Evertec Inc (EVTC) 2025 Q1 法說會逐字稿

Good day, everybody, and welcome to the Evertec first-quarter 2025 earnings call. (Operator Instructions) Please note that today's event is being recorded.

大家好，歡迎參加 Evertec 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Beatriz Brown from Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部門的 Beatriz Brown。請繼續。

Thank you and good afternoon. With me today are Mac Schuessler, our President and Chief Executive Officer; and Joaquin Castrillo, our Chief Financial Officer.

謝謝，下午好。今天與我一起的還有我們的總裁兼執行長 Mac Schuessler 和我們的財務長 Joaquin Castrillo。

Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

在我們開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，應與我們的收益報告和公司最新的定期 SEC 報告中的警示性聲明一起考慮。

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as adjusted EBITDA, adjusted net income, and adjusted earnings per common share. Reconciliations to GAAP measures and certain additional information are also included in today's earnings release and related supplemental slides, which are available in the Investor Relations section of our company website at www.evertecinc.com.

在今天的電話會議中，管理層將提供某些信息，這些信息將構成美國證券交易委員會規則下的非公認會計準則財務指標，例如調整後的 EBITDA、調整後的淨收入和調整後的每股普通股收益。今天的收益報告和相關補充幻燈片中還包含與 GAAP 指標的對帳和某些附加信息，這些信息可在我們公司網站 www.evertecinc.com 的投資者關係部分找到。

I will now hand the call over to Mac.

我現在將電話交給 Mac。

Thanks, Beatriz, and thanks to everyone for joining us today. I'm pleased to announce a strong start to 2025 for Evertec against what has become a backdrop of increased macro uncertainty. All of our business segments delivered strong growth over prior year and exceeded our internal expectations as we continue to execute at a very high level across all regions.

謝謝，比阿特麗斯，也謝謝大家今天加入我們。我很高興地宣布，在宏觀不確定性日益增加的背景下，Evertec 在 2025 年將迎來強勁開局。由於我們在所有地區繼續保持高水準的執行，我們所有的業務部門都比上年實現了強勁增長，並超越了我們的內部預期。

On today's call, I'll provide a brief summary of our first-quarter financial results, a discussion of the Puerto Rico environment, and a LATAM update. I will then turn the call over to Joaquin, who will provide some additional details on our Q1 results and our improved outlook for 2025.

在今天的電話會議上，我將簡要介紹我們的第一季財務業績、討論波多黎各的環境以及拉丁美洲的最新情況。然後，我將把電話轉給 Joaquin，他將提供有關我們第一季業績和 2025 年展望的更多詳細資訊。

Starting on slide 4, I'll cover some highlights from our first-quarter results. Revenue for the quarter was $228.8 million, an 11.4% increase over the prior year as we saw growth across all of our segments. Currency represented a headwind in the quarter of approximately 3.3%. Adjusted EBITDA was $89.4 million, up approximately 14% year over year; and adjusted EBITDA margin was 39.1% for the quarter, up approximately 100 basis points from a year ago.

從第 4 張投影片開始，我將介紹我們第一季業績的一些亮點。本季營收為 2.288 億美元，比上年增長 11.4%，我們所有部門均實現成長。貨幣在本季造成了約 3.3% 的阻力。調整後 EBITDA 為 8,940 萬美元，較去年同期成長約 14%；本季調整後 EBITDA 利潤率為 39.1%，比去年同期成長約 100 個基點。

The margin increase reflects the strong revenue performance and our continued focus on efficiency and expense management across the company, partially offset by the revenue mix in the quarter that includes more hardware and software sales coming in at lower margins.

利潤率的成長反映了強勁的營收表現和我們對整個公司效率和費用管理的持續關注，但本季的收入結構（包括更多利潤率較低的硬體和軟體銷售）部分抵消了這一增長。

Adjusted EPS of $0.87 was up 21% year over year, driven by the strong adjusted EBITDA growth, lower interest expense, and a lower share count. In the quarter, we generated approximately $37.6 million in operating cash flows and returned $3.2 million to shareholders through dividends. Our liquidity remained strong at approximately $460 million as of March 31.

調整後每股收益為 0.87 美元，年增 21%，這得益於調整後 EBITDA 的強勁增長、利息支出的降低以及股票數量的減少。本季度，我們產生了約 3,760 萬美元的經營現金流，並透過股息向股東返還了 320 萬美元。截至 3 月 31 日，我們的流動資金依然強勁，約 4.6 億美元。

Let me now provide an update on Puerto Rico beginning on slide 5. Merchant Acquiring grew 11% as we continue to benefit from an improved spread and increased sales volumes. Payments Puerto Rico grew 4%, driven by continued strong performance from ATH Movil and higher POS transaction volumes. Business Solutions revenue grew 13% as we recognize revenue from key consulting projects completed during the second and third quarters of the prior year and also benefited from one-time hardware and software sales.

現在，讓我從第 5 張投影片開始介紹波多黎各的最新情況。由於我們繼續受益於利差的擴大和銷售量的增加，商家收單增加了 11%。波多黎各支付業務成長 4%，這得益於 ATH Movil 持續強勁的表現和 POS 交易量的增加。商業解決方案收入成長了 13%，這得益於我們確認了去年第二季和第三季完成的關鍵顧問專案的收入，同時也受益於一次性硬體和軟體銷售。

In terms of the overall condition of the Puerto Rico economy, it remained stable. Total employment continues to increase, while the unemployment rate remains a multi-decade lows of around 5.5%. Tourism was a bit mixed in the first quarter, with passenger traffic in the San Juan Airport remaining strong, up approximately 9% year over year through February. The cruise line passengers were down approximately 7% in January after being up low double digits in 2024.

