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Evertec Inc (EVTC-0.46%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $211.8 million, an increase of 22% compared to $173.2 million in the same quarter the previous year. This increase is attributed to organic growth across all segments and contributions from the Sinqia acquisition.
Cost of revenues for the quarter was $102.5 million, representing 48% of total revenue, compared to 47% in the same quarter of the previous year. This increase is due to higher personnel costs and professional fees.
Selling, general, and administrative expenses increased to $34.1 million from $30.4 million, primarily due to increased personnel costs and equipment expenses.
Depreciation and amortization expenses rose to $33.7 million from $21.9 million, driven by amortization of intangible assets related to the Sinqia acquisition.
Net income for the quarter was $25.2 million, up from $10.0 million in the previous year. The increase is attributed to higher revenues and a decrease in non-operating expenses.
Interest expense increased significantly to $18.7 million from $5.7 million due to debt raised for the Sinqia acquisition, while interest income increased to $3.7 million from $1.9 million.
The company reported a foreign currency remeasurement loss of $1.1 million, compared to a loss of $2.8 million in the previous year.
Cash provided by operating activities was $184.9 million for the nine months ended September 30, 2024, compared to $158.3 million in the previous year.
Net cash used in investing activities was $65.5 million, primarily due to software and property investments, compared to $105.4 million in the previous year.
Net cash used in financing activities increased to $130.3 million, mainly due to higher share repurchases and repayments of financing agreements.
Evertec's Board declared a regular quarterly cash dividend of $0.05 per share, expected to be paid on December 6, 2024.
The filing also discusses the impact of interest rate swaps, foreign exchange risks, and inflation on the company's operations.
Evertec continues to focus on expanding its transaction-processing business and financial technology services in Latin America, Puerto Rico, and the Caribbean.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Evertec Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.