Press release

Exhibit 99.1

LOGO

Contact: Jane M. Elliott

770-829-8234 Voice

770-829-8267 Fax

investor.relations@globalpay.com

Global Payments Reports Fourth Quarter and Year End Earnings

ATLANTA, July 21, 2011 — Global Payments Inc. (NYSE: GPN) today announced results for its fiscal fourth quarter and year ended May 31, 2011. For the full year, revenues grew 13% to $1,859.8 million compared to $1,642.5 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations grew 9% to $2.77 compared to $2.54 in the prior year (See Schedule 2 for Normalized Earnings). On a GAAP basis, the company reported fiscal 2011 full year diluted earnings per share from continuing operations of $2.61 compared to $2.52 in the prior year (See Schedule 1 for GAAP Consolidated Statements of Income).

For the fourth quarter, revenues grew 22% to $519.8 million compared to $425.1 million in the prior year. Normalized diluted earnings per share from continuing operations grew 31% to $0.76 compared to $0.58 in the prior year quarter. On a GAAP basis, the company reported fourth quarter diluted earnings per share from continuing operations of $0.72 compared to $0.56 in the prior year quarter.

Normalized fourth quarter and full year results exclude expenses related to certain start-up and duplicative costs for the company’s Global Service Center in Manila, Philippines. These results also exclude certain employee termination and relocation benefits. (See Schedules 7 and 8 for Reconciliations of Normalized and Cash Earnings to GAAP).

Chairman and CEO Paul R. Garcia stated, “We are pleased with our strong fiscal year 2011 financial performance which was driven by solid execution of our business strategy across our regions and the December 2010 addition of Spain. We delivered exceptional results in the fourth quarter, driven by strong performance in North America and outstanding results in our International segment. Our execution during fiscal 2011 established a basis from which we expect to drive margin expansion of as much as 30 basis points in fiscal 2012.”

—More—

GPN Reports Fourth Quarter and Year End Earnings

July 21, 2011

Page 2

David E. Mangum, Senior Executive Vice President and CFO, stated, “On a cash basis, the company reported fiscal 2011 fourth quarter and full year diluted earnings per share from continuing operations of $0.86 and $3.08, respectively, which represents 32% and 10% growth over the respective prior year periods.

For the full year of fiscal 2012, the company expects annual revenue of $2,100 million to $2,150 million, or 13% to 16% growth over fiscal 2011. The company expects annual fiscal 2012 diluted earnings per share on a cash basis of $3.35 to $3.43, reflecting 9% to11% growth over fiscal 2011. Annual fiscal 2012 GAAP diluted earnings per share is expected to be $3.02 to $3.09,” said Mangum.

Cash earnings exclude normalized adjustments and acquisition intangible amortization expense from continuing operations. (See Schedule 3 for Cash Earnings and Schedule 4 for Segment Information).

Conference Call

Global Payments will hold a conference call today, July 21, 2011 at 5:00 p.m. ET to discuss financial results and business highlights. Callers may access the conference call via the company’s Web site at www.globalpaymentsinc.com by clicking the “Webcast” button; or callers in North America may dial 1-888-895-3550 and callers outside North America may dial 1-706-758-8809. The pass code is “GPN.” A replay of the call may be accessed through the Global Payments’ Web site through August 5, 2011.

—More—

GPN Reports Fourth Quarter and Year End Earnings

July 21, 2011

Page 3

Global Payments Inc. (NYSE:GPN) is a leading provider of electronic transaction processing services for merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe, and the Asia-Pacific region. Global Payments, a Fortune 1000 company, offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. Visit www.globalpaymentsinc.com for more information about the company and its services.

This announcement and comments made by Global Payments’ management during the conference call may contain certain forward-looking statements within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management’s expectations regarding future events and developments, are forward-looking statements and are subject to significant risks and uncertainties. Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: foreign currency risks which become increasingly relevant as we expand internationally, the effect of current worldwide economic conditions, including sovereign insolvency situations and a decline in the value of the U.S. dollar, and future performance and integration of recent acquisitions, and other risks detailed in the company’s SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

###

SCHEDULE 1

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)


	Three Months Ended May 31,									Year Ended May 31,
	2011			2010			% Change			2011			2010			% Change

Revenues	$	519,754		$	425,050			22	%	$	1,859,802		$	1,642,468			13	%


Operating expenses:
Cost of service		191,440			152,322			26	%		665,017			584,609			14	%
Sales, general and administrative		240,171			201,243			19	%		863,191			734,580			18	%

		431,611			353,565			22	%		1,528,208			1,319,189			16	%


Operating income		88,143			71,485			23	%		331,594			323,279			3	%


Other income (expense):
Interest and other income		3,534			1,930			83	%		10,774			4,629			133	%
Interest and other expense		(4,706	)		(4,814	)		(2	%)		(18,161	)		(17,519	)		4	%

		(1,172	)		(2,884	)		(59	%)		(7,387	)		(12,890	)		(43	%)


Income from continuing operations before income taxes		86,971			68,601			27	%		324,207			310,389			4	%
Provision for income taxes		(24,587	)		(17,890	)		37	%		(95,076	)		(87,379	)		9	%

Income from continuing operations		62,384			50,711			23	%		229,131			223,010			3	%
Loss from discontinued operations, net of tax		(29	)		(11,679	)		NM			(975	)		(3,901	)		(75	%)

Net income including noncontrolling interests		62,355			39,032			60	%		228,156			219,109			4	%
Less: Net income attributable to noncontrolling interests, net of tax		(3,779	)		(4,842	)		(22	%)		(18,918	)		(15,792	)		20	%

Net income attributable to Global Payments	$	58,576		$	34,190			71	%	$	209,238		$	203,317			3	%


Amounts attributable to Global Payments:
Income from continuing operations	$	58,605		$	45,869			28	%	$	210,213		$	207,218			1	%
Loss from discontinued operations, net of tax		(29	)		(11,679	)		NM			(975	)		(3,901	)		(75	%)

Net income attributable to Global Payments	$	58,576		$	34,190			71	%	$	209,238		$	203,317			3	%


Basic earnings per share attributable to Global Payments:
Income from continuing operations	$	0.73		$	0.56			30	%	$	2.63		$	2.56			3	%
Loss from discontinued operations, net of tax		—			(0.14	)		NM			(0.01	)		(0.05	)		(80	%)

Net income attributable to Global Payments	$	0.73		$	0.42			74	%	$	2.62		$	2.51			4	%


Diluted earnings per share attributable to Global Payments:
Income from continuing operations	$	0.72		$	0.56			29	%	$	2.61		$	2.52			4	%
Loss from discontinued operations, net of tax		—			(0.14	)		NM			(0.01	)		(0.04	)		(75	%)

Net income attributable to Global Payments	$	0.72		$	0.42			71	%	$	2.60		$	2.48			5	%


Weighted average shares outstanding:
Basic		80,222			81,203						79,837			81,075
Diluted		81,045			82,142						80,478			82,120

NM - Not Meaningful

SCHEDULE 2

NORMALIZED EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)


	Three Months Ended May 31,									Year Ended May 31,
	2011			2010			% Change			2011			2010			% Change

Revenues	$	519,754		$	425,050			22	%	$	1,859,802		$	1,642,468			13	%


Operating expenses:
Cost of service		190,103			152,322			25	%		661,619			584,609			13	%
Sales, general and administrative		237,087			198,660			19	%		851,428			731,997			16	%

		427,190			350,982			22	%		1,513,047			1,316,606			15	%


Operating income		92,564			74,068			25	%		346,755			325,862			6	%


Other income (expense):
Interest and other income		3,534			1,930			83	%		10,774			4,629			133	%
Interest and other expense		(4,706	)		(4,814	)		(2	%)		(18,161	)		(17,519	)		4	%

		(1,172	)		(2,884	)		(59	%)		(7,387	)		(12,890	)		(43	%)


Income from continuing operations before income taxes		91,392			71,184			28	%		339,368			312,972			8	%
Provision for income taxes		(26,062	)		(18,836	)		38	%		(97,546	)		(88,325	)		10	%

Income from continuing operations including noncontrolling interests		65,330			52,348			25	%		241,822			224,647			8	%
Less: Net income attributable to noncontrolling interests, net of tax		(3,779	)		(4,842	)		(22	%)		(18,918	)		(15,792	)		20	%

