Increases 2016 Guidance Range
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
EVERTEC, Inc. (NYSE: EVTC) (“EVERTEC” or the “Company”) today announced
preliminary results for the first quarter ended March 31, 2016. All
financial results described in this press release should be considered
preliminary. As previously disclosed, the Company was unable to timely
file its 2015 Annual Report on Form 10-K for the year ended December 31,
2015 (the “2015 Form 10-K”) due to a restatement and will also delay the
filing of the Company's 2016 first quarter report on Form 10-Q. The
Company is working diligently to complete the restatement to permit the
filing of the Company's 2015 Form 10-K and 2016 first quarter Form 10-Q
as soon as practicable. The preliminary information here in has been
prepared by the Company's management and has not undergone the complete
review by the Company's outside auditors that is customary for the
release of interim results. The preliminary information represents the
Company's good faith belief as to the Company's results for the periods
presented, but it is pending any impact from the restatement and
investors are cautioned that such information is neither final nor
complete and should not be relied on as such.
Preliminary First Quarter 2016 Highlights
-
Revenue grew 5% to $95.5 million
-
GAAP Net Income was $19.2 million, or $0.26 per diluted share
-
Adjusted EBITDA increased 1% to $46.0 million
-
Adjusted diluted earnings per share increased 8% to $0.41
-
$10 million returned to shareholders through share repurchases and
dividends
Mac Schuessler, President and Chief Executive Officer, stated “We are
pleased with our first quarter financial results, as well as the
progress we are making on our strategic initiatives in a challenging
environment. We completed the Processa acquisition in March, giving
EVERTEC a strong presence in one of the largest payments markets in
Latin America.”
Preliminary First Quarter 2016 Results
Revenue. Total revenue for the quarter ended March 31, 2016 was
$95.5 million, an increase of 5% compared with $91.3 million in the
prior year.
Merchant Acquiring net revenue was $22.9 million, an increase of 14%
compared with $20.1 million in the prior year. Revenue growth in the
quarter was driven by the addition of the FirstBank merchant business as
well as sales volume growth in the quarter.
Payment Processing revenue was $27.0 million, an increase of 2% compared
with $26.4 million in the prior year. Revenue in the quarter reflected
an increase in transactions processed over the ATH® debit network and
revenue related to the Processa acquisition, partially offset by a
reduction related to the classification of FirstBank revenues in
Merchant Acquiring in 2016.
Business Solutions revenue was $45.6 million, an increase of 2% compared
to $44.9 million in the prior year. Business Solutions revenue growth in
the quarter reflects additional volumes in core banking and increased
revenue from IT consulting projects, partially offset by a decrease in
item and cash processing and hardware revenue.
Adjusted EBITDA. For the quarter ended March 31, 2016, Adjusted
EBITDA was $46.0 million, an increase of 1% compared with $45.7 million
in the prior year. Adjusted EBITDA margin (Adjusted EBITDA as a
percentage of total revenues) decreased 180 basis points to 48.2%
compared with 50.0% in the prior year. The decrease in Adjusted EBITDA
margin was primarily driven by a change in revenue mix, increased
business to business operating taxes, increased health insurance
expenses, and increased investment expense related to Latin America and
card processing product initiatives.
Net Income. For the quarter ended March 31, 2016, GAAP Net Income
was $19.2 million, or $0.26 per diluted share, compared with $19.1
million or $0.24 per diluted share in the prior year.
For the quarter ended March 31, 2016, Adjusted Net Income was $31.1
million, an increase of 6% compared with $29.4 million in the prior
year. Adjusted Net Income per diluted share of $0.41 increased 8% as
compared to $0.38 per diluted share in the prior year.
Share Repurchase
During the three months ended March 31, 2016, the Company repurchased
0.2 million shares of common stock at an average price of $11.55 per
share for a total of $2.5 million. As of March 31, 2016, a total of
$117.5 million remained available for future use under the Company’s
share repurchase program. As required by the amended credit agreement,
the share repurchase program has been suspended until the Company
satisfies certain reporting requirements, including the filings of 2015
Form 10-K and 2016 first quarter Form 10-Q.
