Global Payments Reports Fourth Quarter and Full Year 2023 Results
-
Fourth quarter 2023 GAAP diluted earnings per share (EPS) of
$1.38 and adjusted EPS of$2.65 -
Fourth quarter 2023 GAAP revenue of
$2.43 billion and adjusted net revenue of$2.19 billion , both an increase of 8% - Expects to Launch Commerzbank Joint Venture in First Half of 2024
-
Renews Agreements with Capital One Financial and
Navy Federal Credit Union
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240214173169/en/
“We are pleased with our results for the fourth quarter and full year 2023 that were ahead of our initial expectations outlined last February,” said
Bready continued, “We also accomplished a great deal strategically last year, including successfully closing our acquisition of EVO Payments in March, providing further penetration into integrated payments, enhancing our B2B capabilities and expanding our exposure to stronger secular growth markets. Further, we completed the exit of our Netspend Consumer and Gaming Solutions businesses. These transactions represent important milestones as we seek to advance our strategy and operate a simpler business model centered on our core corporate and financial institution customer base.”
Bready concluded, “And we are already off to a great start in 2024. Our recently announced joint venture with Commerzbank will meaningfully expand our presence in
Fourth Quarter 2023 Summary
-
GAAP revenues were
$2.43 billion , compared to$2.25 billion in 2022; diluted earnings per share were$1.38 , compared to$0.94 in the prior year; and operating margin was 20.5%, compared to 18.1% in the prior year. -
Adjusted net revenues increased 8% to
$2.19 billion , compared to$2.02 billion in 2022. -
Adjusted earnings per share increased 10% to
$2.65 , compared to$2.42 in 2022. - Adjusted operating margin expanded 30 basis points to 44.8%.
Full Year 2023 Summary
-
GAAP revenues were
$9.65 billion , compared to$8.98 billion in 2022; diluted earnings per share were$3.77 , compared to$0.40 in the prior year; and operating margin was 17.8%, compared to 7.1% in the prior year. -
Adjusted net revenues increased 7% to
$8.67 billion , compared to$8.09 billion in 2022. -
Adjusted earnings per share increased 12% to
$10.42 , compared to$9.32 in 2022. - Adjusted operating margin expanded 90 basis points to 44.6%.
2024 Outlook
“We are pleased with our consistent execution and how our business is positioned as we enter 2024,” said
Whipple concluded, “Our outlook for the year reflects the continued positive momentum in our business, while also accommodating a slightly more tempered economic environment given continued uncertainty.”
Capital Allocation
Global Payments’ Board of Directors approved a dividend of
Conference Call
Global Payments’ management will host a live audio webcast today,
Non-GAAP Financial Measures
Reconciliations of each of the non-GAAP financial measures to the most directly comparable GAAP measure are included in the schedules to this release, 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.
About
Headquartered in
Forward-Looking Statements
Investors are cautioned that some of the statements we use in this release contain forward-looking statements and are made pursuant to 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
In addition to factors previously disclosed in Global Payments’ reports filed with the
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.
SCHEDULE 1 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data) |
|||||||||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
$ |
2,433,812 |
|
|
$ |
2,252,984 |
|
|
8.0 |
% |
|
$ |
9,654,419 |
|
|
$ |
8,975,515 |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of service |
|
922,284 |
|
|
|
927,911 |
|
|
(0.6 |
)% |
|
|
