Q2 2024 Evertec Inc Earnings Call Transcript
Key Points
- Evertec Inc (EVTC) reported a 27% increase in revenue for Q2 2024, reaching $212 million.
- Adjusted EBITDA for the quarter was $86.1 million, up approximately 16% year-over-year.
- Adjusted EPS for the quarter was $0.83, up 17% year-over-year, surpassing expectations.
- The company successfully repriced its Term Loan B, reducing the interest rate by 25 basis points.
- Evertec Inc (EVTC) returned significant cash to shareholders, including $6 million through dividends and $70 million through an accelerated share repurchase program.
- Adjusted EBITDA margin decreased to 40.6%, down from the previous year due to the lower margin profile of the Sinqia business.
- Higher operating depreciation and amortization expenses partially offset the EPS gains.
- Higher cash interest expense resulted from the incremental debt raised for the Sinqia acquisition.
- The Latin America segment, particularly in Brazil, experienced some softness in the software market, impacting Sinqia and other technology providers.
- The company's net debt to trailing 12 months adjusted EBITDA increased to 2.28 times, up from 0.86 times a year ago.
Good afternoon, everyone, and welcome to the Evertec second-quarter 2024 earnings conference call. Today's conference call is being recorded.
At this time, I would like to turn the conference over to Ms. Beatriz Brown-Sáenz of Investor Relations. Please go ahead, ma'am.
Thank you, and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer; and Joaquin Castrillo, our Chief Financial Officer.
Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.
During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as adjusted EBITDA, adjusted net income, and adjusted earnings per common share. Reconciliations to GAAP measures and certain additional information are
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