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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023 or | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
COMMISSION FILE NUMBER 001-35872
EVERTEC, Inc.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
| | | | | | | | | | | |
| Puerto Rico | | 66-0783622 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. employer
identification number) |
| |
| Cupey Center Building, | Road 176, Kilometer 1.3, | | |
| San Juan, | Puerto Rico | | 00926 |
| (Address of principal executive offices) | | (Zip Code) |
(787) 759-9999
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | EVTC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | | | Accelerated filer | | ☐ |
| Non-accelerated filer | ☐ | | | Smaller reporting company | | ☐ |
Emerging growth company | ☐ | | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
At October 20, 2023, there were 64,630,922 outstanding shares of common stock of EVERTEC, Inc.
TABLE OF CONTENTS
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| | | Page |
| Part I. FINANCIAL INFORMATION | |
| Item 1. | Financial Statements | |
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| Item 2. | | |
| Item 3. | | |
| Item 4. | | |
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| Item 1. | | |
| Item 1A. | | |
| Item 2. | | |
| Item 3. | | |
| Item 4. | | |
| Item 5. | | |
| Item 6. | | |
| |
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Words such as “believes,” “expects,” "anticipates," "intends," "projects," “estimates,” and “plans” and similar expressions of future or conditional verbs such as "will," "should," "would," "may," and "could" or the negatives of theses terms or variations of them or similar terminology are generally forward-looking in nature and not historical facts. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business and could impact our business in the future are:
•our reliance on our relationship with Popular, Inc. (“Popular”) for a significant portion of our revenues pursuant to our second amended and restated Master Services Agreement (“MSA”) with them, and as it may impact our ability to grow our business;
•our ability to renew our client contracts on terms favorable to us, including but not limited to the current term and any extension of the MSA with Popular;
•our dependence on our processing systems, technology infrastructure, security systems and fraudulent payment detection systems, as well as on our personnel and certain third parties with whom we do business, and the risks to our business if our systems are hacked or otherwise compromised;
•our ability to develop, install and adopt new software, technology and computing systems;
•a decreased client base due to consolidations and/or failures in the financial services industry;
•the credit risk of our merchant clients, for which we may also be liable;
•the continuing market position of the ATH network;
•a reduction in consumer confidence, whether as a result of a global economic downturn or otherwise, which leads to a decrease in consumer spending;
•our dependence on credit card associations, including any adverse changes in credit card association or network rules or fees;
•changes in the regulatory environment and changes in macroeconomic, market, international, legal, tax, political, or administrative conditions, including inflation or the risk of recession;
•the geographical concentration of our business in Puerto Rico, including our business with the government of Puerto Rico and its instrumentalities, which are facing severe political and fiscal challenges;
•additional adverse changes in the general economic conditions in Puerto Rico, whether as a result of the government’s debt crisis or otherwise, including the continued migration of Puerto Ricans to the U.S. mainland, which could negatively affect our customer base, general consumer spending, our cost of operations and our ability to hire and retain qualified employees;
•operating an international business in Latin America and the Caribbean, in jurisdictions with potential political and economic instability;
•the impact of foreign exchange rates on operations;
•our ability to protect our intellectual property rights against infringement and to defend ourselves against claims of infringement brought by third parties;
•our ability to comply with U.S. federal, state, local and foreign regulatory requirements;
•evolving industry standards and adverse changes in global economic, political and other conditions;
•our level of indebtedness and the impact of rising interest rates, restrictions contained in our debt agreements, including the secured credit facilities, as well as debt that could be incurred in the future;
•our ability to prevent a cybersecurity attack or breach to our information security;
•the possibility that we could lose our preferential tax rate in Puerto Rico;
•failure to satisfy one or more conditions to closing of the Sinqia Transaction (as defined below);
•our inability to integrate Sinqia (as defined below) successfully into the Company or to achieve expected accretion to our earnings per common share;
•any loss of personnel or customers in connection with the Transaction;
•any cost and other terms of new debt financing incurred in connection with the Transaction; and
•any possibility of future catastrophic hurricanes, earthquakes and other potential natural disasters affecting our main markets in Latin America and the Caribbean.
These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under Part 1, Item 1A. "Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2023, as updated by Part II, Item 1A.“Risk Factors” in this Report, and in Part I, Item 2.“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Report, as may be updated in our subsequent filings with the SEC. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless it is required to do so by law.
WHERE YOU CAN FIND MORE INFORMATION
All reports we file with the SEC are available free of charge via the Electronic Data Gathering Analysis and Retrieval (EDGAR) System on the SEC’s website at www.sec.gov. We also provide copies of our SEC filings at no charge upon request and make electronic copies of our reports available for download through our website at www.evertecinc.com as soon as reasonably practicable after filing such material with the SEC.
EVERTEC, Inc. Unaudited Condensed Consolidated Balance Sheets
(In thousands, except share information)
| | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| Assets | | | | |
| Current Assets: | | | | |
| Cash and cash equivalents | | $ | 177,821 | | | $ | 185,274 | |
| Restricted cash | | 20,607 | | | 18,428 | |
| Accounts receivable, net | | 115,779 | | | 111,493 | |
| Settlement assets | | 34,771 | | | 31,542 | |
| Prepaid expenses and other assets | | 53,373 | | | 42,392 | |
| Total current assets | | 402,351 | | | 389,129 | |
| Debt securities available-for-sale, at fair value | | 2,079 | | | 2,203 | |
| Equity securities, at fair value | | 25,992 | | | — | |
| Investment in equity investee | | 20,011 | | | 14,661 | |
| Property and equipment, net | | 56,957 | | | 56,387 | |
| | | | |
| Operating lease right-of-use asset | | 12,523 | | | 15,918 | |
| Goodwill | | 434,496 | | | 423,392 | |
| Other intangible assets, net | | 220,240 | | | 200,320 | |
| Deferred tax asset | | 18,280 | | | 5,701 | |
| Derivative asset | | 11,492 | | | 7,440 | |
| Net investment in leases | | — | | | 14 | |
| Other long-term assets | | 17,039 | | | 16,578 | |
| Total assets | | $ | 1,221,460 | | | $ | 1,131,743 | |
| Liabilities and stockholders’ equity | | | | |
| Current Liabilities: | | | | |
| Accrued liabilities | | $ | 91,310 | | | $ | 80,666 | |
| Accounts payable | | 52,403 | | | 29,730 | |
| Contract liability | | 14,428 | | | 15,226 | |
| Income tax payable | | 958 | | | 9,406 | |
| Current portion of long-term debt | | 20,750 | | | 20,750 | |
| Short-term borrowings | | 6,000 | | | 20,000 | |
| | | | |
| Current portion of operating lease liability | | 5,979 | | | 5,936 | |
| Settlement liabilities | | 27,684 | | | 26,696 | |
| Foreign currency swap liability | | 29,225 | | | — | |
| Total current liabilities | | 248,737 | | | 208,410 | |
| Long-term debt | | 374,656 | | | 389,498 | |
| Deferred tax liability | | 10,828 | | | 10,111 | |
| Contract liability - long term | | 34,062 | | | 34,068 | |
| Operating lease liability - long-term | | 7,045 | | | 10,788 | |
| | | | |
| Other long-term liabilities | | 9,783 | | | 4,120 | |
| Total liabilities | | 685,111 | | | 656,995 | |
| Commitments and contingencies (Note 15) | | | | |
| Stockholders’ equity | | | | |
Preferred stock, par value $0.01; 2,000,000 shares authorized; none issued | | — | | | — | |
Common stock, par value $0.01; 206,000,000 shares authorized; 64,630,922 shares issued and outstanding as of September 30, 2023 (December 31, 2022 - 64,847,233) | | 646 | | | 648 | |
| Additional paid-in capital | | 4,403 | | | — | |
| Accumulated earnings | | 530,714 | | | 487,349 | |
| Accumulated other comprehensive loss, net of tax | | (3,352) | | | (16,486) | |
| Total EVERTEC, Inc. stockholders’ equity | | 532,411 | | | 471,511 | |
| Non-controlling interest | | 3,938 | | | 3,237 | |
| Total equity | | 536,349 | | | 474,748 | |
| Total liabilities and equity | | $ | 1,221,460 | | | $ | 1,131,743 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
EVERTEC, Inc. Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except per share information)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended September 30, | | Nine months ended September 30, | | |
| | | 2023 | | 2022 | | 2023 | | 2022 | | | | |
| | | | | | | | | | | | | |
| Revenues (affiliates Note 16) | | $ | 173,198 | | | $ | 145,803 | | | $ | 500,088 | | | $ | 456,622 | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Operating costs and expenses | | | | | | | | | | | | |
| Cost of revenues, exclusive of depreciation and amortization | | 81,280 | | | 76,272 | | | 238,149 | | | 215,244 | | | | | |
| Selling, general and administrative expenses | | 30,437 | | | 26,001 | | | 83,834 | | | 66,436 | | | | | |
| Depreciation and amortization | | 21,919 | | | 19,712 | | | 63,680 | | | 58,432 | | | | | |
| Total operating costs and expenses | | 133,636 | | | 121,985 | | | 385,663 | | | 340,112 | | | | | |
| Income from operations | | 39,562 | | | 23,818 | | | 114,425 | | | 116,510 | | | | | |
| Non-operating income (expenses) | | | | | | | | | | | | |
| Interest income | | 1,926 | | | 807 | | | 5,162 | | | 2,279 | | | | | |
| Interest expense | | (5,709) | | | (6,763) | | | (16,992) | | | (18,242) | | | | | |
| Loss on foreign currency remeasurement | | (2,806) | | | (7,779) | | | (7,337) | | | (6,858) | | | | | |
| Loss on foreign currency swap | | (29,225) | | | — | | | (29,225) | | | — | | | | | |
| Earnings of equity method investment | | 1,197 | | | 688 | | | 3,828 | | | 2,120 | | | | | |
| Gain on sale of business | | — | | | 135,642 | | | — | | | 135,642 | | | | | |
| Other income, net | | 153 | | | 374 | | | 2,754 | | | 1,621 | | | | | |
| Total non-operating (expenses) income | | (34,464) | | | 122,969 | | | (41,810) | | | 116,562 | | | | | |
| Income before income taxes | | 5,098 | | | 146,787 | | | 72,615 | | | 233,072 | | | | | |
| Income tax (benefit) expense | | (4,858) | | | 9,048 | | | 4,546 | | | 22,911 | | | | | |
| Net income | | 9,956 | | | 137,739 | | | 68,069 | | | 210,161 | | | | | |
| Less: Net loss attributable to non-controlling interest | | (80) | | | (75) | | | (174) | | | (140) | | | | | |
| Net income attributable to EVERTEC, Inc.’s common stockholders | | 10,036 | | | 137,814 | | | 68,243 | | | 210,301 | | | | | |
Other comprehensive income (loss), net of tax of $329, $716, $18 and $1,442 | | | | | | | | | | | | |
| Foreign currency translation adjustments | | (11,332) | | | 4,125 | | | 9,426 | | | (210) | | | | | |
| Gain on cash flow hedges | | 3,468 | | | 5,762 | | | 3,739 | | | 18,824 | | | | | |
| Unrealized loss on change in fair value of debt securities available-for-sale | | (11) | | | $ | (21) | | | $ | (31) | | | $ | (77) | | | | | |
| Total comprehensive income attributable to EVERTEC, Inc.’s common stockholders | | $ | 2,161 | | | $ | 147,680 | | | $ | 81,377 | | | $ | 228,838 | | | | | |
| Net income per common share - basic attributable to EVERTEC, Inc.’s common stockholders | | $ | 0.16 | | | $ | 2.08 | | | $ | 1.05 | | | $ | 3.01 | | | | | |
| Net income per common share - diluted attributable to EVERTEC, Inc.’s common stockholders | | $ | 0.15 | | | $ | 2.06 | | | $ | 1.04 | | | $ | 2.98 | | | | | |
| | | | | | | | | | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
EVERTEC, Inc. Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share information)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Number of
Shares of
Common
Stock | | Common
Stock | | Additional
Paid-in
Capital | | Accumulated
Earnings | | Accumulated
Other
Comprehensive
(Loss) Income | | Non-Controlling
Interest | | Total
Stockholders’
Equity |
| Balance at December 31, 2022 | | 64,847,233 | | | $ | 648 | | | $ | — | | | $ | 487,349 | | | $ | (16,486) | | | $ | 3,237 | | | $ | 474,748 | |
| Share-based compensation recognized | | — | | | — | | | 5,557 | | | — | | | — | | | — | | | 5,557 | |
| Repurchase of common stock | | (187,976) | | | (1) | | | — | | | (6,268) | | | — | | | — | | | (6,269) | |
| Restricted stock units delivered | | 419,205 | | | 4 | | | (5,557) | | | (321) | | | — | | | — | | | (5,874) | |
| Net income | | — | | | — | | | — | | | 30,052 | | | — | | | 11 | | | 30,063 | |
Cash dividends declared on common stock, $0.05 per share | | — | | | — | | | — | | | (3,249) | | | — | | | — | | | (3,249) | |
| Other comprehensive income | | — | | | — | | | — | | | — | | | 16,040 | | | 125 | | | 16,165 | |
| | | | | | | | | | | | | | |
| Balance at March 31, 2023 | | 65,078,462 | | | $ | 651 | | | $ | — | | | $ | 507,563 | | | $ | (446) | | | $ | 3,373 | | | $ | 511,141 | |
| Share-based compensation recognized | | — | | | — | | | 6,499 | | | — | | | — | | | — | | | $ | 6,499 | |
Repurchase of common stock
| | (268,398) | | | (3) | | | (6,418) | | | (3,100) | | | — | | | — | | | (9,521) | |
| Restricted stock units delivered | | 29,045 | | | — | | | (81) | | | — | | | — | | | — | | | (81) | |
| Net income | | — | | | — | | | — | | | 28,155 | | | — | | | (105) | | | 28,050 | |
Cash dividends declared on common stock, $0.05 per share | | — | | | — | | | — | | | (3,254) | | | — | | | — | | | (3,254) | |
| Other comprehensive income | | — | | | — | | | — | | | — | | | 4,969 | | | 339 | | | 5,308 | |
| | | | | | | | | | | | | | |
| Balance at June 30, 2023 | | 64,839,109 | | | $ | 648 | | | $ | — | | | $ | 529,364 | | | $ | 4,523 | | | $ | 3,607 | | | $ | 538,142 | |
| Share-based compensation recognized | | — | | | — | | | 6,756 | | | — | | | — | | | — | | | $ | 6,756 | |
| Repurchase of common stock | | (208,564) | | | (2) | | | (2,031) | | | (5,775) | | | — | | | — | | | (7,808) | |
| Restricted stock units delivered | | 377 | | | — | | | (322) | | | 321 | | | — | | | — | | | (1) | |
| Net income | | — | | | — | | | — | | | 10,036 | | | — | | | (80) | | | 9,956 | |
Cash dividends declared on common stock, $0.05 per share | | — | | | — | | | — | | | (3,232) | | | — | | | — | | | (3,232) | |
| Other comprehensive (loss) income | | — | | | — | | | — | | | — | | | (7,875) | | | 411 | | | (7,464) | |
| Balance at September 30, 2023 | | 64,630,922 | | | $ | 646 | | | $ | 4,403 | | | $ | 530,714 | | | $ | (3,352) | | | $ | 3,938 | | | $ | 536,349 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Number of
Shares of
Common
Stock | | Common
Stock | | Additional
Paid-in
Capital | | Accumulated
Earnings | | Accumulated
Other
Comprehensive
Loss | | Non-Controlling
Interest | | Total
Stockholders’
Equity |
| Balance at December 31, 2021 | | 71,969,856 | | | $ | 719 | | | $ | 7,565 | | | $ | 506,051 | | | $ | (48,123) | | | $ | 4,056 | | | $ | 470,268 | |
| Share-based compensation recognized | | — | | | — | | | 4,279 | | | — | | | — | | | — | | | 4,279 | |
| Repurchase of common stock | | (521,643) | | | (5) | | | (6,193) | | | (14,981) | | | — | | | — | | | (21,179) | |
| Restricted stock units delivered | | 251,085 | | | 3 | | | (5,651) | | | — | | | — | | | — | | | (5,648) | |
| Net income (loss) | | — | | | — | | | — | | | 38,898 | | | — | | | (32) | | | 38,866 | |
Cash dividends declared on common stock, $0.05 per share | | — | | | — | | | — | | | (3,598) | | | — | | | — | | | (3,598) | |
| Other comprehensive income | | — | | | — | | | — | | | — | | | 11,912 | | | 248 | | | 12,160 | |
| | | | | | | | | | | | | | |
| Balance at March 31, 2022 | | 71,699,298 | | | $ | 717 | | | $ | — | | | $ | 526,370 | | | $ | (36,211) | | | $ | 4,272 | | | $ | 495,148 | |
| Share-based compensation recognized | | — | | | — | | | 5,165 | | | — | | | — | | | — | | | 5,165 | |
| Repurchase of common stock | | (357,114) | | | (4) | | | (3,466) | | | (10,566) | | | — | | | — | | | (14,036) | |
| Restricted stock units delivered | | 25,149 | | | — | | | (28) | | | — | | | — | | | — | | | (28) | |
| Net income | | — | | | — | | | — | | | 33,589 | | | — | | | (33) | | | 33,556 | |
Cash dividends declared on common stock, $0.05 per share | | — | | | — | | | — | | | (3,579) | | | — | | | — | | | (3,579) | |
| Other comprehensive loss | | — | | | — | | | — | | | — | | | (3,241) | | | (384) | | | (3,625) | |
| | | | | | | | | | | | | | |
| Balance at June 30, 2022 | | 71,367,333 | | | 713 | | | 1,671 | | | 545,814 | | | (39,452) | | | 3,855 | | | 512,601 | |
| Share-based compensation recognized | | — | | | — | | | 5,296 | | | — | | | — | | | — | | | 5,296 | |
| Repurchase of common stock | | (1,190,388) | | | (12) | | | (6,958) | | | (30,347) | | | — | | | — | | | (37,317) | |
| Restricted stock units delivered | | 485 | | | — | | | (9) | | | — | | | — | | | — | | | (9) | |
| Net income | | — | | | — | | | — | | | 137,814 | | | — | | | (75) | | | 137,739 | |
Cash dividends declared on common stock, $0.05 per share | | — | | | — | | | — | | | (3,338) | | | — | | | — | | | (3,338) | |
| Other comprehensive loss | | — | | | — | | | — | | | — | | | 9,866 | | | (334) | | | 9,532 | |
| Common stock received in exchange of the sale of a Business | | (4,589,160) | | | (46) | | | — | | | (169,203) | | | — | | | — | | | (169,249) | |
| Balance at September 30, 2022 | | 65,588,270 | | | 655 | | | — | | | 480,740 | | | (29,586) | | | 3,446 | | | 455,255 | |
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| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
EVERTEC, Inc. Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands) | | | | | | | | | | | | | | |
| | | Nine months ended September 30, |
| | | 2023 | | 2022 |
| Cash flows from operating activities | | | | |
| Net income | | 68,069 | | | $ | 210,161 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 63,680 | | | 58,432 | |
| Amortization of debt issue costs and accretion of discount | | 1,795 | | | 1,187 | |
| Operating lease amortization | | 4,619 | | | 4,576 | |
| Unrealized loss on foreign currency hedge | | 29,225 | | | — | |
| Unrealized gain on change in fair value of equity securities | | (104) | | | — | |
| (Release) provision for expected credit losses and sundry losses | | (305) | | | 3,363 | |
| Deferred tax benefit | | (16,491) | | | (1,699) | |
| Share-based compensation | | 18,812 | | | 14,740 | |
| | | | |
| Gain on sale of a business | | — | | | (135,642) | |
| Loss on disposition of property and equipment | | 789 | | | 4,691 | |
| Earnings of equity method investment | | (3,828) | | | (2,120) | |
| Dividend received from equity method investment | | 3,497 | | | 2,053 | |
| | | | |
| Loss on foreign currency remeasurement | | 7,337 | | | 6,858 | |
| Decrease (increase) in assets: | | | | |
| Accounts receivable, net | | (4,590) | | | 3,503 | |
| | | | |
| Prepaid expenses and other assets | | (11,181) | | | (3,417) | |
| Other long-term assets | | (1,013) | | | (4,389) | |
| (Decrease) increase in liabilities: | | | | |
| Accrued liabilities and accounts payable | | 17,387 | | | 468 | |
| | | | |
| Income tax payable | | (9,108) | | | 2,921 | |
| Contract liability | | (1,146) | | | 1,344 | |
| Operating lease liabilities | | (3,739) | | | (4,450) | |
| Other long-term liabilities | | (247) | | | (3,571) | |
| Total adjustments | | 95,389 | | | (51,152) | |
| Net cash provided by operating activities | | 163,458 | | | 159,009 | |
| Cash flows from investing activities | | | | |
| | | | |
| Additions to software | | (34,193) | | | (28,287) | |
| Acquisition of customer relationship | | — | | | (10,607) | |
| Property and equipment acquired | | (16,429) | | | (16,313) | |
| Proceeds from sales of property and equipment | | 23 | | | 77 | |
| Acquisition of available-for-sale debt securities | | (962) | | | (254) | |
| Purchase of equity securities | | (26,505) | | | — | |
| Investment in equity investee | | (5,500) | | | — | |
| Purchase of certificates of deposit | | — | | | (7,264) | |
| Proceeds from maturities of available-for-sale debt securities | | 1,048 | | | 1,015 | |
| Acquisitions, net of cash acquired | | (22,915) | | | (44,369) | |
| Net cash used in investing activities | | (105,433) | | | (106,002) | |
| Cash flows from financing activities | | | | |
| Withholding taxes paid on share-based compensation | | (5,956) | | | (5,685) | |
| | | | |
| | | | |
| Net decrease in short-term borrowings | | (14,000) | | | — | |
| Repayment of short-term borrowings for purchase of equipment and software | | — | | | (901) | |
| Dividends paid | | (9,735) | | | (10,515) | |
| | | | |
| Repurchase of common stock | | (23,598) | | | (72,532) | |
| Repayment of long-term debt | | (15,563) | | | (9,875) | |
| Net cash used in financing activities | | (68,852) | | | (99,508) | |
| Effect of foreign exchange rate on cash, cash equivalents and restricted cash | | 10,716 | | | 4,260 | |
| Net decrease in cash, cash equivalents and restricted cash | | (111) | | | (42,241) | |
| Cash, cash equivalents, restricted cash and cash included in settlement assets at beginning of the period | | 215,657 | | | 285,917 | |
| | | | |
| | | | | | | | | | | | | | |
| Cash, cash equivalents, restricted cash, and cash included in settlement assets at end of the period | | $ | 215,546 | | | $ | 243,676 | |
| | | | |
| | | | |
| Reconciliation of cash, cash equivalents, restricted cash and cash included in settlement assets | | | | |
| Cash and cash equivalents | | $ | 177,821 | | | $ | 216,357 | |
| Restricted cash | | 20,607 | | | 18,705 | |
| Cash and cash equivalents included in settlement assets | | 17,118 | | | 8,614 | |
| Cash, cash equivalents, restricted cash and cash included in settlement assets | | $ | 215,546 | | | $ | 243,676 | |
| Supplemental disclosure of cash flow information: | | | | |
| Cash paid for interest | | $ | 16,737 | | | $ | 18,523 | |
| Cash paid for income taxes | | $ | 29,692 | | | $ | 24,386 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Supplemental disclosure of non-cash activities: | | | | |
| | | | |
| Payable due to vendor related to equipment and software acquired | | $ | 4,207 | | | $ | — | |
| Non-cash investing activities | | | | |
| Software exchanged for common stock | | — | | | 18,761 | |
| Goodwill exchanged for common stock | | — | | | 5,813 | |
| CDs transferred in the acquisition of a business | | — | | | 7,169 | |
| Non-cash financing activities | | | | |
| Payable due to vendor related to licenses acquired | | 7,911 | | | — | |
| Non-cash financing and investing activities | | | | |
| Common stock received and retired for sale of a business | | — | | | 169,249 | |
| | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1 – The Company and Basis of Presentation
The Company
EVERTEC, Inc. and its subsidiaries (collectively the “Company” or “EVERTEC”) is a leading full-service transaction processing business in Latin America and the Caribbean. The Company is based in Puerto Rico and provides a broad range of merchant acquiring, payment processing and business process management services. The Company provides services across 26 countries in the region. EVERTEC owns and operates the ATH network, which we believe is one of the leading personal identification number (“PIN”) debit networks in Latin America. In addition, EVERTEC provides a comprehensive suite of services for core banking, cash processing and fulfillment in Puerto Rico and technology outsourcing and payment transactions fraud monitoring in all the regions the Company serves. EVERTEC serves a broad and diversified customer base of leading financial institutions, merchants, corporations, and government agencies with solutions that are essential to their operations, enabling them to issue, process and accept transactions securely.
Basis of Presentation
The unaudited condensed consolidated financial statements of EVERTEC have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted from these statements pursuant to the rules and regulations of the Securities and Exchange Commission and, accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2022, included in the Company’s 2022 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. Intercompany accounts and transactions are eliminated in consolidation. Certain amounts from prior periods have been reclassified to conform to the current period presentation.
Settlement Assets and Liabilities
Settlement assets and liabilities result from timing differences in the Company’s settlement processes with merchants, financial institutions, and credit card associations related to merchant and card transaction processing. The amounts are generally collected or paid the following business day. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners, merchants or direct consumers. Settlement liabilities represent amounts payable to merchants and payees. Settlement assets were historically presented within cash and accounts receivable, while Settlement liabilities were presented within accrued liabilities and accounts payable.
Note 2 – Business Acquisition
Acquisition of a Business
On February 16, 2023, the Company closed on the acquisition of 100% of Paysmart Pagamentos Eletronicos Ltda (“paySmart”). Headquartered in Porto Alegre, Brazil, paySmart provides issuer processing services and BIN Sponsorship services for prepaid programs under domestic and international schemes in Brazil. The aggregate purchase price was $130 million Brazilian reais, approximately USD$25 million. The acquisition expands the Company's footprint in Brazil and compliments the current product offering in the country.
The Company accounted for this transaction as a business combination. The following table details the preliminary fair value of assets acquired and liabilities assumed from the paySmart acquisition:
| | | | | |
| Preliminary Assets/Liabilities (at fair value) |
| ( In thousands) | |
| Cash and cash equivalents | $ | 2,037 | |
| Accounts receivable, net | 451 | |
| Prepaid expenses and other assets | 58 | |
| Property and equipment, net | 107 | |
| Operating lease right-of-use asset | 182 | |
| Goodwill | 9,735 | |
| Settlement assets | 52,593 | |
| Other intangible assets, net | 15,174 | |
| Total assets acquired | 80,337 | |
| Accounts payable | 278 | |
| Settlement liabilities | 50,368 | |
| Operating lease liability | 185 | |
| Income tax payable | 298 | |
| Deferred tax liability | 4,253 | |
| Total liabilities assumed | $ | 55,382 | |
The following table details the major groups of intangible assets acquired and the weighted average amortization period for these assets:
| | | | | | | | | |
| | Amount | Weighted-average life |
| (Dollar amounts in thousands) | | | |
| | | |
| Customer relationships | | $ | 10,239 | | 20 |
| Trademark | | 1,299 | | 5 |
| Software packages | | 3,636 | | 5 |
| Total | | $ | 15,174 | | 15 |
Refer to Note 6- Goodwill and Other Intangible Assets for detail of goodwill allocated by reportable segments. The goodwill is primarily attributed to anticipated synergies. Currently, none of the goodwill is deductible for income tax purposes.
Note 3 – Debt Securities
The amortized cost, gross unrealized gains and losses recorded in OCI and estimated fair value of debt securities available-for-sale by contractual maturity as of September 30, 2023 and December 31, 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2023 |
| (In thousands) | | | | Gross unrealized | | | | |
| | Amortized cost | | Gains | | Losses | | Fair Value | | |
| Costa Rica Government Obligations | | | | | | | | | | |
| After 1 to 5 years | | $ | 2,090 | | | $ | — | | | $ | (11) | | | $ | 2,079 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | December 31, 2022 |
| (In thousands) | | | | Gross unrealized | | | | |
| | Amortized cost | | Gains | | Losses | | Fair Value | | |
| Costa Rica Government Obligations | | | | | | | | | | |
| After 1 to 5 years | | $ | 2,194 | | | $ | 9 | | | $ | — | | | $ | 2,203 | | | |
Costa Rica Government Obligations are held by a trust in the Costa Rica National Bank as a collateral requirement for settlement activities. The Company may substitute securities as needed but must maintain certain levels of collateral based on transaction volumes.