3,727,521 |
|
|
|
3,778,617 |
|
|
(1.4 |
)% |
Selling, general and administrative |
|
1,015,164 |
|
|
|
919,495 |
|
|
10.4 |
% |
|
|
4,073,768 |
|
|
|
3,524,578 |
|
|
15.6 |
% |
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
— |
|
|
|
833,075 |
|
|
nm |
|
Net (gain) loss on business dispositions |
|
(2,351 |
) |
|
|
(2,051 |
) |
|
14.6 |
% |
|
|
136,744 |
|
|
|
199,094 |
|
|
(31.3 |
)% |
|
|
1,935,097 |
|
|
|
1,845,355 |
|
|
|
|
|
7,938,033 |
|
|
|
8,335,364 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
498,715 |
|
|
|
407,630 |
|
|
22.3 |
% |
|
|
1,716,386 |
|
|
|
640,151 |
|
|
168.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income |
|
38,881 |
|
|
|
8,544 |
|
|
355.1 |
% |
|
|
113,711 |
|
|
|
33,604 |
|
|
238.4 |
% |
Interest and other expense |
|
(169,687 |
) |
|
|
(121,778 |
) |
|
39.3 |
% |
|
|
(660,150 |
) |
|
|
(449,433 |
) |
|
46.9 |
% |
|
|
(130,806 |
) |
|
|
(113,234 |
) |
|
|
|
|
(546,439 |
) |
|
|
(415,829 |
) |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes and equity in income of equity method investments |
|
367,909 |
|
|
|
294,396 |
|
|
25.0 |
% |
|
|
1,169,947 |
|
|
|
224,322 |
|
|
nm |
|
Income tax expense |
|
9,272 |
|
|
|
47,444 |
|
|
(80.5 |
)% |
|
|
209,020 |
|
|
|
166,694 |
|
|
25.4 |
% |
Income before equity in income of equity investments |
|
358,637 |
|
|
|
246,952 |
|
|
45.2 |
% |
|
|
960,927 |
|
|
|
57,628 |
|
|
nm |
|
Equity in income of equity method investments, net of tax |
|
13,795 |
|
|
|
11,611 |
|
|
18.8 |
% |
|
|
67,896 |
|
|
|
85,685 |
|
|
(20.8 |
)% |
Net income |
|
372,432 |
|
|
|
258,563 |
|
|
44.0 |
% |
|
|
1,028,823 |
|
|
|
143,313 |
|
|
nm |
|
Net income attributable to noncontrolling interests |
|
(11,136 |
) |
|
|
(9,257 |
) |
|
20.3 |
% |
|
|
(42,590 |
) |
|
|
(31,820 |
) |
|
33.8 |
% |
Net income attributable to |
$ |
361,296 |
|
|
$ |
249,306 |
|
|
44.9 |
% |
|
$ |
986,233 |
|
|
$ |
111,493 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share |
$ |
1.39 |
|
|
$ |
0.94 |
|
|
47.9 |
% |
|
$ |
3.78 |
|
|
$ |
0.41 |
|
|
nm |
|
Diluted earnings per share |
$ |
1.38 |
|
|
$ |
0.94 |
|
|
46.8 |
% |
|
$ |
3.77 |
|
|
$ |
0.40 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
260,375 |
|
|
|
265,637 |
|
|
|
|
|
261,126 |
|
|
|
275,191 |
|
|
|
||
Diluted |
|
261,102 |
|
|
|
265,963 |
|
|
|
|
|
261,698 |
|
|
|
275,576 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Note: nm = not meaningful. |
SCHEDULE 2 NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(In thousands, except per share data) |
|||||||||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net revenue |
$ |
2,186,240 |
|
$ |
2,022,309 |
|
8.1 |
% |
|
$ |
8,670,965 |
|
$ |
8,091,650 |
|
7.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating income |
$ |
978,506 |
|
$ |
898,201 |
|
8.9 |
% |
|
$ |
3,867,524 |
|
$ |
3,533,644 |
|
9.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income attributable to |
$ |
692,206 |
|
$ |
643,082 |
|
7.6 |
% |
|
$ |
2,727,407 |
|
$ |
2,569,331 |
|
6.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted diluted earnings per share attributable to |
$ |
2.65 |
|
$ |
2.42 |
|
9.5 |
% |
|
$ |
10.42 |
|
$ |
9.32 |
|
11.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Supplemental Non-GAAP(1) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net revenue(1) |
$ |
2,186,240 |
|
$ |
1,898,631 |
|
15.1 |
% |
|
$ |
8,525,523 |
|
$ |
7,527,748 |
|
13.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating income(1) |
$ |
978,506 |
|
$ |
839,787 |
|
16.5 |
% |
|
$ |
3,794,294 |
|
$ |
3,345,706 |
|
13.4 |
% |
----------------------------------------------------------------------------------
(1) |
The supplemental non-GAAP information reflects the divestiture of our consumer business which closed in |
|
|
|
