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Sep 30, 2023
EVERTEC Q3 2023 Earnings Report
Reported a revenue increase and adjusted EBITDA growth, while net income decreased due to prior year gains and current year losses.
Key Takeaways
EVERTEC reported a 19% increase in revenue to $173.2 million. However, GAAP Net Income attributable to common shareholders decreased 93% to $10.0 million, or $0.15 per diluted share, primarily due to the gain from the Popular Transaction in the prior year and the loss on foreign currency swap in the current year. Adjusted EBITDA increased 31% to $78.7 million, and adjusted earnings per common share increased 51% to $0.80.
Revenue increased 19% to $173.2 million.
GAAP Net Income attributable to common shareholders decreased 93% to $10.0 million and decreased 93% to $0.15 per diluted share.
Adjusted EBITDA increased 31% to $78.7 million and Adjusted earnings per common share increased 51% to $0.80.
Acquired 4.8 million shares of Sinqia for $26.5 million.
Revenue by Segment
Forward Guidance
The Company is revising its financial outlook for 2023 as follows: •Total consolidated revenue is now anticipated to be between $663 million and $667 million representing growth of approximately 7% to 8% growth, compared with $652 to $658 million previously estimated. •Adjusted earnings per common share between $2.81 to $2.86 representing approximately 11% to 13% growth as compared to $2.53 in 2022, as recast, and compared with $2.75 to $2.83 previously estimated. •We continue to expect capital expenditures to be approximately $70 million. •The effective tax rate is now anticipated to be approximately 16%, compared with 16% to 17% previously estimated.
Positive Outlook
- Total consolidated revenue is now anticipated to be between $663 million and $667 million representing growth of approximately 7% to 8% growth, compared with $652 to $658 million previously estimated.
- Adjusted earnings per common share between $2.81 to $2.86 representing approximately 11% to 13% growth as compared to $2.53 in 2022, as recast, and compared with $2.75 to $2.83 previously estimated.
- Capital expenditures to be approximately $70 million.
- Effective tax rate is now anticipated to be approximately 16%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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