000155986512/312024Q3FALSExbrli:sharesiso4217:USDiso4217:USDxbrli:sharesevtc:countryxbrli:pureevtc:derivative_instrumentiso4217:BRLevtc:segment00015598652024-01-012024-09-3000015598652024-11-0100015598652024-09-3000015598652023-12-3100015598652024-07-012024-09-3000015598652023-07-012023-09-3000015598652023-01-012023-09-300001559865us-gaap:CommonStockMember2023-12-310001559865us-gaap:AdditionalPaidInCapitalMember2023-12-310001559865us-gaap:RetainedEarningsMember2023-12-310001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001559865us-gaap:NoncontrollingInterestMember2023-12-310001559865us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100015598652024-01-012024-03-310001559865us-gaap:CommonStockMember2024-01-012024-03-310001559865us-gaap:RetainedEarningsMember2024-01-012024-03-310001559865us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001559865us-gaap:CommonStockMember2024-03-310001559865us-gaap:AdditionalPaidInCapitalMember2024-03-310001559865us-gaap:RetainedEarningsMember2024-03-310001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001559865us-gaap:NoncontrollingInterestMember2024-03-3100015598652024-03-310001559865us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000015598652024-04-012024-06-300001559865us-gaap:CommonStockMember2024-04-012024-06-300001559865us-gaap:RetainedEarningsMember2024-04-012024-06-300001559865us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001559865us-gaap:CommonStockMember2024-06-300001559865us-gaap:AdditionalPaidInCapitalMember2024-06-300001559865us-gaap:RetainedEarningsMember2024-06-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001559865us-gaap:NoncontrollingInterestMember2024-06-3000015598652024-06-300001559865us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001559865us-gaap:CommonStockMember2024-07-012024-09-300001559865us-gaap:RetainedEarningsMember2024-07-012024-09-300001559865us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001559865us-gaap:CommonStockMember2024-09-300001559865us-gaap:AdditionalPaidInCapitalMember2024-09-300001559865us-gaap:RetainedEarningsMember2024-09-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001559865us-gaap:NoncontrollingInterestMember2024-09-300001559865us-gaap:CommonStockMember2022-12-310001559865us-gaap:AdditionalPaidInCapitalMember2022-12-310001559865us-gaap:RetainedEarningsMember2022-12-310001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001559865us-gaap:NoncontrollingInterestMember2022-12-3100015598652022-12-310001559865us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100015598652023-01-012023-03-310001559865us-gaap:CommonStockMember2023-01-012023-03-310001559865us-gaap:RetainedEarningsMember2023-01-012023-03-310001559865us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001559865us-gaap:CommonStockMember2023-03-310001559865us-gaap:AdditionalPaidInCapitalMember2023-03-310001559865us-gaap:RetainedEarningsMember2023-03-310001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001559865us-gaap:NoncontrollingInterestMember2023-03-3100015598652023-03-310001559865us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-3000015598652023-04-012023-06-300001559865us-gaap:CommonStockMember2023-04-012023-06-300001559865us-gaap:RetainedEarningsMember2023-04-012023-06-300001559865us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001559865us-gaap:CommonStockMember2023-06-300001559865us-gaap:AdditionalPaidInCapitalMember2023-06-300001559865us-gaap:RetainedEarningsMember2023-06-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001559865us-gaap:NoncontrollingInterestMember2023-06-3000015598652023-06-300001559865us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001559865us-gaap:CommonStockMember2023-07-012023-09-300001559865us-gaap:RetainedEarningsMember2023-07-012023-09-300001559865us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001559865us-gaap:CommonStockMember2023-09-300001559865us-gaap:AdditionalPaidInCapitalMember2023-09-300001559865us-gaap:RetainedEarningsMember2023-09-300001559865us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001559865us-gaap:NoncontrollingInterestMember2023-09-3000015598652023-09-300001559865srt:ScenarioPreviouslyReportedMember2023-01-012023-09-300001559865srt:RestatementAdjustmentMember2023-01-012023-09-300001559865evtc:SinqiaSAMember2023-11-010001559865evtc:SinqiaSAMemberus-gaap:CustomerRelationshipsMember2023-11-012023-11-010001559865evtc:SinqiaSAMemberus-gaap:TrademarksMember2023-11-012023-11-010001559865evtc:SinqiaSAMemberevtc:SoftwareMember2023-11-012023-11-010001559865evtc:SinqiaSAMember2023-11-012023-11-010001559865us-gaap:BuildingMember2024-09-300001559865us-gaap:BuildingMember2023-12-310001559865srt:MinimumMemberevtc:DataProcessingEquipmentMember2024-09-300001559865srt:MaximumMemberevtc:DataProcessingEquipmentMember2024-09-300001559865evtc:DataProcessingEquipmentMember2024-09-300001559865evtc:DataProcessingEquipmentMember2023-12-310001559865srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-09-300001559865srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2024-09-300001559865us-gaap:FurnitureAndFixturesMember2024-09-300001559865us-gaap:FurnitureAndFixturesMember2023-12-310001559865srt:MinimumMemberus-gaap:LeaseholdImprovementsMember2024-09-300001559865srt:MaximumMemberus-gaap:LeaseholdImprovementsMember2024-09-300001559865us-gaap:LeaseholdImprovementsMember2024-09-300001559865us-gaap:LeaseholdImprovementsMember2023-12-310001559865evtc:PaymentServicesPuertoRicoCaribbeanMember2023-12-310001559865evtc:LatinAmericaPaymentsAndSolutionsMember2023-12-310001559865evtc:MerchantAcquiringNetMember2023-12-310001559865evtc:BusinessSolutionsMember2023-12-310001559865evtc:PaymentServicesPuertoRicoCaribbeanMember2024-01-012024-09-300001559865evtc:LatinAmericaPaymentsAndSolutionsMember2024-01-012024-09-300001559865evtc:MerchantAcquiringNetMember2024-01-012024-09-300001559865evtc:BusinessSolutionsMember2024-01-012024-09-300001559865evtc:PaymentServicesPuertoRicoCaribbeanMember2024-09-300001559865evtc:LatinAmericaPaymentsAndSolutionsMember2024-09-300001559865evtc:MerchantAcquiringNetMember2024-09-300001559865evtc:BusinessSolutionsMember2024-09-300001559865us-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-09-300001559865us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-09-300001559865us-gaap:CustomerRelationshipsMember2024-09-300001559865us-gaap:TrademarksMembersrt:MinimumMember2024-09-300001559865us-gaap:TrademarksMembersrt:MaximumMember2024-09-300001559865us-gaap:TrademarksMember2024-09-300001559865us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MinimumMember2024-09-300001559865us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2024-09-300001559865us-gaap:ComputerSoftwareIntangibleAssetMember2024-09-300001559865us-gaap:NoncompeteAgreementsMember2024-09-300001559865us-gaap:CustomerRelationshipsMembersrt:MinimumMember2023-12-310001559865us-gaap:CustomerRelationshipsMembersrt:MaximumMember2023-12-310001559865us-gaap:CustomerRelationshipsMember2023-12-310001559865us-gaap:TrademarksMembersrt:MinimumMember2023-12-310001559865us-gaap:TrademarksMembersrt:MaximumMember2023-12-310001559865us-gaap:TrademarksMember2023-12-310001559865us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MinimumMember2023-12-310001559865us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2023-12-310001559865us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-310001559865us-gaap:NoncompeteAgreementsMember2023-12-310001559865evtc:FiniteLivedIntangibleAssetsExcludingAssetsAcquiredInPaySmartAcquisitionMember2024-09-300001559865evtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2024-09-300001559865evtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2023-12-310001559865evtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2024-09-300001559865evtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2023-12-310001559865us-gaap:NotesPayableOtherPayablesMember2024-09-300001559865us-gaap:NotesPayableOtherPayablesMember2023-12-310001559865evtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2024-01-012024-09-300001559865evtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001559865evtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2024-01-012024-09-300001559865evtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001559865evtc:CreditAgreement2022Memberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2022-12-010001559865evtc:CreditAgreement2022Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-12-010001559865evtc:CreditAgreementOctober2023Memberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2023-10-300001559865evtc:CreditAgreementOctober2023Memberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2023-10-300001559865evtc:CreditAgreementOctober2023Memberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2023-10-012023-12-310001559865evtc:CreditAgreement2022Memberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2024-09-300001559865evtc:CreditAgreement2022Memberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2024-09-300001559865evtc:CreditAgreement2022Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-300001559865srt:MinimumMember2024-09-300001559865srt:MaximumMember2024-09-300001559865evtc:FinancingAgreement2023Member2023-09-300001559865evtc:CreditAgreement2022Memberus-gaap:NotesPayableOtherPayablesMember2023-09-012023-09-300001559865evtc:FinancingAgreement2023Member2024-09-300001559865us-gaap:InterestRateSwapMember2024-09-300001559865evtc:InterestRateSwap2018AgreementMember2024-09-300001559865evtc:InterestRateSwap2018AgreementMember2024-01-012024-09-300001559865evtc:InterestRateSwap2023AgreementMember2024-09-300001559865evtc:InterestRateSwap2023AgreementMember2024-01-012024-09-300001559865evtc:InterestRateSwap2024Agreement4.182FixedRateMember2024-09-300001559865evtc:InterestRateSwap2024Agreement4.182FixedRateMember2024-01-012024-09-300001559865evtc:InterestRateSwap2024Agreement4.172FixedRateMember2024-09-300001559865evtc:InterestRateSwap2024Agreement4.172FixedRateMember2024-01-012024-09-300001559865us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001559865us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001559865us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300001559865us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001559865us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberevtc:SinqiaSAMember2024-09-300001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberevtc:SinqiaSAMember2024-09-300001559865us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberevtc:SinqiaSAMember2024-09-300001559865us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberevtc:SinqiaSAMember2023-12-310001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberevtc:SinqiaSAMember2023-12-310001559865us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001559865us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001559865srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberevtc:ValuationEnterpriseValueMemberevtc:SinqiaSAMember2024-09-300001559865srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberevtc:ValuationEnterpriseValueMemberevtc:SinqiaSAMember2024-09-300001559865us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberevtc:SinqiaSAMember2024-01-012024-09-300001559865us-gaap:EquitySecuritiesMember2023-12-310001559865us-gaap:EquitySecuritiesMember2024-01-012024-09-300001559865us-gaap:EquitySecuritiesMember2024-09-300001559865us-gaap:CarryingReportedAmountFairValueDisclosureMemberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2024-09-300001559865us-gaap:EstimateOfFairValueFairValueDisclosureMemberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2024-09-300001559865us-gaap:CarryingReportedAmountFairValueDisclosureMemberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2023-12-310001559865us-gaap:EstimateOfFairValueFairValueDisclosureMemberevtc:TermADueOnDecemberOneTwoThousandTwentySevenMemberus-gaap:LineOfCreditMember2023-12-310001559865us-gaap:CarryingReportedAmountFairValueDisclosureMemberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2024-09-300001559865us-gaap:EstimateOfFairValueFairValueDisclosureMemberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2024-09-300001559865us-gaap:CarryingReportedAmountFairValueDisclosureMemberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2023-12-310001559865us-gaap:EstimateOfFairValueFairValueDisclosureMemberevtc:TermBDueOnOctoberThirtyTwoThousandThirtyMemberus-gaap:LineOfCreditMember2023-12-310001559865evtc:HomieDoBrasilInformaticaMember2024-09-300001559865evtc:RoskSoftwareS.A.Member2024-09-300001559865evtc:CompliassetSoftwareESolucoesDigitaisLTDA.Member2024-09-300001559865evtc:Lote45ParticipacoesS.A.Member2024-09-300001559865us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001559865us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-12-310001559865us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310001559865us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001559865us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-01-012024-09-300001559865us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300001559865us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001559865us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-09-300001559865us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-3000015598652024-03-0600015598652024-03-082024-03-080001559865us-gaap:CommonStockMember2024-03-082024-03-080001559865us-gaap:CommonStockMember2024-07-092024-07-090001559865us-gaap:CommonStockMember2024-03-012024-03-310001559865evtc:TimeBasedAwardsMember2024-01-012024-09-300001559865evtc:TimeBasedAwardsMember2022-01-012022-12-310001559865evtc:TimeBasedAwardsMember2023-01-012023-12-310001559865us-gaap:PerformanceSharesMembersrt:MinimumMember2024-01-012024-09-300001559865us-gaap:PerformanceSharesMembersrt:MaximumMember2024-01-012024-09-300001559865us-gaap:PerformanceSharesMember2024-01-012024-09-300001559865us-gaap:RestrictedStockUnitsRSUMember2023-12-310001559865us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001559865us-gaap:RestrictedStockUnitsRSUMember2024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2024-07-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2024-07-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:MerchantAcquiringNetMember2024-07-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:BusinessSolutionsMember2024-07-012024-09-300001559865us-gaap:TransferredAtPointInTimeMember2024-07-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2024-07-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2024-07-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:MerchantAcquiringNetMember2024-07-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:BusinessSolutionsMember2024-07-012024-09-300001559865us-gaap:TransferredOverTimeMember2024-07-012024-09-300001559865evtc:PaymentServicesPuertoRicoCaribbeanMember2024-07-012024-09-300001559865evtc:LatinAmericaPaymentsAndSolutionsMember2024-07-012024-09-300001559865evtc:MerchantAcquiringNetMember2024-07-012024-09-300001559865evtc:BusinessSolutionsMember2024-07-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2023-07-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2023-07-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:MerchantAcquiringNetMember2023-07-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:BusinessSolutionsMember2023-07-012023-09-300001559865us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2023-07-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2023-07-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:MerchantAcquiringNetMember2023-07-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:BusinessSolutionsMember2023-07-012023-09-300001559865us-gaap:TransferredOverTimeMember2023-07-012023-09-300001559865evtc:PaymentServicesPuertoRicoCaribbeanMember2023-07-012023-09-300001559865evtc:LatinAmericaPaymentsAndSolutionsMember2023-07-012023-09-300001559865evtc:MerchantAcquiringNetMember2023-07-012023-09-300001559865evtc:BusinessSolutionsMember2023-07-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2024-01-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2024-01-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:MerchantAcquiringNetMember2024-01-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:BusinessSolutionsMember2024-01-012024-09-300001559865us-gaap:TransferredAtPointInTimeMember2024-01-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2024-01-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2024-01-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:MerchantAcquiringNetMember2024-01-012024-09-300001559865us-gaap:TransferredOverTimeMemberevtc:BusinessSolutionsMember2024-01-012024-09-300001559865us-gaap:TransferredOverTimeMember2024-01-012024-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2023-01-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2023-01-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:MerchantAcquiringNetMember2023-01-012023-09-300001559865us-gaap:TransferredAtPointInTimeMemberevtc:BusinessSolutionsMember2023-01-012023-09-300001559865us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2023-01-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:LatinAmericaPaymentsAndSolutionsMember2023-01-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:MerchantAcquiringNetMember2023-01-012023-09-300001559865us-gaap:TransferredOverTimeMemberevtc:BusinessSolutionsMember2023-01-012023-09-300001559865us-gaap:TransferredOverTimeMember2023-01-012023-09-300001559865evtc:PaymentServicesPuertoRicoCaribbeanMember2023-01-012023-09-300001559865evtc:LatinAmericaPaymentsAndSolutionsMember2023-01-012023-09-300001559865evtc:MerchantAcquiringNetMember2023-01-012023-09-300001559865evtc:BusinessSolutionsMember2023-01-012023-09-300001559865us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberevtc:PopularIncMember2024-07-012024-09-300001559865us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberevtc:PopularIncMember2023-07-012023-09-300001559865us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberevtc:PopularIncMember2024-01-012024-09-300001559865us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberevtc:PopularIncMember2023-01-012023-09-300001559865evtc:PopularIncMember2024-09-300001559865evtc:PopularIncMember2023-12-3100015598652023-01-012023-12-3100015598652024-10-01evtc:ProfessionalServicesAllOtherContractsMembersrt:MinimumMember2024-09-3000015598652024-10-01evtc:ProfessionalServicesAllOtherContractsMembersrt:MaximumMember2024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2024-07-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:LatinAmericaPaymentsAndSolutionsMember2024-07-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:MerchantAcquiringNetMember2024-07-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:BusinessSolutionsMember2024-07-012024-09-300001559865evtc:CorporateAndReconcilingItemsMember2024-07-012024-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:PaymentProcessingMember2024-07-012024-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:SoftwareSaleAndDevelopmentsMember2024-07-012024-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:TransactionProcessingAndMonitoringFeesMember2024-07-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2023-07-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:LatinAmericaPaymentsAndSolutionsMember2023-07-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:MerchantAcquiringNetMember2023-07-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:BusinessSolutionsMember2023-07-012023-09-300001559865evtc:CorporateAndReconcilingItemsMember2023-07-012023-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:PaymentProcessingMember2023-07-012023-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:SoftwareSaleAndDevelopmentsMember2023-07-012023-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:TransactionProcessingAndMonitoringFeesMember2023-07-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2024-01-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:LatinAmericaPaymentsAndSolutionsMember2024-01-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:MerchantAcquiringNetMember2024-01-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:BusinessSolutionsMember2024-01-012024-09-300001559865evtc:CorporateAndReconcilingItemsMember2024-01-012024-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:PaymentProcessingMember2024-01-012024-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:SoftwareSaleAndDevelopmentsMember2024-01-012024-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:TransactionProcessingAndMonitoringFeesMember2024-01-012024-09-300001559865us-gaap:OperatingSegmentsMemberevtc:PaymentServicesPuertoRicoCaribbeanMember2023-01-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:LatinAmericaPaymentsAndSolutionsMember2023-01-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:MerchantAcquiringNetMember2023-01-012023-09-300001559865us-gaap:OperatingSegmentsMemberevtc:BusinessSolutionsMember2023-01-012023-09-300001559865evtc:CorporateAndReconcilingItemsMember2023-01-012023-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:PaymentProcessingMember2023-01-012023-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:SoftwareSaleAndDevelopmentsMember2023-01-012023-09-300001559865evtc:CorporateAndReconcilingItemsMemberevtc:TransactionProcessingAndMonitoringFeesMember2023-01-012023-09-300001559865us-gaap:SubsequentEventMember2024-10-172024-10-170001559865us-gaap:SubsequentEventMember2024-11-012024-11-070001559865evtc:GrandataIncMemberus-gaap:SubsequentEventMember2024-10-31
內容表
美國
證券交易委員會
華盛頓特區20549 
 
