EVERTEC Inc · Q3 2024 earnings

Briefing

Reported an increase in revenue and net income, driven by organic growth and the Sinqia acquisition. The acquisition of Grandata was also announced.

EVERTEC reported a 22% increase in revenue to $211.8 million and a 146% increase in GAAP net income attributable to common shareholders to $24.7 million, or $0.38 per diluted share, for the third quarter ended September 30, 2024. The results were driven by organic growth across all segments and the contribution from the Sinqia acquisition. The company also announced the acquisition of Grandata, a data analytics company operating in Mexico.

• Revenue increased 22% to $211.8 million.
• GAAP Net Income attributable to common shareholders increased 146% to $24.7 million, with earnings per diluted share increasing 153% to $0.38.
• Adjusted EBITDA increased 11% to $87.4 million, and Adjusted earnings per common share increased 8% to $0.86.
• Share repurchases totaled $12.3 million.

Headline financials

Revenue & EPS history

The Company's financial outlook for 2024 is as follows: Total consolidated revenue between $841 million and $847 million approximately 21% to 22% growth. Adjusted earnings per common share between $3.08 to $3.15 approximately 9% to 12% growth as compared to $2.82 in 2023. Capital expenditures are now anticipated to be approximately $85 million, including Sinqia. Effective tax rate of approximately 5% compared to a 6% to 7% in 2023.