Global Payments (GPN) Wolfe Research FinTech Forum summary

Business performance and guidance

• Year-to-date trends are consistent with late 2024, with 2024 guidance for 5%-6% constant currency adjusted net revenue growth, slightly better than prior communications.

• Acceleration is expected in the back half of 2024 as transformation initiatives ramp and contract renewals are lapped.

• Merchant segment outlook is for 6% constant currency adjusted net revenue growth, with first half below and second half above this rate.

• Issuer segment expects growth to accelerate from 3% in Q4 2024 to 4% in 2025, with a strong conversion pipeline of over 70 million accounts extending into 2026.

• Organic growth is in the 5%-6% range, with M&A contributions immaterial; Takepayments acquisition adds less than 25-50 basis points in 2025.

Transformation initiatives and strategy

• Over 600 transformation initiatives are underway, including the consolidation of POS platforms under the Genius brand, launching in the U.S. in Q2 and internationally in the back half of 2024.

• The Sales Force of the Future Program is modernizing and retraining the sales force, with a new compensation plan rolled out to over 50% of the team.

• Strategic focus includes harmonizing products globally, exiting non-core markets, and not renewing certain contracts to align with overall strategy.

• Transformation is expected to cause modest disruption in the first half of 2025, with benefits materializing in the second half and positioning for stronger growth in 2026.

Geographic and segment positioning

• The U.S. remains the largest market, especially for software and POS revenue, with Europe accounting for about 20% of merchant business and leading positions in the U.K., Spain, and Central Europe.

• Expansion in international markets is a priority, leveraging distribution channels and launching Genius and other software products.

• Joint ventures with banks in Spain and Central Europe have driven significant growth and will continue to be a key go-to-market strategy.

• Recent divestitures include gaming and AdvancedMD, with ongoing consideration for further asset sales depending on strategic fit and returns.