EVERTEC (EVTC) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Cover [Abstract]
Entity Registrant Name	EVERTEC, Inc.
Entity Central Index Key	0001559865
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-35872
Entity Incorporation, State or Country Code	PR
Entity Tax Identification Number	66-0783622
Entity Address, Address Line One	Cupey Center Building,
Entity Address, Address Line Two	Road 176, Kilometer 1.3,
Entity Address, City or Town	San Juan,
Entity Address, State or Province	PR
Entity Address, Postal Zip Code	00926
City Area Code	787
Local Phone Number	759-9999
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	EVTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		72,163,357

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 156,363	$ 202,649
Restricted cash	19,059	18,456
Accounts receivable, net	99,737	95,727
Prepaid expenses and other assets	44,573	42,214
Total current assets	319,732	359,046
Debt securities available-for-sale, at fair value	2,968	0
Investment in equity investee	12,867	12,835
Property and equipment, net	42,146	43,538
Operating lease right-of-use asset	25,604	27,538
Goodwill	396,298	397,670
Other intangible assets, net	229,972	219,909
Deferred tax asset	5,671	5,730
Net investment in leases	255	301
Other long-term assets	5,136	6,012
Total assets	1,040,649	1,072,579
Current Liabilities:
Accrued liabilities	56,600	58,033
Accounts payable	26,998	43,348
Contract liability	25,319	24,958
Income tax payable	6,547	6,573
Current portion of long-term debt	15,625	14,250
Operating lease payable	5,491	5,830
Total current liabilities	136,580	152,992
Long-term debt	458,738	481,041
Deferred tax liability	2,151	2,748
Contract liability - long term	31,798	31,336
Operating lease liability - long-term	20,884	22,402
Derivative liability	21,012	25,578
Other long-term liabilities	13,479	14,053
Total liabilities	684,642	730,150
Commitments and contingencies (Note 14)
Stockholders’ equity
Preferred stock, par value $0.01; 2,000,000 shares authorized; none issued	0	0
Common stock, par value $0.01; 206,000,000 shares authorized; 72,166,443 shares issued and outstanding as of March 31, 2021 (December 31, 2020 - 72,137,678)	721	721
Additional paid-in capital	0	5,340
Accumulated earnings	397,556	379,934
Accumulated other comprehensive loss, net of tax	(46,678)	(48,254)
Total EVERTEC, Inc. stockholders’ equity	351,599	337,741
Non-controlling interest	4,408	4,688
Total equity	356,007	342,429
Total liabilities and equity	$ 1,040,649	$ 1,072,579

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	2,000,000	2,000,000
Preferred stock issued (in shares)	0	0
Common stock par value (in usd per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	206,000,000	206,000,000
Common stock issued (in shares)	72,166,443	72,137,678
Common stock outstanding (in shares)	72,166,443	72,137,678
Assets	$ 1,040,649	$ 1,072,579
Liabilities	684,642	730,150
Stockholders' Equity Attributable to Parent	351,599	337,741
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	356,007	342,429
Liabilities and Equity	$ 1,040,649	$ 1,072,579

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues (affiliates Note 15)	$ 139,528	$ 121,942
Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization	59,804	54,067
Selling, general and administrative expenses	16,102	17,317
Depreciation and amortization	18,623	17,795
Total operating costs and expenses	94,529	89,179
Income from operations	44,999	32,763
Non-operating income (expenses)
Interest income	389	363
Interest expense	(5,906)	(6,779)
Earnings of equity method investment	502	338
Other income	328	108
Total non-operating expenses	(4,687)	(5,970)
Income before income taxes	40,312	26,793
Income tax expense	4,708	4,518
Net income	35,604	22,275
Less: Net income attributable to non-controlling interest	101	64
Net income attributable to EVERTEC, Inc.’s common stockholders	35,503	22,211
Other comprehensive (loss) income, net of tax of $423 and $1,085
Foreign currency translation adjustments	(2,613)	(8,305)
Gain (loss) on cash flow hedges	4,189	(11,859)
Total comprehensive income attributable to EVERTEC, Inc.’s common stockholders	$ 37,079	$ 2,047
Net income per common share - basic attributable to EVERTEC, Inc.’s common stockholders (in usd per share)	$ 0.49	$ 0.31
Net income per common share - diluted attributable to EVERTEC, Inc.’s common stockholders (in usd per share)	$ 0.49	$ 0.30

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Other comprehensive income (loss), net of tax	$ 423	$ 1,085

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Accumulated EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated  Other Comprehensive Loss	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2019			72,000,261
Beginning balance at Dec. 31, 2019	$ 271,623	$ (74)	$ 720	$ 0	$ 296,476	$ (74)	$ (30,009)	$ 4,436
Changes in Stockholders’ Equity
Share-based compensation recognized	3,483			3,483
Repurchase of common stock (in shares)			(336,022)
Repurchase of common stock	(7,300)		$ (3)	(775)	(6,522)
Restricted stock units delivered (in shares)			201,066
Restricted stock units delivered	(2,706)		$ 2	(2,708)
Net income	22,275				22,211			64
Cash dividends declared on common stock, $0.05 per share	(3,600)				(3,600)
Other comprehensive income (loss)	(21,017)						(20,164)	(853)
Ending balance (in shares) at Mar. 31, 2020			71,865,305
Ending balance at Mar. 31, 2020	$ 262,684		$ 719	0	308,491		(50,173)	3,647
Beginning balance (in shares) at Dec. 31, 2020	72,137,678		72,137,678
Beginning balance at Dec. 31, 2020	$ 342,429		$ 721	5,340	379,934		(48,254)	4,688
Changes in Stockholders’ Equity
Share-based compensation recognized	3,380			3,380
Repurchase of common stock (in shares)			(382,974)
Repurchase of common stock	(14,268)		$ (4)	(1,290)	(12,974)
Restricted stock units delivered (in shares)			411,739
Restricted stock units delivered	(8,728)		$ 4	(7,430)	(1,302)
Net income	35,604				35,503			101
Cash dividends declared on common stock, $0.05 per share	(3,605)				(3,605)
Other comprehensive income (loss)	$ 1,195						1,576	(381)
Ending balance (in shares) at Mar. 31, 2021	72,166,443		72,166,443
Ending balance at Mar. 31, 2021	$ 356,007		$ 721	$ 0	$ 397,556		$ (46,678)	$ 4,408

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares	Feb. 18, 2021	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.05	$ 0.05	$ 0.05

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 35,604	$ 22,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,623	17,795
Amortization of debt issue costs and accretion of discount	569	621
Operating lease amortization	1,492	1,173
(Release) provision for expected credit losses and sundry losses	(184)	104
Deferred tax benefit	(890)	(1,080)
Share-based compensation	3,380	3,483
Loss on disposition of property and equipment and impairment of intangible	1,042	81
Earnings of equity method investment	(502)	(338)
Decrease (increase) in assets:
Accounts receivable, net	(4,048)	11,729
Prepaid expenses and other assets	(2,539)	(1,836)
Other long-term assets	833	(2,477)
(Decrease) increase in liabilities:
Accrued liabilities and accounts payable	(18,457)	(20,662)
Income tax payable	82	3,307
Contract liability	1,185	1,075
Operating lease liabilities	(1,611)	(1,409)
Other long-term liabilities	167	84
Total adjustments	(858)	11,650
Net cash provided by operating activities	34,746	33,925
Cash flows from investing activities
Additions to software	(11,971)	(6,055)
Acquisition of customer relationship	(14,750)	0
Property and equipment acquired	(4,724)	(3,357)
Acquisition of available-for-sale debt securities	(2,968)	0
Net cash used in investing activities	(34,413)	(9,412)
Cash flows from financing activities
Statutory withholding taxes paid on share-based compensation	(8,728)	(2,706)
Repayment of short-term borrowings for purchase of equipment and software	(758)	(792)
Dividends paid	(3,605)	0
Repurchase of common stock	(14,268)	(7,300)
Repayment of long-term debt	(21,357)	(20,560)
Net cash used in financing activities	(48,716)	(31,358)
Effect of foreign exchange rate on cash, cash equivalents and restricted cash	2,700	828
Net decrease in cash, cash equivalents and restricted cash	(45,683)	(6,017)
Cash, cash equivalents and restricted cash at beginning of the period	221,105	131,121
Cash, cash equivalents and restricted cash at end of the period	175,422	125,104
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	156,363	103,521
Restricted cash	19,059	21,583
Cash, cash equivalents and restricted cash	175,422	125,104
Supplemental disclosure of cash flow information:
Cash paid for interest	5,982	6,372
Cash paid for income taxes	5,621	2,083
Supplemental disclosure of non-cash activities:
Payable due to vendor related to equipment and software acquired	$ 1,260	$ 1,482

The Company and Basis of Presen

The Company and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation The Company EVERTEC, Inc. and its subsidiaries (collectively the “Company,” or “EVERTEC”) is a leading full-service transaction-processing business in Puerto Rico, the Caribbean and Latin America. The Company is based in Puerto Rico and provides a broad range of merchant acquiring, payment services and business process management services. The Company provides services across 26 countries in the region. EVERTEC owns and operates the ATH network, one of the leading personal identification number ("PIN") debit networks in Latin America. EVERTEC manages a system of electronic payment networks and offers a comprehensive suite of services for core bank, cash processing and fulfillment in Puerto Rico. In addition, EVERTEC offers technology outsourcing in all the regions the Company serves. EVERTEC serves a broad and diversified customer base of leading financial institutions, merchants, corporations and government agencies with solutions that are essential to their operations, enabling them to issue, process and accept transactions securely. Basis of Presentation The unaudited condensed consolidated financial statements of EVERTEC have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements. Actual results could differ from these estimates. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted from these statements pursuant to the rules and regulations of the Securities and Exchange Commission and, accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2020, included in the Company’s 2020 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. Intercompany accounts and transactions are eliminated in consolidation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued updated guidance for Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles set out in ASC Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC Topic 740 by clarifying and amending existing guidance. The adoption of these amendments did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Accounting Pronouncements Issued Prior to 2021 and Not Yet Adopted In March 2020, the FASB issued updated guidance for ASC Topic 848, Reference Rate Reform , to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met for a limited period of time in order to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update are elective and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments to this update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance will not have an impact on the Company's unaudited condensed consolidated financial statements.

