP financial measures.

1Q 2024 Highlights

5% core Issuer growth1

>6% transactions growth

49M increase in traditional accounts on file

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2024 outlook

Adjusted Net Revenue Adjusted Operating MarginAdjusted EPS

$9.17B to	up to 50 bps	$11.54 to
$9.30B	of expansion	$11.70
+6% to +7%		+11% to +12%
+>7% excluding EVO &		+>14% excluding
dispositions		dispositions

~100% Adjusted Free Cash Flow Conversion1

• Adjusted free cash flow estimated at 100% of adjusted net income; excludes timing impact of realization of R&D expense deductions under the Tax Cuts and Jobs Act.

See appendix for information regarding non-GAAP financial measures.	C O P Y R I G H T G L O B A L P A Y M E N T S 2 0 2 4 A L L R I G H T S R E S E R V E D	6

Non-GAAP Financial Measures

Global Payments supplements revenues, income, operating income, operating margin, earnings per share (EPS) and net operating cash flows determined in accordance with U.S. GAAP by providing these measures with certain adjustments (such measures being non-GAAP financial measures) in this document to assist with evaluating our performance. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations. Management believes adjusted net revenue more closely reflects the economic benefits to the company's core business and allows for better comparisons with industry peers. Management uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation. Adjusted net revenue, adjusted operating income, adjusted operating margin, adjusted net income, adjusted EPS and adjusted free cash flow should be considered in addition to, and not as substitutes for, revenues, operating income, net income, earnings per share and net operating cash flow determined in accordance with GAAP. The non-GAAP financial measures reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

Adjusted net revenue excludes gross-up related payments associated with certain lines of business to reflect economic benefits to the company. On a GAAP basis, these payments are presented gross in both revenues and operating expenses.

Adjusted operating income, adjusted net income and adjusted EPS exclude acquisition-related amortization expense, share-based compensation expense, acquisition, integration and separation expense, and gain or losses on business dispositions, and certain other items specific to each reporting period as more fully described in the accompanying reconciliations. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenue.

The tax rate used in determining the income tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.

Management believes adjusted free cash flow is a useful measure of the company's ability to service debt, return capital to shareholders, invest in the business and demonstrate value creation of our underlying operations. Adjusted free cash flow, a non-GAAP measure, is calculated as net operating cash flows, excluding the impact of settlement processing assets and obligations and customer/client deposits, plus acquisition, integration and separation expenses, less capital expenditures and distributions to non-controlling interests. Our measure of adjusted free cash flow reflects management's judgment of particular items and may not be comparable to similarly titled measures reported by other companies. We are not able to reconcile adjusted free cash flow to our projections for the most directly comparable GAAP financial measures without unreasonable efforts due to the complexity, variability and nature of these estimates.

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Reconciliation of Non-GAAP Financial Measures - Consolidated (unaudited)

(1) Includes adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the three months ended March 31, 2024 and 2023, net revenue adjustments also included $0.5 million and $0.4 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses. Adjustments for the three months ended March 31, 2023 also included a $14.5 million adjustment to exclude revenues that were associated with certain excluded expenses of our consumer business, which was divested in April 2023.

(2) For the three months ended March 31, 2024, earnings adjustments to operating income included $343.2 million in cost of services (COS) and $153.7 million in selling, general and administrative expenses (SG&A). Adjustments to COS consisted of amortization of acquired intangibles of $343.2 million. Adjustments to SG&A included share-based compensation expense of $40.1 million, acquisition, integration and separation expenses of $78.9 million, employee severance charges of $24.9 million, and other items of $9.8 million.

For the three months ended March 31, 2023, earnings adjustments to operating income included $303.6 million in COS and $291.3 million in SG&A. Adjustments to COS included amortization of acquired intangibles of $301.3 million and other items of $2.3 million. Adjustments to SG&A included share-based compensation expense of $89.6 million, acquisition, integration and separation expenses of $174.8 million, facilities exit charges of $7.7 million, and employee severance charges of $19.2 million.

Acquisition, integration and separation expenses for the three months ended March 31, 2023 included $74.2 million related to our divested consumer business. These incremental expenses, which include card and marketing expenses, compensation and benefit expenses, and other expenses, were incurred as a result of contractual obligations with the purchasers of the consumer business and do not reflect the manner in which the company would have operated the business and would not have otherwise been incurred absent the transaction.

For the three months ended March 31, 2023, earnings adjustments to operating income also included the $244.8 million loss on business dispositions.

(3) Income taxes on adjustments reflect the tax effect of earnings adjustments to income before income taxes. The tax rate used in determining the tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.