波多黎各經濟整體狀況維持穩定。總就業人數持續增加，失業率仍維持在5.5%左右的數十年低點。第一季旅遊業表現有些複雜，聖胡安機場的客運量依然強勁，截至 2 月年增約 9%。郵輪乘客數量在 2024 年實現兩位數低成長之後，1 月下降了約 7%。

Turning to LATAM on slide 6. In LATAM, revenue grew 13% year over year, or 22% measured in constant currency. Organic growth across the region was double digits, driven by the GetNet Chile relationship and the reacceleration of our Brazil business, which benefited from initiatives put in place throughout last year, such as repricing efforts and product modernization.

前往投影片 6 上的 LATAM。在拉丁美洲，營收年增 13%，以固定匯率計算成長 22%。受 GetNet 智利業務關係和巴西業務重新加速的推動，該地區的有機成長率達到兩位數，這得益於去年實施的舉措，例如重新定價努力和產品現代化。

Before I turn things over to Joaquin, I'll make a quick comment on the tariff discussions and the potential impact to Evertec.

在我將問題交給 Joaquin 之前，我將對關稅討論及其對 Evertec 的潛在影響發表一些簡短的評論。

At this point, we've only identified a few areas where tariffs can have a direct impact on our business. However, we remain cautious given the overall impact to customer confidence, employment, and other factors that could have an indirect impact on our business.

目前，我們僅確定了關稅可能對我們的業務產生直接影響的幾個領域。然而，考慮到對客戶信心、就業和其他可能對我們的業務產生間接影響的因素的整體影響，我們仍然保持謹慎。

A number of the countries we serve do rely heavily on exports, so there is potential for disruption to their economies as 2025 progresses, and this could impact the payment volumes that drive our business. For example, Brazil exports steel and agricultural projects, while Chile relies heavily on exporting metals. At this point, we have not seen any material disruptions to any of our business segments or countries, but I assure you that we will be monitoring events closely and that we will be proactive in managing our businesses if conditions change.

我們服務的許多國家確實嚴重依賴出口，因此隨著 2025 年的到來，這些國家的經濟可能會受到干擾，這可能會影響推動我們業務的支付。例如，巴西出口鋼鐵和農業項目，而智利嚴重依賴金屬出口。目前，我們尚未發現任何業務部門或國家出現重大中斷，但我向大家保證，我們將密切關注事態發展，如果情況發生變化，我們將積極主動地管理我們的業務。

With that, I will now turn the call over to Joaquin.

說完這些，我現在將電話轉給華金。

Thank you, Mac, and good afternoon, everyone.

謝謝你，麥克，大家下午好。

Turning to slide 8, I'll review the first-quarter results for Evertec. Total revenue for the quarter was $228.8 million, up approximately 11% compared to the prior year, reflecting strong organic growth across all of the company segments and a small contribution from the two tuck-in acquisitions completed in the fourth quarter.

翻到第 8 張投影片，我將回顧 Evertec 第一季的表現。本季總收入為 2.288 億美元，比上年增長約 11%，反映了公司所有部門的強勁有機增長以及第四季度完成的兩項小型收購的少量貢獻。

Constant currency revenue growth was 15% in the quarter, with most of the headwind coming from the Brazilian real. Adjusted EBITDA for the quarter rose to $89.4 million, up approximately 14% from last year with a margin of 39.1%, an increase of 100 basis points. This growth resulted from strong revenue and a continued focus on expense management, partially offset by a mixed shift toward lower-margin areas within business solutions, mainly hardware and software sales.

本季固定匯率營收成長率為 15%，大部分阻力來自巴西雷亞爾。本季調整後 EBITDA 增至 8,940 萬美元，較去年同期成長約 14%，利潤率為 39.1%，增加了 100 個基點。這一增長得益於強勁的收入和對費用管理的持續關注，但部分抵消了業務解決方案中向低利潤領域（主要是硬體和軟體銷售）的混合轉變。

Adjusted net income was $56.3 million, an increase of approximately 17% year over year, driven primarily by the growth in adjusted EBITDA and a lower cash interest expense, which is a function of the lower software rates in comparison to the prior year, and the effect of the Terminal B repricing efforts executed last year. The adjusted effective tax rate for the quarter was 5.3% and aligned with expectations.

調整後的淨收入為 5,630 萬美元，同比增長約 17%，主要由於調整後的 EBITDA 增長和現金利息支出降低，這是由於與上一年相比軟體費率降低，以及去年實施的 B 航站樓重新定價措施的影響。本季調整後有效稅率為5.3%，與預期一致。

Adjusted EPS was $0.87, an increase of approximately 21% from the prior year, driven by the higher adjusted net income and the benefit from a reduced share count resulting from the repurchases completed during 2024.

調整後每股收益為 0.87 美元，較上年增長約 21%，這得益於調整後淨收入的增加以及 2024 年完成回購導致的股票數量減少。

Moving to slide 9, I will now cover our first-quarter results by segment, beginning with Merchant Acquiring. Net revenue increased approximately 11% year over year to $47.6 million as we benefited from a higher spread and sales volume growth. The positive spread continues to benefit from pricing initiatives implemented last year that were lapped in the latter part of the quarter, a slight shift in mix of cards, and the repricing of key relationships last year that will anniversary by the end of Q2. We also benefited from mid-single-digit volume growth driven by high-volume merchants signed last year.

