Evertec(US:EVTC)2025-02-26 21:09Financial Performance - Total revenue for Q4 2024 was $216.4 million, an increase of 11.2% compared to $194.6 million in Q4 2023, with organic growth across all segments and contributions from acquisitions[5]. - GAAP Net Income attributable to common shareholders for Q4 2024 was $40.1 million, a 249% increase from $11.5 million in Q4 2023, resulting in $0.62 per diluted share[6]. - Adjusted EBITDA for Q4 2024 was $88.6 million, a 24% increase compared to the prior year, with an Adjusted EBITDA margin of 40.9%, up from 36.8%[8]. - Full year 2024 revenue reached $845.5 million, a 22% increase from $694.7 million in 2023, driven by acquisitions and organic growth[10]. - GAAP Net Income for the full year 2024 was $112.6 million, a 41% increase from $79.7 million in 2023, equating to $1.73 per diluted share[11]. - Adjusted EBITDA for the full year 2024 was $340.2 million, a 17% increase from the previous year, with an Adjusted EBITDA margin of 40.2%, down from 42.0%[12]. - Revenues for Q4 2024 were $216,395,000, an increase of 11.4% compared to $194,621,000 in Q4 2023[30]. - Net income for the year ended December 31, 2024, was $114,779,000, up from $79,876,000 in 2023, representing a growth of 43.6%[30]. - The company reported a basic net income per share of $1.75 for 2024, compared to $1.23 for 2023, marking a 42.3% increase[30]. - Adjusted EBITDA for the quarter ended December 31, 2024, was $88,610,000, up from $71,698,000 in the same quarter of 2023, reflecting a year-over-year increase of 23.5%[45]. - Total revenues for the year ended December 31, 2024, reached $845,486,000, compared to $694,709,000 in 2023, marking a growth of 21.7%[43]. Shareholder Returns - The company returned $95.2 million to shareholders through share repurchases and dividends in 2024[6]. - The company repurchased common stock worth $82,293,000 in 2024, compared to $36,096,000 in 2023, showing a substantial increase in share buybacks[38]. Acquisitions and Integrations - The company completed the acquisition of Nubity on November 19, 2024, enhancing its cloud services offerings in Latin America[14]. - The company is focused on integrating Sinqia S.A. and achieving expected earnings accretion, while facing risks related to political and economic instability in its operating regions[27]. Outlook and Guidance - The 2025 outlook projects total consolidated revenue between $889 million and $899 million, representing approximately 5.1% to 6.3% growth compared to 2024[20]. - Adjusted earnings per common share for 2025 are expected to be between $3.34 and $3.45, reflecting growth of approximately 1.8% to 5.2% compared to $3.28 in 2024[20]. - 2024 revenue outlook is projected between $889 million and $899 million, with a low estimate of $845 million[50]. - GAAP Earnings per Share (EPS) guidance ranges from $1.93 to $2.05, with a low estimate of $1.73[50]. - Adjusted EPS (Non-GAAP) is expected to be between $3.34 and $3.45, with a low estimate of $3.28[50]. Assets and Liabilities - Total assets decreased to $1,857,611,000 in 2024 from $2,060,263,000 in 2023, a decline of 9.8%[32]. - Total liabilities decreased to $1,338,350,000 in 2024 from $1,424,887,000 in 2023, a reduction of 6.1%[34]. - The company’s total assets decreased by $29,075,000 in 2024, contrasting with an increase of $128,067,000 in 2023, indicating a shift in asset management strategy[38]. Cash Flow and Expenses - Total operating costs and expenses for 2024 were $679,820,000, compared to $558,549,000 in 2023, reflecting an increase of 21.6%[30]. - Cash flows from operating activities for 2024 were $260,059,000, an increase from $211,194,000 in 2023, indicating a rise of 23.1%[36]. - Net cash used in investing activities decreased significantly to $118,282,000 in 2024 from $507,932,000 in 2023, a reduction of 76.7%[38]. - EVERTEC's cash and cash equivalents decreased to $273,645,000 in 2024 from $295,600,000 in 2023, a decline of 7.4%[32]. - Cash and cash equivalents at the end of 2024 were $273,645,000, down from $295,600,000 at the end of 2023, a decrease of 7.4%[38]. Currency and Adjustments - The company experienced a foreign currency translation adjustment loss of $152,851,000 for the year ended December 31, 2024[30]. - Total adjustments to reconcile net income to net cash provided by operating activities amounted to $145,280,000 in 2024, compared to $131,318,000 in 2023, reflecting an increase of 10.6%[36]. - Total adjustments to reconcile GAAP EPS to Non-GAAP EPS amount to approximately $1.41 to $1.55 per share[50]. - Share-based compensation and other adjustments contribute $0.88 to the adjusted EPS calculation[50]. - Merger and acquisition related depreciation and amortization adds $0.58 to the adjusted EPS[50]. - Non-cash interest expense contributes $0.04 to the adjusted EPS[50]. - Anticipated tax effect of non-GAAP adjustments is estimated at approximately 6% to 7%[51]. - Shares used in computing adjusted earnings per common share are approximately 65.0 million to 65.1 million[50].