EVERTEC (EVTC) 10-Q 26 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 18, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	EVTC
Entity Registrant Name	EVERTEC, Inc.
Entity Central Index Key	1,559,865
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		74,819,155

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 36,039	$ 28,747
Restricted cash	8,562	11,818
Accounts receivable, net	75,160	73,715
Deferred tax asset	2,256	1,685
Prepaid expenses and other assets	19,839	18,758
Total current assets	141,856	134,723
Investment in equity investee	12,160	12,264
Property and equipment, net	33,762	34,128
Goodwill	376,410	368,133
Other intangible assets, net	303,437	312,059
Other long-term assets	2,257	2,347
Total assets	869,882	863,654
Current Liabilities:
Accrued liabilities	33,317	37,308
Accounts payable	20,307	21,216
Unearned income	3,688	2,877
Income tax payable	3,385	1,350
Current portion of long-term debt	24,625	22,750
Short-term borrowings	15,000	17,000
Total current liabilities	100,322	102,501
Long-term debt	613,376	619,297
Long-term deferred tax liability	20,306	20,614
Unearned income - long-term	11,346	10,939
Other long-term liabilities	14,873	12,089
Total liabilities	$ 760,223	$ 765,440
Commitments and contingencies (Note 13)
EVERTEC, Inc. 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; 74,819,155 shares issued and outstanding at March 31, 2016 (December 31, 2015 - 74,988,210)	$ 748	$ 750
Additional paid-in capital	8,674	9,718
Accumulated earnings	106,995	95,328
Accumulated other comprehensive loss, net of tax	(10,186)	(7,582)
Total EVERTEC, Inc. stockholders' equity	106,231	98,214
Noncontrolling interest	3,428
Total equity	109,659	98,214
Total liabilities and equity	$ 869,882	$ 863,654

Consolidated Condensed Balance3

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0.01	$ 0.01
Preferred stock authorized	2,000,000	2,000,000
Preferred stock issued	0	0
Common stock par value	$ 0.01	$ 0.01
Common stock authorized	206,000,000	206,000,000
Common stock issued	74,819,155	74,988,210
Common stock outstanding	74,819,155	74,988,210

Consolidated Condensed Statemen

Consolidated Condensed Statements of Income and Comprehensive Income (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / shares
Revenues
Merchant Acquiring, net	$ 22,890
Payment Processing (from affiliates: $7,855 and $7,371)	26,975
Business Solutions (from affiliates: $35,298 and $33,739)	45,614
Total revenues	95,479
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization shown below	43,408
Selling, general and administrative expenses	10,835
Depreciation and amortization	14,670
Total operating costs and expenses	68,913
Income from operations	26,566
Non-operating expenses
Interest income	87
Interest expense	(5,878)
(Losses) earnings of equity method investment	(130)
Other income	398
Total non-operating expenses	(5,523)
Income before income taxes	21,043
Income tax expense	1,876
Net income	19,167
Less: Net income attributable to non-controlling interest	19
Net income attributable to EVERTEC, Inc.'s common stockholders	19,148
Other comprehensive income (loss), net of income tax expense of $3 and $7 Foreign currency translation adjustments	468
Loss on cash flow hedge	(3,072)
Total comprehensive income attributable to EVERTEC, Inc.'s common stockholders	$ 16,544
Net income per common share - basic attributable to EVERTEC, Inc's common stockholders | $ / shares	$ 0.26
Net income per common share - diluted attributable to EVERTEC, Inc.'s common stockholders | $ / shares	0.26
Cash dividend declared per share | $ / shares	$ 0.10

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Payment processing revenue from affiliates	$ 7,855	$ 7,371
Business solutions revenue from affiliates	35,298	33,739
Other comprehensive income, income tax expense	$ 3	$ 7

Consolidated Condensed Stateme6

Consolidated Condensed Statement of Changes in Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2015	$ 98,214	$ 750	$ 9,718	$ 95,328	$ (7,582)
Beginning Balance, Shares at Dec. 31, 2015	74,988,210	74,988,210
Share-based compensation recognized	$ 1,604		1,604
Repurchase of common stock	(2,458)	$ (2)	(2,456)
Repurchase of common stock, Shares		(212,863)
Restricted stock units delivered, net of cashless exercise	(192)		(192)
Restricted stock units delivered, net of cashless exercise, shares		43,808
Net income	19,167			19,148		$ 19
Cash dividends declared on common stock	(7,481)			(7,481)
Non-controlling interest on acquisition	3,409					3,409
Other comprehensive income	468				(2,604)
Ending Balance, Value at Mar. 31, 2016	$ 106,231	$ 748	$ 8,674	$ 106,995	$ (10,186)	$ 3,428
Ending Balance, Shares at Mar. 31, 2016	74,819,155	74,819,155

Consolidated Condensed Stateme7

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 19,167	$ 18,544
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,670	16,828
Amortization of debt issue costs and accretion of discount	754	808
Provision for doubtful accounts and sundry losses	224	236
Deferred tax benefit	(804)	(767)
Share-based compensation	1,604	649
Unrealized gain on indemnification assets		(3)
(Gain) loss on disposition of property and equipment and other intangibles	(33)	34
Losses (earnings) of equity method investment	130	(115)
Decrease (increase) in assets:
Accounts receivable, net	(42)	(5,416)
Prepaid expenses and other assets	(835)	(803)
Other long-term assets	87	649
(Decrease) increase in liabilities:
Accounts payable and accrued liabilities	(8,070)	(1,342)
Income tax payable	2,160	(332)
Unearned income	1,219	1,128
Total adjustments	11,064	11,554
Net cash provided by operating activities	30,231	30,098
Cash flows from investing activities
Net decrease (increase) in restricted cash	3,256	(1,705)
Additions to software	(1,837)	(1,497)
Acquisition, net of cash acquired	(5,948)
Property and equipment acquired	(1,179)	(1,042)
Proceeds from sales of property and equipment	39
Net cash used in investing activities	(5,669)	(4,244)
Cash flows from financing activities
Net decrease in short-term borrowing	(2,000)	(3,000)
Repayment of borrowings for purchase of equipment	(389)
Repayment of long-term debt	(4,750)	(4,750)
Dividends paid	(7,481)	(7,798)
Repurchase of common stock	(2,458)	(9,990)
Tax windfall benefits on share-based compensation		0
Statutory minimum witholding taxes paid on share-based compensation	(192)
Net cash used in financing activities	(17,270)	(25,538)
Net increase in cash	7,292	316
Cash at beginning of the period	28,747	32,114
Cash at end of the period	36,039	32,430
Supplemental disclosure of cash flow information:
Cash paid for interest	5,037	5,333
Cash paid for income taxes	660	2,620
Supplemental disclosure of non-cash activities:
Payable due to vendor related to property and equipment and software acquired	$ 3,313	$ 3,998

The Company and Basis of Presen

The Company and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
The Company and Basis of Presentation	Note 1 – The Company and Basis of Presentation The Company EVERTEC, Inc. (formerly known as Carib Latam Holdings, Inc.) and its subsidiaries (collectively the “Company,” or “EVERTEC”) is the 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 across 18 countries in the region. EVERTEC owns and operates the ATH network, one of the leading automated teller machine (“ATM”) and personal identification number (“PIN”) debit networks in Latin America. In addition, EVERTEC provides a comprehensive suite of services for core bank processing, cash processing and technology outsourcing in 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. Management believes that the Company’s business is well-positioned to continue to expand across the fast growing Latin American region. Basis of Presentation The unaudited consolidated condensed 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 consolidated condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited consolidated condensed 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 SEC and, accordingly, these consolidated condensed financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2015, included in the Company’s 2015 Form 10-K. In the opinion of management, the accompanying consolidated condensed financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. All significant intercompany accounts and transactions have been eliminated in consolidation.

