Increases Annual Guidance

EVERTEC, Inc. (NYSE:EVTC) ("Evertec" or the "Company") today announced results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights

Revenue increased 14% to $139.5 million
GAAP Net Income attributable to common shareholders was $35.5 million or $0.49 per diluted share
Adjusted EBITDA increased 22% to $68.9 million
Adjusted earnings per common share was $0.62, an increase of 35%
Share repurchases totaled $14.3 million

Mac Schuessler, President and Chief Executive Officer stated, "In the first quarter, we delivered strong results as we lapped the one-year anniversary of the pandemic. We benefited from volume growth and continued increase of our digital solutions in Puerto Rico as well as the new client contracts in Latin America. Additionally, as a result of the strong first quarter, the incremental federal stimulus package, as well as the execution against our share repurchase program, we are increasing our outlook for 2021 results."

First Quarter 2021 Results

Revenue. Total revenue for the quarter ended March 31, 2021 was $139.5 million, an increase of 14% compared with $121.9 million in the prior year. Revenue increase in the quarter reflected sales volume growth with a high average ticket, as well as continued growth in our digital solutions in Puerto Rico. Additionally, revenue growth in Latin America was driven by new client contracts. Revenue growth also includes approximately $1 million in one-time hardware and software sales.

Net Income attributable to common shareholders. For the quarter ended March 31, 2021, GAAP Net Income attributable to common shareholders was $35.5 million, or $0.49 per diluted share, an increase of $13.3 million or $0.19 per diluted share as compared to the prior year.

Adjusted EBITDA. For the quarter ended March 31, 2021, Adjusted EBITDA was $68.9 million, an increase of 22% compared to the prior year. Adjusted EBITDA margin (Adjusted EBITDA as a percentage of total revenues) was 49.4%, an increase of approximately 320 basis points from the prior year. The year over year increase in margin primarily reflects the benefit of higher payment revenues in both Puerto Rico and Latin America while at the same time controlling costs.

Adjusted Net Income. For the quarter ended March 31, 2021, Adjusted Net Income was $45.0 million, an increase of 34% compared with $33.5 million in the prior year. Adjusted earnings per common share was $0.62, an increase of 35% compared to $0.46 in the prior year.

Share Repurchase

During the three months ended March 31, 2021, the Company repurchased 382,974 shares of its common stock at an average price of $37.26 per share for a total of $14.3 million. As of March 31, 2021, a total of approximately $86 million remained available for future use under the Company's share repurchase program.

2021 Outlook

The Company is increasing its financial outlook for 2021 as follows:

Total consolidated revenue is now anticipated between $543 million and $552 million representing growth of 6% to 8%, compared with $533 million to $544 million previously estimated
Adjusted earnings per common share between $2.25 to $2.32 representing a growth range of 9% to 12% from $2.07 in 2020, compared with $2.15 to $2.23 previously estimated
Capital expenditures are now anticipated to be between $50 and $55 million
Effective tax rate of approximately 13% to 14%.

Earnings Conference Call and Audio Webcast

The Company will host a conference call to discuss its first quarter 2021 financial results today at 4:30 p.m. ET. Hosting the call will be Mac Schuessler, President and Chief Executive Officer, and Joaquin Castrillo, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (888) 338-7153 or for international callers by dialing (412) 317-5117. A replay will be available one hour after the end of the conference call and can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the pin number is 10154680. The replay will be available through Thursday, May 6, 2021. The call will be webcast live from the Company's website at www.evertecinc.com under the Investor Relations section or directly at http://ir.evertecinc.com. A supplemental slide presentation that accompanies this call and webcast can be found on the investor relations website at ir.evertecinc.com and will remain available after the call.

About EVERTEC

EVERTEC, Inc. (NYSE:EVTC) is a leading full-service transaction processing business in Puerto Rico, the Caribbean and Latin America, providing a broad range of merchant acquiring, payment services and business process management services. Evertec owns and operates the ATH® network, one of the leading personal identification number ("PIN") debit networks in Latin America. In addition, the Company manages a system of electronic payment networks and offers a comprehensive suite of services for core banking, cash processing and fulfillment in Puerto Rico, that process approximately three billion transactions annually. The Company also offers technology outsourcing in all the regions it serves. Based in Puerto Rico, the Company operates in 26 Latin American countries and serves a diversified customer base of leading financial institutions, merchants, corporations and government agencies with "mission-critical" technology solutions. For more information, visit www.evertecinc.com.