Net income from continuing operations attributable to Global Payments	$	61,551		$	47,506			30	%	$	222,904		$	208,855			7	%


Basic earnings per share	$	0.77		$	0.59			31	%	$	2.79		$	2.58			8	%


Diluted earnings per share	$	0.76		$	0.58			31	%	$	2.77		$	2.54			9	%


Weighted average shares outstanding:
Basic		80,222			81,203						79,837			81,075
Diluted		81,045			82,142						80,478			82,120

Normalized results exclude expenses consisting of $2.6 million and $7.4 million during the three and twelve months ended May 31, 2011, respectively, of start-up costs related to our new Global Service Center in Manila, Philippines and expenses of $1.8 million and $7.8 million during the three and twelve months ended May 31, 2011, respectively, related to employee termination and relocation benefits. During the three and twelve months ended May 31, 2010, normalized results exclude amounts due to our former President and Chief Operating Officer pursuant to his termination agreement dated April 21, 2010. Results for the twelve months ended May 31, 2011 also exclude a $2.5 million one-time, non-cash write-down of a deferred tax asset we established in July 2009 when we purchased the remaining 49% of our UK business. The write-down resulted from a legislated reduction to the tax rate of 1%. See Schedules 7 and 8 for reconciliations of normalized earnings from continuing operations to GAAP.

SCHEDULE 3

CASH EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)


	Three Months Ended May 31,									Year Ended May 31,
	2011			2010			% Change			2011			2010			% Change

Revenues	$	519,754		$	425,050			22	%	$	1,859,802		$	1,642,468			13	%


Operating expenses:
Cost of service		175,897			144,146			22	%		619,927			551,845			12	%
Sales, general and administrative		237,087			198,660			19	%		851,428			731,997			16	%

		412,984			342,806			20	%		1,471,355			1,283,842			15	%


Operating income		106,770			82,244			30	%		388,447			358,626			8	%


Other income (expense):
Interest and other income		3,534			1,930			83	%		10,774			4,629			133	%
Interest and other expense		(4,706	)		(4,814	)		(2	%)		(18,161	)		(17,519	)		4	%

		(1,172	)		(2,884	)		(59	%)		(7,387	)		(12,890	)		(43	%)


Income from continuing operations before income taxes		105,598			79,360			33	%		381,060			345,736			10	%
Provision for income taxes		(29,432	)		(21,143	)		39	%		(109,459	)		(98,590	)		11	%

Income from continuing operations including noncontrolling interests		76,166			58,217			31	%		271,601			247,146			10	%
Less: Net income attributable to noncontrolling interests, net of tax		(6,315	)		(5,177	)		22	%		(23,876	)		(17,142	)		39	%

Net income from continuing operations attributable to Global Payments	$	69,851		$	53,040			32	%	$	247,725		$	230,004			8	%


Basic earnings per share	$	0.87		$	0.65			34	%	$	3.10		$	2.84			9	%


Diluted earnings per share	$	0.86		$	0.65			32	%	$	3.08		$	2.80			10	%


Weighted average shares outstanding:
Basic		80,222			81,203						79,837			81,075
Diluted		81,045			82,142						80,478			82,120

NM - Not Meaningful

Cash earnings exclude normalized adjustments and acquisition intangible amortization expense from continuing operations and the related income tax benefit. See Schedules 7 and 8 for reconciliations of cash earnings from continuing operations to GAAP.

SCHEDULE 4

SEGMENT INFORMATION CONTINUING OPERATIONS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)


	Three Months Ended May 31,
	2011									2010									% Change
	GAAP			Normalized			Cash Earnings			GAAP			Normalized			Cash Earnings			GAAP			Normalized			Cash Earnings

Revenues:
United States	$	281,500		$	281,500		$	281,500		$	242,975		$	242,975		$	242,975			16	%		16	%		16	%
Canada		87,140			87,140			87,140			80,720			80,720			80,720			8	%		8	%		8	%

North America merchant services		368,640			368,640			368,640			323,695			323,695			323,695			14	%		14	%		14	%