Restatement of Previously Issue

Restatement of Previously Issued Financial Information	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Information	This Note 2 to the unaudited consolidated condensed financial statements discloses the nature of the restatement matters and adjustments and shows the impact of the restatement for the quarter ended March 31, 2015, which is referred to as the Restatement. The Restatement corrects errors involved with the accounting for material tax deductions taken in the 2010 taxable year based on uncertain tax positions. The Restatement corrects an error in the recognition of a deferred tax asset originating from 2010 tax deductions and the corresponding net operating loss for transaction costs that were based on an uncertain tax position and corrects an error related to the accounting for 2010 debt issuance cost tax deductions based on an uncertain tax position that affected book tax temporary differences and differences in the applicable tax rates over the affected period. The Restatement also establishes a liability for potential tax liabilities including penalties and interest related to these uncertain tax positions. In the third quarter of 2015, the liability for potential tax exposure with respect to the referenced 2010 debt issuance cost deductions was reversed as the related statute of limitations for tax exposure expired in such period. The tax liability reversal triggered recognition of a tax benefit of $11.8 million in the third quarter of 2015. The Restatement also corrects other miscellaneous insignificant accounting errors. These errors, individually and in the aggregate, would not have required a restatement. Restatement Background - Restatement adjustments needed to correct errors in accounting for 2010 uncertain tax positions During the preparation of the consolidated financial statements for the year ended December 31, 2015, Management became aware of a potential misapplication of Accounting Standards Codification Topic 740—Income Taxes ASC 740 As part of its restatement preparation and diligence, Management reviewed the accounting for tax positions taken with respect to the amount and timing of tax deductions for 2010 debt issuance costs. Those costs were deducted entirely in 2010. Upon review, Management concluded that the immediate deduction of these costs represented an uncertain tax position. As the deduction was not accounted for as an uncertain tax position, Management concluded there was an error that required correction. In order to correct this error, Management determined the portion of the debt issuance costs that were more likely than not of being allowed as a deduction in 2010 and calculated the resulting liability for unrecognized tax benefits as of December 31, 2010 and subsequent periods. A liability was established for potential tax liabilities including penalties and interest related to the uncertain tax position over the period of exposure. In the third quarter of 2015, the liability for exposure to potential tax, interest and penalties with respect to the 2010 debt issuance cost deduction was reversed in full as the related statute of limitations expired in such period. This tax liability reversal triggered recognition of a tax benefit of $11.8 million in the third quarter of 2015. The Restatement reflects the accounting of the referenced 2010 tax deductions as uncertain tax positions following ASC 740 and its impact on the affected years through 2014. Restatement adjustments In addition to the above Restatement adjustments, Management elected to correct previously uncorrected misstatements included within Management’s Staff Accounting Bulletin No. 99 (“SAB 99”) analysis wherein individual insignificant adjustments are tracked, aggregated and measured for purposes of determining whether in the aggregate such errors are material for the years ended December 31, 2014 and 2013 and for adjustments that affect the beginning balance as of January 1, 2013. A brief summary of the restatement adjustments and the referenced SAB 99 corrective adjustments and other insignificant miscellaneous adjustments is described below and reflected and quantified, as applicable, in the table below. The adjustments are cross-referenced to the table below. Restatement Adjustments (a) Accounting for uncertain tax positions related to 2010 tax deductions Other Insignificant Corrective Adjustments 1. Revenue recognition 2. Cost of revenues and intangible assets 3. Cost of revenues and deferred costs The table below summarizes the effects of the Restatement adjustments and reclassifications on the unaudited consolidated condensed statement of income for the quarter ended March 31, 2015: Three month period ended March 31, 2015 As previously reported Restatement Adjustment Other insignificant As restated Reference Revenues Merchant Acquiring, net $ 20,091 $ — $ — $ 20,091 Payment Processing 26,377 — — 26,377 Business Solutions 44,864 — 165 45,029 1 Total revenues 91,332 — 165 91,497 Operating costs and expenses Cost of revenues, exclusive of depreciation and amortization shown below 39,795 — 155 39,950 2, 3 Selling, general and administrative expenses 7,703 — — 7,703 Depreciation and amortization 16,828 — — 16,828 Total operating costs and expenses 64,326 — 155 64,481 Income from operations 27,006 — 10 27,016 Non-operating income (expenses) Interest income 104 — — 104 Interest expense (6,201 ) — — (6,201 ) Earnings of equity method investment 115 — — 115 Other income 285 — — 285 Total non-operating expenses (5,697 ) — — (5,697 ) Income before income taxes 21,309 — 10 21,319 Income tax expense 2,246 529 — 2,775 a Net income 19,063 (529 ) 10 18,544 Other comprehensive (loss) income, net of tax Foreign currency translation adjustments 889 — — 889 Total comprehensive income $ 19,952 $ (529 ) $ 10 $ 19,433 Net income per common share - basic $ 0.25 $ (0.01 ) $ — $ 0.24 Net income per common share - diluted $ 0.24 $ — $ — $ 0.24 The Restatement adjustments affecting the unaudited consolidated condensed statement of cash flows for the quarter ended March 31, 2015 are insignificant and predominantly included in the Company’s net income from operations, offset by non-cash adjustments to net income and changes in operating assets and liabilities. The non-cash adjustments include adjustments to deferred taxes and the reclassification corrections described in the table above and in Note 1 to the Audited Consolidated Financial Statements included in the 2015 Form 10-K. There were no significant adjustments, related to cash used in investing and financing activities.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Standards In April, 2015, the FASB issued updated guidance for accounting for fees paid in a cloud computing arrangement. The amendments in this Update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. For public companies, amendments in this Update will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company adopted this guidance on January 1, 2016. Its adoption did not have a material impact on our results from operations or financial position. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction of the carrying amount of the debt liability, consistent with debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company adopted the guidance on January 1, 2016 and applied the standard retrospectively. The balance sheet presented has been adjusted to reflect the period specific effects of the adoption of the guidance. Specifically, debt issue costs of $6.0 million and $6.4 million for March 31, 2016 and December 31, 2015, respectively, were reclassified from other long-term assets to long-term debt within our unaudited Consolidated Condensed Balance Sheets. In September 2015, the FASB issued ASU 2015-16, simplifying the Accounting for Measurement-Period Adjustments in Business Combinations (Topic 805) Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Company’s operations: In February 2016, the FASB issued updated guidance for financial reporting about leasing transactions. The amendments in this Update require a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. In addition, the Update requires that both financing and operating leases be recognized on the balance sheet. The guidance also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The amendments in this Update are effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In March 2016, the FASB issued updated guidance for the effect of derivative contract novations on existing hedge accounting relationships. This Update clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria (including those in paragraphs 815-20-35-14 through 35-18) continue to be met. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company expects to adopt this guidance with no impact on the consolidated financial statements. In March 2016, the FASB issued updated guidance to simplify the transition to the equity method of accounting. The amendments in this Update affect all entities that have an investment that becomes qualified for the equity method of accounting as it eliminates the requirement that an investor adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company expects to adopt this guidance if and when an investment becomes qualified for the equity method of accounting. In March 2016, the FASB issued updated guidance for revenue from contracts with customers’ principal versus agent considerations (reporting gross versus net). The amendments clarify the implementation guidance on principal versus agent considerations and are intended to improve the operability and understandability of the implementation guidance. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) In March 2016, the FASB issued updated guidance for accounting for employee share based payments. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In April 2016, the FASB issued updated guidance on Revenue from Contracts with Customers (Topic 606). The amendments do not change the core principle of the guidance in Topic 606. Rather, they clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The amendments in this Update affect the guidance in ASY 2014-09, Revenue from Contracts with Customers 9Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In May 2016, the FASB issued updated guidance to rescind of certain SEC Staff Observer Comments upon adoption of Topic 606, Revenue from Contracts with Customers presented in ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Effective upon adoption of Topic 606, registrants should not rely on the SEC Staff Observer comments listed in the updated guidance. The Company is currently evaluating the impact of this updated guidance on its consolidated financial statements. In May 2016, the FASB issued guidance on Revenue from Contracts with Customers (Topic 606) to improve the Topic by reducing the potential for diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transactions and on an ongoing basis. The amendments in this Update do not change the core principles of the guidance in Topic 606. Rather, they affect only the narrow aspects of Topic 606 depicted in the Update. The Company is currently evaluating the impact of this updated guidance on its consolidated financial statements.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Note 4 – Property and Equipment, net Property and equipment, net consists of the following: (Dollar amounts in thousands) Useful life in March 31, 2016 December 31, 2015 Buildings 30 $ 1,614 $ 1,606 Data processing equipment 3 -5 97,626 94,523 Furniture and equipment 3 -20 8,060 8,170 Leasehold improvements 5 -10 3,691 3,649 110,991 107,948 Less - accumulated depreciation and amortization (78,660 ) (75,244 ) Depreciable assets, net 32,331 32,704 Land 1,431 1,424 Property and equipment, net $ 33,762 $ 34,128 Depreciation and amortization expense related to property and equipment amounted to $3.4 million and $4.1 million for the three months ended March 31, 2016 and 2015, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 5 – Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill, allocated by reportable segments, are as follows (See Note 14): (Dollar amounts in thousands) Merchant Acquiring, net Payment Business Total Balance at December 31, 2015 $ 138,121 $ 183,496 $ 46,516 $ 368,133 Goodwill attributable to acquisition — 8,047 — 8,047 Foreign currency translation adjustments — 183 47 230 Balance at March 31, 2016 $ 138,121 $ 191,726 $ 46,563 $ 376,410 Goodwill is tested for impairment on an annual basis, or more often if events or changes in circumstances indicate there may be impairment. The goodwill impairment test is a two-step process at each reporting unit level. The first step (“Step 1”) compares the estimated fair value of the reporting units to their carrying values, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired and the second step of the impairment test is unnecessary. If needed, the second step (“Step 2”) consists of comparing the implied fair value of the reporting units with the carrying amount of that goodwill. There were no triggering events or changes in circumstances that, subsequent to the impairment test, would have required an additional impairment evaluation. The carrying amount of other intangible assets consisted of the following: (Dollar amounts in thousands) March 31, 2016 Useful life in years Gross Accumulated Net carrying Customer relationships 14 $ 322,686 $ (123,819 ) $ 198,867 Trademark 10 -15 39,950 (19,052 ) 20,898 Software packages 3 - 10 158,184 (110,320 ) 47,864 Non-compete agreement 15 56,539 (20,731 ) 35,808 Other intangible assets, net $ 577,359 $ (273,922 ) $ 303,437 (Dollar amounts in thousands) December 31, 2015 Useful life in years Gross Accumulated Net carrying Customer relationships 14 $ 322,632 $ (117,963 ) $ 204,669 Trademark 10 - 15 39,950 (18,186 ) 21,764 Software packages 3 - 10 155,611 (106,735 ) 48,876 Non-compete agreement 15 56,539 (19,789 ) 36,750 Other intangible assets, net $ 574,732 $ (262,673 ) $ 312,059 Amortization expense related to intangibles amounted to $11.3 million and $12.7 million for the three months ended March 31, 2016 and 2015, respectively. The estimated amortization expense of the balances outstanding at March 31, 2016 for the next five years is as follows: (Dollar amounts in thousands) Remaining 2016 $ 31,783 2017 39,803 2018 36,437 2019 34,382 2020 32,263