For the nine months period ended September 30, 2023, the Company purchased $1.0 million in debt securities that were classified as available-for-sale and $0.3 million for the corresponding period in 2022. Debt securities amounting to $1.0 million and $1.0 million matured during the nine months period ended September 30, 2023 and 2022, respectively, while no debt securities were sold during the same periods.
A provision for credit losses was not required for the periods presented above. Refer to Note 8 for disclosure requirements related to the fair value hierarchy.
Note 4 – Investment in Equity Investee
In the third quarter of 2023, the Company, through its wholly owned subsidiary EVERTEC Costa Rica, S.A. (“EVERTEC CR”), entered into an agreement with a corporate partner to jointly develop and provide payment services in the Latin America region. The services will be provided through a newly formed entity which both entities will contribute capital to form. The Company has concluded that the newly formed entity is a joint venture not controlled by the Company and will therefore account for the entity as an equity investee. The Company has committed capital contributions in the amount of $13.5 million, consisting of cash payments amounting to $7.5 million, nonfinancial assets consisting of $3.5 million in development of intellectual property, and $2.5 million in processing cost credits. At September 30, 2023, the Company had contributed $5.5 million in cash from the committed amounts, which represented 9.91% ownership in the joint venture.
Note 5 – Property and Equipment, net
Property and equipment, net consists of the following:
| | | | | | | | | | | | | | | | | | | | |
| (Dollar amounts in thousands) | | Useful life
in years | | September 30, 2023 | | December 31, 2022 |
| Buildings | | 30 | | $ | 1,620 | | | $ | 1,456 | |
| Data processing equipment | | 3 - 5 | | 178,367 | | | 162,761 | |
| Furniture and equipment | | 3 - 20 | | 9,869 | | | 9,154 | |
| Leasehold improvements | | 5 -10 | | 4,208 | | | 3,660 | |
| | | | 194,064 | | | 177,031 | |
| Less - accumulated depreciation and amortization | | | | (138,525) | | | (121,919) | |
| Depreciable assets, net | | | | 55,539 | | | 55,112 | |
| Land | | | | 1,418 | | | 1,275 | |
| Property and equipment, net | | | | $ | 56,957 | | | $ | 56,387 | |
Depreciation and amortization expense related to property and equipment for the three and nine months ended September 30, 2023 amounted to $5.4 million and $15.9 million, respectively, compared to $4.6 million and $13.9 million for the corresponding periods in 2022.
Note 6 – Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill, allocated by operating segments, were as follows (see Note 17):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Total |
| Balance at December 31, 2022 | | $ | 160,972 | | | $ | 84,289 | | | $ | 138,121 | | | $ | 40,010 | | | $ | 423,392 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Goodwill attributable to acquisition | | — | | | 9,735 | | | — | | | — | | | 9,735 | |
| Foreign currency translation adjustments | | — | | | 1,369 | | | — | | | — | | | 1,369 | |
| Balance at September 30, 2023 | | $ | 160,972 | | | $ | 95,393 | | | $ | 138,121 | | | $ | 40,010 | | | $ | 434,496 | |
Goodwill is tested for impairment on an annual basis as of August 31, or more often if events or changes in circumstances indicate there may be impairment. The Company may test for goodwill impairment using a qualitative or a quantitative analysis. In a qualitative analysis, the Company assesses whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount. In the quantitative analysis, the Company compares the estimated fair value of the reporting units to their carrying values, including goodwill. No impairment losses were recognized based on the quantitative assessment performed as of August 31, 2023. For the corresponding period in 2022 the qualitative analysis was followed and no impairment losses were recognized. Refer to Note 2 - Business Acquisition, for further details of goodwill acquired in the first quarter of 2023.
The carrying amount of other intangible assets at September 30, 2023 and December 31, 2022 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | September 30, 2023 |
| (Dollar amounts in thousands) | | Useful life in years | | Gross
amount | | Accumulated
amortization | | Net carrying
amount |
| Customer relationships | | 8 - 20 | | $ | 403,108 | | | $ | (327,813) | | | $ | 75,295 | |
| Trademarks | | 1 - 15 | | 44,495 | | | (39,333) | | | $ | 5,162 | |
| Software packages | | 3 - 10 | | 405,429 | | | (265,646) | | | $ | 139,783 | |
| | | | | | | | |
| Other intangible assets, net | | | | $ | 853,032 | | | $ | (632,792) | | | $ | 220,240 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | December 31, 2022 |
| (Dollar amounts in thousands) | | Useful life in years | | Gross
amount | | Accumulated
amortization | | Net carrying
amount |
| Customer relationships | | 8 - 15 | | $ | 392,737 | | | $ | (303,733) | | | $ | 89,004 | |
| Trademarks | | 1 - 15 | | 43,195 | | | (37,998) | | | 5,197 | |
| Software packages | | 3 - 10 | | 349,474 | | | (243,355) | | | 106,119 | |
| | | | | | | | |
| Other intangible assets, net | | | | $ | 785,406 | | | $ | (585,086) | | | $ | 200,320 | |
Amortization expense related to other intangibles for the three and nine months ended September 30, 2023 amounted to $16.6 million and $47.8 million, respectively, compared to $15.2 million and $44.5 million for the corresponding periods in 2022. During the nine months ended September 30, 2022, the Company recorded an impairment loss through cost of revenues of $4.1 million for a multi-year software development for which a reduction in future cash flows was projected. The impairment charge affected the Company's Payment Services - Puerto Rico & Caribbean segment.
The estimated amortization expense of the other intangible balances outstanding at September 30, 2023, for the next five years is as follows:
| | | | | | | | |
| (In thousands) |
| Remaining 2023 | | $ | 16,411 | |
| 2024 | | 55,249 | |
| 2025 | | 28,644 | |
| 2026 | | 19,267 | |
| 2027 | | 14,522 | |
| | |
Note 7 – Debt and Short-Term Borrowings
Debt at September 30, 2023 and December 31, 2022 was as follows:
| | | | | | | | | | | | | | |
| (In thousands) | | September 30, 2023 | | December 31, 2022 |
2027 Term A Loan bearing interest at a variable interest rate (SOFR plus applicable margin(1)(2)) | | $ | 395,406 | | | $ | 410,248 | |
Revolving credit facility(2) | | 6,000 | | | 20,000 | |
Note payable due on September 1, 2030(1) | | 7,911 | | | $ | — | |
| | | | |
| | | | |
| | | | |
| | | | |
(1)Net of unaccreted discount and unamortized debt issue costs, as applicable.
(2)Subject to a minimum rate ("SOFR floor") of 0% plus applicable margin of 1.50% at September 30, 2023 and December 31, 2022.
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 (the “Term Loan Facility”) and (ii) a $200.0 million revolving credit facility (the “Revolving Facility”, and together with the Term Loan Facility, the “2022 Credit Facilities”). The 2022 Credit Facilities mature on December 1, 2027.
At September 30, 2023, the unpaid principal balance of the Term Loan Facility was $399.4 million. At September 30, 2023, there was $6.0 million outstanding on the Revolving Facility and the additional borrowing capacity was $188.0 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.
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, 2023, the outstanding principal balance of the note payable on a discounted basis was $7.9 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, 2023, the Company has two interest rate swap agreements, entered into in December 2018 and May 2023, which convert a portion of the interest rate payments on the Company's Term Loan Facility from variable to fixed:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Agreement | | Effective date | | Maturity Date | | Notional Amount | | Variable Rate | | Fixed Rate |
| | | | | | | | | | |
| 2018 Swap | | April 2020 | | November 2024 | | $250 million | | 1-month SOFR | | 2.929% |
| 2023 Swap | | November 2024 | | December 2027 | | $250 million | | 1-month SOFR | | 3.375% |
As of September 30, 2023 and December 31, 2022, the carrying amount of the derivatives included on the Company's unaudited condensed consolidated balance sheets was $11.5 million and $7.4 million, respectively. The fair value of these derivatives are estimated using Level 2 inputs in the fair value hierarchy on a recurring basis. Refer to Note 9 for disclosure of gains recorded on cash flow hedging activities.
During the three and nine months ended September 30, 2023, the Company reclassified gains of $1.6 million and $4.0 million, respectively, from accumulated other comprehensive income into interest expense compared to losses of $0.4 million and $3.5 million, respectively, for the corresponding periods in 2022. Based on current SOFR rates, the Company expects to reclassify gains of $6.2 million from accumulated other comprehensive income into interest expense over the next 12 months.
The cash flow hedge is considered highly effective.
Note 8 – Financial Instruments and Fair Value Measurements
Recurring Fair Value Measurements
Debt Securities Available for Sale
The fair value of debt securities is estimated based on observable inputs, therefore classified as a Level 2 asset within the fair value hierarchy. The fair value of the Costa Rica Government Obligations was $2.1 million and $2.2 million as of September 30, 2023 and December 31, 2022.
Derivative Instruments
The fair value of the Company's interest rate swaps are estimated using Level 2 inputs under the fair value hierarchy. These derivatives were in an asset position with a balance of $11.5 million and $7.4 million as of September 30, 2023 and December 31, 2022, respectively.
The fair value of the foreign currency swap entered into during the third quarter of 2023 to fix the acquisition price of the Sinqia transaction described in Note 18, Subsequent events, is estimated using Level 2 inputs under the fair value hierarchy. This derivative was in a liability position of $29.2 million as of September 30, 2023.
Equity Securities
During the third quarter of 2023, the Company purchased 4.8 million shares of Sinqia, S.A., a public company traded in B3, the Brazilian stock exchange. The shares were purchased in the open market for $26.5 million and at September 30, 2023 the fair value of the equity securities, classified as a Level 1 input, amounted to $26.0 million. For both the three and nine month periods ended September 30, 2023, the Company recognized unrealized gains of $0.1 million in the unaudited condensed consolidated statement of income and translation losses of $0.6 million through other comprehensive income (loss).
The following table presents the carrying value, as applicable, and estimated fair value for financial instruments at September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2023 | | December 31, 2022 |
| (In thousands) | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value |
| Financial assets: | | | | | | | | |
| Costa Rica government obligations | | $ | 2,079 | | | $ | 2,079 | | | $ | 2,203 | | | $ | 2,203 | |
| Equity securities | | $ | 25,992 | | | $ | 25,992 | | | $ | — | | | $ | — | |
| Interest rate swaps | | 11,492 | | | 11,492 | | | 7,440 | | | 7,440 | |
| Financial liabilities: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Term Loan Facility | | 395,406 | | | 397,840 | | | 410,248 | | | 413,494 | |
| Foreign currency hedge liability | | 29,225 | | | 29,225 | | | — | | | — | |
The fair value of the term loan at September 30, 2023 and December 31, 2022 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 loan is not accounted for at fair value in the balance sheet.
Note 9 – 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, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | Foreign Currency
Translation
Adjustments | | Cash Flow Hedges | | Unrealized Gains (losses) on Debt Securities AFS | | Total |
| Balance - December 31, 2022, net of tax | | $ | (23,481) | | | $ | 6,954 | | | 41 | | | (16,486) | |
| Other comprehensive income (loss) before reclassifications | | 9,426 | | | 7,691 | | | (31) | | | 17,086 | |
| Effective portion reclassified to net income | | $ | — | | | $ | (3,952) | | | — | | | (3,952) | |
| Balance - September 30, 2023, net of tax | | $ | (14,055) | | | $ | 10,693 | | | $ | 10 | | | $ | (3,352) | |
Note 10 – Share-based Compensation
Long-term Incentive Plan ("LTIP")
During the three months ended March 31, 2021, 2022 and 2023, 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 2021 LTIP, 2022 LTIP and 2023 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.
The vesting of the RSUs is dependent upon service and/or performance conditions as defined in the award agreements. Employees that received time-based awards with service conditions are entitled to receive a specific number of shares of the Company’s common stock on the vesting date if the employee provides services to the Company through the vesting date. Time-based awards vest over a period of three years in substantially equal installments commencing on the grant date and ending on March 2 of each year for the 2021 LTIP, February 25 of each year for the 2022 LTIP and February 24 of each year for the 2023 LTIP. In 2022 and 2023, the Company also granted time-based awards with a three year service vesting period which will cliff vest on February 25, 2025 and February 24, 2026, respectively.
For the performance-based awards under the 2021 LTIP, 2022 LTIP, and 2023 LTIP, the Compensation Committee established adjusted earnings before income taxes, depreciation and amortization ("Adjusted EBITDA") as the primary performance measure while maintaining focus on total shareholder return through the use of a market-based total shareholder return ("TSR") performance modifier. The Adjusted EBITDA measure is based on annual targets and can result in a payout between 0% and 200%, depending on the performance level. The TSR modifier adjusts the shares earned based on the Adjusted EBITDA performance upwards or downwards (+/- 25%) based on the Company’s relative TSR at the end of the three-year performance period as compared to the companies in the Russell 2000 Index. The Adjusted EBITDA performance measure will be calculated for the one-year period commencing on January 1 of the year of the grant and ending on December 31 of the same year, relative to the goals set by the Compensation Committee for this same period. The shares earned will be subject to an additional two-year service vesting period and will vest on March 2, 2024 for the 2021 LTIP, February 25, 2025 for the 2022 LTIP, and February 24, 2026 for the 2023 LTIP. Unless otherwise specified in the award agreement, or in an employment agreement, awards are forfeited if the employee voluntarily ceases to be employed by the Company prior to vesting.
The following table summarizes nonvested RSUs activity for the nine months ended September 30, 2023:
| | | | | | | | | | | | | | |
| Nonvested RSUs | | Shares | | Weighted-average
grant date fair value |
| Nonvested at December 31, 2022 | | 1,363,780 | | | $ | 38.96 | |
| Granted | | 778,656 | | | 37.51 | |
| Vested | | (608,800) | | | 36.92 | |
| Forfeited | | (15,080) | | | 40.52 | |
| Nonvested at September 30, 2023 | | 1,518,556 | | | $ | 40.13 | |
For the three and nine months ended September 30, 2023, the Company recognized $6.7 million and $18.8 million of share-based compensation expense, compared with $5.3 million and $14.7 million for the corresponding period in 2022.
As of September 30, 2023, the maximum unrecognized cost for RSUs was $36.7 million. The cost is expected to be recognized over a weighted average period of 1.8 years.
Note 11 – Revenues
Disaggregation of Revenue
The Company disaggregates revenue from contracts with customers into primary geographical markets, nature of the products and services, and timing of transfer of goods and services. The Company's operating segments are determined by the nature of the products and services the Company provides and the primary geographical markets in which the Company operates. Revenue disaggregated by segment is discussed in Note 17, Segment Information.
In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue
recognition for the periods indicated.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| Three Months Ended September 30, 2023 | |
| (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | |
| Timing of revenue recognition | | | | | | | | | | |
| Products and services transferred at a point in time | $ | 107 | | | $ | 581 | | | $ | — | | | $ | 2,396 | | | $ | 3,084 | | |
| Products and services transferred over time | 34,302 | | | 41,128 | | | 40,557 | | | 54,127 | | | $ | 170,114 | | |
| $ | 34,409 | | | $ | 41,709 | | | $ | 40,557 | | | $ | 56,523 | | | $ | 173,198 | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| Three Months Ended September 30, 2022 |
| (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total |
| Timing of revenue recognition | | | | | | | | | |
| Products and services transferred at a point in time | $ | 89 | | | $ | 973 | | | $ | — | | | $ | 3,790 | | | $ | 4,852 | |
| Products and services transferred over time | 29,456 | | | 29,068 | | | 36,911 | | | 45,516 | | | $ | 140,951 | |
| $ | 29,545 | | | $ | 30,041 | | | $ | 36,911 | | | $ | 49,306 | | | $ | 145,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| Nine months ended September 30, 2023 |
| (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total |
| Timing of revenue recognition | | | | | | | | | |
| Products and services transferred at a point in time | $ | 345 | | | $ | 1,834 | | | $ | — | | | $ | 6,053 | | | $ | 8,232 | |
| Products and services transferred over time | 100,651 | | | 105,917 | | | 122,152 | | | 163,136 | | | $ | 491,856 | |
| $ | 100,996 | | | $ | 107,751 | | | $ | 122,152 | | | $ | 169,189 | | | $ | 500,088 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| Nine months ended September 30, 2022 |
| (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total |
| Timing of revenue recognition | | | | | | | | | |
| Products and services transferred at a point in time | $ | 244 | | | $ | 1,405 | | | $ | — | | | $ | 7,956 | | | $ | 9,605 | |
| Products and services transferred over time | 86,045 | | | 81,229 | | | 111,079 | | | 168,664 | | | $ | 447,017 | |
| $ | 86,289 | | | $ | 82,634 | | | $ | 111,079 | | | $ | 176,620 | | | $ | 456,622 | |
Revenue concentration with a single customer, Popular, as a percentage of total revenues for the quarters ended September 30, 2023 and 2022 was approximately 34% and 35%, respectively. For the nine months ended September 30, 2023 and September 30, 2022 this percentage was approximately 36% and 40%, respectively.
Contract Balances
The following table provides information about contract assets from contracts with customers.
| | | | | | | | | | | |
| (In thousands) | September 30, 2023 | | December 31, 2022 |
| Balance at beginning of period | $ | 4,749 | | | $ | 1,715 | |
| Services transferred to customers | 17,827 | | | 9,313 | |
| Transfers to accounts receivable | (12,244) | | | (6,279) | |
| Balance at end of period | $ | 10,332 | | | $ | 4,749 | |
| | | |
| | | |
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, 2023 amounted to $115.8 million. Contract liability and contract liability - long term at September 30, 2023 amounted to $14.4 million and $34.1 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. The Company regularly reviews its estimates for variable consideration on the transaction price and recognizes changes in estimates on a cumulative catch-up basis as if the most current estimate of the transaction price adjusted for variable consideration had been known as of the inception of the contract. 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. During the three and nine months ended September 30, 2022, the Company recognized revenue of $17.0 million and $29.0 million, respectively, that was included in the contract liability at December 31, 2021.
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, 2023 is $907.6 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 12 – 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 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.
| | | | | | | | | | | | | | |
| | | | |
| (In thousands) | | September 30, 2023 | | December 31, 2022 |
| Balance at beginning of period | | $ | 2,159 | | | $ | 2,523 | |
| Current period provision for expected credit losses | | 956 | | | 754 | |
| Write-offs | | (197) | | | (1,268) | |
| Recoveries of amounts previously written-off | | 17 | | | 150 | |
| Balance at end of period | | $ | 2,935 | | | $ | 2,159 | |
| | | | |
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. 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 13 – Income Tax
The components of income tax expense for the three and nine months ended September 30, 2023 and 2022, respectively, consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended September 30, | | Nine months ended September 30, | |
| (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | | |
| | | | | | | | | | | | |
| Current tax provision | | $ | 8,166 | | | $ | 9,537 | | | $ | 21,037 | | | $ | 24,610 | | | | | |
| Deferred tax benefit | | (13,024) | | | (489) | | | (16,491) | | | (1,699) | | | | | |
| Income tax (benefit) expense | | $ | (4,858) | | | $ | 9,048 | | | $ | 4,546 | | | $ | 22,911 | | | | | |
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, 2023 and 2022, and its segregation based on location of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended September 30, | | Nine months ended September 30, | | |
| (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | | |
| | | | | | | | | | | | |
| Current tax provision | | | | | | | | | | | | |
| Puerto Rico | | $ | 1,851 | | | $ | 6,318 | | | $ | 5,626 | | | $ | 11,809 | | | | | |
| United States | | 80 | | | 44 | | | 138 | | | 107 | | | | | |
| Foreign countries | | 6,235 | | | 3,175 | | | 15,273 | | | 12,694 | | | | | |
| Total current tax provision | | $ | 8,166 | | | $ | 9,537 | | | $ | 21,037 | | | $ | 24,610 | | | | | |
| Deferred tax benefit | | | | | | | | | | | | |
| Puerto Rico | | $ | (11,169) | | | $ | 719 | | | $ | (11,593) | | | $ | (321) | | | | | |
| United States | | 34 | | | 54 | | | 38 | | | 9 | | | | | |
| Foreign countries | | (1,889) | | | (1,262) | | | (4,936) | | | (1,387) | | | | | |
| Total deferred tax benefit | | $ | (13,024) | | | $ | (489) | | | $ | (16,491) | | | $ | (1,699) | | | | | |
Taxes payable to foreign countries by EVERTEC’s subsidiaries will be paid by such subsidiary and the corresponding liability and expense will be presented in EVERTEC’s consolidated financial statements.
As of September 30, 2023, the Company had $130.6 million of unremitted earnings from foreign subsidiaries, compared to $115.5 million as of December 31, 2022. 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, 2023, the gross deferred tax asset amounted to $29.9 million and the gross deferred tax liability amounted to $20.0 million, compared to $17.9 million and $20.7 million, respectively, as of December 31, 2022. As of September 30, 2023, and December 31, 2022, there is a valuation allowance against the gross deferred tax asset of approximately $2.4 million and $1.6 million, respectively.
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) | | 2023 | | 2022 |
| Computed income tax at statutory rates | | $ | 27,231 | | | $ | 87,402 | |
| Differences in tax rates due to multiple jurisdictions | | 3,034 | | | 2,612 | |
| Effect of income subject to tax-exemption grant | | (24,697) | | | (26,262) | |
| Effect of the gain on sale of a business | | — | | | (39,645) | |
| Unrecognized tax expense | | 103 | | | (3,472) | |
| Excess tax benefits on share-based compensation | | 11 | | | 169 | |
| Tax credits for research and development activities | | (884) | | | — | |
| | | | |
| Other, net | | (252) | | | 2,107 | |
| Income tax expense | | $ | 4,546 | | | $ | 22,911 | |
Note 14 – Net Income Per Common Share
The reconciliation of the numerator and denominator of the income per common share is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | Nine months ended September 30, |
| (In thousands, except per share information) | | 2023 | | 2022 | | 2023 | | 2022 |
| Net income available to EVERTEC, Inc.’s common shareholders | | $ | 10,036 | | | $ | 137,814 | | | $ | 68,243 | | | $ | 210,301 | |
| Weighted average common shares outstanding | | 64,648,542 | | | 66,398,547 | | | 64,886,551 | | | 69,906,483 | |
Weighted average potential dilutive common shares (1) | | 1,130,717 | | | 647,262 | | | 819,045 | | | 682,432 | |
| Weighted average common shares outstanding - assuming dilution | | 65,779,259 | | | 67,045,809 | | | 65,705,596 | | | 70,588,915 | |
| Net income per common share - basic | | $ | 0.16 | | | $ | 2.08 | | | $ | 1.05 | | | $ | 3.01 | |
| Net income per common share - diluted | | $ | 0.15 | | | $ | 2.06 | | | $ | 1.04 | | | $ | 2.98 | |
(1)Potential common shares consist of common stock issuable under RSUs awards using the treasury stock method.
On February 16, 2023, April 20, 2023 and July 20, 2023, respectively the Company's Board declared quarterly cash dividends of $0.05 per share of common stock, which was paid on March 17, 2023, June 2, 2023 and September 1, 2023, respectively to stockholders' of record on February 28, 2023, May 1, 2023 and July 31, 2023, respectively.
Note 15 – 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 insignificant. For other claims regarding proceedings that are in an initial phase, the Company is unable to estimate the range of possible loss, if any, but at this time believes that any loss related to such claims will not be material.
Note 16 – Related Party Transactions
In connection with closing of the Popular Transaction on July 1, 2022, the Company terminated the existing stockholder agreement with Popular, which granted Popular certain benefits as a shareholder of the Company. In addition, on August 15, 2022, through a secondary offering, Popular sold its remaining shares of common stock of Evertec and as of that date no longer holds any shares of EVERTEC common stock. EVERTEC is no longer considered a subsidiary of Popular under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”). Given both the termination of the stockholder agreement and that Popular is no longer a shareholder of EVERTEC, management concluded that Popular is no longer a related party as of August 15, 2022.
The following table presents the Company’s transactions with Popular for the three and nine months ended September 30, 2022 while they were deemed a related party:
| | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
| (In thousands) | | 2022 (1) | | 2022 (1) |
| Total revenues | | $ | 22,782 | | | $ | 153,335 | |
| Cost of revenues | | $ | 653 | | | $ | 2,386 | |
| Operating lease cost and other fees | | $ | 807 | | | $ | 4,433 | |
| Interest earned from affiliate | | | | |
| Interest income | | $ | 231 | | | $ | 1,011 | |
(1)Amounts presented through August 15, 2022.
Note 17 – Segment Information
The Company operates in four business segments: Payment Services - Puerto Rico & Caribbean, Payment Services - Latin America (collectively "Payment Services segments"), Merchant Acquiring, and Business Solutions.
The Payment Services - Puerto Rico & Caribbean segment revenues are comprised 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.
The Payment Services - Latin America 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.
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. Effective for the quarter ended March 31, 2023, the Company modified the manner in which it calculates and reports Adjusted EBITDA presented to the CODM for assessing segment performance to exclude the impact of non-cash unrealized gains and losses from foreign currency remeasurement. 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. The Company has recast prior periods to conform with the modified definition of Adjusted EBITDA. 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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total |
| | | | | | | | | | | |
| Revenues | $ | 51,600 | | | $ | 46,155 | | | $ | 40,557 | | | $ | 56,522 | | | $ | (21,636) | | | $ | 173,198 | |
| Operating costs and expenses | 28,402 | | | 38,608 | | | 26,997 | | | 40,643 | | | (1,014) | | | 133,636 | |
| Depreciation and amortization | 6,203 | | | 4,898 | | | 1,078 | | | 4,478 | | | 5,262 | | | 21,919 | |
| Non-operating income (expenses) | 110 | | | (2,148) | | | — | | | 69 | | | (28,712) | | | (30,681) | |
| EBITDA | 29,511 | | | 10,297 | | | 14,638 | | | 20,426 | | | (44,072) | | | 30,800 | |
Compensation and benefits (2) | 663 | | | 859 | | | 662 | | | 696 | | | 4,090 | | | 6,970 | |
Transaction, refinancing and other fees (3) | 269 | | | 3,451 | | | — | | | — | | | 34,363 | | | 38,083 | |
(Gain) loss on foreign currency remeasurement (4) | (87) | | | 2,885 | | | — | | | — | | | 8 | | | 2,806 | |
| Adjusted EBITDA | $ | 30,356 | | | $ | 17,492 | | | $ | 15,300 | | | $ | 21,122 | | | $ | (5,611) | | | $ | 78,659 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $13.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $4.4 million from Payment Services- Latin America 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 Payment Services - Latin America.
(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, the foreign currency swap loss and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received.
(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total |
| | | | | | | | | | | |
| Revenues | $ | 44,592 | | | $ | 33,741 | | | $ | 36,911 | | | $ | 49,306 | | | $ | (18,747) | | | $ | 145,803 | |
| Operating costs and expenses | 26,960 | | | 28,513 | | | 25,261 | | | 38,522 | | | 2,729 | | | 121,985 | |
| Depreciation and amortization | 5,116 | | | 4,104 | | | 1,045 | | | 3,745 | | | 5,702 | | | 19,712 | |
| Non-operating income (expenses) | 385 | | | (7,094) | | | 348 | | | 136,218 | | | (932) | | | 128,925 | |
| EBITDA | 23,133 | | | 2,238 | | | 13,043 | | | 150,747 | | | (16,706) | | | 172,455 | |
Compensation and benefits (2) | 1,557 | | | 972 | | | 498 | | | 503 | | | 2,141 | | | 5,671 | |
Transaction, refinancing and other fees (3) | 330 | | | — | | | 325 | | | (134,974) | | | 8,581 | | | (125,738) | |
Loss on foreign currency remeasurement (4) | 68 | | | 7,725 | | | — | | | — | | | (14) | | | 7,779 | |
| Adjusted EBITDA | $ | 25,088 | | | $ | 10,935 | | | $ | 13,866 | | | $ | 16,276 | | | $ | (5,998) | | | $ | 60,167 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $12.3 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $3.7 million from Payment Services - Latin America to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $2.8 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America.