2016 Outlook
The Company raised the current financial outlook for 2016 as follows:
-
Total consolidated revenue between $378 and $385 million representing
growth of 1 to 3%
-
Adjusted diluted earnings per share guidance of $1.59 to $1.66
representing a growth range of -1 to 3% as compared to $1.61 in 2015
Capital expenditures continue to be expected in a range between $35 and
$40 million.
Earnings Conference Call and Audio Webcast
The Company will host a conference call to discuss its first quarter
2016 financial results today at 5:00 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) 317-6016 or
for international callers by dialing (412) 317-6016. 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 10084832. The replay will be available
through Wednesday, May 18, 2016. 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
more than 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
19 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.
About Non-GAAP Financial Measures
Generally Accepted Accounting Principles (GAAP) is the term used to
refer to the standard framework of guidelines for financial accounting.
GAAP includes the standards, conventions, and rules accountants follow
in recording and summarizing transactions and in the preparation of
financial statements. In addition to reporting financial results in
accordance with GAAP, the company has provided non-GAAP financial
measures, which it believes are useful to help investors better
understand its financial performance, competitive position and prospects
for the future. For these reasons, management also uses these measures
in part to assess its performance. In addition, the Company’s
presentation of Adjusted EBITDA is consistent with the equivalent
measurements contained in the Credit Agreement in testing EVERTEC
Group’s compliance with covenants therein such as the senior secured
leverage ratio. Any non-GAAP measures should be considered in context
with the GAAP financial presentation and should not be considered in
isolation or as a substitute for GAAP measures. Further, EVERTEC’s
non-GAAP measures may be calculated differently from similarly titled
measures of other companies. Reconciliations of these non-GAAP measures
to related GAAP measures, including footnotes describing the specific
adjustments, are provided in the attached schedules and in the Investor
Relations section of the EVERTEC web site, www.evertecinc.com.
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; the Company’s ability to generate sufficient cash to service
the Company’s indebtedness and to generate future profits, and the
failure of the Company to file the financial statements described above
in a timely manner and the potential resolution of previously disclosed
tax and accounting matters in a manner that adversely affects the
Company’s financial results..
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.
|
|
|
EVERTEC, Inc.
|
|
Schedule 1: Unaudited Consolidated Statements of Income and
Comprehensive Income
|
|
|
|
|
|
|
|
Quarters ended March 31,
|
|
(Dollar amounts in thousands, except per share data)
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
|
|
|
|
|
Merchant Acquiring, net
|
|
$
|
22,890
|
|
|
|
$
|
20,091
|
|
|
Payment Processing
|
|
|
26,959
|
|
|
|
|
26,377
|
|
|
Business Solutions
|
|
|
45,630
|
|
|
|
|
44,864
|
|
|
Total revenues
|
|
|
95,479
|
|
|
|
|
91,332
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
|
|
|
|
|
Cost of revenues, exclusive of depreciation and amortization shown
below
|
|
|
43,408
|
|
|
|
|
39,795
|
|
|
Selling, general and administrative expenses
|
|
|
10,835
|
|
|
|
|
7,703
|
|
|
Depreciation and amortization
|
|
|
14,670
|
|
|
|
|
16,828
|
|
|
Total operating costs and expenses
|
|
|
68,913
|
|
|
|
|
64,326
|
|
|
Income from operations
|
|
|
26,566
|
|
|
|
|
27,006
|
|
|
|
|
|
|
|
|
|
Non-operating (expenses) income
|
|
|
|
|
|
|
Interest income
|
|
|
87
|
|
|
|
|
104
|
|
|
Interest expense
|
|
|
(5,878
|
)
|
|
|
|
(6,201
|
)
|
|
Earnings (losses) of equity method investment
|
|
|
(130
|
)
|
|
|
|
115
|
|
|
Other income
|
|
|
398
|
|
|
|
|
285
|
|
|
Total non-operating expenses
|
|
|
(5,523
|
)
|
|
|
|
(5,697
|
)
|
|
Income before income taxes
|
|
|
21,043
|
|
|
|
|
21,309
|
|
|
Income tax expense
|
|
|
1,799
|
|
|
|
|
2,246
|
|
|
Net income
|
|
|
19,244
|
|
|
|
|
19,063
|
|
|
Less: Net income attributable to non-controlling interest
|
|
|
(19
|
)
|
|
|
|
-
|
|
|
Net income attributable to EVERTEC, Inc.
