EVERTEC第二季收入增19.7%至2.748億美元 惟淨利潤受減值拖累大跌

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Table of Contents

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 June 30, 2026 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 Rico66-0783622
(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 Rico00926
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareEVTCNew 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  ☐

Table of Contents

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 July 30, 2026, there were 59,752,542 outstanding shares of common stock of EVERTEC, Inc.

Table of Contents

TABLE OF CONTENTS
 

Page
Part I. FINANCIAL INFORMATION
Item 1.Financial Statements
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
1

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2026 and 2025
3

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025
4

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
5

Notes to Unaudited Condensed Consolidated Financial Statements
8

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3.Quantitative and Qualitative Disclosures about Market Risk
40

Item 4.Controls and Procedures
41

Part II. OTHER INFORMATION
42

Item 1.Legal Proceedings
42

Item 1A.Risk Factors
42

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
42

Item 3.Defaults Upon Senior Securities
42

Item 4.Mine Safety Disclosures
42

Item 5.Other Information
42

Item 6.Exhibits
44

SIGNATURES
45

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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”). All statements other than statements of historical fact contained in this Report, including, without limitation, statements regarding our position as a leader within our industry; our future results of operations and financial position; our business strategies; objectives of management for future operations, including, among others, statements regarding our expected growth, international expansion and future capital expenditures; the impact of market conditions and other macroeconomic factors on our business, financial condition and results of operations; the timing and declaration of future dividends; the sufficiency of our cash and cash equivalents; our future capital expenditures and debt service obligations; and the expectations, anticipated benefits of and costs associated with acquisitions, are forward-looking statements.

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 these 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 (“A&R 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 A&R MSA with Popular and Amended and Restated Independent Sales Organization Sponsorship and Services Agreement (the “A&R ISO Agreement”) with Banco Popular;
•our reliance on our information technology systems, employees and certain suppliers and counterparties, and certain failures or disruptions in those systems or chains could materially adversely affect our operations;
•the risk of security breaches or other confidential data theft from our systems;
•our ability to recruit, retain and develop qualified personnel;
•fraud by merchants or others;
•the credit risk of our merchant clients, for which we may also be liable; 
•our use of artificial intelligence (“AI”) and machine learning tools and the evolving regulatory framework governing such technology;
•a decreased client base due to consolidations and/or failures in the financial services industry; 
•our ability to comply with existing and future rules and regulations in the jurisdictions in which we operate;
•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 payment card network or other network rules, standards, mandates or fees; 
•the geographical concentration of our business in Puerto Rico, including our business with the government of Puerto Rico and its instrumentalities, which are facing fiscal challenges and the effects of potential natural disasters; 
•risks associated with our presence in international markets, including global political, social and economic instability;
•operating an international business in Latin America, Puerto Rico and the Caribbean, in jurisdictions with potential political and economic instability; 
•the impact of exposure to foreign exchange fluctuations and capital controls on our costs, earnings and the value of some of our assets; our ability to protect our intellectual property rights against infringement and to defend ourselves against potential intellectual property infringement claims and the potential impact on our business of such claims, whether or not correct; 
•the possibility that we could lose our preferential tax rate in Puerto Rico; 

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•the effect of purchases of our common stock pursuant to our stock repurchase plan on the value of our common stock; and
•the impact of our leverage on our ability to raise additional capital, that our leverage may limit our ability to react to changes in the economy or our industry, expose us to interest rate risk and prevent us from meeting our obligations with respect to our substantial indebtedness, and that we and our subsidiaries may be able to incur significant additional indebtedness, which could further increase such risks.

The forward-looking statements in this Report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, and 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, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026 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. These forward-looking statements speak only as of the date of this Report, and, except as may be required by law, we do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Report or to reflect the occurrence of unanticipated events. Additionally, certain information we may disclose (either herein or elsewhere) is informed by the expectations of various stakeholders or third-party frameworks and, as such, may not necessarily be material for purposes of our filings under U.S. federal securities laws, even if we use “material” or similar language in discussing such matters.

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. Our website is not incorporated by reference into this Report, and you should not consider the information on our website to be part of this Report.

