EVERTEC Reports Third Quarter 2019 Results

EVERTEC Reports Third Quarter 2019 Results

Updates Annual Guidance
SAN JUAN, Puerto Rico–(BUSINESS WIRE)–EVERTEC, Inc. (NYSE: EVTC) (“Evertec” or the “Company”) today announced results for the third quarter ended September 30, 2019.

Third Quarter 2019 Highlights

Revenue grew 6% to $118.8 million

GAAP Net Income attributable to common shareholders was $24.8 million or $0.34 per diluted share

Adjusted EBITDA increased 6% to $55.5 million

Adjusted earnings per common share was $0.47, an increase of 4%

Nine-Month Year-to-Date 2019 Highlights

Revenue grew 7% to $360.2 million

GAAP Net Income attributable to common shareholders was $78.5 million or $1.07 per diluted share

Adjusted EBITDA increased 7% to $170.9 million

Adjusted earnings per common share was $1.48, an increase of 7%

Mac Schuessler, President and Chief Executive Officer stated, “We were pleased with the quarterly results and continued to make progress on our key initiatives of innovation and further growth in our Latin American business. Our consistent year-to-date performance and momentum are evidence of our strategy and execution.”

Third Quarter 2019 Results

Revenue. Total revenue for the quarter ended September 30, 2019 was $118.8 million, an increase of 6% compared with $112.0 million in the prior year. Revenue increase in the quarter reflected growth across all segments and included benefits from value added solutions, new managed services and other pricing actions. Additionally, increased revenue was driven by the completion of projects representing approximately $2.0 million.

Net Income attributable to common shareholders. For the quarter ended September 30, 2019, GAAP Net Income attributable to common shareholders was $24.8 million, or $0.34 per diluted share, an increase of $1.8 million or $0.03 per diluted share as compared to the prior year.

Adjusted EBITDA. For the quarter ended September 30, 2019, Adjusted EBITDA was $55.5 million, an increase of 6% compared to the prior year. Adjusted EBITDA margin (Adjusted EBITDA as a percentage of total revenues) was 46.7%, an increase of approximately 20 basis points from the prior year. The year over year increase in margin primarily reflects the benefit of increased revenue and higher margin completed projects in the quarter, partially offset by the impact of an elevated average ticket last year as a result of disaster relief spending that drove higher than normal margins in 2018 and the impact of delayed government contracts in the third quarter of 2019.

Adjusted Net Income. For the quarter ended September 30, 2019, Adjusted Net Income was $34.6 million, an increase of 3% compared with $33.6 million in the prior year and included the impact of a higher effective tax rate in the current year. Adjusted earnings per common share was $0.47, an increase of 4% compared to $0.45 in the prior year.

Share Repurchase

During the three months ended September 30, 2019, the Company repurchased a total of 8 thousand shares of its common stock at an average price of $30.92 per share for a total of $0.3 million. Year-to-date, the Company repurchased a total of 1.0 million shares of common stock at an average price of $28.60 for a total of $28.4 million. As of September 30, 2019, a total of approximately $34 million remained available for future use under the Company’s share repurchase program.

2019 Outlook

The Company is updating its financial outlook for 2019 as follows:

Total consolidated revenue is now expected to be between $479 million and $482 million representing growth of 5% to 6%, compared with $477 million to $482 million previously estimated.

Adjusted earnings per common share is expected to be between $1.95 and $1.98 representing growth of 6% to 8% from $1.84 in 2018, compared with $1.92 to $1.98 previously estimated.

Capital expenditures continue to be anticipated to range between $50 million and $55 million.

Earnings Conference Call and Audio Webcast

The Company will host a conference call to discuss its third quarter 2019 financial results today at 4:30 p.m. ET. Hosting the call will be Mac Schuessler, President and Chief Executive Officer, and Joaquin Castrillo, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (888) 338-7153 or for international callers by dialing (412) 317-5117. A replay will be available one hour after the end of the conference call and can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the pin number is 10135507. The replay will be available through Wednesday, November 6, 2019. The call will be webcast live from the Company’s website at www.evertecinc.com under the Investor Relations section or directly at http://ir.evertecinc.com. A supplemental slide presentation that accompanies this call and webcast can be found on the investor relations website at ir.evertecinc.com and will remain available after the call.

About Evertec

EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction processing business in Latin America, providing a broad range of merchant acquiring, payment processing and business solutions services. The Company manages a system of electronic payment networks that process more than two billion transactions annually and offers a comprehensive suite of services for core bank processing, cash processing and technology outsourcing. In addition, Evertec owns and operates the ATH® network, one of the leading personal identification number (“PIN”) debit networks in Latin America. Based in Puerto Rico, the Company operates in 26 Latin American countries and serves a diversified customer base of leading financial institutions, merchants, corporations and government agencies with “mission-critical” technology solutions. For more information, visit www.evertecinc.com.

