EVERTEC, Inc.
For the period ended May 23, 2024. Filed Apr 10, 2024.
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May 23, 2024 · Filed Apr 10, 2024
Contents
Appendix A
A reconciliation of net income to EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share is provided below:
| Year Ended December 31, 2023 | |
|---|---|
| (Dollar amounts in thousands) | |
| Net income | $79,876 |
| Income tax expense | 5,477 |
| Interest expense, net | 23,809 |
| Depreciation and amortization | 93,621 |
| EBITDA | 202,783 |
| Equity income (1) | (1,945) |
| Compensation and benefits (2) | 29,312 |
| Transaction, refinancing and other fees (3) | 53,545 |
| Loss on foreign currency remeasurement (4) | 8,276 |
| Adjusted EBITDA | 291,971 |
| Operating depreciation and amortization (5) | (52,913) |
| Cash interest expense, net (6) | (24,286) |
| Income tax expense (7) | (29,038) |
| Non-controlling interest (8) | (257) |
| Adjusted net income | $185,477 |
| Net income per common share (GAAP): | |
| Diluted | $1.21 |
| Adjusted Earnings per common share (Non-GAAP): | |
| Diluted | $2.82 |
| Shares used in computing adjusted earnings per common share: | |
| Diluted | 65,814,317 |
1)Represents the elimination of non-cash equity earnings from our 19.99% equity investment in Dominican Republic, Consorcio de Tarjetas Dominicanas, S.A. (“CONTADO”), net of cash dividends received.
2)Primarily represents share-based compensation and severance payments.
3)Represents fees and expenses associated with corporate transactions as defined in the Credit Agreement and the foreign currency swap loss.
4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
5)Represents operating depreciation and amortization expense, which excludes amounts generated as a result of merger and acquisition activity.
6)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.
7)Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discrete items.
8)Represents the non-controlling equity interests, net of amortization for intangibles created as part of the purchase.
Evertec, Inc. 2024 Proxy Statement i
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.