Debt Securities

Debt Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Debt Securities	Debt Securities Accounting policy Debt securities available-for-sale are accounted for under the provisions of ASC 320 Investments – Debt and Equity Securities, which requires that debt securities available-for-sale be carried at fair value on the Company’s unaudited condensed consolidated balance sheets with unrealized gains (losses) recorded through other comprehensive income (“OCI”). Debt securities in an unrealized loss position which the Company intends to sell or for which it is more likely than not that the Company will be required to sell before recovery of the amortized cost basis, are written down to fair value through income. Quarterly, for debt securities in an unrealized loss position that the Company does not intend or will, more likely than not, not be required to sell, the Company evaluates if the decline in fair value has resulted from credit losses or other factors. If it is determined that the decline in fair value is related to credit losses, the Company records an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis. If the Company determines that the decline in value is related to factors other than credit, the Company recognizes the impairment through OCI. Debt securities were purchased close to the final trading day of the quarter ended March 31, 2021 and are held by a trust in the Costa Rica National Bank as a collateral requirement for settlement activities. The Company may substitute securities as needed but must maintain certain levels of collateral based on transaction volumes. The amortized cost, gross unrealized gains and losses recorded in OCI, estimated fair value, and weighted average yield of debt securities available-for-sale by contractual maturity as of March 31, 2021 were as follows: March 31, 2021 (In thousands) Gross unrealized Amortized cost Gains Losses Fair Value Costa Rica Government Obligations After 1 to 5 years $ 2,968 — — $ 2,968

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consists of the following: (In thousands) Useful life March 31, 2021 December 31, 2020 Buildings 30 $ 1,424 $ 1,437 Data processing equipment 3 - 5 125,942 124,897 Furniture and equipment 3 - 20 6,840 6,691 Leasehold improvements 5 -10 3,116 3,098 137,322 136,123 Less - accumulated depreciation and amortization (96,417) (93,826) Depreciable assets, net 40,905 42,297 Land 1,241 1,241 Property and equipment, net $ 42,146 $ 43,538 Depreciation and amortization expense related to property and equipment for three months ended March 31, 2021 amounted to $4.4 million compared to $4.2 million for the corresponding period in 2020. During the three months ended March 31, 2021, the Company recorded a loss on the disposition of damaged POS devices amounting to $0.4 million through cost of revenues.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill, allocated by operating segments, were as follows (see Note 16): (In thousands) Payment Payment Merchant Business Total Balance at December 31, 2020 $ 160,972 $ 52,754 $ 138,121 $ 45,823 $ 397,670 Foreign currency translation adjustments — (1,372) — — (1,372) Balance at March 31, 2021 $ 160,972 $ 51,382 $ 138,121 $ 45,823 $ 396,298 Goodwill is tested for impairment on an annual basis as of August 31, or more often if events or changes in circumstances indicate there may be impairment. The Company may test for goodwill impairment using a qualitative or a quantitative analysis. In the quantitative analysis, the Company compares the estimated fair value of the reporting units to their carrying values, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the fair value does not exceed the carrying value, an impairment loss is recorded for the excess of the carrying value over the fair value, limited to the recorded balance of goodwill. No impairment losses were recognized as of March 31, 2021 or 2020. The carrying amount of other intangible assets at March 31, 2021 and December 31, 2020 was as follows: March 31, 2021 (In thousands) Useful life in years Gross Accumulated Net carrying Customer relationships 8 - 14 $ 358,413 $ (252,583) $ 105,830 Trademarks 2 - 15 42,003 (35,770) 6,233 Software packages 3 - 10 299,068 (198,121) 100,947 Non-compete agreement 15 56,539 (39,577) 16,962 Other intangible assets, net $ 756,023 $ (526,051) $ 229,972 December 31, 2020 (Dollar amounts in thousands) Useful life in years Gross Accumulated Net carrying Customer relationships 8 - 14 $ 343,981 $ (246,088) $ 97,893 Trademarks 2 - 15 42,036 (35,467) 6,569 Software packages 3 - 10 289,205 (191,662) 97,543 Non-compete agreement 15 56,539 (38,635) 17,904 Other intangible assets, net $ 731,761 $ (511,852) $ 219,909 During the first quarter of 2021, the Company acquired a customer relationship in Puerto Rico amounting to $14.8 million that will be amortized over ten years. Revenue and expenses in connection with this customer relationship are included as part of the Merchant Acquiring segment. Amortization expense related to other intangibles for the three months ended March 31, 2021 amounted to $14.2 million compared to $13.6 million for the corresponding period in 2020. During the three month period ended March 31, 2021, the Company recorded an impairment charge through cost of revenues amounting to $0.6 million for a software solution that will no longer be used. The impairment charge affected the Company’s Payment Services – Puerto Rico & Caribbean segment. The estimated amortization expense of the balances outstanding at March 31, 2021 for the next five years is as follows: (Dollar amounts in thousands) Remaining 2021 $ 41,040 2022 48,467 2023 43,316 2024 32,584 2025 11,299

Debt and Short-Term Borrowings

Debt and Short-Term Borrowings	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Short-Term Borrowings	Debt and Short-Term Borrowings Total debt at March 31, 2021 and December 31, 2020 follows: (In thousands) March 31, 2021 December 31, 2020 2023 Term A Loan bearing interest at a variable interest rate (LIBOR plus applicable margin (1)(2) ) $ 178,804 $ 188,788 2024 Term B Loan bearing interest at a variable interest rate (LIBOR plus applicable margin (1)(3) ) 295,559 306,503 Note payable due January 1, 2022 (1) 703 1,443 Total debt $ 475,066 $ 496,734 (1) Net of unaccreted discount and unamortized debt issue costs, as applicable. (2) Applicable margin of 1.75% at March 31, 2021 and December 31, 2020. (3) Subject to a minimum rate ("LIBOR floor") of 0% plus applicable margin of 3.50% at March 31, 2021 and December 31, 2020. Secured Credit Facilities On November 27, 2018, EVERTEC and EVERTEC Group, LLC ("EVERTEC Group") (collectively, the “Borrower”) entered into a credit agreement providing for the secured credit facilities, consisting of a $220.0 million term loan A facility that matures on November 27, 2023 (the “2023 Term A Loan"), a $325.0 million term loan B facility that matures on November 27, 2024 (the “2024 Term B Loan”), and a $125.0 million revolving credit facility (the “Revolving Facility”) that matures on November 27, 2023, with a syndicate of lenders and Bank of America, N.A. (“Bank of America”), as administrative agent, collateral agent, swingline lender and line of credit issuer (collectively the “2018 Credit Agreement”). The 2018 Credit Agreement requires mandatory repayment of outstanding principal balances based on a percentage of excess cash flow, provided that no such payment shall be due if the resulting amount of the excess cash flow multiplied by the applicable percentage is less than $10 million. On March 8, 2021 and March 5, 2020, in connection with this mandatory repayment clause, the Company repaid $17.8 million and $17.0 million, respectively, as a result of excess cash flow calculation performed for the years ended December 31, 2020 and 2019, respectively. The unpaid principal balance at March 31, 2021 of the 2023 Term A Loan and the 2024 Term B Loan was $179.9 million and $298.3 million, respectively. The additional borrowing capacity under our Revolving Facility at March 31, 2021 was $117.0 million. The Company issues letters of credit against the Revolving Facility which reduce the additional borrowing capacity of the Revolving Facility. Notes Payable In December 2019, EVERTEC Group entered into two non-interest bearing financing agreements amounting to $2.4 million to purchase software and maintenance. As of March 31, 2021 and December 31, 2020, the outstanding principal balance of the notes payable was $0.8 million and $1.5 million, respectively. These notes are included in accounts payable in the Company's unaudited condensed consolidated balance sheets. Interest Rate Swaps As of March 31, 2021, the Company has an interest rate swap agreement, entered into in December 2018, which converts a portion of the interest rate payments on the Company's 2024 Term B Loan from variable to fixed: Swap Agreement Effective date Maturity Date Notional Amount Variable Rate Fixed Rate 2018 Swap April 2020 November 2024 $250 million 1-month LIBOR 2.89% The Company has accounted for this agreement as a cash flow hedge. As of March 31, 2021 and December 31, 2020, the carrying amount of the derivative included on the Company's unaudited condensed consolidated balance sheets was $21.0 million and $25.6 million, respectively. The fair value of this derivative is estimated using Level 2 inputs in the fair value hierarchy on a recurring basis. Refer to Note 8 for disclosure of losses recorded on cash flow hedging activities. During the three months ended March 31, 2021 and 2020, the Company reclassified losses of $1.7 million and $0.2 million, respectively, from accumulated other comprehensive loss into interest expense. Based on current LIBOR rates, the Company expects to reclassify losses of $6.9 million from accumulated other comprehensive loss into interest expense over the next 12 months. The cash flow hedge is considered highly effective.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements Recurring Fair Value Measurements Debt Securities Available for Sale The fair value of debt securities is estimated based on observable inputs, therefore classifying as a Level 2 asset within the fair value hierarchy. The fair value of debt securities at March 31, 2021 was $3.0 million. Derivatives Instruments The fair value of the Company's interest rate swap is estimated using Level 2 inputs under the fair value hierarchy. This derivative was in a liability position with a balance of $21.0 million and $25.6 million as of March 31, 2021 and December 31, 2020, respectively. The following table presents the carrying value, as applicable, and estimated fair value for financial instruments at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Carrying Fair Carrying Fair Financial assets: Costa Rica government obligations $ 2,968 $ 2,968 $ — $ — Financial liabilities: Interest rate swap 21,012 21,012 25,578 25,578 2023 Term A Loan 178,804 177,840 188,788 186,678 2024 Term B Loan 295,559 297,163 306,503 308,339