Use of Non-GAAP Financial Information

The non-GAAP measures referenced in this release material are supplemental measures of the Company’s performance and are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). They are not measurements of the Company’s financial performance under GAAP and should not be considered as alternatives to total revenue, net income or any other performance measures derived in accordance with GAAP or as alternatives to cash flows from operating activities, as indicators of operating performance or as measures of the Company’s liquidity. In addition to GAAP measures, management uses these non-GAAP measures to focus on the factors the Company believes are pertinent to the daily management of the Company’s operations and believes that they are also frequently used by analysts, investors and other interested parties to evaluate companies in the industry. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measure are included in the schedules to this release. These non-GAAP measures include EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share and are defined below.

EBITDA is defined as earnings before interest, taxes, depreciation and amortization.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude unusual items and other adjustments. This measure is reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to the Company’s segments, is presented in conformity with Accounting Standards Codification 280, Segment Reporting, and is excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission’s Regulation G and Item 10(e) of Regulation S-K. The Company’s presentation of Adjusted EBITDA is substantially consistent with the equivalent measurements that are contained in the secured credit facilities in testing EVERTEC Group’s compliance with covenants therein such as the secured leverage ratio.

Adjusted Net Income is defined as net income adjusted to exclude unusual items and other adjustments.

Adjusted Earnings per common share is defined as Adjusted Net Income divided by diluted shares outstanding.

The Company uses Adjusted Net Income to measure the Company’s overall profitability because the Company believes it better reflects the comparable operating performance by excluding the impact of the non-cash amortization and depreciation that was created as a result of merger and acquisition activity. In addition, in evaluating EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share, you should be aware that in the future the Company may incur expenses such as those excluded in calculating them. Further, the Company’s presentation of these measures should not be construed as an inference that the Company’s future operating results will not be affected by unusual or nonrecurring items.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of EVERTEC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by, or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” and “plans” and similar expressions of future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to: the Company’s reliance on its relationship with Popular for a significant portion of revenue and to grow the Company’s merchant acquiring business; the Company’s ability to renew its client contracts on terms favorable to the Company, including the Company’s Master Services Agreement (MSA) with Popular, and any significant concessions the Company may have to grant to Popular with respect to pricing or other key terms in anticipation of the negotiation of the extension of the MSA, both in respect of the current term and any extension of the MSA; a potential government shutdown; a continuation of the Government of Puerto Rico’s fiscal crisis; the effectiveness of the Company’s risk management procedures; dependence on the Company’s processing systems, technology infrastructure, security systems and fraudulent-payment-detection systems, and the risk that the Company’s systems may experience breakdowns or fail to prevent security breaches, confidential data theft or fraudulent transfers; our ability to develop, install and adopt new technology; impairments to the Company’s amortizable intangible assets and goodwill; a decreased client base due to consolidations in the banking and financial-services industry; the credit risk of the Company’s merchant clients, for which the Company may also be liable; a decline in the market for the Company’s services due to increased competition, changes in consumer spending or payment preferences; the continuing market position of the ATH® network; the Company’s dependence on credit card associations and debit networks; regulatory limitations on the Company’s activities, including the potential need to seek regulatory approval to consummate transactions, due to the Company’s relationship with Popular and the Company’s role as a service provider to financial institutions and the Company’s potential inability to obtain such approval on a timely basis or at all; changes in the regulatory environment and changes in international, legal, tax, political, administrative or economic conditions; the Company’s ability to comply with federal, state, and local regulatory requirements; the geographical concentration of the Company’s business in Puerto Rico; operating an international business in multiple regions with potential political and economic instability; operating an international business in countries and with counterparties that increase the Company’s compliance risks and puts the Company at risk of violating U.S. sanctions laws; the Company’s ability to execute the Company’s expansion and acquisition strategies; the Company’s ability to protect the Company’s intellectual property rights; the Company’s ability to recruit and retain qualified personnel; evolving industry standards; the Company’s high level of indebtedness and restrictions contained in the Company’s debt agreements; the Company’s ability to generate sufficient cash to service the Company’s indebtedness and to generate future profits and the impact of natural disasters or catastrophic events in the countries in which the Company operates.

Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings “Forward-Looking Statements” and “Risk Factors” in the reports the Company files with the SEC from time to time, in connection with considering any forward-looking statements that may be made by the Company and its businesses generally. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless the Company is required to do so by law.