轉到投影片 9，我現在將按部門介紹我們的第一季業績，首先是商家收單。由於利差擴大和銷售量成長，淨收入年增約 11% 至 4,760 萬美元。正價差繼續受益於去年實施的定價舉措（該舉措在本季度後半段受到衝擊）、信用卡組合的輕微變化以及去年關鍵關係的重新定價（該定價將在第二季度末達到週年紀念日）。我們也受惠於去年簽約的大宗商家所推動的中位數個位數的銷售成長。

Adjusted EBITDA for the segment was $20.4 million, with an adjusted EBITDA margin of 42.7%, an increase of approximately 510 basis points from the previous year. The margin increase is attributed to the spread-driven top-line growth as well as cost optimization efforts.

該部門調整後的 EBITDA 為 2,040 萬美元，調整後的 EBITDA 利潤率為 42.7%，比上年增加約 510 個基點。利潤率的成長歸功於利差驅動的營收成長以及成本優化努力。

On slide 10 are the results for the payment services Puerto Rico and Caribbean segment. Revenue in the quarter was $55.2 million, an increase of approximately 4% from the prior year. The revenue increase was primarily driven by growth in ATH mobile business as well as 4% POS transaction growth, partially offset by a decrease in services provided to the LATAM segment, mainly as a result of lower transactions being processed due to customer attrition discussed on previous calls.

幻燈片 10 是波多黎各和加勒比海地區支付服務部門的業績。本季營收為 5,520 萬美元，較上年增長約 4%。營收成長主要得益於 ATH 行動業務的成長以及 4% 的 POS 交易成長，但部分被提供給 LATAM 部門的服務的減少所抵消，這主要是由於先前通話中討論的客戶流失導致處理的交易減少。

Adjusted EBITDA was $31.4 million, up approximately 4% from the prior year; and adjusted EBITDA margin was 57%, down approximately 20 basis points from the prior year. The slight decrease in margin is related to the loss of scale from the decrease in transactions processed for the LATAM segment.

調整後的 EBITDA 為 3,140 萬美元，較上年增長約 4%；調整後的 EBITDA 利潤率為 57%，較上年下降約 20 個基點。利潤率的輕微下降與拉美地區處理的交易量減少導致的規模損失有關。

On slide 11 are the results for Latin America payments and solutions. Revenue in the quarter was $83.8 million, up approximately 13% year over year or 22% on a constant currency basis. We experienced double-digit organic growth across the region due to the GetNet Chile relationship, the positive impact from one-time revenues in the quarter, and the re-acceleration in Brazil, driven by the initiatives put in place last year around repricing of contracts, technology modernization, and getting closer to clients.

幻燈片 11 是拉丁美洲支付和解決方案的結果。本季營收為 8,380 萬美元，年增約 13%，以固定匯率計算成長 22%。由於與 GetNet 智利的關係、本季度一次性收入的積極影響以及巴西業務的重新加速，我們在整個地區實現了兩位數的有機增長，而巴西業務的重新加速則受到去年圍繞合同重新定價、技術現代化和更貼近客戶的舉措的推動。

The segment also benefited from a full-quarter contribution of Grandata and Nubity, the two acquisitions completed in the fourth quarter last year, which are performing as expected or better. In terms of currency, this represented a 9% headwind in the quarter, mainly driven by the devaluation of the Brazilian currency.

該部門還受益於 Grandata 和 Nubity 的整個季度貢獻，這兩家公司於去年第四季度完成了收購，目前表現符合或優於預期。就貨幣而言，本季出現了 9% 的逆風，主要原因是巴西貨幣貶值。

Adjusted EBITDA was $24.9 million, an increase of approximately 53% from the prior year, with an adjusted EBITDA margin of 29.7%, up approximately 780 basis points. The margin increase was due primarily to the higher revenues; the impact from the one-time rev mentioned, which were highly accretive; and the reversal of a contingency accrual from last year.

調整後 EBITDA 為 2,490 萬美元，較上年成長約 53%，調整後 EBITDA 利潤率為 29.7%，成長約 780 個基點。利潤率的成長主要歸因於更高的收入；上述一次性收入的影響（增值性極高）；以及去年意外開支的逆轉。

Moving to slide 12, Business Solutions segment revenue increased approximately 13% to $65.6 million. The increase is due primarily to the tailwind from projects that went into production last year and that will lap in the second and third quarters and non-recurring hardware and software sales completed in the quarter. Adjusted EBITDA was $22.2 million, down approximately 4% from a year ago, and adjusted EBITDA margin was down approximately 580 basis points from the prior year to 33.9%.

轉到第 12 張投影片，商業解決方案部門營收成長約 13%，達到 6,560 萬美元。成長主要得益於去年投入生產並將在第二季和第三季延續的項目以及本季完成的非經常性硬體和軟體銷售的順風。調整後的 EBITDA 為 2,220 萬美元，較去年同期下降約 4%，調整後的 EBITDA 利潤率較上年下降約 580 個基點至 33.9%。

The lower margin was due primarily to the mix shift in revenues with more hardware and software sales, which come in at lower margins, and an increase in professional services related to key initiatives around our products and services.