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	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 ended March 31, 2021: (In thousands) Foreign Currency Cash Flow Hedges Total Balance - December 31, 2020, net of tax $ (24,842) $ (23,412) $ (48,254) Other comprehensive (loss) income before reclassifications (2,613) 2,463 (150) Effective portion reclassified to net income — 1,726 1,726 Balance - March 31, 2021, net of tax $ (27,455) $ (19,223) $ (46,678)

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation Long-term Incentive Plan ("LTIP") During the three months ended March 31, 2019, 2020 and 2021, the Compensation Committee of the Company's Board of Directors ("Board") approved grants of restricted stock units (“RSUs”) to executives and certain employees pursuant to the 2019 LTIP, 2020 LTIP and 2021 LTIP, respectively, all under the terms of the Company's 2013 Equity Incentive Plan. Under the LTIPs, the Company granted RSUs to eligible participants as time-based awards and/or performance-based awards. The vesting of the RSUs is dependent upon service and/or performance conditions as defined in the 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 provides services to the Company through the vesting date. Time-based awards vest over a period of three years in substantially equal installments commencing on the grant date and ending on February 22 of each year for the 2019 LTIP, February 27 of each year for the 2020 LTIP, and March 2 of each year for the 2021 LTIP. For the performance-based awards under the 2019 LTIP, 2020 LTIP, and 2021 LTIP, the Compensation Committee established adjusted earnings before income taxes, depreciation and amortization ("Adjusted EBITDA") as the primary performance measure while maintaining focus on total shareholder return through the use of a market-based total shareholder return ("TSR") performance modifier. The Adjusted EBITDA measure is based on annual targets and can produce a payout between 0% and 200%. The TSR modifier adjusts the shares earned based on the core Adjusted EBITDA performance upwards or downwards (+/- 25%) based on the Company’s relative TSR at the end of the three one two The following table summarizes nonvested restricted shares and RSUs activity for the three months ended March 31, 2021: Nonvested restricted shares and RSUs Shares Weighted-average Nonvested at December 31, 2020 1,093,515 $ 27.88 Granted 659,598 31.10 Vested (647,491) 20.49 Forfeited (293) 22.90 Nonvested at March 31, 2021 1,105,329 $ 34.14 For the three months ended March 31, 2021, the Company recognized $3.4 million of share-based compensation expense, compared with $3.5 million for the corresponding period in 2020.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into primary geographical markets, nature of the products and services, and timing of transfer of goods and services. The Company's operating segments are determined by the nature of the products and services the Company provides and the primary geographical markets in which the Company operates. Revenue disaggregated by segment is discussed in Note 16, Segment Information. In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue recognition for the periods indicated. Three months ended March 31, 2021 (In thousands) Payment Services - Puerto Rico & Caribbean Payment Services - Latin America Merchant Acquiring, net Business Solutions Total Timing of revenue recognition Products and services transferred at a point in time $ 78 $ 676 $ — $ 2,498 $ 3,252 Products and services transferred over time 24,782 22,621 30,867 58,006 136,276 $ 24,860 $ 23,297 $ 30,867 $ 60,504 $ 139,528 Three months ended March 31, 2020 (In thousands) Payment Services - Puerto Rico & Caribbean Payment Services - Latin America Merchant Acquiring, net Business Solutions Total Timing of revenue recognition Products and services transferred at a point in time $ 5 $ 431 $ — $ 297 $ 733 Products and services transferred over time 20,633 19,809 25,121 55,646 121,209 $ 20,638 $ 20,240 $ 25,121 $ 55,943 $ 121,942 Contract Balances The following table provides information about contract assets from contracts with customers. (In thousands) March 31, 2021 December 31, 2020 Balance at beginning of period $ 2,796 $ 1,191 Services transferred to customers 1,140 3,934 Transfers to accounts receivable (1,318) (2,329) Balance at end of period $ 2,618 $ 2,796 The current portion of contract assets is recorded as part of prepaid expenses and other assets, and the long-term portion is included in other long-term assets in the unaudited condensed consolidated balance sheets. Accounts receivable, net at March 31, 2021 amounted to $99.7 million. Contract liability and contract liability - long term at March 31, 2021 amounted to $25.3 million and $31.8 million, respectively, and may arise when consideration is received or due in advance from customers prior to performance. The contract liability is mainly comprised of upfront fees for implementation or set up activities, including fees charged in pre-production periods in connection with hosting services. Contract liabilities may also arise when consideration is received or due in advance from customers prior to performance. During the three months ended March 31, 2021, the Company recognized revenue of $8.2 million that was included in the contract liability at December 31, 2020. During the three months ended March 31, 2020, the Company recognized revenue of $5.2 million that was included in the contract liability at December 31, 2019. Transaction price allocated to the remaining performance obligations

Current Expected Credit Losses

Current Expected Credit Losses	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Current Expected Credit Losses	Current Expected Credit Losses Allowance for Current Expected Credit Losses Trade receivables from contracts with customers are financial assets analyzed by the Company under the expected credit loss model. To measure expected credit losses, trade receivables are grouped based on shared risk characteristics (i.e., the relevant industry sector and customer's geographical location) and days past due (i.e., delinquency status), while considering the following: • Customers in the same geographical location share similar risk characteristics associated with the macroeconomic environment of their country. • The Company has two main industry sectors: private and governmental. The private pool is comprised mainly of leading financial institutions, merchants and corporations, while the governmental pool is comprised of government agencies. The governmental customers possess different risk characteristics than private customers because although all invoices are due 30 days after issuance, governmental customers usually pay within 60 to 90 days after issuance (i.e., approximately 30 to 60 more days than private customers). • The expected credit loss rate is likely to increase as receivables move to older aging buckets. The Company used the following aging categories to estimate the risk of delinquency status: (i) 0 days past due; (ii) 1-30 days past due; (iii) 31-60 days past due; (iv) 61-90 days past due; and (v) over 90 days past due. The credit losses of the Company’s trade receivables have been low historically and most balances are collected within one year. Therefore, the Company determined that the expected loss rates should be calculated using the historical loss rates adjusted by macroeconomic factors. The historical rates are calculated for each of the aging categories used for pooling trade receivables. To determine the collected portion of each bucket, the collection time of each trade receivable is identified, to estimate the proportion of outstanding balances per aging bucket that ultimately will not be collected. This is used to determine the expectation of losses based on the history of uncollected trade receivables once the specific past due period is surpassed. The historical rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables by applying a country risk premium as the forward-looking macroeconomic factor. Specific reserves are established for certain customers for which collection is doubtful. Rollforward of the Allowance for Expected Current Credit Losses The following table provides information about the allowance for expected current credit losses on trade receivables. (In thousands) March 31, 2021 December 31, 2020 Balance at beginning of period $ 2,401 $ 3,460 Current period (release) provision for expected credit losses (27) 832 Write-offs (74) (1,894) Recoveries of amounts previously written-off — 3 Balance at end of period $ 2,300 $ 2,401 The Company does not have a delinquency threshold for writing-off trade receivables. The Company has a formal process for the review and approval of write-offs. Impairment losses on trade receivables are presented as net impairment losses within cost of revenue, exclusive of depreciation and amortization in the unaudited condensed consolidated statements of income and comprehensive income. Subsequent

