Second Quarter 2023 Earnings Conference Call
Reconciliation of GAAP to Non-GAAP Operating Results
Three months ended June 30,
2023
2022
(Dollar amounts in thousands, except share data)
Net income
Income tax expense
Interest expense, net
Depreciation and amortization
EBITDA
(1)
Equity income
Compensation and benefits
(3)
Transaction, refinancing and other fees
Loss (gain) on foreign currency remeasurement
Adjusted EBIT DA
Operating depreciation and amortization
(6)
Cash interest expense, net
(7)
Income tax expense
Non-controlling interest
Adjusted net income
Net income per common share (GAAP):
Diluted
(8)
(2)
(5)
(4)
Adjusted Earnings per common share (Non-GAAP):
Diluted
Shares used in computing adjusted earnings per common share:
Diluted
$28,050
6,586
3,537
22,329
60,502
(1,476)
8,701
7,085
(333)
74,479
(12,835)
(3,457)
(11,626)
80
$46,641
$0.43
$0.71
$33,556
7,688
5,127
19,560
65,931
(862)
5,405
1,855
1,747
74,076
(11,156)
(4,858)
(10,075)
1
(7) Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discrete items.
(8) Represents the 35% non-controlling equity interest in Evertec Colombia, net of amortization for intangibles created as part of the purchase.
$47,988
$0.47
$0.67
65,510,091
(1) Represents the elimination of non-cash equity earnings from our 19.99% equity investment in Dominican Republic, Consorcio de Tarjetas Dominicanas S.A. ("CONTADO"), net of dividends received.
(2) Primarily represents share-based compensation and severance payments.
(3) Represents fees and expenses associated with corporate transactions as defined in the Credit Agreement, recorded as part of selling, general and administrative expenses.
(4) Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
72,149,949
(5) Represents operating depreciation and amortization expense, which excludes amounts generated as a result of merger and acquisition activity.
(6) Represents interest expense, less interest income, as they appear on the condensed consolidated statements of income and comprehensive income, adjusted to exclude non-cash amortization of the debt issue costs, premium
and accretion of discount.
evertec
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