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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
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-Publisher FASB
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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
-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
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-Section 50
-Paragraph 22
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