Europe		115,359			115,359			115,359			72,238			72,238			72,238			60	%		60	%		60	%
Asia-Pacific		35,755			35,755			35,755			29,117			29,117			29,117			23	%		23	%		23	%

International merchant services		151,114			151,114			151,114			101,355			101,355			101,355			49	%		49	%		49	%


Total revenues	$	519,754		$	519,754		$	519,754		$	425,050		$	425,050		$	425,050			22	%		22	%		22	%


Operating income:
North America merchant services	$	69,816		$	69,816		$	73,085		$	64,966		$	64,966		$	67,848			7	%		7	%		8	%
International merchant services		41,632			41,632			52,569			25,346			25,346			30,640			64	%		64	%		72	%
Corporate		(23,305	)		(18,884	)		(18,884	)		(18,827	)		(16,244	)		(16,244	)		(24	%)		(16	%)		(16	%)

Operating income	$	88,143		$	92,564		$	106,770		$	71,485		$	74,068		$	82,244			23	%		25	%		30	%


	Year Ended May 31,
	2011									2010									% Change
	GAAP			Normalized			Cash Earnings			GAAP			Normalized			Cash Earnings			GAAP			Normalized			Cash Earnings

Revenues:
United States	$	1,031,997		$	1,031,997		$	1,031,997		$	902,844		$	902,844		$	902,844			14	%		14	%		14	%
Canada		330,872			330,872			330,872			317,272			317,272			317,272			4	%		4	%		4	%

North America merchant services		1,362,869			1,362,869			1,362,869			1,220,116			1,220,116			1,220,116			12	%		12	%		12	%

Europe		359,567			359,567			359,567			315,023			315,023			315,023			14	%		14	%		14	%
Asia-Pacific		137,366			137,366			137,366			107,329			107,329			107,329			28	%		28	%		28	%

International merchant services		496,933			496,933			496,933			422,352			422,352			422,352			18	%		18	%		18	%

Total revenues	$	1,859,802		$	1,859,802		$	1,859,802		$	1,642,468		$	1,642,468		$	1,642,468			13	%		13	%		13	%


Operating income:
North America merchant services	$	268,233		$	268,233		$	280,880		$	275,386		$	275,386		$	285,989			(3	%)		(3	%)		(2	%)
International merchant services		143,911			143,911			172,956			113,699			113,699			135,860			27	%		27	%		27	%
Corporate		(80,550	)		(65,389	)		(65,389	)		(65,806	)		(63,223	)		(63,223	)		(22	%)		(3	%)		(3	%)

Operating income	$	331,594		$	346,755		$	388,447		$	323,279		$	325,862		$	358,626			3	%		6	%		8	%

See Schedule 9 for reconciliation of normalized and cash earnings segment information to GAAP.

SCHEDULE 5

CONSOLIDATED BALANCE SHEETS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)


	May 31, 2011			May 31, 2010
ASSETS
Current assets:
Cash and cash equivalents	$	1,354,285		$	769,946
Accounts receivable, net of allowances for doubtful accounts of $472 and $269, respectively		166,540			131,817
Claims receivable, net of allowance for losses of $3,870 and $4,208, respectively		914			664
Settlement processing assets		280,359			13,741
Inventory		7,640			9,740
Deferred income taxes		2,946			2,752
Prepaid expenses and other current assets		35,291			39,604

Total current assets		1,847,975			968,264

Goodwill		779,637			569,090
Other intangible assets, net of accumulated amortization of $197,066 and $145,076, respectively		341,500			205,110
Property and equipment, net of accumulated depreciation of $147,670 and $119,402, respectively		256,301			183,938
Deferred income taxes		104,140			90,470
Other		20,978			22,454


Total assets	$	3,350,531		$	2,039,326

LIABILITIES AND EQUITY
Current liabilities:
Lines of credit	$	270,745		$	79,187
Current portion of long-term debt		85,802			148,169
Accounts payable and accrued liabilities		241,578			173,575
Settlement processing obligations		838,565			265,110
Income taxes payable		7,674			6,430

Total current liabilities		1,444,364			672,471


Long-term debt		268,217			272,965
Deferred income taxes		116,432			88,265
Other long-term liabilities		49,843			31,436