(2)Primarily represents share-based compensation and severance payments.
(3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the gain from the Popular transaction and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received.
(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, 2023 |
| (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total |
| | | | | | | | | | | |
| Revenues | $ | 150,824 | | | $ | 120,548 | | | $ | 122,152 | | | $ | 169,188 | | | $ | (62,624) | | | $ | 500,088 | |
| Operating costs and expenses | 85,019 | | | 101,586 | | | 81,302 | | | 118,653 | | | (897) | | | 385,663 | |
| Depreciation and amortization | 18,178 | | | 13,002 | | | 3,357 | | | 13,436 | | | 15,707 | | | 63,680 | |
| Non-operating income (expenses) | 590 | | | (3,643) | | | 308 | | | 667 | | | (27,902) | | | (29,980) | |
| EBITDA | 84,573 | | | 28,321 | | | 44,515 | | | 64,638 | | | (73,922) | | | 148,125 | |
Compensation and benefits (2) | 2,033 | | | 2,510 | | | 2,054 | | | 2,226 | | | 12,693 | | | 21,516 | |
Transaction, refinancing and other fees (3) | 850 | | | 3,704 | | | — | | | — | | | 38,741 | | | 43,295 | |
(Gain) loss on foreign currency remeasurement (4) | (41) | | | 7,372 | | | — | | | — | | | 6 | | | 7,337 | |
| Adjusted EBITDA | $ | 87,415 | | | $ | 41,907 | | | $ | 46,569 | | | $ | 66,864 | | | $ | (22,482) | | | $ | 220,273 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $39.9 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $12.8 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $9.9 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America.
(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, the foreign currency swap loss and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A, net of dividends received.
(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, 2022 |
| (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total |
| | | | | | | | | | | |
| Revenues | $ | 130,678 | | | $ | 93,308 | | | $ | 111,079 | | | $ | 176,620 | | | $ | (55,063) | |
| $ | 456,622 | |
| Operating costs and expenses | 76,920 | | | 77,132 | | | 68,288 | | | 117,747 | | | 25 | |
| 340,112 | |
| Depreciation and amortization | 15,062 | | | 9,628 | | | 3,104 | | | 12,787 | | | 17,851 | | | 58,432 | |
| Non-operating income (expenses) | 928 | | | (3,365) | | | 980 | | | 137,542 | | | (3,560) | | | 132,525 | |
| EBITDA | 69,748 | | | 22,439 | | | 46,875 | | | 209,202 | | | (40,797) | | | 307,467 | |
Compensation and benefits (2) | 2,569 | | | 2,758 | | | 1,284 | | | 1,503 | | | 7,241 | | | 15,355 | |
Transaction, refinancing and other fees (3) | 330 | | | — | | | 325 | | | (134,990) | | | 11,615 | | | (122,720) | |
Loss on foreign currency remeasurement (4) | 230 | | | 5,596 | | | — | | | — | | | 1,032 | | | 6,858 | |
| Adjusted EBITDA | $ | 72,877 | | | $ | 30,793 | | | $ | 48,484 | | | $ | 75,715 | | | $ | (20,909) | | | $ | 206,960 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $36.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $10.7 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $7.9 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America.
(2)Primarily represents share-based compensation and severance payments.
(3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the gain from the Popular transaction and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received.
(4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
The reconciliation of consolidated net income to EBITDA is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
| (In thousands) | 2023 | | 2022 | | 2023 | | 2022 |
| Net Income | $ | 9,956 | | | $ | 137,739 | | | $ | 68,069 | | | $ | 210,161 | |
| Add: | | | | | | | |
| Income tax (benefit) expense | (4,858) | | | 9,048 | | | 4,546 | | | 22,911 | |
| Interest expense, net | 3,783 | | | 5,956 | | | 11,830 | | | 15,963 | |
| Depreciation and amortization | 21,919 | | | 19,712 | | | 63,680 | | | 58,432 | |
| Total EBITDA | $ | 30,800 | | | $ | 172,455 | | | $ | 148,125 | | | $ | 307,467 | |
Note 18 – Subsequent Events
On October 19, 2023, the Board declared a regular quarterly cash dividend of $0.05 per share on the Company’s outstanding shares of common stock. The dividend will be paid on December 1, 2023 to stockholders of record as of the close of business on October 30, 2023. 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.
On July 20, 2023, the Company entered into a Merger Agreement and Other Covenants (the “Merger Agreement”), by and among Evertec Brasil Informática S.A, a wholly-owned subsidiary of Evertec (“Evertec BR”), Sinqia S.A., a publicly held company incorporated and existing in accordance with the laws of the Federative Republic of Brazil (“Sinqia”), and certain other Key Shareholders (as defined therein), as shareholders of Sinqia. The Board and the board of directors of Sinqia (the “Sinqia Board”) have unanimously approved the Merger Agreement. Pursuant to and on the terms and subject to the conditions set forth in the Merger Agreement, a business combination of Evertec BR and Sinqia (the "Sinqia Transaction") will be carried out through a merger of all shares issued by Sinqia into Evertec BR pursuant to provisions of the Brazilian Corporations Law and other applicable Brazilian laws and regulations (the “Merger of Shares”), and as a result of such Merger of Shares, Sinqia will become a wholly-owned subsidiary of Evertec BR.
On September 14, 2023, the Merger Transaction received Sinqia shareholder approval, a closing condition in the Merger Agreement. The Sinqia Transaction is expected to close in the fourth quarter of 2023 and is subject to the satisfaction or waiver of customary closing conditions. Evertec intends to finance the Sinqia Transaction with cash on hand and committed financing of $600 million.
On September 12, 2023, the Company formally registered a Brazilian Depositary Receipts ("BDR") program with the Brazilian securities and exchange commission ("BDR Program"), in order to have securities backed by Evertec shares trading in the B3, the Brazilian stock exchange. The BDR Program has not been funded, no Evertec common stock underlying such BDRs has been issued, and no BDRs are actively trading on the B3. On October 24, 2023, the Company submitted to the NYSE a supplemental application review form requesting to reserve 1,168,555 shares of common stock, with a par value of $0.01 underlying 1,168,555 BDRs which will be issued as consideration pursuant to the Merger Agreement. October 27, 2023, the reserve was approved by the NYSE.
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, 2023 and 2022 and (ii) the financial condition as of September 30, 2023. 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, 2022, included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 24, 2023 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, (b) the term “Holdings” refers to EVERTEC Intermediate Holdings, LLC, but not any of its subsidiaries and (c) 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 (formerly known as Tecnopago SpA), Evertec Chile SpA (formerly known as EFT Group SpA), Evertec Chile Global SpA (formerly known as EFT Global Services SpA), Evertec Chile Servicios Profesionales SpA (formerly known as EFT Servicios Profesionales SpA), EFT Group S.A., Tecnopago España SL, Paytrue S.A., Caleidon, S.A., Evertec Brasil Informática Ltda. (formerly known as Paytrue Solutions Informática Ltda.), EVERTEC Panamá, S.A., EVERTEC Costa Rica, S.A. (“EVERTEC CR”), EVERTEC Guatemala, S.A., Evertec Colombia, SAS (formerly known as Processa, SAS), EVERTEC USA, LLC, Evertec Placetopay, SAS (formerly known as EGM Ingeniería sin Fronteras, S.A.S. ("PlacetoPay")), BBR, SpA, BBR Perú, S.A.C., Paysmart Pagamentos Eletronicos Ltda and EVERTEC México Servicios de Procesamiento, S.A. de C.V. Neither EVERTEC nor Holdings 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 in Latin America, Puerto Rico, and the Caribbean, providing a broad range of merchant acquiring, payment services and business process management services. 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 serve 26 countries out of 12 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 American 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 point of sales (“POS”) and e-commerce merchants to accept and process electronic methods of payment such as debit, credit, prepaid and electronic benefit transfer (“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.
Relationship with Popular
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 (as amended, the "A&R ISO Agreement"), a 5-year extension of the ATH Network Participation Agreement and a 3-year extension of the MSA (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, 2023 approximately 36% of our revenues were generated from this relationship.
2023 Developments
On July 20, 2023, the Company entered into a Merger Agreement and Other Covenants (the “Merger Agreement”), by and among Evertec Brasil Informática S.A, a wholly-owned subsidiary of Evertec (“Evertec BR”), Sinqia S.A., a publicly held company incorporated and existing in accordance with the laws of the Federative Republic of Brazil (“Sinqia”), and certain other Key Shareholders (as defined therein), as shareholders of Sinqia. The Board and the board of directors of Sinqia (the “Sinqia Board”) have unanimously approved the Merger Agreement.
Pursuant to and on the terms and subject to the conditions set forth in the Merger Agreement,a business combination of Evertec BR and Sinqia will be carried out through a merger of all shares issued by Sinqia into Evertec BR pursuant to provisions of the Brazilian Corporations Law (the “Merger of Shares”), and as a result of such Merger of Shares, Sinqia will become a wholly-owned subsidiary of Evertec BR.
At the effective time of the Merger of Shares, each common share of Sinqia (the “Sinqia Common Shares”), issued and outstanding immediately prior to the Merger of Shares will be exchanged for (a) one class A mandatorily redeemable preferred share issued by Evertec BR (“Evertec BR New Class A Shares”), and (b) one class B mandatorily redeemable preferred share issued by Evertec BR (“Evertec BR New Class B Shares” and, jointly with Evertec BR New Class A Shares, the “Evertec BR New Shares”). Immediately upon implementation of the Merger of Shares, all Evertec BR New Shares delivered to the then shareholders of Sinqia will be automatically redeemed and canceled (the “Redemption”, and together with the Merger of Shares, the “Transaction”), and each then shareholder of Sinqia will be entitled to receive, for each Evertec BR New Class A Share held, (i) twenty-four Reais and forty-seven cents (R$ 24.47), increased by a customary daily “ticking fee” of up to one Reais (R$1.00) per share depending on the timing of the closing and subject to other customary adjustments as set forth in the Merger Agreement, and (ii) Brazilian Depositary Receipts representing 0.014354 underlying share of common stock, par value $0.01 per share, of Evertec. The Transaction is expected to close in the fourth quarter of 2023 and is subject to the satisfaction or waiver of customary closing conditions.
Evertec also obtained financing commitments for the purpose of financing the Transaction and paying related fees and expenses with debt financing in an aggregate principal amount of $600 million (as such amount may be increased). The obligations of the lenders to provide debt financing under the related debt commitment letter are subject to customary terms and conditions.
On September 14, 2023, the Transaction received Sinqia shareholder approval, satisfying one of the closing conditions in the Merger Agreement.
On September 12, 2023, the Company formally registered a Brazilian Depositary Receipts ("BDR") program with the Brazilian securities and exchange commission ("BDR Program"), in order to have securities backed by Evertec shares trading in the B3, the Brazilian stock exchange. The BDR Program has not been funded, no Evertec common stock underlying such BDRs has been issued, and no BDRs are actively trading on the B3. On October 24, 2023, the Company submitted to the NYSE a supplemental application review form requesting to reserve 1,168,555 shares of common stock, with a par value of $0.01 underlying 1,168,555 BDRs which will be issued as consideration pursuant to the Merger Agreement. October 27, 2023, the reserve was approved by the NYSE.
This complementary acquisition is expected to enhance the Company's growth strategy, diversify the Company’s business, expand the Company’s addressable markets, increase the Company’s product offering, and drive revenue synergies over time.
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 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 American 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.
Results of Operations
Comparison of the three months ended September 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | | | | | | | |
| In thousands | 2023 | | 2022 | | | | Variance | | |
| | | | | | | | | | | | | |
| Revenues | $ | 173,198 | | | $ | 145,803 | | | | | $ | 27,395 | | | 19 | % | | | | |
| Operating costs and expenses | | | | | | | | | | | | | |
| Cost of revenues, exclusive of depreciation and amortization | 81,280 | | | 76,272 | | | | | 5,008 | | | 7 | % | | | | |
| Selling, general and administrative expenses | 30,437 | | | 26,001 | | | | | 4,436 | | | 17 | % | | | | |
| Depreciation and amortization | 21,919 | | | 19,712 | | | | | 2,207 | | | 11 | % | | | | |
| Total operating costs and expenses | 133,636 | | | 121,985 | | | | | 11,651 | | | 10 | % | | | | |
| Income from operations | $ | 39,562 | | | $ | 23,818 | | | | | $ | 15,744 | | | 66 | % | | | | |
Revenues
Total revenue for the quarter ended September 30, 2023 was $173.2 million, an increase of 19% compared with $145.8 million in the same period in the prior year, reflecting growth across all of the Company's segments. Merchant acquiring revenue growth was a result of an increase in sales volume and spread, and the continued benefit from pricing initiatives. Payment processing revenues in Puerto Rico continue to reflect an increase in transaction volumes as well as continued growth in ATH Movil revenues, primarily ATH Business. Payment processing LATAM revenue benefited from a $6.3 million catch-up adjustment related to the Company's processing contract with Getnet Chile as the Company now estimates that minimums on the contract will be surpassed. LATAM revenues also benefited from continued organic growth across regions and the contribution from the paySmart acquisition completed in the first quarter of 2023. Business solutions revenue increased mainly due to the impact in the prior year of the $6.9 million one-time credit granted to Popular upon closing of the Popular Transaction in the third quarter of 2022 as well as an increase in hardware and software sales.
Cost of Revenues
Cost of revenues for the three months ended September 30, 2023 amounted to $81.3 million, an increase of $5.0 million or 7% when compared to the same period in the prior year. The increase during the three month period was primarily driven by an increase in personnel costs, mainly due to increased headcount in Latin America including the added headcount from the paySmart acquisition, professional fees and cloud services. These increases were partially offset by recoveries of previously recorded operational losses.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the three months ended September 30, 2023 amounted to $30.4 million, an increase of $4.4 million or 17% when compared to the same period in the prior year. This increase was mainly driven by an increase in personnel costs as well as an increase in professional fees related to corporate development initiatives.
Depreciation and Amortization
Depreciation and amortization expense for the three months ended September 30, 2023 amounted to $21.9 million, an increase of $2.2 million or 11% 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 paySmart acquisition, as well as an increase in software amortization for internally developed software.
Non-Operating Expenses
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | | | | | | | |
| In thousands | 2023 | | 2022 | | | | Variance | | |
| | | | | | | | | | | | | |
| Interest income | $ | 1,926 | | | $ | 807 | | | | | $ | 1,119 | | | 139 | % | | | | |
| Interest expense | (5,709) | | | (6,763) | | | | | 1,054 | | | 16 | % | | | | |
| Loss on foreign currency remeasurement | (2,806) | | | (7,779) | | | | | 4,973 | | | 64 | % | | | | |
| Loss on foreign currency swap | (29,225) | | | — | | | | | (29,225) | | | — | % | | | | |
| Earnings of equity method investment | 1,197 | | | 688 | | | | | 509 | | | 74 | % | | | | |
| Gain on sale of business | — | | | 135,642 | | | | | (135,642) | | | (100) | % | | | | |
| Other income | 153 | | | 374 | | | | | (221) | | | (59) | % | | | | |
| Total non-operating (expenses) income | $ | (34,464) | | | $ | 122,969 | | | | | $ | (157,433) | | | 128 | % | | | | |
Non-operating expenses for the three months ended September 30, 2023 amounted to $34.5 million of expense compared to income of $123.0 million the comparable period in the prior year. The negative variance was mainly related to the gain on sale of a business of $135.6 million included in the prior year quarter as a result of closing the Popular Transaction and the unrealized loss on foreign currency swap of $29.2 million in the current year quarter. Partially offsetting these decreases was a foreign currency remeasurement loss of $2.8 million in the current quarter compared to a loss of $7.8 million in the prior year quarter and an increase in interest income of $1.1 million and a decrease in interest expense of $1.1 million.
Income Tax Expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | | | | | | | |
| In thousands | 2023 | | 2022 | | | | Variance | | |
| Income tax (benefit) expense | $ | (4,858) | | | $ | 9,048 | | | | | $ | (13,906) | | | (154) | % | | | | |
Income tax benefit for the three months ended September 30, 2023 amounted to $4.9 million, a decrease of $13.9 million when compared to the income tax expense in same period in the prior year. The effective tax rate for the period was (95.3)%, compared with 6.2% in the comparable 2022 period. The change in the effective tax rate primarily reflects the impact from the unrealized loss on foreign currency swap of $29.2 million in the current year quarter, which created a deferred tax benefit of $10.9 million, treated as a discrete item, partially offset by the impact of higher revenues in higher taxed jurisdictions, a shift in the mix of business in Puerto Rico and higher withholding taxes. Effective tax rate was also impacted during prior year by the Popular Transaction which was taxed at a preferential tax rate and the reversal of a potential liability for uncertain tax positions as a result of the expiration of the statue of limitation.
Comparison of the nine months ended September 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, | | | | | | | | |
| In thousands | 2023 | | 2022 | | | | Variance | | |
| | | | | | | | | | | | | |
| Revenues | $ | 500,088 | | | $ | 456,622 | | | | | $ | 43,466 | | | 10 | % | | | | |
| Operating costs and expenses | | | | | | | | | | | | | |
| Cost of revenues, exclusive of depreciation and amortization | 238,149 | | | 215,244 | | | | | 22,905 | | | 11 | % | | | | |
| Selling, general and administrative expenses | 83,834 | | | 66,436 | | | | | 17,398 | | | 26 | % | | | | |
| Depreciation and amortization | 63,680 | | | 58,432 | | | | | 5,248 | | | 9 | % | | | | |
| Total operating costs and expenses | 385,663 | | | 340,112 | | | | | 45,551 | | | 13 | % | | | | |
| Income from operations | $ | 114,425 | | | $ | 116,510 | | | | | $ | (2,085) | | | (2) | % | | | | |
Revenues
Total revenues for the nine months ended September 30, 2023 was $500.1 million, an increase of 10% compared with $456.6 million in the same period in the prior year. The revenue increase was primarily driven by growth in the Company's payment
segments, both Puerto Rico and Latin America. Merchant acquiring revenue reflected a higher sales volumes and spread which is mainly due to the continued benefit from pricing initiatives, shift in the card mix, and an increase in sales volumes. Payment processing growth in Puerto Rico was driven by the same factors explained above for the quarter. Payment Services Latin America revenue growth was driven by the same factors explained above for the quarter and revenue contribution from the BBR acquisition completed in the third quarter of 2022. These increases were partially offset by the impact to Business Solutions from the one-time CPI credit that impacted last year results and the assets sold as part of the Popular Transaction in the third quarter of 2022.
Cost of Revenues
Cost of revenues for nine months ended September 30, 2023 amounted to $238.1 million, an increase of $22.9 million or 11% 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 along with the revenue sharing agreement with Banco Popular, an increase in personnel costs, mainly due to increased headcount in Latin America including the added headcount from the BBR acquisition and an increase in printing supplies expense.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for nine months ended September 30, 2023 amounted to $83.8 million, an increase of $17.4 million or 26% when compared to the same period in the prior year due to the same reasons explained for the quarter.
Depreciation and Amortization
Depreciation and amortization expense for the nine months ended September 30, 2023 amounted to $63.7 million, an increase of $5.2 million or 9% 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 BBR acquisition.
Non-Operating Expenses
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, | | | | | | | | |
| In thousands | 2023 | | 2022 | | | | Variance | | |
| | | | | | | | | | | | | |
| Interest income | $ | 5,162 | | | $ | 2,279 | | | | | $ | 2,883 | | | 127 | % | | | | |
| Interest expense | (16,992) | | | (18,242) | | | | | 1,250 | | | 7 | % | | | | |
| Loss on foreign currency remeasurement | (7,337) | | | (6,858) | | | | | (479) | | | 7 | % | | | | |
| Loss on foreign currency swap | (29,225) | | | — | | | | | (29,225) | | | — | % | | | | |
| Earnings of equity method investment | 3,828 | | | 2,120 | | | | | 1,708 | | | 81 | % | | | | |
| Gain on sale of business | — | | | 135,642 | | | | | (135,642) | | | (100) | % | | | | |
| Other income | 2,754 | | | 1,621 | | | | | 1,133 | | | 70 | % | | | | |
| Total non-operating (expenses) income | $ | (41,810) | | | $ | 116,562 | | | | | $ | (158,372) | | | 136 | % | | | | |
Non-operating (expenses) income for the nine months ended September 30, 2023 amounted to expenses of $41.8 million compared with income of $116.6 million in the same period in the prior year. The negative variance was mainly related to the gain on sale of a business of $135.6 million recorded in the prior year period upon closing of the Popular Transaction and the unrealized loss on foreign currency swap of $29.2 million in the current year, partially offset by an increase of $2.9 million in interest income, $1.3 million decrease in interest expense, $1.7 million increase in earnings from the Company's equity method investment in Contado and $1.1 million increase in other income primarily related to realized gains from foreign currency transactions.
Income Tax Expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, | | | | | | | | |
| In thousands | 2023 | | 2022 | | | | Variance | | |
| Income tax expense | $ | 4,546 | | | $ | 22,911 | | | | | $ | (18,365) | | | (80) | % | | | | |
Income tax expense for the nine months ended September 30, 2023 amounted to $4.5 million, a decrease of $18.4 million when compared to the same period in the prior year. The effective tax rate for the period was 6.3%, compared with 9.8% in the comparable 2022 period. The decrease in the effective tax rate is driven by the same factors explained above for the quarter, coupled with a benefit of a discrete item in Puerto Rico recorded during the quarter ended March 31, 2023.
Segment Results of Operations
The Company operates in four business segments: Payment Services - Puerto Rico & Caribbean, Payment Services - Latin America (collectively "Payment Services segments"), Merchant Acquiring, and Business Solutions.
The Payment Services - Puerto Rico & Caribbean segment revenues are comprised 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.
The Payment Services - Latin America 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.
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. Effective for the quarter ended March 31, 2023, the Company modified the manner in which it calculates and reports Adjusted EBITDA presented to the CODM for assessing segment performance to exclude the impact of non-cash unrealized gains and losses from foreign currency remeasurement. 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. The Company has recast prior periods to conform with the modified definition of Adjusted EBITDA. 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, 2023 and 2022
Payment Services - Puerto Rico & Caribbean
| | | | | | | | | | | | | |
| Three months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $51,600 | | $44,592 | | |
| Adjusted EBITDA | 30,356 | | 25,088 | | |
| Adjusted EBITDA Margin | 58.8 | % | | 56.3 | % | | |
Payment Services - Puerto Rico & Caribbean segment revenues for the three months ended September 30, 2023 increased by $7.0 million to $51.6 million when compared to the same period in the prior year. The increase in revenues was primarily driven by an increase in POS transactions and continued strong digital payments growth from ATH Movil, primarily the ATH Business, as well as increases in transaction processing and monitoring services provided to the Latin America segment. Adjusted EBITDA increased by $5.3 million to $30.4 million driven by the increase in revenues and the net effect of operational losses recovered during the quarter partially offset by higher professional services.
Payment Services - Latin America
| | | | | | | | | | | | | |
| Three months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $46,155 | | $33,741 | | |
| Adjusted EBITDA | 17,492 | | 10,935 | | |
| Adjusted EBITDA Margin | 37.9 | % | | 32.4 | % | | |
Payment Services - Latin America segment revenues for the three months ended September 30, 2023 increased by $12.4 million to $46.2 million when compared to the same period in the prior year. Revenues benefited from a catch-up adjustment related to the processing contract with GetNet Chile of approximately $6.3 million, as the Company now estimates minimums on the contract will be exceeded. The increase was also driven by organic growth as well as revenue generated from the paySmart acquisition completed in the first quarter of 2023. Adjusted EBITDA increased by $6.6 million when compared to the same
period in the prior year driven by the increase in revenues partially offset by higher personnel costs, driven by the added employees from the acquisition, as well as an increase in transaction processing and monitoring expenses charged from Payments Puerto Rico segment.
Merchant Acquiring
| | | | | | | | | | | | | |
| Three months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $40,557 | | $36,911 | | |
| Adjusted EBITDA | 15,300 | | 13,866 | | |
| Adjusted EBITDA Margin | 37.7 | % | | 37.6 | % | | |
Merchant Acquiring segment revenues for the three months ended September 30, 2023 increased by $3.6 million to $40.6 million when compared to the same period in the prior year. The revenue increase was primarily driven by a combination of increased sales volume, an increase in overall spread and the continued benefit of certain pricing initiatives. The prior year quarter was impacted by Hurricane Fiona, which disrupted spending patterns in the last two weeks of the quarter. Adjusted EBITDA increased by $1.4 million as compared to the prior year period. This increase was mainly driven by higher revenues, partially offset by higher operating expenses, mainly higher processing costs driven by higher number of transactions processed by the Payment Services Puerto Rico segment.
Business Solutions | | | | | | | | | | | | | |
| Three months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $56,522 | | $49,306 | | |
| Adjusted EBITDA | 21,122 | | 16,276 | | |
| Adjusted EBITDA Margin | 37.4 | % | | 33.0 | % | | |
Business Solutions segment revenues for the three months ended September 30, 2023 increased by $7.2 million to $56.5 million as compared to the prior year period. This increase was primarily driven by the impact in the prior year of the $6.9 million one-time credit granted to Popular upon closing of the Popular Transaction in the third quarter of 2022, as well as an increase in hardware and software sales. Adjusted EBITDA increased by $4.8 million to $21.1 million as compared to the prior year period. This increase was primarily driven by the higher revenues partially offset by higher operating expenses, including higher equipment and infrastructure expenses.
Comparison of the nine months ended September 30, 2023 and 2022
Payment Services - Puerto Rico & Caribbean
| | | | | | | | | | | | | |
| Nine months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $150,824 | | $130,678 | | |
| Adjusted EBITDA | 87,415 | | 72,877 | | |
| Adjusted EBITDA Margin | 58.0 | % | | 55.8 | % | | |
Payment Services - Puerto Rico & Caribbean segment revenues for the nine months ended September 30, 2023 increased by $20.1 million to $150.8 million when compared to the same period in the prior year. The increase in revenues was primarily driven by the same drivers as in the quarter, as well as revenue contribution from issuing services provided to health care companies and revenue from the small acquisition completed in the second quarter of 2022. Adjusted EBITDA increased by $14.5 million to $87.4 million. The increase was primarily driven by the increase in revenues and the positive net effect of previously recorded operational losses, partially offset by higher operating expenses, including higher professional fees.
Payment Services - Latin America
| | | | | | | | | | | | | |
| Nine months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $120,548 | | $93,308 | | |
| Adjusted EBITDA | 41,907 | | 30,793 | | |
| Adjusted EBITDA Margin | 34.8 | % | | 33.0 | % | | |
Payment Services - Latin America segment revenues for the nine months ended September 30, 2023 increased by $27.2 million to $120.5 million when compared to the same period in the prior year. This increase was primarily due to the same factors explained above for the quarter, as well as revenue generated from the BBR acquisition completed in the third quarter of 2022. Adjusted EBITDA increased by $11.1 million when compared to the same period in the prior year driven by the increase in revenues partially offset by higher personnel costs, the negative impact from foreign currency remeasurement, an increase in professional services fees and an increase in transaction processing and monitoring expenses charged from Payments Puerto Rico segment.
Merchant Acquiring
| | | | | | | | | | | | | |
| Nine months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $122,152 | | $111,079 | | |
| Adjusted EBITDA | 46,569 | | 48,484 | | |
| Adjusted EBITDA Margin | 38.1 | % | | 43.6 | % | | |
Merchant Acquiring segment revenues for the nine months ended September 30, 2023 increased by $11.1 million to $122.2 million when compared to the same period in the prior year. The revenue increase was primarily driven by an increase in sales volume mainly due to new higher volume merchants and incremental sales volume in existing merchants, higher non-transactional fees, higher spread and the continued benefit from pricing initiatives as well as a shift in the mix of credit cards spend towards premium cards. Adjusted EBITDA decreased by $1.9 million as compared to the prior year period, mainly driven by higher operating expenses, including the revenue sharing agreement with Popular which began during the third quarter of 2022, higher processing costs from the Payment Services Puerto Rico segment and the effect of a declining average ticket.