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The components of income tax expense for the three months ended March 31, 2021 and 2020, respectively, consisted of the following: Three months ended March 31, (In thousands) 2021 2020 Current tax provision $ 5,598 $ 5,598 Deferred tax benefit (890) (1,080) Income tax expense $ 4,708 $ 4,518 The Company conducts operations in Puerto Rico, the United States, and certain countries in Latin America. As a result, the income tax expense includes the effect of taxes paid to the government of Puerto Rico as well as foreign jurisdictions. The following table presents the components of income tax expense for the three months ended March 31, 2021 and 2020, and its segregation based on location of operations: Three months ended March 31, (In thousands) 2021 2020 Current tax provision Puerto Rico $ 1,604 $ 1,679 United States 30 155 Foreign countries 3,964 3,764 Total current tax provision $ 5,598 $ 5,598 Deferred tax benefit Puerto Rico $ (294) $ (88) United States (429) (25) Foreign countries (167) (967) Total deferred tax benefit $ (890) $ (1,080) 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, 2021, the Company has $84.3 million of unremitted earnings from foreign subsidiaries, compared to $80.2 million as of December 31, 2020. The Company has not recognized a deferred tax liability on undistributed earnings for the Company’s foreign subsidiaries because these earnings are intended to be indefinitely reinvested. As of March 31, 2021, the gross deferred tax asset amounted to $21.8 million and the gross deferred tax liability amounted to $17.3 million, compared to $22.0 million and $19.0 million, respectively, as of December 31, 2020. As of March 31, 2021, there is a valuation allowance against the gross deferred tax asset of approximately $1.0 million. Income tax expense differs from the amount computed by applying the Puerto Rico statutory income tax rate to the income before income taxes as a result of the following: Three months ended March 31, (In thousands) 2021 2020 Computed income tax at statutory rates $ 15,117 $ 10,047 Differences in tax rates due to multiple jurisdictions 560 256 Effect of income subject to tax-exemption grant (10,332) (6,970) Unrecognized tax (benefit) expense (123) 101 Excess tax benefits on share-based compensation (1,028) (213) Other, net 514 1,297 Income tax expense $ 4,708 $ 4,518

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share The reconciliation of the numerator and denominator of the income per common share is as follows: Three months ended March 31, (In thousands, except per share information) 2021 2020 Net income attributable to EVERTEC, Inc.’s common stockholders $ 35,503 $ 22,211 Less: non-forfeitable dividends on restricted stock — 6 Net income available to EVERTEC, Inc.’s common shareholders $ 35,503 $ 22,205 Weighted average common shares outstanding 72,150,529 72,012,648 Weighted average potential dilutive common shares (1) 798,872 1,280,357 Weighted average common shares outstanding - assuming dilution 72,949,401 73,293,005 Net income per common share - basic $ 0.49 $ 0.31 Net income per common share - diluted $ 0.49 $ 0.30 (1) Potential common shares consist of common stock issuable under RSUs awards using the treasury stock method.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesEVERTEC is a defendant in a number of legal proceedings arising in the ordinary course of business. Based on the opinion of legal counsel and other factors, management believes that the final disposition of these matters will not have a material adverse effect on the business, results of operations, financial condition, or cash flows of the Company. The Company has identified certain claims as a result of which a loss may be incurred, but in the aggregate the loss would be insignificant. For other claims regarding proceedings that are in an initial phase, the Company is unable to estimate the range of possible loss, if any, but at this time believes that any loss related to such claims will not be material.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following table presents the Company’s transactions with related parties for the three months ended March 31, 2021 and 2020: Three months ended March 31, (In thousands) 2021 2020 Total revenues (1)(2) $ 60,369 $ 54,572 Cost of revenues $ 1,049 $ 618 Operating lease cost and other fees $ 1,915 $ 1,981 Interest earned from affiliate Interest income $ 108 $ 89 (1) Popular revenues as a percentage of total revenues were 44% and 45%, respectively, for each of the periods presented above. (2) Includes revenues generated from investee accounted for under the equity method of $0.1 million and $0.3 million, respectively, for each of the periods presented above. As of March 31, 2021 and December 31, 2020, EVERTEC had the following balances arising from transactions with related parties: (In thousands) March 31, 2021 December 31, 2020 Cash and restricted cash deposits in affiliated bank $ 78,712 $ 126,189 Other due to/from affiliate Accounts receivable $ 35,324 $ 28,419 Prepaid expenses and other assets $ 4,125 $ 4,678 Operating lease right-of-use assets $ 16,196 $ 17,099 Accounts payable $ 2,427 $ 4,607 Contract liabilities $ 36,802 $ 35,807 Operating lease liabilities $ 16,633 $ 17,781

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates in four business segments: Payment Services - Puerto Rico & Caribbean, Payment Services - Latin America (collectively "Payment Services segments"), Merchant Acquiring, and Business Solutions. The Payment Services - Puerto Rico & Caribbean segment revenues are comprised of revenues related to providing access to the ATH debit network and other card networks to financial institutions, including related services such as authorization, processing, management and recording of ATM and point of sale ("POS") transactions, and ATM management and monitoring. The segment revenues also include revenues from card processing services (such as credit and debit card processing, authorization and settlement and fraud monitoring and control to debit or credit issuers), payment processing services (such as payment and billing products for merchants, businesses and financial institutions), ATH Movil (person-to-person and person-to-merchant digital transactions) and EBT (which principally consist of services to the government of Puerto Rico for the delivery of benefits to participants). For ATH debit network and processing services, revenues are primarily driven by the number of transactions processed. Revenues are derived primarily from network fees, transaction switching and processing fees, and the leasing of POS devices. For card issuer processing, revenues are primarily dependent upon the number of cardholder accounts on file, transactions and authorizations processed, the number of cards embossed and other processing services. For EBT services, revenues are primarily derived from the number of beneficiaries on file. The Payment Services - Latin America segment revenues consist of revenues related to providing access to the ATH network of ATMs and other card networks to financial institutions, including related services such as authorization, processing, management and recording of ATM and POS transactions, and ATM management and monitoring. The segment revenues also include revenues from card processing services (such as credit and debit card processing, authorization and settlement and fraud monitoring and control to debit or credit issuers), payment processing services (such as payment and billing products for merchants, businesses and financial institutions), as well as licensed software solutions for risk and fraud management and card payment processing. For network and processing services, revenues are primarily driven by the number of transactions processed. Revenues are derived primarily from network fees, transaction switching and processing fees, and the leasing of POS devices. For card issuer processing, revenues are primarily dependent upon the number of cardholder accounts on file, transactions and authorizations processed, the number of cards embossed, and other processing services. The Merchant Acquiring segment consists of revenues from services that allow merchants to accept electronic methods of payment. In the Merchant Acquiring segment, revenues include a discount fee and membership fees charged to merchants, debit network fees and rental fees from POS devices and other equipment, net of credit card interchange and assessment fees charged by credit cards associations (such as VISA or MasterCard) or payment networks. The discount fee is generally a percentage of the transaction value. EVERTEC also charges merchants for other services that are unrelated to the number of transactions or the transaction value. The Business Solutions segment consists of revenues from a full suite of business process management solutions in various product areas such as core bank processing, network hosting and management, IT professional services, business process outsourcing, item processing, cash processing, and fulfillment. Core bank processing and network services revenues are derived in part from a recurrent fixed fee and from fees based on the number of accounts on file (i.e. savings or checking accounts, loans, etc.) or computer resources utilized. Revenues from other processing services within the Business Solutions segment are generally volume-based and depend on factors such as the number of accounts processed. In addition, EVERTEC is a reseller of hardware and software products and these resale transactions are generally non-recurring. In addition to the four operating segments described above, management identified certain functional cost areas that operate independently and do not constitute businesses in themselves. These areas could neither be concluded as operating segments nor could they be combined with any other operating segments. Therefore, these areas are aggregated and presented within the “Corporate and Other” category in the financial statements alongside the operating segments. The Corporate and Other category consists of corporate overhead expenses, intersegment eliminations, certain leveraged activities and other non-operating and miscellaneous expenses that are not included in the operating segments. The overhead and leveraged costs relate to activities such as: • marketing, • corporate finance and accounting, • human resources, • legal, • risk management functions, • internal audit, • corporate debt related costs, • non-operating depreciation and amortization expenses generated as a result of merger and acquisition activity, • intersegment revenues and expenses, and • other non-recurring fees and expenses that are not considered when management evaluates financial performance at a segment level The Chief Operating Decision Maker ("CODM") reviews the operating segments separate financial information to assess performance and to allocate resources. Management evaluates the operating results of each of its operating segments based upon revenues and Adjusted EBITDA. Adjusted EBITDA is defined as EBITDA further adjusted to exclude unusual items and other adjustments. Adjusted EBITDA, as it relates to operating segments, is presented in conformity with ASC Topic 280, Segment Reporting , given that it is reported to the CODM for purposes of allocating resources. Segment asset disclosure is not used by the CODM as a measure of segment performance since the segment evaluation is driven by revenues and Adjusted EBITDA. As such, segment assets are not disclosed in the notes to the accompanying unaudited condensed consolidated financial statements. The following tables set forth information about the Company’s operations by its four business segments for the periods indicated: Three months ended March 31, 2021 (In thousands) Payment Payment Merchant Business Corporate and Other (1) Total Revenues $ 36,264 $ 25,014 $ 30,867 $ 60,611 $ (13,228) $ 139,528 Operating costs and expenses 20,489 19,846 16,466 36,689 1,039 94,529 Depreciation and amortization 3,942 2,934 654 4,794 6,299 18,623 Non-operating income (expenses) 185 1,108 231 553 (1,247) 830 EBITDA 19,902 9,210 15,286 29,269 (9,215) 64,452 Compensation and benefits (2) 241 809 231 363 1,860 3,504 Transaction, refinancing and other fees (3) 660 — — — 273 933 Adjusted EBITDA $ 20,803 $ 10,019 $ 15,517 $ 29,632 $ (7,082) $ 68,889 (1) Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.7 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $2.3 million from Payment Services - Latin America to Payment Services - Puerto Rico & Caribbean, and transaction processing and monitoring fees of $1.2 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $3.5 million. (2) Primarily represents share-based compensation. (3) Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A and a software impairment charge. Three months ended March 31, 2020 (In thousands) Payment Payment Merchant Business Corporate and Other (1) Total Revenues $ 29,887 $ 21,640 $ 25,121 $ 55,943 $ (10,649) $ 121,942 Operating costs and expenses 17,406 17,651 14,706 33,617 5,799 89,179 Depreciation and amortization 3,249 2,757 499 4,296 6,994 17,795 Non-operating income (expenses) 113 754 154 387 (962) 446 EBITDA 15,843 7,500 11,068 27,009 (10,416) 51,004 Compensation and benefits (2) 231 742 216 436 1,875 3,500 Transaction, refinancing and other fees (3) — — — — 1,786 1,786 Adjusted EBITDA $ 16,074 $ 8,242 $ 11,284 $ 27,445 $ (6,755) $ 56,290 (1) Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.0 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $1.6 million from Payment Services - Latin America to Payment Services - Puerto Rico & Caribbean. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $5.1 million. (2) Primarily represents share-based compensation. (3) Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A. The reconciliation of EBITDA to consolidated net income is as follows: Three months ended March 31, (In thousands) 2021 2020 Total EBITDA $ 64,452 $ 51,004 Less: Income tax expense 4,708 4,518 Interest expense, net 5,517 6,416 Depreciation and amortization 18,623 17,795 Net income $ 35,604 $ 22,275

