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EVERTEC, Inc. (Exact Name of Registrant As Specified in Its Charter)

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EVERTEC, Inc. (Exact Name of Registrant As Specified in Its Charter) Company Profile Evertec®, Inc. (NYSE: EVTC) is a leading full service transaction processing company in Latin America, focused on simplifying commerce IRUPHUFKDQWVÀQDQFLDOLQVWLWXWLRQVJRYHUQPHQW agencies and consumers. We provide mission-critical technology solutions that enable our customers to issue, process and accept transactions securely. We provide these comprehensive end-to-end transaction processing solutions across several channels and geographic markets. With 28 years of experience in the transaction processing industry, we employ nearly 1,900 professionals, including employees from our 65% owned subsidiary Processa. We operate in 8 countries and serve customers with diverse businesses across 18 countries. Perfil de la Empresa Evertec®, Inc. (NYSE: EVTC), es una compañía líder que ofrece servicios de procesamiento de transacciones en América Latina, enfocada HQVLPSOLÀFDUHOFRPHUFLRSDUDORVQHJRFLRV LQVWLWXFLRQHVÀQDQFLHUDVDJHQFLDVGHJRELHUQR y consumidores. 2IUHFHPRVVROXFLRQHVWHFQROyJLFDVFUtWLFDVTXH le permiten a nuestros clientes emitir, procesar \DFHSWDUWUDQVDFFLRQHVGHPDQHUDVHJXUD Brindamos estas soluciones completas a través GHQXPHURVRVFDQDOHV\PHUFDGRVJHRJUiÀFRV Con 28 años de experiencia en la industria de procesamiento de transacciones, empleamos cerca de 1,900 profesionales, incluyendo a los HPSOHDGRVGHQXHVWUDÀOLDO3URFHVVDGHODFXDO Current Evertec®’s presence somos dueños del 65%. Operamos en 8 países y servimos a clientes con diversas operaciones ® a través de 18 países. Potential future Evertec expansions to our valued shareholders: a nuestros valiosos accionistas: In 2016, Evertec®GHOLYHUHGRQLWVÀQDQFLDOJRDOVDQG En 2016, Evertec® DOFDQ]y VXV PHWDV ÀQDQFLHUDV \ PDGHSURJUHVVRQLWVVWUDWHJLFJURZWKSODQVGHVSLWHD DYDQ]y HQ VXV SODQHV HVWUDWpJLFRV GH FUHFLPLHQWR D FKDOOHQJLQJHQYLURQPHQWLQ3XHUWR5LFR:HUHQHZHG SHVDUGHODPELHQWHGHVDÀDQWHTXHVHYLYHHQ3XHUWR5LFR RXUFRPPLWPHQWWRLQFUHDVHWKHOHYHORIVHUYLFHWRRXU 5HQRYDPRV QXHVWUR FRPSURPLVR GH DXPHQWDU HO QLYHO FXVWRPHUV FRQWLQXHG WR HQKDQFH RXU LQIUDVWUXFWXUH GHVHUYLFLRDQXHVWURVFOLHQWHVFRQWLQXDPRVPHMRUDQGR WKURXJK FDSLWDO LQYHVWPHQWV LQ WKH EXVLQHVV DQG QXHVWUDLQIUDHVWUXFWXUDDWUDYpVGHLQYHUVLRQHVGHFDSLWDO FRPSOHWHG