Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

In connection with closing of the Popular Transaction on July 1, 2022, the Company terminated the existing stockholder agreement with Popular, which granted Popular certain benefits as a shareholder of the Company. In addition, on August 15, 2022, through a secondary offering, Popular sold its remaining shares of common stock of Evertec and as of that date no longer holds any shares of EVERTEC common stock. EVERTEC is no longer considered a subsidiary of Popular under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”). Given both the termination of the stockholder agreement and that Popular is no longer a shareholder of EVERTEC, management concluded that Popular is no longer a related party as of August 15, 2022.

The following table presents the Company’s transactions with Popular for the three and nine months ended September 30, 2022 while they were deemed a related party:

	Three months ended September 30,		Nine months ended September 30,
(In thousands)	2022 (1)		2022 (1)
Total revenues	$	22,782	$	153,335
Cost of revenues	$	653	$	2,386
Operating lease cost and other fees	$	807	$	4,433
Interest earned from affiliate
Interest income	$	231	$	1,011

(1)Amounts presented through August 15, 2022.