EVERTEC, Inc.

Schedule 1: Unaudited Condensed Consolidated Statements of Income and Comprehensive Income

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2019

 

2018

 

2019

 

2018

(Dollar amounts in thousands, except share data)

 

 

 

 

 

 

 

 

Revenues

 

$

 

118,804

 

 

$

 

112,017

 

 

$

 

360,188

 

 

$

 

335,638

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses

 

 

 

 

 

 

 

 

Cost of revenues, exclusive of depreciation and amortization shown below

 

 

51,922

 

 

 

49,464

 

 

 

154,542

 

 

 

146,015

 

Selling, general and administrative expenses

 

 

15,108

 

 

 

14,404

 

 

 

45,311

 

 

 

45,684

 

Depreciation and amortization

 

 

16,972

 

 

 

15,788

 

 

 

50,440

 

 

 

47,383

 

Total operating costs and expenses

 

 

84,002

 

 

 

79,656

 

 

 

250,293

 

 

 

239,082

 

Income from operations

 

 

34,802

 

 

 

32,361

 

 

 

109,895

 

 

 

96,556

 

Non-operating income (expenses)

 

 

 

 

 

 

 

 

Interest income

 

 

348

 

 

 

205

 

 

 

864

 

 

 

526

 

Interest expense

 

 

(7,267

)

 

 

(7,557

)

 

 

(22,191

)

 

 

(22,901

)

Earnings of equity method investment

 

 

371

 

 

 

238

 

 

 

726

 

 

 

612

 

Other income (expenses)

 

 

252

 

 

 

1,130

 

 

 

(619

)

 

 

1,878

 

Total non-operating expenses

 

 

(6,296

)

 

 

(5,984

)

 

 

(21,220

)

 

 

(19,885

)

Income before income taxes

 

 

28,506

 

 

 

26,377

 

 

 

88,675

 

 

 

76,671

 

Income tax expense

 

 

3,720

 

 

 

3,302

 

 

 

10,018

 

 

 

10,349

 

Net income

 

 

24,786

 

 

 

23,075

 

 

 

78,657

 

 

 

66,322

 

Less: Net income attributable to non-controlling interest

 

 

32

 

 

 

78

 

 

 

201

 

 

 

251

 

Net income attributable to EVERTEC, Inc.’s common stockholders

 

 

24,754

 

 

 

22,997

 

 

 

78,456

 

 

 

66,071

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(576

)

 

 

(4,325

)

 

 

3,714

 

 

 

(6,225

)

(Loss) gain on cash flow hedges

 

 

(2,922

)

 

 

219

 

 

 

(13,019

)

 

 

2,109

 

Total comprehensive income attributable to EVERTEC, Inc.’s common stockholders

 

$

 

21,256

 

 

$

 

18,891

 

 

$

 

69,151

 

 

$

 

61,955

 

Net income per common share:

 

 

 

 

 

 

 

 

Basic

 

$

 

0.34

 

 

$

 

0.32

 

 

$

 

1.09

 

 

$

 

0.91

 

Diluted

 

$

 

0.34

 

 

$

 

0.31

 

 

$

 

1.07

 

 

$

 

0.89

 

Shares used in computing net income per common share:

 

 

 

 

 

 

 

 

Basic

 

 

71,942,403

 

 

 

72,721,414

 

 

 

72,148,312

 

 

 

72,590,679

 

Diluted

 

 

73,314,704

 

 

 

74,657,100

 

 

 

73,530,865

 

 

 

74,123,431

 

EVERTEC, Inc.

Schedule 2: Unaudited Condensed Consolidated Balance Sheets

 

(In thousands)

 

September 30, 2019

 

December 31, 2018

Assets

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

 

102,535

 

 

$

 

69,973

 

Restricted cash

 

 

13,399

 

 

 

16,773

 

Accounts receivable, net

 

 

92,195

 

 

 

100,323

 

Prepaid expenses and other assets

 

 

36,405

 

 

 

29,124

 

Total current assets

 

 

244,534

 

 

 

216,193

 

Investment in equity investee

 

 

12,257

 

 

 

12,149

 

Property and equipment, net

 

 

43,179

 

 

 

36,763

 

Operating lease right-of-use asset

 

 

30,920

 

 

 

Goodwill

 

 

395,848

 

 

 

394,644

 

Other intangible assets, net

 

 

244,672

 

 

 

259,269

 

Deferred tax asset

 

 

2,020

 

 

 

1,917

 

Net investment in lease

 

 

780

 

 

 

1,060

 

Other long-term assets

 