See Schedules 6 and 7 for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure, Schedules 8 and 9 for a reconciliation of adjusted net revenue and adjusted operating income by segment and supplemental non-GAAP information to the most comparable GAAP measure, and Schedule 10 for a discussion of non-GAAP financial measures. |
SCHEDULE 3 SEGMENT INFORMATION (UNAUDITED)
(In thousands) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
% Change |
||||||||||||||||
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchant Solutions |
|
$ |
1,819,885 |
|
|
$ |
1,670,482 |
|
|
$ |
1,553,856 |
|
|
$ |
1,409,564 |
|
|
17.1 |
% |
|
18.5 |
% |
Issuer Solutions |
|
|
629,674 |
|
|
|
530,649 |
|
|
|
582,616 |
|
|
|
501,326 |
|
|
8.1 |
% |
|
5.8 |
% |
Consumer Solutions |
|
|
— |
|
|
|
— |
|
|
|
142,401 |
|
|
|
136,491 |
|
|
nm |
|
nm |
||
Intersegment eliminations |
|
|
(15,747 |
) |
|
|
(14,891 |
) |
|
|
(25,889 |
) |
|
|
(25,072 |
) |
|
39.2 |
% |
|
40.6 |
% |
|
|
$ |
2,433,812 |
|
|
$ |
2,186,240 |
|
|
$ |
2,252,984 |
|
|
$ |
2,022,309 |
|
|
8.0 |
% |
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchant Solutions |
|
$ |
596,633 |
|
|
$ |
797,346 |
|
|
$ |
509,682 |
|
|
$ |
681,718 |
|
|
17.1 |
% |
|
17.0 |
% |
Issuer Solutions |
|
|
117,419 |
|
|
|
251,003 |
|
|
|
112,025 |
|
|
|
241,919 |
|
|
4.8 |
% |
|
3.8 |
% |
Consumer Solutions |
|
|
— |
|
|
|
— |
|
|
|
(14,141 |
) |
|
|
58,414 |
|
|
nm |
|
nm |
||
Corporate |
|
|
(217,688 |
) |
|
|
(69,843 |
) |
|
|
(201,987 |
) |
|
|
(83,850 |
) |
|
(7.8 |
)% |
|
16.7 |
% |
Net gain on business dispositions |
|
|
2,351 |
|
|
|
— |
|
|
|
2,051 |
|
|
|
— |
|
|
(14.7 |
)% |
|
nm |
|
|
|
$ |
498,715 |
|
|
$ |
978,506 |
|
|
$ |
407,630 |
|
|
$ |
898,201 |
|
|
22.3 |
% |
|
8.9 |
% |
|
|
Years Ended |
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
% Change |
||||||||||||||||
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchant Solutions |
|
$ |
7,151,793 |
|
|
$ |
6,536,966 |
|
|
$ |
6,204,917 |
|
|
$ |
5,630,713 |
|
|
15.3 |
% |
|
16.1 |
% |
Issuer Solutions |
|
|
2,398,870 |
|
|
|
2,045,883 |
|
|
|
2,245,623 |
|
|
|
1,943,087 |
|
|
6.8 |
% |
|
5.3 |
% |
Consumer Solutions |
|
|
182,740 |
|
|
|
163,027 |
|
|
|
620,482 |
|
|
|
609,833 |
|
|
nm |
|
nm |
||
Intersegment eliminations |
|
|
(78,984 |
) |
|
|
(74,911 |
) |
|
|
(95,507 |
) |
|
|
(91,983 |
) |
|
17.3 |
% |
|
18.6 |
% |
|
|
$ |
9,654,419 |
|
|
$ |
8,670,965 |
|
|
$ |
8,975,515 |
|
|
$ |
8,091,650 |
|
|
7.6 |
% |
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchant Solutions |
|
$ |
2,345,255 |
|
|
$ |
3,148,540 |
|
|
$ |
2,040,255 |
|
|
$ |
2,758,004 |
|
|
14.9 |
% |
|
14.2 |
% |
Issuer Solutions |
|
|
409,807 |
|
|
|
948,799 |
|
|
|
356,215 |
|
|
|
881,980 |
|
|
15.0 |
% |
|
7.6 |
% |
Consumer Solutions |
|
|
(3,908 |
) |
|
|
73,230 |
|
|
|
53,594 |
|
|
|
187,936 |
|
|
nm |
|
nm |
||
Corporate |
|
|
(898,024 |
) |
|
|
(303,045 |
) |
|
|
(777,744 |
) |
|
|
(294,278 |
) |
|
(15.5 |
)% |
|
(3.0 |
)% |
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
(833,075 |
) |
|
|
— |
|
|
nm |
|
— |
% |
|
Net loss on business dispositions |
|
|
(136,744 |
) |
|
|
— |
|
|
|
(199,094 |
) |
|
|
— |
|
|
31.3 |
% |
|
nm |
|
|
|
$ |
1,716,386 |
|
|
$ |
3,867,524 |
|
|
$ |
640,151 |
|
|
$ |
3,533,644 |
|
|
168.1 |
% |
|
9.4 |
% |
----------------------------------------------------------------------------------
See Schedules 8 and 9 for a reconciliation of adjusted net revenue and adjusted operating income by segment to the most comparable GAAP measures and Schedule 10 for a discussion of non-GAAP financial measures. |
|
Note: Amounts may not sum due to rounding. |
|
Note: nm = not meaningful. |
SCHEDULE 4 CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data) |
|||||||
|
|
|
|
||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
