EVERTEC, Inc. (NYSE:EVTC) Q1 2023 Earnings Conference Call April 26, 2023 4:30 PM ET

Company Participants

Kevin Hunt - IR

Morgan Schuessler - President and CEO

Joaquín Castrillo - CFO

Conference Call Participants

Vasu Govil - KBW

Bob Napoli - William Blair

James Friedman - Susquehanna

John Davis - Raymond James

Jeffrey Goldstein - Morgan Stanley

Operator

Good afternoon, everyone, and welcome to the EVERTEC's First Quarter 2023 Earnings Conference Call. Today's conference call is being recorded. At this time, I would like to turn the call over to Kevin Hunt of Investor Relations. Please go ahead.

Kevin Hunt

Thank you, and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer; and Joaquin Castrillo, our Chief Financial Officer.

Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release in the company's most recent periodic SEC report. During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules such as adjusted EBITDA, adjusted net income and adjusted earnings per common share. Reconciliation to GAAP measures and certain additional information are also included in today's earnings release and related supplemental slides, which are available in the Investor Relations section of our company website at www.evertecinc.com.

I'll now hand over the call to Mac.

Morgan Schuessler

Thank you, and good afternoon, everyone. We delivered strong first quarter results, which benefited from both increased sales volume and transactions as well as contributions from acquisitions, a testament to the strength of our business model.

On today's call, I will start with some highlights from the quarter and then we'll turn it over to Joaquin, who will provide further details on our first quarter results as well as an update to our expectations for the rest of the year, which includes raising our guidance for 2023.

Before I begin with the summary of our financial results, I would like to highlight that we are revising our adjusted EBITDA calculation to exclude the effect of noncash unrealized gains and losses from foreign currency re-measurement. This will better present the overall financial performance of our core business and facilitate comparison with industry peers while also aligning to our credit agreement definition of adjusted EBITDA.

This change will also translate to changes in our adjusted net income and adjusted EPS metrics. For clarity and comparability, we have recast prior period numbers to conform revised calculation.