 

5,856

 

 

 

5,297

 

Total assets

 

$

 

980,066

 

 

$

 

927,292

 

Liabilities and stockholders’ equity

 

 

 

 

Current Liabilities:

 

 

 

 

Accrued liabilities

 

$

 

64,226

 

 

$

 

57,006

 

Accounts payable

 

 

24,966

 

 

 

47,272

 

Unearned income

 

 

14,596

 

 

 

11,527

 

Income tax payable

 

 

4,595

 

 

 

6,650

 

Current portion of long-term debt

 

 

14,250

 

 

 

14,250

 

Current portion of operating lease liability

 

 

5,704

 

 

 

Total current liabilities

 

 

128,337

 

 

 

136,705

 

Long-term debt

 

 

514,217

 

 

 

524,056

 

Deferred tax liability

 

 

4,565

 

 

 

9,950

 

Unearned income – long term

 

 

29,722

 

 

 

26,075

 

Operating lease liability – long-term

 

 

25,686

 

 

 

Other long-term liabilities

 

 

28,283

 

 

 

14,900

 

Total liabilities

 

 

730,810

 

 

 

711,686

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Preferred stock, par value $0.01; 2,000,000 shares authorized; none issued

 

 

 

 

Common stock, par value $0.01; 206,000,000 shares authorized; 71,947,563 shares issued and outstanding at September 30, 2019 (December 31, 2018 – 72,378,710)

 

 

719

 

 

 

723

 

Additional paid-in capital

 

 

3,058

 

 

 

5,783

 

Accumulated earnings

 

 

274,518

 

 

 

228,742

 

Accumulated other comprehensive loss, net of tax

 

 

(33,094

)

 

 

(23,789

)

Total EVERTEC, Inc. stockholders’ equity

 

 

245,201

 

 

 

211,459

 

Non-controlling interest

 

 

4,055

 

 

 

4,147

 

Total equity

 

 

249,256

 

 

 

215,606

 

Total liabilities and equity

 

$

 

980,066

 

 

$

 

927,292

 

EVERTEC, Inc.

Schedule 3: Unaudited Condensed Consolidated Statements of Cash Flows

 

 

 

Nine months ended September 30,

 

 

2019

 

2018

Cash flows from operating activities

 

 

 

 

Net income

 

$

 

78,657

 

 

$

 

66,322

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

50,440

 

 

 

47,383

 

Amortization of debt issue costs and accretion of discount

 

 

1,256

 

 

 

3,410

 

Operating lease amortization

 

 

3,966

 

 

 

Provision for doubtful accounts and sundry losses

 

 

3,224

 

 

 

1,065

 

Deferred tax benefit

 

 

(4,197

)

 

 

(2,734

)

Share-based compensation

 

 

10,168

 

 

 

9,692

 

Loss on disposition of property and equipment and other intangibles

 

 

691

 

 

 

12

 

Earnings of equity method investment

 

 

(726

)

 

 

(612

)

Dividend received from equity method investment

 

 

485

 

 

 

390

 

(Increase) decrease in assets:

 

 

 

 

Accounts receivable, net

 

 

6,475

 

 

 

(64

)

Prepaid expenses and other assets

 

 

(7,268

)

 

 

(4,462

)

Other long-term assets

 

 

(1,450

)

 

 

(280

)

Increase (decrease) in liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

 

(6,834

)

 

 

(3,674

)

Income tax payable

 

 

(2,080

)

 

 

4,278

 

Unearned income

 

 

6,718

 

 

 

7,655

 

Operating lease liabilities

 

 

(4,825

)

 

 

Other long-term liabilities

 

 

1,467

 

 

 

62

 

Total adjustments

 

 

57,510

 

 

 

62,121

 

Net cash provided by operating activities

 

 

136,167

 

 

 

128,443

 

Cash flows from investing activities

 

 

 

 

Additions to software

 

 

(27,969

)

 

 

(15,385

)

Property and equipment acquired

 

 

(21,994

)

 

 

(9,620

)

Proceeds from sales of property and equipment

 

 

101

 

 

 

15

 

Net cash used in investing activities

 

 

(49,862

)

 

 

(24,990

)

Cash flows from financing activities

 

 

 

 

Statutory withholding taxes paid on share-based compensation

 

 

(6,304

)

 

 

(2,128

)

Net decrease in short-term borrowings

 

 

 

 

(12,000

)

Repayment of short-term borrowings for purchase of equipment and software

 

 

(852

)

 

 

(686

)

Dividends paid

 

 

(10,824

)

 

 

(3,636

)

Repurchase of common stock

 

 

