EVO Payments has reported a net loss of $13.6m for the first quarter of 2020, an improvement of 29% compared to $19.02m a year earlier.
For the quarter ended 31 march 2020, the payment technology company reported revenue of $111.2m, flat compared to $111.5m in the comparable quarter of 2019.
However, the company’s reported revenue for the first quarter increased 1.5% on a currency-neutral basis.
Adjusted EBITDA increased 3% to $31.5m, and on a currency-neutral basis adjusted EBITDA registered 6% improvement over the year-ago period.
EVO Payments CEO James Kelly said: “While the last month of the quarter was adversely impacted by Covid-19, the full effect of the economic disruption from the virus will manifest in the second quarter.
“Our geographic, channel, and merchant diversification, and the actions we took to strengthen our balance sheet and reduce our fixed costs will enable us to withstand a significant decline in economic activity and positions us well to resume our growth plans as the global economies recover.”
The company in its earnings statement said that it raised a $150m investment from funds affiliated with Madison Dearborn Partners due to the uncertainty surrounding the pace of the global recovery.
The private equity firm has been a key shareholder of the company since 2012.
Recently, the company also amended its revolving credit facility to increase the maximum leverage ratio through 31 March 2021 to 6.0 times the last 12 months adjusted EBITDA.
“Together, these actions provide the company with additional financial flexibility to both withstand and emerge from the global pandemic,” the company said in its press statement.