Condensed Financial Statements Parent Company Only

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements Parent Company Only

EVERTEC, Inc. Condensed Financial Statements

Parent Company Only

Condensed Balance Sheets


	December 31,
(Dollar amounts in thousands)	2015			2014
				(As Restated)
Assets
Current assets:
Cash	$	1,673		$	1,612
Accounts receivable, net		2,068			3,224
Prepaid expenses and other assets		109			3,949
Deferred tax asset		849			771

Total current assets		4,699			9,556
Investment in subsidiaries, at equity		119,605			120,535

Total assets	$	124,304		$	130,091

Liabilities and stockholders’ equity
Current liabilities:
Accrued liabilities	$	221		$	49
Accounts payable		47			5
Income tax payable		1,111			—

Total current liabilities		1,379			54
Long-term deferred tax liability		15,484			17,588
Other long-term liabilities		9,227			17,609

Total liabilities		26,090			35,251

Stockholders’ equity:
Common stock		750			779
Additional paid-in capital		9,718			59,740
Accumulated earnings		95,328			40,843
Accumulated other comprehensive loss, net of tax of $0 and $0		(7,582	)		(6,522	)

Total stockholders’ equity		98,214			94,840

Total liabilities and stockholders’ equity	$	124,304		$	130,091

Condensed Statements of Income (Loss) and Comprehensive Income (Loss)


	Years ended December 31,
(Dollar amounts in thousands)	2015			2014⁽¹⁾			2013⁽¹⁾
				(As Restated)
Non-operating income (expenses)
Equity in earnings (losses) of subsidiaries	$	81,161		$	74,081		$	(22,738	)
Interest income		232			227			144
Other expenses		(1,686	)		(1,994	)		(4,780	)

Total non-operating income (expense)		79,707			72,314			(27,374	)

Income (loss) before income taxes		79,707			72,314			(27,374	)

Income tax (benefit) expense		(5,670	)		6,157			(257	)

Net income (loss)		85,377			66,157			(27,117	)

Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(545	)		(6,948	)		1,268
Loss on cash flow hedge		(515	)		—			—

Total comprehensive income (loss)	$	84,317		$	59,209		$	(25,849	)

Condensed Statements of Cash Flows


	Years ended December 31,
(Dollar amounts in thousands)	2015			2014			2013
				(As Restated)
Cash flows from operating activities	$	86,237		$	57,276		$	(5,321	)

Cash flows from financing activities
Proceeds from initial public offering, net of offering costs of $12,567		—			—			112,432
Dividends paid		(30,921	)		(31,359	)		(16,390	)
Repurchase of common stock		(54,949	)		(26,197	)		(75,000	)
Statutory minimum withholding taxes paid on share-based compensation		(306	)		(2,001	)		(16,851	)
Tax windfall benefits on share-based compensation		—			3,669			1,829
Issuance of common stock		—			543			29
Settlement of stock options		—			(1,604	)		—

Net cash (used in) provided by financing activities		(86,176	)		(56,949	)		6,049

Net increase in cash		61			327			728
Cash at beginning of the period		1,612			1,285			557

Cash at end of the period	$	1,673		$	1,612		$	1,285

⁽¹⁾

The net impact of the Restatement for the year ended December 31, 2014 was a decrease in net income of $1.4 million. For the year ended December 31, 2013, net loss increased by $2.5 million as a result of the Restatement. Please refer to Note 1 for a detailed description of adjustments posted and an explanation of the main restatement issue.