This summary is based on the fourth quarter fiscal 2008 earnings call conducted by Global Payments Inc. (GPN: chart) on July 24, 2008.

Management:

President, Chairman and CEO: Paul Garcia
EVP and CFO: Joe Hyde
SE VP and COO: Jim Kelley
VP, Investor Relations: Jane Elliott

Key Investor Issues:

- Quarter-over-quarter revenues increased from $280.1 million to $343.8 million.
- Q4 EPS were 52 cents versus 43 cents in the year ago quarter.
- Full year 2009 revenues are projected to be between $1,620 million and $1,675 million.

Full Year 2008 Highlights:

- Total revenues were $1,274.2 million versus $1,061.5 million in 2007.
- The SG&A increased from $425.5 million to $545.9 million.
- The operating income was $251.4 million in 2008 compared with $218.1 million in 2007.
- The fiscal 2008 net income of $162.8 million compared favorably to $143 million in fiscal 2007.

Fourth-Quarter Financial Highlights:

The quarterly revenues grew 23% to $343.8 million.

- This compares with $280.1 million in the prior year quarter.
- Excluding the unfavorable impact of a non-recurring, non-cash foreign currency item and prior period restructuring and other charges, diluted EPS firmed 21% to 52 cents versus 43 cents in the last year quarter.

- In accordance with GAAP, the current and prior fiscal year periods include restructuring and other charges, and the current fiscal year period includes the operating tax item and foreign currency item.
- For the three months and year ended May 31, 2008, GAAP diluted EPS were 50 cents and $2.01 respectively versus 40 cents and $1.74 respectively, in the prior year comparable periods.

The merchant services segment delivered solid financial results for the quarter and fiscal year 2008.

- The company continues to successfully pursue the ongoing strategy of expanding existing sales channels, increasing international presence and investing in technology and people.
- The company is once again joining forces with HSBC Bank plc in a merchant services JV in the U.K.
- The transaction shows the company’s ongoing commitment to expanding its international presence.
- The company paid HSBC $439 million in cash to acquire a 51% stake in the JV.
- HSBC contributed its existing merchant acquiring channel in the U.K. and retained a 49% interest in the JV.
- The JV will provide credit and debit card payment processing services to more than 135,000 merchant outlets in first vertical markets.

- The ISOs continue to drive strong organic growth in the domestic direct channel.
- The credit and data card transactions grew 21% during the quarter and revenue growth was 18%.
- For the full year, transactions grew 26% and revenue firmed 23%.
- The company continues to sign new ISOs and recently renewed several ISOs for multi-year extensions.

In Canada, the quarterly credit and debit card transactions grew 3% and revenue increased 36%.

- For the full fiscal year, transactions and revenue firmed 3% and 19% respectively.
- Q4 revenue was impacted by a favorable Canadian currency exchange and a positive impact from pricing initiatives relating to changes in the Canadian interchange structure implemented in April 2008.

The Asia-Pacific channel had strong revenue growth of 41% for the quarter and 27% on a pro forma basis for the fiscal year.

- The management expressed satisfaction in the successful accelerating organic revenue growth of the Asia-Pacific channel.

The Central and Eastern European Merchant channel had revenue growth of 40% during the quarter.