[February 21, 2018] |
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EVERTEC Reports Fourth Quarter and Full Year 2017 Results
EVERTEC, Inc. (NYSE:EVTC) ("EVERTEC" or the "Company") today announced
results for the fourth quarter and full year ended December 31, 2017.
Fourth Quarter 2017
-
Revenue decreased 2% to $99.6 million
-
GAAP Net Income attributable to common shareholders was $5.8 million,
or $0.08 per diluted share
-
Adjusted EBITDA decreased 22% to $37.0 million
-
Adjusted earnings per common share was $0.24, or a 44% decline
Full Year 2017 Highlights
-
Revenue grew 5% to $407.1 million
-
GAAP Net Income attributable to common shareholders was $55.1 million,
or $0.76 per diluted share
-
Adjusted EBITDA decreased 5% to $178.0 million
-
Adjusted earnings per common share was $1.47, or a 12% decline
-
$29 million returned to shareholders in share repurchases and dividends
Mac Schuessler, President and Chief Executive Officer, stated "We
executed well in the fourth quarter and exceeded the high end of our
full year 2017 revenue guidance range, as fourth quarter transaction
volume was stronger than previously expected in Puerto Rico. Reflecting
on 2017, we made significant progress on our core growth initiatives,
including advancing our Latin American expansion strategy through
acquisitions and recent customer wins."
Schuessler continued, "Looking to 2018, while the post-hurricane economy
in Puerto Rico has improved, many uncertainties still remain and are
reflected in our 2018 financial outlook. We will continue to work to
restore our customers' operations in Puerto Rico and remain committed to
supporting our community as the Island rebuilds. At the same time, we
are focused on capitalizing on our expanded opportunities in Latin
America."
Fourth Quarter 2017 Results
Revenue. Total revenue for the quarter ended December 31, 2017
was $99.6 million, a decrease of 2% compared with $101.9 million in the
prior year. The decrease in the quarter was driven primarily by the
impact of reduced volumes caused by the significant hurricanes in the
third quarter of 2017 partially offset by the acquisition of PayGroup.
Net Income attributable to common shareholders. For the quarter
ended December 31, 2017, GAAP Net Income attributable to common
shareholders was $5.8 million, or $0.08 per diluted share, compared with
$16.0 million or $0.22 per diluted share in the prior year. The decline
was primarily caused by the impact of the hurricanes.
Adjusted EBITDA. For the quarter ended December 31, 2017,
Adjusted EBITDA was $37.0 million, a decrease of 22% compared to the
prior year. The decrease in Adjusted EBITDA was primarily driven by
reduced high margin revenues due to the hurricanes and a $5.0 million
impairment charge on a multi-year software development project that was
impacted by delays caused by the hurricane and projected increased costs
with a third party vendor.
Adjusted Net Income. For the quarter ended December 31, 2017,
Adjusted Net Income was $17.7 million, a decrease of 43% compared with
$31.3 million in the prior year. Adjusted earnings per common share was
$0.24, a decrease of 44% compared with $0.43 in the prior year. The
results included the impact of an increased tax rate in our Latin
American region and a higher than anticipated proportion of Puerto Rico
taxable income outside our preferential tax decree.
Full Year 2017 Results
Revenue. Total revenue for the year ended December 31, 2017 was
$407.1 million, an increase of 5% compared with $389.5 million in the
prior year. The increase in revenues was driven by increases in ATH
debit network transaction volumes and card processing volumes, revenue
generated from the PayGroup acquisition, increased revenue from the
Accuprint acquisition and an increase in core banking revenue. Revenues
in 2017 were negatively impacted by the two hurricanes that made
landfall in Puerto Rico and the Caribbean in September of 2017.
Net Income attributable to common shareholders. For the year
ended December 31, 2017, GAAP Net Income attributable to common
shareholders was $55.1 million , or $0.76 per diluted share, compared
with $75.0 million or $1.01 per diluted share in the prior year. The
decline was caused by the impact of the hurricanes, charges taken in
connection with an exit activity for a third party software solution
that is no longer commercially viable, an impairment loss related to a
software asset under development, expenses attributable to the PayGroup
acquisition, increased depreciation expense, and higher interest expense.
Adjusted EBITDA. For the year ended December 31, 2017, Adjusted
EBITDA was $178.0 million, a decrease of 5% compared to the prior year.
The decrease in Adjusted EBITDA was primarily driven by reduced high
margin revenues due to the hurricanes and an impairment loss related to
a software asset under development.
Adjusted Net Income. For the year ended December 31, 2017,
Adjusted Net Income was $107.1 million, a decrease of 14% compared with
$124.7 million in the prior year. Adjusted earnings per common share was
$1.47, a decrease of 12% compared with $1.67 in the prior year. The
decline was primarily caused by the impact of the hurricanes, increased
depreciation, higher interest expense and an increased tax rate.
Segment Reporting Change
The Company realigned its operating segments in the quarter ended
December 31, 2017. The Company's operating segments are as follows: 1)
Merchant Services 2) Payment Services (Puerto Rico and Caribbean) 3)
Payment Services (Latin America) 4) Business Solutions. Additionally,
the Corporate and Other category is presented and it consists of
corporate overhead expenses, intersegment eliminations, certain
leveraged activities and other non-operating and miscellaneous expenses
that are not included in the operating segments. Historical results for
the new operating segments for reported full-year 2015 through 2017 and
quarterly periods for 2016 and 2017 are provided in a supplemental
schedule attached to this release.
Share Repurchase
For the full year 2017, the Company repurchased a total of 0.5 million
shares of common stock at an average price of $16.48 per share for a
total of $7.7 million. As of December 31, 2017, a total of approximately
$72.3 million remained available for future use under the Company's
share repurchase program.
2018 Outlook
The Company financial outlook for 2018 is as follows:
-
Total consolidated revenue between $411 million and $425 million
representing growth of 1 to 5%
-
Adjusted earnings per common share guidance of $1.25 to $1.41
representing a range of -15 to -4% as compared to $1.47 in 2017
-
Capital expenditures ranging between $35 and $40 million
-
Effective tax rate ranging between 11 to 13%
Earnings Conference Call and Audio Webcast
The Company will host a conference call to discuss its Fourth quarter
2017 financial results today at 4:30 p.m. ET. Hosting the call will be
Mac Schuessler, President and Chief Executive Officer, and Peter Smith,
Executive Vice President and Chief Financial Officer. The conference
call can be accessed live over the phone by dialing (888) 338-7153 or
for international callers by dialing (412) 317-5117. A replay will be
available one hour after the end of the conference call and can be
accessed by dialing (877) 344-7529 or (412) 317-0088 for international
callers; the pin number is 10098091. The replay will be available
through Wednesday, March 1, 2018. The call will be webcast live from the
Company's website at www.evertecinc.com
under the Investor Relations section or directly at http://ir.evertecinc.com.
A supplemental slide presentation that accompanies this call and webcast
can be found on the investor relations website at ir.evertecinc.com and
will remain available after the call.
About EVERTEC
EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction
processing business in Latin America, providing a broad range of
merchant acquiring, payment processing and business solutions services.