表格 10-Q
 
 
☒根據1934年證券交易所法案第13或第15(D)條的季度報告。
截至2024年6月30日季度結束 2024年9月30日 或 
☐根據1934年證券交易法第13或15(d)條規定的過渡報告
過渡期間從                  到                 
委員會檔案編號 001-35872
 
 evertec, Inc.
（根據其憑證所指定的註冊申請者確切名稱） 
  
波多黎各 66-0783622
(依據所在地或其他管轄區)
的註冊地或組織地點)		 (I.R.S. 僱主識別號碼)
1000 Skokie Blvd., Suite 350
Cupey Center大樓，176號公路，1.3公里，
聖胡安，波多黎各 00926
(總部辦公地址) (郵遞區號)
(787) 759-9999
(註冊人電話號碼，包括區號)
不適用
(如與上次報告不同，列明前名稱、前地址及前財政年度)
根據1973年證券交易法第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
每股普通股0.01美元EVTC紐交所
標示勾選，該登記人（1）已依照1934年證券交易法第13條或第15(d)條的規定在過去12個月內提交所有所需提交的報告（或者對於該登記人需要提交此類報告的更短時期），並且（2）在過去90天內一直受到該提交要求的規定。是  ☒    不是  ☐
請勾選，表明在過去12個月內（或要求提交此類文件的時間較短期間內）登記申報人已依照章程S-t規則405條（本章節第232.405條）的要求提交了每份互動數據文件。是  ☒    不是  ☐

內容表
請勾選是否申報人為大型快速減速器、快速減速器、非快速減速器、較小的報告公司或新興增長型公司。參閱《交易所法》第1202條中「大型快速減速器」、「快速減速器」、「較小的報告公司」和「新興增長型公司」的定義。 
大型加速歸檔人☒  加速檔案提交者 ☐
非加速申報公司☐  較小報告公司 ☐
新興成長型公司
☐
如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐
在核准書上打勾表示公司是否為殼公司（如交易所法規定的第1202條所定義）。 是☐否☒
請表示於最近可行日期，每種發行人普通股的流通股數。
在2024年11月1日 63,614,077 EVERTEC公司普通股的流通股數。


內容表
目錄
 


  頁
第一部分 基本報表資料
項目 1.基本報表
項目2。
項目3。
項目4。
項目 1。
第1項事項
項目 2。
項目 3。
第4條。
項目5。
第六項。



















內容表
前瞻性陳述

本份第10-Q表格（本「報告」）包含根據1995年《私人證券訴訟改革法》的意義，並受保護的「前瞻性陳述」。我們希冀此前瞻性陳述受到1933年證券法的第27A條修訂（「證券法」）及1934年證券交易法的第21E條修訂（「交易法」）中關於前瞻性陳述的安全港規定之保障。本報告內包含的所有非歷史事實陳述，包括但不限於我們在行業板塊中的領導地位；我們未來的營運和財務狀況；我們的業務策略；未來營運的管理目標，包括但不限於我們預期的增長、國際擴張和未來的資本支出；市場條件和其他宏觀經濟因素對我們業務、財務狀況和營運結果的影響；未來分紅宣告的時間；我們現金及現金等價物的充裕性；我們未來的資本支出和償債義務；以及對收購的預期效益和相關成本的期望，均屬前瞻性陳述。

像是「相信」、「預期」、「預計」、「打算」、「計畫」、「估計」及類似的未來或條件動詞表達，例如「會」、「應該」、「會」、「可能」和「可以」或這些詞的否定形式或變體或類似術語，通常具有前瞻性，而非歷史事實。讀者被提醒這些前瞻性陳述並不保證未來的表現，並可能涉及重大的風險和不確定性，實際結果可能因各種因素而與前瞻性陳述中的結果有重大差異。影響我們業務的因素，以及在未來可能影響我們業務的因素包括：

•我們對於與Popular, Inc.（「Popular」）的關係在我們的第二修訂及重述主要服務協議（「A&R MSA」）下，對我們收入中的相當一部分的依賴，以及這可能會影響我們擴展業務的能力；
•我們有能力根據有利於我們的條款續簽客戶合同，包括但不限於與Popular的當前期限及任何MSA的延長。
•我們對於處理系統、科技基礎設施、安防系統和欺詐支付檢測系統的依賴，以及我們的員工和某些我們合作的第三方的依賴，還有如果我們的系統被駭或以其他方式受到妥協時對我們業務的風險；
•我們具備開發、安裝和採用新軟體、科技和電腦系統的能力；
•由於金融服務行業的合併和/或失敗導致客戶基數減少;
•我們商戶客戶的信用風險，對此我們可能也要承擔責任；
•ATH網絡的持續市場地位；
•消費者信心的下降，無論是因為全球貨幣經濟衰退還是其他原因，將導致消費支出的減少；
•我們對信用卡協會的依賴，包括任何信用卡協會或網絡規則或費用的不利變化；
•監管環境的變化以及宏觀經濟、市場、國際、法律、稅收、政治或行政條件的變化，包括通脹或衰退的風險，或2024年美國和波多黎各大選的結果；
•我們在波多黎各的業務地理集中度，包括我們與波多黎各政府及其機構的業務，面臨著政治和財政挑戰；
•波多黎各一般經濟狀況的其他不利變化，無論是由於政府的債務危機還是其他原因，包括波多黎各人持續向美國本土遷移，這可能會對我們的客戶群、一般消費支出、運營成本以及我們招聘和留住合格員工的能力產生負面影響；
•在拉丁美洲、波多黎各和加勒比海運營國際業務，面對潛在的政治和經濟不穩定的司法管轄區；
•外匯匯率對業務的影響；
•我們保護知識產權免受侵犯並抵禦第三方侵權訴訟的能力；
•我們遵守美國聯邦、州、地方和外國監管要求的能力;
•不斷演變的行業標準和全球經濟、政治和其他條件的不利變化；

目錄
•我們的負債水平及利率期貨上升的影響，包含在我們的債務協議中的限制，包括擔保信貸設施，以及將來可能承擔的債務；
•我們能夠保護我們的IT系統，防止網絡安全概念攻擊或信息安全洩露；
•我們可能失去在波多黎各的優惠稅率的可能性；
•我們成功將Sinqia S.A.（"Sinqia"）整合到公司中的能力，以及實現對我們每股普通股預期增益的能力；
•在收購Sinqia時任何員工或客戶的流失；以及
•未來對我們在拉丁美洲、波多黎各和加勒比海主要市場造成影響的災難性颶風、地震及其他潛在自然災害的可能性。

這些前瞻性聲明涉及多項風險和不確定性，可能導致實際結果與前瞻性聲明所暗示的結果存在顯著差異。因此，應在考慮多種因素的情況下來看待前瞻性聲明，包括我們於2024年2月29日向證券交易委員會（"SEC"）提交的截至2023年12月31日的年度報告表格10-K中第1部分，第1A項下列出的"風險因素"，以及在本報告的第I部分，第2項的"管理層財務狀況及營運結果的討論與分析"及本報告的其他部分，並可能在我們隨後向SEC的檔案中獲得更新。公司無義務公開發布對任何前瞻性聲明的修訂，報告事件或報告意外事件的發生，除非法律要求這麼做。.

你可以在哪裡找到更多資訊

我們向美國證券交易委員會（SEC）提交的所有報告均可通過SEC網站www.sec.gov的電子數據收集、分析和檢索（EDGAR）系統免費獲取。我們還會應要求免費提供SEC檔案的副本，並在向SEC提交此類材料後，盡快在我們的網站www.evertecinc.com上提供報告的電子副本以供下載。





目錄


EVERTEC, Inc. 未經審計的總體資產負債表
(以千為單位，除股份資訊外)
1
目錄
2024年9月30日2023年12月31日
資產
流動資產：
現金及現金等價物$275,359 $295,600 
受限現金25,663 23,073 
應收帳款，淨額131,101 126,510 
結算資產37,441 51,467 
預付費用及其他資產64,071 64,704 
流動資產總額533,635 561,354 
以公允價值計量的可供出售債務證券 1,726 2,095 
權益證券，以公允價值衡量5,287 9,413 
對股權投資的投資28,550 21,145 
不動產及設備，淨額64,178 62,453 
經營租賃權使用資產11,329 14,796 
商譽750,542 791,700 
其他無形資產淨值443,444 518,070 
递延所得税資產32,751 47,847 
衍生資產749 4,385 
其他長期資產22,774 27,005 
總資產$1,894,965 $2,060,263 
負債及股東權益
當前負債：
應計負債$119,169 $129,160 
應付賬款53,702 66,516 
合同負債23,034 21,055 
應付所得稅5,674 3,402 
長期債務的當期償還23,867 23,867 
營業租賃負債流動部分7,478 6,693 
結算負債37,500 47,620 
流動負債總額270,424 298,313 
長期負債930,851 946,816 
递延所得税负债45,116 87,916 
合同負債 - 長期56,652 41,825 
營運租賃負債 - 長期5,174 9,033 
衍生負債9,001 900 
其他長期負債31,804 40,084 
總負債1,349,022 1,424,887 
承諾與或然性 （14.注）
可贖回非控制權益39,771 36,968 
股東權益
優先股，面額 $0.01; 2,000,000 授權的股份； 無 已發行
— — 
普通股，面額 $0.01; 206,000,000 授權的股份； 63,609,122 截至2024年9月30日發行及流通的股份數量（截至2023年12月31日 - 65,450,799)
636 654 
資本公積額額外增資5,079 36,527 
累積盈餘562,727 538,903 
其他綜合（損失）收益，稅後淨額(65,823)18,209 
股東權益總額502,619 594,293 
不可贖回的非控制性權益3,553 4,115 
總股東權益506,172 598,408 
負債加股東權益總額$1,894,965 $2,060,263 
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
2
目錄
EVERTEC, Inc. 未經審核的綜合收益及損益簡明綜合表
(以千元計算，每股資訊除外)
 

 截至九月三十日的三個月 截至9月30日的九個月
 2024202320242023
  
收入$211,795 $173,198 $629,091 $500,088 
營業費用
營業收入成本，不包括折舊和攤銷102,497 81,280 302,426 238,149 
銷售、一般及行政費用34,097 30,437 107,910 83,834 
折舊及攤銷33,660 21,919 101,051 63,680 
營業成本和費用總額170,254 133,636 511,387 385,663 
營業收入41,541 39,562 117,704 114,425 
非營業收入（費用）
利息收入3,696 1,926 10,274 5,162 
利息支出(18,704)(5,709)(57,352)(16,992)
外幣重新計量的損失(1,112)(2,806)(3,164)(7,337)
外幣掉期的損失— (29,225)— (29,225)
股權投資收益1,099 1,197 3,266 3,828 
其他收入，淨額389 153 6,484 2,754 
總非營業費用(14,632)(34,464)(40,492)(41,810)
稅前收入26,909 5,098 77,212 72,615 
所得稅費用（利益） 1,707 (4,858)3,100 4,546 
凈利潤25,202 9,956 74,112 68,069 
減：歸屬於非控股權益的凈利潤（損失）524 (80)1,554 (174)
歸屬於EVERTEC, Inc.普通股股東的凈利潤24,678 10,036 72,558 68,243 
其他全面收入（損失），扣除稅項後為$(3,898), $329, $(3,267和美元，分別剩餘餘額為美元。18
外幣轉換調整15,354 (11,332)(75,473)9,426 
(虧損)現金流對沖的收益(11,937)3,468 (8,555)3,739 
可供出售的債券的公允價值變動的未實現損失(1)(11)(4)(31)
其他全面收入（損失），稅後淨額$3,416 $(7,875)$(84,032)$13,134 
歸屬於EVERTEC, Inc.普通股股東的總全面收入（損失）$28,094 $2,161 $(11,474)$81,377 
每股基本凈利潤歸屬於EVERTEC, Inc.的普通股股東$0.39 $0.16 $1.12 $1.05 
每股稀釋凈利潤歸屬於EVERTEC, Inc.的普通股股東$0.38 $0.15 $1.11 $1.04 

附註是這些未經審計的簡明綜合財務報表的一個組成部分。
3
目錄
EVERTEC, Inc.未經審核的簡明股東權益變動財務報表
(以千為單位，除股份資訊外)
數量
股票的
Common
股票		Common
股票		追加
已繳資本
資本		累積的
盈餘		累積
其他
全面收益（虧損）		非控制權益（不包括可贖回非控制權益）總計
股東的
權益
截至2023年12月31日的餘額65,450,799 $654 $36,527 $538,903 $18,209 $4,115 $598,408 
認列股份報酬— — 7,349 — — — 7,349 
回購普通股(1,516,793)(15)(30,943)(39,042)— — (70,000)
發放限制性股票單位474,953 5 (9,761)— — — (9,756)
凈利潤（損失）— — — 16,497 — (110)16,387 
普通股現金分紅，$0.05 每股
— — — (3,273)— — (3,273)
贖回性非控制權益按贖回價值調整— — (3,172)— — — (3,172)
普通股回購的消費稅 — — — (550)— — (550)
其他綜合損失— — — — (24,131)(23)(24,154)
截至2024年3月31日的餘額64,408,959 $644 $— $512,535 $(5,922)$3,982 $511,239 
分紅派息認列的股份報酬— — 7,660 — — — 7,660 
交付的限制性股票股份37,252 — (69)— — — (69)
凈利潤（損失）— — — 31,383 — (73)31,310 
普通股股息現金，$0.05 每股
— — — (3,220)— — (3,220)
將可贖回非控制權益調整為贖回價值— — 3,186 — — — 3,186 
撤銷普通股回購的消費稅— — — 550 — — 550 
其他綜合損失— — — — (63,317)(264)(63,581)
截至2024年6月30日的餘額64,446,211 $644 $10,777 $541,248 $(69,239)$3,645 $487,075 
認列與股份相關的報酬— — 7,378 — — — 7,378 
回購普通股(841,453)(8)(12,285)— — — (12,293)
已交付限制性股票單位4,364 — (82)— — — (82)
凈利潤（損失）— — — 24,678 — (84)24,594 
宣布普通股的現金分紅，$0.05 每股
— — — (3,199)— — (3,199)
調整可贖回非控股權益至贖回價值— — (709)— — — (709)
其他綜合收益（虧損）— — — — 3,416 (8)3,408 
2024年9月30日的賬面63,609,122 $636 $5,079 $562,727 $(65,823)$3,553 $506,172 
4
目錄
數量
股票的
Common
股票		Common
股票		追加
已繳資本
資本		累積的
盈餘		累積
其他
綜合
（虧損）收益		非控制權益（不包括可贖回非控制權益）總計
股東的
權益
2022年12月31日結餘64,847,233 $648 $— $487,349 $(16,486)$3,237 $474,748 
已認列股份報酬— — 5,557 — — — 5,557 
回購普通股(187,976)(1)— (6,268)— — (6,269)
已發放限制性股票單位419,205 4 (5,557)(321)— — (5,874)
凈利潤 — — — 30,052 — 11 30,063 
普通股現金分紅派息，$0.05 每股
— — — (3,249)— — (3,249)
其他綜合收益— — — — 16,040 125 16,165 
2023年3月31日結束餘額65,078,462 $651 $— $507,563 $(446)$3,373 $511,141 
認可的股份報酬— — 6,499 — — — 6,499 
回購普通股(268,398)(3)(6,418)(3,100)— — (9,521)
交付的有限制股票單位29,045 — (81)— — — (81)
凈利潤（損失）— — — 28,155 — (105)28,050 
普通股股息現金分紅，$0.05 每股
— — — (3,254)— — (3,254)
其他綜合收益— — — — 4,969 339 5,308 
2023年6月30日結餘64,839,109 $648 $— $529,364 $4,523 $3,607 $538,142 
認列基於股份的報酬— — 6,756 — — — 6,756 
回購普通股(208,564)(2)(2,031)(5,775)— — (7,808)
發放限制性股票單位377 — (322)321 — — (1)
凈利潤— — — 10,036 — (80)9,956 
普通股宣布派發現金股息，$0.05 每股
— — — (3,232)— — (3,232)
其他綜合（損失）收益— — — — (7,875)411 (7,464)
2023年9月30日的結餘64,630,922 646 4,403 530,714 (3,352)3,938 536,349 