Use of Non-GAAP Financial Information

The non-GAAP measures referenced in this release material are supplemental measures of the Company's performance and are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ("GAAP"). They are not measurements of the Company's financial performance under GAAP and should not be considered as alternatives to total revenue, net income or any other performance measures derived in accordance with GAAP or as alternatives to cash flows from operating activities, as indicators of operating performance or as measures of the Company's liquidity. In addition to GAAP measures, management uses these non-GAAP measures to focus on the factors the Company believes are pertinent to the daily management of the Company's operations and believes that they are also frequently used by analysts, investors and other interested parties to evaluate companies in the industry. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measure are included in the schedules to this release. These non-GAAP measures include EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share and are defined below.

EBITDA is defined as earnings before interest, taxes, depreciation and amortization.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude unusual items and other adjustments. This measure is reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to the Company's segments, is presented in conformity with Accounting Standards Codification 280, Segment Reporting, and is excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission's Regulation G and Item 10(e) of Regulation S-K. The Company's presentation of Adjusted EBITDA is substantially consistent with the equivalent measurements that are contained in the secured credit facilities in testing EVERTEC Group's compliance with covenants therein such as the secured leverage ratio.

Adjusted Net Income is defined as net income adjusted to exclude unusual items and other adjustments.

Adjusted Earnings per common share is defined as Adjusted Net Income divided by diluted shares outstanding.

The Company uses Adjusted Net Income to measure the Company's overall profitability because the Company believes it better reflects the comparable operating performance by excluding the impact of the non-cash amortization and depreciation that was created as a result of merger and acquisition activity. In addition, in evaluating EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per common share, you should be aware that in the future the Company may incur expenses such as those excluded in calculating them. Further, the Company's presentation of these measures should not be construed as an inference that the Company's future operating results will not be affected by unusual or nonrecurring items.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of EVERTEC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by, or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," and "plans" and similar expressions of future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to: the Company's reliance on its relationship with Popular, Inc. ("Popular") for a significant portion of revenue pursuant to the Master Services Agreement (MSA) with Popular and to grow the Company's merchant acquiring business; as a regulated institution, the likelihood the Company will be required to obtain regulatory approval before engaging in certain new activities or businesses, whether organically or by acquisition, and the Company's potential inability to obtain such approval on a timely basis or at all, which may make transactions more expensive or impossible to complete, or make the Company less attractive to potential sellers; the Company's ability to renew its client contracts on terms favorable to the Company, including the Company's contract with Popular, and any significant concessions the Company may have to grant to Popular with respect to pricing or other key terms in anticipation of the negotiation of the extension of the MSA, both in respect of the current term and any extension of the MSA; dependence on the Company's processing systems, technology infrastructure, security systems and fraudulent payment detection systems, as well as on the Company's personnel and certain third parties with whom the Company does business and the risks to the Company's business if systems are hacked or otherwise compromised; our ability to develop, install and adopt new software, technology and computing systems; a decreased client base due to consolidations in the financial-services industry; the credit risk of the Company's merchant clients, for which the Company may also be liable; the continuing market position of the ATH® network; a reduction in consumer confidence, whether as a result of a global economic downturn or otherwise, which leads to a decrease in consumer spending; the Company's dependence on credit card associations, including any adverse changes in credit card association or network rules or fees; changes in the regulatory environment and changes in international, legal, tax, political, administrative or economic conditions; the geographical concentration of the Company's business in Puerto Rico and its instrumentalities, which are facing severe political and fiscal challenges; additional adverse changes in the general economic conditions in Puerto Rico, whether as a result of the government's debt crisis or otherwise, including the continued migration of Puerto Ricans to the U.S. mainland, which could negatively affect our customer base, general consumer spending, our cost of operations and our ability to hire and retain qualified employees; operating an international business in Latin America and the Caribbean, in jurisdictions with potential political and economic instability; the Company's ability to execute its geographic expansion and acquisition strategies, including challenges in successfully acquiring new businesses and integrating and growing acquired businesses; the Company's ability to protect the Company's intellectual property rights against infringement and to defend the Company against claims of infringement brought by third parties; the Company's ability to comply with U.S. federal, state, local and foreign regulatory requirements; evolving industry standards and adverse changes in global economic, political and other conditions; the Company's level of indebtedness and restrictions contained in the Company's debt agreements, including the senior secured credit facilities, as well as debt that could be incurred in the future; the Company's ability to prevent a cybersecurity attack or breach in the Company's information security; the possibility that the Company could lose its preferential tax rate in Puerto Rico; the possibility of future catastrophic hurricanes, earthquakes and other potential natural disasters affecting our main markets in Latin America and the Caribbean; uncertainty related to the effect of the discontinuation of the London Interbank Offered Rate at the end of 2021; the nature, timing and amount of any restatement; and the continued impact of COVID-19 pandemic and measures taken in response to the outbreak, on our resources, net income and liquidity due to current and future disruptions in operations as well as the macroeconomic instability caused by the pandemic.

Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings "Forward-Looking Statements" and "Risk Factors" in the reports the Company files with the SEC from time to time, in connection with considering any forward-looking statements that may be made by the Company and its businesses generally. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless the Company is required to do so by law.

EVERTEC, Inc. Schedule 1: Unaudited Condensed Consolidated Statements of Income and Comprehensive Income

	Three months ended March 31,
	2021			2020
(Dollar amounts in thousands, except share data)
Revenues	$	139,528		$	121,942

Operating costs and expenses
Cost of revenues, exclusive of depreciation and amortization	59,804			54,067
Selling, general and administrative expenses	16,102			17,317
Depreciation and amortization	18,623			17,795
Total operating costs and expenses	94,529			89,179
Income from operations	44,999			32,763
Non-operating income (expenses)
Interest income	389			363
Interest expense	(5,906		)	(6,779		)
Earnings of equity method investment	502			338
Other income	328			108
Total non-operating expenses	(4,687		)	(5,970		)
Income before income taxes	40,312			26,793
Income tax expense	4,708			4,518
Net income	35,604			22,275
Less: Net income attributable to non-controlling interest	101			64
Net income attributable to EVERTEC, Inc.'s common stockholders	35,503			22,211
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(2,613		)	(8,305		)
Gain (loss) on cash flow hedges	4,189			(11,859		)
Total comprehensive income attributable to EVERTEC, Inc.'s common stockholders	$	37,079		$	2,047
Net income per common share:
Basic	$	0.49		$	0.31
Diluted	$	0.49		$	0.30
Shares used in computing net income per common share:
Basic	72,150,529			72,012,648
Diluted	72,949,401			73,293,005

EVERTEC, Inc. Schedule 2: Unaudited Condensed Consolidated Balance Sheets

(In thousands)	March 31, 2021		December 31, 2020
Assets
Current Assets:
Cash and cash equivalents	$	156,363	$	202,649
Restricted cash	19,059		18,456
Accounts receivable, net	99,737		95,727
Prepaid expenses and other assets	44,573		42,214
Total current assets	319,732		359,046
Debt securities available-for-sale, at fair value	2,968		—
Investment in equity investee	12,867		12,835
Property and equipment, net	42,146		43,538
Operating lease right-of-use asset	25,604		27,538
Goodwill	396,298		397,670
Other intangible assets, net	229,972		219,909
Deferred tax asset	5,671		5,730
Net investment in leases	255		301
Other long-term assets	5,136		6,012
Total assets	$	1,040,649	$	1,072,579
Liabilities and stockholders' equity
Current Liabilities:
Accrued liabilities	$	56,600	$	58,033
Accounts payable	26,998		43,348
Contract liability	25,319		24,958
Income tax payable	6,547		6,573
Current portion of long-term debt	15,625		14,250
Operating lease payable	5,491		5,830
Total current liabilities	136,580		152,992
Long-term debt	458,738		481,041
Deferred tax liability	2,151		2,748
Contract liability - long term	31,798		31,336
Operating lease liability - long-term	20,884		22,402
Derivative liability	21,012		25,578
Other long-term liabilities	13,479		14,053
Total liabilities	684,642		730,150
Stockholders' equity
Preferred stock, par value $0.01; 2,000,000 shares authorized; none issued	—		—
Common stock, par value $0.01; 206,000,000 shares authorized; 72,166,443 shares issued and outstanding as of March 31, 2021 (December 31, 2020 - 72,137,678)	721		721
Additional paid-in capital	—		5,340
Accumulated earnings	397,556		379,934
Accumulated other comprehensive loss, net of tax	(46,678)		(48,254)
Total EVERTEC, Inc. stockholders' equity	351,599		337,741
Non-controlling interest	4,408		4,688
Total equity	356,007		342,429
Total liabilities and equity	$	1,040,649	$	1,072,579

EVERTEC, Inc. Schedule 3: Unaudited Condensed Consolidated Statements of Cash Flows