利潤率較低主要是由於收入結構的變化，硬體和軟體銷售增加，利潤率較低，以及與我們產品和服務的關鍵舉措相關的專業服務增加。

Moving to slide 13, you will see a summary of our corporate and other expenses. Corporate and other was $9.5 million in the quarter, or 4.1% of total revenue, slightly below our expectations but higher than prior year mainly due to personal expenses.

翻到第 13 張投影片，您將看到我們公司和其他費用的摘要。本季公司及其他業務收入為 950 萬美元，佔總收入的 4.1%，略低於我們的預期，但高於上年，這主要歸因於個人支出。

Moving on to our cash flow overview for the first-quarter 2025 on slide 14. Net cash from operating activities was $37.6 million. Capital expenditures were $22.3 million in the quarter and in line with our plan for $85 million in CapEx for the 2025 year. We paid down approximately $11.6 million in debt, paid approximately $8.7 million in withholding taxes on share-based compensation, and returned approximately $3.2 million to shareholders through dividends.

繼續第 14 張投影片介紹 2025 年第一季的現金流概覽。經營活動產生的淨現金為3760萬美元。本季資本支出為 2,230 萬美元，符合我們 2025 年 8,500 萬美元資本支出的計畫。我們償還了約 1,160 萬美元的債務，支付了約 870 萬美元的股權激勵預扣稅，並透過股息向股東返還了約 320 萬美元。

Also, during the quarter, we exercised our option to acquire the remaining non-controlling interest in a Sinqia subsidiary that provides technological solutions primarily for managing digital signatures for approximately $5.2 million. We did not repurchase any shares during the first quarter, and at a quarter end, we had approximately $138 million available for future use under the company's share purchase program through December 31, 2025. Our ending cash balance was approximately $290.1 million, a decrease of approximately $8 million from year-end 2024.

此外，在本季度，我們行使了選擇權，以約 520 萬美元的價格收購了 Sinqia 子公司剩餘的非控制權益，該公司主要提供用於管理數位簽名的技術解決方案。我們在第一季沒有回購任何股票，截至本季末，我們有大約 1.38 億美元可供該公司截至 2025 年 12 月 31 日的股票購買計畫未來使用。我們的期末現金餘額約為 2.901 億美元，比 2024 年底減少約 800 萬美元。

Moving to slide 15. Our net debt position at quarter end was $704 million, comprised of $969.8 million in total long and short-term debt offset by $265.9 million of unrestricted cash. Our weighted average interest rate was approximately 6.5%, a decrease of approximately 70 basis points from the first quarter of 2024, driven by the lower SOFR rates and the successful repricing of our TLB throughout 2024, which collectively reduced the spread on our term loan by 75 basis points.

移至投影片 15。我們季末的淨債務狀況為 7.04 億美元，其中包括 9.698 億美元的長期和短期債務，以及 2.659 億美元的非限制現金。我們的加權平均利率約為 6.5%，比 2024 年第一季下降了約 70 個基點，這得益於 SOFR 利率的降低以及 2024 年全年 TLB 的成功重新定價，這共同將我們的定期貸款利差降低了 75 個基點。

Our net debt to trailing 12-month adjusted EBITDA was approximately 2.04 times, down from 2.5 times a year ago, and at the lower end of our leverage target range of 2 to 3 times. As of March 31, our total liquidity, which excludes restricted cash but includes borrowing capacity, was $459.7 million, up approximately $52 million from a year ago.

我們的淨債務與過去 12 個月調整後 EBITDA 的比率約為 2.04 倍，低於一年前的 2.5 倍，處於 2 至 3 倍槓桿目標範圍的低端。截至 3 月 31 日，我們的總流動資金（不包括受限現金但包括借貸能力）為 4.597 億美元，比一年前增加了約 5,200 萬美元。

Now I'll turn to slide 16 for commentary on our 2025 outlook. We now expect constant currency revenue to be between $903 million to $911 million, representing growth of 6.8% to 7.7% year over year and above our prior constant currency range of 5.5% to 6.7%. We are now assuming 160 basis points of foreign currency headwinds based on Q1 rates, which would result in growth of 5.2% to 6.1% on a GAAP basis.

現在我將翻到第 16 張投影片來評論我們對 2025 年的展望。我們現在預計，以固定匯率計算，營收將在 9.03 億美元至 9.11 億美元之間，年增 6.8% 至 7.7%，高於我們先前 5.5% 至 6.7% 的固定匯率區間。我們現在根據第一季的匯率假設外匯逆風為 160 個基點，這將導致 GAAP 基礎上的成長率為 5.2% 至 6.1%。

Constant currency adjusted EPS is now expected to grow between 4.9% and 7.6% from the $3.28 reported for 2024 and higher than our previous assumption of 2.6% to 6% growth. We continue to assume an adjusted EBITDA margin of 39.5% to 40.5% and an adjusted effective tax rate of 6% to 7%.

預計按固定匯率調整後的每股收益將從 2024 年的 3.28 美元增長 4.9% 至 7.6%，高於我們先前假設的 2.6% 至 6% 的增長。我們繼續假設調整後的 EBITDA 利潤率為 39.5% 至 40.5%，調整後的有效稅率為 6% 至 7%。

I will now walk you through some of the key underlying assumptions that we consider in arriving at the outlook, beginning with revenue expectations for our business segments. For Merchant Acquiring, we continue to expect mid-single-digit growth in 2025 as we are coming up against tougher comps over the next few quarters as the tailwind from some of the pricing initiatives lap.