2,088,887 |
|
|
$ |
1,997,566 |
|
Accounts receivable, net |
|
1,120,078 |
|
|
|
998,332 |
|
Settlement processing assets |
|
4,097,417 |
|
|
|
2,519,114 |
|
Current assets held for sale |
|
6,451 |
|
|
|
138,815 |
|
Prepaid expenses and other current assets |
|
760,926 |
|
|
|
660,321 |
|
Total current assets |
|
8,073,759 |
|
|
|
6,314,148 |
|
|
|
26,743,523 |
|
|
|
23,320,736 |
|
Other intangible assets, net |
|
10,168,046 |
|
|
|
9,658,374 |
|
Property and equipment, net |
|
2,190,005 |
|
|
|
1,838,809 |
|
Deferred income taxes |
|
111,712 |
|
|
|
37,907 |
|
Noncurrent assets held for sale |
|
327 |
|
|
|
1,295,799 |
|
Notes receivable |
|
713,123 |
|
|
|
— |
|
Other noncurrent assets |
|
2,569,691 |
|
|
|
2,343,241 |
|
Total assets |
$ |
50,570,186 |
|
|
$ |
44,809,014 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Settlement lines of credit |
$ |
981,244 |
|
|
$ |
747,111 |
|
Current portion of long-term debt |
|
620,585 |
|
|
|
1,169,330 |
|
Accounts payable and accrued liabilities |
|
2,823,638 |
|
|
|
2,442,560 |
|
Settlement processing obligations |
|
3,698,921 |
|
|
|
2,413,799 |
|
Current liabilities held for sale |
|
1,341 |
|
|
|
125,891 |
|
Total current liabilities |
|
8,125,729 |
|
|
|
6,898,691 |
|
Long-term debt |
|
15,692,297 |
|
|
|
12,289,248 |
|
Deferred income taxes |
|
2,242,105 |
|
|
|
2,428,412 |
|
Noncurrent liabilities held for sale |
|
— |
|
|
|
4,478 |
|
Other noncurrent liabilities |
|
722,540 |
|
|
|
647,975 |
|
Total liabilities |
|
26,782,671 |
|
|
|
22,268,804 |
|
Commitments and contingencies |
|
|
|
||||
Redeemable noncontrolling interests |
|
507,965 |
|
|
|
— |
|
Equity: |
|
|
|
||||
Preferred stock, no par value; 5,000,000 shares authorized and none issued |
|
— |
|
|
|
— |
|
Common stock, no par value; 400,000,000 shares authorized at |
|
— |
|
|
|
— |
|
Paid-in capital |
|
19,800,953 |
|
|
|
19,978,095 |
|
Retained earnings |
|
3,457,182 |
|
|
|
2,731,380 |
|
Accumulated other comprehensive loss |
|
(258,925 |
) |
|
|
(405,969 |
) |
Total |
|
22,999,210 |
|
|
|
22,303,506 |
|
Nonredeemable noncontrolling interests |
|
280,340 |
|
|
|
236,704 |
|
Total equity |
|
23,279,550 |
|
|
|
22,540,210 |
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
50,570,186 |
|
|
$ |
44,809,014 |
|
SCHEDULE 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands) |
|||||||
|
Years Ended |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
1,028,823 |
|
|
$ |
143,313 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization of property and equipment |
|
458,157 |
|
|
|
399,486 |
|
Amortization of acquired intangibles |
|
1,318,535 |
|
|
|
1,262,969 |
|
Amortization of capitalized contract costs |
|
123,405 |
|
|
|
109,701 |
|
Share-based compensation expense |
|
208,994 |
|
|
|
163,261 |
|
Provision for operating losses and credit losses |
|
97,103 |
|
|
|
116,879 |
|
Noncash lease expense |
|
65,307 |
|
|
|
78,935 |
|
Deferred income taxes |
|
(499,974 |
) |
|
|
(315,495 |
) |
Equity in income of equity method investments, net of tax |
|
(67,896 |
) |
|
|
(85,685 |
) |
Facilities exit charges |
|
5,994 |
|
|
|
30,437 |
|
Distributions received on investments |
|
18,267 |
|
|
|
45,521 |
|
Impairment of goodwill |
|
— |
|
|
|
833,075 |
|
Net loss on business dispositions |
|
136,744 |
|
|
|
199,094 |
|
Other, net |
|
18,545 |
|
|
|
993 |
|
Changes in operating assets and liabilities, net of the effects of business combinations: |
|
|
|
||||
Accounts receivable |
|
(78,647 |
) |
|
|
(111,974 |
) |
Settlement processing assets and obligations, net |
|
(345,898 |
) |
|
|
(313,333 |
) |
Prepaid expenses and other assets |
|
(289,826 |
) |
|
|
(295,980 |
) |
Accounts payable and other liabilities |
|
51,108 |
|
|
|
(17,157 |
) |
Net cash provided by operating activities |