	Three months ended March 31,
	2021			2020
Cash flows from operating activities
Net income	$	35,604		$	22,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,623			17,795
Amortization of debt issue costs and accretion of discount	569			621
Operating lease amortization	1,492			1,173
(Release) provision for expected credit losses and sundry losses	(184		)	104
Deferred tax benefit	(890		)	(1,080		)
Share-based compensation	3,380			3,483
Loss on disposition of property and equipment and impairment of intangible	1,042			81
Earnings of equity method investment	(502		)	(338		)
Decrease (increase) in assets:
Accounts receivable, net	(4,048		)	11,729
Prepaid expenses and other assets	(2,539		)	(1,836		)
Other long-term assets	833			(2,477		)
(Decrease) increase in liabilities:
Accrued liabilities and accounts payable	(18,457		)	(20,662		)
Income tax payable	82			3,307
Contract liability	1,185			1,075
Operating lease liabilities	(1,611		)	(1,409		)
Other long-term liabilities	167			84
Total adjustments	(858		)	11,650
Net cash provided by operating activities	34,746			33,925
Cash flows from investing activities
Additions to software	(11,971		)	(6,055		)
Acquisition of customer relationship	(14,750		)	—
Property and equipment acquired	(4,724		)	(3,357		)
Acquisition of available-for-sale debt securities	(2,968		)	—
Net cash used in investing activities	(34,413		)	(9,412		)
Cash flows from financing activities
Statutory withholding taxes paid on share-based compensation	(8,728		)	(2,706		)
Repayment of short-term borrowings for purchase of equipment and software	(758		)	(792		)
Dividends paid	(3,605		)	—
Repurchase of common stock	(14,268		)	(7,300		)
Repayment of long-term debt	(21,357		)	(20,560		)
Net cash used in financing activities	(48,716		)	(31,358		)
Effect of foreign exchange rate on cash, cash equivalents and restricted cash	2,700			828
Net decrease in cash, cash equivalents and restricted cash	(45,683		)	(6,017		)
Cash, cash equivalents and restricted cash at beginning of the period	221,105			131,121
Cash, cash equivalents and restricted cash at end of the period	$	175,422		$	125,104
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	156,363		$	103,521
Restricted cash	19,059			21,583
Cash, cash equivalents and restricted cash	$	175,422		$	125,104

EVERTEC, Inc. Schedule 4: Unaudited Segment Information

	Three months ended March 31, 2021
(In thousands)	Payment Services - Puerto Rico & Caribbean		Payment Services - Latin America		Merchant Acquiring, net		Business Solutions		Corporate and Other ⁽¹⁾		Total

Revenues	$	36,264	$	25,014	$	30,867	$	60,611	$	(13,228)	$	139,528
Operating costs and expenses	20,489		19,846		16,466		36,689		1,039		94,529
Depreciation and amortization	3,942		2,934		654		4,794		6,299		18,623
Non-operating income (expenses)	185		1,108		231		553		(1,247)		830
EBITDA	19,902		9,210		15,286		29,269		(9,215)		64,452
Compensation and benefits ⁽²⁾	241		809		231		363		1,860		3,504
Transaction, refinancing and other fees ⁽³⁾	660		—		—		—		273		933
Adjusted EBITDA	$	20,803	$	10,019	$	15,517	$	29,632	$	(7,082)	$	68,889

(1)		Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.7 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring, intercompany software developments and transaction processing of $2.3 million from Payment Services - Latin America to Payment Services - Puerto Rico & Caribbean, and transaction processing and monitoring fees of $1.2 million from Payment Services - Puerto Rico & Caribbean to Payment Services - Latin America. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $3.5 million.
(2)		Primarily represents share-based compensation.
(3)		Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, a software impairment charge and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A.

	Three months ended March 31, 2020
(In thousands)	Payment Services - Puerto Rico & Caribbean		Payment Services - Latin America		Merchant Acquiring, net		Business Solutions		Corporate and Other ⁽¹⁾			Total

Revenues	$	29,887	$	21,640	$	25,121	$	55,943	$	(10,649	)	$	121,942
Operating costs and expenses	17,406		17,651		14,706		33,617		5,799			89,179
Depreciation and amortization	3,249		2,757		499		4,296		6,994			17,795
Non-operating income (expenses)	113		754		154		387		(962		)	446
EBITDA	15,843		7,500		11,068		27,009		(10,416		)	51,004
Compensation and benefits ⁽²⁾	231		742		216		436		1,875			3,500
Transaction, refinancing and other fees ⁽³⁾	—		—		—		—		1,786			1,786
Adjusted EBITDA	$	16,074	$	8,242	$	11,284	$	27,445	$	(6,755	)	$	56,290

(1)		Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.0 million processing fee from Payments Services - Puerto Rico & Caribbean to Merchant Acquiring and intercompany software developments and transaction processing of $1.6 million from Payment Services - Latin America to Payment Services - Puerto Rico & Caribbean. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $5.1 million.
(2)		Primarily represents share-based compensation.
(3)		Primarily represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A.