現在，我將向您介紹我們在製定前景時考慮的一些關鍵基本假設，首先是對我們業務部門的收入預期。對於商家收單而言，我們繼續預期 2025 年將實現中位數個位數成長，因為隨著一些定價措施的順風效應，我們在未來幾季將面臨更嚴峻的競爭。

In payments Puerto Rico and the Caribbean, we continue to expect low single-digit growth and reiterate our assumption that continued growth contribution from ATH Movil will be partially offset by lower processing services being offered to our LATAM segment, mainly due to the loss of Mercado Libre transactions, which will begin to take even more of an effect starting in Q2.

在波多黎各和加勒比地區的支付方面，我們繼續預期會出現低個位數成長，並重申我們的假設，即 ATH Movil 的持續成長貢獻將被我們向 LATAM 分部提供的處理服務減少所部分抵消，這主要是由於 Mercado Libre 交易的損失，從第二季度開始將產生更大的影響。

For payments Latin America, we continue to expect constant currency growth to be low double digits. As a reminder, we are expecting some planned attrition in 2025, most notably Mercado Libre that will begin to have more of an impact starting in Q2. Finally, in Business Solutions, we continue to expect revenue growth of low single digits for the full year, with margins improving from the level reported in the first quarter.

對於拉丁美洲的支付，我們繼續預計恆定貨幣成長率將達到兩位數以下。提醒一下，我們預計 2025 年會出現一些計劃內的人員流失，最明顯的是 Mercado Libre，它將從第二季度開始產生更大的影響。最後，在商業解決方案方面，我們繼續預計全年收入將保持低個位數成長，利潤率將比第一季的水準有所提高。

Now turning to overall margin. As a reminder, the 10% Popular discount that we have previously discussed will begin to impact our revenue and adjusted EBITDA in the fourth quarter of 2025 by approximately $4 million. The cost initiatives put in place to offset this impact continue to progress as planned, and we continue to expect a gradual improvement in the overall margin over the next two quarters and then a reset lower in the fourth quarter as the discount takes effect, netting out to a 39.5% to 40.5% margin expected for the full year.

現在轉向整體利潤。提醒一下，我們之前討論過的 10% 大眾折扣將在 2025 年第四季開始影響我們的營收和調整後 EBITDA 約 400 萬美元。為抵銷此影響而實施的成本措施繼續按計劃進行，我們預計未來兩個季度整體利潤率將逐步提高，然後隨著折扣生效，第四季度利潤率將重新降低，預計全年淨利潤率將達到 39.5% 至 40.5%。

We continue to expect an adjusted tax rate of 6% to 7% and CapEx of approximately $85 million for 2025. We expect to return cash to shareholders via dividends and with appropriate share buybacks.

我們繼續預期 2025 年的調整後稅率為 6% 至 7%，資本支出約為 8,500 萬美元。我們希望透過股利和適當的股票回購向股東返還現金。

In summary, we had a strong start to the year and believe Evertec remains well positioned to deliver strong top-line growth in 2025. Our guidance range does account for some variability given the uncertainty in the macroenvironment and the potential impact to our business. However, we are confident in our ability to navigate effectively through complex environments and different types of economic cycles as we have done in the past.

總而言之，我們今年開局強勁，並相信 Evertec 仍處於有利地位，能夠在 2025 年實現強勁的營收成長。鑑於宏觀環境的不確定性及其對我們業務的潛在影響，我們的指導範圍確實考慮了一些變化。然而，我們有信心，我們有能力像過去一樣，有效地應對複雜的環境和不同類型的經濟週期。

We will continue to closely monitor potential impacts to our business, either direct or indirect, then adjust accordingly. We look forward to updating you on our progress in the coming year and hope to see some of you at our conferences over the next few months.

我們將繼續密切關注對我們業務的潛在影響，無論是直接的還是間接的，然後做出相應調整。我們期待在來年向你們通報我們的進展，並希望在接下來的幾個月裡在我們的會議上見到你們。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Vasundhara Govil, KBW.

（操作員說明）Vasundhara Govil，KBW。

I guess first just on the revenue, strong revenue performance in this quarter. 15% constant currency growth is sort of one of the strongest I ever recall at the company given that most of it was organic. Joaquin, you said very small contribution from the two M&A deals. So just curious, relative to what your internal expectation was where you saw the outperformance come through?

我想先談談收入，本季營收表現強勁。 15% 的固定匯率成長率是我記憶中公司最強勁的成長率之一，因為其中大部分是有機成長。華金，您說這兩筆併購交易的貢獻很小。所以只是好奇，相對於您的內部預期，您看到了什麼優異的表現？

And sorry if I missed that, but it sounded like you're not incorporating anything from a macro standpoint at this point in time in the guide, is that correct?

如果我忽略了這一點，我很抱歉，但聽起來您目前沒有在指南中從宏觀角度納入任何內容，對嗎？

So what I would say, Vasu, is we really outperformed in pretty much every segment to what was our original expectation. I think if we look at Merchant Acquiring, we continue to see strong consumer confidence, and that came through in both volume and as we continue to see a tailwind in spread, Latin America continues to perform very well.

