Global Payments Provides Business Update Related to COVID-19 - Seite 2

As the duration and severity of the outbreak is unknown, we are suspending our financial outlook for the full year 2020. We have already taken and will continue to implement incremental actions to reduce expenses to mitigate the financial impact of COVID-19. We anticipate providing further updates on our first quarter earnings call in May.

Non-GAAP Financial Measures and Estimated Results for First Quarter 2020

In this press release we supplement our estimated revenue and earnings per share for the quarter ended March 31, 2020 with estimated non-GAAP measures, reflecting certain adjustments to assist with evaluating our expectations for performance during the quarter. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations. Management believes adjusted net revenue more closely reflects the economic benefits to the company's core business and allows for better comparisons with industry peers. Management uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation. Estimated adjusted net revenue and adjusted earnings per share presented in the press release should be considered in addition to, and not as substitutes for, estimated revenue and earnings per share determined in accordance with GAAP. These estimated non-GAAP financial measures reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

The expected GAAP and non-GAAP financial performance included in this press release reflects management’s current estimates. We have provided an estimated range for these metrics, but we have not yet completed the closing procedures for the quarter and our independent registered public accounting firm has not yet reviewed the financial statements for this period or the estimates in this press release. Accordingly, our expected results for this period reflect management’s current estimates and are subject to change pending finalization, and actual results could differ materially as we finalize such results. In particular, as discussed under Note 1-Basis of Presentation and Summary of Significant Accounting Policies in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, the preparation of our financial statements in accordance with GAAP requires management to make estimates and assumptions and to perform quantitative and qualitative assessments over time. The unique circumstances and risk exposures related to the coronavirus (COVID-19) pandemic will require management to make significant judgements during the closing process which could impact the estimates presented in this press release. We are including this information to provide investors with our current estimates of the impact of coronavirus (COVID-19) on our results for the quarter on a timely basis.