|
|
|
19,225
|
|
|
|
|
19,063
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
468
|
|
|
|
|
889
|
|
|
Loss on cash flow hedge
|
|
|
(3,072
|
)
|
|
|
|
-
|
|
|
Total comprehensive income attributable to EVERTEC, Inc.
|
|
$
|
16,621
|
|
|
|
$
|
19,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to EVERTEC, Inc.'s common
stockholders:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.26
|
|
|
|
$
|
0.25
|
|
|
Diluted
|
|
$
|
0.26
|
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income per share attributable to
EVERTEC Inc.'s common stockholders:
|
|
|
|
|
|
|
Basic
|
|
|
74,947,850
|
|
|
|
|
77,807,289
|
|
|
Diluted
|
|
|
75,017,913
|
|
|
|
|
77,866,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVERTEC, Inc.
|
|
Schedule 2: Unaudited Consolidated Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in thousands, except per share data)
|
|
|
March 31, 2016
|
|
|
December 31, 2015
|
|
Balance Sheet
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
36,039
|
|
|
|
$
|
28,747
|
|
|
Restricted cash
|
|
|
$
|
8,562
|
|
|
|
$
|
11,818
|
|
|
Accounts receivable
|
|
|
$
|
78,391
|
|
|
|
$
|
79,339
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
56,857
|
|
|
|
$
|
64,147
|
|
|
Short-term borrowings
|
|
|
$
|
15,000
|
|
|
|
$
|
17,000
|
|
|
Long-term debt
|
|
|
$
|
643,977
|
|
|
|
$
|
648,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
|
March 31, 2015
|
|
Cash Flows
|
|
|
|
|
|
|
|
Operating cash flow
|
|
|
$
|
30,025
|
|
|
|
$
|
29,645
|
|
|
Investing cash flow
|
|
|
$
|
(5,655
|
)
|
|
|
$
|
(3,790
|
)
|
|
Financing cash flow
|
|
|
$
|
(17,078
|
)
|
|
|
$
|
(25,539
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EVERTEC, Inc.
|
|
Schedule 3: Unaudited Income from Operations by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters ended March 31,
|
|
(Dollar amounts in thousands)
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Segment income from operations
|
|
|
|
|
|
|
|
Merchant Acquiring, net
|
|
|
$
|
8,425
|
|
|
|
$
|
9,264
|
|
|
Payment Processing
|
|
|
|
12,414
|
|
|
|
|
13,545
|
|
|
Business Solutions
|
|
|
|
13,243
|
|
|
|
|
14,066
|
|
|
Total segment income from operations
|
|
|
|
34,082
|
|
|
|
|
36,875
|
|
|
Merger related depreciation and amortization
|
|
|
|
|
|
|
|
and other unallocated expenses (1)
|
|
|
|
(7,516
|
)
|
|
|
|
(9,869
|
)
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
$
|
26,566
|
|
|
|
$
|
27,006
|
|
|
|
|
|
|
|
|
|
|
|
(1) Primarily represents non-operating depreciation and
amortization expenses generated as a result of the Merger and certain
non-recurring fees and expenses.
|
|
|
EVERTEC, Inc.
