If there's a value for the custom field, I want it to display the value. If there's no value for the custom field, I want it to display "N/A". I have this working for custom fields but cant replicate the same functionality for a custom taxonomy.

This works for a custom field:

    $url = get_post_meta( get_the_ID(), 'event-code', true );
    if ( ! empty( $url ) ) {
    print ( $url );
    }
    else {
    print 'N/A';
    }

In the case of a custom taxonomy entry with a value, this displays both the value and "N/A":

    $promtax = the_terms( get_the_ID(), 'promotion','' );
    if ( ! empty( $promtax ) ) {
    print ( $promtax );
	}
	else {
	print 'N/A';
	}

 
I've used variations and combinations of isset, empty without any luck. Thanks.