|
2,248,741 |
|
|
|
2,244,040 |
|
Cash flows from investing activities: |
|
|
|
||||
Business combinations and other acquisitions, net of cash and restricted cash acquired |
|
(4,225,610 |
) |
|
|
(65,672 |
) |
Capital expenditures |
|
(658,142 |
) |
|
|
(615,652 |
) |
Issuance of notes receivable |
|
(50,000 |
) |
|
|
— |
|
Repayment of notes receivable |
|
50,000 |
|
|
|
— |
|
Net cash from sales of businesses |
|
479,067 |
|
|
|
(29,755 |
) |
Proceeds from sale of investments |
|
42,135 |
|
|
|
33,046 |
|
Other, net |
|
1,438 |
|
|
|
2,496 |
|
Net cash used in investing activities |
|
(4,361,112 |
) |
|
|
(675,537 |
) |
Cash flows from financing activities: |
|
|
|
||||
Net borrowings from settlement lines of credit |
|
220,682 |
|
|
|
285,644 |
|
Net borrowings from commercial paper notes |
|
1,367,859 |
|
|
|
— |
|
Proceeds from long-term debt |
|
10,336,850 |
|
|
|
9,812,289 |
|
Repayments of long-term debt |
|
(9,099,938 |
) |
|
|
(7,895,131 |
) |
Payments of debt issuance costs |
|
(12,735 |
) |
|
|
(48,635 |
) |
Repurchases of common stock |
|
(418,272 |
) |
|
|
(2,921,307 |
) |
Proceeds from stock issued under share-based compensation plans |
|
60,345 |
|
|
|
44,127 |
|
Common stock repurchased - share-based compensation plans |
|
(41,225 |
) |
|
|
(38,601 |
) |
Distributions to noncontrolling interests |
|
(32,997 |
) |
|
|
(23,031 |
) |
Proceeds from noncontrolling interests |
|
26,205 |
|
|
|
— |
|
Payment of contingent consideration in business combination |
|
(5,222 |
) |
|
|
(15,726 |
) |
Purchase of capped calls related to issuance of convertible notes |
|
— |
|
|
|
(302,375 |
) |
Dividends paid |
|
(260,431 |
) |
|
|
(273,955 |
) |
Net cash provided by (used in) financing activities |
|
2,141,121 |
|
|
|
(1,376,701 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
12,519 |
|
|
|
(99,219 |
) |
Increase in cash, cash equivalents and restricted cash |
|
41,269 |
|
|
|
92,583 |
|
Cash, cash equivalents and restricted cash, beginning of the period |
|
2,215,606 |
|
|
|
2,123,023 |
|
Cash, cash equivalents and restricted cash, end of the period |
$ |
2,256,875 |
|
|
$ |
2,215,606 |
|
SCHEDULE 6 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
(In thousands, except per share data) |
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Income
|
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
2,433,812 |
|
$ |
(247,572 |
) |
|
$ |
— |
|
$ |
— |
|
|
$ |
2,186,240 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
$ |
498,715 |
|
$ |
510 |
|
|
$ |
479,281 |
|
$ |
— |
|
|
$ |
978,506 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to |
|
$ |
361,296 |
|
$ |
510 |
|
|
$ |
478,613 |
|
$ |
(148,213 |
) |
|
$ |
692,206 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to |
|
$ |
1.38 |
|
|
|
|
|
|
|
$ |
2.65 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
|
261,102 |
|
|
|
|
|
|
|
|
261,102 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Income
|
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
2,252,984 |
|
$ |
(230,675 |
) |
|
$ |
— |
|
$ |
— |
|
|
$ |
2,022,309 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
$ |
407,630 |
|
$ |
(5,255 |
) |
|
$ |
495,825 |
|
$ |
— |
|
|
$ |
898,201 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to |
|
$ |
249,306 |
|
$ |
(5,255 |
) |
|
$ |
498,493 |
|
$ |
(99,462 |
) |
|
$ |
643,082 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to |
|
$ |
0.94 |
|
|
|
|
|
|
|
$ |
2.42 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
|
265,963 |
|
|
|
|
|
|
|
|
265,963 |
----------------------------------------------------------------------------------
(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 |
|
|
(2) |
For the three months ended |
|
|
|
For the three months ended |
|
|
|