Debt and Short-Term Borrowings

Debt and Short-Term Borrowings	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt and Short-Term Borrowings	Total debt is as follows: (Dollar amounts in thousands) March 31, 2016 December 31, 2015 Senior Secured Credit Facility (Term A) due on April 17, 2018 paying interest at a variable interest rate (London InterBank Offered Rate (“LIBOR”) plus applicable margin (1)(3) $ 258,593 $ 262,323 Senior Secured Credit Facility (Term B) due on April 17, 2020 paying interest at a variable interest rate (LIBOR plus applicable margin (2)(3) 385,384 386,172 Senior Secured Revolving Credit Facility expiring on April 17, 2018 paying interest at a variable interest rate 15,000 17,000 Note Payable due on October 1, 2017 (3) 2,613 2,967 Note Payable due on July 31, 2017 (3) 699 685 Total debt, gross 662,289 669,147 Less: Debt issue costs related to Senior Secured Credit Facilities (Term A and Term B) (5,976 ) (6,448 ) Total debt, net $ 656,313 $ 662,699 (1) Applicable margin of 2.25% at March 31, 2016 and December 31, 2015. Effective interest rate of 2.71% and 2.70% at March 31, 2016 and December 31, 2015. (2) Subject to a minimum rate (“LIBOR floor”) of 0.75% plus applicable margin of 2.50% at March 31, 2016 and December 31, 2015. Effective interest rate of 3.50% at both March 31, 2016 and December 31, 2015. (3) Net of unaccreted discount. Senior Secured Credit Facilities Term A Loan As of March 31, 2016, the outstanding principal amount of the Term A Loan was $258.8 million. The Term A Loan requires principal payments on the last business day of each quarter equal to (a) 1.250% of the original principal amount commencing on September 30, 2013 through June 30, 2016; (b) 1.875% of the original principal amount from September 30, 2016 through June 30, 2017; (c) 2.50% of the original principal amount from September 30, 2017 through March 31, 2018; and (d) the remaining outstanding principal amount on the maturity of the Term A Loan on April 17, 2018. Interest is based on EVERTEC Group first lien secured net leverage ratio and payable at a rate equal to, at the Company’s option, either (a) LIBOR Rate plus an applicable margin ranging from 2.00% to 2.50%, or (b) Base Rate plus an applicable margin ranging from 1.00% to 1.50%. Term A Loan has no LIBOR Rate or Base Rate minimum or floor. Term B Loan As of March 31, 2016, the outstanding principal amount of the Term B Loan was $389.0 million. The Term B Loan requires principal payments on the last business day of each quarter equal to 0.250% of the original principal amount commencing on September 30, 2013 and the remaining outstanding principal amount on the maturity of the Term B Loan on April 17, 2020. Interest is based on EVERTEC Group’s first lien secured net leverage ratio and payable at a rate equal to, at the Company’s option, either (a) LIBOR Rate plus an applicable margin ranging from 2.50% to 2.75%, or (b) Base Rate plus an applicable margin ranging from 1.50% to 1.75%. The LIBOR Rate and Base Rate are subject to floors of 0.75% and 1.75%, respectively. Revolving Credit Facility The revolving credit facility has an available balance up to $100.0 million, with an interest rate on loans calculated the same as the applicable Term A Loan rate. The facility matures on April 17, 2018 and has a commitment fee payable one business day after the last business day of each quarter calculated based on the daily unused commitment during the preceding quarter. The commitment fee for the unused portion of this facility ranges from 0.125% to 0.375% and is based on EVERTEC Group’s first lien secured net leverage ratio. As of March 31, 2016, the outstanding balance of the revolving credit facility was $15.0 million. All loans may be prepaid without premium or penalty. The senior secured credit facilities contain various restrictive covenants. The Term A Loan and the revolving credit facility (subject to certain exceptions) require us to maintain on a quarterly basis a specified maximum senior secured leverage ratio of up to 6.60 to 1.00 as defined in the 2013 Credit Agreement (total first lien secured debt to adjusted EBITDA). In addition, the 2013 Credit Agreement, among other things: (a) limits our ability and the ability of our subsidiaries to incur additional indebtedness, incur liens, pay dividends or make certain other restricted payments and enter into certain transactions with affiliates; (b) restricts our ability to enter into agreements that would restrict the ability of our subsidiaries to pay dividends or make certain payments to us; and (c) places restrictions on our ability and the ability of our subsidiaries to merge or consolidate with any other person or sell, assign, transfer, convey or otherwise dispose of all or substantially all of our assets. Notes payable In December 2014 and June 2015, EVERTEC entered into a non-interest bearing financing agreements amounting to $4.6 million and $1.1 million, respectively, to purchase software. As of March 31, 2016, the outstanding principal balance of the notes payable is $3.5 million. The current portion of these notes is recorded as part of accounts payable and the long-term portion is included in other long-term liabilities. Interest Rate Swap As of March 31, 2016, the Company has entered into the following interest rate swap transaction converting a portion of the interest rate exposure on our Term B loan from variable to fixed: Effective date Maturity Date Notional Amount Variable Rate Fixed Rate January 2017 April 2020 $200 million 1-month LIBOR 1.9225% The Company has accounted for this transaction as a cash flow hedge. The fair value of the Company’s derivative instruments is determined using standard valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments include the applicable exchange rates, forward rates, interest rates, and discount rates. As of March 31, 2016 and December 31, 2015 the carrying amount of the derivative on the Company’s balance sheet is as follows: March 31, 2016 December 31, 2015 Other long-term liabilities $ 3,587 $ 515 The cash flow hedge is considered highly effective and no impact on earnings is expected due to hedge ineffectiveness.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Note 7 – Financial Instruments and Fair Value Measurements Recurring Fair Value Measurements Fair value measurement provisions establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. This guidance describes three levels of input that may be used to measure fair value: Level 1 Level 2 Level 3 The Company uses observable inputs when available. Fair value is based upon quoted market prices when available. If market prices are not available, the Company may employ internally-developed models that mostly use market-based inputs including yield curves, interest rates, volatilities, and credit curves, among others. The Company limits valuation adjustments to those deemed necessary to ensure that the financial instrument’s fair value adequately represents the price that would be received or paid in the marketplace. Valuation adjustments may include consideration of counterparty credit quality and liquidity as well as other criteria. The estimated fair value amounts are subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in estimating fair value could affect the results. The fair value measurement levels are not indicative of risk of investment. The following table summarizes fair value measurements by level at March 31, 2016 and December 31, 2015 for assets measured at fair value on a recurring basis: (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total March 31, 2016 Financial liabilities: Interest rate swap $ — $ 3,587 $ — $ 3,587 December 31, 2015 Financial liabilities: Interest rate swap $ — $ 515 $ — $ 515 The fair value of financial instruments is the amount at which an asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced liquidation sale. Fair value estimates are made at a specific point in time based on the type of financial instrument and relevant market information. Many of these estimates involve various assumptions and may vary significantly from amounts that could be realized in actual transactions. For those financial instruments with no quoted market prices available, fair values have been estimated using present value calculations or other valuation techniques, as well as management’s best judgment with respect to current economic conditions, including discount rates and estimates of future cash flows. The following table presents the carrying value, as applicable, and estimated fair values for financial instruments at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair (Dollar amounts in thousands) Amount Value Amount Value Financial liabilities: Interst rate swap $ 3,587 $ 3,587 $ 515 $ 515 Senior secured term A 258,593 243,225 262,323 250,688 Senior secured term B 385,384 372,713 386,172 373,749 The fair value of the senior secured term loan at March 31, 2016 and December 31, 2015 were obtained using the 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. Also, the pricing may include the use of an algorithm that could take into account movement in the general high yield market, among other variants. The senior secured term loan, which are not measured at fair value in the balance sheets, would be categorized as Level 3 in the fair value hierarchy.

