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Sep 30, 2024
EVERTEC Q3 2024 Earnings Report
Reported an increase in revenue and net income, driven by organic growth and the Sinqia acquisition. The acquisition of Grandata was also announced.
Key Takeaways
EVERTEC reported a 22% increase in revenue to $211.8 million and a 146% increase in GAAP net income attributable to common shareholders to $24.7 million, or $0.38 per diluted share, for the third quarter ended September 30, 2024. The results were driven by organic growth across all segments and the contribution from the Sinqia acquisition. The company also announced the acquisition of Grandata, a data analytics company operating in Mexico.
Revenue increased 22% to $211.8 million.
GAAP Net Income attributable to common shareholders increased 146% to $24.7 million, with earnings per diluted share increasing 153% to $0.38.
Adjusted EBITDA increased 11% to $87.4 million, and Adjusted earnings per common share increased 8% to $0.86.
Share repurchases totaled $12.3 million.
Revenue by Segment
Forward Guidance
The Company's financial outlook for 2024 is as follows: Total consolidated revenue between $841 million and $847 million approximately 21% to 22% growth. Adjusted earnings per common share between $3.08 to $3.15 approximately 9% to 12% growth as compared to $2.82 in 2023. Capital expenditures are now anticipated to be approximately $85 million, including Sinqia. Effective tax rate of approximately 5% compared to a 6% to 7% in 2023.
Positive Outlook
- Total consolidated revenue between $841 million and $847 million approximately 21% to 22% growth.
- Adjusted earnings per common share between $3.08 to $3.15 approximately 9% to 12% growth as compared to $2.82 in 2023.
- Capital expenditures are now anticipated to be approximately $85 million, including Sinqia.
- Effective tax rate of approximately 5% compared to a 6% to 7% in 2023.
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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