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内容表
美国
证券交易委员会
华盛顿特区20549 
 
表格 10-Q
 
 
☒根据1934年证券交易所法案第13或第15(D)条的季度报告。
截至2024年6月30日季度结束 2024年9月30日 或 
☐根据1934年证券交易法第13或15(d)条规定的过渡报告
过渡期间从                  到                 
委员会档案编号 001-35872
 
 埃弗泰克股份有限公司
（根据其凭证所指定的注册申请者确切名称） 
  
波多黎各 66-0783622
(依据所在地或其他管辖区)
的注册地或组织地点)		 (I.R.S. 雇主识别号码)
1000 Skokie Blvd., Suite 350
Cupey Center大楼，176号公路，1.3公里，
圣胡安，波多黎各 00926
(总部办公地址) (邮递区号)
(787) 759-9999
(注册人电话号码，包括区号)
不适用
(如与上次报告不同，列明前名称、前地址及前财政年度)
根据1973年证券交易法第12(b)条规定注册的证券：
每种类别的名称交易标的（s）每个注册交易所的名称
每股普通股0.01美元EVTC纽交所
标示勾选，该登记人（1）已依照1934年证券交易法第13条或第15(d)条的规定在过去12个月内提交所有所需提交的报告（或者对于该登记人需要提交此类报告的更短时期），并且（2）在过去90天内一直受到该提交要求的规定。是  ☒    不是  ☐
请勾选，表明在过去12个月内（或要求提交此类文件的时间较短期间内）登记申报人已依照章程S-t规则405条（本章节第232.405条）的要求提交了每份互动数据文件。是  ☒    不是  ☐

内容表
请勾选是否申报人为大型快速减速器、快速减速器、非快速减速器、较小的报告公司或新兴增长型公司。参阅《交易所法》第1202条中「大型快速减速器」、「快速减速器」、「较小的报告公司」和「新兴增长型公司」的定义。 
大型加速归档人☒  加速档案提交者 ☐
非加速申报公司☐  较小报告公司 ☐
新兴成长型公司
☐
如果一家新兴成长型公司，请用勾选标记表示该申报人已选择不使用根据证交所法案13(a)条款提供的任何新的或修订过的财务会计准则的延长过渡期。 ☐
在核准书上打勾表示公司是否为壳公司（如交易所法规定的第1202条所定义）。 是☐否☒
请表示于最近可行日期，每种发行人普通股的流通股数。
在2024年11月1日 63,614,077 EVERTEC公司普通股的流通股数。


内容表
目录
 


  页
第一部分 基本报表资料
项目 1.基本报表
项目2。
项目3。
项目4。
项目 1。
第1项事项
项目 2。
项目 3。
第4条。
项目5。
第六项。



















内容表
前瞻性陈述

本份第10-Q表格（本「报告」）包含根据1995年《私人证券诉讼改革法》的意义，并受保护的「前瞻性陈述」。我们希冀此前瞻性陈述受到1933年证券法的第27A条修订（「证券法」）及1934年证券交易法的第21E条修订（「交易法」）中关于前瞻性陈述的安全港规定之保障。本报告内包含的所有非历史事实陈述，包括但不限于我们在行业板块中的领导地位；我们未来的营运和财务状况；我们的业务策略；未来营运的管理目标，包括但不限于我们预期的增长、国际扩张和未来的资本支出；市场条件和其他宏观经济因素对我们业务、财务状况和营运结果的影响；未来分红宣告的时间；我们现金及现金等价物的充裕性；我们未来的资本支出和偿债义务；以及对收购的预期效益和相关成本的期望，均属前瞻性陈述。

像是「相信」、「预期」、「预计」、「打算」、「计划」、「估计」及类似的未来或条件动词表达，例如「会」、「应该」、「会」、「可能」和「可以」或这些词的否定形式或变体或类似术语，通常具有前瞻性，而非历史事实。读者被提醒这些前瞻性陈述并不保证未来的表现，并可能涉及重大的风险和不确定性，实际结果可能因各种因素而与前瞻性陈述中的结果有重大差异。影响我们业务的因素，以及在未来可能影响我们业务的因素包括：

•我们对于与Popular, Inc.（「Popular」）的关系在我们的第二修订及重述主要服务协议（「A&R MSA」）下，对我们收入中的相当一部分的依赖，以及这可能会影响我们扩展业务的能力；
•我们有能力根据有利于我们的条款续签客户合同，包括但不限于与Popular的当前期限及任何MSA的延长。
•我们对于处理系统、科技基础设施、安防系统和欺诈支付检测系统的依赖，以及我们的员工和某些我们合作的第三方的依赖，还有如果我们的系统被骇或以其他方式受到妥协时对我们业务的风险；
•我们具备开发、安装和采用新软体、科技和电脑系统的能力；
•由于金融服务行业的合并和/或失败导致客户基数减少;
•我们商户客户的信用风险，对此我们可能也要承担责任；
•ATH网络的持续市场地位；
•消费者信心的下降，无论是因为全球货币经济衰退还是其他原因，将导致消费支出的减少；
•我们对信用卡协会的依赖，包括任何信用卡协会或网络规则或费用的不利变化；
•监管环境的变化以及宏观经济、市场、国际、法律、税收、政治或行政条件的变化，包括通胀或衰退的风险，或2024年美国和波多黎各大选的结果；
•我们在波多黎各的业务地理集中度，包括我们与波多黎各政府及其机构的业务，面临著政治和财政挑战；
•波多黎各一般经济状况的其他不利变化，无论是由于政府的债务危机还是其他原因，包括波多黎各人持续向美国本土迁移，这可能会对我们的客户群、一般消费支出、运营成本以及我们招聘和留住合格员工的能力产生负面影响；
•在拉丁美洲、波多黎各和加勒比海运营国际业务，面对潜在的政治和经济不稳定的司法管辖区；
•外汇汇率对业务的影响；
•我们保护知识产权免受侵犯并抵御第三方侵权诉讼的能力；
•我们遵守美国联邦、州、地方和外国监管要求的能力;
•不断演变的行业标准和全球经济、政治和其他条件的不利变化；

目录
•我们的负债水平及利率期货上升的影响，包含在我们的债务协议中的限制，包括担保信贷设施，以及将来可能承担的债务；
•我们能够保护我们的IT系统，防止网络安全概念攻击或信息安全泄露；
•我们可能失去在波多黎各的优惠税率的可能性；
•我们成功将Sinqia S.A.（"Sinqia"）整合到公司中的能力，以及实现对我们每股普通股预期增益的能力；
•在收购Sinqia时任何员工或客户的流失；以及
•未来对我们在拉丁美洲、波多黎各和加勒比海主要市场造成影响的灾难性飓风、地震及其他潜在自然灾害的可能性。

这些前瞻性声明涉及多项风险和不确定性，可能导致实际结果与前瞻性声明所暗示的结果存在显著差异。因此，应在考虑多种因素的情况下来看待前瞻性声明，包括我们于2024年2月29日向证券交易委员会（"SEC"）提交的截至2023年12月31日的年度报告表格10-K中第1部分，第1A项下列出的"风险因素"，以及在本报告的第I部分，第2项的"管理层财务状况及营运结果的讨论与分析"及本报告的其他部分，并可能在我们随后向SEC的档案中获得更新。公司无义务公开发布对任何前瞻性声明的修订，报告事件或报告意外事件的发生，除非法律要求这么做。.