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	Accumulated Other Comprehensive loss The following table provides a summary of the changes in the balances of accumulated other comprehensive loss for the three months period ended March 31, 2016: Foreign Currency Cash Flow Hedge Total Balance - December 31, 2015 $ (7,067 ) $ (515 ) $ (7,582 ) Additions 468 (3,072 ) (2,604 ) Balance - March 31, 2016 $ (6,599 ) $ (3,587 ) $ (10,186 )

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	Long-term Incentive Plan In the first quarter of 2015, the Compensation Committee of the Board of Directors approved grants of restricted stock units (“RSUs”) to executives and certain employees pursuant to the 2015 Long-Term Incentive Program (“2015 LTIP”) under the terms of our 2013 Equity Incentive Plan. Under the 2015 LTIP, the Company granted restricted stock units to eligible participants as time-based awards and/or performance-based awards. In the first quarter of 2016, the Compensation Committee of the Board of Directors approved grants of restricted stock units (“RSUs”) to executives and certain employees pursuant to the 2016 Long-Term Incentive Program (“2016 LTIP”) under the terms of our 2013 Equity Incentive Plan. Under the 2016 LTIP, the Company granted restricted stock units to eligible participants as time-based awards and/or performance-based awards. The vesting of the RSUs is dependent upon service, market, and/or performance conditions as defined in the grants. 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 is providing services to the Company on the vesting date. Time-based awards vest over a period of three years in substantially equal installments commencing on the start of the fiscal year during which the RSUs were granted and ending on January 1st of each year for the 2015 LTIP and on mid-February of each year for 2016 LTIP. Employees that received awards with market conditions are entitled to receive a specific number of shares of the Company’s common stock on the vesting date if the Company’s total shareholder return (“TSR”) target relative to a specified group of industry peer companies is achieved. Employees that received awards with performance conditions are entitled to receive a specific number of shares of the Company’s common stock on the vesting date if the Compound Annual Growth Rate (“CAGR”) of Diluted EPS target is achieved. Performance and market-based awards vest at the end of the performance period which commenced on the start of the fiscal year during which the RSUs were granted and ends on January 1, 2018 for 2015 LTIP and on February 19, 2019 for the 2016 LTIP. Awards are forfeited if the employee voluntarily ceases to be employed by the Company prior to vesting. The following table summarizes the stock options activity for the three months ended March 31, 2016: Shares Weighted-average Outstanding at December 31, 2015 140,000 $ 18.88 Outstanding at March 31, 2016(1) 140,000 $ 18.88 Excercisable at March 31, 2016(1) 66,667 $ 24.01 (1) Includes 33,333 stock options vested during the three months period ended March 31, 2016. Management uses the fair value method of recording stock-based compensation as described in the guidance for stock compensation in ASC Topic 718. The following table summarizes the nonvested restricted shares and RSUs activity for the three months ended March 31, 2016: Nonvested restricted shares and RSUs Shares Weighted-average Nonvested at December 31, 2015 491,726 $ 22.32 Forfeited (14,496 ) 24.13 Vested (68,166 ) 21.99 Granted 813,573 11.77 Nonvested at March 31, 2016 1,222,637 $ 15.30 For the three months ended March 31, 2016 and March 31, 2015, the Company recognized $1.6 million and $0.6 million of share-based compensation expense, respectively. As of March 31, 2016, the unrecognized share-based compensation expense related to the stock options amounting to $0.3 million is expected to be recognized over a weighted average period of 1 year. For the same period, the maximum unrecognized cost for restricted stocks and RSU’s was $15.9 million. The cost is expected to be recognized over a weighted average period of 2.48 years.

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax	The components of income tax expense for the three months ended March 31, 2016 and 2015 consisted of the following: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Current tax provision $ 2,680 $ 3,542 Deferred tax benefit (804 ) (767 ) Income tax expense $ 1,876 $ 2,775 The Company conducts operations in Puerto Rico and certain countries in Latin America. As a result, the income tax expense includes the effect of taxes paid to the Puerto Rico government as well as foreign jurisdictions. The following table presents the components of income tax expense for the three months ended March 31, 2016 and 2015 and its segregation based on location of operations: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Current tax provision Puerto Rico $ 1,766 $ 2,649 United States 164 142 Foreign countries 750 751 Total current tax provision $ 2,680 $ 3,542 Deferred tax benefit Puerto Rico $ (479 ) $ (668 ) United States (25 ) (26 ) Foreign countries (300 ) (73 ) Total deferred tax benefit $ (804 ) $ (767 ) 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 March 31, 2016, the gross deferred tax asset amounted to $3.9 million and the gross deferred tax liability amounted to $21.9 million, compared to $3.1 million and $24.3 million as of March 31, 2015. Pursuant to the provision of the PR Code, net operating losses (“NOL”) can be carried forward for a period of seven, ten or twelve taxable years, depending on the taxable year generated. Act 72 of May 29, 2015, limited the amount of NOLs deduction to 80% for regular tax and 70% for AMT. At March 31, 2016, the Company has $9.2 million NOL carryforwards for tax returns purposes available to offset future taxable income. As a result of certain realization requirements of ASC 718, gross deferred tax assets does not include the windfall tax benefit as of March 31, 2016, and March 31, 2015, that arose directly from tax deductions related to equity compensation greater than compensation recognized for financial reporting. Equity will be increased by $4.2 million if and when such windfall tax benefits are ultimately realized. The Company uses tax law ordering when determining when windfall tax benefits have been realized.

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income per Common Share	The reconciliation of the numerator and denominator of the earnings per common share is as follows: Three months ended March 31, (Dollar amounts in thousands, except share per share data) 2016 2015 (As Restated) Net income attributable to EVERTEC Inc. $ 19,148 $ 18,544 Less: non-forfeitable dividends on restricted stock 12 — Net income available to EVERTEC Inc.’s common shareholders $ 19,136 $ 18,544 Weighted average common shares outstanding 74,947,850 77,807,289 Weighted average potential dilutive common shares (1) 70,146 59,437 Weighted average common shares outstanding - assuming dilution 75,017,996 77,866,726 Net income per share - basic attributable to EVERTEC, Inc.’s common stockholders $ 0.26 $ 0.24 Net income per share - diluted attributable to EVERTEC, Inc.’s common stockholders $ 0.26 $ 0.24 (1) Potential common shares consist of common stock issuable under the assumed exercise of stock options and restricted stock awards using the treasury stock method. On February 17, 2016, our Board declared a quarterly cash dividend of $0.10 per share of common stock, which was paid on March 17, 2016 to stockholders of record as of the close of business on February 29, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 – Commitments and Contingencies Certain lease agreements contain provisions for future rent increases. The total amount of rental payments due over the lease term is being charged to rent expense on the straight-line method over the term of the lease. The difference between rent expense recorded and the amount paid is recorded as a deferred rent obligation. Rent expense of office facilities and real estate for each of the three months ended March 31, 2016 and 2015 amounted to $2.0 million. Also, rent expense for telecommunications and other equipment for the three months ended March 31, 2016 and 2015 amounted to $1.5 million and $1.3 million, respectively. In the ordinary course of business, the Company may enter into commercial commitments. As of March 31, 2016, EVERTEC has an outstanding letter of credit of $0.5 million with a maturity of less than three months. 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 as a result of which a loss may be incurred, but in the aggregate the loss would be minimal. For other claims regarding which proceedings are in an initial phase, the Company is unable to estimate the range of possible loss but at this time believes that any loss related to such claims will not be material.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	The following table presents the Company’s transactions with related parties for the three months ended March 31, 2016 and 2015: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Total revenues (1)(2) $ 43,153 $ 41,110 Cost of revenues $ 259 $ 696 Selling, general and administrative expenses Rent and other fees $ 1,934 $ 1,993 Interest earned from and charged by affiliate Interest income $ 59 $ 44 (1) Total revenues from Popular as a percentage of revenues were 45% and 44% for the three months ended March 31, 2016 and 2015, respectively. (2) Includes revenues generated from investee accounted for under the equity method of $0.5 million for both the three months ended March 31, 2016 and 2015, respectively. At March 31, 2016 and December 31, 2015, EVERTEC had the following balances arising from transactions with related parties: (Dollar amounts in thousands) March 31, 2016 December 31, 2015 Cash and restricted cash deposits in affiliated bank $ 21,523 $ 23,872 Other due to/from affiliate Accounts receivable $ 19,699 $ 20,196 Prepaid expenses and other assets $ 346 $ 867 Accounts payable (1) $ 2,342 $ 2,687 Unearned income (2) $ 12,775 $ 11,970 Other long-term liabilities (1) $ 14 $ 14 (1) Includes an account payable of $32,000 and a long-term liability of $14,000 for both March 31, 2016 and December 31, 2015, related to the unvested portion of stock options as a result of the equitable adjustment approved by our Board of Directors on December 18, 2012 that will be payable to executive officers and employees upon vesting of stock options. (2) Includes current and long term unearned income.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Note 14 – Segment Information The Company operates in three business segments: Merchant Acquiring, Payment Processing and Business Solutions. The Company’s business segments are organized based on the nature of products and services. The Chief Operating Decision Maker (“CODM”) reviews their individual financial information to assess performance and to allocate resources. The following tables set forth information about the Company’s operations by its three business segments for the periods indicated: (Dollar amounts in thousands) Merchant Payment Business Other Total Three months ended March 31, 2016 Revenues $ 22,890 $ 34,539 $ 45,614 $ (7,564 ) (1) $ 95,479 Income from operations 8,425 12,414 13,243 (7,516 ) (2) 26,566 Three months ended March 31, 2015 (As Restated) Revenues $ 20,091 $ 33,100 $ 45,029 $ (6,723 ) (1) $ 91,497 Income from operations 9,272 13,543 14,070 (9,869 ) (2) 27,016 (1) Represents the elimination of intersegment revenues for services provided by the payment processing segment to the merchant acquiring segment, and other miscellaneous intersegment revenues. (2) Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses. The reconciliation of income from operations to consolidated net income for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Segment income from operations Merchant Acquiring $ 8,425 $ 9,272 Payment Processing 12,414 13,543 Business Solutions 13,243 14,070 Total segment income from operations 34,082 36,885 Merger related depreciation and amortization and other unallocated expenses (1) (7,516 ) (9,869 ) Income from operations $ 26,566 $ 27,016 Interest expense, net (5,791 ) (6,097 ) (Losses) earnings of equity method investment (130 ) 115 Other income 398 285 Income tax expense (1,876 ) (2,775 ) Net income $ 19,167 $ 18,544 (1) Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events On May 11, 2016, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.10 per share on the Company’s outstanding shares of common stock. The Board anticipates declaring this dividend in future quarters on a regular basis; however future declarations of dividends are subject to board of director approval and may be adjusted as business needs or market conditions change. The cash dividend of $0.10 per share will be paid on June 10, 2016 to stockholders of record as of the close of business on May 23, 2016. On April 14, 2016, in connection with the Company’s Senior Secured Credit Facilities (see Note 7), EVERTEC Group, together with certain other direct and indirect subsidiaries of the Company, entered into a second amendment and waiver (the “ Amendment

