EVERTEC, Inc. (NYSE:EVTC) Q3 2023 Earnings Conference Call October 26, 2023 4:30 PM ET
Company Participants
Beatriz Brown-Sáenz - Investor Relations
Mac Schuessler - President and Chief Executive Officer
Joaquin Castrillo - Chief Financial Officer
Conference Call Participants
Vasundhara Govil - Keefe, Bruyette, & Woods, Inc.
John Davis - Raymond James
Nate Svensson - Deutsche Bank
Bob Napoli - William Blair
James Faucette - Morgan Stanley
James Friedman - Susquehanna Financial Group
Operator
Hello, and welcome to the EVERTEC Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, today's event is being recorded.
I will now turn the conference over to Beatriz Brown-Sáenz of Investor Relations. Please go ahead, ma'am.
Beatriz Brown-Sáenz
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 and 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. Reconciliations 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 will now hand the call over to Mac.
Mac Schuessler
Thanks, Beatriz. I'm pleased to report very strong third quarter results that were above our expectations as we continue to execute on our initiatives across all our markets. Strength was broad-based with every one of our segments growing both revenue and EBITDA over the prior period. We also continue to make progress on the Sinqia acquisition and hope to announce the closing of that transformational deal in the near future.
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 third quarter results as well as an update to our expectations for the remainder of the year.
Beginning on Slide 4. Total revenue was approximately $173 million for the third quarter, an increase of approximately 19% compared to the third quarter of 2022. Adjusted EBITDA was approximately $79 million, an increase of approximately 31% when compared with the prior year quarter. Adjusted EBITDA margin was 45.4%, approximately 410 basis points above last year's level and above our expectations and guidance.