你可以在哪里找到更多资讯

我们向美国证券交易委员会（SEC）提交的所有报告均可通过SEC网站www.sec.gov的电子数据收集、分析和检索（EDGAR）系统免费获取。我们还会应要求免费提供SEC档案的副本，并在向SEC提交此类材料后，尽快在我们的网站www.evertecinc.com上提供报告的电子副本以供下载。





目录


EVERTEC, Inc. 未经审计的总体资产负债表
(以千为单位，除股份资讯外)
1
目录
2024年9月30日2023年12月31日
资产
流动资产：
现金及现金等价物$275,359 $295,600 
受限现金25,663 23,073 
应收帐款，净额131,101 126,510 
结算资产37,441 51,467 
预付费用及其他资产64,071 64,704 
流动资产总额533,635 561,354 
以公允价值计量的可供出售债务证券 1,726 2,095 
权益证券，以公允价值衡量5,287 9,413 
对股权投资的投资28,550 21,145 
不动产及设备，净额64,178 62,453 
经营租赁权使用资产11,329 14,796 
商誉750,542 791,700 
其他无形资产净值443,444 518,070 
递延所得税资产32,751 47,847 
衍生资产749 4,385 
其他长期资产22,774 27,005 
总资产$1,894,965 $2,060,263 
负债及股东权益
当前负债：
应计负债$119,169 $129,160 
应付账款53,702 66,516 
合同负债23,034 21,055 
应付所得税5,674 3,402 
长期债务的当期偿还23,867 23,867 
营业租赁负债流动部分7,478 6,693 
结算负债37,500 47,620 
流动负债总额270,424 298,313 
长期负债930,851 946,816 
递延所得税负债45,116 87,916 
合同负债 - 长期56,652 41,825 
营运租赁负债 - 长期5,174 9,033 
衍生负债9,001 900 
其他长期负债31,804 40,084 
总负债1,349,022 1,424,887 
承诺与或然性 （14.注）
可赎回非控制权益39,771 36,968 
股东权益
优先股，面额 $0.01; 2,000,000 授权的股份； 无 已发行
— — 
普通股，面额 $0.01; 206,000,000 授权的股份； 63,609,122 截至2024年9月30日发行及流通的股份数量（截至2023年12月31日 - 65,450,799)
636 654 
资本公积额额外增资5,079 36,527 
累积盈余562,727 538,903 
其他综合（损失）收益，税后净额(65,823)18,209 
股东权益总额502,619 594,293 
不可赎回的非控制性权益3,553 4,115 
总股东权益506,172 598,408 
负债加股东权益总额$1,894,965 $2,060,263 
附注是这些未经审计的简明综合财务报表的一个组成部分。
2
目录
EVERTEC, Inc. 未经审核的综合收益及损益简明综合表
(以千元计算，每股资讯除外)
 

 截至九月三十日的三个月 截至9月30日的九个月
 2024202320242023
  
收入$211,795 $173,198 $629,091 $500,088 
营业费用
营业收入成本，不包括折旧和摊销102,497 81,280 302,426 238,149 
销售、一般及行政费用34,097 30,437 107,910 83,834 
折旧及摊销33,660 21,919 101,051 63,680 
营业成本和费用总额170,254 133,636 511,387 385,663 
营业收入41,541 39,562 117,704 114,425 
非营业收入（费用）
利息收入3,696 1,926 10,274 5,162 
利息支出(18,704)(5,709)(57,352)(16,992)
外币重新计量的损失(1,112)(2,806)(3,164)(7,337)
外币掉期的损失— (29,225)— (29,225)
股权投资收益1,099 1,197 3,266 3,828 
其他收入，净额389 153 6,484 2,754 
总非营业费用(14,632)(34,464)(40,492)(41,810)
税前收入26,909 5,098 77,212 72,615 
所得税费用（利益） 1,707 (4,858)3,100 4,546 
净利润25,202 9,956 74,112 68,069 
减：归属于非控股权益的净利润（损失）524 (80)1,554 (174)
归属于EVERTEC, Inc.普通股股东的净利润24,678 10,036 72,558 68,243 
其他全面收入（损失），扣除税项后为$(3,898), $329, $(3,267和美元，分别剩余余额为美元。18
外币转换调整15,354 (11,332)(75,473)9,426 
(亏损)现金流对冲的收益(11,937)3,468 (8,555)3,739 
可供出售的债券的公允价值变动的未实现损失(1)(11)(4)(31)
其他全面收入（损失），税后净额$3,416 $(7,875)$(84,032)$13,134 
归属于EVERTEC, Inc.普通股股东的总全面收入（损失）$28,094 $2,161 $(11,474)$81,377 
每股基本净利润归属于EVERTEC, Inc.的普通股股东$0.39 $0.16 $1.12 $1.05 
每股稀释净利润归属于EVERTEC, Inc.的普通股股东$0.38 $0.15 $1.11 $1.04 

附注是这些未经审计的简明综合财务报表的一个组成部分。
3
目录
EVERTEC, Inc.未经审核的简明股东权益变动财务报表
(以千为单位，除股份资讯外)
数量
股票的
Common
股票		Common
股票		追加
已缴资本
资本		累积的
盈余		累积
其他
全面收益（亏损）		非控制权益（不包括可赎回非控制权益）总计
股东的
权益
截至2023年12月31日的余额65,450,799 $654 $36,527 $538,903 $18,209 $4,115 $598,408 
认列股份报酬— — 7,349 — — — 7,349 
回购普通股(1,516,793)(15)(30,943)(39,042)— — (70,000)
发放限制性股票单位474,953 5 (9,761)— — — (9,756)
净利润（损失）— — — 16,497 — (110)16,387 
普通股现金分红，$0.05 每股
— — — (3,273)— — (3,273)
赎回性非控制权益按赎回价值调整— — (3,172)— — — (3,172)
普通股回购的消费税 — — — (550)— — (550)
其他综合损失— — — — (24,131)(23)(24,154)
截至2024年3月31日的余额64,408,959 $644 $— $512,535 $(5,922)$3,982 $511,239 
分红派息认列的股份报酬— — 7,660 — — — 7,660 
交付的限制性股票股份37,252 — (69)— — — (69)
净利润（损失）— — — 31,383 — (73)31,310 
普通股股息现金，$0.05 每股
— — — (3,220)— — (3,220)
将可赎回非控制权益调整为赎回价值— — 3,186 — — — 3,186 
撤销普通股回购的消费税— — — 550 — — 550 
其他综合损失— — — — (63,317)(264)(63,581)
截至2024年6月30日的余额64,446,211 $644 $10,777 $541,248 $(69,239)$3,645 $487,075 
认列与股份相关的报酬— — 7,378 — — — 7,378 
回购普通股(841,453)(8)(12,285)— — — (12,293)
已交付限制性股票单位4,364 — (82)— — — (82)
净利润（损失）— — — 24,678 — (84)24,594 
宣布普通股的现金分红，$0.05 每股
— — — (3,199)— — (3,199)
调整可赎回非控股权益至赎回价值— — (709)— — — (709)
其他综合收益（亏损）— — — — 3,416 (8)3,408 
2024年9月30日的账面63,609,122 $636 $5,079 $562,727 $(65,823)$3,553 $506,172 
4
目录
数量
股票的
Common
股票		Common
股票		追加
已缴资本
资本		累积的
盈余		累积
其他
综合
（亏损）收益		非控制权益（不包括可赎回非控制权益）总计
股东的
权益
2022年12月31日结余64,847,233 $648 $— $487,349 $(16,486)$3,237 $474,748 
已认列股份报酬— — 5,557 — — — 5,557 
回购普通股(187,976)(1)— (6,268)— — (6,269)
已发放限制性股票单位419,205 4 (5,557)(321)— — (5,874)
净利润 — — — 30,052 — 11 30,063 
普通股现金分红派息，$0.05 每股
— — — (3,249)— — (3,249)
其他综合收益— — — — 16,040 125 16,165 
2023年3月31日结束余额65,078,462 $651 $— $507,563 $(446)$3,373 $511,141 
认可的股份报酬— — 6,499 — — — 6,499 
回购普通股(268,398)(3)(6,418)(3,100)— — (9,521)
交付的有限制股票单位29,045 — (81)— — — (81)
净利润（损失）— — — 28,155 — (105)28,050 
普通股股息现金分红，$0.05 每股
— — — (3,254)— — (3,254)
其他综合收益— — — — 4,969 339 5,308 
2023年6月30日结余64,839,109 $648 $— $529,364 $4,523 $3,607 $538,142 
认列基于股份的报酬— — 6,756 — — — 6,756 
回购普通股(208,564)(2)(2,031)(5,775)— — (7,808)
发放限制性股票单位377 — (322)321 — — (1)
净利润— — — 10,036 — (80)9,956 
普通股宣布派发现金股息，$0.05 每股
— — — (3,232)— — (3,232)
其他综合（损失）收益— — — — (7,875)411 (7,464)
2023年9月30日的结余64,630,922 646 4,403 530,714 (3,352)3,938 536,349 

附注是这些未经审计的简明综合财务报表的一个组成部分。
5
目录
EVERTEC, Inc. 未经审核的简明综合现金流量表（以千计）
 截至9月30日的九个月
 20242023
来自经营活动的现金流量
净利润74,112 68,069 
调整净利润以达经营活动所提供之净现金流量：
折旧及摊销101,051 63,680 
债务发行成本的摊销及折扣的增长3,576 1,795 
营运租赁摊销5,340 4,619 
外汇套期保值未实现损失— 29,225 
递延税益(20,275)(16,491)
基于股份的报酬22,387 18,812 
出售股票所获得之利益(2,599)— 
权益法投资的收益(3,266)(3,828)
权益法投资的分红派息3,364 3,497 
外币重新计量的损失3,164 7,337 
其他，净额(287)380 
资产增加或减少：
应收帐款，净额(838)(4,590)
预付费用及其他资产(1,791)(11,181)
其他长期资产3,247 (1,013)
(负债减少) 增加负债:
应计负债及应付帐款(12,046)12,224 
应付所得税2,359 (9,108)
合同负债12,038 (1,146)
租赁负债(5,341)(3,739)
其他长期负债702 (247)
所有调整项目合计110,785 90,226 
经营活动产生的净现金流量184,897 158,295 
投资活动产生的现金流量
新增软体 (48,778)(34,193)
购置的固定资产及设备(21,050)(16,406)
收购可供出售的债务证券— (962)
对股权投资的投资(2,000)(5,500)
可供出售债务证券到期的收益370 1,048 
购买股权证券(132)(26,505)
出售股权证券的收益6,128 — 
并购，扣除所得现金净额— (22,915)
投资活动中使用的净现金(65,462)(105,433)
财务活动中的现金流量
基于股份的补偿所支付的预扣税(9,907)(5,956)
短期借款的净减少— (14,000)
分红派息(9,692)(9,735)
回购普通股(82,293)(23,598)
还债长期借款(17,900)(15,563)
偿还其他融资协议(7,046)— 
结算活动，净值209 5,163 
其他筹资活动，净额(3,652)— 
筹集资金的净现金流量(130,281)(63,689)
汇率对现金、现金等价物及受限现金的影响(6,596)10,716 
813,840(17,442)(111)
期初的现金、现金等价物、受限现金及包含在结算资产中的现金343,724 215,657 
期末的现金、现金等价物、受限现金及包含在结算资产中的现金$326,282 $215,546 
附注是这些未经审计的简明综合财务报表的一个组成部分。
6
目录
基本报表未经审核简明合并财务报表注脚


 
7
目录
注1 – 公司和报告表述基础

这家公司

evertec, Inc.及其子公司（统称为「公司」或「evertec」）是拉丁美洲、波多黎各和加勒比海地区领先的全方位交易处理业务和金融科技提供商。该公司总部位于波多黎各，提供广泛的商户收单、支付服务和业务流程管理服务。该公司在区域内运营， 26 拥有并运营ATH网络，我们认为这是加勒比海和拉丁美洲领先的个人身份识别号码借记网络之一。此外，evertec还提供一套全面的服务，涵盖波多黎各的核心银行、现金处理和履行以及在公司服务的所有地域板块的科技外包服务。evertec服务著广泛而多元化的客户群，包括领先的金融机构、商户、企业和政府机构，提供对其业务运营至关重要的解决方案。

报告基础

evertec的未经审核简明综合财务报表已按照美利坚合众国通用会计准则（“GAAP”）和第10-Q表格指引以及S-X条例10条准备。附带未经审核简明综合财务报表的准备要求管理层进行估计和假设，这些估计和假设会影响未经审核简明综合财务报表日资产和负债的金额报告。实际结果可能与这些估计不同。

根据GAAP编制的基本报表中，某些信息和附注披露通常包含在内，但根据美国证券交易委员会的规则和条例，这些报表已经进行了简化或省略，因此，这些未经审核的简明合并基本报表应与公司截至2023年12月31日的经审核合并基本报表一起阅读，该报表包含在公司2023年度10-K报告中。管理层认为，这些符合GAAP的未经审核简明合并基本报表包含了公平呈现所需的所有调整。公司内部账户及交易在合并时予以消除。某些来自前期的数额已被重新分类，以符合本期的呈现。

展示方式变更

在2024年第二季度，公司选择改变了将与结算活动相关的现金流量呈现方式，从营运活动改为融资活动，显示在简明综合现金流量表中。为配合此变更，公司将重新分类截至2023年9月30日之九个月期间的比较金额。结算现金及现金等价物代表从代理人、支付网络、银行合作伙伴、商户或直接消费者收到的现金。在某些情况下，这些金额可能被投资到短期、高度流动的投资中，从资金收集之时直到支付给适用的收款人。此变更不会影响简明综合资产负债表、简明综合损益表或简明股东权益变动表。

以下表格列出了现金流量汇总财务报表中呈现变化的影响：

截至2023年9月30日止的九个月
(千元)如先前报告调整调整后
经营活动现金流量：
应计负债及应付帐款17,387 (5,163)12,224 
经营活动产生的净现金流量163,458 (5,163)158,295 
来自筹资活动的现金流量:
结算活动，净值— 5,163 5,163 
筹集资金的净现金流量(68,852)5,163 (63,689)