The Company and Basis of Pres23

The Company and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
The Company	The Company EVERTEC, Inc. (formerly known as Carib Latam Holdings, Inc.) and its subsidiaries (collectively the “Company,” or “EVERTEC”) is the 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 across 18 countries in the region. EVERTEC owns and operates the ATH network, one of the leading automated teller machine (“ATM”) and personal identification number (“PIN”) debit networks in Latin America. In addition, EVERTEC provides a comprehensive suite of services for core bank processing, cash processing and technology outsourcing in 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 consolidated condensed 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 consolidated condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited consolidated condensed 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 SEC and, accordingly, these consolidated condensed financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2015, included in the Company’s 2015 Form 10-K. In the opinion of management, the accompanying consolidated condensed financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. All significant intercompany accounts and transactions have been eliminated in consolidation.

Restatement of Previously Iss24

Restatement of Previously Issued Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Effect of Restatement Adjustments and Reclassifications on Unaudited Consolidated Condensed Statements of Income	The table below summarizes the effects of the Restatement adjustments and reclassifications on the unaudited consolidated condensed statement of income for the quarter ended March 31, 2015: Three month period ended March 31, 2015 As previously reported Restatement Adjustment Other insignificant As restated Reference Revenues Merchant Acquiring, net $ 20,091 $ — $ — $ 20,091 Payment Processing 26,377 — — 26,377 Business Solutions 44,864 — 165 45,029 1 Total revenues 91,332 — 165 91,497 Operating costs and expenses Cost of revenues, exclusive of depreciation and amortization shown below 39,795 — 155 39,950 2, 3 Selling, general and administrative expenses 7,703 — — 7,703 Depreciation and amortization 16,828 — — 16,828 Total operating costs and expenses 64,326 — 155 64,481 Income from operations 27,006 — 10 27,016 Non-operating income (expenses) Interest income 104 — — 104 Interest expense (6,201 ) — — (6,201 ) Earnings of equity method investment 115 — — 115 Other income 285 — — 285 Total non-operating expenses (5,697 ) — — (5,697 ) Income before income taxes 21,309 — 10 21,319 Income tax expense 2,246 529 — 2,775 a Net income 19,063 (529 ) 10 18,544 Other comprehensive (loss) income, net of tax Foreign currency translation adjustments 889 — — 889 Total comprehensive income $ 19,952 $ (529 ) $ 10 $ 19,433 Net income per common share - basic $ 0.25 $ (0.01 ) $ — $ 0.24 Net income per common share - diluted $ 0.24 $ — $ — $ 0.24

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consists of the following: (Dollar amounts in thousands) Useful life in March 31, 2016 December 31, 2015 Buildings 30 $ 1,614 $ 1,606 Data processing equipment 3 -5 97,626 94,523 Furniture and equipment 3 -20 8,060 8,170 Leasehold improvements 5 -10 3,691 3,649 110,991 107,948 Less - accumulated depreciation and amortization (78,660 ) (75,244 ) Depreciable assets, net 32,331 32,704 Land 1,431 1,424 Property and equipment, net $ 33,762 $ 34,128

Goodwill and Other Intangible26

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill Allocated by Reportable Segments	The changes in the carrying amount of goodwill, allocated by reportable segments, are as follows (See Note 14): (Dollar amounts in thousands) Merchant Acquiring, net Payment Business Total Balance at December 31, 2015 $ 138,121 $ 183,496 $ 46,516 $ 368,133 Goodwill attributable to acquisition — 8,047 — 8,047 Foreign currency translation adjustments — 183 47 230 Balance at March 31, 2016 $ 138,121 $ 191,726 $ 46,563 $ 376,410
Carrying Amount of Other Intangible Assets	The carrying amount of other intangible assets consisted of the following: (Dollar amounts in thousands) March 31, 2016 Useful life in years Gross Accumulated Net carrying Customer relationships 14 $ 322,686 $ (123,819 ) $ 198,867 Trademark 10 -15 39,950 (19,052 ) 20,898 Software packages 3 - 10 158,184 (110,320 ) 47,864 Non-compete agreement 15 56,539 (20,731 ) 35,808 Other intangible assets, net $ 577,359 $ (273,922 ) $ 303,437 (Dollar amounts in thousands) December 31, 2015 Useful life in years Gross Accumulated Net carrying Customer relationships 14 $ 322,632 $ (117,963 ) $ 204,669 Trademark 10 - 15 39,950 (18,186 ) 21,764 Software packages 3 - 10 155,611 (106,735 ) 48,876 Non-compete agreement 15 56,539 (19,789 ) 36,750 Other intangible assets, net $ 574,732 $ (262,673 ) $ 312,059
Estimated Amortization Expenses	The estimated amortization expense of the balances outstanding at March 31, 2016 for the next five years is as follows: (Dollar amounts in thousands) Remaining 2016 $ 31,783 2017 39,803 2018 36,437 2019 34,382 2020 32,263

Debt and Short-Term Borrowings

Debt and Short-Term Borrowings (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Total Debt	Total debt is as follows: (Dollar amounts in thousands) March 31, 2016 December 31, 2015 Senior Secured Credit Facility (Term A) due on April 17, 2018 paying interest at a variable interest rate (London InterBank Offered Rate (“LIBOR”) plus applicable margin (1)(3) $ 258,593 $ 262,323 Senior Secured Credit Facility (Term B) due on April 17, 2020 paying interest at a variable interest rate (LIBOR plus applicable margin (2)(3) 385,384 386,172 Senior Secured Revolving Credit Facility expiring on April 17, 2018 paying interest at a variable interest rate 15,000 17,000 Note Payable due on October 1, 2017 (3) 2,613 2,967 Note Payable due on July 31, 2017 (3) 699 685 Total debt, gross 662,289 669,147 Less: Debt issue costs related to Senior Secured Credit Facilities (Term A and Term B) (5,976 ) (6,448 ) Total debt, net $ 656,313 $ 662,699 (1) Applicable margin of 2.25% at March 31, 2016 and December 31, 2015. Effective interest rate of 2.71% and 2.70% at March 31, 2016 and December 31, 2015. (2) Subject to a minimum rate (“LIBOR floor”) of 0.75% plus applicable margin of 2.50% at March 31, 2016 and December 31, 2015. Effective interest rate of 3.50% at both March 31, 2016 and December 31, 2015. (3) Net of unaccreted discount.
Summary of Interest Rate Swap Transaction	As of March 31, 2016, the Company has entered into the following interest rate swap transaction converting a portion of the interest rate exposure on our Term B loan from variable to fixed: Effective date Maturity Date Notional Amount Variable Rate Fixed Rate January 2017 April 2020 $200 million 1-month LIBOR 1.9225%
Carrying Amount of Derivative on Company's Balance Sheet	As of March 31, 2016 and December 31, 2015 the carrying amount of the derivative on the Company’s balance sheet is as follows: March 31, 2016 December 31, 2015 Other long-term liabilities $ 3,587 $ 515

Financial Instruments and Fai28

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements for Assets at Fair Value on Recurring Basis	The following table summarizes fair value measurements by level at March 31, 2016 and December 31, 2015 for assets measured at fair value on a recurring basis: (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total March 31, 2016 Financial liabilities: Interest rate swap $ — $ 3,587 $ — $ 3,587 December 31, 2015 Financial liabilities: Interest rate swap $ — $ 515 $ — $ 515
Carrying Value and Estimated Fair Values for Financial Instruments	The following table presents the carrying value, as applicable, and estimated fair values for financial instruments at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair (Dollar amounts in thousands) Amount Value Amount Value Financial liabilities: Interst rate swap $ 3,587 $ 3,587 $ 515 $ 515 Senior secured term A 258,593 243,225 262,323 250,688 Senior secured term B 385,384 372,713 386,172 373,749

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Summary of Changes in Balances of Accumulated Other Comprehensive Loss	The following table provides a summary of the changes in the balances of accumulated other comprehensive loss for the three months period ended March 31, 2016: Foreign Currency Cash Flow Hedge Total Balance - December 31, 2015 $ (7,067 ) $ (515 ) $ (7,582 ) Additions 468 (3,072 ) (2,604 ) Balance - March 31, 2016 $ (6,599 ) $ (3,587 ) $ (10,186 )