所以我想說，Vasu，我們在幾乎每個領域的表現都超出了我們最初的預期。我認為，如果我們看一下商家收單，我們會繼續看到強勁的消費者信心，這體現在數量上，而且隨著我們繼續看到利差的順風，拉丁美洲繼續表現良好。

As we said in the prepared remarks, Brazil's reacceleration is reflected now in the performance that we're seeing in that segment. And obviously, as we move forward throughout the year, as we said, we do have some headwinds that we are expecting, mainly as we have some attrition that we mentioned in the past. And then in Business Solutions, we had some one-timers on hardware and software that really propped up that performance this past quarter.

正如我們在準備好的演講中所說，巴西經濟的重新加速現在反映在我們在該領域看到的表現中。顯然，正如我們所說，隨著我們全年的前進，我們確實會遇到一些我們預料到的阻力，主要是因為我們過去提到過一些人員流失。然後在商業解決方案方面，我們在硬體和軟體上有一些一次性舉措，真正支撐了上個季度的表現。

In terms of the second part of the question, what I would say is, look, the low side does include or have some space for a degradation in consumer confidence as we move forward, but nothing drastic really. At this point, in the month of April, continues to look aligned to what were our expectations, but it's something that we will continue to monitor and that we've considered slightly within our guidance.

關於問題的第二部分，我想說的是，隨著我們不斷前進，低迷的局面確實包括或存在消費者信心下降的空間，但實際上並不嚴重。目前，四月的情況看起來仍然與我們的預期一致，但我們將繼續監測，並且在我們的指導範圍內略加考慮。

And then, Mac, I have a more high-level strategic question for you, a little tricky, but I'll still ask. So it seems like M&A has really picked up in this space again. We've seen some big announcements in the last two to three weeks. So just curious how you think about Evertec positioning both as an acquirer of more sizable assets, but perhaps also as a potential strategic target?

然後，麥克，我有一個更高層次的策略問題要問你，有點棘手，但我還是會問。因此看起來併購在這一領域確實再次興起。過去兩三週我們看到了一些重大公告。所以我很好奇，您如何看待 Evertec 的定位：既是更大資產的收購者，也是潛在的策略目標？

Yeah. So what I would say is, look, we continue to focus on M&A. I mean we just did Grandata and Nubity. The M&A pipeline continues to be robust and full, and we're very excited about some of the assets that we're looking at. So that will continue to be an important part of our strategy.

是的。所以我想說的是，我們繼續關注併購。我的意思是我們剛剛做了 Grandata 和 Nubity。併購通路持續強勁且充足，我們對正在關注的一些資產感到非常興奮。因此這將繼續成為我們策略的重要組成部分。

I mean, I really don't opine on how other people view us from a strategic acquisition perspective. I do think what we're focused on is running the best business we can for our current investors. But like I said, we're pretty optimistic about our M&A pipeline.

我的意思是，我真的不想從策略性收購的角度來評論其他人如何看待我們。我確實認為，我們所關注的是為現有投資者提供最好的業務。但正如我所說，我們對我們的併購管道非常樂觀。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

It's good to hear about Brazil reaccelerating. Can you characterize kind of how the business is performing down there relative to prior, when you acquired that asset?

很高興聽到巴西經濟重新加速發展。您能否描述一下與先前收購該資產時相比，該業務的表現如何？

Yeah. So Cris, this is Mac. As you know, we won't break it out. I mean because we manage it as far as the LATAM segment. What I would tell you is at the beginning of last year, we were very focused on a leadership change, very focused on some very specific initiatives, getting close to the customer, making sure that we are modernizing the platform so that we could maintain their business, but also sort of change the contracts and reprice them so that we can get the benefit of their growth. And we're seeing the effect of all of that.

是的。克里斯，這是麥克。正如你所知，我們不會將其洩漏出去。我的意思是，因為我們管理的是 LATAM 部分。我想告訴你的是，去年年初，我們非常關注領導層的變動，非常關註一些非常具體的舉措，貼近客戶，確保我們正在對平台進行現代化改造，以便我們能夠維持他們的業務，同時也改變合約並重新定價，以便我們可以從他們的成長中獲益。我們正在看到這一切的影響。

So the growth is back within our expectations. We won't compare it to previous numbers, but we're very pleased with the performance of Brazil this quarter and are optimistic about the remainder of the year.

因此成長又回到了我們的預期之內。我們不會將其與先前的數字進行比較，但我們對巴西本季的表現非常滿意，並對今年剩餘時間的表現持樂觀態度。

Great. And then just you gave a little bit of commentary on kind of the environment in Brazil and Chile. You gave great information on Puerto Rico. But when you think about your Latin American exposure, any countries from an economy standpoint kind of stand out that we should be monitoring?

偉大的。然後您對巴西和智利的環境做了一些評論。您提供了有關波多黎各的大量資訊。但是當您考慮到拉丁美洲的影響力時，從經濟角度來看，有哪些國家是值得我們關注的呢？

I mean nothing specific -- I mean, Brazil specifically, given that it's such a large piece of the business and given sort of the fluctuation we've seen in the currency under Luiz's administration. So that's the one that's the most significant where we've seen the biggest headwind from a currency perspective.

我的意思沒有什麼特別的——我的意思是，具體來說，巴西佔了我們業務的很大一部分，而且在路易斯執政期間，我們看到了貨幣的波動。因此，從貨幣角度來看，這是我們所見過的最大阻力。

As it relates to tariffs or any type of economic contraction, as Joaquin said, we haven't seen any type of meaningful impact today, and we're hopeful that that will remain, but we'll continue to monitor the situation around all the countries.