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注释2 – 业务收购

收购业务

在2023年11月1日，公司完成了对 100% 的Sinqia S.A.（“Sinqia”）已发行股份的收购，该公司是在巴西联邦共和国法律下成立及存在的公开公司。公司通过其全资子公司Evertec Brasil Informática S.A（“Evertec BR”）完成了此次收购。根据ASC 805-10-25-15，Evertec在收购日期后享有不超过12个月的调整营业组合临时金额的时间。在2024年，公司根据在此期间获得的附加信息，调整了营业租赁使用权资产、商誉、长期递延所得税资产、营业租赁负债、递延所得税负债及其他无形资产。 根据收购日期的适用交易所汇率，购买价格分配如下：
资产/负债（按公允价值计算）
（以千为单位）
现金及现金等价物$37,147 
受限现金2,166 
应收帐款，净额9,989 
预付费用及其他资产5,975 
不动产及设备，净额3,618 
经营租赁权使用资产3,191 
初步商誉341,801 
权益证券，以公允价值衡量9,035 
长期递延税款资产28,758 
其他无形资产净值289,540 
其他长期资产5,455 
总资产收购$736,675 
应付账款13,241 
应计负债40,775 
营业租赁负债4,114 
长期债务的当期偿还11,400 
长期负债57,492 
合同负债7,356 
递延所得税负债76,150 
其他长期负债15,134 
总承担负债$225,662 
可赎回的非控股权益39,340 
资本公积额额外增资471,673 
负债加股东权益总额$736,675 

下表详细列出所收购的主要无形资产类别及这些资产的加权平均摊销期：

金额加权平均寿命
（金额以千元计）
客户关系$155,876 18
商标47,688 10
软体套件85,976 10
总计$289,540 14
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参见注释4- 商誉和其他无形资产 详细查看可报告部门配置的商誉。 商誉主要归因于向Sinqia的客户提供公司的产品和服务，将Sinqia的产品出口到公司存在的其他市场，以及组建的员工队伍。目前，先前的Sinqia收购相关的部分商誉在法定基础上可以扣除所得税。


注释 3 – 资产和设备净值

有形资产及设备净额包括以下内容：
（金额以千元计）使用年限
以年计		2024年9月30日2023年12月31日
建筑物30$2,135 $2,193 
数据处理设备
3 - 5
188,239 187,761 
家具和设备
3 - 20
10,410 10,281 
租赁改良
5 -10
5,301 4,876 
206,085 205,111 
减少 - 累计折旧及摊销(143,373)(144,117)
可折旧资产，净额62,712 60,994 
土地1,466 1,459 
不动产及设备，净额$64,178 $62,453 

截至2024年9月30日结束的三个月和九个月，与物业和设备相关的折旧和摊销费用分别为$5.8 百万美元和$16.9 百万美元，相较之下， 美元5.4 百万 及15.9 分别为2023年同期的$百万美元。

注意 4– 商誉和其他无形资产

商誉攸关金额的变动，分配给营运部门的情况如下（见附注15）：
(单位: 千元)付款
服务 -
波多黎各及加勒比海		拉丁美洲支付与解决方案商户
收购，净值		业务
解决方案		总计
截至2023年12月31日的余额$160,972 $452,597 $138,121 $40,010 $791,700 
对前一年收购的商誉进行调整— (1,352)— — (1,352)
外币转换调整— (39,806)— — (39,806)
2024年9月30日的账面$160,972 $411,439 $138,121 $40,010 $750,542 

自 8 月 31 日起，商誉会按年度进行减值测试，如果事件或情况变化表明可能有损失，则更频繁地测试。本公司可以通过定性或定量分析进行商誉减值测试。在定性分析中，公司评估报表单位的公平价值是否低于其帐面价值「更有可能」。在定量分析中，本公司将报表单位的估计公平价值与其帐面价值（包括商誉）进行比较。该公司截至 2024 年 8 月 31 日为拉丁美洲支付和解决方案报告单位进行定量评估，并对支付服务-波多黎各和加勒比海、商户收购、净值和商业解决方案报告单位进行定性评估。对于 2023 年度减值测试，对公司所有报告单位进行定量评估。根据截至 2024 年 8 月 31 日及 2023 年 8 月 31 日进行的分析，报表单位的公平价值超过报表单位的帐面价值。 否 减值损失是根据截至二零二四年九月三十日或 2023 年 9 月 30 日止期间进行的评估来记录。

截至2024年9月30日及2023年12月31日，其他无形资产的账面值如下：
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  2024年9月30日
（金额以千元计）使用年限总额
金额		累积的
摊销		净携带
金额
客户关系
8 - 20
$555,918 $(388,673)$167,245 
商标
10 - 15
88,904 (48,487)$40,417 
软体套件
3 - 10
536,261 (303,494)$232,767 
竞业禁止协议53,614 (599)$3,015 
其他无形资产净值$1,184,697 $(741,253)$443,444 

  2023年12月31日
（金额以千元计）使用年限（以年计）总额
金额		累积的
摊销		净携带
金额
客户关系
8 - 20
$568,284 $(340,952)$227,332 
商标
1 - 15
94,203 (41,319)52,884 
软体套件
3 - 10
510,898 (274,610)236,288 
竞业禁止协议51,735 (169)1,566 
其他无形资产净值$1,175,120 $(657,050)$518,070 

截至2024年9月30日止三个月和九个月的其他无形资产摊销费用分别为$27.9 百万美元和$84.2 百万，相比于2023年相应时期。 $16.6 分别在营业费用中分别达到百万美元和 $47.8 百万 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年相应时期。

其他无形资产余额截至2024年9月30日的预估摊提费用，截至2024年底及此后年份如下：
(单位: 千元)
剩余2024年$26,889 
202587,352 
202674,160 
202761,995 
202849,658 
其后143,390 

备注5 - 债务与短期借款

截至2024年9月30日和2023年12月31日的债务如下：
(单位: 千元)2024年9月30日2023年12月31日
2027年期A贷款以变动利率（SOFR加上适用的差额）计息(1)(2))
$432,310 $449,450 
2030年期B贷款以变动利率（SOFR加上适用的差额）计息(1)(3))
522,408 521,233 
业务组合产生的递延支付11,422 19,467 
到期日期为2030年9月1日的应付票据(1)
7,110 7,403 
总负债$973,250 $997,553 
 
(1)撇除未摊销的折扣和未摊销的债务发行成本（如适用）。
(2)受最低利率（“SOFR底价”）的限制为 0.00% 加上适用的利差 2.00％于2024年9月30日，并且 1.50% 截至2023年12月31日。
(3)受制于SOFR的最低利率为 0.50%加上适用的利差为 3.25%在2024年9月30日及适用的利差为 3.50％于2023年12月31日。

有担保信贷设施

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2022 年 12 月 1 日，恒达集团与永达集团与贷款机构及信联银行作为行政代理及抵押代理商签订信贷协议，规定 (i) 一元415.0百万定期贷款 2027 年 12 月 1 日到期的设施和一美元200.0于二零二七年十二月一日到期的百万循环信贷款额（「循环设施」）。2023 年 10 月 30 日，恒泰集团及其他贷款方（如现有信贷协议所定义）签订信贷协议的第一次修订（「修订」），于 2022 年 12 月 1 日（「现有信贷协议」及修订后的「修订信贷协议」），并与贷款人和 Truist 组成的行政代理人和抵押代理人。根据修订的信贷协议，金融机构和其他贷款人组成的协会提供 (i) 额外的定期贷款 A 承诺，金额为 $60.0百万元及 (ii) 新分期贷款 b 承诺，金额为 $600.0百万元（「特兰基金设施」，并与增量的 TLA 设施一起称为「设施」）。$600.0百万定期贷款 b 设施于二零零年十月三十日届满。除非另有说明，否则以下详细的条款和条件均适用于 TLA 设施和 TLb 设施。2023 年第四季度，公司预付 $60特兰银行设施的未偿还余额的百万。

