Investor Presentation
Non-GAAP Reconciliation Annual Results Summary
GAAP Net Income to Adjusted EBITDA
Net Income
Income tax expense
Interest expense, net
Depreciation and amortization
EBITDA
Equity income (¹)
Compensation and benefits
(3)
Transaction, refinancing and non-recurring fees
Adjusted EBITDA
Operating depreciation and amortization
(6)
Cash interest expense, net
Income tax expense
Non-controlling interest
(2)
(8)
Adjusted Net Income
Net income per common share (GAAP):
Diluted
(5)
Adjusted Earnings per common share (Non-GAAP):
Diluted
Shares used in computing adjusted earnings per common share:
Diluted
HA
2018
86.6 $
12.6
29.3
63.1
191.6 $
(0.3)
13.7
7.6
212.6 $
(29.2)
(26.1)
(19.5)
(0.5)
137.3 $
$1.16
$1.84
74,420,110
2019
103.7 $
13.0
27.6
68.1
2124 $
(0.5)
13.8
0.5
226.2 $
(34.9)
(27.0)
(20.2)
(0.4)
143.7 $
$1.41
$1.96
2020
104.9 $
19.0
23.5
71.5
218.9 $
(1.1)
14.4
8.3
240.5 $
(39.1)
(22.3)
(27.2)
(0.5)
151.4 $
$1.43
$2.07
73,475,763 73,051,205
2021
161.1 $
20.6
20.9
75.1
277.7 $
(0.4)
15.1
2.4
294.8 $
(43.4)
(19.8)
(31.7)
(0.2)
199.7 $
$2.21
$2.74
72,870,585
LTM
164.4
22.0
20.3
75.6
282.3
(0.5)
15.9
3.5
301.3
(43.8)
(19.4)
(32.6)
205.5
$2.26
$2.82
72,853,216
(1) Represents the elimination of non-cash equity earnings from Evertec's 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received.
Primarily represents share-based compensation and other compensation expense and severance payments.
(2)
(3)
Represents fees and expenses associated with corporate transactions as defined in the Credit Agreement, recorded as part of selling, general and administrative expenses as well as an impairment charge in 2020 and Q1 2021 and a gain on sale of assets in Q2
2021.
Impairment charge and contractual fee accrual for a third-party software solution that was determined to be commercially unviable.
(4)
(5) Represents operating depreciation and amortization expense, which excludes amounts generated as a result mergers & acquisitions activity.
(6)
Represents interest expense, less interest income, as they appear on our consolidated statements of income and comprehensive income, adjusted to exclude non-cash amortization of debt issue costs, premiums and accretion of discount.
Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discreet items.
(7)
(8) Represents the 35% non-controlling equity interest in Evertec Colombia, net of amortization for intangibles created as part of the purchase.
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