Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Summary of information about operations by business segments

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


	Three Months Ended March 31, 2024
(In thousands)	Payment Services - Puerto Rico & Caribbean		Latin America Payments and Solutions		Merchant Acquiring, net		Business Solutions		Corporate and Other (1)		Total

Revenues	$	53,031	$	74,216	$	43,099	$	58,128	$	(23,156)	$	205,318
Operating costs and expenses	30,952		76,031		28,819		40,451		(3,738)		172,515
Depreciation and amortization	7,262		16,257		1,233		4,438		5,251		34,441
Non-operating income (expenses)	148		(1,165)		—		139		1,333		455
EBITDA	29,489		13,277		15,513		22,254		(12,834)		67,699
Compensation and benefits (2)	698		1,498		707		785		4,302		7,990
Transaction, refinancing and other (3)	267		(3,029)		—		—		794		(1,968)
(Gain) loss on foreign currency remeasurement (4)	(102)		4,551		—		—		7		4,456
Adjusted EBITDA	$	30,352	$	16,297	$	16,220	$	23,039	$	(7,731)	$	78,177

(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $14.6 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $4.1 million from Latin America Payments and Solutions to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $4.5 million from Payment Services - Puerto Rico & Caribbean to Latin America Payments and Solutions.

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

(3)Primarily represents fees and expenses associated with corporate transactions as defined in the Credit Agreement, the elimination of unrealized gains from equity securities and the elimination of unrealized earnings from equity investments.

(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.


	Three Months Ended March 31, 2023
(In thousands)	Payment Services - Puerto Rico & Caribbean		Latin America Payments and Solutions		Merchant Acquiring, net		Business Solutions		Corporate and Other (1)		Total

Revenues	$	48,429	$	35,317	$	40,347	$	55,695	$	(19,974)	$	159,814
Operating costs and expenses	27,722		29,312		26,689		38,913		(2,912)		119,724
Depreciation and amortization	5,888		2,711		1,129		4,488		5,216		19,432
Non-operating income (expenses)	365		(3,785)		307		532		(118)		(2,699)
EBITDA	26,960		4,931		15,094		21,802		(11,964)		56,823
Compensation and benefits (2)	528		652		532		565		3,568		5,845
Transaction, refinancing and other(3)	292		—		—		—		(689)		(397)
Loss (gain) on foreign currency remeasurement (4)	95		4,772		—		—		(3)		4,864
Adjusted EBITDA	$	27,875	$	10,355	$	15,626	$	22,367	$	(9,088)	$	67,135

(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $13.0 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $4.0 million from Latin America Payments and Solutions to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $2.9 million from Payment Services - Puerto Rico & Caribbean to Latin America Payments and Solutions.

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

(3)Primarily represents fees and expenses associated with corporate transactions as defined in the Credit Agreement, and the elimination of unrealized earnings from equity investments.

(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.

Reconciliation of EBITDA to consolidated net income

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


	Three months ended March 31,
(In thousands)	2024		2023
Net Income	$	16,387	$	30,063
Add:
Income tax expense	292		2,818
Interest expense, net	16,579		4,510
Depreciation and amortization	34,441		19,432
Total EBITDA	$	67,699	$	56,823