截至2024年9月30日，TLA设施和TLb设施的未偿还本金余额分别为$435.6 百万美元和$540.0 百万元。至2024年9月30日，循环设施的额外借款能力为$194.0百万元，考虑到已发出的信用证。公司根据循环设施发出信用证，这会减少循环设施的额外借款能力。

业务组合中的递延酬金

作为公司的并购活动的一部分，公司可能会订立协议，直接由卖方提供部分购买价款。截至2024年9月30日和2023年12月31日，这些协议的未支付本金余额分别为$11.4百万和$19.5百万。债务利率从 2的某个百分比至 12％，到期日从2024年10月至2027年3月不等。这些逾期支付的当期部分已纳入应付帐款，而长期部分已纳入公司未经审核简明合并资产负债表中的其他长期负债。

应付票据

2023年9月，evertec集团达成一项金额为$的无息轴承融资协议。10.1百万美元，以购买软体和维护的款项，该公司以折现方式记录，并使用隐含利率%。 6.9截至2024年9月30日，按折现方式计算的应付票据的未偿本金余额为$百万。7.1该票据的当期部分已列入应付款项中，长期部分已列入公司未经审计的简明综合资产负债表中的其他长期负债中。

利率期货

截至2024年9月30日，该公司持有 利率期货 合约。 四 利率期货 合约用于将公司的定期贷款设施上的利息支付的一部分从变量 变量 变为固定。 这些 利率期货 用于对冲公司变动利率债务所产生的市场风险。 这些 利率期货 被指定为现金流对冲工具，并且被认为高度有效。 利率期货 的现金流量包括在公司未经审核的简明综合现金流量表中应计的负债和应付帐款项目中。 利率期货 公平价值的变化在其他全面收益（损失）中予以承认，直到获利或亏损被重新分类至收入。 被重新分类至收入的获利或亏损呈现在附表中收入 和 综合收益（损失） 的简明合并收入与综合收益（损失）中的利息费用中。
互换协议生效日期  到期日  名义金额  变量利率  固定利率
2018 交换2020年4月2024年11月$250 百万1个月SOFR2.929%
2023交换2024年11月2027年12月$250 百万1个月SOFR3.375%
2024掉期2024年3月2027年10月$150 百万1个月SOFR4.182%
2024掉期2024年3月2027年10月$150 百万1个月SOFR4.172%

截至2024年9月30日，包含在公司未经审核的简明综合账目表中的衍生工具的摊销金额为资产$0.7 百万和负债$9.0 百万。截至2023年12月31日，包含在公司未经审核的简明综合账目表中的衍生工具的摊销金额为资产$4.4 百万和负债$0.9百万。这些衍生工具的公平价值是根据定期使用公平价值层次结构中的2级输入来估算的。请参考附注8，关于现金流量避险活动记录的收益（亏损）的披露。

2024年9月30日结束的三个月和九个月期间，公司将来自累积其他综合收益（损失）的收益重新分类为利息费用，金额分别为$2.5 百万美元和$6.6 百万，相较之下，从累积其他1.6 分别在营业费用中分别达到百万美元和
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$4.0 至于2023年相应的期间，预计为百万。根据预期的SOFR利率，公司预计将把$1.3 百万的累计其他综合（亏损）收入重新分类进入未来12个月的利息支出。

注释6 – 金融工具与公允值测量

定期公允价值测量

以下表格显示了2024年9月30日和2023年12月31日定期以公允价值衡量的资产和负债：

2024年9月30日
2023年12月31日
(单位: 千元)
第2级
Level 3
净资产价值衡量
总计
第2级
Level 3
总计
财务资产：
可供出售的债务证券
$1,726 $— $— $1,726 $2,095 $— $2,095 
股票投资
— — 5,287 5,287 6,447 2,966 9,413 
利率掉期
749 — — 749 4,385 — 4,385 
财务负债：
利率掉期
9,001 — — 9,001 900 — 900 

可供出售的债务证券（"AFS"）

哥斯达黎加政府担保债务由一个信托在哥斯达黎加国家银行持有，作为结算活动的抵押要求。公司可以根据需要替换证券，但必须根据交易量维持一定水平的抵押品。 不 在截至2024年9月30日的九个月内进行了债券的购买或出售。在截至2023年9月30日的九个月期间，公司购买了价值$1.0百万的债券，被归类为可供出售。 不 在同一期间出售了债券。在截至2024年9月30日和2023年9月30日的九个月期间，到期的债券分别为$0.4百万和$1.0百万。为信贷损失提供的资金未能在2024年9月30日或2023年9月30日的财年中提出。

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:

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(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.

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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
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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.

限制性股票单位的归属取决于奖励协议中定义的服务和/或绩效条件。获得带有服务条件的时间基础奖励的员工，若在归属日期之前仍向公司提供服务，则有权在归属日期获得公司普通股的特定数量。时间基础奖励通常在以下期间内归属， 三年 以基本相等的分期付款方式从授予日期开始，并于每年2月25日结束2022年长期激励计划、每年2月24日结束2023年长期激励计划，以及每年2月28日结束2024年长期激励计划。在2022年和2023年，公司还授予了具有 三年 服务归属期的时间基础奖励，该奖励将于2025年2月25日和2026年2月24日分别完全归属。

对于2022年LTIP、2023年LTIP和2024年LTIP下的基于表现的奖励，薪酬委员会确定了调整后的息税前利润、所得税、折旧及摊销前利润（“调整后的EBITDA”）作为主要绩效评估指标，同时通过市场发展总股东回报（“TSR”）绩效调整项目来保持对总股东回报的关注。调整后的EBITDA指标是基于年度调整后的EBITDA目标，可导致结果在某一性水平之间。 0%及 200，具体取决于绩效水平。TSR修饰调整了根据调整后的EBITDA表现而获得的股份，上下调整（+/-）在该期结束时相对于指数Russell 2000指数中的公司的相对TSR。 25%%）基于公司相对TSR与该期结束时在Russell 2000 Index中的公司相比的绩效水平。调整后的EBITDA表现指标将根据授予年年初1月1日开始，年底12月31日结束的，在此期间薪酬委员会设定的目标相对于目标计算。所获得的股份将受到另外 三年 的%%）基于公司相对TSR，谁率先在该期结束时占据Russell 2000 Index中的公司相比的绩效情况。调整后的EBITDA表现指标将根据授予年年初1月1日开始，年底12月31日结束的，在此期间薪酬委员会设定的目标相对于目标计算。 一年 %%）基于公司相对TSR与该期结束时在Russell 2000 Index中的公司相比的绩效水平。调整后的EBITDA表现指标将根据授予年年初1月1日开始，年底12月31日结束的，在此期间薪酬委员会设定的目标相对于目标计算。 两年锁定期 服务奖励授予期限为2025年2月25日，适用于2022年 LTIP，2026年2月24日，适用于2023年 LTIP，2027年2月28日，适用于2024年 LTIP。除非在奖励协议中另有规定或在就业协议中另有约定，否则员工在授予之前自愿离职时奖励将被没收。

下表总结截至2024年9月30日的九个月内未成熟的限制性股票单位（RSUs）活动：
非有资格RSUs股份未行使期权、认股权或认购权之加权平均行使价
授予日期公允价值
2023年12月31日时的未发放股票1,799,012 $39.42 
已授予1,153,892 36.79 
已归属(785,000)39.31 
放弃(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日的三个月和九个月，公司分别从在大冢协议下提供的许可、合作和版税收入中确认了$ 营业收入。7.4 百万美元和$22.4 百万元的股权补偿费用，与$相比。6.7 百万美元和$18.8 分别为2023年同期的$百万美元。