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 22, 2021, the Board declared a regular quarterly cash dividend of $0.05 per share on the Company’s outstanding shares of common stock. The dividend will be paid on June 4, 2021 to stockholders of record as of the close of business on May 3, 2021. The Board anticipates declaring this dividend in future quarters on a regular basis; however future declarations of dividends are subject to the Board’s approval and may be adjusted as business needs or market conditions change.

The Company and Basis of Pres_2

The Company and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
The Company	The CompanyEVERTEC, Inc. and its subsidiaries (collectively the “Company,” or “EVERTEC”) is a leading full-service transaction-processing business in Puerto Rico, the Caribbean and Latin America. The Company is based in Puerto Rico and provides a broad range of merchant acquiring, payment services and business process management services. The Company provides services across 26 countries in the region. EVERTEC owns and operates the ATH network, one of the leading personal identification number ("PIN") debit networks in Latin America. EVERTEC manages a system of electronic payment networks and offers a comprehensive suite of services for core bank, cash processing and fulfillment in Puerto Rico. In addition, EVERTEC offers technology outsourcing in all the regions the Company serves. EVERTEC serves a broad and diversified customer base of leading financial institutions, merchants, corporations and government agencies with solutions that are essential to their operations, enabling them to issue, process and accept transactions securely.
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of EVERTEC have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements. Actual results could differ from these estimates. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted from these statements pursuant to the rules and regulations of the Securities and Exchange Commission and, accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2020, included in the Company’s 2020 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements, prepared in accordance with GAAP, contain all adjustments necessary for a fair presentation. Intercompany accounts and transactions are eliminated in consolidation.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued updated guidance for Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles set out in ASC Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC Topic 740 by clarifying and amending existing guidance. The adoption of these amendments did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Accounting Pronouncements Issued Prior to 2021 and Not Yet Adopted In March 2020, the FASB issued updated guidance for ASC Topic 848, Reference Rate Reform , to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met for a limited period of time in order to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update are elective and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments to this update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance will not have an impact on the Company's unaudited condensed consolidated financial statements.
Debt Securities	Debt securities available-for-sale are accounted for under the provisions of ASC 320 Investments – Debt and Equity Securities, which requires that debt securities available-for-sale be carried at fair value on the Company’s unaudited condensed consolidated balance sheets with unrealized gains (losses) recorded through other comprehensive income (“OCI”). Debt securities in an unrealized loss position which the Company intends to sell or for which it is more likely than not that the Company will be required to sell before recovery of the amortized cost basis, are written down to fair value through income. Quarterly, for debt securities in an unrealized loss position that the Company does not intend or will, more likely than not, not be required to sell, the Company evaluates if the decline in fair value has resulted from credit losses or other factors. If it is determined that the decline in fair value is related to credit losses, the Company records an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis. If the Company determines that the decline in value is related to factors other than credit, the Company recognizes the impairment through OCI. Debt securities were purchased close to the final trading day of the quarter ended March 31, 2021 and are held by a trust in the Costa Rica National Bank as a collateral requirement for settlement activities. The Company may substitute securities as needed but must maintain certain levels of collateral based on transaction volumes.

Debt Securities (Tables)

Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Debt securities available-for-sale by contractual maturity	The amortized cost, gross unrealized gains and losses recorded in OCI, estimated fair value, and weighted average yield of debt securities available-for-sale by contractual maturity as of March 31, 2021 were as follows: March 31, 2021 (In thousands) Gross unrealized Amortized cost Gains Losses Fair Value Costa Rica Government Obligations After 1 to 5 years $ 2,968 — — $ 2,968

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Summary of property and equipment, net	Property and equipment, net consists of the following: (In thousands) Useful life March 31, 2021 December 31, 2020 Buildings 30 $ 1,424 $ 1,437 Data processing equipment 3 - 5 125,942 124,897 Furniture and equipment 3 - 20 6,840 6,691 Leasehold improvements 5 -10 3,116 3,098 137,322 136,123 Less - accumulated depreciation and amortization (96,417) (93,826) Depreciable assets, net 40,905 42,297 Land 1,241 1,241 Property and equipment, net $ 42,146 $ 43,538

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of changes in carrying amount of goodwill allocated by reportable segments	The changes in the carrying amount of goodwill, allocated by operating segments, were as follows (see Note 16): (In thousands) Payment Payment Merchant Business Total Balance at December 31, 2020 $ 160,972 $ 52,754 $ 138,121 $ 45,823 $ 397,670 Foreign currency translation adjustments — (1,372) — — (1,372) Balance at March 31, 2021 $ 160,972 $ 51,382 $ 138,121 $ 45,823 $ 396,298
Summary of carrying amount of other intangible assets	The carrying amount of other intangible assets at March 31, 2021 and December 31, 2020 was as follows: March 31, 2021 (In thousands) Useful life in years Gross Accumulated Net carrying Customer relationships 8 - 14 $ 358,413 $ (252,583) $ 105,830 Trademarks 2 - 15 42,003 (35,770) 6,233 Software packages 3 - 10 299,068 (198,121) 100,947 Non-compete agreement 15 56,539 (39,577) 16,962 Other intangible assets, net $ 756,023 $ (526,051) $ 229,972 December 31, 2020 (Dollar amounts in thousands) Useful life in years Gross Accumulated Net carrying Customer relationships 8 - 14 $ 343,981 $ (246,088) $ 97,893 Trademarks 2 - 15 42,036 (35,467) 6,569 Software packages 3 - 10 289,205 (191,662) 97,543 Non-compete agreement 15 56,539 (38,635) 17,904 Other intangible assets, net $ 731,761 $ (511,852) $ 219,909
Summary of estimated amortization expenses	The estimated amortization expense of the balances outstanding at March 31, 2021 for the next five years is as follows: (Dollar amounts in thousands) Remaining 2021 $ 41,040 2022 48,467 2023 43,316 2024 32,584 2025 11,299

Debt and Short-Term Borrowings

Debt and Short-Term Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of total debt	Total debt at March 31, 2021 and December 31, 2020 follows: (In thousands) March 31, 2021 December 31, 2020 2023 Term A Loan bearing interest at a variable interest rate (LIBOR plus applicable margin (1)(2) ) $ 178,804 $ 188,788 2024 Term B Loan bearing interest at a variable interest rate (LIBOR plus applicable margin (1)(3) ) 295,559 306,503 Note payable due January 1, 2022 (1) 703 1,443 Total debt $ 475,066 $ 496,734 (1) Net of unaccreted discount and unamortized debt issue costs, as applicable. (2) Applicable margin of 1.75% at March 31, 2021 and December 31, 2020.
Summary of interest rate swap transaction	As of March 31, 2021, the Company has an interest rate swap agreement, entered into in December 2018, which converts a portion of the interest rate payments on the Company's 2024 Term B Loan from variable to fixed: Swap Agreement Effective date Maturity Date Notional Amount Variable Rate Fixed Rate 2018 Swap April 2020 November 2024 $250 million 1-month LIBOR 2.89%

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of carrying value and estimated fair values for financial instruments	The following table presents the carrying value, as applicable, and estimated fair value for financial instruments at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Carrying Fair Carrying Fair Financial assets: Costa Rica government obligations $ 2,968 $ 2,968 $ — $ — Financial liabilities: Interest rate swap 21,012 21,012 25,578 25,578 2023 Term A Loan 178,804 177,840 188,788 186,678 2024 Term B Loan 295,559 297,163 306,503 308,339