The Company manages a system of electronic payment networks that process
approximately two billion transactions annually, and offers a
comprehensive suite of services for core bank processing, cash
processing and technology outsourcing. In addition, EVERTEC owns and
operates the ATH® network, one of the leading personal identification
number ("PIN") debit networks in Latin America. Based in Puerto Rico,
the Company operates in 26 Latin American countries and serves a
diversified customer base of leading financial institutions, merchants,
corporations and government agencies with "mission-critical" technology
solutions. For more information, visit www.evertecinc.com.
Use of Non-GAAP Financial Information
The non-GAAP measures referenced in this release material are
supplemental measures of the Company's performance and are not required
by, or presented in accordance with, accounting principles generally
accepted in the United States of America ("GAAP"). They are not
measurements of the Company's financial performance under GAAP and
should not be considered as alternatives to total revenue, net income or
any other performance measures derived in accordance with GAAP or as
alternatives to cash flows from operating activities, as indicators of
operating performance or as measures of the Company's liquidity. In
addition to GAAP measures, management uses these non-GAAP measures to
focus on the factors the Company believes are pertinent to the daily
management of the Company's operations and believes that they are also
frequently used by analysts, investors and other interested parties to
evaluate companies in the industry. Reconciliations of the non-GAAP
measures to the most directly comparable GAAP measure are included in
the schedules to this release. These non-GAAP measures include EBITDA,
Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common
share and are defined below.
EBITDA is defined as earnings before interest, taxes,
depreciation and amortization.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude
unusual items and other adjustments. This measure is reported to the
chief operating decision maker for purposes of making decisions about
allocating resources to the segments and assessing their performance.
For this reason, Adjusted EBITDA, as it relates to our segments, is
presented in conformity with Accounting Standards Codification 280,
Segment Reporting, and is excluded from the definition of non-GAAP
financial measures under the Securities and Exchange Commission's
Regulation G and Item 10(e) of Regulation S-K.
Adjusted Net Income is defined as net income adjusted to exclude
unusual items and other adjustments
Adjusted Earnings per common share is defined as Adjusted Net
Income divided by diluted shares outstanding
In addition, our presentation of Adjusted EBITDA is substantially
consistent with the equivalent measurements that are contained in the
senior secured credit facilities in testing EVERTEC Group's compliance
with covenants therein such as the senior secured leverage ratio. We use
Adjusted Net Income to measure our overall profitability because we
believe better reflects our comparable operating performance by
excluding the impact of the non-cash amortization and depreciation that
was created as a result of Apollo Global Management LLC's acquisition of
a 51% indirect ownership in EVERTEC Group. In addition, in evaluating
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per
common share, you should be aware that in the future we may incur
expenses such as those excluded in calculating them. Further, our
presentation of these measures should not be construed as an inference
that our future operating results will not be affected by unusual or
nonrecurring items.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of, and subject to the protection of, the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, and other
factors that may cause the actual results, performance or achievements
of EVERTEC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Statements preceded by, followed by, or that otherwise
include the words "believes," "expects," "anticipates," "intends,"
"projects," "estimates," and "plans" and similar expressions of future
or conditional verbs such as "will," "should," "would," "may," and
"could" are generally forward-looking in nature and not historical
facts. Any statements that refer to expectations or other
characterizations of future events, circumstances or results are
forward-looking statements.
Various factors that could cause actual future results and other future
events to differ materially from those estimated by management include,
but are not limited to: the Company's reliance on its relationship with
Popular for a significant portion of revenue; our ability to renew our
client contracts on terms favorable to us; the effectiveness of our risk
management procedures; our dependence on our processing systems,
technology infrastructure, security systems and
fraudulent-payment-detection systems, and the risk that our systems may
experience breakdowns or fail to prevent security breaches or fraudulent
transfers; our ability to develop, install and adopt new technology; a
decreased client base due to consolidations in the banking and
financial-services industry; the credit risk of our merchant clients,
for which we may also be liable; the continuing market position of the
ATH® network; reduction in consumer confidence leading to decreased
consumer spending; the Company's dependence on credit card associations;
regulatory limitations on our activities, including the potential need
to seek regulatory approval to consummate transactions, due to our
relationship with Popular and our role as a service provider to
financial institutions; changes in the regulatory environment and
changes in international, legal, tax, political, administrative or
economic conditions; the geographical concentration of the Company's
business in Puerto Rico; operating an international business in multiple
regions with potential political and economic instability; increased
compliance risks associated with operating an international business;
operating in countries and counterparties that put us at risk of
violating U.S. sanctions laws; our ability to execute our expansion and
acquisition strategies; our ability to protect our intellectual property
rights; our ability to recruit and retain qualified personnel; our
ability to comply with federal, state, and local regulatory
requirements; evolving industry standards; the Company's high level of
indebtedness and restrictions contained in the Company's debt
agreements; and the Company's ability to generate sufficient cash to
service the Company's indebtedness and to generate future profits.
Consideration should be given to the areas of risk described above, as
well as those risks set forth under the headings "Forward-Looking
Statements" and "Risk Factors" in the reports the Company files with the
SEC from time to time, in connection with considering any
forward-looking statements that may be made by the Company and its
businesses generally. We undertake no obligation to release publicly any
revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events unless we are required to
do so by law.
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EVERTEC, Inc.
Schedule 1: Unaudited Consolidated Statements of Income and
Comprehensive Income
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Quarter ended December 31,
|
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Year ended December 31,
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(Dollar amounts in thousands, except per share data)
|
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2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Revenues
|
|
|
$
|
99,628
|
|
|
|
$
|
101,889
|
|
|
|
$
|
407,144
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|
|
|
$
|
389,507
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Operating costs and expenses
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|
|
|
|
|
|
|
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Cost of revenues, exclusive of depreciation and amortization shown
below
|
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50,748
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|
|
|
48,682
|
|
|
|
200,650
|
|
|
|
175,809
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|
Selling, general and administrative expenses
|
|
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16,130
|
|
|
|
12,760
|
|
|
|
56,161
|
|
|
|
46,986
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|
Depreciation and amortization
|
|
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16,061
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|
|
|
15,067
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|
|
|
64,250
|
|
|
|
59,567
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|
Total operating costs and expenses
|
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82,939
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|
|
|
76,509
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|
|
321,061
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|
|
|
282,362
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Income from operations
|
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16,689
|
|
|
|
25,380
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|
|
|
86,083
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|
|
|
107,145
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|
Non-operating income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
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Interest income
|
|
|
156
|
|
|
|
111
|
|
|
|
716
|
|
|
|
377
|
|
Interest expense
|
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|
(7,407
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)
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|
|
(6,325
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)
|
|
|
(29,861
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)
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|
|
(24,617
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)
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Earnings (losses) of equity method investment
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|
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191
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|
|
|
6
|
|
|
|
604
|
|
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(52
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)
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Other income (expense), net
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(172
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)
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(1,203
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)
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|
|
2,657
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|
|
|
544
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|
Total non-operating expenses
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(7,232
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)
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(7,411
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)
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(25,884
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)
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|
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(23,748
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)
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Income before income taxes
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9,457
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17,969
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60,199
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|
|
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83,397
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Income tax expense
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3,532
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|
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1,955
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4,780
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|
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8,271
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Net income
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5,925
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16,014
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55,419
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75,126
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Less: Net income attributable to non-controlling interest
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91
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41
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365
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90
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Net income attributable to EVERTEC, Inc.'s common stockholders
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5,834
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15,973
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55,054
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|
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75,036
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Other comprehensive income (loss), net of tax
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|
|
|
|
|
|
|
|
|
|
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Foreign currency translation adjustments
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(117
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)
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(740
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)
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(635
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)
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(3,360
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)
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Gain (loss) on cash flow hedge
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1,421
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3,015
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2,178
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(1,449
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)
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Total comprehensive income
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$
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7,138
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$
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18,248
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$
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56,597
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$
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70,227
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Net income per common share:
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Basic
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$
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0.08
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$
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0.22
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$
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0.76
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$
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1.01
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Diluted
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$
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0.08
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$
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0.22
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$
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0.76
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$
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1.01
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Shares used in computing net income per common share:
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Basic
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72,390,977
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73,020,599
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72,479,807
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74,132,863
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Diluted
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72,857,756
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73,563,167
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72,872,188
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74,473,369
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EVERTEC, Inc.
