Second Quarter 2023 Earnings Conference Call
Merchant Acquiring Q2 2023
(in USD mm, except per share)
Revenue
Adjusted EBITDA (¹)
Adjusted EBITDA margin
Q2 2023
$41.2
$15.6
37.9%
Y-O-Y %
7%
-11%
-760bps
Increase in revenue was primarily driven by higher spread resulting from the continued benefit of pricing
initiatives, a shift in the mix of credit card spend towards premium cards, and an increase in sales volume.
8
▪ The margin decrease was primarily due to the impact from the revenue sharing agreement with Popular, as
well as the effect of a declining average ticket.
(1) Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are compared with prior year recast figures. See Non-GAAP reconciliation summary in appendix, p.20-21 for current year reconciliation and prior
year recast figures.
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