Total liabilities		1,878,856			1,065,137


Commitments and contingencies

Redeemable noncontrolling interest		133,858			102,672

Equity:
Preferred stock, no par value; 5,000,000 shares authorized and none issued		—			—
Common stock, no par value; 200,000,000 shares authorized; 83,062,518 issued and 80,334,781 outstanding at May 31, 2011 and 82,028,945 issued and 79,646,055 outstanding at May 31, 2010		—			—
Paid-in capital		502,993			460,747
Retained earnings		715,202			544,772
Treasury stock; 2,727,737 and 2,382,890 shares at May 31, 2011 and May 31, 2010, respectively		(112,980	)		(100,000	)
Accumulated other comprehensive income (loss)		79,320			(44,255	)

Total Global Payments shareholders’ equity		1,184,535			861,264

Noncontrolling interest		153,282			10,253

Total equity		1,337,817			871,517

Total liabilities and equity	$	3,350,531		$	2,039,326

SCHEDULE 6

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)


	Year Ended May 31,
	2011			2010

Cash flows from operating activities:
Net income including noncontrolling interests	$	228,156		$	219,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment		40,545			35,864
Amortization of acquired intangibles		41,692			32,803
Provision for operating losses and bad debts		20,577			25,025
Share-based compensation expense		15,885			18,072
Deferred income taxes		19,154			2,722
Loss on disposal of discontinued operations		602			24,310
Other, net		(3,576	)		2,443
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable		(34,723	)		(11,689	)
Claims receivable		(14,425	)		(14,936	)
Settlement processing assets and obligations, net		299,895			140,962
Inventory		1,979			(4,727	)
Prepaid expenses and other assets		3,537			(13,710	)
Accounts payable and other accrued liabilities		89,230			18,803
Payables to money transfer beneficiaries		—			(6,107	)
Income taxes payable		1,244			(3,183	)

Net cash provided by operating activities		709,772			465,761


Cash flows from investing activities:
Business and intangible asset acquisitions, net of cash acquired		(167,968	)		(29,513	)
Disposition of business, net of cash		(2,577	)		60,231
Capital expenditures		(98,537	)		(56,054	)
Net decrease (increase) in financing receivables		2,062			(179	)
Proceeds from sale of investment and contractual rights, net		—			311

Net cash used in investing activities		(267,020	)		(25,204	)


Cash flows from financing activities:
Net borrowings on lines of credit		191,558			69,013
Proceeds from issuance of long-term debt		205,298			305,744
Principal payments under long-term debt		(280,198	)		(75,205	)
Acquisition of redeemable noncontrolling interests		—			(307,675	)
Proceeds from stock issued under share-based compensation plans, net		18,364			30,248
Repurchase of common stock		(14,900	)		(98,080	)
Tax benefit from share-based compensation		9,141			7,186
Distribution to noncontrolling interests		(8,752	)		(20,484	)
Dividends paid		(6,388	)		(6,497	)

Net cash provided by (used in) financing activities		114,123			(95,750	)


Effect of exchange rate changes on cash		27,464			(1,796	)


Increase in cash and cash equivalents		584,339			343,011
Cash and cash equivalents, beginning of period		769,946			426,935

Cash and cash equivalents, end of period	$	1,354,285		$	769,946

SCHEDULE 7

RECONCILIATION OF QUARTERLY NORMALIZED AND CASH EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)


	Three Months Ended May 31,
	2011
	GAAP			Employee Termination and Other¹			Normalized			Cash Earnings Adjustments²			Cash Earnings

Revenues	$	519,754		$	—		$	519,754		$	—		$	519,754


Operating expenses:
Cost of service		191,440			(1,337	)		190,103			(14,206	)		175,897
Sales, general and administrative		240,171			(3,084	)		237,087			—			237,087

		431,611			(4,421	)		427,190			(14,206	)		412,984


Operating income		88,143			4,421			92,564			14,206			106,770


Other income (expense):
Interest and other income		3,534			—			3,534			—			3,534
Interest and other expense		(4,706	)		—			(4,706	)		—			(4,706	)

		(1,172	)		—			(1,172	)		—			(1,172	)


