EVERTEC, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $845.5 million, a 22% increase from $694.7 million in 2023. This growth was attributed to a full year of contributions from the Sinqia acquisition, alongside organic growth across all segments. The company’s income from operations also rose by 22%, amounting to $165.7 million compared to $136.2 million in the previous year. The increase in revenues was driven by improved sales volumes and transaction processing, particularly in the merchant acquiring and payment services sectors.
In terms of operational changes, EVERTEC completed two significant acquisitions in 2024: Grandata, a data analytics firm, and Nubity, a cloud services provider. These acquisitions are expected to enhance the company’s capabilities in providing financial technology solutions, particularly in the underbanked markets of Latin America. The company also reported a notable increase in its employee headcount, which reached approximately 4,800 by the end of 2024, reflecting the integration of new personnel from these acquisitions.
The company’s strategic relationship with Popular, Inc. remains a cornerstone of its revenue model, contributing approximately 31% of total revenues in 2024. The amended Master Services Agreement with Popular, which extends through 2028, continues to be a critical component of EVERTEC's business strategy. The company has also seen growth in its ATH Movil platform, which facilitates digital transactions, further solidifying its market position in Puerto Rico and the Caribbean.
Looking ahead, EVERTEC anticipates continued growth driven by the ongoing shift towards digital payment methods in Latin America, where electronic payment penetration remains lower than in more mature markets. The company is well-positioned to capitalize on this trend, supported by its diversified service offerings and strategic acquisitions. However, it also faces challenges, including potential economic fluctuations and regulatory changes in the regions where it operates, which could impact its financial performance.
Overall, EVERTEC's robust financial results, strategic acquisitions, and strong market position suggest a positive outlook for the company as it navigates the evolving landscape of financial technology and payment processing in Latin America and the Caribbean.
About EVERTEC, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.