Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Operations by Business Segments

The following tables set forth information about the Company’s operations by its four business segments for the periods indicated:

	December 31, 2021
(In thousands)	Payment Services - Puerto Rico & Caribbean		Payment Services - Latin America		Merchant Acquiring, net		Business Solutions		Corporate and Other (1)		Total
Revenues	$	155,392	$	105,963	$	143,965	$	243,807	$	(59,331)	$	589,796
Operating costs and expenses	84,742		86,152		75,795		150,433		(3,840)		393,282
Depreciation and amortization	16,085		11,395		3,583		18,930		25,077		75,070
Non-operating income (expenses)	842		8,216		1,107		3,056		(7,109)		6,112
EBITDA	87,577		39,422		72,860		115,360		(37,523)		277,696
Compensation and benefits (2)	1,702		3,080		1,012		1,775		7,575		15,144
Transaction, refinancing, and other fees (3)	660		—		—		(647)		1,965		1,978
Adjusted EBITDA	$	89,939	$	42,502	$	73,872	$	116,488	$	(27,983)	$	294,818

(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations.  Intersegment revenue eliminations predominantly reflect the $42.4 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $9.2 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $7.6 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America.

(2)Primarily represents share-based compensation and severance payments.

(3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received, a software impairment charge and a gain from sale of assets.

	December 31, 2020
(In thousands)	Payment Services - Puerto Rico & Caribbean		Payment Services - Latin America		Merchant Acquiring, net		Business Solutions		Corporate and Other (1)		Total
Revenues	$	124,771	$	84,641	$	109,788	$	234,965	$	(43,577)	$	510,588
Operating costs and expenses	72,968		73,030		58,163		141,446		23,589		369,196
Depreciation and amortization	13,455		11,299		1,905		17,551		27,308		71,518
Non-operating income (expenses)	202		6,934		650		1,938		(3,691)		6,033
EBITDA	65,460		29,844		54,180		113,008		(43,549)		218,943
Compensation and benefits (2)	987		2,934		926		1,794		7,742		14,383
Transaction, refinancing, exit activity and other fees (3)	500		—		—		—		6,641		7,141
Adjusted EBITDA	$	66,947	$	32,778	$	55,106	$	114,802	$	(29,166)	$	240,467

(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations.  Intersegment revenue eliminations predominantly reflect the $34.6 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software sale and developments of $9.0 million from Payment Services- Latin America to Payment Services- Puerto Rico & Caribbean.

(2)Primarily represents share-based compensation.

(3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, an impairment charge and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A.

	December 31, 2019
(In thousands)	Payment Services - Puerto Rico & Caribbean		Payment Services - Latin America		Merchant Acquiring, net		Business Solutions		Corporate and Other (1)		Total
Revenues	$	125,544	$	84,453	$	106,388	$	216,662	$	(45,673)	$	487,374
Operating costs and expenses	61,396		65,701		62,098		138,224		15,453		342,872
Depreciation and amortization	11,646		9,930		1,814		16,529		28,163		68,082
Non-operating income (expenses)	1,781		286		48		340		(2,688)		(233)
EBITDA	77,575		28,968		46,152		95,307		(35,651)		212,351
Compensation and benefits (2)	1,034		1,501		1,004		2,114		8,145		13,798
Transaction, refinancing, and other fees (3)	—		210		—		—		(163)		47
Adjusted EBITDA	$	78,609	$	30,679	$	47,156	$	97,421	$	(27,669)	$	226,196

(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $39.0 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software sale and developments of $6.7 million from Payment Services-Latin America to Payment Services-Puerto Rico & Caribbean.

(2)Primarily represents share-based compensation, other compensation expense and severance payments.

(3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received.

Reconciliation of Income from Operations to Consolidated Net Income

The reconciliation of EBITDA to consolidated net income is as follows:

	Years ended December 31,
(In thousands)	2021		2020		2019
Total EBITDA	$	277,696	$	218,943	$	212,351
Less:
Income tax expense	20,562		19,002		12,975
Interest expense, net	20,921		23,572		27,594
Depreciation and amortization	75,070		71,518		68,082
Net Income	$	161,143	$	104,851	$	103,700

Segment Information by Geographic Location

The geographic segment information below is classified based on the geographic location of the Company’s subsidiaries:

	Years ended December 31,
(In thousands)	2021		2020		2019
Revenues (1)
Puerto Rico	$	473,647	$	418,151	$	392,628
Caribbean	18,917		14,873		15,950
Latin America	97,232		77,564		78,796
Total Revenues	$	589,796	$	510,588	$	487,374

(1)Revenues are based on subsidiaries’ country of domicile.