WZR DFTXLVLWLRQV WKURXJK RXU VXFFHVVIXO HQHOQHJRFLR\FRPSOHWDPRVGRVDGTXLVLFLRQHVJUDFLDV FRUSRUDWHGHYHORSPHQWLQLWLDWLYHV:HDUHSURXGRIZKDW DQXHVWUDVLQLFLDWLYDVH[LWRVDVGHGHVDUUROORFRUSRUDWLYR ZHDFFRPSOLVKHGLQDQGEHOLHYHZHDUHEXLOGLQJ (VWDPRVRUJXOORVRVGHORORJUDGRHQ\FRQÀDPRVHQ DVWURQJIRXQGDWLRQIRUVXVWDLQHGSURÀWDEOHJURZWKDQG TXHHVWDPRVFRQVWUX\HQGRXQDEDVHVyOLGDSDUDPDQWHQHU LQFUHDVHGVKDUHKROGHUYDOXH XQFUHFLPLHQWRVRVWHQLEOH\UHQWDEOH\DXPHQWDUHOYDORU SDUDQXHVWURVDFFLRQLVWDV annual report 2016 1 1Adjusted earnings per share is a supplemental measure of Evertec’s performance, is not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). It is not a measurement of the Evertec’s financial performance under GAAP, and should not be considered as an alternative to total revenue, net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities, as an indicator of cash flow or as a measure of Evertec’s liquidity. In addition to GAAP measures, management uses this non-GAAP measure to focus on the factors the company believes are pertinent to the daily management of Evertec’s operations and believe it is frequently used by securities analysts, investors and other interested parties to evaluate companies in this industry. For a reconciliation of adjusted net income and adjusted earnings per share to the most directly comparable GAAP financial performance measures, refer to the chart shown below. 1Predominantly represents reimbursements received for certain software maintenance expenses as part of the Merger. 2Represents the elimination of non-cash equity earnings from our 19.99% equity investment in CONTADO, net of cash dividends received. 3Primarily represents share-based compensation and other compensation expense of $6.4 million and $5.3 million for the year ended December 31, 2016 and 2015 and severance payments of $3.7 million and $6.4 million for the year ended December 31, 2016 and 2015. For 2014, primarily represents non-cash equity based compensation. 4Primarily represents fees and expenses associated with corporate transactions as defined in the Credit Agreement. For the year ending December 31, 2016 also includes certain fees paid to resolve a software maintenance contract matter, fees associated with the debt refinancing and a software writedown. 5Represents the elimination of the effects of purchase accounting in connection with certain customer service and software-related arrangements whereby Evertec® receives reimbursements from Popular. 