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	The following table summarizes the stock options activity for the three months ended March 31, 2016: Shares Weighted-average Outstanding at December 31, 2015 140,000 $ 18.88 Outstanding at March 31, 2016(1) 140,000 $ 18.88 Excercisable at March 31, 2016(1) 66,667 $ 24.01 (1) Includes 33,333 stock options vested during the three months period ended March 31, 2016.
Nonvested Restricted Shares and RSUs Activity	The following table summarizes the nonvested restricted shares and RSUs activity for the three months ended March 31, 2016: Nonvested restricted shares and RSUs Shares Weighted-average Nonvested at December 31, 2015 491,726 $ 22.32 Forfeited (14,496 ) 24.13 Vested (68,166 ) 21.99 Granted 813,573 11.77 Nonvested at March 31, 2016 1,222,637 $ 15.30

Income Tax (Tables)

Income Tax (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the three months ended March 31, 2016 and 2015 consisted of the following: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Current tax provision $ 2,680 $ 3,542 Deferred tax benefit (804 ) (767 ) Income tax expense $ 1,876 $ 2,775
Segregation of Income Tax Expense Based on Location of Operations	The following table presents the components of income tax expense for the three months ended March 31, 2016 and 2015 and its segregation based on location of operations: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Current tax provision Puerto Rico $ 1,766 $ 2,649 United States 164 142 Foreign countries 750 751 Total current tax provision $ 2,680 $ 3,542 Deferred tax benefit Puerto Rico $ (479 ) $ (668 ) United States (25 ) (26 ) Foreign countries (300 ) (73 ) Total deferred tax benefit $ (804 ) $ (767 )

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator of Earnings Per Common Share	The reconciliation of the numerator and denominator of the earnings per common share is as follows: Three months ended March 31, (Dollar amounts in thousands, except share per share data) 2016 2015 (As Restated) Net income attributable to EVERTEC Inc. $ 19,148 $ 18,544 Less: non-forfeitable dividends on restricted stock 12 — Net income available to EVERTEC Inc.’s common shareholders $ 19,136 $ 18,544 Weighted average common shares outstanding 74,947,850 77,807,289 Weighted average potential dilutive common shares (1) 70,146 59,437 Weighted average common shares outstanding - assuming dilution 75,017,996 77,866,726 Net income per share - basic attributable to EVERTEC, Inc.’s common stockholders $ 0.26 $ 0.24 Net income per share - diluted attributable to EVERTEC, Inc.’s common stockholders $ 0.26 $ 0.24 (1) Potential common shares consist of common stock issuable under the assumed exercise of stock options and restricted stock awards using the treasury stock method.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Transactions with Related Parties	The following table presents the Company’s transactions with related parties for the three months ended March 31, 2016 and 2015: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Total revenues (1)(2) $ 43,153 $ 41,110 Cost of revenues $ 259 $ 696 Selling, general and administrative expenses Rent and other fees $ 1,934 $ 1,993 Interest earned from and charged by affiliate Interest income $ 59 $ 44 (1) Total revenues from Popular as a percentage of revenues were 45% and 44% for the three months ended March 31, 2016 and 2015, respectively. (2) Includes revenues generated from investee accounted for under the equity method of $0.5 million for both the three months ended March 31, 2016 and 2015, respectively.
Summary of Balances of Transactions with Related Parties	At March 31, 2016 and December 31, 2015, EVERTEC had the following balances arising from transactions with related parties: (Dollar amounts in thousands) March 31, 2016 December 31, 2015 Cash and restricted cash deposits in affiliated bank $ 21,523 $ 23,872 Other due to/from affiliate Accounts receivable $ 19,699 $ 20,196 Prepaid expenses and other assets $ 346 $ 867 Accounts payable (1) $ 2,342 $ 2,687 Unearned income (2) $ 12,775 $ 11,970 Other long-term liabilities (1) $ 14 $ 14 (1) Includes an account payable of $32,000 and a long-term liability of $14,000 for both March 31, 2016 and December 31, 2015, related to the unvested portion of stock options as a result of the equitable adjustment approved by our Board of Directors on December 18, 2012 that will be payable to executive officers and employees upon vesting of stock options. (2) Includes current and long term unearned income.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Information about Operations by Business Segments	The following tables set forth information about the Company’s operations by its three business segments for the periods indicated: (Dollar amounts in thousands) Merchant Payment Business Other Total Three months ended March 31, 2016 Revenues $ 22,890 $ 34,539 $ 45,614 $ (7,564 ) (1) $ 95,479 Income from operations 8,425 12,414 13,243 (7,516 ) (2) 26,566 Three months ended March 31, 2015 (As Restated) Revenues $ 20,091 $ 33,100 $ 45,029 $ (6,723 ) (1) $ 91,497 Income from operations 9,272 13,543 14,070 (9,869 ) (2) 27,016 (1) Represents the elimination of intersegment revenues for services provided by the payment processing segment to the merchant acquiring segment, and other miscellaneous intersegment revenues. (2) Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.
Reconciliation of Income from Operations to Consolidated Net Income	The reconciliation of income from operations to consolidated net income for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, (Dollar amounts in thousands) 2016 2015 (As Restated) Segment income from operations Merchant Acquiring $ 8,425 $ 9,272 Payment Processing 12,414 13,543 Business Solutions 13,243 14,070 Total segment income from operations 34,082 36,885 Merger related depreciation and amortization and other unallocated expenses (1) (7,516 ) (9,869 ) Income from operations $ 26,566 $ 27,016 Interest expense, net (5,791 ) (6,097 ) (Losses) earnings of equity method investment (130 ) 115 Other income 398 285 Income tax expense (1,876 ) (2,775 ) Net income $ 19,167 $ 18,544 (1) Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2016Country
Accounting Policies [Abstract]
Number of countries where the Company provides a broad range of merchant acquiring, payment processing and business process management services	18

Restatement of Previously Iss36

Restatement of Previously Issued Financial Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2010	Sep. 30, 2010
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Income tax benefit	$ 1,876		$ 2,775
Deferred tax assets				$ 14,300
Merger, percentage of interests acquired					51.00%
Reversal of Debt Issuance Cost [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Income tax benefit		$ (11,800)

Restatement of Previously Iss37

Restatement of Previously Issued Financial Information - Effect of Restatement Adjustments and Reclassifications on Unaudited Consolidated Condensed Statements of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Merchant Acquiring, net	$ 22,890	$ 20,091
Payment Processing	26,975	26,377
Business Solutions	45,614	45,029
Total revenues	95,479	91,497
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization shown below	43,408	39,950
Selling, general and administrative expenses	10,835	7,703
Depreciation and amortization	14,670	16,828
Total operating costs and expenses	68,913	64,481
Income from operations	26,566	27,016
Non-operating income (expenses)
Interest income	87	104
Interest expense	(5,878)	(6,201)
Earnings of equity method investment	(130)	115
Other income	398	285
Total non-operating expenses	(5,523)	(5,697)
Income before income taxes	21,043	21,319
Income tax expense	1,876	2,775
Net income	19,148	18,544
Other comprehensive (loss) income, net of tax Foreign currency translation adjustments	468	889
Total comprehensive income	$ 16,544	$ 19,433
Net income per common share - basic	$ 0.26	$ 0.24
Net income per common share - diluted	$ 0.26	$ 0.24
As Previously Reported [Member]
Revenues
Merchant Acquiring, net		$ 20,091
Payment Processing		26,377
Business Solutions		44,864
Total revenues		91,332
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization shown below		39,795
Selling, general and administrative expenses		7,703
Depreciation and amortization		16,828
Total operating costs and expenses		64,326
Income from operations		27,006
Non-operating income (expenses)
Interest income		104
Interest expense		(6,201)
Earnings of equity method investment		115
Other income		285
Total non-operating expenses		(5,697)
Income before income taxes		21,309
Income tax expense		2,246
Net income		19,063
Other comprehensive (loss) income, net of tax Foreign currency translation adjustments		889
Total comprehensive income		$ 19,952
Net income per common share - basic		$ 0.25
Net income per common share - diluted		$ 0.24
As Restated [Member]
Non-operating income (expenses)
Income tax expense		$ 529
Net income		(529)
Total comprehensive income		$ (529)
Net income per common share - basic		$ (0.01)
Other Insignificant Corrective Adjustments [Member]
Revenues
Business Solutions		$ 165
Total revenues		165
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization shown below		155
Total operating costs and expenses		155
Income from operations		10
Non-operating income (expenses)
Income before income taxes		10
Net income		10
Total comprehensive income		$ 10

Recent Accounting Pronounceme38

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Reclassification of debt issue costs from other long-term assets to long-term debt	$ 6	$ 6.4

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Buildings	$ 1,614	$ 1,606
Data processing equipment	97,626	94,523
Furniture and equipment	8,060	8,170
Leasehold improvements	3,691	3,649
Property and equipment	110,991	107,948
Less - accumulated depreciation and amortization	(78,660)	(75,244)
Depreciable assets, net	32,331	32,704
Land	1,431	1,424
Property and equipment, net	$ 33,762	$ 34,128
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	30 years
Data Processing Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Data Processing Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	20 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to property and equipment	$ 3.4	$ 4.1

Goodwill and Other Intangible41

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill Allocated by Reportable Segments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 368,133
Goodwill attributable to acquisition	8,047
Foreign currency translation adjustments	230
Goodwill, Ending Balance	376,410
Merchant Acquiring, net [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	138,121
Goodwill, Ending Balance	138,121
Payment Processing [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	183,496
Goodwill attributable to acquisition	8,047
Foreign currency translation adjustments	183
Goodwill, Ending Balance	191,726
Business Solutions [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	46,516
Foreign currency translation adjustments	47
Goodwill, Ending Balance	$ 46,563