附註是這些未經審計的簡明綜合財務報表的一個組成部分。
5
目錄
EVERTEC, Inc. 未經審核的簡明綜合現金流量表（以千計）
 截至9月30日的九個月
 20242023
來自經營活動的現金流量
凈利潤74,112 68,069 
調整淨利潤以達經營活動所提供之淨現金流量：
折舊及攤銷101,051 63,680 
債務發行成本的攤銷及折扣的增長3,576 1,795 
營運租賃攤銷5,340 4,619 
外匯套期保值未實現損失— 29,225 
递延税益(20,275)(16,491)
基於股份的報酬22,387 18,812 
出售股票所獲得之利益(2,599)— 
權益法投資的收益(3,266)(3,828)
權益法投資的分紅派息3,364 3,497 
外幣重新計量的損失3,164 7,337 
其他，淨額(287)380 
資產增加或減少：
應收帳款，淨額(838)(4,590)
預付費用及其他資產(1,791)(11,181)
其他長期資產3,247 (1,013)
(負債減少) 增加負債:
應計負債及應付帳款(12,046)12,224 
應付所得稅2,359 (9,108)
合同負債12,038 (1,146)
租賃負債(5,341)(3,739)
其他長期負債702 (247)
所有調整項目合計110,785 90,226 
經營活動產生的淨現金流量184,897 158,295 
投資活動產生的現金流量
新增軟體 (48,778)(34,193)
購置的固定資產及設備(21,050)(16,406)
收購可供出售的債務證券— (962)
對股權投資的投資(2,000)(5,500)
可供出售債務證券到期的收益370 1,048 
購買股權證券(132)(26,505)
出售股權證券的收益6,128 — 
併購，扣除所得現金淨額— (22,915)
投資活動中使用的淨現金(65,462)(105,433)
財務活動中的現金流量
基於股份的補償所支付的預扣稅(9,907)(5,956)
短期借款的淨減少— (14,000)
分紅派息(9,692)(9,735)
回購普通股(82,293)(23,598)
還債長期借款(17,900)(15,563)
償還其他融資協議(7,046)— 
結算活動，凈值209 5,163 
其他籌資活動，淨額(3,652)— 
籌集資金的淨現金流量(130,281)(63,689)
匯率對現金、現金等價物及受限現金的影響(6,596)10,716 
813,840(17,442)(111)
期初的現金、現金等價物、受限現金及包含在結算資產中的現金343,724 215,657 
期末的現金、現金等價物、受限現金及包含在結算資產中的現金$326,282 $215,546 
附註是這些未經審計的簡明綜合財務報表的一個組成部分。
6
目錄
基本報表未經審核簡明合併財務報表註腳


 
7
目錄
註1 – 公司和報告表述基礎

這家公司

evertec, Inc.及其子公司（統稱為「公司」或「evertec」）是拉丁美洲、波多黎各和加勒比海地區領先的全方位交易處理業務和金融科技提供商。該公司總部位於波多黎各，提供廣泛的商戶收單、支付服務和業務流程管理服務。該公司在區域內運營， 26 擁有並運營ATH網絡，我們認為這是加勒比海和拉丁美洲領先的個人身份識別號碼借記網絡之一。此外，evertec還提供一套全面的服務，涵蓋波多黎各的核心銀行、現金處理和履行以及在公司服務的所有地域板塊的科技外包服務。evertec服務著廣泛而多元化的客戶群，包括領先的金融機構、商戶、企業和政府機構，提供對其業務運營至關重要的解決方案。

報告基礎

evertec的未經審核簡明綜合財務報表已按照美利堅合眾國通用會計準則（“GAAP”）和第10-Q表格指引以及S-X條例10條準備。附帶未經審核簡明綜合財務報表的準備要求管理層進行估計和假設，這些估計和假設會影響未經審核簡明綜合財務報表日資產和負債的金額報告。實際結果可能與這些估計不同。

根據GAAP編制的基本報表中，某些信息和附註披露通常包含在內，但根據美國證券交易委員會的規則和條例，這些報表已經進行了簡化或省略，因此，這些未經審核的簡明合併基本報表應與公司截至2023年12月31日的經審核合併基本報表一起閱讀，該報表包含在公司2023年度10-K報告中。管理層認為，這些符合GAAP的未經審核簡明合併基本報表包含了公平呈現所需的所有調整。公司內部賬戶及交易在合併時予以消除。某些來自前期的數額已被重新分類，以符合本期的呈現。

展示方式變更

在2024年第二季度，公司選擇改變了將與結算活動相關的現金流量呈現方式，從營運活動改為融資活動，顯示在簡明綜合現金流量表中。為配合此變更，公司將重新分類截至2023年9月30日之九個月期間的比較金額。結算現金及現金等價物代表從代理人、支付網絡、銀行合作夥伴、商戶或直接消費者收到的現金。在某些情況下，這些金額可能被投資到短期、高度流動的投資中，從資金收集之時直到支付給適用的收款人。此變更不會影響簡明綜合資產負債表、簡明綜合損益表或簡明股東權益變動表。

以下表格列出了現金流量彙總財務報表中呈現變化的影響：

截至2023年9月30日止的九個月
(千元)如先前報告調整調整後
經營活動現金流量：
應計負債及應付帳款17,387 (5,163)12,224 
經營活動產生的淨現金流量163,458 (5,163)158,295 
來自籌資活動的現金流量:
結算活動，淨值— 5,163 5,163 
籌集資金的淨現金流量(68,852)5,163 (63,689)


8
目錄
注釋2 – 業務收購

收購業務

在2023年11月1日，公司完成了對 100% 的Sinqia S.A.（“Sinqia”）已發行股份的收購，該公司是在巴西聯邦共和國法律下成立及存在的公開公司。公司通過其全資子公司Evertec Brasil Informática S.A（“Evertec BR”）完成了此次收購。根據ASC 805-10-25-15，Evertec在收購日期後享有不超過12個月的調整營業組合臨時金額的時間。在2024年，公司根據在此期間獲得的附加信息，調整了營業租賃使用權資產、商譽、長期遞延所得稅資產、營業租賃負債、遞延所得稅負債及其他無形資產。 根據收購日期的適用交易所匯率，購買價格分配如下：
資產/負債（按公允價值計算）
（以千為單位）
現金及現金等價物$37,147 
受限現金2,166 
應收帳款，淨額9,989 
預付費用及其他資產5,975 
不動產及設備，淨額3,618 
經營租賃權使用資產3,191 
初步商譽341,801 
權益證券，以公允價值衡量9,035 
長期遞延稅款資產28,758 
其他無形資產淨值289,540 
其他長期資產5,455 
總資產收購$736,675 
應付賬款13,241 
應計負債40,775 
營業租賃負債4,114 
長期債務的當期償還11,400 
長期負債57,492 
合同負債7,356 
递延所得税负债76,150 
其他長期負債15,134 
總承擔負債$225,662 
可贖回的非控股權益39,340 
資本公積額額外增資471,673 
負債加股東權益總額$736,675 

下表詳細列出所收購的主要無形資產類別及這些資產的加權平均攤銷期：

金額加權平均壽命
（金額以千元計）
客戶關係$155,876 18
商標47,688 10
軟體套件85,976 10
總計$289,540 14
9
目錄

參見註釋4- 商譽和其他無形資產 詳細查看可報告部門配置的商譽。 商譽主要歸因於向Sinqia的客戶提供公司的產品和服務，將Sinqia的產品出口到公司存在的其他市場，以及組建的員工隊伍。目前，先前的Sinqia收購相關的部分商譽在法定基礎上可以扣除所得稅。


注釋 3 – 資產和設備淨值

有形資產及設備淨額包括以下內容：
（金額以千元計）使用年限
以年計		2024年9月30日2023年12月31日
建築物30$2,135 $2,193 
數據處理設備
3 - 5
188,239 187,761 
家具和設備
3 - 20
10,410 10,281 
租賃改良
5 -10
5,301 4,876 
206,085 205,111 
減少 - 累計折舊及攤銷(143,373)(144,117)
可折舊資產，淨額62,712 60,994 
土地1,466 1,459 
不動產及設備，淨額$64,178 $62,453 

截至2024年9月30日結束的三個月和九個月，與物業和設備相關的折舊和攤銷費用分別為$5.8 百萬美元和$16.9 百萬美元，相較之下， 美元5.4 百萬 及15.9 分別為2023年同期的$百萬美元。

注意 4– 商譽和其他無形資產

商譽攸關金額的變動，分配給營運部門的情況如下（見附註15）：
(單位: 千元)付款
服務 -
波多黎各及加勒比海		拉丁美洲支付與解決方案商戶
收購，淨值		業務
解決方案		總計
截至2023年12月31日的餘額$160,972 $452,597 $138,121 $40,010 $791,700 
對前一年收購的商譽進行調整— (1,352)— — (1,352)
外幣轉換調整— (39,806)— — (39,806)
2024年9月30日的賬面$160,972 $411,439 $138,121 $40,010 $750,542 

自 8 月 31 日起，商譽會按年度進行減值測試，如果事件或情況變化表明可能有損失，則更頻繁地測試。本公司可以通過定性或定量分析進行商譽減值測試。在定性分析中，公司評估報表單位的公平價值是否低於其帳面價值「更有可能」。在定量分析中，本公司將報表單位的估計公平價值與其帳面價值（包括商譽）進行比較。該公司截至 2024 年 8 月 31 日為拉丁美洲支付和解決方案報告單位進行定量評估，並對支付服務-波多黎各和加勒比海、商戶收購、淨值和商業解決方案報告單位進行定性評估。對於 2023 年度減值測試，對公司所有報告單位進行定量評估。根據截至 2024 年 8 月 31 日及 2023 年 8 月 31 日進行的分析，報表單位的公平價值超過報表單位的帳面價值。 否 減值損失是根據截至二零二四年九月三十日或 2023 年 9 月 30 日止期間進行的評估來記錄。

截至2024年9月30日及2023年12月31日，其他無形資產的賬面值如下：
10
目錄
  2024年9月30日
（金額以千元計）使用年限總額
金額		累積的
攤銷		淨攜帶
金額
客戶關係
8 - 20
$555,918 $(388,673)$167,245 
商標
10 - 15
88,904 (48,487)$40,417 
軟體套件
3 - 10
536,261 (303,494)$232,767 
競業禁止協議53,614 (599)$3,015 
其他無形資產淨值$1,184,697 $(741,253)$443,444 

  2023年12月31日
（金額以千元計）使用年限（以年計）總額
金額		累積的
攤銷		淨攜帶
金額
客戶關係
8 - 20
$568,284 $(340,952)$227,332 
商標
1 - 15
94,203 (41,319)52,884 
軟體套件
3 - 10
510,898 (274,610)236,288 
競業禁止協議51,735 (169)1,566 
其他無形資產淨值$1,175,120 $(657,050)$518,070 

截至2024年9月30日止三個月和九個月的其他無形資產攤銷費用分別為$27.9 百萬美元和$84.2 百萬，相比於2023年相應時期。 $16.6 分別在營業費用中分別達到百萬美元和 $47.8 百萬 在信用卡条款中，“信用卡”指的是信用卡账户、借记卡、特许借记卡、借记卡、定期储蓄账户或其他资产，这有助于资产投资或利息。r2023年相應時期。

其他無形資產餘額截至2024年9月30日的預估攤提費用，截至2024年底及此後年份如下：
(單位: 千元)
剩餘2024年$26,889 
202587,352 
202674,160 
202761,995 
202849,658 
其後143,390 

備註5 - 債務與短期借款

截至2024年9月30日和2023年12月31日的債務如下：
(單位: 千元)2024年9月30日2023年12月31日
2027年期A貸款以變動利率（SOFR加上適用的差額）計息(1)(2))
$432,310 $449,450 
2030年期B貸款以變動利率（SOFR加上適用的差額）計息(1)(3))
522,408 521,233 
業務組合產生的递延支付11,422 19,467 
到期日期為2030年9月1日的應付票據(1)
7,110 7,403 
總負債$973,250 $997,553 
 
(1)撇除未攤銷的折扣和未攤銷的債務發行成本（如適用）。
(2)受最低利率（“SOFR底價”）的限制為 0.00% 加上適用的利差 2.00％於2024年9月30日，並且 1.50% 截至2023年12月31日。
(3)受制於SOFR的最低利率為 0.50%加上適用的利差為 3.25%在2024年9月30日及適用的利差為 3.50％於2023年12月31日。

有担保信贷设施

11
目錄
2022 年 12 月 1 日，恒達集團與永達集團與貸款機構及信聯銀行作為行政代理及抵押代理商簽訂信貸協議，規定 (i) 一元415.0百萬定期貸款 2027 年 12 月 1 日到期的設施和一美元200.0於二零二七年十二月一日到期的百萬循環信貸款額（「循環設施」）。2023 年 10 月 30 日，恆泰集團及其他貸款方（如現有信貸協議所定義）簽訂信貸協議的第一次修訂（「修訂」），於 2022 年 12 月 1 日（「現有信貸協議」及修訂後的「修訂信貸協議」），並與貸款人和 Truist 組成的行政代理人和抵押代理人。根據修訂的信貸協議，金融機構和其他貸款人組成的協會提供 (i) 額外的定期貸款 A 承諾，金額為 $60.0百萬元及 (ii) 新分期貸款 b 承諾，金額為 $600.0百萬元（「特蘭基金設施」，並與增量的 TLA 設施一起稱為「設施」）。$600.0百萬定期貸款 b 設施於二零零年十月三十日屆滿。除非另有說明，否則以下詳細的條款和條件均適用於 TLA 設施和 TLb 設施。2023 年第四季度，公司預付 $60特蘭銀行設施的未償還餘額的百萬。

截至2024年9月30日，TLA設施和TLb設施的未償還本金餘額分別為$435.6 百萬美元和$540.0 百萬元。至2024年9月30日，循環設施的額外借款能力為$194.0百萬元，考慮到已發出的信用證。公司根據循環設施發出信用證，這會減少循環設施的額外借款能力。

業務組合中的递延酬金

作為公司的併購活動的一部分，公司可能會訂立協議，直接由賣方提供部分購買價款。截至2024年9月30日和2023年12月31日，這些協議的未支付本金餘額分別為$11.4百萬和$19.5百萬。債務利率從 2的某個百分比至 12％，到期日從2024年10月至2027年3月不等。這些逾期支付的當期部分已納入應付帳款，而長期部分已納入公司未經審核簡明合併資產負債表中的其他長期負債。

應付票據

2023年9月，evertec集團達成一項金額為$的無息軸承融資協議。10.1百萬美元，以購買軟體和維護的款項，該公司以折現方式記錄，並使用隱含利率%。 6.9截至2024年9月30日，按折現方式計算的應付票據的未償本金餘額為$百萬。7.1該票據的當期部分已列入應付款項中，長期部分已列入公司未經審計的簡明綜合資產負債表中的其他長期負債中。

利率期貨

截至2024年9月30日，該公司持有 利率期貨 合約。 四 利率期貨 合約用於將公司的定期貸款設施上的利息支付的一部分從變量 變量 變為固定。 這些 利率期貨 用於對沖公司變動利率債務所產生的市場風險。 這些 利率期貨 被指定為現金流對沖工具，並且被認為高度有效。 利率期貨 的現金流量包括在公司未經審核的簡明綜合現金流量表中應計的負債和應付帳款項目中。 利率期貨 公平價值的變化在其他全面收益（損失）中予以承認，直到獲利或虧損被重新分類至收入。 被重新分類至收入的獲利或虧損呈現在附表中收入 和 綜合收益（損失） 的簡明合併收入與綜合收益（損失）中的利息費用中。
互換協議生效日期  到期日  名義金額  變量利率  固定利率
2018 交換2020年4月2024年11月$250 百萬1個月SOFR2.929%
2023交換2024年11月2027年12月$250 百萬1個月SOFR3.375%
2024掉期2024年3月2027年10月$150 百萬1個月SOFR4.182%
2024掉期2024年3月2027年10月$150 百萬1個月SOFR4.172%

截至2024年9月30日，包含在公司未經審核的簡明綜合賬目表中的衍生工具的攤銷金額為資產$0.7 百萬和負債$9.0 百萬。截至2023年12月31日，包含在公司未經審核的簡明綜合賬目表中的衍生工具的攤銷金額為資產$4.4 百萬和負債$0.9百萬。這些衍生工具的公平價值是根據定期使用公平價值層次結構中的2級輸入來估算的。請參考附註8，關於現金流量避險活動記錄的收益（虧損）的披露。

2024年9月30日結束的三個月和九個月期間，公司將來自累積其他綜合收益（損失）的收益重新分類為利息費用，金額分別為$2.5 百萬美元和$6.6 百萬，相較之下，從累積其他1.6 分別在營業費用中分別達到百萬美元和
12
目錄
$4.0 至於2023年相應的期間，預計為百萬。根據預期的SOFR利率，公司預計將把$1.3 百萬的累計其他綜合（虧損）收入重新分類進入未來12個月的利息支出。

注釋6 – 金融工具與公允值測量

定期公允價值測量

以下表格顯示了2024年9月30日和2023年12月31日定期以公允價值衡量的資產和負債：

2024年9月30日
2023年12月31日
(單位: 千元)
第2級
Level 3
净資產價值衡量
總計
第2級
Level 3
總計
財務資產：
可供出售的債務證券
$1,726 $— $— $1,726 $2,095 $— $2,095 
股票投資
— — 5,287 5,287 6,447 2,966 9,413 
利率掉期
749 — — 749 4,385 — 4,385 
財務負債：
利率掉期
9,001 — — 9,001 900 — 900 

可供出售的債務證券（"AFS"）

哥斯達黎加政府擔保債務由一個信託在哥斯達黎加國家銀行持有，作為結算活動的抵押要求。公司可以根據需要替換證券，但必須根據交易量維持一定水平的抵押品。 不 在截至2024年9月30日的九個月內進行了債券的購買或出售。在截至2023年9月30日的九個月期間，公司購買了價值$1.0百萬的債券，被歸類為可供出售。 不 在同一期間出售了債券。在截至2024年9月30日和2023年9月30日的九個月期間，到期的債券分別為$0.4百萬和$1.0百萬。為信貸損失提供的資金未能在2024年9月30日或2023年9月30日的財年中提出。

The fair value of debt securities is estimated based on observable inputs through corroboration with market data at the measurement date, therefore classified as a Level 2 asset within the fair value hierarchy.