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EVERTEC, Inc. Unaudited Condensed Consolidated Balance Sheets
(In thousands, except share information)

1

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June 30, 2026December 31, 2025
Assets
Current Assets:
Cash and cash equivalents$260,659 $305,993 
Restricted cash29,737 25,838 
Accounts receivable, net182,619 164,381 
Settlement assets28,072 26,098 
Prepaid expenses and other assets85,056 68,462 
Total current assets586,143 590,772 
Debt securities available-for-sale, at fair value 4,236 3,202 
Equity securities, at fair value6,144 5,849 
Investments in equity investees18,452 30,120 
Property and equipment, net66,297 64,354 

Operating lease right-of-use asset36,584 38,218 
Goodwill1,070,494 891,992 
Other intangible assets, net610,782 553,082 
Deferred tax asset47,427 45,386 
Derivative asset1,990 — 

Other long-term assets31,069 20,321 
Total assets$2,479,618 $2,243,296 
Liabilities and stockholders’ equity
Current Liabilities:
Accrued liabilities$143,021 $125,575 
Accounts payable58,094 63,726 
Contract liability32,770 26,573 
Income tax payable11,446 3,218 
Current portion of long-term debt29,834 23,867 
Short-term borrowings35,000 10,000 

Current portion of operating lease liability5,791 5,878 
Settlement liabilities28,343 26,202 

Total current liabilities344,299 285,039 
Long-term debt1,221,871 1,053,030 
Deferred tax liability79,884 71,356 
Contract liability - long term35,016 47,032 
Operating lease liability - long-term31,822 33,305 
Derivative liability843 5,225 
Other long-term liabilities46,804 34,317 
Total liabilities1,760,539 1,529,304 
Commitments and contingencies (Note 15)
Redeemable non-controlling interests74,171 89,155 
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; 59,752,542 shares issued and outstanding as of June 30, 2026 (December 31, 2025 - 61,756,639)
597 618 
Additional paid-in capital— — 
Accumulated earnings643,969 687,696 
Accumulated other comprehensive loss, net of tax(3,121)(66,708)
Total stockholders’ equity641,445 621,606 
Non-redeemable non-controlling interest3,463 3,231 
Total equity644,908 624,837 
Total liabilities and equity$2,479,618 $2,243,296 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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EVERTEC, Inc. Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except per share information)

 

Three months ended June 30, Six months ended June 30,
2026202520262025

Revenues$274,820 $229,607 $522,743 $458,399 

Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization124,241 110,060 242,486 224,669 
Selling, general and administrative expenses57,310 35,104 105,156 71,314 
Depreciation and amortization39,991 28,309 77,254 56,782 
Total operating costs and expenses221,542 173,473 424,896 352,765 
Income from operations53,278 56,134 97,847 105,634 
Non-operating income (expenses)
Interest income3,727 3,079 7,587 6,330 
Interest expense(20,264)(16,719)(37,621)(33,707)
(Loss) gain on foreign currency remeasurement(698)1,348 (4,424)515 

(Losses) earnings from equity investees(7,768)867 (6,322)2,944 

Other (expenses) income, net(1,124)334 (937)554 
Total non-operating expenses(26,127)(11,091)(41,717)(23,364)
Income before income taxes27,151 45,043 56,130 82,270 
Income tax expense20,274 4,070 24,506 8,206 
Net income6,877 40,973 31,624 74,064 
Less: Net income attributable to non-controlling interest1,472 508 2,468 896 
Net income attributable to EVERTEC, Inc.’s common stockholders5,405 40,465 29,156 73,168 
Other comprehensive income (loss), net of tax of $740, and $(561), $1,758 and $(1,755)

Foreign currency translation adjustments9,257 32,495 58,831 79,206 
Gain (loss) on cash flow hedges1,990 (2,160)4,739 (6,152)
Unrealized gain on change in fair value of debt securities available-for-sale21 2 17 10 
Other comprehensive income, net of tax$11,268 $30,337 63,587 $73,064 
Total comprehensive income attributable to EVERTEC, Inc.’s common stockholders$16,673 $70,802 92,743 $146,232 
Net income per common share - basic attributable to EVERTEC, Inc.’s common stockholders$0.09 $0.63 $0.48 $1.15 
Net income per common share - diluted attributable to EVERTEC, Inc.’s common stockholders$0.09 $0.62 $0.47 $1.13 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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EVERTEC, Inc. Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share information)

Number of
Shares of
Common
StockCommon
StockAdditional
Paid-in
CapitalAccumulated
EarningsAccumulated 
Other
Comprehensive LossNon-Redeemable Non-Controlling InterestTotal
Stockholders’
Equity
Balance at December 31, 202561,756,639 $618 $— $687,696 $(66,708)$3,231 $624,837 
Share-based compensation recognized— — 7,555 — — — 7,555 
Repurchase of common stock(683,253)(7)— (20,001)— — (20,008)
Restricted stock units delivered546,958 5 (7,369)— — — (7,364)
Net income (loss)— — — 23,751 — (13)23,738 
Cash dividends declared on common stock, $0.05 per share
— — — (3,088)— — (3,088)
Adjustment of redeemable noncontrolling interest to redemption value— — (186)(6,284)— — (6,470)