Schedule 2: Unaudited Consolidated Balance Sheets
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(Dollar amounts in thousands)
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December 31, 2017
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December 31, 2016
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Assets
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Current Assets:
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Cash and cash equivalents
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$
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50,423
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$
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51,920
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Restricted cash
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9,944
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8,112
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Accounts receivable, net
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83,328
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77,803
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Prepaid expenses and other assets
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25,011
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20,430
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Total current assets
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168,706
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158,265
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Investment in equity investee
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13,073
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12,252
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Property and equipment, net
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37,924
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38,930
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Goodwill
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398,575
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370,986
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Other intangible assets, net
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|
279,961
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|
299,119
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Other long-term assets
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4,549
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|
|
6,110
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Total assets
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|
$
|
902,788
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|
|
|
$
|
885,662
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Liabilities and stockholders' equity
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Current Liabilities:
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|
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Accrued liabilities
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|
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$
|
38,451
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|
|
|
$
|
34,243
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Accounts payable
|
|
|
41,135
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|
|
|
40,845
|
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Unearned income
|
|
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7,737
|
|
|
|
4,531
|
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Income tax payable
|
|
|
1,406
|
|
|
|
1,755
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Current portion of long-term debt
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|
|
46,487
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|
|
|
19,789
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Short-term borrowings
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|
12,000
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|
|
|
28,000
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Total current liabilities
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|
|
147,216
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|
|
|
129,163
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Long-term debt
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|
|
557,251
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|
|
599,667
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Deferred tax liability
|
|
|
13,820
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|
|
14,978
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Unearned income-long-term
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|
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23,486
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|
|
|
17,303
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Other long-term liabilities
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|
|
13,039
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|
|
16,376
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Total liabilities
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|
754,812
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|
|
|
777,487
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Stockholders' equity
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Preferred stock, par value $0.01; 2,000,000 shares authorized; none
issued
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-
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-
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Common stock, par value $0.01; 206,000,000 shares authorized; 72,393,933
shares issued and outstanding at December 31, 2017 (December
31, 2016 - 72,635,032)
|
|
|
723
|
|
|
|
726
|
|
Additional paid-in capital
|
|
|
5,350
|
|
|
|
-
|
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Accumulated earnings
|
|
|
148,887
|
|
|
|
116,341
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Accumulated other comprehensive loss, net of tax
|
|
|
(10,848
|
)
|
|
|
(12,391
|
)
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Total EVERTEC, Inc. stockholders' equity
|
|
|
144,112
|
|
|
|
104,676
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Non-controlling interest
|
|
|
3,864
|
|
|
|
3,499
|
|
Total equity
|
|
|
147,976
|
|
|
|
108,175
|
|
Total liabilities and equity
|
|
|
$
|
902,788
|
|
|
|
$
|
885,662
|
|
|
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EVERTEC, Inc.
Schedule 3: Unaudited Consolidated Statements of Cash Flows
|
|
|
|
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|
|
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Years ended December 31,
|
(Dollar amounts in thousands)
|
|
|
2017
|
|
|
2016
|
Cash flows from operating activities
|
|
|
|
|
|
|
Net income
|
|
|
$
|
55,419
|
|
|
|
$
|
75,126
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
64,250
|
|
|
|
59,567
|
|
Amortization of debt issue costs and accretion of discount
|
|
|
5,128
|
|
|
|
4,334
|
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
1,476
|
|
Provision for doubtful accounts and sundry losses
|
|
|
843
|
|
|
|
1,990
|
|
Deferred tax benefit
|
|
|
(4,306
|
)
|
|
|
(4,594
|
)
|
Share-based compensation
|
|
|
9,642
|
|
|
|
6,408
|
|
Loss on impairment of software
|
|
|
11,441
|
|
|
|
2,277
|
|
Loss on disposition of property and equipment and other intangibles
|
|
|
430
|
|
|
|
453
|
|
(Earnings) losses of equity method investment
|
|
|
(604
|
)
|
|
|
52
|
|
(Increase) decrease in assets:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(2,099
|
)
|
|
|
(2,583
|
)
|
Prepaid expenses and other assets
|
|
|
(4,048
|
)
|
|
|
(1,426
|
)
|
Other long-term assets
|
|
|
1,654
|
|
|
|
(1,790
|
)
|
Increase (decrease) in liabilities:
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
(870
|
)
|
|
|
14,594
|
|
Income tax payable
|
|
|
(349
|
)
|
|
|
405
|
|
Unearned income
|
|
|
8,444
|
|
|
|
8,018
|
|
Other long-term liabilities
|
|
|
811
|
|
|
|
3,747
|
|
Total adjustments
|
|
|
90,367
|
|
|
|
92,928
|
|
Net cash provided by operating activities
|
|
|
145,786
|
|
|
|
168,054
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Net (increase) decrease in restricted cash
|
|
|
(1,832
|
)
|
|
|
3,705
|
|
Additions to software and purchase of customer relationship
|
|
|
(22,174
|
)
|
|
|
(23,819
|
)
|
Acquisitions, net of cash acquired
|
|
|
(42,836
|
)
|
|
|
(15,600
|
)
|
Property and equipment acquired
|
|
|
(11,290
|
)
|
|
|
(18,450
|
)
|
Proceeds from sales of property and equipment
|
|
|
32
|
|
|
|
81
|
|
Net cash used in investing activities
|
|
|
(78,100
|
)
|
|
|
(54,083
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
-
|
|
|
|
75,763
|
|
Debt issuance costs
|
|
|
-
|
|
|
|
(4,830
|
)
|
Net (decrease) increase in short-term borrowings
|
|
|
(16,000
|
)
|
|
|
11,000
|
|
Repayments of borrowings for purchase of equipment and software
|
|
|
(2,373
|
)
|
|
|
(2,213
|
)
|
Dividends paid
|
|
|
(21,762
|
)
|
|
|
(29,696
|
)
|
Withholding taxes paid on share-based compensation
|
|
|
(1,588
|
)
|
|
|
(548
|
)
|
Repurchase of common stock
|
|
|
(7,671
|
)
|
|
|
(39,946
|
)
|
Repayment of long-term debt
|
|
|
(19,789
|
)
|
|
|
(96,741
|
)
|
Credit amendment fees
|
|
|
-
|
|
|
|
(3,587
|
)
|
Net cash used in financing activities
|
|
|
(69,183
|
)
|
|
|
(90,798
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(1,497
|
)
|
|
|
23,173
|
|
Cash and cash equivalents at beginning of the period
|
|
|
51,920
|
|
|
|
28,747
|
|
Cash and cash equivalents at end of the period
|
|
|
$
|
50,423
|
|
|
|
$
|
51,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVERTEC, Inc.