Interest rate swaps

The fair value of the Company's interest rate swaps are estimated using Level 2 inputs under the fair value hierarchy. Refer to Note 5 for additional information related to the derivative instruments.

Equity Securities

The fair value of the equity securities was calculated based on enterprise value to revenue multiples ranging from 0.4x to 8.3x, therefore classified as a Level 3 asset within the fair value hierarchy. During the nine-month period ended September 30, 2024, the Company sold equity securities with a carrying value of $5.5 million classified as Level 3 assets within the fair value hierarchy. In connection with this sale, the Company realized a gain of $2.5 million, recognized through other income, net. At September 30, 2024, the Company no longer holds equity securities classified as Level 3. The fair value of the equity securities was $3.0 million at December 31, 2023. At December 31, 2023, mutual funds classified as equity securities, were registered with the securities and exchange commission in Brazil and were broker traded and therefore classified as Level 2.

The following table presents the changes in equity securities classified as Level 3 assets:

13
Table of Contents
(In thousands)Equity Securities
Balance at December 31, 2023$2,966 
Disposition of equity securities(5,487)
Change in fair value of equity securities, recognized through Other income, net2,521 
Balance at September 30, 2024$— 

There were no transfers in or out of Level 3 during the nine month period ended September 30, 2024 or September 30, 2023.

Equity Securities Measured at Net Asset Value (NAV)

At September 30, 2024, the Company holds mutual funds classified as equity securities on the Company's unaudited condensed consolidated balance sheet that are measured at fair value using the NAV per share, or its equivalent, as a practical expedient. Mutual funds consist of investments in venture capital strategies and start-ups with a focus on privately held technology companies. The NAV is based on the fair value of the underlying net assets owned by the mutual funds and the relative interest of each participating investor in the fair value of the underlying assets.

Financial assets and liabilities not measured at fair value

The following table presents the carrying value and estimated fair value for financial instruments at September 30, 2024 and December 31, 2023:
 September 30, 2024December 31, 2023
(In thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
2027 Term A Loan Facility$432,310 $436,115 $449,450 $452,337 
2030 Term B Loan Facility$522,408 $540,675 $521,240 $539,325 

The fair value of the term loans at September 30, 2024 and December 31, 2023 was obtained using prices provided by third party service providers. Their pricing is based on various inputs such as market quotes, recent trading activity in a non-active market or imputed prices. These inputs are considered Level 3 inputs under the fair value hierarchy. Also, the pricing may include the use of an algorithm that could take into account movements in the general high yield market, among other variants. The secured term loans are not accounted for at fair value in the balance sheet.

14
Table of Contents
Note 7 – Redeemable Noncontrolling Interests

At September 30, 2024, redeemable noncontrolling interests ("RNCI") consist of interests in consolidated subsidiaries for which the Company has entered into separate option contracts by which the Company has the right to purchase the remaining non-controlling interests through a call option and the non-controlling interest holder has the right to sell the non-controlling interest to the Company through a put option. The following table summarizes the terms of the issued options:

Percentage of redeemable noncontrolling interestEarliest exercise dateFormula of redemption value
Homie Do Brasil Informatica40%April 1, 2025Variable multiple of gross sales dependent upon EBITDA margin and gross sales attained times percentage of ownership
Rosk Software S.A.49%March 15, 2025Variable multiple of gross sales dependent upon EBITDA margin attained times percentage of ownership
Compliasset Software e Solucoes Digitais LTDA.40%March 15, 2026Variable multiple of net sales dependent upon EBITDA margin attained plus net debt times percentage of ownership
Lote45 Participacoes S.A.48%January 1, 2027
Variable multiple of net sales dependent upon EBITDA margin attained plus net debt minus BRL$10.0 million times percentage of ownership

Given certain provisions within the option contracts, the Company has classified the RNCI as mezzanine equity on the Company's unaudited condensed consolidated balance sheets. RNCI are adjusted quarterly, if necessary, to their estimated redemption value. Adjustments to the redemption value impact stockholders' equity. The following table presents changes in RNCI:

(In thousands)Redeemable noncontrolling interests
Balance at December 31, 2023$36,968 
Net income attributable non-controlling interests1,830 
Adjustment of redeemable non-controlling interests to redemption value695 
Distributions from redeemable non-controlling interests(294)
Foreign currency translation adjustments572 
Balance at September 30, 2024$39,771 

Note 8 – Equity

Accumulated Other Comprehensive Income (Loss)

The following table provides a summary of the changes in the balances of accumulated other comprehensive income (loss) for the nine months ended September 30, 2024: 
(In thousands)Foreign Currency
Translation
Adjustments		Cash Flow HedgesUnrealized Gains (Losses) on Debt Securities AFSTotal
Balance - December 31, 2023, net of tax$14,847 $3,336 $26 $18,209 
Other comprehensive loss before reclassifications(75,473)(1,939)(4)(77,416)
Effective portion reclassified to net income— (6,616)— (6,616)
Balance - September 30, 2024, net of tax$(60,626)$(5,219)$22 $(65,823)

Share Repurchase

On March 6, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR”) with Bank of America, N.A. to repurchase an aggregate of $70 million of the Company’s common stock, par value $0.01 per share. In connection with
15
Table of Contents
the launch of the ASR, on March 8, 2024, the Company paid Bank of America, N.A., an aggregate of $70 million and received approximately 1.5 million shares of the Company’s common stock.

On July 9, 2024, the Company completed the ASR transaction. In connection with the settlement of the ASR, the Company received 467,362 shares, in addition to the 1,516,793 shares received in March. No cash was exchanged as part of the settlement of the ASR. All of the shares received as part of the ASR were retired.

Note 9 – Share-based Compensation

Long-term Incentive Plan ("LTIP")

During the three months ended March 31, 2022, 2023 and 2024, the Compensation Committee (the "Compensation Committee") of the Company's Board of Directors ("Board") approved grants of restricted stock units (“RSUs”) to executives and certain employees pursuant to the 2022 LTIP, 2023 LTIP and 2024 LTIP, respectively, all under the terms of the Company's 2022 Equity Incentive Plan. Under the LTIPs, the Company granted RSUs to eligible participants as time-based awards and/or performance-based awards.

限制性股票單位的歸屬取決於獎勵協議中定義的服務和/或績效條件。獲得帶有服務條件的時間基礎獎勵的員工，若在歸屬日期之前仍向公司提供服務，則有權在歸屬日期獲得公司普通股的特定數量。時間基礎獎勵通常在以下期間內歸屬， 三年 以基本相等的分期付款方式從授予日期開始，並於每年2月25日結束2022年長期激勵計劃、每年2月24日結束2023年長期激勵計劃，以及每年2月28日結束2024年長期激勵計劃。在2022年和2023年，公司還授予了具有 三年 服務歸屬期的時間基礎獎勵，該獎勵將於2025年2月25日和2026年2月24日分別完全歸屬。

對於2022年LTIP、2023年LTIP和2024年LTIP下的基於表現的獎勵，薪酬委員會確定了調整後的息稅前利潤、所得稅、折舊及攤銷前利潤（“調整後的EBITDA”）作為主要績效評估指標，同時通過市場發展總股東回報（“TSR”）績效調整項目來保持對總股東回報的關注。調整後的EBITDA指標是基於年度調整後的EBITDA目標，可導致結果在某一性水平之間。 0%及 200，具體取決於績效水平。TSR修飾調整了根據調整後的EBITDA表現而獲得的股份，上下調整（+/-）在該期結束時相對於指數Russell 2000指數中的公司的相對TSR。 25%%）基於公司相對TSR與該期結束時在Russell 2000 Index中的公司相比的績效水平。調整後的EBITDA表現指標將根據授予年年初1月1日開始，年底12月31日結束的，在此期間薪酬委員會設定的目標相對於目標計算。所獲得的股份將受到另外 三年 的%%）基於公司相對TSR，誰率先在該期結束時占據Russell 2000 Index中的公司相比的績效情況。調整後的EBITDA表現指標將根據授予年年初1月1日開始，年底12月31日結束的，在此期間薪酬委員會設定的目標相對於目標計算。 一年 %%）基於公司相對TSR與該期結束時在Russell 2000 Index中的公司相比的績效水平。調整後的EBITDA表現指標將根據授予年年初1月1日開始，年底12月31日結束的，在此期間薪酬委員會設定的目標相對於目標計算。 兩年鎖定期 服務獎勵授予期限為2025年2月25日，適用於2022年 LTIP，2026年2月24日，適用於2023年 LTIP，2027年2月28日，適用於2024年 LTIP。除非在獎勵協議中另有規定或在就業協議中另有約定，否則員工在授予之前自願離職時獎勵將被沒收。

下表總結截至2024年9月30日的九個月內未成熟的限制性股票單位（RSUs）活動：
非有資格RSUs股份未行使期權、認股權或認購權之加權平均行使價
授予日期公允價值
2023年12月31日時的未發放股票1,799,012 $39.42 
已授予1,153,892 36.79 
已歸屬(785,000)39.31 
放棄(142,084)36.32 
2024年9月30日的尚未授予股份2,025,820 $38.66 

截至2024年9月30日的三個月和九個月，公司分別從在大塚協議下提供的許可、合作和版稅收入中確認了$ 營業收入。7.4 百萬美元和$22.4 百萬元的股權補償費用，與$相比。6.7 百萬美元和$18.8 分別為2023年同期的$百萬美元。

截至2024年9月30日，RSU的最大未確認成本為$。46.8 百萬。預計將在加權平均期間確認該成本。 2.1 年。

Note 10 – 收入

營業收入的分解
16
目錄

本公司將來自客戶合同的營業收入劃分為主要地理市場、產品和服務的性質，以及商品和服務的轉移時間。本公司的運營分部是根據公司所提供的產品和服務的性質，以及公司經營的主要地理市場來確定的。按分部劃分的營業收入詳情請參見附註15， 分部資料。

在下面的表格中，各個部門的營業收入（不包括部門間的收入）按收入的時間進行了詳細分類。
在指明時期內的認可。


2024年9月30日結束的三個月
(單位: 千元)付款服務 - 波多黎各及加勒比海拉丁美洲支付與解決方案商戶收購，淨業務解決方案總計
營業收入確認的時機
在某一時間點轉讓的產品和服務$42 $1,258 $— $766 $2,066 
隨著時間推移轉讓的產品和服務34,645 69,310 45,437 60,337 $209,729 
$34,687 $70,568 $45,437 $61,103 $211,795 


2023年9月30日結束的三個月
(單位: 千元)支付服務 - 波多黎各及加勒比海拉丁美洲支付與解決方案商戶收單，淨額業務解決方案總計
營業收入確認的時機
在某一時刻轉移的產品和服務$107 $581 $— $2,396 $3,084 
隨著時間轉移的產品和服務34,302 41,128 40,557 54,127 170,114 
$34,409 $41,709 $40,557 $56,523 $173,198 


截至2024年9月30日止的九個月
(單位: 千元)付款服務-波多黎各和加勒比地區拉丁美洲支付與解決方案商戶收購，淨額業務解決方案總計
營業收入確認的時機
產品和服務在某一時間點轉移$152 $2,811 $— $4,894 $7,857 
產品和服務隨著時間的推移逐步轉移103,292 207,414 133,855 176,673 $621,234 
$103,444 $210,225 $133,855 $181,567 $629,091 


17
目錄
2023年9月30日結束的九個月
(單位: 千元)支付服務 - 波多黎各及加勒比海拉丁美洲支付與解決方案商戶收單，淨額業務解決方案總計
營業收入確認的時機
在某一時點轉移的產品和服務$345 $1,834 $— $6,053 $8,232 
隨時間轉移的產品和服務100,651 105,917 122,152 163,136 491,856 
$100,996 $107,751 $122,152 $169,189 $500,088 

單一客戶Popular在截至2024年9月30日和2023年的每個季度的營業收入所佔比例分別約為 32%及 34%，分別。截至2024年9月30日和2023年的九個月，這一百分比分別約為 31%及 36%。截至2024年9月30日和2013年12月31日，Popular的應收賬款金額合計為$42.1百萬和$40.5分別為。

合約餘額

下表提供了截至2024年9月30日的九個月及截至2023年12月31日的年度，與客戶簽訂合約的資產資訊。
(單位: 千元)2024年9月30日2023年12月31日
期初結餘$13,917 $4,749 
服務轉移給客戶15,878 28,165 
轉移至應收賬款(18,469)(18,997)
期末結餘$11,326 $13,917 

The current portion of contract assets is recorded as part of prepaid expenses and other assets, and the long-term portion is included in other long-term assets in the unaudited condensed consolidated balance sheets.

Accounts receivable, net at September 30, 2024 amounted to $131.1 million. Contract liability and contract liability - long term at September 30, 2024 amounted to $23.0 million and $56.7 million, respectively, and may arise when consideration is received or due in advance from customers prior to performance. The contract liability is mainly comprised of upfront fees for implementation or set up activities, including fees charged in pre-production periods in connection with hosting services. During the three and nine months ended September 30, 2024, the Company recognized revenue of $6.2 million and $21.3 million, respectively, that was included in the contract liability at December 31, 2023. During the three and nine months ended September 30, 2023, the Company recognized revenue of $4.2 million and $12.9 million, respectively, that was included in the contract liability at December 31, 2022.

Transaction price allocated to the remaining performance obligations

The estimated aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially satisfied at September 30, 2024 was $816.9 million, which is expected to be recognized over the next 1 to 6 years. This amount consists of minimums on certain master services agreements, professional service fees for implementation or set up activities related to managed services and maintenance services typically recognized over the life of the contract, and professional service fees for customizations or development of on-premise licensing agreements, which are recognized over time based on inputs relative to the total expected inputs to satisfy a performance obligation.

Note 11 – Current Expected Credit Losses

Allowance for Current Expected Credit Losses

Trade receivables from contracts with customers are financial assets analyzed by the Company under the expected credit loss model. To measure expected credit losses, trade receivables are grouped based on shared risk characteristics (i.e., the relevant
18
Table of Contents
industry sector and customer's geographical location) and days past due (i.e., delinquency status), while considering the following:

•Customers in the same geographical location share similar risk characteristics associated with the macroeconomic environment of their country.
•The Company has two main industry sectors: private and governmental. The private pool is comprised mainly of leading financial institutions, merchants and corporations, while the governmental pool is comprised of government agencies. The governmental customers possess different risk characteristics than private customers because although all invoices are due 30 days after issuance, governmental customers usually pay within 60 to 90 days after issuance (i.e., approximately 30 to 60 more days than private customers).
•The expected credit loss rate is likely to increase as receivables move to older aging buckets. The Company used the following aging categories to estimate the risk of delinquency status: (i) 0 days past due; (ii) 1-30 days past due; (iii) 31-60 days past due; (iv) 61-90 days past due; and (v) over 90 days past due.

The credit losses of the Company’s trade receivables have been low historically and most balances are collected within one year. Therefore, the Company determined that the expected loss rates should be calculated using the historical loss rates adjusted by macroeconomic factors. The historical rates are calculated for each of the aging categories used for pooling trade receivables. To determine the collected portion of each bucket, the collection time of each trade receivable is identified, to estimate the proportion of outstanding balances per aging bucket that ultimately will not be collected. This is used to determine the expectation of losses based on the history of uncollected trade receivables once the specific past due period is surpassed. The historical rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables by applying a country risk premium as the forward-looking macroeconomic factor. Specific reserves are established for certain customers for which collection is doubtful.

Rollforward of the Allowance for Expected Current Credit Losses

The following table provides information about the allowance for expected current credit losses on trade receivables for the nine months ended September 30, 2024 and the year ended December 31, 2023
(In thousands)September 30, 2024December 31, 2023
Balance at beginning of period$4,010 $2,159 
Current period provision for expected credit losses638 2,218 
Write-offs(1,816)(384)
Recoveries of amounts previously written-off1 17 
Balance at end of period$2,833 $4,010 

The Company does not have a delinquency threshold for writing-off trade receivables. The Company has a formal process for the review and approval of write-offs.

Impairment losses on trade receivables are presented as net impairment losses within cost of revenue, exclusive of depreciation and amortization in the unaudited condensed consolidated statements of income and comprehensive income (loss). Subsequent recoveries of amounts previously written-off, when applicable, are credited against the allowance for expected current credit losses within accounts receivable, net on the unaudited condensed consolidated balance sheets.