Business Solutions | | | | | | | | | | | | | |
| Nine months ended September 30, |
| In thousands | 2023 | | 2022 | | |
| Revenues | $169,188 | | $176,620 | | |
| Adjusted EBITDA | 66,864 | | 75,715 | | |
| Adjusted EBITDA Margin | 39.5 | % | | 42.9 | % | | |
Business Solutions segment revenues for the nine months ended September 30, 2023 decreased by $7.4 million to $169.2 million as compared to the prior year period. This decrease was primarily due to the impact from the assets sold as part of the Popular Transaction completed in the third quarter of 2022, which were of higher margins, partially offset by the one-time credit granted to Popular upon closing of the Popular Transaction. Adjusted EBITDA decreased by $8.9 million to $66.9 million as compared to the prior year period. This decrease was driven by the impact of the assets sold to Popular as part of the Popular transaction, which were of higher margins.
Liquidity and Capital Resources
As of September 30, 2023, there are no material changes to our primary short-term and long-term requirements for liquidity and capital 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, 2022 filed with the SEC on February 24, 2023. 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 $188.0 million was available for borrowing as of September 30, 2023. The Company issues letters of credit against our Revolving Facility which reduce our availability of funds to be drawn. The Company has also obtained financing commitments for the purpose of financing the Sinqia acquisition and paying related fees and expenses with debt financing in an aggregate principal amount of $600 million (as such amount may be increased). The
obligations of the lenders to provide debt financing under the related debt commitment letter are subject to customary terms and conditions.
As of September 30, 2023, we had cash and cash equivalents of $177.8 million, of which $133.7 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 indefinitely 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.
Based on our current level of operations, we believe our cash flows from operations and the available secured Revolving Facility will be adequate to meet our liquidity needs for the next twelve months. 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.
| | | | | | | | | | | | | | |
| | | Nine months ended September 30, |
| (In thousands) | | 2023 | | 2022 |
| | | | | |
| Cash provided by operating activities | | $ | 163,458 | | | $ | 159,009 | |
| Cash used in investing activities | | (105,433) | | | (106,002) | |
| Cash used in financing activities | | (68,852) | | | (99,508) | |
| Effect of foreign exchange rate on cash, cash equivalents and restricted cash | | 10,716 | | | 4,260 | |
| Increase in cash, cash equivalents and restricted cash | | $ | (111) | | | $ | (42,241) | |
Net cash provided by operating activities for the nine months ended September 30, 2023 was $163.5 million compared to $159.0 million for the same period in the prior year, an increase of $4.4 million as the Company continues to effectively manage working capital.
Net cash used in investing activities for the nine months ended September 30, 2023 was $105.4 million compared to $106.0 million for the same period in the prior year. Net cash used in investing activities for the nine months ended September 30, 2023 was primarily composed of the purchase of equity securities in connection with the Sinqia transaction amounting to $26.5 million, the paySmart acquisition, which closed in the first quarter of 2023 for $22.9 million, capital contributions for investments in equity investee of $5.5 million and an increase in software additions of $5.9 million.
Net cash used in financing activities for the nine months ended September 30, 2023 was $68.9 million compared to $99.5 million for the same period in the prior year. The net cash used in financing activities for the nine months ended September 30, 2023 was primarily composed of purchases of common stock amounting to $23.6 million partially offset by cash used to pay down the Revolving Facility for $14.0 million.
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, 2023 and 2022, we invested approximately $50.6 million and $44.6 million in our capital resources, respectively. In addition, during the nine month period ended September 30, 2023, the Company acquired a business for $22.9 million, net of cash acquired, equity securities amounting to $26.5 million and investment in equity investee of $5.5 million. During the nine month period ended September 30, 2022, the Company acquired a business for $44.4 million, net of cash, as well as $7.3 million in certificates of deposit in connection with this business acquisition in 2022. The Company also acquired customer relationships amounting to $10.6 million. Generally, we fund capital expenditures with cash flow generated from operations and, if necessary, borrowings under our Revolving Facility and a committed financing of $600 million in connection with the Sinqia transaction. Refer to Note 18 of the unaudited condensed consolidated financial statements for disclosure of the transaction.
Dividend Payments
On February 16, 2023, April 20, 2023, and July 20, 2023, respectively the Board declared quarterly cash dividends of $0.05 per share of common stock, which were paid on March 17, 2023, June 2, 2023 and September 1, 2023, respectively, to stockholders of record as of the close of business on February 28, 2023, May 1, 2023 and July 31,2023, respectively.
On October 19, 2023, our Board declared a regular quarterly cash dividend of $0.05 per share on the Company’s outstanding shares of common stock. The dividend will be paid on December 1, 2023 to stockholders of record as of the close of business on October 30, 2023. 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 (the “Term Loan Facility”) and (ii) a $200.0 million revolving credit facility (the “Revolving Facility”, and together with the Term Loan Facility, the “2022 Credit Facilities”). The 2022 Credit Facilities mature on December 1, 2027.
At September 30, 2023, the unpaid principal balance of the Term Loan Facility was $399.4 million. At September 30, 2023, there was $6.0 million outstanding on the Revolving Facility and the additional borrowing capacity was $188.0 million. The Company issues letters of credit against the Revolving Facility which reduce the additional borrowing capacity of the Revolving Facility.
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. As of September 30, 2023, the outstanding principal balance of the note payable was $7.9 million. The current portion of these notes is included in accounts payable and the long-term portion is included in other long-term liabilities in the Company's unaudited condensed consolidated balance sheet.
Interest Rate Swaps
As of September 30, 2023, the Company has two interest rate swap agreements, entered into in December 2018 and May 2023, which convert a portion of the interest rate payments on the Company's Term Loan from variable to fixed:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Agreement | | Effective date | | Maturity Date | | Notional Amount | | Variable Rate | | Fixed Rate |
| | | | | | | | | | |
| 2018 Swap | | April 2020 | | November 2024 | | $250 million | | 1-month SOFR | | 2.929% |
| 2023 Swap | | November 2024 | | December 2027 | | $250 million | | 1-month SOFR | | 3.375% |
As of September 30, 2023 and December 31, 2022, the carrying amount of the derivatives included on the Company's unaudited condensed consolidated balance sheets was $11.5 million and $7.4 million, respectively. The fair value of these derivatives are estimated using Level 2 inputs in the fair value hierarchy on a recurring basis. Refer to Note 7 of the unaudited condensed consolidated financial statements for disclosure of gains recorded on cash flow hedging activities.
During the three and nine months ended September 30, 2023 and 2022, the Company reclassified gains of $1.6 million and $4.0 million, respectively, from accumulated other comprehensive loss into interest expense compared to losses of $0.4 million and $3.5 million, respectively, for the corresponding periods in 2022. Based on current SOFR rates, the Company expects to reclassify gains of $6.2 million from accumulated other comprehensive loss into interest expense over the next 12 months.
The cash flow hedges are considered highly effective.
Covenant Compliance
As of September 30, 2023, our secured leverage ratio was 0.90 to 1.00, as determined in accordance with the Credit Agreement. As of the date of filing of this Form 10-Q, no event has occurred that constitutes an Event of Default or Default under our Credit Agreement.
Net Income Reconciliation to EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share (Non-GAAP Measures)
We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. We define “Adjusted EBITDA” 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 by segment is reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with ASC Topic 280, Segment Reporting, and is excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission's Regulation G and Item 10(e) of Regulation S-K. We define “Adjusted Net Income” as Adjusted EBITDA less: operating depreciation and amortization expense, defined as GAAP depreciation and amortization less amortization of intangibles related to acquisitions such as customer relationships, trademarks; cash interest expense defined as GAAP interest expense, less GAAP interest income adjusted to exclude non-cash amortization of debt issue costs, premium and accretion of discount; income tax expense which is calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for uncertain tax position releases, tax true-ups, windfall from share-based compensation, non-cash unrealized gains and losses from foreign currency remeasurement, among others; and non-controlling interest which is the 35% non-controlling equity interest in Evertec Colombia, net of amortization for intangibles created as part of the purchase. We define “Adjusted Earnings per common share” as Adjusted Net Income divided by diluted shares outstanding.
We present EBITDA and Adjusted EBITDA because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of ourselves and other companies in our industry. In addition, our presentation of Adjusted EBITDA is substantially consistent with the equivalent measurements that are contained in the senior secured credit facilities in testing EVERTEC Group’s compliance with covenants therein such as the secured leverage ratio. We use Adjusted Net Income to measure our overall profitability because we believe better reflects our comparable operating performance by excluding the impact of the non-cash amortization and depreciation that was created as a result of merger and acquisition activity. In addition, in evaluating EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share, you should be aware that in the future we may incur expenses such as those excluded in calculating them. Further, our presentation of these measures should not be construed as an inference that our future operating results will not be affected by unusual or nonrecurring items. These measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations that are necessary to run our business. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures.
Some of the limitations of EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted earnings per common share are as follows:
•they do not reflect cash outlays for capital expenditures or future contractual commitments;
•they do not reflect changes in, or cash requirements for, working capital;
•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash requirements for such replacements;
•in the case of EBITDA and Adjusted EBITDA, they do not reflect interest expense, or the cash requirements necessary to service interest, or principal payments, on indebtedness;
•in the case of EBITDA and Adjusted EBITDA, they do not reflect income tax expense or the cash necessary to pay income taxes; and
•other companies, including other companies in our industry, may not use EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings per common share or may calculate EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share differently than as presented in this Report, limiting their usefulness as a comparative measure.
EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share are not measurements of liquidity or financial performance under GAAP. You should not consider EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share as alternatives to cash flows from operating activities or any other performance measures determined in accordance with GAAP, as an indicator of cash flows, as a measure of liquidity or as an alternative to operating or net income determined in accordance with GAAP.
A reconciliation of net income to EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share is provided below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | | Twelve months ended |
| (In thousands, except per share information) | | 2023 | | 2022 | | 2023 | | 2022 | | September 30, 2023 |
| Net income | | $ | 9,956 | | | $ | 137,739 | | | $ | 68,069 | | | $ | 210,161 | | | $ | 96,777 | |
| Income tax (benefit) expense | | (4,858) | | | 9,048 | | | 4,546 | | | 22,911 | | | 10,618 | |
| Interest expense, net | | 3,783 | | | 5,956 | | | 11,830 | | | 15,963 | | | 17,518 | |
| Depreciation and amortization | | 21,919 | | | 19,712 | | | 63,680 | | | 58,432 | | | 83,866 | |
| EBITDA | | 30,800 | | | 172,455 | | | 148,125 | | | 307,467 | | | 208,779 | |
| | | | | | | | | | |
Equity income (1) | | 1,834 | | | 1,159 | | | (797) | | | (273) | | | (1,645) | |
Compensation and benefits (2) | | 6,970 | | | 5,671 | | | 21,516 | | | 15,355 | | | 26,496 | |
Transaction, refinancing and other fees (3) | | 36,249 | | | (126,897) | | | 44,092 | | | (122,447) | | | 47,665 | |
| | | | | | | | | | |
| | | | | | | | | | |
Loss on foreign currency remeasurement (4) | | 2,806 | | | 7,779 | | | 7,337 | | | 6,858 | | | 8,124 | |
| Adjusted EBITDA | | 78,659 | | | 60,167 | | | 220,273 | | | 206,960 | | | 289,419 | |
Operating depreciation and amortization (5) | | (13,061) | | | (10,748) | | | (38,265) | | | (33,156) | | | (49,527) | |
Cash interest expense, net (6) | | (3,755) | | | (5,645) | | | (11,575) | | | (15,132) | | | (17,451) | |
Income tax expense (7) | | (9,447) | | | (8,184) | | | (25,855) | | | (27,067) | | | (34,416) | |
Non-controlling interest (8) | | 50 | | | 47 | | | 96 | | | 58 | | | 72 | |
| Adjusted net income | | $ | 52,446 | | | $ | 35,637 | | | $ | 144,674 | | | $ | 131,663 | | | $ | 188,097 | |
| Net income per common share (GAAP): | | | | | | | | | | |
| Diluted | | $ | 0.15 | | | $ | 2.06 | | | $ | 1.04 | | | $ | 2.98 | | | |
| Adjusted Earnings per common share (Non-GAAP): | | | | | | | | | | |
| Diluted | | $ | 0.80 | | | $ | 0.53 | | | $ | 2.20 | | | $ | 1.87 | | | |
| Shares used in computing adjusted earnings per common share: | | | | | | | | | | |
| Diluted | | 65,779,259 | | | 67,045,809 | | | 65,705,596 | | | 70,588,915 | | | |
1)Represents the elimination of non-cash equity earnings from our 19.99% equity investment in Dominican Republic, Consorcio de Tarjetas Dominicanas S.A. ("CONTADO"), net of cash dividends received.
2)Primarily represents share-based compensation and severance payments.
3)Represents fees and expenses associated with corporate transactions as defined in the Credit Agreement, the gain from the Popular Transaction and the foreign currency swap loss.
4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
5)Represents operating depreciation and amortization expense, which excludes amounts generated as a result of merger and acquisition activity.
6)Represents interest expense, less interest income, as they appear on the condensed consolidated statements of income and comprehensive income, adjusted to exclude non-cash amortization of the debt issue costs, premium and accretion of discount.
7)Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discrete items.
8)Represents the 35% non-controlling equity interest in Evertec Colombia, net of amortization for intangibles created as part of the purchase.
Effect of Inflation
While it is difficult to accurately measure the impact of inflation on our results of operations and financial condition, we believe the effects of inflation on our historical results of operations and financial condition have been immaterial. General inflation in the geographies in which we operate has risen to levels that have not been experienced in recent years, however, inflation has historically had a minimal net effect on our operating results given that overall inflation has been offset by sales and cost reduction actions.
Rising prices for input costs, including wages and benefits, occupancy and general administrative costs, could potentially have a negative impact on our results of operations and financial condition which may not be readily recoverable from our customers.
In addition, inflation has driven a rising interest rate environment, which has had an adverse effect on our cost of funding, as well as led to enhanced volatility on foreign currency exchange rates. While we proactively try to mitigate these rising costs, we may not be able to fully offset these impacts and these could result in negative effect on our results of operation. Thus, we cannot assure you that our results of operations and financial condition will not be materially impacted by inflation in the future.
Critical Accounting Estimates
Our consolidated financial statements are prepared in accordance with GAAP. In connection with the preparation of our financial statements, we are required to make estimates and assumptions about future events and apply judgments that affect the reported amounts of certain assets and liabilities, and in some instances, the reported amounts of revenues and expenses during the period. We base our assumptions, estimates, and judgments on historical experience, current events, and other factors that management believes to be relevant at the time our condensed consolidated financial statements are prepared. However, because future events are inherently uncertain and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For a description of the Company’s critical accounting estimates, refer to “Part II-Item 7-Management’s Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Estimates” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 24, 2023.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks arising from our normal business activities. These market risks principally involve the possibility of changes in interest rates that will adversely affect the value of our financial assets and liabilities or future cash flows and earnings, foreign exchange risk that may result in unfavorable foreign currency translation adjustments and inflation. Market risk is the potential loss arising from adverse changes in market rates and prices. The following analysis provides quantitative information regarding these risks.
Interest Rate Risks
Interest rate risk is highly sensitive due to many factors, including U.S. monetary and tax policies, U.S. and international economic factors and other factors beyond our control.
We issued floating-rate debt which is subject to fluctuations in interest rates. Our secured credit facilities accrue interest at variable rates and are subject to a floor or a minimum rate. A hypothetical 100 basis point increase in interest rates over our floor on our debt balances outstanding as of September 30, 2023, under the secured credit facilities, would increase our annual interest expense by approximately $1.6 million. The impact on future interest expense as a result of future changes in interest rates will depend largely on the gross amount of our borrowings at that time.
As of September 30, 2023, the Company has two interest rate swap agreement, entered into December 2018 and December 2022, respectively, which convert a portion of our outstanding variable rate debt to fixed.
The interest rate swap exposes us to credit risk in the event that the counterparty to the swap agreement does not or cannot meet its obligations. The notional amount is used to measure interest to be paid or received and does not represent the amount of exposure to credit loss. The loss would be limited to the amount that would have been received, if any, over the remaining life of the swap. The counterparty to the swap is a major US based financial institution and we expect the counterparty to be able to perform its obligations under the swap. We use derivative financial instruments for hedging purposes only and not for trading or speculative purposes.
See Note 7 of the Unaudited Condensed Consolidated Financial Statements for additional information related to the secured credit facilities.
Foreign Exchange Risk
We conduct business in certain countries in Latin America for which we have determined that the functional currency is other than the US dollar. Given this, our operating results are exposed to volatility due to fluctuations in exchange rates for the
countries' functional currencies. Non-functional currency transactions are remeasured into the functional currency which results in a foreign exchange gain or loss recorded through Other income (expenses). For the three and nine months ended September 30, 2023, the Company recognized non-cash unrealized foreign currency remeasurement losses of $2.8 million and $7.3 million, respectively, compared to losses of $7.8 million and $6.9 million, respectively for the same periods in 2022. For subsidiaries whose functional currency is other than the U.S. dollar, their assets and liabilities are translated into U.S. dollars at exchange rates at the balance sheet date, and revenues and expenses are translated using average exchange rates in effect during the period. The resulting foreign currency translation adjustments are reported in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. As of September 30, 2023, the Company had $14.1 million in an unfavorable foreign currency translation adjustment as part of accumulated other comprehensive income (loss) compared with an unfavorable foreign currency translation adjustment of $23.5 million as of December 31, 2022.
During the quarter ended September 30, 2023, the Company entered into a foreign currency swap to fix the acquisition price for Sinqia, S.A. in US dollars. At September 30, 2023, the foreign currency swap was in a loss position of $29.2 million.
See Note 8 of the unaudited condensed consolidated financial statements for additional information related to the foreign currency swap.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Management, with the participation of the Chief Executive Officer and the Chief Financial Officer, has evaluated, as of the end of the period covered by this Report on Form 10-Q, disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based upon their evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2023, the Company’s disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a -15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are defendants in various lawsuits or arbitration proceedings arising in the ordinary course of business. Management believes, based on the opinion of legal counsel and other factors, that the aggregated liabilities, if any, arising from such actions will not have a material adverse effect on the financial condition, results of operations and the cash flows of the Company.
Item 1A. Risk Factors
Other than the risk factors set forth below, there have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 24, 2023. For a discussion of the potential risks and uncertainties related to us, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022.
The risks described below and those described in our Annual Report on Form 10-K for the year ended December 31, 2022 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or results of operations.
Acquisitions, strategic investments, partnerships, or alliances could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute shareholder value, and adversely affect our business, financial condition and results of operations.
We may in the future seek to acquire or invest in businesses, joint ventures, products and platform capabilities, or technologies that we believe could complement or expand our products and platform capabilities, enhance our technical capabilities, or otherwise offer growth opportunities. For example, in July 2023, we entered into the Merger Agreement, pursuant to which, among other things, upon closing Sinqia will become a wholly-owned subsidiary of Evertec BR. Any such acquisition or investment may divert the attention of management and cause us to incur various expenses in identifying, investigating, and pursuing suitable opportunities, whether or not the transactions are completed, and may result in unforeseen operating difficulties and expenditures. In particular, we may encounter difficulties assimilating or integrating the businesses, technologies, products and platform capabilities, personnel, or operations of the acquired companies, particularly if we are unable to retain the key personnel of the acquired company, their software is not easily adapted to work with our existing platforms, or we have difficulty retaining customer, vendors and other relationships of any acquired business due to changes in ownership, management, or otherwise. These transactions may also disrupt our business, divert our resources, and require significant management attention that would otherwise be available for development of our existing businesses. Any such transactions that we are able to complete may not result in any synergies or other benefits we had expected to achieve, which could result in substantial impairment charges.
In addition, we may not be able to find and identify desirable acquisition targets or business opportunities or be successful in entering into agreements with any particular strategic partner. We expect that certain of our competitors, many of which have greater resources than we do, will compete with us in acquiring complementary businesses or products. This competition could increase prices for potential acquisitions that we believe are attractive. Also, acquisitions are often subject to various regulatory approvals. If we fail to receive the appropriate regulatory approvals, we may not be able to consummate an acquisition that we believe is in our best interests and may incur significant costs. These transactions could also result in transaction fees, dilutive issuances of our equity securities, incurrence of debt or contingent liabilities, and fluctuations in quarterly results and expenses. Further, if the resulting business from such a transaction fails to meet our expectations, our business, financial condition and results of operations may be adversely affected, or we may be exposed to unknown risks or liabilities.
We may acquire businesses located primarily or entirely outside the United States which could increase our current exposure to international operations located in the Caribbean and Latin America including currency exchange fluctuations, regulatory and organizational complexity, and varying economic, climatic and geopolitical circumstances.
The failure to complete the Transaction or ultimately realize the benefits may adversely affect our business and our stock price.
Consummation of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including, (i) the absence of any court order or regulatory injunction with the effect of preventing or otherwise preventing the consummation of the Transaction, (ii) the accuracy of the representations and warranties of each party, (iii) compliance by each party in all material respects with its obligations and commitments under the Merger Agreement and the Voting Agreement (as defined in the Merger Agreement), (iv) obtaining the registration of the BDR Level I program sponsored by Evertec with the Comissão de Valores Mobiliários - CVM, the Brazilian Securities Commission and the admission of the BDRs for trade on B3
S.A. - Brasil, Bolsa, Balcão (“B3”), (v) Evertec notifying Sinqia that it has completed its funding efforts for the closing, (vi) Sinqia obtaining the consent or waiver for the non-acceleration of the maturity date or prepayment of the two certain issuances of debentures of Sinqia as a result of the Transaction, (vii) the acceleration and cancellation of Sinqia’s stock option plans, (viii) the approval of the Protocolo e Justificação de Incorporação de Ações de Emissão da Sinqia S.A. pela Evertec Brasil Informática S.A., as required pursuant to Articles 224 and 225 of the Brazilian Corporation Law (the “Protocol”) by the Sinqia Board and the execution of the Protocol by Evertec BR’s management and Sinqia’s management, and subsequent calling of the Sinqia general shareholder’s meeting (“Sinqia’s GSM”), (ix) the necessary corporate approvals by Evertec and Evertec BR, including Evertec approving the Transaction and Evertec BR’s general shareholders’ meeting approving the Protocol, the ratification of the engagement of the appraisal company that shall prepare the appraisal report of Sinqia at economic value, to be prepared for purposes of the Merger of Shares (as defined in the Merger Agreement) (the “Appraisal Report”), the Appraisal Report, the Merger of Shares, the capital increase of Evertec BR due to the Merger of Shares and consequent issuance of the Evertec BR New Shares and amendment to the bylaws of Evertec BR, the Redemption (as defined in the Merger Agreement), and authorization for the management of Evertec BR to adopt all measures necessary to perform the resolutions taken, (x) the necessary corporate approvals by Sinqia, including Sinqia’s GSM approving the Protocol, the Merger of Shares, the authorization for Sinqia’s management to subscribe to Evertec BR New Shares on the Closing Date, the waiver of Evertec BR’s obligation to be listed in the Novo Mercado special segment of B3 due to the Transaction, as required by Article 46, Sole Paragraph, of the Novo Mercado Ruling, and the authorization for Sinqia’s management to adopt all measures necessary to perform the resolutions taken and (xi) the absence of any Material Adverse Change (as defined in the Merger Agreement). There can be no assurance that these or other closing conditions will be satisfied in a timely manner or at all. Any delay in completing the Transaction could cause us not to realize some or all of the anticipated benefits when expected, if at all. If the Transaction is not completed, our stock price could decline to the extent it reflects an assumption that we will complete the acquisition. Furthermore, if the Transaction is not completed, we may suffer other consequences that could adversely affect our business, results of operations and stock price, including incurring significant acquisition costs that we would be unable to recover, negative publicity and a negative impression of us in the investment community.
Although we expect benefits to result from the Transaction, including future accretive impact to our earnings per common share and potential for revenue synergies, there can be no assurance that we will actually realize any of them, or realize them within the anticipated timeframe. Achieving these benefits will depend, in part, on our ability to integrate Sinqia’s business successfully and efficiently. The challenges involved in this integration will likely be complex and time consuming. If we do not successfully manage these issues and the other challenges inherent in integrating an acquired business, then we may not achieve the anticipated benefits, of the Transaction within our anticipated timeframe or at all and our revenue, expenses, operating results, financial condition and stock price could be materially adversely affected. The successful integration of the Sinqia business will require significant management attention both before and after the completion of the Transaction, and may divert the attention of management from our business and operational issues.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
The following table summarizes repurchases of the Company’s common stock in the three month period ended September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period | | Total number of shares purchased | | Average price paid per share | | Total number of shares purchased as part of a publicly announced program (1) | | Approximate dollar value of shares that may yet be purchased under the program |
| | | | | | | | |
| 7/1/2023-7/31/2023 | | 208,498 | | | 37.44 | | 208,498 | | | |
| 8/1/2023-8/31/2023 | | 66 | | | 38.99 | | 66 | | | |
| | 208,564 | | | 37.44 | | 208,564 | | | 149,997,425 | |
(1) On July 20, 2023, the Company announced that its Board approved an increase to the current stock
repurchase program, authorizing the purchase of up to an aggregate of $150 million of the Company’s common stock and an extension to the expiration of the program to December 31, 2024. 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, subject to business opportunities and other factors.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
a.None.
b.None.
c.On August 30, 2023, the Company's President and Chief Executive Officer, Morgan M. Schuessler, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) that provides for the sale of up to 84,467 shares of the Company's common stock and which has a plan end date of October 4, 2024. No other director or “officer” (as defined in Rule 16a-1(f) of the Exchange Act) of the Company have adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K during the three month period ended September 30, 2023.
Item 6. Exhibits
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| 2.1# | | |
| 10.1 | | |
| 31.1* | | |
| 31.2* | | |
| 32.1** | | |
| 32.2** | | |
| 101.INS XBRL** | Inline Instance document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
| 101.SCH XBRL** | Inline Taxonomy Extension Schema | |
| 101.CAL XBRL** | Inline Taxonomy Extension Calculation Linkbase | |
| 101.DEF XBRL** | Inline Taxonomy Extension Definition Linkbase | |
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| 104** | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
* Filed herewith.
** Furnished herewith.
# Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished to the Securities and Exchange Commission upon request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| EVERTEC, Inc.
