EVERTEC Inc · Q2 2022 earnings

Briefing

Reported strong revenue in both Puerto Rico and Latin America and completed Popular transaction and BBR acquisition in Chile.

EVERTEC's revenue increased by 8% to $160.6 million. GAAP Net Income attributable to common shareholders was $33.6 million, a decrease of 32%, or $0.47 per diluted share, a decrease of 31%. Adjusted earnings per common share was $0.65, a decrease of 17%.

• Revenue increased 8% to $160.6 million
• GAAP Net Income attributable to common shareholders was $33.6 million a decrease of 32% , or $0.47 per diluted share, a decrease of 31%
• Adjusted EBITDA decreased 9% to $73.4 million
• Adjusted earnings per common share was $0.65, a decrease of 17%

Headline financials

Revenue & EPS history

The Company's financial outlook for 2022 is as follows: Total consolidated revenue is now anticipated between $607 million and $615 million representing a growth of approximately 3% to 4% compared with $597 million and $605 million, previously estimated. Adjusted earnings per common share continue to be expected between $2.52 to $2.60 representing a decline of 8% to 5% as compared to $2.74 in 2021. This excludes the gain on sale from the Popular transaction and one-time adjustments. Capital expenditures continue to be expected at approximately $60 million. Effective tax rate is now anticipated between 14% to 15%, an increase from the 13% to 14% previously estimated.