Note 12 – Income Tax

The components of income tax expense for the three and nine months ended September 30, 2024 and 2023, respectively, consisted of the following:
 Three months ended September 30,Nine months ended September 30,
(In thousands)2024202320242023
Current tax provision $8,658 $8,166 $23,375 $21,037 
Deferred tax benefit(6,951)(13,024)(20,275)(16,491)
Income tax expense (benefit)$1,707 $(4,858)$3,100 $4,546 

19
Table of Contents
The Company conducts operations in Puerto Rico, the United States, and certain countries in Latin America. As a result, the income tax expense includes the effect of taxes paid to the government of Puerto Rico as well as foreign jurisdictions. The following table presents the components of income tax expense for the three and nine months ended September 30, 2024 and 2023, and its segregation based on location of operations:
 Three months ended September 30,Nine months ended September 30,
(In thousands)2024202320242023
Current tax provision
Puerto Rico$1,575 $1,851 $3,905 $5,626 
United States99 80 228 138 
Foreign countries6,984 6,235 19,242 15,273 
Total current tax provision $8,658 $8,166 $23,375 $21,037 
Deferred tax benefit
Puerto Rico$(3,659)$(11,169)$(10,984)$(11,593)
United States(2)34 — 38 
Foreign countries(3,290)(1,889)(9,291)(4,936)
Total deferred tax benefit$(6,951)$(13,024)$(20,275)$(16,491)

Taxes payable to foreign countries by EVERTEC’s subsidiaries is paid by such subsidiary and the corresponding liability and expense will be presented in EVERTEC’s consolidated financial statements.

As of September 30, 2024, the Company had $155.8 million of unremitted earnings from foreign subsidiaries, compared to $137.0 million as of December 31, 2023. The Company has not recognized a deferred tax liability on undistributed earnings for the Company’s foreign subsidiaries because these earnings are intended to be indefinitely reinvested.

As of September 30, 2024, the gross deferred tax asset amounted to $77.6 million and the gross deferred tax liability amounted to $84.5 million, compared to $65.4 million and $100.9 million, respectively, as of December 31, 2023. As of September 30, 2024, and December 31, 2023, there is a valuation allowance against the gross deferred tax asset of approximately $5.6 million and $4.6 million, respectively.

The Company estimates that it is reasonably possible that the liability for uncertain tax position created from acquisitions in foreign jurisdictions will decrease by approximately $2.7 million in the next 12 months as a result of the expiration of the statute of limitations.

Income tax expense differs from the amount computed by applying the Puerto Rico statutory income tax rate to the income before income taxes as a result of the following:
 Nine months ended September 30,
(In thousands)20242023
Computed income tax at statutory rates$28,954 $27,231 
Differences in tax rates due to multiple jurisdictions3,832 3,034 
Effect of income subject to tax-exemption grant(28,926)(24,697)
Unrecognized tax expense(1,098)103 
Excess tax benefits on share-based compensation(494)11 
Tax credits for research and development activities— (884)
Other, net 832 (252)
Income tax expense$3,100 $4,546 

Note 13 – Net Income Per Common Share

The reconciliation of the numerator and the denominator of net income per common share is as follows:
20
Table of Contents
 Three Months Ended September 30,Nine months ended September 30,
(In thousands, except per share information)2024202320242023
Net income available to EVERTEC, Inc.’s common shareholders$24,678 $10,036 $72,558 $68,243 
Weighted average common shares outstanding63,944,132 64,648,542 64,512,868 64,886,551 
Weighted average potential dilutive common shares (1)
774,997 1,130,717 804,080 819,045 
Weighted average common shares outstanding - assuming dilution64,719,129 65,779,259 65,316,948 65,705,596 
Net income per common share - basic$0.39 $0.16 $1.12 $1.05 
Net income per common share - diluted$0.38 $0.15 $1.11 $1.04 
 
(1)Potential common shares consist of common stock issuable under RSUs awards using the treasury stock method.

On February 15, 2024, April 18, 2024 and July 18, 2024, respectively the Company's Board declared quarterly cash dividends of $0.05 per share of common stock, which was paid on March 15, 2024, June 7, 2024 and September 6, 2024, respectively to stockholders' of record on February 27, 2024, April 29, 2024 and July 29, 2024, respectively.

Note 14 – Commitments and Contingencies

EVERTEC is a defendant in a number of legal proceedings arising in the ordinary course of business. Based on the opinion of legal counsel and other factors, management believes that the final disposition of these matters will not have a material adverse effect on the business, results of operations, financial condition, or cash flows of the Company. The Company has identified certain claims in which a loss may be incurred, but in the aggregate the loss would be inconsequential. For other claims, where the proceedings are in an initial phase, the Company is unable to estimate the range of possible loss, if any, but at this time, management believes that any loss related to such claims will not be material.

Note 15 – Segment Information

The Company operates in four business segments: Payment Services - Puerto Rico & Caribbean, Latin America Payments and Solutions, Merchant Acquiring, and Business Solutions.

The Payment Services - Puerto Rico & Caribbean segment revenues are composed of revenues related to providing access to the ATH debit network and other card networks to financial institutions, including related services such as authorization, processing, management and recording of ATM and point of sale ("POS") transactions, and ATM management and monitoring. The segment revenues also include revenues from card processing services (such as credit and debit card processing, authorization and settlement and fraud monitoring and control to debit or credit issuers), payment processing services (such as payment and billing products for merchants, businesses and financial institutions), ATH Movil (person-to-person) and ATH Business (person-to-merchant) digital transactions and EBT (which principally consist of services to the government of Puerto Rico for the delivery of benefits to participants). For ATH debit network and processing services, revenues are primarily driven by the number of transactions processed. Revenues are derived primarily from network fees, transaction switching and processing fees, and the leasing of POS devices. For card issuer processing, revenues are primarily dependent upon the number of cardholder accounts on file, transactions and authorizations processed, the number of cards embossed and other processing services. For EBT services, revenues are primarily derived from the number of beneficiaries on file.

21
Table of Contents
The Latin America Payments and Solutions segment revenues consist of revenues related to providing access to the ATH network of ATMs and other card networks to financial institutions, including related services such as authorization, processing, management and recording of ATM and POS transactions, and ATM management and monitoring. The segment revenues also include revenues from card processing services (such as credit and debit card processing, authorization and settlement and fraud monitoring and control to debit or credit issuers), payment processing services (such as payment and billing products for merchants, businesses and financial institutions), as well as licensed software solutions for risk and fraud management and card payment processing. For network and processing services, revenues are primarily driven by the number of transactions processed. Revenues are derived primarily from transaction switching, processing fees, and the leasing of POS devices. For card issuer processing, revenues are primarily dependent upon the number of cardholder accounts on file, transactions and authorizations processed, the number of cards embossed, and other processing services. Solutions revenues consist of (a) licensing, support and maintenance (“subscription”), implementation and customization of software used to provide financial products in areas such as core banking, credit, investments, payments, foreign exchange, mutual funds, pension funds and consortium, in addition to software used to execute processes such as digital onboarding, digital signature and digital collection; and (b) outsourcing of mission critical IT services. Revenues are based on monthly fixed fees and, in several cases, variable fees based on usage.

The Merchant Acquiring segment consists of revenues from services that allow merchants to accept electronic methods of payment. In the Merchant Acquiring segment, revenues include a discount fee and membership fees charged to merchants, debit network fees and rental fees from POS devices and other equipment, net of credit card interchange and assessment fees charged by credit cards associations (such as VISA or MasterCard) or payment networks. The discount fee is generally a percentage of the transaction value. EVERTEC also charges merchants for other services that are unrelated to the number of transactions or the transaction value.

The Business Solutions segment consists of revenues from a full suite of business process management solutions in various product areas such as core bank processing, network hosting and management, IT professional services, business process outsourcing, item processing, cash processing, and fulfillment. Core bank processing and network services revenues are derived in part from a recurrent fixed fee and from fees based on the number of accounts on file (i.e., savings or checking accounts, loans, etc.), server capacity usage or computer resources utilized. Revenues from other processing services within the Business Solutions segment are generally volume-based and depend on factors such as the number of accounts processed. In addition, EVERTEC is a reseller of hardware and software products and these resale transactions are generally non-recurring.

In addition to the four operating segments described above, management identified certain functional cost areas that operate independently and do not constitute businesses in themselves. These areas could neither be concluded as operating segments nor could they be combined with any other operating segments. Therefore, these areas are aggregated and presented within the “Corporate and Other” category in the financial statements alongside the operating segments. The Corporate and Other category consists of corporate overhead expenses, intersegment eliminations, certain leveraged activities and other non-operating and miscellaneous expenses that are not included in the operating segments. The overhead and leveraged costs relate to activities such as:

•marketing,
•corporate finance and accounting,
•human resources,
•legal,
•risk management functions,
•internal audit,
•corporate debt related costs,
•non-operating depreciation and amortization expenses generated as a result of merger and acquisition activity,
•intersegment revenues and expenses, and
•other non-recurring fees and expenses that are not considered when management evaluates financial performance at a segment level

The Chief Operating Decision Maker ("CODM") reviews the operating segments separate financial information to assess performance and to allocate resources. Management evaluates the operating results of each of its operating segments based upon revenues and Adjusted EBITDA. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash unrealized items and unusual expenses such as: share-based compensation, restructuring related expenses, fees and expenses from corporate transactions such as M&A activity and financing, equity investment income net of dividends received, and the impact from unrealized gains and losses on foreign currency remeasurement for assets and liabilities in non-functional currency. Adjusted EBITDA, as it relates to operating segments, is presented in conformity with ASC Topic 280, Segment Reporting, given that it is reported to the CODM for purposes of allocating resources. Segment asset disclosure is not used by the CODM
22
Table of Contents
as a measure of segment performance since the segment evaluation is driven by revenues and Adjusted EBITDA. As such, segment assets are not disclosed in the notes to the unaudited condensed consolidated financial statements.

The following tables set forth information about the Company’s operations by its four business segments for the periods indicated:

Three Months Ended September 30, 2024
(In thousands)Payment
Services -
Puerto Rico & Caribbean		Latin America Payments and SolutionsMerchant
Acquiring, net		Business
Solutions
Corporate and Other (1)
Total
Revenues$52,755 $76,029 $45,437 $61,103 $(23,529)$211,795 
Operating costs and expenses33,144 70,857 29,231 42,347 (5,325)170,254 
Depreciation and amortization7,599 14,152 1,217 5,614 5,078 33,660 
Non-operating income (expenses)149 (482)— 166 543 376 
EBITDA27,359 18,842 17,423 24,536 (12,583)75,577 
Compensation and benefits (2)
758 1,349 775 928 3,785 7,595 
Transaction, refinancing and other (3)
296 (627)29 40 3,367 3,105 
Loss (gain) on foreign currency remeasurement (4)
(61)1,176 — — (3)1,112 
Adjusted EBITDA$28,352 $20,740 $18,227 $25,504 $(5,434)$87,389 
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations.  Intersegment revenue eliminations predominantly reflect the $14.4 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction-processing of $5.5 million from Latin America Payments and Solutions to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction-processing and monitoring fees of $3.7 million from Payment Services - Puerto Rico & Caribbean to Latin America Payments and Solutions.
(2)Primarily represents share-based compensation and severance payments.
(3)Primarily represents fees and expenses associated with corporate transactions as defined in the Credit Agreement and the elimination of unrealized earnings from equity investments, net of dividends received.
(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.

截至2023年9月30日的三個月
(單位: 千元)付款
服務 -
波多黎各及加勒比海		拉丁美洲支付與解決方案商戶
收購，淨值		業務
解決方案
公司及其他 (1)
總計
收入$51,600 $46,155 $40,557 $56,522 $(21,636)$173,198 
營業費用28,402 38,608 26,997 40,643 (1,014)133,636 
折舊及攤銷6,203 4,898 1,078 4,478 5,262 21,919 
非營業收入（費用）110 (2,148)— 69 (28,712)(30,681)
EBITDA29,511 10,297 14,638 20,426 (44,072)30,800 
薪酬和福利 (2)
663 859 662 696 4,090 6,970 
交易、再融資和其他(3)
269 3,451 — — 34,363 38,083 
(收益) 外幣重估損失 (4)
(87)2,885 — — 8 2,806 
調整後EBITDA$30,356 $17,492 $15,300 $21,122 $(5,611)$78,659 
(1)企業與其他包括企業總部開支、部分槓桿活動、其他非營業費用以及分部間消除等項目。分部間收入消除主要反映了$營業收入13.5百萬美元的處理費用來自支付服務 - 波多黎各及加勒比海 到 商戶收購，內部軟體開發和交易處理$百萬4.4百萬美元來自拉丁美洲支付與解決方案 它們分別提供給 支付服務 - 波多黎各及加勒比海 和 業務解決方案，以及來自支付服務 - 波多黎各及加勒比海 到 拉丁美洲支付與解決方案的交易處理和監控費用$百萬3.7百萬美元來自支付服務 - 波多黎各及加勒比海 到 拉丁美洲支付與解決方案
23
目錄
(2)主要代表基於股份的補償及遣散支付。
(3)主要代表根據信貸協議所定義的企業交易相關費用及支出、匯率交換損失，以及從股權投資中消除未實現收益，並扣除已收的分紅派息。
(4)代表以非功能貨幣名義計量資產和負債的外匯重估的非現金未實現收益（損失）。

截至二零二四年九月三十日止九個月
(以千計)付款
服務-
波多黎各和加勒比海		拉丁美洲支付與解決方案商人
收購，淨值		商業
解決方案
企業及其他 (1)
總計
收入$159,985 $224,914 $133,855 $181,567 $(71,230)

$629,091 
營運成本和開支95,829 221,241 87,531 120,461 (13,675)

511,387 
折舊和攤銷22,357 45,460 3,859 13,802 15,573 101,051 
非營業收入431 3,627 — 456 2,072 6,586 
利潤率86,944 52,760 50,183 75,364 (39,910)225,341 
薪酬及福利 (2)
2,227 4,501 2,269 2,619 11,570 23,186 
交易、再融資及其他費用 (3)
1,019 (6,015)243 329 4,351 (73)
外幣重估 (收益) 虧損 (4)
(128)3,291 — — 1 3,164 
調整後的 EBITDA$90,062 $54,537 $52,695 $78,312 $(23,988)$251,618 

(1)企業與其他部門包括企業管理費用、某些槓桿活動、其他非營業費用及部門間消除。部門間營收消除主要反映了來自支付服務-波多黎各及加勒比海的$43.2百萬的處理費用轉至商戶收單機構、內部軟體開發和交易處理的$14.7百萬，來自拉丁美洲支付和解決方案轉至支付服務-波多黎各及加勒比海和業務解決方案，以及$13.4百萬的交易處理和監控費用，來自支付服務-波多黎各及加勒比海轉至拉丁美洲支付和解決方案。
(2)主要代表基於股份的補償及遣散支付。
(3)主要代表與信用協議中定義的公司交易相關的費用和開支、消除股份證券的實現收益和消除股份投資未實現收益（除收到的股息）。
(4)代表以非功能貨幣名義計量資產和負債的外匯重估的非現金未實現收益（損失）。

截至二零二三年九月三十日止九個月
(以千計)付款
服務-
波多黎各和加勒比海		拉丁美洲支付與解決方案商人
收購，淨值		商業
解決方案
企業及其他 (1)
總計
收入$150,824 $120,548 $122,152 $169,188 $(62,624)

$500,088 
營運成本和開支85,019 101,586 81,302 118,653 (897)

385,663 
折舊和攤銷18,178 13,002 3,357 13,436 15,707 63,680 
非營業收入（費用）590 (3,643)308 667 (27,902)(29,980)
利潤率84,573 28,321 44,515 64,638 (73,922)148,125 
薪酬及福利 (2)
2,033 2,510 2,054 2,226 12,693 21,516 
交易、再融資及其他費用 (3)
850 3,704 — — 38,741 43,295 
外幣重估 (收益) 虧損 (4)
(41)7,372 — — 6 7,337 
調整後的 EBITDA$87,415 $41,907 $46,569 $66,864 $(22,482)$220,273 

(1)企業及其他部分包括企業的間接費用、某些槓桿活動、其他非營運費用以及部門間的相互抵消。部門間的營業收入抵消主要反映來自支付服務 - 波多黎各及加勒比海的$39.9百萬處理費給商戶收購，包括內部公司的軟體開發及$12.8百萬來自拉丁美洲支付與解決方案的交易處理給支付服務 - 波多黎各及加勒比海以及業務解決方案，還有$9.9百萬的交易處理和監控費用，從支付服務 - 波多黎各及加勒比海到拉丁美洲支付與解決方案。
(2)主要代表基於股份的賠償和離職賠償。
(3)主要代表與信用協議中定義的公司交易相關的費用和開支、外幣兌換虧損以及消除股票投資未實現收益（除去收到的股息）。
(4)代表在非主要功能貨幣計價的資產和負債的非現金未實現匯兌盈利（損失）

24
目錄

將合併凈利潤調整為EBITDA的調解如下:
 截至9月30日的三個月截至9月30日的九個月
(單位: 千元)2024202320242023
凈利潤$25,202 $9,956 $74,112 $68,069 
加:
所得稅（利益）費用1,707 (4,858)3,100 4,546 
利息費用，淨額15,008 3,783 47,078 11,830 
折舊及攤銷33,660 21,919 101,051 63,680 
總息稅前利潤（EBITDA）$75,577 $30,800 $225,341 $148,125 


Note 16 – Supplemental Statement of Cash Flows Information

Supplemental statement of cash flows information is as follows:
Nine months ended September 30,
(In thousands)20242023
Supplemental disclosure of cash flow information:
Cash paid for interest 55,024 16,737 
Cash paid for income taxes 17,917 29,692 
Supplemental disclosure of non-cash activities:
Payable due to vendor related to equipment and software acquired5,129 4,207 
Right-of-use assets obtained in exchange for operating lease liabilities2,925 — 
Non-cash investing activities
Capital contribution in-kind to investment in equity investee6,000 
Trade-in of equipment2,193 — 
Non-cash financing activities
Payable due to vendor related to licenses acquired— 7,911 

Reconciliation of cash, cash equivalents, restricted cash and cash included in settlement assets as presented on the cash flow statement was as follows:
September 30,
(In thousands)20242023
Cash and cash equivalents275,359 177,821 
Restricted cash25,663 $20,607 
Cash and cash equivalents included in settlement assets25,260 17,118 
Cash, cash equivalents, restricted cash and cash included in settlement assets326,282 215,546 

Note 17 – Subsequent Events

On October 17, 2024, the Board declared a regular quarterly cash dividend of $0.05 per share on the Company’s outstanding shares of common stock. The dividend is expected to be paid on December 6, 2024 to stockholders of record as of the close of business on October 28, 2024. The Board anticipates declaring this dividend in future quarters on a regular basis; however future declarations of dividends are subject to the Board’s approval and may be adjusted as business needs or market conditions change.

