GlobeNewswire
EVO Payments, Inc. announced its first quarter 2020 financial results. For the first quarter ended March 31, 2020, reported revenue of $111.2 million was flat compared to $111.5 million in the prior year. On a currency neutral basis, reported revenue for the first quarter increased 1.5%. On a GAAP basis for the quarter ended March 31, 2020, the Company recognized a net loss of $13.6 million, an improvement of 29% compared to the prior year. Adjusted EBITDA increased 3% to $31.5 million for the quarter, and on a currency neutral basis, adjusted EBITDA grew 6% over the prior year.
“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,” said James G. Kelly, Chief Executive Officer of EVO. “I am extremely proud of how our employees have responded to this crisis. Their tireless dedication, professionalism, and commitment to serving our customers during this challenging time has been commendable.”
