EVERTEC, Inc. (NYSE:EVTC) Q3 2024 Earnings Call Transcript November 6, 2024 4:30 PM ET
Company Participants
Beatriz Brown-Saenz - Investor Relations
Mac Schuessler - President, Chief Executive Officer
Joaquin Castrillo - Chief Financial Officer
Conference Call Participants
Nate Stevenson - Deutsche Bank
Cris Kennedy - William Blair
Vasu Govil - KBW
Jamie Friedman - Susquehanna
John Davis - Raymond James
Shefali Tamaskar - Morgan Stanley
Operator
Good afternoon, everyone, and welcome to the EVERTEC’s Third 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 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 strong third quarter results with revenue growth across all segments and margins that were once again above our expectations. Growth remains strong in Puerto Rico while LATAM continues to deliver strong organic growth as well as the contribution from the Sinqia acquisition. I am also pleased to announce that we have closed on the acquisition of Grandata in Latin America.
On today's call, I will start with some highlights from the quarter followed by a discussion of our Puerto Rico segments, concluding with an update on Latin America. I will then turn it over to Joaquin who will provide further details on our third quarter results, an update to our expectations for the remainder of the year and some important items to consider for 2025.
Beginning on Slide 4, total revenue was approximately $212 million for the third quarter, an increase of approximately 22% compared to the third quarter of 2023. Adjusted EBITDA was approximately $87 million, an increase of approximately 11% when compared with the prior year. Adjusted EBITDA margin was 41.3%, approximately 420 basis points below last year's level but above our expectations and guidance. Adjusted earnings per share was $0.86, an increase of 8% from the prior year adjusted EPS of $0.80. Year-to-date, we have generated operating cash flow of $185 million and have returned approximately $92 million to our shareholders through dividends and share repurchases, including $12 million in repurchases this quarter. Additionally, our liquidity remains strong at approximately $469 million as of September 30th.