Adjusted EBITDA for the first quarter of 2013 totaled $48.5 million, compared to $44.5 million during the first quarter of 2012, and Adjusted Net Income totaled $18.0 million ($0.40 per diluted share) compared to $16.8 million ($0.38 per diluted share) during the first quarter of 2012. The increases in Adjusted EBITDA and Adjusted Net Income per diluted share were positively affected by the incremental revenues attributable to our revenue growth and reductions in our operating costs on a per transaction basis. Specific costs excluded from Adjusted EBITDA and Adjusted Net Income are detailed in a reconciliation included at the end of this press release.
GAAP Net Income for the first quarter of 2013 totaled $9.4 million, compared to $9.8 million during the same quarter in 2012. The slight decrease in GAAP Net Income from the first quarter of 2012 was the result of higher depreciation and acquisition-related expenses, as well as increased stock-based compensation expense, which was mostly offset by a higher gross margin as a result of our revenue growth.
UPDATE OF FULL-YEAR 2013 GUIDANCE
The Company is reconfirming the financial guidance it provided in February 2013 regarding its anticipated full-year 2013 results:
- Revenues of $835.0 million to $850.0 million;
- Overall gross margins of approximately 32.0% to 32.3%;
- Adjusted EBITDA of $202.0 million to $209.0 million;
- Depreciation and accretion expense of approximately $64.0 million to $65.5 million, net of noncontrolling interests;
- Cash interest expense of approximately $20.0 million to $20.5 million, net of noncontrolling interests;
- Adjusted Net Income of $1.72 to $1.79 per diluted share, based on approximately 44.7 million weighted average diluted shares outstanding; and
- Capital expenditures of approximately $70.0 million, net of noncontrolling interests.