During October 2024 the Company received formal approval from the government of Puerto Rico for research and development tax credits claimed pertaining to taxable years 2018 and 2019. Subsequent to this approval the Company sold these credits realizing a gain of $8.9 million.

On October 31, 2024, the Company signed and closed an agreement to acquire 100% of the share capital of Grandata, Inc (" Grandata"). Grandata is a data analytics company operating in Mexico that specializes in leveraging behavioral data to provide
25
Table of Contents
credit risk insights, with a focus on underbanked populations. This transaction enhances the Company's existing product offering.
26
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) covers: (i) the results of operations for the three and nine months ended September 30, 2024 and 2023 and (ii) the financial condition as of September 30, 2024. You should read the following discussion and analysis in conjunction with the audited consolidated financial statements (the “Audited Consolidated Financial Statements”) and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 29, 2024 and with the unaudited condensed consolidated financial statements (the “Unaudited Condensed Consolidated Financial Statements”) and related notes appearing elsewhere herein. This MD&A contains forward-looking statements that involve risks and uncertainties. Our actual results may differ from those indicated in the forward-looking statements. See “Forward-Looking Statements” for a discussion of the risks, uncertainties and assumptions associated with these statements.

Except as otherwise indicated or unless the context otherwise requires, (a) the terms “EVERTEC,” “we,” “us,” “our,” “our Company” and “the Company” refer to EVERTEC, Inc. and its subsidiaries on a consolidated basis and, (b) the term “EVERTEC Group” refers to EVERTEC Group, LLC and its predecessor entities and their subsidiaries on a consolidated basis. EVERTEC Inc.’s subsidiaries include Holdings, EVERTEC Group; EVERTEC Dominicana, SAS; Evertec Chile Holdings SpA; Evertec Chile SpA; Evertec Chile Global SpA; Evertec Chile Servicios Profesionales SpA; Tecnopago España SL; Paytrue S.A.; Caleidon; S.A.; Evertec Brasil Solutions Informática S.A.; EVERTEC Panamá, S.A.; EVERTEC Costa Rica, S.A. (“EVERTEC CR”); Zunify Payments Ltda; EVERTEC Guatemala, S.A.; Evertec Colombia, SA;, EVERTEC USA, LLC; OPG Technology Corp.; Evertec Placetopay, SAS ("PlacetoPay"); BBR Chile, SpA and BBR Perú, S.A.C.,(collectively "BBR"); Paysmart Pagamentos Eletronicos Ltda, Issuer Holding Ltda. and Issuer Instituição de Pagamentos Ltda (collectively "paySmart"); EVERTEC México Servicios de Procesamiento, S.A. de C.V.; Sinqia S.A.,Torq. Inovação Digital Ltda, Sinqia Tecnologia Ltda., Homie do Brasil Informática S.A., Rosk Software S.A., Lote 45 Participações S.A., and Compliasset S.A. (collectively "Sinqia"). Neither EVERTEC nor EVERTEC Intermediate Holdings, LLC conducts any operations other than with respect to its indirect or direct ownership of EVERTEC Group.
Executive Summary

EVERTEC is a leading full-service transaction-processing business and financial technology provider in Latin America, Puerto Rico, and the Caribbean, providing a broad range of merchant acquiring, payment services and business solutions. According to the September 2022 Nilson Report, we are one of the largest merchant acquirers in Latin America based on total number of transactions and we believe we are the largest merchant acquirer in the Caribbean. We operate across 26 countries out of 20 offices, including our headquarters in Puerto Rico. We own and operate the ATH network, which we believe is one of the leading personal identification number (“PIN”) debit networks in Latin America. We process over six billion transactions annually through a system of electronic payment networks in Puerto Rico and Latin America and a comprehensive suite of services for core banking, cash processing, and fulfillment in Puerto Rico. Additionally, we offer technology outsourcing and payment transactions fraud monitoring to all the regions we serve. We serve a diversified customer base of leading financial institutions, merchants, corporations, and government agencies with “mission-critical” technology solutions that enable them to issue, process and accept transactions securely. We believe our business is well-positioned to continue to expand across the fast-growing Latin America region.

We are differentiated, in part, by our diversified business model, which enables us to provide our varied customer base with a broad range of transaction-processing services from a single source across numerous channels and geographic markets. We believe this capability provides several competitive advantages that will enable us to continue to penetrate our existing customer base with complementary new services, win new customers, develop new sales channels, and enter new markets. We believe these competitive advantages include:
 
•Our ability to provide competitive products;
•Our ability to provide in one package a range of services that traditionally had to be sourced from different vendors;
•Our ability to serve customers with disparate operations in several geographies with technology solutions that enable them to manage their business as one enterprise; and
•Our ability to capture and analyze data across the transaction-processing value chain and use that data to provide value-added services that are differentiated from those offered by pure-play vendors that serve only one portion of the transaction-processing value chain (such as only merchant acquiring or payment services).

Our broad suite of services spans the entire transaction-processing value chain and includes a range of front-end customer-facing solutions such as the electronic capture and authorization of transactions at the point-of-sale for both card present transactions and card not present transactions, as well as back-end support services such as the clearing and settlement of transactions and account reconciliation for card issuers. These include: (i) merchant acquiring services, which enable POS and
27
Table of Contents
e-commerce merchants to accept and process electronic methods of payment such as debit, credit, prepaid and EBT cards; (ii) payment processing services, which enable financial institutions and other issuers to manage, support and facilitate the processing for credit, debit, prepaid, automated teller machines (“ATM”) and EBT card programs; and (iii) business process management solutions, which provide “mission-critical” technology solutions such as core bank processing, as well as IT outsourcing and cash management services to financial institutions, corporations and governments. We provide these services through scalable, end-to-end technology platforms that we manage and operate in-house and that generate significant operating efficiencies that enable us to maximize profitability.

We sell and distribute our services primarily through a proprietary direct sales force with established customer relationships. We continue to pursue joint ventures and merchant acquiring alliances. We benefit from an attractive business model, the hallmarks of which are recurring revenue, scalability, significant operating margins and moderate capital expenditure requirements. Our revenue is predominantly recurring in nature because of the mission-critical and embedded nature of the services we provide. In addition, we generally enter into multi-year contracts with our customers. We believe our business model should enable us to continue to grow our business organically in the primary markets we serve without significant incremental capital expenditures.

2024 Developments

On March 4, 2024, the Board of Directors (the “Board”) of Evertec approved an increase to Evertec’s existing share repurchase authorization to permit future repurchases of up to an aggregate of $220 million worth of shares of the Company’s common stock, par value $0.01 per share, by December 31, 2025. Under the repurchase program, the Company may repurchase shares in the open market, through accelerated share repurchase programs, Rule 10b5-1 plans, or in privately negotiated transactions.

On March 6, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR”) with Bank of America, N.A. to repurchase an aggregate of $70 million of the Company’s common stock, par value $0.01 per share, which was completed on July 9, 2024. The Company received a total of 1,984,155 shares in connection with this transaction. All of the shares received as part of the ASR were retired.

Factors and Trends Affecting the Results of Our Operations

The ongoing migration from cash and paper methods of payment to electronic payments continues to benefit the transaction- processing industry globally. We continue to believe that the penetration of electronic payments in the markets in which we operate is significantly lower relative to the U.S. market, which, together with the ongoing shift from cash and paper methods of payment to electronic payments will continue to generate growth opportunities for our business. For example, currently the adoption of banking products, including electronic payments, in the Latin America and Caribbean region is lower relative to the mature U.S. and European markets. We believe that the unbanked and underbanked population in our markets will continue to shrink, and therefore drive incremental penetration and growth of electronic payments in Puerto Rico and other Latin America regions. We also benefit from the outsourcing of technology systems and processes trend for financial institutions and government. Many medium- and small-size institutions in the Latin America markets in which we operate have outdated systems and updating these IT legacy systems is financially and logistically challenging, which presents a business opportunity for us.

In recent years, consumer preference has accelerated its shift away from cash and paper payment methods, noting increased demand for omni-channel payment services that facilitate cashless and contactless transactions. The markets in which we operate, particularly Latin America and the Caribbean, continue to grow and consumer preference is driving an increase for electronic payments usage. Latin America is one of the fastest-growing mobile markets globally, with a growing base of tech-savvy customers that demonstrate a preference for credit cards, digital wallets, contactless payments, and other value-added offerings. The region's fintech sector is driving change via new contactless payment technology, which is becoming a popular alternative to cash payments. We continue to believe that the attractive characteristics of our markets and our position across multiple services and sectors will continue to drive growth and profitability in our businesses.

Our payment businesses also generally experience moderate increased activity during the traditional holiday shopping periods and around other nationally recognized holidays, which follow consumer spending patterns.

Finally, our financial condition and results of operations are, in part, dependent on the economic and general conditions of the geographies in which we operate. Rising interest rates, inflationary pressures, foreign currency fluctuations and economic uncertainty in the markets in which we operate may affect consumer confidence, which could result in a decrease in consumer spending and an impact to our financial results.

Relationship with Popular
28
Table of Contents

On September 30, 2010, EVERTEC Group entered into a 15-year MSA, and several related agreements with Popular. On July 1, 2022, we modified and extended the main commercial agreements with Popular, including a 10-year extension of the Merchant Acquiring Independent Sales Organization Agreement, a 5-year extension of the ATH Network Participation Agreement and a 3-year extension of the MSA (as amended, the "A&R ISO Agreement"). The A&R ISO Agreement, which defines our merchant acquiring relationship with Popular, now includes revenue sharing provisions with Popular. The MSA modifications also include the elimination of the exclusivity requirement, the inclusion of annual MSA minimums through September 30, 2028, a 10% discount on certain MSA services beginning in October of 2025 and adjustments to the CPI pricing escalator clause. On the same date, we also sold to Popular certain assets in exchange for 4.6 million shares of EVERTEC common stock owned by Popular (collectively with the contract amendments, the "Popular Transaction"). On August 15, 2022, through a secondary offering, Popular sold its remaining shares of EVERTEC common stock. EVERTEC is no longer deemed a subsidiary of Popular under the Bank Holding Company Act. Popular continues to be the Company's largest customer and for the nine months ended September 30, 2024 approximately 31% of our revenues were generated from this relationship.

Results of Operations

Comparison of the three months ended September 30, 2024 and 2023
Three months ended September 30,
In thousands20242023Variance
Revenues$211,795 $173,198 $38,597 22 %
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization102,497 81,280 21,217 26 %
Selling, general and administrative expenses34,097 30,437 3,660 12 %
Depreciation and amortization33,660 21,919 11,741 54 %
Total operating costs and expenses170,254 133,636 36,618 27 %
Income from operations$41,541 $39,562 $1,979 5 %

Revenues

Total revenue for the three months ended September 30, 2024 was $211.8 million, an increase of 22% compared with $173.2 million in the prior year period, reflecting organic growth across all of the Company's segments as well as the contribution from the Sinqia acquisition completed in the fourth quarter of 2023. Merchant acquiring revenue benefited from an improvement in spread and sales volume growth. Payments Puerto Rico revenue reflected continued growth in ATH Movil Business and increased transaction volumes. Latin America revenue benefited from the Sinqia acquisition contribution as well as continued organic growth across the region. Latin America revenue also benefited from better than expected volumes in our GetNet Chile relationship, which resulted in the recognition of a one-time incremental $1.8 million in revenue, compared with the one-time $6.3 million recognized in the prior year period. Business Solutions revenue reflected increases from completed projects, primarily for Popular.

Cost of Revenues

Cost of revenues, exclusive of depreciation and amortization, for the three months ended September 30, 2024 amounted to $102.5 million, an increase of $21.2 million or 26% when compared to the same period in the prior year. This increase was primarily related to the increase in personnel costs, mostly due to the addition of Sinqia headcount, as well as an increase in cloud services and professional fees.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended September 30, 2024 amounted to $34.1 million, an increase of $3.7 million or 12% when compared to the same period in the prior year. This increase was mainly driven by an increase in personnel costs, primarily related to the addition of Sinqia headcount and an increase in equipment expenses, partially offset by lower professional fees.

Depreciation and Amortization

29
Table of Contents
Depreciation and amortization expense for the three months ended September 30, 2024 amounted to $33.7 million, an increase of $11.7 million or 54% when compared to the same period in the prior year. This increase was primarily driven by an increase in amortization of intangible assets created in connection with the Sinqia acquisition.

Non-Operating Expenses
Three months ended September 30,
In thousands20242023Variance
Interest income$3,696 $1,926 $1,770 92 %
Interest expense(18,704)(5,709)(12,995)228 %
Loss on foreign currency remeasurement(1,112)(2,806)1,694 (60)%
Loss on foreign currency swap— (29,225)29,225 (100)%
Earnings from equity method investments1,099 1,197 (98)(8)%
Other income, net389 153 236 154 %
Total non-operating expenses$(14,632)$(34,464)$19,832 (58)%

Non-operating expenses for the three months ended September 30, 2024 decreased by $19.8 million to $14.6 million when compared to the same period in the prior year. The decrease was mainly related to the impact in the prior year of the loss on foreign currency swap of $29.2 million, an increase in interest income of $1.8 million and a decrease in foreign currency remeasurement loss of $1.7 million. This impact was partially offset by an increase in interest expense resulting from the incremental debt raised to finance the Sinqia acquisition.

Income Tax Expense
Three months ended September 30,
In thousands20242023Variance
Income tax expense (benefit)$1,707 $(4,858)$6,565 (135)%

Income tax expense for the three months ended September 30, 2024 amounted to $1.7 million, compared to an income tax benefit in the prior year quarter of $4.9 million. The effective tax rate for the period was 6.3%, compared with (95.3%) in the comparable 2023 period. The increase in the effective tax rate was primarily driven by the foreign currency hedge loss of $29.2 million in the prior year, which created a deferred tax benefit of $10.9 million, treated as a discrete item, partially offset by the impact of higher interest expense resulting from the incremental debt raised as part of the Sinqia acquisition.

Comparison of the nine months ended September 30, 2024 and 2023
Nine months ended September 30,
In thousands20242023Variance
Revenues$629,091 $500,088 $129,003 26 %
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization302,426 238,149 64,277 27 %
Selling, general and administrative expenses107,910 83,834 24,076 29 %
Depreciation and amortization101,051 63,680 37,371 59 %
Total operating costs and expenses511,387 385,663 125,724 33 %
Income from operations$117,704 $114,425 $3,279 3 %

Revenues

Total revenues for the nine months ended September 30, 2024 was $629.1 million, an increase of 26% compared with $500.1 million in the same period in the prior year. The revenue increase was primarily driven by the same factors explained above for the quarter in addition to growth across several lines of business in the Business Solutions segment.

30
Table of Contents
Cost of Revenues

Cost of revenues for nine months ended September 30, 2024 amounted to $302.4 million, an increase of $64.3 million or 27% when compared to the same period in the prior year. The increase during the nine month period was primarily driven by the same factors explained above for the quarter as well as an increase in costs of sales in connection with the increase in revenues from Business Solutions.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for nine months ended September 30, 2024 amounted to $107.9 million, an increase of $24.1 million or 29% when compared to the same period in the prior year. This increase was mainly driven by the same factors explained above for the quarter as well as an increase in equipment expenses partially offset by lower professional fees.

Depreciation and Amortization

Depreciation and amortization expense for the nine months ended September 30, 2024 amounted to $101.1 million, an increase of $37.4 million or 59% when compared to the same period in the prior year. This increase was primarily driven by the same factors explained above for the quarter as well as amortization expense for intangibles created as part of the paySmart acquisition and an increase in software amortization for internally developed software.

Non-Operating Expenses
Nine months ended September 30,
In thousands20242023Variance
Interest income10,274 5,162 $5,112 99 %
Interest expense(57,352)(16,992)(40,360)238 %
Loss on foreign currency remeasurement(3,164)(7,337)4,173 (57)%
Loss on foreign currency swap— (29,225)29,225 (100)%
Earnings of equity method investment3,266 3,828 (562)(15)%
Other income, net6,484 2,754 3,730 135 %
Total non-operating expenses$(40,492)$(41,810)$1,318 (3)%

Non-operating expenses for the nine months ended September 30, 2024 decreased by $1.3 million to $40.5 million when compared to the same period in the prior year. The decrease was mainly related to the loss on foreign currency swap in the prior year of $29.2 million, an increase in interest income of $5.1 million, a decrease in foreign currency losses from remeasurement of $4.2 million and an increase in other income of $3.7 million mainly related to gain on the sale of equity securities, partially offset by an increase of $40.4 million in interest expense resulting from the incremental debt raised to finance the Sinqia acquisition.