Income from continuing operations before income taxes		86,971			4,421			91,392			14,206			105,598
Provision for income taxes		(24,587	)		(1,475	)		(26,062	)		(3,370	)		(29,432	)

Income from continuing operations		62,384			2,946			65,330			10,836			76,166
Less: Net income attributable to noncontrolling interests, net of tax		(3,779	)		—			(3,779	)		(2,536	)		(6,315	)

Net income from continuing operations attributable to Global Payments	$	58,605		$	2,946		$	61,551		$	8,300		$	69,851


Diluted shares		81,045						81,045						81,045
Diluted earnings per share	$	0.72		$	0.04		$	0.76		$	0.10		$	0.86


	Three Months Ended May 31,
	2010
	GAAP			Employee Termination and Other¹			Normalized			Cash Earnings Adjustments²			Cash Earnings

Revenues	$	425,050		$	—		$	425,050		$	—		$	425,050


Operating expenses:

Cost of service		152,322			—			152,322			(8,176	)		144,146
Sales, general and administrative		201,243			(2,583	)		198,660			—			198,660

		353,565			(2,583	)		350,982			(8,176	)		342,806


Operating income		71,485			2,583			74,068			8,176			82,244


Other income (expense):
Interest and other income		1,930			—			1,930			—			1,930
Interest and other expense		(4,814	)		—			(4,814	)		—			(4,814	)

		(2,884	)		—			(2,884	)		—			(2,884	)


Income from continuing operations before income taxes		68,601			2,583			71,184			8,176			79,360
Provision for income taxes		(17,890	)		(946	)		(18,836	)		(2,307	)		(21,143	)

Income from continuing operations		50,711			1,637			52,348			5,869			58,217
Less: Net income attributable to noncontrolling interests, net of tax		(4,842	)		—			(4,842	)		(335	)		(5,177	)

Net income from continuing operations attributable to Global Payments	$	45,869		$	1,637		$	47,506		$	5,534		$	53,040


Diluted shares		82,142						82,142						82,142
Diluted earnings per share	$	0.56		$	0.02		$	0.58		$	0.07		$	0.65

Reflects expenses of $2.6 million during the three months ended May 31, 2011, of start-up costs related to our new Global Service Center in Manila, Philippines and expenses of $1.8 million and $2.6 million during the three months ended May 31, 2011 and 2010, respectively, related to employee termination and relocation benefits, and the related income tax benefits.

²	Represents adjustments to cost of service to exclude acquisition intangible amortization expense from continuing operations and the related income tax benefit.

We supplemented our reporting of income from continuing operations and the related earnings per share information determined in accordance with GAAP by reporting income from continuing operations and the related earnings per share for the three months ended May 31, 2011 and 2010 on a “normalized” and “cash earnings” basis in this earnings release as a measure to help evaluate performance. We calculated income from continuing operations and earnings per share on a normalized basis by excluding charges related to employee termination and relocation benefits, and certain one-time costs related to our Global Service Center. We calculated income from continuing operations on a cash earnings basis by excluding acquisition intangible amortization expense from our normalized results. We exclude these charges in order to more clearly focus on the factors we believe are pertinent to the daily management of our operations. Our income from continuing operations and earnings per share reported on a normalized and cash earnings basis should be considered in addition to, and not as a substitute for, income from continuing operations and earnings per share determined in accordance with GAAP. Our measures of income from continuing operations and earnings per share on a normalized and cash earnings basis reflect management’s judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

SCHEDULE 8

RECONCILIATION OF ANNUAL NORMALIZED AND CASH EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)


	Year Ended May 31,
	2011
	GAAP			Employee Termination and Other¹			Foreign Tax Rate²		Normalized			Cash Earnings Adjustments³			Cash Earnings
Revenues	$	1,859,802		$	—		$	—	$	1,859,802		$	—		$	1,859,802


Operating expenses:
Cost of service		665,017			(3,398	)		—		661,619			(41,692	)		619,927
Sales, general and administrative		863,191			(11,763	)		—		851,428			—			851,428