(Registrant) |
| | |
| Date: October 27, 2023 | By: | /s/ Morgan Schuessler |
| | Morgan Schuessler
Chief Executive Officer (Principal Executive Officer) |
| | |
| Date: October 27, 2023 | By: | /s/ Joaquin A. Castrillo-Salgado |
| | Joaquin A. Castrillo-Salgado
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT 31.1
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or 15d-14(a)
I, Morgan Schuessler, certify that:
1.I have reviewed this report on Form 10-Q of EVERTEC, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
| Date: October 27, 2023 | | /s/ Morgan Schuessler |
| | Morgan Schuessler |
| | Chief Executive Officer |
EXHIBIT 31.2
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a)
I, Joaquin A. Castrillo-Salgado, certify that:
1.I have reviewed this report on Form 10-Q of EVERTEC, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
| Date: October 27, 2023 | | /s/ Joaquin A. Castrillo-Salgado |
| | Joaquin A. Castrillo-Salgado |
| | Chief Financial Officer |
EXHIBIT 32.1
Certification Pursuant to 18 U.S.C. Section 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 , the undersigned officer of EVERTEC, Inc. (the “Company”), does hereby certify, to such officer’s knowledge, that:
The Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form 10-Q”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| Date: October 27, 2023 | | /s/ Morgan Schuessler |
| | Morgan Schuessler |
| | Chief Executive Officer |
EXHIBIT 32.2
Certification Pursuant to 18 U.S.C. 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of EVERTEC, Inc. (the “Company”), does hereby certify, to such officer’s knowledge, that:
The Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form 10-Q”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| Date: October 27, 2023 | | /s/ Joaquin A. Castrillo-Salgado |
| | Joaquin A. Castrillo-Salgado |
| | Chief Financial Officer |
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v3.23.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 177,821
|
$ 185,274
|
| Restricted cash |
20,607
|
18,428
|
| Accounts receivable, net |
115,779
|
111,493
|
| Settlement assets |
34,771
|
31,542
|
| Prepaid expenses and other assets |
53,373
|
42,392
|
| Total current assets |
402,351
|
389,129
|
| Debt securities available-for-sale, at fair value |
2,079
|
2,203
|
| Equity securities, at fair value |
25,992
|
0
|
| Investment in equity investee |
20,011
|
14,661
|
| Property and equipment, net |
56,957
|
56,387
|
| Operating lease right-of-use asset |
12,523
|
15,918
|
| Goodwill |
434,496
|
423,392
|
| Other intangible assets, net |
220,240
|
200,320
|
| Deferred tax asset |
18,280
|
5,701
|
| Derivative asset |
11,492
|
7,440
|
| Net investment in leases |
0
|
14
|
| Other long-term assets |
17,039
|
16,578
|
| Total assets |
1,221,460
|
1,131,743
|
| Current Liabilities: |
|
|
| Accrued liabilities |
91,310
|
80,666
|
| Accounts payable |
52,403
|
29,730
|
| Contract liability |
14,428
|
15,226
|
| Income tax payable |
958
|
9,406
|
| Current portion of long-term debt |
20,750
|
20,750
|
| Short-term borrowings |
6,000
|
20,000
|
| Current portion of operating lease liability |
5,979
|
5,936
|
| Settlement liabilities |
27,684
|
26,696
|
| Foreign currency swap liability |
29,225
|
0
|
| Total current liabilities |
248,737
|
208,410
|
| Long-term debt |
374,656
|
389,498
|
| Deferred tax liability |
10,828
|
10,111
|
| Contract liability - long term |
34,062
|
34,068
|
| Operating lease liability - long-term |
7,045
|
10,788
|
| Other long-term liabilities |
9,783
|
4,120
|
| Total liabilities |
685,111
|
656,995
|
| Commitments and contingencies (Note 15) |
|
|
| Stockholders’ equity |
|
|
| Preferred stock, par value $0.01; 2,000,000 shares authorized; none issued |
0
|
0
|
| Common stock, par value $0.01; 206,000,000 shares authorized; 64,630,922 shares issued and outstanding as of September 30, 2023 (December 31, 2022 - 64,847,233) |
646
|
648
|
| Additional paid-in capital |
4,403
|
0
|
| Accumulated earnings |
530,714
|
487,349
|
| Accumulated other comprehensive loss, net of tax |
(3,352)
|
(16,486)
|
| Total EVERTEC, Inc. stockholders’ equity |
532,411
|
471,511
|
| Non-controlling interest |
3,938
|
3,237
|
| Total equity |
536,349
|
474,748
|
| Total liabilities and equity |
$ 1,221,460
|
$ 1,131,743
|
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15
Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I
| Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Statement of Financial Position [Abstract] |
|
|
| Preferred stock par value (in usd per share) |
$ 0.01
|
$ 0.01
|
| Preferred stock authorized (in shares) |
2,000,000
|
2,000,000
|
| Preferred stock issued (in shares) |
0
|
0
|
| Common stock par value (in usd per share) |
$ 0.01
|
$ 0.01
|
| Common stock authorized (in shares) |
206,000,000
|
206,000,000
|
| Common stock issued (in shares) |
64,630,922
|
64,847,233
|
| Common stock outstanding (in shares) |
64,630,922
|
64,847,233
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockSharesAuthorized |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockSharesIssued |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockSharesOutstanding |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_PreferredStockParOrStatedValuePerShare |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_PreferredStockSharesAuthorized |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionTotal number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_PreferredStockSharesIssued |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_StatementOfFinancialPositionAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Statement [Abstract] |
|
|
|
|
| Revenues (affiliates Note 16) |
$ 173,198
|
$ 145,803
|
$ 500,088
|
$ 456,622
|
| Operating costs and expenses |
|
|
|
|
| Cost of revenues, exclusive of depreciation and amortization |
81,280
|
76,272
|
238,149
|
215,244
|
| Selling, general and administrative expenses |
30,437
|
26,001
|
83,834
|
66,436
|
| Depreciation and amortization |
21,919
|
19,712
|
63,680
|
58,432
|
| Total operating costs and expenses |
133,636
|
121,985
|
385,663
|
340,112
|
| Income from operations |
39,562
|
23,818
|
114,425
|
116,510
|
| Non-operating income (expenses) |
|
|
|
|
| Interest income |
1,926
|
807
|
5,162
|
2,279
|
| Interest expense |
(5,709)
|
(6,763)
|
(16,992)
|
(18,242)
|
| Loss on foreign currency remeasurement |
(2,806)
|
(7,779)
|
(7,337)
|
(6,858)
|
| Loss on foreign currency swap |
(29,225)
|
0
|
(29,225)
|
0
|
| Earnings of equity method investment |
1,197
|
688
|
3,828
|
2,120
|
| Gain on sale of business |
0
|
135,642
|
0
|
135,642
|
| Other income, net |
153
|
374
|
2,754
|
1,621
|
| Total non-operating (expenses) income |
(34,464)
|
122,969
|
(41,810)
|
116,562
|
| Income before income taxes |
5,098
|
146,787
|
72,615
|
233,072
|
| Income tax (benefit) expense |
(4,858)
|
9,048
|
4,546
|
22,911
|
| Net income |
9,956
|
137,739
|
68,069
|
210,161
|
| Less: Net loss attributable to non-controlling interest |
(80)
|
(75)
|
(174)
|
(140)
|
| Net income attributable to EVERTEC, Inc.’s common stockholders |
10,036
|
137,814
|
68,243
|
210,301
|
| Other comprehensive income (loss), net of tax of $329, $716, $18 and $1,442 |
|
|
|
|
| Foreign currency translation adjustments |
(11,332)
|
4,125
|
9,426
|
(210)
|
| Gain on cash flow hedges |
3,468
|
5,762
|
3,739
|
18,824
|
| Unrealized loss on change in fair value of debt securities available-for-sale |
(11)
|
(21)
|
(31)
|
(77)
|
| Total comprehensive income attributable to EVERTEC, Inc.’s common stockholders |
$ 2,161
|
$ 147,680
|
$ 81,377
|
$ 228,838
|
| Net income per common share - basic attributable to EVERTEC, Inc.’s common stockholders (in usd per share) |
$ 0.16
|
$ 2.08
|
$ 1.05
|
$ 3.01
|
| Net income per common share - diluted attributable to EVERTEC, Inc.’s common stockholders (in usd per share) |
$ 0.15
|
$ 2.06
|
$ 1.04
|
$ 2.98
|
| X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period, excluding depreciation and amortization.
| Name: |
evtc_CostOfRevenuesExcludingDepreciationAndAmortization |
| Namespace Prefix: |
evtc_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(24))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(26))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
| Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionTotal costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
| Name: |
us-gaap_CostsAndExpenses |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
| Name: |
us-gaap_DepreciationAndAmortization |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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v3.23.3
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
$ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Earnings |
Accumulated Other Comprehensive (Loss) Income |
Non-Controlling Interest |
| Beginning balance (in shares) at Dec. 31, 2021 |
|
71,969,856
|
|
|
|
|
| Beginning balance at Dec. 31, 2021 |
$ 470,268
|
$ 719
|
$ 7,565
|
$ 506,051
|
$ (48,123)
|
$ 4,056
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Share-based compensation recognized |
4,279
|
|
4,279
|
|
|
|
| Repurchase of common stock (in shares) |
|
(521,643)
|
|
|
|
|
| Repurchase of common stock |
(21,179)
|
$ (5)
|
(6,193)
|
(14,981)
|
|
|
| Restricted stock units delivered (in shares) |
|
251,085
|
|
|
|
|
| Restricted stock units delivered |
(5,648)
|
$ 3
|
(5,651)
|
|
|
|
| Net income (loss) |
38,866
|
|
|
38,898
|
|
(32)
|
| Cash dividends declared on common stock, $0.05 per share |
(3,598)
|
|
|
(3,598)
|
|
|
| Other comprehensive (loss) income |
12,160
|
|
|
|
11,912
|
248
|
| Ending balance (in shares) at Mar. 31, 2022 |
|
71,699,298
|
|
|
|
|
| Ending balance at Mar. 31, 2022 |
495,148
|
$ 717
|
0
|
526,370
|
(36,211)
|
4,272
|
| Beginning balance (in shares) at Dec. 31, 2021 |
|
71,969,856
|
|
|
|
|
| Beginning balance at Dec. 31, 2021 |
470,268
|
$ 719
|
7,565
|
506,051
|
(48,123)
|
4,056
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Net income (loss) |
210,161
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2022 |
|
65,588,270
|
|
|
|
|
| Ending balance at Sep. 30, 2022 |
455,255
|
$ 655
|
0
|
480,740
|
(29,586)
|
3,446
|
| Beginning balance (in shares) at Mar. 31, 2022 |
|
71,699,298
|
|
|
|
|
| Beginning balance at Mar. 31, 2022 |
495,148
|
$ 717
|
0
|
526,370
|
(36,211)
|
4,272
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Share-based compensation recognized |
5,165
|
|
5,165
|
|
|
|
| Repurchase of common stock (in shares) |
|
(357,114)
|
|
|
|
|
| Repurchase of common stock |
(14,036)
|
$ (4)
|
(3,466)
|
(10,566)
|
|
|
| Restricted stock units delivered (in shares) |
|
25,149
|
|
|
|
|
| Restricted stock units delivered |
(28)
|
|
(28)
|
|
|
|
| Net income (loss) |
33,556
|
|
|
33,589
|
|
(33)
|
| Cash dividends declared on common stock, $0.05 per share |
(3,579)
|
|
|
(3,579)
|
|
|
| Other comprehensive (loss) income |
(3,625)
|
|
|
|
(3,241)
|
(384)
|
| Ending balance (in shares) at Jun. 30, 2022 |
|
71,367,333
|
|
|
|
|
| Ending balance at Jun. 30, 2022 |
512,601
|
$ 713
|
1,671
|
545,814
|
(39,452)
|
3,855
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Share-based compensation recognized |
5,296
|
|
5,296
|
|
|
|
| Repurchase of common stock (in shares) |
|
(1,190,388)
|
|
|
|
|
| Repurchase of common stock |
(37,317)
|
$ (12)
|
(6,958)
|
(30,347)
|
|
|
| Restricted stock units delivered (in shares) |
|
485
|
|
|
|
|
| Restricted stock units delivered |
(9)
|
|
(9)
|
|
|
|
| Net income (loss) |
137,739
|
|
|
137,814
|
|
(75)
|
| Cash dividends declared on common stock, $0.05 per share |
(3,338)
|
|
|
(3,338)
|
|
|
| Other comprehensive (loss) income |
9,532
|
|
|
|
9,866
|
(334)
|
| Common stock received in exchange of the sale of a Business (in shares) |
|
(4,589,160)
|
|
|
|
|
| Common stock received in exchange of the sale of a Business |
(169,249)
|
$ (46)
|
|
(169,203)
|
|
|
| Ending balance (in shares) at Sep. 30, 2022 |
|
65,588,270
|
|
|
|
|
| Ending balance at Sep. 30, 2022 |
$ 455,255
|
$ 655
|
0
|
480,740
|
(29,586)
|
3,446
|
| Beginning balance (in shares) at Dec. 31, 2022 |
64,847,233
|
64,847,233
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 474,748
|
$ 648
|
0
|
487,349
|
(16,486)
|
3,237
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Share-based compensation recognized |
5,557
|
|
5,557
|
|
|
|
| Repurchase of common stock (in shares) |
|
(187,976)
|
|
|
|
|
| Repurchase of common stock |
(6,269)
|
$ (1)
|
|
(6,268)
|
|
|
| Restricted stock units delivered (in shares) |
|
419,205
|
|
|
|
|
| Restricted stock units delivered |
(5,874)
|
$ 4
|
(5,557)
|
(321)
|
|
|
| Net income (loss) |
30,063
|
|
|
30,052
|
|
11
|
| Cash dividends declared on common stock, $0.05 per share |
(3,249)
|
|
|
(3,249)
|
|
|
| Other comprehensive (loss) income |
16,165
|
|
|
|
16,040
|
125
|
| Ending balance (in shares) at Mar. 31, 2023 |
|
65,078,462
|
|
|
|
|
| Ending balance at Mar. 31, 2023 |
$ 511,141
|
$ 651
|
0
|
507,563
|
(446)
|
3,373
|
| Beginning balance (in shares) at Dec. 31, 2022 |
64,847,233
|
64,847,233
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 474,748
|
$ 648
|
0
|
487,349
|
(16,486)
|
3,237
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Net income (loss) |
$ 68,069
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
64,630,922
|
64,630,922
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 536,349
|
$ 646
|
4,403
|
530,714
|
(3,352)
|
3,938
|
| Beginning balance (in shares) at Mar. 31, 2023 |
|
65,078,462
|
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
511,141
|
$ 651
|
0
|
507,563
|
(446)
|
3,373
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Share-based compensation recognized |
6,499
|
|
6,499
|
|
|
|
| Repurchase of common stock (in shares) |
|
(268,398)
|
|
|
|
|
| Repurchase of common stock |
(9,521)
|
$ (3)
|
(6,418)
|
(3,100)
|
|
|
| Restricted stock units delivered (in shares) |
|
29,045
|
|
|
|
|
| Restricted stock units delivered |
(81)
|
|
(81)
|
|
|
|
| Net income (loss) |
28,050
|
|
|
28,155
|
|
(105)
|
| Cash dividends declared on common stock, $0.05 per share |
(3,254)
|
|
|
(3,254)
|
|
|
| Other comprehensive (loss) income |
5,308
|
|
|
|
4,969
|
339
|
| Ending balance (in shares) at Jun. 30, 2023 |
|
64,839,109
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
538,142
|
$ 648
|
0
|
529,364
|
4,523
|
3,607
|
| Changes in Stockholders’ Equity |
|
|
|
|
|
|
| Share-based compensation recognized |
6,756
|
|
6,756
|
|
|
|
| Repurchase of common stock (in shares) |
|
(208,564)
|
|
|
|
|
| Repurchase of common stock |
(7,808)
|
$ (2)
|
(2,031)
|
(5,775)
|
|
|
| Restricted stock units delivered (in shares) |
|
377
|
|
|
|
|
| Restricted stock units delivered |
(1)
|
|
(322)
|
321
|
|
|
| Net income (loss) |
9,956
|
|
|
10,036
|
|
(80)
|
| Cash dividends declared on common stock, $0.05 per share |
(3,232)
|
|
|
(3,232)
|
|
|
| Other comprehensive (loss) income |
$ (7,464)
|
|
|
|
(7,875)
|
411
|
| Ending balance (in shares) at Sep. 30, 2023 |
64,630,922
|
64,630,922
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 536,349
|
$ 646
|
$ 4,403
|
$ 530,714
|
$ (3,352)
|
$ 3,938
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
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-Section 55
-Paragraph 13
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 718
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (c)
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Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (f)
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v3.23.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Cash flows from operating activities |
|
|
| Net income |
$ 68,069
|
$ 210,161
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
63,680
|
58,432
|
| Amortization of debt issue costs and accretion of discount |
1,795
|
1,187
|
| Operating lease amortization |
4,619
|
4,576
|
| Unrealized loss on foreign currency hedge |
29,225
|
0
|
| Unrealized gain on change in fair value of equity securities |
(104)
|
0
|
| (Release) provision for expected credit losses and sundry losses |
(305)
|
3,363
|
| Deferred tax benefit |
(16,491)
|
(1,699)
|
| Share-based compensation |
18,812
|
14,740
|
| Gain on sale of a business |
0
|
(135,642)
|
| Loss on disposition of property and equipment |
789
|
4,691
|
| Earnings of equity method investment |
(3,828)
|
(2,120)
|
| Dividend received from equity method investment |
3,497
|
2,053
|
| Loss on foreign currency remeasurement |
7,337
|
6,858
|
| Decrease (increase) in assets: |
|
|
| Accounts receivable, net |
(4,590)
|
3,503
|
| Prepaid expenses and other assets |
(11,181)
|
(3,417)
|
| Other long-term assets |
(1,013)
|
(4,389)
|
| (Decrease) increase in liabilities: |
|
|
| Accrued liabilities and accounts payable |
17,387
|
468
|
| Income tax payable |
(9,108)
|
2,921
|
| Contract liability |
(1,146)
|
1,344
|
| Operating lease liabilities |
(3,739)
|
(4,450)
|
| Other long-term liabilities |
(247)
|
(3,571)
|
| Total adjustments |
95,389
|
(51,152)
|
| Net cash provided by operating activities |
163,458
|
159,009
|
| Cash flows from investing activities |
|
|
| Additions to software |
(34,193)
|
(28,287)
|
| Acquisition of customer relationship |
0
|
(10,607)
|
| Property and equipment acquired |
(16,429)
|
(16,313)
|
| Proceeds from sales of property and equipment |
23
|
77
|
| Acquisition of available-for-sale debt securities |
(962)
|
(254)
|
| Purchase of equity securities |
(26,505)
|
0
|
| Investment in equity investee |
(5,500)
|
0
|
| Purchase of certificates of deposit |
0
|
(7,264)
|
| Proceeds from maturities of available-for-sale debt securities |
1,048
|
1,015
|
| Acquisitions, net of cash acquired |
(22,915)
|
(44,369)
|
| Net cash used in investing activities |
(105,433)
|
(106,002)
|
| Cash flows from financing activities |
|
|
| Withholding taxes paid on share-based compensation |
(5,956)
|
(5,685)
|
| Net decrease in short-term borrowings |
(14,000)
|
0
|
| Repayment of short-term borrowings for purchase of equipment and software |
0
|
(901)
|
| Dividends paid |
(9,735)
|
(10,515)
|
| Repurchase of common stock |
(23,598)
|
(72,532)
|
| Repayment of long-term debt |
(15,563)
|
(9,875)
|
| Net cash used in financing activities |
(68,852)
|
(99,508)
|
| Effect of foreign exchange rate on cash, cash equivalents and restricted cash |
10,716
|
4,260
|
| Net decrease in cash, cash equivalents and restricted cash |
(111)
|
(42,241)
|
| Cash, cash equivalents, restricted cash and cash included in settlement assets at beginning of the period |
215,657
|
285,917
|
| Cash, cash equivalents, restricted cash, and cash included in settlement assets at end of the period |
215,546
|
243,676
|
| Reconciliation of cash, cash equivalents, restricted cash and cash included in settlement assets |
|
|
| Cash and cash equivalents |
177,821
|
216,357
|
| Restricted cash |
20,607
|
18,705
|
| Cash and cash equivalents included in settlement assets |
17,118
|
8,614
|
| Cash, cash equivalents, restricted cash and cash included in settlement assets |
215,546
|
243,676
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
16,737
|
18,523
|
| Cash paid for income taxes |
29,692
|
24,386
|
| Supplemental disclosure of non-cash activities: |
|
|
| Payable due to vendor related to licenses acquired |
4,207
|
0
|
| Non-cash investing activities |
|
|
| Software exchanged for common stock |
0
|
18,761
|
| Goodwill exchanged for common stock |
0
|
5,813
|
| CDs transferred in the acquisition of a business |
0
|
7,169
|
| Non-cash financing activities |
|
|
| Payable due to vendor related to licenses acquired |
7,911
|
0
|
| Non-cash financing and investing activities |
|
|
| Common stock received and retired for sale of a business |
$ 0
|
$ 169,249
|
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v3.23.3
The Company and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| The Company and Basis of Presentation |
The Company and Basis of Presentation The Company
EVERTEC, Inc. and its subsidiaries (collectively the “Company” or “EVERTEC”) is a leading full-service transaction processing business in Latin America and the Caribbean. The Company is based in Puerto Rico and provides a broad range of merchant acquiring, payment processing and business process management services. The Company provides services across 26 countries in the region. EVERTEC owns and operates the ATH network, which we believe is one of the leading personal identification number (“PIN”) debit networks in Latin America. In addition, EVERTEC provides a comprehensive suite of services for core banking, cash processing and fulfillment in Puerto Rico and technology outsourcing and payment transactions fraud monitoring in all the regions the Company serves. EVERTEC serves a broad and diversified customer base of leading financial institutions, merchants, corporations, and government agencies with solutions that are essential to their operations, enabling them to issue, process and accept transactions securely.
Basis of Presentation
The unaudited condensed consolidated financial statements of EVERTEC have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted from these statements pursuant to the rules and regulations of the Securities and Exchange Commission and, accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2022, included in the Company’s 2022 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. Intercompany accounts and transactions are eliminated in consolidation. Certain amounts from prior periods have been reclassified to conform to the current period presentation.
Settlement Assets and Liabilities Settlement assets and liabilities result from timing differences in the Company’s settlement processes with merchants, financial institutions, and credit card associations related to merchant and card transaction processing. The amounts are generally collected or paid the following business day. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners, merchants or direct consumers. Settlement liabilities represent amounts payable to merchants and payees. Settlement assets were historically presented within cash and accounts receivable, while Settlement liabilities were presented within accrued liabilities and accounts payable.
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v3.23.3
Business Acquisition
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Business Combination and Asset Acquisition [Abstract] |
|
| Business Acquisition |
Business Acquisition Acquisition of a Business
On February 16, 2023, the Company closed on the acquisition of 100% of Paysmart Pagamentos Eletronicos Ltda (“paySmart”). Headquartered in Porto Alegre, Brazil, paySmart provides issuer processing services and BIN Sponsorship services for prepaid programs under domestic and international schemes in Brazil. The aggregate purchase price was $130 million Brazilian reais, approximately USD$25 million. The acquisition expands the Company's footprint in Brazil and compliments the current product offering in the country.
The Company accounted for this transaction as a business combination. The following table details the preliminary fair value of assets acquired and liabilities assumed from the paySmart acquisition: | | | | | | | Preliminary Assets/Liabilities (at fair value) | | ( In thousands) | | | Cash and cash equivalents | $ | 2,037 | | | Accounts receivable, net | 451 | | | Prepaid expenses and other assets | 58 | | | Property and equipment, net | 107 | | | Operating lease right-of-use asset | 182 | | | Goodwill | 9,735 | | | Settlement assets | 52,593 | | | Other intangible assets, net | 15,174 | | | Total assets acquired | 80,337 | | | Accounts payable | 278 | | | Settlement liabilities | 50,368 | | | Operating lease liability | 185 | | | Income tax payable | 298 | | | Deferred tax liability | 4,253 | | | Total liabilities assumed | $ | 55,382 | |
The following table details the major groups of intangible assets acquired and the weighted average amortization period for these assets: | | | | | | | | | | | | Amount | Weighted-average life | | (Dollar amounts in thousands) | | | | | | | | | Customer relationships | | $ | 10,239 | | 20 | | Trademark | | 1,299 | | 5 | | Software packages | | 3,636 | | 5 | | Total | | $ | 15,174 | | 15 |
Refer to Note 6- Goodwill and Other Intangible Assets for detail of goodwill allocated by reportable segments. The goodwill is primarily attributed to anticipated synergies. Currently, none of the goodwill is deductible for income tax purposes.
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v3.23.3
Debt Securities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Debt Securities |
Debt Securities The amortized cost, gross unrealized gains and losses recorded in OCI and estimated fair value of debt securities available-for-sale by contractual maturity as of September 30, 2023 and December 31, 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | (In thousands) | | | | Gross unrealized | | | | | | | Amortized cost | | Gains | | Losses | | Fair Value | | | | Costa Rica Government Obligations | | | | | | | | | | | | After 1 to 5 years | | $ | 2,090 | | | $ | — | | | $ | (11) | | | $ | 2,079 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | (In thousands) | | | | Gross unrealized | | | | | | | Amortized cost | | Gains | | Losses | | Fair Value | | | | Costa Rica Government Obligations | | | | | | | | | | | | After 1 to 5 years | | $ | 2,194 | | | $ | 9 | | | $ | — | | | $ | 2,203 | | | |
Costa Rica Government Obligations are held by a trust in the Costa Rica National Bank as a collateral requirement for settlement activities. The Company may substitute securities as needed but must maintain certain levels of collateral based on transaction volumes.
For the nine months period ended September 30, 2023, the Company purchased $1.0 million in debt securities that were classified as available-for-sale and $0.3 million for the corresponding period in 2022. Debt securities amounting to $1.0 million and $1.0 million matured during the nine months period ended September 30, 2023 and 2022, respectively, while no debt securities were sold during the same periods.
A provision for credit losses was not required for the periods presented above. Refer to Note 8 for disclosure requirements related to the fair value hierarchy.
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v3.23.3
Investment in Equity Investee
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Investment in Equity Investee |
Investment in Equity InvesteeIn the third quarter of 2023, the Company, through its wholly owned subsidiary EVERTEC Costa Rica, S.A. (“EVERTEC CR”), entered into an agreement with a corporate partner to jointly develop and provide payment services in the Latin America region. The services will be provided through a newly formed entity which both entities will contribute capital to form. The Company has concluded that the newly formed entity is a joint venture not controlled by the Company and will therefore account for the entity as an equity investee. The Company has committed capital contributions in the amount of $13.5 million, consisting of cash payments amounting to $7.5 million, nonfinancial assets consisting of $3.5 million in development of intellectual property, and $2.5 million in processing cost credits. At September 30, 2023, the Company had contributed $5.5 million in cash from the committed amounts, which represented 9.91% ownership in the joint venture.
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v3.23.3
Property and Equipment, net
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property and Equipment, net |
Property and Equipment, net Property and equipment, net consists of the following: | | | | | | | | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | Useful life
in years | | September 30, 2023 | | December 31, 2022 | | Buildings | | 30 | | $ | 1,620 | | | $ | 1,456 | | | Data processing equipment | | 3 - 5 | | 178,367 | | | 162,761 | | | Furniture and equipment | | 3 - 20 | | 9,869 | | | 9,154 | | | Leasehold improvements | | 5 -10 | | 4,208 | | | 3,660 | | | | | | 194,064 | | | 177,031 | | | Less - accumulated depreciation and amortization | | | | (138,525) | | | (121,919) | | | Depreciable assets, net | | | | 55,539 | | | 55,112 | | | Land | | | | 1,418 | | | 1,275 | | | Property and equipment, net | | | | $ | 56,957 | | | $ | 56,387 | |
Depreciation and amortization expense related to property and equipment for the three and nine months ended September 30, 2023 amounted to $5.4 million and $15.9 million, respectively, compared to $4.6 million and $13.9 million for the corresponding periods in 2022.
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v3.23.3
Goodwill and Other Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill, allocated by operating segments, were as follows (see Note 17): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Total | | Balance at December 31, 2022 | | $ | 160,972 | | | $ | 84,289 | | | $ | 138,121 | | | $ | 40,010 | | | $ | 423,392 | | | | | | | | | | | | | | | | | | | | | | | | | Goodwill attributable to acquisition | | — | | | 9,735 | | | — | | | — | | | 9,735 | | | Foreign currency translation adjustments | | — | | | 1,369 | | | — | | | — | | | 1,369 | | | Balance at September 30, 2023 | | $ | 160,972 | | | $ | 95,393 | | | $ | 138,121 | | | $ | 40,010 | | | $ | 434,496 | |
Goodwill is tested for impairment on an annual basis as of August 31, or more often if events or changes in circumstances indicate there may be impairment. The Company may test for goodwill impairment using a qualitative or a quantitative analysis. In a qualitative analysis, the Company assesses whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount. In the quantitative analysis, the Company compares the estimated fair value of the reporting units to their carrying values, including goodwill. No impairment losses were recognized based on the quantitative assessment performed as of August 31, 2023. For the corresponding period in 2022 the qualitative analysis was followed and no impairment losses were recognized. Refer to Note 2 - Business Acquisition, for further details of goodwill acquired in the first quarter of 2023.