Schedule 4: Unaudited Segment Information
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
22,866
|
|
|
|
$
|
19,336
|
|
|
|
$
|
18,232
|
|
|
|
$
|
46,133
|
|
|
|
$
|
(6,939
|
)
|
|
|
$
|
99,628
|
Operating costs and expenses
|
|
|
17,759
|
|
|
|
19,520
|
|
|
|
11,028
|
|
|
|
28,776
|
|
|
|
5,856
|
|
|
|
82,939
|
Depreciation and amortization
|
|
|
2,317
|
|
|
|
2,553
|
|
|
|
441
|
|
|
|
3,653
|
|
|
|
7,097
|
|
|
|
16,061
|
Non-operating income (expenses)
|
|
|
553
|
|
|
|
1,539
|
|
|
|
-
|
|
|
|
10
|
|
|
|
(2,083
|
)
|
|
|
19
|
EBITDA
|
|
|
7,977
|
|
|
|
3,908
|
|
|
|
7,645
|
|
|
|
21,020
|
|
|
|
(7,781
|
)
|
|
|
32,769
|
Compensation and benefits (1)
|
|
|
159
|
|
|
|
371
|
|
|
|
141
|
|
|
|
394
|
|
|
|
2,139
|
|
|
|
3,204
|
Transaction, refinancing and other fees (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,055
|
|
|
|
1,055
|
Adjusted EBITDA
|
|
|
$
|
8,136
|
|
|
|
$
|
4,279
|
|
|
|
$
|
7,786
|
|
|
|
$
|
21,414
|
|
|
|
$
|
(4,587
|
)
|
|
|
$
|
37,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$6.9 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement.
|
|
|
|
|
|
|
Quarter Ended December 31, 2016
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
25,680
|
|
|
|
$
|
12,438
|
|
|
|
$
|
23,111
|
|
|
|
$
|
49,439
|
|
|
|
$
|
(8,779
|
)
|
|
|
$
|
101,889
|
|
Operating costs and expenses
|
|
|
14,053
|
|
|
|
11,986
|
|
|
|
13,717
|
|
|
|
31,152
|
|
|
|
5,601
|
|
|
|
76,509
|
|
Depreciation and amortization
|
|
|
2,027
|
|
|
|
1,894
|
|
|
|
594
|
|
|
|
3,486
|
|
|
|
7,066
|
|
|
|
15,067
|
|
Non-operating income (expenses)
|
|
|
563
|
|
|
|
1,155
|
|
|
|
-
|
|
|
|
10
|
|
|
|
(2,925
|
)
|
|
|
(1,197
|
)
|
EBITDA
|
|
|
14,217
|
|
|
|
3,501
|
|
|
|
9,988
|
|
|
|
21,783
|
|
|
|
(10,239
|
)
|
|
|
39,250
|
|
Compensation and benefits (2)
|
|
|
59
|
|
|
|
8
|
|
|
|
63
|
|
|
|
146
|
|
|
|
2,173
|
|
|
|
2,449
|
|
Transaction, refinancing and other fees (3)
|
|
|
2,062
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,167
|
|
|
|
1,647
|
|
|
|
5,876
|
|
Adjusted EBITDA
|
|
|
$
|
16,338
|
|
|
|
$
|
3,509
|
|
|
|
$
|
10,051
|
|
|
|
$
|
24,096
|
|
|
|
$
|
(6,419
|
)
|
|
|
$
|
47,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$8.8 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results, certain fees paid to resolve a
software maintenance contract mater, fees paid in connection with
the debt refinancing and a software impairment charge.
|
|
|
|
|
|
|
Year Ended December 31, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
101,687
|
|
|
|
$
|
62,702
|
|
|
|
$
|
85,778
|
|
|
|
$
|
189,077
|
|
|
|
$
|
(32,100
|
)
|
|
$
|
407,144
|
Operating costs and expenses
|
|
|
57,463
|
|
|
|
66,786
|
|
|
|
57,574
|
|
|
|
119,761
|
|
|
|
19,477
|
|
|
321,061
|
Depreciation and amortization
|
|
|
8,993
|
|
|
|
8,880
|
|
|
|
2,254
|
|
|
|
15,774
|
|
|
|
28,349
|
|
|
64,250
|
Non-operating income (expenses)
|
|
|
2,229
|
|
|
|
8,726
|
|
|
|
1
|
|
|
|
13
|
|
|
|
(7,708
|
)
|
|
3,261
|
EBITDA
|
|
|
55,446
|
|
|
|
13,522
|
|
|
|
30,459
|
|
|
|
85,103
|
|
|
|
(30,936
|
)
|
|
153,594
|
Compensation and benefits (2)
|
|
|
589
|
|
|
|
816
|
|
|
|
573
|
|
|
|
1,687
|
|
|
|
6,090
|
|
|
9,755
|
Transaction, refinancing, exit activity and other fees (3)
|
|
|
2,499
|
|
|
|
3,220
|
|
|
|
6,465
|
|
|
|
-
|
|
|
|
2,495
|
|
|
14,679
|
Adjusted EBITDA
|
|
|
$
|
58,534
|
|
|
|
$
|
17,558
|
|
|
|
$
|
37,497
|
|
|
|
$
|
86,790
|
|
|
|
$
|
(22,351
|
)
|
|
$
|
178,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$32.1 million processing fee from Payments Services - Puerto Rico
and Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and an impairment
charge and contractual fee accrual for a third party software
solution that was determined to be commercially unviable.
|
|
|
|
|
|
|
Year Ended December 31, 2016
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
99,680
|
|
|
|
$
|
47,162
|
|
|
|
$
|
91,248
|
|
|
|
$
|
184,276
|
|
|
|
$
|
(32,859
|
)
|
|
|
$
|
389,507
|
Operating costs and expenses
|
|
|
49,128
|
|
|
|
45,304
|
|
|
|
52,771
|
|
|
|
113,082
|
|
|
|
22,077
|
|
|
|
282,362
|
Depreciation and amortization
|
|
|
7,597
|
|
|
|
7,285
|
|
|
|
2,672
|
|
|
|
13,783
|
|
|
|
28,230
|
|
|
|
59,567
|
Non-operating income (expenses)
|
|
|
2,238
|
|
|
|
5,584
|
|
|
|
-
|
|
|
|
24
|
|
|
|
(7,354
|
)
|
|
|
492
|
EBITDA
|
|
|
60,387
|
|
|
|
14,727
|
|
|
|
41,149
|
|
|
|
85,001
|
|
|
|
(34,060
|
)
|
|
|
167,204
|
Compensation and benefits (2)
|
|
|
637
|
|
|
|
627
|
|
|
|
480
|
|
|
|
1,961
|
|
|
|
6,777
|
|
|
|
10,482
|
Transaction, refinancing, and other fees (3)
|
|
|
2,062
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,277
|
|
|
|
5,650
|
|
|
|
9,989
|
Adjusted EBITDA
|
|
|
$
|
63,086
|
|
|
|
$
|
15,354
|
|
|
|
$
|
41,629
|
|
|
|
$
|
89,239
|
|
|
|
$
|
(21,633
|
)
|
|
|
$
|
187,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$32.9 million processing fee from Payments Services - Puerto Rico
and Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results, certain fees paid to resolve a
software maintenance contract mater, fees paid in connection with
the debt refinancing and a software impairment charge.
|
|
|
|
|
|
|
|
|
|
|
EVERTEC, Inc.
