Global Payments Inc. (NYSE:GPN) Q1 2023 Earnings Call Transcript

Jeff Sloan: Yes, I’ll start, Vasu, and then I’ll ask Josh to comment. So, let me just start by saying, kind of what we’ve assumed. So, we’ve assumed where we are today, I guess, May 1, I was going to say April, but today is May 1, so we’re taking the current environment meeting today. So, to answer your question, just initially, the macro level, we’re not looking back to where we were on our February 10 call, we’re actually going with what the current trends are today. And I think we said as it relates to the issuer business, we obviously have the KPIs through the vast majority on there, as we said in our prepared remarks, we don’t see any discernible moderation in what we’re doing. So, we don’t assume things get better, we don’t assume things where the way they were 2, 3 months ago in February, rather we’re taking kind of where they are today, and obviously, our raised outlook for today reflects the current environment.

Cameron, you want to comment on merchant a bit, and Josh, you, too?

Cameron Bready: Yes, Vasu, it’s Cameron. I think I mentioned this before. Obviously, to Jeff’s point earlier, we saw strong trends in January, February. March kind of slowed down a little bit relative to that. And April has been more of the same relative to what we saw in March. So, that’s the expectation we kind of have as we look towards the balance of the year. As I said, kind of many times in the past, we don’t need perfection for the balance of the year relative to our current outlook to obviously achieve the expectations that we’ve set forth today. So, I think we feel good about how we’re positioned to deliver on the overall guide that we’ve shared. And obviously, that can withstand, I would say, relatively we’re seeing slight deviations, I’d say, in the overall macro environment that we’re anticipating for the balance of the year.

If things fall off precipitously, then obviously we’ll revisit it. If things obviously improve more than we anticipate, obviously, that creates some upside opportunity. So, I think we feel good about, obviously, how the business is positioned for the balance of the year. The guide, I think, today reflects that. And we’re looking forward to continue to execute against that.

Vasu Govil: Great. Thank you very much.

Cameron Bready: Thanks, Vasu.

Jeff Sloan: On behalf of Global Payments, thank you for your interest in us and for joining us this morning.

Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.