Income Tax Expense
Nine months ended September 30,
In thousands20242023Variance
Income tax expense$3,100 $4,546 $(1,446)(32)%

Income tax expense for the nine months ended September 30, 2024 amounted to $3.1 million relatively flat when compared to the same period in the prior year. The effective tax rate for the period was 4.0%, compared with 6.3% in the comparable 2023 period. The decrease in the effective tax rate is driven by the higher interest expense resulting from the incremental debt raised as part of the Sinqia acquisition, coupled with the reversal of a potential liability for uncertain tax positions as a result of the expiration of the statute of limitation, partially offset by the foreign currency hedge loss of $29.2 million in the prior year, which created a deferred tax benefit of $10.9 million.


Segment Results of Operations

31
Table of Contents
The Company operates in four business segments: Payment Services - Puerto Rico & Caribbean, Latin America Payments and Solutions, Merchant Acquiring, and Business Solutions.

The Payment Services - Puerto Rico & Caribbean segment revenues are composed of revenues related to providing access to the ATH debit network and other card networks to financial institutions, including related services such as authorization, processing, management and recording of ATM and POS transactions, and ATM management and monitoring. The segment revenues also include revenues from card processing services (such as credit and debit card processing, authorization and settlement and fraud monitoring and control to debit or credit issuers), payment processing services (such as payment and billing products for merchants, businesses and financial institutions), ATH Movil (person-to-person) and ATH Business (person-to-merchant) digital transactions and EBT (which principally consist of services to the government of Puerto Rico for the delivery of benefits to participants). For ATH debit network and processing services, revenues are primarily driven by the number of transactions processed. Revenues are derived primarily from network fees, transaction switching and processing fees, and the leasing of POS devices. For card issuer processing, revenues are primarily dependent upon the number of cardholder accounts on file, transactions and authorizations processed, the number of cards embossed and other processing services. For EBT services, revenues are primarily derived from the number of beneficiaries on file.

The Latin America Payments and Solutions segment payment revenues consist of revenues related to providing access to the ATH network of ATMs and other card networks to financial institutions, including related services such as authorization, processing, management and recording of ATM and POS transactions, and ATM management and monitoring. The segment revenues also include revenues from card processing services (such as credit and debit card processing, authorization and settlement and fraud monitoring and control to debit or credit issuers), payment processing services (such as payment and billing products for merchants, businesses and financial institutions), as well as licensed software solutions for risk and fraud management and card payment processing. For network and processing services, revenues are primarily driven by the number of transactions processed. Revenues are derived primarily from transaction switching, processing fees, and the leasing of POS devices. For card issuer processing, revenues are primarily dependent upon the number of cardholder accounts on file, transactions and authorizations processed, the number of cards embossed, and other processing services. Solution revenues consist of (a) licensing, support and maintenance (“subscription”), implementation and customization of software used to provide financial products in areas such as core banking, credit, investments, payments, foreign exchange, mutual funds, pension funds and consortium, in addition to software used to execute processes such as digital onboarding, digital signature and digital collection; and (b) outsourcing of mission critical IT services. Revenues are based on monthly fixed fees and, in several cases, variable fees based on usage.

The Merchant Acquiring segment consists of revenues from services that allow merchants to accept electronic methods of payment. In the Merchant Acquiring segment, revenues include a discount fee and membership fees charged to merchants, debit network fees and rental fees from POS devices and other equipment, net of credit card interchange and assessment fees charged by credit cards associations (such as VISA or MasterCard) or payment networks. The discount fee is generally a percentage of the transaction value. EVERTEC also charges merchants for other services that are unrelated to the number of transactions or the transaction value.

The Business Solutions segment consists of revenues from a full suite of business process management solutions in various product areas such as core bank processing, network hosting and management, IT professional services, business process outsourcing, item processing, cash processing, and fulfillment. Core bank processing and network services revenues are derived in part from a recurrent fixed fee and from fees based on the number of accounts on file (i.e., savings or checking accounts, loans, etc.), server capacity usage or computer resources utilized. Revenues from other processing services within the Business Solutions segment are generally volume-based and depend on factors such as the number of accounts processed. In addition, EVERTEC is a reseller of hardware and software products and these resale transactions are generally non-recurring.

In addition to the four operating segments described above, management identified certain functional cost areas that operate independently and do not constitute businesses in themselves. These areas could neither be concluded as operating segments nor could they be combined with any other operating segments. Therefore, these areas are aggregated and presented within the “Corporate and Other” category in the financial statements alongside the operating segments. The Corporate and Other category consists of corporate overhead expenses, intersegment eliminations, certain leveraged activities and other non-operating and miscellaneous expenses that are not included in the operating segments. The overhead and leveraged costs relate to activities such as:

•marketing,
•corporate finance and accounting,
•human resources,
•legal,
32
Table of Contents
•risk management functions,
•internal audit,
•corporate debt related costs,
•non-operating depreciation and amortization expenses generated as a result of merger and acquisition activity,
•intersegment revenues and expenses, and
•other non-recurring fees and expenses that are not considered when management evaluates financial performance at a segment level

The Chief Operating Decision Maker ("CODM") reviews the operating segments separate financial information to assess performance and to allocate resources. Management evaluates the operating results of each of its operating segments based upon revenues and Adjusted EBITDA. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash unrealized items and unusual expenses such as: share-based compensation, restructuring related expenses, fees and expenses from corporate transactions such as M&A activity and financing, equity investment income net of dividends received, and the impact from non-cash unrealized gains and losses on foreign currency remeasurement for assets and liabilities in non-functional currency. Adjusted EBITDA, as it relates to operating segments, is presented in conformity with ASC Topic 280, Segment Reporting, given that it is reported to the CODM for purposes of allocating resources. Segment asset disclosure is not used by the CODM as a measure of segment performance since the segment evaluation is driven by revenues and Adjusted EBITDA. As such, segment assets are not disclosed in the notes to the unaudited condensed consolidated financial statements.

The following tables set forth information about the Company’s operations by its four business segments for the periods indicated below.

Comparison of the three months ended September 30, 2024 and 2023

Payment Services - Puerto Rico & Caribbean
Three months ended September 30,
In thousands20242023
Revenues$52,755$51,600
Adjusted EBITDA28,35230,356
Adjusted EBITDA Margin53.7 %58.8 %

Payment Services - Puerto Rico & Caribbean segment revenues for the three months ended September 30, 2024 increased by $1.2 million to $52.8 million when compared to the same period in the prior year. The increase in revenues was primarily driven by continued growth from ATH Movil, primarily ATH Business, as well as increase in POS transactions partially offset by lower issuing services revenue, mainly driven by lower active accounts. Adjusted EBITDA decreased by $2.0 million to $28.4 million. This decrease was primarily driven by the prior year recovery of previously recorded operational losses, and the impact from lower transactions being processed for Latin America.
Latin America Payments and Solutions
Three months ended September 30,
In thousands20242023
Revenues$76,029$46,155
Adjusted EBITDA20,74017,492
Adjusted EBITDA Margin27.3 %37.9 %

Latin America Payments and Solutions segment revenues for the three months ended September 30, 2024 increased by $29.9 million to $76.0 million when compared to the same period in the prior year. Revenues benefited from the Sinqia acquisition contribution as well as continued organic growth across the region. The segment also benefited from better than expected volumes in our GetNet Chile relationship which resulted in the recognition of a one-time incremental $1.8 million in revenue, compared with the one-time $6.3 million recognized during prior year. Adjusted EBITDA increased by $3.2 million when compared to the same period in the prior year driven by the impact from the Sinqia acquisition, which contributes at a lower margin partially offset by the impact of the one-time $6.3 million adjustment for GetNet Chile in the prior year, compared with the one-time $1.8 million in the current year, which is 100% accretive to margin.

Merchant Acquiring
33
Table of Contents
Three months ended September 30,
In thousands20242023
Revenues$45,437$40,557
Adjusted EBITDA18,22715,300
Adjusted EBITDA Margin40.1 %37.7 %

Merchant Acquiring segment revenues for the three months ended September 30, 2024 increased by $4.9 million to $45.4 million when compared to the same period in the prior year. The revenue increase was primarily driven by an improvement in spread and sales volume growth. Adjusted EBITDA increased by $2.9 million to $18.2 million driven by the increase in revenues partially offset by higher processing costs from the Payment Services - Puerto Rico & Caribbean segment, an increase in the costs associated with the revenue sharing agreements and an increase in operational losses.

Business Solutions
Three months ended September 30,
In thousands20242023
Revenues$61,103$56,522
Adjusted EBITDA25,50421,122
Adjusted EBITDA Margin41.7 %37.4 %

Business Solutions segment revenues for the three months ended September 30, 2024 increased by $4.6 million to $61.1 million as compared to the prior year period. This increase was primarily driven by completed projects, mainly for Popular. Adjusted EBITDA increased by $4.4 million to $25.5 million as compared to the prior year period primarily driven by the higher revenues partially offset by higher programming and equipment expenses.

Comparison of the nine months ended September 30, 2024 and 2023

Payment Services - Puerto Rico & Caribbean
Nine months ended September 30,
In thousands20242023
Revenues$159,985$150,824
Adjusted EBITDA90,06287,415
Adjusted EBITDA Margin56.3 %58.0 %

Payment Services - Puerto Rico & Caribbean segment revenues for the nine months ended September 30, 2024 increased by $9.2 million to $160.0 million when compared to the same period in the prior year. The revenue increase was primarily related to the same drivers described for the quarter in addition to increases in transaction-processing and monitoring services provided to the Latin America Payments and Solutions segment. Adjusted EBITDA increased by $2.6 million to $90.1 million. This increase was primarily driven by the same factors explained above for the quarter as well as higher professional services.

Latin America Payments and Solutions
Nine months ended September 30,
In thousands20242023
Revenues$224,914$120,548
Adjusted EBITDA54,53741,907
Adjusted EBITDA Margin24.2 %34.8 %

Latin America Payments and Solutions segment revenues for the nine months ended September 30, 2024 increased by $104.4 million to $224.9 million when compared to the same period in the prior year. The revenue increase was primarily related to the same drivers described for the quarter and the revenue contribution from the paySmart acquisition completed in the first quarter of 2024. Adjusted EBITDA increased by $12.6 million when compared to the same period in the prior year driven by the same factors explained above for the quarter.
34
Table of Contents

Merchant Acquiring
Nine months ended September 30,
In thousands20242023
Revenues$133,855$122,152
Adjusted EBITDA52,69546,569
Adjusted EBITDA Margin39.4 %38.1 %

Merchant Acquiring segment revenues for the nine months ended September 30, 2024 increased by $11.7 million to $133.9 million when compared to the same period in the prior year. The revenue increase was primarily related to the same drivers described for the quarter. Adjusted EBITDA increased by $6.1 million as compared to the prior year period driven by the same factors explained above for the quarter.

Business Solutions
Nine months ended September 30,
In thousands20242023
Revenues$181,567$169,188
Adjusted EBITDA78,31266,864
Adjusted EBITDA Margin43.1 %39.5 %

Business Solutions segment revenues for the nine months ended September 30, 2024 increased by $12.4 million to $181.6 million as compared to the prior year period. This increase was primarily driven by the same factors described for the quarter. Adjusted EBITDA increased by $11.4 million to $78.3 million as compared to the prior year period. This increase was primarily driven by the higher revenues partially offset by higher cost of sale and professional services.

Liquidity and Capital Resources

As of September 30, 2024, there were no material changes to our primary short-term and long-term requirements for liquidity and capital resources as disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operation” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024. Our principal source of liquidity is cash generated from operations, and our primary liquidity requirements are the funding of working capital needs, capital expenditures, acquisitions, dividend payments, share repurchases and debt service. We also have a $200.0 million Revolving Facility, of which $194.0 million was available for borrowing as of September 30, 2024. The Company issues letters of credit against our Revolving Facility which reduce our availability of funds to be drawn.

As of September 30, 2024, we had cash and cash equivalents of $275.4 million, of which $214.0 million resides in our subsidiaries located outside of Puerto Rico for purposes of (i) funding the respective subsidiary’s current business operations and (ii) funding potential future investment outside of Puerto Rico. We intend to reinvest these funds outside of Puerto Rico, and based on our liquidity forecast, we will not need to repatriate this cash to fund the Puerto Rico operations or to meet debt-service obligations. However, if in the future we determine that we no longer need to maintain cash balances within our foreign subsidiaries, we may elect to distribute such cash to the Company in Puerto Rico. Distributions from the foreign subsidiaries to Puerto Rico may be subject to tax withholding and other tax consequences. Additionally, our credit agreement imposes certain restrictions on the distribution of dividends from subsidiaries.

Our primary use of cash is for operating expenses, working capital requirements, capital expenditures, acquisitions, dividend payments, share repurchases, debt service, and other transactions as opportunities present themselves.

Based on our current level of operations, we believe our existing cash flows from operations and the available secured Revolving Facility will be adequate to meet our liquidity needs for at least the next twelve months from the date of this Report. However, our ability to fund future operating expenses, dividend payments, capital expenditures, mergers and acquisitions, and our ability to make scheduled payments of interest, to pay principal on or refinance our indebtedness and to satisfy any other of our present or future debt obligations will depend on our future operating performance, which may be affected by general economic, financial and other factors beyond our control.
35
Table of Contents
 Nine months ended September 30,
(In thousands)20242023
  
Cash provided by operating activities$184,897 $158,295 
Cash used in investing activities(65,462)(105,433)
Cash used in financing activities(130,281)(63,689)
Effect of foreign exchange rate on cash, cash equivalents and restricted cash(6,596)10,716 
Net decrease in cash, cash equivalents and restricted cash$(17,442)$(111)

Net cash provided by operating activities for the nine months ended September 30, 2024 was $184.9 million compared to $158.3 million for the same period in the prior year, an increase of $26.6 million as the Company continues to effectively manage working capital and benefits from cash generated at Sinqia.

Net cash used in investing activities for the nine months ended September 30, 2024 was $65.5 million compared to $105.4 million for the same period in the prior year, this decrease was primarily related to the acquisition of Paysmart completed in the first quarter of the prior year for $22.9 million and the purchase of equity securities in connection with the Sinqia transaction amounting to $26.5 million in the prior year, partially offset by an increase in additions to software and purchases of property, plant and equipment of $19.2 million and the proceeds from the sale of equity securities of $6.1 million.

Net cash used in financing activities for the nine months ended September 30, 2024 was $130.3 million compared to $63.7 million for the same period in the prior year. The increase in cash used in financing activities was primarily driven by an increase in share repurchases of $58.7 million including the impact of the ASR, cash used to pay down other financing agreements of $7.0 million, a $4.0 million increase in withholding taxes paid on share-based compensation and $3.7 million paid in other financing activities partially offset by cash used to pay down the Revolving Facility for $14.0 million in the prior year.

Capital Resources

Our principal capital expenditures are for hardware and computer software (purchased and internally developed) and additions to our property and equipment. During the nine months ended September 30, 2024 and 2023, we invested approximately $69.8 million and $50.6 million in our capital resources, respectively. Generally, we fund capital expenditures with cash generated from operations and, if necessary, borrowings under our Revolving Facility.

Dividend Payments

On February 15, 2024, April 18, 2024 and July 18, 2024, respectively, the Board declared quarterly cash dividends of $0.05 per share of common stock, which were paid on March 15, 2024, June 7, 2024 and September 6, 2024 to stockholders of record as of the close of business on February 27, 2024, April 29, 2024 and July 29, 2024.

On October 17, 2024, our Board declared a regular quarterly cash dividend of $0.05 per share on the Company’s outstanding shares of common stock. The dividend is expected to be paid on December 6, 2024 to stockholders of record as of the close of business on October 28, 2024. The Board anticipates declaring this dividend in future quarters on a regular basis; however future declarations of dividends are subject to the Board’s approval and may be adjusted as business needs or market conditions change.

Financial Obligations

Secured Credit Facilities

On December 1, 2022, EVERTEC and EVERTEC Group, entered into a credit agreement with a syndicate of lenders and Truist Bank, as administrative agent and collateral agent, providing for (i) a $415.0 million term loan A facility that matures on December 1, 2027, and a $200.0 million revolving credit facility (the “Revolving Facility”) that matures on December 1, 2027. On October 30, 2023, Evertec, EVERTEC Group and other Loan Parties (as defined in the Existing Credit Agreement) party thereto, entered into a first amendment (the “Amendment”) to the credit agreement, dated as of December 1, 2022 (the “Existing Credit Agreement,” and as amended by the Amendment, the “Amended Credit Agreement”), with a syndicate of lenders and Truist, as administrative agent and collateral agent. Under the Amended Credit Agreement, a syndicate of financial institutions and other lenders provided (i) additional term loan A commitments in the amount of $60.0 million and (ii) a new
36
Table of Contents
tranche of term loan B commitments in the amount of $600.0 million (the “TLB Facility,” and together with the Incremental TLA Facility, the “Facilities”). The $600.0 million term loan B facility matures on October 30, 2030. Unless otherwise indicated, the terms and conditions detailed below apply to both TLA facility and TLB facility. In the fourth quarter of 2023, the Company prepaid $60 million of the outstanding balance on TLB facility.

At September 30, 2024, the unpaid principal balance of the TLA Facility and TLB Facility were $435.6 million and $540.0 million, respectively. The additional borrowing capacity for the Revolving Facility at September 30, 2024 was $194.0 million, considering letters of credit issued. The Company issues letters of credit against the Revolving Facility which reduce the additional borrowing capacity of the Revolving Facility.