截至2024年9月30日，RSU的最大未确认成本为$。46.8 百万。预计将在加权平均期间确认该成本。 2.1 年。

Note 10 – 收入

营业收入的分解
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本公司将来自客户合同的营业收入划分为主要地理市场、产品和服务的性质，以及商品和服务的转移时间。本公司的运营分部是根据公司所提供的产品和服务的性质，以及公司经营的主要地理市场来确定的。按分部划分的营业收入详情请参见附注15， 分部资料。

在下面的表格中，各个部门的营业收入（不包括部门间的收入）按收入的时间进行了详细分类。
在指明时期内的认可。


2024年9月30日结束的三个月
(单位: 千元)付款服务 - 波多黎各及加勒比海拉丁美洲支付与解决方案商户收购，净业务解决方案总计
营业收入确认的时机
在某一时间点转让的产品和服务$42 $1,258 $— $766 $2,066 
随著时间推移转让的产品和服务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日结束的三个月
(单位: 千元)支付服务 - 波多黎各及加勒比海拉丁美洲支付与解决方案商户收单，净额业务解决方案总计
营业收入确认的时机
在某一时刻转移的产品和服务$107 $581 $— $2,396 $3,084 
随著时间转移的产品和服务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日止的九个月
(单位: 千元)付款服务-波多黎各和加勒比地区拉丁美洲支付与解决方案商户收购，净额业务解决方案总计
营业收入确认的时机
产品和服务在某一时间点转移$152 $2,811 $— $4,894 $7,857 
产品和服务随著时间的推移逐步转移103,292 207,414 133,855 176,673 $621,234 
$103,444 $210,225 $133,855 $181,567 $629,091 


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2023年9月30日结束的九个月
(单位: 千元)支付服务 - 波多黎各及加勒比海拉丁美洲支付与解决方案商户收单，净额业务解决方案总计
营业收入确认的时机
在某一时点转移的产品和服务$345 $1,834 $— $6,053 $8,232 
随时间转移的产品和服务100,651 105,917 122,152 163,136 491,856 
$100,996 $107,751 $122,152 $169,189 $500,088 

单一客户Popular在截至2024年9月30日和2023年的每个季度的营业收入所占比例分别约为 32%及 34%，分别。截至2024年9月30日和2023年的九个月，这一百分比分别约为 31%及 36%。截至2024年9月30日和2013年12月31日，Popular的应收账款金额合计为$42.1百万和$40.5分别为。

合约余额

下表提供了截至2024年9月30日的九个月及截至2023年12月31日的年度，与客户签订合约的资产资讯。
(单位: 千元)2024年9月30日2023年12月31日
期初结余$13,917 $4,749 
服务转移给客户15,878 28,165 
转移至应收账款(18,469)(18,997)
期末结余$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
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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 

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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:
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 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.

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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
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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日的三个月
(单位: 千元)付款
服务 -
波多黎各及加勒比海		拉丁美洲支付与解决方案商户
收购，净值		业务
解决方案
公司及其他 (1)
总计
收入$51,600 $46,155 $40,557 $56,522 $(21,636)$173,198 
营业费用28,402 38,608 26,997 40,643 (1,014)133,636 
折旧及摊销6,203 4,898 1,078 4,478 5,262 21,919 
非营业收入（费用）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、再融资和其他(3)
269 3,451 — — 34,363 38,083 
(收益) 外币重估损失 (4)
(87)2,885 — — 8 2,806 
调整后EBITDA$30,356 $17,492 $15,300 $21,122 $(5,611)$78,659 
(1)企业与其他包括企业总部开支、部分杠杆活动、其他非营业费用以及分部间消除等项目。分部间收入消除主要反映了$营业收入13.5百万美元的处理费用来自支付服务 - 波多黎各及加勒比海 到 商户收购，内部软体开发和交易处理$百万4.4百万美元来自拉丁美洲支付与解决方案 它们分别提供给 支付服务 - 波多黎各及加勒比海 和 业务解决方案，以及来自支付服务 - 波多黎各及加勒比海 到 拉丁美洲支付与解决方案的交易处理和监控费用$百万3.7百万美元来自支付服务 - 波多黎各及加勒比海 到 拉丁美洲支付与解决方案
23
目录
(2)主要代表基于股份的补偿及遣散支付。
(3)主要代表根据信贷协议所定义的企业交易相关费用及支出、汇率交换损失，以及从股权投资中消除未实现收益，并扣除已收的分红派息。
(4)代表以非功能货币名义计量资产和负债的外汇重估的非现金未实现收益（损失）。

截至二零二四年九月三十日止九个月
(以千计)付款
服务-
波多黎各和加勒比海		拉丁美洲支付与解决方案商人
收购，净值		商业
解决方案
企业及其他 (1)
总计
收入$159,985 $224,914 $133,855 $181,567 $(71,230)

$629,091 
营运成本和开支95,829 221,241 87,531 120,461 (13,675)

511,387 
折旧和摊销22,357 45,460 3,859 13,802 15,573 101,051 
非营业收入431 3,627 — 456 2,072 6,586 
利润率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、再融资及其他费用 (3)
1,019 (6,015)243 329 4,351 (73)
外币重估 (收益) 亏损 (4)
(128)3,291 — — 1 3,164 
调整后的 EBITDA$90,062 $54,537 $52,695 $78,312 $(23,988)$251,618 

(1)企业与其他部门包括企业管理费用、某些杠杆活动、其他非营业费用及部门间消除。部门间营收消除主要反映了来自支付服务-波多黎各及加勒比海的$43.2百万的处理费用转至商户收单机构、内部软体开发和交易处理的$14.7百万，来自拉丁美洲支付和解决方案转至支付服务-波多黎各及加勒比海和业务解决方案，以及$13.4百万的交易处理和监控费用，来自支付服务-波多黎各及加勒比海转至拉丁美洲支付和解决方案。
(2)主要代表基于股份的补偿及遣散支付。
(3)主要代表与信贷协议中定义的企业交易相关的费用和支出，包括对股票证券的实现收益消除，以及对股票投资的未实现收益消除，扣除已收到的分红。
(4)代表以非功能货币名义计量资产和负债的外汇重估的非现金未实现收益（损失）。

截至二零二三年九月三十日止九个月
(以千计)付款
服务-
波多黎各和加勒比海		拉丁美洲支付与解决方案商人
收购，净值		商业
解决方案
企业及其他 (1)
总计
收入$150,824 $120,548 $122,152 $169,188 $(62,624)

$500,088 
营运成本和开支85,019 101,586 81,302 118,653 (897)

385,663 
折旧和摊销18,178 13,002 3,357 13,436 15,707 63,680 
非营业收入（费用）590 (3,643)308 667 (27,902)(29,980)
利润率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、再融资及其他费用 (3)
850 3,704 — — 38,741 43,295 
外币重估 (收益) 亏损 (4)
(41)7,372 — — 6 7,337 
调整后的 EBITDA$87,415 $41,907 $46,569 $66,864 $(22,482)$220,273 

(1)企业及其他部分包括企业的间接费用、某些杠杆活动、其他非营运费用以及部门间的相互抵消。部门间的营业收入抵消主要反映来自支付服务 - 波多黎各及加勒比海的$39.9百万处理费给商户收购，包括内部公司的软体开发及$12.8百万来自拉丁美洲支付与解决方案的交易处理给支付服务 - 波多黎各及加勒比海以及业务解决方案，还有$9.9百万的交易处理和监控费用，从支付服务 - 波多黎各及加勒比海到拉丁美洲支付与解决方案。
(2)主要代表基于股份的赔偿和离职赔偿。
(3)主要代表与信用协议中定义的公司交易相关的费用和开支、外币兑换亏损以及消除股票投资未实现收益（除去收到的股息）。
(4)代表在非主要功能货币计价的资产和负债的非现金未实现汇兑盈利（损失）

24
目录

将合并净利润调整为EBITDA的调解如下:
 截至9月30日的三个月截至9月30日的九个月
(单位: 千元)2024202320242023
净利润$25,202 $9,956 $74,112 $68,069 
加:
所得税（利益）费用1,707 (4,858)3,100 4,546 
利息费用，净额15,008 3,783 47,078 11,830 
折旧及摊销33,660 21,919 101,051 63,680 
总息税前利润（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
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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
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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
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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

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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.