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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 ended March 31, 2021: (In thousands) Foreign Currency Cash Flow Hedges Total Balance - December 31, 2020, net of tax $ (24,842) $ (23,412) $ (48,254) Other comprehensive (loss) income before reclassifications (2,613) 2,463 (150) Effective portion reclassified to net income — 1,726 1,726 Balance - March 31, 2021, net of tax $ (27,455) $ (19,223) $ (46,678)

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of nonvested restricted shares and RSUs activity	The following table summarizes nonvested restricted shares and RSUs activity for the three months ended March 31, 2021: Nonvested restricted shares and RSUs Shares Weighted-average Nonvested at December 31, 2020 1,093,515 $ 27.88 Granted 659,598 31.10 Vested (647,491) 20.49 Forfeited (293) 22.90 Nonvested at March 31, 2021 1,105,329 $ 34.14

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of disaggregation of revenue	In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue recognition for the periods indicated. Three months ended March 31, 2021 (In thousands) Payment Services - Puerto Rico & Caribbean Payment Services - Latin America Merchant Acquiring, net Business Solutions Total Timing of revenue recognition Products and services transferred at a point in time $ 78 $ 676 $ — $ 2,498 $ 3,252 Products and services transferred over time 24,782 22,621 30,867 58,006 136,276 $ 24,860 $ 23,297 $ 30,867 $ 60,504 $ 139,528 Three months ended March 31, 2020 (In thousands) Payment Services - Puerto Rico & Caribbean Payment Services - Latin America Merchant Acquiring, net Business Solutions Total Timing of revenue recognition Products and services transferred at a point in time $ 5 $ 431 $ — $ 297 $ 733 Products and services transferred over time 20,633 19,809 25,121 55,646 121,209 $ 20,638 $ 20,240 $ 25,121 $ 55,943 $ 121,942
Summary of contract balances	The following table provides information about contract assets from contracts with customers. (In thousands) March 31, 2021 December 31, 2020 Balance at beginning of period $ 2,796 $ 1,191 Services transferred to customers 1,140 3,934 Transfers to accounts receivable (1,318) (2,329) Balance at end of period $ 2,618 $ 2,796

Current Expected Credit Losses

Current Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of allowance for credit losses on trade receivables	The following table provides information about the allowance for expected current credit losses on trade receivables. (In thousands) March 31, 2021 December 31, 2020 Balance at beginning of period $ 2,401 $ 3,460 Current period (release) provision for expected credit losses (27) 832 Write-offs (74) (1,894) Recoveries of amounts previously written-off — 3 Balance at end of period $ 2,300 $ 2,401

Income Tax (Tables)

Income Tax (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Components of income tax expense (benefit)	The components of income tax expense for the three months ended March 31, 2021 and 2020, respectively, consisted of the following: Three months ended March 31, (In thousands) 2021 2020 Current tax provision $ 5,598 $ 5,598 Deferred tax benefit (890) (1,080) Income tax expense $ 4,708 $ 4,518
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, 2021 and 2020, and its segregation based on location of operations: Three months ended March 31, (In thousands) 2021 2020 Current tax provision Puerto Rico $ 1,604 $ 1,679 United States 30 155 Foreign countries 3,964 3,764 Total current tax provision $ 5,598 $ 5,598 Deferred tax benefit Puerto Rico $ (294) $ (88) United States (429) (25) Foreign countries (167) (967) Total deferred tax benefit $ (890) $ (1,080)
Schedule of income tax expense differs from computed income tax at statutory rates	Income tax expense differs from the amount computed by applying the Puerto Rico statutory income tax rate to the income before income taxes as a result of the following: Three months ended March 31, (In thousands) 2021 2020 Computed income tax at statutory rates $ 15,117 $ 10,047 Differences in tax rates due to multiple jurisdictions 560 256 Effect of income subject to tax-exemption grant (10,332) (6,970) Unrecognized tax (benefit) expense (123) 101 Excess tax benefits on share-based compensation (1,028) (213) Other, net 514 1,297 Income tax expense $ 4,708 $ 4,518

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of numerator and denominator of income per common share	The reconciliation of the numerator and denominator of the income per common share is as follows: Three months ended March 31, (In thousands, except per share information) 2021 2020 Net income attributable to EVERTEC, Inc.’s common stockholders $ 35,503 $ 22,211 Less: non-forfeitable dividends on restricted stock — 6 Net income available to EVERTEC, Inc.’s common shareholders $ 35,503 $ 22,205 Weighted average common shares outstanding 72,150,529 72,012,648 Weighted average potential dilutive common shares (1) 798,872 1,280,357 Weighted average common shares outstanding - assuming dilution 72,949,401 73,293,005 Net income per common share - basic $ 0.49 $ 0.31 Net income per common share - diluted $ 0.49 $ 0.30 (1) Potential common shares consist of common stock issuable under RSUs awards using the treasury stock method.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary transactions with related parties	The following table presents the Company’s transactions with related parties for the three months ended March 31, 2021 and 2020: Three months ended March 31, (In thousands) 2021 2020 Total revenues (1)(2) $ 60,369 $ 54,572 Cost of revenues $ 1,049 $ 618 Operating lease cost and other fees $ 1,915 $ 1,981 Interest earned from affiliate Interest income $ 108 $ 89 (1) Popular revenues as a percentage of total revenues were 44% and 45%, respectively, for each of the periods presented above. (2) Includes revenues generated from investee accounted for under the equity method of $0.1 million and $0.3 million, respectively, for each of the periods presented above.
Summary of balances of transactions with related parties	As of March 31, 2021 and December 31, 2020, EVERTEC had the following balances arising from transactions with related parties: (In thousands) March 31, 2021 December 31, 2020 Cash and restricted cash deposits in affiliated bank $ 78,712 $ 126,189 Other due to/from affiliate Accounts receivable $ 35,324 $ 28,419 Prepaid expenses and other assets $ 4,125 $ 4,678 Operating lease right-of-use assets $ 16,196 $ 17,099 Accounts payable $ 2,427 $ 4,607 Contract liabilities $ 36,802 $ 35,807 Operating lease liabilities $ 16,633 $ 17,781

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of information about operations by business segments	The following tables set forth information about the Company’s operations by its four business segments for the periods indicated: Three months ended March 31, 2021 (In thousands) Payment Payment Merchant Business Corporate and Other (1) Total Revenues $ 36,264 $ 25,014 $ 30,867 $ 60,611 $ (13,228) $ 139,528 Operating costs and expenses 20,489 19,846 16,466 36,689 1,039 94,529 Depreciation and amortization 3,942 2,934 654 4,794 6,299 18,623 Non-operating income (expenses) 185 1,108 231 553 (1,247) 830 EBITDA 19,902 9,210 15,286 29,269 (9,215) 64,452 Compensation and benefits (2) 241 809 231 363 1,860 3,504 Transaction, refinancing and other fees (3) 660 — — — 273 933 Adjusted EBITDA $ 20,803 $ 10,019 $ 15,517 $ 29,632 $ (7,082) $ 68,889 (1) Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.7 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $2.3 million from Payment Services - Latin America to Payment Services - Puerto Rico & Caribbean, and transaction processing and monitoring fees of $1.2 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $3.5 million. (2) Primarily represents share-based compensation. (3) Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A and a software impairment charge. Three months ended March 31, 2020 (In thousands) Payment Payment Merchant Business Corporate and Other (1) Total Revenues $ 29,887 $ 21,640 $ 25,121 $ 55,943 $ (10,649) $ 121,942 Operating costs and expenses 17,406 17,651 14,706 33,617 5,799 89,179 Depreciation and amortization 3,249 2,757 499 4,296 6,994 17,795 Non-operating income (expenses) 113 754 154 387 (962) 446 EBITDA 15,843 7,500 11,068 27,009 (10,416) 51,004 Compensation and benefits (2) 231 742 216 436 1,875 3,500 Transaction, refinancing and other fees (3) — — — — 1,786 1,786 Adjusted EBITDA $ 16,074 $ 8,242 $ 11,284 $ 27,445 $ (6,755) $ 56,290 (1) Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.0 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $1.6 million from Payment Services - Latin America to Payment Services - Puerto Rico & Caribbean. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $5.1 million. (2) Primarily represents share-based compensation. (3) Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A.
Reconciliation of income from operations to consolidated net income	The reconciliation of EBITDA to consolidated net income is as follows: Three months ended March 31, (In thousands) 2021 2020 Total EBITDA $ 64,452 $ 51,004 Less: Income tax expense 4,708 4,518 Interest expense, net 5,517 6,416 Depreciation and amortization 18,623 17,795 Net income $ 35,604 $ 22,275

The Company and Basis of Pres_3

The Company and Basis of Presentation (Detail)	Mar. 31, 2021country
Accounting Policies [Abstract]
Number of countries where services are provided	26

Debt Securities (Details)

Debt Securities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized cost, after 1 to 5 years	$ 2,968
Gross unrealized gains, after 1 to 5 years	0
Gross unrealized losses, after 1 to 5 years	0
Fair Value, after 1 to 5 years	$ 2,968