Schedule 5: Reconciliation of GAAP to Non-GAAP Operating Results
|
|
|
|
|
|
|
|
|
|
|
Quarter ended December 31,
|
|
|
Year ended December 31,
|
(Dollar amounts in thousands, except share data)
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Net income
|
|
|
$
|
5,925
|
|
|
|
$
|
16,014
|
|
|
|
$
|
55,419
|
|
|
|
$
|
75,126
|
|
Income tax expense
|
|
|
3,532
|
|
|
|
1,955
|
|
|
|
4,780
|
|
|
|
8,271
|
|
Interest expense, net
|
|
|
7,251
|
|
|
|
6,214
|
|
|
|
29,145
|
|
|
|
24,240
|
|
Depreciation and amortization
|
|
|
16,061
|
|
|
|
15,067
|
|
|
|
64,250
|
|
|
|
59,567
|
|
EBITDA
|
|
|
32,769
|
|
|
|
39,250
|
|
|
|
153,594
|
|
|
|
167,204
|
|
Software maintenance reimbursement and other costs(1)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
521
|
|
Equity (income) loss(2)
|
|
|
(191
|
)
|
|
|
(6
|
)
|
|
|
(604
|
)
|
|
|
52
|
|
Compensation and benefits (3)
|
|
|
3,204
|
|
|
|
2,449
|
|
|
|
9,755
|
|
|
|
10,482
|
|
Transaction, refinancing and other fees (4)
|
|
|
1,246
|
|
|
|
5,882
|
|
|
|
2,500
|
|
|
|
7,579
|
|
Exit activity (5)
|
|
|
-
|
|
|
|
-
|
|
|
|
12,783
|
|
|
|
-
|
|
Restatement related expenses (6)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,837
|
|
Adjusted EBITDA
|
|
|
37,028
|
|
|
|
47,575
|
|
|
|
178,028
|
|
|
|
187,675
|
|
Operating depreciation and amortization (7)
|
|
|
(7,459
|
)
|
|
|
(7,302
|
)
|
|
|
(30,585
|
)
|
|
|
(28,468
|
)
|
Cash interest expense, net (8)
|
|
|
(6,422
|
)
|
|
|
(5,137
|
)
|
|
|
(24,660
|
)
|
|
|
(20,468
|
)
|
Income tax expense (9)
|
|
|
(5,264
|
)
|
|
|
(3,748
|
)
|
|
|
(15,100
|
)
|
|
|
(13,752
|
)
|
Non-controlling interest (10)
|
|
|
(150
|
)
|
|
|
(89
|
)
|
|
|
(581
|
)
|
|
|
(258
|
)
|
Adjusted Net Income
|
|
|
$
|
17,733
|
|
|
|
$
|
31,299
|
|
|
|
$
|
107,102
|
|
|
|
$
|
124,729
|
|
Net income per common share (GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
$
|
0.08
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.76
|
|
|
|
$
|
1.01
|
|
Adjusted earnings per common share (Non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
$
|
0.24
|
|
|
|
$
|
0.43
|
|
|
|
$
|
1.47
|
|
|
|
$
|
1.67
|
|
Shares used in computing adjusted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
72,857,786
|
|
|
|
73,563,167
|
|
|
|
72,872,188
|
|
|
|
74,473,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Predominantly represents reimbursements received for certain
software maintenance expenses as part of the Merger.
|
(2)
|
|
Represents the elimination of non-cash equity earnings from our
19.99% equity investment in Dominican Republic, Consorcio de
Tarjetas Dominicanas, S.A. ("CONTADO").
|
(3)
|
|
Primarily represents share-based compensation and other compensation
expense of $3.1 million and $1.8 million for the quarters ended
December 31, 2017 and 2016 and severance payments $0.6 million for
the quarter ended December 31, 2016. For the year ended December 31,
2017 and 2016 primarily represents share-based compensation and
other compensation expense of $9.6 million and $6.7 million,
respectively, and severance payments of $4.1 million for the year
ended December 31, 2016.
|
(4)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement, recorded as part of
selling, general and administrative expense and cost of revenues, as
well as relief contributions related to the Hurricanes.
|
(5)
|
|
Impairment charge and contractual fees accrual for a third party
software solution that was determined to be commercially unviable.
|
(6)
|
|
Represents consulting, audit and legal expenses incurred as part of
the restatement.
|
(7)
|
|
Represents operating depreciation and amortization expense, which
excludes amounts generated as a result of the Merger and other from
purchase accounting intangibles generated from acquisitions.
|
(8)
|
|
Represents interest expense, less interest income, as they appear on
our consolidated statements of income and comprehensive income,
adjusted to exclude non-cash amortization of the debt issue costs,
premium and accretion of discount.
|
(9)
|
|
Represents income tax expense calculated on adjusted pre-tax income
using the applicable GAAP tax rate.
|
(10)
|
|
Represents the 35% non-controlling equity interest in Processa, net
of amortization for intangibles created as part of the purchase.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVERTEC, Inc.
Schedule 6: Outlook Summary and Reconciliation to Non-GAAP
Adjusted Earnings per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2018 Outlook
|
|
|
Actual
|
(Dollar amounts in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
411
|
|
|
|
to
|
|
|
$
|
425
|
|
|
|
$
|
407
|
|
Earnings per Share (EPS) (GAAP)
|
|
|
$
|
0.60
|
|
|
|
to
|
|
|
$
|
0.76
|
|
|
|
$
|
0.76
|
|
Per share adjustment to reconcile GAAP EPS to Non-GAAP
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based comp, non-cash equity earnings and other (1)
|
|
|
0.21
|
|
|
|
|
|
|
0.21
|
|
|
|
0.33
|
|
Merger and acquisition related depreciation and amortization (2)
|
|
|
0.47
|
|
|
|
|
|
|
0.47
|
|
|
|
0.42
|
|
Non-cash interest expense (3)
|
|
|
0.06
|
|
|
|
|
|
|
0.06
|
|
|
|
0.07
|
|
Tax effect of non-gaap adjustments (4)
|
|
|
(0.08
|
)
|
|
|
|
|
|
(0.08
|
)
|
|
|
(0.10
|
)
|
Non-controlling interest (5)
|
|
|
(0.01
|
)
|
|
|
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
Total adjustments
|
|
|
0.65
|
|
|
|
|
|
|
0.65
|
|
|
|
0.71
|
|
Adjusted EPS (Non-GAAP)
|
|
|
$
|
1.25
|
|
|
|
to
|
|
|
$
|
1.41
|
|
|
|
$
|
1.47
|
|
Shares used in computing adjusted earnings per common share
|
|
|
|
|
|
|
|
|
73.5
|
|
|
|
72.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Represents share based compensation, the elimination of non-cash
equity earnings from our 19.99% equity investment in CONTADO,
severance and other adjustments to reconcile GAAP EPS to Non-GAAP
EPS.