		1,528,208			(15,161	)		—		1,513,047			(41,692	)		1,471,355


Operating income		331,594			15,161			—		346,755			41,692			388,447

Other income (expense):
Interest and other income		10,774			—			—		10,774			—			10,774
Interest and other expense		(18,161	)		—			—		(18,161	)		—			(18,161	)

		(7,387	)		—			—		(7,387	)		—			(7,387	)


Income from continuing operations before income taxes		324,207			15,161			—		339,368			41,692			381,060
Provision for income taxes		(95,076	)		(4,949	)		2,479		(97,546	)		(11,913	)		(109,459	)

Income from continuing operations		229,131			10,212			2,479		241,822			29,779			271,601
Less: Net income attributable to noncontrolling interests, net of tax		(18,918	)		—			—		(18,918	)		(4,958	)		(23,876	)

Net income from continuing operations attributable to Global Payments	$	210,213		$	10,212		$	2,479	$	222,904		$	24,821		$	247,725


Diluted shares		80,478								80,478						80,478
Diluted earnings per share	$	2.61		$	0.13		$	0.03	$	2.77		$	0.31		$	3.08


	Year Ended May 31,
	2010
	GAAP			Employee Termination and Other¹					Normalized			Cash Earnings Adjustments³			Cash Earnings
Revenues	$	1,642,468		$	—				$	1,642,468		$	—		$	1,642,468


Operating expenses:
Cost of service		584,609			—					584,609			(32,764	)		551,845
Sales, general and administrative		734,580			(2,583	)				731,997			—			731,997

		1,319,189			(2,583	)				1,316,606			(32,764	)		1,283,842


Operating income		323,279			2,583					325,862			32,764			358,626


Other income (expense):
Interest and other income		4,629			—					4,629			—			4,629
Interest and other expense		(17,519	)		—					(17,519	)		—			(17,519	)

		(12,890	)		—					(12,890	)		—			(12,890	)


Income from continuing operations before income taxes		310,389			2,583					312,972			32,764			345,736
Provision for income taxes		(87,379	)		(946	)				(88,325	)		(10,265	)		(98,590	)

Income from continuing operations		223,010			1,637					224,647			22,499			247,146
Less: Net income attributable to noncontrolling interests, net of tax		(15,792	)		—					(15,792	)		(1,350	)		(17,142	)

Net income from continuing operations attributable to Global Payments	$	207,218		$	1,637				$	208,855		$	21,149		$	230,004


Diluted shares		82,120								82,120						82,120
Diluted earnings per share	$	2.52		$	0.02		$	—	$	2.54		$	0.26		$	2.80

Reflects expenses of $7.4 million during the year ended May 31, 2011, of start-up costs related to our Global Service Center in Manila, Philippines and expenses of $7.8 million and $2.6 million during the years ended May 31, 2011 and 2010, respectively, related to employee termination and relocation benefits, and the related income tax benefits.

²	Represents a one-time, non-cash write-down of a deferred tax asset we established in July 2009 when we purchased the remaining 49% of our UK business. The write-down resulted from a legislated reduction to the tax rate of 1%.

³	Represents adjustments to cost of service to exclude acquisition intangible amortization expense from continuing operations and the related income tax benefit.

We supplemented our reporting of income from continuing operations and the related earnings per share information determined in accordance with GAAP by reporting income from continuing operations and the related earnings per share for the years ended May 31, 2011 and 2010 on a “normalized” and “cash earnings” basis in this earnings release as a measure to help evaluate performance. We calculated income from continuing operations and earnings per share on a normalized basis by excluding charges related to employee termination and relocation benefits, certain one-time costs related to our new Global Service Center and the legislated tax rate reduction. We calculated income from continuing operations on a cash earnings basis by excluding acquisition intangible amortization expense from our normalized results. We exclude these charges in order to more clearly focus on the factors we believe are pertinent to the daily management of our operations. Our income from continuing operations and earnings per share reported on a normalized and cash earnings basis should be considered in addition to, and not as a substitute for, income from continuing operations and earnings per share determined in accordance with GAAP. Our measures of income from continuing operations and earnings per share on a normalized and cash earnings basis reflect management’s judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

SCHEDULE 9

RECONCILIATION OF CASH EARNINGS SEGMENT INFORMATION TO GAAP

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)


