The acquisition of EVO Payments in March 2023 expanded Global Payments' geographic presence and augmented its business-to-business software and payment solutions business. However, the effect on revenues was offset by the effect of the business divested in April 2023.

The sale of the consumer portion of the Netspend business in April 2023 had an unfavorable effect on consolidated revenues for the three months ended June 30, 2024.

The company continues to invest in new technology solutions, infrastructure to support its growing business, and the ongoing consolidation and enhancement of its operating platforms, including migration to cloud environments.

Consolidated operating income was affected by prudent expense management, which partially offset the negative impact of higher amortization of acquired intangibles.

The company continues to execute on integration and other business transformation activities, such as combining business operations and streamlining technology infrastructure.

Management concluded that, as of June 30, 2024, the company's disclosure controls and procedures were effective in ensuring timely and accurate reporting of required information.

The company is exposed to general economic conditions, including currency fluctuations, inflation, and rising interest rates, which could negatively affect financial performance.

The company continues to evaluate the potential effects on its business from heightened geopolitical and economic instability or increased difficulty of conducting business in a country or region due to actual or potential political or military conflict or action.

A disruption in financial markets could impair banking partners, affecting the company's ability to access cash or provide settlement services.

Revenues from our Merchant Solutions segment for the three and six months ended June 30, 2024 increased by 7.0% and 10.4%, respectively, to $1,971.0 million and $3,805.1 million, respectively, compared to $1,842.3 million and $3,447.9 million, respectively, for the prior year.

Revenues from our Issuer Solutions segment for the three and six months ended June 30, 2024 increased by 3.9% and 4.7%, respectively, to $613.5 million and $1,216.2 million, respectively, compared to $590.4 million and $1,161.3 million, respectively, for the prior year.

Increased competition in the markets in which we operate and our ability to increase our market share in existing markets and expand into new markets.

Cost of service as a percentage of revenues decreased to 36.5% and 37.3%, respectively, for the three and six months ended June 30, 2024, compared to 38.4% and 39.8%, respectively, for the prior year.

Selling, general and administrative expenses as a percentage of revenues was 41.2% and 42.2%, respectively, for the three and six months ended June 30, 2024, compared to 41.3% and 43.3%, respectively, for the prior year.

Consolidated operating income was affected by prudent expense management, which partially offset the negative impact of higher amortization of acquired intangibles.

The company continues to invest in new technology solutions, infrastructure to support its growing business, and the ongoing consolidation and enhancement of its operating platforms, including migration to cloud environments.

In our Merchant Solutions segment, operating income and operating margin for the three and six months ended June 30, 2024 increased compared to the prior year primarily due to the favorable effects of the increase in revenues, since certain fixed costs do not vary with revenues, and continued expense management. These favorable effects were partially offset by incremental expenses related to continued investment in products, innovation and our technology environments.

These investments also include new product development and innovation to further enhance and differentiate our suite of technology and cloud-based solutions available to customers.

On February 23, 2024, the company issued $2.0 billion in aggregate principal amount of 1.500% convertible unsecured senior notes due March 2031 through a private placement.

During the six months ended June 30, 2024 and 2023, we repurchased and retired 6,972,979 and 4,064,918 shares of our common stock, respectively, at a cost, including commissions and applicable excise taxes, of $909.2 million and $414.0 million, or $130.39 and $101.86 per share, respectively.

We paid dividends to our common shareholders in the amounts of $127.0 million and $130.6 million during the six months ended June 30, 2024 and 2023, respectively.

Our ability to meet environmental, social and governance targets, goals and commitments.

The effects of global economic, political, market, health and social events or other conditions.

Effects of new or changes in current laws, regulations, credit card association rules or other industry standards on us or our partners and customers, including privacy and cybersecurity laws and regulations.

Increased competition in the markets in which we operate and our ability to increase our market share in existing markets and expand into new markets.