|
(2)
|
|
Represents depreciation and amortization expenses amounts generated
as a result of the Merger and intangibles related to acquisitions.
|
(3)
|
|
Represents non-cash amortization of the debt issue costs, premium
and accretion of discount.
|
(4)
|
|
Represents income tax expense on non-GAAP adjustments using the
applicable GAAP tax rate (in an anticipated range of 11 to 13%).
|
(5)
|
|
Represents the 35% non-controlling equity interest in Processa, net
of amortization for intangibles created as part of the purchase.
|
|
|
|
EVERTEC, Inc.
Schedule 7: Supplemental Segment Information
|
|
|
|
|
Quarter Ended March 31, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
26,452
|
|
|
|
$
|
12,964
|
|
|
|
$
|
22,485
|
|
|
|
$
|
47,997
|
|
|
|
$
|
(8,618
|
)
|
|
|
$
|
101,280
|
|
Operating costs and expenses
|
|
|
11,802
|
|
|
|
12,266
|
|
|
|
13,413
|
|
|
|
29,765
|
|
|
|
3,442
|
|
|
|
70,688
|
|
Depreciation and amortization
|
|
|
2,149
|
|
|
|
1,871
|
|
|
|
599
|
|
|
|
4,014
|
|
|
|
7,051
|
|
|
|
15,684
|
|
Non-operating income (expenses)
|
|
|
553
|
|
|
|
2,731
|
|
|
|
1
|
|
|
|
-
|
|
|
|
(1,868
|
)
|
|
|
1,417
|
|
EBITDA
|
|
|
17,352
|
|
|
|
5,300
|
|
|
|
9,672
|
|
|
|
22,246
|
|
|
|
(6,877
|
)
|
|
|
47,693
|
|
Compensation and benefits (2)
|
|
|
99
|
|
|
|
151
|
|
|
|
95
|
|
|
|
226
|
|
|
|
1,505
|
|
|
|
2,076
|
|
Transaction, refinancing and other fees (3)
|
|
|
(660
|
)
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50
|
|
|
|
(610
|
)
|
Adjusted EBITDA
|
|
|
$
|
16,791
|
|
|
|
$
|
5,451
|
|
|
|
$
|
9,767
|
|
|
|
$
|
22,472
|
|
|
|
$
|
(5,322
|
)
|
|
|
$
|
49,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$8.6 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement.
|
|
|
|
|
|
|
Quarter Ended June 30, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
27,144
|
|
|
|
$
|
12,973
|
|
|
|
$
|
23,506
|
|
|
|
$
|
48,672
|
|
|
|
$
|
(8,784
|
)
|
|
|
$
|
103,511
|
Operating costs and expenses
|
|
|
11,682
|
|
|
|
13,603
|
|
|
|
13,688
|
|
|
|
29,600
|
|
|
|
4,944
|
|
|
|
73,517
|
Depreciation and amortization
|
|
|
2,269
|
|
|
|
1,848
|
|
|
|
596
|
|
|
|
4,082
|
|
|
|
7,104
|
|
|
|
15,899
|
Non-operating income (expenses)
|
|
|
556
|
|
|
|
2,724
|
|
|
|
-
|
|
|
|
3
|
|
|
|
(1,805
|
)
|
|
|
1,478
|
EBITDA
|
|
|
18,287
|
|
|
|
3,942
|
|
|
|
10,414
|
|
|
|
23,157
|
|
|
|
(8,429
|
)
|
|
|
47,371
|
Compensation and benefits (2)
|
|
|
125
|
|
|
|
156
|
|
|
|
121
|
|
|
|
286
|
|
|
|
1,439
|
|
|
|
2,127
|
Transaction, refinancing and other fees (3)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
632
|
|
|
|
632
|
Adjusted EBITDA
|
|
|
$
|
18,412
|
|
|
|
$
|
4,098
|
|
|
|
$
|
10,535
|
|
|
|
$
|
23,443
|
|
|
|
$
|
(6,358
|
)
|
|
|
$
|
50,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$8.8 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement.
|
|
|
|
|
|
|
Quarter Ended September 30, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
25,225
|
|
|
|
$
|
17,432
|
|
|
|
$
|
21,555
|
|
|
|
$
|
46,275
|
|
|
|
$
|
(7,762
|
)
|
|
|
$
|
102,725
|
Operating costs and expenses
|
|
|
16,219
|
|
|
|
21,396
|
|
|
|
19,444
|
|
|
|
31,620
|
|
|
|
5,238
|
|
|
|
93,917
|
Depreciation and amortization
|
|
|
2,259
|
|
|
|
2,608
|
|
|
|
618
|
|
|
|
4,024
|
|
|
|
7,097
|
|
|
|
16,606
|
Non-operating income (expenses)
|
|
|
567
|
|
|
|
1,732
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,952
|
)
|
|
|
347
|
EBITDA
|
|
|
11,832
|
|
|
|
376
|
|
|
|
2,729
|
|
|
|
18,679
|
|
|
|
(7,855
|
)
|
|
|
25,761
|
Compensation and benefits (2)
|
|
|
205
|
|
|
|
139
|
|
|
|
216
|
|
|
|
781
|
|
|
|
1,007
|
|
|
|
2,348
|
Transaction, refinancing, exit activity and other fees (3)
|
|
|
3,160
|
|
|
|
3,221
|
|
|
|
6,464
|
|
|
|
-
|
|
|
|
757
|
|
|
|
13,602
|
Adjusted EBITDA
|
|
|
$
|
15,197
|
|
|
|
$
|
3,736
|
|
|
|
$
|
9,409
|
|
|
|
$
|
19,460
|
|
|
|
$
|
(6,091
|
)
|
|
|
$
|
41,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$7.8 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and an impairment
charge and contractual fee accrual for a third party software
solution that was determined to be commercially unviable.
|
|
|
|
|
|
|
Quarter Ended December 31, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
22,866
|
|
|
|
$
|
19,336
|
|
|
|
$
|
18,232
|
|
|
|
$
|
46,133
|
|
|
|
$
|
(6,939
|
)
|
|
|
$
|
99,628
|
Operating costs and expenses
|
|
|
17,759
|
|
|
|
19,520
|
|
|
|
11,028
|
|
|
|
28,776
|
|
|
|
5,856
|
|
|
|
82,939
|
Depreciation and amortization
|
|
|
2,317
|
|
|
|
2,553
|
|
|
|
441
|
|
|
|
3,653
|
|
|
|
7,097
|
|
|
|
16,061
|
Non-operating income (expenses)
|
|
|
553
|
|
|
|
1,539
|
|
|
|
-
|
|
|
|
10
|
|
|
|
(2,083
|
)
|
|
|
19
|
EBITDA
|
|
|
7,977
|
|
|
|
3,908
|
|
|
|
7,645
|
|
|
|
21,020
|
|
|
|
(7,781
|
)
|
|
|
32,769
|
Compensation and benefits (1)
|
|
|
159
|
|
|
|
371
|
|
|
|
141
|
|
|
|
394
|
|
|
|
2,139
|
|
|
|
3,204
|
Transaction, refinancing and other fees (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,055
|
|
|
|
1,055
|
Adjusted EBITDA
|
|
|
$
|
8,136
|
|
|
|
$
|
4,279
|
|
|
|
$
|
7,786
|
|
|
|
$
|
21,414
|
|
|
|
$
|
(4,587
|
)
|
|
|
$
|
37,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$6.9 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement.