Goodwill and Other Intangible42

Goodwill and Other Intangible Assets - Carrying Amount of Other Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 577,359	$ 574,732
Accumulated amortization	(273,922)	(262,673)
Net carrying amount	$ 303,437	$ 312,059
Customer relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	14 years	14 years
Gross amount	$ 322,686	$ 322,632
Accumulated amortization	(123,819)	(117,963)
Net carrying amount	198,867	204,669
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	39,950	39,950
Accumulated amortization	(19,052)	(18,186)
Net carrying amount	$ 20,898	$ 21,764
Trademarks [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	10 years	10 years
Trademarks [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	15 years	15 years
Software packages [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 158,184	$ 155,611
Accumulated amortization	(110,320)	(106,735)
Net carrying amount	$ 47,864	$ 48,876
Software packages [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	3 years	3 years
Software packages [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	10 years	10 years
Non-compete agreement [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	15 years	15 years
Gross amount	$ 56,539	$ 56,539
Accumulated amortization	(20,731)	(19,789)
Net carrying amount	$ 35,808	$ 36,750

Goodwill and Other Intangible43

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 11.3	$ 12.7

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets - Estimated Amortization Expenses (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2,016	$ 31,783
2,017	39,803
2,018	36,437
2,019	34,382
2,020	$ 32,263

Debt and Short-Term Borrowing45

Debt and Short-Term Borrowings - Total Debt (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Note payable		$ 3,500
Total debt, gross		662,289	$ 669,147
Total debt, net		656,313	662,699
Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Less: Debt issue costs related to Senior Secured Credit Facilities (Term A and Term B)		(5,976)	(6,448)
Term A due on April 17, 2018 [Member] | Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility	[1],[2]	258,593	262,323
Term B due on April 17, 2020 [Member] | Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility	[2],[3]	385,384	386,172
Expiring on April 17, 2018 [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility		15,000	17,000
Note Payable due on October 1, 2017 [Member]
Debt Instrument [Line Items]
Note payable	[2]	2,613	2,967
Note Payable due on July 1, 2017 [Member]
Debt Instrument [Line Items]
Note payable	[2]	$ 699	$ 685
[1]	Applicable margin of 2.25% at March 31, 2016 and December 31, 2015. Effective interest rate of 2.71% and 2.70% at March 31, 2016 and December 31, 2015.
[2]	Net of unaccreted discount.
[3]	Subject to a minimum rate ("LIBOR floor") of 0.75% plus applicable margin of 2.50% at March 31, 2016 and December 31, 2015. Effective interest rate of 3.50% at both March 31, 2016 and December 31, 2015.

Debt and Short-Term Borrowing46

Debt and Short-Term Borrowings - Total Debt (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Note Payable due on October 1, 2017 [Member]
Debt Instrument [Line Items]
Debt, maturity date	Oct. 1, 2017	Oct. 1, 2017
Note Payable due on July 1, 2017 [Member]
Debt Instrument [Line Items]
Debt, maturity date	Jul. 31, 2017	Jul. 31, 2017
Senior Secured Credit Facilities [Member] | Term A due on April 17, 2018 [Member]
Debt Instrument [Line Items]
Debt, maturity date	Apr. 17, 2018	Apr. 17, 2018
Margin interest rate	2.25%	2.25%
Effective interest rate	2.71%	2.70%
Senior Secured Credit Facilities [Member] | Term B due on April 17, 2020 [Member]
Debt Instrument [Line Items]
Debt, maturity date	Apr. 17, 2020	Apr. 17, 2020
Effective interest rate	3.50%	3.50%
Senior Secured Credit Facilities [Member] | Term B due on April 17, 2020 [Member] | LIBOR Floor [Member]
Debt Instrument [Line Items]
Margin interest rate	0.75%	0.75%
Senior Secured Credit Facilities [Member] | Term B due on April 17, 2020 [Member] | Applicable Margin [Member]
Debt Instrument [Line Items]
Margin interest rate	2.50%	2.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, maturity date	Apr. 17, 2018
Revolving Credit Facility [Member] | Expiring on April 17, 2018 [Member]
Debt Instrument [Line Items]
Debt, maturity date	Apr. 17, 2018	Apr. 17, 2018

Debt and Short-Term Borrowing47

Debt and Short-Term Borrowings - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Maximum secured leverage ratio	6.60
Note payable	$ 3,500,000
Non interest bearing financing agreement		$ 1,100,000	$ 4,600,000
Senior Secured Term Loan A [Member]
Debt Instrument [Line Items]
Secured credit facilities	$ 258,800,000
Debt, maturity date	Apr. 17, 2018
Senior Secured Term Loan A [Member] | Commencing On September 30, 2013 To June 2016 [Member]
Debt Instrument [Line Items]
Original principal amount	1.25%
Senior Secured Term Loan A [Member] | Commencing On September 30, 2016 To June 30, 2017 [Member]
Debt Instrument [Line Items]
Original principal amount	1.875%
Senior Secured Term Loan A [Member] | Commencing On September 30, 2017 To March 31, 2018 [Member]
Debt Instrument [Line Items]
Original principal amount	2.50%
Senior Secured Term Loan A [Member] | LIBOR Floor [Member] | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate	2.00%
Senior Secured Term Loan A [Member] | LIBOR Floor [Member] | Maximum [Member]
Debt Instrument [Line Items]
Margin interest rate	2.50%
Senior Secured Term Loan A [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate	1.00%
Senior Secured Term Loan A [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Margin interest rate	1.50%
Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Secured credit facilities	$ 389,000,000
Original principal amount	0.25%
Debt, maturity date	Apr. 17, 2020
Debt instrument description	The LIBOR Rate and Base Rate are subject to floors of 0.75% and 1.75%, respectively.
Senior Secured Term Loan B [Member] | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate	0.75%
Senior Secured Term Loan B [Member] | Maximum [Member]
Debt Instrument [Line Items]
Margin interest rate	1.75%
Senior Secured Term Loan B [Member] | LIBOR Floor [Member] | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate	2.50%
Senior Secured Term Loan B [Member] | LIBOR Floor [Member] | Maximum [Member]
Debt Instrument [Line Items]
Margin interest rate	2.75%
Senior Secured Term Loan B [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate	1.50%
Senior Secured Term Loan B [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Margin interest rate	1.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Secured credit facilities	$ 100,000,000
Debt, maturity date	Apr. 17, 2018
Revolving credit facility, outstanding balance	$ 15,000,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee for the unused portion	0.125%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee for the unused portion	0.375%

Debt and Short-Term Borrowing48

Debt and Short-Term Borrowings - Summary of Interest Rate Swap Transaction (Detail) - Interest Rate Swap [Member]	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative [Line Items]
Effective date	2017-01
Maturity Date	2020-04
Notional Amount	$ 200,000,000
Variable Rate	1-month LIBOR
Fixed Rate	1.9225%

Debt and Short-Term Borrowing49

Debt and Short-Term Borrowings - Carrying Amount of Derivative on Company's Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Other long-term liabilities	$ 3,587	$ 515

Financial Instruments and Fai50

Financial Instruments and Fair Value Measurements - Fair Value Measurements for Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial liabilities:
Interest rate swap	$ 3,587	$ 515
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Financial liabilities:
Interest rate swap	$ 3,587	$ 515

Financial Instruments and Fai51

Financial Instruments and Fair Value Measurements - Carrying Value and Estimated Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial liabilities:
Interest Rate Swap, Carrying Amount	$ 3,587	$ 515
Financial liabilities:
Interest Rate Swap, Fair Value	3,587	515
Senior Secured Term Loan A [Member]
Financial liabilities:
Senior secured term loan, Carrying Amount	258,593	262,323
Financial liabilities:
Senior secured term loan, Fair Value	243,225	250,688
Senior Secured Term Loan B [Member]
Financial liabilities:
Senior secured term loan, Carrying Amount	385,384	386,172
Financial liabilities:
Senior secured term loan, Fair Value	$ 372,713	$ 373,749

Equity - Summary of Changes in

Equity - Summary of Changes in Balances of Accumulated Other Comprehensive Income (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Value	$ (7,582)
Additions	(2,604)
Ending Balance, Value	(10,186)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Value	(7,067)
Additions	468
Ending Balance, Value	(6,599)
Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, Value	(515)
Additions	(3,072)
Ending Balance, Value	$ (3,587)

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 1.6	$ 0.6
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum unrecognized cost for stock options	$ 15.9
Unrecognized compensation cost, weighted average period of recognition	2 years 5 months 23 days
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum unrecognized cost for stock options	$ 0.3
Unrecognized compensation cost, weighted average period of recognition	1 year
Time Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Share-based Compensation - Summ

Share-based Compensation - Summary of Stock Option Activity (Detail) - $ / shares		Mar. 31, 2016		Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding shares		140,000		140,000
Outstanding shares, Exercisable, Ending Balance		66,667
Outstanding weighted average exercise prices		$ 18.88	[1]	$ 18.88
Outstanding weighted average exercise prices, Exercisable, Ending Balance	[1]	$ 24.01
[1]	Includes 33,333 stock options vested during the three months period ended March 31, 2016.