	Three Months Ended May 31,
	2011													2010
	GAAP			Employee Termination and Other¹		Normalized			Cash Earnings Adjustments²		Cash Earnings			GAAP			Employee Termination and Other¹		Normalized			Cash Earnings Adjustments²		Cash Earnings
Revenues:
United States	$	281,500		$	—	$	281,500		$	—	$	281,500		$	242,975		$	—	$	242,975		$	—	$	242,975
Canada		87,140			—		87,140			—		87,140			80,720			—		80,720			—		80,720

North America merchant services		368,640			—		368,640			—		368,640			323,695			—		323,695			—		323,695

Europe		115,359			—		115,359			—		115,359			72,238			—		72,238			—		72,238
Asia-Pacific		35,755			—		35,755			—		35,755			29,117			—		29,117			—		29,117

International merchant services		151,114			—		151,114			—		151,114			101,355			—		101,355			—		101,355


Total revenues	$	519,754		$	—	$	519,754		$	—	$	519,754		$	425,050		$	—	$	425,050		$	—	$	425,050


Operating income:
North America merchant services	$	69,816		$	—	$	69,816		$	3,269	$	73,085		$	64,966		$	—	$	64,966		$	2,882	$	67,848
International merchant services		41,632			—		41,632			10,937		52,569			25,346			—		25,346			5,294		30,640
Corporate		(23,305	)		4,421		(18,884	)		—		(18,884	)		(18,827	)		2,583		(16,244	)		—		(16,244	)

Operating income	$	88,143		$	4,421	$	92,564		$	14,206	$	106,770		$	71,485		$	2,583	$	74,068		$	8,176	$	82,244


	Year Ended May 31,
	2011													2010
	GAAP			Employee Termination and Other¹		Normalized			Cash Earnings Adjustments²		Cash Earnings			GAAP			Employee Termination and Other¹		Normalized			Cash Earnings Adjustments²		Cash Earnings
Revenues:
United States	$	1,031,997		$	—	$	1,031,997		$	—	$	1,031,997		$	902,844		$	—	$	902,844		$	—	$	902,844
Canada		330,872			—		330,872			—		330,872			317,272			—		317,272			—		317,272

North America merchant services		1,362,869			—		1,362,869			—		1,362,869			1,220,116			—		1,220,116			—		1,220,116

Europe		359,567			—		359,567			—		359,567			315,023			—		315,023			—		315,023
Asia-Pacific		137,366			—		137,366			—		137,366			107,329			—		107,329			—		107,329

International merchant services		496,933			—		496,933			—		496,933			422,352			—		422,352			—		422,352


Total revenues	$	1,859,802		$	—	$	1,859,802		$	—	$	1,859,802		$	1,642,468		$	—	$	1,642,468		$	—	$	1,642,468


Operating income:
North America merchant services	$	268,233		$	—	$	268,233		$	12,647	$	280,880		$	275,386		$	—	$	275,386		$	10,603	$	285,989
International merchant services		143,911			—		143,911			29,045		172,956			113,699			—		113,699			22,161		135,860
Corporate		(80,550	)		15,161		(65,389	)		—		(65,389	)		(65,806	)		2,583		(63,223	)		—		(63,223	)

Operating income	$	331,594		$	15,161	$	346,755		$	41,692	$	388,447		$	323,279		$	2,583	$	325,862		$	32,764	$	358,626

²	Represents acquisition intangible amortization expense from continuing operations.

SCHEDULE 10

OUTLOOK SUMMARY

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In millions, except per share data)


	Fiscal 2011 Actual			Fiscal 2012 Outlook		% Change FY11
Revenue Outlook
Revenues	$	1,860		$	2,100 to 2,150		13% to 16%

EPS Outlook
GAAP diluted EPS from continuing operations	$	2.61		$	3.02 to $3.09		16% to 18%
Non-recurring items and acquisition-related intangibles		0.47	¹	$	0.34		—

Cash EPS from continuing operations	$	3.08		$	3.35 to $3.43		9% to 11%

¹	Non-recurring items accounted for $0.16 and acquisition-related intangibles accounted for $0.31 in Fiscal 2011 results.