EVERTEC, Inc. (NYSE:EVTC) Q1 2024 Results Conference Call May 1, 2024 4:30 PM ET

Company Participants

Beatriz Brown-Saenz - IR
Mac Schuessler - President, CEO
Joaquín Castrillo - CFO

Conference Call Participants

Chris Kennedy - William Blair
Nate Svensson - Deutsche Bank
John Davis - Raymond James
Vasu Govil - KBW
Jamie Friedman - Susquehanna

Operator

Good afternoon, everyone, and welcome to EVERTEC's First Quarter 2024 Earnings Conference Call. Today's conference call is being recorded. [Operator Instructions]

I would now like to turn the conference 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 Joaquín 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 a good start to the fiscal year with strong revenue growth driven by a full quarter contribution from Sinqia and organic growth across all our segments.

I will begin today's call with a summary of our first quarter 2024 financial results, followed by a discussion of the Puerto Rico environment and an update on Latin America. I will then turn the call over to Joaquin, who will provide some additional details on our Q1 results and an update on our 2024 outlook.

Beginning on Slide 4. Let's start with some financial highlights from our first quarter. We reported $205 million in revenue, a 28% increase over the prior year quarter and adjusted EBITDA was $78.2 million, up approximately 16% when compared with the prior year, driven by the revenue increase. Adjusted EBITDA margin was 38.1%, down from a year ago and aligned with our expectations, driven by a full quarter of Sinqia contribution at lower margins. Adjusted EPS for the quarter was $0.72, up 4% year-over-year.