XML 52 R40.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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, 2024
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 54,199 |  |  | $ | 74,669 |  |  | $ | 45,319 |  |  | $ | 62,336 |  |  | $ | (24,545) |  |  | $ | 211,978 |
Operating costs and expenses | 31,733 |  |  | 74,353 |  |  | 29,481 |  |  | 37,663 |  |  | (4,612) |  |  | 168,618 |
Depreciation and amortization | 7,496 |  |  | 15,051 |  |  | 1,409 |  |  | 3,750 |  |  | 5,244 |  |  | 32,950 |
Non-operating income | 134 |  |  | 5,274 |  |  | — |  |  | 151 |  |  | 196 |  |  | 5,755 |
EBITDA | 30,096 |  |  | 20,641 |  |  | 17,247 |  |  | 28,574 |  |  | (14,493) |  |  | 82,065 |
Compensation and benefits (2) | 771 |  |  | 1,654 |  |  | 787 |  |  | 906 |  |  | 3,483 |  |  | 7,601 |
Transaction, refinancing and other (3) | 456 |  |  | (2,359) |  |  | 214 |  |  | 289 |  |  | 190 |  |  | (1,210) |
Loss (gain) on foreign currency remeasurement (4) | 35 |  |  | (2,436) |  |  | — |  |  | — |  |  | (3) |  |  | (2,404) |
Adjusted EBITDA | $ | 31,358 |  |  | $ | 17,500 |  |  | $ | 18,248 |  |  | $ | 29,769 |  |  | $ | (10,823) |  |  | $ | 86,052 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $14.2 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $5.2 million from Latin America Payments and Solutions to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $5.2 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 realized 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 June 30, 2023
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 50,795 |  |  | $ | 39,076 |  |  | $ | 41,248 |  |  | $ | 56,971 |  |  | $ | (21,014) |  |  | $ | 167,076 |
Operating costs and expenses | 28,895 |  |  | 33,666 |  |  | 27,616 |  |  | 39,097 |  |  | 3,029 |  |  | 132,303 |
Depreciation and amortization | 6,087 |  |  | 5,393 |  |  | 1,150 |  |  | 4,469 |  |  | 5,230 |  |  | 22,329 |
Non-operating income | 115 |  |  | 2,290 |  |  | 1 |  |  | 66 |  |  | 928 |  |  | 3,400 |
EBITDA | 28,102 |  |  | 13,093 |  |  | 14,783 |  |  | 22,409 |  |  | (17,885) |  |  | 60,502 |
Compensation and benefits (2) | 842 |  |  | 999 |  |  | 860 |  |  | 965 |  |  | 5,035 |  |  | 8,701 |
Transaction, refinancing and other(3) | 288 |  |  | 253 |  |  | — |  |  | — |  |  | 5,068 |  |  | 5,609 |
(Gain) loss on foreign currency remeasurement (4) | (49) |  |  | (285) |  |  | — |  |  | — |  |  | 1 |  |  | (333) |
Adjusted EBITDA | $ | 29,183 |  |  | $ | 14,060 |  |  | $ | 15,643 |  |  | $ | 23,374 |  |  | $ | (7,781) |  |  | $ | 74,479 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $13.4 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $4.4 million from Latin America Payments and Solutions to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $3.3 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.
| Six months ended June 30, 2024
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 107,230 |  |  | $ | 148,885 |  |  | $ | 88,418 |  |  | $ | 120,464 |  |  | $ | (47,701) |  |  | $ | 417,296 |
Operating costs and expenses | 62,685 |  |  | 150,384 |  |  | 58,300 |  |  | 78,114 |  |  | (8,350) |  |  | 341,133 |
Depreciation and amortization | 14,758 |  |  | 31,308 |  |  | 2,642 |  |  | 8,188 |  |  | 10,495 |  |  | 67,391 |
Non-operating income | 282 |  |  | 4,109 |  |  | — |  |  | 290 |  |  | 1,529 |  |  | 6,210 |
EBITDA | 59,585 |  |  | 33,918 |  |  | 32,760 |  |  | 50,828 |  |  | (27,327) |  |  | 149,764 |
Compensation and benefits (2) | 1,469 |  |  | 3,152 |  |  | 1,494 |  |  | 1,691 |  |  | 7,785 |  |  | 15,591 |
Transaction, refinancing and other fees (3) | 723 |  |  | (5,388) |  |  | 214 |  |  | 289 |  |  | 984 |  |  | (3,178) |
(Gain) loss on foreign currency remeasurement (4) | (67) |  |  | 2,115 |  |  | — |  |  | — |  |  | 4 |  |  | 2,052 |
Adjusted EBITDA | $ | 61,710 |  |  | $ | 33,797 |  |  | $ | 34,468 |  |  | $ | 52,808 |  |  | $ | (18,554) |  |  | $ | 164,229 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $28.8 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $9.2 million from Latin America Payments and Solutions to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $9.7 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 realized 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.
| Six months ended June 30, 2023
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Corporate and Other (1) |  | Total
Revenues | $ | 99,224 |  |  | $ | 74,393 |  |  | $ | 81,595 |  |  | $ | 112,666 |  |  | $ | (40,988) |  |  | $ | 326,890 |
Operating costs and expenses | 56,617 |  |  | 62,978 |  |  | 54,305 |  |  | 78,010 |  |  | 117 |  |  | 252,027 |
Depreciation and amortization | 11,975 |  |  | 8,104 |  |  | 2,279 |  |  | 8,957 |  |  | 10,446 |  |  | 41,761 |
Non-operating income (expenses) | 480 |  |  | (1,495) |  |  | 308 |  |  | 598 |  |  | 810 |  |  | 701 |
EBITDA | 55,062 |  |  | 18,024 |  |  | 29,877 |  |  | 44,211 |  |  | (29,849) |  |  | 117,325 |
Compensation and benefits (2) | 1,370 |  |  | 1,651 |  |  | 1,392 |  |  | 1,530 |  |  | 8,603 |  |  | 14,546 |
Transaction, refinancing and other fees (3) | 580 |  |  | 253 |  |  | — |  |  | — |  |  | 4,379 |  |  | 5,212 |
Loss (gain) on foreign currency remeasurement (4) | 46 |  |  | 4,487 |  |  | — |  |  | — |  |  | (2) |  |  | 4,531 |
Adjusted EBITDA | $ | 57,058 |  |  | $ | 24,415 |  |  | $ | 31,269 |  |  | $ | 45,741 |  |  | $ | (16,869) |  |  | $ | 141,614 |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $26.4 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $8.4 million from Latin America Payments and Solutions to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $6.2 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 June 30, |  | Six months ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net Income | $ | 32,523 |  |  | $ | 28,050 |  |  | $ | 48,910 |  |  | $ | 58,113 |
Add: |  |  |  |  |  |  |
Income tax expense | 1,101 |  |  | 6,586 |  |  | 1,393 |  |  | 9,404 |
Interest expense, net | 15,491 |  |  | 3,537 |  |  | 32,070 |  |  | 8,047 |
Depreciation and amortization | 32,950 |  |  | 22,329 |  |  | 67,391 |  |  | 41,761 |
Total EBITDA | $ | 82,065 |  |  | $ | 60,502 |  |  | $ | 149,764 |  |  | $ | 117,325 |

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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration