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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
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 June 30, 2022
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 46,078 |  |  | $ | 30,784 |  |  | $ | 38,539 |  |  | $ | 64,690 |  |  | $ | (19,520) |  |  | $ | 160,571 |
Operating costs and expenses | $ | 28,680 |  |  | $ | 25,032 |  |  | $ | 22,823 |  |  | $ | 40,297 |  |  | $ | (2,908) |  |  | $ | 113,924 |
Depreciation and amortization | $ | 5,466 |  |  | $ | 2,712 |  |  | $ | 1,040 |  |  | $ | 4,279 |  |  | $ | 6,063 |  |  | $ | 19,560 |
Non-operating income (expenses) | $ | 309 |  |  | $ | 123 |  |  | $ | 332 |  |  | $ | 624 |  |  | $ | (1,664) |  |  | $ | (276) |
EBITDA | 23,173 |  |  | 8,587 |  |  | 17,088 |  |  | 29,296 |  |  | (12,213) |  |  | 65,931 |
Compensation and benefits (2) | 675 |  |  | 973 |  |  | 446 |  |  | 555 |  |  | 2,756 |  |  | $ | 5,405 |
Transaction, refinancing and other fees (3) | — |  |  | — |  |  | — |  |  | (16) |  |  | 2,055 |  |  | $ | 2,039 |
Adjusted EBITDA | $ | 23,848 |  |  | $ | 9,560 |  |  | $ | 17,534 |  |  | $ | 29,835 |  |  | $ | (7,402) |  |  | $ | 73,375 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $13.3 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $3.7 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $2.5 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, and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A.
| Three months ended June 30, 2021
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 38,589 |  |  | $ | 25,835 |  |  | $ | 38,335 |  |  | $ | 60,693 |  |  | $ | (14,304) |  |  | $ | 149,148 |
Operating costs and expenses | 19,361 |  |  | 20,965 |  |  | 19,374 |  |  | 36,175 |  |  | (1,019) |  |  | 94,856 |
Depreciation and amortization | 3,882 |  |  | 2,952 |  |  | 967 |  |  | 4,600 |  |  | 6,322 |  |  | 18,723 |
Non-operating income (expenses) | 230 |  |  | 2,396 |  |  | 323 |  |  | 1,390 |  |  | (1,700) |  |  | 2,639 |
EBITDA | 23,340 |  |  | 10,218 |  |  | 20,251 |  |  | 30,508 |  |  | (8,663) |  |  | 75,654 |
Compensation and benefits (2) | 280 |  |  | 757 |  |  | 295 |  |  | 760 |  |  | 2,191 |  |  | 4,283 |
Transaction, refinancing and other fees (3) | — |  |  | — |  |  | — |  |  | (647) |  |  | 971 |  |  | 324 |
Adjusted EBITDA | $ | 23,620 |  |  | $ | 10,975 |  |  | $ | 20,546 |  |  | $ | 30,621 |  |  | $ | (5,501) |  |  | $ | 80,261 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $10.7 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $1.9 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $1.7 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 and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A, net dividends received, a software impairment charge and a gain from sale of assets.
| Six months ended June 30, 2022
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 86,086 |  |  | $ | 59,567 |  |  | $ | 74,168 |  |  | $ | 127,314 |  |  | $ | (36,316) |  |  | $ | 310,819 |
Operating costs and expenses | 49,960 |  |  | 48,619 |  |  | 43,027 |  |  | 79,225 |  |  | (2,704) |  |  | 218,127 |
Depreciation and amortization | 9,946 |  |  | 5,524 |  |  | 2,059 |  |  | 9,042 |  |  | 12,149 |  |  | 38,720 |
Non-operating income (expenses) | 544 |  |  | 3,729 |  |  | 632 |  |  | 1,324 |  |  | (2,629) |  |  | 3,600 |
EBITDA | 46,616 |  |  | 20,201 |  |  | 33,832 |  |  | 58,455 |  |  | (24,092) |  |  | 135,012 |
Compensation and benefits (2) | 1,012 |  |  | 1,786 |  |  | 786 |  |  | 1,000 |  |  | 5,100 |  |  | 9,684 |
Transaction, refinancing and other fees (3) | — |  |  | — |  |  | — |  |  | (16) |  |  | 4,080 |  |  | 4,064 |
Adjusted EBITDA | $ | 47,628 |  |  | $ | 21,987 |  |  | $ | 34,618 |  |  | $ | 59,439 |  |  | $ | (14,912) |  |  | $ | 148,760 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $24.2 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $7.0 million from Payment Services - Latin America to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $5.1 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.
| Six months ended June 30, 2021
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Payment Services - Latin America |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 74,853 |  |  | $ | 50,849 |  |  | $ | 69,202 |  |  | $ | 121,304 |  |  | $ | (27,532) |  |  | $ | 288,676 |
Operating costs and expenses | 39,850 |  |  | 40,811 |  |  | 35,840 |  |  | 72,864 |  |  | 20 |  |  | $ | 189,385 |
Depreciation and amortization | 7,824 |  |  | 5,886 |  |  | 1,621 |  |  | 9,394 |  |  | 12,621 |  |  | $ | 37,346 |
Non-operating income (expenses) | 415 |  |  | 3,504 |  |  | 554 |  |  | 1,943 |  |  | (2,947) |  |  | $ | 3,469 |
EBITDA | 43,242 |  |  | 19,428 |  |  | 35,537 |  |  | 59,777 |  |  | (17,878) |  |  | 140,106 |
Compensation and benefits (2) | 521 |  |  | 1,566 |  |  | 526 |  |  | 1,123 |  |  | 4,051 |  |  | $ | 7,787 |
Transaction, refinancing and other fees (3) | 660 |  |  | — |  |  | — |  |  | (647) |  |  | 1,244 |  |  | $ | 1,257 |
Adjusted EBITDA | $ | 44,423 |  |  | $ | 20,994 |  |  | $ | 36,063 |  |  | $ | 60,253 |  |  | $ | (12,583) |  |  | $ | 149,150 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $20.4 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $4.2 million from Payment Services - Latin America 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 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 and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A. net dividends received, a software impairment charge and a gain from the sale of the asset.
Reconciliation of EBITDA to consolidated net income | The reconciliation of EBITDA to consolidated net income is as follows:
| Three months ended June 30, |  | Six months ended June 30,
(In thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Total EBITDA | $ | 65,931 |  |  | $ | 75,654 |  |  | $ | 135,012 |  |  | $ | 140,106 |
Less: |  |  |  |  |  |  |
Income tax expense | 7,688 |  |  | 2,632 |  |  | 13,863 |  |  | 7,340 |
Interest expense, net | 5,127 |  |  | 5,208 |  |  | 10,007 |  |  | 10,725 |
Depreciation and amortization | 19,560 |  |  | 18,723 |  |  | 38,720 |  |  | 37,346 |
Net income | $ | 33,556 |  |  | $ | 49,091 |  |  | $ | 72,422 |  |  | $ | 84,695 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=121556970&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 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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