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May 11, 2020

EVO Payments Q1 net loss narrows amidst Covid-19 uncertainties

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.

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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.

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Navigate your business through the ‘new normal’

COVID-19 continues to dominate headlines the world over. It has already affected our lives forever. The way we work, shop, eat, seek medical advice, and socialize will all be different in the future. Quite how different remains to be seen, but all industries must plan for multiple eventualities.  Faced with an explosion of conflicting information on how to plan and implement successful recovery strategies, decision-makers are in dire need of a single, reliable source of intelligence.   GlobalData’s COVID-19 Executive Briefing gives you access to unparalleled data and insights to successfully navigate the uncertain road to recovery across the world’s largest industries. Understand every aspect of this disruptive theme by delving into: 
  •  COVID-19 infection update, with statistics on the spread, testing by country, as well as the latest data on vaccines and therapeutic developments 
  • Economic impact overview, covering stock market indices, GDP, unemployment rates, policy responses & GlobalData’s economic recovery scorecards 
  • Sector developments, with access to sector insight summaries, cross-sector indices and the leaders and laggards in each industry vertical 
Whatever your company’s imminent strategic plans, the long-lasting impact of COVID-19 must not be overlooked. Find out how to futureproof your business operations – download our report today. 
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