EVERTEC, Inc. Schedule 5: Reconciliation of GAAP to Non-GAAP Operating Results

	Three months ended March 31,
(Dollar amounts in thousands, except share data)	2021			2020
Net income	$	35,604		$	22,275
Income tax expense	4,708			4,518
Interest expense, net	5,517			6,416
Depreciation and amortization	18,623			17,795
EBITDA	64,452			51,004
Equity income ⁽¹⁾	(502		)	(338		)
Compensation and benefits⁽²⁾	3,504			3,500
Transaction, refinancing and other fees ⁽³⁾	1,435			2,124
Adjusted EBITDA	68,889			56,290
Operating depreciation and amortization ⁽⁴⁾	(10,882		)	(9,477		)
Cash interest expense, net ⁽⁵⁾	(5,076		)	(6,010		)
Income tax expense ⁽⁶⁾	(7,756		)	(7,178		)
Non-controlling interest ⁽⁷⁾	(143		)	(92		)
Adjusted net income	$	45,032		$	33,533
Net income per common share (GAAP):
Diluted	$	0.49		$	0.30
Adjusted Earnings per common share (Non-GAAP):
Diluted	$	0.62		$	0.46
Shares used in computing adjusted earnings per common share:
Diluted	72,949,401			73,293,005

(1)		Represents the elimination of non-cash equity earnings from our 19.99% equity investment in Dominican Republic, Consorcio de Tarjetas Dominicanas S.A. ("CONTADO").
(2)		Primarily represents share-based compensation.
(3)		Represents fees and expenses associated with corporate transactions as defined in the 2018 Credit Agreement, recorded as part of selling, general and administrative expenses and a software impairment charge.
(4)		Represents operating depreciation and amortization expense, which excludes amounts generated as a result of merger and acquisition activity.
(5)		Represents interest expense, less interest income, as they appear on our consolidated statements of income and comprehensive income, adjusted to exclude non-cash amortization of the debt issue costs, premium and accretion of discount.
(6)		Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discrete items.
(7)		Represents the 35% non-controlling equity interest in Evertec Colombia, net of amortization for intangibles created as part of the purchase.

EVERTEC, Inc. Schedule 6: Outlook Summary and Reconciliation to Non-GAAP Adjusted Earnings per Share

	2021 Outlook							2020
(Dollar amounts in millions, except per share data)	Low				High
Revenues	$	543		to	$	552		$	511
Earnings per Share (EPS) (GAAP)	$	1.70		to	$	1.77		$	1.43
Per share adjustment to reconcile GAAP EPS to Non-GAAP Adjusted EPS:
Share-based comp, non-cash equity earnings and other ⁽¹⁾	0.21				0.21			0.29
Merger and acquisition related depreciation and amortization ⁽²⁾	0.42				0.42			0.45
Non-cash interest expense ⁽³⁾	0.02				0.02			0.01
Tax effect of Non-GAAP adjustments ⁽⁴⁾	(0.09		)		(0.09		)	(0.11		)
Non-controlling interest ⁽⁵⁾	(0.01		)		(0.01		)	(0.01		)
Total adjustments	0.55				0.55			0.63
Adjusted EPS (Non-GAAP)	$	2.25		to	$	2.32		$	2.07
Shares used in computing adjusted earnings per common share					73.0			73.1

(1)		Represents share-based compensation, the elimination of non-cash equity earnings from the Company's 19.99% equity investment in CONTADO, severance and other adjustments to reconcile GAAP EPS to Non-GAAP EPS.
(2)		Represents depreciation and amortization expenses amounts generated as a result of the Merger and intangibles related to acquisitions.
(3)		Represents non-cash amortization of the debt issue costs, premium and accretion of discount.
(4)		Represents income tax expense on non-GAAP adjustments using the applicable GAAP tax rate (anticipated at approximately 13% to 14%).
(5)		Represents the 35% non-controlling equity interest in Evertec Colombia net of amortization for intangibles created as part of the purchase.

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EVERTEC Reports First Quarter 2021 Results