Property and Equipment, net (De

Property and Equipment, net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property and Equipment, net
Property and equipment, gross	$ 137,322		$ 136,123
Less - accumulated depreciation and amortization	(96,417)		(93,826)
Depreciable assets, net	40,905		42,297
Land	1,241		1,241
Property and equipment, net	42,146		43,538
Depreciation and amortization expense related to property and equipment	4,400	$ 4,200
Loss on disposition of damaged POS devices	$ 400
Buildings
Property and Equipment, net
Useful life in years	30 years
Property and equipment, gross	$ 1,424		1,437
Data processing equipment
Property and Equipment, net
Property and equipment, gross	$ 125,942		124,897
Data processing equipment | Minimum
Property and Equipment, net
Useful life in years	3 years
Data processing equipment | Maximum
Property and Equipment, net
Useful life in years	5 years
Furniture and equipment
Property and Equipment, net
Property and equipment, gross	$ 6,840		6,691
Furniture and equipment | Minimum
Property and Equipment, net
Useful life in years	3 years
Furniture and equipment | Maximum
Property and Equipment, net
Useful life in years	20 years
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	$ 3,116		$ 3,098
Leasehold improvements | Minimum
Property and Equipment, net
Useful life in years	5 years
Leasehold improvements | Maximum
Property and Equipment, net
Useful life in years	10 years

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill by Segments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Changes in the Carrying Amount of Goodwill
Beginning balance	$ 397,670
Foreign currency translation adjustments	(1,372)
Ending balance	396,298
Payment Services - Puerto Rico & Caribbean
Changes in the Carrying Amount of Goodwill
Beginning balance	160,972
Foreign currency translation adjustments	0
Ending balance	160,972
Payment Services - Latin America
Changes in the Carrying Amount of Goodwill
Beginning balance	52,754
Foreign currency translation adjustments	(1,372)
Ending balance	51,382
Merchant Acquiring, net
Changes in the Carrying Amount of Goodwill
Beginning balance	138,121
Foreign currency translation adjustments	0
Ending balance	138,121
Business Solutions
Changes in the Carrying Amount of Goodwill
Beginning balance	45,823
Foreign currency translation adjustments	0
Ending balance	$ 45,823

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0	$ 0
Other intangible assets, net	229,972,000		$ 219,909,000
Amortization expense for intangible assets	14,200,000	$ 13,600,000
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	105,830,000		97,893,000
Customer relationships | Puerto Rico
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	$ 14,800,000
Useful life (years)	10 years
Software packages
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, net	$ 100,947,000		$ 97,543,000
Impairment charge	$ 600,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 756,023	$ 731,761
Accumulated amortization	(526,051)	(511,852)
Net carrying amount	229,972	219,909
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	358,413	343,981
Accumulated amortization	(252,583)	(246,088)
Net carrying amount	$ 105,830	$ 97,893
Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	8 years	8 years
Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	14 years	14 years
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 42,003	$ 42,036
Accumulated amortization	(35,770)	(35,467)
Net carrying amount	$ 6,233	$ 6,569
Trademarks | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	2 years	2 years
Trademarks | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	15 years	15 years
Software packages
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 299,068	$ 289,205
Accumulated amortization	(198,121)	(191,662)
Net carrying amount	$ 100,947	$ 97,543
Software packages | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	3 years	3 years
Software packages | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	10 years	10 years
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life in years	15 years	15 years
Gross amount	$ 56,539	$ 56,539
Accumulated amortization	(39,577)	(38,635)
Net carrying amount	$ 16,962	$ 17,904

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Estimated Amortization Expenses (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2021	$ 41,040
2022	48,467
2023	43,316
2024	32,584
2025	$ 11,299

Debt and Short-Term Borrowing_2

Debt and Short-Term Borrowings - Total Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 475,066	$ 496,734
Note Payable due on January 1, 2022 | Notes Payable
Debt Instrument [Line Items]
Note payable due January 1, 2022	703	1,443
Term A due on November 27,2023 | Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 178,804	$ 188,788
Fixed rate	1.75%	1.75%
Term B due on November 27, 2024 | Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 295,559	$ 306,503
Term B due on November 27, 2024 | Credit Facility | LIBOR
Debt Instrument [Line Items]
Minimum variable rate	0.00%	3.50%

Debt and Short-Term Borrowing_3

Debt and Short-Term Borrowings - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)agreement	Dec. 31, 2018USD ($)	Nov. 27, 2018USD ($)
Debt Instrument [Line Items]
Losses reclassified from accumulated other comprehensive loss into income	$ 1,700,000	$ 200,000
Losses expected to be reclassified from accumulated other comprehensive loss into income in the next 12 months	6,900,000
Credit Agreement 2018
Debt Instrument [Line Items]
Mandatory prepayment trigger, maximum value of excess cash flow					$ 10,000,000
Credit facility, payment			$ 17,800,000	$ 17,000,000
Notes Payable | December 2019 Financing Agreement
Debt Instrument [Line Items]
Number of financing agreements | agreement				2
Non interest bearing financing agreement				$ 2,400,000
Notes payable	800,000		$ 1,500,000
Term A due on November 27,2023 | Credit Facility
Debt Instrument [Line Items]
Secured credit facilities	$ 179,900,000
Fixed rate	1.75%		1.75%
Term A due on November 27,2023 | Credit Facility | Credit Agreement 2018
Debt Instrument [Line Items]
Maximum amount under credit facilities						$ 220,000,000
Term B due on November 27, 2024 | Credit Facility
Debt Instrument [Line Items]
Secured credit facilities	$ 298,300,000
Term B due on November 27, 2024 | Credit Facility | Credit Agreement 2018
Debt Instrument [Line Items]
Maximum amount under credit facilities						325,000,000
Senior Secured Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Additional borrowing capacity available under the revolving facility	117,000,000
Senior Secured Revolving Credit Facility | Credit Facility | Credit Agreement 2018
Debt Instrument [Line Items]
Maximum amount under credit facilities						$ 125,000,000
Carrying Amount
Debt Instrument [Line Items]
Interest rate swap	21,012,000		$ 25,578,000
Fair Value, Level 2 | Carrying Amount
Debt Instrument [Line Items]
Interest rate swap	$ 21,000,000		$ 25,600,000

Debt and Short-Term Borrowing_4

Debt and Short-Term Borrowings - Summary of Interest Rate Swap Transaction (Detail) - 2018 Interest Rate Swap Agreement	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative [Line Items]
Notional Amount	$ 250,000,000
1-month LIBOR
Derivative [Line Items]
Fixed Rate	2.89%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial liabilities:
Debt securities, available-for-sale	$ 2,968	$ 0
Carrying Amount
Financial liabilities:
Interest rate swap	21,012	25,578
Fair Value, Level 1
Financial liabilities:
Debt securities, available-for-sale	3,000
Fair Value, Level 2 | Carrying Amount
Financial liabilities:
Interest rate swap	$ 21,000	$ 25,600

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Carrying Value and Estimated Fair Values (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Costa Rica government obligations	$ 2,968	$ 0
Carrying Amount
Financial liabilities:
Interest rate swap	21,012	25,578
Carrying Amount | Credit Facility | 2023 Term A Loan
Financial liabilities:
Senior secured term loan	178,804	188,788
Carrying Amount | Credit Facility | 2024 Term B Loan
Financial liabilities:
Senior secured term loan	295,559	306,503
Fair Value
Financial liabilities:
Interest rate swap	21,012	25,578
Fair Value | Credit Facility | 2023 Term A Loan
Financial liabilities:
Senior secured term loan	177,840	186,678
Fair Value | Credit Facility | 2024 Term B Loan
Financial liabilities:
Senior secured term loan	297,163	308,339
Costa Rica government obligations | Carrying Amount
Financial assets:
Costa Rica government obligations	2,968	0
Costa Rica government obligations | Fair Value
Financial assets:
Costa Rica government obligations	$ 2,968	$ 0

Equity (Detail)

Equity (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 342,429
Other comprehensive (loss) income before reclassifications	(150)
Effective portion reclassified to net income	1,726
Ending balance	356,007
Foreign Currency Translation Adjustments
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	(24,842)
Other comprehensive (loss) income before reclassifications	(2,613)
Effective portion reclassified to net income	0
Ending balance	(27,455)
Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	(23,412)
Other comprehensive (loss) income before reclassifications	2,463
Effective portion reclassified to net income	1,726
Ending balance	(19,223)
Total
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	(48,254)
Ending balance	$ (46,678)

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 3.4	$ 3.5
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum unrecognized cost for stocks and RSU's	$ 29.4
Unrecognized compensation cost, weighted average period of recognition (in years)	2 years 3 months 18 days
Time Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Awards with Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment percent	25.00%
Awards with Performance Conditions | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance payout percent	0.00%
Awards with Performance Conditions | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance payout percent	200.00%
Awards with Performance Conditions | 2018 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Performance measurement period (in years)	1 year
Requisite service period (in years)	2 years

Share-based Compensation - Nonv

Share-based Compensation - Nonvested Restricted Shares and RSUs Activity (Detail) - Restricted Shares and RSUs	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Shares
Beginning balance (in shares) | shares	1,093,515
Granted (in shares) | shares	659,598
Vested (in shares) | shares	(647,491)
Forfeited (in shares) | shares	(293)
Ending balance (in shares) | shares	1,105,329
Weighted-average grant date fair value
Beginning balance (in usd per share) | $ / shares	$ 27.88
Granted (in usd per share) | $ / shares	31.10
Vested (in usd per share) | $ / shares	20.49
Forfeited (in usd per share) | $ / shares	22.90
Ending balance (in usd per share) | $ / shares	$ 34.14

