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Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
(In thousands)			Payment Services - Puerto Rico & Caribbean						Payment Services - Latin America						Merchant Acquiring, net						Business Solutions						Corporate and Other (1)						Total
Revenues			$	178,481					$	128,221					$	151,085					$	235,299					$	(74,677)					$	618,409
Operating costs and expenses			103,773						106,693						94,976						156,915						(1,348)						461,009
Depreciation and amortization			20,379						14,121						4,160						17,027						22,931						78,618
Non-operating income (expenses)			1,258						(3,318)						1,372						138,033						(5,242)						132,103
EBITDA			96,345						32,331						61,641						233,444						(55,640)						368,121
Compensation and benefits (2)			3,357						3,598						1,641						2,114						9,625						20,335
Transaction, refinancing, and other fees (3)			1,078						145						325						(134,990)						14,493						(118,949)
Adjusted EBITDA			$	100,780					$	36,074					$	63,607					$	100,568					$	(31,522)					$	269,507

(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations.  Intersegment revenue eliminations predominantly reflect the $49.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $14.5 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $10.7 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 2022 Credit Agreement, the gain from the Popular transaction and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received.

			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 elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A.

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)			2022						2021						2020
Total EBITDA			$	368,121					$	277,696					$	218,943
Less:
Income tax expense			28,983						20,562						19,002
Interest expense, net			21,651						20,921						23,572
Depreciation and amortization			78,618						75,070						71,518
Net Income			$	238,869					$	161,143					$	104,851

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)			2022						2021						2020
Revenues (1)
Puerto Rico			$	481,676					$	473,647					$	418,151
Caribbean			22,969						18,917						14,873
Latin America			113,764						97,232						77,564
Total Revenues			$	618,409					$	589,796					$	510,588

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

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