EVERTEC, Inc. (NYSE:EVTC) Q4 2023 Earnings Conference Call February 28, 2024 4:30 PM ET

Company Participants

Beatriz Brown-Saenz - Investor Relations

Mac Schuessler - President and Chief Executive Officer

Joaquin Castrillo - Chief Financial Officer

Conference Call Participants

Nate Svensson - Deutsche Bank

Chris Kennedy - William Blair

John Davis - Raymond James

Operator

Good afternoon, everyone, and welcome to EVERTEC's Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Today's conference call is being recorded. At this time, I would like to turn the call over to Beatriz Brown-Saenz of Investor Relations. Please go ahead.

Beatriz Brown-Saenz

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, and good afternoon, everyone. We are pleased to announce another record year of results, as revenue continues to benefit from strong organic growth across most markets, complemented by the contribution from acquisitions, including the Sinqia deal that closed during the fourth quarter. I'll begin today's call with a brief summary of our 2023 financial results, followed by a discussion on the Puerto Rico environment, an update on Brazil, and finally, some comments about our focus for Sinqia in 2024. I will then turn the call over to Joaquin, who will provide some additional details on our Q4 and full year results as well as our outlook for 2024.

Beginning on Slide 4, let's start with some highlights from our full year 2023 results. We delivered a record $695 million in revenue, a 12% increase over the prior year. And while some of the growth was driven by the closing of Sinqia, revenue excluding the acquisition also exceeded our expectations. Our LATAM revenue was up nearly 45% with growth in the high teens excluding M&A. Increased sales and transaction volumes benefited both our Payments Puerto Rico and Caribbean segment and our Merchant Acquiring segment.