The carrying amount of other intangible assets at September 30, 2023 and December 31, 2022 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | (Dollar amounts in thousands) | | Useful life in years | | Gross
amount | | Accumulated
amortization | | Net carrying
amount | | Customer relationships | | 8 - 20 | | $ | 403,108 | | | $ | (327,813) | | | $ | 75,295 | | | Trademarks | | 1 - 15 | | 44,495 | | | (39,333) | | | $ | 5,162 | | | Software packages | | 3 - 10 | | 405,429 | | | (265,646) | | | $ | 139,783 | | | | | | | | | | | | Other intangible assets, net | | | | $ | 853,032 | | | $ | (632,792) | | | $ | 220,240 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | (Dollar amounts in thousands) | | Useful life in years | | Gross
amount | | Accumulated
amortization | | Net carrying
amount | | Customer relationships | | 8 - 15 | | $ | 392,737 | | | $ | (303,733) | | | $ | 89,004 | | | Trademarks | | 1 - 15 | | 43,195 | | | (37,998) | | | 5,197 | | | Software packages | | 3 - 10 | | 349,474 | | | (243,355) | | | 106,119 | | | | | | | | | | | | Other intangible assets, net | | | | $ | 785,406 | | | $ | (585,086) | | | $ | 200,320 | |
Amortization expense related to other intangibles for the three and nine months ended September 30, 2023 amounted to $16.6 million and $47.8 million, respectively, compared to $15.2 million and $44.5 million for the corresponding periods in 2022. During the nine months ended September 30, 2022, the Company recorded an impairment loss through cost of revenues of $4.1 million for a multi-year software development for which a reduction in future cash flows was projected. The impairment charge affected the Company's Payment Services - Puerto Rico & Caribbean segment.
The estimated amortization expense of the other intangible balances outstanding at September 30, 2023, for the next five years is as follows: | | | | | | | | | | (In thousands) | | Remaining 2023 | | $ | 16,411 | | | 2024 | | 55,249 | | | 2025 | | 28,644 | | | 2026 | | 19,267 | | | 2027 | | 14,522 | | | | |
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v3.23.3
Debt and Short-Term Borrowings
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt and Short-Term Borrowings |
Debt and Short-Term Borrowings Debt at September 30, 2023 and December 31, 2022 was as follows: | | | | | | | | | | | | | | | | (In thousands) | | September 30, 2023 | | December 31, 2022 | 2027 Term A Loan bearing interest at a variable interest rate (SOFR plus applicable margin(1)(2)) | | $ | 395,406 | | | $ | 410,248 | | Revolving credit facility(2) | | 6,000 | | | 20,000 | | Note payable due on September 1, 2030(1) | | 7,911 | | | $ | — | | | | | | | | | | | | | | | | | | | | | |
(1)Net of unaccreted discount and unamortized debt issue costs, as applicable. (2)Subject to a minimum rate ("SOFR floor") of 0% plus applicable margin of 1.50% at September 30, 2023 and December 31, 2022.
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 (the “Term Loan Facility”) and (ii) a $200.0 million revolving credit facility (the “Revolving Facility”, and together with the Term Loan Facility, the “2022 Credit Facilities”). The 2022 Credit Facilities mature on December 1, 2027.
At September 30, 2023, the unpaid principal balance of the Term Loan Facility was $399.4 million. At September 30, 2023, there was $6.0 million outstanding on the Revolving Facility and the additional borrowing capacity was $188.0 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.
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, 2023, the outstanding principal balance of the note payable on a discounted basis was $7.9 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, 2023, the Company has two interest rate swap agreements, entered into in December 2018 and May 2023, which convert a portion of the interest rate payments on the Company's Term Loan Facility from variable to fixed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Swap Agreement | | Effective date | | Maturity Date | | Notional Amount | | Variable Rate | | Fixed Rate | | | | | | | | | | | | | 2018 Swap | | April 2020 | | November 2024 | | $250 million | | 1-month SOFR | | 2.929% | | 2023 Swap | | November 2024 | | December 2027 | | $250 million | | 1-month SOFR | | 3.375% |
As of September 30, 2023 and December 31, 2022, the carrying amount of the derivatives included on the Company's unaudited condensed consolidated balance sheets was $11.5 million and $7.4 million, respectively. The fair value of these derivatives are estimated using Level 2 inputs in the fair value hierarchy on a recurring basis. Refer to Note 9 for disclosure of gains recorded on cash flow hedging activities.
During the three and nine months ended September 30, 2023, the Company reclassified gains of $1.6 million and $4.0 million, respectively, from accumulated other comprehensive income into interest expense compared to losses of $0.4 million and $3.5 million, respectively, for the corresponding periods in 2022. Based on current SOFR rates, the Company expects to reclassify gains of $6.2 million from accumulated other comprehensive income into interest expense over the next 12 months.
The cash flow hedge is considered highly effective.
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v3.23.3
Financial Instruments and Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Financial Instruments and Fair Value Measurements |
Financial Instruments and Fair Value Measurements Recurring Fair Value Measurements
Debt Securities Available for Sale
The fair value of debt securities is estimated based on observable inputs, therefore classified as a Level 2 asset within the fair value hierarchy. The fair value of the Costa Rica Government Obligations was $2.1 million and $2.2 million as of September 30, 2023 and December 31, 2022.
Derivative Instruments
The fair value of the Company's interest rate swaps are estimated using Level 2 inputs under the fair value hierarchy. These derivatives were in an asset position with a balance of $11.5 million and $7.4 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the foreign currency swap entered into during the third quarter of 2023 to fix the acquisition price of the Sinqia transaction described in Note 18, Subsequent events, is estimated using Level 2 inputs under the fair value hierarchy. This derivative was in a liability position of $29.2 million as of September 30, 2023.
Equity Securities
During the third quarter of 2023, the Company purchased 4.8 million shares of Sinqia, S.A., a public company traded in B3, the Brazilian stock exchange. The shares were purchased in the open market for $26.5 million and at September 30, 2023 the fair value of the equity securities, classified as a Level 1 input, amounted to $26.0 million. For both the three and nine month periods ended September 30, 2023, the Company recognized unrealized gains of $0.1 million in the unaudited condensed consolidated statement of income and translation losses of $0.6 million through other comprehensive income (loss).
The following table presents the carrying value, as applicable, and estimated fair value for financial instruments at September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (In thousands) | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | Financial assets: | | | | | | | | | | Costa Rica government obligations | | $ | 2,079 | | | $ | 2,079 | | | $ | 2,203 | | | $ | 2,203 | | | Equity securities | | $ | 25,992 | | | $ | 25,992 | | | $ | — | | | $ | — | | | Interest rate swaps | | 11,492 | | | 11,492 | | | 7,440 | | | 7,440 | | | Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loan Facility | | 395,406 | | | 397,840 | | | 410,248 | | | 413,494 | | | Foreign currency hedge liability | | 29,225 | | | 29,225 | | | — | | | — | |
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v3.23.3
Equity
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Equity |
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, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Foreign Currency
Translation
Adjustments | | Cash Flow Hedges | | Unrealized Gains (losses) on Debt Securities AFS | | Total | | Balance - December 31, 2022, net of tax | | $ | (23,481) | | | $ | 6,954 | | | 41 | | | (16,486) | | | Other comprehensive income (loss) before reclassifications | | 9,426 | | | 7,691 | | | (31) | | | 17,086 | | | Effective portion reclassified to net income | | $ | — | | | $ | (3,952) | | | — | | | (3,952) | | | Balance - September 30, 2023, net of tax | | $ | (14,055) | | | $ | 10,693 | | | $ | 10 | | | $ | (3,352) | |
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
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v3.23.3
Share-based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Share-based Compensation |
Share-based Compensation Long-term Incentive Plan ("LTIP")
During the three months ended March 31, 2021, 2022 and 2023, 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 2021 LTIP, 2022 LTIP and 2023 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. The vesting of the RSUs is dependent upon service and/or performance conditions as defined in the award agreements. Employees that received time-based awards with service conditions are entitled to receive a specific number of shares of the Company’s common stock on the vesting date if the employee provides services to the Company through the vesting date. Time-based awards vest over a period of three years in substantially equal installments commencing on the grant date and ending on March 2 of each year for the 2021 LTIP, February 25 of each year for the 2022 LTIP and February 24 of each year for the 2023 LTIP. In 2022 and 2023, the Company also granted time-based awards with a three year service vesting period which will cliff vest on February 25, 2025 and February 24, 2026, respectively.
For the performance-based awards under the 2021 LTIP, 2022 LTIP, and 2023 LTIP, the Compensation Committee established adjusted earnings before income taxes, depreciation and amortization ("Adjusted EBITDA") as the primary performance measure while maintaining focus on total shareholder return through the use of a market-based total shareholder return ("TSR") performance modifier. The Adjusted EBITDA measure is based on annual targets and can result in a payout between 0% and 200%, depending on the performance level. The TSR modifier adjusts the shares earned based on the Adjusted EBITDA performance upwards or downwards (+/- 25%) based on the Company’s relative TSR at the end of the three-year performance period as compared to the companies in the Russell 2000 Index. The Adjusted EBITDA performance measure will be calculated for the one-year period commencing on January 1 of the year of the grant and ending on December 31 of the same year, relative to the goals set by the Compensation Committee for this same period. The shares earned will be subject to an additional two-year service vesting period and will vest on March 2, 2024 for the 2021 LTIP, February 25, 2025 for the 2022 LTIP, and February 24, 2026 for the 2023 LTIP. Unless otherwise specified in the award agreement, or in an employment agreement, awards are forfeited if the employee voluntarily ceases to be employed by the Company prior to vesting.
The following table summarizes nonvested RSUs activity for the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | Nonvested RSUs | | Shares | | Weighted-average
grant date fair value | | Nonvested at December 31, 2022 | | 1,363,780 | | | $ | 38.96 | | | Granted | | 778,656 | | | 37.51 | | | Vested | | (608,800) | | | 36.92 | | | Forfeited | | (15,080) | | | 40.52 | | | Nonvested at September 30, 2023 | | 1,518,556 | | | $ | 40.13 | |
For the three and nine months ended September 30, 2023, the Company recognized $6.7 million and $18.8 million of share-based compensation expense, compared with $5.3 million and $14.7 million for the corresponding period in 2022. As of September 30, 2023, the maximum unrecognized cost for RSUs was $36.7 million. The cost is expected to be recognized over a weighted average period of 1.8 years.
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v3.23.3
Revenues
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenues |
Revenues Disaggregation of Revenue
The Company disaggregates revenue from contracts with customers into primary geographical markets, nature of the products and services, and timing of transfer of goods and services. The Company's operating segments are determined by the nature of the products and services the Company provides and the primary geographical markets in which the Company operates. Revenue disaggregated by segment is discussed in Note 17, Segment Information.
In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue recognition for the periods indicated. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | | Timing of revenue recognition | | | | | | | | | | | | Products and services transferred at a point in time | $ | 107 | | | $ | 581 | | | $ | — | | | $ | 2,396 | | | $ | 3,084 | | | | Products and services transferred over time | 34,302 | | | 41,128 | | | 40,557 | | | 54,127 | | | $ | 170,114 | | | | $ | 34,409 | | | $ | 41,709 | | | $ | 40,557 | | | $ | 56,523 | | | $ | 173,198 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | Timing of revenue recognition | | | | | | | | | | | Products and services transferred at a point in time | $ | 89 | | | $ | 973 | | | $ | — | | | $ | 3,790 | | | $ | 4,852 | | | Products and services transferred over time | 29,456 | | | 29,068 | | | 36,911 | | | 45,516 | | | $ | 140,951 | | | $ | 29,545 | | | $ | 30,041 | | | $ | 36,911 | | | $ | 49,306 | | | $ | 145,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | Timing of revenue recognition | | | | | | | | | | | Products and services transferred at a point in time | $ | 345 | | | $ | 1,834 | | | $ | — | | | $ | 6,053 | | | $ | 8,232 | | | Products and services transferred over time | 100,651 | | | 105,917 | | | 122,152 | | | 163,136 | | | $ | 491,856 | | | $ | 100,996 | | | $ | 107,751 | | | $ | 122,152 | | | $ | 169,189 | | | $ | 500,088 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | Timing of revenue recognition | | | | | | | | | | | Products and services transferred at a point in time | $ | 244 | | | $ | 1,405 | | | $ | — | | | $ | 7,956 | | | $ | 9,605 | | | Products and services transferred over time | 86,045 | | | 81,229 | | | 111,079 | | | 168,664 | | | $ | 447,017 | | | $ | 86,289 | | | $ | 82,634 | | | $ | 111,079 | | | $ | 176,620 | | | $ | 456,622 | |
Revenue concentration with a single customer, Popular, as a percentage of total revenues for the quarters ended September 30, 2023 and 2022 was approximately 34% and 35%, respectively. For the nine months ended September 30, 2023 and September 30, 2022 this percentage was approximately 36% and 40%, respectively.
Contract Balances
The following table provides information about contract assets from contracts with customers. | | | | | | | | | | | | | (In thousands) | September 30, 2023 | | December 31, 2022 | | Balance at beginning of period | $ | 4,749 | | | $ | 1,715 | | | Services transferred to customers | 17,827 | | | 9,313 | | | Transfers to accounts receivable | (12,244) | | | (6,279) | | | Balance at end of period | $ | 10,332 | | | $ | 4,749 | | | | | | | | | |
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, 2023 amounted to $115.8 million. Contract liability and contract liability - long term at September 30, 2023 amounted to $14.4 million and $34.1 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. The Company regularly reviews its estimates for variable consideration on the transaction price and recognizes changes in estimates on a cumulative catch-up basis as if the most current estimate of the transaction price adjusted for variable consideration had been known as of the inception of the contract. 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. During the three and nine months ended September 30, 2022, the Company recognized revenue of $17.0 million and $29.0 million, respectively, that was included in the contract liability at December 31, 2021.
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, 2023 is $907.6 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.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Current Expected Credit Losses
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Receivables [Abstract] |
|
| Current Expected Credit Losses |
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 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. | | | | | | | | | | | | | | | | | | | | | (In thousands) | | September 30, 2023 | | December 31, 2022 | | Balance at beginning of period | | $ | 2,159 | | | $ | 2,523 | | | Current period provision for expected credit losses | | 956 | | | 754 | | | Write-offs | | (197) | | | (1,268) | | | Recoveries of amounts previously written-off | | 17 | | | 150 | | | Balance at end of period | | $ | 2,935 | | | $ | 2,159 | | | | | | |
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. 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.
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v3.23.3
Income Tax
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Tax |
Income Tax The components of income tax expense for the three and nine months ended September 30, 2023 and 2022, respectively, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Current tax provision | | $ | 8,166 | | | $ | 9,537 | | | $ | 21,037 | | | $ | 24,610 | | | | | | | Deferred tax benefit | | (13,024) | | | (489) | | | (16,491) | | | (1,699) | | | | | | | Income tax (benefit) expense | | $ | (4,858) | | | $ | 9,048 | | | $ | 4,546 | | | $ | 22,911 | | | | | |
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, 2023 and 2022, and its segregation based on location of operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Current tax provision | | | | | | | | | | | | | | Puerto Rico | | $ | 1,851 | | | $ | 6,318 | | | $ | 5,626 | | | $ | 11,809 | | | | | | | United States | | 80 | | | 44 | | | 138 | | | 107 | | | | | | | Foreign countries | | 6,235 | | | 3,175 | | | 15,273 | | | 12,694 | | | | | | | Total current tax provision | | $ | 8,166 | | | $ | 9,537 | | | $ | 21,037 | | | $ | 24,610 | | | | | | | Deferred tax benefit | | | | | | | | | | | | | | Puerto Rico | | $ | (11,169) | | | $ | 719 | | | $ | (11,593) | | | $ | (321) | | | | | | | United States | | 34 | | | 54 | | | 38 | | | 9 | | | | | | | Foreign countries | | (1,889) | | | (1,262) | | | (4,936) | | | (1,387) | | | | | | | Total deferred tax benefit | | $ | (13,024) | | | $ | (489) | | | $ | (16,491) | | | $ | (1,699) | | | | | |
Taxes payable to foreign countries by EVERTEC’s subsidiaries will be paid by such subsidiary and the corresponding liability and expense will be presented in EVERTEC’s consolidated financial statements.
As of September 30, 2023, the Company had $130.6 million of unremitted earnings from foreign subsidiaries, compared to $115.5 million as of December 31, 2022. 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, 2023, the gross deferred tax asset amounted to $29.9 million and the gross deferred tax liability amounted to $20.0 million, compared to $17.9 million and $20.7 million, respectively, as of December 31, 2022. As of September 30, 2023, and December 31, 2022, there is a valuation allowance against the gross deferred tax asset of approximately $2.4 million and $1.6 million, respectively.
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) | | 2023 | | 2022 | | Computed income tax at statutory rates | | $ | 27,231 | | | $ | 87,402 | | | Differences in tax rates due to multiple jurisdictions | | 3,034 | | | 2,612 | | | Effect of income subject to tax-exemption grant | | (24,697) | | | (26,262) | | | Effect of the gain on sale of a business | | — | | | (39,645) | | | Unrecognized tax expense | | 103 | | | (3,472) | | | Excess tax benefits on share-based compensation | | 11 | | | 169 | | | Tax credits for research and development activities | | (884) | | | — | | | | | | | | Other, net | | (252) | | | 2,107 | | | Income tax expense | | $ | 4,546 | | | $ | 22,911 | |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
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-Paragraph 2
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v3.23.3
Net Income Per Common Share
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Net Income Per Common Share |
Net Income Per Common ShareThe reconciliation of the numerator and denominator of the income per common share is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine months ended September 30, | | (In thousands, except per share information) | | 2023 | | 2022 | | 2023 | | 2022 | | Net income available to EVERTEC, Inc.’s common shareholders | | $ | 10,036 | | | $ | 137,814 | | | $ | 68,243 | | | $ | 210,301 | | | Weighted average common shares outstanding | | 64,648,542 | | | 66,398,547 | | | 64,886,551 | | | 69,906,483 | | Weighted average potential dilutive common shares (1) | | 1,130,717 | | | 647,262 | | | 819,045 | | | 682,432 | | | Weighted average common shares outstanding - assuming dilution | | 65,779,259 | | | 67,045,809 | | | 65,705,596 | | | 70,588,915 | | | Net income per common share - basic | | $ | 0.16 | | | $ | 2.08 | | | $ | 1.05 | | | $ | 3.01 | | | Net income per common share - diluted | | $ | 0.15 | | | $ | 2.06 | | | $ | 1.04 | | | $ | 2.98 | |
(1)Potential common shares consist of common stock issuable under RSUs awards using the treasury stock method.
On February 16, 2023, April 20, 2023 and July 20, 2023, respectively the Company's Board declared quarterly cash dividends of $0.05 per share of common stock, which was paid on March 17, 2023, June 2, 2023 and September 1, 2023, respectively to stockholders' of record on February 28, 2023, May 1, 2023 and July 31, 2023, respectively.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and ContingenciesEVERTEC 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 insignificant. For other claims regarding proceedings that are in an initial phase, the Company is unable to estimate the range of possible loss, if any, but at this time believes that any loss related to such claims will not be material.
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-Paragraph 4
-Subparagraph (a)
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party Transactions In connection with closing of the Popular Transaction on July 1, 2022, the Company terminated the existing stockholder agreement with Popular, which granted Popular certain benefits as a shareholder of the Company. In addition, on August 15, 2022, through a secondary offering, Popular sold its remaining shares of common stock of Evertec and as of that date no longer holds any shares of EVERTEC common stock. EVERTEC is no longer considered a subsidiary of Popular under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”). Given both the termination of the stockholder agreement and that Popular is no longer a shareholder of EVERTEC, management concluded that Popular is no longer a related party as of August 15, 2022.
The following table presents the Company’s transactions with Popular for the three and nine months ended September 30, 2022 while they were deemed a related party:
| | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In thousands) | | 2022 (1) | | 2022 (1) | | Total revenues | | $ | 22,782 | | | $ | 153,335 | | | Cost of revenues | | $ | 653 | | | $ | 2,386 | | | Operating lease cost and other fees | | $ | 807 | | | $ | 4,433 | | | Interest earned from affiliate | | | | | | Interest income | | $ | 231 | | | $ | 1,011 | |
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment InformationThe Company operates in four business segments: Payment Services - Puerto Rico & Caribbean, Payment Services - Latin America (collectively "Payment Services segments"), Merchant Acquiring, and Business Solutions. The Payment Services - Puerto Rico & Caribbean segment revenues are comprised 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.
The Payment Services - Latin America 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.
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. Effective for the quarter ended March 31, 2023, the Company modified the manner in which it calculates and reports Adjusted EBITDA presented to the CODM for assessing segment performance to exclude the impact of non-cash unrealized gains and losses from foreign currency remeasurement. 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. The Company has recast prior periods to conform with the modified definition of Adjusted EBITDA. 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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 51,600 | | | $ | 46,155 | | | $ | 40,557 | | | $ | 56,522 | | | $ | (21,636) | | | $ | 173,198 | | | Operating costs and expenses | 28,402 | | | 38,608 | | | 26,997 | | | 40,643 | | | (1,014) | | | 133,636 | | | Depreciation and amortization | 6,203 | | | 4,898 | | | 1,078 | | | 4,478 | | | 5,262 | | | 21,919 | | | Non-operating income (expenses) | 110 | | | (2,148) | | | — | | | 69 | | | (28,712) | | | (30,681) | | | EBITDA | 29,511 | | | 10,297 | | | 14,638 | | | 20,426 | | | (44,072) | | | 30,800 | | Compensation and benefits (2) | 663 | | | 859 | | | 662 | | | 696 | | | 4,090 | | | 6,970 | | Transaction, refinancing and other fees (3) | 269 | | | 3,451 | | | — | | | — | | | 34,363 | | | 38,083 | | (Gain) loss on foreign currency remeasurement (4) | (87) | | | 2,885 | | | — | | | — | | | 8 | | | 2,806 | | | Adjusted EBITDA | $ | 30,356 | | | $ | 17,492 | | | $ | 15,300 | | | $ | 21,122 | | | $ | (5,611) | | | $ | 78,659 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $13.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $4.4 million from Payment Services- Latin America 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 Payment Services - Latin America. (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, the foreign currency swap loss and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 44,592 | | | $ | 33,741 | | | $ | 36,911 | | | $ | 49,306 | | | $ | (18,747) | | | $ | 145,803 | | | Operating costs and expenses | 26,960 | | | 28,513 | | | 25,261 | | | 38,522 | | | 2,729 | | | 121,985 | | | Depreciation and amortization | 5,116 | | | 4,104 | | | 1,045 | | | 3,745 | | | 5,702 | | | 19,712 | | | Non-operating income (expenses) | 385 | | | (7,094) | | | 348 | | | 136,218 | | | (932) | | | 128,925 | | | EBITDA | 23,133 | | | 2,238 | | | 13,043 | | | 150,747 | | | (16,706) | | | 172,455 | | Compensation and benefits (2) | 1,557 | | | 972 | | | 498 | | | 503 | | | 2,141 | | | 5,671 | | Transaction, refinancing and other fees (3) | 330 | | | — | | | 325 | | | (134,974) | | | 8,581 | | | (125,738) | | Loss on foreign currency remeasurement (4) | 68 | | | 7,725 | | | — | | | — | | | (14) | | | 7,779 | | | Adjusted EBITDA | $ | 25,088 | | | $ | 10,935 | | | $ | 13,866 | | | $ | 16,276 | | | $ | (5,998) | | | $ | 60,167 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $12.3 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $3.7 million from Payment Services - Latin America to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $2.8 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. (2)Primarily represents share-based compensation and severance payments. (3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the gain from the Popular transaction and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 150,824 | | | $ | 120,548 | | | $ | 122,152 | | | $ | 169,188 | | | $ | (62,624) | | | $ | 500,088 | | | Operating costs and expenses | 85,019 | | | 101,586 | | | 81,302 | | | 118,653 | | | (897) | | | 385,663 | | | Depreciation and amortization | 18,178 | | | 13,002 | | | 3,357 | | | 13,436 | | | 15,707 | | | 63,680 | | | Non-operating income (expenses) | 590 | | | (3,643) | | | 308 | | | 667 | | | (27,902) | | | (29,980) | | | EBITDA | 84,573 | | | 28,321 | | | 44,515 | | | 64,638 | | | (73,922) | | | 148,125 | | Compensation and benefits (2) | 2,033 | | | 2,510 | | | 2,054 | | | 2,226 | | | 12,693 | | | 21,516 | | Transaction, refinancing and other fees (3) | 850 | | | 3,704 | | | — | | | — | | | 38,741 | | | 43,295 | | (Gain) loss on foreign currency remeasurement (4) | (41) | | | 7,372 | | | — | | | — | | | 6 | | | 7,337 | | | Adjusted EBITDA | $ | 87,415 | | | $ | 41,907 | | | $ | 46,569 | | | $ | 66,864 | | | $ | (22,482) | | | $ | 220,273 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $39.9 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $12.8 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $9.9 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. (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, the foreign currency swap loss and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A, net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 130,678 | | | $ | 93,308 | | | $ | 111,079 | | | $ | 176,620 | | | $ | (55,063) | |
| $ | 456,622 | | | Operating costs and expenses | 76,920 | | | 77,132 | | | 68,288 | | | 117,747 | | | 25 | |
| 340,112 | | | Depreciation and amortization | 15,062 | | | 9,628 | | | 3,104 | | | 12,787 | | | 17,851 | | | 58,432 | | | Non-operating income (expenses) | 928 | | | (3,365) | | | 980 | | | 137,542 | | | (3,560) | | | 132,525 | | | EBITDA | 69,748 | | | 22,439 | | | 46,875 | | | 209,202 | | | (40,797) | | | 307,467 | | Compensation and benefits (2) | 2,569 | | | 2,758 | | | 1,284 | | | 1,503 | | | 7,241 | | | 15,355 | | Transaction, refinancing and other fees (3) | 330 | | | — | | | 325 | | | (134,990) | | | 11,615 | | | (122,720) | | Loss on foreign currency remeasurement (4) | 230 | | | 5,596 | | | — | | | — | | | 1,032 | | | 6,858 | | | Adjusted EBITDA | $ | 72,877 | | | $ | 30,793 | | | $ | 48,484 | | | $ | 75,715 | | | $ | (20,909) | | | $ | 206,960 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $36.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $10.7 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $7.9 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. (2)Primarily represents share-based compensation and severance payments. (3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the gain from the Popular transaction and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
The reconciliation of consolidated net income to EBITDA is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In thousands) | 2023 | | 2022 | | 2023 | | 2022 | | Net Income | $ | 9,956 | | | $ | 137,739 | | | $ | 68,069 | | | $ | 210,161 | | | Add: | | | | | | | | | Income tax (benefit) expense | (4,858) | | | 9,048 | | | 4,546 | | | 22,911 | | | Interest expense, net | 3,783 | | | 5,956 | | | 11,830 | | | 15,963 | | | Depreciation and amortization | 21,919 | | | 19,712 | | | 63,680 | | | 58,432 | | | Total EBITDA | $ | 30,800 | | | $ | 172,455 | | | $ | 148,125 | | | $ | 307,467 | |
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events On October 19, 2023, the Board declared a regular quarterly cash dividend of $0.05 per share on the Company’s outstanding shares of common stock. The dividend will be paid on December 1, 2023 to stockholders of record as of the close of business on October 30, 2023. 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.
On July 20, 2023, the Company entered into a Merger Agreement and Other Covenants (the “Merger Agreement”), by and among Evertec Brasil Informática S.A, a wholly-owned subsidiary of Evertec (“Evertec BR”), Sinqia S.A., a publicly held company incorporated and existing in accordance with the laws of the Federative Republic of Brazil (“Sinqia”), and certain other Key Shareholders (as defined therein), as shareholders of Sinqia. The Board and the board of directors of Sinqia (the “Sinqia Board”) have unanimously approved the Merger Agreement. Pursuant to and on the terms and subject to the conditions set forth in the Merger Agreement, a business combination of Evertec BR and Sinqia (the "Sinqia Transaction") will be carried out through a merger of all shares issued by Sinqia into Evertec BR pursuant to provisions of the Brazilian Corporations Law and other applicable Brazilian laws and regulations (the “Merger of Shares”), and as a result of such Merger of Shares, Sinqia will become a wholly-owned subsidiary of Evertec BR. On September 14, 2023, the Merger Transaction received Sinqia shareholder approval, a closing condition in the Merger Agreement. The Sinqia Transaction is expected to close in the fourth quarter of 2023 and is subject to the satisfaction or waiver of customary closing conditions. Evertec intends to finance the Sinqia Transaction with cash on hand and committed financing of $600 million.