|
|
|
|
|
|
|
Year Ended December 31, 2017
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
101,687
|
|
|
|
$
|
62,702
|
|
|
|
$
|
85,778
|
|
|
|
$
|
189,077
|
|
|
|
$
|
(32,100
|
)
|
|
|
$
|
407,144
|
Operating costs and expenses
|
|
|
57,463
|
|
|
|
66,786
|
|
|
|
57,574
|
|
|
|
119,761
|
|
|
|
19,477
|
|
|
|
321,061
|
Depreciation and amortization
|
|
|
8,993
|
|
|
|
8,880
|
|
|
|
2,254
|
|
|
|
15,774
|
|
|
|
28,349
|
|
|
|
64,250
|
Non-operating income (expenses)
|
|
|
2,229
|
|
|
|
8,726
|
|
|
|
1
|
|
|
|
13
|
|
|
|
(7,708
|
)
|
|
|
3,261
|
EBITDA
|
|
|
55,446
|
|
|
|
13,522
|
|
|
|
30,459
|
|
|
|
85,103
|
|
|
|
(30,936
|
)
|
|
|
153,594
|
Compensation and benefits (2)
|
|
|
589
|
|
|
|
816
|
|
|
|
573
|
|
|
|
1,687
|
|
|
|
6,090
|
|
|
|
9,755
|
Transaction, refinancing, exit activity and other fees (3)
|
|
|
2,499
|
|
|
|
3,220
|
|
|
|
6,465
|
|
|
|
-
|
|
|
|
2,495
|
|
|
|
14,679
|
Adjusted EBITDA
|
|
|
$
|
58,534
|
|
|
|
$
|
17,558
|
|
|
|
$
|
37,497
|
|
|
|
$
|
86,790
|
|
|
|
$
|
(22,351
|
)
|
|
|
$
|
178,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$32.1 million processing fee from Payments Services - Puerto Rico
and Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and an impairment
charge and contractual fee accrual for a third party software
solution that was determined to be commercially unviable.
|
|
|
|
|
|
|
Quarter Ended March 31, 2016
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
24,828
|
|
|
|
$
|
10,171
|
|
|
|
$
|
22,890
|
|
|
|
$
|
45,154
|
|
|
|
$
|
(7,564
|
)
|
|
|
$
|
95,479
|
Operating costs and expenses
|
|
|
12,001
|
|
|
|
10,664
|
|
|
|
12,616
|
|
|
|
28,299
|
|
|
|
5,333
|
|
|
|
68,913
|
Depreciation and amortization
|
|
|
1,879
|
|
|
|
1,621
|
|
|
|
689
|
|
|
|
3,375
|
|
|
|
7,106
|
|
|
|
14,670
|
Non-operating income (expenses)
|
|
|
581
|
|
|
|
1,186
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(1,496
|
)
|
|
|
268
|
EBITDA
|
|
|
15,287
|
|
|
|
2,314
|
|
|
|
10,963
|
|
|
|
20,227
|
|
|
|
(7,287
|
)
|
|
|
41,504
|
Compensation and benefits (2)
|
|
|
369
|
|
|
|
400
|
|
|
|
238
|
|
|
|
1,103
|
|
|
|
1,571
|
|
|
|
3,681
|
Transaction, refinancing, exit activity and other fees (3)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
110
|
|
|
|
750
|
|
|
|
860
|
Adjusted EBITDA
|
|
|
$
|
15,656
|
|
|
|
$
|
2,714
|
|
|
|
$
|
11,201
|
|
|
|
$
|
21,440
|
|
|
|
$
|
(4,966
|
)
|
|
|
$
|
46,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$7.6 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results.
|
|
|
|
|
|
|
Quarter Ended June 30, 2016
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
25,182
|
|
|
|
$
|
11,608
|
|
|
|
$
|
23,277
|
|
|
|
$
|
45,737
|
|
|
|
$
|
(8,132
|
)
|
|
|
$
|
97,672
|
Operating costs and expenses
|
|
|
11,577
|
|
|
|
10,705
|
|
|
|
12,934
|
|
|
|
27,845
|
|
|
|
6,419
|
|
|
|
69,480
|
Depreciation and amortization
|
|
|
1,912
|
|
|
|
1,881
|
|
|
|
704
|
|
|
|
3,502
|
|
|
|
6,942
|
|
|
|
14,941
|
Non-operating income (expenses)
|
|
|
529
|
|
|
|
1,848
|
|
|
|
-
|
|
|
|
5
|
|
|
|
(1,493
|
)
|
|
|
889
|
EBITDA
|
|
|
16,046
|
|
|
|
4,632
|
|
|
|
11,047
|
|
|
|
21,399
|
|
|
|
(9,102
|
)
|
|
|
44,022
|
Compensation and benefits (2)
|
|
|
154
|
|
|
|
144
|
|
|
|
121
|
|
|
|
489
|
|
|
|
1,351
|
|
|
|
2,259
|
Transaction, refinancing and other fees (3)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,558
|
|
|
|
2,558
|
Adjusted EBITDA
|
|
|
$
|
16,200
|
|
|
|
$
|
4,776
|
|
|
|
$
|
11,168
|
|
|
|
$
|
21,888
|
|
|
|
$
|
(5,193
|
)
|
|
|
$
|
48,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$8.1 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results.
|
|
|
|
|
|
|
Quarter Ended September 30, 2016
|
(In thousands)
|
|
|
Payment Processing - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
23,990
|
|
|
|
$
|
12,944
|
|
|
|
$
|
21,970
|
|
|
|
$
|
43,947
|
|
|
|
$
|
(8,384
|
)
|
|
|
$
|
94,467
|
Operating costs and expenses
|
|
|
11,497
|
|
|
|
11,951
|
|
|
|
13,504
|
|
|
|
25,786
|
|
|
|
4,722
|
|
|
|
67,460
|
Depreciation and amortization
|
|
|
1,779
|
|
|
|
1,889
|
|
|
|
685
|
|
|
|
3,420
|
|
|
|
7,116
|
|
|
|
14,889
|
Non-operating income (expenses)
|
|
|
565
|
|
|
|
1,396
|
|
|
|
-
|
|
|
|
13
|
|
|
|
(1,442
|
)
|
|
|
532
|
EBITDA
|
|
|
14,837
|
|
|
|
4,278
|
|
|
|
9,151
|
|
|
|
21,594
|
|
|
|
(7,432
|
)
|
|
|
42,428
|
Compensation and benefits (2)
|
|
|
57
|
|
|
|
74
|
|
|
|
58
|
|
|
|
223
|
|
|
|
1,591
|
|
|
|
2,003
|
Transaction, refinancing and other fees (3)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
714
|
|
|
|
714
|
Adjusted EBITDA
|
|
|
$
|
14,894
|
|
|
|
$
|
4,352
|
|
|
|
$
|
9,209
|
|
|
|
$
|
21,817
|
|
|
|
$
|
(5,127
|
)
|
|
|
$
|
45,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$8.4 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results.