Share-based Compensation - Su55

Share-based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Vested stock options, Shares	33,333

Share-based Compensation - Nonv

Share-based Compensation - Nonvested Restricted Shares and RSUs Activity (Detail) - Restricted Stock Units [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Nonvested restricted shares and RSUs
Nonvested shares, Beginning balance | shares	491,726
Nonvested shares, Forfeited | shares	(14,496)
Outstanding shares, Vested | shares	(68,166)
Outstanding shares, Granted | shares	813,573
Nonvested shares, Ending Balance | shares	1,222,637
Weighted-average grant date fair value
Weighted-average grant date fair value, beginning balance | $ / shares	$ 22.32
Weighted-average grant date fair value, Forfeited | $ / shares	24.13
Outstanding weighted average exercise prices, Vested | $ / shares	21.99
Outstanding weighted average exercise prices, Granted | $ / shares	11.77
Weighted-average grant date fair value, Ending balance | $ / shares	$ 15.30

Income Tax - Components of Inco

Income Tax - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Current tax provision	$ 2,680	$ 3,542
Deferred tax benefit	(804)	(767)
Income tax expense	$ 1,876	$ 2,775

Income Tax - Segregation of Inc

Income Tax - Segregation of Income Tax Expense Based on Location of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current tax provision
Current tax provision, Puerto Rico	$ 1,766	$ 2,649
Current tax provision, United States	164	142
Current tax provision, Foreign countries	750	751
Total current tax provision	2,680	3,542
Deferred tax benefit
Deferred tax benefit, Puerto Rico	(479)	(668)
Deferred tax benefit, United States	(25)	(26)
Deferred tax benefit, Foreign countries	(300)	(73)
Total deferred tax benefit	$ (804)	$ (767)

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Millions	May. 29, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax asset, gross		$ 3.9	$ 3.1
Deferred tax liability, gross		21.9	$ 24.3
Percentage of net operating loss deduction with regular tax	80.00%
Percentage of net operating loss deduction with alternative minimum tax	70.00%
NOL carryforwards available to offset future taxable income		$ 9.2
Deferred tax assets realized, increase in equity, description		Equity will be increased by $4.2 million if and when such windfall tax benefits are ultimately realized. The Company uses tax law ordering when determining when windfall tax benefits have been realized.

Net Income per Common Share - S

Net Income per Common Share - Schedule of Reconciliation of Numerator and Denominator of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to EVERTEC Inc.		$ 19,148	$ 18,544
Less: non-forfeitable dividends on restricted stock		12
Net income available to EVERTEC Inc.'s common shareholders		$ 19,136	$ 18,544
Weighted average common shares outstanding		74,947,850	77,807,289
Weighted average potential dilutive common shares	[1]	70,146	59,437
Weighted average common shares outstanding - assuming dilution		75,017,996	77,866,726
Net income per share - basic attributable to EVERTEC, Inc.'s common stockholders		$ 0.26	$ 0.24
Net income per share - diluted attributable to EVERTEC, Inc.'s common stockholders		$ 0.26	$ 0.24
[1]	Potential common shares consist of common stock issuable under the assumed exercise of stock options and restricted stock awards using the treasury stock method.

Net Income per Common Share - A

Net Income per Common Share - Additional Information (Detail) - $ / shares	Feb. 17, 2016	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Cash dividend declared per common share	$ 0.10	$ 0.10	$ 0.10
Common stock dividends payable, date to be paid	Mar. 17, 2016
Common stock dividends payable, date of record	Feb. 29, 2016

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Commitments and Contingencies [Line Items]
Rent expense of office facilities and real estate	$ 2	$ 2
Rent expense for telecommunications and other equipment	1.5	$ 1.3
Outstanding letter of credit	$ 0.5
Maximum [Member]
Commitments and Contingencies [Line Items]
Outstanding letter of credit, maturity term	3 months

Related Party Transactions - Tr

Related Party Transactions - Transactions with Related Parties (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Transaction [Abstract]
Total revenues	[1],[2]	$ 43,153	$ 41,110
Cost of revenues		259	696
Selling, general and administrative expenses
Rent and other fees		1,934	1,993
Interest earned from and charged by affiliate
Interest income		$ 59	$ 44
[1]	Includes revenues generated from investee accounted for under the equity method of $0.5 million for both the three months ended March 31, 2016 and 2015, respectively.
[2]	Total revenues from Popular as a percentage of revenues were 45% and 44% for the three months ended March 31, 2016 and 2015, respectively.

Related Party Transactions - 64

Related Party Transactions - Transactions with Related Parties (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Transactions with Third Party [Line Items]
Revenues generated from investee accounted for under equity method	$ 0.5	$ 0.5
Popular [Member]
Transactions with Third Party [Line Items]
Total revenues from Popular	45.00%	44.00%

Related Party Transactions - Su

Related Party Transactions - Summary of Balances of Transactions with Related Parties (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Related Party Transactions [Abstract]
Cash and restricted cash deposits in affiliated bank		$ 21,523	$ 23,872
Other due to/from affiliate
Accounts receivable		19,699	20,196
Prepaid expenses and other assets		346	867
Accounts payable	[1]	2,342	2,687
Unearned income	[2]	12,775	11,970
Other long-term liabilities	[1]	$ 14	$ 14
[1]	Includes an account payable of $32,000 and a long-term liability of $14,000 for both March 31, 2016 and December 31, 2015, related to the unvested portion of stock options as a result of the equitable adjustment approved by our Board of Directors on December 18, 2012 that will be payable to executive officers and employees upon vesting of stock options.
[2]	Includes current and long term unearned income.

Related Party Transactions - 66

Related Party Transactions - Summary of Balances of Transactions with Related Parties (Parenthetical) (Detail) - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Transactions with Third Party [Line Items]
Accounts payable	[1]	$ 2,342,000	$ 2,687,000
Other long-term liabilities	[1]	14,000	14,000
Unvested Stock Options [Member]
Transactions with Third Party [Line Items]
Accounts payable		32,000	32,000
Other long-term liabilities		$ 14,000	$ 14,000
[1]	Includes an account payable of $32,000 and a long-term liability of $14,000 for both March 31, 2016 and December 31, 2015, related to the unvested portion of stock options as a result of the equitable adjustment approved by our Board of Directors on December 18, 2012 that will be payable to executive officers and employees upon vesting of stock options.

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting [Abstract]
Number of operating business segments	3

Segment Information - Informati

Segment Information - Information about Operations by Business Segments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenues		$ 95,479	$ 91,497
Income from operations		26,566	27,016
Operating Segments [Member]
Segment Reporting Information [Line Items]
Income from operations		34,082	36,885
Operating Segments [Member] | Merchant Acquiring, net [Member]
Segment Reporting Information [Line Items]
Revenues		22,890	20,091
Income from operations		8,425	9,272
Operating Segments [Member] | Payment Processing [Member]
Segment Reporting Information [Line Items]
Revenues		34,539	33,100
Income from operations		12,414	13,543
Operating Segments [Member] | Business Solutions [Member]
Segment Reporting Information [Line Items]
Revenues		45,614	45,029
Income from operations		13,243	14,070
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Income from operations	[1]	(7,516)	(9,869)
Other [Member]
Segment Reporting Information [Line Items]
Revenues	[2]	$ (7,564)	$ (6,723)
[1]	Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.
[2]	Represents the elimination of intersegment revenues for services provided by the payment processing segment to the merchant acquiring segment, and other miscellaneous intersegment revenues.

Segment Information - Reconcili

Segment Information - Reconciliation of Income from Operations to Consolidated Net Income (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Segment income from operations
Income from operations		$ 26,566	$ 27,016
Interest expense, net		(5,791)	(6,097)
(Losses) earnings of equity method investment		(130)	115
Other income		398	285
Income tax expense		(1,876)	(2,775)
Net income		19,167	18,544
Operating Segments [Member]
Segment income from operations
Income from operations		34,082	36,885
Operating Segments [Member] | Merchant Acquiring, net [Member]
Segment income from operations
Income from operations		8,425	9,272
Operating Segments [Member] | Payment Processing [Member]
Segment income from operations
Income from operations		12,414	13,543
Operating Segments [Member] | Business Solutions [Member]
Segment income from operations
Income from operations		13,243	14,070
Segment Reconciling Items [Member]
Segment income from operations
Income from operations	[1]	$ (7,516)	$ (9,869)
[1]	Primarily represents non-operating depreciation and amortization expenses generated as a result of the Merger and certain non-recurring fees and expenses.

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	May. 11, 2016	Apr. 14, 2016	Feb. 17, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Cash dividend declared per common share			$ 0.10	$ 0.10	$ 0.10
Common stock dividends payable, date to be paid			Mar. 17, 2016
Common stock dividends payable, date of record			Feb. 29, 2016
Subsequent Events [Member]
Subsequent Event [Line Items]
Cash dividend declared per common share	$ 0.10
Common stock dividends payable, date to be paid	Jun. 10, 2016
Common stock dividends payable, date of record	May 23, 2016
Increase in Interest rate applicable to loans under credit agreement		0.50%
Increase in additional interest rate applicable to loan under credit agreement		0.25%
Dividend payable per share		$ 0.10
Debt instrument fee percentage		0.50%