(28,449

)

 

 

Repayment of long-term debt

 

 

(10,688

)

 

 

(41,374

)

Net cash used in financing activities

 

 

(57,117

)

 

 

(59,824

)

Net increase in cash, cash equivalents and restricted cash

 

 

29,188

 

 

 

43,629

 

Cash, cash equivalents and restricted cash at beginning of the period

 

 

86,746

 

 

 

60,367

 

Cash, cash equivalents and restricted cash at end of the period

 

$

 

115,934

 

 

$

 

103,996

 

Reconciliation of cash, cash equivalents and restricted cash

 

 

 

 

Cash and cash equivalents

 

$

 

102,535

 

 

$

 

91,310

 

Restricted cash

 

 

13,399

 

 

 

12,686

 

Cash, cash equivalents and restricted cash

 

$

 

115,934

 

 

$

 

103,996

 

EVERTEC, Inc.

Schedule 4: Unaudited Segment Information

 

 

Three months ended September 30, 2019

(In thousands)

Payment
Services –
Puerto Rico &
Caribbean

 

Payment
Services –
Latin America

 

Merchant
Acquiring, net

 

Business
Solutions

 

Corporate and
Other (1)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

 

30,411

 

 

$

 

20,596

 

 

$

 

26,436

 

 

$

 

52,945

 

 

$

 

(11,584

)

 

$

 

118,804

 

Operating costs and expenses

 

15,821

 

 

 

11,943

 

 

 

15,978

 

 

 

32,259

 

 

 

8,001

 

 

 

84,002

 

Depreciation and amortization

 

3,093

 

 

 

2,650

 

 

 

457

 

 

 

3,780

 

 

 

6,992

 

 

 

16,972

 

Non-operating income (expenses)

 

410

 

 

 

(3,824

)

 

 

8

 

 

 

67

 

 

 

3,962

 

 

 

623

 

EBITDA

 

18,093

 

 

 

7,479

 

 

 

10,923

 

 

 

24,533

 

 

 

(8,631

)

 

 

52,397

 

Compensation and benefits (2)

 

284

 

 

 

109

 

 

 

285

 

 

 

549

 

 

 

2,228

 

 

 

3,455

 

Transaction, refinancing and other fees (3)

 

 

 

 

 

 

 

 

 

(372

)

 

 

(372

)

Adjusted EBITDA

$

 

18,377

 

 

$

 

7,588

 

 

$

 

11,208

 

 

$

 

25,082

 

 

$

 

(6,775

)

 

$

 

55,480

 

Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $10.0 million processing fee from the Payments Services – Puerto Rico & Caribbean segment to the Merchant Acquiring segment and intercompany software sale and developments of $1.6 million from the Payment Services – Latin America segment charged to the Payment Services – Puerto Rico & Caribbean segment. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services – Latin America segment and capitalized in the Payment Services – Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $5.2 million.

Primarily represents share-based compensation.

Primarily represents the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received.

 

Three months ended September 30, 2018

(In thousands)

Payment
Services –
Puerto Rico &
Caribbean

 

Payment
Services –
Latin America

 

Merchant
Acquiring, net

 

Business
Solutions

 

Corporate and
Other (1)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

 

28,951

 

 

$

 

18,907

 

 

$

 

24,486

 

 

$

 

48,831

 

 

$

 

(9,158

)

 

$

 

112,017

 

Operating costs and expenses

 

13,021

 

 

 

18,890

 

 

 

14,160

 

 

 

30,983

 

 

 

2,602

 

 

 

79,656

 

Depreciation and amortization

 

2,505

 

 

 

2,337

 

 

 

427

 

 

 

3,398

 

 

 

7,121

 

 

 

15,788

 

Non-operating income (expenses)

 

602

 

 

 

3,834

 

 

 

 

 

12

 

 

 

(3,080

)

 

 

1,368

 

EBITDA

 

19,037

 

 

 

6,188

 

 

 

10,753

 

 

 

21,258

 

 

 

(7,719

)

 

 

49,517

 

Compensation and benefits (2)

 

207

 

 

 

363

 

 

 

196

 

 

 

485

 

 

 

1,117

 

 

 

2,368

 

Transaction, refinancing and other fees (3)

 

 

 

 

 

(1

)

 

 

1

 

 

 

215

 

 

 

215

 

Adjusted EBITDA

$

 

19,244

 

 

$

 

6,551

 

 

$

 

10,948

 

 

$

 

21,744

 

 

$

 

(6,387

)

 

$

 

52,100

 

Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations.Contacts
Investor ContactKay Sharpton
(787) 773-5442
[email protected]
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