On September 12, 2023, the Company formally registered a Brazilian Depositary Receipts ("BDR") program with the Brazilian securities and exchange commission ("BDR Program"), in order to have securities backed by Evertec shares trading in the B3, the Brazilian stock exchange. The BDR Program has not been funded, no Evertec common stock underlying such BDRs has been issued, and no BDRs are actively trading on the B3. On October 24, 2023, the Company submitted to the NYSE a supplemental application review form requesting to reserve 1,168,555 shares of common stock, with a par value of $0.01 underlying 1,168,555 BDRs which will be issued as consideration pursuant to the Merger Agreement. October 27, 2023, the reserve was approved by the NYSE.
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v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Pay vs Performance Disclosure |
|
|
|
|
| Net income |
$ 10,036
|
$ 137,814
|
$ 68,243
|
$ 210,301
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v3.23.3
The Company and Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| The Company |
The Company
EVERTEC, Inc. and its subsidiaries (collectively the “Company” or “EVERTEC”) is a leading full-service transaction processing business in Latin America and the Caribbean. The Company is based in Puerto Rico and provides a broad range of merchant acquiring, payment processing and business process management services. The Company provides services across 26 countries in the region. EVERTEC owns and operates the ATH network, which we believe is one of the leading personal identification number (“PIN”) debit networks in Latin America. In addition, EVERTEC provides a comprehensive suite of services for core banking, cash processing and fulfillment in Puerto Rico and technology outsourcing and payment transactions fraud monitoring in all the regions the Company serves. EVERTEC serves a broad and diversified customer base of leading financial institutions, merchants, corporations, and government agencies with solutions that are essential to their operations, enabling them to issue, process and accept transactions securely.
|
| Basis of Presentation |
Basis of Presentation
The unaudited condensed consolidated financial statements of EVERTEC have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements. Actual results could differ from these estimates. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted from these statements pursuant to the rules and regulations of the Securities and Exchange Commission and, accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2022, included in the Company’s 2022 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. Intercompany accounts and transactions are eliminated in consolidation. Certain amounts from prior periods have been reclassified to conform to the current period presentation.
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v3.23.3
Business Acquisition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Business Combination and Asset Acquisition [Abstract] |
|
| Schedule of fair value of assets acquired and liabilities assumed |
The following table details the preliminary fair value of assets acquired and liabilities assumed from the paySmart acquisition: | | | | | | | Preliminary Assets/Liabilities (at fair value) | | ( In thousands) | | | Cash and cash equivalents | $ | 2,037 | | | Accounts receivable, net | 451 | | | Prepaid expenses and other assets | 58 | | | Property and equipment, net | 107 | | | Operating lease right-of-use asset | 182 | | | Goodwill | 9,735 | | | Settlement assets | 52,593 | | | Other intangible assets, net | 15,174 | | | Total assets acquired | 80,337 | | | Accounts payable | 278 | | | Settlement liabilities | 50,368 | | | Operating lease liability | 185 | | | Income tax payable | 298 | | | Deferred tax liability | 4,253 | | | Total liabilities assumed | $ | 55,382 | |
|
| Schedule of intangible assets acquired and weighted average amortization period |
The following table details the major groups of intangible assets acquired and the weighted average amortization period for these assets: | | | | | | | | | | | | Amount | Weighted-average life | | (Dollar amounts in thousands) | | | | | | | | | Customer relationships | | $ | 10,239 | | 20 | | Trademark | | 1,299 | | 5 | | Software packages | | 3,636 | | 5 | | Total | | $ | 15,174 | | 15 |
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v3.23.3
Debt Securities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Debt securities available-for-sale by contractual maturity |
The amortized cost, gross unrealized gains and losses recorded in OCI and estimated fair value of debt securities available-for-sale by contractual maturity as of September 30, 2023 and December 31, 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | (In thousands) | | | | Gross unrealized | | | | | | | Amortized cost | | Gains | | Losses | | Fair Value | | | | Costa Rica Government Obligations | | | | | | | | | | | | After 1 to 5 years | | $ | 2,090 | | | $ | — | | | $ | (11) | | | $ | 2,079 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | (In thousands) | | | | Gross unrealized | | | | | | | Amortized cost | | Gains | | Losses | | Fair Value | | | | Costa Rica Government Obligations | | | | | | | | | | | | After 1 to 5 years | | $ | 2,194 | | | $ | 9 | | | $ | — | | | $ | 2,203 | | | |
|
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v3.23.3
Property and Equipment, net (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Summary of property and equipment, net |
Property and equipment, net consists of the following: | | | | | | | | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | Useful life
in years | | September 30, 2023 | | December 31, 2022 | | Buildings | | 30 | | $ | 1,620 | | | $ | 1,456 | | | Data processing equipment | | 3 - 5 | | 178,367 | | | 162,761 | | | Furniture and equipment | | 3 - 20 | | 9,869 | | | 9,154 | | | Leasehold improvements | | 5 -10 | | 4,208 | | | 3,660 | | | | | | 194,064 | | | 177,031 | | | Less - accumulated depreciation and amortization | | | | (138,525) | | | (121,919) | | | Depreciable assets, net | | | | 55,539 | | | 55,112 | | | Land | | | | 1,418 | | | 1,275 | | | Property and equipment, net | | | | $ | 56,957 | | | $ | 56,387 | |
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v3.23.3
Goodwill and Other Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Summary of changes in carrying amount of goodwill allocated by reportable segments |
The changes in the carrying amount of goodwill, allocated by operating segments, were as follows (see Note 17): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Total | | Balance at December 31, 2022 | | $ | 160,972 | | | $ | 84,289 | | | $ | 138,121 | | | $ | 40,010 | | | $ | 423,392 | | | | | | | | | | | | | | | | | | | | | | | | | Goodwill attributable to acquisition | | — | | | 9,735 | | | — | | | — | | | 9,735 | | | Foreign currency translation adjustments | | — | | | 1,369 | | | — | | | — | | | 1,369 | | | Balance at September 30, 2023 | | $ | 160,972 | | | $ | 95,393 | | | $ | 138,121 | | | $ | 40,010 | | | $ | 434,496 | |
|
| Summary of carrying amount of other intangible assets |
The carrying amount of other intangible assets at September 30, 2023 and December 31, 2022 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | (Dollar amounts in thousands) | | Useful life in years | | Gross
amount | | Accumulated
amortization | | Net carrying
amount | | Customer relationships | | 8 - 20 | | $ | 403,108 | | | $ | (327,813) | | | $ | 75,295 | | | Trademarks | | 1 - 15 | | 44,495 | | | (39,333) | | | $ | 5,162 | | | Software packages | | 3 - 10 | | 405,429 | | | (265,646) | | | $ | 139,783 | | | | | | | | | | | | Other intangible assets, net | | | | $ | 853,032 | | | $ | (632,792) | | | $ | 220,240 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | (Dollar amounts in thousands) | | Useful life in years | | Gross
amount | | Accumulated
amortization | | Net carrying
amount | | Customer relationships | | 8 - 15 | | $ | 392,737 | | | $ | (303,733) | | | $ | 89,004 | | | Trademarks | | 1 - 15 | | 43,195 | | | (37,998) | | | 5,197 | | | Software packages | | 3 - 10 | | 349,474 | | | (243,355) | | | 106,119 | | | | | | | | | | | | Other intangible assets, net | | | | $ | 785,406 | | | $ | (585,086) | | | $ | 200,320 | |
|
| Summary of estimated amortization expenses |
The estimated amortization expense of the other intangible balances outstanding at September 30, 2023, for the next five years is as follows: | | | | | | | | | | (In thousands) | | Remaining 2023 | | $ | 16,411 | | | 2024 | | 55,249 | | | 2025 | | 28,644 | | | 2026 | | 19,267 | | | 2027 | | 14,522 | | | | |
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
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v3.23.3
Debt and Short-Term Borrowings (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Summary of total debt |
Debt at September 30, 2023 and December 31, 2022 was as follows: | | | | | | | | | | | | | | | | (In thousands) | | September 30, 2023 | | December 31, 2022 | 2027 Term A Loan bearing interest at a variable interest rate (SOFR plus applicable margin(1)(2)) | | $ | 395,406 | | | $ | 410,248 | | Revolving credit facility(2) | | 6,000 | | | 20,000 | | Note payable due on September 1, 2030(1) | | 7,911 | | | $ | — | | | | | | | | | | | | | | | | | | | | | |
(1)Net of unaccreted discount and unamortized debt issue costs, as applicable. (2)Subject to a minimum rate ("SOFR floor") of 0% plus applicable margin of 1.50% at September 30, 2023 and December 31, 2022.
|
| Summary of interest rate swap transaction |
As of September 30, 2023, the Company has two interest rate swap agreements, entered into in December 2018 and May 2023, which convert a portion of the interest rate payments on the Company's Term Loan Facility from variable to fixed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Swap Agreement | | Effective date | | Maturity Date | | Notional Amount | | Variable Rate | | Fixed Rate | | | | | | | | | | | | | 2018 Swap | | April 2020 | | November 2024 | | $250 million | | 1-month SOFR | | 2.929% | | 2023 Swap | | November 2024 | | December 2027 | | $250 million | | 1-month SOFR | | 3.375% |
|
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C
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v3.23.3
Financial Instruments and Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of carrying value and estimated fair values for financial instruments |
The following table presents the carrying value, as applicable, and estimated fair value for financial instruments at September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (In thousands) | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | Financial assets: | | | | | | | | | | Costa Rica government obligations | | $ | 2,079 | | | $ | 2,079 | | | $ | 2,203 | | | $ | 2,203 | | | Equity securities | | $ | 25,992 | | | $ | 25,992 | | | $ | — | | | $ | — | | | Interest rate swaps | | 11,492 | | | 11,492 | | | 7,440 | | | 7,440 | | | Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loan Facility | | 395,406 | | | 397,840 | | | 410,248 | | | 413,494 | | | Foreign currency hedge liability | | 29,225 | | | 29,225 | | | — | | | — | |
|
| X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11
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v3.23.3
Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Summary of changes in balances of 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, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Foreign Currency
Translation
Adjustments | | Cash Flow Hedges | | Unrealized Gains (losses) on Debt Securities AFS | | Total | | Balance - December 31, 2022, net of tax | | $ | (23,481) | | | $ | 6,954 | | | 41 | | | (16,486) | | | Other comprehensive income (loss) before reclassifications | | 9,426 | | | 7,691 | | | (31) | | | 17,086 | | | Effective portion reclassified to net income | | $ | — | | | $ | (3,952) | | | — | | | (3,952) | | | Balance - September 30, 2023, net of tax | | $ | (14,055) | | | $ | 10,693 | | | $ | 10 | | | $ | (3,352) | |
|
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- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
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v3.23.3
Share-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of nonvested RSUs activity |
The following table summarizes nonvested RSUs activity for the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | Nonvested RSUs | | Shares | | Weighted-average
grant date fair value | | Nonvested at December 31, 2022 | | 1,363,780 | | | $ | 38.96 | | | Granted | | 778,656 | | | 37.51 | | | Vested | | (608,800) | | | 36.92 | | | Forfeited | | (15,080) | | | 40.52 | | | Nonvested at September 30, 2023 | | 1,518,556 | | | $ | 40.13 | |
|
| X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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v3.23.3
Revenues (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Summary of disaggregation of revenue |
In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue recognition for the periods indicated. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | | Timing of revenue recognition | | | | | | | | | | | | Products and services transferred at a point in time | $ | 107 | | | $ | 581 | | | $ | — | | | $ | 2,396 | | | $ | 3,084 | | | | Products and services transferred over time | 34,302 | | | 41,128 | | | 40,557 | | | 54,127 | | | $ | 170,114 | | | | $ | 34,409 | | | $ | 41,709 | | | $ | 40,557 | | | $ | 56,523 | | | $ | 173,198 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | Timing of revenue recognition | | | | | | | | | | | Products and services transferred at a point in time | $ | 89 | | | $ | 973 | | | $ | — | | | $ | 3,790 | | | $ | 4,852 | | | Products and services transferred over time | 29,456 | | | 29,068 | | | 36,911 | | | 45,516 | | | $ | 140,951 | | | $ | 29,545 | | | $ | 30,041 | | | $ | 36,911 | | | $ | 49,306 | | | $ | 145,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | Timing of revenue recognition | | | | | | | | | | | Products and services transferred at a point in time | $ | 345 | | | $ | 1,834 | | | $ | — | | | $ | 6,053 | | | $ | 8,232 | | | Products and services transferred over time | 100,651 | | | 105,917 | | | 122,152 | | | 163,136 | | | $ | 491,856 | | | $ | 100,996 | | | $ | 107,751 | | | $ | 122,152 | | | $ | 169,189 | | | $ | 500,088 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | | (In thousands) | Payment Services - Puerto Rico & Caribbean | | Payment Services - Latin America | | Merchant Acquiring, net | | Business Solutions | | Total | | Timing of revenue recognition | | | | | | | | | | | Products and services transferred at a point in time | $ | 244 | | | $ | 1,405 | | | $ | — | | | $ | 7,956 | | | $ | 9,605 | | | Products and services transferred over time | 86,045 | | | 81,229 | | | 111,079 | | | 168,664 | | | $ | 447,017 | | | $ | 86,289 | | | $ | 82,634 | | | $ | 111,079 | | | $ | 176,620 | | | $ | 456,622 | |
|
| Summary of contract balances |
The following table provides information about contract assets from contracts with customers. | | | | | | | | | | | | | (In thousands) | September 30, 2023 | | December 31, 2022 | | Balance at beginning of period | $ | 4,749 | | | $ | 1,715 | | | Services transferred to customers | 17,827 | | | 9,313 | | | Transfers to accounts receivable | (12,244) | | | (6,279) | | | Balance at end of period | $ | 10,332 | | | $ | 4,749 | | | | | | | | | |
|
| X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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v3.23.3
Current Expected Credit Losses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Receivables [Abstract] |
|
| Schedule of allowance for credit losses on trade receivables |
The following table provides information about the allowance for expected current credit losses on trade receivables. | | | | | | | | | | | | | | | | | | | | | (In thousands) | | September 30, 2023 | | December 31, 2022 | | Balance at beginning of period | | $ | 2,159 | | | $ | 2,523 | | | Current period provision for expected credit losses | | 956 | | | 754 | | | Write-offs | | (197) | | | (1,268) | | | Recoveries of amounts previously written-off | | 17 | | | 150 | | | Balance at end of period | | $ | 2,935 | | | $ | 2,159 | | | | | | |
|
| X |
- DefinitionTabular disclosure of allowance for credit loss on financing receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B
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v3.23.3
Income Tax (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of income tax expense |
The components of income tax expense for the three and nine months ended September 30, 2023 and 2022, respectively, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Current tax provision | | $ | 8,166 | | | $ | 9,537 | | | $ | 21,037 | | | $ | 24,610 | | | | | | | Deferred tax benefit | | (13,024) | | | (489) | | | (16,491) | | | (1,699) | | | | | | | Income tax (benefit) expense | | $ | (4,858) | | | $ | 9,048 | | | $ | 4,546 | | | $ | 22,911 | | | | | |
|
| Segregation of income tax expense based on location of operations |
The following table presents the components of income tax expense for the three and nine months ended September 30, 2023 and 2022, and its segregation based on location of operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Current tax provision | | | | | | | | | | | | | | Puerto Rico | | $ | 1,851 | | | $ | 6,318 | | | $ | 5,626 | | | $ | 11,809 | | | | | | | United States | | 80 | | | 44 | | | 138 | | | 107 | | | | | | | Foreign countries | | 6,235 | | | 3,175 | | | 15,273 | | | 12,694 | | | | | | | Total current tax provision | | $ | 8,166 | | | $ | 9,537 | | | $ | 21,037 | | | $ | 24,610 | | | | | | | Deferred tax benefit | | | | | | | | | | | | | | Puerto Rico | | $ | (11,169) | | | $ | 719 | | | $ | (11,593) | | | $ | (321) | | | | | | | United States | | 34 | | | 54 | | | 38 | | | 9 | | | | | | | Foreign countries | | (1,889) | | | (1,262) | | | (4,936) | | | (1,387) | | | | | | | Total deferred tax benefit | | $ | (13,024) | | | $ | (489) | | | $ | (16,491) | | | $ | (1,699) | | | | | |
|
| Schedule of income tax expense differs from computed income tax at statutory rates |
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) | | 2023 | | 2022 | | Computed income tax at statutory rates | | $ | 27,231 | | | $ | 87,402 | | | Differences in tax rates due to multiple jurisdictions | | 3,034 | | | 2,612 | | | Effect of income subject to tax-exemption grant | | (24,697) | | | (26,262) | | | Effect of the gain on sale of a business | | — | | | (39,645) | | | Unrecognized tax expense | | 103 | | | (3,472) | | | Excess tax benefits on share-based compensation | | 11 | | | 169 | | | Tax credits for research and development activities | | (884) | | | — | | | | | | | | Other, net | | (252) | | | 2,107 | | | Income tax expense | | $ | 4,546 | | | $ | 22,911 | |
|
| X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
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- DefinitionTabular disclosure of income before income tax between domestic and foreign jurisdictions. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
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v3.23.3
Net Income Per Common Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of reconciliation of numerator and denominator of income per common share |
The reconciliation of the numerator and denominator of the income per common share is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine months ended September 30, | | (In thousands, except per share information) | | 2023 | | 2022 | | 2023 | | 2022 | | Net income available to EVERTEC, Inc.’s common shareholders | | $ | 10,036 | | | $ | 137,814 | | | $ | 68,243 | | | $ | 210,301 | | | Weighted average common shares outstanding | | 64,648,542 | | | 66,398,547 | | | 64,886,551 | | | 69,906,483 | | Weighted average potential dilutive common shares (1) | | 1,130,717 | | | 647,262 | | | 819,045 | | | 682,432 | | | Weighted average common shares outstanding - assuming dilution | | 65,779,259 | | | 67,045,809 | | | 65,705,596 | | | 70,588,915 | | | Net income per common share - basic | | $ | 0.16 | | | $ | 2.08 | | | $ | 1.05 | | | $ | 3.01 | | | Net income per common share - diluted | | $ | 0.15 | | | $ | 2.06 | | | $ | 1.04 | | | $ | 2.98 | |
(1)Potential common shares consist of common stock issuable under RSUs awards using the treasury stock method.
|
| X |
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v3.23.3
Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Summary transactions with related parties |
The following table presents the Company’s transactions with Popular for the three and nine months ended September 30, 2022 while they were deemed a related party:
| | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In thousands) | | 2022 (1) | | 2022 (1) | | Total revenues | | $ | 22,782 | | | $ | 153,335 | | | Cost of revenues | | $ | 653 | | | $ | 2,386 | | | Operating lease cost and other fees | | $ | 807 | | | $ | 4,433 | | | Interest earned from affiliate | | | | | | Interest income | | $ | 231 | | | $ | 1,011 | |
|
| X |
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Summary of information about operations by business segments |
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, 2023 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 51,600 | | | $ | 46,155 | | | $ | 40,557 | | | $ | 56,522 | | | $ | (21,636) | | | $ | 173,198 | | | Operating costs and expenses | 28,402 | | | 38,608 | | | 26,997 | | | 40,643 | | | (1,014) | | | 133,636 | | | Depreciation and amortization | 6,203 | | | 4,898 | | | 1,078 | | | 4,478 | | | 5,262 | | | 21,919 | | | Non-operating income (expenses) | 110 | | | (2,148) | | | — | | | 69 | | | (28,712) | | | (30,681) | | | EBITDA | 29,511 | | | 10,297 | | | 14,638 | | | 20,426 | | | (44,072) | | | 30,800 | | Compensation and benefits (2) | 663 | | | 859 | | | 662 | | | 696 | | | 4,090 | | | 6,970 | | Transaction, refinancing and other fees (3) | 269 | | | 3,451 | | | — | | | — | | | 34,363 | | | 38,083 | | (Gain) loss on foreign currency remeasurement (4) | (87) | | | 2,885 | | | — | | | — | | | 8 | | | 2,806 | | | Adjusted EBITDA | $ | 30,356 | | | $ | 17,492 | | | $ | 15,300 | | | $ | 21,122 | | | $ | (5,611) | | | $ | 78,659 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $13.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $4.4 million from Payment Services- Latin America 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 Payment Services - Latin America. (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, the foreign currency swap loss and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 44,592 | | | $ | 33,741 | | | $ | 36,911 | | | $ | 49,306 | | | $ | (18,747) | | | $ | 145,803 | | | Operating costs and expenses | 26,960 | | | 28,513 | | | 25,261 | | | 38,522 | | | 2,729 | | | 121,985 | | | Depreciation and amortization | 5,116 | | | 4,104 | | | 1,045 | | | 3,745 | | | 5,702 | | | 19,712 | | | Non-operating income (expenses) | 385 | | | (7,094) | | | 348 | | | 136,218 | | | (932) | | | 128,925 | | | EBITDA | 23,133 | | | 2,238 | | | 13,043 | | | 150,747 | | | (16,706) | | | 172,455 | | Compensation and benefits (2) | 1,557 | | | 972 | | | 498 | | | 503 | | | 2,141 | | | 5,671 | | Transaction, refinancing and other fees (3) | 330 | | | — | | | 325 | | | (134,974) | | | 8,581 | | | (125,738) | | Loss on foreign currency remeasurement (4) | 68 | | | 7,725 | | | — | | | — | | | (14) | | | 7,779 | | | Adjusted EBITDA | $ | 25,088 | | | $ | 10,935 | | | $ | 13,866 | | | $ | 16,276 | | | $ | (5,998) | | | $ | 60,167 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $12.3 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $3.7 million from Payment Services - Latin America to both Payment Services - Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $2.8 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. (2)Primarily represents share-based compensation and severance payments. (3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the gain from the Popular transaction and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 150,824 | | | $ | 120,548 | | | $ | 122,152 | | | $ | 169,188 | | | $ | (62,624) | | | $ | 500,088 | | | Operating costs and expenses | 85,019 | | | 101,586 | | | 81,302 | | | 118,653 | | | (897) | | | 385,663 | | | Depreciation and amortization | 18,178 | | | 13,002 | | | 3,357 | | | 13,436 | | | 15,707 | | | 63,680 | | | Non-operating income (expenses) | 590 | | | (3,643) | | | 308 | | | 667 | | | (27,902) | | | (29,980) | | | EBITDA | 84,573 | | | 28,321 | | | 44,515 | | | 64,638 | | | (73,922) | | | 148,125 | | Compensation and benefits (2) | 2,033 | | | 2,510 | | | 2,054 | | | 2,226 | | | 12,693 | | | 21,516 | | Transaction, refinancing and other fees (3) | 850 | | | 3,704 | | | — | | | — | | | 38,741 | | | 43,295 | | (Gain) loss on foreign currency remeasurement (4) | (41) | | | 7,372 | | | — | | | — | | | 6 | | | 7,337 | | | Adjusted EBITDA | $ | 87,415 | | | $ | 41,907 | | | $ | 46,569 | | | $ | 66,864 | | | $ | (22,482) | | | $ | 220,273 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $39.9 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $12.8 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $9.9 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. (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, the foreign currency swap loss and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A, net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | | (In thousands) | Payment
Services -
Puerto Rico & Caribbean | | Payment
Services -
Latin America | | Merchant
Acquiring, net | | Business
Solutions | | Corporate and Other (1) | | Total | | | | | | | | | | | | | | Revenues | $ | 130,678 | | | $ | 93,308 | | | $ | 111,079 | | | $ | 176,620 | | | $ | (55,063) | |
| $ | 456,622 | | | Operating costs and expenses | 76,920 | | | 77,132 | | | 68,288 | | | 117,747 | | | 25 | |
| 340,112 | | | Depreciation and amortization | 15,062 | | | 9,628 | | | 3,104 | | | 12,787 | | | 17,851 | | | 58,432 | | | Non-operating income (expenses) | 928 | | | (3,365) | | | 980 | | | 137,542 | | | (3,560) | | | 132,525 | | | EBITDA | 69,748 | | | 22,439 | | | 46,875 | | | 209,202 | | | (40,797) | | | 307,467 | | Compensation and benefits (2) | 2,569 | | | 2,758 | | | 1,284 | | | 1,503 | | | 7,241 | | | 15,355 | | Transaction, refinancing and other fees (3) | 330 | | | — | | | 325 | | | (134,990) | | | 11,615 | | | (122,720) | | Loss on foreign currency remeasurement (4) | 230 | | | 5,596 | | | — | | | — | | | 1,032 | | | 6,858 | | | Adjusted EBITDA | $ | 72,877 | | | $ | 30,793 | | | $ | 48,484 | | | $ | 75,715 | | | $ | (20,909) | | | $ | 206,960 | |
(1)Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $36.5 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $10.7 million from Payment Services- Latin America to both Payment Services- Puerto Rico & Caribbean and Business Solutions, and transaction processing and monitoring fees of $7.9 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. (2)Primarily represents share-based compensation and severance payments. (3)Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the gain from the Popular transaction and the elimination of unrealized equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of dividends received. (4)Represents non-cash unrealized gains (losses) on foreign currency remeasurement for assets and liabilities denominated in non-functional currencies.
