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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
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 September 30, 2018
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 28,951 |  |  | $ | 18,907 |  |  | $ | 24,486 |  |  | $ | 48,831 |  |  | $ | (9,158 | ) |  | $ | 112,017 |
Operating costs and expenses | 13,021 |  |  | 18,890 |  |  | 14,160 |  |  | 30,983 |  |  | 2,602 |  |  | 79,656 |
Depreciation and amortization | 2,505 |  |  | 2,337 |  |  | 427 |  |  | 3,398 |  |  | 7,121 |  |  | 15,788 |
Non-operating income (expenses) | 602 |  |  | 3,834 |  |  | — |  |  | 12 |  |  | (3,080 | ) |  | 1,368 |
EBITDA | 19,037 |  |  | 6,188 |  |  | 10,753 |  |  | 21,258 |  |  | (7,719 | ) |  | 49,517 |
Compensation and benefits (2) | 207 |  |  | 363 |  |  | 196 |  |  | 485 |  |  | 1,117 |  |  | 2,368 |
Transaction, refinancing and other fees (3) | — |  |  | — |  |  | (1 | ) |  | 1 |  |  | 215 |  |  | 215 |
Adjusted EBITDA | $ | 19,244 |  |  | $ | 6,551 |  |  | $ | 10,948 |  |  | $ | 21,744 |  |  | $ | (6,387 | ) |  | $ | 52,100 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment eliminations predominantly reflect the $9.2 million processing fee from Payments Services - Puerto Rico and Caribbean to Merchant Acquiring and cost transfer fees from Corporate and Other to Payment Services Latin America for leveraged services and management fees.
(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 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.
| Three months ended September 30, 2017
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 25,225 |  |  | $ | 17,432 |  |  | $ | 21,555 |  |  | $ | 46,275 |  |  | $ | (7,762 | ) |  | $ | 102,725 |
Operating costs and expenses | 16,219 |  |  | 21,396 |  |  | 19,444 |  |  | 31,620 |  |  | 5,238 |  |  | 93,917 |
Depreciation and amortization | 2,259 |  |  | 2,608 |  |  | 618 |  |  | 4,024 |  |  | 7,097 |  |  | 16,606 |
Non-operating income (expenses) | 567 |  |  | 1,732 |  |  | — |  |  | — |  |  | (1,952 | ) |  | 347 |
EBITDA | 11,832 |  |  | 376 |  |  | 2,729 |  |  | 18,679 |  |  | (7,855 | ) |  | 25,761 |
Compensation and benefits (2) | 205 |  |  | 139 |  |  | 216 |  |  | 781 |  |  | 1,007 |  |  | 2,348 |
Transaction, refinancing and other fees (3) | 3,160 |  |  | 3,221 |  |  | 6,464 |  |  | — |  |  | 757 |  |  | 13,602 |
Adjusted EBITDA | $ | 15,197 |  |  | $ | 3,736 |  |  | $ | 9,409 |  |  | $ | 19,460 |  |  | $ | (6,091 | ) |  | $ | 41,711 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment eliminations predominantly reflect the $7.8 million processing fee from Payments Services - Puerto Rico and Caribbean to Merchant Acquiring and cost transfer fees from Corporate and Other to Payment Services Latin America for leveraged services and management fees.
(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 Credit Agreement, 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 and an impairment charge and contractual fee accrual for a third party software solution that was determined to be commercially unviable.
| Nine months ended September 30, 2018
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 84,162 |  |  | $ | 58,534 |  |  | $ | 73,829 |  |  | $ | 145,985 |  |  | $ | (26,872 | ) |  | $ | 335,638 |
Operating costs and expenses | 39,084 |  |  | 55,357 |  |  | 41,413 |  |  | 90,349 |  |  | 12,879 |  |  | 239,082 |
Depreciation and amortization | 7,230 |  |  | 7,035 |  |  | 1,268 |  |  | 10,437 |  |  | 21,413 |  |  | 47,383 |
Non-operating income (expenses) | 1,969 |  |  | 7,048 |  |  | 8 |  |  | 378 |  |  | (6,913 | ) |  | 2,490 |
EBITDA | 54,277 |  |  | 17,260 |  |  | 33,692 |  |  | 66,451 |  |  | (25,251 | ) |  | 146,429 |
Compensation and benefits (2) | 885 |  |  | 1,080 |  |  | 746 |  |  | 1,609 |  |  | 6,350 |  |  | 10,670 |
Transaction, refinancing and other fees (3) | (250 | ) |  | — |  |  | — |  |  | 1 |  |  | 2,986 |  |  | 2,737 |
Adjusted EBITDA | $ | 54,912 |  |  | $ | 18,340 |  |  | $ | 34,438 |  |  | $ | 68,061 |  |  | $ | (15,915 | ) |  | $ | 159,836 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment eliminations predominantly reflect the $26.9 million processing fee from Payments Services - Puerto Rico and Caribbean to Merchant Acquiring and cost transfer fees from Corporate and Other to Payment Services Latin America for leveraged services and management fees.
(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 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.
| Nine months ended September 30, 2017
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 78,821 |  |  | $ | 43,369 |  |  | $ | 67,546 |  |  | $ | 142,944 |  |  | $ | (25,164 | ) |  | $ | 307,516 |
Operating costs and expenses | 39,703 |  |  | 47,265 |  |  | 46,545 |  |  | 90,985 |  |  | 13,624 |  |  | 238,122 |
Depreciation and amortization | 6,677 |  |  | 6,327 |  |  | 1,813 |  |  | 12,120 |  |  | 21,252 |  |  | 48,189 |
Non-operating income (expenses) | 1,676 |  |  | 7,187 |  |  | 1 |  |  | 3 |  |  | (5,625 | ) |  | 3,242 |
EBITDA | 47,471 |  |  | 9,618 |  |  | 22,815 |  |  | 64,082 |  |  | (23,161 | ) |  | 120,825 |
Compensation and benefits (2) | 429 |  |  | 446 |  |  | 432 |  |  | 1,293 |  |  | 3,951 |  |  | 6,551 |
Transaction, refinancing and other fees (3) | 2,500 |  |  | 3,221 |  |  | 6,464 |  |  | — |  |  | 1,439 |  |  | 13,624 |
Adjusted EBITDA | $ | 50,400 |  |  | $ | 13,285 |  |  | $ | 29,711 |  |  | $ | 65,375 |  |  | $ | (17,771 | ) |  | $ | 141,000 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment eliminations predominantly reflect the $25.2 million processing fee from Payments Services - Puerto Rico and Caribbean to Merchant Acquiring and cost transfer fees from Corporate and Other to Payment Services Latin America for leveraged services and management fees.
(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 Credit Agreement, 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 and an impairment charge and contractual fee accrual for a third party software solution that was determined to be commercially unviable.
Reconciliation of Income from Operations to Consolidated Net Income | The reconciliation of EBITDA to consolidated net income is as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(In thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Total EBITDA | $ | 49,517 |  |  | $ | 25,761 |  |  | $ | 146,429 |  |  | $ | 120,825 |
Less: |  |  |  |  |  |  |
Income tax expense (benefit) | 3,302 |  |  | (4,840 | ) |  | 10,349 |  |  | 1,248 |
Interest expense, net | 7,352 |  |  | 7,853 |  |  | 22,375 |  |  | 21,894 |
Depreciation and amortization | 15,788 |  |  | 16,606 |  |  | 47,383 |  |  | 48,189 |
Net Income | $ | 23,075 |  |  | $ | 6,142 |  |  | $ | 66,322 |  |  | $ | 49,494 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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