至於關稅或任何類型的經濟收縮，正如華金所說，我們今天還沒有看到任何類型的重大影響，我們希望這種情況能夠持續下去，但我們將繼續監測所有國家的局勢。

Jamie Friedman, Susquehanna International.

薩斯奎漢納國際公司的傑米·弗里德曼。

Nice results here. Mac, I wanted to ask you about the observations also about LATAM. You called out in your press release that you saw that the double-digit growth was driven in part by the GetNet Chile relationship and the reacceleration in Brazil. I was hoping you could unpack those a little bit. And at least in terms of GetNet Chile, where are you in the journey of delivering on that partnership?

結果不錯。Mac，我也想問您對 LATAM 的觀察。您在新聞稿中指出，兩位數的成長部分得益於 GetNet 智利業務的合作關係以及巴西市場的復甦。我希望你能稍微解釋一下這些。至少就 GetNet Chile 而言，您在實現這項合作關係方面進展如何？

Yeah. So like we said earlier, the segment grew double-digit organically. So we're very pleased with that. Grandata and Nubity were great at as well. And we're very pleased with the performance of both of those acquisitions. They're performing at, if not above, our original expectations.

是的。因此，正如我們之前所說的，該部門實現了兩位數的有機成長。所以我們對此感到非常高興。Grandata 和 Nubity 也表現出色。我們對這兩項收購的表現都非常滿意，它們的表現達到甚至超過了我們最初的預期。

When you think about GetNet getting at it, it is fully rolled out. So we've rolled out the capability for Santander, and they're now using that to enroll their merchants throughout Chile. So that is why you're seeing such a strong performance because they have been the most successful bank using our technology to move away from Transbank and that continues.

當您考慮 GetNet 實現這一目標時，它已經全面推出。因此，我們為桑坦德銀行推出了該功能，他們現在正在利用該功能在智利各地招商。這就是為什麼你會看到如此強勁的表現，因為他們是利用我們的技術擺脫 Transbank 的最成功的銀行，而且這種情況還在繼續。

So my recollection with GetNet, I might be being confused, but Chile was -- if I'm telling the story wrong, tell me, but it was originally a national issuer scheme and then it got privatized, GetNet took it away and you were participating in that. Do you have any data as to where that evolution is? How many cards are left? What the distribution in the market looks like? Anything that we can kind of drill in to come up with a size and opportunity for Evertec.

所以我對 GetNet 的記憶可能有些混亂，但智利——如果我說錯了，請告訴我，它最初是一個國家發行計劃，然後被私有化，GetNet 把它拿走了，而你也參與其中。您有任何關於這種演變的數據嗎？還剩下多少張牌？市場分佈如何？我們可以深入研究任何事情，以便為 Evertec 找到規模和機會。

Sure. So originally, and it's a great question, so for particularly those that are newer in the story. So Transbank used to be the primary acquirer across all of Chile. So all of the banks owned an equity stake in Transbank and they referred all their leads to Transbank and Transbank was the acquirer and processor for all of the merchants in the country. Santander was one of the first banks that decided to leave Transbank and create their own business.

當然。所以最初，這是一個很好的問題，特別是對於那些對這個故事比較陌生的人來說。因此，Transbank 曾經是整個智利的主要收單機構。因此，所有銀行都擁有 Transbank 的股權，並將所有潛在客戶轉介給 Transbank，而 Transbank 是該國所有商家的收單機構和處理機構。桑坦德銀行是首批決定脫離 Transbank 並創建自己的業務的銀行之一。

In addition, BCI did it with EVO, which is now part of Global Payments. In the marketplace, GetNet now has over 200,000 merchants that are active using our technology. So we believe we've been the most successful at helping them grow as they've chosen to leave Transbank.

此外，BCI 還與 EVO 合作，EVO 現已成為 Global Payments 的一部分。在市場上，GetNet 現有超過 20 萬名商家積極使用我們的技術。因此，我們相信，當他們選擇離開 Transbank 時，我們在幫助他們成長方面做得最為成功。

Across the country, I mean, Transbank has been rumored to be for sale on many occasions. So I think it's created a lot of disruption for the original incumbent. And other banks in the region continue to look at alternatives, other banks in the country. So I mean, we're optimistic with our relationship with GetNet and the performance that we've seen, but we also believe that as there's more disruption, there may be more opportunities to process for other banks.

我的意思是，在全國範圍內，曾多次傳出 Transbank 將被出售的傳聞。所以我認為這給原先的統治者帶來了很大的混亂。該地區的其他銀行也在繼續尋找替代方案，即該國的其他銀行。所以我的意思是，我們對與 GetNet 的關係以及我們所看到的表現感到樂觀，但我們也相信，隨著更多的中斷，其他銀行可能會有更多的處理機會。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Joaquin, just wanted to touch on merchant margins for a second. I think they were up about 510 basis points year over year. I see in the slide deck, you talked about just spread driven top-line growth and cost optimization, but hoping to dig in a little bit there? And also, maybe get some color on how we should think about those margins trending throughout the rest of '25?

華金，我只是想稍微談談商家利潤。我認為它們比去年同期上漲了約 510 個基點。我在幻燈片中看到，您談到了僅由利潤驅動的營收成長和成本優化，但希望在這方面深入挖掘一下？另外，也許我們可以了解我們應該如何看待 25 年剩餘時間內的利潤趨勢？

Sure. So I mean, look, as we've said, we have some -- a couple of different moving pieces when it comes to spread. Number one, we have some pricing actions that we're starting to lap towards the -- actually, we already lapped them. But for purposes of Q1, we did have a tailwind over the first couple of months. And we also have let's say, more card-not-present transactions, which are usually higher-yielding transactions. So that is also kind of driving a little bit the spread.