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 139,528	$ 121,942
Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	3,252	733
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	136,276	121,209
Payment Services - Puerto Rico & Caribbean
Disaggregation of Revenue [Line Items]
Revenues	24,860	20,638
Payment Services - Puerto Rico & Caribbean | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	78	5
Payment Services - Puerto Rico & Caribbean | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	24,782	20,633
Payment Services - Latin America
Disaggregation of Revenue [Line Items]
Revenues	23,297	20,240
Payment Services - Latin America | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	676	431
Payment Services - Latin America | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	22,621	19,809
Merchant Acquiring, net
Disaggregation of Revenue [Line Items]
Revenues	30,867	25,121
Merchant Acquiring, net | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	0	0
Merchant Acquiring, net | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	30,867	25,121
Business Solutions
Disaggregation of Revenue [Line Items]
Revenues	60,504	55,943
Business Solutions | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	2,498	297
Business Solutions | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	$ 58,006	$ 55,646

Revenues - Contract Balances (D

Revenues - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue, Contract Balances [Roll Forward]
Beginning balance	$ 2,796	$ 1,191
Services transferred to customers	1,140	3,934
Transfers to accounts receivable	(1,318)	(2,329)
Ending balance	$ 2,618	$ 2,796

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 139,528	$ 121,942
Accounts receivable, net	99,737		$ 95,727
Unearned income	25,319		24,958
Contract liability - long term	31,798		$ 31,336
Revenue recognized that was included in unearned income	8,200	$ 5,200
Transaction price allocated to performance obligations that are unsatisfied or partially satisfied	$ 317,100
Professional Services, All Other Contracts | Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period of expected timing of satisfaction (in years)	2 years
Professional Services, All Other Contracts | Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period of expected timing of satisfaction (in years)	5 years

Current Expected Credit Losse_2

Current Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 2,401	$ 3,460
Current period (release) provision for expected credit losses	(27)	832
Write-offs	(74)	(1,894)
Recoveries of amounts previously written-off	0	3
Balance at end of period	$ 2,300	$ 2,401

Income Tax - Components of Inco

Income Tax - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Current tax provision	$ 5,598	$ 5,598
Deferred tax benefit	(890)	(1,080)
Income tax expense	$ 4,708	$ 4,518

Income Tax - Tax Expense Based

Income Tax - Tax Expense Based on Location (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Current tax provision
Puerto Rico	$ 1,604	$ 1,679
United States	30	155
Foreign countries	3,964	3,764
Total current tax provision	5,598	5,598
Deferred tax benefit
Puerto Rico	(294)	(88)
United States	(429)	(25)
Foreign countries	(167)	(967)
Total deferred tax benefit	$ (890)	$ (1,080)

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unremitted earnings from foreign subsidiaries	$ 84.3	$ 80.2
Gross deferred tax asset	21.8	22
Gross deferred tax liability	17.3	$ 19
Valuation allowance	$ 1

Income Tax - Income Tax Expense

Income Tax - Income Tax Expense Differs from Computed Income Tax at Statutory Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Computed income tax at statutory rates	$ 15,117	$ 10,047
Differences in tax rates due to multiple jurisdictions	560	256
Effect of income subject to tax-exemption grant	(10,332)	(6,970)
Unrecognized tax (benefit) expense	(123)	101
Excess tax benefits on share-based compensation	(1,028)	(213)
Other, net	514	1,297
Income tax expense	$ 4,708	$ 4,518

Net Income Per Common Share - R

Net Income Per Common Share - Reconciliation of Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 18, 2021	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to EVERTEC, Inc.’s common stockholders		$ 35,503	$ 22,211
Less: non-forfeitable dividends on restricted stock		0	6
Net income available to EVERTEC, Inc.’s common shareholders		$ 35,503	$ 22,205
Weighted average common shares outstanding (in shares)		72,150,529	72,012,648
Weighted average potential dilutive common shares (in shares)		798,872	1,280,357
Weighted average common shares outstanding - assuming dilution (in shares)		72,949,401	73,293,005
Net income per common share - basic (in usd per share)		$ 0.49	$ 0.31
Net income per common share - diluted (in usd per share)		0.49	0.30
Cash dividends declared (in usd per share)	$ 0.05	$ 0.05	$ 0.05

Related Party Transactions - Tr

Related Party Transactions - Transactions with Related Parties (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Transactions with Third Party
Total revenues	$ 60,369	$ 54,572
Cost of revenues	1,049	618
Operating lease cost and other fees	1,915	1,981
Interest earned from affiliate
Interest income	108	89
Earnings (losses) of equity method investment	502	338
Popular
Interest earned from affiliate
Earnings (losses) of equity method investment	$ 100	$ 300
Popular | Customer Concentration Risk | Total Revenue
Interest earned from affiliate
Total percentage of revenues from Popular	44.00%	45.00%

Related Party Transactions - Ba

Related Party Transactions - Balances of Transactions (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Cash and restricted cash deposits in affiliated bank	$ 78,712	$ 126,189
Other due to/from affiliate
Accounts receivable	35,324	28,419
Prepaid expenses and other assets	4,125	4,678
Operating lease right-of-use assets	16,196	17,099
Accounts payable	2,427	4,607
Contract liabilities	36,802	35,807
Operating lease liabilities	$ 16,633	$ 17,781

Segment Information - Operation

Segment Information - Operations by Segments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating business segments (in segment) | segment	4
Revenues	$ 139,528	$ 121,942
Operating costs and expenses	94,529	89,179
Depreciation and amortization	18,623	17,795
Non-operating income (expenses)	830	446
EBITDA	64,452	51,004
Compensation and benefits	3,504	3,500
Transaction, refinancing and other fees	933	1,786
Adjusted EBITDA	$ 68,889	$ 56,290
Consorcio de Tarjetas Dominicanas S.A.
Segment Reporting Information [Line Items]
Equity investment	19.99%	19.99%
Payment Services - Puerto Rico & Caribbean
Segment Reporting Information [Line Items]
Revenues	$ 24,860	$ 20,638
Payment Services - Latin America
Segment Reporting Information [Line Items]
Revenues	23,297	20,240
Merchant Acquiring, net
Segment Reporting Information [Line Items]
Revenues	30,867	25,121
Business Solutions
Segment Reporting Information [Line Items]
Revenues	60,504	55,943
Operating Segments | Payment Services - Puerto Rico & Caribbean
Segment Reporting Information [Line Items]
Revenues	36,264	29,887
Operating costs and expenses	20,489	17,406
Depreciation and amortization	3,942	3,249
Non-operating income (expenses)	185	113
EBITDA	19,902	15,843
Compensation and benefits	241	231
Transaction, refinancing and other fees	660	0
Adjusted EBITDA	20,803	16,074
Operating Segments | Payment Services - Latin America
Segment Reporting Information [Line Items]
Revenues	25,014	21,640
Operating costs and expenses	19,846	17,651
Depreciation and amortization	2,934	2,757
Non-operating income (expenses)	1,108	754
EBITDA	9,210	7,500
Compensation and benefits	809	742
Transaction, refinancing and other fees	0	0
Adjusted EBITDA	10,019	8,242
Operating Segments | Merchant Acquiring, net
Segment Reporting Information [Line Items]
Revenues	30,867	25,121
Operating costs and expenses	16,466	14,706
Depreciation and amortization	654	499
Non-operating income (expenses)	231	154
EBITDA	15,286	11,068
Compensation and benefits	231	216
Transaction, refinancing and other fees	0	0
Adjusted EBITDA	15,517	11,284
Operating Segments | Business Solutions
Segment Reporting Information [Line Items]
Revenues	60,611	55,943
Operating costs and expenses	36,689	33,617
Depreciation and amortization	4,794	4,296
Non-operating income (expenses)	553	387
EBITDA	29,269	27,009
Compensation and benefits	363	436
Transaction, refinancing and other fees	0	0
Adjusted EBITDA	29,632	27,445
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	(13,228)	(10,649)
Operating costs and expenses	1,039	5,799
Depreciation and amortization	6,299	6,994
Non-operating income (expenses)	(1,247)	(962)
EBITDA	(9,215)	(10,416)
Compensation and benefits	1,860	1,875
Transaction, refinancing and other fees	273	1,786
Adjusted EBITDA	(7,082)	(6,755)
Payment Processing | Corporate and Other
Segment Reporting Information [Line Items]
Revenues	9,700	9,000
Payment Processing | Corporate and Other | Payment Services - Latin America
Segment Reporting Information [Line Items]
Revenues	3,500	5,100
Software Sale And Developments | Corporate and Other
Segment Reporting Information [Line Items]
Revenues	2,300	$ 1,600
Transaction Processing and Monitoring Fees | Corporate and Other
Segment Reporting Information [Line Items]
Revenues	$ 1,200

Segment Information - Income fr

Segment Information - Income from Segments to Consolidated Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Total EBITDA	$ 64,452	$ 51,004
Less:
Income tax expense	4,708	4,518
Interest expense, net	5,517	6,416
Depreciation and amortization	18,623	17,795
Net income	$ 35,604	$ 22,275

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 22, 2021	Feb. 18, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Cash dividends declared (in usd per share)		$ 0.05	$ 0.05	$ 0.05
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in usd per share)	$ 0.05