|
|
|
|
|
|
|
Quarter Ended December 31, 2016
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
25,680
|
|
|
|
$
|
12,438
|
|
|
|
$
|
23,111
|
|
|
|
$
|
49,439
|
|
|
|
$
|
(8,779
|
)
|
|
|
$
|
101,889
|
|
Operating costs and expenses
|
|
|
14,053
|
|
|
|
11,986
|
|
|
|
13,717
|
|
|
|
31,152
|
|
|
|
5,601
|
|
|
|
76,509
|
|
Depreciation and amortization
|
|
|
2,027
|
|
|
|
1,894
|
|
|
|
594
|
|
|
|
3,486
|
|
|
|
7,066
|
|
|
|
15,067
|
|
Non-operating income (expenses)
|
|
|
563
|
|
|
|
1,155
|
|
|
|
-
|
|
|
|
10
|
|
|
|
(2,925
|
)
|
|
|
(1,197
|
)
|
EBITDA
|
|
|
14,217
|
|
|
|
3,501
|
|
|
|
9,988
|
|
|
|
21,783
|
|
|
|
(10,239
|
)
|
|
|
39,250
|
|
Compensation and benefits (2)
|
|
|
59
|
|
|
|
8
|
|
|
|
63
|
|
|
|
146
|
|
|
|
2,173
|
|
|
|
2,449
|
|
Transaction, refinancing and other fees (3)
|
|
|
2,062
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,167
|
|
|
|
1,647
|
|
|
|
5,876
|
|
Adjusted EBITDA
|
|
|
$
|
16,338
|
|
|
|
$
|
3,509
|
|
|
|
$
|
10,051
|
|
|
|
$
|
24,096
|
|
|
|
$
|
(6,419
|
)
|
|
|
$
|
47,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$8.8 million processing fee from Payments Services - Puerto Rico and
Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results, certain fees paid to resolve a
software maintenance contract mater, fees paid in connection with
the debt refinancing and a software impairment charge.
|
|
|
|
|
|
|
Year Ended December 31, 2016
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
99,680
|
|
|
|
$
|
47,162
|
|
|
|
$
|
91,248
|
|
|
|
$
|
184,276
|
|
|
|
$
|
(32,859
|
)
|
|
|
$
|
389,507
|
Operating costs and expenses
|
|
|
49,128
|
|
|
|
45,304
|
|
|
|
52,771
|
|
|
|
113,082
|
|
|
|
22,077
|
|
|
|
282,362
|
Depreciation and amortization
|
|
|
7,597
|
|
|
|
7,285
|
|
|
|
2,672
|
|
|
|
13,783
|
|
|
|
28,230
|
|
|
|
59,567
|
Non-operating income (expenses)
|
|
|
2,238
|
|
|
|
5,584
|
|
|
|
-
|
|
|
|
24
|
|
|
|
(7,354
|
)
|
|
|
492
|
EBITDA
|
|
|
60,387
|
|
|
|
14,727
|
|
|
|
41,149
|
|
|
|
85,001
|
|
|
|
(34,060
|
)
|
|
|
167,204
|
Compensation and benefits (2)
|
|
|
637
|
|
|
|
627
|
|
|
|
480
|
|
|
|
1,961
|
|
|
|
6,777
|
|
|
|
10,482
|
Transaction, refinancing, and other fees (3)
|
|
|
2,062
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,277
|
|
|
|
5,650
|
|
|
|
9,989
|
Adjusted EBITDA
|
|
|
$
|
63,086
|
|
|
|
$
|
15,354
|
|
|
|
$
|
41,629
|
|
|
|
$
|
89,239
|
|
|
|
$
|
(21,633
|
)
|
|
|
$
|
187,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$32.9 million processing fee from Payments Services - Puerto Rico
and Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement and consulting,
audit and legal expenses incurred as part of the prior year
restatement of financial results, certain fees paid to resolve a
software maintenance contract mater, fees paid in connection with
the debt refinancing and a software impairment charge.
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
(In thousands)
|
|
|
Payment Services - Puerto Rico &
Caribbean
|
|
|
Payment Services - Latin America
|
|
|
Merchant Acquiring, net
|
|
|
Business Solutions
|
|
|
Corporate and Other (1)
|
|
Total
|
Revenues
|
|
|
$
|
99,311
|
|
|
|
$
|
37,523
|
|
|
|
$
|
85,411
|
|
|
|
$
|
179,532
|
|
|
|
$
|
(28,249
|
)
|
|
$
|
373,528
|
Operating costs and expenses
|
|
|
48,853
|
|
|
|
35,790
|
|
|
|
42,804
|
|
|
|
117,079
|
|
|
|
25,642
|
|
|
270,168
|
Depreciation and amortization
|
|
|
7,488
|
|
|
|
5,766
|
|
|
|
1,438
|
|
|
|
16,128
|
|
|
|
34,154
|
|
|
64,974
|
Non-operating income (expenses)
|
|
|
2,909
|
|
|
|
4,147
|
|
|
|
-
|
|
|
|
428
|
|
|
|
(5,031
|
)
|
|
2,453
|
EBITDA
|
|
|
60,855
|
|
|
|
11,646
|
|
|
|
44,045
|
|
|
|
79,009
|
|
|
|
(24,768
|
)
|
|
170,787
|
Compensation and benefits (2)
|
|
|
1,420
|
|
|
|
132
|
|
|
|
1,361
|
|
|
|
4,044
|
|
|
|
5,280
|
|
|
12,237
|
Transaction, refinancing, and other fees (3)
|
|
|
$
|
22
|
|
|
|
$
|
22
|
|
|
|
$
|
41
|
|
|
|
$
|
139
|
|
|
|
$
|
2,928
|
|
|
$
|
3,152
|
Adjusted EBITDA
|
|
|
$
|
62,297
|
|
|
|
$
|
11,800
|
|
|
|
$
|
45,447
|
|
|
|
$
|
83,192
|
|
|
|
$
|
(16,560
|
)
|
|
$
|
186,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
|
(1)
|
|
Corporate and Other consists of corporate overhead, certain
leveraged activities, other non-operating expenses and intersegment
eliminations. Intersegment eliminations predominantly reflect the
$28.2 million processing fee from Payments Services - Puerto Rico
and Caribbean to Merchant Acquiring and cost transfer fees from
Corporate and Other to Payment Services Latin America for leveraged
services and management fees.
|
(2)
|
|
Primarily represents share-based compensation, other compensation
expense and severance payments.
|
(3)
|
|
Primarily represents fees and expenses associated with corporate
transactions as defined in the Credit Agreement.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221006216/en/
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