Acquisition, integration and separation expenses for the three months ended |
|
|
|
For the three months ended |
|
|
(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. In addition, for the three months ended |
|
|
|
See "Non-GAAP Financial Measures" discussion on Schedule 10. |
|
|
|
Note: Amounts may not sum due to rounding. |
SCHEDULE 7 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
(In thousands, except per share data) |
||||||||||||||||||||
|
|
Year Ended |
||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Income
|
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
9,654,419 |
|
$ |
(983,454 |
) |
|
$ |
— |
|
$ |
— |
|
|
$ |
8,670,965 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
$ |
1,716,386 |
|
$ |
(17,590 |
) |
|
$ |
2,168,728 |
|
$ |
— |
|
|
$ |
3,867,524 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to |
|
$ |
986,233 |
|
$ |
(17,590 |
) |
|
$ |
2,186,359 |
|
$ |
(427,595 |
) |
|
$ |
2,727,407 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to |
|
$ |
3.77 |
|
|
|
|
|
|
|
$ |
10.42 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
|
261,698 |
|
|
|
|
|
|
|
|
261,698 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Year Ended |
||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Income
|
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
8,975,515 |
|
$ |
(883,865 |
) |
|
$ |
— |
|
$ |
— |
|
|
$ |
8,091,650 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
$ |
640,151 |
|
$ |
(3,735 |
) |
|
$ |
2,897,227 |
|
$ |
— |
|
|
$ |
3,533,644 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to |
|
$ |
111,493 |
|
$ |
(3,735 |
) |
|
$ |
2,891,721 |
|
$ |
(430,148 |
) |
|
$ |
2,569,331 |
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to |
|
$ |
0.40 |
|
|
|
|
|
|
|
$ |
9.32 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
|
275,576 |
|
|
|
|
|
|
|
|
275,576 |
----------------------------------------------------------------------------------
(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 |
|
|
(2) |
For the year ended |
|
|
|
Acquisition, integration and separation expenses for the year ended |
|
|
|
Earnings adjustments to net income also included an allowance for current expected credit losses (CECL) of |
|
|
|
For the year ended |
|
|
|
Acquisition, integration and separation expenses for the year ended |
|
|
|
For the year ended |
|
|
(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. In addition, for the year ended |
|
|
|
See "Non-GAAP Financial Measures" discussion on Schedule 10. |
|
|
|
Note: Amounts may not sum due to rounding. |
SCHEDULE 8 RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
(In thousands) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
|
||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Non-GAAP |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
1,819,885 |
|
|
$ |
(149,403 |
) |
|
$ |
— |
|
|
$ |
1,670,482 |
|
|
|
|
|
||||
Issuer Solutions |
|
|
629,674 |
|
|
|
(99,025 |
) |
|
|
— |
|
|
|
530,649 |
|
|
|
|
|
||||
Consumer Solutions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Intersegment Elimination |
|
|
(15,747 |
) |
|
|
856 |
|
|
|
— |
|
|
|
(14,891 |
) |
|
|
|
|
||||
|
|
$ |
2,433,812 |
|
|
$ |
(247,572 |
) |
|
$ |
— |
|
|
$ |
2,186,240 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
596,633 |
|
|
$ |
— |
|
|
$ |
200,713 |
|
|
$ |
797,346 |
|
|
|
|
|
||||
Issuer Solutions |
|
|
117,419 |
|
|
|
510 |
|
|
|
133,074 |
|
|
|
251,003 |
|
|
|
|
|
||||
Consumer Solutions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Corporate |
|
|
(217,688 |
) |
|
|
— |
|
|
|
147,845 |
|
|
|
(69,843 |
) |
|
|
|
|
||||
Net gain on business dispositions |
|
|
2,351 |
|
|
|
— |
|
|
|
(2,351 |
) |
|
|
— |
|
|
|
|
|
||||
|
|
$ |
498,715 |
|
|
$ |
510 |
|
|
$ |
479,281 |
|
|
$ |
978,506 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
