EVERTEC reported $817M of remaining performance obligations at 30 Sep 2024, down 10% from a year earlier and down 5% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.79.
Net new backlog added in the latest quarter: -$43.8M.
Over the last twelve months it turned about 91% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 2.8% of the backlog.
Twelve-month book-to-bill: 0.89, i.e. 0.89 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -34 points — revenue is catching up with orders.
The latest filed figure is more than 200 days old.
EVERTEC backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2024
$817M
$824M
1.0 yrs
$23.0M
30 Jun 2024
$861M
$785M
1.1 yrs
$18.9M
31 Mar 2024
$892M
$740M
1.2 yrs
$18.9M
30 Sep 2023
$908M
$662M
1.4 yrs
$14.4M
30 Jun 2023
$944M
$634M
1.5 yrs
$17.8M
31 Mar 2023
$994M
$628M
1.6 yrs
$19.7M
30 Jun 2022
$233M
$612M
0.4 yrs
$21.4M
31 Mar 2022
$248M
$600M
0.4 yrs
$21.4M
31 Dec 2021
$254M
$590M
0.4 yrs
$17.4M
30 Sep 2021
$310M
$569M
0.5 yrs
$21.3M
30 Jun 2021
$296M
$559M
0.5 yrs
$23.8M
31 Mar 2021
$317M
$528M
0.6 yrs
$25.3M
Questions
What is EVERTEC's backlog?
EVERTEC reported $817M of remaining performance obligations at 30 Sep 2024, down 10% from a year earlier and down 5% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.79.
How fast does EVERTEC's backlog turn into revenue?
Over the last twelve months EVERTEC recognised revenue equal to about 91% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.