6Represents consulting, audit and legal expenses incurred as part of the restatement. 7Represents operating depreciation and amortization expense, which excludes amounts generated as a result of the Merger. 8Represents interest expense, less interest income, as they appear on our consolidated statements of income and comprehensive income, adjusted to exclude non-cash amortization of the debt issue costs, premium and accretion of discount. 9Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate. 10Represents the 35% non-controlling equity interest in Processa, net of amortization for intangibles created as part of the purchase. For a definition of terms such as “Merger”, “Contado”, “Credit Agreement”, “Popular”, and “Processa”, please refer to Evertec’s Form 10-K for the year ended December 31, 2016. annual report 2016 2 2016 Performance Desempeño en 2016 7RWDO UHYHQXH IRU ZDV QHDUO\ PLOOLRQ DQ (OWRWDOGHLQJUHVRVSDUDIXHGHDSUR[LPDGDPHQWH LQFUHDVHRIYHUVXVSULRU\HDUDQGDGMXVWHGHDUQLQJV PLOORQHVORFXDOUHSUHVHQWDXQDXPHQWRGHHQ SHUGLOXWHGVKDUHZDVDQLQFUHDVHRIFRPSDUHG FRPSDUDFLyQFRQHODxRDQWHULRU\HOLQJUHVRDMXVWDGRSRU ZLWK:HJHQHUDWHGJURZWKLQDOOWKUHHEXVLQHVV DFFLyQGLOXLGDIXHGHUHSUHVHQWDQGRXQLQFUHPHQWR VHJPHQWV ZLWK 0HUFKDQW$FTXLULQJ UHYHQXH LQFUHDVLQJ GH HQ FRPSDUDFLyQ FRQ +XER FUHFLPLHQWR 3D\PHQW3URFHVVLQJUHYHQXHXSDQG%XVLQHVV HQORVWUHVVHJPHQWRVGHQHJRFLRFRQXQDXPHQWRGH 6ROXWLRQVUHYHQXHLQFUHDVLQJ2SHUDWLQJFDVKÁRZ HQORVLQJUHVRVHQHOVHJPHQWRGH$GTXLUHQFLDXQ ZDVVWURQJDWPLOOLRQZKLFKDOORZHGIRUFRQWLQXHG LQFUHPHQWR GH HQ ORV LQJUHVRV GHO VHJPHQWR GH LQYHVWPHQWLQWKHEXVLQHVVWKURXJKFDSLWDOH[SHQGLWXUHV 3URFHVDPLHQWRGH3DJRV\XQHQORVLQJUHVRVHQHO RI PLOOLRQ FRPSOHWHG DFTXLVLWLRQV RI PLOOLRQ VHJPHQWRGH6ROXFLRQHVGH1HJRFLR(OÁXMRGHHIHFWLYR DQG UHWXUQ RI FDSLWDO WR RXU VKDUHKROGHUV WKURXJK GH RSHUDFLRQHV VH PDQWXYR HQ PLOORQHV OR TXH VKDUH UHSXUFKDVH DQG GLYLGHQGV RI QHDUO\ PLOOLRQ QRVSHUPLWLyFRQWLQXDULQYLUWLHQGRHQHOQHJRFLRDWUDYpV $GGLWLRQDOO\ZHVWUHQJWKHQHGRXUEDODQFHVKHHWLQ GH XQD LQYHUVLyQ GH FDSLWDO GH PLOORQHV FRPSOHWDU UHÀQDQFLQJ WKH PDMRULW\ RI RXU GHEW PDWXULWLHV WR PLOORQHV HQ DGTXLVLFLRQHV \ HO UHWRUQR GH FDSLWDO D DQGUHGXFLQJRXUGHEWWRDGMXVWHG(%,7'$OHYHUDJHUDWLR QXHVWURVDFFLRQLVWDVDWUDYpVGHODUHFRPSUDGHDFFLRQHV WRWLPHV:HDUHSOHDVHGWKDWZHKDYHWKHFDVKÁRZ \ HO SDJR GH GLYLGHQGRV SRU XQD FDQWLGDG DSUR[LPDGD DQG FDSLWDO ÁH[LELOLW\ WR UHWXUQ DGGLWLRQDO YDOXH WR RXU GH PLOORQHV $GHPiV HQ IRUWDOHFLPRV