|
|
Schedule 4: Reconciliation of GAAP to Non-GAAP Operating Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters ended March 31,
|
|
(Dollar amounts in thousands, except per share data)
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
19,244
|
|
|
|
|
$
|
19,063
|
|
|
Income tax expense
|
|
|
|
1,799
|
|
|
|
|
|
2,246
|
|
|
Interest expense, net
|
|
|
|
5,791
|
|
|
|
|
|
6,097
|
|
|
Depreciation and amortization
|
|
|
|
14,670
|
|
|
|
|
|
16,828
|
|
|
EBITDA
|
|
|
|
41,504
|
|
|
|
|
|
44,234
|
|
|
|
|
|
|
|
|
|
|
|
Software maintenance reimbursement and other costs(1)
|
|
|
|
312
|
|
|
|
|
|
474
|
|
|
Equity (income) loss (2)
|
|
|
|
130
|
|
|
|
|
|
(190
|
)
|
|
Compensation and benefits (3)
|
|
|
|
3,681
|
|
|
|
|
|
833
|
|
|
Transaction, refinancing and other non-recurring fees (4)
|
|
|
|
359
|
|
|
|
|
|
321
|
|
|
Purchase accounting (5)
|
|
|
|
-
|
|
|
|
|
|
(3
|
)
|
|
Restatement related expenses
|
|
|
|
59
|
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
|
|
46,045
|
|
|
|
|
|
45,669
|
|
|
|
|
|
|
|
|
|
|
|
Operating depreciation and amortization (6)
|
|
|
|
(7,006
|
)
|
|
|
|
|
(7,461
|
)
|
|
Cash interest expense, net (7)
|
|
|
|
(5,037
|
)
|
|
|
|
|
(5,333
|
)
|
|
Income tax expense (8)
|
|
|
|
(2,901
|
)
|
|
|
|
|
(3,465
|
)
|
|
Non-controlling interest
|
|
|
|
(19
|
)
|
|
|
|
|
-
|
|
|
Adjusted Net Income
|
|
|
$
|
31,082
|
|
|
|
|
$
|
29,410
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.41
|
|
|
|
|
$
|
0.38
|
|
|
Diluted
|
|
|
$
|
0.41
|
|
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing adjusted net income per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
74,947,850
|
|
|
|
|
|
77,807,289
|
|
|
Diluted
|
|
|
|
75,017,913
|
|
|
|
|
|
77,866,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 CONTADO, net of cash dividends received.
3) Represents non-cash equity based compensation expense of $1.6 million
and $0.8 million for the quarters ended March 31, 2016 and 2015 and
severance payments of $2.1 million for the quarter ended March 31, 2016.
4) Represents fees and expenses associated with corporate transactions
as defined in the Credit Agreement.
5) Represents the elimination of the effects of purchase accounting in
connection with certain customer service and software-related
arrangements whereby EVERTEC receives reimbursements from Popular.
6) Represents operating depreciation and amortization expense, which
excludes amounts generated as a result of the Merger.
7) 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.
8) Represents income tax expense calculated on adjusted pre-tax income
using GAAP tax rate.
|
|
|
EVERTEC, Inc.
|
|
Schedule 5: Reconciliation of Adjusted Net Income to GAAP Net Income
|
|
|
|
|
|
|
|
|
Quarter ended March 31,
|
|
(Dollar amounts in thousands, except per share data)
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
GAAP
|
|
|
Adjustments
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
|
Adjustments
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
95,479
|
|
|
|
|
|
|
|
$
|
95,479
|
|
|
|
$
|
91,332
|
|
|
|
|
|
|
|
$
|
91,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues, exclusive of depreciation and amortization shown
below
|
|
|
|
|
43,408
|
|
|
|
(2,377
|
)
|
((1
|
),(3))
|
|
|
|
41,031
|
|
|
|
|
39,795
|
|
|
|
(767
|
)
|
((1
|
),(3))
|
|
|
|
39,028
|
|
|
Selling, general and administrative expenses