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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

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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,
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•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
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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.
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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.
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 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
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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

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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.

净利润与EBITDA、调整后EBITDA、调整后净利润和每股调整收益的调解（非GAAP财务指标）

本报告中提及的非GAAP指标是公司绩效的补充性衡量标准，并不是根据美国通用会计原则（"GAAP"）所要求或依据的。这些指标不是根据GAAP衡量的公司财务绩效，并且不应被视为总营业收入、净利润或任何其他根据GAAP计算的绩效指标的替代选择，也不应被视作来自经营活动的现金流的替代选择，或者作为经营绩效指标或公司的流动性衡量标准。除了GAAP指标外，管理层还使用这些非GAAP指标来专注于公司认为与其日常经营管理相关的因素，并且相信这些指标也常被分析师、投资者及其他利益相关者用来评估我们行业的公司。这些指标有某些限制，因为它们不包括反映在我们的简明合并损益表中、且对于运行我们的业务是必要的某些费用的影响。其他公司，包括我们行业中的其他公司，可能不使用这些指标，或可能以不同于本报告所呈现的方式来计算这些指标，这限制了它们作为比较指标的有效性。

下列已包含非GAAP财务指标与最直接可比拟的GAAP指标之调解。这些非GAAP指标包括EBITDA、调整后的EBITDA、调整后的净利润和调整后的普通股每股盈利，分别如下所定义。

EBITDA 定义为息税折旧摊销前利润。

调整后EBITDA 被定义为EBITDA进一步进行调整，以排除某些非现金项目和飞凡费用，例如：以股份为基础的补偿、与重组相关的费用、从企业交易（如并购活动和融资）、股权投资收入减去分红派息、以及来自资产和负债在非功能货币中的未实现盈利和损失的影响。该指标根据会计标准第280条向首席营运决策者报告，以便就向各个部门分配资源和评估其表现作出决策。因此，将调整后的EBITDA，就公司各部门而言，按照会计准则Codification 280进行报告， 板块报告并且被排除在证券交易委员会Regulation G和Regulation S-k条例第10（e）项下非GAAP财务指标的定义之外。公司对调整后的EBITDA的呈现在很大程度上与包含在检验evertec集团遵守其中条款（如有担保的杠杆比率）的资信设施中的等效测量一致。调整后的EBITDA利润率被定义为调整后的EBITDA占总收入百分比。

调整后的净利润 被定义为调整后的EBITDA减去：运营折旧及摊销费用，定义为GAAP折旧和摊销费用减去收购相关无形资产（例如客户关系、商标）的摊薄；现金利息费用定义为GAAP利息费用，减去GAAP利息收入，并调整以排除债务发行成本、溢价和折价的非现金摊销；所得税费用根据适用的GAAP税率对调整后的税前收入进行计算，考虑不确定的税务立场、股份报酬的意外收益、外币重估的已实现收益和损失等；以及非控股股权，减去作为收购的一部分形成的无形资产的摊薄。

每普通股的调整后收益 定义为调整后的净利润除以稀释后的流通股数。

公司使用调整后的净利润来衡量公司的整体盈利能力，因为公司认为这样更能反映出可比的运营表现，即通过排除由并购活动产生的非现金摊销和折旧的影响。此外，在评估EBITDA、调整后的EBITDA、调整后的净利润和每股调整收益时，您应该意识到，未来公司可能会产生诸如计算时排除的支出等费用。

以下提供了净利润与EBITDA、调整后的EBITDA、调整后的净利润和每普通股调整后的收益之间的调解：
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截至九月三十日止的三个月截至九月三十日止九个月，十二个月结束
（以千计，每股信息除外）2024202320242023二零二四年九月三十日
净收入$25,202 $9,956 74,112 68,069 $85,919 
所得税费用1,707 (4,858)3,100 4,546 4,031 
利息费用净额15,008 3,783 47,078 11,830 59,057 
折旧和摊销33,660 21,919 101,051 63,680 130,992 
利润率75,577 30,800 225,341 148,125 279,999 
股权收入 (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、再融资及其他 (3)
1,176 36,249 165 44,092 9,618 
外币重估损失 (4)
1,112 2,806 3,164 7,337 4,103 
调整后的 EBITDA87,389 78,659 251,618 220,273 323,316 
营运折旧和摊销 (5)
(16,293)(13,061)(45,732)(38,265)(60,380)
现金利息支出，净额 (6)
(13,908)(3,755)(43,749)(11,575)(56,460)
所得税费用 (7)
(1,234)(9,447)(3,298)(25,855)(6,481)
非控制权益 (8)
(535)50 (1,601)96 (1,954)
调整后的净利$55,419 $52,446 $157,238 $144,674 $198,041 
每普通股净利润（GAAP）：
稀释$0.38 $0.15 $1.11 $1.04 
调整后的每股盈利（非 GAAP）：
稀释$0.86 $0.80 $2.41 $2.20 
用于计算调整后每普通股盈利的股份：
稀释64,719,129 65,779,259 65,316,948 65,705,596 
1)代表我们从股权投资中消除的非现金权益收益，扣除已收取的分红派息。
2)主要代表基于股份的补偿及遣散支付。
3)代表与信贷协议中定义的公司交易相关的费用和开支，记录为销售、总务和行政费用的一部分，实现的公平市场价值变动股票区逾和外汇掉期损失的消除。
4)代表以非功能货币名义计量资产和负债的外汇重估的非现金未实现收益（损失）。
5)代表营运折旧和摊销费用，不包括作为并购活动产生的金额。
6)代表利息费用，减去利息收入，如其在简明合并损益表和综合损益（损失）中所示，调整以排除债务发行成本的非现金摊销、溢价和折扣的增值。
7)代表根据调整后的税前收入计算的所得税费用，使用适用的GAAP税率，并调整某些离散项目。
8)代表非控制性股权利益，扣除因购买过程中创造的无形资产的摊销。

关键的会计估计

我们的合并基本报表是根据GAAP准备的。在准备我们的基本报表时，我们需要对未来事件作出估计和假设，并运用判断来影响某些资产和负债的报告金额，在某些情况下，也影响报告期间的收入和费用的金额。我们的假设、估计和判断是基于历史经验、当前事件和管理层认为在我们的简明合并基本报表准备时相关的其他因素。然而，由于未来事件本质上具有不确定性，且其影响无法确定，实际结果可能与我们的假设和估计有所不同，这些差异可能是重大的。有关公司关键会计估计的说明，请参见“第二部分—第7项-管理层的财务状况与结果的讨论与分析”。
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公司于2024年2月29日向SEC提交的2023财务年度10-K年报中的「运营关键会计估算」。
项目3.有关市场风险的定量和质量披露