|
|
||||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Non-GAAP |
|
Consumer
|
|
Supplemental
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
1,553,856 |
|
|
$ |
(144,292 |
) |
|
$ |
— |
|
|
$ |
1,409,564 |
|
|
$ |
— |
|
|
$ |
1,409,564 |
|
Issuer Solutions |
|
|
582,616 |
|
|
|
(81,290 |
) |
|
|
— |
|
|
|
501,326 |
|
|
|
— |
|
|
|
501,326 |
|
Consumer Solutions |
|
|
142,401 |
|
|
|
(5,910 |
) |
|
|
— |
|
|
|
136,491 |
|
|
|
(136,491 |
) |
|
|
— |
|
Intersegment Elimination |
|
|
(25,889 |
) |
|
|
817 |
|
|
|
— |
|
|
|
(25,072 |
) |
|
|
12,813 |
|
|
|
(12,259 |
) |
|
|
$ |
2,252,984 |
|
|
$ |
(230,675 |
) |
|
$ |
— |
|
|
$ |
2,022,309 |
|
|
$ |
(123,678 |
) |
|
$ |
1,898,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
509,682 |
|
|
$ |
14 |
|
|
$ |
172,022 |
|
|
$ |
681,718 |
|
|
$ |
— |
|
|
$ |
681,718 |
|
Issuer Solutions |
|
|
112,025 |
|
|
|
642 |
|
|
|
129,252 |
|
|
|
241,919 |
|
|
|
— |
|
|
|
241,919 |
|
Consumer Solutions |
|
|
(14,141 |
) |
|
|
(5,910 |
) |
|
|
78,466 |
|
|
|
58,414 |
|
|
|
(58,414 |
) |
|
|
— |
|
Corporate |
|
|
(201,987 |
) |
|
|
— |
|
|
|
118,137 |
|
|
|
(83,850 |
) |
|
|
— |
|
|
|
(83,850 |
) |
Net gain on business dispositions |
|
|
2,051 |
|
|
|
— |
|
|
|
(2,051 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
407,630 |
|
|
$ |
(5,255 |
) |
|
$ |
495,825 |
|
|
$ |
898,201 |
|
|
$ |
(58,414 |
) |
|
$ |
839,787 |
|
------------------------------------------------------------------------------------------
(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 |
|
|
(2) |
For the three months ended |
|
|
|
For the three months ended |
|
|
|
Acquisition, integration and separation expenses for the three months ended |
|
|
|
For the three months ended |
|
|
(3) |
The supplemental non-GAAP information excludes the results of the consumer business that was divested in |
|
|
|
See "Non-GAAP Financial Measures" discussion on Schedule 10. |
|
|
|
Note: Amounts may not sum due to rounding. |
SCHEDULE 9 RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED)
(In thousands) |
||||||||||||||||||||||||
|
|
Year Ended |
||||||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Non-GAAP |
|
Consumer
|
|
Supplemental
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
7,151,793 |
|
|
$ |
(614,827 |
) |
|
$ |
— |
|
$ |
6,536,966 |
|
|
$ |
— |
|
|
$ |
6,536,966 |
|
|
Issuer Solutions |
|
|
2,398,870 |
|
|
|
(352,987 |
) |
|
|
— |
|
|
2,045,883 |
|
|
|
— |
|
|
|
2,045,883 |
|
|
Consumer Solutions |
|
|
182,740 |
|
|
|
(19,713 |
) |
|
|
— |
|
|
163,027 |
|
|
|
(163,027 |
) |
|
|
— |
|
|
Intersegment Elimination |
|
|
(78,984 |
) |
|
|
4,073 |
|
|
|
— |
|
|
(74,911 |
) |
|
|
17,585 |
|
|
|
(57,326 |
) |
|
|
|
$ |
9,654,419 |
|
|
$ |
(983,454 |
) |
|
$ |
— |
|
$ |
8,670,965 |
|
|
$ |
(145,442 |
) |
|
$ |
8,525,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
2,345,255 |
|
|
$ |
23 |
|
|
$ |
803,262 |
|
$ |
3,148,540 |
|
|
$ |
— |
|
|
$ |
3,148,540 |
|
|
Issuer Solutions |
|
|
409,807 |
|
|
|
2,100 |
|
|
|
536,892 |
|
|
948,799 |
|
|
|
— |
|
|
|
948,799 |
|
|
Consumer Solutions |
|
|
(3,908 |
) |
|
|
(19,713 |
) |
|
|
96,851 |
|
|
73,230 |
|
|
|
(73,230 |
) |
|
|
— |
|
|
Corporate |
|
|
(898,024 |
) |
|
|
— |
|
|
|
594,979 |
|
|
(303,045 |
) |
|
|
— |
|
|
|
(303,045 |
) |
|
Net loss on business dispositions |
|
|
(136,744 |
) |
|
|
— |
|
|
|
136,744 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
$ |
1,716,386 |
|
|
$ |
(17,590 |
) |
|
$ |
2,168,728 |
|
$ |
3,867,524 |
|
|
$ |
(73,230 |
) |
|
$ |
3,794,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Year Ended |
||||||||||||||||||||||
|
|
GAAP |
|
Net Revenue
|
|
Earnings
|
|
Non-GAAP |
|
Consumer
|
|
Supplemental
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
6,204,917 |
|
|