|
|
|
|
|
10,835
|
|
|
|
(2,035
|
)
|
((3
|
),(4))
|
|
|
|
8,800
|
|
|
|
|
7,703
|
|
|
|
(851
|
)
|
((3
|
),(4),(5))
|
|
|
|
6,852
|
|
|
Depreciation and amortization
|
|
|
|
|
14,670
|
|
|
|
(7,664
|
)
|
((6
|
))
|
|
|
|
7,006
|
|
|
|
|
16,828
|
|
|
|
(9,367
|
)
|
((6
|
))
|
|
|
|
7,461
|
|
|
Total operating costs and expenses
|
|
|
|
|
68,913
|
|
|
|
|
|
|
|
|
56,837
|
|
|
|
|
64,326
|
|
|
|
|
|
|
|
|
53,341
|
|
|
Income from operations
|
|
|
|
|
26,566
|
|
|
|
|
|
|
|
|
38,642
|
|
|
|
|
27,006
|
|
|
|
|
|
|
|
|
37,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
87
|
|
|
|
(87
|
)
|
((7
|
))
|
|
|
|
-
|
|
|
|
|
104
|
|
|
|
(104
|
)
|
((7
|
))
|
|
|
|
-
|
|
|
Interest expense
|
|
|
|
|
(5,878
|
)
|
|
|
841
|
|
((7
|
))
|
|
|
|
(5,037
|
)
|
|
|
|
(6,201
|
)
|
|
|
868
|
|
((7
|
))
|
|
|
|
(5,333
|
)
|
|
Earnings of equity method investment
|
|
|
|
|
(130
|
)
|
|
|
130
|
|
((2
|
))
|
|
|
|
-
|
|
|
|
|
115
|
|
|
|
(190
|
)
|
((2
|
))
|
|
|
|
(75
|
)
|
|
Other income
|
|
|
|
|
398
|
|
|
|
|
|
|
|
|
398
|
|
|
|
|
285
|
|
|
|
|
|
|
|
|
285
|
|
|
Total non-operating expenses
|
|
|
|
|
(5,523
|
)
|
|
|
|
|
|
|
|
(4,639
|
)
|
|
|
|
(5,697
|
)
|
|
|
|
|
|
|
|
(5,123
|
)
|
|
Income before income taxes
|
|
|
|
|
21,043
|
|
|
|
|
|
|
|
|
34,003
|
|
|
|
|
21,309
|
|
|
|
|
|
|
|
|
32,868
|
|
|
Income tax expense
|
|
|
|
|
1,799
|
|
|
|
1,102
|
|
((8
|
))
|
|
|
|
2,901
|
|
|
|
|
2,246
|
|
|
|
1,212
|
|
((8
|
))
|
|
|
|
3,458
|
|
|
Net income
|
|
|
|
|
19,244
|
|
|
|
|
|
|
|
|
31,101
|
|
|
|
|
19,063
|
|
|
|
|
|
|
|
|
29,410
|
|
|
Less: Net income attributable to non-controlling interest
|
|
|
|
|
(19
|
)
|
|
|
|
|
|
|
|
(19
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
Net income attributable to EVERTEC, Inc.
|
|
|
|
|
19,225
|
|
|
|
|
|
|
|
|
31,082
|
|
|
|
|
19,063
|
|
|
|
|
|
|
|
|
29,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to EVERTEC, Inc.'s common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
$
|
0.41
|
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
$
|
0.38
|
|
|
Diluted
|
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
$
|
0.41
|
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
74,947,850
|
|
|
|
|
|
|
|
|
|
|
|
77,807,289
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
75,017,913
|
|
|
|
|
|
|
|
|
|
|
|
77,866,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 CONTADO, net of cash dividends received.
3) Represents non-cash equity based compensation expense of $1.6 million
and $0.8 million for the quarters ended March 31, 2016 and 2015 and
severance payments of $2.1 million for the quarter ended March 31, 2016.
4) Represents fees and expenses associated with corporate transactions
as defined in the Credit Agreement.
5) Represents the elimination of the effects of purchase accounting in
connection with certain customer service and software-related
arrangements whereby EVERTEC receives reimbursements from Popular.
6) Represents operating depreciation and amortization expense, which
excludes amounts generated as a result of the Merger.
7) 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.
8) Represents income tax expense calculated on adjusted pre-tax income
using GAAP tax rate.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160511006515/en/
Investor Contact
EVERTEC, Inc.
Kay Sharpton,
787-773-5442
IR@evertecinc.com
Source: EVERTEC, Inc.