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Segment Information (Tables)

6 Months Ended

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

X

- 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

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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
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