Other comprehensive income — — — — 52,319 73 52,392 

Balance at March 31, 202661,620,344 $616 $— $682,074 $(14,389)$3,291 $671,592 
Share-based compensation recognized— — 8,181 — — — 8,181 
Repurchase of common stock
(1,907,437)(19)(6,543)(40,479)— — (47,041)
Restricted stock units delivered39,635 — (21)— — — (21)
Net income (loss)— — 5,405 — (39)5,366 
Cash dividends on common stock, $0.05 per share
— — — (3,031)— — (3,031)
Adjustment of redeemable noncontrolling interest to redemption value— — (1,617)— — — (1,617)

Other comprehensive income— — — — 11,268 211 11,479 
Balance at June 30, 202659,752,542 $597 $— $643,969 $(3,121)$3,463 $644,908 

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Number of
Shares of
Common
StockCommon
StockAdditional
Paid-in
CapitalAccumulated
EarningsAccumulated 
Other
Comprehensive Income (loss)Non-Redeemable Non-Controlling InterestTotal
Stockholders’
Equity
Balance at December 31, 202463,614,077 $636 $7,003 $599,608 $(134,723)$3,277 $475,801 
Share-based compensation recognized— — 7,249 — — — 7,249 

Restricted stock units delivered414,006 4 (8,710)— — — (8,706)
Net income (loss)— — — 32,703 — (120)32,583 
Cash dividends declared on common stock, $0.05 per share
— — — (3,181)— — (3,181)
Adjustment of redeemable noncontrolling interest to redemption value— — (1,220)— — — (1,220)

Other comprehensive income (loss)— — — — 42,727 (159)42,568 

Balance at March 31, 202564,028,083 $640 $4,322 $629,130 $(91,996)$2,998 $545,094 
Share-based compensation recognized— — 7,299 — — — 7,299 
Repurchase of common stock(101,890)(1)(3,690)— — — (3,691)
Restricted stock units delivered55,812 1 (213)— — — (212)
Net income (loss)— — — 40,465 — (61)40,404 
Cash dividends declared on common stock, $0.05 per share
— — — (3,202)— — (3,202)
Adjustment of redeemable noncontrolling interest to redemption value— — (762)— — — (762)
Other comprehensive income— — — — 30,337 84 30,421 
Balance at June 30, 202563,982,005 $640 $6,956 $666,393 $(61,659)$3,021 $615,351 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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EVERTEC, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands)

Six months ended June 30,
20262025
Cash flows from operating activities
Net income31,624 74,064 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization77,254 56,782 
Amortization of debt issue costs and accretion of discount2,559 2,246 
Operating lease amortization2,957 3,522 

Deferred tax benefit(10,508)(10,726)
Share-based compensation15,736 14,548 
Loss on impairment of investment in equity investee8,910 — 

Earnings of equity investees(2,588)(2,944)

Loss (gain) on foreign currency remeasurement4,424 (515)
Other, net3,010 (1,398)
(Increase) decrease in assets:
Accounts receivable, net(18,696)(15,616)

Prepaid expenses and other assets(2,562)(4,574)
Other long-term assets(2,872)2,783 
(Decrease) increase in liabilities:
Accrued liabilities and accounts payable2,805 (22,304)

Income tax payable(9,905)(3,531)
Contract liability(4,446)(6,862)
Operating lease liabilities(4,384)(3,788)
Other long-term liabilities(2,627)4,441 
Total adjustments59,067 12,064 
Net cash provided by operating activities90,691 86,128 
Cash flows from investing activities

Additions to software and other intangible assets(36,580)(30,902)

Property and equipment acquired(11,256)(11,404)

Acquisition of available-for-sale debt securities(928)(561)
Payments for non-compete agreements(431)(662)

Proceeds from maturities of available-for-sale debt securities— 1,000 

Acquisitions, net of cash acquired(179,757)— 
Other investing activities, net3 (151)
Net cash used in investing activities(228,949)(42,680)
Cash flows from financing activities
Debt issuance costs(1,276)— 
Acquisition of redeemable non-controlling interests(23,098)(5,167)
Withholding taxes paid on share-based compensation(7,385)(8,918)
Proceeds from issuance of long term debt184,538 — 

Net increase in Re