當然。所以我的意思是，看，正如我們所說的，在傳播方面，我們有一些 — — 幾個不同的活動部件。首先，我們已開始採取一些定價行動——實際上，我們已經採取了這些行動。但就第一季而言，我們在頭幾個月確實遇到了順風。而且，我們還有更多無卡交易，這些交易通常會更高。所以這也在某種程度上推動了傳播。

And I would say, third, one of the main banks in Puerto Rico last year became a regulated bank. So that also decreases the total cost per transaction or, let's say, the amount of interchange that we need to pay on those transactions. So those three factors are, again, the main drivers of growth because it's price driven, it's very accretive and that's what's driven the margin up.

第三，波多黎各的一家主要銀行去年成為受監管的銀行。因此這也降低了每筆交易的總成本，或者說，降低了我們需要在這些交易中支付的交換金額。因此，這三個因素再次成為成長的主要驅動力，因為它是由價格驅動的，具有很強的增值性，從而推動了利潤率的上升。

The one thing I would say is given that we will lap most of these throughout the year, the average ticket does continue to decline slightly, but it does continue to decline. So our expectation would be that if that is the case on a go-forward basis, that will start to put pressure again on the margin. So we're not expecting, let's say, margin expansion from where we are today in the Merchant segment.

我想說的是，考慮到我們全年都會完成大部分比賽，平均票價確實會繼續略有下降，但確實會繼續下降。因此，我們的預期是，如果未來情況確實如此，那麼利潤率將再次面臨壓力。因此，我們並不期望商家部門的利潤率會比現在有所擴大。

Okay. And then as we think about Mercado Libre and them rolling off, I'm not expecting exact answers here or numbers, but is second quarter going to be kind of a full run rate quarter of them being off? Or is it kind of a partial quarter, and we had a full-quarter impact in 3Q, 4Q? Just trying to calibrate the models for their exit.

好的。然後，當我們考慮 Mercado Libre 和他們的退出時，我並不期待這裡確切的答案或數字，但第二季度是否會成為他們退出的全運行率季度？或者這只是一個部分季度，而我們對第三季、第四季產生了整個季度的影響？只是想校準模型以供他們退出。

It won't be a full quarter, but it will take on, I would say, let's say, two-thirds of the quarter will be already impacted.

這不會影響整個季度，但我想說，該季度的三分之二將受到影響。

Okay. So not much of a drop off from 2Q to 3Q then as we think about it. And then last one for me. I guess Mac or Joaquin, as we circle back to the hurricane money, relief money from, I guess, seven or eight years ago now, obviously, you highlighted pretty healthy just general economic stats in Puerto Rico. Are you starting to see benefits from the relief funds? Is it something that you think should continue? Just curious, kind of any update there would be helpful.

好的。因此，我們認為從第二季到第三季的下降幅度並不大。這是我的最後一個。我想，麥克或華金，當我們回顧七、八年前的颶風救濟金和救災金時，顯然，你們強調了波多黎各的總體經濟數據相當健康。您是否開始看到救濟資金帶來的好處？您認為這應該繼續下去嗎？只是好奇，任何更新都會有幫助。

What I would say, John, is, yes, we continue to expect those funds to come through. I think that they have been, in fact, flowing through. And if you listen to some of the banks in Puerto Rico, they also are seeing more movement. How much of that or what the amount is going to impact any given year, I think it's still very hard to tell. But I think a lot of what's already coming in is getting reflected, and again, some of the resiliency that we're seeing in some of our payment segments in Puerto Rico.

約翰，我想說的是，是的，我們繼續期待這些資金能到位。我認為它們實際上已經流過了。如果你聽聽波多黎各的一些銀行的說法，你會發現他們也看到了更多的動向。我認為，其中有多少或多少金額會對某一年產生影響，目前還很難說。但我認為，許多已經出現的情況已經被反映，而且我們在波多黎各的一些支付領域也看到了一些彈性。

Actually, coming back to your previous question, John, to clarify, we did also call out, we have a few one-timers in the LATAM segment this quarter that in addition to, let's say, the attrition starting to show up over the next few quarters will also right not recur a portion of the top line we have in Q1 because it's one-time.

實際上，回到你之前的問題，約翰，為了澄清一下，我們也確實提到過，本季度我們在拉美地區有幾個一次性的人員流失，除此之外，可以說，在接下來的幾個季度開始出現的人員流失也不會再次發生，因為這是一次性的。

And that will conclude our question-and-answer session. I would now like to turn the conference back over to Mac Schuessler for any closing remarks.

我們的問答環節到此結束。現在我想將會議交還給 Mac Schuessler 並請他做最後發言。

Again, I want to thank everyone for joining the call. I thank my colleagues for a great quarter, and we hope you have a great rest of your night. Thank you very much.

再次感謝大家參加此次電話會議。我感謝我的同事們為本季所做的貢獻，並希望你們今晚能過得愉快。非常感謝。

The conference has now concluded. Thank you, everybody, for attending today's presentation. You may now disconnect.

會議現已結束。感謝大家參加今天的演講。您現在可以斷開連線。