$ |
(574,204 |
) |
|
$ |
— |
|
$ |
5,630,713 |
|
|
$ |
— |
|
|
$ |
5,630,713 |
|
|
Issuer Solutions |
|
|
2,245,623 |
|
|
|
(302,536 |
) |
|
|
— |
|
|
1,943,087 |
|
|
|
— |
|
|
|
1,943,087 |
|
|
Consumer Solutions |
|
|
620,482 |
|
|
|
(10,649 |
) |
|
|
— |
|
|
609,833 |
|
|
|
(609,833 |
) |
|
|
— |
|
|
Intersegment Elimination |
|
|
(95,507 |
) |
|
|
3,524 |
|
|
|
— |
|
|
(91,983 |
) |
|
|
45,931 |
|
|
|
(46,052 |
) |
|
|
|
$ |
8,975,515 |
|
|
$ |
(883,865 |
) |
|
$ |
— |
|
$ |
8,091,650 |
|
|
$ |
(563,902 |
) |
|
$ |
7,527,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchant Solutions |
|
$ |
2,040,255 |
|
|
$ |
166 |
|
|
$ |
717,583 |
|
$ |
2,758,004 |
|
|
$ |
— |
|
|
$ |
2,758,004 |
|
|
Issuer Solutions |
|
|
356,215 |
|
|
|
6,748 |
|
|
|
519,017 |
|
|
881,980 |
|
|
|
— |
|
|
|
881,980 |
|
|
Consumer Solutions |
|
|
53,594 |
|
|
|
(10,649 |
) |
|
|
144,991 |
|
|
187,936 |
|
|
|
(187,936 |
) |
|
|
— |
|
|
Corporate |
|
|
(777,744 |
) |
|
|
— |
|
|
|
483,466 |
|
|
(294,278 |
) |
|
|
— |
|
|
|
(294,278 |
) |
|
Impairment of goodwill |
|
|
(833,075 |
) |
|
|
— |
|
|
|
833,075 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss on business dispositions |
|
|
(199,094 |
) |
|
|
— |
|
|
|
199,094 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
$ |
640,151 |
|
|
$ |
(3,735 |
) |
|
$ |
2,897,227 |
|
$ |
3,533,644 |
|
|
$ |
(187,936 |
) |
|
$ |
3,345,706 |
|
----------------------------------------------------------------------------------
(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 |
|
|
(2) |
For the year ended |
|
|
|
Acquisition, integration and separation expenses for the year ended |
|
|
|
For the year ended |
|
|
|
Acquisition, integration and separation expenses for the year ended |
|
|
|
For the year ended |
|
|
(3) |
The supplemental non-GAAP information excludes the results of the consumer business that was divested in |
|
|
|
See "Non-GAAP Financial Measures" discussion on Schedule 10. |
|
|
|
Note: Amounts may not sum due to rounding. |
SCHEDULE 10 OUTLOOK SUMMARY (UNAUDITED)
(In millions, except per share data) |
|||||||||
|
|
2023 |
|
2024 Outlook |
|
Growth |
|||
Revenues: |
|
|
|
|
|
|
|||
GAAP revenues |
|
|
|
|
|
|
|
5% to 6% |
|
Adjustments(1) |
|
(983 |
) |
|
(960 |
) |
|
|
|
Adjusted net revenue |
|
|
|
|
|
|
|
6% to 7% |
|
|
|
|
|
|
|
|
|||
Earnings Per Share: |
|
|
|
|
|
|
|||
GAAP diluted EPS |
|
|
|
|
|
|
|
nm |
|
Adjustments(2) |
|
6.65 |
|
|
5.97 |
|
|
|
|
Adjusted EPS |
|
|
|
|
|
|
|
11% to 12% |
(1) |
Includes adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefit to the company. Amounts also included adjustments to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with acquired businesses, as well as adjustments to exclude revenues that were associated with certain excluded expenses of our consumer business which was classified as assets held for sale on our balance sheet. |
|
|
(2) |
Adjustments to 2023 GAAP diluted EPS included the removal of 1) software-related contract liability adjustments described above of |
|
|
Note: nm = not meaningful. |
NON-GAAP FINANCIAL MEASURES
Adjusted net revenue, adjusted operating income, adjusted operating margin, adjusted net income and adjusted EPS should be considered in addition to, and not as substitutes for, revenues, operating income, net income and earnings per share 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, gain or losses on business divestitures, and certain other items specific to each reporting period as more fully described in the accompanying reconciliations in Schedules 6 and 7. 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.
The supplemental non-GAAP information excludes the results of the consumer business that was divested in
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