VKDUHKROGHUVZKLOHDOVRFRQWLQXLQJWRLQYHVWLQEXVLQHVV QXHVWUR EDODQFH UHÀQDQFLDQGR OD PD\RUtD GH QXHVWURV GHYHORSPHQWRSSRUWXQLWLHV YHQFLPLHQWRV GH GHXGD KDVWD HO \ UHGXFLHQGR QXHVWURDSDODQFDPLHQWRDYHFHVGHO(%,7'$DMXVWDGR 1RVFRPSODFHFRPSDUWLUTXHWHQHPRVHOÁXMRGHHIHFWLYR \ OD ÁH[LELOLGDG GH FDSLWDO SDUD GHYROYHU YDORU DGLFLRQDO DQXHVWURVDFFLRQLVWDVPLHQWUDVFRQWLQXDPRVLQYLUWLHQGR HQRSRUWXQLGDGHVGHGHVDUUROORGHQHJRFLRV annual report 2016 3 Renewed Commitment to our Customers Compromiso renovado con nuestros clientes ,QZHUHQHZHGRXUFRPPLWPHQWWRWKHFXVWRPHUV (QUHQRYDPRVQXHVWURFRPSURPLVRFRQORVFOLHQWHV :HXSJUDGHGRXUV\VWHPVDQGUHRUJDQL]HGRXUGHOLYHU\ $FWXDOL]DPRVQXHVWURVVLVWHPDV\UHRUJDQL]DPRVQXHVWURV DQGVXSSRUWWHDPVWRSURYLGHGHGLFDWHGSHUVRQQHOWR HTXLSRVGHDSR\R\HMHFXFLyQSDUDSRGHUSURYHHUSHUVRQDO LPSURYHVHUYLFHDQGFUHDWHDPRUHFROODERUDWLYHWHDP GHGLFDGRDPHMRUDUHOVHUYLFLR\FUHDUXQHQIRTXHGHPD\RU DSSURDFKIRURXUWRSFXVWRPHU%DQFR3RSXODU FRODERUDFLyQSDUDQXHVWURFOLHQWHSULQFLSDO%DQFR3RSXODU $GGLWLRQDOO\ ZH DUH SOHDVHG ZLWK WKH SHUIRUPDQFH RI $GHPiV HVWDPRV VDWLVIHFKRV FRQ HO GHVHPSHxR GH RXU H[SDQGHG PHUFKDQW DFTXLULQJ UHODWLRQVKLS ZLWK QXHVWUDUHODFLyQDPSOLDGDFRQ)LUVW%DQNSDUDHOQHJRFLR )LUVW%DQNDQGWKHFRQWLQXDWLRQRIRXUUHODWLRQVKLSZLWK GH DGTXLUHQFLD \ OD FRQWLQXDFLyQ GH QXHVWUD UHODFLyQ 2ULHQWDO %DQN :H DOVR ERDUGHG QHZ PHUFKDQWV DQG FRQ2ULHQWDO%DQN7DPELpQORJUDPRVLQWHJUDUQXHYRV H[SHULHQFHG JURZWK LQ WUDQVDFWLRQV IRU WKH \HDU FRPHUFLDQWHV\DOFDQ]DUXQFUHFLPLHQWRGHHQODV LQ3XHUWR5LFR:HFRQWLQXHGWRVWUHQJWKHQWKH$7+® WUDQVDFFLRQHV DQXDOHV HQ 3XHUWR 5LFR &RQWLQXDPRV 1HWZRUNWKURXJKLQQRYDWLRQVVXFKDV$7+®0yYLODQG IRUWDOHFLHQGR OD 5HG $7+® D WUDYpV GH LQQRYDFLRQHV H[WHQGHGFRQWUDFWVZLWKVRPHRIRXUNH\LVVXHUV FRPR $7+®0yYLO\H[WHQVLRQHVDORVFRQWUDWRVFRQ DOJXQRVGHQXHVWURVSULQFLSDOHVHPLVRUHV ,Q/DWLQ$PHULFDZHPDGHVLJQLÀFDQWSURJUHVVRQRXU JURZWK LQLWLDWLYHV LQ EXW ZH KDYH PRUH ZRUN WR (Q $PpULFD /DWLQD SURJUHVDPRV VLJQLÀFDWLYDPHQWH GRWRPHHWRXUH[SHFWDWLRQV7KHLPSURYHPHQWVPDGH HQ QXHVWUDV LQLFLDWLYDV GH FUHFLPLHQWR HQ SHUR GXULQJWKH\HDUHQDEOHG(YHUWHF®WRLPSURYHRXUFOLHQW WRGDYtDWHQHPRVWUDEDMRSRUKDFHUSDUDFXPSOLUQXHVWUDV UHWHQWLRQDQGZKLOHRXUQHZVDOHVLQWKH\HDUGLGQRW H[SHFWDWLYDV /DV PHMRUDV UHDOL]DGDV GXUDQWH HO DxR OH PHHW RXU JRDOV ZH ZHUH DEOH WR ODQG VRPH PLQRU SHUPLWLHURQ D (YHUWHF®PHMRUDUODUHWHQFLyQGHFOLHQWHV FOLHQWV :H EHOLHYH ZH DUH EHWWHU SRVLWLRQHG QRZ IRU \DXQTXHODVYHQWDVQXHYDVHQHODxRQRDOFDQ]DURQODV
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