我们暴露于从我们正常业务活动中产生的市场风险。这些市场风险主要涉及利率期货变动可能会对我们的财务资产和负债、未来现金流和收益产生不利影响的可能性，货币兑换风险可能导致不利的外币翻译调整和通胀。市场风险是由市场利率和价格不利变化带来的潜在损失。以下分析提供了有关这些风险的定量和定性信息。

利率风险

利率风险高度敏感，受多个因素影响，包括美国的货币和税收政策、美国和国际经济因素以及其他我们无法控制的因素。

我们发行了浮动利率的债务，该债务受利率波动的影响。我们的担保信贷设施利息以变量计算，并且有一个底线或最低利率。根据2024年9月30日我们未偿债务的敏感性分析，假设利率在我们的担保信贷设施的债务余额上提高100个基点，将使我们的年度利息支出增加约430万美元。未来因利率变动而带来的利息支出影响将主要取决于当时我们借款的总额。

截至2024年9月30日，该公司有四份利率掉期协议，将公司的定期贷款设施的利息支付的一部分从变动利率债务转换为固定利率。

利率掉期使我们面临信用风险，若掉期协议的对手方未能或无法履行其义务。名义金额用于衡量应支付或应收的利息，并不代表信用损失的风险金额。损失将限于掉期剩余期间内本应收到的金额（如有）。掉期的对手方是主要的美国金融机构，我们期望所有对手方能够履行其在掉期下的义务。我们仅为对冲目的使用衍生金融工具，而非交易或投机目的。

请参阅未经审计的合并基本报表的第5条注释，以获取与担保信用设施相关的更多资讯。

汇率期货风险

我们在拉丁美洲某些国家进行业务，并且我们已确定该地区的功能货币不同于美元。基于此，我们的营运结果受到由于该国功能货币汇率波动而产生的波动风险影响。非功能货币交易被重新计量为功能货币，这导致透过其他收入（费用）录得外汇损益。到2024年9月30日止的三个月和九个月内，公司认列了分别为110万和320万美元的非现金未实现外币重新计量损失，相较于2023年同时期的280万和730万美元损失。对于功能货币不同于美元的子公司，其资产和负债在资产负债表日按汇率转换为美元，收入和费用则以期间内的平均汇率转换。由此产生的外币转换调整在缩编后的综合资产负债表中报告为累计其他综合（损）收益。截至2024年9月30日，公司在累计其他综合（损）收益中有6060万美元的不利外币转换调整，而截至2023年12月31日为1480万美元的有利外币转换调整。

通胀风险

尽管难以准确衡量通胀对我们营运业绩和财务状况的影响，但我们认为，通胀对我们历史营运业绩和财务状况的影响，若有的话，已经不重要。我们业务地区的一般通胀水平已上升至近年未曾有过的水平，然而，鉴于整体通胀被销售和成本减少行动所抵销，通胀对我们营运业绩的净影响历来极小。投入成本上升，包括工资和福利、占用成本和一般行政成本，可能对我们的营运业绩和财务状况产生负面影响，并且可能不轻易获得补救。
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我们可以从客户那里回收。 此外，通胀推动了利率上升的环境，这对我们的资金成本产生了不利影响，同时也导致外币兑换汇率的波动性增强。 虽然我们积极尝试减轻这些上升的成本，但我们可能无法完全抵消这些影响，这可能对我们的控制项产生负面影响。 因此，我们无法保证未来的控制项和财务状况不会受到通胀的重大影响。

第四项。控制与程序。

揭示控制和程序的评估

我们的管理层在首席执行官和财务长的参与下，已评估我们的披露控制和程序的有效性（该术语根据1934年证券交易法第13a-15(e)条规和15d-15(e)条规的定义）截至本报告涵盖的期间结束时。 根据他们的评估，首席执行官和财务长已得出结论，截至2024年9月30日，公司的披露控制和程序是有效的。

财务报告内部控制变更

我们于2023年11月1日完成了对Sinqia公司的收购（详见基本报表附注2）。我们排除了Sinqia的披露控制和程序，这些控制和程序已纳入其财务报告内部控制的范围之内，不包括在公司披露控制和程序有效性评估的范围内。这种排除符合SEC工作人员的一般指引，根据该指引，对最近收购的业务的评估可以在收购后一年内不纳入管理评估的范围内。我们正在并将继续将Sinqia整合到我们的整体内部控制环境中。我们相信我们已采取必要措施，在持续进行的整合过程中监控和维护适当的财务报告内部控制。

除了上述所述，最近一个财政季度内，我们的财务报告内部控制没有发生任何变更，这些变更实质性影响，或可能合理地影响我们的财务报告内部控制。
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第二部分。其他资讯
项目1. 法律诉讼

我们是各种诉讼或仲裁程序中的被告，这些程序源于正常的业务活动。管理层根据法律顾问的意见和其他因素认为，这些行动可能产生的合并负债不会对公司的财务控制项、营运成果和现金流造成重大不利影响。

第1A项。风险因素

关于2023年结束于12月31日提交给SEC的我们年度10-K表格所述风险因素，没有重大变化。有关我们相关潜在风险和不确定性的讨论，请参阅我们年度10-K表格所述的「项目1A. 风险因素」。


第 2 项。未注册的股票发行和款项使用

下表总结了截至2024年9月30日的三个月内公司回购普通股的情况：

周期购买的总股数每股平均价格
作为公开宣布计划的一部分，购买的股份总数 (1)
尚可在该计划下购买的股票的大致美元价值
9/1/2024-9/30/2024374,091 32.86374,091 
374,091 $32.86 374,091 $137,700,000 

(1) 于2024年3月4日，公司宣布其董事会批准增加目前的股票
回购计划，授权购买最多合计$22000万的公司的普通股，并将计划的到期日延长至2025年12月31日。在回购计划下，公司可以在公开市场中回购股份，通过加速回购计划、Rule 10b5-1计划，或在私下协商的交易中进行，这取决于业务机会和其他因素。

项目3. 违约的优先证券

无。

第4项。矿山安全披露。

不适用。

项目5。其他信息。

无。

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项目6. 附件
 
3.1
3.2
31.1*
31.2*
32.1**
32.2**
101.INS XBRL*内联实例文件-实例文件未出现在互动数据文件中，因为其XBRL标签嵌入在内联XBRL文件中。
101.SCH XBRL*内嵌分类扩充模式
101.CAL XBRL*内嵌分类扩充计算连结底稿
101.DEF XBRL*内嵌分类扩充定义连结底稿
101.LAB XBRL*内嵌分类扩充标签连结底稿
101.PRE XBRL*内联分类扩充介绍链结基础
104*
封面互动数据档（格式为内嵌XBRL，包含于展览101中）
* 附带提交。
备有如下物品。


 


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签名
根据1934年证交法的要求，发行人已授权本人代表其正式签署本报告。
 
evertec, Inc.
(申报人)
日期：2024年11月8日由：/s/ Morgan Schuessler
Morgan Schuessler
首席执行官（主要执行官）
日期：2024年11月8日由：/s/ 霍亚金·卡斯特里略-萨尔加多
霍金·A·卡斯特里奥-萨尔加多
财务长（信安金融长兼首席会计长）

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