|
| Reconciliation of EBITDA to consolidated net income |
The reconciliation of consolidated net income to EBITDA is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In thousands) | 2023 | | 2022 | | 2023 | | 2022 | | Net Income | $ | 9,956 | | | $ | 137,739 | | | $ | 68,069 | | | $ | 210,161 | | | Add: | | | | | | | | | Income tax (benefit) expense | (4,858) | | | 9,048 | | | 4,546 | | | 22,911 | | | Interest expense, net | 3,783 | | | 5,956 | | | 11,830 | | | 15,963 | | | Depreciation and amortization | 21,919 | | | 19,712 | | | 63,680 | | | 58,432 | | | Total EBITDA | $ | 30,800 | | | $ | 172,455 | | | $ | 148,125 | | | $ | 307,467 | |
|
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v3.23.3
Business Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Feb. 16, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
| Goodwill |
$ 434,496
|
|
$ 423,392
|
| Paysmart Pagamentos Eletronicos Ltda |
|
|
|
| Business Acquisition [Line Items] |
|
|
|
| Cash and cash equivalents |
|
$ 2,037
|
|
| Accounts receivable, net |
|
451
|
|
| Prepaid expenses and other assets |
|
58
|
|
| Property and equipment, net |
|
107
|
|
| Operating lease right-of-use asset |
|
182
|
|
| Goodwill |
|
9,735
|
|
| Settlement assets |
|
52,593
|
|
| Other intangible assets, net |
|
15,174
|
|
| Total assets acquired |
|
80,337
|
|
| Accounts payable |
|
278
|
|
| Settlement liabilities |
|
50,368
|
|
| Operating lease liability |
|
185
|
|
| Income tax payable |
|
298
|
|
| Deferred tax liability |
|
4,253
|
|
| Total liabilities assumed |
|
$ 55,382
|
|
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v3.23.3
Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Costa Rica Government Obligations |
|
|
| Amortized cost, after 1 to 5 years |
$ 2,090
|
$ 2,194
|
| Gross unrealized gains, after 1 to 5 years |
0
|
9
|
| Gross unrealized losses, after 1 to 5 years |
(11)
|
0
|
| Debt securities available-for-sale, at fair value |
$ 2,079
|
$ 2,203
|
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v3.23.3
Investment in Equity Investee (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Joint Venture Disclosure [Line Items] |
|
|
|
| Equity investee, cash payments paid |
|
$ 5,500
|
$ 0
|
| Joint Venture with Corporate Partner |
|
|
|
| Joint Venture Disclosure [Line Items] |
|
|
|
| Equity investee, committed capital contribution |
$ 13,500
|
13,500
|
|
| Equity investee, committed capital contribution, cash |
7,500
|
7,500
|
|
| Equity investee, committed capital contribution, nonfinancial assets, development of intellectual property |
3,500
|
3,500
|
|
| Equity investee, committed capital contribution, nonfinancial assets, processing cost credits |
2,500
|
$ 2,500
|
|
| Equity investee, cash payments paid |
$ 5,500
|
|
|
| Joint Venture with Corporate Partner | Joint Venture with Corporate Partner |
|
|
|
| Joint Venture Disclosure [Line Items] |
|
|
|
| Equity investee, ownership percentage |
9.91%
|
9.91%
|
|
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v3.23.3
Property and Equipment, net - Property and Equipment, Net (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Property and Equipment, net |
|
|
| Property and equipment, gross |
$ 194,064
|
$ 177,031
|
| Less - accumulated depreciation and amortization |
(138,525)
|
(121,919)
|
| Depreciable assets, net |
55,539
|
55,112
|
| Land |
1,418
|
1,275
|
| Property and equipment, net |
$ 56,957
|
56,387
|
| Buildings |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
30 years
|
|
| Property and equipment, gross |
$ 1,620
|
1,456
|
| Data processing equipment |
|
|
| Property and Equipment, net |
|
|
| Property and equipment, gross |
$ 178,367
|
162,761
|
| Data processing equipment | Minimum |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
3 years
|
|
| Data processing equipment | Maximum |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
5 years
|
|
| Furniture and equipment |
|
|
| Property and Equipment, net |
|
|
| Property and equipment, gross |
$ 9,869
|
9,154
|
| Furniture and equipment | Minimum |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
3 years
|
|
| Furniture and equipment | Maximum |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
20 years
|
|
| Leasehold improvements |
|
|
| Property and Equipment, net |
|
|
| Property and equipment, gross |
$ 4,208
|
$ 3,660
|
| Leasehold improvements | Minimum |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
5 years
|
|
| Leasehold improvements | Maximum |
|
|
| Property and Equipment, net |
|
|
| Useful life in years |
10 years
|
|
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v3.23.3
| X |
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-Topic 280
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-Section 50
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v3.23.3
Goodwill and Other Intangible Assets - Goodwill by Segments (Details)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| Changes in the Carrying Amount of Goodwill |
|
| Beginning balance |
$ 423,392
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
1,369
|
| Goodwill attributable to acquisition |
9,735
|
| Ending balance |
434,496
|
| Payment Services - Puerto Rico & Caribbean |
|
| Changes in the Carrying Amount of Goodwill |
|
| Beginning balance |
160,972
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
0
|
| Goodwill attributable to acquisition |
0
|
| Ending balance |
160,972
|
| Payment Services - Latin America |
|
| Changes in the Carrying Amount of Goodwill |
|
| Beginning balance |
84,289
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
1,369
|
| Goodwill attributable to acquisition |
9,735
|
| Ending balance |
95,393
|
| Merchant Acquiring, net |
|
| Changes in the Carrying Amount of Goodwill |
|
| Beginning balance |
138,121
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
0
|
| Goodwill attributable to acquisition |
0
|
| Ending balance |
138,121
|
| Business Solutions |
|
| Changes in the Carrying Amount of Goodwill |
|
| Beginning balance |
40,010
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
0
|
| Goodwill attributable to acquisition |
0
|
| Ending balance |
$ 40,010
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
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v3.23.3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
Aug. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Goodwill |
|
|
|
|
|
| Impairment of goodwill |
$ 0
|
|
|
|
$ 0
|
| Amortization expense for intangible assets |
|
$ 16,600,000
|
$ 15,200,000
|
$ 47,800,000
|
44,500,000
|
| Software packages |
|
|
|
|
|
| Goodwill |
|
|
|
|
|
| Impairment charge |
|
|
|
|
$ 4,100,000
|
| X |
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v3.23.3
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross amount |
$ 853,032
|
$ 785,406
|
| Accumulated amortization |
(632,792)
|
(585,086)
|
| Net carrying amount |
220,240
|
200,320
|
| Customer relationships |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross amount |
403,108
|
392,737
|
| Accumulated amortization |
(327,813)
|
(303,733)
|
| Net carrying amount |
$ 75,295
|
$ 89,004
|
| Customer relationships | Minimum |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful life in years |
8 years
|
8 years
|
| Customer relationships | Maximum |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful life in years |
20 years
|
15 years
|
| Trademarks |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross amount |
$ 44,495
|
$ 43,195
|
| Accumulated amortization |
(39,333)
|
(37,998)
|
| Net carrying amount |
$ 5,162
|
$ 5,197
|
| Trademarks | Minimum |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful life in years |
1 year
|
1 year
|
| Trademarks | Maximum |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful life in years |
15 years
|
15 years
|
| Software packages |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross amount |
$ 405,429
|
$ 349,474
|
| Accumulated amortization |
(265,646)
|
(243,355)
|
| Net carrying amount |
$ 139,783
|
$ 106,119
|
| Software packages | Minimum |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful life in years |
3 years
|
3 years
|
| Software packages | Maximum |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful life in years |
10 years
|
10 years
|
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v3.23.3
Debt and Short-Term Borrowings - Total Debt (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Note Payable |
|
|
| Debt Instrument [Line Items] |
|
|
| Note payable due on September 1, 2030 |
$ 7,911
|
$ 0
|
| Term A due on December 1, 2027 | Credit Facility |
|
|
| Debt Instrument [Line Items] |
|
|
| 2027 Term A Loan bearing interest at a variable interest rate (SOFR plus applicable margin) |
$ 395,406
|
$ 410,248
|
| Term A due on December 1, 2027 | Credit Facility | SOFR |
|
|
| Debt Instrument [Line Items] |
|
|
| Minimum variable rate floor |
0.00%
|
0.00%
|
| Applicable margin interest rate |
1.50%
|
1.50%
|
| Term A due on December 1, 2027 | Credit Facility | Credit Agreement 2022 |
|
|
| Debt Instrument [Line Items] |
|
|
| Revolving credit facility |
$ 399,400
|
|
| Revolving Credit Facility | Credit Facility | Credit Agreement 2022 |
|
|
| Debt Instrument [Line Items] |
|
|
| Revolving credit facility |
$ 6,000
|
$ 20,000
|
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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|
v3.23.3
Debt and Short-Term Borrowings - Additional Information (Details)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
Sep. 30, 2023
USD ($)
derivative_instrument
|
Sep. 30, 2023
USD ($)
derivative_instrument
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
derivative_instrument
|
Sep. 30, 2022
USD ($)
|
Sep. 29, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 01, 2022
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Gains (losses) reclassified from accumulated other comprehensive income (loss) into earnings |
|
$ 1,600,000
|
$ (400,000)
|
$ 4,000,000
|
$ (3,500,000)
|
|
|
|
| Gains expected to be reclassified from accumulated other comprehensive loss into income in the next 12 months |
$ 6,200,000
|
6,200,000
|
|
6,200,000
|
|
|
|
|
| Fair Value, Level 2 | Fair Value, Recurring |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest rate swaps |
$ 11,500,000
|
$ 11,500,000
|
|
$ 11,500,000
|
|
|
$ 7,400,000
|
|
| Interest Rate Swap |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Number of interest rate swaps | derivative_instrument |
2
|
2
|
|
2
|
|
|
|
|
| Financing Agreement 2023 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Note payable |
$ 7,900,000
|
$ 7,900,000
|
|
$ 7,900,000
|
|
$ 10,100,000
|
|
|
| Note Payable |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Outstanding principal balance |
$ 7,911,000
|
7,911,000
|
|
7,911,000
|
|
|
0
|
|
| Note Payable | Credit Agreement 2022 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest rate |
6.90%
|
|
|
|
|
|
|
|
| Term A due on December 1, 2027 | Credit Facility | Credit Agreement 2022 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Maximum amount under credit facilities |
|
|
|
|
|
|
|
$ 415,000,000
|
| Unpaid principal balance |
$ 399,400,000
|
399,400,000
|
|
399,400,000
|
|
|
|
|
| Revolving Credit Facility | Credit Facility | Credit Agreement 2022 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Maximum amount under credit facilities |
|
|
|
|
|
|
|
$ 200,000,000
|
| Unpaid principal balance |
6,000,000
|
6,000,000
|
|
6,000,000
|
|
|
$ 20,000,000
|
|
| Additional borrowing capacity available under the revolving facility |
$ 188,000,000
|
$ 188,000,000
|
|
$ 188,000,000
|
|
|
|
|
| X |
- DefinitionThe average effective interest rate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
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v3.23.3
Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands, shares in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Shares purchased, amount |
|
|
$ 26,505
|
$ 0
|
|
| Equity securities, at fair value |
$ 25,992
|
|
25,992
|
|
$ 0
|
| Unrealized gain |
|
|
104
|
0
|
|
| Translation losses |
$ 11,332
|
$ (4,125)
|
(9,426)
|
$ 210
|
|
| Sinqia, S.A. |
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Shares purchased (in shares) |
4.8
|
|
|
|
|
| Shares purchased, amount |
$ 26,500
|
|
|
|
|
| Unrealized gain |
100
|
|
100
|
|
|
| Translation losses |
600
|
|
600
|
|
|
| Carrying Amount |
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Interest rate swaps |
11,492
|
|
11,492
|
|
7,440
|
| Foreign currency hedge liability |
29,225
|
|
29,225
|
|
0
|
| Carrying Amount | Sinqia, S.A. |
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Equity securities, at fair value |
25,992
|
|
25,992
|
|
0
|
| Carrying Amount | Fair Value, Level 2 |
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Interest rate swaps |
11,500
|
|
11,500
|
|
7,400
|
| Foreign currency hedge liability |
29,200
|
|
29,200
|
|
|
| Carrying Amount | Fair Value, Level 1 | Sinqia, S.A. |
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Equity securities, at fair value |
26,000
|
|
26,000
|
|
|
| Carrying Amount | Costa Rica government obligations |
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
| Debt securities, available-for-sale |
$ 2,079
|
|
$ 2,079
|
|
$ 2,203
|
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 45
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.9-03(6))
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 825
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Financial Instruments and Fair Value Measurements - Carrying Value and Estimated Fair Values (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Financial assets: |
|
|
| Equity securities, at fair value |
$ 25,992
|
$ 0
|
| Carrying Amount |
|
|
| Financial assets: |
|
|
| Interest rate swaps |
11,492
|
7,440
|
| Financial liabilities: |
|
|
| Foreign currency hedge liability |
29,225
|
0
|
| Carrying Amount | Credit Facility | Term A due on December 1, 2027 |
|
|
| Financial liabilities: |
|
|
| Term Loan Facility |
395,406
|
410,248
|
| Fair Value |
|
|
| Financial assets: |
|
|
| Interest rate swaps |
11,492
|
7,440
|
| Financial liabilities: |
|
|
| Foreign currency hedge liability |
29,225
|
0
|
| Fair Value | Credit Facility | Term A due on December 1, 2027 |
|
|
| Financial liabilities: |
|
|
| Term Loan Facility |
397,840
|
413,494
|
| Sinqia, S.A. | Carrying Amount |
|
|
| Financial assets: |
|
|
| Equity securities, at fair value |
25,992
|
0
|
| Sinqia, S.A. | Fair Value |
|
|
| Financial assets: |
|
|
| Equity securities, at fair value |
25,992
|
0
|
| Costa Rica government obligations | Carrying Amount |
|
|
| Financial assets: |
|
|
| Costa Rica government obligations |
2,079
|
2,203
|
| Costa Rica government obligations | Fair Value |
|
|
| Financial assets: |
|
|
| Costa Rica government obligations |
$ 2,079
|
$ 2,203
|
| X |
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v3.23.3
Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| Changes in Accumulated Other Comprehensive Income (Loss) |
|
| Beginning balance |
$ 474,748
|
| Other comprehensive income (loss) before reclassifications |
17,086
|
| Effective portion reclassified to net income |
(3,952)
|
| Ending balance |
536,349
|
| Foreign Currency Translation Adjustments |
|
| Changes in Accumulated Other Comprehensive Income (Loss) |
|
| Beginning balance |
(23,481)
|
| Other comprehensive income (loss) before reclassifications |
9,426
|
| Effective portion reclassified to net income |
0
|
| Ending balance |
(14,055)
|
| Cash Flow Hedges |
|
| Changes in Accumulated Other Comprehensive Income (Loss) |
|
| Beginning balance |
6,954
|
| Other comprehensive income (loss) before reclassifications |
7,691
|
| Effective portion reclassified to net income |
(3,952)
|
| Ending balance |
10,693
|
| Unrealized Gains (losses) on Debt Securities AFS |
|
| Changes in Accumulated Other Comprehensive Income (Loss) |
|
| Beginning balance |
41
|
| Other comprehensive income (loss) before reclassifications |
(31)
|
| Effective portion reclassified to net income |
0
|
| Ending balance |
10
|
| Total |
|
| Changes in Accumulated Other Comprehensive Income (Loss) |
|
| Beginning balance |
(16,486)
|
| Ending balance |
$ (3,352)
|
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v3.23.3
Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
$ 173,198
|
$ 145,803
|
$ 500,088
|
$ 456,622
|
| Products and services transferred at a point in time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
3,084
|
4,852
|
8,232
|
9,605
|
| Products and services transferred over time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
170,114
|
140,951
|
491,856
|
447,017
|
| Payment Services - Puerto Rico & Caribbean |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
34,409
|
29,545
|
100,996
|
86,289
|
| Payment Services - Puerto Rico & Caribbean | Products and services transferred at a point in time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
107
|
89
|
345
|
244
|
| Payment Services - Puerto Rico & Caribbean | Products and services transferred over time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
34,302
|
29,456
|
100,651
|
86,045
|
| Payment Services - Latin America |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
41,709
|
30,041
|
107,751
|
82,634
|
| Payment Services - Latin America | Products and services transferred at a point in time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
581
|
973
|
1,834
|
1,405
|
| Payment Services - Latin America | Products and services transferred over time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
41,128
|
29,068
|
105,917
|
81,229
|
| Merchant Acquiring, net |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
40,557
|
36,911
|
122,152
|
111,079
|
| Merchant Acquiring, net | Products and services transferred at a point in time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
0
|
0
|
0
|
0
|
| Merchant Acquiring, net | Products and services transferred over time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
40,557
|
36,911
|
122,152
|
111,079
|
| Business Solutions |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
56,523
|
49,306
|
169,189
|
176,620
|
| Business Solutions | Products and services transferred at a point in time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
2,396
|
3,790
|
6,053
|
7,956
|
| Business Solutions | Products and services transferred over time |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
$ 54,127
|
$ 45,516
|
$ 163,136
|
$ 168,664
|
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v3.23.3
Revenues - Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
| Product Information [Line Items] |
|
|
|
|
|
| Accounts receivable, net |
$ 115,779
|
|
$ 115,779
|
|
$ 111,493
|
| Contract liability |
14,428
|
|
14,428
|
|
15,226
|
| Contract liability - long term |
34,062
|
|
34,062
|
|
$ 34,068
|
| Revenue recognized that was included in unearned income |
$ 4,200
|
$ 17,000
|
$ 12,900
|
$ 29,000
|
|
| Total Revenue | Customer Concentration Risk | Popular |
|
|
|
|
|
| Product Information [Line Items] |
|
|
|
|
|
| Total percentage of revenues from Popular |
34.00%
|
35.00%
|
36.00%
|
40.00%
|
|
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v3.23.3
Revenues - Additional Information, Performance Obligation (Details)
$ in Millions |
Sep. 30, 2023
USD ($)
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Transaction price allocated to performance obligations that are unsatisfied or partially satisfied |
$ 907.6
|
| Professional Services, All Other Contracts | Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Revenue, remaining performance obligation, period of expected timing of satisfaction (in years) |
1 year
|
| Professional Services, All Other Contracts | Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Revenue, remaining performance obligation, period of expected timing of satisfaction (in years) |
6 years
|
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v3.23.3
Revenues - Contract Balances (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Revenue, Contract Balances [Roll Forward] |
|
|
| Balance at beginning of period |
$ 4,749
|
$ 1,715
|
| Services transferred to customers |
17,827
|
9,313
|
| Transfers to accounts receivable |
(12,244)
|
(6,279)
|
| Balance at end of period |
$ 10,332
|
$ 4,749
|
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v3.23.3
Income Tax - Components of Income Tax Expense (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Current tax provision |
$ 8,166
|
$ 9,537
|
$ 21,037
|
$ 24,610
|
| Deferred tax benefit |
(13,024)
|
(489)
|
(16,491)
|
(1,699)
|
| Income tax (benefit) expense |
$ (4,858)
|
$ 9,048
|
$ 4,546
|
$ 22,911
|
v3.23.3
Income Tax - Tax Expense Based on Location (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Current tax provision |
|
|
|
|
| Puerto Rico |
$ 1,851
|
$ 6,318
|
$ 5,626
|
$ 11,809
|
| United States |
80
|
44
|
138
|
107
|
| Foreign countries |
6,235
|
3,175
|
15,273
|
12,694
|
| Total current tax provision |
8,166
|
9,537
|
21,037
|
24,610
|
| Deferred tax benefit |
|
|
|
|
| Puerto Rico |
(11,169)
|
719
|
(11,593)
|
(321)
|
| United States |
34
|
54
|
38
|
9
|
| Foreign countries |
(1,889)
|
(1,262)
|
(4,936)
|
(1,387)
|
| Total deferred tax benefit |
$ (13,024)
|
$ (489)
|
$ (16,491)
|
$ (1,699)
|
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v3.23.3
Income Tax - Income Tax Expense Differs from Computed Income Tax at Statutory Rates (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Computed income tax at statutory rates |
|
|
$ 27,231
|
$ 87,402
|
| Differences in tax rates due to multiple jurisdictions |
|
|
3,034
|
2,612
|
| Effect of income subject to tax-exemption grant |
|
|
(24,697)
|
(26,262)
|
| Effect of the gain on sale of a business |
|
|
0
|
(39,645)
|
| Unrecognized tax expense |
|
|
103
|
(3,472)
|
| Excess tax benefits on share-based compensation |
|
|
11
|
169
|
| Tax credits for research and development activities |
|
|
(884)
|
0
|
| Other, net |
|
|
(252)
|
2,107
|
| Income tax (benefit) expense |
$ (4,858)
|
$ 9,048
|
$ 4,546
|
$ 22,911
|
v3.23.3
Net Income Per Common Share - Reconciliation of Income Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Earnings Per Share [Abstract] |
|
|
|
|
| Net income available to EVERTEC, Inc.’s common shareholders |
$ 10,036
|
$ 137,814
|
$ 68,243
|
$ 210,301
|
| Weighted average common shares outstanding (in shares) |
64,648,542
|
66,398,547
|
64,886,551
|
69,906,483
|
| Weighted average potential dilutive common shares (in shares) |
1,130,717
|
647,262
|
819,045
|
682,432
|
| Weighted average common shares outstanding - assuming dilution (in shares) |
65,779,259
|
67,045,809
|
65,705,596
|
70,588,915
|
| Net income per common share - basic (in usd per share) |
$ 0.16
|
$ 2.08
|
$ 1.05
|
$ 3.01
|
| Net income per common share - diluted (in usd per share) |
$ 0.15
|
$ 2.06
|
$ 1.04
|
$ 2.98
|
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 45
-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 45
-Paragraph 60B
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 45
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-Topic 260
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-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
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v3.23.3
Related Party Transactions - Transactions with Related Parties (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Transactions with Third Party |
|
|
|
|
| Total revenues |
$ 173,198
|
$ 145,803
|
$ 500,088
|
$ 456,622
|
| Cost of revenues |
81,280
|
76,272
|
238,149
|
215,244
|
| Interest earned from affiliate |
|
|
|
|
| Interest income |
$ 1,926
|
807
|
$ 5,162
|
2,279
|
| Related Party |
|
|
|
|
| Transactions with Third Party |
|
|
|
|
| Total revenues |
|
22,782
|
|
153,335
|
| Cost of revenues |
|
653
|
|
2,386
|
| Operating lease cost and other fees |
|
807
|
|
4,433
|
| Interest earned from affiliate |
|
|
|
|
| Interest income |
|
$ 231
|
|
$ 1,011
|
| X |
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- DefinitionInterest income derived from funds deposited with both domestic and foreign financial institutions including funds in money market and other accounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1402
-Paragraph (a)
-Publisher SEC
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1402
-Paragraph (b)
-Subparagraph (1)
-Publisher SEC
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.4)
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-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
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v3.23.3
Segment Information - Operations by Segments (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Number of operating business segments (in segment) | segment |
|
|
4
|
|
| Revenues |
$ 173,198
|
$ 145,803
|
$ 500,088
|
$ 456,622
|
| Operating costs and expenses |
133,636
|
121,985
|
385,663
|
340,112
|
| Depreciation and amortization |
21,919
|
19,712
|
63,680
|
58,432
|
| Non-operating income (expenses) |
(30,681)
|
128,925
|
(29,980)
|
132,525
|
| EBITDA |
30,800
|
172,455
|
148,125
|
307,467
|
| Compensation and benefits |
6,970
|
5,671
|
21,516
|
15,355
|
| Transaction, refinancing and other fees |
38,083
|
(125,738)
|
43,295
|
(122,720)
|
| (Gain) loss on foreign currency remeasurement |
2,806
|
7,779
|
7,337
|
6,858
|
| Adjusted EBITDA |
$ 78,659
|
$ 60,167
|
$ 220,273
|
$ 206,960
|
| Consorcio de Tarjetas Dominicanas S.A. |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Equity investment |
19.99%
|
19.99%
|
19.99%
|
19.99%
|
| Payment Services - Puerto Rico & Caribbean |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
$ 34,409
|
$ 29,545
|
$ 100,996
|
$ 86,289
|
| Payment Services - Latin America |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
41,709
|
30,041
|
107,751
|
82,634
|
| Merchant Acquiring, net |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
40,557
|
36,911
|
122,152
|
111,079
|
| Business Solutions |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
56,523
|
49,306
|
169,189
|
176,620
|
| Operating Segments | Payment Services - Puerto Rico & Caribbean |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
51,600
|
44,592
|
150,824
|
130,678
|
| Operating costs and expenses |
28,402
|
26,960
|
85,019
|
76,920
|
| Depreciation and amortization |
6,203
|
5,116
|
18,178
|
15,062
|
| Non-operating income (expenses) |
110
|
385
|
590
|
928
|
| EBITDA |
29,511
|
23,133
|
84,573
|
69,748
|
| Compensation and benefits |
663
|
1,557
|
2,033
|
2,569
|
| Transaction, refinancing and other fees |
269
|
330
|
850
|
330
|
| (Gain) loss on foreign currency remeasurement |
(87)
|
68
|
(41)
|
230
|
| Adjusted EBITDA |
30,356
|
25,088
|
87,415
|
72,877
|
| Operating Segments | Payment Services - Latin America |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
46,155
|
33,741
|
120,548
|
93,308
|
| Operating costs and expenses |
38,608
|
28,513
|
101,586
|
77,132
|
| Depreciation and amortization |
4,898
|
4,104
|
13,002
|
9,628
|
| Non-operating income (expenses) |
(2,148)
|
(7,094)
|
(3,643)
|
(3,365)
|
| EBITDA |
10,297
|
2,238
|
28,321
|
22,439
|
| Compensation and benefits |
859
|
972
|
2,510
|
2,758
|
| Transaction, refinancing and other fees |
3,451
|
0
|
3,704
|
0
|
| (Gain) loss on foreign currency remeasurement |
2,885
|
7,725
|
7,372
|
5,596
|
| Adjusted EBITDA |
17,492
|
10,935
|
41,907
|
30,793
|
| Operating Segments | Merchant Acquiring, net |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
40,557
|
36,911
|
122,152
|
111,079
|
| Operating costs and expenses |
26,997
|
25,261
|
81,302
|
68,288
|
| Depreciation and amortization |
1,078
|
1,045
|
3,357
|
3,104
|
| Non-operating income (expenses) |
0
|
348
|
308
|
980
|
| EBITDA |
14,638
|
13,043
|
44,515
|
46,875
|
| Compensation and benefits |
662
|
498
|
2,054
|
1,284
|
| Transaction, refinancing and other fees |
0
|
325
|
0
|
325
|
| (Gain) loss on foreign currency remeasurement |
0
|
0
|
0
|
0
|
| Adjusted EBITDA |
15,300
|
13,866
|
46,569
|
48,484
|
| Operating Segments | Business Solutions |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
56,522
|
49,306
|
169,188
|
176,620
|
| Operating costs and expenses |
40,643
|
38,522
|
118,653
|
117,747
|
| Depreciation and amortization |
4,478
|
3,745
|
13,436
|
12,787
|
| Non-operating income (expenses) |
69
|
136,218
|
667
|
137,542
|
| EBITDA |
20,426
|
150,747
|
64,638
|
209,202
|
| Compensation and benefits |
696
|
503
|
2,226
|
1,503
|
| Transaction, refinancing and other fees |
0
|
(134,974)
|
0
|
(134,990)
|
| (Gain) loss on foreign currency remeasurement |
0
|
0
|
0
|
0
|
| Adjusted EBITDA |
21,122
|
16,276
|
66,864
|
75,715
|
| Corporate and Other |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
(21,636)
|
(18,747)
|
(62,624)
|
(55,063)
|
| Operating costs and expenses |
(1,014)
|
2,729
|
(897)
|
25
|
| Depreciation and amortization |
5,262
|
5,702
|
15,707
|
17,851
|
| Non-operating income (expenses) |
(28,712)
|
(932)
|
(27,902)
|
(3,560)
|
| EBITDA |
(44,072)
|
(16,706)
|
(73,922)
|
(40,797)
|
| Compensation and benefits |
4,090
|
2,141
|
12,693
|
7,241
|
| Transaction, refinancing and other fees |
34,363
|
8,581
|
38,741
|
11,615
|
| (Gain) loss on foreign currency remeasurement |
8
|
(14)
|
6
|
1,032
|
| Adjusted EBITDA |
(5,611)
|
(5,998)
|
(22,482)
|
(20,909)
|
| Payment Processing | Corporate and Other |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
13,500
|
12,300
|
39,900
|
36,500
|
| Software Sale And Developments | Corporate and Other |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
4,400
|
3,700
|
12,800
|
10,700
|
| Transaction Processing and Monitoring Fees | Corporate and Other |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
$ 3,700
|
$ 2,800
|
$ 9,900
|
$ 7,900
|
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Segment Information - Income from Segments to Consolidated Net Income (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Segment Reporting [Abstract] |
|
|
|
|
|
|
|
|
| Net income |
$ 9,956
|
$ 28,050
|
$ 30,063
|
$ 137,739
|
$ 33,556
|
$ 38,866
|
$ 68,069
|
$ 210,161
|
| Add: |
|
|
|
|
|
|
|
|
| Income tax (benefit) expense |
(4,858)
|
|
|
9,048
|
|
|
4,546
|
22,911
|
| Interest expense, net |
3,783
|
|
|
5,956
|
|
|
11,830
|
15,963
|
| Depreciation and amortization |
21,919
|
|
|
19,712
|
|
|
63,680
|
58,432
|
| Total EBITDA |
$ 30,800
|
|
|
$ 172,455
|
|
|
$ 148,125
|
$ 307,467
|
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 235
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-Section S99
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/exampleRef
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Millions |
|
|
|
|
3 Months Ended |
|
|
Oct. 19, 2023 |
Jul. 20, 2023 |
Apr. 20, 2023 |
Feb. 16, 2023 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Oct. 27, 2023 |
Dec. 31, 2022 |
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared (in usd per share) |
|
$ 0.05
|
$ 0.05
|
$ 0.05
|
|
$ 0.05
|
$ 0.05
|
$ 0.05
|
$ 0.05
|
$ 0.05
|
$ 0.05
|
|
|
| Common stock par value (in usd per share) |
|
|
|
|
|
$ 0.01
|
|
|
|
|
|
|
$ 0.01
|
| Sinqia S.A. Merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expected price of acquisition |
|
$ 600
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared (in usd per share) |
$ 0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event | Sinqia S.A. Merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, reserved shares (in shares) |
|
|
|
|
|
|
|
|
|
|
|
1,168,555
|
|
| Common stock par value (in usd per share) |
|
|
|
|
|
|
|
|
|
|
|
$ 0.01
|
|
| Subsequent Event | Sinqia S.A. Merger | Brazilian Depositary Receipts | Forecast |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Underlying shares to be issued as consideration (in shares) |
|
|
|
|
1,168,555
|
|
|
|
|
|
|
|
|
| X |
- DefinitionNumber of shares of equity interests issued or issuable to acquire entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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