Deferred consideration from Business Combinations

As part of the Company’s merger and acquisition activities, the Company may enter into agreements by which a portion of the purchase price is financed directly by the seller. At September 30, 2024 and December 31, 2023, the unpaid principal balance of these agreements amounted to $11.4 million and $19.5 million, respectively. Obligations bear interest at rates ranging from 2% to 12% with maturities ranging from October 2024 through March 2027. The current portion of the deferred consideration is included in accounts payable and the long-term portion is included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheet.

Notes Payable

In September 2023, EVERTEC Group entered into a non-interest bearing financing agreement amounting to $10.1 million to purchase software and maintenance which the Company recorded on a discounted basis using an implied interest of 6.9%. As of September 30, 2024, the outstanding principal balance of the note payable on a discounted basis was $7.1 million. The current portion of the note is included in accounts payable and the long-term portion is included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheet.

Interest Rate Swaps

As of September 30, 2024, the Company has four interest rate swap agreements, which convert a portion of the interest rate payments on the Company's Term Loan Facilities from variable to fixed. The interest rate swaps are used to hedge the market risk from changes in interest rates corresponding with the Company's variable rate debt. The interest rate swaps are designated as cash flow hedges and are considered highly effective. Cash flows from the interest rate swaps are included in the accrued liabilities and accounts payable line item in the Company's unaudited condensed consolidated statements of cash flows. Changes in the fair value of the interest rate swaps are recognized in other comprehensive income (loss) until the gains or losses are reclassified to earnings. Gains or losses reclassified to earnings are presented within interest expense in the accompanying condensed consolidated statements of income and comprehensive income (loss).
Swap AgreementEffective date  Maturity Date  Notional Amount  Variable Rate  Fixed Rate
2018 SwapApril 2020November 2024$250 million1-month SOFR2.929%
2023 SwapNovember 2024December 2027$250 million1-month SOFR3.375%
2024 SwapMarch 2024October 2027$150 million1-month SOFR4.182%
2024 SwapMarch 2024October 2027$150 million1-month SOFR4.172%

As of September 30, 2024, the carrying amount of the derivatives included on the Company's unaudited condensed consolidated balance sheet was an asset of $0.7 million and a liability of $9.0 million. As of December 31, 2023, the carrying amount of the derivatives included on the Company's consolidated balance sheet was an asset of $4.4 million and a liability of $0.9 million. The fair value of these derivatives is estimated using Level 2 inputs in the fair value hierarchy on a recurring basis. Refer to Note 8 to the Unaudited Condensed Consolidated Financial Statements for disclosure of gains (losses) recorded on cash flow hedging activities.

During the three and nine months ended September 30, 2024 the Company reclassified gains of $2.5 million and $6.6 million, respectively, from accumulated other comprehensive income (loss) into interest expense compared to gains of $1.6 million and $4.0 million, respectively, for the corresponding periods in 2023. Based on expected SOFR rates, the Company expects to reclassify gains of $1.3 million from accumulated other comprehensive (loss) income into interest expense over the next 12 months.

Covenant Compliance

37
Table of Contents
As of September 30, 2024, the total secured net leverage ratio was 2.24 to 1.00. As of the date of filing of this Report, no event has occurred that constitutes an Event of Default or Default.

In this Report, we refer to the term “Adjusted EBITDA” to mean EBITDA as so defined and calculated in a substantially consistent manner for purposes of determining compliance with the total secured net leverage ratio based on the financial information for the last twelve months at the end of each quarter.

凈利潤與EBITDA、調整後EBITDA、調整後凈利潤和每股調整收益的調解（非GAAP財務指標）

本報告中提及的非GAAP指標是公司績效的補充性衡量標準，並不是根據美國通用會計原則（"GAAP"）所要求或依據的。這些指標不是根據GAAP衡量的公司財務績效，並且不應被視為總營業收入、凈利潤或任何其他根據GAAP計算的績效指標的替代選擇，也不應被視作來自經營活動的現金流的替代選擇，或者作為經營績效指標或公司的流動性衡量標準。除了GAAP指標外，管理層還使用這些非GAAP指標來專注於公司認為與其日常經營管理相關的因素，並且相信這些指標也常被分析師、投資者及其他利益相關者用來評估我們行業的公司。這些指標有某些限制，因為它們不包括反映在我們的簡明合併損益表中、且對於運行我們的業務是必要的某些費用的影響。其他公司，包括我們行業中的其他公司，可能不使用這些指標，或可能以不同於本報告所呈現的方式來計算這些指標，這限制了它們作為比較指標的有效性。

下列已包含非GAAP財務指標與最直接可比擬的GAAP指標之調解。這些非GAAP指標包括EBITDA、調整後的EBITDA、調整後的淨利潤和調整後的普通股每股盈利，分別如下所定義。

EBITDA 定義為息稅折舊攤銷前利潤。

調整後EBITDA 被定義為EBITDA進一步進行調整，以排除某些非現金項目和飛凡費用，例如：以股份為基礎的補償、與重組相關的費用、從企業交易（如併購活動和融資）、股權投資收入减去分紅派息、以及來自資產和負債在非功能貨幣中的未實現盈利和損失的影響。該指標根據會計標準第280條向首席營運決策者報告，以便就向各個部門分配資源和評估其表現作出決策。因此，將調整後的EBITDA，就公司各部門而言，按照會計準則Codification 280進行報告， 板塊報告並且被排除在證券交易委員會Regulation G和Regulation S-k條例第10（e）項下非GAAP財務指標的定義之外。公司對調整後的EBITDA的呈現在很大程度上與包含在檢驗evertec集團遵守其中條款（如有擔保的槓桿比率）的資信設施中的等效測量一致。調整後的EBITDA利潤率被定義為調整後的EBITDA佔總收入百分比。

調整後的凈利潤 被定義為調整後的EBITDA減去：運營折舊及攤銷費用，定義為GAAP折舊和攤銷費用減去收購相關無形資產（例如客戶關係、商標）的攤薄；現金利息費用定義為GAAP利息費用，減去GAAP利息收入，並調整以排除債務發行成本、溢價和折價的非現金攤銷；所得稅費用根據適用的GAAP稅率對調整後的稅前收入進行計算，考慮不確定的稅務立場、股份報酬的意外收益、外幣重估的已實現收益和損失等；以及非控股股權，減去作為收購的一部分形成的無形資產的攤薄。

每普通股的調整後收益 定義為調整後的凈利潤除以稀釋後的流通股數。

公司使用調整後的凈利潤來衡量公司的整體盈利能力，因為公司認為這樣更能反映出可比的運營表現，即通過排除由併購活動產生的非現金攤銷和折舊的影響。此外，在評估EBITDA、調整後的EBITDA、調整後的凈利潤和每股調整收益時，您應該意識到，未來公司可能會產生諸如計算時排除的支出等費用。

以下提供了凈利潤與EBITDA、調整後的EBITDA、調整後的凈利潤和每普通股調整後的收益之間的調解：
38
目錄
截至九月三十日止的三個月截至九月三十日止九個月，十二個月結束
（以千計，每股信息除外）2024202320242023二零二四年九月三十日
淨收入$25,202 $9,956 74,112 68,069 $85,919 
所得稅費用1,707 (4,858)3,100 4,546 4,031 
利息費用淨額15,008 3,783 47,078 11,830 59,057 
折舊和攤銷33,660 21,919 101,051 63,680 130,992 
利潤率75,577 30,800 225,341 148,125 279,999 
股權收入 (1)
1,929 1,834 (238)(797)(1,386)
薪酬及福利 (2)
7,595 6,970 23,186 21,516 30,982 
交易、再融資及其他 (3)
1,176 36,249 165 44,092 9,618 
外幣重估損失 (4)
1,112 2,806 3,164 7,337 4,103 
調整後的 EBITDA87,389 78,659 251,618 220,273 323,316 
營運折舊和攤銷 (5)
(16,293)(13,061)(45,732)(38,265)(60,380)
現金利息支出，淨額 (6)
(13,908)(3,755)(43,749)(11,575)(56,460)
所得稅費用 (7)
(1,234)(9,447)(3,298)(25,855)(6,481)
非控制權益 (8)
(535)50 (1,601)96 (1,954)
調整後的淨利$55,419 $52,446 $157,238 $144,674 $198,041 
每普通股淨利潤（GAAP）：
稀釋$0.38 $0.15 $1.11 $1.04 
調整後的每股盈利（非 GAAP）：
稀釋$0.86 $0.80 $2.41 $2.20 
用於計算調整後每普通股盈利的股份：
稀釋64,719,129 65,779,259 65,316,948 65,705,596 
1)代表我們從股權投資中消除的非現金權益收益，扣除已收取的分紅派息。
2)主要代表基於股份的補償及遣散支付。
3)代表與信貸協議中定義的公司交易相關的費用和開支，記錄為銷售、總務和行政費用的一部分，實現的公平市場價值變動股票區踰和外匯掉期損失的消除。
4)代表以非功能貨幣名義計量資產和負債的外匯重估的非現金未實現收益（損失）。
5)代表營運折舊和攤銷費用，不包括作為併購活動產生的金額。
6)代表利息費用，減去利息收入，如其在簡明合併損益表和綜合損益（損失）中所示，調整以排除債務發行成本的非現金攤銷、溢價和折扣的增值。
7)代表根據調整後的稅前收入計算的所得稅費用，使用適用的GAAP稅率，並調整某些離散項目。
8)代表非控制性股權利益，扣除因購買過程中創造的無形資產的攤銷。

關鍵的會計估計

我們的合併基本報表是根據GAAP準備的。在準備我們的基本報表時，我們需要對未來事件作出估計和假設，並運用判斷來影響某些資產和負債的報告金額，在某些情況下，也影響報告期間的收入和費用的金額。我們的假設、估計和判斷是基於歷史經驗、當前事件和管理層認為在我們的簡明合併基本報表準備時相關的其他因素。然而，由於未來事件本質上具有不確定性，且其影響無法確定，實際結果可能與我們的假設和估計有所不同，這些差異可能是重大的。有關公司關鍵會計估計的說明，請參見“第二部分—第7項-管理層的財務狀況與結果的討論與分析”。
39
目錄
公司於2024年2月29日向SEC提交的2023財務年度10-K年報中的「運營關鍵會計估算」。
項目3.有關市場風險的定量和質量披露

我們暴露於從我們正常業務活動中產生的市場風險。這些市場風險主要涉及利率期貨變動可能會對我們的財務資產和負債、未來現金流和收益產生不利影響的可能性，貨幣兌換風險可能導致不利的外幣翻譯調整和通脹。市場風險是由市場利率和價格不利變化帶來的潛在損失。以下分析提供了有關這些風險的定量和定性信息。

利率風險

利率風險高度敏感，受多個因素影響，包括美國的貨幣和稅收政策、美國和國際經濟因素以及其他我們無法控制的因素。

我們發行了浮動利率的債務，該債務受利率波動的影響。我們的擔保信貸設施利息以變量計算，並且有一個底線或最低利率。根據2024年9月30日我們未償債務的敏感性分析，假設利率在我們的擔保信貸設施的債務餘額上提高100個基點，將使我們的年度利息支出增加約430萬美元。未來因利率變動而帶來的利息支出影響將主要取決於當時我們借款的總額。

截至2024年9月30日，該公司有四份利率掉期協議，將公司的定期貸款設施的利息支付的一部分從變動利率債務轉換為固定利率。

利率掉期使我們面臨信用風險，若掉期協議的對手方未能或無法履行其義務。名義金額用於衡量應支付或應收的利息，並不代表信用損失的風險金額。損失將限於掉期剩餘期間內本應收到的金額（如有）。掉期的對手方是主要的美國金融機構，我們期望所有對手方能夠履行其在掉期下的義務。我們僅為對沖目的使用衍生金融工具，而非交易或投機目的。

請參閱未經審計的合併基本報表的第5條註釋，以獲取與擔保信用設施相關的更多資訊。

匯率期貨風險

我們在拉丁美洲某些國家進行業務，並且我們已確定該地區的功能貨幣不同於美元。基於此，我們的營運結果受到由於該國功能貨幣匯率波動而產生的波動風險影響。非功能貨幣交易被重新計量為功能貨幣，這導致透過其他收入（費用）錄得外匯損益。到2024年9月30日止的三個月和九個月內，公司認列了分別為110萬和320萬美元的非現金未實現外幣重新計量損失，相較於2023年同時期的280萬和730萬美元損失。對於功能貨幣不同於美元的子公司，其資產和負債在資產負債表日按匯率轉換為美元，收入和費用則以期間內的平均匯率轉換。由此產生的外幣轉換調整在縮編後的綜合資產負債表中報告為累計其他綜合（損）收益。截至2024年9月30日，公司在累計其他綜合（損）收益中有6060萬美元的不利外幣轉換調整，而截至2023年12月31日為1480萬美元的有利外幣轉換調整。

通脹風險

盡管難以準確衡量通脹對我們營運業績和財務狀況的影響，但我們認為，通脹對我們歷史營運業績和財務狀況的影響，若有的話，已經不重要。我們業務地區的一般通脹水平已上升至近年未曾有過的水平，然而，鑒於整體通脹被銷售和成本減少行動所抵銷，通脹對我們營運業績的凈影響歷來極小。投入成本上升，包括工資和福利、佔用成本和一般行政成本，可能對我們的營運業績和財務狀況產生負面影響，並且可能不輕易獲得補救。
40
目錄
我們可以從客戶那裡回收。 此外，通脹推動了利率上升的環境，這對我們的資金成本產生了不利影響，同時也導致外幣兌換匯率的波動性增強。 雖然我們積極嘗試減輕這些上升的成本，但我們可能無法完全抵消這些影響，這可能對我們的控制項產生負面影響。 因此，我們無法保證未來的控制項和財務狀況不會受到通脹的重大影響。

第四項。控制與程序。

揭示控制和程序的評估

我們的管理層在首席執行官和財務長的參與下，已評估我們的披露控制和程序的有效性（該術語根據1934年證券交易法第13a-15(e)條規和15d-15(e)條規的定義）截至本報告涵蓋的期間結束時。 根據他們的評估，首席執行官和財務長已得出結論，截至2024年9月30日，公司的披露控制和程序是有效的。

財務報告內部控制變更

我們於2023年11月1日完成了對Sinqia公司的收購（詳見基本報表附註2）。我們排除了Sinqia的披露控制和程序，這些控制和程序已納入其財務報告內部控制的範圍之內，不包括在公司披露控制和程序有效性評估的範圍內。這種排除符合SEC工作人員的一般指引，根據該指引，對最近收購的業務的評估可以在收購後一年內不納入管理評估的範圍內。我們正在並將繼續將Sinqia整合到我們的整體內部控制環境中。我們相信我們已採取必要措施，在持續進行的整合過程中監控和維護適當的財務報告內部控制。

除了上述所述，最近一個財政季度內，我們的財務報告內部控制沒有發生任何變更，這些變更實質性影響，或可能合理地影響我們的財務報告內部控制。
41
目錄
第二部分。其他資訊
項目1. 法律訴訟

我們是各種訴訟或仲裁程序中的被告，這些程序源於正常的業務活動。管理層根據法律顧問的意見和其他因素認為，這些行動可能產生的合併負債不會對公司的財務控制項、營運成果和現金流造成重大不利影響。

第1A項。風險因素

關於2023年結束於12月31日提交給SEC的我們年度10-K表格所述風險因素，沒有重大變化。有關我們相關潛在風險和不確定性的討論，請參閱我們年度10-K表格所述的「項目1A. 風險因素」。


第 2 項。未註冊的股票發行和款項使用

下表總結了截至2024年9月30日的三個月內公司回購普通股的情況：

周期購買的總股數每股平均價格
作為公開宣布計劃的一部分，購買的股份總數 (1)
尚可在該計劃下購買的股票的大致美元價值
9/1/2024-9/30/2024374,091 32.86374,091 
374,091 $32.86 374,091 $137,700,000 

(1) 於2024年3月4日，公司宣布其董事會批准增加目前的股票
回購計劃，授權購買最多合計$22000萬的公司的普通股，並將計劃的到期日延長至2025年12月31日。在回購計劃下，公司可以在公開市場中回購股份，通過加速回購計劃、Rule 10b5-1計劃，或在私下協商的交易中進行，這取決於業務機會和其他因素。

項目3. 違約的優先證券

無。

第4項。礦山安全披露。

不適用。

項目5。其他信息。

無。

42
目錄
項目6. 附件
 
3.1
3.2
31.1*
31.2*
32.1**
32.2**
101.INS XBRL*內聯實例文件-實例文件未出現在互動數據文件中，因為其XBRL標籤嵌入在內聯XBRL文件中。
101.SCH XBRL*內嵌分類擴充模式
101.CAL XBRL*內嵌分類擴充計算連結底稿
101.DEF XBRL*內嵌分類擴充定義連結底稿
101.LAB XBRL*內嵌分類擴充標籤連結底稿
101.PRE XBRL*內聯分類擴充介紹鏈結基礎
104*
封面互動數據檔（格式為內嵌XBRL，包含於展覽101中）
* 附帶提交。
備有如下物品。


 


43
目錄
簽名
根據1934年證交法的要求，發行人已授權本人代表其正式簽署本報告。
 
evertec, Inc.
(申報人)
日期：2024年11月8日由：/s/ Morgan Schuessler
Morgan Schuessler
首席執行官（主要執行官）
日期：2024年11月8日由：/s/ 霍亞金·卡斯特里略-薩爾加多
霍金·A·卡斯特里奧-薩爾加多
財務長（信安金融長兼首席會計長）

44