(4) Includes 270,957 dilutive shares for non-GAAP. All awards are antidilutive for GAAP due to reporting a net loss.

Note: Amounts may not sum due to rounding.

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Reconciliation of Non-GAAP Financial Measures - Segment Adjusted Net Revenue and Adjusted Operating Income (unaudited)

(1) Includes adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the three months ended March 31, 2024 and 2023, net revenue adjustments also included $0.5 million and $0.4 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses. Adjustments for the three months ended March 31, 2023 also included a $14.5 million adjustment to exclude revenues that were associated with certain excluded expenses of our consumer business, which was divested in April 2023.

(2) For the three months ended March 31, 2024, earnings adjustments to operating income included $343.2 million in COS and $153.7 million in SG&A. Adjustments to COS consisted of amortization of acquired intangibles of $343.2 million. Adjustments to SG&A included share-based compensation expense of $40.1 million, acquisition, integration and separation expenses of $78.9 million, employee severance charges of $24.9 million, and other items of $9.8 million.

For the three months ended March 31, 2023, earnings adjustments to operating income included $303.6 million in COS and $291.3 million in SG&A. Adjustments to COS included amortization of acquired intangibles of $301.3 million and other items of $2.3 million. Adjustments to SG&A included share-based compensation expense of $89.6 million, acquisition, integration and separation expenses of $174.8 million, facilities exit charges of $7.7 million, and employee severance charges of $19.2 million.

Acquisition, integration and separation expenses for the three months ended March 31, 2023 included $74.2 million related to our divested consumer business. These incremental expenses, which include card and marketing expenses, compensation and benefit expenses, and other expenses, were incurred as a result of contractual obligations with the purchasers of the consumer business and do not reflect the manner in which the company would have operated the business and would not have otherwise been incurred absent the transaction.

For the three months ended March 31, 2023, earnings adjustments to operating income also included the $244.8 million loss on business dispositions.

(3) The supplemental non-GAAP information excludes the results of the consumer business that was divested in April 2023.

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Reconciliation of Non-GAAP Financial Measures - Segment Adjusted Net Revenue and Adjusted Operating Income (unaudited)

(1) Includes adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefits to the company. For the years ended December 31, 2023 and 2022, net revenue adjustments also included $2.1 million and $6.9 million, respectively, to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses. Adjustments for the years ended December 31, 2023 and 2022, also included a $19.7 million and $10.6 million adjustment, respectively, to exclude revenues that were associated with certain excluded expenses of our consumer business, which was divested in April 2023.

(2) For the year ended December 31, 2023, earnings adjustments to operating income included $1,321.2 million in COS and $710.8 million in SG&A. Adjustments to COS included amortization of acquired intangibles of $1,318.5 million and other items of $2.7 million. Adjustments to SG&A included share-based compensation expense of $209.0 million, acquisition, integration and separation expenses of $433.9 million, facilities exit charges of $18.5 million, employee severance charges of $39.4 million, and other items of $10.0 million. Earnings adjustments to operating income also included a $136.7 million loss on business dispositions.

Acquisition, integration and separation expenses for the year ended December 31, 2023 included $93.6 million related to our divested consumer business. These incremental expenses, which include card and marketing expenses, compensation and benefit expenses, and other expenses, were incurred as a result of contractual obligations with the purchasers of the consumer business and do not reflect the manner in which the company would have operated the business and would not have otherwise been incurred absent the transaction.

For the year ended December 31, 2022, earnings adjustments to operating income included $1,266.1 million in COS and $598.9 million in SG&A. Adjustments to COS included amortization of acquired intangibles of $1,263.0 million and other items of $3.1 million. Adjustments to SG&A included share-based compensation expense of $163.3 million, acquisition, integration and separation expenses of $366.7 million, facilities exit charges of $47.1 million, and other items of $21.8 million.

Acquisition, integration and separation expenses for the year ended December 31, 2022 included $110.6 million related to our divested consumer business. These incremental expenses, which include card and marketing expenses, compensation and benefit expenses, and other expenses, were incurred as a result of contractual obligations with the purchasers of the consumer business and do not reflect the manner in which the company would have operated the business and would not have otherwise been incurred absent the transaction.

For the year ended December 31, 2022, earnings adjustments to operating income also included a $833.1 million noncash goodwill impairment charge related to our former Business and Consumer Solutions segment, and a $199.1 million loss on business dispositions.

(3) The supplemental non-GAAP information excludes the results of the consumer business that was divested in April 2023.

Note: Amounts may not sum due to rounding.

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